Funds for the long haul: in this semiannual mutual fund roundup we identify 90 top-performing funds ranked by three-year returns. (Mutual Fund Overview).THE PRESIDENT OF THE UNITED STATES The head of the Executive Branch, one of the three branches of the federal government. The U.S. Constitution sets relatively strict requirements about who may serve as president and for how long. IS GEORGE George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). BUSH, the economy is staggering, and financial scandals are in the headlines. If the previous sentence seems less than startling star·tle v. star·tled, star·tling, star·tles v.tr. 1. To cause to make a quick involuntary movement or start. 2. To alarm, frighten, or surprise suddenly. See Synonyms at frighten. , consider the context: It describes 1992, although it sounds like 2002. George Herbert Walker Bush Noun 1. George Herbert Walker Bush - vice president under Reagan and 41st President of the United States (born in 1924) George H.W. Bush, President Bush, George Bush, Bush was in the White House at the time, and revelations about the Bank of Credit and Commerce International The Bank of Credit and Commerce International (BCCI) was a major international bank founded in Pakistan in 1972. At its peak, it operated in 78 countries, had over 400 branches, and claimed assets of $25 billion. (BCCI BCCI Board of Control for Cricket in India BCCI Bank of Credit and Commerce International BCCI Bulgarian Chamber of Commerce and Industry BCCI Bank of Crooks & Criminals International BCCI Barnsley Chamber of Commerce & Industry ) led to the indictments of Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. insiders. (Today, Bush's son, "W," wrestles with the financial fallout fallout, minute particles of radioactive material produced by nuclear explosions (see atomic bomb; hydrogen bomb; Chernobyl) or by discharge from nuclear-power or atomic installations and scattered throughout the earth's atmosphere by winds and convection currents. from a company called Enron Enron A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh , among others.) As for the economy, a recession officially ended in 1991 but a "jobless recovery A jobless recovery or jobless growth is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of " lingered on. As The Wall Street Journal recently put it, "Job losses continued intermittently in·ter·mit·tent adj. 1. Stopping and starting at intervals. See Synonyms at periodic. 2. Alternately containing and empty of water: an intermittent lake. through 1991 and early 1992." At the end of that year, Bill Clinton Clinton. 1 Town (1990 pop. 12,767), Middlesex co., S Conn., on Long Island Sound; settled 1663, set off from Killingworth and inc. 1838. The school that later became Yale opened here in 1702. unseated an incumbent president and Gulf War conqueror See Konqueror. by telling himself (and the voters), "It's the economy, stupid "The economy, stupid," was a phrase in American politics widely used during Bill Clinton's successful 1992 presidential campaign against George H.W. Bush. For a time, Bush was considered unbeatable because of foreign policy developments such as the end of the Cold War and the ." From that point, an eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. decade ensued on Wall Street. The stock market enjoyed an unprecedented boom from late 1994 to early 2000, only to suffer through the current, painful two-year-plus slump Slump A temporary fall in performance, often describing consistently falling security prices for several weeks or months. . The bottom line? After all the thrills Thrills is a Canadian brand of chewing gum now made by Concord Confections, but once produced by Wonka. It is well known for its distinctive rosewater flavour. Comparisons of its flavour to soap are so prevalent that recent packaging states "it still tastes like soap!" and chills, U.S. stock funds returned 10.4% for the 10-year period from 1992 through the first half of 2002. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chicago-based Morningstar Inc., that's just about the average stock market return for the past 50 and 75 years. And chances are a similar article in 2012 will read that U.S. stock funds had gained 10% or 11% a year for the intervening in·ter·vene intr.v. in·ter·vened, in·ter·ven·ing, in·ter·venes 1. To come, appear, or lie between two things: You can't see the lake from there because the house intervenes. 2. 10 years. Among the major fund categories, small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock value funds had the best-annualized returns (13.36%), while large-cap Large-cap A stock with a high level of capitalization, usually at least $5 billion market value. large-cap 1. Of or relating to the common stock of a big corporation that has considerable retained earnings and a large amount of growth funds (8.62%) brought up the rear for the end of the second quarter. If you looked at the same statistics two years ago, the positions would have been reversed. "In any given year, you see the different fund classes in a different order," says Mark Spradley, an account vice president with UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System PaineWebber in Largo, Maryland Largo is an unincorporated community and census designated place in Prince George's County, Maryland, in the United States. The population was 8,408 at the 2000 census. . "But over the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , you can expect performance in each asset class to be fairly similar." With the economy in a prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. slump, results are what everyone is interested in. Normally, we would provide you with a list of the best-performing mutual funds over the last six months or a year. This year, we thought it best to rank our list of funds by three-year performance (see chart). That way you'll you'll Contraction of you will. you'll you will or you shall you'll will stand a better chance of garnering solid long-term results from your mutual funds while avoiding the exciting leaps and depressing plunges that come along the way. Adhering ADHERING. Cleaving to, or joining; as, adhering to the enemies of the United States. 2. The constitution of the United States, art. 3, s 3, defines treason against the United States, to consist only in levying war against them or in adhering to their enemies, to the simple strategies that follow, and using our mutual fund chart for reference, can help you find the right path. PUT TOGETHER A PORTFOLIO, NOT A POTPOURRI As the past few years have shown, various investments go in and out of favor. Therefore, you should spread your mutual fund bets wisely. "Investors need different types of funds, not just different funds," says Marilyn Marilyn can refer to:
