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ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As many of you know, I was fortunate enough to attend the Wharton School at the University of Pennsylvania for
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator, SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012, 2013. and 2014 by the Fund's independent auditor, Marcum LLP. Incep
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update — Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio bec
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator, SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012. 2013, and 2014 by the Fund's independent auditor, Marcum LLP. Incep
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: 2014 was an interesting year for the stock market to say the least. While the broader large capitalization ind
and other earnings. Quarterly and year-to•date figures are estimates and unaudited and have been calculated by the Funds independent administrator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update -- Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio be
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. 2013. and 2014 by the Fund's independent auditor. Marcum LLP. Incep
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As many of you know, I was fortunate enough to attend the Wharton School at the University of Pennsylvania for
and other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Funds independent administrator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, 2013. and 2014 by the Funds independent auditor, Marcum LLP. Incepti
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update — Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio bec
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator, SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012. 2013, and 2014 by the Fund's independent auditor, Marcum LLP. Incep
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As we mentioned in our 1s' quarter update, we believe our value discipline on cash flows and unloved "boring bu
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-t
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: 2014 was an interesting year for the stock market to say the least. While the broader large capitalization ind
and other earnings. Quarterly and year-to•date figures are estimates and unaudited and have been calculated by the Funds independent administrator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: The path that the stook market has taken this year has been anything but up and to the right. While the prevai
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-t
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