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 principal 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.

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.

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.