Alexandria, Virginia (October 29, 2012) – Castle Investment Management, LLC, the Advisor to the Castle Focus Fund (MOATX), is pleased to announce that it is waiving a portion of its fees for the Castle Focus Fund. As a result, the effective expense ratio of the Castle Focus Fund will be reduced to 1.35% for the Fund’s Investor Shares beginning on October 29th, 2012. 1
“This is the second reduction to the Fund’s expense ratio in as many years and it is another example of our dedication to reducing expenses for Fund shareholders,” said Caeli Andrews, Co-Founder of Castle investment Management. “The Fund will celebrate its third birthday next summer. We have been pleased with the asset growth the Fund has experienced thus far as Fund assets recently passed $110 Million” Mr. Andrews added.
The Fund is available with no transaction fee on the major mutual fund supermarkets including Schwab, Fidelity, TD Ameritrade and Pershing.
The Castle Focus Fund is sub-advised by St. James Investment Company with Robert Mark serving as the portfolio Manager. St. James manages the Fund using the same portfolio manager and investment process they have used to manage institutional accounts since 1999. The Fund is actively-managed by Robert Mark who utilizes a bottom-up research process to seek out investment ideas. The Fund is a focused portfolio generally holding 20 to 30 equity positions trading at a significant discount to the Portfolio Manager’s determination of intrinsic value.
The Castle Focus Fund’s prospectus contains important information about the Fund’s investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. You may obtain a current copy of the Fund’s prospectus by calling 1-877-743-7820. Distributed by Rafferty Capital Markets, LLC-Garden City, NY 11530, Member FINRA.
The risks associated with the Fund, detailed in the Prospectus, include the risks of investing in small and medium sized companies and foreign securities which may result in additional risks such as the possibility of greater price volatility and reduced liquidity, fluctuations in currency exchange rates, and political, diplomatic and economic conditions as well as regulatory requirements in foreign countries. There also may be risks associated with the Fund’s investments in exchange traded funds, real estate investment trusts (“REITs”), significant investment in a specific sector, and non-diversification.
¹ The expense ratio excluding acquired fund expenses for the Investor shares and C shares will be 1.35% and 2.35%, respectively, beginning October 29, 2012. The expense ratio including acquired fund expenses for the Investor shares and C shares will be 1.39% and 2.39%, respectively, beginning October 29, 2012. Under the Services Agreement the Adviser receives an additional fee of 0.58% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses. Effective October 29, 2012 the Adviser has contractually agreed to waive Services Agreement fees by 0.23% of its average daily net assets through October 31, 2013. The Services Agreement fee waiver will automatically terminate on October 31, 2013 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2013.