FundInvestor - Morningstar

Transcription

FundInvestor
March 
Volume
Number


From the Editor
Hold It or Fold It?
Janus Worldwide. Vanguard Primecap. Fidelity
Growth Company.
Christine Benz,
Editor
Name a struggling fund, and chances are many
of its shareholders are wondering whether to
sell. Most stock funds have posted staggering
losses over the past few years, and even investors
who aren’t normally trigger-happy are sick of
losing money. Savvy types may also be considering selling to improve their tax positions.
But not every fund that’s down deserves to be
on the chopping block. That’s why we’re
rolling out a new feature this month, entitled
“Should You Sell?” The idea is to give
you a detailed analysis of a fund that’s trying
investors’ patience due to a prolonged
performance slump, a significant management
Fund Selection
2 Two-Hit Wonders
These funds have been top performers in bull
and bear markets alike.
4 Analyst Pick: Western Asset Core
A bond fund that strikes the perfect balance.
Portfolio Building
11 Morningstar FundInvestor Portfolios
It’s decision time at Janus Mercury. Plus:
Updates on our Aggressive Wealth Maker,
Wealth Maker, and Wealth Keeper Portfolios.
Monitoring
17 Market Overview
Stocks fail to gain traction in a skittish market.
18 Leaders and Laggards
Winners and losers from American Funds,
Liberty Acorn, and Dreyfus.
19 Fund News
The latest dispatches from our analyst team.
change, or behind-the-scenes upheaval at the
fund family. In our inaugural installment,
senior analyst Emily Hall tackles the curious
case of Janus Worldwide JAWWX, which boasts
top-quartile -year numbers in the world-stock
group but has handed investors three years’
worth of enormous losses.
Elsewhere in this month’s issue, we’ve
taken a closer look at the flip side: funds that
have performed exceptionally well in recent
years. In “Two-Hit Wonders,” analyst Paul
Herbert assesses funds that have bested their
peers in bull and bear markets alike. Chances
are you have one or two of these winners in
your portfolio, but Paul also highlights a few
lesser-known funds for all seasons. And on
Page , analyst Brad Sweeney shines the spotlight on stable-value funds. Of course, there’s
rarely a free lunch in investing, but we think
some of these offerings merit a look from
investors looking to pick up a little extra yield
without a lot of extra volatility. œ
6 Analyst Pick: FPA New Income
A contrarian-minded fixed-income stalwart.
8 Shining the Spotlight on Stable-Value Funds
An alternative to puny money market yields?
10 Hidden Gems: Vanguard Calvert Social Index
15 Portfolios & Planning
Sizing up the new savings proposals: These
plans could change the way you think about
saving for retirement—and everything else.
20 Should You Sell?
Janus Worldwide: Hang on or send it packing?
22 Red Flags
We’ve lost enthusiasm for these four funds.
23 Morningstar FundInvestor 500
48 The Last Word with Don Phillips
The fund industry can still take the high road.
2
Feature
Paul Herbert
Two-Hit Wonders
These funds have been top performers
in bull and bear markets alike.
If you’re like a lot of mutual fund investors, you
probably hold a fund or two (or three or four)
that soared when stocks were all the rage during
the s only to fizzle out during the downturn
of the past three years. Or maybe, if you’re on
the more cautious side, you own an offering that
has held up well while stocks have slumped, but
badly underperformed when stocks were going
great guns in the late s.
Of course, combining both types of funds can
help smooth out the highs and lows. But
did any funds manage to combine the best of
both worlds? We decided to comb our database
in an effort to identify those stock funds that
managed to run with the bulls without getting
mauled by the bear.
The Process
To arrive at our list of bull- and bear-market
winners, we needed first to define the bull
market and the bear market. One could argue
that the last prolonged stock-market rally began
in the early s, or after the crash of , or
at other points along the way. But in order to
improve the odds that a fund’s manager during
the bull market would still be on active duty, we
decided to mark the bull market’s start during
the s. Domestic stocks suffered through
rough years in the early , before offering
returns of more than % per year in each year
from  to . To mark the beginning of
this historic upturn, we took the   Index’s
low-water mark in late , which turned out
to be December . For international funds, we
looked at the low point for the   Index,
which came a bit earlier—February , , to
be exact.
we’re not able to say that the bear market has
concluded, as stocks have continued to fall in
. Thus, we set our bear market’s end date
as February , , the day before we
started writing this article. (We hope a dramatic
market turnaround began before your copy
of FundInvestor arrived in the mail!)
To determine what constitutes a top performer
during the two periods, we decided to look
at stock funds’ returns in comparison to their
Morningstar categories. The idea was to
gauge whether they had delivered superior
performance relative to similarly run offerings.
Second, because funds’ returns often tend to
cluster around the category’s median return, we
eliminated those that failed to outpace at least
% of their peers during the s’ surge and
during the more recent decline.
Finally, we kicked out those offerings that are
closed to new investors, to build a list of
funds that you could purchase after researching
their strengths and determining their suitability
for your particular situation.
The Results
The search, carried out by researcher Stephen
Murphy, didn’t yield many funds. On the
domestic front, just  funds made the cut, and
on the international side, the screen returned
only four offerings. We’ve included the
complete list of Morningstar  two-hit
wonders on the next page. Readers may be
surprised that the search didn’t yield any smallcap funds. Also of note: Our search turned up
the same number of Janus funds (one, Growth &
Income JAGIX) as American Funds offerings
(Washington Mutual AWSHX).
Many of the winners were well-known funds,
such as Bill Miller’s Legg Mason Value LMVTX
and perennial category killer Dodge & Cox Stock
DODGX. A few lesser-known funds also made
the cut, including those that we discuss below.
Excelsior Value & Restructuring UMBIX
The endpoint of the rally (and the start of the
bear market) was easier to define. Both indexes
peaked in March , the   on the th
and the   on the th. Unfortunately,
Given this fund’s record and that manager
David Williams has been running it since ,
it’s surprising that this offering isn’t larger than
. billion. Williams looks for stocks that are
Morningstar FundInvestor
Bull- and Bear-Market Standouts
Fund Name
Category
American Funds Washington Mtl A
Calamos Growth A
Davis NY Venture A
Dodge & Cox Stock
Excelsior Value & Restructuring
Fidelity Contrafund
Fidelity Diversified International
Fidelity Export & Multinational
Harbor International
Janus Growth & Income
Legg Mason Value Prim
Meridian Value
Scudder Latin America S
Selected American
Smith Barney Aggressive Grth A
Thompson Plumb Balanced
Van Kampen Equity and Income A
Vanguard Health Care
William Blair International Grth N
Large Value
Mid-Cap Growth
Large Blend
Large Value
Large Blend
Large Blend
Foreign Stock
Large Blend
Foreign Stock
Large Growth
Large Blend
Mid-Cap Blend
Latin America Stock
Large Blend
Large Growth
Domestic Hybrid
Domestic Hybrid
Specialty-Health
Foreign Stock
Bull-Market
Bear-Market
Manager
Percentile Rank % Percentile Rank % Tenure (Yrs)
23
4
15
24
10
14
13
4
20
12
1
5
20
8
16
18
15
15
8
17
13
14
2
11
19
14
9
10
18
21
7
16
13
6
16
17
5
25
25
12
7
36
10
12
2
1
15
6
21
9
7
8
19
16
13
19
7
•Bull market for domestic-stock funds: Dec. 8, 1994-Mar. 29, 2000. International funds: Feb. 12, 1993-Mar. 24, 2000.
•Bear market for domestic-stock funds: Mar. 30, 2000-Feb. 12, 2003. International funds: Mar. 25, 2000-Feb. 12, 2003.
temporarily inexpensive because of a corporate
action, such as an acquisition or management
change, in the view that the stock will
appreciate when the company begins or resumes
growing its earnings. He tends to hold stocks
in out-of-favor industries, and doesn’t pay much
attention to yield. The fund may be a tad too
assertive for very cautious types, but Williams is
unsung as a top manager: His charge has posted
top-% or better returns versus its large-blend
peers in eight of the past  calendar years.
Interestingly, Williams owns a -year record
that’s slightly superior to Bill Miller’s.
Meridian Value MVALX
Meridan Value, on the other hand, has gathered
a lot of attention in recent years, as manager
Kevin O’Boyle has guided it to one of the
best records among all mutual funds since the
start of his tenure in . O’Boyle seeks
companies that have missed earnings expectations for two or three quarters, with the idea
that investors have overreacted to the bad news.
From this group he only buys those with rocksolid financials and established positions in their
industries. His cheap stocks will get cheaper
sometimes, as Adelphia ADELQ did last year as it
slid into bankruptcy. That stock detracted from
March 
3
performance in , but O’Boyle managed
to find enough winners to more than offset the
loss, and the fund finished last year ahead of
more than two thirds of funds in the mid-blend
category. One concern we have is that, as
noted above, the fund has attracted quite a bit
in new assets. While all that cash hasn’t slowed
performance to date, it could make it more
difficult for O’Boyle to take meaningful stakes
in small-cap stocks in the future.
Thompson Plumb Balanced THPBX
This fund is probably the most obscure
diversified offering that our search turned up,
but Wisconsin-based Thompson Plumb
and Associates has delivered for the shareholders
of both this fund and Thompson Plumb Growth
THPGX, which also owns a strong record. The
balanced offering tends to have an aboveaverage allocation to equities, which helped
during the bull market. Within its equity
portfolio, management focuses on stocks that
appear reasonably priced relative to historical
earnings-growth rates. Their style has led to big
sector bets at times, such as a recent overweight
of health-care stocks. The portfolio’s bond stake
has also gone through dry spells, most recently
because of some poor picks in its belowinvestment-grade holdings. Overall, however,
the fund has one of the best records among
balanced funds.
William Blair International Growth WBIGX
This fund has gained some acclaim among
Morningstar’s analysts, as it’s one of the few
growth-oriented foreign-stock funds that
have held up well in the bear market. Manager
George Greig has accomplished this feat by
looking to small- and mid-cap stocks to find
growth stories. He’ll also dip into emerging
markets, while many of his peers hew more
closely to developed-market indexes. Greig’s
willingness to stray from the beaten path
exposes the fund to more risks than the typical
foreign-stock fund—we think it’s not a good
choice for conservative investors for this reason.
Nonetheless, Greig’s demonstrated ability to
deliver topnotch performance during the
downturn shows that he has the ability to play
defense as well as offense. œ
4
Analyst Picks
Bradley Sweeney
Western Asset Core
Our Aggressive Wealth Maker Portfolio’s new bond
holding strikes the perfect balance.
What is an
Analyst Pick?
The Morningstar
FundInvestor 500 includes
140 Analyst Picks, which
are the favorite funds of the
Morningstar analysts who
specialize in each particular
category. Analysts make
their selections based on a
fund’s historical risk and
return, costs, and knowledge
of the managers and their
strategies.
◊
We added Western Asset Core WATFX to our
Aggressive Wealth Maker Portfolio in January,
replacing Metropolitan West Total Return Bond
MWTRX. Because we own only one bond
fund in the Aggressive Wealth Maker, we
wanted to tone down our exposure to
individual corporate issuers to avoid some
of the volatility that the Met West fund experienced in . At the same time, we didn’t
want to put too conservative of a fund in
a portfolio that was designed for investors with
a fairly long time horizon. We think that
Western Asset Core strikes a perfect balance.
Although Western Asset may not be a wellknown name to most mutual fund investors,
the firm is anything but a hidden gem in the
world of institutional investors. In fact,
Western Asset manages more than  billion
in fixed-income assets, primarily accounts
for pension plans, foundations, and insurance
firms. Focusing exclusively on the fixed-income
market, the firm has built its reputation
by producing remarkably consistent returns e.
This fund also has another feature that
institutional investors expect: extremely
reasonable expenses. As we’ve often noted in
the past, expenses can play a large role in
determining a bond fund’s long-term success.
The institutional version of this fund, which
requires a , minimum purchase
through some fund supermarkets, sports a
.% expense ratio r. The financial-intermediary share class, which is available to
individual investors for a , minimum
investment, carries a .% expense ratio.
Strategy Session
Historically, Western Asset Core has boosted
returns by emphasizing mortgage-backed
securities and corporate bonds and by holding
only a modest stake in Treasuries t. Like
the Met West fund it is replacing, this offering
was significantly overweight in corporate
debt last year. In fact, it held some of the same
troubled credits as Met West, including
WorldCom, Qwest, and Williams Companies.
One of the things that saved this offering from
the volatility that afflicted the Met West fund,
though, was its tendency to hold much smaller
positions in individual issuers. That meant
that it didn’t get stung as badly when many of
its corporate issues headed south last year.
Management seeks to add value by adjusting
the portfolio’s duration, a measure of
interest-rate sensitivity, and typically courts
more interest-rate risk than its average peer.
Because interest rates tend to fall when the
economy stumbles, this interest-rate stance
tends to counterbalance the fund’s
overweight in corporate bonds. That tack
worked like a charm in , as longerduration bonds thrived amid a struggling
economic environment.
Risks
On the flip side, its longer-than-average
duration stance has weighed on returns in years
when rates have headed higher u. And it has
also historically made the fund more volatile
than its typical peer i. But over time the yield
advantage offered by corporate bonds and
mortgage-backed securities has helped the fund
outpace the Lehman Brothers Aggregate, a
broad proxy for the domestic investment-grade
market o.
Western Asset Core has turned in very
nice performance since we included it in our
Aggressive Wealth Maker Portfolio. As the
corporate-debt market has begun to recover,
this offering has outdistanced more than
% of its peers for the year to date through
mid-February. But we didn’t select this
portfolio on the hope that its strategy would
jibe with market sentiment in . We
believe that the fund’s seasoned management
team, reasonable expenses, and measured bets
give it a good shot at outdistancing the
Lehman Brothers Aggregate Index over the
long haul, which should be the goal of any
actively managed core bond fund. œ
March 
Western Asset Core
Ticker Load
WATFX None
NAV
$11.45
Yield
4.9%
SEC Yield
5.24%
Total Assets
$1,033 mil
Mstar Category
Intermediate-Term Bond
Manager Strategy
Investment Style
Fixed Income
Income Rtn %Rank Cat
Historical Profile
The fund typically underweights Treasuries relative to the
Lehman Brothers Aggregate Bond Index and overweights
corporate and mortgage issues. In general, the fund is more
aggressive than most of its peers. Management makes bolder
duration adjustments (plus or minus 20% of its benchmark's
duration) than many of the category's more-conservative
offerings.
Return High
Above Avg
Risk
Rating
Highest
61
55
33
45
46
10
27
29
5
53
Manager Change
Partial Manager Change
10
5
Fund Performance vs.
Category Average.
0
Quarterly Fund Return
+/- Category Average
Category Baseline
-5
-10
Portfolio Manager(s)
Performance Quartile
(within Category)
Management Team
Performance 01-31-03
1998
1999
2000
2001
2002
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
1.58
-0.99
2.42
3.66
0.51
2.52
-1.01
2.33
1.28
2.44
3.69
0.75
3.29
4.69
2.68
0.35
-0.44
4.68
-0.40
2.82
8.36
-1.69
13.34
9.48
8.70
Total
Return%
+/- LB
Aggr
+/- LB
5-10YR
3 Mo
4.37
7.46
6 Mo
1 Yr
8.77
3 Yr Avg 10.90
5 Yr Avg 7.48
10 Yr Avg 7.90
15 Yr Avg
.
2.24
2.40
-0.72
0.65
0.19
0.58
.
1.22
-0.02
-3.24
-0.72
-0.29
0.18
.
Tax Analysis Tax-Adj Rtn%
3 Yr Avg
5 Yr Avg
10 Yr Avg
8.09
4.50
4.95
%Rank
All Cat
9
5
6
4
4
22
.
9
6
28
5
5
2
.
Growth of
$10,000
10,437
10,746
10,877
13,641
14,341
21,387
.
%Rank Cat Tax-Cost Rat %Rank Cat
4
10
4
2.53
2.76
2.72
73
90
80
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
01-03
History
11.15
7.77
0.37
-0.14
6.10
1.67
34
0.67
0.29
0.50
6.70
300
.
11.20
13.87
4.12
1.63
7.26
6.61
7
0.77
0.66
0.50
6.00
313
.
10.04
-4.29
-1.37
0.22
6.20
-10.49
62
0.68
0.00
0.50
6.00
272
.
11.40
20.92
2.45
-0.51
6.69
14.23
10
0.66
0.04
0.50
6.98
258
398
11.14
3.73
0.12
1.04
5.97
-2.24
30
0.66
0.01
0.50
6.30
266
539
11.41
10.13
0.45
0.70
6.53
3.60
14
0.71
0.12
0.50
6.40
385
624
11.12
8.36
-0.31
-1.78
5.95
2.41
27
0.65
0.56
0.50
6.00
.
682
10.28
-1.69
-0.86
1.19
5.75
-7.44
62
0.62
0.03
0.50
5.70
484
683
10.87
13.34
1.71
0.90
7.31
6.03
2
0.73
0.00
0.50
6.30
260
740
11.10
9.48
1.06
0.66
6.15
3.33
7
0.65
0.13
0.50
6.80
387
630
11.37
8.70
-1.57
-4.33
5.36
3.34
43
0.58
0.09
0.50
5.60
595
1,030
11.45
1.04
0.95
1.16
0.34
0.70
3
0.04
0.00
.
.
.
.
NAV
Total Return %
+/-LB Aggr
+/-LB 5-10YR
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
8.77
10.90
7.48
7.90
9.06
High
High
High
High
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
LB Aggr
Best Fit Index
LB Credit
-0.2
1.13
74
1.0
0.93
76
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
4.81
10.90
1.57
Potential Capital Gain Exposure: 3% of assets
Morningstar's Take by Bradley Sweeney 02-27-03
giving the portfolio a late-year lift.
Although it has reined in the portfolio's
duration, management continues to emphasize
corporate debt in 2003, which has been a boon to
performance. With the market regaining its
appetite for higher-yielding corporate debt, the
fund is outdistancing 97% of its rivals for the year
to date through Feb. 26, 2003.
The fund's long-term returns look equally
attractive: Its three-, five-, and 10-year returns all
rank in its category's top decile. Because
management has generally kept the portfolio's
duration longer than the market's and has often
emphasized corporate debt, the fund has been
more volatile than its typical rival over time, but
few peers can match its risk/reward profile.
Interested investors who can't meet this
offering's hefty minimum can opt for the financial
intermediary share class, which is a bit more
expensive, but which still represents a great deal
for a fund of this quality.
Address:
PO Box 17635
Baltimore, MD 21297-1635
888-425-6432
www.leggmason.com
09-04-90
LM Institutional Advisors
None
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distrib:
N/A
Total Cost (relative to category):
NTF Plans:
$2500
Add: .
$0
Add: .
No-load
0.40%, 0.10%A
Mgt:0.40%
Dist: .
3Yr:$167
5Yr:$291
Quarterly
IRA: $0
Amount
$000
r
Value
$000
% Net
Assets
GNMA 6%
GNMA 6.5%
United States Treas Bds
FHLMC 7%
FNMA 6.5%
131,350 136,604
120,500 126,374
04-15-29 47,601 58,208
04-01-32 28,560 30,028
04-01-29 20,146 20,991
8.30
7.68
3.54
1.82
1.28
Tyco Intl Group S A 6.87
GNMA 5.5%
United States Of America
Sprint Capital Corporati
Dryden Inv
01-15-29
04-15-28
03-15-12
07-23-08
22,830
18,800
16,219
17,745
14,510
20,090
19,270
18,979
17,656
15,640
1.22
1.17
1.15
1.07
0.95
Irwin Home Equity Ln 7.1
Waste Management 7.375%
General Electric Capital
09-25-31
02-15-25
08-01-10
03-15-32
11-15-27
11,700
35,270
9,999
9,880
39,840
12,595
10,969
10,940
10,923
10,794
0.77
0.67
0.66
0.66
0.66
United Mexican States 11
Cdc Mortgage Capital Tru
Southwest Airlines 2001FNMA 7%
Criimi Mae Commrcl Mort
05-15-26
08-25-32
11-01-06
08-01-31
03-02-11
7,790
9,723
9,000
8,813
7,838
10,633
9,721
9,507
9,270
8,572
0.65
0.59
0.58
0.56
0.52
Low
i
o
Current Investment Style
Duration
Short Int
1Avg
Long
Eff Duration
Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
1figure provided by fund
Special Securities
Restricted/Illiquid Secs
Exotic Mortgage-Backed
Emerging-Markets Secs
Options/Futures/Warrants
US Govt
AAA
AA
A
BBB
Trace
0
1
Yes
% bonds 12-31-02
Credit Analysis
48
23
3
9
13
3.7 Yrs
9.1 Yrs
AA
5.76%
102.62% of par
BB
B
Below B
NR/NA
2
0
1
3
Coupon Range
% of
Bonds
Rel
Cat
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
3.2
36.0
53.6
6.3
0.9
1.3
0.9
1.1
0.8
0.6
1.00=Category Average
t
Composition
Cash
Stocks
22.1
0.0
Bonds
Other
Sector Breakdown
10Yr:$653
© 2003 Morningstar, Inc. 312-696-6000. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct,
complete or timely. Past performance is no guarantee of future performance.
Date of
Maturity
Total Fixed-Income:539
Quality
High Med Low
Western Asset Core is impressive.
Although it finished last year ahead of its
average intermediate-term bond rival, it wasn't
exactly easy going for this offering in 2002. The
fund got swept up in the raft of accounting scandals
that weighed on the corporate-bond market for the
better part of last year. In addition to being
overweight in corporate debt, the fund got caught
holding some of the market's big losers, including
WorldCom and Qwest. Fortunately, management
has never bet big on individual issuers here, which
meant that this fund didn't get hit nearly as hard as
some of its peers when these credits headed south.
It also benefited from management's decision to
keep the fund's duration, a measure of interest-rate
sensitivity, a bit longer than the broader market's--a
move that was intended to act as a hedge against
the possibility of a faltering corporate-bond market.
And because the fund stuck to its guns, remaining
overweight in corporates, it didn't hurt that the
corporate market bounced back a bit in late-2002,
Web Address:
Inception:
Advisor:
Subadvisor:
e
Portfolio Analysis 12-31-02
Rating and Risk
Time
Period
u
US Treasuries 10
GNMA mtgs 25
FNMA mtgs 11
FHLMC mtgs
5
CMOs
ARMs
Other
0
0
49
FI
72.7
5.2
6
Analyst Picks
Jeffrey Ptak
FPA New Income
This contrarian-minded bond stalwart almost always
gets the last laugh.
What is an
Analyst Pick?
The Morningstar
FundInvestor 500 includes
140 Analyst Picks, which
are the favorite funds of the
Morningstar analysts who
specialize in each particular
category. Analysts make
their selections based on a
fund’s historical risk and
return, costs, and knowledge
of the managers and their
strategies.
◊
It’s not for nothing that Morningstar has twice
named FPA New Income Fund FPNIX skipper Bob
Rodriguez its Fixed-Income Fund Manager
of the Year. After all, Rodriguez has guided his
charge to top-flight relative returns during
his nearly two-decade tenure. What’s more, the
fund hasn’t posted a calendar-year loss e during
that time, a remarkable achievement that
owes to Rodriguez’s keen contrarian instincts
and zeal for capital preservation.
Rodriguez’s effort to generate strong total
returns while keeping an eye on the downside
also shapes his approach to interest-rate
risk. He is exceedingly wary of rising rates, and
has tended to keep the fund’s duration r
(a measure of interest-rate sensitivity) shorter
than the group’s norm. He’s also more than
willing to sit on outsized cash stakes t when
compelling opportunities are scarce. Though
this posture can hold the fund back when
interest rates are falling, Rodriguez’s vigilance
has been well rewarded over time. For example,
after the fund fell behind during ’s bull
market (when Rodriguez shortened the fund’s
duration posture well ahead of most rivals), the
fund roared back during a turbulent  u—
in that year, it was one of only two offerings in
its category to post a positive annual return.
Strategy Session
Risks
The fund’s strategy turns on contrarianism. In
fact, Rodriguez’s career has been characterized
by an eagerness to flout groupthink. He pays
little heed to benchmarks or prevailing market
sentiment in assembling this portfolio. Rather,
he gravitates toward unloved corners of
the market, in the view that buying securities
on the cheap protects the fund’s downside
while offering a lot of upside potential.
The downside to Rodriguez’s bold approach
is that his go-it-alone style can sometimes
leave the fund just that—alone. Indeed, the
fund has suffered from time to time when
Rodriguez’s bearish duration calls have proved
premature or a beaten-down corner of the
market hasn’t snapped back as he expected. In
addition, because Rodriguez is willing to pile
into areas that catch his fancy, the fund often
courts significant sector risk. Finally, given
Rodriguez’s fondness for high-yield bonds, i
credit risk never lurks too far away.
Rodriguez’s instincts have proved remarkably
keen over the long haul. Time and time
again he has ferreted out bonds that have gone
on to deliver hefty total returns while
generally sidestepping major losses. The fund’s
investment in Treasury Inflation-Protected
Securities () a few years ago provides
a telling example. Rodriguez became one
of the earliest adopters of  at a time when
most investors had a benign outlook for
inflation. He believed that the market was
underestimating the risk of inflation and
grossly undervaluing ’ inflation-adjustment
feature. In his view, the bonds provided
great upside—in the form of price appreciation
as the market came to grips with the threat
of inflation—while protecting him on the
downside from inflation. His conviction
has since been handsomely rewarded, as 
have gone on to perform very strongly over the
past few years.
Those risks came into sharp focus in .
The fund’s very short duration stunted returns
as interest rates continued to fall. What’s more,
the fund took it on the chin when its stake in
troubled insurer Conseco plunged amid a
credit downgrade that ultimately triggered the
firm’s bankruptcy.
Yet as the fund’s sterling track record
attests, missteps like these have been the
exception rather than the rule. Rodriguez’s
deft issue selection has helped the fund
keep pace during bull and bear markets alike.
Meanwhile, volatility has been relatively mild.
Coupled with its below-average expenses o
and seasoned management, the fund’s excellent
risk/reward profile makes it a great option to
anchor the bond portion of one’s portfolio. œ
March 
FPA New Income
Ticker Load
FPNIX 3.50%
NAV
$10.98
Yield
4.9%
SEC Yield
.
Total Assets
$889 mil
Mstar Category
Manager Strategy
Unlike many of its intermediate-term bond peers, this fund
doesn't pay attention to a broad market index. Instead,
management seeks the best values, regardless of sector. That
leaves the fund looking less like the norm and more like a
contrarian. For example, the fund typically invests more in high
yield than most peers, and it has gotten all of its Treasury
exposure from inflation-indexed TIPS since 1998. Management is
less willing than many of its peers to take on interest-rate risk,
however, especially when yields are low.
Investment Style
Fixed Income
Income Rtn %Rank Cat
Historical Profile
Return Average
Below Avg
Risk
Rating
Neutral
66
43
48
1
5
4
21
43
Manager Change
10
5
Category Average.
0
Category Baseline
-5
-10
(within Category)
Robert L. Rodriguez, CFA. Since 07-84. BS'71 U. of
Southern California; MBA'75 U. of Southern California Other
funds currently managed: FPA Capital.
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
1.99
1.30
3.01
5.68
2.93
0.90
2.14
-0.67
1.76
2.78
0.72
0.19
4.43
3.23
-3.00
0.20
-0.27
2.31
1.19
1.85
3.86
3.39
9.32
12.33
4.52
1998
1999
2000
2001
2002
Trailing
Total
Return%
+/- LB
Aggr
+/- LB
5-10YR
2.98
1.40
3.67
8.97
6.65
7.34
8.56
0.85
-3.65
-5.81
-1.28
-0.64
0.02
0.18
-0.17
-6.07
-8.33
-2.66
-1.12
-0.38
-0.21
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3 Yr Avg
5 Yr Avg
10 Yr Avg
5.03
3.20
4.16
%Rank
All Cat
14
33
27
10
7
27
38
26
98
92
44
26
10
9
Growth of
$10,000
10,298
10,140
10,367
12,940
13,795
20,304
34,293
73
62
25
2.46
2.54
2.62
68
70
69
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
01-03
History
10.92
11.12
3.72
3.21
6.99
4.13
4
0.72
0.20
0.78
7.17
22
88
11.23
10.17
0.42
-2.07
6.50
3.67
56
0.69
0.07
0.73
6.48
41
115
10.40
1.46
4.38
5.97
6.60
-5.14
1
0.71
0.27
0.74
6.41
39
130
11.17
14.36
-4.11
-7.07
6.60
7.76
90
0.67
0.00
0.68
6.50
31
234
11.09
7.12
3.51
4.43
6.21
0.91
2
0.67
0.16
0.63
6.44
16
375
11.24
8.31
-1.37
-1.12
6.30
2.01
69
0.68
0.05
0.59
6.37
69
563
10.74
3.86
-4.81
-6.28
7.71
-3.85
98
0.84
0.08
0.59
6.06
47
582
10.30
3.39
4.22
6.27
6.78
-3.39
3
0.71
0.09
0.60
6.43
24
515
10.38
9.32
-2.31
-3.12
7.69
1.63
67
0.77
0.08
0.61
7.31
21
486
10.93
12.33
3.91
3.51
6.30
6.03
2
0.64
0.07
0.58
6.39
22
705
10.88
4.52
-5.75
-8.51
5.03
-0.51
91
0.54
0.00
.
.
.
889
10.98
0.92
0.83
1.04
0.00
0.92
4
0.00
0.00
.
.
.
.
NAV
Total Return %
+/-LB Aggr
+/-LB 5-10YR
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
0.05
7.68
5.89
6.96
.
-Avg
Avg
+Avg
Avg
-Avg
Low
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
LB Aggr
Best Fit Index
LB Credit
Alpha
Beta
R-Squared
2.9
0.35
10
2.6
0.38
19
Standard Deviation
Mean
Sharpe Ratio
3.98
8.97
1.39
Morningstar's Take by Jeffrey Ptak 02-05-03
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
intermediate-term bond category norm for much of
2002, and continues to do so.
From time to time, management's daring can
get the better of it. That was certainly the case in
2002 as the fund's bearish duration stance held it
back as rates continued their march downward.
What's more, the fund also got nicked by its
above-average high-yield stake (another of its
distinguishing traits). All told, the fund was only
able to muster a 4.5% return in 2002, which landed
the fund in its group's bottom decile.
Despite this showing, there's good reason for
optimism here. Rodriguez boasts a remarkable
track record, posting top-quartile returns over the
trailing five- and 10-year periods. What's more, the
fund hasn't logged a calendar-year loss during his
nearly 20-year tenure, and volatility has been mild.
Though his penchant for iconoclasm can make for
the occasional rough patch, the fund has always
rebounded strongly in ensuing years. It remains a
compelling choice.
11400 W. Olympic Boulevard Suite 1200
Los Angeles, CA 90064
800-982-4372
www.FPAFunds.com
04-01-69
First Pacific Advisors
None
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Income Distrib:
$1500
$1500
3.50%L
0.50%
Mgt:0.50%
3Yr:$529
Quarterly
N/A
Add: $100
Add: $100
IRA: $100
u
Amount
$000
Value
$000
% Net
Assets
United States Treas Nts
France 3%
Qwest Capital Funding 5.
FHLMC 6.5%
Cke Restaurants 4.25%
01-15-07 197,955 214,379
07-25-12 23,036 25,332
08-03-04 21,750 18,705
10-25-24 18,153 18,448
03-15-04 19,000 17,955
19.71
2.33
1.72
1.70
1.65
Federal Natl Mortgage A
FHLMC Corpmulticlass Mtg
Federal Home Loan Bk
FHLMC 6%
Federal Home Ln Mtg
11-25-19
07-15-26
06-24-09
01-30-17
06-15-09
16,933
14,683
14,500
14,500
14,015
17,629
14,920
14,573
14,554
14,489
1.62
1.37
1.34
1.34
1.33
FHLMC 7%
Government Natl Mtg Remi
Sanmina-Sci 4.25%
GNMA 8.5%
FHLMC 6.5%
03-25-27
12-20-29
05-01-04
11-20-28
01-25-28
13,994
11,789
13,490
11,775
11,880
14,419
13,371
12,934
12,497
12,151
1.33
1.23
1.19
1.15
1.12
Us West Capital Funding
Government Natl Mtg Assn
Abn Amro Mtg
FNMA 8%
GNMA 6.5%
07-15-05
07-15-26
01-25-32
02-01-32
08-20-25
15,400
11,806
11,751
10,487
11,304
12,012
11,980
11,927
11,457
11,423
1.10
1.10
1.10
1.05
1.05
Duration
Short Int
1Avg
Long
Eff Duration
Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
1figure provided by fund
Special Securities
Restricted/Illiquid Secs
Exotic Mortgage-Backed
Emerging-Markets Secs
Options/Futures/Warrants
US Govt
AAA
AA
A
BBB
0
0
0
No
% bonds 12-31-02
Credit Analysis
68
6
0
0
2
r
1.6 Yrs
2.5 Yrs
AA
5.96%
96.64% of par
BB
B
Below B
NR/NA
1
8
13
2
CMOs
ARMs
Other
0
0
30
Coupon Range
% of
Bonds
Rel
Cat
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
0.3
51.3
33.6
5.8
9.0
0.1
1.3
0.7
0.8
5.9
Bonds
Other
72.1
2.1
1.00=Category Average
Composition
Cash
Stocks
25.7
0.0
i
t
Sector Breakdown
Dist: .
5Yr:$662
10Yr:$1050
Below Avg
Date of
Maturity
Total Fixed-Income:112
Quality
High Med Low
Despite recent woes, this fund is a keeper.
Don't expect FPA New Income Fund to go with
the flow anytime soon. To be sure, manager Bob
Rodriguez is a contrarian at heart, assembling the
fund's portfolio with little heed for benchmarks.
Instead, he takes a shining to unloved corners of
the market. For example, Rodriguez was a fan of
inflation-indexed Treasuries long before they came
into vogue. He's also willing to buck prevailing
wisdom, as evidenced by his conviction in
interest-only mortgages. Although these bonds
have been suffering lately from a torrent of
prepayments, he has hung on, convinced that they
will perform strongly in a rising rate environment.
The specter of rising rates has figured
prominently in the fund's strategy in recent months.
Unlike others who have made deflation their
watchword, Rodriguez has been worried for some
time about inflation, which he views as a sleeping
giant. Thus, he kept the fund's duration (a measure
of interest-rate sensitivity) well shy of the
e
Rating and Risk
Time
Period
Potential Capital Gain Exposure: -1% of assets
Address:
7
US Treasuries
GNMA mtgs
FNMA mtgs
FHLMC mtgs
27
10
12
21
o
FI
8
Feature
Bradley Sweeney
Shining the Spotlight on
Stable-Value Funds
A viable alternative to puny money-market yields?
Faced with anemic money-market yields,
many investors are desperately searching for a
way to boost the return of their cash investments. But investors face a Catch- of sorts:
They can either continue to park their cash
in a money-market fund, collecting a paltry
yield, or they can move their cash into an ultrashort or short-term bond fund, which typically
take on additional interest-rate and credit risk in
exchange for a higher payout.
Those risks are all too real these days.
Many market-watchers argue that an economic
rebound is in the offing, which could push
short-term interest rates higher and erode
the principal values of ultrashort and short-term
bond funds. And those investors who aren’t
fretting about the corrosive effects of rising
interest rates might be concerned about
ultrashort and short-term bond funds’ exposure
to credit risk. That’s because many such
offerings attempt to pick up additional yield by
dipping into mid-quality corporate debt.
Although we continue to believe that both
ultrashort and short-term bond funds make
sense for investors who can live with
their relatively mild ups and downs, we believe
that so-called stable-value funds present yet
another alternative to puny money-market
yields. These funds are currently available only
to retail investors who purchase them through
retirement accounts, such as s, (k)s,
(b)s, or Keogh plans, but we think they
make great sense for conservative types looking
to improve the performance of at least part of
the cash allocation in their retirement accounts.
How Stable-Value Funds Work
The goal of stable-value funds is straightforward. They aim to offer investors a
stable , just as money-market funds do,
while investing in longer-dated bonds that
offer investors higher yields. How they accomplish that feat is anything but straightforward.
Like the managers of ultrashort and short-term
bond funds, stable-value managers oversee a
portfolio of short- to intermediate-term
bonds. And while these portfolios are generally
composed of high-quality issues, they are
subject to the same risks as any bond portfolio.
Rising interest rates and credit concerns
can cause the value of a portfolio to decline.
And the occasional bankruptcy, however
uncommon among investment-grade issuers,
can cause the value of some of a portfolio’s
bonds to go to zero.
To combat the fluctuations that such a portfolio
experiences, stable-value funds employ the
help of insurers. These insurers help keep the
fund’s  stable, typically at  per share,
regardless of how fluctuating interest rates or
credit problems affect the fund’s underlying
portfolio of bonds.
Is There Such a Thing as a Free Lunch?
The allure of these funds is obvious. Most
sport yields north of % right now, and
investors can expect a stable-value fund’s 
to be  each and every day. So, it’s fair
to ask, “What’s the catch?”
The short answer is that stable-value funds are
not as safe as traditional money-market funds.
For starters, there is always the possibility that
the insurers who keep a fund’s  stable could
fail to meet their obligations. Such a scenario
is unlikely, however, because the top-shelf
stable-value funds typically contract with several
high-quality insurers. And it’s worth keeping
in mind that even if all the insurers backing
a fund’s  failed, investors aren’t left penniless;
they still have rights to the underlying portfolio
of securities.
Another catch is that stable-value funds aren’t
immune from credit blowups. The insurers are
on the hook only to keep a fund’s  stable. It
is possible that a poorly managed portfolio of
bonds could have enough defaults to eat away at
the fund’s yield, making it an unattractive alternative to a traditional money-market fund. And
March 
9
How Your Short-Term Options Stack Up
Fund Name
Yield*
Standard
Deviation**
Drawbacks
Short-Term Bond Category
3.87
2.22
Short-term bond funds sport the most interest-rate risk, and consequently, volatility of the bunch.
Ultrashort Bond Category
3.76
1.67
Ultrashort bond funds take on less interest-rate risk than short-term funds, but they are still more volatile
than money-market funds.
PBHG IRA Capital Preservation Fund
4.44
0.30
Investors are subject to a 2% redemption fee on any shares held for less than 12 months.
Scudder Preservation Plus Income Fund
4.45
0.22
The fund can impose a 2% redemption fee for an indefinite period of time if rates rise dramatically.
Average Taxable Money Market Fund
0.77
0.17
The safest bet of the bunch also offers the readiest access to one’s cash, but current yields are paltry.
*All yields are 12-month yields from Morningstar Principia, except for the average money-market yield, which is a seven-day yield from imoneynet.com. ** All standard deviations are from Morningstar Principia.
Morningstar Principia data as of Jan. 31, 2003. Imoneynet.com data as of March 4, 2003.
while the  is protected from rising rates, the
fund’s yield does not move in lockstep with
the yield of the underlying portfolio. Indeed, a
stable-value fund’s yield will generally lag that
of the underlying portfolio both when rates rise
and when they fall.
Finally, many stable-value offerings impose
redemption fees when investors go to withdraw
cash from their funds. Consequently, they
typically don’t offer the same degree of liquidity,
or ready access to one’s cash, as money-market
funds do. If you need to tap into your funds
frequently or in a hurry, a traditional moneymarket fund is a better choice for you.
Stable-Value Fund Checklist
As with any bond fund, we urge interested
investors to shop around for a reasonably priced
offering. But as we mentioned earlier, the
management of a stable-value fund’s underlying
portfolio of bonds does affect the fund’s yield
and total return over time. And if all of a stablevalue fund’s insurers went belly-up, investors
would be left with that underlying portfolio of
bonds. So as with other bond funds, the
quality of the personnel managing the fund is
of crucial importance.
We recommend that investors look for the
following in a stable-value fund:
• A fund should contract with multiple, highquality insurers (insurers that carry at
least an , or equivalent, rating from one of
the major rating agencies).
• The preponderance of a fund’s assets should
be in investment-grade bonds (at least %
of the portfolio should be in bonds rated 
or higher).
• The fund’s management team should have
a record of producing returns that are competitive with its stable-value peers’.
• Annual expenses should ring in at less
than % per year, preferably less. Although they
are more expensive than run-of-the-mill
bond funds, some stable-value funds do fall
within this range.
A few stable-value funds that fit all the
above criteria are PBHG IRA Capital Preservation
PBCPX and Scudder Preservation Plus Income DBPIX.
Both funds are well run by management
teams that each oversee more than  billion
in stable-value assets. That said, the PBHG
offering has a higher credit-quality focus
and more liberal withdrawal rules than the
Scudder offering. We think that combination of traits makes the PBHG fund a more
competitive money-market alternative for most
investors. (Thus, we’ve added the fund to
the FundInvestor  this month.)
Although stable-value portfolios have been an
option in many (k) plans since the s,
they are relatively recent entrants to the world of
mutual funds. Over time we hope to see more
such offerings, and enough competition to drive
down the expenses associated with owning
these funds. œ
10
Hidden Gems
Shannon Zimmerman
Vanguard Calvert Social Index
Disproving the notion that socially responsible
investing has to cost more.
Shannon
Zimmerman
Fund Analyst
What is a Hidden Gem?
While a handful of big fund
companies garner most
investors' attention, plenty
of fund managers have
achieved noteworthy success
at small, undiscovered funds.
Each month, we spotlight
one of these Hidden Gems
that we think is worthy
of investors' consideration.
Conventional wisdom has it that socially
responsible investors have to pay a premium for
funds that invest according to their principles.
After all, goes the argument, shops that practice
socially responsible investing (SRI) have to
conduct values-based research in addition to
fundamental analysis.
