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Part I: INTRODUCTION & MAINTAINING PURCHASING POWER

The fundamental purpose to save or invest versus spend is to have more money in the future. In a
simple world, one without inflation or investments as alternatives to saving, money grows through
saving more out of income relative to what is consumed, or spent. Therefore, today’s dollars are
valued in the same terms as are tomorrow’s dollars. Any interest earned on savings translates into
increased purchasing power.

Introduce Inflation and your savings must earn an average annual long-term interest rate at least
equal to inflation, otherwise the value (or purchasing power) of your money is in decline even if the
dollar amount is increasing. If you are satisfied with simply maintaining your purchasing power, the
best option is to put your money in Treasury Inflation-Protected Securities or “TIPS”. Government
securities provide the safest means to preserve, but not increase purchasing power.
Since simply saving your money is not sufficient to maintain the initial amount saved, I will regard
savings and investments as one in the same. The only way to earn interest on your money is to invest
it. In this world the fundamental problem is where to put money in order to grow future purchasing
power. This implies a reasonable rate of return over inflation (ignoring income taxes for now).

(If the parallel between saving and investing is unclear refer to the passage below for a brief but
hopefully thorough explanation.)

When you put your money in a savings account it is usually required that
you keep a certain amount in that account for an extended period.
When you go to a bank to withdraw your money, it would be a rare
occasion that you have any problem getting it out. Having your money in
a savings account may not appear to be an investment, but actually is.
The bank uses your money and loans it out to individuals or businesses.
Recall there is typically a restriction requiring that you not have access to
your money for some amount of time. For the time you forego the use of
your money you are paid interest. At the end of the period, you can take
the money you put in the savings account and use it in any way you wish.
A bond is very much the same. A business issues a coupon or (interest
paying) bond, if you invest you give them money, which you expect back
at the end of some specified period. To compensate you for the time you
forego the use of your money they pay you interest, then at the end of
the period they return to you the principal investment you initially made.

The interest you get from a coupon bond is usually better than what you
can get from a savings account and is also typically better than inflation.
The downside is that there is a chance that the business will not be able to
pay you back. Properly selecting businesses to invest in whether a bond
or stock should be done carefully and with at least some basic investment
knowledge.

The important point is that if you must forego the use of your money you
should require that your purchasing power be not only maintained, but
rather enhanced. Such is the benefit of having money-you can either
spend it, or prudently lend it to others. If you lend it you must get more
back than you lent out, to provide for the effects of inflation, and for the
potential that you might not get it back. The only certain way to get your
money back is by investing in government securities (e.g. TIPS) but you will
not get more than an inflation return.

then the most sensible thing to do with your money is to own small pieces of the best American Businesses (stocks) at sensible prices. it is certain that our country will experience periods of extreme uncertainty. and to guard against inflation is by investing in good American businesses. (While many international businesses are also perfectly fine. even higher than most American businesses returns and those who held cash or earned an unduly low return suffered significant long-term reductions in their future purchasing power. belief in meritocracy. The Standard of living can be measured by looking at income levels. When economists talk about standard of living however.45 1973 16689 1973-2005 1. and an economic system that on the whole is market based.82 1913 5301 1913-1950 1. transportation. the cold war. communications.43% 1870 2445 1870-1913 1. If you own a claim on a prosperous business. If the standard of living is to increase over time. two (possibly) three serious financial fiascos. then by definition you must prosper too.61 1950 9561 1950-1973 2. American businesses in the last 20-30 years have on average earned between 7-10 percent for investors and about 6-7 percent over a longer time frame. whereas inflation has averaged about 3- 4% over the long term. yet our standard of living increased about seven-fold. GDP is defined as the total production of goods and services within the United States.91 2005 30519 Source: GGDC . This is arguably the better option anyway since it is easy to take your investment back and for most people there are many more public businesses to choose from. then the GDP must also increase. an assassinated president.) Most people do not have the means or the desire to invest their future purchasing power in private business and instead turn to public companies. the terrorist attacks of 9-11. medical care. Had you purchased pieces of American businesses over time and without regard to market levels. etc. you would have prospered similarly. educational opportunities. If you’re completely confused just think about it this way: Our country over the last century. the civil rights movement. etc. Over the next century. There were however times when inflation rates were very high. Seven fold increase in REAL GDP per person: Real GDP Per Person: Growth Rate United States United States 1820 $1257 1820-1870 1. The table below provides the changes in Real GDP during different time periods over more than the last 100 years. meaning the total production of goods and services must also increase accordingly and by definition the average business will march similarly upward. quality of housing and food. has experienced two world wars. but our country is equally certain to attain continued prosperity-a result of having a functional rule of law. most are referring to changes in per capita (per person) Gross Domestic Product (GDP)-calculated by GDP divided by the population. If you believe that in 20 years from now our country’s standard of living will have risen.The most attractive avenue to grow your investments and purchasing power. they are not necessary for this conversation. a great depression with unemployment rising to about 25%.

and inherited assets in American business via Mutual Funds. Investor’s pay for this however. Whatever companies make up the index. also make up the index fund. discretionary income. That is.) Index funds were created to provide investors a means to invest in general American businesses at a low cost. . Mutual funds have provided an almost effortless avenue to making such investments. clients of financial planners. We will find they do and will not. trusts. but to grow purchasing power over time. when.) personal brokerage accounts. and taxes. The assumption is that mutual funds provide an “experienced” and “competent” investment managers to look after clients money and to make investments with the clients best interests in mind. in fees and expenses. IRA’s. The Manager makes decisions about what. As the index changes so too does the index-fund.g. (Though this is in large a myth. expenses. (iii) They charge way too much in fees and expenses for services they (don’t) provide. DJIA or S&P 500) return. BEWARE OF MUTUAL MOST FUNDS!!! 3 PRIMARY REASONS TO RECONSIDER YOUR MUTUAL FUNDS AS A SOUND MEANS FOR INVESTMENT (i) Most mutual funds are huge. In order for mutual funds to justify their existence they must perform better than an index fund after all fees. (ii) Most mutual Funds are closet index funds and tend to over diversify owning 100 or more stocks at a time. buyers of annuity contracts & life insurance policies. index funds charge much less in fees and expenses relative to mutual funds. Meaning stocks have provided the best means to not only to preserve. American businesses have done roughly 2 percent better than inflation. Let’s explore why investing in an S&P 500 or DJIA index fund with low fees and expenses are better investments than mutual funds.PART II: IF YOU WISH TO GROW YOUR PURCHASING POWER. As such. the majority of Americans ha ve placed their retirement sa vings. which funds justify by claiming to earn investors better returns than an index (e. employer sponsored retirement plan participants (401(k)’s. MUTUAL FUNDS WHAT MUTUAL FUNDS PROVIDE: The basic attractiveness of stock mutual funds allows individuals to benefit similarly with that of general business. or their clients purchasing power via mutual funds. they are so big that the amount of money they have to invest restricts the number of businesses in which they can choose to invest. ad visors. which significantly reduces the investors actual returns separate from the funds reported returns. and others seek to enhance either their own. Index Fund managers do not engage in independent decision- making. and how much to buy or sell. etc. The o verwhelming majority of public and private pension funds. For more than the last century.

and widely held) and should as a result do better than an index that is designed to monitor the general or more average business. Most mutual funds hold dear the concept of wide diversification. If we apply the industry average index fund expense (which is 0. are the Dow Jones Industrial Index (DJIA) and the Standard and Poor’s 500 (S&P 500). with 100. 1% positions. For example. if we apply both fees and expenses as well as the taxes you must . instead of the rate of return-the important factor as far as the sensible investor is concerned. The average annual return reported by the 68 Funds was no less than 10.02% return of the S&P 500. before fees and expenses.72 versus 10. in effect. $10 billion invested equally in 100 companies will have invested $100 million in each. equity funds with more than $10 billion assets under management. The DJIA consists of 30 companies. the index. Domiciled mutual funds provided by Money Magazine in 2007. mutual funds manage a total of $25 trillion. The inevitable result is that mutual funds are destined to earn index returns. or taxes was 10. This is equivalent to measuring business success based upon sales. and limits their controlling interest to 5% (which is normal. other obscure fees. these 68 funds manage more than 2 trillion dollars.81. From a list of more than 725 U. Can we really blame them for presenting their case in the most favorable light? -The answer is plainly. listed stocks.75 versus a return of 9. about 68 were U.2%) to the S&P 500. Together.05=2000b). though it is certainly misleading. The “reported” return is largely before having accounted for annual expenses. As presented this is not an out-right lie.MUTUAL FUND MARKET A fat wallet is the investor’s worst enemy. A portfolio of multiple businesses will earn the average of the returns provided by those stocks held within the portfolio. yes.S. The two primary stock indexes in the U. As capital increases beyond $10 billion the investor finds their investment options in rapid decline. This requires that their capital be concentrated among the largest stocks. Finally. Factoring in the requirement that ownership be no more than 5% requires the business to have a market value of at least $2 billion (100m/. the S&P 500 would have done better than mutual funds.8 trillion of which is invested in U.3 trillion dollars. After load fees. investing in more than 100 positions at a time. often impossible. After fees and expenses mutual funds will provide investors a lesser return relative to the returns provided by the index fund with a much less expense ratio. The mutual fund market is huge and the majority of this capital is invested by only a few very large funds. all of which are included within the S&P 500 index. bad.02 for the S&P 500. The S&P 500 consists of 500 companies. The 10-year average return for the 68 mutual funds before any fees.S. because they are. To understand why these restrictions occur consider the following: If an investor owns 100 investments of equal proportion. as does the S&P 500.) then we can determine how large a company must be in order for them to be considered for investment by the fund. It is curious that 58% of them report having outperformed the 10. However globally.S.72% for the 10-year period reviewed. you are obviously destined to earn a better return relative to someone who invests in a much larger group made up of good. or $12 trillion. $4. rather it is quite rare. The Top 25 stock fund families manage more than 2. and average businesses.S. If a fund manages $10 billion. expenses. The DJIA by design is an attempt to monitor the more prosperous businesses (or at least largest. and taxes. then each will have a 1% influence on the aggregate return. But it is not often that there are 100 attractive companies available for purchase at any point in time. if any. and annual expenses the mutual funds earned 9. United States Domiciled mutual funds manage about 46% thereof. If you select only a few good companies and pay a reasonable price. This concentration of mutual fund capital among only a few funds coupled with large diversification restricts the returns that mutual funds can earn which tends to fall somewhere between the returns for the two primary exchanges in the United States (before fees and expenses). most popular.

