that allows them to make selling the TiVo hardware a smaller portion of their revenue mix. They are basically selling their service, and with big distribution, large profits should be right on the horizon. The long-term future growth rate is 35%.
 Amgen: One of the largest biotech companies that specializes in anti-anemia drugs. Has a new drug coming out, Nucogen, which increases the white blood cell count in cancer and AIDS patients. Growth has slowed, but will still earn 20% annually
*As of july 15, 2005
source: yahoo! Finance, dawn Alston Paige
KEN JOHNSON LOOMIS SAYLES & CO.
| FUND (Ticker) | Price at Recommendation* | Five YearAnnualized Return |
| Loomis Sayles Bond (LSBRX) | $13.69 | 11.08% |
| Â | Â | Â |
| Vanguard Short-Term Bond Index (VBISX) | 10.02 | 5.05 |
| Harbor Bond Fund (HRBDX) | 11.86 | 5.95** |
I have three funds that I expect to do well in a rising interest rate environment. One is the Loomis Sayles Bond Fund. It’s a multi-sector fund so it gives you exposure across each sector of the bond market, particularly the global bond market, and it’s got a good long-term track record. A more conservative play on rising interest rates would be the Vanguard Short-Term Bond fund. It has an above average historical return and a rock bottom expense ratio. It’s a very attractive fund for an individual investor looking to establish a position in a bond portfolio going into a rising interest rate environment.
I would also recommend the Harbor Bond Fund, which is managed by Bill Gross at Pimco, a top bond manager. It’s an intermediate term fund with above average historical returns and above average historical risk. All of these funds carry five-star ratings from Morningstar.
*As of july 15, 2005
**One-year annualized total return
source: yahoo! Finance, ken johnson
 UPDATE ON 2004 PICKS
RON HOLT Hansberger Global Investors
| Company (Exchange: Ticker) | Recent Price* | Price at Recommendation** | Total Return*** | Current Value of $1,000 Investment |
| Samsung Electronics Co. Ltd. (KSE: 005930.KS) | $542.30 | $401.50 | 35.07% | $1,350.69 |
| Petroleo Brasileiro (NYSE: PBR) | $51.06 | $27.12 | 88.27% | $1,882.74 |
| Kingfisher PLC. (OTC: KGFHF.PK) | $4.36 | $5.25 | -16.97% | $830.25 |
Portfolio Performance: 35.46%
Current Value of $3,000 Investment: $4,063.69
EDDIE RAMOS Brown Capital Management
| Company (Exchange: Ticker) | Recent Price* | Price at Recommendation** | Total Return*** | Current Value of $1,000 Investment |
| Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) | $30.97 | $31.96 | -3.10% | $969.02 |
| Wal-Mart de México (OTC: WMMVY.PK) | $44.99 | $30.05 | 49.72% | $1,497.17 |
| Esprit Holdings (HKSE: 0330.HK) | $54.85 | $33.53 | 63.58% | $1,635.85 |
Portfolio Performance: 36.73%
Current Value of $3,000 Investment: $4,102.04
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THOMAS MIMS Emerging Africa Ltd.
| Company (Exchange: Ticker) | Recent Price* | Price at Recommendation** | Total Return*** | Current Value of $1,000 Investment |
| AngloGold Ashanti Ltd. (NYSE: AU) | $35.63 | $31.37 | 13.58% | $1,135.80 |
| MISR International Bank (OTC: MIBZY) | $4.24 | $3.43 | 23.45% | $1,234.50 |
| Zambia Copper Investments Ltd. (OTC: ZMBBY) | $0.65 | $0.67 | -3.45% | $965.54 |
Portfolio Performance: 11.19
Current Value of $3,000 Investment: $3,335.83
 CLIFFORD MPARE Piedmont Investment Advisors
| Company (Exchange: Ticker) | Recent Price* | Price at Recommendation** | Total Return*** | Current Value of $1,000 Investment |
| Medtronic Inc. (NYSE: MDT) | $52.92 | $49.72 | 6.44% | $1,064.36 |
| Doral Financial Corp. (NYSE: DRL) | $16.54 | $36.30 | -54.44% | $455.65 |
| Nucor Corp.†(NYSE: NUE) | $53.85 | $38.57 | 39.62% | $1,396.16 |
Portfolio Performance: