Mr. Baxter holds a Bachelor of Science degree in Finance from the University of Florida. He is a member of the New York Society of Security Analysts and the Stock and Bond Club of South Florida. Mr. Baxter was a stock broker with Fahnestock & Co. when, in May 1987, he was asked to take over the management of Philadelphia Fund and Eagle Growth Shares. In 1988, the Fund's boards and shareholders voted the investment advisory contracts be managed by Baxter Financial Corporation.

Ronald F. Rohe
Chief Operating Officer

Mr. Rohe holds a Bachelor of Science degree and an M.B.A. in economics from Xavier University. His financial column, The Agile Bull, appeared in numerous newspapers. While a resident of Cincinnati, he was appointed to the Board of Trustees of the Cincinnati Southern Railway by the City Council of Cincinnati. He was an active broker with Hill & Company, Weil Roth & Irving, Paine Webber, and was Director of Investment Services for McCloy, Waterson & Company.