COMMENTARY
      A stronger-than-expected retail sales report dimmed hopes for the scenario of 
      slow economic growth. Bond prices fell, pushing the yield on the 30-year 
      Treasury up to 7.45%. The stock market flirted with Mar. 20's record high, 
      falling just short at 4083. The dollar remained weak, but a strong German mark 
      boosted the GAM Global and International funds. The funds, which have 55% in 
      European government bonds, are hedged 85% into the mark. GAM Global is up more 
      than 15% in the past month, as shown on this page.
      
      MARKET ANALYSIS
      
      % change
      U.S. STOCKS                             Latest      Week    52-week
      DOW JONES INDUSTRIALS                   4083.0       1.1     5.5
      MIDSIZE COMPANIES (S&P MidCap Index)    179.7       -0.5    -2.0
      SMALL COMPANIES (Russell 2000)          256.8       -0.2    -5.0
      ALL COMPANIES (Russell 3000)            282.2        0.5     3.6
      
                                                     % change (local currency)
      FOREIGN STOCKS                          Latest      Week    52-week
      LONDON (FINANCIAL TIMES 100)            3139.7       3.0     -0.5
      TOKYO (NIKKEI INDEX)                    15,904.9    -4.6    -20.3
      TORONTO (TSE COMPOSITE)                 4263.2       1.1     -7.5
      
      FUNDAMENTALS                            Latest      Week ago    Year ago
      90-DAY TREASURY BILL YIELD              5.85%       5.89%       3.55%
      30-YEAR TREASURY BOND YIELD             7.45%       7.36%       6.89%
      S&P 500 DIVIDEND YIELD                  2.65%       2.68%       2.79%
      S&P 500 PRICE/EARNINGS RATIO            16.5        16.3        21.3
      
      TECHNICAL INDICATORS                    Latest      Week ago    Reading
      S&P 500 200-day moving average          464.8       463.9       Positive
      Stocks above 200-day moving average     53.0%       53.0%       Neutral
      Speculative sentiment: Put/call ratio   0.67        0.70r       Neutral
      Insider sentiment: Vickers
        sell/buy ratio                        0.94        0.83        Positive
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                            % change                        % change
                           4-    52-   Strongest stock     4-    52-
      FOUR-WEEK LEADERS    week  week  in group            week  week   Price
      1 TOBACCO            13.1  22.9  PHILIP MORRIS       15.6  28.3    66 7/8
      2 MEDICAL PRODUCTS
        AND SUPPLIES       11.2  35.9  BOSTON SCIENTIFIC   32.0  59.7    24 3/4
      3 COMPUTER SOFTWARE  11.1  20.4  MICROSOFT           16.8  66.4    70 1/2
      4 GOLD MINING        10.8  -8.3  NEWMONT MINING      14.7  -6.4    40 7/8
      5 OFFICE EQUIPMENT    8.0   5.9  XEROX               9.0   18.0   118
        AND SUPPLIES
      
                               % change                         % change
                              4-    52-   Weakest stock       4-     52-
      FOUR-WEEK LAGGARDS      week  week  in group            week   week   Price
      1 PAPER CONTAINERS      -7.5  14.7  TEMPLE-INLAND       -10.3  -7.8   44 5/8
      2 METALS                -6.9 -10.0  ASARCO              -13.3  -9.3   24 1/2
      3 STEEL                 -6.2 -18.7  INLAND STEEL        -18.9 -29.8   24 1/8
                                          INDUSTRIES
      4 APPAREL MANUFACTURING -5.7  -9.4  LIZ CLAIBORNE       -11.2 -34.3   14 7/8
      5 FOREST PRODUCTS       -5.4   4.1  LOUISIANA-PACIFIC   -11.6 -36.1   25 5/8
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                         LAGGARDS
      Four-week total return    %     Four-week total return                   %
      1 GAM GLOBAL            15.4    WRIGHT EQUIFUND-MEXICO NATL.FID.EQTY. -25.4
      2 GAM INTERNATIONAL     11.7    MORGAN STANLEY LATIN AMERICAN B       -14.0
      3 EXCEL MIDAS GOLD      11.1    MERRILL LYNCH LATIN AMERICA C         -12.1
      
      52-week total return              %   52-week total return             %
      1 FIDELITY SELECT HEALTH CARE   37.2  MONITREND GOLD                -47.6
      2 GOVETT SMALLER COMPANIES      28.5  HERCULES LATIN AMERICAN VALUE -46.8
      3 SELIGMAN COMMUNICATIONS       28.3  BT INVESTMENT LATIN           -45.9
        & INFORM. A                         AMERICAN EQUITY
      
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      Foreign stocks  U.S. stocks   Money market fund  Treasury bonds  Gold
      
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