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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21531                   

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

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

Wade R. Bridge, Esq.

Ultimus Fund Solutions, LLC       225 Pictoria Drive, Suite 450        Cincinnati, Ohio 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:       October 31, 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.

ANNUAL REPORT

October 31, 2010

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

December 17, 2010

Dear Shareholder,

Enclosed is the Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX) and the TFS Small Cap Fund (ticker: TFSSX) for the fiscal year ended October 31, 2010. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I’d like to thank you for your investment.

At this time, TFS Capital would like to report that the TFS Market Neutral Fund will be returning to a “soft close” status effective January 10, 2011. A “soft close” means that TFSMX will be open for additional investment by all current investors and financial advisers that have previously allocated client assets to the Fund. The TFS Capital research team believes it has been successful in uncovering additional investment strategies that will permit the Fund to increase its current asset level.

As you may recall, the Fund implemented a “hard close” in January of 2010 in an effort to greatly limit Fund growth. The “hard close” was successful as the Fund maintained a narrow asset range since the close of between $1.0 to $1.2 billion. Please note that TFS Capital may recommend that the Fund revert back to a “hard close” in the future. Given the rising demand for “market-neutral-equity” strategies in mutual funds, a shift back to a hard close could occur quickly.

TFS Capital invested heavily in 2010 to strengthen its operations. Notably, the firm now has relationships with three separate brokerage firms to minimize its dependence on any one firm. Moreover, it has continued to automate trading, through enhancements in its proprietary trading software, which enables it to capitalize more quickly on perceived inefficiencies. TFS Capital’s infrastructure enhancements enabled it to trade more than 2 billion shares, representing greater than $22 billion in value, on behalf of the Funds during the fiscal year.

It is notable that the TFS Small Cap Fund remains open to existing and new investors. This Fund provides investors with another way to gain exposure to the management team at TFS Capital.

Below are performance highlights for the Funds.

TFS Market Neutral Fund (ticker: TFSMX)

	1 year return	3 year return	5 year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	6.60%	4.68%	9.64%	9.00%
S&P 500 Index	16.52%	-6.49%	1.73%	2.97%

Average annual total returns for periods ended October 31, 2010

TFSMX’s performance over longer-term periods compares favorably to the overall U.S. equity market as measured by the S&P 500 Index. From inception through October 31, 2010, TFSMX generated a 9.00% average annual return and had an annualized standard deviation of 8.58%, whereas the S&P 500 Index generated a 2.97% average annual return and had an annualized standard deviation of 22.90%. Therefore, from inception through October 31, 2010, TFSMX produced an average annual return that was 6.03 percentage points above that of the S&P 500 Index while subjecting investors to only 37.5% of the volatility. At the end of October 2010, the trailing 5-year return placed TFSMX as the top performing fund in the Lipper “Market Neutral” category.1

1

During the period, TFSMX’s returns were largely driven by equity selection by the portfolio management team. In making these selections, the portfolio management team continued to follow TFS Capital’s proprietary stock selection models. These models are designed to predict the future performance of individual stocks relative to the overall U.S. equity market.

The broad U.S. equity market experienced a large gain during the fiscal period of 16.52% but this had little impact on TFSMX given its ongoing hedge and corresponding low “beta” (i.e., market exposure) during the period. The positive “alpha” production by the Fund during the period (i.e., return that cannot be explained by the Fund’s market exposure), provides evidence of good stock selection decisions by the portfolio management team.

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.

Index	Correlation Since Inception
S&P 500 Index	0.55
Russell 2000® Index	0.52
MSCI EAFE Index	0.48
Barclays Capital U.S. Agg. Bond Index	-0.11
Wilshire REIT ETF Index	0.39
Dow Jones Commodity Futures	0.44

Earlier his year, Morningstar created a new fund category (“Market Neutral”) and added the TFS Market Neutral Fund to it. TFSMX had previously been placed in Morningstar’s “Long-Short” category. TFS Capital sees this new category as a positive shift for the Fund given that, with an average beta below 0.2 and a relatively “static” hedge, it is, in our opinion, more appropriately placed in this category for comparison purposes. This category is populated with other mutual funds like TFSMX (i.e., funds with a low beta that generate the vast majority of their return stream from alpha).

On December 12, 2010, TFSMX paid its annual capital gains distribution. The distribution of $1.486 per share was higher than in past years and higher than is expected on average. The distribution, on a percentage basis, actually exceeded the Fund’s gain for the year. This situation is not unexpected given the high portfolio turnover of the Fund and the lower-than-expected distributions from prior years. Generally speaking, TFSMX is not expected to be a tax efficient fund and one may expect that a large percentage of any appreciation of fund value will be distributed annually in the form of capital gains.

TFS Small Cap Fund (ticker: TFSSX)

	1 year return	3 year return	Since Inception (3/7/2006)
TFS Small Cap Fund	28.40%	2.94%	7.66%
Russell 2000® Index	26.58%	-3.91%	0.83%

Average annual total returns for periods ended October 31, 2010

2

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 6.83 percentage points higher than that of the Russell 2000® Index. On a cumulative basis since inception, TFSSX generated a 40.96% total return compared to 4.00% total return for the Russell 2000® Index. At the end of October 2010, the trailing 3-year return placed TFSSX in the top 2% of the Lipper “Small Cap Core” category.1

During the period, TFSSX’s returns were largely driven by the favorable market conditions overall. That is, the broad U.S. equity market and, more specifically, the “small cap” segment experienced large gains. Given its long-only mandate, the Fund will generally correlate to U.S. small-cap equity market movements with some deviation attributable to TFS Capital’s equity selection.

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

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 TFSMX was ranked #1 out of 31 in the Lipper “Market Neutral” category using its 5-year return. TFSMX was ranked #1 out of 45 in the Lipper “Market Neutral” category using its 5-year return. TFSMX was ranked #9 out of 69 in the Lipper “Market Neutral” category using its 1-year return. TFSSX was ranked #7 out of 684 in the Lipper “Small Cap Core” category using its 3-year return. TFSSX was ranked #364 out of 778 in the Lipper “Small Cap Core” category using its 1-year return.

Ranking information provided by Lipper for the periods ended October 31, 2010. TFSSX was assigned by Lipper to the Small-Cap Core category. TFSMX was assigned by Lipper to the Market Neutral category. The Funds are ranked based on total return and are 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. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

3

TFS MARKET NEUTRAL FUND

PERFORMANCE INFORMATION (Unaudited)

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

TFS Market Neutral Fund versus the S&P 500 Index

Average Annual Total Returns(a) For the periods ended October 31, 2010
	1 Year	5 Years	Since Inception(b)
TFS Market Neutral Fund	6.60%	9.64%	9.00%
S&P 500 Index	16.52%	1.73%	2.97%

(a)	The total returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(b)	Initial public offering of shares was September 7, 2004.

4

TFS SMALL CAP FUND

PERFORMANCE INFORMATION (Unaudited)

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

TFS Small Cap Fund versus the Russell 2000 Index

Average Annual Total Returns(a) For the periods ended October 31, 2010
	1 Year	Since Inception(b)
TFS Small Cap Fund	28.40%	7.66%
Russell 2000 Index	26.58%	0.83%

(a)	The total returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(b)	Initial public offering of shares was March 7, 2006.

5

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

October 31, 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
King Pharmaceuticals, Inc.	0.47%	Great Atlantic & Pacific Tea Company, Inc. (The)	0.46%
BE Aerospace, Inc.	0.47%	iStar Financial, Inc.	0.45%
United Rentals, Inc.	0.43%	Texas Industries, Inc.	0.41%
SUPERVALU, Inc.	0.41%	WESCO International, Inc.	0.35%
Corn Products International, Inc.	0.40%	MELA Sciences, Inc.	0.35%
Alliance Data Systems Corporation	0.40%	AMR Corporation	0.34%
Sonus Networks, Inc.	0.40%	Allegiant Travel Company	0.34%
Cinemark Holdings, Inc.	0.39%	Granite Construction, Inc.	0.32%
Cardtronics, Inc.	0.39%	Global Payments, Inc.	0.31%
Lattice Semiconductor Corporation	0.39%	PHH Corporation	0.31%

6

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

October 31, 2010 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Holdings
Security Description	% of Net Assets
Sotheby's	0.53%
ON Semiconductor Corporation	0.48%
Ariad Pharmaceuticals, Inc.	0.47%
ITT Educational Services, Inc.	0.47%
Veeco Instruments, Inc.	0.47%
Cypress Semiconductor Corporation	0.46%
Blue Coat Systems, Inc.	0.46%
SUPERVALU, Inc.	0.45%
Dorman Products, Inc.	0.45%
Websense, Inc.	0.45%

7

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2010

COMMON STOCKS — 89.1%	Shares		Value
Consumer Discretionary — 12.1%
Auto Components — 1.1%
Other Auto Components (a)			$	12,331,483
Automobiles — 0.1%
Other Automobiles (a)				1,173,498
Distributors — 0.0%
Other Distributors (a)				14,358
Diversified Consumer Services — 0.6%
Other Diversified Consumer Services (a)				7,328,636
Hotels, Restaurants & Leisure — 2.7%
Penn National Gaming, Inc. (b) (c)		123,200		4,097,632
Other Hotels, Restaurants & Leisure (a)				26,535,016
				30,632,648
Household Durables — 1.3%
Harman International Industries, Inc. (b) (c)		113,400		3,804,570
Other Household Durables (a)				11,455,140
				15,259,710
Internet & Catalog Retail — 0.2%
Other Internet & Catalog Retail (a)				1,958,118
Leisure Equipment & Products — 0.2%
Other Leisure Equipment & Products (a)				2,562,319
Media — 1.9%
Cinemark Holdings, Inc. (c)		256,183		4,496,012
Other Media (a)				16,890,421
				21,386,433
Multiline Retail — 0.6%
Retail Ventures, Inc. (b) (c)		312,943		4,252,896
Other Multiline Retail (a)				2,023,666
				6,276,562
Specialty Retail — 2.5%
Other Specialty Retail (a)				28,749,196
Textiles, Apparel & Luxury Goods — 0.9%
Other Textiles, Apparel & Luxury Goods (a)				10,655,550
Consumer Staples — 3.5%
Beverages — 0.5%
Constellation Brands, Inc. - Class A (b) (c)		191,300		3,774,349
Other Beverages (a)				2,011,810
				5,786,159

8

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 89.1% (Continued)	Shares		Value
Consumer Staples — 3.5% (Continued)
Food & Staples Retailing — 1.0%
SUPERVALU, Inc. (c)		435,140	$	4,695,161
Other Food & Staples Retailing (a)				6,243,420
				10,938,581
Food Products — 1.2%
Corn Products International, Inc. (c)		108,605		4,621,143
Other Food Products (a)				9,376,627
				13,997,770
Household Products — 0.2%
Other Household Products (a)				2,129,115
Personal Products — 0.6%
Other Personal Products (a)				7,223,456
Tobacco — 0.0%
Other Tobacco (a)				220,029
Energy — 7.0%
Energy Equipment & Services — 2.2%
Dresser-Rand Group, Inc. (b) (c)		116,000		3,969,520
Superior Energy Services, Inc. (b) (c)		150,312		4,151,617
Other Energy Equipment & Services (a)				16,691,717
				24,812,854
Oil, Gas & Consumable Fuels — 4.8%
Other Oil, Gas & Consumable Fuels (a)				54,702,811
Financials — 14.8%
Capital Markets — 1.9%
BlackRock Kelso Capital Corporation (c)		305,970		3,585,968
E*TRADE Financial Corporation (b) (c)		271,633		3,884,352
Other Capital Markets (a)				14,437,291
				21,907,611
Commercial Banks — 2.0%
CapitalSource, Inc. (c)		540,329		3,301,410
East West Bancorp, Inc. (c)		210,869		3,717,620
Fulton Financial Corporation (c)		361,520		3,376,597
Other Commercial Banks (a)				12,680,958
				23,076,585
Consumer Finance — 0.8%
Cardtronics, Inc. (b) (c)		262,872		4,455,680
Other Consumer Finance (a)				4,824,225
				9,279,905
Diversified Financial Services — 0.5%
Other Diversified Financial Services (a)				5,761,066
Insurance — 4.1%
American Financial Group, Inc. (c)		112,795		3,449,271

