TFS Capital Investment Trust N-CSRS Certified semi-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 45246  

(Name and address of agent for service)

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

Date of fiscal year end:         October 31, 2010                

Date of reporting period:       April 30, 2010                     

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.

SEMI-ANNUAL REPORT

April 30, 2010

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2010

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX) and the TFS Small Cap Fund (ticker: TFSSX) for the period ended April 30, 2010. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I’d like to thank you for your investment.

During the period, several notable changes took place with the above-mentioned Funds. For one, given its significant asset growth, the TFS Market Neutral Fund filed a prospectus supplement in January to implement a “hard close” and cease its public offering of shares with certain limited exceptions. 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.

In addition, the TFS Small Cap Fund implemented a shareholder approved change in the fee arrangement with TFS Capital. More specifically, beginning March 1, 2010, the Fund changed the performance-based fee schedule to a fixed-rate fee schedule.1 While TFS Capital remains a strong supporter of performance-based compensation, this change was implemented based on investor feedback in an effort to facilitate Fund growth.

We would like to emphasize that, although TFSMX implemented 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. Moreover, we continue to aggressively seek talented individuals to augment the trading and research teams.

It is notable that the TFS Small Cap Fund, along with the private investment funds managed by TFS Capital, will remain open to existing and new investors. These products provide investors with an opportunity to gain exposure to the management team at TFS Capital.

Below are performance highlights for the Funds.

TFS Market Neutral Fund (ticker: TFSMX)

Average annual total returns for periods ended 4/30/2010 and since inception.

	1 year return	3 year return	5 year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	14.94%	5.32%	10.66%	9.52%
S&P 500 Index	38.84%	-5.05%	2.63%	3.10%

TFSMX’s performance compares favorably to the overall U.S. equity market as measured by the S&P 500 Index. From inception through April 30, 2010, TFSMX generated a 9.52% average annual return and had an annualized standard deviation of 8.67%, whereas the S&P 500 Index generated a 3.10% average annual return and had an annualized standard deviation of 23.02%. Therefore, from inception through April 30, 2010, TFSMX produced an average annual return that was 6.42 percentage points above that of the S&P 500 Index while subjecting investors to only 37.7% of the volatility.

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 by combining non-correlated investments. For your reference, below are the Fund’s correlations to several other asset classes.

1

Index	Correlation Since Inception
S&P 500 Index	0.52
Russell 2000® Index	0.49
MSCI EAFE Index	0.47
Barclays Capital U.S. Agg. Bond Index	-0.08
Wilshire REIT ETF Index	0.36
Dow Jones Commodity Futures	0.43

TFS Small Cap Fund (ticker: TFSSX)

Average annual total returns for periods ended 4/30/2010 and since inception.

	1 year return	3 year return	Since Inception (3/7/2006)
TFS Small Cap Fund	63.66%	5.56%	9.02%
Russell 2000® Index	48.95%	-2.79%	1.23%

As evidenced by the return figures above, TFSSX has continued to achieve its objective of outperforming the Russell 2000® Index. In fact, the Fund now has over a 4-year track record and has achieved an average annual return that is 7.79 percentage points higher than that of the Russell 2000® Index. On a cumulative basis, TFSSX generated a 43.08% total return compared to 5.20% total return for the Russell 2000® Index. At the end of April 2010, the trailing 3-year return placed TFSSX in the top 1% of the Lipper “Small Cap Core” category and in the top 2% of the Morningstar ̶ 0;Small Cap Blend” category.2

Despite the Funds’ excellent performance, we do not recommend allocating a high percentage of one’s assets to either Fund given the risks inherent in the Funds. Rather, we believe that they are best used as a component of a diversified portfolio of investments. If you have any questions about the Funds or TFS Capital, please contact us.

Best regards,

Larry S. Eiben

Chief Operating Officer & Co-Portfolio Manager

TFS Capital LLC

2

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Funds charge a 2% redemption penalty on shares invested for less than 90 days. If shares are redeemed within the 90 day period, investment returns would be reduced from those shown above. Fee waivers and/or expense reimbursements by the Adviser have positively impacted the Funds’ performance. Without such waivers and/or reimbursements, performance would have been lower. An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. To obtain a summary prospectus and/or prospectus, which each contain this and other important information, go to www.TFSCapital.com or call (888) 534-2001. Please read the summary prospectus and/or prospectus carefully before investing. The Funds may not be suitable for all investors.

1 More information on the current fee schedule can be found in the Fund’s Prospectus. It is notable that for the period from March 1, 2010 to March 1, 2011, TFS Capital will continue to be subject to downward fee adjustments based on performance. The maximum fee that can be charged during this period is 1.25% of the Fund’s average daily net assets.

2 TFSSX was ranked #9 out of 646 in the Lipper “Small Cap Core” category and #8 out of 555 in the Morningstar “Small Blend” category using its 3-year return. TFSSX was ranked #33 out of 755 in the Lipper “Small Cap Core” category and #46 out of 638 in the Morningstar “Small Cap Blend” category using its 1-year return.

Ranking information provided by Lipper and Morningstar for the periods ended April 30, 2010. TFSSX was assigned by Lipper to the Small-Cap Core category and by Morningstar to the Small Blend category. The Fund is ranked based on total return and is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund rankings are calculated monthly by Lipper Analytical Services of New York and Morningstar, Inc. of Chicago. Lipper Inc. and Morningstar Inc. are nationally recognized organizations that rank the performance of mutual funds.

3

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

April 30, 2010 (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
Brocade Communications Systems, Inc.	0.62%	Realty Income Corporation	0.47%
Hecla Mining Company	0.60%	MBIA, Inc.	0.37%
Quiksilver, Inc.	0.59%	Jos. A. Bank Clothiers, Inc.	0.36%
MetroPCS Communications, Inc.	0.58%	USG Corporation	0.36%
ON Semiconductor Corporation	0.58%	MDC Holdings, Inc.	0.36%
Cinemark Holdings, Inc.	0.55%	Hovnanian Enterprises, Inc. - Class A	0.35%
Del Monte Foods Company	0.54%	hhgregg, Inc.	0.35%
Domtar Corporation	0.54%	Park National Corporation	0.35%
Vishay Intertechnology, Inc.	0.53%	Vail Resorts, Inc.	0.34%
Continental Airlines, Inc. - Class B	0.52%	NutriSystem, Inc.	0.34%

4

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

April 30, 2010 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Holdings
Security Description	% of Net Assets
Quiksilver, Inc.	0.48%
Movado Group, Inc.	0.48%
Overstock.com, Inc.	0.48%
Semtech Corporation	0.47%
Popular, Inc.	0.46%
Chimera Investment Corporation	0.45%
Hersha Hospitality Trust	0.45%
Lattice Semiconductor Corporation	0.44%
Richardson Electronics Ltd.	0.42%
Lawson Software, Inc.	0.41%

5

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS

April 30, 2010 (Unaudited)

COMMON STOCKS — 91.7%	Shares		Value
Consumer Discretionary — 13.9%
Auto Components — 1.5%
Goodyear Tire & Rubber Company (The) (a) (b)		346,165	$	4,648,996
Tenneco, Inc. (a) (b)		137,033		3,531,340
Other Auto Components (c)				8,040,758
				16,221,094
Automobiles — 0.1%
Other Automobiles (c)				796,333
Distributors — 0.0%
Other Distributors (c)				446,472
Diversified Consumer Services — 0.8%
Other Diversified Consumer Services (c)				8,430,306
Hotels, Restaurants & Leisure — 1.5%
Other Hotels, Restaurants & Leisure (c)				15,905,753
Household Durables — 1.2%
Jarden Corporation (b)		174,697		5,611,268
Other Household Durables (c)				7,275,688
				12,886,956
Internet & Catalog Retail — 0.5%
Other Internet & Catalog Retail (c)				5,062,619
Leisure Equipment & Products — 0.3%
Other Leisure Equipment & Products (c)				3,564,031
Media — 1.6%
Cinemark Holdings, Inc. (b)		328,244		5,993,735
Other Media (c)				11,419,740
				17,413,475
Multi-Line Retail — 0.7%
Other Multi-Line Retail (c)				7,385,309
Specialty Retail — 2.8%
Other Specialty Retail (c)				30,600,443
Textiles, Apparel & Luxury Goods — 2.9%
Jones Apparel Group, Inc.		247,792		5,391,954
Quiksilver, Inc. (a) (b)		1,199,086		6,391,128
Warnaco Group, Inc. (The) (a) (b)		102,300		4,894,032
Other Textiles, Apparel & Luxury Goods (c)				14,516,906
				31,194,020
Consumer Staples — 3.1%
Beverages — 0.0%
Other Beverages (c)				442,067

6

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 91.7% (Continued)	Shares		Value
Consumer Staples — 3.1% (Continued)
Food & Staples Retailing — 0.1%
Other Food & Staples Retailing (c)			$	1,466,321
Food Products — 1.8%
Corn Products International, Inc. (b)		130,305		4,690,980
Del Monte Foods Company (b)		390,165		5,829,065
Origin Agritech Ltd. (a)		406,444		3,560,449
Other Food Products (c)				5,066,906
				19,147,400
Household Products — 0.1%
Other Household Products (c)				1,473,569
Personal Products — 0.9%
NBTY, Inc. (a) (b)		85,700		3,486,276
Other Personal Products (c)				5,773,599
				9,259,875
Tobacco — 0.2%
Other Tobacco (c)				2,240,509
Energy — 6.9%
Energy Equipment & Services — 2.2%
Other Energy Equipment & Services (c)				23,736,439
Oil, Gas & Consumable Fuels — 4.7%
Petroleum Development Corporation (a) (b)		211,425		4,949,459
USEC, Inc. (a) (b)		716,256		4,297,536
Other Oil, Gas & Consumable Fuels (c)				41,880,769
				51,127,764
Financials — 15.0%
Capital Markets — 3.1%
Apollo Investment Corporation (b)		312,605		3,801,277
E*TRADE Financial Corporation (a)		2,672,830		4,490,354
Other Capital Markets (c)				25,059,810
				33,351,441
Commercial Banks — 2.2%
Popular, Inc. (a)		1,387,334		5,466,096
Other Commercial Banks (c)				18,790,694
				24,256,790
Consumer Finance — 1.2%
Nelnet, Inc. - Class A (b)		173,672		3,466,493
Other Consumer Finance (c)				9,819,147
				13,285,640
Diversified Financial Services — 0.6%
Other Diversified Financial Services (c)				6,906,091
Insurance — 3.5%
Unitrin, Inc. (b)		119,506		3,495,551
Other Insurance (c)				34,539,428
				38,034,979

7

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 91.7% (Continued)	Shares		Value
Financials — 15.0% (Continued)
Real Estate Investment Trusts — 2.8%
Chimera Investment Corporation (b)		1,083,260	$	4,408,868
Other Real Estate Investment Trusts (c)				25,349,141
				29,758,009
Real Estate Management & Development — 0.1%
Other Real Estate Management & Development (c)				575,149
Thrifts & Mortgage Finance — 1.5%
Federal National Mortgage Association (a)		3,908,900		4,768,858
Radian Group, Inc. (b)		285,200		4,046,988
Other Thrifts & Mortgage Finance (c)				7,217,899
				16,033,745
Health Care — 11.0%
Biotechnology — 2.6%
Incyte Corporation (a) (b)		293,165		3,934,274
Other Biotechnology (c)				23,747,978
				27,682,252
Health Care Equipment & Supplies — 2.3%
STERIS Corporation (b)		121,302		4,036,931
Other Health Care Equipment & Supplies (c)				20,960,793
				24,997,724
Health Care Providers & Services — 3.5%
Health Net, Inc. (a) (b)		159,017		3,501,554
Other Health Care Providers & Services (c)				34,308,069
				37,809,623
Health Care Technology — 0.3%
Other Health Care Technology (c)				3,626,085
Life Sciences Tools & Services — 1.1%
Bruker Corporation (a) (b)		298,028		4,556,848
Other Life Sciences Tools & Services (c)				7,111,717
				11,668,565
Pharmaceuticals — 1.2%
Nektar Therapeutics (a) (b)		299,622		4,182,723
ViroPharma, Inc. (a) (b)		311,487		3,962,115
Other Pharmaceuticals (c)				4,667,368
				12,812,206
Industrials — 13.6%
Aerospace & Defense — 1.9%
Esterline Technologies Corporation (a) (b)		97,198		5,421,704
Other Aerospace & Defense (c)				15,062,003
				20,483,707
Air Freight & Logistics — 0.6%
Other Air Freight & Logistics (c)				6,805,143
Airlines — 2.1%
Continental Airlines, Inc. - Class B (a) (b)		252,731		5,648,538

8

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 91.7% (Continued)	Shares		Value
Industrials — 13.6% (Continued)
Airlines — 2.1% (Continued)
JetBlue Airways Corporation (a) (b)		626,731	$	3,503,426
Other Airlines (c)				13,249,136
				22,401,100
Building Products — 0.3%
Other Building Products (c)				2,770,958
Commercial Services & Supplies — 1.7%
Other Commercial Services & Supplies (c)				18,352,873
Construction & Engineering — 0.4%
Other Construction & Engineering (c)				4,285,497
Electrical Equipment — 1.0%
Regal-Beloit Corporation (b)		67,386		4,263,512
Other Electrical Equipment (c)				6,555,621
				10,819,133
Industrial Conglomerates — 0.0%
Other Industrial Conglomerates (c)				121,403
Machinery — 2.6%
Other Machinery (c)				28,388,068
Marine — 0.5%
Other Marine (c)				5,564,273
Professional Services — 0.7%
Other Professional Services (c)				7,398,285
Road & Rail — 1.0%
Avis Budget Group, Inc. (a) (b)		243,021		3,674,477
YRC Worldwide, Inc. (a)		6,722,520		3,742,427
Other Road & Rail (c)				2,911,269
				10,328,173
Trading Companies & Distributors — 0.8%
Aircastle Ltd. (b)		296,627		3,562,490
Other Trading Companies & Distributors (c)				4,961,814
				8,524,304
Transportation Infrastructure — 0.0%
Other Transportation Infrastructure (c)				425,392
Information Technology — 18.8%
Communications Equipment — 3.0%
Acme Packet, Inc. (a) (b)		212,619		5,557,861
Brocade Communications Systems, Inc. (a) (b)		1,029,703		6,682,772
Riverbed Technology, Inc. (a) (b)		115,295		3,572,992
Other Communications Equipment (c)				16,826,646
				32,640,271

9

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 91.7% (Continued)	Shares		Value
Information Technology — 18.8% (Continued)
Computers & Peripherals — 1.4%
Lexmark International, Inc. - Class A (a) (b)		139,140	$	5,155,137
Other Computers & Peripherals (c)				9,969,941
				15,125,078
Electronic Equipment, Instruments & Components — 2.1%
Vishay Intertechnology, Inc. (a) (b)		548,256		5,707,345
Other Electronic Equipment, Instruments & Components (c)				17,073,809
				22,781,154
Internet Software & Services — 2.0%
SAVVIS, Inc. (a) (b)		208,468		3,669,037
Other Internet Software & Services (c)				17,708,272
				21,377,309
IT Services — 1.9%
Other IT Services (c)				20,633,749
Semiconductors & Semiconductor Equipment — 5.2%
Fairchild Semiconductor International, Inc. (a)		328,453		3,685,243
Lattice Semiconductor Corporation (a) (b)		830,392		4,376,166
OmniVision Technologies, Inc. (a)		209,511		3,679,013
ON Semiconductor Corporation (a)		785,600		6,237,664
Veeco Instruments, Inc. (a) (b)		94,800		4,170,252
Other Semiconductors & Semiconductor Equipment (c)				34,633,507
				56,781,845
Software — 3.2%
Other Software (c)				34,282,203
Materials — 6.1%
Chemicals — 1.4%
Cytec Industries, Inc. (b)		75,393		3,623,388
Other Chemicals (c)				11,701,636
				15,325,024
Construction Materials — 0.0%
Other Construction Materials (c)				24,149
Containers & Packaging — 1.6%
Other Containers & Packaging (c)				16,832,210
Metals & Mining — 2.1%
Hecla Mining Company (a) (b)		1,083,854		6,470,608
Silvercorp Metals, Inc.		425,796		3,504,301
Other Metals & Mining (c)				12,620,321
				22,595,230
Paper & Forest Products — 1.0%
Domtar Corporation (a) (b)		81,914		5,802,788
Other Paper & Forest Products (c)				4,828,451
				10,631,239

10

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 91.7% (Continued)	Shares		Value
Telecommunication Services — 1.4%
Diversified Telecommunication Services — 0.7%
Other Diversified Telecommunication Services (c)			$	7,916,378
Wireless Telecommunication Services — 0.7%
MetroPCS Communications, Inc. (a) (b)		820,063		6,257,081
Other Wireless Telecommunication Services (c)				1,340,053
				7,597,134
Utilities — 1.9%
Electric Utilities — 0.7%
Other Electric Utilities (c)				7,471,294
Gas Utilities — 0.9%
Other Gas Utilities (c)				9,886,956
Independent Power Producers & Energy Traders — 0.2%
Other Independent Power Producers & Energy Traders (c)				1,872,936
Multi-Utilities — 0.1%
Other Multi-Utilities (c)				951,466
Water Utilities — 0.0%
Other Water Utilities (c)				417,322
Total Common Stocks (Cost $893,592,684)			$	991,410,310

CLOSED-END FUNDS — 5.3%	Shares	Value
Other Closed-End Funds (Cost $56,657,421) (c)		$	56,909,253

RIGHTS — 0.0%	Shares	Value
Other Rights (Cost $0) (c)		$	10,472

11

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS — 3.6%	Shares		Value
UMB Money Market Fiduciary, 0.03% (d) (Cost $39,145,540)		39,145,540	$	39,145,540
Total Investments at Value — 100.6% (Cost $989,395,645)			$	1,087,475,575
Liabilities in Excess of Other Assets — (0.6%)				(6,665,661	)
Net Assets — 100.0%			$	1,080,809,914

(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	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 April 30, 2010. All or a portion of these issuers have been committed as collateral for open short positions.
(d)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2010.
See accompanying notes to financial statements.

12

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

April 30, 2010 (Unaudited)

COMMON STOCKS — 65.9%	Shares		Value
Consumer Discretionary — 13.2%
Auto Components — 0.3%
Amerigon, Inc. (a)		7,429	$	72,879
Cooper Tire & Rubber Company		16,700		354,374
Fuel Systems Solutions, Inc. (a)		17,000		534,990
Raser Technologies, Inc. (a)		273,611		220,640
Superior Industries International, Inc.		86,885		1,464,881
Tenneco Automotive, Inc. (a)		34,364		885,560
TRW Automotive Holdings Corporation (a)		2,100		67,641
				3,600,965
Automobiles — 0.3%
Thor Industries, Inc.		10,700		382,097
Winnebago Industries, Inc. (a)		146,227		2,431,755
				2,813,852
Distributors — 0.0%
Audiovox Corporation - Class A (a)		4,449		41,420
Core-Mark Holding Company, Inc. (a)		8,046		245,564
				286,984
Diversified Consumer Services — 1.2%
American Public Education, Inc. (a)		37,257		1,577,834
Bridgepoint Education, Inc. (a)		5,601		144,002
Capella Education Company (a)		17,001		1,540,631
ChinaCast Education Corporation (a)		126,535		851,581
Coinstar, Inc. (a)		8,600		381,496
Corinthian Colleges, Inc. (a)		20,600		321,772
Education Management Corporation (a)		28,603		624,403
Grand Canyon Education, Inc. (a)		27,163		656,801
ITT Educational Services, Inc. (a)		358		36,205
Jackson Hewitt Tax Service, Inc. (a)		16,000		27,040
K12, Inc. (a)		90,666		2,146,064
Matthews International Corporation - Class A		300		10,500
Pre-Paid Legal Services, Inc. (a)		41,182		1,831,363
Princeton Review, Inc. (The) (a)		4,314		13,503
Stewart Enterprises, Inc. - Class A		302,800		2,052,984
Universal Technical Institute, Inc. (a)		2,800		67,088
Weight Watchers International, Inc.		14,600		387,922
				12,671,189
Hotels, Restaurants & Leisure — 2.3%
Ameristar Casinos, Inc.		78,660		1,481,168
Bally Technologies, Inc. (a)		57,540		2,653,745
BJ's Restaurants, Inc. (a)		72,786		1,756,326
Brinker International, Inc.		92,400		1,711,248
Buffalo Wild Wings, Inc. (a)		13,429		555,155
CEC Entertainment, Inc. (a)		97		3,788
Cheesecake Factory, Inc. (The) (a)		17,600		478,192
Churchill Downs, Inc.		6,300		241,479
Cracker Barrel Old Country Store, Inc.		12,070		595,896
DineEquity, Inc. (a)		10,559		434,292
Dover Downs Gaming & Entertainment, Inc.		1,771		6,960

13

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Consumer Discretionary — 13.2% (Continued)
Hotels, Restaurants & Leisure — 2.3% (Continued)
Gaylord Entertainment Company (a)		12,100	$	408,375
Isle of Capri Casinos, Inc. (a)		24,200		263,538
Jack in the Box, Inc. (a)		14,319		336,783
Landry's Restaurants, Inc. (a)		61,296		1,415,325
Life Time Fitness, Inc. (a)		42,641		1,567,483
Morgans Hotel Group Company (a)		21,621		183,130
Multimedia Games, Inc. (a)		21,400		97,798
O'Charley's, Inc. (a)		7,400		70,670
Orient-Express Hotels Ltd. - Class A (a)		64,700		883,155
P.F. Chang's China Bistro, Inc. (a)		75,464		3,293,249
Peet's Coffee & Tea, Inc. (a)		6,897		273,259
Pinnacle Entertainment, Inc. (a)		5,700		77,121
Red Lion Hotels Corporation (a)		8,006		61,166
Red Robin Gourmet Burgers, Inc. (a)		1,700		41,497
Rick's Cabaret International, Inc. (a)		2,146		26,546
Sonic Corporation (a)		61,100		715,481
Texas Roadhouse, Inc. (a)		200		2,956
Universal Travel Group (a)		16,200		147,906
Vail Resorts, Inc. (a)		81,443		3,717,058
WMS Industries, Inc. (a)		30,777		1,539,465
				25,040,210
Household Durables — 1.9%
American Greetings Corporation		30,100		739,256
Beazer Homes USA, Inc. (a)		134,640		884,585
Brookfield Homes Corporation (a)		14,430		161,760
Cavco Industries, Inc. (a)		25,884		1,013,876
Ethan Allen Interiors, Inc.		108,937		2,200,528
Hooker Furniture Corporation		1,353		21,323
Hovnanian Enterprises, Inc. - Class A (a)		535,258		3,805,685
iRobot Corporation (a)		103,928		2,097,267
Jarden Corporation		12,700		407,924
La-Z-Boy, Inc. (a)		16,729		218,146
Lifetime Brands, Inc. (a)		3,400		49,300
M/I Homes, Inc. (a)		25,723		401,279
MDC Holdings, Inc.		100,572		3,851,908
Meritage Homes Corporation (a)		81,176		1,930,365
Ryland Group, Inc. (The)		68,700		1,564,986
Sealy Corporation (a)		203,800		762,212
Skyline Corporation		6,998		163,123
Toll Brothers, Inc. (a)		16,900		381,433
				20,654,956
Internet & Catalog Retail — 0.8%
1-800-FLOWERS.COM, Inc. (a)		34,800		99,528
Bidz.com, Inc. (a)		1,202		2,368
Blue Nile, Inc. (a)		14,996		809,634
drugstore.com, inc. (a)		21,241		77,742
NutriSystem, Inc.		190,596		3,684,220
Orbitz Worldwide, Inc. (a)		7,800		51,402

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Consumer Discretionary — 13.2% (Continued)
Internet & Catalog Retail — 0.8% (Continued)
Overstock.com, Inc. (a)		3,700	$	68,450
PetMed Express, Inc.		131,778		2,917,565
Shutterfly, Inc. (a)		19,592		461,000
ValueVision Media, Inc. (a)		12,200		37,576
				8,209,485
Leisure Equipment & Products — 0.7%
Arctic Cat, Inc. (a)		1,400		20,650
Brunswick Corporation		77		1,609
Callaway Golf Company		96,235		903,647
Eastman Kodak Company (a)		109,200		668,304
JAKKS Pacific, Inc. (a)		28,400		434,236
Marine Products Corporation (a)		5,400		38,340
Nautilus, Inc. (a)		39,258		134,262
Polaris Industries, Inc.		290		17,159
Pool Corporation		89,369		2,192,222
Smith & Wesson Holding Corporation (a)		390,239		1,736,563
Sturm Ruger & Company, Inc.		67,781		1,131,265
				7,278,257
Media — 0.9%
Alloy, Inc. (a)		1,500		11,625
Arbitron, Inc.		24,700		761,007
Ascent Media Corporation (a)		2,300		67,896
Belo Corporation		3,800		32,946
China MediaExpress Holdings, Inc. (a)		100		1,304
Clear Channel Outdoor Holdings, Inc. (a)		2,400		27,792
CTC Media, Inc. (a)		107,223		1,810,996
Harte-Hanks, Inc.		10,900		156,960
Lamar Advertising Company - Class A (a)		51,098		1,901,868
Lee Enterprises, Inc. (a)		2,100		7,938
Liberty Global, Inc. - Class A (a)		13,600		372,776
Liberty Media Corporation - Capital - Series A (a)		4,167		184,473
LodgeNet Interactive Corporation (a)		54,283		358,268
Madison Square Garden, Inc. - Class A (a)		1,613		33,470
Martha Stewart Living Omnimedia, Inc. (a)		68,888		460,172
McClatchy Company (The) - Class A (a)		44,600		243,070
Media General, Inc. (a)		43,376		548,706
Morningstar, Inc. (a)		7,350		345,523
Playboy Enterprises, Inc. (a)		200		836
Scholastic Corporation		58,853		1,589,620
Warner Music Group Corporation (a)		148,754		1,018,965
				9,936,211
Multi-Line Retail — 0.2%
99¢ Only Stores (a)		3,100		48,112
Big Lots, Inc. (a)		15,200		580,640
Bon-Ton Stores, Inc. (The) (a)		666		11,402
Dillard's, Inc.		62,000		1,740,960
				2,381,114

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Consumer Discretionary — 13.2% (Continued)
Specialty Retail — 3.2%
Aaron's, Inc.		53,544	$	1,208,488
Aéropostale, Inc. (a)		12,000		348,480
America's Car-Mart, Inc. (a)		4,046		102,485
AnnTaylor Stores Corporation (a)		15,900		345,030
Asbury Automotive Group, Inc. (a)		24,600		382,530
AutoNation, Inc. (a)		49,700		1,003,940
Barnes & Noble, Inc.		39,467		869,853
bebe stores, inc.		18,700		154,088
Blockbuster, Inc. - Class A (a)		100,400		37,399
Buckle, Inc. (The)		49,386		1,786,786
Build-A-Bear Workshop, Inc. (a)		17,500		167,300
Cabela's, Inc. - Class A (a)		5,200		94,432
Casual Male Retail Group, Inc. (a)		100		409
Charming Shoppes, Inc. (a)		378,025		2,135,841
Children's Place Retail Stores, Inc. (The) (a)		13,601		623,198
Conn's, Inc. (a)		63,948		609,425
Destination Maternity Corporation (a)		4,194		132,530
Dress Barn, Inc. (a)		30,980		857,526
DSW, Inc. - Class A (a)		5,800		175,160
Foot Locker, Inc.		63,600		976,260
GameStop Corporation - Class A (a)		15,900		386,529
Group 1 Automotive, Inc. (a)		91,820		2,851,011
Haverty Furniture Companies, Inc. (a)		78,289		1,276,111
hhgregg, Inc. (a)		131,675		3,769,855
Hibbett Sports, Inc. (a)		71,372		1,962,730
Jo-Ann Stores, Inc. (a)		21,550		950,786
Jos. A. Bank Clothiers, Inc. (a)		64,576		3,930,095
Lithia Motors, Inc. (a)		7,300		58,254
Lumber Liquidators Holdings, Inc. (a)		57,818		1,761,136
MarineMax, Inc. (a)		3,200		35,680
Monro Muffler Brake, Inc.		3,400		121,924
Pep Boys - Manny Moe & Jack (The)		3,700		46,361
Pier 1 Imports, Inc. (a)		3,100		25,668
RadioShack Corporation		75,500		1,627,025
Rent-A-Center, Inc. (a)		11,800		304,676
Select Comfort Corporation (a)		11,200		126,784
Sonic Automotive, Inc. - Class A (a)		49,235		525,830
Systemax, Inc. (a)		21,613		502,070
Talbots, Inc. (The) (a)		3,400		55,930
West Marine, Inc. (a)		16,501		197,517
Williams-Sonoma, Inc.		12,500		360,000
Zale Corporation (a)		18,600		60,636
Zumiez, Inc. (a)		121,706		2,258,863
				35,206,631
Textiles, Apparel & Luxury Goods — 1.4%
Alpha Pro Tech Ltd. (a)		18,800		41,924
Cherokee, Inc.		47,528		971,472
Culp, Inc. (a)		16,098		192,210

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Consumer Discretionary — 13.2% (Continued)
Textiles, Apparel & Luxury Goods — 1.4% (Continued)
Fossil, Inc. (a)		12,900	$	501,810
Fuqi International, Inc. (a)		41,431		435,440
Gildan Activewear, Inc. (a)		200		5,786
Hanesbrands, Inc. (a)		57,619		1,640,413
Jones Apparel Group, Inc.		54,000		1,175,040
K-Swiss, Inc. - Class A (a)		107,761		1,340,547
Liz Claiborne, Inc. (a)		20,200		176,548
Movado Group, Inc. (a)		1,800		22,338
Oxford Industries, Inc.		100		2,159
Phillips-Van Heusen Corporation		46,725		2,944,142
Timberland Company (The) - Class A (a)		15,000		322,500
True Religion Apparel, Inc. (a)		34,794		1,087,313
Under Armour, Inc. - Class A (a)		6,100		205,875
Unifi, Inc. (a)		4,800		18,384
UniFirst Corporation - Class A		7,090		346,488
Volcom, Inc. (a)		82,774		1,973,332
Wolverine World Wide, Inc.		44,141		1,351,156
				14,754,877
Consumer Staples — 3.1%
Beverages — 0.0%
Central European Distribution Corporation (a)		41		1,421
Food & Staples Retailing — 0.9%
Diedrich Coffee, Inc. (a)		8,036		279,331
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		310,548		2,499,911
Ingles Markets, Inc.		800		12,824
Nash Finch Company		5,000		175,100
Rite Aid Corporation (a)		884,200		1,308,616
Ruddick Corporation		56,914		2,011,341
Spartan Stores, Inc.		9,400		141,846
Susser Holdings Corporation (a)		2,498		26,904
United Natural Foods, Inc. (a)		88,797		2,725,180
Weis Markets, Inc.		2,400		89,472
				9,270,525
Food Products — 1.7%
AgFeed Industries, Inc. (a)		163,344		702,379
Alico, Inc.		285		7,604
American Dairy, Inc. (a)		36,136		686,584
American Italian Pasta Company (a)		2,151		84,384
Calavo Growers, Inc.		25,618		444,216
Cal-Maine Foods, Inc.		66,830		2,230,785
Chiquita Brands International, Inc. (a)		4,100		61,664
Dean Foods Company (a)		92,935		1,459,079
Diamond Foods, Inc.		49,559		2,116,665
Dole Food Company, Inc. (a)		45,587		516,045
Farmer Brothers Company		4,274		79,967
Flowers Foods, Inc.		32,340		852,482
Hain Celestial Group, Inc. (The) (a)		124,531		2,463,223

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Consumer Staples — 3.1% (Continued)
Food Products — 1.7% (Continued)
Imperial Sugar Company		10,508	$	168,443
John B. Sanfilippo & Son, Inc. (a)		914		13,737
Origin Agritech Ltd. (a)		102,714		899,775
Sanderson Farms, Inc.		168		9,521
Seneca Foods Corporation - Class A (a)		5,949		195,365
Smithfield Foods, Inc. (a)		165,077		3,093,543
Synutra International, Inc. (a)		9,618		225,446
Treehouse Foods, Inc. (a)		46,600		1,970,714
Yuhe International, Inc. (a)		300		2,664
				18,284,285
Household Products — 0.0%
Orchids Paper Products Company (a)		930		13,773
Personal Products — 0.4%
American Oriental Bioengineering, Inc. (a)		511,075		2,069,854
China Sky One Medical, Inc. (a)		6,000		85,020
Female Health Company (The)		15,801		100,968
Medifast, Inc. (a)		20,800		663,936
NBTY, Inc. (a)		75		3,051
Nutraceutical International Corporation (a)		1,561		24,149
USANA Health Sciences, Inc. (a)		39,467		1,430,679
				4,377,657
Tobacco — 0.1%
Alliance One International, Inc. (a)		82,877		421,844
Star Scientific, Inc. (a)		17,700		32,568
Vector Group Ltd.		70,626		1,157,560
				1,611,972
Energy — 4.5%
Energy Equipment & Services — 2.3%
Allis-Chalmers Energy, Inc. (a)		39,000		157,170
Basic Energy Services, Inc. (a)		121,648		1,242,026
Bronco Drilling Company, Inc. (a)		86,195		412,012
CARBO Ceramics, Inc.		23,529		1,723,499
Complete Production Services, Inc. (a)		56,870		858,168
Core Laboratories N.V.		500		74,945
Dawson Geophysical Company (a)		9,962		291,787
Global Industries Ltd. (a)		10,000		67,000
Gulf Island Fabrication, Inc.		2,831		67,859
Helix Energy Solutions Group, Inc. (a)		102,575		1,495,543
Hercules Offshore, Inc. (a)		587,933		2,328,215
Hornbeck Offshore Services, Inc. (a)		2,200		53,834
ION Geophysical Corporation (a)		102,866		618,225
Key Energy Services, Inc. (a)		180,828		1,963,792
Natural Gas Services Group, Inc. (a)		400		7,172
OYO Geospace Corporation (a)		3,040		151,088
Parker Drilling Company (a)		9,500		52,535
Patterson-UTI Energy, Inc.		186,888		2,857,518
Rowan Companies, Inc. (a)		6,800		202,640

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Energy — 4.5% (Continued)
Energy Equipment & Services — 2.3% (Continued)
RPC, Inc.		7,928	$	108,217
SEACOR Holdings, Inc. (a)		7,177		604,088
Seahawk Drilling, Inc. (a)		15,045		250,650
SulphCo, Inc. (a)		279,872		107,247
Superior Well Services, Inc. (a)		227,855		3,303,897
T-3 Energy Services, Inc. (a)		5,600		166,600
TETRA Technologies, Inc. (a)		13,600		167,144
Tidewater, Inc.		9,411		504,524
Unit Corporation (a)		41,400		1,977,678
Willbros Group, Inc. (a)		248,600		3,119,930
				24,935,003
Oil, Gas & Consumable Fuels — 2.2%
Alon USA Energy, Inc.		25,197		184,190
Approach Resources, Inc. (a)		2,000		17,900
Atlas Energy, Inc.		4,124		148,794
ATP Oil & Gas Corporation (a)		50,720		926,147
Berry Petroleum Company - Class A		1,079		34,927
BPZ Resources, Inc. (a)		286,744		1,898,245
Callon Petroleum Company (a)		2,800		16,996
CAMAC Energy, Inc. (a)		8,800		39,512
Carrizo Oil & Gas, Inc. (a)		77,440		1,699,034
Cheniere Energy Partners, L.P.		1,500		26,730
Cheniere Energy, Inc. (a)		11,300		46,895
Clayton Williams Energy, Inc. (a)		616		28,619
Cloud Peak Energy, Inc. (a)		800		12,800
Contango Oil & Gas Company (a)		1,389		76,256
Copano Energy, LLC		15,000		393,000
Crosstex Energy, Inc. (a)		3,700		33,411
CVR Energy, Inc. (a)		87,838		745,745
DCP Midstream Partners, L.P.		423		14,149
Delek US Holdings, Inc.		8,261		57,910
Denison Mines Corporation (a)		122,100		192,918
Eagle Rock Energy Partners, L.P.		2,600		18,226
Energy XXI (Bermuda) Ltd. (a)		6,100		106,811
General Maritime Corporation		27,700		224,647
GeoGlobal Resources, Inc. (a)		22,423		34,980
GMX Resources, Inc. (a)		107,807		863,534
Golar LNG Ltd. (a)		16,500		214,335
Goodrich Petroleum Corporation (a)		18,463		312,579
GreenHunter Energy, Inc. (a)		1,400		1,834
Harvest Natural Resources, Inc. (a)		56,308		497,200
Holly Corporation		8,400		226,800
Houston American Energy Corporation		11,200		146,720
Hyperdynamics Corporation (a)		36,900		41,697
James River Coal Company (a)		115,200		2,168,064
Knightsbridge Tankers Ltd.		7,900		149,626
L & L Energy, Inc. (a)		5,250		56,700
Linn Energy, LLC		1,760		47,696

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Energy — 4.5% (Continued)
Oil, Gas & Consumable Fuels — 2.2% (Continued)
MarkWest Energy Partners, L.P.		220	$	6,765
Nordic American Tanker Shipping Ltd.		7,900		246,796
Northern Oil & Gas, Inc. (a)		6,300		102,438
Pacific Ethanol, Inc. (a)		144,350		154,455
Panhandle Oil & Gas, Inc.		4,676		116,713
Patriot Coal Corporation (a)		33,700		663,553
Penn Virginia Corporation		10,800		275,508
Petroleum Development Corporation (a)		2,300		53,843
PetroQuest Energy, Inc. (a)		16,200		95,742
Provident Energy Trust		11,200		91,728
Quicksilver Resources, Inc. (a)		4,334		60,113
Rentech, Inc. (a)		25,400		31,750
Resolute Energy Corporation (a)		2,500		33,450
Rex Energy Corporation (a)		12,600		167,580
San Juan Basin Royalty Trust		9,700		239,881
Stone Energy Corporation (a)		9,200		149,960
Swift Energy Company (a)		13,200		477,576
Syntroleum Corporation (a)		25,200		56,952
Teekay Tankers Ltd. - Class A		3,200		40,768
Toreador Resources Corporation (a)		30,800		279,356
Tri-Valley Corporation (a)		62,216		73,415
Uranerz Energy Corporation (a)		6,740		11,121
Uranium Energy Corporation (a)		241,172		689,752
USEC, Inc. (a)		60,500		363,000
Verenium Corporation (a)		10,934		45,157
W&T Offshore, Inc.		12,300		116,481
Warren Resources, Inc. (a)		3,500		12,530
Western Refining, Inc. (a)		633,868		3,397,532
Westmoreland Coal Company (a)		3,017		42,419
Williams Partners, L.P.		11,345		480,007
World Fuel Services Corporation		116,896		3,323,353
Zion Oil & Gas, Inc. (a)		27,723		177,150
				23,782,471
Financials — 11.4%
Capital Markets — 1.3%
Affiliated Managers Group, Inc. (a)		219		18,435
Ares Capital Corporation		77,400		1,227,564
Cohen & Steers, Inc.		6,300		170,541
Evercore Partners, Inc. - Class A		3,266		117,054
Federated Investors, Inc.		110,747		2,671,218
Greenhill & Company, Inc.		12,851		1,129,474
International Assets Holding Corporation (a)		1,900		30,723
Investment Technology Group, Inc. (a)		3,800		66,006
KBW, Inc. (a)		34,055		1,019,947
Knight Capital Group, Inc. (a)		18,200		283,010
Kohlberg Capital Corporation		21,500		121,475
Oppenheimer Holdings, Inc.		697		20,262
PennantPark Investment Corporation		1,800		19,692

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Financials — 11.4% (Continued)
Capital Markets — 1.3% (Continued)
Penson Worldwide, Inc. (a)		41,616	$	391,190
Piper Jaffray Companies, Inc. (a)		11,100		436,896
Raymond James Financial, Inc.		78,238		2,397,212
Stifel Financial Corporation (a)		56,003		3,210,652
SWS Group, Inc.		89,654		992,470
TICC Capital Corporation		5,000		35,600
				14,359,421
Commercial Banks — 4.6%
1st Source Corporation		1,444		27,624
BancFirst Corporation		1,411		62,282
BancorpSouth, Inc.		67,380		1,491,793
Bank of Hawaii Corporation		200		10,576
Bank of the Ozarks, Inc.		45,701		1,758,117
Banner Corporation		49,700		281,799
Bar Harbor Bankshares, Inc.		1,300		38,220
Boston Private Financial Holdings, Inc.		4,400		34,892
Capital City Bank Group, Inc.		18,641		327,895
Capitol Bancorp Ltd. (a)		8,254		20,140
Cardinal Financial Corporation		3,910		42,815
Cascade Bancorp, Inc. (a)		43,934		33,829
Cathay General Bancorp		5,500		68,035
Center Bancorporation, Inc.		1,300		10,816
Central Pacific Financial Corporation (a)		40,313		87,882
Century Bancorp, Inc. - Class A		105		2,032
Chemical Financial Corporation		35,275		836,018
City Bank (a)		13,068		3,267
City Holding Company		20,873		731,390
City National Corporation		26,800		1,669,104
CoBiz Financial, Inc.		38,379		274,026
Colonial Bancgroup, Inc. (The) (a)		108,955		3,835
Columbia Banking Systems, Inc.		30,900		694,632
Community Bank System, Inc.		46,457		1,146,094
Community Trust Bancorp, Inc.		3,184		95,584
CVB Financial Corporation		202,079		2,224,890
Danvers Bancorp, Inc.		6,896		112,750
Enterprise Financial Services Corporation		4,000		42,040
First BanCorp (North Carolina)		14,736		240,344
First BanCorp (Puerto Rico)		144,900		307,188
First Busey Corporation		43,100		217,655
First Commonwealth Financial Corporation		63,500		415,925
First Community Bancshares, Inc.		3,387		56,394
First Financial Bancorporation		1,300		24,843
First Financial Bankshares, Inc.		4,020		214,990
First Financial Corporation		402		11,718
First of Long Island Corporation (The)		854		21,982
First South Bancorp, Inc.		7,192		100,256
FirstMerit Corporation		22,500		528,750
FNB Corporation		83,002		773,579

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Financials — 11.4% (Continued)
Commercial Banks — 4.6% (Continued)
Frontier Financial Corporation (a)		8,859	$	31,627
Glacier Bancorp, Inc.		35,200		650,848
Great Southern Bancorp, Inc.		19,300		470,727
Hancock Holding Company		8,808		360,071
Hanmi Financial Corporation (a)		112,400		334,952
Heartland Financial USA, Inc.		1,990		38,029
Home BancShares, Inc.		8,345		234,661
IBERIABANK Corporation		15,799		973,850
Independent Bank Corporation		21,017		545,181
International Bancshares Corporation		86,794		2,097,811
Lakeland Bancorp, Inc.		4,604		48,342
Lakeland Financial Corporation		5,988		124,910
MB Financial, Inc.		16,400		401,800
National Penn Bancshares, Inc.		112,600		824,232
NBT Bancorp, Inc.		4,061		99,373
Northrim BanCorp, Inc.		400		6,904
Old National Bancorp		63,300		848,853
Old Second Bancorp, Inc.		41,284		236,144
Oriental Financial Group, Inc.		41,000		685,520
Pacific Capital Bancorp		81,137		141,178
PacWest Bancorp		56,724		1,361,943
Park National Corporation		54,923		3,762,226
Pinnacle Financial Partners, Inc. (a)		17,400		265,872
PrivateBancorp, Inc.		4,200		60,144
Renasant Corporation		23,797		393,364
S&T Bancorp, Inc.		93,325		2,244,466
S.Y. Bancorp, Inc.		8,540		202,740
Sandy Spring Bancorp, Inc.		700		12,215
SCBT Financial Corporation		838		33,344
Security Bank Corporation (a)		32,973		33
Signature Bank (a)		2,700		109,026
Smithtown Bancorp, Inc.		44,805		208,343
Southwest Bancorp, Inc.		14,957		219,270
Sterling Bancshares, Inc.		11,200		65,856
Suffolk Bancorp		22,785		707,474
Susquehanna Bancshares, Inc.		239,706		2,612,795
Synovus Financial Corporation		310,100		933,401
Taylor Capital Group, Inc. (a)		1,810		24,797
TCF Financial Corporation		18,600		346,518
Texas Capital Bancshares, Inc. (a)		12,300		244,770
Tompkins Financial Corporation		14,693		596,830
Tower Bancorp, Inc.		800		20,592
Towne Bank		39,231		628,873
Trico Bancshares		9,132		173,873
Umpqua Holdings Corporation		22,000		328,680
Union First Market Bankshares Corporation		700		11,746
United Bankshares, Inc.		79,209		2,300,229
United Community Banks, Inc. (a)		48,331		282,253
United Security Bancshares		518		8,045