Unfortunately, that “wisdom” is borne out by
the price tag of the typical SRI fund. On average, the subgroup’s domestic-equity offerings
charge an additional  basis points in expenses
compared with their non-SRI counterparts.
That difference may seem slight, but over time,
it erodes gains, accounting, at least in part, for
the underperformance of SRI funds over the very
long haul. It’s axiomatic: Fund performance
is variable, but like death and taxes, the effects
of above-average expenses are painfully reliable.
Fortunately, socially responsible types now
have a worthy low-cost alternative. In
May , Vanguard entered the SRI fray with
the Vanguard Calvert Social Index Fund VCSIX.
Gus Sauter, Vanguard’s guru of index investing,
Vanguard Calvert Social Index
Category
Large Growth
Star Rating
N/A
Sales Charge
None
Top Three Sectors
a Fin. Svcs. 29.0%
i Health Care 19.4% t Hardware 15.0%
Assets
$98 mil
Expense Ratio
0.25%
Management (Tenure, Years)
George U. Sauter (2.9)
•Vanguard Calvert Social Index
•Large Growth
Return %
30
20
10
0
–10
–20
–30
2001
2002
Sector data as of December 31, 2002. All other data as of February 28, 2003.
2003 (YTD)
captains this large-growth offering, which
rises and falls with the Calvert Social Index.
Launched in April , the market-capweighted bogy culls - names from a
universe of the , largest U.S. companies.
Calvert applies its social criteria quarterly and,
among other things, aims to eliminate firms
with ties to tobacco, alcohol, casinos, or military
weaponry. On the positive side, the screens
favor firms with above-average track records of
charitable giving and community involvement.
Calvert is one of the SRI industry’s largest
asset managers, and it sports an impressive
track record of shareholder advocacy.
For value-conscious investors, the fund’s most
eye-catching trait is a Vanguard hallmark:
an exceptionally low price tag. Indeed,
its expense ratio shaves just .% annually off
shareholders’ returns. Among SRI offerings,
that’s about as cheap as they come.
And for socially responsible investors in search
of a core holding, we also think it’s one of the
best. Admittedly, the fund’s absolute returns are
dismal. It was launched just after the market
started to crater, and through Feb. , , the
fund has posted an annualized loss of .%.
That stings, of course, but on a relative basis,
the offering shines, besting more than two thirds
of the large-growth category over the period.
There are caveats, however. Owing to concerns
about environmental impact, the fund tends not
to invest much in companies from the utilities
and energy sectors. Conversely, tech names
generally are well-represented, and that gives the
portfolio a growth slant. These characteristics
may limit this offering’s appeal for those seeking
a plain-vanilla core fund.
Nonetheless, we think the fund warrants a
close look. Its price multiples have generally been
below large-growth norms, buoying returns
during the bear market. And having indexing
ace Sauter at the helm is another real asset.
Finally, there is the tremendous advantage of the
fund’s expense ratio. In addition to debunking
conventional wisdom, that rock-bottom
price tag gives the fund a leg up on its rivals and
should keep returns competitive over time. œ
Morningstar FundInvestor Portfolios
Christine Benz
An Upgrade?
On the surface, Corkins’ taking over for
Lammert would appear to be a change for the
better. Lammert shot out the lights at
Mercury shortly after the fund’s inception in
 and during the late s, but the
fund had always been a streaky performer on
his watch. Following huge gains in  and
, it sputtered to three years of double-digit
losses during the bear market. Particularly
troubling was that Mercury didn’t bounce much
during growth stocks’ few rallies over the
past few years.
Less to our liking is Corkins’ assertion that he’ll
take advantage of the fund’s flexible mandate to
dip into mid-caps and smaller large caps. That’s
fine in and of itself, but we bought Mercury
with the assumption that it would give us largecap exposure. Should Corkins travel down the
market-cap ladder, our overall portfolio could
miss the boat in a strong period for large-growth
stocks. Corkins’ workload is another concern.
Will he really have time to run two  billion
portfolios with distinctly different flavors?
Assessing the Wealth Maker’s large-growth exposure.
Editor of
Morningstar
FundInvestor
What are Morningstar
FundInvestor Portfolios?
Our three portfolios are
designed to suit investors
with a variety of goals
and time horizons. You may
want to adjust your allocation
to each asset class to suit
your needs, however.
We'll track our performance
and offer commentary in
each month's issue.
11
growth stocks. Will the fund deliver that kind
of exposure under the new skipper’s watch?
Early indications are mixed. On the plus side,
Corkins served as Mercury’s assistant portfolio
manager for three years under Lammert in
the late s, so he’s well acquainted with the
demands of running an aggressively positioned
growth fund. Corkins also recently told us
that he doesn’t plan to radically reposition
Mercury, and the fund will remain one of Janus’
most “risk-tolerant” offerings. Toward this
end, he’ll build larger positions than he does at
Growth  Income, and he’ll also make some
shorter-term speculative plays. That’s fine with
us: Because the Wealth Maker is anchored by
well-diversified index funds, we don’t mind a bit
of additional volatility in this fund if it means
greater upside potential.
Decision Time at Janus Mercury
Christine Benz
March 
Warren Lammert’s departure from Janus
a holding in our Wealth Maker
Portfolio, prompted us to give our commitment
to the fund a hard look. Ultimately, we decided
to hang on until we see further evidence of
how the fund is shaping up under new manager
David Corkins. Read on for the details of how
we arrived at our decision.
Mercury JAMRX,
Corkins’ record at Janus Growth & Income
JAGIX has been far more consistent. On his
watch, the fund managed to run with the bulls
in the late s without losing all of its
gains in the ensuing bear market. Unlike many
of his colleagues at Janus (Lammert included),
Corkins was quick to rein in the fund’s exposure
to pricey growth stocks in . (Growth 
Income’s most recently available portfolio lands
in the large-blend square of our style box.)
Additionally, Corkins has always built smaller
positions than other Janus managers, and has
typically held some cash and bonds in Growth 
Income to help mute volatility and meet the
fund’s income mandate. Those qualities helped
the fund hold up far better than the typical
large-growth fund over the past three years.
The Rub
Despite Corkins’ adept maneuvering, we bought
Mercury to give our portfolio exposure to large-
Bottom Line
In the end, we decided to stick with Mercury
until we have a better sense of how Corkins
will position the fund. We also had a tough time
identifying alternative large-growth managers
whose records could compete with Corkins’.
Most of the other strong-performing managers
in the group, like Corkins, use somewhat
tame, valuation-conscious approaches. We’ll still
be watching Mercury closely in the coming
months, however. Should it become apparent
that the fund is not fulfilling its intended role as
our portfolio’s large-growth holding, we’ll
pull the plug. œ
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02_8636 pg 11_14_wb
3/5/03
11:02 PM
Page 12
12
Christine Benz
Performance Wrapup
Aggressive Wealth Maker
Our stock-heavy portfolio slides along with the equity
market in February.
Portfolio Goal
Capital Appreciation
Target Time Horizon
10 to 20 Years
Growth of $100,000
•Aggr Wlth Maker Portfolio
Return/Risk Profile
Higher Return/Higher Risk
Target Allocation
85% Stocks /15% Bonds
$82,932
1
• Aggr Wlth Maker Benchmark $86,657
115,000
100,000
85,000
11-01
1-02
3-02
5-02
7-02
9-02
11-02
01-03
Portfolio Holdings/Performance
Value ($)
% Net
Assets
1 Month
Return (%)
Return % Since
11-01 Incept
Harbor Capital Appreciation HACAX
16,115
19.43
-1.52
-22.78
Western Asset Core WATFX
13,278
16.01
1.72
N/A
Artisan International ARTIX
11,476
13.84
-4.75
-18.08
Oakmark I OAKMX
9,038
10.90
-1.71
-7.26
Selected American SLASX
8,746
10.55
-2.01
-9.50
-13.95
Fund Name
ICAP Select Equity ICSLX
8,173
9.86
-1.33
Turner Midcap Growth TMGFX
7,140
8.61
-1.42
N/A
Third Avenue Small-Cap Value TASCX
4,637
5.59
-1.53
-5.46
Bogle Small Cap Growth Inv BOGLX
4,329
5.22
-2.74
-10.18
82,932
100.00
-1.59
-13.03
86,657
—
-1.33
-10.12
Aggressive Wealth Maker Portfolio
1
Aggressive Wealth Maker Benchmark
Portfolio Investing Style
Asset Allocation (%)
• Cash
• US Stock
• Non-US Stock
• Bonds
• Other
5.66
61.63
17.12
12.76
1.96
Equity Style (%)
Fixed Income Style (%)
Value Blnd Grwth
Short Intrm Long
100
High
22
24
23
Large
5
7
9
Med
Med
3
4
4
Small
Low
Sector Weightings % (+/– Vanguard Total Stock Market)
h Info
r
t
y
u
1
Software
Hardware
Media
Telecom
19.3 (–0.6)
2.5 (–1.4)
9.0 (+1.0)
5.7 (+2.0)
2.2 (–2.2)
j Service
52.6
i
o
p
a
12.5 (–0.9)
12.0 (+3.8)
5.0 (–0.1)
23.1 (+0.7)
Healthcare
Consumer
Business Svc.
Financial
(+3.4)
k Manufact.
s
d
f
g
28.1 (–2.8)
Cons. Goods 11.4 (+0.5)
Industrial
10.0 (–0.9)
Energy
6.0 (–0.1)
Utilities
0.7 (–2.3)
Aggressive Wealth Maker Benchmark consists of 70% Vanguard Total Stock Market Index, 15% Vanguard Total Bond Market
Index, and 15% Vanguard Total International Stock Market Index.
Our portfolio slightly underperformed its
blended benchmark during February. Artisan
International ARTIX was our portfolio’s biggest
negative, badly lagging its benchmark,
Vanguard Total International Stock Market VGTSX,
during the month. Our domestic-stock
portfolio stayed neck and neck with its bogy,
Vanguard Total Stock Market Index VTSMX. Our
best-performing equity holding during the
month was one of last year’s laggards, ICAP
Select Equity ICSLX, while our small-growth fund,
Bogle Small Cap Growth BOGLX, was the biggest
detractor from our domestic-equity portfolio’s
performance in a market that favored large,
liquid stocks.
On the plus side, our new bond position,
Western Asset Core WATFX, came on strong in
February, as its overweighting in corporate
bonds was a huge plus. For a closer look at the
fund and why we like it, see Brad Sweeney’s
profile of it on Page .
Notable Fund Developments
As noted above, Artisan International continues
to struggle: For the trailing one-year period,
the fund lands in the lower reaches of the
foreign-stock group. Manager Mark Yockey has
maintained a sizable position in financial
stocks, particularly insurers, many of which
have foundered in recent months. The fund has
also suffered from sins of omission. Technology
stocks have led global markets’ brief rallies
over the past six months, but the fund has held
next to nothing in the sector. Manager
Mark Yockey isn’t inclined to dramatically
overhaul the portfolio, however; in fact, he even
added to financial holdings like Allianz and
Munich Re on weakness earlier in the year. œ
© 2003 Morningstar, Inc. All rights reserved. Any opinions, recommendations,
or information contained herein: (i) are for educational purposes only; (ii) are not
guaranteed to be accurate, complete or timely; (iii) have not been tailored to
suit any particular person’s portfolio or holdings; and (iv) should not be construed
as investment advice of any kind. Neither Morningstar nor any of its agents
shall have any liability with respect to such opinions, recommendations, or
information. Past performance is no guarantee of future results. Before making any
investment, consult with you financial advisor. Morningstar employees may have
holdings in the funds recommended.
Christine Benz
Stocks’ ongoing slide hampers our moderate portfolio
in February.
Return/Risk Profile
Med Return/Med Risk
• Wealth Maker Portfolio
Growth of $100,000
Target Allocation
$90,833
1
• Wealth Maker Benchmark
$91,499
110,000
100,000
90,000
11-01
1-02
3-02
5-02
7-02
9-02
11-02
1-03
Value ($)
% Net
Assets
Vanguard Total Bnd Market Index VBMFX
24,374
26.83
1.38
5.92
Vanguard 500 Index VFINX
19,788
21.79
-1.52
-14.68
Oakmark I OAKMX
13,557
14.93
-1.71
-7.26
Janus Mercury JAMRX
11,223
12.36
-1.65
-19.43
Metropolitan Wst Total Ret Bnd MWTRX
8,740
9.62
0.90
-1.08
Tweedy Browne Global Value TBGVX
8,563
9.43
-2.86
-10.91
Westport Select Cap R WPSRX
4,587
5.05
-3.82
-6.22
90,833
100.00
-0.82
-6.91
91,499
—
-0.67
-6.40
Fund Name
Wealth Maker Portfolio
1
Wealth Maker Benchmark
1 Month
Return (%)
Return % Since
11-01 Incept
Cash Equity
4.96Style (%)
US Stock 49.67
Short Intrm Long
Value Blnd Grwth
4.86
• Cash
Non-US
Stock
8.61
High
21 26 24 Large
74
51.26
• US Stock
36.11
8.37
• Non-US Stock Bonds
Med
4
9
7 Med
26
33.83
• Bonds
Other
0.51
Low
3
3
2 Small
1.53
• Other
1
h Info
22.0
r
t
y
u
3.4 (–0.6)
5.0 (–3.0)
11.7 (+7.9)
1.9 (–2.4)
Software
Hardware
Media
Telecom
(+2.0)
j Service
50.9
i
o
p
a
16.3 (+2.9)
10.2 (+1.8)
6.0 (+0.9)
18.3 (–4.1)
Healthcare
Consumer
Business Svc.
Financial
(+1.6)
k Manufact.
s
d
f
g
13
Performance Wrapup
Wealth Maker
Target Time Horizon
Portfolio Goal
Appreciation/Preservation 5 to 10 Years
March 
Our portfolio underperformed its blended
benchmark by a slight margin in February, with
the domestic-stock, international-stock, and
bond sleeves of our portfolio all trailing
their respective index-fund bogies. Vanguard
500 Index VFINX was our portfolio’s best
domestic-equity performer for the month.
Although it lost money in February, like all of
our stock funds, its mega-cap bias was a
plus in a jittery market that favored blue chips.
On the flip side, Westport Select Cap WPSRX
struggled due to its focus on small caps.
Tweedy, Browne Global Value TBGVX, our foreignstock holding, fell behind its benchmark
due to its emphasis on developed-markets
issues; emerging-markets names fared relatively
better during the month.
The Wealth Maker is also a touch behind its
blended benchmark since its inception in
November . Metropolitan West Total Return
Bond MWTRX has been the biggest negative for
our portfolio over its life. Owing to big
positions in troubled credits, the fund badly
underperformed its bond benchmark, Vanguard
Total Bond Market Index VBMFX, in .
Janus Mercury’s JAMRX longtime manager, Warren
Lammert, stepped down from the fund at the
end of February, and will leave the firm
altogether in late March. A Janus press release
said Lammert will be leaving to pursue “an
investment-management opportunity outside
the fund industry.” (In fund-company speak,
that usually means the manager’s leaving to run
a hedge fund.) In the wake of Lammert’s
departure, we’ve decided to hang on to the fund
until we have a better sense of how new
manager David Corkins will position it. (For a
detailed look at the thinking behind our
decision to hold on, see Page .) œ
27.1 (–3.5)
Cons. Goods 11.1 (+0.3)
Industrial
9.5 (–1.3)
Energy
4.6 (–1.5)
Utilities
2.0 (–1.0)
Wealth Maker Benchmark consists of 55% Vanguard Total Stock Market Index, 35% Vanguard Total Bond Market Index,
and 10% Vanguard Total International Stock Market Index.
14
Christine Benz
Performance Wrapup
Wealth Keeper
Our bond-heavy portfolio generates mixed results
in February.
Preservation/Income
Target Time Horizon
5 Years
Growth of $100,000
• Wealth Keeper Portfolio
Portfolio Goal
Return/Risk Profile
Lower Return/Lower Risk
Target Allocation
$96,796
1
• Wealth Keeper Benchmark
$97,389
110,000
100,000
5-02
7-02
9-02
11-02
1-03
Value ($)
% Net
Assets
Dodge & Cox Income DODIX
27,312
28.22
1.01
Vanguard Total Bnd Market Index VBMFX
15,528
16.04
1.38
8.18
ABN AMRO/Mntg & Cldwll Grth N MCGFX
12,604
13.02
-1.05
-21.37
T. Rowe Price Equity-Income PRFDX
10,508
10.86
-3.38
-19.17
Fidelity Short-Term Bond FSHBX
10,011
10.34
0.85
N/A
Northeast Investors NTHEX
7,149
7.39
-0.14
-4.68
Selected Special SLSSX
6,156
6.36
-2.52
-24.18
Vanguard Inflation-Protected Secs VIPSX
4,107
4.24
3.69
16.15
Fund Name
Julius Baer International Equity A BJBIX
Wealth Keeper Portfolio
1
Wealth Keeper Benchmark
1 Month
Return (%)
Annualized Ret %
Since 5-02 Incept
9.25
3,419
3.53
-2.14
-14.52
96,796
100.00
-0.03
-3.17
97,389
—
0.30
-2.61
• Cash
• US Stock
• Non-US Stock
• Bonds
• Other
9.23
28.36
4.03
55.20
2.99
Equity Style (%)
Value Blnd Grwth
Short Intrm Long
17
32
22
6
14
5
Med
1
1
1
Small
High
72
Large
Med
16
Low
12
h Info
r
t
y
u
1
Software
Hardware
Media
Telecom
18.9 (–1.3)
3.1 (–1.1)
5.7 (–2.4)
5.8 (+2.0)
4.4 (+0.3)
j Service
40.9 (–8.7)
k Manufact.
i
o
p
a
14.2 (+0.6)
7.2 (–1.4)
5.7 (+0.6)
13.9 (–8.4)
s
d
f
g
Healthcare
Consumer
Business Svc.
Financial
37.8
(+7.7)
Cons. Goods 17.9 (+7.3)
Industrial
10.7 (+0.1)
Energy
7.6 (+1.5)
Utilities
1.7 (–1.3)
Wealth Keeper Benchmark consists of 65% Vanguard Total Bond Market Index, 30% Vanguard Total Stock Market Index,
and 5% Vanguard Total International Stock Market Index.
Our portfolio slightly trailed its blended
benchmark in February. On the bond side
of the portfolio, Vanguard Inflation-Protected
Securities VIPSX continued to shoot out the
lights, but the rest of our fixed-income holdings
lagged our bond benchmark, Vanguard Total
Bond Market Index VBMFX. Northeast Investors
NTHEX, our high-yield holding, was a particularly
weak link. Although it thrived in ’s tough
market for junk bonds, it hasn’t bounced as
much as its peers during the recent high-yield
rally. On the stock side, ABN AMRO/Montag &
Caldwell Growth MCGFX held up quite well in
a market that favored large-growth stocks, but
T. Rowe Price Equity-Income PRFDX and Selected
Special SLSSX looked less sharp. Only the foreignstock piece of our portfolio, Julius
Baer International Equity BJBIX, managed to beat
its benchmark for the month.
Many of the same trends have prevailed since
our portfolio launched in May . In general,
our bond-heavy portfolio’s exposure to
high-yield and short-term credits has detracted
from performance in an environment that has
favored high-quality, long-term bonds. In
all, our portfolio is behind its benchmark by
a slight margin since its launch in May .
T
T. Rowe Price Equity-Income was apparently
socked by its holdings in SBC Communications
SBC and Verizon Communications VZN in late
February. That’s when the Federal Communications Commission upheld current regulations
forcing regional Bell operating companies like
SBC and Verizon to lease their lines to
telecommunications upstarts at cheap rates.
Both stocks, which numbered among the
T. Rowe fund’s top- holdings at the end of
, fell sharply on the news. œ
Portfolios & Planning
Sue Stevens
Sizing Up the New Savings Plans
These three plans could change the way you think about
saving for retirement—and everything else.
Sue Stevens,
CFP, CFA, CPA
Director
of Financial
Planning
Sue Stevens has been named
one of the top 250 financial
planners in the U.S. by Worth
magazine for the past two years.
Prior to joining Morningstar, Sue
worked for The Vanguard Group
and a major tax/accounting firm.
At the end of January, the Treasury Department
announced three new savings plans that
could radically change how Americans save.
In general, the plans simplify the alphabet soup
of existing savings vehicles and enable you
to shelter more of your savings from taxes than
you are able to do right now.
Congress hasn’t signed off on these proposals,
so it’s too soon to make any adjustments
to your savings program to fit with the new
plans. And the proposals are bound to generate
plenty of debate. One of the key criticisms
is that because the plans allow you to shelter
a lot more from taxes than you can now,
down the road the government will have much
less revenue at the very time Baby Boomers are
retiring and need more services such as Social
Security and Medicare.
Meanwhile, some critics assert that the
government could have to levy a different kind
of tax to pay for all of these savings incentives.
The idea of a consumption tax—where you
pay taxes whenever you spend your money—
may not be that far away. Such a tax would
impose a greater burden on lower-income
earners, who spend most of their wages to meet
their basic needs, than it would on those in
higher income brackets.
March 
15
Lifetime Savings Accounts
Basically, the Lifetime Savings Account ()
is a piggy bank with Roth  characteristics.
Anyone, regardless of income level, could
contribute up to , per year to an . In
fact, if you’re feeling generous, you could also
contribute up to , a year to other people’s
s. Just think about the possibilities for
grandparents saving on behalf of grandchildren!
You won’t get a tax deduction for contributing
to the Lifetime Savings Account, but when
you pull money out—for any purpose—it will
all be tax-exempt. There’s no five-year waiting
period. You don’t have to be age  /.
Under the existing proposal, you would have
until the end of  to convert Archer
Medical Savings Accounts (primarily for small
businesses), Coverdell Education Savings
Accounts (the former Education s), and
Qualified State Tuition Plans ( plans)
into an . You would also be able to transfer
all taxable accounts (savings, checking,
and brokerage) into an , and all future
withdrawals would be tax-free. For most
investors, this would amount to a far greater
tax savings than they would see if the
dividend tax were repealed.
One thing is for certain: Planners will be
poring over these proposed changes to see what
opportunities arise. Once the proposals are
finalized, there will undoubtedly be a flurry of
activity as individuals rethink how to plan
for their futures.
Lifetime Savings Accounts could also give 
plans a run for their money. Both vehicles allow
savings to grow tax-exempt, and s may
also result in state tax breaks for contributions
depending on the plan you invest in. (At this
point it is unclear how states would handle 
contributions.) The biggest advantage of the
proposed s over s, however, is that you
don’t have to use the money in the  for
education expenses only. So if your child doesn’t
go to college or doesn’t need all the money
you had earmarked for his or her education, you
could use the money for another purpose
without paying a % penalty.
To learn more about the proposed plans, go to
Retirement Savings Accounts
http://www.ustreas.gov/press/releases/kd3816.htm
In this month’s column, we’ll discuss some of
the key features of the new plans, as well as
their implications for existing savings vehicles.
In last month’s issue of FundInvestor, we talked
about all the different types of  accounts
available. Under the Bush administration’s
16
Portfolios and Planning
   
proposal, you would have a strong incentive
to consolidate your various  accounts into a
monster Retirement Savings Account ().
Should the  plan be enacted, you wouldn’t be
able to make new contributions to a traditional
 after , though you could still roll over
a company plan into a traditional . Roth s
would just be renamed s.
You wouldn’t be forced to convert your traditional  into an , but if you wanted to
do so, you’d have to pay the tax up front
(just as you’d have to do now if you wanted to
convert a traditional  to a Roth ).
If you converted your traditional  to an 
in , however, you would be able to
spread the tax out over four years (much as you
were able to do when Roth s first appeared
several years ago). That means if you
are seriously considering converting a portion
of your traditional  to a Roth, you’d do
best to wait and see what becomes of the 
proposal. Should s become law, you
would be able to take advantage of spreading
the tax over four years instead of paying it
all at once.
You would be able to contribute up to ,
per year to the , assuming you have that
much in earned income. For couples with only
one working spouse, the couple could
contribute up to , or total earned income
(whichever is less) for both spouses. This new
contribution limit more than doubles current
Roth  contribution levels (, per person,
, if you are over age ). The current
catch-up contributions for  investors over age
 would not be available under the new
 proposal.
Retirement Savings Accounts could also be
attractive to upper-income savers. Unlike
a Roth , there would be no income limitations, and investors earning more than
, per year would be able to convert a
portion or all of their traditional  to an .
The new  would also offer investors greater
flexibility than they have under current 
guidelines. For example,  investors would
not be required to take minimum distributions
at age  /. That could present an estateplanning benefit if you don’t need to consume
all of the assets in your account. Those assets
could grow until your beneficiaries inherit
them. If the proposal follows current Roth 
rules, your spouse would be able to roll over
your  into his or her own  after your
death, and continue to defer withdrawals. Other
nonspouse beneficiaries would have to take
minimum distributions when they inherited the
, but they could spread those withdrawals
over their own lifetimes.
There would be an early-withdrawal
penalty before age  (note: not  /, as is
currently the case with s). That’s good
news for people contemplating early retirement.
That extra one and a half years without a
penalty could be very important as you plan
your retirement cash flows.
Employer Retirement
Savings Accounts
If Retirement Savings Accounts are monster
s, then Employer Retirement Savings
Accounts are monster (k)s. They are meant
to replace (k)s, (b)s, governmental
s, , and  s. Administrative
rules would be simplified and unified. That
means more people would be able to participate,
contributions could be higher, and employers
who were avoiding the expense and administrative burden of a plan might choose to
offer one.
Employee Retirement Savings Accounts would
be set up much like (k) plans are now. You’d
be able to contribute , in , plus
an additional , catch-up contribution if
you are over age .
Should s and s be enacted, employers
may actually have less incentive to set up
an . That’s because an employer may choose
to give bonuses to its employees to use for
either an  or  in lieu of contributing to
a company plan. œ
This article should not be taken or relied upon as investment advice.
It is written for educational purposes only to illustrate sound portfolio principles.
Morningstar FundInvestor 500
Monthly Review
March 
17
Managing Editor Kelli A. Stebel spotlights
the month’s biggest fund news, including a
market overview, performance highlights,
and the latest dispatches from Morningstar’s
fund-analyst team.
Market
Overview
Here we go again.
Benchmark Performance
The market continued its all too familiar
up-and-down pattern in February. A rally at the
month’s outset soon faded, and most stock
funds ended the month in the red. Smaller-cap
funds fared worse than large during the
month, as investors turned to the relative safety
of large, blue-chip stocks amid an uncertain
geopolitical environment.
Total Return % through
02-28-03
1Mo
YTD
3Yr
5Yr
Large Growth
Large Blend
Large Value
-1.0
-1.7
-2.7
-2.9
-4.1
-5.2
-23.2
-13.5
-4.3
-5.0
-3.7
-2.8
6.1
7.3
7.7
Mid-Cap Growth
Mid-Cap Blend
Mid-Cap Value
-1.5
-2.3
-2.6
-3.0
-4.5
-5.1
-24.2
-5.4
4.1
-3.1
0.5
1.0
6.4
9.4
9.2
Small Growth
Small Blend
Small Value
-3.0
-3.1
-3.4
-5.5
-5.8
-6.3
-21.4
-2.8
5.9
-3.4
0.0
0.8
5.9
7.5
9.4
Domestic Hybrid
-0.6
-1.8
-4.1
0.2
6.4
Specialty-Precious Metals
Specialty-Natural Resources
Specialty-Technology
Specialty-Utilities
Specialty-Health
Specialty-Financials
Specialty-Real Estate
Specialty-Communications
-6.3
3.0
0.5
-3.4
-2.5
-2.7
1.5
-3.0
-5.0
1.4
0.1
-5.8
-2.7
-4.4
-0.9
-3.9
19.5
5.6
-42.2
-15.1
-9.9
6.9
13.3
-36.3
6.7
2.6
-6.2
-3.3
3.1
1.1
3.3
-7.1
2.4
8.2
9.5
4.3
12.4
11.5
7.9
5.2
S&P 500
S&P MidCap 400
Russell 2000
-1.5
-2.4
-3.0
-4.1
-5.2
-5.7
-13.7
-3.1
-13.4
-3.0
4.0
-3.6
8.7
11.4
6.4
Foreign Stock
World Stock
Europe Stock
Latin American Stock
Diversified Asia/Pac. Stock
Diversified Emerg. Mkts.
-2.5
-2.5
-3.6
-2.7
-1.4
-2.3
-6.2
-5.4
-7.5
-6.2
-4.2
-2.9
-20.1
-18.1
-19.1
-16.8
-21.7
-15.9
-5.1
-4.2
-4.7
-8.3
-5.0
-5.4
3.9
4.6
6.1
0.5
-0.8
-0.8
MSCI EAFE
MSCI World
MSCI Emerging Markets
MSCI Europe
MSCI Latin America
MSCI Pacific
-2.3
-1.8
-3.2
-3.3
-2.2
0.1
-6.4
-4.7
-3.7
-7.8
-6.1
-2.7
-18.0
-16.5
-17.3
-17.3
-18.7
-19.3
-6.2
-4.8
-7.7
-6.1
-10.7
-6.3
3.0
5.5
-1.3
6.9
0.5
-2.1
High-Quality Bond
High-Yield Bond
Specialty Bond
Municipal Bond—National
1.1
1.2
1.5
1.2
1.2
3.2
2.9
0.8
8.0
-1.8
4.0
6.8
6.0
-1.3
4.3
4.5
6.1
4.5
6.7
5.1
Lehman Bros Aggregate 1.4
CS First Boston High Yield 1.5
Lehman Bros Municipal 1.4
1.5
4.2
1.2
10.3
2.5
8.9
7.6
1.8
6.1
7.3
6.5
6.3
The reason for the broad market malaise is a
familiar one: With the impending threat of
war with Iraq, it seems that no rally can sustain
itself beyond a few weeks. Although
some market watchers believe that stocks could
head up sharply if the Iraq situation is
quickly resolved, most companies will put off
equipment spending or hiring new employees
until the conflict’s outcome becomes clearer.
Meanwhile, communications stocks and funds
confronted problems of their own during the
month. Shares of phone giants SBC Communications SBC and Verizon Communications VZ, for
example, tumbled precipitously in late February.
The decline followed the Federal Communications Commission’s decision to uphold current
regulations requiring regional Bell operating
companies to lease their phone networks
to upstart rival carriers at steep discounts.
With an uncertain economic outlook and
the threat of war looming large, much
attention in the financial media has focused on
asset classes that could benefit in such an
environment, including natural resources and
precious-metals funds. Yet it’s worth noting that
those defensive groups have already had a
decent run relative to the broad stock market.
It’s impossible to fully predict which direction
the market might head in upcoming months,
but it’s unlikely that last year’s big winners
will dominate the market, particularly if the
economy starts to gain traction. œ
A N N U A L I Z E D
10Yr
18
Morningstar FundInvestor 500 Monthly Review
   
Leaders
Leaders and
Laggards
PIMCO Real Return Bond A PRTNX
Who’s Hot?
Ten Best-Performing Funds
Fund Name
YTD Ret %
Fidelity New Markets Inc
Loomis Sayles Bond Ret
MainStay Hi-Yield Corp B
Pioneer High Yield A
Vanguard Infl-Prot Secs
Fidelity Inflation-Protec
Amer Funds Amer H/I A
PIMCO Real Ret Inst
PIMCO High-Yield A
Fidelity High-Income
5.8
5.6
5.3
5.2
4.3
4.3
4.2
4.0
4.0
3.8
PIMCO Total Return PTTRX may be the largest
fund in the land, but this fund has also turned
heads lately. Manager John Brynjolfsson invests
the majority of this fund’s assets in Treasury
inflation-indexed securities (), which soared
in . The fund finished the year with a
% gain, one of the best in the intermediateterm bond group, and its returns since its
 inception are also impressive. Of course,
the fund won’t always go straight up, and many
market-watchers think  could be hurt
even more than Treasuries in a low-inflation,
rising-interest-rate environment. Furthermore,
this fund’s expense ratio is too high, having
held steady even though assets have tripled over
the past few years.
Liberty Acorn Z ACRNX
In the often-volatile small-growth category,
this offering has produced topnotch returns
without excessive volatility. Comanagers
Ralph Wanger and Chuck McQuaid run a
sprawling portfolio of nearly  names,
Laggards
ICM/Isabelle Small Cap Value Investment IZZYX
Who’s Not?
Ten Worst-Performing Funds
Fund Name
YTD Ret %
ICM/Isabelle Sm Cap Invt
RS Diversified Growth
Artisan International
Janus Global Value
Wasatch Ultra Growth
Oakmark Intl Small Cap I
Masters’ Select Intl
Wasatch Core Growth
PBHG Clipper Focus PBHG
Oakmark Global I
-14.3
-12.6
-11.8
-11.1
-11.0
-10.5
-10.1
-9.8
-9.6
-9.6
Don’t expect a smooth ride here. This fund
topped its small-value peers with a % return
in , but performance has been downright
miserable since then. The fund finished 
with a % loss, one of the worst in its category,
and it’s down another % through early March
of this year. With a portfolio of just about 
names, a few bad picks can really spell trouble.
In addition, manager Warren Isabelle often
buys thinly traded, little-known firms, which are
susceptible to huge losses when things go
wrong. Isabelle built a fine long-term record at
a fund he ran for Pioneer, but only those
who can handle substantial volatility should
hang on here.
Tocqueville Small Cap Value TSCVX
This fund’s poor recent performance has
put a dent in its long-term record, but we’re
still fans. Longtime manager Jean-Pierre
Conreur takes a long-term view here, and he’s
willing to stick with his struggling picks as
long as he thinks the market hasn’t fully recog-
keep an eye on valuations, and trade infrequently. Those characteristics have made this
fund particularly resilient during the recent
market downturn. The fund’s big stake in midcaps means it won’t appeal to those seeking a
dedicated small-cap fund, and investors buying
in now will have to cough up a load and higher
ongoing expenses than those in the closed
 shares. Still, this remains one of our favorites
in a wild and woolly group.
American Funds Amcap A AMCPX
While sibling Growth Fund of America AGTHX
garners all the attention, this fund is also
worth a look. Like many American Funds, it
has held up relatively well during the bear
market; in , for example, it lost about %
compared with a % drop for the average
large-growth fund. The fund also boasts
another attribute typical of its family: a deep
and experienced management team. It’s run by
four long-tenured “portfolio counselors” and is
backed by a team of more than  investment professionals. That research has paid off
in the form of topnotch long-term returns.
nized their value. That approach can lead to
some rough years—the fund lost about
% in , a bottom-quintile showing—but
Conreur’s instincts have proved correct
more often than not. Since the fund’s inception
in , it has outpaced its average peer by
about  percentage point annually. With experienced management at the helm, shareholders
shouldn’t give up on this offering.
Dreyfus Midcap Value DMCVX
Manager Peter Higgins kept this portfolio
aggressively positioned throughout ,
with sizable bets on struggling technology and
health-care stocks. As a result, the fund finished
the year with a % loss—among the very
worst showings of any mid-cap value or mid-cap
blend offering. (Owing to its focus on
beaten-down growth darlings, we recently
moved the fund from the former category into
the latter.) Higgins has a long history of
diverging from the pack, and his bets have been
on target more often than not. While this
offering can be very volatile, long-term investors
should think twice before cutting it loose. œ
Fund News
Lammert Departs Janus Mercury
Warren Lammert, longtime manager of Janus
is leaving the firm at the end of
March. A Janus spokesperson said that Lammert
will be exploring opportunities outside the
mutual fund industry. David Corkins took over
management of the fund at the end of February.
Corkins will also continue to run Janus Growth
& Income JAGIX, which he has managed since
August .
Mercury JAMRX,
News at a Glance
Manager Changes
Warren Lammert stepped
down from Janus Mercury at the
end of February. David Corkins,
manager of Janus Growth &
Income, has replaced Lammert.
(Corkins will remain aboard
Growth & Income.)
Vanguard has added an
additional subadvisor, Baillie
Gifford Overseas, to join
Richard Foulkes aboard Vanguard
International Growth.
Foulkes, of Schroder Investment
Management, will still control
most of the fund’s assets.
Other News
Fidelity is waiving the loads on
10 funds that used to levy 3%
front-end sales charges. Fidelity
Contrafund will waive its
load through June, while nine
regional-stock funds will
suspend their loads permanently.
The fund industry’s chief trade
group, the Investment Company
Institute, said it wouldn’t oppose
an SEC proposal requiring
fund companies to disclose fund
portfolios on a quarterly basis.
March 
19
Vanguard may be aiming to make this fund
more growth-oriented, to serve as a counterpoint to the firm’s value-oriented foreign-stock
fund, International Value VTRIX. Under Foulkes’
watch, International Growth has tended to land
in the blend column of Morningstar’s style
box, whereas Baillie Gifford’s other offerings,
including Guardian Baillie Gifford International
GUBGX, have a more pronounced growth tilt.
Fidelity Funds Go On Sale
Mercury, a holding in our Wealth Maker
Portfolio, has endured a difficult run in recent
years. It came into the bear market with a
sizable stake in technology and telecommunications stocks, and while Lammert reduced the
fund’s exposure to those hard-hit areas, the fund
still struggled alongside other large-growth
offerings. Meanwhile, Corkins has built a solid
record during his six-year tenure at Growth 
Income. The fund not only performed well
during the late s’ rally, but held up
reasonably well during the bear market. Corkins
has been able to sidestep many of the market’s
minefields by maintaining a well-diversified
portfolio, including a bond position, and by
emphasizing companies’ balance-sheet strength.
The question now confronting Janus Mercury’s
shareholders is what kind of impact Corkins will
make on the portfolio. Senior analyst Brian
Portnoy, who follows Janus, reports that the firm
plans to keep this fund as one of its most risktolerant offerings. And indeed, Corkins showed
in the late s that he can effectively employ
an aggressive-growth strategy. But it’s also worth
noting that Corkins will now be running two
funds with dramatically different risk profiles, so
we’ll be watching closely to determine whether
he becomes stretched too thin.
To help entice stock-fund buyers amid the worst
market rout since the Depression era, Fidelity
announced at the end of February that it would
strip the % front-end loads from Fidelity Contrafund FCNTX and nine regional-stock offerings.
Fidelity will waive the load on Contrafund until
June . Meanwhile, the other Fidelity funds,
including Fidelity Pacific Basin FPBFX and Fidelity
Emerging Markets FEMKX, will convert to no-load
status permanently. (The change makes all of
Fidelity’s international-stock funds available on
a no-load basis.) Contrafund has performed
exceptionally well alongside other large-cap
blend funds during the bear market, yet it still
saw asset outflows in . We think the load
waiver provides dedicated no-load investors with
a great way to scoop up a terrific core holding.
Fund Industry Backs Quarterly Portfolio
Disclosure (Sort Of)
International Growth
The Investment Company Institute (ICI) said
that it wouldn’t stand in the way of a Securities
and Exchange Commission proposal requiring
fund companies to provide portfolios
on a quarterly basis, versus the current, twiceyearly schedule. Fidelity and Vanguard
also joined the ICI in supporting the proposal.
Under the proposal, funds would be required
to make complete lists of their holdings
available to shareholders  days after the end of
each quarter on the ’s Web site and, if they
choose, on their own Web sites.
Vanguard has added an additional subadvisor
on Vanguard International Growth VWIGX.
Richard Foulkes of Schroder Investment
Management had been running the fund solo
since its inception in , but Scotlandbased investment-management firm Baillie
Gifford Overseas Ltd. will now manage
% to % of the fund’s assets.
The ICI’s comment letter to the  wasn’t
without caveats, however. Notably, the ICI said
that quarterly portfolio disclosure could make
funds vulnerable to front-running. To prevent
such activity, the group suggested that fund
firms be allowed to keep individual holdings
confidential “in certain circumstances.” œ
Another Cook Joins Vanguard
20
Should You Sell?
Emily Hall
Janus Worldwide
Should you hang on to this bull-market superstar or
send it packing? We examine the evidence.
Emily Hall
Senior Fund
Analyst
Should You Sell?
Each month, Should You Sell?
shines the spotlight on a
once-strong-performing fund
that has fallen on hard times
or, due to a management change
or some other factor, is
less attractive than it once was.
Morningstar analysts will
examine the salient facts in an
effort to help you determine
if that fund is still worth owning
or if you should move on.
Our new series “Should You Sell?” is designed
to help investors with one of the most vexing
aspects of fund investing—deciding when to
sell a struggling fund. For our inaugural
installment, we wanted to focus on a fund that
has been especially prominent in investors’
minds. That’s why we chose Janus Worldwide
JAWWX. Just three years ago, this superstar had
one of the best records in the world-stock
category. But by , struggling under the
weight of a three-year annualized loss of
% e, the fund’s long-term record, while still
good, is under serious pressure.
What Happened?
There are several reasons behind the fund’s
poor bear-market showing. Not surprisingly, its
growth focus has been a problem. Lead
manager Helen Young Hayes and comanager
Laurence Chang entered  with huge
stakes in high-priced telecom and technology
companies. They aggressively reduced their
bets in these sectors in , yet the fund still
struggled. In  and , small-cap
stocks held up better than large caps, which
left this mega-cap fund looking weak. But
the fund also suffered from some poor stock
picks, including Tyco TYC and General Electric GE.
The fund’s current positioning also raises
questions about its ability to participate in a
growth-stock rebound. Though Hayes and
Chang still seek companies that are growing
their earnings rapidly, the fund holds few
technology and telecommunications stocks r,
meaning it won’t—in its current incarnation—
enjoy much pop from a tech-centric rally.
Finally, Hayes was recently promoted to Janus’
managing director of investments. Although
she insists she still has plenty of time to focus
on her portfolios, the concern is that the new
job leaves her with less time to pick stocks.