368.0% 0.5 0.9 0.2 0.0 6.521.0 94.2 1.2 0.431 .8 0.81 International Stock Funds 14% $ 1.S.4 2.384.0 0.2 0.8 0.1 0.0 7.9 0.3 0.) the S&P 500 would have provided the investor with an annual return of 9.163 2002 100.0 94.0 4. European Fund and Asset Management Association.1 4.922 2001 100.754 2006 100.7 0. Has the World's Largest Mutual Fund Market (percent of total assets. Mutual Fund Assets $12.1 0.7 0. (2) Portfolio Holdings of Long Term Mutual Funds – By Asset Class (3) Top 25 Domestic Stock Funds (4) Stock Funds with more than $2 billion and at least a 10 year record (From list of 725 funds) (5) Number of Domestic Companies Available with Increasing Investment Capital (6) Dow Jones Industrial Average by Market Capitalization (7) Standard And Poor’s 500 by Market Capitalization (8) Companies with a Market Capitalization of at least $2 billion (Valueline Database) (9) Summary Data 68 Funds Reported Returns.1 0.939.249.1 1.162 2004 100. And is in the following order: (1) Mutual Fund Capital – Global & U.4 0.0 4.0 91.2 2.041.024 1998 100. Pre-Tax Returns.049 2005 100.0 5.2 trillion United States 46% $ 12.0 4.7 0.0 93.1 5.S.977.2 1. and other national mutual fund associations (2) Portfolio Holdings of Long Term Mutual Funds – By Asset Class Portfolio Holdings of Long-Term Mutual Funds as a Share of Total Net Assets by Type of Fund (end of year) Long-Term Total Net Common & U.2 0.0 88.010 1997 100.0 0.67 Other Americas 5% $ 1.0 3.0 4.1 6.418.3 0.3% $852.077 1996 100.0 6.0 3.1 2.6 0.1 1.2 0.88% for the professionally managed mutual Funds.13 Hybrid Funds 6% $ 0.8 0.S.31 Total U.6 0.68 Bond Funds 14% $ 1.7 0. & “Take Home Returns” (10) Summary of (9) (1) Mutual Fund Capital – Global & U.3 0.3 0.68 Money Market Funds 26% $ 3.0 3.0% 87.0 0.2 0.pay for distributions (dividends and capital gains of fund portfolio companies.2 0.0 trillion Domestic Stock Funds 40% $ 4.944 1999 100.765 1995 100.8 0.890 2000 100.0 0.3% 0.9 0.2 0.910.961.0% 8.8 0.1 4.5 1.05 Europe 34% $ 8.0 3.684.91 Africa and Asia/Pacific 14% $ 3. Assets Total Net Preferred Government Corporate Municipal Liquid (millions of Year Assets Stocks Bonds Bonds Bonds Assets Other dollars) Equity Funds 1994 100.726.0 95.6 0.3% 2.0 94.6 0.7 0.8 0.0 2. A detailed summary of the data used in these conclusions is provided below for the interested reader. U.0 94.0 94.8 0.0 3.2 0.542 2007 100.461 2003 100.662.9 0.0 4. 2007) Total Worldwide Mutual Fund Assets $26.71% versus only 8.7 0.0 93.2 0.0 95.0 93.0 4.1% 2. Sources: Investment Company Institute.S.0 4.0 91.6 0.S.0 5.72 Note: Components may not add to 100 percent because of rounding.7 0.5 1.3 1.

953 Growth 18. Rowe Price Invesco Aim Management Group 34.166 Lord Abbett Affiliated 20. twcux $ 14.429 Freedom 2020 16.231 American 11.784 Asset Allocation 12.110 500 Index 117.582 Legg Mason 47.959 Energy 10.8 Freedom 2010 12.726 Prime Cap 31.3 Growth co 30.1 AMCAP AMCPX25.436 Capital Appreciation 17.9 Stock Fidelity DODGX64.7 Value 17.374 Equity and Income 11.534 Dodge & Cox Oppenheimer Oppenheimer Holdings 44.262 MFS Investment Management 35.574 T.4 Wash mutual AWSHX83.789 Billions Mutual Discovery 12. 22.6 Balanced 22.491 Genesis 10.Fund for Growth Selected 15.886 Mid cap Growth 15.315 Value Index 10.002 Goldman Sachs 29.512 Health Care index 26.834 Spartan 500 index 15.880 Value Trust 20.6 Davis OakMark Davis Funds 44.8 Income Fund of America AMECX76.853 Growth index 12.597 Total 2.(3) Top 25 Domestic Stock Funds (4) Stock Funds with more than $2 billion and at least a 10 year record (From list of 725 funds) Top 25 Stock Fund Families As of Jan 2007: Domestic Stock Funds with assets of more than $10 billion Fund Assets Billions Fund By Fund Family Assets Fund By Fund Family Assets (millions) (millions) The Vanguard Group 516.375 AGTHX161.496 American Funds: Legg Mason American Funds 420.2 Puritan 25.762 Janus Fund $ 11.237 Aggressive Growth 10.549 Vanguard Princor Financial Services 28.978 Star 13.342 Growth and income 10.854 Wellesley 12.2 Capital Income Builder CALBX80.730 BlackRock 35.2 Freedom 2030 10.703 MFS Fidelity Advisor 57.740 Ameriprise Financial 27.417 Royce Funds 26.771 Equity income 23.646 Van Kampen Van Kampen Investments 32.578 Wellington 45.551 Magellan 45.592 JPMorgan Chase 20.5 Low Priced 38.998 Total Return 11.515 Allianz 23.0 American Century Janus Fidelity Investments 434.2 Franklin Small Cap index 13.062 Comstock 19.359 Longleaf Partners Columbia Management 80.064 Main St.169 Average 93 Harbor Windsor II 47.1 Diversified Growth 16.4 New York Venture NYVTX42.596 Blue Chip 20.391 Mutual Shares 20.290 Equity Income 29.3 Mid Cap stock 12.482 Investment Co of America AIVSX 88.796 Income 50.495 Equity and income 18.837 Franklin Templeton 60.850 American Century 44. Rowe Price Group 135. 34.4 Balanced Group DODBX27.643 Windsor 23.832 Reit Index 11.211 Growth and Income 30.2 Contrafund 68.843 Putnam .4 American Balanced ABALX55.751 Median 36 (5) Number of Domestic Companies Available with Increasing Investment Capital Number of Domestic Companies: Assets Under Market Cap Valueline Morningstar Number of economically Management Restriction* Database Database attractive businesses** $ $ 10 billion 2 billion 800 968 40 20 billion 4 billion 493 574 25 30 billion 6 billion 371 410 19 40 billion 8 billion 307 331 15 50 billion 10 billion 262 273 13 *100 positions **Based upon experience 5% max ownership not necessarily available in any one for reasonable prices position .335 Templeton Growth 34.750 American Mutual AMRMX19.833 T.811 Charles Schwab Corp.883 Janus 66.4 Fundamental Investors Growth Fund of America ANCFX38.0 Calamos Neuberger Berman Growth A CVGRX17. 11.8 Equity Income II 11.853 Longleaf 10.570 Putnam Investments 33.353 Mid Cap Value 10.199 Lord Abbett & Co.0 Ultra Inv.

New York SE GE 255 418 3 Microsoft Corp. New York SE UTX 57 79 22 Kraft New York SE KFT 50 na 23 3M Co. New York SE VZ 89 130 18 Merck & Co. New York SE MRK 69 116 19 McDonald's Corp. New York SE AIG 8 171 Added to Index Cheveron Corporation New York SE CVX 179 193 Bank of America New York SE BAC 158 230 Kraft New York SE KFT 50 na . New York SE IBM 162 161 10 Bank of America New York SE BAC 158 230 11 JPMorgan Chase & Co. NASDAQ NMS INTC 104 150 17 Verizon Communications Inc. (6) Dow Jones Industrial Average by Market Capitalization Dow Jones Industrial Average (DJIA) Company MARKET CAPITALIZATION ($ billions) By Size COMPANY NAME PRIMARY EXCHANGE TICKER As of September 2008 As of Octover 2007 1 Exxon Mobil Corp. New York SE HON 31 46 American International Group Inc. New York SE WMT 236 189 5 Procter & Gamble Co. New York SE GM 5 23 Removed From Index Altria Group Inc. Inc. New York SE PG 207 221 6 Johnson & Johnson New York SE JNJ 193 190 7 Cheveron Corporation New York SE CVX 179 193 8 AT&T Inc. New York SE BA 42 74 26 Home Depot Inc. New York SE MMM 48 68 24 American Express Co. New York SE C 105 230 16 Intel Corp. New York SE AA 20 33 30 General Motors Corp. New York SE PFE 125 173 13 Coca-Cola Co. New York SE JPM 149 157 12 Pfizer Inc. New York SE CAT 37 50 29 Alcoa Inc. New York SE DD 39 45 28 Caterpillar Inc. New York SE HPQ 116 132 15 Citigroup Inc. New York SE MO 42 148 Honeywell International Inc. New York SE T 177 257 9 International Business Machines Corp.I. NASDAQ NMS MSFT 242 282 4 Wal-Mart Stores Inc. New York SE MCD 69 67 20 Walt Disney Co. New York SE KO 118 133 14 Hewlett-Packard Co. New York SE AXP 44 73 25 Boeing Co. New York SE HD 42 65 27 E. DuPont de Nemours & Co. New York SE XOM 419 526 2 General Electric Co. New York SE DIS 61 68 21 United Technologies Corp.

