No May Flowers for Investors

Inflation and oil prices took a heavy toll on equity indices -- and the "June swoon" might bring more of the same

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May was a cruel month for U.S. stock investors. The major equity indices took it on the chin as inflation and high oil prices, among other factors, weighed heavily on investor sentiment. The S&P 500 index lost 3.1% (on a price return basis) for the month. The average equity fund dropped 4.2% in May.

All equity fund style categories posted losses for May, with small-cap growth portfolios doing the worst, shedding 6.2% of their value. Meanwhile, large-cap value suffered the least, down 2.6%. (For complete results of more than 5,000 funds, see our Interactive Mutual Fund Scoreboard).

BAD ALL OVER. "In May, value-oriented and larger-cap companies had the least declines, while growth style and smaller-cap companies were at the bottom of the rankings, as investors shifted to more stable companies," says Standard & Poor's mutual fund strategist Rosanne Pane. "In down months, there's also a focus on value stocks, with expectations that they have less downside risk relative to growth stocks that may be aggressively valued."

On average, equity funds underperformed the market. "It was pretty much a bad month all around," said Sam Stovall, Standard & Poor's chief investment strategist. "Thank goodness there are 12 months in a year, not one."

A Dreary May for Equity Funds
Fund Investment Style May 2006 Average Returns (%) Average Return Year-to-Date (%)
Large-Cap Growth -4.5 -0.7
Large-Cap Value -2.6 4
Large-Cap Blend -3.3 2.6
Mid-Cap Growth -5.8 2.2
Mid-Cap Value -3.3 5
Mid-Cap Blend -4.1 4
Small-Cap Growth -6.2 5.3
Small-Cap Value -4.2 7.5
Small-Cap Blend -5 6.3
All-Cap Growth -4.8 1.9
All-Cap Value -3.1 4.5
Domestic Equity Funds (excluding sector and balanced funds) -4.2 3.1
S&P 500-Stock Index -2.9 2.6

"MUSICAL CHAIRS." Stovall warns that historically, a bloody May can spill over onto the next month, when the "June swoon" can set in. In the 10 worst May market performances since 1945, the S&P 500 declined an average of 1.21% the following June.

Worse, Stovall adds, the mid-term election year is historically the weakest of the four-year presidential cycle. The market gain is historically about 25% that of the strongest year in the cycle -- the third year. The second and third quarters of year two have fallen an average of 2% and 2.2%, respectively, since 1945, he says. "So far this pattern is playing out," Stovall says. "It was a positive first quarter, but through May 31, we're down about 2.2% in the second quarter."

Stovall attributes the May declines less to concerns over interest rates than to an overreaction to the small rise in the consumer price index on May 11. The S&P 500 fell slightly on May 10 in anticipation of the Federal Reserve's meeting, making it "a non-event day," he says. "Investors are like hyperactive fourth-graders playing musical chairs. They're all trying to outanticipate everybody else."

GAINS AHEAD? The market's reaction, Stovall thinks, was a bit overdone. "Those who want to play it safe have to remember that the market has rebounded quite substantially in the fourth quarter of the mid-term election year," he says. Out of all 16 quarters of the Presidential cycle, the fourth quarter of year two, and the first and second quarters of year three, have been the best periods for the S&P 500, on average.

Despite their poor showing in May, small-cap equity funds have excelled on the year-to-date basis. Small-cap value portfolios have risen 7.5%, making it the best performing style category. Large-cap growth funds have done the worst -- with a 0.7% loss year-to-date -- and it is the only group in negative territory through the first five months of the year.

A bruising May notwithstanding, Standard & Poor's Global Investment Policy Committee (IPC) continues to expect full-year gains for the S&P 500 -- an 11% price rise and 12% growth in earnings. The committee anticipates that corporate earnings will get a big boost from an expected 20% advance in profits for the S&P 1500 materials sector, a 17% snap-back for consumer discretionary (vs. a 1% decline last year), and 16% earnings increases for both the energy and telecom services sectors.

ALL-STAR ROSTER. For full-year 2006, the IPC projects operating earnings-per-share gains of 18% for mid-cap issues and 19% for small caps, compared with 12% for the large-cap S&P 500. Moreover, IPC sees the greatest profit increase for large-cap growth stocks, with a projected 26% gain on the year.

