Item 16 – Investment Discretion

Fortney Investment Advisors, Inc. usually receives discretionary authority from the client at the outset of an advisory relationship to select the identity and amount of securities to be bought or sold. In all cases, however, such discretion is to be exercised in a manner consistent with the stated investment objectives for the particular client account. When selecting securities and determining amounts, Fortney Investment Advisors, Inc. observes the investment policies, limitations and restrictions of the clients for which it advises. For registered investment companies, Fortney Investment Advisors, Inc.’s authority to trade securities may also be limited by certain federal securities and tax laws that require diversification of investments and favor the holding of investments once made. Investment guidelines and restrictions must be provided to Fortney Investment Advisors, Inc. in writing.

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