Effective annual compound total return of EFO Model Portfolios for periods ending 12/31/2007 vs. S&P 500 (with dividends). Source: Hulbert Financial Digest & EFO.

	1 year 2.5 yrs  5 years 10 years 17 years Tax-advantaged 10.8% 14.0% 14.7% 15.8% 17.7% Taxable 13.4% 13.6% 15.1% 12.7% 15.6% S&P 500 FUND 5.4% 10.9% 11.0% 5.8% 11.3%

#1 fund newsletter tracked by The Hulbert Financial Digest
for 9 and 17 years ending December 2007

EFO Model Portfolio Performance by Year

	1999	2000	2001	2002	2003	2004	2005	2006	2007
Tx-Adv	+77.4	-0.1	+7.2	-11.8	+34.3	+20.4	+9.2	+17.8	+10.8*
Txbl	+54.0	-10.8	+2.9	-12.4	+34.7	+22.2	+8.3	+15.3	+13.4
Wlshr	+23.5	-10.9	-11.0	-20.9	+31.6	+12.6	+6.0	+15.7	+5.5

*Reflects account at Schwab (EFO's recommended custodian), where one load fund purchased is available no-load. Hulbert's 9.5% reflects the load.

A detailed spreadsheet showing performance for each six-month and annual periods starting January 1991 can be downloaded at http://www.equityfundoutlook.com/downloads/efoperfm.xls.

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