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  1. From: owner-canslim-digest@lists.xmission.com (canslim-digest)
  2. To: canslim-digest@lists.xmission.com
  3. Subject: canslim-digest V2 #2145
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  11. canslim-digest       Tuesday, February 19 2002       Volume 02 : Number 2145
  12.  
  13.  
  14.  
  15. In this issue:
  16.  
  17.        Re: [CANSLIM] Average Daily Volume for NYSE and Nasdaq
  18.        [CANSLIM] Stock Strategy Performance: The Winners and Losers in 2001
  19.  
  20. ----------------------------------------------------------------------
  21.  
  22. Date: Tue, 19 Feb 2002 21:46:10 -0600
  23. From: "Katherine Malm" <kmalm@earthlink.net>
  24. Subject: Re: [CANSLIM] Average Daily Volume for NYSE and Nasdaq
  25.  
  26. This is a multi-part message in MIME format.
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  32.  
  33. Dan,
  34.  
  35. I'm not aware of a site that has it, but you can easily export the data =
  36. from the MSN charts and set up a simple 50dMA calculation in the Excel =
  37. file:
  38.  
  39. http://www.moneycentral.msn.com/investor/charts/charting.asp?Symbol=3D%24=
  40. COMPX
  41. http://www.moneycentral.msn.com/investor/charts/charting.asp?Symbol=3D%24=
  42. NYA%2eX
  43.  
  44. Top of the charts you will see pull down menus. Go to File: Export Data.
  45.  
  46. Katherine
  47.   ----- Original Message -----=20
  48.   From: DanC=20
  49.   To: canslim@lists.xmission.com=20
  50.   Sent: Tuesday, February 19, 2002 9:18 PM
  51.   Subject: [CANSLIM] Average Daily Volume for NYSE and Nasdaq
  52.  
  53.  
  54.   Does anyone have a url for average daily volume for NYSE and NASDAQ?
  55.  
  56.   Dan
  57.  
  58.  
  59.   -
  60.   -To subscribe/unsubscribe, email "majordomo@xmission.com"
  61.   -In the email body, write "subscribe canslim" or
  62.   -"unsubscribe canslim".  Do not use quotes in your email.
  63.  
  64. - ------=_NextPart_000_00A8_01C1B98E.D8592520
  65. Content-Type: text/html;
  66.     charset="iso-8859-1"
  67. Content-Transfer-Encoding: quoted-printable
  68.  
  69. <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
  70. <HTML><HEAD>
  71. <META http-equiv=3DContent-Type content=3D"text/html; =
  72. charset=3Diso-8859-1">
  73. <META content=3D"MSHTML 5.50.4807.2300" name=3DGENERATOR>
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  77. <DIV>Dan,</DIV>
  78. <DIV> </DIV>
  79. <DIV>I'm not aware of a site that has it, but you can easily export the =
  80. data=20
  81. from the MSN charts and set up a simple 50dMA calculation in the Excel=20
  82. file:</DIV>
  83. <DIV> </DIV>
  84. <DIV><A=20
  85. href=3D"http://www.moneycentral.msn.com/investor/charts/charting.asp?Symb=
  86. ol=3D%24COMPX">http://www.moneycentral.msn.com/investor/charts/charting.a=
  87. sp?Symbol=3D%24COMPX</A></DIV>
  88. <DIV><A=20
  89. href=3D"http://www.moneycentral.msn.com/investor/charts/charting.asp?Symb=
  90. ol=3D%24NYA%2eX">http://www.moneycentral.msn.com/investor/charts/charting=
  91. .asp?Symbol=3D%24NYA%2eX</A></DIV>
  92. <DIV> </DIV>
  93. <DIV>Top of the charts you will see pull down menus. Go to File: Export=20
  94. Data.</DIV>
  95. <DIV> </DIV>
  96. <DIV>Katherine</DIV>
  97. <BLOCKQUOTE=20
  98. style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
  99. BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  100.   <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
  101.   <DIV=20
  102.   style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
  103. black"><B>From:</B>=20
  104.   <A title=3Ddanc@compuall.net =
  105. href=3D"mailto:danc@compuall.net">DanC</A> </DIV>
  106.   <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
  107. title=3Dcanslim@lists.xmission.com=20
  108.   =
  109. href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
  110.  </DIV>
  111.   <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Tuesday, February 19, =
  112. 2002 9:18=20
  113.   PM</DIV>
  114.   <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Average =
  115. Daily Volume=20
  116.   for NYSE and Nasdaq</DIV>
  117.   <DIV><BR></DIV>Does anyone have a url for average daily volume for =
  118. NYSE and=20
  119.   NASDAQ?<BR><BR>Dan<BR><BR><BR>-<BR>-To subscribe/unsubscribe, email =
  120. "<A=20
  121.   =
  122. href=3D"mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In=
  123.  the=20
  124.   email body, write "subscribe canslim" or<BR>-"unsubscribe =
  125. canslim".  Do=20
  126.   not use quotes in your email.</BLOCKQUOTE></BODY></HTML>
  127.  
  128. - ------=_NextPart_000_00A8_01C1B98E.D8592520--
  129.  
  130.  
  131. - -
  132. - -To subscribe/unsubscribe, email "majordomo@xmission.com"
  133. - -In the email body, write "subscribe canslim" or
  134. - -"unsubscribe canslim".  Do not use quotes in your email.
  135.  
  136. ------------------------------
  137.  
  138. Date: Tue, 19 Feb 2002 21:49:11 -0600
  139. From: Gene Ricci <genr@swbell.net>
  140. Subject: [CANSLIM] Stock Strategy Performance: The Winners and Losers in 2001
  141.  
  142. This is a multi-part message in MIME format.
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  153.  
  154. Don't know if this will go but it's worth a try, here's the AAII =
  155. article:
  156.  
  157. Stock Strategy Performance: The Winners and Losers in 2001
  158. By John Bajkowski
  159.  
  160. The Joseph Piotroski screen seeking financially strong low =
  161. price-to-book-value stocks was the best-performing strategy in 2001, =
  162. while the David Dreman With Estimate Revisions screen was the weakest. =
  163. Both screens showed strong reversals from their 2000 performance, =
  164. highlighting the danger of blindly investing in the prior year's best =
  165. performer.=20
  166.  
  167. For the last four years we have presented and discussed a new monthly =
  168. stock screen on the Stock Screens segment of AAII.com, while =
  169. simultaneously tracking the success and updating the results of all the =
  170. previous screens. We now have 50 screens that cover the full spectrum of =
  171. investment approaches, ranging from small-cap growth to large-cap value. =
  172. Some of the approaches attempt to capture the investment philosophy of =
  173. famous investors such as Warren Buffett, while other screens explain and =
  174. implement basic investing approaches, such as investing in stocks with =
  175. low price-to-sales ratios.=20
  176.  
  177. At the beginning of each month, we run each screen using AAII's Stock =
  178. Investor and produce a table of passing companies for each screen, which =
  179. is posted on-line. We construct a fresh hypothetical portfolio for each =
  180. screen every month. Stocks are purchased in equal dollar amounts at the =
  181. start of the month and sold/rebalanced at the end of the month. A stock =
  182. is sold if it no longer meets the initial criteria, and new stocks are =
  183. added if they qualify. The price gains (dividends excluded) for these =
  184. portfolios are tracked. No additional screens are applied in =
  185. constructing the portfolios.=20
  186.  
  187. The performance reflects buying and selling each month at the month-end =
  188. closing. The impact of factors such as commissions, bid-ask spread, =
  189. dividends, and time-slippage (time between the initial decision to buy a =
  190. stock and the actual purchase) are ignored. While this makes the =
  191. reported performance unachievable, in a best-case scenario, all =
  192. approaches are subject to the same conditions and procedures. However, =
  193. higher turnover portfolios would typically benefit from our simplified =
  194. rules. The goal of tracking the performance of the screens is to help =
  195. gain an understanding of how each approach reacts in different market =
  196. conditions, and to gain a feel for their characteristics.=20
  197.  
  198. Even with over four years of performance tracking under our belt, it is =
  199. early to determine if any approach has special characteristics that will =
  200. make it a top performer over the long haul. But, we have had the =
  201. opportunity to observe the reaction of the screens during bull and bear =
  202. markets.=20
  203.  
  204. Winners and Losers
  205. As 2001 is drawing to a close, the S&P 500 may show back-to-back =
  206. calendar-year losses-the first such event since 1973 and 1974. As =
  207. revealed in Table 1, most of the indexes show negative returns through =
  208. December 14. Only the S&P SmallCap 600 index shows a positive rate of =
  209. return through December 14. Just as in 2000, small-cap stocks generally =
  210. outperformed large-cap issues. The technology-heavy Nasdaq 100 lost =
  211. almost a third of its value in 2001 after losing 36.8% in 2000.=20
  212.  
  213. "Cap" refers to market capitalization, which is determined by =
  214. multiplying the number of shares outstanding by the market price. The =
  215. S&P 500 is a popular benchmark for stock market performance, but it only =
  216. covers the largest companies traded on U.S. exchanges. The S&P MidCap =
  217. 400 measures mid-sized firms while the S&P SmallCap 600 tracks small-cap =
  218. companies.=20
  219.  
  220. The other matrix that is normally used to segment stocks is the growth =
  221. versus value style. Value approaches seek stocks that are priced cheaply =
  222. relative to tangible variables such as earnings, book value, or sales. =
  223. Growth approaches seek stocks with rapidly expanding earnings, with =
  224. little regard to the stock price.=20
  225.  
  226. The screening approaches listed in Table 1 are grouped by growth versus =
  227. value approach. The table shows the price change from January 1, 2000, =
  228. through December 14, 2001, along with the gains or losses during 2000, =
  229. 1999 and 1998. The Total Gain columns do not include dividends. Higher =
  230. yield large-cap value strategies such as the Dogs of the Dow would be =
  231. affected the most by excluding dividends.=20
  232.  
  233. The Joseph Piotroski screen seeking financially strong =
  234. low-price-to-book-value stocks was the best performing strategy in 2001, =
  235. with a gain of 87.3% after showing a 0.9% loss in 2000. The David Dreman =
  236. With Estimate Revisions screen was the weakest performer in 2001, with a =
  237. 35.0% loss after gaining 38.7% in 2000. The screen seeks out larger =
  238. stocks with low price-earnings ratios that have had recent upward =
  239. earnings revisions. Most of the losses for the screen came in September =
  240. and October, with very few passing stocks (one in September, three in =
  241. October). These strong reversals highlight the dangers of investing in =
  242. last year's best-performing market segment without first appraising its =
  243. ability to continue its strong performance. So far, the growth-oriented =
  244. screen that follows the William O'Neil CANSLIM approach has shown some =
  245. of the most consistently strong performance gains: 53.5%, 38.0%, 36.6%, =
  246. and 28.2% over the last four years. The Martin Zwieg screen is the other =
  247. long-term standout, with a four-year gain of 299.7%.=20
  248.  
  249. Risk
  250. When measuring performance, the risk of the strategy should be =
  251. considered. The Monthly Variability columns report the greatest monthly =
  252. gain and loss as an indication of the volatility that has occurred over =
  253. the last four years. For example, the most that the Martin Zwieg =
  254. approach gained in a single month was 32.7%, while the most that it lost =
  255. in a single month was 24.2%. By way of comparison, the most that the S&P =
  256. 500 index gained in a single month was 9.7%, while its largest single =
  257. monthly loss was 14.6%.=20
  258. The Monthly Variability columns also report the monthly standard =
  259. deviation over the full study period. Standard deviation is a measure of =
  260. total risk, expressed as a monthly change. It indicates the degree of =
  261. variation in return experienced by a strategy relative to its average =
  262. over the test period. The higher the standard deviation, the greater the =
  263. total risk of the strategy. The Graham Defensive Investor (Utility) =
  264. screen has the lowest monthly standard deviation figure of 4.7%, while =
  265. the Richard Driehaus approach exhibited the highest monthly standard =
  266. deviation of 15.3% over the same four-year period.=20
  267.  
  268. Turnover Rates
  269. The Monthly Holdings columns provide data on portfolio holdings over =
  270. time-the average number of stocks that were in each portfolio over the =
  271. last four years along with the average holdover percentage from month to =
  272. month. The Dogs of the Dow Low Priced Five approach always has five =
  273. stocks in the portfolio, but the Geraldine Weiss Blue Chip Dividend =
  274. Yield approach averaged 11 passing stocks with as many as 25 stocks for =
  275. a given month, and no passing stocks at the end of November 2001. The % =
  276. Holdover column gives an indication of the turnover for a given =
  277. strategy. The higher the percentage holdover, the more often companies =
  278. stay in a portfolio from month to month. As a general rule, approaches =
  279. that focus on value tend to have less portfolio turnover than the pure =
  280. growth approaches, and they tend to be less volatile and outperform =
  281. other approaches during bear markets. However, value approaches can fall =
  282. behind other approaches, particularly in the strongest portion of a bull =
  283. market.=20
  284.  
  285. Portfolio Characteristics
  286. Table 2 presents the characteristics of the stocks that passed the =
  287. screens in each approach at the end of November.=20
  288. The current price-earnings ratio (price divided by trailing 12-month =
  289. earnings per share) for this group of screens ranges from 3.8 for the =
  290. value-oriented Fundamental Rule of Thumb screen to 53.1 for the Richard =
  291. Driehaus approach.=20
  292.  
  293. Both the historical and estimated growth rates of earnings follow the =
  294. predictable script. The more growth-oriented approaches typically have =
  295. higher historical and expected earnings growth rates, while the value =
  296. approaches tend to have lower growth rates.=20
  297.  
  298. Market capitalization is provided as a gauge for the size of firms =
  299. passing each screen. Strategies such as the Dogs of the Dow and =
  300. O'Shaughnessy Value are clearly invested in the large-cap segment. =
  301. Fundamental Rule of Thumb, Graham Enterprising Investor, Low Price/Book, =
  302. Peter Lynch, Stock Market Winners, and the Shadow Stocks are at the =
  303. other end of the spectrum, with low market caps.=20
  304.  
