Skyline Special Equities Portfolio

Fund Objective

Skyline Special Equities Portfolio's investment objective is to seek maximum capital appreciation primarily through investment in common stocks that Skyline considers to be under valued.

Fund Strategy

The Skyline Special Equities Portfolio invests primarily in the common stocks of small capitalization U.S. companies. Skyline Asset Management, L.P. (“Skyline”) generally considers a company to be a “small capitalization” company if its outstanding shares have an aggregate market value of less than $2 billion at the time of purchase. The Fund emphasizes investments in companies that have below average valuations and above average earnings growth prospects. The Fund may also invest in stocks that are depressed due to current problems at the company, but for which Skyline has an expectation that the company's operations will improve.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowing for investment purposes, in equity securities.

Fund Facts (as of 6/30/2008)

Disclosure
Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted. Performance data shown is current to the most recent month end.

The Fund or Strategy is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

Annual net expense ratio as of 05/01/08. The investment manager has contractually agreed, through at least December 31, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage, acquired fund expenses and extraordinary items) to 1.32% of the Fund's average daily net assets.

A short term redemption fee of 2% will be charged on redemption of fund shares held for 30 days or less.

Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. Please see Index Definitions for all our funds' benchmarks.

The Russell 2000® Index, and Russell 2000® Value Index are trademarks of Russell Investments. Russell® is a trademark of Russell Investments. An investment cannot be made directly into an Index.

The S&P 500 Index is proprietary data of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.