Kingman D. Penniman, CFA, Chief Investment Officer
kpenniman@kdpam.com

Kingman D. Penniman, CFA, President, Chief Investment Officer and Chief Compliance Officer. Mr. Penniman is President and Chief Investment Officer of KDP Asset Management, Inc. (KDPAM). He is also President and Chief Executive Officer of KDP Investment Advisors, Inc. (KDPIA). KDPIA’s research professionals have been providing investment advice to high yield professionals for over 25 years. KDPAM was formed in 1999 as the firm’s investment arm to further leverage the strength and reputation of its research and analytics capabilities. Mr. Penniman was formerly Executive Vice President, head of the High Yield Bond Group for Duff & Phelps Investment Research Co. Prior to joining D&P, he was with McCarthy, Crisanti & Maffei, Inc. He joined MCM with responsibility for initiating coverage and assigning investment grade ratings for the industrial grade companies. Mr. Penniman was subsequently responsible for MCM's high yield product. MCM was the first rating agency and first non-Wall Street firm to specialize in high yield securities and to quantify the probability of default on a systematic basis. Previously, Mr. Penniman supervised the marketable bond research group for the National Life Insurance Company. He received a B.A. from Colby College and an M.B.A. from the Wharton School of the University of Pennsylvania. He is a member of the New York Society of Security Analysts and the Vermont CFA Society.

Kathleen A. News, Senior Portfolio Manager
news@kdpam.com

Kathleen A. News, Senior Portfolio Manager. Ms. News has over 30 years of investment experience specializing in fixed income securities and serves as co-portfolio manager for all KDP portfolios. Prior to joining KDP in April 2001, Ms. News was a founding partner of Penn Capital Management (Penn) where she served as Managing Director and Senior Portfolio Manager from 1988 until November, 2000. Ms. News was part of the management team responsible for Penn’s high yield bond style and had primary portfolio management responsibility for Penn's Defensive High Yield Style. Penn’s Defensive High Yield Style experienced no defaults and was in the top 20 managers of 382 composites/funds for the forty quarters ending December 31, 2000 as reported by WBMM (Nelson’s World’s Best Money Managers). Prior to Penn, Ms. News was employed at Delaware Investment from 1977 to 1987. While at Delaware, Ms. News was the portfolio manager for Delaware Cash Reserve, a $1 billion money market fund, as well as institutional accounts for Fortune 500 companies.

Justin B. Monteith, CFA, Portfolio Manager

Justin B. Monteith, CFA, Portfolio Manager. Prior to joining KDPAM, Mr. Monteith was responsible for KDP Investment Advisors' Pricing Services interacting with all major high yield and loan trading desks for a period of 4 years. Before joining KDP, Mr. Monteith was a registered principal and head trader of bonds, equities and options for 5 years with Equity Services, Inc., a subsidiary of National Life Group. Prior to this he was with Sentinel Funds, Bank of America Investment Services and Morgan Stanley Dean Witter. He received his Masters in Financial Economics from the University of London, and his B.A. from Western Michigan University. Mr. Monteith is a member of the Vermont CFA Society.

Brian E. Bogart, CFA

Brian E. Bogart, CFA, Senior Vice President, Credit Analyst. Responsible for the containers, paper/forest products, homebuilders, and apparel/textile industries. Before joining KDP, Mr. Bogart was Senior Vice President with Duff & Phelps Investment Research Co. and a Vice President with McCarthy, Crisanti & Maffei. Previously, he served as a senior bond analyst with the National Life Insurance Company. Prior to that, he was a securities analyst with Standard & Poor’s. He received a B.A. from Bates College and an M.B.A. from New York University. He is a member of the Boston Society of Security Analysts.

Barbara J. Cappaert, CFA

Barbara J. Cappaert, CFA, Senior Vice President, Credit Analyst. Responsible for the gaming, lodging, leisure, and restaurant industries. Previously, Ms. Cappaert was a Group Vice President with Duff & Phelps Investment Research Co. Before joining Duff & Phelps, she served as a Vice President with Citicorp Scrimgeour Vickers and as a portfolio analyst specializing in consumer companies at Baker, Fentress in Chicago. She received a B.S. from Marquette University. She is a member of the Investment Analysts Society of Chicago.

Scott L. Dinsdale, CFA

Scott L. Dinsdale, CFA, Vice President, Credit Analyst. Responsible for the analysis of the telecommunications and technology industries. Mr. Dinsdale previously held positions as portfolio manager, trader, and analyst at both Transamerica and Pacific Life where he covered multiple industry sectors and asset classes. He was also a Director at Standard & Poor's Ratings Group where he had responsibility for media and telecom ratings. Mr. Dinsdale holds a BS from San Diego State University and an MBA from New York University and is a member of the CFA Society of Los Angeles.

