Performance shown is for the period ended June 30, 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 Core Growth Fund’s inception date was September 29, 1997. 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.

Investment in the Fund is subject to investment risks, including, without limitation, equity securities risk, market risk, portfolio turnover risk, short-term investment risk, investment adviser risk, overweighting in certain market sectors risk and market segment 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.