59 41 News Class A Non-Voting OrdNWS.85 410 Temple-Inland Ord Shs TIN 5.61 87 Devon Energy Ord Shs DVN 36.42 378 Tiffany & Co TIF 7.45 445 Family Dollar Stores Inc FDO 4.22 196 Lincoln National Ord Shs LNC 17.40 304 Gannett Co Inc GCI 10.77 396 Assurant Inc AIZ 6.90 307 Dover Corp DOV 10.89 342 Comerica Inc CMA 8.69 127 Viacom Class B Ord Shs VIA.55 364 UST Inc UST 7.62 86 Amazon.79 466 Dean Foods Co DF 3.54 B 440 Monster Worldwide Inc MNST 4.20 453 Ashland Inc ASH 3.16 426 LSI Corp LSI 5.17 323 Xcel Energy Ord Shs XEL 9.84 386 Developers Diversified Realty OrdDDRShs 6.62 105 Union Pacific Corp UNP 30.13 311 Masco Corp Ord Shs MAS 9.71 122 Northrop Corp Ord Shs NOC 27.08 456 Mylan Labs Ord Shs MYL 3.23 498 Health Management Associates HMAInc 1.B 9.68 60 eBay Inc EBAY 51.47 493 Convergys Corp CVG 2.55 125 Charles Schwab Corp SCHW 26.49 336 NCR Corp Ord Shs NCR 8.92 123 Raytheon Co RTN 27.99 357 Estee Lauder Ord Shs Class A EL 8.01 369 Linear Technology Corp LLTC 7.57 475 Ryder System Inc R 3.INT.48 331 Unum Group Ord Shs UNM 8.15 339 Limited Brands Inc LTD 8.85 58 Occidental Petroleum Corp OXY 52.03 384 EW Scripps Co SSP 7.57 187 Reynolds American Inc RAI 18.23 497 Circuit City Stores Inc CC 1.61 373 Commerce Bancorp Inc CBH 7.81 82 Valero Energy Ord Shs VLO 38.10 128 State Street Corp STT 26.04 53 US Bancorp Ord Shs USB 58.71 363 Xilinx Ord Shs XLNX 7.64 490 Hercules Inc HPC 2.AShs 67.35 479 Bemis Co Inc BMS 3.63 142 XTO Energy Inc XTO 23.81 465 Leggett & Platt Inc LEG 3.17 135 Thermo Fisher Scientific Inc TMO 24.62 491 Compuware Corp CPWR 2.63 435 Manor Care Inc HCR 4.51 64 Texas Instruments Inc TXN 49.79 148 Public Srvce Ent Ord Shs PEG 22.94 385 Citrix Systems Inc CTXS 7.92 138 Medco Health Solutions Inc MHS 24.50 327 Brown Forman Class B Ord Shs BF.64 345 Micron Technology Inc MU 8.75 470 Tribune Ord Shs TRB 3.87 172 Waste Management Inc WMI 19.64 399 Hospira Inc HSP 6.95 347 Terex Corp TEX 8.77 361 Eastman Kodak Ord Shs EK 8.52 326 Sunoco Inc SUN 9.52 133 Danaher Corp DHR 25.96 462 Bausch & Lomb Ord Shs BOL 3.23 496 QLogic Corp QLGC 1.14 191 American Electric Power Co AEP Inc 18.08 394 BMC Software Inc BMC 6.68 38 Home Depot Inc HD 71.69 188 Juniper Networks Inc JNPR 18.32 406 Cintas Corp CTAS 5.12 140 Automatic Data Processing ADPInc 23.26 494 Brunswick Corp BC 1.41 321 VF Corp VFC 9.18 407 Black & Decker Corp BDK 5.22 157 Hess Corp HES 20. (7) Standard And Poor’s 500 by Market Capitalization S&P 500 (October 2007) $ Billions Company Company Name Symbol Market Company Company Name Symbol Market Company Company Name Symbol Market Company Company Name Symbol Market By Size Capitalization By Size Capitalization By Size Capitalization By Size Capitalization 1 Exxon Mobil Ord Shs XOM 508.69 37 American Express Co AXP 71.89 81 Carnival Corp CCL 39.38 143 Duke Energy NYSE Ord Shs DUK 23.95 305 Allegheny Technologies Inc ATI 10.33 131 Praxair Inc PX 25.36 449 Millipore Corp MIL 4.02 460 Solectron Corp Ord Shs SLR 3.78 6 Bank of America Ord Shs BAC 227.20 423 Constellation Ord Shs STZ 5.82 32 United Parcel Service Inc UPS 79.04 78 Motorola Inc MOT 39.13 76 EMC Corp EMC 40.27 451 Federated Investors.57 145 CBS Class B Ord Shs CBS 23.71 198 McGraw-Hill Companies IncMHP 17.70 10 Johnson & Johnson JNJ 184.11 382 Amer Standard Ord Shs ASD 7.75 412 Eastman Chemical Co EMN 5.22 499 Dillard's Inc DDS 1.53 330 Nabors Industries Ltd NBR 8.52 320 Embarq Corp EQ 9.77 362 BJ Services Co BJS 7.69 189 Clear Channel Communications CCU Inc 18.20 367 MBIA Ord Shs MBI 7.18 425 Jabil Circuit Inc JBL 5.74 83 Freddie Mac Ord Shs FRE 38.23 103 Transocean Inc RIG 31.com Inc AMZN 36.11 24 Wells Fargo & Co WFC 124.03 428 Affiliated Computer ServicesACS Inc 4.25 495 Nicor Ord Shs GAS 1.15 75 DOW CHEMICAL DOW 41.47 415 Wyndham Worldwide Corp WYN 5.34 176 FirstEnergy Corp FE 19.81 319 Laboratory Corporation of America LHHldg 9.77 34 Comcast Class A Ord Shs CMCSA 77.62 349 DTE Energy Co DTE 8.29 421 CenterPnt Energy Ord Shs CNP 5.28 118 Southern Company SO 27.05 458 CMS Energy Corp Ord Shs CMS 3.97 108 Kimberly-Clark Corp KMB 29.92 29 Wachovia Corp Ord Shs WB 98.68 59 Bank of New York Mellon OrdBK Shs 52.21 48 Medtronic Inc MDT 62.63 40 Walt Disney Ord Shs DIS 67.25 73 Monsanto Co MON 42.86 197 FORD MOTOR F 17.79 411 Goodyear Tire & Rubber Ord GT Shs 5.34 121 AFLAC Inc AFL 27. Inc FII 4.28 71 Prudential Finl Ord Shs PRU 43.92 463 Centex Corp CTX 3.85 313 Synovus Financial Corp SNV 9.88 182 General Mills Inc GIS 19.96 155 Paccar Inc PCAR 21.98 95 Halliburton Ord Shs HAL 33.66 61 Exelon Corp EXC 51.12 354 Newell Rubbermaid Inc NWL 8.26 452 Pinnacle West Capital Corp PNW 4.17 50 Wyeth Ord Shs WYE 61.94 340 Molson Coors Brewing Ord Shs Non-Voting TAP Class 8.45 446 Apartment Investment & Management AIV Class 4.77 468 Novellus Systems Inc NVLS 3.29 379 Advanced Micro Devices Inc AMD 7.29 450 Rowan Companies Inc RDC 4.43 346 Pepsi Bottling Group Inc PBG 8.45 375 WW Grainger Inc GWW 7.58 437 Citizens Comms Ord Shs CZN 4.39 400 Darden Restaurants Inc DRI 6.11 328 Sherwin-Williams Co SHW 9.73 389 Windstream Corp WIN 6.30 20 Coca-Cola Co KO 130.73 84 Corning Inc GLW 37.66 85 Anheuser-Busch Companies BUD Inc 37.09 51 Fannie Mae Ord Shs FNM 60.21 500 Tenet Healthcare Corp THC 1.32 180 Biogen Idec Inc BIIB 19.74 36 Morgan Stanley Ord Shs MS 72.02 192 CSX Corp CSX 18.30 337 Genuine Parts Co GPC 8.63 372 RR Donnelley & Sons Co RRD 7.06 102 Illinois Tool Works Inc ITW 31.36 45 MCDONALDS -CORP MCD 65.19 483 Meredith Ord Shs MDP 2.08 114 Hartford Financial ServicesHIG Group Inc 28.27 422 Robert Half International Inc RHI 5.59 42 Qualcomm Inc QCOM 66.51 350 AmerisourceBergen Ord Shs ABC 8.09 181 NVIDIA Corp NVDA 19.84 343 Clorox Co CLX 8.37 418 NiSource Inc NI 5.62 473 RadioShack Corp RSH 3.66 12 AIG-AMERIC.82 115 Baker Hughes Inc BHI 28.46 303 Hershey Ord Shs HSY 10.58 .54 439 Pall Corp PLL 4.95 317 AvalonBay Comm Ord Shs AVB 9.38 477 King Pharmaceuticals Inc KG 3.39 310 Apollo Group Inc APOL 9.13 427 Molex Ord Shs MOLX 4.20 424 Dow Jones Ord Shs DJ 5.48 173 Fifth Third Bancorp FITB 19.88 151 Best BUY Co Inc BBY 22.28 482 MGIC Investment Corp MTG 2.15 109 Nike Ord Shs Class B NKE 29.69 193 Hilton Hotels Corp HLT 18.57 15 JP Morgan Chase Ord Shs JPM 161.24 94 Yahoo! Inc YHOO 33.76 110 Burlington Northern SantaBNI Fe Corp 29.96 408 Torchmark Corp TMK 5.77 348 Altera Corp ALTR 8.21 356 IAC/InterActive Ord Shs IACI 8.55 132 First Data Corp FDC 25.24 106 CME Group Inc CME 30.58 374 Dynegy Ord Shs Class A DYN 7.89 486 KB Home KBH 2.52 178 Ace Ord Shs ACE 19.64 472 Ciena Corp CIEN 3.52 309 Pitney Bowes Ord Shs PBI 9.20 333 Fidelity National Information Services FIS Inc 8.41 447 Lennar Corp Ord Shs LEN 4.27 156 