TIP FUNDS
PROSPECTUS
January 31, 2000
TIP TARGET SELECT EQUITY FUND
Investment Adviser
TURNER INVESTMENT PARTNERS, INC.
These securities have not been approved or disapproved by the Securities and
Exchange Commission nor has the Commission passed upon the accuracy or
adequacy of this prospectus. Any representation to the contrary is a
criminal offense.
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How to Read Your Prospectus
TIP Funds is a mutual fund family that offers different classes of shares in
separate investment portfolios (Fund). The Fund has individual investment goals
and strategies. This prospectus gives you important information about the Fund
that you should know before investing. Please read this prospectus and keep it
for future reference.
This prospectus has been arranged into different sections so that you can easily
review this important information. On the next page, there is some general
information you should know about the Fund. For more detailed information about
the Fund, please see:
Page
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TIP TARGET SELECT EQUITY FUND..........................................XXX
INVESTMENTS AND PORTFOLIO MANAGEMENT...................................XXX
PURCHASING, SELLING AND EXCHANGING TIP FUNDS...........................XXX
DIVIDENDS, DISTRIBUTIONS AND TAXES.....................................XXX
FINANCIAL HIGHLIGHTS...................................................XXX
To obtain more information about TIP Funds, please refer to the Back Cover of
the Prospectus.
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INFORMATION ABOUT THE FUND
The TIP Target Select Equity Fund is a mutual fund. A mutual fund pools
shareholders' money and, using professional investment managers, invests it in
securities.
The Fund has its own investment goal and strategies for reaching that goal. The
Adviser and Sub-Advisers invest Fund assets in a way that it believes will help
the Fund achieve its goal. Still, investing in the Fund involves risk and there
is no guarantee that the Fund will achieve its goal. The Adviser's and
Sub-Advisers' judgments about the markets, the economy, or companies may not
anticipate actual market movements, economic conditions or company performance,
and these judgments may affect the return on your investment. In fact, no matter
how good a job the Adviser and Sub-Advisers do, you could lose money on your
investment in the Fund, just as you could with other investments. A Fund share
is not a bank deposit and it is not insured or guaranteed by the FDIC or any
government agency.
The value of your investment in the Fund is based on the market prices of the
securities the Fund holds. These prices change daily due to economic and other
events that affect particular companies and other issuers. These price
movements, sometimes called volatility, may be greater or lesser depending on
the types of securities the Fund owns and the markets in which they trade. The
effect on the Fund's share price of a change in the value of a single security
will depend on how widely the Fund diversifies its holdings.
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TIP Target Select Equity Fund
Fund Summary
<TABLE>
<CAPTION>
<S> <C>
Investment Goal Long-term capital appreciation
Investment Focus Common stocks of U.S. issuers
Share Price Volatility High
Principal Investment Strategy Utilizing sub-advisers experienced in selecting
securities that have growth potential or that are
undervalued, the Fund invests in U.S. common stocks
Investor Profile Investors who want capital appreciation but who can
tolerate the risks of investing in equity securities
</TABLE>
Strategy
The TIP Target Select Equity Fund invests primarily (at least 65% of its assets)
in common stocks and other equity securities of companies regardless of their
market capitalization. The Fund uses a multi-manager approach, relying upon a
number of sub-advisers with differing investment philosophies to manage portions
of the Fund's portfolio under the general supervision of Turner. In selecting
investments for the Fund, the Adviser and the Sub-Advisers typically choose
stocks of companies that have above-average growth potential or that have been
undervalued by the market. The Fund will invest in securities of companies
operating in a broad range of industries based on their growth potential or
their relatively attractive price.
Due to its investment strategy, the Fund may buy and sell securities frequently.
This may result in higher transaction costs and additional capital gains tax
liabilities.
Risks
Since it purchases equity securities, the Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's equity
securities may fluctuate drastically from day to day. Individual companies may
report poor results or be negatively affected by industry and/or economic trends
and developments. The prices of securities issued by such companies may suffer a
decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.
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The smaller capitalization companies the Fund invests in may be more vulnerable
to adverse business or economic events than larger, more established companies.
