Fund Currently Managed

Commonwealth:New Zealand Fund (CNZLX), co-manager since August, 2002.

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.

* Stock becomes overvalued.

Biographical Notes

Wes Yuhnke is an assistant portfolio manager with FCA Corp., which he joined in May 2002. He holds a BBA in finance from Stephen F. Austin State University in Texas.