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 in 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.

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 Arcadia University. He is also a member of the Finance Committee of Chestnut Hill Healthcare.

James A. Beers
Managing Partner - Joined SMC in 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.

Gerald M. Van Horn, CFA
Portfolio Manager - Joined SMC in 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 CFA Institute. Prior to joining Stratton Management Company, Mr. Van Horn served as an Economic Research Analyst at Rightime Econometrics.

Portfolio Management

The final selection of stocks for the portfolio of Stratton Multi-Cap Fund, formerly Stratton Growth Fund, is made by Mr. Stratton, who has served as portfolio manager for over 30 years. In his absence, Mr. Affleck serves as back-up manager. The final decision to buy or sell stocks for the portfolio of Stratton Real Estate Fund, Inc. is made by Mr. Stratton, who has served as portfolio manager for 22 years and Mr. Beers. The final selection of stocks for the portfolio of Stratton Small-Cap Value Fund is made by Mr. Stratton and Mr. Van Horn.