A person who has passed examinations accredited by the Certified Financial Planner Board of Standards, showing that the person is able to manage a client's banking, estate, insurance, investment, and tax affairs. with Waddell Waddell is a common surname and may refer to:
Please [ improve this article] or discuss the issue on the talk page. firm in St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces . You're you're Contraction of you are. you're you are you're be not really diversified diversified (di·verˑ·s if you own six funds, but each of them includes Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. , ExxonMobil Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), a multi-national American corporation and a direct descendant of John D. Rockefeller's Standard Oil company[2] , and IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) among its top holdings. "Time and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. are an investor's most important tools," says Spradley. One of his clients, Laura Wilkinson Laura Wilkinson (born November 17, 1977 in Texas) is an American diver. As a child, Wilkinson was a gymnast, but had to give up on the sport after a growth spurt during puberty made her too tall to continue. , 41, a partner with the London-based law firm Clifford Chance Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK's "Magic Circle" of leading law firms. In recent years, it has universally come to be accepted as the world's leading global law firm. Rogers & Wells L.L.P., believes that to be the case. "Altogether, I have more than 10 funds," she says. "That includes some inside and some outside of my firm's 401(k). Fortunately, I receive a comprehensive statement each month, which helps me keep track." Not only is Wilkinson's portfolio diversified, it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have made up of about 80% equities, where long-term results are likely to be substantial. Doing her own research with Spradley, Wilkinson Noun 1. Wilkinson - English chemist honored for his research on pollutants in car exhausts (born in 1921) Sir Geoffrey Wilkinson has assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. a portfolio designed for balance as well as growth. "If you want a truly diversified portfolio," Spradley says, "look at the nine asset classes in the style box. You should consider having money in most, if not all, of them. And that's what Laura has done." Large-cap funds may invest in growth stocks, value stocks Value stocks Stocks with low price/book ratios or price/earnings ratios. Historically, value stocks have enjoyed higher average returns than growth stocks (stocks with high price/book or P/E ratios) in a variety of countries. , or a blend of the two styles. The same is true for mid-cap Mid-cap Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion. Notes: As the name implies, a mid-cap is in the middle of the pack. A mid-cap isn't too big, but at the same time has a relatively decent market cap. and small-cap funds, so there are nine main categories among U.S. stock funds. Do you need 10 or more funds, as Wilkinson has? Not necessarily. But an assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. can serve a purpose. "If you have two funds in each box," says Spradley, "you can get different managers' strategies for that sector. Add some bond funds and some international funds and you are starting to build a well-diversified portfolio Well-diversified portfolio A portfolio that includes a variety of securities so that the weight of any security is small. The risk of a well-diversified portfolio closely approximates the systematic risk of the overall market, and the unsystematic risk of each security has been ." Merely scattering scattering In physics, the change in direction of motion of a particle because of a collision with another particle. The collision can occur between two charged particles; it need not involve direct physical contact. funds among style boxes won't won't Contraction of will not. won't will not won't will provide a potent portfolio. "You don't want to be overweighted in one style such as large caps," says Spradley. "You should first have an asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. [model] and then buy funds in proportion to your plan." To get the right mix, first decide how much you should have in stock funds vs. bond funds. "That depends on your temperament temperament, in music, the altering of certain intervals from their acoustically correct values to provide a system of tuning whereby music can move from key to key without unacceptably impure sonorities. ," says Broussard, "and sometimes it takes a bear market to discover what your temperament really is." The current bear market has revealed just how much risk tolerance Risk Tolerance The degree of uncertainty that an investor can handle in regards to a negative change in the value of their portfolio. Notes: An investor's risk tolerance varies according to age, income requirements, financial goals, etc. investors