Here are the funds ranked the highest by BusinessWeek and their five-year annualized pretax returns through May.

A-List Funds
Fund Symbol 5-Year Annualized Pretax Return (%)
ABN AMRO Real Estate N ARFCX 20.1
AEW Real Estate A NRFAX 20.9
AIM Developing Markets A GTDDX 21.4
AIM Energy Inv FSTEX 16.7
AIM European Small Company A ESMAX 32.1
AIM Gold & Precious Metals Inv FGLDX 30.0
AIM International Small Company A IEGAX 30.6
AIM Real Estate A IARAX 22.9
Adelante US Real Estate Securities Y LLUYX 20.1
AllianceBernstein International Value A ABIAX 17.8
AllianceBernstein Real Est Invstmnt A AREAX 20.2
AllianceBernstein Real Est Invstmnt Instl I ARIIX 19.8
Alpine International Real Estate Equity Y EGLRX 23.2
Alpine Realty Income & Growth Y AIGYX 20.4
Alpine US Real Estate Equity Y EUEYX 23.6
Amer Beacon Emerging Market Instl AEMFX 20.8
Amer Beacon Small Cap Value PlanAhead AVPAX 16.5
Amer Century Emerging Markets Inv TWMIX 16.8
Amer Century Global Gold Inv BGEIX 33.5
Amer Century Real Estate Inv REACX 20.5
Amer Century Sm Company Inv ASQIX 16.8
BlackRock Global Resources Inv A SSGRX 30.3
BlackRock Intl Opportunities Inv A BREAX 19.0
Boston Company International Small Cap SDISX 23.3
Boston Company Small Cap Value STSVX 17.0
Bridgeway Ultra Small Company BRUSX 25.6
Bridgeway Ultra Small Company Market BRSIX 22.5
Bruce BRUFX 31.3
CGM Focus CGMFX 23.1
CGM Realty CGMRX 32.1
Cohen & Steers Realty Focus Instl CSSPX 21.7
Cohen & Steers Realty Income C CSCIX 15.7
Cohen & Steers Realty Shares CSRSX 20.6
Cohen & Steers Reatly Shares Instl CSRIX 20.7
Columbia Real Estate Equity Z CREEX 17.1
Commonwealth Australia New Zealand CNZLX 20.0
Consulting Grp Cap Mkts Emerg Mkts Eq Inv TEMUX 19.1
DWS Emerging Markets Equity S SEMGX 20.1
DWS Gold & Precious Metals S SCGDX 33.9
DWS Latin America Equity S SLAFX 21.4
Davis Real Estate A RPFRX 19.8
Delaware Emerging Markets A DEMAX 22.8
Delaware Real Estate Inv Tr A DPREX 17.2
Dodge & Cox Intl Stock DODFX 15.7
Dreyfus Premier Emerging Markets A DRFMX 20.3
Dreyfus Premier Enterprise A DPMGX 17.3
Driehaus Emerging Markets Growth DREGX 24.9
Driehaus International Discovery DRIDX 19.0
EII Realty Securities Instl EIIRX 18.1
Eastern European Equity A VEEEX 28.4
Eaton Vance Asian Small Companies A EVASX 25.9
Eaton Vance Emerging Mkts A ETEMX 20.1
Eaton Vance Greater India A ETGIX 27.5
Evergreen Emerging Mkts Gr A EMGAX 21.7
Evergreen Precious Metals A EKWAX 37.3
Excelsior Emerging Markets UMEMX 21.0
Excelsior Engy & Natrl Resources UMESX 16.1
Excelsior Real Estate UMREX 18.2
FBR Small Cap FBRVX 19.1
FBR Small Cap Financial FBRSX 17.0
Fidelity Advisor Korea A FAKAX 25.1
Fidelity Advisor Latin America A FLTAX 22.7
Fidelity Advisor Leverged Co Stock A FLSAX 23.8
Fidelity Canada FICDX 18.9
Fidelity Emerging Market FEMKX 21.1
Fidelity Latin America FLATX 23.8
Fidelity Real Estate Investment FRESX 19.9
