|University of Minnesota's Carlson Growth Fund Class of 2008 Position Eliminations|
|Per Share Sale
|The Fund's Rationale for Selling|
|A.S.V.||(ASVI)||5/4/1998||5/1/2007||$15.03||31%||Housing starts were declining; general concerns about construction spending|
|OraSure Technologies||(OSUR - Get Report)||4/8/2002||5/1/2007||$7.23||6%||Consistent poor performer; HIV test never took off|
|Kyphon||KYPH||4/27/2006||8/1/2007||$65.21||46%||Acquired by Medtronic (MDT - Get Report)|
|Shuffle Master||(SHFL)||1/30/2001||9/13/2007||$13.88||5%||Company model seems broken; bad acquisition; needs new management|
|Ceradyne||(CRDN)||4/27/2005||11/13/2007||$51.13||35%||Concerns about military spending; new armored vehicle product had stiff competition|
|Ambassadors Group||(EPAX - Get Report)||12/12/2006||1/29/2008||$17.22||-23%||Few catalysts to propel share price higher within the next year|
|Notes: The class of 2008 took control of the portfolio from the previous class on 5/1/2007. According to the current fund managers, many of these positions were traded several times over the years. All of these buy/sell decisions were grounded in the DCF method of
Exit Know-How: Why Minnesota's $10.5M Growth Fund Beat the R2K
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