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Empiric Core Equity FundDecember 31st, 2007

Mutual Fund Investing Involves Risk.  Principal loss is possible. The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility.  The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility, and differences in accounting methods.  The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.  The Fund’s use of derivative instruments involves the risk that such instruments may not work as intended due to unanticipated developments in market conditions or other causes.  Derivatives often involve the risk that the other party to the transaction will be unable to close out the position at any particular time or at an acceptable price.  When a Fund uses certain types of derivative instruments for investment purposes, it could lose more than the original cost of the investment and its potential loss could be unlimited.

The presentation will speak about Growth and Value stocks in the presentation. Please keep in mind that Growth stocks typically are more volatile than Value stocks; however, Value stocks have a lower expected growth rate in earnings and sales.

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Agenda

• Investment Performance Results (as of 12/31/07)• Empiric Core Equity Fund Information

Overview Investment strategy and approach Strategic, Quantitative, Empirical (SQE) models

market outlook Portfolio Characteristics

• Current Investment Themes• Questions

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Investment Performance Results – As of 12/31/07Average Annual Performance Core Equity Core Equity S&P 5002 Russell 20002

  as of 12/31/07 Class A1 Class A1

Load Waived

Larger Stocks Smaller Stocks

Last 3 months 0.93 1.76 -3.33 -4.58

Last 6 months 2.64 3.48 -1.37 -7.53

Last 1 Year 8.43 15.04 5.49 -1.57

Last 3 Years 10.53 12.74 8.62 6.80

Last 5 Years 22.29 23.75 12.83 16.25

Last 10 Years 9.08 9.73 5.91 7.08

Since Inception – Class A shares (11/06/95)

12.88 13.43 11.72 9.36

Gross Expense Ratio 1.65

[1]   The returns shown do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.  [2] The Russell 2000 and S&P 500 are unmanaged indices widely recognized as representative of smaller and larger companies, respectively.  Neither index bears transaction costs, nor management fees, and cannot be actually bought or sold. Class “C” Shares Available.

.  . . 

Shaded areas indicate highest relative performance.

Performance data quoted represents past performance: past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, 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 may be obtained by calling 800-880-0234. Performance data shown for the Class A Shares reflects the Class A maximum sales charge of 5.75%. Performance data shown for the Class A Load Waived shares does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted.

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Empiric Core Equity Fund Overview

• Goal is to outperform broad-market• Focused on absolute rather than relative returns• Structured, Quantitative, & Empirical (SQE) process with a

valuation focus• Global, multi-cap, total return fund• Tenured portfolio manager with 10-year track record• Not constrained by “style-box” dogma

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Investment Performance Results – Excellence

                     

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Empiric Core Equity Fund may be suitable for investors• Seeking Core Equity• Wanting Global Equity exposure• Wanting to complement income-oriented portfolios• Seeking total return v. style box approach• Seeking a disciplined, repeatable investment approach• Wanting to balance an indexed-biased portfolio with active

management• Who want their managers invested along with them

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Investment Strategy and Approach

• Goal is growth with low volatility or fluctuation in terms of both return and invested capital

• SQE Process – Continued, Disciplined, and Repeatable– Step 1 – “Find the Style Sweet Spot”

SV SG MV MG LV LG

1 day 1.4 1.3 1.1 1.0 0.8 0.8

1 Wk (1.2) (1.5) (1.2) (1.8) (3.0) (3.1)

1 Mo 3.8 (0.9) 1.3 (2.3) (1.1) (6.4)

3 Mo (7.6) (9.4) (8.7) (9.8) (7.8) (10.8)

6 Mo (10.8) (10.7) (9.8) (7.9) (11.0) (10.4)

1 Yr (15.0) (6.7) (11.0) (2.6) (9.3) (6.2)

3 Yr 3.8 4.1 5.2 7.1 5.2 2.0

5 Yr 14.3 15.9 13.7 15.8 12.2 7.7

Sharp (0.6) (0.3) (0.5) (0.1) (0.4) (0.4)

YTD (5.0) (7.5) (6.4) (8.9) (6.5) (11.2)

QTD (5.0) (7.5) (6.4) (8.9) (6.5) (11.2)

MTD (1.2) (1.5) (1.2) (1.8) (3.0) (3.1)

Source Data Thompson Baseline of 02/08/08, chart Empiric Advisors, Inc.

