Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   TFS Market Neutral  TFSMX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings TFS Market Neutral  TFSMX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Long-Short Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this? As of 2009-09-30 Day Change $ -0.03    NAV (2009-11-20) $ 15.22    YTD Return % (2009-11-20) 15.57%    Total Assets ($ mil) 877 View Data Definitions   Performance     Growth of $10,000 Fund: TFS Market Neutral (from 2004-09-07 to 2009-10-31) Category: Long-Short Index: ML USD LIBOR 3 Mon CM Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2004-09-07 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 15.57 27.88 7.87 9.53 --- 9.47 +/- Category 7.95 22.06 9.83 7.43 --- --- +/- ML USD LIBOR 3 Mon CM 14.61 26.52 4.21 5.76 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 16.55 16.24 9.93 9.86 --- 10.25 Month-End (as of 2009-10-31) 13.29 14.86 8.11 9.16 --- 9.47 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 14.07 7.38 8.71 --- --- On Distribution & Sale of Shares --- 9.57 6.54 7.69 --- --- Morningstar Rating --- --- --- --- # of compared funds covered (3 yrs : out of 116 funds), (5 yrs : out of 65 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % US Government 0.05 US Treasuries 0.03 TIPS 0.00 US Agency 0.02 Mortgage 0.10 Mortgage Pass-Thru 0.06 Mortgage CMO 0.05 Mortgage ARM 0.00 Credit 2.65 US Corporate 2.17 Asset-Backed 0.06 Convertible 0.40 Municipal 0.02 Corporate Inflation-Protected 0.00 Foreign 0.17 Foreign Corp 0.13 Foreign Govt 0.04 Cash 97.03 Asset Allocation % of Net Assets Cash 41.8 Stocks 55.0 Bonds 2.6 Other 0.6 Foreign Stocks 2.6 (as a % of Assets) Data through 2009-09-30 Data through 2009-09-30 Holding Status Total Number of Stock Holdings 1,069 Turnover % 204 Total Number of Bond Holdings 0 30 Day SEC Yield % --- % of Assets in Top 10 Holdings 5.35 ending as of 2009-09-30 View Data Definitions Data through 2009-09-30   Other Information Fund Inception: 2004-09-07 Portfolio Manager  (Start Date) Larry S. Eiben  (2004-09-07) Eiben is chief operating officer and chief compliance officer at TFS Capital. He began work at TFS in August 1997. He provides strategic direction and input into strategy development but does not perform analysis or execute trades. He has served in this capacity since TFS Capital's inception in October 1997. Kevin J Gates  (2004-09-07) Gates is a portfolio manager at TFS Capital and is primarily responsible for strategy development. As part of this role, he performs security analysis as well as assists with the execution of trades. He has served in this capacity since TFS Capital's inception in October of 1997. Richard J Gates  (2004-09-07) Gates is a portfolio manager at TFS Capital and is primarily responsible for strategy development. , where he has been since August of 1997. As part of this role, he performs security analysis as well as assists with the execution of trades. He also is responsible for managing TFS Capital's various brokerage relationships. He has served in these roles since TFS Capital's inception in October of 1997. Eric Newman  (2005-08-18) Newman is primarily responsible for strategy development. He performs security analysis as well as assists with the execution of trades. He has served in this capacity since February of 2003. Prior to that date he served as an analyst for Capital One Financial Corporation, he was employed by Capital One Financial Corporation from December 2000 through February 2003. Chao Chen  (2007-11-01) Chen is primarily responsible for quantitative analysis of all new investment opportunities identified by the Portfolio Management Committee and manages the risk/return optimization process and oversees all programming activities at the TFS. He has served in this capacity since February 2005. Prior to that date he was an Assistant Research Engineer at the University of California, Berkley. Sales Charge % (taken from prospectus dated 2009-04-27) Front: None Deferred: None Expense Ratio % 2.49 based on net assets (taken from annual report dated 2008-10-31) Correspondence Information 1800 Bayberry Court Suite 103 Richmond,  VA  23226 USA Telephone: 888-534-2001 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.