Background
Mitchell Sinkler & Starr (MS&S) was established as a partnership in 1969 under the name Mitchell
& Sinkler, and later incorporated under that name in 1972. The name of the corporation was
changed to Mitchell Sinkler & Starr in 1980. Employee-owned and independent since inception,
we provide a high level of service and objective financial advice to our clients. MS&S has a fiduciary
obligation to put the interests of our clients first, at all times. This includes eliminating or
minimizing all known potential conflicts of interest.
Mitchell Sinkler & Starr is an investment advisor for various types of accounts including those of
individuals, families, endowment funds, foundations, estates, and trusts. Clients are encouraged
to participate in the investment strategy and decision-making process, for we believe there is a
correlation between a well-defined client / advisor relationship and optimal investment
performance. However, the Firm manages accounts on a fully discretionary basis.
Personalization is a key component of the service we offer. Portfolios are separately managed and
designed specifically based on the client’s goals, time horizon and risk tolerance.
At our core, we are long-term investors. We believe that a carefully designed, goal-based mix of
high-quality stocks, bonds, and exchange-traded funds is the best way to preserve, protect and
grow our clients’ wealth in the present and for future generations. While our investment approach
is consistent – always leveraging thorough, fundamental research and proprietary analysis – our
relationship with each client is tailored to their individual needs.
As of December 31, 2023, our assets under management totaled $1.590 billion. Of that amount,
$1,189 billion were managed in advisory (non-discretionary) accounts and $401 million in
discretionary accounts.
Mitchell Sinkler & Starr is registered under the Investment Advisors Act of 1940. Registration does
not imply a certain level of skill or training. A signed contract is required for each account, a
sample copy of which is available upon request.
W. Gregory Richardson, President & Chief Compliance Officer, Heather F. McMeekin, Vice
President, Peter T. Toscani, Vice President and William D. Wilson, Portfolio Manager, are the
current stockholders of the Corporation.
Our Philosophy
Working closely with our clients to establish the goals and objectives of each portfolio is the start
of our investment process. This discussion leads to conclusions about the appropriate allocation
