Fund Info

Ticker: GRVLX

Investment Objective: Long-term capital appreciation.

Style:  Small to mid cap value fund. 

Performance

Compare to the S&P500 Via Yahoo! Finance  

The fund's performance figures for the period ending July 31st, 2009 compared to its benchmarks:

	One Year ended    March 31st 2010	Since Inception*     to March 31st 2010
Gratio Values Fund	59.68%	10.98%
S&P 500 Total Return Index	49.77%	-5.11%

*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. Performance data current to the most recent month end may be obtained by calling 877-25-GRATIO.

Fees and Minimums

Minimum Investment: $2,500; $1,000 for IRA accounts.

Minimum Subsequent Investment: $100

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

Management Fee: 1.15%

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

Top 5 Holdings

as of 3/31/2010

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

Company	Ticker
General Growth Properties	GGP
Berkshire Hathaway	BRKB
Birner Dental Management Services	BDMS
Winthrop Realty Trust	FUR
Versant Corp	VSNT
Fifth Street Finance Corp.	FSC

 Fund Facts

Download our prospectus to find out more about the Fund.

DOWNLOAD THE PROSPECTUS

ANNUAL REPORT 

Shareholder Reports

JAN 2009 ANNUAL REPORT