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Financials — 11.4% (Continued)
Commercial Banks — 4.6% (Continued)
United Security Bancshares, Inc. (a)		1,927	$	9,057
Valley National Bancorp		25,002		406,032
W Holding Company, Inc. (a)		7,448		39,847
Washington Trust Bancorp, Inc.		1,364		24,702
Westamerica Bancorporation		6,365		374,071
Western Alliance Bancorporation (a)		32,050		278,835
Whitney Holding Corporation		63,676		872,361
Wilmington Trust Corporation		88,700		1,537,171
Wilshire Bancorp, Inc.		100,520		1,091,647
Wintrust Financial Corporation		71,860		2,680,378
				49,674,833
Consumer Finance — 0.2%
Cash America International, Inc.		18,939		701,879
CompuCredit Holdings Corporation (a)		82,933		496,769
Dollar Financial Corporation (a)		3,000		70,230
EZCORP, Inc. - Class A (a)		500		10,355
First Marblehead Corporation (The) (a)		2,300		8,073
World Acceptance Corporation (a)		30,278		1,068,208
				2,355,514
Diversified Financial Services — 0.4%
Asset Acceptance Capital Corporation (a)		22,734		167,322
DJSP Enterprises, Inc. (a)		24,245		315,185
Interactive Brokers Group, Inc. - Class A (a)		56,898		975,232
Life Partners Holdings, Inc.		71,436		1,650,171
Portfolio Recovery Associates, Inc. (a)		9,200		611,524
Primus Guaranty Ltd. (a)		1,600		7,216
				3,726,650
Insurance — 0.9%
Ambac Financial Group, Inc. (a)		60,000		90,600
Berkshire Hathaway, Inc. - Class B (a)		23,000		1,771,000
Conseco, Inc. (a)		63,600		375,240
eHealth, Inc. (a)		3,597		49,315
FBL Financial Group, Inc. - Class A		4,700		121,448
Fidelity National Financial, Inc. - Class A		75,805		1,150,720
First American Corporation		39		1,348
FPIC Insurance Group, Inc. (a)		7,143		194,432
Max Capital Group Ltd.		28,910		644,693
MBIA, Inc. (a)		414,900		3,974,742
Mercury General Corporation		900		40,491
Phoenix Companies, Inc. (The) (a)		364,252		1,176,534
PMA Capital Corporation (a)		3,550		24,389
Protective Life Corporation		200		4,814
Stewart Information Services Corporation		34,700		394,886
United America Indemnity Ltd. - Class A (a)		8,366		79,477
Universal Insurance Holdings, Inc.		14,677		74,119
				10,168,248
Real Estate Investment Trusts — 2.6%
Alexandria Real Estate Equities, Inc.		19,400		1,373,714

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Financials — 11.4% (Continued)
Real Estate Investment Trusts — 2.6% (Continued)
American Capital Agency Corporation		42,413	$	1,166,782
Apartment Investment & Management Company		10,600		237,546
Ashford Hospitality Trust (a)		282,619		2,628,357
Capital Trust, Inc. - Class A (a)		73,177		192,455
CapLease, Inc.		153,999		897,814
Douglas Emmett, Inc.		48,950		819,423
Equity One, Inc.		96,200		1,867,242
Essex Property Trust, Inc.		21,403		2,264,865
First Industrial Realty Trust, Inc. (a)		19,000		151,620
Invesco Mortgage Capital, Inc.		2,600		53,690
iStar Financial, Inc. (a)		504,158		3,382,900
LaSalle Hotel Properties		32,800		864,280
Parkway Properties, Inc.		2,800		55,160
Pennsylvania Real Estate Investment Trust		160,238		2,530,158
Post Properties, Inc.		11,555		297,657
Potlatch Corporation		18,300		685,518
Realty Income Corporation		154,845		5,077,368
Regency Centers Corporation		27,500		1,128,875
Sun Communities, Inc.		30,674		887,092
Taubman Centers, Inc.		21,200		919,444
Walter Investment Management Corporation		4,000		72,520
				27,554,480
Real Estate Management & Development — 0.3%
China Housing & Land Development, Inc. (a)		23,153		80,109
Forestar Group, Inc. (a)		2,800		63,112
Jones Lang LaSalle, Inc.		13,776		1,086,651
St. Joe Company (The) (a)		57,267		1,892,102
Tejon Ranch Company (a)		400		11,504
				3,133,478
Thrifts & Mortgage Finance — 1.1%
Astoria Financial Corporation		98,100		1,583,334
BankAtlantic Bancorp, Inc. (a)		8,700		22,794
Berkshire Hills Bancorporation, Inc.		2,029		42,609
BofI Holding, Inc. (a)		5,800		102,254
Brookline Bancorp, Inc.		2,800		30,772
Dime Community Bancshares, Inc.		14,584		185,946
Doral Financial Corporation (a)		16,241		87,539
ESB Financial Corporation		603		8,623
ESSA Bancorp, Inc.		900		11,367
FirstFed Financial Corporation (a)		23,697		1,069
Flushing Financial Corporation		2,600		35,386
Guaranty Financial Group, Inc. (a)		62,759		2,510
Home Federal Bancorp, Inc.		1,951		31,079
Kearny Financial Corporation		2,029		20,757
MGIC Investment Corporation (a)		240,700		2,510,501
NewAlliance Bancshares, Inc.		145,949		1,901,715
Oritani Financial Corporation		387		6,420
PMI Group, Inc. (The) (a)		630,069		3,282,659

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Financials — 11.4% (Continued)
Thrifts & Mortgage Finance — 1.1% (Continued)
Prudential Bancorp, Inc. of Pennsylvania		266	$	2,054
Rockville Financial, Inc.		402		4,848
Triad Guaranty, Inc. (a)		10,450		4,703
TrustCo Bank Corporation		219,458		1,459,396
Washington Federal, Inc.		12,698		261,198
WSFS Financial Corporation		2,708		114,034
				11,713,567
Health Care — 8.4%
Biotechnology — 3.1%
A.P. Pharma, Inc. (a)		100		85
Affymax, Inc. (a)		9,239		220,258
Allos Therapeutics, Inc. (a)		289,600		2,287,840
Alnylam Pharmaceuticals, Inc. (a)		104,651		1,774,881
AMAG Pharmaceuticals, Inc. (a)		20,722		707,656
Arena Pharmaceuticals, Inc. (a)		292,985		952,201
Ariad Pharmaceuticals, Inc. (a)		621,501		2,187,683
ArQule, Inc. (a)		28,495		181,513
AVI BioPharma, Inc. (a)		26,900		35,777
BioCryst Pharmaceuticals, Inc. (a)		26,213		199,219
BioSante Pharmaceuticals, Inc. (a)		33,008		77,569
BioTime, Inc. (a)		16,073		122,315
Cell Therapeutics, Inc. (a)		72,486		44,760
Celldex Therapeutics, Inc. (a)		46,853		382,789
Cepheid (a)		48,000		959,520
Chelsea Therapeutics International Ltd. (a)		63,903		256,251
Clinical Data, Inc. (a)		31,026		579,566
Cyclacel Pharmaceuticals, Inc. (a)		140,200		321,058
Cytori Therapeutics, Inc. (a)		72,520		409,013
Dyax Corporation (a)		17,299		60,546
Emergent BioSolutions, Inc. (a)		6,300		102,564
Enzon Pharmaceuticals, Inc. (a)		13,700		144,946
Exelixis, Inc. (a)		234,918		1,357,826
Genomic Health, Inc. (a)		26,357		422,239
GenVec, Inc. (a)		70,332		47,826
Geron Corporation (a)		201,832		1,176,681
GTx, Inc. (a)		281,763		924,183
Halozyme Therapeutics, Inc. (a)		100		852
Idenix Pharmaceuticals, Inc. (a)		28,750		132,825
Idera Pharmaceuticals, Inc. (a)		41,338		258,776
ImmunoGen, Inc. (a)		138,977		1,377,262
Immunomedics, Inc. (a)		27,000		94,500
Infinity Pharmaceuticals, Inc. (a)		2,512		17,333
Introgen Therapeutics, Inc. (a)		45,612		684
Isis Pharmaceuticals, Inc. (a)		3,000		32,250
Keryx Biopharmaceuticals, Inc. (a)		15,800		88,796
MannKind Corporation (a)		194,700		1,353,165
Martek Biosciences Corporation (a)		70,227		1,547,101
Medivation, Inc. (a)		10,500		117,180

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Health Care — 8.4% (Continued)
Biotechnology — 3.1% (Continued)
Metabolix, Inc. (a)		161,346	$	2,011,985
Momenta Pharmaceuticals, Inc. (a)		8,800		122,144
Myriad Pharmaceuticals, Inc. (a)		41,382		203,186
Neurocrine Biosciences, Inc. (a)		14,400		46,224
NeurogesX, Inc. (a)		10,446		104,460
Novavax, Inc. (a)		245,153		693,783
OncoGenex Pharmaceuticals, Inc. (a)		2,775		61,050
Oncothyreon, Inc. (a)		19,265		77,831
Orexigen Therapeutics, Inc. (a)		500		3,390
OSI Pharmaceuticals, Inc. (a)		23,594		1,384,260
Osiris Therapeutics, Inc. (a)		59,169		441,992
Poniard Pharmaceuticals, Inc. (a)		105,700		135,296
Progenics Pharmaceuticals, Inc. (a)		79,430		511,529
Protalix BioTherapeutics, Inc. (a)		50,800		343,916
Rigel Pharmaceuticals, Inc. (a)		303,808		2,360,588
RXi Pharmaceuticals Corporation (a)		900		3,843
Sangamo Biosciences, Inc. (a)		31,300		192,808
Savient Pharmaceuticals, Inc. (a)		32,000		464,000
SciClone Pharmaceuticals, Inc. (a)		73,580		307,564
Seattle Genetics, Inc. (a)		15,600		196,560
SIGA Technologies, Inc. (a)		91,715		630,082
Spectrum Pharmaceuticals, Inc. (a)		195,004		1,006,221
StemCells, Inc. (a)		146,700		168,705
Theravance, Inc. (a)		38,273		641,838
Vanda Pharmaceuticals, Inc. (a)		58,300		487,971
Vical, Inc. (a)		16,300		59,006
				33,617,721
Health Care Equipment & Supplies — 1.4%
Abaxis, Inc. (a)		4,300		111,413
Abiomed, Inc. (a)		113,217		1,091,412
Align Technology, Inc. (a)		3,700		62,826
Bovie Medical Corporation (a)		8,630		44,962
Cantel Medical Corporation		2,250		44,910
Conceptus, Inc. (a)		16,700		316,298
CONMED Corporation (a)		16,300		362,512
Cutera, Inc. (a)		1,200		13,872
Cyberonics, Inc. (a)		9,600		187,488
Delcath Systems, Inc. (a)		3,300		50,556
DexCom, Inc. (a)		61,503		673,458
Electro-Optical Sciences, Inc. (a)		154,384		1,099,214
Greatbatch, Inc. (a)		11,600		259,144
Hansen Medical, Inc. (a)		43		109
ICU Medical, Inc. (a)		1,500		53,415
Insulet Corporation (a)		186,195		2,569,491
Invacare Corporation		3,000		79,290
Inverness Medical Innovations, Inc. (a)		1,400		55,692
Kensey Nash Corporation (a)		15,602		353,385
Kinetic Concepts, Inc. (a)		7,700		333,410

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Health Care — 8.4% (Continued)
Health Care Equipment & Supplies — 1.4% (Continued)
MAKO Surgical Corporation (a)		42,181	$	591,800
Micrus Endovascular Corporation (a)		2,800		56,224
Neogen Corporation (a)		15,860		416,959
NuVasive, Inc. (a)		20,054		834,246
OraSure Technologies, Inc. (a)		35,405		224,468
Orthovita, Inc. (a)		16,200		64,800
Quidel Corporation (a)		28,900		425,986
RTI Biologics, Inc. (a)		48,081		184,150
Stereotaxis, Inc. (a)		280,225		1,331,069
STERIS Corporation		200		6,656
SurModics, Inc. (a)		100,286		1,865,320
Thoratec Corporation (a)		13,200		588,588
West Pharmaceutical Services, Inc.		20,003		837,126
Wright Medical Group, Inc. (a)		18,052		339,017
				15,529,266
Health Care Providers & Services — 1.5%
Air Methods Corporation (a)		5,500		181,940
Amedisys, Inc. (a)		45,170		2,600,888
Assisted Living Concepts, Inc. (a)		400		14,040
Bio-Reference Labs, Inc. (a)		6,542		153,083
Brookdale Senior Living, Inc. (a)		14,548		312,782
CardioNet, Inc. (a)		9,964		95,854
Catalyst Health Solutions, Inc. (a)		1,100		46,541
Centene Corporation (a)		60,666		1,389,251
Coventry Health Care, Inc. (a)		100		2,374
Emeritus Corporation (a)		104,924		2,350,298
Five Star Quality Care, Inc. (a)		22,200		65,712
Genoptix, Inc. (a)		41,755		1,615,501
Hanger Orthopedic Group, Inc. (a)		40,309		751,360
HealthSouth Corporation (a)		31,800		650,628
HMS Holdings Corporation (a)		274		14,659
inVentiv Health, Inc. (a)		9,907		228,158
LCA-Vision, Inc. (a)		29,424		248,044
LHC Group, Inc. (a)		4,938		168,386
PSS World Medical, Inc. (a)		12,600		295,218
Psychiatric Solutions, Inc. (a)		7,700		247,709
RehabCare Group, Inc. (a)		55,025		1,569,313
Rural/Metro Corporation (a)		8,000		56,400
Sharps Compliance Corporation (a)		13,500		90,180
Triple-S Management Corporation (a)		1,500		27,300
U.S. Physical Therapy, Inc. (a)		100		1,754
VCA Antech, Inc. (a)		103,400		2,942,764
Virtual Radiologic Corporation (a)		1,300		16,250
				16,136,387
Health Care Technology — 0.4%
athenahealth, Inc. (a)		12,561		364,520
Computer Programs and Systems, Inc.		51,718		2,330,413
Eclipsys Corporation (a)		3,700		76,516

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Health Care — 8.4% (Continued)
Health Care Technology — 0.4% (Continued)
Merge Healthcare, Inc. (a)		11,297	$	28,017
Quality Systems, Inc.		26,303		1,683,655
Transcend Services, Inc. (a)		5,000		74,350
Vital Images, Inc. (a)		2,377		37,509
				4,594,980
Life Sciences Tools & Services — 0.6%
Accelrys, Inc. (a)		14,448		100,992
Affymetrix, Inc. (a)		18,200		126,308
Compugen Ltd. (a)		19,500		93,210
Helicos BioSciences Corporation (a)		200		144
Kendle International, Inc. (a)		11,227		185,807
Luminex Corporation (a)		66,908		1,087,924
Mettler-Toledo International, Inc. (a)		1,801		225,989
PerkinElmer, Inc.		21,100		528,555
Pharmaceutical Product Development, Inc.		8,500		233,750
Sequenom, Inc. (a)		525,141		3,255,874
Varian, Inc. (a)		6,000		310,740
				6,149,293
Pharmaceuticals — 1.4%
Adolor Corporation (a)		500		975
Ardea Biosciences, Inc. (a)		4,002		101,651
Auxilium Pharmaceuticals, Inc. (a)		56,200		2,000,720
AVANIR Pharmaceuticals, Inc. - Class A (a)		28,537		91,889
BioMimetic Therapeutics, Inc. (a)		17,943		239,180
Cadence Pharmaceuticals, Inc. (a)		214,699		2,104,050
Cardiome Pharma Corporation (a)		200		1,672
Cumberland Pharmaceuticals, Inc. (a)		8,900		94,785
Cypress Bioscience, Inc. (a)		258,284		1,301,751
DepoMed, Inc. (a)		103,400		416,702
DURECT Corporation (a)		51,400		146,490
Hi-Tech Pharmacal Company, Inc. (a)		501		12,189
Jazz Pharmaceuticals, Inc. (a)		55,746		565,265
K-V Pharmaceutical Company - Class A (a)		49,681		77,006
MAP Pharmaceuticals, Inc. (a)		6,100		109,556
MDRNA, Inc. (a)		22,000		27,280
Medicines Company (The) (a)		169,500		1,244,130
Nektar Therapeutics (a)		9,000		125,640
Optimer Pharmaceuticals, Inc. (a)		25,040		308,242
Pain Therapeutics, Inc. (a)		4,500		27,000
POZEN, Inc. (a)		500		5,415
Somaxon Pharmaceuticals, Inc. (a)		43,500		312,765
SuperGen, Inc. (a)		11,000		32,450
Valeant Pharmaceuticals International (a)		75,400		3,393,000
VIVUS, Inc. (a)		28,900		294,491
XenoPort, Inc. (a)		158,127		1,644,521
				14,678,815

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Industrials — 11.1%
Aerospace & Defense — 0.4%
AAR Corporation (a)		4,027	$	98,178
AeroVironment, Inc. (a)		16,576		433,960
Alliant Techsystems, Inc. (a)		400		32,364
Applied Signal Technology, Inc.		600		11,214
Argon ST, Inc. (a)		18,635		484,510
Ascent Solar Technologies, Inc. (a)		109,773		418,235
Astronics Corporation (a)		100		1,446
Ducommun, Inc.		1,800		41,202
DynCorp International, Inc. - Class A (a)		72,435		1,245,882
GenCorp, Inc. (a)		12,000		74,640
Taser International, Inc. (a)		284,257		1,344,536
				4,186,167
Air Freight & Logistics — 0.2%
Atlas Air Worldwide Holdings, Inc. (a)		200		11,054
Forward Air Corporation		43,353		1,214,751
Hub Group, Inc. (a)		16,900		540,969
				1,766,774
Airlines — 0.2%
AirTran Holdings, Inc. (a)		20,700		109,296
Alaska Air Group, Inc. (a)		2,600		107,666
Allegiant Travel Company (a)		28,011		1,440,606
Republic Airways Holdings, Inc. (a)		64,300		402,518
US Airways Group, Inc. (a)		15,100		106,757
				2,166,843
Building Products — 1.5%
AAON, Inc.		69,899		1,687,362
American Woodmark Corporation		33,795		781,003
Ameron International Corporation		13,780		956,194
Apogee Enterprises, Inc.		34,908		479,636
Builders FirstSource, Inc. (a)		367,512		1,400,221
Insteel Industries, Inc.		33,598		411,912
NCI Building Systems, Inc. (a)		123,600		1,703,208
Owens Corning, Inc. (a)		40,326		1,402,538
Trex Company, Inc. (a)		88,617		2,170,230
Universal Forest Products, Inc.		31,528		1,325,752
USG Corporation (a)		165,799		3,912,856
				16,230,912
Commercial Services & Supplies — 1.4%
ABM Industries, Inc.		126,144		2,710,834
ACCO Brands Corporation (a)		40,200		367,026
APAC Customer Services, Inc. (a)		35,600		204,700
Bowne & Company, Inc.		6,900		77,142
Clean Harbors, Inc. (a)		13,310		844,253
Consolidated Graphics, Inc. (a)		901		37,761
Copart, Inc. (a)		3,616		129,055
Deluxe Corporation		200		4,194
EnergySolutions, Inc.		438,785		3,181,191
EnerNOC, Inc. (a)		3,400		98,872

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Industrials — 11.1% (Continued)
Commercial Services & Supplies — 1.4% (Continued)
G&K Services, Inc.		6,577	$	180,802
Healthcare Services Group, Inc.		29,740		639,113
HNI Corporation		58,791		1,824,873
InnerWorkings, Inc. (a)		134,786		806,020
McGrath RentCorp		4,508		117,163
Metalico, Inc. (a)		42,600		281,160
Mine Safety Appliances Company		15,572		457,661
Mobile Mini, Inc. (a)		96,055		1,596,434
RINO International Corporation (a)		63,482		1,093,160
Ritchie Bros. Auctioneers, Inc.		34,300		802,620
Team, Inc. (a)		94		1,636
Viad Corp		6,212		145,361
				15,601,031
Construction & Engineering — 0.4%
Chicago Bridge & Iron Company (a)		300		7,032
Comfort Systems USA, Inc.		36,837		518,665
EMCOR Group, Inc. (a)		27,700		791,112
Granite Construction, Inc.		53,000		1,781,330
Insituform Technologies, Inc. - Class A (a)		3,300		79,101
KBR, Inc.		24,314		536,853
MasTec, Inc. (a)		5,583		69,843
MYR Group, Inc. (a)		2,266		40,629
Northwest Pipe Company (a)		900		21,708
Pike Electric Corporation (a)		22,217		238,833
				4,085,106
Electrical Equipment — 1.5%
Acuity Brands, Inc.		2,000		90,420
Advanced Battery Technologies, Inc. (a)		200,006		694,021
American Superconductor Corporation (a)		97,346		2,840,556
A-Power Energy Generation Systems Ltd. (a)		63,684		668,045
AZZ, Inc.		11,117		451,573
Baldor Electric Company		11,320		434,801
Belden, Inc.		19,100		524,486
Capstone Turbine Corporation (a)		9,600		11,712
Chase Corporation		700		9,191
China BAK Battery, Inc. (a)		327,159		657,590
Encore Wire Corporation		71,715		1,592,790
Ener1, Inc. (a)		323,001		1,343,684
Energy Conversion Devices, Inc. (a)		423,062		3,012,202
Evergreen Solar, Inc. (a)		88,448		99,062
FuelCell Energy, Inc. (a)		58,072		159,698
GT Solar International, Inc. (a)		73,663		429,455
Harbin Electric, Inc. (a)		38,362		840,512
Hoku Corporation (a)		7,000		20,650
II-VI, Inc. (a)		1,100		39,446
LaBarge, Inc. (a)		2,500		30,900
Lime Energy Company (a)		36,950		155,190
Medis Technologies Ltd. (a)		20,819		1,353

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Industrials — 11.1% (Continued)
Electrical Equipment — 1.5% (Continued)
Microvision, Inc. (a)		155,895	$	487,951
PowerSecure International, Inc. (a)		1,717		19,333
Satcon Technology Corporation (a)		49,400		138,814
Thomas & Betts Corporation (a)		7,558		316,983
Ultralife Corporation (a)		1,411		5,912
UQM Technologies, Inc. (a)		39,900		174,363
Valence Technology, Inc. (a)		161,041		169,093
Vicor Corporation (a)		4,100		61,992
Woodward Governor Company		15,822		507,095
				15,988,873
Industrial Conglomerates — 0.1%
Carlisle Companies, Inc.		26,044		982,640
Otter Tail Corporation		13,897		308,791
Raven Industries, Inc.		638		19,370
				1,310,801
Machinery — 2.6%
3D Systems Corporation (a)		4,925		76,633
Actuant Corporation - Class A		3,500		80,255
Albany International Corporation - Class A		24,356		620,347
American Railcar Industries, Inc.		10,000		163,500
Ampco-Pittsburgh Corporation		3,294		84,689
Astec Industries, Inc. (a)		19,500		645,840
Badger Meter, Inc.		8,122		335,926
Briggs & Stratton Corporation		155,023		3,680,246
China Fire & Security Group, Inc. (a)		78,543		1,074,468
CLARCOR, Inc.		1,000		37,820
Columbus McKinnon Corporation (a)		20,770		374,483
Donaldson Company, Inc.		15,000		694,500
Energy Recovery, Inc. (a)		164,689		993,075
EnPro Industries, Inc. (a)		3,637		114,856
Federal Signal Corporation		3,200		25,792
Force Protection, Inc. (a)		9		48
FreightCar America, Inc.		59,817		1,711,963
Gorman-Rupp Company (The)		42,162		1,175,898
Kaydon Corporation		90		3,747
Lincoln Electric Holdings, Inc.		12,313		738,041
Lindsay Corporation		29,199		1,110,438
Manitowoc Company, Inc. (The)		85,123		1,192,573
Middleby Corporation (The) (a)		19,954		1,219,588
Miller Industries, Inc.		6,500		92,950
Mueller Industries, Inc.		12,700		376,555
SmartHeat, Inc. (a)		215,915		1,811,527
Sun Hydraulics Corporation		54,348		1,522,288
Terex Corporation (a)		135,500		3,593,460
Timken Company		5,300		186,454
Titan International, Inc.		167,298		2,076,168
Toro Company (The)		10,100		575,094
Trinity Industries, Inc.		13,220		329,046

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Industrials — 11.1% (Continued)
Machinery — 2.6% (Continued)
Valmont Industries, Inc.		735	$	61,218
Wabtec Corporation		21,700		1,032,486
Watts Water Technologies, Inc. - Class A		1,800		63,864
				27,875,836
Marine — 0.4%
Alexander & Baldwin, Inc.		17,798		633,253
American Commercial Lines, Inc. (a)		14,681		299,492
Eagle Bulk Shipping, Inc. (a)		501,800		2,905,422
Euroseas Ltd.		100		403
Genco Shipping & Trading Ltd. (a)		6,800		157,488
Horizon Lines, Inc.		73,163		400,202
Kirby Coporation (a)		11,055		465,194
				4,861,454
Professional Services — 0.7%
Advisory Board Company (The) (a)		800		26,344
CBIZ, Inc. (a)		13,800		96,738
Corporate Executive Board Company (The)		46,500		1,276,890
CoStar Group, Inc. (a)		44,694		1,964,301
CRA International, Inc. (a)		659		15,309
Diamond Management & Technology Consultants, Inc.		21,263		172,656
Exponent, Inc. (a)		1,800		53,658
FTI Consulting, Inc. (a)		28,900		1,188,657
Hudson Highland Group, Inc. (a)		7,900		44,319
Huron Consulting Group, Inc. (a)		23,568		551,962
Kelly Services, Inc. - Class A (a)		64,176		1,031,950
Korn/Ferry International (a)		54,475		883,040
On Assignment, Inc. (a)		16,822		118,259
School Specialty, Inc. (a)		14,300		335,478
TrueBlue, Inc. (a)		7,852		123,983
				7,883,544
Road & Rail — 0.7%
Arkansas Best Corporation		15,880		483,705
Avis Budget Group, Inc. (a)		46,000		695,520
Con-Way, Inc.		5,700		221,388
Dollar Thrifty Automotive Group, Inc. (a)		3,400		149,566
Knight Transportation, Inc.		118,442		2,521,630
Landstar System, Inc.		36,800		1,627,296
Patriot Transportation Holding, Inc. (a)		589		49,440
Ryder System, Inc.		26,000		1,209,520
Saia, Inc. (a)		61,168		1,013,554
Universal Truckload Services, Inc. (a)		600		10,956
USA Truck, Inc. (a)		752		13,852
				7,996,427
Trading Companies & Distributors — 1.0%
Aceto Corporation		21,010		140,137
Beacon Roofing Supply, Inc. (a)		1,200		26,640
BlueLinx Holdings, Inc. (a)		10,757		53,893
GATX Corporation		11,979		390,994

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Industrials — 11.1% (Continued)
Trading Companies & Distributors — 1.0% (Continued)
H&E Equipment Services, Inc. (a)		5,728	$	67,648
Houston Wire & Cable Company		63,999		841,587
MSC Industrial Direct Company, Inc.		28,267		1,540,269
Rush Enterprises, Inc. - Class A (a)		1,000		16,220
TAL International Group, Inc.		2,100		54,579
Titan Machinery, Inc. (a)		220,280		3,167,626
United Rentals, Inc. (a)		5,000		71,800
Watsco, Inc.		12,100		716,562
WESCO International, Inc. (a)		84,094		3,415,898
				10,503,853
Information Technology — 9.6%
Communications Equipment — 0.9%
ADC Telecommunications, Inc. (a)		800		6,408
ADTRAN, Inc.		10,075		269,708
Aruba Networks, Inc. (a)		31,508		395,740
Aviat Networks, Inc. (a)		52,476		341,094
Bel Fuse, Inc. - Class B		1,969		46,114
CommScope, Inc. (a)		21,084		686,917
Comtech Telecommunications Corporation (a)		3,904		121,961
DG FastChannel, Inc. (a)		4,300		151,274
Digi International, Inc. (a)		4,240		45,410
DragonWave, Inc. (a)		71,010		603,585
EMCORE Corporation (a)		92,205		123,555
Emulex Corporation (a)		124,682		1,465,013
Extreme Networks, Inc. (a)		33,337		111,012
Finisar Corporation (a)		37,706		564,082
Hughes Communications, Inc. (a)		882		24,608
Infinera Corporation (a)		118,037		1,080,038
InterDigital, Inc. (a)		23,400		647,478
Ixia (a)		13,700		140,425
KVH Industries, Inc. (a)		1,940		29,236
Network Equipment Technologies, Inc. (a)		2,000		10,260
Occam Networks, Inc. (a)		7,100		46,292
Oplink Communications, Inc. (a)		48,842		738,003
Opnext, Inc. (a)		42,212		99,198
Palm, Inc. (a)		119,800		694,840
Qiao Xing Mobile Communication Company Ltd. (a)		7,054		18,764
SeaChange International, Inc. (a)		74,206		618,136
Symmetricom, Inc. (a)		1,000		6,630
Telestone Technologies Corporation (a)		51,853		708,312
UTStarcom, Inc. (a)		63,680		181,488
				9,975,581
Computers & Peripherals — 1.2%
3PAR, Inc. (a)		21,000		195,930
Adaptec, Inc. (a)		6,000		18,540
Avid Technology, Inc. (a)		146,941		2,145,339
Compellent Technologies, Inc. (a)		100		1,257
Diebold, Inc.		35,463		1,111,765

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Information Technology — 9.6% (Continued)
Computers & Peripherals — 1.2% (Continued)
iGo, Inc. (a)		8,900	$	15,219
Imation Corporation (a)		33,500		363,140
Immersion Corporation (a)		79,588		445,693
Intermec, Inc. (a)		62,005		711,197
Intevac, Inc. (a)		12,001		167,054
Netezza Corporation (a)		187,921		2,572,639
Novatel Wireless, Inc. (a)		91,300		625,405
QLogic Corporation (a)		55		1,065
Silicon Graphics International Corporation (a)		14,900		147,361
STEC, Inc. (a)		21,800		302,802
Stratasys, Inc. (a)		82,618		1,969,613
Super Micro Computer, Inc. (a)		49,390		700,350
Synaptics, Inc. (a)		35,913		1,099,656
				12,594,025
Electronic Equipment, Instruments & Components — 2.4%
Agilysys, Inc.		19,217		208,504
Anixter International, Inc. (a)		3,400		178,160
Bell Microproducts, Inc. (a)		6,300		44,100
China Security & Surveillance Technology, Inc. (a)		251,445		1,496,098
Cognex Corporation		58,901		1,231,620
Comverge, Inc. (a)		240		2,722
Daktronics, Inc.		67,500		565,650
DTS, Inc. (a)		81,594		2,712,185
Echelon Corporation (a)		25,415		240,172
Electro Rent Corporation		7,639		109,161
Electro Scientific Industries, Inc. (a)		7,008		96,500
FARO Technologies, Inc. (a)		6,395		161,218
Ingram Micro, Inc. - Class A (a)		158,950		2,886,532
Insight Enterprises, Inc. (a)		14,360		215,831
Intellicheck Mobilisa, Inc. (a)		6,600		12,276
Itron, Inc. (a)		18,500		1,472,785
L-1 Identity Solutions, Inc. (a)		2,800		24,276
Maxwell Technologies, Inc. (a)		71,216		1,027,647
Measurement Specialties, Inc. (a)		7,700		126,819
Mercury Computer Systems, Inc. (a)		3,100		39,866
Methode Electronics, Inc.		13,000		144,300
Molex, Inc.		52,900		1,185,489
Netlist, Inc. (a)		167,250		496,732
PC Connection, Inc. (a)		710		4,885
Plexus Corporation (a)		60,246		2,232,114
Power-One, Inc. (a)		23,300		183,138
RadiSys Corporation (a)		34,726		339,967
Research Frontiers, Inc. (a)		17,962		57,658
Sanmina-SCI Corporation (a)		24,600		438,618
ScanSource, Inc. (a)		43,225		1,204,248
SMART Modular Technologies (WWH), Inc. (a)		240,700		1,689,714
SYNNEX Corporation (a)		17,048		467,456
Tech Data Corporation (a)		18,900		810,810

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Information Technology — 9.6% (Continued)
Electronic Equipment, Instruments & Components — 2.4% (Continued)
Technitrol, Inc.		17,700	$	95,580
TTM Technologies, Inc. (a)		98,803		1,073,001
Universal Display Corporation (a)		187,643		2,505,034
				25,780,866
Internet Software & Services — 0.9%
Art Technology Group, Inc. (a)		186,666		798,930
comScore, Inc. (a)		3,700		67,155
Constant Contact, Inc. (a)		42,709		1,091,215
DealerTrack Holdings, Inc. (a)		6,400		97,600
Digital River, Inc. (a)		21,989		614,373
DivX, Inc. (a)		30,803		257,513
EarthLink, Inc.		14,100		127,182
GSI Commerce, Inc. (a)		40,790		1,111,527
InfoSpace, Inc. (a)		4,000		41,880
Innodata Isogen, Inc. (a)		14,535		50,291
Internet Brands, Inc. (a)		11,400		117,990
Internet Capital Group, Inc. (a)		17,444		172,521
j2 Global Communications, Inc. (a)		24,500		589,960
Knot, Inc. (The) (a)		35,578		288,538
Liquidity Services, Inc. (a)		6,600		75,042
LoopNet, Inc. (a)		9,000		101,520
Monster Worldwide, Inc. (a)		27,500		479,325
OpenTable, Inc. (a)		5,143		199,857
Openwave Systems, Inc. (a)		182,827		407,704
Perficient, Inc. (a)		58,351		727,637
Saba Software, Inc. (a)		29,400		149,940
SAVVIS, Inc. (a)		20,300		357,280
support.com, Inc. (a)		34,267		149,404
Switch & Data Facilities Company, Inc. (a)		400		7,676
Terremark Worldwide, Inc. (a)		149,199		1,069,757
TheStreet.com, Inc.		200		762
Travelzoo, Inc. (a)		3,019		60,199
ValueClick, Inc. (a)		12,300		126,444
Vistaprint N.V. (a)		226		11,657
Vocus, Inc. (a)		8,800		150,040
Web.com Group, Inc. (a)		3,000		14,490
WebMD Health Corporation (a)		9,100		440,804
Zix Corporation (a)		81,778		201,174
				10,157,387
IT Services — 0.6%
Acorn Energy, Inc. (a)		200		1,128
Alliance Data Systems Corporation (a)		39,385		2,956,238
Broadridge Financial Solutions, Inc.		6,300		150,003
CACI International, Inc. (a)		7,500		355,725
Cass Information Systems, Inc.		200		6,360
CIBER, Inc. (a)		600		2,382
CSG Systems International, Inc. (a)		4,900		111,328
Echo Global Logistics, Inc. (a)		5,500		74,195

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Information Technology — 9.6% (Continued)
IT Services — 0.6% (Continued)
Hackett Group, Inc. (The) (a)		14,690	$	41,279
Heartland Payment Systems, Inc.		2,200		40,436
Integral Systems, Inc. (a)		14,421		125,751
Mantech International Corporation - Class A (a)		2,300		103,569
NCI, Inc. - Class A (a)		8,625		245,036
SRA International, Inc. (a)		21,002		484,726
TeleTech Holdings, Inc. (a)		26,090		431,790
Unisys Corporation (a)		39,580		1,109,032
				6,238,978
Semiconductors & Semiconductor Equipment — 1.8%
Actel Corporation (a)		7,799		121,040
Advanced Analogic Technologies, Inc. (a)		72,215		274,417
Amkor Technology, Inc. (a)		400		3,016
Applied Micro Circuits Corporation (a)		17,073		192,583
Atheros Communications, Inc. (a)		29,090		1,129,856
Cabot Microelectronics Corporation (a)		2,400		92,064
Cymer, Inc. (a)		48,156		1,644,527
Fairchild Semiconductor International, Inc. (a)		27,800		311,916
FEI Company (a)		200		4,500
FormFactor, Inc. (a)		120,588		1,810,026
Ikanos Communications, Inc. (a)		25,814		73,054
Integrated Device Technology, Inc. (a)		60,400		399,244
International Rectifier Corporation (a)		92,359		2,126,104
LDK Solar Company Ltd. (a)		139,532		1,085,559
Mattson Technology, Inc. (a)		36,840		165,780
MEMC Electronic Materials, Inc. (a)		2		26
Microsemi Corporation (a)		5,027		83,247
Microtune, Inc. (a)		25,670		68,796
Mindspeed Technologies, Inc. (a)		11,000		110,330
MKS Instruments, Inc. (a)		26,000		589,680
Monolithic Power Systems, Inc. (a)		20,034		493,838
Nanometrics, Inc. (a)		9,000		96,300
NetLogic Microsystems, Inc. (a)		17,800		554,826
Nova Measuring Instruments Ltd. (a)		6,200		34,348
NVE Corporation (a)		400		19,292
OmniVision Technologies, Inc. (a)		104,942		1,842,782
Pericom Semiconductor Corporation (a)		4,556		53,214
Photronics, Inc. (a)		42,300		230,535
Power Integrations, Inc.		6,600		253,968
QuickLogic Corporation (a)		2,700		9,666
Rubicon Technology, Inc. (a)		70,527		1,914,103
Sigma Designs, Inc. (a)		104,683		1,241,540
Silicon Laboratories, Inc. (a)		9,100		439,985
Skyworks Solutions, Inc. (a)		39,300		661,812
Supertex, Inc. (a)		52,383		1,414,865
Ultra Clean Holdings, Inc. (a)		17,200		169,764
White Electronic Designs Corporation (a)		12,615		88,305
				19,804,908

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Information Technology — 9.6% (Continued)
Software — 1.8%
Actuate Corporation (a)		300	$	1,698
American Software, Inc. - Class A		9,732		62,188
ArcSight, Inc. (a)		3,400		77,282
Ariba, Inc. (a)		9,000		128,430
Blackboard, Inc. (a)		10,600		451,030
Callidus Software, Inc. (a)		2,200		6,974
CommVault Systems, Inc. (a)		6,900		144,555
Concur Technologies, Inc. (a)		13,106		549,272
Deltek, Inc. (a)		100		787
Ebix, Inc. (a)		36,855		599,631
Epicor Software Corporation (a)		1,600		14,688
EPIQ Systems, Inc. (a)		4,401		53,032
ePlus, Inc. (a)		425		7,909
Fair Isaac Corporation		61,773		1,300,939
FalconStor Software, Inc. (a)		11,912		35,617
Informatica Corporation (a)		10,471		261,880
Magma Design Automation, Inc. (a)		127,900		460,440
Manhattan Associates, Inc. (a)		45,281		1,297,754
MicroStrategy, Inc. - Class A (a)		3,587		274,764
Midway Games, Inc. (a)		51,015		612
Net 1 UEPS Technologies, Inc. (a)		30,900		506,760
NetSuite, Inc. (a)		75,181		1,059,300
Pegasystems, Inc.		43,819		1,387,748
PROS Holdings, Inc. (a)		1,500		13,650
Rosetta Stone, Inc. (a)		4,506		116,435
S1 Corporation (a)		95,000		586,150
Smith Micro Software, Inc. (a)		2,500		23,725
Sonic Solutions, Inc. (a)		61,400		770,570
SuccessFactors, Inc. (a)		18,658		390,512
Synopsys, Inc. (a)		25,001		567,773
Take-Two Interactive Software, Inc. (a)		260,913		2,836,124
TeleCommunication Systems, Inc. (a)		18,100		125,071
THQ, Inc. (a)		23,153		175,963
TiVo, Inc. (a)		109,005		1,909,768
Tyler Technologies, Inc. (a)		56,119		956,268
Ultimate Software Group, Inc. (The) (a)		24,700		826,215
VASCO Data Security International, Inc. (a)		40,786		264,293
VirnetX Holding Corporation (a)		55,004		294,271
Wave Systems Corporation (a)		33,700		134,463
Websense, Inc. (a)		10,100		229,977
				18,904,518
Materials — 3.2%
Chemicals — 1.2%
A. Schulman, Inc.		15,700		408,357
Altair Nanotechnologies, Inc. (a)		168,552		98,434
American Vanguard Corporation		33,544		271,706
Ampal-American Israel Corporation - Class A (a)		2,400		5,424
Arch Chemicals, Inc.		320		10,883

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Materials — 3.2% (Continued)
Chemicals — 1.2% (Continued)
Balchem Corporation		3,900	$	101,166
Cabot Corporation		52,268		1,700,801
Calgon Carbon Corporation (a)		54,049		837,760
China Agritech, Inc. (a)		11,500		190,095
China Green Agriculture, Inc. (a)		45,760		580,237
Cytec Industries, Inc.		5,500		264,330
Georgia Gulf Corporation (a)		17,900		367,666
Hawkins, Inc.		37,443		1,004,221
ICO, Inc.		36,708		314,588
Innospec, Inc. (a)		3,300		43,923
International Flavors & Fragrances, Inc.		5,466		273,792
Intrepid Potash, Inc. (a)		79,427		2,085,753
Landec Corporation (a)		4,000		24,520
Methanex Corporation		2,100		48,678
Minerals Technologies, Inc.		100		5,770
Nalco Holding Company		43,680		1,080,206
OM Group, Inc. (a)		1,000		37,750
Quaker Chemical Corporation		11,645		366,468
Scotts Miracle-Gro Company (The) - Class A		9,450		457,853
Senomyx, Inc. (a)		300		1,281
ShengdaTech, Inc. (a)		6,000		41,340
Spartech Corporation (a)		5,300		75,472
Stepan Company		1,200		90,900
Yongye International, Inc. (a)		3,300		25,179
Zep, Inc.		6,700		123,548
Zoltek Companies, Inc. (a)		175,893		1,730,787
				12,668,888
Construction Materials — 0.3%
Eagle Materials, Inc.		53,823		1,715,339
Headwaters, Inc. (a)		6,400		38,400
Texas Industries, Inc.		55,330		2,093,687
				3,847,426
Containers & Packaging — 0.2%
AEP Industries, Inc. (a)		5,604		154,839
Bemis Company, Inc.		13,300		404,453
Greif, Inc. - Class A		3,800		224,884
Pactiv Corporation (a)		15,008		381,353
Rock-Tenn Company		5,800		299,280
Silgan Holdings, Inc.		5,700		343,881
				1,808,690
Metals & Mining — 1.2%
AK Steel Holding Corporation		94,500		1,582,875
Allied Nevada Gold Corporation (a)		3,400		62,152
AMCOL International Corporation		62,460		1,795,100
Carpenter Technology Corporation		6,200		243,474
China Natural Resources, Inc. (a)		21		242
China Precision Steel, Inc. (a)		136,139		280,446
Commercial Metals Company		133,900		1,992,432

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Materials — 3.2% (Continued)
Metals & Mining — 1.2% (Continued)
Entrée Gold, Inc. (a)		200	$	542
General Steel Holdings, Inc. (a)		128,286		478,507
Golden Star Resources Ltd. (a)		3,100		14,043
Great Basin Gold Ltd. (a)		158,908		300,336
Horsehead Holding Corporation (a)		2,500		29,700
Kaiser Aluminum Corporation		2,300		92,437
Northern Dynasty Minerals Ltd. (a)		1,800		17,010
NovaGold Resources, Inc. (a)		100		885
Olympic Steel, Inc.		26,339		837,054
Pan American Silver Corporation		7,600		201,248
Paramount Gold and Silver Corporation (a)		53,162		101,008
Reliance Steel & Aluminum Company		16,624		811,418
RTI International Metals, Inc. (a)		23,245		628,777
Seabridge Gold, Inc. (a)		7,500		254,550
Stillwater Mining Company (a)		96,000		1,622,400
Tanzanian Royalty Exploration Corporation (a)		55,900		256,581
US Gold Corporation (a)		77,908		265,666
Worthington Industries, Inc.		102,405		1,635,408
				13,504,291
Paper & Forest Products — 0.3%
Buckeye Technologies, Inc. (a)		400		5,648
Clearwater Paper Corporation (a)		500		31,840
Deltic Timber Corporation		21,294		1,120,490
KapStone Paper and Packaging Corporation (a)		1,100		14,190
Mercer International, Inc. (a)		34,200		188,442
Neenah Paper, Inc.		2,300		40,250
Orient Paper, Inc. (a)		2,797		29,033
P.H. Glatfelter Company		12,800		188,032
Schweitzer-Mauduit International, Inc.		20,348		1,158,208
Wausau Paper Corporation (a)		29,048		257,075
				3,033,208
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.6%
Alaska Communications Systems Group, Inc.		134,102		1,147,913
Cbeyond, Inc. (a)		109,504		1,684,172
Cincinnati Bell, Inc. (a)		240,062		809,009
Cogent Communications Group, Inc. (a)		600		6,126
General Communication, Inc. (a)		4,102		25,227
Global Crossing Ltd. (a)		14,700		218,295
HickoryTech Corporation		1,101		9,325
Iowa Telecommunications Services, Inc.		500		8,420
Iridium Communications, Inc. (a)		6,200		49,972
Neutral Tandem, Inc. (a)		112,900		1,913,655
Premiere Global Services, Inc. (a)		47,621		446,209
				6,318,323
Wireless Telecommunication Services — 0.1%
Leap Wireless International, Inc. (a)		48,200		883,024
Shenandoah Telecommunications Company		180		3,197

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.9% (Continued)	Shares		Value
Telecommunication Services — 0.7% (Continued)
Wireless Telecommunication Services — 0.1% (Continued)
USA Mobility, Inc. (a)		43,699	$	609,164
				1,495,385
Utilities — 0.7%
Electric Utilities — 0.2%
Central Vermont Public Service Corporation		900		19,629
El Paso Electric Company (a)		160		3,400
Empire District Electric Company (The)		3,900		76,089
Hawaiian Electric Industries, Inc.		70,510		1,646,409
MGE Energy, Inc.		1,100		40,436
Unitil Corporation		13,314		293,973
				2,079,936
Gas Utilities — 0.2%
Chesapeake Utilities Corporation		999		30,090
China Natural Gas, Inc. (a)		44,100		400,869
Northwest Natural Gas Company		2,635		124,873
Piedmont Natural Gas, Inc.		15,800		434,500
WGL Holdings, Inc.		13,323		476,164
				1,466,496
Multi-Utilities — 0.1%
Black Hills Corporation		37,403		1,230,185
CH Energy Group, Inc.		1,958		81,100
NorthWestern Corporation		500		15,110
				1,326,395
Water Utilities — 0.2%
Aqua America, Inc.		92,895		1,702,765
Consolidated Water Company Ltd.		17,288		244,625
SJW Corporation		4,737		130,173
Southwest Water Company		2,300		24,541
				2,102,104
Total Common Stocks (Proceeds $657,661,014)			$	712,069,517

CLOSED-END FUNDS — 0.0%	Shares		Value
Alpine Total Dynamic Dividend Fund		10,150	$	90,437
Federated Premier Municipal Income Fund		1,250		18,687
PIMCO Global StocksPLUS & Income Fund		497		9,632
Total Closed-End Funds (Proceeds $120,948)			$	118,756
Total Securities Sold Short — 65.9% (Proceeds $657,781,962)			$	712,188,273

(a)	Non-income producing security.
See accompanying notes to financial statements.

