| OVERALL PORTFOLIO COMPOSITION (%) | |
| Cash: | 45.95 | | Stocks: | 48.57 | | Bonds: | N/A | | Other: | 5.48 |
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| TOP 10 HOLDINGS ( 53.90% OF TOTAL ASSETS) | |
| Company | Symbol | % Assets | YTD Return % | | WYETH | WYE | 8.78 | 36.74 | | Schering-Plough Corporation | N/A | 6.71 | 66.82 | | Sun Microsystems, Inc. | JAVA | 5.51 | 118.59 | | First American Government Oblig Z | N/A | 4.94 | N/A | | First American Prime Obligation Z | N/A | 4.94 | N/A | | Fidelity Instl MM Fds Prime MMkt I | N/A | 4.94 | N/A | | CENTURYTEL INC | CTL | 4.59 | 27.59 | | Embarq Corporation | N/A | 4.59 | 20.79 | | Liberty Media Corporation | LMDIA | 4.59 | 77.29 | | LINDSAY CORPORATION | LNN | 4.31 | N/A |
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| Averages | MERFX | Category Avg | | Price/Earnings | 16.87 | 15.97 | | Price/Book | 2.32 | 2.30 | | Price/Sales | 0.94 | 1.13 | | Price/Cashflow | 5.49 | 8.02 | | Median Market Cap | 6.33B | 16.22B | | 3 Year Earnings Growth | N/A | 12.97% |
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| Sector | | MERFX | Category Avg | | Utilities | | 1.97 | 3.87 | | Business services | | 1.12 | 5.86 | | Financials | | 13.32 | 13.62 | | Telecommunications | | 8.39 | 6.17 | | Media | | 0.81 | 2.82 | | Consumer goods | | 10.15 | 11.23 | | Energy | | 8.95 | 10.34 | | Hardware | | 16.11 | 8.28 | | Health | | 23.44 | 11.16 | | Software | | 0.00 | 4.48 | | Consumer services | | 8.01 | 9.56 | | Industrial materials | | 7.72 | 12.61 |
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| Sector | MERFX | Category Avg | | US GOVERNMENT | N/A | N/A | | AAA | N/A | 69.42 | | AA | N/A | 3.82 | | A | N/A | 5.27 | | BBB | N/A | 5.57 | | BB | N/A | 5.97 | | B | N/A | 4.62 | | BELOW B | N/A | 3.09 | | OTHER | N/A | 2.24 |
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| Averages | MERFX | Category Avg | |
Maturity
| N/A | 6.12 | |
Duration
| N/A | 3.31 | |
Credit Quality
| N/A | AA |
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1.23% Nasdaq 
0.02 (0.13%) 
Holdings