In particular, these small companies may have limited product lines, markets and
financial resources, and may depend upon a relatively small management group.
Therefore, small cap stocks may be more volatile than those of larger companies.
These securities may be traded over the counter or listed on an exchange and may
or may not pay dividends.
The Fund's investment approach, with its emphasis on stocks in a variety of
capitalization ranges, is expected to offer potentially higher returns and a
higher level of volatility relative to equity funds that invest solely in large
cap companies. In addition, because the Fund does not employ a specific "growth"
or "value" discipline, the Fund can be expected to perform differently than
funds that employ a specific investment style.
The Fund is non-diversified, which means that it may invest in the securities of
fewer issuers than a diversified fund. As a result, the Fund may be more
susceptible to a single adverse economic or regulatory occurrence affecting one
or more of these issuers, and may experience increased volatility due to its
investments in those securities.
Performance Information
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund. Of course, the Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
This bar chart shows changes in the performance of the Fund's Shares from year
to year for two years.*
1998 25.45%
1999 113.07%
* The performance information shown above is based on a calendar year.
Best Quarter Worst Quarter
43.45% (17.08)%
(12/31/99) (9/30/98)
This table compares the Fund's average annual total returns for the periods
ended December 31, 1999, to those of the Russell 3000 Index.
Since Inception
1 Year (1/1/98)
--------------------------------------------------------------------------
TIP Target Select Equity Fund 113.07% 63.50%
Russell 3000 Index 20.90% 22.51%
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What is an Index?
An index measures the market price of a specific group of securities in a
particular market of securities in a market sector. You cannot invest directly
in an index. An index does not have an investment adviser and does not pay any
commissions or expenses. If an index had expenses, its performance would be
lower. The Russell 3000 Index is a widely-recognized, capitalization-weighted
(companies with larger market capitalizations have more influence than those
with smaller market capitalizations) index of the 3,000 largest U.S. companies.
Fund Fees and Expenses
This table describes the Fund's fees and expenses that you may pay if you buy
and hold shares of the Fund.
Annual Fund Operating Expenses (expenses deducted from Fund assets)
----------------------------------------------------------------------------
Investment Advisory Fees 1.05%
Distribution (12b-1) Fees None
Other Expenses 9.14%
------
Total Annual Fund Operating Expenses 10.19%
Fee Waivers and Expense Reimbursements 8.89%
------
Net Total Operating Expenses 1.30%*
--------------------------------------------------------------------------------
* The Fund's Adviser has contractually agreed to waive fees and to reimburse
expenses in order to keep total operating expenses from exceeding 1.30% for a
period of one year, or from exceeding 1.80% in any subsequent year. In addition,
the Fund has an arrangement with certain broker-dealers who have agreed to pay
certain fund expenses in return for the direction of a percentage of the Fund's
brokerage transactions. As a result of these arrangements, it is anticipated
that the Fund's expenses will be reduced. For more information about these fees,
see "Investment Adviser."
Example
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also
assumes that each year your investment has a 5% return and Fund expenses remain
the same. Although your actual costs and returns might be different, your
approximate costs of investing $10,000 in the Fund would be:
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
TIP Target Select Equity Fund $132 $520 $936 $2,120
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The Fund's Other Investments
In addition to the investments and strategies described in this prospectus, the
Fund also may invest in other securities, use other strategies and engage in
other investment practices. These investments and strategies, as well as those
described in this prospectus, are described in detail in our Statement of
Additional Information (SAI). Of course, there is no guarantee that the Fund
will achieve its investment goal.
The investments and strategies described throughout this prospectus are those
that the Fund uses under normal conditions. During unusual economic or market
conditions, or for temporary defensive or liquidity purposes, the Fund may
invest up to 100% of its assets in cash, repurchase agreements and short-term
obligations that would not ordinarily be consistent with the Fund's objectives.
The Fund will do so only if the Adviser believes that the risk of loss outweighs
the opportunity for gains.
Investment Adviser
Turner Investment Partners, Inc., an SEC-registered adviser, serves as the
Adviser to the Fund. As the Fund's Adviser, Turner makes investment decisions
for the Fund and continuously reviews, supervises and administers the Fund's
investment programs. The Adviser also ensures compliance with the Fund's
investment policies and guidelines.
