Arnold Van Den Berg provides Century Management's current market and economic outlook.

Disclosures:

Century Management reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that the sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable.

The CM Value I Composite primarily invests in stocks, bonds, and cash. The focus of this composite is to find undervalued securities that over time will produce above average returns with a lower degree of risk than that of the general market. Portfolios in this composite are not constrained by market capitalization (size). Therefore, a significant portion of portfolio assets may be invested in micro cap, small cap, medium cap, large cap, or mega cap companies with one market capitalization being more heavily weighted over the other at any given time. In addition, there are times where portfolios in this composite will be invested in bonds and cash. Historically, cash and cash equivalent positions have ranged from 2% to 60% of the composite for extended periods of time. However, the long term average has been approximately 21%. The CM Value I Composite was created September 16, 1974. Prior to 2004 the composite was named the CM Standard Value Composite. Prior to 2010 the composite could have accounts with up to 30% fixed income mandates.

The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 3000 Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the market. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index  It is not possible to invest directly in the indices.

Past performance of markets, composites, or any individual securities is no guarantee of future results. The performance of accounts in any Century Management (“CM”) strategy may be materially different at any given time. Differences that may affect investment performance include strategy type, cash flows, inception dates, historical prices, and fees.

Positions held within each individual account may not be the same from one account to the next. Individual securities may be traded at different times as well as receive different execution prices. In addition, individual accounts may be pursuing similar objectives but may have different investment restrictions.

Certain statements included herein contain forward-looking statements, comments, beliefs, assumptions, targets and opinions that are based on Century Management’s current expectations, estimates, projections, assumptions, targets and beliefs. Words such as expects, anticipates, believes, estimates, projects, targets and any variations of such words or other similar expressions are intended to identify such forward-looking statements.

These statements, beliefs, projections, comments, opinions, assumptions, and targets are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.

You are cautioned not to place undue reliance on these forward-looking statements, that reflect Century Management’s judgment only as of the date hereof. Century Management disclaims any responsibility to update its views, as well as any of these forward-looking statements to reflect new information, future events or otherwise.

Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind, including, without limitation, no warranties regarding the accuracy or completeness of the material.

Century Management is an independent registered investment adviser. A full description of Century Management’s investment strategies and risks are supplied in our Form ADV Part 2. To receive Form ADV Part 2 or if you have any questions about this report, please contact your client service representative at 1-800-664-4888, write to us at 805 Las Cimas Parkway, Suite 430, Austin, Texas 78746, or email us via our website at www.centman.com. You may find ADV Part 2 at www.centman.com