Robert Hardy Cleland

What was filed

1037
investments
9
positions
0
gifts
0
agreements
0
debts
0
reimbursements
1
income
0
spouse income

Named parties

have been listed as partial sale on 2007 report; line 399
have been listed as partial sale on 2007 report; line 400
have been listed as partial sale on 2007 report; line 406
have been listed as partial sale on 2007 report; line 445
have been listed as partial sale on 2007 report; line 474
have been listed as partial sale on 2007 report; line 506
to become Bank of New York Mellon in July 2007 - all shares sold as New York Mellon on 12/10(2007 Report; line 620)
"FRI" through "FR 6", though not necessarily in that order
Trust 1
3 ~ c 5 Tost vw EB em
FT se Fe Trust Voc JT a PEA] []
5 = =P rn Trust —-_ _ [RE]
N « hd Nr i mi jo] Foundation 1 —o
Sub-Chapter S Corporation
Partnership
Board of Directors Condominium Association
County of St. Clair, Michigan (defined benefit retirement plan)

As filed

Bernstein Cash

Decker Corp (common)

S — Capital Gains

share of FRS

Investment Partnership

Cash Reserves Fund

Daily Income Fund

residential real estate held for rental; {JRE Cty

Club (A fractional share of Investment Club, a Michigan Limited Liability Company; see part VIII for comments)

residential real estate held for rental; (li Cty

LTD-Spon ADR (common) — Sale

LTD-Spon ADR (common) — Sell

Laboratories (common) — Sale

Blizzard Inc (common) — Buy

Systems Inc (common) — Sale

Systems Inc (common) — Sell

Products & Chemicals Inc (common) — Sale

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Sale

Waste Industries Inc (common) — Buy

Waste Industries Inc (common) — Sell

Corp (common) — Buy

Group Inc (common) — Buy

Group Inc (common) Altria Group Inc (common) — Sale Partial Sale

Movil-ADR Series L (common) — Sale

Express Co (common) — Sell

Intemational Group (common) — Buy

International Group (common) — Buy

Corp (common) — Sell

Inc (common) — Buy

Corp (common) — Buy

Inc (common) — Sale

Inc (common) — Sell

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Buy

SA Luxembourg (common) — Sale

Daniels Midland Co (common) — Buy

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Sale

Inc (common)

Hughes Inc (common) — Sale

Hughes Inc (common) — Sell

of America Corp (common) — Buy

of America Corp (common) — Sale

International Inc (common) — Buy

Dickinson & Co (common) — Buy

Emerging Markets Portfolio (fund) — Buy

Emerging Markets Portfolio (fund) — Sale

Tax-Managed Intemational Portfolio (fund) — Sale

Tax-Managed International Portfolio (fund) — Sale

Tax-Managed Intemational Portfolio (fund) — Sale

Co (common) — Sell

Automotive Inc (common) — Sell

PLC (common) — Sale

Corp - CL A (common) — Sale

Ltd (common) — Buy

Intemational (common) — Buy

Health Inc (common) — Buy

Inc (common) — Buy

Inc (common) — Sale

Corp - CL B (common)

Corp (common) — Buy

Corp (common) — Sale

Systems Inc (common) — Sale

First Bancorp Inc (common)