Fidelity Select Energy FSENX 16.4
Fidelity Select Gold FSAGX 28.9
Fidelity Select Industrial Materials FSDPX 17.0
Fidelity Select Medical Delivery FSHCX 16.1
Fidelity Select Natural Resources FNARX 15.7
Fidelity Southeast Asia FSEAX 17.6
Fifth Third Micro Cap Value Instl MXAIX 17.4
First American Real Estate Securities Y FARCX 21.6
First Eagle Global A SGENX 17.8
First Eagle Gold A SGGDX 36.4
First Eagle Overseas A SGOVX 20.0
Forward Emerald Select Banking & Finance A HSSAX 17.9
Forward Uniplan Real Estate Investment FFREX 17.2
Franklin Gold & Precious Metals A FKRCX 25.8
Franklin Real Estate Sec A FREEX 17.3
GMO Emerging Markets Quality III GMASX 26.0
Gartmore Emerging Markets A GEGAX 20.8
Goldman Sachs Emerg Mkts Eq A GEMAX 19.6
Goldman Sachs Real Estate Sec A GREAX 19.4
Guardian Baillie Gifford Emerging Mkts A GBEMX 21.7
Guinness Atkinson Asia Focus IASMX 19.1
Hansberger Emerging Markets Instl HEMGX 19.6
Harding Loevner Emerging Markets HLEMX 21.1
Hodges HDPMX 17.2
Hotchkis & Wiley Mid-Cap Value I HWMIX 16.1
Hotchkis & Wiley Small Cap Value I HWSIX 21.2
ICON Energy ICENX 20.6
ICON European Region ICSEX 16.2
ICON Materials ICBMX 16.0
ING Precious Metals LEXMX 31.0
ING Russia A LETRX 43.8
Ivy European Opportunities A IEOAX 17.7
Ivy Global Natural Res A IGNAX 22.3
Ivy Real Estate Securities A IRSAX 20.6
J Hancock Real Estate A JREAX 17.9
JPMorgan Realty Income I URTLX 20.6
JPMorgan US Real Estate A SUSIX 20.2
James Advantage Small Cap JASCX 17.6
Jennison Natural Resources A PGNAX 25.4
Johnson Inv Counsel Realty 16.5
Keeley Small Cap Value KSCVX 17.3
Kensington Strategic Realty A KSRAX 17.2
Kinetics Paradigm WWNPX 17.0
Laudus Rosenberg Intl Sm Cap Inv RISIX 20.0
Lazard Emerging Markets Open LZOEX 22.9
Lazard International Small Cap Open LZSMX 16.8
Legg Mason Glbl Tr Emerging Mkts Prim LMEMX 20.7
MFS Emerging Markets Equity A MEMAX 20.1
MainStay Small Cap Opportunity I MOPIX 17.0
Managers Emerging Mkts Equity MEMEX 18.9
Managers Real Estate Securities MRESX 19.2
Matthews Asian Growth & Income MACSX 19.1
Matthews Korea MAKOX 30.2
Matthews Pacific Tiger MAPTX 18.3
Mellon Emerging Markets M MEMKX 20.9
Mercantile Diversified Real Estate Inst MDVRX 19.0
Merrill Lynch Developing Capital Markets A MDDCX 18.1
Merrill Lynch Latin America C MCLTX 23.1
Merrill Lynch Natural Resources A MDGRX 19.7
Midas MIDSX 35.0
Morgan Stanley Instl Emerging Markets A MGEMX 20.7
Morgan Stanley Instl Intl Real Estate A MSUAX 26.3
Morgan Stanley Instl Intl Small Cap A MSISX 17.3
Morgan Stanley Instl US Real Estate A MSUSX 21.1
Morgan Stanley Real Estate B REFBX 19.5
Munder Real Estate Eq Invmnt A MURAX 19.4
OCM Gold OCMGX 34.9
Oakmark Global I OAKGX 17.0
Oakmark International Small Cap I OAKEX 21.2
Oberweis Micro Cap OBMCX 16.5
Old Mutual Heitman REIT Z OBRTX 19.8
Oppenheimer Developing Markets A ODMAX 23.7
