Bought APPLX at 12.18% of Total Portfolio Value on 9/18/2009

$5,100.00

This buy recommendation applies to all. This mid-cap value fund was down only -18.1% in 2008 and is up 47% YTD. It is at a new all time high-significantly above 2007-2008 highs. It carries a short term redemption fee of 2% if sold in less than 90 days. It is available without transaction fee at Fidelity and Schwab. We are purchasing it at Schwab because of lower short term trading fee.

Sold 50.00% of SPY holdings on 9/18/2009

$2,134.40 plus a $10.00 fee

We purchased this ETF last year so as to avoid holding excessive cash in our model portfolios. This is how we had worded our recommendation - "If you are willing to accept the risk tolerance and volatility of the S&P 500 index (domestic index), follow this recommendation. If you are more conservative and concerned about a further drop in the market, consider skipping this recommendation and staying in cash until we redeploy this position." Well, now time has come to redeploy this money. We will partially sell this position and use the proceeds to purchase funds with better risk/reward profile. Those who did not make this purchase in 2008 can ignore this sell recommendation. This ETF will be sold at the closing price of the day.

Sold 100.00% of EFA holdings on 9/18/2009

$2,780.00 plus a $10.00 fee

We purchased this ETF last year so as to avoid holding excessive cash in our model portfolios. This is how we had worded our recommendation -"If you are willing to accept the risk tolerance and volatility of the MSCI EAFE index (international index), follow this recommendation. If you are more conservative and concerned about a further drop in the market, consider skipping this recommendation and staying in cash until we redeploy this position." Well, now time has come to redeploy this money. We will sell this position and use the proceeds to purchase funds with better risk/reward profile. Those who did not make this purchase in 2008 can ignore this sell recommendation. This ETF will be sold at the closing price of the day.

Distribution of EFA - $0.945 per share

$47.26

Distribution occurred on 6/23/2009

Distribution of SPY - $0.518 per share

$20.73

Distribution occurred on 6/19/2009

Distribution of ICMBX - $0.054 per share

$39.58

Distribution occurred on 6/26/2009

Distribution of PRBLX - $0.081 per share

$16.46

Distribution occurred on 6/30/2009

Bought NVOAX at 10.84% of Total Portfolio Value on 5/26/2009

$4,000.00

We have been tracking its class C sibling NVOCX for almost three years. It has average risk for its category. However, it has been significantly out performing its category since its inception. It is up 22% YTD and is up over last three years, beating S&P 500 by over 10% annually. It is available as a no load no transaction fee fund at Schwab. It has no fund imposed early redemption fee. We are purchasing it at Schwab.

Bought ICMBX at 17.71% of Total Portfolio Value on 4/6/2009

$6,000.00

This is a moderate portfolio fund with a good mix of risk/reward. It dropped -30.1% from 12/10/07 high to 11/20/08 low. Its March 2009 low was higher than 2008 low. It is down only -12.9% over last 12 months and it is up 2.6% YTD. It is a no load no transaction fee fund available at Fidelity and Schwab. It has a short term redemption fee of 2% if sold in less than 30 days. We are purchasing it at Schwab because of lower short term trading fee.

Sold 100.00% of NEIMX holdings on 4/6/2009

$4,877.97

This is a lower volatility large cap value fund. During the bear market, it dropped significantly less than its peers and the broad market. However, it is recovering very slowly. It is up only 8.8% from the market bottom on 3/9/09. We are selling this fund to purchase higher performing funds. There is no fee on this sale.

Distribution of SPY - $0.561 per share

$22.46

-

Distribution of PRBLX - $0.079 per share

$16.01

-

Distribution of PRBLX - $0.078 per share

$15.75

-

Distribution of ICMAX - $0.016 per share

$12.89

-

Distribution of ICMAX - $0.232 per share

$189.41

-

Distribution of SPY - $0.719 per share

$28.77

Adjustment: distribution on 12/19/2008

Distribution of MERKX - $0.027 per share

$11.04

Adjustment: distribution on 12/10/2008

Distribution of SPY - $0.691 per share

$27.64

Adjustment: distribution on 9/19/2008

Distribution of EFA - $0.537 per share

$26.82

Adjustment: distribution on 12/23/2008

Bought ICMAX at 14.76% of Total Portfolio Value on 12/11/2008

$5,000.00

This small-cap value fund has been around for more than three years. During this period, we have witnessed several major down-turns in the market. During these down-turns, except for this fall, its worst case drop was less than -10%. It reached a new high on 9/8/08, just before the severe downturn of the current bear market. Thereafter, it dropped only -27.9% to its bottom on 11/20/08. It is up 22.7% from its bottom - a remarkable performance for a low volatility fund. This fund is down only -10.6% YTD and it out performing its category and the broad market by 24-27 percentage points. This is the only fund meriting "Accumulate" rating, as of today.

