Semper Funds - About Us - Investment Professionals

James W. Stratton
Chairman and Chief Executive Officer - Founded SMC in 1972

Mr. Stratton received his B.S. in Geophysics from Penn State University, and his M.B.A. with high distinction, as a Baker Scholar, from The Harvard Business School. In 1960, Mr. Stratton joined the Philadelphia-based investment-counseling firm of Cooke & Bieler, where he subsequently became a Vice President, Director and shareholder. In 1965, he joined Drexel & Co. in the Investment Advisory Department where he had direct responsibility for the management of the firm's investment advisory operations. Mr. Stratton was also active in managing large equity-oriented profit sharing and pension plan portfolios (over $250 million) for major corporate clients. In 1970, he was elected President and Chief Executive Officer of Drexel Firestone, Inc.

Mr. Stratton is a member of the Association for Investment Management and Research and serves as a Director of the following: Amerigas Propane Ltd., Meadowood Retirement Community, Teleflex, Inc., Thomas Jefferson University (formerly Chairman of the Board) and UGI Corp., Inc.

John A. Affleck, CFA
President - Joined SMC 1979

Mr. Affleck received his B.A. in Pre-Law from Lafayette College , and his M.B.A. from Temple University . He earned the right to use the Chartered Financial Analyst designation in 1976 and is currently a member of the Financial Analysts Society of Philadelphia and the Association For Investment Management & Research.

Mr. Affleck began his business career in 1968 with the Trust Department of Provident National Bank (Philadelphia) where he served as an Assistant Vice President and Investment Portfolio Manager. In 1979, Mr. Affleck joined Stratton Management Company where he was named President in 1997. In addition to being President of Stratton Multi-Cap Fund, formerly Stratton Growth Fund, he serves as Vice President of Stratton Monthly Dividend REIT Shares and Stratton Small-Cap Value Fund.

Mr. Affleck serves on numerous civic boards and is currently an Overseer at William Penn Charter School and a Trustee of the Coriell Institute for Medical Research, Woodmere Art Museum and Beaver College/Arcadia University.

Joanne E. Kuzma
Trading Director - Joined SMC 1987

Mrs. Kuzma received her degree in Applied Economics from Albright College in Reading , Pennsylvania . Prior to joining Stratton Management Company, Mrs. Kuzma spent eleven years in the financial services industry. She served as a Regional Specialist for Kidder, Peabody & Co., Philadelphia . Mrs. Kuzma developed her trading skills while employed at Alex. Brown & Sons, Baltimore.

James Van Dyke Quereau, JR., CFA
Managing Partner - Joined SMC 1990

Mr. Quereau received his B.A. in Economics from Penn State University and his M.B.A. in Finance from The Wharton School of the University of Pennsylvania . Mr. Quereau has earned the right to use the Chartered Financial Analyst designation and is a member of the Association for Investment Management and Research. Mr. Quereau's investment management career began at Loomis, Sayles and Company in Boston where he was hired as a security analyst in 1972, primarily responsible for researching companies in aerospace, building materials and finance. In 1979, he became a Portfolio Manager and was named an institutional managing partner in 1986.

Mr. Quereau joined Stratton Management Company in 1990 as a Portfolio Manager and Managing Partner. He is a member of the investment policy committee and the Director of Qualitative Research for the firm. Mr. Quereau is a trustee for CGM Mutual Funds in Boston .

Patrick J. McGinnis, Jr.
Managing Partner - Joined SMC 1991

Mr. McGinnis received his B.A. in Human Resources from Temple University , and his M.B.A. in Marketing from Saint Joseph 's University.

Mr. McGinnis accumulated seven years of management experience working for a manufacturers representative, H. A. McGinnis Company.

Mr. McGinnis joined Stratton Management Company in 1991 and was promoted to Product Manager for Stratton Multi-Cap Fund, formerly Stratton Growth Fund, in May of 1992. He currently holds the title of Managing Partner and Portfolio Manager. He serves on the Board of the Norristown Zoological Society and the Perkiomen School .

