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Quick Details
- Condition: New
- CNC or Not: CNC
- Place of Origin: Shandong, China (Mainland)
- Brand Name: BLUE ELEPHANT
- Model Number: ELE1935
- Voltage: AC380V,3 ph/50HZ(option:220v)
- Power(W): 10kw
- Dimension(L*W*H): 1900x3500x800 mm*±100°
- Weight: 4000kg
- Certification: CE ISO9001
- Warranty: 12 Months
- After-sales Service Provided: Engineers available to service machinery overseas
- Control system: Taiwan SYNTEC 6 MB 4 axis
- Spindle: Italy HSD air cooling spindle
- Spindle power: 4.5kw
- Spindle speed: 0-18000RPM
- Motor: 850w YASKAWA servo motor
- Driver: Yaskawa Driver
- Inverter: 5.5 kw Taiwan Delta Inverter
- Reducer: Japan Shimpo reducer
- orbit: Taiwan HIWIN linear guide
- Collet: ER30
Packaging & Delivery
|Packaging Details:
|1.Outside package:Standard marine export plywood case.
2.inner package:Stretch film and plastic film for humidity.
We can package according to your requests.
|Delivery Detail:
|25 working days
1935 Styrofoam 4 axis cnc wood router engraver machine , cnc machine 4 axis mould foam
Advantages of Styrofoam cnc router:
- Self-lubricating, life-long maintenance-free Taiwan guide rail.
- Italian high-speed spindle, with top speed of 18000rpm, guaranteering maximum processing efficiency and productivity.
- Whole working table cast by resin sand. The annealing and other heat treatment methods ensure that the whole structure is tested to the limit for sturdiness and reliability.
- Taiwan controller reads the codes in an efficient manner. Online simulation and monitoring function are available. Processing efficiency and safety are guaranteed.
Features of Styrofoam cnc router:
- Effective working area :1900x3500x800mm
- Italy HSD brand air cooling spindle: 4.5kw
- 4th axis can move ±100°
- Taiwan DELTA inverter: 5.5kw
- Japan YASKAWA servo driver 850KW
- Taiwan SYNTEC control system 4 axis 6MB model
- Helical rack gear for X, Y axis, Taiwan TBI ball screw for Z travel
- Taiwan TBI ball screw with high precision
- Divided structure bed structure ,Fixing with screws
- Working table:T-slot working table.
- Japan Shimpo reducer
Product Details of Styrofoam cnc router:
X,Y,Z Working Area
1900x3500x800 mm*±100°
Effective working area
2860x3500x1450 mm
X,Y,Z Traveling Positioning Accuracy
X,Y,Z Repositioning Accuracy:
Table Surface
T-slot Table
Divided structure bed structure ,Fixing with screws
X,Y Structure
Helical rack gear , 4pcs HIWIN #35 Linear guide
Z Structure
TBI ball screw,4 pcs slider
Max. Power Consumption
(Without Spindle) 6Kw
Max. Rapid Travel Rate
Max. Working Speed
Spindle Power
HSD spindle 4.5kw
Spindle Speed
Drive Motors
Japan 850W YASKAWA servo
Working Voltage
AC380V/50/60Hz,3PH (Option: 220V))
Command Language
G Code
Operating System
SYNTEC Control System 6MB
Computer Interface
Flash Memory
X,Y Resolution
Software Compatibility
UG , Power mill
Running Environment Temperature
0 - 45 Centigrade
Relative Humidity
30% - 75%
PS: All the working area and specifications can be customized according to your requests.
Ideal for automobile mold industry, suitable for EPS foam, casting wood mold, automobile interior decoration, engineering plastic and other non-metal materials .
Samples show:
Packaging & Delivery:
Packaging Details: 1.Outside package:Standard marine export plywood case.
2.inner package:Stretch film and plastic film for humidity.
We can package according to your requests.
Delivery Detail: Shipped in 25 working days after payment.
Welcome to our factory:
Jinan Dexian Machinery Co.,Ltd
---10 years factory experience
---Professional CNC machinery manufacturer
---very professionally produce 3 axis,4 axis, 5 axis, ATC cnc router,laser cutting machine
---The price will be 20% off in 2016
Looking forward for the agents from all over the world! Welcome to contact us!
Contact Us:
Manager: Jack
Contact: Emma Lee
Skype: emmadexian
Mobile/whatsapp: 0086-15866602105
Web: dexian.en.alibaba.com


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AviTricks is an AVI video editor with real-time preview and adjustable effects.
Use this security logo:
Freeware is computer software that is available for use at no cost or for an optional fee.
Tutorial not found. Let know us about any useful video tutorial.
video editor, timeline, rubber-band, multimedia, audio, movie editor, mpeg, mp3, bobyte, wmv, divx, transitions
Minor Update
Avitricks Classic
Copyright (C) 2002-2004 Bobyte Software. All rights reserved.
This software is provided "as-is," without any express or implied warranty.
In no event shall the author be held liable for any damages arising from the use of this software.
Avitricks Classic is a freeware for non-commercial use and may be redistributed without additional permission.

subset: commoncrawl


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High School Musical 3: Senior YearHD Closed Captioning AD
Kenny Ortega
Open iTunes to preview, buy, and download this movie.
About the Movie
It's time to celebrate as Disney's phenomenal High School Musical hits new heights in High School Musical 3: Senior Year! Fresh from the big screen, this motion picture extravaganza delivers non-stop entertainment from start to finish! It's almost graduation day for high school seniors Troy, Gabriella Sharpay, Chad, Ryan and Taylor and the thought of heading off in separate directions after leaving East High has them thinking they need to do something they'll remember forever. Together with the rest of the Wildcats, they stage a spring musical reflecting their hopes and fears about the future and their unforgettable experiences growing up together. Will their final show break them apart or bring them together for the greatest moment in Wildcat history?
Rotten Tomatoes Movie Reviews
- Reviews Counted: 127
- Fresh: 82
- Rotten: 45
- Average Rating: 5.9/10
Top Critics' Reviews
Fresh: Mr. Efron's athletic grace is Astaire-like in its casual authority. Ms. Hudgens's blissful smiles melt the screen.
Fresh: The HSM series has always been playful and high-spirited, with a refreshing emphasis on collective action and the importance of group effort over the individual, and there's nothing in High School Musical 3: Senior Year to upset the formula.
Fresh: Since when shouldn't it be fun to spend 90 minutes or so watching good-looking young people, singing and dancing relatively well?
Rotten: Efron is once again Travolta-esque, although he appears to be quickly outgrowing this material. Hudgens is still annoyingly bland both in facial expressions and voice.
Customer Reviews
I love this movie sooo much, I saw it in the movie theater about 5 times and I can't get enough of it. I haven't pre-ordered but I want to soon. If you haven't seen it I am sure they have it still left in $1 movie theaters. This movie ties the first two together soo well and I am glad that they finished it off with a great one. There are some good songs that you could listen to in general and still the characters are very funny. I give it a two thumbs up!!
Whoever thinkd this movie is stupid is probably blind or something! this movie rocks! HOPE THERE WILL BE A college school musical !!!!
Better than the first
i agree with you about preorder but you're wrong about HSM1 being better than pt 3! This is OBVIOUSLY the better film (especially since there's no lypsynching involved & with the lead actor singing the songs himself). I put it better than 1 & 2, & i put 1 & 2 about even with each other. The plot line wasn't the greatest though.
Viewers Also Bought
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- View in iTunes
- $17.99
- Genre: Comedy
- Released: 2008
- © 2008 Disney Enterprises, Inc.


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HERNANDO — Hernando aldermen have agreed to annex a 51.3-acre site for a new DeSoto County jail.
The annexation petition must be filed in chancery court where there is a chance for residents in the area to oppose it.
Melissa Goucher, a spokeswoman for residential foes of the jail, would not comment on possible legal action. About 125 local residents had signed a petition opposing the jail.
The Commercial Appeal reports the county for two years has been seeking a site of at least 40 acres to relieve jail crowding downtown and to meet long-term justice system needs.
Annexation was needed after a state attorney general's opinion that the county jail must be within the limits of the county seat, which is Hernando.


