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No. of Recommendations: 2

They added 6M shares of GM, bringing their total position to 14.7M, or 4.7% of assets:

GM declined 26% in the first quarter when the company announced that
earnings would be below expectations in 2005 based on lower sales and higher
healthcare costs in North America. The announcement did not aÅect our
appraisal of GM because we believe the value of the company rests not in North
America, but in GMAC and its overseas operations, which are both performing
on target. Management is aggressively addressing the North American challenges.

Because the stock sells for less than half of our appraisal, we added to our position
during the quarter.

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