allocazione di portafoglio di Drach

Da ormai un mese Poste Italiane ha il coraggio di sbandierare "rendimenti al 2% lordo" sui libretti di deposito come se fosse oro. Ha ragione gianlini quando dice che si tornerà alla normalità quando i rendimenti sui bonds risaliranno ad almeno il 6-7%. Fino ad allora solo manfrine. Come quella di aspettare fino al 11 dicembre per "vedere" se la Fed abbassa i tassi. Qualche secondo fa io ho letto questo: "ISM Price Index 67,5 vs Oct 63". Diamoci una regolata...

Allora forse anche il DJ Stoxx 600 Banks-LX (BNK.MI), il DJ US Select Investment Services-IS (IAI.N) oppure il DJ Euro Stoxx Banks-EE (SYB.PAR). Sono settori, quello bancario in particolar modo, che danno discreti rendimenti ed il cui prezzo e' stato crudelmente abbattuto negli ultimi tempi. Concordo con Gianlini. La globalizzazione ha cambiato i tempi e li ha resi piu' duri (per noi). Da questo punto di vista, ora che mi ci fai fare mente locale i tempi di Breznev e Mao forse erano davvero migliori (per noi). Erano tutte quelle atomiche puntate addosso che mi avrebbero pero' dato un pochino d' ansia.

In pratica solo chi ha investito in modo serio sugli emergenti (cina, russia, brasile, india...) è contento nel 2007. --------------------- questo mondo ci piace sempre di meno proprio perchè per ottenere dei rendimenti decenti bisogna a tutti i costi andare a 200 all'ora può darsi che la dizione "emergenti" sia obsoleta e fuorviante, ma una signora di 50 anni dovrebbe allocare il 50 o più percento del suo portafoglio in titoli di cina, brasile, russia e peru per ottenere un qualche rendimento dai suoi soldi? e' questo il tesoro dato dalla globalizzazione? ricordo che i bund del Deutsche Mark, rendevano il 6 o 7 % tranquillamente con inflazione al 1 o 2 % senza il rischio paese che poteva caratterizzare i bot italiani, e dovremmo ancora pensare che Putin è meglio di Breznev,....per noi?

Sento molta gente scoraggiata recentemente riguardo agli investimenti. Il rendimento dei titoli di stato che è quello per definizione non a rischio crolla questo mese di nuovo tra il 3 e il 4% sia in dollari che in euro, i bonds dei paesi rischiosi sudamericani pagano il 5.5% e gli immobili ora rendono un 2% al netto delle tasse e spese (se li affitti) mentre perdono come valore nominale per la prima volta dagli anni '30 per cui nel 2007 per la prima volta da anni hanno dato un rendimento negativo Ora hai che a borsa italiana mostra delle perdite, quella americana per un italiano ti ha fatto perdere sul cambio, quelle emergenti danno qualche scossa (si sono visti dei -15 o -20% dai massimi di ottobre), i btp e cct e bonds rendono tra il 3 e il 4%, i bonds ad alto rischio si stanno rivelando tali e gli immobili di colpo hanno perso interesse (la % di italiani che li vede come l'investimento ideale è scesa dal 72% al 50% in pochi mesi) In pratica solo chi ha investito in modo serio sugli emergenti (cina, russia, brasile, india...) è contento nel 2007. In realtà poi i bonds a 10 anni hanno reso un 7% circa battendo molte borse, l'oro ha reso un 20% e ci sono settori che sono ancora in attivo come le utilities e i minerari. Inoltre vendere al ribasso i titoli legati agli immobili, costruzioni e banche avrebbe reso per chi ci ha provato A mio avviso questo trend continua e conviene investire qualcosa sugli emergenti, sulle utilities che sono iperprotette dai governi, sull'oro e minerari e poi vendere al ribasso Ma per chi è più prudente richiamo allora il fatto che ci sono degli ottimi fondi che pagano rendimenti in dividendi del 5% in dollari Claymore/Zacks Yield Hog (CVY), Claymore/Zacks International Yield Hog (HGI), iShares Dow Jones EPAC Select Dividend (IDV) PowerShares High Yield Equity Dividend Achievers (PEY). Occorre ricordare che alla lunga le azioni rendono comunque sempre da 3 a 4 volte più delle obbligazioni e degli immobili, gli immobili sembrano i migliori solo perchè li tieni per 50 anni e poi noti la differenza tra prezzo di acquisto e precco corrente, se fai lo stesso con le azioni scopri che ad esempio 1 milione di dollari messi nel Dow Jones nel 1927 con i dividendi reinvestiti oggi ne varrebbero 111 milioni ----------------- ...Let's assume they took the safe route, stashing the entire sum in Treasury bills and then left you to live off the interest. In 2006, your income would have been $48,000, versus $33,000 in 1926, according to Ibbotson Associates, a unit of Chicago investment researchers Morningstar. Trouble is, because of inflation, $1 of interest in 2006 had less than a tenth of the spending power of $1 in 1926. Now, imagine instead that your parents rolled the dice and plunked the $1 million in large-company stocks. If you spent the dividends but didn't sell any shares, you would have pocketed a robust stream of income that climbed in 65 years and fell in just 15, Ibbotson calculates. Even more impressive, your $1 million would have ballooned to $111 million over the 81 years -- and your income would have jumped from $54,000 in 1926 to almost $2 million in 2006. Indeed, your income would have grown at an average 4.6% a year, easily outpacing inflation's 3.1%.... -------------------------

Riguardo alla discussione sull'allocazione di portafoglio qui sopra (e altre simili) mi sono reso conto che probabilmente anche per mio suggerimento il modello di portafoglio di Don Hays è seguito. Avendolo suggerito tempo fa devo dire che il suo fallimento negli ultimi 12 mesi mi fa pensare che abbia difetti strutturali. Pur tenendo conto del fatto che viene usato da 15 o 20 anni, che a inizio 2000 era andato negativo esattamente al massimo, che l'anno non è ancora finito ecc.... ci sono alcune cose che non vanno in questo approccio. Lo stesso si può dire per ^Stocksatbottom#www.Stocksatbottom.com^. Una modello di portafoglio e medio-lungo termine che mi sembra abbia un discreto successo (nel senso che batte in modo significativo il Dow Jones dal 1995 ed è su del 156%) è ^quello di Robert Drach#http://www.nightlybusiness.org/drach.htm^ Ecco l'ultimo aggiornamento e tutti i dati relativi. A differenza di Hays fornisce un resoconto dettagliato di tutte le posizioni suggerite e indica esattamente cosa sta facendo. (NB chi fa trading di future è pregato di non intervenire come al solito per dire: "...chisseneimporta, basta fare trading ogni 45 minuti e andare short...". Stiamo parlando di come allocare i soldi per chi fa un lavoro normale) Robert Drach's "Basic Timing" Model Portfolio Date: August 2, 2002 Basic Timing. Please expand to full screen. Daily commentary, current portfolio structure and history follow. Please direct questions and comments to: Drach Market Research 200 Westridge Drive Tallahassee, FL 32304 Tel.: 850-576-2680 E-Mail: DRACHMKT@aol.com Portfolio initiated 5/5/95, archived daily, initial level 520.12 Current relative value 1,336.72. Gain + 157.00% These results are reflective as to capital capture and market price of current holdings, itemized below. They do not include cash dividends, interest earned on cash balances, transaction costs, or anything else. Current Stock vs. Cash Allocation $ 1,336,716.30 (100%) stock. $ 1.45 (0%) cash equivalents. Total Positions 245 Average Position Profit 230 (93.88%) Percentage + 10.59% Loss 15 ( 6.12%) Days Held 140 Even 0 ( 0.00%) Annualized + 27.61% Relative performance since portfolio initiation (5/5/95) This model portfolio + 157% Dow Industrial + 91% S&P 500 + 66% Nasdaq Composite + 47% Model Portfolio Changes: None. Major movements (+ or - one point or more among holdings): America International Group - 2,59, Emerson Electric - 2,44, General Electric - 1.90, Home Depot - 1.20, Paychex - 1.57, State Street - 1.04. Second consecutive decidedly negative session (this time, Dow Industrial - 193.49, S&P - 20.42, Nasdaq Composite - 32.08) concluding a very volatile week. The net results of the most popular averages for the past five days were actually mixed with a moderately positive bias: Dow + 48.74, S&P + 11.40, Nasdaq - 14.15. Wild price gyrations aggravate what to many is a very emotional market condition. It is sort of self-fulfilling situation wherein the emotionalism creates the volatility and the volatility intensifies the emotionally induced behavior. Volatility cycles and the market will eventually calm. Entering Monday, this model portfolio has no reason to be attuned to altering positions. Complete Trading History of All Concluded Positions Purchase Selling Purchase Selling Profit Days Stock Position Date Date Price Price (loss) Held 1,009 Pep Boys 5/5/95 5/12/95 25 3/4 28 5/8 +11.16 7 698 Nordstrom 5/5/95 5/31/95 37 1/4 41 1/2 +10.07 26 645 Block (H&R) 5/12/95 6/22/95 40 1/2 39 1/2 - 2.47 41 947 Albertson's 5/26/95 6/23/95 27 5/8 30 1/2 +10.41 28 980 Rubbermaid 6/9/95 7/7/95 26 7/8 29 5/8 +10.23 28 747 Cintas 5/19/95 7/10/95 35 39 +10.26 52 976 Rubbermaid 6/16/95 8/9/95 27 29 7/8 +10.65 52 1,087 U.S.Bancorp 5/19/95 8/22/95 24 1/32 26 1/2 +10.27 95 924 Albertson's 6/2/95 8/30/95 28 1/2 31 1/2 +10.53 89 1,151 Walgreen 8/25/95 9/13/95 23 3/4 26 1/8 +10.00 19 1,573 Crompton&Knwls 6/9/95 9/14/95 16 3/4 15 1/2 -7.46 97 1,229 Heilig-Meyers 8/4/95 9/22/95 21 7/8 24 1/8 +10.28 49 1,456 Limited Inc. 8/11/95 10/6/95 18 5/8 20 7/8 +12.08 56 1,456 Limited Inc. 8/18/95 10/6/95 18 5/8 20 7/8 +12.08 49 820 May Dept.Store 10/27/95 11/7/95 38 7/8 42 7/8 +10.29 11 731 Block(H&R) 5/26/95 11/10/95 35 3/4 46 5/8 +30.42 168 2,428 Citizens Ut-B* 7/14/95 11/15/95 11.0739 12 3/8 +11.75 119 760 Nordstrom 10/20/95 11/16/95 37 41 3/8 +11.82 27 1,441 Wal-Mart 10/27/95 11/21/95 22 1/8 24 1/2 +10.73 26 673 Teleflex 8/11/95 12/1/95 40 1/4 44 3/4 +11.18 112 990 Pep Boys 6/30/95 12/5/95 26 3/4 27 3/8 + 2.33 158 1,710 Archer-Daniel* 7/14/95 12/22/95 15.7184 17 3/4 +12.95 161 1,750 Archer-Daniel* 7/28/95 1/2/96 15.3602 18 1/4 +18.81 158 1,207 Rubbermaid 12/22/95 1/16/96 25 27 3/4 +11.00 25 576 Ill.Tool Works 1/12/96 1/30/96 52 3/4 58 7/8 +11.61 18 1,552 Wal-Mart 1/19/96 2/1/96 19 7/8 21 7/8 +10.06 13 584 Medtronic 12/1/95 2/6/96 52 1/2 58 1/8 +10.71 67 905 Dillard D.S. 11/3/95 2/12/96 28 5/8 32 1/8 +12.23 101 658 Abbott Labs 11/3/95 2/12/96 39 3/8 44 1/4 +12.38 101 1,131 Pep Boys 10/13/95 2/14/96 24 7/8 29 1/2 +18.59 124 1,364 Hormel 10/27/95 2/15/96 23 3/8 26 +11.22 111 1,373 Heilig-Meyers 10/20/95 3/6/96 20 1/2 19 1/2 - 4.88 138 1,547 Limited 11/10/95 3/7/96 19 19 3/8 + 1.97 118 1,908 Crompton&Knwls 6/23/95 3/11/96 13 7/8 14 5/8 + 5.41 261 2,030 Heilig-Meyers 2/2/96 5/15/96 15 5/8 22 5/8 +44.80 103 360 Philip Morris 3/22/96 5/17/96 86 1/4 95 1/2 +10.72 56 1,742 Limited 11/17/95 5/20/96 17 1/8 21 1/4 +24.09 185 2,861 Citizens Utl.B 3/29/96 5/21/96 10 7/8 12 +10.34 53 589 Sigma-Aldrich 4/12/96 5/22/96 52 3/4 59 1/4 +12.32 40 604 Medtronic 4/26/96 5/22/96 51 1/2 57 +10.68 26 2,091 RPM Inc. 1/26/96 5/24/96 14 3/4 16 3/8 +11.01 119 575 Schering-Plough 5/3/96 6/4/96 54 1/8 59 3/4 +10.39 31 740 Raytheon 7/19/96 8/6/96 46 5/8 51 5/8 +10.72 20 826 Automatic Data 3/8/96 8/9/96 38 41 7/8 +10.20 154 855 Omnicom 7/26/96 8/9/96 40 3/8 44 3/4 +10.83 14 1,175 Pep Boys 7/26/96 8/15/96 29 3/8 32 3/4 +11.49 19 1,200 Sysco 7/19/96 8/20/96 28 3/4 31 3/4 +10.43 32 688 Medtronic 7/12/96 8/21/96 50 1/8 56 3/8 +12.46 40 564 Wrigley 4/19/96 9/6/96 55 1/8 55 1/4 + .45 140 2,147 Archer-Danl-Mid 7/19/96 9/19/96 16.0733 18 3/4 +16.65 62 621 Wrigley 5/10/96 10/4/96 50 1/8 61 1/2 +22.69 147 1,501 Hormel 7/26/96 10/9/96 23 23 5/8 + 2.72 75 1,508 Federal Signal 7/5/96 10/11/96 22 7/8 25 5/8 +12.02 98 1,793 Limited 7/12/96 10/14/96 19 1/4 20 + 3.90 94 423 Philip Morris 8/16/96 10/17/96 88 5/8 97 3/8 + 9.87 62 431 Philip Morris 8/23/96 11/7/96 88 98 3/8 +11.79 76 2,144 Cromptn&Knowls 10/6/95 11/12/96 13 1/8 18 1/2 +40.95 401 1,316 PepsiCo 8/30/96 11/13/96 28 7/8 32 +10.82 75 1,731 Hormel 8/9/96 11/14/96 21 3/8 25 7/8 +21.05 98 818 Electronic Data 10/25/96 11/29/96 46 1/8 48 1/2 + 5.15 35 1,267 UST 8/30/96 12/5/96 30 33 3/8 +11.25 67 1,357 Dollar General 11/8/96 12/9/96 28 1/2 32 +12.28 31 1,429 Dollar General 11/22/96 12/9/96 28 1/8 32 +13.78 17 963 Commerce Bkshr. 12/6/96 12/19/96 42 47 3/4 +13.69 13 1,004 Beckton-Dicksn. 11/15/96 12/24/96 40 44 +10.00 39 619 Motorola 7/12/96 12/26/96 55 3/4 63 1/4 +13.45 167 611 Motorola 8/2/96 12/26/96 56 1/2 63 1/4 +11.95 146 1,807 Federal Signal 12/20/96 12/27/96 23 3/8 25 3/4 +10.16 7 949 Omnicom 12/20/96 1/9/97 44 1/2 49 5/8 +11.52 20 945 Omnicom 12/27/96 1/9/97 44 5/8 49 5/8 +11.20 13 1,429 PepsiCo 12/13/96 1/23/97 29 1/8 35 1/2 +21.89 41 1,352 Pep Boys 12/20/96 2/10/97 31 1/4 33 + 5.60 52 1,640 Wal-Mart 11/15/96 3/3/97 24 1/2 27 +10.20 108 1,631 UST 3/21/97 3/24/97 27 1/8 30 +10.60 3 748 Motorola 2/21/97 3/26/97 59 1/8 62 + 4.86 33 1,188 Philip Morris * 3/21/97 4/16/97 37.1666 43 1/8 +16.03 26 623 State St. Boston 3/27/97 4/29/97 72 1/4 79 3/4 +10.38 34 857 Franklin Resourcs.4/4/97 4/29/97 52 1/2 57 3/4 +10.00 25 971 SunTrust Banks 4/4/97 5/2/97 46 3/8 52 1/4 +12.66 28 851 Jefferson Pilot 4/11/97 5/2/97 52 7/8 59 1/4 +12.06 21 1,013 Norwest 4/18/97 5/5/97 46 1/2 51 1/2 +10.75 17 1,633 Dollar General 4/25/97 5/5/97 28 7/8 32 1/4 +11.69 10 1,459 Hannaford Bros. 4/11/97 5/6/97 30 7/8 34 +10.12 11 623 Fifth Third Bnkcp.4/11/97 5/14/97 72 1/4 79 3/4 +10.38 33 790 Motorola 2/28/97 5/23/97 56 65 1/4 +16.52 84 1,115 Banc One 4/4/97 6/12/97 40 3/8 45 3/8 +12.38 69 1,090 Albertson's 10/18/96 6/19/97 34 5/8 38 1/8 +10.11 244 1,412 Pep Boys 1/3/97 6/20/97 29 7/8 35 3/8 +18.41 168 1,908 Limited Inc. 9/13/96 7/24/97 18 1/8 21 7/16 +18.27 314 633 Intl. Flav/Frag. 1/5/96 7/31/97 48 53 1/16 +10.55 572 989 Dillard's 7/5/96 8/4/97 34 7/8 38 5/8 +10.75 395 684 Marsh & McLennen 8/29/97 9/16/97 68 1/4 75 7/16 +10.53 18 603 Franklin Resourcs.8/29/97 9/16/97 77 3/8 85 15/16+11.07 18 1,702 Sherwin-Williams 8/29/97 9/19/97 27 7/16 30 3/8 +10.71 21 513 Merck 8/15/97 9/22/97 90 7/8 102 15/16+13.27 38 719 General Electric 8/22/97 10/7/97 64 7/8 72 +10.98 46 676 Motorola 9/12/97 10/8/97 69 3/16 74 3/8 + 7.50 26 5,675 Citizens Util.* 5/21/97 10/23/97 8.842 10 3/16 +15.22 155 5,753 Citizens Util.* 5/23/97 10/24/97 8.9601 10 1/4 +14.40 156 1,565 Dollar General 10/17/97 11/17/97 33 37 13/16+14.58 31 1,249 Medtronic Inc. 10/31/97 11/17/97 43 1/2 48 +10.34 17 1,845 Synovus Fincl. 8/22/97 11/25/97 25 5/16 31 1/2 +24.44 95 1,319 Winn Dixie Stores 7/11/97 12/3/97 37 7/16 41 7/16 +10.68 145 543 Gillette 8/15/97 12/4/97 85 7/8 95 7/8 +11.64 126 2,270 ServiceMaster 10/31/97 12/5/97 23 15/16 27 1/8 +13.32 35 1,042 Banc One 10/31/97 12/9/97 52 1/8 57 1/2 +10.31 39 1,067 Raytheon 11/7/97 12/17/97 51 56 3/8 +10.54 40 1,830 Dollar General 12/26/97 12/30/97 31 15/16 36 3/16 +13.31 5 2,051 Walgreen 12/26/97 12/30/97 28 1/2 31 3/8 +10.09 5 962 Becton Dickinson 8/8/97 1/16/98 48 1/2 55 +13.40 161 626 Amer. Home Prod. 8/22/97 1/20/98 74 9/16 94 +26.07 151 2,706 Federal Signal 11/28/97 1/20/98 21 3/4 22 3/8 + 2.87 53 523 Bandag 9/29/95 1/23/98 52 7/8 58 5/8 +10.87 847 776 Motorola 9/19/97 2/2/98 66 5/8 62 - 6.94 136 1,080 State Street 12/19/97 2/5/98 54 1/8 60 1/4 +11.32 48 1,484 Franklin Resourc* 1/2/98 2/11/98 43 31/32 49 1/8 +11.73 40 744 Coca-Cola 8/8/97 2/12/98 62 11/16 69 1/4 +10.47 188 2,313 United Asset Man. 1/23/98 2/17/98 21 15/16 24 3/8 +11.11 25 2,301 United Asset Man. 1/30/98 2/17/98 22 1/16 24 3/8 +10.48 18 1,052 Assoc. Banc-Corp 1/23/98 3/11/98 48 1/4 53 5/16 +10.49 47 699 Minnesota Min/Mfg 12/19/97 3/17/98 83 5/8 93 5/16 +11.58 90 1,035 Motorola 12/12/97 3/31/98 55 7/8 60 5/8 + 8.50 108 1,357 Dillard's 10/17/97 5/18/98 38 1/16 43 +12.97 213 1,449 Dillard's 10/24/97 5/18/98 37 1/2 43 +14.67 206 2,586 Sysco Corp. 4/24/98 6/9/98 22 3/4 25 1/8 +10.44 46 504 Merck 5/1/98 6/18/98 116 5/8 128 7/8 +10.50 48 1,153 Fifth Third Bancp 5/8/98 6/22/98 51 1/32 56 3/4 +11.21 45 2,833 Federal Signal 12/5/97 6/23/98 20 3/16 24 1/8 +19.50 200 2,478 Donaldson Co.* 11/21/97 6/25/98 24 1/32 22 7/8 - 4.81 215 1,547 Compass Bancshares 6/19/98 7/1/98 42 46 1/4 +10.12 12 987 Travelers Group 5/8/98 7/8/98 59 5/8 69 3/8 +16.35 61 1,470 Philip Morris 4/3/98 7/30/98 40 44 3/16 +10.47 118 7,075 Culp Inc. 7/31/98 8/4/98 9 3/16 10 1/8 +10.20 4 1,967 ConAgra Inc. 1/2/98 9/9/98 33 3/16 28 9/16 -13.94 250 1,376 Citigroup 9/11/98 10/20/98 40 13/16 45 15/16 +12.56 39 1,920 UST 4/3/98 10/29/98 30 5/8 34 +11.02 209 1,969 UST 4/9/98 10/29/98 29 7/8 34 +13.81 206 3,011 Dollar General 10/23/98 10/29/98 21 23 7/8 +13.69 6 2,849 Dollar General 10/30/98 11/5/98 23 7/8 26 + 8.90 6 1,080 Motorola 3/6/98 11/16/98 53 58 + 9.43 255 1,784 Becton Dickinson 11/13/98 11/25/98 39 1/4 43 1/2 +10.84 9 1,694 Gillette 12/11/98 12/22/98 41 3/8 46 +11.18 11 4,752 RPM Inc. 12/11/98 1/6/99 14 3/4 16 1/4 +10.17 26 1,538 Raytheon Class B 12/24/98 1/6/99 50 11/16 55 7/8 +10.23 13 857 Elec.Data System 11/1/96 1/20/99 44 52 1/4 +18.75 811 1,327 Becton Dickinson 1/22/99 2/3/99 33 3/4 37 7/16 +12.17 12 1,832 Newell 12/11/98 2/4/99 38 1/4 42 15/16 +12.25 55 472 Great Lake Chem* 3/8/96 3/8/99 66 1/2 43.875 -34.02 1095 459 Great Lake Chem* 3/15/96 3/8/99 67 5/8 43.8534 -35.15 1088 1,296 Motorola 6/12/98 4/5/99 50 1/8 76 7/8 +53.37 297 1,729 Pep Boys 8/15/97 4/13/99 27 15 3/16 -43.75 606 1,685 Pep Boys 9/5/97 4/13/99 27 3/4 15 3/16 -45.27 585 1,510 Sigma-Aldrich 3/13/98 4/15/99 37 13/16 34 1/2 - 8.76 398 655 Coca-Cola 4/9/99 4/21/99 60 3/4 67 9/16 +11.21 12 1,724 One Valley Bancp 5/29/98 4/22/99 35 38 3/4 +10.71 328 304 Medtronic 3/12/99 4/22/99 67 1/16 75 1/4 +12.21 41 1,500 Franklin Resource 7/24/98 4/27/99 44 5/8 39 3/4 -10.92 277 766 Minnesota Min/Mfg 6/26/98 5/3/99 82 7/8 93 7/8 +13.27 311 804 Minnesota Min/Mfg 7/2/98 5/3/99 82 1/4 93 7/8 +14.13 305 964 Omnicom Group 5/7/99 5/12/99 68 1/8 75 3/8 +10.64 5 1,046 Albertson's 4/16/99 6/7/99 49 11/16 55 3/16 +11.07 52 1,038 Gap 5/7/99 6/21/99 63 1/4 71 +12.25 45 3,800 Independent Bank 4/9/99 6/28/99 15 3/4 17 7/16 +10.71 80 2,023 Walgreen 4/16/99 6/28/99 25 11/16 29 5/16 +14.11 73 1,685 Walgreen 4/23/99 6/28/99 26 1/2 29 5/16 +10.61 66 1,146 Home Depot 5/7/99 6/29/99 57 5/16 64 +11.67 53 7,591 Culp Inc. 8/7/98 6/30/99 9 7/16 10 1/2 +11.26 327 1,682 Wal-Mart Stores 5/21/99 6/30/99 43 1/4 48 1/4 +11.56 40 1,027 Schering-Plough 4/30/99 7/1/99 48 5/16 53 15/16 +11.64 62 1,728 Gap 8/6/99 8/16/99 38 7/16 42 9/16 +10.73 10 705 Merck 4/30/99 10/21/99 70 3/8 78 5/8 +11.72 174 951 SunTrust Banks 2/5/99 10/28/99 67 1/2 75 1/8 +11.30 265 1,656 AFLAC Inc. 6/25/99 10/28/99 44 1/2 50 3/8 +13.20 125 931 State Street 7/23/99 11/16/99 71 1/4 78 3/8 +10.00 116 869 Wrigley 8/6/99 11/17/99 76 3/8 84 3/16 +10.23 103 4,532 Glacier Bancorp 11/19/99 11/24/99 16 1/8 17 15/16 +11.24 5 1,301 Amer. Home Prod. 7/30/99 2/11/00 51 47 - 7.84 196 1,625 Norfolk Southern 4/17/98 2/14/00 36 3/16 15 1/8 -52.20 668 1,192 Pitney Bowes 10/22/99 2/17/00 46 1/2 51 7/16 +10.62 118 2,148 MBNA Inc. 2/18/00 2/28/00 20 22 7/16 +12.19 10 1,318 Emerson Electric 2/11/00 3/30/00 46 3/8 53 1/4 +14.82 48 2,133 Cintas Corp. 11/19/99 3/31/00 34 1/4 39 3/16 +14.41 133 2,777 First Tenn. Natl. 3/3/00 3/31/00 17 3/8 20 5/16 +16.91 28 692 Merck 2/18/00 4/5/00 62 68 1/4 +10.08 47 7,094 Analysts Intl. 3/31/00 4/17/00 9 7/8 10 7/8 +10.13 17 3,694 UST Inc. 4/7/00 5/17/00 15 7/8 17 1/2 +10.24 40 3,481 First Merchants 3/31/00 6/5/00 20 1/8 22 13/16 +13.35 66 2,269 Teleflex 10/29/99 6/26/00 34 1/8 38 7/16 +12.64 240 1,424 Fastenal 6/9/00 7/12/00 55 3/4 63 1/8 +13.23 33 2,509 ABM Industries 4/7/00 7/18/00 23 3/8 26 +11.23 102 1,023 Merck 7/21/00 7/25/00 63 3/4 70 15/16 +11.27 5 4,925 Werner Enterprises 5/19/00 7/31/00 13 1/8 14 1/2 +10.48 73 1,156 MBIA Inc. 7/30/99 8/7/00 57 3/8 64 5/16 +12.09 372 4,474 Carnival Corp. 6/30/00 8/10/00 19 1/2 21 3/4 +11.54 41 676 Hewlett-Packard 7/28/00 8/16/00 107 1/4 120 +11.89 20 2,765 Federal Signal 6/11/99 10/24/00 20 7/8 23.6875 +13.47 500 3,069 Federal Signal 7/2/99 10/25/00 21 5/8 23.875 +10.40 480 3,818 Albertson's Inc. 8/25/00 11/6/00 21 7/8 24.6875 +12.86 73 3,153 Protective Life 10/27/00 11/8/00 22 24.9375 +13.35 12 3,340 First Source Corp 11/10/00 11/17/00 15.25 17.25 +13.11 7 1,520 M&T Bank * 8/20/99 11/28/00 48.40 54.50 +12.60 465 2,126 Lowe's Cos. 12/1/00 12/5/00 38.875 43.1875 +11.09 5 2,292 Old Kent Fincl.