Oppenheimer Gold & Special Minerals A OPGSX 30.5
Oppenheimer Intl Small Company A OSMAX 25.9
Pacific Advisors Small Cap A PASMX 17.5
Pacific Capital Small Cap A PCSAX 17.2
Perritt Micro Cap Opportunities PRCGX 19.7
Phoenix Insight Emerging Markets N HEMAX 18.3
Phoenix Real Estate Sec A PHRAX 22.1
Pioneer Emerging Markets A PEMFX 21.5
Pioneer Real Estate Shares A PWREX 19.9
Polaris Global Value Investor PGVFX 16.4
ProFunds Real Estate Ultrasector Inv REPIX 19.8
Quant Emerging Markets Ord QFFOX 24.4
Quant Foreign Value Ord QFVOX 17.5
RS Global Natural Resources RSNRX 24.8
RS Partners RSPFX 20.4
RS Value RSVAX 17.3
RiverSource Emerging Markets A IDEAX 18.3
RiverSource Precious Metals A INPMX 27.4
Russell Emerging Markets S REMSX 20.3
Russell Real Estate Securities S RRESX 20.0
Rydex Precious Metals RYPMX 20.7
SEI Emerging Markets Equity SIEMX 17.9
SSgA Emerging Markets SSEMX 21.3
STI Classic Small Cap Value Equity C STCEX 16.8
Satuit Capital Management Micro Cap SATMX 17.6
Schneider Small Cap Value SCMVX 22.9
Seligman Emerging Markets A SHEMX 18.6
Strategic Partners Real Estate Securities A PURAX 24.0
Stratton Small Cap Value STSCX 16.9
T Rowe Price Emerging Europe & Mediterranean TREMX 30.8
T Rowe Price Emerging Markets Stock PRMSX 20.1
T Rowe Price Latin America PRLAX 23.7
T Rowe Price New Asia PRASX 16.3
T Rowe Price New Era PRNEX 16.4
T Rowe Price Real Estate TRREX 21.2
T Rowe Price Small Cap Value PRSVX 15.9
TCW Emerging Markets Equities I TGEMX 16.9
Templeton Developing Markets A TEDMX 20.2
Templeton Instl Emerging Markets TEEMX 20.7
Third Avenue Real Estate Value TAREX 18.6
Third Millennium Russia A TMRFX 34.9
Tocqueville Gold TGLDX 36.6
Tocqueville International Value TIVFX 16.5
US Global Accolade Eastern European EUROX 40.5
US Global Inv Global Resources PSPFX 36.4
US Global Inv Gold Shares USERX 40.8
US Global Inv World Prec Minerals UNWPX 46.8
USAA Emerging Markets USEMX 19.0
USAA Precious Metals & Minerals USAGX 38.6
Van Eck Global Hard Assets A GHAAX 23.9
Van Eck Intl Investors Gold A INIVX 39.1
Van Kampen Emerg Mkts A MSRAX 20.0
Van Kampen Real Estate Securities A ACREX 20.0
Vanguard Emerging Mkts Stock Index VEIEX 19.9
Vanguard Energy Inv VGENX 22.2
Vanguard Precious Metals and Mining VGPMX 34.7
Vanguard REIT Index VGSIX 19.1
Wasatch Micro Cap WMICX 16.5
Wells Fargo Advtg Asia Pacific Inv SASPX 18.7
Wells S&P REIT Index A WSPAX 18.1
William Blair Small Cap Growth N WBSNX 16.2
iShares Cohen & Steers Realty Majors ICF 20.6
iShares DJ US Real Estate Index IYR 17.8
iShares MSCI Australia Index EWA 20.6
iShares MSCI Austria Index EWO 33.1
iShares MSCI Belgium Index EWK 18.5
iShares MSCI Brazil Index EWZ 23.0
iShares MSCI Canada Index EWC 16.1
iShares MSCI Mexico Index EWW 19.3
iShares MSCI South Korea Index EWY 25.8
n/i numeric investors Small Cap Value NISVX 19.6
streetTRACKS DJ Wilshire REIT ETF RWR 19.8

