For purposes of compliance with the GIPS standards, the firm (“Westwood” or the “Firm”) is defined as the assets of Westwood Management Corp. (“WMC”) and Westwood Advisors, L.L.C. (“Westwood Advisors”).  WMC and Westwood Advisors are wholly owned subsidiaries of Westwood Holdings Group, Inc. (NYSE: WHG).  WMC and Westwood Advisors are both SEC registered investment advisers under the Investment Advisers Act of 1940.  WMC provides investment advisory services, primarily managing equity and fixed income portfolios, and Westwood Advisors provides investment advisory services, primarily to individual clients and entities as part of Westwood’s Wealth Management division. Registration does not imply a certain level of skill or training.  On February 1, 2018, Westwood redefined the Firm by adding the assets of Westwood Advisors so that all SEC registered investment advisers under WHG would be included in the Firm definition.  Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request, as is a complete list and description of the Firm’s composites, by contacting [email protected].

Westwood Management Corp. claims compliance with the Global Investment Performance Standards (GIPS®). Unless otherwise stated, performance shown is in U.S. Dollars.

The Alternative Income Composite, previously known as the Absolute Return Global Convertibles Composite, includes all taxable and tax-exempt, fee-paying fully discretionary accounts which pursue an absolute return strategy. The strategy aims to achieve a positive return by taking long and short positions while focusing on shorter-dated, higher-quality global convertible securities and the securities which they can be exchanged into. The investment strategy aims to generate returns by identifying convertible bonds that offer a discount to their implied value, have an attractive yield, offer high liquidity and are large in issue size. Leverage is used in the portfolio through the use of derivatives up to two times the net asset value (NAV). The portfolio team may use the following derivatives to achieve the investment objective: futures, options, swaps, forwards, contracts to differences (CFD), total return swaps (TRS) and credit and interest rate derivatives. The primary hedging technique employed is Delta hedging, which is focused on the exposure to the underlying equity and volatility risk. Delta hedging aims to reduce the risk associated with price movements in the underlying security with offsetting long and short positions. The performance data for the period from January 1, 2010 to September 30, 2014 reflects the performance of an open-ended investment company managed by the portfolio team members while at a prior employer. During that period, the portfolio team members primarily responsible for the Alternative Income strategy were primarily responsible for the management of the open-ended investment company. This net of fees performance history is derived by compounding the monthly returns as reported by Bloomberg. Portfolio returns reflect the reinvestment of dividend and interest income. The Alternative Income Composite is benchmarked against the 1-Month LIBOR. LIBOR stands for “London Inter-Bank Offered Rate.” It is the interest rate at which banks can borrow funds from other banks in the London inter-bank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association and is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year.