to a variety of asset classes, income requirements, time horizon, the need for liquidity, and the
need for principal stability. In the long-term, portfolios are fully invested with little effort made to
time markets.
Both “top-down” and “bottom-up” approaches are utilized in the management process.
Considerable time is spent evaluating economic conditions that affect capital markets, individual
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countries and regions, and specific industries, allowing portfolio managers to shape an account’s
strategy related to the staged investment of cash, the laddering of fixed-income portfolios, the
weighting of industry sectors in equity portfolios, and the level of commitment to non-US markets.
Conversely, when evaluating specific holdings for clients, every effort is made to understand and
pass judgment on the suitability of fixed-income or equity investments in relation to client
obj1liind the Firm’s research.
Based on the unique goals and objectives of eah individual client, Mitchell Sinkler & Starr
recommends, when appropriate, the purchase and sale of publicly traded s6.8 7 (c)0.5 (u)1.9 (ri)13.4 (.4 di)-46.8 (i)s, including, but
not limited to, common stock, indivi1lal b.8 6 (o)-2.5 (n)6.1 (ds)10.1 (, )-11.1 (a)6 (n)6 (d )-11.2 (e)-4.1 (x)7 (ch)-3 (a)6 (n)6 (g)11.1 (6.]TJ0 Tc 0 Tw 27.315 0 Td(-)Tj-0.004 Tc 0.002 Tw 0.37 0 Td[(t)4 (r)-7 (ad)-6.1 (e)0.8 (d)-6.1 ( f)-5 (u)-5.1 (nd)4.8 (s)-6.8 (.)]TJ0 Tc 0 Tw 5.87 0 Td( )TjEMC /P <>BDC 0.006 Tc 0.09 Tw -33.554 -2.207 Td[(T)5.4 (h)11.9 (es)14.1 (e r)13.8 (ec)14.3 (o)1.5 (m)6.6 (m)17.4 (en)10 (d)4 (a)9.9 (t)3.2 (i)16.4 (o)1.5 (n)10.1 (s)14.1 ( w)3.9 (i)5.5 (l)9.4 (l)9.4 ( r)2.9 (ef)4.9 (l)20.3 (ec)3.5 (t)3.2 ( a)10 (n)10 (y)8.9 ( )]TJ0.003 Tc 0.093 Tw [(r)10.8 (e)-3.1 (st)11 (ri)2.5 (c)11.4 (ti)13.4 (o)-1.5 (n)7 (s c)0.5 (l)6.4 (i)13.4 (e)-3.1 (n)7 (ts m)3.5 (a)7.1 (y)5.8 ( i)2.5 (m)14.4 (p)-2 (o)9.4 (se)-3.1 ( )10.9.6o)-1.5 (n)7.1 ( i)2.5 (n)7.1 (v6.8 7 (s.4 di6 (n)7 (g)1.2 ( i)2.5 (n)7.1 ( c)11.4 (6.8 7 (rta)7 (i)2.5 (n)17.9 ( )]TJ-0.005 Tw 0 -1.293 TD[(se)-3.1 (c)11.3 (u)2 (ri)13.4 (.4 di)-46.8 (i)s o)9.4 (r ty)16.7 (p)-2.1 (6.8 (i)s o)-1.5 (f)1.9 ( )10.8 (s6.8 7 (c)11.4 (u)1.9 (ri)di)-4ti)13.4 (e)-3.1 (s)11.1 (.)]TJ0 Tc 0 Tw 13.717 0 Td( )TjEMC /P <>BDC 17.04 -0 0 17.04 60.96 534i6 Tm( )TjEMC /H1 <>BDC 0.082 0.208 0.361 rg/TT2 1 Tf-0.001 Tc 0.001 Tw 14.04 -0 0 14.04 71.76 518.04 Tm[(I)0.5 (t)-5.7 (e)-1.6 (m)]TJ0 Tc 0 Tw 2.427 0 