Buford, Dickson, Harper & Sparrow, Inc. - Portfolio Management for Institutional Clients

Effective Annual Return

The investment results for BDHS Small Cap Portfolio begin 1/1/2005.
The rate of return presented above depicts the dollar weighted rate of return of all actual fully discretionary equity funds under management on a calendar year basis. Deviations within the individual accounts do occur on a yearly basis, however, these averages are generally indicative of our equity investment results generated over time.
The rate of return considers the following. a) All money flows into or out of the funds b) All realized gains and losses c) All unrealized gains or losses d) All dividend and interest income.
There is no statistical correlation between past and future performance. As such there is no assurance that results approximating these returns will continue in the future.
Gross means before fees and commissions. Net returns are after fees and commissions.
The Russell 2000 Growth Index is an unmanaged index of 2000 stocks selected by the Frank Russell Company.
Returns are calculated using AIMR/GIPS guidelines.

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211 North Broadway • Suite 2080 • St. Louis, MO 63102 • (314) 725-5445 • www.bdhscapital.com