TFS Capital Investment Trust N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number ___811-21531________

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

1800 Bayberry Court, Suite 103              Richmond, Virginia	23226
(Address of principal executive offices)	(Zip code)

Wade R. Bridge, Esq.

Ultimus Fund Solutions, LLC       225 Pictoria Drive, Suite 450        Cincinnati, Ohio 4524

(Name and address of agent for service)

Registrant's telephone number, including area code:  (804) 484-1401

Date of fiscal year end:         October 31, 2009

Date of reporting period:       October 31, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

ANNUAL REPORT

October 31, 2009

For more information or assistance in opening an account,

please call toll-free 1-888-534-2001.

LETTER TO SHAREHOLDERS

December 15, 2009

Dear Shareholder,

Enclosed is the Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX) and the TFS Small Cap Fund (ticker: TFSSX) for the fiscal year ended October 31, 2009.  On behalf of the investment manager, TFS Capital LLC (“TFS”), I’d like to thank you for your investment.

We are pleased to announce that TFSMX’s strong performance earned it the 2009 Lipper Award in the Equity Market Neutral category. This marks the second consecutive year that TFSMX has won this award.  The 2009 Lipper award is presented to the fund in the category with the best 3-year return for the period ended December 31, 2008. For this period TFSMX was ranked #1 out of 23 funds.1

TFSSX, which crossed the 3-year mark in March of 2009, has also established a very strong performance record.  For example, TFSSX’s 1-year return for the year ended October 31, 2009, ranks in the top 2% of all funds in the Lipper Small-Cap Core category.  Moreover, its 3-year return over the same period ranks in the top 3%.

Given its significant asset growth, the TFS Market Neutral Fund expects in the coming months to file a prospectus supplement to implement a “hard close” and cease its public offering of shares.  This is a follow up to its “soft close” which took place on June 30, 2009.  The intent of the hard close is to greatly limit the growth of the Fund.  TFS believes that this action will assist the management team in its effort to maintain the Fund’s high standard of performance.

Although TFSMX is expected to implement a hard close, this action does not mean that TFS Capital intends to reduce its investment in strategy research and development.  Rather, we continue to invest heavily in ongoing research as evidenced by our 2009 expenditures in this area which exceeded any prior year.  Along those lines, TFS would like to announce the addition of Dr. Yan Liu as Co-Portfolio Manager to the Funds.  Dr. Liu holds a Ph.D. in Economics and brings extensive experience in the quantitative analysis of equity securities.

It is notable that the TFS Small Cap Fund (ticker: TFSSX) will remain open to existing and new investors.  This Fund provides investors with an opportunity to gain exposure to the experienced management team at TFS.

Below are performance highlights for the Funds.

TFS Market Neutral Fund (ticker: TFSMX)

	1 year return	3 year return	5 year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	14.86%	8.11%	9.16%	9.47%
S&P 500 Index	9.80%	-7.02%	0.33%	0.52%

Average annual total returns for periods ended 10/31/2009

1

The TFS Market Neutral Fund rebounded well from the 2008 financial crisis.  The liquidity crisis that caused forced selling in 2008 was believed to have had a significant adverse affect on the Fund.   This activity in 2008 led the Fund into its largest peak-to-valley drawdown since inception.  In the last twelve months, however, many of the price dislocations hampering the Fund have reversed. This shift has contributed to the Fund achieving a return in the latest fiscal year (14.86% return) that exceeds its long-term average annual return.

Overall, the Fund continues to perform extremely well relative to the broad equity markets.  From inception through the fiscal year-end of October 31, 2009, TFSMX generated a 9.47% average annual return and an annualized standard deviation of 8.93%, whereas the S&P 500 Index generated a 0.52% average annual return and an annualized standard deviation of 23.70%.  Therefore, from inception through October 31, 2009, TFSMX produced an annual return that was 8.95 percentage points higher than that of the S&P 500 Index while subjecting investors to only 38% of the volatility.  Given a slightly positive market exposure (beta) since inception, the relatively flat growth of the overall U.S. equity market contributed very little to the Fund’s performance since inception.  Consequently, most of the performance can be attributed to equity selection (alpha generation) by TFS.  So, one can reasonably conclude that the models utilized by TFS to assist in picking stocks were generally successful at predicting the relative price movement of stocks within the Fund’s target universe.

The strategies used in managing TFSMX have resulted in the Fund having a low correlation to other asset classes.  According to Modern Portfolio Theory, investors may benefit significantly by combining non-correlated investments.  As such, we encourage investors to evaluate the impact that the inclusion of TFSMX would have on their portfolios.  We believe TFSMX is best used as a component of a diversified portfolio of investments rather than a large holding for a given shareholder.  We do not recommend allocating a high percentage of one’s assets to TFSMX given the risks inherent in the Fund.  For your reference, below are the Fund’s correlations to several other asset classes.

Index	Correlation Since Inception
S&P 500 Index		0.51
Russell 2000® Index		0.47
MSCI EAFE Index		0.47
Barclays Capital U.S. Aggregate Bond Index		-0.07
Wilshire REIT ETF Index		0.35
Dow Jones Commodity Futures		0.43

Please note that we have developed an interactive “Asset Allocation Tool” on our web site. We encourage you to visit our web site to determine if an allocation to TFSMX may be appropriate for you.

TFS Small Cap Fund (ticker: TFSSX)

	1 year return	3 year return	Since Inception (3/7/2006)
TFS Small Cap Fund	37.41%	0.58%	2.59%
Russell 2000® Index	6.46%	-8.51%	-5.26%

Average annual total returns for periods ended 10/31/2009

2

Through October 31, 2009, TFSSX continued to achieve its objective of outperforming the Russell 2000® Index as measured by its performance since inception.  From inception on March 7, 2006 through the recent fiscal year-end, it generated an average annual return of 2.59% versus -5.26% for the Russell 2000® Index.  In the last Annual Report, we discussed the Fund’s underperformance relative to the Russell 2000® Index and indicated that we believed the Fund’s struggles were associated with last year’s financial crisis.  Similar to TFSMX, since 2008 TFSSX has benefited greatly from liquidity being restored to the market as many price dislocations reversed course.  This benefit can be observed in the 1-year return for the fiscal year  ended October 31, 2009 in which the Fund outpaced the Russell 2000® Index by 30.95 percentage points.  This significant outperformance was achieved despite the Fund having a lower average beta among its holdings than the Russell 2000® Index, which acted as a slight handicap.

For both Funds, there were no significant changes to the investing strategies during the period that impacted performance.  As described in the prospectus, TFS develops quantitative models through rigorous historical analysis of the stock market.  These models help TFS make objective decisions that we believe will lead to good performance.

Best regards,

Larry S. Eiben

Chief Operating Officer & Co-Portfolio Manager

TFS Capital LLC

1 TFSMX was ranked #28 out of 46 funds using its 1-year return.

Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fee waivers have positively impacted each Fund’s performance over the relevant periods and without such waivers each Fund’s performance would have been lower. For each Fund’s current expense ratio information please see the Financial Highlights tables included in this Report. Current performance may be higher or lower than the performance data quoted.  Performance data current to the most recent month-end are available at www.TFSCapital.com.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The Funds’ prospectus contains this and other important information. To obtain a copy of the TFS Funds’ prospectus please visit www.TFSCapital.com or call 1-888-534-2001 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The TFS Funds are distributed by Ultimus Fund Distributors, LLC.

3

TFS MARKET NEUTRAL FUND

PERFORMANCE INFORMATION (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in the

TFS Market Neutral Fund versus the S&P 500 Index

Average Annual Total Returns(a)

For the periods ended October 31, 2009

	1 Year	5 Years	Since Inception(b)
TFS Market Neutral Fund	14.86%	9.16%	9.47%
S&P 500 Index	9.80%	0.33%	0.52%

(a) The total returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(b) Initial public offering of shares was September 7, 2004.

4

TFS SMALL CAP FUND

PERFORMANCE INFORMATION (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in the

TFS Small Cap Fund versus the Russell 2000 Index

Average Annual Total Returns(a)

For the periods ended October 31, 2009

	1 Year	Since Inception(b)
TFS Small Cap Fund	37.41%	2.59%
Russell 2000 Index	6.46%	-5.26%

(a) The total returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(b) Initial public offering of shares was March 7, 2006.

5

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

October 31, 2009 (Unaudited)

TFS Market Neutral Fund vs S&P 500 Index

Net Sector Exposure*

* The net percentages for the TFS Market Neutral Fund are computed by taking the net dollar exposure, including short positions, and dividing by the net assets of the Fund.  Consequently, the percentages are not likely to total to 100%.

Top 10 Long Equity Positions		Top 10 Short Equity Positions
Security Description	% of Net Assets	Security Description	% of Net Assets
Dynegy, Inc.	0.69%	Patterson-UTI Energy, Inc.	0.45%
SIRIUS XM Radio, Inc.	0.64%	Hanesbrands, Inc.	0.41%
Tenet Healthcare Corporation	0.56%	Park National Corporation	0.37%
ON Semiconductor Corporation	0.56%	AK Steel Holding Corporation	0.37%
Wendy’s/Arby’s Group, Inc. - Class A	0.54%	Compass Minerals International, Inc.	0.36%
SUPERVALU, Inc.	0.52%	RadioShack Corporation	0.35%
Brocade Communications Systems, Inc.	0.50%	Pool Corporation	0.34%
3Com Corporation	0.47%	Allegheny Technologies, Inc.	0.34%
VeriFone Holdings, Inc.	0.46%	Realty Income Corporation	0.34%
Synopsys, Inc.	0.45%	Tupperware Brands Corporation	0.34%

6

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

October 31, 2009 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Positions
Security Description	% of Net Assets
Spectrum Control, Inc.	0.41%
Lender Processing Services, Inc.	0.41%
GenCorp, Inc.	0.40%
SIRIUS XM Radio, Inc.	0.40%
FreightCar America, Inc.	0.40%
American Greetings Corporation - Class A	0.39%
Bally Technologies, Inc.	0.38%
BioForm Medical, Inc.	0.38%
Anixter International, Inc.	0.38%
Kendle International, Inc.	0.38%

7

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2009

COMMON STOCKS — 85.1%	Shares		Value
Consumer Discretionary — 10.5%
Auto Components — 1.4%
Other Auto Components (a)			$	11,177,798
Automobiles — 0.0%
Other Automobiles (a)				10,350
Distributors — 0.0%
Other Distributors (a)				22,726
Diversified Consumer Services — 0.4%
Other Diversified Consumer Services (a)				3,278,789
Hotels, Restaurants & Leisure — 1.8%
Wendy’s/Arby’s Group, Inc. - Class A (b)		1,141,394		4,508,506
Wyndham Worldwide Corporation (b)		181,300		3,091,165
Other Hotels, Restaurants & Leisure (a)				7,390,988
				14,990,659
Household Durables — 1.1%
Other Household Durables (a)				8,949,953
Internet & Catalog Retail — 0.2%
Other Internet & Catalog Retail (a)				1,587,219
Leisure Equipment & Products — 0.2%
Other Leisure Equipment & Products (a)				1,520,846
Media — 2.2%
CTC Media, Inc. (b) (c)		182,481		2,934,294
SIRIUS XM Radio, Inc. (c)		9,043,595		5,299,547
Other Media (a)				10,131,819
				18,365,660
Multi-Line Retail — 0.1%
Other Multi-Line Retail (a)				1,113,272
Specialty Retail — 1.3%
American Eagle Outfitters, Inc.		147,700		2,583,273
Other Specialty Retail (a)				8,590,677
				11,173,950
Textiles, Apparel & Luxury Goods — 1.8%
Jones Apparel Group, Inc. (b)		174,300		3,118,227
Other Textiles, Apparel & Luxury Goods (a)				11,519,090
				14,637,317
Consumer Staples — 3.0%
Beverages — 0.1%
Other Beverages (a)				774,115

8

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 85.1% (Continued)	Shares		Value
Consumer Staples — 3.0% (Continued)
Food & Staples Retailing — 1.1%
SUPERVALU, Inc. (b)		273,600	$	4,342,032
Other Food & Staples Retailing (a)				5,108,357
				9,450,389
Food Products — 1.1%
Del Monte Foods Company (b)		229,121		2,474,507
Other Food Products (a)				6,770,244
				9,244,751
Household Products — 0.0%
Other Household Products (a)				323,634
Personal Products — 0.7%
Other Personal Products (a)				5,429,205
Tobacco — 0.0%
Other Tobacco (a)				4,159
Energy — 4.9%
Energy Equipment & Services — 1.6%
Other Energy Equipment & Services (a)				12,966,554
Oil, Gas & Consumable Fuels — 3.3%
Quicksilver Resources, Inc. (b) (c)		193,100		2,355,820
Other Oil, Gas & Consumable Fuels (a)				25,007,426
				27,363,246
Financials — 11.7%
Capital Markets — 1.8%
Ares Capital Corporation (b)		258,849		2,702,384
E*TRADE Financial Corporation (b) (c)		1,615,000		2,357,900
Other Capital Markets (a)				10,048,415
				15,108,699
Commercial Banks — 2.7%
Boston Private Financial Holdings, Inc. (b)		420,008		2,499,048
CapitalSource, Inc. (b)		991,510		3,529,776
Other Commercial Banks (a)				16,570,510
				22,599,334
Consumer Finance — 0.4%
Other Consumer Finance (a)				3,017,964
Diversified Financial Services — 0.3%
Other Diversified Financial Services (a)				2,760,122
Insurance — 4.6%
American Financial Group, Inc. (b)		107,795		2,651,757
Other Insurance (a)				35,297,726
				37,949,483

9

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 85.1% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Real Estate Investment Trusts — 1.4%
Other Real Estate Investment Trusts (a)			$	11,306,568
Real Estate Management & Development — 0.0%
Other Real Estate Management & Development (a)				89,651
Thrifts & Mortgage Finance — 0.5%
Other Thrifts & Mortgage Finance (a)				4,340,226
Health Care — 11.4%
Biotechnology — 2.4%
Amylin Pharmaceuticals, Inc. (c)		297,500		3,284,400
PDL BioPharma, Inc. (b)		401,799		3,379,130
Other Biotechnology (a)				13,046,684
				19,710,214
Health Care Equipment & Supplies — 2.0%
Other Health Care Equipment & Supplies (a)				16,859,151
Health Care Providers & Services — 4.3%
Coventry Health Care, Inc. (b) (c)		133,000		2,637,390
MEDNAX, Inc. (b) (c)		52,424		2,721,854
Tenet Healthcare Corporation (b) (c)		902,541		4,621,010
Universal Health Services, Inc. - Class B (b)		43,200		2,404,080
Other Health Care Providers & Services (a)				22,999,465
				35,383,799
Health Care Technology — 0.6%
IMS Health, Inc. (b)		223,800		3,668,082
Other Health Care Technology (a)				1,293,815
				4,961,897
Life Sciences Tools & Services — 1.5%
Bruker Corporation (b) (c)		298,028		3,230,623
Parexel International Corporation (b) (c)		225,797		2,826,978
Other Life Sciences Tools & Services (a)				6,240,626
				12,298,227
Pharmaceuticals — 0.6%
Other Pharmaceuticals (a)				5,115,446
Industrials — 13.4%
Aerospace & Defense — 1.3%
Cubic Corporation (b)		71,390		2,477,947
Other Aerospace & Defense (a)				8,722,972
				11,200,919
Air Freight & Logistics — 0.5%
Other Air Freight & Logistics (a)				4,354,040

10

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 85.1% (Continued)	Shares		Value
Industrials — 13.4% (Continued)
Airlines — 1.5%
UAL Corporation (c)		367,650	$	2,393,401
US Airways Group, Inc. (b) (c)		1,077,696		3,297,750
Other Airlines (a)				6,902,508
				12,593,659
Building Products — 0.6%
Other Building Products (a)				5,324,955
Commercial Services & Supplies — 1.1%
Other Commercial Services & Supplies (a)				8,991,152
Construction & Engineering — 1.3%
Shaw Group, Inc. (The) (b) (c)		131,425		3,372,366
Other Construction & Engineering (a)				7,029,354
				10,401,720
Electrical Equipment — 1.3%
Thomas & Betts Corporation (c)		109,782		3,755,642
Other Electrical Equipment (a)				7,421,353
				11,176,995
Industrial Conglomerates — 0.2%
Other Industrial Conglomerates (a)				1,637,593
Machinery — 3.3%
Timken Company (b)		127,880		2,817,196
Titan International, Inc. (b)		313,912		2,636,861
Trinity Industries, Inc. (b)		201,897		3,408,021
Other Machinery (a)				18,094,779
				26,956,857
Marine — 0.8%
Other Marine (a)				6,561,027
Professional Services — 0.6%
Other Professional Services (a)				5,029,778
Road & Rail — 0.5%
Other Road & Rail (a)				3,940,362
Trading Companies & Distributors — 0.4%
Other Trading Companies & Distributors (a)				3,190,322
Transportation Infrastructure — 0.0%
Other Transportation Infrastructure (a)				84,650

11

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 85.1% (Continued)	Shares		Value
Information Technology — 19.6%
Communications Equipment — 3.4%
3Com Corporation (b) (c)		765,548	$	3,934,917
Arris Group, Inc. (b) (c)		259,800		2,665,548
Brocade Communications Systems, Inc. (b) (c)		485,275		4,163,659
Other Communications Equipment (a)				17,168,943
				27,933,067
Computers & Peripherals — 0.5%
Other Computers & Peripherals (a)				4,296,281
Electronic Equipment, Instruments & Components — 3.5%
Anixter International, Inc. (b) (c)		85,199		3,565,578
Arrow Electronics, Inc. (b) (c)		123,600		3,132,024
Jabil Circuit, Inc. (b)		222,427		2,976,073
Tech Data Corporation (b) (c)		88,922		3,417,272
Vishay Intertechnology, Inc. (b) (c)		498,764		3,107,300
Other Electronic Equipment, Instruments & Components (a)				12,441,296
				28,639,543
Internet Software & Services — 1.2%
Other Internet Software & Services (a)				10,286,460
IT Services — 3.0%
TeleTech Holdings, Inc. (b) (c)		205,061		3,668,541
VeriFone Holdings, Inc. (b) (c)		288,136		3,832,209
Other IT Services (a)				17,525,370
				25,026,120
Semiconductors & Semiconductor Equipment — 3.7%
ON Semiconductor Corporation (c)		689,600		4,613,424
Tessera Technologies, Inc. (b) (c)		108,682		2,402,959
Other Semiconductors & Semiconductor Equipment (a)				23,421,062
				30,437,445
Software — 4.3%
Synopsys, Inc. (b) (c)		171,214		3,766,708
TIBCO Software, Inc. (b) (c)		400,994		3,508,698
Other Software (a)				28,091,425
				35,366,831
Materials — 6.7%
Chemicals — 3.4%
Ashland, Inc. (b)		105,146		3,631,743
RPM International, Inc. (b)		138,998		2,449,145
Solutia, Inc. (b) (c)		295,756		3,253,316
Other Chemicals (a)				18,629,396
				27,963,600
Containers & Packaging — 1.3%
Other Containers & Packaging (a)				10,741,272
Metals & Mining — 1.0%
Other Metals & Mining (a)				8,448,360

12

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 85.1% (Continued)	Shares		Value
Materials — 6.7% (Continued)
Paper & Forest Products — 1.0%
Other Paper & Forest Products (a)			$	8,230,025
Telecommunication Services — 1.0%
Diversified Telecommunication Services — 0.5%
Other Diversified Telecommunication Services (a)				3,986,635
Wireless Telecommunication Services — 0.5%
Other Wireless Telecommunication Services (a)				4,267,862
Utilities — 2.9%
Electric Utilities — 0.3%
Other Electric Utilities (a)				2,468,114
Gas Utilities — 1.2%
AGL Resources, Inc. (b)		80,352		2,809,106
Other Gas Utilities (a)				7,311,216
				10,120,322
Independent Power Producers & Energy Traders — 1.0%
Dynegy, Inc. (c)		2,874,525		5,749,050
Other Independent Power Producers & Energy Traders (a)				2,044,443
				7,793,493
Multi-Utilities — 0.4%
Other Multi-Utilities (a)				3,560,065
Water Utilities — 0.0%
Other Water Utilities (a)				143,696
Total Common Stocks (Cost $669,733,452)			$	705,038,593
CLOSED-END FUNDS — 10.7%	Shares		Value
Other Closed-End Funds (Cost $90,367,060) (a)			$	88,383,154
RIGHTS — 0.0%	Shares		Value
Total Rights (Cost $0) (a)(e)			$	—

13

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS — 3.0%	Shares		Value
UMB Money Market Fiduciary, 0.05% (d)
(Cost $24,674,332)		24,674,332	$	24,674,332
Total Investments at Value — 98.8% (Cost $784,774,844)			$	818,096,079
Other Assets in Excess of Liabilities — 1.2%				10,313,378
Net Assets — 100.0%			$	828,409,457

* A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.

(a) Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2009.

(b) All or a portion of the shares have been committed as collateral for open short positions.

(c) Non-income producing security.

(d) Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2009.

(e) Fair value priced (Note 2). Fair valued securities totaled $0 at October 31, 2009, representing 0.0% of net assets.

See accompanying notes to financial statements.

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

October 31, 2009

COMMON STOCKS — 64.6%	Shares		Value
Consumer Discretionary — 14.3%
Auto Components — 0.5%
Amerigon, Inc. (a)		8,800	$	56,584
ArvinMeritor, Inc.		60,100		469,381
BorgWarner, Inc.		26,700		809,544
China Automotive Systems, Inc. (a)		2,200		22,792
Cooper Tire & Rubber Company		31,197		476,066
Dorman Products, Inc. (a)		4,000		58,480
Exide Technologies (a)		300		1,836
Fuel Systems Solutions, Inc. (a)		200		6,548
Gentex Corporation		11,400		182,514
Modine Manufacturing Company		3,800		39,140
Raser Technologies, Inc. (a)		273,611		322,861
Spartan Motors, Inc.		77,837		388,407
Standard Motor Products, Inc.		100		836
Stoneridge, Inc. (a)		19,600		144,060
Superior Industries International, Inc.		62,700		832,656
TRW Automotive Holdings Corporation (a)		14,900		233,185
WABCO Holdings, Inc.		17,100		405,612
Wonder Auto Technology, Inc. (a)		1,800		23,292
				4,473,794
Automobiles — 0.2%
Harley-Davidson, Inc.		300		7,476
Winnebago Industries, Inc. (a)		102,194		1,175,231
				1,182,707
Distributors — 0.0%
Core-Mark Holding Company, Inc. (a)		6,983		191,125
Diversified Consumer Services — 1.2%
American Public Education, Inc. (a)		32,224		1,027,945
Brink’s Home Security Holdings, Inc. (a)		2,380		73,732
Capella Education Company (a)		15,301		1,054,239
Career Education Corporation (a)		58,071		1,210,200
ChinaCast Education Corporation (a)		1,100		6,842
Coinstar, Inc. (a)		28,300		898,242
Corinthian Colleges, Inc. (a)		25,000		396,500
DeVry, Inc.		13,800		763,002
Grand Canyon Education, Inc. (a)		99		1,606
Home Solutions of America, Inc. (a)		95,563		3,584
Jackson Hewitt Tax Service, Inc.		119,750		587,972
K12, Inc. (a)		48,300		774,732
Learning Tree International, Inc. (a)		500		5,440
Pre-Paid Legal Services, Inc. (a)		18,905		747,504
Regis Corporation		80,328		1,304,527
Spectrum Group International, Inc. (a)		2,133		5,439
Stewart Enterprises, Inc. - Class A		121,348		555,774
Universal Technical Institute, Inc. (a)		23,061		414,867
Weight Watchers International, Inc.		2,084		55,247
				9,887,394

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Discretionary — 14.3% (Continued)
Hotels, Restaurants & Leisure — 2.5%
Ambassadors Group, Inc.		15,680	$	199,293
Ameristar Casinos, Inc.		10,400		153,088
BJ’s Restaurants, Inc. (a)		100,148		1,598,362
Boyd Gaming Corporation (a)		114,116		839,894
Brinker International, Inc.		300		3,792
Buffalo Wild Wings, Inc. (a)		25,522		1,046,657
Burger King Holdings, Inc.		78,633		1,349,342
California Pizza Kitchen, Inc. (a)		79,058		1,026,964
Caribou Coffee Company, Inc. (a)		4,100		33,579
Cedar Fair, L.P.		600		6,006
Cheesecake Factory, Inc. (The) (a)		19,000		345,420
Choice Hotels International, Inc.		8,800		262,416
Cracker Barrel Old Country Store, Inc.		4,100		135,915
DineEquity, Inc. (a)		35,118		743,097
Interval Leisure Group, Inc. (a)		400		4,464
Jamba, Inc. (a)		143,344		206,415
Las Vegas Sands Corporation (a)		1,900		28,671
MGM Mirage (a)		6,500		60,255
Morgans Hotel Group Company (a)		75,951		252,157
Multimedia Games, Inc. (a)		400		1,964
O’Charley’s, Inc. (a)		700		4,907
Orient-Express Hotels Ltd. - Class A (a)		79,904		687,174
Panera Bread Company - Class A (a)		25,559		1,533,029
Peet’s Coffee & Tea, Inc. (a)		32,785		1,114,690
Pinnacle Entertainment, Inc. (a)		13,869		117,193
Red Robin Gourmet Burgers, Inc. (a)		53,637		896,274
Ruby Tuesday, Inc. (a)		14,300		95,238
Scientific Games Corporation - Class A (a)		1,400		19,698
Shuffle Master, Inc. (a)		31,520		246,171
Sonic Corporation (a)		157,200		1,469,820
Texas Roadhouse, Inc. (a)		73,262		693,791
Universal Travel Group (a)		6,300		73,584
Vail Resorts, Inc. (a)		66,300		2,283,372
VCG Holding Corporation (a)		13,691		25,739
WMS Industries, Inc. (a)		59,600		2,382,808
Wyndham Worldwide Corporation		17,810		303,661
Wynn Resorts Ltd. (a)		100		5,422
				20,250,322
Household Durables — 1.7%
Black & Decker Corporation (The)		300		14,166
Brookfield Homes Corporation (a)		42,761		240,744
Cavco Industries, Inc. (a)		22,759		691,874
CSS Industries, Inc.		1,400		28,420
Deer Consumer Products, Inc. (a)		2,600		31,850
Ethan Allen Interiors, Inc.		92,233		1,149,223
Furniture Brands International, Inc. (a)		5,000		21,250
Hovnanian Enterprises, Inc. - Class A (a)		280,365		1,096,227
iRobot Corporation (a)		67,604		903,865

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Discretionary — 14.3% (Continued)
Household Durables — 1.7% (Continued)
Jarden Corporation		6,950	$	190,361
KB Home		300		4,254
Kid Brands, Inc. (a)		700		3,479
Leggett & Platt, Inc.		68,100		1,316,373
M/I Homes, Inc. (a)		38,264		427,409
MDC Holdings, Inc.		26,895		877,315
Meritage Homes Corporation (a)		132,841		2,423,020
Mohawk Industries, Inc. (a)		31,030		1,329,015
National Presto Industries, Inc.		2,748		238,884
Ryland Group, Inc. (The)		8,900		165,095
Skyline Corporation		2,272		39,737
Tupperware Brands Corporation		61,900		2,786,738
				13,979,299
Internet & Catalog Retail — 0.6%
Amazon.com, Inc. (a)		100		11,881
BIDZ.com, Inc. (a)		1,202		3,486
HSN, Inc. (a)		5,600		83,664
NutriSystem, Inc.		66,000		1,420,320
Orbitz Worldwide, Inc. (a)		300		1,569
Overstock.com, Inc. (a)		57,784		808,976
PetMed Express, Inc.		90,643		1,422,189
Shutterfly, Inc. (a)		76,482		1,078,396
Ticketmaster Entertainment, Inc. (a)		6,700		64,655
ValueVision Media, Inc. (a)		59,144		187,486
				5,082,622
Leisure Equipment & Products — 0.5%
Brunswick Corporation		6,400		60,672
Callaway Golf Company		74,300		508,212
JAKKS Pacific, Inc. (a)		2,900		41,267
Pool Corporation		145,480		2,848,498
Sturm Ruger & Company, Inc.		20,001		212,411
				3,671,060
Media — 0.8%
Arbitron, Inc.		43,530		943,730
Cablevision Systems Corporation		100		2,296
Central European Media Enterprises Ltd. (a)		91,076		2,289,651
Charter Communications, Inc. - Class A (a)		20,500		433
Cinemark Holdings, Inc.		47,631		552,043
CKX, Inc. (a)		28,400		181,760
DISH Network Corporation - Class A (a)		200		3,480
Dolan Media Company (a)		1,200		14,328
DreamWorks Animation SKG, Inc. - Class A (a)		24,100		771,200
Gannett Company, Inc.		13,200		129,624
Interpublic Group of Companies, Inc. (a)		100		602
Liberty Global, Inc. (a)		200		4,116
Liberty Global, Inc. - Class A (a)		56,500		1,159,945
Liberty Media Corporation - Capital - Series A (a)		17,500		362,075
Live Nation, Inc. (a)		300		1,998

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Discretionary — 14.3% (Continued)
Media — 0.8% (Continued)
Martha Stewart Living Omnimedia, Inc. (a)		5,300	$	27,454
Media General, Inc.		31,000		256,990
New York Times Company (The)		900		7,173
Outdoor Channel Holdings, Inc. (a)		900		6,228
Time Warner Cable, Inc.		100		3,944
Warner Music Group Corporation (a)		40,074		230,826
				6,949,896
Multi-Line Retail — 0.4%
Big Lots, Inc. (a)		60,700		1,520,535
Bon-Ton Stores, Inc. (The)		34,968		323,454
Dillard’s, Inc.		42,200		574,764
Fred’s, Inc.		77,271		914,889
Tuesday Morning Corporation (a)		9,087		29,351
				3,362,993
Specialty Retail — 4.3%
Aaron’s, Inc.		48,702		1,219,985
Abercrombie & Fitch Company - Class A		32,370		1,062,383
American Eagle Outfitters, Inc.		300		5,247
Asbury Automotive Group, Inc. (a)		52,730		513,590
Barnes & Noble, Inc.		68,119		1,131,457
bebe stores, Inc.		140,218		877,765
Blockbuster, Inc. - Class A (a)		100,400		83,332
Brown Shoe Company, Inc.		1,000		10,370
Buckle, Inc. (The)		50,386		1,512,084
Build-A-Bear Workshop, Inc. (a)		400		2,072
Cabela’s, Inc. - Class A (a)		70,676		888,397
Charming Shoppes, Inc. (a)		188,709		854,852
Chico’s FAS, Inc. (a)		68,300		816,185
Children’s Place Retail Stores, Inc. (The) (a)		56		1,761
China Auto Logistics, Inc. (a)		1,000		4,120
Christopher & Banks Corporation		100		609
Citi Trends, Inc. (a)		18,076		475,941
Coldwater Creek, Inc. (a)		70,000		402,500
Conn’s, Inc. (a)		88,392		557,754
Dick’s Sporting Goods, Inc. (a)		62,500		1,418,125
Dress Barn, Inc. (a)		92,753		1,674,192
DSW, Inc. - Class A (a)		73,316		1,407,667
Foot Locker, Inc.		47,000		492,560
GameStop Corporation - Class A (a)		300		7,287
Gander Mountain Company (a)		9,002		44,920
Group 1 Automotive, Inc.		70,416		1,789,975
Guess?, Inc.		9,300		339,915
Haverty Furniture Companies, Inc. (a)		69,500		841,645
hhgregg, Inc. (a)		60,419		996,309
Hibbett Sports, Inc. (a)		56,075		1,050,846
Hot Topic, Inc. (a)		73,600		566,720
Jo-Ann Stores, Inc. (a)		51,573		1,372,873
Limited Brands, Inc.		200		3,520

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Discretionary — 14.3% (Continued)
Specialty Retail — 4.3% (Continued)
Lumber Liquidators, Inc. (a)		55,372	$	1,176,655
New York & Company, Inc. (a)		1,500		6,600
Penske Auto Group, Inc.		87,927		1,376,937
PetSmart, Inc.		98,200		2,310,646
Pier 1 Imports, Inc. (a)		506,312		1,782,218
RadioShack Corporation		173,500		2,930,415
Shoe Carnival, Inc. (a)		5,106		76,641
Sonic Automotive, Inc. - Class A		83,419		745,766
Stein Mart, Inc. (a)		100		950
Systemax, Inc. (a)		40,300		543,244
Tractor Supply Company (a)		29,603		1,323,254
Tween Brands, Inc. (a)		37,700		319,696
Urban Outfitters, Inc. (a)		200		6,276
West Marine, Inc. (a)		100		762
Zumiez, Inc. (a)		64,311		866,269
				35,893,287
Textiles, Apparel & Luxury Goods — 1.6%
Alpha Pro Tech Ltd. (a)		6,100		36,539
Carter’s, Inc. (a)		5,100		120,360
Cherokee, Inc.		33,325		630,842
Columbia Sportswear Company		41,900		1,594,295
Deckers Outdoor Corporation (a)		14,500		1,300,215
Fossil, Inc. (a)		6,900		184,437
Fuqi International, Inc. (a)		19,400		397,506
G-III Apparel Group Ltd. (a)		9,645		154,416
Gildan Activewear, Inc. (a)		18,835		333,945
Hanesbrands, Inc. (a)		157,086		3,396,199
Iconix Brand Group, Inc. (a)		54,850		639,551
Jones Apparel Group, Inc.		82,900		1,483,081
K-Swiss, Inc. - Class A		95,561		779,778
Liz Claiborne, Inc.		8,200		47,068
Movado Group, Inc.		47,317		495,882
Skechers U.S.A., Inc. - Class A (a)		3,300		72,006
Timberland Company (The) - Class A (a)		23,300		376,994
Volcom, Inc. (a)		53,212		883,851
Warnaco Group, Inc. (The) (a)		16,471		667,570
				13,594,535
Consumer Staples — 3.5%
Beverages — 0.3%
Boston Beer Company, Inc. - Class A (a)		161		6,118
Central European Distribution Corporation (a)		49,393		1,536,616
Constellation Brands, Inc. - Class A (a)		34,900		552,118
Cott Corporation (a)		6,900		54,510
Jones Soda Company (a)		128,277		100,056
				2,249,418

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Staples — 3.5% (Continued)
Food & Staples Retailing — 0.7%
Diedrich Coffee, Inc. (a)		600	$	13,080
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		126,502		1,253,635
Nash Finch Company		16,757		485,618
Rite Aid Corporation (a)		604,400		779,676
Ruddick Corporation		57,114		1,526,086
Susser Holdings Corporation (a)		700		8,323
United Natural Foods, Inc. (a)		44,997		1,084,878
Winn-Dixie Stores, Inc. (a)		31,538		349,756
				5,501,052
Food Products — 1.5%
AgFeed Industries, Inc. (a)		5,000		22,050
American Dairy, Inc. (a)		5,856		169,473
American Italian Pasta Company (a)		9,200		249,964
Cal-Maine Foods, Inc.		68,900		1,870,635
Chiquita Brands International, Inc. (a)		97,069		1,571,547
Dean Foods Company (a)		20,600		375,538
Diamond Foods, Inc.		27,321		823,728
Farmer Brothers Company		3,133		59,214
Flowers Foods, Inc.		65,977		1,541,223
Fresh Del Monte Produce, Inc. (a)		8,600		186,706
Hain Celestial Group, Inc. (The) (a)		100		1,754
Imperial Sugar Company		5,000		62,450
Lifeway Foods, Inc. (a)		3,389		40,803
Sanderson Farms, Inc.		1,700		62,203
Smithfield Foods, Inc. (a)		155,900		2,079,706
Synutra International, Inc. (a)		11,570		139,997
Tootsie Roll Industries, Inc.		37,558		931,814
Treehouse Foods, Inc. (a)		46,600		1,742,840
Tyson Foods, Inc.		79,400		994,088
Zapata Corporation (a)		256		1,748
				12,927,481
Personal Products — 0.7%
American Oriental Bioengineering, Inc. (a)		222,060		879,358
Bare Escentuals, Inc. (a)		19,500		246,285
Chattem, Inc. (a)		15,600		988,572
China Sky One Medical, Inc. (a)		13,004		154,357
China-Biotics, Inc. (a)		900		10,440
Elizabeth Arden, Inc. (a)		2,200		23,430
Female Health Company (The) (a)		900		4,167
Herbalife Ltd.		9,300		312,945
Mannatech, Inc.		72,468		246,391
Mead Johnson Nutrition Company - Class A		8,579		360,661
Medifast, Inc. (a)		500		11,010
NBTY, Inc. (a)		24,648		897,434
Nu Skin Enterprises, Inc.		200		4,552
Revlon, Inc. (a)		13,100		110,433
USANA Health Sciences, Inc. (a)		54,641		1,574,754
				5,824,789

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Consumer Staples — 3.5% (Continued)
Tobacco — 0.3%
Alliance One International, Inc. (a)		174,756	$	770,674
Star Scientific, Inc. (a)		458		385
Universal Corporation		29,731		1,236,512
Vector Group Ltd.		50,432		731,768
				2,739,339
Energy — 5.0%
Energy Equipment & Services — 1.3%
Baker Hughes, Inc.		600		25,242
Basic Energy Services, Inc. (a)		3,800		26,600
Bronco Drilling Company, Inc. (a)		3,000		18,960
Carbo Ceramics, Inc.		35,289		2,060,525
Core Laboratories N.V.		4,400		458,920
Dawson Geophysical Company (a)		200		4,830
Dresser-Rand Group, Inc. (a)		30,800		907,676
Exterran Holdings, Inc. (a)		11,965		244,445
Global Industries Ltd. (a)		19,854		144,736
Gulf Island Fabrication, Inc.		15,313		292,784
Halliburton Company		100		2,921
Helix Energy Solutions Group, Inc. (a)		103,700		1,423,801
Hercules Offshore, Inc. (a)		10,200		52,326
Lufkin Industries, Inc.		700		39,935
NATCO Group, Inc. (a)		2,700		117,666
North American Energy Partners, Inc. (a)		2,100		11,907
OYO Geospace Corporation (a)		800		21,000
Patterson-UTI Energy, Inc.		237,200		3,695,576
Precision Drilling Trust		3,700		24,235
RPC, Inc.		2,100		19,635
Seahawk Drilling, Inc. (a)		1,082		29,214
SulphCo, Inc. (a)		279,872		279,872
Superior Well Services, Inc. (a)		109,600		1,162,856
TETRA Technologies, Inc. (a)		1,100		10,406
Trico Marine Services, Inc. (a)		11,977		73,060
Union Drilling, Inc. (a)		6,000		45,840
Unit Corporation (a)		200		7,816
Weatherford International Ltd. (a)		100		1,753
Willbros Group, Inc. (a)		8,300		109,062
				11,313,599
Oil, Gas & Consumable Fuels — 3.7%
Alpha Natural Resources, Inc. (a)		34,940		1,186,912
Arena Resources, Inc. (a)		23,400		871,884
Atlas Pipeline Partners, L.P.		9,200		64,584
Berry Petroleum Company - Class A		53,592		1,359,093
Bill Barrett Corporation (a)		100		3,098
BPZ Resources, Inc. (a)		100,862		635,431
Brigham Exploration Company (a)		2,000		19,000
Cabot Oil & Gas Corporation		100		3,847
Carrizo Oil & Gas, Inc. (a)		91,500		2,120,970
Cheniere Energy Partners, L.P.		600		6,408

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Energy — 5.0% (Continued)
Oil, Gas & Consumable Fuels — 3.7% (Continued)
Cheniere Energy, Inc. (a)		303,188	$	706,428
Clayton Williams Energy, Inc. (a)		700		18,340
Clean Energy Fuels Corporation (a)		300		3,480
CNX Gas Corporation (a)		100		2,786
Comstock Resources, Inc. (a)		14,100		579,369
Concho Resources, Inc. (a)		19,934		759,685
Copano Energy, LLC		18,496		315,912
Cross Timbers Royalty Trust		500		16,020
Crosstex Energy, Inc.		9,000		50,580
Crosstex Energy, L.P.		10,900		63,656
DCP Midstream Partners, L.P.		100		2,579
Eagle Rock Energy Partners, L.P.		13,300		63,042
Enbridge Energy Partners, L.P.		6,600		306,768
Encore Acquisition Company (a)		18,523		686,648
EOG Resources, Inc.		100		8,166
Evergreen Energy, Inc. (a)		306,822		111,683
EXCO Resources, Inc.		70,800		1,105,896
Forest Oil Corporation (a)		14,500		284,200
Frontier Oil Corporation		84,367		1,169,327
Frontline Ltd.		44,348		1,034,639
General Maritime Corporation		103,896		715,843
GeoGlobal Resources, Inc. (a)		17,923		18,281
GMX Resources, Inc. (a)		52,893		673,328
Goodrich Petroleum Corporation (a)		58,126		1,492,094
GreenHunter Energy, Inc. (a)		1,400		2,156
Harvest Natural Resources, Inc. (a)		52,151		286,309
Holly Corporation		10,500		304,605
Hugoton Royalty Trust		5,900		96,170
International Coal Group, Inc. (a)		200		818
Isramco, Inc. (a)		200		16,568
James River Coal Company (a)		12,220		232,058
Magellan Midstream Partners, L.P.		583		22,644
MarkWest Energy Partners, L.P.		24,136		579,505
Massey Energy Company		300		8,727
McMoRan Exploration Company (a)		800		6,152
Natural Resource Partners, L.P.		500		10,945
Newfield Exploration Company (a)		200		8,204
Nexen, Inc.		400		8,588
Nordic American Tanker Shipping Ltd.		26,239		742,564
NuStar Energy, L.P.		13,415		719,849
Overseas Shipholding Group, Inc.		46,950		1,842,787
Pacific Ethanol, Inc. (a)		137,669		55,068
Patriot Coal Corporation (a)		4,600		51,980
Peabody Energy Corporation		400		15,836
Pengrowth Energy Trust		100		920
Penn Virginia Corporation		67,410		1,365,052
Permian Basin Royalty Trust		6,690		86,167
Petrohawk Energy Corporation (a)		300		7,056
Petroleum Development Corporation (a)		4,400		73,480

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Energy — 5.0% (Continued)
Oil, Gas & Consumable Fuels — 3.7% (Continued)
PetroQuest Energy, Inc. (a)		800	$	4,904
Plains Exploration & Production Company (a)		300		7,950
Quicksilver Resources, Inc. (a)		58,500		713,700
Rex Energy Corporation (a)		20,952		169,502
San Juan Basin Royalty Trust		2,300		40,963
SandRidge Energy, Inc. (a)		2,600		26,598
Southwestern Energy Company (a)		300		13,074
Stone Energy Corporation (a)		5,300		81,249
Suncor Energy, Inc.		200		6,604
Sunoco, Inc.		5,000		154,000
Swift Energy Company (a)		57,974		1,227,889
Targa Resources Partners, L.P.		4,400		87,164
Teekay Corporation		21,960		455,670
Tesoro Corporation		74,105		1,047,845
Toreador Resources Corporation		3,400		29,002
Tri-Valley Corporation (a)		62,216		149,318
Uranerz Energy Corporation (a)		6,740		10,312
Venoco, Inc. (a)		22,200		279,720
Verenium Corporation (a)		10,134		38,610
W&T Offshore, Inc.		4,100		47,765
Western Refining, Inc. (a)		3,900		21,879
Whiting Petroleum Corporation (a)		6,300		355,320
Williams Partners, L.P.		4,000		102,000
World Fuel Services Corporation		44,009		2,237,858
Zion Oil & Gas, Inc. (a)		8,400		56,532
				30,369,613
Financials — 10.9%
Capital Markets — 1.0%
Allied Capital Corporation		52,200		162,864
Apollo Investment Corporation		1,400		12,600
Ares Capital Corporation		100		1,044
BlackRock Kelso Capital Corporation		1,500		10,965
Broadpoint Gleacher Securities Group, Inc. (a)		1,200		7,644
Calamos Asset Management, Inc.		600		6,360
Eaton Vance Corporation		42,000		1,192,380
Epoch Holding Corporation		300		2,787
Federated Investors, Inc.		37,947		996,109
Fortress Investment Group, LLC - Class A (a)		5,000		20,950
Greenhill & Company, Inc.		13,000		1,120,990
Harris & Harris Group, Inc. (a)		10,503		45,058
Investment Technology Group, Inc. (a)		13,800		297,666
Knight Capital Group, Inc. (a)		21,700		365,645
LaBranche & Company, Inc. (a)		90,718		250,382
Lazard Ltd. - Class A		100		3,775
Och-Ziff Capital Management Group, LLC		9,200		111,596
Oppenheimer Holdings, Inc.		3,487		88,918
optionsXpress Holdings, Inc.		14,200		221,946
Penson Worldwide, Inc. (a)		60,060		585,585

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Capital Markets — 1.0% (Continued)
Piper Jaffray Companies, Inc. (a)		13,075	$	606,549
Prospect Capital Corporation		15,700		155,901
Pzena Investment Management, Inc. (a)		12,111		89,379
Raymond James Financial, Inc.		100		2,361
Sanders Morris Harris Group, Inc.		100		581
Stifel Financial Corporation (a)		36,347		1,888,590
Thomas Weisel Partners Group, Inc. (a)		1,200		5,436
TradeStation Group, Inc. (a)		23,000		177,560
				8,431,621
Commercial Banks — 4.7%
1st United Bancorp, Inc. (a)		900		5,076
American National Bankshares, Inc.		198		4,243
Associated Banc-Corp		114,336		1,464,644
BancorpSouth, Inc.		35,641		804,774
Bank of the Ozarks, Inc.		10,660		242,515
BB&T Corporation (a)		300		7,173
Boston Private Financial Holdings, Inc.		10,600		63,070
Camden National Corporation		3,466		106,510
Capital City Bank Group, Inc.		16,491		193,604
Capitol Bancorp Ltd.		10,654		23,971
Cardinal Financial Corporation		32,687		266,399
Cascade Bancorp, Inc. (a)		47,384		48,332
Chemical Financial Corporation		34,036		747,090
Citizens & Northern Corporation		700		8,526
City Bank		13,068		30,318
City National Corporation		41,500		1,563,305
Colonial Bancgroup, Inc. (The) (a)		108,955		5,339
Columbia Banking Systems, Inc.		900		13,230
Cullen/Frost Bankers, Inc.		14,365		672,138
CVB Financial Corporation		116,667		934,503
East West Bancorp, Inc.		800		7,224
Farmers Capital Bank Corporation		400		4,448
Fifth Third Bancorp		500		4,470
First Busey Corporation		48,419		187,382
First Commonwealth Financial Corporation		26,200		137,550
First Financial Bancorporation		11,434		144,983
First Financial Bankshares, Inc.		6,088		294,964
First Financial Corporation		1,108		30,725
First Horizon National Corporation (a)		97,600		1,154,608
First Midwest Bancorp, Inc.		3,000		31,200
First South Bancorp, Inc.		5,455		57,768
FNB Corporation		72,686		514,617
Frontier Financial Corporation (a)		88,593		37,625
Fulton Financial Corporation		66,185		546,688
Glacier Bancorp, Inc.		67,915		889,007
Great Southern Bancorp, Inc.		25,142		576,255
Hancock Holding Company		27,969		1,014,436
Harleysville National Corporation		87,784		505,636

