This information was updated July 9, 2008.

• The Small Cap Core portfolios are benchmarked to the Russell 2000® Index.
  
• Companies in the portfolios generally have relatively lower analyst coverage and institutional ownership than other comparable companies in the benchmark.
  
• Portfolios generally demonstrate valuations below and growth characteristics at or above those of the Russell 2000® benchmark.
  
• Portfolios are actively managed using a bottom-up investment approach and the Portfolio Managers do not attempt to time the markets.
  
• Portfolios are fully invested at all times, generally holding less than 10% cash.
  
• Our approach seeks to minimize risk through diversification. Portfolios generally hold between 100 to 120 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Small Cap Core product is to consistently out perform the Russell 2000® Index over a complete market cycle. Portfolios are comprised of a combination of small cap growth and small cap value stocks, resulting in portfolios with characteristics in line with those of the Russell 2000® benchmark. Many small cap companies have solid growth prospects, stable cash flows and strong balance sheets, but lack Wall Street sponsorship. This lack of visibility creates pricing inefficiencies, and the manager seeks to exploit these opportunities.

Annualized Returns as of 3/31/08

The Russell 2000® Index is used as a benchmark. The Index is unmanaged and represents total returns, including reinvestment of dividends. The benchmark is used for comparative purposes only and may not reflect the risk or investment style of the Firm's strategy. The investment portfolio underlying the Russell 2000® Index is different from the investments in the portfolios managed by the firm. The Russell 2000® Index is a capitalization weighted index of the smallest 2000 companies in the Russell 3000® Index.

Donald Cobin

Donald Cobin, CFA is a Vice President and is the Portfolio Manager for the Small Cap Core portfolios.  From 2002 until February 2007, Don was one of five senior investment professionals at Matador Capital Management, a value-focused hedge fund with long/short equities and limited distressed debt investments.  Prior to his tenure at Matador, Don served as Director of Research at Delaware Investments, and prior to that as an investment analyst at Conseco and WR Huff.  Mr. Cobin earned a BA from Emory University and his MBA from the Wharton School of the University of Pennsylvania.