9

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 89.1% (Continued)	Shares		Value
Financials — 14.8% (Continued)
Insurance — 4.1% (Continued)
Aspen Insurance Holdings Ltd. (c)		136,866	$	3,882,888
Other Insurance (a)				38,782,187
				46,114,346
Real Estate Investment Trusts — 4.7%
Hospitality Properties Trust (c)		193,740		4,419,209
Mack-Cali Realty Corporation (c)		106,100		3,562,838
Saul Centers, Inc. (c)		77,753		3,318,498
Senior Housing Properties Trust (c)		152,800		3,650,392
Other Real Estate Investment Trusts (a)				38,736,518
				53,687,455
Real Estate Management & Development — 0.2%
Other Real Estate Management & Development (a)				2,350,176
Thrifts & Mortgage Finance — 0.6%
Other Thrifts & Mortgage Finance (a)				6,797,154
Health Care — 9.9%
Biotechnology — 1.7%
Other Biotechnology (a)				19,054,598
Health Care Equipment & Supplies — 1.8%
Teleflex, Inc. (c)		62,438		3,480,918
Other Health Care Equipment & Supplies (a)				16,737,621
				20,218,539
Health Care Providers & Services — 3.2%
Coventry Health Care, Inc. (b) (c)		161,900		3,791,698
Health Net, Inc. (b) (c)		141,317		3,800,014
Other Health Care Providers & Services (a)				28,907,653
				36,499,365
Health Care Technology — 0.6%
SXC Health Solutions Corporation (b) (c)		92,700		3,611,592
Other Health Care Technology (a)				3,279,109
				6,890,701
Life Sciences Tools & Services — 0.9%
PerkinElmer, Inc. (c)		159,944		3,750,687
Other Life Sciences Tools & Services (a)				6,845,995
				10,596,682
Pharmaceuticals — 1.7%
King Pharmaceuticals, Inc. (b) (c)		380,090		5,374,473
Other Pharmaceuticals (a)				13,994,774
				19,369,247
Industrials — 15.4%
Aerospace & Defense — 1.7%
BE Aerospace, Inc. (b) (c)		145,700		5,355,932
TransDigm Group, Inc. (b) (c)		63,560		4,212,121
Other Aerospace & Defense (a)				10,476,468
				20,044,521

10

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 89.1% (Continued)	Shares		Value
Industrials — 15.4% (Continued)
Air Freight & Logistics — 0.4%
Other Air Freight & Logistics (a)			$	4,420,356
Airlines — 0.4%
Other Airlines (a)				4,585,425
Building Products — 0.2%
Other Building Products (a)				2,470,686
Commercial Services & Supplies — 1.3%
Other Commercial Services & Supplies (a)				14,618,932
Construction & Engineering — 1.8%
Great Lakes Dredge & Dock Corporation (c)		609,407		3,772,230
Other Construction & Engineering (a)				16,895,410
				20,667,640
Electrical Equipment — 1.3%
Hubbell, Inc. - Class B (c)		70,322		3,798,794
Thomas & Betts Corporation (b) (c)		83,000		3,614,650
Other Electrical Equipment (a)				7,904,912
				15,318,356
Industrial Conglomerates — 0.2%
Other Industrial Conglomerates (a)				1,874,149
Machinery — 4.2%
Navistar International Corporation (b) (c)		86,300		4,157,934
Sauer-Danfoss, Inc. (b) (c)		183,729		4,062,248
WABCO Holdings, Inc. (b) (c)		88,696		4,117,268
Other Machinery (a)				35,876,684
				48,214,134
Marine — 0.9%
Other Marine (a)				9,848,096
Professional Services — 0.7%
Other Professional Services (a)				7,838,580
Road & Rail — 0.8%
Ryder System, Inc.		78,900		3,451,875
Other Road & Rail (a)				6,348,128
				9,800,003
Trading Companies & Distributors — 1.3%
Aircastle Ltd. (c)		461,880		4,253,915
United Rentals, Inc. (b) (c)		260,700		4,898,553
Other Trading Companies & Distributors (a)				5,768,366
				14,920,834
Transportation Infrastructure — 0.2%
Other Transportation Infrastructure (a)				1,867,980

11

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 89.1% (Continued)	Shares		Value
Information Technology — 18.2%
Communications Equipment — 2.7%
Sonus Networks, Inc. (b) (c)		1,480,083	$	4,603,058
Other Communications Equipment (a)				26,387,723
				30,990,781
Computers & Peripherals — 1.2%
Other Computers & Peripherals (a)				12,961,515
Electronic Equipment, Instruments & Components — 3.1%
Arrow Electronics, Inc. (b) (c)		111,700		3,307,437
Cogent, Inc. (b)		317,520		3,340,310
Other Electronic Equipment, Instruments & Components (a)				28,355,491
				35,003,238
Internet Software & Services — 1.1%
Other Internet Software & Services (a)				12,892,187
IT Services — 2.2%
Alliance Data Systems Corporation (b) (c)		76,006		4,615,084
iGATE Corporation (c)		161,027		3,291,392
Other IT Services (a)				17,597,156
				25,503,632
Office Electronics — 0.0%
Other Office Electronics (a)				252,356
Semiconductors & Semiconductor Equipment — 5.5%
Fairchild Semiconductor International, Inc. (b) (c)		322,100		3,630,067
Lattice Semiconductor Corporation (b) (c)		914,817		4,446,011
Other Semiconductors & Semiconductor Equipment (a)				54,506,777
				62,582,855
Software — 2.4%
Other Software (a)				27,583,432
Materials — 5.8%
Chemicals — 2.8%
Cabot Corporation (c)		110,200		3,749,004
Cytec Industries, Inc. (c)		71,993		3,565,093
Other Chemicals (a)				24,490,886
				31,804,983
Construction Materials — 0.0%
Other Construction Materials (a)				64,384
Containers & Packaging — 0.6%
Packaging Corporation of America (c)		137,866		3,368,066
Other Containers & Packaging (a)				3,616,546
				6,984,612
Metals & Mining — 2.3%
Other Metals & Mining (a)				26,231,641
Paper & Forest Products — 0.1%
Other Paper & Forest Products (a)				1,280,694

12

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 89.1% (Continued)	Shares		Value
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.5%
Other Diversified Telecommunication Services (a)			$	5,416,147
Wireless Telecommunication Services — 0.2%
Other Wireless Telecommunication Services (a)				2,434,070
Utilities — 1.7%
Electric Utilities — 0.6%
Other Electric Utilities (a)				7,116,820
Gas Utilities — 0.9%
AGL Resources, Inc. (c)		93,752		3,680,703
UGI Corporation (c)		123,913		3,728,542
Other Gas Utilities (a)				2,232,914
				9,642,159
Independent Power Producers & Energy Traders — 0.0%
Other Independent Power Producers & Energy Traders (a)				476,351
Multi-Utilities — 0.1%
Other Multi-Utilities (a)				1,311,897
Water Utilities — 0.1%
Other Water Utilities (a)				1,086,562
Total Common Stocks (Cost $947,935,809)			$	1,017,852,724

CLOSED-END FUNDS — 3.6%	Shares	Value
Other Closed-End Funds (Cost $40,736,777) (a)		$	41,055,193

EXCHANGE-TRADED FUNDS — 0.1%	Shares	Value
Other Exchange-Traded Funds (Cost $739,151) (a)		$	725,199

RIGHTS — 0.0%	Shares	Value
Other Rights (Cost $64,169) (a) (e)		$	541,256

WARRANTS — 0.0%	Shares	Value
Other Warrants (Cost $0) (a)		$	2

13

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS — 7.6%	Shares		Value
UMB Money Market Fiduciary, 0.02% (d) (Cost $86,302,892)		86,302,892	$	86,302,892
Total Investments at Value — 100.4% (Cost $1,075,778,798)			$	1,146,477,266
Liabilities in Excess of Other Assets — (0.4%)				(4,257,836	)
Net Assets — 100.0%			$	1,142,219,430

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2010.
(b)	Non-income producing security.
(c)	All or a portion of the shares have been committed as collateral for open short positions.
(d)	Variable rate security. The rate shown is the 7-day effective yield as of October 31, 2010.
(e)	Fair value priced (Note 2). Fair valued securities totaled $541,256 at October 31, 2010, representing 0.0% of net assets.
See accompanying notes to financial statements.

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

October 31, 2010

COMMON STOCKS — 60.2%	Shares		Value
Consumer Discretionary — 10.1%
Auto Components — 0.0%
Cooper Tire & Rubber Company		6,801	$	133,368
Goodyear Tire & Rubber Company (The) (a)		38,500		393,470
Icahn Enterprises, L.P.		570		19,722
Johnson Controls, Inc.		1,300		45,656
				592,216
Automobiles — 0.1%
Ford Motor Company (a)		6,100		86,193
Harley-Davidson, Inc.		700		21,476
Kandi Technologies Corporation (a)		6,300		35,406
Tesla Motors, Inc. (a)		58,790		1,283,974
				1,427,049
Distributors — 0.1%
Audiovox Corporation - Class A (a)		12,514		81,091
Core-Mark Holding Company, Inc. (a)		18,562		612,546
LKQ Corporation (a)		620		13,479
				707,116
Diversified Consumer Services — 1.0%
American Public Education, Inc. (a)		6,209		173,604
Apollo Group, Inc. - Class A (a)		2,700		101,196
Bridgepoint Education, Inc. (a)		89,946		1,280,831
Capella Education Company (a)		50,769		2,783,664
Career Education Corporation (a)		4,300		75,422
Coinstar, Inc. (a)		3,100		178,498
Corinthian Colleges, Inc. (a)		93,500		488,070
DeVry, Inc.		8,200		392,452
Education Management Corporation (a)		120,578		1,446,936
Grand Canyon Education, Inc. (a)		205		3,856
H&R Block, Inc.		29,400		346,626
Learning Tree International, Inc. (a)		5,878		57,016
Lincoln Educational Services Corporation (a)		700		8,722
Sotheby's		7,600		333,184
Stewart Enterprises, Inc. - Class A		345,385		1,920,341
Strayer Education, Inc.		17,000		2,377,110
				11,967,528
Hotels, Restaurants & Leisure — 0.9%
Ambassadors Group, Inc.		525		5,822
Bally Technologies, Inc. (a)		2,400		86,592
Biglari Holdings, Inc. (a)		481		160,361
Bluegreen Corporation (a)		110		355
Buffalo Wild Wings, Inc. (a)		2,700		126,981
Cheesecake Factory, Inc. (The) (a)		600		17,472
Chipotle Mexican Grill, Inc. (a)		200		42,042
Cracker Barrel Old Country Store, Inc.		5,020		270,528
Darden Restaurants, Inc.		400		18,284
DineEquity, Inc. (a)		12,300		546,735
Gaylord Entertainment Company (a)		35,170		1,172,568

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Discretionary — 10.1% (Continued)
Hotels, Restaurants & Leisure — 0.9% (Continued)
Hyatt Hotels Corporation - Class A (a)		2,900	$	116,870
International Speedway Corporation - Class A		34,963		798,555
Jack in the Box, Inc. (a)		1,200		27,792
Las Vegas Sands Corporation (a)		3,400		155,992
Marriott International, Inc. - Class A		100		3,705
McDonald's Corporation		300		23,331
MGM Resorts International (a)		4,100		44,813
Morgans Hotel Group Company (a)		159,525		1,287,367
Panera Bread Company - Class A (a)		1,700		152,167
Peet's Coffee & Tea, Inc. (a)		66,062		2,526,871
Red Robin Gourmet Burgers, Inc. (a)		6,094		123,708
Six Flags Entertainment Corporation (a)		3,513		180,147
Speedway Motorsports, Inc.		7,700		117,810
Starwood Hotels & Resorts Worldwide, Inc.		400		21,656
Texas Roadhouse, Inc. (a)		58,192		893,829
Town Sports International Holdings, Inc. (a)		400		1,200
Universal Travel Group (a)		24,600		137,760
Vail Resorts, Inc. (a)		8,600		348,816
WMS Industries, Inc. (a)		9,900		431,937
Wyndham Worldwide Corporation		560		16,100
				9,858,166
Household Durables — 1.3%
American Greetings Corporation - Class A		99,528		1,927,857
Beazer Homes USA, Inc. (a)		45,300		183,918
Blyth, Inc.		3,469		139,176
Brookfield Homes Corporation (a)		14,430		120,346
Cavco Industries, Inc. (a)		19,645		622,550
Comstock Homebuilding Companies, Inc. - Class A (a)		2,103		2,419
CSS Industries, Inc.		2		34
D.R. Horton, Inc.		13,100		136,764
Deer Consumer Products, Inc. (a)		38,300		438,535
Ethan Allen Interiors, Inc.		55,882		847,730
Flexsteel Industries, Inc.		1,700		25,704
Hooker Furniture Corporation		4,004		42,322
Hovnanian Enterprises, Inc. - Class A (a)		179,295		638,290
iRobot Corporation (a)		26,953		562,779
KB Home		267,700		2,813,527
La-Z-Boy, Inc. (a)		95,700		743,589
Lennar Corporation - Class A		228,100		3,309,731
Libbey, Inc. (a)		13,846		184,013
Lifetime Brands, Inc. (a)		701		9,001
Meritage Homes Corporation (a)		8,000		146,480
Mohawk Industries, Inc. (a)		6,766		387,962
National Presto Industries, Inc.		600		67,158
Pulte Homes, Inc. (a)		28,199		221,362
Ryland Group, Inc. (The)		24,120		361,318
Sealy Corporation (a)		286,073		752,372
Stanley Black & Decker, Inc.		400		24,788

