Equity Investment: The Emerging Growth Advantage

Small stocks have historically outperformed inflation and other investment categories, such as bonds or even all stocks. We expect that this pattern will continue over the long term, and therefore focus our efforts on the investment category of small to medium market capitalization stocks. More specifically, we emphasize emerging growth stocks.

We believe that investors can find an abundance of opportunities in domestically-based emerging growth companies. As a result, our foreign investments are few. While we are not a sector manager, we are also not afraid to concentrate our investments in one or more sectors that we believe have the greatest growth potential at the time.

7/28/04