Td( )Tj-0.001 Tc 0.001 Tw 0.231 0 Td(5:)Tj0 Tc 0 Tw 0.966 0 Td( )Tj-0.008 Tc 0.008 Tw 0.419 0 Td[(F)-12.2 (ee)-8.7 (s)]TJ0 Tc 0 Tw 2.325 0 Td( )Tj0.214 0 Td(&)Tj0.795 0 Td( )Tj-0.012 Tc 0.012 Tw 0.222 0 Td[(C)2.1 (om)-4.5 (p)-3.6 (e)-4.1 (n)-5.7 (s)-3.3 (a)-5.7 (t)-8.2 (ion)]TJ0 g0 Tc 0 Tw 7.359 0 Td( )TjEMC /P <>BDC -15.726 -1.137 Td( )TjEMC /P <>BDC /TT1 1 Tf0.003 Tc 0.038 Tw 11.04 -0 0 11.04 71.88 488.76 Tm[(M)6.1 (S)-1.2 (&)6.5 (S)-1.3 ( )-0.6 (i)13.4 (s )-0.6 (c)11.3 (o)-1.5 (m)3.6 (p)8.8 (e)-3.1 (n)7 (sa)7.1 (t)11 (6.8 7 (d)1 ( )-0.6 (f)1.9 (o)9.4 (r )-0.6 (i)di6 (ts )10.2 (s6.8 (i)rv)10.8 (i)di6 (c)11.3 (e)-3.1 (s )10.3 (b)-2.2 (y)5.8 ( )-0.6 (a)7 (p)8.8 (p)-2.1 (l)6.4 (y)5.9 (i)2.5 (n)7.1 (g)12 ( )-0.6 (th)8.9 (e)-3.1 ( )-0.6 (f)12 7 (o)-1.4 (l)6.4 (l)6.4 (o)-1.5 (w)0.9 (i)2.5 (n)7 (g)1.2 ( )10.2 (f)2 (e)7.7 (e)-3.1 ( )-0.6 (s)11.1 (c)0.5 (h)8.9 (e)-3.2 (d)11.8 (u)12 8 (l)6.4 (e)-3.1 ( )-0.6 (to)-1.5 ( )10.3 (th)9 (e)-3.2 ( )-0.6 (m)3.6 (a)17.9 (rk)6.4 (e)8 (i)t )-0.6 (va)7 (l)6.4 (u)12 7 (e)-3.1 ( )]TJ-0.006 Tc 0.015 Tw 0 -1.293 TD[(o)-10.5 (f)-7.1 ( t)-8.8 (he)]TJ0 Tc 0 Tw 2.533 0 Td( )Tj-0.004 Tc 0.013 Tw 0.239 0 Td[(ac)-6.5 (c)-6.5 (o)2.4 (u)-5.1 (nt)-6.8 ( o)-8.5 (n)]TJ0 Tc 0 Tw ( )Tj-0.004 Tc 0.013 Tw 5.065 0 Td[(t)-6.8 (h)1.9 (e)-10.1 ( l)-0.6 (as)-6.8 (t)4 ( d)-6.1 (ay)]TJ0 Tc 0 Tw 5.033 0 Td( )Tj-0.004 Tc 0.013 Tw 0.25 0 Td[(o)-8.5 (f)-5.1 ( t)-6.8 (h)-8.9 (e)-10.2 ( c)-6.5 (al)-0.6 (e)-10.1 (n)10.9.6d)-6.1 (ar)]TJ0 Tc 0 Tw 6.587 0 Td( )Tj0.006 Tc 0.003 Tw 0.239 0 Td[(q)0.8 (u)4.9 (a)20.9 (r)13.8 (t)3.1 (6r)13.8 (.)4.3 ( T)5.4 (h)11.9 (e f)4.9 (e)10.7 (e s)3.2 (c)14.4 (h)1 (e)10.8 (d)3.9 (u)4.9 (l)20.2 (e i)5.5 (s)3.2 ( s)3.2 (t)14.1 (a)10 (t)3.2 (ed)3.9 ( a)10 (s)]TJ0 Tc 0 Tw 16.228 0 Td( )Tj-0.004 Tc 0.013 Tw 0.239 0 Td[(an annu)-5 (al)-11.5 ( f)-5.1 (e)-10.1 (e)-10.2 (,)-5.7 ( )]TJ0.003 Tc -0.003 Tw -36.413 -1.304 Td(so)Tj0 Tc 0 Tw 0.978 0 Td( )Tj-0.008 Tc 0.008 Tw 0.239 0 Td[(e)-14.1 (a)-4 (ch)]TJ0 Tc 0 Tw 2.022 0 Td( )Tj0.002 Tc -0.002 Tw 0.228 0 Td[(a)6 (cco)-2.5 (u)0.9 (n)16.9 (t)]TJ0 Tc 0 Tw 3.457 0 Td( )Tj0.001 Tc -0.001 Tw 0.228 0 Td[(i)0.5 (s)]TJ0 Tc 0 Tw 0.728 0 Td( )Tj-0.009 Tc 0.009 Tw 0.217 0 Td[(c)-11.5 (h)-14 (a)-5 (r)-12 (ge)-4.3 (d)]TJ0 Tc 0 Tw 3.511 0 Td( )Tj-0.004 Tc 0.004 Tw 0.217 0 Td[(o)-8.5 (ne)]TJ0 Tc 0 Tw 1.62 0 Td( )Tj0.001 Tc -0.001 Tw 0.228 0 Td[(fo)-3.5 (ur)8.8 (t)-1.8 (h)]TJ0 Tc 0 Tw 2.783 0 Td( )Tj-0.008 Tc 0.008 Tw 0.228 0 Td[(th)-12.9 (6.]TJ0 Tc 0 Tw 1.413 0 Td( )Tj-0.004 Tc 0.004 Tw 0.228 0 Td[(c)-6.5 (al)-0.6 (c)-6.5 (u)-5.1
