Top No Load Mutual Funds - Insightful Investing Newsletter - January 2004


	Top No-Load Mutual Funds Model Portfolios


	Every Quarter We Update Our Model Portfolios of Best Performing No-Load Mutual Funds, Fidelity Mutual Funds, and Vanguard Mutual Funds. Besides possible changes in Asset Allocation, we let you know of any new funds to buy for your portfolio, or previous funds to sell from your portfolio. Here are our portfolios for January of 2004.

Fidelity Investments			Return %		Conservative		Insightful
Fund Name	Symbol	Type	1 Yr	3 Yr	Taxable	IRA/401K	Taxable	IRA/401K
Short-Term Bond or	FSHBX	STB	3.58	5.96	20%	20%	10%	10%
Spartan Short-Interm Muni	FSTFX	STMB	3.03	5.06	20%	20%	10%	10%
Mortgage Securities	FMSFX	IGB	3.28	6.62	5%	5%	10%	10%
Capital & Income	FAGIX	HYB	40.01	8.88	5%	5%	10%	10%
Real Estate Investments	FRESX	RE	33.78	15.71	10%	10%	10%	10%
Diversified International	FDIVX	Intl	42.38	3.93	10%	10%	10%	10%
Contrafund	FCNTX	LCB	27.95	0.36	5%	5%	5%	5%
Equity-Income II	FEQTX	LCV	16.03	0.73	5%	5%	5%	5%
Mid-Cap Stock	FMCSX	MCG	33.26	(5.60)	5%	5%	5%	5%
Value	FDVLX	MCV	34.43	11.05	5%	5%	5%	5%
Small Cap Stock	FSLCX	SCB	45.04	9.17	10%	15%	20%	20%
Cash Reserves or	FDRXX	MM	0.90	2.19	20%	15%	10%	10%
Spartan Muni Money Market	FIMXX	TEMM	0.84	1.58	20%	15%	10%	10%
					100%	100%	100%	100%

Vanguard			Return %		Conservative		Insightful
Fund Name	Symbol	Type	1 Yr	3 Yr	Taxable	IRA/401K	Taxable	IRA/401K
Short-Term Corp	VFSTX	STB	4.24	5.85	15%	15%	15%	10%
Ltd-Term Tax-Ex	VMLTX	STMB	2.81	4.89	15%	15%	15%	10%
GNMA	VFIIX	IGB	2.54	6.68	10%	10%	10%	10%
High-Yield Corporate	VWEHX	HYB	17.44	6.94	10%	10%	10%	10%
REIT Index	VGSIX	RE	35.65	16.50	10%	10%	10%	10%
International Value	VTRIX	Intl	44.44	2.46	10%	10%	10%	10%
U.S. Value	VUVLX	LCV	19.02	4.73	10%	10%	10%	10%
Strategic Equity	VSEQX	MCC	43.83	9.61	10%	10%	10%	15%
Explorer	VEXPX	SCG	44.25	3.04	10%	15%	15%	15%
Prime Money Mkt or	VMMXX	MM	0.77	2.14	15%	10%	10%	10%
Tax Exempt Money Mkt	VMSXX	TEMM	0.74	1.50	15%	10%	10%	10%
					100%	100%	100%	100%

All Funds Model Portfolio			% Return		Conservative		Insightful
Fund Name	Symbol	Type	1 Yr	3 Yr	Taxable	IRA/401K	Taxable	IRA/401K
PIMCO Low Duration D	PLDDX	STB	2.66	5.86	10%	10%	10%	10%
PIMCO Total Return Mortgage D	PTMDX	IGB	3.75	7.42	10%	10%	10%	10%
Westcore Flexible Income	WTLTX	HYB	24.40	10.50	10%	10%	10%	10%
Third Avenue Real Estate Value	TAREX	RE	37.34	19.17	10%	10%	10%	10%
William Blair Intl Growth	WBIGX	Intl	42.21	1.36	0%	5%	5%	5%
Julius Baer International Equity	BJBIX	Intl	35.92	2.03	5%	5%	5%	5%
Selected American	SLASX	LCV	30.90	(1.20)	5%	5%	5%	5%
Oakmark I	OAKMX	LCV	16.74	9.64	5%	5%	5%	5%
ABN AMRO Mid Cap N	CHTTX	MCC	41.42	10.39	5%	5%	5%	5%
Yacktman	YACKX	MCV	33.03	20.98	5%	5%	5%	5%
Royce Low-Priced Stock	RYLPX	SCC	44.02	14.67	5%	5%	5%	5%
RS Partners	RSPFX	SCC	65.63	25.09	5%	5%	5%	5%
Babson Enterprise	BABEX	SCG	50.64	23.51	0%	5%	5%	5%
Royce Special Equity	RYSEX	SCV	27.64	24.39	5%	5%	5%	5%
Your Brokerage Money Mkt		MM	n/a	n/a	20%	10%	10%	10%
or Tax Exempt Money Mkt		TEMM	n/a	n/a	20%	10%	10%	10%
					100%	100%	100%	100%

Fidelity Brokerage Portfolio			Jan 1st	Mar 31	Jun 30	Sep 30	December 31, 2003
Fund Name	Symbol	Type	Value	Return	Return	Return	Return	Size	Value
Fidelity Invest Grade Bond	FBNDX	IB	$20,000	1.7	2.6	0.1	0.3	20%	20,952
Fidelity Mortgage Securities	FMSFX	IGB	20,000	1.0	1.0	0.9	0.6	20%	20,711
Oakmark International	OAKIX	Intl	10,000	-11.7	25.4	7.7	15.8	10%	13,804
Royce Low Priced	RYLPX	SCC	10,000	-14.5	15.7	8.5	14.7	10%	12,310
Wasatch Small Cap Growth	WAAEX	SCG	10,000	-5.9	25.8	5.2	10.4	10%	13,743
Fidelity Real Estate	FRESX	RE	10,000	1.5	9.9	9.9	9.2	10%	13,378
Fidelity Cash Reserves	FDRXX	MM	20,000	0.3	0.3	0.2	0.2	20%	20,217
			$100,000	-2.4%	8.0%	3.5%	5.6%	100%	$115,115

Portfolio Changes For 1st Quarter 2004
Cha, Cha, Cha, Changes. We have several of them as we start the new year, several due to funds closing to new investors. Fidelity Low-Priced Stock (FLPSX), Oakmark International (OAKIX), Royce Micro-Cap (RYOTX), William Blair Small Cap Growth (WBSNX) joined the ranks of the many funds on our watch list that closed to new investors this year. If you got into these funds before the door shut, stay with them. If you didn’t, take action on our suggestions so you don’t miss the boat next time. On the other side of the fence, Vanguard High-Yield Corporate (VWEHX) reopened to new investors. Now that Fidelity has eliminated the loads on all of its funds, Fidelity Contrafund (FCNTX) can now be added to our Fidelity portfolio without paying a load. In addition, any new investments targeted for a small cap fund should now be used to purchase Fidelity Small Cap Stock Fund (FSLCX).
Asset Allocations For 1st Quarter 2004
While we haven’t changed our asset allocations for the new year, you should notice that we have added several funds to our model portfolios. This provides additional diversification to our portfolios, but it is not something you need to do immediately. Before you sell half of your allocation in Fidelity Equity Income II to invest that money in Fidelity Contrafund, for example, there are a couple of issues you should consider. Besides looking at the tax consequences of making that transaction, you should also make sure you held your investment long enough to avoid a redemption fee.

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