HIGH QUALITY SMALL CAP

Strategy Highlights

A fundamental core approach that invests in small cap companies ($200 - $1.5 bn at purchase) in strong financial condition and whose equities are priced below our estimate of fair value.

Asset Class:	Small Cap Equity	Holdings Range:	60 – 70
Investment Style:	Fundamental Core	Max Position Size:	5%
Primary Index:	Russell 2000	Sector Constraint:	30% Absolute
Inception Date:	April 1, 1992	Annual Turnover:	20 – 40%

Investment Performance (as of 3/31/12)

	Quarter	1 Yr*	3 Yr*	5 Yr*	10 Yr*	Since Inception*
High Quality Small Cap (Gross)	8.72	9.73	29.15	10.11	10.49	12.50
High Quality Small Cap (Net)	8.51	8.87	28.14	9.24	9.61	11.60
Russell 2000 Index	12.44	-0.18	26.90	2.13	6.45	8.77

*Annualized. This information is for illustrative purposes only, is subject to change at any time, and should not be considered investment advice or a recommendation to invest in any particular strategy. Annual turnover is based on a representative client account; individual client results may be different. The High Quality Small Cap Composite gross returns are presented before management and custody fees but after transaction costs. Custody fees and other expenses would reduce the results shown. Composite net returns are after a maximum annual management fee of 0.80%. Please see the Notes to the Composite section in the GIPS® presentation for additional important information regarding the Composite’s performance history. This information is supplemental to the GIPS® presentation for the Composite which may be accessed by clicking on the GIPS® Disclosure link. Past performance does not predict or guarantee future results. It is not possible to directly invest in an index.

GIPS Disclosure

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Offered as a separate account only.