John E. Deiss
Managing Partner - Joined SMC 1992

Mr. Deiss received his B.S. in Business Administration from Alderson-Broaddus College in Philippi , West Virginia . Mr. Deiss began his investment career at the Fidelity Bank as an Analyst in 1965. In 1970, he became a Portfolio Manager in Fidelity's Trust Department with responsibility for the management and supervision of personal trusts, estates and charitable accounts. In 1980, Mr. Deiss accepted a position at the Provident National Bank in the Personal Trust Department. As Vice President, in 1982 he was given the responsibility for management of the equity portion of Provident Bank's Income Fund, in addition to his other responsibilities. Over the next five years, the Income Fund's total compound return exceeded 20% per annum. In 1986 he was asked to join the Bank's Special Service Unit which manages accounts for high net worth clients. Upon leaving the Bank, his accounts had a total market value in excess of $500 million.

In 1992 Mr. Deiss joined Stratton Management Company as a Managing Partner. He is a Fellow of the Financial Analysts Federation and a member of the Financial Analysts Society of Philadelphia as well as the Philadelphia Securities Association.

James A. Beers
Managing Partner - Joined SMC 1994

Mr. Beers received his B.A. from Connecticut College and earned his M.B.A. from Villanova University . Before joining Stratton Management Company, Mr. Beers served as a Client Services Representative for FPS Services, Inc., a mutual fund service organization. Mr. Beers acted as liaison to the firm's Investment Company clients, overseeing all facets of the mutual fund servicing relationship.

Mr. Beers joined Stratton Management Company in 1994 as head of Mutual Fund Administration and Shareholder Services. In 1996, Mr. Beers joined the research department as an analyst specializing in real estate investment trusts. Mr. Beers is currently President and Co-portfolio manager of Stratton Monthly Dividend REIT Shares.

Mr. Van Horn received his B.A. in Economics from The College of New Jersey in 1996. He has earned the right to use the Chartered Financial Analyst designation and is currently a member of the Financial Analysts Society of Philadelphia and the Association For Investment Management and Research.

Prior to joining Stratton Management Company, Mr. Van Horn served as an Economic Research Analyst at Rightime Econometrics. He joined Stratton Management Company as an Equity Research Analyst in April of 1998 and currently serves as Vice President of Stratton Small-Cap Value Fund.

Michael J. Adams
Managing Partner - Joined SMC 1998

Mr. Adams received his B.S. and M.B.A in Finance from LaSalle University . He has 27 years experience in Trust & Investment Banking with 17 of those years in Portfolio Management.

Mr. Adams, who joined Stratton Management Company in 1998, began his investment career with Girard Bank (later Mellon Bank) working his way up to Portfolio Manager on Employee Benefit Plans. He then moved to Bucks County Bank & Trust Company where he subsequently became the Chief Investment Officer of the Trust Department. Mr. Adams was responsible for directing the entire investment process, including all equity and fixed-income management. With the acquisition of Bucks County Bank & Trust by CoreStates Bank, he continued serving as Portfolio Manager for individual and institutional clients with assets under management in excess of $200 million. At CoreStates, Mr. Adams was also Fund Manager of the Core States Value Equity Fund, utilizing a value equity process he helped develop while with Bucks County Bank.

Mr. Adams is currently a member of the Philadelphia Securities Association.

Morris Disston, CFA
Managing Partner Joined SMC 1990

Mr. Disston received a B.A. in Economics from Trinity College in 1968, when he joined the investment management department of Drexel Harriman Ripley. In 1984, Mr. Disston left Drexel as a Senior Vice President with primary responsibility for managing Union and Taft Hartley retirement plans. He joined Wood Struthers and Winthrop as Chief Investment Officer and then President until 1990.