Sold 100.00% of MERKX holdings on 12/11/2008

$4,157.80

This currency fund looked very promising when we purchased it in July. Since then, financial world has changed dramatically. Particularly, US dollar has become very strong and, as a result, this fund is down -19% since our July purchase. This is considerably less than what equity funds have suffered. However, going forward, this fund is unlikely to have as much up side potential (in case of a recovery) as an equity fund. Therefore, we are replacing this fund by an equity fund. There is no fee on this sale.

Sold 100.00% of AFJDX holdings on 9/18/2008

$3,701.95

This fund is now down 28.9% from its May'08 peak. We are selling it to avoid further losses.

Bought ICMAX at 10.15% of Total Portfolio Value on 9/16/2008

$4,000.00

This small-cap value fund has been around for almost three years. During this period, we have witnessed several major down-turns in the market. During these down-turns, its worst case drop has been less than 10%. Just last week, it reached a new high. It is up 5.26% over last one year, significantly out performing its category as well as the broad market. It is a no load fund - no transaction fee fund available at Fidelity and Schwab. It has a short term fund imposed redemption fee of 2% if sold in less than 30 days. We are buying it at Schwab because of lower brokerage imposed short term redemption fee.

Bought SPY at 12.39% of Total Portfolio Value on 9/16/2008

$4,884.00 plus a $10.00 fee

Excessive cash in the Model Portfolios can cause them to underperform benchmark indexes during short time periods if there is a sharp market rebound. If you are willing to accept the risk tolerance and volatility of the S&P 500 index (domestic index), follow this recommendation. If you are more conservative and concerned about a further drop in the market, consider skipping this recommendation and staying in cash until we redeploy this position. This ETF represents the US large cap market and is down -22% from its Oct’07 peak. We are uncertain of the future and use this to temporarily put our cash back to work. This ETF is bought at the closing price for the day.

Bought EFA at 7.28% of Total Portfolio Value on 9/16/2008

$2,870.00 plus a $10.00 fee

Excessive cash in the Model Portfolios can cause them to underperform benchmark indexes during short time periods if there is a sharp market rebound. If you are willing to accept the risk tolerance and volatility of the MSCI EAFE index (international index), follow this recommendation. If you are more conservative and concerned about a further drop in the market, consider skipping this recommendation and staying in cash until we redeploy this position. This ETF represents the international large cap market excluding the US and is down -31% from its Oct’07 peak. We are uncertain of the future and use this to temporarily put our cash back to work. This ETF is bought at the closing price for the day.

Sold 43.48% of AFJDX holdings on 9/16/2008

$2,914.03

This is a very good international large value fund. It is significantly out performing its peers this year as well since its inception more than three years ago. However it is down 24.2% from its May 2008 peak. We are reducing our holding in this fund to reduce the risk of further losses. These shares were purchased on 7/9/2007. There is no fee on this sale.

Bought PRBLX at 12.53% of Total Portfolio Value on 9/5/2008

$5,000.00

This is a lower risk large cap blend fund. It has a low standard deviation of 8.9. Its worst case drop in the current bear market was only 10.9%. It is up 1.9% over last year, beating S&P500 by 17 percentage points. It is a no load no transaction fee fund available at Fidelity and Schwab. We are purchasing it at Schwab because of lower short term redemption fee.

Sold 100.00% of JARFX holdings on 9/5/2008

$4,111.92

This fund has dropped 22.5% since its 10/31/2007 peak. We are selling it to avoid further loss in value. There is no fee on this sale.

Sold 100.00% of ADINX holdings on 9/5/2008

$2,690.12

This fund has dropped 19.7% since its 10/31/2007 peak. We are selling it to avoid further loss in value. There is no fee on this sale.

Sold 100.00% of RYMBX holdings on 8/18/2008

$2,331.23

We purchased this fund on 7/3/08. It was up 76.4% over preceding one year. We purchased it with the following caveat: "We realize that we may be buying this fund at its peak and it may crash. For this reason, we are investing only a small amount." This is what has actually happened. That day was the peak for the fund. Over the preceding 12 months, its worst case drop was less than 10% and since that date, it has dropped 22.4%. We are selling it to avoid further losses. Again, we realize that we may be selling it at its bottom and it may recover shortly. There is no fee on this sale.

Sold 100.00% of CGMFX holdings on 8/5/2008

$4,019.40 plus a $50.00 fee

While purchasing this fund, we had commented that this is a high risk/high reward fund. Unfortunately for us, its risk phase commenced soon after our purchase. It has fallen rather steeply from its high point on 6/23/08 - it is down 22.9%. To contain our losses, we are selling this fund.

