In the bear market of 2000 through 2002, Henry Armstrong protected the gains it earned during the bull market of the late 1990s. Many institutions, on the other hand, failed to protect their clients' capital.

NOTES

$1 million invested on December 31, 1994 would have grown to:

• $5.1 million if invested in the Henry H. Armstong Composite
• $4.1 million if invested in the 5 Largest Equity Mutual Funds'
• $3.9 million if invested in the Russell 2000
• $3.8 million if invested in the NASDAQ Composite Index
• $3.7 million if invested in the S&P 500 Index
• $2.2 million if invested in the MSCI EAFE

Henry H. Armstrong Equity Composite is net of 1% management fee.
The S&P 500, NASDAQ, Russell 2000 and MSCI EAFE indices are prior to fee.