The Tortoise Method

A System for Weekly Mutual Fund Timing

A Special Report for the International Institute of Trading Mastery (IITM)
May 25, 2004

by Ken Long
http://www.tortoisecapital.com
ken@tortoisecapital.com

Purpose and Introduction:

The purpose of this article is to outline a method of applying the Tortoise basic
philosophy to a set of mutual funds that are available at typical deep discount broker. Because
my personal money is at Scotttrade, and I am well pleased with their customer service and
pricing scheme and the availability of funds across many families and investment styles, I will
use them as an illustration. I will be introducing some technical indicators and simple math to
demonstrate how I apply this strategy on a weekly basis. In addition, I will be attaching some
samples of typical reports I use to help me make my decisions after I have performed the math.
Please see the Tortoise White Paper for complete details on the underlying. Finally, I will show
some reports that
Summary of the Tortoise White Paper Key Beliefs:
1. Institutional money moves the market and flows between sectors (geographic, functional,
styles) in ways that are detectable through price action. Individual money is more agile and
flexible than institutional money, and has an edge when it comes to redeploying assets.
2. Price action is the only direct access to what the market is trying to tell you about investing
and trading. Predictions and guru assessments are indirect estimates and educated guesses about
where the market may go next. If you pay attention to price action you do not have to compete
with institutional money in the domain of fundamental analysis and trading efficiency.
3. Mutual funds represent a reasonable tradeoff in terms of risk, reward, time, money, and
expertise for many investors.
4. Due to the cyclic nature of sector rotation, hot spots come and go, and so what is more
important than finding the best mutual fund for all times and markets, is having a set of funds to
choose from that covers the world market. Combined with an administrative system that lets you
make frequent low or no cost exchanges immediately, this allows you to benefit from local
outperformance.
5. Deep discount brokers offer the administrative structures individuals need to be able to
exploit the niche provided by the agility of their money compared to that of institutional money.
6. The trend is your friend.
7. Mega moves in the market, defined as extraordinary moves in the market that give you a
chance to leverage your flexibility, often take 3-4 months and longer to fully manifest, which
allows individuals an opportunity to participate in time to make a good return but without having
to pick tops and bottoms.
8. This systems performance should be benchmarked against the S&P 500 Index, since passive
investing in that index that has been a reliable method of beating the performance of active
mutual fund managers year in and year out.

9. Most of the variation in equity performance comes from tides in the market and sectors, not
from the goodness o competitive advantage of individual companies.
10. The top down approach of analyzing opportunities by focusing on the major indices (the Dow
30, the S&P 500, and the NASDAQ), and then sectors and styles expressed by the Morningstar
style box is an efficient way to find investment edges for individuals.
11. The trend is your friend.
Tortoise system design goals: The Tortoise is designed to be a self-directed investing program
that we use within the framework of a mutual fund family such as Vanguard, Fidelity, Strong,
etc. In doing so, we have two objectives. Our first objective is to outperform the S&P 500 and
our second objective is to outperform the best performing fund in the fund family where we
choose to invest. And our goal is to do this in just minutes each week.
Tortoise strategy in a paragraph: By examining price performance on a weekly basis of the
major market indices and many mutual funds organized by Morningstar style box sectors on a
weekly basis, we can move in and out of the market and between sectors to ride trends up and
exit trends when they begin to falter and thereby aim to achieve better results than the S&P 500
Index year in and year out. We will use a deep discount broker for administrative efficiency, and
employ the strategy in a retirement account to minimize the administration of tax records at the
end of the year.
Tortoise Philosophy:
When youve got big money on the line, little compares to the excitement of a horse
race the race is usually tight, and youll know in just a few seconds whether youre rich
or if you lost it all.
Of course, most people head home from the races with their wallets lighter than when
they arrived. But consider this for a moment what if you could actually change your
bets during the course of the race?
For example, if you saw Secretariat 40 lengths ahead in the first turn, wouldnt you like to
be able to change your bet, at no cost, and earn money from his success for as long as he
was in front? Of course! While you cant do that on the horse track just yet, you actually
can do that in the markets, as Ill show
I call this method the Tortoise method. Instead of gambling it all on one horse before the
race, and potentially losing it all, we do it much differently The Tortoise method, like
the tortoise himself, is steady, disciplined, and keeps plodding along with a
long-term time horizon.
I believe that the secret to above average rates of return is not in finding the perfect horse
for all times, but finding a way to switch horses mid race. We simply always bet on the
winning horse. Our method is to do a weekly review of all the mutual funds within a

mutual fund family and then adjust portfolio allocations in a way that consistently puts us
in the best performing sectors and funds week in and week out. (If you dont have a great
grasp of the benefits and pitfalls of mutual funds, I highly recommend visiting
www.Morningstar.com The free information there is outstanding.)
Because the Tortoises money is always moving to the front runners, and then coming out
of the market when conditions turn sour, the Tortoise typically participates in the best
moves of the best funds, and misses much of their givebacks. Over the course of a year
this keeps the Tortoise among the year-to-date fund winners. By picking a mutual fund
family that allows frequent, no fee exchanges between a wide variety of no-load products,
you can do exactly this.
Consider these results in recent years:
So Far , So Good*
Year
S&P 500
Tortoise
1999
20.4%
98.1%
2000
-9.8%
26.6%
2001
-12.1%
9.9%
2002
-23.4%
-8.6%**
2003
9.55%
11.34%
2004 (through May 21)
-2.34%
-0.33%
*The Tortoise system applied to the Strong Funds model
**The Strong family doesnt have a gold fund, but fund families with a gold fund were
positive for 2002.
If you want a method like the Tortoise using mutual fund timing that consistently beats
the S&P 500, you have to get two main components right. First, you have to participate
in every bull market mega move. And second, you have to avoid a big chunk of the
losses that come during bear markets. Simply put, if you manage to get a good part of the
significant major moves up and miss most of the major moves down, you will
consistently achieve rates of return that are far better than the average market return, with
less volatility.

Tortoise Method: The How To Guide

Here is an overview of the steps that are taken every week to implement the tortoise
method (detailed instructions follow below).
1. Calculate percent gain or loss for each of the three major indexes: S&P 500, DJIA and
NASDAQ. You can do this on the weekend before the new week starts.
2. Use this past weeks index performance to determine what percentage of your money
will be put into equity funds (this is your percent exposure) and what percentage will be
kept on the sidelines in cash.

3. Determine the relative performance of each sector based on the percentage up or down
each has moved during the last week and the last five weeks. Use this performance
information to select the top funds that will receive money this week.
4. Lastly, divide the money that we decided to expose to the market in step 2 between
the top funds that we selected in step 3.
5. Repeat this process each weekend.
Its that simple. You can do it and if youd prefer to reduce your workload from 1-2
hours down to five minutes, we have a weekly service that will do it for youi. Now lets
look at these steps in more detail
1. Calculate the index performance for the week. The Tortoise method starts with a
simple weekly review that occurs every weekend after Fridays market close. The first
step requires that we determine the weekly performance of all 3 major indices (S&P 500,
the Dow 30 industrials, and the NASDAQ) on a percentage basis. Each week this step
merely generates three numbers which are either positive or negative depending on how
the prices for each index moved that week.
2. Use index performance to determine % exposure to the market. Our objective is
to move our cash into and out of the market in an orderly fashion. Going from 100
percent cash one week to 100% invested in growth funds the next would cause our
accounts (and our sleep patterns) to be exposed to undue volatility. To avoid this
undesirable situation, we only move our money in and out of the markets in
predetermined increments of 25%. Heres how we make those changes.
First we look at the weekly changes for each of the three indices. If we see agreement
between all three, this indicates that the market is trending and we move our cash in the
direction of the trend. We do this by increasing our market exposure by 25 percent if the
all three indices are heading up, and decreasing our market exposure in increments of
25% if all three indices are headed down. How much movement is sufficient in each
index to trigger a change in allocation?
Since each index has a different volatility, we have assigned the following values as the
minimum weekly thresholds: two percent for the S&P, two percent for the DOW,
and three percent for the NASDAQ. If one of the three indices is moving in a different
direction from the other two, we wont change our percent participation or exposure in
the market. However, if this occurs, we can still allocate that same amount of money to
different funds within the portfolio as determined in the next step. If the indices make a
move that is twice as big as our minimum threshold in a given week, we would increase
or decrease market exposure by as much as 50 percent instead of the normal 25.
Whatever portion of our money is not exposed to the market is placed in a money market

fund within the family of funds so that it can earn a reasonable rate of return while
waiting to act when conditions change the following week.
To help clarify how we move investment capital between cash and equity using the
Tortoise method, the table shows an example of increasing and decreasing exposure
based on a range of index performances:
Increasing and Decreasing Capital Exposure in the Tortoise Method
%
%
Invested
Dow
Exposure Invested
S&P %
NAS %
Week
Last
%
Change
Next
Week
Week
1
50
+2
-1
-4
0
50
2
50
+2
+2
+3
+25
75
3
75
-1
+1
+4
0
75
4
75
-3
-3
-6
-50
25
5
25
-1
-1
-2
0
25
6
0
+2
+3
+4
+25
50
Notice that we only make changes in exposure in the market when all three indices have
made a significant move in the same direction that week. When the Dow, S&P and the
NASDAQ moved 2%, 2% and 3% respectively in the same direction (like week 2), we
increase our exposure in the following week by 25%. If they move 4%, 4% and 6%
respectively, we make a 50% move, like in week 4. If they move 1%, 1% and 2%
respectively like in Week 5, all moves are in the same direction, but are under our
minimum threshold. By our rules, we make no adjustment, but a decrease of half of our
normal increment (or 12.5 percent) would be acceptable as well. When the indices do not
move in the same direction, we do not adjust our exposure, like in weeks 1 and 3.
In summary, the Tortoise methods allocates our total investment capital between cash and
equity by reacting with the market when there is a decisive move and remaining steady
when money is seemingly churning around from index to index. But either way, the
strategy gives us a clear-cut process for allocating capital. Once we know what
percentage of our total investing capital we are going to put into the market, we can
address the task of choosing the best funds to use.
3a. Deciding which sector funds to own: the problem of overdiversification. There is
probably as much art as there is science in determining the right number of funds to hold
in a portfolio. As a general rule of thumb, we recommend owning between two and six
funds at a time with three being about the norm. This is because, at some point (probably
after 6-7 funds), you risk duplicating your holdings in the underlying stocks, and you get
a false diversification. Conversely if your funds are completely uncorrelated, you water
down the performance of your front-running funds and end up with a portfolio that acts
like an index fund.

3b. Individual fund performance: one week and five week rates of return. The
calculation of short-term (one week) and medium-term (five week) performance is the
bedrock of our fund allocation process. This is because these 2 trends, taken together,
perform 2 critical functions: the longer timeframe screens out market noise, while the
shorter one provides early notice that a significant trend may be developing. We will
only move money from one fund to another when we see a new fund beating our current
holding in both the one AND the five week rates of return. We also use the five week
rate of return to allocate money between the multiple funds. We find that this method
gets our money to a new winner quickly enough to reward its exceptional performance,
yet gives the former front runners enough opportunity to recover from minor dips.

Example: Last week assume we had a 50% exposure to the market, equally split,( 25%
each) between the ABC fund abd the DEF fund. We calculate the Dow and S&P 500
Index performance for the week and discover they have both increased 2%. The
NASDAQ increased 3%. Thus, the indices meet our criteria for increasing our exposure
next week by 25%. We have answered the first important question: How much to be
exposed to the market in the following week: 75%.
3c. Deciding which funds to own: choosing the top performers. At the beginning,
limit yourself to three funds in your portfolio at a time. As you become comfortable with
the Tortoise method (and as your account grows!), you can add additional funds. Start
with your fund familys S&P 500 index fund as your initial selection. Now, select new
funds this way: for a fund to be selected it must have positive one week and five week
percentage gains. Additionally, the fund must outperform the S&P 500 index fund (from
your fund family) in both the one and five week timeframes. Finally, for a new fund to
push out an existing holding, it must beat the incumbent in both the timeframes as well.
Example continues: Now we examine all the funds within the chosen family, calculating
the 1 week and 5 week percent gains and losses. In this case we discover that only 4
funds (2 of which we already own) are beating the S&P 500. Well call them ABC, DEF,
GHI and JKL. Here is there calculated rates of return:
Fund
1 week% rate of return
5 week % rate of return
ABC
2.2%
4.1%
DEF
2.7%
3.8%
GHI
3.2%
3.9%
JKL
2.1%
3.1%
As you can see, our 2 winners from last week, ABC and DEF, are still ownable and well
keep them in the portfolio. GHI is ownable brcause its performed better than our current
holding in DEF. JKL, while outperforming the S&P 500, is not better than ABC or DEF
and so we wont choose it. That leaves us 3 funds for the upcoming week.

4. Portfolio allocation among the winners. Now that your have your top performing
two or three funds, allocate the capital that you want to expose to the market between the

funds in proportion to their five-week performance percentages. This process keeps you
from over weighting the latest hot fund that might have the best one week numbers, while
still keeping that new performer in the mix.
Example continues: Now we allocate our money among the 3 winners. Based on their 5
week % rates of return, we would allocate 25% of our portfolio to each of the 3 funds,
since their performance is so close. The remaining 25% of our portfolio would remain in
a money market fund, awaiting further developments next week.
5. Weekly ritual. Perform analysis Friday nights using Friday close-of-business prices.
These prices are normally available two hours after the market closes. Calculate the
portfolios percent exposure strategy for the next week and then allocate the money
among the top funds. Make your money adjustments in your fund families website prior
to close of business Monday to get Mondays closing price. Its best to make these
changes on the weekend so that Mondays market fluctuations dont tempt you to alter
your plan. For example, if you are supposed to invest in fund X on Monday, but the
market is down, you still invest in fund X. You just get a better price at Mondays close.
The Tortoise method for mutual fund timing is a safe, solid way to improve your
retirement portfolio returns while minimizing the time required to manage your
investment.

Choosing the Right Fund Family to Trade

An important consideration in implementing the Tortoise system is to choose a fund
family that allows us to take advantage of all the edges that are available to an individual
investor.
We as individuals have some very important advantages over a large fund manager.
Since our investment capital is small, we dont move the market significantly when we
enter or exit a position. Second, we can choose to keep our money on the sidelines and
be in cash at any time, whereas most fund managers need to be 95-98% invested even in a
bear market. And, third, we can move from sector to sector or fund to fund rapidly, at no
cost, while most fund managers are limited in their investment choices because of their
funds requirements and must pay commissions when buying and selling. Using these
advantages, we have outperformed the average money manager while spending just
minutes per week
The following are the top characteristics to look for in a mutual fund family to trade the Tortoise
system...
It must maintain a minimum $10 billion under management. This helps to assure us that they
have a first class research department and trustworthy auditors.

It must have multiple funds within the categories of large cap, medium cap, small cap,
global/international and bond/money market. With multiple funds to choose from, were sure that
the fund familys product line covers the entire world market and that at least one of their funds
will be able to pull away from the pack whenever a mega-move takes place in any sector.
It must include an S&P 500 index fund as a large cap choice. With an appropriate index fund
available, we can move our money to that fund when it is the best performing fund within the
family, and get at least the S&P 500 rate of return.
It must have no loads, and no fees for making exchanges within the fund family. Why should we
pay for the privilege of starting and stopping an account with them? Plenty of families dont
charge any add-on fees, and we want all our money working for us. Simply choose one of these
no-fee fund families.
It must have no limit on exchanges. Since we will be reviewing our mutual fund holdings
every week, we dont want to wait or pay extra fees when we want to change our fund
allocation. We need the ability to make fund exchanges when our investing strategy tells
us to, not when its convenient for the fund family.
It must have same day execution of fund exchanges. Some funds do not execute your
exchange request until the following day, exposing you to overnight price risk. Insist on
same day exchanges; plenty of fund families offer this service.
It must have 24 hour 7 days per week service, be Web enabled, have an 800 number, and
have touch tone telephone options. The only way fund families can really distinguish
their products is by providing superb customer service. Insist on it.
There are several fund families that meet all of these qualifications including Strong,
Vanguard, Fidelity, and others. These are listed in the box. Profunds and Rydex are
limited in their the funds they have, but weve included them because they have bear
funds. If you have a favorite fund family thats not in the list, call their customer service
and interview them based on the characteristics weve given you above. Chances are
good that they will qualify. However, if they dont theres no need to settle for second
best. There are many top tier fund families that can meet all of your needs.

