Stephen P. Carpenter

AAM is organized around nine investment style teams. While subscribing to a common overall investment philosophy of portfolio style diversification and a common top-down economic outlook, each team functions with an investment boutique orientation, supporting research, portfolio management and portfolio construction processes unique to its specialized investment style. Each investment style team consists of portfolio managers, analysts and administrative support personnel. There are seven equity investment style teams, reflecting the specializations of large/mid/small-cap growth, large/small-cap value, the S&P 500 index and international securities. Two fixed-income teams are organized around taxable and tax-exempt fixed-income management. The fixed income teams consist of specialists in treasury/agency, corporate, mortgage, asset backed and municipal securities, as well as a credit analysis staff. The fixed-income team supports the investment styles of aggregate, intermediate government/corporate, intermediate tax exempt, GNMA, 1-3 year government/corporate and short duration/liquidity securities.