40

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS

April 30, 2010 (Unaudited)

COMMON STOCKS — 98.6%	Shares		Value
Consumer Discretionary — 15.1%
Auto Components — 0.9%
Goodyear Tire & Rubber Company (The) (a)		7,900	$	106,097
Other Auto Components (b)				168,095
				274,192
Distributors — 0.2%
Other Distributors (b)				80,028
Diversified Consumer Services — 0.9%
Sotheby's		3,000		100,200
Other Diversified Consumer Services (b)				201,828
				302,028
Hotels, Restaurants & Leisure — 2.6%
Other Hotels, Restaurants & Leisure (b)				829,549
Household Durables — 0.3%
Other Household Durables (b)				93,568
Internet & Catalog Retail — 0.8%
Overstock.com, Inc. (a)		8,301		153,568
Other Internet & Catalog Retail (b)				104,808
				258,376
Leisure Equipment & Products — 0.3%
Other Leisure Equipment & Products (b)				106,333
Media — 2.1%
Cinemark Holdings, Inc.		6,000		109,560
Other Media (b)				552,939
				662,499
Multi-Line Retail — 1.0%
Other Multi-Line Retail (b)				313,429
Specialty Retail — 3.2%
Pier 1 Imports, Inc. (a)		14,600		120,888
Other Specialty Retail (b)				928,359
				1,049,247
Textiles, Apparel & Luxury Goods — 2.8%
G-III Apparel Group Ltd. (a)		3,499		100,072
Movado Group, Inc. (a)		12,400		153,884
Quiksilver, Inc. (a)		29,000		154,570
Other Textiles, Apparel & Luxury Goods (b)				494,651
				903,177
Consumer Staples — 3.4%
Beverages — 0.1%
Other Beverages (b)				34,045

41

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.6% (Continued)	Shares		Value
Consumer Staples — 3.4% (Continued)
Food & Staples Retailing — 0.4%
PriceSmart, Inc.		4,353	$	108,302
Other Food & Staples Retailing (b)				14,421
				122,723
Food Products — 1.6%
Corn Products International, Inc.		3,505		126,180
Del Monte Foods Company		8,000		119,520
Other Food Products (b)				262,117
				507,817
Household Products — 0.2%
Other Household Products (b)				67,641
Personal Products — 0.8%
Other Personal Products (b)				267,811
Tobacco — 0.3%
Other Tobacco (b)				82,195
Energy — 6.4%
Energy Equipment & Services — 2.2%
Other Energy Equipment & Services (b)				716,438
Oil, Gas & Consumable Fuels — 4.2%
Other Oil, Gas & Consumable Fuels (b)				1,360,680
Financials — 17.5%
Capital Markets — 4.2%
BlackRock Kelso Capital Corporation		9,500		100,795
Duff & Phelps Corporation		6,500		102,050
Other Capital Markets (b)				1,144,721
				1,347,566
Commercial Banks — 3.0%
Popular, Inc. (a)		38,070		149,996
Other Commercial Banks (b)				806,389
				956,385
Consumer Finance — 1.7%
Other Consumer Finance (b)				546,559
Diversified Financial Services — 0.6%
Other Diversified Financial Services (b)				212,092
Insurance — 4.2%
American Financial Group, Inc.		3,600		105,948
Argo Group International Holdings Ltd.		3,400		112,166
HCC Insurance Holdings, Inc.		3,900		106,041
Other Insurance (b)				1,037,683
				1,361,838
Real Estate Investment Trusts — 2.9%
Chimera Investment Corporation		35,700		145,299

42

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.6% (Continued)	Shares		Value
Financials — 17.5% (Continued)
Real Estate Investment Trusts — 2.9% (Continued)
Hersha Hospitality Trust		25,088	$	144,758
Other Real Estate Investment Trusts (b)				662,693
				952,750
Thrifts & Mortgage Finance — 0.9%
Other Thrifts & Mortgage Finance (b)				289,804
Health Care — 12.3%
Biotechnology — 2.4%
SIGA Technologies, Inc. (a)		15,500		106,485
Other Biotechnology (b)				689,705
				796,190
Health Care Equipment & Supplies — 3.1%
Sirona Dental Systems, Inc. (a)		2,400		100,056
STERIS Corporation		3,100		103,168
Teleflex, Inc.		1,700		104,244
Other Health Care Equipment & Supplies (b)				691,162
				998,630
Health Care Providers & Services — 4.5%
Almost Family, Inc. (a)		2,400		101,664
Res-Care, Inc. (a)		9,925		115,527
Other Health Care Providers & Services (b)				1,230,047
				1,447,238
Health Care Technology — 0.7%
Other Health Care Technology (b)				226,132
Life Sciences Tools & Services — 0.8%
Bruker Corporation (a)		6,700		102,443
Other Life Sciences Tools & Services (b)				145,878
				248,321
Pharmaceuticals — 0.8%
ViroPharma, Inc. (a)		8,100		103,032
Other Pharmaceuticals (b)				153,975
				257,007
Industrials — 14.4%
Aerospace & Defense — 1.8%
GenCorp, Inc. (a)		19,483		121,184
Other Aerospace & Defense (b)				470,007
				591,191
Air Freight & Logistics — 0.7%
Air Transport Services Group, Inc. (a)		19,600		107,800
Other Air Freight & Logistics (b)				119,541
				227,341
Airlines — 2.4%
AMR Corporation (a)		14,500		107,010
Other Airlines (b)				679,589
				786,599

43

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.6% (Continued)	Shares		Value
Industrials — 14.4% (Continued)
Building Products — 0.5%
Other Building Products (b)			$	147,368
Commercial Services & Supplies — 2.4%
Other Commercial Services & Supplies (b)				771,776
Construction & Engineering — 0.2%
Other Construction & Engineering (b)				79,782
Electrical Equipment — 0.8%
Other Electrical Equipment (b)				251,181
Machinery — 2.4%
Other Machinery (b)				761,161
Marine — 0.5%
Other Marine (b)				173,703
Professional Services — 0.7%
Other Professional Services (b)				233,911
Road & Rail — 0.9%
Other Road & Rail (b)				296,732
Trading Companies & Distributors — 1.0%
United Rentals, Inc. (a)		7,700		110,572
Other Trading Companies & Distributors (b)				198,384
				308,956
Transportation Infrastructure — 0.1%
Other Transportation Infrastructure (b)				20,992
Information Technology — 22.0%
Communications Equipment — 3.0%
Acme Packet, Inc. (a)		4,800		125,472
Brocade Communications Systems, Inc. (a)		19,680		127,723
Sonus Networks, Inc. (a)		43,600		112,924
Other Communications Equipment (b)				609,740
				975,859
Computers & Peripherals — 2.1%
Lexmark International, Inc. - Class A (a)		3,400		125,970
Other Computers & Peripherals (b)				538,000
				663,970
Electronic Equipment, Instruments & Components — 2.8%
Power-One, Inc. (a)		15,000		117,900
Richardson Electronics Ltd.		11,800		135,582
Other Electronic Equipment, Instruments & Components (b)				666,880
				920,362

44

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.6% (Continued)	Shares		Value
Information Technology — 22.0% (Continued)
Internet Software & Services — 2.2%
Other Internet Software & Services (b)			$	703,871
IT Services — 2.0%
Acxiom Corporation (a)		5,586		106,581
Other IT Services (b)				535,030
				641,611
Semiconductors & Semiconductor Equipment — 6.0%
Integrated Silicon Solution, Inc. (a)		8,950		110,354
Lattice Semiconductor Corporation (a)		26,800		141,236
OmniVision Technologies, Inc. (a)		5,945		104,394
Semtech Corporation (a)		8,400		152,460
Other Semiconductors & Semiconductor Equipment (b)				1,416,161
				1,924,605
Software — 3.9%
Lawson Software, Inc. (a)		17,200		133,472
Novell, Inc. (a)		18,400		103,224
Progress Software Corporation (a)		4,000		129,000
Take-Two Interactive Software, Inc. (a)		9,800		106,526
Other Software (b)				797,445
				1,269,667
Materials — 5.0%
Chemicals — 2.3%
Other Chemicals (b)				743,356
Containers & Packaging — 0.8%
Sealed Air Corporation		5,300		113,950
Other Containers & Packaging (b)				149,141
				263,091
Metals & Mining — 1.2%
Hecla Mining Company (a)		19,691		117,555
Other Metals & Mining (b)				271,864
				389,419
Paper & Forest Products — 0.7%
Other Paper & Forest Products (b)				226,442
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.4%
Other Diversified Telecommunication Services (b)				128,224
Wireless Telecommunication Services — 0.3%
Other Wireless Telecommunication Services (b)				87,987
Utilities — 1.8%
Electric Utilities — 0.6%
NV Energy, Inc.		8,500		106,165
Other Electric Utilities (b)				102,795
				208,960

45

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 98.6% (Continued)	Shares		Value
Utilities — 1.8% (Continued)
Gas Utilities — 1.0%
Energen Corporation		2,300	$	112,401
Other Gas Utilities (b)				215,528
				327,929
Independent Power Producers & Energy Traders — 0.2%
Other Independent Power Producers & Energy Traders (b)				58,940
Total Common Stocks (Cost $29,259,001)			$	31,857,274

MONEY MARKET FUNDS — 3.7%	Shares		Value
UMB Money Market Fiduciary, 0.03% (c) (Cost $1,194,599)		1,194,599	$	1,194,599
Total Investments at Value — 102.3% (Cost $30,453,600)			$	33,051,873
Liabilities in Excess of Other Assets — (2.3%)				(737,352	)
Net Assets — 100.0%			$	32,314,521

(a)	Non-income producing security.
(b)	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 April 30, 2010.
(c)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2010.
See accompanying notes to financial statements.

46

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2010 (Unaudited)

	TFS Market Neutral Fund			TFS Small Cap Fund
ASSETS
Investments in securities:
At acquisition cost	$	989,395,645		$	30,453,600
At value (Note 2)	$	1,087,475,575		$	33,051,873
Deposits with brokers for securities sold short (Note 2)		746,237,165			—
Dividends and interest receivable		339,814			6,205
Receivable for investment securities sold		141,486,624			2,534,849
Receivable for capital shares sold		1,789,587			128,795
Other assets		73,353			22,021
TOTAL ASSETS		1,977,402,118			35,743,743
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $657,781,962)		712,188,273			—
Payable for investment securities purchased		180,494,368			3,392,657
Payable for capital shares redeemed		725,084			—
Dividends payable on securities sold short (Note 2)		163,257			—
Payable to Adviser (Note 4)		2,039,467			15,115
Payable to administrator (Note 4)		109,200			7,900
Other accrued expenses and liabilities		872,555			13,550
TOTAL LIABILITIES		896,592,204			3,429,222
NET ASSETS	$	1,080,809,914		$	32,314,521
Net assets consist of:
Paid-in capital	$	1,008,748,869		$	27,060,034
Accumulated net investment loss		(14,544,087	)		(125,104	)
Accumulated net realized gains from security transactions		42,931,513			2,781,318
Net unrealized appreciation (depreciation) on:
Investments		98,079,930			2,598,273
Short positions		(54,406,311	)		—
Net assets	$	1,080,809,914		$	32,314,521
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		69,564,206			2,657,000
Net asset value, redemption price and offering price per share (a) (Note 2)	$	15.54		$	12.16

(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.

47

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended April 30, 2010 (Unaudited)

	TFS Market Neutral Fund			TFS Small Cap Fund
INVESTMENT INCOME
Dividends	$	6,571,542		$	117,981
Foreign tax withholding		(3,497	)		(80	)
Interest		197,862			63
TOTAL INVESTMENT INCOME		6,765,907			117,964
EXPENSES
Investment advisory fees (Note 4)		11,071,756			185,897
Brokerage expense on securities sold short (Note 2)		5,386,185			—
Dividend expense on securities sold short (Note 2)		3,612,840			—
Administration fees (Note 4)		357,950			17,095
Accounting services fees (Note 4)		145,304			16,140
Custodian fees		128,440			22,166
Transfer agent fees (Note 4)		137,894			9,000
Registration fees		67,737			15,449
Postage and supplies		44,616			3,680
Pricing fees		31,156			7,238
Professional fees		25,227			12,929
Printing of shareholder reports		29,284			3,843
Compliance service fees (Note 4)		12,000			12,000
Trustees’ fees and expenses		11,495			11,495
Insurance expense		16,443			773
Borrowing costs (Note 5)		9,018			62
Other expenses		8,407			3,910
TOTAL EXPENSES		21,095,752			321,677
Fees waived by the Adviser (Note 4)		—			(78,609	)
Plus previously waived investment advisory fees recovered by the Adviser (Note 4)		214,244			—
NET EXPENSES		21,309,996			243,068
NET INVESTMENT LOSS		(14,544,089	)		(125,104	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY
Net realized gains (losses) from:
Investments		172,481,394			3,420,641
Securities sold short		(87,239,175	)		(1,623	)
Foreign currency transactions		2			—
Net change in unrealized appreciation (depreciation) on:
Investments		64,758,695			2,700,300
Securities sold short		(92,257,287	)		—
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		57,743,629			6,119,318
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	43,199,540		$	5,994,214

See accompanying notes to financial statements.

48

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
FROM OPERATIONS
Net investment loss	$	(14,544,089	)	$	(13,332,617	)
Net realized gains (losses) from:
Investments		172,481,394			95,615,019
Short positions		(87,239,175	)		(101,104,859	)
Foreign currency transactions		2			2,046
Net change in unrealized appreciation (depreciation) on:
Investments		64,758,695			97,297,681
Short positions		(92,257,287	)		(1,580,141	)
Net increase in net assets from operations		43,199,540			76,897,129
FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(6,035,121	)		(7,411,156	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		319,898,497			580,278,792
Net asset value of shares issued in reinvestment of distributions to shareholders		5,396,118			6,647,525
Proceeds from redemption fees collected (Note 2)		171,411			960,365
Payments for shares redeemed		(110,229,988	)		(207,527,157	)
Net increase in net assets from capital share transactions		215,236,038			380,359,525
TOTAL INCREASE IN NET ASSETS		252,400,457			449,845,498
NET ASSETS
Beginning of period		828,409,457			378,563,959
End of period	$	1,080,809,914		$	828,409,457
ACCUMULATED NET INVESTMENT LOSS	$	(14,544,087	)	$	—
CAPITAL SHARE ACTIVITY
Shares sold		20,834,032			41,291,307
Shares issued in reinvestment of distributions to shareholders		355,008			529,683
Shares redeemed		(7,156,807	)		(14,869,822	)
Net increase in shares outstanding		14,032,233			26,951,168
Shares outstanding, beginning of period		55,531,973			28,580,805
Shares outstanding, end of period		69,564,206			55,531,973

See accompanying notes to financial statements.

49

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
FROM OPERATIONS
Net investment loss	$	(125,104	)	$	(34,717	)
Net realized gains (losses) from:
Investments		3,420,641			(527,001	)
Short positions		(1,623	)		(218	)
Net change in unrealized appreciation (depreciation) on investments		2,700,300			1,407,015
Net increase in net assets from operations		5,994,214			845,079
FROM DISTRIBUTIONS
Distributions from net investment income		—			(4,055	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		12,492,051			14,594,124
Net asset value of shares issued in reinvestment of distributions to shareholders		—			3,976
Proceeds from redemption fees collected (Note 2)		13,775			10,459
Payments for shares redeemed		(2,808,583	)		(1,879,603	)
Net increase in net assets from capital share transactions		9,697,243			12,728,956
TOTAL INCREASE IN NET ASSETS		15,691,457			13,569,980
NET ASSETS
Beginning of period		16,623,064			3,053,084
End of period	$	32,314,521		$	16,623,064
ACCUMULATED NET INVESTMENT LOSS	$	(125,104	)	$	—
CAPITAL SHARE ACTIVITY
Shares sold		1,130,590			1,605,044
Shares issued in reinvestment of distributions to shareholders		—			655
Shares redeemed		(256,102	)		(272,096	)
Net increase in shares outstanding		874,488			1,333,603
Shares outstanding, beginning of period		1,782,512			448,909
Shares outstanding, end of period		2,657,000			1,782,512

See accompanying notes to financial statements.

50

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2010 (Unaudited)			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	$	14.92		$	13.25		$	15.59		$	14.59		$	12.44		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.21	)		(0.24	)		(0.09	)		(0.23	)		0.01			(0.04	)		(0.11	)
Net realized and unrealized gains (losses) on investments		0.93			2.13			(2.27	)		1.56			2.35			2.12			0.49
Total from investment operations		0.72			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		(0.10	)		(0.25	)		—			(0.40	)		(0.22	)		(0.01	)		—
Distributions in excess of net realized gains (losses) from security transactions		—			—			—			—			—			—			(0.01	)
Total distributions		(0.10	)		(0.25	)		—			(0.41	)		(0.22	)		(0.01	)		(0.01	)
Proceeds from redemption fees collected (Note 2)		0.00	(c)		0.03			0.02			0.08			0.01			0.00	(c)		0.00	(c)
Net asset value at end of period	$	15.54		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44		$	10.37
Total return (d)		4.85%	(e)		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)	$	1,080,810		$	828,409		$	378,564		$	271,239		$	211,386		$	22,478		$	8,101
Ratio of gross expenses to average net assets		4.32%	(h)		4.70%			4.60%	(h)		4.05%			3.30%			5.10%			6.82%	(h)
Ratio of net expenses to average net assets (f)		4.32%	(h)		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)		3.59%	(h)		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)		2.50%	(h)		2.49%			2.49%	(h)		2.50%			2.48%			2.49%			2.49%	(h)
Ratio of net investment income (loss) to average net assets		(2.95%	)(h)		(2.32%	)		(2.24%	)(h)		(2.15%	)		0.09%			(0.69%	)		(1.77%	)(h)
Portfolio turnover rate		300%	(e)		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 1.83%(h), 2.18%, 2.06%(h), 1.44%, 0.59%, 0.72% and 0.77%(h) of average net assets for the periods ended April 30, 2010, October 31, 2009 and 2008 and June 30, 2008, 2007, 2006 and 2005, respectively.
(h)	Annualized.
See accompanying notes to financial statements.

51

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2010 (Unaudited)			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	$	9.33		$	6.80		$	9.31		$	13.08		$	10.39		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		(0.02	)		0.01			(0.18	)		(0.07	)		(0.01	)
Net realized and unrealized gains (losses) on investments		2.87			2.55			(2.52	)		(1.79	)		2.76			0.40
Total from investment operations		2.82			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			0.01			0.00	(c)		0.00	(c)		0.00	(c)		—
Net asset value at end of period	$	12.16		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39
Total return (d)		30.33%	(e)		37.41%			(26.96%	)(e)		(16.40%	)		25.93%			3.90%	(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	32,315		$	16,623		$	3,053		$	4,581		$	5,638		$	3,932
Ratio of gross expenses to average net assets		2.81%	(g)		5.14%			4.44%	(g)		5.57%			5.14%			8.18%	(g)
Ratio of net expenses to average net assets (f)		2.12%	(g)		1.88%			0.88%	(g)		2.72%			2.03%			1.72%	(g)
Ratio of net expenses to average net assets excluding borrowing costs (f)		2.12%	(g)		1.87%			0.87%	(g)		2.68%			2.03%			1.72%	(g)
Ratio of net investment income (loss) to average net assets		(1.09%	)(g)		(0.63%	)		0.28%	(g)		(1.76%	)		(0.69%	)		(0.69%	)(g)
Portfolio turnover rate		308%	(e)		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.

52

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2010 (Unaudited)

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, which we define as the S&P 500 Index. In addition, the Fund seeks to produce lower volatility than the movement of the U.S. equity market.

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 purchases, 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 t he 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.

53

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of April 30, 2010:

TFS Market Neutral Fund	Level 1			Level 2		Level 3		Total
Common Stocks	$	991,410,310		$	—	$	—	$	991,410,310
Common Stocks – Sold Short		(712,069,517	)		—		—		(712,069,517	)
Closed-End Funds		56,909,253			—		—		56,909,253
Closed-End Funds – Sold Short		(118,756	)		—		—		(118,756	)
Rights		10,472			—		—		10,472
Money Market Funds		39,145,540			—		—		39,145,540
Total	$	375,287,302		$	—	$	—	$	375,287,302

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	31,857,274	$	—	$	—	$	31,857,274
Money Market Funds		1,194,599		—		—		1,194,599
Total	$	33,051,873	$	—	$	—	$	33,051,873

Refer to each Fund’s Schedule of Investments and Schedule of Securities Sold Short, as applicable, for a listing of the securities valued using Level 1 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 April 30, 2010 and October 31, 2009, proceeds from redemption fees totaled $171,411 and $960,365, respectively, for the TFS Market Neutral Fund and $13,775 and $10,459, 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

54

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 April 30, 2010 and October 31, 2009 was as follows:

	Period Ended	Ordinary Income		Total Distributions
TFS Market Neutral Fund	4/30/2010	$	6,035,121	$	6,035,121
	10/31/2009	$	7,411,156	$	7,411,156
TFS Small Cap Fund	4/30/2010	$	—	$	—
	10/31/2009	$	4,055	$	4,055

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 exp enses 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 short positions 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.

55

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of April 30, 2010:

	TFS Market Neutral Fund			TFS Small Cap Fund
Tax cost of portfolio investments and securities sold short	$	400,947,280		$	30,751,073
Gross unrealized appreciation	$	128,373,979		$	3,032,237
Gross unrealized depreciation		(154,033,957	)		(731,437	)
Net unrealized appreciation (depreciation)		(25,659,978	)		2,300,800
Accumulated net investment loss		(14,544,087	)		(125,104	)
Capital loss carryforwards		—			(519,677	)
Other gains		112,265,110			3,598,468
Total accumulated earnings	$	72,061,045		$	5,254,487

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.

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 the current and future years to offset net realized capital gains, if any, prior to distribution to shareholders, and 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

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 six months ended April 30, 2010, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $2,822,341,872 and $2,804,634,844, respectively, for the TFS Market Neutral Fund and $79,438,219 and $70,136,761, 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

56

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

fee, computed and accrued daily and paid monthly, at an annual rate of 2.25% of its average daily net assets. Effective as of March 1, 2010, the Investment Advisory Agreement for the TFS Small Cap Fund was amended to revise the investment advisory fee structure. The amended advisory fee for the TFS Small Cap Fund is a fixed fee that is computed at the annual rate of 1.25% of its average daily net assets and replaces the previous performance fee structure.

As part of the amendment to its Investment Advisory Agreement, the TFS Small Cap Fund, for a transition period of 12 months beginning on March 1, 2010, will pay the Adviser the lesser of the 1.25% fee (the “Fixed Fee”) or the Fixed Fee adjusted for the Fund’s performance relative to its benchmark, the Russell 2000 Index plus 2.50% (“Benchmark”), for the applicable 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. During periods where the TFS Small Cap Fund outperforms the Benchmark for the relevant performance period, the Adviser will be paid the Fixed Fee. During periods where the TFS Small Cap Fund underperforms the Benchmark for the relevant performance period, the Fixed Fee will be decreased by one basis point (0.01%) for every two basis points (0.02%) of such underperformance, to a minimum fee of 0.00% per annum. As a result, effective March 1, 2010, the maximum fee that the Adviser will receive from the TFS Small Cap Fund is 1.25% per annum of average daily net assets. During the six months ended April 30, 2010, investment advisory fees paid by the TFS Small Cap Fund were increased $43,118 above the Fixed Fee pursuant to the performance fee adjustment that was in place prior to March 1, 2010.

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 such as interest and dividend expenses on securities sold short 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. Prior to March 1, 2010, the TFS Small Cap Fund’s expense cap was calculated prior to the performance fee adjustment, if any. Therefore, it was possible that the TFS Small Cap Fund’s annual ordinary operating expenses could exceed the 1.75% cap. As a result of these agreements, during the six month s ended April 30, 2010, the Adviser reduced its investment advisory fees by $78,609 with respect to the TFS Small Cap Fund. There were no fee reductions by the Adviser for the TFS Market Neutral Fund 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 six months ended April 30, 2010, the Adviser recouped $214,244 of previous fee reductions from the TFS Market Neutral Fund. As of April 30, 2010, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $319,483 and $479,503, 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		April 30, 2013
TFS Market Neutral Fund	$	-	$	91,740	$	60,676	$	167,067	$	-
TFS Small Cap Fund	$	27,290	$	142,256	$	51,491	$	179,857	$	78,609

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

57

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

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. 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.

58

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

5.  Borrowing Costs

During the six months ended April 30, 2010, the TFS Market Neutral Fund and the TFS Small Cap Fund incurred $9,018 and $62 of borrowing costs, respectively. As of April 30, 2010, the Funds had no outstanding borrowings. The average outstanding borrowings for the six months ended April 30, 2010 for the TFS Market Neutral Fund include 121 days of $0 borrowings and 163 days of $0 borrowings for the TFS Small Cap Fund. The average outstanding borrowing and average interest rate on borrowings during the six months ended April 30, 2010 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	1,454,565		1.21%
TFS Small Cap Fund	$	16,743		1.56%

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.

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. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

8.  Recent Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 amends FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, to require additional disclosures regarding fair value measurements. Certain disclosures required by ASU No. 2010-06 are effective for interim and annual reporting periods beginning after December 31, 2009 and others for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact ASU No. 2010-06 will have on the Funds’ financial statement disclosures.

59

TFS CAPITAL INVESTMENT TRUST

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 (November 1, 2009 through April 30, 2010).

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.

60

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value Nov. 1, 2009	Ending Account Value April 30, 2010	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,048.50	$  21.94
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,003.37	$  21.46

TFS Small Cap Fund

	Beginning Account Value Nov. 1, 2009	Ending Account Value April 30, 2010	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,303.30	$  12.11
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,014.28	$  10.59

* Expenses are equal to the annualized expense ratio of 4.32% and 2.12%, 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, multiplied by 181/365 (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.

61

TFS SMALL CAP FUND

APPROVAL OF AMENDED INVESTMENT ADVISORY AGREEMENT (Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, reviewed and approved an amended Investment Advisory Agreement for the TFS Small Cap Fund (“Amended Advisory Agreement”), at an in-person meeting, held on December 18, 2009, at which all of the Trustees were present. The Trustees were advised by independent counsel of their fiduciary obligations in approving the Amended Advisory Agreement and the Trustees requested such information from the Adviser as they deemed reasonably necessary to evaluate the terms of the Amended Advisory Agreement and whether the Amended Advisory Agreement is in the best interests of the Fund and its shareholders. The Trustees reviewed: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the investment performance of the Fund; (iii) the co sts of the services provided and the potential profits to be realized by the Adviser from its relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. At this meeting, the Independent Trustees reviewed and discussed the proposed approval of the Amended Advisory Agreement with management of the Adviser and also met outside the presence of management with their counsel. In considering the Amended Advisory Agreement and reaching their conclusions, the Board of Trustees reviewed and analyzed various factors it determined were relevant, including the factors described below and came to the following conclusions:

(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 Fund by the Adviser. They discussed the responsibilities of the Adviser under the Amended Advisory Agreement and the Adviser’s compensation under the Amended Advisory Agreement. The Independent Trustees reviewed the background and experience of the Adviser’s key investment and operating personnel. They noted the Adviser’s commitment to continue managing the Fund at a very high level and the Adviser’s representation that the removal of the performance fee adjustment will not impact its professional and financial commitment to the Fund. After considering the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services provi ded by the Adviser have been and will continue to be satisfactory for the Fund.

(ii) The investment performance of the Fund and the Adviser. In this regard, the Independent Trustees compared the performance of the Fund with that of the Russell 2000 Index, the Fund’s primary benchmark, over various periods ended October 31, 2009. It was noted by the Independent Trustees that the Fund has significantly outperformed the Russell 2000 Index over the one year, three year and since inception periods ended October 31, 2009. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the Fund has been assigned by Morningstar. The Independent Trustees noted that for the one year period ended October 31, 2009, the Fund’s 37.41% return was significantly higher than the performance of the average fund in the Morningstar small cap blend category (11.45%) over the same period. It was further noted that the Fund was in the top 5% of funds within the small cap blend category for both the one year and three year periods ended October 31, 2009. The Independent Trustees noted that the Fund has a five-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

62

TFS SMALL CAP FUND

APPROVAL OF AMENDED INVESTMENT ADVISORY

AGREEMENT (Unaudited) (Continued)

accounts provided a good comparison due to differences in investment objectives. The Independent Trustees considered the consistency of the Adviser’s management of the Fund with the Fund’s investment objective and policies and the Adviser’s representation that the elimination of the performance fee adjustment will not impact the Adviser’s professional and financial commitment to the Fund. After a full consideration of the foregoing factors, the Independent Trustees concluded that the investment performance of the 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 Fund. 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 Fund by the principals of the Adviser; the asset levels of the Fund; and the overall expenses of the Fund. The Independent Trustees considered the rate of the management fees paid by the Fund under the current Investment Advisory Agreement for the fiscal year ended October 31, 2009 and also considered the pro-forma fees that would have been paid under the Amended Advisory Agreement for the same period, and compared such fees to average management fee ratios of similar mutual funds compiled from statistics reported by Morningstar. They also compared the total operating expense ratio of the Fund for the fiscal year ended October 31, 2009 and the pro-forma expense ratio under the Amended Advisory Agreement for such year with the average expense ratio of comparable funds, focusing on other funds included in the Morningstar “small cap blend category.” It was noted by the Independent Trustees that the Fund’s actual management fee of 1.38% (including the performance fee adjustment) and its overall expense ratio of 1.88% were each significantly higher than the average management fee (0.77%) and average expense ratio (1.43%) for Morningstar’s “small cap blend” fund category. The Independent Trustees further noted that when the same comparisons were made using the pro-forma management fee of 1.25% and the pro-forma overall expense ratio of 1.75%, the Fund’s expense structure was still significantly higher than the averages for its Morningstar category although the comparisons were more favorable to the Fund under the Amende d Advisory Agreement. The Independent Trustees further noted that, with respect to the Fund’s current Investment Advisory Agreement, the results of this type of comparison may differ significantly from year to year due to the performance fee adjustment and that, under the Amended Advisory Agreement, the Fund’s shareholders and potential investors can more accurately predict their costs of investing in the Fund. The Independent Trustees also considered the Fund’s strong performance record relative to the Russell 2000 Index since inception. They discussed the variability aspect of the performance fee adjustment, noting that despite the unpredictable nature of the current fee structure it is unlikely that the Amended Advisory Agreement will result in a fee increase in the near term assuming that the investment performance is competitive. The Independent Trustees also considered the Adviser’s analysis of its revenues and expenses with respect to its services provided to the Fund through O ctober 31, 2009. It was noted by the Independent Trustees 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 management fees. It was further noted that not only has the Adviser not collected any of its management fees since the inception of the Fund, it has also reimbursed a significant amount of the Fund’s other operating expenses. The Independent Trustees next considered the Adviser’s commitment to continue (for the life of the Fund) to limit

63

TFS SMALL CAP FUND

APPROVAL OF AMENDED INVESTMENT ADVISORY

AGREEMENT (Unaudited) (Continued)

the Fund’s annual operating expenses to 1.75% per annum of its average daily net assets. It was noted by the Independent Trustees that the Fund has been operating under an Expense Limitation Agreement that allows the Adviser to seek repayment from the Fund for any fee reductions or expense reimbursements for a period of three years after such fees and expenses were incurred, provided that such repayment does not cause the Fund’s annual operating expenses to exceed 1.75%. The Independent Trustees considered that pursuant to the Expense Limitation Agreement, as of October 31, 2009, the Adviser is entitled to recoup $468,998 of fee reductions and expense reimbursements. The Independent Trustees noted that the Adviser has agreed to continue its commitment to limit the Fund’s annual operating expenses to 1.75% for the life of the Fund. It was further noted by the Independent Trustees that the contin uance of the Expense Limitation Agreement provides potential and current shareholders with a predictable cost structure. The Independent Trustees also reviewed the balance sheet of the Adviser as of October 31, 2009 and concluded that the Adviser has the necessary financial resources to serve as the Fund’s 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 Fund. After a full discussion and consideration of the foregoing, the Independent Trustees concluded that the fees to be paid by the Fund to the Adviser under the Amended Advisory Agreement are reasonable.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether management fee levels reflect these economies of scale for the benefit of the Fund’s investors. The Independent Trustees considered the current net assets of the Fund and discussed the existing and proposed expense limitation arrangements between the Fund and the Adviser. They noted that the Adviser has not collected any of its management fees and continues to reimburse other expenses in order to limit the Fund’s overall expenses. The Independent Trustees discussed 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. It was noted that, pursuant to the terms of the Expense Limitation Agreement, shareholders will not benefit from economies of scale during periods in which the Adviser is recovering from the Fund previous investment advisory fee reductions and/or operating expense reimbursements. The Independent Trustees concluded that, at the 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, to the extent that the Fund continues to grow, this factor will be a more important consideration for them. The Independent Trustees further determined that it is not necessary or appropriate to introduce fee breakpoints at the present time for the Fund.

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

64

TFS SMALL CAP FUND

RESULTS OF A SPECIAL SHAREHOLDER MEETING OF SHAREHOLDERS (Unaudited)

On February 26, 2010, a Special Meeting of Shareholders of the TFS Small Cap Fund was held for the purpose of voting on the proposal to approve an amendment to the investment advisory agreement between TFS Capital Investment Trust, on behalf of the TFS Small Cap Fund, and TFS Capital LLC that replaces the performance fee adjustment with a fixed fee structure.

The total number of shares of the TFS Small Cap Fund present in person or by proxy was 1,128,401, which represented 53.50% of the shares entitled to vote at the meeting.

The proposal was approved by shareholders. The results of the voting were as follows:

For	Against	Abstain
1,024,420	80,222	23,759

65

CUSTOMER PRIVACY POLICY

We collect only information that is needed to serve you and administer your account. In the process of serving you, we become stewards of your “nonpublic personal information” – information about you that is not available publicly. This information comes to us from the following sources: • Information you provide directly to us on applications or other forms, correspondence or through conversations (such as your name, social security number, address, phone number, assets, income, date of birth, occupation, etc.). • Information about your transactions with us, our affiliates or others (such as your account numbers, account balances, transaction details and other financial information). • Information we receive from third parties (such as your broker, financial planner or other intermediary you hire). We limit the collection and use of nonpublic personal information to that which is necessary to serve you and administer your account. We carefully limit and control the sharing of your information. To protect your privacy, we carefully control the way in which any information about you is shared. It is our policy not to disclose any nonpublic personal information about customers or former customers to anyone, except as permitted to serve your account or required by law. We are permitted by law to disclose all of the information we collect as described above to our affiliates, advisers, transfer agents, broker-dealers, administrators or any firms that assist us in maintaining and supporting the financial products and services provided to you. For example, our transfer agent needs information to process your transactions, and our outside vendors need information so that your account

statements can be printed and mailed. However, these parties are not authorized to release, use or transfer your information to any other party for their own purpose. We are committed to the privacy of your nonpublic personal information and will use strict security standards to safeguard it. We are committed to the security of your nonpublic personal information. Our employees and others hired to work for us are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. Employees are bound by this privacy policy and are educated on implementing our security principles and practices. We maintain safeguards that we believe are reasonably designed to comply with federal standards to guard your nonpublic personal information. This privacy policy explains how we handle nonpublic personal information; however, you should also review the privacy policies adopted by any of your financial intermediaries, such as a broker-dealer, bank, or trust company to understand how they protect your nonpublic personal information in accordance with our internal security standards. This privacy policy notice is for TFS Capital Investment Trust (the “Trust”), TFS Capital LLC, the Trust’s investment adviser, and Ultimus Fund Distributors, LLC, the Trust’s principal underwriter. TFS Capital LLC maintains a different privacy policy for other clients that it services; however, this policy will be the policy adhered to for all shareholders of the TFS Market Neutral Fund and TFS Small Cap Fund. If you have any questions about the confidentiality of your customer information, please call 1-888-534-2001 to talk to a shareholder services representative.