Implementing the Tortoise at a deep discount brokerage: Still possible, but a

few more tradeoffs.
As a result of the SEC investigation into and prosecution of mutual fund trading practices in
September of 2003, many fund families that used to be adequate for implementing the Tortoise
strategy have since tightened up their policies on frequent trading. The next best way to
implement the Tortoise, then, is to operate within a deep discount brokerage which typically has
a supermarket approach to funds, offering funds from many different families. Scattered, for

example, as of this writing, offers over 1700 no load, no fee mutual funds. To cover
administrative costs, Scottrade levies a $17 dollar fee for holdings of less than 90 days. Its
important to add this round trip cost into your financial calculations to examine the impact of this
extra drag. In my opinion, in an account size greater than 25,000, this admin fee is directly
equivalent to a roundtrip broker fee for individual equities, and does not render the system
inoperable. But this is clearly information you should consider. Other brokerage houses will
have their own policies for early redemption fees, minimum time period holdings, restrictions on
trading frequency etc. This additional fee is offset by the opportunity to have access to many
more funds than a single family of funds can offer, and you get a chance to apply a best of
breed approach. For example, the Scattered offers well over 300 different choice of no load, no
fee funds in the large cap value category. When large cap value is the place to be, most of these
funds will be doing very well, an you can find the true superstars in that sector to add to your
portfolio
Procedure for Implementing the Tortoise at a deep discount brokerage:
This is similar to and consistent with the method described earlier for operating the Tortoise
within a single family of funds.
1. Perform the index calculations for the Dow 30, the S&P 500, and the NASDAQ 100
outlined in earlier sections and make your portfolio exposure decision according to those rules.
2. Download all the prices for your brokers universe of available no load, no fee funds.
3. Categorize these funds according to their morningstar style box
4. Calculate the average rates of return for the 1 week and 5 week time periods for all the
members of the Morningstar style box category.
5. Pick the 4 or 5 best Morningstar style box categories and choose those sectors to
allocate money in the week ahead for the % of your portfolio that the index rules suggest.
6. Select the 1 or 2 best performing funds within these style boxes, and hold these funds
until another fund in that sector outperforms it, OR the indices rules suggest its time to raise
cash.
7. Dont sell funds that are making positive returns on the 1 and 5 week rates of return
8. Be careful about adding funds that have a very narrow focus, like country specific
funds or narrowly focused technology funds. Limit exposure to these volatile funds to 5% of
your portfolio in any single holding.
Although the initial setup of a database or spreadsheet for this system is time-consuming, it runs
pretty smoothly once established.

Exchange traded funds and the Tortoise system

With the advent of exchange traded funds, investors and traders with a little more time to invest
in operating their system have the opportunity to reduce costs and manage open risk a little more
easily. There are well over 100 exchange traded funds that trade on the American Stock
Exchange, that trade just like stocks, are very tax efficient, allow you to short on a down-tick,

and let you apply position sizing and trailing stops: all clear advantages over conventional mutual
funds. Many of these funds are designed to mimic popular indices and style sectors, and so it is
possible to allocate capital among a set of ETFs to follow trends within the Morningstar style
box. I have included an example set of reports at the end of this article to show how a
discretionary trader might use ETFs to develop a mental model of the world equity market and
apply the Tortoise strategy to find the pockets of strength and/or weakness to exploit.
I have found that by going through the weekly Tortoise analysis of the current conditions
of the market, that I can more reliably find effective trading vehicles in my discretionary trading
in ETFs. In trending markets the Tortoise style of analysis helps you find the strongest trends to
ride, and conversely, in sideways markets, the Tortoise helps identify those sectors that are ripe
for reversals

Parting gift: This article has been an attempt to describe a mind set and a simple system that
an individual can use to assess the state of the world market and develop a disciplined consistent
robust approach to achieving better than average market returns with out committing extensive
amounts of time or money into the process. Its a simple system, but like anything, it takes
discipline and will to do it. If you are interested in this system, I will extend to you a free trial of
my website at http://www.tortoisecapital.com which performs the math and sets up the decision
support reports for you on a weekly basis. Subscribers report that the weekly website and email
updates are a useful way to save money and time and have a visible reminder for disciplined
action. Send me an email ken@tortoisecapital.com for your unlimited free trial of my services.
Sample reports are included at the end of this article for you to consider.

Tortoise Decision Model

How much exposure in the week
ahead?

If all 3 indexes moved in the same direction with strength, then

increase or decrease exposure in increments of 25%,
otherwise no change
Dow, S&P = 2% NASDAQ= 3%

Which funds should I own?

Default: keep the same funds as last week

New funds must beat last week's funds on both the 1 wk & 5 wk
rate of return
Significant difference = 2% on 1wk, 5% on 5wk
Funds owned must be outperforming S&P on 1 wk & 5 wk

How much for each fund?

Allocate proportional to the 5 wk rate of return

Wk

%in Last
Week

Dow

S&P

NAS

Change

%In
Next
Week

50

+2

-1

-4

50

50

+2

+2

+3

+25%

75

75

-1

+1

+4

0%

75

75

-3

-3

-6

-50%

25

25

-1

-1

-2

-10%

15

15

+1

+1

+2

+10%

25

tortoisecapital.com

ken@tortoisecapital.com

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName

FundName

Lg Cap Value
20%
Yes Yes
FBR Financial Services Fund
Yes
Scudder
Scudder Preservtn Plus Inc Fd Inv Class-IRAS ONLY
Yes Yes
Buffalo
Buffalo Balanced Fund
Yes Yes
Strong
Strong Ultra Short Term Income Fund
Yes
AMF Adjustable Rate Mortgage (ARM) Fund
Yes
Thompson and Plumb Bond Fund
Yes Yes
Safeco
Safeco Dividend Income Fund - Investor Class
Yes
Strong
Strong Ultra Short Term Income Fund Advisor Class
Yes Yes
Babson
Babson Bond Trust S Fund
Yes
Causeway International Value Fund -Investor Shares
Yes
Profunds
ProFunds Wireless Communic UltraSector Fd
Yes
Rydex
Rydex Banking Fund
Yes
Rydex
Rydex Banking Fund Advisor Class
Yes
Rydex
Rydex Financial Services Fund Advisor Class
Yes
Profunds
ProFunds Banking UltraSector Fund
Yes
Loomis Salyes Loomis Sayles Value Fund Inst Class
Yes
Master's Select Value Fund
Yes
Rydex
Rydex Financial Services Fund
Lg Cap Blend
20%
Yes
Gateway Fund
Yes Yes
Lindner Growth and Income Fund
Yes
Scudder
Scudder Preservtn Plus Fd Inv Class-IRAS ONLY
Yes Yes
American Aadv American Aadvantage Internatnl Eqty Fd Plan Ahead
Yes
Women's Equity Mutual Fund
Yes Yes
Oakmark
Oakmark Select Fund Class I
Yes Yes
American Cent American Century Inflation-Adjusted Bond Fund
Yes
Phoenix-Kayne Rising Dividends Fund Class X
Yes
Bridgeway
Bridgeway Balanced Fund
Yes
Generation Wave Balanced Growth Fund
Yes Yes
ABN AMRO
ABN AMRO International Equity Fd Cl N
Yes Yes
Babson
Babson Bond Trust L Fund
Yes Yes
Oakmark
Oakmark International Fund Class I
Yes Yes
PIMCO
PIMCO Commodity Real Return Strat Fd Cl D
Yes
Howard Capital Appreciation Fund
Yes Yes
Janus
Janus Twenty Fund
Yes
Vanguard
Vanguard Primecap Fd-Invstr Shs

Ticker

TotNdx %1wk

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

P#

FBRFX
DBPIX
BUFBX
STADX
ASARX
THOPX
SAFIX
SADAX
BBDSX
CIVVX
WCPIX
RYKIX
RYKAX
RYFAX
BKPIX
LSGIX
MSVFX
RYFIX

59
55
53
53
54
52
55
53
54
54
61
61
61
53
62
52
54
53

1.4%
0.0%
-0.1%
-0.1%
-0.1%
0.2%
1.2%
0.0%
0.0%
2.4%
-1.2%
1.5%
1.6%
1.2%
2.6%
0.3%
1.5%
1.1%

2.0%
0.0%
-1.0%
-0.3%
-0.2%
-0.7%
0.3%
-0.3%
0.0%
-2.0%
-0.7%
1.8%
1.9%
-0.2%
2.3%
-0.8%
-0.3%
-0.2%

-0.3%
0.0%
-1.4%
-0.5%
-0.3%
-0.9%
-1.9%
-0.5%
0.0%
-3.5%
-0.7%
0.9%
1.0%
-2.6%
0.5%
-2.8%
-3.0%
-2.6%

-5.1%
0.0%
-0.7%
-0.6%
-0.5%
-2.1%
-1.8%
-0.6%
-2.4%
-0.6%
-3.9%
-4.2%
-4.2%
-5.1%
-6.3%
-1.7%
-2.5%
-5.1%

-0.0%
0.0%
3.0%
-0.5%
-0.4%
-0.1%
-0.1%
-0.5%
-0.8%
3.5%
24.0%
0.5%
0.4%
0.4%
-0.6%
0.9%
1.2%
0.6%

15.4%
1.0%
12.0%
-0.2%
-0.4%
1.7%
11.0%
-0.3%
0.4%
21.5%
60.9%
13.9%
13.3%
12.4%
15.8%
12.1%
15.3%
13.0%

10
9
8
8
7
7
6
6
5
5
4
4
4
4
3
3
2
2

GATEX
LDDVX
BTPSX
AAIPX
FEMMX
OAKLX
ACITX
PKLFX
BRBPX
GWBGX
RIEQX
BABIX
OAKIX
PCRDX
HEFGX
JAVLX
VPMCX

52
57
55
52
52
57
53
53
52
56
55
54
52
58
56
56
52

-0.0%
0.0%
0.0%
2.2%
0.1%
2.2%
0.9%
0.3%
0.0%
0.0%
0.0%
0.0%
1.4%
0.4%
0.0%
0.0%
0.1%

-0.5%
0.0%
0.0%
-2.0%
-1.1%
-0.0%
0.6%
-0.3%
-0.5%
0.0%
0.0%
0.0%
-1.7%
1.2%
0.0%
-0.4%
-0.9%

-1.5%
0.0%
0.0%
-4.0%
-2.4%
-1.8%
-1.8%
-2.3%
-2.2%
0.0%
0.0%
0.0%
-3.4%
-1.3%
0.0%
-0.7%
-3.2%

-0.4%
0.0%
0.0%
-1.1%
-0.6%
-2.1%
-4.5%
0.4%
-1.4%
0.2%
-1.8%
-3.2%
-1.4%
-2.5%
0.0%
1.0%
-0.8%

0.5%
3.4%
0.0%
0.3%
1.3%
0.6%
-0.4%
1.2%
1.0%
0.0%
-2.4%
-0.6%
-0.8%
8.8%
2.5%
5.6%
3.0%

3.1%
14.3%
1.4%
18.1%
12.0%
11.3%
2.7%
8.5%
8.9%
6.5%
15.2%
0.7%
17.9%
20.0%
3.3%
16.0%
17.5%

8
7
7
7
7
6
6
6
6
5
5
5
5
4
4
4
4

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName

FundName

Yes Yes
World
World Sand Hill Portfolio Manager Fund
Yes Yes
Janus
Janus Global Value Fund
Yes
Longleaf Partners International Fund
Yes Yes
American Cent American Century International Bond Fund
Yes Yes
Janus
Janus Core Equity Fund
Yes Yes
Buffalo
Buffalo Large Cap Fund
Yes
Reserve Large-Cap Growth Fund Class R
Yes
Vanguard
Vanguard European Stk Indx Fd-Admiral Shs
Yes
Vanguard
Vanguard European Stk Indx Fd-Investor Shs
Lg Cap Growth
20%
Yes
Turner
Turner Healthcare & Biotechnology Fund
Yes
Potomac
Potomac OTC Plus Fund -Investor Class
Yes Yes
Babson
Babson Growth Fund
Yes Yes
Buffalo
Buffalo USA Global Fund
Yes Yes
Lindner Large-Cap Growth Fund
Yes
ING
ING Large Cap Growth Fund Class Q
Yes
PBHG
PBHG Large Cap 20 Fund
Yes
Accessor
Accessor Growth Fund-Advsr Class
Yes
Accessor
Accessor Growth Fund-Investor Class
Yes Yes
Transamerica Premier Equity Fund
Yes
T Rowe Price T Rowe Price Media & Telecommunications Fund
Yes Yes
Strong
Strong Large Company Growth Fund-Investor Class
Yes Yes
Managers
Managers AMG Frontier Growth Fund
Yes
Rydex
Rydex Consumer Products Fund
Yes
Rydex
Rydex OTC Fund
Yes
Liberty
Liberty Financial Funds
Yes
Ariston Convertible Securities Fund
Yes
Fremont
Fremont New Era Growth Fund
Yes
Rydex
Rydex Internet Fund
Yes
Rydex
Rydex Internet Fund Advisor Class
Yes
California Trust California Trust Nasdaq 100 Index Fund
Yes
T Rowe Price T Rowe Price Science & Technology Fund
Yes Yes
TCW Galileo
TCW Galileo Technology Fund N
Yes Yes
Credit Suisse Credit Suisse Capital Appreciation Fund
Yes
Credit Suisse Credit Suisse Capital Appreciation Fund Advisor Cl
Yes
Profunds
ProFunds OTC Fund
Yes
Profunds
ProFunds Semiconductor UltraSector Fund

Ticker

TotNdx %1wk

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

SHPMX
JGVAX
LLINX
BEGBX
JAEIX
BUFEX
HLVAX
VEUSX
VEURX

52
53
52
53
53
52
52
52
52

0.3%
1.5%
1.9%
1.2%
0.6%
0.3%
0.7%
1.6%
1.6%

-0.6%
-2.1%
-3.0%
-0.5%
-0.4%
-0.2%
-0.7%
-1.3%
-1.3%

-2.4%
-3.0%
-3.5%
-1.3%
-2.6%
-2.5%
-2.3%
-3.3%
-3.3%

-1.7%
-0.5%
0.1%
-3.0%
-0.6%
-2.5%
-2.4%
-1.6%
-1.6%

-0.1%
2.0%
2.1%
-3.4%
-0.2%
-0.6%
-1.3%
-2.1%
-2.1%

THBCX
POTCX
BABSX
BUFGX
LDNRX
NLCQX
PLCPX
AGROX
AGRIX
TEQUX
PRMTX
SLGIX
MFRGX
RYCIX
RYOCX
LNEZX
CNCVX
FNEGX
RYIIX
RYIAX
NASDX
PRSCX
TGTNX
CUCAX
WCATX
OTPIX
SMPIX

52
52
58
52
57
56
56
53
53
52
57
54
55
52
52
52
55
52
55
55
53
53
53
52
52
52
52

-1.4%
0.7%
0.0%
-0.2%
0.0%
0.6%
0.6%
0.0%
0.0%
0.6%
2.2%
0.6%
0.0%
-0.5%
0.6%
1.5%
0.8%
0.0%
0.9%
0.9%
0.6%
0.6%
2.2%
0.3%
0.3%
0.6%
1.8%

-2.7%
0.5%
0.0%
-0.9%
0.0%
0.6%
1.5%
-0.5%
-0.5%
-1.2%
0.1%
-0.2%
0.0%
-2.5%
0.4%
-1.9%
2.3%
-0.3%
1.4%
1.4%
0.6%
1.3%
1.9%
-0.5%
-0.5%
0.4%
6.5%

-1.2% 0.9%
6.5%
-3.6% -2.3% -5.4%
0.0% 2.3%
3.0%
-2.8% -1.2%
2.3%
0.0% 0.0%
4.5%
-2.2% 0.4%
3.6%
-2.4% -0.2%
0.4%
-2.5% 0.4%
1.3%
-2.5% 0.3%
1.2%
-2.7% -0.6%
1.3%
-3.8% -0.5%
3.7%
-2.4% 0.5%
2.2%
0.0% 0.0%
0.0%
-2.0% 0.6%
6.0%
-3.0% -2.0% -3.9%
-3.2% -0.8% -1.7%
-3.6% -4.0%
0.6%
-3.4% -1.6%
3.5%
-3.9% -2.3% -0.7%
-4.0% -2.4% -0.9%
-3.0% -1.7% -4.0%
-2.9% -2.6% -5.7%
-5.2% -4.1% -5.2%
-2.7% -1.2% -0.2%
-2.7% -1.3% -0.4%
-2.9% -1.8% -4.1%
-5.8% -11.2% -21.0%

P#

9.6%
21.0%
15.5%
1.5%
11.6%
8.4%
12.8%
16.6%
16.6%

4
3
3
2
2
2
2
2
2

20.5%
13.5%
13.6%
18.4%
16.1%
19.1%
11.3%
12.3%
12.3%
13.8%
27.7%
12.2%
0.0%
17.7%
11.0%
20.3%
15.9%
13.4%
27.8%
27.3%
11.9%
12.4%
14.4%
9.6%
9.2%
7.9%
11.8%