Inc (common) — Buy

First Bancorp (common) — Buy

First Bancorp (common) — Sale

Co (common) — Sell

Group Inc (common) — Buy

Group Inc (common) — Sale

Cola Co (common) — Buy

Co (common) — Buy

common) — Sale

Energy Group (common) — Sale

Energy Group (common) — Sell

Inc (common) — Buy

Wholesale Corp (common) — Buy

Wholesale Corp (common) — Sale

Limited (common) — Sale

Limited (common) — Sell

Co (common) — Sale

Bank AG Registered (common) — Sale

Energy (common) — Buy

Energy (common) — Sale

Chemical (common) — Sale

Chemical (common) — Sell

Chemical Co (common) — Buy

common) — Sale

common) — Sell

Arts Inc (common) — Buy

Arts Inc (common) — Sell

Data Systems Corp (common) — Sell

Corp/Mass (common) — Sell

Electric Co (common) — Sale

Electric Co (common) — Sell

Electric Co (common) — Buy

Corp (common) — Sell

Res Inc (common) — Buy

Res Inc (common) — Sale

L M Tel Co (common) — Buy

Mobile Corp (common) — Sale

Mae (common) — Buy

Mae (common) — Sale

Third Bancorp (common) — Buy

Corp (common) — Sale

Resources Inc (common) — Sale

McMoran Copper (common) — Buy

McMoran Copper (common) — Sell

Int’l Ltd (common) — Buy

Int’l Ltd (common) — Sale

Int'l Ltd (common) — Sell

Co (common) — Buy

Inc (common) — Buy

Ine (common) — Sale

Electric Co (common) — Sale

Mills (common) — Buy

Financial (common) — Buy

Sciences Inc (common) — Sale

Sachs Group Inc (common) — Buy

Sachs Group Inc (common) — Sale

Inc-CL A (common) — Sale

Financial Group (common)

Financial Svcs Grp (common ) — Buy

Financial Svcs Grp (common ) — Sale

Co (common) — Buy

Inc (common) — Buy

Inc (common) — Sell

Depot Inc (common) — Buy

International Inc (common) — Sale

International Inc (common) — Sell

Inc (common) — Sell

Co Ltd-CL A (common) — Sell

Corp (common) — Sale

Business Machines Corp (common) — Sell

Penney Co — Buy

Morgan Chase & Co (common) — Buy

Morgan Chase & Co (common) — Sale

Home (common) — Buy

Home (common) — Sale

Home (common) — Sell

Co (common) — Buy

Co (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Vegas Sands Corp (common) — Sell

B rothers Holdings (common) — Buy

Brothers Holdings (common) — Sell

National Corp (common)

Martin Corp (common) — Buy

Cos (common) — Buy

Inc (common) — Sale

Oil Corp (common) — Sale

Oi] Corp (common) — Sale

Inc (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Corp (common) — Sell

Health Solutions Inc (common) — Buy

Health Solutions Inc (common) — Sale

Electronic Materials (common) — Buy

Electronic Materials (common) — Sale

Electronic Materials (common) — Sell

Co Inc (common) — Buy

Co Inc (common) — Sale

Co Inc (common) — Buy

Lynch & Co (common) — Buy

Lynch & Co (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Corp (common) — Sale

Coors Brewing Co (common) — Buy

Co (common) — Buy

Corp (common) — Sell

Stanley (common) Morgan Stanley (common) — Buy

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Buy

Corp (common) — Buy

Corp-Spon ADR (common) — Buy

Corp-Spon ADR (common) — Sale

Corp-Spon ADR (common) Nokia Corp-Spon ADR (common) — Sale Partial Sale

Corp-Spon ADR (common) — Sale

Corp-Spon ADR (common) — Buy

Corp-Spon ADR (common) — Sale

Grumman Corp (common) — Sell

Grumman Corp (common) — Buy

Grumman Corp (common) — Sale

Grumman Corp (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Euronext (common) — Sale

Euronext (common) — Sell

Corp (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Inc (common) — Buy

Inc (common) — Sell

Morris Int'l (common) — Buy

Morris Int’l (common) — Sale

Morris Int’l (common) — Buy

Gamble Co (common) — Buy

Gamble Co (common) — Sale

Inc (common) — Buy

Energy Inc (common) — Buy

in Motion (common) — Buy

in Motion (common) — Sale

Tinto (common) — Buy

Tinto (common) — Sell

Dutch Shell PLC-ADR (common) — Buy

System Inc (common) — Buy

System Inc (common) — Sell

Inc (common)

common) — Buy

common) — Sell

Synthelabo (common) — Buy

Lee Corp (common) — Sale

Lee Corp (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Ltd (common) — Sell

