Institutional Small-Cap Growth Portfolio

1 Composite as of December 31, 2011. The net performance presented herein reflects the reinvestment of dividends, the deduction of transaction costs and the deduction of investment management fees. Performance returns may reflect the effect of material economic and market factors not anticipated by Insight Capital Research & Management, Inc.
2 The composite’s benchmark is the Russell 2000® Growth Index with income. The Russell 2000 Growth Index is an unmanaged index that is constructed to provide a comprehensive and unbiased barometer of the institutional small-cap growth market measuring the performance of those companies in the Russell 2000 Index with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index reflects no deduction of fees, expenses, charges or taxes and the performance is calculated assuming the reinvestment of all distributions and income. The index returns have been taken from published sources, do not include any transaction costs, management fees, or other costs, and are not covered by the report of independent verifiers. Due to the differences between Insight’s investment strategies and the market index shown, Insight believes that no single index is directly comparable to the investment strategy of Insight.
3 Portfolio Characteristics Source: Frank Russell Co., Baseline.
4 Source of the data is deemed reliable but Insight Capital Research & Management, Inc. cannot guarantee its accuracy and completeness.
5 The ten largest holdings included herein are based on weight in the portfolio and are for illustrative purposes only and should not be considered a recommendation to purchase or sell any particular security. There is no guarantee that the same or similar holdings will be purchased or held in accounts in the future. It should not be assumed that any of the holdings listed were or will prove to be profitable. A list of all securities held in the past 12 months, are available upon request.
6 The portfolio characteristics and largest holdings are presented as supplemental information and complement the full disclosure presentation.

Please see complete performance disclosure.