AICA

AICA 2025 BDC Forum
2025-06-11 - 2025-07-11 | Cafe 55, 55 Water St, New York, 10038, United States
Explore the universe of exchange listed and private and non-traded business development companies (BDCs) at the AICA 2025 BDC Forum!
This conference is an extension of our six years of hosting the AICA Fall Roundtable in NYC, which primarily focused on closed-end funds (CEFs) and interval funds. This event is packed with informative panels, engaging speakers, and valuable networking opportunities with fund sponsors, asset managers, institutional investors, RIAs, and financial advisors active in the Business Development Company (BDC) space. Get up to date on the latest trends, developments, and investment strategies.
The all-day event will be held on Wednesday, June 11, 2025, in New York City at the Cafe 55: 55 Water St, PECK SLIP, NY 10041.
Since 2019, AICA is known for combining high-quality, advisor-centric content, distinguished by its invited speaker presentations (our speakers don’t pay to speak) that enable meaningful discussion and interaction. AICA also sponsors the weekly NAVigator Podcast. True to our motto — Excellence Beyond Indexing — AICA strives to help grow relationships for institutional investors, advisors, service providers, and fund sponsors within the industry.

SponsorsInterviewsArticlesAttendee ClassificationSponsors

Be an AICA event sponsor!
Sponsorship opportunities – Click here

CEF Advisors & CEFData.com
Katten
Oppenheimer

Interviews

John Cole Scott on BDC Forum
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John Cole Scott on CEF Advisors
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Mitchel Penn on Evaluating BDCs
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Chuck Jaffe on BDCs and CEFs
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Michael Testa on Trinity Capital
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Gladstone’s Bob Marcotte on BDCs
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Vlad Bulkin on BDC Regulation:
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Articles

The Formula for BDC Success? ‘Stick to Your Knitting’
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Attendee Classification

Agenda – 4CE Credits approved10:00 AM to 11:00 AM - Registration / Breakfast11:00 AM - Conference Welcome

John Cole Scott,
Founder – Active Investment Company Alliance

11:05 AM to 11:45 AM - Event Keynote: Fireside Chat: ''Structuring Alpha: Unpacking BDCs with a Market Veteran''
Transcript
Video

John Cole Scott,
Founder – Active Investment Company Alliance
Finian O’Shea,
Director – WFS Research

11:45 AM to 12:35 PM- Panel #1 - Trends & Outlook for BDCs: View from a Regulator, Industry Advocate and Counsel
Transcript
Video

Moderator
Chuck Jaffe,
Host – MoneyLife
Speaker #1
Kaitlin C. Bottock,
Assistant Director – SEC
Speaker #2
Tonnie Wybensinger,
Head of Government Relations – Small Business Investor Alliance (SBIA)
Speaker #3
Kenneth Burdon,
Partner – Simpson Thacher & Bartlett LLP

12:35 PM to 1:45 PM - Networking Lunch1:45 PM to 2:35 PM - Panel #2 - Differentiated BDC Managers and Private Credit Outlook
Transcript
Video

Moderator
Vlad Bulkin,
Partner – Katten
Speaker #1
Michael Testa,
CFO – Trinity Capital
Speaker #2
Bob Marcotte,
President – Gladstone Capital
Speaker #3
Lee Feingold,
Managing Director – Kayne Anderson

2:35 PM to 3:10 PM PM - Networking Break3:10 PM to 4:00 PM - Panel #3 - Analysts and Investor Panel - Key to Picking and reviewing BDCs for Clients
Transcript
Video

Moderator
Dan Silver,
CEF Advisors
Speaker #1
Mitchel Penn,
Managing Director – Oppenheimer & Co.
Speaker #2
John Cole Scott,
President – CEF Advisors

4:00 PM to 6:00 PM - Cocktail ReceptionNote: Agenda & Speakers are Subject to Change. Attending the conference in person gives AICA permission to use your likeness in replay content and marketing materials.
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Lee Feingold is a managing director for Kayne Anderson’s private credit strategies.
Prior to joining Kayne Anderson in 2018, Feingold spent several years in middle market management consulting at the Keystone Group where his primary focus was on turnaround situations within the manufacturing and distribution space. These projects included interim management, lender negotiations, and refinance initiatives. Feingold also served in a portfolio management role at The Riverside Company, monitoring company performance, supported investor requests and performed ad hoc analyses on behalf of fund managers.
Feingold holds a B.S. from Indiana University and an MBA from New York University.

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Michael Testa is the CFO at Trinity Capital and joined Trinity in November 2020. He previously served as Trinity’s Chief Accounting Officer. Prior to Trinity, Michael served as Vice President and Controller at Oxford Funds. Michael started his career within the financial services practice of Ernst & Young LLP focusing on financial audits of clients in the asset management industry. He spent four years with Ernst & Young in Switzerland, where he served as an auditor of global financial institutions. Michael has over 20 years of experience in financial services.

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Bob joined Gladstone Capital Corporation in December 2013 with extensive background in commercial finance and investment banking. Since 2002, Bob has been focused on the origination and management of middle market debt and equity investments supporting both private equity sponsors and owner operators. Prior to joining us, Bob served as an Executive Vice President and Co-Head of Asset Management for MCG Capital where he was responsible for investment origination, evaluation, underwriting and portfolio management for the $500+ million publicly traded business development company. Bob also served on MCG Capital’s investment committee since 2007. While at MCG Capital, Bob led more than $625 million of middle market debt and equity investments across a variety of industries, served on the board of numerous investment entities and spearheaded the successful development of sector experience and investment activities within the colocation, cable and education industries.
Prior to MCG Capital, Mr. Marcotte was Chief Financial Officer for Aleron, Inc., a wholesale internet access and network services provider and worked in the investment banking divisions of Goldman, Sachs & Co. and Merrill Lynch & Co., and in the project financing department of GE Capital and as a banking officer at Mellon Bank.
Mr. Marcotte received his B.S.B.A. in accounting and finance from Georgetown University.

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Mr. Penn follows business development companies. Prior to joining Oppenheimer and Co. he followed business development companies at Janney Montgomery Scott. In addition, he was an Equity Portfolio Manager/Financial Analyst at Legg Mason Capital Management from 2001 to 2012 where he specialized in financial companies. From 1996 to 2001 he managed a $400M fixed income portfolio at Legg Mason Capital Management. Prior to joining Legg Mason Mr. Penn managed a $15B fixed income portfolio at Aetna. He also worked for Price Waterhouse from 1981 to 1985.Mr. Penn received his Chartered Financial Analyst designation in 1995 and is a member of the Baltimore CFA Society. He was President of the Baltimore Society (2001-2002) and served on the Board of Directors. Mr. Penn received his Certified Public Accounting designation in 1983, but he no longer maintains this designation. He is a graduate of Villanova University, Magna Cum Laude, Phi Kappa Phi, Beta Gamma Sigma (1981) and University of Chicago (MBA-1987).

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Kenneth Burdon is a Partner in Simpson Thacher’s Registered Funds Practice. Based in the Firm’s Boston office, Ken advises registered investment funds, business development companies (BDCs), investment advisers and other financial services companies and financial institutions on the full spectrum of product development and distribution and related regulatory, compliance and governance issues, as well as M&A, divestitures and split-offs, among other matters. He works with fund sponsors on the development of innovative products and counsels BDCs and closed-end funds on IPOs and other capital raising offerings. Ken also guides fund sponsors and distributors, BDCs and closed-end funds, mutual funds and others in routine and non-routine activities, such as seeking exemptive or no-action relief from the SEC and FINRA. Ken is also a leading voice in the closed-end fund industry on the topics of corporate governance and addressing shareholder activism.
Ken’s work has historically included the development of innovative products and product structures to pursue registered and unregistered alternative strategies for clients including BlackRock and FS Investments. He has also advised the EIM Group (now the LumX Group) on a variety of onshore and offshore products in the private product space. Additionally, Ken has advised financial institutions on transactional activities, including Thrivent, Affiliated Managers Group, The TCW Group, Société Générale, Credit Suisse and Ameriprise, and on associated regulatory and compliance matters.
Ken has been recognized by both Chambers Global and Chambers USA in the Registered Funds category. He was previously named a Rising Star in Registered Funds by IFLR1000, and one of the Rising Stars of Mutual Funds at Fund Action’s Mutual Fund Industry Awards.
Ken received his J.D. in 2007, summa cum laude from Boston University School of Law, where he was an Editor of Boston University Law Review. He received his B.A. from Boston University in 2004, summa cum laude and Phi Beta Kappa. He is admitted to practice in Massachusetts.

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Tonnie Wybensinger serves as Head of Government Relations at the Small Business Investor Alliance, where she leads a team of lobbying professionals advocating for the small business private equity industry.
Tonnie began her public service career on Capitol Hill in 2002 and quickly rose through the ranks to become the youngest Chief of Staff in Congress, serving three Members. During her tenure, she advised on strategic communications and served as a senior advisor to the Senate Banking Committee, which oversees U.S. capital markets. She also helped launch one of the largest free-market-focused leadership PACs of its time.
In the private sector, Tonnie has been instrumental in several government relations initiatives, earning recognition in The Hill’s “Top Ten Lobbying Victories” and being consistently named one of Washington’s “Top Lobbyists.” She is known for her strategic mindset, collaborative leadership, and ability to build high-performing teams that drive policy success.
Tonnie holds a bachelor’s degree from The Ohio State University and a certificate in Strategic Reputation Management from the Tuck School of Business at Dartmouth College.

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Kaitlin is a Branch Chief in the Chief Counsel’s Office of the SEC’s Division of Investment Management. Kaitlin’s work focuses on exemptive applications, no-action letters and counseling other divisions and offices at the SEC on investment management issues. Kaitlin joined the SEC in 2014.
Kaitlin received a Bachelor of Arts degree with high distinction from the University of Virginia and a Juris Doctor degree from the University of Virginia School of Law. Prior to joining the SEC, Kaitlin worked at Dechert LLP.

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Dan handles portfolio management, research, and trading activities for CEFA. He received his B.A. in Business Administration from the Goizueta Business School at Emory University and holds the Chartered Financial Analyst (“CFA”) designation. Prior to joining CEFA, he was a portfolio manager for Zoso Capital, and previously worked for investment banks UBS, Morgan Stanley, and SunTrust performing investment research and was a senior analyst at George Weiss Multi-Strategy Advisers.

Closed-End Fund Advisors (“CEFA”) is a fee-based Registered Investment Advisory firm founded in 1989.
Closed-End Fund Advisors has its corporate headquarters in Richmond, Virginia.CEFA’s primary business is discretionary asset management. As a global manager of managers, we build portfolios for individual and institutional clients, through either direct work with clients or through financial advisors and planners

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Vlad Bulkin understands the unique needs of business development companies (BDCs), registered closed-end funds (CEFs) and private investment funds. From fund formation to capital raising activities, he brings industry-leading experience to clients at any stage. He has extensive transactional experience, including public and private securities offerings and strategic transactions.
Capital markets experience backed by strong regulatory knowledge
Vlad taps into his deep regulatory and transactional knowledge to advise a broad range of clients, including BDCs, CEFs, private investment funds and other financial services firms. Vlad is well positioned to counsel managers of BDCs, CEFs and private investment funds on establishment and operational matters, as well as regulatory and compliance with the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He regularly works with alternative investment managers on developing various capital structures.
Vlad frequently works with issuers and underwriters on a broad range of public and private offerings of equity and debt securities. His experience includes initial public offerings (IPOs), Rule 144A offerings, shelf offerings, at-the-market offerings (ATMs), registered direct offerings, high-yield bond offerings, convertible debt offerings and rights offerings.
Public companies rely on Vlad to help navigate corporate governance and compliance matters. He regularly advises on Securities and Exchange Commission (SEC) reporting obligations and other securities laws, including Section 16 compliance, Rule 10b5-1 plans, the Sarbanes-Oxley Act of 2002, Rule 144 and the listing requirements of the NYSE and NASDAQ.

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Chuck Jaffe is a syndicated financial columnist and the host of “Money Life with Chuck Jaffe,” a one-hour weekday financial talk show (moneylifeshow.com).Chuck’s work has been syndicated since 1995, first while based at the Boston Globe and then from MarketWatch.com; he also writes for the Wall Street Journal and elsewhere. A past president of the Society of American Business Editors &and Writers, Chuck has been a frequent guest on CNBC, Nightly Business Report, Fox Business News, National Public Radio and more, and is the author of three books: “Getting Started In Finding a Financial Advisor,” “The Right Way to Hire Financial Help” and “Chuck Jaffe’s Lifetime Guide to Mutual Funds.”
In what is jokingly referred to as “spare time,” Chuck is very involved in the sport of lacrosse as a broadcaster, referee, coach, league owner and player. He lives on Boston’s South Shore with a golden retriever who sleeps under the desk while Chuck is working and whose flatulence issues sometimes explain Chuck’s demeanor.
You can follow him on Twitter @ChuckJaffe, @MoneyLifeShow and, depending on your sporting interests, @BostonBoxLax.
Website: http://www.moneylifeshow.com

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John Cole is proud to lead CEF Advisors and continue the legacy of his father, George, a pioneer in closed-end investments who bought into the firm in 1996. After earning his bachelor’s degree from William and Mary, John Cole joined his father at the firm in 2001, launching his own rewarding and distinguished career.
Today John Cole is regarded as one of the foremost experts in the industry, and is frequently consulted by investment groups, professional organizations, and the national financial press for his deep insight and knowledge about closed-end fund (CEF), business development company (BDC), and interval fund data, research, and investing. Highly motivated and goal-oriented, he is driven by his passion for the industry, building meaningful connections with people, and a deeply personal aspiration to do hard things well.
In 2008, John Cole founded CEFData.com, a data service now covering all U.S. listed and non-listed CEFs, BDCs, and interval funds. In 2019, he also founded the Active Investment Company Alliance (AICA), and serves as its executive chairman. John Cole holds the FINRA 66 license and the Certified Fund Specialist® (CFS®) designation.
A Richmond native, John Cole, his wife Katherine, and daughter Lexi call Short Pump home. An active supporter of his alma mater, John Cole serves on the board of the William & Mary Foundation and is a board member of the William & Mary Alumni Association. He is also a long-time member of the Richmond Association for Business Economics (RABE) and is Treasurer and Co-Chair of the Investment Committee for The New York State Society of The Cincinnati. John Cole founded an acapella group in college and still loves singing karaoke today.

