Q & A

Q: How tax friendly is this strategy? What has portfolio turnover been?
A: Since inception in 1994, turnover has averaged less than 20% per year. Our low turnover approach supports our effort to manage toward high after-tax returns.

Q: What is the performance benchmark for the Growth & Value Equity Composite?
A: The performance benchmark is the S&P 500.

Q: How many stocks are in each portfolio?
A: Portfolios have held between 28 and 35 stocks since the inception of our firm.

Q: Is this a pooled fund? Are my assets comingled with other clients?
A: No. All portfolios are separately managed and securities are held by the custodian of your choice.

Q: What is the minimum account size?
A: We seek total relationships of at least $1,000,000.

Q: What is the fee schedule for Growth & Value accounts?
A: The basic annual fee is 1% of assets up to $1 million, 0.75% on the next $4 million, 0.60% on the next $10 million and 0.50% on amounts over $15 million. The minimum annual fee is $10,000.

Q: How do I open an account?
A: Telephone Mickey MacMillan, at (312) 641-8840. He will discuss with you whether this investment strategy would be appropriate for your situation. He can also provide you with important additional documents which you should review prior to establishing an account with us.