(l)-0.6 (at)4 (e)-10.1 (d)]TJ0 Tc 0 Tw 4.457 0 Td( )Tj-0.005 Tc 0.005 Tw 0.228 0 Td[(f)-6.1 (e6.]TJ0 Tc 0 Tw 1.293 0 Td( )Tj-0.008 Tc 0.008 Tw 0.228 0 Td[(b)-13.2 (a)-4 (se)-14.1 (d)]TJ0 Tc 0 Tw 2.554 0 Td( )Tj0.004 Tc -0.004 Tw 0.228 0 Td(on)Tj0 Tc 0 Tw 1.13 0 Td( )Tj-0.008 Tc 0.008 Tw 0.228 0 Td[(th)-12.9 (6.]TJ0 Tc 0 Tw 1.413 0 Td( )Tj0.006 Tc -0.006 Tw 0.217 0 Td[(q)0.8 (u)4.9 (a)10 (r)13.8 (t)14.1 (er)]TJ0 Tc 0 Tw 3.283 0 Td(-)Tj-0.004 Tc 0.004 Tw 0.359 0 Td[(e)-10.1 (nd)]TJ0 Tc 0 Tw 1.652 0 Td( )Tj-0.014 Tc 0.014 Tw 0.217 0 Td[(m)-13.4 (a)-10.1 (r)-17 (ke)-20.1 (t)]TJ0 Tc 0 Tw 3.152 0 Td( )Tj-0.004 Tc 0.004 Tw 0.217 0 Td[(v)-7 (al)-0.6 (u)-5.1 (e)]TJ0 Tc 0 Tw 2.348 0 Td( )Tj-0.01 Tc 0.01 Tw 0.228 0 Td[(o)-14.5 (f )]TJ-0.004 Tc 0.002 Tw -41.761 -1.304 Td[(t)-6.8 (h)1.9 (e)-10.1 ( ac)-6.5 (c)4.4 (o)-8.5 (u)-5.1 (nt)-6.8 (,)-5.7 ( )10.7 (p)-9.1 (ay)-1.1 (ab)-9.2 (l)10.3 (e)-10.2 ( i)-4.5 (n ad)-6 (v)-7 (anc)4.4 (e)-10.2 (.)-5.7 ( T)6.3 (h)-9 (i)-4.4 (s)-6.8 ( s)4.1 (c)-6.5 (h)1.9 (e)-10.1 (d)4.8 (u)-5.1 (l)-0.6 (e)-10.1 ( )]TJ-0.01 Tc 0.01 Tw [(is)-12.7 ( )]TJ0.001 Tc -0.003 Tw 21.674 0 Td[(e)-5.1 (ff)10.8 (e)-5.1 (c)-1.6 (t)9.1 (i)0.5 (v)8.9 (e)-5.1 ( a)5 (s)-1.7 ( o)7.3 (f )]TJ-0.008 Tc 0.008 Tw [(Ap)-13.1 (r)-11 (i)-8.5 (l)-4.6 ( )]TJ-0.006 Tc 0.004 Tw 8.663 0 Td[(1,)-7.7 ( 2)-1.3 (0)]TJ-0.004 Tc 2.098 0 Td[(2)0.7 (4)]TJ0 Tc 0 Tw 1.12 0 Td(.)Tj0.272 0 Td( )TjEMC /P <>BDC -33.826 -1.304 Td( )TjEMC ET/P <>BDC q65.88 401.04 223.8 26.04 reW nBT/TT2 1 Tf0.003 Tc -0.007 Tw 11.04 -0 0 11.04 71.28 416.88 Tm[(M)4.3 (AR)6.5 (K)4.8 (E)6.6 (T)2.3 ( V)4.1 (AL)15.1 (U)-0.9 (E)6.6 ( O)8 (i)F )10.8 (AC)0.6 (C)0.6 (O)18.7 (U)-1 (N)5.1 (T)2.2 (()15.2 (S))]TJETQq65.88 401.04 223.8 26.04 reW nBT/TT2 1 Tf11.04 -0 0 11.04 266.16 416.88 Tm( )TjETEMC /P <>BDC Qq289.68 401.04 257.4 26.04 reW nBT/TT2 1 Tf0.003 Tc -0.007 Tw 11.04 -0 0 11.04 295.08 416.88 Tm[(AN)5.1 (N)5 (U)9.9 (AL)4.2 ( FE)6.6 (E)]TJETQq289.68 401.04 257.4 26.04 reW nBT/TT2 1 Tf11.04 -0 0 11.04 372.96 416.88 Tm( )TjETEMC /P <>BDC Qq65.88 375 223.8 26.04 reW nBT0.001 Tc -0.003 Tw 11.04 -0 0 11.04 71.28 390.84 Tm[($)2.3 (2)5.7 ( M)4 (i)0.6 (l)4.4 (l)4.4 (i)0.5 (o)-3.5 (n)5.1 ( ()-4.4 (M)4.1 (i)0.5 (n)5.1 (i)0.5 (m)1.6 (um)12.4 ())]TJETQq65.88 375 223.8 26.04 reW nBT11.04 -0 0 11.04 181.92 390.84 Tm( )TjETEMC /P <>BDC Qq289.68 375 257.4 26.04 reW nBT-0.013 Tc 0.013 Tw 11.04 -0 0 11.04 295.08 390.84 Tm[(0)-18.6 (.)