12
10
9
8
7
7
7
7
7
7
6
6
4
4
4
4
3
3
2
2
2
2
2
2
2
2
2

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName

FundName

Yes Yes
Rydex
Rydex OTC Fund Advisor Class
Md Cap Value
10%
Yes
James Advantage Market Neutral Fund
Yes Yes
Buffalo
Buffalo High Yield Fund
Yes
Vanguard
Vanguard REIT Indx Fd-Invstr Shs
Yes
SSga
SSgA Tuckerman REIT Fund
Yes
F/T Mutual European Fund Class Z
Yes Yes
Vontobel Eastern Euro Eqty Fd A-Load Waived
Yes
Fremont
Fremont Real Estate Securities Fund
Yes
ABN AMRO
ABN AMRO Real Estate Fd Cl N
Yes
T Rowe Price T Rowe Price Real Estate Fund
Yes
Forum
Forum Polaris Global Value Fund
Yes
Cohen & Steer Cohen & Steers Special Equity Fund Retail Class
Yes
Security Capital Real Estate Fund
Yes Yes
Cohen & Steer Cohen & Steers Realty Shares Fund Retail Class
Yes Yes
American Cent American Century Real Estate Fund
Yes Yes
Gabelli
Gabelli Westwood Realty Fund
Yes
PBHG
PBHG REIT Fund
Yes
PBHG
PBHG REIT Fund Advisor Class
Yes Yes
Columbia
Columbia Real Estate Equity Fund
Yes
Neuberger Berman
Md Cap Blend
10%
Yes Yes
Lindner Communications Fund
Yes
Managers
Managers AMG Rorer Mid Cap
Yes Yes
Lindner Market Neutral Fund
Yes Yes
Janus
Janus Global Life Sciences Fund
Yes
IPS New Frontier Fund
Yes
AXA Rosenber AXA Rosenberg Global Long/Short Eqty Fd Invstr Cl
Yes
Marathon Value Portfolio
Yes
FAM Value Fund
Yes
Vanguard
Vanguard Capital Opportunity Fund-Investor Shs
Yes Yes
Third Avenue Third Avenue Value Fund-Not for Sale in LA
Md Cap Growth
10%
Yes Yes
Amerindo Technology Fund Class D
Yes
Liberty
Liberty Financial Funds
Yes
Merger Fund
Yes Yes
Buffalo
Buffalo Science and Technology Fund

Ticker

TotNdx %1wk

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

P#

RYAOX

52

0.5%

0.3%

-3.0%

-2.1%

-4.2%

10.5%

JAMNX
BUFHX
VGSIX
SSREX
MEURX
VEEEX
FREFX
ARFCX
TRREX
PGVFX
CSSPX
SUSIX
CSRSX
REACX
WESRX
PBRTX
PBRAX
CREEX
NBRFX

55
53
52
54
53
58
54
53
56
52
59
58
56
55
53
53
53
52
52

0.2%
0.2%
2.3%
2.7%
1.0%
5.5%
2.2%
2.4%
2.3%
1.5%
2.4%
2.8%
2.4%
2.7%
2.2%
2.3%
2.2%
2.1%
2.3%

0.6%
-1.0%
0.9%
0.9%
-1.3%
-2.0%
1.3%
1.0%
1.4%
-1.8%
1.8%
2.3%
1.6%
1.1%
1.0%
0.9%
0.8%
0.4%
0.7%

-1.5%
-1.2%
-2.7%
-2.4%
-2.7%
-6.4%
-2.1%
-3.0%
-1.4%
-3.7%
-1.1%
-1.8%
-2.0%
-2.1%
-2.5%
-2.5%
-2.6%
-3.2%
-2.6%

0.6%
-1.2%
-11.5%
-10.8%
-0.8%
-1.8%
-10.5%
-10.3%
-9.2%
-2.1%
-6.3%
-8.2%
-9.7%
-10.5%
-10.7%
-11.1%
-11.2%
-9.6%
-11.1%

2.8%
0.3%
-4.3%
-2.7%
1.4%
9.2%
-2.9%
-3.2%
-2.1%
2.2%
0.9%
-1.5%
-2.3%
-3.6%
-3.8%
-2.9%
-3.0%
-3.2%
-4.0%

7.7%
5.6%
6.5%
7.3%
15.2%
35.3%
9.4%
8.8%
8.6%
18.9%
18.3%
8.7%
10.6%
8.8%
7.5%
6.8%
6.7%
8.4%
7.6%

11
7
7
6
6
4
4
4
3
3
2
2
2
2
2
2
2
2
2

LDUTX
MRMCX
LDNBX
JAGLX
IPSFX
RMSIX
MVPFX
FAMVX
VHCOX
TAVFX

58
56
55
52
57
52
52
55
54
52

0.0%
1.2%
0.0%
-0.5%
1.3%
0.2%
0.3%
1.6%
1.1%
2.1%

0.0%
-0.7%
0.0%
-2.6%
0.4%
0.0%
-1.6%
-0.3%
0.0%
-1.8%

0.0%
-2.3%
0.0%
-2.1%
-1.8%
-1.4%
-2.5%
-2.5%
-4.0%
-4.2%

0.0%
0.7%
0.0%
1.4%
-0.6%
-2.2%
-0.5%
-1.1%
-2.4%
-2.4%

6.2%
4.5%
1.5%
8.3%
2.4%
-1.4%
1.6%
3.8%
4.0%
2.3%

21.2%
17.8%
1.6%
22.1%
19.0%
-0.6%
12.9%
12.0%
25.6%
18.9%

8
8
7
5
4
3
3
2
2
2

ATCHX
ACFFX
MERFX
BUFTX

71
54
55
53

1.4%
3.0%
0.1%
0.0%

1.1% 2.8% 10.9%

-2.5% -3.8% -0.6%
-0.1% -0.6% 0.0%
-0.4% -3.9% -0.6%

14.7%
1.3%
1.0%
5.7%

31.1%
25.3%
5.0%
28.0%

11
9
8
8

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName
Yes

FundName

Ticker

TotNdx %1wk

Baron Asset Fund

BIOPX
Neuberger Berman International Fund Investor Class NBISX
Yes
PIMCO RCM Global Technology Fund Class D
DGTNX
Loomis Sayles Aggressive Growth Fund Inst Class LSAIX
Yes
Loomis Sayles Aggressive Growth Fund Retail Class LAGRX
Turner Technology Fund
TTECX
Yes
Strong Technology 100 Fund
STEKX
AMIDEX35 Mutual Fund
AMDEX
Yes
US Global Inve US Global Investors Eastern European Fund
EUROX
Yes
Neuberger Berman
NBITX
Sm Cap Value
10%
Yes Yes
Strong
Strong Short-Term Bond Fund
SSTBX
Yes
Longleaf Partners Small Cap Fund
LLSCX
Yes
Greenspring Fund
GRSPX
Yes
Aegis Value Fund
AVALX
Yes Yes
Third Avenue Third Avenue International Value Fd-Not for sale i
TAVIX
Yes Yes
Oakmark
Oakmark International Small Cap Fund Class I
OAKEX
Yes Yes
AXA Rosenber AXA Rosenberg Intl Sm Cap Fd Investor Class
RISIX
Yes Yes
Third Avenue Third Avenue Real Estate Value Fd-Not for sale in
TAREX
Yes Yes
World
World Third Millenium Russia Fund-Load Waived
TMRFX
Sm Cap Blend
0%
Yes
Managers
Managers AMG Frontier Small Company Value Fund MGFVX
Yes Yes
AXA Rosenber AXA Rosenberg Value Value Long/Short Equity Invstr BRMIX
Yes Yes
FBR Small Cap Financial Fund
FBRSX
Yes Yes
Gabelli ABC Fund
GABCX
Yes
FAM Equity Income Fund
FAMEX
Yes
Perkins Discovery Fund
PDFDX
Sm Cap Growth
0%
Yes Yes
Gabelli
Gabelli Mathers Fund
MATRX
Yes Yes
Lindner Small-Cap Growth Fund
LDRSX
Yes
ABN AMRO
ABN AMRO Select Small Cap Fund Cl N
IOSCX
Yes
Artisan Funds
ARTSX
Yes
Kinetics Internet Fund
WWWFX
Yes
Royce Premier Fund
RYPRX
Yes Yes
Liberty
Liberty Acorn USA Class Z
AUSAX
Bond/Income
0%
Yes
Federated
Federated Adjstble Rate Fund - IS Inst Shares
FEUGX
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes

Neuberger Ber
PIMCO
Loomis Salyes
Loomis Salyes
Turner
Strong

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

P#

55
56
54
52
52
54
53
55
57
54

1.2%
2.2%
1.1%
-0.6%
-0.6%
2.1%
1.4%
1.0%
6.3%
2.2%

-0.9%
-2.1%
1.5%
-0.3%
-0.3%
3.2%
0.7%
0.8%
-0.8%
-2.1%

-4.1%
-3.7%
-4.5%
-3.3%
-3.3%
-5.1%
-3.1%
-3.5%
-9.3%
-3.8%

2.8%
-0.3%
-0.8%
1.5%
1.5%
-6.8%
-3.1%
-1.7%
-4.3%
-0.4%

6.9%
3.5%
-2.1%
2.1%
1.9%
-5.9%
-3.1%
2.8%
11.5%
3.3%

26.5%
45.2%
18.7%
16.7%
16.4%
17.7%
11.5%
19.6%
39.3%
27.5%

7
6
5
5
5
4
4
3
2
2

52
56
53
52
52
53
52
52
54

0.0%
0.7%
0.3%
0.6%
1.6%
1.5%
2.6%
2.0%
5.1%

-0.7%
1.0%
-1.4%
-0.9%
-1.1%
-2.5%
-3.2%
-0.8%
1.1%

-1.1%
-2.0%
-1.7%
-2.8%
-4.4%
-3.5%
-5.0%
-3.2%
-10.7

-2.1%
-1.0%
-1.0%
-3.1%
-3.4%
-0.8%
-1.6%
-6.0%
-5.8%

-1.0%
-0.5%
0.3%
1.6%
1.0%
2.9%
4.1%
0.1%
13.8%

-0.2%
18.2%
15.0%
14.1%
24.8%
29.9%
27.8%
14.0%
27.1%

10
8
5
5
5
3
3
3
2

54
54
52
54
52
57

0.0%
0.2%
1.7%
0.1%
1.7%
2.2%

0.0%
0.3%
-0.2%
-0.2%
-0.5%
-1.5%

0.0%
-0.7%
-2.6%
-0.2%
-3.3%
-2.6%

0.0%
-1.8%
-7.6%
-0.2%
-3.1%
0.4%

0.0%
-0.2%
-1.8%
0.1%
1.2%
5.2%

-5.9%
0.4%
13.4%
0.3%
6.7%
24.3%

6
5
5
4
3
2

55
55
55
53
55
53
57

-0.1%
0.0%
0.0%
0.4%
2.0%
0.5%
1.0%

0.1%
0.0%
0.0%
-0.5%
0.4%
-0.9%
0.7%

0.3%
0.0%
0.0%
-2.9%
-1.5%
-3.9%
-2.3%

0.1%
0.0%
-5.5%
-2.1%
-2.9%
0.8%
-1.2%

-0.5%
-3.1%
1.2%
3.5%
-7.0%
5.6%
2.5%

-1.1%
10.2%
15.6%
18.3%
7.4%
19.3%
20.8%

8
7
5
5
4
4
3

53

-0.1%

-0.3% -0.4%

-0.5%

-0.3%

-0.1%

11

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes

Yes

Yes

Yes
Yes

Yes

Yes

Federated
PIMCO
Strong
Eclipse
Strong

FundName

Federated Limited Duration Govt Fd -SS Inst Svc

PIMCO Foreign Bd Fd Cl D
Strong Advisor Short Duration Bond Fund Class Z
Eclipse Short Term Bond Fund
Strong Short Term High Yield Muni Bond Fd
Columbia Funds
JP Morgan
JP Morgan Funds
American Cent American Century Target Maturities Trust 2005 Fund
California Trust California Trust Short-Term US Government Bond Fu
Strong
Strong Ultra Short Term Municipal Income Fund Advi
Federated
Federated US Government Securities 1-3 Years - SS
Federated
Federated Utra Short Bond Fund Class SS Inst Svc
Vanguard
Vanguard Inflation-Protctd Sec Fd-Invstr Shs
Babson
Babson Stewart Ivory International Fund
Federated
Federated Adjstble Rate Fund - SS Institnl Svc Shs
Permanent Portfolio Versatile Bond
Vanguard
Vanguard Short-Trm Tx-Exmpt Fd-Admiral Shs
Federated
Federated Short Term Municipal Fund - SS Instit Sv
Neuberger Ber Neuberger Berman Limited Mat Fd Invstr Class
Payden
Payden Global Short Bond Fund
Payden
Payden Short Bond Fund
PIMCO
PIMCO Short Duration Muni Inc Fd Cl D
Vanguard
Vanguard Short-Trm Treas Fd-Admiral Shs
Vanguard
Vanguard Short-Trm Treas Fd-Invstr Shs
PBHG
PBHG IRA Capital Preservation Fund-IRA ACCTS O
ICON
ICON Short-Term Fixed Income Fund
Strong
Strong Ultra Short Term Municipal Income Fund
Federated
Federated Government Ultrashort - IS Inst Shs
Federated
Federated Limited Duration Govt Fd -IS Inst Shs
Federated
Federated Short Term Income Fund - IS Inst Shs
Federated
Federated Short Term Income Fund - IS Inst Svc Shs
Federated
Federated Short Term Municipal Fund - IS Inst Shs
Accessor
Accessor Income Allocation Fd-Advsr Class
Accessor
Accessor Income Allocation Fd-Investor Class
Excelsior
Excelsior Short-Term Tax-Exempt Securities Fund
Janus
Janus Short-Term Bond Fund
Nations
Nations Short Term Muni Income Fd Primary Cl A

Ticker
FLDSX
PFODX
STGBX
MSTIX
SSHMX
CUGGX
JSBSX
BTFIX
STUSX
SMAVX
FSGIX
FULBX
VIPSX
BAINX
FASSX
PRVBX
VWSUX
FSHSX
NLMBX
PYGSX
PYSBX
PSDDX
VFIRX
VFISX
PBCPX
ICSTX
SMUAX
FGUSX
FLDIX
FSTIX
FSISX
FSHIX
AIAAX
AIAIX
USSSX
JASBX
NSMIX

TotNdx %1wk
53
53
53
52
52
52
52
54
54
54
53
53
56
55
53
53
53
52
52
52
52
52
52
52
55
54
54
53
53
53
53
53
52
52
52
52
52

0.0%
-0.1%
-0.1%
0.0%
0.1%
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
1.0%
0.0%
-0.1%
0.0%
0.1%
0.2%
-0.1%
0.3%
0.1%
0.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.1%
0.1%
0.1%
0.0%
0.2%

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

-0.4%
-0.4%
-0.4%
-0.4%
-0.7%
-0.6%
-0.5%
-0.2%
-0.1%
-0.2%
-0.3%
-0.5%
1.1%
0.0%
-0.3%
-0.2%
-0.3%
-0.5%
-0.5%
-0.6%
-0.6%
-0.5%
-0.6%
-0.6%
0.0%
0.0%
-0.2%
-0.5%
-0.4%
-0.4%
-0.4%
-0.5%
-0.7%
-0.7%
-0.6%
-0.7%
-0.6%

-0.8%
-0.5%
-0.8%
-1.0%
-1.1%
-0.9%
-1.0%
-0.5%
-0.5%
-0.2%
-0.7%
-0.5%
-1.0%
0.0%
-0.4%
-0.5%
-0.6%
-0.9%
-0.8%
-1.3%
-1.1%
-1.0%
-1.0%
-1.0%
0.0%
-0.1%
-0.2%
-0.5%
-0.8%
-0.8%
-0.8%
-0.9%
-1.2%
-1.2%
-0.8%
-0.7%
-1.1%

-1.4%
-0.7%
-1.0%
-1.8%
-2.0%
-1.6%
-1.7%
-0.9%
-1.0%
-0.6%
-1.3%
-0.5%
-3.4%
-1.0%
-0.5%
-0.8%
-1.1%
-1.8%
-1.6%
-2.0%
-1.8%
-1.7%
-2.1%
-2.1%
0.0%
-0.2%
-0.6%
-0.5%
-1.4%
-1.6%
-1.6%
-1.8%
-2.1%
-2.1%
-1.7%
-1.4%
-2.1%

-0.7%
0.4%
-0.9%
-1.0%
-1.4%
-1.0%
-1.0%
-0.0%
-0.5%
-0.8%
-0.8%
-0.5%
1.2%
-3.8%
-0.3%
-0.4%
-0.8%
-1.2%
-1.5%
-1.0%
-1.0%
-1.5%
-1.2%
-1.2%
0.0%
-0.2%
-0.8%
-0.5%
-0.7%
-0.6%
-0.6%
-1.2%
-1.2%
-1.2%
-0.8%
-0.7%
-1.3%

