TCM Small-Mid Cap Growth Fund
Performance & Characteristics

MONTH-END FUND PERFORMANCE (As of 1/31/12)		Average Annual Total Returns
Fund (Inception) / Index	Year-to-Date	1 Year	3 Years	Since Inception
TCM Small-Mid Cap Growth Fund (6/29/07)	6.90%	-4.04%	18.58%	-1.85%
Russell 2500 Growth Index	7.71%	4.83%	27.22%	2.41%

QUARTER-END FUND PERFORMANCE (As of 12/31/11)		Average Annual Total Returns
Fund (Inception) / Index	Qtr-to-Date	1 Year	3 Years	Since Inception
TCM Small-Mid Cap Growth Fund (6/29/07)	10.96%	-8.70%	14.29%	-3.33%
Russell 2500 Growth Index	13.51%	-1.57%	21.57%	0.78%

The performance data quoted represents past performance over a brief time period and 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. 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 1-800-536-3230. Performance data shown does not reflect the 1% redemption fee imposed on shares held less than 60 days. If it did, total returns would be reduced.

Total Annual Fund Operating Expenses -- 0.92%
Plus: Recouped Management Fees-- 0.03%
Total Annual Fund Operating Expenses Plus Recouped Management Fees-- 0.95%

Tygh Capital Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or pay the Small-Mid Cap Fund’s expenses (excluding interest expense in connection with investment activities, taxes, Acquired Fund Fees and Expenses and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses Plus Recouped Management Fees to 0.95% of average net assets (the “Expense Cap”). The Expense Cap will remain in effect until at least January 31, 2013 and will continue for an indefinite period thereafter as determined by the Board. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. The Expense Cap may be terminated at any time by the Board of Trustees upon 60 days’ notice to the Advisor, or by the Advisor with the consent of the Board.

TCM SMALL-MID CAP GROWTH FUND CHARACTERISTICS - 1/31/12
Inception Date	June 29, 2007
Fiscal Year End	September 30
NASDAQ Symbol	TCMMX
Cusip	742935323
Total Net Assets	$309 million
Number of Holdings	96
Sales Load and 12b-1 Fees	None

 

TOP TEN HOLDINGS - 12/31/11
Ansys Inc.	2.8%
Mednax Inc.	2.7%
Trimble Navigation	2.3%
Airgas Inc.	2.3%
NICE Systems	2.1%
Kirby Corp.	1.9%
SBA Communications	1.9%
MICROS Systems	1.8%
IHS Inc.	1.7%
Verifone Systems	1.7%
Complete Holdings List	Download Here

 

SECTOR WEIGHTS - 12/31/11	TCMMX	Russell 2500 Growth
Industrials	26.10%	17.24%
Information Technology	25.40%	21.85%
Health Care	19.56%	16.33%
Consumer Discretionary	10.75%	14.60%
Energy	6.42%	8.62%
Materials	3.94%	7.37%
Financials	2.61%	8.38%
Cash	1.92%	0.00%
Telecomm Services	1.91%	1.34%
Consumer Staples	1.39%	3.81%

While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details. Fund holdings and sector weights are subject to change and are not recommendations to buy or sell any securities. Please bear in mind that investing in small companies' stocks involves higher risk and volatility than those of larger companies. The Russell 2500 Growth Index is an unmanaged index representing those Russell 2500 Index companies with higher price-to-book ratios and future projected earnings according to the Frank Russell Company.  One cannot invest directly in an index.