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Commercial Banks — 4.7% (Continued)
IberiaBank Corporation		27,468	$	1,189,639
Lakeland Bancorp, Inc.		100		608
MainSource Financial Group, Inc.		6,633		38,670
Marshall & Ilsley Corporation		1,100		5,852
MB Financial, Inc.		2,400		42,912
Metro Bancorp, Inc. (a)		800		9,464
Midwest Bank Holdings, Inc. (a)		5,300		2,650
Nara Bancorp, Inc.		2,000		14,720
National Penn Bancshares, Inc.		1,900		10,678
NBT Bancorp, Inc.		38,029		829,032
Old Second Bancorp, Inc.		38,424		205,568
Oriental Financial Group, Inc.		900		9,585
Pacific Continental Corporation		2,000		21,800
PacWest Bancorp		52,124		885,066
Park National Corporation		52,700		3,060,816
Pinnacle Financial Partners, Inc. (a)		57,408		729,082
PNC Bank Corporation		900		44,046
PrivateBancorp, Inc.		83,776		764,875
Prosperity Bancshares, Inc.		29,500		1,055,805
Regions Financial Corporation		2,000		9,680
Renasant Corporation		12,792		187,275
Republic Bancorp, Inc. - Class A		1,099		20,211
S&T Bancorp, Inc.		64,626		1,017,859
S.Y. Bancorp, Inc.		4,230		94,540
Sandy Spring Bancorp, Inc.		45,091		521,252
SCBT Financial Corporation		9,408		243,385
Security Bank Corporation (a)		32,973		824
Southwest Bancorp, Inc.		1,800		17,712
StellarOne Corporation		8,589		91,129
Sterling Bancshares, Inc.		700		3,899
Suffolk Bancorp		23,885		667,825
Sun Bancorp, Inc. (a)		10,888		44,205
Susquehanna Bancshares, Inc.		192,706		1,061,810
SVB Financial Group (a)		10,200		420,750
Synovus Financial Corporation		16,100		35,742
TCF Financial Corporation		107,310		1,269,477
Texas Capital Bancshares, Inc. (a)		28,200		410,874
Tompkins Financial Corporation		6,546		283,900
Towne Bank		16,844		194,380
Trustmark Corporation		55,601		1,053,639
UCBH Holdings, Inc.		45,933		45,014
Umpqua Holdings Corporation		103,736		1,028,024
Union Bankshares Corporation		2,618		32,254
United Bankshares, Inc.		59,203		1,056,774
United Community Banks, Inc. (a)		133,291		541,161
United Security Bancshares, Inc./Georgia		51		1,056
United Security Bancshares, Inc./Fresno, California (a)		1,890		4,725
Univest Corporation of Pennsylvania		4,400		84,612

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Commercial Banks — 4.7% (Continued)
U.S. Bancorp		100	$	2,322
Valley National Bancorp		86,502		1,148,747
W Holding Company, Inc.		6,898		76,706
Webster Financial Corporation		98,335		1,112,169
Westamerica Bancorporation		21,680		1,036,304
Whitney Holding Corporation		111,208		893,000
Wilmington Trust Corporation		61,500		741,075
Wilshire Bancorp, Inc.		41,305		290,787
Zions Bancorporation		55,700		788,712
				38,799,024
Consumer Finance — 0.2%
Capital One Financial Corporation		200		7,320
Cash America International, Inc.		33,582		1,016,191
CompuCredit Holdings Corporation (a)		65,321		214,253
Credit Acceptance Corporation (a)		100		3,437
Dollar Financial Corporation (a)		1,500		28,155
EZCORP, Inc. - Class A (a)		6,500		84,305
SLM Corporation (a)		800		7,760
World Acceptance Corporation (a)		2,500		62,725
				1,424,146
Diversified Financial Services — 0.5%
Asset Acceptance Capital Corporation (a)		27,774		201,917
Asta Funding, Inc.		3,102		20,256
Financial Federal Corporation		35,570		726,340
Interactive Brokers Group, Inc. - Class A (a)		27,878		446,327
Life Partners Holdings, Inc.		36,966		628,052
Moody’s Corporation		1,000		23,680
MSCI, Inc. (a)		7,700		234,080
PHH Corporation (a)		98,830		1,597,093
				3,877,745
Insurance — 0.9%
Aflac, Inc.		200		8,298
American International Group, Inc. (a)		3,000		100,860
Assurant, Inc.		16,600		496,838
Citizens, Inc. (a)		200		1,206
Endurance Specialty Holdings Ltd.		33,285		1,197,927
FBL Financial Group, Inc. - Class A		1,000		20,150
First Acceptance Corporation (a)		3,004		6,609
First American Corporation		27,892		847,638
Genworth Financial, Inc. (a)		800		8,496
Hanover Insurance Group, Inc. (The)		23,599		992,574
Hartford Financial Services Group, Inc.		300		7,356
LandAmerica Financial Group, Inc. (a)		92,077		2,854
Lincoln National Corporation		100		2,383
Marsh & McLennan Companies, Inc.		300		7,038
National Financial Partners Corporation (a)		200		1,630
National Interstate Corporation		3,188		57,735
NYMAGIC, INC.		400		5,716

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Insurance — 0.9% (Continued)
Old Republic International Corporation		21,800	$	232,824
PMA Capital Corporation (a)		5,900		28,202
Presidential Life Corporation		2,500		23,325
Principal Financial Group, Inc.		300		7,512
Protective Life Corporation		8,175		157,369
Prudential Financial, Inc.		100		4,523
Stewart Information Services Corporation		600		5,364
Torchmark Corporation		43,800		1,778,280
United America Indemnity Ltd. - Class A (a)		11,816		82,830
United Fire & Casualty Company		100		1,748
Zenith National Insurance Corporation		36,563		1,043,142
				7,130,427
Real Estate Investment Trusts — 2.5%
Alesco Financial, Inc. (a)		135,609		101,707
Alexandria Real Estate Equities, Inc.		19,800		1,072,566
American Campus Communities, Inc.		23,900		645,778
Anthracite Capital, Inc. (a)		73,855		53,176
Apartment Investment & Management Company		1,800		22,230
Arbor Realty Trust, Inc.		71,908		143,816
Ashford Hospitality Trust (a)		226,819		870,985
Associated Estates Realty Corporation		600		5,472
BioMed Realty Trust, Inc.		900		12,213
Boston Properties, Inc.		300		18,231
BRE Properties, Inc.		300		8,169
Capital Trust, Inc. (a)		73,177		143,427
CapLease, Inc.		23,725		81,377
Capstead Mortgage Corporation		22,400		294,784
Care Investment Trust, Inc.		300		2,403
CBL & Associates Properties, Inc.		2,500		20,400
Cedar Shopping Centers, Inc.		3,900		23,673
Developers Diversified Realty Corporation		135,000		1,159,650
Digital Realty Trust, Inc.		23,200		1,047,016
Douglas Emmett, Inc.		32,100		378,780
Duke Realty Corporation		600		6,744
Entertainment Properties Trust		100		3,402
Equity One, Inc.		106,800		1,593,456
Equity Residential		300		8,664
Essex Property Trust, Inc.		12,300		924,714
Federal Realty Investment Trust		22,000		1,298,660
First Industrial Realty Trust, Inc.		8,800		38,280
First Potomac Realty Trust		100		1,135
Hatteras Financial Corporation		800		22,480
HCP, Inc.		100		2,959
Healthcare Realty Trust, Inc.		40,273		838,886
Hospitality Properties Trust		7,000		135,170
iStar Financial, Inc. (a)		346,510		724,206
Kilroy Realty Corporation		100		2,762
Kimco Realty Corporation		2,900		36,656
Lasalle Hotel Properties		14,000		240,240

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Real Estate Investment Trusts — 2.5% (Continued)
Lexington Realty Trust		2,989	$	12,524
Mack-Cali Realty Corporation		20,000		619,000
MFA Financial, Inc.		82,200		609,924
Mid-America Apartment Communities, Inc.		18,400		806,288
NorthStar Realty Finance Corporation		58,030		204,846
Parkway Properties, Inc.		900		15,885
Pennsylvania Real Estate Investment Trust		141,038		1,033,808
Plum Creek Timber Company, Inc.		300		9,387
Post Properties, Inc.		400		6,596
Prologis		1,900		21,527
Ramco-Gershenson Properties Trust		2,000		17,680
Rayonier, Inc.		8,600		331,788
Realty Income Corporation		121,337		2,812,592
Regency Centers Corporation		27,500		922,625
Senior Housing Properties Trust		25,500		491,640
Simon Property Group, Inc.		200		13,578
Sun Communities, Inc.		26,962		470,217
Sunstone Hotel Investors, Inc.		3,800		28,690
Taubman Centers		300		9,153
UDR, Inc.		1,800		25,884
U-Store-It Trust		2,800		15,960
Vornado Realty Trust		100		5,956
Walter Investment Management Corporation		14,941		194,532
Weingarten Realty Investors		300		5,550
				20,669,897
Real Estate Management & Development — 0.4%
Brookfield Properties Corporation		1,500		15,240
CB Richard Ellis Group, Inc. - Class A (a)		134,800		1,395,180
Jones Lang Lasalle, Inc.		18,700		876,095
MI Developments, Inc. - Class A		700		9,940
St. Joe Company (The) (a)		59,567		1,426,034
				3,722,489
Thrifts & Mortgage Finance — 0.7%
Astoria Financial Corporation		97,130		969,357
Brookline Bancorp, Inc.		22,355		218,855
Downey Financial Corporation (a)		42,834		2,142
First Financial Holdings, Inc.		6,980		94,160
First Niagra Financial Group, Inc.		63,124		810,512
FirstFed Financial Corporation (a)		23,697		8,531
Guaranty Financial Group, Inc. (a)		62,759		4,268
MGIC Investment Corporation (a)		77,500		334,025
NASB Financial, Inc.		441		10,849
NewAlliance Bancshares, Inc.		158,449		1,755,615
OceanFirst Financial Corporation		2,680		25,460
Ocwen Financial Corporation (a)		1,000		10,930
Oritani Financial Corporation		200		2,562
Provident Financial Services, Inc.		900		9,675
Provident New York Bancorp		200		1,706

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Financials — 10.9% (Continued)
Thrifts & Mortgage Finance — 0.7% (Continued)
Prudential Bancorp, Inc. of Pennsylvania		166	$	1,629
Radian Group, Inc.		137,376		795,407
Rockville Financial, Inc.		2,842		29,415
TFS Financial Corporation		3,200		37,312
Tree.com, Inc. (a)		900		7,029
Triad Guaranty, Inc. (a)		22,450		15,800
TrustCo Bank Corporation		88,254		525,111
ViewPoint Financial Group		10,190		136,546
WSFS Financial Corporation		500		13,800
				5,820,696
Health Care — 9.0%
Biotechnology — 3.3%
Abraxis BioScience, Inc. (a)		1,700		53,074
Acorda Therapeutics, Inc. (a)		47,649		1,035,413
Affymax, Inc. (a)		1,600		32,224
Alexion Pharmaceuticals, Inc. (a)		11,000		488,510
Alkermes, Inc. (a)		26,800		213,596
Allos Therapeutics, Inc. (a)		66,900		377,985
Alnylam Pharmaceuticals, Inc. (a)		81,051		1,381,109
AMAG Pharmaceuticals, Inc. (a)		56,522		2,135,401
Amicus Therapeutics, Inc. (a)		13,330		51,187
Antigenics, Inc. (a)		12,200		12,200
Array BioPharma, Inc. (a)		226,079		404,681
AVI Biopharma, Inc. (a)		26,900		39,543
BioCryst Pharmaceuticals, Inc. (a)		70,669		631,074
BioMarin Pharmaceutical, Inc. (a)		2,350		36,566
BioSante Pharmaceuticals, Inc. (a)		18,808		28,588
Cell Therapeutics, Inc. (a)		72,486		68,862
Celldex Therapeutics, Inc. (a)		900		3,924
Clinical Data, Inc. (a)		15,785		249,087
Cytori Therapeutics, Inc. (a)		41,200		135,548
Dendreon Corporation (a)		37,300		942,571
Dyax Corporation (a)		89,061		279,652
Emergent BioSolutions, Inc. (a)		500		7,210
Enzon Pharmaceuticals, Inc. (a)		124,330		1,043,129
Facet Biotech Corporation (a)		5,100		87,363
Genomic Health, Inc. (a)		16,999		315,671
GenVec, Inc. (a)		70,332		52,749
Geron Corporation (a)		212,532		1,298,570
GTx, Inc. (a)		99,402		892,630
Halozyme Therapeutics, Inc. (a)		93,201		564,798
Human Genome Sciences, Inc. (a)		1,000		18,690
Idenix Pharmaceuticals, Inc. (a)		7,545		16,750
Idera Pharmaceuticals, Inc. (a)		38,358		204,832
Immunomedics, Inc. (a)		1,800		6,408
InterMune, Inc. (a)		144,950		1,750,996
Introgen Therapeutics, Inc. (a)		99,112		1,487
Isis Pharmaceuticals, Inc. (a)		160,879		2,038,337

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Health Care — 9.0% (Continued)
Biotechnology — 3.3% (Continued)
Martek Biosciences Corporation (a)		51,736	$	929,179
Maxygen, Inc. (a)		1,700		9,486
Medivation, Inc. (a)		50,797		1,296,339
Metabolix, Inc. (a)		98,900		1,002,846
Micromet, Inc. (a)		1,800		9,198
Momenta Pharmaceuticals, Inc. (a)		87,788		800,627
Myriad Pharmaceuticals, Inc. (a)		2,700		14,904
Nanosphere, Inc. (a)		1,900		12,692
Neurocrine Biosciences, Inc. (a)		143,289		318,102
Novavax, Inc. (a)		99,000		380,160
NPS Pharmaceuticals, Inc. (a)		61,329		194,413
Omeros Corporation (a)		1,600		8,640
OncoGenex Pharmaceutical, Inc. (a)		1,300		37,843
Oncothyreon, Inc. (a)		6,600		23,298
Onyx Pharmaceuticals, Inc. (a)		100		2,660
Orexigen Therapeutics, Inc. (a)		500		3,230
Osiris Therapeutics, Inc. (a)		76,179		483,737
Poniard Pharmaceuticals, Inc. (a)		3,200		20,960
Progenics Pharmaceuticals, Inc. (a)		45,985		192,677
Protalix BioTherapeutics, Inc. (a)		2,300		21,804
Regeneron Pharmaceuticals, Inc. (a)		2,300		36,110
Rigel Pharmaceuticals, Inc. (a)		190,567		1,221,534
Seattle Genetics, Inc. (a)		2,100		19,068
Sinovac Biotech Ltd. (a)		300		2,223
Spectrum Pharmaceuticals, Inc. (a)		900		3,735
StemCells, Inc. (a)		314,434		358,455
Theravance, Inc. (a)		69,037		964,447
United Therapeutics Corporation (a)		35,679		1,517,785
ZymoGenetics, Inc. (a)		28,393		132,027
				26,918,594
Health Care Equipment & Supplies — 1.9%
Abaxis, Inc. (a)		4,100		93,562
Abiomed, Inc. (a)		95,859		867,524
Boston Scientific Corporation (a)		3,000		24,360
Bovie Medical Corporation (a)		5,530		44,295
Cantel Medical Corporation (a)		600		9,636
Cardiovascular Systems, Inc. (a)		900		4,401
Conceptus, Inc. (a)		2,700		47,358
CryoLife, Inc. (a)		9,300		55,800
Cyberonics, Inc. (a)		54,538		788,619
Endologix, Inc. (a)		200		952
ev3, Inc. (a)		33,600		395,808
Exactech, Inc. (a)		500		7,500
Gen-Probe, Inc. (a)		20,800		867,776
Greatbatch, Inc. (a)		57,089		1,122,941
Hansen Medical, Inc. (a)		83,747		214,392
Hill-Rom Holdings, Inc.		7,647		149,805
ICU Medical, Inc. (a)		16,478		576,730
IDEXX Laboratories, Inc. (a)		27,300		1,395,576

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Health Care — 9.0% (Continued)
Health Care Equipment & Supplies — 1.9% (Continued)
Insulet Corporation (a)		150,295	$	1,668,274
Integra LifeSciences Holdings Corporation (a)		3,600		109,944
Masimo Corporation (a)		33,200		882,124
Meridian Bioscience, Inc.		40,079		889,353
NeuroMetrix, Inc. (a)		24,036		62,494
Palomar Medical Technologies, Inc. (a)		4,800		48,768
Quidel Corporation (a)		5,200		74,360
ResMed, Inc. (a)		10,300		506,863
Sirona Dental Systems, Inc. (a)		3,500		94,185
Somanetics Corporation (a)		400		5,980
SonoSite, Inc. (a)		24,558		608,793
Stereotaxis, Inc. (a)		192,598		695,279
SurModics, Inc. (a)		34,200		875,862
Symmetry Medical, Inc. (a)		1,000		8,000
Syneron Medical Ltd. (a)		900		9,900
Thoratec Corporation (a)		29,318		769,891
Utah Medical Products, Inc.		100		2,924
Varian Medical Systems, Inc. (a)		300		12,294
Volcano Corporation (a)		62,705		899,817
West Pharmaceutical Services, Inc.		21,207		837,040
				15,729,180
Health Care Providers & Services — 1.8%
Air Methods Corporation (a)		5,621		171,665
Alliance Healthcare Services, Inc. (a)		300		1,632
Allion Healthcare, Inc. (a)		900		5,796
Almost Family, Inc. (a)		1,800		54,630
Amedisys, Inc. (a)		45,200		1,798,508
AMERIGROUP Corporation (a)		9,900		218,295
AMN Healthcare Services, Inc. (a)		4,800		39,936
Assisted Living Concepts, Inc. (a)		300		6,216
Bio-Reference Labs, Inc. (a)		29,380		949,855
BioScrip, Inc. (a)		1,900		14,326
Cardionet, Inc. (a)		33,700		199,167
Catalyst Health Solutions, Inc. (a)		4,300		134,891
Community Health Systems, Inc. (a)		14,888		465,697
Coventry Health Care, Inc. (a)		200		3,966
Cross Country Healthcare, Inc. (a)		900		7,434
Emeritus Corporation (a)		46,427		866,328
Genoptix, Inc. (a)		26,255		913,412
Health Net, Inc. (a)		400		5,964
HealthSouth Corporation (a)		81,876		1,196,208
Healthways, Inc. (a)		23,480		377,558
HMS Holdings Corporation (a)		22,300		957,339
Kindred Healthcare, Inc. (a)		800		11,760
Landauer, Inc.		210		10,876
LCA-Vision, Inc. (a)		40,223		181,004
LHC Group, Inc. (a)		500		13,955
LifePoint Hospitals, Inc. (a)		10,800		305,964
Magellan Health Services, Inc. (a)		38,126		1,224,988

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Health Care — 9.0% (Continued)
Health Care Providers & Services — 1.8% (Continued)
MedCath Corporation (a)		700	$	5,747
Molina Healthcare, Inc. (a)		10,400		194,688
NightHawk Radiology Holdings, Inc. (a)		300		1,797
Omnicare, Inc.		22,700		491,909
PharMerica Corporation (a)		47,365		730,842
PSS World Medical, Inc. (a)		55,000		1,112,100
Rural/Metro Corporation (a)		1,400		7,070
Sharps Compliance Corporation (a)		2,400		21,264
Skilled Healthcare Group, Inc. - Class A (a)		1,100		8,844
Sun Healthcare Group, Inc. (a)		700		6,356
Triple-S Management Corporation (a)		19,823		331,044
Universal Health Services, Inc. - Class B		6,900		383,985
VCA Antech, Inc. (a)		51,200		1,219,584
Virtual Radiologic Corporation (a)		1,300		16,705
				14,669,305
Health Care Technology — 0.6%
Allscripts-Misys Healthcare Solutions, Inc. (a)		900		17,550
Amicas, Inc. (a)		10,800		34,020
athenahealth, Inc. (a)		18,441		693,566
Computer Programs and Systems, Inc.		49,807		2,103,848
Eclipsys Corporation (a)		10,400		195,000
IMS Health, Inc.		500		8,195
MedAssets, Inc. (a)		4,300		94,342
Medquist, Inc.		300		1,734
Phase Forward, Inc. (a)		99,000		1,297,890
SXC Health Solutions Corporation (a)		800		36,544
Transcend Services, Inc. (a)		7,479		136,492
Vital Images, Inc. (a)		22,221		253,541
				4,872,722
Life Sciences Tools & Services — 0.7%
Affymetrix, Inc. (a)		51,400		268,822
Albany Molecular Research, Inc. (a)		900		7,326
Biodelivery Sciences International, Inc. (a)		100		398
Covance, Inc. (a)		25,900		1,338,512
Enzo Biochem, Inc. (a)		8,992		49,546
eResearchTechnology, Inc. (a)		300		2,220
Kendle International, Inc. (a)		3,600		60,768
Life Sciences Research, Inc. (a)		100		843
Luminex Corporation  (a)		53,808		792,054
MDS, Inc. (a)		1,800		14,346
Parexel International Corporation (a)		2,200		27,544
PerkinElmer, Inc.		38,200		710,902
Pharmaceutical Product Development, Inc.		66,900		1,441,695
Sequenom, Inc. (a)		420,148		1,159,608
Varian, Inc. (a)		2,600		133,120
				6,007,704

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Health Care — 9.0% (Continued)
Pharmaceuticals — 0.7%
Acura Pharmaceuticals, Inc. (a)		1,918	$	7,940
Ardea Biosciences, Inc. (a)		600		8,100
Biovail Corporation		62,500		841,250
Cadence Pharmaceuticals, Inc. (a)		49,823		449,902
Cypress Bioscience, Inc. (a)		108,931		668,836
DepoMed, Inc. (a)		16,189		50,348
ISTA Pharmaceuticals, Inc. (a)		3,200		11,712
Javelin Pharmaceuticals, Inc. (a)		82,274		108,602
Jazz Pharmaceuticals, Inc. (a)		7,728		48,532
MAP Pharmaceuticals, Inc. (a)		1,500		12,330
Medicines Company (The) (a)		9,603		69,045
Nektar Therapeutics (a)		63,207		513,241
Optimer Pharmaceuticals, Inc. (a)		15,321		177,111
Pain Therapeutics, Inc. (a)		1,100		5,577
POZEN, Inc. (a)		112,873	��	641,118
Questcor Pharmaceuticals, Inc. (a)		2,900		13,166
Valeant Pharmaceuticals International (a)		53,617		1,576,340
ViroPharma, Inc. (a)		3,000		22,620
XenoPort, Inc. (a)		39,628		662,184
				5,887,954
Industrials — 9.4%
Aerospace & Defense — 0.8%
AAR Corporation (a)		45,543		893,098
AeroVironment, Inc. (a)		100		2,666
Alliant Techsystems, Inc. (a)		25,327		1,969,934
Ascent Solar Technologies, Inc. (a)		14,600		73,730
BE Aerospace, Inc. (a)		51,700		916,641
Boeing Company (The)		200		9,560
GeoEye, Inc. (a)		80,016		2,030,006
HEICO Corporation		6,740		256,322
Hi-Shear Technology Corporation		3,200		61,472
Kratos Defense & Security Solutions, Inc. (a)		6,800		73,984
Stanley, Inc. (a)		100		2,825
Taser International, Inc. (a)		146,653		599,811
				6,890,049
Air Freight & Logistics — 0.2%
Dynamex, Inc. (a)		4,687		86,850
Forward Air Corporation		61,879		1,320,498
Park-Ohio Holdings Corporation (a)		3,800		23,636
				1,430,984
Airlines — 0.3%
AirTran Holdings, Inc. (a)		900		3,807
Alaska Air Group, Inc. (a)		8,700		223,764
Allegiant Travel Company (a)		51,690		1,949,230
AMR Corporation (a)		17,400		93,786
Continental Airlines, Inc. - Class B (a)		2,600		29,900
Delta Air Lines, Inc. (a)		2,800		19,992

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Industrials — 9.4% (Continued)
Airlines — 0.3% (Continued)
Hawaiian Holdings, Inc. (a)		43,200	$	306,288
Republic Airways Holdings, Inc. (a)		3,300		26,433
Southwest Airlines Company		2,400		20,160
UAL Corporation (a)		19,200		124,992
				2,798,352
Building Products — 0.8%
AAON, Inc.		50,060		901,580
American Woodmark Corporation		33,795		664,748
Apogee Enterprises, Inc.		63,600		842,064
Builders FirstSource, Inc. (a)		90,502		352,053
Gilbraltar Industries, Inc.		2,100		22,722
Lennox International, Inc.		8,100		272,727
Masco Corporation		200		2,350
NCI Building Systems, Inc. (a)		12,500		24,500
Simpson Manufacturing Company, Inc.		38,500		900,515
Trex Company, Inc. (a)		55,445		882,130
Universal Forest Products, Inc.		6,875		245,300
USG Corporation (a)		124,849		1,640,516
				6,751,205
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		47,943		900,370
ACCO Brands Corporation (a)		1,600		9,696
American Reprographics Company (a)		6,000		36,000
APAC Customer Services, Inc. (a)		50,068		322,939
Avery Dennison Corporation		100		3,565
Bowne & Company, Inc.		1,600		10,448
Brink’s Company (The)		41,800		991,914
Courier Corporation		1,400		20,762
Document Security Systems, Inc. (a)		25,493		70,870
EnergySolutions, Inc.		1,000		8,340
EnerNOC, Inc. (a)		400		11,492
Fuel Tech, Inc. (a)		77,644		898,341
Herman Miller, Inc.		200		3,090
HNI Corporation		4,963		130,626
InnerWorkings, Inc. (a)		50,041		257,711
Knoll, Inc.		300		2,940
Metalico, Inc. (a)		34,055		137,582
Mine Safety Appliances Company		1,400		35,686
Mobile Mini, Inc. (a)		59,559		863,605
Multi-Color Corporation		4,100		54,407
Perma-Fix Environmental Services, Inc. (a)		12,689		29,946
PRG-Schultz International, Inc. (a)		400		2,072
Schawk, Inc.		1,300		12,766
Steelcase, Inc. - Class A		187,028		1,079,152
Viad Corporation		8,252		144,410
Waste Services, Inc. (a)		300		1,968
				6,040,698

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Industrials — 9.4% (Continued)
Construction & Engineering — 0.5%
Foster Wheeler AG (a)		300	$	8,397
Granite Construction, Inc.		39,788		1,136,345
Insituform Technologies, Inc. - Class A (a)		35,982		762,818
KHD Humboldt Wedag International Ltd. (a)		300		2,748
MasTec, Inc. (a)		600		7,080
Michael Baker Corporation (a)		200		7,140
Tutor Perini Corporation (a)		59,200		1,044,880
URS Corporation (a)		19,732		766,786
				3,736,194
Electrical Equipment — 1.3%
A.O. Smith Corporation		29,399		1,165,082
A123 Systems, Inc. (a)		1,900		37,354
Acuity Brands, Inc.		58,046		1,837,736
Advanced Battery Technologies, Inc. (a)		134,958		453,459
A-Power Energy Generation Systems Ltd. (a)		7,200		77,760
Belden, Inc.		3,300		75,735
Broadwind Energy, Inc. (a)		1,300		7,592
C&D Technologies, Inc. (a)		78,943		144,466
Canadian Solar, Inc. (a)		1,400		20,412
Encore Wire Corporation		40,328		836,806
Ener1, Inc. (a)		77,600		387,224
Energy Conversion Devices, Inc. (a)		92,378		994,911
Evergreen Solar, Inc. (a)		471,040		683,008
First Solar, Inc. (a)		400		48,772
FuelCell Energy, Inc. (a)		19,400		64,602
GT Solar International, Inc. (a)		75,463		396,181
Harbin Electric, Inc. (a)		400		6,372
Jinpan International Ltd.		1,200		36,432
Lihua International, Inc. (a)		3,200		22,368
Lime Energy Company (a)		4,100		26,035
Medis Technologies Ltd. (a)		63,019		11,343
Orion Energy Systems, Inc. (a)		17,310		65,951
Polypore International, Inc. (a)		43,646		478,360
Solarfun Power Holdings Company Ltd. - ADR (a)		89,098		423,216
SunPower Corporation - Class A (a)		66,980		1,661,774
SunPower Corporation - Class B (a)		17,100		370,386
Thomas & Betts Corporation (a)		10,300		352,363
Ultralife Corporation (a)		36,299		132,854
UQM Technologies, Inc. (a)		13,600		63,920
Valence Technology, Inc. (a)		115,441		148,919
				11,031,393
Industrial Conglomerates — 0.0%
General Electric Company		300		4,278
Icahn Enterprises L.P.		200		7,710
Standex International Corporation		500		8,790
Textron, Inc.		1,600		28,448
				49,226

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Industrials — 9.4% (Continued)
Machinery — 1.6%
AGCO Corporation (a)		12,900	$	362,619
Albany International Corporation - Class A		800		13,328
Altra Holdings, Inc. (a)		300		2,631
American Railcar Industries, Inc.		200		2,000
Astec Industries, Inc. (a)		45,736		1,051,928
Basin Water, Inc. (a)		46,221		837
Briggs & Stratton Corporation		2,600		48,620
Cascade Corporation		100		2,484
Caterpillar, Inc.		200		11,012
Chart Industries, Inc. (a)		16,497		326,146
China Fire & Security Group, Inc. (a)		4,100		58,302
China Yuchai International Ltd.		1,300		13,910
CNH Global N.V. (a)		1,700		32,487
Columbus McKinnon Corporation (a)		25,483		421,744
Crane Company		100		2,785
Energy Recovery, Inc. (a)		53,404		297,994
Enpro Industries, Inc. (a)		9,473		213,900
ESCO Technologies, Inc. (a)		29,150		1,145,012
Federal Signal Corporation		52,270		320,938
Gorman-Rupp Company (The)		30,391		750,354
Graham Corporation		17,055		241,669
Harsco Corporation		100		3,149
Hurco Companies, Inc. (a)		3,676		58,448
Kadant. Inc. (a)		3,000		38,670
Kaydon Corporation		16,291		570,022
Lindsay Corporation		500		16,415
Middleby Corporation (The) (a)		20,945		949,018
Mueller Water Products, Inc. - Class A		2,900		12,992
NACCO Industries, Inc.		300		17,880
Navistar International Corporation (a)		56,540		1,873,736
Oshkosh Corporation		11,800		368,868
Pentair, Inc.		5,900		171,690
PMFG, Inc. (a)		2,500		36,175
Robbins & Myers, Inc.		1,900		44,080
Sauer-Danfoss, Inc.		9,300		66,960
SmartHeat, Inc. (a)		28,540		255,148
Snap-on, Inc.		100		3,653
SPX Corporation		9,350		493,493
Stanley Works (The)		7,000		316,610
Sun Hydraulics Corporation		30,793		586,914
Tecumseh Products Company - Class A (a)		5,100		53,295
Tennant Company		600		15,996
Terex Corporation (a)		24,200		489,324
Titan International, Inc.		400		3,360
Trinity Industries, Inc.		34,900		589,112
Twin Disc, Inc.		2,400		22,536
Wabtec Corporation		16,400		602,864
				12,981,108

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Industrials — 9.4% (Continued)
Marine — 0.3%
Alexander & Baldwin, Inc.		32,883	$	948,017
American Commercial Lines, Inc. (a)		24,525		526,061
Danaos Corporation		3,600		14,760
Excel Maritime Carriers Ltd.		100,705		567,976
				2,056,814
Professional Services — 1.4%
Acacia Research Corporation (a)		25,765		195,814
Administaff, Inc.		66,469		1,649,761
Barrett Business Services, Inc.		1,049		12,168
COMSYS IT Partners, Inc. (a)		6,544		44,826
Corporate Executive Board Company (The)		44,868		1,077,281
CoStar Group, Inc. (a)		31,294		1,214,833
CRA International, Inc. (a)		20,668		511,533
Exponent, Inc. (a)		4,195		109,112
GP Strategies Corporation (a)		14,142		99,560
Heidrick & Struggles International, Inc.		83,629		2,288,089
Hill International, Inc. (a)		6,400		43,008
Huron Consulting Group, Inc. (a)		9,000		208,800
Korn/Ferry International  (a)		500		7,980
MPS Group, Inc. (a)		91,680		1,239,514
On Assignment, Inc. (a)		1,600		9,664
Resources Connection, Inc. (a)		40,271		695,480
School Specialty, Inc. (a)		37,395		832,039
TrueBlue, Inc. (a)		97,139		1,175,382
Volt Information Sciences, Inc. (a)		700		5,677
				11,420,521
Road & Rail — 0.9%
Avis Budget Group, Inc. (a)		249,490		2,095,716
Celadon Group, Inc. (a)		7,400		72,224
Con-Way, Inc.		42,881		1,414,644
Dollar Thrifty Automotive Group, Inc. (a)		72,750		1,346,603
Kansas City Southern (a)		33,700		816,551
Knight Transportation, Inc.		7,000		112,280
Ryder System, Inc.		200		8,110
Saia, Inc. (a)		43,612		639,352
Werner Enterprises, Inc.		16,300		305,625
YRC Worldwide, Inc. (a)		266,163		971,495
				7,782,600
Trading Companies & Distributors — 0.6%
Beacon Roofing Supply, Inc. (a)		62,807		901,908
GATX Corporation		84,266		2,290,350
Houston Wire & Cable Company		800		9,672
Lawson Products, Inc.		1,460		22,703
MSC Industrial Direct Company, Inc.		5,400		232,470
TAL International Group, Inc.		300		3,558
Titan Machinery, Inc. (a)		43,012		461,519
Watsco, Inc.		19,348		991,005
WESCO International, Inc. (a)		13,300		339,948
				5,253,133

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Industrials — 9.4% (Continued)
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Company, LLC		300	$	2,421
Information Technology — 7.7%
Communications Equipment — 0.6%
Acme Packet, Inc. (a)		300		2,937
ADTRAN, Inc.		59,058		1,360,697
Airvana, Inc. (a)		10,200		62,322
Alvarion Ltd. (a)		7,800		30,654
Aruba Networks, Inc. (a)		16,500		129,030
Avocent Corporation (a)		400		9,948
Brocade Communications Systems, Inc. (a)		1,800		15,444
Cogo Group, Inc. (a)		1,400		7,854
CommScope, Inc. (a)		22,311		602,843
Comtech Telecommunications Corporation (a)		1,000		32,120
DG FastChannel, Inc. (a)		5,483		114,979
F5 Networks, Inc. (a)		200		8,978
Harmonic, Inc. (a)		7,400		38,850
Infinera Corporation (a)		117,937		876,272
InterDigital, Inc. (a)		800		16,448
Ixia (a)		16,945		112,684
JDS Uniphase Corporation (a)		18,200		101,738
Loral Space & Communications, Inc. (a)		200		5,284
Network Equipment Technologies, Inc. (a)		300		990
ParkerVision, Inc. (a)		26,416		73,172
Plantronics, Inc.		9,100		219,401
Qiao Xing Mobile Communication Company Ltd. (a)		400		1,208
Riverbed Technology, Inc. (a)		200		4,098
ShoreTel, Inc. (a)		800		5,256
Starent Networks Corporation (a)		1,100		37,114
Telestone Technologies Corporation (a)		1,100		8,921
Telkonet, Inc. (a)		156,779		54,873
UTStarcom, Inc. (a)		456,646		826,529
				4,760,644
Computers & Peripherals — 1.2%
3PAR, Inc. (a)		200		1,882
Avid Technology, Inc. (a)		131,656		1,662,815
Dell, Inc. (a)		300		4,347
Electronics for Imaging, Inc. (a)		27,354		318,948
Hutchinson Technology, Inc. (a)		2,100		12,222
Imation Corporation		101,656		896,606
Immersion Corporation (a)		41,500		152,305
Intevac, Inc. (a)		12,806		130,621
Lexmark International, Inc. - Class A (a)		46,200		1,178,100
Logitech International S.A. (a)		19,700		334,900
NCR Corporation (a)		33,500		340,025
NetApp, Inc. (a)		100		2,705
Netezza Corporation (a)		125,780		1,162,207
QLogic Corporation (a)		52,300		917,342

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Information Technology — 7.7% (Continued)
Computers & Peripherals — 1.2% (Continued)
Silicon Graphics International Corporation (a)		2,200	$	13,112
STEC, Inc. (a)		300		6,396
Stratasys, Inc. (a)		66,927		1,056,108
Synaptics, Inc. (a)		64,787		1,457,708
				9,648,349
Electronic Equipment, Instruments & Components — 1.2%
Agilysys, Inc.		5,800		27,318
Arrow Electronics, Inc. (a)		9,300		235,662
China Security & Surveillance Technology, Inc. (a)		3,100		16,213
Cognex Corporation		56,151		903,470
Coherent, Inc. (a)		25,991		653,154
Daktronics, Inc.		68,187		512,766
Dolby Laboratories, Inc. - Class A (a)		3,300		138,402
DTS, Inc. (a)		45,340		1,280,855
Echelon Corporation (a)		39,339		536,977
FLIR Systems, Inc. (a)		500		13,905
Ingram Micro, Inc. - Class A (a)		26,600		469,490
Itron, Inc. (a)		18,400		1,104,736
Littelfuse, Inc. (a)		33,045		910,720
Maxwell Technologies, Inc. (a)		12,384		222,045
Measurement Specialties, Inc. (a)		1,600		12,336
MTS Systems Corporation		300		7,950
Nam Tai Electronics, Inc.		300		1,665
Plexus Corporation (a)		3,600		91,080
RadiSys Corporation (a)		8,000		68,080
Research Frontiers, Inc. (a)		17,962		65,022
SYNNEX Corporation (a)		33,690		866,844
Trimble Navigation Ltd. (a)		13,400		280,998
Universal Display Corporation (a)		106,400		1,208,704
X-Rite, Inc. (a)		30,706		61,412
Zygo Corporation (a)		9,958		68,810
				9,758,614
Internet Software & Services — 0.9%
Constant Contact, Inc. (a)		44,338		734,681
DealerTrack Holdings, Inc. (a)		58,463		963,470
Dice Holdings, Inc. (a)		200		1,202
Digital River, Inc. (a)		3,600		82,188
DivX, Inc. (a)		900		4,329
Equinix, Inc. (a)		13,200		1,126,224
Innodata Isogen, Inc. (a)		2,200		14,256
J2 Global Communications, Inc. (a)		3,400		69,530
Knot, Inc. (The) (a)		84,887		905,744
LoopNet, Inc. (a)		85,593		747,227
Marchex, Inc. - Class B		2,000		9,060
ModusLink Global Solutions, Inc. (a)		300		2,466
OpenTable, Inc. (a)		261		6,436
Rackspace Hosting, Inc. (a)		300		5,025
RADVision Ltd. (a)		15,800		97,486

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Information Technology — 7.7% (Continued)
Internet Software & Services — 0.9% (Continued)
RealNetworks, Inc. (a)		25,496	$	91,021
SAVVIS, Inc. (a)		1,800		26,622
Sohu.com, Inc. (a)		25,970		1,443,932
support.com, Inc. (a)		24,224		58,138
Switch & Data Facilities Company, Inc. (a)		500		8,365
Terremark Worldwide, Inc. (a)		34,987		223,567
Travelzoo, Inc. (a)		5,375		74,283
United Online, Inc.		4,500		36,000
Vocus, Inc. (a)		20,565		372,226
WebMD Health Corporation (a)		24,623		838,659
Yahoo, Inc. (a)		100		1,590
				7,943,727
IT Services — 0.6%
Alliance Data Systems Corporation (a)		11,400		626,772
Broadridge Financial Solutions, Inc.		9,400		195,614
CyberSource Corporation (a)		58,418		956,887
Euronet Worldwide, Inc. (a)		4,815		113,875
ExlService Holdings, Inc. (a)		800		10,888
Heartland Payment Systems, Inc.		400		4,916
Hewitt Associates, Inc. - Class A (a)		9,400		333,888
InfoGROUP, Inc. (a)		12,939		84,880
Integral Systems, Inc. (a)		12,658		106,327
NCI, Inc. (a)		10,027		269,827
Rightnow Technologies, Inc. (a)		45,800		698,908
TeleTech Holdings, Inc. (a)		11,929		213,410
Unisys Corporation (a)		4,830		140,746
Wright Express Corporation (a)		43,516		1,214,531
				4,971,469
Office Electronics — 0.0%
Xerox Corporation		300		2,256
Semiconductors & Semiconductor Equipment — 1.6%
Advanced Energy Industries, Inc. (a)		31,847		388,852
Amkor Technology, Inc. (a)		2,100		11,571
Brooks Automation, Inc. (a)		73,184		503,506
Cree, Inc. (a)		200		8,420
Cypress Semiconductor Corporation (a)		95,400		804,222
DSP Group, Inc. (a)		900		5,202
Exar Corporation (a)		97,050		669,645
EZchip Semiconductor Ltd. (a)		400		4,788
FormFactor, Inc. (a)		46,330		787,147
Intersil Corporation - Class A		155,889		1,956,407
Kulicke & Soffa Industries, Inc. (a)		261,107		1,214,147
Microsemi Corporation (a)		1,000		13,310
MKS Instruments, Inc. (a)		51,060		798,578
Monolithic Power Systems, Inc. (a)		59,633		1,192,064
Rubicon Technology, Inc. (a)		33,706		509,635

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Information Technology — 7.7% (Continued)
Semiconductors & Semiconductor Equipment — 1.6%
(Continued)
Rudolph Technologies, Inc. (a)		4,400	$	27,896
Semtech Corporation (a)		6,100		94,367
Sigma Designs, Inc. (a)		66,745		801,607
Silicon Image, Inc. (a)		335,424		707,745
Skyworks Solutions, Inc. (a)		200		2,086
STMicroelectronics N.V.		100		796
Supertex, Inc. (a)		22,700		550,475
Teradyne, Inc. (a)		58,900		492,993
Tessera Technologies, Inc. (a)		200		4,422
Trident Microsystems, Inc. (a)		120,700		226,916
TriQuint Semiconductor, Inc. (a)		4,800		25,872
UltraTech, Inc. (a)		32,941		425,598
Varian Semiconductor Equipment Associates, Inc. (a)		17,940		509,316
Veeco Instruments, Inc. (a)		7,974		194,167
Verigy Ltd. (a)		1,700		16,728
Virage Logic Corporation (a)		500		2,950
				12,951,428
Software — 1.6%
ACI Worldwide, Inc. (a)		1,000		16,090
ANSYS, Inc. (a)		23,289		945,068
ArcSight, Inc. (a)		800		19,776
AsiaInfo Holdings, Inc. (a)		600		13,236
Blackboard, Inc. (a)		30,087		1,067,186
China TransInfo Technology Corporation (a)		3,300		23,001
Chordiant Software, Inc. (a)		16,060		55,889
ClickSoftware Technologies Ltd. (a)		3,600		18,576
CommVault Systems, Inc. (a)		3		59
Compuware Corporation (a)		177,265		1,251,491
Concur Technologies, Inc. (a)		32,100		1,144,044
DemandTec, Inc. (a)		3,542		31,134
Electronic Arts, Inc. (a)		1,000		18,240
FactSet Research Systems, Inc.		5,600		358,680
Fair Isaac Corporation		20,235		411,377
FalconStor Software, Inc. (a)		11,078		36,890
GSE Systems, Inc. (a)		200		1,204
Interactive Intelligence, Inc. (a)		400		6,708
Kenexa Corporation (a)		200		2,520
Lawson Software, Inc. (a)		67,766		427,603
Manhattan Associates, Inc.  (a)		42,081		965,759
Midway Games, Inc. (a)		51,015		1,530
Net 1 UEPS Technologies, Inc. (a)		6,900		120,681
NetSuite, Inc. (a)		24,181		337,809
Nuance Communications, Inc. (a)		100		1,311
Parametric Technology Corporation (a)		28,900		430,899
Quest Software, Inc. (a)		5,000		83,850
Rosetta Stone, Inc. (a)		4,000		83,000
Rovi Corporation (a)		17,800		490,390

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Information Technology — 7.7% (Continued)
Software — 1.6% (Continued)
Scientific Learning Corporation (a)		400	$	2,020
Shanda Interactive Entertainment Ltd. (a)		19,000		829,920
Sonic Solutions, Inc. (a)		27,372		133,028
Sourcefire, Inc. (a)		300		6,090
SuccessFactors, Inc. (a)		62,177		950,686
Sybase, Inc. (a)		4,275		169,119
Symyx Technologies, Inc. (a)		1,900		11,153
Take-Two Interactive Software, Inc. (a)		188,175		2,064,280
THQ, Inc. (a)		23,500		122,905
TiVo, Inc. (a)		900		9,792
Tyler Technologies, Inc. (a)		55,900		1,063,218
Vasco Data Security International, Inc. (a)		3,100		18,848
				13,745,060
Materials — 3.4%
Chemicals — 0.7%
A. Schulman, Inc.		16,352		284,034
Airgas, Inc.		10,300		456,908
Altair Nanotechnologies, Inc. (a)		226,906		231,444
American Vanguard Corporation		34,198		283,843
Cabot Corporation		300		6,579
China Agritech, Inc. (a)		300		4,428
Cytec Industries, Inc.		3,700		122,729
Dow Chemical Company (The)		100		2,348
Ferro Corporation		48,583		297,814
Georgia Gulf Corporation (a)		1,500		21,555
Hawkins, Inc.		14,793		310,949
Huntsman Corporation		3,500		27,825
Innophos Holdings, Inc.		300		5,805
KMG Chemicals, Inc.		400		4,920
Koppers Holdings, Inc.		800		20,896
NewMarket Corporation		3,400		317,900
OMNOVA Solutions, Inc. (a)		2,000		12,820
Terra Industries, Inc.		68,989		2,191,781
Valhi, Inc.		5,400		50,706
Westlake Chemical Corporation		897		21,788
Yongye International, Inc. (a)		1,500		13,095
Zoltek Companies, Inc. (a)		155,386		1,384,489
				6,074,656
Construction Materials — 0.3%
Eagle Materials, Inc.		48,289		1,199,982
Headwaters, Inc. (a)		177,310		730,517
Martin Marietta Materials, Inc.		4,300		358,276
United States Lime & Minerals, Inc. (a)		1,909		66,948
Vulcan Materials Company		100		4,603
				2,360,326

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Materials — 3.4% (Continued)
Containers & Packaging — 0.7%
AEP Industries, Inc. (a)		300	$	10,464
Bemis Company, Inc.		600		15,498
BWAY Holding Company (a)		200		3,554
Greif, Inc. - Class A		4,200		224,784
Packaging Corporation of America		9,758		178,376
Pactiv Corporation (a)		94,033		2,171,222
Rock-Tenn Company		2,900		127,020
Sealed Air Corporation		42,189		811,294
Silgan Holdings, Inc.		47,306		2,542,698
				6,084,910
Metals & Mining — 1.6%
AK Steel Holding Corporation		191,300		3,035,931
Alcoa, Inc.		300		3,726
Allegheny Technologies, Inc.		92,200		2,845,292
Allied Nevada Gold Corporation (a)		28,508		272,251
Amcol International Corporation		24,188		629,856
Brush Engineered Materials, Inc. (a)		5,600		103,320
China Precision Steel, Inc. (a)		60,272		133,804
Cliffs Natural Resources, Inc.		100		3,557
Compass Minerals International, Inc.		48,200		3,003,824
Exeter Resource Corporation (a)		1,900		10,203
Freeport-McMoRan Copper & Gold, Inc. (a)		200		14,672
General Moly, Inc. (a)		24,400		53,680
General Steel Holdings, Inc. (a)		68,845		256,103
Gerdau Ameristeel Corporation		300		2,040
IAMGOLD Corporation		1,300		17,095
International Tower Hill Mines Ltd. (a)		2,500		11,775
Kinross Gold Corporation		200		3,716
Northern Dynasty Minerals Ltd. (a)		1,700		11,016
RTI International Metals, Inc. (a)		35,500		735,205
Schnitzer Steel Industries, Inc. - Class A		35,581		1,538,523
Seabridge Gold, Inc (a)		200		4,016
Silver Standard Resources, Inc. (a)		996		18,506
Stillwater Mining Company (a)		900		5,580
Teck Resources Ltd. (a)		200		5,784
Thompson Creek Metals Company, Inc. (a)		17,019		173,253
U.S. Energy Corporation (a)		3,400		17,884
Walter Energy, Inc.		5,300		310,050
Yamana Gold, Inc.		400		4,260
				13,224,922
Paper & Forest Products — 0.1%
AbitibiBowater, Inc. (a)		70,886		13,823
Deltic Timper Corporation		6,882		292,485
Domtar Corporation (a)		800		33,512
Schweitzer-Mauduit International, Inc.		300		15,495
				355,315

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 64.6% (Continued)	Shares		Value
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.4%
Alaska Communications Systems Group, Inc.		61,761	$	480,500
Cbeyond, Inc. (a)		78,163		1,043,476
General Communication, Inc. (a)		15,339		94,335
Global Crossing Ltd. (a)		1,700		19,380
Iowa Telecommunications Services, Inc.		50,765		597,504
Iridium Communications, Inc. (a)		1,200		10,680
Neutral Tandem, Inc. (a)		11,100		234,099
Premiere Global Services, Inc. (a)		40,729		304,246
SureWest Communications (a)		800		7,056
tw telecom, inc. (a)		40,600		511,560
Windstream Corporation		100		964
				3,303,800
Wireless Telecommunication Services — 0.3%
American Tower Corporation (a)		200		7,364
iPCS, Inc. (a)		500		11,935
Leap Wireless International, Inc. (a)		4,100		54,202
MetroPCS Communications, Inc. (a)		8,800		54,824
NTELOS Holdings Corporation		34,100		514,910
SBA Communications Corporation - Class A (a)		15,900		448,539
Syniverse Holdings, Inc. (a)		48,858		836,938
USA Mobility, Inc.		17,700		192,930
				2,121,642
Utilities — 0.7%
Electric Utilities — 0.3%
Cleco Corporation		38,801		960,325
Hawaiian Electric Industries, Inc.		70,510		1,258,603
Unitil Corporation		1,889		39,083
				2,258,011
Gas Utilities — 0.0%
China Natural Gas, Inc. (a)		6,200		72,850
National Fuel Gas Company		5,900		267,506
Suburban Propane Partners, L.P.		2,000		86,040
				426,396
Multi-Utilities — 0.2%
Black Hills Corporation		37,403		911,511
CMS Energy Corporation		61,200		813,960
				1,725,471
Water Utilities — 0.2%
Aqua America, Inc.		92,895		1,435,228
Cascal N.V.		4,400		23,848
Southwest Water Company		8,000		44,560
				1,503,636
Total Common Stocks (Proceeds $572,693,788)			$	534,851,159

44

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

CLOSED-END FUNDS — 0.0%	Shares		Value
Alpine Total Dynamic Dividend Fund		1,715	$	14,526
Federated Premier Municipal Income Fund		900		12,087
Flaherty & Crumrine/Claymore Preferred Securities Income Fund		700		8,659
Nicholas-Applegate Convertible & Income Fund		1,100		8,932
Total Closed-End Funds (Proceeds $46,955)			$	44,204
RIGHTS — 0.0%	Shares		Value
Zion Oil & Gas, Inc. (b) (Proceeds $6,209)		1,541	$	613
Total Securities Sold Short — 64.6% (Proceeds $572,746,952)			$	534,895,976

ADR - American Depositary Receipt.

