The Fund's investment adviser conducts extensive research to seek investments primarily in common stocks of large well-managed companies with durable business models that can be purchased at attractive valuations relative to their intrinsic value.

Over the years, the Adviser has developed a list of characteristics that it believes help companies to create shareholder value over the long term and manage risk. While few companies possess all of these characteristics at any given time, the Adviser searches for companies that demonstrate a majority or an appropriate mix of these characteristics.

First Class Management
- Proven track record
- Significant alignment if interests in business
- Intelligent allocation of capital

Strong Financial Condition and Satisfactory Profitability
- Strong balance sheet
- Low cost structure
- High returns on capital

Strong Competitive Positioning
- Non-obsolescent products/services
- Dominant or growing market share
- Global presence and brand names

After determining which companies it wishes to own, the Adviser then turns its analysis to determining the intrinsic value of those companies' common stock. The Adviser seeks common stock which can be purchased at attractive valuations relative to their intrinsic value. The Adviser's goal is to invest in companies for the long term.

Confirmation statements are only issued when there is activity in the account and at the end of the year when the distributions are made. You have two options to generate a confirmation statement on your own:

1. You may use our Audio Response system. The system requires your fund number (126), your account number, and your pin number (the last four digits of your social security number).
   
   To access the system: Dial (800) 432-2504 Select option 2
   
   
2. You may generate a statement on the web via the View Accounts option.
   
   If you have already established your PIN, select "View Accounts." After you accept the disclaimer, you will be able to select "Transactions" which in turn will allow you to generate a duplicate statement.
   
   If you have not already accessed your account online you will need to enter your social security number and then select "Create Pin." After you accept the disclaimer, you will be able to select "Transactions" which in turn will allow you to generate a duplicate statement.

The Fund provides quarterly reports which include, among other things, a discussion regarding the Fund's portfolio holdings. In addition, to ensure broad, unselective disclosure of such holdings, the Fund portfolio holdings data will be made available on Fund Facts page of this website.