Perkins Discovery Fund
Seeking Capital Appreciation through the Discovery of Emerging Companies
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The Perkins Discovery Fund is professionally managed by Perkins Capital Management, Inc., a registered investment advisor.

The Perkins Capital Management team, consisting of Richard W. Perkins, Daniel S. Perkins, Richard C. Perkins, and Harry A. L. Lindberg, Jr., has experience averaging over 35 years in the investment business. Founded in 1984, Perkins Capital Management serves as the investment advisor to private and institutional accounts totaling over $163 million.

Richard W. Perkins and Daniel S. Perkins are co-managers of The Perkins Discovery Fund.

Richard W. Perkins, CFA

Mr. Richard W. Perkins has over 50 years of experience in the investment business. In 1955, he received a BA in Business from the University of Wisconsin, Madison, and in 1957 earned an MBA in Financial Analysis and Investment Management from that same institution. He began his business career as Research Director at First Federal Savings and Loan Association in Chicago, Illinois, and then became Investment Analyst and Investment Manager with the American National Bank and Trust Company in Chicago. He subsequently moved to Rochester, Minnesota, where he served as Assistant Investment Manager of the Mayo Foundation Endowment Fund from 1958 to 1965. He then moved to Cleveland, Ohio, where he became the Pension Fund Manager for Standard Oil Company of Ohio.

In 1966, Mr. Perkins joined Piper, Jaffray & Hopwood, Inc., in Minneapolis, Minnesota, where he was instrumental in establishing one of the first investment research and sales boutiques for a regional brokerage firm. As a Vice President at Piper, Jaffray & Hopwood, Inc., Mr. Perkins was involved in corporate finance and venture capital activities, as well as rendering investment advice to domestic investment managers. In 1970, he was instrumental in establishing Piper, Jaffray & Hopwood, Inc.'s International Department, and as a Senior Vice President continued to provide investment advice to both domestic and foreign institutions until he founded Perkins Capital Management, Inc., in 1984.

Richard C. Perkins, CFA
(Executive Vice-President, Portfolio Manager)

Mr. Richard C. Perkins has 33 years of experience in the investment business. He graduated from Colby College, Waterville, Maine, in 1975 receiving a BA degree with distinction in two majors: Administrative Science and Mathematics/Economics. While at Colby College, he was awarded the Ernest L. Parsons Prize in Administrative Science and the James J. Harris Prize in Administrative Science. He was elected a Senior Scholar in Econometrics by the Economics Department. He began his business career with General Mills, Inc., as a Grain Merchandiser. He was an Investment Executive with Piper, Jaffray & Hopwood, Inc., Minneapolis, Minnesota for twelve years, where he specialized in equity securities. Involved in the community, Mr. Perkins served as President of the Board of Directors, YMCA Camp Olson, Rochester, Minnesota from 1983-1986.

Daniel S. Perkins, CFA
(Executive Vice-President, Portfolio Manager)

Mr. Daniel S. Perkins graduated from the University of Colorado, Boulder, with a BS degree in Business Administration in 1976. He was employed as an internal auditor for Modern Merchandising, Inc., Hopkins, Minnesota from 1978 to 1982, and then attended graduate school where he received his MBA in Finance from the University of Minnesota in 1983. Starting in 1983, he was employed as a financial analyst for Perkins and Partners, Inc., Wayzata, Minnesota, and co-founded Perkins Capital Management, Inc. in 1984.

Harry A. L. Lindberg, Jr.
(Vice-President, Portfolio Manager)

Mr. Harry A. L. Lindberg, Jr. has 31 years experience in the investment business. He graduated from Ohio Wesleyan University, Delaware, Ohio, in 1977 receiving a BA in Politics and Government. He began his business career with 3M Co. as a Marketing Executive. He was an Account Representative for Merrill Lynch & Co., an Account Representative with Paine Webber, Inc., and an Investment Executive with Piper Jaffray & Hopwood, Inc. before coming to Perkins Capital Management, Inc. in 1987.



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 First Dominion Capital Corp., Richmond, VA. Member FINRA/SIPC.

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.