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The Fund's investment objective is long-term growth of capital.
In pursuing this objective, the fund focuses principally on
common stocks that it believes are undervalued at the time of
purchase and have potential for growth. A guiding principle
is the consideration of common stocks as units of ownership
of a business and the purchase of them when the price appears
low in relation to the value of the total enterprise. No weight
is given to technical stock market studies. The balance sheet
and earnings history and prospects of each investment are extensively
studied to appraise fundamental value.
While the Fund normally invests in U.S. companies, it also may
invest in foreign securities. The Fund is not required to be
fully invested in common stocks.
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The Fund invests primarily in common stocks. The Fund invests
in the securities of a limited number of companies, including
foreign companies, that it believes have attractive long-term
economic prospects relative to their market price. The Fund
usually invests cash reserves in U.S. Government securities.
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The Fund’s Board of Directors decided at its meeting on
April 11, 2008 to reopen the Fund to new investors effective
May 1, 2008. It is not our intention to grow the size of the
Fund rapidly. If we find we are not identifying enough good
ways to invest our shareholders’ incremental capital contributions,
we will advise the Board of Directors accordingly. The Fund
reserves the right to close again.
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