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Patrick K. Thomson works on Virtu’s expansive ETF desk and focuses on Equites, Fixed Income ETF’s and bonds. Patrick’s responsibilities include block market making and transition trades in ETF’s, working with issuers on developing new and managing existing ETFs, while trading an ETF’s for a firm that see’s 20% of retail ETF volume in the United States.
Over the last 7 years, Patrick and Rich Mauro have built a Fixed Income ETP franchise, providing transparent trading solutions for clients with an emphasis on total cost of execution. Patrick was Europe the last 3yrs helping expand the businesses there. Known for its global scale, competitive liquidity, and transparent execution service, Virtu’s disclosed and customized offerings are built on the quality of its liquidity and accountability to the relationship. Over the past decade, Virtu has become one of the largest global liquidity providers in equities, ETPs, foreign exchange, fixed income, and commodities such as energy, metals, and softs.
Patrick started his career in ETP’s at their “birthplace” on American Stock Exchange in 2000. Over the next 11 years at Goldman Sachs, Patrick participated in the rapid expansion of ETP’s as a trader on both the AMEX and NYSE. During that time, his initial focus on domestic and international equities shifted to the fixed income and commodity space as his role evolved from low-latency, principal trading to client facilitation.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and a myriad of other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

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Johnathan is a writer and editor with more than 20 years of experience as a journalist, plain language web writer, and marketing communications specialist. He got his start in Washington, D.C., covering Congress and the courts for various trade publications. In this role, he reported on regulatory news of interest to various industry audiences. As a web writer in the federal space, Johnathan consulted with clients on usability, accessibility, plain language principles, and the importance of centering the user in digital communications. Johnathan also writes about alternative investments and closed-end funds, crafting thought leadership stories, reports, newsletters, and social media posts.

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Aaron represents investors and institutions in cases involving fiduciary misconduct, securities violations, control contests and shareholder rights, with a special focus on matters involving asset managers and activist opportunities.
He formerly defended financial services firms and public companies at Skadden, Arps, Slate, Meagher & Flom.
Aaron maintains an active pro bono practice, and has represented clients from local pizza shops to non-profit board members.
He writes frequently about developments relating to investment funds and corporate governance.

Morris Kandinov LLP is an investor-focused law firm with extensive experience in corporate governance matters, securities violations, and shareholder activism.

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AICA 2025 Fall Roundtable
2025-11-19 - 2025-12-19 | The View at the Battery, 1 Battery Pl, New York, NY, 10004, United States
7th Annual Active Investment Company Alliance Roundtable
Closed-End & Interval Fund Forum – The View at the Battery (New York)
Explore the fast-evolving universe of listed closed-end funds (CEFs) and interval funds in a single, adviser-centric day of education and networking. Now in its seventh year, the AICA Roundtable brings together fund sponsors, portfolio managers, independent research analysts, RIAs, family offices, and institutional investors for frank discussion on structure, strategy, and market outlook.

Why attend?
Pure CEF & Interval Fund focus. We’ve streamlined the 2025 program to dig deeper into these two structures—no BDC panels this year—so every session is directly relevant to income-oriented and alternative-access portfolios in CEFs and Interval Funds.
Seven hours CE Credit (pending).
No pay-to-play. Speakers are invited for their expertise—not just their marketing budget—ensuring candid debate and practical takeaways.
High-impact networking. Breakfast, lunch, and a two-hour cocktail reception make it easy to compare notes with peers, allocate capital, or spark new partnerships.
Produced by the team behind the NAVigator Podcast. Expect the same “content first” ethos that powers our weekly show.

SponsorsInterviewsArticlesAttendee ClassificationFeedbackSponsors

Be an AICA event sponsor!
For sponsorship, membership or speaking inquiries – Click here

CEF Advisors & CEFData.com
Aberdeen Investments
Oppenheimer

Interviews

Miguel Laranjeiro on Municipal Markets
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Chris Acito on Alternative Credit
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David Tepper on the CEF Concept
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John Cole Scott on Charitable Trusts
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John Cole Scott on AICA’s 2025 Roundtable
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Ryan Paylor on HERZ and CLOs
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Mark Milner on Closed-End Funds
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Richard Stone on CEFs in the UK
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Articles

AICA Panelists Praise CEF Structure’s Flexibility Amid IPO Paralysis
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CEF Leaders Back CLO BB Debt Amid ‘Cockroach’ Clamor
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Attendee Classification

Feedback

We appreciate your feedback

5.5 CE Credits8:15 AM to 9:20 AM Registration & networking breakfast9:20 AM to 9:40 AM Welcome & opening remarks
Transcript
Video

John Cole Scott,
Founder – Active Investment Company Alliance

9:45 AM to 10:35 AM Panel #1 - Real Assets, Real Income: Building Durable Portfolios with Gold, Infrastructure, and Real Estate
Transcript
Video

Moderator
Ken Burdon,
Partner – Simpson Thacher & Bartlett
Speaker #1
Axel Merk,
President and CIO – Merk Investments
Speaker #2
Josh Duitz,
Head of Global Income – Aberdeen Investments
Speaker #3
Chris Janus,
Managing Director, PM – Brookfield Real Assets Income Fund Inc.

10:40 AM to 11:30 AM Panel #2 – Credit Alchemy: Turning CLOs and High Yield into Income Opportunity
Transcript
Video

Moderator
Mike Taggart,
Head of Closed-End Fund Investor Relations – Aberdeen Investments
Speaker #1
Connor Dugan,
CFA – Octagon
Speaker #2
Kristofer Pritchett,
Partner and Portfolio Manager – Ares Credit Group

11:30 AM to 1:00 PM Networking lunch1:00 PM to 1:50 PM Panel #3 – Credit at the Crossroads: From Munis to Bank Debt in a Shifting Rate Cycle
Transcript
Video

Moderator
Tony Maltese,
Advisory Council – AICA
Speaker #1
Miguel Laranjeiro,
Investment Director – Aberdeen Investments
Speaker #2
Kevin Parks,
Portfolio Manager – Angel Oak Capital
Speaker #3
Dana Staggs,
President – ArrowMark Financial Group

1:55 PM to 2:45 PM Panel #4 – The Evolution of Access: What’s Next for Closed-End and Interval Fund
Transcript
Video

Moderator
Chuck Jaffe,
Host – Money Life with Chuck Jaffe
Speaker #1
Kim Flynn,
President – XA Investments
Speaker #2
Ken Burdon,
Partner – Simpson Thacher & Bartlett
Speaker #3
Chris Acito,
CEO – Gapstow Capital Partners

2:45 PM to 3:05 PM Networking break3:05 PM to 3:55 PM Panel $5 - Institutional Perspectives on Today’s CEF Market: Structure, Strategy & Trading Discipline
Transcript
Video

Moderator
Dan Silver,
Portfolio Manager – CEF Advisors
Speaker #1
John Cole Scott,
President – CEF Advisors
Speaker #2
David Tepper,
Principal – Tepper Capital Management
Speaker #3
Rob Shaker,
Portfolio Manager, Chief CEF Strategist – Shaker Financial
Speaker #4
Mark Milner,
Senior Investment Strategist – Parametric

3:55 PM to 4:00 PM Closing remarks4:00 PM to 6:00 PM Networking cocktail reception×

John Cole is proud to lead CEF Advisors and continue the legacy of his father, George, a pioneer in closed-end investments who bought into the firm in 1996. After earning his bachelor’s degree from William and Mary, John Cole joined his father at the firm in 2001, launching his own rewarding and distinguished career.
Today John Cole is regarded as one of the foremost experts in the industry, and is frequently consulted by investment groups, professional organizations, and the national financial press for his deep insight and knowledge about closed-end fund (CEF), business development company (BDC), and interval fund data, research, and investing. Highly motivated and goal-oriented, he is driven by his passion for the industry, building meaningful connections with people, and a deeply personal aspiration to do hard things well.
In 2008, John Cole founded CEFData.com, a data service now covering all U.S. listed and non-listed CEFs, BDCs, and interval funds. In 2019, he also founded the Active Investment Company Alliance (AICA), and serves as its executive chairman. John Cole holds the FINRA 66 license and the Certified Fund Specialist® (CFS®) designation.
A Richmond native, John Cole, his wife Katherine, and daughter Lexi call Short Pump home. An active supporter of his alma mater, John Cole serves on the board of the William & Mary Foundation and is a board member of the William & Mary Alumni Association. He is also a long-time member of the Richmond Association for Business Economics (RABE) and is Treasurer and Co-Chair of the Investment Committee for The New York State Society of The Cincinnati. John Cole founded an acapella group in college and still loves singing karaoke today.

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Mr. Dugan is a Principal on Octagon’s Investment Team, focused on the Firm’s CLO debt and equity investments. Mr. Dugan is a member of the Firm’s ESG Committee, and he serves as a member on the Conning Holdings Limited Global DEI Council. Prior to joining Octagon in 2017, Mr. Dugan worked at Deloitte & Touche LLP as an Advisory Risk Services Senior Consultant for the Securitization Transactions team. He earned a B.S. in Finance and Accounting from Bentley University. Mr. Dugan received his CFA Charter in 2018.

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Dan handles portfolio management, research, and trading activities for CEFA. He received his B.A. in Business Administration from the Goizueta Business School at Emory University and holds the Chartered Financial Analyst (“CFA”) designation. Prior to joining CEFA, he was a portfolio manager for Zoso Capital, and previously worked for investment banks UBS, Morgan Stanley, and SunTrust performing investment research and was a senior analyst at George Weiss Multi-Strategy Advisers.
Closed-End Fund Advisors (“CEFA”) is a fee-based Registered Investment Advisory firm founded in 1989.Closed-End Fund Advisors has its corporate headquarters in Richmond, Virginia.CEFA’s primary business is discretionary asset management. As a global manager of managers, we build portfolios for individual and institutional clients, through either direct work with clients or through financial advisors and planners

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Chris is the Chief Executive Office of Gapstow Capital Partners, a specialist investment consultant to the alternative credit industry, which he founded in 2009. Prior to Gapstow, Chris was the Global Chief Operating Officer for Investcorp’s Hedge Fund Group. Prior to Investcorp, Chris enjoyed a ten-year career as a management consultant, beginning with Booz-Allen & Hamilton and with Casey, Quirk & Acito (now Casey Quirk a Deloitte business). Chris began his career as an economist, serving on the President’s Council of Economic Advisers in both the Bush and Clinton administrations. Chris holds a B.A. in Economics from Duke University and an M.A. in Economics from the University of Chicago. He is Board Chair Emeritus Trustee of The Peddie School in Hightstown, NJ and serves on the investment committees of Peddie and The New York Community Trust.
Gapstow Capital Partners is a registered investment advisor based in New York City. From its inception in 2009, Gapstow has specialized in managing fund-of-funds products focused on alternative credit opportunities.

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Josh Duitz is Deputy Head of Global Income and Infrastructure at Aberdeen Investments. Josh joined Alpine Woods Capital Management in 2007, where he was a Portfolio Manager of its Global Dynamic Dividend and Global Infrastructure strategies. The management contracts of the funds he managed at Alpine Woods were acquired by Aberdeen Investments in April 2018. Previously, Josh worked for Bear Stearns where he was a Managing Director, Principal and traded international equities. Prior to that, Josh worked for Arthur Andersen where he was a senior auditor. Josh continues to be responsible for managing the Global Dynamic Dividend and Global Infrastructure strategies.Qualifications:Josh graduated with an MBA from The Wharton School of the University of Pennsylvania and holds a BA from Emory University.Enabling our clients to be better investors drives everything we do. Our business is structured around three vectors – Investments, Adviser and Personal – focused on their changing needs. Our investments solutions are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge. Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives, working with clients to identify investment opportunities that suit their needs.

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Christopher Janus, Co-Head of Real Asset Debt
Christopher Janus is a Managing Director and Portfolio Manager on Brookfield’s Public Securities Group’s Real Asset Debt team. In this role, he oversees and contributes to the portfolio construction process, including execution of buy/sell decisions. In addition, he is responsible for covering Real Estate and CMBS. Previously, he was a Director on PSG’s Structured Products team focused on CMBS, CRE CLOs and direct lending. Prior to joining Brookfield in 2009, Mr. Janus began his career at SunTrust Robinson Humphrey within the Real Estate Investment Banking group. Mr. Janus earned a Bachelor of Science degree in Mechanical Engineering from Miami University.Brookfield Oaktree Wealth SolutionsBrookfield Oaktree Wealth Solutions offers institutional-caliber alternative investment offerings to investors via their financial advisors. Our solutions are built to meet the varying needs of individual investors, and they are coupled with market and investment insights based on our unique products and portfolio expertise. We offer specialized support for financial advisors and their clients, built on a foundation of investment excellence, integrity and alignment of interests. We share a long-term, value-driven and contrarian investment style, rooted in rigorous risk management processes — and our market knowledge and in-depth operating experience give us an edge.