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Home Research & Statistics Perspective
- Industry Research
- Investor Research
- Fact Book
- Mutual Fund Ownership
- Closed-End Fund Ownership
- Mutual Fund Shareholders' Use of Information
- Mutual Fund Shareholders' Use of Financial Advisers
- Equity Ownership In America
- U.S. Households' Views on Retirement Saving
- IRA Investors
- The IRA Investor Database™
- Defined Contribution Plan Investors
- EBRI & ICI 401(k) Database
- Households Saving for College
- Retirement Research
- Statistics
INVESTMENT COMPANY INSTITUTE® PERSPECTIVE Perspective is a series of occasional papers published by the Investment Company Institute, the national association of the American investment company industry. John Rea, executive editor; Sue Duncan, managing editor. 1401 H Street, NW Suite 1200 Washington, DC 20005 www.ici .org Vol . 10 / No . 1 Mar ch 20 04 M u t u a l F u n d a n d E c o n o m i c D e v e l o p m e n t s i n 2 0 0 3 by Brian Reid, Stephen Sevigny, and Bernhard Silli1 SUMMARY Mutual funds and their shareholders faced a year of contrasts in 2003. Industry assets rose by more than $1 trillion to $7.4 trillion, lifted by strong stock and bond fund returns. Yet, despite fund assets rising to near record levels, the industry had a modest net cash outflow, the first since 1988. While long-term funds experienced the largest net cash f low in three years, this inflow was more than offset by a record amount of cash redeemed from money market funds. The large outflow from money market funds resulted from a period of low interest rates that had begun in 2001 and persisted through 2003. Many individual and institutional investors moved assets from money funds into bank and thrift deposits and open market instruments. At the same time, the low interest rates helped to spur economic growth and corporate profits in the U.S., all of which helped to boost investor demand for stocks and pull the stock market out of one of its worst bear markets since the Great Depression. Renewed investor interest in stocks also produced strong inflows to stock and hybrid funds. During the last four months of the year, mutual funds were the focus of a series of well- publicized investigations undertaken by various state and federal officials, including the New York Attorney General's office and the U.S. Securities and Exchange Commission (SEC). These investi- gations primarily involved late-trading and abusive market-timing activities at mutual funds, brokerage firms, hedge funds, and third parties processing fund trades. This issue of Perspective looks back on the economic developments that affected mutual funds in 2003. It examines the factors that influenced investor demand for mutual funds and the role that funds played in individual and institutional investors' portfolios. Highlights of the study include: Financial Markets and Fund Flows Mutual fund assets rose 16 percent in 2003 to $7.4 trillion, just shy of the record $7.5 trillion reached in August 2000 (Figure 1). Strong returns on long-term funds—stock, bond, and hybrid funds—were responsible for most of the increase in assets. 1 Brian Reid is Deputy Chief Economist at the Investment Company Institute. Stephen Sevigny and Bernhard Silli are research associates. Ana Gonzalez and Stefan Kimball provided research support. Perspective / page 2 By year-end 2003, stock funds held 50 percent of all mutual fund assets, up from 42 percent in 2002. Shareholders invested $216 billion in long-term mutual funds during 2003, nearly an 80 percent increase from 2002. The pickup in demand came from renewed investor interest in stock and hybrid funds that offset a drop in the net flow to bond funds. Individuals and house- holds accounted for most of the new investment. Money funds had an outflow of $258 billion. The low interest rate environment eliminated the yield advantage money funds typically hold over many other short-term investments, especially bank deposits. As a result, some cash left money funds for other short-term financial instruments. The outflows from retail money funds in 2003 were largely the result of low interest rates and not because of renewed strength in the stock market. As investigations into late-trading and market-timing activities emerged over the last four months of the year, some concerns arose that mutual fund investors might move their assets out of mutual funds, creating a sell-off in stock, bond, and money markets. Some investors did sell shares in funds sponsored by fund complexes named in the investigations, but overall investor flows showed few signs of having been significantly affected. Investor demand for stock index funds picked up in 2003 to $29 billion, and $12 billion of this amount was invested in S&P 500 index funds. Net new cash flow and assets were concentrated in the lowest cost index funds. S&P 500 index funds with expense ratios under 0.40 percent attracted nearly all f lows and held virtually all of the assets in 2003. A large share of stock fund flows went to lower cost funds. In 2003, 64 percent of the net new cash flow went to stock funds with expense ratios under 1 percent, and 60 percent of assets were in share classes with expense ratios below 1 percent. Redemption Rate Redemptions, including exchange redemptions, measured as a percent of assets, fell to 31 percent in 2003 from 41 percent in 2002. The decline began in early 2003 and accelerated after September. A large portion of the decline occurred in foreign stock funds, suggesting that market-timing activity had abated. The large decline in redemption rates among foreign funds served as a reminder that industry-level redemption rates cannot be used to infer average holding periods for mutual fund investors. A small number of shareholders can account for a disproportionate share of a fund's redemptions and overstate the activity of the typical shareholder. Por t folio Turnover The rate at which stock mutual funds turned over the securities in their portfolios fell to its lowest level in more than 20 years in 2003. The overall turnover rate for stock funds fell to 55 percent, down from 62 percent in 2002. More than 60 percent of stock fund assets were held in funds with turnover rates of less than 50 percent. Turnover rates are sometimes reported as simple averages of all funds. Such averages overstate the actual turnover activity that shareholders experience in their funds. Funds with high turnover rates tend to be small. Perspective / page 3 F I GU RE 1 Net New Cash Flow and Total Net Assets of Mutual Funds, 1990–2003 Source: Investment Company Inst i tu te. 20032002200120001999199819971996199519941993199219911990 44 112 155 228 84 212 321 374 477 363 389 505 74 -43 0 1 2 3 4 5 6 7 8 20032002200120001999199819971996199519941993199219911990 Net New Cash Flow (billions of dollars) Total Net Assets (trillions of dollars) Perspective / page 4 Taxable Distributions Based on preliminary data, capital gain distributions were nearly unchanged in 2003 at an estimated $14 billion. About one third of these distributions were paid out to tax-deferred accounts, and share- holders owning funds in these accounts experienced no immediate tax consequences from these distributions. Income distributions totaled an estimated $103 billion. About half of these distributions were tax-exempt or were paid to tax-deferred accounts. Market Concentration The fund industry remained highly competitive and unconcentrated. The largest 25 fund complexes managed 72 percent of industry assets, down from 76 percent in 1990. The number of mutual funds declined for the second consecutive year in 2003 to 8,126 funds. The decline was concentrated in stock funds. Stock funds that were liquidated or merged tended to be small, with a median size of $15 million. These funds had few assets in large part because of weak cash inflows, preventing the funds from attracting enough investor demand to remain viable. FINANCIAL MARKETS AND MUTUAL FUND FLOWS Interest rates fell to their lowest levels in nearly 50 years in 2003. Total returns on bond funds were high through the spring and early summer as falling bond yields caused bond prices to rise. These high returns supported a continuation of the strong demand for bond funds during the first half of the year. Low interest rates, large increases in government spending, and the cumulative effects of several years of tax cuts spurred economic growth. U.S. corporate profits rose 17 percent,2 which along with the growing strength of the U.S. economy, boosted stock prices worldwide during the second half of the year, and rekindled U.S. investor demand for stock and hybrid funds. Households are estimated to have purchased $181 billion in mutual fund shares in 2003, including purchases through reinvested dividends, up from $138 billion in 2002 (Figure 2).3 The increase reflected stronger demand for long-term funds. Household net purchases of long-term mutual fund shares, including purchases through reinvested dividends, rose to an estimated $261 billion from $167 billion in 2002.4 Households' increased demand for long-term funds was offset by a reduction in their holdings of money market funds. Low interest rates eliminated the yield advantage that money funds typically hold over bank and thrift deposits. Consequently, households pulled an estimated $80 billion out of money market funds in 2003, and increased their holdings of savings deposits and CDs by $280 billion.5 Businesses, state and local governments, and other institutional investors, which hold a large amount of assets in money market funds, significantly reduced their holdings of money market funds as well. The low interest rate environment led businesses to shift some of their short-term investments over to banks. Businesses alone reduced their money fund holdings by $61 billion, while they increased their deposits at bank and thrift deposits by $133 billion.6 In addition, they added $26 billion to their direct holdings of money market instruments. 2 Growth is measured for corporate profits with inventory valuation and capital consumption adjustments as a year-over-year change in annual rates from 2002 to 2003. Data were obtained from the Flow of Funds Accounts of the United States: Flows and Outstandings, Fourth Quarter, 2003, Board of Governors of the Federal Reserve System, Washington, DC (March 4, 2004). 3 Household purchases of mutual fund shares comprised an estimated $93 billion in net new cash and $88 billion in reinvested dividends. 4 Estimates are based on data reported in the Flow of Funds Accounts of the United States (March 4, 2004) and flow data gathered by the Investment Company Institute. 5 Flow of Funds Accounts of the United States (March 4, 2004). 6 Flow of Funds Accounts of the United States (March 4, 2004). Perspective / page 5 F I GU RE 3 Monthly Average Net New Cash Flow to Long-Term Funds of Fund Companies Named and Not Named in Government Investigations, 2003 (bi l l ions of dollars) Named Not Named in Government in Government Period All Funds Investigations Investigations Jan–Aug 17.9 -1.0 18.9 Sept–Dec 18.2 -10.7 28.9 2003 18.0 -4.2 22.2 Source: Investment Company Inst i tu te. F I GU RE 2 Household Net Purchases of Mutual Fund Shares and All Financial Assets, 1990–2003 (bi l l ions of dollars) 500 600 700 800 20032002200120001999199819971996199519941993199219911990 0 100 200 300 400 Household Net Purchases of All Financial Assets Household Net Purchases of Mutual Fund Shares1 74 144 144 311 132 265 336 409 463 335 436 347 138 181 1 Household net purchases of mutual fund shares, as def ined by the Federal Reserve, include reinvested dividends. Sources: Federal Reserve Board and Investment Company Inst i tu te. Despite the government investigations of mutual funds that began in September, the overall net new cash f low to long-term funds was strong over the last four months of 2003. The monthly average inflow of $18.2 billion was slightly above the $17.9 billion monthly average over the first eight months of 2003 (Figure 3). Perspective / page 6 While the pace of the inflows to all long-term funds held up, compositional changes did occur. Fund organizations not named in the investigations experienced an increase in f lows, while those under investigation saw larger outflows. For fund companies not named, the average monthly inflow rose from $18.9 billion over the first eight months of the year to $28.9 billion after August. In contrast, outflows for fund companies named in the investigations increased from an average of $1.0 billion per month before September, to $10.7 billion per month during the last four months of the year. The remainder of this section examines in more detail investor demand and net new cash f lows into stock, bond and hybrid, and money market funds. F I GU RE 4 Net New Cash Flow to Equity Funds, Wilshire 5000 Index, 2000–2003 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 2003200220012000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 70 Billions of Dollars Index Level Monthly Net New Cash Flow Wilshire 5000 Index45 56 40 36 17 22 17 24 18 19 5 12 25 -3 -21 -30 -18 -53 19 18 11 -1 -5 1 15 3 19 5 30 13 5 -3 -16 -8 -8 -11 7 0 0 16 12 19 21 24 18 25 15 14 Sources: Investment Company Inst i tu te and Wilshire Associates. Stock Funds As the U.S. stock market began to turn around in the spring, shareholder demand for stock funds strengthened in 2003 after nearly a year of out- flows from these funds (Figure 4). Beginning in June of 2002, investors began to pull out money from their stock funds on a sustained basis, as the bear market eroded investor demand for stock funds. These outflows continued into the first quarter of 2003 when investors removed another $11 billion from stock funds as the stock market neared lows reached in 2002. Perspective / page 7 F I GU RE 5 Net New Cash Flow to Domestic and Foreign Stock Funds, 1995–2003 (bi l l ions of dollars) 200320022001200019991998199719961995 200320022001200019991998199719961995 113 169 189 150 176 260 54 -25 129 12 48 38 8 11 50 -22 -3 23 Domestic Stock Funds Foreign Stock Funds Source: Investment Company Inst i tu te. Stock markets began to recover in the spring of 2003, and investor demand for stock funds began to build. For the year as a whole, stock funds received a net inflow of $152 billion, the largest inflow of new cash since 2000. The turnaround in net f low occurred in both domestic and foreign stock funds. Domestic funds pulled in $129 billion in new investments in 2003 (Figure 5), compared with an outflow of $25 billion in 2002. The inflow to foreign stock funds was $23 billion, reversing an outflow of $3 billion in 2002. The overall net inflow in 2003 was the result of a reduction in redemptions. For the year as a whole, redemptions and exchange redemptions totaled $934 billion, a 25 percent drop from 2002. While sales also fell in 2003, the drop was considerably less than the decrease in redemp- tions. Sales were especially weak in the first quarter of 2003 when stock markets were under downward pressure, but moved upward as the year progressed. In contrast, redemptions declined over the first nine months of the year before ticking up slightly in the fourth quarter. Domestic stock funds with investment styles focusing more on capital appreciation had inflows totaling $67 billion for the year, compared with an outflow of $37 billion in 2002. Those funds investing for total return or income had an inflow of $62 billion, up from a $12 billion inflow in 2002. Perspective / page 8 Stock fund shareholders showed an increased demand for all types of stock funds investing in foreign stocks, but the largest inflows went to those funds investing in a broad range of international stock markets. The increased demand for foreign stock funds reflected the strong performance of foreign stock markets during 2003. In addition, the weakening of the U.S. dollar provided a further boost to foreign stock returns. Indeed, when measured in dollars, many foreign markets outperformed the U.S. stock market by a wide margin (Figure 6). 7 The 12b-1 fee can also be used to pay for the services provided to 401(k) and other employer-sponsored retirement plans in which the employees share in the cost of operating the plan. F I GU RE 6 Increases in World Stock Market Indexes,1 20032 (percent change) Emerging Markets Asia/Pacific excluding Japan EuropeJapanUnited States 29.4 34.6 35.2 43.7 51.6 1 The U.S. stock market is represented by the Wilshire 5000 Index. The European and Asia/Paci f ic stock markets are represented by the Morgan Stanley Capi tal International (MSCI) AC Europe and AC Asia/Paci f ic ex Japan Indexes, respectively. Emerging markets are represented by the MSCI EMF Emerging Markets Index. The Japanese stock market is represented by the MSCI Japan Index. Al l indexes are measured in U.S. dol lars. 2 The index changes are calculated from December 31, 2002 to December 31, 2003. Sources: Bloomberg, Morgan Stanley Capi tal International, and Wilshire Associates. Flows and Expenses of Domestic Index Funds. Demand for domestic index funds strengthened along with other stock funds during 2003. Net new cash f low into these funds totaled $29 billion in 2003, up from $16 billion in 2002. Index funds tracking the S&P 500 were the most popular, attracting $12 billion in net new cash in 2003. Net new cash f low and assets were concentrated in the lowest cost share classes of these funds. For example, among the S&P 500 index funds, more than 80 percent of the new cash went to funds with an expense ratio of 0.20 percent or less in 2003. Virtually all new cash went to funds with an expense ratio of less than 0.40 percent (Figure 7). Similarly, most stock index fund assets are in funds with expense ratios of 0.40 percent or less. Several factors affect the expense ratios of index funds, with the most important being the level of the 12b-1 fee. These fees are used to compensate brokers and other financial planners that provide advice and assistance to fund share- holders. Investors in funds without 12b-1 fees either purchase fund shares without the assistance of a financial adviser or pay for this assistance directly.7 The difference in average expense ratios Perspective / page 9 of the top quartile of S&P 500 index funds, ranked by expense ratios, and the bottom quartile was 1.24 percentage points in 2003.8 All of the funds in the top quartile of expense ratios were sold through financial advisers and included compensation for their services in the expenses of the funds. In 1995, the difference in average expense ratios between the top and bottom quartiles was 0.72 percent.9 The difference in expense ratios grew between 1995 and 2003 because most of the new funds started since 1995 are sold through financial advisers. When one removes the 12b-1 fees and examines the cost of operating an index fund, the difference between funds narrows considerably. The difference in the average operating expense ratios of the top and bottom quartiles was 0.63 percent in 2003.10 Differences in funds' operating expense ratios occur for a variety of reasons, including average fund size and average account size. Large funds and those with large average account sizes tend to have lower operating expenses than small funds and those with small average account sizes. 8 The average expense ratio for the bottom quartile of funds was 0.20 percent in 2003 and the average expense ratio for the top quartile of funds was 1.44 percent. Expense ratios were obtained from Morningstar® Principia® Pro Plus, December 2003. 9 The 1995 expense data are a survivorship-bias free panel of data obtained from Lipper, Inc. 10 The average operating expense ratio for the bottom quartile of funds was 0.14 percent in 2003 and the average operating expense ratio for the top quartile was 0.77 percent. Operating expense ratios were computed from data obtained from Morningstar® Principia® Pro Plus, December 2003. F I GU RE 7 Net New Cash Flow and Total Net Assets to S&P 500 Index Funds, 2003 (percent) >1.00 0.81–1.000.61–0.800.41–0.600.21–0.40<0.20 >1.00 0.81–1.000.61–0.800.41–0.600.21–0.40<0.20 82 78 12 13 3 4 4 2 <1 0 -1 2 83 78 14 15 5 5 -2 2 <1 0 <1 0 Net New Cash Flow and Assets by Total Expense Ratio Net New Cash Flow and Assets by Operating Expense Ratio Total Expense Ratio1 Operating Expense Ratio1 Net New Cash Flow Total Net Assets Net New Cash Flow Total Net Assets _ _ 1 Fund expenses were based on prel iminary 2003 data. Sources: L ipper Associates, Strategic Insight, Investment Company Inst i tu te. Perspective / page 10 Bond and Hybrid Funds Bond funds had a net inflow of $31 billion in 2003, down from $140 billion in 2002 (Figure 8). Taxable funds experienced a net inflow of $38 billion and tax-exempt funds recorded an outflow of $7 billion. Hybrid funds had an inflow of $33 billion, the largest inflow for these funds since 1993. Bond Funds. Bond fund flows are highly correlated with performance (Figure 9),11 and bond funds began 2003 with a high level of investor demand. Rising bond prices and high bond fund returns had attracted a record inflow of new cash in 2002. Bond fund returns remained high during the first half of 2003 as interest rates fell and bond prices rose. The yield on the 5-year Treasury note fell to its lowest level in nearly 50 years, pushing bond prices higher, and yields on high-grade corporate bonds dropped to 40-year lows. Inflows to bond funds during the first half of the year totaled $68 billion, higher than inflows reported over the same six months in 2002. As the U.S. economy began to pick up steam in the third quarter, bond investors began to anticipate a growing demand for credit and a potentially higher pace of inflation. Yields on intermediate- and long-term Treasury securities rose and the higher long-term yields caused bond prices to fall, reducing returns on bonds and bond funds. Bond yields rose during the remainder of the summer, especially on Treasury securities, and drifted further upward in the fourth quar- ter. Investor demand weakened along with bond returns, and bond funds posted a $37 billion outflow during the second half of the year. F I GU RE 8 Net New Cash Flow to Bond and Hybrid Funds, 1990–2003 (bi l l ions of dollars) Bond Funds Corporate and Government and Strategic-Income Mortgage-Backed High-Yield Global Tax-Exempt Total Hybrid Funds 1990 2 -8 -5 8 10 7 1 1991 9 17 2 10 21 59 7 1992 11 30 5 -3 28 71 22 1993 17 6 8 1 38 71 44 1994 1 -40 -1 -7 -15 -62 23 1995 10 -14 8 -4 -7 -6 4 1996 12 -14 12 -2 -6 3 12 1997 21 -9 17 -1 1 28 16 1998 38 9 14 -1 15 75 10 1999 15 -2 -3 -2 -12 -4 -14 2000 -5 -16 -12 -2 -14 -50 -31 2001 42 28 7 -1 12 88 10 2002 54 59 11 0 16 140 9 2003 27 -19 26 3 -7 31 33 Note: Components may not sum to totals because of rounding. Source: Investment Company Inst i tu te. 11 Models of bond fund f lows are explained in the Appendix. Perspective / page 11 $3 billion. Yields on municipal bonds were fairly f lat during 2003, so tax-exempt bond fund returns, unlike taxable bonds, were not helped by appreciating bond prices. The lower returns on these funds created less investor demand, and during the second half of the year, they had outflows totaling $10 billion. For the year as a whole, tax-exempt bond funds had $7 billion in outflows. Hybrid Funds. Returns on hybrid funds, which invest in stocks and bonds, rose in 2003, lifted largely by the strong performance of the stock market. Inflows to hybrid funds rose to $33 billion in 2003, the highest level since 1993. Returns on bond funds can vary across funds depending on the types of bonds that are held by the fund. Yields fell the most on Treasury securities in the spring of 2003, providing a significant boost to returns for the funds invest- ing in them. Subsequently, their yields rose more than those on corporate bonds, and outflows were the heaviest for bond funds investing in Treasury securities. Municipal bond funds had weak inflows during the first half of the year, totaling about F I GU RE 9 Bond Returns and Net New Cash Flow to Bond Funds, 1991–2003 1The total return on bonds is measured as the year-over-year change in the Ci t igroup Broad Investment Grade Bond Index. 2Net new cash f low to bond funds is plot ted as a three-month moving average of net new cash f low as a percent of previous month-end assets. The data exclude f lows to high- yield bond funds. Sources: Investment Company Inst i tu te and Ci t igroup. Percentage PointsPercent of Total Net Assets -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 2003200220012000199919981997199619951994199319921991 -5 0 5 10 15 20 Net New Cash Flow to Bond Funds2 Total Return on Bonds1 Perspective / page 12 Money Market Funds Money market funds had a net outflow of $258 billion in 2003 (Figure 10) as both households and institutions shifted short-term assets out of money funds and into competing financial instruments such as bank deposits. The shift to alternative investments was the result of the low interest rates that prevailed throughout 2003. The year began with short-term interest rates at their lowest level since the 1958. Then, in June, the Federal Reserve cut its target interest rate by another 25 basis points, pushing short-term interest rates to around 1.00 percent. In this environment, the interest rates paid on bank deposits were at or above those offered on money funds, removing the premium that money funds traditionally pay above bank deposits. F I GU RE 10 Net New Cash Flow to Money Market Funds, 1993–2003 (bi l l ions of dollars) Year Institutional Retail Total 1993 -3 -11 -14 1994 -17 26 9 1995 26 63 89 1996 37 53 89 1997 57 45 102 1998 104 131 235 1999 112 82 194 2000 117 43 160 2001 339 37 376 2002 32 -78 -47 2003 -107 -151 -258 Source: Investment Company Inst i tu te. Perspective / page 13 F I GU RE 11 Interest Rate Spread and Net New Cash Flow to Taxable Retail Money Market Funds, 1990–2003 1 The interest rate spread is the di f ference between the taxable retai l money market fund yield and the average interest rate on money market deposi t accounts. 2 Net new cash f low is measured as a percent of previous month-end taxable retai l money market fund assets and is shown as a six-month moving average. Sources: Investment Company Inst i tu te, iMoneyNet, and Bank Rate Moni tor. 20032002200120001999199819971996199519941993199219911990 -1 0 1 2 3 4 5 -2 Net New Cash Flow2 Percentage Points Interest Rate Spread1 Percent of Total Net Assets -1 0 1 2 3 4 5 -2-3 Retail Money Market Funds. Retail money market funds, which are principally sold to individual investors, had net outflows totaling $151 billion for 2003 (Figure 10). The most important factor affecting retail money fund flows is the difference between money fund yields and those on bank savings deposits (Figure 11). These two financial instruments compete directly. In 2003, the yield spread fell to its lowest level since the early 1990s, and retail investors shifted toward bank deposits, resulting in outflows from money funds. Perspective / page 14 0 0.3 0.4 0.5 200320022001200019991998199719961995 No-LoadB and C SharesA Shares A Shares 0.2 0.1 Average Fee Waiver, 1995–2003 (percent) 0 80 100 200320022001200019991998199719961995 20 60 40 Percent of Share Classes with Fee Waiver, 1995–2003 B and C Shares No-Load and A Shares No-Load and A Shares B and C Shares B and C Shares No-Load Other 0.63 0.90 0.70 0.58 0.27 0.570.63 0.12 0.06 14.8 0.7 76.3 8.2 Percent of Assets, December 2003Average Expense Ratios, December 2003 (percent) Operating Expense Ratio 12b-1 Fee F I GU RE 12 Fee Waivers, Expense Ratios, and Assets of Taxable Retail Money Market Funds by Share Class Note: Operat ing expense rat ios are calculated by subtract ing the average 12b-1 fee from the average expense rat io. Sources: Investment Company Inst i tu te and iMoneynet. Perspective / page 15 The low interest rate environment led many retail money funds to waive a portion of their fees in order to narrow the gap between their yields and rates on bank deposits and to avoid having negative yields. Fee waivers were larger and more common among B- and C-class shares, with more than 80 percent of these share classes waiving a portion of their fees by year-end (Figure 12). These share classes generally have higher fees than A-class shares and no-load funds because their expense ratios include a higher 12b-1 fee to pay brokers and other financial advisers for the advice and service that they provide to fund shareholders. Generally, investors hold very few money market fund assets in B- and C-class shares; funds offer these share classes primarily to permit investors to move assets out of B- and C-class shares of long-term funds without paying back- end loads. Nearly all retail money fund assets are invested in no-load funds and A-class shares, and the A-class shares typically do not charge front- end loads. The outflows from retail money funds in 2003 seem to have been largely the result of low interest rates rather than renewed strength in the stock market. Money fund flows tracked closely to those forecasted by a statistical model of mutual fund flows that captured the traditional response of money fund shareholders to inter- est rate and stock market movements. Although inflows increase to money funds when stock prices decline, there is no statistical evidence that money funds experience outflows when stock prices rise. 12 The model of money market fund f lows is explained in the Appendix. Because actual f lows tracked closely to those expected by the model, there is evidence that mutual fund shareholders overall did not react in a manner that departed from their typical behavior.12 Institutional Money Market Funds. Institutional money market funds, used by businesses, pension funds, state and local governments, and other large investors, had an outflow of $107 billion in 2003. Institutional money fund yields were below open-market rates, prompting some institutional investors to move money directly into money market instruments. Institutional money funds tend to earn a return that is slightly below the market interest rate on money market securities. The somewhat lower yield reflects the cost of managing the fund. In falling interest rate environments, the difference between money fund yields and money market rates can narrow, temporarily attracting new cash from institutional investors. As money fund yields return to their normal relationship to market rates, much of this new cash will leave money funds. Institutional money funds saw significant outflows at the beginning of 2003. In November 2002, the Federal Reserve cut short-term interest rates, and money funds received sizeable inflows. As the yield difference between money funds and money market rates returned to normal levels, cash f lowed back out of the funds. Outflows persisted throughout most of 2003, except for a brief period after the Federal Reserve cut short-term interest rates in June. Another factor likely played a role in institutional investors removing cash from money funds. Businesses added $125 billion to bank checking accounts in 2003, and some of this additional cash likely came from money market funds. Banks are prohibited by law from paying interest on demand deposits, but institutional depositors earn credits based on an implicit interest rate on their deposits. These credits can be used to pay for banking services. When interest rates are low, businesses often increase their deposits to earn sufficient credits to pay for their bank services. Perspective / page 16 SHAREHOLDER REDEMPTIONS AND PORTFOLIO TURNOVER Redemptions, including exchange redemptions, measured as a percent of average assets, declined sharply in 2003 for stock funds (Figure 13). The decline reflects a slowdown in redemptions at both international and domestic stock funds. Redemptions peaked in late 2002 and declined throughout 2003. For stock funds as a group, the redemption rate declined to 31 percent in 2003 from 41 percent in 2002. The redemption activity among bond funds rose slightly in 2003. A large portion of the decline in redemption activity for stock funds occurred in foreign stock funds. In particular, the redemption rate for these funds peaked in 2002 at 76 percent and fell to 53 percent in 2003. Foreign stock funds have had higher redemption rates, in part, because a small percent of shareholders moved in and out of funds to try to time foreign stock market f luctuations. The decline in redemption rates suggests that the level of market timing likely has declined. Further evidence of reduced market timing in foreign stock funds is the decline in the annual redemption rate to 37 percent in the fourth quarter from 52 percent in the third quarter and 65 percent during the first half of 2003. Available evidence suggests that market-timing activity was conducted by a relatively small portion of fund investors. For example, among household owners of stock funds, 84 percent made no redemptions in 2001.13 High frequency traders can and have produced high redemption. 