Covidien Ltd COV 21.43 18 ALTRIA GROUP MO 143.44 67 Lowe's Companies Inc LOW 47.85 31 Goldman Sachs Ord Shs GS 81.45 66 WellPoint Inc WLP 48.53 126 Celgene Corp CELG 26.65 164 Norfolk Southern Corp NSC 20.43 376 AutoZone Inc AZO 7.95 162 Newmont Mining Ord Shs NEM 20.89 171 SLM Ord Shs SLM 19.89 464 Liz Claiborne Inc LIZ 3.87 409 IMS Health Inc RX 5.47 65 Caterpillar Ord Shs CAT 49.89 97 Washington Mut Ord Shs WM 32.49 17 Intel Corp INTC 148.21 168 Boston Scientific Corp BSX 20.91 302 Ecolab Inc ECL 10.23 380 American Capital Strategies LtdACAS 7.69 434 Varian Medical Systems Inc VAR 4.46 443 Pulte Homes Inc PHM 4.54 308 Intuit Inc INTU 9.09 129 Adobe Systems Inc ADBE 25.81 147 Johnson Controls Inc JCI 22.61 492 Jones Apparel Group Inc JNY 2.69 11 Wal-Mart Stores Inc WMT 180.11 25 Apple Inc AAPL 122.40 91 Lehman Brothers Holdings Ord LEHShs 34.00 461 Lexmark International Inc LXK 3.06 312 Network Appliance Inc NTAP 9.27 46 Merrill Lynch Ord Shs MER 65.23 22 Verizon Communications Inc VZ 125.01 485 Novell Inc NOVL 2.48 404 E Trade Finance Ord Shs ETFC 5.15 167 Williams Companies Inc WMB 20.72 100 Deere & Co DE 32.74 402 Avery Dennison Corp AVY 6.46 476 JDS Uniphase Corp JDSU 3.48 195 Coach Inc COH 17.06 457 Autonation Inc AN 3.12 77 Emerson Electric Co EMR 39.42 166 GM Ord Shs GM 20.53 335 Questar Corp STR 8.04 4 AT&T Inc T 249.01 80 Marathon Oil Ord Shs MRO 39.73 388 National Semiconductor Corp NSM 6.43 332 C.18 49 Dell Inc DELL 61.72 160 Chubb Corp CB 20.24 391 AMBAC Finl Group Ord Shs ABK 6.23 316 Bed Bath & Beyond Inc BBBY 9.61 199 Nucor Corp NUE 17.13 454 Integrys Energy Group Inc TEG 3.76 8 Chevron Ord Shs CVX 198.38 478 Wendys International Inc WEN 3.94 139 National Oilwell Varco Inc NOV 24.89 487 OfficeMax Inc OMX 2.58 14 Google Inc GOOG 167.04 26 Pepsico Inc PEP 114.92 137 Anadarko Petroleum Ord Shs APC 24.00 370 Zions Bancorp Ord Shs ZION 7.93 318 Coventry Health Care Inc CVH 9.74 387 H&R Block Inc HRB 6.12 23 SCHLUMBERGER SLB 124.21 381 Harman International Industries Inc HAR 7.51 441 International Flavors and Fragrances IFF Inc 4.09 393 Tyson Foods Class A Ord Shs TSN 6.31 124 Costco Wholesale Corp COST 27.92 96 General Dynamics Corp GD 33.09 52 Amgen Inc AMGN 60.01 107 Dominion Resources Ord Shs D 29.34 19 ConocoPhillips COP 142.88 57 Kraft Foods Inc KFT 54.46 405 MeadWestvaco Corp MWV 5.51 165 Sun Microsystems Inc JAVA 20.56 149 Regions Financial Corp RF 22.91 163 Sysco Corp SYY 20.07 3 Microsoft Corp MSFT 271.68 397 CB Richard Ellis Group Inc CBG 6.05 459 Pactiv Corp PTV 3.01 79 Freeport McMoRan Copper &FCX Gold Ord Shs 39.32 480 New York Times Ord Shs NYT 2.R.85 432 D R Horton Inc DHI 4.16 74 Lockheed Martin Corp LMT 42.39 68 Schering-Plough Ord Shs SGP 46.74 99 ALCOA Ord Shs AA 32.36 200 YUM! BRANDS INC YUM 17.46 175 Zimmer Holdings Inc ZMH 19.72 161 Starbucks Corp SBUX 20.42 90 COLGATE PALMOLIVE CL 35.12 368 Avaya Inc AV 7.43 179 Becton Dickinson & Co BDX 19.10 334 Allegheny Energy Inc AYE 8.12 455 First Horizon National Corp FHN 3.13 392 Huntington Bancshares Inc HBAN 6.59 13 Pfizer Ord Shs PFE 169.38 44 3M Co MMM 65.78 467 PerkinElmer Inc PKI 3.85 431 Interpublic Group Ord Shs IPG 4.57 194 EOG Resources Inc EOG 18.92 184 Allergan Inc AGN 19.27 21 Hewlett-Packard Co HPQ 129.70 471 Watson Pharmaceuticals IncWPI 3.27 134 Loews Corp Ord Shs LTR 25.11 484 Teradyne Inc TER 2.92 341 Polo Ralph Lauren Corp RL 8.76 469 TECO Energy Inc TE 3.46 444 Tellabs Inc TLAB 4.31 481 Snap-on Inc SNA 2.85 395 Whole Foods Market Inc WFMI 6.78 185 Kohl's Corp KSS 18.76 98 Allstate Corp ALL 32.98 158 Entergy Corp Ord Shs ETR 20.75 177 Sears Holdings Corp SHLD 19.82 33 UNITED TECHNOLOGIE UTX 77.48 442 Hasbro Inc HAS 4.79 111 Capital One Financial Ord Shs COF 29.10 2 General Electric Ord Shs GE 427.04 153 Simon Property Ord Shs SPG 22.88 359 ENSCO International Inc ESV 8. Bard Inc BCR 8.92 30 Abbott Laboratories ABT 82.35 301 Cognizant Technology SolutionsCTSHCorp 10.11 383 Abercrombie & Fitch Co ANF 7.35 70 E I Du Pont Ord Shs DD 45.73 9 Cisco Systems Inc CSCO 195.02 104 TXU Corp TXU 31.45 150 Weatherford InternationalWFTInc 22.91 169 Kroger Co KR 20.43 377 Whirlpool Corp WHR 7.84 130 FPL Group Inc FPL 25.61 474 Big Lots Inc BIG 3.27 315 Computer Sciences Corp CSC 9.38 69 Walgreen Co WAG 45.24A Ord Shs 47 Eli Lilly and Co LLY 64.34 92 Travelers Companies Inc TRV 34.70 183 Precision Castparts Corp PCP 19.33 419 Akamai Technologies Inc AKAM 5.95 54 Bristol Myers Ord Shs BMY 57.40 448 Sealed Air Corp SEE 4.49 351 Goodrich Corp Ord Shs GR 8.53 63 MetLife Ord Shs MET 50.48 88 Gilead Sciences Inc GILD 35.20 174 Broadcom Class A Ord Shs BRCM 19.50 120 Aetna Inc AET 27.61 144 Cardinal Health Inc CAH 23.22 338 SUPERVALU INC SVU 8.48 403 Safeco Corp SAF 6.32 93 Fedex Corp FDX 33.63 436 Stanley Works Ord Shs SWK 4.86 355 Hudson City Bancorp Inc HCBK 8.66 116 DIRECTV Group Inc DTV 28.28 353 Vulcan Materials Co VMC 8.83 360 Fiserv Inc FISV 8.86 488 Tektronix Ord Shs TEK 2.72 344 CONSOL Energy Inc CNX 8.03 159 Archer-Daniels-Midland CoADM 20.87 152 Kellogg Co K 22.16 146 BB&T Corp BBT 23.75 401 Sigma-Aldrich Corp SIAL 6.83 489 Unisys Ord Shs UIS 2.93 101 Franklin Resources Inc BEN 32.11 136 PNC Finl Service Ord Shs PNC 24.65 39 Time Warner Inc TWX 69.74 314 Maxim Integrated Products Inc MXIM 9.72 329 Sovereign Banc Ord Shs SOV 8.00 27 MERCK AND CO INC MRK 109.54 43 UnitedHealth Group Inc UNH 66.85 119 SunTrust Banks Ord Shs STI 27.43 112 Applied Materials Inc AMAT 29.94 358 Microchip Technology Inc MCHP 8.66 398 Applied Biosystems Inc ABI 6.94 28 Oracle Corp ORCL 106.99 113 Apache Corp Ord Shs APA 28.GRP AIG 171.76 35 Boeing Ord Shs BA 77.51 16 IBM Ord Shs IBM 158.90 430 Janus Capital Group Inc JNS 4.32 322 Cooper Industries Ltd CBE 9.69 186 PPL Corp PPL 18.77 7 PROCTER GAMBLE PG 214.93 5 Citigroup Ord Shs C 240.41 390 Waters Corp WAT 6.43 89 Baxter International Ord ShsBAX 35.32 420 Equifax Inc EFX 5.38 170 Air Products and Chemicals APDInc 20.07 324 Mattel Inc MAT 9.74 413 Ball Corp BLL 5.45 365 Plum Creek Timber Co Inc PCL 7.70 433 Allied Waste Ind Ord Shs AW 4.47 416 Patterson Companies Inc PDCO 5.56 438 McCormick & Co Non-VotingMKC Ord Shs 4.94 429 CenturyTel Ord Shs CTL 4.54 62 Sprint Nextel Corp S 50.24 366 CIT Group Ord Shs CIT 7.32 352 Verisign Ord Shs VRSN 8.39 417 Office Depot Inc ODP 5.B 26.39 117 Stryker Corp SYK 27.07 141 Alltel Ord Shs WI AT 23.24 190 Edison International EIX 18.26 306 Leucadia National Corp LUK 10.56 414 Barr Pharmaceuticals Inc BRL 5.80 325 CH Robinson Worldwide Inc CHRW 9.88 56 CVS Caremark Corp CVS 56.26 72 Honeywell International Inc HON 42.94 55 Target Corp TGT 56.64 371 Cincinnati Financial Corp CINF 7.18 154 Tyco International Ord ShsTYC 22.

