Summary

The Adviser
The Fund's Adviser is Grisanti Brown & Partners LLC, 45 Rockefeller Plaza, 17th Floor, New York, NY 10111. Prior to January 1, 2007, the firm's name was Spears Grisanti & Brown LLC. The Adviser is a SEC registered independent investment advisory firm that currently manages assets for institutional and individual clients, including high net worth individuals, nationwide. The Adviser has provided investment advisory services to clients continuously since 1999 and has 12 employees. As of December 31, 2006, the Adviser had approximately $2.5 billion in assets under management.

Investment Objective
The primary objective of the SteepleView Fund (the "Fund") is to seek to achieve capital appreciation, primarily through the purchase of U.S. equity securities, with an emphasis on absolute (positive) returns without regard to a specific benchmark.

Principal Investment Strategies
Under normal circumstances, the Fund invests primarily in equity securities of domestic companies with large market capitalizations (e.g., market capitalizations of $5 billion and over). The Fund may also invest, to a lesser extent, in equity securities of domestic companies with mid-sized and small market capitalizations (e.g., market capitalizations of $1 - $5 billion and less than $1 billion, respectively).

A central premise of the Fund is to construct an actively managed value-based portfolio of companies. The Fund is not subject to formal sector limitations, as Grisanti Brown & Partners LLC  emphasizes specific stock selection rather than asset allocation, as central to its management philosophy.

Portfolio Construction

Concentration of sectors - will over-/under-weight sectors. Not market timers, but will hold cash as a residual - will not make macro-economic bets. No one position to exceed 8% at the time of purchase.

Historically large cap (75%-85%), with some mid cap exposure (15%-20%). Not index-driven - do not mimic the benchmarks, attempt to add value. Historically lower volatility - have added value in difficult markets.

Important Considerations
As a non-diversified fund, the Fund may focus a larger percentage of its assets in the securities of fewer issuers. Concentration of the Fund in a limited number of securities exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. In addition, the Fund's portfolio may be overweighted in an industry sector in which any negative development affecting that sector will have a greater impact on the Fund's performance. Investments in small- and medium-sized companies may involve greater risk than investing in larger, more established companies such as increased volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.