Portfolio Turnover

RETURN TO PORTFOLIO

The length of time the committee has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the committee is known as portfolio turnover. Although the committee does not intend to invest for the purpose of seeking short-term profits, securities in its portfolio will be sold whenever the committee believes it is appropriate to do so in light of the committees investment objective, without regard to the length of time a particular security may have been held."