(a) Non-income producing security.

(b) Fair value priced and Level 2 security (Note 2). Other financial instruments that are fair valued at October 31, 2009 totaled $613, representing (0.0)% of net assets.

See accompanying notes to financial statements.

45

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2009

COMMON STOCKS — 98.9%	Shares		Value
Consumer Discretionary — 14.4%
Auto Components — 1.1%
Other Auto Components (a)			$	183,246
Distributors — 0.1%
Other Distributors (a)				20,246
Diversified Consumer Services — 0.6%
Other Diversified Consumer Services (a)				97,298
Hotels, Restaurants & Leisure — 2.6%
Bally Technologies, Inc. (b)		1,600		63,024
Chipotle Mexican Grill, Inc. - Class A (b)		700		57,043
Landry’s Restaurants, Inc. (b)		5,200		56,680
Other Hotels, Restaurants & Leisure (a)				263,218
				439,965
Household Durables — 1.8%
American Greetings Corporation - Class A		3,200		65,088
Helen of Troy Ltd. (b)		2,200		50,248
Sealy Corporation (b)		17,100		49,590
Other Household Durables (a)				137,907
				302,833
Internet & Catalog Retail — 0.2%
Other Internet & Catalog Retail (a)				33,704
Leisure Equipment & Products — 0.3%
Other Leisure Equipment & Products (a)				51,747
Media — 2.4%
SIRIUS XM Radio, Inc. (b)		113,970		66,786
Other Media (a)				324,677
				391,463
Multi-Line Retail — 0.7%
Dillard’s Inc.		4,400		59,928
Other Multi-Line Retail (a)				49,814
				109,742
Specialty Retail — 1.9%
J. Crew Group, Inc. (b)		1,500		61,170
Ulta Salon, Cosmetics & Fragrance, Inc. (b)		3,600		54,504
Other Specialty Retail (a)				192,432
				308,106
Textiles, Apparel & Luxury Goods — 2.7%
Jones Apparel Group, Inc.		2,900		51,881
Perry Ellis International, Inc. (b)		3,700		50,579
UniFirst Corporation		1,200		50,520
Wolverine World Wide, Inc.		2,100		53,718
Other Textiles, Apparel & Luxury Goods (a)				247,783
				454,481

46

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.9% (Continued)	Shares		Value
Consumer Staples — 3.1%
Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		1,600	$	49,648
Other Food & Staples Retailing (a)				68,302
				117,950
Food Products — 1.6%
Other Food Products (a)				265,951
Personal Products — 0.8%
Other Personal Products (a)				125,289
Energy — 5.7%
Energy Equipment & Services — 1.9%
Other Energy Equipment & Services (a)				322,898
Oil, Gas & Consumable Fuels — 3.8%
Holly Corporation		2,000		58,020
Other Oil, Gas & Consumable Fuels (a)				564,240
				622,260
Financials — 15.3%
Capital Markets — 2.3%
Other Capital Markets (a)				385,489
Commercial Banks — 4.8%
Boston Private Financial Holdings, Inc.		8,900		52,955
CapitalSource, Inc.		15,030		53,507
Other Commercial Banks (a)				698,147
				804,609
Consumer Finance — 0.8%
Other Consumer Finance (a)				129,409
Diversified Financial Services — 0.2%
Other Diversified Financial Services (a)				30,690
Insurance — 4.7%
Transatlantic Holdings, Inc.		1,000		50,500
Other Insurance (a)				731,907
				782,407
Real Estate Investment Trusts — 1.4%
Other Real Estate Investment Trusts (a)				228,321
Thrifts & Mortgage Finance — 1.1%
Other Thrifts & Mortgage Finance (a)				184,078
Health Care — 14.8%
Biotechnology — 3.0%
Targacept, Inc. (b)		2,700		50,625
Other Biotechnology (a)				445,021
				495,646

47

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.9% (Continued)	Shares		Value
Health Care — 14.8% (Continued)
Health Care Equipment & Supplies — 2.9%
Cooper Companies, Inc. (The)		2,200	$	61,622
Quidel Corporation (b)		3,650		52,195
Other Health Care Equipment & Supplies (a)				375,961
				489,778
Health Care Providers & Services — 5.4%
Amedysis, Inc. (b)		1,400		55,706
AmSurg Corporation (b)		2,500		52,675
Centene Corporation (b)		3,300		58,839
Other Health Care Providers & Services (a)				723,405
				890,625
Health Care Technology — 0.6%
IMS Health, Inc.		3,500		57,365
Other Health Care Technology (a)				42,559
				99,924
Life Sciences Tools & Services — 1.4%
Bio-Rad Laboratories, Inc. - Class A (b)		557		49,790
Kendle International, Inc. (b)		3,700		62,456
Other Life Sciences Tools & Services (a)				129,997
				242,243
Pharmaceuticals — 1.5%
BioForm Medical, Inc. (b)		17,377		62,905
Other Pharmaceuticals (a)				181,867
				244,772
Industrials — 14.2%
Aerospace & Defense — 1.4%
GenCorp, Inc. (b)		9,000		66,960
Other Aerospace & Defense (a)				158,145
				225,105
Air Freight & Logistics — 0.6%
Other Air Freight & Logistics (a)				107,171
Airlines — 0.5%
Other Airlines (a)				82,928
Building Products — 0.6%
Other Building Products (a)				100,299
Commercial Services & Supplies — 1.8%
Ennis, Inc.		3,399		51,495
Team, Inc. (b)		3,300		53,559
Waste Connections, Inc. (b)		1,900		59,717
Other Commercial Services & Supplies (a)				133,757
				298,528
Construction & Engineering — 1.1%
Other Construction & Engineering (a)				186,664

48

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.9% (Continued)	Shares		Value
Industrials — 14.2% (Continued)
Electrical Equipment — 1.7%
Thomas & Betts Corporation (b)		1,600	$	54,736
Other Electrical Equipment (a)				220,710
				275,446
Industrial Conglomerates — 0.1%
Other Industrial Conglomerates (a)				21,096
Machinery — 3.7%
FreightCar America, Inc.		2,800		66,024
Other Machinery (a)				551,751
				617,775
Marine — 1.2%
Other Marine (a)				194,875
Professional Services — 0.6%
Other Professional Services (a)				105,758
Road & Rail — 0.1%
Other Road & Rail (a)				11,230
Trading Companies & Distributors — 0.7%
Aceto Corporation		9,068		50,237
Other Trading Companies & Distributors (a)				68,542
				118,779
Transportation Infrastructure — 0.1%
Other Transportation Infrastructure (a)				16,450
Information Technology — 22.9%
Communications Equipment — 3.2%
3Com Corporation (b)		11,340		58,288
Tellabs, Inc. (b)		8,700		52,374
Other Communications Equipment (a)				425,364
				536,026
Computers & Peripherals — 0.9%
Other Computers & Peripherals (a)				153,384
Electronic Equipment, Instruments & Components — 4.2%
Anixter International, Inc. (b)		1,500		62,775
Spectrum Control, Inc. (b)		8,100		68,445
Other Electronic Equipment, Instruments & Components (a)				574,269
				705,489
Internet Software & Services — 1.6%
Other Internet Software & Services (a)				259,432

49

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.9% (Continued)	Shares		Value
Information Technology — 22.9% (Continued)
IT Services — 2.9%
Lender Processing Services, Inc.		1,700	$	67,660
VeriFone Holdings, Inc. (b)		4,000		53,200
Other IT Services (a)				360,012
				480,872
Semiconductors & Semiconductor Equipment — 4.9%
Pericom Semiconductor Corporation (b)		6,063		57,053
PMC-Sierra, Inc. (b)		6,400		54,528
Other Semiconductors & Semiconductor Equipment (a)				696,408
				807,989
Software — 5.2%
Bottomline Technologies, Inc. (b)		4,100		60,188
FactSet Research Systems, Inc.		900		57,645
Jack Henry & Associates, Inc.		2,200		50,754
Phoenix Technologies Ltd. (b)		22,303		52,189
Sybase, Inc. (b)		1,280		50,637
Synopsys, Inc. (b)		2,500		55,000
Other Software (a)				536,529
				862,942
Materials — 6.1%
Chemicals — 2.7%
Other Chemicals (a)				454,211
Containers & Packaging — 1.0%
Other Containers & Packaging (a)				166,760
Metals & Mining — 1.4%
Other Metals & Mining (a)				226,623
Paper & Forest Products — 1.0%
Other Paper & Forest Products (a)				171,938
Telecommunication Services — 0.9%
Diversified Telecommunication Services — 0.5%
Other Diversified Telecommunication Services (a)				77,197
Wireless Telecommunication Services — 0.4%
Other Wireless Telecommunication Services (a)				75,273
Utilities — 1.5%
Electric Utilities — 0.2%
Other Electric Utilities (a)				29,796
Gas Utilities — 0.7%
Other Gas Utilities (a)				118,116

50

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.9% (Continued)	Shares		Value
Utilities — 1.5% (Continued)
Independent Power Producers & Energy Traders — 0.4%
Other Independent Power Producers & Energy Traders (a)			$	58,243
Multi-Utilities — 0.2%
Other Multi-Utilities (a)				31,872
Water Utilities — 0.0%
Other Water Utilities (a)				1,545
Total Common Stocks (Cost $16,537,009)			$	16,434,982
RIGHTS — 0.0%	Shares		Value
Total Rights (Cost $0) (a)(d)			$	—
MONEY MARKET FUNDS — 0.3%	Shares		Value
UMB Money Market Fiduciary, 0.05% (c) (Cost $58,594)		58,594	$	58,594
Total Investments at Value — 99.2% (Cost $16,595,603)			$	16,493,576
Other Assets in Excess of Liabilities — 0.8%				129,488
Net Assets — 100.0%			$	16,623,064

* A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.

(a) Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2009.

(b) Non-income producing security.

(c) Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2009.

(d) Fair value priced (Note 2). Fair valued securities totaled $0 at October 31, 2009, representing 0.0% of net assets.

See accompanying notes to financial statements.

51

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2009

	TFS Market Neutral Fund			TFS Small Cap Fund
ASSETS
Investments in securities:
At acquisition cost	$	784,774,844		$	16,595,603
At value (Note 2)	$	818,096,079		$	16,493,576
Deposits with brokers for securities sold short (Note 2)		548,049,496			—
Dividends and interest receivable		270,113			4,344
Receivable for investment securities sold		119,134,047			1,264,691
Receivable for capital shares sold		1,902,205			95,042
Other assets		57,182			16,190
TOTAL ASSETS		1,487,509,122			17,873,843
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $572,746,952)		534,895,976			—
Payable for investment securities purchased		120,827,794			1,225,449
Payable for capital shares redeemed		1,016,600			5,082
Dividends payable on securities sold short (Note 2)		147,633			—
Payable to Adviser (Note 4)		1,612,255			4,323
Payable to administrator (Note 4)		98,100			6,300
Other accrued expenses and liabilities		501,307			9,625
TOTAL LIABILITIES		659,099,665			1,250,779
NET ASSETS	$	828,409,457		$	16,623,064
Net assets consist of:
Paid-in capital	$	793,512,831		$	17,362,791
Accumulated net realized losses from security transactions		(36,275,585	)		(637,700	)
Net unrealized appreciation (depreciation) on:
Investments		33,321,235			(102,027	)
Short positions		37,850,976			—
Net assets	$	828,409,457		$	16,623,064
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		55,531,973			1,782,512
Net asset value, redemption price and offering price per share (a) (Note 2)	$	14.92		$	9.33

(a) Redemption price may differ from the net asset value per share depending upon the length of time the shares are held (Note 2).

See accompanying notes to financial statements.

52

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2009

	TFS Market Neutral Fund			TFS Small Cap Fund
INVESTMENT INCOME
Dividends	$	13,451,453		$	68,414
Foreign tax withholding		(2,297	)		(26	)
Interest		66,729			118
TOTAL INVESTMENT INCOME		13,515,885			68,506
EXPENSES
Investment advisory fees (Note 4)		12,890,976			75,734
Brokerage expense on securities sold short (Note 2)		7,722,392			—
Dividend expense on securities sold short (Note 2)		4,798,999			—
Administration fees (Note 4)		505,035			24,200
Transfer agent fees (Note 4)		299,071			18,000
Accounting services fees (Note 4)		192,165			30,532
Custodian and bank service fees		199,602			21,282
Registration fees		96,760			19,508
Professional fees		43,633			28,265
Printing of shareholder reports		67,616			2,952
Postage and supplies		54,625			6,334
Compliance service fees and expenses (Note 4)		24,765			24,765
Pricing fees		42,690			5,969
Insurance expense		29,704			1,425
Trustees’ fees and expenses		17,447			17,447
Borrowing costs (Note 5)		5,263			293
Other expenses		12,897			6,374
TOTAL EXPENSES		27,003,640			283,080
Fees waived and expenses reimbursed by the Adviser (Note 4)		(167,067	)		(179,857	)
Plus previously waived investment advisory fees recovered by the Adviser (Note 4)		11,929			—
NET EXPENSES		26,848,502			103,223
NET INVESTMENT LOSS		(13,332,617	)		(34,717	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY
Net realized gains (losses) from:
Investments		95,615,019			(527,001	)
Securities sold short		(101,104,859	)		(218	)
Foreign currency transactions		2,046			—
Net change in unrealized appreciation (depreciation) on:
Investments		97,297,681			1,407,015
Securities sold short		(1,580,141	)		—
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		90,229,746			879,796
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	76,897,129		$	845,079

See accompanying notes to financial statements.

53

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2009			Four Months Ended October 31, 2008 (a)			Year Ended June 30, 2008
FROM OPERATIONS
Net investment loss	$	(13,332,617	)	$	(2,645,461	)	$	(3,825,384	)
Net realized gains (losses) from:
Investments		95,615,019			(28,429,068	)		(21,583,171	)
Short positions		(101,104,859	)		17,317,074			27,980,135
Foreign currency transactions		2,046			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		97,297,681			(54,930,256	)		(20,608,839	)
Short positions		(1,580,141	)		9,943,964			27,060,992
Net increase (decrease) in net assets from operations		76,897,129			(58,743,747	)		9,023,733
FROM DISTRIBUTIONS
Distributions from net investment income		—			—			(75,557	)
Distributions from net realized gains from security transactions		(7,411,156	)		—			(4,093,514	)
Decrease in net assets from distributions to shareholders		(7,411,156	)		—			(4,169,071	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		580,278,792			237,571,341			201,721,125
Net asset value of shares issued in reinvestment of distributions to shareholders		6,647,525			—			3,396,677
Proceeds from redemption fees collected (Note 2)		960,365			541,934			982,502
Payments for shares redeemed		(207,527,157	)		(72,044,321	)		(151,102,416	)
Net increase in net assets from capital share transactions		380,359,525			166,068,954			55,997,888
TOTAL INCREASE IN NET ASSETS		449,845,498			107,325,207			59,852,550
NET ASSETS
Beginning of period		378,563,959			271,238,752			211,386,202
End of period	$	828,409,457		$	378,563,959		$	271,238,752
ACCUMULATED NET INVESTMENT INCOME	$	—		$	—		$	—
CAPITAL SHARE ACTIVITY
Shares sold		41,291,307			16,482,137			13,716,056
Shares issued in reinvestment of distributions to shareholders		529,683			—			239,540
Shares redeemed		(14,869,822	)		(5,299,283	)		(11,046,333	)
Net increase in shares outstanding		26,951,168			11,182,854			2,909,263
Shares outstanding, beginning of period		28,580,805			17,397,951			14,488,688
Shares outstanding, end of period		55,531,973			28,580,805			17,397,951

(a) Fund changed fiscal year end to October 31.

See accompanying notes to financial statements.

54

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2009			Four Months Ended October 31, 2008 (a)			Year Ended June 30, 2008
FROM OPERATIONS
Net investment income (loss)	$	(34,717	)	$	4,055		$	(87,752	)
Net realized losses from:
Investments		(527,001	)		(20,380	)		(78,473	)
Short positions		(218	)		—			—
Net change in unrealized appreciation (depreciation) on investments		1,407,015			(1,151,693	)		(763,246	)
Net increase (decrease) in net assets from operations		845,079			(1,168,018	)		(929,471	)
FROM DISTRIBUTIONS
Distributions from net investment income		(4,055	)		—			—
Distributions from net realized gains from security transactions		—			—			(760,875	)
Decrease in net assets from distributions to shareholders		(4,055	)		—			(760,875	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		14,594,124			65,589			270,485
Net asset value of shares issued in reinvestment of distributions to shareholders		3,976			—			748,784
Proceeds from redemption fees collected (Note 2)		10,459			159			1,951
Payments for shares redeemed		(1,879,603	)		(425,681	)		(387,376	)
Net increase (decrease) in net assets from capital share transactions		12,728,956			(359,933	)		633,844
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,569,980			(1,527,951	)		(1,056,502	)
NET ASSETS
Beginning of period		3,053,084			4,581,035			5,637,537
End of period	$	16,623,064		$	3,053,084		$	4,581,035
ACCUMULATED NET INVESTMENT INCOME	$	—		$	4,055		$	—
CAPITAL SHARE ACTIVITY
Shares sold		1,605,044			9,051			24,283
Shares issued in reinvestment of distributions to shareholders		655			—			72,486
Shares redeemed		(272,096	)		(52,008	)		(35,844	)
Net increase (decrease) in shares outstanding		1,333,603			(42,957	)		60,925
Shares outstanding, beginning of period		448,909			491,866			430,941
Shares outstanding, end of period		1,782,512			448,909			491,866

(a) Fund changed fiscal year end to October 31.

See accompanying notes to financial statements.

55

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2009			Four Months Ended October 31, 2008(b)			Year Ended June 30, 2008			Year Ended June 30, 2007			Year Ended June 30, 2006			Period Ended June 30, 2005(a)
Net asset value at beginning of period	$	13.25		$	15.59		$	14.59		$	12.44		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.24	)		(0.09	)		(0.23	)		0.01			(0.04	)		(0.11	)
Net realized and unrealized gains (losses) on investments		2.13			(2.27	)		1.56			2.35			2.12			0.49
Total from investment operations		1.89			(2.36	)		1.33			2.36			2.08			0.38
Less distributions:
Distributions from net investment income		—			—			(0.01	)		—			—			—
Distributions from net realized gains from security transactions		(0.25	)		—			(0.40	)		(0.22	)		(0.01	)		—
Distributions in excess of net realized gains (losses) from security transactions		—			—			—			—			—			(0.01	)
Total distributions		(0.25	)		—			(0.41	)		(0.22	)		(0.01	)		(0.01	)
Proceeds from redemption fees collected (Note 2)		0.03			0.02			0.08			0.01			0.00	(c)		0.00	(c)
Net asset value at end of period	$	14.92		$	13.25		$	15.59		$	14.59		$	12.44		$	10.37
Total return (d)		14.86%			(15.01%	)(e)		9.93%			19.18%			20.04%			3.77%	(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	828,409		$	378,564		$	271,239		$	211,386		$	22,478		$	8,101
Ratio of gross expenses to average net assets		4.70%			4.60%	(h)		4.05%			3.30%			5.10%			6.82%	(h)
Ratio of net expenses to average net assets (f)		4.67%			4.55%	(h)		3.94%			3.07%			3.21%			3.26%	(h)
Ratio of net expenses to average net assets excluding dividend expense (f) (g)		3.84%			3.68%	(h)		2.80%			2.48%			2.49%			2.49%	(h)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (f) (g)		2.49%			2.49%	(h)		2.50%			2.48%			2.49%			2.49%	(h)
Ratio of net investment income (loss) to average net assets		(2.32%	)		(2.24%	)(h)		(2.15%	)		0.09%			(0.69%	)		(1.77%	)(h)
Portfolio turnover rate		429%			204%	(e)		536%			492%			398%			368%	(h)

(a) Represents the period from the commencement of operations (September 7, 2004) through June 30, 2005.

(b) Fund changed fiscal year end to October 31.

(c) Amount rounds to less than $0.01 per share.

(d) Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund.  The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(e) Not annualized.

(f) Ratio was determined after advisory fee waivers and expense reimbursements.

(g) Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 2.18%, 2.06%(h), 1.44%, 0.59%, 0.72% and 0.77%(h) of average net assets for the periods ended October 31, 2009 and 2008 and June 30, 2008, 2007, 2006 and 2005, respectively.

(h) Annualized.

See accompanying notes to financial statements.

56

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2009			Four Months Ended October 31, 2008(b)			Year Ended June 30, 2008			Year Ended June 30, 2007			Period Ended June 30, 2006(a)
Net asset value at beginning of period	$	6.80		$	9.31		$	13.08		$	10.39		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.01			(0.18	)		(0.07	)		(0.01	)
Net realized and unrealized gains (losses) on investments		2.55			(2.52	)		(1.79	)		2.76			0.40
Total from investment operations		2.53			(2.51	)		(1.97	)		2.69			0.39
Less distributions:
Distributions from net investment income		(0.01	)		—			—			—			—
Distributions from net realized gains from security transactions		—			—			(1.80	)		(0.00	)(c)		—
Total distributions		(0.01	)		—			(1.80	)		(0.00	)		—
Proceeds from redemption fees collected (Note 2)		0.01			0.00	(c)		0.00	(c)		0.00	(c)		—
Net asset value at end of period	$	9.33		$	6.80		$	9.31		$	13.08		$	10.39
Total return (d)		37.41%			(26.96%	)(e)		(16.40%	)		25.93%			3.90%	(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	16,623		$	3,053		$	4,581		$	5,638		$	3,932
Ratio of gross expenses to average net assets		5.14%			4.44%	(g)		5.57%			5.14%			8.18%	(g)
Ratio of net expenses to average net assets (f)		1.88%			0.88%	(g)		2.72%			2.03%			1.72%	(g)
Ratio of net expenses to average net assets excluding borrowing costs (f)		1.87%			0.87%	(g)		2.68%			2.03%			1.72%	(g)
Ratio of net investment income (loss) to average net assets		(0.63%	)		0.28%	(g)		(1.76%	)		(0.69%	)		(0.69%	)(g)
Portfolio turnover rate		320%			123%	(e)		269%			419%			184%	(g)

(a) Represents the period from the commencement of operations (March 7, 2006) through June 30, 2006.

(b) Fund changed fiscal year end to October 31.

(c) Amount rounds to less than $0.01 per share.

(d) Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund.  The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(e) Not annualized.

(f) Ratio was determined after advisory fee waivers and expense reimbursements.

(g) Annualized.

See accompanying notes to financial statements.

57

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2009

1.  Organization

The TFS Market Neutral Fund and the TFS Small Cap Fund (individually, a “Fund”, and collectively, the “Funds”) are each a diversified series of TFS Capital Investment Trust (the “Trust”), an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated January 30, 2004. As part of the Trust’s organization, the TFS Market Neutral Fund issued in a private placement on June 28, 2004 10,000 shares of the Fund, at $10.00 per share, to TFS Capital LLC (the “Adviser”), the investment adviser to the Fund.  The TFS Market Neutral Fund commenced operations on September 7, 2004. The TFS Small Cap Fund commenced operations on March 7, 2006.

The TFS Market Neutral Fund seeks to produce capital appreciation while having a low correlation to the U.S. equity market. For this purpose, the term “U.S. equity market” means the S&P 500 Index. In addition, the Fund seeks to produce lower volatility than would result from a long-only investment in the U.S. equity market. “Long-only” refers to a portfolio of common stocks that mimics the movement of the U.S. equity market, as opposed to one that attempts to hedge equity market risk through the use of short positions, equity options or futures contracts.

The TFS Small Cap Fund seeks long-term capital appreciation. In addition, the Fund seeks to outperform the Russell 2000® Index.

The TFS Market Neutral Fund is currently closed to new investors, except as described further in the Fund’s prospectus.

2.  Significant Accounting Policies

The following is a summary of the Funds’ significant accounting policies:

Securities valuation – The Funds’ portfolio securities are valued at their value as of the close of the regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time) on each business day the NYSE is open.  Securities listed on the NYSE or other exchanges are valued on the basis of their last sale prices on the exchanges on which they are primarily traded.  However, if the last sale price on the NYSE is different than the last sale price on any other exchange, the NYSE price will be used.  If there are no sales on that day, the securities are valued at the mean of the most recent bid and ask prices on the NYSE or other primary exchange.  Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price.  If there are no sales on that day, the securities are valued at the mean between the closing bid and ask prices as reported by NASDAQ.  Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith under the supervision of the Board of Trustees of the Trust.  Such methods of fair valuation may include, but are not limited to:  multiple of earnings, discount from market of a similar freely traded security, or a combination of these and other methods.

Accounting principles generally accepted in the United States of America (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.

Various inputs are used in determining the value of each of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

•  Level 1 – quoted prices in active markets for identical securities

•  Level 2 – other significant observable inputs

•  Level 3 – significant unobservable inputs

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

58

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used to value the Funds’ investments and other financial instruments (short positions and rights) as of October 31, 2009:

TFS Market Neutral Fund	Investments in Securities		Other Financial Instruments
Level 1 - Quoted prices	$	818,096,079	$	(534,895,363	)
Level 2 - Other significant observable inputs		—		(613	)
Level 3 - Significant unobservable inputs		—		—
Total	$	818,096,079	$	(534,895,976	)

TFS Small Cap Fund	Investments in Securities
Level 1 - Quoted prices	$	16,493,576
Level 2 - Other significant observable inputs		—
Level 3 - Significant unobservable inputs		—
Total	$	16,493,576

Refer to each Fund’s Schedule of Investments for a listing of the securities and other financial instruments (short positions) valued using Level 1 and Level 2 inputs by security type and industry type.

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of each Fund’s assets, less liabilities, by the number of shares outstanding.  The offering price and redemption price per share of each Fund is equal to the net asset value per share, except that shares are subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase.  During the periods ended October 31, 2009, October 31, 2008 and June 30, 2008, proceeds from redemption fees totaled $960,365, $541,934 and $982,502, respectively, for the TFS Market Neutral Fund and $10,459, $159 and $1,951, respectively, for the TFS Small Cap Fund.

Investment income/expense – Dividend income/expense is recorded on the ex-dividend date. Interest income is accrued as earned.

Security transactions – Security transactions are accounted for on the trade date.  Gains and losses on securities sold are determined on a specific identification basis.

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year.  The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP.  These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains.  The tax character of distributions paid by the Funds during the periods ended October 31, 2009, October 31, 2008 and June 30, 2008 was as follows:

	Period Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions
TFS Market Neutral Fund	10/31/2009	$	7,411,156	$	—	$	7,411,156
	10/31/2008	$	—	$	—	$	—
	6/30/2008	$	4,086,498	$	82,573	$	4,169,071
TFS Market Small Cap Fund	10/31/2009	$	4,055	$	—	$	4,055
	10/31/2008	$	—	$	—	$	—
	6/30/2008	$	760,875	$	—	$	760,875

59

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Short positions – The Funds may sell securities short.  For financial statement purposes, an amount equal to the settlement amount is included in the Statements of Assets and Liabilities as an asset and an equivalent liability.  The amount of the liability is subsequently marked-to-market to reflect the current value of the short position.  Subsequent fluctuations in the market prices of securities sold, but not yet purchased, may require purchasing the securities at prices which may differ from the market value reflected on the Statements of Assets and Liabilities.  The Funds are liable for any dividends payable on securities while those securities are in a short position and will also bear other costs, such as charges for the prime brokerage accounts, in connection with the short positions.  These costs are reported as brokerage expenses on securities sold short in the Statements of Operations.  As collateral for its short positions, the Funds are required under the Investment Company Act of 1940 to maintain assets consisting of cash, cash equivalents or liquid securities equal to the market value of the securities sold short.  The amount of the collateral is required to be adjusted daily to reflect changes in the value of the securities sold short. TFS Market Neutral Fund engages in short selling as a principal investment strategy while the TFS Small Cap Fund does not. The TFS Small Cap Fund intends to limit its exposure to 5% of its net assets.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period.  Actual results could differ from those estimates.

Common expenses – Common expenses of the Trust are allocated between the Funds based on the relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

Federal income tax – It is each Fund’s policy to comply with the special provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies.  As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed.  Accordingly, no provision for income taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of October 31, 2009:

	TFS Market Neutral Fund			TFS Small Cap Fund
Tax cost of portfolio investments and securities sold short	$	254,338,279		$	16,713,626
Gross unrealized appreciation	$	116,118,131		$	1,057,133
Gross unrealized depreciation		(87,256,307	)		(1,277,183	)
Net unrealized appreciation (depreciation)		28,861,824			(220,050	)
Undistributed ordinary income		6,034,802			—
Capital loss carryforwards		—			(519,677	)
Total accumulated earnings (deficit)	$	34,896,626		$	(739,727	)

The difference between the federal income tax cost of portfolio of investments and securities sold short and the financial statement cost for the Funds is due to certain timing differences in the recognition of capital gains or losses under GAAP.  These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.

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NOTES TO FINANCIAL STATEMENTS (Continued)

For the year ended October 31, 2009, the TFS Market Neutral Fund utilized capital loss carryforwards of $141,401 to offset current year realized gains.

As of October 31, 2009, the TFS Small Cap Fund had capital loss carryforwards for federal income tax purposes of $519,677.  These capital loss carryforwards, which may be utilized in future years to offset net realized capital gains, if any, prior to distribution to shareholders, which expire on the following dates:

Expires	TFS Small Cap Fund
June 30, 2016	$	16,913
October 31, 2016	$	87,298
October 31, 2017	$	415,466

For the year ended October 31, 2009, the TFS Market Neutral Fund reclassified $13,332,617 of net investment loss against accumulated net realized gains from security transactions.  For the year ended October 31, 2009, the TFS Small Cap Fund reclassified $34,717 of net investment loss against paid-in capital.  These reclassifications are reflected on the Statements of Assets and Liabilities.  Such reclassifications, the result of permanent differences between the financial statement and income tax reporting requirements, have no effect on the Funds’ nets assets or net asset value per share.

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has reviewed the tax positions taken on Federal income tax returns for all open tax periods (June 30, 2006 through October 31, 2009) of each Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

3.  Investment Transactions

During the year ended October 31, 2009, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $2,580,546,217 and $2,225,766,055, respectively, for the TFS Market Neutral Fund and $30,674,395 and $18,108,021, respectively, for the TFS Small Cap Fund.

4.  Transactions with Affiliates

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. The TFS Market Neutral Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 2.25% of its average daily net assets. The TFS Small Cap Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of its average daily net assets (the “Base Fee”), which may be increased or decreased by as much as 1.25% if the Fund outperforms or underperforms its benchmark by at least 2.50%. The term “benchmark,” when used for the TFS Small Cap Fund’s investment advisory fee discussion, means the performance of the Russell 2000 Index plus 2.50%. The performance fee adjustment is calculated monthly by comparing the TFS Small Cap Fund’s performance to that of the benchmark over the performance period. The applicable performance period is a rolling twelve month period whereby the most recent calendar month is substituted for the earliest month as time passes. The performance fee adjustment will be applied to the average net assets of the Fund over the performance period. The Base Fee withrespect to the Fund will be increased by one basis point (0.01%) for every two basis points (0.02%) of outperformance, to a maximum fee of 2.50% per annum. However, if the Fund underperforms its

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NOTES TO FINANCIAL STATEMENTS (Continued)

benchmark the fee will be decreased one basis point (0.01%) for every two basis points (0.02%) of underperformance, to a minimum fee of 0.00% per annum. The Adviser may receive the performance fee adjustment for periods during which the Fund has negative investment performance.  During the year ended October 31, 2009, investment advisory fees were increased $7,523 above the Base Fee pursuant to the performance fee adjustment.

The Adviser has contractually agreed to reduce its advisory fees and to absorb each Fund’s operating expenses (for the life of the Funds) to the extent necessary to limit each Fund’s aggregate annual ordinary operating expenses (which do not include brokerage costs, taxes, borrowing costs and extraordinary expenses) to 2.50% of the TFS Market Neutral Fund’s average daily net assets and 1.75% of the TFS Small Cap Fund’s average daily net assets.  For the TFS Small Cap Fund, the expense cap is calculated prior to the performance fee adjustment. Therefore, it is possible that the TFS Small Cap Fund’s annual ordinary operating expenses could exceed the 1.75% cap.   As a result of this agreement, during the year ended October 31, 2009, the Adviser reduced its investment advisory fees by $167,067 with respect to the TFS Market Neutral Fund, and waived all of its investment advisory fees of $75,734 and reimbursed $104,123 of other operating expenses with respect to the TFS Small Cap Fund.

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the respective Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 2.50% and 1.75%, respectively, for the TFS Market Neutral Fund and the TFS Small Cap Fund.  During the year ended October 31, 2009, the Adviser recouped $11,929 of previous fee reductions from the TFS Market Neutral Fund.  As of October 31, 2009, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $533,727 and $468,998, respectively, from the TFS Market Neutral Fund and the TFS Small Cap Fund.  The Adviser may recapture these amounts no later than the dates as stated below:

	June 30, 2010		June 30, 2011		October 31, 2011		October 31, 2012
TFS Market Neutral Fund	$	111,258	$	194,726	$	60,676	$	167,067
TFS Small Cap Fund	$	95,394	$	142,256	$	51,491	$	179,857

The President of the Trust is also a Principal of the Adviser.

COMPLIANCE CONSULTING AGREEMENT

Under the terms of the Compliance Consulting Agreement, Drake Compliance, LLC (“Drake”) provides ongoing regulatory compliance consulting, monitoring and reporting services for the Trust. In addition, a principal of Drake serves as the Trust’s Chief Compliance Officer.  For these services, Drake receives $2,000 per month from each Fund.  In addition, each Fund reimburses certain out-of-pocket expenses incurred by Drake, if any, including, but not limited to, postage and supplies and travel expenses.

ADMINISTRATION AGREEMENT

Under the terms of an Administration Agreement, Ultimus Fund Solutions, LLC (“Ultimus”) supplies executive, administrative and regulatory services for the Funds.  Ultimus supervises the preparation of tax returns, reports to shareholders of the Funds, reports to and filings with the Securities and Exchange Commission (the “SEC”) and state securities commissions and materials for meetings of the Board of Trustees. For these services, each Fund pays Ultimus a monthly fee at an annual rate of 0.15% of its average daily net assets up to $50 million, 0.125% of such assets between $50 million and $100 million, 0.10% of such assets between $100 million and $250 million, 0.075% of such assets between $250 million and $500 million, and 0.05% of such assets in excess of $500 million, subject to a minimum monthly fee of $2,000. Certain officers of the Trust are also officers of Ultimus.

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NOTES TO FINANCIAL STATEMENTS (Continued)

ACCOUNTING SERVICES AGREEMENT

Under the terms of an Accounting Services Agreement, Ultimus calculates the daily net asset value per share and maintains the financial books and records of each Fund. For the performance of these services, the TFS Market Neutral Fund pays Ultimus a monthly base fee of $4,000 per month plus an asset based fee of 0.005% of average gross daily assets. In addition, the Fund pays $1 per portfolio trade in excess of 1,000 portfolio trades per month. For the performance of these services, the TFS Small Cap Fund pays Ultimus a base fee of $2,500 per month plus an asset based fee of 0.01% of the first $500 million of average daily net assets and 0.005% of such assets in excess of $500 million. In addition, each Fund reimburses certain out-of-pocket expenses incurred by Ultimus in obtaining valuations of the Funds’ portfolio securities.

TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT

Under the terms of a Transfer Agent and Shareholder Services Agreement, Ultimus maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent and performs other shareholder service functions. Each Fund pays Ultimus a monthly fee for these services at an annual rate of $15 to $24 per shareholder account, depending on the nature of the account, subject to a $1,500 minimum monthly fee.  Prior to September 1, 2009, each Fund paid Ultimus a monthly fee at an annual rate of $24 for all shareholder accounts, subject to a $1,500 minimum monthly fee. In addition, the Funds reimburse Ultimus for out-of-pocket expenses including, but not limited to, postage and supplies.

DISTRIBUTION AGREEMENT

The Trust has entered into a Distribution Agreement with Ultimus Fund Distributors, LLC (the “Distributor”), pursuant to which the Distributor provides distribution services and serves as the principal underwriter to each Fund.  The Distributor is a wholly-owned subsidiary of Ultimus.  The Distributor’s fees are paid by the Adviser.

5.  Borrowing Costs

During the year ended October 31, 2009, the TFS Market Neutral Fund and the TFS Small Cap Fund incurred $5,263 and $293 of borrowing costs, respectively. As of October 31, 2009, the Funds had no outstanding borrowings.  The average outstanding borrowings for the year ended October 31, 2009 for the TFS Market Neutral Fund include 283 days of $0 borrowings and 270 days of $0 borrowings for the TFS Small Cap Fund.  The average outstanding borrowing and average interest rate on borrowings during the year ended October 31, 2009 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	530,114		1.10	%
TFS Small Cap Fund	$	12,958		1.58	%

6.      Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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NOTES TO FINANCIAL STATEMENTS (Continued)

7.      Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. In addition, GAAP requires the Funds to disclose the date through which subsequent events have been evaluated. Management has evaluated subsequent events through the issuance of these financial statements on December 23, 2009 and has noted no such events.

8.      Recent Accounting Pronouncement

In June 2009, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 168, “The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles – a replacement of FASB Statement No. 162” (“SFAS 168”).  SFAS 168 replaces SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles” and establishes the “FASB Accounting Standards CodificationTM” (the “Codification”) as the source of authoritative accounting principles recognized by FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. All guidance contained in the Codification carries an equal level of authority.  The Codification supersedes all then-existing non-SEC accounting and reporting standards.  All other non-grandfathered non-SEC accounting literature not included in the Codification have become non-authoritative. SFAS 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009 and therefore the Funds have adopted SFAS 168 with these financial statements.  Management has evaluated this new pronouncement and has determined that it did not have a material impact on the determination or reporting of these financial statements.

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

TFS Capital Investment Trust

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments and schedule of securities sold short, of TFS Capital Investment Trust (the “Funds”), comprising TFS Market Neutral Fund and TFS Small Cap Fund, as of October 31, 2009, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting the TFS Capital Investment Trust as of October 31, 2009, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Cincinnati, Ohio

December 23, 2009

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

We believe it is important for you to understand the impact of costs on your investment.  As a shareholder of the Funds, you incur two types of costs:  (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses.  The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets.  This figure is known as the expense ratio.  The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period and held until the end of the period (May 1, 2009 through October 31, 2009).

The table below illustrates each Fund’s ongoing costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period.  The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Funds.  You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Funds under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare each Fund’s ongoing costs with those of other mutual funds.  It assumes that each Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged.  In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment.  The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return.  You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only.  The Funds do not charge any sales loads. However, a redemption fee of 2% is applied on the sale of shares purchased within 180 days of the date of their purchase and does not apply to the redemption of shares acquired through reinvestment of dividends and other distributions. The calculations below assume no shares were bought or sold during the period.  Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

More information about each Fund’s expenses, including annualized expense ratios, can be found in this report.   For additional information on operating expenses and other shareholder costs, please refer to the Funds’ prospectus.

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value May 1, 2009		Ending Account Value Oct. 31, 2009		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,096.30	$	26.26
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,000.15	$	25.06

TFS Small Cap Fund

	Beginning Account Value May 1, 2009		Ending Account Value Oct. 31, 2009		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,255.70	$	12.74
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,013.91	$	11.37

* Expenses are equal to the annualized expense ratio of 4.97% and 2.24%, respectively, for the TFS Market Neutral Fund and the TFS Small Cap Fund for the period, multiplied by the average account value over the period, multipled by 184/365 (to reflect the applicable period).

OTHER INFORMATION (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-888-534-2001, or on the SEC’s website at http://www.sec.gov.  Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-888-534-2001, or on the SEC’s website at http://www.sec.gov.

The Funds file a complete listing of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q.  The filings are available upon request, by calling 1-888-534-2001.  Furthermore, you may obtain copies of the filings on the SEC’s website at http://www.sec.gov.  The Funds’ Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

FEDERAL TAX INFORMATION (Unaudited)

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions from ordinary income made by the Funds during the fiscal year ended October 31, 2009.  Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The TFS Market Neutral Fund and TFS Small Cap Fund intend to designate up to a maximum amount of $7,411,156 and $4,055, respectively, as taxed at a maximum rate of 15%.

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TFS CAPITAL INVESTMENT TRUST

BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Overall responsibility for management of the Trust rests with its Trustees.  The Trustees serve for terms of indefinite duration until death, resignation, retirement or removal from office.  The Trustees, in turn, elect the officers of the Trust to actively supervise the Trust’s day-to-day operations.  The officers have been elected for an annual term.  Certain officers of the Trust also may serve as Trustees.

The Trust is managed by the Trustees in accordance with the laws of the State of Ohio governing business trusts.  There are currently five Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the Investment Company Act of 1940.

The Trustees and executive officers of the Trust, their addresses and their principal occupations during the past five (5) years are as follows:

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies**	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustees:
*Larry S. Eiben 1800 Bayberry Court, Suite 103 Richmond, Virginia  23226 Year of Birth: 1972	Since January 2004	Trustee and President	Chief Operating Officer and Chief Compliance Officer of  TFS Capital LLC.	2
*Thomas M. Frederick 121 Walnut Street, Suite 320 West Chester, Pennsylvania  19380 Year of Birth: 1972	Since June 2004	Trustee	Director of Business Development for TFS Capital LLC from July 2006 to present;  Associate Director of Virginia Student Aid Foundation from February 2004 to July 2006.	2
Independent Trustees:
Merle C. Hazelton 1800 Bayberry Court, Suite 103 Richmond, Virginia   23226 Year of Birth: 1962	Since June 2004	Trustee	Capital Markets - Assistant Controller of Genworth Financial, Inc. from July 2007 to present; Investments – Assistant Controller of Genworth Financial, Inc. from May 2005 to July 2007; Treasury - Controller of Genworth Financial, Inc. (insurance/ financial services firm) from February 2002 to May 2005.	2
Mark J. Malone 1800 Bayberry Court, Suite 103 Richmond, Virginia   23226 Year of Birth: 1966	Since June 2004	Trustee	Director, Institutional Equities of Lazard Capital Markets from March 2008 to present; Managing Director of Institutional Sales of Morgan Keegan & Company, Inc. from April 2006 to March 2008; Director of Institutional Equities of Deutsche Bank Securities from June 1998 – May 2006.	2
Brian O’Connell 1800 Bayberry Court, Suite 103 Richmond, Virginia   23226 Year of Birth: 1959	Since June 2004	Trustee	Independent writer/author.	2

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BOARD OF TRUSTEES AND OFFICERS (Unaudited)

(Continued)

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Robert G. Dorsey 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1957	Since June 2004	Vice President	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC.
Mark J. Seger 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1962	Since June 2004	Treasurer	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC.
John F. Splain 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1956	Since June 2004	Secretary	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC.
David D. Jones 719 Sawdust Road, Suite 113 The Woodlands, TX 77380 Year of Birth: 1958	Since December 2007	Chief Compliance Officer	Managing Member of Drake Compliance, LLC; Attorney, David Jones & Assoc., P.C. (a law firm).

