TFS Capital LLC serves as portfolio manager to the TFS Market Neutral Fund, the TFS Small Cap Fund and the TFS Hedged Futures Fund. All three mutual funds are registered under the Investment Company Act of 1940. Please click on the appropriate link for details on each fund.

In its management of these funds, TFS is an industry leader when it comes to fulfilling its fiduciary duties and mitigating potential conflicts of interest. For more details on our leading policies and procedures please refer to the Guiding Principles section of this web site.

Fund Name	Investment Style	Ticker	Inception Date	Objective
TFS Market Neutral	Long/Short Equity	TFSMX	9/7/2004	To produce capital appreciation while having a low correlation to the U.S. Equity Market.
TFS Small Cap	Small Cap Blend	TFSSX	3/7/2006	To outperform the Russell 2000 Index.
TFS Hedged Futures	Managed Futures	TFSHX	12/29/2011	To produce long-term capital appreciation.

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. Distributed by Ultimus Fund Distributors, LLC.