Ltd (common) — Buy

Charles) Corp (common) — Buy

Aerosystems Hldg-CL A (common) — Sale

Aerosystems Hldg-CL A (common) — Sell

Nextel Corp (common) — Buy

Corp (common) — Sale

Corp (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Corp (common) — Sale

Corp (common) — Sell

Data Corp (common) — Sell

Corp (common) — Sale

Corp (common) — Sell

Pharmaceutical-SP ADR (common) — Buy

Pharmaceutical-SP ADR (common) — Sale

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Buy

Walt Disney Co (common) — Buy

Wamer Inc (common) — Buy

Companies Inc (common) — Buy

Motor Corp (common) — Buy

Inc (common) — Buy

Inc (common) — Sale

Inc (common) — Sell

Co Inc (common) — Sale

Co Inc (common) — Sell

Foods Inc (common) — Buy

Pacific Corp (common) — Buy

Technologies Corp (common) — Sell

Inc (common) ‘VF Corp (common) — Partial Sale

Corp (common) — Sell

Inc (common) — Buy

Inc (common) — Sell

Group(common) — Sale

Group(common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Corp (common) — Sell

Stores (common) — Buy

Inc (common) — Sale

Inc (common) — Sell

Digital Corp (common) — Buy

Energy Corp (common) — Sale

Energy Corp (common) — Sell

William Jr. Co (common) — Buy

William Jr. Co (common) — Sale

William Jr. Co (common) — Sell

common) — Buy

Capital Ltd (common) — Buy

Brands Inc (common) — Buy

Brands Inc (common) — Sell

S2 — Capital Gains

Emerging Market Core Equity Fund — have been listed as partial sale on 2007 report; line 399

Large Cap International Fund — Sell

International Value Fund — Sell — have been listed as partial sale on 2007 report; line 400

Select Sector SPDR ETF — Buy

Int’l Small Companies (common) — Sell — have been listed as partial sale on 2007 report; line 406

Commercial Credit LLC

Focus 30 Fund — Sale

Focus 30 Fund — Sell

Dow Jones Select Dividend Index Fund — Sell

S&P 500/Barra Growth Fund — Sale

National (common)

Fund — Buy

Asian Growth and Income Fund — Buy

Dep Repts/Spdrs Trust — Sale

Dep Repts/Spdrs Trust — Sell

Avenue Value Fund — Buy

Browne Global Value Fund — Buy

TRAIT — Capital Gains

Global High Income Fund — Buy

Emerging Market Core Equity — Buy

Intemational Value Fund — Sell

Large Cap Int'l — Buy

US Large Cap Value Fund

US Vector Equity — Buy

Select Sector SPDR ETF — Buy

Int’l Small Companies Fund — Sell

Focus 30 - Inst'l Shs

Growth Fund — Sale

Growth Fund — Sell

Small Cap — Buy

Strategic Growth — Buy

Dow Jones Select Dividend Fund — Sell

S&P 500 Growth Index Fund

TR Russell2000 Growth Index Fund — Sale

Fund — Buy

Asian Growth & Income Fund — Sell

Asian Growth & Income Fund — Buy

QQQ Trust — Sale

QQQ Trust — Sell

Dep Rcepts/Spdrs Trust — Buy

Dep Rcpts/Spdrs Trust — Sell

Avenue Value — Buy

Browne Global Value Fund — Buy

Borwne Global Vallue FUnd — Buy

Growth ETF — Sale

Growth ETF — Sell

mA2 — Capital Gains

Global High Income Fund — Buy

Fund — Buy

Asian Growth & Income Fund — Buy

QQQ Trust Fund — Sell

Dep Repts/Spdrs Trust — Sell

[EN — Capital Gains

Total Return Bond Fund fka Julius Baer Total Return Bond Fund

1-Year Fixed Income Fund — Sell

Emerging Market Core Equity Fund — have been listed as partial sale on 2007 report; line 445

Intemational Value Fund — Sell

Large Cap Intemational Fund

US Large Cap Value Fund

Cash Reserves Fund

Select Sector SPDR ETF — Buy

Intenational Small Companies Fund — Sell

Core Fixed Income Fund

Growth Fund — Sell

Strategic Growth Fund — Buy

Dow Jones Select Dividend — Sell

S&P 500/Barra Growth Fund

TR Russell 2000 Growth Index Fund

National (common)

