Bristlecone Fund Performance
Monthly as of 11/30/08

	3 Month	YTD	1 Year	Since Inception (12/31/2007 – 11/30/2008)
Bristlecone Fund (BVPFX)	-39.68%	-46.18%	N/A	-46.18%
S&P 500	-29.65%	-37.66%	N/A	-37.66%

Bristlecone Fund Performance
Quarterly as of 09/30/08

	3 Month	YTD	1 Year	Since Inception (12/31/2007 – 9/30/2008)
Bristlecone Fund (BVPFX)	-7.62%	-22.23%	N/A	-22.23%
S&P 500	-8.37%	-19.29%	N/A	-19.29%

Gross Expense Ratio: 3.59% Net Expense Ratio: 1.25%¹
¹The Adviser has contractually agreed to limit expenses to 1.25% for at least 3 years and indefinitely thereafter.

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 877-527-4785.

Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.