Queens Road Funds

The Queens Road Funds are pleased to offer two value-oriented mutual funds that are based on the principles and extensive investment advisory experience of Bragg Financial Advisors, Inc. The firm's investment philosophy focuses on buying securities at prices below their estimate of intrinsic value.

Since 1998, Bragg Financial Advisors has offered asset management and wealth management to individuals, institutions, trusts, foundations and corporations based on integrity, strong relationships and a disciplined approach to investing. We hope you will take the time to learn more about our funds. If you have any questions, please call us at 800-595-3088.

2008 Distribution Information

Queens Road Small Cap Value Fund - QRSVX

Distribution Type	Record Date	ExDate	Pay Date	Amount	NAV
Dividend	12/26/2008	12/29/2008	12/29/2008	.08927	12.0
Long Term Capital Gain	12/26/2008	12/29/2008	12/29/2008	.00247	12.0

Queens Road Value Fund - QRVLX

Distribution Type	Record Date	ExDate	Pay Date	Amount	NAV
Dividend	12/26/2008	12/29/2008	12/29/2008	.18854	9.91
Long Term Capital Gain	12/26/2008	12/29/2008	12/29/2008	.00020	9.91