  305. The relative strength index is calculated against the performance of the =
  306. S&P 500. Stocks with performance equal to the S&P 500 over the last 52 =
  307. weeks have a relative strength index of zero. Negative numbers indicate =
  308. underperformance, while positive numbers indicate outperformance.=20
  309.  
  310. For details on how the screens were constructed and to follow their =
  311. performance over time, go to the Stock Screens area of AAII.com.=20
  312.  
  313. Conclusion
  314. As you look at the performance of the screens, do not simply follow the =
  315. strategies that have the highest performance. Instead, try to understand =
  316. the forces that affect their performance. Here are some important =
  317. questions to ask that will help you evaluate any series of screens that =
  318. seek to capture an investment approach:=20
  319.  
  320.   a.. How is the portfolio reacting relative to the current market =
  321. environment? If it is deviating substantially, what is the cause of that =
  322. deviation-is it the particular stock picks, or it is perhaps =
  323. overconcentration in a particular sector that is a result of the =
  324. particular set of screens you have chosen?=20
  325.  
  326.   b.. Are the portfolio's characteristics more similar to a value-based =
  327. or growth-based approach? That may give you a better idea of how the =
  328. portfolio is likely to behave.=20
  329.  
  330.   c.. Are the screens actually capturing the kinds of companies you want =
  331. to invest in based on your chosen investment approach? Also, are the =
  332. screens producing any unintentional biases?=20
  333.  
  334.   d.. What is the proper benchmark to measure the performance of your =
  335. portfolio? It is important to look at the characteristics of your =
  336. portfolio (market capitalization, industry concentration, growth vs. =
  337. value) to properly select a benchmark.=20
  338.  
  339.   e.. How frequently do your screens cause your portfolio to =
  340. substantially change?=20
  341. Most importantly, remember that screening is just a first step in =
  342. investing. There are qualitative elements that cannot be captured =
  343. effectively by a quantitative screening process.=20
  344.  
  345.  
  346. John Bajkowski is AAII's vice president of financial analysis and editor =
  347. of Computerized Investing.=20
  348.  More articles by John Bajkowski=20
  349.  
  350.  
  351. =A9 AAII Journal January 2002, Volume XXIV, No. 1=20
  352.  
  353.  
  354.       Table 1. Performance of Stock Screens on AAII's Web Site=20
  355.       Strategy
  356.       Value Total Gain (%) Monthly Variability (%)  Monthly Holdings =20
  357.       2001* 2000 1999 1998 Cumulative Std. Dev. High Low Avg. % Holdover =
  358.  
  359.       Cash Rich 11.9 40.5 37.1 -3.8 107.4 8.0 17.6 -20.7 37 74%=20
  360.       David Dreman 21.6 38 -3.0 -1.5 60.2 5.6 12.6 -15.4 20 67%=20
  361.       David Dreman with Est Revisons -35.0 38.7 6.7 10.7 6.5 7.7 11.4 =
  362. - -25.8 7 21%=20
  363.       Dogs of the Dow -3.4 4.1 5.7 9.8 16.7 5.9 16.1 -13.1 10 92%=20
  364.       Dogs of the Dow (Low Priced 5) 4.9 3.2 -2.0 24.6 32.2 6.7 19.1 =
  365. - -14.0 5 82%=20
  366.       Low Price-to-Free-Cash-Flow 55.4 17.8 10 2.6 106.6 6.6 25.1 -14.4 =
  367. 30 75%=20
  368.       Fundamental Rule of Thumb 31.1 28.7 11.7 -9.4 70.7 8.6 33.8 -19.2 =
  369. 50 75%=20
  370.       Graham-Defensive Investor (Non-Utility) 52.7 12.0 3.6 9.6 94.0 6.6 =
  371. 15.7 -14.6 24 83%=20
  372.       Graham-Enterpising Investor 47.9 24.2 -5.0 -7.3 61.8 6.9 23.4 =
  373. - -18.7 8 68%=20
  374.       Josef Lakonishok -2.4 36.7 14.8 7.3 64.3 6.5 16.6 -13.7 16 9%=20
  375.       John Neff 57.8 37.3 17.4 9.3 178.1 8.2 26.8 -20.2 19 65%=20
  376.       O'Shaughnessy-Value 7.8 22.3 -3.9 7.2 35.8 6.3 15.5 -14.0 50 78%=20
  377.       Joseph Piotroski 87.3 -0.9 27.1 17.9 178.1 8.7 25.7 -17.2 8 79%=20
  378.       Low Price/Book 42.7 -22.7 31.1 -3.4 39.7 10.1 50.2 -18.4 nmf nmf=20
  379.       P/E Relative 11.7 20.3 -6.0 26.5 59.8 5.0 13.3 -12.4 27 19%=20
  380.       Geraldine Weiss Blue Chip Div. Yield* 25.6 18.8 3.9 3.3 60.2 6.2 =
  381. 14.3 -13.1 11 72%=20
  382.       Growth & Value=20
  383.       Buffettology-EPS Growth 21.5 5.9 17.7 4.0 57.6 7.0 15.0 -20.4 39 =
  384. 88%=20
  385.       Buffettology-Sustainable Growth 24.0 3.3 14.6 7.4 57.6 7.4 16.5 =
  386. - -18.0 25 85%=20
  387.       Philip Fisher 61.7 -16.7 5.4 2.6 45.7 10.6 25.6 -26.7 42 69%=20
  388.       Peter Lynch 35.1 3.2 8.9 1.3 53.7 5.1 16.4 -17.4 28 77%=20
  389.       Oberweis Octagon 11.8 18.4 33.4 15.6 104.1 9.7 23.3 -23.2 23 59%=20
  390.       O'Shaughnessy-Growth 13.7 11.5 19.5 19.4 80.7 6.6 13.9 -17.9 50 =
  391. 61%=20
  392.       Low Price-to-Sales 37.3 23.3 21.1 13.2 132.1 6.4 14.8 -17.8 44 57% =
  393.  
  394.       T. Rowe Price 4.7 35.2 -4.5 1.8 37.7 7.0 13.3 -18.0 19 67%=20
  395.       John Templeton 12.8 20.3 8.1 16.2 70.6 6.7 14.3 -18.2 29 73%=20
  396.       Stock Market Winners 36.9 27.6 21.7 -12.0 87.1 6.7 17.5 -16.7 15 =
  397. 36%=20
  398.       Value on the Move (PEG with Est Growth) 28.4 22.9 11 2.1 78.9 6.8 =
  399. 15.7 -23.1 61 51%=20
  400.       Value on the Move (PEG With Hist Growth) 17.5 19.4 18 1.5 68 5.4 =
  401. 12.7 -19.1 131 63%=20
  402.       Ralph Wanger 12.7 -2.8 3.2 -2.4 10.3 7.9 22.8 -19.8 31 71%=20
  403.       Martin Zweig 51.2 46.2 17.1 54.5 299.7 10.1 32.7 -24.2 13 53%=20
  404.       Growth=20
  405.       Richard Driehaus -31.7 -8.3 107.4 0 29.7 15.3 51.3 -25.7 10 30%=20
  406.       Inve$tWare Quality Growth II 5.3 18.5 -3.0 14.5 38.7 6.7 18.2 =
  407. - -22.0 35 89%=20
  408.       William O'Neil's CANSLIM 53.5 38 36.6 28.2 271 8.3 23.6 -23.1 11 =
  409. 45%=20
  410.       Sector/Specialty=20
  411.       ADRs -7.1 9.9 4 2.3 8.6 7.5 31.1 -17.7 15 58%=20
  412.       DRPs 27.2 13.1 4.4 -4.3 43.7 6.2 18.4 -13.6 29 76%=20
  413.       Dual Cash Flow 19.9 5.7 114.3 0.9 174 8.8 34.7 -16.2 39 68%=20
  414.       Est Rev Down 20.8 -7.1 21.9 -15.0 16.2 8.2 17.6 -23.3 221 23%=20
  415.       Est Rev Down 5% 21.2 -4.2 27.8 -3.9 42.6 9.4 23.6 -23.2 70 11%=20
  416.       Est Rev Up -5.8 2.2 38.2 29.9 72.8 7.4 12.2 -18.6 155 18%=20
  417.       Est Rev Up 5% -13.1 3.6 107.1 43.3 167 11.1 30.8 -21.7 38 8%=20
  418.       Graham-Defensive Investor (Utility) 0.8 51.4 -8.4 14.6 60.2 4.7 12 =
  419. - -7.3 18 83%=20
  420.       Insider Net Purchases 16.4 -38.3 7.5 0 -22.7 10.7 26.7 -19.0 25 =
  421. 65%=20
  422.       Michael Murphy Technology 24.6 -52.1 139.7 29.7 85.5 15 44.7 -27.8 =
  423. 19 78%=20
  424.       Strong ROE 12.2 31.4 1 18.8 76.9 6.8 13 -22.2 34 82%=20
  425.       Short % Outstanding 4 -31.7 -26.9 0 -48.0 13.9 33.3 -24.1 25 82%=20
  426.       Short Interest Change 5.4 -51.8 111.1 0 7.2 14.7 34.1 -27.4 25 24% =
  427.  
  428.       Short Ratio 14 -40.9 2.2 0 -31.1 10 37.8 -24.5 25 53%=20
  429.       Shadow Stocks 25.2 -10.5 16.8 -4.3 25.1 6.4 22.2 -17.4 nmf nmf=20
  430.       Shadow Stocks-Growth Screen 68.5 -6.2 0.7 -8.8 45.2 6.9 18.6 -18.3 =
  431. 10 56%=20
  432.       Shadow Stocks-Value Screen 5.8 -13.5 4.8 -11.9 -15.5 6.9 23.4 =
  433. - -17.8 16 77%=20
  434.       Indexes=20
  435.       DJ 30 -9.0 -6.2 25.2 16.1 24.1 5.3 10.2 -15.1    =20
  436.       S&P 500 -14.9 -10.1 19.5 26.7 15.7 5.3 9.7 -14.6    =20
  437.       S&P/Barra 500 Growth (incl. dividends) -12.9** -22.1 28.3 42.1 =
  438. 23.8 6.3 9.2 -13.0    =20
  439.       S&P/Barra 500 Value (incl. divs.) -13.0** 6.1 12.7 14.7 19.3 5.2 =
  440. 10.4 -16.1    =20
  441.       S&P MidCap 400 -4.8 16.2 13.3 17.7 47.5 6.3 12.0 -18.7    =20
  442.       S&P SmallCap 600 1.4 11.0 11.5 -2.1 22.9 6.4 13.3 -19.4    =20
  443.       Nasdaq 100 -31.4 -36.8 102.0 85.5 62.2 13.0 25.0 -27.5    =20
  444.       Unless otherwise stated, figures do not include dividends or =
  445. transactions costs.
  446.       *Through 12/14/2001
  447.       **Through 11/30/2001=20
  448.  
  449.  
  450.       Table 2. Portfolio Characteristics of Stock Screens=20
  451.       Strategy
  452.       Value  P/E Ratio (X) P/E to EPS Est. Growth (X) Hist. EPS Growth =
  453. (%) Estimated Long-Term EPS Growth (%) Market Cap. ($ Million) 52-Week =
  454. Relative Strength (%)=20
  455.       Cash Rich 17.9 1.3 19.9 20.0 280.3 10.0=20
  456.       David Dreman 11.6 1.3 8.7 9.4 2131.3 15.0=20
  457.       David Dreman with Est Revisons 10.6 0.7 15.3 13.9 3200.9 22.0=20
  458.       Dogs of the Dow 18.6 1.9 4.7 9.3 36532.0 14.0=20
  459.       Dogs of the Dow (Low Priced 5) 18.6 1.6 11.1 9.8 74421.2 -16.0=20
  460.       Low Price-to-Free-Cash-Flow 9.6 0.9 5.3 12.5 231.5 23.5=20
  461.       Fundamental Rule of Thumb 3.8 0.6 32.3 18.3 62.3 14.0=20
  462.       Graham-Defensive Investor (Non-Utility) 13.2 1.1 14.2 14.0 409.1 =
  463. 35.0=20
  464.       Graham-Enterpising Investor 5.4 na 16.4 na 39.0 32.5=20
  465.       Josef Lakonishok 30.1 1.5 14.8 11.1 2664.5 3.0=20
  466.       John Neff 7.8 0.6 17.6 14.0 796.3 5.0=20
  467.       O'Shaughnessy-Value 16.8 1.6 7.6 9.4 9243.1 17.0=20
  468.       Joseph Piotroski 8.2 0.7 2.1 15.8 101.0 5.0=20
  469.       Low Price/Book 10.1 0.8 -16.9 15.5 22.4 -29.0=20
  470.       P/E Relative 13.2 1.0 13.6 12.5 2555.3 26.5=20
  471.       Geraldine Weiss Blue Chip Div. Yield* 12.8 1.3 22.9 10.0 355.8 =
  472. 64.0=20
  473.       Growth & Value=20
  474.       Buffettology-EPS Growth 18.6 1.4 30.2 17.1 2072.5 30.0=20
  475.       Buffettology-Sustainable Growth 15.1 1.2 30.5 17.1 1447.7 14.0=20
  476.       Philip Fisher 8.8 0.5 36.2 20.0 129.0 5.0=20
  477.       Peter Lynch 7.1 0.7 30.6 15.3 36.6 15.5=20
  478.       Oberweis Octagon 14.7 0.8 19.9 19.7 204.9 91.0=20
  479.       O'Shaughnessy-Growth 19.1 1.1 1.9 17.0 313.7 269.0=20
  480.       Low Price-to-Sales 15.0 1.4 -3.3 14.5 185.0 39.5=20
  481.       Stock Market Winners 12.8 1.0 18.4 11.0 62.8 73.0=20
  482.       T. Rowe Price 9.2 0.6 39.8 15.1 685.5 54.0=20
  483.       John Templeton 10.5 0.8 24.3 14.6 1853.7 18.5=20
  484.       Value on the Move (PEG With Est Growth) 13.0 0.8 28.2 16.0 419.2 =
  485. 86.0=20
  486.       Value on the Move (PEG With Hist Growth) 12.7 1.0 21.6 15.4 141.9 =
  487. 71.5=20
  488.       Ralph Wanger 19.6 1.1 38.3 22.3 332.0 65.0=20
  489.       Martin Zweig 18.1 0.8 18.9 16.0 1364.8 113.5=20
  490.       Growth=20
  491.       Richard Driehaus 53.1 1.4 -20.0 32.9 541.8 6.0=20
  492.       Inve$tWare Quality Growth II 34.3 1.5 28.6 22.5 2901.2 42.0=20
  493.       William O'Neil's CANSLIM 11.6 1.1 36.7 19.7 305.2 99.0=20
  494.       Sector/Specialty=20
  495.       ADRs 15.4 1.7 31.2 12.5 6472.1 -4.0=20
  496.       DRPs 18.8 1.6 15.0 11.5 2606.0 11.0=20
  497.       Dual Cash Flow 17.2 1.3 2.3 16.4 130.8 37.0=20
  498.       Est Rev Down 18.3 1.4 11.4 14.3 1435.2 8.0=20
  499.       Est Rev Down 5% 21.1 1.3 5.8 16.7 785.1 -7.0=20
  500.       Est Rev Up 23.4 1.4 12.4 16.5 1426.7 41.5=20
  501.       Est Rev Up 5% 22.6 1.9 5.2 17.4 1346.3 86.0=20
  502.       Graham-Defensive Investor (Utility) 12.0 1.7 5.8 6.8 2122.0 5.0=20
  503.       Insider Net Purchases 14.7 0.8 -8.0 21.0 156.7 8.0=20
  504.       Michael Murphy Technology 10.2 2.4 32.2 24.3 281.0 -37.0=20
  505.       Strong ROE 21.0 1.1 32.0 18.8 869.7 60.0=20
  506.       Short % Outstanding 16.1 0.8 26.9 22.5 406.9 22.0=20
  507.       Short Interest Change 22.1 1.8 7.0 17.5 197.3 51.0=20
  508.       Short Ratio 16.9 0.6 -16.7 12.8 167.6 8.0=20
  509.       Shadow Stocks 19.1 1.0 13.8 20.5 71.1 18.0=20
  510.       Shadow Stocks-Growth Screen 18.0 0.5 43.3 26.8 280.0 39.5=20
  511.       Shadow Stocks-Value Screen 8.4 0.6 36.3 18.8 63.1 19.0=20
  512.       All Exchange-Listed Stocks 16.4 1.4 5.9 16.3 166.6 14.0=20
  513.       Data as of 11/30/2001. *Data as of 11/2/2001.=20
  514.  