* Larry S. Eiben and Thomas M. Frederick, as affiliated persons of TFS Capital LLC, the Trust’s investment adviser, are considered “interested persons” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

** None of the Trustees are directors of public companies.

Additional information about members of the Board of Trustees and executive officers is available in the Statement of Additional Information (“SAI”). To obtain a free copy of the SAI, please call 1-888-534-2001.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, have reviewed and approved the continuance of the Investment Advisory Agreements with the Adviser for the TFS Market Neutral Fund and the TFS Small Cap Fund.  These approvals took place at an in-person meeting held on June 5, 2009, at which all of the Independent Trustees were present.

The Trustees were advised by independent counsel of their fiduciary obligations in approving the Investment Advisory Agreements and the Trustees requested such information from the Adviser as they deemed reasonably necessary to evaluate the terms of the Agreements and whether the Agreements continue to be in the best interests of the Funds and their shareholders.  The Trustees reviewed:  (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of each Fund and the Adviser; (iii) the actual and projected costs of the services provided and the profits to be realized by the Adviser from its relationship with the Funds; and (iv) the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of Fund shareholders.  The Trustees reviewed the background, qualifications, education and experience of the Adviser’s investment and operational personnel.  The Trustees also discussed and considered the quality of administrative and other services provided to the Trust, the Adviser’s compliance program, and the Adviser’s role in coordinating such services and programs.  The Independent Trustees were advised by experienced independent counsel throughout the process.  Prior to voting on the Investment Advisory Agreements, the Independent Trustees reviewed the Agreements with management and also met in a private session with counsel at which no representatives of the Adviser were present.

Below is a summary of the discussions and findings of the Trustees in regard to the approvals of the Investment Advisory Agreements.

(i) The nature, extent, and quality of the services provided by the Adviser.  In this regard, the Independent Trustees reviewed the services being provided to the Funds by the Adviser.  They discussed the responsibilities of the Adviser under the Investment Advisory Agreements and the Adviser’s compensation under the Agreements.  The Independent Trustees reviewed the background and experience of the Adviser’s key investment and operating personnel.  They noted the Adviser’s recent decision to add four experienced professionals to its team, thereby strengthening the Adviser’s analytical, programming and trading operations.   The Independent Trustees considered the Adviser’s ongoing commitment to research and development.  They also considered the steps taken by the Adviser to retain its key employees.  After reviewing the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services provided by the Adviser were satisfactory for each Fund.

(ii) The investment performance of the Funds and the Adviser.  In this regard, the Independent Trustees compared the performance of the TFS Market Neutral Fund with the performance of the S&P 500 Index (the “Index”), the Fund’s primary benchmark, over various periods.  The Independent Trustees noted that the TFS Market Neutral Fund outperformed the S&P 500 Index over both the one year period ended March 31, 2009 and for the period from the Fund’s inception until March 31, 2009, and it did so while experiencing substantially less volatility than the Index.  The Independent Trustees also considered comparative performance statistics of the universe of funds categorized by Morningstar as “long short” funds, which is the category to which the TFS Market Neutral Fund has been assigned.  The Independent Trustees noted that for the one year period ended March 31, 2009, the TFS Market Neutral Fund’s total return (-5.51%) was significantly better than the return of the average fund in the Morningstar “long short” category (-15.00%).  They also noted that the Fund has a 5-star Morningstar rating overall and for three years.  The Independent Trustees reviewed performanceinformation with respect to the Adviser’s other managed accounts with similar investment

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(Unaudited) (Continued)

objectives, which indicated that the TFS Market Neutral Fund had performed in line with or better than such other accounts for the one year period ended March 31, 2009.  They considered that, based on representations by the Adviser, those performance differences can be attributed mainly to the Fund being subject to stricter investment limitations and being managed more conservatively than such other accounts to achieve a less volatile return.  The Independent Trustees noted that the TFS Market Neutral Fund’s more conservative investment approach proved beneficial during the past year’s market volatility.  The Independent Trustees also considered the consistency of the Adviser’s management of the TFS Market Neutral Fund with the Fund’s investment objective and policies.  After reviewing the foregoing information, the Independent Trustees concluded that the investment performance of the TFS Market Neutral Fund has been above average.

The Independent Trustees reviewed the performance of the TFS Small Cap Fund and compared it to the performance of the Russell 2000 Index, the Fund’s primary benchmark, over various periods ended March 31, 2009.  It was noted by the Independent Trustees that the TFS Small Cap Fund outperformed the Russell 2000 Index over both the one year and since inception periods ended March 31, 2009.  The Independent Trustees also reviewed comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the TFS Small Cap Fund has been assigned.  The Independent Trustees noted that for the one year period ended March 31, 2009, the TFS Small Cap Fund’s -32.87% return was significantly better than the performance of the average fund in the Morningstar small cap blend category (-39.08%) over the same period.  It was further noted that the TFS Small Cap Fund was in the top 5% of funds within the small cap blend category for both the one year and three year periods ended April 30, 2009.  The Independent Trustees noted that the TFS Small Cap Fund has a 5-star Morningstar rating overall and for three years.  They also reviewed performance information with respect to the Adviser’s other managed accounts but concluded that none of these other accounts provided a good comparison due to differences in investment objectives.  The Independent Trustees considered the consistency of the Adviser’s management of the TFS Small Cap Fund with the Fund’s investment objective and policies.  The Independent Trustees concluded that the investment performance of the TFS Small Cap Fund has been above average.

(iii) The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Funds.  In this regard, the Independent Trustees considered the Adviser’s staffing, personnel and operations; the financial condition of the Adviser and the level of commitment to the Funds by the principals of the Adviser; the asset levels of each Fund; and the overall expenses of each Fund.  The Independent Trustees reviewed the rate of the advisory fees paid by the Funds under the Investment Advisory Agreements and compared them to average advisory fee ratios of similar mutual funds compiled from statistics reported by Morningstar.  They also compared the total operating expense ratios of the Funds with average expense ratios of representative funds, focusing on other funds included in their respective Morningstar categories.  It was noted by the Independent Trustees that the TFS Market Neutral Fund’s advisory fee of 2.25% and its overall expense ratio of 2.49% (which excludes dividend expenses, borrowing costs and brokerage expenses on securities sold short) were each higher than the average advisory fee (1.18%) and average expense ratio (2.10%) for Morningstar’s “long short” fund category.  The Independent Trustees performed a similar comparison for the TFS Small Cap Fund, finding that the Fund’s advisory fee of 0.37% (adjusted based on the performance fee) and its overall expense ratio of 0.87% were each significantly lower than the average advisory fee (0.77%) and average expense ratio (1.41%) for Morningstar’s “small cap blend” fund category.  The Independent Trustees noted that, with respect to the TFS Small Cap Fund, the results of this type of comparison may differ significantly each year due to the

71

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

performance fee adjustment.  The Independent Trustees further noted that during periods of underperformance the TFS Small Cap Fund’s advisory fee and overall expense ratio will likely be significantly less than the averages for its peer group and during periods of outperformance the TFS Small Cap Fund’s advisory fee and overall expense ratio will likely be significantly more than the averages for its peer group.  The Independent Trustees also considered the Adviser’s analysis of its revenues and expenses with respect to its services provided to each Fund for periods ended March 31, 2009.  It was noted by the Independent Trustees that the Adviser has reduced its advisory fees from the TFS Market Neutral Fund in order to maintain the 2.50% operating expense cap.  The Independent Trustees noted that, despite the advisory fee reductions, the Adviser’s overall revenue and profits from managing the TFS Market Neutral Fund has increased significantly from prior years.  The Independent Trustees considered the profitability of the Adviser and noted the costs associated with managing the Funds, research and development expenditures and retaining their investment professionals and hiring new personnel.  The Independent Trustees also reviewed the revenue and expense information with respect to the TFS Small Cap Fund and it was noted that the Adviser has yet to recognize any profits with respect to its services to the Fund and, in fact, has yet to collect any advisory fees.  The Independent Trustees noted that not only has the Adviser not collected any of its advisory fees since the inception of the TFS Small Cap Fund, it has also reimbursed a significant amount of other operating expenses of such Fund.  The Independent Trustees reviewed the balance sheet of the Adviser as of March 31, 2009 and concluded that the Adviser has the necessary financial resources to serve as the Funds’ investment adviser.  The Independent Trustees considered the “fallout benefits” to the Adviser, including the additional exposure the Adviser has received as a result of managing the Funds.  After a full discussion and consideration of the foregoing, the Independent Trustees concluded that the fees paid by each Fund to the Adviser are reasonable.

(iv) The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect these economies of scale for the benefits of a Fund’s investors.  The Independent Trustees considered the current net assets for each Fund as well as the expense cap arrangements between the Trust and the Adviser.  The Independent Trustees noted that the TFS Market Neutral Fund has grown its assets to the point where the Adviser is close to collecting its full advisory fee from such Fund and, with respect to the TFS Small Cap Fund, the Adviser has not collected any of its advisory fees and continues to reimburse other expenses in order to limit such Fund’s overall expenses.  The Independent Trustees concluded that, at the TFS Small Cap Fund’s current asset level, it would not be relevant to consider the extent to which economies of scale are being realized.  The Independent Trustees noted that, as a result of the significant growth of assets in the TFS Market Neutral Fund, the extent to which economies of scale are being realized by shareholders should be considered.  The Independent Trustees considered the Adviser’s past fee reductions and expense reimbursements, the Adviser’s ongoing commitment to hiring and maintaining top quality investment professionals and the Adviser’s continued investment in research and development.  The Independent Trustees determined that it is not necessary or appropriate to introduce fee breakpoints at the present time for either Fund.  The Independent Trustees noted, however, that to the extent that the TFS Market Neutral Fund continues to grow in assets, it may become necessary for the Adviser to consider adding fee breakpoints to such Fund’s Investment Advisory Agreement.

In conclusion, the Trustees did not identify any single factor as all-important or controlling in their determination to approve the Investment Advisory Agreements.  The Trustees, including all of the Independent Trustees, concluded that the terms of each Investment Advisory Agreement were fair and reasonable, that the Adviser’s fees were reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that continuance of the Investment Advisory Agreements is in the best interests of each Fund and its shareholders.

72

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Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.  Pursuant to Item 12(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR.  During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.  The name of the audit committee financial expert is Merle C. Hazelton.  Mr. Hazelton is “independent” for purposes of this Item.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.  The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $35,500 and $27,000 with respect to the registrant’s fiscal periods ended October 31, 2009 and 2008, respectively.

(b) Audit-Related Fees.  No fees were billed in either of the last two fiscal periods for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees.  The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $4,900 and 4,650 with respect to the registrant’s fiscal periods ended October 31, 2009 and 2008, respectively.  The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

(d) All Other Fees.  No fees were billed in either of the last two fiscal periods for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1)   The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  With respect to the fiscal periods ended October 31, 2009 and 2008, aggregate non-audit fees of $4,900 and $4,650, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant.  No non-audit fees were billed in either of the last two fiscal periods by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The principal accountant has not provided any non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

(a) See Schedule I (Investment in securities of unaffiliated issuers)

(b) Not applicable

SCHEDULE I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2009
COMMON STOCKS - 85.1%	Shares		Value
Consumer Discretionary - 10.5%
Auto Components - 1.4%
American Axle & Manufacturing Holdings, Inc.		3,400	$	20,366
ArvinMeritor, Inc.		56,000		437,360
China Automotive Systems, Inc. (a)		32,550		337,218
Cooper Tire & Rubber Company (b)		110,300		1,683,178
Dana Holding Corporation (a) (b)		249,966		1,414,808
Drew Industries, Inc. (a)		200		3,828
Federal-Mogul Corporation (a)		9,200		102,580
Fuel Systems Solutions, Inc. (a)		4,900		160,426
Goodyear Tire & Rubber Company (The) (a)		300		3,864
Hawk Corporation - Class A (a)		600		8,352
Modine Manufacturing Company (b)		95,805		986,791
Raser Technologies, Inc. (a)		47,085		55,560
SORL Auto Parts, Inc. (a)		1,300		8,229
Standard Motor Products, Inc.		23,296		194,755
Stoneridge, Inc. (a)		4,300		31,605
Tenneco, Inc. (a) (b)		136,333		1,856,855
Tongxin International Ltd. (a)		500		4,445
TRW Automotive Holdings Corporation (a)		500		7,825
WABCO Holdings, Inc. (b)		83,236		1,974,358
Westport Innovations, Inc. (a)		1,700		16,626
Wonder Auto Technology, Inc. (a) (b)		144,418		1,868,769
				11,177,798
Automobiles - 0.0%
Winnebago Industries, Inc. (a)		900		10,350
Distributors - 0.0%
Audiovox Corporation (a)		3,518		22,726
Diversified Consumer Services - 0.4%
American Public Education, Inc. (a)		200		6,380
Coinstar, Inc. (a)		9,300		295,182
Corinthian Colleges, Inc. (a) (b)		87,191		1,382,849
Grand Canyon Education, Inc. (a)		6,500		105,430
Hillenbrand, Inc. (b)		74,093		1,480,378
Service Corporation International		200		1,374
Universal Technical Institute, Inc. (a)		400		7,196
				3,278,789
Hotels, Restaurants & Leisure - 1.8%
Ameristar Casinos, Inc.		1,400		20,608
Bally Technologies, Inc. (a)		16,600		653,874
Carrols Restaurant Group, Inc. (a)		16,772		108,850
CEC Entertainment, Inc. (a)		200		5,842
Chipotle Mexican Grill, Inc. - Class A (a)		24,962		2,034,154
Cracker Barrel Old Country Store, Inc.		300		9,945
Denny's Corporation (a)		149,400		328,680
DineEquity, Inc. (a)		23,620		499,799
Einstein Noah Restaurant Group, Inc. (a)		11,511		149,873
Frisch's Restaurants, Inc.		2,078		48,729

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Hotels, Restaurants & Leisure - 1.8% (Continued)
International Speedway Corporation - Class A		35,838	$	914,227
Isle of Capri Casinos, Inc. (a)		1,000		7,750
Jack in the Box, Inc. (a)		17,300		324,548
Landry's Restaurants, Inc. (a)		7,643		83,309
McCormick & Schmick's Seafood Restaurants, Inc. (a)		900		5,418
Monarch Casino & Resort, Inc. (a)		100		694
Multimedia Games, Inc. (a)		20,015		98,274
Orient-Express Hotels Ltd. - Class A (a)		400		3,440
Papa John's International, Inc. (a) (b)		74,569		1,677,803
Penn National Gaming, Inc. (a)		13,800		346,794
Red Robin Gourmet Burgers, Inc. (a)		300		5,013
Royal Caribbean Cruises Ltd. (a)		900		18,207
Shuffle Master, Inc. (a)		1,500		11,715
Speedway Motorsports, Inc.		800		10,832
Starbucks Corporation (a)		100		1,898
Starwood Hotels & Resorts Worldwide, Inc.		300		8,718
Wendy's/Arby's Group, Inc. - Class A (b)		1,141,394		4,508,506
WMS Industries, Inc. (a)		300		11,994
Wyndham Worldwide Corporation (b)		181,300		3,091,165
				14,990,659
Household Durables - 1.1%
American Greetings Corporation - Class A		53,500		1,088,190
D.R. Horton, Inc.		87,700		961,192
Furniture Brands International, Inc. (a)		87,779		373,061
Garmin Ltd.		300		9,078
Helen of Troy Ltd. (a)		33,457		764,158
Hovnanian Enterprises, Inc. - Class A (a)		70,744		276,609
Jarden Corporation (b)		71,900		1,969,341
La-Z-Boy, Inc.		800		5,680
Lennar Corporation - Class A		28,000		352,800
Lennar Corporation - Class B		1,500		14,505
Pulte Homes, Inc.		37,600		338,776
Ryland Group, Inc. (The)		300		5,565
Standard Pacific Corporation (a) (b)		408,298		1,224,894
Toll Brothers, Inc. (a)		21,800		377,576
Tupperware Corporation		26,400		1,188,528
				8,949,953
Internet & Catalog Retail - 0.2%
Expedia, Inc. (a)		300		6,801
Gaiam, Inc. - Class A (a)		2,200		14,366
HSN, Inc. (a)		55,666		831,650
Liberty Media Corporation - Interactive (a)		1,100		12,474
NutriSystem, Inc.		21,340		459,237
Overstock.com, Inc. (a)		2,400		33,600
Ticketmaster Entertainment, Inc. (a)		23,740		229,091
				1,587,219
Leisure Equipment & Products - 0.2%
Brunswick Corporation		63,000		597,240
Hasbro, Inc.		300		8,181

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Leisure Equipment & Products - 0.2% (Continued)
JAKKS Pacific, Inc. (a)		1,500	$	21,345
Pool Corporation		26,600		520,828
RC2 Corporation (a)		28,490		372,080
Steinway Musical Instruments, Inc. (a)		100		1,172
				1,520,846
Media - 2.2%
A.H. Belo Corporation - Class A		48,100		226,070
Arbitron, Inc.		100		2,168
Carmike Cinemas, Inc. (a)		4,585		45,071
CBS Corporation - Class A		800		9,440
CBS Corporation - Class B		500		5,885
Clear Channel Outdoor Holdings, Inc. (a)		1,800		12,276
CTC Media, Inc. (a) (b)		182,481		2,934,294
DISH Network Corporation - Class A (a)		53,300		927,420
Dolan Media Company (a)		25,400		303,276
DreamWorks Animation SKG, Inc. - Class A (a) (b)		45,202		1,446,464
E.W. Scripps Company (The) - Class A (a)		5,900		37,524
Entercom Communications Corporation (a)		3,800		26,904
Fisher Communications, Inc. (a)		1,200		23,388
Gannett Company, Inc.		2,800		27,496
Harte-Hanks, Inc.		45,519		534,393
Interactive Data Corporation (b)		74,612		1,962,296
Knology, Inc. (a)		3,700		37,185
Liberty Media Corporation - Capital - Series A (a) (b)		78,609		1,626,420
Lions Gate Entertainment Corporation (a)		1,400		7,266
Live Nation, Inc. (a) (b)		233,737		1,556,688
LodgeNet Interactive Corporation (a)		89,404		433,609
Marvel Entertainment, Inc. (a)		300		14,991
McClatchy Company - Class A		111,400		314,148
MDC Partners, Inc. (a)		2,200		17,930
Mediacom Communications Corporation (a)		29,200		139,576
New York Times Company (The) - Class A		34,400		274,168
RCN Corporation (a)		300		2,502
Regal Entertainment Group		6,100		76,921
SIRIUS XM Radio, Inc. (a)		9,043,595		5,299,547
Valassis Communications, Inc. (a)		1,600		29,168
Virgin Media, Inc.		800		11,176
				18,365,660
Multi-Line Retail - 0.1%
Bon-Ton Stores, Inc. (The)		1,000		9,250
Dillard's, Inc.		66,528		906,111
Macy's, Inc.		300		5,271
Retail Ventures, Inc. (a)		30,053		192,640
				1,113,272
Specialty Retail - 1.3%
A.C. Moore Arts & Crafts, Inc. (a)		1,100		5,258
American Eagle Outfitters, Inc.		147,700		2,583,273
bebe stores, Inc.		400		2,504
Big 5 Sporting Goods Corporation		300		4,425

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Specialty Retail - 1.3% (Continued)
Books-A-Million, Inc.		5,600	$	48,496
CarMax, Inc. (a)		100		1,967
Cato Corporation (The) - Class A		100		1,971
Charming Shoppes, Inc. (a)		1,100		4,983
Coldwater Creek, Inc. (a)		800		4,600
Conn's, Inc. (a)		2,800		17,668
Destination Maternity Corporation (a)		1,394		27,950
Dress Barn, Inc. (a)		8,000		144,400
DSW, Inc. - Class A (a)		6,000		115,200
Finish Line, Inc. (The) - Class A		1,600		16,224
Gap, Inc. (The)		300		6,402
Genesco, Inc. (a)		500		13,035
Guess?, Inc.		200		7,310
Gymboree Corporation (The) (a)		6,300		268,191
Haverty Furniture Companies, Inc. (a)		300		3,633
Hot Topic, Inc. (a)		25,100		193,270
Jo-Ann Stores, Inc. (a)		300		7,986
Lithia Motors, Inc. (a)		1,100		9,174
Lumber Liquidators, Inc. (a)		200		4,250
MarineMax, Inc. (a)		42,800		291,468
Midas, Inc. (a)		1,900		15,314
Monro Muffler Brake, Inc.		300		9,297
New York & Company, Inc. (a)		53,800		236,720
Office Depot, Inc. (a)		4,100		24,805
OfficeMax, Inc. (a)		194,604		2,224,324
Pacific Sunwear of California, Inc. (a)		5,500		33,220
Pep Boys - Manny, Moe & Jack		39,669		347,897
Rent-A-Center, Inc. (a)		2,900		53,244
Rex Stores Corporation (a)		600		7,410
Select Comfort Corporation (a)		2,100		11,487
Shoe Carnival, Inc. (a)		700		10,507
Signet Jewelers Ltd. (a) (b)		66,315		1,671,801
Sonic Automotive, Inc. - Class A		300		2,682
Stein Mart, Inc. (a)		85,154		808,963
Systemax, Inc. (a)		300		4,044
Tiffany & Company		300		11,787
TravelCenters of America LLC (a)		700		3,955
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		95,299		1,442,827
West Marine, Inc. (a)		13,480		102,717
Williams-Sonoma, Inc.		19,200		360,576
Zumiez, Inc. (a)		500		6,735
				11,173,950
Textiles, Apparel & Luxury Goods - 1.8%
Carter's, Inc. (a) (b)		51,760		1,221,536
CROCS, Inc. (a)		96,100		584,288
Fossil, Inc. (a) (b)		57,927		1,548,389
Gildan Activewear, Inc. - Class A (a)		500		8,865
Jones Apparel Group, Inc. (b)		174,300		3,118,227
Kenneth Cole Productions, Inc.		100		951

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Textiles, Apparel & Luxury Goods - 1.8% (Continued)
K-Swiss, Inc. - Class A		200	$	1,632
Liz Claiborne, Inc.		131,429		754,402
Maidenform Brands, Inc. (a)		19,300		271,744
Oxford Industries, Inc.		1,600		30,960
Perry Ellis International, Inc. (a)		8,718		119,175
Phillips-Van Heusen Corporation		33,921		1,361,928
Quiksilver, Inc. (a) (b)		648,300		1,290,117
Skechers U.S.A., Inc. - Class A (a)		45,851		1,000,469
Steven Madden Ltd. (a)		10,090		408,645
UniFirst Corporation		30,273		1,274,493
Volcom, Inc. (a)		1,200		19,932
Warnaco Group, Inc. (The) (a)		23,900		968,667
Weyco Group, Inc.		400		8,920
Wolverine World Wide, Inc.		25,175		643,977
				14,637,317
Consumer Staples - 3.0%
Beverages - 0.1%
Coca-Cola Bottling Company Consolidated		1,391		62,470
Cott Corporation (a)		21,900		173,010
Hansen Natural Corporation (a)		14,900		538,635
				774,115
Food & Staples Retailing - 1.1%
Andersons, Inc. (The)		28,894		896,581
BJ's Wholesale Club, Inc. (a)		13,700		479,911
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		3,100		30,721
Nash Finch Company		200		5,796
Pantry, Inc. (a)		800		11,288
PriceSmart, Inc. (b)		81,210		1,567,353
Rite Aid Corporation (a)		1,556,304		2,007,632
Spartan Stores, Inc.		1,900		26,904
SUPERVALU, Inc. (b)		273,600		4,342,032
Susser Holdings Corporation (a)		6,102		72,553
Whole Foods Market, Inc. (a)		300		9,618
				9,450,389
Food Products - 1.1%
AgFeed Industries, Inc. (a)		28,773		126,889
Alico, Inc.		600		17,448
American Dairy, Inc. (a)		500		14,470
B&G Foods, Inc.		50,200		392,062
Chiquita Brands International, Inc. (a)		1,300		21,047
Corn Products International, Inc.		70,237		1,979,279
Cosan Ltd. - Class A (a)		15,100		100,566
Darling International, Inc. (a)		81,672		567,620
Del Monte Foods Company (b)		229,121		2,474,507
Fresh Del Monte Produce, Inc. (a) (b)		88,728		1,926,285
Griffin Land & Nurseries, Inc.		2,100		62,349
Hain Celestial Group, Inc. (The) (a)		25,560		448,322
Reddy Ice Holdings, Inc (a)		40,950		161,752
Sanderson Farms, Inc. (b)		25,200		922,068

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Consumer Staples - 3.0% (Continued)
Food Products - 1.1% (Continued)
Sara Lee Corporation		500	$	5,645
Smart Balance, Inc. (a)		1,400		7,392
Treehouse Foods, Inc. (a)		100		3,740
Zhongpin, Inc. (a)		1,000		13,310
				9,244,751
Household Products - 0.0%
Church & Dwight Company, Inc.		5,500		312,840
Oil-Dri Corporation of America (b)		500		7,645
WD-40 Company		100		3,149
				323,634
Personal Products - 0.7%
Bare Escentuals, Inc. (a) (b)		154,641		1,953,116
China Sky One Medical, Inc. (a)		300		3,561
Female Health Company (The) (a)		8,538		39,531
Herbalife Ltd.		19,192		645,811
Inter Parfums, Inc.		1,900		23,332
Medifast, Inc. (a)		28,893		636,224
Nu Skin Enterprises, Inc. - Class A		29,831		678,953
Prestige Brands Holdings, Inc. (a) (b)		208,035		1,406,317
Schiff Nutrition International, Inc.		1,600		9,232
Tiens Biotech Group (USA), Inc. (a)		8,200		33,128
				5,429,205
Tobacco - 0.0%
Universal Corporation		100		4,159
Energy - 4.9%
Energy Equipment & Services - 1.6%
Atwood Oceanics, Inc. (a)		300		10,647
BJ Services Company		700		13,440
Cal Dive International, Inc. (a) (b)		209,015		1,605,235
Cameron International Corporation (a)		100		3,697
Carbo Ceramics, Inc.		100		5,839
Complete Production Services, Inc. (a) (b)		243,930		2,324,653
Dril-Quip, Inc. (a)		200		9,718
ENGlobal Corporation (a)		23,008		67,874
ENSCO International, Inc.		100		4,579
Exterran Holdings, Inc. (a)		1,000		20,430
Exterran Partners, L.P.		400		7,652
FMC Technologies, Inc. (a)		100		5,260
Geokinetics, Inc. (a)		10,848		174,436
Global Industries Ltd. (a)		4,200		30,618
Gulf Island Fabrication, Inc.		1,500		28,680
Helix Energy Solutions Group, Inc. (a)		1,100		15,103
Hercules Offshore, Inc. (a)		55,900		286,767
Hornbeck Offshore Services, Inc. (a)		800		19,448
ION Geophysical Corporation (a) (b)		421,692		1,615,080
Key Energy Services, Inc. (a)		700		5,117
Lufkin Industries, Inc.		400		22,820

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Energy - 4.9% (Continued)
Energy Equipment & Services - 1.6% (Continued)
Matrix Service Company (a)		25,500	$	226,185
Nabors Industries Ltd. (a)		200		4,166
NATCO Group, Inc. - Class A (a)		400		17,432
National Oilwell Varco, Inc. (a)		100		4,099
Natural Gas Services Group, Inc. (a)		28,490		480,626
Oceaneering International, Inc. (a) (b)		26,106		1,334,017
Oil States International, Inc. (a) (b)		40,200		1,384,488
OYO Geospace Corporation (a)		1,100		28,875
Parker Drilling Company (a)		15,000		78,000
Patterson-UTI Energy, Inc.		300		4,674
PHI, Inc. (a)		1,600		27,488
Pioneer Drilling Company (a)		76,490		511,718
Precision Drilling Trust		26,700		174,885
Pride International, Inc. (a)		500		14,780
Rowan Companies, Inc.		38,700		899,775
Smith International, Inc.		300		8,319
Superior Energy Services, Inc. (a)		1,000		21,610
T-3 Energy Services, Inc. (a)		11,581		231,852
Tesco Corporation (a)		200		1,736
TETRA Technologies, Inc. (a)		84,354		797,989
Union Drilling, Inc. (a)		55,446		423,607
Willbros Group, Inc. (a)		1,000		13,140
				12,966,554
Oil, Gas & Consumable Fuels - 3.3%
Advantage Oil & Gas Ltd.		13,100		80,696
Alon USA Energy, Inc.		70,923		595,753
Approach Resources, Inc. (a)		67,874		526,702
Arch Coal, Inc.		700		15,162
Atlas Energy, Inc.		600		15,708
Atlas Pipeline Partners, L.P.		17,963		126,100
ATP Oil & Gas Corporation (a)		18,300		316,773
Baytex Energy Trust		200		4,892
Berry Petroleum Company - Class A		400		10,144
BPZ Resources, Inc. (a)		4,300		27,090
Breitburn Energy Partners, L.P.		3,200		36,576
Calumet Specialty Products Partners, L.P.		300		4,776
Capital Product Partners, L.P.		700		6,440
Chesapeake Energy Corporation		300		7,350
Concho Resources, Inc. (a) (b)		39,557		1,507,517
Contango Oil & Gas Company (a)		800		38,120
Continental Resources, Inc. (a)		200		7,442
CVR Energy, Inc. (a) (b)		196,243		2,064,476
Delek US Holdings, Inc.		62,327		420,707
DHT Maritime, Inc.		151,457		517,983
Eagle Rock Energy Partners, L.P.		3,800		18,012
Encore Energy Partners, L.P.		300		5,400
EV Energy Partners, L.P.		100		2,508
EXCO Resources, Inc.		1,400		21,868
Frontier Oil Corporation		32,600		451,836

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Energy - 4.9% (Continued)
Oil, Gas & Consumable Fuels - 3.3% (Continued)
General Maritime Corporation		49,633	$	341,972
GeoResources, Inc. (a)		2,600		28,834
GMX Resources, Inc. (a)		10,000		127,300
Golar LNG Ltd.		1,700		20,502
Gran Tierra Energy, Inc. (a) (b)		273,341		1,301,103
Gulfport Energy Corporation (a) (b)		182,829		1,394,985
Harvest Energy Trust		8,800		80,080
Harvest Natural Resources, Inc. (a)		1,300		7,137
Holly Corporation (b)		48,887		1,418,212
International Coal Group, Inc. (a)		47,600		194,684
Interoil Corporation (a)		200		9,116
Knightsbridge Tankers Ltd.		8,200		103,648
Mariner Energy, Inc. (a)		300		3,822
MarkWest Energy Partners, L.P.		500		12,005
McMoRan Exploration Company (a)		202,100		1,554,149
MV Oil Trust		500		9,375
Northern Oil and Gas, Inc. (a)		1,200		10,944
Oilsands Quest, Inc. (a)		109,000		130,800
ONEOK Partners, L.P.		1,700		92,480
OSG America, L.P.		2,500		25,475
Overseas Shipholding Group, Inc.		9,800		384,650
Panhandle Oil & Gas, Inc.		300		5,898
Patriot Coal Corporation (a)		32,400		366,120
Pengrowth Energy Trust		76,800		706,560
Penn Virginia GP Holdings, L.P.		1,500		19,485
Penn Virginia Resource Partners, L.P.		400		7,344
Penn West Energy Trust		700		11,515
Permian Basin Royalty Trust		300		3,864
Petroleum Development Corporation (a) (b)		116,888		1,952,030
PetroQuest Energy, Inc. (a)		16,400		100,532
Pioneer Natural Resources Company		300		12,333
Provident Energy Trust		19,600		120,932
Quicksilver Gas Services, L.P.		700		12,740
Quicksilver Resources, Inc. (a) (b)		193,100		2,355,820
Regency Energy Partners, L.P.		600		11,742
Rex Energy Corporation (a)		3,100		25,079
Rosetta Resources, Inc. (a)		23,600		319,308
Ship Finance International Ltd.		900		10,233
Southern Union Company (b)		84,336		1,650,456
St. Mary Land & Exploration Company		400		13,640
StealthGas, Inc.		3,000		19,260
Targa Resources Partners L.P.		200		3,962
Teekay Corporation		7,307		151,620
Teekay Offshore Partners, L.P.		600		9,762
Teekay Tankers Ltd. - Class A		96,398		780,824
Tesoro Corporation		2,409		34,063
Tsakos Energy Navigation Ltd.		1,100		17,072
USEC, Inc. (a) (b)		398,359		1,537,666
VAALCO Energy, Inc. (b)		293,705		1,251,183

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Energy - 4.9% (Continued)
Oil, Gas & Consumable Fuels - 3.3% (Continued)
Valero Energy Corporation		300	$	5,430
Vanguard Natural Resources, LLC (a)		300		5,364
Warren Resources, Inc. (a)		29,400		63,504
Western Refining, Inc. (a)		292,290		1,639,747
Whiting Petroleum Corporation (a)		400		22,560
Whiting USA Trust I		1,400		24,094
Williams Partners, L.P.		400		10,200
				27,363,246
Financials - 11.7%
Capital Markets - 1.8%
AllianceBernstein Holding L.P.		16,800		453,264
American Capital Ltd. (a)		597,064		1,600,132
Ameriprise Financial, Inc.		400		13,868
Apollo Investment Corporation (b)		139,805		1,258,245
Ares Capital Corporation (b)		258,849		2,702,384
BGC Partners, Inc. - Class A		2,300		11,109
BlackRock Kelso Capital Corporation		6,510		47,588
Blackstone Group L.P. (The)		56,000		751,520
Broadpoint Gleacher Securities Group, Inc. (a)		206,081		1,312,736
Calamos Asset Management, Inc. - Class A		13,200		139,920
Capital Southwest Corporation		300		22,278
Duff & Phelps Corporation		14,050		241,519
E*TRADE Financial Corporation (a) (b)		1,615,000		2,357,900
Evercore Partners, Inc. - Class A		300		9,792
FBR Capital Markets Corporation (a)		69,372		423,169
Fifth Street Finance Corporation		42,672		419,466
Fortress Investment Group, LLC (a)		292,371		1,225,034
GFI Group, Inc.		87,949		452,937
Gladstone Capital Corporation		6,689		54,917
Gladstone Investment Corporation		1,900		9,595
Janus Capital Group, Inc.		1,400		18,368
Jefferies Group, Inc. (a)		100		2,610
JMP Group, Inc.		300		2,526
KBW, Inc. (a)		16,904		473,312
Kohlberg Capital Corporation		400		2,124
MCG Capital Corporation (a)		106,459		424,771
Och-Ziff Capital Management Group, LLC		200		2,426
PennantPark Investment Corporation		32,893		254,263
Penson Worldwide, Inc. (a)		500		4,875
Rodman & Renshaw Capital Group, Inc. (a)		55,886		239,192
Safeguard Scientifics, Inc. (a)		12,067		117,533
Sanders Morris Harris Group, Inc.		8,460		49,153
Stifel Financial Corporation (a)		100		5,196
UBS AG - Regular Shares (a)		300		4,977
				15,108,699
Commercial Banks - 2.7%
1st Source Corporation		1,600		23,712
Associated Banc-Corp		700		8,967
Auburn National Bancorporation, Inc.		300		5,868

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Commercial Banks - 2.7% (Continued)
BancFirst Corporation		1,100	$	39,721
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		16,200		228,582
Bancorp Rhode Island, Inc.		200		5,104
Bancorp, Inc. (The) (a)		2,100		10,710
Bank of the Ozarks, Inc.		100		2,275
BOK Financial Corporation (b)		26,750		1,149,448
Boston Private Financial Holdings, Inc. (b)		420,008		2,499,048
Capital City Bank Group, Inc.		2,600		30,524
CapitalSource, Inc. (b)		991,510		3,529,776
Cathay General Bancorp (b)		122,105		1,078,187
CenterState Banks of Florida, Inc.		1,200		9,036
Chemical Financial Corporation		900		19,755
City Holding Company		500		15,285
CoBiz, Inc.		16,691		79,616
Comerica, Inc.		600		16,650
Commerce Bancshares, Inc. (b)		48,501		1,860,498
Community Bank System, Inc.		37,427		696,516
Community Trust Bancorporation, Inc.		3,380		83,216
East West Bancorp, Inc.		97,000		875,910
F.N.B. Corporation		3,200		22,656
First Busey Corporation		900		3,483
First Community Bancshares, Inc.		43,878		510,740
First Financial Bancorporation		4,500		57,060
First Financial Corporation		700		19,411
First Merchants Corporation		3,200		19,584
First Midwest Bancorp, Inc.		31,793		330,647
First of Long Island Corporation (The)		2,672		64,582
Glacier Bancorp, Inc.		1,600		20,944
Hancock Holding Company		300		10,881
Harleysville National Corporation		9,600		55,296
Heartland Financial USA, Inc.		2,734		35,105
Huntington Bancshares, Inc. (b)		424,110		1,615,859
Independent Bank Corporation		13,112		278,892
Investors Bancorp, Inc. (a)		300		3,252
KeyCorp		2,600		14,014
Lakeland Bancorp, Inc.		14,307		86,987
MainSource Financial Group, Inc.		1,500		8,745
Marshall & Ilsley Corporation (b)		303,976		1,617,152
Old National Bancorp		30,100		312,137
Oriental Financial Group, Inc.		56,391		600,564
Peoples Bancorp, Inc.		6,845		73,515
Pinnacle Financial Partners, Inc. (a)		27,600		350,520
Popular, Inc.		343,500		741,960
Renasant Corporation		700		10,248
Republic Bancorp, Inc. - Class A		900		16,551
Santander BanCorp (a)		66,913		769,500
SCBT Financial Corporation		100		2,587
Shore Bancshares, Inc.		1,410		22,997

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Commercial Banks - 2.7% (Continued)
Smithtown Bancorp, Inc.		1,500	$	15,525
Southwest Bancorp, Inc.		10,816		106,429
StellarOne Corporation		100		1,061
Sterling Bancorp		1,700		11,441
SunTrust Banks, Inc.		600		11,466
Susquehanna Bancshares, Inc.		500		2,755
SVB Financial Group (a) (b)		32,300		1,332,375
Synovus Financial Corporation		76,900		170,718
TCF Financial Corporation		30,800		364,364
Tompkins Financial Corporation		100		4,337
Tower Bancorporation, Inc.		100		2,256
Towne Bank		1,700		19,618
TriCo Bancshares		900		13,158
UMB Financial Corporation		100		3,977
Umpqua Holdings Corporation		1,100		10,901
Union Bankshares Corporation		1,000		12,320
United Bankshares, Inc.		1,100		19,635
United Community Banks, Inc. (a)		300		1,218
Univest Corporation of Pennsylvania		600		11,538
Washington Trust Bancorp, Inc.		100		1,502
Webster Financial Corporation		500		5,655
WesBanco, Inc.		1,400		19,810
Westamerica Bancorporation		600		28,680
Western Alliance Bancorp (a)		37,257		162,068
Whitney Holding Corporation		200		1,606
Wilshire Bancorp, Inc.		1,900		13,376
Zions Bancorporation		21,700		307,272
				22,599,334
Consumer Finance - 0.4%
American Express Company		100		3,484
Cardtronics, Inc. (a)		23,292		231,756
Discover Financial Services, LLC		300		4,242
EZCORP, Inc. - Class A (a)		35,861		465,117
Nelnet, Inc. - Class A (a) (b)		117,313		1,645,901
Student Loan Corporation (The)		300		12,615
World Acceptance Corporation (a)		26,100		654,849
				3,017,964
Diversified Financial Services - 0.3%
Asta Funding, Inc.		2,400		15,672
Bank of America Corporation		2,600		37,908
Citigroup, Inc.		900		3,681
Compass Diversified Holdings, Inc. (b)		166,615		1,704,472
Encore Capital Group, Inc. (a)		1,200		17,964
KKR Financial Holdings, LLC (a)		2,500		11,450
Leucadia National Corporation (a)		300		6,741
Life Partners Holdings, Inc.		1,100		18,689
Nasdaq OMX Group, Inc. (The) (a)		27,800		502,068
NewStar Financial, Inc. (a)		11,506		28,880

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Diversified Financial Services - 0.3% (Continued)
PHH Corporation (a)		25,532	$	412,597
				2,760,122
Insurance - 4.6%
Allied World Assurance Company Holdings Ltd. (b)		50,151		2,244,759
Allstate Corporation (The)		200		5,914
American Equity Investment Life Holding Company		400		2,628
American Financial Group, Inc. (b)		107,795		2,651,757
American National Insurance Company		6,293		525,402
Argo Group International Holdings Ltd. (a) (b)		37,282		1,266,097
Aspen Insurance Holdings Ltd. (b)		59,496		1,534,997
Assurant, Inc.		800		23,944
Assured Guaranty Ltd.		136,517		2,263,452
CNA Financial Corporation (a)		600		13,062
CNA Surety Corporation (a) (b)		77,425		1,119,565
Conseco, Inc. (a)		264,900		1,380,129
Delphi Financial Group, Inc. - Class A		77,254		1,676,412
eHealth, Inc. (a)		1,400		19,922
Enstar Group Ltd. (a)		300		18,300
Erie Indemnity Company - Class A (b)		47,185		1,663,271
FBL Financial Group, Inc. - Class A (b)		75,792		1,527,209
Fidelity National Financial, Inc. - Class A		55,700		755,849
First American Corporation		8,900		270,471
First Mercury Financial Corporation		17,312		219,862
Flagstone Reinsurance Holdings Ltd.		36,657		401,394
FPIC Insurance Group, Inc. (a)		900		30,447
Hallmark Financial Services, Inc. (a)		25,103		192,540
Horace Mann Educators Corporation (b)		127,529		1,585,185
Kansas City Life Insurance Company		13,540		363,414
Maiden Holdings Ltd. (b)		193,838		1,343,297
Manulife Financial Corporation		200		3,718
Max Capital Group Ltd. (b)		60,052		1,240,074
Meadowbrook Insurance Group, Inc. (b)		198,675		1,337,083
Mercury General Corporation		6,803		248,037
Navigators Group, Inc. (The) (a) (b)		28,500		1,512,495
OneBeacon Insurance Group Ltd.		900		10,728
Platinum Underwriters Holdings Ltd. (b)		45,420		1,624,673
Protective Life Corporation (b)		84,600		1,628,550
Reinsurance Group of America, Inc.		19,000		875,900
SeaBright Insurance Holdings Ltd. (a) (b)		106,457		1,190,189
Selective Insurance Group, Inc.		1,000		15,320
StanCorp Financial Group, Inc.		100		3,671
State Auto Financial Corporation		2,600		42,276
Transatlantic Holdings, Inc. (b)		31,968		1,614,384
United Fire & Casualty Company		18,191		317,979
Unitrin, Inc. (b)		119,806		2,348,198
Universal Insurance Holdings, Inc.		152,160		807,970
Unum Group		300		5,985
XL Capital Ltd. - Class A		1,400		22,974
				37,949,483

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Real Estate Investment Trusts - 1.4%
Acadia Realty Trust		100	$	1,590
AMB Property Corporation		200		4,396
Anworth Mortgage Asset Corporation (b)		281,356		2,006,068
Brandywine Realty Trust		300		2,868
Capstead Mortgage Corporation (b)		119,900		1,577,884
Care Investment Trust, Inc.		2,000		16,020
Chimera Investment Corporation (b)		409,100		1,427,759
Cogdell Spencer, Inc.		3,100		14,384
Colonial Properties Trust		2,200		23,166
Cousins Properties, Inc.		49,900		365,268
DiamondRock Hospitality Company (a)		500		3,805
DuPont Fabros Technology, Inc. (a)		1,600		24,128
Education Realty Trust, Inc.		80,780		404,708
First Potomac Realty Trust		25,080		284,658
Glimcher Realty Trust		900		2,430
Hatteras Financial Corporation		1,600		44,960
Hersha Hospitality Trust		20,700		52,992
Highwoods Properties, Inc.		300		8,256
Hospitality Properties Trust		800		15,448
HRPT Properties Trust		4,000		28,120
Inland Real Estate Corporation		1,000		8,580
Liberty Property Trust		200		5,874
LTC Properties, Inc. (b)		56,323		1,337,671
Mack-Cali Realty Corporation		300		9,285
MFA Financial, Inc. (b)		198,009		1,469,227
National Health Investors, Inc.		8,492		254,760
Pennsylvania Real Estate Investment Trust		2,600		19,058
PS Business Parks, Inc.		12,154		595,181
Regency Centers Corporation		300		10,065
Resource Capital Corporation		7,000		33,880
Saul Centers, Inc.		15,575		479,087
Senior Housing Properties Trust		38,600		744,208
Sun Communities, Inc.		1,200		20,928
Winthrop Realty Trust		1,100		9,856
				11,306,568
Real Estate Management & Development - 0.0%
Avatar Holdings, Inc. (a)		3,712		60,506
FirstService Corporation (a)		600		10,662
Forestar Group, Inc. (a)		300		4,428
Jones Lang Lasalle, Inc.		300		14,055
				89,651
Thrifts & Mortgage Finance - 0.5%
Abington Bancorp, Inc.		1,000		6,860
Arlington Asset Investment Corporation (a)		700		8,218
Astoria Financial Corporation		1,700		16,966
Bank Mutual Corporation		400		2,808
BankFinancial Corporation		200		1,888
Berkshire Hills Bancorp, Inc.		500		10,275
Capitol Federal Financial		300		9,099

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Thrifts & Mortgage Finance - 0.5% (Continued)
Dime Community Bancshares, Inc.		33,397	$	367,033
Federal Agricultural Mortgage Corporation		5,200		41,756
Federal National Mortgage Association (a)		463,149		500,201
First Defiance Financial Corporation		800		11,536
First Financial Holdings, Inc.		1,100		14,839
First Financial Northwest, Inc.		200		1,184
Flushing Financial Corporation		19,658		220,759
Hudson City Bancorp, Inc.		200		2,628
MGIC Investment Corporation (a)		204,497		881,382
New York Community Bancorp, Inc.		77,100		831,909
NewAlliance Bancshares, Inc.		300		3,324
Northwest Bancorp, Inc.		3,205		70,510
Ocwen Financial Corporation (a) (b)		103,587		1,132,206
Provident New York Bancorp		13,133		112,025
Radian Group, Inc.		7,700		44,583
Roma Financial Corporation		1,252		15,512
TrustCo Bank Corporation		5,500		32,725
				4,340,226
Health Care - 11.4%
Biotechnology - 2.4%
Abraxis BioScience, Inc. (a)		8,146		254,318
Affymax, Inc. (a)		200		4,028
Alkermes, Inc. (a)		1,300		10,361
Allos Therapeutics, Inc. (a)		130,600		737,890
Alnylam Pharmaceuticals, Inc. (a)		300		5,112
AMAG Pharmaceuticals, Inc. (a)		300		11,334
Amylin Pharmaceuticals, Inc. (a)		297,500		3,284,400
BioCryst Pharmaceuticals, Inc. (a)		78,000		696,540
BioMarin Pharmaceutical, Inc. (a)		22,700		353,212
BioSpecifics Technologies Corporation (a)		300		9,150
Celera Corporation (a)		5,800		35,902
Cephalon, Inc. (a)		7,100		387,518
Chelsea Therapeutics International, Inc. (a)		300		828
Clinical Data, Inc. (a)		900		14,202
Cubist Pharmaceuticals, Inc. (a) (b)		95,800		1,622,852
Curis, Inc. (a)		30,500		60,695
Cytokinetics, Inc. (a)		39,525		126,085
Emergent BioSolutions, Inc. (a)		51,966		749,350
Enzon Pharmaceuticals, Inc. (a)		300		2,517
Exelixis, Inc. (a)		95,800		582,464
Genomic Health, Inc. (a)		100		1,857
Geron Corporation (a)		100		611
Immunomedics, Inc. (a)		96,525		343,629
Isis Pharmaceuticals, Inc. (a)		22,500		285,075
Lexicon Pharmaceuticals, Inc. (a)		47,432		62,136
Martek Biosciences Corporation (a)		900		16,164
Myriad Genetics, Inc. (a)		9,200		223,376
Nanosphere, Inc. (a)		5,608		37,461
Novavax, Inc. (a)		45,922		176,340