-0.1%
-0.9%
-0.2%
-0.4%
0.5%
0.2%
-0.4%
0.9%
-0.6%
-1.0%
-0.5%
-1.1%
4.1%
14.2%
-0.1%
-4.2%
-0.6%
-0.3%
-0.8%
0.4%
-0.7%
-0.2%
-1.1%
-1.1%
0.8%
-0.8%
-0.4%
-0.5%
-0.1%
0.4%
0.4%
-0.2%
-0.2%
-0.3%
-0.6%
-0.3%
-0.5%

P#
10
10
10
10
8
8
8
7
7
7
7
7
6
6
6
6
6
6
6
6
6
6
6
6
5
5
5
5
5
5
5
5
5
5
5
5
5

NLNTFStarRPT (No Load, No Transaction Fee Funds)

Scott Etrade FamName
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes

Yes
Yes

Yes
Yes

Yes
Yes

Yes
Yes

Yes

Strong
Wright

FundName

Strong Short-Term Yield Fund

Wright U.S. Govt Near Term Fd-Standard Shares
Neuberger Berman
Profunds
ProFunds Rising Rates Opportunity Fund
Rydex
Rydex Juno Fund
Federated
Federated Muni Ultrashort Fund - IS Inst Shs
Permanent Portfolio Treasury Bill
Fremont
Fremont Institutional + Fund
Harbor
Harbor Short Duration Fund Institutional Class
ING
ING Strategic Income Fund Class Q
Payden
Payden Limited Maturity Fund
PIA Short Term Government Securities Fund
PIMCO
PIMCO Real Return Fd Cl D
PIMCO
PIMCO Short Term Fd Cl D
Federated
Federated US Government Securities 1-3 Years - IS
Managers
Managers Short Duration Government Fund
PIMCO
PIMCO Low Duration Fd Cl D
SSga
SSgA Yield Plus Fund
Turner
Turner Ultra Short Duration Fixed Income Fund Clas
Turner
Turner Ultra Short Duration Fixed Income Fund Clas
Vanguard
Vanguard Short-Trm Tx-Exmpt Fd-Invstr Shs
American Cent American Century Short-Term Government Fund
Capstone
Capstone Short Term Bond Fund Class A
Dreyfus
Dreyfus Short Intermediate Municipal Bond Fund
Excelsior
Excelsior Short-Term Government Securities Fund
Federated
Federated Limited Duration Fd -IS Inst Shs
Federated
Federated Limited Duration Fd -SS Inst Svc Shs
Metropolitan West Low Duration Bond Fund Class M
Scudder
Scudder Short Term Muni Bd Fd Invstmnt Class
SIT Tax Free Income Fund
SIT U.S. Government Securities Fund
Strong
Strong Short Term High Yield Bond Fund Advisor Cla
Strong
Strong Short-Term Municipal Bond Fund
T Rowe Price T Rowe Price Short Term Bond Fund
TCW Galileo
TCW Galileo Short Term Bond Fund I
Hussman Strategic Total Return Fund
Nuveen
Nuveen High Yield Muni Bond Fund Class R

Ticker
STHBX
WNTBX
NBLTX
RRPIX
RYJUX
FMUSX
PRTBX
FIYPX
HASDX
NAQUX
PYLMX
PIASX
PRRDX
PSHDX
FSGVX
MGSDX
PLDDX
SSYPX
TDGOX
TSDOX
VWSTX
TWUSX
CSSHX
DSIBX
UMGVX
FTRLX
FTRDX
MWLDX
MSMSX
SNTIX
SNGVX
SSTHX
STSMX
PRWBX
TGSMX
HSTRX
NHMRX

TotNdx %1wk
52
52
52
66
64
55
55
54
54
54
54
54
54
54
53
53
53
53
53
53
53
52
52
52
52
52
52
52
52
52
52
52
52
52
52
54
53

0.4%
0.0%
0.0%
-0.9%
-0.6%
0.0%
-0.0%
0.0%
0.0%
0.0%
-0.1%
0.0%
0.9%
0.0%
0.0%
-0.1%
0.0%
0.0%
-0.2%
-0.2%
0.1%
0.0%
0.0%
0.2%
0.0%
0.0%
0.0%
0.2%
0.1%
0.1%
0.0%
0.2%
0.1%
0.0%
0.0%
1.2%
0.7%

As Of:

5/22/2004

%3wk %5wk %10wk %20wk %40wk

-1.0%
-0.5%
-0.4%
2.6%
2.2%
0.0%
-0.0%
-0.1%
0.0%
0.0%
-0.2%
-0.1%
0.7%
-0.1%
-0.3%
-0.1%
-0.4%
-0.6%
-0.5%
-0.4%
-0.3%
-0.5%
-0.4%
-0.5%
-0.6%
-0.5%
-0.5%
-0.3%
-0.6%
-0.7%
-0.8%
-1.2%
-0.6%
-0.4%
-0.6%
0.7%
-0.6%

-1.2% -1.5%
-1.0% -1.9%
-0.8% -1.4%
4.4% 12.6%
3.5% 10.3%
0.0% -0.5%
-0.0% -0.0%
-0.5% -0.5%
-0.4% -0.5%
0.0% -1.9%
-0.4% -0.5%
-0.4% -0.6%
-1.5% -3.8%
-0.3% -0.3%
-0.7% -1.3%
-0.5% -0.6%
-0.8% -1.4%
-0.4% -0.3%
-0.6% -0.7%
-0.6% -0.6%
-0.6% -1.1%
-0.8% -1.6%
-0.8% -1.8%
-0.9% -1.9%
-1.1% -1.9%
-1.0% -1.7%
-1.0% -1.7%
-1.5% -1.9%
-0.9% -1.8%
-1.2% -2.4%
-1.0% -2.0%
-1.3% -1.6%
-0.8% -1.6%
-1.0% -1.9%
-1.0% -1.0%
-1.8% -3.8%
-1.0% -3.0%

-1.2%
-1.7%
-1.4%
2.0%
1.6%
0.0%
-0.0%
-0.6%
-0.4%
0.2%
-0.4%
-0.6%
0.6%
0.0%
-0.8%
-0.8%
-0.6%
0.2%
-0.5%
-0.4%
-0.8%
-1.0%
-0.8%
-1.4%
-1.1%
-1.0%
-1.0%
-1.3%
-1.1%
-1.1%
-1.0%
-1.3%
-2.8%
-1.2%
-0.4%
-1.1%
-0.4%

2.4%
-1.5%
-0.9%
-5.4%
-4.0%
0.0%
-0.7%
-0.2%
-0.7%
2.4%
-0.1%
-1.2%
1.3%
0.3%
-0.4%
-0.4%
0.2%
0.4%
0.5%
0.7%
-0.6%
-0.7%
-1.5%
-0.5%
-0.6%
0.4%
0.3%
1.2%
0.3%
0.5%
0.4%
2.1%
0.1%
-0.6%
-0.8%
1.0%
3.5%

P#
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
3
3

NLNTFStarRPT (No Load, No Transaction Fee Funds)

5/22/2004

Scott Etrade FamName

FundName

Ticker

Yes Yes
Yes
Bear
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Misc
Yes Yes
Yes
Yes
Yes
Yes

Managers Global Bond Fund

Northern Global Fixed Income Fund

MGGBX
NOIFX

52
52

1.4%
1.4%

-1.1% -2.3%
-0.6% -1.8%

-3.3%
-2.8%

-2.7%
-3.5%

8.6%
0.7%

2
2

POTSX
SHPIX
BRPIX
GRZZX
RYTPX
PDOSX
URPIX
RYUAX
SOPIX
USPIX
POSSX
PSPSX
RYURX
RYAIX
RYVNX

55
65
60
54
65
64
65
59
56
55
64
60
60
56
55

-0.6%
-0.6%
0.1%
-1.2%
0.1%
0.4%
0.1%
0.0%
-0.6%
-1.3%
-0.6%
0.2%
0.1%
-0.6%
-1.3%

-0.7%
2.3%
1.1%
0.0%
2.0%
2.4%
2.1%
1.0%
-0.6%
-1.3%
2.4%
1.1%
1.1%
-0.6%
-1.3%

0.7%
5.9%
1.9%
-0.6%
3.6%
1.7%
3.7%
1.9%
1.0%
1.0%
5.7%
1.9%
2.0%
0.9%
0.9%

2.1%
1.2%
0.3%
-1.5%
-0.0%
2.4%
0.3%
0.1%
2.6%
3.9%
0.0%
-0.2%
0.3%
2.6%
3.9%

-14.7%
-16.2%
-11.4%
-16.7%
-21.9%
-9.7%
-21.8%
-15.2%
-13.7%
-27.5%
-20.1%
-12.0%
-14.8%
-13.6%
-27.5%

9
8
8
8
7
7
6
6
6
6
5
5
5
4
4

BPTRX
NGRIX
WAMVX
RYJAX
XSIQX

58
58
52
64
54

1.6%
0.0%
0.0%
-0.6%
-0.1%

-1.5% -1.1% 1.6%

0.0% 0.0% 1.9%
-0.8% -4.4% -3.4%
2.1% 3.5% 10.2%
-0.3% -0.3% -0.1%

12.2%
4.4%
7.0%
1.5%
0.5%

15.9%
17.7%
28.9%

8
5
5
4
4

Managers
Northern
Potomac
Profunds
Profunds
Rydex
Potomac
Profunds
Rydex
Profunds
Profunds
Potomac
Potomac
Rydex
Rydex
Rydex

max 15%
Potomac OTC Short Fund -Investor Class
ProFunds Short Small Cap Fund
ProFunds Bear Fund
Leuthold Grizzly Short Fund
Rydex Dynamics Series - Tempest 500 Fund
Potomac Dow 30 Short Fund -Investor Class
ProFunds UltraBear Fund
Rydex Ursa Fund Advisor Class
ProFunds Short OTC Fund
ProFunds UltraShort OTC Fund
Potomac Small Cap Short Fund -Investor Class
Potomac US Short Fund -Investor Class
Rydex Ursa Fund
Rydex Arktos Fund
Rydex Dynamics Series - Venture 100 Fund

TotNdx %1wk

As Of:

%3wk %5wk %10wk %20wk %40wk

2.5%
6.4%
3.4%
2.9%
6.6%
4.3%
6.8%
3.3%
2.6%
4.8%
6.3%
3.5%
3.4%
2.5%
4.7%

P#

0%
ING
Wasatch
Rydex
ING

Baron Capital Funds Trust

ING Growth Opportunities Fund Class Q
Wasatch Micro Cap Value Fund
Rydex Juno Fund - Advisor Class
ING Senior Income Fund Class Q

2.0%

China Report: All the Chinese companies trading on the NYSE

As of COB:

5/22/2004

MktCap
78.031B
8.787B
29.366B
22.019B
10.377B
16.223B
1.058B
2.164B
1.532B
839.5M
0
2.468B
851.7M
485.0M

Ticker
PTR
CHU
SNP
CHA
HNP
CEO
GSH
SHI
ZNH
BYH
ACH
YZC
CEA
JCC

%Change
1.91
3.24
2.48
3.08
4.27
0.66
3.04
9.51
3.36
11.17
5.84
1.06
1.33
6.99

Price
$44.38
$7.00
$33.87
$29.12
$68.86
$39.50
$12.20
$30.05
$17.51
$12.44
$53.45
$43.00
$17.50
$13.62

Vol
378,400
599,100
242,800
1,078,700
175,100
145,100
29,200
147,500
6,900
140,500
268,000
28,100
2,000
34,400

AvgVol
578,272
847,090
302,363
179,045
116,272
115,363
47,363
101,590
20,227
87,954
242,611
18,681
13,318
20,909

P/S
2.13
0
0
1.54
3.67
0
0
0
0
0
0
2.96
0
0

P/B
1.78
1.02
1.48
1.35
2.43
3.01
0.82
1.12
1.03
1.24
0
1.94
1.14
1.61

P/E
9.01
16.26
10.79
0
15.19
11.6
0
11.65
0
9.85
14.85
14.67
0
8.79

EPS
$4.83
$0.42
$3.06
$0.00
$4.35
$3.38
$0.00
$2.36
-$0.54
$1.14
$3.40
$2.90
-$2.36
$1.45

Div/sh
$1.92
$0.12
$1.33
$0.94
$2.42
$1.05
$0.63
$0.97
$0.12
$0.30
$1.16
$0.69
$0.24
$0.00

Yield
4.4
1.78
4.02
3.33
3.66
2.69
5.36
3.52
0.71
2.7
2.3
1.62
0
0

EstEarnNY
$3.43
$0.73
$3.33
$3.75
$5.36
$3.47
$0.00
$3.29
$1.90
$0.00
$12.97
$0.00
$2.35
$0.00

52wkHi
$63.70
$13.30
$50.40
$45.40
$87.02
$46.89
$18.50
$53.90
$29.73
$25.75
$92.25
$62.80
$23.50
$25.60

52wkLo PriceIndex
$22.85
53
$5.41
20
$19.00
47
$19.60
37
$38.92
62
$26.71
63
$8.41
38
$15.57
38
$11.60
33
$5.84
33
$17.80
48
$19.30
54
$11.40
50
$9.15
27

Cmt
Emerg Mkts
Asia (less J)
Taiwan
HongKong
Japan
Singapore
Malaysia
Europe/Asia
China Fund
Dragon Fund
India

Ticker
EEM
EPP
EWT
EWH
EWJ
EWS
EWM
EFA
CHN
TDF
IFN

%Change Price
1.64 $152.82
2.21
$70.17
3.37
$11.04
3.33
$9.61
1.69
$9.63
0.34
$5.86
1.79
$6.25
0.74 $133.98
6.16
$27.39
4.39
$13.31
1.40
$21.72

Vol
425,600
42,100
720,500
639,800
6,403,000
89,200
50,200
543,500
172,700
156,500
181,400

AvgVol
234,879
83,426
786,217
679,619
8,627,450
188,900
639,685
577,498
126,864
205,773
236,862

P/S
0
0
0
0
0
0
0
0
0
0
0

P/B
0
0
0
0
0
0
0
0
0
0
0

P/E
0
0
0
0
0
0
0
0
0
0
0

EPS
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

Div/sh
$0.12
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1.57
$0.07
$0.23
$0.13

Yield
0.08
0
0
0
0
0
0
1.18
0.27
1.8
0.61

EstEarnNY
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

52wkHi
$182.40
$79.52
$13.43
$11.60
$11.20
$7.40
$7.41
$145.24
$47.85
$20.00
$29.24

52wkLo PriceIndex
$106.10
61
$54.97
62
$7.68
58
$7.13
55
$6.56
66
$4.28
51
$4.96
53
$101.81
74
$17.52
33
$9.17
38
$10.11
61

S&P 500
Dow30
Nas100
Midcap400
Russell2000

SPY
DIA
QQQ
MDY
IJR

47,491,000
6,338,800
111,494,600
1,325,500
172,600

46,006,623
6,992,022
#########
1,500,825
335,398

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

$0.00
$0.00
$0.00
$0.00
$0.00

$1.58
$3.57
$0.01
$0.98
$0.86

1.44
3.58
0.04
0.95
0.65

$0.00
$0.00
$0.00
$0.00
$0.00

$116.97
$107.92
$39.00
$113.48
$146.20

P/S
P/B
P/E
EPS
Div/sh
Yield
EstEarnNY

0.17
0.08
0.48
0.47
0.97

Price/Sales
Price/Book
Price/Earnings
Earnings/share
Dividends /share
Dividend Yield %
Nxt Yr Est Earnings