  515. =A9 AAII Journal January 2002, Volume XXIV, No. 1=20
  516.  
  517.  
  518. - ------=_NextPart_001_04AF_01C1B98F.44479B90
  519. Content-Type: text/html;
  520.     charset="iso-8859-1"
  521. Content-Transfer-Encoding: quoted-printable
  522.  
  523. <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
  524. <HTML><HEAD>
  525. <META http-equiv=3DContent-Type content=3D"text/html; =
  526. charset=3Diso-8859-1">
  527. <META content=3D"MSHTML 5.50.4913.1100" name=3DGENERATOR>
  528. <STYLE></STYLE>
  529. </HEAD>
  530. <BODY bgColor=3D#ffffff>
  531. <DIV><FONT face=3D"Comic Sans MS">Don't know if this will go but it's =
  532. worth a try,=20
  533. here's the AAII article:</FONT></DIV>
  534. <DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV><FONT face=3D"Comic =
  535. Sans MS">
  536. <H1><FONT color=3D#005263 size=3D3>Stock Strategy Performance: The =
  537. Winners and=20
  538. Losers in 2001</FONT></H1>
  539. <DIV><FONT face=3DPALATINO color=3D#666666>By <A=20
  540. href=3D"http://aaii.com/searchall/metasearch.shtml?SUBMIT=3DQuery&AAI=
  541. IJ_AUTHOR=3DBajkowski%2C+John">John=20
  542. Bajkowski</A></FONT></DIV>
  543. <DIV><FONT color=3D#666666></FONT> </DIV>
  544. <DIV><FONT color=3D#666666>The Joseph Piotroski screen seeking =
  545. financially strong=20
  546. low price-to-book-value stocks was the best-performing strategy in 2001, =
  547. while=20
  548. the David Dreman With Estimate Revisions screen was the weakest. Both =
  549. screens=20
  550. showed strong reversals from their 2000 performance, highlighting the =
  551. danger of=20
  552. blindly investing in the prior year=92s best performer. =
  553. </FONT><BR></DIV>
  554. <P><A name=3DBODY><A name=3Da></A><FONT face=3Dverdana =
  555. color=3D#005263><B><FONT=20
  556. size=3D+1>F</FONT></B></FONT>or the last four years we have presented =
  557. and=20
  558. discussed a new monthly stock screen on the <A=20
  559. href=3D"http://aaii.com/stkscrns/index.shtml">Stock Screens</A> segment =
  560. of=20
  561. AAII.com, while simultaneously tracking the success and updating the =
  562. results of=20
  563. all the previous screens. We now have 50 screens that cover the full =
  564. spectrum of=20
  565. investment approaches, ranging from small-cap growth to large-cap value. =
  566. Some of=20
  567. the approaches attempt to capture the investment philosophy of famous =
  568. investors=20
  569. such as <A =
  570. href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Warren=20
  571. Buffett</A>, while other screens explain and implement basic investing=20
  572. approaches, such as investing in stocks with low price-to-sales ratios.=20
  573. <P>At the beginning of each month, we run each screen using AAII=92s =
  574. <I><A=20
  575. href=3D"http://aaii.com/stinvstr/intro/index.shtml">Stock =
  576. Investor</A></I> and=20
  577. produce a table of passing companies for each screen, which is posted =
  578. on-line.=20
  579. We construct a fresh hypothetical portfolio for each screen every month. =
  580. Stocks=20
  581. are purchased in equal dollar amounts at the start of the month and=20
  582. sold/rebalanced at the end of the month. A stock is sold if it no longer =
  583. meets=20
  584. the initial criteria, and new stocks are added if they qualify. The =
  585. price gains=20
  586. (dividends excluded) for these portfolios are tracked. No additional =
  587. screens are=20
  588. applied in constructing the portfolios.=20
  589. <P>The performance reflects buying and selling each month at the =
  590. month-end=20
  591. closing. The impact of factors such as commissions, bid-ask spread, =
  592. dividends,=20
  593. and time-slippage (time between the initial decision to buy a stock and =
  594. the=20
  595. actual purchase) are ignored. While this makes the reported performance=20
  596. unachievable, in a best-case scenario, all approaches are subject to the =
  597. same=20
  598. conditions and procedures. However, higher turnover portfolios would =
  599. typically=20
  600. benefit from our simplified rules. The goal of tracking the performance =
  601. of the=20
  602. screens is to help gain an understanding of how each approach reacts in=20
  603. different market conditions, and to gain a feel for their =
  604. characteristics.=20
  605. <P>Even with over four years of performance tracking under our belt, it =
  606. is early=20
  607. to determine if any approach has special characteristics that will make =
  608. it a top=20
  609. performer over the long haul. But, we have had the opportunity to =
  610. observe the=20
  611. reaction of the screens during bull and bear markets. </P>
  612. <H2><FONT color=3D#005263>Winners and Losers</FONT></H2>
  613. <P>As 2001 is drawing to a close, the S&P 500 may show back-to-back=20
  614. calendar-year losses=97the first such event since 1973 and 1974. As =
  615. revealed in <A=20
  616. href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable1.shtml">Tabl=
  617. e 1</A>,=20
  618. most of the indexes show negative returns through December 14. Only the =
  619. S&P=20
  620. SmallCap 600 index shows a positive rate of return through December 14. =
  621. Just as=20
  622. in 2000, small-cap stocks generally outperformed large-cap issues. The=20
  623. technology-heavy Nasdaq 100 lost almost a third of its value in 2001 =
  624. after=20
  625. losing 36.8% in 2000. </P>
  626. <P>=93Cap=94 refers to market capitalization, which is determined by =
  627. multiplying the=20
  628. number of shares outstanding by the market price. The S&P 500 is a =
  629. popular=20
  630. benchmark for stock market performance, but it only covers the largest =
  631. companies=20
  632. traded on U.S. exchanges. The S&P MidCap 400 measures mid-sized =
  633. firms while=20
  634. the S&P SmallCap 600 tracks small-cap companies.=20
  635. <P>The other matrix that is normally used to segment stocks is the =
  636. growth versus=20
  637. value style. Value approaches seek stocks that are priced cheaply =
  638. relative to=20
  639. tangible variables such as earnings, book value, or sales. Growth =
  640. approaches=20
  641. seek stocks with rapidly expanding earnings, with little regard to the =
  642. stock=20
  643. price.=20
  644. <P>The screening approaches listed in <A=20
  645. href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable1.shtml">Tabl=
  646. e 1</A>=20
  647. are grouped by growth versus value approach. The table shows the price =
  648. change=20
  649. from January 1, 2000, through December 14, 2001, along with the gains or =
  650. losses=20
  651. during 2000, 1999 and 1998. The Total Gain columns do not include =
  652. dividends.=20
  653. Higher yield large-cap value strategies such as the <A=20
  654. href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
  655. Dow</A>=20
  656. would be affected the most by excluding dividends.=20
  657. <P>The <A=20
  658. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
  659. =20
  660. Piotroski</A> screen seeking financially strong low-price-to-book-value =
  661. stocks=20
  662. was the best performing strategy in 2001, with a gain of 87.3% after =
  663. showing a=20
  664. 0.9% loss in 2000. The <A=20
  665. href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David =
  666. Dreman With=20
  667. Estimate Revisions</A> screen was the weakest performer in 2001, with a =
  668. 35.0%=20
  669. loss after gaining 38.7% in 2000. The screen seeks out larger stocks =
  670. with low=20
  671. price-earnings ratios that have had recent upward earnings revisions. =
  672. Most of=20
  673. the losses for the screen came in September and October, with very few =
  674. passing=20
  675. stocks (one in September, three in October). These strong reversals =
  676. highlight=20
  677. the dangers of investing in last year=92s best-performing market segment =
  678. without=20
  679. first appraising its ability to continue its strong performance. So far, =
  680. the=20
  681. growth-oriented screen that follows the <A=20
  682. href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
  683. O=92Neil=20
  684. CANSLIM</A> approach has shown some of the most consistently strong =
  685. performance=20
  686. gains: 53.5%, 38.0%, 36.6%, and 28.2% over the last four years. The <A=20
  687. href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin =
  688. Zwieg</A>=20
  689. screen is the other long-term standout, with a four-year gain of 299.7%. =
  690. </P>
  691. <H2><FONT color=3D#005263>Risk</FONT></H2>
  692. <DIV><FONT face=3Dverdana color=3D#005263><B><FONT =
  693. size=3D+1>W</FONT></B></FONT>hen=20
  694. measuring performance, the risk of the strategy should be considered. =
  695. The=20
  696. Monthly Variability columns report the greatest monthly gain and loss as =
  697. an=20
  698. indication of the volatility that has occurred over the last four years. =
  699. For=20
  700. example, the most that the <A=20
  701. href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin =
  702. Zwieg</A>=20
  703. approach gained in a single month was 32.7%, while the most that it lost =
  704. in a=20
  705. single month was 24.2%. By way of comparison, the most that the S&P =
  706. 500=20
  707. index gained in a single month was 9.7%, while its largest single =
  708. monthly loss=20
  709. was 14.6%. </DIV>
  710. <P>The Monthly Variability columns also report the monthly standard =
  711. deviation=20
  712. over the full study period. Standard deviation is a measure of total =
  713. risk,=20
  714. expressed as a monthly change. It indicates the degree of variation in =
  715. return=20
  716. experienced by a strategy relative to its average over the test period. =
  717. The=20
  718. higher the standard deviation, the greater the total risk of the =
  719. strategy. The=20
  720. <A =
  721. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=20
  722. Defensive Investor</A> (Utility) screen has the lowest monthly standard=20
  723. deviation figure of 4.7%, while the <A=20
  724. href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
  725. d=20
  726. Driehaus</A> approach exhibited the highest monthly standard deviation =
  727. of 15.3%=20
  728. over the same four-year period. <A name=3Db></A>
  729. <H2><FONT color=3D#005263>Turnover Rates</FONT></H2>
  730. <DIV>The Monthly Holdings columns provide data on portfolio holdings =
  731. over=20
  732. time=97the average number of stocks that were in each portfolio over the =
  733. last four=20
  734. years along with the average holdover percentage from month to month. =
  735. The <A=20
  736. href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
  737. Dow Low=20
  738. Priced Five</A> approach always has five stocks in the portfolio, but =
  739. the <A=20
  740. href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
  741. Weiss=20
  742. Blue Chip Dividend Yield</A> approach averaged 11 passing stocks with as =
  743. many as=20
  744. 25 stocks for a given month, and no passing stocks at the end of =
  745. November 2001.=20
  746. The % Holdover column gives an indication of the turnover for a given =
  747. strategy.=20
  748. The higher the percentage holdover, the more often companies stay in a =
  749. portfolio=20
  750. from month to month. As a general rule, approaches that focus on value =
  751. tend to=20
  752. have less portfolio turnover than the pure growth approaches, and they =
  753. tend to=20
  754. be less volatile and outperform other approaches during bear markets. =
  755. However,=20
  756. value approaches can fall behind other approaches, particularly in the =
  757. strongest=20
  758. portion of a bull market. </DIV>
  759. <DIV> </DIV>
  760. <H2><FONT color=3D#005263>Portfolio Characteristics</FONT></H2>
  761. <DIV><A =
  762. href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable2.shtml">Tabl=
  763. e=20
  764. 2</A> presents the characteristics of the stocks that passed the screens =
  765. in each=20
  766. approach at the end of November. </DIV>
  767. <P>The current price-earnings ratio (price divided by trailing 12-month =
  768. earnings=20
  769. per share) for this group of screens ranges from 3.8 for the =
  770. value-oriented <A=20
  771. href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
  772. mental=20
  773. Rule of Thumb</A> screen to 53.1 for the <A=20
  774. href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
  775. d=20
  776. Driehaus</A> approach.=20
  777. <P>Both the historical and estimated growth rates of earnings follow the =
  778.  
