Gross Annualized Performance

As of March 31, 2008
Returns are gross of management fees, actual returns would be reduced by the effect of these fees. Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Gross Annual Performance
Year	Annual	Russell 1000 Growth
1987	8.17%	5.31%
1988	10.33%	11.27%
1989	29.46%	35.92%
1990	2.09%	-0.26%
1991	26.08%	41.16%
1992	6.10%	5.00%
1993	11.01%	2.91%
1994	5.76%	2.66%
1995	34.24%	37.19%
1996	24.79%	23.12%
1997	36.56%	30.50%
1998	33.59%	38.71%
1999	25.36%	33.16%
2000	-2.82%	-22.43%
2001	-15.47%	-20.42%
2002	-26.85%	-27.89%
2003	32.42%	29.75%
2004	5.73%	6.30%
2005	5.22%	5.26%
2006	15.32%	9.07%
2007	24.18%	11.81%
2008	-7.56%	-10.18%

As of March 31, 2008
Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Net Annual Performance
Year	Annual	Russell 1000 Growth
1987	7.61%	5.31%
1988	9.78%	11.27%
1989	28.92%	35.92%
1990	1.54%	-0.26%
1991	25.50%	41.16%
1992	5.80%	5.00%
1993	10.46%	2.91%
1994	4.95%	2.66%
1995	33.64%	37.19%
1996	24.22%	23.12%
1997	35.80%	30.50%
1998	33.04%	38.71%
1999	24.62%	33.16%
2000	-3.00%	-22.43%
2001	-15.91%	-20.42%
2002	-27.40%	-27.89%
2003	31.47%	29.75%
2004	4.94%	6.30%
2005	4.43%	5.26%
2006	14.45%	9.07%
2007	23.32%	11.81%
2008	-7.73%	-10.18%

As of March 31, 2008
Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Top 5 Holdings

CORNING INC

GILEAD SCIENCES INC

RESEARCH IN MOTION LTD

GENZYME CORP

COGNIZANT TECHNOLOGY SOLUTIONS

As of March 31, 2008
There can be no assurance that the portfolios will continue to own the securities of these companies or that such investments will be profitable.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Disclosure

Edgewood Management LLC Performance Results: Large Cap Growth Equity through December 31, 2007
Year	Total Return	S&P 500	R1000 Growth	Number of Portfolios	Composite Dispersion	Total Assets in Composite	% of Firm Assets	% of Non-fee Paying Portfolios
1987	8.17	5.31	5.31	5	3.59	16.3	7.0	0
1988	10.33	16.64	11.27	5	3.45	15.5	7.0	0
1989	29.46	31.79	35.93	6	4.31	20.1	6.0	0
1990	2.09	-3.11	-0.26	6	3.85	18.9	5.0	0
1991	26.08	30.46	41.27	6	5.24	21.4	5.0	0
1992	6.10	7.62	4.99	5	1.92	19.9	3.4	0
1993	11.01	10.07	2.87	5	1.89	19.7	3.2	0
1994	5.76	1.32	2.62	5	2.56	17.9	2.7	0
1995	34.24	37.57	37.18	6	3.52	24.7	2.9	0
1996	24.79	22.96	23.12	6	3.10	28.8	3.1	0
1997	36.56	33.37	30.49	9	1.74	38.7	3.2	0
1998	33.59	28.58	38.71	12	8.01	120.6	7.8	0
1999	25.36	21.04	33.16	16	5.67	229.2	11.4	0
2000	-2.82	-9.11	-22.42	19	2.54	242.5	10.7	0
2001	-15.47	-11.88	-20.42	133	3.30	238.8	13.1	0
2002	-26.85	-22.10	-27.88	121	2.83	181.5	11.6	0
2003	32.40	28.69	29.75	113	3.28	387.7	20.5	0
2004	5.73	10.87	6.30	130	1.16	430.2	19.4	0
2005	5.22	4.91	5.26	168	1.00	622.2	27.0	0
2006	15.32	15.79	9.07	273	0.89	1096.1	35.2	0
2007	24.18	5.50	11.81	367	1.02	1891.2	34.6	0

Past performance is no guarantee of future results. The performance data presented here should not be taken as any guarantee or other assurance as to future results. The value of any investment may increase or decrease over time. Performance results are expressed and calculated in U.S. dollars. Gross performance results are calculated before deduction of management fees. Net performance results are calculated after all trading and management expenses. Performance results are presented net of investment management fees. A complete fee schedule is contained in Edgewood’s Form ADV and is available upon request. A client’s return will be reduced by the advisory fees and any other expenses a client may incur in the management of its account.

Holdings shown were current as of the date indicated on this piece. These holdings are for informational purposes only and do not constitute a recommendation to buy, hold or sell securities. Actual holdings and percentage allocation in individual client portfolios may vary and are subject to change. Holdings for the past 12 months are available upon request.

Performance for the composite has been calculated on a time-weighted basis since its inception in January 1987. Composites are valued monthly and portfolio returns have been weighted by using beginning of quarter market values plus weighted cash flows. Performance results reflect the reinvestment of dividends and other earnings. Trade date accounting has always been used. No alteration of composites as presented here has occurred because of changes in personnel. A complete list and description of the Firm’s composites is available upon request.

Only discretionary accounts are included in the Large Cap composite. Effective January 1, 2008, Edgewood increased the minimum portfolio size for inclusion in the composite from $50,000 to $500,000. All existing discretionary portfolios as of December 31, 2007, regardless of size, remain in the performance composite. From inception to December 31, 2000, the Large Cap composite results shown consisted of a collection of solely tax exempt institutional accounts. As of January 1, 2001, the results shown are from the combination of a composite of taxable accounts and a composite of tax exempt accounts. All accounts in both composites were included because they came under management with cash as the sole asset. These combined composites represent approximately 51% of the firm’s large cap growth assets as of December 31, 2007. None of Edgewood Management LLC’s balanced portfolio segments are included in any of the firm’s single asset composites.

From January 1, 1992 to December 31, 1997 accounts were included in the composite the first full month after opening. From January 1, 1998 to December 31, 2004 accounts were included in the composite at the end of its second quarter after opening. As of January 1, 2005 accounts are included in the relevant composite the first full quarter after their opening. Additional information regarding policies for calculating and reporting returns is available upon request.

The composite returns are benchmarked to the Standard & Poor's 500 Index (“S&P 500”) and the Russell 1000® Growth Index (“R1000 Growth”). The benchmarks are used for comparative purposes only and generally reflect the risk or investment style of the investments reported on the schedules of investment performance. Investments made for the portfolios Edgewood manages according to its Large Cap Growth strategy may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the aforementioned indices. Accordingly, investment results and volatility will differ from those of the benchmarks. The S&P 500 is an unmanaged index with no expenses, which covers 500 industrial, utility, transportation and financial companies of US markets. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. The R1000 Growth measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth rates. Equity statistics provided by Thomson Financial and Russell Investments.