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 March 31, 2025:

Annualized Total Return	Perkins Discovery Fund	Dow Jones U.S. Micro-Cap Total Stock Market Index	NASDAQ Composite Index	S&P 500 Index
Since 4-9-98 Inception	8.73%	5.57%	8.71%	6.19%
Fifteen Year	6.40%	5.23%	14.08%	11.02%
Ten Year	4.70%	1.76%	13.44%	10.50%
Five Year	8.46%	6.65%	17.57%	16.77%
Three Year	-5.05%	-6.95%	6.75%	7.40%
One Year	-3.15%	-5.72%	5.62%	6.80%
YTD	-16.60%	-14.62%	-10.42%	-4.59%

Gross Expense Ratio – 4.48% 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, 2025. 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 3/31/25, the top ten holdings comprised the following percent of the Discovery Fund’s total net assets: Natera, Inc. (10.4%), Axogen, Inc. (9.8%), Vericel Corp. (9.1%), Veracyte, Inc. (8.0%), ANI Pharmaceuticals, Inc. (6.9%), Cantaloupe, Inc. (5.1%), EPlus, Inc. (5.0%), BioLife Solutions, Inc. (4.7%), Digi International, Inc. (4.1%) and Atricure, Inc. (4.0%). 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.