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APENDIX C APPENDIX C: INVESTING IN TOP 10 TO 15 OF 48 ASSET CLASSES
© 2006 Malcolm Williams
  StdDev     Total Annual Returns    
Fund Name   3 Yr* 1995   1996   1997   1998   1999   2000   2001   2002   2003   2004   2005  
Cat: Latin America Stock 20.30 -20.77 26.13 27.44 -37.28 60.66 -15.52 -6.09 -19.92 61.86 38.34 53.82
Cat: Specialty-Natural Res 18.69 20.74 32.76 3.34 -25.05 30.89 29.69 -10.45 -3.01 32.91 27.22 38.11
Cat: Japan Stock 18.77 -3.06 -12.48 -14.77 4.96 106.31 -33.61 -30.73 -13.17 38.14 14.23 32.59
Cat: Diversified Emerging Mkts 16.23 -0.78 14.68 -0.70 -26.13 69.97 -29.59 -3.10 -5.72 55.35 23.77 31.64
Cat: Diversified Pacific/Asia 14.38 5.46 3.54 -19.21 -1.64 85.89 -29.96 -17.73 -10.97 40.63 17.67 26.99
Cat: Foreign Small/Mid Growth 13.60 5.37 19.56 11.27 20.34 89.18 -13.76 -23.95 -14.64 52.44 25.05 24.79
Cat: Pacific/Asia ex-Japan Stk 17.00 -1.10 11.99 -29.98 -5.34 73.42 -24.59 -1.34 -8.93 54.27 13.06 21.26
Cat: Foreign Small/Mid Value 12.68 8.32 16.68 -6.40 4.85 36.09 -9.98 -12.03 -4.86 52.85 23.44 17.99
Cat: Foreign Large Growth 12.27 9.67 13.65 6.93 14.27 56.53 -20.42 -23.68 -18.74 35.05 16.06 15.27
Cat: Europe Stock 13.88 16.68 25.33 23.33 12.53 37.25 -5.24 -14.96 -10.50 40.23 21.93 14.61
Cat: Foreign Large Blend 11.71 11.33 13.18 7.12 13.38 40.15 -15.96 -21.80 -16.96 33.25 17.21 14.55
Cat: Specialty-Utilities 10.58 27.64 11.02 26.82 20.87 17.86 11.16 -20.44 -23.79 23.33 23.88 13.54
Cat: Foreign Large Value 11.68 12.23 15.22 8.94 10.51 25.96 -2.41 -14.00 -11.60 39.34 21.95 13.21
Cat: World Stock 11.33 17.51 16.65 14.21 14.34 41.70 -8.02 -15.92 -19.03 35.50 15.38 11.74
Cat: Emerging Markets Bond 8.13 21.69 44.44 13.01 -20.69 27.68 11.76 13.13 12.80 30.33 12.28 11.65
Cat: Specialty-Real Estate 14.73 14.40 34.29 22.28 -15.80 -2.81 26.91 9.98 4.53 36.96 32.16 11.59
Cat: Mid-Cap Growth 13.38 34.44 17.79 19.78 18.41 61.75 -2.36 -18.17 -26.54 36.29 13.41 9.70
Cat: Specialty-Health 11.90 48.57 13.50 21.96 20.73 18.79 56.96 -10.93 -26.76 31.42 9.67 9.34
Cat: Mid-Cap Blend 12.14 27.92 19.61 26.67 9.17 20.36 10.54 2.21 -15.68 36.78 16.24 9.21
Cat: Mid-Cap Value 11.76 28.22 19.72 26.08 2.57 10.28 19.71 5.71 -13.25 36.38 18.52 8.41
Cat: World Allocation 7.45 19.73 14.89 11.61 9.42 15.00 1.83 -3.17 -2.21 25.64 15.01 8.03
Cat: Specialty-Communications 17.12 29.11 10.48 28.53 43.13 56.82 -30.00 -28.59 -39.21 44.75 21.49 7.52
Cat: Small Blend 14.40 25.90 22.83 25.85 -5.22 15.07 13.47 7.74 -16.41 43.26 18.55 6.62
Cat: Specialty-Financial 11.84 46.02 31.88 47.41 5.66 -2.15 27.40 -2.17 -9.49 32.77 13.89 6.58
