Free Enterprise Action Fund
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Our Portfolio

As of June 30, 2005, subject to change.

Top 10 Holdings

  General Electric 3.18%
  ExxonMobil Corp. 2.72%
  Microsoft Corp. 2.36%
  Citigroup Inc. 2.04%
  Wal-Mart Stores 1.68%
  Johnson & Johnson 1.64%
  Bank of America Corp. 1.52%
  Pfizer Inc. 1.48%
  IBM 1.19%
  American Int'l Group 1.17%

Consumer Discretionary

Home Depot
Time Warner Inc.
Comcast Corp.
Viacom Inc.
Walt Disney Co.
News Corporation
Target Corp.
Lowe's Cos.
eBay Inc.
McDonald's Corp.
Carnival Corp.
Gannett Co.
Ford Motor
Clear Channel Communications
Starbucks Corp.
Gap (The)
Best Buy Co., Inc.
General Motors
Kohl's Corp.
Staples Inc.
Omnicom Group
Marriott Int'l.
Fortune Brands, Inc.
Yum! Brands, Inc
J. C. Penney
Bed Bath & Beyond
Starwood Hotels & Resorts
Tribune Co.
TJX Companies Inc.
Johnson Controls
Federated Dept. Stores
May Dept. Stores
Eastman Kodak
Limited Brands, Inc.
Hilton Hotels
International Game Technology
Pulte Homes, Inc.
Univision Communications
Genuine Parts
Mattel, Inc.
Centex Corp.
Harrah's Entertainment
Black & Decker Corp.
Dollar General
Office Depot
Leggett & Platt
AutoZone Inc.
Knight-Ridder Inc.
KB Home
Interpublic Group
Newell Rubbermaid Co.
New York Times Cl. A
VF Corp.
AutoNation, Inc.
Toys R Us, Inc. Whirlpool Corp.
RadioShack Corp
Coach, Inc.
Tiffany & Co.
Family Dollar Stores
Wendy's International
Stanley Works
Jones Apparel Group
Liz Claiborne, Inc.

Consumer Staples

Wal-Mart Stores
Procter & Gamble
Altria Group, Inc.
Coca Cola Co.
PepsiCo Inc.
Gillette Co.
Walgreen Co.
Anheuser-Busch Kimberly-Clark
Sysco Corp.
Costco Co.
Molson Coors Brewing Company
Avon Products
General Mills
CVS Corp.
Sara Lee Corp.
Kellogg Co.
Wm Wrigley Jr.
ConAgra Foods, Inc.
Hershey Foods
H.J. Heinz
Campbell Soup
Reynolds American Inc.
Kroger Co.
Safeway Inc.
Coca-Cola Enterprises
UST Inc.


Exxon Mobil Corp.
ChevronTexaco Corp.
Schlumberger Ltd.
Occidental Petroleum
Halliburton Co.
Devon Energy Corp.
Burlington Resources
Apache Corp.
Anadarko Petroleum
Transocean Inc.
Valero Energy
Baker Hughes
Marathon Oil Corp.
Unocal Corp.
Williams Cos.
EOG Resources
BJ Services
Kinder Morgan
Nabors Industries Ltd.
XTO Energy Inc.


Citigroup Inc.
Bank of America Corp.
American Int'l. Group
J.P. Morgan Chase & Co.
Wells Fargo
Wachovia Corp.
American Express
Fannie Mae
Morgan Stanley
US Bancorp
Goldman Sachs Group
Merrill Lynch
Federal Home Loan Mtg.
Allstate Corp.
MBNA Corp.
Washington Mutual MetLife Inc.
Prudential Financial
Fifth Third Bancorp
SunTrust Banks
Lehman Bros.
St. Paul Travelers Cos.
National City Corp.
SLM Corporation
Bank of New York
BB&T Corporation
Countrywide Financial Corp.
Golden West Financial
Hartford Financial Svc.Gp.
Capital One Financial
Progressive Corp.
Marsh & McLennan
Franklin Resources
Regions Financial Corp.
Charles Schwab
PNC Bank Corp.
State Street Corp.
Chubb Corp.
North Fork Bancorporation
Simon Property Group, Inc
M&T Bank Corp.
Loews Corp.
Principal Financial Group
Moody's Corp
Equity Office Properties
Mellon Bank Corp.
ACE Limited
Bear Stearns Cos.
Northern Trust Corp.
Marshall & Ilsley Corp.
Comerica Inc.
XL Capital
AmSouth Bancorporation
Synovus Financial
Ambac Financial Group
Equity Residential
Sovereign Bancorp
CIT Group
Lincoln National
Aon Corp.
Cincinnati Financial
T. Rowe Price Group

