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- During the reporting period, the Fund eliminated its holdings in twelve companies and strategically reduced its holdings in another three companies.
- As reported in our last letter to shareholders, URS Corporation and International Game Technolog entered into merger agreements with strategic acquirers during the reporting period, resulting in the sale of both companies from the Fund’s portfolio as the price of each company’s stock reached our valuation.
- The Fund sold its holdings in CareFusion as the price of the company’s stock approached the announced acquisition price representing a substantial premium to the Fund’s average cost for the company’s stock.