Fund Investment Style	May 2006 Average Returns (%)	Average Return Year-to-Date (%)
Large-Cap Growth	-4.5	-0.7
Large-Cap Value	-2.6	4
Large-Cap Blend	-3.3	2.6
Mid-Cap Growth	-5.8	2.2
Mid-Cap Value	-3.3	5
Mid-Cap Blend	-4.1	4
Small-Cap Growth	-6.2	5.3
Small-Cap Value	-4.2	7.5
Small-Cap Blend	-5	6.3
All-Cap Growth	-4.8	1.9
All-Cap Value	-3.1	4.5
Domestic Equity Funds (excluding sector and balanced funds)	-4.2	3.1
S&P 500-Stock Index	-2.9	2.6

Fund	Symbol	5-Year Annualized Pretax Return (%)
ABN AMRO Real Estate N	ARFCX	20.1
AEW Real Estate A	NRFAX	20.9
AIM Developing Markets A	GTDDX	21.4
AIM Energy Inv	FSTEX	16.7
AIM European Small Company A	ESMAX	32.1
AIM Gold & Precious Metals Inv	FGLDX	30.0
AIM International Small Company A	IEGAX	30.6
AIM Real Estate A	IARAX	22.9
Adelante US Real Estate Securities Y	LLUYX	20.1
AllianceBernstein International Value A	ABIAX	17.8
AllianceBernstein Real Est Invstmnt A	AREAX	20.2
AllianceBernstein Real Est Invstmnt Instl I	ARIIX	19.8
Alpine International Real Estate Equity Y	EGLRX	23.2
Alpine Realty Income & Growth Y	AIGYX	20.4
Alpine US Real Estate Equity Y	EUEYX	23.6
Amer Beacon Emerging Market Instl	AEMFX	20.8
Amer Beacon Small Cap Value PlanAhead	AVPAX	16.5
Amer Century Emerging Markets Inv	TWMIX	16.8
Amer Century Global Gold Inv	BGEIX	33.5
Amer Century Real Estate Inv	REACX	20.5
Amer Century Sm Company Inv	ASQIX	16.8
BlackRock Global Resources Inv A	SSGRX	30.3
BlackRock Intl Opportunities Inv A	BREAX	19.0
Boston Company International Small Cap	SDISX	23.3
Boston Company Small Cap Value	STSVX	17.0
Bridgeway Ultra Small Company	BRUSX	25.6
Bridgeway Ultra Small Company Market	BRSIX	22.5
Bruce	BRUFX	31.3
CGM Focus	CGMFX	23.1
CGM Realty	CGMRX	32.1
Cohen & Steers Realty Focus Instl	CSSPX	21.7
Cohen & Steers Realty Income C	CSCIX	15.7
Cohen & Steers Realty Shares	CSRSX	20.6
Cohen & Steers Reatly Shares Instl	CSRIX	20.7
Columbia Real Estate Equity Z	CREEX	17.1
Commonwealth Australia New Zealand	CNZLX	20.0
Consulting Grp Cap Mkts Emerg Mkts Eq Inv	TEMUX	19.1
DWS Emerging Markets Equity S	SEMGX	20.1
DWS Gold & Precious Metals S	SCGDX	33.9
DWS Latin America Equity S	SLAFX	21.4
Davis Real Estate A	RPFRX	19.8
Delaware Emerging Markets A	DEMAX	22.8
Delaware Real Estate Inv Tr A	DPREX	17.2
Dodge & Cox Intl Stock	DODFX	15.7
Dreyfus Premier Emerging Markets A	DRFMX	20.3
Dreyfus Premier Enterprise A	DPMGX	17.3
Driehaus Emerging Markets Growth	DREGX	24.9
Driehaus International Discovery	DRIDX	19.0
EII Realty Securities Instl	EIIRX	18.1
Eastern European Equity A	VEEEX	28.4
Eaton Vance Asian Small Companies A	EVASX	25.9
Eaton Vance Emerging Mkts A	ETEMX	20.1
Eaton Vance Greater India A	ETGIX	27.5
Evergreen Emerging Mkts Gr A	EMGAX	21.7
Evergreen Precious Metals A	EKWAX	37.3
Excelsior Emerging Markets	UMEMX	21.0
Excelsior Engy & Natrl Resources	UMESX	16.1
Excelsior Real Estate	UMREX	18.2
FBR Small Cap	FBRVX	19.1
FBR Small Cap Financial	FBRSX	17.0
Fidelity Advisor Korea A	FAKAX	25.1
Fidelity Advisor Latin America A	FLTAX	22.7
