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      <image:title>Bonhoeffer Capital Management - Fund Management Services (FMS)</image:title>
      <image:caption>The Willow Oak FMS team supports the Bonhoeffer Fund by offering marketing, operations, compliance, investor relations, and infrastructure, ensuring that Keith stays focused on activities that will drive superior returns for the limited partners.</image:caption>
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      <image:title>Bonhoeffer Capital Management - Portfolio Manager Keith D. Smith, CFA</image:title>
      <image:caption>Keith brings over 20 years of valuation experience to the Bonhoeffer Fund. In addition to managing the fund’s portfolio, Keith serves as a director for Enterprise Diversified, Inc., and as an advisor to Willow Oak Asset Management, the fund’s general partner. He is a CFA charterholder and received his MBA from UCLA. He has held positions with Empire Valuation Consultants, PwC, Management Consulting &amp; Research, and served as a captain in the U.S. Air Force.</image:caption>
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