PORTFOLIO PROFILE: World Total Return Portfolio

Established: May , 2003
Portfolio Managers: Gerald Sparrow (President, Chief Investment Officer)
Ownership: Privately, employee-owned

World Total Return Portfolio Characteristics:

Average Number of Positions: 20
Turnover: Less than 50%
Investment Objective: Long-Term Capital Appreciation
Category: Global All-Cap

World Total Return Portfolio Criteria:

Sparrow believes a portfolio composed of stocks, bonds or securities bought and sold at the right price could provide investment returns that exceed market averages. To identify potential opportunities, Sparrow searches both domestic and foreign markets, as well as multiple market sectors. Sparrow considers all market capitalizations as well as bonds, sector funds, index - ishares and other liquid securities.

All investments are equally weighted at the time of initial purchase. No more than 5% of our holdings are invested in any one security at the time of initial purchase. If no appropriate stocks or bonds are available, cash equivalents are held.

World Total Return Portfolio Representative Holdings (as of 12/31/2009)

Altria Group
BHP Billiton
Central European Distribution
China Mobile
Coca-Cola
Constellation Energy Corp
Dell
Eaton Vance
Genesee & Wyoming
JPMorgan Chase
Makita
McDonalds Corporation
MDC Holdings
Monsanto
Petroleo Brasileiro
Philip Morris International
United States Steel
V F Corp
Wimm-Bill-Dann Foods

World Total Return Portfolio World Classifications (as of 12/31/2009)

Foreign Equities 40%
Domestic Equities 60%