13 Equity Ownership in America, 2002, Investment Company Institute and Securities Industry Association, Washington, DC, October 2002 (www.ici.org/pdf/rpt_02_ equity_owners.pdf). F I GU RE 13 Annual Redemption Rates1 of Stock and Bond Funds, 1985–2003 (percent of assets) 1 The redemption rate is calculated as the sum of redemptions and exchange redemptions for the 12 months ending in the month plot ted, divided by average total net assets during the same period. Source: Investment Company Inst i tu te. 10 20 30 40 50 60 70 80 2003200119991997199519931991198919871985 0 10 20 30 40 50 60 70 80 2003200119991997199519931991198919871985 0 10 20 30 40 50 2003200119991997199519931991198919871985 0 Stock Funds Domestic and Foreign Stock Funds Bond Funds Foreign Domestic Perspective / page 17 rates. Consequently, using the inverse of the redemption rate as an estimation of the holding period of the average shareholder, as some industry observers have done,14 will significantly understate the actual holding period.15 The drop in redemptions coincided with a fall in the rate of turnover in the securities held in mutual fund portfolios. The average portfolio turnover rate for stock funds, weighted by fund assets, fell to 55 percent in 2003, down from 62 percent in 2002 (Figure 14). The turnover rate in 2003 was the lowest in more than 20 years. The asset-weighted turnover rate provides an indication of potential trading costs borne by the average dollar invested in a stock fund. 14 See, for example, "The Mutual Fund Industry in 2003: Back to the Future," Remarks by John C. Bogle Before the Harvard Club of Boston, the Harvard Business School Association of Boston, and the Boston Security Analysis Society (January 14, 2003). 15 For a further discussion of these issues see "Redemption Activity of Mutual Fund Owners," Fundamentals, Vol. 10, No. 1, March 2001, Investment Company Institute (www.ici.org/pdf/fm-v10n1.pdf ) and Brian Reid and Stefan Kimball, "Mutual Fund Industry Developments in 2002," Perspective, Vol. 9, No. 1, February 2003, Investment Company Institute, pp. 10–11 (www.ici.org/pdf/per09-01.pdf ). 63 >125101–12575–10050–7425–49<25 75 74 81 68 63 66 67 68 67 71 71 61 62 63 67 73 62 55 34 27 17 9 5 8 Annual Turnover Rate, 1984–2003 Fund Assets by Turnover Rate, 2003 Turnover Rate (percent) 20032002200120001999199819971996199519941993199219911990198919881987198619851984 68 F I GU RE 14 Annual Turnover Rate and Percent of Assets by Turnover Rates of Stock Funds (percent) Sources: © CRSP Universi t y of Chicago, Used with permission, al l r ights reserved (773.702.7467/www.crsp.com) and L ipper, Inc. Perspective / page 18 Turnover rates are sometimes reported as simple averages.16 Such averages overstate the actual turnover activity that shareholders experience in their funds. Funds with high turnover rates tend to be small. Most stock fund assets are invested in funds with low turnover rates. In 2003, 61 percent of stock mutual fund assets were held in funds with turnover rates of less than 50 percent. ASSETS AND FLOWS BY SHARE CLASS The share of long-term fund assets in no-load share classes17 continued to rise in 2003 (Figure 15). A large portion of the no-load assets are held through employer-sponsored pension plans and fund supermarkets. The growing reliance of shareholders on these third parties for mutual fund share purchases has contributed to the increase in assets in no-load share classes. Nearly 60 percent of the net new cash f low into stock, bond, and hybrid funds in 2003 went to no-load share classes. Flows into these share classes have remained more stable than cash f low to load funds because of the steadier stream of net new cash from employer-sponsored pension plans, which are heavy users of institutional no-load share classes. F I GU RE 15 Load and No-Load Fund Assets as a Share of Total Fund Assets, 1984–2003 Sources: Investment Company Inst i tu te; L ipper, Inc.; Value L ine Publ ishing, Inc.; CDA/Wiesenberger Investment Companies Service; © CRSP Universi t y of Chicago, Used with permission, al l r ights reserved (773.702.7467/www.crsp.com); Primary datasource & © Standard & Poor's Micropal, Inc. 1998 (617.451.1585/www.micropal.com); and Strategic Insight Mutual Fund Research and Consul t ing, LLC. Load Load No-Load No-Load Stock Funds (percent) 20 30 40 50 60 70 80 2002200019981996199419921990198819861984 10 0 Bond Funds (percent) 20 30 40 50 60 70 80 2002200019981996199419921990198819861984 10 0 2003 2003 16 See, for example, Ian McDonald, "Funds Adjust to Volatile Markets," The Wall Street Journal, February 2, 2002, p. R1. 17 No-load share classes are those classes of funds that carry no front-end or back-end load and that have a 12b-1 fee of 0.25 percent or less. Perspective / page 19 F I GU RE 16 Net New Cash Flow to Long-Term Funds by Share Class, 2000–2003 (bi l l ions of dollars) 2000 2001 2002 2003e All Long-Term Funds1 229 129 121 216 Load 80 44 20 51 A Shares 35 25 16 40 B Shares 25 0 -16 -18 C Shares 26 20 23 27 Other Load -6 -1 -3 2 No-Load 96 71 103 124 Retail 68 38 53 76 Institutional 28 33 49 48 Variable Annuities 51 13 -2 42 1 Components may not sum to total because of rounding. e Share class designations for 2003 are based on prel iminary fund expense data. Sources: Investment Company Inst i tu te; L ipper, Inc.; Value L ine Publ ishing, Inc.; CDA/Wiesenberger Investment Companies Service; © CRSP Universi t y of Chicago, Used with permission, al l r ights reserved (773.702.7467/www.crsp.com); Primary datasource & © Standard & Poor's Micropal, Inc. 1998 (617.451.1585/www.micropal.com); and Strategic Insight Mutual Fund Research and Consul t ing, LLC. Load share classes, which generally are sold through brokers and other financial advisers, had a net new cash f low of $51 billion in 2003 (Figure 16). A shares and C shares received most of the net new cash, while B shares had net outflows for the second year in a row. The net new cash f low to variable annuities rose to $42 billion, from a net outflow of $2 billion in 2002. The flows by share class also reflect that share- holders tend to invest in funds with expense ratios that are well below average. Two-thirds of the net new cash f low went to stock funds with expense ratios under 1 percent, and 57 percent of assets were in share classes with expense ratios below 1 percent (Figure 17). Based on preliminary data, the average stock fund share class had an expense ratio of 1.66 percent in 2003.18 18 Simple-average expense ratio computed from data provided by Lipper, Inc. Perspective / page 20 Expense ratios include the 12b-1 fee, which is used to compensate financial advisers for advice and service and is not used to operate the fund. Removing 12b-1 fees leaves those expenses charged to the fund for its operation. In 2003, more than 70 percent of the net new cash f lows of stock funds went to share classes with operating expense ratios of 1 percent or less, and nearly 75 percent of the stock fund assets were invested in these share classes. CAPITAL GAIN AND INCOME DISTRIBUTIONS Mutual funds distributed an estimated $14 billion in capital gains in 2003, the lowest level since 1990, and significantly less than the record level of $326 billion reached in 2000 (Figure 18). About one third of the capital gain distributions in 2003 are estimated to have been paid to tax- deferred accounts, such as 401(k) and other employer-sponsored pension plans, and IRAs. These distributions are not taxed until the share- holders withdraw money from these accounts. The low level of capital gain distributions reflected the after-effects of the 2000–2002 bear market. By law, mutual funds must distribute by December 31 of each year virtually all capital gains realized during the 12 months ending on October 31 of that year.19 Many stock funds had either realized losses during the bear market or their stocks were valued at prices below F I GU RE 17 Percent of Net New Cash Flow and Assets of Stock Funds by Expense Ratio, 2003 (percent) 1Fund expenses were based on prel iminary 2003 data. Sources: L ipper Associates, Strategic Insight, and Investment Company Inst i tu te. >1.501.00–1.500.50–1.00<0.50 >1.501.00–1.500.50–1.00<0.50 24 15 42 42 31 28 3 16 45 24 26 49 26 24 4 3 Net New Cash Flow and Assets by Total Expense Ratio Net New Cash Flow and Assets by Operating Expense Ratio Total Expense Ratio1 Operating Expense Ratio1 Net New Cash Flow Total Net Assets Net New Cash Flow Total Net Assets 19 Mutual funds held through variable annuities are an exception to this law. These funds must distribute realized gains by the end of their fiscal year. Perspective / page 21 F I GU RE 18 Capital Gain Distributions and Dividend Distributions by Mutual Funds, 19961–2003 (b i l l ions of dol lars) Capital Gain Distributions (Long-Term Funds) Memo: Tax-Deferred Undistributed Capital Total Non-Household Taxable Household Household Gain/Loss on Equity Funds2 1996 100 17 30 53 25 1997 183 25 61 97 30 1998 165 18 50 97 25 1999 238 27 69 142 33 2000 326 35 96 194 30 2001 69 5 14 50 -7 2002 16 2 5 9 -28 2003 14e 2e 7e 5e -4 Dividend Distributions (Short- and Long-Term Funds) Total Non-Household Taxable Household Tax-Exempt and Tax-Deferred 1996 116 50 21 45 1997 129 54 25 50 1998 138 63 25 51 1999 164 75 29 60 2000 186 102 27 57 2001 162 84 24 54 2002 115 41 23 51 2003 103e 28e 25e 50e 1 The dist inct ion between taxable and tax-deferred capi tal gains of households is not possible before 1996. 2 The undistr ibuted capi tal gain/ loss is measured as the cumulat ive real ized and unreal ized change in the value of por t fol io securi t ies that has not been distr ibuted to shareholders. I t is expressed as a percent of total net assets as of October of each year. e Est imate based on prel iminary data. Note: Numbers may not sum to totals because of rounding. Source: Investment Company Inst i tu te. Perspective / page 22 their purchase price. Hence, by the end of October 2003, stock funds as a group still had embedded losses totaling 4 percent of assets. About 10 percent of all stock mutual funds paid a capital gain distribution in 2003 (Figure 19), whereas nearly 25 percent of bond funds paid a capital gain distribution. The higher percent of bond funds paying distributions was the result of bond funds realizing capital gains as bond prices rose in 2002 and 2003. Mutual funds, including money market funds, distributed an estimated $103 billion in income in 2003. These distributions are derived from interest on bonds and other fixed-income securities held by funds and stock dividend payments. The decline in interest rates during the past several years has reduced the size of the dividend payments made by funds. An estimated $50 billion of these distributions were paid to tax-deferred accounts or were tax-exempt distributions because the underlying securities were tax-exempt securities. Taxable dividend distributions to households totaled $25 billion. F I GU RE 19 Mutual Funds That Distributed Capital Gains, 1996–2003 (percent of funds) Stock Bond Hybrid 1996 68 23 72 1997 74 30 78 1998 57 37 68 1999 57 22 64 2000 54 8 59 2001 28 15 30 2002 11 21 12 2003 10e 23e 7e e Est imate based on prel iminary data. Source: Investment Company Inst i tu te. The Jobs and Growth Tax Relief Reconcil- iation Act of 2003 significantly reduced the tax burden on mutual fund shareholders by setting a maximum tax rate of 15 percent on certain dividends and all long-term capital gains. The dividend rate cut benefits shareholders in funds investing in U.S. and many foreign equities. The capital gains rate cut benefits all fund shareholders receiving capital gain distributions or redeeming fund shares held for more than one year. FUND CREATION AND LIQUIDATION The number of mutual funds fell for the second straight year to 8,126 in 2003 (Figure 20). The decline in the number of funds in 2003 was concentrated in stock funds, reflecting the decline in demand for these funds during the bear market. The number of stock funds fell from a peak level of 4,748 funds in 2002 to 4,601 by the end of 2003. Money market funds also experienced net liquidations over 2003, while the number of bond and hybrid funds rose over the year. Those stock funds that were merged or liquidated in 2003 tended to be small. The median size of stock funds liquidated or merged over the year was $15 million (Figure 21). Those funds remained small in large part due to weak cash f low. In fact, a large portion of fund mergers and liquidations result from new fund offerings not garnering enough cash f low to remain viable. Of the funds created from 1996 to 2003, those Perspective / page 23 20032002200120001999199819971996 6,248 6,684 7,314 7,791 8,155 8,305 8,244 8,126 988 2,690 2,570 1,013 2,720 2,951 1,026 2,775 3,513 1,045 2,794 3,952 1,039 2,731 4,385 1,015 2,574 4,716 989 2,507 4,748 973 2,552 4,601 Money Market Funds Bond and Hybrid Funds Stock Funds F I GU RE 2 0 Number of Funds by Type of Fund, 1996–2003 Source: Investment Company Inst i tu te. F I GU RE 21 Median Assets of Merged and Liquidated Funds by Year of Merger or Liquidation, 1996–2003 (mil l ions of dol lars) Type of Fund 1996 1997 1998 1999 2000 2001 2002 2003 Equity 36 47 23 31 15 16 15 15 Hybrid 23 35 30 71 22 41 38 57 Bond 10 23 18 34 22 36 40 55 Money Market 94 195 155 411 106 189 96 64 Source: Investment Company Inst i tu te. Perspective / page 24 F I GU RE 2 3 Share of Assets at Largest Mutual Fund Complexes, Selected Years (percent of industry total) Note: Variable annui t ies are excluded. Source: Investment Company Inst i tu te. Top 25 ComplexesTop 10 ComplexesTop 5 Complexes 1990 1995 2000 2003 37 36 34 36 56 49 48 48 76 70 74 72 F I GU RE 2 2 Total Net New Cash Flow to Funds by Year of Inception, 1996–2003 Total Net New Cash Flow1 to Year of All Funds Funds Still Funds Merged Inception Created in Year Existing as of 2003 or Liquidated by 2003 1996 157 150 7 1997 222 207 15 1998 149 144 5 1999 116 113 3 2000 67 61 6 2001 40 37 3 2002 24 24 0 2003 10 10 0 1 Cumulat ive net new cash f low from date of creation through 2003. Source: Investment Company Inst i tu te. that remained open received $746 billion in cash f low over the period, while those that later closed received $39 billion (Figure 22). Fund offerings change to meet investor demand. This is accomplished both by existing fund sponsors and new sponsors that enter the industry. Low barriers to entry allow new sponsors to offer funds and compete for assets and has kept concentration from rising over the past decade. The share of industry assets held by the largest 25 fund complexes has fallen from 76 percent in 1990 to 72 percent in 2003 (Figure 23). The decline in the number of funds over the past two years has not resulted in a higher level of consolidation in the fund industry. CONCLUSION Fund industry assets rose by more than $1 trillion to $7.4 trillion in 2003, lifted by strong stock and bond fund returns. Yet, despite fund assets rising to near record levels, the industry experienced a net cash outflow for the first time since 1988. A record amount of cash left money market funds, which more than offset the largest net cash inflow to long-term funds in three years. Investors showed a renewed demand for stock funds in 2003. These funds received the largest net f low of new cash since 2000. Stock fund investors heavily favored low-cost funds. Among index funds, those with the lowest costs also received most of the net new cash. The net new cash f low to stock funds rose because the pace of redemptions slowed sharply in 2003. The slow- down started during the first part of the year and then picked up in the fall following the investigations of late-trading and abusive market- timing activity. The turnover of securities held in stock fund portfolios fell to its lowest pace in 20 years. Assets were predominantly invested in funds with low turnover rates. Perspective / page 25 The number of mutual funds declined for the second consecutive year in 2003. Nonetheless, the industry has remained highly competitive, with the concentration of assets among the largest fund organizations largely unchanged. APPENDIX Models of Bond Fund Flows Statistical models can be used to analyze the relationship between bond fund flows and bond returns. Reid and Kimball (February 2003) presented three such models for bond fund flows. These models were modified for this issue of Perspective. Three separate models are estimated to distinguish between the f low behavior for different types of bond funds. Net new cash f low to bond funds has been increasing over time, so fund flows are expressed as a percent of previous month-end assets in all three models. Government and mortgage-backed bond funds and corporate and strategic-income bond funds have less volatile cash f lows than high-yield bond funds and can therefore be modeled using stan- dard ARMA20 specifications. Net new cash f lows to high-yield bond flows have a large, time-vary- ing variance suggesting the use of an ARCH21 specification.22 In each model, bond return indexes are used as a proxy for the return on bond funds. The model of government and mortgage-backed bond fund flows uses an index of government and mortgage-backed bonds. An index of investment grade corporate bonds is used to measure returns on portfolios of corporate and strategic-income funds. The high-yield bond fund flow model uses a total return index for high-yield bonds. All returns are calculated as the percent change in the respective index minus the average percent change over the estimation period. The model estimates show that returns on bonds are a major determinant of net new cash f low to bond funds (Figure 24). All three models reveal a positive correlation of bond fund flows to bond returns. However, the timing of this reaction differs between the three sectors of bond funds. The flows to government and mortgage-backed bond funds as well as to corporate and strategic-income bond funds exhibit some inertia in their reaction to returns. This is specifically true for corporate and strategic-income funds, where bond returns of the previous 12-month period help to explain current f lows. On the other hand, f lows in and out of high-yield bond funds are highly correlated to contemporaneous returns in the high-yield bond markets. A 1 percent increase in monthly returns, measured by the Merrill Lynch Master II Index, causes a 0.46 percent increase in net new cash f low to high-yield bond funds during the same month. Monthly returns in stock markets are measured using the S&P 500 Index. Returns are expressed as their absolute percent value and are separated in two categories according to their sign. The results show that investors increase their holdings of government and mortgage-backed bond funds when stock prices fall and decrease their holdings of these funds when stock prices rise. Net new cash f lows to bond funds exhibit seasonal patterns. To avoid any distortions in the parameter estimates and to study the time varying pattern of bond flows throughout the year, 11 seasonal dummy variables are included in each model. They capture any unexplained seasonal pattern of bond flows relative to January, which is the reference category. Months with significant seasonal movements in their f lows are listed for each model. Model of Taxable Money Market Flows Previous issues of Perspective have presented models for taxable retail money fund flows. This issue presents a slightly updated model for these f lows (Figure 25). As with the previous model, the dependent variable is net new cash f low to taxable retail money market funds as a percent of previous month-end assets. Since monthly cash f lows have risen substantially during the last decade, normalizing by month-end assets controls for this trend. 20 Autoregressive Moving Average. 21 Autoregressive Conditional Heteroskedasticity. 22 The fact that the coefficient on the ARCH(1)-term is significantly different from zero shows that the second moment of net new cash f lows to high-yield bond funds has autoregressive dynamics. Perspective / page 26 F I GU RE 24 Estimated Model Coefficients for Bond Fund Flows Dependent Variable NNCF1 to Government NNCF1 to Corporate and Mortgage-Backed and Strategic-Income NNCF1 to High-Yield Independent Variable Bond Funds Bond Funds Bond Funds Constant 0.17 1.11*** 1.50*** Monthly Total Returnt 0.16*** 0.46*** Monthly Total Returnt-1 0.15*** Monthly Total Returnt-2 0.14*** Annual Total Return 0.10*** Yield Curve -0.71*** -0.29* Positive Percent Change in S&P 500 -0.04** Negative Percent Change in S&P 500 0.04** Seasonal Movements December*** March,* April,* June,* July,* September,* November,*** December*** October** First-Order Autoregressive Correction Term 0.94*** -0.89*** 0.93*** Second-Order Autoregressive Correction Term 0.81*** Third-Order Autoregressive Correction Term 0.72*** First-Order Moving Average Correction Term -0.17* 1.36*** -0.75*** Second-Order Moving Average Correction Term -0.26 Third-Order Moving Average Correction Term -0.62*** ARCH(1) 0.48** Ljung-Box (16) 15.05 12.43 12.28 Log Likelihood -197.51 R2 0.87 0.72 * signi f icant at 10% level ** signi f icant at 5% level *** signi f icant at 1% level 1 Net New Cash Flow (monthly) Note: The dependent variables are net new cash f lows measured as a percent of previous month-end assets. The bond return f igures are generated from di f ferent bond indexes that cover the bond market segment in question, namely the Ci t igroup Government/Mor tgage Index, Ci t igroup Investment Grade Corporate Bond Index and the Merri l l Lynch Master I I Index. Monthly total returns are calculated as the monthly returns of the indexes minus their mean return. L ikewise, total annual returns are calculated as the annual returns of the indexes minus their mean return over the est imation period. "Y ield curve" is the f i rs t di f ference of the spread between 10-year Treasury securi t ies and the yield on taxable retai l money market funds, minus the average spread. The "Posi t ive (Negative) Percent Change in S&P 500" is the absolute value of the monthly percent change of the S&P 500, whenever the index is posi t ive (negative). The government/mor tage-backed fund f low model and the corporate/strategic-income fund flow model are estimated using ordinary least squares. The high-yield bond fund flow model is estimated by employing ARCH-methodology (Autoregressive Conditional Heteroskedasticity). While the former two models are estimated using data from January 1990 through November 2003, the high-yield bond fund flow model is estimated from April 1990 to November 2003. Sources: Investment Company Inst i tu te, Haver Analy t ics, iMoneynet, Ci t igroup, Merri l l Lynch, Standard and Poor's Corporat ion. Perspective / page 27 F I GU RE 2 5 Estimated Model Coefficients for Taxable Retail Money Market Fund Flows Dependent Variable Net New Cash Flow to Taxable Independent Variable Retail Money Market Funds Money Fund-MMDA Yield Spread 0.580*** Bond Return-Money Fund Yield Spread -0.014** Positive Percent Change in S&P 500 -0.031 Negative Percent Change in S&P 500 0.191*** Retail Sweeps -2.319*** January 0.903*** February 0.250 March -0.455 April -2.170*** May -1.025*** June -1.609*** July 0.366 August -0.288 September -1.475*** October -0.107 November -0.129 December -1.776*** Number of Observations 164 Ljung Box (12) 19.755 R2 0.671 ** signi f icant at 5% level *** signi f icant at 1% level Note: The model is est imated from January 1990–December 2003. The dependent variable is monthly net new cash f low to taxable retai l money market funds measured as a percent of previ- ous month-end assets. The "Money Fund-MMDA Y ield Spread" is the spread of money fund yields over yields on money market deposi t accounts. The "Bond Return-Money Fund Y ield Spread" is the monthly change in the spread between the annual ized monthly change in the Ci t igroup Broad Investment Grade Bond Index and the money fund yield. The "Posi t ive Percent Change in S&P 500" is the percent change in the average monthly S&P 500 Index when the index is posi t ive. The "Negative Percent Change in S&P 500" is the absolute value of the percent change in the average monthly S&P 500 Index level when the index is negative. "Retai l Sweeps" is the net new cash f low from money funds wi th sweep accounts, measured as a percent of total net assets of al l taxable retai l money funds. The model is est imated using ordinary least squares. Sources: Investment Company Inst i tu te, Haver Analy t ics, iMoneynet, Ci t igroup, Merri l l Lynch, Standard and Poor's Corporat ion. The first explanatory variable, "Money Fund- MMDA Yield Spread," is the spread between yields on taxable retail money funds and money market deposit accounts. The logic of including this variable into the model is evident from Figure 11. Money market funds and deposit accounts are close substitutes in cash management. An increase in the spread will therefore have strong positive effects on net new cash f lows to taxable retail money market funds, which is confirmed by the large and significant coefficient on this variable. The variable "Bond Return-Money Fund Yield Spread" is included in the model to capture substitution effects between bond markets and money market funds. The results show that an increase in the spread of bond over money market yields decreases net new cash f lows to taxable retail money market funds. To account for the substitution effects between money funds and stock markets, the model includes positive and negative changes of the S&P 500. Both of them are expressed as absolute values of the monthly percent change since 1990. The results reveal that investors increase their holdings of money funds when stock market returns are negative but do not decrease their holdings in months in which stock prices rise. This asymmetric response of share- holders suggests that strong stock market performance in the past year did not contribute to the outflows from money market mutual funds. The explanatory variable "Retail Sweeps" accounts for some brokerage firms relying less on money market funds and more on bank money market deposit accounts as cash accounts for their clients. Increased use of bank deposits has depressed money market fund cash f lows in recent years. Twelve dummy variables are included in the model to account for seasonality effects in the net new cash f low to taxable retail money market funds. The results show that the month of January is generally characterized by higher-than-average net new cash f lows to retail money market funds. In contrast, net new cash f low is generally lower than average in April, May, June, September, and December. Copyright © 2004 by the Investment Company Institute Although information or data provided by independent sources is believed to be reliable, the Investment Company Institute is not responsible for its accuracy, completeness, or timeliness. Opinions expressed by independent sources are not necessarily those of the Institute. If you have questions or comments about this material, please contact the source directly. Back issues of Perspective, written by Institute staff, leading scholars, and other contributors, address public policy issues of importance to mutual funds and their shareholders. Contact the Institute's Research Department at 202/326-5913 for more information. For a complete list of back issues of Perspective, visit the Institute's public policy website at www.ici.org/perspective/index.html. "The Expenses of Defined Benefit Pension Plans and Sean Collins Mutual Funds" "401(k) Plan Asset Allocation, Account Balances, and Sarah Holden and Jack VanDerhei Loan Activity in 2002" "Mutual Fund Independent Directors: A Model for Richard M. Phillips Corporate America?" "Mutual Fund Distribution Channels and Distribution Costs" Brian K. Reid and John D. Rea "401(k) Plan Asset Allocation, Account Balances, Sarah Holden and Jack VanDerhei and Loan Activity in 2001" "Mutual Fund Industry Developments in 2002" Brian Reid and Stefan Kimball "Can 401(k) Accumulations Generate Significant Sarah Holden and Jack VanDerhei Income for Future Retirees?" "The Regulation of Operational Risk in Charles W. Calomiris and Richard J. Herring Investment Management Companies" "Mutual Fund Industry Developments in 2001" Brian Reid, Kimberlee Millar, Stephen Sevigny "401(k) Plan Asset Allocation, Account Sarah Holden and Jack VanDerhei Balances, and Loan Activity in 2000" "Contribution Behavior of 401(k) Plan Participants" Sarah Holden and Jack VanDerhei "The Potential Effects of More Frequent Portfolio Russ Wermers Disclosure on Mutual Fund Performance" "Mutual Fund Assets and Flows in 2000" Sean Collins "401(k) Plan Asset Allocation, Account Balances, Sarah Holden and Jack VanDerhei and Loan Activity in 1999" "The 1990s: A Decade of Expansion and Brian K. Reid Change in the U.S. Mutual Fund Industry" "Mutual Fund Assets and Flows in 1999" Brian K. Reid, Kimberlee W. Millar "401(k) Plan Asset Allocation, Account Balances, Sarah Holden, Jack VanDerhei, Carol Quick and Loan Activity in 1998" "Operating Expense Ratios, Assets, and John D. Rea, Brian K. Reid, Kimberlee W. Millar Economies of Scale in Equity Mutual Funds" "Mutual Fund Costs, 1980–1998" John D. Rea, Brian K. Reid, Travis Lee "Total Shareholder Cost of Bond and Money Market John D. Rea and Brian K. Reid Mutual Funds" "Mutual Fund Developments in 1998" Brian K. Reid, Kimberlee W. Millar "401(k) Plan Asset Allocation, Account Balances, Jack VanDerhei, Russell Galer, Carol Quick, and Loan Activity" John D. Rea Volume 9, No. 6, December 2003 Vol. 9, No. 5, September 2003 Vol. 9, No. 4, August 2003 Vol. 9, No. 3, July 2003 Vol. 9, No. 2, March 2003 Vol. 9, No. 1, February 2003 Vol. 8, No. 3, November 2002 Vol. 8, No. 2, September 2002 Vol. 8, No. 1, February 2002 Vol. 7, No. 5, November 2001 Vol. 7, No. 4, October 2001 Vol. 7, No. 3, June 2001 Vol. 7, No. 2, February 2001 Vol. 7, No. 1, January 2001 Vol. 6, No. 3, July 2000 Vol. 6, No. 2, February 2000 Vol. 6, No. 1, January 2000 Vol. 5, No. 5, December 1999 Vol. 5, No. 4, September 1999 Vol. 5, No. 3, March 1999 Vol. 5, No. 2, February 1999 Vol. 5, No. 1, January 1999
Copyright © 2017 by the Investment Company Institute