$109.81
$99.80
$35.02
$104.30
$134.43

$91.60
$84.25
$27.41
$80.88
$99.00

72
66
66
72
75

World Market Model

HOV

IYM

NEM

PD

BEARX

EWD

TLT

RWR

EWG

LQD

EWA
EWK
EWH

EFA
EWJ

DIA

SPY

QQQ

IJJ

MDY

IJK

EWL

EWM

EWS

EZU
EWN

EPP
IJS

IJR

IJT
EKH

EWO

EWT
EWP
EWY

ILF
EWQ

IFN
EWU
EWC

tortoisecapital.com

EWW

EWZ

EEM

BZF

ken@tortoisecapital.com

World Market Model

Value Blend

Growth

Large

DIA

SPY

QQQ

Mid

IJJ

MDY

IJK

Small

IJS

IJR

IJT

US Indices: each of these Exchange Traded Funds is liquid and are traded like stocks
on the AMEX, with the important distinction that they can be shorted on a downtick

tortoisecapital.com

ken@tortoisecapital.com

World Market Model

Longterm Treasuries

Corporate bond index

RWR

TLT

LQD

Real estate index

EFA
Japan

Asia, less Japan

EWJ

EPP

DIA

SPY

QQQ

IJJ

MDY

IJK

IJS

IJR

IJT

European index

EZU

EKH
Regional indices from around the world:
each of these ETFs is liquid and are traded like
stocks on the AMEX, with the important
distinction that they can be shorted on a
downtick. These ETFs add important overseas
regions as well as a set of miscellaneous
sectors that are not correllated to US equities
tortoisecapital.com

a mix of Europe/ Asia

European largecaps

ILF
Latin America 40 large caps
ken@tortoisecapital.com

World Market Model

Home builders
HOV

IYM

Gold
NEM

Basic Mat
Australia
Hong Kong

EWH

Malaysia

EWM

BEARX

Metals

Singapore

EWS

Taiwan

EWT

RWR

EPP

DIA

SPY

QQQ

IJJ

MDY

IJK

IJS

IJR

IJT

EZU

EKH

EWY

ILF

IFN

Country indices from around the world:

adds in the next layer of detail with individual
countries and additional key stocks (NEM
and PD) for commodities.

tortoisecapital.com

Canada
EWC

EWD

Sweden

EWG

Germany

EWK

Belgium

EWL

Switzerland

LQD

EFA
EWJ

India

PD

EWA
TLT

South Korea

Bear Fund

Brazil
EWW

Mexico

EWZ

EWN

Netherlands

EWO

Austria

EWP

Spain

EWQ

France

EWU

UK

EEM

Emerging markets

ken@tortoisecapital.com

World Market Model

HOV

IYM

NEM

PD

BEARX

EWD

TLT

RWR

EWG

LQD

EWA
EWK
EWH

EFA
EWJ

DIA

SPY

QQQ

IJJ

MDY

IJK

EWL

EWM

EWS

EZU
EWN

EPP
IJS

IJR

IJT
EKH

EWO

EWT
EWP
EWY

ILF
EWQ

IFN
EWU
EWC

tortoisecapital.com

EWW

EWZ

EEM

BZF

ken@tortoisecapital.com

ETF Report (Alphabetical)

FamName

CapType

Class

ETFtype

Ticker

FundName

US Sector Index
US Sector Index
US Sector Index
Global Broad Index
US Broad Index
US Broad Index
US Broad Index
Global Sector Index
Global Broad Index
Global Broad Index
US Broad Index
US Broad Index
Global Broad Index
Asian Country
LatAm Country
European Country
European Country
Asian Country
Asian Country
European Country
European Country
Asian Country
European Country
European Country
European Country
European Country
Asian Country
Asian Country
European Country
LatAm Country
Asian Country
LatAm Country
Global Broad Index
US Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index

Sector
Sector
Sector
Large Cap
Large Cap
SmallCap
SmallCap
Sector
Large Cap
Large Cap
Large Cap
Large Cap
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Blend
Large Cap
Large Cap
Sector
Sector
Sector
Sector

Value
Value
Value
Blend
Blend
Growth
Value
Index
Blend
Blend
Growth
Value
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Country
Blend
Blend
Value
Value
Sector
Sector

HOLDR
HOLDR
HOLDR
iShare
SPDR
iShare
iShare
ETF
iShare
HOLDR
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
HOLDR
HOLDR
HOLDR
iShare
iShare

BBH
BDH
BHH
DGT
DIA
DSG
DSV
EEM
EFA
EKH
ELG
ELV
EPP
EWA
EWC
EWD
EWG
EWH
EWJ
EWK
EWL
EWM
EWN
EWO
EWP
EWQ
EWS
EWT
EWU
EWW
EWY
EWZ
EZU
FFF
HHH
IAH
IBB
ICF

Biotech
Broadband
B2B
DJ Global Titans 50
Dow Jones Industrial 30
DJ Small Cap Gro
DJ Small Cap Value
Emerging Markets
EAFE index
European Largecaps
DJ U.S. Large Cap Gro
DJ Large Cap Value
Pacific less Japan
Australia
Canada
Sweden
Germany
Hong Kong
Japan
Belgium
Switzerland
Malaysia
Netherlands
Austria
Spain
France
Singapore
Taiwan
United Kingdom
Mexico
South Korea
Brazil
MSCI EMU Index
Fortune 50
Internet
Internet architecture
DJ NASDAQ Biotechs
Cohen & Steers Realty

5/22/2004
%1wk
-1.45%
1.61%
-0.40%
-0.60%
-0.65%
-0.66%
0.41%
2.62%
1.82%
0.60%
-0.56%
-0.67%
3.27%
2.66%
0.38%
1.88%
0.61%
4.46%
4.90%
1.99%
-0.20%
0.81%
0.72%
2.76%
0.41%
0.15%
1.03%
6.67%
0.59%
0.32%
4.32%
-4.29%
0.93%
-0.10%
1.39%
1.16%
-2.65%
3.42%

%2wk
-0.60%
0.33%
-2.73%
-1.66%
-1.33%
-1.53%
-0.73%
-2.31%
-0.57%
-2.66%
-1.08%
-0.53%
-0.28%
1.11%
-1.12%
-0.25%
-1.00%
0.52%
-1.73%
1.29%
-1.40%
-4.87%
-1.21%
-2.24%
-1.41%
-0.66%
-5.94%
-0.09%
-0.77%
1.86%
-3.90%
-4.93%
-0.60%
-0.50%
2.00%
-1.66%
-3.93%
4.48%

%3wk
-3.19%
2.92%
-3.49%
-1.13%
-2.49%
-2.52%
-2.71%
-3.46%
-2.06%
-2.96%
-1.71%
-1.98%
-2.54%
-2.00%
-0.90%
-2.17%
-3.50%
-2.04%
-5.03%
-0.52%
-1.14%
-4.87%
-2.27%
-4.50%
-3.31%
-1.05%
-3.93%
-1.16%
-0.96%
-1.17%
-7.43%
-10.98%
-2.48%
-1.54%
2.04%
-0.63%
-5.61%
1.64%

%4wk

%5wk

-3.55%
-10.04
-10.43
-2.85%
-4.88%
-6.66%
-7.99%
-12.97
-5.28%
-7.26%
-4.17%
-3.54%
-6.79%
-6.46%
-6.96%
-5.64%
-6.36%
-7.60%
-10.25
-2.20%
-0.27%
-12.59
-4.45%
-4.44%
-5.17%
-4.23%
-8.58%
-13.75
-3.50%
-9.49%
-19.26
-19.79
-4.95%
-3.90%
-3.99%
-6.94%
-9.61%
0.86%

-0.89%
-3.32%
-8.79%
-2.97%
-4.64%
-5.45%
-7.51%
-13.61
-5.31%
-7.20%
-3.18%
-3.20%
-7.06%
-7.61%
-8.31%
-4.76%
-5.83%
-8.30%
-10.25
-3.26%
-1.73%
-9.94%
-4.51%
-6.54%
-6.96%
-3.95%
-8.58%
-13.75
-3.56%
-9.76%
-16.33
-21.47
-4.91%
-3.51%
0.93%
-6.02%
-7.31%
-2.10%

%10wk
0.73%
-3.19%
-6.04%
-3.16%
-2.95%
-3.73%
-6.55%
-10.63%
-3.43%
-6.73%
-1.56%
-4.14%
-5.42%
-6.59%
-7.93%
-3.05%
-3.94%
-7.06%
0.94%
-1.77%
-1.54%
-9.42%
-4.74%
-0.52%
-7.38%
-4.55%
-4.87%
-12.73%
-2.09%
-2.72%
-10.97%
-18.35%
-6.82%
-1.27%
13.43%
-5.14%
-2.85%
-11.35%

TotNdx
54
68
42
56
52
50
51
44
58
47
56
56
58
61
53
59
51
62
53
68
60
35
55
53
50
58
39
59
60
58
32
2
55
58
79
56
34
80

ETF Report (Alphabetical)

FamName

CapType

Class

ETFtype

Ticker

FundName

US Sector Index
US Broad Index
Global Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
Global Broad Index
Global Broad Index
Global Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
Global Sector Index
Global Sector Index
Global Sector Index
Global Sector Index
Global Sector Index

Sector
Fixed Incom
Large Cap
Sector
Sector
Sector
Sector
Sector
Sector
Mid Cap
Mid Cap
Mid Cap
SmallCap
SmallCap
SmallCap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
SmallCap
SmallCap
SmallCap
Mid Cap
Mid Cap
Mid Cap
Large Cap
Large Cap
Large Cap
Sector
Sector
Sector
Sector
Sector

Sector
Index
Blend
Sector
Growth
Sector
Sector
Sector
Value
Blend
Value
Growth
Blend
Value
Growth
Sector
Blend
Country
Value
Blend
Growth
Blend
Value
Growth
Blend
Value
Growth
Growth
Blend
Value
Blend
Value
Growth
Sector
Sector
Sector
Growth
Sector

iShare
ETF
iShare
iShare
iShare
iShare
iShare
iShare
HOLDR
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare

IDU
IEF
IEV
IGE
IGM
IGN
IGV
IGW
IIH
IJH
IJJ
IJK
IJR
IJS
IJT
ILF
IOO
ITF
IVE
IVV
IVW
IWB
IWD
IWF
IWM
IWN
IWO
IWP
IWR
IWS
IWV
IWW
IWZ
IXC
IXG
IXJ
IXN
IXP

DJ US Utilities
7-10 YR Treasuries
Europe 350
GS Nat Resources
GS Technology Index
GS Networking
GS Software Index
GS Semiconductors Ind
Internet infrastructure
S&P 400 Midcaps
S&P Midcaps Barra Val
S&P Midcaps Barra Gro
S&P SC 600
S&P SC Barra Val
S&P SC Barra Gro
Latin America 40
Global 100
TOPIX 150
S&P 500 Barra Value
S&P 500
S&P 500 Barra Gro
Russell 1000
Russell 1000 Value
Russell 1000 Gro
Russell 2000
Russell 2000 Value
Russell 2000 Gro
Russell Midcaps Gro
Russell Midcaps
Russell Midcaps Value
Russell 3000 Index
Russell 3000 Value
Russell 3000 Gro
DJ Global Energy
S&P Global Financials
Global health care
S&P Global technology
S&P Global Telecom

5/22/2004
%1wk
-0.05%
0.27%
1.22%
-1.71%
0.42%
2.26%
-1.54%
1.52%
1.79%
0.09%
-0.15%
-0.03%
0.95%
0.59%
0.62%
-0.73%
-0.34%
4.70%
-0.16%
-0.14%
-0.15%
-0.07%
-0.02%
-0.26%
0.59%
0.76%
0.45%
-0.37%
0.03%
0.34%
-0.10%
-0.44%
-0.62%
-1.60%
1.86%
-1.43%
1.24%
1.28%

%2wk
-0.89%
0.49%
-0.10%
-1.08%
-0.88%
0.43%
-3.30%
0.12%
-5.01%
-0.53%
-0.54%
-0.85%
-0.01%
-0.02%
-0.09%
0.55%
-1.58%
-1.60%
0.26%
-0.16%
-0.96%
-0.36%
-0.09%
-0.52%
-0.06%
0.08%
-0.51%
-0.94%
-0.48%
-0.04%
-0.26%
-0.39%
-0.93%
-2.01%
0.71%
-1.63%
-1.03%
-1.45%

%3wk
-3.59%
-1.71%
-1.35%
-2.07%
0.19%
3.13%
-1.68%
3.80%
-4.48%
-2.26%
-2.42%
-2.35%
-1.78%
-2.36%
-1.94%
-5.54%
-2.32%
-4.89%
-1.53%
-1.07%
-0.71%
-1.06%
-1.43%
-0.92%
-2.09%
-2.45%
-2.03%
-1.85%
-1.74%
-1.23%
-1.21%
-2.39%
-1.62%
-1.71%
-1.23%
-1.91%
-0.64%
-3.68%

%4wk

%5wk

-4.01%
-1.97%
-3.45%
-4.40%
-7.36%
-12.55
-9.40%
-7.16%
-14.54
-6.48%
-6.12%
-6.66%
-6.43%
-6.59%
-6.55%
-12.78
-4.68%
-9.97%
-4.30%
-3.99%
-3.75%
-3.95%
-3.97%
-4.29%
-7.61%
-7.27%
-7.84%
-6.53%
-5.53%
-4.89%
-4.32%
-4.45%
-4.99%
-2.92%
-3.38%
-2.85%
-7.71%
-4.41%

-4.04%
-2.76%
-3.24%
-6.23%
-4.82%
-7.92%
-5.37%
-4.13%
-12.79
-5.36%
-5.34%
-5.16%
-4.98%
-5.34%
-4.69%
-14.13
-4.36%
-9.87%
-3.88%
-3.46%
-3.25%
-3.48%
-3.84%
-3.41%
-6.43%
-6.44%
-6.45%
-5.02%
-4.65%
-4.42%
-3.78%
-4.40%
-4.08%
-4.53%
-4.28%
-2.61%
-4.93%
-4.31%

%10wk
-5.94%
-6.84%
-2.39%
-1.27%
-3.61%
-11.27%
-1.68%
-4.17%
-13.45%
-3.20%
-4.13%
-2.39%
-3.08%
-4.15%
-2.98%
-13.35%
-2.37%
-1.93%
-2.13%
-1.08%
-0.09%
-1.31%
-2.65%
-0.58%
-4.86%
-5.17%
-4.29%
-2.63%
-2.82%
-3.31%
-1.68%
-3.04%
-2.14%
2.30%
-4.60%
-1.18%
-6.14%
-5.74%

TotNdx
52
60
62
52
59
64
46
70
34
54
53
54
58
56
57
38
53
52
59
60
59
59
59
59
55
55
54
54
56
59
59
55
55
53
64
54
57
53

ETF Report (Alphabetical)

5/22/2004

FamName

CapType

Class

ETFtype

Ticker

FundName

%1wk

US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
US Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
US Sector Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
US Sector Index
US Sector Index
US Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index

Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Blend
Sector
Mid Cap
Large Cap
Sector
Large Cap
Sector
Sector
Large Cap
Sector
Large Cap
Sector
Sector
Fixed Incom
Sector
Large Cap
Sector
Fixed Incom
Sector
Sector
Large Cap
Sector
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap

Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Growth
Blend
Sector
Blend
Growth
Growth
Blend
Sector
Sector
Growth
Value
Index
Value
Sector
Index
Growth
Blend
Growth
Index
Value
Value
Blend
Growth
Blend
Value
Value
Value
Growth
Blend

iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
SPDR
HOLDR
iShare
ETF
HOLDR
HOLDR
ETF
HOLDR
ETF
HOLDR
iShare
ETF
HOLDR
SPDR
HOLDR
ETF
HOLDR
HOLDR
Viper
HOLDR
SPDR
SPDR
SPDR
SPDR
SPDR
SPDR

IYC
IYE
IYF
IYG
IYH
IYJ
IYK
IYM
IYR
IYW
IYY
IYZ
MDY
MKH
MTK
OEF
OIH
PPH
QQQ
RKH
RSP
RTH
RWR
SHY
SMH
SPY
SWH
TLT
TTH
UTH
VTI
WMH
XLB
XLE
XLF
XLI
XLK
XLP

DJ Consumer Cyclicals
DJ US Energy
DJ Financials
DJ Financial Services
DJ Healthcare
DJ Industrials
DJ Consumer Noncyclic
DJ Basic Materials
DJ Real Estate Index
DJ US Technology
DJ Total Market
DJ US Telecom
S&P Midcap 400
New Economy largecaps
Technology
S&P 100 Largecaps
Oil service
Pharmaceuticals
NASDAQ 100
Regional banks
S&P equal weight
Retail largecaps
Wilshire REIT
1-3 YR Treasuries
Semiconductors
S&P 500
Software
20+ Yr Treasury FITR
Telecom
Regional utilities
Total Market Index
Wireless
S&P 500 Materials selec
S&P 500 Energy
S&P 500 Finance
S&P 500 Industrial
S&P 500 Technology
S&P 500 Consumer stap

0.37%
-2.55%
0.82%
0.65%
-1.55%
0.42%
-0.59%
0.85%
2.18%
0.76%
-0.42%
-0.94%
0.46%
0.10%
-0.51%
-0.26%
-2.73%
-1.44%
0.75%
1.58%
-0.13%
0.59%
2.52%
0.04%
0.82%
-0.21%
-1.13%
0.53%
-0.48%
-0.39%
-0.07%
1.61%
0.95%
-2.48%
0.54%
0.19%
0.62%
-0.22%

