Fourth Quarter 2015 Investment Update

Looking back at 2015, and witnessing the turbulence that we have seen
in early 2016, should serve to reinforce a series of investment essentials.
Among those essentials are these: that investors tend to overreact, both on the
upside and the downside, and that long term investing requires patience,
discipline and an approach to portfolio construction and management
designed to allow the investor to ride out market cycles and, often, to benefit
from them. This is why we focus primarily on high quality common stocks,
investment grade bonds with relatively short maturities, and adequate cash
reserves. It is that balance which allows our clients to navigate through these
market storms.

We invite you to read the comments of our CIO, Michael O'Leary, and
to call us with any questions or concerns.

Michael J. Puzo
Chairman, HTC Investment Committee