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Discretionary — 10.1% (Continued)
Household Durables — 1.3% (Continued)
Tempur-Pedic International, Inc. (a)		1,640	$	56,580
Whirlpool Corporation		600		45,498
				14,811,803
Internet & Catalog Retail — 1.0%
1-800-FLOWERS.COM, Inc. (a)		51,535		92,763
Amazon.com, Inc. (a)		600		99,084
Blue Nile, Inc. (a)		71,779		3,057,786
Gaiam, Inc. - Class A		20		141
HSN, Inc. (a)		237		7,096
Liberty Media Corporation - Interactive - Series A (a)		13,700		202,212
NetFlix, Inc. (a)		1,400		242,900
NutriSystem, Inc.		116,046		2,218,800
Overstock.com, Inc. (a)		108,927		1,460,711
PetMed Express, Inc.		193,745		2,993,360
priceline.com, Inc. (a)		200		75,362
Shutterfly, Inc. (a)		35,443		1,066,834
SinoCoking Coal and Coke Chemical Industries, Inc. (a)		14,566		117,693
ValueVision Media, Inc. (a)		400		948
				11,635,690
Leisure Equipment & Products — 0.9%
Arctic Cat, Inc. (a)		20,317		270,419
Brunswick Corporation		82,570		1,306,257
Callaway Golf Company		169,420		1,165,610
JAKKS Pacific, Inc. (a)		60,267		1,136,033
Polaris Industries, Inc.		23,700		1,684,833
Pool Corporation		116,625		2,348,828
Smith & Wesson Holding Corporation (a)		107,075		401,531
Steinway Musical Instruments, Inc. (a)		100		1,701
Sturm Ruger & Company, Inc.		95,552		1,496,344
Summer Infant, Inc. (a)		11,169		89,352
				9,900,908
Media — 1.1%
A.H. Belo Corporation (a)		21,764		158,224
Arbitron, Inc.		39,300		995,076
Ascent Media Corporation (a)		386		10,515
China MediaExpress Holdings, Inc. (a)		125,079		1,933,721
China Yida Holding Company (a)		100		1,063
Dex One Corporation (a)		6,600		46,266
DIRECTV (a)		400		17,384
DISH Network Corporation - Class A (a)		2,600		51,636
E.W. Scripps Company - Class A (a)		33,401		291,925
Emmis Communications Corporation - Class A (a)		600		515
Entercom Communications Corporation - Class A (a)		40,467		337,899
Gannett Company, Inc.		24,836		294,307
Harte-Hanks, Inc.		1,100		13,288
IMAX Corporation (a)		600		12,990
Interpublic Group of Companies, Inc. (The) (a)		13,960		144,486
Martha Stewart Living Omnimedia, Inc. - Class A (a)		230,064		1,003,079

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Discretionary — 10.1% (Continued)
Media — 1.1% (Continued)
McClatchy Company (The) - Class A (a)		365,575	$	1,008,987
McGraw-Hill Companies, Inc. (The)		400		15,060
Media General, Inc. (a)		111,386		613,737
Meredith Corporation		1,800		61,110
Morningstar, Inc. (a)		2,530		123,515
New York Times Company (The) (a)		33,347		255,771
Radio One, Inc. - Class D (a)		20,000		23,200
Rentrak Corporation (a)		11		299
Scholastic Corporation		113,121		3,331,413
Spanish Broadcasting System, Inc. (a)		1,500		1,110
SuperMedia, Inc. (a)		18,512		121,809
Time Warner Cable, Inc.		100		5,787
Viacom, Inc. - Class A		27,374		1,170,786
Viacom, Inc. - Class B		100		3,859
Washington Post Company (The) - Class B		100		40,215
World Wrestling Entertainment, Inc. - Class A		2,400		33,216
				12,122,248
Multiline Retail — 0.3%
Big Lots, Inc. (a)		7,600		238,412
Dillard's, Inc. - Class A		5,295		135,076
Dollar Tree, Inc. (a)		400		20,524
Fred's, Inc. - Class A		42,831		513,115
J.C. Penney Company, Inc.		1,600		49,888
Kohl's Corporation (a)		400		20,480
Nordstrom, Inc.		2,300		88,573
Sears Holdings Corporation (a)		31,000		2,231,380
				3,297,448
Specialty Retail — 2.1%
A.C. Moore Arts & Crafts, Inc. (a)		600		1,350
Aaron's, Inc.		13,210		249,141
Abercrombie & Fitch Company - Class A		3,300		141,438
Aéropostale, Inc. (a)		5,700		138,966
American Eagle Outfitters, Inc.		6,000		96,060
AnnTaylor Stores Corporation (a)		11,100		258,630
AutoNation, Inc. (a)		300		6,966
AutoZone, Inc. (a)		200		47,526
Barnes & Noble, Inc.		175,370		2,627,043
Bed Bath & Beyond, Inc. (a)		100		4,390
Best Buy Company, Inc.		3,100		133,238
Blockbuster, Inc. - Class A (a)		100,400		4,418
Brown Shoe Company, Inc.		14,739		173,183
Buckle, Inc. (The)		99,986		2,908,593
Build-A-Bear Workshop, Inc. (a)		1,839		12,928
Cabela's, Inc. - Class A (a)		69,836		1,294,759
Cache, Inc. (a)		167		833
Citi Trends, Inc. (a)		44,502		933,652
Collective Brands, Inc. (a)		39,100		599,403
Conn's, Inc. (a)		250,888		1,103,907

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Discretionary — 10.1% (Continued)
Specialty Retail — 2.1% (Continued)
Dick's Sporting Goods, Inc. (a)		4,700	$	135,454
DSW, Inc. - Class A (a)		48,300		1,606,941
Foot Locker, Inc.		44,500		708,885
GameStop Corporation - Class A (a)		1,600		31,456
Genesco, Inc. (a)		22,837		748,140
Group 1 Automotive, Inc. (a)		1,631		57,509
Guess?, Inc.		6,900		268,548
Hastings Entertainment, Inc. (a)		100		664
Haverty Furniture Companies, Inc. (a)		98,012		1,047,748
hhgregg, Inc. (a)		70,578		1,626,117
Hibbett Sports, Inc. (a)		18,300		493,185
J. Crew Group, Inc. (a)		7,800		249,522
Limited Brands, Inc.		300		8,817
Lowe's Companies, Inc.		700		14,931
Lumber Liquidators Holdings, Inc. (a)		83,918		2,020,746
MarineMax, Inc. (a)		37,332		279,243
Midas, Inc. (a)		1,159		8,530
Monro Muffler Brake, Inc.		100		4,774
OfficeMax, Inc. (a)		10,180		180,186
Penske Auto Group, Inc. (a)		600		8,070
Pep Boys - Manny Moe & Jack (The)		858		10,030
PetSmart, Inc.		500		18,715
Rent-A-Center, Inc.		2,500		62,850
Rue21, Inc. (a)		3,900		103,818
Sonic Automotive, Inc. - Class A (a)		105,999		1,157,509
Syms Corporation (a)		1,300		9,477
Talbots, Inc. (The) (a)		37,241		364,217
TJX Companies, Inc.		100		4,589
Ulta Salon Cosmetics & Fragrance, Inc. (a)		70,100		2,151,369
Urban Outfitters, Inc. (a)		100		3,077
Vitamin Shoppe, Inc. (a)		4,249		118,165
West Marine, Inc. (a)		8		79
Williams-Sonoma, Inc.		12,420		402,035
Winmark Corporation		603		19,851
Zale Corporation (a)		100		256
				24,661,927
Textiles, Apparel & Luxury Goods — 1.3%
Columbia Sportswear Company		46,415		2,425,184
Culp, Inc. (a)		7,681		77,885
Deckers Outdoor Corporation (a)		400		23,240
DGSE Companies, Inc. (a)		400		1,620
Fuqi International, Inc. (a)		128,213		950,058
G-III Apparel Group Ltd. (a)		29,255		772,332
Hanesbrands, Inc. (a)		3,100		76,880
Iconix Brand Group, Inc. (a)		34,500		603,750
Joe's Jeans, Inc. (a)		85,700		132,835
Jones Group, Inc. (The)		149,900		2,167,554
K-Swiss, Inc. - Class A (a)		17,957		218,357

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Discretionary — 10.1% (Continued)
Textiles, Apparel & Luxury Goods — 1.3% (Continued)
lululemon athletica, Inc. (a)		8,000	$	354,560
Movado Group, Inc. (a)		9,328		104,847
Phillips-Van Heusen Corporation		1,400		85,876
R.G. Barry Corporation		8,022		82,948
Rocky Brands, Inc. (a)		100		917
Skechers U.S.A., Inc. - Class A (a)		2,300		44,712
Steven Madden Ltd. (a)		1,300		54,990
True Religion Apparel, Inc. (a)		109,154		2,232,199
Under Armour, Inc. - Class A (a)		47,883		2,235,178
Volcom, Inc. (a)		114,751		1,970,275
				14,616,197
Consumer Staples — 2.8%
Beverages — 0.1%
Boston Beer Company, Inc. - Class A (a)		200		14,318
China New Borun Corporation (a)		8,370		122,453
Coca-Cola Company (The)		400		24,528
Coca-Cola Enterprises, Inc.		24,800		595,448
Hansen Natural Corporation (a)		500		25,605
Molson Coors Brewing Company - Class B		200		9,446
				791,798
Food & Staples Retailing — 0.7%
Costco Wholesale Corporation		400		25,108
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		1,524,602		5,244,631
Kroger Company (The)		400		8,800
Nash Finch Company		29,266		1,226,246
QKL Stores, Inc. (a)		200		1,086
Ruddick Corporation		22,500		785,250
Spartan Stores, Inc.		20,107		300,600
Sysco Corporation		100		2,946
United Natural Foods, Inc. (a)		9,200		328,992
Walgreen Company		10,300		348,964
Wal-Mart Stores, Inc.		400		21,668
Weis Markets, Inc.		7,271		283,278
Winn-Dixie Stores, Inc. (a)		1,692		11,336
				8,588,905
Food Products — 1.4%
American Dairy, Inc. (a)		74,227		754,888
American Lorain Corporation (a)		300		915
Calavo Growers, Inc.		21,672		475,267
Cal-Maine Foods, Inc.		86,689		2,511,380
China Marine Food Group Ltd. (a)		23,804		138,539
Chiquita Brands International, Inc. (a)		120,610		1,600,495
ConAgra Foods, Inc.		100		2,249
Dean Foods Company (a)		1,500		15,600
Diamond Foods, Inc.		41,746		1,845,173
Dole Food Company, Inc. (a)		186,246		1,717,188
Flowers Foods, Inc.		74,136		1,888,985
General Mills, Inc.		600		22,524

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Consumer Staples — 2.8% (Continued)
Food Products — 1.4% (Continued)
Green Mountain Coffee Roasters, Inc. (a)		1,200	$	39,588
Hain Celestial Group, Inc. (The) (a)		1,000		24,730
Harbinger Group, Inc. (a)		200		1,032
Hershey Company (The)		400		19,796
Imperial Sugar Company		8,123		103,162
Kellogg Company		300		15,078
Kraft Foods, Inc. - Class A		400		12,908
Lancaster Colony Corporation		10,969		547,134
Reddy Ice Holdings, Inc. (a)		600		2,094
Sara Lee Corporation		100		1,433
Seneca Foods Corporation - Class A (a)		3,300		76,230
Smart Balance, Inc. (a)		39,523		140,702
Tootsie Roll Industries, Inc.		58,299		1,530,349
TreeHouse Foods, Inc. (a)		26,200		1,223,540
Tyson Foods, Inc.		514		7,993
Yuhe International, Inc. (a)		19,390		155,508
Zhongpin, Inc. (a)		36,500		738,030
				15,612,510
Household Products — 0.0%
Central Garden & Pet Company - Class A (a)		6,500		67,925
Clorox Company		100		6,655
Colgate-Palmolive Company		400		30,848
Energizer Holdings, Inc. (a)		500		37,390
Kimberly Clark Corporation		200		12,668
				155,486
Personal Products — 0.3%
Avon Products, Inc.		400		12,180
China Sky One Medical, Inc. (a)		130,291		1,186,951
China-Biotics, Inc. (a)		165,373		2,073,777
Estée Lauder Companies, Inc. (The) - Class A		400		28,468
Medifast, Inc. (a)		7,110		169,787
Schiff Nutrition International, Inc. (a)		24,158		195,197
USANA Health Sciences, Inc. (a)		4,354		191,228
				3,857,588
Tobacco — 0.3%
Alliance One International, Inc. (a)		14,565		64,377
Altria Group, Inc.		100		2,542
Philip Morris International, Inc.		400		23,400
Star Scientific, Inc. (a)		329,792		659,584
Universal Corporation		64,500		2,672,880
				3,422,783
Energy — 4.4%
Energy Equipment & Services — 1.0%
Baker Hughes, Inc.		2,600		120,458
Bolt Technology Corporation (a)		355		3,944
Bristow Group, Inc. (a)		23,500		911,330
Bronco Drilling Company, Inc. (a)		21,548		90,933
Cameron International Corporation (a)		400		17,500

