To obtain a complete listing of the Fund's portfolio of holdings as of the most recent quarter-end, please click here.

All holdings information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. The holdings information represents the largest holdings, by market value, in the Fund as of the most recent quarter end. Each quarter, the Fund's Adviser uses this same objective, non-performance based criteria to select the ten largest holdings.

Performance Summary

Total Gross Expense Ratio as of 10/31/07 was 4.23%.
Net Expense Ratio as of 10/31/07 was 2.97%.

For the period ended October 31, 2007, the Advisor agreed to voluntarily waive or reduce certain expenses of the Fund. The Fund has also entered into brokerage/service arrangements with several brokers through commission recapture programs (e.g., a program where a portion of the brokerage commissions paid on portfolio transactions to a broker is returned directly to the Fund). These portions are then used to offset overall Fund expenses. There can be no assurance that these arrangements will continue in the future. For more information, please see the prospectus

Performance shown is for the period ended March 31, 2008. The performance data quoted above represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain more current performance data regarding the Fund, including performance data current to the Fund’s most recent month-end, please click here.

The Chesapeake Aggressive Growth Fund’s inception date was January 4, 1993. During part of the period cited the adviser assumed certain expenses and/or waived a portion of its fee. Total return would have been lower absent such assumptions or fee waivers. These fee waivers and/or reimbursements are believed not to have had a significant effect on the performance of the Fund.
¹ The maximum sales load for the Fund is 3%.

Investment in the Fund is subject to investment risks, including, without limitation, small cap stocks risk, fluctuation in value risk, diversification risk, portfolio turnover risk, short-term investment risk, and investment adviser risk. As an investor in the Fund, you are subject to the risk that you may lose your money as a result of the impact of the Fund’s investment risk on the Fund’s net asset value per share. When you sell your investment in the Fund, the value of your investment may be more or less than your initial investment.

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available by calling the Fund directly at (800) 430-3863 or the Fund’s adviser at (610) 558-2800. The prospectus should be read carefully before investing.