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Defensive Growth

Investment Objective: The strategy seeks to provide a combination of current income and long- term capital appreciation.

Investment Description: The strategy uses both fixed income and equity securities. The equity allocation of the strategy invests predominately in common stocks of U.S.-based companies. The strategy has the flexibility to invest across all sectors and market capitalizations. The strategy also invests in preferred stock, bonds and cash equivalents. Preferred and debt securities used in the strategy are issued by banks, insurance companies, other diversified financials, REITs, energy and pipelines, telecommunications, technology and consumer companies. All securities used are publicly traded.

Composite Definition: Ulland Defensive Growth performance includes all portfolios invested in the Defensive Growth Strategy. Portfolios enter the composite on the first day of the first full quarter of management. Portfolios are removed upon completion of the last full quarter of performance. The strategy is invested in common stock, preferred stock, corporate bonds, other subordinated securities and cash.

Performance: Performance quoted is past performance. Past performance is not indicative of future performance. Current performance may be lower or higher than performance shown. Differences in performance versus the indices may be attributable, in part, to differences in the asset make-up of the Defensive Growth strategy vs. the indices. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision.

Fee: The normal fee schedule for the Defensive Growth strategy is 1.0% on the first $2 million, 0.75% for funds over $2 million, and 0.50% for funds over $5 million. Individual fee arrangements may vary from this schedule.


Ulland Investment Advisors

4550 IDS Center · Eighty South Eighth Street · Minneapolis MN 55402 · Telephone: 612-312-1400 · Facsimile: 612-204-3464