ANNUALIZED RETURNS (returns greater than 12 months have been annualized)
Q3 2008 YTD 1 YEAR 3 YEAR INCEPT*
MICROCAP (GROSS) -3.23% -24.12% -26.18% 0.73% 7.75%
MICROCAP NET -3.60% -25.00% -27.31% -0.77% 6.16%
RUSSELL MICROCAP -0.83% -16.22% -22.51% -3.11% 1.07%
*Inception date: January 2004

CALENDAR YEAR RETURNS

TIM Gross TIM Net Benchmark
2007 6.98% 5.39% -8.00%
2006 25.96% 24.12% 16.54%
2005 3.52% 1.98% 2.57%
2004 34.68% 32.72% 14.14%