Tilson Focus Fund

Tilson Focus Fund

Prices as of 8/19/2008
	Current NAV	Previous NAV	Difference
	8.70	8.82	-0.12

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Returns as of 8/19/2008
	Daily⁺	Month to Date⁺	Year to Date⁺	Inception*
NAV	-1.36%	4.57%	-18.77%	-1.03%
With Redemption Fee	-3.33%	2.57%	-20.39%	-1.03%

⁺Not annualized since less than one year.

Average Annual Total Return as of Quarter Ending 6/30/2008
	One Year	Five Year	Inception^*
NAV	-27.59%	N/A%	-1.17%
With Redemption Fee	-27.59%	N/A%	-1.17%

^* The Fund inception was 3/16/2005.

Click Here for Month End Returns The performance information quoted above represents past performance, which is not a guarantee of future results. 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 lower or higher than the performance data quoted. A redemption fee of 2% of the amount redeemed is imposed on redemptions of Fund shares occurring within one year following the issuance of such shares.

Historical Fund Prices
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Ticker Information
NASDAQ TICKER	TILFX
CUSIP NUMBER	886888106
Minimum Investment
Initial	$1,500 ($1,000 under an automatic investment plan)
Subsequent	$100 ($50 under an automatic investment plan)
IRA Initial	$1,500 ($1,000 under an automatic investment plan)
IRA Subsequent	$100 ($50 under an automatic investment plan)
Management
Portfolio Manager	Whitney R. Tilson Glenn H. Tongue
Investment Advisor	T2 Partners Management LP 145 East 57th Street, 10th Floor New York, NY 10022 1-888-4TILSON (1-888-484-5766)
Distributor	Capital Investment Group 17 Glenwood Avenue Raleigh, NC 27603
Inception Date	March 16, 2005
State Registrations
The fund is available for sale in the following states:	AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, GU, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Shareholder Transaction Expenses
Maximum sales load imposed on purchases (as a percentage of offering price)	None
Maximum sales load imposed on reinvested dividends	None
Maximum deferred sales load	None
Redemption fees	2.00%¹
Exchange fee	None
¹ The redemption fee (“Redemption Fee”) is charged upon any redemption of Fund shares occurring within one year following the issuance of such shares. The Redemption Fee is not a fee to finance sales or sales promotion expenses, but is paid to the respective Fund to defray the costs of liquidating a shareholder’s investment in the Fund and discourage short-term trading of Fund shares. The Redemption Fee does not apply to shares purchased by reinvesting dividends or capital gain distributions, shares exchanged for shares of other funds of the Trust, amounts representing capital appreciation of shares, certain redemptions pursuant to a systematic withdrawal plan, certain redemptions upon death or permanent disability of the shareholder, or mandatory distribution from a tax-deferred retirement plan or IRA. See the section entitled “Redeeming Your Shares – Fees on Redemptions” for additional information regarding the applicability of the Redemption Fee.
Annual Fund Operating Expenses²
Investment Advisory Fees	1.95%
12b-1 Fees	0.00%
Other Expenses	1.00%
Acquired Fund Fees and Expenses³	0.00%
Total Annual Fund Operating Expenses	2.95%⁴
Fee Waivers and/or Expense Reimbursements	(0.55)%
Net Expenses	2.40%⁴
² “Other Expenses” and “Total Annual Fund Operating Expenses” are based upon actual expenses incurred by the Fund for the fiscal year ended October 31, 2007, adjusted to reflect the maximum variable performance fee with respect to the Fund (see footnote 4 below). The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the Fund for certain months and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, investment advisory and/or variable performance incentive fees paid to the Advisor, extraordinary expenses and payments, if any, under a Rule 12b-1 Plan) to not more than 0.45% of the average daily net assets of the Fund for the fiscal year ending October 31, 2008. It is expected that the Expense Limitation Agreement will continue from year-to-year, provided such continuance is approved by the Board of Trustees of the Fund. See the section entitled “Management of the Funds--Investment Advisor” for more detailed information, including more information on the Fund’s variable performance incentive fee. ³ “Acquired Fund” means any investment company in which the Fund invests or has invested during the period. The Fund’s “Acquired Fund Fees and Expenses” are based on amounts for the fiscal year ended October 31, 2007. The “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses.” The Fund calculates the Acquired Funds’ expenses using the net expense ratios reported in the Acquired Funds’ most recent shareholder reports. The “Acquired Fund Fees and Expenses” for the Fund for the fiscal year ended October 31, 2007 were less than 0.01%. ⁴ Actual “Total Annual Fund Operating Expenses” and “Net Expenses” for the Focus Fund for the fiscal year ended October 31, 2007 were 2.53% and 1.98%, respectively.
Principal Risks of Investing in the Fund
Investments in the Funds are subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that either of the Funds will be successful in meeting its investment objective. Generally, the Funds will be subject to the following additional risks: market risk, management style risk, sector focus risk, foreign securities risk, non-diversified fund risk, portfolio turnover risk, credit risk, interest rate risk, maturity risk, investment grade securities risk, junk bonds or lower-rated securities risk, derivative instruments risk, valuation risks for non-exchange traded options, and real estate securities risk. More information about these risks and other risks can be found in the Fund’s prospectus.

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-888-4TILSON (1-888-484-5766). The prospectus should be read carefully before investing.
Download Information
Prospectus	View/Download PDF File
Privacy Policy	View/Download PDF File
Annual Report	View/Download PDF File
Semi-Annual Report	View/Download PDF File
Application	View/Download PDF File
SAI	View/Download PDF File
IRA Information	View/Download PDF File
IRA Application	View/Download PDF File
SEP IRA Instructions	View/Download PDF File
SEP IRA Application	View/Download PDF File

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The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

Distributor: Capital Investment Group, Inc., 116 S Franklin St, Rocky Mount, NC 27804, Call (800) 773-3863 to order a prospectus.