Regenerative

Vanderbilt Avenue Asset Management, headquartered in New York, N.Y., is a registered investment advisor focusing primarily on fixed income investment management. It manages substantial fixed income assets for institutional investors and the nucleus of the company s investment team has been together since 1988. Its investment philosophy focuses on short term duration management, total return management and collateralized investment obligation management. CIO updates are available on a quarterly basis and can be accessed via the company s website. Vanderbilt Avenue Asset Management is solely-owned by its active employees and has no other affiliations, sub-advisory relationships or joint ventures. The company has satellite offices in Chicago, San Francisco, Los Angeles and Louisville, Ky.

Royce & Associates uses a disciplined value approach to its management of small- and micro-cap portfolios. Its goal, for more than 30 years, is to offer both individual and institutional investors the best available small-company value portfolios. The firm is well respected as one of the pioneers of small-cap investing. Small-cap is an established asset class, and value investing has evolved into a popular investment strategy. Chuck Royce, the chief investment officer since 1972, enjoys one of the longest tenures of any active mutual fund manager. The firm, headquartered in New York City, has an exclusive focus on small- and micro-cap companies. Royce & Associates has $22.4 billion under management, 16 open-end mutual funds with assets at $19 billion and $1.8 billion in institutional accounts and limited partnerships.