Mutual Funds

Fund Information

Applications

TFS Hedged Futures Fund

(Ticker: tfshx)

The TFS Hedged Futures Fund seeks to achieve long-term capital appreciation. The Fund will invest in futures contracts, both long and short, in commodities, currencies and financial indices.

RETURN STATISTICS

Data through 11/28/2014 Latest Daily Return Month to Date Return Year to Date Return Since Inception 12/29/2011 Annual Standard Deviation
TFS Hedged Futures Fund 0.00% -0.91% -3.26% 0.09% 5.83%
S&P DTI Index 1.29% 1.77% 6.95% -1.13% 5.27%
S&P 500 Index -0.25% 2.66% 13.92% 20.92% 11.62%

CORRELATION STATISTICS

Data through 10/31/2014 S&P DTI IndexS&P GSCI IndexS&P 500 IndexBarclays Agg Bond Index
TFS Hedged Futures Fund -0.100.120.20-0.08

TOTAL RETURN

Month ending 10/31/2014 One Year Three Year1 Five Year1 Since Inception 12/29/2011
TFS Hedged Futures Fund -0.22% N/A N/A 0.42%
S&P DTI Index 4.53% N/A N/A -1.72%
S&P 500 Index 17.27% N/A N/A 20.47%
Quarter ending 9/30/2014 One Year Three Year1 Five Year1 Since Inception 12/29/2011
TFS Hedged Futures Fund -0.42% N/A N/A 0.50%
S&P DTI Index 4.92% N/A N/A -1.58%
S&P 500 Index 19.73% N/A N/A 20.11%

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. 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. Fee waivers and/or expense reimbursements by the Adviser have positively impacted the Fund’s performance. Without such waivers and/or reimbursements, performance would have been lower.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a summary prospectus and/or prospectus, which each contain this and other important information, go to www.TFSCapital.com or call (888) 534-2001. Please read the summary prospectus and/or prospectus carefully before investing. The Fund may not be suitable for all investors.

  Gross Expense Ratio Net Expense Ratio Adj. Net Expense Ratio
TFS Hedged Futures Fund 1.96% 1.91% 1.80%

Effective January 1, 2014, the management fee paid by the Fund has been reduced from 2.00% per annum to 1.50% per annum. In addition, the Adviser has contractually agreed to reduce its management fees and to absorb the Fund’s operating expenses (for the life of the Fund) to the extent necessary to limit the annual ordinary operating expenses to an amount not exceeding 1.80% of the TFS Hedged Futures Fund’s average daily net assets. The expense ratio information listed above has been restated for the new management fee and expense cap arrangement between the Fund and the Adviser.  The Adjusted Net Expense Ratio of 1.80% excludes acquired fund fees and expenses which totaled 0.11% for the prior fiscal year.

The following “risk” information is being provided to you to help better understand the unique risks associated with investing in TFSHX. An investment in the Fund involves risk, including loss of principal. The value of the Fund’s portfolio holdings may fluctuate in response to events specific to economic, political or social events in the United States or abroad. The Fund’s use of derivatives, forward and futures contracts, and commodities exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund’s initial investment as well as increased transaction costs. Concentration generally will lead to greater price volatility. As a result of TFSHX’s use of short selling, TFSHX will not participate to the same level as a long-only mutual fund in a bull market. In addition, when TFSHX uses leverage it will exaggerate any increase or decrease in the Fund’s net asset value. An investor considering the Fund should be able to tolerate potentially wide price fluctuations. The Fund is subject to frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Fund. Futures investing is speculative. A more detailed discussion of the Fund’s risks, including risks that are unique to the Fund, can be found in its prospectus. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. For periods less than one year the return figures are not annualized and represent an aggregate total return. Distributed by Ultimus Fund Distributors, LLC.

The S&P DTI (Diversified Trends Indicator) is an investable long/short strategy that can benefit from trends (in either direction) in the global futures markets. It consists of 24 futures contracts, with a 50% weighting in financial futures and 50% weighting in commodities futures.

The Fund’s current NAV per share is available at www.TFSCapital.com.