%2wk
0.07%
-2.02%
1.39%
1.61%
-2.51%
-0.23%
-2.52%
2.37%
3.02%
-0.33%
-0.75%
-1.68%
-0.52%
-1.37%
-2.62%
-0.65%
-2.94%
-3.18%
0.11%
2.86%
-0.33%
1.32%
3.49%
0.23%
0.66%
-0.14%
-1.42%
0.52%
-1.47%
-1.43%
-0.56%
-0.02%
2.29%
-2.18%
1.60%
0.00%
-0.15%
-1.18%

%3wk
-3.37%
-2.79%
-0.42%
-0.16%
-1.93%
-0.74%
-3.32%
-1.59%
0.75%
2.00%
-1.41%
-2.14%
-2.07%
-1.65%
-1.81%
-1.16%
-7.37%
-1.75%
0.69%
0.82%
-1.86%
-2.49%
1.98%
-0.37%
3.94%
-1.04%
-1.56%
-2.27%
-2.52%
-3.53%
-1.37%
0.94%
-1.44%
-2.45%
-0.78%
-0.68%
0.93%
-2.20%

%4wk

%5wk

-6.04%
-3.45%
-2.34%
-1.87%
-3.53%
-4.14%
-3.71%
-6.82%
-0.74%
-5.99%
-4.62%
-4.45%
-6.35%
-3.85%
-8.93%
-3.92%
-9.12%
-2.62%
-5.91%
-0.57%
-5.37%
-5.17%
0.38%
-0.40%
-5.46%
-3.98%
-7.76%
-2.74%
-4.71%
-4.23%
-4.64%
-4.63%
-6.79%
-3.29%
-2.52%
-4.03%
-5.73%
-2.58%

-5.11%
-4.61%
-3.46%
-2.95%
-3.77%
-3.33%
-2.61%
-7.84%
-3.30%
-3.02%
-3.98%
-2.09%
-5.35%
-3.94%
-6.24%
-3.42%
-10.47
-3.72%
-2.99%
-0.14%
-4.65%
-3.70%
-2.63%
-0.80%
-5.10%
-3.53%
-3.40%
-3.33%
-2.09%
-3.82%
-3.95%
0.29%
-7.43%
-4.68%
-3.36%
-3.25%
-2.59%
-1.78%

%10wk
-2.75%
1.17%
-5.15%
-5.07%
0.40%
0.88%
-1.34%
-3.44%
-12.83%
-2.05%
-1.78%
-3.26%
-4.34%
-2.04%
-4.18%
-3.25%
-8.28%
0.75%
-0.51%
-4.76%
-3.25%
-2.75%
-11.42%
-1.54%
-6.00%
-2.46%
-1.22%
-9.89%
-3.61%
-4.08%
-3.10%
-3.99%
-3.69%
-1.32%
-5.81%
2.78%
-1.01%
-1.69%

TotNdx
54
49
65
66
51
62
50
61
72
66
57
53
55
56
48
58
29
51
65
74
56
60
77
65
70
59
53
58
53
51
57
68
62
49
64
63
65
57

ETF Report (Alphabetical)

5/22/2004

FamName

CapType

Class

ETFtype

Ticker

FundName

%1wk

US Sector Index
US Sector Index
US Sector Index

Large Cap
Large Cap
Large Cap

Value
Blend
Blend

SPDR
SPDR
SPDR

XLU
XLV
XLY

S&P 500 Utilities

-0.04%
S&P 500 Healthcare sel -1.76%
S&P 500 Consumer disc 0.26%

%2wk
-0.88%
-2.90%
0.49%

%3wk

%4wk

%5wk

-3.18% -4.29% -4.13%

-2.27% -3.80% -4.19%
-2.87% -5.49% -4.39%

%10wk
-6.59%
-1.95%
-3.02%

TotNdx
52
49
56

ETF Report By Geographic Sector

Class

ETFtype Ticker FundName

5/22/2004

%1wk

%2wk

%3wk

%4wk

%5wk

%10wk

TotNdx

US Broad Index
Blend
Blend
iShare
Fixed Income
Index
ETF
Index
ETF
Index
ETF
Large Cap
Value
iShare
Value
iShare
Value
iShare
Value
iShare
Blend
SPDR
Blend
HOLDR
Blend
iShare
Blend
iShare
Blend
iShare
Blend
SPDR
Blend
Viper
Growth iShare
Growth iShare
Growth iShare
Growth iShare
Growth HOLDR
Growth ETF
Index
ETF
Mid Cap
Value
iShare
Value
iShare
Blend
iShare
Blend
iShare
Blend
SPDR
Growth iShare
Growth iShare
SmallCap
Value
iShare
Value
iShare

IYY

DJ Total Market

-0.42%

-0.75%

-1.41%

-4.62%

-3.98%

-1.78%

57

IEF
SHY
TLT

7-10 YR Treasuries
1-3 YR Treasuries
20+ Yr Treasury FITR

0.27%
0.04%
0.53%

0.49%
0.23%
0.52%

-1.71%
-0.37%
-2.27%

-1.97%
-0.40%
-2.74%

-2.76%
-0.80%
-3.33%

-6.84%
-1.54%
-9.89%

60
65
58

ELV
IVE
IWD
IWW
DIA
FFF
IVV
IWB
IWV
SPY
VTI
ELG
IVW
IWF
IWZ
MKH
QQQ
RSP

DJ Large Cap Value

S&P 500 Barra Value
Russell 1000 Value
Russell 3000 Value
Dow Jones Industrial 30
Fortune 50
S&P 500
Russell 1000
Russell 3000 Index
S&P 500
Total Market Index
DJ U.S. Large Cap Gro
S&P 500 Barra Gro
Russell 1000 Gro
Russell 3000 Gro
New Economy largecaps
NASDAQ 100
S&P equal weight

-0.67%
-0.16%
-0.02%
-0.44%
-0.65%
-0.10%
-0.14%
-0.07%
-0.10%
-0.21%
-0.07%
-0.56%
-0.15%
-0.26%
-0.62%
0.10%
0.75%
-0.13%

-0.53%
0.26%
-0.09%
-0.39%
-1.33%
-0.50%
-0.16%
-0.36%
-0.26%
-0.14%
-0.56%
-1.08%
-0.96%
-0.52%
-0.93%
-1.37%
0.11%
-0.33%

-1.98%
-1.53%
-1.43%
-2.39%
-2.49%
-1.54%
-1.07%
-1.06%
-1.21%
-1.04%
-1.37%
-1.71%
-0.71%
-0.92%
-1.62%
-1.65%
0.69%
-1.86%

-3.54%
-4.30%
-3.97%
-4.45%
-4.88%
-3.90%
-3.99%
-3.95%
-4.32%
-3.98%
-4.64%
-4.17%
-3.75%
-4.29%
-4.99%
-3.85%
-5.91%
-5.37%

-3.20%
-3.88%
-3.84%
-4.40%
-4.64%
-3.51%
-3.46%
-3.48%
-3.78%
-3.53%
-3.95%
-3.18%
-3.25%
-3.41%
-4.08%
-3.94%
-2.99%
-4.65%

-4.14%
-2.13%
-2.65%
-3.04%
-2.95%
-1.27%
-1.08%
-1.31%
-1.68%
-2.46%
-3.10%
-1.56%
-0.09%
-0.58%
-2.14%
-2.04%
-0.51%
-3.25%

56
59
59
55
52
58
60
59
59
59
57
56
59
59
55
56
65
56

IJJ
IWS
IJH
IWR
MDY
IJK
IWP

S&P Midcaps Barra Value

Russell Midcaps Value
S&P 400 Midcaps
Russell Midcaps
S&P Midcap 400
S&P Midcaps Barra Gro
Russell Midcaps Gro

-0.15%
0.34%
0.09%
0.03%
0.46%
-0.03%
-0.37%

-0.54%
-0.04%
-0.53%
-0.48%
-0.52%
-0.85%
-0.94%

-2.42%
-1.23%
-2.26%
-1.74%
-2.07%
-2.35%
-1.85%

-6.12%
-4.89%
-6.48%
-5.53%
-6.35%
-6.66%
-6.53%

-5.34%
-4.42%
-5.36%
-4.65%
-5.35%
-5.16%
-5.02%

-4.13%
-3.31%
-3.20%
-2.82%
-4.34%
-2.39%
-2.63%

53
59
54
56
55
54
54

DSV
IJS

DJ Small Cap Value

S&P SC Barra Val

0.41%
0.59%

-0.73%
-0.02%

-2.71%
-2.36%

-7.99%
-6.59%

-7.51%
-5.34%

-6.55%
-4.15%

51
56

ETF Report By Geographic Sector

Class

ETFtype Ticker FundName

Value
Blend
Blend
Growth
Growth
Growth

iShare
iShare
iShare
iShare
iShare
iShare

5/22/2004

%1wk

%2wk

%3wk

%4wk

%5wk

%10wk

TotNdx

IWN
IJR
IWM
DSG
IJT
IWO

Russell 2000 Value

S&P SC 600
Russell 2000
DJ Small Cap Gro
S&P SC Barra Gro
Russell 2000 Gro

0.76%
0.95%
0.59%
-0.66%
0.62%
0.45%

0.08%
-0.01%
-0.06%
-1.53%
-0.09%
-0.51%

-2.45%
-1.78%
-2.09%
-2.52%
-1.94%
-2.03%

-7.27%
-6.43%
-7.61%
-6.66%
-6.55%
-7.84%

-6.44%
-4.98%
-6.43%
-5.45%
-4.69%
-6.45%

-5.17%
-3.08%
-4.86%
-3.73%
-2.98%
-4.29%

55
58
55
50
57
54

XLE
XLF
XLI
XLU
OEF
XLB
XLP
XLV
XLY
XLK

S&P 500 Energy

S&P 500 Finance
S&P 500 Industrial
S&P 500 Utilities
S&P 100 Largecaps
S&P 500 Materials select
S&P 500 Consumer staples
S&P 500 Healthcare select
S&P 500 Consumer discretionary
S&P 500 Technology

-2.48%
0.54%
0.19%
-0.04%
-0.26%
0.95%
-0.22%
-1.76%
0.26%
0.62%

-2.18%
1.60%
0.00%
-0.88%
-0.65%
2.29%
-1.18%
-2.90%
0.49%
-0.15%

-2.45%
-0.78%
-0.68%
-3.18%
-1.16%
-1.44%
-2.20%
-2.27%
-2.87%
0.93%

-3.29%
-2.52%
-4.03%
-4.29%
-3.92%
-6.79%
-2.58%
-3.80%
-5.49%
-5.73%

-4.68%
-3.36%
-3.25%
-4.13%
-3.42%
-7.43%
-1.78%
-4.19%
-4.39%
-2.59%

-1.32%
-5.81%
2.78%
-6.59%
-3.25%
-3.69%
-1.69%
-1.95%
-3.02%
-1.01%

49
64
63
52
58
62
57
49
56
65

BBH
BDH
BHH
HHH
IAH
IIH
RKH
RTH
TTH
UTH
IGM
IYW
MTK
SMH
SWH
WMH
IBB
ICF

Biotech
Broadband
B2B
Internet
Internet architecture
Internet infrastructure
Regional banks
Retail largecaps
Telecom
Regional utilities
GS Technology Index
DJ US Technology
Technology
Semiconductors
Software
Wireless
DJ NASDAQ Biotechs
Cohen & Steers Realty Majors

-1.45%
1.61%
-0.40%
1.39%
1.16%
1.79%
1.58%
0.59%
-0.48%
-0.39%
0.42%
0.76%
-0.51%
0.82%
-1.13%
1.61%
-2.65%
3.42%

-0.60%
0.33%
-2.73%
2.00%
-1.66%
-5.01%
2.86%
1.32%
-1.47%
-1.43%
-0.88%
-0.33%
-2.62%
0.66%
-1.42%
-0.02%
-3.93%
4.48%

-3.19%
2.92%
-3.49%
2.04%
-0.63%
-4.48%
0.82%
-2.49%
-2.52%
-3.53%
0.19%
2.00%
-1.81%
3.94%
-1.56%
0.94%
-5.61%
1.64%

-3.55% -0.89%
0.73%
-10.04% -3.32% -3.19%
-10.43% -8.79% -6.04%
-3.99%
0.93% 13.43%
-6.94% -6.02% -5.14%
-14.54% -12.79% -13.45%
-0.57% -0.14% -4.76%
-5.17% -3.70% -2.75%
-4.71% -2.09% -3.61%
-4.23% -3.82% -4.08%
-7.36% -4.82% -3.61%
-5.99% -3.02% -2.05%
-8.93% -6.24% -4.18%
-5.46% -5.10% -6.00%
-7.76% -3.40% -1.22%
-4.63%
0.29% -3.99%
-9.61% -7.31% -2.85%
0.86% -2.10% -11.35%

54
68
42
79
56
34
74
60
53
51
59
66
48
70
53
68
34
80

US Sector Index
Large Cap
Value
SPDR
Value
SPDR
Value
SPDR
Value
SPDR
Blend
ETF
Blend
SPDR
Blend
SPDR
Blend
SPDR
Blend
SPDR
Growth SPDR
Sector
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Value
HOLDR
Growth iShare
Growth iShare
Growth iShare
Growth HOLDR
Growth HOLDR
Growth HOLDR
Sector iShare
Sector iShare

ETF Report By Geographic Sector

Class

ETFtype Ticker FundName

Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector

iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
HOLDR
HOLDR
iShare

5/22/2004

%1wk

%2wk

%3wk

DJ US Utilities
GS Nat Resources
GS Networking
GS Software Index
GS Semiconductors Index
DJ Consumer Cyclicals
DJ US Energy
DJ Financials
DJ Financial Services
DJ Healthcare
DJ Industrials
DJ Consumer Noncyclicals
DJ Basic Materials
DJ Real Estate Index
DJ US Telecom
Oil service
Pharmaceuticals
Wilshire REIT

-0.05%
-1.71%
2.26%
-1.54%
1.52%
0.37%
-2.55%
0.82%
0.65%
-1.55%
0.42%
-0.59%
0.85%
2.18%
-0.94%
-2.73%
-1.44%
2.52%

-0.89%
-1.08%
0.43%
-3.30%
0.12%
0.07%
-2.02%
1.39%
1.61%
-2.51%
-0.23%
-2.52%
2.37%
3.02%
-1.68%
-2.94%
-3.18%
3.49%

-3.59%
-2.07%
3.13%
-1.68%
3.80%
-3.37%
-2.79%
-0.42%
-0.16%
-1.93%
-0.74%
-3.32%
-1.59%
0.75%
-2.14%
-7.37%
-1.75%
1.98%

EPP

Pacific less Japan

3.27%

-0.28%

-2.54%

DGT
EFA
EKH
EZU
IEV
IOO
ILF
ITF

DJ Global Titans 50
EAFE index
European Largecaps
MSCI EMU Index
Europe 350
Global 100
Latin America 40
TOPIX 150

-0.60%
1.82%
0.60%
0.93%
1.22%
-0.34%
-0.73%
4.70%

-1.66%
-0.57%
-2.66%
-0.60%
-0.10%
-1.58%
0.55%
-1.60%

S&P Global technology

Emerging Markets
DJ Global Energy
S&P Global Financials

1.24%
2.62%
-1.60%
1.86%

-1.03%
-2.31%
-2.01%
0.71%

IDU
IGE
IGN
IGV
IGW
IYC
IYE
IYF
IYG
IYH
IYJ
IYK
IYM
IYR
IYZ
OIH
PPH
RWR

%4wk

%5wk

%10wk

-4.01% -4.04% -5.94%

-4.40% -6.23% -1.27%
-12.55% -7.92% -11.27%
-9.40% -5.37% -1.68%
-7.16% -4.13% -4.17%
-6.04% -5.11% -2.75%
-3.45% -4.61%
1.17%
-2.34% -3.46% -5.15%
-1.87% -2.95% -5.07%
-3.53% -3.77%
0.40%
-4.14% -3.33%
0.88%
-3.71% -2.61% -1.34%
-6.82% -7.84% -3.44%
-0.74% -3.30% -12.83%
-4.45% -2.09% -3.26%
-9.12% -10.47% -8.28%
-2.62% -3.72%
0.75%
0.38% -2.63% -11.42%

TotNdx
52
52
64
46
70
54
49
65
66
51
62
50
61
72
53
29
51
77

Global Broad Index

Blend
Country iShare
Large Cap
Blend
iShare
Blend
iShare
Blend
HOLDR
Blend
iShare
Blend
iShare
Blend
iShare
Sector iShare
Country iShare

-6.79%

-7.06%

-5.42%

58

-1.13%
-2.06%
-2.96%
-2.48%
-1.35%
-2.32%
-5.54%
-4.89%

-2.85% -2.97% -3.16%

-5.28% -5.31% -3.43%
-7.26% -7.20% -6.73%
-4.95% -4.91% -6.82%
-3.45% -3.24% -2.39%
-4.68% -4.36% -2.37%
-12.78% -14.13% -13.35%
-9.97% -9.87% -1.93%