Fund — Buy

Asian Growth & Income Fund — Buy

QQQ Trust Fund — Sell

Avenue Value Fund — Buy

Browne Global Value Fund — Buy

Growth ETF Fund — Sell

T2 — Capital Gains

Global High Income Fund — Buy

Investment Partnership

Emerging Market Core Equity — have been listed as partial sale on 2007 report; line 474

International Value Fund — Sell

US Large Cap Value Fund

US Vector Equity Fund

Select Sector SPDR ETF — Buy

Internat’ Small Co (common) — Sell

Commercial Credit (common)

Focus 30 Fund — Buy

Growth Fund — Sell

Small Cap Fund — Buy

Strategic Growth Fund — Buy

Dow Jones Select Dividend Fund — Sell

S&P 500/Barra Growth Index Fund

TR Russell2000 Growth Index Fund

National (common)

Fund — Buy

Asian Growth and Income — Buy

QQQ Trust Fund — Sell

Dep Rcpts/Spdrs Trust Fund — Sell

Avenue Value Fund — Buy

Browme Global Value Fund — Buy

Growth ETF — Sell

Fa — Capital Gains

Global High Income Fund — Buy

Investment Partnership

Emerging Market Core Equity — have been listed as partial sale on 2007 report; line 506

International Value Fund — Sell

Large Cap International Fund DFA US Large Cap Value Fund

US Vector Equity Fund

Select Sector SPDR ETF — Buy

Internat’! Small Co (common) — Sell

Commercial Credit (common)

Focus 30 Fund — Buy

Small Cap Fund — Buy

Strategic Growth Fund — Buy

Dow Jones Select Dividend Fund — Sell

S&P 500/Barra Growth Index Fund

TR Russell2000 Growth Index Fund

National (common)

Fund — Buy

Asian Growth and Income — Buy

QQQ Trust Fund — Sell

Dep Repts/Spdrs Trust Fund — Sell

Avenue Value Fund — Buy

Browme Global Value Fund — Buy

Growth ETF — Sell

601 — Int/Div

PLC Sponsored ADR

National (common)

common)

Spartan Florida Municipal Income Fund

Fund (MM)

BIER) — Capital Gains

LTD-Spon ADR (common) — Sale

LTD-Spon ADR (common) — Sell

Laboratories (common) — Buy

Laboratories (common) — Sale

Ltd (common) — Sell

Blizzard Inc (common) — Buy

Systems Inc (common) — Sale

Systems Inc (common) — Sell

Inc (common) — Buy

Products & Chemicals Inc (common) — Sale

Inc (common) — Sale

Bemnstein Cash

Corp (common)

Group (common) — Buy

Group Inc (common) — Sale

Group Inc (common) — Sell

Movil-ADR Series L (common) — Buy

Movil-ADR Series I. (common) — Buy

Movil-ADR Series L (common) — Sale

Movil-ADR Series L (common) — Sell

Express Co (common) — Sell

Int’l Group, Inc (common) — Buy

Corp (common) — Sell

Corp (common) — Buy

Computer Inc (common) — Buy

Computer Inc (common) — Sale

SA Luxembourg (common) — Sale

SA Luxembourg (common) — Sell

Electronics Inc (common) — Sell

Inc (common) — Buy

Inc (common) — Sell

Inc (common) — Sale

Inc (common)

Hughes Inc (common) — Sale

Hughes Inc (common) — Sell

of America Corp (common) — Buy

of New York Mellon fka Bank of New York (common) — sold - see note — to become Bank of New York Mellon in July 2007 - all shares sold as New York Mellon on 12/10(2007 Report; line 620)

International Inc (common) — Buy

Intemational Inc (common) — Buy

Dickinson & Co (common) — Buy

Tax-managed Int’l Portfolio — Buy

Tax-managed Int’] Portfolio — Buy

Emerging Markets Portfolio — Buy

Decker Corp (common)

