David Edward Rappa

BM&O aims to preserve and grow the purchasing power of client capital by investing in the securities of corporations with sound, long-term fundamentals. The firm concentrates client capital into 20-25 businesses that a) generate economic returns far in excess of their costs of capital, b) are run by capable stewards with appropriate incentives, and c) trade at sensible prices. BM&O looks for high-quality growth companies trading at value prices. They are generalists with no interest in matching market or index sector exposures, though they closely monitor sector and related exposures as part of ongoing risk management.

Owns and operates as real estate portfolio of office, industrial, retail and aviation related properties

Austin seeks to identify stocks which are selling below their long-term intrinsic value. They look to invest in companies that have strong finances and competent management in attractive, understandable businesses. They look for attractively priced issues with appropriate industry diversification. Securities are reviewed with particular attention given to their balance sheet, growth potential and ability to generate cash flow and to service and repay debt. Positions are usually held for at least 2 to 3 years and are sold when the price exceeds the estimate of long term intrinsic value or there is significant deterioration in financial strength. Austin also considers selling companies whose prospects are less attractive than other opportunities. Common stocks form the core of Austin's portfolios. This allows the total portfolio to grow and offsets the effects of inflation. Austin believes that common stocks that have achieved consistent dividend growth are better able to meet income requirements over the long term than fixed-income securities. In specific cases, fixed-income securities are purchased to provide for current income needs and to stabilize the overall volatility of the portfolio. Austin uses the same approach to managing the Austin Global Equity Fund as it does for private portfolios. The Fund seeks long term capital appreciation by investing primarily in common stocks with above average appreciation potential that are trading below intrinsic value. They rely on fundamental analysis to identify prospective companies. They believe global investing exposes the investor to a larger pool of attractive investments than just domestic investing. Austin's portfolio managers invest alongside clients and have significant holdings in the Fund.

Functions as a College/University

Adalta seeks long-term capital appreciation for its clients by investing in securities of companies with sound, long-term fundamentals based on a long-only, value-driven investment discipline. The firm also seeks such appreciation through allocation to select third-party managers. Portfolio managers seek out companies that are financially strong and possess high quality assets and above average appreciation and/or growth potential.