First, Some Perspective
After that list of bad news, you’re probably
ready to run screaming for the exits. However,
before you do, let’s put some of these issues
into perspective.
Although the fund’s recent performance has
been woeful, it doesn’t look quite as bad
when compared to its large-growth-oriented
world-stock peers. In addition, Hayes’ record
before March  was incredibly strong t,
and three years of awful results shouldn’t
totally overwhelm a decade of great returns.
Moreover, investors shouldn’t assume that
Hayes and Chang have abandoned a growth
approach just because they’ve dumped most
of their tech and telecom shares. The portfolio
still lands in the growth column of the style
box u. And Hayes and Chang have never been
index-hugging managers, so it’s likely they’d
barrel right back into tech and telecom if their
outlook for these areas improves.
Stay or Go?
We think some self-reflection can go a long
way toward helping you make a decision about
what to do with this fund.
The past three years have demonstrated that
conservative investors have no business here. If
volatility keeps you awake at night or if you are
near retirement and can’t handle further losses,
you’d be better off selling now and swapping
into a less aggressive international offering.
Also consider your tax situation. If you have
held the fund for less than five years, it’s likely
that selling wouldn’t trigger a capital gain.
Aggressive investors, however, have much
more reason to stick it out. Given Hayes and
Chang’s wide-ranging tastes, flexible currency
policy, and willingness to take on risk,
this fund will continue to see mercurial performance. Nevertheless, we don’t think its
decade-long run of strong returns was a fluke.
And while Hayes’ time commitment to
the fund remains a wild card, we’re encouraged
that Janus has beefed up its analyst team
over the past few years. This remains a decent
option for those who can handle its quirks. œ
March 
Janus Worldwide
Ticker
JAWWX
Load
None
NAV
$29.86
Yield
1.0%
Total Assets
$11,925 mil
Mstar Category
World Stock
Manager Strategy
Like many of their colleagues at Janus, managers Helen Young
Hayes and Laurence Chang are growth investors. They like to see
consistent earnings growth and also value high returns on
capital. The fund is actively managed in the truest sense:
Investors should expect significant sector bets here.
Investment Style
Equity
Stock %
Historical Profile
Return Average
Above Avg
Risk
Rating
Neutral
89%
89%
97%
90%
92%
95%
91%
87%
21
86%
Manager Change
10
5
Category Average.
0
Category Baseline
-5
-10
Helen Young Hayes, CFA. Since 10-92. BA'84 Yale U. Other
funds currently managed: Janus Adviser International C, Janus
Adviser Worldwide C, IDEX Janus Global C.
Laurence J. Chang, CFA. Since 09-99. Dartmouth C.; MS
Stanford U. Other funds currently managed: Janus Adviser
Worldwide C, IDEX Janus Global A, Janus Adviser Worldwide I.
1998
1999
2000
2001
2002
Trailing
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
16.41
6.76
11.81
-17.16
-0.89
7.19
5.68
-8.45
4.12
-12.57
-16.10
2.53
-5.73
-20.80
-17.56
20.24
42.10
-13.86
12.91
3.56
25.87
64.37
-16.87
-22.88
-26.01
Total
Return%
+/- MSCI
EAFE
+/- MSCI
World
-11.55
-13.80
-27.21
-26.96
-3.89
8.38
.
-2.03
-2.77
-9.75
-8.98
2.30
5.37
.
-2.18
-5.05
-6.61
-10.50
0.95
2.92
.
3 Yr Avg
5 Yr Avg
10 Yr Avg
-27.61
-4.48
7.12
%Rank
All Cat
88
96
89
91
75
16
.
Growth of
$10,000
76
91
91
84
45
17
.
8,845
8,620
7,279
3,897
8,202
22,368
.
83
33
8
0.89
0.62
1.16
42
22
15
(within Category)
1992
1993
1994
1995
1996
20.00
9.00
21.17
14.23
1.19
7.81
10
0.22
0.00
1.73
1.74
147
208
25.03
28.41
-4.15
5.91
1.38
27.03
67
0.28
0.38
1.32
0.92
124
935
24.39
3.61
-4.17
-1.47
2.15
1.46
8
0.54
1.01
1.12
0.42
158
1,543
28.40
21.90
10.69
1.18
1.07
20.83
26
0.26
1.07
1.23
0.99
142
1,975
33.69 37.78 47.36 76.43 56.86 43.84 32.13 29.86
26.40 20.48 25.87 64.37 -16.87 -22.88 -26.01
-7.07
20.35 18.70
5.87 37.41
-2.70
-1.44 -10.07
-0.69
12.92
4.72
1.53 39.44
-3.69
-6.06
-6.12
-2.32
0.54
0.58
0.51
0.06
0.99
0.02
0.70
0.00
25.86 19.90 25.36 64.31 -17.86 -22.90 -26.71
-7.07
4
23
14
13
75
75
84
87
0.15
0.20
0.19
0.03
0.75
0.01
0.31
0.00
2.04
2.60
0.00
1.28
6.17
0.00
0.00
0.00
1.01
0.95
0.92
0.88
0.86
0.85
.
.
0.73
0.65
0.47
0.07
0.13
0.53
.
.
80
79
86
68
58
78
.
.
5,046 10,568 16,323 33,803 33,144 21,679 12,815 11,463
1997
1998
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-27.21
-26.96
-3.89
8.38
9.90
-Avg
Avg
+Avg
Avg
+Avg
+Avg
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index
MSCI World
-15.7
0.95
80
-9.1
1.09
87
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
14.99
-26.96
-2.10
Potential Capital Gain Exposure: -78% of assets
Morningstar's Take by Emily Hall 02-27-03
starts growing quickly again.
Prospective investors, however, face a different
question: Is this still a worthwhile addition to a
portfolio? We think so, although the fund's appeal
is limited. There is no question that this offering
has proved a disappointing bear-market performer.
Hayes' and Chang's taste for fast-growing big-cap
companies has resulted in terrible volatility in
recent years. However, until March 2000, the fund
enjoyed nearly a decade-long run as one of the
world-stock group's best performers--a record that
cannot be ignored. Those who are considering an
investment here should understand that Hayes and
Chang aren't afraid to be mavericks: Like many
Janus managers, they aren't terribly sensitive to
benchmarks and will grab up companies they like,
even if clustered in a particular sector. Thus, this
offering is really only appropriate for aggressive
types who don't mind a bumpy ride along the way.
Address:
100 Fillmore Street Suite 300
Denver, CO 80206-4923
800-525-8983
www.janus.com
05-15-91
Janus Capital Corporation
None
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Income Distrib:
Fidelity Retail-NTF, Schwab OneSource
NTF Plans:
$2500
$500
No-load
0.65%
Mgt:0.65%
3Yr:$284
Annually
Add: $100
Add: $100
Dist: .
5Yr:$493
IRA: $500
10Yr:$1096
Low
2001
2002
02-03
Share change since 04-02 Total Stocks:129 Sector
Citigroup
Total Fina Elf
Philip Morris
Microsoft
Pfizer
Samsung Electncs
Medtronic
China Mobile Hong Kong L
Teva Pharma Inds ADR
UBS AG REG
Diageo
AOL Time Warner
Sony
Takeda Chem Inds
Clear Channel Comms
Fannie Mae
STMicroelectronics
Allstate
Yamanouchi Pharmaceutica
BOC Grp
Financial
Energy
Goods
Software
Health
Goods
Health
.
Health
Financial
Goods
Media
Goods
Health
Media
Financial
Hardware
Financial
.
Ind Mtrls
Value Blnd Growth
Large Mid Small
The reopened Janus Worldwide Fund isn't the
superstar it once was, but it still holds appeal.
At the end of 2002, Janus reopened this offering
and three of its siblings to new investors. The
decision to reopen this offering hardly comes as a
surprise. After three dismal years of bear-market
performance, the fund's asset base has declined
from a high of nearly $34 billion in 1999 to less than
$12 billion today.
For current investors, the news is reason for
caution, but not necessarily worry. Reopening a
fund may give managers Helen Young Hayes and
Laurence Chang increased flexibility--at least in the
short term. When a fund is socked by outflows,
managers may have to sell stocks they would
otherwise hold to meet redemptions. Opening the
fund to new investors may help stabilize those
asset flows. Over the long term, however, the
picture is cloudier. This is still one of the larger
funds in the world-stock category, and we certainly
hope that Janus will quickly reshutter the fund if it
Web Address:
Inception:
Advisor:
Subadvisor:
2000
History
NAV
Total Return %
+/-MSCI EAFE
+/-MSCI World
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
t
Rating and Risk
Time
Period
1999
Rel
MSCI EAFE
Rel
Cat
1.06
1.22
1.31
3.22
0.99
1.05
1.03
1.23
9.0
87.4
0.2
3.3
57.7
(% of Stock)
Country Exposure
United States
U.K.
France
Japan
Switzerland
2.74
2.09
1.88
1.75
1.54
1.48
1.45
1.44
1.43
1.42
1.41
1.40
1.39
1.37
1.32
1.31
1.30
1.22
1.15
1.12
Stock
Port Avg
Cash
Stocks
Bonds
Other
Foreign
UK/Western Europe
Japan
Asia ex Japan
North America
Latin America
% Assets
Price/Earnings Ratio
22.0
Price/Cash Flow
13.2
Price/Book Ratio
3.4
Med Mkt Cap $mil 19,536
Composition
Regional Exposure
Country
United States
France
United States
United States
United States
South Korea
United States
Hong Kong
Israel
Switzerland
U.K.
United States
Japan
Japan
United States
United States
France
United States
Japan
U.K.
Sector
Weightings
h
r
t
y
u
i
o
p
a
Info
Software
Hardware
Media
Telecom
Health
Consumer
Business
Financial
18.9
3.2
2.7
10.7
2.3
1.1 62 16
. 4 2
0.6 29 3
4.4 12 9
0.2 17 2
41.2
18.2
1.8
6.2
15.0
1.0 47 19
1.7 18 8
0.4 5 2
1.2 6 3
0.7 17 6
k Mfg
39.8
18.5
41 d Ind Mtrls 11.5
13 f Energy
9.8
8 g Utilities
0.0
8
5
1.0
1.1
1.2
1.1
0.0
% Stock s Goods
Mutual Funds
u
% of Rel MSCI 3 Year
Stocks
EAFE High Low
% Stock j Service
37
8
9
43
3
e
EQ
40 20
19 7
12 10
10 3
0 0
r
22
Red Flags
Kelli A. Stebel
February 28, 2003
Recent developments dim our opinion of
these four funds.
What is a Red Flag?
Red Flags is designed to
alert you to funds that we’re
bearish on—due to performance problems, asset bloat,
manager changes, hidden
risks, questionable portfolio
maneuvers, or some
other factor. Not every fund
featured in Red Flags is
an out-and-out sell, but we do
think investors should think
twice before adding these
offerings to their portfolios.
who has been with the fund since January
, will be the comanager. Although the
fund’s strategy has remained intact, we are still
extremely cautious about this offering. Piper
has eight years of investment experience, but no
record managing a retail mutual fund.
Vanguard Dividend Growth VDIGX
Putnam Voyager PVOYX
This offering has undergone considerable
changes during the past few months. It has
gotten a new name (it was previously
known as Vanguard Utilities Income), a new
manager, and a new mandate. Instead of
focusing on utilities stocks, as the fund did in
the past, new manager Minerva Butler
will look for firms with high dividend yields
compared with the fund’s new benchmark,
the Russell  Index. Going forward, the
fund will hold no more than % of assets in
any one sector. Because of these changes, we’ve
moved the fund out of the specialty-utilities
group and into Morningstar’s large-value
category. All of these developments mean that
investors who bought this fund for its focused
utilities exposure should consider selling. And
even those investors looking for a play on
dividend-paying stocks—newly trendy in the
wake of ’s corporate-accounting scandals
and the Bush administration’s dividend-tax
repeal proposal—may want to stick with betterestablished sibling Vanguard Equity-Income VEIPX.
Although Dividend Growth’s new manager
hails from distinguished subadvisor Wellington
Management, her public track record on
retail mutual funds is limited.
This offering doesn’t look anything like
the chart-topper it once was. Back in the early
s, the fund ran circles around its growthfund competition, but it has failed to stand
out in recent years. Furthermore, none of the
managers who helped build its great record
remains on board. Brian O’Toole, who joined
the fund in July , is charged with turning
around this fund’s mediocre performance.
O’Toole had some success as a large-growth
manager at Citigroup C, and he’s also made
strides toward improving this offering’s risk
controls. He won’t make big sector bets relative
to the Russell  Growth Index, and he’ll
limit stock-specific risk by holding more than
 stocks. That moderate approach makes
intuitive sense, but if this fund is to earn our
endorsement, Putnam’s analysts will also
have to do a better job of picking large-growth
stocks than they’ve exhibited in recent years.
Van Kampen Latin American MSLAX
Our opinion has continued to sour on this
offering, and we recently dropped it as an
Analyst Pick. Back in the late s,
this fund was a champ, posting a string of
chart-topping performances. Those days
seem long gone. The fund’s performance has
continued to dim, as two of management’s
favorite markets, Brazil and Mexico, have
been particularly hard hit during the recent
bear market. And in late , comanager
Michael Perl, who had been the architect of
the fund’s past success, stepped down.
William Scott Piper will now serve as lead
manager, while Ana Christina Piedrahita,
AIM Premier Equity AVLFX
Comanagers Evan Harrel and Robert Shelton
aim to beat the   Index without incurring
excessive volatility, but they haven’t succeeded
during the recent bear market. Since March
, when the Nasdaq began to tumble,
through the end of January , the fund has
lost half of its value, compared with a %
drop for the  . Harrel and Shelton have
revamped the fund’s procedures in the wake
of its disappointing results. They’ve streamlined
the investment team that makes buy and sell
decisions, which should help speed the fund’s
decision-making in a volatile market. The duo
has also reorganized its five-person analyst
staff, assigning specific industries for each to
cover. While these changes appear to be
for the better, the fund’s basic stock-picking
approach remains the same. In its current
guise, it’s hard to make a case for this offering
over a cheaper   Index fund. œ
FundInvestor 
Changes to the 500 This Month
What is the Morningstar
FundInvestor 500?
The Morningstar FundInvestor
500 features the industry’s
best and most notable
funds. Use the list to get new
investment ideas and track
the funds you already own.
Our 140 Analyst Picks are
chosen by the Morningstar
analysts who specialize
in each category. Analysts
make their selections based on
a fund’s historical risk and
return, costs, and their knowledge of the funds’ managers
and strategies.
Additions
We’ve added two new funds to the Morningstar
FundInvestor  this month. Thompson
Plumb Balanced THPBX, one of the funds that came
out on top in the “Two-Hit Wonders” study
that appears on Page , is a new addition in the
domestic-hybrid category. Its above-average
stake in stocks certainly helped during the late
s raging bull market, but management’s
valuation-conscious stock-selection process also
kept returns from imploding during the
recent bear market.
Summary of Changes
Additions and Deletions
fi Funds
· Funds
Thompson Plumb Balanced
PBHG IRA Capital Preservation
T. Rowe Price Japan
T. Rowe Price Emerg Mkts Bond
Fund Analyst Picks Changes
New Picks
No Longer Picks
None
Name Changes
Old Name
Metropolitan Wst Lw Dur Bd M
T. Rowe Price Japan
New Name
one of the
stable-value funds featured in our profile
of these offerings on Page , is another new
addition this month. This fund is a solid alternative to a money market offering, as it provides
a significantly higher yield along with the
guarantee of a stable net asset value. And unlike
some other stable-value funds, its withdrawal
rules are relatively liberal.
Morgan Stan Ins MdVl
PIMCO Real Ret Bd Inst
Whitehall Growth
Dimensional U.S. Micro Cap
Morgan Stan Ins USMdCrInst
PIMCO Real Ret Inst
Atlantic Whitehall Growth
Category Changes
Fund Name
New Category
Dreyfus Midcap Value
Putnam Capital Opport A
Quaker Aggressive Gr A
Vanguard Dividend Growth
Mid-Cap Blend
Small Blend
Large Blend
Large Value
Deletions
cut Metropolitan West Low Duration Bond MWLDX
as an Analyst Pick in the short-term bond
category. (The fund will remain part of the
FundInvestor , however.) Like sibling
Metropolitan West Total Return Bond MWTRX, the
fund had a horrible , as exposure to
basket-case credits like WorldCom wreaked
havoc on returns. While we think Met West
Low Duration may shine again, it has
shown that it may not be appropriate for
investors who seek a conservative short-term
bond fund.
DFA U.S. Micro Cap
PBHG IRA Capital Preservation PBCPX,
To make room for the Thompson Plumb
and PBHG funds, we’ve dropped T. Rowe Price
Emerging Markets Bond PREMX and T. Rowe
Price Japan PRJPX. (We’ve also dropped the latter
as an Analyst Pick.) While T. Rowe Price
Emerging Markets Bond has been a decent
performer, it’s not a standout. And though its
management uses a fairly cautious approach,
the fund is still too volatile for the average
investor. Meanwhile, T. Rowe Price Japan’s
performance had certainly waned in recent
years, and longtime manager Ian Macdonald
recently departed the fund. There’s also
the issue of whether investors need a dedicated
Japan-stock fund to begin with. Although the
Japanese market may eventually shake off
its decade-long torpor, most broad foreign-stock
funds feature at least some exposure to
the country.
Analyst Pick Changes
In addition to removing T. Rowe Price Japan
from our Analyst Picks roster, we’ve also
Methodology Change
Beginning with this month’s issue, we’ve
changed the figure we display for the  ’s
price/earnings ratio. In the past, we based this
figure on the trailing -month earnings of
the stocks in the index. From this issue forward,
the / ratio will reflect the projected earnings
of the stocks in the index. This change brings
our   / figure in line with the figure we
display for individual mutual funds. œ
by Kelli A. Stebel
For more on funds, visit www.morningstar.com.
24
Morningstar 500
Domestic Equity
Historical Performance
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
Historical Risk
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
Risk
relative
to
category
Large Growth
—
-2.9 -25.0 -23.2
-5.0
6.1
—
—
—
—
—
—
0.1
—
-25
18.9
LABN AMRO/Montag Gr N
AIM Constellation A
Alliance Premier Gr B
AmCent Growth Inv
AmCent Select Inv
QQQQ
QQ
QQQ
QQQ
QQQQ
-3.6
-3.1
-5.1
-3.0
-4.3
-23.0
-22.4
-29.0
-25.3
-23.3
-12.8
-23.5
-26.1
-21.8
-17.0
-2.8
-4.5
-8.9
-3.4
-3.3
—
6.5
5.8
5.6
6.1
64
52
93
47
83
26
22
86
50
30
6
52
71
42
16
27
47
85
32
32
—
46
57
63
54
High
Avg
-Avg
+Avg
+Avg
0.0
0.0
0.0
0.0
0.3
0.8
1.3
0.8
1.8
1.7
-16
-29
-26
-22
-15
13.24
21.30
19.19
17.16
14.19
0.72
1.25
1.25
1.07
0.88
(81)
(79)
(90)
(89)
(97)
Low
+Avg
Avg
-Avg
Low
AmCent Ultra Inv
Amer Funds Amcap A
LAmer Funds Grth Fund A
Amer Funds New Econ A
Atlantic Whitehall Growth
QQQQ
QQQQQ
QQQQQ
QQQ
QQQQ
-3.9
-1.7
-2.8
-5.0
0.3
-23.8
-15.7
-19.7
-23.9
-24.2
-19.7
-6.9
-14.3
-23.1
-18.0
-2.5
3.6
5.0
-3.3
0.8
8.7
10.5
11.5
6.7
—
75
18
41
91
7
35
4
9
36
38
30
2
8
50
21
24
3
1
31
8
16
4
2
40
—
+Avg
+Avg
High
+Avg
+Avg
0.3
0.2
0.1
0.0
0.0
1.0
1.9
1.4
1.4
1.4
-23
-15
-21
-25
-28
17.76
16.24
18.44
19.57
22.62
1.07
0.89
1.05
1.19
1.30
(88)
(92)
(88)
(84)
(85)
Avg
-Avg
Avg
Avg
+Avg
QQQ
] QQQQ
QQQQ
QQQQ
QQQ
-2.8
-3.8
-3.2
0.3
-3.3
-28.8
-29.2
-24.1
-18.2
-22.9
-22.9
-22.5
-18.5
-16.8
-19.5
-7.0
-3.5
-3.7
-0.9
-9.4
5.7
7.6
8.9
8.7
5.9
41
71
55
7
58
85
87
37
6
25
48
46
22
14
28
71
34
37
15
87
63
29
13
15
57
Avg
Avg
+Avg
+Avg
+Avg
0.0
0.0
0.4
0.0
1.0
1.3
1.2
0.7
1.0
2.1
-24
-22
-18
-24
-19
21.00
18.59
17.39
21.92
15.45
1.31
1.17
1.07
1.20
0.95
(90)
(90)
(93)
(78)
(89)
+Avg
Avg
-Avg
+Avg
-Avg
Fidelity Growth Company
Fidelity Independence
Fidelity OTC
Gabelli Growth
LHarbor Capital Apprec
QQQ
QQQQ
QQ
QQQ
QQQQ
-2.5
-3.4
-5.3
-5.5
-3.8
-27.2
-19.4
-20.5
-31.9
-29.8
-29.9
-21.1
-29.6
-24.5
-24.4
-1.0
0.9
-3.3
-5.9
-4.1
8.7
9.0
7.2
7.2
8.9
32
60
95
95
72
73
9
13
97
91
83
39
82
60
59
16
7
32
62
43
15
12
33
34
12
Avg
+Avg
Avg
Avg
Avg
0.0
1.7
0.0
0.0
0.2
1.1
2.6
2.0
1.1
1.2
-26
-25
-33
-24
-25
22.35
24.86
27.49
20.92
18.51
1.26
1.20
1.51
1.34
1.19
(63)
(57)
(64)
(92)
(89)
+Avg
+Avg
High
+Avg
Avg
Janus
Janus Growth & Income
LJanus Mercury
Janus Olympus
Janus Twenty
QQQ
QQQQQ
QQQ
QQQ
QQQ
-2.7
-3.4
-3.2
-2.5
-2.6
-26.1
-21.0
-24.0
-26.0
-20.6
-25.0
-18.3
-30.7
-32.2
-29.5
-4.0
1.6
0.5
1.1
-2.1
6.3
11.0
—
—
8.6
39
60
54
33
36
59
15
37
58
13
64
22
87
92
82
41
6
9
7
20
48
3
—
—
18
Avg
High
Low
Avg
Avg
0.0
0.9
0.0
0.0
0.8
1.1
0.9
1.6
0.3
0.5
-26
-17
-24
-26
-27
19.49
14.20
18.40
18.00
18.02
1.22
0.86
1.17
1.07
1.09
(85)
(89)
(75)
(63)
(71)
+Avg
Low
Avg
Avg
Avg
Jensen
Marsico 21st Century
LMarsico Focus
MFS Mass Inv Grth Stk A
Morgan Stan Amer Opp B
QQQQQ
[ QQQ
QQQQQ
QQQQ
QQQQ
-7.6
-3.2
-3.0
-2.9
-3.9
-19.3
-11.4
-18.6
-25.0
-23.7
-0.3
-22.1
-20.2
-22.8
-24.0
4.8
—
1.7
-3.6
-2.8
9.1
—
—
9.4
7.7
99
54
48
45
73
8
1
7
48
34
1
44
33
48
55
2
—
6
35
27
9
—
—
8
28
High
+Avg
High
Avg
+Avg
0.4
0.0
0.0
0.0
0.0
0.7
NA
0.4
1.3
2.7
-13
—
-22
-22
-20
15.92
18.58
16.30
17.01
11.47
0.66
0.85
0.77
1.06
0.52
(61)
(48)
(52)
(87)
(43)
Low
Avg
-Avg
-Avg
Low
Putnam Voyager A
Smith Barney Aggr Grth A
Strong Growth Inv
T. Rowe Price BlChpGr
T. Rowe Price Gr Stk
QQQ
QQQQQ
QQQ
QQQQ
QQQQQ
-3.2
-1.4
-2.7
-3.0
-3.1
-25.5
-26.0
-21.0
-22.0
-21.0
-24.8
-13.9
-30.2
-14.4
-12.4
-3.9
8.1
-1.8
-2.8
-0.9
8.1
14.4
—
—
9.5
55
15
38
48
50
52
58
15
20
15
62
7
84
8
5
40
1
18
26
15
23
1
—
—
7
+Avg
Avg
Avg
High
High
0.0
0.0
0.0
0.0
0.2
1.4
0.1
1.8
0.3
2.2
-22
-26
-27
-17
-16
16.49
23.13
17.56
18.25
18.54
1.05
1.18
0.95
1.08
1.08
(85)
(74)
(55)
(95)
(95)
-Avg
+Avg
Avg
Avg
Avg
T. Rowe Price New Amer
TCW Galileo Select Eq I
TIAA-CREF Growth Eqty
Vanguard Calv Soc Idx
Vanguard Gr Idx
QQQ
QQQ
QQ
NR
QQQQ
-2.9
0.7
-2.5
-3.4
-2.9
-23.4
-24.1
-26.7
-22.6
-23.5
-16.3
-20.7
-25.9
—
-19.2
-7.9
-0.7
-7.2
—
-3.6
5.7
8.0
—
—
8.6
45
6
32
61
43
31
37
67
23
31
13
37
71
—
26
79
15
74
—
36
60
24
—
—
17
+Avg
Avg
-Avg
+Avg
+Avg
0.0
0.0
0.7
1.1
1.2
1.5
1.2
0.6
NA
0.4
-22
-26
-27
—
-22
22.05
25.72
20.71
—
17.69
1.30
1.54
1.33
—
1.08
(93)
(90)
(88)
(—)
(90)
+Avg
High
+Avg
—
Avg
LVanguard Growth Equity
Vanguard Morgan Gr
Vanguard Tx-Mgd App
Vanguard U.S. Gr
White Oak Growth Stock
QQ
QQQQ
QQQQ
QQ
QQ
-2.0
-3.3
-3.6
-3.3
-2.5
-26.2
-21.6
-22.8
-29.4
-32.5
-30.5 -5.7
-17.8 -3.2
-17.3 -2.6
-29.5 -12.2
-30.6 -7.9
5.7
7.9
—
3.1
8.2
22
58
65
58
33
62
17
25
89
98
86
19
17
82
86
59
31
25
96
79
61
25
—
89
22
-Avg
High
High
Low
Low
0.3
0.4
1.1
0.4
0.0
2.1
2.0
0.2
1.4
0.0
-33
-21
-19
-31
-33
21.20
19.05
18.22
22.61
28.83
1.33
1.14
1.13
1.47
1.80
(76)
(91)
(97)
(85)
(82)
+Avg
Avg
Avg
+Avg
High
Large Blend
—
-4.1 -22.4 -13.5
-3.7
7.3
—
—
—
—
—
—
0.5
—
-18
16.7
0.92 (91)
—
AIM Premier Equity A
AmCent Equity Growth Inv
QQ
QQQ
-3.2 -27.6 -21.3
-3.1 -19.4 -13.3
-4.5
-3.7
7.1
8.8
16
14
94
14
97
36
67
54
58
15
Low
+Avg
0.0
1.0
1.0
0.9
-19
-17
16.66
16.63
1.05 (93)
1.00 (98)
+Avg
Avg
-2.9 -25.6 -24.4
-4.1 -22.7 -13.7
-6.3
-3.0
6.7
8.7
Columbia Growth
Fidelity Adv Eq Gr T
Fidelity Blue Chip Grth
Fidelity Capital Apprec
Fidelity Destiny I
Russell 1000 Growth Index
S&P 500 Index
E New this month
LAnalyst Picks
Red numbers Lowest return in group
Grey numbers Highest return in group
][ Increase/decrease in rating
NR No Morningstar rating;
fund less than 3 years old.
1.11 (80)
—
Current Portfolio Style
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
22.1
3.0
33,580
i 21
a 14 t 13
7
7
7
7
7
22.1
24.2
20.0
23.3
18.9
3.2
3.1
2.9
3.2
2.6
49,985
11,843
41,863
56,434
39,183
i
i
a
i
a
25
21
26
22
22
s
t
i
a
i
24
19
24
16
20
a
o
o
t
d
7
7
7
7
7
20.3
20.4
18.8
20.1
22.4
3.1
2.2
1.7
1.4
1.9
53,769
12,776
17,015
13,974
26,960
i
o
i
a
t
21
16
15
23
29
a
i
u
u
i
17
15
13
18
21
7
7
7
7
4
20.5
23.0
21.4
18.4
19.0
3.3
3.0
3.0
1.9
2.5
51,336
43,033
51,001
11,652
38,084
i
i
i
t
s
24
26
23
23
15
a
t
a
u
a
7
4
7
7
7
27.4
14.9
26.1
21.7
25.7
2.5
1.2
1.8
1.8
2.9
14,012
9,875
4,822
26,235
42,292
i
s
r
a
i
23
24
27
21
17
7
4
7
7
7
19.6
18.6
21.9
23.4
21.8
1.9
2.1
1.6
2.7
2.0
12,399
36,772
18,631
13,345
60,097
u
a
i
i
a
7
7
7
7
7
20.9
22.5
23.6
25.3
22.1
4.7
2.7
3.1
3.0
3.0
21,957
19,103
24,713
34,309
30,626
7
7
7
7
7
20.9
21.2
28.5
19.7
19.5
3.2
1.8
3.7
2.8
2.5
7
7
7
7
7
22.6
28.3
21.8
19.1
22.5
7
7
4
7
7
Total
# of
Holdings
Turn
over
%
—
120
4
92
0
3
3
—
9
18
18
14
13
34
122
48
125
117
38
57
135
114
98
0
3
1
5
6
95
97
99
93
92
0
0
0
0
0
5
0
0
2
2
2
2
5
5
3
NL
5.50
4.00d
NL
NL
1.06 b
1.26 b
2.25 b
1.00
1.00
-Avg
Avg
—
-Avg
-Avg
17.94
16.11
12.00
13.99
27.28
712.8
5,946.0
2,485.2
3,678.3
3,231.3
o
a
a
o
u
11
14
12
17
19
171
162
350
182
37
86
25
36
41
1
1
23
12
5
17
99
70
81
85
80
0
0
0
0
0
0
7
6
9
2
3
0
11
16
2
NL
5.75
5.75
5.75
NL
0.98
0.71 b
0.75 b
0.82 b
1.33
-Avg
-Avg
-Avg
Avg
Avg
20.35
12.78
17.96
12.87
12.19
17,094.8
6,681.1
30,759.1
5,123.2
137.2
Management Team
Management Team
Management Team
Management Team
Paul Blaustein (4.5)
13
19
15
17
14
t
a
s
i
i
13
15
12
14
14
87
171
175
139
135
122
91
33
86
94
0
3
2
1
6
97
96
97
98
93
0
0
0
0
0
3
2
1
1
1
4
3
1
6
5
NL
3.50
NL
NL
8.67
0.72
1.26 b
0.74
0.91
0.37
Low
Avg
Low
-Avg
Low
20.27
32.50
30.92
16.22
9.43
763.5
4,060.7
16,297.3
1,789.7
2,759.4
Management Team
Jennifer S. Uhrig (6.2)
John McDowell (6.9)
Harry Lange (6.9)
Karen Firestone (3.1)
t
a
i
u
a
20
22
20
20
17
r
d
o
t
t
10
11
15
20
17
254
132
142
48
62
63
199
120
26
89
1 98
2 94
12 88
0 100
2 95
0
0
0
0
0
1
4
0
0
3
4
2
3