Cat: Large Growth 10.88 32.36 19.36 26.17 32.37 38.07 -12.73 -20.97 -27.00 28.99 7.90 6.46
Cat: High Yield Muni 3.45 16.17 4.31 9.80 5.45 -4.55 5.72 5.05 6.15 7.03 6.57 6.34
Cat: Small Value 13.63 23.83 22.74 29.69 -6.33 6.98 18.26 15.47 -10.20 43.18 20.84 6.13
Cat: Large Value 9.94 32.44 19.95 27.41 11.30 5.78 9.89 -3.22 -18.26 28.69 13.17 5.88
Cat: Large Blend 9.53 33.09 21.47 27.61 21.39 20.20 -3.51 -11.21 -21.78 27.62 10.10 5.77
Cat: Small Growth 16.03 34.24 19.57 19.36 5.75 59.12 -4.03 -8.69 -27.88 45.39 12.08 5.74
Cat: Specialty-Technology 19.46 46.63 20.26 10.95 52.00 123.99 -31.42 -35.20 -42.04 56.47 4.59 5.52
Cat: Moderate Allocation 6.73 26.55 14.26 19.78 13.90 10.99 2.41 -4.46 -11.55 20.33 8.89 5.29
SPDR Trust Series 1 9.14 37.23 22.74 33.06 28.35 20.86 -9.15 -11.86 -22.12 28.39 10.75 4.79
Cat: Long Government 8.74 27.62 -1.37 14.55 11.30 -6.81 19.11 3.88 15.41 4.04 7.14 3.29
Cat: Convertibles 7.65 22.87 16.05 19.02 4.94 28.61 1.81 -5.96 -7.69 26.55 8.89 3.25
Cat: Conservative Allocation 4.36 19.97 9.86 13.82 9.82 5.61 4.50 0.23 -3.23 12.20 5.66 3.05
Cat: High Yield Bond 5.10 17.32 13.47 13.25 -0.02 4.79 -6.91 2.38 -1.29 24.72 10.02 2.53
Cat: Ultrashort Bond 0.65 7.78 6.11 6.20 5.01 4.44 6.62 5.65 2.80 1.53 1.30 2.49
Cat: Long-Term Bond 6.22 27.11 4.62 12.38 5.80 -3.45 9.33 8.91 9.02 9.97 6.56 2.21
Cat: Multisector Bond 4.68 17.75 11.36 9.46 0.77 3.39 1.07 3.76 6.90 17.55 8.54 2.07 10 Yr 
Cat: Intermediate Government 3.63 16.68 2.98 8.67 7.51 -1.28 11.02 7.01 9.42 2.17 3.30 1.90 Cum
Cat: Intermediate-Term Bond 4.06 17.79 3.41 8.92 7.36 -1.33 9.72 7.70 8.13 5.14 4.01 1.79 %Rtrn
Cat: Short-Term Bond 1.89 11.62 4.44 6.59 6.20 2.05 7.92 7.39 5.75 2.76 1.67 1.43 Avg
Cat: Short Government 2.08 11.96 3.77 6.83 6.53 1.24 8.31 7.23 6.88 1.39 1.38 1.23 Stnd
Cat: World Bond 6.25 18.37 10.79 3.72 9.37 -2.44 3.42 2.10 13.76 13.72 8.97 -3.21 Dev
 
S&P500 SPDR Cum Return 1.00 1.23 1.63 2.10 2.53 2.30 2.03 1.58 2.03 2.25 2.35 8.92% 135 9.14
Average of 45 10.67 15.28 13.97 7.26 29.09 0.43 -5.895 -9.397 30.17 14.06 10.95    
Average of 45 Return 1.00 1.15 1.31 1.41 1.82 1.83 1.72 1.56 2.03 2.31 2.57 9.9% 157 10.7
#1 Asset Class Each Year 1.00 1.44 2.13 3.24 7.25 11.38 13.14 15.16 24.54 33.95 52.23   5123  
Notes:    
           *Used Standard Deviations from 12/05 data for all years.  Actually varies over years. All are 3YR. APR  
                Excluded Bear Market and Prescious Metals classes assuming these would not be used by the average invester due to their high risks.    
