Frequently Asked Questions

What is the minimum investment?
How do you handle dividends and capital gains distributions?
Why does the Fund pay distributions?
Why do distributions cause the Fund’s price to go down?
Can I open an IRA?
Is the Fund offered for sale in all states?
How do you keep shareholders informed?
How do I check the value of my investment or add to my current investment?
What does the fund invest in?

What is the minimum investment?

$1,000.00 is the current minimum investment. The Fund is available for purchase directly through Gemini Fund Services – 866-811-0228, the Fund’s transfer agent. You can also purchase shares through your TD Ameritrade account or through Charles Schwab.

How do you handle Dividends and Capital Gains Distributions?

The Fund will make distributions of dividends and capital gains, if any, at least annually, typically in December. The Fund will make another distribution of any additional undistributed capital gains earned during the 12-month period ended October 31 on or about December 31.

Why does the Fund pay distributions?

To avoid federal taxation, mutual funds must distribute all of their dividends and capital gains to the shareholders each year. All interest and dividends received from the securities in the portfolio, less expenses, are passed through to shareholders as income. Gains realized from selling securities that have been held less than one year are paid out as short-term capital gains. Gains realized from securities held for more than one year are passed through to shareholders as long-term capital gains which are taxed at a lower rate.

Why do distributions cause the Fund’s price to go down?

On the day the Fund pays a distribution (the “pay date”), the share price drops by the amount of the distribution. For example, if the share price on the day before the distribution (the “record date”) is $10.00, and the Fund pays a $1.00 distribution, the price on the pay date will be $9.00 (plus or minus any change in the market value of our portfolio securities.)

Suppose that you held 1,500 shares of the Fund on the record date with a market value of $15,000.00. You would receive $1,500.00 ($1.00 per share x 1,500 shares) in distributions on the pay date. Your 1,500 shares would now be worth $13,500.00. If you reinvested your distribution, your $1,500.00 would purchase an additional 166.667 ($1,500.00 / $9.00 per share) shares on the pay date. Your new share balance would be 1,666.667 still with a market value of $15,000.00. The loss in value per share is offset by the increase in number of shares owned.

Even when distributions are reinvested, shareholders pay taxes on the amounts they receive. Of course, if you own the McCarthy Fund in an IRA or other tax-advantaged account, you do not pay taxes on distributions reinvested in the tax-advantaged account.

Can I open an IRA?

We offer Traditional, SEP, and Roth IRAs. The $1,000.00 minimum still applies. We do not offer Educational IRAs or 403(B) plans.

Is the Fund offered for sale in all states?

As of September, 2009, the Fund is registered for sale in the following states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, North Carolina, Nebraska, Nevada, New York, Ohio, Pennsylvania, South Dakota, Texas, Virginia, Washington, Wisconsin, Wyoming and Guam. Additional states are added as our shareholder base dictates.

How do you keep shareholders informed?

We want to be responsive to client letters and e-mails, especially in times of market stress. On the other hand, the portfolio managers need to focus their attention on investing, and a personalized answer might be out of date by the time it is researched, written, and you have a chance to read it.

Although we may not be able to provide a personalized written response to a specific question, here is what we do to keep you as informed as possible:

• Periodically update the “Frequently Asked Questions” section of our web site as many shareholder questions recur regularly.
• Provide semi-annual reports to shareholders from the Fund manager;
• Provide quarterly statements of your Fund account.

How do I check the value of my investment or add to my current investment?

Current shareholders may use the Gemini web site link on the "My Account" page of this site to access their account information and most recent net asset value. You may purchase additional shares of the Fund by check or wire. Please see the prospectus for the mailing address or wire instructions.

What does the Fund invest in?

The Fund invests primarily in the common stocks of domestic companies of any size from larger, well-established companies to smaller companies. The Advisor believes that the Fund’s objective is best achieved by investing in the equity securities of companies that exhibit the potential for significant appreciation over the long term. The Fund may also invest in fixed-income obligations (U.S. Treasury and agency obligations, corporate debt securities, and convertible bonds) rated at least “investment grade” by one of the nationally recognized statistical ratings organizations or the unrated equivalent.

Mutual fund investing involves risk; principal loss is possible. The Fund may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

The Fund is distributed by Quasar Distributors, LLC.

The McCarthy Multi-Cap Stock 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 accessed by clicking on the Prospectus link in the menu to the left. You may also call 866-811-0228 for a hardcopy version. Read it carefully before investing.

 MGAMX Holdings 06-30-2010 last updated 07/07/2010

Fund holdings are subject to change and are not recommendations to buy or sell any security.