Fidelity Advisor Leverged Co Stock A	FLSAX	23.8
Fidelity Canada	FICDX	18.9
Fidelity Emerging Market	FEMKX	21.1
Fidelity Latin America	FLATX	23.8
Fidelity Real Estate Investment	FRESX	19.9
Fidelity Select Energy	FSENX	16.4
Fidelity Select Gold	FSAGX	28.9
Fidelity Select Industrial Materials	FSDPX	17.0
Fidelity Select Medical Delivery	FSHCX	16.1
Fidelity Select Natural Resources	FNARX	15.7
Fidelity Southeast Asia	FSEAX	17.6
Fifth Third Micro Cap Value Instl	MXAIX	17.4
First American Real Estate Securities Y	FARCX	21.6
First Eagle Global A	SGENX	17.8
First Eagle Gold A	SGGDX	36.4
First Eagle Overseas A	SGOVX	20.0
Forward Emerald Select Banking & Finance A	HSSAX	17.9
Forward Uniplan Real Estate Investment	FFREX	17.2
Franklin Gold & Precious Metals A	FKRCX	25.8
Franklin Real Estate Sec A	FREEX	17.3
GMO Emerging Markets Quality III	GMASX	26.0
Gartmore Emerging Markets A	GEGAX	20.8
Goldman Sachs Emerg Mkts Eq A	GEMAX	19.6
Goldman Sachs Real Estate Sec A	GREAX	19.4
Guardian Baillie Gifford Emerging Mkts A	GBEMX	21.7
Guinness Atkinson Asia Focus	IASMX	19.1
Hansberger Emerging Markets Instl	HEMGX	19.6
Harding Loevner Emerging Markets	HLEMX	21.1
Hodges	HDPMX	17.2
Hotchkis & Wiley Mid-Cap Value I	HWMIX	16.1
Hotchkis & Wiley Small Cap Value I	HWSIX	21.2
ICON Energy	ICENX	20.6
ICON European Region	ICSEX	16.2
ICON Materials	ICBMX	16.0
ING Precious Metals	LEXMX	31.0
ING Russia A	LETRX	43.8
Ivy European Opportunities A	IEOAX	17.7
Ivy Global Natural Res A	IGNAX	22.3
Ivy Real Estate Securities A	IRSAX	20.6
J Hancock Real Estate A	JREAX	17.9
JPMorgan Realty Income I	URTLX	20.6
JPMorgan US Real Estate A	SUSIX	20.2
James Advantage Small Cap	JASCX	17.6
Jennison Natural Resources A	PGNAX	25.4
Johnson Inv Counsel Realty		16.5
Keeley Small Cap Value	KSCVX	17.3
Kensington Strategic Realty A	KSRAX	17.2
Kinetics Paradigm	WWNPX	17.0
Laudus Rosenberg Intl Sm Cap Inv	RISIX	20.0
Lazard Emerging Markets Open	LZOEX	22.9
Lazard International Small Cap Open	LZSMX	16.8
Legg Mason Glbl Tr Emerging Mkts Prim	LMEMX	20.7
MFS Emerging Markets Equity A	MEMAX	20.1
MainStay Small Cap Opportunity I	MOPIX	17.0
Managers Emerging Mkts Equity	MEMEX	18.9
Managers Real Estate Securities	MRESX	19.2
Matthews Asian Growth & Income	MACSX	19.1
Matthews Korea	MAKOX	30.2
Matthews Pacific Tiger	MAPTX	18.3
Mellon Emerging Markets M	MEMKX	20.9
Mercantile Diversified Real Estate Inst	MDVRX	19.0
Merrill Lynch Developing Capital Markets A	MDDCX	18.1
Merrill Lynch Latin America C	MCLTX	23.1
Merrill Lynch Natural Resources A	MDGRX	19.7
Midas	MIDSX	35.0
Morgan Stanley Instl Emerging Markets A	MGEMX	20.7
Morgan Stanley Instl Intl Real Estate A	MSUAX	26.3
Morgan Stanley Instl Intl Small Cap A	MSISX	17.3
Morgan Stanley Instl US Real Estate A	MSUSX	21.1
Morgan Stanley Real Estate B	REFBX	19.5
Munder Real Estate Eq Invmnt A	MURAX	19.4
OCM Gold	OCMGX	34.9
Oakmark Global I	OAKGX	17.0
Oakmark International Small Cap I	OAKEX	21.2
Oberweis Micro Cap	OBMCX	16.5
Old Mutual Heitman REIT Z	OBRTX	19.8
Oppenheimer Developing Markets A	ODMAX	23.7