56
58
47
55
62
53
38
52

-0.64%
-3.46%
-1.71%
-1.23%

-7.71% -4.93% -6.14%

-12.97% -13.61% -10.63%
-2.92% -4.53%
2.30%
-3.38% -4.28% -4.60%

57
44
53
64

Global Sector Index

Sector
Growth iShare
Index
ETF
Sector iShare
Sector iShare

IXN
EEM
IXC
IXG

ETF Report By Geographic Sector

Class

ETFtype Ticker FundName

Sector
Sector

iShare
iShare

5/22/2004

%1wk

%2wk

%3wk

%4wk

%5wk

%10wk

TotNdx

-2.85%
-4.41%

-2.61%
-4.31%

-1.18%
-5.74%

54
53

-6.46% -7.61% -6.59%

-7.60% -8.30% -7.06%
-10.25% -10.25%
0.94%
-12.59% -9.94% -9.42%
-8.58% -8.58% -4.87%
-13.75% -13.75% -12.73%
-19.26% -16.33% -10.97%

61
62
53
35
39
59
32

IXJ
IXP

Global health care

S&P Global Telecom

-1.43%
1.28%

-1.63%
-1.45%

-1.91%
-3.68%

EWA
EWH
EWJ
EWM
EWS
EWT
EWY

Australia
Hong Kong
Japan
Malaysia
Singapore
Taiwan
South Korea

2.66%
4.46%
4.90%
0.81%
1.03%
6.67%
4.32%

1.11%
0.52%
-1.73%
-4.87%
-5.94%
-0.09%
-3.90%

-2.00%
-2.04%
-5.03%
-4.87%
-3.93%
-1.16%
-7.43%

Sweden
Germany
Belgium
Switzerland
Netherlands
Austria
Spain
France
United Kingdom

1.88%
0.61%
1.99%
-0.20%
0.72%
2.76%
0.41%
0.15%
0.59%

-0.25%
-1.00%
1.29%
-1.40%
-1.21%
-2.24%
-1.41%
-0.66%
-0.77%

-2.17%
-3.50%
-0.52%
-1.14%
-2.27%
-4.50%
-3.31%
-1.05%
-0.96%

0.38%
0.32%
-4.29%

-1.12%
1.86%
-4.93%

-0.90%
-1.17%
-10.98%

Asian Country
Blend
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare

European Country
Blend
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare
Country iShare

EWD
EWG
EWK
EWL
EWN
EWO
EWP
EWQ
EWU

-5.64%
-6.36%
-2.20%
-0.27%
-4.45%
-4.44%
-5.17%
-4.23%
-3.50%

-4.76%
-5.83%
-3.26%
-1.73%
-4.51%
-6.54%
-6.96%
-3.95%
-3.56%

-3.05%
-3.94%
-1.77%
-1.54%
-4.74%
-0.52%
-7.38%
-4.55%
-2.09%

59
51
68
60
55
53
50
58
60

-6.96% -8.31% -7.93%

-9.49% -9.76% -2.72%
-19.79% -21.47% -18.35%

53
58
2

LatAm Country
Blend
Country iShare
Country iShare
Country iShare

EWC Canada
EWW Mexico
EWZ Brazil

ETF Report (Ordinal: Best to worst)

FamName

CapType

Class

ETFtype Ticker

FundName

US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
European Country
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
Global Sector Inde
US Sector Index
US Sector Index
US Sector Index
US Sector Index
Global Broad Index
Asian Country
US Sector Index
US Sector Index
Asian Country
US Broad Index
European Country
European Country
US Sector Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index

Sector
Sector
Sector
Sector
Sector
Sector
Sector
Blend
Sector
Sector
Sector
Sector
Sector
Large Cap
Large Cap
Fixed Incom
Sector
Sector
Large Cap
Large Cap
Sector
Large Cap
Blend
Large Cap
Sector
Blend
Large Cap
Blend
Blend
Sector
Fixed Incom
Mid Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap

Sector
Value
Sector
Value
Sector
Sector
Growth
Country
Value
Growth
Sector
Growth
Sector
Growth
Growth
Index
Sector
Sector
Value
Value
Sector
Blend
Country
Blend
Sector
Country
Blend
Country
Country
Value
Index
Value
Blend
Growth
Value
Growth
Value
Blend

iShare
HOLDR
iShare
HOLDR
iShare
iShare
HOLDR
iShare
HOLDR
HOLDR
iShare
iShare
iShare
ETF
SPDR
ETF
iShare
iShare
SPDR
SPDR
iShare
iShare
iShare
SPDR
iShare
iShare
iShare
iShare
iShare
HOLDR
ETF
iShare
iShare
iShare
iShare
iShare
iShare
iShare

Cohen & Steers Realty

Internet
Wilshire REIT
Regional banks
DJ Real Estate Index
GS Semiconductors Ind
Semiconductors
Belgium
Broadband
Wireless
DJ Financial Services
DJ US Technology
DJ Financials
NASDAQ 100
S&P 500 Technology
1-3 YR Treasuries
S&P Global Financials
GS Networking
S&P 500 Finance
S&P 500 Industrial
DJ Industrials
Europe 350
Hong Kong
S&P 500 Materials sele
DJ Basic Materials
Australia
S&P 500
Switzerland
United Kingdom
Retail largecaps
7-10 YR Treasuries
Russell Midcaps Value
Russell 1000
Russell 1000 Gro
Russell 1000 Value
S&P 500 Barra Gro
S&P 500 Barra Value
Russell 3000 Index

ICF
HHH
RWR
RKH
IYR
IGW
SMH
EWK
BDH
WMH
IYG
IYW
IYF
QQQ
XLK
SHY
IXG
IGN
XLF
XLI
IYJ
IEV
EWH
XLB
IYM
EWA
IVV
EWL
EWU
RTH
IEF
IWS
IWB
IWF
IWD
IVW
IVE
IWV

%1wk
3.42%
1.39%
2.52%
1.58%
2.18%
1.52%
0.82%
1.99%
1.61%
1.61%
0.65%
0.76%
0.82%
0.75%
0.62%
0.04%
1.86%
2.26%
0.54%
0.19%
0.42%
1.22%
4.46%
0.95%
0.85%
2.66%
-0.14%
-0.20%
0.59%
0.59%
0.27%
0.34%
-0.07%
-0.26%
-0.02%
-0.15%
-0.16%
-0.10%

5/22/2004

%2wk %3wk

%4wk

%5wk

4.48%
2.00%
3.49%
2.86%
3.02%
0.12%
0.66%
1.29%
0.33%
-0.02%
1.61%
-0.33%
1.39%
0.11%
-0.15%
0.23%
0.71%
0.43%
1.60%
0.00%
-0.23%
-0.10%
0.52%
2.29%
2.37%
1.11%
-0.16%
-1.40%
-0.77%
1.32%
0.49%
-0.04%
-0.36%
-0.52%
-0.09%
-0.96%
0.26%
-0.26%

0.86%
-3.99%
0.38%
-0.57%
-0.74%
-7.16%
-5.46%
-2.20%
-10.04
-4.63%
-1.87%
-5.99%
-2.34%
-5.91%
-5.73%
-0.40%
-3.38%
-12.55
-2.52%
-4.03%
-4.14%
-3.45%
-7.60%
-6.79%
-6.82%
-6.46%
-3.99%
-0.27%
-3.50%
-5.17%
-1.97%
-4.89%
-3.95%
-4.29%
-3.97%
-3.75%
-4.30%
-4.32%

-2.10%
0.93%
-2.63%
-0.14%
-3.30%
-4.13%
-5.10%
-3.26%
-3.32%
0.29%
-2.95%
-3.02%
-3.46%
-2.99%
-2.59%
-0.80%
-4.28%
-7.92%
-3.36%
-3.25%
-3.33%
-3.24%
-8.30%
-7.43%
-7.84%
-7.61%
-3.46%
-1.73%
-3.56%
-3.70%
-2.76%
-4.42%
-3.48%
-3.41%
-3.84%
-3.25%
-3.88%
-3.78%

1.64%
2.04%
1.98%
0.82%
0.75%
3.80%
3.94%
-0.52%
2.92%
0.94%
-0.16%
2.00%
-0.42%
0.69%
0.93%
-0.37%
-1.23%
3.13%
-0.78%
-0.68%
-0.74%
-1.35%
-2.04%
-1.44%
-1.59%
-2.00%
-1.07%
-1.14%
-0.96%
-2.49%
-1.71%
-1.23%
-1.06%
-0.92%
-1.43%
-0.71%
-1.53%
-1.21%

%10wk
-11.35%
13.43%
-11.42%
-4.76%
-12.83%
-4.17%
-6.00%
-1.77%
-3.19%
-3.99%
-5.07%
-2.05%
-5.15%
-0.51%
-1.01%
-1.54%
-4.60%
-11.27%
-5.81%
2.78%
0.88%
-2.39%
-7.06%
-3.69%
-3.44%
-6.59%
-1.08%
-1.54%
-2.09%
-2.75%
-6.84%
-3.31%
-1.31%
-0.58%
-2.65%
-0.09%
-2.13%
-1.68%

TotNdx
80
79
77
74
72
70
70
68
68
68
66
66
65
65
65
65
64
64
64
63
62
62
62
62
61
61
60
60
60
60
60
59
59
59
59
59
59
59

ETF Report (Ordinal: Best to worst)

FamName

CapType

Class

ETFtype Ticker

FundName

US Sector Index
European Country
Asian Country
US Broad Index
US Broad Index
European Country
Global Broad Index
Global Broad Index
LatAm Country
US Broad Index
US Sector Index
US Broad Index
US Broad Index
US Broad Index
Global Sector Inde
US Broad Index
US Sector Index
US Broad Index
US Broad Index
Global Broad Index
US Broad Index
US Broad Index
US Sector Index
US Broad Index
US Sector Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
Global Broad Index
European Country
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Broad Index
US Sector Index

Sector
Blend
Blend
Large Cap
SmallCap
Blend
Large Cap
Blend
Blend
Large Cap
Large Cap
Fixed Incom
SmallCap
Blend
Sector
Large Cap
Large Cap
SmallCap
Mid Cap
Large Cap
Large Cap
Large Cap
Sector
Large Cap
Large Cap
Large Cap
SmallCap
SmallCap
Large Cap
Large Cap
Large Cap
Blend
Mid Cap
SmallCap
Mid Cap
Mid Cap
Mid Cap
Sector

Growth
Country
Country
Blend
Blend
Country
Blend
Country
Country
Blend
Blend
Index
Growth
Blend
Growth
Blend
Blend
Value
Blend
Blend
Growth
Value
Value
Growth
Blend
Index
Blend
Value
Growth
Value
Blend
Country
Blend
Growth
Growth
Blend
Growth
Sector

iShare
iShare
iShare
SPDR
iShare
iShare
iShare
iShare
iShare
HOLDR
ETF
ETF
iShare
iShare
iShare
Viper
SPDR
iShare
iShare
iShare
iShare
iShare
HOLDR
HOLDR
SPDR
ETF
iShare
iShare
iShare
iShare
iShare
iShare
SPDR
iShare
iShare
iShare
iShare
iShare

GS Technology Index
Sweden
Taiwan
S&P 500
S&P SC 600
France
EAFE index
Pacific less Japan
Mexico
Fortune 50
S&P 100 Largecaps
20+ Yr Treasury FITR
S&P SC Barra Gro
DJ Total Market
S&P Global technology
Total Market Index
S&P 500 Consumer sta
S&P SC Barra Val
Russell Midcaps
DJ Global Titans 50
DJ U.S. Large Cap Gro
DJ Large Cap Value
Internet architecture
New Economy largecap
S&P 500 Consumer dis
S&P equal weight
Russell 2000
Russell 2000 Value
Russell 3000 Gro
Russell 3000 Value
MSCI EMU Index
Netherlands
S&P Midcap 400
Russell 2000 Gro
Russell Midcaps Gro
S&P 400 Midcaps
S&P Midcaps Barra Gro
DJ Consumer Cyclicals

IGM
EWD
EWT
SPY
IJR
EWQ
EFA
EPP
EWW
FFF
OEF
TLT
IJT
IYY
IXN
VTI
XLP
IJS
IWR
DGT
ELG
ELV
IAH
MKH
XLY
RSP
IWM
IWN
IWZ
IWW
EZU
EWN
MDY
IWO
IWP
IJH
IJK
IYC

%1wk
0.42%
1.88%
6.67%
-0.21%
0.95%
0.15%
1.82%
3.27%
0.32%
-0.10%
-0.26%
0.53%
0.62%
-0.42%
1.24%
-0.07%
-0.22%
0.59%
0.03%
-0.60%
-0.56%
-0.67%
1.16%
0.10%
0.26%
-0.13%
0.59%
0.76%
-0.62%
-0.44%
0.93%
0.72%
0.46%
0.45%
-0.37%
0.09%
-0.03%
0.37%

5/22/2004

%2wk %3wk

%4wk

%5wk

-0.88%
-0.25%
-0.09%
-0.14%
-0.01%
-0.66%
-0.57%
-0.28%
1.86%
-0.50%
-0.65%
0.52%
-0.09%
-0.75%
-1.03%
-0.56%
-1.18%
-0.02%
-0.48%
-1.66%
-1.08%
-0.53%
-1.66%
-1.37%
0.49%
-0.33%
-0.06%
0.08%
-0.93%
-0.39%
-0.60%
-1.21%
-0.52%
-0.51%
-0.94%
-0.53%
-0.85%
0.07%

-7.36%
-5.64%
-13.75
-3.98%
-6.43%
-4.23%
-5.28%
-6.79%
-9.49%
-3.90%
-3.92%
-2.74%
-6.55%
-4.62%
-7.71%
-4.64%
-2.58%
-6.59%
-5.53%
-2.85%
-4.17%
-3.54%
-6.94%
-3.85%
-5.49%
-5.37%
-7.61%
-7.27%
-4.99%
-4.45%
-4.95%
-4.45%
-6.35%
-7.84%
-6.53%
-6.48%
-6.66%
-6.04%

-4.82%
-4.76%
-13.75
-3.53%
-4.98%
-3.95%
-5.31%
-7.06%
-9.76%
-3.51%
-3.42%
-3.33%
-4.69%
-3.98%
-4.93%
-3.95%
-1.78%
-5.34%
-4.65%
-2.97%
-3.18%
-3.20%
-6.02%
-3.94%
-4.39%
-4.65%
-6.43%
-6.44%
-4.08%
-4.40%
-4.91%
-4.51%
-5.35%
-6.45%
-5.02%
-5.36%
-5.16%
-5.11%

0.19%
-2.17%
-1.16%
-1.04%
-1.78%
-1.05%
-2.06%
-2.54%
-1.17%
-1.54%
-1.16%
-2.27%
-1.94%
-1.41%
-0.64%
-1.37%
-2.20%
-2.36%
-1.74%
-1.13%
-1.71%
-1.98%
-0.63%
-1.65%
-2.87%
-1.86%
-2.09%
-2.45%
-1.62%
-2.39%
-2.48%
-2.27%
-2.07%
-2.03%
-1.85%
-2.26%
-2.35%
-3.37%

%10wk
-3.61%
-3.05%
-12.73%
-2.46%
-3.08%
-4.55%
-3.43%
-5.42%
-2.72%
-1.27%
-3.25%
-9.89%
-2.98%
-1.78%
-6.14%
-3.10%
-1.69%
-4.15%
-2.82%
-3.16%
-1.56%
-4.14%
-5.14%
-2.04%
-3.02%
-3.25%
-4.86%
-5.17%
-2.14%
-3.04%
-6.82%
-4.74%
-4.34%
-4.29%
-2.63%
-3.20%
-2.39%
-2.75%

TotNdx
59
59
59
59
58
58
58
58
58
58
58
58
57
57
57
57
57
56
56
56
56
56
56
56
56
56
55
55
55
55
55
55
55
54
54
54
54
54

ETF Report (Ordinal: Best to worst)

FamName

CapType

Class

ETFtype Ticker

FundName

Global Sector Inde

US Sector Index
US Broad Index
Global Sector Inde
US Sector Index
Global Sector Inde
European Country
Global Broad Index
Asian Country
LatAm Country
US Sector Index
US Sector Index
US Sector Index
US Sector Index
Global Broad Index
US Broad Index
US Sector Index
US Sector Index
European Country
US Broad Index
US Sector Index
US Sector Index
US Sector Index
European Country
US Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
Global Broad Index
US Sector Index
Global Sector Inde
US Sector Index
Asian Country
Global Broad Index
Asian Country
US Sector Index
US Sector Index

Sector
Sector
Mid Cap
Sector
Sector
Sector
Blend
Large Cap
Blend
Blend
Sector
Sector
Sector
Sector
Large Cap
Large Cap
Large Cap
Sector
Blend
SmallCap
Sector
Sector
Sector
Blend
SmallCap
Sector
Large Cap
Large Cap
Sector
Large Cap
Sector
Sector
Sector
Blend
Large Cap
Blend
Sector
Sector

