Royce Thomas Weisenberger

CR&M maintains an investment philosophy that is distinguished by four key beliefs: fundamental research underlies all investment decisions; investment decisions should not be made lightly; a long-term approach; and the firm uses a system of multiple portfolio managers in managing most account and fund assets. The firm’s investment decisions are subject to a funds or account’s objectives, policies and restrictions and the oversight of the appropriate investment-related committees of the firm and their investment divisions. They typically build portfolios for funds and accounts from the bottom-up using rigorous fundamental research to find attractive investments and manage risks.

RIM’s portfolios are often invested using a multi-style, multi-manager open-architecture approach. The firm offers investment advice regarding equities and fixed-income securities, as well as certain derivative instruments. They may also recommend that managed account clients invest in affiliated funds, certain other pooled investment vehicles, other open- or closed-end mutual funds, separate account programs, individual securities, or other assets.

Transamerica Investment Management (TIM) offers growth, value, fixed-income and alternative investment strategies. Though not limited by sector, the firm tends to invest in the stocks of companies in the producer manufacturing, finance, technology services, electronic technology and health technology sectors. They invest globally, across all market-caps. TIM maintains a medium turnover rate. TIM's growth strategies seek to invest in companies whose earnings are expected to grow at an above-average rate relative to their industry or the overall market. The firm invests in high-quality companies with superior business models that exhibit catalysts for positive change which can result in rapid growth in earnings, revenues and discretionary free cash flow. Their growth strategies include: micro-cap growth, small-cap core, small-cap growth, small/mid-cap growth, mid-cap growth, large-cap growth, diversified equity, concentrated all-cap growth, global growth and balanced. The firm's micro-cap growth equity portfolio invests in the stocks of 60 to 100 small-cap companies with market-cap of $10 million to $300 million. TIM's small-cap core equity strategy invests in the stocks of 40 to 80 companies with market-cap of $100 million to $3 billion. The firm's small-cap growth equity strategy invests in the stocks of 40 to 80 companies with market-cap of $100 million to $3 billion. TIM's small/mid-cap growth strategy invests in the stocks of 40 to 80 companies with market-cap of $300 million to $5 billion. The firm's mid-cap growth strategy invests in the stocks of 30 to 40 companies with a market-cap of $1 billion to $20 billion. Their large-cap growth equity strategy invests in the stocks of 30 to 50 companies with a market-cap greater than $3 billion. Their diversified equity strategy invests in the stocks of 40 to 60 companies that have a market-cap greater than $3 billion. Their concentrated all-cap growth equity strategy invests in the stocks of 40 to 60 companies with a market-cap greater than $100 million. The firm's global growth equity strategy invests in the stocks of 25 to 35 companies with a market-cap greater than $3 billion. TIM's balanced portfolio seeks to provide long-term capital appreciation and income through investments in large-cap growth companies and high quality fixed-income securities combined with a strategic asset allocation overlay. TIM's value investment strategies seek to invest in the stocks of undervalued companies whose current stocks prices underestimate the companies' ability to generate profits or earnings in the future. The firm invests in companies that have attractive valuations but offer above average growth potential. They also look for companies with operating and competitive characteristics that provide downside protection. TIM's value strategies include small-cap value, all-cap value and small/mid-cap value. TIM's small-cap value strategy invests in the stocks of 40 to 60 companies with a market-cap of $100 million to $2.5 billion. Their small/mid-cap value strategy invests in the stocks of 40 to 60 companies with a market-cap of $300 million to $5 billion. The firm's all-cap value strategy invests in the stocks of 40 to 60 companies with a market-cap greater than $300 million. TIM's fixed-income strategies seek to provide current income and preservation of capital. The firm strategically manages security selection, sector weightings, duration and term structure. Their fixed-income strategies include: high yield bonds, core fixed-income, core (aggregate fixed-income) and core plus fixed-income. The firm's core fixed-income portfolio invests in 40 to 60 investment grade fixed-income securities with a focus on bonds whose potential for credit improvement is not reflected in current valuations. The primary benchmark for this discipline is the LBGC Bond Index. TIM's core (aggregate) fixed-income portfolio invests in 40 to 60 fixed-income securities with a focus on high-quality bonds whose potential for credit improvement is not reflected in current valuations. The primary benchmark for this discipline is the LB Aggregate Bond Index. TIM's core plus fixed-income portfolio invests in 40 to 60 investment grade fixed-income securities with a focus on bonds whose potential for credit improvement is not reflected in current valuations. The primary benchmark for this discipline is the LBGC Bond Index. The firm's high yield bond portfolio invests in 40 to 60 higher yielding, lower rated fixed-income securities with a focus on high quality bonds whose potential for growth is not reflected in the current bond market valuations. The primary benchmark for this discipline is the ML All High Yield Master Bond Index. TIM's alternative investment strategies include non-traditional asset classes and provide additional investment opportunities for the institutional investor. The firm also manages private investment vehicles for accredited investors and qualified purchasers. The firm's convertible securities portfolios seek to provide long-term capital appreciation and income by investing in 40 to 60 large company growth convertible stocks that have a market-cap greater than $5 billion.

Inflective Asset Management provides investment management services for both traditional outright convertible and convertible arbitrage strategies. The firm seeks to provide solid, stable and consistent growth through both hedged and unhedged convertible security strategies that produce superior long-term portfolio performance. Inflective's hedged convertible investment strategy focuses on making a simultaneous purchase of a convertible security and the short sale of its underlying common stock. They seek to isolate mispriced elements within two highly correlated securities. These positions are not designed to capture the returns of a rising market and they are not expected to decline in value as the markets fall. Returns are realized as these positions move towards their fair valuation. Inflective employs a fundamental value strategy by investing in convertible securities that are theoretically cheap and by adjusting the hedges based on internal analysis and valuation of the underlying common stock. Inflective seeks to capitalize on the change in the price of the convertible security relative to the change in the price of the underlying common stock. The firm also seeks to exploit the value of convertibles by identifying companies with a competitive advantage or disadvantage that not yet been realized in the marketplace. Inflective builds their hedges to capture positive returns as this value is recognized by the market. They also analyze the fixed-income characteristics of the convertible security and other relevant attributes. Inflective's Outright Convertible strategy focuses on long-term investments in convertible securities in which the underlying common stock is considered undervalued, as measured by an internal cash flow analysis. The firm also considers the fixed-income characteristics of the convertible security and other relevant attributes. Inflective focuses on the equity component when analyzing a convertible security. They use fundamental analysis to identify opportunities to exploit an undervalued underlying equity. They look for companies with a competitive advantage that has not yet been realized in the marketplace. These competitive advantages may be the result of superior management, a dominant market position, strong barriers to entry, proprietary products or low-cost production capability. Once the firm has identified such a company, they perform a cash flow analysis that measures historical and projected financial results. Inflective invests in companies in which the current or potential cash flows generated from the competitive advantage are not fully reflected in the market value of the company's debt and equity securities less its available cash.

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