The decision making process is controlled by our Investment Policy Committee, made up of all the firm’s senior investment officers. The Committee, which meets weekly, analyzes pertinent macroeconomic, monetary, and political developments that have an overall effect on securities markets.

The Committee also focuses on individual industries and companies. Based on their research, recommendations are made by Committee members for approval of individual securities, which, in our judgment, offer the opportunity for long-term capital appreciation.

Each portfolio manager is assigned responsibility for particular industries and keeps abreast of all research in this area using trade journals and periodicals, corporate annual reports, SEC filings and research produced by leading Wall Street firms. Based on this research, each portfolio manager recommends to the Committee those companies and industry sectors he or she considers attractive for purchase or sale.

Through our decision making process common stocks are recommended and discussed, then either approved or disapproved by the Investment Committee for inclusion on our approved or “buy list”. The same process is used both in deleting a security from the list and in adding a name to it. This list reflects our current thinking and is composed of approximately fifty companies. We review companies weekly and take into account price movement, new information, and attractiveness relative to the market. The final decision maker is the portfolio manager, who is responsible for implementing buy and sell decisions based on specific client objectives and circumstances.

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