The above is the time-weighted internal rate of return, net of fees, for all accounts discretionarily managed by Michael J. Butkus and Company which, at the end of each calendar quarter, contain at least twenty individual equity positions and have no more than 10% of their total dollar value in any combination of mutual funds, unsolicited securities positions or fixed income investments, the latter calculated at par. The Dow Jones Industrial Average is comprised of stocks in thirty large capitalization U.S. companies.  The S & P 500 is comprised of stocks in 500 mid to large capitalization companies.  The NASDAQ Composite Index is comprised of all NASDAQ National Market and Small Cap stocks. While an investment cannot be made directly in an index, these indices are used for comparison as, taken together, they represent the spectrum of large to small capitalization stocks in the accounts which comprise this composite.  This composite’s performance assumes that dividends are reinvested.  Actual client risk tolerances, objectives and fees may vary, as will performance. Investing entails risk.  Past performance does not assure similar performance in the future.