Sharpe ratio indicates the return of an investment above the risk free rate divided by the investment’s standard deviation.

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Investment Strategy and Approach

• Step 2 –Indentify the Quantitative Sweet Spot

• Worldwide stock search=Higher probability of alpha

• Identify quantitative models providing high value-added

• Utilize precise methodology with no emotion

STRATEGY 1 DAY 1 WK4

WKS 3 MOS6

MOS 1 YRSharpe

% CONSISTENCY 0.1 (3.3) (10.4) (19.9) (0.3) 9.7 0.3

Model 1 (1.0) 0.2 (1.0) 14.4 15.8 11.1 0.4

Model 2 (1.3) 2.0 8.6 17.3 (2.5) (9.7) -0.4

Model 3 - 2.0 6.1 17.7 12.0 9.7 0.4

Model 4 (1.0) 0.3 (1.9) 14.0 16.1 12.6 0.5

Model 5 (1.0) 1.4 0.8 17.2 18.5 9.6 0.4

Model 6 (1.0) 1.5 (1.3) 16.4 19.8 7.2 0.3

Model 7 (1.1) 2.3 2.9 14.5 13.4 24.4 0.9

Model 8 1.4 0.5 (0.9) (11.8) (3.0) 3.2 0.1

Model 9 0.1 (0.5) (8.0) (20.2) (5.9) 8.7 0.3

Short Experiment Rk (1.0) (0.3) 2.4 13.8 9.0 3.3 0.2

Source: Empiric Advisors as of 2/08/09

The above is a “slice” of the many models Empiric Advisors monitors for returns. Red text in the name indicates models for shorts and “Short Experiment Rk” is also a short model. Few models on the long side currently indicate positive returns.

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Investment Strategy and Approach

• Step 3 – “Integration”• Find the companies at the

intersection of the top-down and bottom-up processes

• Individually test companies for potential contribution of reward and risk

t90 4.22 RET RISK SHARPE NET

Proforma Long   5.1 19.1 0.0 (18.2)

Proforma Long + Short   6.7 13.0 0.2 (10.5)

SHORT BENEFIT   1.6 (6.1) 0.1 7.6

EMCAX   1.5 16.4 (0.2) (19.1)

SPX     (7.8) 21.2 (0.6) (26.3)

OEX  (1.0) 20.1 (0.3) (33.2)

Premium   7.6 7.1 0.4 14.7

1 0.9 4 1 47   PHIL 16% 0.5%   SPARTAN STORES SPTN CnStp 462 FOODD 21.1

1 0.8 4 6 12   - 16% 1.4%   COCA-COLA FEMSA ADR KOF CnStp 1,416 BEVGS 52.3

1 1.4 6 1 51   CBOE & PHIL 15% 1.2%   MOLSON COORS BREWING TAP CnStp 8,083 BRWRS 45.0

1 3.0 8 2 33

  CBOE & AMEX15%

1.9%   SYSCO SYY CnStp 18,014 FOODD 29.6

1 0.6 9 1 5 + CBOE & AMEX 14% 1.0%   BUNGE   BG CnStp 13,625 AGPRD 112.7

3 2.1 12 6 37

  CBOE & AMEX14%

2.0%   PEPSICO PEP CnStp 113,339 BEVGS 70.4

Ind Rk YLD SCORE STRATEGIES EXP EXP OPTIONS EXP RET ALLOC EXP COMPANY TICKER SECTOR MKT CAP IND PRICE

Source: Empiric advisors as of 2/08/08

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

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Portfolio Construction Process

