MERGANSER LLC
BOCA RATON, FLORIDA

We believe that in an inefficient over-the-counter market, our active fixed income management process can provide consistent excess returns. Thoughtful macroeconomic analysis and strong fundamental credit research, informed by an assessment of relative value, are at the core of our philosophy. Our sector specialists and portfolio management teams put these tenets into practice each day in multiple sectors of fixed income capital markets. We believe that in an inefficient over-the-counter market, our active fixed income management process can provide consistent excess returns. Thoughtful macroeconomic analysis and strong fundamental credit research, informed by an assessment of relative value, are at the core of our philosophy. Our sector specialists and portfolio management teams put these tenets into practice each day in multiple sectors of fixed income capital markets. Company Overview Formed in 1985, Merganser Capital Management is an SEC-registered investment adviser focused on the fixed income needs of institutional clients. As fundamental investors, we endeavor to understand the intricacies of fixed income vehicles in order to identify the securities and sectors that provide the most attractive risk/reward characteristics. Succeeding in this endeavor has allowed us to meet the needs and objectives of our clients and gain their trust. Capital preservation, liquidity and total return permeate all of our decisions. Company Overview Formed in 1985, Merganser Capital Management is an SEC-registered investment adviser focused on the fixed income needs of institutional clients. As fundamental investors, we endeavor to understand the intricacies of fixed income vehicles in order to identify the securities and sectors that provide the most attractive risk/reward characteristics. Succeeding in this endeavor has allowed us to meet the needs and objectives of our clients and gain their trust. Capital preservation, liquidity and total return permeate all of our decisions.