* 11/26/99 12/5/00 35.4762 40.50 +14.16 374 2,506 Pitney Bowes 10/27/00 12/6/00 27.6875 31.75 +14.67 41 2,937 Donaldson Co. 6/5/98 12/8/00 20 9/16 28.00 +36.17 916 2,161 T. Rowe Price 12/1/00 12/11/00 38.25 42.875 +12.09 11 3,914 McDonald's Corp 12/8/00 12/19/00 29.50 32.875 +11.44 11 2,275 Johnson Controls 12/8/00 1/3/01 50.75 57.0625 +12.44 26 1,646 Wal-Mart Stores 8/11/00 1/3/01 52 1/8 58.4375 +12.11 145 1,002 Total Systems Sv. 3/12/99 1/4/01 20 3/8 24.125 +18.40 663 1,519 Automatic Data Pr.1/5/01 1/9/01 54.875 60.6875 +10.59 4 4,947 Federal Signal 12/15/00 1/17/01 18.75 21.125 +12.67 33 1,061 State Street 1/19/01 1/25/01 98.50 109.36 +11.02 6 1,704 Fastenal Co. 1/5/01 1/29/01 48.9375 54.4375 +11.24 24 3,852 Gallagher * 1/12/01 1/30/01 23.9375 26.90 +12.38 18 2,336 Sigma-Aldrich 12/4/98 2/20/01 30.00 42.25 +40.83 808 1,391 Philip Morris 2/5/99 3/8/01 46 1/8 50.85 +10.24 761 520 Community Banks 11/13/00 4/6/01 20.50 22.90 +11.71 144 400 T. Rowe Price 4/6/01 4/11/01 29.75 34.03 +14.39 6 1,911 Cintas Corp. 3/9/01 4/18/01 37.00 43.41 +17.32 40 3,670 Dollar General 10/29/99 4/27/01 21.10 23.88 +13.18 545 2,716 Abbott Labs 12/22/00 5/16/01 47.375 53.80 +13.56 145 5,393 Dollar General 5/4/01 5/16/01 16.25 18.30 +12.62 12 1,319 Avery Dennison 8/4/00 5/17/01 54 3/16 59.84 +10.43 286 2,820 Valspar 7/14/00 6/4/01 31 7/8 36.00 +12.94 325 3,553 Applebee's Intl.* 6/8/01 6/26/01 25.6667 28.98 +12.91 18 578 Kelly Services'A' 4/12/01 7/12/01 23.60 26.35 +11.65 89 2,136 Genuine Parts 7/30/99 7/17/01 31 1/16 34.29 +10.29 717 1,562 Comerica Inc. 4/27/01 7/17/01 53.11 59.75 +12.50 81 2,666 Sigma-Aldrich 6/29/01 7/19/01 38.62 42.78 +10.77 21 2,817 Albertson's 5/25/01 7/20/01 28.73 32.35 +12.60 56 478 Walgreen 7/13/01 8/2/01 31.89 35.57 +11.54 20 9,284 Casey's Gen. St. 1/26/01 8/6/01 12.50 14.25 +14.00 193 2,437 May Dept. Stores 5/25/01 11/14/01 33.21 36.48 + 9.85 173 2,476 May Dept. Stores 6/1/01 11/23/01 32.69 36.59 +11.93 176 4,376 Kelly Services"A" 12/7/01 1/3/02 20.51 22.80 +11.17 27 1,689 Emerson Electric 7/20/01 3/4/02 55.00 63.36 +15.20 227 2,968 Interpublic Group 6/15/01 3/8/02 30.74 34.06 +10.80 266 1,545 Merck & Co 12/14/01 3/13/02 58.09 64.37 +10.81 89 1,991 Dillard's 7/24/98 4/12/02 33 5/8 25.19 -25.09 1357 1,771 Cintas Corp. 8/17/01 4/15/02 45.61 50.29 +10.26 241 2,947 AFLAC Inc. 8/10/01 5/1/02 27.40 30.46 +11.17 264 4,274 Total Systems Scv 4/19/02 5/1/02 20.84 23.00 +10.36 12 4,649 Dollar General 8/10/01 7/5/02 17.37 19.39 +11.63 329 2,013 Omnicom 7/5/02 7/11/02 44.78 49.36 +10.23 6 *CZNB purchase price(7/14/95) adjusted for 1.6% stock dividend ex 8/30/95. ADM purchase prices (7/14/95 and 7/28/95) adjusted for 5% stock dividend ex 8/17/95. MO purchase price(3/21/97) adjusted for 3:1 stock split. CZN purchase price (5/21/97)(5/23/97) adjusted for 1% stock dividend ex 5/31/97 and 9/12/97. Franklin Resources purchase price adjusted for 2:1 stock split (1/16/98). Donaldson purchase price adjusted for 2:1 stock split (1/14/98). GLK selling price repurchase 3/8/96 includes sale of 118 OTL @ 13 1/4 as per spin-off and carried as singular combined position, GLK selling price re 3/15/96 position includes sale of 114 OTL @ 13 1/4 as per spin-off and carried as singular combined position. Purchase of M & T Bank adjusted for 10:1 split 10/6/00. Purchase of Old Kent Financial adjusted for 5% stock dividend 7/14/00. Purchase of Gallagher adjusted for 2:1 split 2/19/01. Purchase of Dollar General adjusted for 5:4 split 5/23/00. * APPB purchase date 6/8/01 adjusted for 3:2 stock split Current Open Positions (by purchase date) Purchase Current Date Shares Corporation Price Price 7/10/98 2,587 ConAgra Inc. 25 7/8 24.79 1/8/99 3,992 ServiceMaster 20 7/16 11.31 1/15/99 2,444 Franklin Resources 33 3/8 32.49 4/20/00 1,991 Gap 38 3/4 11.25 8/18/00 1,625 Home Depot 51 3/8 28.43 11/10/00 2,209 Hewlett-Compaq 39.125 12.80 12/8/00 2,463 Paychex Inc. 46.875 23.86 1/5/01 949 America Intl. Group 87.875 60.25 2/2/01 3,336 McDonald's Corp 29.43 23.80 2/16/01 2,380 Schering-Plough 41.25 24.75 2/23/01 4,858 Schwab(Charles)Corp. 20.32 8.26 7/20/01 1,993 General Electric 46.63 29.50 7/27/01 3,816 Hewlett-Compaq 24.36 12.80 1/4/02 1,694 Merck & Co. 58.89 47.86 3/8/02 7,949 Casey's General Stores 13.09 10.91 3/15/02 7,715 Casey's General Stores 13.19 10.91 4/5/02 1,782 Emerson Electric 57.08 46.66 4/12/02 1,496 General Electric 33.55 29.50 5/10/02 3,629 Synovus Financial 25.91 22.93 5/10/02 2,022 State Street 46.50 40.52 7/12/02 2,317 Phillip Morris Cos 42.92 45.21 Cash Balance Ledger Cash Date Transaction Dr. Cr. Balance 5/5/95 Initial (opening) balance $ 520,l20.00 5/5/95 Buy 1,009 PBY @ 25 3/4 25,981.75 494,138.25 5/5/95 Buy 698 NOBE@ 37 1/4 26,000.50 468,l37.75 5/12/95 Sell 1,009 PBY @ 28 5/8 28,882.62 497,020.37 5/12/95 Buy 645 HRB @ 40 1/2 26,122.50 470,897.87 5/l9/95 Buy 747 CTAS@ 35 26,l45.00 444,752.87 5/l9/95 Buy 1,087 USBC@ 24 1/32 26,l21.97 418,630.90 5/26/95 Buy 947 ABS @ 27 5/8 26,160.87 392,470.03 5/26/95 Buy 731 HRB @ 35 3/4 26,133.25 366,336.78 5/31/95 Sell 698 NOBE@ 41 1/2 28,967.00 395,303.78 6/2/95 Buy 924 ABS @ 28 1/2 26,334.00 368,969.78 6/9/95 Buy 980 RBD @ 26 7/8 26,337.50 342,632.28 6/9/95 Buy 1,573 CNK @ 16 3/4 26,347.75 316,284.53 6/16/95 Buy 976 RBD @ 27 26,352.00 289,932.53 6/22/95 Sell 645 HRB @ 39 1/2 25,477.50 315,410.03 6/23/95 Sell 947 ABS @ 30 1/2 28,883.50 344,293.53 6/23/95 Buy 1,908 CNK @ 13 7/8 26,473.50 317,820.03 6/30/95 Buy 990 PBY @ 26 3/4 26,482.50 291,337.53 7/7/95 Sell 980 RBD @ 29 5/8 29,155.00 320,492.53 7/10/95 Sell 747 CTAS@ 39 29,133.00 349,625.53 7/14/95 Buy *1,710 ADM @ 15.7184 26,878.50 322,747.03 7/14/95 Buy *2,428 CZNB@ 11.0739 26,887.50 295,859.53 7/28/95 Buy *1,750 ADM @ 15.3602 