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Smead Value Fund

Investment Objective The Fund's investment objective is long-term capital appreciation. Principal Investment Strategies The Fund will seek long-term capital appreciation through concentrated positions, therefore the fund will maintain approximately 25-30 companies in its portfolio. The Fund will invest in U.S. large capitalization ("large cap") companies through the ownership of common stock. The Eight Criteria Required over entire holding period Meets an economic need Strong competitive advantage (wide moats or barriers to entry) Long history of profitability and strong operating metrics Generates high levels of free cash flow Available at a low price in relation to intrinsic value Favored, but not required Management's history of shareholder friendliness Strong balance sheet Strong insider ownership (Preferably with recent purchases)

Key Facts Fund Inception: 1/2/08 Investment Style: Large-Cap Value Total Net Assets as of 6/30/10: $34.9 million   Tickers, CUSIPs and Minimums Investor Share Class Ticker: SMVLX CUSIP: 89833W774 Minimum Investment: $3,000 Institutional Share Class Ticker: SMVMX CUSIP: 89833W568 Minimum Investment: $1,000,000   Fund Literature Fact Sheet Prospectus Statement of Additional Information Annual Report (November 30, 2009) Semi-Annual Report (May 31, 2009) Shareholder Letter 2nd Quarter 2010

The Fund’s management combines a multi-discipline approach to investing which blends history, psychology and mathematics. These approaches coalesce with the Fund management’s experience and discipline to navigate through short-term price fluctuations in favor of the long-term goal.

The Fund is a "non-diversified" fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

Click here to learn how to invest in the Smead Value Fund.

Book value is the net asset value of a company, calculated by subtracting total liabilities from total assets. Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. P/E (Price to earnings ratio) is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund.