STATS: WINNERS AND LOSERS AMONG SMALLER FUNDS

U.S. Growth

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

FMI Focus 66.87 1 N/A N/A $8.9

Texas Capital Value Value & Growth 40.39 2 N/A N/A 28.0

Heritage Capital Appreciation A shares 39.75 3 27.74 21 3.25 94.7

GAMerica Capital Fund 39.38 4 N/A N/A 3.6

Weitz Series Hickory 38.33 5 39.47 1 3.94 21.6

Hilliard Lyons Growth 36.76 6 28.18 17 2.55 58.2

Nicholas-Applegate Large Growth I 34.54 7 N/A N/A 1.9

U.S. Global Leaders Growth 34.11 8 N/A N/A 44.1

Growth Fund of Washington 33.69 9 30.82 8 3.39 61.6

Matrix Growth 33.39 10 25.00 50 3.43 12.6

BOTTOM 5

Hudson Investors -36.81 226 -13.01 131 4.99 0.2

East End Capital Appreciation -13.03 225 N/A N/A 2.2

Dominion Insight Growth -5.69 224 25.24 49 8.27 20.8

Wall Street -4.75 223 14.87 121 4.85 15.6

John Hancock Multi-Sector Growth 1.89 222 N/A N/A 40.8

Mean/Number of funds 19.49 226 22.94 131 3.59 32.60

FMI Focus knew what to aim at. It handily beat its peers and its aggressive growth competitors in percentage gain. Still, it’s too new to have much of a track record – or assets.

U.S. Growth & Income

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

Nicholas-Applegate Value I 32.78 1 N/A N/A $9.0

SSgA Growth and Income 32.69 2 29.97 5 3.33 80.5

Green Century Equity 31.54 3 N/A N/A 12.5

Stratton Growth 30.96 4 28.15 15 2.83 60.0

Advisors’ Inner Circle FMC Select 30.86 5 N/A N/A 83.4

Wright Equity Major Blue Chip 30.15 6 26.41 29 3.03 27.7

Quant Growth & Income Ord 30.00 7 27.91 17 3.47 55.8

J.P. Morgan Tax Aware Discipline
d I 28.61 8 N/A N/A 13.2

Forum Payson Value 28.49 9 25.92 33 2.74 16.9

One Group Value Growth Inv 28.01 10 27.54 23 3.22 59.7

BOTTOM 5

Steadman American Indust -22.83 122 -9.25 77 7.20 0.8

Steadman Associated -8.14 121 7.27 75 7.01 3.5

Steadman Investment -5.15 120 -0.36 76 5.54 1.6

Monterey Tech Convertible -4.71 119 15.74 71 2.72 1.4

Merrill Lynch Asset Growth B shares 4.56 118 9.96 74 2.74 7.7

Mean/Number of funds 20.53 122 23.68 77 3.24 40.45

Each of the bottom five funds here had assets under $10 million, but lack of size didn’t deter Nicholas-Applegate Value. With only $9 million, it outpaced much larger peers.

U.S. Small-Cap Growth

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

Munder Micro Cap Equity Y shares 61.41 1 N/A N/A $11.3

Evergreen Micro Cap Y 42.40 2 20.02 38 3.82 51.9

Enterprise Small Co Val A 40.74 3 21.16 29 3.04 45.3

Brazos JMIC Small Cap Growth 40.17 4 N/A N/A 92.4

FBR Small Cap Growth/Value 39.14 5 N/A N/A 9.6

Keeley Small Cap Value 36.27 6 31.38 2 3.29 22.3

Rimco Small Cap Equity 35.72 7 N/A N/A 42.1

Quaker Small Cap Value 34.66 8 N/A N/A 1.9

Stratton Small Cap Yield 33.82 9 26.23 9 2.87 39.4

UAM Sterling Part Small Cap 32.71 10 N/A N/A 27.6

BOTTOM 5

AmTrust Value -25.30 103 -6.39 51 6.26 0.6

Van Wagoner Micro Cap -24.92 102 N/A N/A 71.9

Van Wagoner Post Venture -19.77 101 N/A N/A 20.5

Reserve Private Small Cap Growth -8.66 100 18.53 40 6.54 6.1

JJ First Source Special Equity -5.62 99 N/A N/A 33.2

Mean/Number of funds 16.33 103 21.52 51 4.64 32.36

With a few notable exceptions, small-cap-growth volatility was high and the
average fund grew at only half the rate of the Standard & Poor’s 500 stock index of blue chips, 33.3%.

