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| Data through 5/8/2008 |
Latest
Daily Return |
Month to
Date Return |
Year to
Date
Return |
Since
Inception
3/7/061 |
| TFS Small Cap Fund |
0.52 % |
2.22 % |
-5.56 % |
6.10 % |
 |
| Russell 2000 Index |
0.47 % |
0.49 % |
-5.67 % |
1.19 % |
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| Data through 5/8/2008 |
Beta |
Alpha |
| TFS Small Cap Fund |
0.73 |
3.95 % |
|
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|
| Month ending 4/30/2008 |
One Year |
Since Inception
3/7/061 |
| TFS Small Cap Fund |
-8.53% |
5.09% |
|
| Russell 2000 Index |
-10.95% |
0.95% |
| Quarter ending 3/31/2008 |
One Year |
Since Inception
3/7/061 |
| TFS Small Cap Fund |
-9.35% |
3.45% |
|
| Russell 2000 Index |
-12.99% |
-1.00% |
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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 |
| TFS Small Cap Fund |
5.13% |
2.03% |
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 1.75% of the TFS Small
Cap Fund's average daily net assets. The Small Cap Fund management fee includes a potential
performance fee adjustment, depending on the Fund's performance relative to its benchmark.
The expense cap for the Fund is calculated prior to any performance fee adjustment therefore
it is possible an investor will pay an amount different than the stated 1.75%. 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. Also, the Fund will utilize a performance-based fee ("fulcrum fee") which may result in the manager making more risky or speculative investments than in the absence of such a fee schedule. 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. Distributed by Ultimus Fund Distributors, LLC.
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