3
6
NL
NL
NL
NL
NL
1.08
0.92
1.09
1.40 b
0.66
Low
Low
Low
Avg
Low
34.54
12.63
22.64
17.95
19.44
14,361.9
3,996.0
5,541.2
1,543.4
4,670.0
Steven S. Wymer (6.2)
J. Fergus Shiel (6.8)
Jason Weiner (3.1)
Howard F. Ward (8.2)
Spiros Segalas (12.9)
21
29
23
23
27
a
u
a
a
u
18
18
22
14
17
o
s
u
o
r
11
11
21
13
13
98
92
67
67
36
51
59
83
118
50
0
14
5
9
19
99
75
95
91
77
0
7
0
1
3
1
3
0
0
0
1
4
10
7
2
NL
NL
NL
NL
Clsd
0.83
0.86
0.88
0.89
0.84
Low
-Avg
-Avg
-Avg
Low
17.34
22.55
14.29
19.50
28.25
14,726.3
5,092.2
4,598.0
1,917.5
8,954.5
Blaine P. Rollins (3.2)
David J. Corkins (5.6)
David J. Corkins (0.0)
Claire Young (5.5)
Scott W. Schoelzel (5.6)
i
i
i
i
i
27
28
22
21
20
s
a
a
a
a
21
15
20
15
15
p
r
s
o
d
17
10
12
12
13
30
35
35
120
149
1
399
117
73
380
2
0
3
2
14
98
99
96
94
84
0
0
0
0
0
0
1
2
4
1
0
7
6
4
7
NL
NL
NL
5.75
5.00d
1.00
1.50 b
1.30 b
0.94 b
1.61 b
-Avg
Avg
-Avg
Avg
Avg
18.55
6.39
10.99
8.96
17.42
1,000.6
51.1
1,347.2
5,664.7
3,587.5
Management Team
Corydon Gilchrist (0.1)
Marsico/Hillary (5.2/0.1)
Management Team
Anita Kolleeny (15.9)
50,353
14,868
8,318
35,990
28,758
i
i
i
a
a
25
46
28
26
22
o
a
o
i
i
14
15
20
20
20
t
u
t
t
p
14
14
15
9
11
254
77
144
122
111
91
0
400
48
64
1
1
2
2
3
96
97
95
98
97
0
0
0
0
0
3
2
4
0
0
0
1
2
3
8
5.75
5.00
NL
NL
NL
0.96 b
1.21
1.40
0.96
0.77
—
Avg
Avg
-Avg
-Avg
12.30
62.12
12.86
21.29
18.01
10,499.6
1,717.6
1,217.4
4,406.3
3,679.4
Management Team
Richard A. Freeman (19.4)
Ognar/Ognar (9.2/0.8)
Larry Puglia (9.7)
Robert W. Smith (6.0)
2.8
2.4
3.5
2.5
5.0
14,004
18,079
51,159
31,834
76,723
i
t
i
a
i
20
27
27
29
27
p
i
t
i
s
20
25
13
19
17
a
a
o
t
t
15
19
13
15
12
95
28
627
636
151
52
3
38
10
31
3 97
0 98
0 100
0 99
0 100
0
0
0
0
0
1
2
0
1
0
2
0
0
0
0
NL
NL
NL
NL
NL
0.99
0.86
0.45
0.25
0.22
-Avg
-Avg
Low
Low
Low
21.42
745.5
11.62 1,290.0
6.67
408.8
5.62
98.1
19.38 5,862.2
Joseph Milano (0.7)
Bickerstaff/Crawford (4.8/0.2)
Management Team
24.4
20.3
17.5
23.6
22.2
3.3
2.4
2.2
3.2
3.0
20,364
12,284
29,139
56,849
42,897
i
i
a
i
t
26
27
19
26
34
t
o
i
a
a
14
13
17
19
27
o
a
t
t
i
14
11
11
12
22
102
333
553
52
22
273
104
13
135
15
1
5
0
1
1
98
92
99
99
99
0
0
0
0
0
1
2
1
0
0
3
5
0
1
0
NL
NL
2.00r
NL
NL
0.43
0.48
0.18
0.44
0.95
Low
Low
Low
Low
—
6.51
10.78
18.79
11.66
22.48
Management Team
Multiple Managers
Management Team
Management Team
—
17.6
2.3
35,791
a 21
i 15 d 11
—
89
5
90
2
3
3
—
1.26
4
4
17.6
16.1
2.5
2.0
36,448
23,023
a 24
a 23
i 15 t 10
i 15 o 11
78
171
38
79
7
0
93
99
0
0
0
1
2
1
5.50
NL
17.1
2.2 41,996.9
Equity Style Box
Val Blnd Grth
Recent
Composition %
25
Operations
Cash Stock Bond Other Foreign
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
i
o
p
a
Healthcare
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Industrial Materials
Energy
Utilities
Sales
Charge Expense Cost
%
Ratio
Rating
d
b
r
w
NA
Clsd
1.52
1.08 b
0.68
—
NAV
Assets
01-31-03
($Mil)
— 1,400.5
516.2
2,579.7
1,128.5
4,892.7
1,413.7
—
— 1,180.2
Avg
-Avg
7.27 4,348.1
14.72
920.0
Deferred sales charge
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
Portfolio Manager (Tenure years)
—
Ronald E. Canakaris (8.3)
Zschappel/Kippes (6.9/9.6)
Harrison/Kamp (10.4/0.2)
Woodhams/LeGard (4.8/2.8)
Reynolds/Sykora (1.6/0.5)
—
Shelton/Harrel (5.9/4.7)
Management Team
26
Morningstar 500
Domestic Equity
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
Historical Risk
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
Risk
relative
to
category
Large Blend (cont’d)
—
-4.1 -22.4 -13.5
-3.7
7.3
—
—
—
—
—
—
0.5
—
-18
16.7
AXP New Dimensions A
Davis NY Venture A
Domini Social Equity
Dreyfus Appreciation
Dreyfus Disc Stock
QQQ
QQQQ
QQQ
QQQQQ
QQQ
-2.3
-4.5
-4.4
-5.5
-4.0
-20.4 -16.1
-16.9 -8.2
-21.2 -15.5
-21.7 -8.3
-22.6 -14.9
-1.5
-0.2
-3.5
-1.6
-4.3
8.8
10.3
8.0
9.5
7.9
6
69
63
92
36
18
8
23
27
39
75
11
72
11
64
19
11
49
20
64
16
7
43
10
44
Avg
+Avg
Avg
High
Avg
0.2
0.7
0.5
1.0
0.6
0.9
0.8
0.6
0.6
0.6
-17
-16
-17
-14
-16
16.17
15.62
16.68
13.47
15.93
0.98
0.84
1.01
0.71
0.97
(95)
(87)
(96)
(84)
(98)
Avg
-Avg
+Avg
Low
Avg
Excelsior Val & Restruct
Fidelity
Fidelity Contrafund
Fidelity Contrafund II
Fidelity Destiny II
QQQQ
QQQ
QQQQQ
[ QQQ
QQQ
-2.8
-3.9
-4.3
-2.7
-2.4
-22.8
-22.3
-13.1
-16.5
-15.7
-8.3
-15.8
-11.3
-12.6
-13.2
2.1
-2.2
1.7
—
-0.6
14.3
9.0
10.6
—
10.7
10
31
56
8
7
45
35
3
6
5
11
73
23
29
35
4
25
5
—
13
1
14
5
—
5
+Avg
Avg
+Avg
+Avg
+Avg
0.6
1.0
0.1
0.4
1.0
0.3
1.4
1.7
NA
1.9
-21
-18
-13
—
-16
19.74
17.21
10.85
17.86
16.99
1.03
1.00
0.51
0.99
0.96
(84)
(88)
(62)
(86)
(87)
High
+Avg
Low
+Avg
+Avg
QQQQQ
QQQQQ
QQQQ
QQQQQ
QQQ
-4.5
-3.9
-3.8
-3.9
-3.9
-22.1 -3.4
-18.3 -7.3
-16.7 -11.8
-20.1 -9.1
-23.0 -15.1
1.8
5.2
—
-1.7
-2.2
—
—
—
9.4
8.2
68
33
29
33
33
31
11
7
16
48
4
8
26
13
67
5
1
—
20
25
—
—
—
10
34
+Avg
High
+Avg
High
Avg
1.0
0.4
2.2
1.2
0.8
1.6
3.5
NA
1.2
1.0
-16
-18
—
-14
-16
19.11
17.49
13.75
12.51
16.69
0.99
0.91
0.81
0.70
1.02
(91)
(83)
(96)
(93)
(99)
+Avg
+Avg
-Avg
Low
+Avg
Fidelity Spar 500 Idx
Franklin Growth A
Janus Core Equity
LLegg Mason Value Prim
Mairs & Power Growth
QQQQ
QQQ
[ QQQQ
QQQQ
QQQQQ
-4.1
-6.0
-4.4
-3.3
-3.4
-22.8
-27.2
-21.1
-13.1
-14.6
-13.8
-10.6
-14.4
-10.2
9.7
-3.1
-2.6
2.5
1.7
6.0
8.4
7.2
—
14.2
15.2
40
95
62
19
22
42
93
23
3
4
42
19
57
17
1
38
30
3
5
1
25
57
—
1
1
Avg
+Avg
+Avg
+Avg
High
1.7
0.2
0.8
0.0
0.9
0.6
0.6
1.0
1.2
1.1
-17
-19
-15
-20
-18
16.46
16.72
13.17
20.94
15.95
1.00
0.92
0.77
1.13
0.55
(100) Avg
(89)
Avg
(90)
Low
(87) High
(50) -Avg
Masters’ Select Equity
Metro West AlphaTrak 500
MFS Capital Opport A
MFS Mass Inv Trust A
Oppenheimer Main Gr&IncA
QQQQ
] QQQ
] QQ
QQQ
QQQ
-5.9
-3.0
-5.0
-4.8
-4.0
-18.9
-26.9
-29.3
-23.6
-20.7
-7.8
-14.3
-24.9
-12.7
-12.3
0.6
—
-4.4
-5.5
-2.5
—
—
8.8
7.3
8.7
94
13
84
79
36
13
92
97
63
20
10
56
98
29
27
8
—
65
77
28
—
—
16
54
18
High
Avg
Low
Avg
+Avg
0.0
6.6
0.0
0.5
0.8
1.7
NA
1.8
0.7
1.0
-19
—
-28
-16
-17
18.81
18.31
20.56
14.43
15.27
1.00
1.09
1.28
0.84
0.89
(88)
(97)
(85)
(94)
(94)
+Avg
+Avg
High
-Avg
-Avg
QQQQ
QQ
QQQQQ
QQQQ
QQQ
-6.3
-5.3
-4.6
-4.1
-3.4
-25.1
-21.9
-16.3
-22.0
-23.4
-10.9
-22.7
-11.8
-13.9
-12.2
-1.7
-6.5
15.2
-2.8
-7.9
8.6
6.9
—
8.3
5.7
96
89
73
41
22
82
28
6
31
59
21
97
26
44
27
20
86
1
32
91
22
62
—
33
80
High
Low
High
+Avg
Avg
0.9
0.0
0.0
1.3
0.9
0.8
0.2
3.4
0.3
1.2
-18
-22
-8
-17
-17
15.32
16.80
6.15
16.37
14.75
0.88
1.08
0.15
0.99
0.86
(95)
(92)
(17)
(99)
(96)
-Avg
+Avg
Low
Avg
-Avg
LSelected American
T. Rowe Price Spect Grth
Thompson Plumb Growth
Thornburg Value A
TIAA-CREF Equity Index
[ QQQQ
QQQQ
QQQQQ
QQQQ
NR
-4.3
-7.7
-7.3
-3.2
-4.0
-16.4 -8.0
-22.2 -11.3
-23.7
6.3
-22.3 -11.6
-22.2
—
0.6
-2.0
4.8
1.4
—
10.9
8.1
13.1
—
—
58
99
98
16
36
6
33
65
34
33
10
24
2
25
—
8
23
2
6
—
3
39
2
—
—
+Avg
High
High
+Avg
+Avg
0.8
0.8
0.8
0.0
1.5
0.9
1.7
2.2
0.5
NA
-16
-20
-20
-18
—
15.12
16.07
25.30
14.38
—
0.81
0.83
1.01
0.79
—
(88)
(76)
(66)
(85)
(—)
-Avg
Avg
High
-Avg
—
TIAA-CREF Growth & Inc
TIAA-CREF Soc Choice Eq
LVanguard 500 Index
LVanguard Gr & Inc
Vanguard LifeSt Growth
QQQQ
NR
QQQQ
QQQQ
QQQQ
-4.0
-4.0
-4.1
-3.6
-4.2
-23.1
-21.4
-22.7
-22.1
-17.4
-14.7
—
-13.8
-12.8
-11.0
-2.5
—
-3.0
-2.5
-1.6
—
—
8.6
9.0
—
34
36
41
25
48
53
25
42
31
9
61
—
41
31
22
28
—
36
28
20
—
—
22
14
—
Low
+Avg
Avg
+Avg
High
1.2
1.5
1.7
1.4
2.3
0.7
NA
0.5
1.0
1.1
-17
—
-17
-16
-15
16.42
—
16.46
16.46
13.42
1.00
—
1.00
0.98
0.78
(100)
(—)
(100)
(99)
(96)
Avg
—
Avg
Avg
Low
LVanguard Primecap
Vanguard Tot Stk
Vanguard Tx-Mgd Gr
QQQQ
QQQ
QQQ
-2.9 -24.8 -16.6
-4.2 -21.7 -15.0
-4.1 -22.6 -13.7
1.5
-3.1
-2.9
12.6
8.0
—
11
49
43
80
27
38
78
66
39
6
38
35
2
43
—
Avg
+Avg
Avg
0.6
1.5
1.8
1.0
0.6
0.5
-22
-17
-17
19.09
16.36
16.43
1.10 (86) High
0.99 (96)
Avg
1.00 (100) Avg
Large Value
—
-5.2 -21.8
-4.3
-2.8
7.7
—
—
—
—
—
—
0.8
—
-19
16.8
-20.6 -11.6
-17.4
3.1
-17.8
2.4
-15.9
2.8
-2.7
—
—
1.4
9.0
—
—
9.1
22
48
55
29
37
11
13
6
95
6
9
7
49
—
—
7
25
—
—
24
Avg
High
High
High
1.6
1.7
1.4
2.6
0.7
NA
NA
2.5
-17
—
—
-16
16.29
17.19
17.05
13.97
-5.0 -19.3 -3.3
-4.1 -22.7 -13.7
-0.9
-3.0
9.5
8.7
LFidelity Dividend Growth
Fidelity Exp & Multinatl
Fidelity Four-in-One Idx
Fidelity Growth & Income
Fidelity Magellan
Pioneer A
Putnam Investors A
Quaker Aggressive Gr A
Schwab 1000 Inv
Scudder Growth & Inc S
AmCent Inc & Growth Inv
AmCent Lrg Co Val Inv
AmCent Tax Mgd Val Inv
Amer Funds Amer Mut A
Russell 1000 Value Index
S&P 500 Index
E New this month
LAnalyst Picks
QQQ
QQQQQ
] QQQQQ
QQQQ
-4.3
-5.0
-5.3
-4.6
0.92 (91)
0.79 (74)
0.96
0.77
0.77
0.58
(98)
(76)
(76)
(64)
—
—
Avg
Avg
Avg
Low
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
17.6
2.3
35,791
a 21
i 15 d 11
7
4
4
4
4
19.9
15.0
17.2
17.9
18.9
2.9
1.9
2.5
3.7
2.5
49,675
24,379
44,328
89,731
44,103
a
a
a
s
a
18
55
26
22
20
i
o
i
a
i
18
7
14
20
14
o
s
s
i
s
1
4
7
4
4
13.1
21.1
25.4
20.9
18.6
1.6
3.2
3.7
2.1
1.6
9,422
46,589
14,707
51,073
36,068
a
i
s
i
d
22
18
20
20
15
s
a
i
s
i
18
16
19
15
15
4
4
4
4
4
15.2
18.0
15.3
18.5
16.2
1.6
1.4
1.4
3.3
2.2
48,427
23,403
45,508
54,527
59,836
a
a
a
a
a
24
24
21
24
25
i
i
i
i
i
4
4
4
4
4
17.6
19.4
20.4
11.2
16.5
2.3
2.3
2.4
0.9
2.8
44,262
15,822
25,067
15,569
12,301
a
d
a
a
d
21
31
21
26
26
4
0
4
4
4
13.3
—
16.5
20.7
16.0
1.8
—
1.9
3.0
2.4
13,265
—
20,943
52,575
17,447
a
—
a
a
a
4
4
4
4
4
17.4
16.5
16.6
17.3
19.5
2.5
2.5
2.2
2.2
2.7
21,677
40,451
27,518
32,985
50,197
4
5
4
4
4
15.0
17.3
14.4
15.6
16.9
1.9
1.9
1.6
1.8
2.1
4
4
4
4
4
19.1
16.8
17.4
16.0
17.1
4
4
4
Total
# of
Holdings
Turn
over
%
—
89
5
90
2
3
3
—
12
7
13
19
10
103
74
400
61
126
27
22
19
5
54
1 95
4 94
0 100
3 96
1 99
0
1
0
0
0
4
2
0
1
0
0
6
0
7
1
5.75
4.75
NL
NL
NL
1.06 b
0.92
0.93 b
0.91
1.00 b
Avg
—
-Avg
-Avg
-Avg
18.75
19.99
20.65
29.47
23.53
8,542.4
7,843.9
1,011.0
2,974.0
1,342.6
d
s
a
d
a
14
14
17
14
13
68
162
458
122
147
8
155
141
259
252
0
3
7
7
10
98
97
92
93
84
0
0
0
0
0
2
0
0
0
5
4
4
21
6
2
NL
NL
NL
3.00
8.67
0.94
0.53
0.91
0.99
0.55
-Avg
-Avg
-Avg
Avg
Low
23.78
21.40
36.95
8.44
8.94
1,591.6
8,268.5
26,285.7
650.3
4,116.0
22
21
13
20
14
d
t
s
s
o
9
10
11
13
11
121
135
5
190
230
81
228
21
36
15
5
1
1
7
5
92
98
81
91
95
2 1
0 1
0 17
0 2
0 1
0
2
12
1
2
NL
0.75r
0.50r
NL
Clsd
0.95
0.78
0.08
0.68
0.88
-Avg
-Avg
—
-Avg
-Avg
21.31 12,975.5
13.21
645.9
17.37
265.3
29.12 24,929.6
75.85 53,720.6
Charles Mangum (6.2)
Timothy J. Cohen (1.1)
William Eigen (0.4)
Steven Kaye (10.2)
Robert E. Stansky (6.8)
i
i
s
i
i
15
25
16
15
23
s
p
u
o
a
11
13
13
15
17
506
121
83
37
35
4
2
115
24
8
1 98
1 99
7 89
0 100
0 98
26
—
19
19
21
o
—
i
i
o
14
—
15
14
15
u
—
o
d
s
11
—
11
10
14
77
—
132
151
533
95
23
111
77
76
5
16
3
0
2
a
a
i
a
a
17
23
25
22
20
s
i
a
i
d
13
18
21
15
15
d
o
t
s
i
13
11
10
10
14
126
167
60
988
66
23,078
23,853
31,443
18,501
28,523
a
a
i
a
a
55
18
23
30
22
s
i
a
i
i
8
15
17
22
15
o
f
d
f
d
2.4
2.0
2.3
2.0
2.1
53,954
23,138
42,738
37,914
26,081
a
a
a
a
a
21
25
21
21
22
i
i
i
i
i
17
15
15
16
14
s
s
d
s
s
17.9
17.0
17.5
1.7
2.1
2.3
13,427
25,102
42,609
—
14.5
1.8
1
1
1
1
14.4
12.3
12.3
13.2
1.8
1.7
1.7
1.5
17.1
2.2 41,996.9
Equity Style Box
Val Blnd Grth
Recent
Composition %
27
Operations
Sales
Charge Expense Cost
%
Ratio
Rating
1.26
—
NAV
Assets
01-31-03
($Mil)
— 1,180.2
—
Gordon Fines (11.9)
Davis/Feinberg (7.4/4.8)
Management Team
Fayez Sarofim (12.2)
David Gary Richardson (0.8)
David J. Williams (10.2)
John D. Avery (1.1)
William Danoff (12.5)
Adam Hetnarski (3.1)
Adam Hetnarski (2.8)
0
0
1
0
0
1
0
3
0
2
0
3
9
6
0
0.50r
5.75
NL
NL
NL
0.19
0.96 b
0.93
1.68 b
0.76
Low
Avg
-Avg
Avg
-Avg
57.99 6,515.5
22.37 1,215.7
13.99
656.0
39.25 7,218.4
47.57
843.2
Management Team
Palmieri/Herrmann (38.0/11.7)
Karen L. Reidy (3.2)
William H. Miller III (20.9)
Mairs III/Frels (23.2/3.3)
94
0
95
97
97
0
83
0
0
0
1
1
2
3
1
3
2
1
5
2
NL
NL
5.75
5.75
5.75
1.26
0.80
1.18 b
0.91 b
0.86
Avg
-Avg
Avg
Avg
Avg
9.59
408.5
5.47
80.6
8.87 1,424.6
12.25 3,339.9
24.96 5,764.1
Multiple Managers
Management Team
Ali/Enright (0.4/0.4)
Laupheimer Jr./Taylor (10.1/2.2)
Albers/Monoyios (4.9/4.9)
6
130
524
8
57
0 99
1 97
13 87
0 100
0 99
0
0
0
0
0
1
2
0
0
1
6
2
4
0
2
5.75
5.75
5.50
0.75r
Clsd
1.13
0.98 b
2.20 b
0.46
0.76
Avg
—
High
-Avg
-Avg
28.83
8.33
14.20
23.84
15.43
John A. Carey (16.6)
Management Team
Manu Daftary (6.3)
Geraldine Hom (7.8)
Millard/Adams (3.4/3.3)
7
70
10
8
10
57
11
47
10 2,855
20
6
63
76
6
8 92
2 88
0 100
0 96
0 100
0 0
0 10
0 0
1 3
0 0
6
26
1
5
0
NL
NL
NL
4.50
NL
0.94 b
0.87
1.20
1.40
0.26
-Avg
-Avg
-Avg
Avg
-Avg
24.41 4,157.2
10.55 1,688.4
32.38
463.1
20.90
742.9
5.98
139.5
Management Team
Thompson/Thompson (11.1/9.2)
William V. Fries (7.4)
Management Team
14
10
11
12
11
438
854
505
143
5
70
6
4
41
7
0 97
0 100
1 99
1 98
14 76
0
0
0
0
9
3
0
1
1
1
1
0
0
0
15
NL
NL
NL
NL
NL
0.43
0.27
0.18
0.40
NA
-Avg
—
Low
Low
Low
8.73
477.2
6.21
66.1
77.82 55,055.4
20.96 4,375.6
13.76 3,215.2
Management Team
Management Team
John S. Cone (3.7)
Management Team
i 18
a 22
a 21
p 16 t 14 126
i 14 d 10 3,210
i 15 d 11 503
11
7
5
7
1
0
92
98
99
0
0
0
1
1
1
7
0
0
1.00r
NL
2.00r
0.49
0.20
0.18
Low
Low
Low
37.56 12,819.4
19.23 14,005.7
18.36 1,046.7
Management Team
21,341
a 27
d 15 f 9
—
75
3
93
1
3
3
—
1.41
—
— 2,689.0
30,692
21,592
21,639
16,867
a
a
a
a
s
f
f
d
239
89
89
170
61
55
56
45
0
3
4
6
99
97
96
76
0
0
0
10
1
0
0
7
0
3
3
1
NL
NL
2.00r
5.75
Low
-Avg
-Avg
-Avg
20.80 2,939.6
4.33
137.8
4.68
59.0
19.39 7,823.5
22
32
32
22
12
12
12
12
Lrg Mid Sm
i
d
d
g
11
11
11
10
i
o
p
a
Healthcare
Sectors
r
t
y
u
Software
Hardware
Media
Telecom
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
d
b
r
w
NA
Clsd
0.68
0.90
1.10
0.59 b
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
4,236.4
2,644.5
123.8
3,040.7
2,088.2
—
Management Team
Mallon/Ritter (3.6/3.6)
Mallon/Ritter (3.9/3.9)
Management Team
28
Morningstar 500
Domestic Equity
Large Value (cont’d)
Amer Funds Fundamen A
Amer Funds Inv Co Am A
LAmer Funds WashingtonA
Ameristock
LClipper
LDodge & Cox Stock
Fidelity Equity-Inc
Fidelity Equity-Inc II
Harbor Large Cap Value
ICAP Equity
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
—
Historical Risk
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
0.79 (74)
Risk
relative
to
category
-5.2 -21.8
-4.3
-2.8
7.7
—
—
—
—
—
—
0.8
—
-19
16.8
[ QQQ
QQQQ
[ QQQQ
QQQQQ
QQQQQ
-5.9
-4.2
-5.6
-5.8
-8.8
-20.8
-16.6
-19.2
-20.5
-15.4
-9.4
-5.4
0.2
2.6
13.3
-0.2
1.8
0.3
4.0
7.7
9.6
10.0
10.3
—
13.9
79
19
67
75
97
40
8
21
35
4
87
58
17
8
1
15
6
11
1
1
14
12
9
—
1
Avg
Avg
High
High
High
2.4
2.3
2.4
1.3
1.5
1.6
1.8
1.9
0.8
2.8
-18
-15
-18
-18
-12
15.52
13.75
16.12
18.56
17.17
0.86
0.74
0.69
0.77
0.48
(92)
(92)
(65)
(64)
(35)
Avg
-Avg
Avg
+Avg
Avg
—
QQQQQ
QQQQ
QQQQ
QQQ
QQQQ
-5.2
-5.7
-4.3
-3.6
-1.8
-15.7
-21.4
-18.0
-23.0
-23.0
6.1
-2.9
-4.2
-0.7
-5.6
5.5
-1.8
-0.6
-1.8
-1.2
13.0
8.8
8.8
8.4
—
54
72
22
11
2
6
46
14
66
66
3
35
46
21
59
1
35
20
37
27
2
29
30
36
—
High
+Avg
Avg
+Avg
+Avg
1.8
1.8
1.4
0.9
1.2
2.1
1.5
2.2
2.1
0.8
-18
-19
-16
-19
-20
17.94
16.80
16.86
19.19
14.81
0.70
0.80
0.84
0.88
0.70
(60)
(78)
(82)
(75)
(71)
Avg
Avg
Avg
+Avg
-Avg
LICAP Select Equity
Legg Mason Amer Lead Pr
Lord Abbett Affiliated A
Merrill Basic Value A
LOakmark I
QQQQ
QQQ
QQQQ
[ QQQ
QQQQ
0.5
-4.9
-5.4
-5.8
-4.5
-20.0
-16.3
-22.9
-20.8
-18.2
-7.0
-5.7
-3.9
-3.7
10.2
1.4
-2.5
0.6
-1.3
-1.3
—
—
9.5
8.9
10.4
1
44
59
74
26
29
7
65
39
15
69
60
44
42
1
7
46
9
28
29
—
—
16
26
7
Avg
Avg
Avg
Avg
High
0.7
0.0
1.9
1.5
0.4
0.7
0.3
2.0
2.5
1.6
-19
-18
-20
-20
-19
15.09
19.27
17.71
18.38
19.35
0.70
0.99
0.83
0.91
0.73
(67)
(85)
(73)
(81)
(61)
Avg
+Avg
Avg
+Avg
+Avg
PBHG Clipper Focus PBHG
Putnam Fund for Gr&Inc A
Salomon Bros Investors O
Sequoia
Sound Shore
QQQQQ
] QQQ
QQQQ
QQQQQ
QQQQ
-9.6
-5.8
-4.4
-9.3
-7.2
-21.4
-22.4
-21.7
-11.2
-19.5
15.3
-4.5
-4.3
10.9
0.1
—
-3.2
-0.1
4.0
-1.8
—
7.5
10.4
14.2
9.9
98
75
23
98
94
46
58
51
2
24
1
50
48
1
18
—
59
14
1
37
—
51
8
1
13
High
-Avg
Avg
High
High
1.2
1.6
1.4
0.0
0.2
NA
1.4
2.3
1.5
0.7
—
-19
-20
-16
-19
21.91
16.30
20.27
15.93
17.57
0.61
0.80
1.03
0.39
0.65
(37)
(78)
(86)
(25)
(50)
High
Avg
High
-Avg
Avg
T. Rowe Price Div Growth
LT. Rowe Price Eq-Inc
T. Rowe Price Grth & Inc
Torray
USAA Income Stock
QQQ
QQQQQ
QQQ
QQQQ
QQQ
-5.4
-6.2
-4.2
-3.9
-5.3
-21.7
-19.6
-23.3
-17.5
-22.8
-3.2
2.4
-4.8
-3.7
-3.1
-2.8
0.4
-3.3
0.1
-2.4
8.6
9.9
7.0
12.1
6.5
62
84
19
13
55
51
24
69
12
63
37
9
53
42
36
51
10
59
12
45
32
12
65
3
74
+Avg
High
Avg
+Avg
+Avg
1.3
1.9
1.0
0.7
2.3
0.9
2.0
1.7
0.7
2.2
-16
-17
-18
-21
-20
14.52
16.54
17.76
18.89
15.64
0.72
0.69
0.94
0.90
0.71
(83)
(64)
(91)
(75)
(69)
-Avg
Avg
+Avg
+Avg
-Avg
QQQQ
QQQQ
NR
[ QQ
QQQQ
-4.2
-4.6
-4.9
-5.0
-5.7
-22.0
4.3
-18.9 -2.0
-27.7
—
-24.3 -11.2
-20.6
0.0
2.8
2.5
—
-4.1
-0.4
10.6
10.4
—
3.6
8.9
19
28
43
46
72
54
20
95
79
36
4
30
—
95
18
3
3
—
70
17
5
8
—
98
27
Avg
+Avg
-Avg
-Avg
High
1.4
1.3
1.0
4.6
2.7
3.0
1.9
NA
2.3
1.6
-19
-18
—
-19
-18
21.33
15.68
—
14.71
15.07
0.85
0.74
—
0.51
0.64
(63)
(77)
(—)
(34)
(64)
High
-Avg
—
-Avg
-Avg
Vanguard U.S. Value
Vanguard Val Idx
Vanguard Windsor
Vanguard Windsor II
NR
QQQ
QQQ
QQQQ
-5.9
-5.5
-4.6
-3.9
-20.9
-22.4
-23.9
-18.8
—
-8.3
1.2
0.3
—
-3.2
-0.8
-1.4
—
8.0
8.6
9.3
76
63
30
15
40
58
75
18
—
81
13
16
—
58
23
31
—
40
31
20
+Avg
Low
+Avg
+Avg
1.8
2.3
1.5
2.6
NA
1.8
2.0
1.9
—
-20
-25
-17
—
17.55
20.48
16.90
—
0.92
0.93
0.68
(—)
(85)
(76)
(59)
—
+Avg
High
Avg
Mid-Cap Growth
—
-3.0 -23.7 -24.2
-3.1
6.4
—
—
—
—
—
—
0.0
—
-30
22.5
AIM Aggressive Growth A
AmCent Veedot Inv
Artisan Mid Cap
Baron Asset
BNY Hamilton SmCap Gr Is
QQQ
QQQ
QQQQQ
QQQQ
QQQQ
-4.8
-3.6
-4.0
-8.1
-3.8
-21.9
-22.9
-20.8
-25.1
-22.5
-24.6
-23.0
-9.0
-12.5
-19.0
-4.3
—
11.5
-4.9
6.1
9.3
—
—
8.9
—
83
62
71
99
66
35
44
29
66
39
47
43
9
16
32
60
—
2
65
5
19
—
—
20
—
Avg
+Avg
High
+Avg
High
0.0
0.0
0.0
0.0
0.0
1.3
NA
1.0
0.8
1.8
-28
—
-22
-24
-26
21.25
14.65
24.58
21.74
23.91
1.10
0.60
1.23
0.98
0.98
(59)
(36)
(78)
(59)
(43)
Avg
Low
Avg
Avg
Avg
Brandywine
LCalamos Growth A
Delaware Trend A
Fidelity Asset Mgr: Aggr
Fidelity Mid-Cap Stock
QQQQ
QQQQQ
QQQ
QQQQ
QQQQQ
-3.9
-2.3
-5.4
1.0
-3.2
-20.8
-15.7
-19.5
-30.8
-25.6
-17.0
-11.6
-21.7
-17.5
-14.7
-0.8
14.4
2.4
—
3.9
8.8
17.2
9.6
—
—
69
32
90
2
54
28
6
20
90
70
28
13
39
29
22
33
1
15
—
10
22
1
16
—
—
+Avg
+Avg
+Avg
+Avg
+Avg
0.0
0.0
0.0
1.0
0.6
2.5
0.9
1.5
NA
1.9
-22
-21
-29
—
-25
13.14
21.08
24.69
20.15
19.93
0.58
0.73
1.21
1.17
0.80
(49)
(34)
(59)
(86)
(43)
Low
-Avg
+Avg
Avg
-Avg
Fidelity New Millennium
Franklin SmMid Cap Gr A
LINVESCO Dynamics Inv
QQQQ
QQQ
QQQ
-4.7 -18.4 -21.6
-2.6 -24.3 -26.6
-2.0 -25.9 -30.4
7.9
-2.0
-4.6
16.2
11.1
7.6
82
37
25
15
58
73
38
58
75
3
45
63
2
7
36
+Avg
Avg
Low
0.0
0.0
0.0
2.2
0.2
0.8
-28
-30
-35
28.45
25.46
27.42
1.38 (59)
1.33 (61)
1.53 (65)
+Avg
+Avg
+Avg
-1.8 -21.9 -25.4
-5.2 -18.7 -3.1
-3.6
4.0
6.7
11.4
Van Kampen Comstock A
Van Kampen Growth & IncA
Vanguard Capital Value
Vanguard Dividend Growth
Vanguard Equity-Inc
Russell MidCap Growth Index
S&P MidCap 400 Index
E New this month
LAnalyst Picks
1.15 (59)
—
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
14.5
1.8
21,341
a 27
d 15 f 9
1
1
1
1
1
15.7
14.8
14.3
14.0
—
1.7
1.7
1.8
2.2
1.6
20,149
26,783
22,582
54,039
18,217
d
a
a
a
a
21
16
23
24
33
a
s
d
i
s
15
15
13
20
16
i
d
i
d
p
1
1
4
1
1
13.9
15.9
18.7
13.6
13.4
1.5
2.0
2.2
2.1
1.5
9,790
31,820
19,980
15,598
24,169
a
a
a
a
a
21
30
35
27
29
d
d
d
d
f
20
16
16
20
11
1
1
1
1
4
13.3
12.7
18.9
16.4
13.9
1.4
1.9
1.5
1.6
1.8
26,796
27,038
17,495
24,232
12,208
a
a
d
a
o
24
32
25
28
19
f
i
a
d
s
1
1
1
4
2
—
13.6
14.0
14.6
12.2
1.5
2.1
1.5
3.9
1.2
15,561
35,605
22,923
—
5,463
a
a
a
a
a
34
28
30
76
23
4
1
4
4
1
16.4
14.9
17.6
18.2
14.0
2.5
1.5
2.0
2.3
1.6
25,592
16,108
28,759
27,843
22,541
a
a
a
a
a
1
1
4
1
1
12.7
15.8
11.3
16.1
13.7
1.4
1.7
1.4
2.0
2.1
15,721
19,373
6,963
19,718
32,370
1
1
1
1
13.0
13.9
12.6
11.8
1.4
1.5
1.5
1.7
10,660
21,182
10,262
19,677
—
20.8
2.2
3,644
8
8
8
8
8
22.2
18.4
22.4
21.1
19.3
2.4
1.9
2.3
2.3
1.8
2,707
1,426
4,311
1,669
1,362
8
8
9
4
8
18.4
27.0
18.9
13.1
19.2
2.1
2.6
1.9
1.7
1.8
8
8
8
23.0
18.9
22.5
2.5
1.8
2.5
Equity Style Box
Val Blnd Grth
Total
# of
Holdings
Turn
over
%
Recent
Composition %
—
75
3
93
1
3
3
—
11
15
11
14
12
239
342
182
50
37
29
22
25
14
23
2
9
4
5
0
90
72
95
95
98
2
14
0
0
2
6
5
0
0
0
17
7
0
2
0
5.75
5.75
5.75
NL
NL
f
f
t
o
d
11
14
11
15
11
87
317
110
34
47
10
23
136
194
87
5
1
5
2
3
93
95
95
98
96
0
1
0
0
0
3
3
0
0
1
9
6
0
0
12
NL
NL
NL
NL
NL
15
20
21
16
15
s
o
f
f
i
14
11
8
16
14
29
53
104
79
61
309
31
77
38
21
3
2
0
5
2
97
98
95
94
94
0
0
1
0
5
0
0
4
1
0
18
5
1
6
0
o
i
t
o
i
14
13
15
10
21
d
d
o
p
p
13
13
12
8
12
30
246
78
16
49
111
37
43
7
104
3
1
1
23
2
97
98
94
77
94
0
0
0
0
0
0
1
5
0
4
27
18
30
27
32
i
d
i
i
f
12
17
16
22
15
d
s
d
d
d
9
12
11
17
13
108
119
111
40
124
35
17
66
38
94
3
3
3
0
3
95
96
97
98
94
1
0
0
0
0
a
a
a
a
a
21
26
30
19
25
f
f
d
i
d
14
17
17
19
15
i
d
i
d
f
12
12
13
16
13
103
81
82
94
168
62
115
NA
27
33
4
7
0
2
7
96
91
98
98
91
a
a
a
a
27
36
28
28
s
d
d
s
12
13
18
15
d
f
o
d
11
12
11
14
396
355
163
354
54
38
33
10
i 19
o 15 p 12
—
p
i
p
o
i
24
16
18
44
19
i
f
t
p
a
22
12
14
15
14
o
a
i
a
o
18
11
14
12
12
90
364
85
46
116
4,100
3,131
1,328
7,986
2,772
i
o
o
o
i
20
36
26
22
15
o
i
a
a
a
17
17
20
20
15
a
t
i
i
t
17
12
18
15
14
3,398
2,484
4,757
t 20
p 18
i 19
i 17 o 16
t 16 i 16
t 14 p 12
Software
Lrg Mid Sm
Hardware
Media
Telecom
i
o
p
a
Sales
Charge Expense Cost
%
Ratio
Rating
1.41
—
NAV
Assets
01-31-03
($Mil)
— 2,689.0
-Avg
-Avg
-Avg
-Avg
-Avg
20.81
22.49
22.19
31.12
69.10
0.54
0.67
0.62
0.77
0.80
Low
Low
Low
-Avg
-Avg
83.44 14,036.3
37.40 16,740.7
16.64 8,767.7
10.90
142.5
31.48
875.6
Management Team
Stephen R. Petersen (9.6)
Stephen DuFour (3.1)
Jeff Shaw (1.5)
Management Team
NL
NL
5.75
5.25
NL
0.80
1.95 b
0.79 b
0.56
1.15
-Avg
+Avg
Avg
—
-Avg
21.46
37.3
14.43
429.8
9.94 8,395.8
22.01 3,219.4
28.74 3,650.4
Robert H. Lyon (5.2)
David E. Nelson (4.9)
Management Team
Kevin Rendino (3.6)
Nygren/Grant (3.0/3.0)
0
2
6
0
0
NL
5.75
Clsd
Clsd
NL
1.40
0.82 b
0.74
1.00
0.98
Avg
Avg
Low
-Avg
-Avg
11.95
602.8
13.32 13,044.6
14.02
468.3
114.89 4,372.2
23.95
695.2
0
1
0
1
3
5
4
5
0
5
NL
NL
NL
NL
NL
0.82
0.80
0.81
1.07
0.82
Low
Low
Low
-Avg
-Avg
15.85
18.56
16.39
31.00
11.72
0
0
0
0
0
0
2
1
0
2
6
5
12
6
5
5.75
5.75
NL
NL
NL
0.87
0.82
NA
0.37
0.47
Avg
Avg
—
Low
Low
11.82 4,065.6
13.64 2,115.5
6.95
193.4
8.35
550.0
17.63 1,892.9
Management Team
Management Team
Freeman/Fassnacht (1.2/1.2)
Minerva Butler (0.3)
Management Team
4 96
0 100
3 96
4 94
0
0
0
0
0
0
2
2
0
0
8
6
NL
NL
NL
NL
0.51
0.22
0.41
0.40
Low
Low
Low
Low
9.00
438.8
13.85 2,094.5
11.45 10,717.7
19.98 17,405.1
Darnell/Soucy (2.7/2.7)
Management Team
Management Team
159
5
92
0
3
3
—
1.62
89
330
121
4
53
7
0
6
0
4
93
99
94
99
95
0
0
0
0
0
0
1
0
1
2
0
0
6
1
2
5.50
2.00r
Clsd
NL
NL
1.17 b
1.50
1.22
1.37 b
1.05
Avg
-Avg
+Avg
-Avg
-Avg
6.96 1,662.5
3.50
165.8
18.77 1,923.2
31.64 3,150.0
11.44
272.9
Management Team
Small Jr./Stowers III (3.3/3.3)
Andrew C. Stephens (5.7)
Ronald Baron (15.7)
John C. Lui (5.9)
141
115
87
385
292
284
79
47
280
200
0
15
5
3
6
97
85
95
80
80
0
0
0
13
7
3
1
0
3
6
4
1
1
2
1
NL
4.75
5.75
NL
NL
1.06
1.50 b
1.45 b
0.85
0.87
-Avg
+Avg
Avg
—
Low
17.56 3,195.0
30.74 1,620.2
13.38
667.6
7.00
148.3
15.74 5,081.8
Management Team
Management Team
Management Team
Management Team
Beso Sikharulidze (1.7)
258
187
144
108
47
81
2
9
1
96
90
95
0
0
0
2
1
5
2
2
2
Clsd
5.75
Clsd
0.98
0.89 b
1.21 b
-Avg
—
—
21.09 2,476.7
21.39 5,316.0
10.45 3,289.8
Neal P. Miller (10.2)
Management Team
Timothy J. Miller (9.2)
Healthcare
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
d
b
r
w
NA
Clsd
—
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
—
14,520.6
44,832.3
41,213.6
1,305.2
4,300.1
—
0.65 b
0.57 b
0.65
0.77
1.08
Sectors
r
t
y
u
29
Operations
518.5
8,794.8
1,630.9
1,313.2
1,353.1
493.2
Management Team
Management Team
Management Team
Gerber/Ngim (7.5/3.2)
Management Team
Management Team
Management Team
Cunningham/McAllister (5.5/2.9)
Goldfarb/Ruane (4.7/32.7)
Burn III/Kane Jr. (17.8/17.8)
Thomas J. Huber (2.9)
Brian C. Rogers (17.4)
Anna M. Dopkin (0.3)
Torray/Eby (12.2/11.2)
Byrne/Sill (0.7/0.7)
—
30
Morningstar 500
Domestic Equity
Mid-Cap Growth (cont’d)
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
—
Historical Risk
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
1.15 (59)
Risk
relative
to
category
-3.0 -23.7 -24.2
-3.1
6.4
—
—
—
—
—
—
0.0
—
-30
22.5
QQ
NR
QQQQQ
] QQQQ
QQQ
-1.9
-4.1
-0.1
-1.6
-2.8
-18.6 -38.6
-29.2
—
-4.0
4.3
-25.3 -27.6
-26.1 -29.3
-3.8
—
—
-1.9
-6.1
5.8
—
—
9.9
6.2
24
71
4
17
44
16
87
1
67
73
92
—
1
62
71
56
—
—
44
70
58
—
—
11
50
-Avg
Avg
High
Low
Low
0.0
0.0
0.0
0.0
0.0
0.8
NA
NA
2.6
2.3
-40
—
—
-28
-32
22.23
—
18.89
21.23
24.73
1.18
—
0.82
1.18
1.42
(45)
(—)
(72)
(64)
(68)
+Avg
—
Low
Avg
+Avg
RS Emerging Growth
LRS MidCap Opport
LT. Rowe Price Mid Gr
LTurner Midcap Growth
Vanguard Mid Cap Growth
QQ
QQQQ
QQQQQ
QQQ
QQQQ