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

SCHEDULE I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2010 (Unaudited)
COMMON STOCKS - 91.7%	Shares		Value
Consumer Discretionary - 13.9%
Auto Components - 1.5%
American Axle & Manufacturing Holdings, Inc. (a)		3,700	$	39,812
ArvinMeritor, Inc. (a) (b)		208,300		3,191,156
Ballard Power Systems, Inc. (a)		59,445		139,696
China Automotive Systems, Inc. (a)		24,645		548,105
China XD Plastics Company Ltd. (a)		16,400		112,012
Drew Industries, Inc. (a)		5,875		150,694
Exide Technologies (a)		22,200		131,868
Federal-Mogul Corporation (a) (b)		99,477		1,892,052
Goodyear Tire & Rubber Company (The) (a) (b)		346,165		4,648,996
Modine Manufacturing Company (a)		11,038		154,642
Raser Technologies, Inc. (a)		100		81
SORL Auto Parts, Inc. (a)		45,897		486,049
Spartan Motors, Inc.		10,500		64,785
Standard Motor Products, Inc.		11,836		126,172
Stoneridge, Inc. (a)		21,483		231,802
Tenneco, Inc. (a) (b)		137,033		3,531,340
Tongxin International Ltd. (a)		1,104		8,434
Westport Innovations, Inc. (a)		25,094		476,786
Wonder Auto Technology, Inc. (a)		24,772		286,612
				16,221,094
Automobiles - 0.1%
Thor Industries, Inc.		22,300		796,333
Distributors - 0.0%
LKQ Corporation (a)		21,200		446,472
Diversified Consumer Services - 0.8%
Brink's Home Security Holdings, Inc. (a)		42,678		1,789,915
China Education Alliance, Inc. (a)		38,000		184,300
ChinaCast Education Corporation (a)		19,451		130,905
Coinstar, Inc. (a)		3,500		155,260
CPI Corporation		1,400		37,142
Hillenbrand, Inc. (b)		81,193		1,995,724
Lincoln Educational Services Corporation (a)		26,300		656,448
Sotheby's (b)		101,684		3,396,246
Steiner Leisure Ltd. (a)		1,800		84,366
				8,430,306
Hotels, Restaurants & Leisure - 1.5%
AFC Enterprises, Inc. (a)		4,915		53,623
Ambassadors Group, Inc.		13,557		164,582
Ameristar Casinos, Inc.		8,200		154,406
Biglari Holdings, Inc. (a)		100		39,125
Bluegreen Corporation (a)		6,972		42,320
Bob Evans Farms, Inc.		3,500		108,255
Boyd Gaming Corporation (a)		77,581		985,279
Brinker International, Inc.		25,200		466,704
Buffalo Wild Wings, Inc. (a)		28,600		1,182,324
California Pizza Kitchen, Inc. (a)		74,471		1,526,655

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Discretionary - 13.9% (Continued)
Hotels, Restaurants & Leisure - 1.5% (Continued)
Carrols Restaurant Group, Inc. (a)		36,688	$	274,793
CEC Entertainment, Inc. (a)		2,200		85,910
Cedar Fair, L.P.		15,100		218,195
CKE Restaurants, Inc. (b)		127,672		1,575,472
Denny's Corporation (a) (b)		365,937		1,218,570
Domino's Pizza, Inc. (a)		11,600		178,756
Einstein Noah Restaurant Group, Inc. (a)		15,172		196,933
Famous Dave's of America, Inc. (a)		1,050		9,849
International Speedway Corporation - Class A		8,900		271,984
Interval Leisure Group, Inc. (a)		12,923		191,131
Isle of Capri Casinos, Inc. (a)		7,774		84,659
Jamba, Inc. (a)		162,100		577,076
Krispy Kreme Doughnuts, Inc. (a)		36,400		134,680
Marcus Corporation		8,643		111,063
McCormick & Schmick's Seafood Restaurants, Inc. (a)		1,901		18,839
Monarch Casino & Resort, Inc. (a)		7,348		85,384
Multimedia Games, Inc. (a)		11,233		51,335
P.F. Chang's China Bistro, Inc. (a)		7,187		313,641
Papa John's International, Inc. (a)		2,855		78,227
Peet's Coffee & Tea, Inc. (a) (b)		18,700		740,894
Penn National Gaming, Inc. (a)		16,000		495,360
Pinnacle Entertainment, Inc. (a)		9,400		127,182
Red Robin Gourmet Burgers, Inc. (a)		500		12,205
Rick's Cabaret International, Inc. (a)		35,706		441,683
Ruby Tuesday, Inc. (a)		2,200		24,618
Ruth's Hospitality Group, Inc. (a)		11,800		64,074
Shuffle Master, Inc. (a)		6,400		61,440
Sonic Corporation (a)		3,900		45,669
Speedway Motorsports, Inc.		625		10,156
Starbucks Corporation		30,500		792,390
Universal Travel Group (a)		10,710		97,782
Wendy's/Arby's Group, Inc. - Class A (b)		478,120		2,538,817
Youbet.com, Inc. (a)		18,332		53,713
				15,905,753
Household Durables - 1.2%
Beazer Homes USA, Inc. (a)		62,615		411,381
Blyth, Inc.		1,218		70,205
Comstock Homebuilding Companies, Inc. - Class A (a)		8,000		21,360
Deer Consumer Products, Inc. (a)		9,000		92,790
Emerson Radio Corporation (a)		10,660		22,386
Furniture Brands International, Inc. (a)		7,604		62,961
Harman International Industries, Inc. (a) (b)		36,320		1,433,914
Helen of Troy Ltd. (a)		8,894		240,227
Hooker Furniture Corporation		100		1,576
Hovnanian Enterprises, Inc. - Class A (a)		49,967		355,265
Jarden Corporation (b)		174,697		5,611,268
Kid Brands, Inc. (a)		8,300		82,751
Leggett & Platt, Inc.		20,500		502,865
Libbey, Inc. (a)		2,500		37,250

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Discretionary - 13.9% (Continued)
Household Durables - 1.2% (Continued)
Lifetime Brands, Inc. (a)		3,761	$	54,534
M/I Homes, Inc. (a)		42,245		659,022
Meritage Homes Corporation (a)		5,200		123,656
National Presto Industries, Inc.		400		44,788
NIVS IntelliMedia Technology Group, Inc. (a)		33,596		107,843
Sealy Corporation (a)		28,200		105,468
Standard Pacific Corporation (a)		443,275		2,841,393
Universal Electronics, Inc. (a)		191		4,053
				12,886,956
Internet & Catalog Retail - 0.5%
drugstore.com, inc. (a)		30,400		111,264
Gaiam, Inc. - Class A		7,654		69,345
NutriSystem, Inc.		39,244		758,587
Overstock.com, Inc. (a)		117,478		2,173,343
Shutterfly, Inc. (a) (b)		69,464		1,634,488
SinoCoking Coal and Coke Chemicals Industries, Inc. - Class A (a)		2,400		54,480
U.S. Auto Parts Network, Inc. (a)		17,122		160,947
Vitacost.com, Inc. (a)		11,500		100,165
				5,062,619
Leisure Equipment & Products - 0.3%
Eastman Kodak Company (a)		267,056		1,634,383
JAKKS Pacific, Inc. (a)		61,409		938,944
LeapFrog Enterprises, Inc. (a)		25,619		175,234
Nautilus, Inc. (a)		5,300		18,126
RC2 Corporation (a)		7,200		132,264
Smith & Wesson Holding Corporation (a)		81,900		364,455
Sport Supply Group, Inc.		15,577		208,887
Steinway Musical Instruments, Inc. (a)		4,788		91,738
				3,564,031
Media - 1.6%
A.H. Belo Corporation - Class A (a)		4,200		35,700
Ballantyne Strong, Inc. (a)		15,190		116,963
Carmike Cinemas, Inc. (a)		14,188		238,075
China Yida Holding Company (a)		340		4,648
Cinemark Holdings, Inc. (b)		328,244		5,993,735
CKX, Inc. (a)		101,285		595,556
Dolan Media Company (a)		56,609		673,081
E.W. Scripps Company (The) - Class A (a)		7,400		80,956
Entercom Communications Corporation (a)		4,300		62,608
Global Sources Ltd. (a)		5,400		39,582
Gray Television, Inc. (a)		13,500		50,625
Interactive Data Corporation (b)		83,512		2,795,147
Journal Communications, Inc. (a)		5,300		30,051
Knology, Inc. (a)		3,600		47,268
Lee Enterprises, Inc. (a)		8,744		33,052
Liberty Media - Starz - Series A (a)		19,574		1,084,204
LIN TV Corporation - Class A (a)		28,000		202,440
Lions Gate Entertainment Corporation (a)		35,380		244,830

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Discretionary - 13.9% (Continued)
Media - 1.6% (Continued)
Live Nation, Inc. (a)		9,300	$	145,917
LodgeNet Interactive Corporation (a)		75,970		501,402
Martha Stewart Living Omnimedia, Inc. - Class A (a)		4,000		26,720
McClatchy Company (The) - Class A (a)		70,900		386,405
MDC Partners, Inc.		16,100		208,173
Mediacom Communications Corporation (a)		94,894		628,198
National CineMedia, Inc.		8,900		169,456
New York Times Company (The) - Class A (a)		79,700		790,624
Radio One, Inc. (a)		3,600		18,144
RCN Corporation (a)		57,100		838,228
Regal Entertainment Group (b)		65,300		1,115,324
Sinclair Broadcast Group, Inc. - Class A (a)		7,400		50,986
SuperMedia, Inc. (a)		3,101		139,235
Valassis Communications, Inc. (a)		800		26,152
Warner Music Group Corporation (a)		5,838		39,990
				17,413,475
Multi-Line Retail - 0.7%
99¢ Only Stores (a) (b)		104,773		1,626,077
Bon-Ton Stores, Inc. (The) (a)		23,000		393,760
Dillard's, Inc. (b)		50,113		1,407,173
Fred's, Inc. - Class A		200		2,778
Retail Ventures, Inc. (a) (b)		133,087		1,440,001
Saks, Inc. (a)		240,549		2,345,353
Tuesday Morning Corporation (a)		30,118		170,167
				7,385,309
Specialty Retail - 2.8%
A.C. Moore Arts & Crafts, Inc. (a)		6,400		26,112
Advance Auto Parts, Inc.		8,200		369,820
America's Car-Mart, Inc. (a)		1,200		30,396
Asbury Automotive Group, Inc. (a)		10,000		155,500
AutoChina International Ltd. (a)		2,526		65,727
bebe stores, inc.		80,109		660,098
Big 5 Sporting Goods Corporation		2,200		37,290
Borders Group, Inc. (a)		39,050		99,187
Brown Shoe Company, Inc. (b)		97,641		1,835,651
Build-A-Bear Workshop, Inc. (a)		15,700		150,092
Cabela's, Inc. (a) (b)		88,500		1,607,160
Casual Male Retail Group, Inc. (a)		47,700		195,093
Cato Corporation (The) - Class A		5,107		121,291
Charming Shoppes, Inc. (a)		1,500		8,475
Chico's FAS, Inc.		2,917		43,434
Christopher & Banks Corporation		5,803		56,811
Citi Trends, Inc. (a)		3,900		130,806
Coldwater Creek, Inc. (a)		15,100		106,908
Cost Plus, Inc. (a)		6,100		33,123
Dick's Sporting Goods, Inc. (a)		10,400		302,744
Dress Barn, Inc. (a) (b)		109,400		3,028,192
Finish Line, Inc. (The) - Class A		64,213		1,034,471
Genesco, Inc. (a)		3,300		109,857

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Discretionary - 13.9% (Continued)
Specialty Retail - 2.8% (Continued)
Group 1 Automotive, Inc. (a)		10,600	$	329,130
hhgregg, Inc. (a)		4,300		123,109
Hot Topic, Inc.		12,800		97,792
J. Crew Group, Inc. (a)		49,878		2,317,831
Kirkland's, Inc. (a) (b)		125,350		2,791,544
Lithia Motors, Inc. (a)		1,400		11,172
MarineMax, Inc. (a)		33,949		378,531
Midas, Inc. (a)		700		8,057
Monro Muffler Brake, Inc.		10,224		366,633
New York & Company, Inc. (a)		105,207		645,971
Office Depot, Inc. (a)		53,200		364,952
OfficeMax, Inc. (a)		28,367		538,973
Pacific Sunwear of California, Inc. (a) (b)		453,822		2,296,339
Pier 1 Imports, Inc. (a)		230,800		1,911,024
rue21, inc. (a)		3,200		101,120
Shoe Carnival, Inc. (a)		14,428		399,078
Signet Jewelers Ltd. (a) (b)		77,344		2,476,555
Stage Stores, Inc.		6,207		94,657
Stein Mart, Inc. (a) (b)		122,366		1,160,030
Talbots, Inc. (The) (a)		20,900		343,807
Tractor Supply Company		4,200		282,114
TravelCenters of America, LLC (a)		23,966		97,542
Vitamin Shoppe, Inc. (a)		5,400		134,028
Wet Seal, Inc. (The) - Class A (a)		23,200		109,736
Williams-Sonoma, Inc.		104,600		3,012,480
				30,600,443
Textiles, Apparel & Luxury Goods - 2.9%
American Apparel, Inc. (a)		93,100		285,817
Carter's, Inc. (a) (b)		97,234		3,132,880
Columbia Sportswear Company		5,171		287,197
Crocs, Inc. (a)		46,517		449,354
Culp, Inc. (a)		4,006		47,832
G-III Apparel Group Ltd. (a)		17,688		505,877
Iconix Brand Group, Inc. (a)		46,100		795,686
Joe's Jeans, Inc. (a)		4,198		10,327
Jones Apparel Group, Inc.		247,792		5,391,954
Kenneth Cole Productions, Inc. (a)		3,900		48,594
Liz Claiborne, Inc. (a)		31,900		278,806
Lululemon Athletica, Inc. (a)		48,600		1,828,332
Maidenform Brands, Inc. (a) (b)		118,721		2,709,213
Movado Group, Inc. (a)		49,200		610,572
NIKE, Inc. - Class B		10,400		789,464
Oxford Industries, Inc.		5,194		112,139
Perry Ellis International, Inc. (a)		13,047		314,824
Phillips-Van Heusen Corporation		9,380		591,034
Quiksilver, Inc. (a) (b)		1,199,086		6,391,128
Skechers U.S.A., Inc. - Class A (a)		9,200		352,820
Steven Madden Ltd. (a)		2,819		163,389
Timberland Company (The) (a)		16,300		350,450

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Discretionary - 13.9% (Continued)
Textiles, Apparel & Luxury Goods - 2.9% (Continued)
UniFirst Corporation		16,774	$	819,745
Warnaco Group, Inc. (The) (a) (b)		102,300		4,894,032
Weyco Group, Inc.		1,332		32,554
				31,194,020
Consumer Staples - 3.1%
Beverages - 0.0%
Boston Beer Company, Inc. (The) - Class A (a)		1,002		57,124
Coca-Cola Bottling Company Consolidated		3,200		176,256
Cott Corporation (a)		7,500		62,775
Heckmann Corporation (a)		13,500		81,000
MGP Ingredients, Inc. (a)		3,220		25,020
National Beverage Corporation (a)		3,439		39,892
				442,067
Food & Staples Retailing - 0.1%
Andersons, Inc. (The)		2,200		79,508
BJ's Wholesale Club, Inc. (a)		9,510		364,043
Ingles Markets, Inc. - Class A		6,609		105,942
Nash Finch Company		8,300		290,666
Pantry, Inc. (The) (a)		6,600		104,412
PriceSmart, Inc.		8,522		212,027
QKL Stores, Inc. (a)		2,800		16,100
Rite Aid Corporation (a)		102,700		151,996
Susser Holdings Corporation (a)		3,700		39,849
United Natural Foods, Inc. (a)		2,700		82,863
Winn-Dixie Stores, Inc. (a)		1,500		18,915
				1,466,321
Food Products - 1.8%
American Lorain Corporation (a)		8,309		26,423
B&G Foods, Inc. (b)		181,165		1,871,435
Cal-Maine Foods, Inc.		38		1,269
China Marine Food Group Ltd. (a)		23,845		146,885
Corn Products International, Inc. (b)		130,305		4,690,980
Darling International, Inc. (a)		18,700		177,463
Del Monte Foods Company (b)		390,165		5,829,065
Fresh Del Monte Produce, Inc. (a) (b)		88,428		1,845,492
HQ Sustainable Maritime Industries, Inc. (a)		6,713		38,197
Imperial Sugar Company		1,500		24,045
J & J Snack Foods Corporation		3,048		142,006
John B. Sanfilippo & Son, Inc. (a)		1,667		25,055
Lance, Inc.		2,800		64,904
Lifeway Foods, Inc. (a)		2,717		29,941
Omega Protein Corporation (a)		4,400		23,540
Origin Agritech Ltd. (a)		406,444		3,560,449
Pilgrim's Pride Corporation (a)		13,600		158,576
Reddy Ice Holdings, Inc. (a)		15,105		64,045
SkyPeople Fruit Juice, Inc. (a)		22,370		138,918
Smart Balance, Inc. (a)		900		5,985
SunOpta, Inc. (a)		37,500		169,875

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Consumer Staples - 3.1% (Continued)
Food Products - 1.8% (Continued)
Zhongpin, Inc. (a)		8,900	$	112,852
				19,147,400
Household Products - 0.1%
Cellu Tissue Holdings, Inc. (a)		13,300		138,586
Central Garden & Pet Company - Class A (a)		29,603		305,799
Kimberly-Clark Corporation		13,100		802,506
Spectrum Brands, Inc. (a)		2,410		71,384
WD-40 Company		4,408		155,294
				1,473,569
Personal Products - 0.9%
Alberto-Culver Company (b)		36,083		1,039,190
China-Biotics, Inc. (a)		8,700		155,034
Elizabeth Arden, Inc. (a) (b)		50,045		911,320
Female Health Company (The)		2,300		14,697
Inter Parfums, Inc.		37,587		649,503
NBTY, Inc. (a) (b)		85,700		3,486,276
Nu Skin Enterprises, Inc. - Class A		39,064		1,174,264
Prestige Brands Holdings, Inc. (a)		114,964		1,119,749
Revlon, Inc. (a)		30,586		535,867
Schiff Nutrition International, Inc. (a)		24,538		173,975
				9,259,875
Tobacco - 0.2%
Philip Morris International, Inc.		15,900		780,372
Star Scientific, Inc. (a)		174,444		320,977
Universal Corporation (b)		22,000		1,139,160
				2,240,509
Energy - 6.9%
Energy Equipment & Services - 2.2%
Atwood Oceanics, Inc. (a) (b)		36,600		1,332,606
Boots & Coots, Inc. (a)		15,200		44,536
Bristow Group, Inc. (a) (b)		77,698		3,007,690
Cal Dive International, Inc. (a) (b)		356,215		2,336,770
Dresser-Rand Group, Inc. (a)		35,000		1,234,800
Dril-Quip, Inc. (a) (b)		26,321		1,524,776
Exterran Holdings, Inc. (a) (b)		59,625		1,738,069
Exterran Partners, L.P.		3,096		78,329
Geokinetics, Inc. (a)		7,026		61,407
Global Industries Ltd. (a)		12,900		86,430
Gulfmark Offshore, Inc. - Class A (a)		300		10,341
Helix Energy Solutions Group, Inc. (a)		47,900		698,382
Hercules Offshore, Inc. (a)		197,128		780,627
ION Geophysical Corporation (a)		21,300		128,013
Matrix Service Company (a)		32,580		346,325
Newpark Resources, Inc. (a)		66,000		440,880
North American Energy Partners, Inc. (a)		24,200		272,976
Oceaneering International, Inc. (a)		4,047		265,078
Oil States International, Inc. (a) (b)		70,503		3,406,000
Pioneer Drilling Company (a) (b)		157,622		1,156,945

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Energy - 6.9% (Continued)
Energy Equipment & Services - 2.2% (Continued)
Precision Drilling Trust (a)		11,500	$	87,630
Superior Energy Services, Inc. (a) (b)		82,412		2,230,069
Tesco Corporation (a)		14,896		186,349
TETRA Technologies, Inc. (a) (b)		140,400		1,725,516
Trico Marine Services, Inc. (a)		15,500		50,840
Union Drilling, Inc. (a) (b)		63,949		423,982
Vantage Drilling Company (a)		28,307		50,953
Willbros Group, Inc. (a)		2,400		30,120
				23,736,439
Oil, Gas & Consumable Fuels - 4.7%
Abraxas Petroleum Corporation (a)		36,100		103,968
Advantage Oil & Gas Ltd. (a)		7,400		52,614
American Oil & Gas, Inc. (a)		15,800		113,760
Approach Resources, Inc. (a) (b)		101,520		908,604
Arena Resources, Inc. (a)		22,485		830,371
Atlas Pipeline Holdings, L.P. (a)		11,222		71,484
Atlas Pipeline Partners, L.P.		50,935		734,992
ATP Oil & Gas Corporation (a)		3,640		66,466
Bill Barrett Corporation (a) (b)		97,889		3,336,057
Breitburn Energy Partners, L.P. (a)		12,404		193,006
Brigham Exploration Company (a)		52,100		1,016,471
Buckeye GP Holdings, L.P.		6,801		229,398
Callon Petroleum Company (a)		21,500		130,505
Calumet Specialty Products Partners, L.P.		6,554		147,072
CAMAC Energy, Inc. (a)		8,800		39,512
Capital Product Partners, L.P.		23,240		211,484
China Integrated Energy, Inc. (a)		13,679		161,002
China North East Petroleum Holdings Ltd. (a)		73,921		652,722
Contango Oil & Gas Company (a)		5,915		324,733
Crimson Exploration, Inc. (a)		6,500		26,000
Cross Timbers Royalty Trust		5,056		194,656
Crosstex Energy, L.P. (a)		16,686		194,559
CVR Energy, Inc. (a)		9,500		80,655
Delta Petroleum Corporation (a)		110,200		169,708
DHT Holdings, Inc.		125,709		593,346
Dorchester Minerals, L.P.		8,811		241,686
Eagle Rock Energy Partners, L.P.		29,622		207,650
Eastern American Natural Gas		4,049		91,062
Enbridge Energy Management, LLC (a)		4,206		216,306
Encore Energy Partners, L.P.		15,128		325,555
Endeavour International Corporation (a)		28,100		45,522
Energy Partners Ltd. (a)		5,109		69,840
Enterra Energy Trust (a)		39,154		112,764
EV Energy Partners, L.P.		6,900		239,361
EXCO Resources, Inc.		6,582		122,096
Forest Oil Corporation (a)		19,100		559,630
FX Energy, Inc. (a)		5,597		24,123
Gastar Exploration Ltd. (a)		30,300		161,196
General Maritime Corporation		8,406		68,173

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Energy - 6.9% (Continued)
Oil, Gas & Consumable Fuels - 4.7% (Continued)
Genesis Energy, L.P.		11,370	$	223,307
GeoResources, Inc. (a) (b)		46,799		803,071
Global Partners, L.P.		7,902		181,272
Goodrich Petroleum Corporation (a) (b)		106,100		1,796,273
Gran Tierra Energy, Inc. (a) (b)		302,442		1,832,799
Green Plains Renewable Energy, Inc. (a)		62,638		860,020
Gulfport Energy Corporation (a)		14,379		179,737
Holly Energy Partners, L.P.		5,015		233,448
Hugoton Royalty Trust		13,162		248,499
International Coal Group, Inc. (a)		49,400		260,338
Ivanhoe Energy, Inc. (a)		64,400		203,504
James River Coal Company (a)		7,775		146,325
Kodiak Oil & Gas Corporation (a)		20,600		81,988
K-Sea Transportation Partners, L.P.		15,100		132,427
Legacy Reserves, L.P.		9,700		231,733
Magellan Petroleum Corporation (a)		30,467		66,113
Magnum Hunter Resources Corporation (a)		18,400		85,376
Martin Midstream Partners, L.P.		9,600		311,136
Overseas Shipholding Group, Inc.		30,300		1,516,818
Patriot Coal Corporation (a)		53,009		1,043,747
Penn Virginia GP Holdings, L.P.		12,189		221,596
Permian Basin Royalty Trust		10,700		209,613
Petroleum Development Corporation (a) (b)		211,425		4,949,459
PetroQuest Energy, Inc. (a) (b)		282,852		1,671,655
Pioneer Southwest Energy Partners, L.P.		9,831		240,073
Quicksilver Gas Services, L.P.		9,600		202,656
Quicksilver Resources, Inc. (a)		100		1,387
Sabine Royalty Trust		4,540		240,620
SandRidge Energy, Inc. (a)		297,200		2,231,972
Southern Union Company (b)		104,907		2,741,220
Stone Energy Corporation (a) (b)		154,870		2,524,381
Swift Energy Company (a)		6,900		249,642
Teekay Corporation (b)		41,236		1,032,962
Teekay LNG Partners, L.P.		1,900		55,328
Teekay Offshore Partners, L.P.		12,218		256,211
Teekay Tankers Ltd. - Class A		14,100		179,634
Tesoro Corporation		139,900		1,839,685
Toreador Resources Corporation (a)		6,200		56,234
Transatlantic Petroleum Ltd. (a)		19,100		69,715
Transglobe Energy Corporation (a)		29,200		218,416
TransMontaigne Partners, L.P.		6,731		200,988
Tsakos Energy Navigation Ltd.		16,100		235,704
USEC, Inc. (a) (b)		716,256		4,297,536
VAALCO Energy, Inc. (a)		13,200		74,052
Vanguard Natural Resources, LLC		5,140		126,855
Venoco, Inc. (a)		38,374		571,773
W&T Offshore, Inc. (b)		239,023		2,263,548
Western Refining, Inc. (a)		93,600		501,696

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Energy - 6.9% (Continued)
Oil, Gas & Consumable Fuels - 4.7% (Continued)
Williams Pipeline Partners, L.P.		4,950	$	157,113
				51,127,764
Financials - 15.0%
Capital Markets - 3.1%
American Capital Ltd. (a)		146,324		898,429
Apollo Investment Corporation (b)		312,605		3,801,277
BGC Partners, Inc. - Class A		65,889		429,596
BlackRock Kelso Capital Corporation (b)		227,970		2,418,762
Broadpoint Gleacher Securities Group, Inc. (a)		217,021		928,850
Calamos Asset Management, Inc. - Class A		82,117		1,022,357
Cowen Group, Inc. (a)		168,820		911,628
Diamond Hill Investment Group (a)		2,380		185,735
Duff & Phelps Corporation (b)		70,150		1,101,355
E*TRADE Financial Corporation (a)		2,672,830		4,490,354
FBR Capital Markets Corporation (a) (b)		280,284		1,325,743
Fifth Street Finance Corporation		6,800		86,700
Fortress Investment Group, LLC (a)		181,700		863,075
GFI Group, Inc.		163,880		1,130,772
GLG Partners, Inc. (a)		29,300		94,932
Golub Capital BDC, Inc. (a)		8,100		117,450
Harris & Harris Group, Inc. (a)		11,600		56,260
Hercules Technology Growth Capital, Inc.		30,653		332,279
HFF, Inc. - Class A (a)		18,062		159,307
International Assets Holding Corporation (a)		12,543		202,820
Investment Technology Group, Inc. (a)		73,520		1,277,042
JMP Group, Inc.		4,723		36,556
LaBranche & Company, Inc. (a)		16,768		82,834
Lazard Ltd. - Class A		9,300		359,538
Main Street Capital Corporation		4,689		74,274
MCG Capital Corporation (a) (b)		323,076		2,141,994
MF Global Holdings Ltd. (a) (b)		75,069		692,136
Northern Trust Corporation		14,300		786,214
Och-Ziff Capital Management Group, LLC		2,400		42,048
optionsXpress Holdings, Inc. (a)		36,400		646,100
PennantPark Investment Corporation		9,200		100,648
Piper Jaffray Companies, Inc. (a)		6,700		263,712
Prospect Capital Corporation (b)		180,250		2,096,308
RiskMetrics Group, Inc. (a)		54,602		1,225,269
Rodman & Renshaw Capital Group, Inc. (a)		6,687		28,888
Safeguard Scientifics, Inc. (a)		4,704		64,727
Sanders Morris Harris Group, Inc.		15,004		89,574
Solar Capital Ltd.		9,404		219,019
SWS Group, Inc.		12,200		135,054
Thomas Weisel Partners Group, Inc. (a)		24,100		189,185
TradeStation Group, Inc. (a)		11,200		93,632
U.S. Global Investors, Inc.		6,334		57,259
Waddell & Reed Financial, Inc. - Class A (b)		56,351		2,091,749
				33,351,441

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Financials - 15.0% (Continued)
Commercial Banks - 2.2%
1st Source Corporation		1,926	$	36,844
BancFirst Corporation		762		33,635
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		67,936		961,974
Bancorp, Inc. (The) (a)		12,257		108,720
CapitalSource, Inc. (b)		500,059		2,985,352
Cardinal Financial Corporation		8,300		90,885
CenterState Banks, Inc.		6,177		74,309
Chemical Financial Corporation		4,001		94,824
Citizens Republic Bancorp, Inc. (a)		579,900		724,875
City National Corporation		4,280		266,558
Commerce Bancshares, Inc. (b)		55,551		2,300,922
Community Trust Bancorp, Inc.		600		18,012
Fifth Third Bancorp		53,800		802,158
First Commonwealth Financial Corporation		12,700		83,185
First Community Bancshares, Inc.		1,678		27,939
First Financial Bancorporation		13,100		250,341
First Merchants Corporation		8,600		75,164
Home BancShares, Inc.		684		19,234
Huntington Bancshares, Inc.		111,500		754,855
Investors Bancorp, Inc. (a)		17,627		245,192
Lakeland Financial Corporation		1,641		34,231
Metro Bancorporation, Inc. (a)		18,586		252,212
Nara Bancorp, Inc. (a)		44,000		396,000
National Penn Bancshares, Inc.		30,500		223,260
OmniAmerican Bancorp, Inc. (a)		6,150		72,570
Oriental Financial Group, Inc.		3,100		51,832
Orrstown Financial Services, Inc.		4,140		105,901
Peoples Bancorp, Inc.		3,944		68,389
Pinnacle Financial Partners, Inc. (a)		17,669		269,982
Popular, Inc. (a)		1,387,334		5,466,096
Renasant Corporation		2,100		34,713
Republic Bancorp, Inc. - Class A		10,794		260,675
Santander BanCorp (a)		53,727		642,575
Seacoast Banking Corporation of Florida (a)		21,550		46,979
Simmons First National Corporation - Class A		800		22,464
Southside Bancshares, Inc.		2,026		43,728
Sterling Bancorp		28,481		305,031
SVB Financial Group (a)		3,600		177,228
Synovus Financial Corporation		727,080		2,188,511
TCF Financial Corporation		42,500		791,775
Texas Capital Bancshares, Inc. (a)		50,858		1,012,074
Union First Market Bankshares Corporation		6,584		110,480
United Community Banks, Inc. (a)		9,400		54,896
WesBanco, Inc.		2,300		44,344
West Coast Bancorp		21,700		74,648
Western Alliance Bancorp (a)		4,600		40,020
Zions Bancorporation (b)		52,600		1,511,198
				24,256,790

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Financials - 15.0% (Continued)
Consumer Finance - 1.2%
Advance America, Cash Advance Centers, Inc.		128,345	$	734,133
AmeriCredit Corporation (a)		9,400		225,036
Cardtronics, Inc. (a) (b)		101,229		1,411,132
Cash America International, Inc. (b)		82,674		3,063,899
EZCORP, Inc. - Class A (a) (b)		59,548		1,233,239
First Cash Financial Services, Inc. (a)		31,229		688,912
First Marblehead Corporation (The) (a)		53,228		186,830
Nelnet, Inc. - Class A (b)		173,672		3,466,493
Student Loan Corporation (The)		14,315		404,256
World Acceptance Corporation (a) (b)		53,053		1,871,710
				13,285,640
Diversified Financial Services - 0.6%
Compass Diversified Holdings, Inc. (b)		178,215		2,587,682
Encore Capital Group, Inc. (a) (b)		54,004		1,242,632
KKR Financial Holdings, LLC		191,600		1,693,744
Liberty Acquisition Holdings Corporation (a)		13,000		131,170
MarketAxess Holdings, Inc.		8,769		137,849
NewStar Financial, Inc. (a)		14,200		108,772
PICO Holdings, Inc. (a)		1,700		60,435
Portfolio Recovery Associates, Inc. (a)		14,199		943,807
				6,906,091
Insurance - 3.5%
Allied World Assurance Company Holdings Ltd. (b)		50,151		2,185,079
Ambac Financial Group, Inc. (a)		41,700		62,967
American Equity Investment Life Holding Company		73,880		777,218
American Financial Group, Inc. (b)		107,795		3,172,407
American Physicians Capital, Inc.		1,054		35,246
American Safety Insurance Holdings Ltd. (a)		10,880		176,038
AMERISAFE, Inc. (a)		5,557		95,025
AmTrust Financial Services, Inc.		20,423		278,365
Argo Group International Holdings Ltd. (b)		74,977		2,473,491
Baldwin & Lyons, Inc.		2,757		69,173
Brown & Brown, Inc.		48,259		971,936
CNA Surety Corporation (a) (b)		85,165		1,428,217
Conseco, Inc. (a) (b)		471,026		2,779,053
Employers Holdings, Inc.		5,000		82,400
Enstar Group, Inc. (The) (a)		1,266		83,708
Erie Indemnity Company - Class A (b)		47,185		2,185,137
Fidelity National Financial, Inc. - Class A		19,475		295,631
First Mercury Financial Corporation		6,100		79,971
Flagstone Reinsurance Holdings Ltd.		97,715		1,089,522
Greenlight Capital Re Ltd. (a)		3,700		94,794
Hallmark Financial Services, Inc. (a) (b)		66,034		773,258
Harleysville Group, Inc.		1,300		41,626
HCC Insurance Holdings, Inc.		18,677		507,828
Hilltop Holdings, Inc. (a)		6,200		72,726
Horace Mann Educators Corporation (b)		102,828		1,769,670
Infinity Property & Casualty Corporation		2,300		106,099
Kansas City Life Insurance Company (b)		19,209		653,106

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Financials - 15.0% (Continued)
Insurance - 3.5% (Continued)
Maiden Holdings Ltd.		10,400	$	77,896
Meadowbrook Insurance Group, Inc. (b)		218,575		1,726,743
Mercury General Corporation		6,501		292,480
National Financial Partners Corporation (a)		51,952		799,541
Navigators Group, Inc. (The) (a)		9,087		364,661
NYMAGIC, Inc.		300		6,660
OneBeacon Insurance Group Ltd.		36,254		588,040
Phoenix Companies, Inc. (The) (a)		9,000		29,070
Platinum Underwriters Holdings Ltd. (b)		61,020		2,270,554
PMA Capital Corporation (a)		2,300		15,801
Presidential Life Corporation		15,290		180,116
Protective Life Corporation (b)		59,448		1,430,913
RenaissanceRe Holdings Ltd. (b)		41,400		2,316,330
RLI Corporation		2,700		156,600
Safety Insurance Group, Inc.		1,983		73,946
SeaBright Insurance Holdings Ltd. (b)		125,637		1,366,931
Selective Insurance Group, Inc.		3,712		62,028
State Auto Financial Corporation		2,798		50,056
Tower Group, Inc.		1,500		34,590
United America Indemnity Ltd. - Class A (a)		11,600		110,200
United Fire & Casualty Company		5,553		126,997
Unitrin, Inc. (b)		119,506		3,495,551
Universal Insurance Holdings, Inc.		23,680		119,584
				38,034,979
Real Estate Investment Trusts - 2.8%
Acadia Realty Trust		4,400		83,952
Agree Realty Corporation		9,427		241,614
American Capital Agency Corporation		1,100		30,261
Anworth Mortgage Asset Corporation		17,000		114,070
Apollo Commercial Real Estate Finance, Inc.		649		11,688
Arbor Realty Trust, Inc. (a)		2,000		8,160
Associated Estates Realty Corporation		2,800		39,284
Brandywine Realty Trust		38,400		489,216
Camden Property Trust		5,400		261,522
Capital Trust, Inc. - Class A (a)		17,543		46,138
Capstead Mortgage Corporation		4,000		45,280
Care Investment Trust, Inc.		28,711		256,676
Cedar Shopping Centers, Inc.		1,726		13,739
Chimera Investment Corporation (b)		1,083,260		4,408,868
Cogdell Spencer, Inc.		87,375		662,302
Colonial Properties Trust		5,700		89,889
Colony Financial, Inc.		1,600		30,416
Cousins Properties, Inc.		9,600		77,376
CreXus Investment Corporation		1,500		19,815
Cypress Sharpridge Investments, Inc.		4,535		58,683
Duke Realty Corporation (b)		181,710		2,458,536
DuPont Fabros Technology, Inc.		6,500		144,105
Dynex Capital, Inc.		6,873		63,713
EastGroup Properties, Inc.		2,100		85,848

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Financials - 15.0% (Continued)
Real Estate Investment Trusts - 2.8% (Continued)
Education Realty Trust, Inc.		30,800	$	217,756
FelCor Lodging Trust, Inc. (a)		25,700		208,427
First Industrial Realty Trust, Inc. (a)		10,100		80,598
First Potomac Realty Trust		35,826		581,098
Getty Realty Corporation		2,979		73,790
Gladstone Commercial Corporation		700		11,340
Glimcher Realty Trust		23,900		162,759
Government Properties Income Trust		3,700		100,307
Gramercy Capital Corporation (a)		24,209		61,249
Hatteras Financial Corporation		1,900		50,673
Hersha Hospitality Trust (b)		324,967		1,875,060
Hospitality Properties Trust (b)		98,440		2,607,676
HRPT Properties Trust		74,132		581,195
Inland Real Estate Corporation		14,400		135,648
Investors Real Estate Trust		9,600		83,808
iStar Financial, Inc. (a)		39,500		265,045
Kite Realty Group Trust		31,121		168,676
Lexington Realty Trust		7,900		55,932
LTC Properties, Inc. (b)		44,576		1,243,670
Mack-Cali Realty Corporation		13,800		474,168
Maguire Properties, Inc. (a)		43,400		160,580
Medical Properties Trust, Inc.		12,300		123,615
MFA Financial, Inc.		28,880		205,337
Monmouth Real Estate Investment Corporation - Class A		8,500		65,960
National Health Investors, Inc.		27,895		1,133,095
New York Mortgage Trust, Inc.		3,500		26,880
Newcastle Investment Corporation (a)		59,998		226,792
Northstar Realty Finance Corporation		9,700		45,784
One Liberty Properties, Inc.		25,707		438,304
Pebblebrook Hotel Trust (a)		1,700		33,490
Pennymac Mortgage Investment Trust (a)		3,002		52,295
RAIT Financial Trust (a)		134,367		545,530
Ramco-Gershenson Properties Trust		6,000		74,760
Resource Capital Corporation		88,609		630,010
Retail Opportunity Investments Corporation (a)		18,058		178,413
Saul Centers, Inc. (b)		28,606		1,130,795
Senior Housing Properties Trust (b)		124,300		2,794,264
Sovran Self Storage, Inc.		4,300		158,627
Starwood Property Trust, Inc.		6,200		117,490
Strategic Hotels & Resorts, Inc. (a)		20,700		132,894
Two Harbors Investment Corporation		11,200		99,456
Universal Health Realty Income Trust		13,007		432,093
Urstadt Biddle Properties, Inc. - Class A		7,688		129,620
U-Store-It Trust		153,256		1,321,067
Winthrop Realty Trust (b)		53,395		720,832
				29,758,009
Real Estate Management & Development - 0.1%
Altisource Portfolio Solutions S.A. (a)		11,664		281,802

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Financials - 15.0% (Continued)
Real Estate Management & Development - 0.1% (Continued)
Avatar Holdings, Inc. (a)		1,300	$	30,992
China Housing & Land Development, Inc. (a)		700		2,422
Forestar Group, Inc. (a)		5,100		114,954
Grubb & Ellis Company (a)		70,100		124,778
MI Developments, Inc.		1,512		20,201
				575,149
Thrifts & Mortgage Finance - 1.5%
Arlington Asset Investment Corporation		2,900		58,464
Bank Mutual Corporation		10,900		77,608
Beneficial Mutual Bancorp, Inc. (a)		5,700		56,487
Doral Financial Corporation (a)		27,292		147,104
Federal Agricultural Mortgage Corporation		3,351		75,465
Federal National Mortgage Association (a)		3,908,900		4,768,858
First Financial Holdings, Inc.		2,000		28,240
First Niagara Financial Group, Inc.		49,836		692,720
Flushing Financial Corporation		4,797		65,287
Freddie Mac (a)		1,074,220		1,611,330
MGIC Investment Corporation (a)		34,200		356,706
NewAlliance Bancshares, Inc.		16,100		209,783
Northwest Bancshares, Inc. (b)		81,939		1,023,418
OceanFirst Financial Corporation		10,300		132,458
Ocwen Financial Corporation (a) (b)		168,035		1,940,804
Provident Financial Services, Inc.		3,000		39,540
Radian Group, Inc. (b)		285,200		4,046,988
TrustCo Bank Corporation		8,200		54,530
Washington Federal, Inc.		31,500		647,955
				16,033,745
Health Care - 11.0%
Biotechnology - 2.6%
Abraxis BioScience, Inc. (a)		20,453		1,022,036
Acadia Pharmaceuticals, Inc. (a)		68,000		112,880
Acorda Therapeutics, Inc. (a)		10,647		412,571
AEterna Zentaris, Inc. (a)		124,800		149,760
Affymax, Inc. (a)		7,041		167,857
Alimera Sciences, Inc. (a)		7,600		83,296
Alnylam Pharmaceuticals, Inc. (a)		6,000		101,760
Amylin Pharmaceuticals, Inc. (a)		28,885		596,186
Anadys Pharmaceuticals, Inc. (a)		46,444		117,968
Ariad Pharmaceuticals, Inc. (a)		23,900		84,128
ArQule, Inc. (a)		15,791		100,589
Array BioPharma, Inc. (a) (b)		160,852		595,152
Athersys, Inc. (a)		55,500		183,705
AVI BioPharma, Inc. (a)		7,500		9,975
BioCryst Pharmaceuticals, Inc. (a)		17,300		131,480
Celera Corporation (a)		8,800		65,736
Celldex Therapeutics, Inc. (a)		3,100		25,327
Chelsea Therapeutics International Ltd. (a)		20,200		81,002
China Biologic Products, Inc. (a)		7,324		90,891
CombinatoRx, Inc. (a)		148,662		197,721

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Health Care - 11.0% (Continued)
Biotechnology - 2.6% (Continued)
Cubist Pharmaceuticals, Inc. (a)		3,980	$	89,232
Curis, Inc. (a)		23,300		76,890
Cytokinetics, Inc. (a)		22,000		70,840
CytRx Corporation (a)		97,700		122,125
Dyax Corporation (a)		21,200		74,200
Emergent BioSolutions, Inc. (a)		8,104		131,933
Enzon Pharmaceuticals, Inc. (a)		14,300		151,294
Exact Sciences Corporation (a)		39,178		173,950
Exelixis, Inc. (a)		18,400		106,352
Geron Corporation (a)		473,476		2,760,365
Halozyme Therapeutics, Inc. (a)		9,500		80,940
Idenix Pharmaceuticals, Inc. (a)		8,800		40,656
Immunomedics, Inc. (a)		4,800		16,800
Incyte Corporation (a) (b)		293,165		3,934,274
Inovio Biomedical Corporation (a)		33,400		46,092
Insmed, Inc. (a)		62,700		66,462
Isis Pharmaceuticals, Inc. (a)		55,481		596,421
Keryx Biopharmaceuticals, Inc. (a)		54,500		306,290
Lexicon Pharmaceuticals, Inc. (a)		101,700		163,737
Ligand Pharmaceuticals, Inc. (a)		6,500		11,960
MannKind Corporation (a)		123,720		859,854
Maxygen, Inc. (a)		5,700		36,537
Micromet, Inc. (a)		41,200		313,944
Myriad Genetics, Inc. (a)		34,400		825,944
Nabi Biopharmaceuticals (a)		75,456		424,063
Neurocrine Biosciences, Inc. (a)		34,800		111,708
NPS Pharmaceuticals, Inc. (a)		22,900		159,613
OncoGenex Pharmaceuticals, Inc. (a)		21,640		476,080
Onyx Pharmaceuticals, Inc. (a)		9,540		275,420
Orexigen Therapeutics, Inc. (a)		7,500		50,850
PDL BioPharma, Inc. (a)		149,600		870,672
Peregrine Pharmaceuticals, Inc. (a)		34,600		138,746
Pharmacyclics, Inc. (a)		71,300		541,167
Pharmasset, Inc. (a)		3,000		97,200
PROLOR Biotech, Inc. (a)		6,900		36,984
Protalix BioTherapeutics, Inc. (a)		114,200		773,134
QLT, Inc. (a)		21,700		137,144
Rexahn Pharmaceuticals, Inc. (a)		62,700		124,773
SciClone Pharmaceuticals, Inc. (a)		9,100		38,038
SIGA Technologies, Inc. (a)		214,741		1,475,271
Sinovac Biotech Ltd. (a)		21,000		121,590
Spectrum Pharmaceuticals, Inc. (a)		38,000		196,080
Synta Pharmaceuticals Corporation (a)		10,100		41,006
Targacept, Inc. (a) (b)		65,332		1,554,902
Theravance, Inc. (a)		4,600		77,142
United Therapeutics Corporation (a) (b)		33,553		1,908,830
Vanda Pharmaceuticals, Inc. (a) (b)		100,519		841,344
Vertex Pharmaceuticals, Inc. (a)		20,600		798,662
YM BioSciences, Inc. (a)		43,800		61,758

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Health Care - 11.0% (Continued)
Biotechnology - 2.6% (Continued)
ZIOPHARM Oncology, Inc. (a)		78,124	$	462,494
ZymoGenetics, Inc. (a)		84,254		500,469
				27,682,252
Health Care Equipment & Supplies - 2.3%
Abaxis, Inc. (a)		400		10,364
Accuray, Inc. (a)		2,600		16,744
AGA Medical Holdings, Inc. (a)		8,400		135,072
Align Technology, Inc. (a) (b)		112,300		1,906,854
Alphatec Holdings, Inc. (a)		53,900		360,052
Analogic Corporation		401		19,176
AngioDynamics, Inc. (a)		186		2,976
Anika Therapeutics, Inc. (a)		100		705
Antares Pharma, Inc. (a)		29,300		45,708
Arthrocare Corporation (a)		2,600		80,418
Atrion Corporation		405		57,421
ATS Medical, Inc. (a)		63,883		254,893
Cantel Medical Corporation		4,800		95,808
Cerus Corporation (a)		400		1,296
Cooper Companies, Inc. (The) (b)		30,663		1,192,484
CryoLife, Inc. (a) (b)		177,441		1,084,165
Cynosure, Inc. - Class A (a)		5,567		70,144
Endologix, Inc. (a)		12,089		56,214
ev3, Inc. (a) (b)		100,866		1,929,567
Given Imaging Ltd. (a)		8,588		180,176
Greatbatch, Inc. (a)		22,100		493,714
Hansen Medical, Inc. (a)		63,300		160,782
HealthTronics, Inc. (a)		21,473		76,229
Heartware International, Inc. (a)		2,136		120,129
Immucor, Inc. (a)		18,000		385,380
Invacare Corporation (b)		95,484		2,523,642
IRIS International, Inc. (a)		4,099		46,852
Medical Action Industries, Inc. (a)		11,620		137,929
Meridian Bioscience, Inc. (b)		30,400		607,696
Merit Medical Systems, Inc. (a)		1,715		27,732
National Dentex Corporation (a)		2,200		37,356
Natus Medical, Inc. (a)		2,801		47,729
NxStage Medical, Inc. (a)		5,700		72,504
Orthofix International N.V. (a)		2,900		99,151
Palomar Medical Technologies, Inc. (a)		2,100		26,376
Quidel Corporation (a)		57,500		847,550
Rochester Medical Corporation (a)		3,078		36,905
RTI Biologics, Inc. (a)		95,195		364,597
SenoRx, Inc. (a)		10,031		98,705
Sirona Dental Systems, Inc. (a) (b)		79,807		3,327,154
Somanetics Corporation (a)		2,041		41,289
SonoSite, Inc. (a)		1,300		43,576
STERIS Corporation (b)		121,302		4,036,931
Symmetry Medical, Inc. (a)		5,506		63,649
Syneron Medical Ltd. (a)		13,900		159,850

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Health Care - 11.0% (Continued)
Health Care Equipment & Supplies - 2.3% (Continued)
Synovis Life Technologies, Inc. (a)		4,000	$	59,200
Teleflex, Inc.		25,419		1,558,693
TomoTherapy, Inc. (a)		33,915		131,929
Wright Medical Group, Inc. (a) (b)		96,598		1,814,110
Young Innovations, Inc.		900		22,653
Zoll Medical Corporation (a)		900		27,495
				24,997,724
Health Care Providers & Services - 3.5%
Alliance HealthCare Services, Inc. (a)		321,645		1,724,017
Almost Family, Inc. (a)		20,121		852,326
America Service Group, Inc.		2,079		35,260
AMERIGROUP Corporation (a)		7,300		264,552
AMN Healthcare Services, Inc. (a)		5,500		50,270
AmSurg Corporation (a) (b)		86,355		1,789,276
BioScrip, Inc. (a)		2,800		25,032
Centene Corporation (a)		4,900		112,210
Chindex International, Inc. (a) (b)		66,772		843,998
Clarient, Inc. (a)		67,800		204,756
Community Health Systems, Inc. (a)		37,733		1,541,770
Continucare Corporation (a) (b)		243,176		814,640
Corvel Corporation (a)		3,154		105,028
Cross Country Healthcare, Inc. (a)		1,200		12,024
Emergency Medical Services Corporation (a)		8,196		433,405
Ensign Group, Inc. (The)		11,787		204,622
Gentiva Health Services, Inc. (a)		2,700		77,436
Hanger Orthopedic Group, Inc. (a)		67,181		1,252,254
Health Grades, Inc. (a)		17,900		125,479
Health Net, Inc. (a) (b)		159,017		3,501,554
HealthSpring, Inc. (a) (b)		104,282		1,835,363
inVentiv Health, Inc. (a)		111,856		2,576,044
IPC The Hospitalist Company, Inc. (a)		996		30,916
Kindred Healthcare, Inc. (a)		3,000		53,520
Landauer, Inc.		769		52,407
LifePoint Hospitals, Inc. (a) (b)		73,581		2,809,323
Magellan Health Services, Inc. (a) (b)		59,200		2,498,832
MedCath Corporation (a)		11,500		114,310
Metropolitan Health Networks, Inc. (a)		43,335		133,905
Molina HealthCare, Inc. (a)		1,300		37,921
MWI Veterinary Supply, Inc. (a)		500		20,975
National Healthcare Corporation		5,223		184,685
NightHawk Radiology Holdings, Inc. (a)		18,035		66,730
Odyssey Healthcare, Inc. (a) (b)		63,014		1,312,582
Owens & Minor, Inc.		48,092		1,512,493
PharMerica Corporation (a)		1,700		32,810
Prospect Medical Holdings, Inc. (a)		100		674
Providence Service Corporation (The) (a) (b)		86,220		1,432,114
PSS World Medical, Inc. (a)		5,608		131,396
RadNet, Inc. (a)		20,252		74,527
RehabCare Group, Inc. (a)		3,820		108,946