908 142 Chesapeake Energy CHK 21.341 147 Boston Scientific BSX 20.135 75 Lowe's Cos.834 333 DTE Energy DTE 6.249 212 Omnicom Group OMC 12. WLP 25.518 151 Becton.284 270 ConAgra Foods CAG 9. EQ 6. Elec.487 16 Coca-Cola KO 123. MRO 28.630 319 Jacobs Engineering JEC 7. PX 25.640 340 salesforce.304 70 Union Pacific UNP 37. STR 7.688 336 Mattel.779 5 Procter & Gamble PG 216. T 171. ALTR 6.885 22 ConocoPhillips COP 109.) GWW 6.449 203 Biogen Idec Inc.276 116 Morgan Stanley MS 25.317 246 NYSE Euronext NYX 10.397 205 PPL Corp. Inc. Jude Medical STJ 15. CVS 51.834 51 Anheuser-Busch BUD 47. ETN 11. Q 6.102 149 Johnson Controls JCI 19.099 218 L-3 Communic. V 51. DE 26. S 17.630 109 Praxair Inc. UPS 67.196 350 Altera Corp. Inc. XOM 403.758 231 Progress Energy PGN 11.484 344 NII Holdings NIHD 6.848 135 Genzyme Corp.548 133 Wrigley (Wm. AFL 30.) Jr. PXD 5.250 39 United Technologies UTX 60.411 345 Pepsi Bottling Group PBG 6.367 46 Wyeth WYE 51.334 152 SunTrust Banks STI 19.031 192 Williams Cos.026 11 Int'l Business Mach.623 124 Thermo Fisher Sci.078 84 Walgreen Co. NE 11.332 18 Pfizer. LOW 35.392 44 CVS Caremark Corp.017 85 NIKE.304 209 Las Vegas Sands LVS 13. DVA 5. MER 21.567 162 Sprint Nextel Corp. Enterprise PEG 17.522 74 Transocean Inc.934 158 Western Union WU 18.728 265 Intuit Inc. M 8.231 370 Applied Biosystems ABI 6. ABT 89.911 141 Alcoa Inc.132 130 Northrop Grumman NOC 21.908 181 Heinz (H.200 108 Norfolk Southern NSC 25. ORCL 96.230 349 Limited Brands LTD 6.H.687 337 People's United Fin'l PBCT 6.661 394 Royal Caribbean Cruises RCL 5.808 78 Emerson Electric EMR 33.925 154 National Oilwell VarcoNOV 18. Corp. MUR 12. MFE 5.030 221 Ecolab Inc. LLL 12.233 197 Campbell Soup CPB 14. VZ 92.626 73 Prudential Fin'l PRU 36. HUM 7.299 210 Edison Int'l EIX 13.044 71 Mosaic Company MOS 37.445 301 Laboratory Corp.199 48 Manulife Fin'l MFC 50.664 276 El Paso Corp.978 380 SLM Corporation SLM 5. PNC 27. SPLS 17.410 204 Lincoln Nat'l Corp.096 288 Penney (J.212 271 Plum Creek Timber PCL 9. SO 30.075 376 Dentsply Int'l XRAY 5.494 364 Qwest Communic.005 166 Allergan. ECL 12. PCAR 15. NTAP 6.810 127 CSX Corp.634 361 Allegheny Energy AYE 6. QCOM 76.668 360 Hospira Inc.733 359 GameStop Corp. SLB 99. BRL 7. Inc. VFC 8.025 21 PepsiCo.457 279 Crown Castle Int'l CCI 9.391 37 Disney (Walt) DIS 62. PFE 121.C.452 35 U. SYK 26.360 325 Nationwide Fin'l NFS 7.597 2 Gen'l Electric GE 246.028 329 Discover Fin'l Svcs.147 372 Republic Services RSG 5. PCG 14.687 80 Dow Chemical DOW 33.973 293 Fifth Third Bancorp FITB 8.350 57 Gilead Sciences GILD 43.019 157 Aetna Inc.523 87 Travelers Cos. CSX 23. Inc. FDX 28.934 180 Kohl's Corp.257 96 Yahoo! Inc. BBT 21.032 379 Goodrich Corp.954 331 Linear Technology LLTC 6. Inc.842 229 Dish Network 'A' DISH 11.644 25 Schlumberger Ltd.029 291 Forest Labs.509 176 Air Products & Chem.700 299 Expeditors Int'l EXPD 8. Inc.APD 16.520 107 XTO Energy XTO 26.680 393 McAfee.221 285 Vulcan Materials VMC 8.248 101 Schwab (Charles) SCHW 27.527 363 CF Industries CF 6.413 9 AT&T Inc. Power AEP 14.093 307 Block (H&R) HRB 7.292 347 Nasdaq OMX Group NDAQ 6.527 150 CME Group CME 19.313 304 AES Corp.457 34 United Parcel Serv.972 92 eBay Inc.275 60 Exelon Corp.262 55 Amer.909 123 Dominion Resources D 24.838 146 Capital One Fin'l COF 20.578 174 Entergy Corp.861 53 Lockheed Martin LMT 45.113 259 Noble Energy NBL 10.540 362 AmerisourceBergen ABC 6. TMO 23. Inc.601 397 Rockwell Automation ROK 5.285 284 Clorox Co. MOT 16. WAT 5.422 139 Chubb Corp.478 241 Cummins Inc.463 242 Ingersoll-Rand IR 11.168 327 Polo Ralph Lauren `A`RL 7. HSP 6.853 93 Texas Instruments TXN 29.R.103 374 Covance Inc. CAT 39.178 27 Genentech Inc.732 335 Grainger (W.530 33 Merck & Co.502 15 Cisco Systems CSCO 134.615 396 Torchmark Corp. GR 5. MON 61. SII 12. LNC 13. TRV 30. GLW 25.553 399 KeyCorp KEY 5.331 66 Bristol-Myers Squibb BMY 41.114 373 Pioneer Natural Res.969 99 DIRECTV Group (The)DTV 28.972 136 Kellogg K 21.543 341 Masco Corp.731 316 Cooper Inds.747 77 Dell Inc.036 110 Freep't-McMoRan C&GFCX 25.770 69 Apache Corp. MAS 6. MAT 6.540 128 EOG Resources EOG 23. APH 7.271 68 Colgate-Palmolive CL 38. MRK 68.414 91 Schering-Plough SGP 29. HIG 18.589 132 Merrill Lynch & Co.265 172 Waste Management WMI 16.097 375 Urban Outfitters URBN 5.960 356 Whirlpool Corp.821 314 Varian Medical Sys. BBY 17.J.306 129 Automatic Data Proc. XRX 10.W. BAX 41. BG 8.614 121 Danaher Corp.563 76 Burlington Northern BNI 34. Inc.263 10 Chevron Corp.865 296 Macy's Inc. WY 12. FE 20.311 256 Regions Financial RF 10.554 31 Qualcomm Inc.440 302 AutoZone Inc.068 355 Starwood Hotels HOT 6.684 144 Sysco Corp.657 183 PACCAR Inc. WHR 6. VAR 7.981 330 SunPower Corp.710 23 Intel Corp.147 4 Microsoft Corp. Inc. Inc. FISV 8.985 311 Amphenol Corp. FSLR 17.695 161 Newmont Mining NEM 18.953 223 Ford Motor F 11.919 332 Scripps Networks SNI 6.626 200 Electronic Arts ERTS 13.588 81 Honeywell Int'l HON 32.141 164 Public Serv. IGT 5.543 67 Caterpillar Inc.492 114 WellPoint. EBAY 29.717 388 Waters Corp.755 274 Xcel Energy Inc.373 346 Xilinx Inc. NUE 14.364 207 Gap (The).811 252 CIGNA Corp. PEP 115.188 190 Diamond Offshore DO 14.964 294 Bunge Ltd. ADSK 7. MET 44.440 281 Brown-Forman 'B' BF/B 8.870 251 Broadcom Corp.781 334 MEMC Elec. EMC 25. SYMC 16. Bancorp USB 64.451 280 MGM Mirage MGM 8. AGN 17.837 94 Costco Wholesale COST 29. ROP 5.978 261 Wynn Resorts WYNN 9.039 260 Lauder (Estee) EL 10.852 263 M&T Bank Corp.694 104 MasterCard Inc. SWY 11. ETR 16. DHR 24. RIG 36.594 41 Comcast Corp. COH 9.494 365 BJ Services BJS 6.608 300 Dover Corp. BIIB 13.673 275 Liberty Global LBTYA 9. UST 10.294 248 ITT Corp.259 173 Northern Trust Corp.338 47 Kraft Foods KFT 51. SLE 9.228 40 Medtronic.146 287 Cameron Int'l Corp. EP 9.483 240 PPG Inds.665 232 Southwest Airlines LUV 11. HRS 6.720 160 Hartford Fin'l Svcs.714 389 Arch Coal ACI 5.431 171 Valero Energy VLO 16. TGT 41.154 54 MetLife Inc.914 88 Aflac Inc.F. CMI 11. AA 21.612 52 Home Depot HD 45.033 378 DaVita Inc.848 358 Harris Corp. Int'l Group AIG 6. DELL 33. 'A' CVC 7.552 106 Stryker Corp. CLX 8.796 385 Joy Global JOYG 5.171 64 Baxter Int'l Inc.043 191 Peabody Energy BTU 14. Inc. GENZ 21. Inc.368 268 Marriott Int'l MAR 9. ITT 10.263 89 Southern Co. YHOO 28.717 105 Deere & Co.632 233 Progressive (Ohio) PGR 11.957 381 Metro PCS Communic.036 20 Hewlett-Packard HPQ 115.556 236 Agilent Technologies A 11.135 352 Computer Sciences CSC 6. AET 18.PCS 5.508 134 BB&T Corp.490 8 Royal Dutch Shell 'A' RDS/A 181.858 383 Microchip TechnologyMCHP 5.435 282 Moody's Corp. DNA 95. MDT 59.582 321 Sherwin-Williams SHW 7. SRCL 5.003 198 Rohm and Haas ROH 14.483 155 Express Scripts 'A' ESRX 18. GOOG 137.244 .S. Inc.373 188 McKesson Corp.022 193 Nucor Corp.251 26 Oracle Corp. ADP 22.320 38 Monsanto Co.059 289 Ameriprise Fin'l AMP 8.345 326 McDermott Int'l MDR 7. WWY 21.534 322 Barr Pharmac.143 306 Textron.000 56 Devon Energy DVN 43.517 266 Coach Inc.777 264 Bard (C.106 28 Verizon Communic. NVDA 6. (8) Companies with a Market Capitalization of at least $2 billion (Valueline Database) Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap $ (Mil) $ (Mil) $ (Mil) $ (Mil) 1 Exxon Mobil Corp.932 167 Staples. Dickinson BDX 19. 'B' NKE 31. 'B' CBS 11. PPL 13.084 354 NRG Energy NRG 6.216 286 Ameren Corp. L 21.105 126 Duke Energy DUK 23.879 159 Cardinal Health CAH 18.016 178 Motorola.373 17 Wells Fargo WFC 122. HSY 9.857 119 Time Warner Cable TWC 24.394 43 Visa Inc.499 323 Humana Inc. MCK 15.640 113 State Street Corp.233 214 McGraw-Hill MHP 12.613 235 Principal Fin'l Group PFG 11.077 177 Viacom Inc. BAM 15.853 228 Paychex.504 238 Southwestern Energy SWN 11. Express AXP 43.770 297 Bed Bath & Beyond BBBY 8. FLR 10. DFS 7.221 97 FedEx Corp.238 125 Gen'l Mills GIS 23.655 395 IntercontinentalExch.772 120 Medco Health Solutions MHS 24. ALL 25.097 219 Smith Int'l Inc. 'B' VIA/B 16.562 58 Boeing BA 43. MA 26.640 95 Celgene Corp. AEE 8.430 244 Xerox Corp.932 224 Starbucks Corp. X 11.080 308 Rockwell Collins COL 7.502 42 Occidental Petroleum OXY 57.086 49 Time Warner TWX 49.471 62 Altria Group MO 41. CBE 7.555 398 Iron Mountain IRM 5. NWS 41.447 366 Safeco Corp. SYY 20.493 239 U.234 257 AllianceBernstein Hldg.515 170 Best Buy Co.186 351 Gen'l Motors GM 6. TMK 5.111 272 C.534 32 McDonald's Corp.037 309 Garmin Ltd.388 206 Kinder Morgan Energy KMP 13.761 117 Anadarko Petroleum APC 24. FRX 8.707 298 Fiserv Inc.187 258 UST Inc.564 278 Fortune Brands FO 9.286 249 Intuitive Surgical ISRG 10.682 30 Abbott Labs.962 222 Weyerhaeuser Co.287 196 Reynolds American RAI 14. APA 37.125 156 Yum! Brands YUM 18.453 243 Quest Diagnostics DGX 10. Inc. GPS 13.188 148 Baker Hughes BHI 20.796 230 CBS Corp.925 111 EMC Corp. KSS 15.039 328 Cognizant Technology CTSH 7. HAL 30.982 63 News Corp. KR 17.393 303 Analog Devices ADI 8. TXT 7. Inc.085 50 3M Company MMM 49.481 194 Amer.S. CVX 170.941 295 ENSCO Int'l ESV 8. SPWR 6. MSFT 231.290 211 Sears Holdings SHLD 12.821 72 Bank of New York Mellon BK 36.869 382 Sovereign Bancorp SOV 5. MTB 9.426 36 Amgen AMGN 63.474 255 Enterprise Products EPD 10.881 118 Raytheon Co.923 225 Noble Corp. DOV 8.084 29 Citigroup Inc.NTRS 16.597 185 Zimmer Holdings ZMH 15.690 199 Juniper Networks JNPR 14. Inc. Mat'ls WFR 6.289 348 New York CommunityNYB 6.483 400 Legg Mason LM 5.838 273 Parker-Hannifin PH 9.109 217 Murphy Oil Corp.372 45 Lilly (Eli) LLY 51. ICE 5. GME 6. CMA 5. WB 30.660 338 Genuine Parts GPC 6. FAST 8.757 169 Avon Products AVP 17. SAF 6. AES 8.013 12 JPMorgan Chase JPM 138.492 343 NetApp.969 61 Target Corp. WMB 14. Steel Corp.462 3 Wal-Mart Stores WMT 241.047 290 Unum Group UNM 8.AB 10. CAM 8.314 247 VMware. Inc.048 377 KLA-Tencor KLAC 5.788 102 PNC Financial Serv.377 324 Cleveland-Cliffs CLF 7.568 179 Brookfield Asset Mgmt.745 386 Stericycle Inc.764 315 Questar Corp.785 131 Franklin Resources BEN 21.874 357 Embarq Corp. DOX 5.969 Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap $ (Mil) $ (Mil) $ (Mil) $ (Mil) 201 Archer Daniels Midl'd ADM 13.050 19 Apple Inc.917 13 Google.959 312 Cablevision Sys.678 24 Philip Morris Int'l PM 103.) BCR 9. Tower 'A' AMT 15.644 112 Allstate Corp. CVD 5.503 187 Spectra Energy SE 15.385 245 CA.098 353 Flextronics Int'l FLEX 6.333 368 BMC Software BMC 6.934 82 Amazon. IBM 155. WAG 32.617 277 Sara Lee Corp. LH 8. JWN 7.510 175 Symantec Corp.113 103 Kimberly-Clark KMB 26.860 227 TD Ameritrade Holding AMTD 11.525 138 Applied Materials AMAT 21.524 6 Berkshire Hathaway BRK/A 206. Edison ED 12.454 202 TJX Companies TJX 13. INTU 9.316 208 Aon Corp.445 115 Corning Inc.196 216 Consol.222 145 FirstEnergy Corp.369 59 Goldman Sachs GS 42. CMCSK 59.961 122 Illinois Tool Works ITW 24.690 391 Amdocs Ltd. RRC 7.479 254 CONSOL Energy CNX 10. INTC 108.409 83 UnitedHealth Group UNH 32.737 182 Vornado R'lty Trust VNO 15. 'A' BRCM 10.033 310 Range Resources Corp. Inc.353 140 Loews Corp. VMW 10. Robinson CHRW 9.445 163 First Solar.822 143 Adobe Systems ADBE 21.397 267 Hershey Co. C 90.026 165 Kroger Co.061 220 Precision Castparts PCP 12.831 137 FPL Group FPL 21. AOC 13.580 186 Price (T.409 86 Wachovia Corp.236 213 Public Storage PSA 12. Inc.279 100 Hess Corp.928 313 Autodesk.741 387 Comerica Inc.com CRM 6.854 384 Washington Post WPO 5.975 262 Harley-Davidson HOG 9. XEL 9. CI 10.794 65 Du Pont DD 41. CA 10.941 153 Weatherford Int'l WFT 19.680 392 Roper Inds.601 320 Nordstrom.666 79 Gen'l Dynamics GD 33. EXC 42. AZO 8.375 283 V.002 292 Coca-Cola EnterprisesCCE 8. MCO 8.446 367 Sun Microsystems JAVA 6. RTN 24.902 168 Marsh & McLennan MMC 17. GRMN 7.296 195 PG&E Corp.919 226 Int'l Paper IP 11. STT 25.com AMZN 32. Inc. SBUX 11.317 269 Apollo Group `A' APOL 9. HES 27. PPG 11. MCD 71.540 237 Safeway Inc.617 234 Eaton Corp.229 215 Sempra Energy SRE 12.646 318 CNA Fin'l CNA 7.) JCP 8. Rowe) Group TROW 15.) HNZ 15.511 7 Johnson & Johnson JNJ 198.683 253 Fluor Corp. XLNX 6.659 339 Amer.268 305 Fastenal Co. PAYX 11.537 342 Sigma-Aldrich SIAL 6.277 250 Hudson City Bancorp HCBK 10.209 371 Marshall & Ilsley MI 5.529 90 Halliburton Co.700 317 Pitney Bowes PBI 7.693 390 Int'l Game Tech.604 184 Amer. CB 21.879 14 Bank of America BAC 136. CELG 29.043 98 Marathon Oil Corp.198 189 St.246 369 NVIDIA Corp. AAPL 118.

