This information was updated May 19, 2008.

• The Mid Cap Value Product is benchmarked to the Russell Midcap® Value Index.
  
• The Portfolio Manager seeks companies generating returns on invested capital in excess of their respective costs of capital.
  
• The Portfolio Manager prefers companies that are reinvesting in their businesses. As a result, portfolios regularly have a lower dividend yield than that of the benchmark.
  
• Portfolios generally demonstrate valuations below and growth characteristics at or above those of the benchmark.
  
• Portfolios are actively managed using a bottom-up investment approach and the Portfolio Manager does 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 40 and 60 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Mid Cap Value product is to consistently outperform the Russell Midcap® Value Index over a complete market cycle. The portfolio manager first identifies mid cap companies generating returns on invested capital in excess of their cost of capital. Within that universe, the manager seeks to identify companies where the forecasts from our independent, fundamental analysts project cash flows greater than those implied by the equity market.

Annualized Returns as of 3/31/08

The Russell Midcap® Value 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 Midcap® Value Index is different from the investments in the portfolios managed by the firm.

Joseph G. Kinnison, CFA

Joseph G. Kinnison, CFA, a Vice President, is the Portfolio Manager of the Mid Cap Value portfolios.  Immediately prior to joining KCM, Joe was a principal and portfolio manager at Tice Asset Management, a long/short hedge fund.  For the previous six years, Joe worked for American Express Financial Advisors as an equity analyst in the asset management group, then a short analyst and portfolio manager in the hedge fund group.  Joe began his career in 1991 as a securities analyst at Boatmen's Trust Company.  He has an MS from the University of Wisconsin – Madison in Finance, Investment, and Banking, and Joe graduated magna cum laude from Rockhurst College with a BSBA degree in Economics and Finance.