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Mr. Pritchett is a Managing Director and Portfolio Manager in the Ares Credit Group, where he focuses on alternative credit investments. Prior to joining Ares in 2011, Mr. Pritchett was an Associate at Indicus Advisors. Mr. Pritchett holds an M.Eng. from Imperial College London in Mechanical Engineering.Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. ARDC’s net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at http://www.arespublicfunds.com.Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2023, Ares Management Corporation’s global platform had approximately $378 billion of assets under management, with over 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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Kevin is a Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for one of the firm’s private funds.
Kevin previously served as the Chief Investment Officer for Parks Capital Management, LLC, which specialized in community bank long/short equity investing. Prior to launching Parks Capital Management, Kevin was an Analyst at Hildene Capital Management from 2009 until 2015, where he analyzed structured products such as TruPS CDOs and CLOs and helped maintain the infrastructure by monitoring the underlying collateral of the structured products. He also analyzed some of Hildene’s niche investments in TARP, single-name distressed TruPS, and microcap bank equities.
Kevin graduated summa cum laude from Syracuse University and holds a B.S. degree in Finance with a minor in Public Communications, as well as an M.B.A. from the New York University Stern School of Business with a concentration in Law & Business and Entrepreneurship.

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David is a graduate of Cornell University, Class of 1970. He began his career in the investment industry in 1979, working first with Merrill Lynch and later with Dean Witter, where he gained extensive experience in portfolio management and client advisory services.In the spring of 1990, David founded Tepper Capital Management (TCM) as an independent, registered investment advisor (RIA). Under his leadership, TCM has grown to manage over $50 million in assets, serving a diverse clientele that includes individuals, family trusts, and small limited partnerships. The firm’s investment strategy emphasizes total return through a balanced approach to capital appreciation and income, focusing primarily on closed-end funds.Throughout his career, David has been committed to providing thoughtful, research-driven investment management and maintaining strong, long-term client relationships.

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Patrick K. Thomson works on Virtu’s expansive ETF desk and focuses on Equites, Fixed Income ETF’s and bonds. Patrick’s responsibilities include block market making and transition trades in ETF’s, working with issuers on developing new and managing existing ETFs, while trading an ETF’s for a firm that see’s 20% of retail ETF volume in the United States.
Over the last 7 years, Patrick and Rich Mauro have built a Fixed Income ETP franchise, providing transparent trading solutions for clients with an emphasis on total cost of execution. Patrick was Europe the last 3yrs helping expand the businesses there. Known for its global scale, competitive liquidity, and transparent execution service, Virtu’s disclosed and customized offerings are built on the quality of its liquidity and accountability to the relationship. Over the past decade, Virtu has become one of the largest global liquidity providers in equities, ETPs, foreign exchange, fixed income, and commodities such as energy, metals, and softs.
Patrick started his career in ETP’s at their “birthplace” on American Stock Exchange in 2000. Over the next 11 years at Goldman Sachs, Patrick participated in the rapid expansion of ETP’s as a trader on both the AMEX and NYSE. During that time, his initial focus on domestic and international equities shifted to the fixed income and commodity space as his role evolved from low-latency, principal trading to client facilitation.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and a myriad of other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

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Johnathan is a writer and editor with more than 20 years of experience as a journalist, plain language web writer, and marketing communications specialist. He got his start in Washington, D.C., covering Congress and the courts for various trade publications. In this role, he reported on regulatory news of interest to various industry audiences. As a web writer in the federal space, Johnathan consulted with clients on usability, accessibility, plain language principles, and the importance of centering the user in digital communications. Johnathan also writes about alternative investments and closed-end funds, crafting thought leadership stories, reports, newsletters, and social media posts.

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Aaron represents investors and institutions in cases involving fiduciary misconduct, securities violations, control contests and shareholder rights, with a special focus on matters involving asset managers and activist opportunities.
He formerly defended financial services firms and public companies at Skadden, Arps, Slate, Meagher & Flom.
Aaron maintains an active pro bono practice, and has represented clients from local pizza shops to non-profit board members.
He writes frequently about developments relating to investment funds and corporate governance.

Morris Kandinov LLP is an investor-focused law firm with extensive experience in corporate governance matters, securities violations, and shareholder activism.

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Chip is a Senior Vice President of Business Development at AOG Funds. He has been in the investment management business for more than 30 years and has been active in both traditional and alternative investments. During his career, he has worked with a diverse set of investors including institutional organizations and their consultants, private wealth advisors, and family offices.
Chip has served as Treasurer and is currently an active member of Masonic University Lodge #51 in Philadelphia, PA.
Chip completed his undergraduate work at Dickinson College with a B.A. in Classical Studies and earned his MBA at The University of North Carolina at Chapel Hill with a concentration in Finance. He currently holds the Series 7 and 63 FINRA Licenses.
Chip lives with his wife, Lenka, in suburban Philadelphia, and their daughter, Alex, is pursuing her Master’s Degree in Political Science at University College London.

AOG Institutional Fund (AOGFX) provides exposure to a mix of registered investment companies and less liquid alternative/non-traditional investments through a closed-end interval fund structure. The fund invests in income-producing assets and assets selected for long-term capital appreciation. Through its investments in non-publicly traded assets, AOGFX provides an opportunity for accredited investors to access what is generally considered an institutional approach to investing. AOGFX currently features exposure to holdings focused in real estate, private credit, and private equity. AOG Wealth Management, founded in 2000, is the advisor to the AOG Institutional Fund.

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Aaron Rosen is the Chief Investment Officer for AOG Institutional Fund (AOGFX). He has more than 20 years of financial industry experience in an extensive range of investment management services, including portfolio management and security selection, as well as due diligence, research, trading and sourcing of investments. Aaron specializes in private investments and other illiquid securities, with additional knowledge in public equities, mutual funds, and options trading.
Previously, Aaron served as Director & Principal, applying his financial and investment industry expertise to both the Sky & Ray Family Office and Copia Wealth Studios platform. Prior to that, he was a Managing Director and Portfolio Manager for Validus Growth Investors, LLC, a boutique investment management firm. There, he spent extensive time institutionalizing and managing a 1940 Investment Company ActRegistered Interval Fund focused on illiquid alternatives. Prior to Validus, he provided research and asset allocation services in senior analyst roles at a broker dealer, a family office, and a hedge fund, as well as serving as a co-founder of a digital media startup company.
Aaron graduated magna cum laude from the Honors Program of Boston University with a BSBA in Finance and minor in Economics. He is a Chartered Financial Analyst CFA® and holds an IAR registration with AOG and previously held 7, 63 securities registrations. He also serves part-time on several external advisory and board roles and is a frequent speaker and panelist at various conferences and events.
Outside of AOG, Aaron resides in southern California with his girlfriend and dog. He spends as much of his free time outdoors as he can, and is an avid professional sports fan, with strong allegiances to the New England sports teams he grew up watching.

AOG Institutional Fund (AOGFX) provides exposure to a mix of registered investment companies and less liquid alternative/non-traditional investments through a closed-end interval fund structure. The fund invests in income-producing assets and assets selected for long-term capital appreciation. Through its investments in non-publicly traded assets, AOGFX provides an opportunity for accredited investors to access what is generally considered an institutional approach to investing. AOGFX currently features exposure to holdings focused in real estate, private credit, and private equity. AOG Wealth Management, founded in 2000, is the advisor to the AOG Institutional Fund.

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Brian Schaffer has 25 years of special situations experience providing corporate, transaction, crisis and investor communications counsel to senior management teams and boards of directors. He has helped position numerous M&A transactions, hostile takeover attempts, proxy contests (operating companies and funds), corporate and sovereign bankruptcies and restructurings, asset divestitures and public company listings.
Within the CEF industry, Brian has supported over twenty fund complexes in nearly 100 separate contested situations over the past decade. Prosek is currently involved in 86% of active CEF proxy contests. In addition, Brian has been involved in all litigation of consequence since the repeal of the Boulder Letter.

Prosek Partners builds – and protects – the top brands in business. We are a certified Woman-Owned Business and among the largest independent, integrated communications and marketing firms globally. Specializing in providing a full range of communications solutions to financial and professional services companies, Prosek delivers business impact through an unexpected level of passion, creativity and marketing savvy. Services include media relations, thought leadership, social and digital media, public affairs, investor relations, financial communications, transaction services, crisis communications and issues management, content creation, conference support, publishing, media training and more. Prosek’s strategic branding and integrated marketing arm – Prophecy by Prosek – offers brand strategy, award-winning design, digital and advertising capabilities. Prosek has been named PRovoke Media’s “Global and North American Financial Agency of the Year” and a top-five global M&A and shareholder activism agency. For more information, please visit www.prosek.com or follow the firm on LinkedIn.

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Michael A. Reisner serves as co-Founder, co-President and co-Chief Executive Officer of CION Investment Group, LLC, as well as co-President and co-Chief Executive Officer of CION Investment Corporation (CIC), CION Ares Diversified Credit Fund (CADC) and CION Grosvenor Infrastructure Fund. He also serves on the Investment Committee of CIC and Investment Allocation Committee of CADC.
Before co-founding CION in 2012, Mr. Reisner held positions of increasing responsibility at its predecessor company, including serving as co-Chief Executive Officer from 2008 to 2012, Chief Financial Officer from 2007 to 2008, Executive Vice President — Originations from 2006 through 2007 and Senior Vice President and General Counsel from 2004 through 2006. Earlier in his career, Mr. Reisner was an attorney in private practice in New York from 1996 to 2001. Mr. Reisner serves on the Boards of both CIC and CADC and served on the Board of the Institute for Portfolio Alternatives (IPA) from 2018 to 2021.
Mr. Reisner received a J.D., cum laude, from New York Law School and a B.A. from the University of Vermont.

CION Investments is a leading open-source provider of alternative investments designed to redefine the way individual investors can build their portfolios and meet their long-term investment goals. CION Investments currently sponsors, among other products, CION Investment Corporation (NYSE: CION), a leading publicly listed business development company that currently manages approximately $2.0 billion in assets, and also sponsors CION Ares Diversified Credit Fund, a globally diversified interval fund that currently manages approximately $6.0 billion in assets.

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Stephen is a closed-end fund product specialist at Nuveen. He works closely with the firm’s US Wealth Sales Teams, and the financial professionals they serve, providing insights and information to help advisors better understand and evaluate closed-end funds trading in the secondary market.
Prior to joining Nuveen in 2022, Stephen was a Vice President at Cantor Fitzgerald, where he was responsible for the sales and trading of all U.S.- listed closed-end funds for the firm’s institutional client base. Before joining Cantor Fitzgerald, Stephen worked in London, first as an Investment Companies Analyst and later in Sales, focusing on the U.K. Closed End Investment Companies Sector.
Stephen graduated with a B.Sc. in Applied Economics from the University of Plymouth (U.K.), and holds the FINRA series 7 and 55
registrations.

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 30 Sep 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 45 CEFs as of 30 Sep 2024. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

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Larry Holzenthaler is a managing director, portfolio manager and senior alternatives strategist at First Eagle Alternative Credit, responsible for the day-to-day implementation and management for several of FEAC’s strategies alongside the portfolio management team and FEAC’s chief investment officer. Larry is also an alternative credit market expert, working closely with First Eagle US Wealth Solutions and other channels to provide investors insights on FEAC’s investment positioning, market views and products. He also provides market education to clients, creates investment-related content, and develops new products within alternative credit. Prior to joining First Eagle in November 2023, Larry was a managing director and investment strategist at Nuveen Asset Management, and prior affiliate Symphony Asset Management, where he represented Nuveen and Symphony’s investment teams externally and assisted with product management and investment content within the corporate credit market. Before that, he was an analyst on Symphony’s credit investment team where his research focused on the marine transportation sector. Larry earned a BS in finance from Arizona State University.

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $149 billion in assets under management as of September 30, 2024*. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies.

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Alexander Reiss joined Stifel in 2007. Based out of the New York office, Mr. Reiss is a Managing Director in the Financial Institutions sector, covering Closed-End Funds.

Stifel is a full-service investment firm with a distinguished history of providing securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, institutions, corporations, and municipalities. Established in 1890 and headquartered in St. Louis, Missouri, Stifel is one of the nation’s leading firms.

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Christopher is a managing director of Morgan Stanley Investment Management Fixed Income, an institutional portfolio manager and head of fixed income product and portfolio strategy. Chris is responsible for market research and analysis, advancing the firm’s managed strategies through thoughtful investment communications and insights on the credit markets. He joined Eaton Vance in 2008. Morgan Stanley acquired Eaton Vance in March 2021. Chris began his career in the investment management industry in 2002. Before joining Eaton Vance, he was affiliated with Fidelity Investments as a fixed-income product specialist. He was responsible for product strategy, investment communications and client portfolio management for Fidelity’s suite of fixed-income investment capabilities.

Eaton Vance provides financial advisors with the investment strategies and resources to solve for their clients’ most advanced investing challenges, across a range of asset classes in public and private markets. Our investment solutions include a broad range of alternatives, high-conviction active strategies, customization strategies, ESG expertise and tax management solutions. Eaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

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Arie Heijkoop is a partner in the Investment Management Practice Group in Haynes Boone’s Washington, D.C. office. His practice focuses on advising asset managers and fund sponsors, registered funds, and trusts, and independent directors on various legal, transactional, and compliance matters. Arie routinely advises fund management on a range of operational activities, including the formation, operation, merger, and liquidations of open- and closed-end mutual funds, ETFs, variable insurance products and business development companies.
Arie’s experience includes representing open-end registered funds and their board members in the financial services industry about routine and non-routine issues, such as new and ongoing compliance matters, disclosure issues, reorganizations of funds and investment advisers, engagement with the Securities Exchange Commission and other regulators. He also advises closed-end fund managers and their independent directors on offerings, proxies, tender offers, investor interactions, and co-investment transactions.

