1. GIBSON VOLATILITY MANAGEMENT
Data As Of 05/31/2011
ABOUT THE FUND
FUND DETAILS The GVM Managed Volatility Fund seeks to achieve growth
of capital by attempting to capture most of the positive
returns of the equity market with less risk and volatility than
other equity investments. The Fund’s portfolio will
Share Class Advisor Institutional
primarily consist of a combination of sector and broad-based
exchange-traded funds (ETFs) and equity index options
Symbol/Ticker GVMVX GVMIX
based on GVM’s proprietary Dynamic Delta ProgramSM.
CUSIP 98147A667 98147A659
Minimum Investment $2,500 $100,000
INVESTMENT STRATEGY
Sales Load None None
 Designed to capture most of the equity upside in positive
12b-1 Fee 0.25% None markets while attempting to reduce risk in times of stress
Management Fee 1.00% 1.00%
 Due to the high costs of hedging equity risk, we focus on
enhancing total return in upward trending markets
through index call selling while hedging market risk
through index put purchases only when risk in the
Fund Advisor and Investment Team markets is heightened
 The Advisor utilizes its rules-based Dynamic Delta
ProgramSM to determine the market trend and appropriate
Gibson Volatility Management, LLC (“GVM”) hedge, if any
 The goal is to optimize the balance between portfolio
appreciation potential, risk management, and hedging
Shawn Gibson Portfolio Manager costs
 The Fund’s investment process is disciplined and rules-
Chris White Co– Portfolio Manager based to take emotion out of the decision-making process
 Our strategy is designed to be repeatable and scalable
Gibson Volatility Management, LLC
117 S. 14th Street, Suite 205 Richmond, Virginia 23219
phone (804) 269-7721 e-mail chris@gibsonvm.com
www.gvmfunds.com Page 1

2. GIBSON VOLATILITY MANAGEMENT
Fund Performance (as of 05/31/2011)
Monthly Performance 1
Year Jan Feb 2 Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2011 0.30% 0.70% 1.88% -1.26% 1.60%
1-Month Return 3-Month Return
GVM Managed Volatility Fund -1.26% 1.29%
S&P 500 Index -1.35% 1.35%
Quarter-End Returns as of 3/31/2011 1,2
Annualized
QTD YTD Since Inception
GVM Managed Volatility Fund 1.00% 1.00% 1.00%
S&P 500 Index 1.39% 1.39% 1.39%
In the interest of limiting expenses of the Fund, Gibson Volatility Management, LLC (the Adviser) has contractually agreed to reduce fees and reimburse
expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses and
extraordinary expenses) from exceeding 1.74% and 1.99% of the Fund’s Institutional and Advisor Class Shares’ (respectively) average daily net assets until
February 28, 2012. If waivers had not been made, returns would have been lower than reported.
Performance data quoted represents past performance. The Fund's past performance does not guarantee future results. The investment return and principal
value of an investment in the Fund will fluctuate so that an investor's shares, when re-deemed, may be worth more or less than their original cost. Current
performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by
calling 1-800-673-0550.
2
Growth of $10,000 Since Inception
$10,600
$10,400
$10,200
$10,000
GVM Managed
Volatility Fund
$9,800
S&P 500 Index
$9,600
$9,400
$9,200
2/1/2011 3/3/2011 4/2/2011 5/2/2011
This chart tracks a hypothetical $10,000 investment in the fund’s Institutional Class since inception as of the date indicated on this report and assumes the
reinvestment of dividends and capital gains.
1
Performance figures based on Institutional share class (GVMIX) returns as of the date of the indicated date.
2
Fund inception date: 02/01/11, all figures reflect this start date, including the comparison against the S&P 500 Index.
Gibson Volatility Management, LLC
117 S. 14th Street, Suite 205 Richmond, Virginia 23219
www.gvmfunds.com Page 2

3. GIBSON VOLATILITY MANAGEMENT
Portfolio Characteristics (as of 05/31/2011)
Dynamic Delta ProgramSM Signal Positive
Long Equity Exposure 100.67%
Dynamic Delta ProgramSM Overlay Exposure (55.51%)
Net Market Exposure 45.16%
Sector Weightings
Telecommunications 3.11%
Telecommunications
Basic Materials 3.60% Basic Materials
Energy
Energy 12.68%
Financial
Financial 15.17%
Industrial
Industrial 11.03% Technology
Consumer Staples
Technology 17.95%
Utilities
Consumer Staples 10.81%
Healthcare
Utilities 3.32% Consumer Discretionary
Healthcare 11.65%
Consumer Discretionary 10.68%
Gibson Volatility Management, LLC
117 S. 14th Street, Suite 205 Richmond, Virginia 23219
phone (804) 269-7721 e-mail chris@gibsonvm.com
www.gvmfunds.com Page 3

4. GIBSON VOLATILITY MANAGEMENT
Important Disclosures
Information provided with respect to the Fund’s portfolio holdings, sector weightings, number of holdings, and/or
expense ratios are as of the indicated date and are subject to change at any time.
Investors should consider the investment objectives, risks, and charges and expenses of this Fund carefully before
investing. This and other information is contained in the Fund's prospectus, which may be obtained by calling 1-800-
673-0550. Please read the prospectus carefully before investing. Distributed by First Dominion Capital Corp.,
Richmond, VA. Member FINRA.
The S&P 500 Index is a free-float capitalization-weighted index of 500 large-cap common stocks actively traded in
the United States. The Dynamic Delta Program Signal indicates the Advisor’s opinion of the trend of the S&P 500
Index based on the results of their proprietary models. The Average Short Call Strike measures the weighted average
of the index call strike prices that the Advisor has sold. The Average Long Put Strike measures the weighted average
of the index put strike prices that the Advisor has purchased. Strike prices are the values at which an investor agrees
to buy or sell the underlying security (through physical settlement of shares) or index (through cash settlement). The
Long Equity Exposure measures the percentage of the Fund’s NAV held in long equity positions. The Dynamic Delta
Program Overlay Exposure measures the short market exposure in the fund resulting from hedging activities in the
Dynamic Delta Program. The Net Market Exposure is the difference between the Long Equity Exposure and Dynamic
Delta Program Exposure and is intended to illustrate the overall market exposure of the Fund.
Disclosures About Risk
Domestic economic growth and market conditions, interest rate levels, and political events are among the factors
affecting the securities markets of the Fund’s investments. There is the risk that these and other factors may adversely
affect the Fund’s performance. The loss of money is a risk of investing in the Fund. Investment in the Fund is also
subject to the following risks: market risk, ETF risk, options risk, non-diversification risk, U.S. governmental
obligations risk, REITs risk and foreign risk. More information about these risks and other risks can be found in the
Fund’s prospectus.
Gibson Volatility Management, LLC
117 S. 14th Street, Suite 205 Richmond, Virginia 23219
phone (804) 269-7721 e-mail chris@gibsonvm.com
www.gvmfunds.com Page 4