This fund is holding much better compared to other international funds. However, it is down 20.2% from its 10/31/2007 peak forcing us to downgrade the fund. 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.

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.

This foreign large value fund has done well since its inception. It is one of the lower volatility international fund. Its Sharpe Ratio is 1.56, which is one of the highest among all funds. Its relative percentile performance rankings for all periods of one month and up are either 1 or 2. It is up 5.3% YTD and 15.4% 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.

This foreign large value fund has done well since its inception. Its institutional version ANJIX has been around for more than 5 years and has relative performance percentile rankings in the single digits for all periods of three months and longer. It is up 13.1% 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.

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 some what 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 steller as it was for last few years. All these factors have resulted in this down-grade. It still has an excellent long term record.

This world stock fund has been under performing its peers. It is down 18.1% from its 10/31/2007 high, resulting in this downgrade.

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. It is creating new YTD lows. It is still holding up well relative to its peers. It is down 15% from its 12/26/2007 high. We are down grading this fund to hold in view of its recent performance.

This fund has very good long term performance with medium risk. In the recent market correction, it dropped only 10.9% and has recovered most of its losses. It is essentially flat YTD. Its relative performance percentile rankings for all periods of one month to five years are perfect '1'.

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.

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.

This fund is closed to new investors. Clients who have already invested in this fund may continue to purchase new shares.

Lately, this fund has shown more volatility. It is trailing its category for last 3 months. 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.

It is a high performance average risk midcap blend fund. Its Sharpe Ratio is 1.9, which is very good for a domestic fund. All its percentile rankings for periods of three months to five years are in the range 1-3. It is an excellent fund in its category. However, at present domestic funds are coming under selling pressure. This fund is down 12.3% from its Oct. 31st peak, resulting in this downgrade. 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.

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 28.7% 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.

It is a high performance average risk midcap blend fund. Its Sharpe Ratio is 1.74, 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 17.3% YTD and 33.4% over last one year. In the recent market drop, it went down 12.9%. Now it has recovered most of its losses and is only 2.5% away from its previous peak. 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.

During the recent downturn, this fund has dropped 17.9% from its July peak. This is more than what we expected resulting in this downgrade. This is still a high performance fund. It is up 14.6% since its February inception. 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.

This fund has been under performing for last three months resulting in this downgrade. This fund has no fund imposed early redemption fee. It is available at Schwab and Fidelity as a no transaction fee fund.

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 is likely to be a high performance diversified international fund. It is up 34% since its Feb. 2007 inception. 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

This year, this fund is under performing.

This year, this fund is under performing. It is in the bottom decile of its category.

For many years, smallcap value funds have been the market leader. 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.

This European fund was up 44% in 2006. This year, its performance is below average. It is lagging other European funds. Lately, it is also showing some volatility. It has a short term redemption fee of 2% if sold in less than 60 days. 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.

This low volatility fund dropped less than 6% in 2006 downturn. It was in top 1% of its category for 2006. However, this year it is slightly under performing resulting in this down grade. This class A fund normally carries a load of more than 5%; however, it is available at Schwab as a no-load, no transaction fee (NTF) fund. DO NOT BUY THIS FUND IF YOUR BROKER CHARGES A FRONT END LOAD. Fidelity users may alternatively use SVACX which has a 1% front end load and 1% redemption fee if sold in less than one year. For all other users, check with your broker.

This relatively new small-cap value fund had an excellent 2006. It gained 30% while exhibiting low volatility. However, it is under performing in 2007 resulting in this downgrade. It closed for new investors in December. However, existing account holders can make additional purchases. This fund is available at Schwab and Fidelity; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

This European fund was up 44% in 2006. This year, its performance is more average. However, it sees to have lower volatility compared to other European funds. It has a short term redemption fee of 2% if sold in less than 60 days. 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.

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. It is up 9.3% YTD, significantly out performing broad indexes. Please note that in model portfolios, all ETFS are traded near the close of the market.

This fund has lately been under performing.

At present Chinese markets appear to be highly volatile.

This European ETF has lately been under performing.

This ETF tracks Spain Index. It was up 49% in 2006 and it out performed European category by 15%. However, it is under performing for last 3 months resulting in the downgrade. Its drop during May/June 2006 was only 13%. It also underperformed in 2005.

This fund is now closed to all investors (new and existing).

This high performance China ETF had a deamatic rise in 4Q2006. Lately it is showing high volatility. To preserve some of our profits, we recommend a reduction in holding.

This low volatility fund dropped less than 6% in 2006 downturn. It is in top 1% of its category for 2006. It was up 29.7% in 2006. This class A fund normally carries a load of more than 5%; however, it is available at Schwab as a no-load, no transaction fee (NTF) fund. DO NOT BUY THIS FUND IF YOUR BROKER CHARGES A FRONT END LOAD. Fidelity users may alternatively use SVACX which has a 1% front end load and 1% redemption fee if sold in less than one year. For all other users, check with your broke

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 available at Schwab and Fidelity; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

This smallcap value ETF was up 9% in Q4 and 23% in 2006. Lately, it is showing more volatility and it is down 3% from its peak. It is now time to excercise some caution.

This is a high performance China ETF. It was was up 34% in 4Q2006. In last 2 trading days, its market value dropped by 9% while its NAV dropped only about 5%. Now, it is trading at a discount of -4% to its NAV. This is unusual for an ETF. We expect its market value to come in line with its NAV. However, the Chinese market is up more than 80% in 2006 and we should exercise caution. If there is further significant drop in its market value, we will perhaps reduce our position in model portfolios.

ARSVX officially closed to new investors on Dec 15, 2006. However, this fund is open to new investors at Schwab because of a special deal. It is closed to new investors at Fidelity. The official press release of this closure can be found at http://www.astonfunds.com/_/docs/content/PDF/RR12142006.pdf?time=20061222091938

Fund is closed to new investors as of 12/15/2006.

This is a China ETF. It is up 60% YTD. Its recent performance is better compared to two top China Funds - OBCHX and OMNCX. Being an ETF, it has the liquidity advantage - no early redemption fee.

This ETF tracks Spain Index. It is out performing European and World markets. It is up 44% YTD. Almost all its trailing percentile rankings are in single digit - mostly 1's. It is more than 18% higher compared to its May high. Its drop during May/June was only 13%. However, it underperformed in 2005.

This is a high performance, low volatility fund. It dropped less than 7% in the recent downturn. It is in top 1% of its category for last one year and YTD. Hoever, it us under performing over last 3 months. This fund is available at Schwab and Fidelity; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

This is a very promising China fund. It is just over one year old. Over last one year, it is up 74%. During May/June downturn, it went down 18%. Now, it has recovered all its losses. This fund is available at Schwab and Fidelity; however, Schwab has lower short-term redemption fees. For all other users, check with your broker.

This ETF tracks Spain Index. It is out performing European and World markets. It is up 40% YTD. Almost all its trailing percentile rankings are in single digit - mostly 1's. It is more than 14% higher compared to its May high. Its drop during May/June was only 13%. However, it underperformed in 2005.

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.