Founded in 1970, Haynes and Boone, LLP is among the fastest-growing firms in the Am Law 100, providing a full spectrum of legal services across multiple sectors, including corporate, energy, financial services, real estate, restructuring, litigation, intellectual property and specialty transactions. The firm’s nearly 700 lawyers practice across 19 global offices in California, Colorado, Illinois, New York, North Carolina, Texas, Virginia, Washington, D.C., London, Mexico City and Shanghai.
Our Investment Management Practice is comprised of a sophisticated group of lawyers regularly assisting with the formation and on-going operation of investment funds engaging in a broad spectrum of investment activities from general investment in listed stocks to targeted acquisitions in a wide variety of industries, including in technology, digital assets, energy, real property, venture, businesses or investments. We keep up to date on the latest legal and market developments and work collaboratively with other practice areas to help clients anticipate emerging issues and implement strategies. We represent both domestic and offshore investment vehicles and serve as lead outside counsel to numerous investment funds who combined have tens of billions of dollars in assets under management. Our lawyers have knowledge in corporate-securities, partnership, tax, ERISA, international, venture capital, real estate, employment, finance, blockchain, cryptocurrency and litigation issues that affect all types of investment funds.

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Nishil Mehta is a Managing Director leading the firm’s structured credit investments. He is based in New York.
Prior to joining Carlyle, Nishil was a Managing Director at First Eagle where he was the co-portfolio manager for the firm’s structured credit investments. Prior to joining First Eagle, Nishil was a Managing Director at Prospect Capital where he was responsible for the firm’s $2.5 billion of investments in CLO mezzanine debt and CLO equity.
He was also the Head of Capital Markets spearheading over $8 billion of debt and equity capital raised for the firm’s 1940 Act funds. Earlier in his career, Nishil worked at CIT Asset Management and Wachovia Securities.
Nishil received his BBA from Goizueta Business School at Emory University with Honors.

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Andy has been with Nasdaq Listing Services since 2004, and has had various positions in the areas of Issuer Services & Market Intelligence. Andy has been on the New Listings team since 2007, and works with companies that are considering a Nasdaq listing. Andy has worked with companies that are moving from being a private to a public company in an IPO, and public companies that trade on the NYSE, NYSE American, TSX or OTC and are considering transferring, dual listing or uplisting to Nasdaq. Andy is a graduate of George Washington University in Washington, DC.

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Joined the firm in 2012. Industry start date 2004. He is also responsible for trading and analysis of the firm’s strategies. Ryan spent eight years at JP Morgan Chase in New York on the FX Derivatives Operations team and FX Forwards Group. He led multiple projects implementing new trading and risk applications, new derivative pricing models, and streamlined end of day P&L processes. He has been interviewed by many financial publications such as Bloomberg, The Wall Street Journal, The Financial Times and more.
Williams College, B.A. in Political Science
Member of Miami Committee of Friends of Caritas Cuba

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Stephen Minar, Managing Director, is a member of BlackRock’s U.S. Wealth Advisory business, focusing on closed-end fund product management, development and strategy.
Prior to joining BlackRock, Stephen worked in Global Capital Markets at Morgan Stanley where he was primarily responsible for the structuring and sale of closed-end fund initial public offerings and secondary market capital issuance. In a previous role at Morgan Stanley, Stephen was a research analyst covering both closed-end funds and exchange-traded funds.
Stephen earned a BA degree in Finance from Xavier University.

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Larry Antonatos is a Managing Director and Portfolio Manager on the Multi-Asset Solutions team for Brookfield’s Public Securities Group. In this role, he oversees the portfolio construction process, including execution of asset allocation. Mr. Antonatos joined Brookfield in 2011 as Product Manager for the firm’s equity investment strategies. Prior to joining Brookfield, Mr. Antonatos was a portfolio manager for a U.S. REIT strategy for 10 years. He also has investment experience with direct property, CMBS, and mortgage loans. Mr. Antonatos earned a Master of Business Administration from the University of Pennsylvania and a Bachelor of Engineering from Vanderbilt University.

Brookfield Oaktree Wealth Solutions offers institutional-caliber alternative investment offerings to investors via their financial advisors. Our solutions are built to meet the varying needs of individual investors, and they are coupled with market and investment insights based on our unique products and portfolio expertise. We offer specialized support for financial advisors and their clients, built on a foundation of investment excellence, integrity and alignment of interests. We share a long-term, value-driven and contrarian investment style, rooted in rigorous risk management processes — and our market knowledge and in-depth operating experience give us an edge.

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Vlad Bulkin understands the unique needs of business development companies (BDCs), registered closed-end funds (CEFs) and private investment funds. From fund formation to capital raising activities, he brings industry-leading experience to clients at any stage. He has extensive transactional experience, including public and private securities offerings and strategic transactions.
Capital markets experience backed by strong regulatory knowledge
Vlad taps into his deep regulatory and transactional knowledge to advise a broad range of clients, including BDCs, CEFs, private investment funds and other financial services firms. Vlad is well positioned to counsel managers of BDCs, CEFs and private investment funds on establishment and operational matters, as well as regulatory and compliance with the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He regularly works with alternative investment managers on developing various capital structures.
Vlad frequently works with issuers and underwriters on a broad range of public and private offerings of equity and debt securities. His experience includes initial public offerings (IPOs), Rule 144A offerings, shelf offerings, at-the-market offerings (ATMs), registered direct offerings, high-yield bond offerings, convertible debt offerings and rights offerings.
Public companies rely on Vlad to help navigate corporate governance and compliance matters. He regularly advises on Securities and Exchange Commission (SEC) reporting obligations and other securities laws, including Section 16 compliance, Rule 10b5-1 plans, the Sarbanes-Oxley Act of 2002, Rule 144 and the listing requirements of the NYSE and NASDAQ.

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Ryan McDonald, CFA, Managing Director, is Head of the Municipal High Yield Franchise and a Portfolio Manager in BlackRock’s Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities. Prior to becoming a Portfolio Manager, Mr. McDonald was a high yield credit research analyst with a particular focus on distressed securities and special situations in the municipal market.
Prior to joining BlackRock in 2014, Mr. McDonald was a vice president at Moelis & Co. where his responsibilities included the analysis of distressed municipal bonds and derivative products. His work also encompassed the analysis of monoline insurers and their various municipal/structured finance exposures. Prior to Moelis, Mr. McDonald was a financial analyst at MAEVA Group, LLC where he was responsible for analyzing state and local pension plans and making restructuring recommendations. Prior to MAEVA, Mr. McDonald spent 8 years at JPMorgan where he worked in both the Public Finance and Structured Credit areas. Mr. McDonald graduated summa cum laude from the University of Notre Dame in 2004.

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Rushabh Vora is a Managing Director for the FS Global Credit business. Mr. Vora focuses primarily on the sourcing, structuring and execution of privately negotiated transactions, including bespoke capital solutions.
Prior to joining FS Investments, Mr. Vora was a Managing Director in Macquarie Group’s Principal Finance division, where he focused on sourcing and executing private middle market debt and equity financings. Previously, he was a Managing Director in Macquarie Group’s Credit Solutions Group, which he helped co-found and served as Head of Underwriting. Prior to that, he was a Desk Analyst on Macquarie Group’s Distressed Credit Trading Desk. He started his career in investment banking at Goldman Sachs & Co.
Mr. Vora currently sits on the boards of Salt Creek Midstream, EPIC Midstream, Church’s Chicken and Giving Home Health Care.
He earned a BS in Business Administration, summa cum laude, with a minor in Economics from the University of Southern California.

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Mr. Merk is the founder, President, and Chief Investment Officer of Merk Investments, the Company’s investment adviser. Merk Investments manages approximately $1.1 billion in gold and gold mining investments. Mr. Merk created the first U.S. based physical gold exchange traded fund with a patented process to facilitate delivery to investors of gold in coins or bars. Axel Merk is a sought-after speaker and author on topics ranging from the economy, currencies and gold to sustainable wealth and personal finance. Mr. Merk has been quoted by top tier media, been a guest at business TV, radio, podcasts and speaker at conferences.

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Mr. Staggs joined ArrowMark in June of 2017 and is a team member of ArrowMark’s Private Capital Solutions group where he sources, structures, and manages private debt and non-control private equity investments. Prior to joining ArrowMark Partners in 2017, he worked in similar capacities at firms to include Goldman Sachs & Co., Barclays Private Credit Partners LLC and GE Capital. Mr. Staggs previously served over 10 years as a surface warfare officer in the U.S. Navy, having attained the rank of Lieutenant Commander. He earned a Bachelor of Science degree in Physics from the United States Naval Academy and an MBA from The Mason School of Business at the College of William and Mary.

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Jim Baker is a managing partner and co-head for Kayne Anderson’s energy infrastructure strategies, responsible for overseeing the group’s investment strategies. Baker serves as chairman of the board, president and CEO of Kayne Anderson’s publicly traded closed end fund, KYN. Baker joined Kayne Anderson’s energy infrastructure group in 2004 and has acted as a portfolio manager for various funds and separately managed accounts for the last 17 years. He has had increasing levels of management responsibility during his 20-year tenure at the firm and was named as a co-head of the energy infrastructure group in 2019.
Prior to joining Kayne Anderson, Baker was a director in the energy investment banking group at UBS Securities LLC, focusing on securities underwriting and mergers and acquisitions in the energy industry. Baker began his career in the energy investment banking group at PaineWebber Incorporated.
Baker earned a B.B.A. in Finance from the University of Texas at Austin in 1995 and an M.B.A. in Finance from Southern Methodist University in 1997.

Kayne Anderson, founded in 1984, is a leading alternative investment management firm focused on real estate, credit, infrastructure, and energy. With a team defined by an entrepreneurial and resilient culture, Kayne Anderson’s investment philosophy is to pursue cash flow-oriented niche strategies where knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. As responsible stewards of capital, Kayne Anderson’s philosophy extends to promoting responsible investment practices and sustainable business practices to create long-term value for our investors. Kayne manages $36 billion in assets (as of 9/30/2024) for institutional investors, family offices, high net worth and retail clients and employs 350 professionals.

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Miguel Laranjeiro is an Investment Director within the Municipals team at Aberdeen Investments where he is responsible for asset allocation and investment managment decisions for the Aberdeen Investments Ultra Short Municipal Income Fund, Aberdeen Investments National Municipal fund, Aberdeen Investments Short Duration High Yield Municipal Fund and Aberdeen Investments Intermediate Municipal Income Fund at Aberdeen Investments. Miguel experience includes municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined the company in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine’s two municipal funds, Alpine Ultra Short Municipal Income Fund (ATOIX) and Alpine High Yield Managed Duration Fund (AHYMX). Previously, Miguel worked for Thomson Reuters as a an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors.

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Mr. Pines is a Senior Managing Director and Portfolio Manager at Bramshill Investments where he co-manages their flagship Income Performance Strategy with Bramshill’s CIO. Prior to joining Bramshill Investments in 2012, Mr. Pines spent over a decade as a Proprietary Trader and Portfolio Manager leading a multi-asset class strategy which specialized in quantitative modeling techniques and utilized fundamental research to determine relative value. The bulk of that time was with Assent (Sungard Financial) and Chimera Securities. He also spent a year with Accenture in their Core Trading Services Group. He has over 20 years of investment experience in fixed income and exchange traded securities within both long-only and long-short investment vehicles. Mr. Pines has been involved in charitable organizations such as NextStep, The Hoya Diamond Club, and Party with Purpose where he spent several years on the board. He holds a Masters Graduate Certificate in Algorithmic Trading from Stevens University. Mr. Pines graduated cum laude with a B.S. in finance from Georgetown University.

Bramshill Investments, LLC is an employee owned alternative asset management firm that specializes in investment opportunities across the fixed income universe in sectors such as corporate bonds, preferred securities, municipal bonds, structured credit and credit-themed equities. The firm was founded in 2012, however, Bramshill strategies have over fourteen year track records with a core absolute return approach. Our investments are designed with the intent to preserve and grow our investors’ capital utilizing our fundamental value-based approach. Bramshill’s investment professionals provide portfolio management and strategy specific solutions across both liquid and illiquid asset classes. We approach risk management with a probability of loss analysis of individual securities combined with both macro and quantitative inputs. Our clients consist of institutions, family offices, and high-net-worth individuals. Strategies are managed in co-mingled vehicles, SMAs, and through sub-advisory mandates. Bramshill’s team-oriented approach and firm philosophy have been the core reasons for our success in investing, client relationships, and risk management.

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Phillip Goldstein

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Adam Sparkman is a client portfolio manager for Thornburg Investment Management. He works with Thornburg’s investment team and serves as a liaison for the team and key investment decision makers, communicating process and results of the firm’s investment strategies.
Adam joined Thornburg in 2014 and was previously a member of the firm’s business development group. Prior to Thornburg, he worked as a business analyst at Los Alamos National Laboratory. Adam graduated cum laude with a BBA in finance from The Sam M. Walton College of Business at University of Arkansas and holds an MBA from New Mexico State University. He is a CFA charterholder.

Founded in 1982, Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in equity, fixed income, and multi-asset solutions, the firm oversees $42 billion (Includes $40.9 billion in assets under management and $1 billion in assets under advisement as of June 30, 2023) across mutual funds, closed-end funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors. Thornburg is headquartered in Santa Fe, New Mexico, with additional offices in Hong Kong and Shanghai.
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative, and our investment solutions are highly active, high conviction and benchmark agnostic. When it comes to finding value for our clients, it’s more than what we do, it’s how we do it: how we think, how we invest and how we’re structured.

