First	$25,000,000	1.00%
Next	$25,000,000	0.85%
Next	$50,000,000	0.80%
Excess over	$100,000,000	0.75%

Above is the standard fee schedule for seperate accounts.

Neal Wilkinson
CEO, MANAGING PARTNER

Performance shown is that of the Sparta US Small Cap Growth Equity Composite. Past performance does not necessarily indicate how the Sparta US Small Cap Growth Equity Strategy will perform in the future. Additional and more current performance is available at Annualized Performance. Important disclosures about this performance information can be found by clicking on the following link, Performance Disclosure.

Lenee Fisher
VICE PRESIDENT, OPERATIONS

Tim Vediz, CFA
VICE PRESIDENT, ANALYST

Susan Gurney
COO, PARTNER

Lisa Ayala
VICE PRESIDENT, ADMINISTRATOR

Kerry Wate, CFA
MANAGING DIRECTOR, PARTNER

Alexis Takacs
VICE PRESIDENT, OPERATIONS

Rex Energy Corp.

Silicon Image Inc.

Rubicon Technology Inc.

Onyx Pharmaceuticals Ltd.

OM Group Inc.

Emulex Corp.

Cubist Pharmaceuticals Inc.

Dice Holdings Inc.

Wet Seal Inc.

O2Micro International Ltd.

Total Weight of Top 10 = 33.00%

This supplemental information complements the US Small Cap Growth Equity Composite. Please refer to the US Small Cap Growth Equity Disclosure by clicking on the following link, Performance Disclosure.

	SCG	R2000G
Consumer Disc	9.2%	14.4%
Consumer Staples	0.0%	4.2%
Energy	10.2%	8.8%
Financials	4.0%	7.8%
Healthcare	16.2%	20.0%
Industrials	16.8%	16.3%
Information Tech	35.6%	23.3%
Materials	8.1%	4.1%
Telecom Services	0.0%	1.0%
Utilities	0.0%	0.1%

Source: FactSet
This supplemental information complements the US Small Cap Growth Equity Composite. Please refer to the US Small Cap Growth Equity Disclosure by clicking on the following link, Performance Disclosure.

	SCG	R2000G
Number of Holdings	60	1,162
Avg Mkt Cap ($B)	$0.976	$1.385
P/E (Trailing 1yr)	21.4	27.7
Return on Equity (%)	16.7	18.2
Dividend Yield (%)	0.47	0.76

Source: FactSet/Baseline/Russell
This supplemental information complements the US Small Cap Growth Equity Composite. Please refer to the US Small Cap Growth Equity Disclosure by clicking on the following link, Performance Disclosure.

	SCG	R2000G
Sharpe Ratio	0.08	0.08
Information Ratio	-0.01	-
Standard Deviation (%)	23.29	23.49
Alpha	0.17	-
Beta	0.94	1.00
R-Squared (%)	0.90	1.00

Source: eVestment Alliance
This supplemental information complements the US Small Cap Growth Equity Composite. Please refer to the US Small Cap Growth Equity Disclosure by clicking on the following link,Performance Disclosure.

Performance shown is that of the Sparta US Small Cap Growth Equity Composite. Past performance does not necessarily indicate how the Sparta US Small Cap Growth Equity Strategy will perform in the future. Additional and more current performance is available at
Annualized Performance. Important disclosures about this performance information can be found by clicking on the following link,Performance Disclosure.

Periods shown are quarterly since inception (10/1/1995). Rolling performance has been calculated on a 3 year basis rolling back quarterly. Past performance is not indicative of future results. Important disclosures about this performance information can be found by clicking on the following link, Performance Disclosure.

Separate Account: $10 Million

Collective Investment Trust: $1 Million

Separate Account: $10 Million

Firm and product information can be found on the following databases:

Altura Capital

Brockhouse & Cooper

Callan Associates

Cambridge Associates

CRA Rogers Casey

Evestment Alliance

LCG Associates

Mercer

Morningstar

Nelson Information

PSN Informais

Russell Mellon

Wilshire Odyssey

Zephyr Associates

Ryan Carr
CHIEF INVESTMENT OFFICER

Performance shown is that of the Sparta US Small Cap Growth Equity Composite. Past performance does not necessarily indicate how the Sparta US Small Cap Growth Equity Strategy will perform in the future. Important disclosures about this performance information can be found by clicking on the following link, Performance Disclosure.

Rob Meussner
ASSISTANT VICE PRESIDENT, ANALYST

Katie Paolella
ASSISTANT VICE PRESIDENT, OPERATIONS

Jesse Sullivan
MANAGING DIRECTOR, TRADING

Brad Carter, CFA
MANAGING DIRECTOR, SENIOR ANALYST

Quarterly Commentary

Quarterly Commentary

Sparta provides these commentaries for reference only, but assumes no duty to update any of the materials posted to this page. Each commentary is current only through the date indicated.