Moose Pond Investors Portfolio on 15 July 2005
	Sym	Company	Industry	Proj 5yr Avg Rtn	Proj Rev Grw	Cur Rel Val	Quality Rating	VL Fin Str	% Port.	Rec.
	ACS	Affiliated Computer Services	Computer Software/Svcs.	17.3%	14.0%	86	71.1	A	3.6%	Buy
	AMGN	Amgen, Inc.	Biotechnology	12.6%	13.3%	89	73.1	A++	3.8%	Buy
	BBBY	Bed Bath & Beyond Inc.	Retail (Special Lines)	17.2%	16.4%	99	95.5	A++	5.2%	Buy
	BRO	Brown & Brown, Inc.	Financial Svcs. (Div.)	11.4%	17.8%	112	75.6	A	3.3%	Hold
	COF	Capital One Financial Corp.	Bank	10.5%	13.5%	103	66.1	B++	3.3%	Hold
	CAH	Cardinal Health, Inc.	Financial Svcs. (Div.)	16.1%	8.9%	85	72.8	A	3.8%	Buy
	CVX	ChevronTexaco Corporation	Medical Supplies	14.3%	6.5%	102	38.5	A++	3.9%	Hold
	CBH	Commerce Bancorp, Inc.	Petroleum (Integrated)	16.0%	15.0%	104	73.9	B++	6.0%	Buy
	FDS	FactSet Research Systems	Information Services	11.9%	12.7%	112	72.9	B++	3.8%	Buy
	FITB	Fifth Third Bancorp	Computer Software/Svcs.	18.8%	13.0%	75	75.5	A+	4.5%	Buy
	FISV	Fiserv, Inc.	Bank	16.0%	9.4%	86	69.8	B++	5.5%	Buy
	HDI	Harley-Davidson, Inc.	Recreation	12.2%	5.7%	90	71.0	B++	3.5%	Hold
	INTC	Intel Corporation	Financial Svcs. (Div.)	12.9%	6.5%	72	65.7	A++	4.2%	Buy
	IFIN	Investors Financial Services Corp.	Semiconductor	15.1%	16.0%	82	65.0	A	4.9%	Hold
	JNJ	Johnson & Johnson	Auto Parts	12.2%	6.6%	96	82.7	A++	3.9%	Hold
	JCI	Johnson Controls, Inc.	Medical Supplies	12.1%	7.6%	115	67.2	A	3.2%	Hold
	LNCR	Lincare Holdings Inc.	Medical Services	14.3%	14.5%	111	84.0	A	3.6%	Hold
	LOW	Lowe's Companies, Inc.	Retail Building Supply	15.3%	12.0%	99	75.9	A+	4.1%	Buy
	MMC	Marsh & McLennan Co's	Financial Svcs. (Div.)	11.4%	11.4%	104	66.5	B	3.2%	Hold
	MXIM	Maxim Integrated Products	Semiconductor	18.3%	18.5%	54	63.7	A	4.7%	Buy
	ORLY	O'Reilly Automotive, Inc.	Retail Automotive	7.6%	15.4%	139	79.8	A	3.8%	Hold
	PDCO	Patterson Companies, Inc.	Medical Supplies	12.2%	11.7%	115	72.0	A	3.5%	Hold
	PFE	Pfizer Inc.	Drug	18.0%	3.1%	91	75.3	A++	5.3%	Buy
	UTSI	UTStarcom, Inc.	Telecom. Equipment	45.7%	13.4%	28	51.1	A	1.3%	Hold
		Cash							4.1%
									100.0%
	Buy Criteria:						Portfolio Weighted Averages:
		Projected 5-yr Average Return (PAR) > 12%						PAR	14.8%
		Upside Downside ratio > 3						Quality	71.9
		Projected Relative Value (Proj 12 mo PE / Historical PE) < 110						RV	94.4
		Top buys are bolded						Rev Grw	11.8%