The Sarbanes-Oxley Act requires a Fund's principal executive and financial officers to certify
the entire contents of the semi-annual and annual shareholder reports in a filing with the
Securities and Exchange Commission on Form N-CSR. This certification would cover the portfolio
manager's commentary and subjective opinions if they are attached to or a part of the financial
statements. Many of these comments and opinions would be difficult or impossible to certify.
Because we do not want our portfolio managers to eliminate their opinions and/or restrict their
commentary to historical facts, we have separated their commentary from the financial statements
and investment portfolio.