Co (common) — Sell

Warmer Automotive Inc (common) — Sell

PLC (common) — Buy

PLC (common) — Sale

Squibb Co (common) — Buy

Corp - CL A (common) — Sale

Corp - CL A (common) — Sell

Ltd (common) — Buy

International (common) — Buy

Health Inc — Buy

Inc (common) — Buy

Inc (common) — Sell

Corp - CL B (common) — Buy

Corp (common) — Buy

Corp (common) — Sale

Systems (common) — Sale

Inc (common) — Buy

Co (common) — Sell

Group Inc(common) — Buy

Group Inc(common) — sale

Group Inc(common) — Sale

Group Inc(common) — Buy

Energy Group (common) — Sale

Energy Group (common) — Sell

Inc (common) — Buy

Wholesale Corp (common) — Buy

Wholesale Corp (common) — Sale

Limited (common) — Sell

Co (common) — Sale

Bank AG Registered (Common)

Energy Corp (common) — Buy

Energy Corp (common) — Bay

Resources Inc (common) — Buy

Chemical (common) — Sale

Chemical (common) — Sell

common) — Sell

Chemical Co (common) — Buy

Inc (common) — Sell

Arts Inc (common) — Buy

Arts Inc (common) — Sell

Data Systems Corp (common) — Sell

Corp/Mass (common) — Sell

Electric Co (common) — Buy

Res Inc (common) — Buy

Res Inc (common) — Sale

LM Tel Co (common) — Buy

L M Tel Co (common) — Buy

Mobile Corp (common) — Buy

Mobile Corp (common) — Sale

Mae (common) — Buy

Mae (common) — Sale

Mae (common) — Sell

Third Bancorp (common) — Buy

Intl Ltd (common) — Sale

Intl Ltd (common) — Sell

Corp (common) — Sale

Wheeler Ltd (common) — Buy

Wheeler Ltd (common) — Sell

Resources Inc (common) — Sale

McMoran Copper (commmon) — Buy

McMoran Copper (commmon) — Sell

Mac (common) — Buy

Mac (common) — Sell

Mac (common) — Buy

Mac (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Electric Co (common) — Sale

Electric Co (common) — Buy

Financial Inc (common) — Buy

Sciences Inc (common) — Buy

Sciences Inc (common) — Sale

Sachs Group Inc (common) — Sale

Sachs Group Inc (common) — Buy

Sachs Group Inc (common) — Sale

Sachs Group Inc (common) — Buy

Inc-CL A (common) — Buy

Inc-CL A (common) — Sale

Financial Services Group (common) — Buy

Financial Services Group (common) — Sale

Co (common) — Buy

Co (common) — Sale

Inc (common) — Buy

Inc (common) — Sell

Depot Inc (common) — Buy

Intemational Inc (common) — Sale

International Inc (common) — Sale

Intemational Inc (common) — Sell

Inc (common) — Sell

Rand Co Ltd (common) — Sell

Micro Inc (common) — Buy

Corp (common) — Buy

Corp (common) — Sale

Business Machines Corp (common) — Sell

Penney Co (common) — Buy

Morgan Chase & Co (common) — Buy

Morgan Chase & Co (common) — Sale

Morgan Chase & Co(common) — Sale

Morgan Chase & Co (common) — Sale

Morgan Chase & Co (common) — Buy

Home (common) — Buy

Home (common) — Sell

Co (common) — Buy

Co (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Foods Inc (common) — Sell

Vegas Sands Corp (common) — Sell

Brothers Holdings — Buy

Brothers Holdings — Sell

National (common)

Cos (common) — Buy

Martin Inc (comon) — Buy

Inc (common) — Sale

Oil Corp (common) — Sale

Oil Corp (common) — Sell

Inc (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Corp (common) — Sell

Health Solutions Inc (common) — Buy

Health Solutions Inc (common) — Sale

Electronic Materials Inc (common) — Buy

Electronic Matenals Inc (common) — Buy

Electronic Materials Inc (common) — Buy

Electronic Materials Inc (common) — Sale

Electronic Materials Inc (common) — Sell

Co Inc (common) — Buy

Co Inc (common) — Sale

Lynch & Co Inc (common) — Buy

Lynch & Co Inc (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Corp (common) — Sale

