About the manager

Access Capital Strategies is part of RBC Global Asset Management (U.S.) Inc. (RBC GAM (US)), a registered investment advisor and wholly owned subsidiary of the Royal Bank of Canada. The company is a leader in the creation of secondary markets for Community Development Investments. Founded in 1997, Access Capital actively manages over $687.5 million in community investments located in 46 states and territories (as of 6/30/09)

Investment philosophy

Access Capital believes a well-crafted community investment strategy can build stronger communities and deliver competitive risk-adjusted returns. Its investment philosophy is characterized by an actively managed relative value orientation that is supported by fundamental research and strong risk controls. It focuses on individual security selection with investment ideas originating from internal and external sources. It makes independent determinations of the credit worthiness of each bond it holds and emphasizes rigorous analyst underwriting through fundamental research and valuation.

Investment approach

Access Capital's risk-controlled investment process is grounded in the belief that the role of fixed income investing is to produce sustainable income while maintaining principal stability. The key tenets to its approach include:

• Value-added security selection requires a disciplined underwriting process
• Opportunities must be placed in a broad market context to identify the best relative value
• A collaborative, team-based approach to security selection and portfolio management
• Detailed review of the individual collateral characteristics of each security we purchase

Portfolio managers

Access Capital's portfolio management team includes Todd Brux, John Huber, and Brian Svendahl.

Todd is a leader of the fixed income group's Rates/Risk Research Team. Todd also has research responsibilities for Agency and Community Reinvestment Act residential mortgage-backed securities as well as commercial mortgage-backed securities and real estate investment trusts. Before joining RBC GAM (US), Todd was the head trader at GMAC-RFC, working on the whole loan mortgage business, and a senior investment analyst at Galliard Capital Management. He earned a BA in Economics from the University of Wisconsin-Madison. He holds the CFA® designation and is a member of the CFA Society of Minnesota.

John oversees the fixed income research and portfolio management efforts of RBC GAM (US). He also maintains specific research responsibilities for the taxable municipal sector and the transportation industry. He joined RBC GAM (US) in 2004 from Galliard Capital Management, where he was a founding member and principal of the firm. He earned a BA from the University of Iowa and an MBA in Finance from the University of Minnesota's Carlson School of Management. He holds the CFA® designation and is a member of the CFA Society of Minnesota.

Brian is a leader of the Rates/Risk Research Team in the fixed income group. He also has research responsibilities for Agency commercial mortgage-backed securities, municipal housing, Agency balloons and derivatives. He joined RBC GAM (US) in 2005 from Wells Fargo Brokerage Services, where he served as senior vice president and risk manager. Brian earned a BS in Economics from the University of Minnesota and a BBA in Finance and an MBA from the University of Minnesota's Carlson School of Management. He holds the CFA® designation.

ESG commitment

Access Capital was the first fund to invest exclusively in market-rate securities that seek the double-bottom-line of making money for investors and benefiting economic development in the United States. Access Capital has developed expertise in all aspects of sourcing, structuring and managing community development instruments that seek to provide low- and moderate-income individuals, business and communities with greater access to capital.  Whenever feasible, it tries to maximize the involvement of Community Development Financial Institutions (CDFIs) in the securities it owns. Access Capital is recognized by the Social Investment Forum as part of the "1% in Community" campaign.

Pax World Management makes no assurance that the manner in which Access Capital Strategies manages its assets in the ESG Managers™ Portfolios is the same as or entirely consistent with the manner in which it manages any of its other Funds or accounts.

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Access Capital Strategies is not affiliated with ALPS Distributors, Inc.

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