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Important changes are playing out in the demographic structure of the United States as well as around the world.  The demographic changes will have a material impact upon household formation as well as household wealth and consumption.  The focus of Mercury Investment Group’s philosophy is to understand how these changes will impact the fundamentals of the universe of companies we monitor on a research basis.  We focus on identifying large capitalization, U.S.-centric equities that are competitively positioned to benefit from these changes as the identified demographic trends take hold.  Mercury further filters our equity selections by an analysis of the company’s current and sustainable level of return on invested capital.  We believe this process has been integral to our investment philosophy.  By combining our long range sales and cash flow forecasting with the multi-tiered valuation methodology we utilize in our investment philosophy, we continually strive to strategically position an equity portfolio that is poised to provide superior returns versus its targeted (S&P 500) index.