536 507 Millipore Corp.821 564 Omnicare.047 540 Quicksilver Res. Inc.651 586 Amer.160 653 Bemis Co.783 712 TEPPCO Partners L. HOLX 5.797 487 Northeast Utilities NU 4.539 744 Aeropostale ARO 2.611 593 Sonoco Products SON 3.747 577 ChoicePoint Inc.074 640 SBA Communications SBAC 2.366 427 Helmerich & Payne HP 4. SNA 3.com PCLN 3. ENDP 2.815 486 Pall Corp.774 573 Int'l Flavors & Frag.108 635 Bank of Hawaii BOH 2.P.051 668 Boardwalk Pipeline BWP 2.145 626 AMR Corp.331 786 Teledyne Technologies TDY 2.190 Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap $ (Mil) $ (Mil) $ (Mil) $ (Mil) 601 Universal Health Sv.) JBHT 4.795 709 Wiley (John) & Sons JW/A 2.569 600 Corrections Corp.796 488 Ball Corp. SNDK 5.571 504 Cabot Oil & Gas 'A' COG 3. TRN 2.957 680 TCF Financial TCB 2.515 510 Abercrombie & Fitch ANF 3.361 780 Silgan Holdings SLGN 2.312 791 Buckeye Partners L.070 665 CB Richard Ellis CBG 2.153 456 Dolby Labs. WLT 3. IT 2. DHI 4. ARG 4. Inc.872 695 RPM Int'l RPM 2. Hldgs. VAL 2.071 641 OGE Energy OGE 2.079 639 Tenet Healthcare THC 2. CYN 3.672 585 Energen Corp. LSI 3.222 608 Mercury General MCY 3. OSIP 2. BIG 2.462 762 Intersil Corp.212 611 Strayer Education STRA 3. KMT 2.619 592 Brown & Brown BRO 3. TECH 2.891 555 IDEXX Labs. BKC 3.800 708 Dick's Sporting GoodsDKS 2. MBI 3.303 796 Rollins. AG 4.132 656 Whole Foods Market WFMI 2. NVLS 2.042 646 Akamai Technologies AKAM 2.844 702 Kennametal Inc. Inc.595 596 Puget Energy Inc.489 757 Onyx Pharmac. PKG 2. CREE 2.152 623 Tidewater Inc.120 658 Myriad Genetics MYGN 2.701 582 National City Corp.R) & Sons RRD 5.057 539 Synovus Financial SNV 3.) WRB 4. IFF 3. TIF 4. NUAN 3.826 562 Arrow Electronics ARW 3.230 448 Tyson Foods 'A' TSN 4.774 714 Inverness Med.204 615 Gen-Probe GPRO 3.035 671 Federated Investors FII 2. Inc. PNR 3.943 547 Invitrogen Corp. TEX 3.629 590 Edwards Lifesciences EW 3. ALB 3. Ltd.914 554 Manpower Inc.508 752 QLogic Corp. TRH 3.539 407 Hologic.333 520 Leggett & Platt LEG 3.209 612 Dresser-Rand Group DRC 3.033 649 Nalco Hldg.691 584 Terex Corp. HAS 5.536 408 Pharmac. KWK 3.086 637 Brink's (The) Co. CERN 3.560 505 Janus Capital Group JNS 3.239 606 MSC Industrial Direct MSM 3.881 694 Hanover Insurance THG 2.583 738 Hanesbrands.980 471 Constellation Energy CEG 4. TFX 2.440 422 Allied Waste AW 4. PDCO 3.846 558 Cullen/Frost Bankers CFR 3. CPWR 2. ANR 4. CLC 2. TPP 2.226 452 Hunt (J.117 630 Lexmark Int'l `A' LXK 2.081 464 Markel Corp.466 418 SanDisk Corp.894 692 AGL Resources ATG 2.818 705 Waste Connections WCN 2.850 700 Compuware Corp.185 621 Leap Wireless LEAP 3.412 772 Kirby Corp.193 619 Reinsurance Group RGAA 3. GGG 2. MOLX 4.125 461 Forest Oil FST 4.127 460 FMC Corp.854 699 Brookdale Senior Living BKD 2.787 711 WABCO Hldgs.664 728 IAC/InterActiveCorp IACI 2. VVC 2.486 415 Quanta Services PWR 5.031 650 Equinix. RYN 3. ALD 2.461 419 Citrix Sys. Inc.875 481 Eaton Vance Corp. EV 4.978 544 Commerce Bancshs.383 775 STERIS Corp. TRA 3.534 412 Energizer Holdings ENR 5. STE 2. HBI 2.849 701 Westar Energy WR 2. HLTH 2. Inc. Fin'l CFFN 3.114 462 Reliant Energy RRI 4.349 783 Under Armour UA 2.827 561 Harsco Corp.314 790 Novellus Sys.082 638 Amer.551 743 Packaging Corp. Inc.198 529 Frontier Communic.427 765 Hercules Inc.359 429 Newfield Exploration NFX 4.077 538 Sealed Air SEE 3.308 522 IHS Inc.579 599 Advanced Micro Dev.768 716 LKQ Corp.111 535 Raymond James Fin'l RJF 3.198 530 IMS Health RX 3. Inc.278 602 CapitalSource CSE 3.276 523 Covanta Holding Corp. CPRT 3.872 696 FactSet Research FDS 2. CTXS 5.133 459 Pepco Holdings POM 4.926 689 AECOM Techn. Inc.174 531 Rayonier Inc.513 511 MBIA Inc.215 454 AGCO Corp.584 737 Hawaiian Elec. O 3. RE 5.624 733 Thomas & Betts TNB 2.595 595 Amer.786 492 Black & Decker BDK 3.563 404 Hasbro. HSC 3.922 476 Charles River CRL 4.871 697 King Pharmac. Product PPDI 5.103 537 Terra Inds.R.933 550 St.917 478 MeadWestvaco MWV 4.653 730 Brocade Communic.918 477 Church & Dwight CHD 4.057 643 ON Semiconductor ONNN 2.741 579 URS Corp.677 726 Bruker Corp.949 684 IDEX Corp.109 634 Wyndham Worlwide WYN 2. Inc.533 509 Huntington Bancshs.668 727 Manitowoc Co. TDW 3.584 501 Ryder System R 3.807 568 Total System Svcs. TSO 2. CTX 2.740 719 Endo Pharmac.234 528 Copart.939 549 BOK Financial BOKF 3. NCC 3.073 664 DreamWorks Animation DWA 2.262 440 SCANA Corp.378 425 Coventry Health Care CVH 4. SNPS 2.413 771 Parametric Technology PMTC 2. NI 4. Inc.242 445 Plains All Amer. ORH 2.124 629 Lincoln Elec Hldgs.BPL 2. AN 2.227 449 Eastman Chemical EMN 4.736 720 Wabtec Corp.132 655 Ingram Micro 'A' IM 2.034 648 Abraxis BioScience ABII 2.335 434 Hormel Foods HRL 4.650 587 O'Reilly Automotive ORLY 3. DPL 2. BMS 2. WIN 5.111 536 Advance Auto Parts AAP 3. HCC 3.559 741 Cree. SPW 4.842 560 Donaldson Co.862 485 U. PAA 4.027 673 Bio-Rad Labs.360 428 VeriSign Inc.235 447 Airgas Inc.949 683 Foot Locker FL 2.611 594 Micron Technology MU 3. TRMB 3. Y 2. VMI 2.423 766 Nicor Inc.474 416 Western Digital WDC 5. AME 4.801 707 Erie Indemnity Co.047 669 ITC Holdings ITC 2.421 767 MICROS Systems MCRS 2.553 742 Curtiss-Wright CW 2.299 798 CLARCOR Inc. Inc.702 724 Energy Conversion ENER 2. EFX 4.567 403 Newell Rubbermaid NWL 5. EGN 3.036 647 Smithfield Foods SFD 2. SVU 4.238 527 SEI Investments SEIC 3.AMD 3. GAS 2.874 482 Gannett Co.147 654 Marvel EntertainmentMVL 2. ANSS 3. NVR 3.060 468 Equifax.984 542 Global Payments GPN 3. JOE 3.758 576 priceline. URS 3. CTL 3. SCG 4. TSS 3. PSD 3.241 526 Pentair.535 411 Flowserve Corp.679 725 Tesoro Corp. BPOP 2. SUN 4.960 473 BorgWarner BWA 4. LZ 3.873 483 Darden Restaurants DRI 4.367 426 Ross Stores ROST 4. OC 3.200 617 CIT Group CIT 3.593 499 Vertex Pharmac. ONXX 2.114 633 DPL Inc. SRP 2.352 518 Interpublic Group IPG 3.311 793 Apollo Investment AINV 2.076 663 Autoliv.184 651 Synopsys. DLB 4.766 575 Forest City Enterpr.705 580 Reliance Steel RS 3.215 609 Owens Corning Inc.589 500 DeVry Inc.152 624 Dynegy. 'B' HUB/B 2.031 672 Southern Union SUG 2. WPI 2. DBD 2. Inc. Inc. WBC 2.948 686 Big Lots Inc. AVT 3. MHK 4. DV 3. PKI 3.707 723 United Therapeutics UTHR 2.474 758 Allied Capital Corp.240 446 Petrohawk Energy HK 4.139 628 Weight Watchers WTW 3.021 675 Teleflex Inc.351 519 Cypress Semic. BRKR 2. CPS 3.345 784 Washington Federal WFSL 2. USG 2.572 503 Integrys Energy TEG 3. WAB 2. ZION 4.845 559 ResMed Inc. LEN 2. ROL 2.496 414 Washington Mutual WM 5.) AJG 2. FMC 4.811 567 Mettler-Toledo Int'l MTD 3.923 552 Pinnacle West CapitalPNW 3. DLTR 3.793 490 Lam Research LRCX 4. Inc. BCO 2. KBR 2. Water Works AWK 3.532 746 Hubbell Inc. CNW 2.822 704 Hansen Natural Corp.443 514 Patterson Cos.867 484 Alpha Natural Res.252 442 Constellation Brands STZ 4. GNTX 2. Financial Group AFG 2.504 512 Transatlantic Hldgs.895 691 Atmos Energy ATO 2.609 498 NSTAR NST 3.345 433 FLIR Systems FLIR 4. Inc.027 .116 632 Popular Inc.025 674 Longs Drug Stores LDG 2. OKE 3.747 718 Interactive Data IDC 2.098 463 Blackstone Group LP BX 4.437 423 Schein (Henry) HSIC 4. PAS 2. IEX 2.631 589 NVR. Int'l SCI 2.495 756 Monster Worldwide MNST 2.391 774 Central European Dist.291 800 Brinker Int'l EAT 2.570 739 Commercial Metals CMC 2. ACAS 4. CEPH 5.217 450 CenterPoint Energy CNP 4.HANS 2.228 451 Illumina Inc. Inc.207 614 PerkinElmer Inc.015 470 Beckman Coulter BEC 4.518 750 Vectren Corp. VRTX 3.S.954 681 Gallagher (Arthur J. LKQX 2.113 534 Trimble Nav.778 572 Alliant Techsystems ATK 3.353 781 FirstMerit Corp.315 789 Gardner Denver GDI 2.136 458 Expedia Inc.370 777 Frontier Oil FTO 2.822 563 Capitol Fed.296 437 Sunoco.465 761 Gartner Inc.645 588 Lamar Advertising LAMR 3. CTAS 4. Inc. CY 3.765 717 Aqua America WTR 2.350 782 Sierra Pacific Res. TKR 2.574 502 Goodyear Tire GT 3. ALV 2.193 620 Community Health CYH 3.269 603 ANSYS. ATI 4.346 432 Cintas Corp. KG 2.943 475 National Semic.417 515 Pengrowth Energy PGH 3.795 570 Old Republic ORI 3.151 625 HCC Insurance Hldgs.699 583 PetSmart. PLCM 2.178 622 DST Systems DST 3. Inc.417 770 Diebold.735 721 Gentex Corp. Inc. PETM 3.103 660 Smucker (J. Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap Company Ticker Market Cap $ (Mil) $ (Mil) $ (Mil) $ (Mil) 401 Equitable Resources EQT 5.896 479 Pulte Homes PHM 4. CEDC 2.581 598 AK Steel Holding AKS 3.152 457 Eastman Kodak EK 4. BRCD 2.640 731 BJ's Wholesale Club BJ 2.212 455 Ametek. RHT 3.453 421 ImClone Systems IMCL 4.631 732 AutoNation.200 618 Assoc.881 693 Trinity Inds. NLC 2.334 435 Zions Bancorp.P.535 508 Cerner Corp. KEX 2.536 410 Everest Re Group Ltd.322 787 Concur Techn. RSH 2. HUN 2. MKC 5.524 748 Con-way Inc.250 443 Tiffany & Co.M.328 436 SUPERVALU INC.728 722 Lennar Corp.548 506 Avnet.) SJM 2.594 736 Sybase Inc.471 759 Kinetic Concepts KCI 2.311 794 Cytec Inds.HBAN 3.859 698 Woodward GovernorWGOV 2. EXPE 4. GEF 3.320 788 Varian Semiconductor VSEA 2. MKL 4.381 776 Warnaco Group WRC 2.356 430 Amer. FCE/A 3.948 685 VCA Antech WOOF 2. VRSN 4. Inc.950 682 Pediatrix Medical PDX 2.113 659 UGI Corp. MIL 3. AMR 3. IMA 2.223 453 Avery Dennison AVY 4. Capital Ltd.857 556 Stanley Works SWK 3. CXW 3.068 642 KBR.298 799 Cont'l Airlines CAL 2.784 493 Family Dollar Stores FDO 3. MAN 3. OCR 3.170 652 CommScope CTV 2.369 779 Magellan Midstream MMP 2.568 402 Wisconsin Energy WEC 5. GES 3. Inc. FMER 2.055 666 Techne Corp.707 495 Genworth Fin'l GNW 3.139 627 Albemarle Corp. Inc. SY 2. CMS 2.208 613 DRS Technologies DRS 3. KMX 3.517 413 McCormick & Co.053 667 Flowers Foods FLO 2. Inc.256 604 City National Corp. QLGC 2.789 710 Corn Products Int'l CPO 2.811 566 ITT Educational ESI 3.769 715 Foundry Networks FDRY 2. PRGO 3. Inc.793 491 Kansas City South'n KSU 4.510 751 Service Corp.468 417 Windstream Corp.R.550 405 Donnelley (R.B.017 541 Alliant Energy LNT 3.590 597 Lubrizol Corp.521 749 Encore Acquisition EAC 2.420 769 New York Times NYT 2.124 657 CMS Energy Corp.935 688 OSI Pharmac. FTR 3. IHS 3.942 687 First Horizon NationalFHN 2. BLUD 2.331 785 Phillips-Van Heusen PVH 2.540 406 Dun & Bradstreet DNB 5. MYL 3.891 480 NiSource Inc.962 545 Perrigo Co. PLL 4. Cellular USM 4.622 591 Burger King Hldgs.079 465 Owens-Illinois OI 4. MTW 2.659 496 Toll Brothers TOL 3.249 525 Hewitt Associates 'A' HEW 3. UGI 2.495 755 HLTH Corp.802 569 Dollar Tree.420 768 Polycom.369 778 Psychiatric Solutions PSYS 2.496 513 National Fuel Gas NFG 3. Eagle OutfittersAEO 3.011 677 Alberto-Culver ACV 2.300 797 Centex Corp. ILMN 4.069 467 Berkley (W.466 760 Immucor.398 517 NCR Corp.316 521 LSI Corp. CVA 3.047 670 Health Net HNT 2. 'A' DYN 3. 'A' ISIL 2.505 753 Graco Inc.502 754 Spirit AeroSystems SPR 2.014 676 PepsiAmericas Inc.620 734 Lincare Holdings LNCR 2. ACM 2.529 747 RadioShack Corp.117 533 Guess Inc.973 472 Horton D. EQIX 2.814 565 Red Hat.381 424 Cincinnati Financial CINF 4. GCI 4.409 516 ONEOK Inc. IDXX 3.623 497 CenturyTel Inc.939 548 Mylan Inc. PTV 3. ITRI 3.355 431 SPX Corp. FLS 5.928 551 Crown Holdings CCK 3. RMD 3.612 735 Piedmont Natural GasPNY 2.658 729 Jabil Circuit JBL 2.983 543 Pactiv Corp.250 524 Affiliated Managers AMG 3.803 706 Helix Energy Solutions HLX 2. Amer.848 557 FTI Consulting FCN 3.102 636 Massey Energy MEE 2.767 574 Bucyrus Int'l BUCY 3.202 616 Realty Income Corp. LECO 2.957 474 Fortress Investment FIG 4.248 444 Mohawk Inds.131 532 Rowan Cos.538 745 Valspar Corp. NSM 4. CSL 2.075 466 Molex Inc. IVGN 3. CNQR 2.309 795 Potlatch Corp. RDC 3.919 690 National InstrumentsNATI 2.213 610 Greif. `B' UHS 3.460 420 MDU Resources MDU 5. Inc.278 438 Energy Transfer ETP 4.045 645 Delta Air Lines DAL 2.703 581 CarMax.076 662 USG Corp. HE 2.794 489 Allegheny Techn.253 441 Martin Marietta MLM 4.312 792 NOVA Chemicals NCX 2.536 409 Cephalon Inc.001 678 Timken Co.250 605 Snap-on Inc. Inc.050 644 Watson Pharmac.116 631 Alleghany Corp. Inc.787 571 Walter Inds. Banc-Corp ASBC 3.083 661 AptarGroup ATR 2.451 763 Huntsman Corp.428 764 Anixter Int'l AXE 2.411 773 Carlisle Cos. NCR 3.921 553 TECO Energy TE 3. 'A' BIO 2. HPC 2.277 439 Affiliated Computer ACS 4.962 546 Dean Foods DF 3. Pipe. DCI 3. BLL 4. Joe Corp.029 469 Telephone & Data TDS 4.832 703 Odyssey Re Hldgs.745 578 Itron Inc. CYT 2.778 713 Valmont Inds. PCH 2.992 679 Shaw Group SGR 2.754 494 Robert Half Int'l RHI 3. CBSH 3.563 740 Provident Energy PVX 2.238 607 Nuance Communic. ERIE 2.

