FIRST AMENDMENT TO TFS CAPITAL INVESTMENT TRUST ADMINISTRATION AGREEMENT WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust") and Ultimus Fund Solutions, LLC (the "Administrator"), an Ohio limited liability company, have entered...

                               FIRST AMENDMENT TO
                          TFS CAPITAL INVESTMENT TRUST
                            ADMINISTRATION AGREEMENT

     WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust")
and Ultimus Fund Solutions, LLC (the "Administrator"), an Ohio limited liability
company, have entered into an Administration  Agreement as of June 23, 2004 (the
"Agreement");

     WHEREAS, the parties agree to amend the Agreement;

     NOW, THEREFORE,  effective August 25, 2005, the Trust and the Administrator
agree to amend the Agreement as follows:

     1.   The Address  for  Ultimus  Fund  Solutions,  LLC is hereby  amended as
          follows:

          "Ultimus Fund Solutions, LLC
          000 Xxxxxxxx Xxxxx, Xxxxx 000
          Xxxxxxxxxx, Xxxx 00000"

     2.   Schedule A of the Agreement is hereby amended as follows:

          "TFS Small Cap Fund"

     3.   Excepted as amended hereof, the Agreement shall remain in  full  force
and effect.

     Executed this 25th day of August, 2005



TFS CAPITAL INVESTMENT TRUST


By:  /s/ Xxxxx Xxxxx
   ----------------------------------
     Xxxxx Xxxxx, Trustee

ULTIMUS FUND SOLUTIONS, LLC


By:  /s/ Xxxxxx X. Xxxxxx
   ----------------------------------
     Xxxxxx X. Xxxxxx, President