really have. "Some people look at the past couple of years and say, `I had tremendous returns for the five prior years, so I'm just giving back some of the excess,'" says Broussard. "They know that they're still way ahead. Those people have the right temperament for a portfolio that focuses on stocks, where investors will probably earn high returns." On the other hand, some people feel the pain of seeing their stocks tumble. "Those losses are real to them, even if they're giving up gains from the past," says Broussard. "Those people have a lower risk tolerance so they should have more of their money in bond funds or some other type of fixed-income investment." Taxable bond Taxable Bond A debt security whose return to the investor is subject to taxes at the local, state or federal level, or some combination thereof. Notes: The majority of bonds issued are taxable bonds. funds returned 6.11% per year for the past 10 years for the period ending June 30, lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. stock funds, and you can expect similar future results for this less-risky asset class. Frank S. Arvai, a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. and certified financial planner with Mutual Fund Management Co. and Arvai & Associates in Troy, Michigan Troy is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit. As of the 2000 census, the city had a total population of 80,959, the 12th largest city in Michigan by population. , puts clients into four categories, ranging from conservative to very aggressive. "A conservative investor might have only 20% of a portfolio in stocks and stock funds," he says, "while a very aggressive investor might have nearly everything in equities for long-term growth." For conservative investors, Arvai recommends funds such as American Century This article is about the term used for American power in the 20th century. For the investment company, see American Century Investments. "American Century" is a term coined by Time Ginnie Mae Ginnie Mae: see Federal National Mortgage Association. Fund (BGNMX) among the selections in the category, which invests in mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. with a federal government guarantee. This fund, which Morningstar calls a "let-you-sleep-at-night fund," recently had a yield of 5.6%. That was enough to earn Morningstar's top five-star rating, and over the past decade it has had only one down year--a 1.7% loss in 1994. Such information on mutual funds is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , so individual investors can play an active role in picking a well-balanced portfolio of funds. "I look at the Morningstar categories (at www.morningstar.com) to develop a diversified portfolio," says Wilkinson. "Within those categories, I pay attention to funds' risk levels, aiming for those with good long-term performance, but medium, risk." Wilkinson has arranged for automatic investments into some of her mutual funds. "That's a good way to force myself to invest regularly," she says. "Moreover, you benefit from dollar-cost averaging dollar-cost averaging Investment of a fixed amount of money at regular intervals, usually each month. This process results in the purchase of extra shares during market downturns and fewer shares during market upturns. ." That is, if you invest periodically, you catch market lows as well as highs, reducing your overall cost per share, boosting your gains, and minimizing losses. So far, this method has paid off for Wilkinson. "Overall, my portfolio was up modestly for the past two years, despite the bear market," she says. Among her winners are Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Short Duration Government Fund (GSSDX), which posted returns of 8.2% and 8.4% in 2000 and 2001, respectively, as well as continuing gains in the first half of 2002; and Mutual Shares Fund (TESIX), an established mid-cap value fund that boasted a 13.4% return in 2000 and a 5.9% gain last year. As a general rule, when buying a fund for the long-term, Arvai says investors should learn about a fund manager's style to picking securities. He prefers managers who have been with a fund at least five years, although he will consider a manager who has compiled an outstanding record elsewhere. He also looks for excellent performance relative to other funds in the same asset class. ESTABLISH A LIFETIME PLAN There's more to long-term mutual fund investing success than buying attractive funds that follow various styles. You also need a plan to determine which funds to hold and when to sell. "A sell strategy is just as important as a buy strategy," says Spradley. "Some people sell a fund whenever it has had a bad quarter then move into a hot fund. They may be buying high and selling low, which will not produce good long-term results." So when should you sell? "You should have two or three reasons to buy a fund," says Spradley. "When those factors are no longer in place, it may be time to sell." Reasons to sell could include a change of managers, a change in a manager's style, or a purchase of companies you already hold in another fund, he says. Broussard also recommends exercising caution before pulling the trigger on a fund. "Investors can get hurt by changing their investments too frequently," she says. "The long-term performance of any growth fund is likely to be good. However, the return to an investor might be entirely different. You might move out of a fund that has dropped a lot but find that you're getting out at the wrong time, just before the fund rebounds." One of Broussard's clients, Sheila Sheila is a common given name for a female, taken from the Gaelic name Síle/Sìle, which is believed to be a Gaelic form of Julia or Cecilia. Like "Cecil" or "Cecilia", the name means "Smart and Wise", from the Latin caecus. Lunderman, a purchasing manager A Purchasing Manager is an employee within a company, business or other