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Marching Out of First Quarter, Plus the Monthly Report

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After announcing portfolio changes during each of the previous three months, we have none to announce for April. There were simply few companies passing our minimum criteria for consideration, and none that were attractive enough to warrant a portfolio change. Plus given our goal of limiting transactions to one or none per month, we didn’t want to make a change simply for the sake of change. We’d rather stay selective and have low turnover than the other way around.

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