-7.1
-1.6
-3.4
-1.1
-1.9
-34.1
-20.4
-19.2
-25.2
-22.6
-39.6
-20.4
-7.7
-30.1
-24.0
-0.1
-0.6
2.2
3.1
4.2
9.4
—
12.5
—
—
98
18
58
13
23
94
25
18
67
41
92
35
8
74
45
27
31
16
12
9
18
—
5
—
—
Low
Avg
High
-Avg
Avg
0.0
0.0
0.0
0.0
0.0
1.1
4.0
0.7
1.3
1.8
-39
-27
-19
-33
-30
27.19
19.32
21.25
28.62
27.02
1.44
1.02
1.10
1.50
1.25
(46)
(67)
(85)
(58)
(51)
+Avg
-Avg
-Avg
+Avg
+Avg
Mid-Cap Blend
—
-4.5 -18.9
-5.4
0.5
9.4
—
—
—
—
—
—
0.2
—
-23
19.2
Ariel Appreciation
Dreyfus Midcap Value
Fairholme
FAM Value
Fidelity Leverage Co Stk
QQQQ
QQ
QQQQQ
QQQQ
NR
-8.9 -22.4
-2.6 -27.5
-7.8 -9.4
-5.1 -13.3
0.1
8.6
9.8
1.5
15.6
12.0
—
4.2
2.0
—
3.7
—
10.9
—
—
9.4
—
99
12
97
63
1
76
93
4
13
1
3
17
1
2
—
18
37
—
27
—
25
—
—
58
—
High
Avg
High
High
Avg
0.0
0.0
0.2
0.3
0.0
1.5
2.6
NA
1.4
NA
-16
-32
—
-17
—
19.33
36.50
16.05
15.59
—
0.68
1.59
0.27
0.47
—
(52)
(77)
(13)
(40)
(—)
Avg
High
Low
Low
—
First Eagle Fund of Am Y
Gabelli Asset
Gabelli Value A
Janus Special Equity
Legg Mason Opp Prim
QQQQQ
QQQQ
QQQQ
QQ
QQ
-2.4
-6.0
-5.1
-2.1
-2.1
-10.7
1.4
-18.7 -6.1
-19.0 -5.9
-22.9 -10.8
-10.6 -5.6
4.3
2.0
3.1
—
—
13.7
10.4
12.5
—
—
10
90
64
9
9
5
47
50
79
5
18
61
59
77
57
17
38
30
—
—
1
39
6
—
—
High
Avg
Avg
-Avg
Avg
0.0
0.0
0.0
0.1
0.6
1.1
1.5
1.6
NA
NA
-15
-17
-23
—
—
11.73
15.29
18.55
19.08
29.90
0.49
0.78
0.90
0.96
1.36
(63)
(82)
(75)
(75)
(72)
Low
-Avg
Avg
Avg
High
QQQ
QQQQQ
QQQQQ
[ QQ
QQQ
-3.3
-3.7
-2.9
-5.4
-5.4
-6.3 -7.8
-19.9 -2.5
-11.7
4.6
-28.3 -10.7
-26.6 -0.3
4.2
3.5
14.4
-1.0
-2.4
11.2
11.6
—
—
10.2
23
31
14
76
80
3
64
8
95
92
68
30
10
76
23
21
28
1
64
75
17
12
—
—
47
Avg
Avg
High
Avg
Avg
0.0
0.8
0.0
0.0
0.0
1.5
1.5
1.2
2.5
0.5
-26
-16
-21
-24
-19
25.24
16.63
16.77
20.56
19.29
1.17
0.80
0.66
1.03
0.82
(69)
(80)
(60)
(74)
(65)
High
-Avg
-Avg
+Avg
Avg
QQQQ
QQQQQ
QQQQ
QQ
QQQ
-7.9
-4.1
-0.4
-5.6
-1.8
-25.7
0.4
-18.3
2.1
-21.9 -2.7
-20.3 -12.5
-17.0 -8.6
6.1
8.3
5.4
-2.6
1.5
—
—
12.3
7.4
10.6
97
40
1
84
6
89
43
75
66
31
20
15
31
79
70
7
4
11
77
44
—
—
9
83
34
+Avg
Avg
Avg
-Avg
-Avg
0.0
0.0
0.4
0.0
0.0
3.2
4.0
2.9
1.7
2.2
-23
-19
-24
-21
-21
27.37
22.14
21.81
18.93
20.81
1.23
0.98
1.04
1.02
1.07
(76)
(74)
(78)
(82)
(82)
High
+Avg
+Avg
Avg
+Avg
-3.2
-3.5
-3.1
-4.8
-5.3
-26.5 -9.3
-26.3 11.8
-26.4 -16.1
-18.2 -19.3
-18.8 -3.0
0.9
8.9
11.8
-3.6
—
9.8
—
—
7.0
—
21
26
16
53
70
91
89
90
41
48
73
2
87
95
34
47
2
1
81
—
50
—
—
86
—
-Avg
+Avg
Low
-Avg
+Avg
0.0
0.0
0.1
1.0
1.0
1.9
1.2
1.2
2.0
NA
-22
-29
-24
-27
—
20.38
31.56
21.57
21.46
19.88
1.07
1.28
1.21
1.04
0.96
(84)
(76)
(84)
(59)
(79)
+Avg
High
+Avg
+Avg
Avg
2.0
—
12
14
22
37
—
High
1.0
1.6
-24
16.20
0.76 (77)
-Avg
Janus Enterprise
Janus Orion
Liberty Acorn Twenty Z
Morgan Stan Ins MidGr
Putnam Vista A
Legg Mason Spec Invt Pr
MainStay MAP I
Meridian Value
Morgan Stan Ins USMdCrIns
LOak Value
Olstein Finan Alert C
PBHG Mid Cap Value
Salomon Bros Capital O
LSelected Special
Strong Adv Common Stk Z
Strong Opportunity Inv
TCW Galileo Val Opport I
LVanguard Cap Opp
Vanguard ExtMktIdx
LVanguard Mid Cap Idx
QQQ
QQQQ
QQQQ
QQ
[ QQQ
Vanguard Strategic Eq
QQQ
-2.7 -14.2
Mid-Cap Value
—
0.0
0.90 (71)
—
-5.1 -17.8
4.1
1.0
9.2
—
—
—
—
—
—
0.6
—
-22
18.8
AmCent Equity Income Inv
AmCent Value Inv
Artisan Mid Cap Value
LBerger Mid Cap Value
Columbia Strategic Val Z
QQQQQ
[ QQQ
NR
QQQQ
NR
-4.8 -9.9
-6.2 -18.1
-2.4 -7.4
-3.2 -15.7
-4.6 -13.7
10.9
8.6
—
9.4
—
5.9
1.4
—
—
—
—
—
—
—
—
46
75
7
19
43
10
55
6
41
21
16
24
—
21
—
8
47
—
—
—
—
—
—
—
—
High
+Avg
Avg
High
+Avg
2.5
1.1
0.0
0.2
0.9
2.9
2.4
NA
NA
NA
-12
-17
—
—
—
13.67
18.40
—
21.61
—
0.53
0.71
—
0.86
—
(64)
(63)
(—)
(67)
(—)
Low
Avg
—
+Avg
—
Delphi Value Retail
Fidelity Value
LLongleaf Partners
Masters’ Select Value
[ QQ
] QQQQ
QQQQ
NR
-4.5
-4.7
-2.3
-7.0
1.3
7.3
10.8
—
—
1.2
5.0
—
—
10.2
13.4
—
38
44
6
86
39
37
16
57
73
25
16
—
—
52
13
—
—
29
3
—
Avg
High
+Avg
-Avg
0.0
0.8
0.4
0.0
NA
1.7
2.1
NA
—
-22
-18
—
19.68
19.53
18.11
—
0.74
0.70
0.60
—
(51)
(52)
(47)
(—)
Avg
Avg
Avg
—
-5.2 -18.7 -3.1
-4.4 -15.8
5.4
-5.3 -26.8 -27.5
4.0
1.1
-8.9
11.4
10.1
2.5
S&P MidCap 400 Index
Russell MidCap Value Index
Russell 2000 Growth Index
E New this month
LAnalyst Picks
-15.5
-15.4
-12.6
-18.3
0.74 (60)
—
—
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
20.8
2.2
3,644
i 19
o 15 p 12
8
8
8
8
8
19.2
18.8
20.7
23.0
21.3
2.3
1.6
2.4
2.8
2.3
4,688
8,866
3,343
3,642
5,192
a
u
i
o
i
22
23
26
22
25
i
a
a
i
o
18
18
19
21
17
p
o
p
p
t
9
8
8
8
8
30.7
17.4
19.7
24.7
25.5
2.0
1.8
2.5
2.7
3.0
799
2,678
3,218
4,093
3,617
i
i
i
i
i
27
22
20
24
21
t
t
p
o
o
21
17
20
16
21
o
o
o
t
t
—
15.2
1.6
3,801
5
5
4
5
5
13.6
11.2
20.5
17.5
8.2
2.1
1.0
1.9
2.0
0.2
5,080
4,084
14,657
2,010
2,758
5
5
5
5
5
14.9
16.5
16.1
15.1
6.4
2.2
1.2
0.9
1.4
0.8
8
5
5
5
4
11.0
15.6
16.9
10.9
14.0
5
5
5
5
5
Total
# of
Holdings
Turn
over
%
—
159
5
92
0
3
3
—
16
17
17
11
12
100
38
25
125
196
85
206
82
145
89
14
13
5
2
2
86
86
95
97
95
0
0
0
0
0
0
1
0
1
3
2
7
0
1
2
NL
NL
NL
NL
5.75
0.90
1.03
1.34
0.61
1.00 b
Low
—
—
Low
—
22.51 1,509.9
4.03
363.4
14.02
91.4
11.89
446.6
5.82 2,072.4
Jonathan D. Coleman (1.2)
Ron Sachs (2.7)
John H. Park (4.3)
Management Team
Management Team
16
14
14
16
16
143
79
134
121
64
148
409
43
336
149
4
6
5
0
6
95
88
95
99
93
0
3
0
0
0
1
3
0
1
1
6
7
4
1
7
Clsd
NL
NL
NL
NL
1.37 b
1.47 b
0.89
1.04
1.39
-Avg
Avg
Low
-Avg
—
17.79 1,243.1
7.18
84.3
29.99 5,707.9
14.55
484.6
9.90
37.3
James L. Callinan (6.7)
John L. Wallace (7.7)
Brian W.H. Berghuis (10.7)
Management Team
Management Team
a 19
i 12 o 11
—
107
6
90
1
3
4
—
p
a
a
a
u
24
18
83
42
25
s
t
s
d
y
19
16
7
18
17
a
i
t
o
a
19
13
4
9
16
44
143
27
46
61
28
177
42
10
203
2
0
21
8
8
98
99
72
92
89
0
0
5
0
2
0
1
2
0
1
0
8
10
0
2
NL
Clsd
NL
NL
1.50r
1.26 b
1.20
1.00 b
1.21
0.93
—
-Avg
—
-Avg
—
30.11 1,352.9
17.08
674.4
13.92
40.7
31.98
586.5
10.01
113.0
John W. Rogers Jr. (0.4)
Higgins/Ferguson (7.4/2.0)
Berkowitz/Pitkowsky (3.2/1.2)
Putnam/Fox (16.2/2.8)
David Glancy (2.2)
3,110
5,912
4,320
5,920
2,275
i
s
u
s
a
36
21
38
24
23
d
u
d
u
o
16
20
14
18
14
s
d
y
a
y
14
18
13
15
13
56
412
159
38
40
51
15
29
77
60
15 83
0 94
2 97
0 100
1 76
1
0
0
0
22
1
5
1
0
1
2
9
7
17
5
NL
NL
5.50
NL
1.00d
1.51
1.36 b
1.39 b
0.91
1.89 b
—
Avg
Avg
-Avg
Avg
19.55
471.1
26.56 1,393.4
13.10
953.7
6.91 1,232.5
8.06 1,413.9
Levy/Cohen (15.9/13.4)
Mario J. Gabelli (17.0)
David C. Decker (3.0)
William H. Miller III (3.2)
1.2
1.4
1.8
1.0
1.3
3,295
5,291
2,852
2,539
6,236
a
d
i
a
a
23
19
22
20
32
p
a
o
i
u
22
18
15
13
27
o
i
d
p
p
15
17
12
11
14
39
255
82
209
27
37
19
54
176
63
2 87
8 88
5 95
0 99
0 100
8
2
0
0
0
3
3
0
1
0
4
2
5
2
0
NL
NL
NL
NL
NL
1.79 b
1.00
1.12
0.86
1.23
Avg
-Avg
-Avg
—
Avg
28.65 2,020.5
21.21
119.3
27.28 1,195.0
13.73
653.5
20.38
202.9
Lisa O. Rapuano (3.2)
Management Team
O’Boyle/Aster Jr. (7.7/9.1)
Management Team
Brumley III/Carr Jr. (10.1/10.1)
15.6
14.8
12.6
16.9
14.5
1.4
1.6
1.1
1.9
1.4
1,743
3,598
8,571
3,647
3,513
o
a
a
a
f
26
20
22
21
14
a
i
t
p
i
18
13
21
15
13
t
o
o
s
a
17
13
16
13
13
108
95
74
62
78
107
248
72
117
89
0 0
0 0
6 11
0 1
0 3
0
0
3
8
5
2.50d
NL
Clsd
NL
Clsd
2.18 b
1.31
0.67
1.15 b
1.30
—
Avg
-Avg
-Avg
-Avg
11.07
913.8
12.25
288.2
19.01
187.8
8.13
56.2
15.68 1,286.9
Bob Olstein (7.5)
Jerome J. Heppelmann (3.7)
Margolies/Donahue, Jr. (8.2/4.7)
Management Team
Weiss/Miletti (12.0/1.4)
4
5
5
5
5
15.3
17.7
15.8
15.5
15.9
1.4
1.4
1.5
1.4
1.7
8,025
2,320
4,352
1,445
2,092
u
t
t
a
a
15
18
22
29
19
d
a
i
i
i
13
15
20
11
12
t
i
p
o
o
12
75
12
58
13 121
10 3,228
11 404
88
85
20
24
24
0
0
0
0
0
1
0
3
1
1
3
0
6
0
0
NL
NL
1.00r
NL
NL
1.30
0.95
0.60
0.25
0.25
Avg
-Avg
Low
Low
Low
27.78
13.24
16.48
17.85
9.36
2,404.3
355.0
3,245.3
2,562.1
2,238.7
Weiss/Miletti (12.0/1.4)
Schottenfeld/Galluccio (5.3/5.3)
Management Team
5
14.9
1.9
3,045
a 20
o 14 i 14
223
0
1
0
NL
0.50
Low
12.75
912.1
—
13.8
1.4
5,293
a 23
d 16 s 12
1
2
5
—
1.44
—
709.3
—
2
2
5
2
2
14.1
14.4
12.9
12.8
14.6
2.3
2.0
1.6
1.3
1.3
7,630
7,755
2,942
1,796
5,193
d
a
a
a
d
30
20
28
25
23
a
d
f
f
a
17
19
17
14
15
s
s
s
o
s
15
12
15
11
11
11 17
0 6
0 0
0 0
0 3
5
4
6
6
12
NL
Clsd
NL
NL
NL
1.00
1.00
NA
1.17 b
1.13
-Avg
-Avg
—
Avg
-Avg
6.22 1,234.9
5.58 1,546.8
9.95
20.3
14.24
950.1
12.53
182.2
Davidson/Moore (8.6/4.1)
Davidson/Moore (9.5/4.1)
Kieffer/Satterwhite (1.3/1.3)
Management Team
Robert A. Unger (2.3)
5
2
4
1
14.1
15.1
18.0
11.3
1.4
1.4
0.9
1.3
3,751
3,645
6,366
9,941
a
a
u
a
36
20
27
33
u
d
o
u
18
19
17
16
f
p
a
o
12
11
15
15
4
3
13
15
NL
NL
NL
2.00r
1.64 b
0.95
0.94
1.35
Avg
Low
Low
—
11.38
43.6
44.22 4,753.0
21.72 5,052.0
9.12
126.1
Scott M. Black (4.2)
Richard B. Fentin (7.0)
Management Team
Multiple Managers
i
o
p
a
Healthcare
Equity Style Box
Val Blnd Grth
Recent
Composition %
31
Operations
7
2
15
3
12
93
98
68
95
84
12 87
0 100
6 91
1 98
0 99
73
3
96
—
83
5
92
90
78
49
109
198
169
150
NA
65
278
6
7
7
12
11
66
87
93
88
86
81
285
25
43
29
42
18
33
0
2
2
6
93
94
92
88
0
0
0
4
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
7
3
6
2
Sales
Charge Expense Cost
%
Ratio
Rating
d
b
r
w
NA
Clsd
1.62
1.42
—
—
—
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
NAV
—
—
Assets
01-31-03
($Mil)
493.2
388.9
—
—
32
Morningstar 500
Domestic Equity
Mid-Cap Value (cont’d)
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
—
-5.1 -17.8
Historical Risk
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
0.74 (60)
Risk
relative
to
category
4.1
1.0
9.2
—
—
—
—
—
—
0.6
—
-22
18.8
Muhlenkamp
Mutual Beacon A
Mutual Qualified A
Mutual Shares A
Oakmark Select I
QQQ
QQQQ
[ QQQ
QQQQ
QQQQQ
-5.0
-3.3
-2.9
-2.5
-1.9
-23.2
-14.5
-15.5
-13.0
-14.2
-1.5
2.9
3.8
3.9
12.6
2.5
3.2
2.3
2.6
11.7
11.1
—
—
—
—
52
22
13
8
2
81
29
40
18
25
84
60
50
48
8
32
26
35
31
1
22
—
—
—
—
Avg
Avg
Avg
+Avg
High
0.0
1.4
1.5
1.2
0.1
0.3
2.4
2.2
2.3
1.3
-25
-18
-18
-17
-19
26.37
13.07
13.96
13.47
20.02
1.14
0.52
0.56
0.54
0.72
(68)
(60)
(60)
(60)
(57)
High
Low
Low
Low
Avg
—
LT. Rowe Price Mid Val
T. Rowe Price Value
LTweedy, Browne American
Vanguard Selected Value
Weitz Partners Value
[ QQQQ
QQQ
QQQ
QQQ
QQQQQ
-5.8
-7.1
-4.6
-5.7
-5.3
-15.3
-22.7
-18.2
-17.9
-19.5
9.8
1.1
1.1
10.1
1.6
4.4
-0.1
-0.3
-1.6
7.0
—
—
—
—
13.9
69
87
43
65
57
36
79
56
53
64
20
74
74
19
71
18
66
69
80
4
—
—
—
—
1
High
-Avg
-Avg
High
Avg
0.8
1.0
0.5
2.2
0.3
1.6
1.7
0.9
0.8
1.2
-19
-19
-17
-31
-17
18.88
20.24
12.95
21.12
16.92
0.76
0.89
0.47
0.71
0.66
(69)
(72)
(48)
(49)
(55)
Avg
+Avg
Low
+Avg
-Avg
Avg
LWeitz Value
QQQQQ
-4.9 -19.4
2.0
6.8
13.2
51
63
70
5
5
Avg
0.7
1.6
-17
17.33
0.67 (55)
Small Growth
—
-5.5 -26.0 -21.4
-3.4
5.9
—
—
—
—
—
—
0.0
—
-30
24.5
1.12 (51)
Amer Funds Sm World A
Artisan Small Cap
LBaron Growth
Baron Small Cap
Bjurman, Barry MicroCp Gr
QQQ
QQQ
QQQQQ
QQQQ
QQQQQ
-4.9
-4.2
-4.5
-2.7
-6.4
-21.9 -25.1
-23.8 -12.1
-14.9 -2.2
-13.5 -8.1
-16.8 -3.5
-4.7
-5.8
4.9
4.2
16.7
5.5
—
—
—
—
37
21
28
6
72
26
37
4
3
7
62
21
4
13
6
58
65
11
12
1
54
—
—
—
—
Avg
+Avg
+Avg
High
High
0.0
0.0
0.0
0.0
0.0
1.0
0.7
0.9
0.2
0.6
-25
-27
-25
-28
-25
19.12
24.27
19.95
21.20
30.29
0.97
1.13
0.80
0.82
0.89
(55)
(63)
(55)
(46)
(31)
-Avg
Avg
Low
-Avg
+Avg
Bogle Small Cap Gr Inv
Brazos Micro Cap Y
Brown Cap Small Co Instl
LBuffalo Small Cap
Columbia Small Cap Z
QQQQQ
] QQQQQ
QQQQ
QQQQQ
QQQQ
-3.4
-5.3
-3.7
-8.1
-1.8
-20.0 -2.4
-35.7 -15.3
-34.2 -15.8
-31.3 -2.3
-22.1 -20.0
—
8.2
3.1
—
1.1
—
—
10.8
—
—
13
47
16
93
3
18
90
87
80
27
5
26
28
5
40
—
5
13
—
19
—
—
9
—
—
High
Avg
+Avg
+Avg
Avg
0.0
0.0
0.0
0.0
0.0
NA
2.8
0.7
NA
0.9
—
-27
-28
—
-26
20.02
26.51
29.20
26.48
21.70
0.82
0.88
1.17
0.99
1.01
(57)
(31)
(46)
(50)
(53)
Low
Avg
+Avg
Avg
-Avg
FBR Small Cap Value A
Fidelity Adv Small Cap T
Fidelity Small Cap Indep
Fidelity Small Cap Stock
Fidelity SmCp Retirement
QQQQQ
QQQ
QQQQ
QQQQ
NR
-1.2
-5.9
-5.3
-6.5
-5.3
-1.3
7.1
-22.9 -16.4
-21.7 -7.6
-19.6 -7.0
-22.0
—
6.2
—
-3.6
—
—
—
—
—
—
—
3
61
45
75
45
1
32
25
17
26
1
30
12
11
—
8
—
48
—
—
—
—
—
—
—
High
+Avg
+Avg
High
+Avg
0.0
0.0
0.0
0.0
0.0
0.4
NA
0.6
NA
NA
-24
—
-27
—
—
21.20
23.15
17.50
19.32
—
0.73
1.02
0.57
0.81
—
(48)
(52)
(33)
(55)
(—)
Low
Avg
Low
Low
—
FMI Focus
Forward Hoover Sm-Cp Eq
Fremont U.S. Micro-Cap
Henlopen
INVESCO Small Co Gr Inv
QQQQQ
QQQQQ
QQQQ
QQQ
QQQ
-5.1
-3.4
-3.7
-5.7
-4.6
-23.8 -8.6
-19.4 -3.6
-26.5 -23.3
-15.6 -24.4
-24.6 -27.5
12.1
—
6.6
0.8
-2.6
—
—
—
11.4
7.6
43
12
17
56
28
37
16
54
5
42
14
6
54
59
69
2
—
7
21
41
—
—
—
8
32
High
High
Avg
+Avg
Low
0.0
0.0
0.0
0.0
0.0
1.9
NA
3.1
0.9
2.1
-23
—
-33
-35
-29
24.89
23.28
27.82
29.34
26.08
1.17
0.98
1.18
1.29
1.26
(69)
(61)
(44)
(46)
(51)
Avg
-Avg
+Avg
+Avg
+Avg
Janus Venture
Liberty Acorn Z
Liberty Acorn USA Z
LManagers Special Equity
Morgan Stan Ins SmGr
QQ
QQQQQ
QQQQ
QQQQ
QQ
-7.8
-3.9
-2.8
-6.6
-5.0
-26.2 -35.8
-14.8 -2.4
-19.0 -4.6
-22.2 -18.7
-22.9 -29.9
-2.4
5.5
1.1
-0.8
—
5.1
11.6
—
9.1
—
91
19
6
77
41
53
4
14
28
33
92
5
8
39
78
39
10
18
31
—
62
5
—
21
—
Avg
+Avg
High
+Avg
-Avg
0.0
0.0
0.0
0.0
0.0
1.9
1.8
0.9
1.0
NA
-42
-21
-23
-24
—
27.24
18.66
21.21
22.14
25.39
1.24
0.72
0.82
1.04
1.20
(38)
(50)
(50)
(56)
(46)
+Avg
Low
-Avg
Avg
Avg
Needham Growth
Neuberger Ber Fasciano In
LRS Diversified Growth
Strong U.S. Emerging Gr
T. Rowe Price New Horiz
QQQQQ
QQQQQ
QQQ
QQ
QQQ
-1.0
-7.6
-12.6
-6.4
-4.2
-25.7
-18.3
-36.9
-28.1
-22.5
-13.3
-0.1
-33.1
-28.3
-17.9
10.8
-1.3
1.5
—
-2.8
—
8.7
—
—
9.4
3
88
99
71
21
49
11
95
66
31
23
3
87
72
37
2
34
17
—
42
—
22
—
—
18
+Avg
+Avg
Avg
Avg
+Avg
0.0
0.0
0.0
0.0
0.0
1.1
0.5
1.9
NA
1.5
-26
-18
-35
—
-25
27.53
16.89
26.15
30.67
26.79
1.22
0.64
1.36
1.33
1.27
(57)
(50)
(52)
(42)
(60)
Avg
Low
+Avg
+Avg
Avg
QQQQ
QQQQ
QQQQQ
QQQQ
[ QQQQ
-5.6
-5.5
-9.8
-11.0
-6.6
-24.2 -13.4
-17.4 -12.3
-29.7 11.3
-19.1 -0.4
-16.4 -4.8
1.0
—
7.2
7.7
—
8.1
—
14.2
11.4
—
55
51
97
98
78
38
8
73
14
7
23
21
1
3
9
19
—
6
5
—
28
—
1
6
—
+Avg
High
High
High
High
0.0
0.3
0.0
0.0
0.0
2.0
NA
1.0
1.9
NA
-25
—
-27
-27
—
22.87
20.99
30.52
37.54
32.27
1.04
0.84
1.03
1.42
1.21
(59)
(45)
(52)
(57)
(50)
-Avg
-Avg
+Avg
High
+Avg
-5.7 -22.1 -13.4
-4.1 -22.7 -13.7
-6.1 -18.4
4.1
-3.6
-3.0
0.6
6.4
8.7
9.6
Vanguard Explorer
Vanguard SmCp Gr Idx
Wasatch Core Growth
Wasatch Ultra Growth
LWilliam Blair Sm-Cp Gr N
Russell 2000 Index
S&P 500 Index
E New this month
LAnalyst Picks
—
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
13.8
1.4
5,293
a 23
d 16 s 12
5
1
2
2
4
8.5
15.0
15.5
12.7
12.1
1.3
1.5
1.3
1.4
1.6
2,776
4,490
4,289
5,463
7,770
a
a
a
a
o
22
23
30
27
27
o
s
s
s
a
20
19
11
19
22
s
d
u
u
p
2
1
5
2
5
14.2
14.8
13.5
11.3
14.7
1.3
1.2
1.6
1.3
0.7
3,099
10,419
4,897
3,206
5,807
a
a
a
a
a
20
21
50
21
39
d
d
s
s
u
19
18
15
20
23
g
u
i
d
y
5
14.5
0.7
5,081
a 44
u 21 y 17
62
13
9
87
4
—
19.9
1.8
801
i 20
o 14 p 14
—
129
5
94
0
9
9
9
9
9
21.1
17.4
22.5
27.8
18.4
1.6
1.3
1.8
2.1
1.9
768
591
951
1,149
241
o
i
o
o
i
21
17
34
31
21
i
t
p
p
p
13
16
19
30
16
a
o
i
i
o
11
16
11
14
12
403
76
86
73
163
60
140
6
56
105
9
3
0
0
2
91
97
99
96
97
0
0
0
0
0
6
9
9
9
9
14.8
17.2
23.9
15.8
21.3
1.4
2.1
1.5
1.7
1.8
633
455
501
1,000
1,356
a
i
i
o
i
19
25
40
33
25
i
o
r
i
p
16
20
24
17
17
t
a
p
s
o
13
16
13
16
15
188
45
55
58
121
126
71
7
6
129
0 100
18 82
8 92
3 97
5 95
9
9
9
6
9
10.7
15.3
18.1
18.7
18.1
0.9
1.4
1.9
1.1
1.9
667
986
1,043
667
1,045
s
s
i
d
i
24
16
30
21
30
o
p
a
i
a
23
16
19
17
19
a
o
d
o
d
18
15
14
16
14
38
167
200
209
199
26
43
329
132
338
38
7
6
5
5
6
9
9
9
9
16.6
18.0
22.0
13.1
21.0
1.4
1.6
1.1
1.4
2.0
1,054
881
225
563
957
d
o
t
i
o
22
15
33
26
18
a
p
p
f
i
12
14
14
17
18
t
a
i
o
p
12
13
14
13
17
93
84
87
73
137
165
140
90
288
99
9
9
9
9
9
23.2
15.3
15.8
15.9
20.7
1.6
1.8
1.6
1.2
2.2
565
1,016
820
819
1,009
i
a
i
o
o
24
21
20
19
18
p
p
r
a
i
23
15
16
13
16
o
o
p
p
p
20
13
16
13
14
84
354
92
323
121
6
9
9
9
9
21.6
15.5
13.7
33.1
19.9
1.1
1.7
1.1
2.6
1.8
896
820
351
873
1,076
t
u
p
o
i
37
16
20
33
22
f
p
i
i
o
20
15
16
19
20
d
d
o
p
p
15
15
14
19
16
9
9
9
9
9
17.1
19.5
9.6
23.9
22.2
1.5
2.6
1.2
1.6
1.8
857
889
1,021
644
370
i
i
i
i
p
20
18
28
44
26
o
o
a
t
o
14
15
26
29
19
t
d
o
p
i
13
15
24
12
16
17.1
2.2 41,996.9
i
o
p
a
Healthcare
Equity Style Box
Val Blnd Grth
Recent
Composition %
Total
# of
Holdings
Turn
over
%
—
83
5
92
1
2
5
—
19
13
11
12
21
82
327
334
353
25
11
55
53
53
21
2
15
17
23
3
95
75
73
60
93
0
5
9
8
4
3
6
1
9
0
3
31
25
17
0
NL
5.75
5.75
5.75
Clsd
1.17
1.14 b
1.14 b
1.12 b
1.08
-Avg
Avg
Avg
Avg
-Avg
40.75
555.9
10.90
890.8
13.51
435.4
16.36 1,521.2
23.38 3,983.6
Ronald H. Muhlenkamp (14.3)
Winters/Haynes (5.0/1.6)
Jeff Diamond (1.6)
Management Team
Nygren/Berghoef (6.3/3.0)
12
10
11
16
18
108
104
93
40
54
51
30
6
67
10
5
3
8
3
9
94
97
92
94
86
1
0
0
0
5
1
0
1
3
0
6
4
17
0
0
NL
NL
NL
1.00r
NL
0.96
0.95
1.36
NA
1.08
-Avg
Low
-Avg
Low
Low
14.13
993.6
14.45 1,109.2
18.55
717.0
10.81 1,056.8
16.25 2,993.2
David J. Wallack (2.2)
Brian C. Rogers (8.4)
Management Team
Barrow/Giambrone (3.9/0.2)
Wallace R. Weitz (19.8)
0
0
NL
1.06
Low
26.54 4,308.0
1
2
—
1.68
—
1
0
1
4
1
39
1
4
0
4
5.75
NL
NL
NL
NL
1.17 b
1.31
1.35 b
1.35 b
1.80 b
-Avg
-Avg
-Avg
-Avg
Avg
16.95 6,021.4
9.47
154.2
25.68
941.0
13.01
800.5
19.01
377.3
Management Team
Ziegler/Carlson (7.9/3.9)
Ronald Baron (8.2)
Clifford Greenberg (5.4)
Management Team
0
0
0
0
0
0
0
0
0
0
1
3
0
7
5
Clsd
Clsd
NL
NL
Clsd
1.35
1.42
1.24
1.01
1.23
Avg
-Avg
-Avg
Low
-Avg
16.00
11.19
20.20
13.60
16.00
76.8
205.8
372.6
671.4
471.1
John C. Bogle Jr. (3.4)
Management Team
Management Team
Management Team
Richard J. Johnson (6.4)
62
92
93
93
94
0
0
0
0
0
0
1
1
2
1
0
3
5
15
5
1.00r
3.50
1.50r
2.00r
1.50r
1.95 b
1.57 b
0.74
1.07
0.93
High
Avg
-Avg
Low
—
22.01
49.8
13.49
542.7
12.60
744.0
11.07 1,328.8
9.73
47.4
Charles T. Akre, Jr. (6.2)
Harry Lange (4.5)
James M. Harmon (1.9)
Paul L. Antico (5.0)
James M. Harmon (2.4)
7
0
14
0
4
89
99
86
99
87
0
0
0
0
0
4
1
0
1
9
1
4
2
3
2
NL
NL
Clsd
NL
Clsd
1.50
1.65 b
1.60
1.30
1.45 b
Avg
Avg
Avg
-Avg
-Avg
21.79
11.64
18.27
14.92
7.95
598.8
117.8
378.9
76.2
714.9
Lane/Primack (5.4/1.8)
Irene Hoover (4.4)
Management Team
Hershey/Vogenitz (10.3/4.7)
Stacie Cowell (6.2)
70
20
24
62
176
2
8
8
10
3
98
83
90
88
97
0
0
0
0
0
0
9
2
1
0
5
1
0
1
0
Clsd
NL
NL
NL
NL
0.86
0.82
1.17
1.29
1.14
Low
—
—
Avg
-Avg
29.50
667.2
14.90 3,938.1
13.88
236.4
51.44 1,894.3
20.04
88.2
William H. Bales (6.1)
Wanger/McQuaid (32.8/7.8)
Management Team
Multiple Managers
Lynch/Cohen (1.1/1.1)
143
68
109
54
238
150
24
255
168
27
4
9
1
2
2
91
91
95
98
98
1
0
1
0
0
4
0
3
0
1
14
0
4
0
1
0.75r
NL
NL
NL
NL
1.87 b
NA
1.52 b
1.60
0.91
+Avg
Avg
Avg
-Avg
Low
19.73
260.1
28.13
199.9
12.37
480.4
9.38
55.9
15.91 3,264.3
Peter J.R. Trapp (5.2)
Michael F. Fasciano (14.3)
Wallace/Seabern (6.6/5.0)
Management Team
John H. Laporte (15.5)
899
212
50
60
76
77
74
51
123
147
10
0
1
2
8
90
99
97
97
91
0
0
0
0
0
0
1
1
1
1
2
0
0
9
3
NL
NL
Clsd
Clsd
1.00r
0.72
0.27
1.32
1.75
1.59 b
Low
Low
-Avg
Avg
—
42.93 3,421.8
8.67
380.5
24.06
940.5
17.52
350.1
12.81
22.0
Management Team
Stewart Jr./Taylor (16.3/4.2)
Barker/Krishnan (10.6/3.2)
Balkin/Brewer (3.2/3.2)
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
33
Operations
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
Sales
Charge Expense Cost
%
Ratio
Rating
d
b
r
w
NA
Clsd
1.44
—
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
NAV
—
—
Assets
01-31-03
($Mil)
709.3
401.0
—
Wallace R. Weitz (16.8)
—
34
Morningstar 500
Historical Risk
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
Small Blend
—
-5.8 -20.1
-2.8
0.0
7.5
—
—
—
—
—
—
Bridgeway Ult-Smll Tx Ad
Dimensional US Micro Cp
Dreyfus Emerging Leaders
LFidelity Low-Priced Stk
LFPA Paramount
QQQQQ
QQQ
QQQ
QQQQQ
QQ
-1.3
-5.0
-5.2
-5.7
-7.5
3.8
6.9
-16.2 -9.4
-20.3 -13.4
-12.4
9.6
-17.8 -1.1
8.4
2.1
1.0
5.9
-8.8
—
10.6
—
13.4
1.8
2
27
29
50
85
1
21
53
9
32
11
77
90
4
44
4
27
39
7
98
—
24
—
1
97
+Avg
+Avg
Low
+Avg
High
LKCM Small Cap Equity
Neuberger Ber Genesis In
Oppenheimer Main St Sm A
Putnam Capital Opport A
LRoyce Premier
QQQQ
QQQQQ
QQQ
[Q
QQQQ
-6.1
-3.9
-5.1
-8.1
-5.0
-18.3 -2.8
-9.0 10.6
-16.7 -1.8
-30.2 -10.4
-10.9
4.7
0.7
5.8
—
—
5.0
—
12.5
—
—
10.2
63
13
29
92
26
36
4
24
95
7
54
2
48
79
23
40
8
—
—
11
—
3
—
—
28
+Avg
High
Avg
-Avg
+Avg
State St Res Aurora A
LT. Rowe Price Sm Stk
Third Avenue Value
Vanguard SmCp Idx
Vanguard Tax-Mgd SmCap R
QQQQ
QQQQ
QQQQ
QQQ
QQQ
-7.0
-5.4
-3.9
-5.7
-6.6
-25.7
2.3
-17.2 -2.5
-17.3 -2.9
-21.6 -12.9
-19.4 -4.6
4.9
1.6
2.2
-3.0
—
—
10.7
10.2
7.2
—
81
40
12
51
72
87
28
29
65
41
32
51
54
89
58
12
33
25
75
—
—
22
30
62
—
Wasatch Small Cap Value
Weitz Hickory
Westport Select Cap R
QQQQQ
QQ
QQQQ
-7.3 -23.9
7.6
-4.4 -25.7 -13.6
-5.2 -16.5 -2.7
10.6
-2.2
8.2
—
—
—
82
17
32
78
86
23
8
91
53
2
67
5
—
—
—
Small Value
—
-6.3 -16.9
Domestic Equity
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
TaxCost
Ratio
Worst
3 month
Return
%
0.1
—
-26
20.8
0.0
0.2
0.0
0.1
0.0
0.1
2.3
0.2
1.8
0.3
-27
-27
-23
-20
-29
21.05
24.31
19.72
15.78
19.92
0.76
0.88
0.92
0.60
0.72
(52)
(41)
(60)
(61)
(46)
Avg
High
Avg
Low
-Avg
0.0
0.0
0.0
0.0
0.0
1.1
0.8
NA
NA
1.3
-23
-23
—
—
-17
14.43
16.01
23.30
30.89
17.79
0.49
0.59
0.91
1.11
0.69
(39)
(58)
(54)
(41)
(57)
Low
Low
+Avg
High
-Avg
+Avg
Avg
-Avg
Low
Avg
0.0
0.0
1.3
1.3
0.8
0.7
1.0
1.2
1.8
NA
-28
-23
-19
-26
—
22.73
18.64
15.98
20.45
20.39
0.87
0.76
0.73
0.85
0.78
(56)
(57)
(69)
(49)
(48)
+Avg
-Avg
Low
Avg
Avg
+Avg
Low
Avg
0.0
0.8
0.0
0.9
1.1
0.2
-28
-29
-21
24.70
27.02
18.56
0.83 (47)
1.15 (52)
0.78 (60)
+Avg
High
-Avg
Yield
%
Standard
Deviation
Beta (R 2)
0.80 (52)
—
5.9
0.8
9.4
—
—
—
—
—
—
0.3
—
-25
19.5
Aegis Value
AmCent Small Cap Val Inv
LAriel
Artisan Small Cap Value
Berger Sm Cap Val Instl
QQQQQ
QQQQQ
[ QQQQ
QQQQQ
QQQQQ
-7.4
-5.3
-7.8
-4.7
-4.7
-7.1
-17.0
-14.1
-10.8
-20.0
15.1
16.1
15.2
9.5
8.9
—
—
4.8
5.8
6.8
—
—
10.8
—
14.3
74
35
80
25
25
5
51
29
14
68
7
5
6
27
31
—
—
13
7
2
—
—
24
—
1
High
+Avg
+Avg
+Avg
+Avg
0.2
0.0
0.0
0.0
0.3
NA
NA
2.1
1.5
1.7
—
—
-16
-20
-22
15.79
20.66
18.46
17.22
22.71
0.40
0.69
0.47
0.57
0.83
(30)
(53)
(31)
(46)
(56)
Low
Avg
-Avg
-Avg
+Avg
Boston Part SmCp II Inv
LFPA Capital
Franklin Bal Sh Invmt A
LGabelli Small Cap Growth
Heartland Value
QQQQQ
QQQ
[ QQQQ
QQQ
QQQ
-7.8
-8.2
-5.8
-5.4
-5.5
-20.0
-12.8
-13.4
-11.9
-15.2
18.1
6.7
8.2
1.1
4.3
—
4.9
3.1
2.3
3.4
—
14.2
11.4
10.0
10.7
79
83
43
38
39
68
22
25
20
37
3
45
33
79
57
—
10
24
30
21
—
4
14
38
31
+Avg
+Avg
+Avg
-Avg
Avg
0.0
0.0
0.9
0.0
0.0
NA
2.9
1.0
1.7
1.4
—
-24
-16
-21
-25
25.80
30.29
13.96
16.81
19.68
0.71
1.13
0.45
0.68
0.67
(38)
(58)
(43)
(58)
(45)
High
High
Low
-Avg
Avg
-14.3 -28.0
-7.8 -14.3
-7.0 -21.7
-5.8
2.1
-4.9 -9.1
-9.9
4.2
4.5
18.4
9.7
—
3.0
-3.1
—
5.7
—
11.7
—
—
—
100
79
67
44
28
98
29
80
1
8
100
58
55
2
27
—
25
88
—
8
—
7
—
—
—
Low
Avg
Avg
+Avg
Avg
0.0
2.8
0.0
0.2
0.9
NA
1.7
0.7
NA
1.6
—
-16
-29
—
-14
23.01
17.70
20.92
16.05
15.08
0.74
0.56
0.77
0.40
0.51
(32)
(38)
(53)
(29)
(48)
High
-Avg
+Avg
Low
Low
-17.5
-11.6
-14.5
-20.1
-22.0
9.2
9.0
2.3
-7.2
3.5
-1.4
2.9
2.9
4.8
—
8.8
11.0
—
—
—
56
49
27
78
77
53
17
32
70
81
29
30
74
97
65
73
26
27
11
—
62
18
—
—
—
+Avg
High
Avg
Low
Avg
0.0
0.7
1.1
0.0
1.1
0.4
1.4
0.7
2.0
NA
-24
-23
-22
-28
—
21.71
16.51
18.32
22.21
22.40
0.79
0.52
0.72
0.91
0.80
(56)
(41)
(58)
(53)
(49)
+Avg
-Avg
Avg
+Avg
+Avg
ICM/Isabelle Sm Cap Invt
Longleaf Partners Sm-Cap
Oakmark Small Cap I
Royce Special Equity
LRoyce Total Return
Skyline Spec Equities
T. Rowe Price Sm Val
LThird Avenue Sm-Cap Val
Tocqueville Sm Cap Value
Vanguard SmCp Vl Idx
Q
QQQQ
QQ
QQQQQ
QQQQQ
QQQ
QQQQ
] QQQQ
QQ
[ QQ
-6.4
-6.1
-4.8
-7.8
-7.6
0.67 (47)
Risk
relative
to
category
—
Domestic Hybrid
—
-1.8 -10.0
-4.1
0.2
6.4
—
—
—
—
—
—
2.0
—
-11
10.5
Amer Funds Amer Bal A
Amer Funds Inc Fund A
Columbia Balanced Z
LDodge & Cox Balanced
Fidelity Asset Mgr
QQQQ
QQQQ
QQQ
QQQQQ
QQQQ
-2.6 -9.1
-1.5 -6.1
-1.8 -12.5
-2.9 -6.5
-1.2 -8.5
6.9
4.9
-7.4
8.3
-3.9
4.9
3.1
0.6
6.7
2.3
9.5
8.9
7.0
11.1
8.0
74
35
43
84
26
34
20
63
21
30
4
6
73
3
44
5
16
47
3
25
8
12
44
2
26
+Avg
High
Low
+Avg
Avg
3.0
5.5
2.9
3.1
3.4
2.1
2.6
1.9
2.6
2.5
-12
-10
-10
-11
-9
12.13
9.86
10.57
11.57
10.82
0.50
0.40
0.59
0.44
0.58
(69)
(62)
(95)
(59)
(91)
+Avg
Avg
Avg
Avg
Avg
Fidelity Asset Mgr: Grth
Fidelity Balanced
QQ
QQQQ
-2.3 -14.6
-2.0 -10.2
-8.3
0.3
-1.0
3.8
7.5
7.8
66
48
81
42
80
21
68
10
34
32
Avg
+Avg
3.1
2.8
2.3
2.3
-12
-11
14.45
11.07
0.80 (92)
0.56 (91)
High
Avg
-6.1 -18.4
4.1
-4.1 -22.7 -13.7
1.5
9.9 10.3
0.6
-3.0
7.6
9.6
8.7
7.3
S&P 500 Index
Lehman Bros. Agg. Bond Index
E New this month
LAnalyst Picks
0.49 (79)
—
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
15.0
1.4
855
a 18
d 15 o 12
6
6
6
6
8
—
13.4
18.0
12.3
17.6
1.1
1.1
1.6
1.4
1.9
85
198
1,133
921
1,301
a
a
d
o
t
25
16
16
23
25
p
d
a
a
d
15
16
16
16
18
6
9
9
6
6
17.6
16.7
17.3
15.6
17.8
1.6
2.0
1.9
1.3
1.6
895
1,157
564
1,217
920
p
i
a
a
d
20
16
18
19
25
d
a
d
p
i
6
6
6
6
6
16.0
17.9
15.0
14.0
15.5
1.1
1.6
1.0
1.3
1.6
675
745
2,022
533
674
d
a
a
a
d
33
19
54
23
18
t
d
t
d
o
6
6
9
8.4
8.5
17.8
0.9
0.5
1.6
314
387
