• Positive revenue and earnings growth
• Strong competitive position in stable, expanding industry

• Positive earnings
• Free cash flow positive
• Established profit margins

• Management focused on core business and aligned with stakeholders’ interests
• Prudent use of debt and leverage

Style: Balanced

Inception: 9/30/2003

Benchmark: 60% S&P 1500 / 40% Bloomberg US Intermediate Govt Credit Index

Current allocation: 60% equities, 40% bonds

• 35 to 45 equity securities per portfolio
• Equity industry exposure not to exceed 25% and no more than 5% to any one stock, in general
• Bonds are investment grade at purchase
• Fully invested with a cash allocation not in excess of 5%

key documents