Investors should consider the Fund’s investment objectives, risks, and expenses carefully before investing. To obtain a prospectus, or summary prospectus, which contains this and other information about the Fund, call 1-888-99TOWLE (888-998-6953) or click here. Please read the prospectus carefully before investing.

Supplemental information can be found in the most recent quarterly fact sheet below:

• Fact Sheet

Shares in our Funds may be purchased directly or with a transaction fee through intermediaries. To purchase directly, download, complete, and mail one of the following applicable forms:

• General Account Application
• IRA Account Application

If you prefer, you can order a fulfillment kit and/or applications through shareholder services by calling 1-888-99TOWLE (888-998-6953).

Additional Forms:

• IRA Transfer/Conversion Request Form
• Traditional IRA Custodial Agreement
• Roth IRA Custodial Agreement
• IRA Change of Beneficiary Form
• IRA Distribution Request Form
• Cost Basis Election Form
• Account Privileges Change Form
• Account Registration Change Form

There can be no guarantee that any strategy will be successful. All investing involves risk, including potential loss of principal.

As of August 1, 2024, the Towle Deep Value Fund is now the Towle Value Fund.

The Towle Value Fund is distributed by IMST Distributors, LLC.