Dear Investor:

The large and small cap indices posted another gain in the third quarter, again taking turns leading the market higher. The large cap S&P 500 index was up +7.7%, while the small cap Russell 2000 was up +3.6%, respectively. Together these results put our Small / Large Blended Benchmark up +4.6% for the quarter.

Choice Equities Fund (CEF) largely treaded water for the quarter, down -.6% and -.7% on a gross and net basis. Despite the flat performance in the quarter, we continue to be pleased with the year thus far, up +35.9% gross and +28.5% net, as well as our +37.3% and +29.1% gross and net annualized rates of return since becoming independent at the start of 2017.

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