As of December 31, 1999, Turner had approximately $5.6 billion in assets under
management. For its services during the most recent fiscal year, Turner received
no investment advisory fees and waived/reimbursed expenses of 7.84%. Turner pays
a portion of this fee to the Fund's sub-advisers.
Portfolio Managers
Robert E. Turner is a Trustee of the Trust and will be responsible for
monitoring the day-to-day activity of the investment managers. In addition, Mr.
Turner will act as portfolio manager of the portion of the assets of the Fund
managed by Turner Investment Partners. Mr. Turner is also Chairman and Chief
Investment Officer of Turner Investment Partners, Inc. He has held this position
since the founding of Turner Investment Partners, Inc. in 1990. He has 18 years
of investment experience.
Chartwell Investment Partners manages a portion of the assets of the Fund. Wynn
Jessup, founder of Chartwell Investment Partners, and Chairman and President of
Chartwell Dividend and Income Fund, serves as portfolio manager to the TIP
Target Select Equity Fund. Mr. Jessup has over 31 years of investment
experience.
Penn Capital Management Company, Inc. manages a portion of the assets of the
Fund. Richard Hocker, founder of Penn Capital Management, Inc., serves as
portfolio manager to the TIP Target Select Equity Fund. Prior to founding Penn
Capital in 1987, Mr. Hocker was a shareholder and Senior Portfolio Manager of
Delaware Investment Advisers, and investment management firm. He has over 36
years of investment experience.
Clover Capital Management, Inc. manages a portion of the assets of the Fund.
Michael Jones, co-founder and Managing Director of Clover Capital, serves as
portfolio manager to the TIP Target Select Equity Fund. Mr. Jones has over 20
years of investment experience.
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Purchasing, Selling and Exchanging TIP Funds
--------------------------------------------------------------------------------
In order to open a new account, you must complete and mail the New Account
Application that you receive with this prospectus.
All trades must be received by the Fund's Transfer Agent by 4:00 PM EST.
Your check must be made payable to the TIP Funds.
The Fund's minimum initial investment is $2,500 with minimum subsequent
purchases of $50.
--------------------------------------------------------------------------------
Once you are a shareholder of the TIP Funds you can do the following:
--------------------------------------------------------------------------------
* Purchase, sell or exchange Fund shares by phone.
Call 1-800-224-6312 between 9:00 AM and 4:00 PM EST Monday through Friday and
press 3 to place a trade.
--------------------------------------------------------------------------------
* Purchase, sell or exchange Fund shares by mail. Shareholders can mail trade
requests to:
Regular mail Express or overnight mail
TIP Funds TIP Funds
P.O. Box 219805 c/o DST Systems Inc.
Kansas City, MO 64141-6805 330 W. 9th Street
Kansas City, MO 64105
--------------------------------------------------------------------------------
* Purchase Fund shares by wiring funds to:
United Missouri Bank of Kansas NA
ABA #101000695
Account # 9870601168
Further Credit: name of fund, shareholder name and TIP Funds
account number
--------------------------------------------------------------------------------
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The TIP Target Select Equity Fund is a "no load" mutual fund, meaning you pay no
sales charge when purchasing shares of the Fund. The minimum initial investment
is $2,500 and the subsequent investments are $50. The Fund reserves the right to
waive the minimum initial investment.
This section tells you how to buy, sell (sometimes called "redeem") or exchange
shares of the Fund.
Purchasing TIP Fund Shares
When Can You Purchase Shares?
You may purchase shares on any day that the New York Stock Exchange (NYSE) is
open for business (a Business Day).
We may reject any purchase order if we determine that accepting the order would
not be in the best interests of the Fund or its shareholders.