organization who is responsible at some level for buying or approving the acquisition of goods and services needed by the company. for Honeywell in Rocky Mount, North Carolina  This article needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , has found a way to avoid this mistiming mis·time tr.v. mis·timed, mis·tim·ing, mis·times To time inaccurately or inappropriately; misjudge the timing of: The basketball team mistimed the final play and lost the game. temptation Temptation Terror (See HORROR.) apple as fruit of the tree of knowledge in Eden, has come to epitomize temptation. [O.T.: Genesis 3:1–7; Br. Lit. . "I've learned not to watch my mutual funds everyday," she says. Indeed, she learned that lesson the hard way. Now 39, Lunderman made her first mutual fund investments 15 years ago--just before the October 1987 stock market crash. "I trusted that the market would come back," says Lunderman, "and it did. Indeed, my funds did very well in the 1990s. The current bear market has been more disturbing, though. It's tough to see your stocks go down for years. Nevertheless, I have mutual funds in all categories, so I haven't been hit as hard as people who put all of their money into technology stocks and tech funds." Even for patient investors, there are times when moving in and out of certain funds makes sense. "I don't sell funds that have been hit hard in any one quarter," says Wilkinson. "I buy funds with a good record, over three to five years, and if their performance has been below their peers, I give funds a few quarters [to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective ] before deciding to sell." This year, Wilkinson moved out of Vanguard Vanguard Any of three unmanned U.S. experimental satellites. Vanguard I (1958), the second U.S. satellite placed in orbit around Earth (after Explorer 1), was a tiny 3.25-lb (1.47-kg) sphere with two radio transmitters. S&P 500 Index fund, dissatisfied dis·sat·is·fied adj. Feeling or exhibiting a lack of contentment or satisfaction. dis·sat  is·fied with its results since
2000. She reinvested in UBS International Equity Fund (BNIEX) for more
international exposure.Other investors take an even more aggressive approach to bailing out of disappointing funds. "I'm in for the long run," says Richardo Kilpatrick, 50, of Auburn Hills, Michigan Auburn Hills is a city in Oakland County in the U.S. state of Michigan. The population was 19,837 at the 2000 census. The city was formed in 1983 from the now defunct Pontiac Township. Auburn Hills is home to the world headquarters of Chrysler, the Walter P. , "and I realize that my funds will go up and down during that time. Still, I read all the documents I get from my funds and I meet with my financial advisor every two months. I believe in three strikes and you're out. If we have three straight meetings where a fund is not performing well, with returns below the other funds in its category, I'll sell." Kilpatrick's advisor is Arvai, who suggested some portfolio changes early this year. Firsthand first·hand adj. Received from the original source: firsthand information. first Technology Value fund, which had been a top performer, has been jettisoned. "The entire tech sector had been under pressure and likely to remain weak," says Arvai. The proceeds from Kilpatrick selling Firsthand Technology were spread among three funds. "Westport Select Cap R Fund (WPSRX) and Royce Low-Priced Stock Fund (RYLPX) give him more exposure to the small-cap area," says Arvai. "In addition, he bought Columbia Real Estate Equity Fund (CREEX). We're aiming for a 5% allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as in real estate, an asset class that has done very well the past few years since stocks have been weak." Kilpatrick, who is a bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most attorney with Kilpatrick & Associates P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. . and the immediate past president of the American Bankruptcy Institute The American Bankruptcy Institute (ABI) is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide the United States Congress and the public with unbiased analysis of , was astute as·tute adj. Having or showing shrewdness and discernment, especially with respect to one's own concerns. See Synonyms at shrewd. [Latin ast enough to make some of his portfolio adjustments based on the increasing number of bankruptcies nationwide, which was a sign the economy might be heading south. "In May 2000, I could see the danger signs, so my wife and I made a conscious decision to put money into our home rather than mutual funds," he says. After a two-year wait, he began investing in mutual funds again in August 2002. "This looks like a good time to buy," he says. "Some of my money will be going into funds such as Oakmark Select I Fund (OAKLX) and Harbor Capital Appreciation Fund (HACAX), which have been good long-term holdings for me." He has held Harbor Capital since February 1995 and Oakmark since February 1997 because the managers for the funds (Spiros Segalas and William Nygren, respectively) have delivered excellent returns and are among the most respected in the industry. Harbor Capital has a 10-year annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return of 12.69% while Oakmark Select has a five-year annualized return of 15.81%. In addition, Arvai suggests that Kilpatrick continue investing in Columbia Real Estate fund. "I'm also recommending more exposure to Royce Low-Priced Stock fund because the market seems to prefer value stocks now, as well as Tweedy, Browne Global Value Fund (TBGVX) to increase his international exposure," Arvai says. Therefore, there's a time for mutual fund investors to buy as well as a time to sell. "You should use judgment based on current market conditions," says Spradley. "To get the best long-term results from your mutual funds, you need to be an active part of the process."
