are developed based on the requirements of each client.

As a firm we do not have a particular bias toward growth or income stocks. Nor do we have a particular sector focus. For clients where income is appropriate, we will select high-yield companies that we believe will outperform their peers over the long-term. In more risk tolerant accounts we take a shorter term view and look to maximize the appreciation of the portfolio which often results in somewhat more frequent trading. Based on the economic outlook and relative valuations of stocks, we will adjust investments and cash positions as necessary. As a small firm, GKV has the flexibility to move quickly in an effort to minimize losses and seek out stronger sectors and better performing stocks. Unlike many funds, we have no limitations keeping us from holding significant cash positions when the outlook for stocks turns negative. For appropriate clients, GKV does have significant expertise in employing hedge strategies, generally through the use of put and call options.