AlphaProfit November 2004 Model Portfolio Performance Update
December 1, 2004
Houston, TX

The AlphaProfit™ model portfolio returns for November 2004, Y-T-D 2004, and since the start of the newsletter in September 2003 are as follows:

	November 2004	Y-T-D	Since September 2003
AlphaProfit Focus™ Model Portfolio	3.0%	19.5%	34.9%
AlphaProfit Core™ Model Portfolio	4.6%	9.9%	23.2%
DJ Wilshire 5000® Total Market Index	4.7%	8.7%	22.2%

Considering the increase in the overall equity market over the past couple of months and our upcoming year-end model portfolio repositioning changes, we now assign a ‘Wait' rating to the AlphaProfit Sector Portfolio Indicator™.

Funds rated 'Favored Buy' have advanced 10% to 17% since the end of September. Valuation metrics now are less attractive than they were in prior months. We remove the ‘Favored Buy’ rating on these funds.

Factors driving model portfolio performance and investment outlook will be discussed in the next issue of the AlphaProfit Sector Investors' Newsletter™ published around December 12th.

As noted above, the AlphaProfit model portfolios will be repositioned at the end of December. The model portfolio repositioning changes will be available in the login area of the web site by 7:00 p.m. CST on January 1, 2005.

About AlphaProfit
AlphaProfit Investments, LLC, is a Houston, TX based investment research firm that publishes the AlphaProfit Sector Investors' Newsletter. For the 5 year period ending June 30, 2004, AlphaProfit model portfolios have increased by up to 252%, a compound average rate of 28.6%. To learn more about AlphaProfit and to subscribe to the AlphaProfit Sector Investors' Newsletter, visit http://www.alphaprofit.com.

Source: AlphaProfit Investments, LLC

Notes: The AlphaProfit Sector Investors' Newsletter™ is for information purposes only. AlphaProfit Investments™, LLC is not soliciting any subscriber to buy or sell any security. Nothing herein should be construed as an offer to buy or sell securities or to give individual investment advice. The products mentioned in the newsletter may not be eligible for sale in some states or countries, and they may not be suitable for all types of investors. Before buying any mutual fund, read its prospectus carefully. AlphaProfit Investments, LLC cannot and does not give any assurance that the present or future model portfolio changes will be profitable. Past performance is not a guarantee for future results. AlphaProfit Investments, LLC neither is associated with nor receives any compensation from Fidelity Investments. Please review our terms and conditions, which govern your use of this newsletter.

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