FIRST AMENDMENT TO INVESTMENT ADVISORY AGREEMENTInvestment Advisory Agreement • June 30th, 2014 • TFS Capital Investment Trust
WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust"), on behalf of TFS Hedged Futures Fund (the "Fund"), and TFS Capital LLC (the "Adviser"), have entered into a Investment Advisory Agreement, as of December 15, 2011 (the "Agreement");