26,880.38 268,979.15 8/4/95 Buy 1,229 HMY @ 21 7/8 26,884.38 242,094.77 8/9/95 Sell 976 RBD @ 29 7/8 29,158.00 271,252.77 8/11/95 Buy 673 TFX @ 40 1/4 27,088.25 244,164.52 8/11/95 Buy 1,456 LTD @ 18 5/8 27,118.00 217,046.52 8/18/95 Buy 1,456 LTD @ 18 5/8 27,118.00 189,928.52 8/22/95 Sell 1,087 USBC@ 26 1/2 28,805.50 218,734.02 8/25/95 Buy 1,151 WAG @ 23 3/4 27,336.25 191,397.77 8/30/95 Sell 924 ABS @ 31 1/2 29,106.00 220,503.77 9/13/95 Sell 1,151 WAG @ 26 1/8 30,069.88 250,573.65 9/14/95 Sell 1,573 CNK @ 15 1/2 24,381.50 274,955.15 9/22/95 Sell 1,229 HMY @ 24 1/8 29,649.63 304,604.78 9/29/95 Buy 523 BDG @ 52 7/8 27,653.63 276,951.15 10/6/95 Sell 1,456 LTD @ 20 7/8 30,394.00 307,345.15 10/6/95 Sell 1,456 LTD @ 20 7/8 30,394.00 337,739.15 10/6/95 Buy 2,144 CNK @ 13 1/8 28,140.00 309,599.15 10/13/95 Buy 1,131 PBY @ 24 7/8 28,133.63 281,465.52 10/20/95 Buy 1,373 HMY @ 20 1/2 28,146.50 253,319.02 10/20/95 Buy 760 NOBE@ 37 28,120.00 225,199.02 10/27/95 Buy 1,364 HRL @ 23 3/8 31,883.50 193,315.52 10/27/95 Buy 820 MA @ 38 7/8 31,877.50 161,438.02 10/27/95 Buy 1,441 WMT @ 22 1/8 31,882.13 129,555.90 11/3/95 Buy 905 DDS @ 28 5/8 25,905.63 103,650.27 11/3/95 Buy 658 ABT @ 39 3/5 25,908.75 77,741.52 11/7/95 Sell 820 MA @ 42 7/8 35,157.50 112,899.02 11/10/95 Sell 731 HRB @ 46 5/8 34,082.88 146,981.90 11/10/95 Buy 1,547 LTD @ 19 29,393.00 117,588.90 11/15/95 Sell 2,428 CZNB@ 12 3/8 30,046.50 147,635.40 11/16/95 Sell 760 NOBE@ 41 3/8 31,445.00 179,080.40 11/17/95 Buy 1,742 LTD @ 17 1/8 29,831.75 149,248.62 11/21/95 Sell 1,441 WMT @ 24 1/2 35,304.50 184,553.12 12/1/95 Sell 673 TFX @ 44 3/4 30,116.75 214,669.87 12/1/95 Buy 584 MDT @ 52 1/2 30,660.00 184,009.87 12/5/95 Sell 990 PBY @ 27 3/8 27,101.25 211,111.12 12/22/95 Sell 1,710 ADM @ 17 3/4 30,352.50 241,463.62 12/22/95 Buy 1,207 RBD @ 25 30,175.00 211,288.62 1/2/96 Sell 1,750 ADM @ 18 1/4 31,937.50 243,226.12 1/5/96 Buy 633 IFF @ 48 30,384.00 212,842.12 1/12/96 Buy 576 ITW @ 52 3/4 30,384.00 182,458.12 1/16/96 Sell 1,207 RBD @ 27 3/4 33,494.25 215,952.37 1/19/96 Buy 1,552 WMT @ 19 7/8 30,846.00 185,106.37 1/26/96 Buy 2,091 RPOW@ 14 3/4 30,842.25 154,264.12 1/30/96 Sell 576 ITW @ 58 7/8 33,912.00 188,176.12 2/1/96 Sell 1,552 WMT @ 21 7/8 33,950.00 222,126.12 2/2/96 Buy 2,030 HMY @ 15 5/8 31,718.75 190,407.37 2/6/96 Sell 584 MDT @ 58 1/8 33,945.00 224,352.37 2/12/96 Sell 905 DDS @ 32 1/8 29,073.13 253,425.50 2/12/96 Sell 658 ABT @ 44 1/4 29,116.50 282,542.00 2/14/96 Sell 1,131 PBY @ 29 1/2 33,364.50 315,906.50 2/15/96 Sell 1,364 HRL @ 26 35,464.00 351,370.50 3/6/96 Sell 1,373 HMY @ 19 1/2 26,773.50 378,144.00 3/7/96 Sell 1,547 LTD @ 19 3/8 29,973.13 408,117.13 3/8/96 Buy 826 AUD @ 38 31,388.00 376,729.13 3/8/96 Buy 472 GLK @ 66 1/2 31,388.00 345,341.13 3/11/96 Sell 1,908 CNK @ 14 5/8 27,904.50 373,245.63 3/15/96 Buy 459 GLK @ 67 5/8 31,039.88 342,205.75 3/22/96 Buy 360 MO @ 86 1/4 31,050.00 311,155.75 3/29/96 Buy 2,861 CZNB@ 10 7/8 31,113.38 280,042.37 4/12/96 Buy 589 SIAL@ 52 3/4 31,069.75 248,972.62 4/19/96 Buy 564 WWY @ 55 1/8 31,090.50 217,882.12 4/26/96 Buy 604 MDT @ 51 1/2 31,106.00 186,776.12 5/3/96 Buy 575 SGP @ 54 1/8 31,121.88 155,654.24 5/10/96 Buy 621 WWY @ 50 1/8 31,127.63 124,526.61 5/15/96 Sell 2,030 HMY @ 22 5/8 45,928.75 170,455.36 5/17/96 Sell 360 MO @ 95 1/2 34,380.00 204,835.36 5/20/96 Sell 1,742 LTD @ 21 1/4 37,017.50 241,852.86 5/21/96 Sell 2,861 CZNB@ 12 34,332.00 276,184.86 5/22/96 Sell 589 SIAL@ 59 1/4 34,898.25 311,083.11 5/22/96 Sell 604 MDT @ 57 34,428.00 345,511.11 5/24/96 Sell 2,091 RPOW@ 16 3/8 34,240.13 379,751.24 6/4/96 Sell 575 SGP @ 59 3/4 34,356.25 414,107.49 7/5/96 Buy 989 DDS @ 34 7/8 34,491.38 379,616.11 7/5/96 Buy 1,508 FSS @ 22 7/8 34,495.50 345,120.61 7/12/96 Buy 619 MOT @ 55 3/4 34,509.25 310,611.36 7/12/96 Buy 688 MDT @ 50 1/8 34,486.00 276,125.36 7/12/96 Buy 1,793 LTD @ 19 1/4 34,515.25 241,610.11 7/19/96 Buy 1,200 SYY @ 28 3/4 34,500.00 207,110.11 7/19/96 Buy 2,147 ADM @ 16.0733 34,509.38 172,600.73 7/19/96 Buy 740 RTN @ 46 5/8 34,502.50 138,098.23 7/26/96 Buy 1,501 HRL @ 23 34,523.00 103,575.23 7/26/96 Buy 855 OMC @ 40 3/8 34,520.63 69,054.60 7/26/96 Buy 1,175 PBY @ 29 3/8 34,515.63 34,538.97 8/2/96 Buy 611 MOT @ 56 1/2 34,521.50 17.47 8/6/96 Sell 740 RTN @ 51 5/8 38,202.50 38,219.97 8/9/96 Sell 826 AUD @ 41 7/8 34,588.75 72,808.72 8/9/96 Sell 855 OMC @ 44 3/4 38,261.25 111,069.97 8/9/96 Buy 1,731 HRL @ 21 3/8 37,000.13 74,069.84 8/15/96 Sell 1,175 PBY @ 32 3/4 38,481.25 112,551.09 8/16/96 Buy 423 MO @ 88 5/8 37,488.38 75,062.71 8/20/96 Sell 1,200 SYY @ 31 3/4 38,100.00 113,162.71 8/21/96 Sell 688 MDT @ 56 3/8 38,786.00 151,948.71 8/23/96 Buy 431 MO @ 88 37,928.00 114,020.71 8/30/96 Buy 1,316 PEP @ 28 7/8 37,999.50 76,021.21 8/30/96 Buy 1,267 UST @ 30 38,010.00 38,011.21 9/6/96 Sell 564 WWY @ 55 1/4 31,161.00 69,172.21 9/13/96 Buy 1,908 LTD @ 18 1/8 34,582.50 34,589.71 9/19/96 Sell 2,147 ADM @ 18 3/4 40,256.25 74,845.96 10/4/96 Sell 621 WWY @ 61 1/2 38,191.50 113,037.46 10/9/96 Sell 1,501 HRL @ 23 5/8 35,461.13 148,890.97 10/11/96 Sell 1,508 FSS @ 25 5/8 38,642.50 187,141.09 10/14/96 Sell 1,793 LTD @ 20 35,860.00 223,307.34 10/17/96 Sell 423 MO @ 97 3/8 41,189.63 264,190.72 10/18/96 Buy 1,090 ABS @ 34 5/8 37,741.25 226,449.47 10/25/96 Buy 818 EDS @ 46 1/8 37,730.25 188,719.22 11/1/96 Buy 857 EDS @ 44 37,708.00 151,011.22 11/7/96 Sell 431 MO @ 98 3/8 42,399.63 193,410.85 11/8/96 Buy 1,357 DG @ 28 1/2 38,674.50 154,736.35 11/12/96 Sell 2,144 CNK @ 18 1/2 39,664.00 194,400.35 11/13/96 Sell 1,316 PEP @ 32 42,112.00 236,512.35 11/14/96 Sell 1,731 HRL @ 25 7/8 44,789.63 281,301.98 11/15/96 Buy 1,640 WMT @ 24 1/2 40,180.00 241,121.98 11/15/96 Buy 1,004 BDX @ 40 40,160.00 200,961.98 11/22/96 Buy 1,429 DG @ 28 1/8 40,190.63 160,771.35 11/29/96 Sell 818 EDS @ 48 1/2 39,673.00 200,444.35 12/5/96 Sell 1,267 UST @ 33 3/8 42,286.13 242,730.48 12/6/96 Buy 963 CBSH@ 42 40,446.00 202,284.48 12/9/96 Sell 1,357 DG @ 32 43,424.00 245,708.48 12/9/96 Sell 1,429 DG @ 32 45,728.00 291,436.48 12/13/96 Buy 1,429 PEP @ 29 1/8 41,619.63 249,816.85 12/19/96 Sell 963 CBSH@ 47 3/4 45,983.25 295,800.10 12/20/96 Buy 1,807 FSS @ 23 3/8 42,238.63 253,561.47 12/20/96 Buy 949 OMC @ 44 1/2 42,230.50 211,330.97 12/20/96 Buy 1,352 PBY @ 31 1/4 42,250.00 169,080.97 12/24/96 Sell 1,004 BDX @ 44 44,176.00 213,256.97 12/26/96 Sell 619 MOT @ 63 1/4 39,151.75 252,408.72 12/26/96 Sell 611 MOT @ 63 1/4 38,645.75 291,054.47 12/27/96 Sell 1,807 FSS @ 25 3/4 46,530.25 337,584.72 12/27/96 Buy 945 OMC @ 44 5/8 