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Letter to Shareholders
July 28, 2015
In closing, we want to express our continuing confidence in the Funds portfolio. Despite
the ever-present risk of stock market setbacks, these companies, as a group, are well-positioned
for the future. If you have any questions or would like to discuss our Fund with us, please feel
free to call. Thank you for your trust and patience.
Sincerely,
Robert E. Torray
Fred M. Fialco