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Technology Stocks : Merrill's Internet Basket (HHH) -- Ignore unavailable to you. Want to Upgrade?

To: Randy Ellingson who wrote (2)	9/23/1999 7:10:00 PM
From: RedCrystal	Read Replies (2) \| Respond to of 42

HHH is trading a $6 premium <<Does HHH reflect the actual values of the stocks, or can it trade at a premium?>> If I have done the math correctly, HHH is trading a $6 premium. Number of $$/share Value Shares per at close ($$) 100 HHH 9/23/99 AOL 21 87.50 1837.50 YHOO 13 173.75 2258.75 AMZN 9 62.25 560.25 EBAY 6 138.25 829.50 ATHM 17 36.19 615.19 PCLN 7 65.06 455.44 CMGI 5 81.75 408.75 INKT 3 131.00 393.00 RNWK 4 99.75 399.00 EXDS 4 76.13 304.50 EGRP 12 22.56 270.75 DCLK 2 111.75 223.50 AMTD 8 18.56 148.50 LCOS 4 43.38 173.50 CNET 4 48.38 193.50 PSIX 3 38.81 116.44 NETA 7 20.00 140.00 ELNK 2 42.38 84.75 MSPG 3 27.38 82.13 GNET 1 66.56 66.56 Total Value of 100 HHH shares = $9561.50 HHH closed at $101.63/share on 9/23/99, or $10162.50/100 shares. Therefore, HHH is trading at a premium of $6.01/share.

To: Randy Ellingson who wrote (2)	9/23/1999 7:44:00 PM
From: RedCrystal	Read Replies (1) \| Respond to of 42

Here are some more numbers. No. of $$/ Total % of Shares Share Value Portfolio 9/23/99 9/23/99 9/23/99 HHH 100 101.63 10162.50 AOL 21 87.50 1837.50 19.22% YHOO 13 173.75 2258.75 23.62% AMZN 9 62.25 560.25 5.86% EBAY 6 138.25 829.50 8.68% ATHM 17 36.19 615.19 6.43% PCLN 7 65.06 455.44 4.76% CMGI 5 81.75 408.75 4.27% INKT 3 131.00 393.00 4.11% RNWK 4 99.75 399.00 4.17% EXDS 4 76.13 304.50 3.18% EGRP 12 22.56 270.75 2.83% DCLK 2 111.75 223.50 2.34% AMTD 8 18.56 148.50 1.55% LCOS 4 43.38 173.50 1.81% CNET 4 48.38 193.50 2.02% PSIX 3 38.81 116.44 1.22% NETA 7 20.00 140.00 1.46% ELNK 2 42.38 84.75 0.89% MSPG 3 27.38 82.13 0.86% GNET 1 66.56 66.56 0.70% Total portfolio value = 9561.50 HHH premium/share = 6.01

To: Randy Ellingson who wrote (2)	9/24/1999 4:19:00 PM
From: James F. Hopkins	Read Replies (2) \| Respond to of 42

Randy; It's a trust..while it can get off bigger players will arbitrage it back on. Like if it's trading at a premium they put stocks in the trust and get HHH ( UTs ) to sell, if it goes to a discount they trade the HHH ( UTs) in at the bank for stocks. Expense in the swaps will cause it to trade more often than not at a slight premium. It's likely to be traded out of a short account more often than a long account. Internut players will go long their best picks and on down days instead of selling their stocks will just short the HHH , as it's cheaper to short the basket than go short or sell each stock, also they will be hoping that their picks don't drop as fast as the basket, & or go up faster. HHH will be used as a hedge more than a long position. I'm really glad to see it. Jim