B.E.'s Top Mutual Fund Performers
FUND NAME SYMBOL
Large Enterprise Multi-cap Growth A EMCAX
Growth Jensen JENSX
Potomac OTC Short POTSX
Smith Barney Aggressive Growth A SHRAX
Chase Growth CHASX
Mid-cap Calamos Growth A CVGRX
Growth Heritage Mid-cap Stock A HMCAX
Goldman Sachs Growth Opportunities A GGOAX
Regions Morgan Keegan Select Agg Gr B RAGRX
SSgA Aggressive Equity SSAEX
Small Bjurman, Barry Micro-cap Growth BMCFX
Growth Buffalo Small-cap BUFSX
ARK Small-cap Equity A ARPAX
Hennessy Cornerstone Growth HFCGX
Independence Small Co. DSISX
Large PBHG Focused Value PBFVX
Blend Potomac U.S. Short PSPSX
Mairs and Power Growth MPGFX
Thompson Plumb Growth THPGX
Alpha Analytics Value AVFAX
Mid-cap Meridian Value MVALX
Blend Strong Mid-cap Disciplined SMCDX
AIM Mid-cap Core Equity A GTAGX
Mosaic Mid-cap GTSGX
Westcore Mid-cap Opportunity WTMCX
Small CGM Focus CGMFX
Blend Perritt Micro-cap Opportunities PRCGX
TCW Galileo Opportunity N TGONX
Pioneer Small-cap Value A PIMCX
Merrill Lynch Small-cap Value D MDSPX
Large Clipper CFIMX
Value PIMCO Value D PVLDX
Dodge and Cox Stock DODGX
MFS Strategic Value Fund A MSVTX
Parnassus Equity Income PRBLX
Mid-cap Lord Abbett Mid-cap Value A LAVLX
Value Berger Mid-cap Value BEMVX
Impact Management Investment ITRRX
Fiduciary Sasco Contrarian Value FMIVX
Heartland Select Value HRSVX
Small Boston Partners Small-cap Value II BPSCX
Value Bridgeway Ultra-Small Co. Tax Advant BRSIX
Royce Low-Priced Stock RYLPX
Al Frank VALUX
Royce Opportunity RYPNX
Foreign Driehaus International Discovery DRIDX
Stock First Eagle SoGen Overseas A SGOVX
Longleaf Partners International LLINX
Fidelity Canada FICDX
William Blair International Growth N WBIGX
World Merrill Lynch Global Small-cap D MDGCX
Stock Van Kampen Global Franchise A VGFAX
RS Partners RSPFX
Van Kampen Global Franchise B VGFBX
Thornburg International Value A TGVAX
U.S. Gov't. BlackRock Government Inc Inv A CCGAX
Bonds PIMCO Long-term US Government A PFGAX
AmCent Target 2010 Inv BTTNX
AmCent Inf-Adj Bond Inv ACITX
Franklin Strategic Mortg Port FSMIX
Long PIMCO Long-term U.S. Government A PFGAX
Government American Century Target Mat 2010 Inv BTTNX
SunAmerica GNMA A GNMAX
Vanguard Long-term U.S. Treasury VUSTX
American Century Target Mat 2015 Inv BTFTX
Short Managers Intermediate Duration Govt MGIDX
Government Fidelity Intermediate Government FSTGX
Vanguard Short-term Federal VSGBX
Scudder GNMA AARP AGNMX
Eaton Vance Government Obligations A EVGOX
Muni First Inv Insur Tax Exempt II EIITX
Nationals Harris Tax Exempt Bond N HXBAX
First Inv Ins Int Tax Exempt A FIITX
Victory Natl Muni Bond A VNMAX
Harris Insight Interm Tax Exempt Bond N HIXAX
Intermediate ING Intermediate Bond A IIBAX
Bonds PIMCO Real Return Bond A PRTNX
([dagger]) ING Intermediate Bond B N/A N/A
Regions Morgan Keegan Select Int Bd A MKIBX
FPA New Income Inc. FPNIX
Corporate ING Intermediate Bond A IIBAX
Bonds PIMCO Real Return Bond D PRRDX
Regions Morgan Keegan Select Int Bd A MKIBX
FPA New Income Inc. FPNIX
([dagger]) Lebenthal Taxable Municipal Bond N/A
Money ([double dagger]) Vanguard Prime Money Market VMMXX
Markets ([double dagger]) Vanguard Federal Money VMFXX
Market
([double dagger]) Harbor Money Market HARXX
([double dagger]) Fidelity Cash Reserves FDRXX
([double dagger]) Fidelity U.S. Government FGRXX
Reserves
AVG. ANNUALIZED
TOTAL RETURN *
FUND NAME 3-YEAR 5-YEAR
Enterprise Multi-cap Growth A 8.19 N/A
Jensen 5.17 9.36