To open an account:
o By Mail -- Please send your completed application, with a check payable to
TIP Funds, to the address listed on this page. Your check must be in U.S.
dollars and drawn on a bank located in the United States. We do not accept
third party checks, credit card checks or cash.
o By Wire -- Please call us at 1-800-224-6312 (option 3) to let us know that
you intend to make your initial investment by wire. You will be given an
account number and fax number to which you should send your completed New
Account Application. Once this is complete you will need to instruct your
bank to wire money to: United Missouri Bank of Kansas, N.A.; ABA
#10-10-00695; for Account Number 98-7060-116-8; Further Credit: [TIP Target
Select Equity Fund]. The shareholder's name and account number must be
specified in the wire.
Systematic Investment Plan
If you have a checking or savings account with a bank, you may purchase shares
automatically through regular deductions from your account. Please call
1-800-224-6312 for information regarding participating banks. With a $100
minimum initial investment, you may begin regularly scheduled investments once a
month.
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How Fund Prices are Calculated
The price per share (the offering price) will be the net asset value per share
(NAV) next determined after the Fund receives your purchase order. NAV for one
Fund share is the value of that share's portion of all of the net assets in the
Fund. The Fund's NAV is calculated once each Business Day at the
regularly-scheduled close of normal trading on the NYSE (normally, 4:00 p.m.,
Eastern time). So, for you to receive the current Business Day's NAV, generally
we must receive your purchase order before 4:00 p.m., Eastern time.
In calculating NAV, the Fund generally values its investment portfolio at market
price. If market prices are unavailable or the Fund thinks that they are
unreliable, fair value prices may be determined in good faith using methods
approved by the Board of Trustees.
Purchasing Additional Shares
o By Mail -- Please send your check payable to TIP Funds along with a signed
letter stating the name of the TIP Target Select Equity Fund and your
account number.
o By Phone -- Current shareholders are eligible to purchase shares by phone
if they have requested that privilege by checking the appropriate box on
the New Account Application. Shareholders who have requested telephone
privileges can call 1-800-224-6312 (option 3) and give the Fund and account
number they would like to make a subsequent purchase into. They must then
instruct their bank to wire the money by following the instructions listed
on page ___.
Additional Information
You may also buy shares through accounts with brokers and other institutions
that are authorized to place trades in Fund shares for customers. If you invest
through an authorized institution, you will have to follow its procedures, which
may be different from the procedures for investing directly. Your institution
may charge a fee for its services, in addition to the fees charged by the Fund.
You will also generally have to address your correspondence or questions
regarding the Fund to your institution.
Selling TIP Funds
If you own shares directly, you may sell your shares on any Business Day by
contacting us directly by mail or telephone. You may also sell your shares by
contacting your financial institution by mail or telephone. The sale price of
each share will be the next NAV determined after we receive your request.
You may sell shares by following procedures established when you opened your
account or accounts. If you have questions, call 1-800-224-6312. If you own
shares through an account with a broker or other institution, contact that
broker or institution to sell your shares. If you would like to sell $50,000 or
more of your shares, please notify us in writing and include a signature
guarantee.
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<PAGE>
o By Mail - If you wish to redeem shares of the TIP Target Select Equity
Fund, you should send us a letter with your name, Fund and account number
and the amount of your request. All letters must be signed by the owner(s)
of the account. All proceeds will be mailed or wired (depending on
instructions given) to the address or instructions given to us when the
account was established. If you would like the proceeds sent to either a
different bank account or address, a signature guarantee is required.
o By Phone -- When filling out a New Account Application shareholders are
given the opportunity to establish telephone redemption privileges. If
shareholders elect to take advantage of this privilege they will be able to
redeem shares of the TIP Funds by calling 1-800-224-6312 (option 3) and
informing one of our representatives.
Systematic Withdrawal Plan
If you have at least $2,500 in your account, you may use the Systematic
Withdrawal Plan. Under the plan you may arrange monthly, quarterly, semi-annual
or annual automatic withdrawals of at least $100 from the Fund. The proceeds of
each withdrawal will be mailed to you by check or, if you have a checking or
savings account with a bank, electronically transferred to your account. Please
call 1-800-224-6312 for information regarding banks that participate in the
Systematic Withdrawal Plan.
Signature Guarantees
A signature guarantee is a widely accepted way to protect shareholders by
verifying the signature in certain circumstances including, (1) written requests
for redemptions in excess of $50,000; (2) all written requests to wire
redemption proceeds to a bank other than the bank previously designated on the
account application; and (3) redemption requests that provide that the
redemption proceeds should be sent to an address other than the address of
record or to a person other than the registered shareholder(s) for the account.