Kenneth R. Duffel

Ken Duffel, Vice President, Credit Analyst. Responsible for the oil and gas, and chemicals industries. Mr. Duffel holds a JD and MBA from Boston University.

Terrence K. Dwyer

Terrence K. Dwyer, Senior Vice President, Credit Analyst. Responsibilities include aerospace/defense, diversified manufacturing/conglomerates, and consumer products. Prior to his position of Senior Vice President at Duff & Phelps Investment Research Co., Mr. Dwyer was a portfolio manager of the Value Line Aggressive Income Trust, an open-end high yield mutual fund for Value Line Incorporated, and an assistant portfolio manager for the Value Line Cash Fund. While at Value Line he was also a senior equity analyst specializing in conglomerates and metals. He received a B.S., cum laude, from Boston College and an M.A. with honors from Indiana University.

Thomas C. Ferguson

Thomas C. Ferguson, Vice President, Credit Analyst. Responsible for fixed income analysis of the finance, food/food services, grocery, and retail industries. Mr. Ferguson was previously Associate Director at UBS Warburg where he was an equity analyst covering the financial services industry. Prior to this, Mr. Ferguson was with Standard & Poor’s where he was responsible for equity research for small and mid-cap companies across several industry sectors. Mr. Ferguson began his career at Coopers & Lybrand where he was a Senior Associate in the mergers and acquisition group. He holds a B.A. from Georgetown University and an M.B.A. from Columbia University.

Spencer E. Godfrey, CFA

Spencer E. Godfrey, CFA, Vice President, Credit Analyst. Responsible for the analysis of cable, broadcast & media industries. Mr. Godfrey was previously a Senior Underwriter at American International Group (AIG). Prior to this, Mr. Godfrey was an Underwriter for American International Underwriters (AIU). He holds a B.A. from Middlebury College and an MBA from the Boston College Carroll Graduate School of Management. Mr. Godfrey is a CFA Charterholder and is a member of the Boston Security Analysts Society, the Vermont CFA Society and the CFA Institute.

Scott G. Grzankowski

Scott G. Grzankowski, Market Analyst/Credit Analyst. Mr. Grzankowski is a market analyst in KDP's Pricing Services as well as covering issuers in the cinema sector. Prior to joining KDP, Mr. Grzankowski was Investment and Trading Officer at Primus Asset Management where he developed and executed proprietary trading strategies covering capital structure arbitrage, long/short relative value, curve arbitrage, and cash/synthetic basis trades. Before Primus, Mr. Grzankowski helped establish the Credit Default Swap front, mid- and back-offices for both Caylon Corporate & Investment Bank, where he was a member of a four person team responsible for trading single name CDS and bonds, as well as at Wachovia Bank. He received a B.S. in Finance from Canisius College.

Mark S. McCabe, CFA

Mark S. McCabe, CFA, Assistant Vice President, Credit Analyst. Responsible for the analysis of the electric utilities & generation industries, as well as gas transmission & distribution credits. Mr. McCabe was formerly a loan analyst at The Debt Exchange. Prior to that, Mr. McCabe worked for The Colony Group as an Equity Research Analyst. Earlier in his career, Mr. McCabe worked with J.L. Kaplan Associates for a period of twelve years, seven of these as an equity analyst. Mr. McCabe holds a B.S. from the University of Lowell and an MBA from the University of Massachusetts. Mr. McCabe is a member of the Boston Security Analysts Society.

Peter J Thornton, CFA

Peter J. Thornton, CFA, Senior Vice President, Credit Analyst & Director of Research. Responsible for overseeing the research effort of KDP Investment Advisors. Mr. Thornton is also responsible for the analysis of the healthcare and merchant power industries, as well as special situation credits. Mr. Thornton was formerly portfolio manager and sole principal of Citrus Capital Management, a hedge fund investing in high yield bonds, leveraged equities and closed-end leveraged loan funds. Prior to that, Mr. Thornton worked for Oaktree Capital Management for seven years, most recently as managing director and one of three "Team Heads" that oversaw the credit analysis and investment selection for Oaktree's high yield bond portfolios. Earlier in his career, Mr. Thornton worked with Standard and Poor's Debt Ratings Group, Aetna, and Duff and Phelps as a high yield bond analyst. Mr. Thornton holds a BA from the University of Colorado at Boulder and an MBA from Tulane University. Mr. Thornton is a member of the CFA Society of Los Angeles.

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