on 2 january, 2015 cutwater asset management was acquired by bny mellon. cutwater is part of bny mellon's $1.6 trillion in assets multi-boutique investment business and is operated by insight investment, a leading european asset manager and one of bny mellon's premier investment firms. cutwater asset management is a client-focused and solutions-based investment advisor focused exclusively on fixed income investments. cutwater's model combines world-class investment expertise and risk management capabilities with exceptional client service, in-depth consultation, and extensive interaction between clients and the investment team. our clients include state and local governments, financial institutions, pension funds, unions, insurance companies, corporations and consultants. for more information on how we can provide you with fixed income strategies and solutions, please contact us at 866-766-3030 or visit www.cutwater.com.