Signature guarantees can be obtained from any of the following institutions: a
national or state bank, a trust company, a federal savings and loan association,
or a broker-dealer that is a member of a national securities exchange. A
notarized signature is not sufficient.
Redemptions in Kind
The Fund generally pays sale (redemption) proceeds in cash. However, under
unusual conditions that make the payment of cash unwise (and for the protection
of the Fund's remaining shareholders) the Fund might pay all or part of your
redemption proceeds in liquid securities with a market value equal to the
redemption price (redemption in kind). Although it is highly unlikely that your
shares would ever be redeemed in kind, you would probably have to pay brokerage
costs to sell the securities distributed to you, as well as taxes on any capital
gains from the sale as with any redemption.
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<PAGE>
Receiving Your Money
Normally, the Fund will send your sale proceeds within three Business Days after
they receive your request, but it may take up to seven days. Your proceeds can
be wired to your bank account (subject to a $10 wire fee) or sent to you by
check. If you recently purchased your shares by check or through ACH, redemption
proceeds may not be available until your check has cleared (which may take up to
15 days from your date of purchase).
Exchanging Fund Shares
When you exchange shares, you are really selling your shares and buying other
Fund shares. So, your sale price and purchase price will be based on the NAV
next calculated after we receive your exchange request.
You may exchange your shares on any Business Day by contacting the Fund directly
by mail or telephone. You may also exchange shares through your financial
institution by mail or telephone. If you recently purchased shares by check or
through ACH, you may not be able to exchange your shares until your check has
cleared (which may take up to 15 days from your date of purchase). This exchange
privilege may be changed or canceled at any time upon 60 days' notice.
Other Policies:
For Customers of Financial Institutions
If you purchase, sell or exchange Fund shares through a financial institution
(rather than directly from us), you may have to transmit your purchase, sale and
exchange requests to your financial institution at an earlier time for your
transaction to become effective that day. This allows the financial institution
time to process your request and transmit it to us. For more information about
how to purchase, sell or exchange Fund shares through your financial
institution, you should contact your financial institution directly.
Telephone Transactions
Purchasing, selling and exchanging Fund shares over the telephone is extremely
convenient, but not without risk. Although we have certain safeguards and
procedures to confirm the identity of callers and the authenticity of
instructions, we are not responsible for any losses or costs incurred by
following telephone instructions we reasonably believe to be genuine. If you or
your financial institution transact with us over the telephone, you will
generally bear the risk of any loss.
Suspension of Your Right to Sell Your Shares
The Fund may suspend your right to sell your shares if the NYSE restricts
trading, the SEC declares an emergency or for other reasons. More information
about this is in the Fund's SAI.
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Involuntary Sales of Your Shares
If your account balance drops below the required minimum of $1,000, you may be
required to sell your shares. You will always be given at least 60 days' written
notice to give you time to add to your account and avoid selling your shares.
Distribution of Fund Shares
SEI Investments Distribution Co. (SIDCo.) is the distributor of the Fund.
SIDCo. receives no compensation for distributing the Fund's shares.
Dividends and Distributions
The TIP Target Select Equity Fund distributes its investment income quarterly as
a dividend to shareholders. The Fund makes distributions of capital gains, if
any, at least annually.
If you own Fund shares on the Fund's record date, you will be entitled to
receive the distribution.
You will receive dividends and distributions in the form of additional Fund
shares unless you elect to receive payment in cash. To elect cash payment, you
must notify the Fund in writing prior to the date of the distribution. Your
election will be effective for dividends and distributions paid after we receive
your written notice. To cancel your election, simply send the Fund written
notice.
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Taxes
Please consult your tax advisor regarding your specific questions about federal,
state and local income taxes. Summarized below are some important tax issues
that affect the Fund and its shareholders. This summary is based on current tax
laws, which may change.