Bought MERKX at 11.71% of Total Portfolio Value on 7/21/2008

$5,000.00

This is a world bond fund. It has done well over last three years with low SD (6.06) and a good Sharpe Ratio (1.21). It is up 8.4% YTD and 16.2% over last one year. It has no fund imposed early redemption fee. It is available at Fidelity and Schwab as a no load no transaction fee fund. We are purchasing it at Schwab because of lower short term redemption fee.

Sold 50.00% of ADINX holdings on 7/3/2008

$2,828.89

We are selling this fund to reduce our market exposure in this bear market. This fund is down 15% from its Dec'07 peak. There is no redemption fee on this sale.

Bought RYMBX at 6.93% of Total Portfolio Value on 7/3/2008

$3,000.00

The natural resources category is a volatile category. However, this is the only category which has done well over last one year with very few dips along the way. We realize that we may be buying this fund at its peak and it may crash. For this reason, we are investing only a small amount. This fund has done particularly well over last one year - it is up 43.1% YTD and 76.4% over last one year. Along the way, its worst case drop was less than 10%. It is significantly out performing its category over last one year. It is available at Fidelity and Schwab as a no load NTF fund. Schwab charges a 1% redemption fee if sold in less than 30 days. We are buying it at Schwab.

Sold 100.00% of RYBIX holdings on 7/3/2008

$3,738.60

This fund has been seriously under performing its category for last couple of months. We are replacing this fund by RYMBX which has a much higher performance. There is no redemption fee on this sale.

Distribution of NEIMX - $0.223 per share

$69.52

-

Distribution of AFJDX - $0.211 per share

$68.49

-

Sold 100.00% of JSVAX holdings on 6/11/2008

$4,853.51

This fund has done badly this year. It has already dropped below its January low and is now approaching its March low. This was an excellent fund for last few years. However, in the current changing environment, it is not making the cut. It is down 5% over last one year. We are selling this fund to reduce our exposure in the current highly uncertain market. We have held this fund for more than three months and therefore, we will not pay any redemption fee.

Bought CGMFX at 10.60% of Total Portfolio Value on 5/19/2008

$5,000.00 plus a $50.00 fee

This is a high risk/high reward fund. It has paid handsomely for its risk. Lately this fund is on a roll. It reached a new high this week and it is up a whopping 80% over last one year! During this year's market correction, it dropped 15.2% from its 12/26/07 peak. Its relative percentile performance rankings for all periods from 3 months to 10 years are perfect '1'! This is really not that bad for a high performance fund. We believe it is worth the risk (in small quantity). It is a transaction fee fund available at Schwab. It does not have any fund imposed early redemption fee. Note that, it has an early cut-off time of 3 PM Eastern Time, to get the execution on today's NAV.

Bought RYBIX at 8.90% of Total Portfolio Value on 5/19/2008

$4,200.00

With the rising commodity prices, we decided to take a small stake in the natural resources fund category. However, this category generally tends to be highly volatile. We looked for a low volatility (low standard deviation) fund which also has decent performance. This fund is up 12% YTD and 27.2% over last one year. Its relative performance percentile rankings are mediocre, but that is expected given its low volatility. This fund is available at Schwab and Fidelity without any fund imposed load or redemption penalty. Also, interestingly, for this fund, Schwab does not charge its usual short term redemption fee if sold in less than 3 months. As a result, we are buying it at Schwab.

Sold 44.87% of JSVAX holdings on 5/19/2008

$4,236.22

This fund reached a new 2008 low on 3/17/2008. At the bottom, the fund had dropped 14.2% from its 10/31/07 high. This is really not that bad. However, its recovery has been very sluggish. It is under performing the market as well as its category for last three months. Furthermore, for trailing 12 months, its relative performance is no longer as stellar as it was for last few years. It is down 0.2% over last 12 months. We are selling this fund to purchase new funds which are doing well in the current market. These shares were purchased on 2/12/2007. There is no fee on this sale.

Distribution of AFJDX - $0.030 per share

$9.76

Adjustment: distribution of $.03 occurred on 3/20/08

Bought NEIMX at 6.48% of Total Portfolio Value on 4/28/2008

$3,000.00

This is a low volatility large-cap value fund. It has a very low standard deviation - only 5.41. During the recent market correction, it went down less than 10%. It has recovered all its losses and reached a new high. Its percentile performance rankings for periods of 3 months to three years are in the range 1-3. This is a no load no transaction fee fund available at Fidelity and Schwab. We are purchasing it at Schwab because of lower short term redemption fees.

Bought JARFX at 10.81% of Total Portfolio Value on 4/28/2008

$5,000.00

This is a three year old World stock fund. It has good performance with average risk. During the recent market drop, it dropped 17.5% from its 10/31/07 peak. It is up 10.1% over last one year. Its relative percentile performance rankings for periods of 1-month and longer are in the low single digits. It has a fund imposed short term selling fee of 2% if sold in less than 90 days. It is available at Fidelity and Schwab as a no load no transaction fee (NTF) fund. We are purchasing it at Schwab because of lower short term redemption fee.

