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Form N-PX Investment Managers Seri For: Jun 30

War of Words Heats Up Between Kohl's and Activist Investors

Activist Spotlight: What's Behind the Campaign to Force Changes at Kohl's

Average Cost: $43.73 Activist Commentary: Macellum is not an activist investor but is willing to take activist measures when they believe change is necessary. They have significant experience with consumer retail companies, and that experience is evident in their detailed letter to the board. While Macellum prefers to work constructively with a company, it has had past success at The Children s Place, Christopher & Banks, Citi Trends, Bed Bath and Beyond and Big Lots, receiving board representation through settlements. In this situation, Macellum has teamed up with Legion Partners, Ancora Advisors and 4010 Capital (collectively, the Group ). The Group s 9.48% ownership is comprised of Macellum (5.53%), Ancora (2.59%), Legion (1.34%) and 4010 Capital (.02%).