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Second Quarter 2012 Performance Commentary

The stock market took a breather in the second quarter, falling 2.8%.  If it hadn’t been for a stronger June, the results could have been worse.

The Broadleaf Growth Equity Portfolio (BGEP) declined more than the S&P 500 as our positions in the consumer discretionary and technology sectors were pressured more than the market as a whole.

Since inception nearly seven years ago, the BGEP has gained 5.6% per year net of fees, approximately 1.8% per year more than the S&P 500 over the same time period.

For details on our firm’s performance results, our investment outlook, and related disclosures, please read the attached Performance Review .