James Patrick Kerr

Davidson Fixed Income Management's (DFIM) investment recommendations are generally limited to advice regarding short-term fixed-income investments. The investments may include government and government agency debt, corporate bonds, commercial paper, certificates of deposit, money market mutual fund shares, mortgage-backed and asset-backed instruments and local government investment pools, among others.DFIM's disciplined, fundamental investment process is designed to meet clients' objectives of principal preservation and liquidity, while achieving a market rate of return. Their overall investment strategy emphasizes the importance of reducing liquidity risk and interest rate risk while maintaining a diversified portfolio of allowable investments. An analysis of each client's allowable investments, risk tolerance and liquidity requirements will determine the maturity and security make-up of each portfolio. DFIM uses a combination of quantitative and fundamental analysis when selecting securities for a client's account. They utilize an investment style that blends several different market analysis techniques including: duration management, yield curve analysis, sector analysis and security selection. Most investments are in investment grade securities with maturities of 5 years or less.

DIA's investment team process leverages one team, with shared responsibility for due diligence and explicit accountability for decisions. There is a focus on discipline in portfolio construction and risk-adjusted investment performance. They utilize three primary methods of analysis for all their investment strategies: fundamental analysis; quantitative analysis; and qualitative analysis. DIA attempts to measure the intrinsic value of a security by looking at economic and financial factors to determine if the company is underpriced or overpriced. The firm uses mathematical models in an attempt to obtain more accurate measurements of a company's quantifiable data, such as the value of a share price or earnings per share, and predict changes to that data. They subjectively evaluates non-quantifiable factors such as quality of management, labor relations, and strength of research and development factors not readily subject to measurement, and attempts to predict changes to market value based on that data.

DAD-IM offers a variety of equity and taxable/tax-exempt fixed income investment strategies. The firm employs a long-term and active approach to investment management. They attempt to measure the intrinsic value of a security by looking at economic and financial factors to determine if the company is underpriced (indicating it may be a good time to buy) or overpriced (indicating it may be time to sell). The firm offers four primary investment strategies: Equity Income, Multi-Cap Equity, Intermediate Taxable Fixed Income, and Sea-Cap Intermediate Municipal Fixed Income.The Davidson Equity Income strategy invests in high-quality companies with solid balance sheets, ample cash flow and a strong competitive position generating attractive return on capital. The Davidson Multi-Cap Equity strategy is unconstrained by market capitalization and style classifications. The Davidson Intermediate Taxable Fixed Income strategy focuses on the intermediate portion of the yield curve. DAD-IM invests in investment grade or higher issues with maturities generally ranging from one to ten years. Stability of principal value is a primary focus of the strategy; they perform rigorous fundamental credit analysis and monitor issuers and credit trends daily. The firm believes that fixed income assets are best managed actively with respect to duration and credit exposures, as they monitor, anticipate, and respond to changes in the broad economy and the interest rate environment. The Sea-Cap Intermediate Municipal strategy focuses on the intermediate portion of the yield curve, purchasing issues rated \"A\" or higher with maturities ranging from one to fifteen years.