This value-oriented style applies a fundamental, bottom-up stock selection process to a universe of approximately 1,200 issues identified as potential investments from the broad range of public companies. We screen for the following criteria to reduce the universe of stocks to an active list of 100-120 issues:

1. dominant market position
2. sustained high return on capital
3. consistent growth of sales, cash flow and earnings
4. free cash flow
5. balance sheet integrity
6. management commitment to shareholders

The subsequent list is then subjected to rigorous internal research. The resulting group of 40-50 companies is monitored for valuation opportunities, with the final portfolio consisting of the 25-35 issues which we believe will provide the best long-term performance.

Product assets under management are $680.0 million in segregated assets and $1.0 billion in total style assets as of June 30, 2008.