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Health Care - 11.0% (Continued)
Health Care Providers & Services - 3.5% (Continued)
Res-Care, Inc. (a)		123,824	$	1,441,311
Rural/Metro Corporation (a)		6,285		44,309
Skilled Healthcare Group, Inc. - Class A (a)		1,800		12,042
Sun Healthcare Group, Inc. (a)		54,799		489,903
Sunrise Senior Living, Inc. (a)		272,727		1,516,362
Team Health Holdings, Inc. (a)		12,370		194,456
Tenet Healthcare Corporation (a) (b)		432,600		2,703,750
Universal American Corporation (a)		59,825		918,314
Universal Health Services, Inc. - Class B (b)		40,377		1,498,794
				37,809,623
Health Care Technology - 0.3%
Allscripts-Misys Healthcare Solutions, Inc. (a)		53,946		1,088,091
Medidata Solutions, Inc. (a)		12,950		189,977
Merge Healthcare, Inc. (a)		37,400		92,752
Omnicell, Inc. (a) (b)		82,310		1,098,838
Phase Forward, Inc. (a)		68,794		1,156,427
				3,626,085
Life Sciences Tools & Services - 1.1%
Affymetrix, Inc. (a)		39,300		272,742
Arrowhead Research Corporation (a)		59,600		91,188
Bio-Rad Laboratories, Inc. - Class A (a)		23,968		2,676,986
Bruker Corporation (a) (b)		298,028		4,556,848
Caliper Life Sciences, Inc. (a)		5,500		22,055
Cambrex Corporation (a)		41,871		183,814
Enzo Biochem, Inc. (a)		2,600		15,522
eResearchTechnology, Inc. (a)		11,000		81,070
Kendle International, Inc. (a)		4,908		81,227
MDS, Inc. (a)		28,300		254,417
Pharmaceutical Product Development, Inc. (b)		47,200		1,298,000
PURE Bioscience (a)		23,000		70,840
Sequenom, Inc. (a)		292,040		1,810,648
Techne Corporation		3,822		253,208
				11,668,565
Pharmaceuticals - 1.2%
Acura Pharmaceuticals, Inc. (a)		16,774		61,728
Angiotech Pharmaceuticals, Inc. (a)		23,900		26,768
AVANIR Pharmaceuticals, Inc. - Class A (a)		15,700		50,554
Cardiome Pharma Corporation (a)		24,700		206,492
Columbia Laboratories, Inc. (a)		1,400		1,540
DepoMed, Inc. (a)		12,300		49,569
Endo Pharmaceuticals Holdings, Inc. (a)		11,600		254,040
Eurand N.V. (a)		18,252		187,996
Hi-Tech Pharmacal Company, Inc. (a)		1,000		24,330
Impax Laboratories, Inc. (a)		72,719		1,316,214
Inspire Pharmaceuticals, Inc. (a)		14,300		97,955
Javelin Pharmaceuticals, Inc. (a)		16,000		34,880
King Pharmaceuticals, Inc. (a)		1,900		18,620
Labopharm, Inc. (a)		91,500		140,910
Medicines Company (The) (a)		52,978		388,858

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Health Care - 11.0% (Continued)
Pharmaceuticals - 1.2% (Continued)
Nektar Therapeutics (a) (b)		299,622	$	4,182,723
Obagi Medical Products, Inc. (a)		4,223		56,926
Par Pharmaceutical Companies, Inc. (a)		3,700		100,418
POZEN, Inc. (a)		2,300		24,909
Questcor Pharmaceuticals, Inc. (a)		20,621		200,849
Repros Therapeutics, Inc. (a)		12,500		10,625
Salix Pharmaceuticals Ltd. (a)		19,771		794,794
Santarus, Inc. (a)		132,346		434,095
Skystar Bio-Pharmaceutical Company Ltd. (a)		400		3,876
SuperGen, Inc. (a)		2,900		8,555
Tianyin Pharmaceutical Company, Inc.		48,965		171,867
ViroPharma, Inc. (a) (b)		311,487		3,962,115
				12,812,206
Industrials - 13.6%
Aerospace & Defense - 1.9%
AeroVironment, Inc. (a)		7,408		193,941
American Science & Engineering, Inc.		1,400		105,210
Applied Energetics, Inc. (a)		44,403		64,828
Argon ST, Inc. (a)		2,300		59,800
Astrotech Corporation (a)		3,500		10,150
BE Aerospace, Inc. (a)		40,462		1,202,126
Boeing Company (The)		11,000		796,730
Ceradyne, Inc. (a)		2,900		64,380
Cubic Corporation (b)		75,990		2,835,187
Ducommun, Inc.		21,122		483,483
DynCorp International, Inc. - Class A (a)		10,400		178,880
Esterline Technologies Corporation (a) (b)		97,198		5,421,704
GenCorp, Inc. (a)		323,888		2,014,583
GeoEye, Inc. (a) (b)		77,883		2,219,665
Global Defense Technology & Systems, Inc. (a)		2,159		30,507
HEICO Corporation		2,496		107,513
Kratos Defense & Security Solutions, Inc. (a)		14,200		202,350
Ladish Company, Inc. (a)		3,648		100,284
LMI Aerospace, Inc. (a)		23,041		397,688
Orbital Sciences Corporation (a)		6,000		110,280
Stanley, Inc. (a)		14,019		443,421
Taser International, Inc. (a)		117,961		557,956
Teledyne Technologies, Inc. (a) (b)		28,700		1,251,320
TransDigm Group, Inc. (a)		1,600		88,432
Triumph Group, Inc. (b)		19,898		1,543,289
				20,483,707
Air Freight & Logistics - 0.6%
Air Transport Services Group, Inc. (a)		546,084		3,003,462
C.H. Robinson Worldwide, Inc.		13,200		795,960
Forward Air Corporation		1,190		33,344
Pacer International, Inc. (a) (b)		311,108		2,065,757
UTi Worldwide, Inc.		57,200		906,620
				6,805,143

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Airlines - 2.1%
AirTran Holdings, Inc. (a)		403,865	$	2,132,407
Alaska Air Group, Inc. (a)		116		4,804
AMR Corporation (a)		384,397		2,836,850
Continental Airlines, Inc. - Class B (a) (b)		252,731		5,648,538
Copa Holdings, S.A. - Class A (b)		50,417		2,857,636
ExpressJet Holdings, Inc. (a)		9,000		36,000
Hawaiian Holdings, Inc. (a)		76,900		545,990
JetBlue Airways Corporation (a) (b)		626,731		3,503,426
Pinnacle Airlines Corporation (a)		23,466		171,536
Republic Airways Holdings, Inc. (a)		42,335		265,017
SkyWest, Inc. (b)		55,400		829,892
UAL Corporation (a)		62,400		1,346,592
US Airways Group, Inc. (a)		314,344		2,222,412
				22,401,100
Building Products - 0.3%
Ameron International Corporation		1,464		101,587
Armstrong World Industries, Inc. (a)		26,600		1,158,430
Gibraltar Industries, Inc. (a)		9,344		140,347
Griffon Corporation (a)		900		12,690
Insteel Industries, Inc.		19,789		242,613
NCI Building Systems, Inc. (a)		11,860		163,431
Quanex Building Products Corporation		30,100		571,900
USG Corporation (a)		16,100		379,960
				2,770,958
Commercial Services & Supplies - 1.7%
ACCO Brands Corporation (a)		22,300		203,599
Alexco Resource Corporation (a)		54,300		211,770
American Reprographics Company (a)		9,600		95,904
ATC Technology Corporation (a)		17,758		362,974
Bowne & Company, Inc. (b)		135,846		1,518,758
Brink's Company (The) (b)		33,211		884,409
Cenveo, Inc. (a)		10,700		91,699
CompX International, Inc.		200		2,210
Copart, Inc. (a)		17,700		631,713
Cornell Companies, Inc. (a)		49,610		1,364,275
Corrections Corporation of America (a) (b)		143,522		2,973,776
Courier Corporation		300		5,157
Covanta Holding Corporation (a)		110,350		1,928,918
EnergySolutions, Inc.		19,000		137,750
EnerNOC, Inc. (a)		1,700		49,436
Ennis, Inc.		4,500		83,205
Fuel Tech, Inc. (a)		99,500		747,245
Geo Group, Inc. (The) (a)		7,000		148,260
Healthcare Services Group, Inc.		5,700		122,493
Industrial Services of America, Inc. (a)		6,100		109,739
Interface, Inc. - Class A		32,227		421,529
Knoll, Inc.		10,800		150,984
M&F Worldwide Corporation (a) (b)		60,931		1,868,144
Metalico, Inc. (a)		22,400		147,840

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Commercial Services & Supplies - 1.7% (Continued)
North American Galvanizing & Coatings, Inc. (a)		7,300	$	54,750
Perma-Fix Environmental Services (a)		70,385		150,624
PRGX Global, Inc. (a)		12,784		86,420
Protection One, Inc. (a)		27,720		428,828
Schawk, Inc.		8,077		153,059
Standard Parking Corporation (a)		41,892		707,556
Steelcase, Inc. - Class A		118,221		970,594
Sykes Enterprises, Inc. (a)		4,100		93,193
United Stationers, Inc. (a)		4,558		279,041
US Ecology, Inc.		5,200		81,120
Viad Corp		2,900		67,860
Waste Services, Inc. (a) (b)		90,573		1,018,041
				18,352,873
Construction & Engineering - 0.4%
AECOM Technology Corporation (a) (b)		39,043		1,174,023
Argan, Inc. (a)		1,308		14,859
Dycom Industries, Inc. (a)		5,378		57,114
Furmanite Corporation (a)		20,409		104,086
Great Lakes Dredge & Dock Company		319,823		1,733,441
KHD Humboldt Wedag International AG		6,029		51,305
Layne Christensen Company (a)		5,096		139,528
MasTec, Inc. (a)		183		2,289
Michael Baker Corporation (a)		22,120		781,721
Orion Marine Group, Inc. (a)		8,500		161,160
Pike Electric Corporation (a)		5,974		64,221
Sterling Construction Company, Inc. (a)		100		1,750
				4,285,497
Electrical Equipment - 1.0%
A-Power Energy Generation Systems Ltd. (a)		95,515		1,001,953
AZZ, Inc.		400		16,248
Broadwind Energy, Inc. (a)		16,100		63,756
Canadian Solar, Inc. (a)		9,600		166,272
China BAK Battery, Inc. (a)		1,700		3,417
China Electric Motor, Inc. (a)		13,028		122,984
Ener1, Inc. (a)		42,598		177,208
Energy Conversion Devices, Inc. (a)		67,480		480,458
Evergreen Solar, Inc. (a)		43,900		49,168
Franklin Electric Company, Inc.		3,500		122,465
Fushi Copperweld, Inc. (a) (b)		95,703		1,058,475
Generac Holdings, Inc. (a)		4,503		67,950
GrafTech International Ltd. (a)		2,800		47,208
GT Solar International, Inc. (a)		7,500		43,725
Hong Kong Highpower Technology, Inc. (a)		28,720		132,399
II-VI, Inc. (a)		1,470		52,714
Jinpan International Ltd.		9,140		159,767
Lihua International, Inc. (a)		15,758		138,355
Polypore International, Inc. (a)		4,458		78,951
Powell Industries, Inc. (a)		913		30,659
Preformed Line Products Company		701		21,030

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Electrical Equipment - 1.0% (Continued)
Regal-Beloit Corporation (b)		67,386	$	4,263,512
SunPower Corporation - Class A (a)		21,700		359,135
Woodward Governor Company		67,436		2,161,324
				10,819,133
Industrial Conglomerates - 0.0%
Otter Tail Corporation		1,100		24,442
Standex International Corporation		1,775		42,369
Tredegar Corporation		3,200		54,592
				121,403
Machinery - 2.6%
AGCO Corporation (a) (b)		83,354		2,919,057
Alamo Group, Inc.		23,052		543,105
Altra Holdings, Inc. (a)		7,633		115,716
American Railcar Industries, Inc. (b)		58,337		953,810
Ampco-Pittsburgh Corporation		13,552		348,422
Blount International, Inc. (a)		9,000		100,980
Cascade Corporation		400		13,944
Chart Industries, Inc. (a)		7,161		164,631
China Fire & Security Group, Inc. (a)		2,100		28,728
China Valves Technology, Inc. (a)		19,383		212,244
China Yuchai International Ltd.		31,400		662,540
CIRCOR International, Inc.		6,809		234,638
Colfax Corporation (a)		40,226		524,949
Columbus McKinnon Corporation (a)		1,000		18,030
Commercial Vehicle Group, Inc. (a)		7,300		68,474
Crane Company		39,258		1,410,933
Duoyuan Printing, Inc. (a)		27,715		240,012
Dynamic Materials Corporation		14,900		267,604
ESCO Technologies, Inc.		3,600		111,060
Flow International Corporation (a)		14,800		46,768
Force Protection, Inc. (a) (b)		148,207		792,907
Gardner Denver, Inc.		12,681		637,728
Graham Corporation		400		7,140
Greenbrier Companies, Inc. (The) (a)		5,300		86,284
Harsco Corporation (b)		46,313		1,433,850
IDEX Corporation		30,035		1,009,176
John Bean Technologies Corporation		4,200		77,154
Kadant, Inc. (a)		5,218		104,412
L.B. Foster Company - Class A (a)		300		8,880
Lydall, Inc. (a)		18,881		152,181
Manitowoc Company, Inc. (The)		34,145		478,371
Mueller Water Products, Inc. - Class A (b)		492,466		2,757,810
NACCO Industries, Inc. - Class A		25,357		2,204,538
RBC Bearings, Inc. (a)		4,100		129,396
Robbins & Myers, Inc.		6,500		168,415
Sauer-Danfoss, Inc. (a)		153,383		2,492,474
SmartHeat, Inc. (a)		7,100		59,569
Snap-on, Inc. (b)		49,203		2,370,601
Tennant Company		600		20,694

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Machinery - 2.6% (Continued)
Timken Company		16,800	$	591,024
Twin Disc, Inc.		3,262		46,059
Valmont Industries, Inc. (b)		10,086		840,063
Wabash National Corporation (a)		19,651		191,008
WABCO Holdings, Inc. (a) (b)		82,636		2,742,689
				28,388,068
Marine - 0.5%
Danaos Corporation (a)		24,200		122,210
Diana Shipping, Inc. (a)		20,970		321,260
Eagle Bulk Shipping, Inc. (a)		76,900		445,251
Excel Maritime Carriers Ltd. (a)		146,418		1,042,496
Horizon Lines, Inc.		31,100		170,117
International Shipholding Corporation (b)		45,132		1,369,305
Navios Maritime Acquisition Corporation (a)		9,200		91,264
Navios Maritime Holdings, Inc.		57,300		397,662
Navios Maritime Partners, L.P.		11,430		203,225
Paragon Shipping, Inc.		57,300		273,321
Safe Bulkers, Inc.		38,100		303,276
Seaspan Corporation		33,770		395,447
Star Bulk Carriers Corporation		73,500		209,475
TBS International PLC - Class A (a)		22,300		180,184
Ultrapetrol (Bahamas) Ltd. (a)		6,500		39,780
				5,564,273
Professional Services - 0.7%
Acacia Research Corporation (a)		70,992		1,056,361
Administaff, Inc.		1,892		41,889
CDI Corporation		4,920		85,756
Diamond Management & Technology Consultants, Inc.		6,600		53,592
Exponent, Inc. (a)		241		7,184
Heidrick & Struggles International. Inc.		4,500		118,845
Hill International, Inc. (a)		53,031		340,459
Hudson Highland Group, Inc. (a)		4,400		24,684
Huron Consulting Group, Inc. (a) (b)		27,444		642,738
ICF International, Inc. (a)		32,642		755,989
IHS, Inc. - Class A (a)		8,600		435,762
Kforce, Inc. (a)		27,822		386,448
Korn/Ferry International (a)		2,300		37,283
Mistras Group, Inc. (a)		19,378		227,304
Navigant Consulting, Inc. (a)		54,414		700,852
Resources Connection, Inc. (a)		14,500		254,330
SFN Group, Inc. (a)		6,179		52,830
TrueBlue, Inc. (a)		8,900		140,531
Volt Information Sciences, Inc. (a)		99,820		1,251,743
VSE Corporation (b)		19,500		783,705
				7,398,285
Road & Rail - 1.0%
AMERCO (a) (b)		10,746		671,088
Avis Budget Group, Inc. (a) (b)		243,021		3,674,477

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Road & Rail - 1.0% (Continued)
Celadon Group, Inc. (a)		6,404	$	95,612
Marten Transport Ltd. (a)		7,543		164,814
Quality Distribution, Inc. (a)		27,450		192,150
RailAmerica, Inc. (a)		8,712		112,298
Ryder System, Inc.		32,780		1,524,926
Vitran Corporation, Inc. (a)		9,900		150,381
YRC Worldwide, Inc. (a)		6,722,520		3,742,427
				10,328,173
Trading Companies & Distributors - 0.8%
Aceto Corporation		8,579		57,222
Aircastle Ltd. (b)		296,627		3,562,490
Applied Industrial Technologies, Inc.		48,020		1,478,056
CAI International, Inc. (a)		11,500		156,515
China Armco Metals, Inc. (a)		1,000		5,470
DXP Enterprises, Inc. (a)		1,836		30,459
H&E Equipment Services, Inc. (a)		6,436		76,009
Interline Brands, Inc. (a)		3,400		70,754
Kaman Corporation		2,605		71,403
RSC Holdings, Inc. (a)		3,000		27,510
TAL International Group, Inc.		5,100		132,549
Textainer Group Holdings Ltd.		19,142		439,501
United Rentals, Inc. (a)		149,044		2,140,272
WESCO International, Inc. (a)		6,797		276,094
				8,524,304
Transportation Infrastructure - 0.0%
Aegean Marine Petroleum Network, Inc.		10,669		279,955
Macquarie Infrastructure Company, LLC (a)		8,950		145,437
				425,392
Information Technology - 18.8%
Communications Equipment - 3.0%
Acme Packet, Inc. (a) (b)		212,619		5,557,861
ADC Telecommunications, Inc. (a)		57,100		457,371
Alvarion Ltd. (a)		46,200		173,712
Aruba Networks, Inc. (a)		500		6,280
BigBand Networks, Inc. (a)		128,739		424,839
Black Box Corporation		1,100		34,309
Blue Coat Systems, Inc. (a) (b)		96,543		3,140,544
Brocade Communications Systems, Inc. (a) (b)		1,029,703		6,682,772
Ceragon Networks Ltd. (a)		16,000		160,800
Cogo Group, Inc. (a)		12,700		89,408
DG FastChannel, Inc. (a)		200		7,036
Digi International, Inc. (a)		60,089		643,553
EMS Technologies, Inc. (a)		5,934		94,291
Extreme Networks, Inc. (a)		19,100		63,603
Harmonic, Inc. (a)		17,100		116,964
Hughes Communications, Inc. (a)		10,410		290,439
Infinera Corporation (a)		43,730		400,129
InterDigital, Inc. (a)		19,900		550,633
Ituran Location and Control Ltd.		3,411		50,824

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
Communications Equipment - 3.0% (Continued)
Ixia (a)		9,896	$	101,434
JDS Uniphase Corporation (a)		97,018		1,260,264
NETGEAR, Inc. (a)		9,620		260,317
Network Engines, Inc. (a)		25,645		78,217
Occam Networks, Inc. (a)		2,700		17,604
Oclaro, Inc. (a)		13,200		202,356
Oplink Communications, Inc. (a)		5,000		75,550
Opnext, Inc. (a)		67,700		159,095
Orckit Communications Ltd. (a)		13,450		53,262
Plantronics, Inc.		17,131		568,749
Powerwave Technologies, Inc. (a)		21,113		37,370
Qiao Xing Universal Telephone, Inc. (a)		81,100		137,870
Radware Ltd. (a)		7,273		143,933
Riverbed Technology, Inc. (a) (b)		115,295		3,572,992
Sierra Wireless, Inc. (a)		23,755		190,990
Sonus Networks, Inc. (a) (b)		1,144,562		2,964,416
Sycamore Networks, Inc. (a)		3,696		73,144
Symmetricom, Inc. (a)		17,563		116,443
Tellabs, Inc. (b)		258,949		2,351,257
ViaSat, Inc. (a) (b)		32,180		1,140,781
ZST Digital Networks, Inc. (a)		29,190		188,859
				32,640,271
Computers & Peripherals - 1.4%
Adaptec, Inc. (a)		100		309
Compellent Technologies, Inc. (a)		83,200		1,045,824
Cray, Inc. (a)		36,588		247,335
Electronics for Imaging, Inc. (a)		7,200		92,520
Hutchinson Technology, Inc. (a)		77,068		469,344
Hypercom Corporation (a)		196,250		814,438
Imation Corporation (a)		31,275		339,021
Intermec, Inc. (a)		4,300		49,321
Isilon Systems, Inc. (a)		157,222		2,040,742
Key Tronic Corporation (a)		595		3,778
LaserCard Corporation (a)		8,200		46,658
Lexmark International, Inc. - Class A (a) (b)		139,140		5,155,137
Logitech International S.A. (a)		11,900		194,922
NCR Corporation (a) (b)		156,713		2,062,343
Quantum Corporation (a) (b)		491,301		1,424,773
Silicon Graphics International Corporation (a) (b)		78,826		779,589
Super Micro Computer, Inc. (a)		14,769		209,424
Xyratex Ltd. (a)		8,500		149,600
				15,125,078
Electronic Equipment, Instruments & Components - 2.1%
Agilysys, Inc.		5,119		55,541
AVX Corporation (b)		148,219		2,289,984
Brightpoint, Inc. (a) (b)		160,078		1,295,031
Checkpoint Systems, Inc. (a)		10,783		243,588
China Security & Surveillance Technology, Inc. (a)		48,300		287,385
Cogent, Inc. (a)		59,159		612,296

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
Electronic Equipment, Instruments & Components - 2.1% (Continued)
Coherent, Inc. (a) (b)		39,972	$	1,501,748
CPI International, Inc. (a)		7,193		96,602
CTS Corporation		4,400		46,200
DDi Corporation (a)		8,300		71,048
Echelon Corporation (a)		3,200		30,240
Electro Rent Corporation		21		300
Gerber Scientific, Inc. (a)		28,705		206,676
Hollysys Automation Technologies Ltd. (a)		16,525		171,364
IPG Photonics Corporation (a)		200		3,502
Jabil Circuit, Inc.		89,100		1,365,012
Keithley Instruments, Inc.		20,895		177,816
L-1 Identity Solutions, Inc. (a)		152,174		1,319,349
Littelfuse, Inc. (a) (b)		28,907		1,220,743
Methode Electronics, Inc.		4,600		51,060
MTS Systems Corporation		4,266		127,425
Multi-Fineline Electronix, Inc. (a) (b)		82,338		2,134,201
Nam Tai Electronics, Inc. (a)		9,405		47,213
National Instruments Corporation		5,661		195,757
Newport Corporation (a)		1,200		14,196
Orbotech Ltd. (a)		5,600		67,760
OSI Systems, Inc. (a)		3,400		88,536
Park Electrochemical Corporation		3,252		98,243
Power-One, Inc. (a)		246,100		1,934,346
Richardson Electronics Ltd.		52,200		599,778
Rofin-Sinar Technologies, Inc. (a)		10,498		278,827
Rogers Corporation (a)		1,300		43,511
ScanSource, Inc. (a)		1,100		30,646
SMART Modular Technologies (WWH), Inc. (a)		19,900		139,698
SMTC Corporation (a)		11,600		46,400
SYNNEX Corporation (a)		3,800		104,196
Universal Display Corporation (a)		3,600		48,060
Vishay Intertechnology, Inc. (a) (b)		548,256		5,707,345
Zygo Corporation (a)		3,125		29,531
				22,781,154
Internet Software & Services - 2.0%
Ancestry.com, Inc. (a)		3,400		66,742
AOL, Inc. (a)		74,000		1,728,640
Archipelago Learning, Inc. (a)		5,752		83,404
Art Technology Group, Inc. (a)		22,900		98,012
comScore, Inc. (a)		15,158		275,118
Dice Holdings, Inc. (a)		3,300		28,611
GigaMedia Ltd. (a)		53,000		159,530
GSI Commerce, Inc. (a) (b)		119,348		3,252,233
IAC/InterActiveCorporation (a) (b)		146,105		3,275,674
IncrediMail Ltd.		7,100		45,795
Internap Network Services Corporation (a) (b)		240,600		1,390,668
Internet Capital Group, Inc. (a)		3,200		31,648
Internet Gold-Golden Lines Ltd. (a)		3,733		105,868
KIT digital, Inc. (a)		500		7,235

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
Internet Software & Services - 2.0% (Continued)
Knot, Inc. (The) (a)		5,400	$	43,794
Limelight Networks, Inc. (a)		47,111		189,386
LivePerson, Inc. (a)		106,016		875,692
Local.com Corporation (a)		4,900		42,434
LogMeIn, Inc. (a)		9,400		219,866
MercadoLibre, Inc. (a)		4,205		212,016
ModusLink Global Solutions, Inc. (a)		49,699		443,812
Monster Worldwide, Inc. (a)		57,300		998,739
NIC, Inc. (a)		8,700		61,335
Openwave Systems, Inc. (a)		26,500		59,095
Rackspace Hosting, Inc. (a)		95,025		1,705,699
RADVision Ltd. (a)		700		4,473
RealNetworks, Inc. (a)		16,900		70,135
SAVVIS, Inc. (a) (b)		208,468		3,669,037
SINA Corporation (a)		22,200		814,740
Sohu.com, Inc. (a)		8,900		428,535
Switch & Data Facilities Company, Inc. (a)		1,800		34,542
Travelzoo, Inc. (a)		31,900		636,086
United Online, Inc.		14,100		112,377
ValueClick, Inc. (a)		10,300		105,884
Zix Corporation (a)		40,835		100,454
				21,377,309
IT Services - 1.9%
Acxiom Corporation (a) (b)		52,200		995,976
Broadridge Financial Solutions, Inc. (b)		138,843		3,305,852
CACI International, Inc. - Class A (a)		3,100		147,033
China Information Security Technology, Inc. (a)		21,135		127,655
CSG Systems International, Inc. (a)		51,130		1,161,673
Euronet Worldwide, Inc. (a)		1,100		17,523
ExlService Holdings, Inc. (a)		11,017		175,391
Forrester Research, Inc. (a)		200		6,422
Global Cash Access Holdings, Inc. (a)		130,254		1,130,605
iGATE Corporation		12,036		149,006
infoGROUP, Inc. (a)		53,900		431,739
Integral Systems, Inc. (a) (b)		26,361		229,868
Lender Processing Services, Inc.		9,900		373,725
Lionbridge Technologies, Inc. (a)		15,600		84,396
Mantech International Corporation - Class A (a)		19,000		855,570
MAXIMUS, Inc. (b)		24,360		1,508,128
MoneyGram International, Inc. (a)		34,800		106,140
Ness Technologies, Inc. (a) (b)		237,358		1,535,706
RightNow Technologies, Inc. (a)		6,561		107,600
Sapient Corporation (a) (b)		153,362		1,568,893
Syntel, Inc.		3,700		133,644
Telvent GIT, S.A. (a)		8,000		231,200
TNS, Inc. (a)		31,717		823,056
Total System Services, Inc.		105,163		1,683,660
Unisys Corporation (a)		21,882		613,134
VeriFone Holdings, Inc. (a)		129,608		2,466,440

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
IT Services - 1.9% (Continued)
Virtusa Corporation (a)		53,104	$	546,440
Yucheng Technologies Ltd. (a)		30,700		117,274
				20,633,749
Semiconductors & Semiconductor Equipment - 5.2%
Advanced Analogic Technologies, Inc. (a)		22,800		86,640
Advanced Energy Industries, Inc. (a)		42,142		620,330
Amkor Technology, Inc. (a)		149,810		1,129,567
Amtech Systems, Inc. (a)		9,759		93,394
ANADIGICS, Inc. (a)		21,300		107,139
Applied Micro Circuits Corporation (a)		9,700		109,416
Atmel Corporation (a) (b)		567,488		3,087,135
ATMI, Inc. (a)		49,227		892,486
Axcelis Technologies, Inc. (a)		87,100		207,298
AXT, Inc. (a)		12,800		55,936
Brooks Automation, Inc. (a)		9,300		90,396
Cabot Microelectronics Corporation (a) (b)		32,043		1,229,169
Cavium Networks, Inc. (a)		3,000		82,830
CEVA, Inc. (a)		12,700		155,448
Cirrus Logic, Inc. (a)		16,300		207,173
Cohu, Inc.		200		3,230
Conexant Systems, Inc. (a)		451,513		1,377,115
Cymer, Inc. (a)		6,700		228,805
Cypress Semiconductor Corporation (a)		100,497		1,295,406
Diodes, Inc. (a)		4,100		88,027
DSP Group, Inc. (a)		10,521		85,957
Entegris, Inc. (a)		324,101		2,006,185
Entropic Communications, Inc. (a)		209,744		1,107,448
EZchip Semiconductor Ltd. (a)		10,479		203,974
Fairchild Semiconductor International, Inc. (a)		328,453		3,685,243
FSI International, Inc. (a)		24,288		92,780
GSI Technology, Inc. (a)		13,890		89,868
Hittite Microwave Corporation (a)		3,069		157,378
Ikanos Communications, Inc. (a)		25,200		71,316
Integrated Device Technology, Inc. (a)		106,260		702,379
Integrated Silicon Solution, Inc. (a)		95,350		1,175,665
International Rectifier Corporation (a)		26,585		611,987
IXYS Corporation (a)		4,800		43,344
Kopin Corporation (a)		111,872		470,981
Kulicke & Soffa Industries, Inc. (a) (b)		329,527		2,702,121
Lattice Semiconductor Corporation (a) (b)		830,392		4,376,166
LTX-Credence Corporation (a)		14,800		50,172
Mattson Technology, Inc. (a)		37,661		169,475
Mellanox Technologies Ltd. (a)		4,400		109,120
Micrel, Inc.		5,100		59,517
MIPS Technologies, Inc. (a)		18,200		90,818
Monolithic Power Systems, Inc. (a)		6,100		150,365
National Semiconductor Corporation		5,400		79,812
OmniVision Technologies, Inc. (a)		209,511		3,679,013
ON Semiconductor Corporation (a)		785,600		6,237,664

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
Semiconductors & Semiconductor Equipment - 5.2% (Continued)
Photronics, Inc. (a)		73,471	$	400,417
Pixelworks, Inc. (a)		12,400		59,520
PLX Technology, Inc. (a)		7,185		37,721
PMC-Sierra, Inc. (a)		24,004		212,435
Rambus, Inc. (a)		12,700		306,451
RF Micro Devices, Inc. (a)		381,300		2,142,906
Rudolph Technologies, Inc. (a)		9,800		93,394
Semtech Corporation (a)		123,880		2,248,422
Sigma Designs, Inc. (a)		48,053		569,909
Silicon Image, Inc. (a)		122,221		454,662
Skyworks Solutions, Inc. (a)		40,400		680,336
Standard Microsystems Corporation (a)		11,232		288,438
Tessera Technologies, Inc. (a)		10,800		219,024
Tower Semiconductor Ltd. (a)		59,035		87,372
Trident Microsystems, Inc. (a)		42,100		72,833
TriQuint Semiconductor, Inc. (a)		289,596		2,183,554
Ultra Clean Holdings, Inc. (a)		7,300		72,051
Ultratech, Inc. (a)		9,300		136,617
Varian Semiconductor Equipment Associates, Inc. (a) (b)		74,325		2,448,265
Veeco Instruments, Inc. (a) (b)		94,800		4,170,252
Verigy Ltd. (a)		16,193		193,344
Virage Logic Corporation (a)		3,534		32,796
Volterra Semiconductor Corporation (a)		3,700		88,652
White Electronic Designs Corporation (a)		7,100		49,700
Zoran Corporation (a)		18,200		177,086
				56,781,845
Software - 3.2%
ACI Worldwide, Inc. (a)		300		5,637
Advent Software, Inc. (a) (b)		24,252		1,095,705
AsiaInfo Holdings, Inc. (a) (b)		93,701		2,662,046
Aspen Technology, Inc. (a)		21,000		247,170
Blackbaud, Inc. (b)		28,800		663,840
Bottomline Technologies, Inc. (a)		5,500		95,700
Cadence Design Systems, Inc. (a)		184,482		1,376,236
CDC Corporation - Class A (a)		103,600		275,576
China TransInfo Technology Corporation (a)		129,728		908,096
ClickSoftware Technologies Ltd. (a)		34,169		232,349
Compuware Corporation (a) (b)		215,459		1,852,947
Concur Technologies, Inc. (a)		11,066		463,776
Deltek, Inc. (a) (b)		66,691		524,858
DemandTec, Inc. (a)		10,400		70,304
Digimarc Corporation (a)		251		4,521
Double-Take Software, Inc. (a) (b)		155,339		1,669,894
Ebix, Inc. (a)		8,500		138,295
EPIQ Systems, Inc. (a) (b)		104,548		1,259,803
Fortinet, Inc. (a)		3,000		53,340
Guidance Software, Inc. (a)		1,500		8,820
Informatica Corporation (a)		92,432		2,311,724
Interactive Intelligence, Inc. (a)		2,479		49,010

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Information Technology - 18.8% (Continued)
Software - 3.2% (Continued)
JDA Software Group, Inc. (a)		9,283	$	268,279
Kenexa Corporation (a) (b)		122,327		1,836,128
Lawson Software, Inc. (a)		247,724		1,922,338
Mentor Graphics Corporation (a)		11,500		103,385
MICROS Systems, Inc. (a) (b)		37,904		1,408,513
MicroStrategy, Inc. - Class A (a)		1,209		92,609
Monotype Imaging Holdings, Inc. (a)		20,700		216,108
Net 1 UEPS Technologies, Inc. (a)		2,400		39,360
NetScout Systems, Inc. (a)		7,588		110,178
Novell, Inc. (a) (b)		360,219		2,020,829
OPNET Technologies, Inc.		44,052		707,475
PLATO Learning, Inc. (a)		24,308		137,340
Progress Software Corporation (a)		70,530		2,274,593
Radiant Systems, Inc. (a)		4,400		61,908
Renaissance Learning, Inc.		10,067		143,052
S1 Corporation (a)		10,100		62,317
Smith Micro Software, Inc. (a)		4,300		40,807
SolarWinds, Inc. (a)		3,400		63,104
SonicWALL, Inc. (a)		51,169		518,342
Sourcefire, Inc. (a)		1,600		35,792
Symyx Technologies, Inc. (a)		7,087		38,624
Synchronoss Technologies, Inc. (a) (b)		20,094		410,521
Take-Two Interactive Software, Inc. (a)		220,500		2,396,835
Taleo Corporation - Class A (a)		3,900		101,322
THQ, Inc. (a) (b)		223,110		1,695,636
TIBCO Software, Inc. (a)		44,000		501,600
VirnetX Holding Corporation (a)		13,520		72,332
VMware, Inc. - Class A (a)		15,100		930,764
Websense, Inc. (a)		4,500		102,465
				34,282,203
Materials - 6.1%
Chemicals - 1.4%
A. Schulman, Inc.		11,400		296,514
Cabot Corporation		11,600		377,464
Calgon Carbon Corporation (a) (b)		81,200		1,258,600
China Gengsheng Minerals, Inc. (a)		1,600		4,112
Cytec Industries, Inc. (b)		75,393		3,623,388
Ferro Corporation (a)		100,210		1,094,293
Flotek Industries, Inc. (a)		17,900		36,337
Georgia Gulf Corporation (a)		5,978		122,788
Huntsman Corporation		164,552		1,877,538
Innophos Holdings, Inc.		1,100		31,339
Innospec, Inc. (a)		7,202		95,859
Intrepid Potash, Inc. (a)		12,400		325,624
KMG Chemicals, Inc. (b)		51,308		946,120
Koppers Holdings, Inc.		2,900		81,693
Kraton Performance Polymers, Inc. (a)		4,900		92,904
Minerals Technologies, Inc.		4,999		288,442
OMNOVA Solutions, Inc. (a)		5,600		42,840

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Materials - 6.1% (Continued)
Chemicals - 1.4% (Continued)
Penford Corporation (a)		8,206	$	75,905
PolyOne Corporation (a)		3,800		42,978
Quaker Chemical Corporation		2,000		62,940
Rockwood Holdings, Inc. (a)		42,487		1,272,061
RPM International, Inc.		22,600		499,008
Senomyx, Inc. (a)		10,468		44,698
Stepan Company		8,469		641,527
STR Holdings, Inc. (a)		3,536		81,540
Valspar Corporation (The) (b)		51,970		1,627,700
W.R. Grace & Company (a)		9,866		285,029
Yongye International, Inc. (a)		4,100		31,283
ZAGG, Inc. (a)		21,500		64,500
				15,325,024
Construction Materials - 0.0%
China Advanced Construction Materials Group, Inc. (a)		5,682		24,149
Containers & Packaging - 1.6%
AEP Industries, Inc. (a)		516		14,257
Bemis Company, Inc. (b)		89,300		2,715,613
Boise, Inc. (a) (b)		360,040		2,480,676
BWAY Holding Company (a)		16,956		335,390
Graham Packaging Company, Inc. (a)		7,700		92,631
Graphic Packaging Holding Company (a)		112,500		415,125
Myers Industries, Inc.		3,200		34,752
Packaging Corporation of America (b)		98,866		2,444,956
Sealed Air Corporation (b)		118,400		2,545,600
Silgan Holdings, Inc. (b)		40,070		2,417,423
Sonoco Products Company (b)		62,842		2,081,955
Temple-Inland, Inc.		49,579		1,156,182
UFP Technologies, Inc. (a)		9,300		97,650
				16,832,210
Metals & Mining - 2.1%
A.M. Castle & Company (a)		3,200		43,904
Anooraq Resources Corporation (a)		41,600		71,968
Augusta Resource Corporation (a)		44,575		112,775
Aurizon Mines Ltd. (a)		51,100		291,781
Brush Engineered Materials, Inc. (a)		1,000		29,730
Capital Gold Corporation (a)		46,000		168,360
China Gerui Advanced Materials Group Ltd. (a)		14,500		101,065
China Precision Steel, Inc. (a)		14,700		30,282
Corriente Resources, Inc. - Class A (a)		18,700		154,088
Endeavour Silver Corporation (a)		50,300		196,673
Exeter Resource Corporation (a)		23,539		180,779
Extorre Gold Mines Ltd. (a)		18,339		54,669
Freeport-McMoRan Copper & Gold, Inc.		10,500		793,065
Fronteer Development Group, Inc. (a)		42,084		257,975
Gammon Gold, Inc. (a)		31,800		235,956
General Moly, Inc. (a)		72,954		272,848
General Steel Holdings, Inc. (a)		9,400		35,062

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Materials - 6.1% (Continued)
Metals & Mining - 2.1% (Continued)
Globe Specialty Metals, Inc. (a)		22,600	$	282,500
Golden Star Resources Ltd. (a)		70,800		320,724
Gulf Resources, Inc. (a)		5,653		60,770
Harry Winston Diamond Corporation (a)		19,751		217,656
Haynes International, Inc.		1,500		53,865
Hecla Mining Company (a) (b)		1,083,854		6,470,608
International Tower Hill Mines Ltd. (a)		22,200		155,844
Jaguar Mining, Inc. (a)		4,600		50,922
Keegan Resources, Inc. (a)		7,405		48,207
MAG Silver Corporation (a)		14,160		107,899
Mesabi Trust		7,866		155,747
Metals USA Holdings Corporation (a)		8,500		152,660
Minefinders Corporation Ltd. (a)		16,000		160,960
Nevsun Resources Ltd. (a)		65,900		193,746
North American Palladium Ltd. (a)		193,123		898,022
Northern Dynasty Minerals Ltd. (a)		28,400		268,380
Northgate Minerals Corporation (a)		65,500		210,910
NovaGold Resources, Inc. (a)		41,700		369,045
Nucor Corporation		17,700		802,164
Platinum Group Metals Ltd. (a)		58,700		164,360
Polymet Mining Corporation (a)		21,650		46,547
Puda Coal, Inc. (a)		7,274		73,395
Royal Gold, Inc.		6,500		332,670
RTI International Metals, Inc. (a)		700		18,935
Rubicon Minerals Corporation (a)		71,900		286,881
Seabridge Gold, Inc. (a)		8,501		288,524
Silvercorp Metals, Inc.		425,796		3,504,301
Steel Dynamics, Inc.		92,700		1,456,317
Sutor Technology Group Ltd. (a)		17,357		47,732
Taseko Mines Ltd. (a)		130,100		738,968
Terra Nova Realty Corporation (a)		11,000		148,830
Thompson Creek Metals Company, Inc. (a)		10,466		134,174
Titanium Metals Corporation (a)		41,000		632,220
U.S. Energy Corporation (a)		85,077		520,671
US Gold Corporation (a)		15,100		51,491
Vista Gold Corporation (a)		42,900		106,821
WHX Corporation (a)		6,257		30,784
				22,595,230
Paper & Forest Products - 1.0%
Domtar Corporation (a) (b)		81,914		5,802,788
KapStone Paper and Packaging Corporation (a) (b)		262,199		3,382,367
Louisiana-Pacific Corporation (a)		84,821		997,495
Verso Paper Corporation (a)		81,893		429,119
Wausau Paper Corporation (a)		2,200		19,470
				10,631,239
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.7%
AboveNet, Inc. (a)		17,767		897,944
Atlantic Tele-Network, Inc.		30,741		1,696,288

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Telecommunication Services - 1.4% (Continued)
Diversified Telecommunication Services - 0.7% (Continued)
Consolidated Communications Holdings, Inc.		24,200	$	448,910
Global Crossing Ltd. (a)		17,503		259,919
Globalstar, Inc. (a)		3,026		5,568
IDT Corporation - Class B (a)		23,524		233,123
Level 3 Communications, Inc. (a)		1,302,876		2,032,487
PAETEC Holding Corporation (a) (b)		258,143		1,285,552
Premiere Global Services, Inc. (a)		5,100		47,787
SureWest Communications (a)		2,248		19,333
Verizon Communications, Inc.		27,300		788,697
Vonage Holdings Corporation (a)		118,100		200,770
				7,916,378
Wireless Telecommunication Services - 0.7%
FiberTower Corporation (a)		46,800		254,592
MetroPCS Communications, Inc. (a) (b)		820,063		6,257,081
NTELOS Holdings Corporation		8,400		164,892
Shenandoah Telecommunications Company		180		3,197
Syniverse Holdings, Inc. (a)		44,303		889,604
Terrestar Corporation (a)		35,600		27,768
				7,597,134
Utilities - 1.9%
Electric Utilities - 0.7%
Allegheny Energy, Inc.		15,579		339,311
Brookfield Infrastructure Partners, L.P.		10,989		193,956
DPL, Inc.		23,875		672,797
NV Energy, Inc. (b)		208,341		2,602,179
Pepco Holdings, Inc.		17,700		296,298
Portland General Electric Company		26,000		516,880
UIL Holdings Corporation		3,800		110,314
Westar Energy, Inc. (b)		115,642		2,739,559
				7,471,294
Gas Utilities - 0.9%
AGL Resources, Inc. (b)		72,052		2,846,775
Atmos Energy Corporation (b)		42,663		1,261,972
Energen Corporation (b)		56,553		2,763,745
Laclede Group, Inc. (The)		2,704		92,152
Southwest Gas Corporation		9,200		286,120
Star Gas Partners, L.P.		14,790		65,520
UGI Corporation (b)		93,513		2,570,672
				9,886,956
Independent Power Producers & Energy Traders - 0.2%
Dynegy, Inc. (a)		317,200		421,876
Mirant Corporation (a)		104,348		1,216,697
RRI Energy, Inc. (a)		51,000		207,570
U.S. Geothermal, Inc. (a)		28,200		26,793
				1,872,936
Multi-Utilities - 0.1%
TECO Energy, Inc.		56,200		951,466

