The Perkins Discovery Fund

A Micro-Cap Portfolio

The primary emphasis of the Perkins Discovery Fund is to invest in companies under $500 million in market cap. Over the long term, emerging micro-cap companies have the greatest growth potential but also have the most risk. The Fund will close to new investors at $100 million in net assets.

The Perkins Discovery Fund Performance

The Perkins Discovery Fund's average annual total returns for the periods ending
December 31, 2009:

Annualized Total Return	Perkins Discovery Fund	DJ Wilshire U.S. Micro-CapIndex	Russell 2000 Index	NASDAQ Composite Index	S&P 500 Index
Since 4-9-98 Inception	10.88%	6.27%	3.62%	1.90%	1.79%
Ten Year	6.21%	5.57%	3.51%	-5.67%	-0.95%
Five Year	0.36%	-2.89%	0.51%	0.85%	0.42%
Three Year	-5.80%	-9.43%	-6.07%	-2.06%	-5.63%
One Year	65.26%	47.59%	27.17%	43.89%	26.46%
YTD	65.26%	47.59%	27.17%	43.89%	26.46%

Gross Expense Ratio – 2.95% Net Expense Ratio – 2.00%1 30 Day SEC Yield – 0.00%

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 end may be obtained by calling 1-800-998-3190. The Fund imposes a 1.00% redemption fee on shares held less than 90 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

Small-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund invests in micro-cap companies which tend to perform poorly during times of economic stress. The Perkins Discovery Fund may invest in early stage companies which tend to be more volatile and somewhat more speculative than investments in more established companies. As a result, investors considering an investment in the Fund should consider their ability to withstand the volatility of the Fund's net asset value associated with the risks of the portfolio.

1 Without Acquired Fund Fees and Expenses. The Investment Adviser has contractually agreed to reduce its fees of the Fund indefinitely. Investment performance reflects fee waivers, in the absense of such waivers, total return would be reduced.

The Dow Jones Wilshire U.S. Micro-Cap Index is formed by taking the 2,500 smallest companies, as measured by market capitalization, of the Dow Jones Wilshire 5000 Index. The Russell 2000 Index is composed of the 2,000 smallest companies in the Russell 3000 Index, and is widely regarded in the industry as the premier measure of small-cap stocks. The NASDAQ Composite Index is a broad-based capitalization-weighted index of all NASDAQ national market and small-cap stocks. The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. One cannot invest directly in an index.

As of 12/31/09, the top ten holdings comprised the following percent of the Discovery Fund's total net assets: Insignia Systems, Inc. (16.3%), Ebix, Inc. (8.2%), Computer Task Group, Inc. (5.4 %), Verso Paper Corporation (4.4%), IntegraMed America, Inc. (4.3%), Health Fitness Corp. (3.8%), Net Scout Systems, Inc. (3.7%), Diamond Foods Inc. (3.0%), US Physical Therapy Inc. (2.8%), and Span America Medical Systems Inc. (2.8%). Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of the Fund's holdings click here.