42,170.63 295,414.09 1/ 3/97 Buy 1,412 PBY @ 29 7/8 42,183.50 253,230.59 1/ 9/97 Sell 949 OMC @ 49 5/8 47,094.13 300,324.72 1/ 9/97 Sell 945 OMC @ 49 5/8 46,895.63 347,220.35 1/23/97 Sell 1,429 PEP @ 35 1/2 50,729.50 397,949.85 2/10/97 Sell 1,352 PBY @ 33 44,616.00 442,565.85 2/21/97 Buy 748 MOT @ 59 1/8 44,225.50 398,340.35 2/28/97 Buy 790 MOT @ 56 44,240.00 354,100.35 3/3/97 Sell 1,640 WMT @ 27 44,280.00 398,380.35 3/21/97 Buy 1,631 UST @ 27 1/8 44,240.88 354,139.47 3/21/97 Buy 396 MO @111 1/2 44,154.00 309,985.47 3/24/97 Sell 1,631 UST @ 30 48,930.00 358,915.47 3/26/97 Sell 748 MOT @ 62 46,376.00 405,291.47 3/27/97 Buy 623 STT @ 72 1/4 45,011.75 360,279.72 4/4/97 Buy 1,115 ONE @ 40 3/8 45,018.13 315,261.59 4/4/97 BUY 857 BEN @ 52 1/2 44,992.50 270,269.09 4/4/97 Buy 971 STI @ 46 3/8 45,030.13 225,238.96 4/11/97 Buy 623 FITB@ 72 1/4 45,011.75 180,227.21 4/11/97 Buy 851 JP @ 52 7/8 44,996.63 135,230.58 4/11/97 Buy 1,459 HRD @ 30 7/8 45,046.63 90,183.95 4/16/97 Sell*1,188 MO @ 43 1/8 51,232.50 141,416.45 4/18/97 Buy 1,013 NOB @ 46 1/2 47,104.50 94,311.95 4/25/97 Buy 1,633 DG @ 28 7/8 47,152.88 47,159.07 4/29/97 Sell 623 STT @ 79 3/4 49,684.25 96,843.32 4/29 97 Sell 857 BEN @ 57 3/4 49,491.75 146,335.07 5/2/97 Sell 971 STI @ 52 1/4 50,734.75 197,069.82 5/2/97 Sell 851 JP @ 59 1/4 50,421.75 247,491.57 5/5/97 Sell 1,013 NOB @ 51 1/2 52,169.50 299,661.07 5/5/97 Sell 1,633 DG @ 32 1/4 52,664.25 352,325.32 5/6/97 Sell 1,459 HRD @ 34 49,606.00 401,931.32 5/13/97 Sell 623 FITB@ 79 3/4 49,684.25 451,615.57 5/21/97 Buy *5,675 CZN.B @ 8.842 50,178.38 401,437.19 5/23/97 Sell 790 MOT @ 65 1/4 51,547.50 452,984.69 5/23/97 Buy *5,753 CZN.B @ 8.9601 51,550.25 401,434.44 6/12/97 Sell 1,115 ONE @ 45 3/8 50,593.13 452,027.57 6/19/97 Sell 1,090 ABS @ 38 1/8 41,556.25 493,583.82 6/20/97 Sell 1,412 PBY @ 35 3/8 49,949.50 543,533.32 7/11/97 Buy 1,319 WIN @ 37 7/16 49,380.06 494,153.25 7/24/97 Sell 1,908 LTD @ 21 7/16 40,902.75 535,056.00 7/31/97 Sell 633 IFF @ 53 1/16 33,588.56 568,644.56 8/4/97 Sell 989 DDS @ 38 5/8 38,200.13 606,844.69 8/8/97 Buy 962 BDX @ 48 1/2 46,657.00 560,187.69 8/8/97 Buy 744 KO @ 62 11/16 46,639.50 513,548.19 8/15/97 Buy 1,729 PBY @ 27 46,683.00 466,866.19 8/15/97 Buy 513 MRK @ 90 7/8 46,618.88 420,247.31 8/15/97 Buy 543 G @ 85 7/8 46,630.13 373,616.18 8/22/97 Buy 626 AHP @ 74 9/16 46,676.13 326,940.05 8/22/97 Buy 719 GE @ 64 7/8 46,645.13 280,294.92 8/22/97 Buy 1,845 SNV @ 25 5/16 46,701.56 233,593.36 8/29/97 Buy 1,702 SHW @ 27 7/16 46,698.63 186,894.73 8/29/97 Buy 684 MMC @ 68 1/4 46,683.00 140,211.73 8/29/97 Buy 603 BEN @ 77 3/8 46,657.13 93,554.60 9/5/97 Buy 1,685 PBY @ 27 3/4 46,758.75 46,795.85 9/12/97 Buy 676 MOT @ 69 3/16 46,770.75 25.10 9/16/97 Sell 684 MMC @ 75 7/16 51,599.25 51,624.35 9/16/97 Sell 603 BEN @ 85 15/16 51,820.31 103,444.66 9/19/97 Sell 1,702 SHW @ 30 3/8 51,698.25 155,142.91 9/19/97 Buy 776 MOT @ 66 5/8 51,701.00 103,441.91 9/22/97 Sell 513 MRK @ 102 15/16 52,806.94 156,248.85 10/7/97 Sell 719 GE @ 72 51,768.00 208,016.85 10/8/97 Sell 676 MOT @ 74 3/8 50,277.50 258,294.35 10/17/97 Buy 1,357 DDS @ 38 1/16 51,650.81 206,643.54 10/17/97 Buy 1,565 DG @ 33 51,645.00 154,998.54 10/23/97 Sell 5,675 CZN @ 10 3/16 57,814.06 212,812.60 10/24/97 Sell 5,753 CZN @ 10 1/4 58,968.25 271,780.85 10/24/97 Buy 1,449 DDS @ 37 1/2 54,337.50 217,443.35 10/31/97 Buy 2,270 SVM @ 23 15/16 54,338.13 163,105.22 10/31/97 Buy 1,249 MDT @ 43 1/2 54,331.50 108,773.72 10/31/97 Buy 1,042 ONE @ 52 1/8 54,314.25 54,459.47 11/7/97 Buy 1,067 RTN @ 51 54,417.00 42.47 11/17/97 Sell 1,565 DG @ 37 13/16 59,176.56 59,219.03 11/17/97 Sell 1,249 MDT @ 48 59,952.00 119,171.03 11/21/97 Buy* 2,478 DCI @ 24 1/32 59,549.44 59,621.59 11/25/97 Sell 1,845 SNV @ 31 1/2 58,117.50 117,739.09 11/28/97 Buy 2,706 FSS @ 21 3/4 58,855.50 58,883.59 12/3/97 Sell 1,319 WIN @ 41 7/16 54,656.06 113,539.65 12/4/97 Sell 543 G @ 98 7/8 53,689.13 167,228.78 12/5/97 Sell 2,270 SVM @ 27 1/8 61,573.75 228,802.53 12/5/97 Buy 2,833 FSS @ 20 3/16 57,191.19 171,611.34 12/9/97 Sell 1,042 ONE @ 57 1/2 59,915.00 231,526.34 12/12/97 Buy 1,035 MOT @ 55 7/8 57,830.63 173,695.71 12/17/97 Sell 1,067 RTN @ 56 3/8 60,152.13 233,847.84 12/19/97 Buy 1,080 STT @ 54 1/8 58,455.00 175,392.84 12/19/97 Buy 699 MMM @ 83 5/8 58,453.88 116,938.96 12/26/97 Buy 1,830 DG @ 31 15/16 58,445.63 58,493.33 12/26/97 Buy 2,051 WAG @ 28 1/2 58,453.50 39.83 12/30/97 Sell 1,830 DG @ 36 3/16 66,223.13 66,262.96 12/30/97 Sell 2,051 WAG @ 31 3/8 64,350.13 130,613.09 1/2/98 Buy 1,967 CAG @ 33 3/16 65,279.81 65,333.28 1/2/98 Buy* 1,484 BEN @ 43 31/32 65,249.63 83.65 1/16/98 Sell 962 BDX @ 55 52,910.00 52,993.65 1/20/98 Sell 626 AHP @ 94 58,844.00 111,837.65 1/20/98 Sell 2,706 FSS @ 22 3/8 60,546.75 172,384.40 1/23/98 Sell 523 BDG @ 58 5/8 30,660.88 203,045.28 1/23/98 Buy 2,313 UAM @ 21 15/16 50,741.44 152,303.84 1/23/98 Buy 1,052 ASBC@ 48 1/4 50,759.00 101,544.84 1/30/98 Buy 2,301 UAM @ 22 1/16 50,765.81 50,779.03 2/2/98 Sell 776 MOT @ 62 48,112.00 98,891.03 2/5/98 Sell 1,080 STT @ 60 1/4 65,070.00 163,961.03 2/11/98 Sell 1,484 BEN @ 49 1/8 72,901.50 236,862.53 2/12/98 Sell 744 KO @ 69 1/4 51,522.00 288,384.53 2/17/98 Sell 2,313 UAM @ 24 3/8 56,379.38 344,763.91 2/17/98 Sell 2,301 UAM @ 24 3/8 56,086.88 400,850.79 3/6/98 Buy 1,080 MOT @ 53 57,240.00 343,610.79 3/11/98 Sell 1,052 ASBC @ 53 5/16 56,084.75 399,695.54 3/13/98 Buy 1,510 SIAL @ 37 13/16 57,096.88 342,598.66 3/17/98 Sell 699 MMM @ 93 5/16 65,269.13 407,867.79 3/31/98 Sell 1,035 MOT @ 60 5/8 62,746.88 470,614.67 4/3/98 Buy 1,920 UST @ 30 5/8 58,800.00 411,814.67 4/3/98 Buy 1,470 MO @ 40 58,800.00 353,014.67 4/9/98 Buy 1,969 UST @ 29 7/8 58,823.88 294,190.79 4/17/98 Buy 1,625 NSC @ 36 3/16 58,804.69 235,386.10 4/24/98 Buy 2,586 SYY @ 22 3/4 58,831.50 176,554.60 5/1/98 Buy 504 MRK @ 116 5/8 58,779.00 117,775.60 5/8/98 Buy 987 TRV @ 59 5/8 58,849.88 58,925.72 5/8/98 Buy 1,153 FITB@ 51 1/32 58,839.03 86.69 5/18/98 Sell 1,357 DDS @ 43 58,351.00 58,437.69 5/18/98 Sell 1,449 DDS @ 43 62,307.00 102,921.72 5/29/98 Buy 1,724 OV @ 35 60,340.00 60,404.69 6/5/98 Buy 2,937 DCI @ 20 9/16 60,392.06 12.63 6/9/98 Sell 2,586 SYY @ 25 1/8 64,973.25 64,985.88 6/12/98 Buy 1,296 MOT @ 50 1/8 64,962.00 23.88 6/18/98 Sell 504 MRK @ 128 7/8 64,953.00 64,976.88 6/19/98 Buy 1,547 CBSS@ 42 64,974.00 2.88 6/22/98 Sell 1,153 FITB@ 56 3/4 65,432.75 65,435.63 6/23/98 Sell 2,833 FSS @ 24 1/8 68,346.13 133,781.76 6/25/98 Sell 2,478 DCI @ 22 7/8 56,684.25 190,466.01 6/26/98 Buy 766 MMM @ 82 7/8 63,482.25 