Health Care

Johnson & Johnson
Pfizer, Inc.
Abbott Labs
Merck & Co.
Medtronic Inc.
United Health Group Inc.
Eli Lilly & Co.
Bristol-Myers Squibb
WellPoint Inc.
Boston Scientific
Cardinal Health, Inc.
Guidant Corp.
HCA Inc.
Baxter International Inc.
Stryker Corp.
Zimmer Holdings
Caremark Rx
Gilead Sciences
Genzyme Corp.
Medco Health Solutions Inc.
Becton, Dickinson
St Jude Medical
Forest Laboratories
Quest Diagnostics
McKesson Corp.
Biomet, Inc.
Allergan, Inc.
Aetna Inc.
CR Bard Inc.
Fisher Scientific Laboratory Corp. of America Holding
Chiron Corp.
Health Management Assoc.
AmerisourceBergen Corp.
Express Scripts
MedImmune Inc.
Humana Inc.
IMS Health Inc.
Waters Corporation


General Electric
United Parcel Service
Tyco International
3M Company
United Technologies
Boeing Company
Honeywell Int'l Inc.
Caterpillar Inc.
Emerson Electric
FedEx Corporation
Lockheed Martin Corp.
Illinois Tool Works
Cendant Corporation
General Dynamics
Northrop Grumman Corp.
Burlington Northern Santa Fe C
Union Pacific
Masco Corp.
Raytheon Co.
Waste Management Inc.
Deere & Co.
Danaher Corp.
Apollo Group
Norfolk Southern Corp.
Ingersoll-Rand Co. Ltd.
Southwest Airlines
Rockwell Automation, Inc.
Textron Inc.
American Standard
Eaton Corp.
CSX Corp.
R.R. Donnelley & Sons
ITT Industries, Inc.
L-3 Communications Holdings
Dover Corp.
H & R Block
Rockwell Collins
Cintas Corporation
Avery Dennison Corp.
Cooper Industries, Ltd.
W.W. Grainger Inc.
Robert Half International

Information Technology

Microsoft Corp.
Intel Corp.
Cisco Systems
Dell Inc.
Oracle Corp.
Yahoo Inc.
Motorola Inc.
Texas Instruments
First Data
Apple Computer
EMC Corp.
Automatic Data Processing Inc.
Applied Materials
Computer Associates Intl.
Corning Inc.
Electronic Arts
Adobe Systems
Xerox Corp.
Sun Microsystems
Symantec Corp.
Maxim Integrated Prod
Analog Devices
Linear Technology Corp.
Lucent Technologies
Lexmark Int'l Inc
Paychex Inc.
Electronic Data Systems
Network Appliance
Veritas Software
SunGard Data Systems
Computer Sciences Corp.
Agilent Technologies
Xilinx, Inc
Broadcom Corporation
KLA-Tencor Corp.
FIserv Inc.
Autodesk, Inc.
Intuit, Inc.
Affiliated Computer
Advanced Micro Devices
Altera Corp.
Freescale Semiconductor Inc.
Micron Technology
NCR Corp.
Molex Inc.
National Semiconductor
Avaya Inc.
Jabil Circuit
Comverse Technology
Siebel Systems Inc
Symbol Technologies
Sabre Holding Corp.
Tellabs, Inc.
QLogic Corp.
Mercury Interactive
Novellus Systems
Teradyne Inc.
Sanmina-SCI Corp.


DuPont (E.I.)
Dow Chemical
Alcoa Inc
International Paper
Newmont Mining Corp. (Hldg. Co.)
Weyerhaeuser Corp.
Monsanto Co.
Praxair, Inc.
Air Products & Chemicals
PPG Industries
Rohm & Haas
Ecolab Inc.
Georgia-Pacific Group
Phelps Dodge
Nucor Corp.
Freeport-McMoran Cp & Gld
MeadWestvaco Corporation
Vulcan Materials
Sealed Air Corp. International Flav/Frag
United States Steel Corp.
Eastman Chemical
Ball Corp.

Telecommunications Services

Verizon Communications
SBC Communications Inc.
Sprint Corp. FON
Nextel Communications
AT&T Corp.
Qwest Communications Int


Exelon Corp.
Duke Energy
Southern Co.
Dominion Resources
TXU Corp.
Entergy Corp.
American Electric Power
PG&E Corp.
FirstEnergy Corp.
Public Serv. Enterprise Inc.
PPL Corp.
Edison Int'l
Consolidated Edison
Progress Energy, Inc.
Ameren Corporation
Constellation Energy Group
AES Corp.
Sempra Energy
DTE Energy Co.
CINergy Corp.
Xcel Energy Inc
FPL Group
NiSource Inc.
Keyspan Energy
Pinnacle West Capital
TECO Energy

An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Free Enterprise Action Fund can be found in the fund's prospectus. To obtain a prospectus, please call 1-800-766-3960 or click here. Please read the prospectus carefully before investing.

Mutual fund investing involves risk, including loss of principal.

The Free Enterprise Action Fund is advised by Action Fund Management, LLC., which receives a fee for its services, and is distributed by BISYS Fund Services, LP, which is not affiliated with Action Fund Management, LLC.

Invest for Freedom
Copyright 2005 Free Enterprise Action Fund