New River Funds

Performance Through 7/23/2008

Average Annual Returns

New River Funds	NAV	NAV Daily Change	% Daily Change⁽¹⁾	% YTD Return ⁽²⁾	One Year Through 6/30/2008	Three Year Through 6/30/2008	Five Year Through 6/30/2008	Inception Year Through 6/30/2008⁽³⁾
SMALL CAP FUND	$15.44	$0.17	1.11%	-1.21%	-10.83%	5.97%	N/A	11.24%
Russell 2000 Index ⁽⁴⁾	$3,098.52	$10.29	0.33%	-5.44%	-16.19%	3.79%	10.29%	9.22%
CORE EQUITY FUND	$12.29	$0.00	0.00%	-12.96%	-12.98%	2.46%	N/A	5.95%
S&P 500 Index ⁽⁵⁾	$4,407.80	$17.84	0.41%	-11.67%	-13.12%	4.41%	7.58%	8.50%

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 1-866-NRA-FUND (1-866-672-3863). The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until December 31, 2008, to ensure that the net annual fund operating expenses will not exceed 1.30% for the Core Equity Fund and 1.50% for the Small Cap Fund, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund's total annual operating expenses would have been 3.57% for the Core Equity Fund and 1.78% for the Small Cap Fund. Please review the Fund’s prospectus for more detail on the expense waiver. All performance figures reflect management fee waivers and expense subsidies, without which performance figures would have been lower. Each fund charges a fee of 2.00% on redemption of shares held less than 30 days. The performance figures stated above do not reflect the deduction of this fee. Had such a fee been deducted, performance figures would have been lower.

(1)	Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2)	Performance for periods less than one year is not annualized.
(3)	The inception date of the New River Small Cap Fund and New River Core Equity Fund is October 1, 2003.
(4)	The Russell 2000 is an unmanaged market capitalization-weighted index which is comprised of 2000 of the smallest capitalized U.S. domiciled companies and includes the reinvestment of all dividends. An investor cannot invest directly in an index.
(5)	The S&P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. An investor cannot invest directly in an index.

0156-AFD-05/24/2006