Tilson Focus Fund

Average Annual Total Return as of Month Ending 10/31/2008
	One Year	Five Year	Inception*
NAV	-40.32%	N/A%	-6.04%
With Redemption Fee	-40.32%	N/A%	-6.04%

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


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.