-14.7 (75)-17.6 (%)]TJETQq289.68 375 257.4 26.04 reW nBT11.04 -0 0 11.04 325.08 390.84 Tm( )TjETEMC /P <>BDC Qq65.88 349.08 223.8 25.92 reW nBT-0.003 Tc 0.001 Tw 11.04 -0 0 11.04 71.28 364.8 Tm[($)-1.7 (2)1.6 ( Mi)-3.5 (lli)-3.5 (o)-7.5 (n)1.1 ( t)-5.8 (o)-7.5 ( $)-1.7 (5)-7.6 ( Mi)-3.5 (lli)7.4 (o)-7.5 (n)]TJETQq65.88 349.08 223.8 25.92 reW nBT11.04 -0 0 11.04 187.68 364.8 Tm( )TjETEMC /P <>BDC Qq289.68 349.08 257.4 25.92 reW nBT0.003 Tc -0.005 Tw 11.04 -0 0 11.04 295.08 364.8 Tm[($)4.3 (1)-1.8 (5)9.3 (,)1.3 (0)8.3 (0)8.3 (0)-2.6 ( p)-2.1 (l)6.4 (u)12.8 (s 0)8.3 (.)1.3 (5)9.3 (0)-2.6 (%)4.8 ( o)9.4 (f)2 ( a)7 (s)11.1 (se)-3.1 (t)11.1 (s o)9.4 (ve)7.7 (r $)4.3 (2)7.6 ( m)3.6 (i)2.5 (l)6.4 (l)6.4 (i)2.5 (o)-1.5 (n)]TJETQq289.68 349.08 257.4 25.92 reW nBT11.04 -0 0 11.04 513.24 364.8 Tm( )TjETEMC /P <>BDC Qq65.88 323.04 223.8 26.041 reW nBT-0.003 Tc 0.001 Tw 11.04 -0 0 11.04 71.28 338.88 Tm[($)-1.7 (5)-7.6 ( Mi)-3.4 (lli)-3.5 (o)-7.4 (n)1 ( t)5 (o)-7.5 ( $)-1.7 (1)3.1 (0)-8.6 ( Mi)-3.4 (lli)-3.5 (o)-7.4 (n)]TJETQq65.88 323.04 223.8 26.041 reW nBT11.04 -0 0 11.04 193.08 338.88 Tm( )TjETEMC /P <>BDC Qq289.68 323.04 257.4 26.041 reW nBT0.003 Tc -0.005 Tw 11.04 -0 0 11.04 295.08 338.88 Tm[($)4.3 (3)0.7 (0)8.3 (,)1.2 (0)8.4 (0)8.3 (0)-2.6 ( p)-2.1 (l)6.4 (u)12.8 (s 0)8.3 (.)1.3 (2)7.6 (5)-1.6 (%)4.8 ( o)9.4 (f)1.9 ( a)7 (sse)8 (i)ts )10.7 (o)-1.5 (v)10.9 (e)-3.1 (r $)15.2 (5)-1.6 ( m)3.5 (i)2.6 (l)6.4 (l)6.4 (i)2.5 (o)-1.5 (n)]TJETQq289.68 323.04 257.4 26.041 reW nBT11.04 -0 0 11.04 514.68 338.88 Tm( )TjETEMC /P <>BDC Qq65.88 297.12 223.8 25.92 reW nBT-0.003 Tc 0.001 Tw 11.04 -0 0 11.04 71.28 312.84 Tm[($)-1.7 (1)-7.8 (0)-8.6 ( Mi)-3.5 (lli)7.4 (o)-7.5 (n)1 ( t)-5.8 (o)-7.5 ( $)-1.7 (2)1.7 (4)-3.2 ( Mi)-3.5 (lli)7.4 (o)3.4 (n)]TJETQq65.88 297.12 223.8 25.92 reW nBT11.04 -0 0 11.04 199.56 312.84 Tm( )TjETEMC /P <>BDC Qq289.68 297.12 257.4 25.92 reW nBT0.003 Tc -0.016 Tw 11.04 -0 0 11.04 295.08 312.84 Tm[($)4.3 (4)2.8 (2)7.7 (,)1.2 (5)9.3 (0)-2.6 (0)-2.5 ( p)-2.1 (l)6.4 (u)1.9 (s 0)-2.6 (.)12.2 (1)-1.8 (2)7.7 (5)-1.6 (%)4.8 ( o)-1.5 (f)1.9 ( a)7 (sse)8 (i)ts )-11.2 (o)9.4 (v)10.9 (e)-3.1 (r )-11.2 ($)15.2 (1)-1.8 (0)-2.5 ( m)3.6 (i)2.5 (l)6.4 (l)6.4 (i)2.5 (o)-1.4 (n)]TJETQq289.68 297.12 257.4 25.92 reW nBT11.04 -0 0 11.04 523.56 312.84 Tm( )TjETEMC /P <>BDC Qq65.88 271.08 223.8 26.04 reW nBT-0.003 Tc 0.001 Tw 11.04 -0 0 11.04 71.28 286.92 Tm[(O)-9 (v)4.9 (e)-9.2 (r)-6 ( $)-1.7 (2)1.7 (4)-3.2 ( Mi)-3.5 (lli)7.4 (o)-7.5 (n)]TJETQq65.88 271.08 223.8 26.04 reW nBT11.04 -0 0 11.04 154.56 286.92 Tm( )TjETEMC /P <>BDC Qq289.68 271.08 257.4 26.04 reW nBT0.003 Tc -0.005 Tw 11.04 -0 0 11.04 295.08 286.92 Tm[(0)-2.6 (.)1.3 (2)7.7 (5)-1.6 (%)4.8 ( )10.7 (o)-1.5 (n)7.1 ( Al)6.4 (l)6.4 ( As)11.1 (s)11.1 (e)-3.1 (ts)]TJETQq289.68 271.08 257.4 26.04 reW nBT11.04 -0 0 11.04 390.6 286.92 Tm( )TjETEMC QBT/P <>BDC 0.001 Tc -0.001 Tw 11.04 -0 0 11.04 71.88 254.28 Tm[(O)-5 (ur)]TJ0 Tc 0 Tw 1.728 0 Td( )Tj-0.01 Tc 0.01 Tw 0.185 0 Td[(fe)-16.1 (e)-5.3 (s)]TJ0 Tc 0 Tw 1.717 0 Td( )Tj-0.015 Tc 0.015 Tw 0.196 0 Td[(ar)-18.1 (e)]TJ0 Tc 0 Tw 1.38 0 Td( )Tj0.003 Tc -0.003 Tw 0.185 0 Td[(e)-3.1 (x)8 (p)8.8 (re)8 (i)ssly low by industry standards as we understand that the more money our clients
retain, the more their account can grow over time.
Employee, family, and other related accounts pay the fee schedule shown above. For the purpose
of calculating fees, related accounts may be aggregated at MS&S’s discretion. Fees may also be
negotiated at MS&S’ discretion. A fee reduction of 10% will be considered for accounts of non-
profit organizaions.
In select cases, and with approval from management, portfolio managers of MS&S may choose to
act as an independent trustee. In such cases, we reserve the right to add a surcharge to our advisory
fee, which will be fully disclosed in a new contract with the client.
Contracts are effective from the initial date until the last day in a calendar quarter in which one party
shall notify the other in writing of its desire to cancel. If the contract is cancelled by either party prior
to the end of the last quarter for which the account has been billed, MS&S will refund any prepaid
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fees, prorated from the date of termination through the end of the quarter for which fees were
prepaid. For custody accounts, clients may elect to be billed or to have fees deducted directly from
their MS&S account. For non-custody accounts, clients may elect to be billed or authorize MS&S
to collect fees from their custodian.
MS&S does not charge clients a separate custody fee. At times, client assets may be invested in
mutual funds or exchange traded funds. When invested in these funds, clients are essentially paying
two management fees – one to MS&S and the other to the manager of the mutual fund or money
market fund. MS&S does not accept any compensation for the sale of these funds.
The purchase and sale of securities in client accounts will result in brokerage and other transaction
costs. For more information, please refer to “Item 12: Brokerage Practices” in this brochure.