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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Investment Objective</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Investment Objective</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The objective of the DF Dent
Midcap Growth Fund (the “Fund”) is to seek long-term capital appreciation.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The objective of the DF Dent
Premier Growth Fund (the “Fund”) is to seek long-term capital appreciation.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Fees and Expenses</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Fees and Expenses</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">This table describes the fees
and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">This table describes the fees
and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that
you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the
same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that
you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the
same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: green"><font style="color: #000000"><b>Portfolio Turnover.
</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: green"><font style="color: #000000"><b>Portfolio Turnover.
</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Strategies</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Strategies</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund normally invests at
least 80% of its net assets (plus borrowings for investment purposes) in equity securities of medium-size companies (“80%
Policy”). For these purposes, the Adviser defines medium-sized companies as those companies with market capitalizations
in the range of $507.5 million to $18.5 billion, which was the two-year average of the market capitalization range of companies
in the Russell Midcap Growth Index on December 31, 2009 and 2010.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund typically invests in
U.S.-listed equity securities, including common stocks, preferred stocks, securities convertible into U.S. common stocks, real
estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”), and exchange-traded funds (“ETFs”).
The Fund invests in equity securities of domestic companies that in the Adviser’s view possess superior long-term growth
characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may invest in companies
that do not have particularly strong earnings histories but do have other attributes that in the Adviser’s view may contribute
to accelerated growth in the foreseeable future.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Adviser relies on selecting
individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other
sources to conduct analyses of prospective Fund investments.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">In purchasing Fund investments,
the Adviser’s process begins with an economic analysis of prospective Fund investments across a range of industries. The
Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche,
are consistent producers or exhibit sustainable growth.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Adviser may sell a security
in the Fund’s portfolio if, for example, it becomes overvalued or its fundamentals change. The Adviser may also change the
weighting in a stock if it becomes an excessively large position within the Fund due to appreciation.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund invests primarily in
equity securities, such as common, preferred and convertible stock, of domestic companies that possess superior long-term growth
characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may also invest in
companies that do not have particularly strong earnings histories but do have other attributes that may contribute to accelerated
growth in the foreseeable future. The Fund primarily invests in medium- and large-size domestic companies. According to the Adviser,
medium-size companies typically have market capitalizations in the range of $1.5 billion to $7 billion, and large-size companies
typically have market capitalizations greater than $7 billion.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund’s investment
strategy also permits the Fund to invest in small-size companies, which, according to the Adviser, are companies that typically
have market capitalizations under $1.5 billion.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">If the Fund is not invested
primarily in medium- and large-size domestic companies due to, among other things, changes in the market capitalization of those
companies in the Fund’s portfolio, the Fund will limit new investments to medium- and large-size domestic companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Adviser relies on selecting
individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other
sources to conduct analyses of prospective Fund investments. Under normal market conditions, the Fund will typically hold approximately
25-50 stocks.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">In purchasing Fund investments,
the Adviser’s process begins with an economic analysis of prospective Fund investments across a range of industries. The
Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche,
are consistent producers or exhibit sustainable growth.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Adviser may sell a stock
in the Fund’s portfolio if, for example, it becomes overvalued or its fundamentals change. The Adviser may also change the
weighting in a stock if it becomes an excessively large position within the Fund due to appreciation.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Risks</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Risks</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund’s net asset value
(“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could
lose money on your investment in the Fund or the Fund could underperform other investments. An investment in the Fund is not a
deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">It is important that investors
closely review and understand the risks of investing in the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>ADR Risk. </b>The Fund may
invest in ADRs. ADR risks include, but are not limited to fluctuations in foreign currencies, political and financial instability,
less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price
volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the
U.S. markets are not open for trading.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Convertible Securities Risk.
</b>Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible
securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations
in the market value of the underlying securities.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Equity Risk. </b>The Fund’s
equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The
value of a security may decline for a number of reasons which directly relate to the issuer of a security.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Growth Company Risk. </b>The
Fund’s investments in growth securities may be more sensitive to company earnings and more volatile than the market in general.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Management Risk. </b>The
Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited
to achieving the Fund’s investment objectives.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Market Events Risk. </b>Turbulence
in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide,
which could have an adverse effect on the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Mid Capitalization Company
Risk. </b>The Fund’s investments in mid capitalization companies may be less liquid and their securities’ prices may
fluctuate more than those of larger, more established companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Non-Diversification Risk.
</b>The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater
market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Preferred Stock Risk. </b>Preferred
stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to
common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The
market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability
to make payments on the preferred stock.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Registered Investment Company
and Exchange-Traded Funds Risk.</b> The risks of investment in these securities typically reflect the risks of types of instruments
in which the investment companies and Exchange-Traded Funds (“ETFs”) invest. By investing in another investment company
or ETF, the Fund becomes a shareholder of that investment company or ETF and bears its proportionate share of the fees and expenses
of the other investment company or ETF.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>REIT Risk. </b>The value
of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value
of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs
typically are subject to management fees and other expenses that are separate from those of the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Small Capitalization Company
Risk. </b>The Fund’s investments in small capitalization companies may be less liquid and their securities’ prices
may fluctuate more than those of larger, more established companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Value Investment Risk. </b>The
Fund may invest in securities the Adviser believes are undervalued. The value of the Fund’s shares may decline, even if
stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political
and economic developments.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund’s net asset value
(“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could
lose money on your investment in the Fund or the Fund could underperform other investments. An investment in the Fund is not a
deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">It is important that investors
closely review and understand the risks of investing in the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Convertible Securities Risk.
