Investment Recap Third Quarter 2005

The third quarter of this year was a period of positive stock performance and our stocks again did better than the market. So far this year, our stock picking relative to the market has contributed to well above average results. Beginning the month of October, stocks have corrected following the shock to the economy of Hurricane Katrina, continued high oil prices and Fed tightening. Because corporate earnings prospects continue to be quite good, we believe in the likelihood of a traditional year end rally.