• Continuous, Disciplined, and Repeatable process– Compare entire portfolio with universe of options daily

• Little emotional bias• No attention bias• No style-box limitations

– Buy based on:• Expected return next 12 months• Impact on return/risk profile of entire portfolio• Perform quick qualitative overlay by using sound judgment

and experience to validate the models– Sell based on:

• Price change of more than 20% in one day • Availability of more attractive opportunities• Perform quick qualitative overlay to validate the models

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Portfolio Characteristics (as of 12/31/07)

• Portfolio Allocation– Common Stock: 86.7%

• Long Positions: 67.7%• Short Positions: 32.3%

– Cash Equivalent: 13.3%• Alpha (10 year) (class A): 4.14%• Beta (10 year) (class A) : 0.87• Turnover Ratio: 123%• Number of Holdings: 136• Total Net Assets: $71.0M

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Portfolio Characteristics- Allocation by Sector (as of 12/31/07)

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Tech Mat ConsumerDisc

Health Tele Fin Ind Utilities Energy Staples

EMCAX S&P 500

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Portfolio Characteristics- Allocation by Sector (as of 2/08/08)

-10%

-5%

0%

5%

10%

15%

20%

25%

Tech Mat ConsumerDisc

Health Tele Fin Ind Utilities Energy Staples

EMCAX S&P 500

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Allocation by Industry as of 12/31/07

Chemicals Agriculture/Fertilizer

8.9%

Wireless Telecom Services 6.2%

Oil & Gas Equipment Services 4.8%

Trucking -4.8%

Homebuilding -4.5%

Retail - Apparel -3.8%

Aerospace & Defense 3.8%

Diverse Metal & Mining 3.8%

Integrated Telecom Services 3.7%

Softdrinks 3.0%

Asset allocation, fund holdings and portfolio industries are subject to change and are not recommendations to buy or sell any security.

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Allocation by Industry as of 2/08/08

Wireless Telecom Services 5.7%

Chemicals-Agriculture/Fertilizer 5.4%

Health Care- Managed Care 5.3%

Soft Drinks 4.8%

Oil and Gas Integrated 4.6%

Diverse Metals/ Mining 4.0%

Railroads 3.4%

Pharmaceuticals 2.8%

Aerospace/ Defense 2.7%

Communications Equipment 2.6%

Asset allocation, fund holdings and portfolio industries are subject to change and are not recommendations to buy or sell any security.

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Region/Country AllocationsQuarter ended 12/31/07Americas United States 37.9% Canada 7.5% Brazil 3.5% Chile 1.5% Mexico 1.9% Peru 1.6% Bermuda 0.1%

Pacific Basin South Korea 3.7% Australia/New Zealand 2.5%

Europe United Kingdom 9.0% Netherlands 4.6% Norway 0.4% France 3.4% Switzerland 1.5% Spain 2.1% Germany 1.8% Portugal 0.4% Italy 0.1% Spain

1.4%

Various Israel 0.1% China 0.1%

Russia 2.1% Turkey 0.1% Philippines 0.3% South Africa 0.6%

Asset Allocation, fund holdings and portfolio industries are subject to change and are not recommendations tobuy or sell any security.

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Portfolio Characteristics- Top Ten Holdingswith Percent of Assets (as of 12/31/07)

Cola-Cola Femsa ADR KOF 2.3%

Mosaic Co MOS 2.1%

Champion Enterprises Inc. CHB -2.1%

Veolia Environmental ADR VE 2.0%

CF Industries Holdings CF 1.8%

Diageo PLC ADR DEO 1.8%

Posco ADR POS 1.7%

Vodafone Group ADR VOD 1.6%

Amerco UHAL -1.6%

Agrium Inc. AGU 1.6%

Total 18.6%

Asset Allocation, fund holdings and portfolio industries are subject to change and are not recommendations to buy or sell any security. Shorts are totaled as positives.