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)	Shares		Value
Utilities - 1.9% (Continued)
Water Utilities - 0.0%
American States Water Company		1,700	$	63,444
California Water Service Group		3,500		135,555
Tri-Tech Holding, Inc. (a)		15,539		218,323
				417,322
Total Common Stocks (Cost $893,592,684)			$	991,410,310
CLOSED-END FUNDS - 5.3%	Shares		Value
Aberdeen Emerging Markets Telecommunications Fund		100	$	1,695
Aberdeen Israel Fund, Inc. (a)		100		1,568
Aberdeen Latin America Equity Fund, Inc.		3,400		138,108
Adams Express Company (The)		100,073		1,076,785
Alliance New York Municipal Income Fund, Inc.		4,719		65,500
AllianceBernstein Income Fund, Inc.		25,939		210,884
AllianceBernstein National Municipal Income Fund		100		1,390
Alpine Global Premier Properties Fund		156,659		1,019,850
American Strategic Income Portfolio, Inc. III		8,327		76,608
ASA Ltd.		21,131		1,775,427
Asia Pacific Fund, Inc. (The) (a)		100		1,025
Asia Tigers Fund, Inc.		200		3,856
Bancroft Fund Ltd.		1,900		30,685
BlackRock Apex Municipal Fund, Inc.		21,235		188,354
BlackRock Credit Allocation Income Trust II, Inc.		70,674		731,476
BlackRock Credit Allocation Income Trust III		43,491		468,833
BlackRock Credit Allocation Income Trust IV		74,795		941,669
BlackRock Credit Allocation Income Trust, Inc.		7,963		74,215
BlackRock Dividend Achievers Trust		900		8,370
BlackRock Energy & Resources Trust		4,191		106,871
BlackRock Florida Municipal 2020 Term Trust		4,100		56,785
BlackRock Income Opportunity Trust, Inc.		100		955
BlackRock Income Trust		131,172		856,553
BlackRock Muni Intermediate Duration Fund, Inc.		36,981		522,542
BlackRock Muni New York Intermediate Duration Fund, Inc.		4,825		61,905
BlackRock Municipal Bond Investment Trust		100		1,460
BlackRock MuniHoldings California Insured Fund, Inc.		88,000		1,167,760
BlackRock MuniHoldings New Jersey Insured Fund, Inc.		100		1,452
BlackRock MuniYield California Fund, Inc.		13,526		181,248
BlackRock MuniYield California Insured Fund, Inc.		37,578		494,151
BlackRock MuniYield Fund, Inc.		1,100		15,070
BlackRock MuniYield Insured Investment Fund		100		1,355
BlackRock MuniYield New Jersey Fund, Inc.		2,600		37,648
BlackRock MuniYield New York Insured Fund, Inc.		12,435		157,551
BlackRock MuniYield Pennsylvania Insured Fund		5,500		77,220
BlackRock New York Insured Municipal Income Trust		11,300		157,748
BlackRock New York Municipal Bond Trust		800		12,088
BlackRock New York Municipal Income Trust II		3,600		52,596
BlackRock Strategic Dividend Achievers Trust		100		1,019
Blue Chip Value Fund, Inc. (a)		7,900		26,860

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.3% (Continued)	Shares		Value
Boulder Growth & Income Fund, Inc. (a)		50,029	$	303,176
Boulder Total Return Fund, Inc. (a)		31,055		459,614
Calamos Global Dynamic Income Fund		100		811
Calamos Strategic Total Return Fund		192,241		1,776,307
Central Europe & Russia Fund, Inc. (The)		12,551		456,103
Central Securities Corporation		11,800		245,794
China Fund, Inc. (The)		68,309		1,949,539
Claymore Dividend & Income Fund		100		1,450
Clough Global Allocation Fund		100		1,605
Clough Global Equity Fund		100		1,459
Cohen & Steers Closed-End Opportunity Fund, Inc.		8,500		108,545
Cohen & Steers Dividend Majors Fund, Inc.		45,612		525,450
Cohen & Steers Infrastructure Fund, Inc.		60,459		891,172
Cohen & Steers Quality Income Realty Fund, Inc.		141,489		1,080,976
Cohen & Steers REIT and Preferred Income Fund, Inc.		126,705		1,605,352
Cohen & Steers Total Return Realty Fund, Inc.		1,800		21,348
DCA Total Return Fund		12,000		34,680
DCW Total Return Fund		20,818		102,425
Delaware Investments Arizona Municipal Income Fund, Inc.		9,127		108,794
Delaware Investments Colorado Municipal Income Fund, Inc.		4,786		63,845
Delaware Investments National Municipal Income Fund		10,607		130,042
Denali Fund (The)		1,553		24,289
Diamond Hill Financial Trends Fund, Inc.		3,811		37,081
Dreyfus Municipal Income, Inc.		100		917
DTF Tax-Free Income, Inc.		13,391		202,070
DWS Dreman Value Income Edge Fund		8,900		119,260
Eaton Vance Massachusetts Municipal Income Fund		100		1,398
Eaton Vance Michigan Municipal Income Trust		100		1,277
Eaton Vance National Municipal Opportunities Trust		42,794		868,290
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		34,463		700,288
Engex, Inc. (a)		400		1,640
Equus Total Return, Inc. (a)		3,414		10,686
European Equity Fund, Inc. (The)		11,286		72,005
Evergreen International Balanced Income Fund		32,728		458,847
First Opportunity Fund, Inc.		39,813		279,089
First Trust Enhanced Equity Income Fund		100		1,201
First Trust Strategic High Income Fund		100		332
First Trust Strategic High Income Fund II		5,200		23,972
First Trust Strategic High Income Fund III		35,369		148,904
First Trust/FIDAC Mortgage Income Fund		10,541		195,746
Fort Dearborn Income Securities, Inc.		20,868		307,594
Foxby Corporation (a)		200		228
Franklin Universal Trust		100		615
Gabelli Healthcare & WellnessRx Trust (The) (a)		13,922		96,062
Global Income & Currency Fund, Inc.		22,800		325,812
H&Q Healthcare Investors (a)		53,235		687,796
H&Q Life Sciences Investors (a)		13,007		136,574
Hartford Income Shares Fund		6,200		35,650
Helios Advantage Income Fund, Inc.		26,237		182,611
Helios Multi-Sector High Income Fund, Inc.		20,700		101,431

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.3% (Continued)	Shares		Value
Herzfeld Caribbean Basin Fund, Inc. (a)		100	$	682
India Fund, Inc. (a)		100		3,202
Japan Equity Fund, Inc. (The)		48,473		285,991
JF China Region Fund, Inc.		10,946		144,268
John Hancock Bank and Thrift Opportunity Fund		74,263		1,296,632
John Hancock Tax-Advantaged Dividend Income Fund		108,198		1,513,690
Korea Equity Fund, Inc. (a)		2,400		24,096
Latin America Discovery Fund, Inc.		100		1,723
Lazard World Dividend & Income Fund, Inc.		2,800		32,984
Liberty All-Star Equity Fund		100		491
LMP Capital and Income Fund, Inc.		53,266		575,805
Macquarie Global Infrastructure Total Return Fund, Inc.		73,246		1,127,256
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		29,112		358,951
Madison Strategic Sector Premium Fund		11,700		148,707
Malaysia Fund, Inc.		100		902
Mexico Equity and Income Fund, Inc. (The) (a)		16,100		155,848
Mexico Fund, Inc. (The)		21,621		537,282
MFS Charter Income Trust		37,823		356,671
MFS Intermediate Income Trust		100		662
Morgan Stanley Asia-Pacific Fund, Inc.		65,080		987,264
Morgan Stanley California Insured Municipal Income Trust		20,442		267,790
Morgan Stanley California Quality Municipal Securities		18,587		225,646
Morgan Stanley Eastern Europe Fund, Inc. (a)		1,715		28,572
Morgan Stanley Emerging Markets Fund, Inc.		18,950		264,542
Morgan Stanley Income Securities, Inc.		9,790		163,885
Morgan Stanley Insured California Municipal Securities		8,798		114,726
Morgan Stanley Insured Municipal Bond Trust		279		3,744
Morgan Stanley Insured Municipal Income Trust		22,414		317,606
Morgan Stanley Insured Municipal Securities		8,794		119,335
Morgan Stanley Insured Municipal Trust		7,455		103,103
Morgan Stanley Municipal Income Opportunities Trust III		70		547
Morgan Stanley New York Quality Municipal Securities		2,213		30,827
Morgan Stanley Quality Municipal Income Trust		6,858		86,548
Morgan Stanley Quality Municipal Investment Trust		15,223		198,508
Neuberger Berman Income Opportunity Fund, Inc.		2,600		19,604
Neuberger Berman Intermediate Municipal Fund, Inc.		5,400		76,194
New Germany Fund, Inc. (The)		100		1,288
New Ireland Fund, Inc. (The) (a)		16,428		122,553
NFJ Dividend, Interest & Premium Strategy Fund		126,114		1,998,907
Nuveen Arizona Dividend Advantage Municipal Fund		3,110		39,870
Nuveen Arizona Dividend Advantage Municipal Fund 2		3,142		42,763
Nuveen Arizona Dividend Advantage Municipal Fund 3		4,202		54,164
Nuveen Arizona Premium Income Municipal Fund		5,000		66,750
Nuveen California Dividend Advantage Municipal Fund		18,448		239,824
Nuveen California Municipal Value Fund 2		10,627		158,449
Nuveen California Premium Income Municipal Fund		7,562		95,811
Nuveen California Select Tax-Free Income Portfolio		6,358		83,544
Nuveen Connecticut Dividend Advantage Municipal Fund 3		29		412
Nuveen Connecticut Premium Income Municipal Fund		5,100		71,196
Nuveen Dividend Advantage Municipal Fund 2		7,613		110,769

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.3% (Continued)	Shares		Value
Nuveen Dividend Advantage Municipal Fund 3		3,600	$	50,760
Nuveen Insured California Premium Income Municipal Fund		100		1,369
Nuveen Insured California Tax-Free Advantage Municipal Fund		9,553		125,144
Nuveen Insured Municipal Opportunity Fund, Inc.		59,575		832,263
Nuveen Insured New York Dividend Advantage Municipal Fund		100		1,390
Nuveen Insured New York Tax Free Advantage Municipal Fund		101		1,433
Nuveen Insured Premium Income Municipal Fund 2		47,732		604,764
Nuveen Insured Tax-Free Advantage Municipal Fund		100		1,451
Nuveen Investment Quality Municipal Fund, Inc.		44,899		638,015
Nuveen Michigan Dividend Advantage Municipal Fund		3,150		40,604
Nuveen Michigan Premium Income Municipal Fund, Inc.		8,508		110,094
Nuveen Michigan Quality Income Municipal Fund, Inc.		16,132		213,910
Nuveen Multi-Strategy Income and Growth Fund		147,413		1,191,097
Nuveen Multi-Strategy Income and Growth Fund 2		125,466		1,060,188
Nuveen New Jersey Dividend Advantage Municipal Fund		6,469		87,396
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		11,000		149,600
Nuveen New Jersey Municipal Value Fund		2,853		43,394
Nuveen New Jersey Premium Income Municipal Fund, Inc.		2,801		39,746
Nuveen New York Dividend Advantage Municipal Fund		11,300		153,906
Nuveen New York Dividend Advantage Municipal Fund 2		9,600		131,328
Nuveen New York Investment Quality Municipal Fund		25,156		357,215
Nuveen New York Municipal Value Fund 2		3,529		53,429
Nuveen New York Quality Income Municipal Fund, Inc.		27,361		382,780
Nuveen New York Select Quality Municipal Fund, Inc.		100		1,416
Nuveen New York Select Tax-Free Income Portfolio		87		1,229
Nuveen Ohio Dividend Advantage Municipal Fund		300		4,530
Nuveen Pennsylvania Dividend Advantage Municipal Fund		100		1,377
Nuveen Pennsylvania Investment Quality Municipal Fund		15,394		209,974
Nuveen Pennsylvania Premium Income Municipal Fund 2		5,076		65,582
Nuveen Performance Plus Municipal Fund		105,687		1,509,210
Nuveen Premier Municipal Income Fund, Inc.		25,478		343,698
Nuveen Premium Income Municipal Fund		78,293		1,071,831
Nuveen Premium Income Municipal Fund 2		8,929		124,115
Nuveen Premium Income Municipal Fund 4		585		7,430
Nuveen Quality Preferred Income Fund		95,626		689,463
Nuveen Quality Preferred Income Fund 2		24,982		195,859
Nuveen Quality Preferred Income Fund 3		1,900		14,440
Nuveen Tax-Advantaged Total Return Strategy Fund		4,761		54,847
Pacholder High Yield Fund, Inc.		700		5,761
Petroleum & Resources Corporation		46,114		1,123,798
Putnam Municipal Opportunities Trust		24,566		280,789
RENN Global Entrepreneurs Fund (a)		8,523		22,330
RiverSource LaSalle International Real Estate Fund, Inc.		14,587		114,362
Rivus Bond Fund		2,659		45,974
RMR Asia Pacific Real Estate Fund (a)		18,400		314,459
RMR Real Estate Income Fund		2,600		70,356
Royce Focus Trust, Inc. (a)		3,900		26,910
Royce Micro-Cap Trust, Inc. (a)		1,520		13,452

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.3% (Continued)	Shares		Value
Royce Value Trust, Inc. (a)		36,371	$	457,911
Source Capital, Inc.		3,500		169,015
Strategic Global Income Fund, Inc.		26,047		288,601
Swiss Helvetia Fund, Inc. (The)		100		1,151
Taiwan Fund, Inc.		44,762		642,335
Templeton Dragon Fund, Inc.		54,369		1,385,866
Thai Capital Fund, Inc. (The)		4,890		51,834
Thai Fund, Inc. (The)		78,105		723,252
Tri-Continental Corporation		73,902		938,555
TS&W/Claymore Tax-Advantaged Balanced Fund		10,200		106,590
Turkish Investment Fund, Inc. (The)		100		1,500
Van Kampen Ohio Quality Municipal Trust		500		7,490
Van Kampen Pennsylvania Value Municipal Income Trust		6,633		90,408
Western Asset Emerging Markets Debt Fund, Inc.		4,686		84,442
Western Asset Emerging Markets Income Fund, Inc.		65,278		832,295
Western Asset Global High Income Fund, Inc.		100		1,187
Western Asset Inflation Management Fund, Inc.		100		1,649
Western Asset Municipal Partners Fund, Inc.		100		1,408
Western Asset Worldwide Income Fund, Inc.		12,269		161,705
Zweig Fund, Inc.		5,800		19,720
Total Closed-End Funds (Cost $56,657,421)			$	56,909,253
RIGHTS - 0.0%	Shares		Value
Clearwire Corporation (a) (Cost $0)		47,600	$	10,472
MONEY MARKET FUNDS - 3.6%	Shares		Value
UMB Money Market Fiduciary, 0.03% (c) (Cost $39,145,540)		39,145,540	$	39,145,540
Total Investments at Value - 100.6% (Cost $989,395,645)			$	1,087,475,575
Liabilities in Excess of Other Assets - (0.6%)				(6,665,661	)
Net Assets - 100.0%			$	1,080,809,914

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 April 30, 2010.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
April 30, 2010 (Unaudited)
COMMON STOCKS - 65.9%	Shares		Value
Consumer Discretionary - 13.2%
Auto Components - 0.3%
Amerigon, Inc. (a)		7,429	$	72,879
Cooper Tire & Rubber Company		16,700		354,374
Fuel Systems Solutions, Inc. (a)		17,000		534,990
Raser Technologies, Inc. (a)		273,611		220,640
Superior Industries International, Inc.		86,885		1,464,881
Tenneco Automotive, Inc. (a)		34,364		885,560
TRW Automotive Holdings Corporation (a)		2,100		67,641
				3,600,965
Automobiles - 0.3%
Thor Industries, Inc.		10,700		382,097
Winnebago Industries, Inc. (a)		146,227		2,431,755
				2,813,852
Distributors - 0.0%
Audiovox Corporation - Class A (a)		4,449		41,420
Core-Mark Holding Company, Inc. (a)		8,046		245,564
				286,984
Diversified Consumer Services - 1.2%
American Public Education, Inc. (a)		37,257		1,577,834
Bridgepoint Education, Inc. (a)		5,601		144,002
Capella Education Company (a)		17,001		1,540,631
ChinaCast Education Corporation (a)		126,535		851,581
Coinstar, Inc. (a)		8,600		381,496
Corinthian Colleges, Inc. (a)		20,600		321,772
Education Management Corporation (a)		28,603		624,403
Grand Canyon Education, Inc. (a)		27,163		656,801
ITT Educational Services, Inc. (a)		358		36,205
Jackson Hewitt Tax Service, Inc. (a)		16,000		27,040
K12, Inc. (a)		90,666		2,146,064
Matthews International Corporation - Class A		300		10,500
Pre-Paid Legal Services, Inc. (a)		41,182		1,831,363
Princeton Review, Inc. (The) (a)		4,314		13,503
Stewart Enterprises, Inc. - Class A		302,800		2,052,984
Universal Technical Institute, Inc. (a)		2,800		67,088
Weight Watchers International, Inc.		14,600		387,922
				12,671,189
Hotels, Restaurants & Leisure - 2.3%
Ameristar Casinos, Inc.		78,660		1,481,168
Bally Technologies, Inc. (a)		57,540		2,653,745
BJ's Restaurants, Inc. (a)		72,786		1,756,326
Brinker International, Inc.		92,400		1,711,248
Buffalo Wild Wings, Inc. (a)		13,429		555,155
CEC Entertainment, Inc. (a)		97		3,788
Cheesecake Factory, Inc. (The) (a)		17,600		478,192
Churchill Downs, Inc.		6,300		241,479
Cracker Barrel Old Country Store, Inc.		12,070		595,896
DineEquity, Inc. (a)		10,559		434,292
Dover Downs Gaming & Entertainment, Inc.		1,771		6,960

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Consumer Discretionary - 13.2% (Continued)
Hotels, Restaurants & Leisure - 2.3% (Continued)
Gaylord Entertainment Company (a)		12,100	$	408,375
Isle of Capri Casinos, Inc. (a)		24,200		263,538
Jack in the Box, Inc. (a)		14,319		336,783
Landry's Restaurants, Inc. (a)		61,296		1,415,325
Life Time Fitness, Inc. (a)		42,641		1,567,483
Morgans Hotel Group Company (a)		21,621		183,130
Multimedia Games, Inc. (a)		21,400		97,798
O'Charley's, Inc. (a)		7,400		70,670
Orient-Express Hotels Ltd. - Class A (a)		64,700		883,155
P.F. Chang's China Bistro, Inc. (a)		75,464		3,293,249
Peet's Coffee & Tea, Inc. (a)		6,897		273,259
Pinnacle Entertainment, Inc. (a)		5,700		77,121
Red Lion Hotels Corporation (a)		8,006		61,166
Red Robin Gourmet Burgers, Inc. (a)		1,700		41,497
Rick's Cabaret International, Inc. (a)		2,146		26,546
Sonic Corporation (a)		61,100		715,481
Texas Roadhouse, Inc. (a)		200		2,956
Universal Travel Group (a)		16,200		147,906
Vail Resorts, Inc. (a)		81,443		3,717,058
WMS Industries, Inc. (a)		30,777		1,539,465
				25,040,210
Household Durables - 1.9%
American Greetings Corporation		30,100		739,256
Beazer Homes USA, Inc. (a)		134,640		884,585
Brookfield Homes Corporation (a)		14,430		161,760
Cavco Industries, Inc. (a)		25,884		1,013,876
Ethan Allen Interiors, Inc.		108,937		2,200,528
Hooker Furniture Corporation		1,353		21,323
Hovnanian Enterprises, Inc. - Class A (a)		535,258		3,805,685
iRobot Corporation (a)		103,928		2,097,267
Jarden Corporation		12,700		407,924
La-Z-Boy, Inc. (a)		16,729		218,146
Lifetime Brands, Inc. (a)		3,400		49,300
M/I Homes, Inc. (a)		25,723		401,279
MDC Holdings, Inc.		100,572		3,851,908
Meritage Homes Corporation (a)		81,176		1,930,365
Ryland Group, Inc. (The)		68,700		1,564,986
Sealy Corporation (a)		203,800		762,212
Skyline Corporation		6,998		163,123
Toll Brothers, Inc. (a)		16,900		381,433
				20,654,956
Internet & Catalog Retail - 0.8%
1-800-FLOWERS.COM, Inc. (a)		34,800		99,528
Bidz.com, Inc. (a)		1,202		2,368
Blue Nile, Inc. (a)		14,996		809,634
drugstore.com, inc. (a)		21,241		77,742
NutriSystem, Inc.		190,596		3,684,220
Orbitz Worldwide, Inc. (a)		7,800		51,402
Overstock.com, Inc. (a)		3,700		68,450

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Consumer Discretionary - 13.2% (Continued)
Internet & Catalog Retail - 0.8% (Continued)
PetMed Express, Inc.		131,778	$	2,917,565
Shutterfly, Inc. (a)		19,592		461,000
ValueVision Media, Inc. (a)		12,200		37,576
				8,209,485
Leisure Equipment & Products - 0.7%
Arctic Cat, Inc. (a)		1,400		20,650
Brunswick Corporation		77		1,609
Callaway Golf Company		96,235		903,647
Eastman Kodak Company (a)		109,200		668,304
JAKKS Pacific, Inc. (a)		28,400		434,236
Marine Products Corporation (a)		5,400		38,340
Nautilus, Inc. (a)		39,258		134,262
Polaris Industries, Inc.		290		17,159
Pool Corporation		89,369		2,192,222
Smith & Wesson Holding Corporation (a)		390,239		1,736,563
Sturm Ruger & Company, Inc.		67,781		1,131,265
				7,278,257
Media - 0.9%
Alloy, Inc. (a)		1,500		11,625
Arbitron, Inc.		24,700		761,007
Ascent Media Corporation (a)		2,300		67,896
Belo Corporation		3,800		32,946
China MediaExpress Holdings, Inc. (a)		100		1,304
Clear Channel Outdoor Holdings, Inc. (a)		2,400		27,792
CTC Media, Inc. (a)		107,223		1,810,996
Harte-Hanks, Inc.		10,900		156,960
Lamar Advertising Company - Class A (a)		51,098		1,901,868
Lee Enterprises, Inc. (a)		2,100		7,938
Liberty Global, Inc. - Class A (a)		13,600		372,776
Liberty Media Corporation - Capital - Series A (a)		4,167		184,473
LodgeNet Interactive Corporation (a)		54,283		358,268
Madison Square Garden, Inc. - Class A (a)		1,613		33,470
Martha Stewart Living Omnimedia, Inc. (a)		68,888		460,172
McClatchy Company (The) - Class A (a)		44,600		243,070
Media General, Inc. (a)		43,376		548,706
Morningstar, Inc. (a)		7,350		345,523
Playboy Enterprises, Inc. (a)		200		836
Scholastic Corporation		58,853		1,589,620
Warner Music Group Corporation (a)		148,754		1,018,965
				9,936,211
Multi-Line Retail - 0.2%
99¢ Only Stores (a)		3,100		48,112
Big Lots, Inc. (a)		15,200		580,640
Bon-Ton Stores, Inc. (The) (a)		666		11,402
Dillard's, Inc.		62,000		1,740,960
				2,381,114
Specialty Retail - 3.2%
Aaron's, Inc.		53,544		1,208,488

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Consumer Discretionary - 13.2% (Continued)
Specialty Retail - 3.2% (Continued)
Aéropostale, Inc. (a)		12,000	$	348,480
America's Car-Mart, Inc. (a)		4,046		102,485
AnnTaylor Stores Corporation (a)		15,900		345,030
Asbury Automotive Group, Inc. (a)		24,600		382,530
AutoNation, Inc. (a)		49,700		1,003,940
Barnes & Noble, Inc.		39,467		869,853
bebe stores, inc.		18,700		154,088
Blockbuster, Inc. - Class A (a)		100,400		37,399
Buckle, Inc. (The)		49,386		1,786,786
Build-A-Bear Workshop, Inc. (a)		17,500		167,300
Cabela's, Inc. - Class A (a)		5,200		94,432
Casual Male Retail Group, Inc. (a)		100		409
Charming Shoppes, Inc. (a)		378,025		2,135,841
Children's Place Retail Stores, Inc. (The) (a)		13,601		623,198
Conn's, Inc. (a)		63,948		609,425
Destination Maternity Corporation (a)		4,194		132,530
Dress Barn, Inc. (a)		30,980		857,526
DSW, Inc. - Class A (a)		5,800		175,160
Foot Locker, Inc.		63,600		976,260
GameStop Corporation - Class A (a)		15,900		386,529
Group 1 Automotive, Inc. (a)		91,820		2,851,011
Haverty Furniture Companies, Inc. (a)		78,289		1,276,111
hhgregg, Inc. (a)		131,675		3,769,855
Hibbett Sports, Inc. (a)		71,372		1,962,730
Jo-Ann Stores, Inc. (a)		21,550		950,786
Jos. A. Bank Clothiers, Inc. (a)		64,576		3,930,095
Lithia Motors, Inc. (a)		7,300		58,254
Lumber Liquidators Holdings, Inc. (a)		57,818		1,761,136
MarineMax, Inc. (a)		3,200		35,680
Monro Muffler Brake, Inc.		3,400		121,924
Pep Boys - Manny Moe & Jack (The)		3,700		46,361
Pier 1 Imports, Inc. (a)		3,100		25,668
RadioShack Corporation		75,500		1,627,025
Rent-A-Center, Inc. (a)		11,800		304,676
Select Comfort Corporation (a)		11,200		126,784
Sonic Automotive, Inc. - Class A (a)		49,235		525,830
Systemax, Inc. (a)		21,613		502,070
Talbots, Inc. (The) (a)		3,400		55,930
West Marine, Inc. (a)		16,501		197,517
Williams-Sonoma, Inc.		12,500		360,000
Zale Corporation (a)		18,600		60,636
Zumiez, Inc. (a)		121,706		2,258,863
				35,206,631
Textiles, Apparel & Luxury Goods - 1.4%
Alpha Pro Tech Ltd. (a)		18,800		41,924
Cherokee, Inc.		47,528		971,472
Culp, Inc. (a)		16,098		192,210
Fossil, Inc. (a)		12,900		501,810
Fuqi International, Inc. (a)		41,431		435,440

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Consumer Discretionary - 13.2% (Continued)
Textiles, Apparel & Luxury Goods - 1.4% (Continued)
Gildan Activewear, Inc. (a)		200	$	5,786
Hanesbrands, Inc. (a)		57,619		1,640,413
Jones Apparel Group, Inc.		54,000		1,175,040
K-Swiss, Inc. - Class A (a)		107,761		1,340,547
Liz Claiborne, Inc. (a)		20,200		176,548
Movado Group, Inc. (a)		1,800		22,338
Oxford Industries, Inc.		100		2,159
Phillips-Van Heusen Corporation		46,725		2,944,142
Timberland Company (The) - Class A (a)		15,000		322,500
True Religion Apparel, Inc. (a)		34,794		1,087,313
Under Armour, Inc. - Class A (a)		6,100		205,875
Unifi, Inc. (a)		4,800		18,384
UniFirst Corporation - Class A		7,090		346,488
Volcom, Inc. (a)		82,774		1,973,332
Wolverine World Wide, Inc.		44,141		1,351,156
				14,754,877
Consumer Staples - 3.1%
Beverages - 0.0%
Central European Distribution Corporation (a)		41		1,421
Food & Staples Retailing - 0.9%
Diedrich Coffee, Inc. (a)		8,036		279,331
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		310,548		2,499,911
Ingles Markets, Inc.		800		12,824
Nash Finch Company		5,000		175,100
Rite Aid Corporation (a)		884,200		1,308,616
Ruddick Corporation		56,914		2,011,341
Spartan Stores, Inc.		9,400		141,846
Susser Holdings Corporation (a)		2,498		26,904
United Natural Foods, Inc. (a)		88,797		2,725,180
Weis Markets, Inc.		2,400		89,472
				9,270,525
Food Products - 1.7%
AgFeed Industries, Inc. (a)		163,344		702,379
Alico, Inc.		285		7,604
American Dairy, Inc. (a)		36,136		686,584
American Italian Pasta Company (a)		2,151		84,384
Calavo Growers, Inc.		25,618		444,216
Cal-Maine Foods, Inc.		66,830		2,230,785
Chiquita Brands International, Inc. (a)		4,100		61,664
Dean Foods Company (a)		92,935		1,459,079
Diamond Foods, Inc.		49,559		2,116,665
Dole Food Company, Inc. (a)		45,587		516,045
Farmer Brothers Company		4,274		79,967
Flowers Foods, Inc.		32,340		852,482
Hain Celestial Group, Inc. (The) (a)		124,531		2,463,223
Imperial Sugar Company		10,508		168,443
John B. Sanfilippo & Son, Inc. (a)		914		13,737
Origin Agritech Ltd. (a)		102,714		899,775

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Consumer Staples - 3.1% (Continued)
Food Products - 1.7% (Continued)
Sanderson Farms, Inc.		168	$	9,521
Seneca Foods Corporation - Class A (a)		5,949		195,365
Smithfield Foods, Inc. (a)		165,077		3,093,543
Synutra International, Inc. (a)		9,618		225,446
Treehouse Foods, Inc. (a)		46,600		1,970,714
Yuhe International, Inc. (a)		300		2,664
				18,284,285
Household Products - 0.0%
Orchids Paper Products Company (a)		930		13,773
Personal Products - 0.4%
American Oriental Bioengineering, Inc. (a)		511,075		2,069,854
China Sky One Medical, Inc. (a)		6,000		85,020
Female Health Company (The)		15,801		100,968
Medifast, Inc. (a)		20,800		663,936
NBTY, Inc. (a)		75		3,051
Nutraceutical International Corporation (a)		1,561		24,149
USANA Health Sciences, Inc. (a)		39,467		1,430,679
				4,377,657
Tobacco - 0.1%
Alliance One International, Inc. (a)		82,877		421,844
Star Scientific, Inc. (a)		17,700		32,568
Vector Group Ltd.		70,626		1,157,560
				1,611,972
Energy - 4.5%
Energy Equipment & Services - 2.3%
Allis-Chalmers Energy, Inc. (a)		39,000		157,170
Basic Energy Services, Inc. (a)		121,648		1,242,026
Bronco Drilling Company, Inc. (a)		86,195		412,012
CARBO Ceramics, Inc.		23,529		1,723,499
Complete Production Services, Inc. (a)		56,870		858,168
Core Laboratories N.V.		500		74,945
Dawson Geophysical Company (a)		9,962		291,787
Global Industries Ltd. (a)		10,000		67,000
Gulf Island Fabrication, Inc.		2,831		67,859
Helix Energy Solutions Group, Inc. (a)		102,575		1,495,543
Hercules Offshore, Inc. (a)		587,933		2,328,215
Hornbeck Offshore Services, Inc. (a)		2,200		53,834
ION Geophysical Corporation (a)		102,866		618,225
Key Energy Services, Inc. (a)		180,828		1,963,792
Natural Gas Services Group, Inc. (a)		400		7,172
OYO Geospace Corporation (a)		3,040		151,088
Parker Drilling Company (a)		9,500		52,535
Patterson-UTI Energy, Inc.		186,888		2,857,518
Rowan Companies, Inc. (a)		6,800		202,640
RPC, Inc.		7,928		108,217
SEACOR Holdings, Inc. (a)		7,177		604,088
Seahawk Drilling, Inc. (a)		15,045		250,650

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Energy - 4.5% (Continued)
Energy Equipment & Services - 2.3% (Continued)
SulphCo, Inc. (a)		279,872	$	107,247
Superior Well Services, Inc. (a)		227,855		3,303,897
T-3 Energy Services, Inc. (a)		5,600		166,600
TETRA Technologies, Inc. (a)		13,600		167,144
Tidewater, Inc.		9,411		504,524
Unit Corporation (a)		41,400		1,977,678
Willbros Group, Inc. (a)		248,600		3,119,930
				24,935,003
Oil, Gas & Consumable Fuels - 2.2%
Alon USA Energy, Inc.		25,197		184,190
Approach Resources, Inc. (a)		2,000		17,900
Atlas Energy, Inc.		4,124		148,794
ATP Oil & Gas Corporation (a)		50,720		926,147
Berry Petroleum Company - Class A		1,079		34,927
BPZ Resources, Inc. (a)		286,744		1,898,245
Callon Petroleum Company (a)		2,800		16,996
CAMAC Energy, Inc. (a)		8,800		39,512
Carrizo Oil & Gas, Inc. (a)		77,440		1,699,034
Cheniere Energy Partners, L.P.		1,500		26,730
Cheniere Energy, Inc. (a)		11,300		46,895
Clayton Williams Energy, Inc. (a)		616		28,619
Cloud Peak Energy, Inc. (a)		800		12,800
Contango Oil & Gas Company (a)		1,389		76,256
Copano Energy, LLC		15,000		393,000
Crosstex Energy, Inc. (a)		3,700		33,411
CVR Energy, Inc. (a)		87,838		745,745
DCP Midstream Partners, L.P.		423		14,149
Delek US Holdings, Inc.		8,261		57,910
Denison Mines Corporation (a)		122,100		192,918
Eagle Rock Energy Partners, L.P.		2,600		18,226
Energy XXI (Bermuda) Ltd. (a)		6,100		106,811
General Maritime Corporation		27,700		224,647
GeoGlobal Resources, Inc. (a)		22,423		34,980
GMX Resources, Inc. (a)		107,807		863,534
Golar LNG Ltd. (a)		16,500		214,335
Goodrich Petroleum Corporation (a)		18,463		312,579
GreenHunter Energy, Inc. (a)		1,400		1,834
Harvest Natural Resources, Inc. (a)		56,308		497,200
Holly Corporation		8,400		226,800
Houston American Energy Corporation		11,200		146,720
Hyperdynamics Corporation (a)		36,900		41,697
James River Coal Company (a)		115,200		2,168,064
Knightsbridge Tankers Ltd.		7,900		149,626
L & L Energy, Inc. (a)		5,250		56,700
Linn Energy, LLC		1,760		47,696
MarkWest Energy Partners, L.P.		220		6,765
Nordic American Tanker Shipping Ltd.		7,900		246,796
Northern Oil & Gas, Inc. (a)		6,300		102,438
Pacific Ethanol, Inc. (a)		144,350		154,455

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Energy - 4.5% (Continued)
Oil, Gas & Consumable Fuels - 2.2% (Continued)
Panhandle Oil & Gas, Inc.		4,676	$	116,713
Patriot Coal Corporation (a)		33,700		663,553
Penn Virginia Corporation		10,800		275,508
Petroleum Development Corporation (a)		2,300		53,843
PetroQuest Energy, Inc. (a)		16,200		95,742
Provident Energy Trust		11,200		91,728
Quicksilver Resources, Inc. (a)		4,334		60,113
Rentech, Inc. (a)		25,400		31,750
Resolute Energy Corporation (a)		2,500		33,450
Rex Energy Corporation (a)		12,600		167,580
San Juan Basin Royalty Trust		9,700		239,881
Stone Energy Corporation (a)		9,200		149,960
Swift Energy Company (a)		13,200		477,576
Syntroleum Corporation (a)		25,200		56,952
Teekay Tankers Ltd. - Class A		3,200		40,768
Toreador Resources Corporation (a)		30,800		279,356
Tri-Valley Corporation (a)		62,216		73,415
Uranerz Energy Corporation (a)		6,740		11,121
Uranium Energy Corporation (a)		241,172		689,752
USEC, Inc. (a)		60,500		363,000
Verenium Corporation (a)		10,934		45,157
W&T Offshore, Inc.		12,300		116,481
Warren Resources, Inc. (a)		3,500		12,530
Western Refining, Inc. (a)		633,868		3,397,532
Westmoreland Coal Company (a)		3,017		42,419
Williams Partners, L.P.		11,345		480,007
World Fuel Services Corporation		116,896		3,323,353
Zion Oil & Gas, Inc. (a)		27,723		177,150
				23,782,471
Financials - 11.4%
Capital Markets - 1.3%
Affiliated Managers Group, Inc. (a)		219		18,435
Ares Capital Corporation		77,400		1,227,564
Cohen & Steers, Inc.		6,300		170,541
Evercore Partners, Inc. - Class A		3,266		117,054
Federated Investors, Inc.		110,747		2,671,218
Greenhill & Company, Inc.		12,851		1,129,474
International Assets Holding Corporation (a)		1,900		30,723
Investment Technology Group, Inc. (a)		3,800		66,006
KBW, Inc. (a)		34,055		1,019,947
Knight Capital Group, Inc. (a)		18,200		283,010
Kohlberg Capital Corporation		21,500		121,475
Oppenheimer Holdings, Inc.		697		20,262
PennantPark Investment Corporation		1,800		19,692
Penson Worldwide, Inc. (a)		41,616		391,190
Piper Jaffray Companies, Inc. (a)		11,100		436,896
Raymond James Financial, Inc.		78,238		2,397,212
Stifel Financial Corporation (a)		56,003		3,210,652
SWS Group, Inc.		89,654		992,470

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Financials - 11.4% (Continued)
Capital Markets - 1.3% (Continued)
TICC Capital Corporation		5,000	$	35,600
				14,359,421
Commercial Banks - 4.6%
1st Source Corporation		1,444		27,624
BancFirst Corporation		1,411		62,282
BancorpSouth, Inc.		67,380		1,491,793
Bank of Hawaii Corporation		200		10,576
Bank of the Ozarks, Inc.		45,701		1,758,117
Banner Corporation		49,700		281,799
Bar Harbor Bankshares, Inc.		1,300		38,220
Boston Private Financial Holdings, Inc.		4,400		34,892
Capital City Bank Group, Inc.		18,641		327,895
Capitol Bancorp Ltd. (a)		8,254		20,140
Cardinal Financial Corporation		3,910		42,815
Cascade Bancorp, Inc. (a)		43,934		33,829
Cathay General Bancorp		5,500		68,035
Center Bancorporation, Inc.		1,300		10,816
Central Pacific Financial Corporation (a)		40,313		87,882
Century Bancorp, Inc. - Class A		105		2,032
Chemical Financial Corporation		35,275		836,018
City Bank (a)		13,068		3,267
City Holding Company		20,873		731,390
City National Corporation		26,800		1,669,104
CoBiz Financial, Inc.		38,379		274,026
Colonial Bancgroup, Inc. (The) (a)		108,955		3,835
Columbia Banking Systems, Inc.		30,900		694,632
Community Bank System, Inc.		46,457		1,146,094
Community Trust Bancorp, Inc.		3,184		95,584
CVB Financial Corporation		202,079		2,224,890
Danvers Bancorp, Inc.		6,896		112,750
Enterprise Financial Services Corporation		4,000		42,040
First BanCorp (North Carolina)		14,736		240,344
First BanCorp (Puerto Rico)		144,900		307,188
First Busey Corporation		43,100		217,655
First Commonwealth Financial Corporation		63,500		415,925
First Community Bancshares, Inc.		3,387		56,394
First Financial Bancorporation		1,300		24,843
First Financial Bankshares, Inc.		4,020		214,990
First Financial Corporation		402		11,718
First of Long Island Corporation (The)		854		21,982
First South Bancorp, Inc.		7,192		100,256
FirstMerit Corporation		22,500		528,750
FNB Corporation		83,002		773,579
Frontier Financial Corporation (a)		8,859		31,627
Glacier Bancorp, Inc.		35,200		650,848
Great Southern Bancorp, Inc.		19,300		470,727
Hancock Holding Company		8,808		360,071
Hanmi Financial Corporation (a)		112,400		334,952
Heartland Financial USA, Inc.		1,990		38,029

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Financials - 11.4% (Continued)
Commercial Banks - 4.6% (Continued)
Home BancShares, Inc.		8,345	$	234,661
IBERIABANK Corporation		15,799		973,850
Independent Bank Corporation		21,017		545,181
International Bancshares Corporation		86,794		2,097,811
Lakeland Bancorp, Inc.		4,604		48,342
Lakeland Financial Corporation		5,988		124,910
MB Financial, Inc.		16,400		401,800
National Penn Bancshares, Inc.		112,600		824,232
NBT Bancorp, Inc.		4,061		99,373
Northrim BanCorp, Inc.		400		6,904
Old National Bancorp		63,300		848,853
Old Second Bancorp, Inc.		41,284		236,144
Oriental Financial Group, Inc.		41,000		685,520
Pacific Capital Bancorp		81,137		141,178
PacWest Bancorp		56,724		1,361,943
Park National Corporation		54,923		3,762,226
Pinnacle Financial Partners, Inc. (a)		17,400		265,872
PrivateBancorp, Inc.		4,200		60,144
Renasant Corporation		23,797		393,364
S&T Bancorp, Inc.		93,325		2,244,466
S.Y. Bancorp, Inc.		8,540		202,740
Sandy Spring Bancorp, Inc.		700		12,215
SCBT Financial Corporation		838		33,344
Security Bank Corporation (a)		32,973		33
Signature Bank (a)		2,700		109,026
Smithtown Bancorp, Inc.		44,805		208,343
Southwest Bancorp, Inc.		14,957		219,270
Sterling Bancshares, Inc.		11,200		65,856
Suffolk Bancorp		22,785		707,474
Susquehanna Bancshares, Inc.		239,706		2,612,795
Synovus Financial Corporation		310,100		933,401
Taylor Capital Group, Inc. (a)		1,810		24,797
TCF Financial Corporation		18,600		346,518
Texas Capital Bancshares, Inc. (a)		12,300		244,770
Tompkins Financial Corporation		14,693		596,830
Tower Bancorp, Inc.		800		20,592
Towne Bank		39,231		628,873
Trico Bancshares		9,132		173,873
Umpqua Holdings Corporation		22,000		328,680
Union First Market Bankshares Corporation		700		11,746
United Bankshares, Inc.		79,209		2,300,229
United Community Banks, Inc. (a)		48,331		282,253
United Security Bancshares		518		8,045
United Security Bancshares, Inc. (a)		1,927		9,057
Valley National Bancorp		25,002		406,032
W Holding Company, Inc. (a)		7,448		39,847
Washington Trust Bancorp, Inc.		1,364		24,702
Westamerica Bancorporation		6,365		374,071
Western Alliance Bancorporation (a)		32,050		278,835

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Financials - 11.4% (Continued)
Commercial Banks - 4.6% (Continued)
Whitney Holding Corporation		63,676	$	872,361
Wilmington Trust Corporation		88,700		1,537,171
Wilshire Bancorp, Inc.		100,520		1,091,647
Wintrust Financial Corporation		71,860		2,680,378
				49,674,833
Consumer Finance - 0.2%
Cash America International, Inc.		18,939		701,879
CompuCredit Holdings Corporation (a)		82,933		496,769
Dollar Financial Corporation (a)		3,000		70,230
EZCORP, Inc. - Class A (a)		500		10,355
First Marblehead Corporation (The) (a)		2,300		8,073
World Acceptance Corporation (a)		30,278		1,068,208
				2,355,514
Diversified Financial Services - 0.4%
Asset Acceptance Capital Corporation (a)		22,734		167,322
DJSP Enterprises, Inc. (a)		24,245		315,185
Interactive Brokers Group, Inc. - Class A (a)		56,898		975,232
Life Partners Holdings, Inc.		71,436		1,650,171
Portfolio Recovery Associates, Inc. (a)		9,200		611,524
Primus Guaranty Ltd. (a)		1,600		7,216
				3,726,650
Insurance - 0.9%
Ambac Financial Group, Inc. (a)		60,000		90,600
Berkshire Hathaway, Inc. - Class B (a)		23,000		1,771,000
Conseco, Inc. (a)		63,600		375,240
eHealth, Inc. (a)		3,597		49,315
FBL Financial Group, Inc. - Class A		4,700		121,448
Fidelity National Financial, Inc. - Class A		75,805		1,150,720
First American Corporation		39		1,348
FPIC Insurance Group, Inc. (a)		7,143		194,432
Max Capital Group Ltd.		28,910		644,693
MBIA, Inc. (a)		414,900		3,974,742
Mercury General Corporation		900		40,491
Phoenix Companies, Inc. (The) (a)		364,252		1,176,534
PMA Capital Corporation (a)		3,550		24,389
Protective Life Corporation		200		4,814
Stewart Information Services Corporation		34,700		394,886
United America Indemnity Ltd. - Class A (a)		8,366		79,477
Universal Insurance Holdings, Inc.		14,677		74,119
				10,168,248
Real Estate Investment Trusts - 2.6%
Alexandria Real Estate Equities, Inc.		19,400		1,373,714
American Capital Agency Corporation		42,413		1,166,782
Apartment Investment & Management Company		10,600		237,546
Ashford Hospitality Trust (a)		282,619		2,628,357
Capital Trust, Inc. - Class A (a)		73,177		192,455
CapLease, Inc.		153,999		897,814
Douglas Emmett, Inc.		48,950		819,423

