The Perimeter Small Cap Growth Fund is available in two (2) share classes, “Investor” Shares and “I” Shares. The “Investor” Shares require a $100,000 minimum initial investment and the “I” Shares have a minimum initial investment of $1 million. Perimeter Capital as Investment Adviser to the Fund may waive these minimums lower for use by institutional investors, such as retirement plans.

The Perimeter Small Cap Growth Fund is available to U.S. investors only and may not be available in all states. The Perimeter Small Cap Growth Fund is distributed by BNY Mellon Distributors Inc. which is not affiliated with the adviser.

Ticker: PSCGX Net Assets as of 12/31/09: $163.3 M Cusip: 00764Q843 Morningstar Category: Small Growth Fund Inception: 9/29/2006 Lipper Category: Small Growth Exp Ratio: (gross): 1.40% (net): 1.35% Minimum Investment: $100,000 Investment Strategy: The Perimeter Small Cap Growth Fund is managed according to the investment process employed by the Perimeter Capital investment management team since 1998. The goal of the Fund is to maintain a broadly diversified portfolio of small cap stocks that has an optimal combination of earnings growth and fundamental characteristics. The investment team seeks companies that are expected to outperform, not only in strong growth markets, but during any market environment. The consistent application of the team’s sell discipline is also an integral part of the historical success of the overall process. Investors are reminded that mutual fund investing involves risk, including possible loss of principal. Small-cap stocks generally involve more risk than large-cap stocks due to potentially greater volatility and less market liquidity.