Disclosures

A. Lansing State Journal Reprint: The enclosed article is a reprint of an article published in the Lansing State Journal on June 11, 2003. While inherently accurate, certain statements appearing in the article require clarification.

1. The article states that SIA ranked second in the world for three-year returns in a U.S.-based fund category listed by Thomson Financial in its ‘World’s Best Money Managers’ rankings. “World’s Best Money Mangers” is presented in the Nelson Investment Manager Database and published by Thomson Financial. “World's Best Money Managers” presents the latest investment performance results compiled from 6,500 investment products or composites from over 1,500 investment management firms. All investment managers who participate in the Nelson Investment Manager Database and whose performance results meet certain minimum criteria are eligible. To be precise SIA was ranked second in the US Tactical Asset Allocation category for the period ending March 31, 2003. Inclusion in “World's Best Money Managers” does not imply or guarantee any degree of investment management ability. The returns have been calculated net of fees and include the reinvestment of dividends and income.

2. The article states that Morningstar ranked Schultz Investment second in domestic growth funds, with an average annual return of 10.05 percent. This statement is inaccurate as SIA does not manage “funds.” The term “funds” implies that SIA manages pooled investment vehicles that are registered or exempt from registration under the Investment Company Act of 1940. SIA only manages “separate accounts” for clients. In addition, to be precise SIA was ranked second in the Domestic Hybrid category for the period ending March 30, 2003. The returns have been calculated net of fees and include the reinvestment of dividends and income. Morningstar believes that its renowned star ratings help investors evaluate how a fund has balanced risk and return, while its style boxes and investment categories let investors look past the surface of a fund (or sub-account) to understand a manager’s true approach. The five-star ratings provided to SIA by Morningstar for its strategies reflect Morningstar’s independent determination and do not imply or guarantee any degree of investment management ability.

3. The article states that USA Today rated Schultz’s mid-cap growth fund its top performer in the nation with a 17 percent return from September 1999 through September 2002. This statement is inaccurate as SIA does not manage “funds.” The term “funds” implies that SIA manages pooled investment vehicles that are registered or exempt from registration under the Investment Company Act of 1940. SIA only manages “separate accounts” for clients. In addition, to be precise SIA’s mid cap growth strategy was ranked first in the separate accounts that have the best three-year performance among those with minimum investments of $100,000 or less for the period September 30, 2002. The returns have been calculated net of fees and include the reinvestment of dividends and income.

4. The article states that SIA has garnered top ranking worldwide for its three-year average return on investments. While SIA deems Morningstar, Nelson’s Investment Manager Database, and USA Today to be bona fide, independent, and reputable sources, they do not constitute any measure of “worldwide” ranking. It is SIA’s belief that no such ranking mechanism exists.

5. To provide a complete representation of SIA’s performance history, please find within this packet a copy of the current composite returns and disclosures for each of SIA’s composites referenced in the article as audited by Ashland Partners. Past performance is not indicative of future results. Investments in closed-end funds incur risks that may be greater than investments in other types of securities. Inherent in any investment is the risk of loss, including the loss of principal.

B. USA Today Reprint: The enclosed article from USA Today is a reprint of an article published on December 13, 2002. While inherently accurate, certain statements appearing in the article require clarification.

1. The article states that SIA’s top-performing stock account is up 59% the past three years. This statement is inaccurate as SIA does not manage “stock accounts.” The term “stock” implies that SIA manages individual equities. SIA only manages portfolios of closed-end funds for clients. In addition, the 59% return attributed to SIA’s top-performing account is not representative of the performance of the majority of SIA’s accounts over the three-year period discussed in the article. The returns have been calculated net of fees and include the reinvestment of dividends and income. Prospective clients should also be aware that double-digit returns are generally unsustainable. The returns have been calculated net of fees and include the reinvestment of dividends and income. To provide a complete representation of SIA’s performance history, please find attached a copy of the current composite returns and disclosures for the SIA as audited by Ashland Partners. Past performance is not indicative of future results. Investments in closed-end funds incur risks that may be greater than investments in other types of securities. Inherent in any investment is the risk of loss, including the loss of principal.

2. The article ranks SIA first in top performing funds over three years, with an average annual return of 17 percent. This statement is inaccurate as SIA does not manage “funds.” The term “funds” implies that SIA manages pooled investment vehicles that are registered or exempt from registration under the Investment Company Act of 1940. SIA only manages “separate accounts” for clients.

C. SIA provides to prospective clients excerpts from Morningstar Principia for Separate Accounts and PSN Enterprise. While these entities publish performance data as both gross and net of fees, it should be noted that SIA only presents its performance data NET of all management fees. Where numbers are presented by these entities as “Gross” of management fees, SIA’s numbers are presented as Net of fees.