Fund Info

Ticker: GRVLX

Investment Objective: Long-term capital appreciation.

Style:Small to mid cap value fund.

Morningstar Rating

5 out of 5 stars

Morningstar has awarded a 5 Star Rating to Gratio Values Fund (GRVLX) for the three year period ending March 31, 2011.  This ranking was based on the Risk-Adjusted performance of 400 funds in the Mid-Cap Value category

Performance

Compare to the S&P500 Via Yahoo! Finance  

The fund's performance figures for the period ending March 31st, 2011 compared to its benchmark:

	Quarter Ended  Mar 31, 2011	One Year Ended Mar 31 2011	Three Year Ended  Mar 31, 2011	Since Inception to Mar 31, 2011
Gratio Values Fund	4.79%	15.03%	13.76%	12.27%
S&P 500 Total Return Index	5.92%	15.65%	2.35%	1.15%

*Inception Date is February 25th, 2008.

Performance data for recent month end may be found by calling 1-877-25-GRATIO.  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 of the fund may be lower or higher than the performance quoted. The Fund’s advisor has contractually agreed to waive its fees and/or reimburse expenses to cap Fund expenses at 1.35% until May 31, 2011, and 3.00% until May 31, 2020.

Fees

No Load Funds: There is no fee to purchase the Fund.

Fees:

Management Fee:	1.15%
Total Annual Fund Operating Expenses	29.49%
Total Expense Ratio After Fee Waiver and Reimbursement:	1.40%

For a full desciption of fees please see the fund's prospectus.

The Fund’s advisor has contractually agreed to waive its fees and/or reimburse expenses to cap Fund expenses at 1.35% until May 31, 2011, and 3.00% until May 31, 2020.

Top 5 Holdings

as of 1/31/2011

The Fund top holdings will be updated as soon as the information is publicly available.

Company	Ticker	% of Fund
Berkshire Hathaway	BRKB	7%
Birner Dental Management Systems	BDMS	6%
Cisco Systems	CSCO	5%
Microsoft Corp.	MSFT	4%
General Growth Properties	GGP	4%

Holdings are subject to change at any time without notice

Industry Allocation

as of 1/31/2011

 Fund Facts

Download our prospectus to find out more about the Fund.

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ANNUAL REPORT 

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Shareholder Reports

JAN 2011 ANNUAL REPORT

JAN 2010 ANNUAL REPORT

JAN 2009 ANNUAL REPORT

Morningstar Proprietary Ratings reflect risk-adjusted performance through March 31, 2011. Their ratings are subject to change every month. Morningstar ratings are calculated from the funds’ 3, 5, and 10-year returns (as applicable), with fee adjustments in excess of 90-day Treasury bill returns, and a risk factor that reflects fund performance below 90-day T-Bill returns. The top 10% of the funds in a rating universe receive 5-stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. 2011 Morningstar, Inc.  All Rights Reserved.  The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content provider are responsible for any damages or losses arising from any use of this information.