text:
The International Timing & Sync Forum (ITSF) is the largest time and sync conference in the world with over 200 delegates attending last year and even more expected for 2017. The attendance by end users - Telco Operators, Financial Institutions, Utility Companies, Broadcasters etc is growing exponentially. ITSF 2017 will showcase the latest time and synchronisation solutions, advances and challenges in Telecoms, Finance, Broadcast, Transport, Utilities, IoT and Defence.
The high quality content is put together by the influential ITSF Steering Group. It will help keep you up to date with the latest technologies and techniques. The conference is preceded by a Tutorial day, open to all, led by synchronisation experts from around the world and from a range of disciplines.
ITSF 2017, Making the Most of Time, is taking place in Warsaw, Poland 6-9 November.
Prof. Charles Curry, BEng, CEng, FIET, FRIN
Chairman ITSF Steering Group


text: Probably our reader must have some idea about this; what it is, why it so famous, and why people of every walk of life do visit this place. If you do not have any idea about it, better you go through this article and likely you all will be aware of this place. Koh Samui is an island, located in the Gulf of Thailand, may be about 35 km northeast of Surat Thani town. It is the most noteworthy Island in the Chumphon Archipelago. The island spread over on some 25 km at its widest point. It is enclosed by about sixty other islands, which jointly compose the Ang Thong Marine National Park and likely it has become for tourist target, including, Koh Phangan, Koh Tao and Koh Nang Yuan. Continue reading


