Frances Cashman

Provides investment and asset management services

Acts as Closed-End Investment Fund/Investment Trust

Acts as Closed-End Investment Fund/Investment Trust

Acts as Closed-End Investment Fund/Investment Trust

Acts as Closed-End Investment Fund/Investment Trust

Acts as Closed-End Investment Fund/Investment Trust

Acts as Closed-End Investment Fund/Investment Trust

1919ic is an active manager who seeks to maximize total return and minimize risk through their core investments capabilities of large- to mid-cap domestic equity and fixed income portfolios. The firm’s equity strategy focuses on high or improving quality stocks and employs a bottom-up approach. Their equity portfolio typically contains 30-60 individual stock holdings. Portfolio managers construct customized portfolios with the help of research analysts, based on client considerations. 1919ic utilizes a total rate of return, disciplined, relative value approach for their fixed income strategies. The duration and term-structure decisions are top-down while sector weighting decisions are bottom-up.

Baltimore Capital Management's (BCM) investment style is best described as opportunistic. It is their view that superior investment returns can best be achieved by being flexible. Although their ideal investment is a long-term one, they are not averse to taking advantage of short-term opportunities. The firm's primary objective is to maximize returns by maintaining flexibility in their investment style. U.S. equity investments are made both as short-term trades and as longer-term holdings. A long-term holding generally is a growth company bought at an attractive valuation. For international equities, their preference is to buy closed-end country funds that trade at a discount. They also buy ADRs of companies they view as attractive, especially in Latin America. BCM's REIT investment goal is to buy those with growing dividends, capable management and a geographic or property type specialization. For convertibles, the firm's goal here is to try to own the convertible bonds of growth companies as a lower risk vehicle than the equity directly.