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Financials - 11.4% (Continued)
Real Estate Investment Trusts - 2.6% (Continued)
Equity One, Inc.		96,200	$	1,867,242
Essex Property Trust, Inc.		21,403		2,264,865
First Industrial Realty Trust, Inc. (a)		19,000		151,620
Invesco Mortgage Capital, Inc.		2,600		53,690
iStar Financial, Inc. (a)		504,158		3,382,900
LaSalle Hotel Properties		32,800		864,280
Parkway Properties, Inc.		2,800		55,160
Pennsylvania Real Estate Investment Trust		160,238		2,530,158
Post Properties, Inc.		11,555		297,657
Potlatch Corporation		18,300		685,518
Realty Income Corporation		154,845		5,077,368
Regency Centers Corporation		27,500		1,128,875
Sun Communities, Inc.		30,674		887,092
Taubman Centers, Inc.		21,200		919,444
Walter Investment Management Corporation		4,000		72,520
				27,554,480
Real Estate Management & Development - 0.3%
China Housing & Land Development, Inc. (a)		23,153		80,109
Forestar Group, Inc. (a)		2,800		63,112
Jones Lang LaSalle, Inc.		13,776		1,086,651
St. Joe Company (The) (a)		57,267		1,892,102
Tejon Ranch Company (a)		400		11,504
				3,133,478
Thrifts & Mortgage Finance - 1.1%
Astoria Financial Corporation		98,100		1,583,334
BankAtlantic Bancorp, Inc. (a)		8,700		22,794
Berkshire Hills Bancorporation, Inc.		2,029		42,609
BofI Holding, Inc. (a)		5,800		102,254
Brookline Bancorp, Inc.		2,800		30,772
Dime Community Bancshares, Inc.		14,584		185,946
Doral Financial Corporation (a)		16,241		87,539
ESB Financial Corporation		603		8,623
ESSA Bancorp, Inc.		900		11,367
FirstFed Financial Corporation (a)		23,697		1,069
Flushing Financial Corporation		2,600		35,386
Guaranty Financial Group, Inc. (a)		62,759		2,510
Home Federal Bancorp, Inc.		1,951		31,079
Kearny Financial Corporation		2,029		20,757
MGIC Investment Corporation (a)		240,700		2,510,501
NewAlliance Bancshares, Inc.		145,949		1,901,715
Oritani Financial Corporation		387		6,420
PMI Group, Inc. (The) (a)		630,069		3,282,659
Prudential Bancorp, Inc. of Pennsylvania		266		2,054
Rockville Financial, Inc.		402		4,848
Triad Guaranty, Inc. (a)		10,450		4,703
TrustCo Bank Corporation		219,458		1,459,396
Washington Federal, Inc.		12,698		261,198
WSFS Financial Corporation		2,708		114,034
				11,713,567

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Health Care - 8.4%
Biotechnology - 3.1%
A.P. Pharma, Inc. (a)		100	$	85
Affymax, Inc. (a)		9,239		220,258
Allos Therapeutics, Inc. (a)		289,600		2,287,840
Alnylam Pharmaceuticals, Inc. (a)		104,651		1,774,881
AMAG Pharmaceuticals, Inc. (a)		20,722		707,656
Arena Pharmaceuticals, Inc. (a)		292,985		952,201
Ariad Pharmaceuticals, Inc. (a)		621,501		2,187,683
ArQule, Inc. (a)		28,495		181,513
AVI BioPharma, Inc. (a)		26,900		35,777
BioCryst Pharmaceuticals, Inc. (a)		26,213		199,219
BioSante Pharmaceuticals, Inc. (a)		33,008		77,569
BioTime, Inc. (a)		16,073		122,315
Cell Therapeutics, Inc. (a)		72,486		44,760
Celldex Therapeutics, Inc. (a)		46,853		382,789
Cepheid (a)		48,000		959,520
Chelsea Therapeutics International Ltd. (a)		63,903		256,251
Clinical Data, Inc. (a)		31,026		579,566
Cyclacel Pharmaceuticals, Inc. (a)		140,200		321,058
Cytori Therapeutics, Inc. (a)		72,520		409,013
Dyax Corporation (a)		17,299		60,546
Emergent BioSolutions, Inc. (a)		6,300		102,564
Enzon Pharmaceuticals, Inc. (a)		13,700		144,946
Exelixis, Inc. (a)		234,918		1,357,826
Genomic Health, Inc. (a)		26,357		422,239
GenVec, Inc. (a)		70,332		47,826
Geron Corporation (a)		201,832		1,176,681
GTx, Inc. (a)		281,763		924,183
Halozyme Therapeutics, Inc. (a)		100		852
Idenix Pharmaceuticals, Inc. (a)		28,750		132,825
Idera Pharmaceuticals, Inc. (a)		41,338		258,776
ImmunoGen, Inc. (a)		138,977		1,377,262
Immunomedics, Inc. (a)		27,000		94,500
Infinity Pharmaceuticals, Inc. (a)		2,512		17,333
Introgen Therapeutics, Inc. (a)		45,612		684
Isis Pharmaceuticals, Inc. (a)		3,000		32,250
Keryx Biopharmaceuticals, Inc. (a)		15,800		88,796
MannKind Corporation (a)		194,700		1,353,165
Martek Biosciences Corporation (a)		70,227		1,547,101
Medivation, Inc. (a)		10,500		117,180
Metabolix, Inc. (a)		161,346		2,011,985
Momenta Pharmaceuticals, Inc. (a)		8,800		122,144
Myriad Pharmaceuticals, Inc. (a)		41,382		203,186
Neurocrine Biosciences, Inc. (a)		14,400		46,224
NeurogesX, Inc. (a)		10,446		104,460
Novavax, Inc. (a)		245,153		693,783
OncoGenex Pharmaceuticals, Inc. (a)		2,775		61,050
Oncothyreon, Inc. (a)		19,265		77,831
Orexigen Therapeutics, Inc. (a)		500		3,390
OSI Pharmaceuticals, Inc. (a)		23,594		1,384,260

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Health Care - 8.4% (Continued)
Biotechnology - 3.1% (Continued)
Osiris Therapeutics, Inc. (a)		59,169	$	441,992
Poniard Pharmaceuticals, Inc. (a)		105,700		135,296
Progenics Pharmaceuticals, Inc. (a)		79,430		511,529
Protalix BioTherapeutics, Inc. (a)		50,800		343,916
Rigel Pharmaceuticals, Inc. (a)		303,808		2,360,588
RXi Pharmaceuticals Corporation (a)		900		3,843
Sangamo Biosciences, Inc. (a)		31,300		192,808
Savient Pharmaceuticals, Inc. (a)		32,000		464,000
SciClone Pharmaceuticals, Inc. (a)		73,580		307,564
Seattle Genetics, Inc. (a)		15,600		196,560
SIGA Technologies, Inc. (a)		91,715		630,082
Spectrum Pharmaceuticals, Inc. (a)		195,004		1,006,221
StemCells, Inc. (a)		146,700		168,705
Theravance, Inc. (a)		38,273		641,838
Vanda Pharmaceuticals, Inc. (a)		58,300		487,971
Vical, Inc. (a)		16,300		59,006
				33,617,721
Health Care Equipment & Supplies - 1.4%
Abaxis, Inc. (a)		4,300		111,413
Abiomed, Inc. (a)		113,217		1,091,412
Align Technology, Inc. (a)		3,700		62,826
Bovie Medical Corporation (a)		8,630		44,962
Cantel Medical Corporation		2,250		44,910
Conceptus, Inc. (a)		16,700		316,298
CONMED Corporation (a)		16,300		362,512
Cutera, Inc. (a)		1,200		13,872
Cyberonics, Inc. (a)		9,600		187,488
Delcath Systems, Inc. (a)		3,300		50,556
DexCom, Inc. (a)		61,503		673,458
Electro-Optical Sciences, Inc. (a)		154,384		1,099,214
Greatbatch, Inc. (a)		11,600		259,144
Hansen Medical, Inc. (a)		43		109
ICU Medical, Inc. (a)		1,500		53,415
Insulet Corporation (a)		186,195		2,569,491
Invacare Corporation		3,000		79,290
Inverness Medical Innovations, Inc. (a)		1,400		55,692
Kensey Nash Corporation (a)		15,602		353,385
Kinetic Concepts, Inc. (a)		7,700		333,410
MAKO Surgical Corporation (a)		42,181		591,800
Micrus Endovascular Corporation (a)		2,800		56,224
Neogen Corporation (a)		15,860		416,959
NuVasive, Inc. (a)		20,054		834,246
OraSure Technologies, Inc. (a)		35,405		224,468
Orthovita, Inc. (a)		16,200		64,800
Quidel Corporation (a)		28,900		425,986
RTI Biologics, Inc. (a)		48,081		184,150
Stereotaxis, Inc. (a)		280,225		1,331,069
STERIS Corporation		200		6,656
SurModics, Inc. (a)		100,286		1,865,320

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Health Care - 8.4% (Continued)
Health Care Equipment & Supplies - 1.4% (Continued)
Thoratec Corporation (a)		13,200	$	588,588
West Pharmaceutical Services, Inc.		20,003		837,126
Wright Medical Group, Inc. (a)		18,052		339,017
				15,529,266
Health Care Providers & Services - 1.5%
Air Methods Corporation (a)		5,500		181,940
Amedisys, Inc. (a)		45,170		2,600,888
Assisted Living Concepts, Inc. (a)		400		14,040
Bio-Reference Labs, Inc. (a)		6,542		153,083
Brookdale Senior Living, Inc. (a)		14,548		312,782
CardioNet, Inc. (a)		9,964		95,854
Catalyst Health Solutions, Inc. (a)		1,100		46,541
Centene Corporation (a)		60,666		1,389,251
Coventry Health Care, Inc. (a)		100		2,374
Emeritus Corporation (a)		104,924		2,350,298
Five Star Quality Care, Inc. (a)		22,200		65,712
Genoptix, Inc. (a)		41,755		1,615,501
Hanger Orthopedic Group, Inc. (a)		40,309		751,360
HealthSouth Corporation (a)		31,800		650,628
HMS Holdings Corporation (a)		274		14,659
inVentiv Health, Inc. (a)		9,907		228,158
LCA-Vision, Inc. (a)		29,424		248,044
LHC Group, Inc. (a)		4,938		168,386
PSS World Medical, Inc. (a)		12,600		295,218
Psychiatric Solutions, Inc. (a)		7,700		247,709
RehabCare Group, Inc. (a)		55,025		1,569,313
Rural/Metro Corporation (a)		8,000		56,400
Sharps Compliance Corporation (a)		13,500		90,180
Triple-S Management Corporation (a)		1,500		27,300
U.S. Physical Therapy, Inc. (a)		100		1,754
VCA Antech, Inc. (a)		103,400		2,942,764
Virtual Radiologic Corporation (a)		1,300		16,250
				16,136,387
Health Care Technology - 0.4%
athenahealth, Inc. (a)		12,561		364,520
Computer Programs and Systems, Inc.		51,718		2,330,413
Eclipsys Corporation (a)		3,700		76,516
Merge Healthcare, Inc. (a)		11,297		28,017
Quality Systems, Inc.		26,303		1,683,655
Transcend Services, Inc. (a)		5,000		74,350
Vital Images, Inc. (a)		2,377		37,509
				4,594,980
Life Sciences Tools & Services - 0.6%
Accelrys, Inc. (a)		14,448		100,992
Affymetrix, Inc. (a)		18,200		126,308
Compugen Ltd. (a)		19,500		93,210
Helicos BioSciences Corporation (a)		200		144
Kendle International, Inc. (a)		11,227		185,807
Luminex Corporation  (a)		66,908		1,087,924

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Health Care - 8.4% (Continued)
Life Sciences Tools & Services - 0.6% (Continued)
Mettler-Toledo International, Inc. (a)		1,801	$	225,989
PerkinElmer, Inc.		21,100		528,555
Pharmaceutical Product Development, Inc.		8,500		233,750
Sequenom, Inc. (a)		525,141		3,255,874
Varian, Inc. (a)		6,000		310,740
				6,149,293
Pharmaceuticals - 1.4%
Adolor Corporation (a)		500		975
Ardea Biosciences, Inc. (a)		4,002		101,651
Auxilium Pharmaceuticals, Inc. (a)		56,200		2,000,720
AVANIR Pharmaceuticals, Inc. - Class A (a)		28,537		91,889
BioMimetic Therapeutics, Inc. (a)		17,943		239,180
Cadence Pharmaceuticals, Inc. (a)		214,699		2,104,050
Cardiome Pharma Corporation (a)		200		1,672
Cumberland Pharmaceuticals, Inc. (a)		8,900		94,785
Cypress Bioscience, Inc. (a)		258,284		1,301,751
DepoMed, Inc. (a)		103,400		416,702
DURECT Corporation (a)		51,400		146,490
Hi-Tech Pharmacal Company, Inc. (a)		501		12,189
Jazz Pharmaceuticals, Inc. (a)		55,746		565,265
K-V Pharmaceutical Company - Class A (a)		49,681		77,006
MAP Pharmaceuticals, Inc. (a)		6,100		109,556
MDRNA, Inc. (a)		22,000		27,280
Medicines Company (The) (a)		169,500		1,244,130
Nektar Therapeutics (a)		9,000		125,640
Optimer Pharmaceuticals, Inc. (a)		25,040		308,242
Pain Therapeutics, Inc. (a)		4,500		27,000
POZEN, Inc. (a)		500		5,415
Somaxon Pharmaceuticals, Inc. (a)		43,500		312,765
SuperGen, Inc. (a)		11,000		32,450
Valeant Pharmaceuticals International (a)		75,400		3,393,000
VIVUS, Inc. (a)		28,900		294,491
XenoPort, Inc. (a)		158,127		1,644,521
				14,678,815
Industrials - 11.1%
Aerospace & Defense - 0.4%
AAR Corporation (a)		4,027		98,178
AeroVironment, Inc. (a)		16,576		433,960
Alliant Techsystems, Inc. (a)		400		32,364
Applied Signal Technology, Inc.		600		11,214
Argon ST, Inc. (a)		18,635		484,510
Ascent Solar Technologies, Inc. (a)		109,773		418,235
Astronics Corporation (a)		100		1,446
Ducommun, Inc.		1,800		41,202
DynCorp International, Inc. - Class A (a)		72,435		1,245,882
GenCorp, Inc. (a)		12,000		74,640
Taser International, Inc. (a)		284,257		1,344,536
				4,186,167

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Industrials - 11.1% (Continued)
Air Freight & Logistics - 0.2%
Atlas Air Worldwide Holdings, Inc. (a)		200	$	11,054
Forward Air Corporation		43,353		1,214,751
Hub Group, Inc. (a)		16,900		540,969
				1,766,774
Airlines - 0.2%
AirTran Holdings, Inc. (a)		20,700		109,296
Alaska Air Group, Inc. (a)		2,600		107,666
Allegiant Travel Company (a)		28,011		1,440,606
Republic Airways Holdings, Inc. (a)		64,300		402,518
US Airways Group, Inc. (a)		15,100		106,757
				2,166,843
Building Products - 1.5%
AAON, Inc.		69,899		1,687,362
American Woodmark Corporation		33,795		781,003
Ameron International Corporation		13,780		956,194
Apogee Enterprises, Inc.		34,908		479,636
Builders FirstSource, Inc. (a)		367,512		1,400,221
Insteel Industries, Inc.		33,598		411,912
NCI Building Systems, Inc. (a)		123,600		1,703,208
Owens Corning, Inc. (a)		40,326		1,402,538
Trex Company, Inc. (a)		88,617		2,170,230
Universal Forest Products, Inc.		31,528		1,325,752
USG Corporation (a)		165,799		3,912,856
				16,230,912
Commercial Services & Supplies - 1.4%
ABM Industries, Inc.		126,144		2,710,834
ACCO Brands Corporation (a)		40,200		367,026
APAC Customer Services, Inc. (a)		35,600		204,700
Bowne & Company, Inc.		6,900		77,142
Clean Harbors, Inc. (a)		13,310		844,253
Consolidated Graphics, Inc. (a)		901		37,761
Copart, Inc. (a)		3,616		129,055
Deluxe Corporation		200		4,194
EnergySolutions, Inc.		438,785		3,181,191
EnerNOC, Inc. (a)		3,400		98,872
G&K Services, Inc.		6,577		180,802
Healthcare Services Group, Inc.		29,740		639,113
HNI Corporation		58,791		1,824,873
InnerWorkings, Inc. (a)		134,786		806,020
McGrath RentCorp		4,508		117,163
Metalico, Inc. (a)		42,600		281,160
Mine Safety Appliances Company		15,572		457,661
Mobile Mini, Inc. (a)		96,055		1,596,434
RINO International Corporation (a)		63,482		1,093,160
Ritchie Bros. Auctioneers, Inc.		34,300		802,620
Team, Inc. (a)		94		1,636
Viad Corp		6,212		145,361
				15,601,031

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Industrials - 11.1% (Continued)
Construction & Engineering - 0.4%
Chicago Bridge & Iron Company (a)		300	$	7,032
Comfort Systems USA, Inc.		36,837		518,665
EMCOR Group, Inc. (a)		27,700		791,112
Granite Construction, Inc.		53,000		1,781,330
Insituform Technologies, Inc. - Class A (a)		3,300		79,101
KBR, Inc.		24,314		536,853
MasTec, Inc. (a)		5,583		69,843
MYR Group, Inc. (a)		2,266		40,629
Northwest Pipe Company (a)		900		21,708
Pike Electric Corporation (a)		22,217		238,833
				4,085,106
Electrical Equipment - 1.5%
Acuity Brands, Inc.		2,000		90,420
Advanced Battery Technologies, Inc. (a)		200,006		694,021
American Superconductor Corporation (a)		97,346		2,840,556
A-Power Energy Generation Systems Ltd. (a)		63,684		668,045
AZZ, Inc.		11,117		451,573
Baldor Electric Company		11,320		434,801
Belden, Inc.		19,100		524,486
Capstone Turbine Corporation (a)		9,600		11,712
Chase Corporation		700		9,191
China BAK Battery, Inc. (a)		327,159		657,590
Encore Wire Corporation		71,715		1,592,790
Ener1, Inc. (a)		323,001		1,343,684
Energy Conversion Devices, Inc. (a)		423,062		3,012,202
Evergreen Solar, Inc. (a)		88,448		99,062
FuelCell Energy, Inc. (a)		58,072		159,698
GT Solar International, Inc. (a)		73,663		429,455
Harbin Electric, Inc. (a)		38,362		840,512
Hoku Corporation (a)		7,000		20,650
II-VI, Inc. (a)		1,100		39,446
LaBarge, Inc. (a)		2,500		30,900
Lime Energy Company (a)		36,950		155,190
Medis Technologies Ltd. (a)		20,819		1,353
Microvision, Inc. (a)		155,895		487,951
PowerSecure International, Inc. (a)		1,717		19,333
Satcon Technology Corporation (a)		49,400		138,814
Thomas & Betts Corporation (a)		7,558		316,983
Ultralife Corporation (a)		1,411		5,912
UQM Technologies, Inc. (a)		39,900		174,363
Valence Technology, Inc. (a)		161,041		169,093
Vicor Corporation (a)		4,100		61,992
Woodward Governor Company		15,822		507,095
				15,988,873
Industrial Conglomerates - 0.1%
Carlisle Companies, Inc.		26,044		982,640
Otter Tail Corporation		13,897		308,791
Raven Industries, Inc.		638		19,370
				1,310,801

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Industrials - 11.1% (Continued)
Machinery - 2.6%
3D Systems Corporation (a)		4,925	$	76,633
Actuant Corporation - Class A		3,500		80,255
Albany International Corporation - Class A		24,356		620,347
American Railcar Industries, Inc.		10,000		163,500
Ampco-Pittsburgh Corporation		3,294		84,689
Astec Industries, Inc. (a)		19,500		645,840
Badger Meter, Inc.		8,122		335,926
Briggs & Stratton Corporation		155,023		3,680,246
China Fire & Security Group, Inc. (a)		78,543		1,074,468
CLARCOR, Inc.		1,000		37,820
Columbus McKinnon Corporation (a)		20,770		374,483
Donaldson Company, Inc.		15,000		694,500
Energy Recovery, Inc. (a)		164,689		993,075
EnPro Industries, Inc. (a)		3,637		114,856
Federal Signal Corporation		3,200		25,792
Force Protection, Inc. (a)		9		48
FreightCar America, Inc.		59,817		1,711,963
Gorman-Rupp Company (The)		42,162		1,175,898
Kaydon Corporation		90		3,747
Lincoln Electric Holdings, Inc.		12,313		738,041
Lindsay Corporation		29,199		1,110,438
Manitowoc Company, Inc. (The)		85,123		1,192,573
Middleby Corporation (The) (a)		19,954		1,219,588
Miller Industries, Inc.		6,500		92,950
Mueller Industries, Inc.		12,700		376,555
SmartHeat, Inc. (a)		215,915		1,811,527
Sun Hydraulics Corporation		54,348		1,522,288
Terex Corporation (a)		135,500		3,593,460
Timken Company		5,300		186,454
Titan International, Inc.		167,298		2,076,168
Toro Company (The)		10,100		575,094
Trinity Industries, Inc.		13,220		329,046
Valmont Industries, Inc.		735		61,218
Wabtec Corporation		21,700		1,032,486
Watts Water Technologies, Inc. - Class A		1,800		63,864
				27,875,836
Marine - 0.4%
Alexander & Baldwin, Inc.		17,798		633,253
American Commercial Lines, Inc. (a)		14,681		299,492
Eagle Bulk Shipping, Inc. (a)		501,800		2,905,422
Euroseas Ltd.		100		403
Genco Shipping & Trading Ltd. (a)		6,800		157,488
Horizon Lines, Inc.		73,163		400,202
Kirby Coporation (a)		11,055		465,194
				4,861,454
Professional Services - 0.7%
Advisory Board Company (The) (a)		800		26,344
CBIZ, Inc. (a)		13,800		96,738
Corporate Executive Board Company (The)		46,500		1,276,890

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Industrials - 11.1% (Continued)
Professional Services - 0.7% (Continued)
CoStar Group, Inc. (a)		44,694	$	1,964,301
CRA International, Inc. (a)		659		15,309
Diamond Management & Technology Consultants, Inc.		21,263		172,656
Exponent, Inc. (a)		1,800		53,658
FTI Consulting, Inc. (a)		28,900		1,188,657
Hudson Highland Group, Inc. (a)		7,900		44,319
Huron Consulting Group, Inc. (a)		23,568		551,962
Kelly Services, Inc. - Class A (a)		64,176		1,031,950
Korn/Ferry International (a)		54,475		883,040
On Assignment, Inc. (a)		16,822		118,259
School Specialty, Inc. (a)		14,300		335,478
TrueBlue, Inc. (a)		7,852		123,983
				7,883,544
Road & Rail - 0.7%
Arkansas Best Corporation		15,880		483,705
Avis Budget Group, Inc. (a)		46,000		695,520
Con-Way, Inc.		5,700		221,388
Dollar Thrifty Automotive Group, Inc. (a)		3,400		149,566
Knight Transportation, Inc.		118,442		2,521,630
Landstar System, Inc.		36,800		1,627,296
Patriot Transportation Holding, Inc. (a)		589		49,440
Ryder System, Inc.		26,000		1,209,520
Saia, Inc. (a)		61,168		1,013,554
Universal Truckload Services, Inc. (a)		600		10,956
USA Truck, Inc. (a)		752		13,852
				7,996,427
Trading Companies & Distributors - 1.0%
Aceto Corporation		21,010		140,137
Beacon Roofing Supply, Inc. (a)		1,200		26,640
BlueLinx Holdings, Inc. (a)		10,757		53,893
GATX Corporation		11,979		390,994
H&E Equipment Services, Inc. (a)		5,728		67,648
Houston Wire & Cable Company		63,999		841,587
MSC Industrial Direct Company, Inc.		28,267		1,540,269
Rush Enterprises, Inc. - Class A (a)		1,000		16,220
TAL International Group, Inc.		2,100		54,579
Titan Machinery, Inc. (a)		220,280		3,167,626
United Rentals, Inc. (a)		5,000		71,800
Watsco, Inc.		12,100		716,562
WESCO International, Inc. (a)		84,094		3,415,898
				10,503,853
Information Technology - 9.6%
Communications Equipment - 0.9%
ADC Telecommunications, Inc. (a)		800		6,408
ADTRAN, Inc.		10,075		269,708
Aruba Networks, Inc. (a)		31,508		395,740
Aviat Networks, Inc. (a)		52,476		341,094
Bel Fuse, Inc. - Class B		1,969		46,114
CommScope, Inc. (a)		21,084		686,917

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Information Technology - 9.6% (Continued)
Communications Equipment - 0.9% (Continued)
Comtech Telecommunications Corporation (a)		3,904	$	121,961
DG FastChannel, Inc. (a)		4,300		151,274
Digi International, Inc. (a)		4,240		45,410
DragonWave, Inc. (a)		71,010		603,585
EMCORE Corporation (a)		92,205		123,555
Emulex Corporation (a)		124,682		1,465,013
Extreme Networks, Inc. (a)		33,337		111,012
Finisar Corporation (a)		37,706		564,082
Hughes Communications, Inc. (a)		882		24,608
Infinera Corporation (a)		118,037		1,080,038
InterDigital, Inc. (a)		23,400		647,478
Ixia (a)		13,700		140,425
KVH Industries, Inc. (a)		1,940		29,236
Network Equipment Technologies, Inc. (a)		2,000		10,260
Occam Networks, Inc. (a)		7,100		46,292
Oplink Communications, Inc. (a)		48,842		738,003
Opnext, Inc. (a)		42,212		99,198
Palm, Inc. (a)		119,800		694,840
Qiao Xing Mobile Communication Company Ltd. (a)		7,054		18,764
SeaChange International, Inc. (a)		74,206		618,136
Symmetricom, Inc. (a)		1,000		6,630
Telestone Technologies Corporation (a)		51,853		708,312
UTStarcom, Inc. (a)		63,680		181,488
				9,975,581
Computers & Peripherals - 1.2%
3PAR, Inc. (a)		21,000		195,930
Adaptec, Inc. (a)		6,000		18,540
Avid Technology, Inc. (a)		146,941		2,145,339
Compellent Technologies, Inc. (a)		100		1,257
Diebold, Inc.		35,463		1,111,765
iGo, Inc. (a)		8,900		15,219
Imation Corporation (a)		33,500		363,140
Immersion Corporation (a)		79,588		445,693
Intermec, Inc. (a)		62,005		711,197
Intevac, Inc. (a)		12,001		167,054
Netezza Corporation (a)		187,921		2,572,639
Novatel Wireless, Inc. (a)		91,300		625,405
QLogic Corporation (a)		55		1,065
Silicon Graphics International Corporation (a)		14,900		147,361
STEC, Inc. (a)		21,800		302,802
Stratasys, Inc. (a)		82,618		1,969,613
Super Micro Computer, Inc. (a)		49,390		700,350
Synaptics, Inc. (a)		35,913		1,099,656
				12,594,025
Electronic Equipment, Instruments & Components - 2.4%
Agilysys, Inc.		19,217		208,504
Anixter International, Inc. (a)		3,400		178,160
Bell Microproducts, Inc. (a)		6,300		44,100
China Security & Surveillance Technology, Inc. (a)		251,445		1,496,098

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Information Technology - 9.6% (Continued)
Electronic Equipment, Instruments & Components - 2.4% (Continued)
Cognex Corporation		58,901	$	1,231,620
Comverge, Inc. (a)		240		2,722
Daktronics, Inc.		67,500		565,650
DTS, Inc. (a)		81,594		2,712,185
Echelon Corporation (a)		25,415		240,172
Electro Rent Corporation		7,639		109,161
Electro Scientific Industries, Inc. (a)		7,008		96,500
FARO Technologies, Inc. (a)		6,395		161,218
Ingram Micro, Inc. - Class A (a)		158,950		2,886,532
Insight Enterprises, Inc. (a)		14,360		215,831
Intellicheck Mobilisa, Inc. (a)		6,600		12,276
Itron, Inc. (a)		18,500		1,472,785
L-1 Identity Solutions, Inc. (a)		2,800		24,276
Maxwell Technologies, Inc. (a)		71,216		1,027,647
Measurement Specialties, Inc. (a)		7,700		126,819
Mercury Computer Systems, Inc. (a)		3,100		39,866
Methode Electronics, Inc.		13,000		144,300
Molex, Inc.		52,900		1,185,489
Netlist, Inc. (a)		167,250		496,732
PC Connection, Inc. (a)		710		4,885
Plexus Corporation (a)		60,246		2,232,114
Power-One, Inc. (a)		23,300		183,138
RadiSys Corporation (a)		34,726		339,967
Research Frontiers, Inc. (a)		17,962		57,658
Sanmina-SCI Corporation (a)		24,600		438,618
ScanSource, Inc. (a)		43,225		1,204,248
SMART Modular Technologies (WWH), Inc. (a)		240,700		1,689,714
SYNNEX Corporation (a)		17,048		467,456
Tech Data Corporation (a)		18,900		810,810
Technitrol, Inc.		17,700		95,580
TTM Technologies, Inc. (a)		98,803		1,073,001
Universal Display Corporation (a)		187,643		2,505,034
				25,780,866
Internet Software & Services - 0.9%
Art Technology Group, Inc. (a)		186,666		798,930
comScore, Inc. (a)		3,700		67,155
Constant Contact, Inc. (a)		42,709		1,091,215
DealerTrack Holdings, Inc. (a)		6,400		97,600
Digital River, Inc. (a)		21,989		614,373
DivX, Inc. (a)		30,803		257,513
EarthLink, Inc.		14,100		127,182
GSI Commerce, Inc. (a)		40,790		1,111,527
InfoSpace, Inc. (a)		4,000		41,880
Innodata Isogen, Inc. (a)		14,535		50,291
Internet Brands, Inc. (a)		11,400		117,990
Internet Capital Group, Inc. (a)		17,444		172,521
j2 Global Communications, Inc. (a)		24,500		589,960
Knot, Inc. (The) (a)		35,578		288,538
Liquidity Services, Inc. (a)		6,600		75,042

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Information Technology - 9.6% (Continued)
Internet Software & Services - 0.9% (Continued)
LoopNet, Inc. (a)		9,000	$	101,520
Monster Worldwide, Inc. (a)		27,500		479,325
OpenTable, Inc. (a)		5,143		199,857
Openwave Systems, Inc. (a)		182,827		407,704
Perficient, Inc. (a)		58,351		727,637
Saba Software, Inc. (a)		29,400		149,940
SAVVIS, Inc. (a)		20,300		357,280
support.com, Inc. (a)		34,267		149,404
Switch & Data Facilities Company, Inc. (a)		400		7,676
Terremark Worldwide, Inc. (a)		149,199		1,069,757
TheStreet.com, Inc.		200		762
Travelzoo, Inc. (a)		3,019		60,199
ValueClick, Inc. (a)		12,300		126,444
Vistaprint N.V. (a)		226		11,657
Vocus, Inc. (a)		8,800		150,040
Web.com Group, Inc. (a)		3,000		14,490
WebMD Health Corporation (a)		9,100		440,804
Zix Corporation (a)		81,778		201,174
				10,157,387
IT Services - 0.6%
Acorn Energy, Inc. (a)		200		1,128
Alliance Data Systems Corporation (a)		39,385		2,956,238
Broadridge Financial Solutions, Inc.		6,300		150,003
CACI International, Inc. (a)		7,500		355,725
Cass Information Systems, Inc.		200		6,360
CIBER, Inc. (a)		600		2,382
CSG Systems International, Inc. (a)		4,900		111,328
Echo Global Logistics, Inc. (a)		5,500		74,195
Hackett Group, Inc. (The) (a)		14,690		41,279
Heartland Payment Systems, Inc.		2,200		40,436
Integral Systems, Inc. (a)		14,421		125,751
Mantech International Corporation - Class A (a)		2,300		103,569
NCI, Inc. - Class A (a)		8,625		245,036
SRA International, Inc. (a)		21,002		484,726
TeleTech Holdings, Inc. (a)		26,090		431,790
Unisys Corporation (a)		39,580		1,109,032
				6,238,978
Semiconductors & Semiconductor Equipment - 1.8%
Actel Corporation (a)		7,799		121,040
Advanced Analogic Technologies, Inc. (a)		72,215		274,417
Amkor Technology, Inc. (a)		400		3,016
Applied Micro Circuits Corporation (a)		17,073		192,583
Atheros Communications, Inc. (a)		29,090		1,129,856
Cabot Microelectronics Corporation (a)		2,400		92,064
Cymer, Inc. (a)		48,156		1,644,527
Fairchild Semiconductor International, Inc. (a)		27,800		311,916
FEI Company (a)		200		4,500
FormFactor, Inc. (a)		120,588		1,810,026
Ikanos Communications, Inc. (a)		25,814		73,054

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Information Technology - 9.6% (Continued)
Semiconductors & Semiconductor Equipment - 1.8% (Continued)
Integrated Device Technology, Inc. (a)		60,400	$	399,244
International Rectifier Corporation (a)		92,359		2,126,104
LDK Solar Company Ltd. (a)		139,532		1,085,559
Mattson Technology, Inc. (a)		36,840		165,780
MEMC Electronic Materials, Inc. (a)		2		26
Microsemi Corporation (a)		5,027		83,247
Microtune, Inc. (a)		25,670		68,796
Mindspeed Technologies, Inc. (a)		11,000		110,330
MKS Instruments, Inc. (a)		26,000		589,680
Monolithic Power Systems, Inc. (a)		20,034		493,838
Nanometrics, Inc. (a)		9,000		96,300
NetLogic Microsystems, Inc. (a)		17,800		554,826
Nova Measuring Instruments Ltd. (a)		6,200		34,348
NVE Corporation (a)		400		19,292
OmniVision Technologies, Inc. (a)		104,942		1,842,782
Pericom Semiconductor Corporation (a)		4,556		53,214
Photronics, Inc. (a)		42,300		230,535
Power Integrations, Inc.		6,600		253,968
QuickLogic Corporation (a)		2,700		9,666
Rubicon Technology, Inc. (a)		70,527		1,914,103
Sigma Designs, Inc. (a)		104,683		1,241,540
Silicon Laboratories, Inc. (a)		9,100		439,985
Skyworks Solutions, Inc. (a)		39,300		661,812
Supertex, Inc. (a)		52,383		1,414,865
Ultra Clean Holdings, Inc. (a)		17,200		169,764
White Electronic Designs Corporation (a)		12,615		88,305
				19,804,908
Software - 1.8%
Actuate Corporation (a)		300		1,698
American Software, Inc. - Class A		9,732		62,188
ArcSight, Inc. (a)		3,400		77,282
Ariba, Inc. (a)		9,000		128,430
Blackboard, Inc. (a)		10,600		451,030
Callidus Software, Inc. (a)		2,200		6,974
CommVault Systems, Inc. (a)		6,900		144,555
Concur Technologies, Inc. (a)		13,106		549,272
Deltek, Inc. (a)		100		787
Ebix, Inc. (a)		36,855		599,631
Epicor Software Corporation (a)		1,600		14,688
EPIQ Systems, Inc. (a)		4,401		53,032
ePlus, Inc. (a)		425		7,909
Fair Isaac Corporation		61,773		1,300,939
FalconStor Software, Inc. (a)		11,912		35,617
Informatica Corporation (a)		10,471		261,880
Magma Design Automation, Inc. (a)		127,900		460,440
Manhattan Associates, Inc.  (a)		45,281		1,297,754
MicroStrategy, Inc. - Class A (a)		3,587		274,764
Midway Games, Inc. (a)		51,015		612
Net 1 UEPS Technologies, Inc. (a)		30,900		506,760

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Information Technology - 9.6% (Continued)
Software - 1.8% (Continued)
NetSuite, Inc. (a)		75,181	$	1,059,300
Pegasystems, Inc.		43,819		1,387,748
PROS Holdings, Inc. (a)		1,500		13,650
Rosetta Stone, Inc. (a)		4,506		116,435
S1 Corporation (a)		95,000		586,150
Smith Micro Software, Inc. (a)		2,500		23,725
Sonic Solutions, Inc. (a)		61,400		770,570
SuccessFactors, Inc. (a)		18,658		390,512
Synopsys, Inc. (a)		25,001		567,773
Take-Two Interactive Software, Inc. (a)		260,913		2,836,124
TeleCommunication Systems, Inc. (a)		18,100		125,071
THQ, Inc. (a)		23,153		175,963
TiVo, Inc. (a)		109,005		1,909,768
Tyler Technologies, Inc. (a)		56,119		956,268
Ultimate Software Group, Inc. (The) (a)		24,700		826,215
VASCO Data Security International, Inc. (a)		40,786		264,293
VirnetX Holding Corporation (a)		55,004		294,271
Wave Systems Corporation (a)		33,700		134,463
Websense, Inc. (a)		10,100		229,977
				18,904,518
Materials - 3.2%
Chemicals - 1.2%
A. Schulman, Inc.		15,700		408,357
Altair Nanotechnologies, Inc. (a)		168,552		98,434
American Vanguard Corporation		33,544		271,706
Ampal-American Israel Corporation - Class A (a)		2,400		5,424
Arch Chemicals, Inc.		320		10,883
Balchem Corporation		3,900		101,166
Cabot Corporation		52,268		1,700,801
Calgon Carbon Corporation (a)		54,049		837,760
China Agritech, Inc. (a)		11,500		190,095
China Green Agriculture, Inc. (a)		45,760		580,237
Cytec Industries, Inc.		5,500		264,330
Georgia Gulf Corporation (a)		17,900		367,666
Hawkins, Inc.		37,443		1,004,221
ICO, Inc.		36,708		314,588
Innospec, Inc. (a)		3,300		43,923
International Flavors & Fragrances, Inc.		5,466		273,792
Intrepid Potash, Inc. (a)		79,427		2,085,753
Landec Corporation (a)		4,000		24,520
Methanex Corporation		2,100		48,678
Minerals Technologies, Inc.		100		5,770
Nalco Holding Company		43,680		1,080,206
OM Group, Inc. (a)		1,000		37,750
Quaker Chemical Corporation		11,645		366,468
Scotts Miracle-Gro Company (The) - Class A		9,450		457,853
Senomyx, Inc. (a)		300		1,281
ShengdaTech, Inc. (a)		6,000		41,340
Spartech Corporation (a)		5,300		75,472

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Chemicals - 1.2% (Continued)
Stepan Company		1,200	$	90,900
Yongye International, Inc. (a)		3,300		25,179
Zep, Inc.		6,700		123,548
Zoltek Companies, Inc. (a)		175,893		1,730,787
				12,668,888
Construction Materials - 0.3%
Eagle Materials, Inc.		53,823		1,715,339
Headwaters, Inc. (a)		6,400		38,400
Texas Industries, Inc.		55,330		2,093,687
				3,847,426
Containers & Packaging - 0.2%
AEP Industries, Inc. (a)		5,604		154,839
Bemis Company, Inc.		13,300		404,453
Greif, Inc. - Class A		3,800		224,884
Pactiv Corporation (a)		15,008		381,353
Rock-Tenn Company		5,800		299,280
Silgan Holdings, Inc.		5,700		343,881
				1,808,690
Metals & Mining - 1.2%
AK Steel Holding Corporation		94,500		1,582,875
Allied Nevada Gold Corporation (a)		3,400		62,152
AMCOL International Corporation		62,460		1,795,100
Carpenter Technology Corporation		6,200		243,474
China Natural Resources, Inc. (a)		21		242
China Precision Steel, Inc. (a)		136,139		280,446
Commercial Metals Company		133,900		1,992,432
Entrée Gold, Inc. (a)		200		542
General Steel Holdings, Inc. (a)		128,286		478,507
Golden Star Resources Ltd. (a)		3,100		14,043
Great Basin Gold Ltd. (a)		158,908		300,336
Horsehead Holding Corporation (a)		2,500		29,700
Kaiser Aluminum Corporation		2,300		92,437
Northern Dynasty Minerals Ltd. (a)		1,800		17,010
NovaGold Resources, Inc. (a)		100		885
Olympic Steel, Inc.		26,339		837,054
Pan American Silver Corporation		7,600		201,248
Paramount Gold and Silver Corporation (a)		53,162		101,008
Reliance Steel & Aluminum Company		16,624		811,418
RTI International Metals, Inc. (a)		23,245		628,777
Seabridge Gold, Inc. (a)		7,500		254,550
Stillwater Mining Company (a)		96,000		1,622,400
Tanzanian Royalty Exploration Corporation (a)		55,900		256,581
US Gold Corporation (a)		77,908		265,666
Worthington Industries, Inc.		102,405		1,635,408
				13,504,291
Paper & Forest Products - 0.3%
Buckeye Technologies, Inc. (a)		400		5,648
Clearwater Paper Corporation (a)		500		31,840

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Paper & Forest Products - 0.3% (Continued)
Deltic Timber Corporation		21,294	$	1,120,490
KapStone Paper and Packaging Corporation (a)		1,100		14,190
Mercer International, Inc. (a)		34,200		188,442
Neenah Paper, Inc.		2,300		40,250
Orient Paper, Inc. (a)		2,797		29,033
P.H. Glatfelter Company		12,800		188,032
Schweitzer-Mauduit International, Inc.		20,348		1,158,208
Wausau Paper Corporation (a)		29,048		257,075
				3,033,208
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.6%
Alaska Communications Systems Group, Inc.		134,102		1,147,913
Cbeyond, Inc. (a)		109,504		1,684,172
Cincinnati Bell, Inc. (a)		240,062		809,009
Cogent Communications Group, Inc. (a)		600		6,126
General Communication, Inc. (a)		4,102		25,227
Global Crossing Ltd. (a)		14,700		218,295
HickoryTech Corporation		1,101		9,325
Iowa Telecommunications Services, Inc.		500		8,420
Iridium Communications, Inc. (a)		6,200		49,972
Neutral Tandem, Inc. (a)		112,900		1,913,655
Premiere Global Services, Inc. (a)		47,621		446,209
				6,318,323
Wireless Telecommunication Services - 0.1%
Leap Wireless International, Inc. (a)		48,200		883,024
Shenandoah Telecommunications Company		180		3,197
USA Mobility, Inc. (a)		43,699		609,164
				1,495,385
Utilities - 0.7%
Electric Utilities - 0.2%
Central Vermont Public Service Corporation		900		19,629
El Paso Electric Company (a)		160		3,400
Empire District Electric Company (The)		3,900		76,089
Hawaiian Electric Industries, Inc.		70,510		1,646,409
MGE Energy, Inc.		1,100		40,436
Unitil Corporation		13,314		293,973
				2,079,936
Gas Utilities - 0.2%
Chesapeake Utilities Corporation		999		30,090
China Natural Gas, Inc. (a)		44,100		400,869
Northwest Natural Gas Company		2,635		124,873
Piedmont Natural Gas, Inc.		15,800		434,500
WGL Holdings, Inc.		13,323		476,164
				1,466,496
Multi-Utilities - 0.1%
Black Hills Corporation		37,403		1,230,185
CH Energy Group, Inc.		1,958		81,100

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.9% (Continued)	Shares		Value
Utilities - 0.7% (Continued)
Multi-Utilities - 0.1% (Continued)
NorthWestern Corporation		500	$	15,110
				1,326,395
Water Utilities - 0.2%
Aqua America, Inc.		92,895		1,702,765
Consolidated Water Company Ltd.		17,288		244,625
SJW Corporation		4,737		130,173
Southwest Water Company		2,300		24,541
				2,102,104
Total Common Stocks (Proceeds $657,661,014)			$	712,069,517
CLOSED-END FUNDS - 0.0%	Shares		Value
Alpine Total Dynamic Dividend Fund		10,150	$	90,437
Federated Premier Municipal Income Fund		1,250		18,687
PIMCO Global StocksPLUS & Income Fund		497		9,632
Total Closed-End Funds (Proceeds $120,948)			$	118,756
Total Securities Sold Short - 65.9% (Proceeds $657,781,962)			$	712,188,273

ADR - American Depositary Receipt.