1,175
a 28
a 31
a 16
o 23 s 14
y 18 u 12
i 15 u 13
—
13.1
1.2
745
d 21
a 18 s 11
3
3
6
3
6
9.2
12.5
15.3
13.8
14.3
0.6
1.3
1.7
1.2
1.3
128
708
1,205
614
806
d
a
s
d
a
38
18
20
27
22
p
d
a
f
d
14
16
19
18
20
o
i
o
a
f
14
11
17
16
12
6
5
2
6
6
11.7
18.6
11.3
14.6
12.1
0.8
0.9
0.9
1.0
1.0
396
1,347
1,182
597
254
a
o
a
d
i
31
30
30
29
26
p
d
o
s
a
17
19
23
18
16
i
t
d
u
p
3
3
6
3
6
10.8
9.5
11.7
14.0
15.4
0.8
1.1
1.0
1.7
1.6
176
1,054
454
463
947
d
d
p
s
a
45
25
20
39
28
i
o
s
d
d
16
25
17
21
24
6
6
6
3
6
12.5
15.0
16.2
20.0
12.7
1.4
1.5
1.0
1.3
1.2
948
450
639
518
499
a
a
a
d
d
27
25
37
35
20
d
d
t
s
a
22
18
27
26
18
—
16.9
2.1
26,471
1
1
4
1
4
13.9
12.9
18.0
13.8
13.6
1.4
1.2
2.3
1.6
1.3
19,981
11,811
46,847
9,802
43,093
4
4
13.7
15.2
1.3
1.6
42,449
11,701
a 25
a 25
17.1
2.2 41,996.9
Equity Style Box
Val Blnd Grth
Total
# of
Holdings
Turn
over
%
—
113
6
91
0
2
2
—
1.57
—
i
i
i
d
o
13 391
14 2,943
13
80
14 894
16
37
56
19
36
26
16
0
2
2
15
5
99
97
96
85
95
0
0
0
0
0
1
1
2
0
0
0
0
4
12
2
2.00r
NL
Clsd
3.00
5.25
0.75
0.56
1.34
0.97
1.20
—
Low
Avg
-Avg
—
8.24
99.4
8.10 1,533.0
26.33
926.8
23.74 14,348.2
7.86
93.9
John Montgomery (5.6)
Management Team
Kandel/Woods (6.3/6.3)
Joel C. Tillinghast (13.2)
Ende/Geist (2.9/2.9)
19
16
15
15
19
i
d
o
d
p
11
13
15
14
16
88
119
991
100
59
62
19
134
120
41
8
6
2
0
9
88
91
96
97
91
0
0
0
0
0
4
3
2
3
0
3
1
2
2
10
NL
Clsd
5.75
NL
1.00r
0.92
1.10
1.37 b
1.10 b
1.19
-Avg
-Avg
—
—
-Avg
14.31
193.8
18.89 1,018.1
12.02
481.5
7.00
335.1
8.92
898.0
King Jr./Purvis (8.6/5.2)
Management Team
Albers/Zavanelli (3.6/3.6)
Management Team
Management Team
17
16
16
14
14
p
p
d
i
a
12 233
14 245
16 171
12 1,976
14 602
42
17
16
39
25
1
5
1
0
0
98
95
79
99
99
0
0
14
0
0
1
0
6
1
1
5
0
16
0
0
5.75
NL
NL
NL
2.00r
1.48 b
0.98
1.07
0.27
0.20
Avg
-Avg
-Avg
Low
Low
23.99
20.35
29.28
14.77
11.84
1,290.8
3,203.6
2,158.9
2,861.1
587.1
John Burbank (1.9)
Gregory A. McCrickard (10.5)
Martin J. Whitman (12.3)
76
32
85
41
18
11
5
0
10
95
95
87
0
0
0
0
5
4
0
0
0
Clsd
Clsd
Clsd
1.92
1.25
1.24
+Avg
-Avg
Avg
3.18
17.61
15.63
442.5
314.5
304.8
Larkins/Mazanec (4.2/1.1)
Richard F. Lawson (9.9)
Knuth/Nicklin Jr. (5.2/5.2)
—
65
4
93
1
2
3
—
1.49
—
396.7
—
76
151
42
105
74
10
144
24
34
47
42
5
3
4
12
57
88
97
96
88
0
1
0
0
0
1
5
0
0
0
4
2
0
5
2
NL
Clsd
NL
Clsd
Clsd
1.50
1.25
1.19 b
1.20
0.84
Avg
-Avg
—
-Avg
Low
11.72
155.8
6.43
697.1
32.48 1,143.3
11.05
646.7
21.73 1,207.1
Management Team
Benjamin Z. Giele (4.1)
John W. Rogers Jr. (16.3)
Satterwhite/Kieffer (5.4/2.7)
Perkins/Perkins (18.1/4.2)
14
13
14
14
14
185
44
112
472
199
36
23
27
17
56
0
14
30
7
6
94
81
70
90
94
0
6
0
0
0
6
0
0
3
1
5
3
4
2
8
1.00r
5.25
Clsd
NL
1.00r
1.80 b
0.84
0.96 b
1.45 b
1.29 b
Avg
—
Avg
-Avg
-Avg
13.79
170.6
24.66
679.7
34.95 2,264.0
16.96
420.3
29.74
864.8
Dabora/Rosenbluth (4.7/1.7)
Robert L. Rodriguez (18.7)
Management Team
Nasgovitz/Miller (18.2/5.7)
t
a
a
o
p
11
24
14
21
12
48
29
50
76
348
43
40
22
124
24
0
5
3
16
9
98
78
97
84
89
0
11
0
0
0
2
7
0
0
2
3
18
2
0
5
NL
Clsd
NL
1.00r
1.00r
1.74 b
0.96
1.33
1.49
1.24
—
-Avg
-Avg
+Avg
-Avg
8.36
52.0
18.74 1,914.1
13.98
321.6
13.41
219.4
7.96
882.0
Warren J. Isabelle (5.0)
Management Team
Benson/McGregor (3.3/2.7)
Charles R. Dreifus (4.8)
Management Team
o
p
d
p
o
18
14
24
11
14
71
252
73
44
390
93
17
18
47
59
0 98
5 92
0 86
0 100
0 100
0
1
9
0
0
2
2
5
0
0
3
1
14
0
0
NL
Clsd
1.00r
1.50r
NL
1.49
0.89
1.23
1.52 b
0.27
-Avg
Low
-Avg
Avg
Low
19.53
345.1
20.61 2,301.9
12.91
383.5
11.89
47.4
7.87 1,122.1
Management Team
Preston Athey (11.5)
Curtis Jensen (5.9)
Jean-Pierre Conreur (8.6)
a 21
i 14 d 12
—
99
11
48
32
9
5
—
a
d
a
a
a
d
a
i
d
i
12 633
16 1,029
12 263
11 233
9
794
50
44
111
21
121
4
8
16
8
8
60
45
55
63
41
31 5
38 10
26 3
27 3
41 10
5
14
4
6
4
5.75
5.75
NL
NL
NL
99
150
7
6
61
57
27
35
3
4
NL
NL
17
23
23
22
25
14
22
13
21
23
i
s
d
f
u
i 23 u 9
d 13 s 13
751
956
Recent
Composition %
35
Operations
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
i
o
p
a
Healthcare
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
6
2
Sales
Charge Expense Cost
%
Ratio
Rating
d
b
r
w
NA
Clsd
1.28
—
—
NAV
—
Assets
01-31-03
($Mil)
444.0
— 1,198.7
0.68 b
0.62 b
0.67
0.53
0.71
-Avg
-Avg
Low
—
Low
13.95
14.13
17.20
58.97
13.64
0.78
0.66
-Avg
Low
11.69 3,078.6
13.03 6,480.9
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
12,422.4
19,501.8
625.1
7,884.9
9,777.6
—
—
Management Team
Management Team
Management Team
Management Team
Management Team
Management Team
Rakers/Grant (1.1/6.1)
36
Morningstar 500
Historical Risk
Morningstar
Rating
vs. Category
5best
Total Return %
02-28-03
Domestic Hybrid (cont’d)
—
-1.8 -10.0
-4.1
0.2
6.4
—
—
—
—
—
—
Fidelity Freedom 2010
Fidelity Freedom 2020
Fidelity Puritan
Franklin Income A
LGabelli Westwood Bal AAA
QQQQ
QQQ
QQQQ
QQQQ
QQQQQ
-1.0 -6.6 -4.4
-2.1 -13.4 -10.0
-3.0 -10.7
0.2
-0.7 -3.1
6.4
-2.7 -8.8
0.7
3.5
1.1
1.7
3.5
2.6
—
—
8.7
7.3
9.9
22
54
84
16
78
22
71
47
12
31
48
88
21
5
19
12
37
31
12
21
—
—
15
38
7
+Avg
-Avg
+Avg
High
+Avg
Domestic Equity
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
TaxCost
Ratio
Worst
3 month
Return
%
2.0
—
-11
10.5
2.7
2.1
3.3
8.1
2.5
1.6
1.5
2.1
3.2
1.7
-8
-13
-11
-11
-9
8.71
12.36
9.94
10.04
9.42
0.45
0.69
0.48
0.28
0.43
(85)
(90)
(83)
(31)
(73)
-Avg
+Avg
Avg
Avg
-Avg
Yield
%
Standard
Deviation
Beta (R 2)
0.49 (79)
Risk
relative
to
category
—
Gateway
George Putnam of BostonA
Janus Balanced
Merger
MFS Total Return A
[ QQQ
QQQ
QQQQQ
QQQQQ
QQQQ
-2.5 -6.8
-2.7 -10.5
-1.6 -7.7
0.4 -3.9
-2.4 -8.3
-1.8
1.7
-5.8
3.2
5.1
3.3
0.8
5.3
6.9
3.8
6.4
7.9
10.4
9.2
9.0
71
77
36
8
69
22
45
26
14
29
30
14
58
10
6
14
42
4
2
10
52
28
5
10
12
+Avg
+Avg
Avg
+Avg
High
0.8
3.6
2.7
1.5
3.2
0.6
1.9
1.3
2.8
2.4
-8
-11
-7
-9
-8
9.26
10.07
7.52
6.65
10.00
0.47
0.46
0.38
0.16
0.41
(86)
(75)
(77)
(21)
(67)
-Avg
Avg
-Avg
-Avg
Avg
Oakmark Equity & Inc I
Oppenheimer Cap Inc A
Oppenheimer Quest Bal A
LPax World Balanced
LScudder Flag Val Bldr A
QQQQQ
QQQ
] QQQQ
QQQQ
QQQ
-2.1 -4.6
0.8 -11.4
-1.0 -15.4
-1.6 -9.3
-5.2 -17.6
10.6
1.3
-1.6
-5.8
-3.6
9.6
-0.4
3.4
3.7
0.2
—
8.0
10.9
8.6
9.0
56
5
24
36
98
15
53
86
35
93
2
15
29
59
43
1
59
13
11
51
—
24
3
16
11
High
Avg
Avg
Avg
Avg
1.4
5.0
1.6
1.9
2.4
1.3
2.4
1.9
1.5
1.4
-12
-18
-17
-9
-17
10.36
15.71
14.87
8.56
16.85
0.37
0.64
0.63
0.44
0.81
(53)
(61)
(62)
(80)
(77)
Avg
High
High
-Avg
High
Scudder Total Return A
T. Rowe Price Balanced
T. Rowe Price Cap Apprec
EThompson Plumb Balanced
TIAA-CREF Managed Alloc
QQ
QQQQ
QQQQQ
QQQQQ
QQQ
-0.8 -14.6
-2.1 -9.9
-2.5 -5.4
-2.5 -11.2
-1.5 -10.7
-7.5
-3.2
12.1
3.2
-9.5
-1.1
1.3
7.8
4.9
0.6
6.0
7.6
11.4
10.4
—
17
57
72
72
33
81
40
17
51
47
74
39
2
10
86
68
36
1
5
46
64
33
1
4
—
Low
+Avg
High
+Avg
-Avg
2.5
3.1
2.0
1.7
3.9
1.7
1.4
2.5
1.8
1.5
-10
-10
-8
-12
-11
9.92
9.72
11.52
14.82
10.79
0.55
0.53
0.37
0.71
0.61
(94)
(96)
(46)
(86)
(90)
Avg
Avg
Avg
High
Avg
Van Kampen Eq and Inc A
Vanguard Asset Alloc
Vanguard Bal Idx
Vanguard LifeSt Cons Gr
Vanguard LifeSt Income
QQQQ
QQQ
QQQQ
QQQQ
QQQQQ
-2.4 -10.9
-4.2 -17.8
-1.9 -10.0
-1.7 -6.5
-0.2 -0.6
1.9
-6.9
-5.3
-1.3
3.8
5.0
-0.1
1.4
2.8
4.9
10.9
8.5
7.9
—
—
69
95
45
42
11
48
94
42
21
7
13
68
54
28
9
5
56
33
18
5
2
19
28
—
—
+Avg
Avg
Avg
High
+Avg
2.6
2.3
3.4
3.9
4.5
2.2
1.8
1.3
1.8
2.1
-11
-16
-9
-7
-3
11.31
13.42
10.23
7.52
4.49
0.53
0.74
0.56
0.40
0.20
(79)
(93)
(93)
(93)
(74)
Avg
+Avg
Avg
-Avg
Low
Vanguard LifeSt Mod Grth
Vanguard STAR
Vanguard Tax-Mgd Bal
Vanguard Wellesley Inc
LVanguard Wellington
QQQ
QQQQ
QQQQ
QQQQQ
QQQQQ
-2.9 -11.7
-2.2 -10.6
-1.2 -7.5
-1.5
1.0
-3.3 -11.0
-6.0
0.3
-4.1
10.2
4.1
0.8
2.5
2.6
6.2
3.0
—
8.7
—
9.3
9.7
83
58
26
33
89
56
46
25
6
50
61
21
46
3
8
43
22
21
3
17
—
16
—
9
8
Avg
+Avg
+Avg
High
High
3.2
3.4
2.8
4.6
3.5
1.4
2.2
1.0
2.7
2.3
-11
-11
-9
-5
-11
10.60
10.61
9.21
5.83
10.59
0.59
0.53
0.49
0.16
0.46
(95)
(87)
(89)
(32)
(72)
Avg
Avg
Avg
Low
Avg
QQQ
QQQQ
QQQ
QQQ
QQQQ
-7.0 27.3 22.3
-6.1 -20.9 -11.5
-1.5 -1.0 12.1
-5.2 -19.3
2.0
-4.6 -22.8 -5.2
6.4
-1.9
3.8
0.0
11.4
2.0
5.7
—
11.9
17.1
87
46
77
67
79
46
54
72
81
60
36
22
71
71
41
65
30
45
63
5
67
16
—
57
8
+Avg
High
Low
Low
High
0.4
3.2
4.6
0.0
0.0
0.3
2.1
1.7
0.2
0.9
-36
-18
-13
-17
-19
43.68
15.23
14.10
22.85
21.74
-0.01
0.46
0.18
0.97
0.70
(0)
(26)
(7)
(68)
(34)
U.S. Specialty Funds
LAmCent Global Gold Inv
LAXP Utilities A
Columbia Real Est Eq Z
LDavis Financial A
LEaton Vance Wld Health A
SP
SU
SR
SF
SH
Evergreen Health Care A
Fidelity Sel Electronics
LFidelity Sel Health Care
LFidelity Sel Technology
LGabelli Glob Telecomm
SH [ QQQ
ST QQQ
SH QQQQ
ST QQQ
SC QQQQ
-2.3
2.2
-2.4
2.0
-1.4
-18.1 -2.4
-43.7 -36.2
-16.1 -3.9
-26.2 -39.0
-18.2 -26.2
—
-0.5
2.7
0.1
-1.5
—
16.6
15.3
11.7
—
40
19
41
22
17
17
95
9
11
11
17
22
27
41
18
—
13
51
12
15
—
1
15
46
—
High
+Avg
+Avg
+Avg
High
0.0
0.0
0.2
0.0
0.0
NA
1.4
1.2
2.0
1.6
—
-45
-18
-42
-22
24.09
42.55
14.04
34.84
19.64
0.59
2.47
0.32
2.13
1.17
(21)
(74)
(17)
(70)
(75)
Avg
High
-Avg
Avg
-Avg
LINVESCO Energy Inv
LINVESCO Financial Svc Inv
Janus Global Life Sci
LMFS Utilities A
LMorgan Stan Ins US R/E A
SN QQQ
SF QQQ
SH QQ
SU QQQQ
SR [ QQQ
1.8 -0.5
8.1
-4.9 -17.7
1.6
-1.3 -23.4 -23.3
-1.7 -16.0 -17.9
-1.3 -3.1 12.4
7.0
-0.2
—
-2.1
4.3
9.7
10.8
—
7.6
—
30
52
31
8
71
32
67
66
15
85
37
73
83
72
68
10
65
—
34
32
25
64
—
1
—
-Avg
Low
Avg
-Avg
Avg
0.0
0.1
0.0
2.7
3.7
0.3
1.3
NA
2.6
2.2
-33
-18
—
-21
-16
34.56
20.63
22.05
13.85
14.21
0.85
0.80
0.27
0.64
0.15
(27)
(56)
(3)
(52)
(5)
+Avg
Avg
+Avg
Avg
Avg
1.0 -29.7 -44.3
-0.7 -27.5 -39.7
-7.4 -32.9 -36.1
-2.4
4.9
-8.9
—
—
4.2
37
64
85
33
16
50
59
47
48
20
9
50
—
—
60
Avg
Avg
+Avg
0.0
0.0
0.0
3.3
0.4
1.1
-46
-34
-30
29.37
27.80
22.50
1.89 (63)
1.65 (59)
1.46 (72)
Avg
-Avg
Avg
-4.1 -22.7 -13.7
-3.0
8.7
LNorthern Technology
ST
LPIMCO RCM Glob Tech Instl ST
LScudder Flag Communic A SC
S&P 500 Index
E New this month
LAnalyst Picks
QQQ
QQQQ
QQQ
Categories
SC
SF
SH
SN
Specialty–Communications
Specialty–Financial
Specialty–Health
Specialty–Natural Resources
SP
SR
SU
ST
Specialty–Precious Metals
Specialty–Real Estate
Specialty–Utilities
Specialty–Technology
+Avg
Avg
Avg
+Avg
Avg
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
16.9
2.1
26,471
a 21
i 14 d 12
4
4
1
1
1
16.4
16.4
16.0
10.1
13.8
2.0
2.0
2.0
1.4
1.8
—
42,288
34,625
8,449
27,238
a
a
a
g
a
19
19
30
52
30
i
i
d
f
d
17
17
16
14
16
d
d
f
s
f
11
11
16
9
15
4
1
4
5
1
17.5
14.2
19.3
18.2
15.1
2.3
1.9
2.4
2.2
1.9
42,856
27,695
30,988
6,136
18,375
a
a
a
y
a
21
30
24
22
26
i
i
s
s
f
15
11
14
18
14
5
1
4
7
4
14.6
10.6
11.8
17.6
15.1
0.9
1.5
1.4
2.4
1.4
3,680
13,967
15,663
11,834
9,216
i
a
a
i
p
27
45
34
20
27
d
f
t
s
a
7
4
1
4
7
21.3
17.0
12.9
14.5
20.1
3.2
2.2
1.4
1.4
2.7
53,976
30,683
7,758
20,771
—
i
a
d
i
i
23
21
23
23
20
1
4
4
4
4
15.8
17.4
17.2
17.2
17.3
1.7
2.3
2.1
2.2
2.3
19,833
42,682
26,013
—
—
a
a
a
a
a
4
4
4
1
1
17.1
13.8
16.9
13.6
15.1
2.2
1.8
2.1
2.0
1.8
26,081
13,020
29,107
20,422
15,516
8
2
2
1
7
—
12.3
11.2
13.1
30.2
—
1.6
1.7
1.5
3.6
7
8
7
7
5
20.1
38.4
21.6
28.9
15.5
5
1
7
1
2
7
7
4
Total
# of
Holdings
Turn
over
%
—
99
11
48
32
9
5
—
20
19
775
465
82
10
10
79
51
78
4
5
5
18
7
40
63
57
34
63
46 11
30 2
36 2
34 14
29 2
7
10
7
9
1
NL
NL
NL
4.25
NL
0.07
0.07
0.64
0.72 b
1.22 b
-Avg
-Avg
Low
-Avg
-Avg
11.33
10.42
15.32
1.95
9.72
4,544.0
3,929.7
17,323.1
6,634.2
146.4
Ren Y. Cheng (6.4)
Ren Y. Cheng (6.4)
Petersen/Grant (3.1/7.0)
Johnson/Perks (46.0/0.9)
Byrne/Freeman (11.4/2.2)
d
d
u
a
d
11 501
11 1,289
13 200
13
67
13 667
18
132
117
384
86
0
3
13
28
8
99
55
42
58
51
0
32
41
10
33
1
9
4
4
7
0
3
2
24
4
NL
5.75
NL
NL
4.75
0.97 b
0.96 b
0.83
1.34 b
0.92 b
-Avg
Avg
-Avg
Avg
Avg
20.24
14.32
17.60
13.78
12.88
1,288.5
3,454.6
3,796.4
812.4
4,770.3
J. Patrick Rogers (8.3)
Management Team
Karen L. Reidy (3.2)
Green/Smith (14.1/14.1)
Management Team
16
15
16
13
26
f
s
u
g
d
12
14
10
11
15
85
250
77
119
106
124
74
88
38
12
3
3
1
13
2
53
43
71
61
68
44 0
44 11
26 1
25 0
27 4
1
2
4
7
1
NL
5.75
5.75
NL
5.50
0.98
0.91
1.47 b
0.93 b
1.09 b
-Avg
Avg
+Avg
—
Avg
17.61
9.60
12.50
17.54
16.82
2,710.0
1,802.6
1,676.1
1,019.4
368.4
McGregor/Studzinski (7.3/3.0)
Michael S. Levine (3.8)
Colin Glinsman (10.2)
Christopher H. Brown (4.9)
Hobart C. Buppert (10.7)
t
d
f
a
a
13
14
13
21
17
a
i
u
p
s
12 367
14 1,001
11 119
13
78
14
6
105
36
25
58
3
4
6
12
6
7
56
60
60
67
58
40 1
33 1
10 18
21 6
33 2
3
15
5
0
8
5.75
NL
NL
NL
NL
0.99 b
0.83
0.86
1.15
NA
Avg
Low
-Avg
-Avg
-Avg
7.44 1,645.2
15.18 1,597.7
13.85 1,867.2
15.08
133.6
8.74
284.3
Management Team
Management Team
Stephen W. Boesel (1.6)
Management Team
Management Team
26
21
22
22
21
f
i
i
i
i
16
15
14
14
15
i
d
d
s
s
11 251
11 529
10 5,318
11
6
11
5
92
77
33
14
4
11
30
2
17
17
56
63
58
36
17
23
0
39
45
63
9
7
1
2
2
5
0
2
8
4
5.75
NL
NL
NL
NL
0.82
0.44
0.22
NA
NA
Avg
Low
Low
Low
Low
6.46
17.32
15.36
12.60
12.29
2,963.0
6,334.6
2,935.1
2,182.8
1,032.3
Management Team
Fouse/Loeb (14.3/14.3)
Management Team
Management Team
Management Team
a
a
a
a
d
22
22
19
24
20
i
d
i
g
a
14
13
17
19
16
s
i
o
d
f
11
13
11
18
11
5
12
700
297
768
16
6
21
24
33
14
7
0
4
3
56
58
45
36
66
29
34
55
58
30
1
2
0
1
1
11
16
0
6
9
NL
NL
2.00r
NL
NL
NA
NA
0.19
0.33
0.36
Low
Low
Low
Low
Low
13.47
14.04
15.36
19.61
23.75
3,924.5
7,120.9
411.0
7,502.6
19,097.9
Management Team
Multiple Managers
Sauter/Ryon (8.5/6.4)
McEvoy/Ryan (20.4/17.2)
Kaplan/Bousa (9.2/0.2)
1,416
7,200
2,875
10,148
16,476
d
g
a
a
i
100
72
83
80
100
—
y
d
d
t
—
20
9
8
0
—
f
o
p
—
—
8
7
8
—
52
74
38
29
46
14
85
41
18
38
2 98
4 91
3 97
0 100
1 98
0
0
0
0
0
0
5
0
0
1
77
4
0
9
34
2.00r
5.75
NL
4.75
5.75
0.68
1.03 b
0.95
1.08 b
1.71 b
Low
-Avg
—
-Avg
Avg
8.49
5.41
17.54
25.34
7.30
418.0
712.8
762.1
368.7
710.0
Management Team
Bern Fleming (8.2)
David W. Jellison (8.9)
Samuel D. Isaly (13.6)
2.2
1.6
4.9
1.8
0.7
7,854
6,980
41,603
44,269
9,574
i
t
i
t
y
95
93
97
59
80
a
p
a
r
u
3
3
3
26
13
p
s
—
u
t
1
3
—
7
2
115
69
47
94
220
214
57
135
184
15
2
7
7
11
0
98
90
92
89
98
0
0
0
0
0
0
3
0
0
2
20
9
2
2
44
5.75
3.00
3.00
3.00
NL
1.95 b
0.97
0.96
1.13
1.52 b
Avg
-Avg
-Avg
-Avg
Avg
12.12
27.0
24.90 2,203.6
99.56 1,749.3
38.44 1,484.1
9.69
139.1
Liu-Er Chen (3.2)
Samuel M. Peters (1.1)
Steve Calhoun (1.0)
Sonu Kalra (1.0)
Gabelli/Gabelli (9.3/8.1)
11.4
14.8
20.3
9.8
9.9
1.4
2.1
2.7
1.2
1.5
4,349
25,610
8,087
7,494
2,888
f
a
i
g
a
97
99
92
46
93
d
p
o
y
o
3
1
3
26
7
—
—
a
f
—
—
—
3
17
—
40
56
52
153
52
144
81
84
110
33
1
4
1
2
1
99
96
99
80
97
0
0
0
11
0
0
0
0
7
1
16
2
21
20
6
Clsd
Clsd
NL
4.75
NL
1.53 b
1.27 b
0.91
1.03 b
1.00
—
-Avg
Low
Avg
Low
16.92
243.5
21.86
748.5
12.12 1,215.5
6.30
393.7
13.38
662.0
John Segner (6.0)
Joseph W. Skornicka (1.7)
Thomas R. Malley (4.2)
Maura A. Shaughnessy (11.1)
Bigman/Funke (8.0/4.1)
31.2
25.1
14.7
2.5
2.5
0.5
17,343
13,707
15,800
t 52
t 45
y 53
r 25 p 11
r 30 o 8
u 23 t 17
61
90
31
76
343
11
1
11
3
93
82
97
0
0
0
6
6
0
6
16
23
NL
NL
5.50
1.25
1.29
1.24 b
-Avg
-Avg
Avg
7.47
18.09
10.45
Leo/Gilbert (6.9/5.7)
Chen/Price, Jr. (7.2/7.2)
Behrens/O’Brien (19.1/0.8)
17.1
2.2 41,996.9
Equity Style Box
Val Blnd Grth
Recent
Composition %
37
Operations
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
i
o
p
a
Healthcare
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
Sales
Charge Expense Cost
%
Ratio
Rating
d
b
r
w
NA
Clsd
1.28
—
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
NAV
Assets
01-31-03
($Mil)
— 1,198.7
283.1
77.6
268.1
—
38
Morningstar 500
Morningstar
Rating
vs. Category
5best
Domestic Equity
Historical Risk
Total Return %
02-28-03
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
-3.1 13.0
5.6
-15.7
7.7
3.7
-20.0 -23.3
1.8
-11.1
5.2
2.6
-29.2 -41.0 -10.1
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
Risk
relative
to
category
U.S. Specialty Funds (cont’d)
LSecurity Cap US Real Est
LT. Rowe Price Fincl Svcs
LT. Rowe Price Med & Tele
LT. Rowe Price New Era
T. Rowe Price SciTech
SR
SF
SC
SN
ST
QQQQ
QQQQ
QQQQ
QQQQ
QQQ
-0.9
-6.3
-3.5
-2.1
1.2
LThird Avenue RealEst Val
LVanguard Energy
LVanguard Health Care
SR
SN
SH
QQQQQ
QQQQQ
QQQQQ
-2.0 -0.5
1.0 -3.0
-4.6 -15.0
MSCI EAFE Index
International Equity
Bernstein Intl Val II
Bernstein Tx-Mgd Intl Vl
Causeway Intl Value Inv
Dodge & Cox Intl Stock
Fidelity Diversified Int
QQQQ
QQQQ
NR
NR
QQQQQ
Fidelity Overseas
LHarbor Intl
Janus Overseas
LJulius Baer Intl Eqty A
LLiberty Acorn Intl Z
56
36
9
43
52
5
17
8
48
74
—
—
—
56
82
-Avg
Avg
High
Avg
Avg
4.9
0.8
0.0
1.0
0.0
2.1
1.2
2.2
1.9
1.7
-16
-20
-29
-26
-41
14.65
21.80
27.48
21.03
35.48
0.12
0.85
1.45
0.66
2.31
(3)
(63)
(67)
(39)
(77)
+Avg
Avg
+Avg
-Avg
+Avg
93
35
81
69
40
6
10
15
4
—
23
3
—
13
1
+Avg
+Avg
High
1.1
1.4
1.0
NA
1.5
1.9
—
-28
-13
11.12
25.64
14.49
0.27 (27)
0.63 (27)
0.40 (31)
Low
Avg
Low
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Beta (R 2)
Risk
relative
to
category
—
10.5
19.5
-6.4 -17.5 -18.0
-6.2
3.0
-6.2 -18.8 -20.1
—
QQQ
QQQ
QQQQ
QQQQ
NR
86
42
16
75
28
—
5.1
11.5
Total Return %
02-28-03
Foreign Stock
55
83
55
83
33
16.1
11.5
6.0
Morningstar
Rating
vs. Category
5best
AmCent Intl Disc Inv
AmCent Intl Growth Inv
LAmer Funds EuroPac A
LArtisan International
Artisan Intl Sm Cap Inv
—
—
—
8.5
6.0
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Standard
Deviation
-5.1
3.9
—
—
—
—
—
—
0.6
—
-21
14.0
-24.2
-24.7
-17.3
-23.2
—
2.4
-3.7
-0.8
3.1
—
—
6.5
7.6
—
—
5
55
68
100
8
21
58
29
95
2
69
72
30
66
—
6
30
16
5
—
—
16
7
—
—
Avg
Low
+Avg
Avg
Avg
0.2
0.9
1.1
0.8
0.0
0.7
1.1
1.1
1.3
NA
-26
-20
-18
-21
—
15.35
12.01
12.46
14.03
—
0.68
0.60
0.69
0.70
—
(41)
(51)
(74)
(54)
(—)
+Avg
-Avg
Low
+Avg
—
-3.0
-3.3
-7.6
-9.1
-4.5
-10.7 -8.0
-10.3 -8.3
-17.8
—
-20.0
—
-12.0 -11.9
—
-1.9
—
—
1.8
—
6.3
—
—
9.5
7
8
80
94
16
8
7
36
59
10
9
10
—
—
15
—
20
—
—
7
—
21
—
—
1
High
+Avg
Avg
Avg
+Avg
1.2
1.4
0.8
0.9
0.8
NA
1.2
NA
NA
0.8
—
-22
—
—
-17
14.82
14.88
—
—
12.70
0.65
0.67
—
—
0.58
(58)
(60)
(—)
(—)
(56)
Avg
Avg
—
—
-Avg
QQQ
QQQQQ
[ QQ
QQQQQ
QQQQ
-6.4
-6.4
-8.4
-5.1
-5.1
-22.4
-13.1
-26.3
-7.6
-18.1
-21.0
-8.8
-28.8
-16.5
-24.3
-6.2
-1.7
-3.0
6.4
-1.1
3.9
9.1
—
—
6.2
49
50
90
21
21
79
12
95
4
40
52
10
87
28
70
56
19
25
2
17
46
2
—
—
22
Avg
+Avg
Low
+Avg
Avg
0.4
1.3
1.2
1.7
0.8
1.0
1.7
0.8
0.7
1.2
-21
-21
-21
-17
-21
14.32
16.35
15.00
11.45
14.18
0.81
0.75
0.89
0.44
0.66
(74)
(63)
(68)
(35)
(46)
Avg
+Avg
+Avg
Low
+Avg
Longleaf Partners Intl
Marsico Intl Opp
Masters’ Select Intl
Morgan Stan Ins IntlEq A
Oakmark International I
QQQQQ
NR
[ QQQQ
QQQQQ
QQQQ
-9.4
-6.6
-10.1
-7.8
-9.5
-24.3
3.6
-13.3
—
-23.2 -19.0
-10.1 -2.2
-18.6 -2.2
—
—
1.1
1.9
1.3
—
—
—
11.0
7.3
96
56
98
84
97
91
13
86
7
45
1
—
37
2
2
—
—
8
7
8
—
—
—
1
9
+Avg
+Avg
+Avg
+Avg
+Avg
0.0
0.0
0.3
2.5
1.1
NA
NA
1.1
2.1
1.5
—
—
-21
-16
-23
17.96
—
14.10
13.64
20.34
0.60
—
0.73
0.52
0.82
(43)
(—)
(64)
(48)
(57)
+Avg
—
Avg
-Avg
High
Oakmark Intl Small Cap I
Putnam Intl Growth A
Scudder Intl S
T. Rowe Price Intl Stk
Templeton Foreign A
QQQQQ
QQQQ
QQQ
QQQ
QQQQ
-10.5
-7.3
-7.3
-7.9
-5.7
-16.8 -0.7
-20.2 -18.4
-20.0 -22.5
-21.6 -21.1
-13.3 -5.5
5.7
-0.4
-4.8
-7.0
-0.9
—
8.9
4.3
3.3
6.5
98
74
73
85
32
24
61
58
73
13
1
34
62
53
4
2
14
39
67
16
—
3
41
55
17
+Avg
+Avg
Avg
Avg
High
0.9
0.2
1.1
1.3
1.8
1.4
1.0
1.4
1.2
1.3
-22
-21
-19
-22
-21
18.59
14.20
12.33
14.70
13.98
0.67
0.75
0.64
0.83
0.61
(45)
(68)
(58)
(73)
(59)
High
Avg
-Avg
+Avg
-Avg
Third Avenue Intl Value
TIAA-CREF Intl Equity
LTweedy, Browne Glob Val
Vanguard Dev Mkts Idx
Vanguard Intl Explorer
NR
QQQ
QQQQQ
NR
QQQQ
1.3
-5.8
-7.6
-6.3
-4.1
-1.5
—
-16.7 -24.6
-20.2 -5.2
-17.2
—
-15.9 -22.1
—
-4.1
2.1
—
5.5
—
—
—
—
—
1
35
80
45
12
1
23
60
28
19
—
71
4
—
59
—
34
6
—
3
—
—
—
—
—
Avg
Avg
+Avg
Avg
+Avg
0.8
1.9
1.3
2.2
0.8
NA
1.3
1.6
NA
2.7
—
-20
-18
—
-21
—
13.28
11.10
—
14.79
—
0.66
0.45
—
0.67
(—)
(51)
(53)
(—)
(45)
—
Avg
Low
—
+Avg
Vanguard Intl Gr
Vanguard Intl Value
QQQQ
QQQQ
-6.5 -19.5 -18.0
-6.5 -18.4 -9.7
-5.1
-3.7
5.2
3.7
53
54
53
42
33
11
42
30
32
47
+Avg
High
1.6
1.6
1.0
1.1
-21
-21
14.25
16.44
0.76 (69)
0.79 (69)
Avg
+Avg
-6.4 -17.5 -18.0
-4.7 -20.6 -16.5
-6.2
-4.8
3.0
5.5
MSCI EAFE Index
MSCI World Index
-2.4
-6.6
-7.2
-11.8
-3.5
-16.3
-19.9
-17.3
-25.9
-3.1
E New this month
Categories
LAnalyst Picks
SC
SF
SH
SN
Specialty–Communications
Specialty–Financial
Specialty–Health
Specialty–Natural Resources
SP
SR
SU
ST
Specialty–Precious Metals
Specialty–Real Estate
Specialty–Utilities
Specialty–Technology
0.71 (60)
—
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Median
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
2
1
7
5
7
10.2
14.6
27.4
13.1
28.2
1.5
1.8
1.2
1.6
2.6
2,381
14,485
14,321
5,679
16,361
a
a
u
f
t
3
1
7
11.1
10.8
19.7
1.4
1.2
2.6
1,452
8,979
16,944
a 93
f 94
i 90
Median
Market
Cap
($Mil)
Regional
Exposure %
UK/W. North Latin
Europe Amer Amer
Current
Equity Price/
Style
Cash
Box
Flow
93
99
41
57
45
o
p
y
d
r
7
1
39
28
30
d4
d6
d4
Total
# of
Holdings
Turn
over
%
—
—
11
6
14
25
51
67
103
66
91
55
241
18
144
p2
— —
o2
48
50
132
20
28
13
—
—
p
a
p
Asia exJapan Japan Other
Recent
Composition %
0 100
2 98
1 97
2 98
4 94
1
5
11
91
95
89
Sales
Charge Expense Cost
%
Ratio
Rating
0
0
0
0
0
0
0
2
0
2
5
1
33
21
6
NL
NL
NL
NL
NL
5
0
0
3
0
0
9
42
21
1.00r
1.00r
1.00r
Total
# of
Holdings
Turnover
%
Recent
Composition %
—
91
4
91
0
4
—
Cash Stock Bond Other
Sales
Charge
%
39
Operations
NAV
Assets
01-31-03
($Mil)
1.24 b
0.97
1.08
0.72
1.00
-Avg
Low
Low
Low
Low
11.17
200.2
15.69
256.1
13.92
422.1
20.20
949.1
12.58 2,824.9
Management Team
Michael Holton (0.3)
Robert N. Gensler (3.1)
Charles M. Ober (6.0)
Michael F. Sola (1.1)
1.50
0.39
0.31
—
Low
Low
15.64
344.4
23.42 1,297.9
91.72 13,506.1
Michael Winer (4.5)
Karl Bandtel (0.2)
Edward P. Owens (18.8)
Expense
Ratio
NAV
10.4
9,619
64
5
2
17
11
—
8
7
4
4
8
11.7 1,663
9.9 10,495
9.9 8,918
— 12,131
—
—
57
68
54
79
73
9
3
6
0
2
2
1
7
10
13
12
18
16
9
1
14
10
15
2
5
5
1
2
0
5
124 180
130 178
315 37
84 51
52 NA
3
2
4
4
9
97
96
84
89
86
0
0
0
0
0
0
2
12
8
5
Clsd
NL
5.75
NL
2.00r
1.45
1.21
0.88 b
1.21
2.39
Avg
-Avg
-Avg
-Avg
—
8.70
794.1
5.96 2,144.9
21.32 21,874.6
13.04 5,091.7
9.57
73.8
Management Team
Management Team
Management Team
Mark L. Yockey (7.2)
Mark L. Yockey (1.2)
1
1
4
1
7
7.1
6.8
10.1
6.0
10.7
5,406
4,823
4,329
3,386
7,282
62
64
71
57
63
9
9
1
2
10
3
0
0
8
3
23
24
12
21
13
3
2
13
11
8
0
0
2
0
2
71
69
72
54
368
67
46
NA
23
66
4
6
6
4
5
87
87
93
90
89
0
0
0
0
3
9
7
1
6
3
NL
NL
2.00r
NL
NL
1.29
1.25
NA
0.90
1.16
-Avg
-Avg
—
Low
-Avg
12.70
13.88
8.65
14.38
16.39
1,419.2
2,615.4
174.5
116.9
4,131.1
Management Team
Management Team
Management Team
Management Team
William Bower (1.9)
7
4
7
0
6
10.9 11,229
10.1 12,601
11.7 7,955
—
—
9.3
489
57
79
59
71
64
13
0
10
4
7
2
4
5
1
2
24
7
13
7
10
5
7
12
3
16
0
2
0
15
1
142
79
136
208
181
86
7
65
89
45
5
7
4
12
4
93
92
88
80
83
0
0
0
0
0
2
1
8
8
13
NL
NL
Clsd
2.00r
Clsd
1.12
0.91
0.85
1.40 b
1.06
-Avg
Low
Low
Avg
—
20.60
25.14
14.00
18.73
14.62
2,655.2
3,486.2
2,721.3
758.2
1,177.4
Richard Mace, Jr. (6.9)
Hakan Castegren (15.2)
Hayes/Lynn (8.8/2.2)
Pell/Younes (7.9/7.9)
Leah Zell (10.5)
8
7
7
7
8
11.9 2,308
12.2 9,026
13.3 5,998
9.8 10,520
11.0 2,110
26
65
80
72
75
31
10
3
0
2
0
8
1
0
4
35
8
2
23
9
8
9
10
5
10
0
2
4
0
0
29 32
41 192
58 174
101 63
63 58
5
5
14
5
3
95
89
81
94
91
0
0
0
0
2
0
5
5
1
4
NL
NL
NL
Clsd
2.00r
1.82
1.60 b
1.19
1.00
1.30
—
—
-Avg
-Avg
-Avg
9.03
6.77
9.62
13.47
11.89
1,016.2
20.5
317.4
4,120.5
1,592.9
Management Team
James G. Gendelman (2.7)
Multiple Managers
Management Team
Herro/Welsh (10.4/7.3)
6
4
4
7
1
—
—
10.7 13,788
10.4 21,852
10.7 11,158
8.6 6,873
74
63
71
71
54
0
3
2
1
8
6
4
2
2
5
5
16
21
16
9
15
14
4
9
25
0
1
0
1
0
52 49
238 42
94 105
185 17
174 34
4
1
2
3
12
96
97
91
96
74
0
0
0
0
4
1
2
7
1
10
Clsd
5.75
Clsd
NL
5.75
1.74
1.16 b
1.04
0.90
1.16 b
Avg
—
-Avg
Low
Avg
9.51
15.21
28.14
8.18
7.84
319.5
5,870.8
1,357.4
4,228.6
7,806.6
Herro/Welsh (7.3/5.8)
Management Team
Management Team
Management Team
Management Team
3
7
5
4
6
—
521
11.1 7,321
10.3 1,882
11.0 16,601
8.8
442
39
71
63
70
67
19
2
14
0
0
3
0
4
0
1
15
21
9
22
21
24
5
8
8
12
0
1
1
0
0
38 NA
1,066 113
215
7
3
3
185 48
15
0
12
2
7
81
89
85
98
92
0
0
0
0
0
3
10
2
1
1
2.00r
NL
NL
NL
NL
NA
0.49
1.37
NA
1.50
—
Low
-Avg
Low
+Avg
9.75
6.29
14.61
5.38
7.81
30.1
207.1
3,923.1
391.5
88.8
Amit Wadhwaney (1.2)
Management Team
Management Team
Management Team
4
4
9.5
10.2
65
61
2
0
2
4
17
16
14
19
0
0
8
5
91
94
0
0
1
1
NL
NL
0.61
0.64
Low
Low
11.37
17.60
4,585.6
1,081.8
Foulkes/Anderson (21.4/0.1)
Management Team
Equity Style Box
Val Blnd Grth
116
83
40
37
Sectors
Lrg Mid Sm
r
t
y
u
Software
Hardware
Media
Telecom
i
o
p
a
Healthcare
Consumer Svs
Business Svs
Financial
s
d
f
g
Consumer Goods
Energy
Utilities
d
b
r
w
NA
Clsd
—
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
—
Assets
01-31-03
($Mil) Portfolio Manager (Tenure years)
—
8,540
5,601
1.71
Cost
Rating
825.0
—
For more on funds, visit www.morningstar.net.
