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 S&P 500 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 9/30/2008)

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.

Industrials	22%
Consumer Discretionary	21%
Technology	15%
Consumer Staples & Healthcare	14%
Basic Industry & Energy	11%
Financials	11%
Telecom Services & Utilities	0%
TOTAL	95%

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Portfolio Representative Holdings (as of 9/30/2008)

• AFLAC INC
• ALTERA CORP
• HEWLETT PACKARD CORP
• JOHNSON & JOHNSON
• MCDONALDS CORP
• NIKE INC CL B
• PUBLIC STORAGE
• SAP AKTIENGESELLSCHAFT
• ST JUDE MEDICAL INC
• TJX COS INC NEW

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View BDHS Large Cap Growth Performance

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