Negative holdings represent short positions

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Portfolio Characteristics- Top Ten Holdings with Percent of Assets (as of 02/08/08)

Cola-Cola Femsa ADR KOF 2.4%

Minas Buenaventa ADR BVN 2.1%

Veolia Environnement ADR VE 2.0%

Diageo ADR DEO 1.9%

Vodafone Group ADR VOD 1.8%

Syngenta ADR SYT 1.7%

Lockheed Martin LMT 1.7%

Wal-Mart Stores WMT 1.7%

Posco ADR PKX 1.7%

Norfolk Southern NSC 1.7%

Total 18.7%

Asset Allocation, fund holdings and portfolio industries are subject to change and are not recommendations to buy or sell any security. Shorts are totaled as positives.

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Portfolio Management

• Mark Coffelt, CFA– Portfolio Manager, responsible for research & analytics– Chairman of the Board of Directors and Chief Investment

Officer of Empiric Advisors– Twenty-plus years investment experience– BA Occidental College, MBA Wharton School of the

University of Pennsylvania

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Empiric Core Equity Fund – Fast Facts• Ticker

– Class A – EMCAX– Class C – EMCCX

• Cusip– Class A – 29215M101– Class C – 29215M200

• Sales Charge– Class A – 5.75% front-end (also available load-waived)– Class C – 1.00% deferred

• Expense Ratio– Class A – 1.66%– Class C – 2.41%

• The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-880-0324 or by visiting www.EmpiricFunds.com. Read it carefully before investing.

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Empiric Core Equity FundLipper disclosure:

Lipper ratings for Total Return reflect funds' historical total return performance relative to peers as of December 31, 2007. Lipper ratings for Tax Efficiency reflect funds’ historical success in postponing taxable distributions relative to peers as of December 31, 2007. Tax Efficiency offers no benefit to investors in tax-sheltered accounts such as 401(k) plans. The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return, and Tax Efficiency metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 1, the next 20% receive a score of 2, the middle 20% receive are scored 3, the next 20% are scored 4, and the lowest 20% are scored 5. Empiric Core Equity Fund, in Lipper's Multi-Cap Value classification, received the following ratings for the overall, 3-, 5-, and 10-year periods, respectively: Total Return; Leader (332 funds), Leader (332), Leader (267 funds), and Leader (95 funds): Tax Efficiency (in the Multi-Cap Value class) 4 (332 funds), 3 (332), 4 (267 funds), and Leader (95 funds): Consistent Returns;4 (327), Leader (322), Leader (262), and 1 (93), Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2007.

Morningstar disclosure:The prospectus contains information on which investors are eligible for the load waiver.For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The load waived rating differs from an Overall Morningstar Rating as it does not include the effects of sales charges, loads, and redemption fees. For the period ended 12/31/2007, Morningstar rated the Empiric Core Equity Fund's Class A (load waived) shares among Mid-Cap Blend Funds,4, 4, 5, and 3 stars among 420, 420, 336, and 143 for the overall, three-, five-, and 10-year periods, respectively. Morningstar rated the Empiric Core Equity Fund Class A (with load) shares among Mid-Cap Blend Funds,3, 4, 5, and 2 stars among 420, 420, 336, 143 funds for overall, three-, five-, and ten-year periods, respectively. Past performance is no guarantee of future results. © 2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past Performance is no guarantee of future results.

Definitions

Alpha: A statistic that measures the difference between the fund’s actual returns and its expected performance, given its level of risk as measured by beta. The difference is expressed as an annual percentage.

Basis Points: One one-hundredth of a percent, used in measuring yield differences among bonds.

Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market.

Sharpe Ratio: A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted performance. It is calculated by subtracting the risk-free rate - such as that of the 90 day U.S. treasury bill - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.

Risk-Free Rate of Return: The theoretical rate of return of an investment with zero risk. The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time.

Source: Investopedia.