text:
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UK Dating
Just to say a great big thank you for dating through this site I have met the most wonderful man its early days but we... more..
Other UK Dating Group Sites
Prince Harry 'back with his ex'Posted on: February 28, 2011 18:29:34
People who are interested in the world of elite dating could be pleased to hear reports that the relationship between Prince Harry and Chelsy Davy is back on.
Rumours had been circulating that the couple would reunite once Davy returned to the UK after spending some time out travelling around her native Africa.
And the reports appeared to be confirmed after the young couple were spotted leaving a nightclub together in the early hours of Friday evening (February 25th 2011).
While there had been stories of the pair dating again, it is the first time that there have been photographs to prove that they are a couple once more.
The news comes in time for speculation to end over who the prince will take with him to the wedding of his brother Prince William to Kate Middleton at the end of April.
It is not the only romantic development in Prince Harry's family recently, as his uncle Earl Spencer has announced he is to wed his girlfriend Karen Gordon in the summer.
Looking for wealthy singles? Millionaire dating could be the answer.
Related Elite Dating News
Could your date's name tell you more about him?Posted on: August 14, 2013 10:42:58
High-flying career women who are on the lookout for a like-minded guy who understands the importance of a successful professional life may find it difficult to meet others who have...
(read more)
Is Pippa Middleton set to tie the knot?Posted on: July 8, 2013 14:08:25
Pippa Middleton has certainly been a hit with the guys since showing off her figure at the Royal Wedding but it seems she has only got eyes for one man...
(read more)
Women 'sleep in makeup to impress partner'Posted on: July 3, 2013 14:35:22
Women of all ages may be all too familiar with the age-old warning of the perils of going to bed with a face full of makeup but the temptation of...
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Leonardo DiCaprio 'dating German model'Posted on: May 30, 2013 12:56:53
As one of the most eligible bachelors in the world of showbiz its no wonder Leonardo DiCaprio constantly seems to be surrounded by a bevvy of beautiful women And his...
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A new report by Atlantic Cape Community College's Center for Regional and Business Research confirms the importance of the Atlantic City Airshow.
The report by the center's director, Richard Perniciaro, said the 2012 show drew a crowd of more than 900,000 people, making it the largest airshow in the tri-state area and one of the largest in the country.
Of those attendees, 289,095 were people from outside the area who otherwise would not have been in Atlantic City on the day of the show, the study said. They brought with them money for food, lodging and gambling. Using the most conservative crowd estimates available, the report credited the show with pumping $42.5 million into the local economy.
Perniciaro's report puts numbers to something we've all known - that the airshow is one of the most important and successful events the city has.
And it continues to grow. The last time an economic impact analysis was done, in 2008, it showed that the show drew 180,000 people from outside the area who came specifically for the show.
Last year, organizers moved the show to a Friday to accommodate the U.S. Air Force Thunderbirds. This year, the show will return to midweek - when special events have more of an impact - and will move from August to late June. The other big change this year is that the Thunderbirds were unavailable and will be absent for the first time since the airshow was revived in 2003.
Here's hoping that the date change and the lack of a headlining precision military jet team won't slow the airshow's momentum, especially since it is the best example of the kind of family-friendly events Atlantic City needs. As the report points out, aside from its economic impact, the airshow is a great way to showcase the city, its Boardwalk and its beaches.
Two years ago, the city piggybacked on the airshow's success by creating the Atlantic City Salutes the Armed Forces Parade as a lead-in event.
The Greater Atlantic City Chamber, which organizes the airshow, plans to deal with the absence of the Thunderbirds by reinventing the show a bit - offering more full demonstrations of many of the aircraft, rather than just fly-bys.
That seems like a great idea. Full demonstrations will include a U.S. Marine Corps Harrier - an attack jet that can take off vertically - and an F-22 Raptor - a stealth jet considered the ultimate fighter plane, as well as other planes and the U.S. Army Golden Knights parachute team.
These demonstrations will give returning attendees something new and should help the airshow meet its goal of getting better every year.