(a) Non-income producing security.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2010 (Unaudited)
COMMON STOCKS - 98.6%	Shares		Value
Consumer Discretionary - 15.1%
Auto Components - 0.9%
American Axle & Manufacturing Holdings, Inc. (a)		800	$	8,608
ArvinMeritor, Inc. (a)		100		1,532
Ballard Power Systems, Inc. (a)		4,800		11,280
China Automotive Systems, Inc. (a)		900		20,016
Dana Holding Corporation (a)		220		2,939
Federal-Mogul Corporation (a)		2,500		47,550
Goodyear Tire & Rubber Company (The) (a)		7,900		106,097
Raser Technologies, Inc. (a)		500		403
SORL Auto Parts, Inc. (a)		2,000		21,180
Standard Motor Products, Inc.		3,400		36,244
Stoneridge, Inc. (a)		1,700		18,343
				274,192
Distributors - 0.2%
LKQ Corporation (a)		3,800		80,028
Diversified Consumer Services - 0.9%
Brink's Home Security Holdings, Inc. (a)		1,600		67,104
Coinstar, Inc. (a)		200		8,872
Hillenbrand, Inc.		3,800		93,404
Lincoln Educational Services Corporation (a)		1,300		32,448
Sotheby's		3,000		100,200
				302,028
Hotels, Restaurants & Leisure - 2.6%
Ambassadors Group, Inc.		5,950		72,233
Bluegreen Corporation (a)		3,317		20,134
Boyd Gaming Corporation (a)		800		10,160
Brinker International, Inc.		1,000		18,520
Buffalo Wild Wings, Inc. (a)		2,300		95,082
Burger King Holdings, Inc.		100		2,110
California Pizza Kitchen, Inc. (a)		3,840		78,720
Carrols Restaurant Group, Inc. (a)		2,600		19,474
Cheesecake Factory, Inc. (The) (a)		300		8,151
CKE Restaurants, Inc.		3,203		39,525
Denny's Corporation (a)		17,700		58,941
Domino's Pizza, Inc. (a)		100		1,541
Einstein Noah Restaurant Group, Inc. (a)		2,263		29,374
Interval Leisure Group, Inc. (a)		2,377		35,156
Jamba, Inc. (a)		7,200		25,632
Krispy Kreme Doughnuts, Inc. (a)		8,200		30,340
Monarch Casino & Resort, Inc. (a)		1,801		20,927
Multimedia Games, Inc. (a)		14,966		68,395
Peet's Coffee & Tea, Inc. (a)		1,200		47,544
Penn National Gaming, Inc. (a)		600		18,576
Red Robin Gourmet Burgers, Inc. (a)		500		12,205
Rick's Cabaret International, Inc. (a)		5,700		70,509
Universal Travel Group (a)		1,000		9,130

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Consumer Discretionary - 15.1% (Continued)
Hotels, Restaurants & Leisure - 2.6% (Continued)
Wendy's/Arby's Group, Inc. - Class A		7,000	$	37,170
				829,549
Household Durables - 0.3%
Beazer Homes USA, Inc. (a)		4,400		28,908
Hovnanian Enterprises, Inc. - Class A (a)		6,300		44,793
Lifetime Brands, Inc. (a)		486		7,047
Standard Pacific Corporation (a)		2,000		12,820
				93,568
Internet & Catalog Retail - 0.8%
Gaiam, Inc. - Class A		3,525		31,937
NutriSystem, Inc.		2,700		52,191
Overstock.com, Inc. (a)		8,301		153,568
U.S. Auto Parts Network, Inc. (a)		2,200		20,680
				258,376
Leisure Equipment & Products - 0.3%
Brunswick Corporation		100		2,090
Eastman Kodak Company (a)		400		2,448
JAKKS Pacific, Inc. (a)		3,600		55,044
LeapFrog Enterprises, Inc. (a)		1,300		8,892
Smith & Wesson Holding Corporation (a)		500		2,225
Sport Supply Group, Inc.		1,800		24,138
Steinway Musical Instruments, Inc. (a)		600		11,496
				106,333
Media - 2.1%
Cinemark Holdings, Inc.		6,000		109,560
CKX, Inc. (a)		8,300		48,804
Dolan Media Company (a)		5,700		67,773
Global Sources Ltd. (a)		2,631		19,285
IMAX Corporation (a)		300		5,670
Interactive Data Corporation		1,700		56,899
Liberty Media - Starz - Series A (a)		1,300		72,007
Lions Gate Entertainment Corporation (a)		1,200		8,304
Live Nation, Inc. (a)		2,200		34,518
LodgeNet Interactive Corporation (a)		13,619		89,886
McClatchy Company (The) - Class A (a)		1,100		5,995
Mediacom Communications Corporation (a)		11,900		78,778
New York Times Company (The) - Class A (a)		1,900		18,848
RCN Corporation (a)		1,400		20,552
Regal Entertainment Group		1,500		25,620
				662,499
Multi-Line Retail - 1.0%
99¢ Only Stores (a)		4,900		76,048
Bon-Ton Stores, Inc. (The) (a)		5,494		94,057
Retail Ventures, Inc. (a)		8,200		88,724
Saks, Inc. (a)		5,600		54,600
				313,429
Specialty Retail - 3.2%
Brown Shoe Company, Inc.		4,000		75,200

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Consumer Discretionary - 15.1% (Continued)
Specialty Retail - 3.2% (Continued)
Build-A-Bear Workshop, Inc. (a)		8,317	$	79,510
Cabela's, Inc. (a)		3,500		63,560
Casual Male Retail Group, Inc. (a)		21,413		87,579
Chico's FAS, Inc.		240		3,574
Conn's, Inc. (a)		1,100		10,483
Dress Barn, Inc. (a)		1,600		44,288
Finish Line, Inc. (The) - Class A		1,200		19,332
Gymboree Corporation (The) (a)		100		4,913
J. Crew Group, Inc. (a)		1,400		65,058
Monro Muffler Brake, Inc.		1,799		64,512
New York & Company, Inc. (a)		13,700		84,118
Office Depot, Inc. (a)		1,400		9,604
OfficeMax, Inc. (a)		600		11,400
Pep Boys - Manny, Moe & Jack (The)		100		1,253
Pier 1 Imports, Inc. (a)		14,600		120,888
Select Comfort Corporation (a)		100		1,132
Shoe Carnival, Inc. (a)		2,000		55,320
Signet Jewelers Ltd. (a)		3,000		96,060
Stein Mart, Inc. (a)		5,200		49,296
Talbots, Inc. (The) (a)		200		3,290
Tractor Supply Company		100		6,717
Williams-Sonoma, Inc.		3,200		92,160
				1,049,247
Textiles, Apparel & Luxury Goods - 2.8%
American Apparel, Inc. (a)		23,800		73,066
Carter's, Inc. (a)		800		25,776
Columbia Sportswear Company		100		5,554
Crocs, Inc. (a)		100		966
G-III Apparel Group Ltd. (a)		3,499		100,072
Hanesbrands, Inc. (a)		200		5,694
Iconix Brand Group, Inc. (a)		4,300		74,218
Jones Apparel Group, Inc.		300		6,528
Liz Claiborne, Inc. (a)		1,100		9,614
Lululemon Athletica, Inc. (a)		2,400		90,288
Maidenform Brands, Inc. (a)		3,500		79,870
Movado Group, Inc. (a)		12,400		153,884
Perry Ellis International, Inc. (a)		800		19,304
Quiksilver, Inc. (a)		29,000		154,570
Skechers U.S.A., Inc. - Class A (a)		200		7,670
Unifi, Inc. (a)		4,400		16,852
Warnaco Group, Inc. (The) (a)		1,300		62,192
Weyco Group, Inc.		698		17,059
				903,177
Consumer Staples - 3.4%
Beverages - 0.1%
Coca-Cola Bottling Company Consolidated		209		11,512
MGP Ingredients, Inc. (a)		2,900		22,533
				34,045

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Consumer Staples - 3.4% (Continued)
Food & Staples Retailing - 0.4%
PriceSmart, Inc.		4,353	$	108,302
Rite Aid Corporation (a)		5,160		7,637
United Natural Foods, Inc. (a)		200		6,138
Village Super Market, Inc. - Class A		24		646
				122,723
Food Products - 1.6%
AgFeed Industries, Inc. (a)		136		585
B&G Foods, Inc.		9,145		94,468
Cal-Maine Foods, Inc.		100		3,338
Corn Products International, Inc.		3,505		126,180
Del Monte Foods Company		8,000		119,520
Fresh Del Monte Produce, Inc. (a)		1,100		22,957
Imperial Sugar Company		500		8,015
John B. Sanfilippo & Son, Inc. (a)		751		11,287
Lifeway Foods, Inc. (a)		2,795		30,801
Origin Agritech Ltd. (a)		10,350		90,666
				507,817
Household Products - 0.2%
Central Garden & Pet Company - Class A (a)		6,548		67,641
Personal Products - 0.8%
Alberto-Culver Company		900		25,920
China-Biotics, Inc. (a)		400		7,128
Inter Parfums, Inc.		1,200		20,736
NBTY, Inc. (a)		2,400		97,632
Nu Skin Enterprises, Inc. - Class A		900		27,054
Revlon, Inc. (a)		4,290		75,161
Schiff Nutrition International, Inc. (a)		2,000		14,180
				267,811
Tobacco - 0.3%
Star Scientific, Inc. (a)		16,530		30,415
Universal Corporation		1,000		51,780
				82,195
Energy - 6.4%
Energy Equipment & Services - 2.2%
Cal Dive International, Inc. (a)		7,900		51,824
Dresser-Rand Group, Inc. (a)		600		21,168
Dril-Quip, Inc. (a)		1,100		63,723
Exterran Holdings, Inc. (a)		2,400		69,960
Helix Energy Solutions Group, Inc. (a)		1,100		16,038
Hercules Offshore, Inc. (a)		8,500		33,660
Hornbeck Offshore Services, Inc. (a)		200		4,894
ION Geophysical Corporation (a)		300		1,803
Matrix Service Company (a)		1,800		19,134
Newpark Resources, Inc. (a)		13,800		92,184
Oil States International, Inc. (a)		1,400		67,634
Pioneer Drilling Company (a)		4,900		35,966
Precision Drilling Trust (a)		1,000		7,620

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Energy Equipment & Services - 2.2% (Continued)
Superior Energy Services, Inc. (a)		3,200	$	86,592
TETRA Technologies, Inc. (a)		5,500		67,595
Trico Marine Services, Inc. (a)		14,400		47,232
Union Drilling, Inc. (a)		4,436		29,411
				716,438
Oil, Gas & Consumable Fuels - 4.2%
Abraxas Petroleum Corporation (a)		8,500		24,480
Advantage Oil & Gas Ltd. (a)		1,200		8,532
Approach Resources, Inc. (a)		6,901		61,764
Arena Resources, Inc. (a)		100		3,693
Atlas Pipeline Partners, L.P.		200		2,886
ATP Oil & Gas Corporation (a)		300		5,478
Bill Barrett Corporation (a)		1,900		64,752
BPZ Resources, Inc. (a)		200		1,324
Brigham Exploration Company (a)		1,400		27,314
Callon Petroleum Company (a)		5,000		30,350
China North East Petroleum Holdings Ltd. (a)		8,100		71,523
Contango Oil & Gas Company (a)		1,013		55,614
Delta Petroleum Corporation (a)		7,100		10,934
DHT Holdings, Inc.		1,300		6,136
Encore Energy Partners, L.P.		100		2,152
Frontline Ltd.		200		7,300
FX Energy, Inc. (a)		3,795		16,356
GeoResources, Inc. (a)		3,000		51,480
GMX Resources, Inc. (a)		300		2,403
Goodrich Petroleum Corporation (a)		2,300		38,939
Gran Tierra Energy, Inc. (a)		11,000		66,660
Green Plains Renewable Energy, Inc. (a)		1,400		19,222
International Coal Group, Inc. (a)		900		4,743
James River Coal Company (a)		200		3,764
Overseas Shipholding Group, Inc.		200		10,012
Patriot Coal Corporation (a)		4,300		84,667
Petroleum Development Corporation (a)		2,400		56,184
PetroQuest Energy, Inc. (a)		9,900		58,509
SandRidge Energy, Inc. (a)		8,000		60,080
Southern Union Company		3,600		94,068
Stone Energy Corporation (a)		3,700		60,310
Swift Energy Company (a)		300		10,854
Teekay Corporation		1,400		35,070
Teekay LNG Partners, L.P.		100		2,912
Tesoro Corporation		3,700		48,655
Toreador Resources Corporation (a)		1,757		15,936
Tsakos Energy Navigation Ltd.		700		10,248
USEC, Inc. (a)		15,972		95,832
Venoco, Inc. (a)		1,600		23,840
W&T Offshore, Inc.		7,200		68,184
Western Refining, Inc. (a)		7,000		37,520
				1,360,680

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Financials - 17.5%
Capital Markets - 4.2%
American Capital Ltd. (a)		4,000	$	24,560
Apollo Investment Corporation		5,800		70,528
BGC Partners, Inc. - Class A		9,068		59,123
BlackRock Kelso Capital Corporation		9,500		100,795
Broadpoint Gleacher Securities Group, Inc. (a)		14,400		61,632
Calamos Asset Management, Inc. - Class A		5,900		73,455
Cowen Group, Inc. (a)		18,495		99,873
Duff & Phelps Corporation		6,500		102,050
FBR Capital Markets Corporation (a)		15,500		73,315
Fortress Investment Group, LLC (a)		15,100		71,725
GFI Group, Inc.		6,200		42,780
Hercules Technology Growth Capital, Inc.		4,000		43,360
HFF, Inc. - Class A (a)		2,100		18,522
International Assets Holding Corporation (a)		3,400		54,978
Investment Technology Group, Inc. (a)		2,100		36,477
LaBranche & Company, Inc. (a)		3,800		18,772
Main Street Capital Corporation		1,300		20,592
MCG Capital Corporation (a)		13,134		87,078
MF Global Holdings Ltd. (a)		7,300		67,306
optionsXpress Holdings, Inc. (a)		400		7,100
Prospect Capital Corporation		5,700		66,291
Sanders Morris Harris Group, Inc.		6,849		40,889
Thomas Weisel Partners Group, Inc. (a)		3,300		25,905
TradeStation Group, Inc. (a)		300		2,508
Waddell & Reed Financial, Inc. - Class A		2,100		77,952
				1,347,566
Commercial Banks - 3.0%
1st Source Corporation		2,062		39,446
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		3,300		46,728
Bancorp, Inc. (The) (a)		6,200		54,994
CapitalSource, Inc.		2,900		17,313
Chemical Financial Corporation		1,400		33,180
City National Corporation		100		6,228
First Merchants Corporation		6,282		54,904
Fulton Financial Corporation		100		1,050
Investors Bancorp, Inc. (a)		2,600		36,166
Metro Bancorporation, Inc. (a)		4,000		54,280
Orrstown Financial Services, Inc.		800		20,464
Peoples Bancorp, Inc.		3,759		65,181
Pinnacle Financial Partners, Inc. (a)		3,600		55,008
Popular, Inc. (a)		38,070		149,996
Republic Bancorp, Inc. - Class A		3,600		86,940
Santander BanCorp (a)		1,606		19,208
Sterling Bancorp		3,500		37,485
SVB Financial Group (a)		100		4,923
Synovus Financial Corporation		17,680		53,217
Texas Capital Bancshares, Inc. (a)		4,700		93,530

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Financials - 17.5% (Continued)
Commercial Banks - 3.0% (Continued)
West Coast Bancorp		7,600	$	26,144
				956,385
Consumer Finance - 1.7%
Advance America, Cash Advance Centers, Inc.		5,800		33,176
Cardtronics, Inc. (a)		6,000		83,640
Cash America International, Inc.		2,300		85,238
EZCORP, Inc. - Class A (a)		3,700		76,627
First Cash Financial Services, Inc. (a)		900		19,854
First Marblehead Corporation (The) (a)		21,100		74,061
Nelnet, Inc. - Class A		3,938		78,602
Student Loan Corporation (The)		1,253		35,385
World Acceptance Corporation (a)		1,700		59,976
				546,559
Diversified Financial Services - 0.6%
Compass Diversified Holdings, Inc.		1,700		24,684
Encore Capital Group, Inc. (a)		1,605		36,931
Interactive Brokers Group, Inc. - Class A (a)		800		13,712
KKR Financial Holdings, LLC		7,200		63,648
Portfolio Recovery Associates, Inc. (a)		1,100		73,117
				212,092
Insurance - 4.2%
Allied World Assurance Company Holdings Ltd.		1,600		69,712
Ambac Financial Group, Inc. (a)		4,600		6,946
American Financial Group, Inc.		3,600		105,948
American Safety Insurance Holdings Ltd. (a)		3,088		49,964
AmTrust Financial Services, Inc.		3,700		50,431
Argo Group International Holdings Ltd.		3,400		112,166
Brown & Brown, Inc.		1,100		22,154
CNA Surety Corporation (a)		2,198		36,861
Conseco, Inc. (a)		10,200		60,180
Erie Indemnity Company - Class A		200		9,262
Flagstone Reinsurance Holdings Ltd.		5,500		61,325
Hallmark Financial Services, Inc. (a)		7,989		93,551
HCC Insurance Holdings, Inc.		3,900		106,041
Horace Mann Educators Corporation		1,600		27,536
Kansas City Life Insurance Company		685		23,290
Meadowbrook Insurance Group, Inc.		4,800		37,920
National Financial Partners Corporation (a)		1,400		21,546
Navigators Group, Inc. (The) (a)		500		20,065
OneBeacon Insurance Group Ltd.		2,511		40,729
Phoenix Companies, Inc. (The) (a)		500		1,615
Platinum Underwriters Holdings Ltd.		2,500		93,025
Presidential Life Corporation		3,253		38,320
Protective Life Corporation		3,000		72,210
RenaissanceRe Holdings Ltd.		1,300		72,735
SeaBright Insurance Holdings Ltd.		3,180		34,598
United Fire & Casualty Company		900		20,583

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Financials - 17.5% (Continued)
Insurance - 4.2% (Continued)
Unitrin, Inc.		2,500	$	73,125
				1,361,838
Real Estate Investment Trusts - 2.9%
Agree Realty Corporation		1,024		26,245
Brandywine Realty Trust		1,900		24,206
Care Investment Trust, Inc.		10,100		90,294
Chimera Investment Corporation		35,700		145,299
Cogdell Spencer, Inc.		4,600		34,868
Dynex Capital, Inc.		4,100		38,007
First Potomac Realty Trust		1,300		21,086
Hersha Hospitality Trust		25,088		144,758
HRPT Properties Trust		4,100		32,144
iStar Financial, Inc. (a)		7,000		46,970
Mack-Cali Realty Corporation		700		24,052
MFA Financial, Inc.		600		4,266
Newcastle Investment Corporation (a)		800		3,024
One Liberty Properties, Inc.		3,700		63,085
RAIT Financial Trust (a)		7,200		29,232
Saul Centers, Inc.		800		31,624
Senior Housing Properties Trust		4,300		96,664
Universal Health Realty Income Trust		1,328		44,116
U-Store-It Trust		2,800		24,136
Winthrop Realty Trust		2,124		28,674
				952,750
Thrifts & Mortgage Finance - 0.9%
Federal Agricultural Mortgage Corporation		100		2,252
First Niagara Financial Group, Inc.		1,800		25,020
MGIC Investment Corporation (a)		6,600		68,838
NewAlliance Bancshares, Inc.		2,800		36,484
Northwest Bancshares, Inc.		2,700		33,723
Ocwen Financial Corporation (a)		1,441		16,644
Radian Group, Inc.		5,500		78,045
Washington Federal, Inc.		1,400		28,798
				289,804
Health Care - 12.3%
Biotechnology - 2.4%
Abraxis BioScience, Inc. (a)		1,500		74,955
Acorda Therapeutics, Inc. (a)		200		7,750
Alkermes, Inc. (a)		600		7,860
Amylin Pharmaceuticals, Inc. (a)		400		8,256
Ariad Pharmaceuticals, Inc. (a)		2,200		7,744
ArQule, Inc. (a)		300		1,911
Array BioPharma, Inc. (a)		20,500		75,850
BioCryst Pharmaceuticals, Inc. (a)		3,400		25,840
Celldex Therapeutics, Inc. (a)		500		4,085
Cubist Pharmaceuticals, Inc. (a)		200		4,484
Exact Sciences Corporation (a)		4,300		19,092
Exelixis, Inc. (a)		600		3,468
Geron Corporation (a)		9,800		57,134

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Health Care - 12.3% (Continued)
Biotechnology - 2.4% (Continued)
Immunomedics, Inc. (a)		1,500	$	5,250
Incyte Corporation (a)		600		8,052
Isis Pharmaceuticals, Inc. (a)		1,500		16,125
Keryx Biopharmaceuticals, Inc. (a)		8,900		50,018
MannKind Corporation (a)		3,600		25,020
Onyx Pharmaceuticals, Inc. (a)		100		2,887
Orexigen Therapeutics, Inc. (a)		1,500		10,170
PDL BioPharma, Inc. (a)		5,100		29,682
Pharmacyclics, Inc. (a)		2,800		21,252
Protalix BioTherapeutics, Inc. (a)		7,900		53,483
Rexahn Pharmaceuticals, Inc. (a)		10,516		20,927
Savient Pharmaceuticals, Inc. (a)		200		2,900
SIGA Technologies, Inc. (a)		15,500		106,485
Spectrum Pharmaceuticals, Inc. (a)		2,200		11,352
Targacept, Inc. (a)		1,013		24,109
Vanda Pharmaceuticals, Inc. (a)		4,500		37,665
ZIOPHARM Oncology, Inc. (a)		4,200		24,864
ZymoGenetics, Inc. (a)		8,000		47,520
				796,190
Health Care Equipment & Supplies - 3.1%
Align Technology, Inc. (a)		3,000		50,940
Alphatec Holdings, Inc. (a)		3,087		20,621
ATS Medical, Inc. (a)		19,900		79,401
CryoLife, Inc. (a)		8,200		50,102
ev3, Inc. (a)		600		11,478
Greatbatch, Inc. (a)		2,700		60,318
Invacare Corporation		1,800		47,574
Medical Action Industries, Inc. (a)		3,600		42,732
Meridian Bioscience, Inc.		3,000		59,970
Quidel Corporation (a)		4,200		61,908
RTI Biologics, Inc. (a)		23,500		90,005
SenoRx, Inc. (a)		2,188		21,530
Sirona Dental Systems, Inc. (a)		2,400		100,056
STERIS Corporation		3,100		103,168
Teleflex, Inc.		1,700		104,244
TomoTherapy, Inc. (a)		7,900		30,731
Wright Medical Group, Inc. (a)		3,400		63,852
				998,630
Health Care Providers & Services - 4.5%
Alliance HealthCare Services, Inc. (a)		12,100		64,856
Almost Family, Inc. (a)		2,400		101,664
AMERIGROUP Corporation (a)		200		7,248
AmSurg Corporation (a)		4,482		92,867
Chindex International, Inc. (a)		5,700		72,048
Clarient, Inc. (a)		16,000		48,320
Community Health Systems, Inc. (a)		2,100		85,806
Continucare Corporation (a)		15,206		50,940
Emergency Medical Services Corporation (a)		400		21,152
Ensign Group, Inc. (The)		1,800		31,248

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Health Care - 12.3% (Continued)
Health Care Providers & Services - 4.5% (Continued)
Health Net, Inc. (a)		4,500	$	99,090
HealthSpring, Inc. (a)		1,500		26,400
inVentiv Health, Inc. (a)		4,184		96,358
LifePoint Hospitals, Inc. (a)		1,900		72,542
Magellan Health Services, Inc. (a)		1,000		42,210
Metropolitan Health Networks, Inc. (a)		18,900		58,401
National Healthcare Corporation		920		32,531
Odyssey HealthCare, Inc. (a)		3,400		70,822
Owens & Minor, Inc.		2,900		91,205
Providence Service Corporation (The) (a)		2,928		48,634
PSS World Medical, Inc. (a)		160		3,749
Res-Care, Inc. (a)		9,925		115,527
Sun Healthcare Group, Inc. (a)		5,700		50,958
Tenet Healthcare Corporation (a)		300		1,875
Universal American Corporation (a)		1,300		19,955
Universal Health Services, Inc. - Class B		1,100		40,832
				1,447,238
Health Care Technology - 0.7%
Allscripts-Misys Healthcare Solutions, Inc. (a)		4,900		98,833
athenahealth, Inc. (a)		100		2,902
Omnicell, Inc. (a)		3,400		45,390
Phase Forward, Inc. (a)		4,700		79,007
				226,132
Life Sciences Tools & Services - 0.8%
Bruker Corporation (a)		6,700		102,443
Cambrex Corporation (a)		13,389		58,778
Pharmaceutical Product Development, Inc.		1,182		32,505
Sequenom, Inc. (a)		5,600		34,720
Techne Corporation		300		19,875
				248,321
Pharmaceuticals - 0.8%
Acura Pharmaceuticals, Inc. (a)		5,324		19,592
Endo Pharmaceuticals Holdings, Inc. (a)		200		4,380
Impax Laboratories, Inc. (a)		1,100		19,910
King Pharmaceuticals, Inc. (a)		300		2,940
Medicines Company (The) (a)		700		5,138
Nektar Therapeutics (a)		4,000		55,840
Questcor Pharmaceuticals, Inc. (a)		200		1,948
Repros Therapeutics, Inc. (a)		400		340
Salix Pharmaceuticals Ltd. (a)		300		12,060
Santarus, Inc. (a)		7,900		25,912
SuperGen, Inc. (a)		1,300		3,835
ViroPharma, Inc. (a)		8,100		103,032
XenoPort, Inc. (a)		200		2,080
				257,007
Industrials - 14.4%
Aerospace & Defense - 1.8%
AeroVironment, Inc. (a)		300		7,854

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Industrials - 14.4% (Continued)
Aerospace & Defense - 1.8% (Continued)
BE Aerospace, Inc. (a)		3,300	$	98,043
Cubic Corporation		400		14,924
Ducommun, Inc.		3,500		80,115
DynCorp International, Inc. - Class A (a)		100		1,720
Esterline Technologies Corporation (a)		1,100		61,358
GenCorp, Inc. (a)		19,483		121,184
Taser International, Inc. (a)		9,800		46,354
Teledyne Technologies, Inc. (a)		1,400		61,040
TransDigm Group, Inc. (a)		100		5,527
Triumph Group, Inc.		1,200		93,072
				591,191
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc. (a)		19,600		107,800
Pacer International, Inc. (a)		14,900		98,936
UTi Worldwide, Inc.		1,300		20,605
				227,341
Airlines - 2.4%
AirTran Holdings, Inc. (a)		15,900		83,952
AMR Corporation (a)		14,500		107,010
Continental Airlines, Inc. - Class B (a)		4,000		89,400
Copa Holdings, S.A. - Class A		800		45,344
Hawaiian Holdings, Inc. (a)		10,900		77,390
JetBlue Airways Corporation (a)		13,500		75,465
Pinnacle Airlines Corporation (a)		5,810		42,471
Republic Airways Holdings, Inc. (a)		4,200		26,292
SkyWest, Inc.		3,700		55,426
UAL Corporation (a)		3,900		84,162
US Airways Group, Inc. (a)		14,100		99,687
				786,599
Building Products - 0.5%
Armstrong World Industries, Inc. (a)		100		4,355
Insteel Industries, Inc.		7,603		93,213
Quanex Building Products Corporation		2,000		38,000
USG Corporation (a)		500		11,800
				147,368
Commercial Services & Supplies - 2.4%
ATC Technology Corporation (a)		1,900		38,836
Bowne & Company, Inc.		5,400		60,372
Brink's Company (The)		2,200		58,586
Copart, Inc. (a)		1,000		35,690
Cornell Companies, Inc. (a)		3,000		82,500
Corrections Corporation of America (a)		2,700		55,944
Covanta Holding Corporation (a)		5,600		97,888
EnerNOC, Inc. (a)		200		5,816
Fuel Tech, Inc. (a)		7,500		56,325
Interface, Inc. - Class A		1,600		20,928
M&F Worldwide Corporation (a)		1,100		33,726
Metalico, Inc. (a)		40		264

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Industrials - 14.4% (Continued)
Commercial Services & Supplies - 2.4% (Continued)
PRGX Global, Inc. (a)		3,600	$	24,336
Protection One, Inc. (a)		6,413		99,209
Schawk, Inc.		1,000		18,950
Standard Parking Corporation (a)		1,176		19,863
Steelcase, Inc. - Class A		3,100		25,451
Waste Services, Inc. (a)		3,300		37,092
				771,776
Construction & Engineering - 0.2%
AECOM Technology Corporation (a)		400		12,028
Argan, Inc. (a)		1,050		11,928
Great Lakes Dredge & Dock Company		10,300		55,826
				79,782
Electrical Equipment - 0.8%
A123 Systems, Inc. (a)		20		249
A-Power Energy Generation Systems Ltd. (a)		5,700		59,793
Canadian Solar, Inc. (a)		300		5,196
Ener1, Inc. (a)		12,700		52,832
Energy Conversion Devices, Inc. (a)		2,300		16,376
Evergreen Solar, Inc. (a)		3,100		3,472
Fushi Copperweld, Inc. (a)		4,600		50,876
GrafTech International Ltd. (a)		600		10,116
Regal-Beloit Corporation		800		50,616
SunPower Corporation - Class A (a)		100		1,655
				251,181
Machinery - 2.4%
Alamo Group, Inc.		3,555		83,756
China Fire & Security Group, Inc. (a)		400		5,472
China Yuchai International Ltd.		2,500		52,750
CIRCOR International, Inc.		600		20,676
Crane Company		600		21,564
Dynamic Materials Corporation		3,200		57,472
Force Protection, Inc. (a)		4,800		25,680
Gardner Denver, Inc.		700		35,203
Harsco Corporation		400		12,384
IDEX Corporation		800		26,880
Lydall, Inc. (a)		7,000		56,420
Manitowoc Company, Inc. (The)		700		9,807
Mueller Water Products, Inc. - Class A		10,187		57,047
NACCO Industries, Inc. - Class A		950		82,593
Sauer-Danfoss, Inc. (a)		2,300		37,375
SmartHeat, Inc. (a)		100		839
Snap-on, Inc.		1,600		77,088
Timken Company		800		28,144
Titan International, Inc.		200		2,482
Twin Disc, Inc.		2,667		37,658
WABCO Holdings, Inc. (a)		900		29,871
				761,161

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Industrials - 14.4% (Continued)
Marine - 0.5%
Diana Shipping, Inc. (a)		600	$	9,192
Eagle Bulk Shipping, Inc. (a)		1,400		8,106
Excel Maritime Carriers Ltd. (a)		11,440		81,453
Horizon Lines, Inc.		2,165		11,842
International Shipholding Corporation		400		12,136
Seaspan Corporation		1,800		21,078
TBS International PLC - Class A (a)		3,700		29,896
				173,703
Professional Services - 0.7%
Acacia Research Corporation (a)		6,012		89,459
Administaff, Inc.		300		6,642
Hill International, Inc. (a)		3,100		19,902
ICF International, Inc. (a)		1,400		32,424
IHS, Inc. - Class A (a)		500		25,335
Kforce, Inc. (a)		1,400		19,446
Navigant Consulting, Inc. (a)		1,600		20,608
VSE Corporation		500		20,095
				233,911
Road & Rail - 0.9%
AMERCO (a)		1,200		74,940
Marten Transport Ltd. (a)		900		19,665
PAM Transportation Services, Inc. (a)		1		16
Quality Distribution, Inc. (a)		2,850		19,950
Ryder System, Inc.		1,800		83,736
YRC Worldwide, Inc. (a)		176,801		98,425
				296,732
Trading Companies & Distributors - 1.0%
Aircastle Ltd.		6,680		80,227
Applied Industrial Technologies, Inc.		2,200		67,716
CAI International, Inc. (a)		1,591		21,653
Textainer Group Holdings Ltd.		900		20,664
United Rentals, Inc. (a)		7,700		110,572
WESCO International, Inc. (a)		200		8,124
				308,956
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.		800		20,992
Information Technology - 22.0%
Communications Equipment - 3.0%
Acme Packet, Inc. (a)		4,800		125,472
ADC Telecommunications, Inc. (a)		1,300		10,413
Aruba Networks, Inc. (a)		600		7,536
BigBand Networks, Inc. (a)		14,180		46,794
Blue Coat Systems, Inc. (a)		2,000		65,060
Brocade Communications Systems, Inc. (a)		19,680		127,723
Ciena Corporation (a)		300		5,547
Hughes Communications, Inc. (a)		1,800		50,220
Infinera Corporation (a)		4,400		40,260

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Information Technology - 22.0% (Continued)
Communications Equipment - 3.0% (Continued)
InterDigital, Inc. (a)		2,900	$	80,243
NETGEAR, Inc. (a)		560		15,154
Radware Ltd. (a)		200		3,958
Riverbed Technology, Inc. (a)		2,700		83,673
Sierra Wireless, Inc. (a)		200		1,608
Sonus Networks, Inc. (a)		43,600		112,924
Symmetricom, Inc. (a)		7,200		47,736
Tellabs, Inc.		8,100		73,548
ViaSat, Inc. (a)		2,200		77,990
				975,859
Computers & Peripherals - 2.1%
Compellent Technologies, Inc. (a)		6,500		81,705
Cray, Inc. (a)		8,100		54,756
Hutchinson Technology, Inc. (a)		12,400		75,516
Hypercom Corporation (a)		21,600		89,640
Imation Corporation (a)		5,600		60,704
Isilon Systems, Inc. (a)		6,500		84,370
Lexmark International, Inc. - Class A (a)		3,400		125,970
NCR Corporation (a)		1,300		17,108
Quantum Corporation (a)		16,000		46,400
Silicon Graphics International Corporation (a)		700		6,923
Super Micro Computer, Inc. (a)		1,100		15,598
Xyratex Ltd. (a)		300		5,280
				663,970
Electronic Equipment, Instruments & Components - 2.8%
AVX Corporation		5,950		91,927
Brightpoint, Inc. (a)		8,156		65,982
Checkpoint Systems, Inc. (a)		900		20,331
China Security & Surveillance Technology, Inc. (a)		2,400		14,280
Cogent, Inc. (a)		3,400		35,190
Coherent, Inc. (a)		2,000		75,140
CPI International, Inc. (a)		3,920		52,645
Echelon Corporation (a)		800		7,560
Gerber Scientific, Inc. (a)		6,885		49,572
L-1 Identity Solutions, Inc. (a)		6,195		53,711
Littelfuse, Inc. (a)		1,700		71,791
Multi-Fineline Electronix, Inc. (a)		900		23,328
OSI Systems, Inc. (a)		400		10,416
Power-One, Inc. (a)		15,000		117,900
Richardson Electronics Ltd.		11,800		135,582
Rofin-Sinar Technologies, Inc. (a)		200		5,312
Sanmina-SCI Corporation (a)		400		7,132
Vishay Intertechnology, Inc. (a)		6,800		70,788
Zygo Corporation (a)		1,246		11,775
				920,362
Internet Software & Services - 2.2%
AOL, Inc. (a)		3,800		88,768
comScore, Inc. (a)		4,900		88,935
EarthLink, Inc.		200		1,804

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Information Technology - 22.0% (Continued)
Internet Software & Services - 2.2% (Continued)
GigaMedia Ltd. (a)		500	$	1,505
GSI Commerce, Inc. (a)		100		2,725
IAC/InterActiveCorporation (a)		2,800		62,776
Internap Network Services Corporation (a)		14,100		81,498
Limelight Networks, Inc. (a)		5,000		20,100
LivePerson, Inc. (a)		2,700		22,302
MercadoLibre, Inc. (a)		80		4,034
Monster Worldwide, Inc. (a)		900		15,687
Rackspace Hosting, Inc. (a)		900		16,155
RADVision Ltd. (a)		4,600		29,394
SAVVIS, Inc. (a)		4,200		73,920
SINA Corporation (a)		400		14,680
Sohu.com, Inc. (a)		200		9,630
Travelzoo, Inc. (a)		4,699		93,698
Zix Corporation (a)		31,000		76,260
				703,871
IT Services - 2.0%
Acxiom Corporation (a)		5,586		106,581
Broadridge Financial Solutions, Inc.		2,100		50,001
CACI International, Inc. - Class A (a)		200		9,486
ExlService Holdings, Inc. (a)		1,000		15,920
Global Cash Access Holdings, Inc. (a)		6,200		53,816
iGATE Corporation		1,700		21,046
infoGROUP, Inc. (a)		2,500		20,025
Integral Systems, Inc. (a)		8,312		72,481
Mantech International Corporation - Class A (a)		1,700		76,551
MAXIMUS, Inc.		1,100		68,101
Sapient Corporation (a)		3,400		34,782
Syntel, Inc.		500		18,060
Total System Services, Inc.		5,800		92,858
VeriFone Holdings, Inc. (a)		100		1,903
				641,611
Semiconductors & Semiconductor Equipment - 6.0%
Advanced Energy Industries, Inc. (a)		1,300		19,136
Amkor Technology, Inc. (a)		11,035		83,204
Atmel Corporation (a)		7,000		38,080
ATMI, Inc. (a)		5,100		92,463
Cabot Microelectronics Corporation (a)		1,700		65,212
Cavium Networks, Inc. (a)		100		2,761
CEVA, Inc. (a)		1,600		19,584
Conexant Systems, Inc. (a)		15,500		47,275
Cymer, Inc. (a)		100		3,415
Cypress Semiconductor Corporation (a)		3,300		42,537
DSP Group, Inc. (a)		3,100		25,327
Entegris, Inc. (a)		13,550		83,874
EZchip Semiconductor Ltd. (a)		75		1,460
Fairchild Semiconductor International, Inc. (a)		8,300		93,126
GSI Technology, Inc. (a)		2,900		18,763
Hittite Microwave Corporation (a)		300		15,384

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Information Technology - 22.0% (Continued)
Semiconductors & Semiconductor Equipment - 6.0% (Continued)
Integrated Device Technology, Inc. (a)		2,980	$	19,698
Integrated Silicon Solution, Inc. (a)		8,950		110,354
International Rectifier Corporation (a)		3,200		73,664
Kopin Corporation (a)		5,200		21,892
Kulicke & Soffa Industries, Inc. (a)		8,900		72,980
Lattice Semiconductor Corporation (a)		26,800		141,236
Mellanox Technologies Ltd. (a)		100		2,480
Monolithic Power Systems, Inc. (a)		500		12,325
Novellus Systems, Inc. (a)		300		7,860
OmniVision Technologies, Inc. (a)		5,945		104,394
Photronics, Inc. (a)		9,800		53,410
PMC-Sierra, Inc. (a)		650		5,752
Rambus, Inc. (a)		600		14,478
RF Micro Devices, Inc. (a)		7,900		44,398
Semtech Corporation (a)		8,400		152,460
Sigma Designs, Inc. (a)		2,800		33,208
Silicon Image, Inc. (a)		21,400		79,608
Silicon Laboratories, Inc. (a)		100		4,835
Skyworks Solutions, Inc. (a)		500		8,420
Standard Microsystems Corporation (a)		2,953		75,833
Teradyne, Inc. (a)		300		3,669
Tessera Technologies, Inc. (a)		300		6,084
TriQuint Semiconductor, Inc. (a)		4,000		30,160
Ultratech, Inc. (a)		500		7,345
Varian Semiconductor Equipment Associates, Inc. (a)		2,300		75,762
Veeco Instruments, Inc. (a)		1,700		74,783
Verigy Ltd. (a)		600		7,164
Volterra Semiconductor Corporation (a)		1,200		28,752
				1,924,605
Software - 3.9%
AsiaInfo Holdings, Inc. (a)		2,200		62,502
Blackboard, Inc. (a)		100		4,255
Cadence Design Systems, Inc. (a)		1,400		10,444
China TransInfo Technology Corporation (a)		12,700		88,900
Compuware Corporation (a)		2,900		24,940
Concur Technologies, Inc. (a)		200		8,382
Double-Take Software, Inc. (a)		5,204		55,943
Ebix, Inc. (a)		100		1,627
EPIQ Systems, Inc. (a)		3,100		37,355
Guidance Software, Inc. (a)		1,300		7,644
Informatica Corporation (a)		3,700		92,537
Kenexa Corporation (a)		6,200		93,062
Lawson Software, Inc. (a)		17,200		133,472
Monotype Imaging Holdings, Inc. (a)		2,000		20,880
Novell, Inc. (a)		18,400		103,224
OPNET Technologies, Inc.		4,400		70,664
Progress Software Corporation (a)		4,000		129,000
Renaissance Learning, Inc.		1,304		18,530
SolarWinds, Inc. (a)		200		3,712

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Information Technology - 22.0% (Continued)
Software - 3.9% (Continued)
SonicWALL, Inc. (a)		1,900	$	19,247
Synchronoss Technologies, Inc. (a)		2,900		59,247
Take-Two Interactive Software, Inc. (a)		9,800		106,526
THQ, Inc. (a)		10,200		77,520
TIBCO Software, Inc. (a)		1,800		20,520
VirnetX Holding Corporation (a)		2,800		14,980
Websense, Inc. (a)		200		4,554
				1,269,667
Materials - 5.0%
Chemicals - 2.3%
Cabot Corporation		600		19,524
Calgon Carbon Corporation (a)		3,500		54,250
China Agritech, Inc. (a)		200		3,306
Cytec Industries, Inc.		1,900		91,314
Ferro Corporation (a)		7,117		77,718
Flotek Industries, Inc. (a)		42,598		86,474
Huntsman Corporation		1,900		21,679
Innospec, Inc. (a)		3,869		51,496
Intrepid Potash, Inc. (a)		300		7,878
KMG Chemicals, Inc.		4,800		88,512
Minerals Technologies, Inc.		600		34,620
Penford Corporation (a)		7,454		68,950
Rockwood Holdings, Inc. (a)		1,000		29,940
RPM International, Inc.		900		19,872
Senomyx, Inc. (a)		5,278		22,537
Valspar Corporation (The)		1,900		59,508
W.R. Grace & Company (a)		200		5,778
				743,356
Containers & Packaging - 0.8%
Boise, Inc. (a)		900		6,201
BWAY Holding Company (a)		1,000		19,780
Graphic Packaging Holding Company (a)		15,600		57,564
Packaging Corporation of America		1,000		24,730
Sealed Air Corporation		5,300		113,950
Sonoco Products Company		600		19,878
Temple-Inland, Inc.		900		20,988
				263,091
Metals & Mining - 1.2%
Gammon Gold, Inc. (a)		400		2,968
Golden Star Resources Ltd. (a)		3,800		17,214
Hecla Mining Company (a)		19,691		117,555
Minefinders Corporation Ltd. (a)		7		71
North American Palladium Ltd. (a)		18,600		86,490
Royal Gold, Inc.		200		10,236
Seabridge Gold, Inc. (a)		300		10,182
Silver Standard Resources, Inc. (a)		100		2,051
Silvercorp Metals, Inc.		2,200		18,106
Sutor Technology Group Ltd. (a)		13,800		37,950
Taseko Mines Ltd. (a)		6,000		34,080

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued)	Shares		Value
Materials - 5.0% (Continued)
Metals & Mining - 1.2% (Continued)
Thompson Creek Metals Company, Inc. (a)		300	$	3,846
Titanium Metals Corporation (a)		500		7,710
U.S. Energy Corporation (a)		6,445		39,443
Worthington Industries, Inc.		95		1,517
				389,419
Paper & Forest Products - 0.7%
Domtar Corporation (a)		800		56,672
KapStone Paper and Packaging Corporation (a)		5,900		76,110
Louisiana-Pacific Corporation (a)		2,350		27,636
Verso Paper Corporation (a)		12,600		66,024
				226,442
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.4%
AboveNet, Inc. (a)		400		20,216
Atlantic Tele-Network, Inc.		300		16,554
Frontier Communications Corporation		300		2,388
Global Crossing Ltd. (a)		1,151		17,093
IDT Corporation - Class B (a)		2,419		23,972
Level 3 Communications, Inc. (a)		4,900		7,644
PAETEC Holding Corporation (a)		5,700		28,386
SureWest Communications (a)		1,392		11,971
				128,224
Wireless Telecommunication Services - 0.3%
MetroPCS Communications, Inc. (a)		8,900		67,907
Syniverse Holdings, Inc. (a)		1,000		20,080
				87,987
Utilities - 1.8%
Electric Utilities - 0.6%
NV Energy, Inc.		8,500		106,165
Portland General Electric Company		1,000		19,880
Westar Energy, Inc.		3,500		82,915
				208,960
Gas Utilities - 1.0%
AGL Resources, Inc.		601		23,745
Atmos Energy Corporation		2,600		76,908
Energen Corporation		2,300		112,401
Southwest Gas Corporation		600		18,660
UGI Corporation		3,500		96,215
				327,929
Independent Power Producers & Energy Traders - 0.2%
Dynegy, Inc. (a)		10,100		13,433
Mirant Corporation (a)		3,100		36,146
RRI Energy, Inc. (a)		2,300		9,361
				58,940
Total Common Stocks (Cost $29,259,001)			$	31,857,274

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 3.7%	Shares		Value
UMB Money Market Fiduciary, 0.03% (b) (Cost $1,194,599)		1,194,599	$	1,194,599
Total Investments at Value - 102.3% (Cost $30,453,600)			$	33,051,873
Liabilities in Excess of Other Assets - (2.3%)				(737,352	)
Net Assets - 100.0%			$	32,314,521

ADR - American Depositary Receipt.

(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the 7-day effective yield as of April 30, 2010.

See accompanying notes to financial statements.

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:  Not required

(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.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	June 25, 2010

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	June 25, 2010

By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	June 25, 2010

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