James Small Cap

Ticker: JASCX


Investment Objective
The fund seeks to provide long-term capital appreciation.

Investment Strategy
Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in common stocks of small capitalization companies. The fund may lend securities to broker-dealers or institutional investors.

 Morningstar Category
 Small Value

 Morningstar Style Box

CUSIP: 470259508
General Information
Expense Ratio: 1.52%
Inception Date: 10/02/1998
Fund Manager: Frank James
Managed Fund Since:
Fund Phone Number: 800-995-2637
Fund Website: www.jamesfunds.com
Top 5 Holdings (as of 03/31/2008)
Tupperware Brands Corporation  5.51%
Buckle, Inc.  4.04%
Northwest Natural Gas  3.59%
FPIC Insurance Group, Inc.  3.59%
Cascade Corporation  3.43%

Be aware that there are significant differences in risk among investment asset classes. Refer to the investment pyramid for a complete listing of disclosures. Shares of a mutual fund will fluctuate so that, when redeemed, they may be worth more or less than their original cost. Refer to the fund’s prospectus for complete information on the risks and expenses involved with a particular investment. Please note that some fund companies may waive a portion of these expenses.

Small-cap stocks may be riskier than stocks from more established companies. Small-cap investments may not be readily converted into cash. This may affect their value so that shares, when redeemed, may be worth more or less than what they originally cost.

Mutual funds offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton St., Fort Wayne, IN, 46802.

This information must be preceded or accompanied by prospectuses for the funds listed. The most current information on a specific mutual fund, including risk, fees and expenses can be viewed online at www.LincolnAlliance.com. Paper copies of prospectuses can be requested by calling 800-234-3500. Read the prospectus carefully before investing.

The Morningstar® category is assigned based on the underlying securities in each portfolio as measured by the portfolio statistics and compositions over the past three years.

The Morningstar Style BoxTM provides a graphical representation of the investment style of stocks and mutual funds. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). Fixed income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis).

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The mutual fund information is compiled by NewRiver, Inc., from documents filed with the Securities & Exchange Commission’s EDGAR database. The information is provided on an ‘as is’ basis and without warranties.

CRN0306-3628