Oppenheimer Gold & Special Minerals A	OPGSX	30.5
Oppenheimer Intl Small Company A	OSMAX	25.9
Pacific Advisors Small Cap A	PASMX	17.5
Pacific Capital Small Cap A	PCSAX	17.2
Perritt Micro Cap Opportunities	PRCGX	19.7
Phoenix Insight Emerging Markets N	HEMAX	18.3
Phoenix Real Estate Sec A	PHRAX	22.1
Pioneer Emerging Markets A	PEMFX	21.5
Pioneer Real Estate Shares A	PWREX	19.9
Polaris Global Value Investor	PGVFX	16.4
ProFunds Real Estate Ultrasector Inv	REPIX	19.8
Quant Emerging Markets Ord	QFFOX	24.4
Quant Foreign Value Ord	QFVOX	17.5
RS Global Natural Resources	RSNRX	24.8
RS Partners	RSPFX	20.4
RS Value	RSVAX	17.3
RiverSource Emerging Markets A	IDEAX	18.3
RiverSource Precious Metals A	INPMX	27.4
Russell Emerging Markets S	REMSX	20.3
Russell Real Estate Securities S	RRESX	20.0
Rydex Precious Metals	RYPMX	20.7
SEI Emerging Markets Equity	SIEMX	17.9
SSgA Emerging Markets	SSEMX	21.3
STI Classic Small Cap Value Equity C	STCEX	16.8
Satuit Capital Management Micro Cap	SATMX	17.6
Schneider Small Cap Value	SCMVX	22.9
Seligman Emerging Markets A	SHEMX	18.6
Strategic Partners Real Estate Securities A	PURAX	24.0
Stratton Small Cap Value	STSCX	16.9
T Rowe Price Emerging Europe & Mediterranean	TREMX	30.8
T Rowe Price Emerging Markets Stock	PRMSX	20.1
T Rowe Price Latin America	PRLAX	23.7
T Rowe Price New Asia	PRASX	16.3
T Rowe Price New Era	PRNEX	16.4
T Rowe Price Real Estate	TRREX	21.2
T Rowe Price Small Cap Value	PRSVX	15.9
TCW Emerging Markets Equities I	TGEMX	16.9
Templeton Developing Markets A	TEDMX	20.2
Templeton Instl Emerging Markets	TEEMX	20.7
Third Avenue Real Estate Value	TAREX	18.6
Third Millennium Russia A	TMRFX	34.9
Tocqueville Gold	TGLDX	36.6
Tocqueville International Value	TIVFX	16.5
US Global Accolade Eastern European	EUROX	40.5
US Global Inv Global Resources	PSPFX	36.4
US Global Inv Gold Shares	USERX	40.8
US Global Inv World Prec Minerals	UNWPX	46.8
USAA Emerging Markets	USEMX	19.0
USAA Precious Metals & Minerals	USAGX	38.6
Van Eck Global Hard Assets A	GHAAX	23.9
Van Eck Intl Investors Gold A	INIVX	39.1
Van Kampen Emerg Mkts A	MSRAX	20.0
Van Kampen Real Estate Securities A	ACREX	20.0
Vanguard Emerging Mkts Stock Index	VEIEX	19.9
Vanguard Energy Inv	VGENX	22.2
Vanguard Precious Metals and Mining	VGPMX	34.7
Vanguard REIT Index	VGSIX	19.1
Wasatch Micro Cap	WMICX	16.5
Wells Fargo Advtg Asia Pacific Inv	SASPX	18.7
Wells S&P REIT Index A	WSPAX	18.1
William Blair Small Cap Growth N	WBSNX	16.2
iShares Cohen & Steers Realty Majors	ICF	20.6
iShares DJ US Real Estate Index	IYR	17.8
iShares MSCI Australia Index	EWA	20.6
iShares MSCI Austria Index	EWO	33.1
iShares MSCI Belgium Index	EWK	18.5
iShares MSCI Brazil Index	EWZ	23.0
iShares MSCI Canada Index	EWC	16.1
iShares MSCI Mexico Index	EWW	19.3
iShares MSCI South Korea Index	EWY	25.8
n/i numeric investors Small Cap Value	NISVX	19.6
streetTRACKS DJ Wilshire REIT ETF	RWR	19.8

Wood is a reporter for Standard & Poor's Fund Advisor

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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