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Health Care - 11.4% (Continued)
Biotechnology - 2.4% (Continued)
Onyx Pharmaceuticals, Inc. (a)		29,300	$	779,380
Opko Health, Inc. (a)		15,500		33,635
OSI Pharmaceuticals, Inc. (a)		9,700		312,534
PDL BioPharma, Inc. (b)		401,799		3,379,130
Pharmasset, Inc. (a)		600		11,268
Progenics Pharmaceuticals, Inc. (a)		3,600		15,084
Protalix BioTherapeutics, Inc. (a)		98,158		930,538
QLT, Inc. (a)		4,100		14,309
Regeneron Pharmaceuticals, Inc. (a)		12,600		197,820
Rigel Pharmaceuticals, Inc. (a)		60,000		384,600
Savient Pharmaceuticals, Inc. (a)		39,640		499,464
SciClone Pharmaceuticals, Inc. (a)		43,500		107,010
Sinovac Biotech Ltd. (a)		211,295		1,565,696
Spectrum Pharmaceuticals, Inc. (a)		130,708		542,438
Targacept, Inc. (a)		20,106		376,988
Transcept Pharmaceuticals, Inc. (a)		2,700		14,823
Trubion Pharmaceuticals, Inc. (a)		2,400		10,464
United Therapeutics Corporation (a)		6,300		268,002
Vanda Pharmaceuticals, Inc. (a)		14,000		142,800
Vical, Inc. (a)		300		924
ZymoGenetics, Inc. (a)		6,000		27,900
				19,710,214
Health Care Equipment & Supplies - 2.0%
Abaxis, Inc. (a)		9,978		227,698
Abiomed, Inc. (a)		2,700		24,435
Accuray, Inc. (a)		700		4,039
Alphatec Holdings, Inc. (a)		7,400		35,372
Analogic Corporation		100		3,734
AngioDynamics, Inc. (a)		400		6,040
Aspect Medical Systems, Inc. (a)		4,000		47,920
Conceptus, Inc. (a)		14,502		254,365
Conmed Corporation (a)		600		12,714
Cooper Companies, Inc. (The)		39,280		1,100,233
CryoLife, Inc. (a)		86,077		516,462
Cynosure, Inc. - Class A (a)		900		9,018
Delcath Systems, Inc. (a)		4,000		18,480
DexCom, Inc. (a)		1,000		6,860
Electro-Optical Sciences, Inc. (a)		1,500		15,090
Endologix, Inc. (a)		25,649		122,089
Given Imaging Ltd.		1,200		17,088
Heartware International, Inc. (a)		400		12,960
Hill-Rom Holdings, Inc.		37,542		735,448
I-Flow Corporation (a)		5,700		71,934
Immucor, Inc. (a)		1,100		19,668
Integra LifeSciences Holdings Corporation (a) (b)		58,174		1,776,634
Invacare Corporation (b)		53,241		1,194,196
Inverness Medical Innovations, Inc. (a) (b)		42,913		1,631,123
IRIS International, Inc. (a)		700		7,098
Kensey Nash Corporation (a)		6,353		151,900

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Health Care - 11.4% (Continued)
Health Care Equipment & Supplies - 2.0% (Continued)
Kinetic Concepts, Inc. (a)		17,100	$	567,549
Medical Action Industries, Inc. (a)		5,751		62,916
Micrus Endovascular Corporation (a)		14,956		176,780
Natus Medical, Inc. (a)		100		1,389
Neogen Corporation (a)		8,600		272,620
NuVasive, Inc. (a)		30,428		1,104,232
Quidel Corporation (a)		78,169		1,117,817
Rochester Medical Corporation (a)		900		9,099
Sirona Dental Systems, Inc. (a) (b)		55,456		1,492,321
Spectranetics Corporation (a)		1,700		9,690
SurModics, Inc. (a)		300		7,683
Synovis Life Technologies, Inc. (a)		16,011		193,093
Teleflex, Inc. (b)		32,223		1,603,094
Thoratec Corporation (a)		32,400		850,824
TomoTherapy, Inc. (a)		51,172		169,891
Vascular Solutions, Inc. (a)		8,359		64,531
Wright Medical Group, Inc. (a) (b)		68,410		1,111,662
Zoll Medical Corporation (a)		1,100		21,362
				16,859,151
Health Care Providers & Services - 4.3%
Air Methods Corporation (a)		300		9,162
Alliance Imaging, Inc. (a) (b)		313,555		1,705,739
Allion Healthcare, Inc. (a)		5,401		34,782
Almost Family, Inc. (a)		200		6,070
Amedysis, Inc. (a)		48,339		1,923,409
American Dental Partners, Inc. (a)		10,985		130,612
AMERIGROUP Corporation (a)		500		11,025
AMN Healthcare Services, Inc. (a) (b)		152,762		1,270,980
AmSurg Corporation (a)		22,354		470,999
Brookdale Senior Living, Inc. (a)		100		1,684
Centene Corporation (a)		85,716		1,528,316
Chindex International, Inc. (a)		32,518		453,301
Community Health Systems, Inc. (a)		29,100		910,248
Continucare Corporation (a)		20,355		53,330
Corvel Corporation (a)		3,278		93,423
Coventry Health Care, Inc. (a) (b)		133,000		2,637,390
Cross Country Healthcare, Inc. (a)		53,006		437,830
Emergency Medical Services Corporation (a)		200		9,604
Emeritus Corporation (a)		2,200		41,052
Gentiva Health Services, Inc. (a)		31,651		759,624
Hanger Orthopedic Group, Inc. (a)		31,784		439,890
Health Management Associates, Inc. - Class A (a) (b)		369,200		2,252,120
Health Net, Inc. (a)		20,444		304,820
inVentiv Health, Inc. (a) (b)		59,206		1,005,318
Kindred Healthcare, Inc. (a)		24,144		354,917
LifePoint Hospitals, Inc. (a)		200		5,666
Lincare Holdings, Inc. (a)		7,600		238,716
Magellan Health Services, Inc. (a)		100		3,213
MedCath Corporation (a)		33,275		273,188

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Health Care - 11.4% (Continued)
Health Care Providers & Services - 4.3% (Continued)
MEDNAX, Inc. (a) (b)		52,424	$	2,721,854
Molina Healthcare, Inc. (a)		22,900		428,688
National Healthcare Corporation		300		10,791
National Research Corporation		114		2,630
NightHawk Radiology Holdings, Inc. (a)		33,082		198,161
NovaMed, Inc. (a)		3,250		13,097
Odyssey Healthcare, Inc. (a)		46,271		645,018
Patterson Companies, Inc. (a)		19,800		505,494
Provident Service Corporation (a)		14,968		186,501
Psychiatric Solutions, Inc. (a)		69,800		1,440,672
RehabCare Group, Inc. (a) (b)		67,511		1,265,831
Res-Care, Inc. (a)		19,591		235,680
Sun Healthcare Group, Inc. (a) (b)		198,330		1,800,836
Sunrise Senior Living, Inc. (a)		117,586		489,158
Tenet Healthcare Corporation (a) (b)		902,541		4,621,010
U.S. Physical Therapy, Inc. (a)		28,292		397,220
Universal American Corporation (a)		65,065		650,650
Universal Health Services, Inc. - Class B (b)		43,200		2,404,080
				35,383,799
Health Care Technology - 0.6%
athenahealth, Inc. (a)		12,400		466,364
Eclipsys Corporation (a)		43,500		815,625
IMS Health, Inc. (b)		223,800		3,668,082
MedAssets, Inc. (a)		300		6,582
Phase Forward, Inc. (a)		400		5,244
				4,961,897
Life Sciences Tools & Services - 1.5%
Bio-Rad Laboratories, Inc. - Class A (a) (b)		17,389		1,554,403
Bruker Corporation (a) (b)		298,028		3,230,623
Cambrex Corporation (a)		25,426		152,556
Charles River Laboratories International, Inc. (a)		100		3,652
Covance, Inc. (a)		7,992		413,026
Enzo Biochem, Inc. (a)		2,600		14,326
eResearchTechnology, Inc. (a)		171,790		1,271,246
Helicos BioSciences Corporation (a)		319,276		603,432
Kendle International, Inc. (a)		43,668		737,116
Life Sciences Research, Inc. (a)		5,600		47,208
Luminex Corporation (a)		500		7,360
Parexel International Corporation (a) (b)		225,797		2,826,978
Pharmaceutical Product Development, Inc.		1,100		23,705
Sequenom, Inc. (a)		511,810		1,412,596
				12,298,227
Pharmaceuticals - 0.6%
Ardea Biosciences, Inc. (a)		15,235		205,672
AVANIR Pharmaceuticals, Inc. - Class A (a)		95,200		174,216
Biodel, Inc. (a)		1,000		4,180
BioForm Medical, Inc. (a)		11,500		41,630
Caraco Pharmaceutical Laboratories Ltd. (a)		60,022		220,881
Cornerstone Therapeutics, Inc. (a)		8,200		45,920

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Health Care - 11.4% (Continued)
Pharmaceuticals - 0.6% (Continued)
Endo Pharmaceuticals Holdings, Inc. (a) (b)		63,800	$	1,429,120
Hi-Tech Pharmacal Company, Inc. (a)		600		10,944
Impax Laboratories, Inc. (a)		1,200		10,656
Inspire Pharmaceuticals, Inc. (a)		68,300		305,301
King Pharmaceuticals, Inc. (a)		55,800		565,254
Lannett Company, Inc. (a)		1,600		10,752
Medicines Company (The) (a)		2,100		15,099
Medicis Pharmaceutical Corporation		100		2,117
Nektar Therapeutics (a)		12,700		103,124
Obagi Medical Products, Inc. (a)		2,800		28,616
Par Pharmaceutical Companies, Inc. (a)		20,800		436,176
Perrigo Company		39,661		1,474,993
Repros Therapeutics, Inc. (a)		15,400		14,322
SuperGen, Inc. (a)		4,200		9,828
Warner Chilcott plc (a)		300		6,645
				5,115,446
Industrials - 13.4%
Aerospace & Defense - 1.3%
AAR Corporation (a)		800		15,688
AerCap Holdings N.V. (a)		300		2,514
AeroVironment, Inc. (a)		700		18,662
Argon ST, Inc. (a)		29,206		543,231
Astronics Corporation - Class B (a)		7,212		58,129
Ceradyne, Inc. (a)		4,000		64,480
Cubic Corporation (b)		71,390		2,477,947
DigitalGlobe, Inc. (a)		2,000		44,660
DynCorp International, Inc. - Class A (a) (b)		126,863		2,156,671
Esterline Technologies Corporation (a) (b)		49,403		2,080,360
GenCorp, Inc. (a)		265,840		1,977,850
Hexcel Corporation (a)		70,800		778,800
Hi-Shear Technology Corporation		1,500		28,815
Ladish Company, Inc. (a)		9,622		124,701
LMI Aerospace, Inc. (a)		1,600		17,232
MOOG, Inc. - Class A (a)		600		14,982
Orbital Sciences Corporation (a)		1,000		12,880
Precision Castparts Corporation		100		9,553
Spirit AeroSystems Holdings, Inc. (a)		300		4,776
Taser International, Inc. (a)		28,700		117,383
Teledyne Technologies, Inc. (a)		18,731		639,851
TransDigm Group, Inc.		300		11,754
				11,200,919
Air Freight & Logistics - 0.5%
Air Transport Services Group, Inc. (a)		130,060		336,855
Atlas Air Worldwide Holdings, Inc. (a) (b)		79,526		2,090,739
Hub Group, Inc. - Class A (a)		100		2,486
Pacer International, Inc.		21,400		61,204
UTI Worldwide, Inc. (b)		149,379		1,862,756
				4,354,040

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Industrials - 13.4% (Continued)
Airlines - 1.5%
AirTran Holdings, Inc. (a)		161,100	$	681,453
AMR Corporation (a) (b)		263,100		1,418,109
Copa Holdings, S.A. - Class A (b)		50,417		2,129,110
JetBlue Airways Corporation (a)		452,924		2,246,503
Pinnacle Airlines Corporation (a)		2,800		16,884
Republic Airways Holdings, Inc. (a)		50,370		403,464
SkyWest, Inc.		500		6,985
UAL Corporation (a)		367,650		2,393,401
US Airways Group, Inc. (a) (b)		1,077,696		3,297,750
				12,593,659
Building Products - 0.6%
Ameron International Corporation		18,092		1,067,066
Armstrong World Industries, Inc. (a) (b)		36,219		1,349,158
Insteel Industries, Inc.		40,700		452,584
Owens Corning, Inc. (a)		60,266		1,332,481
Quanex Building Products Corporation (b)		75,326		1,120,098
Universal Forest Products, Inc.		100		3,568
				5,324,955
Commercial Services & Supplies - 1.1%
ACCO Brands Corporation (a)		103,683		628,319
American Ecology Corporation		100		1,662
American Reprographics Company (a) (b)		183,225		1,099,350
ATC Technology Corporation (a)		12,178		254,520
Bowne & Company, Inc. (a)		9,151		59,756
Cenveo, Inc. (a)		2,900		20,532
Consolidated Graphics, Inc. (a)		8,152		163,529
Cornell Companies, Inc. (a)		8,750		199,850
Corrections Corporation of America (a)		200		4,788
Deluxe Corporation		300		4,269
EnergySolutions, Inc.		124,690		1,039,915
Ennis, Inc.		9,181		139,092
Fuel Tech, Inc. (a)		400		4,628
Geo Group, Inc. (The) (a)		200		4,230
ICT Group, Inc. (a)		1,700		26,945
Interface, Inc. - Class A (b)		188,478		1,462,589
Kimball International, Inc. - Class B		8,500		63,750
M & F Worldwide Corporation (a)		2,657		56,541
R.R. Donnelley & Sons Company		400		8,032
RINO International Corporation (a)		200		3,904
Schawk, Inc.		1,600		15,712
Standard Register Company (The)		1,800		8,586
Team, Inc. (a)		11,740		190,540
Tetra Tech, Inc. (a) (b)		87,300		2,246,229
United Stationers, Inc. (a)		100		4,714
Waste Connections, Inc. (a)		40,699		1,279,170
				8,991,152
Construction & Engineering - 1.3%
AECOM Technology Corporation (a)		31,180		786,983
Chicago Bridge & Iron Company N.V.		47,800		899,118

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Industrials - 13.4% (Continued)
Construction & Engineering - 1.3% (Continued)
Dycom Industries, Inc. (a)		19,200	$	189,696
EMCOR Group, Inc. (a)		74,500		1,759,690
Granite Construction, Inc.		1,200		34,272
Great Lakes Dredge & Dock Company		106,757		654,420
Insituform Technologies, Inc. - Class A (a)		19,949		422,919
KHD Humboldt Wedag International Ltd. (a)		8,460		77,494
Layne Christensen Company (a)		900		23,310
MasTec, Inc. (a)		10,000		118,000
Michael Baker Corporation (a) (b)		44,136		1,575,655
MYR Group, Inc. (a)		200		3,436
Northwest Pipe Company (a)		100		3,010
Shaw Group, Inc. (The) (a) (b)		131,425		3,372,366
Sterling Construction Company, Inc. (a)		29,842		481,351
				10,401,720
Electrical Equipment - 1.3%
A123 Systems, Inc. (a)		15,720		309,055
Advanced Battery Technologies, Inc. (a)		96,370		323,803
A-Power Energy Generation Systems Ltd. (a)		55,800		602,640
Belden, Inc.		400		9,180
Capstone Turbine Corporation (a)		493,100		576,927
Ener1, Inc. (a)		1,200		5,988
Energy Conversion Devices, Inc. (a)		4,550		49,004
EnerSys, Inc. (a)		73,000		1,613,300
Evergreen Solar, Inc. (a)		235,231		341,085
Franklin Electric Company, Inc.		2,188		59,689
GrafTech International Ltd. (a) (b)		88,100		1,189,350
Harbin Electric, Inc. (a) (b)		99,773		1,589,384
II-VI, Inc. (a)		200		5,294
LSI Industries, Inc.		600		4,194
Polypore International, Inc. (a)		2,500		27,400
PowerSecure International, Inc. (a)		1,200		9,984
SunPower Corporation - Class A (a)		27,384		679,397
SunPower Corporation - Class B (a)		400		8,664
Thomas & Betts Corporation (a)		109,782		3,755,642
Ultralife Corporation (a)		1,700		6,222
UQM Technologies, Inc. (a)		200		940
Vicor Corporation (a)		1,100		7,502
Woodward Governor Company		100		2,351
				11,176,995
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc. (b)		34,470		1,069,949
McDermott International, Inc. (a)		300		6,669
Otter Tail Corporation		10,498		244,183
Standex International Corporation		18,020		316,792
				1,637,593
Machinery - 3.3%
3D Systems Corporation (a)		800		7,056
Actuant Corporation - Class A		1,700		26,537
AGCO Corporation (a)		100		2,811

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Industrials - 13.4% (Continued)
Machinery - 3.3% (Continued)
Alamo Group, Inc.		700	$	9,590
Altra Holdings, Inc. (a) (b)		110,674		970,611
American Railcar Industries, Inc.		28,487		284,870
Ampco-Pittsburgh Corporation (b)		46,139		1,241,139
Astec Industries, Inc. (a)		200		4,600
Barnes Group, Inc.		800		12,680
Briggs & Stratton Corporation		890		16,643
Cascade Corporation		6,333		157,312
Chart Industries, Inc. (a) (b)		105,389		2,083,541
CIRCOR International, Inc.		900		24,525
Colfax Corporation (a) (b)		141,414		1,538,584
Commercial Vehicle Group, Inc. (a)		2,400		11,352
Dynamic Materials Corporation		400		7,712
EnPro Industries, Inc. (a)		100		2,258
Federal Signal Corporation		500		3,070
Force Protection, Inc. (a)		2,300		10,120
FreightCar America, Inc.		39,003		919,691
Gorman-Rupp Company (The)		100		2,469
Graham Corporation		600		8,502
Greenbrier Companies, Inc. (The)		200		1,776
Harsco Corporation (b)		46,313		1,458,396
Hurco Companies, Inc. (a)		700		11,130
Ingersoll-Rand PLC		100		3,159
John Bean Technologies Corporation		600		9,852
Kaydon Corporation		13,300		465,367
K-Tron International, Inc. (a)		200		19,010
Lindsay Corporation		17,200		564,676
Met-Pro Corporation		900		8,280
Miller Industries, Inc. (a)		1,000		10,050
Mueller Industries, Inc.		36,474		862,975
Mueller Water Products, Inc. - Class A (b)		313,605		1,404,950
NACCO Industries, Inc. - Class A		4,200		250,320
Navistar International Corporation (a)		200		6,628
Nordson Corporation		946		49,921
Oshkosh Corporation		100		3,126
Pall Corporation		9,300		295,182
Robbins & Myers, Inc.		300		6,960
Sauer-Danfoss, Inc. (b)		209,537		1,508,666
Snap-on, Inc. (b)		27,805		1,015,717
SPX Corporation (b)		28,600		1,509,508
Tennant Company		21,997		586,440
Timken Company (b)		127,880		2,817,196
Titan International, Inc. (b)		313,912		2,636,861
Trimas Corporation (a)		4,300		19,350
Trinity Industries, Inc. (b)		201,897		3,408,021
Twin Disc, Inc.		9,152		85,937
Valmont Industries, Inc.		100		7,227
Wabtec Corporation		300		11,028

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)		Shares		Value
Industrials - 13.4% (Continued)
Machinery - 3.3% (Continued)
Watts Water Technologies, Inc. - Class A			20,300	$	573,475
					26,956,857
Marine - 0.8%
Diana Shipping, Inc.			19,400		250,648
DryShips, Inc. (a)			3,200		19,328
Eagle Bulk Shipping, Inc.	��		216,958		1,028,381
Euroseas Ltd.			3,800		14,896
Excel Maritime Carriers Ltd.			193,431		1,090,951
Genco Shipping & Trading Ltd.			30,200		600,678
Horizon Lines, Inc.			600		3,150
International Shipholding Corporation (b)			41,376		1,371,614
Kirby Coporation (a)			17,343		586,194
Navios Maritime Holdings, Inc.			129,910		593,689
OceanFreight, Inc. (a)			85,200		81,792
Paragon Shipping, Inc.			83,580		341,006
Safe Bulkers, Inc.			1,000		6,960
Seaspan Corporation			23,708		205,311
TBS International Ltd. (a)			6,200		51,026
Ultrapetrol (Bahamas) Ltd. (a)			64,368		315,403
					6,561,027
Professional Services - 0.6%
CDI Corporation			8,761		106,709
Comsys IT Partners, Inc. (a)			300		2,055
Diamond Management & Technology Consultants, Inc.			2,000		11,840
First Advantage Corporation (a)			31,775		559,240
FTI Consulting, Inc. (a)			9,200		375,452
Hill International, Inc. (a)			10,379		69,747
Kforce, Inc. (a)			16,948		198,800
MPS Group, Inc. (a)			400		5,408
Navigant Consulting, Inc. (a)			500		7,120
Spherion Corporation (a)			42,952		212,612
TrueBlue, Inc. (a)			4,100		49,610
Volt Information Sciences, Inc. (a)			113,379		919,504
VSE Corporation			12,411		543,478
Watson Wyatt Worldwide, Inc. (b)			45,163		1,968,203
					5,029,778
Road & Rail - 0.5%
Arkansas Best Corporation			1,800		46,476
Avis Budget Group, Inc. (a) (b)			247,691		2,080,604
Celadon Group, Inc. (a)			1,400		13,664
Con-Way, Inc.			300		9,897
Hertz Global Holdings, Inc. (a)			600		5,586
Landstar System, Inc.			6,800		239,632
Marten Transport Ltd. (a) (b)			83,177		1,458,925
Old Dominion Freight Line, Inc. (a)			500		12,995
Saia, Inc. (a)			300		4,398
Universal Truckload Services, Inc			1,499		24,644
USA Truck, Inc. (a)			3,801		42,685

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Industrials - 13.4% (Continued)
Road & Rail - 0.5% (Continued)
Vitran Corporation Inc. (a)		100	$	856
				3,940,362
Trading Companies & Distributors - 0.4%
Aceto Corporation		102,022		565,202
Aircastle Ltd. (b)		172,038		1,362,541
Applied Industrial Technologies, Inc.		2,100		42,483
Bluelinx Holdings, Inc. (a)		1,100		3,223
DXP Enterprises, Inc. (a)		3,400		39,032
Houston Wire & Cable Company		20,031		242,175
Lawson Products, Inc.		2,271		35,314
Textainer Group Holdings Ltd.		6,600		99,396
United Rentals, Inc. (a)		84,400		800,956
				3,190,322
Transportation Infrastructure - 0.0%
Aegean Marine Petroleum Network, Inc.		2,900		68,150
CAI International, Inc. (a)		2,200		16,500
				84,650
Information Technology - 19.6%
Communications Equipment - 3.4%
3Com Corporation (a) (b)		765,548		3,934,917
Acme Packet, Inc. (a) (b)		167,269		1,637,564
ADC Telecommunications, Inc. (a)		63,500		412,115
Anaren, Inc. (a)		56,857		831,249
Arris Group, Inc. (a) (b)		259,800		2,665,548
Aruba Networks, Inc. (a)		77,050		602,531
Avocent Corporation (a)		700		17,409
Bel Fuse, Inc. - Class B		10,936		197,942
BigBand Networks, Inc. (a)		21,400		79,180
Blue Coat Systems, Inc. (a)		900		20,052
Brocade Communications Systems, Inc. (a) (b)		485,275		4,163,659
Ceragon Networks Ltd. (a)		1,300		11,596
Ciena Corporation (a)		30,500		357,765
CommScope, Inc. (a) (b)		52,000		1,405,040
Comtech Telecommunications Corporation (a)		3,800		122,056
DG FastChannel, Inc. (a)		500		10,485
Digi International, Inc. (a)		14,889		118,368
EchoStar Corporation - Class A (a)		31,900		579,304
EMS Technologies, Inc. (a)		900		15,687
Emulex Corporation (a) (b)		159,025		1,606,152
Finisar Corporation (a)		5,100		37,995
Harris Stratex Networks, Inc. - Class A (a)		56,691		357,153
InterDigital, Inc. (a)		43,600		896,416
JDS Uniphase Corporation (a)		700		3,913
KVH Industries, Inc. (a)		2,200		23,100
Motorola, Inc.		300		2,571
NETGEAR, Inc. (a)		31,149		567,846
Oplink Communications, Inc. (a)		57,508		852,844
Opnext, Inc. (a) (b)		258,428		635,733
Polycom, Inc. (a)		34,500		740,715

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Information Technology - 19.6% (Continued)
Communications Equipment - 3.4% (Continued)
Radware Ltd. (a)		2,900	$	33,553
SeaChange International, Inc. (a)		100		677
Sierra Wireless, Inc. (a)		10,700		96,407
Sonus Networks, Inc. (a)		287,108		551,247
Starent Networks Corporation (a)		58,700		1,980,538
Tellabs, Inc. (a) (b)		390,711		2,352,080
ViaSat, Inc. (a)		400		11,660
				27,933,067
Computers & Peripherals - 0.5%
Adaptec, Inc. (a)		200,718		640,290
Avid Technology, Inc. (a)		1,200		15,156
Compellent Technologies, Inc. (a)		900		16,506
Diebold, Inc. (b)		69,206		2,092,789
Hypercom Corporation (a)		115,516		329,221
Imation Corporation		1,100		9,702
Isilon Systems, Inc. (a)		28,654		150,434
Lexmark International, Inc. - Class A (a)		1,500		38,250
NCR Corporation (a) (b)		71,032		720,975
QLogic Corporation (a)		500		8,770
SanDisk Corporation (a)		100		2,048
Seagate Technology		1,000		13,950
Silicon Graphics International Corporation (a)		1,800		10,728
Stratasys, Inc. (a)		500		7,890
Super Micro Computer, Inc. (a)		23,241		187,322
Xyratex Ltd. (a)		5,000		52,250
				4,296,281
Electronic Equipment, Instruments & Components - 3.5%
Agilysys, Inc.		46,078		217,027
Anixter International, Inc. (a) (b)		85,199		3,565,578
Arrow Electronics, Inc. (a) (b)		123,600		3,132,024
AVX Corporation		36,531		413,531
Brightpoint, Inc. (a)		2,800		20,636
Celestica, Inc. (a)		68,600		569,380
Cogent, Inc. (a)		28,268		272,786
Comverge, Inc. (a)		19,539		222,940
CPI International, Inc. (a)		4,790		47,421
CTS Corporation		71,037		636,492
Daktronics, Inc.		2,900		21,808
Echelon Corporation (a)		6,500		88,725
Flextronics International Ltd. (a)		1,500		9,720
FLIR Systems, Inc. (a)		41,400		1,151,334
Gerber Scientific, Inc. (a)		27,974		129,240
Hollysys Automation Technologies Ltd. (a)		2,100		20,202
Ingram Micro, Inc. - Class A (a) (b)		128,630		2,270,320
Insight Enterprises, Inc. (a)		91,460		962,159
IPG Photonics Corporation (a)		100		1,366
Itron, Inc. (a)		100		6,004
Jabil Circuit, Inc. (b)		222,427		2,976,073
L-1 Identity Solutions, Inc. (a)		5,600		33,096

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Information Technology - 19.6% (Continued)
Electronic Equipment, Instruments & Components - 3.5% (Continued)
Maxwell Technologies, Inc. (a)		900	$	16,137
Mercury Computer Systems, Inc. (a)		11,102		118,791
Methode Electronics, Inc.		17,425		126,331
Multi-Fineline Electronix, Inc. (a) (b)		77,538		2,112,911
Newport Corporation (a)		700		5,208
Sanmina-SCI Corporation (a) (b)		118,475		760,610
SMART Modular Technologies (WWH), Inc. (a)		97,064		394,080
Spectrum Control, Inc. (a)		10,676		90,212
Tech Data Corporation (a) (b)		88,922		3,417,272
Technitrol, Inc. (b)		183,705		1,431,062
TTM Technologies, Inc. (a)		28,689		291,767
Vishay Intertechnology, Inc. (a) (b)		498,764		3,107,300
				28,639,543
Internet Software & Services - 1.2%
Akamai Technologies, Inc. (a) (b)		76,400		1,680,800
Art Technology Group, Inc. (a) (b)		469,828		1,935,691
comScore, Inc. (a)		800		12,264
Dice Holdings, Inc. (a)		41,746		250,894
Digital River, Inc. (a)		25,000		570,750
Equinix, Inc. (a)		3,300		281,556
GigaMedia Ltd. (a)		171,552		703,363
IAC/InterActiveCorporation (a)		50,200		950,788
Innodata Isogen, Inc. (a)		50,250		325,620
Internet Capital Group, Inc. (a)		300		2,181
KIT digital, Inc. (a)		600		5,814
Knot, Inc. (The) (a)		400		4,268
Limelight Networks, Inc. (a)		33,162		115,735
LivePerson, Inc. (a)		2,700		13,581
LogMeIn, Inc. (a)		200		4,020
LoopNet, Inc. (a)		800		6,984
Mercadolibre, Inc. (a)		400		14,316
ModusLink Global Solutions, Inc. (a)		30,270		248,820
NIC, Inc.		200		1,752
Open Text Corporation (a)		34,100		1,263,064
RealNetworks, Inc. (a)		11,000		39,270
SAVVIS, Inc. (a) (b)		120,734		1,785,656
SINA Corporation (a)		200		7,478
Terremark Worldwide, Inc. (a)		2,100		13,419
ValueClick, Inc. (a)		900		8,856
Vocus, Inc. (a)		1,600		28,960
Web.com Group, Inc. (a)		1,500		10,560
				10,286,460
IT Services - 3.0%
Alliance Data Systems Corporation (a)		100		5,498
Broadridge Financial Solutions, Inc. (b)		83,900		1,745,959
CGI Group, Inc. (a)		400		4,884
China Information Security Technology, Inc. (a)		79,757		510,445
CIBER, Inc. (a)		51,800		166,796
Cognizant Technology Solutions Corporation - Class A (a)		300		11,595

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Information Technology - 19.6% (Continued)
IT Services - 3.0% (Continued)
Computer Task Group, Inc. (a)		600	$	4,182
Convergys Corporation (a) (b)		209,896		2,277,372
CSG Systems International, Inc. (a)		50,818		830,366
Dynamics Research Corporation (a)		300		3,843
eLoyalty Corporation (a)		1,371		10,694
ExlService Holdings, Inc. (a)		400		5,444
Genpact Ltd. (a) (b)		143,002		1,703,154
Global Cash Access Holdings, Inc. (a)		600		3,798
Hewitt Associates, Inc. - Class A (a) (b)		38,977		1,384,463
iGATE Corporation (b)		155,172		1,370,169
Lender Processing Services, Inc. (b)		48,300		1,922,340
Lionbridge Technologies, Inc. (a)		31,305		65,427
Mantech International Corporation - Class A (a)		21,237		931,455
Moneygram International, Inc. (a)		32,541		97,298
NCI, Inc. - Class A (a)		100		2,691
Ness Technologies, Inc. (a) (b)		188,219		1,240,363
Online Resources Corporation (a)		7,738		40,624
Perot Systems Corporation (a)		1,300		38,922
Rightnow Technologies, Inc. (a)		100		1,526
TeleTech Holdings, Inc. (a) (b)		205,061		3,668,541
Telvent Git, S.A.		200		5,750
TNS, Inc. (a) (b)		60,781		1,717,671
Unisys Corporation (a)		17,300		504,122
VeriFone Holdings, Inc. (a) (b)		288,136		3,832,209
Virtusa Corporation (a) (b)		102,285		918,519
				25,026,120
Semiconductors & Semiconductor Equipment - 3.7%
Advanced Analogic Technologies, Inc. (a)		45,003		141,759
Advanced Energy Industries, Inc. (a)		1,400		17,094
Amkor Technology, Inc. (a)		116,700		643,017
Applied Micro Circuits Corporation (a) (b)		126,595		989,973
Atheros Communications, Inc. (a) (b)		58,232		1,433,672
Atmel Corporation (a) (b)		383,505		1,426,639
Brooks Automation, Inc. (a)		1,500		10,320
CEVA, Inc. (a)		1,000		10,130
Cirrus Logic, Inc. (a)		133,821		647,694
Cohu, Inc.		200		2,276
Cymer, Inc. (a) (b)		37,900		1,297,696
Cypress Semiconductor Corporation (a)		52,300		440,889
Diodes, Inc. (a)		300		4,914
DSP Group, Inc. (a)		15,028		86,862
Entegris, Inc. (a) (b)		308,975		1,161,746
Entropic Communications, Inc. (a)		145,202		381,881
EZchip Semiconductor Ltd. (a)		300		3,591
Fairchild Semiconductor International, Inc. (a)		1,600		11,968
FormFactor, Inc. (a)		62,800		1,066,972
Integrated Device Technology, Inc. (a)		123,200		724,416
Intellon Corporation (a)		72,020		494,777
IXYS Corporation (a)		19,700		131,990

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Share		Value
Information Technology - 19.6% (Continued)
Semiconductors & Semiconductor Equipment - 3.7% (Continued)
Kopin Corporation (a)		49,300	$	218,892
Kulicke & Soffa Industries, Inc. (a)		1,700		7,905
Lattice Semiconductor Corporation (a)		240,292		458,958
LSI Corporation (a)		264,300		1,353,216
Marvell Technology Group Ltd. (a)		500		6,860
Mellanox Technologies Ltd. (a)		200		3,490
MEMC Electronic Materials, Inc. (a)		600		7,452
Micron Technology, Inc. (a)		800		5,432
MKS Instruments, Inc. (a)		200		3,128
Nanometrics, Inc. (a)		3,400		27,880
NVE Corporation (a)		15,047		562,758
NVIDIA Corporation (a)		300		3,588
OmniVision Technologies, Inc. (a)		55,900		685,334
ON Semiconductor Corporation (a)		689,600		4,613,424
Pericom Semiconductor Corporation (a)		4,672		43,964
PMC-Sierra, Inc. (a)		268,600		2,288,472
RF Micro Devices, Inc. (a)		303,500		1,207,930
Rubicon Technology, Inc. (a)		400		6,048
Semitool, Inc. (a)		22,100		156,026
Sigma Designs, Inc. (a)		50,900		611,309
Silicon Storage Technology, Inc. (a)		20,500		41,615
Skyworks Solutions, Inc. (a)		208,700		2,176,741
Standard Microsystems Corporation (a)		21,321		410,642
Supertex, Inc. (a)		2,800		67,900
Techwell, Inc. (a)		20,527		213,070
Teradyne, Inc. (a)		100		837
Tessera Technologies, Inc. (a) (b)		108,682		2,402,959
TriQuint Semiconductor, Inc. (a)		28,600		154,154
Ultra Clean Holdings, Inc. (a)		2,500		13,775
Ultratech, Inc. (a)		1,100		14,212
Varian Semiconductor Equipment Associates, Inc. (a)		21,300		604,707
Veeco Instruments, Inc. (a)		600		14,610
Zoran Corporation (a)		103,707		919,881
				30,437,445
Software - 4.3%
Actuate Corporation (a)		42,894		214,899
ANSYS, Inc. (a)		100		4,058
Ariba, Inc. (a) (b)		166,300		1,965,666
AsiaInfo Holdings, Inc. (a)		22,900		505,174
Blackbaud, Inc.		48,425		1,074,551
Bottomline Technologies, Inc. (a)		34,880		512,038
Cadence Design Systems, Inc. (a)		1,800		10,998
Compuware Corporation (a)		64,122		452,701
Deltek, Inc. (a)		68,971		493,143
Descartes Systems Group, Inc. (The) (a)		2,200		11,484
Double-Take Software, Inc. (a)		55,770		516,988
Ebix, Inc. (a)		30,284		1,865,494
EPIQ Systems, Inc. (a)		58,530		738,063
FactSet Research Systems, Inc.		20,590		1,318,790

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Information Technology - 19.6% (Continued)
Software - 4.3% (Continued)
Fair Isaac Corporation		300	$	6,099
Guidance Software, Inc. (a)		500		2,785
i2 Technologies, Inc. (a) (b)		98,333		1,547,761
Informatica Corporation (a)		200		4,246
Interactive Intelligence, Inc. (a)		13,527		226,848
Jack Henry & Associates, Inc.		25,275		583,094
JDA Software Group, Inc. (a)		35,011		694,618
Kenexa Corporation (a)		60,764		765,626
Manhattan Associates, Inc. (a)		300		6,885
Mentor Graphics Corporation (a)		300		2,190
MICROS Systems, Inc. (a)		600		16,152
MicroStrategy, Inc. - Class A (a)		1,000		87,270
Monotype Imaging Holdings, Inc. (a)		53,913		405,426
Net 1 UEPS Technologies, Inc. (a)		35,515		621,157
NetScout Systems, Inc. (a) (b)		151,900		1,866,851
NetSuite, Inc. (a)		100		1,397
Novell, Inc. (a) (b)		375,719		1,536,691
OPNET Technologies, Inc.		200		2,180
Phoenix Technologies Ltd. (a)		174,682		408,756
QAD, Inc.		1,700		7,752
Quest Software, Inc. (a) (b)		97,714		1,638,664
Radiant Systems, Inc. (a)		39,773		391,366
Red Hat, Inc. (a)		100		2,581
Rosetta Stone, Inc. (a)		1,400		29,050
S1 Corporation (a) (b)		251,835		1,511,010
Salesforce.com, Inc. (a)		300		17,025
SolarWinds, Inc. (a)		8,700		154,860
Solera Holdings, Inc.		600		19,332
Sonic Solutions, Inc. (a)		4,200		20,412
SonicWALL, Inc. (a)		45,133		358,356
SuccessFactors, Inc. (a)		1,000		15,290
Sybase, Inc. (a)		44,012		1,741,115
Synopsys, Inc. (a) (b)		171,214		3,766,708
Take-Two Interactive Software, Inc. (a)		56,400		618,708
Taleo Corporation - Class A (a)		43,434		944,255
TeleCommunication Systems, Inc. (a)		68,323		610,808
TIBCO Software, Inc. (a) (b)		400,994		3,508,698
TiVo, Inc. (a)		127,200		1,383,936
Tyler Technologies, Inc. (a)		200		3,804
VASCO Data Security International, Inc. (a)		23,904		145,336
VMware, Inc. - Class A (a)		200		7,686
				35,366,831
Materials - 6.7%
Chemicals - 3.4%
A. Schulman, Inc.		300		5,211
American Vanguard Corporation		2,900		24,070
Arch Chemicals, Inc.		8,715		241,318
Ashland, Inc. (b)		105,146		3,631,743
Cabot Corporation (b)		101,887		2,234,382

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Materials - 6.7% (Continued)
Chemicals - 3.4% (Continued)
Calgon Carbon Corporation (a)		300	$	4,752
China Green Agriculture, Inc. (a)		400		4,408
Cytec Industries, Inc. (b)		38,493		1,276,813
Eastman Chemical Company		9,200		483,092
Ferro Corporation		2,100		12,873
Georgia Gulf Corporation (a)		600		8,622
Hawkins, Inc.		100		2,102
Huntsman Corporation (b)		280,800		2,232,360
Innophos Holdings, Inc. (b)		117,846		2,280,320
Innospec, Inc.		21,358		252,452
International Flavors and Fragrances, Inc.		14,141		538,631
Intrepid Potash, Inc. (a)		100		2,576
Landec Corporation (a)		200		1,308
LSB Industries, Inc. (a) (b)		73,806		915,194
Methanex Corporation		300		5,145
Nalco Holding Company		10,600		224,190
Olin Corporation		300		4,581
OM Group, Inc. (a)		800		21,616
OMNOVA Solutions, Inc. (a) (b)		322,877		2,069,642
PolyOne Corporation (a)		119,816		668,573
Quaker Chemical Corporation		27,114		558,548
Rockwood Holdings, Inc. (a)		300		5,964
RPM International, Inc. (b)		138,998		2,449,145
Scotts Miracle-Gro Company (The) - Class A		7,600		308,712
ShengdaTech, Inc. (a)		300		1,815
Solutia, Inc. (a) (b)		295,756		3,253,316
Spartech Corporation		300		2,871
Stepan Company (b)		33,988		1,945,473
Terra Industries, Inc.		13,699		435,217
Valspar Corporation (The) (b)		48,670		1,234,758
W.R. Grace & Company (a)		28,406		621,807
				27,963,600
Containers & Packaging - 1.3%
AEP Industries, Inc. (a)		16,928		590,449
Bemis Company, Inc. (b)		89,300		2,306,619
Boise, Inc. (a) (b)		315,444		1,507,822
BWAY Holding Company (a) (b)		83,603		1,485,625
Graphic Packaging Holding Company (a)		82,597		189,147
Myers Industries, Inc.		14,750		129,358
Packaging Corporation of America (b)		93,023		1,700,460
Pactiv Corporation (a)		14,100		325,569
Sonoco Products Company (b)		60,642		1,622,174
Temple-Inland, Inc.		57,220		884,049
				10,741,272
Metals & Mining - 1.0%
A.M. Castle & Company		300		3,381
AK Steel Holding Corporation		500		7,935
Allegheny Technologies, Inc.		200		6,172
Brush Engineered Materials, Inc. (a)		300		5,535

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Materials - 6.7% (Continued)
Metals & Mining - 1.0% (Continued)
Carpenter Technology Corporation		200	$	4,206
Coeur d'Alene Mines Corporation (a)		1,200		24,096
Commercial Metals Company		37,700		559,468
Gammon Gold, Inc. (a)		700		5,698
General Steel Holdings, Inc. (a)		5,700		21,204
Golden Star Resources Ltd. (a)		52,133		160,048
Harry Winston Diamond Corporation		300		2,451
Haynes International, Inc. (a)		100		2,832
Ivanhoe Mines Ltd. (a)		2,300		24,771
Jaguar Mining, Inc. (a)		500		4,205
MAG Silver Corporation (a)		1,500		7,830
Mesabi Trust		1,100		11,011
Minefinders Corporation Ltd. (a)		7,300		69,058
North American Palladium Ltd. (a)		88,963		214,401
NovaGold Resources, Inc. (a)		275,952		1,186,594
Olympic Steel, Inc. (b)		46,057		1,165,242
Pan American Silver Corporation (a)		16,400		343,088
Puda Coal, Inc. (a)		1,300		8,957
Reliance Steel & Aluminum Company (b)		33,900		1,236,672
RTI International Metals, Inc. (a)		1,400		28,994
Seabridge Gold, Inc. (a)		14,500		291,160
Silver Standard Resources, Inc. (a)		7,806		145,036
Silver Wheaton Corporation (a)		1,400		17,472
Silvercorp Metals, Inc.		1,000		5,180
Southern Copper Corporation		200		6,300
Stillwater Mining Company (a)		42,837		265,589
Sutor Technology Group Ltd. (a)		29,918		86,463
Tanzanian Royalty Exploration Corporation (a)		2,900		8,497
Thompson Creek Metals Company, Inc. (a)		1,000		10,180
Titanium Metals Corporation		251,900		2,166,340
United States Steel Corporation		300		10,347
Universal Stainless & Alloy Products, Inc. (a)		300		4,527
US Gold Corporation (a)		119,100		321,570
Walter Energy, Inc.		100		5,850
				8,448,360
Paper & Forest Products - 1.0%
Buckeye Technologies, Inc. (a) (b)		117,831		1,055,766
Clearwater Paper Corporation (a) (b)		38,944		1,762,995
Domtar Corporation (a) (b)		53,173		2,227,417
International Paper Company		100		2,231
KapStone Paper & Packaging Corporation (a) (b)		158,780		1,101,933
Louisiana-Pacific Corporation (a)		181,800		954,450
MeadWestvaco Corporation		300		6,849
Neenah Paper, Inc.		1,000		10,350
P.H. Glatfelter Company		13,200		139,524
Schweitzer-Mauduit International, Inc.		11,900		614,635
Verso Paper Corporation		23,700		55,695
Wausau Paper Corporation		34,000		298,180
				8,230,025

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 0.5%
Atlantic Tele-Network, Inc. (b)		32,037	$	1,468,576
Cbeyond, Inc. (a)		400		5,340
Cincinnati Bell, Inc. (a)		69,000		212,520
Clearwire Corporation (a)		193,600		1,211,936
Consolidated Communications Holdings, Inc.		900		12,438
General Communication, Inc. - Class A (a)		1,800		11,070
Global Crossing Ltd. (a)		700		7,980
Neutral Tandem, Inc. (a)		500		10,545
Premiere Global Services, Inc. (a)		30,752		229,717
SureWest Communications (a)		3,218		28,383
tw telecom, inc. (a)		62,550		788,130
				3,986,635
Wireless Telecommunication Services - 0.5%
Centennial Communications Corporation (a) (b)		231,921		1,962,051
Leap Wireless International, Inc. (a)		40,300		532,766
MetroPCS Communications, Inc. (a)		57,000		355,110
NII Holdings, Inc. (a)		1,000		26,930
NTELOS Holdings Corporation		600		9,060
Shenandoah Telecommunications Company		13,189		220,125
Telephone & Data Systems, Inc. - Special Shares		100		2,760
Telephone & Data Systems, Inc. (b)		39,131		1,159,060
				4,267,862
Utilities - 2.9%
Electric Utilities - 0.3%
Allegheny Energy, Inc.		100		2,282
Brookfield Infrastructure Partners, L.P.		900		13,050
Central Vermont Public Service Corporation		2,200		42,658
El Paso Electric Company (a)		39,612		742,725
Great Plains Energy, Inc.		200		3,460
Hawaiian Electric Industries, Inc.		600		10,710
NV Energy, Inc. (b)		143,870		1,648,750
Pepco Holdings, Inc.		300		4,479
				2,468,114
Gas Utilities - 1.2%
AGL Resources, Inc. (b)		80,352		2,809,106
Atmos Energy Corporation (b)		69,974		1,948,776
Energen Corporation (b)		44,150		1,937,302
Ferrellgas Partners, L.P.		300		5,964
Laclede Group, Inc. (The) (b)		48,968		1,503,807
Piedmont Natural Gas Company, Inc.		200		4,656
UGI Corporation (b)		80,013		1,910,711
				10,120,322
Independent Power Producers & Energy Traders - 1.0%
Calpine Corporation (a)		600		6,744
Constellation Energy Group, Inc.		300		9,276
Dynegy, Inc. (a)		2,874,525		5,749,050
RRI Energy, Inc. (a)		384,900		2,028,423
				7,793,493