  779. predictable script. The more growth-oriented approaches typically have =
  780. higher=20
  781. historical and expected earnings growth rates, while the value =
  782. approaches tend=20
  783. to have lower growth rates.=20
  784. <P>Market capitalization is provided as a gauge for the size of firms =
  785. passing=20
  786. each screen. Strategies such as the <A=20
  787. href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
  788. Dow</A>=20
  789. and <A=20
  790. href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
  791. nessy=20
  792. Value</A> are clearly invested in the large-cap segment. <A=20
  793. href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
  794. mental=20
  795. Rule of Thumb</A>, <A=20
  796. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=20
  797. Enterprising Investor</A>, <A=20
  798. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
  799. Price/Book</A>, <A=20
  800. href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter =
  801. Lynch</A>, <A=20
  802. href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock =
  803. Market=20
  804. Winners</A>, and the <A=20
  805. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow =
  806. Stocks</A>=20
  807. are at the other end of the spectrum, with low market caps.=20
  808. <P>The relative strength index is calculated against the performance of =
  809. the=20
  810. S&P 500. Stocks with performance equal to the S&P 500 over the =
  811. last 52=20
  812. weeks have a relative strength index of zero. Negative numbers indicate=20
  813. underperformance, while positive numbers indicate outperformance.=20
  814. <P>For details on how the screens were constructed and to follow their=20
  815. performance over time, go to the <A=20
  816. href=3D"http://aaii.com/stkscrns/archive/">Stock Screens</A> area of =
  817. AAII.com. <A=20
  818. name=3Dd></A>
  819. <H2><FONT color=3D#005263>Conclusion</FONT></H2>
  820. <DIV>As you look at the performance of the screens, do not simply follow =
  821. the=20
  822. strategies that have the highest performance. Instead, try to understand =
  823. the=20
  824. forces that affect their performance. Here are some important questions =
  825. to ask=20
  826. that will help you evaluate any series of screens that seek to capture =
  827. an=20
  828. investment approach: </DIV>
  829. <P>
  830. <UL>
  831.   <LI>How is the portfolio reacting relative to the current market =
  832. environment?=20
  833.   If it is deviating substantially, what is the cause of that =
  834. deviation=97is it=20
  835.   the particular stock picks, or it is perhaps overconcentration in a =
  836. particular=20
  837.   sector that is a result of the particular set of screens you have =
  838. chosen?=20
  839.   <P></P>
  840.   <LI>Are the portfolio=92s characteristics more similar to a =
  841. value-based or=20
  842.   growth-based approach? That may give you a better idea of how the =
  843. portfolio is=20
  844.   likely to behave.=20
  845.   <P></P>
  846.   <LI>Are the screens actually capturing the kinds of companies you want =
  847. to=20
  848.   invest in based on your chosen investment approach? Also, are the =
  849. screens=20
  850.   producing any unintentional biases?=20
  851.   <P></P>
  852.   <LI>What is the proper benchmark to measure the performance of your =
  853. portfolio?=20
  854.   It is important to look at the characteristics of your portfolio =
  855. (market=20
  856.   capitalization, industry concentration, growth vs. value) to properly =
  857. select a=20
  858.   benchmark.=20
  859.   <P></P>
  860.   <LI>How frequently do your screens cause your portfolio to =
  861. substantially=20
  862.   change? </LI></UL>
  863. <P>Most importantly, remember that screening is just a first step in =
  864. investing.=20
  865. There are qualitative elements that cannot be captured effectively by a=20
  866. quantitative screening process.=20
  867. <P><BR><FONT face=3Dpalatino color=3D#666666><I>John Bajkowski is =
  868. AAII=92s vice=20
  869. president of financial analysis and editor of </I>Computerized =
  870. Investing.=20
  871. <BR><IMG src=3D"http://aaii.com/images/checkmark.gif"> <A=20
  872. href=3D"http://aaii.com/searchall/metasearch.shtml?SUBMIT=3DQuery&AAI=
  873. IJ_AUTHOR=3DBajkowski%2C+John"><FONT=20
  874. color=3D#990033>More articles by John Bajkowski</FONT></A></FONT>=20
  875. <P><BR><FONT face=3Dverdana size=3D-2>=A9 AAII Journal January 2002, =
  876. Volume XXIV, No.=20
  877. 1</FONT> <BR></P>
  878. <TABLE cellSpacing=3D0 cellPadding=3D4 width=3D"100%" border=3D1>
  879.   <TBODY>
  880.   <TR vAlign=3Dcenter align=3Dmiddle>
  881.     <TD bgColor=3D#005263 colSpan=3D11><FONT color=3D#ffffff><B>Table 1. =
  882. Performance=20
  883.       of Stock Screens on AAII=92s Web Site</B></FONT></TD></TR>
  884.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
  885.     <TD vAlign=3Dbottom align=3Dleft rowSpan=3D2><FONT=20
  886.       color=3D#005263><B>Strategy<BR><I>Value</I></B></FONT></TD>
  887.     <TD colSpan=3D5><FONT color=3D#005263><B>Total Gain =
  888. (%)</B></FONT></TD>
  889.     <TD colSpan=3D3><FONT color=3D#005263><B>Monthly Variability (%)=20
  890. </B></FONT></TD>
  891.     <TD colSpan=3D2><FONT color=3D#005263><B>Monthly Holdings =
  892. </B></FONT></TD></TR>
  893.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
  894.     <TD><FONT color=3D#005263><B>2001*</B></FONT></TD>
  895.     <TD><FONT color=3D#005263><B>2000</B></FONT></TD>
  896.     <TD><FONT color=3D#005263><B>1999</B></FONT></TD>
  897.     <TD><FONT color=3D#005263><B>1998</B></FONT></TD>
  898.     <TD><FONT color=3D#005263><B>Cumulative</B></FONT></TD>
  899.     <TD><FONT color=3D#005263><B>Std. Dev.</B></FONT></TD>
  900.     <TD><FONT color=3D#005263><B>High</B></FONT></TD>
  901.     <TD><FONT color=3D#005263><B>Low</B></FONT></TD>
  902.     <TD><FONT color=3D#005263><B>Avg.</B></FONT></TD>
  903.     <TD><FONT color=3D#005263><B>% Holdover</B></FONT></TD></TR>
  904.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  905.     <TD align=3Dleft><A=20
  906.       =
  907. href=3D"http://aaii.com/stkscrns/archive/cashrich1/20000306.shtml">Cash=20
  908.       Rich</A></TD>
  909.     <TD>11.9</TD>
  910.     <TD>40.5</TD>
  911.     <TD>37.1</TD>
  912.     <TD>=963.8</TD>
  913.     <TD>107.4</TD>
  914.     <TD>8.0</TD>
  915.     <TD>17.6</TD>
  916.     <TD>=9620.7</TD>
  917.     <TD>37</TD>
  918.     <TD>74%</TD></TR>
  919.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  920.     <TD align=3Dleft><A=20
  921.       =
  922. href=3D"http://aaii.com/stkscrns/archive/Dreman/19980406.shtml">David=20
  923.       Dreman</A></TD>
  924.     <TD>21.6</TD>
  925.     <TD>38</TD>
  926.     <TD>=963.0</TD>
  927.     <TD>=961.5</TD>
  928.     <TD>60.2</TD>
  929.     <TD>5.6</TD>
  930.     <TD>12.6</TD>
  931.     <TD>=9615.4</TD>
  932.     <TD>20</TD>
  933.     <TD>67%</TD></TR>
  934.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  935.     <TD align=3Dleft><A=20
  936.       =
  937. href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David=20
  938.       Dreman with Est Revisons</A></TD>
  939.     <TD>=9635.0</TD>
  940.     <TD>38.7</TD>
  941.     <TD>6.7</TD>
  942.     <TD>10.7</TD>
  943.     <TD>6.5</TD>
  944.     <TD>7.7</TD>
  945.     <TD>11.4</TD>
  946.     <TD>=9625.8</TD>
  947.     <TD>7</TD>
  948.     <TD>21%</TD></TR>
  949.   <TR vAlign=3Dcenter align=3Dmiddle>
  950.     <TD align=3Dleft><A=20
  951.       href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
  952. of the=20
  953.       Dow</A></TD>
  954.     <TD>=963.4</TD>
  955.     <TD>4.1</TD>
  956.     <TD>5.7</TD>
  957.     <TD>9.8</TD>
  958.     <TD>16.7</TD>
  959.     <TD>5.9</TD>
  960.     <TD>16.1</TD>
  961.     <TD>=9613.1</TD>
  962.     <TD>10</TD>
  963.     <TD>92%</TD></TR>
  964.   <TR vAlign=3Dcenter align=3Dmiddle>
  965.     <TD align=3Dleft><A=20
  966.       href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
  967. of the Dow=20
  968.       (Low Priced 5)</A></TD>
  969.     <TD>4.9</TD>
  970.     <TD>3.2</TD>
  971.     <TD>=962.0</TD>
  972.     <TD>24.6</TD>
  973.     <TD>32.2</TD>
  974.     <TD>6.7</TD>
  975.     <TD>19.1</TD>
  976.     <TD>=9614.0</TD>
  977.     <TD>5</TD>
  978.     <TD>82%</TD></TR>
  979.   <TR vAlign=3Dcenter align=3Dmiddle>
  980.     <TD align=3Dleft><A=20
  981.       =
  982. href=3D"http://aaii.com/stkscrns/archive/cashflow1/19991101.shtml">Low=20
  983.       Price-to-Free-Cash-Flow</A></TD>
  984.     <TD>55.4</TD>
  985.     <TD>17.8</TD>
  986.     <TD>10</TD>
  987.     <TD>2.6</TD>
  988.     <TD>106.6</TD>
  989.     <TD>6.6</TD>
  990.     <TD>25.1</TD>
  991.     <TD>=9614.4</TD>
  992.     <TD>30</TD>
  993.     <TD>75%</TD></TR>
  994.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  995.     <TD align=3Dleft><A=20
  996.       =
  997. href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
  998. mental=20
  999.       Rule of Thumb</A></TD>
  1000.     <TD>31.1</TD>
  1001.     <TD>28.7</TD>
  1002.     <TD>11.7</TD>
  1003.     <TD>=969.4</TD>
  1004.     <TD>70.7</TD>
  1005.     <TD>8.6</TD>
  1006.     <TD>33.8</TD>
  1007.     <TD>=9619.2</TD>
  1008.     <TD>50</TD>
  1009.     <TD>75%</TD></TR>
  1010.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1011.     <TD align=3Dleft><A=20
  1012.       =
  1013. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  1014. Defensive=20
  1015.       Investor (Non-Utility)</A></TD>
  1016.     <TD>52.7</TD>
  1017.     <TD>12.0</TD>
  1018.     <TD>3.6</TD>
  1019.     <TD>9.6</TD>
  1020.     <TD>94.0</TD>
  1021.     <TD>6.6</TD>
  1022.     <TD>15.7</TD>
  1023.     <TD>=9614.6</TD>
  1024.     <TD>24</TD>
  1025.     <TD>83%</TD></TR>
  1026.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1027.     <TD align=3Dleft><A=20
  1028.       =
  1029. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  1030. Enterpising=20
  1031.       Investor</A></TD>
  1032.     <TD>47.9</TD>
  1033.     <TD>24.2</TD>
  1034.     <TD>=965.0</TD>
  1035.     <TD>=967.3</TD>
  1036.     <TD>61.8</TD>
  1037.     <TD>6.9</TD>
  1038.     <TD>23.4</TD>
  1039.     <TD>=9618.7</TD>
  1040.     <TD>8</TD>
  1041.     <TD>68%</TD></TR>
  1042.   <TR vAlign=3Dcenter align=3Dmiddle>
  1043.     <TD align=3Dleft><A=20
  1044.       =
  1045. href=3D"http://aaii.com/stkscrns/archive/lakonishok/20010406.shtml">Josef=
  1046. =20
  1047.       Lakonishok</A></TD>
  1048.     <TD>=962.4</TD>
  1049.     <TD>36.7</TD>
  1050.     <TD>14.8</TD>
  1051.     <TD>7.3</TD>
  1052.     <TD>64.3</TD>
  1053.     <TD>6.5</TD>
  1054.     <TD>16.6</TD>
  1055.     <TD>=9613.7</TD>
  1056.     <TD>16</TD>
  1057.     <TD>9%</TD></TR>
  1058.   <TR vAlign=3Dcenter align=3Dmiddle>
  1059.     <TD align=3Dleft><A=20
  1060.       href=3D"http://aaii.com/stkscrns/archive/neff/20000807.shtml">John =
  1061.  
