Kalmar "Growth-with-Value" Small Cap Fund

Kalmar "Growth-with-Value" Small Cap Fund

Performance

The Kalmar Fund commenced operations on 4/11/97. The following table shows the Fund's aggregate total returns for "Inception to Date" versus The Russell 2000® Growth and Russell 2000® Indexes and the Lipper Small Cap Growth Index. The Russell 2000 Growth Index and Russell 2000 Index are unmanaged stock market indexes without any associated expenses and their returns assume the reinvestment of all dividends. The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 Index and Russell 2000 Growth Index are registered trademarks of Russell Investments. Russell is a trademark of Russell Investments. The Lipper Small Cap Growth Index is measures the performance of the 30 largest small capitalization growth equity funds tracked by Lipper, Inc. A direct investment in an index is not possible.

The performance data quoted represents past performance. Past performance does not guarantee future results. The 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 performance data current to the most recent month-end, contact the investment advisor at (800) 463-6670. To speak with a representative about the Kalmar "Growth-with-Value" Small Cap Fund, please call a fund representative at (800) 282-2319.

The fund's annual operating expense ratio, as stated in the current prospectus is 1.33%. Note: The fund's annual operating expense ratio can fluctuate and may differ from that found in the prospectus. The Fund imposes a 2.0% redemption fee on shares redeemed within 90 days of purchase.

Comparative Performance for the Period Ended March 31, 2008

Average Annualized Total Returns
	Kalmar	Russell 2000 Growth	Russell 2000	Lipper Small Cap Growth
1st Qtr 2008	-10.72%	-12.83%	-9.90%	-14.71%
Six Months	-11.74%	-14.66%	-14.02%	-16.90%
One Year	-2.75%	-8.94%	-13.00%	-9.53%
Three Years	5.34%	5.74%	5.06%	4.77%
Five Years	13.47%	14.24%	14.90%	12.68%
Ten Years	4.81%	1.75%	4.96%	3.98%
Since Inception*	8.78%	4.75%	7.82%	6.83%

*Inception Date: April 11, 1997

Kalmar Pooled Investment Trust - Small Cap "Growth-with-Value" Fund
Growth of $10,000
vs.
The Russell 2000 Growth Index, the Russell 2000 Index and the Lipper Small Cap Growth Fund Index

As of March 31, 2008

Growth 2008 Q1

Shares of the Kalmar Pooled Investment Trust are distributed by PFPC Distributors, Inc.

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