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Energy — 4.4% (Continued)
Energy Equipment & Services — 1.0% (Continued)
Dawson Geophysical Company (a)		23,717	$	589,130
ENGlobal Corporation (a)		400		1,156
Exterran Holdings, Inc. (a)		41,420		1,042,541
FMC Technologies, Inc. (a)		400		28,840
Geokinetics, Inc. (a)		7,180		48,968
Gulfmark Offshore, Inc. - Class A (a)		6,018		178,193
Halliburton Company		841		26,794
Helmerich & Payne, Inc.		1,082		46,288
Hercules Offshore, Inc. (a)		108,098		255,111
Hornbeck Offshore Services, Inc. (a)		44,780		995,907
Key Energy Services, Inc. (a)		8,100		79,785
Matrix Service Company (a)		6,344		57,603
Natural Gas Services Group, Inc. (a)		2,645		41,659
Newpark Resources, Inc. (a)		379,034		2,228,720
PHI, Inc. (a)		3,165		55,293
Royale Energy, Inc. (a)		1,600		3,232
Seahawk Drilling, Inc. (a)		118,351		1,192,978
SulphCo, Inc. (a)		255,735		63,934
Tesco Corporation (a)		16,300		206,358
Tidewater, Inc.		65,205		3,007,907
				11,294,562
Oil, Gas & Consumable Fuels — 3.4%
Alliance Holdings GP, L.P.		400		16,604
Alliance Resource Partners, L.P.		2,569		151,160
Alpha Natural Resources, Inc. (a)		900		40,653
American Oil & Gas, Inc. (a)		107,978		932,930
Anadarko Petroleum Corporation		1,200		73,884
Apache Corporation		400		40,408
Arch Coal, Inc.		500		12,295
ATP Oil & Gas Corporation (a)		81,530		1,170,771
BP Prudhoe Bay Royalty Trust		1,408		144,757
BPZ Resources, Inc. (a)		418,182		1,555,637
Callon Petroleum Company (a)		28,652		141,254
Carrizo Oil & Gas, Inc. (a)		68,500		1,617,970
Cheniere Energy Partners, L.P.		6,200		118,916
Cheniere Energy, Inc. (a)		286,885		940,983
Chesapeake Energy Corporation		300		6,510
Chevron Corporation		100		8,261
China Integrated Energy, Inc. (a)		55,912		463,511
Cimarex Energy Company		100		7,675
Clean Energy Fuels Corporation (a)		148,647		2,158,354
Cloud Peak Energy, Inc. (a)		8,723		151,519
Comstock Resources, Inc. (a)		25,438		568,539
CONSOL Energy, Inc.		700		25,732
Copano Energy, LLC		2,700		75,492
Crosstex Energy, Inc.		4		32
Crosstex Energy, L.P.		51,023		713,812
DCP Midstream Partners, L.P.		12,041		429,623

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Energy — 4.4% (Continued)
Oil, Gas & Consumable Fuels — 3.4% (Continued)
Devon Energy Corporation		100	$	6,502
DHT Holdings, Inc.		99,610		428,323
El Paso Corporation		50		663
Enbridge Energy Management, LLC (a)		4,904		292,671
Endeavour International Corporation (a)		54,211		74,811
Energy Partners Ltd. (a)		28,500		318,345
Enterprise GP Holdings, L.P.		700		44,800
EOG Resources, Inc.		100		9,572
EQT Corporation		1,100		41,184
Equal Energy Ltd. (a)		200		976
Forest Oil Corporation (a)		5,720		175,776
GeoGlobal Resources, Inc. (a)		22,523		18,014
GMX Resources, Inc. (a)		204,378		915,613
Golar LNG Ltd.		13,445		178,281
Goodrich Petroleum Corporation (a)		5,316		72,510
Green Plains Renewable Energy, Inc. (a)		23,596		262,388
GreenHunter Energy, Inc. (a)		1,400		1,204
Houston American Energy Corporation		159,742		2,244,375
Hyperdynamics Corporation (a)		41,749		102,285
Inergy Holdings, L.P.		575		17,365
Inergy, L.P.		5,100		200,226
Isramco, Inc. (a)		100		5,730
James River Coal Company (a)		34,414		595,706
Kinder Morgan Management, LLC (a)		15,421		951,029
K-Sea Transportation Partners, L.P.		2,142		8,547
L & L Energy, Inc. (a)		84,096		687,064
Linn Energy, LLC		500		17,490
Lucas Energy, Inc. (a)		5,400		10,962
Magellan Petroleum Corporation (a)		400		812
Magnum Hunter Resources Corporation (a)		35,109		167,821
Mariner Energy, Inc. (a)		200		4,984
MarkWest Energy Partners, L.P.		10,000		381,200
Massey Energy Company		8,305		349,391
Miller Petroleum, Inc. (a)		200,106		1,100,583
Natural Resource Partners, L.P.		1,200		34,800
Nordic American Tanker Shipping Ltd.		44,000		1,145,320
NuStar Energy, L.P.		795		50,085
Occidental Petroleum Corporation		100		7,863
Overseas Shipholding Group, Inc.		11,800		394,474
Panhandle Oil & Gas, Inc.		17		420
Patriot Coal Corporation (a)		49,800		671,802
Penn Virginia Corporation		138,416		2,051,325
Penn Virginia Resource Partners, L.P.		27,341		736,840
Petrohawk Energy Corporation (a)		15,700		267,057
PetroQuest Energy, Inc. (a)		58,137		324,404
Pioneer Natural Resources Company		600		41,880
Provident Energy Trust		2,000		15,360
Range Resources Corporation		100		3,739

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Energy — 4.4% (Continued)
Oil, Gas & Consumable Fuels — 3.4% (Continued)
Rentech, Inc. (a)		76,911	$	91,524
Resolute Energy Corporation (a)		46,200		554,862
Rex Energy Corporation (a)		152,002		1,872,665
SandRidge Energy, Inc. (a)		186,245		1,018,760
Scorpio Tankers, Inc. (a)		4,393		51,310
Ship Finance International Ltd.		9,700		195,067
Southwestern Energy Company (a)		200		6,770
Spectra Energy Corporation		100		2,377
Swift Energy Company (a)		55,900		1,780,415
TC PipeLines, L.P.		2,432		119,776
Teekay LNG Partners, L.P.		6,700		230,078
Tesoro Corporation		3,500		45,360
TransAtlantic Petroleum Ltd. (a)		15,428		47,055
TransCanada Corporation		700		25,865
Tri-Valley Corporation (a)		62,216		45,356
Uranerz Energy Corporation (a)		1,000		2,240
Uranium Energy Corporation (a)		69,898		270,505
USEC, Inc. (a)		382,830		2,055,797
Venoco, Inc. (a)		4,025		62,307
Verenium Corporation (a)		28,634		109,668
W&T Offshore, Inc.		92,630		1,007,814
Western Refining, Inc. (a)		234,581		1,559,964
Whiting Petroleum Corporation (a)		500		50,220
Whiting USA Trust I		5,346		123,279
Williams Companies, Inc.		900		19,368
Williams Partners, L.P.		100		4,410
World Fuel Services Corporation		2,640		74,527
Zion Oil & Gas, Inc. (a)		29,020		151,775
				38,578,968
Financials — 10.3%
Capital Markets — 0.9%
AllianceBernstein Holding, L.P.		6,701		163,504
Apollo Investment Corporation		617		6,781
Arlington Asset Investment Corporation		11,874		281,295
BGC Partners, Inc. - Class A		85,859		595,861
BlackRock, Inc. - Class A		600		102,594
Blackstone Group, L.P. (The)		10,500		141,540
Deutsche Bank AG		3,794		219,597
Duff & Phelps Corporation		1,376		19,181
Eaton Vance Corporation		11,700		336,609
Evercore Partners, Inc. - Class A		1,300		39,468
FBR Capital Markets Corporation (a)		77,358		273,847
Federated Investors, Inc. - Class B		6,075		151,328
Franklin Resources, Inc.		400		45,880
Gladstone Capital Corporation		22,267		255,403
Goldman Sachs Group, Inc. (The)		600		96,570
Greenhill & Company, Inc.		14,300		1,110,681
Janus Capital Group, Inc.		299,380		3,161,453

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Capital Markets — 0.9% (Continued)
JMP Group, Inc.		411	$	2,733
KBW, Inc.		2,719		68,791
Knight Capital Group, Inc. (a)		103,659		1,350,677
Morgan Stanley		400		9,948
Oppenheimer Holdings, Inc.		1,184		30,133
Penson Worldwide, Inc. (a)		153,550		790,783
Raymond James Financial, Inc.		1,000		28,220
Rodman & Renshaw Capital Group, Inc. (a)		300		861
Sanders Morris Harris Group, Inc.		4,683		27,161
SEI Investments Company		18,800		416,420
State Street Corporation		500		20,880
Stifel Financial Corporation (a)		1,400		66,346
SWS Group, Inc.		20,635		141,762
U.S. Global Investors, Inc.		19,672		155,606
				10,111,913
Commercial Banks — 4.9%
1st Source Corporation		3,700		65,379
Ameris Bancorp (a)		1,314		12,181
Arrow Financial Corporation		572		13,951
Associated Banc-Corp		39,860		505,026
Auburn National Bancorporation, Inc.		200		4,112
BancFirst Corporation		3,349		137,644
Bancorp, Inc. (The) (a)		2,100		15,729
BancorpSouth, Inc.		136,163		1,795,990
BancTrust Financial Group, Inc. (a)		800		2,336
Bank of the Ozarks, Inc.		49,699		1,889,059
Bar Harbor Bankshares		100		2,719
Bridge Bancorp, Inc.		1,000		23,280
Capital City Bank Group, Inc.		18,648		222,844
Capitol Bancorp Ltd. (a)		12,354		14,084
Cascade Bancorp, Inc. (a)		43,934		23,285
Cathay General Bancorp		83,322		1,133,179
CenterState Banks, Inc.		1,009		7,467
Central Pacific Financial Corporation (a)		1,000		1,520
Chemical Financial Corporation		4,880		98,966
Citizens Holding Company		301		5,620
City Bank (a)		13,068		1,568
City Holding Company		85,739		2,717,926
City National Corporation		4,403		227,063
CoBiz Financial, Inc.		113,043		547,128
Colonial Bancgroup, Inc. (The) (a)		108,955		1,416
Columbia Banking Systems, Inc.		73,008		1,329,476
Community Bank System, Inc.		100,362		2,345,460
Community Trust Bancorp, Inc.		557		15,212
Cullen/Frost Bankers, Inc.		1,400		73,416
CVB Financial Corporation		364,789		2,776,044
Danvers Bancorp, Inc.		1,280		19,238
Eagle Bancorp, Inc. (a)		2,621		32,396

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Commercial Banks — 4.9% (Continued)
First BanCorp (North Carolina)		8,718	$	116,734
First BanCorp (Puerto Rico) (a)		1,600		488
First Busey Corporation		114,625		531,860
First Commonwealth Financial Corporation		86,720		504,710
First Financial Bankshares, Inc.		34,041		1,608,778
First Horizon National Corporation (a)		84,501		852,613
First South Bancorp, Inc.		4,887		49,065
FNB Corporation		118,841		1,010,148
Frontier Financial Corporation (a)		8,859		1,081
Glacier Bancorp, Inc.		86,300		1,121,900
Great Southern Bancorp, Inc.		15,525		349,157
Green Bankshares, Inc. (a)		16,753		64,667
Hanmi Financial Corporation (a)		229,587		268,617
Independent Bank Corporation		73,218		1,719,891
International Bancshares Corporation		121,694		2,084,618
Lakeland Bancorp, Inc.		23,362		216,566
Lakeland Financial Corporation		313		5,944
Macatawa Bank Corporation (a)		707		1,329
Marshall & Ilsley Corporation		5,800		34,278
National Penn Bancshares, Inc.		220,520		1,431,175
Old Second Bancorp, Inc.		44,084		86,845
Oriental Financial Group, Inc.		5,800		76,734
Pacific Capital Bancorp (a)		200		128
PacWest Bancorp		82,141		1,431,718
Park National Corporation		45,397		2,966,694
Penns Woods Bancorp, Inc.		83		2,735
Pinnacle Financial Partners, Inc. (a)		154,548		1,763,393
Popular, Inc. (a)		51,600		140,868
Premierwest Bancorp, Inc. (a)		68,742		27,098
Regions Financial Corporation		800		5,040
Renasant Corporation		58,860		962,361
Republic Bancorp, Inc. - Class A		3,742		76,486
S&T Bancorp, Inc.		109,109		2,138,536
S.Y. Bancorp, Inc.		4,780		117,110
Sandy Spring Bancorp, Inc.		13,279		231,055
SCBT Financial Corporation		4,667		142,483
Seacoast Banking Corporation of Florida (a)		790		987
Security Bank Corporation (a)		32,973		—
Sierra Bancorp		1,300		13,533
Simmons First National Coporation - Class A		2,078		56,501
Southern Connecticut Bancorp, Inc. (a)		200		1,190
Southside Bancshares, Inc.		11,183		210,352
Sterling Bancorp		3,200		30,048
Suffolk Bancorp		25,908		671,017
SunTrust Banks, Inc.		300		7,506
Synovus Financial Corporation		49,600		107,136
Taylor Capital Group, Inc. (a)		35,736		430,976
TCF Financial Corporation		103,100		1,356,796

