TOP EIGHT MODEL PORTFOLIO MAY 2004

1. Natural Gas (FSNGX)

2. Wireless (FWRLX)

3. Biotechnology (FBIOX)

4. Energy (FSENX)

5. Medical Equipment & Systems (FSMEX)

6. Medical Delivery (FSHCX)

7. Natural Resources (FNARX)

8. Defense & Aerospace (FSDAX)

EXCHANGES FOR MAY 3, 2004

Sell Developing Communications (FSDCX),

buy Natural Gas (FSNGX)

Sell Construction & Housing (FSHOX),

buy Biotechnology (FBIOX)

Sell Industrial Equipment (FSCGX),

buy Energy (FSENX)

Sell Electronics (FSELX),

buy Medical Equipment & Systems (FSMEX)

Sell Brokerage & Investment Mgmt (FSLBX),

buy Medical Delivery (FSHCX)

Sell Home Finance (FSVLX),

buy Natural Resources (FNARX)

Sell Industrial Materials (FSDPX),

buy Defense & Aerospace (FSDAX)