Tilson Dividend  TILDX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Mid-Cap Blend Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Medium
   Growth
  
  
As of 2009-07-31
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 11.08
  
YTD Return % (2009-11-20)
42.44%
  
Total Assets ($ mil)
9
View Data Definitions
  Performance    
Growth of $10,000 Fund: Tilson Dividend
(from 2005-03-16 to 2009-10-31) Category: Mid-Cap Blend
Index: S&P 500 TR
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2005-03-16 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 42.44 77.77 4.52 --- --- 6.60
+/- Category 16.88 59.56 10.90 --- --- ---
+/- S&P 500 TR 18.92 28.97 10.42 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 36.32 23.80 5.73 --- --- 7.64
Month-End (as of 2009-10-31) 31.15 37.33 2.15 --- --- 6.60
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 36.89 -0.04 --- --- ---
On Distribution & Sale of Shares --- 24.20 0.82 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 378 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus 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 herein.
  Portfolio Profile    
Sector Breakdown %
Information 17.02
Software 0.00
Hardware 10.94
Media 1.88
Telecommunications 4.20
Service 64.26
Healthcare 7.39
Consumer Services 14.19
Business Services 2.93
Financial Services 39.76
Manufacturing 18.72
Consumer Goods 0.00
Industrial Materials 10.72
Energy 8.00
Utilities 0.00
Asset Allocation
% of Net Assets
Cash 5.5
Stocks 89.5
Bonds 0.0
Other 5.0
Foreign Stocks 16.0
(as a % of Assets)
Data through 2009-07-31 Data through 2009-07-31
 
Holding Status
Total Number of Stock Holdings 25 Turnover % 159
Total Number of Bond Holdings 0 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 54.78 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Sector P/E YTD
Return %		 % of Net
Assets
Annaly Capital Management, Inc. 24.81 25.39 7.41
Odyssey Re Holdings Corporation --- --- 7.06
HighMark 100% US Treasury MMkt Fid --- --- --- 5.60
Northrop Grumman Corporation --- 24.91 5.19
SPDR Gold Shares --- --- --- 5.18
Chesapeake Energy Corp. 14.18 43.82 5.16
Costco Wholesale Corporation 18.12 15.73 5.16
EMC Corporation 16.37 62.75 4.99
Cisco Systems, Inc. 12.30 43.93 4.94
TMX Group Inc --- --- 4.87
Data through 2009-07-31
YTD Return through 2009-11-20
  Other Information
Fund Inception: 2005-03-16
Portfolio Manager  (Start Date)
Zeke Ashton  (2005-03-16)
Ashton is the founder, managing partner, and a portfolio manager of T2 Partners Management. Prior to founding T2 Partners Management and its affiliated advisor entity in 2002, he served as the general partner and portfolio manager of Centaur Investments, LP, a private investment partnership and was employed as an investment analyst for TMF. Prior to his work at TMF, Ashton was employed as a senior analyst and project manager in the Zurich, Switzerland office of Infinity Systems.
Matthew Richey  (2005-03-16)
Richey is a portfolio manager with Centaur Capital Partners. Prior to joining Centaur Capital Partners in October 2003, he was employed as an investment analysts with a focus on small-cap value stocks for TMF. Richey worked briefly for America Online as a marketing analyst for the Aegis Value Fund as an independent contractor.
Sales Charge %
(taken from prospectus dated 2009-03-02)
Front: None
Deferred: None
Expense Ratio % 1.95
based on net assets
(taken from annual report dated 2008-10-31)
Correspondence Information
145 East 57th Street
10th Floor
New York,  NY  10022
USA
Telephone:
888-484-5766
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.