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It sounds like President Obama's campaign pitch is set for the rest of the congressional elections.
In appearances between now and the Nov. 2 balloting, Obama will echo previous arguments that Democrats will move the country forward, while Republicans would take it backwards.
"I think you'll continue to hear the president make a very strong and affirmative case for continuing to move the country forward and the perils of what it means to go back," said White House spokesman Robert Gibbs. "And that's, I think, been the base of his message for quite a while and I think you'll continue to hear that."
So don't expect much new, barring daily developments.
In his basic campaign speech, Obama argues that the stimulus bill staved off another Great Depression, and that his health care, education, and energy policies will build a stronger economy for the 21st Century. The president also argues that the economy is turning around and getting better.
On the other hand, Obama says that Republican plans for tax cuts and favors for "special interests" will again create the kinds of problems that led to the 2008 financial crisis in the first place.
Also expect Obama to keep hammering Republicans for taking campaign cash from independent groups with anonymous donors.
Later this week, Obama has a four-day campaign swing through Washington state, Oregon, California, Nevada, and Minnesota.
White House officials have not disclosed Obama's schedule for the final days of the campaign.
(Posted by David Jackson)
David's journalism career spans three decades, including coverage of five presidential elections, the Oklahoma City bombing, the 2000 Florida presidential recount and the 9/11 terrorist attacks. He has covered the White House for USA TODAY since 2005. His interests include history, politics, books, movies and college football -- not necessarily in that order. More about David
Follow the Oval on Twitter: @The Oval, @djusatoday.
Also contributing to the Oval: Richard Wolf @richardjwolf; Aamer Madhani @AamerISmad


