|Table 4. The Model Shadow Stock Portfolio|
|Notes (See Below)|
|AeroCentury Corp. (ACY)*||17.16||26.67||10.95||26.5||7.3||0.85||0|
|Allion Healthcare (ALLI)||5.15||7.58||3.85||83.4||34.3||0.8||0|
|Alloy, Inc. (ALOY)*||7.19||12.84||6.42||101.2||34.2||0.55||0||currently qualifies|
|Avalon Holdings (AWX)||5.5||10.87||4.23||20.9||14.9||0.53||0||currently qualifies|
|BlueLinx Holdings (BXC)||4.66||11.96||2.96||145.6||nmf||0.93||0||earnings probation (2007q4)|
|Building Mat'ls Hdg (BLG)||3.93||20.22||3.66||115.5||6||0.19||0|
|Cobra Electronics (COBR)||3.97||10.72||3.65||25.7||nmf||0.4||4||earnings probation (2007q4)|
|D&E Commun'ns (DECC)||10.08||19.99||10.05||145.6||11.7||0.77||5||currently qualifies|
|Edge Petroleum (EPEX)||4.4||15.78||4.05||125.6||14.7||0.28||0||currently qualifies|
|Flexsteel Indus. (FLXS)||12.75||15.94||11||83.8||8.1||0.73||4.1||currently qualifies|
|Gehl Company (GEHL)||14.64||33.17||14.01||179.6||7.3||0.68||0||currently qualifies|
|Golfsmith Int'l Hdg (GOLF)||2.47||11.1||2.23||39||nmf||0.56||0||earnings probation (2007q4)|
|Hardinge Inc. (HDNG)||13.14||40.13||12.01||150.8||8.9||0.58||1.5|
|Hastings Entertain. (HAST)||7.88||10||5.87||83.6||9.3||0.87||0|
|Haverty Furniture (HVT)||9.24||15||7.21||201.7||115.5||0.72||2.9|
|ILX Resorts (ILX)||5.25||13.37||2.29||18.5||nmf||0.53||0||earnings probation (2007q3)|
|Johnson Outdoors (JOUT)||18.02||23.91||17||165.9||22||0.83||1.2|
|L.S. Starrett Co. (SCX)||16.42||20.52||13.69||108.4||10||0.58||2.4||currently qualifies|
|P&F Industries (PFIN)||7.09||14.3||5.17||28.1||30.8||0.46||0||currently qualifies|
|PGT, Inc. (PGTI)||2.88||13.01||2.86||79.7||288||0.38||0|
|RCM Technologies (RCMT)||5.14||10.3||4.93||61.9||8.4||0.69||0||currently qualifies|
|Rex Stores Corp. (RSC)||17.18||22.68||14.62||174||8.1||0.71||0||currently qualifies|
|Rocky Brands (RCKY)||5.21||19.23||4.8||28.6||nmf||0.35||0||earnings probation (2007q4)|
|Shoe Carnival (SCVL)||11.88||35.26||10.54||150.5||9.6||0.76||0||currently qualifies|
|SigmaTron Int'l (SGMA)||7.17||13.37||6.88||27.4||12.6||0.53||0||currently qualifies|
|Standard Motor Prods (SMP)||7.41||19.45||6.8||136.5||11.8||0.69||4.9||currently qualifies|
|SureWest Commun'ns (SURW)*||12.63||32.36||12.15||182.7||50.5||0.65||7.9||currently qualifies|
|Tufco Technologies (TFCO)||6.27||9.51||5.52||28.4||31.4||0.75||0||currently qualifies|
|West Marine (WMAR)||6.85||18.38||6.2||149.6||97.9||0.51||0||currently qualifies|
|Willis Lease Finance (WLFC)||12.1||16.5||10||102||8||0.7||0||currently qualifies|
|*Company is new to the model portfolio.
Source: AAII's Stock Investor Pro/Reuters. Data as of 3/7/2008.
Approaching Size Limit: Stocks are sold if their market capitalization goes above three times the initial maximum criterion. The current market capitalization maximum for initial screening is $200 million. Stocks are marked "approaching size limit" if their current market cap exceeds 2 1/2 times the initial criterion, or $500 million.
Approaching Value Limit: Stocks are sold once their price-to-book-value ratio goes above three times the initial criterion. The current initial price-to-book ceiling is 0.80. Stocks are marked "approaching value limit" if their current price-to-book-value ratio exceeds 2 1/2 times the initial criterion, or 2.00.
Currently Qualifies: Stock still qualifies as a buy when the screen is run with current data. Stocks that don't currently qualify as a buy are held until they meet one of the sell rules.
Earnings Probation: If last 12 months' earnings from continuing operations are negative, the stock is put on probation; if a subsequent quarter has negative earnings prior to 12-month earnings becoming positive, the stock is sold. The date within the parentheses lists the calendar quarter during which the company first reported negative trailing 12-month earnings.
Not Qualified as a Buy for 2 Yrs: Stock has not met the buy criteria for over two years and can be sold if cash is needed.