nsives. Of course it depends how you frame the question since we have included Utilities and Telecoms in the defensive basket. But when we downgraded Banks 10 days or so ago they had outperformed Food and Beverage by ~50% since the lows of early July. Whichever way you cut it some of these moves have bee

e 2005-30) 02/18/05 Washington State decoupling struck down: Hemphill 2005-02 01/28/05 Social security, the estate tax and tax reform; several cases: Banks (contingent 2005-01 attorney's fees); Harkins (“corporation sole”); Davis (marital deduction) 2004 12/28/04 The Barnes Foundation 2004-15 11/24/04 20

.2% = 1% 0.4% 0.7% -] 1% 13.8 2.3% 3 2% 44 -0.3% 1 100% — -0.2% SX7E (Banks) 23.0% 0.9% 3% 20.9% 9% 8 4% 53 3.6% 12 13% 28 -0.5% -/ 40% — -3.1% $X7P (Banks) 98% 1.2% 12% 14.0% 6% nm 13% 64 3.3% 15 17% 3.0 -0.5% -8 60% — -2.1% SXAP (Auto) 73% = -0.2% 2% 3.5% 3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP