A No-load
Family of Funds

OUR MISSION:
To Transform Value Into Growth

Tilson Mutual Funds

The Tilson Mutual Funds follow a long-term-oriented, value-based investment strategy, seeking to identify stocks that are trading at a substantial discount to their intrinsic value. The Tilson Focus Fund seeks maximum capital appreciation, while the Tilson Dividend Fund seeks maximum total return though a combination of capital appreciation and current income.

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Call us at 1-888-4TILSON
(1-888-484-5766) or
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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.

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: ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver CO, 80203

There is no affiliation between T2 Partners Management LP, Centaur Capital Partners, LP, including its principals, and ALPS Distributors, Inc. 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.

© 2012 Tilson Mutual Funds