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The TCM Small Cap Growth Fund's investment objectives, risks, charges and expenses must be carefully considered before investing. The statutory and summary prospectuses contain this and other important information about the Fund. You may download the prospectus on this website or obtain a hard copy by calling 1-800-536-3230. Please read it carefully before investing.

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The Fund invests in smaller and medium sized companies, which involve additional risks such as limited liquidity and greater volatility than large capitalization companies.

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Investments in foreign securities involve greater volatility and political, eco­nomic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Growth-oriented funds may underperform when value investing is in favor.

Earnings growth is not a measure of the Fund's future performance.

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Definitions:

The Russell 2000 Growth Index is an unmanaged index representing those Russell 2000 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.  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 Russell Investments.  P/E is the price of a stock divided by its reported earnings per share.   Enterprise value/EBITDA compares the value of a company (market value of equity plus debt minus cash) against its earnings before interest, taxes, depreciation and amortization ("EBITDA").  Price to sales is the current price of a stock divided by the company's sales per share for the trailing 12 months.  Cash flow refers to the incomings and outgoings of cash, representing the operating activities of an organization.  Return on invested capital is a profitability ratio that measures the return that an investment generates for those who have provided capital, i.c. bondholders and stockholders.  Basis point (BPS) refers to a common unit of measure for  percentages in finance.  One basis point is equal to 0.01%.

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The TCM Small Cap Growth Fund is distributed by Quasar Distributors, LLC. The TCM Small Cap Fund is offered only to United States residents, and information on this web site is intended only for such persons. Nothing on the web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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