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June 2005 Performance Review

July 15, 2005

The Conservative portfolio climbed .62% in June – our best performing portfolio. Bonds were generally strong while most types of stock funds were in the red.

The real action here on the upside was our stake in utilities. American Century Utility Income gained 5% last month. Unfortunately we have recently cut this category out of some of our other portfolios, and have sliced the stake down to just 5% here. Since we bought this fund in the depths of the Enron era, this position has climbed 80% - a full 33% in the last twelve months alone. This party has gone on a little too long.

Foreign stocks rebounded recently. Our newly added SSgA International Growth Opportunity rose 1.87% - about in line with most other larger cap foreign stock funds.

The Aggressive Growth portfolio fell .21% in June – our only negative showing of all our model portfolios. Bonds were generally strong while most types of stock funds were in the red.

Foreign stocks rebounded recently and our Artisan International Small Cap rose 1.35%. More growth oriented and smaller cap foreign stocks performed better than larger cap value shares. T. Rowe Price Japan was up 1.32%. SSgA Emerging Markets gained 3.87%.

The weakest link was also our largest equity fund stake in this portfolio: Bridgeway Blue-Chip 35 (BRLIX) gave back much of last month’s 3.56% upward move with a 1.72% drop. Larger cap stocks were weak in June. This fund is largely responsible for the total portfolio dipping into the negative.

Tech was weak in June. Our new Technology SPDR (exchange traded fund) was down 1.25%.