Top No Load Mutual Funds - Insightful Investing Newsletter - July 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 July 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	0.90	4.60	25%	25%	20%	20%
Spartan Short-Interm Muni	FSTFX	STMB	0.55	3.75	25%		20%
Mortgage Securities	FMSFX	IGB	2.02	5.74	5%	5%	10%	10%
Capital & Income	FAGIX	HYB	9.68	10.27	5%	5%	10%	10%
Real Estate Investments	FRESX	RE	27.23	14.85	10%	10%	10%	10%
Diversified International	FDIVX	Intl	32.22	9.14	10%	10%	10%	10%
Contrafund	FCNTX	LCB	35.67	6.49	10%	10%	10%	10%
Value	FDVLX	MCV	32.47	13.95	5%	5%	5%	5%
Small Cap Stock	FSLCX	SCC	38.19	10.53	10%	15%	15%	15%
Cash Reserves or	FDRXX	MM	0.90	2.19	20%	15%	10%	10%
Spartan Muni Money	FIMXX	TEMM	0.84	1.58	20%		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	1.12	4.40	15%	20%	15%	15%
Ltd-Term Tax-Ex	VMLTX	STMB	0.36	3.50	15%		15%
GNMA	VFIIX	IGB	0.82	5.48	10%	10%	10%	10%
High-Yield Corporate	VWEHX	HYB	7.17	6.75	10%	10%	10%	10%
REIT Index	VGSIX	RE	25.73	14.71	10%	10%	10%	10%
International Value	VTRIX	Intl	35.32	6.84	10%	10%	10%	10%
U.S. Value	VUVLX	LCV	22.07	4.20	10%	10%	10%	10%
Strategic Equity	VSEQX	MCC	30.25	9.64	10%	10%	10%	10%
Explorer	VEXPX	SCG	29.39	3.83	10%	10%	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%
					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	0.41	4.51	20%	15%	15%	15%
PIMCO Total Return Mortgage D	PTMDX	IGB	2.05	6.12	10%	10%	10%	10%
Westcore Flexible Income	WTLTX	HYB	11.17	8.95	10%	10%	10%	10%
Third Avenue Real Estate Value	TAREX	RE	28.14	16.75	10%	10%	10%	10%
Julius Baer International Equity	BJBIX	Intl	30.29	9.42	5%	10%	10%	10%
Selected American	SLASX	LCC	43.35	3.50	5%	5%	5%	5%
Oakmark I	OAKMX	LCV	15.85	3.90	5%	5%	5%	5%
ABN AMRO Mid Cap N	CHTTX	MCC	32.93	12.33	5%	5%	5%	5%
Yacktman	YACKX	MCV	30.47	10.03	5%	5%	5%	5%
Royce Premier	RYPRX	SCC	37.90	13.51	5%	5%	5%	5%
RS Partners	RSPFX	SCC	40.43	20.56	5%	5%	5%	5%
Third Avenue Small-Cap Value	TASCX	SCV	35.90	10.48	0%	5%	5%	5%
Your Brokerage Money Mkt or Tax Exempt Money Mkt		MM TEMM	n/a	n/a	15%	10%	10%	10%
					100%	100%	100%	100%

Portfolio Changes For 3rd Quarter 2004
There are several changes to our Recommended Fund List and Model Portfolios this quarter, but this doesn't mean you have to go online tomorrow and sell those funds we have dropped and buy our new additions. In fact, with the current market environment, we’d suggest you park the money from any funds that you sell, and any new money you have available to invest, in Short Term Bonds. As always, you should consider your tax situation before selling any of your funds in a taxable account. We'll start with the Bond Funds first, where we added TCW Galileo Total Return Bond (TGMNX). We've been watching this one for a while and given the limited number of good bond choices now, we decided it was time to give our readers another option. After a couple of quarters of trailing the average funds in their categories, its time to move on and consider selling Fidelity Equity Income II (FEQTX) and the Fidelity Mid Cap Stock Fund (FMCSX). Vanguard Growth & Income (VQNPX), on the other hand, is taking too much risk for our comfort level so that’s another fund we would consider selling. One of our long time favorites, the Royce Low Priced Stock (RYLPX), is still performing better than average, but its success has attracted too much capital for a Small Cap fund. We suggest moving down the hallway and investing in Royce Premier (RYPRX) as a Small Cap Core choice in the future. Small Cap Funds continue to close their doors, and this quarter is no exception as Royce Special Equity (RYSEX) is now closed to new investors. We have replaced this fund with the Third Avenue Small-Cap Value (TASCX) as a Small Cap Value choice for your portfolio. In addition, when Babson Enterprise (BABEX) was brought into the Tamarack Fund family, Tamarack Enterpise (TETSX) was also closed to new investors and therefore removed from our list. We also managed to come up with a new Small Cap Growth choice as we have added Neuberger Berman Fasciano (NBFSX) this quarter. Another fund that closed this quarter was William Blair International Growth (WBIGX) which we decided not to replace at this time. We have, however, added the Jensen Fund (JENSX) as a Large Cap Growth choice.
Asset Allocations For 3rd Quarter 2004
The Insightful Investing Newsletters starts its second year with the stock market in poor shape technically as the S&P 500 has again made lower highs and lower lows. In addition to reshuffling our portfolios, we are reducing our equity exposure by 5%, so now would be a good time to rebalance your portfolio. Moreover, we suggest that any new money you have available to invest be placed in Short Term Bonds for now.

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