TABLE 1. Individual Investor's Fund Portfolio

TABLE 1. Individual Investor's Fund Portfolio
Fund (Ticker)	Style	Market- Cap Size	Annual Ret (%)				Fund Assets ($ Mil)	Exp Ratio (%)	1-Yr Risk- Grade	1-Yr Risk- Adj Ret (%)
Fund (Ticker)	Style	Market- Cap Size	YTD Ret	1-Yr	3-Yr	10-Yr	Fund Assets ($ Mil)	Exp Ratio (%)	1-Yr Risk- Grade	1-Yr Risk- Adj Ret (%)
Ariel Fund (ARGFX)	High Value	Small-Cap	11.8	28.8	12.9	15.4	2,462.90	1.1	81	36.1
Fenimore Value (FAMVX)	High Value	Mid-Cap	6.6	21.6	9.3	13.6	640.9	1.24	77	28
Mosaic Eq Mid-Cap (GTSGX)	High Value	Large-Cap	6.2	22.1	8.5	11.1	72.7	1.25	84	26.6
Meridian Growth (MERDX)	High Value	Mid-Cap	7.1	33.6	10.2	14.6	1,174.40	0.95	99	35.4
Royce PA Mutual/Inv (PENNX)	High Value	Small-Cap	8.2	33.9	11.5	13.9	970.2	0.93	83	41.8
T Rowe Price Cap Apprec (PRWCX)	High Value	Giant-Cap	5.1	20.2	10.3	13.4	3,505.20	0.83	58	33.3
Royce Premier/Inv (RYPRX)	High Value	Small-Cap	12.9	37.9	13.5	14.2	2,176.60	1.16	90	43.6
Thompson Plumb (THPGX)	High Value	Giant-Cap	3.9	19.4	6.1	17.9	1,333.70	1.07	118	17.7
Recommended funds now closed to new investors
FMI Common Stock (FMIMX)*	High Value	Small-Cap	9.7	24.9	9.6	14.2	393.6	1.25	83	30.4
Tamarack Microcap Val “S” (TMVSX)**	Very Hi Value	Micro-Cap	10.7	41.6	15	14.9	229.3	1.03	85	50.4
Portfolio Average			8.3	28.4	10.6	14.4	1,296.00	1.08	82	35.2
Vanguard 500 Idx/Inv (VFINX)	Moderate Value	Giant-Cap	3.4	18.9	–0.8	11.8	77,822.70	0.18	105	18.9
Newly recommended funds, listed in order of preference
Meridian Value (MVALX)	High Value	Large-Cap	6.6	27.5	9.3	19.7	2,124.50	1.11	83	33.7
Exeter Pro Blend Ext. Term A (MNBAX)	High Value	Giant-Cap	4.3	13.6	4.7	11.4	256.5	1.17	68	18.8
Mairs & Power Growth (MPGFX)	Moderate Value	Giant-Cap	10.3	26.1	10.4	18	1,595.60	0.75	85	31.3
Closed to new investors on April 15, 2004. Tamarack Micro Cap Value Fund was originally recommended when it was the Babson Shadow Stock Fund (SHSTX). Since the recommendation, the fund has been converted into a multi-class fund. Although shareholders of the fund prior to the conversion are able to purchase additional shares without a load, new shareholders must purchase a class of shares that carry a load. We don’t recommend funds carrying loads for this portfolio, so we consider it closed to new shareholders. Fund Actions:* Ariel (ARGFX) to be sold in early August. Buy Meridian Value (MVALX) to replace Ariel (ARGFX). Source: S&P Micropal, RiskGrades.com. Data as of 6/30/2004. See the Model Portfolios area on AAII.com for definitions.