COMMENTARY
      A gut-wrenching week in the financial markets, with high-tech stocks and the 
      Nasdaq composite stumbling. Nasdaq fell for four straight days, ending down 
      10.2% for the week. The Business Week 50 was down 5.2%, with computer issues 
      leading the decline. Microsoft's legal perils hurt tech issues. Bonds soared, 
      as investors fled to quality. Wide intra-day swings stunned traders.
      
      STOCKS
      
                                              -----------% change--------
                                                        Year to   Last 12
      U.S. MARKETS                  Apr. 5    Week      date      months
      
      S&P 500                        1487.4   -1.4      1.2       12.6
      Dow Jones Industrials        11,033.9    0.1     -4.0       10.3
      Nasdaq Composite               4169.2  -10.2      2.5       62.9
      S&P MidCap 400                  475.8   -1.0      7.0       28.6
      S&P SmallCap 600                203.5   -3.2      2.9       25.6
      Wilshire 5000                13,948.5   -3.0      2.9       16.3
      
      SECTORS
      Business Week 50*              1229.7   -5.2     -0.1       26.0
      Business Week Info Tech 100**  1022.8   -6.6      NA         NA
      S&P/BARRA Growth                906.5   -3.3      2.2       18.0
      S&P/BARRA Value                 611.8    0.9      0.2        6.3
      S&P Energy                      838.2   -1.7      0.5        8.6
      S&P Financials                  135.4    0.7      1.8       -5.0
      S&P REIT                         74.2    1.1      0.7       -5.9
      S&P Transportation              595.3    4.2     -0.3      -16.5
      S&P Utilities                   242.8    0.3      6.8        2.3
      GSTI Internet                   571.4  -15.5    -19.8       -8.4
      PSE Technology                 1122.3   -4.6     15.5      114.3
      
                                              -----------% change--------
                                                        Year to   Last 12
      GLOBAL MARKETS                Apr. 5    Week      date      months
      S&P Euro Plus (U.S. Dollar)    1525.1   -1.4      0.9       22.2
      London (FT-SE 100)             6379.3   -3.3     -7.9       -0.6
      Paris (CAC 40)                 6036.9   -7.2      1.3       40.2
      Frankfurt (DAX)                7330.8   -6.8      5.4       49.2
      Tokyo (NIKKEI 225)           20,462.8   -1.2      8.1       24.2
      Hong Kong (Hang Seng)        16,318.4  -10.8     -3.8       47.4
      Toronto (TSE 300)              9226.5   -4.9      9.7       36.9
      Mexico City (IPC)              7272.8   -7.8      2.0       42.6
      
      FUNDAMENTALS                           Apr. 5    Wk. ago   Yr. ago
      S&P 500 Dividend Yield                  1.12%     1.12%     1.21%
      S&P 500 P/E Ratio (Trailing 12 mos.)    31.7      31.8      34.9
      S&P 500 P/E Ratio (Next 12 mos.)*       24.6      24.9      24.5
      First Call Earnings Surprise*           12.78%    4.37%     12.03%
      *First Call Corp.
      
      TECHNICAL INDICATORS                    Apr. 5    Wk. ago   Reading
      S&P 500 200-day average                 1378.2    1374.1    Positive
      Stocks above 200-day average            35.0%     31.0%     Positive
      Options: Put/call ratio                 0.43      0.42      Negative
      Insiders: Vickers Sell/buy ratio        0.80      0.78      Positive
      
      BEST-PERFORMING               Last                                    Last 12
      GROUPS                        month%                                  months%
      Shoes                         35.1      Instrumentation               279.1
      Property-Casual. Insurers     29.5      Semiconductors                132.2
      Food Chains                   29.0      Defense Electronics           117.7
      Multiline Insurers            27.1      Communications Equip.         104.1
      Insurance Brokers             27.0      Oil & Gas Drilling             67.3
      
      WORST-PERFORMING              Last                                    Last 12
      GROUPS                        month%                                  months%
      Defense Electronics           -23.2     Pollution Control             -68.0
      Health-Care Services          -20.4     Toys                          -48.2
      Instrumentation               -20.2     Life Insurance                -47.3
      Household Products            -16.3     Office Equip. & Supplies      -45.5
      Long-Dist. Telecomms.          -7.4     Hotels & Motels               -40.0
      
      INTEREST RATES
      
                                              Week      Year
      KEY RATES                     Apr. 5    ago       ago
      MONEY MARKET FUNDS            5.58%     5.54%     4.47%
      90-DAY TREASURY BILLS         5.87      5.89      4.42
      1-YEAR TREASURY BILLS         6.10      6.31      4.69
      10-YEAR TREASURY NOTES        5.87      6.18      5.14
      30-YEAR TREASURY BONDS        5.78      5.99      5.51
      30-YEAR FIXED MORTGAGE+       8.11      8.32      6.97
      +BanxQuote, Inc.
      
      BLOOMBERG MUNI YIELD EQUIVALENTS
      Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds, assuming a 
      31% federal tax rate.
                                 10-yr. bond         30-yr. bond
      GENERAL OBLIGATIONS           4.98%               5.58%
      TAXABLE EQUIVALENT            7.22                8.09
      INSURED REVENUE BONDS         5.14                5.82
      TAXABLE EQUIVALENT            7.45                8.43
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return          %       Four-week total return         %
      Financial                     16.4      Technology                    -18.6
      Large-cap Value               11.8      Small-cap Growth              -18.1
      Mid-cap Value                  9.6      Mid-cap Growth                -15.8
      Large-cap Blend                7.2      Communications                -11.2
      Real Estate                    5.5      Health                        -10.0
      
      Leaders                                 Laggards
      52-week total return            %       52-week total return            %
      Technology                    111.7     Precious Metals               -5.3
      Small-cap Growth               74.6     Financial                     -4.5
      Mid-cap Growth                 69.7     Real Estate                    2.9
      Japan                          69.0     Large-cap Value                6.3
      Diversified Pacific/Asia       66.9     Mid-cap Value                  9.0
      
      
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