Potomac OTC Short 2.26 N/A
Smith Barney Aggressive Growth A 2.20 14.07
Chase Growth 1.29 N/A
Calamos Growth A 18.69 22.94
Heritage Mid-cap Stock A 18.65 N/A
Goldman Sachs Growth Opportunities A 15.09 N/A
Regions Morgan Keegan Select Agg Gr B 14.64 N/A
SSgA Aggressive Equity 14.51 N/A
Bjurman, Barry Micro-cap Growth 34.34 29.27
Buffalo Small-cap 23.84 N/A
ARK Small-cap Equity A 20.24 21.62
Hennessy Cornerstone Growth 18.16 15.41
Independence Small Co. 16.10 N/A
PBHG Focused Value 11.29 N/A
Potomac U.S. Short 9.21 N/A
Mairs and Power Growth 8.65 10.84
Thompson Plumb Growth 8.09 12.84
Alpha Analytics Value 6.47 N/A
Meridian Value 17.67 19.55
Strong Mid-cap Disciplined 12.24 N/A
AIM Mid-cap Core Equity A 12.20 12.22
Mosaic Mid-cap 12.04 10.77
Westcore Mid-cap Opportunity 11.04 N/A
CGM Focus 35.30 N/A
Perritt Micro-cap Opportunities 17.45 8.75
TCW Galileo Opportunity N 17.08 9.37
Pioneer Small-cap Value A 15.90 12.51
Merrill Lynch Small-cap Value D 15.23 12.64
Clipper 12.35 14.18
PIMCO Value D 8.47 N/A
Dodge and Cox Stock 7.24 11.47
MFS Strategic Value Fund A 6.99 N/A
Parnassus Equity Income 6.89 11.51
Lord Abbett Mid-cap Value A 15.85 14.28
Berger Mid-cap Value 15.63 N/A
Impact Management Investment 14.10 8.55
Fiduciary Sasco Contrarian Value 12.53 N/A
Heartland Select Value 12.03 10.44
Boston Partners Small-cap Value II 29.25 N/A
Bridgeway Ultra-Small Co. Tax Advant 20.93 N/A
Royce Low-Priced Stock 19.88 17.57
Al Frank 18.73 N/A
Royce Opportunity 18.67 17.20
Driehaus International Discovery 22.33 N/A
First Eagle SoGen Overseas A 13.02 9.78
Longleaf Partners International 11.45 N/A
Fidelity Canada 11.27 5.14
William Blair International Growth N 7.56 10.46
Merrill Lynch Global Small-cap D 18.78 11.86
Van Kampen Global Franchise A 17.12 N/A
RS Partners 16.35 6.13
Van Kampen Global Franchise B 14.39 N/A
Thornburg International Value A 7.79 N/A
BlackRock Government Inc Inv A 9.32 8.01
PIMCO Long-term US Government A 9.23 9.13
AmCent Target 2010 Inv 9.18 9.51
AmCent Inf-Adj Bond Inv 8.82 6.67
Franklin Strategic Mortg Port 8.69 7.73
PIMCO Long-term U.S. Government A 9.23 9.13
American Century Target Mat 2010 Inv 9.18 9.51
SunAmerica GNMA A 8.43 7.62
Vanguard Long-term U.S. Treasury 8.42 8.49
American Century Target Mat 2015 Inv 8.41 9.8
Managers Intermediate Duration Govt 7.92 7.07
Fidelity Intermediate Government 7.73 7.00
Vanguard Short-term Federal 7.62 6.81
Scudder GNMA AARP 7.58 6.78
Eaton Vance Government Obligations A 7.5 6.34
First Inv Insur Tax Exempt II 8.09 7.49
Harris Tax Exempt Bond N 7.70 6.32
First Inv Ins Int Tax Exempt A 7.48 6.72
Victory Natl Muni Bond A 7.37 6.54
Harris Insight Interm Tax Exempt Bond N 7.14 5.78
ING Intermediate Bond A 10.72 N/A
PIMCO Real Return Bond A 10.02 8.30
([dagger]) ING Intermediate Bond B N/A 9.89 N/A
Regions Morgan Keegan Select Int Bd A 9.65 N/A
FPA New Income Inc. 9.08 7.81
ING Intermediate Bond A 10.72 N/A
PIMCO Real Return Bond D 10.02 N/A
Regions Morgan Keegan Select Int Bd A 9.65 N/A
FPA New Income Inc. 9.08 7.81
([dagger]) Lebenthal Taxable Municipal Bond 8.95 8.38
([double dagger]) Vanguard Prime Money Market 4.56 4.82
([double dagger]) Vanguard Federal Money 4.52 4.78
Market
([double dagger]) Harbor Money Market 4.49 4.69
([double dagger]) Fidelity Cash Reserves 4.49 4.76
([double dagger]) Fidelity U.S. Government 4.45 4.71
Reserves
MINIMUM INITIAL
FUND NAME INVESTMENT
Enterprise Multi-cap Growth A $ 1,000
