If the All-Star Game represents the midway point of the baseball season, then it’s time to hand out a few midterm report cards.

Chicago Cubs: A. The best record in the majors at 57-38, and they had the chutzpah to trade for Rich Harden after Milwaukee got CC Sabathia.

Boston Red Sox: A. Leading the AL East at 57-40, even without David Ortiz. Wisely decided (for now) not to trade Kevin Youkilis and Craig Hansen for Mark Teixeira.

Los Angeles Angels: A-. Tied with the Cubs, despite a +21 run differential compared to Chicago’s +106. Need to improve in second term.

New York Yankees: B-. Scraping by at 50-45, but getting excellent pitching from Joba Chamberlain in his accelerated conversion from the bullpen to the rotation.

Seattle Mariners: F. Expectations were too high to begin with, but Seattle’s implosion is epic nonetheless. A textbook example of how not to run a franchise at the big-league level.