Performance

Total Return as of 12/31/07:
One Month +3.05%
4th Quarter 2007 -4.53%
Year-to-Date -2.10%
Since Inception (10/21/05) +8.55%
Total Return as of 09/30/07:
One Month +1.30%
3rd Quarter 2007 -4.51%
Year-to-Date +2.54%
One Year +12.20%
Since Inception (10/21/05) +12.37%
Distributions Per Share:
    Capital Gains
  Dividends Short-Term Long-Term
2005 $0.00775 None None
2006 $0.03140 None None
2007 $0.07974 None $0.33583

Past performance is not indicative of future returns. Investment returns will fluctuate so that an investor's shares, when redeemed, may be worth more or less at redemption than their original cost. Current performance may be higher or lower than the performance data quoted. Periods shorter than one year are unannualized. For performance current to the most recent month-end, please visit our website at www.steepleviewfund.com or call 1-866-SPL-VIEW. As stated in the current prospectus, the Fund's gross operating expense ratio is 1.67%. The Fund's adviser has agreed to voluntarily waive a portion of its fee and/or reimburse expenses such that the total operating expense ratio does not exceed 0.99%.