We are making the following change to our Conservative portfolio on February 27th 2004:
<ul><li><font color="red"><b>SELL</b></font> All holding of Northern Income Equity (NOIEX). This holding was 5% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Reduce American Century Intl. Bond (BEGBX) to 10% of the total portfolio from 20% of the total portfolio.
<li><font color="red"><b>BUY</b></font> Reduce Pictet International Small Company to 5% of the total portfolio from 10% of the total portfolio.
<li><font color="red"><b>BUY</b></font> Increase allocation of the Vanguard Short Term Corporate Fund (VFSTX) with proceeds of the above sales from 25% or total portfolio to 30%.
<li><font color="red"><b>BUY</b></font> New allocation of the Bridgeway Balanced Fund (BRMPX) with proceeds of the above sales. The new Bridgeway fund allocation will be 15% of the Conservative Portfolio. </ul>We’re lowering our risk level slightly by moving some profits into more conservative investments. Stocks (particularly foreign stocks), convertible bonds tied to stocks, and foreign bonds have all risen in the last year. The reward for risk taking will be lower going forward.
We are making the following change to our Aggressive Growth portfolio on February 27th 2004:
<ul><li><font color="red"><b>SELL</b></font> Total holding of Fidelity New Markets Income (FNMIX) This holding was 5% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Total holding of Northeast Investors (NTHEX). This holding was 10% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Reduce Artisan International Small Cap (ARTLX) to 10% of the total portfolio from 20% of the total portfolio.
<li><font color="red"><b>BUY</b></font> New allocation of the Bridgeway Blue-Chip 35 (BRLIX) with proceeds of the above sales. The new Bridgeway fund allocation will be 15% of the total portfolio.
<li><font color="red"><b>BUY</b></font> New allocation of the Payden Global Short Bond (PYGSX) with proceeds of the above sales. The new Bridgeway fund allocation will be 10% of the total portfolio.</ul> We’re lowering our risk level slightly by moving some profits into more conservative investments. Stocks (particularly foreign stocks and bonds and small cap stocks) have risen sharply and the reward for risk taking will be lower going forward. Last year was one were risk taking was handsomely rewarded, be it microc-ap, emerging markets, foreign small-cap, and junk bonds. We’re also lowering our portfolio expense ratio with the addition of some lower fee funds as some of the more targeted (and higher fee) funds are not as appealing as they were last year.
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We are making the following change to our Conservative portfolio on February 27th 2004:
<ul><li><font color="red"><b>SELL</b></font> All holding of Northern Income Equity (NOIEX). This holding was 5% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Reduce American Century Intl. Bond (BEGBX) to 10% of the total portfolio from 20% of the total portfolio.
<li><font color="red"><b>BUY</b></font> Reduce Pictet International Small Company to 5% of the total portfolio from 10% of the total portfolio.
<li><font color="red"><b>BUY</b></font> Increase allocation of the Vanguard Short Term Corporate Fund (VFSTX) with proceeds of the above sales from 25% or total portfolio to 30%.
<li><font color="red"><b>BUY</b></font> New allocation of the Bridgeway Balanced Fund (BRMPX) with proceeds of the above sales. The new Bridgeway fund allocation will be 15% of the Conservative Portfolio. </ul>We’re lowering our risk level slightly by moving some profits into more conservative investments. Stocks (particularly foreign stocks), convertible bonds tied to stocks, and foreign bonds have all risen in the last year. The reward for risk taking will be lower going forward.
We are making the following change to our Aggressive Growth portfolio on February 27th 2004:
<ul><li><font color="red"><b>SELL</b></font> Total holding of Fidelity New Markets Income (FNMIX) This holding was 5% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Total holding of Northeast Investors (NTHEX). This holding was 10% of the total portfolio.
<li><font color="red"><b>SELL</b></font> Reduce Artisan International Small Cap (ARTLX) to 10% of the total portfolio from 20% of the total portfolio.
<li><font color="red"><b>BUY</b></font> New allocation of the Bridgeway Blue-Chip 35 (BRLIX) with proceeds of the above sales. The new Bridgeway fund allocation will be 15% of the total portfolio.
<li><font color="red"><b>BUY</b></font> New allocation of the Payden Global Short Bond (PYGSX) with proceeds of the above sales. The new Bridgeway fund allocation will be 10% of the total portfolio.</ul> We’re lowering our risk level slightly by moving some profits into more conservative investments. Stocks (particularly foreign stocks and bonds and small cap stocks) have risen sharply and the reward for risk taking will be lower going forward. Last year was one were risk taking was handsomely rewarded, be it microc-ap, emerging markets, foreign small-cap, and junk bonds. We’re also lowering our portfolio expense ratio with the addition of some lower fee funds as some of the more targeted (and higher fee) funds are not as appealing as they were last year.