In recent years, our annual year-end message to participants has emphasized the spiritual motivations for our decision as Catholic institutional investors to integrate faith and finance through the responsible stewardship of our portfolios. Yet as the managers of Christian Brothers Investment Services (CBIS), we know that our ability to achieve the results you expect from us is predicated on the strength and effectiveness of our organization as an investment management firm. CBIS is a creation of the De La Salle Christian Brothers. We are also a competitor with other financial services firms, large and small, for your investment management business. We strive to offer a range of investment programs, client services and hands-on financial guidance that distinguishes us from our competitors on the basis of business merit. We want your decision to invest through CBIS to be justified as a sound business decision, augmented by collaborating with us as advocates for your religious values and for the goals of social justice. During 2007, we took a number of steps that we believe will secure and strengthen the foundation of our firm and enhance our ability to meet your investment needs.
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