  1062.     Neff</A></TD>
  1063.     <TD>57.8</TD>
  1064.     <TD>37.3</TD>
  1065.     <TD>17.4</TD>
  1066.     <TD>9.3</TD>
  1067.     <TD>178.1</TD>
  1068.     <TD>8.2</TD>
  1069.     <TD>26.8</TD>
  1070.     <TD>=9620.2</TD>
  1071.     <TD>19</TD>
  1072.     <TD>65%</TD></TR>
  1073.   <TR vAlign=3Dcenter align=3Dmiddle>
  1074.     <TD align=3Dleft><A=20
  1075.       =
  1076. href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
  1077. nessy=97Value</A></TD>
  1078.     <TD>7.8</TD>
  1079.     <TD>22.3</TD>
  1080.     <TD>=963.9</TD>
  1081.     <TD>7.2</TD>
  1082.     <TD>35.8</TD>
  1083.     <TD>6.3</TD>
  1084.     <TD>15.5</TD>
  1085.     <TD>=9614.0</TD>
  1086.     <TD>50</TD>
  1087.     <TD>78%</TD></TR>
  1088.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1089.     <TD align=3Dleft><A=20
  1090.       =
  1091. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
  1092. =20
  1093.       Piotroski</A></TD>
  1094.     <TD>87.3</TD>
  1095.     <TD>=960.9</TD>
  1096.     <TD>27.1</TD>
  1097.     <TD>17.9</TD>
  1098.     <TD>178.1</TD>
  1099.     <TD>8.7</TD>
  1100.     <TD>25.7</TD>
  1101.     <TD>=9617.2</TD>
  1102.     <TD>8</TD>
  1103.     <TD>79%</TD></TR>
  1104.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1105.     <TD align=3Dleft><A=20
  1106.       =
  1107. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
  1108.       Price/Book</A></TD>
  1109.     <TD>42.7</TD>
  1110.     <TD>=9622.7</TD>
  1111.     <TD>31.1</TD>
  1112.     <TD>=963.4</TD>
  1113.     <TD>39.7</TD>
  1114.     <TD>10.1</TD>
  1115.     <TD>50.2</TD>
  1116.     <TD>=9618.4</TD>
  1117.     <TD>nmf</TD>
  1118.     <TD>nmf</TD></TR>
  1119.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1120.     <TD align=3Dleft><A=20
  1121.       =
  1122. href=3D"http://aaii.com/stkscrns/archive/relatives1/20001002.shtml">P/E=20
  1123.       Relative</A></TD>
  1124.     <TD>11.7</TD>
  1125.     <TD>20.3</TD>
  1126.     <TD>=966.0</TD>
  1127.     <TD>26.5</TD>
  1128.     <TD>59.8</TD>
  1129.     <TD>5.0</TD>
  1130.     <TD>13.3</TD>
  1131.     <TD>=9612.4</TD>
  1132.     <TD>27</TD>
  1133.     <TD>19%</TD></TR>
  1134.   <TR vAlign=3Dcenter align=3Dmiddle>
  1135.     <TD align=3Dleft><A=20
  1136.       =
  1137. href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
  1138.  
  1139.       Weiss Blue Chip Div. Yield*</A></TD>
  1140.     <TD>25.6</TD>
  1141.     <TD>18.8</TD>
  1142.     <TD>3.9</TD>
  1143.     <TD>3.3</TD>
  1144.     <TD>60.2</TD>
  1145.     <TD>6.2</TD>
  1146.     <TD>14.3</TD>
  1147.     <TD>=9613.1</TD>
  1148.     <TD>11</TD>
  1149.     <TD>72%</TD></TR>
  1150.   <TR vAlign=3Dcenter align=3Dleft>
  1151.     <TD bgColor=3D#c7cdc8 colSpan=3D11><FONT =
  1152. color=3D#005263><B><I>Growth &=20
  1153.       Value</I></B></FONT></TD></TR>
  1154.   <TR vAlign=3Dcenter align=3Dmiddle>
  1155.     <TD align=3Dleft><A=20
  1156.       =
  1157. href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
  1158. ogy=97EPS=20
  1159.       Growth</A></TD>
  1160.     <TD>21.5</TD>
  1161.     <TD>5.9</TD>
  1162.     <TD>17.7</TD>
  1163.     <TD>4.0</TD>
  1164.     <TD>57.6</TD>
  1165.     <TD>7.0</TD>
  1166.     <TD>15.0</TD>
  1167.     <TD>=9620.4</TD>
  1168.     <TD>39</TD>
  1169.     <TD>88%</TD></TR>
  1170.   <TR vAlign=3Dcenter align=3Dmiddle>
  1171.     <TD align=3Dleft><A=20
  1172.       =
  1173. href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
  1174. ogy=97Sustainable=20
  1175.       Growth</A></TD>
  1176.     <TD>24.0</TD>
  1177.     <TD>3.3</TD>
  1178.     <TD>14.6</TD>
  1179.     <TD>7.4</TD>
  1180.     <TD>57.6</TD>
  1181.     <TD>7.4</TD>
  1182.     <TD>16.5</TD>
  1183.     <TD>=9618.0</TD>
  1184.     <TD>25</TD>
  1185.     <TD>85%</TD></TR>
  1186.   <TR vAlign=3Dcenter align=3Dmiddle>
  1187.     <TD align=3Dleft><A=20
  1188.       =
  1189. href=3D"http://aaii.com/stkscrns/archive/fisher/19981005.shtml">Philip=20
  1190.       Fisher</A></TD>
  1191.     <TD>61.7</TD>
  1192.     <TD>=9616.7</TD>
  1193.     <TD>5.4</TD>
  1194.     <TD>2.6</TD>
  1195.     <TD>45.7</TD>
  1196.     <TD>10.6</TD>
  1197.     <TD>25.6</TD>
  1198.     <TD>=9626.7</TD>
  1199.     <TD>42</TD>
  1200.     <TD>69%</TD></TR>
  1201.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1202.     <TD align=3Dleft><A=20
  1203.       =
  1204. href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter=20
  1205.       Lynch</A></TD>
  1206.     <TD>35.1</TD>
  1207.     <TD>3.2</TD>
  1208.     <TD>8.9</TD>
  1209.     <TD>1.3</TD>
  1210.     <TD>53.7</TD>
  1211.     <TD>5.1</TD>
  1212.     <TD>16.4</TD>
  1213.     <TD>=9617.4</TD>
  1214.     <TD>28</TD>
  1215.     <TD>77%</TD></TR>
  1216.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1217.     <TD align=3Dleft><A=20
  1218.       =
  1219. href=3D"http://aaii.com/stkscrns/archive/oberweis/20011203.shtml">Oberwei=
  1220. s=20
  1221.       Octagon</A></TD>
  1222.     <TD>11.8</TD>
  1223.     <TD>18.4</TD>
  1224.     <TD>33.4</TD>
  1225.     <TD>15.6</TD>
  1226.     <TD>104.1</TD>
  1227.     <TD>9.7</TD>
  1228.     <TD>23.3</TD>
  1229.     <TD>=9623.2</TD>
  1230.     <TD>23</TD>
  1231.     <TD>59%</TD></TR>
  1232.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1233.     <TD align=3Dleft><A=20
  1234.       =
  1235. href=3D"http://aaii.com/stkscrns/archive/OShau/19990601.shtml">O=92Shaugh=
  1236. nessy=97Growth</A></TD>
  1237.     <TD>13.7</TD>
  1238.     <TD>11.5</TD>
  1239.     <TD>19.5</TD>
  1240.     <TD>19.4</TD>
  1241.     <TD>80.7</TD>
  1242.     <TD>6.6</TD>
  1243.     <TD>13.9</TD>
  1244.     <TD>=9617.9</TD>
  1245.     <TD>50</TD>
  1246.     <TD>61%</TD></TR>
  1247.   <TR vAlign=3Dcenter align=3Dmiddle>
  1248.     <TD align=3Dleft><A=20
  1249.       =
  1250. href=3D"http://aaii.com/stkscrns/archive/pricetosales/20010702.shtml">Low=
  1251. =20
  1252.       Price-to-Sales</A></TD>
  1253.     <TD>37.3</TD>
  1254.     <TD>23.3</TD>
  1255.     <TD>21.1</TD>
  1256.     <TD>13.2</TD>
  1257.     <TD>132.1</TD>
  1258.     <TD>6.4</TD>
  1259.     <TD>14.8</TD>
  1260.     <TD>=9617.8</TD>
  1261.     <TD>44</TD>
  1262.     <TD>57%</TD></TR>
  1263.   <TR vAlign=3Dcenter align=3Dmiddle>
  1264.     <TD align=3Dleft><A=20
  1265.       =
  1266. href=3D"http://aaii.com/stkscrns/archive/troweprice/19981204.shtml">T. =
  1267. Rowe=20
  1268.       Price</A></TD>
  1269.     <TD>4.7</TD>
  1270.     <TD>35.2</TD>
  1271.     <TD>=964.5</TD>
  1272.     <TD>1.8</TD>
  1273.     <TD>37.7</TD>
  1274.     <TD>7.0</TD>
  1275.     <TD>13.3</TD>
  1276.     <TD>=9618.0</TD>
  1277.     <TD>19</TD>
  1278.     <TD>67%</TD></TR>
  1279.   <TR vAlign=3Dcenter align=3Dmiddle>
  1280.     <TD align=3Dleft><A=20
  1281.       =
  1282. href=3D"http://aaii.com/stkscrns/archive/templeton/20010507.shtml">John=20
  1283.       Templeton</A></TD>
  1284.     <TD>12.8</TD>
  1285.     <TD>20.3</TD>
  1286.     <TD>8.1</TD>
  1287.     <TD>16.2</TD>
  1288.     <TD>70.6</TD>
  1289.     <TD>6.7</TD>
  1290.     <TD>14.3</TD>
  1291.     <TD>=9618.2</TD>
  1292.     <TD>29</TD>
  1293.     <TD>73%</TD></TR>
  1294.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1295.     <TD align=3Dleft><A=20
  1296.       =
  1297. href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock=20
  1298.       Market Winners</A></TD>
  1299.     <TD>36.9</TD>
  1300.     <TD>27.6</TD>
  1301.     <TD>21.7</TD>
  1302.     <TD>=9612.0</TD>
  1303.     <TD>87.1</TD>
  1304.     <TD>6.7</TD>
  1305.     <TD>17.5</TD>
  1306.     <TD>=9616.7</TD>
  1307.     <TD>15</TD>
  1308.     <TD>36%</TD></TR>
  1309.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1310.     <TD align=3Dleft><A=20
  1311.       =
  1312. href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
  1313. the=20
  1314.       Move (PEG with Est Growth)</A></TD>
  1315.     <TD>28.4</TD>
  1316.     <TD>22.9</TD>
  1317.     <TD>11</TD>
  1318.     <TD>2.1</TD>
  1319.     <TD>78.9</TD>
  1320.     <TD>6.8</TD>
  1321.     <TD>15.7</TD>
  1322.     <TD>=9623.1</TD>
  1323.     <TD>61</TD>
  1324.     <TD>51%</TD></TR>
  1325.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1326.     <TD align=3Dleft><A=20
  1327.       =
  1328. href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
  1329. the=20
  1330.       Move (PEG With Hist Growth)</A></TD>
  1331.     <TD>17.5</TD>
  1332.     <TD>19.4</TD>
  1333.     <TD>18</TD>
  1334.     <TD>1.5</TD>
  1335.     <TD>68</TD>
  1336.     <TD>5.4</TD>
  1337.     <TD>12.7</TD>
  1338.     <TD>=9619.1</TD>
  1339.     <TD>131</TD>
  1340.     <TD>63%</TD></TR>
  1341.   <TR vAlign=3Dcenter align=3Dmiddle>
  1342.     <TD align=3Dleft><A=20
  1343.       =
  1344. href=3D"http://aaii.com/stkscrns/archive/wanger2/20011105.shtml">Ralph=20
  1345.       Wanger</A></TD>
  1346.     <TD>12.7</TD>
  1347.     <TD>=962.8</TD>
  1348.     <TD>3.2</TD>
  1349.     <TD>=962.4</TD>
  1350.     <TD>10.3</TD>
  1351.     <TD>7.9</TD>
  1352.     <TD>22.8</TD>
  1353.     <TD>=9619.8</TD>
  1354.     <TD>31</TD>
  1355.     <TD>71%</TD></TR>
  1356.   <TR vAlign=3Dcenter align=3Dmiddle>
  1357.     <TD align=3Dleft><A=20
  1358.       =
  1359. href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin=20
  1360.       Zweig</A></TD>
  1361.     <TD>51.2</TD>
  1362.     <TD>46.2</TD>
  1363.     <TD>17.1</TD>
  1364.     <TD>54.5</TD>
  1365.     <TD>299.7</TD>
  1366.     <TD>10.1</TD>
  1367.     <TD>32.7</TD>
  1368.     <TD>=9624.2</TD>
  1369.     <TD>13</TD>
  1370.     <TD>53%</TD></TR>
  1371.   <TR vAlign=3Dcenter align=3Dleft>
  1372.     <TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
  1373.       color=3D#005263><B><I>Growth</I></B></FONT></TD></TR>
  1374.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1375.     <TD align=3Dleft><A=20
  1376.       =
  1377. href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
  1378. d=20
  1379.       Driehaus</A></TD>
  1380.     <TD>=9631.7</TD>
  1381.     <TD>=968.3</TD>
  1382.     <TD>107.4</TD>
  1383.     <TD>0</TD>
  1384.     <TD>29.7</TD>
  1385.     <TD>15.3</TD>
  1386.     <TD>51.3</TD>
  1387.     <TD>=9625.7</TD>
  1388.     <TD>10</TD>
  1389.     <TD>30%</TD></TR>
  1390.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1391.     <TD align=3Dleft><A=20
  1392.       =
  1393. href=3D"http://aaii.com/stkscrns/archive/naic/20000110.shtml">Inve$tWare =
  1394.  
  1395.       Quality Growth II</A></TD>
  1396.     <TD>5.3</TD>
  1397.     <TD>18.5</TD>
  1398.     <TD>=963.0</TD>
  1399.     <TD>14.5</TD>
  1400.     <TD>38.7</TD>
  1401.     <TD>6.7</TD>
  1402.     <TD>18.2</TD>
  1403.     <TD>=9622.0</TD>
  1404.     <TD>35</TD>
  1405.     <TD>89%</TD></TR>
  1406.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1407.     <TD align=3Dleft><A=20
  1408.       =
  1409. href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
  1410.  
