PORTFOLIO REPORTS bring you the most important and latest stock purchases of those few money managers
with the best long-term track records in the business. Each reveals the 10 or fewer stocks most purchased recently
by more than 80 top investors in more than 150 of their portfolios.

In addition, for each position, PORTFOLIO REPORTS spotlight the number of shares owned, their value,
their recent price (or cost when available), and number of shares reported purchased. And for added perspective,
PORTFOLIO REPORTS rank each holding and purchase by dollar value within each manager's portfolio.

The following are just a few of the highly successful managers featured in each edition:

• CNA/Loews' Larry & James Tisch and Joe Rosenberg
• GAMCO's Mario Gabelli et al.
• Mutual Series Fund's Michael Price et al.
• Nicholas-Applegate's Arthur E. Nicholas et al.
• Odyssey Partners' Jack Nash, Leon Levy et al.
• Sequoia Fund's Bill Ruane, Bob Goldfarb et al.
• Sogen Int'l. Fund's Jean-Marie Eveillard
• Southeastern Asset Management's Mason Hawkins and Staley Cates
• Third Ave. Value Fund's Marty Whitman et al.
• Tiger Funds' Julian H. Robertson et al.
• Tukman Capital's Mel Tukman & Dan Grossman
• Tweedy, Browne's Chris Browne, Will Browne & John Spears
• Wanger Asset Mgm't.'s Ralph Wanger et al.

PORTFOLIO REPORTS come in two versions:

BY MONEY MANAGER - To quickly reference the largest recent stock
purchases of each investor.

BY SECURITY - To quickly reference activity within each security
for all of the managers followed.

Published twelve times per year (three times a quarter), and shipped Priority Mail as soon as we're able to update
the stock purchases of approximately one-third of all the money managers that we follow, PORTFOLIO REPORTS
include data that isn't available at any price. And, over the course of a year, gathering and analyzing even the publicly
available portion of the information in each and every edition would cost many times the subscription price.

We believe that PORTFOLIO REPORTS offer subscribers an outstanding combination of timeliness, selectivity and
comprehensiveness at a value buyer's price. But, judge for yourself. Your satisfaction is unconditionally guaranteed.

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Portfolio Reports has obtained data from numerous public and private sources, including the SEC and the money managers themselves. Selection of investors included in Portfolio Reports, as well as all portfolio rankings and calculations, has been performed by Outstanding Investor Digest, Inc., which is solely responsible for errors contained herein. All contents of Portfolio Reports have been obtained from sources believed reliable. However, accuracy and completeness cannot be guaranteed. The publisher, editor, assistant editors, affiliates and/or related parties may have a position in companies reviewed/included in this report. The publisher has numerous conflicts of interest and is actively seeking to establish additional ones as opportunities arise to do so. Also, the publisher regularly pays bribes (in the form of free issues) for referrals of subscribers and information assisting it in the preparation of its publications. Past performance is no guarantee of future success (although we believe long-term performance is an excellent indicator of future success). All information is subject to change without notice. All rights reserved. Reproduction in whole or in part is prohibited.