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Roxanna Islam is the Head of Sector & Industry Research at TMX VettaFi. Prior to joining TMX VettaFi, she spent several years in sell-side equity research at Stifel and ETF/Closed-End Fund research at Wells Fargo. Roxanna has appeared in live media segments on Schwab Network and Yahoo Finance and has also been widely quoted in print media including Bloomberg, The Wall Street Journal, Fox Business, CNBC, Financial Times, and Reuters. She is a CFA Charterholder and a CAIA Charterholder. Outside of the office, Roxanna is actively involved with several nonprofit organizations. She serves as an At Large Director on the CFA Society Dallas/Fort Worth Board of Directors, Treasurer on the Dallas Cotillion Club Board of Directors, and volunteers with the Junior League of Dallas.

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Kenneth Burdon is a Partner in Simpson Thacher’s Registered Funds Practice. Based in the Firm’s Boston office, Ken advises registered investment funds, business development companies (BDCs), investment advisers and other financial services companies and financial institutions on the full spectrum of product development and distribution and related regulatory, compliance and governance issues, as well as M&A, divestitures and split-offs, among other matters. He works with fund sponsors on the development of innovative products and counsels BDCs and closed-end funds on IPOs and other capital raising offerings. Ken also guides fund sponsors and distributors, BDCs and closed-end funds, mutual funds and others in routine and non-routine activities, such as seeking exemptive or no-action relief from the SEC and FINRA. Ken is also a leading voice in the closed-end fund industry on the topics of corporate governance and addressing shareholder activism.
Ken’s work has historically included the development of innovative products and product structures to pursue registered and unregistered alternative strategies for clients including BlackRock and FS Investments. He has also advised the EIM Group (now the LumX Group) on a variety of onshore and offshore products in the private product space. Additionally, Ken has advised financial institutions on transactional activities, including Thrivent, Affiliated Managers Group, The TCW Group, Société Générale, Credit Suisse and Ameriprise, and on associated regulatory and compliance matters.
Ken has been recognized by both Chambers Global and Chambers USA in the Registered Funds category. He was previously named a Rising Star in Registered Funds by IFLR1000, and one of the Rising Stars of Mutual Funds at Fund Action’s Mutual Fund Industry Awards.
Ken received his J.D. in 2007, summa cum laude from Boston University School of Law, where he was an Editor of Boston University Law Review. He received his B.A. from Boston University in 2004, summa cum laude and Phi Beta Kappa. He is admitted to practice in Massachusetts.

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Sara Levin serves as a Director of ETF and Derivative Trading Solutions at WallachBeth’s Cross Asset Solutions team, providing institutional clients guidance on the complex and evolving exchange-listed space. Sara brings a deep understanding of the institutional investment landscape with particular expertise in fund structuring, business strategy and distribution across asset classes, with an emphasis on Derivatives and ETFs.

WallachBeth Capital is a leading provider of institutional execution services, offering our clients a full spectrum of solutions to help them navigate increasingly complex markets. We employ a holistic process for developing and implementing sophisticated trading strategies, leveraging a combination of deep product knowledge, extensive market insight and a consultative approach. Our areas of expertise include trading solutions within ETFs, equities, derivatives, mergers and acquisitions, and CEFs.

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Steve joined RiverNorth in 2007 and serves as Portfolio Manager. Steve co-manages the firm’s closed-end fund trading strategies and helps to oversee the firm’s closed-end fund investment analysts.Prior to joining RiverNorth, Steve was Assistant Vice President at Bank of America in the Global Investment Bank’s Portfolio Management group where he specialized in the corporate real estate, asset management and structured finance industries.Steve graduated Magna Cum Laude from Miami University of Ohio with a B.S. in Finance and a minor in Economics. He is a CFA Charterholder and member of the CFA Institute and the CFA Society of Chicago.

RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.

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Chirag Goyanka is a seasoned expert in alternative investments, bringing a unique perspective from both the product and fundraising sides of the industry. With over two decades of experience spanning Asia and the United States, Chirag has successfully navigated the ever-evolving landscape of private and public markets. His entrepreneurial mindset and a proven track record in fundraising, business development, and marketing set him apart.
Chirag embarked on his career as a Wealth Manager in Asia and later played a pivotal role in launching his firm’s asset management business in the United States. Over the years, he has held key positions in distribution and product roles. In his current role as Head of Intermediary Solutions at Moonfare, Chirag leads the charge in launching the Intermediary business for Moonfare in the US

Moonfare offers advisors & their individual investors access to private market investment opportunities. With its digital onboarding process and asset management platform, Moonfare allows investors to register and invest directly online.* To date, Moonfare has offered more than 95 private-market funds from top general partners worldwide such as KKR, Carlyle and EQT with an emphasis on private equity buyouts, venture, growth and real asset categories like infrastructure. Moonfare’s investment team conducts ground-up due diligence on all funds. Fewer than 5% of available funds pass this process and make it onto the Moonfare platform. This focus on quality is one reason why Moonfare has won the trust of 4,000 clients who have invested more than $2.9 billion on its platform. Headquartered in Berlin, Moonfare operates in 23 countries across Europe, Asia, America and has offices in New York, Hong Kong, London, Zürich, Singapore, Paris and Luxembourg. For further information, please visit www.moonfare.com and LinkedIn

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Shane Klein is the Head of the Financial Institutions Group (Americas) at Sumitomo Mitsui Banking Corporation having joined the bank in July 2013. Prior to SMBC, Mr. Klein was the U.S. Head of Funds at Lloyds Bank responsible for coverage of a variety of Financial Institutions including Asset Managers, Regulated Closed End Funds, Private Equity Funds, BDCs and Insurance companies. In 2008, Mr. Klein established the Private Equity Fund Finance (Subscription Financing & Hybrid Financing) in the U.S. while cross selling the various products of the firm. Additionally, Shane oversaw and managed over $300m of LP interests in 17 Private Equity Funds.

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

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Ryan Crewe | Vice President, Institutional Relationship ManagerPrior to joining Liberty Street Advisors, Inc., Ryan was Head of Australia & New Zealand at Altive, a venture-backed investment platform providing access to alternative products across pre-IPO, venture capital, private equity and credit. Prior to Altive, he was a Head of Wholesale, HNW and Family Office Distribution at GAM Investments (Australia). His experience has focused on the distribution of alternative investment products to qualified and institutional investors.
Ryan graduated from the University of Technology, Sydney with a BBA in Finance and holds the Chartered Alternative Investment Analyst (CAIA) designation.

The Private Shares Fund seeks capital appreciation by focusing on investments in late-stage, venture-backed private companies. As compared to startups and earlier-stage venture companies, these companies have more established product lines and customer bases, and typically have displayed revenue growth. The Private Shares Fund’s strategy is to participate in the potential appreciation of these dynamic pre-lPO companies.
The Private Shares Fund investment management team monitors an extensive universe of private technology and innovation companies across multiple sectors while staying attuned to significant trends in the marketplace. By utilizing proprietary databases and deep relationships across the venture ecosystem, we look to identify opportunities involving high-performing companies with strong investor syndicates. Each of these companies will undergo an in-depth analysis of many factors that are likely to influence both capital appreciation and the ultimate exit outcome. Once the evaluation process is complete, the investment team will negotiate terms and determine the appropriate allocation based on portfolio construction modeling.

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Jonathan Mondillo is Head of US Fixed Income at abrdn. He is responsible for overseeing all public and private markets fixed income teams in the region, which include IG Credit, HY Credit, Municipals, and USPP. He is further responsible for five municipal bond and infrastructure debt funds that invest in both investment grade and high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by Aberdeen Standard Investments. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University.
Qualifications
BSc
BS in Finance. Jonathan holds both Series 7 and 63 licenses.

Enabling our clients to be better investors drives everything we do. Our business is structured around three vectors – Investments, Adviser and Personal – focused on their changing needs. Our investments solutions are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge. Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives, working with clients to identify investment opportunities that suit their needs.

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George Westervelt is Head of Global High Yield and Head of US High Yield Research. He is one of the Portfolio Managers on the team that manages the Global High Yield strategies and is also a member of the North American Fixed Income Leadership team. George joined Aberdeen Standard Investments in 2009 as a Credit Analyst and joined the portfolio management group in 2011. Prior to joining abrdn, George worked at MFS Investment Management in Boston and Citigroup in New York. He earned a BA in English from the University of Vermont and is a CFA charterholder.
Qualifications:
BA, CFA
George earned a BA in English from the University of Vermont and is a CFA charterholder.

Enabling our clients to be better investors drives everything we do. Our business is structured around three vectors – Investments, Adviser and Personal – focused on their changing needs. Our investments solutions are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge. Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives, working with clients to identify investment opportunities that suit their needs.

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James Ryan is responsible for leading the distribution strategies of Destra’s investment offerings. Mr. Ryan brings more than 40 years of broad experience in sales management, asset management and client development to the role. He is accomplished in strategic planning and analysis & business-to-business development, and has fostered long-standing relationships and successful practices across all distribution channels, business platforms and product structures including IPOs, Mutual Funds, Structured Products, Closed-End Funds, Retirement Offerings, UITs and SMA/UMA.

Founded in 2008, Destra Capital was purpose-built to help independent thought leaders achieve better wealth outcomes by sourcing the next generation of investment solutions.To achieve these goals, Destra selects experienced partners with unique investment strategies or services. Mutual funds, interval funds, closed-end funds, separate accounts, and investment services – all are tools that the team uses to help investors intentionally grow their wealth outcomes over time.
More than 15 years later, the firm has helped thousands of investors break away from the pack and blaze their own investing trail. We continue to encourage our clients to challenge the conventional and explore new ways of delivering financial freedom.

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Kevin T. Hardy represents public and private funds, fund sponsors, investment advisers, broker-dealers, investment banks and other financial institutions in connection with the design and formation of investment funds and products, securities offerings, regulatory and compliance matters, transactions and other corporate matters.
Mr. Hardy has been repeatedly selected for inclusion in Chambers Global and Chambers USA, in addition to being named one of Crain’s Chicago Business’ 2022 Notable Gen X Leaders in Law.

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates delivers the highest quality advice and novel solutions to legal challenges, enabling clients to achieve their business goals. We are known for the innovative and creative thinking we rely on to handle the most complex transactions, litigation/controversy issues, and regulatory matters, as well as the open, collaborative relationships we build with clients, including corporations; financial and governmental entities; small, entrepreneurial companies; and cultural, educational and charitable institutions.

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Jake manages Destra’s mutual fund products and oversees Destra’s secondary market support services for several NYSE listed closed-end funds. Jake contributes to the Firm’s product, marketing, and legal teams through product management and development efforts, data generation and investment content creation, as well as day-today operational support and documentation. Jake also sits on the Firm’s Investment Committee adding to portfolio oversight and monitoring in conjunction with manager & fund research, selection, and due diligence. Jake received his Bachelor of Science degree in Finance from the Gies College of Business at the University of Illinois at Urbana-Champaign. He holds the FINRA Series 7 and 66 securities licenses and also holds the Chartered Financial Analyst designation. Jake is a member of the CFA Institute and CFA Society Chicago.

Founded in 2008, Destra Capital was purpose-built to help independent thought leaders achieve better wealth outcomes by sourcing the next generation of investment solutions.
To achieve these goals, Destra selects experienced partners with unique investment strategies or services. Mutual funds, interval funds, closed-end funds, separate accounts, and investment services – all are tools that the team uses to help investors intentionally grow their wealth outcomes over time.
More than 15 years later, the firm has helped thousands of investors break away from the pack and blaze their own investing trail. We continue to encourage our clients to challenge the conventional and explore new ways of delivering financial freedom.

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Elliot J. Gluck is a partner in the Asset Management Department of Willkie Farr & Gallagher LLP. Mr. Gluck’s practice focuses on representing mutual funds, closed-end funds, exchange-traded funds (ETFs), their investment advisers and their boards. He has extensive experience in counseling on the organization and operation of registered investment companies, including with respect to a broad range of innovative and novel products and structures. Mr. Gluck counsels clients with respect to trending investment products, such as interval funds, trending investments and investment strategies, such as digital assets and ESG. He regularly advises registered funds and their boards on a wide range of compliance, corporate governance and complex regulatory matters. Mr. Gluck also represents closed-end funds in capital markets transactions, including initial and secondary public offerings of common and preferred stock and rights offerings, and counsels closed-end fund and their boards on strategic matters, such as addressing share price discounts and dealing with activist investors.

Willkie Farr & Gallagher LLP provides leading-edge legal solutions on complex, business critical issues spanning markets and industries. Our approximately 1,200 attorneys across 13 offices worldwide deliver innovative, pragmatic and sophisticated legal services across more than 45 practice areas.

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Michael is a senior market strategist at Nuveen. In this role, he supports sales and marketing activity related to all of the firm’s municipal managed money products: open-end mutual funds, closed-end funds and managed accounts. He serves as one of the company’s chief spokespersons on economic issues and investment philosophy, especially related to municipal bond investments and tactical asset allocation. Michael brings a unique perspective as a long-time direct participant in the financial markets.

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. Nuveen is a leading sponsor of closed-end funds (CEFs) with $57 billion of assets under management across 56 CEFs as of 30 Jun 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

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Scott is responsible for senior loan-focused portfolio management. When Scott joined Nuveen affiliate Symphony Asset Management in 2002, he was a gaming and industrials analyst providing long and short credit ideas to the investment team up and down the capital structure. Scott began trading loans for the platform in 2003 and in 2005 was named an associate portfolio manager on the firm’s loan strategies. He became the lead portfolio manager on the firm’s loan strategies in 2008. Prior to joining the firm, Scott was an investment banking analyst in the industrial group at Deutsche Banc Alex Brown in New York. Scott graduated with a B.S. in Finance from Georgetown University.