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Commercial Banks — 4.9% (Continued)
Texas Capital Bancshares, Inc. (a)		195,872	$	3,555,077
Tompkins Financial Corporation		7,466		288,188
Tower Bancorp, Inc.		4,200		90,804
Towne Bank		76,804		1,113,658
Trico Bancshares		6,839		106,620
Trustmark Corporation		7,852		173,451
U.S. Bancorp		1,700		41,106
UMB Financial Corporation		700		25,942
Union First Market Bankshares Corporation		500		6,430
United Bankshares, Inc.		106,659		2,849,928
United Security Bancshares		1,018		9,366
United Security Bancshares, Inc. (a)		2,315		11,343
Univest Corporation of Pennsylvania		2,337		44,076
Valley National Bancorp		21,200		282,808
Washington Trust Bancorp, Inc.		4,112		82,610
Webster Financial Corporation		46,400		794,368
WesBanco, Inc.		5,253		87,252
West Coast Bancorp (a)		34,785		91,484
Westamerica Bancorporation		41,751		2,088,385
Western Alliance Bancorporation (a)		260,267		1,572,013
Whitney Holding Corporation		54,796		453,711
Wilmington Trust Corporation		9,900		70,389
Wilshire Bancorp, Inc.		186,800		1,253,428
Zions Bancorporation		12,600		260,316
				56,442,412
Consumer Finance — 0.3%
Advance America, Cash Advance Centers, Inc.		28,872		144,071
American Express Company		200		8,292
Cash America International, Inc.		8,089		284,975
CompuCredit Holdings Corporation (a)		42,574		239,692
First Marblehead Corporation (The) (a)		19,313		43,068
Green Dot Corporation - Class A (a)		1,100		55,880
SLM Corporation (a)		100		1,190
World Acceptance Corporation (a)		57,337		2,474,092
				3,251,260
Diversified Financial Services — 0.7%
CBOE Holdings, Inc.		24,013		576,552
IntercontinentalExchange, Inc. (a)		100		11,487
JPMorgan Chase & Company		100		3,763
Life Partners Holdings, Inc.		164,522		3,053,528
Moody's Corporation		2,700		73,062
NASDAQ OMX Group, Inc. (The) (a)		2,020		42,461
NewStar Financial, Inc. (a)		10,574		80,468
PHH Corporation (a)		184,500		3,555,315
Portfolio Recovery Associates, Inc. (a)		7,525		504,551
Primus Guaranty Ltd. (a)		1,700		8,449
				7,909,636

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Insurance — 0.7%
American Equity Investment Life Holding Company		31,500	$	341,775
American International Group, Inc. (a)		39,300		1,650,993
AMERISAFE, Inc. (a)		2,490		47,534
AmTrust Financial Services, Inc.		22,240		332,933
Assured Guaranty Ltd.		1,100		20,955
Berkshire Hathaway, Inc. - Class B (a)		100		7,956
Citizens, Inc. (a)		50		346
Crawford & Company - Class B (a)		2,482		6,354
Donegal Group, Inc. - Class A		100		1,385
eHealth, Inc. (a)		52,157		704,641
Fidelity National Financial, Inc. - Class A		6,300		84,357
First American Financial Corporation		75,112		1,054,572
FPIC Insurance Group, Inc. (a)		1,342		47,534
Gerova Financial Group Ltd. (a)		800		4,560
Lincoln National Corporation		300		7,344
Marsh & McLennan Companies, Inc.		100		2,498
Mercer Insurance Group, Inc.		680		12,478
Montpelier Re Holdings Ltd.		7,800		142,896
National Financial Partners Corporation (a)		6,600		91,080
Old Republic International Corporation		22,240		293,568
Primerica, Inc.		7,593		160,364
RLI Corporation		13,456		772,644
StanCorp Financial Group, Inc.		6,400		274,560
Stewart Information Services Corporation		154,477		1,671,441
Tower Group, Inc.		16,708		405,670
W.R. Berkley Corporation		800		22,016
Wesco Financial Corporation		159		57,781
				8,220,235
Real Estate Investment Trusts — 2.2%
Alexandria Real Estate Equities, Inc.		3,280		241,014
AMB Property Corporation		1,200		33,828
American Campus Communities, Inc.		6,000		189,780
American Capital Agency Corporation		3,400		97,648
Ashford Hospitality Trust (a)		91,771		931,476
Capital Trust, Inc. - Class A (a)		78,877		115,160
CapLease, Inc.		245,573		1,439,058
Capstead Mortgage Corporation		9,090		103,626
CBL & Associates Properties, Inc.		102,500		1,607,200
Colony Financial, Inc.		4,200		79,632
Corporate Office Properties Trust		8,500		301,665
Cousins Properties, Inc.		4,420		32,752
DCT Industrial Trust, Inc.		127,400		638,274
Developers Diversified Realty Corporation		32,037		413,277
Douglas Emmett, Inc.		2,900		52,026
Dupont Fabros Technology, Inc.		30,600		768,060
Education Realty Trust, Inc.		142,942		1,072,065
Entertainment Properties Trust		27,800		1,285,194
Equity Lifestyle Properties, Inc.		1,900		108,148

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Real Estate Investment Trusts — 2.2% (Continued)
Essex Property Trust, Inc.		1,900	$	214,624
First Industrial Realty Trust, Inc. (a)		63,329		464,202
Franklin Street Properties Corporation		6,200		82,770
Hatteras Financial Corporation		8,300		243,024
iStar Financial, Inc. (a)		1,119,662		5,116,855
Lexington Realty Trust		119,575		930,294
Liberty Property Trust		1,000		33,460
Medical Properties Trust, Inc.		8,338		93,302
National Retail Properties, Inc.		35,000		948,500
Nationwide Health Properties, Inc.		700		28,581
New York Mortgage Trust, Inc.		100		636
Omega Healthcare Investors, Inc.		6,700		154,100
Parkway Properties, Inc.		65,653		1,021,561
Pennsylvania Real Estate Investment Trust		45,363		647,330
PennyMac Mortgage Investment Trust		12,769		220,393
Post Properties, Inc.		20,655		628,738
Potlatch Corporation		1,100		37,455
Redwood Trust, Inc.		51,706		733,191
Strategic Hotels & Resorts, Inc. (a)		1		5
Sun Communities, Inc.		72,930		2,378,247
Sunstone Hotel Investors, Inc. (a)		21,400		232,190
Tanger Factory Outlet Centers, Inc.		2,000		95,840
Taubman Centers, Inc.		1,400		64,988
Terreno Realty Corporation (a)		1,400		25,368
UMH Properties, Inc.		73		773
Walter Investment Management Corporation		3,180		58,258
Washington Real Estate Investment Trust		2,000		64,060
Weingarten Realty Investors		44,788		1,080,734
				25,109,362
Real Estate Management & Development — 0.2%
China Housing & Land Development, Inc. (a)		34,400		82,216
Forest City Enterprises, Inc. (a)		600		8,754
Jones Lang LaSalle, Inc.		3,446		268,995
Kennedy-Wilson Holdings, Inc. (a)		1,563		16,677
St. Joe Company (The) (a)		100,667		2,032,467
				2,409,109
Thrifts & Mortgage Finance — 0.4%
Astoria Financial Corporation		17,000		211,140
Bank Mutual Corporation		13		63
BankAtlantic Bancorp, Inc. (a)		62,296		56,378
Berkshire Hills Bancorporation, Inc.		7,108		137,469
BofI Holding, Inc. (a)		32,074		412,472
Dime Community Bancshares, Inc.		9,386		136,942
ESSA Bancorp, Inc.		7		88
Federal Agricultural Mortgage Corporation - Class C		55,237		650,139
First Niagara Financial Group, Inc.		7,006		83,021
First PacTrust Bancorp, Inc.		3,500		40,250
FirstFed Financial Corporation (a)		23,697		237

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Financials — 10.3% (Continued)
Thrifts & Mortgage Finance — 0.4% (Continued)
Guaranty Financial Group, Inc. (a)		62,759	$	627
MGIC Investment Corporation (a)		35,780		315,580
NASB Financial, Inc.		300		4,974
New York Community Bancorp, Inc.		400		6,772
Ocwen Financial Corporation (a)		22,073		190,490
Provident Financial Services, Inc.		16,081		203,264
Roma Financial Corporation		100		991
Territorial Bancorp, Inc.		600		10,182
Triad Guaranty, Inc. (a)		9,250		2,220
TrustCo Bank Corporation		325,526		1,754,585
Waterstone Financial, Inc. (a)		187		699
Westfield Financial, Inc.		2,653		22,418
				4,241,001
Health Care — 7.5%
Biotechnology — 2.2%
Accentia Biopharmaceuticals, Inc. (a)		900		1,287
Achillion Pharmaceuticals, Inc. (a)		6,500		18,590
Acorda Therapeutics, Inc. (a)		52,200		1,411,488
ADVENTRX Pharmaceuticals, Inc. (a)		6,400		13,504
Allos Therapeutics, Inc. (a)		321,341		1,278,937
Alnylam Pharmaceuticals, Inc. (a)		80,743		1,060,963
Amgen, Inc. (a)		100		5,719
Amylin Pharmaceuticals, Inc. (a)		3,190		41,566
Anadys Pharmaceuticals, Inc. (a)		1,700		2,465
ARCA biopharma, Inc. (a)		1,600		6,224
Arena Pharmaceuticals, Inc. (a)		528,246		871,606
AspenBio Pharma, Inc. (a)		2,227		1,514
AVI BioPharma, Inc. (a)		63,898		135,464
BioCryst Pharmaceuticals, Inc. (a)		61,070		302,907
Biogen Idec, Inc. (a)		700		43,897
BioMarin Pharmaceutical, Inc. (a)		43,400		1,135,344
BioSante Pharmaceuticals, Inc. (a)		54,308		81,462
BioSpecifics Technologies Corporation (a)		584		16,060
BioTime, Inc. (a)		111,999		671,994
Celgene Corporation (a)		400		24,828
Cell Therapeutics, Inc. (a)		524,206		197,101
CEL-SCI Corporation (a)		21,600		14,835
Cephalon, Inc. (a)		400		26,576
Chelsea Therapeutics International Ltd. (a)		25,233		128,688
China Biologic Products, Inc. (a)		6,433		62,979
Clinical Data, Inc. (a)		2,737		51,976
Codexis, Inc. (a)		300		3,072
Cyclacel Pharmaceuticals, Inc. (a)		700		1,148
Cytori Therapeutics, Inc. (a)		155,886		757,606
CytRx Corporation (a)		3,500		3,024
DARA BioSciences, Inc. (a)		600		1,398
Dendreon Corporation (a)		1,300		47,450
Exact Sciences Corporation (a)		26,740		183,436

