Jordan Opportunity Fund

JORDX Quarterly Newsletter

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Mutual Fund Performance as of June 30, 2010
(total return)

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Shares redeemed or exchanged within 60 days of purchase will be charged a 2.00% fee. Performance data does not reflect the redemption fee, and if it had performance would have been lower. As stated in the current prospectus, the fund’s annual operating expense ratio (gross) is 1.47%. For the most recent month end performance, please call 1-800-441-7013.

Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment parameters are diverse and as such may be subject to different forms of investment risk discussed herein. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in smaller companies, additional risks such as limited liquidity and greater volatility. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified which involve fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may use derivatives such as options to increase its exposure to certain securities. These techniques will result in greater volatility for the Fund, particularly in periods of market declines.

Returns greater than one year are annualized. Total return figures include the reinvestment of dividends and capital gains. On January 21, 2005, a limited partnership managed by the Sub-Adviser reorganized into the Fund. This limited partnership maintained an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The Fund’s performance for periods prior to January 2005 is that of the limited partnership. The limited partnership’s expenses during the periods presented were higher than the Fund’s proposed expense ratio. The limited partnership was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, would have adversely affected its performance.

The information in this website represents past performance and is not predictive of future results. There is no guarantee that the Mutual Fund will achieve its investment objective. For more complete information about the Mutual Fund, including risks, fees and expenses, download a prospectus or call 1-888-786-5737. Before you invest in the Fund, please carefully review its prospectus, which contains more complete information. Quasar Distributors, LLC. This Web site is not a solicitation for the Mutual Fund outside of the United States.

Past performance is not an indicator of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric. For the period ending June 30, 2010, the Jordan Opportunity Fund received a Morningstar Rating of 5 stars against 1,545 and 1298 Large Cap Growth funds for the 3- and 5-year periods respectively.

While the fund is no-load, management and other expenses still apply. Please refer to the prospectus for further detail.

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.

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