|
| Data through 5/24/2013 |
Latest
Daily
Return |
Month
to Date
Return |
Year to
Date
Return |
Since
Inception
12/29/2011 |
Annual
Standard
Deviation |
| TFS Hedged Futures |
-0.29 % |
-0.38 % |
-2.36 % |
4.03 % |
6.79 % |
 |
| S&P DTI Index |
-0.00% |
-0.44% |
1.72% |
-7.46% |
5.59% |
|
| S&P 500 Index |
-0.05% |
3.44% |
16.61% |
23.66% |
12.28% |
|
|
| Data through 3/31/2013 |
S&P DTI
Index |
S&P GSCI
Index |
S&P 500
Index |
Barclays Agg
Bond Index |
| TFS Hedged Futures |
-0.06 |
0.18 |
0.26 |
-0.08 |
|
|
| Month ending 4/30/2013 |
One Year |
Three Year |
Five Year |
Since Inception 12/29/2011 |
| TFS Hedged Futures |
-0.28% |
N/A |
N/A |
4.53% |
|
| S&P DTI Index |
-3.27% |
N/A |
N/A |
-7.46% |
|
| S&P 500 Index |
16.89% |
N/A |
N/A |
21.84% |
|
| Quarter ending 3/31/2013 |
One Year |
Three Year |
Five Year |
Since Inception 12/29/2011 |
| TFS Hedged Futures |
-1.64% |
N/A |
N/A |
5.40% |
|
| S&P DTI Index |
-5.74% |
N/A |
N/A |
-8.33% |
|
| S&P 500 Index |
13.96% |
N/A |
N/A |
21.56% |
|
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. The Fund charges a 2% redemption penalty on shares invested for less than 90 days. If shares are redeemed within the 90 day period, investment returns would be reduced from those shown above. 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 Hedged Futures Fund |
2.61% |
2.40% |
The expense ratios are based on the fiscal period ended October 31, 2012. 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 2.30% of the TFS Hedged Futures Fund's average daily net assets.
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. A more detailed discussion of the Fund's risks, including risks that are unique to the Fund, can be found in its prospectus.
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.
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