Our sell discipline on individual securities is based on a periodic review of each stock’s valuation relative to our long-term forecast of the underlying company’s prospects. We may sell a stock if it has reached our price objective, if the underlying company’s circumstances have changed such that we can no longer justify holding the stock at current valuations, or for purposes of rebalancing a portfolio due to change in economic outlook. To the extent possible, portfolios are managed in consideration of tax implications for our taxable clients.