Asset Allocation Tool

This allocation tool is being provided for informational purposes only and should not be considered investment advice from TFS Capital LLC ("TFS"). The tool does not attempt to determine the appropriateness of the various investments for a given investor. Consequently, individual investors should seek the assistance of a trained financial professional and tax advisor when making portfolio allocation decisions. The risk and return calculations above are computed using data from September 7, 2004 through the end of the most recent calendar quarter. The stated time period is used because the starting date corresponds with the inception of the TFS Market Neutral Fund. The metrics are computed using daily returns with dividends reinvested and the portfolio is assumed to be rebalanced to the selected percentages on December 31 of each year. The results of the analysis are expected to change over time as additional returns are factored in to the allocation. The index return information was provided by third-party data providers and therefore TFS cannot guarantee its accuracy. An investment in the funds managed by TFS should not be construed as an investment in an index or in a program that seeks to replicate an index. The indices shown were chosen because they are believed to represent some of the most common asset classes that are utilized by individual and institutional investors. The TFS Market Neutral Fund was added to demonstrate how that Fund's performance would have impacted your selected investment portfolio during the stated time period. The Standard & Poor's 500 Index represents the common stocks of 500 widely-held US companies as selected by Standard & Poor's at their discretion. The Russell 2000® Index represents the common stocks of 2000 smaller capitalization companies as selected by Russell at their discretion. The Barclays Aggregate Bond Index is a diversified portfolio of US investment grade bonds. The MSCI EAFE Index consists of almost 1,000 stocks in 21 countries outside North and South America. The 3-month T-bill is the yield of a short-term U.S. treasury note that is backed by the full faith and credit of the U.S government. The TFS Market Neutral Fund is an open-ended registered investment company that utilizes a long-short investment strategy.

The performance data utilized in the allocation tool represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. Standard performance information, including as of the most recent month end and as of the most recent quarter end, is available in the "Products" section of this web site (click here). The investment return and principal value of an investment in the TFS Market Neutral Fund (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 utilized in the allocation tool. 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 and/or prospectus, which contains this and other important information, visit the "Products" section of this web site or call (888) 534-2001. Please read the prospectus carefully before investing. The Fund may not be suitable for all investors. Distributed by Ultimus Fund Distributors, LLC.

Gross Expense RatioNet Expense RatioAdj. Net Expense Ratio
TFS Market Neutral Fund8.70%7.82%2.49%

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 2.50% 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, borrowing costs and brokerage expense on securities sold short which totalled 6.21% for the prior fiscal period.

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.

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