TABLE 1. Micro-Cap Mutual Funds: Investment Characteristics and Performance
Fund (Ticker) % of Portfolio Holdings Median
Market
Cap
($ mil)
No.of
Stocks
Held
Total
Assets
($ mil)
Investment
Style
Annual Total Return (%) Total
Risk
Index
Expense
Ratio
(%)
Giant Large Med Small Micro Grth Val 2002 2001 2000 3 yr 5 yr
Babson Shadow Stock (SHSTX) 0 0 0 13.4 86.6 179 275 87 X –12.2 22.6 11.3 6.2 4.3 1 1.03
Babson Enterprise Fund (BABEX) 0 0 0 16.3 83.7 210 61 190 X –3.4 29.4 12.4 12 2.9 1.05 1.08
Royce:Micro-Cap/Inv (RYOTX) 0 0 0.6 23 76.4 222 184 267 X –13.4 23.1 16.7 7.5 6.4 1.25 1.75
Fremont:US Micro Cap (FUSMX) 0 0 0 27.3 72.7 209 85 471 X   –32.9 5.2 –10.6 –14.2 8.3 2.2 1.6
RS:Smaller Comp Growth/A (RSSGX) 0 0 3.4 38.1 58.5 290 94 125 X   –39.0 8.3 4.4 –11.6 1.4 2.17 1.66
Eclipse Funds Sm Cap Val (EEQFX) 0 0.4 9.7 32.2 57.7 286 193 109   X –3.3 13.9 –9.5 0 1.2 0.99 1.15
Heartland Grp:Value Fund (HRTVX) 0 0 8.5 37.5 54 284 196 967 X –11.4 29.4 2 5.3 5.2 1.1 1.29
Berwyn Fund (BERWX) 0 0 12.1 33.9 54 279 40 34 X –6.8 28.9 2.1 7 –1.0 1.06 1.24
SAFECO Growth Opp/Inv (SAFGX) 0 0 10.2 37 52.8 304 64 451 X X –36.9 22.1 –4.2 –9.6 –4.5 1.75 1.03
Van Wagoner Emerging Grth (VWEGX) 0 2.5 19.7 29.6 48.2 393 57 136 X   –64.5 –59.7 –20.9 –51.6 –13.7 4.47 1.84
Dreyfus Gr & Val:Sm Val (DSCVX) 0 0 5.6 47.8 46.6 455 119 175   X –41.2 28.5 5.4 –7.3 –1.9 2.29 1.2
Oberweis:Emerging Growth (OBEGX) 0 0 11.7 42.3 46 417 70 70 X   –24.2 0.4 –10.6 –12.0 0.1 2.26 1.65
T Rowe Price Sm Cp Val (PRSVX) 0 0 8 50.8 41.1 476 233 2,434 X –1.7 21.9 19.7 12.7 4.9 0.89 0.89
RS:Diversifed Growth/A (RSDGX) 0 0.8 8.8 49.4 41 454 114 620 X –39.1 1.8 –26.9 –23.1 5.6 2.29 1.52
Royce:PA Mutual/Inv (PENNX) 0 0 13.2 49.7 37.1 461 195 473 X –9.2 18.3 18.3 8.3 7 1.02 0.99
Wasatch:Micro Cap Fund (WMICX) 0 0 3.2 61.7 35.1 382 96 408 X X –14.1 49.9 37.5 20.9 22.8 1.45 2.28
Brazos Micro Cap/Y (BJMIX) 0 0 0 73.8 26.2 436 44 182 X   –39.7 4.6 18.8 –9.1 12.4 1.82 1.42
Benchmarks                                  
Vanguard 500 Idx/Inv (VFINX)—S&P LargeCap 47.9 37.1 14.5 0.5 0 42,773 498 59,672 X X –22.1 –12.0 –9.0 –14.5 –0.6 1.11 0.18
Dreyfus Index: Midcap Idx (PESPX)—S&P MidCap 0 0 80.1 19.2 0.7 2,213 399 751 X X –15.0 –1.0 16.7 –0.6 5.8 1.21 0.5
Liberty Small Co Indx/Z (ISCIX)—S&P SmallCap 0 0 15.8 70.4 13.8 731 601 230 X X –15.3 6.2 10.9 0 1.8 1.33 0.41
Vanguard Sm Cp Idx/Inv (NAESX)—Russell 2000 0 0 2 69.7 28.4 568 1,993 3,141 X X –20.0 3.1 –2.6 –7.0 –0.7 1.46 0.27

Market Cap Definitions:
Giant: Greater than $44.409 billion
Large: Between $7.752 billion and $44.409 billion
Medium: Between $1.296 billion and $7.752 billion
Small: Between $343 million and $1.296 billion
Micro: Less than $343 million

Source: Morningstar, S&P Micropal.
Data as of 12/31/2002.