Approximately one hundred forty common stocks are monitored on a daily basis.  These securities cover a broad spectrum in terms of market capitalization, growth characteristics, industry sectors and dividend returns. Selection criteria place high emphasis on valuation relative to corporate fundamentals.  Particular attention is focused on the PEG ratio with the objective of seeking “growth at a reasonable price”.  The list is eclectic with annual turnover in the range of 10-20 per cent.  Approximately one hundred separate common stocks are held in client accounts, a fact that derives from a wide range of investment objectives.    No portfolio holds more than forty-two individual common stocks.  Stocks monitored but not owned primarily represent issues that would be deemed attractive for purchase at levels lower than prevailing market prices.  Portfolio diversification is maintained through assignment of portfolio holdings to nine broad industry groups.