Quarterly Commentary

Additional Adviser Quarterly Commentaries

Click here for quarterly commentary by Grisanti Brown & Partners LLC prior to Fund inception.

The views presented in the attached letters are those of the Fund managers as of the date of each of the letters and may not have reflected their views as of the date they were first published or at any time thereafter. Each of these letters contain broad discussions of investment techniques and methodologies that Grisanti Brown & Partners LLC, the Investment Adviser to the Grisanti Brown Value Fund, utilized during the period covered by each letter. The Grisanti Brown Value Fund commenced operations on October 21, 2005. These views are intended to assist the shareholders in understanding the Investment Adviser of the Fund and do not constitute investment advice. None of the information presented should be construed as an offer to sell or recommendation of any security mentioned therein.