Jensen 1,000
Potomac OTC Short 10,000
Smith Barney Aggressive Growth A 1,000
Chase Growth 2,000
Calamos Growth A 500
Heritage Mid-cap Stock A 1,000
Goldman Sachs Growth Opportunities A 1,000
Regions Morgan Keegan Select Agg Gr B 1,000
SSgA Aggressive Equity 1,000
Bjurman, Barry Micro-cap Growth 5,000
Buffalo Small-cap 2,500
ARK Small-cap Equity A 500
Hennessy Cornerstone Growth 2,500
Independence Small Co. 2,500
PBHG Focused Value 2,500
Potomac U.S. Short 10,000
Mairs and Power Growth 2,500
Thompson Plumb Growth 2,500
Alpha Analytics Value 2,500
Meridian Value 1,000
Strong Mid-cap Disciplined 2,500
AIM Mid-cap Core Equity A 500
Mosaic Mid-cap 1,000
Westcore Mid-cap Opportunity 2,500
CGM Focus 2,500
Perritt Micro-cap Opportunities 1,000
TCW Galileo Opportunity N 2,000
Pioneer Small-cap Value A 1,000
Merrill Lynch Small-cap Value D 1,000
Clipper 5,000
PIMCO Value D 2,500
Dodge and Cox Stock 2,500
MFS Strategic Value Fund A 1,000
Parnassus Equity Income 2,000
Lord Abbett Mid-cap Value A 1,000
Berger Mid-cap Value 2,500
Impact Management Investment 250
Fiduciary Sasco Contrarian Value 1,000
Heartland Select Value 1,000
Boston Partners Small-cap Value II 2,500
Bridgeway Ultra-Small Co. Tax Advant 2,000
Royce Low-Priced Stock 2,000
Al Frank 1,000
Royce Opportunity 2,000
Driehaus International Discovery 10,000
First Eagle SoGen Overseas A 1,000
Longleaf Partners International 10,000
Fidelity Canada 2,500
William Blair International Growth N 5,000
Merrill Lynch Global Small-cap D 1,000
Van Kampen Global Franchise A 1,000
RS Partners 5,000
Van Kampen Global Franchise B 1,000
Thornburg International Value A 5,000
BlackRock Government Inc Inv A 500
PIMCO Long-term US Government A 2,500
AmCent Target 2010 Inv 2,500
AmCent Inf-Adj Bond Inv 2,500
Franklin Strategic Mortg Port 1,000
PIMCO Long-term U.S. Government A 2,500
American Century Target Mat 2010 Inv 2,500
SunAmerica GNMA A 250
Vanguard Long-term U.S. Treasury 3,000
American Century Target Mat 2015 Inv 2,500
Managers Intermediate Duration Govt 2,000
Fidelity Intermediate Government 2,500
Vanguard Short-term Federal 3,000
Scudder GNMA AARP 1,000
Eaton Vance Government Obligations A 1,000
First Inv Insur Tax Exempt II 1,000
Harris Tax Exempt Bond N 1,000
First Inv Ins Int Tax Exempt A 1,000
Victory Natl Muni Bond A 500
Harris Insight Interm Tax Exempt Bond N 1,000
ING Intermediate Bond A 1,000
PIMCO Real Return Bond A 2,500
([dagger]) ING Intermediate Bond B N/A 1,000
Regions Morgan Keegan Select Int Bd A 1,000
FPA New Income Inc. 1,500
ING Intermediate Bond A 1,000
PIMCO Real Return Bond D 2,500
Regions Morgan Keegan Select Int Bd A 1,000
FPA New Income Inc. 1,500
([dagger]) Lebenthal Taxable Municipal Bond 2,500
([double dagger]) Vanguard Prime Money Market 3,000
([double dagger]) Vanguard Federal Money 3,000
Market
([double dagger]) Harbor Money Market 1,000
([double dagger]) Fidelity Cash Reserves 2,500
([double dagger]) Fidelity U.S. Government 2,500
Reserves
FUND NAME PHONE
Enterprise Multi-cap Growth A 800-368-3527
Jensen 800-992-4144
Potomac OTC Short 800-851-0511
Smith Barney Aggressive Growth A 800-451-2010
Chase Growth 888-861-7556
Calamos Growth A 800-823-7386
Heritage Mid-cap Stock A 800-421-4184
Goldman Sachs Growth Opportunities A 800-526-7384
Regions Morgan Keegan Select Agg Gr B 800-433-2829
SSgA Aggressive Equity 800-647-7327
Bjurman, Barry Micro-cap Growth 800-227-7264
Buffalo Small-cap 800-492-8332