86 Load 5.04 9.63 9.8 0.81 Growth and income 10211 11.81 Magellan 45959 6.81 American Mutual AMRMX 19359 9.15 11.00 9.81 Windsor II 47436 10.17 7.81 Balanced Group DODBX 27064 11.28 9.75 9.09 12.5 0.91 Load 5.75 12.81 Janus 9.75 7.56 Load 5.6 0.81 Growth 18290 9.97 9.81 OakMark 9.90 8.81 Value 17832 12.39 10.22 Load 5.81 Main St.53 Load 5.13 9.5 14.24 8.5 0.81 Fundamental Investors ANCFX 38375 11.75 9.75 8.39 9.39 No Load 0 8.48 7.81 Longleaf Partners 9.53 8.45 9.37 9.81 Growth and Income 30549 7.62 No Load 0 7.81 Low Priced 38784 15.23 No Load 0 9.12 9.81 Growth co 30110 9.72 No Load 0 8. Fees.81 Neuberger Berman 9.12 9.55 7.15 8.57 Load 5.8 Load 5.74 9.81 Legg Mason 9.8 0.81 Equity income 23199 10.79 9.34 9.81 Comstock 19429 12 0.1 0.6 1.81 Small Cap index 13796 10.62 Load 5.81 Spartan 500 index 15726 8.81 Mid Cap Value 10482 14.9 0.8 1.9 No Load 0 10.81 Aggressive Growth 10833 14.81 Fund for Growth 15262 7.36 No Load 0 8.68 No Load 0 10.81 T.56 9.1 0.81 Equity Income II 11646 9 0.81 American Balanced ABALX 55880 9.81 Putnam 9.67 9.34 9.99 9.81 Diversified Growth 16953 9.75 9.50 9.99 No Load 0 4.81 Longleaf 10883 12.63 9.44 9.33 9.3 0.4 0.04 No Load 0 13.22 No Load 0 6.6 2.80 8.81 Dodge & Cox 9.68 No Load 0 10.84 9.45 No Load 0 12.81 Windsor 23751 9.81 8.53 No Load 0 11.06 11.26 9.88 No Load 0 10.35 No Load 0 9.81 New York Venture NYVTX 42374 10.80 9.09 8.65 Load 4.25 8.10 10.7 0.81 AMCAP AMCPX 25237 10.81 Growth Fund of America AGTHX 161166 12.84 5.61 9.75 9.50 11.63 13.11 11.67 9.74 No Load 0 7.92 5.81 Contrafund 68771 11 0.7 0.57 7.75 11.2 0.95 9.2 0.59 No Load 0 9.81 Templeton Growth 34578 11 1.4 0.3 0.81 Capital Income Builder CALBX 80853 11.77 No Load 0 10.75 8.5 0.78 6.81 Investment Co of America AIVSX 88703 10.1 1.1 0.2 0.60 9.1 0.62 No Load 0 8.95 9.97 9.1 0.79 9.1 0.4 0.9 0.9 1.3 0.81 Puritan 25512 8.7 0.8 0.2 0.92 Load 5.81 Harbor 9. twcux 14762 5.44 9.58 6.74 8.1 0.42 9.81 Freedom 2020 16495 8.81 Income 50978 9.16 9.05 Load 5.78 Load 5.08 Load 5.5 0.81 Freedom 2030 10342 8.81 Reit Index 11592 14.57 9.28 No Load 0 16.81 Freedom 2010 12062 8.2 0.91 No Load 0 11.81 Mid Cap stock 12853 12.39 9.07 10.57 9.5 0.18 No Load 0 8.67 No Load 0 8.81 Vanguard 9.21 No Load 0 9.75 8.2 0.71 No Load 0 11.6 0.81 Fidelity 9.32 9.75 8.83 11.81 Total Return 11582 8.81 Mutual Discovery 12315 13.2 1.81 Growth A CVGRX 17491 17.75 10.25 5.81 Star 13789 9.81 Capital Appreciation 17643 16.94 9.37 No Load 0 9.75 16.03 14.73 7.81 Affiliated 20837 12 1.81 Mutual Shares 20854 11.7 0.24 9. Pre-Tax Returns.7 0.63 13.34 7.20 9.92 9.01 9.32 9.96 7.11 9. Rowe Price 9.89 9.81 Franklin 9. and Before and After Tax Returns for 68 Mutual Funds with more than $10 billion in equity assets and with a 10+ year record As of Jan 2007: Domestic Stock Funds with assets of more than $10 billion (millions) 10-yr Pre-expense Annual Load or Sales(load) Pre-tax Take home 10-yr Return Fund Assets Return Expense no Load? Fee Return Return S&P 500* American Century Ultra Inv.81 Balanced 22231 10.7 No Load 0 8.57 Load 5.5 0.08 9.80 American Funds: 9.21 No Load 0 14.17 8.75 12.71 No Load 0 9.89 9.46 7.47 9.35 8.32 9.72 9.1 0.55 Load 5. (9) Summary Data 68 Funds Reported Returns.9 0. Expenses.02 7.75 9.11 8.75 11.81 Janus Fund 11496 6.66 No Load 0 6.59 Load 5.46 12.56 No Load 0 6.81 Asset Allocation 12551 9.15 14.4 0.52 No Load 0 13.81 Health Care index 26834 16.67 9.81 Growth index 12515 7 0.79 10.08 7.34 9.1 0.81 Value Index 10391 9.81 Blue Chip 20574 5.39 8.9 0.8 No Load 0 11.6 0.62 No Load 0 8.87 Load 4.09 No Load 0 8.81 Van Kampen 9.16 9.81 Equity and income 18002 11 0.38 7.75 9.67 9.2 Load 4.21 6.65 Load 5.81 Energy 10417 16.25 No Load 0 16.76 9.7 0.87 No Load 0 14.81 Equity Income 29886 9.4 No Load 0 6.81 Oppenheimer 9.81 Wash mutual AWSHX 83998 9.87 No Load 0 5.81 Value Trust 20750 12 1.1 0. & “Take Home Returns” Assets.81 MFS 9.81 Selected 9.71 7.81 Calamos 9.7 0.7 0.42 9.38 Load 5.10 9.35 No Load 0 9.74 9. Reported Returns.48 9.75 9.3 0.14 9.63 No Load 0 10.82 9.8 Load 5.15 3.81 Mid cap Growth 15570 11.56 8.22 14.60 9.81 Lord Abbett 9.6 Load 5.00 7.81 Davis 9.62 No Load 0 4.81 Wellesley 12597 8.20 5.81 American 11596 11 0.81 500 Index 117740 8.74 9.81 .4 0.21 Load 5.88 4.23 4.9 No Load 0 12.81 Equity and Income 11534 13.81 Stock DODGX 64843 14.81 Prime Cap 31811 12.19 9.01 7.7 0.8 0.97 9.1 0.81 Income Fund of America AMECX 76353 10.4 1.39 9.93 No Load 0 8.98 9.75 9. 11730 7.75 5.58 10.84 9.10 9.32 9.81 Genesis 10850 14.78 9.39 9.75 8.12 9.69 No Load 0 12.44 5.34 5.05 10.59 9.81 Wellington 45169 9.43 8.

