Year-to-date and Inception-to-date performance figures are net of fees and subject to revision.  Performance includes accumulated dividend payments during the quarter.

On July 1, 1997, Ulland Investment Advisors began offering the Intelligent Growth style to the public. Performance is calculated following GIPS standards. Only annual performance will be audited. Annual performance may vary once audited figures are completed. Performance is shown on a time-weighted basis as calculated on Axys portfolio software. Performance is presented net of fees. Calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Employee accounts are included in performance figures.

On July 1, 1998, Ulland Investment Advisors began offering the Intelligent Blend style to a limited number of clients so that the style would be seasoned before being generally offered. Performance is calculated following GIPS standards. Only annual performance will be audited. Performance is shown on a time-weighted basis as calculated on Axys portfolio software. Performance is presented net of fees. Calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance does include positions where clients requested that certain securities be allowed to exceed 10% of the portfolio's value. It should not be assumed that recommendations made in the future will be profitable or will equal the performance shown above.

On April 1, 2002, Ulland Investment Advisors began offering the Defensive Growth style to a limited number of clients so that the style would be seasoned before being generally offered. Performance is calculated following GIPS standards. Only annual performance will be audited. Performance is shown on a time-weighted basis as calculated on Axys portfolio software. Performance is presented net of fees. Calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance does include positions where clients requested that certain securities be allowed to exceed 10% of the portfolio's value. It should not be assumed that recommendations made in the future will be profitable or will equal the performance shown above.