The Perkins Discovery Fund

A Micro-Cap Portfolio

The primary emphasis of the Perkins Discovery Fund is to invest in companies under $1 billion in market cap. Over the long term, emerging micro-cap companies can have the greatest growth potential but often 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, 2022:

Annualized Total Return	Perkins Discovery Fund	Wilshire U.S. Micro-Cap Index	NASDAQ Composite Index	S&P 500 Index
Since 4-9-98 Inception	9.14%	5.85%	7.33%	5.14%
Fifteen Year	4.99%	3.93%	9.58%	6.62%
Ten Year	7.28%	5.31%	13.24%	10.41%
Five Year	6.95%	-2.00%	8.68%	7.51%
Three Year	-0.14%	-3.02%	5.27%	5.92%
One Year	-39.93%	-32.95%	-33.10%	-19.44%
YTD	-39.93%	-32.95%	-33.10%	-19.44%

Gross Expense Ratio – 2.59% Net Expense Ratio – 2.50%¹

¹ The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.25% of the Fund’s average net assets until at least July 31, 2023. Investment performance reflects fee waivers, in the absence of such waivers, total return would be reduced. The Fund imposes a 1.00% redemption fee on shares held less than 45 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced. Returns are annualized for periods greater than 1 year. Periods less than 1 year are cumulative, unless otherwise noted.

The Wilshire U.S. Micro-Cap Index represents a float adjusted, market capitalization-weighted portfolio of all stocks below the 2,500th rank by market capitalization in the Wilshire 5000 at March 31 and September 30 of each year. 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 12/31/22, the top ten holdings comprised the following percent of the Discovery Fund’s total net assets: EPlus, Inc. (7.0%), Veracyte, Inc. (6.7%), Option Care Health, Inc. (6.6%), Digi International, Inc. (6.4%), Natera, Inc. (6.1%), Vericel Corp. (6.1%), Perion Network Ltd. (6.0%), AtriCure, Inc. (5.9%), Perficient, Inc. (5.3%) and Axogen, Inc. (4.3%). 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.

Get Updates

For important updates on the Perkins Discovery Fund, including our quarterly fact sheet and media coverage, please enter your e-mail address. You do not have to be a shareholder to participate. We will not share your e-mail address.

For more information about the Perkins Discovery Fund, please call:

1-800-998-3190

For Shareholder Services
please call Commonwealth
Fund Services, Inc. at:

1-800-673-0550

Important Disclosures, Please Read

Investors should consider the investment objectives, potential risks, management fees and charges and expenses carefully before investing. This and other information is contained in the Fund's prospectus, which may be obtained by calling 1-800-673-0550. Please read and carefully consider the prospectus before investing. Distributed by Foreside Fund Services, LLC.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 1-800-673-0550.

The information provided is subject to change daily. It is provided for informational purposes only does not constitute an offer to sell, or the solicitation of an offer to buy any securities and must not be relied upon in connection with any investment decision.

Important Risk Disclosure

There is a risk that you could lose all or a portion of your investment in the Fund. The following principal risks associated with the fund can affect the value of your investment: General Market Risk: The market price of a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time. Equity Risk: Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility. Management Risk: The Adviser may fail to implement the Fund's investment strategies and meet its investment objective. Smaller Companies Risk: Investing in securities of smaller companies including micro-cap, smallcap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities. Small Portfolio Risk: Although the Fund is diversified, from time to time, it holds a relatively small number of securities (i.e., under 40). As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund's net asset value and total return. Each of the preceding risks are discussed in the prospectus. Please see the prospectus for more complete information regarding these and other risks associated with the fund.