ARK Small-cap Equity A 800-275-3863
Hennessy Cornerstone Growth 800-966-4354
Independence Small Co. 800-791-4226
PBHG Focused Value 800-433-0051
Potomac U.S. Short 800-851,0511
Mairs and Power Growth 800,304-7404
Thompson Plumb Growth 800-999-0887
Alpha Analytics Value 877-257-4240
Meridian Value 800-446-6662
Strong Mid-cap Disciplined 800-368-1030
AIM Mid-cap Core Equity A 800-959-4246
Mosaic Mid-cap 800-368-3195
Westcore Mid-cap Opportunity 800-392-2673
CGM Focus 800-345-4048
Perritt Micro-cap Opportunities 800-332-3133
TCW Galileo Opportunity N 800-386-3829
Pioneer Small-cap Value A 800-225-6292
Merrill Lynch Small-cap Value D 888-654-6837
Clipper 800-776-5033
PIMCO Value D 888-877-4626
Dodge and Cox Stock 800-621-3979
MFS Strategic Value Fund A 800-225-2606
Parnassus Equity Income 800-999-3505
Lord Abbett Mid-cap Value A 800-201-6984
Berger Mid-cap Value 800-259-2820
Impact Management Investment 800-556-5856
Fiduciary Sasco Contrarian Value 800-811-5311
Heartland Select Value 800-432-7856
Boston Partners Small-cap Value II 888-261-4073
Bridgeway Ultra-Small Co. Tax Advant 800-661-3550
Royce Low-Priced Stock 800-221-4268
Al Frank 888-263-6443
Royce Opportunity 800-221-4268
Driehaus International Discovery 800-560-6111
First Eagle SoGen Overseas A 800-334-2143
Longleaf Partners International 800-445-9469
Fidelity Canada 800-544-8888
William Blair International Growth N 800-742-7272
Merrill Lynch Global Small-cap D 888-654-6837
Van Kampen Global Franchise A 800-421-5666
RS Partners 800-766-3863
Van Kampen Global Franchise B 800-421-5666
Thornburg International Value A 800-847-0200
BlackRock Government Inc Inv A 800-441-7762
PIMCO Long-term US Government A 888-877-4626
AmCent Target 2010 Inv 800-345-2021
AmCent Inf-Adj Bond Inv 800-345-2021
Franklin Strategic Mortg Port 800-342-5236
PIMCO Long-term U.S. Government A 888-877-4626
American Century Target Mat 2010 Inv 800-345-2021
SunAmerica GNMA A 800-858-8850
Vanguard Long-term U.S. Treasury 800-662-7447
American Century Target Mat 2015 Inv 800-345-2021
Managers Intermediate Duration Govt 800-835-3879
Fidelity Intermediate Government 800-544-8888
Vanguard Short-term Federal 800-662-7447
Scudder GNMA AARP 800-322-2282
Eaton Vance Government Obligations A 800-225-6265
First Inv Insur Tax Exempt II 800-423-4026
Harris Tax Exempt Bond N 800-982-8782
First Inv Ins Int Tax Exempt A 800-423-4026
Victory Natl Muni Bond A 800-539-3863
Harris Insight Interm Tax Exempt Bond N 800-982-8782
ING Intermediate Bond A 800-334-3444
PIMCO Real Return Bond A 888-877-4626
([dagger]) ING Intermediate Bond B N/A 800-334-3444
Regions Morgan Keegan Select Int Bd A 800-564-2188
FPA New Income Inc. 800-982-4372
ING Intermediate Bond A 800-334-3444
PIMCO Real Return Bond D 888-877-4626
Regions Morgan Keegan Select Int Bd A 800-366-7426
FPA New Income Inc. 800-638-3060
([dagger]) Lebenthal Taxable Municipal Bond 800-221-5822
([double dagger]) Vanguard Prime Money Market 800-662-7447
([double dagger]) Vanguard Federal Money 800-662-7447
Market
([double dagger]) Harbor Money Market 800-422-1050
([double dagger]) Fidelity Cash Reserves 800-544-8888
([double dagger]) Fidelity U.S. Government 800-544-8888
Reserves
SOURCE: MORNINGSTAR INC. * AS OF JUNE 30, 2002. ([dagger]) THIS
FUND DOES NOT HAVE ENOUGH TOTAL ASSETS TO BE ASSIGNED A
NASDAQ SYMBOL. ([double dagger]) AS OF JULY 31, 2002.
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