Ron Puccinelli

Kelmoore Investment Company, inc. is an asset management firm based in Palo Alto, California. The firm is an independently owned, licensed general securities broker/dealer, registered investment advisor and advisor to the Kelmoore family of mutual funds.

Morgan Stanley Investment Management, Inc. (MSIM) is an investment management firm headquartered in New York City. The firm was founded in 1975 and is a subsidiary of Morgan Stanley Domestic Holdings, Inc., ultimately held by Morgan Stanley (NYSE: MS). MSIM provides discretionary and non-discretionary investment management services and products to institutional clients and individual investors. The firm also advises clients as to the appropriate allocation of assets among multiple separate accounts and/or investment companies or other pooled vehicles that the firm advises.