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Baker Ellis manages accounts on an individual basis. Returns will vary for individual accounts based on timing of investment, risk tolerance and other factors. As an indicator of general performance, we publish performance data on a size-weighted composite of accounts since our inception in March 2002. This composite represents accounts with a range of objectives. For any period, we are happy to supply you with information on the dispersion of results. For 2004, the most recent complete year for which data is available, size-weighted dispersion was 3.9%. 