text:
Prices, promotions, styles, and availability may vary. Our local stores do not honor online pricing. Prices and availability of products and services are subject to change without notice. Errors will be corrected where discovered, and Lowe's reserves the right to revoke any stated offer and to correct any errors, inaccuracies or omissions including after an order has been submitted.
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- Embedded tape will improve crack-resistance
- Easily embedded below basecoat surface
- Available in single component rolls
- Treated for alkali-resistance
- Enhances long-term stucco durability
- 38-in x 150-ft roll
- Mesh tape is ideal for retrofitting and repair work
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text:
Solomon Tuliaupupu has made a smooth transition to Mater Dei after transferring in from Claremont (Calif.) in the off-season.
The Monarchs are loaded this year and Tuliaupupu adds size, strength and toughness to a defense that lost a handful of starters off last years squad. We love the versatility to his game as Tuliaupupu has the ability to play inside or outside 'backer. He can rush the passer, is comfortable in space and really excels in the run game.
On the recruiting front, the 'backer took visits over Spring Break to Alabama, Ohio State and Oregon. He said the next trip he plans to take will be to see the Oklahoma Sooners and both local schools, UCLA and USC remain involved here as well.
Mater Dei won the 32Cares 7on7 Tournament on Saturday and Tuliaupupu played his usual tough, physical style. You can tell the athlete has to really hold back in the one-hand touch format as his game is really suited for knocking heads with the pads on.
Tuliaupupu talked at the event about his recent visits, timeframe for narrowing down his list and when he wants to make a decision.
To hear more from the talented 'backer, check out the video above.