In 1990, Mr. Disston joined Stratton Management Company to establish and manage Semper Trust Company as an affiliated company to Stratton Management Company. In 2001 Semper Trust Company and Stratton Management were consolidated into Stratton Holding Company.

Eileen Dougherty
Senior Vice President of Administration
Joined SMC 1999

Mrs. Dougherty received her B.A. from St. Joseph’s University in 1976. She is a 1983 graduate of the Central Atlantic School of Trust, a 1994 graduate of the National Trust School and a 1996 graduate of the National Graduate Trust School. Prior to Joining Semper Trust Company in 1999, Mrs. Dougherty was a Vice President and Regional Trust Office Manager for First Union National Bank. During her 20 years with First Union and predecessor banks Mrs. Dougherty served as a trust administrator and supervisor and was in charge of the continuing education program. Mrs. Dougherty now serves as the Senior Vice President of Administration for Semper Trust.

Mrs. Dougherty is a member of the Bucks County and Philadelphia County Estate Planning Councils and is a Board Member of the Montgomery County Estate Planning Council. Mrs. Dougherty is an active member of the Executive Committee of the Corporate Fiduciaries of Philadelphia and serves as the current President.

Suzanne K. Royce
Assistant Vice President/Administration
Joined SMC in 1992

Mrs. Royce received her B.A. in Political Science from Villa Nova University in 1976. She attended the Central Atlantic School of Trust and graduated with honors in 1996. She also attended National Trust School in 1999. Prior to joining Stratton Management Company in 1990, she was employed by the YMCA of the USA East Field Office as Assistant to the National Field Executive, providing administration, training, and consulting services in the areas of management, fund-raising and endowment, to approximately 400 independently chartered YMCAs throughout the eastern coast. In 1992, she joined Semper Trust Company as a Portfolio Assistant and in 1996 was named Assistant Vice President/Administration for the Trust Company. She is currently a member of the Personal Trust Services Committee of the Corporate Fiduciaries of Philadelphia.

