List of Firm Composites

Large Cap Equity Composite

The Large Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of large capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective.  The portfolios are generally fully invested.  Large capitalization equities are those with a market capitalization generally greater than $10 billion at the time of purchase
Start date: 09/01/1993 Composite created: 12/1995

Large Cap Value Equity Composite

The Large Cap Value Equity Composite includes all discretionary accounts invested in diversified portfolios of large capitalization value equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective.  The portfolios are generally fully invested.  Large capitalization value equities generally are those with a market capitalization greater than $5 billion at the time of purchase, and with P/E and P/B ratios less than the market averages.
Start date: 04/01/1999 Composite created: 05/1999

Mid Cap Equity Composite

The Mid Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of medium capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective.  The portfolios are generally fully invested.  Medium capitalization equities are those with a market capitalization generally greater than $2 billion but less than $10 billion at the time of purchase.
Start date: 07/01/1994 Composite created: 12/1995

Small Cap Equity Composite

The Small Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of small capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective.  The portfolios are generally fully invested.  Small capitalization equities are those with a market capitalization generally greater than $100 million but less than $2 billion at the time of purchase.
Start date: 09/01/1993 Composite created: 12/1995

Private Client Equity Composite

The Private Client Equity Composite includes all discretionary accounts of individuals whose primary objective is maximizing total returns from equity investments.  Assets are allocated 80-100% equities and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 06/01/1999 Composite created: 04/2008

Private Client Growth Composite

The Private Client Growth Composite includes all discretionary accounts of individuals whose objective is growing the market value of the portfolio over the long term rather than in current income.  Assets are allocated 60-80% equities, 20-40% fixed income and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 06/01/1999 Composite created: 06/2008

Private Client Enhanced Balanced Composite

The Private Client Enhanced Balanced Composite includes all discretionary accounts of individuals whose objective is a balanced portfolio that provides more emphasis on growth of principal than income.  Assets are allocated 50-70% equities, 30-50% fixed income and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 06/01/1999 End Date: 09/30/2002 2nd Start Date: 08/01/2004 Composite created: 06/2008

Private Client Balanced Composite

The Private Client Balanced Composite includes all discretionary accounts of individuals whose objective is a balanced portfolio that may provide more growth than income.  Assets are allocated 40-60% equities, 40-60% fixed income and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy
Start date: 06/01/1999 Composite created: 06/2008

Private Client Moderate Balanced Composite

The Private Client Moderate Balanced Composite includes all discretionary accounts of individuals whose objective is a balanced portfolio that may provide slight more growth than income.  Assets are allocated 30-50% equities, 50-70% fixed income and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 06/01/1999 Composite created: 06/2008

Private Client Income and Growth Composite

The Private Client Income and Growth Composite includes all discretionary accounts of individuals whose objective is to generate current income with modest growth of principal.   Assets are allocated 20-40% equities, 60-80% fixed income and 0-20% cash equivalent and short duration fixed income assets.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy
Start date: 10/01/2000 End Date: 04/30/20012nd Start Date: 09/01/2004 Composite created: 06/2008

Private Client Income Composite

The Private Client Income Composite includes all discretionary accounts of individuals whose objective is to generate current income, forgoing growth of principal.  Assets are allocated 0-20% equities, 80-100% fixed income and 0-20% cash equivalents.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 10/01/2002 Composite created: 6/2008

Private Client Stability of Principal Composite

The Private Client Stability of Principal Composite includes all discretionary accounts of individuals whose sole objective is to preserve principal.  Assets are allocated 50-100% short term fixed income and 0-50% in cash equivalents.  While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 01/01/2008 Composite created: 06/2008