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. Nuveen is a leading sponsor of closed-end funds (CEFs) with $57 billion of assets under management across 56 CEFs as of 30 Jun 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

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James Bruno is a Managing Director and Head of Product Development and Advocacy for Brookfield Oaktree Wealth Solutions. In this role, he leads global product development and programs aimed at helping advisors navigate the world of alternative investments and their role in client portfolios. Before joining the firm in 2023, Mr. Bruno was a Managing Director, Co-Head of Product Origination and Development for Alternative Investments at Morgan Stanley Wealth Management, including private equity, private credit, real estate, hedge funds, customized solutions, and pre-IPO offerings. Over his fifteen-year tenure at Morgan Stanley, Mr. Bruno held other roles within alternative investments, including Head of Product Development for all illiquid products and liquid offerings. Prior to joining Morgan Stanley, Mr. Bruno held alternative-focused product development roles at HSBC and Merrill Lynch. Mr. Bruno has an M.B.A. in Finance from Fordham University, a B.S. in Accounting from Long Island University, and is a Certified Public Accountant in the State of New York.

At Brookfield Oaktree Wealth Solutions, we partner with financial advisors to bring institutional-caliber alternative solutions and insights to individual investors. Our solutions are built to meet the varying needs of individual investors, and they are coupled with market and investment insights based on our unique products and portfolio expertise. We offer specialized support for financial advisors and their clients, built on a foundation of investment excellence, integrity and alignment of interests.

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Daniil is a director in Cerulli’s Product Development practice, where he works on the identification, analysis, and reporting of asset management industry trends with a focus on the distribution of alternative investments to the private wealth segment.

For over 30 years, Cerulli has been at the forefront of the industry, delivering groundbreaking market intelligence. It is our mission to arm asset managers, wealth managers, private equity firms, and financial technology firms with data, research, and advice they need to grow.

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Carolyn Murphy-Lepore is a Portfolio Manager at City of London Investment Management Company Limited (CLIM), based in the company’s US office. Mrs. Murphy-Lepore is responsible for management of the firm’s investments in the Americas with respect to research, trading and corporate governance. She joined CLIM as a Research Analyst in 2007 and has been a Portfolio Manager since 2012. She has served as the Head of both the Dubai and Singapore offices of CLIM. Prior to joining CLIM, Mrs. Murphy-Lepore worked as a Registered Sales Assistant at Raymond James Financial, Stifel Nicolaus and Legg Mason Capital Management. She has a BA from the University of Delaware.

City of London Investment Management was formed out of the London-based operations of Olliff & Partners PLC (O&P) that had been founded by Barry Olliff in 1987. O&P was an agency stockbroker and corporate finance boutique. Mr. Olliff launched City of London Unit Trust Managers, the predecessor of City of London Investment Management, in 1991.

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Paul E. Dunn is Executive Vice President of Bluerock Capital Markets, LLC (BCM) and is responsible for building the firm’s internal/external infrastructure as the company experiences explosive growth. Since 2011, he has been a key member of the management team that has been responsible for the Bluerock Total Income+ Real Estate Fund (a ’40 Act Mutual Fund) and the Bluerock Resident Growth REIT (NYSE American: BRG).

Bluerock was founded in 2002 and is based in New York City. Today, the firm has acquired and managed over $15 billion in assets on behalf of more than 120,000 investors. Bluerock serves the growing need for alternative investments … where there is asymmetric risk and return opportunities (well off the efficient frontier). In 2022 and 2023, Bluerock was and is a finalist for Barron’s Asset Manager of the Year. Bluerock currently sponsors two interval funds: Bluerock Total Income+ Real Estate Fund, the nation’s largest real estate interval fund with $6.5 billon of AUM and an 11- year track record and the Bluerock High Income Institutional Credit Fund which invests in a $9 billion portfolio of senior secured loans. In addition, the firm is one of the most seasoned sponsors of DSTs providing tax advantaged exchanges to investors.

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Financial professional with 42 years of industry experience, Anthony served as Senior Vice President at Neuberger Berman from 2000 to 2024. As the firm’s Closed-End Fund Product Specialist, he managed sales and market support for Neuberger’s closed-end fund platform and played a key role in the development of new closed-end fund products.
Before joining Neuberger Berman, Mr. Maltese held senior research positions at Smith Barney, Shearson Lehman Brothers, and Merrill Lynch. He was also an active member of the Investment Company Institute (ICI) Closed-End Investment Company Committee from 2004 to 2024.
Mr. Maltese earned a Bachelor of Arts in Political Science from Drew University.

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Kimberly Flynn serves as a President at XA Investments, a wholly-owned subsidiary of XMS Capital Partners. She is a partner in the firm and responsible for all product and business development activities. Kim created the alternative registered trust platform at XA Investments working in partnership with independent subadvisers representing best-in-class alternative investment managers.
Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments’ Global Structured Products Group. In her 11 years at Nuveen, she helped developed over 40 closed-end funds raising ~$13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset raising activities through the development of new traditional and alternative investment funds including CEFs, ETFs, UITs and commodity pools.Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers.
Before attending Harvard Business School, Kim spent three years working in Morgan Stanley’s Investment Banking Division (1999-2002) in their Chicago office.
XA Investments LLC (XAI) is a Chicago-based investment manager founded by XMS Capital Partners in April 2016 to pursue a single goal: provide investors with access to institutional-caliber alternative investments. XAI has approximately $428 million in assets under management as of June 30,2023.
In offering quality alternatives that were previously inaccessible to the individual investor community, XAI not only challenges common views about liquidity, but allows individuals to better align themselves with the institutional approach to investing.

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Ms. Charles, as the Managing Director and Director of Closed-End Fund is responsible for setting general research policy and strategy. She joined Raymond James Financial in November 1995 and joined the Closed-End Fund Research group in September of 1998.
Amy also was the Director of ETF Research until June 2021. Prior to joining Closed-End Fund Research, she spent two and a half years in the Equity Research Department. She has been the Director of Closed-End Fund Research since May of 2000. She holds a B.A. from Florida Metropolitan University. Ms. Charles has been quoted in several publications including Business Week and has been a speaker at numerous conferences throughout the year.

Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage primarily in investment and financial planning, in addition to investment banking and asset management. Headquartered in St. Petersburg, Florida, Raymond James is one of the largest banking institutions in the United States.
Today, that client-focused approach has extended to serve client accounts through approximately 8,700 financial advisors in the United States, Canada and overseas. Further, the company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management services.

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Douglas Bond, Executive Vice President, is Head of Closed End Funds and a portfolio manager for Cohen & Steers’ Closed-End Opportunity Fund and other portfolios investing in closed-end funds. Before joining Cohen & Steers in 2004, Mr. Bond worked at Merrill Lynch for 23 years. Between 1992 and 2004, he ran their closed-end fund new origination effort and was involved in all closed-end funds underwritten by Merrill Lynch. He also headed Merrill’s Private Client Syndicate Group.
Mr. Bond holds a BA from Hamilton College and an MBA from New York University. He is based in New
York.

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Director / Trustee and Bank Executive with international finance and capital markets expertise in the North American, European and Australasian markets. Governance, Executive and Practitioner level experience leading high profile, high value banking, funds management and technology organizations.
Sample Experience: Independent Director / Trustee – abrdn Global Infrastructure Income Fund (ASGI). Former Chairman – Macquarie Global Infrastructure TRF (MGU), Board Risk Advisor – National Bank of Greece, Non-Executive Director – Anglo Irish Bank / IBRC Assurance Corporation, Chairman – National Australia Capital Markets (NACM), Trustee – Institute of International Bankers. Also, EVP / GM / Head of North America / Head of Energy & Utilities – National Australia Bank, Head of North American Strategy Projects – Bank of Ireland, Vice President – Mellon Bank – International, Board Advisor – Ad Fontes Media.

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Mr. Sell is the Principal of Edison Holding GmbH, which invests in and advises on commercial real estate and early-stage seed investments in Berlin.
Mr. Sell has over 25 years’ experience as an international banker. His career included stints in New York, Sydney, London, Berlin, and Luxemburg where he was active in global capital markets. While at Landesbank Berlin, in addition to managing a team of proprietary traders engaged in arbitrage strategies, Mr. Sell was an activist investor in closed-end funds. This began his parallel and subsequent career as an independent director.
Growth Fund of Spain (GSP) 1998 – 1999
France Growth Fund (FRF) 2000 – 2004
Abrdn Australia Equity Fund (IAF) 2004 – present
Singapore Fund (SGF) 2011-2018. (Chairman)
Greater China Fund (GCH) 2012-2018
Swiss Helvetia Fund (SWZ) 2017-present. (Lead Independent Director and Audit Chair)
High Income Securities Fund (PCF) 2018 – present
Abrdn Global Income Fund (FCO) 2018 – present
Abrdn Asia Pacific Income Fund (FAX) 2018 – present
He holds a BA in Economics from the George Washington University.

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Jason Mehring is a Managing Director at BlackRock. He is a voting member and a past Chairman of the investment committee for BlackRock’s US Private Capital Group (“USPC”).Mr. Mehring focuses on the team’s origination, underwriting and monitoring of middle market private investments, including those made on behalf of the Middle Market Senior Fund (“MMSF”), where he is the lead Portfolio Manager, and other public and private investment funds. These investment vehicles offer middle-market companies flexible financing solutions to meet their current and future capital needs.
Jason has over 26 years’ experience in middle market investing including his 15 years’ experience with the USPC team, joining as a Managing Director at BlackRock Capital Investment Corporation’s former advisor in 2005. Mr. Mehring previously spent more than ten years at Banc of America Capital Investors (BACI), an affiliate of Bank of America, Inc., in Chicago, where he held positions of increasing responsibility, becoming a Principal of the firm in 2000. At BACI, Mr. Mehring focused on mezzanine and private equity investing in middle market companies. Prior to joining BACI in 1994, he worked at Firstar Bank, a predecessor to U.S. Bank.
Mr. Mehring received a B.B.A., summa cum laude, in Finance and Economics from the University of Wisconsin Eau Claire, where he also graduated with University Honors, an M.B.A. from the Kellogg School of Management at Northwestern University, and he has served on a variety of private corporate boards.

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Jorge Solares-Parkhurst is a Managing Director in JMP Securities’ financial services investment banking group.Prior to joining JMP, Jorge had been a Director in the global financial institutions group at Credit Suisse, where he worked with U.S. specialty lenders and regional banks. He previously served as a Managing Director at FBR Capital Markets and a Senior Managing Director at Bear, Stearns & Co. Jorge began his career in PaineWebber’s investment banking division, remaining with the firm following its acquisition by UBS and concluding his tenure there as a Director in the financial institutions group for the Americas.
Jorge holds a BSFS in international economics from The Edmund A. Walsh School of Foreign Service at Georgetown University.

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Kenneth E. Burdon represents public and private investment funds, investment advisers, financial services companies and other financial institutions in connection with the structuring and distribution of investment products, and in a variety of regulatory, compliance, corporate, governance, operational and transactional matters.Serving clients in every major international financial center, Skadden, Arps, Slate, Meagher & Flom LLP and affiliates is one of the leading law firms in the world, with 22 offices and approximately 1,700 attorneys offering solutions to the most challenging legal issues in virtually every area of corporate law.

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Vadim Avdeychik advises business development companies (BDCs), mutual funds, closed-end funds, exchange-traded funds (ETFs), hedge funds and their investment advisers on the full range of investment management matters. His experience spans the formation and operation of registered investment companies, alternative fund structures, fund governance, regulatory issues involving public and private funds, ERISA and investment company status issues and exemptions.Vadim also advises clients on environmental, social and governance (ESG) investing, including launching investment products, advising directors on ESG matters and establishing compliance programs for ESG investing. He has authored several articles on the topic and is a frequent speaker on regulatory issues dealing with ESG investing.

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Rob Watson, CFP®
Partner & Head of Investments
Rob Watson is a Partner & Head of Investments for Destra. Rob also serves as President of Destra Capital Advisors, LLC and DFC Preferred Advisors LLC, both SEC registered investment advisors, as well as President of each of Destra’s mutual funds. Rob chairs the Firm’s Investment Committee, with responsibility for manager research and selection, as well as portfolio oversight and monitoring. In addition, he heads the Firm’s investment product and marketing efforts.
Rob has held numerous roles across an almost 30-year career in the financial services industry. Rob has run product units at Morgan Stanley & Aviva Investors and been responsible for business development and account management teams at Janus & Van Kampen. He has extensive experience in product design and investment implementation, as well as institutional sales and manager due diligence. He holds key industry licenses, is a CFP® certificate holder, and has a Bachelor of Science degree in Economics from North Carolina State University.

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Colin is a Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Multi-Strategy Income Fund, the UltraShort Income Fund, the Strategic Credit Fund, the Core Impact Fund, and the Strategic Mortgage Income Fund. He also focuses on security and portfolio analytics and is responsible for building and managing strategies within the residential mortgage-backed securities market.
Colin joined Angel Oak in 2012 and serves as a voting member of the firm’s public funds Investment Committee. He is also a speaker on many of the firm’s quarterly calls for both its private and public funds.
Prior to Angel Oak, Colin worked for an Atlanta-based boutique investment firm where he was responsible for the acquisition and management of their distressed debt portfolio, as well as the development of their proprietary financial technology platform. Previously, Colin worked in the Real Estate Capital Markets group for Wachovia Bank and Wells Fargo where he focused on risk management for their commercial real estate REPO lines.
Colin holds B.B.A. degrees in Banking & Finance and Real Estate from the Terry College of Business at the University of Georgia.

