Over the past 30 years, the core of our investment management process remains unchanged. One of the most important fundamental factor affecting stock prices is earnings. The changes in stock values, over time, have always been attributable to earnings. Our studies of analyst estimate revisions have proven to be a powerful leading indicator in forecasting and predicting material changes in earnings. The end result is an active management approach that has generated consistent results and we will continue to adhere to this discipline in all market cycles.