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Health Care — 7.5% (Continued)
Biotechnology — 2.2% (Continued)
Genomic Health, Inc. (a)		9,584	$	135,709
GenVec, Inc. (a)		70,332		40,793
GTx, Inc. (a)		244,074		683,407
Hemispherx Biopharma, Inc. (a)		41,460		21,456
Human Genome Sciences, Inc. (a)		1,000		26,880
ImmunoGen, Inc. (a)		2,300		18,906
Immunomedics, Inc. (a)		99,703		391,833
Incyte Corporation (a)		33,612		559,976
Insmed, Inc. (a)		4,880		3,558
Introgen Therapeutics, Inc. (a)		45,612		114
Isis Pharmaceuticals, Inc. (a)		61,417		561,351
Keryx Biopharmaceuticals, Inc. (a)		95,600		493,296
Ligand Pharmaceuticals, Inc. - Class B (a)		200		324
MannKind Corporation (a)		250,133		1,595,849
Marina Biotech, Inc. (a)		2,100		4,389
Martek Biosciences Corporation (a)		8,091		177,597
Medivation, Inc. (a)		71,207		822,441
Metabolix, Inc. (a)		226,715		3,164,941
Momenta Pharmaceuticals, Inc. (a)		53,487		893,768
Myriad Genetics, Inc. (a)		14,300		284,999
Nabi Biopharmaceuticals (a)		77,277		379,430
Neuralstem, Inc. (a)		14,309		31,909
NeurogesX, Inc. (a)		12,682		88,394
Novavax, Inc. (a)		315,477		766,609
Nymox Pharmaceutical Corporation (a)		1,800		7,560
Omeros Corporation (a)		12,275		98,445
OncoGenex Pharmaceuticals, Inc. (a)		17,397		274,699
Oncothyreon, Inc. (a)		6,700		23,048
Opexa Therapeutics, Inc. (a)		2,800		4,228
Orexigen Therapeutics, Inc. (a)		223,058		1,179,977
Osiris Therapeutics, Inc. (a)		4,969		36,522
Pharmacyclics, Inc. (a)		154,500		945,540
Poniard Pharmaceuticals, Inc. (a)		1,448		771
Progenics Pharmaceuticals, Inc. (a)		27,583		129,640
PROLOR Biotech, Inc. (a)		9,168		55,100
Protalix BioTherapeutics, Inc. (a)		7,751		74,875
Rexahn Pharmaceuticals, Inc. (a)		22,636		25,126
Rigel Pharmaceuticals, Inc. (a)		11,425		94,942
RXi Pharmaceuticals Corporation (a)		20,330		67,902
Savient Pharmaceuticals, Inc. (a)		20,800		258,128
SIGA Technologies, Inc. (a)		6,340		84,005
Spectrum Pharmaceuticals, Inc. (a)		239,529		1,017,998
StemCells, Inc. (a)		371		330
Synta Pharmaceuticals Corporation (a)		3,003		11,111
Theravance, Inc. (a)		9,600		195,648
Vanda Pharmaceuticals, Inc. (a)		58,191		425,376
Vertex Pharmaceuticals, Inc. (a)		600		22,998

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Health Care — 7.5% (Continued)
Biotechnology — 2.2% (Continued)
ZIOPHARM Oncology, Inc. (a)		25,158	$	108,431
				24,895,437
Health Care Equipment & Supplies — 2.6%
Abaxis, Inc. (a)		7,096		170,375
Abiomed, Inc. (a)		154,094		1,588,709
Alere, Inc. (a)		51,240		1,514,142
Alimera Sciences, Inc. (a)		187		2,010
ArthroCare Corporation (a)		4,646		126,743
Baxter International, Inc.		400		20,360
Becton, Dickinson and Company		400		30,208
Boston Scientific Corporation (a)		21,917		139,830
BSD Medical Corporation (a)		89,638		425,781
CareFusion Corporation (a)		1,400		33,796
Cerus Corporation (a)		94,935		312,336
Conceptus, Inc. (a)		89,129		1,266,523
CONMED Corporation (a)		5,200		114,452
Cooper Companies, Inc. (The)		15,700		774,638
Cutera, Inc. (a)		200		1,446
Delcath Systems, Inc. (a)		140,700		1,194,543
Edwards Lifesciences Corporation (a)		1,000		63,910
Greatbatch, Inc. (a)		68,020		1,479,435
Haemonetics Corporation (a)		10,000		546,500
Hill-Rom Holdings, Inc.		3,000		116,250
Hospira, Inc. (a)		400		23,792
ICU Medical, Inc. (a)		41,805		1,525,882
Insulet Corporation (a)		95,195		1,518,360
Integra LifeSciences Holdings Corporation (a)		1,400		60,228
Intuitive Surgical, Inc. (a)		100		26,295
Invacare Corporation		48,829		1,318,383
Kensey Nash Corporation (a)		57,804		1,558,396
Kinetic Concepts, Inc. (a)		5,100		193,953
MAKO Surgical Corporation (a)		174,761		1,883,924
Masimo Corporation (a)		45,100		1,360,667
MELA Sciences, Inc. (a)		526,754		3,961,190
Meridian Bioscience, Inc.		38,500		881,265
NuVasive, Inc. (a)		19,300		505,660
OraSure Technologies, Inc. (a)		23,491		95,608
Quidel Corporation (a)		172,551		1,994,690
ResMed, Inc. (a)		200		6,374
Rockwell Medical Technologies, Inc. (a)		2,107		17,952
SonoSite, Inc. (a)		3,009		93,791
Spectranetics Corporation (The) (a)		47		221
Stereotaxis, Inc. (a)		403,716		1,594,678
STERIS Corporation		5,059		173,119
SurModics, Inc. (a)		25,266		302,181
Syneron Medical Ltd. (a)		1,300		13,689
Synovis Life Technologies, Inc. (a)		427		6,405
Thoratec Corporation (a)		4,400		143,616

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Health Care — 7.5% (Continued)
Health Care Equipment & Supplies — 2.6% (Continued)
Unilife Corporation (a)		2,086	$	11,932
Uroplasty, Inc. (a)		500		2,325
Varian Medical Systems, Inc. (a)		200		12,644
West Pharmaceutical Services, Inc.		20,403		728,183
Zimmer Holdings, Inc. (a)		400		18,976
				29,956,366
Health Care Providers & Services — 1.3%
Air Methods Corporation (a)		33,554		1,372,359
Amedisys, Inc. (a)		33,420		850,873
American Dental Partners, Inc. (a)		800		9,328
AMERIGROUP Corporation (a)		11,400		475,722
Bio-Reference Laboratories, Inc. (a)		64,974		1,400,839
BioScrip, Inc. (a)		13,528		76,163
Brookdale Senior Living, Inc. (a)		7,200		135,216
Chemed Corporation		900		53,046
CIGNA Corporation		400		14,076
Emeritus Corporation (a)		127,054		2,369,557
Express Scripts, Inc. (a)		400		19,408
Gentiva Health Services, Inc. (a)		3,600		83,808
HealthSouth Corporation (a)		88,021		1,592,300
Henry Schein, Inc. (a)		100		5,615
HMS Holdings Corporation (a)		4,500		270,495
Humana, Inc. (a)		500		29,145
IPC The Hospitalist Company, Inc. (a)		3,008		96,346
Kindred Healthcare, Inc. (a)		1,809		24,819
Laboratory Corporation of America Holdings (a)		100		8,132
Landauer, Inc.		1,500		91,635
LHC Group, Inc. (a)		14,400		387,360
Lincare Holdings, Inc.		100		2,622
Magellan Health Services, Inc. (a)		670		32,160
Medco Health Solutions, Inc. (a)		700		36,771
Mednax, Inc. (a)		6,780		401,444
MWI Veterinary Supply, Inc. (a)		7,499		428,943
Omnicare, Inc.		1,800		43,416
Patterson Companies, Inc.		7,800		215,670
Prospect Medical Holdings, Inc. (a)		6,583		55,561
PSS World Medical, Inc. (a)		55,012		1,299,934
Quest Diagnostics, Inc.		400		19,656
Select Medical Holdings Corporation (a)		14,251		106,597
Sharps Compliance Corporation (a)		4,100		18,245
Skilled Healthcare Group, Inc. - Class A (a)		13,774		51,652
UnitedHealth Group, Inc.		400		14,420
Universal American Corporation (a)		9,600		154,368
WellCare Health Plans, Inc. (a)		84,601		2,350,216
				14,597,917
Health Care Technology — 0.3%
athenahealth, Inc. (a)		36,339		1,452,470
iCad, Inc. (a)		400		584

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Health Care — 7.5% (Continued)
Health Care Technology — 0.3% (Continued)
MedAssets, Inc. (a)		1,400	$	25,956
MedQuist, Inc. (a)		14,372		121,874
Quality Systems, Inc.		27,703		1,780,195
				3,381,079
Life Sciences Tools & Services — 0.1%
Affymetrix, Inc. (a)		2,200		9,856
Albany Molecular Research, Inc. (a)		5,112		32,717
Apricus Biosciences, Inc. (a)		6,600		11,682
Arrowhead Research Corporation (a)		13,984		13,822
Caliper Life Sciences, Inc. (a)		4,186		18,837
Compugen Ltd. (a)		100		462
Covance, Inc. (a)		5,200		244,348
eResearchTechnology, Inc. (a)		13		99
Furiex Pharmaceuticals, Inc. (a)		358		4,120
Life Technologies Corporation (a)		400		20,072
Mettler-Toledo International, Inc. (a)		700		91,392
Sequenom, Inc. (a)		204,574		1,299,045
				1,746,452
Pharmaceuticals — 1.0%
Abbott Laboratories		400		20,528
Acura Pharmaceuticals, Inc. (a)		4,424		11,591
Adolor Corporation (a)		400		496
Alexza Pharmaceuticals, Inc. (a)		137,838		143,352
Angiotech Pharmaceuticals, Inc. (a)		1,331		675
Aoxing Pharmaceutical Company, Inc. (a)		5,277		13,351
Ardea Biosciences, Inc. (a)		66,640		1,420,765
Auxilium Pharmaceuticals, Inc. (a)		77,312		1,913,472
AVANIR Pharmaceuticals, Inc. - Class A (a)		236,940		575,764
Biodel, Inc. (a)		71,219		257,101
BioMimetic Therapeutics, Inc. (a)		71,641		812,409
BMP Sunstone Corporation (a)		9,400		92,496
Bristol-Myers Squibb Company		400		10,760
Cadence Pharmaceuticals, Inc. (a)		220,779		1,960,518
Eli Lilly & Company		400		14,080
Generex Biotechnology Corporation (a)		61,100		20,774
Hi-Tech Pharmacal Company, Inc. (a)		16,000		346,080
Jiangbo Pharmaceuticals, Inc. (a)		1,269		8,502
Johnson & Johnson		400		25,468
Merck & Company, Inc.		400		14,512
Nektar Therapeutics (a)		55,200		804,264
NeoStem, Inc. (a)		19,715		37,064
Oculus Innovative Sciences, Inc. (a)		4,900		7,595
Optimer Pharmaceuticals, Inc. (a)		62,651		588,293
Pain Therapeutics, Inc. (a)		4,809		36,933
Perrigo Company		400		26,352
Pfizer, Inc.		1,400		24,360
Questcor Pharmaceuticals, Inc. (a)		10,205		125,215
Raptor Pharmaceutical Corporation (a)		11,114		37,343

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Health Care — 7.5% (Continued)
Pharmaceuticals — 1.0% (Continued)
Salix Pharmaceuticals Ltd. (a)		10,966	$	414,844
Somaxon Pharmaceuticals, Inc. (a)		229,209		641,785
VIVUS, Inc. (a)		15,880		122,911
XenoPort, Inc. (a)		107,155		830,451
				11,360,104
Industrials — 9.0%
Aerospace & Defense — 0.4%
AeroVironment, Inc. (a)		24,125		565,973
American Science & Engineering, Inc.		1,667		137,277
Applied Energetics, Inc. (a)		13,332		13,865
Arotech Corporation (a)		1,100		2,134
Ascent Solar Technologies, Inc. (a)		37,009		161,729
Curtiss-Wright Corporation		13		401
DigitalGlobe, Inc. (a)		573		18,709
GenCorp, Inc. (a)		134,964		657,275
HEICO Corporation		28,415		1,414,499
Herley Industries, Inc. (a)		1,895		31,476
Precision Castparts Corporation		400		54,632
Taser International, Inc. (a)		359,873		1,425,097
				4,483,067
Air Freight & Logistics — 0.2%
Atlas Air Worldwide Holdings, Inc. (a)		4,408		230,362
FedEx Corporation		400		35,088
Hub Group, Inc. (a)		2,888		93,773
Pacer International, Inc. (a)		93,452		520,528
United Parcel Service, Inc. - Class B		300		20,202
UTi Worldwide, Inc.		66,900		1,285,818
				2,185,771
Airlines — 1.0%
Allegiant Travel Company (a)		83,144		3,915,251
AMR Corporation (a)		497,060		3,916,833
Delta Air Lines, Inc. (a)		10,300		143,067
JetBlue Airways Corporation (a)		174,481		1,217,877
Pinnacle Airlines Corporation (a)		1,582		9,112
Republic Airways Holdings, Inc. (a)		156,948		1,458,047
United Continental Holdings, Inc. (a)		28,125		816,750
				11,476,937
Building Products — 0.7%
A.O. Smith Corporation		44,600		2,498,938
AAON, Inc.		73,299		1,799,490
American Woodmark Corporation		22,760		402,852
Apogee Enterprises, Inc.		55,081		577,800
Builders FirstSource, Inc. (a)		231,377		467,381
Insteel Industries, Inc.		34,203		293,804
Owens Corning, Inc. (a)		14,420		389,917
Simpson Manufacturing Company, Inc.		2,100		55,818
Trex Company, Inc. (a)		101,528		1,822,428
				8,308,428

