HNZ H.J. Heinz Company

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold shares of the U.S. SMID Cap Fund.

Shareholder Fees

(fees paid directly from your investment)

Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)                      2.00%

Annual Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment.)

Management Fees

1.00%

Distribution and Service (12b-1) Fees                                                                                                     0.25%

Other Expenses(1)

0.56%

Total Annual Fund Operating Expenses                                                                                               1.81%

Fee Waiver and/or Expense Reimbursements                                                                                     (0.31)%

Total Annual Fund Operating Expenses After Waivers/Reimbursements(2)                                 1.50%

(1)

Based on estimated amounts for the U.S. SMID Cap Fund’s first year of operations.

(2)

Pursuant to the expense limitation agreement, Satuit Funds Management, LLC (the “Adviser”) has agreed to waive or limit its fees and assume other expenses of the U.S. SMID Cap Fund (excluding interest, taxes, brokerage commissions and other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses), so that the U.S. SMID Cap Fund’s ratio of total annual operating expenses is limited to 1.50%.  The expense limitation agreement is effective at least until February 28, 2014 and may be terminated only by the Board of Trustees by providing 90 days notice.  The Adviser is entitled to reimbursement of fees waived or expenses assumed subject to the limitations that (i) the reimbursements is made for fees waived or expenses incurred not more than three years prior to the date of the reimbursement and (ii) the reimbursement may not be made if it would cause the U.S. SMID Cap Fund’s annual expense limitation to be exceeded.

Example:

This example is intended to help you compare the cost of investing in the U.S. SMID Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the U.S. SMID Cap Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the U.S. SMID Cap Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:  

PORTFOLIO TURNOVER

The U.S. SMID Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the U.S. SMID Cap Fund’s performance.