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The Large Cap Value Composite was created in February 2002 and contains discretionary portfolios that consist of investments in larger, well-established companies. The portfolios in the composite consist of a diversified selection of large-capitalization companies with market capitalization in excess of $1 billion that Summit believes to be undervalued. The portfolios in this composite may also invest up to 15% of their assets in non-U.S. incorporated companies, primarily through American Depository Receipts (ADR’s). At December 31, 2006, approximately 11% of the assets in the portfolios in this composite were held in non-U.S. incorporated companies. This composite’s benchmark, the Russell 1000 Value Index, and the composite's supplemental benchmark, the Standard & Poor's 500 Index, exclude non-U.S. incorporated companies.