Buford, Dickson, Harper & Sparrow, Inc.

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Portfolio Characteristics

LARGE CAP GROWTH
Average Number of Positions:	20 holdings
Turnover:	Averages one buy and one sell per month
Appropriate Benchmark:	Russell 1000 Growth

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Overview

Traditional investment diversification, also commonly known as asset allocation, consists of proportioning stocks, bonds, and cash to manage volatility and enhance returns. Successful stock selection requires further diversification by style (growth and value) and market capitalization (large-cap, mid-cap, small-cap). Buford, Dickson, Harper & Sparrow offers clients the option of a growth stock portfolio diversified by market capitalization using our Momentum Growth investment philosophy and process.

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Portfolio Criteria

• All stocks equally weighted at the time of initial purchase.
• Sector weightings fall within 50% and 150% of the Russell 1000 Growth weightings.
• No more than 5% of holdings invested in any one security.
• No more than 20% of holdings invested in foreign securities. (ADRs only)
• Cash equivalents held if there are no appropriate issues available.

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Portfolio Sector Weightings (as of 12/31/2011)

The BDHS portfolio tends to resemble the capitalization mix found in general stock market indexes, such as the S&P 500, but BDHS maintains the flexibility to invest in momentum opportunities of any capitalization size.

Consumer Discretionary	29%
Consumer Staples & Healthcare	22%
Technology	20%
Industrials	18%
Basic Industry & Energy	6%
Financials	3%
Telecom Services & Utilities	0%
Other	0.03%
TOTAL	98%

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Portfolio Representative Holdings (as of 12/31/2011)

• BRASIL FOODS SA
• CACI INC CL A
• CELGENE CORPORATION
• DANAHER CORP
• GOOGLE INC CLASS A
• KOHLS CORP
• O'REILLY AUTOMOTIVE INC
• PETSMART INC
• STRYKER CORP
• TJX COS INC NEW

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View BDHS Large Cap Growth Performance