Insight and guidance from knowledgeable professionals

The committee focuses on four major areas in providing guidance:

• Economic fundamentals that are likely to affect the individual investor
• Major themes driving the risks and the return opportunities in the market
• Strategic allocation models based on long-term investment goals
• Tactical allocation guidance based on a six- to 12-month outlook in various asset classes

Asset Allocation Sub-Committee

Nicholas l. Lacy, CFA^®
Vice President, Asset Management Services

• Joined Raymond James in 2006 as a fixed income Due Diligence officer
• Over 14 years of industry experience
• Responsibilities include overseeing the asset allocation policy for Asset Management Services’ discretionary models
• Bachelor’s degrees in finance and political science from the University of South Florida, as well as an MBA from the University of Tampa

Committee Members

Robert Burns, CFA^®, AIF^®
Vice President, Asset Management Services

• Joined Raymond James in 2013 through the acquisition of Morgan Keegan; joined Morgan Keegan in 2006
• Prior to Morgan Keegan, worked at McDonald Investments and the Federal Reserve Bank of Cleveland
• 20 years of experience in the industry
• Bachelor’s in finance from Bowling Green State University

James C. Camp, CFA^®
Managing Director of Fixed Income, Eagle Asset Management*

• Joined Eagle in 1997
• More than 21 years of investment experience as a portfolio manager and analyst
• Bachelor’s degree from Vanderbilt University and a master’s degree from Emory University

Amy M. Charles
Managing Director, Closed-End Fund & Exchanged-Traded Product Research

• Joined Raymond James in November 1995; director of Closed-End Fund Research since May of 2000
• Responsible for setting general research policy and strategy
• Bachelor’s degree from Florida Metropolitan University

Doug Drabik
Senior Strategist, Retail Fixed Income

• Joined Raymond James in January 2013 through the acquisition of Morgan Keegan
• More than 20 years of experience in fixed income
• Bachelor’s degree in marketing from Illinois State University and an MBA in finance from Loyola University Chicago

J. Michael Gibbs
Director, Equity Portfolio & Technical Strategy Group

• Joined Raymond James in 2013 through the acquisition of Morgan Keegan
• Started with Morgan Keegan in 1986 as a financial advisor. In 2003 he became senior investment strategist for Morgan Keegan and in 2009 he assumed the role of director of Equity Strategy
• Graduated with honors from the University of Tennessee

Nick Goetze
Managing Director, Fixed Income Services

• Joined Raymond James in 2013 through the acquisition of Morgan Keegan; joined Morgan Keegan in 2003
• Over 14 years in the financial services industry
• Responsibilities include coordinating the efforts of fixed income strategy, high-net-worth, underwriting and trading professionals with financial advisors
• Bachelor of Science in business from Cornell University

Ryan Lewenza, CFA^®, CMT
Senior Vice President, Private Client Strategist and Portfolio Manager, Raymond James Ltd.*

• More than 16 years of investment industry experience
• Hosts daily morning conference calls and publishes equity recommendations, in addition to weekly and monthly research publications
• Earned Honours Bachelor of Commerce from the University of Windsor

Pavel Molchanov
Senior Vice President, Energy Analyst

• Joined Raymond James in 2003 and has worked as part of the energy research team since that time
• Graduated cum laude from Duke University in 2003 with a bachelor’s degree in economics

Paul Puryear
Director, Real Estate Research

• More than 20 years of experience in real estate and financial analysis
• Began career with W.R. Grace in New York and served as chief financial officer with two real estate companies, including Portman Barry Investments, Inc., an Atlanta-based office developer
• Bachelor’s degree in industrial engineering from the Georgia Institute of Technology and a master’s in finance from Georgia State University

Tom Thornton, CFA^®, CIPM
Vice President, Asset Management Services

• Joined Raymond James in 1990 and established the Due Diligence team in 1996
• Responsibilities include leading a team of 18 researchers who oversee the current 150 funds and separately managed account managers across multiple product platforms
• Bachelor’s degree in finance from the University of Illinois

*An affiliate of Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP^®, Certified Financial Planner^™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.