Boyar Value Fund

The Lipper ratings are subject to change every month
and are based on an equal-weighted average of
percentile ranks for the Tax Efficiency metrics over
three-, five-, and ten-year periods (if applicable). The
highest 20% of funds in each peer group are named
Lipper Leaders, the next 20% receive a score of 4,
the middle 20% are scored 3, the next 20% are
scored 2, and the lowest 20% are scored 1.

Lipper Leader ratings are not intended to predict
future results and Lipper does not guarantee the
accuracy of this information.

Lipper ratings for Tax Efficiency reflect a fund ’s
historical success in postponing taxable distributions
relative to peers, as of 6/30/2010. Tax Efficiency offers
no benefit to investors in tax-sheltered accounts such
as 401(k) plans.

More information is available at
www.lipperleaders.com.

Lipper Leader ratings © 2010, Reuters, All Rights
Reserved.

Past performance is not indicative of future results. Current performance may be lower or higher than quarterly performance. For current, to the most recent month end, performance please go to www.ladenburg.com. The Boyar Value Fund has a maximum sales charge of 5.00%. After-tax returns are calculated using the highest historical individual Federal income tax rate and do not reflect the additional impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by nontaxable entities. It is important to note that the Fund is currently waiving a portion of fees and at such time as the fee waiver is no longer in place, future returns may be lower than past returns.

The S&P 500 Index is an unmanaged index of stocks trading in the United States. Index performance illustrated is hypothetical and is not indicative of any mutual fund investment.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Index performance illustrated is hypothetical and is not indicative of any mutual fund investment.

The value of the portfolio will fluctuate as the underlying securities move in response to overall market movements and other factors beyond the control of the advisor, and investments in the fund may result in the loss of principal. The fund may invest in stocks of several different capitalization levels and it is important to note that historically, small- and mid-cap stocks have experienced greater volatility than stocks of larger, more established companies.

For more information the Boyar Value Fund, please request a free prospectus from your financial advisor, call (212) 995-8300 or (800) 266-5566, or click below to download a prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money.

The funds and services referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment product, fund or service to investors outside the United States.