  1411.       O=92Neil=92s CANSLIM</A></TD>
  1412.     <TD>53.5</TD>
  1413.     <TD>38</TD>
  1414.     <TD>36.6</TD>
  1415.     <TD>28.2</TD>
  1416.     <TD>271</TD>
  1417.     <TD>8.3</TD>
  1418.     <TD>23.6</TD>
  1419.     <TD>=9623.1</TD>
  1420.     <TD>11</TD>
  1421.     <TD>45%</TD></TR>
  1422.   <TR vAlign=3Dcenter align=3Dleft>
  1423.     <TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
  1424.       color=3D#005263><B><I>Sector/Specialty</I></B></FONT></TD></TR>
  1425.   <TR vAlign=3Dcenter align=3Dmiddle>
  1426.     <TD align=3Dleft><A=20
  1427.       =
  1428. href=3D"http://aaii.com/stkscrns/archive/adr/19990907.shtml">ADRs</A></TD=
  1429. >
  1430.     <TD>=967.1</TD>
  1431.     <TD>9.9</TD>
  1432.     <TD>4</TD>
  1433.     <TD>2.3</TD>
  1434.     <TD>8.6</TD>
  1435.     <TD>7.5</TD>
  1436.     <TD>31.1</TD>
  1437.     <TD>=9617.7</TD>
  1438.     <TD>15</TD>
  1439.     <TD>58%</TD></TR>
  1440.   <TR vAlign=3Dcenter align=3Dmiddle>
  1441.     <TD align=3Dleft><A=20
  1442.       =
  1443. href=3D"http://aaii.com/stkscrns/archive/DRP/20010604.shtml">DRPs</A></TD=
  1444. >
  1445.     <TD>27.2</TD>
  1446.     <TD>13.1</TD>
  1447.     <TD>4.4</TD>
  1448.     <TD>=964.3</TD>
  1449.     <TD>43.7</TD>
  1450.     <TD>6.2</TD>
  1451.     <TD>18.4</TD>
  1452.     <TD>=9613.6</TD>
  1453.     <TD>29</TD>
  1454.     <TD>76%</TD></TR>
  1455.   <TR vAlign=3Dcenter align=3Dmiddle>
  1456.     <TD align=3Dleft><A=20
  1457.       =
  1458. href=3D"http://aaii.com/stkscrns/archive/dualcash1/20001204.shtml">Dual =
  1459. Cash=20
  1460.       Flow</A></TD>
  1461.     <TD>19.9</TD>
  1462.     <TD>5.7</TD>
  1463.     <TD>114.3</TD>
  1464.     <TD>0.9</TD>
  1465.     <TD>174</TD>
  1466.     <TD>8.8</TD>
  1467.     <TD>34.7</TD>
  1468.     <TD>=9616.2</TD>
  1469.     <TD>39</TD>
  1470.     <TD>68%</TD></TR>
  1471.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1472.     <TD align=3Dleft><A=20
  1473.       =
  1474. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  1475. Rev=20
  1476.       Down</A></TD>
  1477.     <TD>20.8</TD>
  1478.     <TD>=967.1</TD>
  1479.     <TD>21.9</TD>
  1480.     <TD>=9615.0</TD>
  1481.     <TD>16.2</TD>
  1482.     <TD>8.2</TD>
  1483.     <TD>17.6</TD>
  1484.     <TD>=9623.3</TD>
  1485.     <TD>221</TD>
  1486.     <TD>23%</TD></TR>
  1487.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1488.     <TD align=3Dleft><A=20
  1489.       =
  1490. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  1491. Rev=20
  1492.       Down 5%</A></TD>
  1493.     <TD>21.2</TD>
  1494.     <TD>=964.2</TD>
  1495.     <TD>27.8</TD>
  1496.     <TD>=963.9</TD>
  1497.     <TD>42.6</TD>
  1498.     <TD>9.4</TD>
  1499.     <TD>23.6</TD>
  1500.     <TD>=9623.2</TD>
  1501.     <TD>70</TD>
  1502.     <TD>11%</TD></TR>
  1503.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1504.     <TD align=3Dleft><A=20
  1505.       =
  1506. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  1507. Rev=20
  1508.       Up</A></TD>
  1509.     <TD>=965.8</TD>
  1510.     <TD>2.2</TD>
  1511.     <TD>38.2</TD>
  1512.     <TD>29.9</TD>
  1513.     <TD>72.8</TD>
  1514.     <TD>7.4</TD>
  1515.     <TD>12.2</TD>
  1516.     <TD>=9618.6</TD>
  1517.     <TD>155</TD>
  1518.     <TD>18%</TD></TR>
  1519.   <TR vAlign=3Dcenter align=3Dmiddle>
  1520.     <TD align=3Dleft><A=20
  1521.       =
  1522. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  1523. Rev Up=20
  1524.       5%</A></TD>
  1525.     <TD>=9613.1</TD>
  1526.     <TD>3.6</TD>
  1527.     <TD>107.1</TD>
  1528.     <TD>43.3</TD>
  1529.     <TD>167</TD>
  1530.     <TD>11.1</TD>
  1531.     <TD>30.8</TD>
  1532.     <TD>=9621.7</TD>
  1533.     <TD>38</TD>
  1534.     <TD>8%</TD></TR>
  1535.   <TR vAlign=3Dcenter align=3Dmiddle>
  1536.     <TD align=3Dleft><A=20
  1537.       =
  1538. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  1539. Defensive=20
  1540.       Investor (Utility)</A></TD>
  1541.     <TD>0.8</TD>
  1542.     <TD>51.4</TD>
  1543.     <TD>=968.4</TD>
  1544.     <TD>14.6</TD>
  1545.     <TD>60.2</TD>
  1546.     <TD>4.7</TD>
  1547.     <TD>12</TD>
  1548.     <TD>=967.3</TD>
  1549.     <TD>18</TD>
  1550.     <TD>83%</TD></TR>
  1551.   <TR vAlign=3Dcenter align=3Dmiddle>
  1552.     <TD align=3Dleft><A=20
  1553.       =
  1554. href=3D"http://aaii.com/stkscrns/archive/insiders1/20000905.shtml">Inside=
  1555. r=20
  1556.       Net Purchases</A></TD>
  1557.     <TD>16.4</TD>
  1558.     <TD>=9638.3</TD>
  1559.     <TD>7.5</TD>
  1560.     <TD>0</TD>
  1561.     <TD>=9622.7</TD>
  1562.     <TD>10.7</TD>
  1563.     <TD>26.7</TD>
  1564.     <TD>=9619.0</TD>
  1565.     <TD>25</TD>
  1566.     <TD>65%</TD></TR>
  1567.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1568.     <TD align=3Dleft><A=20
  1569.       =
  1570. href=3D"http://aaii.com/stkscrns/archive/Murphy/19980803.shtml">Michael=20
  1571.       Murphy Technology</A></TD>
  1572.     <TD>24.6</TD>
  1573.     <TD>=9652.1</TD>
  1574.     <TD>139.7</TD>
  1575.     <TD>29.7</TD>
  1576.     <TD>85.5</TD>
  1577.     <TD>15</TD>
  1578.     <TD>44.7</TD>
  1579.     <TD>=9627.8</TD>
  1580.     <TD>19</TD>
  1581.     <TD>78%</TD></TR>
  1582.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1583.     <TD align=3Dleft><A=20
  1584.       =
  1585. href=3D"http://aaii.com/stkscrns/archive/ROE/20010314.shtml">Strong=20
  1586.     ROE</A></TD>
  1587.     <TD>12.2</TD>
  1588.     <TD>31.4</TD>
  1589.     <TD>1</TD>
  1590.     <TD>18.8</TD>
  1591.     <TD>76.9</TD>
  1592.     <TD>6.8</TD>
  1593.     <TD>13</TD>
  1594.     <TD>=9622.2</TD>
  1595.     <TD>34</TD>
  1596.     <TD>82%</TD></TR>
  1597.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1598.     <TD align=3Dleft><A=20
  1599.       =
  1600. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short %=20
  1601.       Outstanding</A></TD>
  1602.     <TD>4</TD>
  1603.     <TD>=9631.7</TD>
  1604.     <TD>=9626.9</TD>
  1605.     <TD>0</TD>
  1606.     <TD>=9648.0</TD>
  1607.     <TD>13.9</TD>
  1608.     <TD>33.3</TD>
  1609.     <TD>=9624.1</TD>
  1610.     <TD>25</TD>
  1611.     <TD>82%</TD></TR>
  1612.   <TR vAlign=3Dcenter align=3Dmiddle>
  1613.     <TD align=3Dleft><A=20
  1614.       =
  1615. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
  1616.       Interest Change</A></TD>
  1617.     <TD>5.4</TD>
  1618.     <TD>=9651.8</TD>
  1619.     <TD>111.1</TD>
  1620.     <TD>0</TD>
  1621.     <TD>7.2</TD>
  1622.     <TD>14.7</TD>
  1623.     <TD>34.1</TD>
  1624.     <TD>=9627.4</TD>
  1625.     <TD>25</TD>
  1626.     <TD>24%</TD></TR>
  1627.   <TR vAlign=3Dcenter align=3Dmiddle>
  1628.     <TD align=3Dleft><A=20
  1629.       =
  1630. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
  1631.       Ratio</A></TD>
  1632.     <TD>14</TD>
  1633.     <TD>=9640.9</TD>
  1634.     <TD>2.2</TD>
  1635.     <TD>0</TD>
  1636.     <TD>=9631.1</TD>
  1637.     <TD>10</TD>
  1638.     <TD>37.8</TD>
  1639.     <TD>=9624.5</TD>
  1640.     <TD>25</TD>
  1641.     <TD>53%</TD></TR>
  1642.   <TR vAlign=3Dcenter align=3Dmiddle>
  1643.     <TD align=3Dleft><A=20
  1644.       =
  1645. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  1646.       Stocks</A></TD>
  1647.     <TD>25.2</TD>
  1648.     <TD>=9610.5</TD>
  1649.     <TD>16.8</TD>
  1650.     <TD>=964.3</TD>
  1651.     <TD>25.1</TD>
  1652.     <TD>6.4</TD>
  1653.     <TD>22.2</TD>
  1654.     <TD>=9617.4</TD>
  1655.     <TD>nmf</TD>
  1656.     <TD>nmf</TD></TR>
  1657.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1658.     <TD align=3Dleft><A=20
  1659.       =
  1660. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  1661.       Stocks=97Growth Screen</A></TD>
  1662.     <TD>68.5</TD>
  1663.     <TD>=966.2</TD>
  1664.     <TD>0.7</TD>
  1665.     <TD>=968.8</TD>
  1666.     <TD>45.2</TD>
  1667.     <TD>6.9</TD>
  1668.     <TD>18.6</TD>
  1669.     <TD>=9618.3</TD>
  1670.     <TD>10</TD>
  1671.     <TD>56%</TD></TR>
  1672.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1673.     <TD align=3Dleft><A=20
  1674.       =
  1675. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  1676.       Stocks=97Value Screen</A></TD>
  1677.     <TD>5.8</TD>
  1678.     <TD>=9613.5</TD>
  1679.     <TD>4.8</TD>
  1680.     <TD>=9611.9</TD>
  1681.     <TD>=9615.5</TD>
  1682.     <TD>6.9</TD>
  1683.     <TD>23.4</TD>
  1684.     <TD>=9617.8</TD>
  1685.     <TD>16</TD>
  1686.     <TD>77%</TD></TR>
  1687.   <TR vAlign=3Dcenter align=3Dleft>
  1688.     <TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
  1689.       color=3D#005263><B><I>Indexes</I></B></FONT></TD></TR>
  1690.   <TR vAlign=3Dcenter align=3Dmiddle>
  1691.     <TD align=3Dleft>DJ 30</TD>
  1692.     <TD>=969.0</TD>
  1693.     <TD>=966.2</TD>
  1694.     <TD>25.2</TD>
  1695.     <TD>16.1</TD>
  1696.     <TD>24.1</TD>
  1697.     <TD>5.3</TD>
  1698.     <TD>10.2</TD>
  1699.     <TD>=9615.1</TD>
  1700.     <TD> </TD>
  1701.     <TD> </TD></TR>
  1702.   <TR vAlign=3Dcenter align=3Dmiddle>
  1703.     <TD align=3Dleft>S&P 500</TD>
  1704.     <TD>=9614.9</TD>
  1705.     <TD>=9610.1</TD>
  1706.     <TD>19.5</TD>
  1707.     <TD>26.7</TD>
  1708.     <TD>15.7</TD>
  1709.     <TD>5.3</TD>
  1710.     <TD>9.7</TD>
  1711.     <TD>=9614.6</TD>
  1712.     <TD> </TD>
  1713.     <TD> </TD></TR>
  1714.   <TR vAlign=3Dcenter align=3Dmiddle>
  1715.     <TD align=3Dleft>S&P/Barra 500 Growth (incl. dividends)</TD>
  1716.     <TD>=9612.9**</TD>
  1717.     <TD>=9622.1</TD>
  1718.     <TD>28.3</TD>
  1719.     <TD>42.1</TD>
  1720.     <TD>23.8</TD>
  1721.     <TD>6.3</TD>
  1722.     <TD>9.2</TD>
  1723.     <TD>=9613.0</TD>
  1724.     <TD> </TD>
  1725.     <TD> </TD></TR>
  1726.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1727.     <TD align=3Dleft>S&P/Barra 500 Value (incl. divs.)</TD>
  1728.     <TD>=9613.0**</TD>
  1729.     <TD>6.1</TD>
  1730.     <TD>12.7</TD>
  1731.     <TD>14.7</TD>
  1732.     <TD>19.3</TD>
  1733.     <TD>5.2</TD>
  1734.     <TD>10.4</TD>
  1735.     <TD>=9616.1</TD>
  1736.     <TD> </TD>
  1737.     <TD> </TD></TR>
  1738.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1739.     <TD align=3Dleft>S&P MidCap 400</TD>
  1740.     <TD>=964.8</TD>
  1741.     <TD>16.2</TD>
  1742.     <TD>13.3</TD>
  1743.     <TD>17.7</TD>
  1744.     <TD>47.5</TD>
  1745.     <TD>6.3</TD>
  1746.     <TD>12.0</TD>
  1747.     <TD>=9618.7</TD>
  1748.     <TD> </TD>
  1749.     <TD> </TD></TR>
  1750.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1751.     <TD align=3Dleft>S&P SmallCap 600</TD>
  1752.     <TD>1.4</TD>
  1753.     <TD>11.0</TD>
  1754.     <TD>11.5</TD>
  1755.     <TD>=962.1</TD>
  1756.     <TD>22.9</TD>
  1757.     <TD>6.4</TD>
  1758.     <TD>13.3</TD>
  1759.     <TD>=9619.4</TD>
  1760.     <TD> </TD>
  1761.     <TD> </TD></TR>
  1762.   <TR vAlign=3Dcenter align=3Dmiddle>
  1763.     <TD align=3Dleft>Nasdaq 100</TD>
  1764.     <TD>=9631.4</TD>
  1765.     <TD>=9636.8</TD>
  1766.     <TD>102.0</TD>
  1767.     <TD>85.5</TD>
  1768.     <TD>62.2</TD>
  1769.     <TD>13.0</TD>
  1770.     <TD>25.0</TD>
  1771.     <TD>=9627.5</TD>
  1772.     <TD> </TD>
  1773.     <TD> </TD></TR>
  1774.   <TR vAlign=3Dcenter align=3Dleft>
  1775.     <TD bgColor=3D#c7cdc8 colSpan=3D11><I>Unless otherwise stated, =
  1776. figures do not=20
  1777.       include dividends or transactions costs.<BR>*Through=20
  1778.       12/14/2001<BR>**Through 11/30/2001</I></TD></TR></TBODY></TABLE>
  1779. <DIV> </DIV>
  1780. <DIV>
  1781. <TABLE cellSpacing=3D0 cellPadding=3D4 border=3D1>
  1782.   <TBODY>
  1783.   <TR vAlign=3Dcenter align=3Dmiddle>
  1784.     <TD bgColor=3D#005263 colSpan=3D7><FONT color=3D#ffffff><B>Table 2. =
  1785. Portfolio=20
  1786.       Characteristics of Stock Screens</B></FONT></TD></TR>
  1787.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
  1788.     <TD vAlign=3Dbottom align=3Dleft><FONT=20
  1789.       color=3D#005263><B>Strategy<BR><I>Value</I> </B></FONT></TD>
  1790.     <TD><FONT color=3D#005263><B>P/E Ratio (X)</B></FONT></TD>
  1791.     <TD><FONT color=3D#005263><B>P/E to EPS Est. Growth =
  1792. (X)</B></FONT></TD>
  1793.     <TD><FONT color=3D#005263><B>Hist. EPS Growth (%)</B></FONT></TD>
  1794.     <TD><FONT color=3D#005263><B>Estimated Long-Term EPS Growth=20
  1795. (%)</B></FONT></TD>
