This information was updated May 19, 2008.

• The Small Cap Value II product is benchmarked to the Russell 2000® Value Index.
  
• The Portfolio Manager seeks fundamentally solid small cap companies with a catalyst that will attract other investors. Restructurings, spin-offs and other similar situations often result in the inefficient pricing of these securities.
  
• 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 90 and 120 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Small Cap Value II product is to consistently out perform the Russell 2000® Value Index over a complete market cycle. Within the small value space, the Manager focuses on companies undergoing restructurings and/or turnarounds. These companies are often misunderstood by most investors, and their long-term earnings potential is often not reflected in the stock's valuation.

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.

Timothy Hasara
	Timothy Hasara, a Vice President, is the Portfolio Manager of the Small Cap Value II and Micro Cap portfolios.  Prior to joining Kennedy Capital, he was an Information Systems Manager for the office of the Illinois Secretary of State.  Mr. Hasara received a BBA in Marketing  from the University of Notre Dame and an MS in Management from Johns Hopkins University.