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Industrials — 9.0% (Continued)
Commercial Services & Supplies — 1.5%
ABM Industries, Inc.		126,677	$	2,856,566
ACCO Brands Corporation (a)		26,100		162,603
Avery Dennison Corporation		1,200		43,620
Bowne & Company, Inc.		149,122		1,692,535
Cintas Corporation		1,000		27,470
EnerNOC, Inc. (a)		45,435		1,366,230
Healthcare Services Group, Inc.		24,100		579,123
Herman Miller, Inc.		74,000		1,423,020
HNI Corporation		65,491		1,615,008
Industrial Services of America, Inc. (a)		33,551		512,324
InnerWorkings, Inc. (a)		196,576		1,350,477
Interface, Inc.		12,173		175,170
McGrath RentCorp		3,792		95,976
Mine Safety Appliances Company		38,290		1,078,246
Mobile Mini, Inc. (a)		111,061		1,935,793
Perma-Fix Environmental Services, Inc. (a)		147		247
R.R. Donnelley & Sons Company		19,271		355,550
RINO International Corporation (a)		63,313		1,161,160
Ritchie Bros. Auctioneers, Inc.		700		14,826
Standard Parking Corporation (a)		400		6,836
Steelcase, Inc. - Class A		32,300		271,643
				16,724,423
Construction & Engineering — 0.5%
Comfort Systems USA, Inc.		32,330		370,179
EMCOR Group, Inc. (a)		6,200		160,270
Granite Construction, Inc.		149,086		3,604,899
Insituform Technologies, Inc. - Class A (a)		50,712		1,095,379
MYR Group, Inc. (a)		5,400		84,186
Northwest Pipe Company (a)		8,056		151,614
Orion Marine Group, Inc. (a)		29,847		373,386
Pike Electric Corporation (a)		31,897		241,141
				6,081,054
Electrical Equipment — 0.9%
A123 Systems, Inc. (a)		85,892		834,870
Acuity Brands, Inc.		8,200		410,574
A-Power Energy Generation Systems Ltd. (a)		19,200		137,088
Baldor Electric Company		5,472		229,933
Belden, Inc.		4,000		111,600
Capstone Turbine Corporation (a)		1,500		1,125
China BAK Battery, Inc. (a)		157,830		301,455
Encore Wire Corporation		101,406		2,105,188
Ener1, Inc. (a)		629,339		2,278,207
EnerSys, Inc. (a)		26,600		701,176
GrafTech International Ltd. (a)		22,300		367,281
Harbin Electric, Inc. (a)		57,370		1,236,897
Hoku Corporation (a)		16,317		45,688
Hubbell, Inc. - Class B		600		32,412
II-VI, Inc. (a)		9,996		393,243

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Industrials — 9.0% (Continued)
Electrical Equipment — 0.9% (Continued)
LGL Group, Inc. (a)		230	$	5,971
Medis Technologies Ltd. (a)		20,819		458
Nexxus Lighting, Inc. (a)		300		795
Ocean Power Technologies, Inc. (a)		4,100		26,814
PowerSecure International, Inc. (a)		57,175		538,017
Satcon Technology Corporation (a)		154,199		619,880
Ultralife Corporation (a)		400		2,100
UQM Technologies, Inc. (a)		28,039		66,172
Valence Technology, Inc. (a)		128,120		163,994
Woodward Governor Company		638		19,995
				10,630,933
Industrial Conglomerates — 0.0%
United Capital Corporation (a)		170		4,597
Machinery — 2.3%
Actuant Corporation - Class A		600		13,482
Albany International Corporation - Class A		22,500		459,000
ArvinMeritor, Inc. (a)		7,200		119,376
Astec Industries, Inc. (a)		49,210		1,450,219
Badger Meter, Inc.		39,793		1,652,603
Briggs & Stratton Corporation		116,090		2,043,184
Bucyrus International, Inc. - Class A		500		34,080
China Fire & Security Group, Inc. (a)		97,518		774,293
China Valves Technology, Inc. (a)		201,230		1,754,726
CLARCOR, Inc.		700		27,762
Cummins, Inc.		200		17,620
Donaldson Company, Inc.		2,820		137,390
Energy Recovery, Inc. (a)		252,216		897,889
EnPro Industries, Inc. (a)		13,700		481,418
Flow International Corporation (a)		400		1,056
FreightCar America, Inc.		69,450		1,837,647
Gorman-Rupp Company (The)		48,952		1,459,749
Graco, Inc.		78,800		2,711,508
Lincoln Electric Holdings, Inc.		7,800		466,128
Met-Pro Corporation		46		519
Middleby Corporation (The) (a)		16,605		1,239,729
Nordson Corporation		900		70,218
Oshkosh Corporation (a)		6,000		177,060
PACCAR, Inc.		100		5,126
PMFG, Inc. (a)		2,315		36,230
Sun Hydraulics Corporation		21,360		663,655
Terex Corporation (a)		150,800		3,385,460
Toro Company (The)		23,644		1,342,034
Valmont Industries, Inc.		2,100		165,585
Wabash National Corporation (a)		83,300		671,398
Watts Water Technologies, Inc. - Class A		960		33,763
Westinghouse Air Brake Technologies Corporation		44,443		2,081,710
				26,211,617

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Industrials — 9.0% (Continued)
Marine — 0.3%
Alexander & Baldwin, Inc.		7,720	$	265,800
American Commercial Lines, Inc. (a)		11,432		378,971
Eagle Bulk Shipping, Inc. (a)		26,700		136,971
Excel Maritime Carriers Ltd. (a)		166,057		966,452
Kirby Corporation (a)		41,955		1,803,645
				3,551,839
Professional Services — 0.3%
Advisory Board Company (The) (a)		4,267		199,738
CBIZ, Inc. (a)		15,534		91,961
CoStar Group, Inc. (a)		19,294		958,140
CRA International, Inc. (a)		1,400		26,110
Equifax, Inc.		2,020		66,923
FTI Consulting, Inc. (a)		8,925		316,481
Kelly Services, Inc. - Class A (a)		28,705		426,269
Lightbridge Corporation (a)		10,443		58,063
Manpower, Inc.		800		43,784
Odyssey Marine Exploration, Inc. (a)		1,000		2,220
Resources Connection, Inc.		17,876		289,412
Robert Half International, Inc.		4,900		132,839
School Specialty, Inc. (a)		33,399		447,547
Verisk Analytics, Inc. - Class A (a)		2,500		74,525
				3,134,012
Road & Rail — 0.1%
Con-Way, Inc.		11,300		373,013
CSX Corporation		100		6,145
Dollar Thrifty Automotive Group, Inc. (a)		700		32,480
Genesee & Wyoming, Inc. (a)		2,400		110,952
Hertz Global Holdings, Inc. (a)		3,328		37,673
Old Dominion Freight Line, Inc. (a)		14,800		415,140
Quality Distribution, Inc. (a)		4,500		32,175
				1,007,578
Trading Companies & Distributors — 0.8%
Applied Industrial Technologies, Inc.		400		12,164
BlueLinx Holdings, Inc. (a)		155		488
China Armco Metals, Inc. (a)		2,300		8,579
GATX Corporation		52,600		1,665,316
Houston Wire & Cable Company		128,041		1,476,313
MSC Industrial Direct Company, Inc.		4,700		267,618
Rush Enterprises, Inc. - Class A (a)		46,083		732,259
Titan Machinery, Inc. (a)		52,313		1,016,965
Watsco, Inc.		1,000		55,970
WESCO International, Inc. (a)		93,600		4,007,952
				9,243,624
Information Technology — 10.6%
Communications Equipment — 1.3%
Acme Packet, Inc. (a)		7,200		284,760
ADTRAN, Inc.		74,900		2,417,023
Arris Group, Inc. (a)		25,835		240,524

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Information Technology — 10.6% (Continued)
Communications Equipment — 1.3% (Continued)
Aruba Networks, Inc. (a)		8,100	$	177,471
AudioCodes Ltd. (a)		16,155		80,613
Aviat Networks, Inc. (a)		224,612		1,021,985
BigBand Networks, Inc. (a)		24,418		72,522
CIENA Corporation (a)		211,600		2,939,124
CommScope, Inc. (a)		2,700		85,482
DG FastChannel, Inc. (a)		45,274		1,066,203
F5 Networks, Inc. (a)		1,100		129,470
Globecomm Systems, Inc. (a)		361		3,231
InterDigital, Inc. (a)		79,220		2,659,415
Meru Networks, Inc. (a)		28,074		425,602
Mitel Networks Corporation (a)		200		1,328
Motorola, Inc. (a)		1,400		11,410
Opnext, Inc. (a)		1,500		2,265
Polycom, Inc. (a)		4,100		138,498
Powerwave Technologies, Inc. (a)		272,278		593,566
QUALCOMM, Inc.		600		27,078
Riverbed Technology, Inc. (a)		6,200		356,748
Symmetricom, Inc. (a)		28,805		179,455
Telestone Technologies Corporation (a)		85,800		1,005,576
UTStarcom, Inc. (a)		343,710		694,294
				14,613,643
Computers & Peripherals — 0.7%
Apple, Inc. (a)		200		60,174
Avid Technology, Inc. (a)		159,192		2,009,003
Dell, Inc. (a)		20,400		293,352
Hutchinson Technology, Inc. (a)		138,596		472,612
Imation Corporation (a)		32,748		318,966
Intermec, Inc. (a)		1,541		17,953
Intevac, Inc. (a)		7,722		77,992
Lexmark International, Inc. - Class A (a)		600		22,818
NCR Corporation (a)		8,480		116,346
NetApp, Inc. (a)		800		42,600
Quantum Corporation (a)		276		933
Rimage Corporation (a)		100		1,483
Silicon Graphics International Corporation (a)		100		757
SMART Technologies, Inc. - Class A (a)		8,400		109,116
STEC, Inc. (a)		15,004		234,062
Stratasys, Inc. (a)		30,107		942,951
Synaptics, Inc. (a)		125,313		3,374,679
Western Digital Corporation (a)		7,300		233,746
				8,329,543
Electronic Equipment, Instruments & Components — 1.5%
Advanced Photonix, Inc. - Class A (a)		400		396
Agilent Technologies, Inc. (a)		600		20,880
Anixter International, Inc. (a)		25,452		1,366,518
Avnet, Inc. (a)		1,600		47,648
Brightpoint, Inc. (a)		1,800		13,482

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Information Technology — 10.6% (Continued)
Electronic Equipment, Instruments & Components — 1.5% (Continued)
Comverge, Inc. (a)		93,435	$	714,778
Daktronics, Inc.		62,378		681,168
Digital Ally, Inc. (a)		4,000		7,560
Dolby Laboratories, Inc. - Class A (a)		6,700		413,256
DTS, Inc. (a)		48,634		1,935,633
Echelon Corporation (a)		87,087		685,375
Electro Rent Corporation		363		5,394
FARO Technologies, Inc. (a)		4,364		105,347
FLIR Systems, Inc. (a)		3,100		86,304
Funtalk China Holdings Ltd. (a)		3,621		23,899
Gerber Scientific, Inc. (a)		400		2,676
L-1 Identity Solutions, Inc. (a)		20,668		243,676
Maxwell Technologies, Inc. (a)		113,581		1,842,284
Methode Electronics, Inc.		30,618		284,441
Microvision, Inc. (a)		887,757		1,819,902
MTS Systems Corporation		24,443		800,997
Plexus Corporation (a)		2,273		68,985
RadiSys Corporation (a)		86,549		845,584
Research Frontiers, Inc. (a)		21,262		87,174
Sanmina-SCI Corporation (a)		182,800		2,409,304
SMTC Corporation (a)		200		764
Superconductor Technologies, Inc. (a)		2,400		4,008
SYNNEX Corporation (a)		29,810		865,682
Tech Data Corporation (a)		1,026		44,108
Technitrol, Inc.		168,476		774,989
TTM Technologies, Inc. (a)		14,503		151,991
Universal Display Corporation (a)		16,900		423,176
				16,777,379
Internet Software & Services — 2.0%
Akamai Technologies, Inc. (a)		800		41,336
Archipelago Learning, Inc. (a)		4,611		48,738
Art Technology Group, Inc. (a)		177,272		742,770
BroadVision, Inc. (a)		100		1,116
Constant Contact, Inc. (a)		110,947		2,551,781
DealerTrack Holdings, Inc. (a)		111,628		2,156,653
Digital River, Inc. (a)		45,400		1,691,604
EarthLink, Inc.		142,641		1,282,343
eBay, Inc. (a)		1,700		50,677
Equinix, Inc. (a)		1,300		109,512
GSI Commerce, Inc. (a)		80,578		1,967,715
HSW International, Inc. (a)		500		3,205
iPass, Inc. (a)		354		407
j2 Global Communications, Inc. (a)		88,237		2,325,045
KIT digital, Inc. (a)		143,769		1,979,699
Knot, Inc. (The) (a)		31,944		288,774
Local.com Corporation (a)		76,384		316,230
LogMeIn, Inc. (a)		10,974		435,997

