Mutual Funds

Fund Information

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TFS Small Cap Fund

(Ticker: tfssx)

The TFS Small Cap Fund seeks long-term capital appreciation. In addition, it seeks to outperform the Russell 2000 Index.

LIPPER RANKINGS - Small-Cap Core Category

Data as of 6/30/2014 3 Year 5 Year
Funds in category 667 589
Rank in category 57th 28th

RETURN STATISTICS

Data through 8/21/2014 Latest Daily Return Month to Date Return Year to Date Return Since Inception 3/7/20061
TFS Small Cap Fund 0.44% 3.29% 2.22% 12.21%
Russell 2000 Index 0.22% 3.64% 0.47% 7.24%

RISK STATISTICS

Data through 8/21/2014 Beta Alpha
TFS Small Cap Fund 0.89 5.04%

TOTAL RETURN

Month ending 7/31/2014 One Year Three Year1 Five Year1 Since Inception 3/7/20061
TFS Small Cap Fund 11.86% 16.18% 19.47% 11.87%
Russell 2000 Index 8.56% 13.59% 16.56% 6.82%
Quarter ending 6/30/2014 One Year Three Year1 Five Year1 Since Inception 3/7/20061
TFS Small Cap Fund 28.15% 16.98% 23.55% 12.91%
Russell 2000 Index 23.64% 14.57% 20.21% 7.70%

1Annualized

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
TFS Small Cap Fund 1.70% 1.50%

Effective January 1, 2014, the management fee paid by the Fund has been reduced from 1.25% per annum to 1.15% 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 annual ordinary operating expenses to an amount not exceeding 1.50% of the TFS Small Cap 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. See the current Prospectus for a more detailed discussion.

The following “risk” information is being provided to help you better understand the unique risks associated with investing in TFSSX. TFSSX will invest predominantly in small capitalization companies which are generally more volatile than larger, more established companies. In addition, TFSSX will have a high portfolio turnover rate which will increase transaction costs for the Fund and decrease tax efficiency relative to funds with lower turnover. A more detailed discussion of the Fund’s risks, including risks that are unique to the Fund, can be found in its prospectus.

The Russell 2000® Index is a registered trademark of the Frank Russell Corporation. The Russell 2000® Index represents the common stocks of 2000 small capitalization US companies as selected by Russell at their discretion. 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.

Ranking information provided by Lipper for the three year and five year periods ending with the most recent month end. TFSSX was assigned by Lipper to the Small-Cap Core category. The Fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund ranking calculated monthly by Lipper Analytical Services of New York. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.