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 85.1% (Continued)	Shares		Value
Utilities - 2.9% (Continued)
Multi-Utilities - 0.4%
Alliant Energy Corporation (b)		60,577	$	1,608,925
OGE Energy Corporation		8,300		275,726
TECO Energy, Inc. (b)		116,835		1,675,414
				3,560,065
Water Utilities - 0.0%
Aqua America, Inc.		8,300		128,235
Consolidated Water Company, Inc.		900		13,284
SJW Corporation		100		2,177
				143,696
Total Common Stocks (Cost $669,733,452)			$	705,038,593
CLOSED-END FUNDS - 10.7%	Shares		Value
Adams Express Company (The)		89,160	$	851,478
Advent/Claymore Enhanced Growth & Income Fund		100		1,048
Advent/Claymore Global Convertible Securities & Income Fund		21,573		157,914
Alliance California Municipal Income Fund, Inc.		5,988		75,928
Alliance New York Municipal Income Fund, Inc.		3,823		50,005
Alpine Global Premier Properties Fund		263,050		1,523,060
American Strategic Income Portfolio, Inc.		8,600		92,966
American Strategic Income Portfolio, Inc. II		2,632		26,320
American Strategic Income Portfolio, Inc. III		25,512		231,139
ASA Ltd.		27,492		2,003,617
Asia Tigers Fund, Inc. (a)		478		8,604
Bancroft Fund Ltd.		3,503		49,638
BlackRock Apex Municipal Fund, Inc.		100		838
BlackRock California Insured Municipal Income Trust		11,277		143,895
BlackRock California Municipal Bond Trust		4,427		60,074
BlackRock California Municipal Income Trust		3,039		39,841
BlackRock California Municipal Income Trust II		3,600		46,476
BlackRock Core Bond Trust		7,994		94,329
BlackRock Corporate High Yield Fund V, Inc.		11,700		112,788
BlackRock Defined Opportunity Credit Trust		100		1,140
BlackRock Floating Rate Income Strategies Fund		8,900		110,271
BlackRock High Income Shares		9,973		17,553
BlackRock Income Trust		138,717		883,627
BlackRock Insured Municipal Income Investment Trust		7,350		95,550
BlackRock Limited Duration Income Trust		52,850		735,672
BlackRock Long-Term Municipal Advantage Trust		9,079		89,701
BlackRock Muni Intermediate Duration Fund, Inc.		50,392		652,576
BlackRock Muni New York Intermediate Duration Fund, Inc.		10,740		128,665
BlackRock MuniAssets Fund, Inc.		2,200		25,476
BlackRock Municipal Bond Investment Trust		5,290		69,246
BlackRock MuniEnhanced Fund, Inc.		17,181		168,374
BlackRock MuniHoldings California Insured Fund, Inc.		73,022		924,459
BlackRock MuniHoldings Insured Fund II, Inc.		295		3,640
BlackRock MuniHoldings Insured Investment Fund		61,710		792,356

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
BlackRock MuniHoldings New York Insured Fund, Inc.		15,381	$	200,876
BlackRock MuniYield California Fund, Inc.		39,965		516,747
BlackRock MuniYield California Insured Fund, Inc.		85,105		1,077,429
BlackRock MuniYield Insured Investment Fund		20,805		253,405
BlackRock MuniYield Investment Fund		37,112		453,138
BlackRock MuniYield Michigan Insured Fund II, Inc.		16,786		199,753
BlackRock MuniYield Michigan Insured Fund, Inc.		26,123		336,987
BlackRock MuniYield New York Insured Fund, Inc.		86,314		1,015,916
BlackRock MuniYield Pennsylvania Insured Fund		17,917		236,325
BlackRock MuniYield Quality Fund, Inc.		4,730		62,625
BlackRock New York Municipal Bond Trust		400		5,840
BlackRock Pennsylvania Strategic Municipal Trust		3,131		37,322
BlackRock Preferred & Corporate Income Strategies Fund, Inc.		7,792		64,206
BlackRock Preferred & Equity Advantage Trust		136,817		1,499,514
BlackRock Preferred Income Strategies Fund, Inc.		100		890
BlackRock Preferred Opportunity Trust		100		994
BlackRock S&P Quality Rankings Global Equity Managed Trust		1,538		17,749
BlackRock Senior High Income Fund, Inc.		2,700		8,883
BlackRock Strategic Bond Trust		5,798		65,633
BlackRock Strategic Dividend Achievers Trust		58,658		490,967
Blue Chip Value Fund, Inc.		55,843		159,711
Boulder Growth & Income Fund, Inc. (a)		48,612		261,046
Boulder Total Return Fund, Inc. (a)		17,814		214,124
Calamos Global Dynamic Income Fund		34,347		252,107
Calamos Strategic Total Return Fund		132,040		1,070,844
Central Europe & Russia Fund, Inc. (The)		48,889		1,549,781
Central Securities Corporation		12,483		213,334
Chartwell Dividend and Income Fund, Inc.		10,900		38,477
China Fund, Inc.		100		2,525
Claymore Dividend & Income Fund		8,819		125,671
Clough Global Equity Fund		28,339		371,808
Clough Global Opportunities Fund		100		1,200
Cohen & Steers Advantage Income Realty Fund, Inc.		130,366		683,118
Cohen & Steers Closed-End Opportunity Fund, Inc.		100		1,102
Cohen & Steers Dividend Majors Fund, Inc.		42,515		389,012
Cohen & Steers Premium Income Realty Fund, Inc.		96,506		460,334
Cohen & Steers Quality Income Realty Fund, Inc.		125,151		647,031
Cohen & Steers REIT and Preferred Income Fund, Inc.		145,805		1,316,619
Cohen & Steers REIT and Utility Income Fund, Inc.		168,135		1,501,446
Cohen & Steers Select Utility Fund, Inc.		125,253		1,658,350
Cohen & Steers Total Return Realty Fund, Inc.		12,612		107,076
Cohen & Steers Worldwide Realty Income Fund, Inc.		19,918		116,122
DCA Total Return Fund		54,595		108,098
DCW Total Return Fund		20,600		81,782
Delaware Enhanced Global Dividend and Income Fund		4,500		47,835
Delaware Investments Arizona Municipal Income Fund, Inc.		3,527		40,525
Delaware Investments Colorado Municipal Income Fund, Inc.		856		11,479
Delaware Investments Dividend & Income Fund, Inc.		600		3,810
Delaware Investments Global Dividend and Income Fund, Inc.		2,779		17,035
Delaware Investments Minnesota Municipal Income Fund II		13,106		160,155
Delaware Investments National Municipal Income Fund		5,756		69,705

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
Denali Fund (The) (a)		3,153	$	41,840
Diamond Hill Financial Trends Fund, Inc.		13,370		100,542
Dreyfus Municipal Income, Inc.		15,422		128,311
Dreyfus Strategic Municipal Bond Fund		98,557		719,466
Dreyfus Strategic Municipals, Inc.		83,348		625,110
DTF Tax-Free Income, Inc.		1,502		21,178
DWS Dreman Value Income Edge Fund		66,078		726,197
DWS Global High Income Fund, Inc.		17,628		118,989
DWS RREEF Real Estate Fund II, Inc. (a)		12,550		10,919
DWS RREEF Real Estate Fund, Inc. (a)		49,845		153,024
DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.		17,623		264,521
DWS Strategic Income Trust		4,461		48,803
Eaton Vance Floating-Rate Income Trust		12,717		159,090
Eaton Vance Limited Duration Income Fund		18,623		258,487
Eaton Vance Michigan Municipal Income Trust		2,462		29,913
Eaton Vance Ohio Municipal Income Trust		1,047		14,292
Eaton Vance Senior Income Trust		35,535		196,864
Eaton Vance Short Duration Diversified Income Fund		36,753		572,244
Eaton Vance Tax-Advantaged Dividend Income Fund		2,700		38,178
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		2,300		40,388
Ellsworth Fund Ltd.		12,157		72,091
Emerging Markets Telecommunications Fund, Inc.		20,200		322,190
Equus Total Return, Inc. (a)		3,914		13,856
European Equity Fund, Inc. (The)		4,489		29,852
Evergreen International Balanced Income Fund		43,409		600,781
Evergreen Multi-Sector Income Fund		500		6,860
First Israel Fund, Inc.		100		1,380
First Opportunity Fund, Inc.		4,907		30,963
First Trust Enhanced Equity Income Fund		20,104		200,437
First Trust Specialty Finance & Finance Opportunities Fund		100		520
First Trust Strategic High Income Fund		3,863		10,160
First Trust Strategic High Income Fund II		19,392		85,131
First Trust Strategic High Income Fund III		100		362
First Trust/FIDAC Mortgage Income Fund		100		1,791
First Trust/Four Corners Senior Floating Rate Income Fund		5,770		65,778
First Trust/Four Corners Senior Floating Rate Income Fund II		92,601		1,009,351
Fort Dearborn Income Securities, Inc.		7,517		108,019
Foxby Corporation (a)		400		440
Franklin Templeton Limited Duration Income Trust		27,676		303,606
Franklin Universal Trust		79,119		409,836
Gabelli Dividend & Income Trust		103,675		1,235,806
Gabelli Global Deal Fund (The)		16,188		230,193
Gabelli Healthcare & WellnessRx Trust (The)		13,530		78,339
General American Investors Company, Inc.		25,653		573,088
Global High Income Fund, Inc.		60,315		693,623
Greater China Fund, Inc.		100		1,280
H&Q Healthcare Investors (a)		89,659		968,317
H&Q Life Sciences Investors (a)		56,588		482,696
Helios Advantage Income Fund, Inc.		6,082		38,561
Helios High Yield Fund		3,413		25,599

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
Helios Multi-Sector High Income Fund, Inc.		106	$	465
Highland Credit Strategies Fund		181,508		1,101,754
India Fund, Inc. (a)		70,852		1,986,690
Indonesia Fund, Inc.		41,423		390,619
ING Clarion Global Real Estate Income Fund		150,242		871,404
Japan Equity Fund, Inc. (The)		50,669		258,412
Japan Smaller Capitalization Fund, Inc.		126,943		919,067
John Hancock Bank and Thrift Opportunity Fund		65,063		865,338
John Hancock Tax-Advantaged Global Shareholder Yield Fund		4,800		54,384
Korea Equity Fund, Inc.		18,667		156,243
Latin America Discovery Fund, Inc.		100		1,550
Latin America Equity Fund, Inc.		2,710		95,663
Lazard Global Total Return & Income Fund, Inc.		1,702		23,658
Lazard World Dividend & Income Fund, Inc.		13,674		140,842
Liberty All-Star Equity Fund		324,639		1,308,295
Liberty All-Star Growth Fund		36,399		110,653
LMP Capital and Income Fund, Inc.		82,089		771,637
LMP Corporate Loan Fund, Inc.		7,528		72,118
Macquarie Global Infrastructure Total Return Fund, Inc.		68,511		979,707
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		22,935		255,725
Madison Strategic Sector Premium Fund		1,520		17,298
Malaysia Fund, Inc.		12,640		94,168
Managed High Yield Plus Fund, Inc.		24,127		42,946
Mexico Equity and Income Fund, Inc. (The)		7,277		50,066
Mexico Fund, Inc. (The)		10,600		212,742
MFS Intermediate High Income Fund		100		236
MFS Multimarket Income Trust		66,978		405,887
MFS Special Value Trust		4,854		30,240
Montgomery Street Income Securities, Inc.		7,524		109,700
Morgan Stanley Asia-Pacific Fund, Inc. (a)		100		1,420
Morgan Stanley California Insured Municipal Income Trust		21,402		270,735
Morgan Stanley California Quality Municipal Securities		8,974		106,611
Morgan Stanley Eastern Europe Fund, Inc. (a)		18,985		275,662
Morgan Stanley Emerging Markets Debt Fund, Inc.		13,500		128,385
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		145,694		2,003,293
Morgan Stanley Emerging Markets Fund, Inc. (a)		100		1,289
Morgan Stanley Frontier Emerging Markets Fund (a)		7,200		83,880
Morgan Stanley Global Opportunity Bond Fund, Inc.		3,950		25,596
Morgan Stanley Insured California Municipal Securities		4,438		58,005
Morgan Stanley Insured Municipal Bond Trust		5,590		71,832
Morgan Stanley Insured Municipal Income Trust		22,078		295,404
Morgan Stanley Insured Municipal Trust		15,490		199,666
Morgan Stanley Municipal Premium Income Trust		13,258		102,219
Morgan Stanley New York Quality Municipal Securities		3,713		48,195
Morgan Stanley Quality Municipal Income Trust		18,553		218,925
Morgan Stanley Quality Municipal Investment Trust		29,752		357,619
Neuberger Berman California Intermediate Municipal Fund, Inc.		6,754		89,423
Neuberger Berman High Yield Fund		100		1,088
Neuberger Berman Income Opportunity Fund, Inc.		13,838		80,952
Neuberger Berman Intermediate Municipal Fund, Inc.		100		1,301

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
Neuberger Berman New York Intermediate Municipal Fund, Inc.		500	$	6,440
Neuberger Berman Real Estate Securities Income Fund, Inc.		136,951		357,442
New Germany Fund, Inc. (The)		4,800		53,952
New Ireland Fund, Inc. (The)		16,742		118,701
NFJ Dividend, Interest & Premium Strategy Fund		151,909		2,003,680
Nicholas-Applegate Equity & Convertible Income Fund		18,345		274,808
Nuveen Arizona Dividend Advantage Municipal Fund 2		2,442		31,526
Nuveen California Dividend Advantage Municipal Fund		18,224		225,066
Nuveen California Dividend Advantage Municipal Fund 2		500		6,575
Nuveen California Dividend Advantage Municipal Fund 3		2,689		32,618
Nuveen California Investment Quality Municipal Fund		6,983		88,684
Nuveen California Performance Plus Municipal Fund, Inc.		5,772		73,304
Nuveen California Premium Income Municipal Fund		7,679		92,686
Nuveen Core Equity Alpha Fund		12,828		137,260
Nuveen Diversified Dividend and Income Fund		11,864		106,420
Nuveen Dividend Advantage Municipal Fund		38,073		490,761
Nuveen Floating Rate Income Fund		89,615		814,600
Nuveen Floating Rate Income Opportunity Fund		40,593		366,961
Nuveen Georgia Dividend Advantage Municipal Fund 2		4,429		57,090
Nuveen Georgia Premium Income Municipal Fund		4,123		53,228
Nuveen Global Value Opportunities Fund		58,586		911,598
Nuveen Insured California Premium Income Municipal Fund		6,970		91,656
Nuveen Insured California Premium Income Municipal Fund 2		13,326		174,304
Nuveen Insured California Tax-Free Advantage Municipal Fund		2,600		33,748
Nuveen Insured Municipal Opportunity Fund, Inc.		88,978		1,154,934
Nuveen Insured New York Dividend Advantage Municipal Fund		14,601		192,733
Nuveen Insured New York Premium Income Municipal Fund		14,557		190,114
Nuveen Insured New York Tax Free Advantage Municipal Fund		1,600		21,312
Nuveen Insured Premium Income Municipal Fund 2		24,696		292,895
Nuveen Insured Tax-Free Advantage Municipal Fund		13,442		181,601
Nuveen Investment Quality Municipal Fund, Inc.		27,382		358,978
Nuveen Maryland Dividend Advantage Municipal Fund		5,071		68,154
Nuveen Maryland Dividend Advantage Municipal Fund 2		200		2,662
Nuveen Maryland Dividend Advantage Municipal Fund 3		6,446		84,572
Nuveen Michigan Dividend Advantage Municipal Fund		2,087		25,691
Nuveen Michigan Premium Income Municipal Fund, Inc.		7,461		91,397
Nuveen Michigan Quality Income Municipal Fund, Inc.		1,468		18,761
Nuveen Multi-Currency Short-Term Government Income Fund		109,358		1,704,891
Nuveen Multi-Strategy Income and Growth Fund		177,540		1,180,641
Nuveen Multi-Strategy Income and Growth Fund 2		177,147		1,240,029
Nuveen New Jersey Dividend Advantage Municipal Fund		2,804		35,723
Nuveen New Jersey Dividend Advantage Municipal Fund 2		980		13,377
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		8,864		114,877
Nuveen New Jersey Premium Income Municipal Fund, Inc.		6,087		81,627
Nuveen New York Dividend Advantage Municipal Fund		4,090		53,170
Nuveen New York Dividend Advantage Municipal Fund 2		2,780		36,418
Nuveen New York Investment Quality Municipal Fund		32,422		429,267
Nuveen New York Performance Plus Municipal Fund, Inc.		22,780		313,908
Nuveen New York Quality Income Municipal Fund, Inc.		35,265		462,324
Nuveen New York Select Quality Municipal Fund, Inc.		37,736		497,738
Nuveen Ohio Dividend Advantage Municipal Fund		4,303		59,037

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
Nuveen Ohio Dividend Advantage Municipal Fund 2		2,529	$	33,155
Nuveen Ohio Dividend Advantage Municipal Fund 3		489		6,606
Nuveen Ohio Quality Income Municipal Fund		8,219		119,258
Nuveen Pennsylvania Dividend Advantage Municipal Fund		4,700		60,395
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2		2,422		31,050
Nuveen Pennsylvania Investment Quality Municipal Fund		20,465		261,543
Nuveen Pennsylvania Premium Income Municipal Fund 2		22,758		278,558
Nuveen Premier Insured Municipal Income Fund, Inc.		27,402		358,966
Nuveen Premier Municipal Income Fund, Inc.		26,007		322,487
Nuveen Premium Income Municipal Fund		1,900		24,263
Nuveen Premium Income Municipal Fund 2		77,003		1,002,581
Nuveen Premium Income Municipal Fund 4		4,257		49,764
Nuveen Quality Income Municipal Fund		900		11,934
Nuveen Quality Preferred Income Fund 3		100		660
Nuveen Tax-Advantaged Dividend Growth Fund		39,310		410,396
Nuveen Tax-Advantaged Floating Rate Fund		12,023		36,309
Nuveen Tax-Advantaged Total Return Strategy Fund		24,178		233,801
Old Mutual Claymore Long-Short Fund		39,512		302,267
Petroleum & Resources Corporation		1,400		33,068
Putnam High Income Securities Fund		15,600		102,180
Putnam Managed Municipal Income Trust		17,478		115,180
RENN Global Entrepreneurs Fund (a)		3,250		8,515
RiverSource LaSalle International Real Estate Fund, Inc.		29,882		209,772
Rivus Bond Fund		13,521		218,770
RMR Asia Pacific Real Estate Fund		4,474		79,640
Royce Focus Trust, Inc.		386		2,142
Royce Micro-Cap Trust, Inc.		67,261		454,012
Royce Value Trust, Inc.		181,227		1,754,277
Source Capital, Inc.		8,171		320,712
Spain Fund, Inc. (The)		2,200		15,180
Strategic Global Income Fund, Inc.		44,028		439,840
SunAmerica Focused Alpha Large-Cap Fund, Inc.		300		3,549
Swiss Helvetia Fund, Inc. (The)		23,559		276,818
Taiwan Fund, Inc.		3,982		51,806
Taiwan Greater China Fund (The) (a)		1,500		8,190
TCW Strategic Income Fund, Inc.		11,367		52,402
Templeton Emerging Markets Income Fund		47,578		624,223
Thai Capital Fund, Inc. (The)		755		7,074
Thai Fund, Inc. (The)		60,009		510,677
Tri-Continental Corporation		82,886		881,078
TS&W/Claymore Tax-Advantaged Balanced Fund		10,643		97,596
Turkish Investment Fund, Inc. (The) (a)		55,760		669,120
Van Kampen Dynamic Credit Opportunities Fund		182,837		1,930,759
Van Kampen Ohio Quality Municipal Trust		3,503		49,883
Van Kampen Pennsylvania Value Municipal Income Trust		21,182		260,539
Van Kampen Select Sector Municipal Trust		2,925		31,707
Western Asset Emerging Markets Debt Fund, Inc.		112,867		1,835,217
Western Asset Emerging Markets Income Fund, Inc.		73,963		856,492
Western Asset Global High Income Fund, Inc.		95,850		968,085
Western Asset Inflation Management Fund, Inc.		100		1,599
Western Asset Municipal Partners Fund, Inc.		5,708		75,916

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 10.7% (Continued)	Shares		Value
Western Asset Worldwide Income Fund, Inc.		5,986	$	71,533
Zweig Fund, Inc. (The)		100		310
Zweig Total Return Fund, Inc. (The)		54,347		198,367
Total Closed-End Funds (Cost $90,367,060)			$	88,383,154
RIGHTS - 0.0%	Shares		Value
Winthrop Realty Trust (Cost $0)		2,354	$	–
MONEY MARKET FUNDS - 3.0%	Shares		Value
UMB Money Market Fiduciary, 0.05% (c) (Cost $24,674,332)		24,674,332	$	24,674,332
Total Investments at Value - 98.8% (Cost $784,774,844)			$	818,096,079
Other Assets in Excess of Liabilities – 1.2%				10,313,378
Net Assets - 100.0%			$	828,409,457

ADR - American Depositary Receipt.

(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2009.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
October 31, 2009
COMMON STOCKS - 64.6%	Shares		Value
Consumer Discretionary - 14.3%
Auto Components - 0.5%
Amerigon, Inc. (a)		8,800	$	56,584
ArvinMeritor, Inc.		60,100		469,381
BorgWarner, Inc.		26,700		809,544
China Automotive Systems, Inc. (a)		2,200		22,792
Cooper Tire & Rubber Company		31,197		476,066
Dorman Products, Inc. (a)		4,000		58,480
Exide Technologies (a)		300		1,836
Fuel Systems Solutions, Inc. (a)		200		6,548
Gentex Corporation		11,400		182,514
Modine Manufacturing Company		3,800		39,140
Raser Technologies, Inc. (a)		273,611		322,861
Spartan Motors, Inc.		77,837		388,407
Standard Motor Products, Inc.		100		836
Stoneridge, Inc. (a)		19,600		144,060
Superior Industries International, Inc.		62,700		832,656
TRW Automotive Holdings Corporation (a)		14,900		233,185
WABCO Holdings, Inc.		17,100		405,612
Wonder Auto Technology, Inc. (a)		1,800		23,292
				4,473,794
Automobiles - 0.2%
Harley-Davidson, Inc.		300		7,476
Winnebago Industries, Inc. (a)		102,194		1,175,231
				1,182,707
Distributors - 0.0%
Core-Mark Holding Company, Inc. (a)		6,983		191,125
Diversified Consumer Services - 1.2%
American Public Education, Inc. (a)		32,224		1,027,945
Brink's Home Security Holdings, Inc. (a)		2,380		73,732
Capella Education Company (a)		15,301		1,054,239
Career Education Corporation (a)		58,071		1,210,200
ChinaCast Education Corporation (a)		1,100		6,842
Coinstar, Inc. (a)		28,300		898,242
Corinthian Colleges, Inc. (a)		25,000		396,500
DeVry, Inc.		13,800		763,002
Grand Canyon Education, Inc. (a)		99		1,606
Home Solutions of America, Inc. (a)		95,563		3,584
Jackson Hewitt Tax Service, Inc.		119,750		587,972
K12, Inc. (a)		48,300		774,732
Learning Tree International, Inc. (a)		500		5,440
Pre-Paid Legal Services, Inc. (a)		18,905		747,504
Regis Corporation		80,328		1,304,527
Spectrum Group International, Inc. (a)		2,133		5,439
Stewart Enterprises, Inc. - Class A		121,348		555,774
Universal Technical Institute, Inc. (a)		23,061		414,867
Weight Watchers International, Inc.		2,084		55,247
				9,887,394

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Consumer Discretionary - 14.3% (Continued)
Hotels, Restaurants & Leisure - 2.5%
Ambassadors Group, Inc.		15,680	$	199,293
Ameristar Casinos, Inc.		10,400		153,088
BJ's Restaurants, Inc. (a)		100,148		1,598,362
Boyd Gaming Corporation (a)		114,116		839,894
Brinker International, Inc.		300		3,792
Buffalo Wild Wings, Inc. (a)		25,522		1,046,657
Burger King Holdings, Inc.		78,633		1,349,342
California Pizza Kitchen, Inc. (a)		79,058		1,026,964
Caribou Coffee Company, Inc. (a)		4,100		33,579
Cedar Fair, L.P.		600		6,006
Cheesecake Factory, Inc. (The) (a)		19,000		345,420
Choice Hotels International, Inc.		8,800		262,416
Cracker Barrel Old Country Store, Inc.		4,100		135,915
DineEquity, Inc. (a)		35,118		743,097
Interval Leisure Group (a)		400		4,464
Jamba, Inc. (a)		143,344		206,415
Las Vegas Sands Corporation (a)		1,900		28,671
MGM Mirage (a)		6,500		60,255
Morgans Hotel Group Company (a)		75,951		252,157
Multimedia Games, Inc. (a)		400		1,964
O'Charley's, Inc. (a)		700		4,907
Orient-Express Hotels Ltd. - Class A (a)		79,904		687,174
Panera Bread Company - Class A (a)		25,559		1,533,029
Peet's Coffee & Tea, Inc. (a)		32,785		1,114,690
Pinnacle Entertainment, Inc. (a)		13,869		117,193
Red Robin Gourmet Burgers, Inc. (a)		53,637		896,274
Ruby Tuesday, Inc. (a)		14,300		95,238
Scientific Games Corporation - Class A (a)		1,400		19,698
Shuffle Master, Inc. (a)		31,520		246,171
Sonic Corporation (a)		157,200		1,469,820
Texas Roadhouse, Inc. (a)		73,262		693,791
Universal Travel Group (a)		6,300		73,584
Vail Resorts, Inc. (a)		66,300		2,283,372
VCG Holding Corporation (a)		13,691		25,739
WMS Industries, Inc. (a)		59,600		2,382,808
Wyndham Worldwide Corporation		17,810		303,661
Wynn Resorts Ltd. (a)		100		5,422
				20,250,322
Household Durables - 1.7%
Black & Decker Corporation (The)		300		14,166
Brookfield Homes Corporation (a)		42,761		240,744
Cavco Industries, Inc. (a)		22,759		691,874
CSS Industries, Inc.		1,400		28,420
Deer Consumer Products, Inc. (a)		2,600		31,850
Ethan Allen Interiors, Inc.		92,233		1,149,223
Furniture Brands International, Inc. (a)		5,000		21,250
Hovnanian Enterprises, Inc. - Class A (a)		280,365		1,096,227
iRobot Corporation (a)		67,604		903,865
Jarden Corporation		6,950		190,361

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Consumer Discretionary - 14.3% (Continued)
Household Durables - 1.7% (Continued)
KB Home		300	$	4,254
Kid Brands, Inc. (a)		700		3,479
Leggett & Platt, Inc.		68,100		1,316,373
M/I Homes, Inc. (a)		38,264		427,409
MDC Holdings, Inc.		26,895		877,315
Meritage Homes Corporation (a)		132,841		2,423,020
Mohawk Industries, Inc. (a)		31,030		1,329,015
National Presto Industries, Inc.		2,748		238,884
Ryland Group, Inc. (The)		8,900		165,095
Skyline Corporation		2,272		39,737
Tupperware Corporation		61,900		2,786,738
				13,979,299
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (a)		100		11,881
BIDZ.com, Inc. (a)		1,202		3,486
HSN, Inc. (a)		5,600		83,664
NutriSystem, Inc.		66,000		1,420,320
Orbitz Worldwide, Inc. (a)		300		1,569
Overstock.com, Inc. (a)		57,784		808,976
PetMed Express, Inc.		90,643		1,422,189
Shutterfly, Inc. (a)		76,482		1,078,396
Ticketmaster Entertainment, Inc. (a)		6,700		64,655
ValueVision Media, Inc. (a)		59,144		187,486
				5,082,622
Leisure Equipment & Products - 0.5%
Brunswick Corporation		6,400		60,672
Callaway Golf Company		74,300		508,212
JAKKS Pacific, Inc. (a)		2,900		41,267
Pool Corporation		145,480		2,848,498
Sturm Ruger & Company, Inc.		20,001		212,411
				3,671,060
Media - 0.8%
Arbitron, Inc.		43,530		943,730
Cablevision Systems Corporation		100		2,296
Central European Media Enterprises Ltd. (a)		91,076		2,289,651
Charter Communications, Inc. - Class A (a)		20,500		433
Cinemark Holdings, Inc.		47,631		552,043
CKX, Inc. (a)		28,400		181,760
DISH Network Corporation - Class A (a)		200		3,480
Dolan Media Company (a)		1,200		14,328
DreamWorks Animation SKG, Inc. - Class A (a)		24,100		771,200
Gannett Company, Inc.		13,200		129,624
Interpublic Group of Companies, Inc. (a)		100		602
Liberty Global, Inc. (a)		200		4,116
Liberty Global, Inc. - Class A (a)		56,500		1,159,945
Liberty Media Corporation - Capital - Series A (a)		17,500		362,075
Live Nation, Inc. (a)		300		1,998
Martha Stewart Living Omnimedia, Inc. (a)		5,300		27,454
Media General, Inc.		31,000		256,990

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Consumer Discretionary - 14.3% (Continued)
Media - 0.8% (Continued)
New York Times Company (The)		900	$	7,173
Outdoor Channel Holding, Inc. (a)		900		6,228
Time Warner Cable, Inc.		100		3,944
Warner Music Group Corporation (a)		40,074		230,826
				6,949,896
Multi-Line Retail - 0.4%
Big Lots, Inc. (a)		60,700		1,520,535
Bon-Ton Stores, Inc. (The)		34,968		323,454
Dillard's, Inc.		42,200		574,764
Fred's, Inc.		77,271		914,889
Tuesday Morning Corporation (a)		9,087		29,351
				3,362,993
Specialty Retail - 4.3%
Aaron's, Inc.		48,702		1,219,985
Abercrombie & Fitch Company - Class A		32,370		1,062,383
American Eagle Outfitters, Inc.		300		5,247
Asbury Automotive Group, Inc. (a)		52,730		513,590
Barnes & Noble, Inc.		68,119		1,131,457
bebe stores, Inc.		140,218		877,765
Blockbuster, Inc. - Class A (a)		100,400		83,332
Brown Shoe Company, Inc.		1,000		10,370
Buckle, Inc. (The)		50,386		1,512,084
Build-A-Bear Workshop, Inc. (a)		400		2,072
Cabela's, Inc. - Class A (a)		70,676		888,397
Charming Shoppes, Inc. (a)		188,709		854,852
Chico's FAS, Inc. (a)		68,300		816,185
Children's Place Retail Stores, Inc. (The) (a)		56		1,761
China Auto Logistics, Inc. (a)		1,000		4,120
Christopher & Banks Corporation		100		609
Citi Trends, Inc. (a)		18,076		475,941
Coldwater Creek, Inc. (a)		70,000		402,500
Conn's, Inc. (a)		88,392		557,754
Dick's Sporting Goods, Inc. (a)		62,500		1,418,125
Dress Barn, Inc. (a)		92,753		1,674,192
DSW, Inc. - Class A (a)		73,316		1,407,667
Foot Locker, Inc.		47,000		492,560
GameStop Corporation - Class A (a)		300		7,287
Gander Mountain Company (a)		9,002		44,920
Group 1 Automotive, Inc.		70,416		1,789,975
Guess?, Inc.		9,300		339,915
Haverty Furniture Companies, Inc. (a)		69,500		841,645
hhgregg, Inc. (a)		60,419		996,309
Hibbett Sports, Inc. (a)		56,075		1,050,846
Hot Topic, Inc. (a)		73,600		566,720
Jo-Ann Stores, Inc. (a)		51,573		1,372,873
Limited Brands, Inc.		200		3,520
Lumber Liquidators, Inc. (a)		55,372		1,176,655
New York & Company, Inc. (a)		1,500		6,600
Penske Auto Group, Inc.		87,927		1,376,937

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Consumer Discretionary - 14.3% (Continued)
Specialty Retail - 4.3% (Continued)
PetSmart, Inc.		98,200	$	2,310,646
Pier 1 Imports, Inc. (a)		506,312		1,782,218
RadioShack Corporation		173,500		2,930,415
Shoe Carnival, Inc. (a)		5,106		76,641
Sonic Automotive, Inc. - Class A		83,419		745,766
Stein Mart, Inc. (a)		100		950
Systemax, Inc. (a)		40,300		543,244
Tractor Supply Company (a)		29,603		1,323,254
Tween Brands, Inc. (a)		37,700		319,696
Urban Outfitters, Inc. (a)		200		6,276
West Marine, Inc. (a)		100		762
Zumiez, Inc. (a)		64,311		866,269
				35,893,287
Textiles, Apparel & Luxury Goods - 1.6%
Alpha Pro Tech Ltd. (a)		6,100		36,539
Carter's, Inc. (a)		5,100		120,360
Cherokee, Inc.		33,325		630,842
Columbia Sportswear Company		41,900		1,594,295
Deckers Outdoor Corporation (a)		14,500		1,300,215
Fossil, Inc. (a)		6,900		184,437
Fuqi International, Inc. (a)		19,400		397,506
G-III Apparel Group Ltd. (a)		9,645		154,416
Gildan Activewear, Inc. (a)		18,835		333,945
Hanesbrands, Inc. (a)		157,086		3,396,199
Iconix Brand Group, Inc. (a)		54,850		639,551
Jones Apparel Group, Inc.		82,900		1,483,081
K-Swiss, Inc. - Class A		95,561		779,778
Liz Claiborne, Inc.		8,200		47,068
Movado Group, Inc.		47,317		495,882
Skechers U.S.A., Inc. - Class A (a)		3,300		72,006
Timberland Company (The) - Class A (a)		23,300		376,994
Volcom, Inc. (a)		53,212		883,851
Warnaco Group, Inc. (The) (a)		16,471		667,570
				13,594,535
Consumer Staples - 3.5%
Beverages - 0.3%
Boston Beer Company, Inc. - Class A (a)		161		6,118
Central European Distribution Corporation (a)		49,393		1,536,616
Constellation Brands, Inc. - Class A (a)		34,900		552,118
Cott Corporation (a)		6,900		54,510
Jones Soda Company (a)		128,277		100,056
				2,249,418
Food & Staples Retailing - 0.7%
Diedrich Coffee, Inc. (a)		600		13,080
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		126,502		1,253,635
Nash Finch Company		16,757		485,618
Rite Aid Corporation (a)		604,400		779,676
Ruddick Corporation		57,114		1,526,086
Susser Holdings Corporation (a)		700		8,323

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Consumer Staples - 3.5% (Continued)
Food & Staples Retailing - 0.7% (Continued)
United Natural Foods, Inc. (a)		44,997	$	1,084,878
Winn-Dixie Stores, Inc. (a)		31,538		349,756
				5,501,052
Food Products - 1.5%
AgFeed Industries, Inc. (a)		5,000		22,050
American Dairy, Inc. (a)		5,856		169,473
American Italian Pasta Company (a)		9,200		249,964
Cal-Maine Foods, Inc.		68,900		1,870,635
Chiquita Brands International, Inc. (a)		97,069		1,571,547
Dean Foods Company (a)		20,600		375,538
Diamond Foods, Inc.		27,321		823,728
Farmer Brothers Company		3,133		59,214
Flowers Foods, Inc.		65,977		1,541,223
Fresh Del Monte Produce, Inc. (a)		8,600		186,706
Hain Celestial Group, Inc. (The) (a)		100		1,754
Imperial Sugar Company		5,000		62,450
Lifeway Foods, Inc. (a)		3,389		40,803
Sanderson Farms, Inc.		1,700		62,203
Smithfield Foods, Inc. (a)		155,900		2,079,706
Synutra International, Inc. (a)		11,570		139,997
Tootsie Roll Industries, Inc.		37,558		931,814
Treehouse Foods, Inc. (a)		46,600		1,742,840
Tyson Foods, Inc.		79,400		994,088
Zapata Corporation (a)		256		1,748
				12,927,481
Personal Products - 0.7%
American Oriental Bioengineering, Inc. (a)		222,060		879,358
Bare Escentuals, Inc. (a)		19,500		246,285
Chattem, Inc. (a)		15,600		988,572
China Sky One Medical, Inc. (a)		13,004		154,357
China-Biotics, Inc. (a)		900		10,440
Elizabeth Arden, Inc. (a)		2,200		23,430
Female Health Company (The) (a)		900		4,167
Herbalife Ltd.		9,300		312,945
Mannatech, Inc.		72,468		246,391
Mead Johnson Nutrition Company - Class A		8,579		360,661
Medifast, Inc. (a)		500		11,010
NBTY, Inc. (a)		24,648		897,434
Nu Skin Enterprises, Inc.		200		4,552
Revlon, Inc. (a)		13,100		110,433
USANA Health Sciences, Inc. (a)		54,641		1,574,754
				5,824,789
Tobacco - 0.3%
Alliance One International, Inc. (a)		174,756		770,674
Star Scientific, Inc. (a)		458		385
Universal Corporation		29,731		1,236,512
Vector Group Ltd.		50,432		731,768
				2,739,339

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Energy - 5.0%
Energy Equipment & Services - 1.3%
Baker Hughes, Inc.		600	$	25,242
Basic Energy Services, Inc. (a)		3,800		26,600
Bronco Drilling Company, Inc. (a)		3,000		18,960
Carbo Ceramics, Inc.		35,289		2,060,525
Core Laboratories N.V.		4,400		458,920
Dawson Geophysical Company (a)		200		4,830
Dresser-Rand Group, Inc. (a)		30,800		907,676
Exterran Holdings, Inc. (a)		11,965		244,445
Global Industries Ltd. (a)		19,854		144,736
Gulf Island Fabrication, Inc.		15,313		292,784
Halliburton Company		100		2,921
Helix Energy Solutions Group, Inc. (a)		103,700		1,423,801
Hercules Offshore, Inc. (a)		10,200		52,326
Lufkin Industries, Inc.		700		39,935
NATCO Group, Inc. (a)		2,700		117,666
North American Energy Partners, Inc. (a)		2,100		11,907
OYO Geospace Corporation (a)		800		21,000
Patterson-UTI Energy, Inc.		237,200		3,695,576
Precision Drilling Trust		3,700		24,235
RPC, Inc.		2,100		19,635
Seahawk Drilling, Inc. (a)		1,082		29,214
SulphCo, Inc. (a)		279,872		279,872
Superior Well Services, Inc. (a)		109,600		1,162,856
TETRA Technologies, Inc. (a)		1,100		10,406
Trico Marine Services, Inc. (a)		11,977		73,060
Union Drilling, Inc. (a)		6,000		45,840
Unit Corporation (a)		200		7,816
Weatherford International Ltd. (a)		100		1,753
Willbros Group, Inc. (a)		8,300		109,062
				11,313,599
Oil, Gas & Consumable Fuels - 3.7%
Alpha Natural Resources, Inc. (a)		34,940		1,186,912
Arena Resources, Inc. (a)		23,400		871,884
Atlas Pipeline Partners, L.P.		9,200		64,584
Berry Petroleum Company - Class A		53,592		1,359,093
Bill Barrett Corporation (a)		100		3,098
BPZ Resources, Inc. (a)		100,862		635,431
Brigham Exploration Company (a)		2,000		19,000
Cabot Oil & Gas Corporation		100		3,847
Carrizo Oil & Gas, Inc. (a)		91,500		2,120,970
Cheniere Energy Partners, L.P.		600		6,408
Cheniere Energy, Inc. (a)		303,188		706,428
Clayton Williams Energy, Inc. (a)		700		18,340
Clean Energy Fuels Corporation (a)		300		3,480
CNX Gas Corporation (a)		100		2,786
Comstock Resources, Inc. (a)		14,100		579,369
Concho Resources, Inc. (a)		19,934		759,685
Copano Energy, LLC		18,496		315,912
Cross Timbers Royalty Trust		500		16,020

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Energy - 5.0% (Continued)
Oil, Gas & Consumable Fuels - 3.7% (Continued)
Crosstex Energy, Inc.		9,000	$	50,580
Crosstex Energy, L.P.		10,900		63,656
DCP Midstream Partners, L.P.		100		2,579
Eagle Rock Energy Partners, L.P.		13,300		63,042
Enbridge Energy Partners, L.P.		6,600		306,768
Encore Acquisition Company (a)		18,523		686,648
EOG Resources, Inc.		100		8,166
Evergreen Energy, Inc. (a)		306,822		111,683
EXCO Resources, Inc.		70,800		1,105,896
Forest Oil Corporation (a)		14,500		284,200
Frontier Oil Corporation		84,367		1,169,327
Frontline Ltd.		44,348		1,034,639
General Maritime Corporation		103,896		715,843
GeoGlobal Resources, Inc. (a)		17,923		18,281
GMX Resources, Inc. (a)		52,893		673,328
Goodrich Petroleum Corporation (a)		58,126		1,492,094
GreenHunter Energy, Inc. (a)		1,400		2,156
Harvest Natural Resources, Inc. (a)		52,151		286,309
Holly Corporation		10,500		304,605
Hugoton Royalty Trust		5,900		96,170
International Coal Group, Inc. (a)		200		818
Isramco, Inc. (a)		200		16,568
James River Coal Company (a)		12,220		232,058
Magellan Midstream Partners, L.P.		583		22,644
MarkWest Energy Partners, L.P.		24,136		579,505
Massey Energy Company		300		8,727
McMoRan Exploration Company (a)		800		6,152
Natural Resource Partners, L.P.		500		10,945
Newfield Exploration Company (a)		200		8,204
NEXEN, Inc.		400		8,588
Nordic American Tanker Shipping Ltd.		26,239		742,564
NuStar Energy, L.P.		13,415		719,849
Overseas Shipholding Group, Inc.		46,950		1,842,787
Pacific Ethanol, Inc. (a)		137,669		55,068
Patriot Coal Corporation (a)		4,600		51,980
Peabody Energy Corporation		400		15,836
Pengrowth Energy Trust		100		920
Penn Virginia Corporation		67,410		1,365,052
Permian Basin Royalty Trust		6,690		86,167
Petrohawk Energy Corporation (a)		300		7,056
Petroleum Development Corporation (a)		4,400		73,480
PetroQuest Energy, Inc. (a)		800		4,904
Plains Exploration & Production Company (a)		300		7,950
Quicksilver Resources, Inc. (a)		58,500		713,700
Rex Energy Corporation (a)		20,952		169,502
San Juan Basin Royalty Trust		2,300		40,963
SandRidge Energy, Inc. (a)		2,600		26,598
Southwestern Energy Company (a)		300		13,074
Stone Energy Corporation (a)		5,300		81,249

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Energy - 5.0% (Continued)
Oil, Gas & Consumable Fuels - 3.7% (Continued)
Suncor Energy, Inc.		200	$	6,604
Sunoco, Inc.		5,000		154,000
Swift Energy Company (a)		57,974		1,227,889
Targa Resources Partners, L.P.		4,400		87,164
Teekay Corporation		21,960		455,670
Tesoro Corporation		74,105		1,047,845
Toreador Resources Corporation		3,400		29,002
Tri-Valley Corporation (a)		62,216		149,318
Uranerz Energy Corporation (a)		6,740		10,312
Venoco, Inc. (a)		22,200		279,720
Verenium Corporation (a)		10,134		38,610
W&T Offshore, Inc.		4,100		47,765
Western Refining, Inc. (a)		3,900		21,879
Whiting Petroleum Corporation (a)		6,300		355,320
Williams Partners, L.P.		4,000		102,000
World Fuel Services Corporation		44,009		2,237,858
Zion Oil & Gas, Inc. (a)		8,400		56,532
				30,369,613
Financials - 10.9%
Capital Markets - 1.0%
Allied Capital Corporation		52,200		162,864
Apollo Investment Corporation		1,400		12,600
Ares Capital Corporation		100		1,044
BlackRock Kelso Capital Corporation		1,500		10,965
Broadpoint Gleacher Securities Group, Inc. (a)		1,200		7,644
Calamos Asset Management, Inc.		600		6,360
Eaton Vance Corporation		42,000		1,192,380
Epoch Holding Corporation		300		2,787
Federated Investors, Inc.		37,947		996,109
Fortress Investment Group, LLC - Class A (a)		5,000		20,950
Greenhill & Company, Inc.		13,000		1,120,990
Harris & Harris Group, Inc. (a)		10,503		45,058
Investment Technology Group, Inc. (a)		13,800		297,666
Knight Capital Group, Inc. (a)		21,700		365,645
LaBranche & Company, Inc. (a)		90,718		250,382
Lazard Ltd. - Class A		100		3,775
Och-Ziff Capital Management Group, LLC		9,200		111,596
Oppenheimer Holdings, Inc.		3,487		88,918
optionsXpress Holdings, Inc.		14,200		221,946
Penson Worldwide, Inc. (a)		60,060		585,585
Piper Jaffray Companies, Inc. (a)		13,075		606,549
Prospect Capital Corporation		15,700		155,901
Pzena Investment Management, Inc. (a)		12,111		89,379
Raymond James Financial, Inc.		100		2,361
Sanders Morris Harris Group, Inc.		100		581
Stifel Financial Corporation (a)		36,347		1,888,590
Thomas Weisel Partners Group, Inc. (a)		1,200		5,436
TradeStation Group, Inc. (a)		23,000		177,560
				8,431,621

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Financials - 10.9% (Continued)
Commercial Banks - 4.7%
1st United Bancorp, Inc. (a)		900	$	5,076
American National Bankshares, Inc.		198		4,243
Associated Banc-Corp		114,336		1,464,644
BancorpSouth, Inc.		35,641		804,774
Bank of the Ozarks, Inc.		10,660		242,515
BB&T Corporation		300		7,173
Boston Private Financial Holdings, Inc.		10,600		63,070
Camden National Corporation		3,466		106,510
Capital City Bank Group, Inc.		16,491		193,604
Capitol Bancorp Ltd.		10,654		23,971
Cardinal Financial Corporation		32,687		266,399
Cascade Bancorp, Inc. (a)		47,384		48,332
Chemical Financial Corporation		34,036		747,090
Citizens & Northern Corporation		700		8,526
City Bank		13,068		30,318
City National Corporation		41,500		1,563,305
Colonial Bancgroup, Inc. (The) (a)		108,955		5,339
Columbia Banking Systems, Inc.		900		13,230
Cullen/Frost Bankers, Inc.		14,365		672,138
CVB Financial Corporation		116,667		934,503
East West Bancorp, Inc.		800		7,224
Farmers Capital Bank Corporation		400		4,448
Fifth Third Bancorp		500		4,470
First Busey Corporation		48,419		187,382
First Commonwealth Financial Corporation		26,200		137,550
First Financial Bancorporation		11,434		144,983
First Financial Bankshares, Inc.		6,088		294,964
First Financial Corporation		1,108		30,725
First Horizon National Corporation (a)		97,600		1,154,608
First Midwest Bancorp, Inc.		3,000		31,200
First South Bancorp, Inc.		5,455		57,768
FNB Corporation		72,686		514,617
Frontier Financial Corporation (a)		88,593		37,625
Fulton Financial Corporation		66,185		546,688
Glacier Bancorp, Inc.		67,915		889,007
Great Southern Bancorp, Inc.		25,142		576,255
Hancock Holding Company		27,969		1,014,436
Harleysville National Corporation		87,784		505,636
IberiaBank Corporation		27,468		1,189,639
Lakeland Bancorp, Inc.		100		608
MainSource Financial Group, Inc.		6,633		38,670
Marshall & Ilsley Corporation		1,100		5,852
MB Financial, Inc.		2,400		42,912
Metro Bancorp, Inc. (a)		800		9,464
Midwest Bank Holdings, Inc. (a)		5,300		2,650
Nara Bancorp, Inc.		2,000		14,720
National Penn Bancshares, Inc.		1,900		10,678
NBT Bancorp, Inc.		38,029		829,032
Old Second Bancorp, Inc.		38,424		205,568

