The Leeb Focus Fund - Frequently Asked Questions

Below are answers to many common questions. However, nothing written here should be considered as a substitute for the fund prospectus, which should be read carefully before investing. You may click here to download a prospectus. To request a prospectus by mail you can call 1-877-550-LEEB (5332) or email us at fulfillment@leebfocusfund.com.

Have a question not answered below, email us your question at advisor@leebfocusfund.com.

Q: How do I invest?

A: You can get a prospectus and account registration form by filling out the information here and choosing whether to download them electronically or have us send the documents by U.S. Mail. You can also make the request by calling 1-877-550-LEEB (5332) to request the information to be sent through the U.S. Mail. After reading the prospectus carefully, fill out the account registration form and mail it with your initial investment.

Q: Can I invest through my broker?

A: The fund is currently available on the following broker platforms:

Advantage Capital Corporation
AIG Financial Advisors
Fidelity
FSC Securities
Royal Alliance Associates
ADP Clearing
E*Trade
KMS Financial Services
MidAtlantic Clearing
Morgan Keegan
Pershing
Questar Capital Corp
Scottrade
Schwab
Shareholders Service Group
TDAmeritrade
Wells Fargo

The Fund is also available on other platforms that are not listed here. Please inquire with your broker about availability. We are currently establishing agreements with others. Please check back regularly for updates.

Q: Where do I send my investment?
A: Send your investment to:

U.S. Mail:

Leeb Focus Fund
c/o Unified Fund Services, Inc.
P.O. Box 6110
Indianapolis, Indiana 46206-6110

Overnight:

Leeb Focus Fund
c/o Unified Fund Services, Inc.
2960 North Meridian Street
Suite 300
Indianapolis, Indiana 46208-4715

Q: I'm already an investor. How can I check on my account?
A: Call 1-866-400-LEEB (5332) between 8am and 6pm Eastern Time Monday through Friday to speak to a shareholder services representative about your account. Have your account number ready. You can also call this number 24 hours a day for current share price information and account balances. In addition, you can access your account information via this website - if you have not signed up already, please click here to get started.

Q: Are there any sales charges or loads on the fund?
A: The Leeb Focus Fund is a no-load fund, however, the fund is intended for long-term investors and to discourage short-term trading and market timing, which can increase Fund expenses.

The Fund typically charges a fee of 2.00% of the redemption proceeds on Retail Class shares redeemed within 60 calendar days after they are purchased. No short-term redemption fee is charged on Institutional Class shares.

Q: What is the minimum investment?
A: Shares require an initial minimum investment of $2,500 ($1,000 for retirement accounts) and minimum subsequent investment of $250. The Fund has no 12b-1 expense. Shares can be purchsed by, among other investors:

Individual investors;

Fee-only financial planners;

Investment advisors and broker dealers;

Any bank, trust company or other type of depository institution;

Any insurance company, investment company or foundation purchasing shares for its own account;

Any retirement plan such as a 401(k), 403(b) or 457(b) plan or the custodian for such a plan;

Other qualified or non-qualified employee benefit plans, including pension, profit-sharing, health and welfare, or other employee benefit plans that meet the following definition of an “Eligible Benefit Plan”:

“Eligible Benefit Plans” are qualified or nonqualified employee benefit plans or other programs where (i) the employers or affiliated employers maintaining such plans or programs have a minimum of 250 employees eligible for participation in such plans or programs or (ii) such plan’s or program’s aggregate investment in the Fund exceeds $1 million.

The Fund reserves the right to change the above eligibility criteria for its Institutional Class shares.

Q: Do you offer Individual Retirement Accounts (IRAs)?
A: Yes. You can open an IRA account with a $2,500 initial investment, transfer an existing IRA account from another institution, or even consolidate several existing IRA accounts into one Leeb Focus Fund IRA account. The Fund offers Traditional, Roth and SEP IRAs.

Q: Can I open an account to save for my child's or grandchild's education?
A: Yes. Coverdell Education Savings Accounts may be opened with a $2,000 minimum initial investment. Uniform Gift/Transfer to Minors Accounts (UGMA/UTMA) may be opened with a $2,500 minimum initial investment.

Q: How can I track the Leeb Focus Fund?
A: Many news and financial web sites report daily share prices using the Fund's ticker symbol: LCMFX.

Q: I have a third party check I would like to deposit into my account, how do I do that?

A: Sorry, no third party checks. All purchases must be made in U.S. dollars and checks must be draw on U.S. financial institutions from an account baring the same name as the investor in the fund. No cash, credit cards, or third party checks will be accepted.

Q: Can I setup automatic deposits into my account?