Sold 39.96% of ADINX holdings on 4/28/2008

$4,030.56

Smallcap funds have been significantly under performing the broad market for more than one year. During this phase, this fund held up very well. However, it is now showing signs of strains. At the bottom of the market, it was down 17.7% from its 12/26/07 peak. Recently, it is also under performing its category. We are reducing our exposure to this fund. We will redeploy the money to purchase funds which are more in line with the current market. We have held this fund for more than three months and therefore, we will not pay any early redemption fee.

Bought NEIMX at 8.75% of Total Portfolio Value on 4/4/2008

$4,000.00

Last few months have been brutal for the stock market with wild swings in both directions. In such an environment, we can not afford to remain on the sideline and possibly miss out on a big upturn. We have to weigh the risk of further market drop against the risk of missing out on a big rally. With this perspective, we are slowly redeploying our cash in funds with good risk/reward profiles. Nobody can predict the future and our objective is to take calculated risks for long term performance. It is important to focus on long term performance (trailing 12 months and beyond) instead of short term volatility. In the long run, we are confident that our cumulative actions can significantly outperform the broad market. Please see the fund description for purchase details.

Cash Added

$52.80

Adjustment: On 1/23/08 406.174 shares of JORNX were sold at NAV of $11.26. However, this NAV was incorrectly quoted. The correct NAV for JORNX on 1/23/08 is $11.39. Therefore, this portfolio is being adjusted for the 13 cent discrepancy.

Sold 100.00% of JORNX holdings on 3/20/2008

$2,105.84

Currently, the global equity markets are experiencing extreme levels of volatility with wild gyrations. To safeguard our portfolio, we are reducing our market exposure. We have held this fund for more than three months and therefore we will not pay any redemption fee.

Sold 100.00% of MGLBX holdings on 3/10/2008

$3,262.70

The global stock markets are making new lows. To safeguard our investments, we are reducing our market exposure. This world stock fund has been under performing its peers. It is down 18.1% from its 10/31/2007 high. We have held this fund for three months and therefore there is no redemption fee on this sale.

Bought AFJDX at 9.78% of Total Portfolio Value on 2/19/2008

$4,500.00

This foreign large value fund has done well since inception. Its institutional version ANJIX has over 5 years of history with relative performance percentile ranking of '1' for all periods of 1 to 5 years. Its relative performance during the current market downturn is very good and has a trailing 12 mnth return of 12.6%. The fund imposed short term redemption fee of 2% if sold in less than 30 days. It is available at Schwab & Fidelity as a no load/no transaction fee fund. We are buying it at Schwab because of lower short term redemption fees. Although the markets are unsteady, we are making this purchase to maintain a reasonable market exposure. We have to weigh the risk of further market drop against the possibility of missing a sudden upturn in the market.

Sold 100.00% of JAOSX holdings on 2/4/2008

$3,000.00

VOID: 2/4 PURCHASE of JAOSX BECAUSE OF CLOSURE. This fund is closed to new investors as of 1/08. Our clients that follow the Small Portfolio were unable to purchase this fund. We apologize for the inconvenience.

Bought JAOSX at 6.44% of Total Portfolio Value on 2/4/2008

$3,000.00

It had very good performance for last 3 years. However, it is a volatile fund. Its high performance justifies the risk. During this current global correction, it went down 18.6% from its Oct. 31st peak. It has recovered about half of its losses. Its Sharpe ratio is 1.57 which is among one of the highest. Its relative performance precentile rankings for all periods of one month to ten years are in single digit. It has a short term redemption fee of 2% if sold in less than three months. It is available at Fidelity and Schwab as a no load no transaction fee fund. We prefer Schwab because of lower early redemption fee.

Bought ADINX at 6.44% of Total Portfolio Value on 2/4/2008

$3,000.00

It is a high performance fund with relatively low risk. In the recent correction, it went down only 10.7%. It is also relatively slow in its recovery phase. However, it does tend to catch up and out perform. It is up 24.1% over last one year. It has a fund imposed short term redemption fee of 1% if sold in less than two months. It is available at Schwab and Fidelity as a no load/no transaction fee fund. We are buying it at Schwab because of lower short term redemption fees.

Sold 68.40% of JORNX holdings on 1/23/2008

$4,573.52

Global equity markets are going through a significant correction this year. To safeguard our portfolio, we are reducing our market exposure. This fund is down 16.8% from its Oct. 31st peak. Furthermore, its long time manager has left the fund this year. These shares were purchased on 9/19/2007. There is no redemption fee on this sale.