U.S. Aggressive Growth

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

Delaware-Voyageur Aggressive Growth A 37.00 1 35.17 1 7.87 $10.8

Delaware-Voyageur Aggressive Growth C 35.83 2 34.14 2 7.83 1.4

Jundt Opportunity Class I 29.64 3 N/A N/A 4.0

Virtus Style Manager 28.98 4 N/A N/A 78.2

ESC Strategic GrowthA 26.24 5 N/A N/A 14.4

Principal Preservation Select Value 26.11 6 26.12 7 3.55 7.3

Analytic Shares Enhanced Equity 25.55 7 28.42 6 3.21 7.3

DLB Quantitative Equity 25.43 8 N/A N/A 25.1

Permanent Portfolio Aggressive Growth 24.41 9 25.23 9 4.45 20.2

Touchstone Emerging Growth A 24.18 10 20.78 11 4.01 4.9

BOTTOM 5

Frontier Equity Portfolio -49.74 52 -20.76 29 10.02 0.6

Fontaine Trust Capital Appreciation -28.23 51 -0.83 28 5.81 3

Perkins Opportunity -18.51 50 6.41 25 7.05 56.8

Vanguard Horizon Capital Opportunity -14.47 49 N/A N/A 63.4

American Heritage Growth -9.00 48 5.99 26 5.44 1.3

Mean/Number of funds 11.46 52 18.05 29 5.51 29.26

Aggressive growth funds, on average, didn’t grow as rapidly as ordinary growth funds, but Delaware-Voyageur’s offerings outpaced all but the ordinary growth sector’s top five.

International Growth

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

Nicholas-Applegate Int’l Core I 24.48 1 N/A N/A $26.3

Lord Abbett Securities Int’l A shares 23.44 2 N/A N/A 35.1

Brandes Inst’l Int’l Equity 21.23 3 N/A N/A 75.8

Emerald Int’l Equity Inst’l 19.56 4 N/A 1 N/A 56.1

Dresdner RCM Int’l Growth Equity
18.87 5 20.84 3.43 98.4

FTI Int’l Equity 18.50 6 N/A 2 N/A 43.5

Scout Worldwide 18.41 7 18.56 9 2.57 57.0

Touchstone Int’l Equity A 17.24 8 13.99 3.55 4.8

Founders Int’l Equity 16.73 9 N/A N/A 15.7

Aetna Int’l Growth Select 15.71 10 18.16 10 3.22 35.8

BOTTOM 5

Lindner Int’l -10.77 78 2.02 41 N/A 3.5

Reserve Private Int’l Equity -10.22 77 N/A N/A 10.5

Fremont Int’l Growth -7.28 76 6.49 36 3.94 36.3

John Hancock Int’l B -6.64 75 4.35 39 4.25 6.4

John Hancock Int’l Equity -4.84 74 N/A N/A 7.3

Mean/Number of funds 7.90 78 10.52 42 3.46 35.43

Nicholas-Applegate did well here, too, but like the other top five funds it lacks a three-year record. Four of the bottom five are small, young funds. Fremont is the exception.

Global Emerging Market

1-YEAR 3-YEAR Monthly Total

volatility assets

top 10 % Return Rank % Return Rank (3 yrs) ($m)

UAM Funds Trust Jacobs Int’l 2.19 1 N/A N/A $84.9

Oppenheimer Developing Mkts A shares 0.35 2 N/A N/A 33.1

Fremont Emerging Mkts -5.13 3 N/A N/A 13.8

Munder Framlington Emerging Mkts K -5.67 4 N/A N/A 29.2

MFS Foreign & Colonial Emerging Mkt C -5.67 5 N/A N/A 4.2

Munder Framlington Emergi