81 9.75 S&P 500 10 Year Return Mutual Funds 10 Year Return after fees and taxes after Fees and taxes 9. Invest in a no-load index fund with an expense ratio of no more than 0. Matthew C.2%.com time of investment. once additional capital is thought to hinder investment Arcstone Capital returns. (iii) An indication that the fund will stop accepting new investors Investment Consultant. Pauls (ii) Assets under management of no more than $10 billion at the matt@paulsassociates. (Be also careful of any one time single year gain.88 Discount from "Reported Average" Discount from "Reported Average" 3% 17% FEW RECOMMENDATIONS A. (10) Summary of (9) Number of Funds 68 Total Assets $2. 25%. B.P.02 10. (iv) (With little in the form of a track record) the manager will be considered perfectly sensible and capable of explaining his methods so that a person with no knowledge of the investment process can completely understand his approach. and annual expense no more than 1% unless their average returns are better than General Partner. Invest in a carefully selected fund with the following requirements: CONTACT: (i) The Money Manager will have a large proportion of their net worth invested in the fund of consideration.72 S&P 500 10 Year Mutual Funds 10 Year Return after fees Return after Fees 9.) .71 8. with no significant loss in any single year.012 trillion S&P 500 10 Year Mutual Funds 10 Year Reported Return Reported Average 10. Pauls Associates L. no load fees. (v) (With a track record) The manager will have an average 10- year track record of at least a 15% return.