A: You may make regular investments in the Fund with an Automatic Investment Plan by completing the appropriate section of the account application and attaching a voided personal check. Investments may be made monthly to allow dollar-cost averaging by automatically deducting $50 or more from your bank checking account. You may change the amount of your monthly purchase at any time. If an Automatic Investment Plan purchase is rejected by your bank, your shareholder account will be charged a fee to defray bank charges.

Q: Can I purchase or redeem shares online?

A: Yes. After you have opened your account directly with the fund and you have provided your bank information you may purchase or redeem shares through our Account View System. Click here to register for online access.

Q: How can I find out more?
A: Review the prospectus for more complete information, including fees and expenses. Please read it carefully before you invest or send money.

Feel free call toll-free 1-866-400-LEEB (5332) if you have additional questions.

Q: Can you tell me more about the Fund?

A: The Fund invests primarily in large capitalization equity securities. Rather than just mirroring the market, the Fund focuses on finding stocks that appear capable of sustaining high growth rates and that are selling at attractive prices relative to their potential for growth.

The Fund’s Adviser, Leeb Capital Management, Inc., has developed a disciplined investment process. The Adviser conducts ongoing research into significant trends and developments in the economy, global markets, industries, science and politics. After identifying sectors that the Adviser believes are likely to grow faster than the overall market as represented by the S&P 500© Index, the Adviser performs fundamental analysis to find stocks within each sector that meet the following criteria:

Strong Growth Under normal circumstances, the Adviser’s stock selection process begins with the S&P® 500 Index, a diversified universe of established, large-capitalization U.S. companies. The Fund seeks to invest in stocks of companies that the Adviser projects will have three- to five-year growth rates in excess of the average of the market and/or the companies’ respective sectors.

Competitive Edge The Fund seeks to invest in companies with a competitive edge, either because they are market leaders, and/or they have dominant positions within their industries. The Adviser believes these companies generally offer greater predictability of sales, future earnings and growth rates and that they offer the potential for more stable and consistent returns.

Undervalued Opportunities The Adviser looks for stocks selling at an attractive price, which the Advisor defines as those stocks that have a price to earnings divided by estimated growth (PEG) ratio that is less than the market’s. The Advisor believes that a relatively low PEG ratio indicates that a company’s growth prospects are not fully reflected in the stock’s current price, and that the stock is thus selling at a discount to its true value and prospects. In addition to seeking growth companies at a reasonable price, the Adviser also looks for companies with proven management and sound financial statements.

Diversification The Fund will diversify its portfolio across the market sectors selected by the Adviser. The Fund may diversify into sectors that potentially offer some protection when inflation, deflation or other circumstances adverse to the market arise.

The Advisor will focus on its best ideas, which means that the Fund may invest in a portfolio of as few as 25 stocks. As described above, however, the Adviser will attempt to diversify the Fund’s investments in common stocks issued by U.S. and foreign large-capitalization companies among several market sectors. The Adviser considers large-capitalization companies to be those with market capitalizations of at least $8 billion. The Fund typically will invest in foreign companies through the use of depositary receipts such as American Depositary Receipts, which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security.

From time to time, the Fund may invest up to 20% of its assets in common stocks of companies of small- and mid-capitalization if the Adviser’s research indicates that the companies represent true leaders in their market sectors and satisfy the Adviser’s other investment criteria.

The Fund intends to remain substantially invested in equity securities. If, however, the Adviser believes that investment opportunities that meet the Fund’s investment criteria are not currently available, or whether it determines to take a temporary defensive position in order to preserve capital, the Adviser may cause the Fund to invest substantially in money market mutual funds and exchange-traded funds, investment grade short-term money market instruments, including U.S. Government and agency securities, commercial paper, certificates of deposit, repurchase agreements and other cash equivalents. To the extent the Fund makes these investments, however, in this case, the Fund might not achieve its investment objective.

The majority of the Adviser’s research is generated in-house, while the remaining portion comes from outside sources such as other investment firms. All of these sources help to augment the Adviser’s research efforts and to assist portfolio managers in arriving at earnings and growth estimates and expectations.

Sell Discipline

There are three main conditions under which the Adviser typically sells securities:

· If the Adviser foresees a major change in the economic environment, such as the start of a new trend in interest rates or inflation, that warrants a different asset mix.

· If a security fails to live up to the Adviser’s expectations.

· If a security meets the Adviser’s performance expectations (or the Adviser determines that further upside is limited).

Small-cap and mid-cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidty and increased competitive threat.

The S&P 500 Index is a widely recognized unmanaged index of equity prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees. Individuals cannot invest directly in the Index, however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.