Intrinsic Value Opportunity Performance

Performance as of 6/30/08**

	Three Months	YTD	One Year	Annualized Since Inception*
Intrinsic Value Opportunity (Gross of Fees)	2.94	-7.39	-16.12	-2.03
Intrinsic Value Opportunity (Net of Fees)	2.78	-7.67	-16.63	-2.62
S&P 500	-2.73	-11.91	-13.12	1.44
* Inception Date: April 1, 2006

**Past performance is not indicative of future results. A full performance disclosure is an integral part of this presentation. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest applicable management fee of 0.60% applied monthly.

ADV, Full Disclosure Presentation, Description of Composites

Intrinsic Value Opportunity Full Description
Intrinsic Value Opportunity Investment Process
Intrinsic Value Characteristics
Intrinsic Value Opportunity Performance
Intrinsic Value Opportunity Product Summary
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