Portfolio Strategy Diversified holdings serve to reduce risk. Top Ten Sectors Distribution of assets across ten largest industries. Top Ten Holdings Distribution of assets among ten largest investment holdings. As of 06/30/2008 Industry Sector % Common Net Assets* Oil and Natural Gas (Including Services) 23.1% Finance and Insurance 19.8% Retail Trade 13.3% Computer Software and Systems 13.1% Consumer Products and Services 9.7% Communications and Information Services 7.6% Aerospace / Defense 6.0% Building and Real Estate 5.0% Environmental Control (Including Services) 4.6% Health Care / Pharmaceuticals 3.5% Other 11.2% Total Long-Term Investments 116.9% Cash, equivalents, receivables and other assets less liabilities 0.6% Preferred Stock, at liquidation value -17.5% Total Net Assets Applicable to Common Stock 100.0% * Net Assets Applicable to the Company's Common Stock