General Information

Wealth Management

Wealth Management is a multi-faceted approach of developing, growing and deploying assets to help our clients meet their long-term goals. These goals often include retirement planning, education funding, wealth transfer to heirs, charitable contributions, and tax sensitive investing. We work to meet these goals through an understanding of each individual client’s needs, risk-tolerance and long-term objectives. Armed with this knowledge, we work in consultation with our client’s other key advisors, (primarily CPAs and Estate Planning attorneys) to develop and execute appropriate plans.

Equity Holdings
For a list of Greystone’s Equity Holdings, log onto our 13f filing with the SEC by clicking below:

13F-HR OTHERDOC (grey4q09.txt): 13F-HR OTHERDOC

Privacy Notice
This notice is being provided to you in accordance with the Securities and Exchange Commission's rule regarding the privacy of consumer financial information ("Regulation S-P"). Please take the time to read and understand the privacy policies and procedures that we have implemented to safeguard your nonpublic personal information.

Information We Collect
Greystone Investment Management LLC must collect certain personally identifiable financial information about its customers to provide financial services and products. The personally identifiable financial information that we gather during the normal course of doing business with you may include:

1. information we receive from you on applications or other forms;
2. information about your transactions with us, our affiliates, or others;
3. information we receive from a consumer reporting agency.

Information We Disclose
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted or required by law, or as necessary to provide services to you. In accordance with Section 248.13 of Regulation S-P, we may disclose all of the information we collect, as described above, to certain nonaffiliated third parties such as attorneys, accountants, auditors and persons or entities that are assessing our compliance with industry standards. We enter into contractual agreements with all nonaffiliated third parties that prohibit such third parties from disclosing or using the information other than to carry out the purposes for which we disclose the information.

Confidentiality and Security
We restrict access to nonpublic personal information about you to those Employees who need to know that information to provide financial products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

CATEGORIES OF INFORMATION THE ADVISER DISCLOSES. The adviser does not disclose any nonpublic personal information about it's current or former clients to unaffiliated third parties, except as required or permitted by law. The adviser is permitted by law to disclose all of the information it collects, as described above, to it's service providers (such as the custodian and broker-dealer) to process it's clients' transactions and to otherwise provide services to it's clients.

Confidentiality and Security. The adviser restricts access to the nonpublic personal information of it's clients to those persons who require such information to provide products or services to the clients. The adviser maintains physical, electronic, and procedural safeguards that comply with federal standards to guard the nonpublic personal information of it's clients.

Greystone Investment Management, LLC

Greystone Proxy Policy Statement:
In accordance with the Investment Advisers Act of 1940 by Rule 206(4)-6 we have a fiduciary duty as investment managers to vote proxies in favor of shareholder interests. All proxies that the firm receives will be voted in accordance with our Guidelines. A copy of all proxies and how they were voted will be maintained in a file, by year, for easy accessibility.

The Portfolio Manager, Equity Analyst & Vice President comprise the Proxy Voting Committee and are responsible for voting all shareholder proxies. It will be the Vice President’s responsibility to vote proxies in a timely manner.

Proxies will be voted in the best interests of shareholders.

Here are some examples from our Guidelines: (These are Guidelines only and may not address all possible examples of proxy issues and, therefore, actual proxy votes may differ from the guidelines presented here)

Routine Business
a.Approval of Auditors (unless a change is not satisfactorily explained) and Compensation in Line with Prevailing Practice
b.Change Date and Place of Annual Meeting (if not associated with a takeover)
c.Change Company Name
Greystone considers the reputation, experience, and competence of a company’s management and Board when it researches and evaluates the merits of investing in a particular security. In general, Greystone has confidence in the abilities and motives of the Board and management of the companies in which Greystone invests and typically will vote in accordance with them on the above issues.

Management Compensation
a.Executive Compensation, Stock Option and Savings Plans that are Generally in Line with Prevailing Practice
Greystone usually supports measures which enable companies to attract and retain key employees and directors. Greystone reviews each compensation plan to see if it is consistent with prevailing practice and does not overly dilute shareholder value. Greystone favors plans that reward long term performance and align management and shareholders’ interest.
b.Golden Parachutes
Provisions for “golden parachutes” are evaluated on a case-by-case basis. Greystone would generally support golden parachutes where it believes that they would enable the company to attract and retain key executives. However, Greystone would normally vote against golden parachutes where the payment is particularly onerous and, therefore, deters a takeover, and/or does not align management’s interest with those of shareholders’.

Conflicts of Interest:
Due to the nature of Greystone’s business and its small size, there are currently no identifiable conflicts of interests. In the event a conflict does arise, it will be confirmed by discussion with the proxy committee and compliance officer.

How to obtain Proxy Voting Record?
Each client may request records of how Greystone has voted their proxies. All requests must be made in writing to Greystone. Records can be requested by security or by timeframe.

Full Proxy Voting Guidelines are available upon request.