This information was updated May 19, 2008.

• The Small Cap Value I Product is benchmarked to the Russell 2000® Value Index.
  
• The Portfolio Manager seeks companies generating superior cash flow returns on invested capital.
  
• 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 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 100 and 140 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Small Cap Value I product is to consistently out perform the Russell 2000® Value Index over a complete market cycle. The portfolio manager first identifies small cap companies generating above average cash returns on invested capital. Within that universe, the manager seeks to identify companies that may be undervalued because they are under followed and/or misunderstood by other investors.

Annualized Returns as of 3/31/08

The Russell 2000® 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 2000® Value Index is different from the investments in the portfolios managed by the firm.

Frank Latuda Jr.

Frank Latuda, Jr., CFA, a Vice President, Director, and the Chief Investment Officer, has been the Portfolio Manager of the Small Cap Value I portfolios since 2000. He also serves as the chairman of the Investment Policy Committee. Frank joined Kennedy Capital as an equity analyst in 1997 and served as Director of Research from 1998 until 2000. He also managed the Mid Cap Value portfolios from 2002 until 2006. Prior to joining Kennedy Capital, he was an analyst with Burns, Pauli, Mahoney Company. Mr. Latuda earned a BS in Electrical Engineering from the University Of Notre Dame, an MS in Electrical Engineering and an MBA from the University of Illinois.