Despite six consecutive discount rate cuts this year, matched only four times since World War II, earnings expectations have continued to deteriorate As is often the case during periods of economic uncertainty, the timing and magnitude of future deterioration or improvement inspires heated debate. We believe our focus on specific company valuations and fundamentals will continue to be crucial to the success of our value strategy, as it has been over the past 12 months and over the past 20 plus years at Sound Shore Management. We, as always, will work hard to both protect the value of your investment and participate in the attractive long-term returns potentially available in the equity markets. We appreciate your confidence and thank you for investing along with us in the Sound Shore Fund. The performance data quoted represents past performance and is no guarantee of future results.
Market volatility can significantly impact short-term performance.
Results of an investment made today may differ substantially from the Fund's historical performance. The Fund's average annual total return assumes reinvestment of all dividend and capital gain distributions. Investment return and principal value will fluctuate so that, when redeemed, an investor's shares may be worth more or less than their original cost. It is not possible to invest directly in an Index or average. Portfolio holdings are subject to change.