Sold 100.00% of KSCOX holdings on 1/18/2008

$2,347.76

Global equity markets are going through a significant correction this year. To safeguard our portfolio, we are reducing our market exposure. This fund is down 19.8% from its Oct. 31st peak

Sold 55.81% of KSCOX holdings on 1/16/2008

$3,064.35

In the current downturn, small/midcap funds are doing much worse than large caps. For last several years, these funds significantly out performed the broad market. It appears that this is coming to an end. This fund is down 15.6% from its Oct. 31st peak resulting in this downgrade. It is up only 5.6% over last one year. We are selling it to reduce our market exposure. There is no fee on this sale. These shares were purchased more than one year ago and therefore qualify for long term capital gain.

Sold 100.00% of OBIOX holdings on 1/16/2008

$4,469.45

For last three months, global markets have been going through a very high level of volatility. This fund has turned out to be highly volatile. It is down 23.8% from its early Nov. 2007 peak. It is also down more than its peers. We are selling it to reduce our market exposure. There is no fee on this sale.

Distribution of KSCOX - $0.301 per share

$57.89

-

Distribution of MGLBX - $0.140 per share

$45.27

-

Distribution of ADINX - $0.435 per share

$249.81

-

Distribution of AFJDX - $0.583 per share

$82.44

-

Distribution of JSVAX - $0.956 per share

$479.11

-

Distribution of JORNX - $0.042 per share

$25.18

-

Distribution of AFJDX - $1.044 per share

$147.67

-

Bought JORNX at 4.88% of Total Portfolio Value on 12/10/2007

$2,500.00

This is a high performance midcap growth fund. It is up 35.1% YTD. All its percentile rankings for periods of three months to five years are in the range 1-4. During the recent downturn, it was down only 9.1%. Now it is only 1.8% away from its peak. It has a good Sharpe Ratio (1.63) for a domestic fund. It is available at Fidelity and Schwab as a no load no transaction fee (NTF) fund. It has no fund imposed short term redemption fee. We are purchasing it at Schwab because of lower short term redemption fee.

Bought MGLBX at 7.81% of Total Portfolio Value on 12/10/2007

$4,000.00

This is a promising new world stock fund. It is only five months old. In its brief history, it has seen two significant corrections; in each of these corrections, it came out through flying colors dropping less than 10%. It is up 23% since inception. It is significantly out performing the global market. It is available at Fidelity and Schwab as a no load no transaction fee fund. It has a fund imposed short term redemption fee of 2% if sold in less than 30 days. We are purchasing it at Schwab because of lower short term trading fee.

Sold 53.25% of OBIOX holdings on 11/23/2007

$6,005.50

Currently, the global markets are going through very high level of volaility. We are selling it to reduce our market exposure. These shares were purchased on 4/4/2007.

Sold 100.00% of AOLCX holdings on 11/23/2007

$5,191.86

Currently, the global markets are going through very high level of volaility. We are selling it to reduce our market exposure.

Bought KSCOX at 5.63% of Total Portfolio Value on 10/8/2007

$2,920.00

It is a high performance average risk midcap blend fund. Its Sharpe Ratio is 1.85, which is good for a domestic fund. All its percentile rankings for periods of one month to five years are in the range 1-4. It is up 27.1% YTD and 39.2% over last one year. This fund has a fund imposed short term redemption fee of 2% if sold in less than 30 days. This fund is available at Schwab and Fidelity as a no load no transaction fee fund; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

Bought ADINX at 4.82% of Total Portfolio Value on 10/8/2007

$2,500.00

This smallcap growth fund is little more than one year old. It has shown low volatility. Its worst case drop was only 5.6%. It has recovered all its losses. It is up 32.1% YTD. All its percentile rankings for period of three months and longer are in the range 1-3. It appears to be a high performance fund with low volatility. It has a fund imposed short term redemption fee of 1% if sold in less than two months. It is available at Schwab and Fidelity as a no load/no transaction fee fund. We are buying it at Schwab because of lower short term redemption fees.

Bought JORNX at 10.11% of Total Portfolio Value on 9/19/2007

$5,000.00

This is a high performance midcap growth fund. It is up 24.4% YTD and 37.1% over last one year. All its percentile rankings for periods of 3 months to five years are in the range 1-3. During the recent downturn, it was down only 8.6%. Now it has fully recovered. It has a good Sharpe Ratio (1.71) for a domestic fund. It is available at Fidelity and Schwab as a no load no transaction fee (NTF) fund. It has no fund imposed short term redemption fee. We are purchasing it at Schwab because of lower short term redemption fee

Bought ADINX at 10.55% of Total Portfolio Value on 8/27/2007

$5,000.00

This smallcap growth fund is little more than one year old. It has shown low volatility. It was down only 5.5% from its Aug. 8th peak. It has recovered almost all its losses. It is up 23.4% YTD. All its percentile rankings for period of one month and longer are in the range 1-4. It has a fund imposed short term redemption fee of 1% if sold in less than two months. It is available at Schwab and Fidelity as a no load/no transaction fee fund. We are buying it at Schwab because of lower short term redemption fees.

