Hypothetical Growth of a $10,000 Investment Since Inception

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund, its primary benchmark, the Russell Midcap Index, and its secondary benchmark, the S&P 500 Index, since inception through April 30, 2012. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable redemption fees. This chart does not imply future performance.

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Performance

Average Annual Returns as of April 30, 2012
		YTD	1Yr	3Yrs	5Yrs	10Yrs	Since Inception (3/4/99)
American Opportunities Fund		9.10%	0.84%	19.39%	0.53%	5.99%	6.80%
Russell Midcap Index		12.56%	-0.03%	29.13%	2.19%	8.03%	8.07%
S&P 500 Index		11.88%	4.75%	23.42%	1.00%	4.70%	2.77%

Average Annual Returns as of the Most Recent Quarter End - March 31, 2012
		1st Qtr	YTD	1Yr	3Yrs	5Yrs	10Yrs	Since Inception (3/4/99)
American Opportunities Fund		9.49%	9.49%	4.65%	22.56%	1.13%	6.04%	6.88%
Russell Midcap Index		12.94%	12.94%	3.30%	29.13%	3.03%	7.85%	8.15%
S&P 500 Index		12.59%	12.59%	8.53%	23.42%	2.01%	4.12%	2.84%

Performance data is based upon past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 1-800-811-0535 to obtain performance data as of the most recent month-end. The Fund imposes a 2% redemption fee on share held less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be lower.

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Fund Strategy

The American Opportunities Fund primarily invests in undervalued U.S. securities. The portfolio will emphasize mid-cap stocks whose market capitalizations range between $2 and $15 billion. The fund can also have a significant amount of large-cap and small-cap stocks.

Inception Date: 03/04/1999

Portfolio Manager: Thomas S. White, Jr.

Fund Assets: $23.50 million (as of April 30, 2012)

Fund Price: $13.43 (May 16, 2012)

CUSIP: 543917306

Primary Benchmark: Russell Midcap Index1

Secondary Benchmark: S&P 500 Index1

Sales charge: None. A no load fund

Minimum Initial Investment: Non-Retirement Plan $ 2,500 Retirement Plan $ 1,000

Redemption Fee: 0 - 60 days: 2.00% More than 60 days: 0.00%

Fees and Expenses: Gross Annual Operating Expenses : 1.39% Net Annual Operating Expenses: 1.35%2

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Fund Rankings

Morningstar® Ratings^TM as of April 30, 2012
Morningstar® Category: Mid-Cap Blend

Overall	3-year	5-year	10-year
out of 384 funds	out of 384 funds	out of 313 funds	out of 199 funds

The Overall Morningstar Rating for Thomas White American Opportunities Fund is derived from a weighted average of the risk-adjusted performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are relative to a peer group and do not necessarily mean that the fund had high total returns.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Copyright 2012, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Lipper® Rankings as of March 31, 2012
Lipper® Category: Mid-Cap Core

1-year	5-year	10-year
40 out of 309 funds	172 out of 231 funds	91 out of 157 funds

Lipper Rankings represent the funds' ranking within its Lipper asset class peer group and are based on total return performance and do not reflect the effect of sales charges. Lipper fund data for all time periods shown as of March 31, 2012. Although a fund may outperform peers when compared to Lipper peer groups, the returns for that time period may still be negative. Rankings shown include management fees and are provided by Lipper Inc., a leading independent performance analysis service. This information is provided for educational purposes only and should not be considered investment advice. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. Past performance is no guarantee of future results.

Copyright 2012, Reuters, All Rights Reserved.

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Reports and Publications

Summary Prospectus(3/12) Prospectus(3/12) Statement of Additional Information(3/12) Application

Annual Report (10/11) Semi-Annual Report (4/11) Risk/Return Information (3/11)

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1. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which measures the performance of the 1,000 largest US companies based on total market capitalization. The S&P 500 Index measures the performance of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

2. Gross Expenses are based on the most recent prospectus. The Advisor has contractually agreed to reimburse the American Opportunities Fund to the extent that the Fund’s total operating expenses exceed 1.35% of the Fund’s average daily net assets. This agreement expires on February 28, 2013 and automatically renews, unless terminated by the Fund’s Board of Trustees.

While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investments in smaller companies involved additional risks such as limited liquidity and greater volatility.