BOND FUNDS

objective

Cutwater Select Income Fund , Managed Duration Investment Grade Municipal Fund and Cutwater Investment Grade Bond Fund are funds registered under the Investment Company Act of 1940 which are managed by Cutwater Asset Management. Cutwater invests in securities that we believe will help achieve our investment objective pursuant to the prospectus limitations. Our funds specialize in fixed-income securities.

fund type	style	investment profile
Cutwater Select Income Fund	Crossover	Long Duration
Managed Duration Investment Grade Municipal Fund	Municipal	Long Duration/Tax-Exempt
Cutwater Investment Grade Bond Fund	Core/Core Plus	Intermediate/Long Duration

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Please consider this information carefully before you invest.