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		Investment Professionals James W. Stratton Chairman and Chief Executive Officer - Founded SMC in 1972 Mr. Stratton received his B.S. in Geophysics from Penn State University, and his M.B.A. with high distinction, as a Baker Scholar, from The Harvard Business School. In 1960, Mr. Stratton joined the Philadelphia-based investment-counseling firm of Cooke & Bieler, where he subsequently became a Vice President, Director and shareholder. In 1965, he joined Drexel & Co. in the Investment Advisory Department where he had direct responsibility for the management of the firm's investment advisory operations. Mr. Stratton was also active in managing large equity-oriented profit sharing and pension plan portfolios (over $250 million) for major corporate clients. In 1970, he was elected President and Chief Executive Officer of Drexel Firestone, Inc. Mr. Stratton is a member of the Association for Investment Management and Research and serves as a Director of the following: Amerigas Propane Ltd., Meadowood Retirement Community, Teleflex, Inc., Thomas Jefferson University (formerly Chairman of the Board) and UGI Corp., Inc. John A. Affleck, CFA President - Joined SMC 1979 Mr. Affleck received his B.A. in Pre-Law from Lafayette College , and his M.B.A. from Temple University . He earned the right to use the Chartered Financial Analyst designation in 1976 and is currently a member of the Financial Analysts Society of Philadelphia and the Association For Investment Management & Research. Mr. Affleck began his business career in 1968 with the Trust Department of Provident National Bank (Philadelphia) where he served as an Assistant Vice President and Investment Portfolio Manager. In 1979, Mr. Affleck joined Stratton Management Company where he was named President in 1997. In addition to being President of Stratton Multi-Cap Fund, formerly Stratton Growth Fund, he serves as Vice President of Stratton Monthly Dividend REIT Shares and Stratton Small-Cap Value Fund. Mr. Affleck serves on numerous civic boards and is currently an Overseer at William Penn Charter School and a Trustee of the Coriell Institute for Medical Research, Woodmere Art Museum and Beaver College/Arcadia University. Joanne E. Kuzma Trading Director - Joined SMC 1987 Mrs. Kuzma received her degree in Applied Economics from Albright College in Reading , Pennsylvania . Prior to joining Stratton Management Company, Mrs. Kuzma spent eleven years in the financial services industry. She served as a Regional Specialist for Kidder, Peabody & Co., Philadelphia . Mrs. Kuzma developed her trading skills while employed at Alex. Brown & Sons, Baltimore. James Van Dyke Quereau, JR., CFA Managing Partner - Joined SMC 1990 Mr. Quereau received his B.A. in Economics from Penn State University and his M.B.A. in Finance from The Wharton School of the University of Pennsylvania . Mr. Quereau has earned the right to use the Chartered Financial Analyst designation and is a member of the Association for Investment Management and Research. Mr. Quereau's investment management career began at Loomis, Sayles and Company in Boston where he was hired as a security analyst in 1972, primarily responsible for researching companies in aerospace, building materials and finance. In 1979, he became a Portfolio Manager and was named an institutional managing partner in 1986. Mr. Quereau joined Stratton Management Company in 1990 as a Portfolio Manager and Managing Partner. He is a member of the investment policy committee and the Director of Qualitative Research for the firm. Mr. Quereau is a trustee for CGM Mutual Funds in Boston . Patrick J. McGinnis, Jr. Managing Partner - Joined SMC 1991 Mr. McGinnis received his B.A. in Human Resources from Temple University , and his M.B.A. in Marketing from Saint Joseph 's University. Mr. McGinnis accumulated seven years of management experience working for a manufacturers representative, H. A. McGinnis Company. Mr. McGinnis joined Stratton Management Company in 1991 and was promoted to Product Manager for Stratton Multi-Cap Fund, formerly Stratton Growth Fund, in May of 1992. He currently holds the title of Managing Partner and Portfolio Manager. He serves on the Board of the Norristown Zoological Society and the Perkiomen School . John E. Deiss Managing Partner - Joined SMC 1992 Mr. Deiss received his B.S. in Business Administration from Alderson-Broaddus College in Philippi , West Virginia . Mr. Deiss began his investment career at the Fidelity Bank as an Analyst in 1965. In 1970, he became a Portfolio Manager in Fidelity's Trust Department with responsibility for the management and supervision of personal trusts, estates and charitable accounts. In 1980, Mr. Deiss accepted a position at the Provident National Bank in the Personal Trust Department. As Vice President, in 1982 he was given the responsibility for management of the equity portion of Provident Bank's Income Fund, in addition to his other responsibilities. Over the next five years, the Income Fund's total compound return exceeded 20% per annum. In 1986 he was asked to join the Bank's Special Service Unit which manages accounts for high net worth clients. Upon leaving the Bank, his accounts had a total market value in excess of $500 million. In 1992 Mr. Deiss joined Stratton Management Company as a Managing Partner. He is a Fellow