text:
Depths of the World was a Mastery 4 internal earth kiho which taught to monks of all aspects of the Brotherhood, as it helped them re-focused and centered their chi in stressful or dangerous situations. [1]
- ↑ Book of Earth, p. 206
|This magic or religion related article is a stub. That means that it has been started, but is incomplete. You can help by expanding this article.


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3 Tier Stacked For For 60
Decorating By harrisonsmama Updated 18 Jun 2008 , 5:02pm by harrisonsmama
what is the best size combo? I can't think anymore
no thinking required, just a little search will give you the answers. In the articles there is a cake cutting serving guide for 2 inch and 3 inch cakes.
Yeah- I know, I just don't want it to look too crowded. I was thinking 6, 8and 10 would be a bit and tight. Any thoughts?
Quote by @%username% on %date%


text:
Some of you may remember me from hubpages (or even here I guess!), at one stage I was getting about a million hits a month on hubpages, I think I got like 3% to 4% of their uniques when they were the 25th biggest site in the US, so 'revenue sharing' was a big thing to me. I never 'made it' at Squidoo.
I don't have the time to sit and write stuff online these days because I'm running a business importing stuff to sell on ebay, but I still pay close attention to the 'user generated' content world, I had my own simple little wordpress based revenue sharing site once.
They are dropping like flies aren't they? I can remember once writing an article listing a good two dozen revenue sharing sites, and I don't mean amateurish wordpress ones either... from the ones I can remember, all of these are gone:
- Helium
- Associated Content
- Suite101
- Bukisa (no longer sharing revenue)
- Squidoo
- Zujava (announced recently).
Now I'm not going to share the ones which are still going, out of respect for the owners of Wizzley, but I can only think of three or four besides hubpages and wizzley, and they all look to be completely dead.
Is there anybody else who feels strange to have played a part in a world which largely no longer exists? I never thought I'd see the day that a giant like Squidoo would fall.
How is Wizzley going, can it buck the trend? And if Squidoo isn't too big to fail, then surely Hubpages isn't too big to fail?


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We investigated enhancement of sensitivity of sensors based on metallic photonic crystals through tuning the thickness of the waveguide layer by pulsed laser deposition. Thicker waveguides made of InGaZnO allow double resonance of Fano coupling modes due to plasmonic-photonic interactions. Tuning the angle of incidence enables overlap between these doubly resonant modes, which induces much enlarged and spectrally narrowed sensor signals, leading to significantly enhanced sensitivity of the sensor device. The thickness of the waveguide layer is found to be a crucial structural parameter to improve sensitivity of the MPC sensors.
© 2014 Optical Society of AmericaFull Article | PDF Article
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text:
USS Valor could refer to::
- USS Valor (Miranda-class), a 23rd century Miranda-class vessel.
- USS Valor (24th century), a 24th century vessel.
- USS Valor (NCC-74559), a 25th century Centaur-class vessel.
|This is a disambiguation page — a navigational aid which lists pages that might otherwise share the same title. If an article link referred you here, you might want to go back and fix it to point directly to the intended page.


text:
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I started my journey into New Hampshire Election Laws in 1993 here in Deering where I ran for selectman. One of my political opponents, Anne Lorber, Supervisor of the Checklist, told voters at the Town and School elections not to vote for me because she "knew me personally and I was a liar." Anne Lorber did this while wearing my opponent, Ed Cobbett's makeshift campaign button.
Anne Lorber, Deering Supervisor of the Checklist, did this to me and topped it off by telling voters that another person running for office, Herb Fredericks, could not "read, write or do math."
Let me clarify what happened: The Deering Supervisor of the Checklist slandered two people running for office in a municipal election while seated at the check in table in two polling places, wore political material and also put a sign in the front yard of the Town Hall saying I stole money from the Fire Dept.
I barely knew who she was until this happened.
Anne Lorber was reported to the NH Attorney General by Deering Moderator Charles Gadies as well as SAU #34 Moderator Russ Galpin, as state law requires.
Three members of Ann Lorber's church in Deering signed affidavits stating that she had said this to them while they were in line to vote.
The New Hampshire Attorney General's Office wrote her a short warning letter, two paragraphs, saying don't do that again. At least they did it on official stationery.
Ann Lorber was re-elected overwhelmingly in the next election after a local phone campaign telling voters I had brought a case against her unjustly and that if there was really a problem the AG would have done something.
This, ladies and gentlemen, is how elections are run in New Hampshire. I know it for a fact and have lived it.
Now watch how the Attorney General's Office tries to put a lid on James O'Keefe for exposing the voting system in our state that encourages voter fraud.
This your State and the state it is in.


text:
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I Am Jonah – Spring 2017 Teaching Series
In the Spring of 2017 we will study what could be call the most scandalous book in the Bible, the book of Jonah. This story explains why the call of The Great Commission is so important and so challenging. I … Continue reading
Posted in discipleship, living stones, sermons Tagged great commission, Jonah, scandalous Leave a comment


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The Giant's Folly is a festhall in the village of Reddansyr, southwest of Westgate on the road to Starmantle. It has become known in the Dragon Coast as an information clearing-house, which rather annoys the local chapel of Oghma.
The Giant's Folly is located inside an overturned boat that was pulled inland by a fire giant to win a bet.[1]
|This Realmslore article about a geographical location is a stub. You can help the Forgotten Realms Wiki by expanding it.
- ↑ Ed Greenwood, Sean K. Reynolds, Skip Williams, Rob Heinsoo (June 2001). Forgotten Realms Campaign Setting 3rd edition. (Wizards of the Coast), p. 143. ISBN 0-7869-1836-5.


text:
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Description: Do states have the right to prevent potential immigrants from crossing their borders, or should people have the freedom to migrate and settle wherever they wish? Christopher Heath Wellman and Phillip Cole develop and defend opposing answers to this timely and important question. Appealing to the right to freedom of association, Wellman contends that legitimate states have broad discretion to exclude potential immigrants, even those who desperately seek to enter. Against this, Cole argues that the commitment to the moral equality of all human beings - which legitimate states can be expected to hold - means national borders must be open: equal respect requires equal access, both to territory and membership; and that the idea of open borders is less radical than it seems when we consider how many territorial and community boundaries have this open nature. In addition to engaging with each other's arguments, Wellman and Cole address a range of central questions and prominent positions on this topic. The authors therefore provide a critical overview of the major contributions to the ethics of migration, as well as developing original, provocative positions of their own.
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