September 29, 2003

Fund Manager: Robert Scharar

Fund Currently Managed

Commonwealth:New Zealand Fund (CNZLX), since November 1991

Investment Style Overview

Invests in small-to-mid-sized stocks of companies based in Australia or New Zealand, or that do at least 50% of their business in those countries. Seeks companies with growing earnings that can be sustained. Looks to buy stocks at attractive valuations. Keeps 10%-15% of the fund's assets in fixed-income securities.

Key Stock Selection Criteria

* High, sustainable dividend yield.

* Strong balance sheet.

* Company poised to benefit from economic, demographic, or political trend.

Key Sell Criteria

* Financial fundamentals erode.

* Becomes overvalued.

Biographical Notes

Robert Scharar is president of FCA Corp., which he founded in 1983. He helped found the company's predecessor, Commonwealth Associates, in 1975. Scharar is a member of the Florida and Massachusetts Bar Associations and is a certified public accountant in Florida. He holds an associates degree from Polk Community College, a BSBA in accounting from the University of Florida, an LLM in taxation from Boston University Law School, and an MBA and law degree from Northeastern University.

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