Many sophisticated investors do not have the time to research investment opportunities or do not wish to make the day-to-day decisions required to manage their investment portfolios. These clients retain Managed Asset Portfolios to manage their portfolios on a discretionary basis. An Investment Policy Statement (IPS) is prepared based upon the client’s unique information, such as investment goals and objectives, risk tolerance, and tax considerations. The IPS governs the manner and sets the guidelines in which the portfolio is managed by MAP. Each separately managed account is a customized portfolio designed to meet the individual needs and preferences of each client. In addition to statements issued by the account custodian, MAP issues periodic performance reports so that clients are fully informed regarding not only the investment activity in the account, but also the performance of their portfolio compared to widely recognized market benchmarks. Performance reporting causes MAP to be fully accountable to clients for the management of their account.