Sector
Value
Value
Sector
Sector
Sector
Country
Blend
Country
Country
Growth
Value
Sector
Sector
Country
Blend
Value
Sector
Country
Value
Sector
Value
Sector
Country
Growth
Sector
Value
Blend
Growth
Blend
Sector
Index
Value
Country
Sector
Country
Sector
Value

iShare
HOLDR
iShare
iShare
iShare
iShare
iShare
iShare
iShare
iShare
HOLDR
HOLDR
iShare
iShare
iShare
SPDR
SPDR
iShare
iShare
iShare
HOLDR
HOLDR
iShare
iShare
iShare
iShare
SPDR
SPDR
iShare
HOLDR
iShare
ETF
HOLDR
iShare
iShare
iShare
iShare
HOLDR

Global health care

Biotech
S&P Midcaps Barra Val
DJ Global Energy
DJ US Telecom
S&P Global Telecom
Austria
Global 100
Japan
Canada
Software
Telecom
GS Nat Resources
DJ US Utilities
TOPIX 150
Dow Jones Industrial 30
S&P 500 Utilities
DJ Healthcare
Germany
DJ Small Cap Value
Pharmaceuticals
Regional utilities
DJ Consumer Noncyclic
Spain
DJ Small Cap Gro
DJ US Energy
S&P 500 Energy
S&P 500 Healthcare sel
Technology
European Largecaps
GS Software Index
Emerging Markets
B2B
Singapore
Latin America 40
Malaysia
DJ NASDAQ Biotechs
Internet infrastructure

IXJ
BBH
IJJ
IXC
IYZ
IXP
EWO
IOO
EWJ
EWC
SWH
TTH
IGE
IDU
ITF
DIA
XLU
IYH
EWG
DSV
PPH
UTH
IYK
EWP
DSG
IYE
XLE
XLV
MTK
EKH
IGV
EEM
BHH
EWS
ILF
EWM
IBB
IIH

%1wk
-1.43%
-1.45%
-0.15%
-1.60%
-0.94%
1.28%
2.76%
-0.34%
4.90%
0.38%
-1.13%
-0.48%
-1.71%
-0.05%
4.70%
-0.65%
-0.04%
-1.55%
0.61%
0.41%
-1.44%
-0.39%
-0.59%
0.41%
-0.66%
-2.55%
-2.48%
-1.76%
-0.51%
0.60%
-1.54%
2.62%
-0.40%
1.03%
-0.73%
0.81%
-2.65%
1.79%

5/22/2004

%2wk %3wk

%4wk

%5wk

-1.63%
-0.60%
-0.54%
-2.01%
-1.68%
-1.45%
-2.24%
-1.58%
-1.73%
-1.12%
-1.42%
-1.47%
-1.08%
-0.89%
-1.60%
-1.33%
-0.88%
-2.51%
-1.00%
-0.73%
-3.18%
-1.43%
-2.52%
-1.41%
-1.53%
-2.02%
-2.18%
-2.90%
-2.62%
-2.66%
-3.30%
-2.31%
-2.73%
-5.94%
0.55%
-4.87%
-3.93%
-5.01%

-2.85%
-3.55%
-6.12%
-2.92%
-4.45%
-4.41%
-4.44%
-4.68%
-10.25
-6.96%
-7.76%
-4.71%
-4.40%
-4.01%
-9.97%
-4.88%
-4.29%
-3.53%
-6.36%
-7.99%
-2.62%
-4.23%
-3.71%
-5.17%
-6.66%
-3.45%
-3.29%
-3.80%
-8.93%
-7.26%
-9.40%
-12.97
-10.43
-8.58%
-12.78
-12.59
-9.61%
-14.54

-2.61%
-0.89%
-5.34%
-4.53%
-2.09%
-4.31%
-6.54%
-4.36%
-10.25
-8.31%
-3.40%
-2.09%
-6.23%
-4.04%
-9.87%
-4.64%
-4.13%
-3.77%
-5.83%
-7.51%
-3.72%
-3.82%
-2.61%
-6.96%
-5.45%
-4.61%
-4.68%
-4.19%
-6.24%
-7.20%
-5.37%
-13.61
-8.79%
-8.58%
-14.13
-9.94%
-7.31%
-12.79

-1.91%
-3.19%
-2.42%
-1.71%
-2.14%
-3.68%
-4.50%
-2.32%
-5.03%
-0.90%
-1.56%
-2.52%
-2.07%
-3.59%
-4.89%
-2.49%
-3.18%
-1.93%
-3.50%
-2.71%
-1.75%
-3.53%
-3.32%
-3.31%
-2.52%
-2.79%
-2.45%
-2.27%
-1.81%
-2.96%
-1.68%
-3.46%
-3.49%
-3.93%
-5.54%
-4.87%
-5.61%
-4.48%

%10wk
-1.18%
0.73%
-4.13%
2.30%
-3.26%
-5.74%
-0.52%
-2.37%
0.94%
-7.93%
-1.22%
-3.61%
-1.27%
-5.94%
-1.93%
-2.95%
-6.59%
0.40%
-3.94%
-6.55%
0.75%
-4.08%
-1.34%
-7.38%
-3.73%
1.17%
-1.32%
-1.95%
-4.18%
-6.73%
-1.68%
-10.63%
-6.04%
-4.87%
-13.35%
-9.42%
-2.85%
-13.45%

TotNdx
54
54
53
53
53
53
53
53
53
53
53
53
52
52
52
52
52
51
51
51
51
51
50
50
50
49
49
49
48
47
46
44
42
39
38
35
34
34

ETF Report (Ordinal: Best to worst)

FamName

CapType

Class

ETFtype Ticker

FundName

Asian Country
US Sector Index
LatAm Country

Blend
Sector
Blend

Country
Sector
Country

iShare
HOLDR
iShare

South Korea
Oil service
Brazil

EWY
OIH
EWZ

%1wk
4.32%
-2.73%
-4.29%

5/22/2004

%2wk %3wk
-3.90%
-2.94%
-4.93%

%4wk

-7.43% -19.26
-7.37% -9.12%
-10.98% -19.79

%5wk
-16.33
-10.47
-21.47

%10wk
-10.97%
-8.28%
-18.35%

TotNdx
32
29
2

Exchange Traded Funds beating the S&P 500

Page 1 of 2

Contact Us at Admin@Tortoisecapital.com
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Exchange Traded Fund (ETF) "Star Report" As of May 22, 2004

Exchange Traded Funds (ETFs) that are beating the S&P 500 Index on the 1,3,5, 10, 20 and 40 week time periods
US remains the strong area with a curious mix of real estate, financials, and select technology
FamName

CapType

Class

Ticker

US Broad Index
US Broad Index

Large Cap
Large Cap
Fixed
Income
Fixed
Income
Large Cap
Large Cap
Large Cap
Large Cap
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector
Sector

Blend
Growth

IVV
QQQ

Index
Index
Value
Value
Blend
Growth
Value
Value
Value
Value
Growth
Growth
Growth
Sector
Sector
Sector
Sector
Sector

US Broad Index
US Broad Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index
US Sector Index

FundName

%20wk

%40wk

TotNdx

S&P 500
NASDAQ 100

%1wk %3wk %5wk %10wk

0.14% -1.07% -3.46% -1.08%
0.75% 0.69% -2.99% -0.51%

-1.28%
-3.71%

10.87%
12.32%

60
65

SHY

1-3 YR Treasuries

0.04% -0.37% -0.80% -1.54%

-0.73%

-0.12%

65

IEF
XLF
XLI
XLB
XLK
BDH
HHH
RKH
RTH
IYW
SMH
WMH
IYM
ICF
IYF
IYG
IYR

7-10 YR Treasuries
S&P 500 Finance
S&P 500 Industrial
S&P 500 Materials select
S&P 500 Technology
Broadband
Internet
Regional banks
Retail largecaps
DJ US Technology
Semiconductors
Wireless
DJ Basic Materials
Cohen & Steers Realty Majors
DJ Financials
DJ Financial Services
DJ Real Estate Index

0.27%
0.54%
0.19%
0.95%
0.62%
1.61%
1.39%
1.58%
0.59%
0.76%
0.82%
1.61%
0.85%
3.42%
0.82%
0.65%
2.18%

-2.32%
-0.68%
-1.94%
-7.53%
-4.44%
10.58%
8.50%
-1.69%
0.43%
-6.86%
-11.38%
12.32%
-8.18%
-2.98%
-1.09%
-1.89%
-5.23%

-0.02%
9.54%
11.72%
9.99%
12.67%
51.50%
39.72%
12.40%
2.72%
12.67%
12.89%
41.01%
7.79%
9.35%
10.12%
9.26%
7.72%

60
64
63
62
65
68
79
74
60
66
70
68
61
80
65
66
72

file://C:\data\tortoise\website\new\Members_Area\Reports\starcurrent.htm

-1.71%
-0.78%
-0.68%
-1.44%
0.93%
2.92%
2.04%
0.82%
-2.49%
2.00%
3.94%
0.94%
-1.59%
1.64%
-0.42%
-0.16%
0.75%

-2.76%
-3.36%
-3.25%
-7.43%
-2.59%
-3.32%
0.93%
-0.14%
-3.70%
-3.02%
-5.10%
0.29%
-7.84%
-2.10%
-3.46%
-2.95%
-3.30%

-6.84%
-5.81%
2.78%
-3.69%
-1.01%
-3.19%
13.43%
-4.76%
-2.75%
-2.05%
-6.00%
-3.99%
-3.44%
-11.35%
-5.15%
-5.07%
-12.83%

5/22/2004

Exchange Traded Funds beating the S&P 500

US Sector Index
US Sector Index
US Sector Index
US Sector Index
Global Broad
Index
Global Sector
Index
Asian Country
Asian Country
European Country

Sector
Sector
Sector
Sector

Sector
Sector
Sector
Sector

IYJ
IGN
IGW
RWR

Large Cap

Blend

IEV

Sector
Blend
Blend
Blend

Sector
Country
Country
Country
Country
Country

European Country Blend

European Country Blend

Page 2 of 2
DJ Industrials
GS Networking
GS Semiconductors Index
Wilshire REIT

0.42%
2.26%
1.52%
2.52%

Europe 350

1.22% -1.35% -3.24% -2.39%

IXG
EWA
EWH
EWK

S&P Global Financials

Australia
Hong Kong
Belgium

EWL
EWU

Switzerland
United Kingdom

1.86%
2.66%
4.46%
1.99%
0.20%
0.59%

file://C:\data\tortoise\website\new\Members_Area\Reports\starcurrent.htm

-0.74%
3.13%
3.80%
1.98%

13.28%
33.43%
17.74%
9.29%

62
64
70
77

-3.02%

15.38%

62

-4.60%
-6.59%
-7.06%
-1.77%

-2.80%
-5.13%
-5.88%
1.29%

11.23%
13.33%
14.54%
14.59%

64
61
62
68

-1.14% -1.73% -1.54%

-0.96% -3.56% -2.09%

-0.34%
-0.83%

17.92%
14.80%

60
60

-1.23%
-2.00%
-2.04%
-0.52%

-3.33% 0.88% -1.76%

-7.92% -11.27% -0.36%
-4.13% -4.17% -8.89%
-2.63% -11.42% -3.68%

-4.28%
-7.61%
-8.30%
-3.26%

5/22/2004

Indexing
comparing a range of performance
comparing apples and oranges
"normalizes" data, helps trendspotting
15
13
11
6
3
2
1
-3
-4
-5

8
5
3
2
1
0
-4
-6
-8
-12

tortoisecapital.com

(x-min)

100 *
(max-min)
100*

3- (-5)
15- (-5)

= 40

100* 3- (-12) = 75
8- (-12)
ken@tortoisecapital.com

Multiple time period sampling

Long
Medium
Short

40wk

20wk
40wk 20wk 10wk
Range
Index
Weight

tortoisecapital.com

10wk

5wk 3wk 1wk

5wk

3wk

1wk

Total

Avg

TotNdx

ken@tortoisecapital.com

Total Index (TotNdx)

Value Blend

Growth

176

308

236

Mid

88

94

151

Small

48

85

132

Large

many choices in each category

includes international exposure
includes specialty or sector funds

tortoisecapital.com

ken@tortoisecapital.com

NLNTF Fund Position Management

Procedure
Find sector average performance
Index for all time periods
Allocate funds based on TotNdx
Index & TotNdx for all NLNTF funds
Find "Top 10% funds (approx 200 funds)
Allocate sector $ to the best funds
Manage positions weekly

tortoisecapital.com

ken@tortoisecapital.com

NLNTF Research
(a) On average, funds with a TotNdx rating higher than the S&P500
index, had a 59% chance of beating the S&P 500 the following week.
(b) On average, funds with a TotNdx rating high enough to get on the
NLNTF Star report (ie among the top 10% in the database, approx 200
funds) had a 67% chance of beating the S&P 500 the following week,
and had a higher average return than those funds with simply a higher
TotNdx score than the S&P500.
(c) Since the TotNdx rating incorporates multiple time periods
(1,3,5,10,20 and 40 week time periods), it smooths much of the weekly
volatility. In other words, a bad week doesnt typically drive the TotNdx
low enough to trigger a sale, and as (a) above shows, even these funds
have a good chance at resuming their outperformance of the S&P even
if they no longer make the top 10%

tortoisecapital.com

ken@tortoisecapital.com

Category performance
Morningstar
Category
Lg Cap Blend
Lg Cap Growth
Lg Cap Value
Md Cap Blend
Md Cap Growth
Md Cap Value
Sm Cap Blend
Sm Cap Growth
Sm Cap Value
Avg

tortoisecapital.com

%1wk

%3wk

%5wk

%10wk

%20wk

%40wk

0.02%
-0.55%
-0.01%
-0.14%
-0.85%
0.33%
-0.78%
-1.15%
-0.46%
-0.40%

1.99%
2.34%
1.92%
3.50%
3.32%
2.93%
3.84%
4.38%
3.75%
3.11%

1.18%
1.09%
1.34%
2.75%
2.02%
1.65%
3.14%
3.19%
3.27%
2.18%

3.71%
3.67%
3.40%
5.49%
4.59%
5.11%
5.38%
5.52%
6.69%
4.84%

9.12%
10.84%
7.56%
14.90%
15.93%
13.09%
16.69%
20.54%
16.19%
13.87%

25.47%
31.88%
23.85%
35.45%
41.85%
31.77%
40.99%
50.39%
40.93%
35.84%

ken@tortoisecapital.com

TotNdx results
Morningstar
Category
Lg Cap Blend
Lg Cap Growth
Lg Cap Value
Md Cap Blend
Md Cap Growth
Md Cap Value
Sm Cap Blend
Sm Cap Growth
Sm Cap Value

%1wk

%3wk

%5wk

%10wk

%20wk

%40wk

%YTD

TotNdx

79
41
77
68
20
100
25
0
47

3
17
0
64
57
41
78
100
74

4
0
11
76
43
26
94
96
100

9
8
0
64
36
52
60
64
100

12
25
0
57
64
43
70
100
66

6
30
0
44
68
30
65
100
64

7
26
0
47
72
41
66
100
72

15
12
16
70
43
44
75
79
85

TotNdx
Large Cap
MidCap
Small Cap

Total
0
40
60

tortoisecapital.com

Large Cap
MidCap
Small Cap

Value
16
44
85

Value
0
10
20

Blend
15
70
75

Growth
12
43
79

Blend
0
20
20

Growth
0
10
20

ken@tortoisecapital.com

Weekly Position Strategy

(a) It is not necessary to overfocus holdings in fewer funds;
diversification among the Stars is a good thing.
(b) with less trading you will spend even less time on
administration and reduce the probability of"over-frequent
trading" issues
(c) Check your holdings against the NLNTFstar report weekly,
and as long as your funds are still on that report, you are in good
shape.
(d) Consider "trading up" to a Star fund if your former Star
fund no longer makes the report, but still outperforms the S&P
(e) Trade up to a Star fund if your former Star fund no longer
makes the Star fund report AND underperformed the S&P
(f) Definitely sell funds that have a TotNdx score less than the
S&P 500

tortoisecapital.com

ken@tortoisecapital.com

Tortoise Website: The Deal

Service
Level

Strong
Gabelli
Vanguard
Nationwide
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Fidelity
PBHG
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Profunds
110 ETFs

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Focus

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families &
sectors

Gold

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stocks

Description
1 fund family
Web & Email reports
Forum (BBS)
Archives
Email lists
Recommended reading
White paper
Executive Overview
slides
DailyThought
9 fund families
High tech health check
Hare alerts
Market research reports
Other stuff

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50/month

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