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Financials - 10.9% (Continued)
Commercial Banks - 4.7% (Continued)
Oriental Financial Group, Inc.		900	$	9,585
Pacific Continental Corporation		2,000		21,800
PacWest Bancorp		52,124		885,066
Park National Corporation		52,700		3,060,816
Pinnacle Financial Partners, Inc. (a)		57,408		729,082
PNC Bank Corporation		900		44,046
PrivateBancorp, Inc.		83,776		764,875
Prosperity Bancshares, Inc.		29,500		1,055,805
Regions Financial Corporation		2,000		9,680
Renasant Corporation		12,792		187,275
Republic Bancorp, Inc. - Class A		1,099		20,211
S&T Bancorp, Inc.		64,626		1,017,859
S.Y. Bancorp, Inc.		4,230		94,540
Sandy Spring Bancorp, Inc.		45,091		521,252
SCBT Financial Corporation		9,408		243,385
Security Bank Corporation (a)		32,973		824
Southwest Bancorp, Inc.		1,800		17,712
StellarOne Corporation		8,589		91,129
Sterling Bancshares, Inc.		700		3,899
Suffolk Bancorp		23,885		667,825
Sun Bancorp, Inc. (a)		10,888		44,205
Susquehanna Bancshares, Inc.		192,706		1,061,810
SVB Financial Group (a)		10,200		420,750
Synovus Financial Corporation		16,100		35,742
TCF Financial Corporation		107,310		1,269,477
Texas Capital Bancshares, Inc. (a)		28,200		410,874
Tompkins Financial Corporation		6,546		283,900
Towne Bank		16,844		194,380
Trustmark Corporation		55,601		1,053,639
UCBH Holdings, Inc.		45,933		45,014
Umpqua Holdings Corporation		103,736		1,028,024
Union Bankshares Corporation		2,618		32,254
United Bankshares, Inc.		59,203		1,056,774
United Community Banks, Inc. (a)		133,291		541,161
United Security Bancshares		51		1,056
United Security Bancshares, Inc. (a)		1,890		4,725
Univest Corporation of Pennsylvania		4,400		84,612
US Bancorp		100		2,322
Valley National Bancorp		86,502		1,148,747
W Holding Company, Inc.		6,898		76,706
Webster Financial Corporation		98,335		1,112,169
Westamerica Bancorporation		21,680		1,036,304
Whitney Holding Corporation		111,208		893,000
Wilmington Trust Corporation		61,500		741,075
Wilshire Bancorp, Inc.		41,305		290,787
Zions Bancorporation		55,700		788,712
				38,799,024
Consumer Finance - 0.2%
Capital One Financial Corporation		200		7,320

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Financials - 10.9% (Continued)
Consumer Finance - 0.2% (Continued)
Cash America International, Inc.		33,582	$	1,016,191
CompuCredit Holdings Corporation (a)		65,321		214,253
Credit Acceptance Corporation (a)		100		3,437
Dollar Financial Corporation (a)		1,500		28,155
EZCORP, Inc. - Class A (a)		6,500		84,305
SLM Corporation (a)		800		7,760
World Acceptance Corporation (a)		2,500		62,725
				1,424,146
Diversified Financial Services - 0.5%
Asset Acceptance Capital Corporation (a)		27,774		201,917
Asta Funding, Inc.		3,102		20,256
Financial Federal Corporation		35,570		726,340
Interactive Brokers Group, Inc. - Class A (a)		27,878		446,327
Life Partners Holdings, Inc.		36,966		628,052
Moody's Corporation		1,000		23,680
MSCI, Inc. (a)		7,700		234,080
PHH Corporation (a)		98,830		1,597,093
				3,877,745
Insurance - 0.9%
AFLAC, Inc.		200		8,298
American International Group, Inc. (a)		3,000		100,860
Assurant, Inc.		16,600		496,838
Citizens, Inc. (a)		200		1,206
Endurance Specialty Holdings Ltd.		33,285		1,197,927
FBL Financial Group, Inc. - Class A		1,000		20,150
First Acceptance Corporation (a)		3,004		6,609
First American Corporation		27,892		847,638
Genworth Financial, Inc. (a)		800		8,496
Hanover Insurance Group, Inc. (The)		23,599		992,574
Hartford Financial Services Group, Inc.		300		7,356
LandAmerica Financial Group, Inc. (a)		92,077		2,854
Lincoln National Corporation		100		2,383
Marsh & McLennan Companies, Inc.		300		7,038
National Financial Partners Corporation (a)		200		1,630
National Interstate Corporation		3,188		57,735
NYMAGIC, INC.		400		5,716
Old Republic International Corporation		21,800		232,824
PMA Capital Corporation (a)		5,900		28,202
Presidential Life Corporation		2,500		23,325
Principal Financial Group, Inc.		300		7,512
Protective Life Corporation		8,175		157,369
Prudential Financial, Inc.		100		4,523
Stewart Information Services Corporation		600		5,364
Torchmark Corporation		43,800		1,778,280
United America Indemnity Ltd. - Class A (a)		11,816		82,830
United Fire & Casualty Company		100		1,748
Zenith National Insurance Corporation		36,563		1,043,142
				7,130,427

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Financials - 10.9% (Continued)
Real Estate Investment Trusts - 2.5%
Alesco Financial, Inc. (a)		135,609	$	101,707
Alexandria Real Estate Equities, Inc.		19,800		1,072,566
American Campus Communities, Inc.		23,900		645,778
Anthracite Capital, Inc. (a)		73,855		53,176
Apartment Investment & Management Company		1,800		22,230
Arbor Realty Trust, Inc.		71,908		143,816
Ashford Hospitality Trust (a)		226,819		870,985
Associated Estates Realty Corporation		600		5,472
BioMed Realty Trust, Inc.		900		12,213
Boston Properties, Inc.		300		18,231
BRE Properties, Inc.		300		8,169
Capital Trust, Inc. (a)		73,177		143,427
CapLease, Inc.		23,725		81,377
Capstead Mortgage Corporation		22,400		294,784
Care Investment Trust, Inc.		300		2,403
CBL & Associates Properties, Inc.		2,500		20,400
Cedar Shopping Centers, Inc.		3,900		23,673
Developers Diversified Realty Corporation		135,000		1,159,650
Digital Realty Trust, Inc.		23,200		1,047,016
Douglas Emmett, Inc.		32,100		378,780
Duke Realty Corporation		600		6,744
Entertainment Properties Trust		100		3,402
Equity One, Inc.		106,800		1,593,456
Equity Residential		300		8,664
Essex Property Trust, Inc.		12,300		924,714
Federal Realty Investment Trust		22,000		1,298,660
First Industrial Realty Trust, Inc.		8,800		38,280
First Potomac Realty Trust		100		1,135
Hatteras Financial Corporation		800		22,480
HCP, Inc.		100		2,959
Healthcare Realty Trust, Inc.		40,273		838,886
Hospitality Properties Trust		7,000		135,170
iStar Financial, Inc. (a)		346,510		724,206
Kilroy Realty Corporation		100		2,762
Kimco Realty Corporation		2,900		36,656
Lasalle Hotel Properties		14,000		240,240
Lexington Realty Trust		2,989		12,524
Mack-Cali Realty Corporation		20,000		619,000
MFA Financial, Inc.		82,200		609,924
Mid-America Apartment Communities, Inc.		18,400		806,288
NorthStar Realty Finance Corporation		58,030		204,846
Parkway Properties, Inc.		900		15,885
Pennsylvania Real Estate Investment Trust		141,038		1,033,808
Plum Creek Timber Company, Inc.		300		9,387
Post Properties, Inc.		400		6,596
Prologis		1,900		21,527
Ramco-Gershenson Properties Trust		2,000		17,680
Rayonier, Inc.		8,600		331,788
Realty Income Corporation		121,337		2,812,592

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Financials - 10.9% (Continued)
Real Estate Investment Trusts - 2.5% (Continued)
Regency Centers Corporation		27,500	$	922,625
Senior Housing Properties Trust		25,500		491,640
Simon Property Group, Inc.		200		13,578
Sun Communities, Inc.		26,962		470,217
Sunstone Hotel Investors, Inc.		3,800		28,690
Taubman Centers		300		9,153
UDR, Inc.		1,800		25,884
U-Store-It Trust		2,800		15,960
Vornado Realty Trust		100		5,956
Walter Investment Management Corporation		14,941		194,532
Weingarten Realty Investors		300		5,550
				20,669,897
Real Estate Management & Development - 0.4%
Brookfield Properties Corporation		1,500		15,240
CB Richard Ellis Group, Inc. - Class A (a)		134,800		1,395,180
Jones Lang Lasalle, Inc.		18,700		876,095
MI Developments, Inc. - Class A		700		9,940
St. Joe Company (The) (a)		59,567		1,426,034
				3,722,489
Thrifts & Mortgage Finance - 0.7%
Astoria Financial Corporation		97,130		969,357
Brookline Bancorp, Inc.		22,355		218,855
Downey Financial Corporation (a)		42,834		2,142
First Financial Holdings, Inc.		6,980		94,160
First Niagra Financial Group, Inc.		63,124		810,512
FirstFed Financial Corporation (a)		23,697		8,531
Guaranty Financial Group, Inc. (a)		62,759		4,268
MGIC Investment Corporation (a)		77,500		334,025
NASB Financial, Inc.		441		10,849
NewAlliance Bancshares, Inc.		158,449		1,755,615
OceanFirst Financial Corporation		2,680		25,460
Ocwen Financial Corporation (a)		1,000		10,930
Oritani Financial Corporation		200		2,562
Provident Financial Services, Inc.		900		9,675
Provident New York Bancorp		200		1,706
Prudential Bancorp, Inc. of Pennsylvania		166		1,629
Radian Group, Inc.		137,376		795,407
Rockville Financial, Inc.		2,842		29,415
TFS Financial Corporation		3,200		37,312
Tree.Com, Inc. (a)		900		7,029
Triad Guaranty, Inc. (a)		22,450		15,800
TrustCo Bank Corporation		88,254		525,111
ViewPoint Financial Group		10,190		136,546
WSFS Financial Corporation		500		13,800
				5,820,696
Health Care - 9.0%
Biotechnology - 3.3%
Abraxis BioScience, Inc. (a)		1,700		53,074
Acorda Therapeutics, Inc. (a)		47,649		1,035,413

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Health Care - 9.0% (Continued)
Biotechnology - 3.3% (Continued)
Affymax, Inc. (a)		1,600	$	32,224
Alexion Pharmaceuticals, Inc. (a)		11,000		488,510
Alkermes, Inc. (a)		26,800		213,596
Allos Therapeutics, Inc. (a)		66,900		377,985
Alnylam Pharmaceuticals, Inc. (a)		81,051		1,381,109
AMAG Pharmaceuticals, Inc. (a)		56,522		2,135,401
Amicus Therapeutics, Inc. (a)		13,330		51,187
Antigenics, Inc. (a)		12,200		12,200
Array BioPharma, Inc. (a)		226,079		404,681
Avi Biopharma, Inc. (a)		26,900		39,543
BioCryst Pharmaceuticals, Inc. (a)		70,669		631,074
BioMarin Pharmaceutical, Inc. (a)		2,350		36,566
BioSante Pharmaceuticals, Inc. (a)		18,808		28,588
Cell Therapeutics, Inc. (a)		72,486		68,862
Celldex Therapeutics, Inc. (a)		900		3,924
Clinical Data, Inc. (a)		15,785		249,087
Cytori Therapeutics, Inc. (a)		41,200		135,548
Dendreon Corporation (a)		37,300		942,571
Dyax Corporation (a)		89,061		279,652
Emergent BioSolutions, Inc. (a)		500		7,210
Enzon Pharmaceuticals, Inc. (a)		124,330		1,043,129
Facet Biotech Corporation (a)		5,100		87,363
Genomic Health, Inc. (a)		16,999		315,671
GenVec, Inc. (a)		70,332		52,749
Geron Corporation (a)		212,532		1,298,570
GTx, Inc. (a)		99,402		892,630
Halozyme Therapeutics, Inc. (a)		93,201		564,798
Human Genome Sciences, Inc. (a)		1,000		18,690
Idenix Pharmaceuticals Inc (a)		7,545		16,750
Idera Pharmaceuticals, Inc. (a)		38,358		204,832
Immunomedics, Inc. (a)		1,800		6,408
InterMune, Inc. (a)		144,950		1,750,996
Introgen Therapeutics, Inc. (a)		99,112		1,487
Isis Pharmaceuticals, Inc. (a)		160,879		2,038,337
Martek Biosciences Corporation (a)		51,736		929,179
Maxygen, Inc. (a)		1,700		9,486
Medivation, Inc. (a)		50,797		1,296,339
Metabolix, Inc. (a)		98,900		1,002,846
Micromet, Inc. (a)		1,800		9,198
Momenta Pharmaceuticals, Inc. (a)		87,788		800,627
Myriad Pharmaceuticals, Inc. (a)		2,700		14,904
Nanosphere, Inc. (a)		1,900		12,692
Neurocrine Biosciences, Inc. (a)		143,289		318,102
Novavax, Inc. (a)		99,000		380,160
NPS Pharmaceuticals, Inc. (a)		61,329		194,413
Omeros Corporation (a)		1,600		8,640
OncoGenex Pharmaceutical, Inc. (a)		1,300		37,843
Oncothyreon, Inc. (a)		6,600		23,298
Onyx Pharmaceuticals, Inc. (a)		100		2,660

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Health Care - 9.0% (Continued)
Biotechnology - 3.3% (Continued)
Orexigen Therapeutics, Inc. (a)		500	$	3,230
Osiris Therapeutics, Inc. (a)		76,179		483,737
Poniard Pharmaceuticals, Inc. (a)		3,200		20,960
Progenics Pharmaceuticals, Inc. (a)		45,985		192,677
Protalix BioTherapeutics, Inc. (a)		2,300		21,804
Regeneron Pharmaceuticals, Inc. (a)		2,300		36,110
Rigel Pharmaceuticals, Inc. (a)		190,567		1,221,534
Seattle Genetics, Inc. (a)		2,100		19,068
Sinovac Biotech Ltd. (a)		300		2,223
Spectrum Pharmaceuticals, Inc. (a)		900		3,735
StemCells, Inc. (a)		314,434		358,455
Theravance, Inc. (a)		69,037		964,447
United Therapeutics Corporation (a)		35,679		1,517,785
ZymoGenetics, Inc. (a)		28,393		132,027
				26,918,594
Health Care Equipment & Supplies - 1.9%
Abaxis, Inc. (a)		4,100		93,562
Abiomed, Inc. (a)		95,859		867,524
Boston Scientific Corporation (a)		3,000		24,360
Bovie Medical Corporation (a)		5,530		44,295
Cantel Medical Corporation (a)		600		9,636
Cardiovascular Systems, Inc. (a)		900		4,401
Conceptus, Inc. (a)		2,700		47,358
CryoLife, Inc. (a)		9,300		55,800
Cyberonics, Inc. (a)		54,538		788,619
Endologix, Inc. (a)		200		952
ev3, Inc. (a)		33,600		395,808
Exactech, Inc. (a)		500		7,500
Gen-Probe, Inc. (a)		20,800		867,776
Greatbatch, Inc. (a)		57,089		1,122,941
Hansen Medical, Inc. (a)		83,747		214,392
Hill-Rom Holdings, Inc.		7,647		149,805
ICU Medical, Inc. (a)		16,478		576,730
IDEXX Laboratories, Inc. (a)		27,300		1,395,576
Insulet Corporation (a)		150,295		1,668,274
Integra LifeSciences Holdings Corporation (a)		3,600		109,944
Masimo Corporation (a)		33,200		882,124
Meridian Bioscience, Inc.		40,079		889,353
NeuroMetrix, Inc. (a)		24,036		62,494
Palomar Medical Technologies, Inc. (a)		4,800		48,768
Quidel Corporation (a)		5,200		74,360
ResMed, Inc. (a)		10,300		506,863
Sirona Dental Systems, Inc. (a)		3,500		94,185
Somanetics Corporation (a)		400		5,980
SonoSite, Inc. (a)		24,558		608,793
Stereotaxis, Inc. (a)		192,598		695,279
SurModics, Inc. (a)		34,200		875,862
Symmetry Medical, Inc. (a)		1,000		8,000
Syneron Medical Ltd. (a)		900		9,900

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Health Care - 9.0% (Continued)
Health Care Equipment & Supplies - 1.9% (Continued)
Thoratec Corporation (a)		29,318	$	769,891
Utah Medical Products, Inc.		100		2,924
Varian Medical Systems, Inc. (a)		300		12,294
Volcano Corporation (a)		62,705		899,817
West Pharmaceutical Services, Inc.		21,207		837,040
				15,729,180
Health Care Providers & Services - 1.8%
Air Methods Corporation (a)		5,621		171,665
Alliance Healthcare Services, Inc. (a)		300		1,632
Allion Healthcare, Inc. (a)		900		5,796
Almost Family, Inc. (a)		1,800		54,630
Amedisys, Inc. (a)		45,200		1,798,508
AMERIGROUP Corporation (a)		9,900		218,295
AMN Healthcare Services, Inc. (a)		4,800		39,936
Assisted Living Concepts, Inc. (a)		300		6,216
Bio-Reference Labs, Inc. (a)		29,380		949,855
BioScrip, Inc. (a)		1,900		14,326
Cardionet, Inc. (a)		33,700		199,167
Catalyst Health Solutions, Inc. (a)		4,300		134,891
Community Health Systems, Inc. (a)		14,888		465,697
Coventry Health Care, Inc. (a)		200		3,966
Cross Country Healthcare, Inc. (a)		900		7,434
Emeritus Corporation (a)		46,427		866,328
Genoptix, Inc. (a)		26,255		913,412
Health Net, Inc. (a)		400		5,964
HealthSouth Corporation (a)		81,876		1,196,208
Healthways, Inc. (a)		23,480		377,558
HMS Holdings Corporation (a)		22,300		957,339
Kindred Healthcare, Inc. (a)		800		11,760
Landauer, Inc.		210		10,876
LCA-Vision, Inc. (a)		40,223		181,004
LHC Group, Inc. (a)		500		13,955
LifePoint Hospitals, Inc. (a)		10,800		305,964
Magellan Health Services, Inc. (a)		38,126		1,224,988
MedCath Corporation (a)		700		5,747
Molina Healthcare, Inc. (a)		10,400		194,688
NightHawk Radiology Holdings, Inc. (a)		300		1,797
Omnicare, Inc.		22,700		491,909
PharMerica Corporation (a)		47,365		730,842
PSS World Medical, Inc. (a)		55,000		1,112,100
Rural/Metro Corporation (a)		1,400		7,070
Sharps Compliance Corporation (a)		2,400		21,264
Skilled Healthcare Group, Inc. - Class A (a)		1,100		8,844
Sun Healthcare Group, Inc. (a)		700		6,356
Triple-S Management Corporation (a)		19,823		331,044
Universal Health Services, Inc. - Class B		6,900		383,985
VCA Antech, Inc. (a)		51,200		1,219,584
Virtual Radiologic Corporation (a)		1,300		16,705
				14,669,305

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Health Care - 9.0% (Continued)
Health Care Technology - 0.6%
Allscripts-Misys Healthcare Solutions, Inc. (a)		900	$	17,550
AMICAS, Inc. (a)		10,800		34,020
athenahealth, Inc. (a)		18,441		693,566
Computer Programs and Systems, Inc.		49,807		2,103,848
Eclipsys Corporation (a)		10,400		195,000
IMS Health, Inc.		500		8,195
MedAssets, Inc. (a)		4,300		94,342
MedQuist, Inc.		300		1,734
Phase Forward, Inc. (a)		99,000		1,297,890
SXC Health Solutions Corporation (a)		800		36,544
Transcend Services, Inc. (a)		7,479		136,492
Vital Images, Inc. (a)		22,221		253,541
				4,872,722
Life Sciences Tools & Services - 0.7%
Affymetrix, Inc. (a)		51,400		268,822
Albany Molecular Research (a)		900		7,326
Biodelivery Sciences International, Inc. (a)		100		398
Covance, Inc. (a)		25,900		1,338,512
Enzo Biochem, Inc. (a)		8,992		49,546
eResearchTechnology, Inc. (a)		300		2,220
Kendle International, Inc. (a)		3,600		60,768
Life Sciences Research, Inc. (a)		100		843
Luminex Corporation  (a)		53,808		792,054
MDS, Inc. (a)		1,800		14,346
Parexel International Corporation (a)		2,200		27,544
PerkinElmer, Inc.		38,200		710,902
Pharmaceutical Product Development, Inc.		66,900		1,441,695
Sequenom, Inc. (a)		420,148		1,159,608
Varian, Inc. (a)		2,600		133,120
				6,007,704
Pharmaceuticals - 0.7%
Acura Pharmaceuticals, Inc. (a)		1,918		7,940
Ardea Biosciences, Inc. (a)		600		8,100
Biovail Corporation		62,500		841,250
Cadence Pharmaceuticals, Inc. (a)		49,823		449,902
Cypress Bioscience, Inc. (a)		108,931		668,836
DepoMed, Inc. (a)		16,189		50,348
ISTA Pharmaceuticals, Inc. (a)		3,200		11,712
Javelin Pharmaceuticals, Inc. (a)		82,274		108,602
Jazz Pharmaceuticals, Inc. (a)		7,728		48,532
MAP Pharmaceuticals, Inc. (a)		1,500		12,330
Medicines Company (The) (a)		9,603		69,045
Nektar Therapeutics (a)		63,207		513,241
Optimer Pharmaceuticals, Inc. (a)		15,321		177,111
Pain Therapeutics, Inc. (a)		1,100		5,577
POZEN, Inc. (a)		112,873		641,118
Questcor Pharmaceuticals, Inc. (a)		2,900		13,166
Valeant Pharmaceuticals International (a)		53,617		1,576,340
ViroPharma, Inc. (a)		3,000		22,620

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Health Care - 9.0% (Continued)
Pharmaceuticals - 0.7% (Continued)
XenoPort, Inc. (a)		39,628	$	662,184
				5,887,954
Industrials - 9.4%
Aerospace & Defense - 0.8%
AAR Corporation (a)		45,543		893,098
AeroVironment, Inc. (a)		100		2,666
Alliant Techsystems, Inc. (a)		25,327		1,969,934
Ascent Solar Technologies, Inc. (a)		14,600		73,730
BE Aerospace, Inc. (a)		51,700		916,641
Boeing Company (The)		200		9,560
GeoEye, Inc. (a)		80,016		2,030,006
HEICO Corporation		6,740		256,322
Hi-Shear Technology Corporation		3,200		61,472
Kratos Defense & Security Solutions, Inc. (a)		6,800		73,984
Stanley, Inc. (a)		100		2,825
Taser International, Inc. (a)		146,653		599,811
				6,890,049
Air Freight & Logistics - 0.2%
Dynamex, Inc. (a)		4,687		86,850
Forward Air Corporation		61,879		1,320,498
Park-Ohio Holdings Corporation (a)		3,800		23,636
				1,430,984
Airlines - 0.3%
AirTran Holdings, Inc. (a)		900		3,807
Alaska Air Group, Inc. (a)		8,700		223,764
Allegiant Travel Company (a)		51,690		1,949,230
AMR Corporation (a)		17,400		93,786
Continental Airlines, Inc. - Class B (a)		2,600		29,900
Delta Air Lines, Inc. (a)		2,800		19,992
Hawaiian Holdings, Inc. (a)		43,200		306,288
Republic Airways Holdings, Inc. (a)		3,300		26,433
Southwest Airlines Company		2,400		20,160
UAL Corporation (a)		19,200		124,992
				2,798,352
Building Products - 0.8%
AAON, Inc.		50,060		901,580
American Woodmark Corporation		33,795		664,748
Apogee Enterprises, Inc.		63,600		842,064
Builders FirstSource, Inc. (a)		90,502		352,053
Gilbraltar Industries, Inc.		2,100		22,722
Lennox International, Inc.		8,100		272,727
Masco Corporation		200		2,350
NCI Building Systems, Inc. (a)		12,500		24,500
Simpson Manufacturing Company, Inc.		38,500		900,515
Trex Company, Inc. (a)		55,445		882,130
Universal Forest Products, Inc.		6,875		245,300
USG Corporation (a)		124,849		1,640,516
				6,751,205

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Industrials - 9.4% (Continued)
Commercial Services & Supplies - 0.7%
ABM Industries, Inc.		47,943	$	900,370
ACCO Brands Corporation (a)		1,600		9,696
American Reprographics Company (a)		6,000		36,000
APAC Customer Services, Inc. (a)		50,068		322,939
Avery Dennison Corporation		100		3,565
Bowne & Company, Inc. (a)		1,600		10,448
Brink's Company (The)		41,800		991,914
Courier Corporation		1,400		20,762
Document Security Systems, Inc. (a)		25,493		70,870
EnergySolutions, Inc.		1,000		8,340
EnerNOC, Inc. (a)		400		11,492
Fuel Tech, Inc. (a)		77,644		898,341
Herman Miller, Inc.		200		3,090
HNI Corporation		4,963		130,626
InnerWorkings, Inc. (a)		50,041		257,711
Knoll, Inc.		300		2,940
Metalico, Inc. (a)		34,055		137,582
Mine Safety Appliances Company		1,400		35,686
Mobile Mini, Inc. (a)		59,559		863,605
Multi-Color Corporation		4,100		54,407
Perma-Fix Environmental Services, Inc. (a)		12,689		29,946
Prg-Schultz International, Inc. (a)		400		2,072
Schawk, Inc.		1,300		12,766
Steelcase, Inc. - Class A		187,028		1,079,152
Viad Corporation		8,252		144,410
Waste Services, Inc. (a)		300		1,968
				6,040,698
Construction & Engineering - 0.5%
Foster Wheeler AG (a)		300		8,397
Granite Construction, Inc.		39,788		1,136,345
Insituform Technologies, Inc. - Class A (a)		35,982		762,818
KHD Humboldt Wedag International Ltd. (a)		300		2,748
MasTec, Inc. (a)		600		7,080
Michael Baker Corporation (a)		200		7,140
Tutor Perini Corporation (a)		59,200		1,044,880
URS Corporation (a)		19,732		766,786
				3,736,194
Electrical Equipment - 1.3%
A.O. Smith Corporation		29,399		1,165,082
A123 Systems, Inc. (a)		1,900		37,354
Acuity Brands, Inc.		58,046		1,837,736
Advanced Battery Technologies, Inc. (a)		134,958		453,459
A-Power Energy Generation Systems Ltd. (a)		7,200		77,760
Belden, Inc.		3,300		75,735
Broadwind Energy, Inc. (a)		1,300		7,592
C&D Technologies, Inc. (a)		78,943		144,466
Canadian Solar, Inc. (a)		1,400		20,412
Encore Wire Corporation		40,328		836,806
Ener1, Inc. (a)		77,600		387,224

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Industrials - 9.4% (Continued)
Electrical Equipment - 1.3% (Continued)
Energy Conversion Devices, Inc. (a)		92,378	$	994,911
Evergreen Solar, Inc. (a)		471,040		683,008
First Solar, Inc. (a)		400		48,772
FuelCell Energy, Inc. (a)		19,400		64,602
GT Solar International, Inc. (a)		75,463		396,181
Harbin Electric, Inc. (a)		400		6,372
Jinpan International Ltd.		1,200		36,432
Lihua International, Inc (a)		3,200		22,368
Lime Energy Company (a)		4,100		26,035
Medis Technologies Ltd. (a)		63,019		11,343
Orion Energy Systems, Inc. (a)		17,310		65,951
Polypore International, Inc. (a)		43,646		478,360
Solarfun Power Holdings Company Ltd. - ADR (a)		89,098		423,216
SunPower Corporation - Class A (a)		66,980		1,661,774
SunPower Corporation - Class B (a)		17,100		370,386
Thomas & Betts Corporation (a)		10,300		352,363
Ultralife Corporation (a)		36,299		132,854
UQM Technologies, Inc. (a)		13,600		63,920
Valence Technology, Inc. (a)		115,441		148,919
				11,031,393
Industrial Conglomerates - 0.0%
General Electric		300		4,278
Icahn Enterprises, L.P.		200		7,710
Standex International Corporation		500		8,790
Textron, Inc.		1,600		28,448
				49,226
Machinery - 1.6%
AGCO Corporation (a)		12,900		362,619
Albany International Corporation - Class A		800		13,328
Altra Holdings, Inc. (a)		300		2,631
American Railcar Industries, Inc.		200		2,000
Astec Industries, Inc. (a)		45,736		1,051,928
Basin Water, Inc. (a)		46,221		837
Briggs & Stratton Corporation		2,600		48,620
Cascade Corporation		100		2,484
Caterpillar, Inc.		200		11,012
Chart Industries, Inc. (a)		16,497		326,146
China Fire & Security Group, Inc. (a)		4,100		58,302
China Yuchai International Ltd.		1,300		13,910
CNH Global N.V. (a)		1,700		32,487
Columbus McKinnon Corporation (a)		25,483		421,744
Crane Company		100		2,785
Energy Recovery, Inc. (a)		53,404		297,994
EnPro Industries, Inc. (a)		9,473		213,900
ESCO Technologies, Inc. (a)		29,150		1,145,012
Federal Signal Corporation		52,270		320,938
Gorman-Rupp Company (The)		30,391		750,354
Graham Corporation		17,055		241,669
Harsco Corporation		100		3,149

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Industrials - 9.4% (Continued)
Machinery - 1.6% (Continued)
Hurco Companies, Inc. (a)		3,676	$	58,448
Kadant. Inc. (a)		3,000		38,670
Kaydon Corporation		16,291		570,022
Lindsay Corporation		500		16,415
Middleby Corporation (The) (a)		20,945		949,018
Mueller Water Products, Inc. - Class A		2,900		12,992
NACCO Industries, Inc.		300		17,880
Navistar International Corporation (a)		56,540		1,873,736
Oshkosh Corporation		11,800		368,868
Pentair, Inc.		5,900		171,690
PMFG, Inc. (a)		2,500		36,175
Robbins & Myers, Inc.		1,900		44,080
Sauer-Danfoss, Inc.		9,300		66,960
SmartHeat, Inc. (a)		28,540		255,148
Snap-on, Inc.		100		3,653
SPX Corporation		9,350		493,493
Stanley Works (The)		7,000		316,610
Sun Hydraulics Corporation		30,793		586,914
Tecumseh Products Company - Class A (a)		5,100		53,295
Tennant Company		600		15,996
Terex Corporation (a)		24,200		489,324
Titan International, Inc.		400		3,360
Trinity Industries, Inc.		34,900		589,112
Twin Disc, Inc.		2,400		22,536
Wabtec Corporation		16,400		602,864
				12,981,108
Marine - 0.3%
Alexander & Baldwin, Inc.		32,883		948,017
American Commercial Lines, Inc. (a)		24,525		526,061
Danaos Corporation		3,600		14,760
Excel Maritime Carriers Ltd.		100,705		567,976
				2,056,814
Professional Services - 1.4%
Acacia Research Corporation (a)		25,765		195,814
Administaff, Inc.		66,469		1,649,761
Barrett Business Services, Inc.		1,049		12,168
COMSYS IT Partners, Inc. (a)		6,544		44,826
Corporate Executive Board Company (The)		44,868		1,077,281
CoStar Group, Inc. (a)		31,294		1,214,833
CRA International, Inc. (a)		20,668		511,533
Exponent, Inc. (a)		4,195		109,112
GP Strategies Corporation (a)		14,142		99,560
Heidrick & Struggles International, Inc.		83,629		2,288,089
Hill International, Inc. (a)		6,400		43,008
Huron Consulting Group, Inc. (a)		9,000		208,800
Korn/Ferry International  (a)		500		7,980
MPS Group, Inc. (a)		91,680		1,239,514
On Assignment, Inc. (a)		1,600		9,664
Resources Connection, Inc. (a)		40,271		695,480

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Industrials - 9.4% (Continued)
Professional Services - 1.4% (Continued)
School Specialty, Inc. (a)		37,395	$	832,039
TrueBlue, Inc. (a)		97,139		1,175,382
Volt Information Sciences, Inc. (a)		700		5,677
				11,420,521
Road & Rail - 0.9%
Avis Budget Group, Inc. (a)		249,490		2,095,716
Celadon Group, Inc. (a)		7,400		72,224
Con-Way, Inc.		42,881		1,414,644
Dollar Thrifty Automotive Group, Inc. (a)		72,750		1,346,603
Kansas City Southern (a)		33,700		816,551
Knight Transportation, Inc.		7,000		112,280
Ryder System, Inc.		200		8,110
Saia, Inc. (a)		43,612		639,352
Werner Enterprises, Inc.		16,300		305,625
YRC Worldwide, Inc. (a)		266,163		971,495
				7,782,600
Trading Companies & Distributors - 0.6%
Beacon Roofing Supply, Inc. (a)		62,807		901,908
GATX Corporation		84,266		2,290,350
Houston Wire & Cable Company		800		9,672
Lawson Products, Inc.		1,460		22,703
MSC Industrial Direct Company, Inc.		5,400		232,470
TAL International Group, Inc.		300		3,558
Titan Machinery, Inc. (a)		43,012		461,519
Watsco, Inc.		19,348		991,005
WESCO International, Inc. (a)		13,300		339,948
				5,253,133
Transportation Infrastructure - 0.0%
Macquarie Infrastructure Company, LLC		300		2,421
Information Technology - 7.7%
Communications Equipment - 0.6%
Acme Packet, Inc. (a)		300		2,937
ADTRAN, Inc.		59,058		1,360,697
Airvana, Inc. (a)		10,200		62,322
Alvarion Ltd. (a)		7,800		30,654
Aruba Networks, Inc. (a)		16,500		129,030
Avocent Corporation (a)		400		9,948
Brocade Communications Systems, Inc. (a)		1,800		15,444
Cogo Group, Inc. (a)		1,400		7,854
CommScope, Inc. (a)		22,311		602,843
Comtech Telecommunications Corporation (a)		1,000		32,120
DG FastChannel, Inc. (a)		5,483		114,979
F5 Networks, Inc. (a)		200		8,978
Harmonic, Inc. (a)		7,400		38,850
Infinera Corporation (a)		117,937		876,272
InterDigital, Inc. (a)		800		16,448
Ixia (a)		16,945		112,684

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares			Value
Information Technology - 7.7% (Continued)
Communications Equipment - 0.6% (Continued)
JDS Uniphase Corporation (a)		18,200	��	$	101,738
Loral Space & Communications, Inc. (a)		200			5,284
Network Equipment Technologies, Inc. (a)		300			990
ParkerVision, Inc. (a)		26,416			73,172
Plantronics, Inc.		9,100			219,401
Qiao Xing Mobile Communication Company Ltd. (a)		400			1,208
Riverbed Technology, Inc. (a)		200			4,098
ShoreTel, Inc. (a)		800			5,256
Starent Networks Corporation (a)		1,100			37,114
Telestone Technologies Corporation (a)		1,100			8,921
Telkonet, Inc. (a)		156,779			54,873
UTStarcom, Inc. (a)		456,646			826,529
					4,760,644
Computers & Peripherals - 1.2%
3PAR, Inc. (a)		200			1,882
Avid Technology, Inc. (a)		131,656			1,662,815
Dell, Inc. (a)		300			4,347
Electronics for Imaging, Inc. (a)		27,354			318,948
Hutchinson Technology, Inc. (a)		2,100			12,222
Imation Corporation		101,656			896,606
Immersion Corporation (a)		41,500			152,305
Intevac, Inc. (a)		12,806			130,621
Lexmark International, Inc. - Class A (a)		46,200			1,178,100
Logitech International S.A. (a)		19,700			334,900
NCR Corporation (a)		33,500			340,025
NetApp, Inc. (a)		100			2,705
Netezza Corporation (a)		125,780			1,162,207
QLogic Corporation (a)		52,300			917,342
Silicon Graphics International Corporation (a)		2,200			13,112
STEC, Inc. (a)		300			6,396
Stratasys, Inc. (a)		66,927			1,056,108
Synaptics, Inc. (a)		64,787			1,457,708
					9,648,349
Electronic Equipment, Instruments & Components - 1.2%
Agilysys, Inc.		5,800			27,318
Arrow Electronics, Inc. (a)		9,300			235,662
China Security & Surveillance Technology, Inc. (a)		3,100			16,213
Cognex Corporation		56,151			903,470
Coherent, Inc. (a)		25,991			653,154
Daktronics, Inc.		68,187			512,766
Dolby Laboratories, Inc. - Class A (a)		3,300			138,402
DTS, Inc. (a)		45,340			1,280,855
Echelon Corporation (a)		39,339			536,977
FLIR Systems, Inc. (a)		500			13,905
Ingram Micro, Inc. - Class A (a)		26,600			469,490
Itron, Inc. (a)		18,400			1,104,736
Littelfuse, Inc. (a)		33,045			910,720
Maxwell Technologies, Inc. (a)		12,384			222,045
Measurement Specialties, Inc. (a)		1,600			12,336

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Information Technology - 7.7% (Continued)
Electronic Equipment, Instruments & Components - 1.2% (Continued)
MTS Systems Corporation		300	$	7,950
Nam Tai Electronics, Inc.		300		1,665
Plexus Corporation (a)		3,600		91,080
RadiSys Corporation (a)		8,000		68,080
Research Frontiers, Inc. (a)		17,962		65,022
SYNNEX Corporation (a)		33,690		866,844
Trimble Navigation Ltd. (a)		13,400		280,998
Universal Display Corporation (a)		106,400		1,208,704
X-Rite, Inc. (a)		30,706		61,412
Zygo Corporation (a)		9,958		68,810
				9,758,614
Internet Software & Services - 0.9%
Constant Contact, Inc. (a)		44,338		734,681
DealerTrack Holdings, Inc. (a)		58,463		963,470
Dice Holdings, Inc. (a)		200		1,202
Digital River, Inc. (a)		3,600		82,188
DivX, Inc. (a)		900		4,329
Equinix, Inc. (a)		13,200		1,126,224
Innodata Isogen, Inc. (a)		2,200		14,256
J2 Global Communications, Inc. (a)		3,400		69,530
Knot, Inc. (The) (a)		84,887		905,744
LoopNet, Inc. (a)		85,593		747,227
Marchex, Inc. - Class B		2,000		9,060
ModusLink Global Solutions, Inc. (a)		300		2,466
OpenTable, Inc. (a)		261		6,436
Rackspace Hosting, Inc. (a)		300		5,025
RADVision Ltd. (a)		15,800		97,486
RealNetworks, Inc. (a)		25,496		91,021
SAVVIS, Inc. (a)		1,800		26,622
Sohu.com, Inc. (a)		25,970		1,443,932
support.com, Inc. (a)		24,224		58,138
Switch & Data Facilities Company, Inc. (a)		500		8,365
Terremark Worldwide, Inc. (a)		34,987		223,567
Travelzoo, Inc. (a)		5,375		74,283
United Online, Inc.		4,500		36,000
Vocus, Inc. (a)		20,565		372,226
WebMD Health Corporation (a)		24,623		838,659
Yahoo, Inc. (a)		100		1,590
				7,943,727
IT Services - 0.6%
Alliance Data Systems Corporation (a)		11,400		626,772
Broadridge Financial Solutions, Inc.		9,400		195,614
CyberSource Corporation (a)		58,418		956,887
Euronet Worldwide, Inc. (a)		4,815		113,875
Exlservice Holdings, Inc. (a)		800		10,888
Heartland Payment Systems, Inc.		400		4,916
Hewitt Associates, Inc. - Class A (a)		9,400		333,888
InfoGROUP, Inc. (a)		12,939		84,880
Integral Systems, Inc. (a)		12,658		106,327

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Information Technology - 7.7% (Continued)
IT Services - 0.6% (Continued)
NCI, Inc. (a)		10,027	$	269,827
Rightnow Technologies, Inc. (a)		45,800		698,908
TeleTech Holdings, Inc. (a)		11,929		213,410
Unisys Corporation (a)		4,830		140,746
Wright Express Corporation (a)		43,516		1,214,531
				4,971,469
Office Electronics - 0.0%
Xerox Corporation		300		2,256
Semiconductors & Semiconductor Equipment - 1.6%
Advanced Energy Industries, Inc. (a)		31,847		388,852
Amkor Technology, Inc. (a)		2,100		11,571
Brooks Automation, Inc. (a)		73,184		503,506
Cree, Inc. (a)		200		8,420
Cypress Semiconductor Corporation (a)		95,400		804,222
DSP Group, Inc. (a)		900		5,202
Exar Corporation (a)		97,050		669,645
EZchip Semiconductor Ltd. (a)		400		4,788
FormFactor, Inc. (a)		46,330		787,147
Intersil Corporation - Class A		155,889		1,956,407
Kulicke & Soffa Industries, Inc. (a)		261,107		1,214,147
Microsemi Corporation (a)		1,000		13,310
MKS Instruments, Inc. (a)		51,060		798,578
Monolithic Power Systems, Inc. (a)		59,633		1,192,064
Rubicon Technology, Inc. (a)		33,706		509,635
Rudolph Technologies, Inc. (a)		4,400		27,896
Semtech Corporation (a)		6,100		94,367
Sigma Designs, Inc. (a)		66,745		801,607
Silicon Image, Inc. (a)		335,424		707,745
Skyworks Solutions, Inc. (a)		200		2,086
STMicroelectronics N.V.		100		796
Supertex, Inc. (a)		22,700		550,475
Teradyne, Inc. (a)		58,900		492,993
Tessera Technologies, Inc. (a)		200		4,422
Trident Microsystems, Inc. (a)		120,700		226,916
TriQuint Semiconductor, Inc. (a)		4,800		25,872
UltraTech, Inc. (a)		32,941		425,598
Varian Semiconductor Equipment Associates, Inc. (a)		17,940		509,316
Veeco Instruments, Inc. (a)		7,974		194,167
Verigy Ltd. (a)		1,700		16,728
Virage Logic Corporation (a)		500		2,950
				12,951,428
Software - 1.6%
ACI Worldwide, Inc. (a)		1,000		16,090
ANSYS, Inc. (a)		23,289		945,068
ArcSight, Inc. (a)		800		19,776
AsiaInfo Holdings, Inc. (a)		600		13,236
Blackboard, Inc. (a)		30,087		1,067,186
China TransInfo Technology Corporation (a)		3,300		23,001

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Information Technology - 7.7% (Continued)
Software - 1.6% (Continued)
Chordiant Software, Inc. (a)		16,060	$	55,889
ClickSoftware Technologies Ltd. (a)		3,600		18,576
CommVault Systems, Inc. (a)		3		59
Compuware Corporation (a)		177,265		1,251,491
Concur Technologies, Inc. (a)		32,100		1,144,044
DemandTec, Inc. (a)		3,542		31,134
Electronic Arts, Inc. (a)		1,000		18,240
FactSet Research Systems, Inc.		5,600		358,680
Fair Isaac Corporation		20,235		411,377
FalconStor Software, Inc. (a)		11,078		36,890
GSE Systems, Inc. (a)		200		1,204
Interactive Intelligence, Inc. (a)		400		6,708
Kenexa Corporation (a)		200		2,520
Lawson Software, Inc. (a)		67,766		427,603
Manhattan Associates, Inc.  (a)		42,081		965,759
Midway Games, Inc. (a)		51,015		1,530
Net 1 UEPS Technologies, Inc. (a)		6,900		120,681
NetSuite, Inc. (a)		24,181		337,809
Nuance Communications, Inc. (a)		100		1,311
Parametric Technology Corporation (a)		28,900		430,899
Quest Software, Inc. (a)		5,000		83,850
Rosetta Stone, Inc. (a)		4,000		83,000
Rovi Corporation (a)		17,800		490,390
Scientific Learning Corporation (a)		400		2,020
Shanda Interactive Entertainment Ltd. (a)		19,000		829,920
Sonic Solutions, Inc. (a)		27,372		133,028
Sourcefire, Inc. (a)		300		6,090
SuccessFactors, Inc. (a)		62,177		950,686
Sybase, Inc. (a)		4,275		169,119
Symyx Technologies, Inc. (a)		1,900		11,153
Take-Two Interactive Software, Inc. (a)		188,175		2,064,280
THQ, Inc. (a)		23,500		122,905
TiVo, Inc. (a)		900		9,792
Tyler Technologies, Inc. (a)		55,900		1,063,218
Vasco Data Security International, Inc. (a)		3,100		18,848
				13,745,060
Materials - 3.4%
Chemicals - 0.7%
A. Schulman, Inc.		16,352		284,034
Airgas, Inc.		10,300		456,908
Altair Nanotechnologies, Inc. (a)		226,906		231,444
American Vanguard Corporation		34,198		283,843
Cabot Corporation		300		6,579
China Agritech, Inc. (a)		300		4,428
Cytec Industries, Inc.		3,700		122,729
Dow Chemical Company (The)		100		2,348
Ferro Corporation		48,583		297,814
Georgia Gulf Corporation (a)		1,500		21,555
Hawkins, Inc.		14,793		310,949

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Materials - 3.4% (Continued)
Chemicals - 0.7% (Continued)
Huntsman Corporation		3,500	$	27,825
Innophos Holdings, Inc.		300		5,805
KMG Chemicals, Inc.		400		4,920
Koppers Holdings, Inc.		800		20,896
NewMarket Corporation		3,400		317,900
OMNOVA Solutions, Inc. (a)		2,000		12,820
Terra Industries, Inc.		68,989		2,191,781
Valhi, Inc.		5,400		50,706
Westlake Chemical Corporation		897		21,788
Yongye International, Inc. (a)		1,500		13,095
Zoltek Companies, Inc. (a)		155,386		1,384,489
				6,074,656
Construction Materials - 0.3%
Eagle Materials, Inc.		48,289		1,199,982
Headwaters, Inc. (a)		177,310		730,517
Martin Marietta Materials, Inc.		4,300		358,276
United States Lime & Minerals, Inc. (a)		1,909		66,948
Vulcan Materials Company		100		4,603
				2,360,326
Containers & Packaging - 0.7%
AEP Industries, Inc. (a)		300		10,464
Bemis Company, Inc.		600		15,498
BWAY Holding Company (a)		200		3,554
Greif, Inc. - Class A		4,200		224,784
Packaging Corporation of America		9,758		178,376
Pactiv Corporation (a)		94,033		2,171,222
Rock-Tenn Company		2,900		127,020
Sealed Air Corporation		42,189		811,294
Silgan Holdings, Inc.		47,306		2,542,698
				6,084,910
Metals & Mining - 1.6%
AK Steel Holding Corporation		191,300		3,035,931
Alcoa, Inc.		300		3,726
Allegheny Technologies, Inc.		92,200		2,845,292
Allied Nevada Gold Corporation (a)		28,508		272,251
Amcol International Corporation		24,188		629,856
Brush Engineered Materials, Inc. (a)		5,600		103,320
China Precision Steel, Inc. (a)		60,272		133,804
Cliffs Natural Resources, Inc.		100		3,557
Compass Minerals International, Inc.		48,200		3,003,824
Exeter Resource Corporation (a)		1,900		10,203
Freeport-McMoRan Copper & Gold, Inc. (a)		200		14,672
General Moly, Inc. (a)		24,400		53,680
General Steel Holdings, Inc. (a)		68,845		256,103
Gerdau Ameristeel Corporation		300		2,040
IAMGOLD Corporation		1,300		17,095
International Tower Hill Mines Ltd. (a)		2,500		11,775
Kinross Gold Corporation		200		3,716
Northern Dynasty Minerals Ltd. (a)		1,700		11,016

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Materials - 3.4% (Continued)
Metals & Mining - 1.6% (Continued)
RTI International Metals, Inc. (a)		35,500	$	735,205
Schnitzer Steel Industries, Inc. - Class A		35,581		1,538,523
Seabridge Gold, Inc (a)		200		4,016
Silver Standard Resources, Inc. (a)		996		18,506
Stillwater Mining Company (a)		900		5,580
Teck Resources Ltd. (a)		200		5,784
Thompson Creek Metals Company, Inc. (a)		17,019		173,253
U.S. Energy Corporation (a)		3,400		17,884
Walter Energy, Inc.		5,300		310,050
Yamana Gold, Inc.		400		4,260
				13,224,922
Paper & Forest Products - 0.1%
AbitibiBowater, Inc. (a)		70,886		13,823
Deltic Timper Corporation		6,882		292,485
Domtar Corporation (a)		800		33,512
Schweitzer-Mauduit International, Inc.		300		15,495
				355,315
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.4%
Alaska Communications Systems Group, Inc.		61,761		480,500
Cbeyond, Inc. (a)		78,163		1,043,476
General Communication, Inc. (a)		15,339		94,335
Global Crossing Ltd. (a)		1,700		19,380
Iowa Telecommunications Services, Inc.		50,765		597,504
Iridium Communications, Inc. (a)		1,200		10,680
Neutral Tandem, Inc. (a)		11,100		234,099
Premiere Global Services, Inc. (a)		40,729		304,246
SureWest Communications (a)		800		7,056
tw telecom, inc. (a)		40,600		511,560
Windstream Corporation		100		964
				3,303,800
Wireless Telecommunication Services - 0.3%
American Tower Corporation (a)		200		7,364
iPCS, Inc. (a)		500		11,935
Leap Wireless International, Inc. (a)		4,100		54,202
MetroPCS Communications, Inc. (a)		8,800		54,824
NTELOS Holdings Corporation		34,100		514,910
SBA Communications Corporation - Class A (a)		15,900		448,539
Syniverse Holdings, Inc. (a)		48,858		836,938
USA Mobility, Inc.		17,700		192,930
				2,121,642
Utilities - 0.7%
Electric Utilities - 0.3%
Cleco Corporation		38,801		960,325
Hawaiian Electric Industries, Inc.		70,510		1,258,603
Unitil Corporation		1,889		39,083
				2,258,011

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 64.6% (Continued)	Shares		Value
Utilities - 0.7% (Continued)
Gas Utilities - 0.0%
China Natural Gas, Inc. (a)		6,200	$	72,850
National Fuel Gas Company		5,900		267,506
Suburban Propane Partners, L.P.		2,000		86,040
				426,396
Multi-Utilities - 0.2%
Black Hills Corporation		37,403		911,511
CMS Energy Corporation		61,200		813,960
				1,725,471
Water Utilities - 0.2%
Aqua America, Inc.		92,895		1,435,228
Cascal N.V.		4,400		23,848
Southwest Water Company		8,000		44,560
				1,503,636
Total Common Stocks (Proceeds $572,693,788)			$	534,851,159
RIGHTS - 0.0%	Shares		Value
Zion Oil & Gas, Inc. (Proceeds $6,209)		1,541	$	613
CLOSED-END FUNDS - 0.0%	Shares		Value
Alpine Total Dynamic Dividend Fund		1,715	$	14,526
Federated Premier Municipal Income Fund		900		12,087
Flaherty & Crumrine/Claymore Preferred Securities Income Fund		700		8,659
Nicholas-Applegate Convertible & Income Fund		1,100		8,932
Total Closed-End Funds (Proceeds $46,955)			$	44,204
Total Securities Sold Short - 64.6% (Proceeds $572,746,952)			$	534,895,976

ADR - American Depositary Receipt.

