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| Data through 5/9/2008 |
Latest
Daily Return |
Month to
Date Return |
Year to
Date
Return |
Since
Inception
9/7/041 |
| TFS Market Neutral Fund |
0.13 % |
1.70 % |
3.11 % |
12.97 % |
|
|
| Data through 5/9/2008 |
Beta |
Alpha |
Sharpe Ratio |
Standard
Deviation |
| TFS Market Neutral Fund |
0.11 |
8.38 % |
1.13 |
7.56 % |
|
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| As of 4/30/2008 |
3 Year Rank |
| Morningstar, Long-Short category |
1 out of 59 funds |
|
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Lipper, Market Neutral category |
|
1 out of 24 funds |
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| Month ending 4/30/2008 |
One Year |
Three Year1 |
Since Inception 9/7/041 |
| TFS Market Neutral Fund |
7.56% |
15.17% |
12.54% |
|
| S&P 500 |
-4.68% |
8.23% |
7.97% |
| Quarter ending 3/31/2008 |
One Year |
Three Year1 |
Since Inception 9/7/041 |
| TFS Market Neutral Fund |
7.08% |
13.20% |
11.93% |
|
| S&P 500 |
-5.08% |
5.85% |
6.73% |
|
|
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. The Fund charges a 2% redemption penalty on shares invested for less than 180 days. If shares are redeemed within the 180 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 prospectus, which contains this and other important information, click the "Prospectus" link above or call (888) 534-2001. Please read the prospectus carefully before investing. The Fund may not be suitable for all investors.
| |
Gross Expense Ratio |
Net Expense Ratio |
Adj. Net Expense Ratio |
| TFS Market Neutral Fund |
3.30% |
3.07% |
2.48% |
The expense ratios are for the fiscal year ended June 30, 2007. 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 2.50% of the TFS Market Neutral Fund's average daily net assets. The 2.50% cap for the Market
Neutral Fund does not include dividend expenses which totaled 0.59% for the prior fiscal year. The 3.07% Net
Expense Ratio stated in the above table includes the dividend expense.
The following "risk" information is being provided to you to help better understand the unique
risks associated with investing in TFSMX. As a result of TFSMX's use of short selling, TFSMX will not participate
to the same level as a long-only mutual fund in a bull market. In addition, TFSMX 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. When TFSMX uses leverage, it will exaggerate any increase or decrease in the Fund's net
asset value. A more detailed discussion of the Fund's risks, including risks that are unique to the Fund, can
be found in its prospectus.
Beta is a measure of a portfolio's volatility, or systemic risk, in comparison to the market as a whole. Alpha
is the abnormal rate of return on a portfolio in excess of what would be predicted by its risk. Distributed by
Ultimus Fund Distributors, LLC.
Ranking information provided by Morningstar for the three year period ending with the most recent month end. TFSMX was assigned by Morningstar to the Long-Short 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.
Ranking information provided by Lipper for the three year period ending with the most recent month end. TFSMX was assigned by Lipper to the Equity Market Neutral 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.
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