Sold 100.00% of WHGMX holdings on 8/6/2007

$8,434.63 plus a $50.00 fee

We are selling this fund for two reasons: A - Because of current market volatility, we want to reduce our market exposure and B - This fund has gone down 9.8% from its June 4th peak, this is more than what we had expected. This is a transaction fee fund and we will pay a fee of $50 to Schwab.

Sold 100.00% of DLS holdings on 7/27/2007

$7,044.80 plus a $10.00 fee

Under the current volatile market conditions, we are selling this international ETF to reduce our risk.

Bought AFJDX at 7.71% of Total Portfolio Value on 7/9/2007

$3,900.00

This foreign large value fund has done well since its inception. Its institutional version ANJIX has been around for more than 4 years and has a relative performance percentile ranking of '1' for all periods of one week to three years! It is up 24.3% YTD and 44.9% over last one year. It has a fund imposed short term redemption fee of 2% if sold in less than 30 days. It is available at Schwab and Fidelity as a no load/no transaction fee fund. We are buying it at Schwab because of lower short term redemption fees.

Sold 100.00% of DEUFX holdings on 7/9/2007

$3,823.67

This European fund has been under performing this year. We are selling it to raise cash to purchase other high performance funds. We have held it for more than three months and therefore will not pay any redemption fee.

Bought WHGMX at 18.48% of Total Portfolio Value on 6/18/2007

$9,100.00 plus a $49.95 fee

This is a relatively new midcap blend fund. It is out performing its peers. It is up 18.1% YTD. It is a transaction fee fund available at Fidelity and Schwab. This fund does not have any load or early redemption fee. In the Small Portfolio, we are purchasing it at Schwab with a transaction fee of $49.95. Schwab charges transaction fee on both purchase as well as sale.

Sold 55.89% of DEUFX holdings on 6/13/2007

$4,664.11

This year, this fund is under performing. At present, the market is showing increased volatility. We are selling it to reduce market exposure. We purchased these shares on 10/2/2006. We will not pay any redemption fee on this sale.

Sold 100.00% of SVAAX holdings on 6/13/2007

$4,360.66

This year, this fund is under performing. It is in the bottom decile of its category. At present, the market is showing increased volatility. We are selling it to reduce market exposure. We purchased these shares on 10/2/2006. We will not pay any redemption fee on this sale.

Distribution of DEUFX - $0.344 per share

$188.48

-

Bought AOLCX at 10.71% of Total Portfolio Value on 5/29/2007

$5,250.00

This is a promising new largecap fund. It dropped only 4% in Feb/March market drop. It is up 17.8% YTD, beating S&P500 by 10 points. It is available as a no load/no fee fund at Schwab. Schwab charges a short term redemption fee if sold in less than 90 days. We are purchasing it at Schwab.

Sold 100.00% of ARSVX holdings on 5/29/2007

$5,207.47

For many years, smallcap value funds have been the market leaders. It appears that this smallcap rally is finally ending. This relatively new small-cap value fund had an excellent 2006. It gained 30% while exhibiting low volatility. However, this year, it is under performing S&P 500. We are selling it to raise cash to purchase other high performance funds. We have held it for more than 3 months and therefore will not pay any redemption fee.

Distribution of SVAAX - $0.020 per share

$13.12

-

Bought OBIOX at 9.40% of Total Portfolio Value on 5/7/2007

$4,600.00

This is a new Oberweis international fund. It has the same manager as our high performance China Fund - OBCHX. During Feb/March downturn, it dropped less than OBCHX. It has recovered all its losses. It is likely to be a high performance diversified international fund. It has a short term redemption fee of 2% if sold in less than 3 months. This fund is available at Schwab as a no load no transaction fee fund. It is also available at Fidelity, however, Schwab has lower short term redemption fees. For all other users, check with your broker. We are buying it at Schwab.

Sold 47.03% of ARSVX holdings on 5/7/2007

$4,595.22

This fund has been under performing this year. We are selling it to raise cash to buy other high performing funds. These shares were purchased on 10/2/2006. We will not pay any redemption fee on this sale.

Distribution of SVAAX - $0.020 per share

$13.05

-

Cash Interest at 4.50%

$35.47

Accrued interest for March based on an average daily cash balance of $9,459.53 and an interest rate of 4.5%.

Bought OBIOX at 10.43% of Total Portfolio Value on 4/4/2007

$4,859.51

This is a new Oberweis international fund. It has the same manager as our high performance China Fund - OBCHX. During Feb/March downturn, it dropped less than OBCHX. It has recovered all its losses. It is likely to be a high performance diversified international fund. It has a short term redemption fee of 2% if sold in less than 3 months. This fund is available at Schwab as a no load no transaction fee fund. It is also available at Fidelity, however, Schwab has lower short term redemption fees. For all other users, check with your broker. We are buying it at Schwab.

