Small Cap Growth Equity Strategy

Established: July 1, 2004

Assets Under Management: $12 Million*

Portfolio Managers:
Edward P. Hemmelgarn and Sasha Kostadinov, CFA

Objective:
To outperform the Russell 2000 Growth with similar or less volatility.


Performance

The exhibit below compares the performance of our Small Cap Growth Equity Product versus other major market indices through March 31, 2006.

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A million dollars invested on July 1, 2004 in the Small Cap Growth Equity Product would be worth $1,260,704* today, versus a lower return for the Russell 2000 Growth and the Russell 2000 index.

*Shaker returns are gross of fees and estimated for the most recent period ending June 30, 2005.

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