In order to keep members informed about APSA financial pratices, the
APSA Trust and Development Board, which is charged by the APSA
Constitution to oversee Association assets, reports from time to time on
Association investment practices.
APSA's investments are managed professionally by Mr. Loren Ross
of Cedarpoint Capital Management, Inc., New York, with oversight by the
APSA Trust and Development Board. The following is a statement of
investment philosophy circulated by Cedarpoint Capital Management on
APSA's behalf. The holdings in APSA's Trust and Congressional
Fellowship Portfolios, as of June 2006, are also listed.
March 15, 2006