</b>Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible
securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations
in the market value of the underlying securities.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Equity Risk. </b>The Fund’s
equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The
value of a security may decline for a number of reasons which directly relate to the issuer of a security.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Focused Portfolio Risk. </b>Since
the Fund tends to invest in a smaller number of stocks than do many other similar mutual funds, changes in the value of individual
stocks held by the Fund may have a larger impact on the Fund’s NAV than if the Fund were more broadly invested.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Growth Company Risk. </b>The
Fund’s investments in growth securities may be more sensitive to company earnings and more volatile than the market in general.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Large Capitalization Company
Risk. </b>The Fund’s investments in large capitalization companies may underperform other segments of the market because
they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods
of economic expansion.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Management Risk. </b>The
Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited
to achieving the Fund’s investment objectives.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Market Events Risk. </b>Turbulence
in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide,
which could have an adverse effect on the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Mid Capitalization Company
Risk. </b>The Fund’s investments in mid capitalization companies may be less liquid and their securities’ prices may
fluctuate more than those of larger, more established companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Preferred Stock Risk. </b>Preferred
stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to
common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The
market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability
to make payments on the preferred stock.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Small Capitalization Company
Risk. </b>The Fund’s investments in small capitalization companies may be less liquid and their securities’ prices
may fluctuate more than those of larger, more established companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Value Investment Risk. </b>The
Fund may invest in securities the Adviser believes are undervalued. The value of the Fund’s shares may decline, even if
stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political
and economic developments.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Performance Information</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Performance Information</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">Performance information for
the Fund is not provided because the Fund has not been operational for a full calendar year.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The following chart and table
illustrate the variability of the Fund's returns as of December 31, 2011. The chart and table provide some indication of the risks
of investing in the Fund by showing the changes in the performance from year to year and how the Fund’s average annual returns
for one, five, and ten years compare to the Standard & Poor's 500 Index (the “S&P 500 Index”). Updated performance
information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><i>Performance information represents
only past performance, before and after taxes, and does not necessarily indicate future results.</i></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"></p>
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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Shareholder Fees (fees paid directly from your
investment)</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Shareholder Fees (fees paid directly from your
investment)</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Fund Operating Expenses<sup> </sup>(expenses
that you pay each year as a percentage of the value of your investment)</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Fund Operating Expenses<sup> </sup>(expenses
that you pay each year as a percentage of the value of your investment)</p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: green"><font style="color: #000000"><b>Example. </b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: green"><font style="color: #000000"><b>Example. </b></font></p>
<b>Average
Annual Total Returns<br />
(For the periods ended December 31, 2011)</b></font>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The calendar year-to-date total
return as of September 30, 2012 was 12.22%.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">During the period shown, the
highest return for a quarter was 20.09% for the quarter ended June 30, 2009, and the lowest return was -27.35% for the quarter
ended December 31, 2008.</font></p>
-0.2232
0.3398
0.1788
0.1236
0.0938
0.1655
-0.4220
0.3030
0.2530
0.0170
DFDMX
DFDPX
0
0
0
0
-0.0200
0
0
0
0.0100
0.0100
0
0
0.0245
0.0029
0.0345
0.0129
0.0110
0.0110
112
112
350
350
1136
650
3210
1504
0.0211
0.0170
0.0170
0.0110
-0.0025
0.0226
0.0214
0.0191
0.0292
0.0537
0.0528
0.0469
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"><td><font style="color: #000000">October 31, 2015</font></td></tr></table>
October 31, 2015
0.24
0.14
The Fund normally invests at
least 80% of its net assets (plus borrowings for investment purposes) in equity securities of medium-size companies (“80%
Policy”). For these purposes, the Adviser defines medium-sized companies as those companies with market capitalizations
in the range of $507.5 million to $18.5 billion, which was the two-year average of the market capitalization range of companies
in the Russell Midcap Growth Index on December 31, 2009 and 2010.
The Fund invests primarily in
equity securities, such as common, preferred and convertible stock, of domestic companies that possess superior long-term growth
characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may also invest in
companies that do not have particularly strong earnings histories but do have other attributes that may contribute to accelerated
growth in the foreseeable future. The Fund primarily invests in medium- and large-size domestic companies. According to the Adviser,
medium-size companies typically have market capitalizations in the range of $1.5 billion to $7 billion, and large-size companies
typically have market capitalizations greater than $7 billion.</font>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">You could lose money on your investment in the Fund or the Fund could underperform other investments.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">You could lose money on your investment in the Fund or the Fund could underperform other investments.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Non-Diversification Risk.
</b>The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater
market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The following chart and table
illustrate the variability of the Fund's returns as of December 31, 2011. </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">www.dfdent.com</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">(866) 233-3368</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><i>Performance information represents
only past performance, before and after taxes, and does not necessarily indicate future results. </i></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><b>Annual Returns as of December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The calendar year-to-date total
return as of September 30, 2012 was </font></p>
2012-09-30
0.1222
2009-06-30
0.2009
2008-12-31
-0.2735
<table cellpadding="1" cellspacing="0" style="border-collapse: collapse; font: 8.25pt Tahoma">
<tr>
<td>(reflects no deduction for fees, expenses or taxes)</td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</p>
<font style="color: #000000">After-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown
are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (“IRAs”).</font>
(reflects no deduction for fees, expenses or taxes)
Return Before Taxes
Return After Taxes on Distributions
Return After Taxes on Distributions and Sale of Fund Shares
DF Dent Midcap Growth Fund
DF Dent Premier Growth Fund
0
0
D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) to 1.10% on the first $150 million in Fund net assets and to 0.90% on net assets exceeding $150 million through October 31, 2015 ("Expense Cap"). The Expense Cap may be changed or eliminated at any time, only with the consent of the Board of Trustees. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap apply.