  1796.     <TD><FONT color=3D#005263><B>Market Cap. ($ Million)</B></FONT></TD>
  1797.     <TD><FONT color=3D#005263><B>52-Week Relative Strength =
  1798. (%)</B></FONT></TD></TR>
  1799.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1800.     <TD align=3Dleft><A=20
  1801.       =
  1802. href=3D"http://aaii.com/stkscrns/archive/cashrich1/20000306.shtml">Cash=20
  1803.       Rich</A></TD>
  1804.     <TD>17.9</TD>
  1805.     <TD>1.3</TD>
  1806.     <TD>19.9</TD>
  1807.     <TD>20.0</TD>
  1808.     <TD>280.3</TD>
  1809.     <TD>10.0</TD></TR>
  1810.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1811.     <TD align=3Dleft><A=20
  1812.       =
  1813. href=3D"http://aaii.com/stkscrns/archive/Dreman/19980406.shtml">David=20
  1814.       Dreman</A></TD>
  1815.     <TD>11.6</TD>
  1816.     <TD>1.3</TD>
  1817.     <TD>8.7</TD>
  1818.     <TD>9.4</TD>
  1819.     <TD>2131.3</TD>
  1820.     <TD>15.0</TD></TR>
  1821.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1822.     <TD align=3Dleft><A=20
  1823.       =
  1824. href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David=20
  1825.       Dreman with Est Revisons</A></TD>
  1826.     <TD>10.6</TD>
  1827.     <TD>0.7</TD>
  1828.     <TD>15.3</TD>
  1829.     <TD>13.9</TD>
  1830.     <TD>3200.9</TD>
  1831.     <TD>22.0</TD></TR>
  1832.   <TR vAlign=3Dcenter align=3Dmiddle>
  1833.     <TD align=3Dleft><A=20
  1834.       href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
  1835. of the=20
  1836.       Dow</A></TD>
  1837.     <TD>18.6</TD>
  1838.     <TD>1.9</TD>
  1839.     <TD>4.7</TD>
  1840.     <TD>9.3</TD>
  1841.     <TD>36532.0</TD>
  1842.     <TD>14.0</TD></TR>
  1843.   <TR vAlign=3Dcenter align=3Dmiddle>
  1844.     <TD align=3Dleft><A=20
  1845.       href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
  1846. of the Dow=20
  1847.       (Low Priced 5)</A></TD>
  1848.     <TD>18.6</TD>
  1849.     <TD>1.6</TD>
  1850.     <TD>11.1</TD>
  1851.     <TD>9.8</TD>
  1852.     <TD>74421.2</TD>
  1853.     <TD>=9616.0</TD></TR>
  1854.   <TR vAlign=3Dcenter align=3Dmiddle>
  1855.     <TD align=3Dleft><A=20
  1856.       =
  1857. href=3D"http://aaii.com/stkscrns/archive/cashflow1/19991101.shtml">Low=20
  1858.       Price-to-Free-Cash-Flow</A></TD>
  1859.     <TD>9.6</TD>
  1860.     <TD>0.9</TD>
  1861.     <TD>5.3</TD>
  1862.     <TD>12.5</TD>
  1863.     <TD>231.5</TD>
  1864.     <TD>23.5</TD></TR>
  1865.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1866.     <TD align=3Dleft><A=20
  1867.       =
  1868. href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
  1869. mental=20
  1870.       Rule of Thumb</A></TD>
  1871.     <TD>3.8</TD>
  1872.     <TD>0.6</TD>
  1873.     <TD>32.3</TD>
  1874.     <TD>18.3</TD>
  1875.     <TD>62.3</TD>
  1876.     <TD>14.0</TD></TR>
  1877.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1878.     <TD align=3Dleft><A=20
  1879.       =
  1880. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  1881. Defensive=20
  1882.       Investor (Non-Utility)</A></TD>
  1883.     <TD>13.2</TD>
  1884.     <TD>1.1</TD>
  1885.     <TD>14.2</TD>
  1886.     <TD>14.0</TD>
  1887.     <TD>409.1</TD>
  1888.     <TD>35.0</TD></TR>
  1889.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1890.     <TD align=3Dleft><A=20
  1891.       =
  1892. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  1893. Enterpising=20
  1894.       Investor</A></TD>
  1895.     <TD>5.4</TD>
  1896.     <TD>na</TD>
  1897.     <TD>16.4</TD>
  1898.     <TD>na</TD>
  1899.     <TD>39.0</TD>
  1900.     <TD>32.5</TD></TR>
  1901.   <TR vAlign=3Dcenter align=3Dmiddle>
  1902.     <TD align=3Dleft><A=20
  1903.       =
  1904. href=3D"http://aaii.com/stkscrns/archive/lakonishok/20010406.shtml">Josef=
  1905. =20
  1906.       Lakonishok</A></TD>
  1907.     <TD>30.1</TD>
  1908.     <TD>1.5</TD>
  1909.     <TD>14.8</TD>
  1910.     <TD>11.1</TD>
  1911.     <TD>2664.5</TD>
  1912.     <TD>3.0</TD></TR>
  1913.   <TR vAlign=3Dcenter align=3Dmiddle>
  1914.     <TD align=3Dleft><A=20
  1915.       href=3D"http://aaii.com/stkscrns/archive/neff/20000807.shtml">John =
  1916.  
  1917.     Neff</A></TD>
  1918.     <TD>7.8</TD>
  1919.     <TD>0.6</TD>
  1920.     <TD>17.6</TD>
  1921.     <TD>14.0</TD>
  1922.     <TD>796.3</TD>
  1923.     <TD>5.0</TD></TR>
  1924.   <TR vAlign=3Dcenter align=3Dmiddle>
  1925.     <TD align=3Dleft><A=20
  1926.       =
  1927. href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
  1928. nessy=97Value</A></TD>
  1929.     <TD>16.8</TD>
  1930.     <TD>1.6</TD>
  1931.     <TD>7.6</TD>
  1932.     <TD>9.4</TD>
  1933.     <TD>9243.1</TD>
  1934.     <TD>17.0</TD></TR>
  1935.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1936.     <TD align=3Dleft><A=20
  1937.       =
  1938. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
  1939. =20
  1940.       Piotroski</A></TD>
  1941.     <TD>8.2</TD>
  1942.     <TD>0.7</TD>
  1943.     <TD>2.1</TD>
  1944.     <TD>15.8</TD>
  1945.     <TD>101.0</TD>
  1946.     <TD>5.0</TD></TR>
  1947.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1948.     <TD align=3Dleft><A=20
  1949.       =
  1950. href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
  1951.       Price/Book</A></TD>
  1952.     <TD>10.1</TD>
  1953.     <TD>0.8</TD>
  1954.     <TD>=9616.9</TD>
  1955.     <TD>15.5</TD>
  1956.     <TD>22.4</TD>
  1957.     <TD>=9629.0</TD></TR>
  1958.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  1959.     <TD align=3Dleft><A=20
  1960.       =
  1961. href=3D"http://aaii.com/stkscrns/archive/relatives1/20001002.shtml">P/E=20
  1962.       Relative</A></TD>
  1963.     <TD>13.2</TD>
  1964.     <TD>1.0</TD>
  1965.     <TD>13.6</TD>
  1966.     <TD>12.5</TD>
  1967.     <TD>2555.3</TD>
  1968.     <TD>26.5</TD></TR>
  1969.   <TR vAlign=3Dcenter align=3Dmiddle>
  1970.     <TD align=3Dleft><A=20
  1971.       =
  1972. href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
  1973.  
  1974.       Weiss Blue Chip Div. Yield*</A></TD>
  1975.     <TD>12.8</TD>
  1976.     <TD>1.3</TD>
  1977.     <TD>22.9</TD>
  1978.     <TD>10.0</TD>
  1979.     <TD>355.8</TD>
  1980.     <TD>64.0</TD></TR>
  1981.   <TR vAlign=3Dcenter align=3Dleft>
  1982.     <TD bgColor=3D#c7cdc8 colSpan=3D7><FONT color=3D#005263><B><I>Growth =
  1983. &=20
  1984.       Value</I></B></FONT></TD></TR>
  1985.   <TR vAlign=3Dcenter align=3Dmiddle>
  1986.     <TD align=3Dleft><A=20
  1987.       =
  1988. href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
  1989. ogy=97EPS=20
  1990.       Growth</A></TD>
  1991.     <TD>18.6</TD>
  1992.     <TD>1.4</TD>
  1993.     <TD>30.2</TD>
  1994.     <TD>17.1</TD>
  1995.     <TD>2072.5</TD>
  1996.     <TD>30.0</TD></TR>
  1997.   <TR vAlign=3Dcenter align=3Dmiddle>
  1998.     <TD align=3Dleft><A=20
  1999.       =
  2000. href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
  2001. ogy=97Sustainable=20
  2002.       Growth</A></TD>
  2003.     <TD>15.1</TD>
  2004.     <TD>1.2</TD>
  2005.     <TD>30.5</TD>
  2006.     <TD>17.1</TD>
  2007.     <TD>1447.7</TD>
  2008.     <TD>14.0</TD></TR>
  2009.   <TR vAlign=3Dcenter align=3Dmiddle>
  2010.     <TD align=3Dleft><A=20
  2011.       =
  2012. href=3D"http://aaii.com/stkscrns/archive/fisher/19981005.shtml">Philip=20
  2013.       Fisher</A></TD>
  2014.     <TD>8.8</TD>
  2015.     <TD>0.5</TD>
  2016.     <TD>36.2</TD>
  2017.     <TD>20.0</TD>
  2018.     <TD>129.0</TD>
  2019.     <TD>5.0</TD></TR>
  2020.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2021.     <TD align=3Dleft><A=20
  2022.       =
  2023. href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter=20
  2024.       Lynch</A></TD>
  2025.     <TD>7.1</TD>
  2026.     <TD>0.7</TD>
  2027.     <TD>30.6</TD>
  2028.     <TD>15.3</TD>
  2029.     <TD>36.6</TD>
  2030.     <TD>15.5</TD></TR>
  2031.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2032.     <TD align=3Dleft><A=20
  2033.       =
  2034. href=3D"http://aaii.com/stkscrns/archive/oberweis/20011203.shtml">Oberwei=
  2035. s=20
  2036.       Octagon</A></TD>
  2037.     <TD>14.7</TD>
  2038.     <TD>0.8</TD>
  2039.     <TD>19.9</TD>
  2040.     <TD>19.7</TD>
  2041.     <TD>204.9</TD>
  2042.     <TD>91.0</TD></TR>
  2043.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2044.     <TD align=3Dleft><A=20
  2045.       =
  2046. href=3D"http://aaii.com/stkscrns/archive/OShau/19990601.shtml">O=92Shaugh=
  2047. nessy=97Growth</A></TD>
  2048.     <TD>19.1</TD>
  2049.     <TD>1.1</TD>
  2050.     <TD>1.9</TD>
  2051.     <TD>17.0</TD>
  2052.     <TD>313.7</TD>
  2053.     <TD>269.0</TD></TR>
  2054.   <TR vAlign=3Dcenter align=3Dmiddle>
  2055.     <TD align=3Dleft><A=20
  2056.       =
  2057. href=3D"http://aaii.com/stkscrns/archive/pricetosales/20010702.shtml">Low=
  2058. =20
  2059.       Price-to-Sales</A></TD>
  2060.     <TD>15.0</TD>
  2061.     <TD>1.4</TD>
  2062.     <TD>=963.3</TD>
  2063.     <TD>14.5</TD>
  2064.     <TD>185.0</TD>
  2065.     <TD>39.5</TD></TR>
  2066.   <TR vAlign=3Dcenter align=3Dmiddle>
  2067.     <TD align=3Dleft><A=20
  2068.       =
  2069. href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock=20
  2070.       Market Winners</A></TD>
  2071.     <TD>12.8</TD>
  2072.     <TD>1.0</TD>
  2073.     <TD>18.4</TD>
  2074.     <TD>11.0</TD>
  2075.     <TD>62.8</TD>
  2076.     <TD>73.0</TD></TR>
  2077.   <TR vAlign=3Dcenter align=3Dmiddle>
  2078.     <TD align=3Dleft><A=20
  2079.       =
  2080. href=3D"http://aaii.com/stkscrns/archive/troweprice/19981204.shtml">T. =
  2081. Rowe=20
  2082.       Price</A></TD>
  2083.     <TD>9.2</TD>
  2084.     <TD>0.6</TD>
  2085.     <TD>39.8</TD>
  2086.     <TD>15.1</TD>
  2087.     <TD>685.5</TD>
  2088.     <TD>54.0</TD></TR>
  2089.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2090.     <TD align=3Dleft><A=20
  2091.       =
  2092. href=3D"http://aaii.com/stkscrns/archive/templeton/20010507.shtml">John=20
  2093.       Templeton</A></TD>
  2094.     <TD>10.5</TD>
  2095.     <TD>0.8</TD>
  2096.     <TD>24.3</TD>
  2097.     <TD>14.6</TD>
  2098.     <TD>1853.7</TD>
  2099.     <TD>18.5</TD></TR>
  2100.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2101.     <TD align=3Dleft><A=20
  2102.       =
  2103. href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
  2104. the=20
  2105.       Move (PEG With Est Growth)</A></TD>
  2106.     <TD>13.0</TD>
  2107.     <TD>0.8</TD>
  2108.     <TD>28.2</TD>
  2109.     <TD>16.0</TD>
  2110.     <TD>419.2</TD>
  2111.     <TD>86.0</TD></TR>
  2112.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2113.     <TD align=3Dleft><A=20
  2114.       =
  2115. href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
  2116. the=20
  2117.       Move (PEG With Hist Growth)</A></TD>
  2118.     <TD>12.7</TD>
  2119.     <TD>1.0</TD>
  2120.     <TD>21.6</TD>
  2121.     <TD>15.4</TD>
  2122.     <TD>141.9</TD>
  2123.     <TD>71.5</TD></TR>
  2124.   <TR vAlign=3Dcenter align=3Dmiddle>
  2125.     <TD align=3Dleft><A=20
  2126.       =
  2127. href=3D"http://aaii.com/stkscrns/archive/wanger2/20011105.shtml">Ralph=20
  2128.       Wanger</A></TD>
  2129.     <TD>19.6</TD>
  2130.     <TD>1.1</TD>
  2131.     <TD>38.3</TD>
  2132.     <TD>22.3</TD>
  2133.     <TD>332.0</TD>
  2134.     <TD>65.0</TD></TR>
  2135.   <TR vAlign=3Dcenter align=3Dmiddle>
  2136.     <TD align=3Dleft><A=20
  2137.       =
  2138. href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin=20
  2139.       Zweig</A></TD>
  2140.     <TD>18.1</TD>
  2141.     <TD>0.8</TD>
  2142.     <TD>18.9</TD>
  2143.     <TD>16.0</TD>
  2144.     <TD>1364.8</TD>
  2145.     <TD>113.5</TD></TR>
  2146.   <TR vAlign=3Dcenter align=3Dleft>
  2147.     <TD bgColor=3D#c7cdc8 colSpan=3D7><FONT=20
  2148.       color=3D#005263><B><I>Growth</I></B></FONT></TD></TR>
  2149.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2150.     <TD align=3Dleft><A=20
  2151.       =
  2152. href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
  2153. d=20
  2154.       Driehaus</A></TD>
  2155.     <TD>53.1</TD>
  2156.     <TD>1.4</TD>
  2157.     <TD>=9620.0</TD>
  2158.     <TD>32.9</TD>
  2159.     <TD>541.8</TD>
  2160.     <TD>6.0</TD></TR>
  2161.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2162.     <TD align=3Dleft><A=20
  2163.       =
  2164. href=3D"http://aaii.com/stkscrns/archive/naic/20000110.shtml">Inve$tWare =
  2165.  
