UBS Global Asset Management (Americas) Inc. is an asset management arm of UBS Americas Inc with approximately $159 billion in assets under management. The firm primarily provides its services to pension and profit sharing plans. It also caters to individuals, including high net worth individuals; banking or thrift institutions; investment companies; pooled investment vehicles; charitable organizations; corporations; and state or municipal government entities. The firm manages separate client-focused equity and fixed income portfolios. It manages hedge funds and mutual funds for its clients. The firm invests in the public equity and fixed income markets across the globe. For its equity portfolios, it employs an analytical approach to investing. The firm primarily invests in growth and value stocks of small-cap and large-cap companies. It employs a fundamental and quantitative analysis to create its equity portfolios. The firm employs a bottom-up stock picking approach to make its equity investments. It invests in small-cap growth companies with market capitalizations below $2.5 billion for its equity investments. The firm invests in large-cap growth companies with market capitalizations above $3 billion for its equity investments. It benchmarks the performance of its small-cap growth equity portfolios against the Russell 2000 Growth Index, the performance of its large-cap growth equity portfolios against the Russell 1000 Growth Index, the performance of its global equity portfolios against the MSCI World Equity (Free) Index, the performance of its global (ex-US) equity portfolios against the MSCI World (Ex-US) Equity Unhedged Index, and the performance of its emerging markets equity portfolios against the MSCI Emerging Markets (Free) Index. For its fixed income securities, the firm it invests in global bonds, municipal bonds, corporate bonds, tactical bonds, US Treasury securities, mortgage backed securities, and preferred securities. It employs a fundamental and quantitative analysis to create its fixed income portfolios. For its fixed income portfolios, the firm employs a top-down approach to select its sectors. It benchmarks the performance of its emerging markets debt portfolios against the J.P. Morgan Emerging Markets Bond Index Global, the performance of its US enhanced cash management portfolios against the Citigroup 1 Year US Treasury Bill Index, the performance of its global bond portfolios against the Salomon Smith Barney World Government Bond Index, the performance of its global (ex-US) bond portfolios against the Salomon Smith Barney Non-US Government Bond Index, the performance of its municipal fixed income portfolios against the Lehman Municipal Bond Index, the performance of its quantitative US fixed income strategy portfolios against the Lehman Brothers Treasury Bond Index, the performance of its short duration portfolios against the Merrill Lynch 1-2.99 Year Treasury Index, the performance of its US high yield portfolios against the Merrill Lynch High Yield Master Index, and the performance of its tactical bond portfolios against the Lehman Brothers Treasury Bond Index. The firm benchmarks the performance of its US bond and US