Equity Funds:
| Cumulative | Annualized | ||||||||
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Equity Income Fund (Inst.) | 6.84% | 6.84% | N/A | N/A | N/A | N/A | N/A | 12/30/11 | |
| Gross Expense: 1.21% Net Expense1: 1.16% | |||||||||
| S&P 500 Index | 12.59% | 12.59% | N/A | N/A | N/A | N/A | N/A | 12/30/11 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Flexible Value Fund (Inst.) | 12.61% | 12.61% | 11.00% | 24.43% | 0.33% | N/A | 0.67% | 11/30/06 | |
| Gross Expense: 1.33% Net Expense2: 1.16% | |||||||||
| S&P 500 Index | 12.59% | 12.59% | 8.54% | 23.42% | 2.01% | N/A | 2.28% | 11/30/06 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Growth Equity Fund (Inst.) | 17.35% | 17.35% | 10.58% | 30.21% | 8.13% | 6.06% | 3.38% | 06/28/99 | |
| Gross Expense: 0.94% | |||||||||
| Russell 1000 Growth TR | 14.69% | 14.69% | 11.02% | 25.27% | 5.10% | 4.28% | 1.07% | 06/28/99 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Opportunity Fund (Inst.) | 16.22% | 16.22% | 10.55% | 26.25% | 3.89% | 3.01% | 4.30% | 06/29/98 | |
| Gross Expense: 1.79% Net Expense2: 1.51% | |||||||||
| Russell 3000 TR | 12.87% | 12.87% | 7.18% | 24.26% | 2.18% | 4.67% | 3.93% | 06/29/98 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Small-Cap Fundamental Value Fund (Inst.) | 9.38% | 9.38% | 0.39% | 24.47% | N/A | N/A | 19.66% | 12/31/08 | |
| Gross Expense: 1.50% | |||||||||
| Russell 2000 Value TR | 11.59% | 11.59% | -1.07% | 25.36% | N/A | N/A | 15.20% | 12/31/08 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Small-Cap Growth Fund (Inst.) | 12.14% | 12.14% | 1.62% | 27.07% | 6.19% | 5.68% | 4.70% | 06/28/99 | |
| Gross Expense: 1.19% | |||||||||
| Russell 2000 Growth TR | 13.28% | 13.28% | 0.68% | 28.36% | 4.15% | 6.00% | 3.83% | 06/28/99 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Value Equity Fund (Inst.) | 12.68% | 12.68% | 6.19% | 24.31% | 0.59% | N/A | 7.45% | 01/28/03 | |
| Gross Expense: 0.93% | |||||||||
| S&P 500 Index | 12.59% | 12.59% | 8.54% | 23.42% | 2.01% | N/A | 7.69% | 01/28/03 | |
| Russell 1000 Value TR | 11.12% | 11.12% | 4.79% | 22.82% | -0.81% | N/A | 7.73% | 01/28/03 | |
Fixed Income Funds:
| Cumulative | Annualized | ||||||||
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Intermediate Income Fund (Inst.) | 0.74% | 0.74% | 6.10% | 5.56% | 5.61% | 5.01% | 5.46% | 10/31/05 | |
| Gross Expense: 0.53% | |||||||||
| Barclays Intermediate Aggregate Bond Index | 0.66% | 0.66% | 6.16% | 6.10% | 5.90% | 5.42% | 5.96% | 10/31/05 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Maryland Bond Fund (Inst.) | 0.63% | 0.63% | 5.95% | 4.07% | 4.15% | 3.88% | 3.94% | 12/21/00 | |
| Gross Expense: 0.52% | |||||||||
| Barclays 1-10 Year Blended Municipal Bond Index | 0.53% | 0.53% | 7.47% | 5.29% | 5.30% | 4.78% | 4.82% | 12/21/00 | |
| as of 03/31/2012 | 3-Month | Calendar YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | Inception Date | |
| Tactical Bond Fund (Adv.) | 1.76% | 1.76% | N/A | N/A | N/A | N/A | N/A | 09/30/11 | |
| Gross Expense: 1.36% | |||||||||
| Hennessee Group Fixed Income Hedge Fund Index | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 09/30/11 | |