Top No Load Mutual Funds - Insightful Investing Newsletter - October 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 October of 2004.

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	1.75	3.82	20%	15%	15%	15%
PIMCO Total Return Mortgage D	PTMDX	IGB	4.51	5.57	10%	10%	10%	10%
Westcore Flexible Income	WTLTX	HYB	11.57	10.51	10%	10%	10%	10%
Third Avenue Real Estate Value	TAREX	RE	29.32	20.22	10%	10%	10%	10%
Julius Baer International Equity	BJBIX	Intl	22.55	13.74	5%	10%	10%	10%
Selected American	SLASX	LCC	18.36	7.63	5%	5%	5%	5%
Oakmark I	OAKMX	LCV	14.82	2.83	5%	5%	5%	5%
ABN AMRO Mid Cap N	CHTTX	MCC	18.18	15.79	5%	5%	5%	5%
Yacktman	YACKX	MCV	12.52	19.51	5%	5%	5%	5%
Royce Premier	RYPRX	SCC	28.72	19.89	5%	5%	5%	5%
Royce Micro-Cap Inv	RYOTX	SCC	19.46	18.63	5%	5%	5%	5%
Third Avenue Small-Cap Value	TASCX	SCV	24.33	15.28	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%

Fidelity Investments			Return %		Conservative		Insightful
Fund Name	Symbol	Type	1 Yr	3 Year	Taxable	IRA/401K	Taxable	IRA/401K
Short-Term Bond or	FSHBX	STB	2.04	4.01	20%	20%	15%	15%
Spartan Short-Interm Muni	FSTFX	STMB	1.58	3.61
Mortgage Securities	FMSFX	IGB	3.64	5.23	5%	5%	5%	5%
Capital & Income	FAGIX	HYB	12.17	15.31	5%	5%	10%	10%
Strategic Income	FSICX	MSB	8.60	11.48	5%	5%	10%	10%
Real Estate Investments	FRESX	RE	25.63	18.99	10%	10%	10%	10%
Diversified International	FDIVX	Intl	20.97	14.00	10%	10%	10%	10%
Contrafund	FCNTX	LCB	17.50	9.20	10%	10%	10%	10%
Value	FDVLX	MCV	24.33	14.82	5%	10%	10%	5%
Small Cap Independence	FDSCX	SCC	14.66	8.23	10%	10%	10%	15%
Cash Reserves or	FDRXX	MM	0.90	2.19	20%	15%	10%	10%
Spartan Muni Money	FIMXX	TEMM	0.84	1.58
					100%	100%	100%	100%

Vanguard			Return %		Conservative		Insightful
Fund Name	Symbol	Type	1 Yr	3 Year	Taxable	IRA/401K	Taxable	IRA/401K
Short-Term Corp	VFSTX	STB	2.20	3.77	15%	20%	15%	15%
Ltd-Term Tax-Ex	VMLTX	STMB	1.38	3.36
GNMA	VFIIX	IGB	3.53	4.96	10%	10%	10%	10%
High-Yield Corporate	VWEHX	HYB	10.26	9.23	10%	10%	10%	10%
REIT Index	VGSIX	RE	24.19	18.76	10%	10%	10%	10%
International Value	VTRIX	Intl	24.42	13.22	10%	10%	10%	10%
U.S. Value	VUVLX	LCV	19.12	3.42	10%	10%	10%	10%
Strategic Equity	VSEQX	MCC	18.86	14.78	10%	10%	10%	10%
Explorer	VEXPX	SCG	12.56	10.68	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
					100%	100%	100%	100%

Portfolio Changes For 4th Quarter 2004
There are a few changes to our Recommended Fund List and Model Portfolios this quarter, but at this time of year you should consider your tax situation before buying or selling any funds in your taxable accounts. We have added a couple of Bond Funds to our recommended list. We have been watching Westcore Plus Bond (WTIBX) for a while. It continues to be a top performing Intermediate Bond Fund, so it you need someplace new to put some of your Bond money, this would be an appropriate place. For Fidelity investors, we have now added Fidelity Strategic Income Fund (FSICX) to our recommended list. Since this fund invests in multiple bond sectors, it should gives the managers the ability to reduce the risks associated with rising interest rates. Due to the disappointing performance we are dropping ABN AMRO Growth N (CHTIX) and ABM AMRO Mid Cap N (CHTTX) this quarter. Look for some new recommendation by year end. It should not surprise you that one of our recommended Small Cap Funds is closing to new investors. RS Partners (RSPFX) has been one of our best performers, but if you are not already an account holder, you will no longer be able to invest in this fund. What did surpise us is that Royce Micro Cap (RYOTX) has reopened to new investors. On the Fidelity side of the house, Fidelity Small Cap Independence Fund (FDSCX) poped onto our radar screen after a relatively strong 3rd quarter. While we don’t think your have to go out and sell the Fidelity Small Cap Fund (FSLCX) , we do feel that that FDSCX will be a better place to invest new money in the future.
Asset Allocations For 4th Quarter 2004
We are maintaining our cautious outlook on the market this quarter. To reiterate last quarter’s newsletter, we continue to suggest reduced equity exposure.

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