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Micro Cap Value Fund

The fund seeks to provide capital appreciation by investing primarily in the stocks of small, publicly traded companies.

Share Class	Ticker	CUSIP	Inception
Class A	MXCAX	316786151	8/13/01
Class B	MXCBX	316786144	8/13/01
Class C	MXCSX	316786136	8/13/01
Institutional	MXAIX	316786128	2/1/98

Investment Approach

We attempt to focus our purchases on companies with market capitalizations under $500 million. Within this "micro-cap" universe, we buy the stocks of companies—

With noteworthy value characteristics, such as low price-to-earnings, price-to-book, and price-to-sales ratios
That show significant buying by insiders
That possess strong catalysts for change, which can help boost the earnings growth and price of their stock

Sell Discipline

We will consider selling one of our holdings when —

A company's growth prospects become less attractive
Insiders begin to sell thier shares heavily
The stock's prices rise to the point where we feel the stock is fairly valued or overvalued

Portfolio Characteristics

As of 12.31.11

Total Net Assets	$46,778,538
Number of Securities Held	97
^**Portfolio Turnover Rate	59%
Average Market Capitalization	$303.4M
P/E Ratio	18.9
P/B Ratio	1.2
Beta	0.93
^*Alpha	5.60%
^*Sharpe	-0.03
^*R²	92.10%
^*Standard Deviation	27.29%

Risks and Additional Information

* Information above is for A Shares. Other classes may vary slightly.
** The Portfolio Turnover Rate represents the fund’s portfolio turnover for the fiscal year ending 7/31/11.
The P/E (Price-to-Earnings) Ratio equals the price of a stock divided by its earnings per share. P/E multiples enable investors to compare the relative value of stocks within a portfolio. They show how much an investor must pay for one dollar of earnings.
The P/B (Price-to-Book) Ratio compares the market’s valuation of a company to the value of that company as indicated on its financial statement.

An investor cannot invest directly in an index.
Beta rating attempts to measure relative risk in relation to the fund’s benchmark.
Alpha is a coefficient which measures risk-adjusted performance, factoring in the risk due to the specific security, rather than the overall market.
Sharpe Ratio is calculated using standard deviation and excess return to determine reward per unit of risk.
R² (R-squared) is a measurement of how closely a portfolio’s performance correlates with the performance of a benchmark index.
Standard Deviation is a statistical measure of the historical volatility of a mutual fund.
The risk reward metrics shown in the Portfolio Characteristics section above are for a trailing five-year period in relation to the fund’s benchmark. Source: Zephyr Style Advisor.
Stocks have historically provided greater return potential than other investments over the long term, but may be subject to wide swings in value over shorter time periods. There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than the stocks of large companies, including the risk of price fluctuations.

An investor should consider the fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund’s prospectus. To obtain a prospectus, call 1-800-282-5706 or visit our Prospectus & Literature section. Please read the prospectus carefully before investing.

Fifth Third Funds are distributed by FTAM Funds Distributor, Inc. Fifth Third Asset Management, Inc. serves as Investment Adviser to Fifth Third Funds

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

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