            NASDAQ 100 Excluded due to lack of full 10 year record   10 Yr   
  Cum  
© 2006 Malcolm Williams     Average Total Annual Returns and their Standard Deviations       %Rtrn  
StdDev   StdDev   StdDev   StdDev   StdDev   StdDev   StdDev   StdDev   StdDev   StdDev     Avg
96 1996 97 1997 98 1998 99 1999 00 2000 01 2001 02 2002 03 2003 04 2004 05 2005   Stnd
Investing In Top 15 14.08 13.57 25.58 12.78 28.02 12.10 22.49 15.09 66.72 10.69 19.00 6.88 7.40 6.38 6.34 15.59 47.01 14.36 23.47 14.08 22.78   Dev
1.00 1.26 1.61 1.97 3.28 3.91 4.20 4.46 6.56 8.10 9.94 25.80 894 12.15
Investing In Top 10 15.78 13.43 28.46 12.51 30.08 12.69 27.19 16.63 78.71 12.44 23.44 8.05 9.03 4.91 9.42 16.05 50.98 14.95 25.92 15.78 27.71    
1.00 1.28 1.67 2.13 3.80 4.69 5.11 5.59 8.45 10.63 13.58   1258 12.74
Investing In Top 15 One Year Late   14.08   11.91 16.71 13.57 24.23 12.78 9.56 12.10 42.66 15.09 -18.48 10.69 2.30 6.88 3.11 6.38 14.39 15.59 20.61 14.36 19.30    
1.00 1.17 1.45 1.59 2.27 1.85 1.89 1.95 2.23 2.69 3.21 12.37 221 11.94
Investing In Top 10 One Year Late   15.78   12.92 19.70 13.43 25.30 12.51 12.86 12.69 48.92 16.63 -21.48 12.44 1.19 8.05 1.67 4.91 9.41 16.05 20.12 14.95 22.68    
1.00 1.20 1.50 1.69 2.52 1.98 2.00 2.04 2.23 2.68 3.28   228 12.46
Investing In Top 15 One Year Late, Less #1   13.64   11.91 16.94 13.96 25.03 12.85 9.84 11.57 36.85 14.78 -17.56 10.61 3.25 6.39 4.06 6.22 15.13 15.26 19.34 13.93 16.84    
1.00 1.17 1.46 1.61 2.20 1.81 1.87 1.95 2.24 2.67 3.13 12.1% 213 11.75
Investing In Top 10 One Year Late,   15.28   13.04 20.39 14.02 26.67 12.58 13.66 11.94 40.58 16.31 -20.38 12.50 2.54 7.43 2.99 4.49 10.01 15.57 18.10 14.35 19.22    
 Less #1 1.00 1.20 1.52 1.73 2.44 1.94 1.99 2.05 2.25 2.66 3.17   217 12.22
© 2006 Malcolm Williams   Out Performance Ranking  
Fund Name   1995   1996   1997   1998   1999   2000   2001   2002   2003   2004   2005  
Cat: Latin America Stock 45   5   6   45   8   37   26   36   1   1   1
Cat: Specialty-Natural Res 21   3   40   43   17   2   28   15   22   3   2
Cat: Japan Stock 44   45   43   31   2   45   44   27   14   20   3
Cat: Diversified Emerging Mkts 42   24   41   44   6   41   21   18   3   6   4
Cat: Diversified Pacific/Asia 40   41   44   37   4   42   36   24   11   14   5
Cat: Foreign Small/Mid Growth 41   16   27   8   3   36   42   29   6   4   6
Cat: Pacific/Asia ex-Japan Stk 43   30   45   39   5   40   19   20   4   24   7
Cat: Foreign Small/Mid Value 38   19   42   33   16   34   32   17   5   7   8
Cat: Foreign Large Growth 37   26   35   11   11   39   41   34   20   17   9
Cat: Europe Stock 29   6   13   14   15   30   34   23   12   9   10
Cat: Foreign Large Blend 36   29   34   13   13   38   40   32   21   15   11
Cat: Specialty-Utilities 13   32   8   6   25   10   38   39   33   5   12
Cat: Foreign Large Value 33   22   31   17   20   27   33   26   13   8   13
Cat: World Stock 27   20   21   10   12   32   35   35   19   18   14
Cat: Emerging Markets Bond 20   1   24   42   19   9   2   3   25   25   15
Cat: Specialty-Real Estate 32   2   14   41   42   4   3   11   15   2   16
Cat: Mid-Cap Growth 5   18   16   9   7   26   37   40   18   22   17
Cat: Specialty-Health 1   27   15   7   24   1   29   41   24   30   18
Cat: Mid-Cap Blend 12   14   9   21   22   12   16   30   16   16   19
Cat: Mid-Cap Value 11   13   11   34   29   5   10   28   17   13   20
Cat: World Allocation 23   23   26   19   27   23   22   14   31   19   21
Cat: Specialty-Communications 10   34   4   2   10   43   43   44   8   10   22
Cat: Small Blend 17   7   12   38   26   8   5   31   9   12   23
Cat: Specialty-Financial 3   4   1   28   40   3   20   21   23   21   24
Cat: Large Growth 9   17   10   3   14   35   39   42   26   35   25
Cat: High Yield Muni 31   39   29   29   44   19   12   9   39   37   26
Cat: Small Value 18   9   3   40   30   7   1   22   10   11   27
Cat: Large Value 8   12   7   15   31   13   23   33   27   23   28
Cat: Large Blend 7   10   5   5   23   28   30   37   29   28   29
Cat: Small Growth 6   15   18   27   9   29   27   43   7   26   30
Cat: Specialty-Technology 2   11   28   1   1   44   45   45   2   40   31
Cat: Moderate Allocation 16   25   17   12   28   22   24   25   34   33   32
SPDR Trust Series 1 4   8   2   4   21   33   31   38   28   27   33
Cat: Long Government 14   44   20   16   45   6   13   1   41   36   34
Cat: Convertibles 19   21   19   32   18   24   25   19   30   32   35
Cat: Conservative Allocation 22   35   22   18   32   20   18   16   37   39   36
Cat: High Yield Bond 28   28   23   36   33   31   15   13   32   29   37
Cat: Ultrashort Bond 39   36   38   30   34   18   11   12   44   45   38
Cat: Long-Term Bond 15   37   25   26   43   15   4