re quarterly window-dressing... there was no overall window-dressing on any of 2003's quarter ends. I think the whole window-dressing "thing" was an artifact of the bear market, that is, it had to be done to "dress up" stocks when they'd been falling all quarter long, and was no longer needed when the Market was rising. (of course, stocks have been falling somewhat this quarter, so some fund managers may feel a need for it...)