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The Touchstone fund closed some sales channels to new no-load investors as of Feb. We also like the fact that the fund’s modest asset base provides plenty of maneuverability. FMI Large Cap’s nimble size is an important consideration, because like the Touchstone fund it will delve n mid-caps, and it’s even more concentrated than the Touchstone fund-the former holds roughly 20 stocks, versus 25 to 30 for the latter.

FMI’s relatively fig asset base means the fund’s purchases and sales are less likely to adversely affect the price of the underlying stocks. The FMI fund also fits the Focused 10 mold in that it plies a low-turnover strategy.

Apart from the tax advantages of not trading a lot and thereby avoiding capital gains taxthe low portfolio turnover here means the fund won’t run up big trading costs.

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What’s more, low turnover fits nicely with the managers’ opportunistic strategy. The five-member team, led by English and Kellner, looks for stocks trading at discounts to what it considers their intrinsic value based on cash-flow analysis and absolute and relative valuation. That often means buying companies when the market takes a dim view of their prospects. And holding these firms, sometimes over many years, gives their respective managements time to resolve whatever adversity is weighing on their stock prices.

It was added to the portfolio in Novemberwhen its stock price was weighed down by its disastrous acquisition of AOL and market fears over declining advertising revenue.

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Kellner and English are unfazed by the migration of ad dollars away from Time Warner’s more-traditional media outlets toward the Internet, arguing ad sales are a trickle compared with the company’s subscription revenue. And cbci like the company’s historically cheap valuation relative to the cash flow it generates.

As Kellner and English are willing to wait for management teams to turn around struggling companies, they want to be certain those managers are capable of fixing whatever problems the firms face.

For example, the fund holds industrial conglomerate Tyco TYC in part because the managers believe in the strength of its management. They bought the stock at the beginning ofwhen it was trading well below its historical highs, due to disappointing earnings and the taint arising from the previous CEO’s misdeeds. In fact, Breen and Coughlin have restructured the comany’s debt and returned money to investors through share repurchases and a dividend.

More than that, though, they plan to break the firm into three distrinct companies, thereby bringing a rational structure to cuci of the stand-alone companies and they think unlocking shareholder value. The stock has gained only modestly since it was chcj to the portfolio, and as of the end of it remains a top holding.

Reformatted for Edgar Filing

We shine the spotlight on 10 funds from the FundInvestor that follow a focused, low-turnover strategy. Kellner and English are shareholder-friendly managers themselves. We’re also fans of Kellner jh English’s letters to shareholders, which stand out for being detailed, lucidly written, and candid-both about the fund’s risks and about what went right and wrong in the recent quarter.

For instance, in its third-quarter commentary, management explained its thesis for Sprint Nextel S, the portfolio’s worst performing stock for that quarter-and one that’s languished since. The managers point to the problems the company has faced related to integrating Sprint with Nextel.

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More than anything, the shareholder letters demonstrate how thoroughly the managers know the companies in the fund. You can see the letters for yourself at the firm’s Web site: Such deep knowledge of the individual holdings is heartening, given the stock-specific risk this focused fund courts.

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And despite holding only 20 gg, this fund has been even less volatile than its typical peer in the large-blend category as measured by trailing five-year standard deviation. One reason is that the fund is fairly diversified by sector.

The moderate volatility says something about this management team’s sensible approach, value discipline, and stock-picking acumen.

Contact Reginald Laing at reginald. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or nhh than their original cost.

FundInvestor

Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.

Please read the prospectus carefully to consider the investment objectives, risks, charges and expenses, before investing or sending money. Please read the prospectus carefully before investing. Willis Group Holdings, Ltd. Bank of New York Company, Inc.