Manager Comments

Dear current and prospective shareholders:

One of the challenges facing investors today is to sort through the thousands of mutual funds on the market and decide which ones are right for you. It's not easy to do the research, pick the funds that seem to meet your objectives and create a diversified portfolio, especially if you have a career or other interests.

Those of you have grown tired of this 'do it yourself' approach may be the ones who will be most interested in The Teberg Fund.

Here is a no-load fund of mutual funds, not individual stocks, that was launched at a time when there were only 137 such funds available. Funds of funds seem to have popped up in greater numbers since then but many are sponsored by fund families and are limited to that group's funds.

We choose our funds from the vast universe of all fund families and offer our shareholders the opportunity to own a truly diversified portfolio of mutual funds within one. We believe it's the type of portfolio many investors have hoped to create for themselves.

What also distinguishes The Teberg Fund is that its portfolio of funds is actively managed. Our goal is to buy quality funds at value prices and to continually review the portfolio, locking in profits when appropriate and retreating to a more conservative position when we anticipate a weak market.

We understand that a prospectus doesn't have a great plot or clever dialog. It is, however, an important tool for investors, and we encourage you to learn more about The Teberg Fund by reviewing the prospectus by clicking on the link below.

Thank you for investing your time.

Curtis A. Teberg, Portfolio Manager

Please refer to the prospectus for important information about The Teberg Fund, including investment objectives, risks, charges and expenses. Investing in this fund involves special risks, including but not limited to non-diversification and investments in high yield and small - and medium capitalization securities. Please refer to the prospectus for further details.

Investors should carefully consider the investment objectives, risks, charges and expenses of The Teberg Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.tebergfund.com or by calling 866-209-1964. The prospectus should be read carefully before investing. The Teberg Fund is distributed by Northern Lights Distributors, LLC, member FINRA.

First Associated Investment Advisors, Inc. is not affiliated with Northern Lights Distributors, LLC.

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