TFS Market Neutral Fund Ranked #1 in Lipper’s Equity Market Neutral Category & Among Top 5 in Morningstar’s Long Short Category

West Chester, PA – December 11, 2007 – The TFS Market Neutral Fund (ticker: TFSMX), a quantitative no-load mutual fund, is the top performer of its market neutral peer group. Through November 30, 2007, TFSMX was ranked #1 in Lipper’s Equity Market Neutral category for both the trailing one-year and three-year returns.

TFSMX’s three-year average return through November 30, 2007 also ranked it #3 out of 58 funds in Morningstar’s Long Short category.

The TFS Market Neutral Fund was launched on September 7, 2004 by TFS Capital, LLC. Through November 30, 2007, TFSMX had an average annual return of 13.23% versus 11.04% for the S&P 500 during the same time period. Even more impressive is that the fund has produced these results while having an average beta, or market exposure, of 0.19. So, TFSMX was able to produce greater returns than the S&P 500 Index while subjecting investors to only a fraction of the systemic risk. Moreover, TFSMX had a correlation to the S&P 500 of 0.30 indicating that it would likely be a nice complement to a portfolio containing large cap US equity exposure. Year to-date through November 30, 2007, the TFS Market Neutral Fund has produced a return of 9.80%.

This past August, many quantitative fund managers received bad publicity during the credit crunch, when the performance of their funds suffered. These managers, including TFS Capital, were under fire because the quantitative strategies being used were designed to reduce volatility and volatility was at all time highs in many of these funds, including TFSMX. Questions were asked about the risks associated with quantitative strategies and whether or not these risks were truly understood. In our opinion, the risks were known but the extent to which leverage was being used by many managers was a surprise. This excessive use of leverage, in our opinion, along with the similarities of the quantitative strategies, contributed to the unusually high levels of volatility in the space. Unlike many quantitative funds, TFSMX does not use a significant degree of leverage.

We believe the track record of the TFS Market Neutral Fund shows that quantitative strategies are sound and viable. Moreover, we believe the fund’s recent performance shows that well-executed quantitative strategies are able to navigate through short-term price dislocations in the overall market.

Many sophisticated hedge fund and brokerage firms invest using quantitative models. For instance, the Wall Street Journal reported that Morgan Stanley invests $6 billion of its own proprietary money in trading strategies based on mathematical models. According to the paper, this trading has yielded Morgan Stanley $3.5 billion in the 10 years through 2006 and produced 7.2% of the bank’s net income last year.

Market neutral and long-short funds provide an increasingly popular way for investors to diversify their portfolios. They are designed to provide an opportunity for investors concerned about the risks of a recession, the declining value of the dollar, or the future direction of the stock market since they are designed to provide the potential to profit in all market conditions. As of November 2007, there was $21.7 billion invested in Morningstar’s Long-Short category according to Morningstar.

TFS Capital’s portfolio management team includes a PhD in electrical engineering and computer science, a statistician, and several managers who combined have more than 25 years of experience managing hedge funds using quantitative investment strategies. The TFS Market Neutral Fund is a no-load mutual fund, requires an initial minimum investment of $5,000 and it is open to all suitable investors.

About TFS Capital:
TFS Capital, LLC is an independent advisory firm, founded in 1997, that provides portfolio management services to investment funds. The firm currently manages two mutual funds, the TFS Market Neutral Fund (Ticker: TFSMX) and the TFS Small Cap Fund (Ticker: TFSSX), and also offers several private investment funds ("hedge funds") that are available to accredited investors. The firm is registered with the SEC under the Investment Advisers Act of 1940 and maintains offices in both Richmond, Virginia and West Chester, Pennsylvania. Additional information is available at http://www.tfscapital.com/.

Performance through 9-30-07
TFS Market Neutral Fund (1 Year) 16.47% (Since Inception) 12.56%


Performance through 11-30-07
TFS Market Neutral Fund (1 Year) 13.44% (Since Inception) 13.23%

Important Disclosures - 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. You may obtain a Fund prospectus or performance to the most recent month-end by visiting www.TFSCapital.com or by calling 888.837.4446. An investor should read the prospectus carefully and consider the Fund's investment objectives, risks, charges and expenses before investing. The Fund may not be suitable for all investors. Lehman Brothers Aggregate Bond Index is a diversified portfolio of US investment grade bonds. The S&P 500 Index represents the common stocks of 500 widely-held US companies as selected by Standard & Poor's at their discretion.

Gross Expense Ratio: 3.30%
Net Expense Ratio: 3.07%
Adj. Net Expense Ratio: 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 November 30, 2007. TFSMX ranked 3 out of 58 funds. 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 November 30, 2007. TFSMX ranked 1 out of 23 funds. 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.

Media Contact: Jim DeLorenzo (for TFS Capital)
Phone: 215-564-1122E-mail: jim@jhdenterprises.com