Bought JSVAX at 10.84% of Total Portfolio Value on 3/26/2007

$5,000.00

This is classified as a US Large Cap Blend fund. However, it is more of a global fund - 36% of its holdings are outside US. Its alpha with respect to World Index (best fit index) is 5.5. All its trailing relative perfromance rankings, for periods longer than one month are '1'. For previous four calendar years, its relative performance rankings are 1 or 2. It is out performing S&P500 by 11% over last one year. It has no fund imposed early redemption fee. We are purchasing it at Schwab as a no load no transaction fee fund.

Distribution of SVAAX - $0.020 per share

$13.12

-

Bought DLS at 14.61% of Total Portfolio Value on 3/13/2007

$6,500.01 plus a $10.00 fee

In June 2006, Wisdom Tree started a series of domestic and international dividend based ETFs. These represent the value segment of the market. This ETF represents the International Small/MidCap Value segment. This is first of its kind. In Q4, it went up by 15.7% handily beating all broad International indexes. In 2007, it is up 4.1% YTD. Please note that in model portfolios, all ETFS are traded near the close of the market.

Sold 100.00% of WWNPX holdings on 3/6/2007

$4,994.19 plus a $50.00 fee

Currently, the market is experiencing a correction. To safeguard our investments, we are reducing our equity exposure. Lately, this fund has been under performing, making it a candidate to sell. These shares were purchased on 12/12/06 and therefore we will pay a transaction fee of $50.

Sold 100.00% of OBCHX holdings on 3/6/2007

$2,363.86

Currently, the market is experiencing a correction. To safeguard our investments, we are reducing our equity exposure. Chinese markets have been particularly volatile and therefore we are selling this high performance fund. These shares were purchased on 11/1/06 and therefore we will not pay any transaction or redemption fee.

Sold 68.00% of OBCHX holdings on 3/5/2007

$4,918.11

Currently, the market is experiencing a correction. To safeguard our investments, we are reducing our equity exposure. Chinese markets have been particularly volatile and therefore we are selling partial holding of this high performance fund. These shares were purchased on 10/2/06 and therefore we will not pay any transaction or redemption fee.

Sold 100.00% of EWP holdings on 3/2/2007

$4,083.66 plus a $10.00 fee

Currently, the market is experiencing a correction. To safeguard our investments, we are reducing our equity exposure. Lately, this European ETF has been under performing, making it a candidate to sell.

Distribution of SVAAX - $0.019 per share

$12.46

-

Bought JSVAX at 8.58% of Total Portfolio Value on 2/12/2007

$4,000.00

This is classified as a US Large Cap Blend fund. However, it is more of a global fund - 38% of its holdings are outside US. Its alpha with respect to World Index (best fit index) is 5.1. All its trailing relative perfromance rankings, for one month and longer, are '1'. For previous four calendar years, its relative performance rankings are 1 or 2. It is out performing S&P500 by 11% over last one year. It has no fund imposed early redemption fee. This fund is available at Schwab as a no load no transaction fee fund. It is also available at Fidelity, however, Schwab has lower short term redemption fees. For all other users, check with your broker. We are buying it at Schwab.

Sold 45.00% of EWP holdings on 2/12/2007

$3,546.88 plus a $10.00 fee

This European ETF has been under performing lately. We also have a rather large holding and it has just been downgraded to "hold". We are selling it to buy a high performing global fund - JSVAX. Note that all ETFs are bought and sold in the portfolio at the close of the trading day.

Distribution of SVAAX - $0.018 per share

$11.61

-

Bought KSCOX at 6.65% of Total Portfolio Value on 1/12/2007

$3,000.02

It is a high performance average risk small/midcap blend fund. Its alpha with respect to Russell 2000 index is 7.94. For all trailing time periods, up to 3 years, its percentile rankings are either '1' or '2'. Over last one year, it is out performing S&P 500 by 15 points. This fund is available at Schwab and Fidelity as a no load no transaction fee fund; however, Schwab has lower short-term redemption fees. For all other users, check with your broker. In the model portfolios, it is purchased at Schwab.

Sold 100.00% of FXI holdings on 1/10/2007

$3,268.80 plus a $10.00 fee

This high performance China ETF had a dramatic rise in 4Q2006. Lately it is showing high volatility. To preserve our profits, we are selling it.

Bought ARSVX at 10.69% of Total Portfolio Value on 1/8/2007

$4,795.50

This is a high performance, low volatility fund. It dropped less than 7% in 2006 downturn. It is in top 1% of its category for 2006 and is out perfoming its category for all trailing time periods. It closed for new investors in December. However, existing account holders can make additional purchases. This fund is purchased at Schwab without any load or transaction fee.