Coors Brewing Co (common) — Buy

Co (common) — Buy

Co (common) — Sale

Co (common) — Partial Sale

Co (common) — Sale

Stanley (common) — Buy

Inc (common) — Buy

Inc (common) — Sell

Corp (common) — Buy

Inc (common) — Buy

Corp-Spon ADR (common) — Buy

Corp-Spon ADR (common) — Sale

Grumman Corp (common) — Sale

Grumman Corp (common) — Sell

Corp (common) — Sale

Euronext (common) — Sale

Euronext (common) — Sell

Depot Inc (common) — Sell

Illinois Inc (common) — Sell

Corp (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Morris International (common) — Buy

Morris International (common) — Sale

Gamble Co (common) — Buy

Gamble Co (common) — Sale

Inc (common) — Buy

Energy Inc (common) — Buy

in Motion (common) — Buy

in Motion (common) — Sale

in Motion (common) — Sell

Tinto (common) — Buy

Tinto (common) — Sell

Dutch Shell PLC-ADR (common) — Buy

System Inc (common) — Buy

System Inc (common) — Sell

Inc (common) — Buy

Inc (common) — Sale

Inc (common) — Buy

Inc (common) — Sell

Synthelabo (common) — Buy

Lee Corp (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Ltd (common) — Buy

Charles) Corp (common) — Buy

Charles) Corp (common) — Sale

Aerosystems Hldg-CL A (common) — Sell

Nextel Corp (common) — Buy

Nextel Corp (common) — Sale

Inc (common) — Buy

Inc (common) — Sale

Corp (common) — Sale

Corp (common) — Sell

Data Corp (common) — Sell

Corp (common) — Sale

Corp (common) — Sell

Pharmaceutical Industries (common) — Buy

Pharmaceutical Industries (common) — Sale

Inc (common) — Buy

Inc (common) — Sale

Walt Disney Co (common) — Buy

Wamer Inc (common) — Buy

SA-Spon (common) — Buy

SA-Spon (common) — Sell

Motor Corp (common) — Buy

Inc (common) — Buy

Inc (common) — Sale

Inc (common) — Sell

Companies Inc (common) — Sale

Electronics (common) — Sell

Intemational Ltd (common) — Sell

Foods Inc (common) — Buy

Pacific Corp (common) — Buy

Technologies Corp (common) — Sell

Energy Corp (common) — Buy

Energy Corp (common) — Sell

Communications Inc (common) — Buy

Communications Inc (common) — Sale

Corp (common) — Sell

Inc (common) — Buy

Inc (common) — Sell

Group PLC-SP ADR (common) — Sale

Group PLC -SP ADR (common) — Sell

Corp (common) — Buy

Corp (common) — Sale

Corp (common) — Sell

Stores, Inc (common) — Buy

Inc (common) — Sale

Inc (common) — Sell

Digital Corp (common) — Buy

Energy Corp (common) — Buy

William Jr. Co (common) — Buy

William Jr. Co (common) — Sale

William Jr. Co (common) — Sell

Wyeth — Buy

Capital LTD (common) — Buy

Brands Inc (common) — Buy

Brands Inc (common) — Sell

T0 — Int/Div

Seven of these entities constitute those fiduciary relationships listed as, "FRI" through "FR 6", though not necessarily in that order

Co-Trustee, Trust 1

Co-Trustee, 3 ~ c 5 Tost vw EB em

Co-Trustee, FT se Fe Trust Voc JT a PEA] []

Trustee, 5 = =P rn Trust —-_ _ [RE]

President, N « hd Nr i mi jo] Foundation 1 —o

President, Sub-Chapter S Corporation

Co-Trustee, Partnership

10Member, Board of Directors Condominium Association

Income — 2008 — County of St. Clair, Michigan (defined benefit retirement plan) — $£19.992.00

Re: "Investment Club" line 7 Section VII - Investments

This entity is a Limited Liability Company, and is the equivalent of a mutual fund or limited partnership designed to engage in investment strategies. It is a

"common investment fund” and the assets are not individually reported because the reporting judge does not control or influence the Company's investment

decisions, which are delegated to the investment advisory division of a financial institution.