He served as an officer in the U.S. Navy and currently serves as trustee or director on various non-profit boards. Mr. Morse is married with three children.

Michael R. Linburn
Executive Vice President, Secretary and Chief Compliance Officer

Michael R. Linburn holds a Bachelor of Science degree in Industrial Administration from Yale University (1954) and an M.B.A. degree from the Harvard Business School (1959).  He spent 15 years in corporate finance with Shearson, Hammill & Co. Incorporated, where as a first vice president and voting stockholder he analyzed, structured and marketed debt and equity offerings.  He later moved to Oppenheimer Properties, specializing in sale and leaseback transactions.  From 1978 to 1992 he served as a senior marketing officer and consultant for several companies, including The Balcor Company, Angeles Corporation and The National Housing Partnership.  His activities have included the analysis and marketing of limited partnership investments to individual and institutional clients of brokerage firms, and insurance companies.  He is in charge of compliance and is active in new business development.  He served as an officer in the United States Army and is married with three children.

James L. Farrell, Jr., Ph.D.
Vice President and Analyst

James L. Farrell holds a Bachelor of Science degree in Economics from Notre Dame (1959), an M.B.A. degree in Finance from The Wharton School of the University of Pennsylvania (1962) and a Ph.D. degree in Finance and Economics from New York University (1972).  A pioneer of the systematic approach to stock selection, based on the concept of "Alpha", he has more than 30 years of experience as a security analyst, applied financial researcher and portfolio manager at major financial institutions.  Beginning his career at College Retirement Equities Funds (CREF) and Citibank, N.A., in 1980 he founded MPT Associates, an investment counseling firm, to employ a strategy built around the "Alpha" approach to managing U. S. equities.  He subsequently served in several investment management operations, most recently with Sumitomo Life Insurance Company.

Since 1976 he has served as chairman of the Institute for Quantitative Research in Finance (the "Q" Group), comprised of a wide variety of investors and Nobel laureates interested in expanding the science of investment management.  He is a former outside Director of the Eastern Airlines Pilots Association.  Jim Farrell has also served as an adjunct professor of finance at NYU and Columbia University and has written extensively on the investment process, including Portfolio Management, which is considered essential reading by many advanced business schools.  He is married and has three children.

William D. Pettit
Vice President and Analyst

William D. Pettit graduated from Princeton University with a Bachelor of Arts degree (1941) and did post-graduate work at New York University’s Graduate School of Finance. He has a long and successful history of over 40 years in the investment management business, having served as an officer, director and manager of six mutual funds, all with outstanding records. In addition, he has had extensive experience as a portfolio manager for private and institutional accounts, including three major insurance company portfolios.

Two funds which he established and managed, the Knickerbocker Growth Fund and the Knickerbocker Income Fund, were sold to CNA Financial and later to Neuberger & Berman. While with Neuberger & Berman he managed three additional funds -- the Shuster, Liberty and Hemisphere Funds, and from 1976 to 1985 he was an officer of the Manhattan Fund. In addition to these activities, he served as court-appointed trustee in the Swan Finch Oil and Keta Oil & Gas proceedings and as a consultant to the trustees in the Loews Theatre/MGM divestment proceedings. He served as a Major in the U.S. Army and is married with five children.