Sold 100.00% of IWN holdings on 1/8/2007

$4,566.34 plus a $10.00 fee

This ETF is being sold to raise cash to purchase ARSVX.

Distribution of WWNPX - $0.192 per share

$37.22

-

Distribution of FXI - $1.305 per share

$41.76

-

Distribution of EWP - $0.380 per share

$53.85

-

Distribution of IWN - $0.440 per share

$25.52

-

Distribution of SVAAX - $0.022 per share

$14.43

-

Distribution of ARSVX - $0.152 per share

$47.18

-

Distribution of DEUFX - $0.311 per share

$170.30

-

Bought DEUFX at 7.95% of Total Portfolio Value on 12/12/2006

$3,500.00

This European fund has done well in our model portfolios. It is up more than 40% YTD. It is purchased at Schwab.

Bought WWNPX at 11.35% of Total Portfolio Value on 12/12/2006

$5,000.01

A long term performer with low risk. Good relative performance. It is significantly out performing S&P 500. It is up more than 27% YTD. Most of its percentile rankings are in low single digits. We are purchasing this at Schwab. This fund is available at Schwab and Fidelity; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

Sold 100.00% of SPY holdings on 12/12/2006

$4,676.76 plus a $10.00 fee

This S&P 500 ETF is being sold to raise cash to buy other funds.

Sold 45.00% of IWN holdings on 12/12/2006

$3,848.16 plus a $10.00 fee

This small cap ETF is being sold to raise cash to purchase other funds.

Distribution of SVAAX - $0.086 per share

$56.52

Year end distribution for SVAAX. This is in addition to its monthly dividend.

Bought EWP at 7.02% of Total Portfolio Value on 11/22/2006

$3,052.35 plus a $10.00 fee

This ETF tracks Spain Index. It is out performing European and World markets. It is up 46% YTD. Almost all its trailing percentile rankings are in single digit - mostly 1's. It is more than 20% higher compared to its May high. Its drop during May/June was only 13%. However, it underperformed in 2005.

Bought FXI at 7.06% of Total Portfolio Value on 11/22/2006

$3,069.12 plus a $10.00 fee

This is a China ETF. It is up 52% YTD. Its recent performance is comparable to two top China Funds - OBCHX and OMNCX. Being an ETF, it has the liquidity advantage - no early redemption fee.

Sold 57.00% of SPY holdings on 11/22/2006

$6,059.56 plus a $10.00 fee

SPY is being sold generate cash to purchase other mutual funds.

Distribution of SVAAX - $0.023 per share

$15.28

-

Distribution of SVAAX - $0.023 per share

$15.08

This monthly distribution occured on 10/19/06

Bought IWN at 9.50% of Total Portfolio Value on 11/1/2006

$3,947.28 plus a $10.00 fee

This ETF represents the value part of the Russell 2000 index (ETF IWM). It is out performing IWM and S&P 500 for most trailing time periods. It has recovered all its losses while IWM has not.

Bought OBCHX at 4.82% of Total Portfolio Value on 11/1/2006

$2,000.00

This is a very promising China fund. It is just over one year old. Over last one year, it is up 75%. During May/June downturn, it went down 18%. Now, it has recovered all its losses.

Sold 37.00% of SPY holdings on 11/1/2006

$6,053.18 plus a $10.00 fee

SPY is being sold to generate cash to buy other mutual funds.

Bought IWN at 9.93% of Total Portfolio Value on 10/2/2006

$3,969.84 plus a $10.00 fee

Initial portfolio position. Buy at any brokerage with a fee of about $10.

Bought EWP at 10.00% of Total Portfolio Value on 10/2/2006

$4,000.01 plus a $10.00 fee

Initial portfolio position. Buy at any brokerage with a fee of about $10.

Bought SPY at 40.00% of Total Portfolio Value on 10/2/2006

$16,000.08 plus a $10.00 fee

Initial portfolio position. Buy at any brokerage with a fee of about $10.

Bought SVAAX at 10.00% of Total Portfolio Value on 10/2/2006

$4,000.00

Initial portfolio position. Bought at Schwab without a transaction fee or load.

Bought OBCHX at 10.00% of Total Portfolio Value on 10/2/2006

$4,000.00

Initial portfolio position. Bought at Schwab without a transaction fee or load.

Bought DEUFX at 10.00% of Total Portfolio Value on 10/2/2006

$4,000.00

Initial portfolio position. Bought at Schwab without a transaction fee or load.

Bought ARSVX at 10.0% of Total Portfolio Value on 10/2/2006

$4,000.00

Initial portfolio position. Bought at Schwab without a transaction fee or load.

Cash Added

$40,000.00

Opening balance of $40K