Are Bonds the Answer? Pension Solutions and

Fixed Income’s Indispensable Role in Asset Allocation

David A. Hershey

Prepared remarks for David Hershey’s presentation to Chicago QWAFAFEW on September 30, 2004 at the offices of Mesirow Capital Management. David A. Hershey is the Director of Research Lotsoff Capital Management. In addition, as the Executive Portfolio Manager he heads the firm’s US fixed income efforts. He has been a Managing Director and Principal of the firm since 1994.