126,983.76 7/1/98 Sell 1,547 CBSS@ 46 1/4 71,548.75 198,532.51 7/2/98 Buy 804 MMM @ 82 1/4 66,129.00 132,403.51 7/8/98 Sell 987 TRV @ 69 3/8 68,473.13 200,876.64 7/10/98 BUY 2,587 CAG @ 25 7/8 66,938.63 133,938.01 7/24/98 Buy 1,991 DDS @ 33 5/8 66,947.38 66,990.63 7/24/98 Buy 1,500 BEN @ 44 5/8 66,937.50 53.13 7/30/98 Sell 1,470 MO @ 44 3/16 64,955.63 65,008.76 7/31/98 Buy 7,075 CFI @ 9 3/16 65,001.56 7.20 8/4/98 Sell 7,075 CFI @ 10 1/8 71,634.38 71,641.58 8/7/98 Buy 7,591 CFI @ 9 7/16 71,640.06 1.52 9/9/98 Sell 1,967 CAG @ 28 9/16 56,182.44 56,183.96 9/11/98 Buy 1,376 TRV @ 40 13/16 56,158.00 25.96 10/20/98 Sell*1,376 CCI @ 45 15/16 63,210.00 63,235.96 10/23/98 Buy 3,011 DG @ 21 63,231.00 4.96 10/29/98 Sell 1,920 UST @ 34 65,280.00 65,284.96 10/29/98 Sell 1,969 UST @ 34 66,946.00 132.230.96 10/29/98 Sell 3,011 DG @ 23 7/8 71,887.63 204,118.59 10/30/98 Buy 2,849 DG @ 23 7/8 68,019.88 136.098.71 11/5/98 Sell 2,849 DG @ 26 74,074.00 210,172.71 11/13/98 Buy 1,784 BDX @ 39 1/4 70,022.00 140,150.71 11/16/98 Sell 1,080 MOT @ 58 62,640.00 202,790.71 11/25/98 Sell 1,784 BDX @ 43 1/2 77,604.00 280,394.71 12/4/98 Buy 2,336 SIAL@ 30 70,080.00 210,314.71 12/11/98 Buy 1,832 NWL @ 38 1/4 70,104.90 140,240.71 12/11/98 Buy 1,694 G @ 41 3/8 70,089.25 70,151.46 12/11/98 Buy 4,752 RPM @ 14 3/4 70,092.00 59.46 12/22/98 Sell 1,694 G @ 46 77,924.00 77,983.46 12/24/98 Buy 1,538 RTNB@ 50 11/16 77,957.38 26.08 1/6/99 Sell 4,752 RPM @ 16 1/4 77,220.00 77,246.08 1/6/99 Sell 1,538 RTNB@ 55 7/8 85,935.75 163,181.83 1/8/99 Buy 3,992 SVM @ 20 7/16 81,586.50 81,595.33 1/15/99 Buy 2,444 BEN @ 33 3/8 81,568.50 26.83 1/20/99 Sell 857 EDS @ 52 1/4 44,778.25 44,805.08 1/22/99 Buy 1,327 BDX @ 33 3/4 44,786.25 18.83 2/3/99 Sell 1,327 BDX @ 37 7/16 49,679.56 49,698.39 2/4/99 Sell 1,832 NWL @ 42 15/16 78,661.50 128,359.89 2/5/99 Buy 1,391 MO @ 46 1/8 64,159.88 64,200.02 2/5/99 Buy 951 STI @ 67 1/2 64,192.50 7.52 3/8/99 Sell 472 GLK @ 43.875* 20,709.00 20,716.52 3/8/99 Sell 459 GLK @ 43.8534* 20,128.69 40,845.21 3/12/99 Buy 304 MDT @ 67 1/16 20,387.00 20,458.21 3/12/99 Buy 1,002 TSS @ 20 3/8 20,415.75 42.46 4/5/99 Sell 1,296 MOT @ 76 7/8 99,630.00 99,672.46 4/9/99 Buy 3,800 IBCP@ 15 3/4 59,850.00 39,822.46 4/9/99 Buy 655 KO @ 60 3/4 39,791.25 31.21 4/13/99 Sell 1,729 PBY @ 15 3/16 26,259.19 26,290.40 4/13/99 Sell 1,685 PBY @ 15 3/16 25,590.94 51,881.34 4/15/99 Sell 1,510 SIAL@ 34 1/2 52,095.00 103,976.34 4/16/99 Buy 1,046 ABS @ 49 11/16 51,973.13 52,003.21 4/16/99 Buy 2,023 WAG @ 25 11/16 51,965.81 37.40 4/21/99 Sell 655 KO @ 67 9/16 44,253.44 44,290.84 4/22/99 Sell 1,724 OV @ 38 3/4 66,805.00 111,095.84 4/22/99 Sell 304 MDT @ 75 1/4 22,876.00 133,971,84 4/23/99 Buy 1,685 WAG @ 26 1/2 44,652.50 89,319.34 4/27/99 Sell 1,500 BEN @ 39 9/4 59,625.00 148,944.34 4/30/99 Buy 705 MRK @ 70 3/8 49,614.38 99,329.96 4/30/99 Buy 1,027 SGP @ 48 5/16 49,616.94 49,713.02 5/3/99 Sell 766 MMM @ 93 7/8 71,908.25 121,621.27 5/3/99 Sell 804 MMM @ 93 7/8 75,475.50 197,096.77 5/7/99 Buy 964 OMC @ 68 1/8 65,672.50 131,424.27 5/7/99 Buy 1,038 GPS @ 63 1/4 65,653.50 65,770.77 5/7/99 Buy 1,146 HD @ 57 5/16 65,680.13 90.64 5/12/99 Sell 964 OMC @ 75 3/8 72,661.50 72,752.14 5/21/99 Buy 1,682 WMT @ 43 1/4 72,746.50 5.64 6/7/99 Sell 1,046 ABS @ 55 3/16 57,726.13 57,731.77 6/11/99 Buy 2,765 FSS @ 20 7/8 57,719.38 12.39 6/21/99 Sell 1,038 GPS @ 71 73,698.00 73,710.39 6/25/99 Buy 1,656 AFL @ 44 1/2 73,692.00 18.39 6/28/99 Sell 3,800 IBCP @ 17 7/16 66,262.50 66,280.89 6/28/99 Sell 2,023 WAG @ 29 5/16 59,299.19 125,580.08 6/28/99 Sell 1,685 WAG @ 29 5/16 49,391.56 174,971.64 6/29/99 Sell 1,146 HD @ 64 73,344.00 248,315.64 6/30/99 Sell 7,591 CFI @ 10 1/2 79,705.50 328,021.14 6/30/99 Sell 1,682 WMT @ 48 1/4 81,156.50 409,177.64 7/1/99 Sell 1,027 SGP @ 53 15/16 55,393.81 464,571.45 7/2/99 Buy 3,069 FSS @ 21 5/8 66,367.13 398,204.32 7/23/99 Buy 931 STT @ 71 1/4 66,333.75 331,870.57 7/30/99 Buy 1,156 MBI @ 57 3/8 66,325.50 265,545.07 7/30/99 Buy 2,136 GPC @ 31 1/16 66,349.50 199,195.57 7/30/99 Buy 1,301 AHP @ 51 66,351.00 132,844.57 8/6/99 Buy 1,728 GPS @ 38 7/16 66,420.00 66,424.57 8/6/99 Buy 869 WWY @ 76 3/8 66,369.88 54.69 8/16/99 Sell 1,728 GPS @ 42 9/16 73,548.00 73,602.69 8/20/99 Buy* 1,520 MTB @ 48.40 73,568.00 34.69 10/21/99 Sell 705 MRK @ 78 5/8 55,430.63 55,465.32 10/22/99 Buy 1,192 PBI @ 46 1/2 55,428.00 37.32 10/28/99 Sell 951 STI @ 75 1/8 71,443.88 71,481.20 10/28/99 Sell 1,656 AFL @ 50 3/8 83,421.00 154,902.20 10/29/99 Buy* 3,670 DG @ 21.10 77,437.00 77,465.20 10/29/99 Buy 2,269 TFX @ 34 1/8 77,429.63 35.57 11/16/99 Sell 931 STT @ 78 3/8 72,967.13 73,002.70 11/17/99 Sell 869 WWY @ 84 3/16 73,158.94 146,161.64 11/19/99 Buy* 2,133 CTAS@ 34 1/4 73,055.25 73,106.39 11/19/99 Buy 4,532 GBCI@ 16 1/8 73,078.50 27.89 11/24/99 Sell 4,532 GBCI@ 17 15/16 81,292.75 81,320.64 11/26/99 Buy* 2,292 OK @ 35.4762 81,316.75 3.89 2/11/00 Sell 1,301 AHP @ 47 61,147.00 61,150.89 2/11/00 Buy 1,318 EMR @ 46 3/8 61,122.25 28.64 2/14/00 Sell 1,625 NSC @ 15 1/8 24,578.13 24,606.77 2/17/00 Sell 1,192 PBI @ 51 7/16 61,313.50 85,920.27 2/18/00 Buy 2,148 KRB @ 20 42,960.00 42,960.27 2/18/00 Buy 692 MRK @ 62 42,904.00 56.27 2/28/00 Sell 2,148 KRB @ 22 7/16 48,195.75 48,252.02 3/3/00 Buy 2,777 FTN @ 17 3/8 48,250.38 1.64 3/30/00 Sell 1,318 EMR @ 53 1/4 70,183.50 70,185.14 3/31/00 Sell 2,133 CTAS @ 39 3/16 83,586.93 153,772.07 3/31/00 Sell 2,777 FTN @ 20 5/16 56,407.81 210,179.88 3/31/00 Buy 7,094 ANLY @ 9 7/8 70,053.25 140,126.63 3/31/00 Buy 3,481 FRME @ 20 1/8 70,055.12 70,071.51 4/5/00 Sell 692 MRK @ 68 1/4 47,229.00 117,300.51 4/7/00 Buy 2,509 ABM @ 23 3/8 58,647.87 58,652.64 4/7/00 Buy 3,694 UST @ 15 7/8 58,642.25 10.39 4/17/00 Sell 7,094 ANLY @ 10 7/8 77,147.25 77,157.64 4/20/00 Buy 1,991 GPS @ 38 3/4 77,151.25 6.39 5/17/00 Sell 3,694 UST @ 17 1/2 64,645.00 64,651.39 5/19/00 Buy 4,925 WERN @ 13 1/8 64,640.25 10.77 6/5/00 Sell 3,481 FRME @ 22 13/16 79,410.31 79,421.08 6/9/00 Buy 1,424 FAST @ 55 3/4 79,388.00 33.08 6/26/00 Sell 2,269 TFX @ 38 7/16 87,214.68 87,247.76 6/30/00 Buy 4,474 CCL @ 19 1/2 87,243.00 4.76 7/12/00 Sell 1,424 FAST @ 63 1/8 89,890.00 89,894.76 7/14/00 Buy 2,820 VAL @ 31 7/8 89,887.50 7.26 7/18/00 Sell 2,509 ABM @ 26 65,234.00 65,241.26 7/21/00 Buy 1,023 MRK @ 63 3/4 65,216.25 25.01 7/25/00 Sell 1,023 MRK @ 70 15/16 72,569.06 72,594.07 7/28/00 Buy 676 HWP @ 107 1/4 72,501.00 93.07 7/31/00 Sell 4,925 WERN @ 14 1/4 71,412.50 71,505.57 8/4/00 Buy 1,319 AVY @ 54 3/16 71,473.31 32.26 8/7/00 Sell 1,156 MBI @ 64 5/16 74,345.25 