Table 1. Model Mutual Fund Portfolio
Fund (Ticker) Style Market-
Cap
Size
YTD
Return
(%)
Annual Return (%) Fund
Assets
($ Mil)
Exp
Ratio
(%)
3-Yr
Risk-
Grade
3-Yr
Risk-
Adj
Ret
(%)
1-Yr 3-Yr 10-Yr
American Century Equity Income Fund (TWEIX) Low Value Giant-Cap 4.5 18.6 11.4 11.3 4,940.4 0.97 33 13.6
CGM Focus (CGMFX) Very Low Value Large-Cap 23.3 22.9 25.8 na 2,982.4 1.02 103 13.1
Manning & Napier Pro-Blend ExtndTerm A (MNBAX) Low Value Giant-Cap 6.4 18.4 13.3 9.1 551.5 1.14 31 16.9
Meridian Growth Fund (MERDX) Very Low Value Mid-Cap 8.9 19.7 10.6 12.6 2,070.9 0.85 51 9.6
Meridian Value (MVALX) Low Value Mid-Cap 9.0 23.9 12.8 16.7 1,820.1 1.09 50 11.6
Madison Mosaic Mid-Cap Fund (GTSGX) Low Value Mid-Cap 10.1 23.8 12.9 11.6 151.1 1.25 43 12.9
Northern Small Cap Value (NOSGX) High Value Small-Cap 2.5 12.2 14.8 11.5 1,042.7 1.00 58 12.0
Royce PA Mutual/Inv (PENNX) Moderate Value Small-Cap 10.0 19.0 16.4 14.0 3,484.8 0.87 57 13.4
Tamarack Microcap Value "S" (TMVSX)** Very High Value Micro-Cap 5.7 17.5 15.6 13.9 336.9 1.09 59 12.4
Fund now closed to new investors but still listed for those who hold it:
FMI Common Stock (FMIMX)*** Moderate Value Small-Cap 11.7 25.8 15.7 12.4 538.5 1.21 48 14.5
Average of Funds in Actual Model Fund Portfolio****     9.2 20.2 14.9 12.6 1,791.9 1.05 53 12.8
Actual Fund Portfolio Performance*****     9.7 19.2 13.1 na 1,791.9 1.05 47 12.3
Substitute for closed fund:
Mairs & Power Growth (MPGFX) Very Low Value Large-Cap 8.2 16.3 10.0 11.3 2,804.5 0.69 41 10.3
Benchmark:
Vanguard Tot Stock Mkt Idx (VTSMX) Low Value Giant-Cap 7.5 20.2 12.5 7.6 46,261.1 0.19 43 12.5
*Manning & Napier Pro-Blend ExtndTerm A (MNBAX) replaces T. Rowe Price Cap Appreciation (PRWCX) during the June 2007 review.
**James Cloonan has been an advisor to the TMVSX fund since its inception as the Babson Shadow Stock Fund in 1987.
***Closed to new investors on April 15, 2004.
****A simple average of all funds in the actual Model Fund Portfolio.
*****Performance of actual portfolio since inception including reinvested dividends .

Source: S&P Micropal, RiskGrades.com. Data as of 6/30/2007.