40
Morningstar 500
Morningstar
Rating
vs. Category
5best
International Equity
Historical Risk
Total Return %
02-28-03
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
Risk
relative
to
category
Foreign Stock (cont’d)
—
-6.2 -18.8 -20.1
-5.1
3.9
—
—
—
—
—
—
0.6
—
-21
14.0
0.71 (60)
—
Vanguard Tax-Mgd Intl
Vanguard Total Intl Stk
William Blair Intl Gr N
QQQ
QQQ
QQQQQ
-6.4 -17.2 -18.1
-6.1 -17.1 -17.7
-4.5 -17.8 -16.1
—
-6.0
4.9
—
—
8.9
50
41
16
28
27
35
33
31
27
—
53
3
—
—
4
+Avg
+Avg
+Avg
2.3
2.2
0.0
NA
0.7
1.9
—
-20
-19
13.51
13.92
13.58
0.73 (71)
0.76 (73)
0.67 (61)
Avg
Avg
Avg
World Stock
—
-5.4 -21.3 -18.1
-4.2
4.6
—
—
—
—
—
—
0.4
—
-21
15.2
AmCent Global Gr Inv
Amer Funds CapWrldGI A
LAmer Funds New Persp A
Atlas Global Growth A
Fidelity Worldwide
QQQ
QQQQQ
QQQQQ
QQQQ
QQQ
-4.4
-4.4
-5.9
-6.5
-5.4
-22.2
-5.0
-13.0
-16.8
-12.9
—
3.3
2.0
2.1
-3.1
—
—
9.8
—
5.8
27
29
65
77
51
47
4
28
76
51
64
7
23
44
22
—
3
9
8
37
—
—
5
—
43
Avg
+Avg
+Avg
+Avg
+Avg
0.0
2.4
1.0
0.0
0.2
NA
1.8
1.4
1.1
1.3
—
-15
-18
-19
-22
13.24
13.50
15.13
16.06
14.68
0.70
0.67
0.86
0.85
0.82
(62)
(79)
(88)
(71)
(85)
-Avg
-Avg
Avg
+Avg
Avg
Janus Global Value
Janus Worldwide
MFS Global Equity B
Mutual Discov Z
LOakmark Global I
NR
QQQ
QQQQ
QQQQQ
QQQQQ
-11.1
-7.1
-6.9
-4.3
-9.6
-26.0
—
-27.2 -27.0
-16.0 -11.3
-14.1 -1.2
-13.2 11.5
—
-3.9
-2.9
3.2
—
—
8.4
6.6
12.3
—
99
87
85
26
98
83
91
15
8
6
—
84
19
4
1
—
45
34
4
—
—
17
31
1
—
Avg
Low
+Avg
+Avg
High
0.5
1.0
0.0
2.0
0.0
NA
0.6
0.9
2.3
NA
—
-21
-16
-19
—
—
14.99
12.61
10.01
25.30
—
0.95
0.68
0.39
0.97
(—)
(80)
(82)
(54)
(66)
—
Avg
Low
Low
High
LOppenheimer Glob A
Oppenheimer Glob Gr&IncA
Oppenheimer Quest Glob A
LScudder Global Discov A
Templeton Growth A
QQQQ
QQQ
QQQQ
QQ
QQQQ
-6.6
-8.4
-4.2
-3.2
-5.3
-24.6 -16.6
-26.5 -25.3
-18.0 -8.8
-17.9 -22.9
-14.1 -0.9
2.3
1.2
-2.2
—
1.1
10.6
9.7
7.2
—
9.2
79
93
24
4
50
73
87
22
22
7
42
77
13
67
4
7
12
28
—
13
3
8
29
—
10
+Avg
Avg
+Avg
Avg
+Avg
0.0
1.5
0.0
0.0
2.4
1.7
1.8
1.7
NA
1.9
-18
-25
-16
—
-20
16.14
21.26
11.96
18.69
14.19
0.86
1.10
0.58
0.91
0.63
(72)
(59)
(71)
(53)
(69)
+Avg
High
Low
High
-Avg
Templeton World A
LVan Kampen Glob Val Eq A
Vanguard Global Equity
QQQQ
QQQ
QQQQQ
-6.2 -16.2
-9.1 -25.7
-3.2 -10.7
-8.1
-6.7
-1.7
-1.5
-4.1
2.4
8.5
—
—
70
97
6
16
81
3
13
11
6
22
49
6
15
—
—
+Avg
+Avg
+Avg
1.3
0.0
0.8
1.5
0.8
1.6
-18
-22
-19
14.80
14.45
16.24
0.75 (77)
0.65 (64)
0.74 (71)
-Avg
-Avg
Avg
-20.5
-10.9
-19.0
-24.8
-21.1
0.82 (72)
—
Regional Stock
LFidelity Pacific Basin
LLiberty Newport Tiger A
LMatthews Pacific Tiger
LMutual European A
LScudder Latin Amer S
DP
PJ
PJ
ES
LS
QQQQ
QQQ
QQQQ
QQQQQ
QQQQQ
-4.6
-3.9
-3.0
-5.9
-6.1
-12.8 -21.6
-17.0 -15.7
-12.2 -9.9
-16.4 -6.7
-26.2 -13.3
0.6
-2.5
4.5
5.9
-7.0
2.3
—
—
—
4.5
51
67
56
22
52
19
61
33
21
15
42
53
11
6
5
7
45
7
4
27
20
—
—
—
1
+Avg
Avg
High
High
High
0.0
0.5
0.0
1.7
0.9
0.6
0.2
1.0
2.5
0.8
-21
-31
-32
-20
-32
14.78
18.59
24.01
10.66
23.87
0.65
0.91
1.05
0.35
1.07
(44)
(63)
(58)
(32)
(58)
Avg
-Avg
+Avg
Low
-Avg
LT. Rowe Price Latin Amer
LT. Rowe Price New Asia
Van Kampen Latin Amer A
LVanguard Eur Stk Idx
LS
PJ
LS
ES
QQQQ
QQQQ
QQQ
QQQQ
-8.3
-2.9
-5.6
-7.8
-28.5
-15.0
-28.6
-20.3
-14.8
-19.2
-16.6
-17.3
-6.7
-1.8
-7.3
-5.8
—
-0.3
—
7.2
100
55
23
45
46
43
54
39
21
69
46
27
6
34
37
49
—
34
—
28
+Avg
Avg
Avg
Avg
0.0
0.7
0.0
2.7
0.5
0.2
0.2
0.7
-38
-25
-39
-23
25.83
20.21
24.48
15.12
1.16
0.93
1.16
0.79
(57)
(52)
(60)
(68)
Avg
Avg
-Avg
Avg
Diversified Emerg. Mkts.
—
-2.9 -13.9 -15.9
-5.4
-0.8
—
—
—
—
—
—
0.4
—
-33
20.3
LAmer Funds New World A
LDreyfus Prem Emerg A
LOppenheimer Develop MktA
LPioneer Emerging Mkts A
LT. Rowe Price Emg Mkt St
QQQQ
QQQQQ
QQQQQ
QQ
QQQ
-3.3
-3.8
-3.8
-3.1
-4.7
-11.8
-6.4
-10.5
-21.0
-16.5
—
3.0
3.7
-6.3
-3.3
—
—
—
—
—
50
72
73
41
94
22
19
35
19
41
21
3
13
86
57
—
3
2
54
20
—
—
—
—
—
Avg
High
+Avg
Avg
Avg
1.3
0.9
1.6
0.0
0.2
NA
1.8
0.7
0.1
0.1
—
-31
-31
-37
-34
16.40
20.12
20.10
19.52
20.85
0.75
0.81
0.82
0.88
1.02
(59)
(51)
(49)
(47)
(62)
Low
-Avg
Avg
Avg
+Avg
Templeton Devel Mkts A
Vanguard Em Mkt Idx
QQQQ
QQQQ
-1.7 -5.3 -11.3
-3.7 -15.6 -14.0
-4.7
-4.2
2.1
—
21
70
7
63
20
28
31
25
1
—
+Avg
+Avg
0.5
1.7
0.2
0.9
-32
-32
18.94
21.26
0.77 (47)
0.99 (60)
-Avg
+Avg
International Hybrid
—
-2.3
0.46 (65)
—
LAmer Funds CpIncBldr A
LFirst Eagle Glbl A
LMerrill Global Alloc B
LMFS Global Total Retrn A
MSCI Europe Index
MSCI Latin America Index
MSCI Pacific Index
MSCI Emerging Markets Index
E New this month
LAnalyst Picks
QQQQ
QQQQQ
[ QQQ
QQQ
-11.5
-10.8
-13.1
-10.8
-13.6
-5.9
-5.4
1.2
7.7
—
—
—
—
—
—
2.1
—
-13
10.3
-2.5 -1.7
-2.2
4.8
-2.2 -10.0
-2.1 -1.4
7.1
10.1
0.3
-1.6
4.0
8.3
3.0
2.3
9.6
10.6
7.9
8.0
60
46
50
29
17
6
78
15
10
5
24
30
20
1
25
34
15
1
57
43
+Avg
High
+Avg
+Avg
5.0
1.9
2.7
1.8
2.3
2.6
2.6
1.7
-9
-13
-15
-6
8.99
11.54
12.61
7.19
-7.8 -20.6 -17.3 -6.1
-6.1 -31.5 -18.7 -10.7
-2.7 -9.0 -19.3 -6.3
-3.7 -15.5 -17.3 -7.7
6.9
0.5
-2.1
-1.3
Categories
DP
ES
JS
LS
PJ
Diversified Pacific/Asia Stock
Europe Stock
Japan Stock
Latin America Stock
Pacific/Asia ex-Japan Stock
0.93 (55)
0.28
0.40
0.57
0.31
(37)
(49)
(72)
(62)
—
-Avg
+Avg
+Avg
-Avg
Current
Equity Price/
Style
Cash
Box
Flow
Median
Market
Cap
($Mil)
Costs
Regional
Exposure %
UK/W. North Latin
Europe Amer Amer
Asia exJapan Japan Other
Total
# of
Holdings
Turnover
%
Recent
Composition %
—
91
4
91
0
4
—
1,011 20
3
2
124 112
1
2
2
98
96
94
0
0
0
1
1
4
2.00r
NL
1.00r
Sales
Charge
%
41
Operations
Expense
Ratio
NAV
Assets
01-31-03
($Mil) Portfolio Manager (Tenure years)
—
10.4
9,619
64
5
2
17
11
—
4
4
0
10.5 10,999
10.8 16,601
—
—
66
65
48
0
0
10
0
2
6
24
20
18
9
12
18
0
2
1
—
12.6 15,920
34
49
2
8
7
—
— 104
4
90
1
4
—
7
4
7
7
7
13.4
10.4
11.7
—
13.2
20,574
8,785
17,761
10,563
22,151
28
34
33
37
23
52
42
51
45
64
1
4
2
4
0
8
5
7
9
9
6
12
6
6
3
3
2
1
0
0
120 232
332 45
294 26
118 44
360 142
5
2
5
3
2
93
79
87
93
97
0
5
0
0
0
2
14
8
4
1
NL
5.75
5.75
NL
NL
1.10
0.78 b
0.82 b
1.38 b
1.05
-Avg
—
-Avg
-Avg
-Avg
4.82
195.8
21.27 9,418.6
16.97 21,340.0
11.92
87.8
11.24
597.4
Strabo/Hudson (2.6/1.0)
Management Team
Management Team
William L. Wilby (6.8)
Mace, Jr./Hogan (1.9/1.1)
5
7
7
1
8
11.8 2,906
13.2 19,536
12.5 10,790
9.7 4,014
9.9 2,569
50
37
47
49
37
37
43
42
46
50
0
3
0
0
5
13
8
6
2
5
0
9
5
2
4
0
0
0
1
0
30
0
143 78
104 72
290 59
35 114
10
9
1
16
3
90
87
96
74
94
0
0
0
8
0
0
3
3
2
3
NL
NL
4.00d
NL
2.00r
1.50
0.85
2.34 b
1.02
1.75
—
Low
Avg
-Avg
Avg
7.97
119.7
29.86 11,462.7
15.15
161.4
15.46 1,590.2
11.73
219.0
Jason P. Yee (1.7)
Hayes/Chang (10.4/3.4)
David R. Mannheim (10.9)
Winters/Rankin (3.1/1.6)
Jackson/Welsh (3.6/3.6)
7
8
4
8
4
14.3 7,812
15.9 1,562
10.7 13,495
13.3 2,671
8.8 10,205
29
26
33
41
39
47
54
52
47
39
5
1
0
2
3
9
18
8
6
5
10
0
6
4
14
0
0
0
1
0
122
79
79
83
120
36
53
71
59
24
7
2
2
2
9
88
92
96
96
75
0
1
0
1
8
5
5
2
2
8
5.75
5.75
5.75
5.75
5.75
1.12
1.22
1.71 b
1.89
1.15 b
Avg
Avg
—
+Avg
-Avg
33.84 4,348.7
14.92
812.4
11.75
175.9
17.85
68.0
15.08 10,418.0
Management Team
Frank V. Jennings (7.4)
Glasebrook II/Mazen (11.5/3.0)
Moran/Axtell (2.0/0.3)
Management Team
4
4
5
10.0 9,827
9.7 11,380
9.7 3,683
36
47
29
29
43
41
4
0
0
5
9
10
25
1
16
0
0
3
171
107
321
25
34
27
7
1
5
82
97
95
4
0
0
7
1
0
5.75
5.75
1.00r
1.09 b
1.60
1.08
—
Avg
-Avg
12.09
7.33
10.48
5,296.1
42.3
305.1
Management Team
Management Team
Jeremy J. Hosking (7.6)
4
8
5
2
5
11.2 11,689
15.0 3,592
10.0 1,805
7.8 1,130
—
—
0
0
0
94
0
0
0
0
4
0
1
0
0
2
100
62
1
0
0
0
37
99
100
0
0
0
0
0
0
0
148
51
37
159
41
98
12
57
52
20
1 97
0 97
0 100
21 72
2 84
0
0
0
6
0
2
3
0
2
14
1.50r
5.75
2.00r
5.75
Clsd
1.50
1.80
1.79
1.40 b
1.90
-Avg
-Avg
Low
Avg
—
12.17
7.82
7.99
12.08
15.03
282.8
96.3
103.7
292.7
216.1
4
5
4
4
—
10.2
—
9.9
—
4,531
—
9,476
0
0
0
98
5
0
2
0
95
2
98
0
0
0
0
0
0
98
0
1
0
0
0
0
34
119
37
547
30
49
48
3
3
1
2
2
82
95
95
98
0
0
0
0
15
4
4
1
2.00r
NL
5.75
NL
1.49
1.22
2.19
0.30
Low
Low
Avg
Low
6.89
5.43
8.62
14.94
120.4
554.5
10.0
3,853.0
—
8.7
4,564
4
1
18
0
56
—
— 101
3
90
0
6
—
2.12
—
—
247.9
8
2
5
5
8
9.6
6.1
9.6
9.3
9.8
4,029
2,599
1,242
3,190
4,327
14
4
6
4
2
11
2
1
0
1
21
20
25
21
17
4
0
0
0
0
43
55
60
60
56
7
19
8
15
24
174 40
146 62
76 10
218 177
149 70
6
3
1
0
4
71
96
86
95
91
10
0
0
0
0
13
2
12
5
5
5.75
5.75
5.75
5.75
2.00r
1.29 b
1.82
1.77
2.74
1.58
-Avg
-Avg
Avg
—
-Avg
18.75
10.67
12.38
9.72
9.74
1,095.0
463.6
339.8
97.5
168.2
Management Team
D. Kirk Henry (6.7)
Rajeev Bhaman (6.3)
Mark H. Madden (8.7)
Management Team
2
5
7.3
8.4
2,122
4,710
5
7
0
1
13
21
0
0
58
55
24
16
204
493
61
23
4
11
91
83
0
0
5
6
5.75
0.50r
2.21 b
0.60
Avg
Low
9.83
7.35
1,141.5
907.4
Management Team
—
10.7 14,809
31
52
1
8
6
—
— 129
11
47
25
17
—
—
—
3,558.9
—
4
5
4
7
9.8 7,872
9.1 1,133
9.3 7,612
11.2 14,545
30
33
18
41
60
41
58
48
0
2
2
1
0
15
15
7
10
7
7
3
0
3
0
0
12
9
11
15
49
68
48
40
32
15
19
22
7
8
23
23
5.75
5.00
4.00d
4.75
Equity Style Box
Val Blnd Grth
502
228
474
236
37
20
45
69
Lrg Mid Sm
d
b
r
w
NA
Clsd
1.71
Cost
Rating
0.35
NA
1.60 b
1.87
1.57
0.66 b
1.34 b
1.96 b
1.47 b
—
—
825.0
Low
Low
Avg
6.02
7.25
12.54
327.3
2,935.3
520.2
W. George Greig (6.6)
—
1,793.9
—
—
-Avg
Avg
—
+Avg
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
40.28 11,356.4
24.80 2,005.9
10.97 1,762.0
11.32
168.8
—
June-Yon Kim (0.4)
Legallet/Sandlund (4.4/0.6)
Matthews/Headley (8.5/6.2)
Winters/Haynes (1.6/1.6)
Management Team
Thomas/Ford (6.8/3.0)
Management Team
Piedrahita/Piper (0.2/0.2)
—
Management Team
Eveillard/de Vaulx (24.2/16.0)
Dennis W. Stattman (14.1)
Management Team
42
Morningstar 500
Morningstar
Rating
vs. Category
5best
Bond Funds
High-Quality Bond
Historical Risk
Total Return %
02-28-03
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
—
1.2
7.4
8.0
6.0
6.1
—
—
—
—
—
—
3.9
—
-2
3.8
ABN AMRO/Chicago CapBd N
AmCent Ginnie Mae Inv
LDodge & Cox Income
LFidelity Ginnie Mae
Fidelity Government Inc
CI
GI
CI
GI
GI
QQQ
QQQQ
QQQQQ
QQQQ
QQQQ
1.5
0.7
1.3
0.8
1.4
6.8
7.0
10.5
7.2
10.5
8.5
8.8
10.7
9.0
10.1
6.4
6.6
7.8
6.8
7.2
—
6.5
7.6
6.6
6.7
54
83
71
67
9
85
71
9
65
11
64
62
7
52
12
52
47
5
36
12
—
29
5
22
17
Avg
Avg
+Avg
Avg
+Avg
4.8
5.2
5.1
4.6
3.9
2.3
2.3
2.4
2.3
2.2
-1
-2
-2
-2
-2
3.50
2.54
3.30
2.48
4.56
0.93
0.62
0.83
0.60
1.22
(93)
(83)
(83)
(80)
(94)
-Avg
Low
-Avg
Low
+Avg
Fidelity Inflation-Protec
Fidelity Interm Bond
Fidelity Interm Govt
Fidelity Invt Grade Bond
LFidelity Sh-Term Bond
GI
CS
GS
CI
CS
NR
QQQQQ
QQQQQ
QQQQ
QQQQ
4.3
1.6
1.0
1.6
1.1
—
9.5
9.7
9.4
7.0
—
9.6
9.7
9.8
7.5
—
7.2
7.2
7.1
6.3
—
6.6
6.6
6.9
5.5
1
2
8
38
21
—
1
1
24
16
—
1
3
22
24
—
1
3
22
21
—
4
2
25
51
-Avg
+Avg
+Avg
+Avg
+Avg
1.3
4.6
3.8
3.9
4.2
NA
2.2
2.2
2.3
2.1
—
-1
-1
-2
0
—
3.14
3.49
3.66
1.80
—
0.84
0.90
0.98
0.44
(—)
(94)
(87)
(94)
(78)
—
High
High
Avg
Avg
Fidelity Total Bond
LFPA New Income
Franklin US Gov Secs A
LFremont Bond
Harbor Bond
CI
CI
GI
CI
CI
NR
QQQ
QQQ
QQQQQ
QQQQQ
1.6
0.9
0.7
2.0
2.2
—
2.8
7.2
9.2
10.1
—
8.8
9.1
11.1
10.9
—
6.5
6.7
8.3
8.2
—
7.2
6.6
—
7.9
36
95
78
16
11
—
96
67
28
11
—
56
47
3
5
—
46
38
2
3
—
14
21
—
2
-Avg
+Avg
+Avg
+Avg
+Avg
0.9
4.9
5.6
3.5
5.3
NA
2.5
2.4
2.7
2.6
—
-3
-2
-2
-2
—
3.99
2.65
4.10
3.84
—
0.33
0.66
1.04
0.98
(—)
(9)
(85)
(86)
(85)
—
Avg
-Avg
+Avg
Avg
QQ
QQ
QQQQ
QQQQ
QQQQ
0.5
1.5
0.2
1.5
0.4
-0.6
-0.5
5.3
10.8
2.4
4.6
6.2
7.3
10.8
5.0
5.3
6.0
6.2
7.5
5.1
—
—
6.3
—
—
82
45
94
48
78
97
99
66
8
47
92
94
51
5
34
79
67
29
9
27
—
—
6
—
—
Avg
Avg
Avg
+Avg
+Avg
5.5
7.5
3.4
3.8
2.6
2.6
3.2
2.2
2.2
2.0
-4
-7
0
-3
0
3.00
5.31
1.92
4.30
0.81
0.09
0.59
0.44
1.17
0.06
(1)
(16)
(73)
(97)
(18)
+Avg
High
Avg
+Avg
-Avg
Metro West Low Dur M
CS
LMetro West Total Ret
CI
LMontgomery Sh Dur Govt R GS
Payden Core Bond A
CI
Payden Limited Mat R
UB
0.83 (68)
Risk
relative
to
category
—
EPBHG IRA Cap Preserv PBHG
PIMCO Low Duration Instl
PIMCO Real Ret Inst
PIMCO Total Ret Instl
Scudder GNMA AARP
UB [ QQQQ
CS QQQQQ
CI QQQQQ
CI QQQQQ
GI QQQ
0.6
1.2
4.0
1.9
0.8
4.5
7.0
19.2
9.4
7.0
5.7
8.0
14.0
11.0
8.8
—
6.7
10.7
8.3
6.5
—
6.7
—
8.1
6.0
53
16
1
21
63
3
17
1
25
72
8
14
1
4
61
—
6
1
2
49
—
2
—
1
71
High
High
High
High
Avg
4.4
3.9
4.1
4.2
4.9
NA
2.4
2.5
2.8
2.3
—
0
-3
-2
-2
0.31
2.11
5.70
4.14
2.69
0.00
0.52
1.18
1.08
0.66
(0)
(76)
(58)
(90)
(82)
-Avg
Avg
High
+Avg
-Avg
LSit U.S. Government Secs
LSSgA Yield Plus
LStrong Govt Secs Inv
T. Rowe Price GNMA
LT. Rowe Price US Try L/T
GS [ QQQQ
UB QQQ
GI QQQQQ
GI QQQQ
GL QQQQ
0.5
0.2
1.3
1.0
2.2
4.7
1.3
10.3
7.7
14.8
7.7
3.8
10.3
9.5
11.7
6.1
4.4
7.4
6.8
8.1
6.3
4.7
7.3
6.7
8.1
61
91
11
38
41
76
78
13
55
37
42
63
8
33
35
43
67
8
32
31
4
67
5
19
25
Avg
Avg
High
+Avg
Avg
4.2
1.4
3.8
4.1
4.5
2.1
1.7
2.4
2.3
2.2
0
0
-1
-2
-6
1.86
0.77
3.94
2.98
8.64
0.43
0.03
1.06
0.75
2.18
(79)
(7)
(95)
(86)
(85)
Avg
-Avg
Avg
-Avg
Avg
TCW Galileo Tot Ret Bd I
Turner Ultra Shrt F/I I
USAA Income
LVanguard GNMA
LVanguard Infl-Prot Secs
CI
UB
CI
GI
GI
QQQQQ
QQQQ
QQQQ
QQQQQ
NR
1.1
0.4
1.7
1.0
4.3
9.7
2.5
8.8
8.3
19.1
11.6
4.9
9.9
9.8
—
8.2
5.2
6.9
7.2
—
—
—
7.0
7.1
—
91
79
30
38
1
17
46
38
42
1
2
41
21
21
—
2
23
31
12
—
—
—
20
7
—
High
+Avg
Avg
+Avg
+Avg
7.2
2.3
5.1
5.4
3.7
2.9
1.9
2.7
2.5
NA
-2
0
-3
-2
—
3.59
0.79
4.11
2.82
—
0.84
0.08
1.07
0.71
—
(76)
(31)
(91)
(86)
(—)
-Avg
-Avg
+Avg
-Avg
—
LVanguard Long-Tm Corp Bd CL
LVanguard Long-Tm US Try
GL
LVanguard Sh-Tm Bd Idx
CS
Vanguard Short-Tm Trs
GS
Vanguard Sht-Tm Cp
CS
QQQQQ
QQQQ
QQQQQ
QQQQ
QQQQ
3.1
2.6
1.0
0.6
1.0
13.7
16.8
6.3
7.5
5.4
12.3
12.8
8.1
8.3
7.3
7.7
8.8
6.6
6.7
6.3
8.1
8.7
—
6.0
6.1
12
30
31
45
26
9
29
31
19
51
4
26
13
27
33
5
17
8
17
23
8
17
—
18
13
High
+Avg
High
High
Avg
5.8
4.8
4.1
3.6
5.2
2.6
2.3
2.2
2.0
2.4
-4
-6
-1
-1
0
7.75
9.13
2.27
2.41
2.19
1.90
2.30
0.57
0.60
0.50
(80)
(86)
(86)
(82)
(70)
+Avg
Avg
Avg
Avg
Avg
LVanguard ShtTm Fed
LVanguard Total Bd Idx
Western Asset Core
WPG Core Bond
QQQQ
QQQQ
QQQQQ
QQQQ
0.7
1.4
2.8
1.9
7.1
8.1
8.6
11.0
8.5
9.5
11.0
10.8
6.8
7.1
7.8
8.0
6.1
7.0
7.8
6.2
39
59
3
21
29
60
44
5
16
31
4
5
10
20
5
3
10
21
2
61
High
High
+Avg
+Avg
3.9
5.4
4.8
3.7
2.1
2.4
2.8
2.1
0
-2
-2
-2
2.26
3.54
4.83
3.89
0.55
0.95
1.13
1.04
(80)
(96)
(74)
(94)
Avg
-Avg
High
Avg
High-Yield Bond
—
3.2
2.2
-1.8
-1.3
4.5
—
—
—
—
—
—
8.9
—
-12
9.7
-0.01 (1)
—
Amer Funds Amer H/I A
LEaton Vance Inc Boston A
Fidelity High-Income
QQQQ
QQQ
QQQ
4.2
3.1
3.8
3.5
4.0
6.8
1.4
-3.1
-5.0
2.2
1.0
-1.6
6.5
6.4
6.1
18
56
31
40
34
10
23
67
78
10
25
61
6
13
18
Avg
Avg
Avg
9.7
10.3
7.4
3.7
4.1
3.4
-14
-13
-14
10.81
9.95
11.27
-0.16 (0)
0.15 (0)
0.08 (0)
+Avg
Avg
+Avg
1.5
4.2
9.9
7.3
10.3
2.5
7.6
1.8
7.3
6.5
GS
CI
CI
CI
Lehman Bros. Agg. Bond Index
CS First Boston High Yield Index
E New this month
Categories
LAnalyst Picks
CI
CL
CS
GI
Long-Term Bond
Short-Term Bond
IntermediateGovernment Bond
GL Long Government Bond
GS Short Government Bond
UB Ultrashort Bond
Current
Bond
Style Avg
Box
Duration
Category
Avg
Duration
Costs
Avg
Credit
Quality
Credit Quality
Breakdown
US
Gov’t High
Recent
Composition %
Expense
Ratio
Med
Low
4.1
4.1
AA
52
28
16
2
2
154
15
1
81
3
—
1.03
4
1
4
1
4
3.7
1.6
3.8
2.9
5.1
4.1
3.3
4.1
3.3
3.3
AA
AAA
AA
AAA
AA
69
16
57
98
0
8
84
1
0
87
18
0
31
0
0
5
0
6
0
0
0
0
5
2
13
62
218
40
327
284
14
10
17
17
2
0
0
0
0
0
83
90
82
83
98
3
0
1
0
0
NL
NL
NL
NL
NL
0
4
1
4
2
5.3
5.2
3.3
4.3
1.9
3.3
2.0
1.9
4.1
2.0
AAA
AAA
AA
AA
A
100
53
78
0
0
0
47
1
64
45
0
0
0
31
41
0
0
0
1
1
0
0
21
4
13
NA
78
145
230
145
—
8
4
2
12
—
0
0
0
0
—
90
95
98
75
—
3
1
0
13
NL
NL
NL
NL
NL
0
1
1
4
4
—
1.6
1.7
3.8
3.7
4.1
4.1
3.3
4.1
4.1
—
AA
AAA
AA
AA
—
68
100
0
10
—
6
0
71
64
—
2
0
23
22
—
22
0
3
4
—
2
0
3
0
NA
22
45
160
531
—
26
55
32
28
—
0
0
0
0
—
72
45
66
41
—
2
0
1
31
1
5
0
4
1
1.2
3.5
—
4.5
0.5
2.0
4.1
1.9
4.1
0.9
AA
A
AAA
AA
AA
34
36
100
71
36
18
16
0
9
45
38
35
0
20
19
10
13
0
0
0
0
0
0
0
0
53
205
245
582
128
17
13
2
8
22
0
0
0
0
0
83
82
97
90
78
0
1
7
4
1
—
1.8
6.2
4.4
1.5
0.9
2.0
4.1
4.1
3.3
—
AA
AAA
AA
AAA
—
0
88
12
99
—
81
4
63
0
—
17
7
23
0
—
2
1
2
0
—
0
0
0
1
NA
569
237
445
203
1
40
13
33
22
0
3
0
1
0
1
1
4
1
7
1.8
0.2
4.0
1.9
8.9
1.9
0.9
3.3
3.3
10.0
AAA
AAA
AAA
AAA
AAA
100
0
91
100
100
0
93
9
0
0
0
7
0
0
0
0
0
0
0
0
0
0
0
0
0
55
80
552
145
49
4
10
7
27
1
4
1
4
1
4
4.4
0.4
4.2
1.9
4.7
4.1
0.9
4.1
3.3
3.3
AAA
AAA
AA
AAA
AAA
0
95
0
100
95
90
5
69
0
5
0
0
28
0
0
0
0
1
0
0
10
0
3
0
0
26
119
60
8
75
8
7
1
1
1
11.0
10.0
2.4
2.2
2.1
6.3
10.0
2.0
1.9
2.0
A
AAA
AA
AAA
AA
0
100
59
100
18
35
0
17
0
34
50
0
15
0
47
14
0
9
0
0
1
0
0
0
0
1
4
4
4
1.9
3.8
3.7
3.8
1.9
4.1
4.1
4.1
AAA
AA
AA
AA
94
62
48
69
6
14
25
9
0
24
22
20
0
0
2
0
—
4.1
4.1
BB
1
2
10
3
6
0
3.4
4.1
—
4.1
4.1
4.1
BB
B
BB
3
0
0
0
0
0
23
11
13
Sht Int Long
Sales
Charge
%
—
Fixed Income Style Box
Other
Turnover
%
43
Operations
Cost
Rating
NAV
Assets
01-31-03
($Mil)
—
—
990.8
0.74 b
0.59
0.45
0.60
0.68
Avg
-Avg
Low
-Avg
Low
10.25
10.89
12.94
11.26
10.56
234.5
2,122.1
3,404.6
7,014.9
3,601.7
Thomas J. Marthaler (9.2)
Management Team
Management Team
Thomas Silvia (4.2)
George A. Fischer (0.2)
NA
0.63
0.59
0.66
0.58
—
-Avg
-Avg
-Avg
-Avg
11.05
10.83
10.43
7.65
9.03
438.0
6,683.8
1,415.5
5,059.2
5,600.3
Thomas Silvia (0.7)
Ford O’Neil (4.6)
George A. Fischer (0.8)
Kevin E. Grant (6.1)
Andrew J. Dudley (6.1)
NL
3.50
4.25
NL
NL
NA
0.58
0.69 b
0.57
0.56
—
-Avg
-Avg
-Avg
Low
10.41
49.0
10.98
889.1
6.99 7,868.0
10.56 1,344.0
11.96 1,369.1
Kevin E. Grant (0.4)
Robert L. Rodriguez (18.7)
Management Team
William H. Gross (9.0)
0
5
1
2
1
NL
NL
NL
NL
NL
0.58 b
0.65 b
0.60
0.55
0.40
-Avg
-Avg
—
—
—
9.37
9.33
10.33
10.70
10.02
311.4
559.0
423.0
365.6
206.2
Management Team
Management Team
Stevens/Chandoha (10.2/4.2)
Management Team
Management Team
94
44
87
48
78
6
13
0
18
0
2.00r
NL
NL
NL
NL
NA
0.43
0.47
0.43
0.71
—
-Avg
—
Low
-Avg
10.00
10.33
11.68
10.80
15.49
1,124.3
6,221.1
2,078.3
41,088.2
3,977.1
1
0
0
0
0
94
86
89
73
99
0
4
5
0
0
NL
NL
NL
NL
NL
0.80
0.53 b
0.90
0.69
0.66
Avg
-Avg
-Avg
Low
-Avg
10.85
396.5
9.93
250.7
11.23 2,311.9
9.93 1,422.9
12.46
291.7
Brilley/Doty (15.8/7.3)
Management Team
Sontag/Bhatia (4.3/1.7)
Connie Bavely (2.4)
Management Team
1
14
5
12
6
0
0
1
0
0
93
85
87
88
94
5
1
7
0
0
NL
NL
NL
NL
NL
0.70
0.36
0.55
0.25
0.25
-Avg
Avg
Low
Low
Low
9.96
168.7
10.21
593.1
12.51 1,776.8
10.76 22,112.5
12.35 3,142.9
Management Team
Early/Matlack (1.2/1.2)
M. Didi Weinblatt (3.1)
Paul D. Kaplan (8.9)
Management Team
39
64
156
102
69
0
2
4
7
15
0
0
0
0
0
98
98
95
93
80
2
0
1
1
5
NL
NL
NL
NL
NL
0.32
0.29
0.21
0.29
0.24
Low
Low
Low
Low
Low
9.43
11.97
10.36
10.85
10.82
3,733.1
1,676.9
2,561.4
2,199.5
8,827.7
Earl E. McEvoy (9.0)
MacKinnon/Glocke (16.8/1.8)
MacKinnon/Alwine (1.3/0.4)
Glocke/MacKinnon (2.1/2.1)
Auwaerter/MacKinnon(19.2/5.4)
0
0
3
2
80
67
595
432
19
4
22
14
0
0
0
0
81
94
73
84
0
2
5
2
NL
NL
NL
NL
0.31
0.22
0.50
0.50 b
-Avg
Low
Low
Low
10.72 2,902.4
10.44 16,791.4
11.61 1,030.1
10.58
105.6
Hollyer/MacKinnon (7.2/2.1)
Volpert/MacKinnon (7.5/7.5)
Management Team
Vandivort/Bakst (8.2/5.2)
85
4
101
9
1
85
5
—
74
85
79
0
3
8
34
91
69
8
2
10
1
0
1
78
91
82
13
6
7
3.75
4.75
1.00r
Hi Med Lo
d
b
r
w
NA
Clsd
1.29
0.88 b
1.06
0.76
—
-Avg
Avg
Low
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
—
986.0
10.60 4,120.6
5.54
816.2
7.80 1,973.5
—
Management Team
John B. Brynjolfsson (6.1)
Management Team
—
Management Team
Weilheimer/Huggins (7.2/3.2)
Fred Hoff (2.8)
44
Morningstar 500
Bond Funds
Morningstar
Rating
vs. Category
5best
High-Yield Bond (cont’d)
—
3.2
LJanus High-Yield
MainStay Hi-Yield Corp B
LNortheast Investors
LPIMCO High-Yield A
Pioneer High Yield A
QQQQQ
QQQQ
QQQQ
QQQQ
QQQQQ
2.1
5.3
-0.3
4.0
5.2
LT. Rowe Price Hi-Yld
TIAA-CREF High-Yield Bd
Vanguard Hi-Yld Corp
QQQQ
NR
QQQQQ
3.1
3.4
2.9
Specialty Bond
Amer Funds CapWrldBd A
BlackRock Intl Bond Svc
LCalamos Convertible A
LDavis Convertible Secs A
LFidelity Convertible Sec
Historical Risk
Total Return %
02-28-03
A N N U A L I Z E D
YTD
1 Yr
10 Yr
Total Return %
Category Rank
1=best, 100=worst
YTD 1 Yr 3 Yr
5 Yr 10 Yr
Return
Consistency
Rating
Yield
%
TaxCost
Ratio
Worst
3 month
Return
%
Standard
Deviation
Beta (R 2)
-0.01 (1)
3 Yr
5 Yr
2.2
-1.8
-1.3
4.5
—
—
—
—
—
—
8.9
—
-12
9.7
3.8
3.2
2.0
3.6
3.3
2.9
-1.3
-0.1
2.2
6.6
3.0
1.1
-0.4
2.5
9.6
—
7.1
6.8
—
—
85
4
99
26
5
38
48
64
40
44
9
53
42
15
3
5
24
44
9
1
—
2
4
—
—
+Avg
Avg
+Avg
Avg
+Avg
6.9
9.8
8.6
8.1
9.6
3.1
4.1
3.9
3.2
3.5
-10
-11
-11
-11
-12
6.26
10.07
8.15
8.50
11.93
6.1
3.1
4.7
2.7
—
2.4
2.8
—
2.5
6.5
—
6.4
52
42
65
13
50
26
10
—
13
6
—
10
7
—
9
+Avg
+Avg
+Avg
9.2
9.3
8.4
3.6
NA
3.3
-7
—
-7
7.89
—
7.57
0.11
-0.13
-0.67
0.08
-0.67
(0)
(0)
(7)
(0)
(4)
0.02 (0)
— (—)
0.06 (0)
0.60 (31)
Risk
relative
to
category
—
Low
Avg
-Avg
-Avg
+Avg
-Avg
—
-Avg
—
2.9
7.7
4.0
4.3
6.7
—
—
—
—
—
—
5.2
—
-16
9.7
IB QQQ
IB QQQQQ
CV [ QQQQ
CV QQQ
CV QQQQ
3.8
1.4
-0.4
1.1
1.8
21.7
7.9
-4.2
-0.1
-7.7
8.6
8.8
-2.5
-4.0
-6.3
5.7
7.3
7.1
0.2
7.5
6.8
8.5
11.2
8.4
11.0
11
88
88
32
15
28
83
51
6
89
29
24
12
26
45
37
12
7
74
5
42
13
7
31
13
Avg
+Avg
+Avg
+Avg
Avg
2.3
5.1
1.8
3.9
5.0
1.6
2.8
1.9
1.7
3.4
-3
-2
-11
-17
-16
6.72
2.53
11.32
13.98
18.90
0.97
0.51
0.45
0.60
0.82
(25)
(58)
(52)
(59)
(59)
Avg
Low
-Avg
Avg
+Avg
—
LFidelity New Markets Inc
LHancock Strategic Inc A
Loomis Sayles Bond Ret
PIMCO Foreign Bond Instl
LT. Rowe Price Intl Bd
EB
MU
MU
IB
IB
QQQQ
QQQQ
QQQQ
QQQQQ
QQ
5.8
3.7
5.6
2.4
3.2
10.8
10.0
17.8
9.5
28.2
10.8
5.4
7.4
9.5
7.2
8.3
4.7
6.3
7.6
4.0
—
7.5
—
9.3
5.8
41
12
4
69
34
42
25
4
68
12
56
43
18
13
54
24
30
6
6
67
—
6
—
4
71
Avg
+Avg
Avg
+Avg
Avg
7.1
6.8
6.6
3.8
2.6
3.7
3.0
3.2
2.7
1.6
-37
-3
-8
-3
-7
12.58
4.60
7.70
2.82
9.41
0.06
0.67
0.93
0.55
1.40
(0)
(24)
(17)
(48)
(26)
Avg
Avg
High
-Avg
+Avg
LT. Rowe Price Spect Inc
Vanguard Convertible Sec
MU
CV
QQQQ
QQQ
1.5
1.2
7.3
-1.8
7.2
-6.5
5.0
2.8
7.2
7.4
89
29
59
20
22
47
23
36
11
56
+Avg
Avg
4.9
4.5
2.4
2.3
-3
-17
3.96
14.44
0.53 (22)
0.58 (50)
-Avg
Avg
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Municipal Bond—National —
(—) —
Amer Funds T/E Bd A
AXP High-Yield Tax-Ex A
Bernstein Diversif Muni
Calvert Tax-Fr Res Lim A
Dreyfus Interm Muni
MI
ML
MS
MS
MI
QQQ
QQQ
QQQQ
Q
QQQ
1.0
1.0
0.9
0.5
0.9
6.8
6.6
5.3
3.0
6.0
8.1
7.4
6.8
4.0
6.4
5.4
4.9
4.9
3.7
4.5
6.0
5.5
5.0
3.9
5.0
32
33
25
82
72
45
45
27
87
74
19
60
7
95
85
21
35
12
86
75
7
44
10
91
77
High
Avg
High
-Avg
Low
4.4
5.0
3.4
2.4
4.3
0.1
0.0
0.0
0.0
0.1
-2
-2
-1
0
-2
3.97
4.51
2.83
0.46
3.48
0.95
1.04
0.68
0.08
0.84
(72)
(66)
(74)
(23)
(73)
Avg
-Avg
+Avg
Low
-Avg
LEvergreen HiInc MuniBd A
LFidelity Spar IntermMuni
LFidelity Spar Muni Inc
Fidelity Spar Sh-IntMuni
LFranklin Fed T/F Inc A
MS QQQ
MI QQQQ
ML [ QQQQ
MS [ QQQ
ML QQQQ
0.6
1.3
1.2
1.0
1.1
4.2
7.6
8.5
5.4
6.0
6.3
8.2
9.4
6.3
7.5
4.3
5.7
6.2
5.0
5.0
—
5.8
6.1
4.7
5.7
76
4
8
14
27
65
15
4
24
61
23
17
4
21
55
57
9
2
7
33
—
11
4
25
25
Avg
High
+Avg
High
Avg
3.8
4.1
4.5
3.1
5.0
0.0
0.1
0.1
0.0
0.0
-2
-2
-2
0
-2
2.54
3.81
4.87
2.27
3.74
0.45
0.94
1.15
0.55
0.86
(41)
(76)
(73)
(71)
(67)
Avg
-Avg
Avg
Avg
-Avg
LFranklin Hi Yld T/F A
Franklin Ins T/F Inc A
Nuveen Interm Duration R
LScudder Med-Trm T/F S
Sit Tax-Free Income
ML QQQ
ML QQQQ
MI QQQQ
MI QQQQ
MI [ QQQ
0.7
1.0
0.9
1.0
0.9
4.0
7.0
5.9
6.7
4.9
5.9
8.5
7.5
7.6
6.9
3.5
5.5
5.0
5.3
4.2
5.7
5.7
5.7
5.5
5.6
78
36
65
44
62
85
34
77
48
96
84
23
53
48
76
80
13
55
35
83
25
24
21
37
28
-Avg
+Avg
Avg
+Avg
Avg
5.8
4.7
4.8
4.1
4.4
0.0
0.0
0.1
0.1
0.0
-3
-3
-3
-2
-3
3.21
4.27
3.29
4.10
2.89
0.59
0.97
0.75
1.02
0.65
(41)
(67)
(67)
(77)
(66)
Low
-Avg
Low
Avg
Low
LStrong S/T Muni Bond Inv
T. Rowe Price T/F Inc
LT. Rowe Price T/F Sh-Int
Thornburg Ltd-Tm Natl A
LUSAA Tax Ex Interm-Term
MS QQQ
ML QQQQ
MS [ QQQ
MS QQQ
MI QQQQQ
0.9
1.1
0.6
1.0
1.2
4.4
7.4
5.0
6.1
6.5
5.4
8.6
6.3
6.6
7.9
4.4
5.5
4.9
4.8
5.3
4.3
5.9
4.7
4.8
5.8
18
24
75
15
12
57
21
41
11
59
64
20
25
11
28
49
14
13
14
32
67
13
31
22
16
Avg
High
High
+Avg
+Avg
4.0
4.7
3.5
3.3
4.8
0.0
0.0
0.1
0.0
0.0
-1
-3
-1
-1
-2
1.58
4.68
2.33
2.76
3.51
0.35
1.09
0.56
0.69
0.84
(54)
(70)
(71)
(75)
(74)
-Avg
Avg
Avg
+Avg
-Avg
USAA Tax Ex Long-Term
LUSAA Tax Ex Short-Term
LVanguard Hi-Yld T/E
Vanguard Ins L/T TE Inv
LVanguard IntTm T/E
ML
MS
ML
ML
MI
QQQQQ
QQQ
QQQQQ
QQQQQ
QQQQ
1.4
0.9
0.7
1.1
0.8
8.3
4.5
5.8
8.0
6.0
9.0
5.5
7.9
9.2
7.5
5.3
4.6
5.1
6.1
5.4
5.9
4.6
5.9
6.3
5.6
2
30
74
19
89
5
54
65
10
73
10
54
44
5
50
18
33
30
3
20
17
37
16
2
27
High
Avg
Avg
High
+Avg
4.8
3.2
5.2
4.5
4.3
0.0
0.0
0.0
0.1
0.0
-3
0
-3
-2
-2
5.09
1.60
4.27
5.33
3.86
1.16
0.39
0.87
1.24
0.91
(67)
(72)
(53)
(70)
(71)
Avg
-Avg
-Avg
+Avg
-Avg
LVanguard Lg-Tm T/E
LVanguard LtdTm T/E
ML
MS
QQQQQ
QQQQ
0.9
0.8
7.6
5.3
9.3
6.2
5.9
4.9
6.1
4.7
62
44
16
28
4
27
5
9
6
28
High
High
4.6
3.6
0.1
0.0
-3
-1
5.54
2.29
1.27 (69)
0.54 (68)
+Avg
Avg
1.2
7.7
8.9
6.1
6.3
Lehman Bros. Municipal Index
E New this month
Categories
LAnalyst Picks
MI Muni National, Intermediate
ML Municipal National, Long
MS Municipal National, Short
MU
CV
IB
EB
Multisector Bond
Convertibles Bond
International Bond
Emerging Market Bond
Current
Bond
Style Avg
Box
Duration
Category
Avg
Duration
Costs
Avg
Credit
Quality
Credit Quality
Breakdown
US
Gov’t High
Turnover
%
Recent
Composition %
Sales
Charge
%
45
Operations
Expense
Ratio
Cost
Rating
Med
Low
Other
—
4.1
4.1
BB
1
2
10
85
4
101
9
1
85
5
—
3
6
0
6
6
3.2
3.9
—
3.8
4.1
4.1
4.1
4.1
4.1
4.1
BB
B
—
BB
B
0
3
—
0
0
0
5
—
14
0
12
6
—
21
7
88
85
—
65
68
0
1
—
0
25
358
51
22
96
24
24
11
20
12
0
0
5
10
0
0
76
76
69
77
90
0
9
1
12
10
1.00r
5.00d
NL
4.50
4.50
0.99
1.79 b
0.65
0.90
0.96
-Avg
Avg
Low
Avg
Avg
9.06
778.7
5.12 2,031.8
6.88 1,659.7
8.74
718.8
10.05 1,657.9
6
6
6
3.8
4.5
4.4
4.1
4.1
4.1
B
B
B
0
0
6
7
0
0
2
4
1
86
96
94
5
1
0
71
75
29
6
4
2
1
0
0
86
94
97
7
2
1
1.00r
NL
1.00r
0.83
0.34
0.27
—
Low
Low
6.37 2,033.1
8.35
87.1
5.97 5,689.7
—
5.0
5.0
A
11
24
26
31
10
195
11
4
70
15
—
4
4
0
8
0
4.9
5.2
—
7.6
—
5.1
5.1
4.4
4.4
4.4
AA
AAA
—
BBB
—
16
21
—
0
—
48
75
—
22
—
22
4
—
34
—
14
0
—
36
—
0
1
—
8
—
61
266
37
20
163
3
19
1
5
2
0
0
15
18
14
77
74
0
0
0
19
7
84
77
84
3.75
NL
4.75
4.75
NL
1.12 b
1.22 b
1.20
1.09 b
0.76
Avg
—
Avg
-Avg
Low
17.12
528.4
10.54
35.5
17.34
519.1
20.52
82.1
16.63 1,396.7
Management Team
Gordon/Anderson (6.2/3.6)
Calamos/Calamos (17.7/14.5)
Davis/Voss (10.1/2.5)
Victor Y. Thay (1.1)
0
4
0
4
4
—
4.4
—
5.0
4.7
5.8
4.7
4.7
5.1
5.1
—
AA
—
AAA
AA
—
69
—
0
0
—
0
—
90
94
—
7
—
9
6
—
24
—
1
0
—
0
—
0
0
259
69
22
434
108
10
17
3
16
16
2
0
1
0
0
82
67
89
69
84
6
15
8
15
0
1.00r
4.50
NL
NL
NL
0.99
0.93 b
1.00 b
0.50
0.95
—
-Avg
-Avg
Low
-Avg
11.84
470.9
6.67
537.4
11.60
83.7
10.76
779.2
9.55 1,113.1
John H. Carlson (7.7)
Cavanaugh Jr./Janis III (16.6/3.4)
Fuss/Gaffney (6.2/5.4)
Sudi Mariappa (2.3)
Management Team
0
0
4.1
—
4.7
4.4
B
—
—
—
—
—
—
—
—
—
—
—
6
156
8
6
13
0
55
0
24
94
NL
NL
NA
0.71
Low
Low
10.83 2,768.8
10.53
329.1
Management Team
Larry Keele (6.3)
1.29
1.44
—
—
NAV
Assets
01-31-03
($Mil)
—
—
986.0
393.5
—
Sandy R. Rufenacht (6.7)
Morgan/Philo (2.8/1.8)
Monrad/Monrad (42.8/10.2)
Ray Kennedy (0.9)
Margaret D. Patel (5.1)
Mark Vaselkiv (6.8)
Management Team
Earl E. McEvoy (19.1)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4
8
1
1
4
5.6
9.8
4.2
0.6
4.5
5.4
7.5
3.0
3.0
5.4
AA
A
AA
AA
AA
0
0
0
0
0
62
61
80
45
68
24
15
13
52
28
14
3
1
3
4
0
22
6
0
0
22
37
26
63
27
4
0
8
14
3
0
0
0
0
0
95
97
92
86
97
1
2
0
0
1
3.75
4.75
NL
1.00
0.10r
0.66 b
0.80 b
0.63
0.69
0.74
-Avg
Avg
Low
—
-Avg
12.46
4.48
14.31
10.76
13.67
2,780.7
4,576.6
1,816.9
1,459.0
1,063.1
Multiple Managers
Terrence M. Fettig (2.2)
Management Team
Management Team
Monica S. Wieboldt (15.5)
1
4
7
1
7
2.2
5.2
7.2
3.0
—
3.0
5.4
7.5
3.0
7.5
AA
AA
AA
AA
AA
0
0
0
0
0
63
75
82
81
66
19
19
12
13
31
6
0
0
0
3
12
6
5
6
1
79
24
27
43
10
16
2
1
6
17
0
0
0
0
0
84
96
99
94
81
0
2
0
0
1
4.75
0.50r
0.50r
0.50r
4.25
0.83
0.43
0.43
0.41
0.60 b
Avg
Low
Low
-Avg
-Avg
8.73
10.28
13.27
10.57
12.01
527.6
1,784.2
4,828.5
1,800.7
6,849.0
B. Clark Stamper (8.3)
Douglas McGinley (0.2)
Christine Jones Thompson (0.8)
Mark Sommer (0.2)
Management Team
8
7
4
4
2
—
—
4.8
5.2
4.5
7.5
7.5
5.4
5.4
5.4
BBB
AAA
AA
AAA
A
0
0
0
0
0
24
100
76
84
34
35
0
24
16
61
17
0
0
0
5
25
0
1
0
0
10
8
15
21
40
2
15
10
5
4
0
0
0
0
2
98
85
90
95
91
0
0
0
0
3
4.25
4.25
Clsd
Clsd
NL
0.62 b
0.63 b
0.59
0.73
0.75
-Avg
—
Low
-Avg
-Avg
10.39 4,409.2
12.37 1,646.7
9.39 2,562.7
11.63
557.9
10.00
418.0
Management Team
Amoroso/Pomeroy (16.1/13.6)
Thomas C. Spalding (24.6)
Management Team
Brilley/Sit (14.4/4.2)
2
4
1
1
1
2.2
6.2
3.1
3.8
4.4
3.0
7.5
3.0
3.0
5.4
A
AA
AA
AA
AA
0
0
0
0
0
33
77
83
82
67
55
19
15
17
31
12
2
1
0
2
0
2
0
1
0
74
28
30
20
13
3
1
9
1
1
1
0
0
0
0
96
99
91
97
99
0
0
0
2
0
NL
NL
NL
1.50
NL
0.60
0.54
0.52
0.95
0.45
-Avg
Low
-Avg
Avg
Low
9.82
611.2
10.05 1,479.0
5.53
562.5
13.96
926.4
13.38 2,627.0
Lyle J. Fitterer (2.9)
Management Team
Management Team
George Strickland (18.4)
Clifford A. Gladson (9.9)
4
2
5
4
4
6.3
1.9
6.3
6.6
5.0
7.5
3.0
7.5
7.5
5.4
AA
A
A
AAA
AAA
0
0
0
0
0
69
52
56
100
91
27
47
31
0
7
4
1
6
0
2
0
0
7
0
0
40
21
18
21
13
0
6
1
1
3
0 100
0 94
0 97
0 97
0 96
0
0
1
2
1
NL
NL
NL
NL
NL
0.45
0.46
0.19
0.19
0.19
Low
-Avg
Low
Low
Low
13.84
10.89
10.66
12.96
13.67
2,245.4
1,242.2
2,629.8
1,937.9
7,265.5
Robert R. Pariseau (3.3)
Clifford A. Gladson (8.9)
MacKinnon/Smith (21.3/6.5)
MacKinnon/Smith (18.4/10.8)
MacKinnon/Ryon (21.4/5.5)
7
1
7.4
2.7
7.5
3.0
AAA
AA
0
0
89
89
10
10
1
1
0
0
16
19
2
7
0
0
2
1
NL
NL
0.19
0.19
Low
Low
11.49 1,223.5
11.14 2,850.2
MacKinnon/Wisehaupt-Tynan(15.5/6.2)
Fixed Income Style Box
Sht Int Long
95
92
Hi Med Lo
d
b
r
w
NA
Clsd
12b-1 fee
Redemption fee
Waived fee
Not Available
This fund is closed
—
Christopher M. Ryon (6.5)
46
Fund Index
ABN AMRO Funds 992-8151
ABN AMRO/Chicago CapBd N CHTBX 42
ABN AMRO/Montag Gr N MCGFX 24
AIM Family of Funds 959-4246
AIM Aggressive Growth A AAGFX 28
AIM Constellation A CSTGX 24
AIM Premier Equity A AVLFX 24
Aegis Value 528-3780 AVALX 34
Alliance Premier Gr B 227-4618 APGBX 24
American Century Investments 345-2021
AmCent Equity Growth Inv BEQGX 24
AmCent Equity Income Inv TWEIX 30
AmCent Ginnie Mae Inv BGNMX 42
AmCent Global Gold Inv BGEIX 36
AmCent Global Gr Inv TWGGX 40
AmCent Growth Inv TWCGX 24
AmCent Inc & Growth Inv BIGRX 26
AmCent Intl Disc Inv TWEGX 38
AmCent Intl Growth Inv TWIEX 38
AmCent Lrg Co Val Inv ALVIX 26
AmCent Select Inv TWCIX 24
AmCent Small Cap Val Inv ASVIX 34
AmCent Tax Mgd Val Inv ACTIX 26
AmCent Ultra Inv TWCUX 24
AmCent Value Inv TWVLX 30
AmCent Veedot Inv AMVIX 28
American Express Financial 328-8300
AXP High-Yield Tax-Ex A INHYX 44
AXP New Dimensions A INNDX 26
AXP Utilities A INUTX 36
American Funds Group 421-4120
Amer Funds Amcap A AMCPX 24
Amer Funds Amer Bal A ABALX 34
Amer Funds Amer H/I A AHITX 42
Amer Funds Amer Mut A AMRMX 26
Amer Funds CapWrldBd A CWBFX 44
Amer Funds CapWrldGI A CWGIX 40
Amer Funds CpIncBldr A CAIBX 40
Amer Funds EuroPac A AEPGX 38
Amer Funds Fundamen A ANCFX 28
Amer Funds Grth Fund A AGTHX 24
Amer Funds Inc Fund A AMECX 34
Amer Funds Inv Co Am A AIVSX 28
Amer Funds New Econ A ANEFX 24
Amer Funds New Persp A ANWPX 40
Amer Funds New World A NEWFX 40
Amer Funds Sm World A SMCWX 32
Amer Funds T/E Bd A AFTEX 44
Amer Funds WashingtonA AWSHX 28
Ameristock 394-5064 AMSTX 28
Ariel Funds 292-7435
Ariel ARGFX 34
Ariel Appreciation CAAPX 30
Artisan Funds 344-1770
Artisan International ARTIX 38
Artisan Intl Sm Cap Inv ARTJX 38
Artisan Mid Cap ARTMX 28
Artisan Mid Cap Value ARTQX 30
Artisan Small Cap ARTSX 32
Artisan Small Cap Value ARTVX 34
Atlantic Whitehall Growth 994-2533 WHGFX 24
Atlas Global Growth A 933-2852 AGRAX 40
BNY Hamilton SmCap Gr Is 426-9363 BNSIX 28
Baron Asset Fund 992-2766
Baron Asset BARAX 28
Baron Growth BGRFX 32
Baron Small Cap BSCFX 32
Berger Funds 303-329-0200
Berger Mid Cap Value BEMVX 30
Berger Sm Cap Val Instl BSVIX 34
Bernstein Funds 212-756-4097
Bernstein Diversif Muni SNDPX 44
Bernstein Intl Val II SIMTX 38
Bernstein Tx-Mgd Intl Vl SNIVX 38
Bjurman, Barry MicroCp Gr 227-7264 BMCFX 32
BlackRock Intl Bond Svc 441-7762 CIFIX 44
Bogle Small Cap Gr Inv 877-264-5346 BOGLX 32
Boston Part SmCp II Inv 888-261-4073 BPSCX 34
Brandywine 656-3017 BRWIX 28
Brazos Micro Cap Y 426-9157 BJMIX 32
Bridgeway Ult-Smll Tx Ad 661-3550 BRSIX 34
Brown Cap Small Co Instl 877-892-4226 BCSIX 32
Buffalo Small Cap 492-8332 BUFSX 32
Area code is 800 unless otherwise indicated.
Calamos Funds 823-7386
Calamos Convertible A CCVIX 44
Calamos Growth A CVGRX 28
Calvert Tax-Fr Res Lim A 368-2748 CTFLX 44
Causeway Intl Value Inv 866-947-7000 CIVVX 38
Clipper 776-5033 CFIMX 28
Columbia Funds 547-1707
Columbia Balanced Z CBALX 34
Columbia Growth CLMBX 24
Columbia Real Est Eq Z CREEX 36
Columbia Small Cap Z CMSCX 32
Columbia Strategic Val Z CSVFX 30
Davis Funds 279-0279
Davis Convertible Secs A RPFCX 44
Davis Financial A RPFGX 36
Davis NY Venture A NYVTX 26
Delaware Trend A 523-4640 DELTX 28
Delphi Value Retail 895-9936 KDVRX 30
Dimensional US Micro Cp DFSCX 34
Dodge & Cox Funds 621-3979
Dodge & Cox Balanced DODBX 34
Dodge & Cox Income DODIX 42
Dodge & Cox Intl Stock DODFX 38
Dodge & Cox Stock DODGX 28
Domini Social Equity 762-6814 DSEFX 26
Dreyfus 373-9387
Dreyfus Appreciation DGAGX 26
Dreyfus Disc Stock DDSTX 26
Dreyfus Emerging Leaders DRELX 34
Dreyfus Interm Muni DITEX 44
Dreyfus Midcap Value DMCVX 30
Dreyfus Prem Emerg A DRFMX 40
Eaton Vance Group 225-6265
Eaton Vance Inc Boston A EVIBX 42
Eaton Vance Wld Health A ETHSX 36
Evergreen Funds 343-2898
Evergreen Health Care A EHABX 36
Evergreen HiInc MuniBd A VMPAX 44
Excelsior Val & Restruct 446-1012 UMBIX 26
FAM Value 932-3271 FAMVX 30
FBR Small Cap Value A 888-888-0025 FBRVX 32
FMI Focus 811-5311 FMIOX 32
FPA Funds 982-4372
FPA Capital FPPTX 34
FPA New Income FPNIX 42
FPA Paramount FPRAX 34
Fairholme 866-202-2263 FAIRX 30
Fidelity Advisor Funds 522-7297
Fidelity Adv Eq Gr T FAEGX 24
Fidelity Adv Small Cap T FSCTX 32
Fidelity Group 544-8888
Fidelity FFIDX 26
Fidelity Asset Mgr FASMX 34
Fidelity Asset Mgr: Aggr FAMRX 28
Fidelity Asset Mgr: Grth FASGX 34
Fidelity Balanced FBALX 34
Fidelity Blue Chip Grth FBGRX 24
Fidelity Capital Apprec FDCAX 24
Fidelity Contrafund FCNTX 26
Fidelity Contrafund II FCONX 26
Fidelity Convertible Sec FCVSX 44
Fidelity Destiny I FDESX 24
Fidelity Destiny II FDETX 26
Fidelity Diversified Int FDIVX 38
Fidelity Dividend Growth FDGFX 26
Fidelity Equity-Inc FEQIX 28
Fidelity Equity-Inc II FEQTX 28
Fidelity Exp & Multinatl FEXPX 26
Fidelity Four-in-One Idx FFNOX 26
Fidelity Freedom 2010 FFFCX 36
Fidelity Freedom 2020 FFFDX 36
Fidelity Ginnie Mae FGMNX 42
Fidelity Government Inc FGOVX 42
Fidelity Growth & Income FGRIX 26
Fidelity Growth Company FDGRX 24
Fidelity High-Income SPHIX 42
Fidelity Independence FDFFX 24
Fidelity Inflation-Protec FINPX 42
Fidelity Interm Bond FTHRX 42
Fidelity Interm Govt FSTGX 42
Fidelity Invt Grade Bond FBNDX 42
Fidelity Leverage Co Stk FLVCX 30
Fidelity Low-Priced Stk FLPSX 34
Fidelity Magellan FMAGX 26
Fidelity Mid-Cap Stock FMCSX 28
Fidelity New Markets Inc FNMIX 44
Fidelity New Millennium FMILX 28
Fidelity OTC FOCPX 24
Fidelity Overseas FOSFX 38
Fidelity Pacific Basin FPBFX 40
Fidelity Puritan FPURX 36
Fidelity Sel Electronics FSELX 36
Fidelity Sel Health Care FSPHX 36
Fidelity Sel Technology FSPTX 36
Fidelity Sh-Term Bond FSHBX 42
Fidelity SmCp Retirement FSCRX 32
Fidelity Small Cap Indep FDSCX 32
Fidelity Small Cap Stock FSLCX 32
Fidelity Spar 500 Idx FSMKX 26
Fidelity Spar IntermMuni FLTMX 44
Fidelity Spar Muni Inc FHIGX 44
Fidelity Spar Sh-IntMuni FSTFX 44
Fidelity Total Bond FTBFX 42
Fidelity Value FDVLX 30
Fidelity Worldwide FWWFX 40
First Eagle Funds 451-3623
First Eagle Fund of Am Y FEAFX 30
First Eagle Glbl A SGENX 40
Forward Hoover Sm-Cp Eq 999-6809 FFSCX 32
Franklin Templeton Investments 342-5236
Franklin Bal Sh Invmt A FRBSX 34
Franklin Fed T/F Inc A FKTIX 44
Franklin Growth A FKGRX 26
Franklin Hi Yld T/F A FRHIX 44
Franklin Income A FKINX 36
Franklin Ins T/F Inc A FTFIX 44
Franklin SmMid Cap Gr A FRSGX 28
Franklin US Gov Secs A FKUSX 42
Templeton Devel Mkts A TEDMX 40
Templeton Foreign A TEMFX 38
Templeton Growth A TEPLX 40
Templeton World A TEMWX 40
Fremont Investment Advisors 548-4539
Fremont Bond FBDFX 42
Fremont U.S. Micro-Cap FUSMX 32
Gabelli Funds 422-3554
Gabelli Asset GABAX 30
Gabelli Glob Telecomm GABTX 36
Gabelli Growth GABGX 24
Gabelli Small Cap Growth GABSX 34
Gabelli Value A GABVX 30
Gabelli Westwood Bal AAA 937-8966 WEBAX 36
Gateway 354-6339 GATEX 36
Hancock Strategic Inc A 225-5291 JHFIX 44
Harbor Funds 422-1050
Harbor Bond HABDX 42
Harbor Capital Apprec HACAX 24
Harbor Intl HAINX 38
Harbor Large Cap Value HAVLX 28
Heartland Value 432-7856 HRTVX 34
Henlopen 866-880-0032 HENLX 32
ICAP Funds 888-221-4227
ICAP Equity ICAEX 28
ICAP Select Equity ICSLX 28
ICM/Isabelle Sm Cap Invt 472-6114 IZZYX 34
INVESCO Family of Funds 646-8372
INVESCO Dynamics Inv FIDYX 28
INVESCO Energy Inv FSTEX 36
INVESCO Financial Svc Inv FSFSX 36
INVESCO Small Co Gr Inv FIEGX 32
Janus 525-8983
Janus JANSX 24
Janus Balanced JABAX 36
Janus Core Equity JAEIX 26
Janus Enterprise JAENX 30
Janus Global Life Sci JAGLX 36
Janus Global Value JGVAX 40
Janus Growth & Income JAGIX 24
Janus High-Yield JAHYX 44
Janus Mercury JAMRX 24
Janus Olympus JAOLX 24
Janus Orion JORNX 30
Janus Overseas JAOSX 38
Janus Special Equity JSVAX 30
Janus Twenty JAVLX 24
Janus Venture JAVTX 32
Janus Worldwide JAWWX 40
Jensen 992-4144 JENSX 24
Julius Baer Intl Eqty A 435-4659 BJBIX 38
LKCM Small Cap Equity 817-332-3235 LKSCX 34
Legg Mason Family of Funds 577-8589
Legg Mason Amer Lead Pr LMALX 28
Legg Mason Opp Prim LMOPX 30
Legg Mason Spec Invt Pr LMASX 30
Legg Mason Value Prim LMVTX 26
Liberty Financial Funds 322-2847
Liberty Acorn Z ACRNX 32
Liberty Acorn Intl Z ACINX 38
Liberty Acorn Twenty Z ACTWX 30
Liberty Acorn USA Z AUSAX 32
Liberty Newport Tiger A CNTAX 40
Longleaf Partners Funds 445-9469
Longleaf Partners LLPFX 30
Longleaf Partners Intl LLINX 38
Longleaf Partners Sm-Cap LLSCX 34
Loomis Sayles Bond Ret 633-3330 LSBRX 44
Lord Abbett Affiliated A 201-6984 LAFFX 28
MFS Family of Funds 637-2929
MFS Capital Opport A MCOFX 26
MFS Global Equity B MWEBX 40
MFS Global Total Retrn A MFWTX 40
MFS Mass Inv Grth Stk A MIGFX 24
MFS Mass Inv Trust A MITTX 26
MFS Total Return A MSFRX 36
MFS Utilities A MMUFX 36
MainStay Funds 624-6782
MainStay Hi-Yield Corp B MKHCX 44
MainStay MAP I MUBFX 30
Mairs & Power Growth 651-222-8478 MPGFX 26
Managers Special Equity 835-3879 MGSEX 32
Marsico Investment Fund 888-860-8686
Marsico 21st Century MXXIX 24
Marsico Focus MFOCX 24
Marsico Intl Opp MIOFX 38
Masters’ Select Equity 960-0188
Masters’ Select Equity MSEFX 26
Masters’ Select Intl MSILX 38
Masters’ Select Value MSVFX 30
Matthews Pacific Tiger 789-2742 MAPTX 40
Merger 343-8959 MERFX 36
Meridian Value 446-6662 MVALX 30
Merrill Lynch Investment Managers 995-6526
Merrill Basic Value A MABAX 28
Merrill Global Alloc B MBLOX 40
Metropolitan West Funds 241-4671
Metro West AlphaTrak 500 MWATX 26
Metro West Low Dur M MWLDX 42
Metro West Total Ret MWTRX 42
Montgomery Sh Dur Govt R 572-3863 MNSGX 42
Morgan Stan Amer Opp B 869-6397 AMOBX 24
Morgan Stanley Institutional Funds 548-7786
Morgan Stan Ins IntlEq A MSIQX 38
Morgan Stan Ins MidGr MPEGX 30
Morgan Stan Ins SmGr MSCGX 32
Morgan Stan Ins US R/E A MSUSX 36
Morgan Stan Ins USMdCrIns MPMVX 30
Muhlenkamp 860-3863 MUHLX 32
Mutual Series Funds 342-5236
Mutual Beacon A TEBIX 32
Mutual Discov Z MDISX 40
Mutual European A TEMIX 40
Mutual Qualified A TEQIX 32
Mutual Shares A TESIX 32
Needham Growth 625-7071 NEEGX 32
Neuberger Berman 877-9700
Neuberger Ber Fasciano In NBFSX 32
Neuberger Ber Genesis In NBGNX 34
Northeast Investors 225-6704 NTHEX 44
Northern Technology 595-9111 NTCHX 36
Nuveen Interm Duration R 621-7227 NUVBX 44
Oak Value 622-2474 OAKVX 30
Oakmark Funds 625-6275
Oakmark Equity & Inc I OAKBX 36
Oakmark Global I OAKGX 40
Oakmark I OAKMX 28
Oakmark International I OAKIX 38
Oakmark Intl Small Cap I OAKEX 38
Oakmark Select I OAKLX 32
Oakmark Small Cap I OAKSX 34
Olstein Finan Alert C 799-2113 OFALX 30
OppenheimerFunds 525-7048
Oppenheimer Cap Inc A OPPEX 36
Oppenheimer Develop MktA ODMAX 40
Oppenheimer Glob A OPPAX 40
Oppenheimer Glob Gr&IncA OPGIX 40
Oppenheimer Main Gr&IncA MSIGX 26
Oppenheimer Main St Sm A OPMSX 34
Oppenheimer Quest Bal A QVGIX 36
Oppenheimer Quest Glob A QVGLX 40
PBHG Funds 433-0051
PBHG Clipper Focus PBHG PBFOX 28
PBHG IRA Cap Preserv PBHG PBCPX 42
PBHG Mid Cap Value PBMCX 30
PIMCO Funds 927-4648
PIMCO Foreign Bond Instl PFORX 44
PIMCO High-Yield A PHDAX 44
PIMCO Low Duration Instl PTLDX 42
PIMCO RCM Glob Tech Instl DRGTX 36
PIMCO Real Ret Inst PRRIX 42
PIMCO Total Ret Instl PTTRX 42
Pax World Balanced 767-1729 PAXWX 36
Payden Funds 572-9336
Payden Core Bond A PYCBX 42
Payden Limited Mat R PYLMX 42
Pioneer Group 225-6292
Pioneer A PIODX 26
Pioneer Emerging Mkts A PEMFX 40
Pioneer High Yield A TAHYX 44
Putnam Funds 225-1581
George Putnam of BostonA PGEOX 36
Putnam Capital Opport A PCOAX 34
Putnam Fund for Gr&Inc A PGRWX 28
Putnam Intl Growth A POVSX 38
Putnam Investors A PINVX 26
Putnam Vista A PVISX 30
Putnam Voyager A PVOYX 24
Quaker Aggressive Gr A 220-8888 QUAGX 26
RS Funds 766-3863
RS Diversified Growth RSDGX 32
RS Emerging Growth RSEGX 30
RS MidCap Opport RSMOX 30
Royce Funds 221-4268
Royce Premier RYPRX 34
Royce Special Equity RYSEX 34
Royce Total Return RYTRX 34
SSgA Yield Plus 647-7327 SSYPX 42
Salomon Brothers Group 725-6666
Salomon Bros Capital O SACPX 30
Salomon Bros Investors O SAIFX 28
Schwab 1000 Inv 435-4000 SNXFX 26
Scudder Funds 621-1048
Scudder Flag Communic A TISHX 36
Scudder Flag Val Bldr A FLVBX 36
Scudder Global Discov A KGDAX 40
Scudder Growth & Inc S SCDGX 26
Scudder Intl S SCINX 38
Scudder Latin Amer S SLAFX 40
Scudder Med-Trm T/F S SCMTX 44
Scudder Total Return A KTRAX 36
Scudder GNMA AARP 322-2282 AGNMX 42
Security Cap US Real Est 888-732-8748 SUSIX 38
Selected Funds 243-1575
Selected American SLASX 26
Selected Special SLSSX 30
Sequoia 686-6884 SEQUX 28
Sit Group 332-5580
Sit Tax-Free Income SNTIX 44
Sit U.S. Government Secs SNGVX 42
Skyline Spec Equities 458-5222 SKSEX 34
Smith Barney Aggr Grth A 451-2010 SHRAX 24
Sound Shore 551-1980 SSHFX 28
State St Res Aurora A 882-0052 SSRAX 34
Strong Funds 368-1030
Strong Adv Common Stk Z STCSX 30
Strong Govt Secs Inv STVSX 42
Strong Growth Inv SGROX 24
Strong Opportunity Inv SOPFX 30
Strong S/T Muni Bond Inv STSMX 44
Strong U.S. Emerging Gr SEMRX 32
T. Rowe Price Funds 638-5660
T. Rowe Price Balanced RPBAX 36
T. Rowe Price BlChpGr TRBCX 24
T. Rowe Price Cap Apprec PRWCX 36
T. Rowe Price Div Growth PRDGX 28
T. Rowe Price Emg Mkt St PRMSX 40
T. Rowe Price Eq-Inc PRFDX 28
T. Rowe Price Fincl Svcs PRISX 38
T. Rowe Price GNMA PRGMX 42
T. Rowe Price Gr Stk PRGFX 24
T. Rowe Price Grth & Inc PRGIX 28
T. Rowe Price Hi-Yld PRHYX 44
T. Rowe Price Intl Bd RPIBX 44
T. Rowe Price Intl Stk PRITX 38
T. Rowe Price Latin Amer PRLAX 40
T. Rowe Price Med & Tele PRMTX 38
T. Rowe Price Mid Gr RPMGX 30
T. Rowe Price Mid Val TRMCX 32
T. Rowe Price New Amer PRWAX 24
T. Rowe Price New Asia PRASX 40
T. Rowe Price New Era PRNEX 38
T. Rowe Price New Horiz PRNHX 32
T. Rowe Price SciTech PRSCX 38
T. Rowe Price Sm Stk OTCFX 34
T. Rowe Price Sm Val PRSVX 34
T. Rowe Price Spect Grth PRSGX 26
T. Rowe Price Spect Inc RPSIX 44
T. Rowe Price T/F Inc PRTAX 44
T. Rowe Price T/F Sh-Int PRFSX 44
T. Rowe Price US Try L/T PRULX 42
T. Rowe Price Value TRVLX 32
TCW Galileo Funds 386-3829
TCW Galileo Select Eq I TGCEX 24
TCW Galileo Tot Ret Bd I TGLMX 42
TCW Galileo Val Opport I TGVOX 30
TIAA-CREF Mutual Funds 223-1200
TIAA-CREF Equity Index TCEIX 26
TIAA-CREF Growth & Inc TIGIX 26
TIAA-CREF Growth Eqty TIGEX 24
TIAA-CREF High-Yield Bd TCHYX 44
TIAA-CREF Intl Equity TIINX 38
TIAA-CREF Managed Alloc TIMAX 36
TIAA-CREF Soc Choice Eq TCSCX 26
Third Avenue Funds 443-1021
Third Avenue Intl Value TAVIX 38
Third Avenue RealEst Val TAREX 38
Third Avenue Sm-Cap Val TASCX 34
Third Avenue Value TAVFX 34
Thompson Plumb Funds 999-0887
Thompson Plumb Balanced THPBX 36
Thompson Plumb Growth THPGX 26
Thornburg Funds 847-0200
Thornburg Ltd-Tm Natl A LTMFX 44
Thornburg Value A TVAFX 26
Tocqueville Sm Cap Value 697-3863 TSCVX 34
Torray 443-3036 TORYX 28
Turner Funds 224-6312
Turner Midcap Growth TMGFX 30
Turner Ultra Shrt F/I I TSDOX 42
Tweedy, Browne Company LLC 432-4789
Tweedy, Browne American TWEBX 32
Tweedy, Browne Glob Val TBGVX 38
USAA Group 382-8722
USAA Income USAIX 42
USAA Income Stock USISX 28
USAA Tax Ex Interm-Term USATX 44
USAA Tax Ex Long-Term USTEX 44
USAA Tax Ex Short-Term USSTX 44
Van Kampen Funds 421-5666
Van Kampen Comstock A ACSTX 28
Van Kampen Eq and Inc A ACEIX 36
Van Kampen Glob Val Eq A MGEAX 40
Van Kampen Growth & IncA ACGIX 28
Van Kampen Latin Amer A MSLAX 40
Vanguard Group 662-7447
Vanguard 500 Index VFINX 26
Vanguard Asset Alloc VAAPX 36
Vanguard Bal Idx VBINX 36
Vanguard Calv Soc Idx VCSIX 24
Vanguard Cap Opp VHCOX 30
Vanguard Capital Value VCVLX 28
Vanguard Convertible Sec VCVSX 44
Vanguard Dev Mkts Idx VDMIX 38
Vanguard Dividend Growth VDIGX 28
Vanguard Em Mkt Idx VEIEX 40
Vanguard Energy VGENX 38
Vanguard Equity-Inc VEIPX 28
Vanguard Eur Stk Idx VEURX 40
Vanguard Explorer VEXPX 32
Vanguard ExtMktIdx VEXMX 30
Vanguard GNMA VFIIX 42
Vanguard Global Equity VHGEX 40
Vanguard Gr & Inc VQNPX 26
March 
47
Vanguard Gr Idx VIGRX 24
Vanguard Growth Equity VGEQX 24
Vanguard Health Care VGHCX 38
Vanguard Hi-Yld Corp VWEHX 44
Vanguard Hi-Yld T/E VWAHX 44
Vanguard Infl-Prot Secs VIPSX 42
Vanguard Ins L/T TE Inv VILPX 44
Vanguard IntTm T/E VWITX 44
Vanguard Intl Explorer VINEX 38
Vanguard Intl Gr VWIGX 38
Vanguard Intl Value VTRIX 38
Vanguard Lg-Tm T/E VWLTX 44
Vanguard LifeSt Cons Gr VSCGX 36
Vanguard LifeSt Growth VASGX 26
Vanguard LifeSt Income VASIX 36
Vanguard LifeSt Mod Grth VSMGX 36
Vanguard Long-Tm Corp Bd VWESX 42
Vanguard Long-Tm US Try VUSTX 42
Vanguard LtdTm T/E VMLTX 44
Vanguard Mid Cap Growth VMGRX 30
Vanguard Mid Cap Idx VIMSX 30
Vanguard Morgan Gr VMRGX 24
Vanguard Primecap VPMCX 26
Vanguard STAR VGSTX 36
Vanguard Selected Value VASVX 32
Vanguard Sh-Tm Bd Idx VBISX 42
Vanguard Short-Tm Trs VFISX 42
Vanguard Sht-Tm Cp VFSTX 42
Vanguard ShtTm Fed VSGBX 42
Vanguard SmCp Gr Idx VISGX 32
Vanguard SmCp Idx NAESX 34
Vanguard SmCp Vl Idx VISVX 34
Vanguard Strategic Eq VSEQX 30
Vanguard Tax-Mgd Bal VTMFX 36
Vanguard Tax-Mgd Intl VTMGX 40
Vanguard Tax-Mgd SmCap R VTMSX 34
Vanguard Tot Stk VTSMX 26
Vanguard Total Bd Idx VBMFX 42
Vanguard Total Intl Stk VGTSX 40
Vanguard Tx-Mgd App VMCAX 24
Vanguard Tx-Mgd Gr VTGIX 26
Vanguard U.S. Gr VWUSX 24
Vanguard U.S. Value VUVLX 28
Vanguard Val Idx VIVAX 28
Vanguard Wellesley Inc VWINX 36
Vanguard Wellington VWELX 36
Vanguard Windsor VWNDX 28
Vanguard Windsor II VWNFX 28
WPG Core Bond 223-3332 WPGVX 42
Wasatch Funds 551-1700
Wasatch Core Growth WGROX 32
Wasatch Small Cap Value WMCVX 34
Wasatch Ultra Growth WAMCX 32
Weitz Funds 232-4161
Weitz Hickory WEHIX 34
Weitz Partners Value WPVLX 32
Weitz Value WVALX 32
Western Asset Core 888-425-6432 WATFX 42
Westport Select Cap R 888-593-7878 WPSRX 34
White Oak Growth Stock WOGSX 24
William Blair Mutual Funds 742-7272
William Blair Intl Gr N WBIGX 40
William Blair Sm-Cp Gr N WBSNX 32
Volume , Number 
The Last Word
Don Phillips, Managing Director
The fund industry lost the battle on proxy votes,
but it can still reclaim the high ground.
At some point, fighting for lost causes ceases to
be noble and becomes merely foolish. That’s
the position in which the mutual fund industry
found itself regarding its opposition to proxyvoting disclosure.
Fund-industry leaders badly misread the public
sentiment on the issue. They treated the proxyvoting disclosure issue as an administrative
burden, one that they could argue against on the
basis of cost and fairness. The center of their
rebuttal to an  proposal on the issue
was that other institutional shareholders were
not required to meet the same standard and that
disclosure would have a cost that outweighed
its benefit. While their points had merit, it was
hardly the right time to be seen arguing
against higher standards.
Yet argue they did. The fund industry brought
out its heaviest hitters. Fidelity’s Ned Johnson
and Vanguard’s Jack Brennan penned an
op-ed piece for the Wall Street Journal detailing
the industry’s opposition to the proposal.
The Investment Company Institute (ICI) sent
out reams of paper to selected journalists
to illustrate how burdensome mailing proxy
records to investors would be.
Amidst all this activity, however, the industry
failed to come up with even one credible
argument as to why investors didn’t have the
right to see how their shares were voted. To
make matters worse, it ultimately was making
this argument to members of Congress,
all of whom have their votes publicly recorded.
Talk about not knowing your audience!
Editor
Christine Benz
Managing Editor
Kelli A. Stebel
Director of Fund Analysis
Russel Kinnel
Contributing Editors
Don Phillips, Sue Stevens
Analysts
Emily Hall, Paul Herbert,
Jeffrey Ptak, Bradley Sweeney,
Shannon Zimmerman
Copy Editors
Jason Phillip, Jason Stipp,
Karen Wallace
Senior Designer
The industry’s opposition was not only futile;
it was counterproductive. As investors are
openly questioning the integrity of Wall Street,
the fund industry should be doing everything
possible to ally its interests with those of
investors. Yet rarely have the two seemed more
divergent. Investors are outraged at corporate
scandals, but rather than join this chorus,
the fund industry has showed that the issue that
really gets its blood boiling is proxy disclosure.
Is it any wonder the public isn’t sympathetic?
The fund industry lost the proxy-voting battle,
but perhaps it learned a lesson along the way.
After initially signaling that it would oppose the
’s proposal to require fund companies to
disclose portfolios quarterly, rather than on the
current, twice-yearly schedule, the ICI
announced in late February that it would not
oppose more frequent disclosure.
Let’s hope this is the beginning of a trend
in which the fund industry reclaims the high
ground. It’s overdue. œ
Jason Ackley
Designer
Christopher Cantore
Programmers
Eider Deleoz, Scott Kauffman
Senior Product Manager
Carolyn Messitte
Product Manager
Alla Spivak
Editor in Chief, Morningstar
Haywood Kelly
Publisher
Catherine Gillis Odelbo
©
Morningstar, Inc. All
rights reserved. Reproduction by
any means is prohibited. While
data contained in this report are
gathered from reliable sources,
accuracy and completeness cannot
be guaranteed. The publisher
does not give investment advice or
act as an investment advisor. All
data, information, and opinions are
subject to change without notice.
Reprints of articles and information
appearing in Morningstar
FundInvestor are available in
quantity. Please call --.
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ISSN 1099-0402
FSNI09D0310

FundInvestor - Morningstar

Transcription

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