Ted Sarenski

Functions as a College/University

Operates as an accounting firm

Blue Ocean Strategic Capital's (BOSC) individual stock selection process is based on the underlying principle of investing in companies with strong fundamentals when they are reasonably priced. The firm's screening process for individual investments includes: (1) sustainable earnings growth (2) consistent revenue growth measurable organic growth rather than acquisitive growth (3) consistent operating cash flow generation (4) consistent and non-cyclical margins (5) the market for the company's products and/or services is large and growing (6) non-restrictive debt structure (7) positive relative performance and valuation vs. the industry and the market (8) positive outlook for the company when considering forward-looking macroeconomic environment and (9) strong and experienced management and corporate governance structure. BOSC may use mutual funds in client portfolios to provide proper diversification, expert management in an investment category in which it is difficult to outperform the benchmark and/or to provide coverage in a sector of the market that they do not follow. The firm believes that investing in targeted funds with various market-caps, economic sector weightings and investment styles can provide higher returns and lower portfolio risk than in individual equities. BOSC uses the following criteria in the initial screening process, ongoing fund monitoring and continued due diligence: (1) no front-end or deferred loads (2) reasonable expense ratios within the respective peer category (3) actively-managed funds should be very competitive within their respective capitalization weight and investment style category on a risk-adjusted basis, over the previous 3 and 5 year periods (4) annual returns vs. the benchmark should be consistently in the top quartile or top third of peers (5) actively-managed funds should have an alpha measure greater than zero over longer investment time periods (6) manager tenure of actively-managed funds should be greater than 3 years and (7) a fund managed by a committee should have sufficient performance history and adequate tenure of head portfolio managers as well.