Vanderbilt Avenue Asset Management knows that clients expect and deserve to be satisfied. Our rigorous investment approach, culture and technical expertise have enabled us to satisfy our clients' objectives. However, we can ill-afford to rest on past laurels. Let me share with you the following distinguishing features of Vanderbilt Avenue Asset Management to explain why we have enjoyed and believe we will continue to experience a comparative advantage.

Beginning to End Involvement
At Vanderbilt, all our investment professionals participate in the development of strategy, translate that strategy into tactics and execute those tactics within their areas of expertise. Consequently, results are assigned, measured and quantified. Our structure provides a line-oriented culture that allows talented professionals to thrive and best serve the objectives of our clients.

Strong Interaction between Active and Quantitative Professionals
Fixed Income securities are complex. To meet this challenge, we have developed a system that overlaps the skills and techniques of our quantitative specialists with the seasoned good judgment and analytical input of our active, more fundamental professionals. The benefits of this approach are immense. While our active expertise can focus completely on enhancing portfolio alpha, our sophisticated quantitative techniques can be brought to bear on controlling portfolio risk or beta. At Vanderbilt Avenue Asset Management, we firmly believe that this approach is a necessary condition to deliver superior results.

Small Teams Rigorously Pursuing Specialties
No committees exist at Vanderbilt Avenue Asset Management. They never will. We believe that good investment ideas tend to be fragile and do not survive well in a committee structure. At the other end of the spectrum, we also reject the "Star" approach because we feel it breeds inconsistent results. Instead, the approach of Vanderbilt matches small teams of highly qualified specialists with every major decision layer in our investment process. In this way, clients benefit from all our staff's expertise, untainted by consensus opinion or individual persuasion.

By combining strong investment principles with sound business practices and a consultative approach to service, Vanderbilt Avenue Asset Management maintains a reliable and enduring investment management firm for its clients. We focus all our energies on the attainment of our clients' highest expectations and, whenever possible, we seek to exceed them.