  2166.       Quality Growth II</A></TD>
  2167.     <TD>34.3</TD>
  2168.     <TD>1.5</TD>
  2169.     <TD>28.6</TD>
  2170.     <TD>22.5</TD>
  2171.     <TD>2901.2</TD>
  2172.     <TD>42.0</TD></TR>
  2173.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2174.     <TD align=3Dleft><A=20
  2175.       =
  2176. href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
  2177.  
  2178.       O=92Neil=92s CANSLIM</A></TD>
  2179.     <TD>11.6</TD>
  2180.     <TD>1.1</TD>
  2181.     <TD>36.7</TD>
  2182.     <TD>19.7</TD>
  2183.     <TD>305.2</TD>
  2184.     <TD>99.0</TD></TR>
  2185.   <TR vAlign=3Dcenter align=3Dleft>
  2186.     <TD bgColor=3D#c7cdc8 colSpan=3D7><FONT=20
  2187.       color=3D#005263><B><I>Sector/Specialty</I></B></FONT></TD></TR>
  2188.   <TR vAlign=3Dcenter align=3Dmiddle>
  2189.     <TD align=3Dleft><A=20
  2190.       =
  2191. href=3D"http://aaii.com/stkscrns/archive/adr/19990907.shtml">ADRs</A></TD=
  2192. >
  2193.     <TD>15.4</TD>
  2194.     <TD>1.7</TD>
  2195.     <TD>31.2</TD>
  2196.     <TD>12.5</TD>
  2197.     <TD>6472.1</TD>
  2198.     <TD>=964.0</TD></TR>
  2199.   <TR vAlign=3Dcenter align=3Dmiddle>
  2200.     <TD align=3Dleft><A=20
  2201.       =
  2202. href=3D"http://aaii.com/stkscrns/archive/DRP/20010604.shtml">DRPs</A></TD=
  2203. >
  2204.     <TD>18.8</TD>
  2205.     <TD>1.6</TD>
  2206.     <TD>15.0</TD>
  2207.     <TD>11.5</TD>
  2208.     <TD>2606.0</TD>
  2209.     <TD>11.0</TD></TR>
  2210.   <TR vAlign=3Dcenter align=3Dmiddle>
  2211.     <TD align=3Dleft><A=20
  2212.       =
  2213. href=3D"http://aaii.com/stkscrns/archive/dualcash1/20001204.shtml">Dual =
  2214. Cash=20
  2215.       Flow</A></TD>
  2216.     <TD>17.2</TD>
  2217.     <TD>1.3</TD>
  2218.     <TD>2.3</TD>
  2219.     <TD>16.4</TD>
  2220.     <TD>130.8</TD>
  2221.     <TD>37.0</TD></TR>
  2222.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2223.     <TD align=3Dleft><A=20
  2224.       =
  2225. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  2226. Rev=20
  2227.       Down</A></TD>
  2228.     <TD>18.3</TD>
  2229.     <TD>1.4</TD>
  2230.     <TD>11.4</TD>
  2231.     <TD>14.3</TD>
  2232.     <TD>1435.2</TD>
  2233.     <TD>8.0</TD></TR>
  2234.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2235.     <TD align=3Dleft><A=20
  2236.       =
  2237. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  2238. Rev=20
  2239.       Down 5%</A></TD>
  2240.     <TD>21.1</TD>
  2241.     <TD>1.3</TD>
  2242.     <TD>5.8</TD>
  2243.     <TD>16.7</TD>
  2244.     <TD>785.1</TD>
  2245.     <TD>=967.0</TD></TR>
  2246.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2247.     <TD align=3Dleft><A=20
  2248.       =
  2249. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  2250. Rev=20
  2251.       Up</A></TD>
  2252.     <TD>23.4</TD>
  2253.     <TD>1.4</TD>
  2254.     <TD>12.4</TD>
  2255.     <TD>16.5</TD>
  2256.     <TD>1426.7</TD>
  2257.     <TD>41.5</TD></TR>
  2258.   <TR vAlign=3Dcenter align=3Dmiddle>
  2259.     <TD align=3Dleft><A=20
  2260.       =
  2261. href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
  2262. Rev Up=20
  2263.       5%</A></TD>
  2264.     <TD>22.6</TD>
  2265.     <TD>1.9</TD>
  2266.     <TD>5.2</TD>
  2267.     <TD>17.4</TD>
  2268.     <TD>1346.3</TD>
  2269.     <TD>86.0</TD></TR>
  2270.   <TR vAlign=3Dcenter align=3Dmiddle>
  2271.     <TD align=3Dleft><A=20
  2272.       =
  2273. href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
  2274. Defensive=20
  2275.       Investor (Utility)</A></TD>
  2276.     <TD>12.0</TD>
  2277.     <TD>1.7</TD>
  2278.     <TD>5.8</TD>
  2279.     <TD>6.8</TD>
  2280.     <TD>2122.0</TD>
  2281.     <TD>5.0</TD></TR>
  2282.   <TR vAlign=3Dcenter align=3Dmiddle>
  2283.     <TD align=3Dleft><A=20
  2284.       =
  2285. href=3D"http://aaii.com/stkscrns/archive/insiders1/20000905.shtml">Inside=
  2286. r=20
  2287.       Net Purchases</A></TD>
  2288.     <TD>14.7</TD>
  2289.     <TD>0.8</TD>
  2290.     <TD>=968.0</TD>
  2291.     <TD>21.0</TD>
  2292.     <TD>156.7</TD>
  2293.     <TD>8.0</TD></TR>
  2294.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2295.     <TD align=3Dleft><A=20
  2296.       =
  2297. href=3D"http://aaii.com/stkscrns/archive/Murphy/19980803.shtml">Michael=20
  2298.       Murphy Technology</A></TD>
  2299.     <TD>10.2</TD>
  2300.     <TD>2.4</TD>
  2301.     <TD>32.2</TD>
  2302.     <TD>24.3</TD>
  2303.     <TD>281.0</TD>
  2304.     <TD>=9637.0</TD></TR>
  2305.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2306.     <TD align=3Dleft><A=20
  2307.       =
  2308. href=3D"http://aaii.com/stkscrns/archive/ROE/20010314.shtml">Strong=20
  2309.     ROE</A></TD>
  2310.     <TD>21.0</TD>
  2311.     <TD>1.1</TD>
  2312.     <TD>32.0</TD>
  2313.     <TD>18.8</TD>
  2314.     <TD>869.7</TD>
  2315.     <TD>60.0</TD></TR>
  2316.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2317.     <TD align=3Dleft><A=20
  2318.       =
  2319. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short %=20
  2320.       Outstanding</A></TD>
  2321.     <TD>16.1</TD>
  2322.     <TD>0.8</TD>
  2323.     <TD>26.9</TD>
  2324.     <TD>22.5</TD>
  2325.     <TD>406.9</TD>
  2326.     <TD>22.0</TD></TR>
  2327.   <TR vAlign=3Dcenter align=3Dmiddle>
  2328.     <TD align=3Dleft><A=20
  2329.       =
  2330. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
  2331.       Interest Change</A></TD>
  2332.     <TD>22.1</TD>
  2333.     <TD>1.8</TD>
  2334.     <TD>7.0</TD>
  2335.     <TD>17.5</TD>
  2336.     <TD>197.3</TD>
  2337.     <TD>51.0</TD></TR>
  2338.   <TR vAlign=3Dcenter align=3Dmiddle>
  2339.     <TD align=3Dleft><A=20
  2340.       =
  2341. href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
  2342.       Ratio</A></TD>
  2343.     <TD>16.9</TD>
  2344.     <TD>0.6</TD>
  2345.     <TD>=9616.7</TD>
  2346.     <TD>12.8</TD>
  2347.     <TD>167.6</TD>
  2348.     <TD>8.0</TD></TR>
  2349.   <TR vAlign=3Dcenter align=3Dmiddle>
  2350.     <TD align=3Dleft><A=20
  2351.       =
  2352. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  2353.       Stocks</A></TD>
  2354.     <TD>19.1</TD>
  2355.     <TD>1.0</TD>
  2356.     <TD>13.8</TD>
  2357.     <TD>20.5</TD>
  2358.     <TD>71.1</TD>
  2359.     <TD>18.0</TD></TR>
  2360.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2361.     <TD align=3Dleft><A=20
  2362.       =
  2363. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  2364.       Stocks=97Growth Screen</A></TD>
  2365.     <TD>18.0</TD>
  2366.     <TD>0.5</TD>
  2367.     <TD>43.3</TD>
  2368.     <TD>26.8</TD>
  2369.     <TD>280.0</TD>
  2370.     <TD>39.5</TD></TR>
  2371.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2372.     <TD align=3Dleft><A=20
  2373.       =
  2374. href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
  2375.       Stocks=97Value Screen</A></TD>
  2376.     <TD>8.4</TD>
  2377.     <TD>0.6</TD>
  2378.     <TD>36.3</TD>
  2379.     <TD>18.8</TD>
  2380.     <TD>63.1</TD>
  2381.     <TD>19.0</TD></TR>
  2382.   <TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
  2383.     <TD align=3Dleft><FONT color=3D#005263><B>All Exchange-Listed=20
  2384.     Stocks</B></FONT></TD>
  2385.     <TD><FONT color=3D#005263><B>16.4</B></FONT></TD>
  2386.     <TD><FONT color=3D#005263><B>1.4</B></FONT></TD>
  2387.     <TD><FONT color=3D#005263><B>5.9</B></FONT></TD>
  2388.     <TD><FONT color=3D#005263><B>16.3</B></FONT></TD>
  2389.     <TD><FONT color=3D#005263><B>166.6</B></FONT></TD>
  2390.     <TD><FONT color=3D#005263><B>14.0</B></FONT></TD></TR>
  2391.   <TR vAlign=3Dcenter align=3Dleft>
  2392.     <TD bgColor=3D#c7cdc8 colSpan=3D7><I>Data as of 11/30/2001. *Data as =
  2393. of=20
  2394.       11/2/2001.</I></TD></TR></TBODY></TABLE>
  2395. <P><FONT face=3Dverdana size=3D-2>=A9 AAII Journal January 2002, Volume =
  2396. XXIV, No.=20
  2397. 1</FONT> <BR></P><A name=3Db></A></FONT></DIV></BODY></HTML>
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