74,377.51 8/10/00 Sell 4,474 CCL @ 21 3/4 97,309.50 171,687.01 8/11/00 Buy 1,646 WMT @ 52 1/8 85,797.75 85,889.26 8/16/00 Sell 676 HWP @ 120 81,120.00 167,009.26 8/18/00 Buy 1,625 HD @ 51 3/8 83,484.37 83,524.88 8/25/00 Buy 3,818 ABS @ 21 7/8 83,518.75 6.13 10/24/00 Sell 2,765 FSS @ 23.6875 65,495.93 65,502.06 10/25/00 Sell 3,069 FSS @ 23.875 73,272.37 138,774.43 10/27/00 Buy 3,153 PL @ 22 69,366.00 69,408.43 10/27/00 Buy 2,506 PBI @ 27.6875 69,384.87 23.56 11/6/00 Sell 3,818 ABS @ 24.6875 94,256.87 94,280.43 11/8/00 Sell 3,153 PL @ 24.9375 78,627.93 172,908.36 11/10/00 Buy 2,209 HWP @ 39.125 86,427.12 86,481.24 11/10/00 Buy 3,340 SRCE @ 15.25 50,935.00 35,546.24 11/13/00 Buy 520 CTY @ 20.50 10,660.00 24,886.24 11/17/00 Sell 3,340 SRCE @ 17.25 57,615.00 82,501.24 11/28/00 Sell 1,520 MTB @ 54.50 82,840.00 165,341.24 12/1/00 Buy 2,161 TROW @ 38.25 82,658.25 82,682.99 12/1/00 Buy 2,126 LOW @ 38.875 82,648.25 34.74 12/5/00 Sell 2,126 LOW @ 43.1875 91,816.62 91,851.36 12/5/00 Sell 2,292 OK @ 40.50 92,826.00 184,677.36 12/6/00 Sell 2,506 PBI @ 31.75 79,565.50 264,242.86 12/8/00 Sell 2,937 DCI @ 28.00 82,236.00 346,478.86 12/8/00 Buy 2,463 PAYX@ 46.875 115,453.12 231,025.74 12/8/00 Buy 2,275 JCI @ 50.75 115,456.25 115,569.49 12/8/00 Buy 3,914 MCD @ 29.50 115,463.00 106.49 12/11/00 Sell 2,161 TROW@ 42.875 92,652.87 92,759.36 12/15/00 Buy 4,947 FSS @ 18.75 92,756.25 3.11 12/19/00 Sell 3,914 MCD @ 32.875 128,672.75 128,675.86 12/22/00 Buy 2,716 ABT @ 47.375 128,670.50 5.36 1/3/01 Sell 2,275 JCI @ 57.0625 129,817.18 129,822.54 1/3/01 Sell 1,646 WMT @ 58.4375 96,188.12 226,010.66 1/4/01 Sell 1,002 TSS @ 24.125 24,173.25 250,183.91 1/5/01 Buy 1,519 ADP @ 54.875 83,355.12 166,828.79 1/5/01 Buy 1,714 FAST @ 48.9375 83,389.50 83,439.29 1/5/01 Buy 949 AIG @ 87.875 83,393.37 45.92 1/9/01 Sell 1,519 ADP @ 60.6875 91,184.31 92,230.23 1/12/01 Buy* 3,852 AJG @ 23.9375 92,207.25 22.98 1/17/01 Sell 4,947 FSS @ 21.125 104,505.37 104,528.35 1/19/01 Buy 1,061 STT @ 98.50 104,508.50 19.85 1/25/01 Sell 1,061 STT @ 109.36 116,030.96 116,050.81 1/26/01 Buy 9,284 CASY @ 12.50 116,050.50 .81 1/29/01 Sell 1,704 FAST @ 54.4375 92,761.50 92,762.31 1/30/01 Sell 3,852 AJG @ 26.90 103,618.80 196,381.11 2/2/01 Buy 3,336 MCD @ 29.43 98,178.48 98,202.63 2/16/01 Buy 2,380 SGP @ 41.25 98,175.00 27.63 2/20/01 Sell 2,336 SIAL@ 42.25 98,696.00 98,723.63 2/23/01 Buy 4,858 SCH @ 20.32 98,714.56 9.07 3/8/01 Sell 1,391 MO @ 50.85 70,732.35 70,741.42 3/9/01 Buy 1,911 CTAS@ 37.00 70,707.00 34.42 4/6/01 Sell 520 CTY @ 22.90 11,908.00 11,942.42 4/6/01 Buy 400 TROW@ 29.75 11,900.00 42.42 4/11/01 Sell 400 TROW@ 34.03 13,612.00 13,654.42 4/12/01 Buy 578 KELYA@ 23.60 13,640.80 13.62 4/18/01 Sell 1,911 CTAS@ 43.41 82,956.51 82,970.13 4/27/01 Buy 1,562 CMA @ 53.11 82,957.82 12.31 4/27/01 Sell 3,670 DG @ 23.88 87,639.60 87,651.91 5/4/01 Buy 5,393 DG @ 16.25 87,636.25 15.66 5/16/01 Sell 2,716 ABT @ 53.80 146,120.80 146,136.46 5/16/01 Sell 5,393 DG @ 18.30 98,691.90 244,828.36 5/17/01 Sell 1,319 AVY @ 59.84 78,928.96 323,757.32 5/25/01 Buy 2,817 ABS @ 28.73 80,932.41 242,824.91 5/25/01 Buy 2,437 MAY @ 33.21 80,932.77 161,892.14 6/1/01 Buy 2,476 May @ 32.69 80,940.44 80,951.70 6/4/01 Sell 2,820 VAL @36.00 101,520.00 182,471.70 6/8/01 *Buy 3,553 APPB @25.6667 91,206.50 91,265.20 6/15/01 Buy 2,968 IPG @30.74 91,236.32 28.88 6/26/01 Sell 3,553 APPB @28.98 102,965.94 102,994.82 6/29/01 Buy 2,666 SIAL @38.62 102,960.92 33.90 7/12/01 Sell 578 KELYA @ 26.35 15,230.30 15,264.20 7/13/01 Buy 478 WAG @ 31.89 15,243.42 20.78 7/17/01 Sell 2,136 GPC @34.29 73,243.44 73,264.22 7/17/01 Sell 1,562 CMA @ 59.75 93,329.50 166,593.72 7/19/01 Sell 2,666 SIAL @42.78 114,051.48 280,645.20 7/20/01 Sell 2,817 ABS @32.35 91,129.95 371,775.15 7/20/01 Buy 1,689 EMR @55.00 92,895.00 278,880.15 7/20/01 Buy 1,993 GE @46.63 92,933.59 185,946.56 7/27/01 Buy 3,816 HWP @24.36 92,957.76 92,988.80 8/2/01 Sell 478 WAG @ 35.57 17,002.46 109,991.26 8/6/01 Sell 9,284 CASY @ 14.25 132,297.00 242,288.26 8/10/01 Buy 4,649 DG @17.37 80,753.13 161,535.13 8/10/01 Buy 2,947 AFL @27.40 80,747.80 80,787.13 8/17/01 Buy 1,771 CTAS @45.61 80,775.31 12.02 11/14/01 Sell 2,437 MAY @36.48 88,901.76 88,913.78 11/23/01 Sell 2,476 MAY @36.59 90,596.84 179,510.62 12/7/01 Buy 4,376 KELYA @20.51 89,751.76 89,758.86 12/14/01 Buy 1,545 MRK @58.09 89,749.05 9.81 1/3/02 Sell 4,376 KELYA @ 22.80 99,772.80 99,782.61 1/4/02 Buy 1,694 MRK @ 58.89 99,759.66 22.95 3/4/02 Sell 1,689 EMR @ 63.36 107,015.04 107,037.99 3/8/02 Sell 2,968 IPG @ 34.06 101,090.08 208,128.07 3/8/02 Buy 7,949 CASY @ 13.09 104,052.41 104,075.66 3/13/02 Sell 1,545 MRK @ 64.37 99,451.65 203,527.31 3/15/02 Buy 7,715 CASY @ 13.19 101,760.85 101,766.46 4/5/02 Buy 1,782 EMR @ 57.08 101,716.56 49.90 4/12/02 Sell 1,991 DDS @ 25.19 50,153.29 50,203.19 4/12/02 Buy 1,496 GE @ 33.55 50,190.80 12.39 4/15/02 Sell 1,771 CTAS @ 50.29 89,063.59 89,075.98 4/19/02 Buy 4,274 TSS @ 20.84 89,070.16 5.82 5/1/02 Sell 2,947 AFL @ 30.46 89,765.62 89,771.44 5/1/02 Sell 4,274 TSS @ 23.00 98,302.00 188,073.44 5/10/02 Buy 3,629 SNV @ 25.91 94,027.39 94,046.05 5/10/02 Buy 2,022 STT @ 46.50 94,023.00 23.05 7/5/02 Sell 4,649 DG @ 19.39 90,144.11 90,167.16 7/5/02 Buy 2,013 OMC @ 44.78 90,142.14 25.02 7/11/02 Sell 2,013 OMC @ 49.39 99,422.07 99,447.09 7/12/02 Buy 2,317 MO @ 42.92 99,445.64 1.45 *CZNB purchase(7/14/95) adjusted for 1.6% stock dividend ex 8/30/95 ADM purchases(7/14/95, 7/28/95) adjusted for 5% stock dividend ex 8/17/95. ADM purchase 7/19/96 adjusted for 5% stock dividend ex 8/19/96. MO purchase(3/21/97) adjusted for stock split 3:1 (4/11/97). CZN.B purchase (5/21/97) adjusted for 1.6% stock dividend ex 5/31/97. CZN.B purchase (5/23/97) adjusted for 1.6% stock dividend ex 5/31/97. CZN purchases (5/21/97,5/23/97) adjusted for 1.6% stock dividend. DCI purchase (11/21/97) adjusted for 2:1 stock split (1/14/98). BEN purchase (1/2/98) adjusted for 2:1 stock split (1/16/98). Sell (10/20/98) of CCI reflective of name change from Travelers Group at time of purchase. Selling prices of GLK (3/8/99) includes OTL spin-off. Purchase of CTAS (11/19/99) adjusted for 3:2 stock split 3/8/00. Purchase of DG (10/29/99) adjusted for 5:4 stock split 5/23/00. Purchase of OK 11/26/99 adjusted for 5% stock dividend (10/7/00). MTB purchase 8/20/99 adjusted for 10:1 stock split (10/6/00). Purchase of AJG 1/12/01 adjusted for 2:1 stock split (1/19/01). APPB purchase date 6/8/01 adjusted for 3:2 stock split (6/13/01). Edited by - gz on 8/6/2002 20:0:49