(a) Non-income producing security.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
October 31, 2009
COMMON STOCKS - 98.9%	Shares		Value
Consumer Discretionary - 14.4%
Auto Components - 1.1%
China Automotive Systems, Inc. (a)		1,900	$	19,684
Cooper Tire & Rubber Company		2,000		30,520
Dana Holding Corporation (a)		7,800		44,148
Federal-Mogul Corporation (a)		1,400		15,610
Modine Manufacturing Company		2,100		21,630
Tenneco, Inc. (a)		800		10,896
WABCO Holdings, Inc.		900		21,348
Wonder Auto Technology, Inc. (a)		1,500		19,410
				183,246
Distributors - 0.1%
Audiovox Corporation (a)		3,134		20,246
Diversified Consumer Services - 0.6%
Corinthian Colleges, Inc. (a)		2,600		41,236
Grand Canyon Education, Inc. (a)		500		8,110
Hillenbrand, Inc.		2,400		47,952
				97,298
Hotels, Restaurants & Leisure - 2.6%
Bally Technologies, Inc. (a)		1,600		63,024
Chipotle Mexican Grill, Inc. - Class A (a)		700		57,043
Denny's Corporation (a)		6,600		14,520
DineEquity, Inc. (a)		2,100		44,436
Einstein Noah Restaurant Group, Inc. (a)		1,296		16,874
Frisch's Restaurants, Inc.		411		9,638
International Speedway Corporation - Class A		1,900		48,469
Landry's Restaurants, Inc. (a)		5,200		56,680
Multimedia Games, Inc. (a)		9,000		44,190
Papa John's International, Inc. (a)		900		20,250
Penn National Gaming, Inc. (a)		200		5,026
Wendy's/Arby's Group, Inc. - Class A		9,100		35,945
Wyndham Worldwide Corporation		1,400		23,870
				439,965
Household Durables - 1.8%
American Greetings Corporation - Class A		3,200		65,088
Beazer Homes USA, Inc. (a)		1,500		6,585
Furniture Brands International, Inc. (a)		4,200		17,850
Helen of Troy Ltd. (a)		2,200		50,248
Hovnanian Enterprises, Inc. - Class A (a)		5,500		21,505
Jarden Corporation		700		19,173
Lennar Corporation - Class A		1,800		22,680
Sealy Corporation (a)		17,100		49,590
Standard Pacific Corporation (a)		6,200		18,600
Tupperware Corporation		700		31,514
				302,833
Internet & Catalog Retail - 0.2%
HSN, Inc. (a)		1,600		23,904

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Internet & Catalog Retail - 0.2% (Continued)
Overstock.com, Inc. (a)		700	$	9,800
				33,704
Leisure Equipment & Products - 0.3%
Brunswick Corporation		2,290		21,709
RC2 Corporation (a)		2,300		30,038
				51,747
Media - 2.4%
Carmike Cinemas, Inc. (a)		1,400		13,762
CTC Media, Inc. (a)		1,900		30,552
DreamWorks Animation SKG, Inc. - Class A (a)		1,100		35,200
Harte-Hanks, Inc.		1,900		22,306
Interactive Data Corporation		1,700		44,710
Knology, Inc. (a)		4,200		42,210
Liberty Media Corporation - Series A (a)		1,200		24,828
Lions Gate Entertainment Corporation (a)		1,200		6,228
Live Nation, Inc. (a)		3,200		21,312
LodgeNet Interactive Corporation (a)		9,873		47,884
Mediacom Communications Corporation (a)		4,100		19,598
Regal Entertainment Group		300		3,783
SIRIUS XM Radio, Inc. (a)		113,970		66,786
Value Line, Inc.		400		12,304
				391,463
Multi-Line Retail - 0.7%
Dillard's, Inc.		4,400		59,928
Family Dollar Stores, Inc.		200		5,660
Retail Ventures, Inc. (a)		3,300		21,153
Saks, Inc. (a)		4,100		23,001
				109,742
Specialty Retail - 1.9%
Conn's, Inc. (a)		100		631
Destination Maternity Corporation (a)		583		11,689
Dress Barn, Inc. (a)		400		7,220
Hot Topic, Inc. (a)		1,700		13,090
J Crew Group, Inc. (a)		1,500		61,170
MarineMax, Inc. (a)		2,800		19,068
New York & Company, Inc. (a)		5,000		22,000
OfficeMax, Inc. (a)		1,800		20,574
Pep Boys - Manny, Moe & Jack		5,300		46,481
Rent-A-Center, Inc. (a)		100		1,836
Signet Jewelers Ltd. (a)		700		17,647
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		3,600		54,504
West Marine, Inc. (a)		2,500		19,050
Williams-Sonoma, Inc.		700		13,146
				308,106
Textiles, Apparel & Luxury Goods - 2.7%
CROCS, Inc. (a)		6,200		37,696
Fossil, Inc. (a)		800		21,384
Jones Apparel Group, Inc.		2,900		51,881

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Textiles, Apparel & Luxury Goods - 2.7% (Continued)
Liz Claiborne, Inc.		7,600	$	43,624
Maidenform Brands, Inc. (a)		1,500		21,120
Perry Ellis International, Inc. (a)		3,700		50,579
Quiksilver, Inc. (a)		22,500		44,775
Skechers U.S.A., Inc. - Class A (a)		1,400		30,548
UniFirst Corporation		1,200		50,520
Warnaco Group, Inc. (The) (a)		1,200		48,636
Wolverine World Wide, Inc.		2,100		53,718
				454,481
Consumer Staples - 3.1%
Food & Staples Retailing - 0.7%
Andersons, Inc. (The)		1,600		49,648
BJ's Wholesale Club, Inc. (a)		300		10,509
Rite Aid Corporation (a)		7,300		9,417
SUPERVALU, Inc.		1,400		22,218
Susser Holdings Corporation (a)		2,200		26,158
				117,950
Food Products - 1.6%
AgFeed Industries, Inc. (a)		1,300		5,733
B&G Foods, Inc.		2,800		21,868
Chiquita Brands International, Inc. (a)		1,200		19,428
Corn Products International, Inc.		1,705		48,047
Darling International, Inc. (a)		3,300		22,935
Del Monte Foods Company		1,900		20,520
Fresh Del Monte Produce, Inc. (a)		1,100		23,881
Hain Celestial Group, Inc. (The) (a)		2,800		49,112
Reddy Ice Holdings, Inc (a)		11,000		43,450
Sanderson Farms, Inc.		300		10,977
				265,951
Personal Products - 0.8%
Bare Escentuals, Inc. (a)		2,200		27,786
Female Health Company (The) (a)		4,799		22,220
Nu Skin Enterprises, Inc. - Class A		1,200		27,312
Prestige Brands Holdings, Inc. (a)		4,800		32,448
Schiff Nutrition International, Inc. (a)		1,477		8,522
Tiens Biotech Group (USA), Inc. (a)		1,733		7,001
				125,289
Energy - 5.7%
Energy Equipment & Services - 1.9%
Cal Dive International, Inc. (a)		2,300		17,664
Geokinetics, Inc. (a)		1,300		20,904
Hercules Offshore, Inc. (a)		2,000		10,260
ION Geophysical Corporation (a)		8,700		33,321
Matrix Service Company (a)		2,800		24,836
Natural Gas Services Group, Inc. (a)		1,400		23,618
Oceaneering International, Inc. (a)		200		10,220
Oil States International, Inc. (a)		800		27,552
Pioneer Drilling Company (a)		4,900		32,781

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Energy - 5.7% (Continued)
Energy Equipment & Services - 1.9% (Continued)
Precision Drilling Trust		2,000	$	13,100
Rowan Companies, Inc.		700		16,275
T-3 Energy Services, Inc. (a)		700		14,014
TETRA Technologies, Inc. (a)		4,700		44,462
Union Drilling, Inc. (a)		4,436		33,891
				322,898
Oil, Gas & Consumable Fuels - 3.8%
Advantage Oil & Gas Ltd.		2,800		17,248
Alon USA Energy, Inc.		2,100		17,640
Approach Resources, Inc. (a)		2,101		16,304
Atlas Energy, Inc.		300		7,854
Atlas Pipeline Partners, L.P.		1,200		8,424
ATP Oil & Gas Corporation (a)		400		6,924
Concho Resources, Inc. (a)		600		22,866
Contango Oil & Gas Company (a)		100		4,765
CVR Energy, Inc. (a)		1,800		18,936
Delek US Holdings, Inc.		2,400		16,200
Denison Mines Corporation (a)		8,000		11,840
DHT Maritime, Inc.		3,400		11,628
Eagle Rock Energy Partners, L.P.		700		3,318
Frontier Oil Corporation		600		8,316
Gran Tierra Energy, Inc. (a)		4,700		22,372
Gulfport Energy Corporation (a)		2,600		19,838
Holly Corporation		2,000		58,020
International Coal Group, Inc. (a)		1,800		7,362
Linn Energy, LLC		200		4,900
McMoRan Exploration Company (a)		1,500		11,535
Oilsands Quest, Inc. (a)		10,760		12,912
Patriot Coal Corporation (a)		600		6,780
Pengrowth Energy Trust		1,900		17,480
Petroleum Development Corporation (a)		1,800		30,060
Provident Energy Trust		1,700		10,489
Quicksilver Resources, Inc. (a)		3,800		46,360
Southern Union Company		1,800		35,226
Stone Energy Corporation (a)		1,000		15,330
Teekay Corporation		1,300		26,975
Teekay Tankers Ltd. - Class A		2,668		21,611
USEC, Inc. (a)		6,900		26,634
VAALCO Energy, Inc. (a)		7,700		32,802
Warren Resources, Inc. (a)		12,000		25,920
Western Refining, Inc. (a)		3,100		17,391
				622,260
Financials - 15.3%
Capital Markets - 2.3%
American Capital Ltd. (a)		12,900		34,572
Apollo Investment Corporation		3,500		31,500
Ares Capital Corporation		2,000		20,880
BlackRock Kelso Capital Corporation		1,800		13,158
Broadpoint Gleacher Securities Group, Inc. (a)		2,700		17,199

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Financials - 15.3% (Continued)
Capital Markets - 2.3% (Continued)
Duff & Phelps Corporation		800	$	13,752
E*TRADE Financial Corporation (a)		21,500		31,390
FBR Capital Markets Corporation (a)		4,900		29,890
Fifth Street Finance Corporation		1,400		13,762
Fortress Investment Group, LLC (a)		6,500		27,235
GFI Group, Inc.		2,200		11,330
Gladstone Capital Corporation		2,700		22,167
KBW, Inc. (a)		700		19,600
MCG Capital Corporation (a)		4,334		17,292
MF Global Ltd. (a)		200		1,424
PennantPark Investment Corporation		1,700		13,141
Rodman & Renshaw Capital Group, Inc. (a)		6,700		28,676
Safeguard Scientifics, Inc. (a)		2,404		23,415
Sanders Morris Harris Group, Inc.		2,600		15,106
				385,489
Commercial Banks - 4.8%
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		1,800		25,398
Boston Private Financial Holdings, Inc.		8,900		52,955
CapitalSource, Inc.		15,030		53,507
Cathay General Bancorp		4,600		40,618
CoBiz, Inc.		3,300		15,741
Commerce Bancshares, Inc.		600		23,016
Community Bank System, Inc.		2,500		46,525
Community Trust Bancorporation, Inc.		822		20,238
East West Bancorp, Inc.		4,400		39,732
First Bancorporation		5,300		10,017
First Busey Corporation		4,274		16,540
First Community Bancshares, Inc.		3,057		35,583
First Midwest Bancorp, Inc.		1,900		19,760
First of Long Island Corporation (The)		500		12,085
Heartland Financial USA, Inc.		1,900		24,396
Huntington Bancshares, Inc.		4,500		17,145
Independent Bank Corporation		800		17,016
Lakeland Bancorp, Inc.		3,660		22,253
Marshall & Ilsley Corporation		6,500		34,580
Oriental Financial Group, Inc.		3,100		33,015
Peoples Bancorp, Inc.		2,894		31,082
Pinnacle Financial Partners, Inc. (a)		3,100		39,370
Popular, Inc.		15,200		32,832
Santander BanCorp (a)		1,700		19,550
Shore Bancshares, Inc.		1,000		16,310
Southwest Bancorp, Inc.		1,500		14,760
Sterling Financial Corporation (a)		17,100		13,680
SVB Financial Group (a)		1,200		49,500
Western Alliance Bancorp (a)		6,300		27,405
				804,609
Consumer Finance - 0.8%
AmeriCredit Corporation (a)		2,600		45,890

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Financials - 15.3% (Continued)
Consumer Finance - 0.8% (Continued)
Cardtronics, Inc. (a)		3,800	$	37,810
EZCORP, Inc. - Class A (a)		1,600		20,752
Nelnet, Inc. - Class A (a)		1,600		22,448
World Acceptance Corporation (a)		100		2,509
				129,409
Diversified Financial Services - 0.2%
Compass Diversified Holdings, Inc.		3,000		30,690
Insurance - 4.7%
Allied World Assurance Company Holdings Ltd.		1,100		49,236
Ambac Financial Group, Inc.		7,300		8,395
American Financial Group, Inc. (a)		1,200		29,520
American Safety Insurance Holdings Ltd. (a)		300		4,446
Argo Group International Holdings Ltd. (a)		1,300		44,148
Aspen Insurance Holdings Ltd.		800		20,640
Assured Guaranty Ltd.		1,100		18,238
CNA Surety Corporation (a)		2,198		31,783
Conseco, Inc. (a)		5,700		29,697
Delphi Financial Group, Inc. - Class A		2,100		45,570
Erie Indemnity Company - Class A		200		7,050
FBL Financial Group, Inc. - Class A		1,900		38,285
Fidelity National Financial, Inc. - Class A		3,400		46,138
Flagstone Reinsurance Holdings Ltd.		3,200		35,040
Hallmark Financial Services, Inc. (a)		3,300		25,311
Horace Mann Educators Corporation		1,500		18,645
Kansas City Life Insurance Company		685		18,385
Maiden Holdings Ltd.		2,000		13,860
Max Capital Group Ltd.		1,000		20,650
Meadowbrook Insurance Group, Inc.		4,800		32,304
Platinum Underwriters Holdings Ltd.		500		17,885
Reinsurance Group of America, Inc.		400		18,440
SeaBright Insurance Holdings Ltd. (a)		3,180		35,553
StanCorp Financial Group, Inc.		700		25,697
Transatlantic Holdings, Inc.		1,000		50,500
United Fire & Casualty Company		1,500		26,220
Unitrin, Inc.		2,500		49,000
Universal Insurance Holdings, Inc.		4,100		21,771
				782,407
Real Estate Investment Trusts - 1.4%
American Capital Agency Corporation		600		15,600
Anworth Mortgage Asset Corporation		1,700		12,121
Capstead Mortgage Corporation		2,203		28,992
Care Investment Trust, Inc.		1,400		11,214
Chimera Investment Corporation		5,200		18,148
Cousins Properties, Inc.		900		6,588
Education Realty Trust, Inc.		5,600		28,056
Hersha Hospitality Trust		5,288		13,537
LTC Properties, Inc.		1,100		26,125
MFA Financial, Inc.		3,200		23,744

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Financials - 15.3% (Continued)
Real Estate Investment Trusts - 1.4% (Continued)
PS Business Parks, Inc.		400	$	19,588
Saul Centers, Inc.		800		24,608
				228,321
Thrifts & Mortgage Finance - 1.1%
Dime Community Bancshares, Inc.		3,600		39,564
Federal Agricultural Mortgage Corporation		1,900		15,257
Flushing Financial Corporation		1,500		16,845
MGIC Investment Corporation (a)		1,400		6,034
Northwest Bancorp, Inc.		1,400		30,800
Ocwen Financial Corporation (a)		2,200		24,046
Provident New York Bancorp		2,000		17,060
Radian Group, Inc.		1,400		8,106
Roma Financial Corporation		2,128		26,366
				184,078
Health Care - 14.8%
Biotechnology - 3.0%
Abraxis BioScience, Inc. (a)		900		28,098
Allos Therapeutics, Inc. (a)		1,800		10,170
Amylin Pharmaceuticals, Inc. (a)		3,790		41,842
Arena Pharmaceuticals, Inc. (a)		2,000		7,060
BioCryst Pharmaceuticals, Inc. (a)		2,900		25,897
Cubist Pharmaceuticals, Inc. (a)		900		15,246
Cytokinetics, Inc. (a)		6,600		21,054
Emergent BioSolutions, Inc. (a)		1,200		17,304
Exelixis, Inc. (a)		3,400		20,672
Geron Corporation (a)		6,400		39,104
Immunomedics, Inc. (a)		1,900		6,764
Isis Pharmaceuticals, Inc. (a)		1,800		22,806
MannKind Corporation (a)		1,970		10,283
Myriad Genetics, Inc. (a)		600		14,568
Nanosphere, Inc. (a)		1,699		11,349
NeurogesX, Inc. (a)		2,500		19,725
Onyx Pharmaceuticals, Inc. (a)		100		2,660
Protalix BioTherapeutics, Inc. (a)		2,800		26,544
Rigel Pharmaceuticals, Inc. (a)		1,200		7,692
Savient Pharmaceuticals, Inc. (a)		800		10,080
Sinovac Biotech Ltd. (a)		2,910		21,563
Spectrum Pharmaceuticals, Inc. (a)		4,300		17,845
Targacept, Inc. (a)		2,700		50,625
United Therapeutics Corporation (a)		500		21,270
Vanda Pharmaceuticals, Inc. (a)		1,900		19,380
ZymoGenetics, Inc. (a)		1,300		6,045
				495,646
Health Care Equipment & Supplies - 2.9%
Abaxis, Inc. (a)		700		15,974
Alphatec Holdings, Inc. (a)		2,801		13,389
Cooper Companies, Inc. (The)		2,200		61,622
CryoLife, Inc. (a)		2,500		15,000
Endologix, Inc. (a)		4,500		21,420

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares		Value
Health Care - 14.8% (Continued)
Health Care Equipment & Supplies - 2.9% (Continued)
Integra LifeSciences Holdings Corporation (a)			600	$	18,324
Invacare Corporation			1,300		29,159
Inverness Medical Innovations, Inc. (a)			1,300		49,413
Kensey Nash Corporation (a)			1,401		33,498
Medical Action Industries, Inc. (a)			1,700		18,598
NuVasive, Inc. (a)			1,300		47,177
Quidel Corporation (a)			3,650		52,195
Sirona Dental Systems, Inc. (a)			1,100		29,601
Synovis Life Technologies, Inc. (a)			1,900		22,914
Teleflex, Inc.			300		14,925
Thoratec Corporation (a)			400		10,504
TomoTherapy, Inc. (a)			4,500		14,940
Wright Medical Group, Inc. (a)			1,300		21,125
					489,778
Health Care Providers & Services - 5.4%
Alliance Imaging, Inc. (a)	��		4,200		22,848
Allion Healthcare, Inc. (a)			2,600		16,744
Amedysis, Inc. (a)			1,400		55,706
American Dental Partners, Inc. (a)			1,800		21,402
AMN Healthcare Services, Inc. (a)			2,200		18,304
AmSurg Corporation (a)			2,500		52,675
Centene Corporation (a)			3,300		58,839
Community Health Systems, Inc. (a)			1,400		43,792
Continucare Corporation (a)			7,506		19,666
Corvel Corporation (a)			584		16,644
Coventry Health Care, Inc. (a)			1,100		21,813
Cross Country Healthcare, Inc. (a)			2,300		18,998
Emergency Medical Services Corporation (a)			500		24,010
Hanger Orthopedic Group, Inc. (a)			1,500		20,760
Health Management Associates, Inc. - Class A (a)			3,400		20,740
Health Net, Inc. (a)			1,200		17,892
inVentiv Health, Inc. (a)			1,200		20,376
Lincare Holdings, Inc. (a)			300		9,423
MedCath Corporation (a)			1,730		14,203
MEDNAX, Inc. (a)			400		20,768
Molina Healthcare, Inc. (a)			1,100		20,592
National Research Corporation			984		22,701
NightHawk Radiology Holdings, Inc. (a)			4,000		23,960
NovaMed, Inc. (a)			2,406		9,696
Odyssey Healthcare, Inc. (a)			1,600		22,304
Omnicare, Inc.			500		10,835
Provident Service Corporation (a)			1,928		24,023
RehabCare Group, Inc. (a)			900		16,875
Res-Care, Inc. (a)			1,500		18,045
Sun Healthcare Group, Inc. (a)			4,700		42,676
Sunrise Senior Living, Inc. (a)			10,000		41,600
Tenet Healthcare Corporation (a)			8,000		40,960
U.S. Physical Therapy, Inc. (a)			2,203		30,930
Universal American Corporation (a)			2,200		22,000

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Health Care - 14.8% (Continued)
Health Care Providers & Services - 5.4% (Continued)
Universal Health Services, Inc. - Class B		500	$	27,825
				890,625
Health Care Technology - 0.6%
athenahealth, Inc. (a)		300		11,283
Eclipsys Corporation (a)		1,200		22,500
IMS Health, Inc.		3,500		57,365
MedAssets, Inc. (a)		400		8,776
				99,924
Life Sciences Tools & Services - 1.4%
Bio-Rad Laboratories, Inc. - Class A (a)		557		49,790
Bruker Corporation (a)		1,900		20,596
Cambrex Corporation (a)		2,290		13,740
Covance, Inc. (a)		900		46,512
Helicos BioSciences Corporation (a)		9,700		18,333
Kendle International, Inc. (a)		3,700		62,456
Parexel International Corporation (a)		1,800		22,536
Sequenom, Inc. (a)		3,000		8,280
				242,243
Pharmaceuticals - 1.5%
Ardea Biosciences, Inc. (a)		900		12,150
BioForm Medical, Inc. (a)		17,377		62,905
Caraco Pharmaceutical Laboratories Ltd. (a)		3,400		12,512
Endo Pharmaceuticals Holdings, Inc. (a)		1,000		22,400
Inspire Pharmaceuticals, Inc. (a)		4,000		17,880
Lannett Company, Inc. (a)		3,700		24,864
Matrixx Initiatives, Inc. (a)		1,500		6,750
Medicines Company (The) (a)		1,800		12,942
Nektar Therapeutics (a)		800		6,496
Par Pharmaceutical Companies, Inc. (a)		1,100		23,067
Perrigo Company		1,000		37,190
SuperGen, Inc. (a)		2,400		5,616
				244,772
Industrials - 14.2%
Aerospace & Defense - 1.4%
AeroVironment, Inc. (a)		100		2,666
Ceradyne, Inc. (a)		400		6,448
Cubic Corporation		400		13,884
DynCorp International, Inc. - Class A (a)		1,800		30,600
Esterline Technologies Corporation (a)		1,100		46,321
GenCorp, Inc. (a)		9,000		66,960
Ladish Company, Inc. (a)		1,400		18,144
Taser International, Inc. (a)		9,800		40,082
				225,105
Air Freight & Logistics - 0.6%
Air Transport Services Group, Inc. (a)		10,420		26,988
Atlas Air Worldwide Holdings, Inc. (a)		1,100		28,919
Pacer International, Inc.		3,100		8,866

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Industrials - 14.2% (Continued)
Air Freight & Logistics - 0.6% (Continued)
UTI Worldwide, Inc.		3,400	$	42,398
				107,171
Airlines - 0.5%
AirTran Holdings, Inc. (a)		4,500		19,035
Copa Holdings, S.A. - Class A		300		12,669
JetBlue Airways Corporation (a)		8,600		42,656
US Airways Group, Inc. (a)		2,800		8,568
				82,928
Building Products - 0.6%
Insteel Industries, Inc.		1,700		18,904
Owens Corning, Inc. (a)		2,000		44,220
Quanex Building Products Corporation		2,500		37,175
				100,299
Commercial Services & Supplies - 1.8%
ACCO Brands Corporation (a)		4,000		24,240
American Reprographics Company (a)		1,300		7,800
ATC Technology Corporation (a)		900		18,810
Cornell Companies, Inc. (a)		1,400		31,976
Covanta Holding Corporation (a)		300		5,154
Ennis, Inc.		3,399		51,495
Interface, Inc. - Class A		1,700		13,192
Team, Inc. (a)		3,300		53,559
Tetra Tech, Inc. (a)		900		23,157
United Stationers, Inc. (a)		200		9,428
Waste Connections, Inc. (a)		1,900		59,717
				298,528
Construction & Engineering - 1.1%
Chicago Bridge & Iron Company N.V.		1,300		24,453
EMCOR Group, Inc. (a)		1,900		44,878
Great Lakes Dredge & Dock Company		3,400		20,842
Insituform Technologies, Inc. - Class A (a)		500		10,600
MasTec, Inc. (a)		600		7,080
Michael Baker Corporation (a)		655		23,383
Shaw Group, Inc. (The) (a)		400		10,264
Sterling Construction Company, Inc. (a)		2,800		45,164
				186,664
Electrical Equipment - 1.7%
A123 Systems, Inc. (a)		400		7,864
Advanced Battery Technologies, Inc. (a)		12,600		42,336
Capstone Turbine Corporation (a)		40,700		47,619
China BAK Battery, Inc. (a)		2,100		6,909
EnerSys, Inc. (a)		900		19,890
GrafTech International Ltd. (a)		3,479		46,967
Harbin Electric, Inc. (a)		1,100		17,523
LaBarge, Inc. (a)		1,400		15,540
SunPower Corporation - Class A (a)		400		9,924
Thomas & Betts Corporation (a)		1,600		54,736

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Industrials - 14.2% (Continued)
Electrical Equipment - 1.7% (Continued)
Vicor Corporation (a)		900	$	6,138
				275,446
Industrial Conglomerates - 0.1%
Standex International Corporation		1,200		21,096
Machinery - 3.7%
Alamo Group, Inc.		800		10,960
Altra Holdings, Inc. (a)		1,400		12,278
American Railcar Industries, Inc.		2,200		22,000
Ampco-Pittsburgh Corporation		800		21,520
Cascade Corporation		1,800		44,712
Chart Industries, Inc. (a)		1,700		33,609
Colfax Corporation (a)		2,600		28,288
FreightCar America, Inc.		2,800		66,024
Harsco Corporation		400		12,596
Kaydon Corporation		300		10,497
Lindsay Corporation		600		19,698
Mueller Industries, Inc.		700		16,562
Mueller Water Products, Inc. - Class A		4,400		19,712
NACCO Industries, Inc. - Class A		400		23,840
Nordson Corporation		290		15,303
Sauer-Danfoss, Inc.		4,000		28,800
Snap-on, Inc.		800		29,224
SPX Corporation		600		31,668
Timken Company		1,400		30,842
Titan International, Inc.		5,600		47,040
Trinity Industries, Inc.		800		13,504
Twin Disc, Inc.		3,610		33,898
Watts Water Technologies, Inc. - Class A		1,600		45,200
				617,775
Marine - 1.2%
Diana Shipping, Inc.		700		9,044
Eagle Bulk Shipping, Inc.		8,700		41,238
Excel Maritime Carriers Ltd.		4,300		24,252
International Shipholding Corporation		400		13,260
Kirby Coporation (a)		600		20,280
Navios Maritime Holdings, Inc.		7,500		34,275
OceanFreight, Inc. (a)		3,100		2,976
Paragon Shipping, Inc.		6,500		26,520
Ultrapetrol (Bahamas) Ltd. (a)		4,700		23,030
				194,875
Professional Services - 0.6%
CDI Corporation		1,500		18,270
First Advantage Corporation (a)		700		12,320
FTI Consulting, Inc. (a)		200		8,162
Kforce, Inc. (a)		2,200		25,806
Spherion Corporation (a)		3,900		19,305

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares		Value
Industrials - 14.2% (Continued)
Professional Services - 0.6% (Continued)
VSE Corporation			500	$	21,895
					105,758
Road & Rail - 0.1%
USA Truck, Inc. (a)			1,000		11,230
Trading Companies & Distributors - 0.7%
Aceto Corporation			9,068		50,237
Aircastle Ltd.			2,480		19,641
Applied Industrial Technologies, Inc.			100		2,023
Houston Wire & Cable Company			2,700		32,643
United Rentals, Inc. (a)			1,500		14,235
					118,779
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.			700		16,450
Information Technology - 22.9%
Communications Equipment - 3.2%
3Com Corporation (a)			11,340		58,288
ADC Telecommunications, Inc. (a)			6,900		44,781
Anaren, Inc. (a)			2,300		33,626
Arris Group, Inc. (a)			1,000		10,260
Aruba Networks, Inc. (a)			5,700		44,574
Bel Fuse, Inc. - Class B			2,700		48,870
BigBand Networks, Inc. (a)			3,700		13,690
Ciena Corporation (a)			500		5,865
CommScope, Inc. (a)			600		16,212
Digi International, Inc. (a)			3,000		23,850
EchoStar Corporation - Class A (a)	��		1,100		19,976
Emulex Corporation (a)			2,900		29,290
InterDigital, Inc. (a)			1,000		20,560
NETGEAR, Inc. (a)			1,200		21,876
Oplink Communications, Inc. (a)			1,900		28,177
Opnext, Inc. (a)			4,400		10,824
Radware Ltd. (a)			500		5,785
Sierra Wireless, Inc. (a)			1,300		11,713
Sonus Networks, Inc. (a)			13,184		25,313
Starent Networks Corporation (a)			300		10,122
Tellabs, Inc. (a)			8,700		52,374
					536,026
Computers & Peripherals - 0.9%
Adaptec, Inc. (a)			12,000		38,280
Diebold, Inc.			1,100		33,264
Hypercom Corporation (a)			7,600		21,660
Isilon Systems, Inc. (a)			3,199		16,795
NCR Corporation (a)			3,050		30,957
Novatel Wireless, Inc. (a)			1,000		8,920
QLogic Corporation (a)			200		3,508
					153,384

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Information Technology - 22.9% (Continued)
Electronic Equipment, Instruments & Components - 4.2%
Agilysys, Inc.		2,800	$	13,188
Anixter International, Inc. (a)		1,500		62,775
Arrow Electronics, Inc. (a)		1,700		43,078
AVX Corporation		1,750		19,810
Celestica, Inc. (a)		2,300		19,090
Cogent, Inc. (a)		2,200		21,230
Comverge, Inc. (a)		1,600		18,256
CPI International, Inc. (a)		2,920		28,908
CTS Corporation		4,000		35,840
Echelon Corporation (a)		500		6,825
Gerber Scientific, Inc. (a)		6,885		31,809
Ingram Micro, Inc. - Class A (a)		1,800		31,770
Insight Enterprises, Inc. (a)		1,800		18,936
Jabil Circuit, Inc.		3,700		49,506
L-1 Identity Solutions, Inc. (a)		1,200		7,092
Mercury Computer Systems, Inc. (a)		1,106		11,834
Methode Electronics, Inc.		1,500		10,875
Multi-Fineline Electronix, Inc. (a)		900		24,525
SMART Modular Technologies (WWH), Inc. (a)		7,200		29,232
Spectrum Control, Inc. (a)		8,100		68,445
Tech Data Corporation (a)		1,200		46,116
Technitrol, Inc.		2,600		20,254
TTM Technologies, Inc. (a)		4,300		43,731
Vishay Intertechnology, Inc. (a)		6,800		42,364
				705,489
Internet Software & Services - 1.6%
Akamai Technologies, Inc. (a)		700		15,400
Art Technology Group, Inc. (a)		7,500		30,900
Dice Holdings, Inc. (a)		2,500		15,025
Digital River, Inc. (a)		300		6,849
GigaMedia Ltd. (a)		7,850		32,185
IAC/InterActiveCorporation (a)		1,500		28,410
InfoSpace, Inc. (a)		5,630		48,249
Limelight Networks, Inc. (a)		7,500		26,175
ModusLink Global Solutions, Inc. (a)		2,100		17,262
Open Text Corporation (a)		200		7,408
RealNetworks, Inc. (a)		1,800		6,426
SAVVIS, Inc. (a)		1,700		25,143
				259,432
IT Services - 2.9%
Broadridge Financial Solutions, Inc.		1,500		31,215
China Information Security Technology, Inc. (a)		3,400		21,760
CIBER, Inc. (a)		8,736		28,130
CSG Systems International, Inc. (a)		2,820		46,079
eLoyalty Corporation (a)		1,200		9,360
Genpact Ltd. (a)		1,300		15,483
Hewitt Associates, Inc. - Class A (a)		500		17,760
iGATE Corporation		2,000		17,660
Lender Processing Services, Inc.		1,700		67,660

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Information Technology - 22.9% (Continued)
IT Services - 2.9% (Continued)
Lionbridge Technologies, Inc. (a)		9,200	$	19,228
Moneygram International, Inc. (a)		8,200		24,518
Ness Technologies, Inc. (a)		4,700		30,973
Online Resources Corporation (a)		5,800		30,450
TeleTech Holdings, Inc. (a)		1,600		28,624
TNS, Inc. (a)		800		22,608
VeriFone Holdings, Inc. (a)		4,000		53,200
Virtusa Corporation (a)		1,800		16,164
				480,872
Semiconductors & Semiconductor Equipment - 4.9%
Advanced Analogic Technologies, Inc. (a)		2,900		9,135
Amkor Technology, Inc. (a)		5,800		31,958
Applied Micro Circuits Corporation (a)		3,000		23,460
Atheros Communications, Inc. (a)		900		22,158
Atmel Corporation (a)		7,800		29,016
Cirrus Logic, Inc. (a)		7,100		34,364
Cypress Semiconductor Corporation (a)		800		6,744
DSP Group, Inc. (a)		3,129		18,085
Entegris, Inc. (a)		7,200		27,072
Entropic Communications, Inc. (a)		5,700		14,991
FormFactor, Inc. (a)		2,630		44,684
Integrated Device Technology, Inc. (a)		5,300		31,164
Intellon Corporation (a)		4,000		27,480
Intersil Corporation - Class A		790		9,914
IXYS Corporation		3,500		23,450
Kopin Corporation (a)		5,400		23,976
Lattice Semiconductor Corporation (a)		8,800		16,808
NVE Corporation (a)		400		14,960
OmniVision Technologies, Inc. (a)		3,100		38,006
Pericom Semiconductor Corporation (a)		6,063		57,053
PMC-Sierra, Inc. (a)		6,400		54,528
Rambus, Inc. (a)		700		11,200
RF Micro Devices, Inc. (a)		9,300		37,014
Semitool, Inc. (a)		3,000		21,180
Sigma Designs, Inc. (a)		1,500		18,015
Skyworks Solutions, Inc. (a)		2,560		26,701
Standard Microsystems Corporation (a)		700		13,482
Supertex, Inc. (a)		400		9,700
Techwell, Inc. (a)		2,200		22,836
Tessera Technologies, Inc. (a)		800		17,688
TriQuint Semiconductor, Inc. (a)		5,600		30,184
Varian Semiconductor Equipment Associates, Inc. (a)		600		17,034
Zoran Corporation (a)		2,700		23,949
				807,989
Software - 5.2%
Actuate Corporation (a)		2,800		14,028
AsiaInfo Holdings, Inc. (a)		1,300		28,678
Blackbaud, Inc.		800		17,752
Bottomline Technologies, Inc. (a)		4,100		60,188

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Information Technology - 22.9% (Continued)
Software - 5.2% (Continued)
Compuware Corporation (a)		500	$	3,530
Deltek, Inc. (a)		3,300		23,595
Double-Take Software, Inc. (a)		3,200		29,664
EPIQ Systems, Inc. (a)		400		5,044
FactSet Research Systems, Inc.		900		57,645
i2 Technologies, Inc. (a)		1,100		17,314
Interactive Intelligence, Inc. (a)		2,300		38,571
Jack Henry & Associates, Inc.		2,200		50,754
Kenexa Corporation (a)		1,500		18,900
MICROS Systems, Inc. (a)		300		8,076
Monotype Imaging Holdings, Inc. (a)		1,300		9,776
Net 1 UEPS Technologies, Inc. (a)		2,600		45,474
NetScout Systems, Inc. (a)		3,523		43,298
Novell, Inc. (a)		8,300		33,947
Phoenix Technologies Ltd. (a)		22,303		52,189
QAD, Inc.		1,700		7,752
Radiant Systems, Inc. (a)		1,800		17,712
S1 Corporation (a)		2,600		15,600
SolarWinds, Inc. (a)		500		8,900
SonicWALL, Inc. (a)		4,800		38,112
Sybase, Inc. (a)		1,280		50,637
Synopsys, Inc. (a)		2,500		55,000
Take-Two Interactive Software, Inc. (a)		600		6,582
Taleo Corporation - Class A (a)		1,100		23,914
TeleCommunication Systems, Inc. (a)		3,300		29,502
TIBCO Software, Inc. (a)		4,000		35,000
VASCO Data Security International, Inc. (a)		2,600		15,808
				862,942
Materials - 6.1%
Chemicals - 2.7%
Ashland, Inc.		800		27,632
Cabot Corporation		700		15,351
Calgon Carbon Corporation (a)		500		7,920
Cytec Industries, Inc.		500		16,585
Huntsman Corporation		6,100		48,495
Innophos Holdings, Inc.		600		11,610
Innospec, Inc.		2,800		33,096
International Flavors and Fragrances, Inc.		700		26,663
LSB Industries, Inc. (a)		1,600		19,840
Methanex Corporation		400		6,860
Nalco Holding Company		600		12,690
Olin Corporation		1,200		18,324
OMNOVA Solutions, Inc. (a)		4,500		28,845
PolyOne Corporation (a)		3,892		21,718
Quaker Chemical Corporation		1,000		20,600
RPM International, Inc.		1,400		24,668
Solutia, Inc. (a)		2,200		24,200
Stepan Company		600		34,344
Valspar Corporation (The)		1,900		48,203

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Materials - 6.1% (Continued)
Chemicals - 2.7% (Continued)
W.R. Grace & Company (a)		300	$	6,567
				454,211
Containers & Packaging - 1.0%
AEP Industries, Inc. (a)		500		17,440
Bemis Company, Inc.		500		12,915
Boise, Inc. (a)		6,300		30,114
BWAY Holding Company (a)		800		14,216
Graphic Packaging Holding Company (a)		11,900		27,251
Myers Industries, Inc.		2,100		18,417
Packaging Corporation of America		900		16,452
Sonoco Products Company		600		16,050
Temple-Inland, Inc.		900		13,905
				166,760
Metals & Mining - 1.4%
Commercial Metals Company		1,000		14,840
General Steel Holdings, Inc. (a)		1,700		6,324
Golden Star Resources Ltd. (a)		4,000		12,280
North American Palladium Ltd. (a)		16,000		38,560
NovaGold Resources, Inc. (a)		6,500		27,950
Olympic Steel, Inc.		500		12,650
Reliance Steel & Aluminum Company		800		29,184
Royal Gold, Inc.		300		13,251
Seabridge Gold, Inc. (a)		1,200		24,096
Silver Standard Resources, Inc. (a)		400		7,432
Stillwater Mining Company (a)		900		5,580
Tanzanian Royalty Exploration Corporation (a)		1,200		3,516
Titanium Metals Corporation		3,600		30,960
				226,623
Paper & Forest Products - 1.0%
Buckeye Technologies, Inc. (a)		1,450		12,992
Clearwater Paper Corporation (a)		800		36,216
Domtar Corporation (a)		800		33,512
KapStone Paper & Packaging Corporation (a)		2,800		19,432
Louisiana-Pacific Corporation (a)		2,220		11,655
P.H. Glatfelter Company		1,600		16,912
Verso Paper Corporation		8,800		20,680
Wausau Paper Corporation		2,342		20,539
				171,938
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.5%
Atlantic Tele-Network, Inc.		275		12,606
Level 3 Communications, Inc. (a)		10,000		11,800
PAETEC Holding Corporation (a)		5,700		18,468
SureWest Communications (a)		1,320		11,643
tw telecom, inc. (a)		1,800		22,680
				77,197
Wireless Telecommunication Services - 0.4%
Leap Wireless International, Inc. (a)		1,100		14,542

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)	Shares		Value
Telecommunication Services - 0.9% (Continued)
Wireless Telecommunication Services - 0.4% (Continued)
MetroPCS Communications, Inc. (a)		600	$	3,738
Shenandoah Telecommunications Company		700		11,683
Telephone & Data Systems, Inc.		700		20,734
Terrestar Corporation (a)		19,200		24,576
				75,273
Utilities - 1.5%
Electric Utilities - 0.2%
NV Energy, Inc.		2,600		29,796
Gas Utilities - 0.7%
AGL Resources, Inc.		601		21,011
Atmos Energy Corporation		800		22,280
Energen Corporation		500		21,940
Laclede Group, Inc. (The)		1,100		33,781
UGI Corporation		800		19,104
				118,116
Independent Power Producers & Energy Traders - 0.4%
Dynegy, Inc. (a)		14,200		28,400
Mirant Corporation (a)		1,230		17,195
RRI Energy, Inc. (a)		2,400		12,648
				58,243
Multi-Utilities - 0.2%
Alliant Energy Corporation		1,200		31,872
Water Utilities - 0.0%
Aqua America, Inc.		100		1,545
Total Common Stocks (Cost $16,537,009)			$	16,434,982
RIGHTS - 0.0%	Shares		Value
Winthrop Realty Trust (a) (Cost $0)		742	$	–
MONEY MARKET FUNDS - 0.3%	Shares		Value
UMB Money Market Fiduciary, 0.05% (b) (Cost $58,594)		58,594	$	58,594
Total Investments at Value - 99.2% (Cost $16,595,603)			$	16,493,576
Other Assets in Excess of Liabilities - 0.8%				129,488
Net Assets - 100.0%			$	16,623,064

ADR - American Depositary Receipt.

(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2009.

See accompanying notes to financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON

DETAILED SCHEDULES OF INVESTMENTS

To the Shareholders and Board of Trustees of

TFS Capital Investment Trust

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of TFS Capital Investment Trust (the "Funds"), comprising TFS Market Neutral Fund and TFS Small Cap Fund, as of October 31, 2009, and for the year then ended and have issued our report thereon dated December 23, 2009 which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR. Our audits also included the Funds’ schedules of investments (the "Schedules") as of October 31, 2009 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion based on our audits. In our opinion, the Schedules referred to above, when considered in relation to the basic financial statements taken as a whole of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

DELOITTE & TOUCHE LLP

Cincinnati, Ohio

December 23, 2009

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)  Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit:  Attached hereto

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(a)(3)  Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons:  Not applicable

(b)  Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):  Attached hereto

Exhibit 99.CODE ETH Code of Ethics

Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   TFS Capital Investment Trust

By (Signature and Title)*	/s/ Larry S, Eiben
	Larry S. Eiben, President

Date          December 29, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Larry S. Eiben
	Larry S. Eiben, President

Date          December 29, 2009

By (Signature and Title)*	/s/ Mark J. Seger
	Mark J. Seger, Treasurer

Date _        December 29, 2009

* Print the name and title of each signing officer under his or her signature.