Paul A. Berman, CFA, portfolio manager of HCOF since 2003, has a 20-year background in M&A of distressed and/or highly leveraged companies, distressed debt restructuring, equity research and asset management. From 1997 thru 2002, Berman was a Senior Managing Director at Bear Stearns, focusing on M&A and restructurings in the telecom market. From 1994-1996, Berman was a Portfolio Manager for Nomura Asset Management. Previously, Berman was an Associate at Kidder Peabody in debt restructuring and M&A. Berman began his career at Standard & Poor’s from 1983-1986. Berman received an MBA from the Wharton School 1988 and a BS from Babson College in 1983. Berman is also a Chartered Financial Analyst.