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What are the Funds’ symbols?
The symbol for the Focus Fund is TILFX and Dividend Fund is TILDX. |
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What positions do the Funds hold?
The Funds' holdings are disclosed in the quarterly, semi-annual and annual reports to shareholders. Links to these reports are available here. |
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When did the Funds start?
On March 16, 2005, the Funds opened at $10.00 per share each. |
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How do I invest in the Funds?
You can invest via a number of brokers, listed below, or you can invest directly. If you’re opening a taxable account, first read the complete prospectus and then click here for the application.
If you’re opening an IRA, first read the prospectus and disclosure documents. Then fill out the application and, if you’d like to transfer funds from an existing IRA, transfer forms.
Click here for these documents.
If you’re opening a SEP-IRA, first read the prospectus and disclosure documents. Then fill out the application and, if you’d like to transfer funds from an existing SEP-IRA, transfer forms.
Click here for these documents.
You can enclose a check with your application, or you can wire the funds directly to Wachovia Bank, N.A., the Funds' custodian (see wiring instructions below or in the application). |
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Through which brokers are the Funds available?
The Tilson Funds are available via the following brokers: ADP Clearing & Outsourcing, Ameritrade, Bear Sterns, BrownCo, Datalynx/First Trust, E*Trade, Fidelity, Harris Direct, J.P. Morgan Chase, Pershing, Scottrade, Smith & Moore, State Street, TD Waterhouse and Vanguard. |
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What are the investment minimums?
Both Funds have an investment minimum of only $2,500 ($1,000 under an automatic investment plan) and the minimum additional investment is $100 ($50 under an automatic investment plan). |
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What are the Funds’ expenses?
As explained in the prospectus, the maximum management fee for the Tilson Focus Fund is 2.45% and for the Tilson Dividend Fund, 1.95%. Both Funds have a base management fee of 1.5%, with no loads or 12b-1 fees. Other ordinary fees and expenses are capped at 0.45%; the Advisor has agreed to reimburse the Funds if these expenses exceed 0.45% per year. After the Tilson Focus Fund’s first year, it will have a variable performance-based fee of +/- 0.45% depending on the Fund’s trailing 12-month performance relative to the Wilshire 5000 Index*. Please read the prospectus for more information about the expenses.
We only seek long-term-oriented investors, so there is a 2% redemption fee for investors who withdraw in the first year.
Please read the attached prospectus carefully for more information regarding the fees, expenses and risks of the Funds.
* The Tilson Focus Fund’s investment advisor (“Advisor”) receives monthly compensation in the form of a variable performance-based incentive fee (“Variable Advisory Fee”). The Variable Advisory Fee is comprised of two separate component fees: (i) a fixed rate fee of 1.50% of the average daily net assets of the Focus Fund (“Fulcrum Fee”) and (ii) a performance incentive fee as set forth below (“Performance Fee”). The Performance Fee functions as an adjustment to the Fulcrum Fee and is based on the Fund’s performance relative to the performance of the Dow Jones Wilshire 5000 (Full Cap) Index, a broad-based, unmanaged index of 5,000 different stocks (“Wilshire 5000 Index”), over a 12-month rolling measuring period (“Measuring Period”), as such performance is presented on the website www.wilshire.com. The Measuring Period operates such that when each subsequent calendar month is added to the Measuring Period on a rolling basis, the earliest calendar month in the previous Measuring Period is dropped. For example, on April 1, 2006, the relevant Measuring Period would be from April 1, 2005 through March 31, 2006 and on May 1, 2006, the relevant Measuring Period would be from May 1, 2005 through April 30, 2006. Thus, the Performance Fee, and in turn the Variable Advisory Fee, will periodically increase or decrease depending on how well the Fund performs relative to the Wilshire 5000 Index for the Measuring Period. See the prospectus section entitled “Management of the Funds – Investment Advisor” for more information on the Tilson Focus Fund’s Performance Fee. |
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Where do I get a daily price quote?
The daily prices of the Tilson Focus Fund and Tilson Dividend Fund are updated at
http://www.ncfunds.com/fundpages/135.htm and
http://www.ncfunds.com/fundpages/136.htm, respectively, each business day within a few of hours of the market close. |
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Can I wire my investment?
Purchases may also be made through bank wire orders. To establish a new account, add to an existing account by wire or to get the wire instructions, please call the Fund at 1-888-4TILSON (888-484-5766), before wiring funds, to advise the Fund of the investment, dollar amount, and the account identification number. |
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An investor should consider the investment objectives, risks, and charges
and expenses of the Funds before investing. The prospectus contains this and
other information about the Funds. A copy of the prospectus is available by
clicking here or calling the fund directly at 888-484-5766. The prospectus
should be read carefully before investing.
Investment in the Funds is subject to investment risks, including, without
limitation, market risk, management style risk, sector focus risk, foreign
securities risk, nondiversified 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 and
real estate securities risk.
Distributor: Capital Investment Group, Inc., 116 S Franklin St, Rocky Mount,
NC 27804, 800-773-3863 |
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Whitney R. Tilson and Glenn H. Tongue manage the Tilson Focus Fund, and Zeke Ashton and Matthew Richey manage the Tilson Dividend Fund. For further information, click here. |
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