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Justin leads product management and development for Nuveen’s Municipal and Preferred Securities product lines. In this role, he collaborates with Nuveen’s Investment, Distribution, Marketing and Operations teams to drive the strategic growth of our Municipal and Preferred Securities business. Justin’s primary responsibilities include the development and management of investment products and strategies in an effort to thoughtfully achieve our strategic product plan.
Prior to joining Nuveen, Justin led product management and development for Destra Capital. He also served as a member of the firm’s Investment Committee, was an officer for Destra’s suite of mutual funds and led sub-advisor due diligence. Prior to joining Destra, Justin played an integral role in the product management and development of closed-end funds, mutual fund and ETFs at Guggenheim Investments.
Justin graduated with a Bachelor’s degree in Business Administration from the University of Wisconsin-Whitewater. He holds the CFA designation and is a member of the CFA Institute and CFA Society of Chicago.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Dec 2021 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

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Michael Bell is a Managing Director of Primark. Prior to Primark, Michael built, and was the CEO for a $12B RIA managing more than 30 investment strategies and a $10B liquid alternative mutual fund complex that launched more than 50 alternative funds. Most recently he purchased, grew and sold a family office-backed $6B RIA. Also, he specialized as a corporate finance attorney for Latham & Watkins and was a CPA for KPMG. He holds a BS in Commerce from the University of Virginia and a JD from West Virginia University.
Primark is expanding access to private equity investments without the complexity of subscription documents, high investment minimums, and the complex tax treatment associated with traditional institutional private equity fund structures.

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Shiloh R. Bates joined Flat Rock Global in 2018 and is a Partner and Chief Investment Officer. Prior to joining Flat Rock Global, Mr. Bates was a Managing Director at Benefit Street Partners where he worked on corporate acquisitions. Prior to that, Mr. Bates was the Head of Structured Products at BDCA Advisor, where he was responsible for investments in CLOs, leveraged loans, and publicly traded BDCs.
During his 20-year career, Mr. Bates worked for several CLO managers and invested over $1.3 billion in CLO securities. He is a frequent panelist at CLO conferences and has written a book on investing in CLO equity.

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Alex Condrell is a Managing Director at Cliffwater. Founded in 2004, Cliffwater provides research and investment due diligence services across the full range of private markets and alternative investments. Cliffwater also manages over $4 billion in private credit funds. Alex joined Cliffwater in 2021.
Prior to joining Cliffwater, Alex was a Managing Director at Monroe Capital, an asset management firm specializing in lower middle market direct lending. Before that, Alex was the Chief Investment Officer at Main Street Financial, with prior experience at Calamos Investments, Lotsoff Capital, Fannie Mae and Freddie Mac.
He earned a BA in Government from Pomona College and an MBA in Finance from Georgetown University. Alex is a CFA charterholder and also holds the CAIA designation..

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Chuck Jaffe is a syndicated financial columnist and the host of “Money Life with Chuck Jaffe,” a one-hour weekday financial talk show (moneylifeshow.com).Chuck’s work has been syndicated since 1995, first while based at the Boston Globe and then from MarketWatch.com; he also writes for the Wall Street Journal and elsewhere. A past president of the Society of American Business Editors &and Writers, Chuck has been a frequent guest on CNBC, Nightly Business Report, Fox Business News, National Public Radio and more, and is the author of three books: “Getting Started In Finding a Financial Advisor,” “The Right Way to Hire Financial Help” and “Chuck Jaffe’s Lifetime Guide to Mutual Funds.”
In what is jokingly referred to as “spare time,” Chuck is very involved in the sport of lacrosse as a broadcaster, referee, coach, league owner and player. He lives on Boston’s South Shore with a golden retriever who sleeps under the desk while Chuck is working and whose flatulence issues sometimes explain Chuck’s demeanor.
You can follow him on Twitter @ChuckJaffe, @MoneyLifeShow and, depending on your sporting interests, @BostonBoxLax.
Website: http://www.moneylifeshow.com

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Mr. Schlemovitz is a Managing Director for Conversus, a StepStone Company.
Mr. Schlemovitz focuses on strategic relationships and product development. Prior to StepStone, Mr. Schlemovitz served as a Managing Director of CNL Financial Group, a $10 billion asset manager providing access for individual investors to the private markets. At CNL he created and oversaw the firm’s Private Equity platform and was the Chief Operating Officer of Strategic Capital. Previously Mr. Schlemovitz was an Executive Director in Investment Banking at J.P. Morgan where he led equity and debt capital raising and merger and acquisition transactions for Financial Institution clients.
Mr. Schlemovitz received his BA from Emory University and is a CFA charterholder.Conversus Company Profile Blurb:
Conversus is an investment firm designed to provide individual investors the opportunity to access private markets with the goal of transforming portfolios and enhancing long-term outcomes. Conversus is a wholly-owned business of StepStone Group, a global asset management and advisory firm with over $500 billion in assets under advisement. Leveraging StepStone’s extensive experience across the private markets allows Conversus to create innovative, investor-centric products by focusing on convenience, efficiency and transparency.

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Mike Taggart, CFA, CAIA serves as Head of Closed-End Fund Investor Relations at Aberdeen Investments, where his team is responsible for keeping stakeholders (shareholders, advisors, and analysts) informed about the company’s North American closed-end funds.
With more than 15 years’ experience covering closed-end funds, Mike has extensive experience with analyzing the funds and educating the investing public about them. Prior to Aberdeen, Mike covered exchange-traded products, including closed-end funds, at Relative Value Partners. For seven years, he worked on product strategy as Nuveen’s Director of Closed-End Fund Research. Mike started covering closed-end funds at Morningstar.
Mike holds a bachelor’s degree from Virginia Tech, a master’s degree in Russian history from the University of Illinois Chicago, and an MBA from Northwestern University’s Kellogg School of Management.

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Ms. Law is a Senior Portfolio Manager for various CLOs, separately managed accounts, and commingled funds. She is a member of Octagon’s Liquid Credit Investment Committee and oversees the Firm’s Structured Credit (CLO debt and equity) investment strategies. She also serves on the Executive Committee. Ms. Law joined Octagon in 2004; prior to becoming a Portfolio Manager in 2018, Ms. Law was an Investment Team Principal whose coverage areas included healthcare, industrials, financials, business services, and the Firm’s CLO debt and equity investments. She earned a B.S. from Babson College, where she graduated Magna Cum Laude. Ms. Law received her CFA Charter in 2009.

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Bill has been a leader on the sales and marketing side of the financial services industry for more than 35 years. He joined Wildermuth Securities in March of 2022 and serves as the company’s field representative throughout the eastern US. He earned his MBA from the University of Notre Dame and his BA from Middlebury College. He currently lives in suburban Chicago.
THE WILDERMUTH FUND provides investors with access to early-stage private equity that has traditionally been reserved for institutional investors. The Fund offers portfolio diversification among early-stage private equity positions in various asset classes including technology, real estate, healthcare, energy, and hedge funds that would be difficult for individual investors to achieve because of typically high minimum investments.
Daniel Wildermuth is the Fund’s portfolio manager. With over 25 years of investment experience, he has been a pioneer in adapting the endowment investment approach to the needs of individual investors. Mr. Wildermuth is CEO and CIO of Wildermuth Advisory and Asteria Wealth, a money management firm that administers more than 20 equity and fixed income portfolio strategies for retail and institutional investors.

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Mark is responsible for supporting the continued investment success of Parametric’s systematic income product suite—with focus on dividend income and enhanced income strategies. Prior to joining Parametric in 2019, he spent seven years with US Bank’s Asset Management Group as a vice president in equity portfolio management covering domestic large-cap securities. Mark is also a firefighter for the city of Plymouth, Minnesota. He earned an MBA from the Kelley School of Business at Indiana University and a BS in finance/information systems from Iowa State University.Parametric partners with advisors to build portfolios focused on what’s important to them and their clients. A leader in custom solutions for more than 30 years, we help investors access efficient market exposures, solve implementation challenges, and design multi-asset portfolios that respond to their evolving needs. Headquartered in Seattle, Parametric has offices in Minneapolis, New York City, Boston, and Westport, Connecticut.

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Robert Shaker, has been working with Shaker Financial Services since 2004 and currently serves as its Chief Investment Strategist. He is responsible for overseeing strategy development, trading and portfolio allocations.Shaker Financial Services, LLC (SFS) is a boutique investment advisory firm specializing in the trading of closed-end funds. SFS first began to accept funds for investment in individual separately managed accounts in 1996. SFS’s “Discount Capture” Composite is currently rated five (5) stars by Morningstar.

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Tom DeCapo has been an innovative leader in the closed-end fund industry for more than three decades. Tom is responsible for many of the advances in closed-end fund structuring and finance, and is recognized for his work defending the industry against activist campaigns. Tom recently retired from the practice of law after more than 25 years as a partner of Skadden, Arps. He believes that the current activist environment presents opportunities to restructure and refocus the closed-end fund asset class for the long term investment benefit of retail investors.

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Steve is a Senior Special Counsel Fellow and the SEC’s industry specialist on Business Development Companies (BDCs). Steve’s work focuses on a broad array of BDC matters, including disclosure review, examinations, enforcement, rulemaking, and exemptive relief applications, among others.
Steve joined the SEC in 2021. Prior to the SEC, Steve spent eight years at Blackstone where he was primarily focused on providing legal advice relating to formation, fundraising, co-investment transactions, corporate governance and compliance oversight of Blackstone BDCs. In addition, while at Blackstone, Steve worked on a variety of matters pertaining to private funds, CLOs, private credit, debt and equity offerings transactions, financing facilities and advisory and compliance issues. Prior to joining Blackstone in 2013, Steve was an associate in the corporate group of Bingham McCutchen LLP (now Morgan, Lewis & Bockius LLP). Steve earned his B.B.A., summa cum laude, from Pace University, Lubin School of Business, Pforzheimer Honors College, and his J.D., cum laude, from Fordham University School of Law.

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As Managing Director and Head of UniFi by CAIA™ , Aaron oversees content and product strategy for the UniFi by CAIA™ Program. Prior to this, Aaron was responsible for the strategic direction of CAIA Association’s content agenda, thought leadership, and member education initiatives, and supported content development for the CAIA Charter Program. His work has been published by Oxford University Press and The Journal of Investing, and covers topics such as ESG/sustainable investing, liquid alternatives, commodities, and asset pricing/factor investing. He is a frequent writer and speaker on these topics. Aaron’s practitioner experience lies in private wealth management, where he served as portfolio manager, overseeing asset allocation, portfolio construction, and manager research efforts for high-net-worth individuals and institutional retirement plans.
He earned a B.S. with distinction in Finance and a Master of Finance from Penn State University. He holds the Chartered Alternative Investment Analyst (CAIA), Chartered Financial Analyst (CFA), Certificate in Investment Performance Measurement (CIPM), Financial Data Professional (FDP) designations, is a CERTIFIED FINANCIAL PLANNER™, and holds the the CFA Institute’s Certificate in ESG Investing. He is a Past President of CFA Society Columbus and serves on the CFA Society Philadelphia Programs Committee. Aaron is an adjunct professor and serves on multiple advisory boards for Penn State University.
The CAIA Association is a global professional credentialing body dedicated to creating greater alignment, transparency, and knowledge for all investors, with a specific emphasis on alternative investments. A Member-driven organization representing professionals in more than 100 countries, CAIA Association advocates for the highest ethical standards. The organization provides unbiased insight on a broad range of investment strategies and industry issues, key among them being efforts to bring greater diversification to portfolio construction decisions to achieve better long-term investor outcomes.

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Mr. Penn follows business development companies. Prior to joining Oppenheimer and Co. he followed business development companies at Janney Montgomery Scott. In addition, he was an Equity Portfolio Manager/Financial Analyst at Legg Mason Capital Management from 2001 to 2012 where he specialized in financial companies. From 1996 to 2001 he managed a $400M fixed income portfolio at Legg Mason Capital Management. Prior to joining Legg Mason Mr. Penn managed a $15B fixed income portfolio at Aetna. He also worked for Price Waterhouse from 1981 to 1985.Mr. Penn received his Chartered Financial Analyst designation in 1995 and is a member of the Baltimore CFA Society. He was President of the Baltimore Society (2001-2002) and served on the Board of Directors. Mr. Penn received his Certified Public Accounting designation in 1983, but he no longer maintains this designation. He is a graduate of Villanova University, Magna Cum Laude, Phi Kappa Phi, Beta Gamma Sigma (1981) and University of Chicago (MBA-1987).

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Cheryl is a Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Financials Income Impact Fund and the Financial Strategies Income Term Trust, as well as two ETFs and several of the firm’s private funds and separately managed accounts.
Cheryl has nearly two decades of investment experience and primarily focuses on investment research and management across the firm’s financial sector-focused strategies.
Cheryl joined Angel Oak in 2017 from Morgan Stanley, where she was an Executive Director and Head of Consumer & Specialty Finance Equity Research. Her research coverage included a multitude of financial sectors, including consumer, specialty, mortgage, REIT, payments, fintech and banking.
Cheryl has been featured as a television guest on Bloomberg, CNBC, TD Ameritrade Network and Yahoo! Finance TV and has been quoted in various publications including American Banker, Marketwatch, DailyAlts and S&P Global Market Intelligence. Cheryl has also been named one of the “Women at the Forefront of Alternative Investments” in a 2023 iConnections report.
Cheryl holds a B.S. in Commerce (Finance) from the University of British Columbia and an M.B.A. from Duke University’s Fuqua School of Business. She also holds the Chartered Financial Analyst (CFA®) designation.

Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed income investment solutions for its clients. Backed by a value-driven approach, Angel Oak Capital seeks to deliver attractive risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income with a specialization in mortgage-backed securities and other areas of structured credit.
As of 6/30/23, Angel Oak Capital had an estimated $16.5 billion in assets under management (AUM) through a combination of mutual funds, private funds and separately managed accounts. AUM represents the sum of assets managed or serviced, and committed but uncalled capital.

