Russell Woodie Carpenter

Operates as a holding company with interests in provides commercial banking operations, trust services and credit card services

Minis & Co.'s investment objective is consistent, long-term growth of capital with relatively low risk. They believe that balanced accounts are appropriate for most investors. The percentage of the account invested in each of these three asset categories is determined by their client's particular needs and ability to assume risk. All portfolios are managed separately and are not commingled. Their investment philosophy balances the higher return potential available in stocks with the relative safety available in cash and fixed-income investments. The firm's stock selection strategy is based upon selecting stocks with above average growth prospects selling at reasonable prices. Their fixed-income strategy is based upon ensuring safety of principal while pursuing the best available yield. In selecting stocks, primary emphasis is placed on liquidity, quality and growth. Minis & Co. invests solely in US traded securities. Stocks must have the potential for above average total return over a one to two year time horizon. Liquidity and quality are also stressed, with quality measured by analyzing financial strength, growth and stability of profits, and management competence. Once a stock achieves its potential return, at least a portion is sold. The firm does not add to a losing position. Instead, when investment mistakes are made the entire position is sold. For cash and equivalents, Minis uses money market funds and US Treasury Bills. When investing in the fixed-income market, US Treasury Notes and Bonds and, if appropriate, investment-grade municipals are acquired. Rarely, they will purchase Federal agency or high quality corporate bonds. Their approach is to ladder maturities out as far as ten years.

National commercial bank