Performance Data

As recommended by HRA LLC since 2004 and HRA Ptrs prior. Past performance may not be a guide to future results. Losses as well as gains may happen in most managed funds. *S&P 500 Index is a registered trademark of standard & Poors. For comparison, management expense and dividends are ignored.


Model Results

The performance information shown pertains to the performance of HRA's "Tiny" and "Favorite 30" model portfolios ("Portfolios"). These are hypothetical portfolios HRA makes purchases and sales for solely for illustrative purposes only to reflect the performance of HRA's hypothetical decisions over time. HRA publishes on its website, on a subscription basis, the names of 800 stocks in 19 industries it makes purchase, sale and hold recommendations about as well as graphs and commentaries about the trends of the industry each stock falls within. No correlation exists between the performance of all or any of the 800 stocks and the performance of any Portfolio. Each subscriber to the on-line 800 stock publication makes his or her own decisions about what securities to buy, sell or hold.

HRA also manages accounts directly, but the results of those accounts are not included in these performance figures. HRA's actual results may be either lower than shown in Portfolios performance results and the results of any or all of the 800 stocks followed by HRA.

The objective of each Portfolio model is growth by purchasing, selling or holding securities, including mutual funds. As stated above, the results do not represent actual trading activity in any HRA client's account, thus do not reflect the impact material economic and market factors might have had on HRA's decision making had it actually managed client's money. The results do not reflect the reinvestment of dividends and earnings, or the deduction of any fixed subscription or management fee or transaction commissions.

Subscribers having accounts containing securities other than those used in the Portfolios, and investment accounts subject to tax or investment restrictions, would have had higher or lower returns than the Portfolios.

Factors such as the type, size and performance of investments in accounts, the length of time certain positions are held, the timing of purchases and sales, client objectives, cyclical securities price trends, favorable and unfavorable news pertaining to securities, market trends and other factors all influence performance results materially. For these reasons, actual Subscriber account performance would only match any Portfolio performance by coincidence.

Also, the composition and market volatility of the S&P 500 Index, which is an unmanaged, market-weighted index, and the composition and volatility of the Portfolios are materially different.

The data used for this report was obtained from sources deemed reliable and then organized by the staff at HRA. Performance calculations were prepared using standard industry software and were not audited by any third party. Errors could have occurred in the data, in the calculations and in the preparation of this booklet.

Performance information contained herein is not meant to be a prediction of future performance. Losses can occur from making any investment, including investments recommended by HRA for a Portfolio or within the 800 stocks it publishes.

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