Small-Mid Cap Value
Equity Strategy Performance History
As
of September 30, 2008
Cardinal
Gross (%)
Cardinal
Net (%)
Russell 2500
Value (%)
1-Year
-20.6
-21.0
-15.8
3-Year
-0.1
-0.6
0.6
5-Year
9.6
9.1
9.0
Since Inception (12/31/2001)
9.4
9.0
8.4
Calendar Year
Returns
Cardinal
Gross (%)
Cardinal
Net (%)
Russell 2500
Value (%)
2002
-5.4
-5.4
-9.9
2003
37.7
37.6
44.9
2004
26.5
26.1
21.6
2005
13.5
13.1
7.7
2006
15.8
15.2
20.2
2007
0.8
0.3
-7.3
Notes:
1. A copy of Cardinal’s Form ADV, Part II,
filed with the Securities and Exchange Commission, is available upon
request.
2. Historical quarterly
performance is available through the Informa PSN and Thomson Nelson
databases. The source for Russell 2500 Value Index data is Russell's
website.
3. Between
11/30/2001 and 9/30/2003, the composite consisted solely of one non-fee
paying portfolio, and as such, returns were calculated only gross of
fees.