• Robshaw & Julian Proxy Notice

    The S.E.C. has recently requested all registered investment advisers to communicate with their clients on the subject of proxy voting. Most of our clients prefer to have us receive all corporate communications for stocks held in their accounts and to vote their proxies for them. Typically companies send out proxies once a year at the same time as they send the Annual Report and 10K. If at any time you should prefer to receive the material directly and vote your own shares, you may do this by either calling or writing us.

    You may be interested in knowing more about our approach to voting your shares. We have guidelines to follow in voting your stock, which we have prepared carefully in an attempt to serve your interests well. Most of the issues that come to a shareholder vote are routine matters such as the appointment of auditors, changing the number of shares outstanding and the election of directors. While these are important issues that can reveal much about the management, we do not usually have much trouble agreeing with management. Of still more interest to the public are management compensation issues. In most cases, executive compensation is linked to corporate success, and this success results in satisfaction for the shareholders so, in general, again we are inclined to vote with management.

    One of our major criteria for a company is that the management be strong and that they operate in a way that reflects a dedication to the interests of the shareholder. That said, a good company is also attentive to its obligations to employees, customers and the law. Issues raised by shareholders may reflect trends in corporate governance which have not yet been adopted by the company, or they may reflect the special interests of relatively few people and bear no relationship to matching the interests of shareholders. We attempt to vote your stock on shareholder proposals keeping the shareholder interest in the forefront, which may mean voting either with or against management according to the issue.

    If you would like a copy of our voting guidelines, we would be glad to send them to you. If you would like to know how your proxies have been voted, this information is also available upon request beginning in August 2004.