KAR Small Cap Quality Value SMA

Julie Kutasov is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners. She has primary research responsibilities for the small- and mid-cap materials, industrials, and utilities sectors.

Before joining Kayne Anderson Rudnick in 2001, Ms. Kutasov worked at Goldman Sachs in a program focused on investment management for high-net worth individuals. Prior to that, she was a senior associate at Arthur Andersen, leading teams that provided financial audit and business advisory services to a variety of clients in service-related industries.

Ms. Kutasov earned a B.A. in business economics, summa cum laude, from the University of California, Los Angeles, and an M.B.A. from Harvard Business School. She previously worked as a Certified Public Accountant in the state of California. She began working in the investment industry in 2001.

Craig Stone is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners. Mr. Stone has primary research responsibilities for the small- and mid-cap real estate and consumer discretionary sectors.

Before joining Kayne Anderson Rudnick in 2000, Mr. Stone was a portfolio manager at Doheny Asset Management.

Mr. Stone earned a B.S. in international business from San Francisco State University and an M.B.A. from the University of Southern California. He began working in the investment industry in 1989.