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Parth is a vice president and leads product management and
development efforts for Nuveen’s closed-end fund product line. He is
responsible for developing and bringing new concepts to market, as well
as overseeing the ongoing product management of existing closed-end
funds.
Prior to joining Nuveen, Parth was a senior tax consultant at Deloitte,
where he specialized in investment company taxation.
Parth graduated with a B.S. in Accountancy and Finance from the
University of Illinois. He holds the Series 7 and 66 securities
registrations.Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors.
Nuveen has $1.1 trillion in assets under management as of 30 Jun 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. Nuveen is a leading sponsor of closed-end funds (CEFs) with $57 billion of assets under management across 56 CEFs as of 30 Jun 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

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Mr. Arduini is a Partner and Portfolio Manager in the Ares Credit Group, where he focuses on alternative credit investments. Mr. Arduini serves as a Vice President and Portfolio Manager for the Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC). Additionally, he serves as a member of the Ares Dynamic Credit Allocation Fund Investment Committee.Prior to joining Ares in 2011, Mr. Arduini was a Managing Director at Indicus Advisors LLP, where he focused on structured credit investment opportunities. Previously, Mr. Arduini was Director of Structured Credit in the Fixed Income Investment Group and a Manager in the Risk Management Group at TIAA-CREF. In addition, Mr. Arduini worked in the telecommunications and information technology industries in various systems, operations and management roles. Mr. Arduini holds a B.A. from Bucknell University in Mathematics and an M.S. from Stevens Institute of Technology in Mathematics.
Mr. Arduini also holds an M.S. from Carnegie Mellon University in Computational Finance. Mr. Arduini is a CFA® charterholder and a member of the New York Society of Security Analysts.

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Gretchen Lam, Senior Portfolio Manager. Ms. Lam is a member of Octagon’s Investment Committee and serves as a Portfolio Manager across CLOs, Separately Managed Accounts and Commingled Funds. Ms. Lam oversees the Firm’s Structured Credit (CLO debt & equity) investment strategies. Ms. Lam is a member of the Octagon & Conning’s Global DEI (diversity, equity and inclusion) Council and a member of the Firm’s ESG (environmental, social, and corporate governance) Committee.Prior to becoming a Portfolio Manager, Ms. Lam oversaw Octagon’s investments in the software, business services, finance & insurance, paper & packaging, gaming & lodging, homebuilding and real estate industries. She was also responsible for the structured credit exposure held in Octagon’s CLO vehicles. Prior to joining Octagon in 1999, Ms. Lam attended Babson College where she graduated Summa Cum Laude with a B.S. in Investments. She received her CFA Charter in 2006.

Octagon is a 25+ year old, $30.6B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

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Robert Amodeo is Head of Municipals at Western Asset Management Company, LLC and has 34 years of investment experience. Mr. Amodeo began his career at The Bank of New York but soon thereafter joined Salomon Brothers Inc., where he was responsible for analyzing various private investment partnerships, including venture-capital, oil-and-gas, and real-estate, equity and bond portfolios.In 1992, Robert joined Salomon Brothers Asset Management where his role evolved into managing director, head of the municipal bond investment team and he worked with Salomon’s Yield Book department to adapt advanced technology for municipal bond and tax-efficient portfolio management. Since 2005, Robert has been part of Western Asset’s municipal bond investment team and is the sector head of that group.
Mr. Amodeo holds a Bachelor’s degree from Long Island University and a Master of Public Administration, Advanced Management and Finance from Columbia University. He holds the Chartered Financial Analyst designation and has written various articles regarding the public finance market.

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Laura is a Product Specialist within Nuveen’s Alternative Investment distribution team. She is focused on supporting business development efforts across the private credit spectrum.Laura joined Nuveen in 2021.From 2014 to 2021, she worked for Invesco’s Global Private Credit platform where she supported new business development and institutional client communications, shaping investor messaging and business strategy globally.
Previously, Laura worked in corporate finance and investor relations at CIFC Asset Management where she supported marketing efforts and was responsible for financial projections on behalf of their private equity owners. Prior to CIFC, she was an associate at Goldman Sachs, where she worked in the firm’s investment management finance division focused on credit strategies. Laura began her career at Deloitte & Touche.
She entered the investment management industry in 2003.Laura graduated with both a B.S. in Business with a major in Accounting and an M.S. in Accounting from the University of Connecticut. She is a Certified Public Accountant (inactive) and holds the FINRA Series 7 and Series 66 registrations.

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Christian has 21 years of experience in financial services and investment management, with the last 16 years focused on secondary investments involving venture-backed and growth equity-oriented companies and funds. During this time, he has also served on the boards of many of these companies and funds.
Prior to Liberty Street Advisors, Christian was CIO of SPIM overseeing all investment related functions. Christian still serves as one of the portfolio managers of The Private Shares Fund, formerly the SharesPost 100 Fund, and a member of the investment committee.
Prior to joining The Private Shares Fund investment management team and Liberty Street Advisors, Inc., Christian was Co-Head of the Global Private Equity Secondaries Practice at HQ Capital based in New York, a $10+ billion alternative investment firm headquartered in Germany. Prior to that, he served as Head of Secondaries at Thomas Weisel Partners. Christian started his career as an investment banker at Banc of America Securities.
In aggregate, Christian has helped raise more than $1 billion globally from institutional investors, corporations, pensions, endowments, and family offices, and has completed or overseen the completion of more than 100 secondary transactions representing over $1 billion in capital commitments.
Christian received his BA from Rutgers College.

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Michael Grayson is a Portfolio Manager at First Trust Capital Management L.P (“FTCM”). Michael focuses on FTCM´s event-driven and multi-alternative mandates as well as private market platform. Michael started his career at Vivaldi Asset Management, LLC, an independently owned, boutique alternative investment firm based in Chicago. Vivaldi was predominantly a Multi-Family Office and Advisor to several public (1940 Act) alternative products. Michael was dedicated to the firm´s investment management as well as business and product development verticals.
Michael holds a B.A from University where he studied Political Science and Economics.

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Mr. Hobbs leads Oaktree’s North American Sourcing and Origination group, which focuses on private credit sourcing and deal origination for the firm’s U.S. Private Debt, Global Private Debt, Special Situations and Global Opportunities strategies. He also serves on the investment committee for Oaktree’s Direct Lending platform. Prior to joining the firm in 2013, Mr. Hobbs was an executive director at Natixis Securities focused on building the high yield sales and trading franchise. Prior thereto, he spent five years at Goldman Sachs as a vice president in leveraged finance origination and sales. Before joining Goldman Sachs in 2007, Mr. Hobbs was a director in Leveraged Finance at Deutsche Bank Securities, which he joined in 2000. Additional experience includes regional account management focused on fleet financing at GE Capital Corporation and controller for Leveraged Finance at Bank of America. Mr. Hobbs received his M.B.A. from Columbia Business School and a B.S. degree in accounting from Rutgers University. Brookfield Oaktree Wealth Solutions partners with financial professionals around the world to connect investors to the innovative solutions, expertise and insights.

Brookfield and Oaktree. From public to private markets, and across the liquidity spectrum, we aim to be the single point of entry into the very best of Brookfield and Oaktree – with the goal of helping advisors and their clients understand how to navigate key investment decisions

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CFA (2012); BSc (Pure and Applied Mathematics) (Hons, 2008), Trinity College, Ireland.
Kevin is an institutional portfolio manager for RBC GAM-US. He specializes in a broad spectrum of global credit strategies including Investment Grade, Leveraged Finance, Emerging Markets, Multi-Asset and Alternatives.
Kevin joined RBC GAM in 2014; he moved from BlueBay Asset Management to RBC GAM-US in 2020. During his time at BlueBay, he initially worked as an institutional portfolio manager on the Emerging Markets desk, before broadening his remit to cover other areas of the global credit markets. Prior to joining BlueBay, Kevin worked for another global asset management company, where he specialized in fixed income fund manager research to feed ideas into the firm’s suite of multi-manager portfolios. Prior to this, Kevin worked as an investment consultant at a global consulting firm.
He began his career in the investment industry in 2008.

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Erin is head of strategic development for Thornburg Investment Management, leading corporate and product development initiatives across the firm. She has extensive investment and management experience, including with large and small asset management firms and most recently the financial technology industry.
Prior to joining Thornburg, Erin was chief investment officer for C2FO, a Kansas City–based financial technology company focusing on supply-chain finance solutions. She developed private investment solutions to provide working capital liquidity to small businesses, utilizing C2FO’s proprietary technology platform.
Prior to C2FO, Erin spent 11 years with Fountain Capital Management, a boutique high-yield investment firm also based in Kansas City. At Fountain, Erin held various positions, including partner, portfolio manager, head trader, and research analyst. She started her career at Strong Capital Management as an equity research analyst, focusing on small- and mid-cap value portfolios and later as a private equity analyst for McCarthy Capital.
Erin is a graduate of Indiana University with a BS in finance and is a CFA charterholder.

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Mr. Stone joined Flaherty & Crumrine in 2003 after a 20-year career on Wall Street. Based in Summit, New Jersey, he is a member of the firm’s portfolio management team. He is responsible for macroeconomic and quantitative research and analysis and directs our credit research group. Together with Mr. Chadwick and Mr. Conwell, he serves on the firm’s board of directors and is a member of the executive management committee. He also serves as Chief Financial Officer, Vice President and Treasurer of the U.S. Flaherty & Crumrine closed-end funds and oversees the financial reporting and tax operations for the Flaherty & Crumrine closed-end funds.
From 2001 until joining Flaherty & Crumrine, he was Director of U.S. Market Strategy at Barclays Capital in New York, where he advised clients on market strategies across U.S. treasuries, agencies, and interest rate derivative products. Prior to Barclays, he spent 14 years at Goldman Sachs, where he most recently held the position of Director — Interest Rate Product Strategy, Americas. He was a regular member of Institutional Investor’s All-America Fixed Income Research Team, earning the top ranking in Derivatives Strategy in 2001. He began his career at Salomon Brothers as an options trader and derivative salesperson.

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BDC Earnings Pulse
2025-12-10 - 2026-01-09 | Virtual, United States
Article Video
BDC Earnings Pulse: Trends, Takeaways & Tactical Positioning
Article Video
A quarterly debrief with leading BDC analysts and institutional investors interpreting the latest results and the road ahead.

The Active Investment Company Alliance, is presenting a fast-paced 40-minute virtual discussion moderated by John Cole Scott, AICA Executive Chairman and President of CEF Advisors.
This quarterly session brings together leading BDC analysts and institutional investors to examine the latest earnings results, assess trends in credit quality, NAV performance, and dividend coverage, and discuss how institutional portfolios are positioned for the next 3–6 months across the BDC landscape.
This quarterly “pulse check” goes beyond the numbers, offering a candid look at opportunities and headwinds in the sector as we move into the next reporting cycle.
Panelist:
• Nicholas Marshi: Publisher of The BDC Reporter
• Mitchel Penn: BDC analyst at Oppenheimer
Key Topics:
• What we learned from the latest BDC earnings results
• Dividend coverage, non-accruals, PIK, ROE and NAV trends across the sector
• Analyst and investor views on spreads, valuations, and risk appetite
• Positioning strategies and sector outlook for the next 3–6 months
Stay current on the evolving BDC landscape—join the discussion and hear how leading professionals are navigating the market right now.

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BDC Earnings Pulse
2026-03-11 - 2026-04-10 | Virtual, United States
Article
BDC Earnings Pulse: Trends, Takeaways & Tactical Positioning
Article
A quarterly debrief with leading BDC analysts and institutional investors interpreting the latest results and the road ahead.
The Active Investment Company Alliance presents a fast-paced 40-minute virtual discussion moderated by John Cole Scott, Executive Chairman of AICA and President of CEF Advisors.
This Quarter’s Panel:

Michael Petro
Portfolio Manager, Putnam
Finian O’Shea
Director & Senior Equity Research Analyst, Wells Fargo Securities

This quarterly session convenes experienced BDC analysts and institutional investors to dissect the latest earnings results, evaluate trends in credit quality, NAV performance, dividend coverage, and capital structure dynamics, and assess portfolio positioning across the BDC landscape for the next 3–6 months.
This “pulse check” goes beyond headline numbers, offering candid insight into sector risks, relative value opportunities, and forward-looking positioning as we move into the next reporting cycle.

Key Topics:

Key takeaways from the latest BDC earnings season
Dividend coverage, non-accruals, PIK income, ROE and NAV trends
Spread environment, valuations, and institutional risk appetite
Tactical positioning and outlook for the next 3–6 months

BDC Earnings Pulse June 2026
2026-06-10 - 2026-07-10 | Virtual, United States
Video
BDC Earnings Pulse: Trends, Takeaways & Tactical Positioning
Video
Join the Active Investment Company Alliance (AICA) for a concise, insight-driven discussion unpacking the latest developments across the Business Development Company (BDC) sector.
Moderated by John Cole Scott, Executive Chairman of AICA and President of CEF Advisors, this 40-minute virtual session brings together leading analysts and institutional investors to interpret the most recent earnings results and discuss what they signal for the months ahead.
Our panel will go beyond the headlines to examine what is really happening inside BDC portfolios—credit quality trends, dividend sustainability, NAV performance, and evolving capital market dynamics.
This Quarter’s Panel:

Dan Altscher
Portfolio Manager and Head of Macro Research, FJ Capital Management
Paul Johnson
Vice President – Keefe, Bruyette & Woods

This fast-paced “pulse check” is designed for investors seeking timely insight into sector risks, relative value opportunities, and tactical positioning across the BDC landscape as we move into the next reporting cycle.
Discussion Highlights

Key insights from the latest BDC earnings season
Dividend coverage, non-accruals, PIK income, ROE, and NAV trends
The evolving spread environment and institutional risk appetite
Tactical positioning and outlook for the next 3–6 months