The Fund will distribute substantially all of its income and capital gains, if
any. The dividends and distributions you receive may be subject to federal,
state and local taxation, depending upon your tax situation. Income
distributions are generally taxable at ordinary income tax rates. Capital gains
distributions are generally taxable at the rates applicable to long-term capital
gains. Distributions you receive from the Fund may be taxable whether or not you
reinvest them. Each sale or exchange of Fund shares is a taxable event.
More information about taxes is in the SAI.
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Financial Highlights
The table that follows presents performance information about shares of the
Fund. This information is intended to help you understand the Fund's financial
performance for the past five years, or, if shorter, the period of the Fund's
operations. Some of this information reflects financial information for a single
Fund share. The total returns in the table represent the rate that you would
have earned (or lost) on an investment in the Fund, assuming you reinvested all
of your dividends and distributions. These Financial Highlights have been
audited by Ernst & Young LLP, independent auditors whose report, along with the
Fund's financial statements, appears in the annual report that accompanies our
SAI. You can obtain the annual report, which contains more performance
information, at no charge by calling 1-800-224-6312.
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<PAGE>
Financial Highlights
TIP Funds
For a Share Outstanding Throughout each Period
<TABLE>
<CAPTION>
Net Realized Net Net
Asset Net and Distributions Distributions Asset Assets
Value Investment Unrealized from Net from Value End
Beginning Income Gains on Investment Capital End Total of Period
of Period (Loss) Investments Income Gains of Period Return(1) (000)
-------------------------------------------------------------------------------------------------------------------------------
TIP Target Select Equity Fund
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1999 $10.34 (0.07) 7.80 -- (0.90) $17.17 80.04% $1,839
1998(2) $10.00 -- 0.35 (0.01) -- $10.34 3.50% $ 966
<CAPTION>
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Ratio Income to Average to Average
of Expenses (Loss) Net Assets Net Assets Portfolio
to Average to Average (Excluding (Excluding Turnover
Net Assets Net Assets Waivers) Waivers) Rate
--------------------------------------------------------------------------------
TIP Target Select Equity Fund
<S> <C> <C> <C> <C>
1.30% (0.56)% 10.19% (9.45)% 1,279.40%
1.30%* 0.02%* 18.76%* (17.44)%* 803.02%
</TABLE>
* Annualized
(1) Returns are for the period indicated and have not been annualized.
(2) Commenced operations on January 1, 1998.
Amounts designated as "--" are either $0 or have been rounded to $0.
Page 16 of 18
<PAGE>
TIP FUNDS
Investment Adviser
Turner Investment Partners, Inc.
1235 Westlakes Drive, Suite 350
Berwyn, PA 19312
Distributor
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
Legal Counsel
Morgan, Lewis & Bockius LLP
More information about the Fund is available without charge through the
following:
Statement of Additional Information (SAI)
The SAI dated January 31, 2000, includes detailed information about the Fund.
The SAI is on file with the SEC and is incorporated by reference into this
prospectus. This means that the SAI, for legal purposes, is a part of this
prospectus.
Annual and Semi-Annual Reports
These reports contain the Fund's holdings and contain information from the
Fund's managers about strategies, and recent market conditions and trends and
their impact on Fund performance. The reports also contain detailed financial
information about the Fund.
To Obtain an SAI, Annual or Semi-Annual Report, or More Information:
By Telephone: Call 1-800-224-6312
By Mail: Write to TIP Funds
P.O. Box 219805
Kansas City, MO 64141-6805
By Internet: http://www.turner-invest.com
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<PAGE>
From the SEC: You can also obtain the SAI or the Annual and Semi-Annual reports,
as well as other information about TIP Funds, from the EDGAR Database on the
SEC's website ("http://www.sec.gov"). You may review and copy documents at the
SEC Public Reference Room in Washington, DC (for information on the operation of
the Public Reference Room, call 1-202-942-8090). You may request documents by
mail from the SEC, upon payment of a duplicating fee, by writing to: Securities
and Exchange Commission, Public Reference Section, Washington, DC 20549-0102.
You may also obtain this information, upon payment of a duplicating fee, by
e-mailing the SEC at the following address: [email protected].
TIP Funds' Investment Company Act registration number is 811-07527.
Page 18 of 18