of the Financial Analysts Federation and a member of the Financial Analysts Society of Philadelphia as well as the Philadelphia Securities Association. James A. Beers Managing Partner - Joined SMC 1994 Mr. Beers received his B.A. from Connecticut College and earned his M.B.A. from Villanova University . Before joining Stratton Management Company, Mr. Beers served as a Client Services Representative for FPS Services, Inc., a mutual fund service organization. Mr. Beers acted as liaison to the firm's Investment Company clients, overseeing all facets of the mutual fund servicing relationship. Mr. Beers joined Stratton Management Company in 1994 as head of Mutual Fund Administration and Shareholder Services. In 1996, Mr. Beers joined the research department as an analyst specializing in real estate investment trusts. Mr. Beers is currently President and Co-portfolio manager of Stratton Monthly Dividend REIT Shares. Gerald M. Van Horn, CFA Portfolio Manager - Joined SMC 1998 Mr. Van Horn received his B.A. in Economics from The College of New Jersey in 1996. He has earned the right to use the Chartered Financial Analyst designation and is currently a member of the Financial Analysts Society of Philadelphia and the Association For Investment Management and Research. Prior to joining Stratton Management Company, Mr. Van Horn served as an Economic Research Analyst at Rightime Econometrics. He joined Stratton Management Company as an Equity Research Analyst in April of 1998 and currently serves as Vice President of Stratton Small-Cap Value Fund. Michael J. Adams Managing Partner - Joined SMC 1998 Mr. Adams received his B.S. and M.B.A in Finance from LaSalle University . He has 27 years experience in Trust & Investment Banking with 17 of those years in Portfolio Management. Mr. Adams, who joined Stratton Management Company in 1998, began his investment career with Girard Bank (later Mellon Bank) working his way up to Portfolio Manager on Employee Benefit Plans. He then moved to Bucks County Bank & Trust Company where he subsequently became the Chief Investment Officer of the Trust Department. Mr. Adams was responsible for directing the entire investment process, including all equity and fixed-income management. With the acquisition of Bucks County Bank & Trust by CoreStates Bank, he continued serving as Portfolio Manager for individual and institutional clients with assets under management in excess of $200 million. At CoreStates, Mr. Adams was also Fund Manager of the Core States Value Equity Fund, utilizing a value equity process he helped develop while with Bucks County Bank. Mr. Adams is currently a member of the Philadelphia Securities Association. Morris Disston, CFA Managing Partner Joined SMC 1990 Mr. Disston received a B.A. in Economics from Trinity College in 1968, when he joined the investment management department of Drexel Harriman Ripley. In 1984, Mr. Disston left Drexel as a Senior Vice President with primary responsibility for managing Union and Taft Hartley retirement plans. He joined Wood Struthers and Winthrop as Chief Investment Officer and then President until 1990. In 1990, Mr. Disston joined Stratton Management Company to establish and manage Semper Trust Company as an affiliated company to Stratton Management Company. In 2001 Semper Trust Company and Stratton Management were consolidated into Stratton Holding Company. Eileen Dougherty Senior Vice President of Administration Joined SMC 1999 Mrs. Dougherty received her B.A. from St. Joseph’s University in 1976. She is a 1983 graduate of the Central Atlantic School of Trust, a 1994 graduate of the National Trust School and a 1996 graduate of the National Graduate Trust School. Prior to Joining Semper Trust Company in 1999, Mrs. Dougherty was a Vice President and Regional Trust Office Manager for First Union National Bank. During her 20 years with First Union and predecessor banks Mrs. Dougherty served as a trust administrator and supervisor and was in charge of the continuing education program. Mrs. Dougherty now serves as the Senior Vice President of Administration for Semper Trust. Mrs. Dougherty is a member of the Bucks County and Philadelphia County Estate Planning Councils and is a Board Member of the Montgomery County Estate Planning Council. Mrs. Dougherty is an active member of the Executive Committee of the Corporate Fiduciaries of Philadelphia and serves as the current President. Suzanne K. Royce Assistant Vice President/Administration Joined SMC in 1992 Mrs. Royce received her B.A. in Political Science from Villa Nova University in 1976. She attended the Central Atlantic School of Trust and graduated with honors in 1996. She also attended National Trust School in 1999. Prior to joining Stratton Management Company in 1990, she was employed by the YMCA of the USA East Field Office as Assistant to the National Field Executive, providing administration, training, and consulting services in the areas of management, fund-raising and endowment, to approximately 400 independently chartered YMCAs throughout the eastern coast. In 1992, she joined Semper Trust Company as a Portfolio Assistant and in 1996 was named Assistant Vice President/Administration for the Trust Company. She is currently a member of the Personal Trust Services Committee of the Corporate Fiduciaries of Philadelphia.
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