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Information Technology — 10.6% (Continued)
Internet Software & Services — 2.0% (Continued)
LoopNet, Inc. (a)		27,540	$	290,547
MercadoLibre, Inc. (a)		800		52,904
ModusLink Global Solutions, Inc. (a)		19,660		130,346
Move, Inc. (a)		88,148		208,029
NIC, Inc. (a)		200		1,736
OpenTable, Inc. (a)		6,278		385,155
QuinStreet, Inc. (a)		67,212		1,043,802
Rackspace Hosting, Inc. (a)		97,300		2,428,608
SAVVIS, Inc. (a)		12,816		307,456
Sohu.com, Inc. (a)		1,100		81,950
Support.com, Inc. (a)		75,678		429,094
TechTarget, Inc. (a)		751		3,935
Terremark Worldwide, Inc. (a)		163,065		1,629,019
Vocus, Inc. (a)		3,320		73,538
WebMD Health Corporation (a)		4,900		256,172
Yahoo, Inc. (a)		5,600		92,456
				23,408,349
IT Services — 0.7%
CIBER, Inc. (a)		45,376		166,530
Cognizant Technology Solutions Corporation (a)		400		26,076
DJSP Enterprises, Inc. (a)		7,386		7,386
Dynamics Research Corporation (a)		100		1,130
Echo Global Logistics, Inc. (a)		33,703		478,583
Euronet Worldwide, Inc. (a)		76,060		1,373,644
Fidelity National Information Services, Inc.		100		2,710
Global Payments, Inc.		91,300		3,557,048
Heartland Payment Systems, Inc.		92,322		1,318,358
Integral Systems, Inc. (a)		91		773
Mantech International Corporation - Class A (a)		11,047		433,153
MasterCard, Inc. - Class A		100		24,006
Ness Technologies, Inc. (a)		25,500		122,910
SAIC, Inc. (a)		200		3,108
Stream Global Services, Inc. (a)		1,107		4,162
Visa, Inc. - Class A		800		62,536
Wright Express Corporation (a)		16,440		619,952
Zanett, Inc. (a)		2,800		4,144
				8,206,209
Office Electronics — 0.0%
Xerox Corporation		1,100		12,870
Semiconductors & Semiconductor Equipment — 1.9%
Advanced Analogic Technologies, Inc. (a)		37,010		139,158
Advanced Micro Devices, Inc. (a)		28,700		210,371
Aixtron AG		8,400		273,168
Analog Devices, Inc.		100		3,367
Atheros Communications, Inc. (a)		4,000		124,160
AXT, Inc. (a)		25,100		207,075
Cabot Microelectronics Corporation (a)		60,839		2,350,210

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Information Technology — 10.6% (Continued)
Semiconductors & Semiconductor Equipment — 1.9% (Continued)
Cavium Networks, Inc. (a)		45,000	$	1,434,150
Cree, Inc. (a)		400		20,516
Cymer, Inc. (a)		8,017		296,228
DayStar Technologies, Inc. (a)		6,400		12,544
Energy Conversion Devices, Inc. (a)		474,788		2,141,294
Evergreen Solar, Inc. (a)		18,600		17,298
FormFactor, Inc. (a)		26,100		253,953
Hittite Microwave Corporation (a)		9,400		485,698
Ikanos Communications, Inc. (a)		105		120
Intersil Corporation - Class A		35,100		459,459
Kopin Corporation (a)		106,800		406,908
Maxim Integrated Products, Inc.		200		4,332
MaxLinear, Inc. - Class A (a)		26,600		277,704
Micrel, Inc.		86,500		1,030,215
Micron Technology, Inc. (a)		3,000		24,810
Mindspeed Technologies, Inc. (a)		33,300		245,754
Monolithic Power Systems, Inc. (a)		32,745		526,212
MoSys, Inc. (a)		1,800		8,514
National Semiconductor Corporation		21,500		294,550
NetLogic Microsystems, Inc. (a)		48,582		1,460,375
NVE Corporation (a)		2,900		139,577
NVIDIA Corporation (a)		16,900		203,307
NXP Semiconductors N.V. (a)		31,800		419,442
ON Semiconductor Corporation (a)		5,900		45,253
PLX Technology, Inc. (a)		1,100		3,916
Power Integrations, Inc.		46,417		1,585,605
Sigma Designs, Inc. (a)		171,927		1,961,687
Silicon Laboratories, Inc. (a)		68,000		2,713,200
Skyworks Solutions, Inc. (a)		12,400		284,084
Standard Microsystems Corporation (a)		17,990		434,279
SunPower Corporation - Class A (a)		18,800		256,432
SunPower Corporation - Class B (a)		21,264		280,685
Ultra Clean Holdings, Inc. (a)		29		218
Veeco Instruments, Inc. (a)		7,900		330,615
				21,366,443
Software — 2.5%
Activision Blizzard, Inc.		300		3,441
Adobe Systems, Inc. (a)		600		16,890
Advent Software, Inc. (a)		39,056		2,098,088
AsiaInfo Linkage, Inc. (a)		8,485		188,537
Blackbaud, Inc.		47,212		1,198,713
Blackboard, Inc. (a)		27,837		1,161,916
Citrix Systems, Inc. (a)		600		38,442
CommVault Systems, Inc. (a)		3,400		98,362
Convio, Inc. (a)		200		1,794
Ebix, Inc. (a)		70,400		1,738,880
Electronic Arts, Inc. (a)		400		6,340

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Information Technology — 10.6% (Continued)
Software — 2.5% (Continued)
Fair Isaac Corporation		135,882	$	3,266,603
Informatica Corporation (a)		8,300		337,727
Intuit, Inc. (a)		600		28,800
Lawson Software, Inc. (a)		316,470		2,816,583
Manhattan Associates, Inc. (a)		26,544		817,024
MicroStrategy, Inc. - Class A (a)		600		54,378
Motricity, Inc. (a)		2,450		53,827
NetSuite, Inc. (a)		61,230		1,253,990
Parametric Technology Corporation (a)		4,000		85,880
Pegasystems, Inc.		34,360		929,438
Quest Software, Inc. (a)		7,200		188,424
RealD, Inc. (a)		7,100		148,532
RealPage, Inc. (a)		1,100		25,388
Renaissance Learning, Inc.		6,151		85,930
Rosetta Stone, Inc. (a)		33,453		774,437
salesforce.com, inc. (a)		400		46,428
Shanda Interactive Entertainment Ltd. (a)		24,700		998,127
Solarwinds, Inc. (a)		8,200		148,830
Sonic Solutions, Inc. (a)		101,034		1,209,377
SuccessFactors, Inc. (a)		43,200		1,171,584
Symantec Corporation (a)		3,500		56,630
TeleCommunication Systems, Inc. (a)		25,052		135,531
THQ, Inc. (a)		295,110		1,180,440
TiVo, Inc. (a)		20,569		229,139
Tyler Technologies, Inc. (a)		68,619		1,400,514
Ultimate Software Group, Inc. (The) (a)		39,505		1,634,717
VASCO Data Security International, Inc. (a)		59,546		475,773
VirnetX Holding Corporation (a)		74,606		1,383,941
VMware, Inc. - Class A (a)		400		30,584
Wave Systems Corporation - Class A (a)		245,784		580,050
				28,100,029
Materials — 3.6%
Chemicals — 1.5%
ADA-ES, Inc. (a)		1,600		9,504
Air Products and Chemicals, Inc.		100		8,497
Airgas, Inc.		400		28,372
Albemarle Corporation		1,200		60,156
Altair Nanotechnologies, Inc. (a)		168,552		92,299
American Vanguard Corporation		78,491		578,479
Ashland, Inc.		2,100		108,423
Balchem Corporation		20,248		618,779
Calgon Carbon Corporation (a)		14,557		218,500
China Agritech, Inc. (a)		119,454		1,534,984
China Green Agriculture, Inc. (a)		343,797		2,526,908
Hawkins, Inc.		39,404		1,414,603
International Flavors & Fragrances, Inc.		8,000		401,280
Kronos Worldwide, Inc. (a)		1,724		69,736
Mosaic Company (The)		900		65,844

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Materials — 3.6% (Continued)
Chemicals — 1.5% (Continued)
NewMarket Corporation		1,130	$	133,928
Olin Corporation		20,416		408,116
Sensient Technologies Corporation		38,700		1,250,397
ShengdaTech, Inc. (a)		47,871		303,023
Sherwin-Williams Company (The)		300		21,891
Stepan Company		32,441		2,187,821
STR Holdings, Inc. (a)		48,861		1,214,196
Valhi, Inc.		4,886		98,599
W.R. Grace & Company (a)		6,700		214,802
Westlake Chemical Corporation		5,324		170,155
Yongye International, Inc. (a)		22,558		180,238
ZAGG, Inc. (a)		29,552		245,282
Zoltek Companies, Inc. (a)		236,636		2,271,706
				16,436,518
Construction Materials — 0.6%
China Advanced Construction Materials Group, Inc. (a)		200		958
Eagle Materials, Inc.		87,381		2,049,958
Headwaters, Inc. (a)		151,391		514,730
Texas Industries, Inc.		136,849		4,676,130
				7,241,776
Containers & Packaging — 0.0%
Boise, Inc. (a)		3,593		26,049
Graphic Packaging Holding Company (a)		32,800		120,048
Myers Industries, Inc.		62		548
Owens-Illinois, Inc. (a)		600		16,818
Temple-Inland, Inc.		4,600		95,312
				258,775
Metals & Mining — 1.2%
A.M. Castle & Company (a)		29		447
AK Steel Holding Corporation		171,900		2,164,221
Alcoa, Inc.		8,800		115,544
AMCOL International Corporation		69,593		1,930,510
Brigus Gold Corporation (a)		2,656		4,196
Brush Engineered Materials, Inc. (a)		30,999		1,027,617
Century Aluminum Company (a)		13,800		186,576
China Direct Industries, Inc. (a)		37,300		53,339
China Gerui Advanced Materials Group Ltd. (a)		600		3,750
China Natural Resources, Inc. (a)		21		255
Cliffs Natural Resources, Inc.		600		39,120
Commercial Metals Company		2,500		34,700
Compass Minerals International, Inc.		2,699		212,870
Entrée Gold, Inc. (a)		1,000		2,590
General Steel Holdings, Inc. (a)		166,281		493,854
Gold Resource Corporation (a)		3,537		74,631
Great Basin Gold Ltd. (a)		97,841		274,933
Gulf Resources, Inc. (a)		62,384		524,026
Jaguar Mining, Inc. (a)		129,612		838,590
Kaiser Aluminum Corporation		4,394		197,686

44

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Materials — 3.6% (Continued)
Metals & Mining — 1.2% (Continued)
Mesabi Trust		20,197	$	836,762
Newmont Mining Corporation		300		18,261
Olympic Steel, Inc.		52,080		1,167,634
Rare Element Resources Ltd. (a)		10,000		113,600
Schnitzer Steel Industries, Inc. - Class A		2,000		103,380
Seabridge Gold, Inc. (a)		15,500		423,615
Taseko Mines Ltd. (a)		6,647		42,075
Timberline Resources Corporation (a)		600		708
U.S. Energy Corporation (a)		10,565		55,361
United States Steel Corporation		500		21,395
Walter Energy, Inc.		600		52,776
WHX Corporation (a)		5,187		52,492
Worthington Industries, Inc.		178,900		2,755,060
				13,822,574
Paper & Forest Products — 0.3%
Deltic Timber Corporation		27,836		1,299,384
Domtar Corporation		100		7,936
International Paper Company		1,900		48,032
KapStone Paper and Packaging Corporation (a)		2,300		29,440
MeadWestvaco Corporation		1,660		42,712
Mercer International, Inc. (a)		48,185		255,381
Orient Paper, Inc. (a)		46,531		253,594
P.H. Glatfelter Company		20,600		256,264
Schweitzer-Mauduit International, Inc.		6,497		416,977
Verso Paper Corporation (a)		254		930
Wausau Paper Corporation (a)		34,635		292,319
				2,902,969
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.6%
AboveNet, Inc. (a)		100		5,689
Alaska Communications Systems Group, Inc.		59,255		594,328
AT&T, Inc.		400		11,400
Cbeyond, Inc. (a)		84,260		1,141,723
Cincinnati Bell, Inc. (a)		64,347		157,650
Cogent Communications Group, Inc. (a)		57,692		625,958
HickoryTech Corporation		1,631		14,842
IDT Corporation - Class B (a)		31,447		461,642
Iridium Communications, Inc. (a)		194,120		1,601,490
Neutral Tandem, Inc. (a)		1,400		20,468
PAETEC Holding Corporation (a)		32,229		136,006
Premiere Global Services, Inc. (a)		53,220		363,493
Qwest Communications International, Inc.		900		5,940
Radcom Ltd. (a)		1,400		15,120
tw telecom, inc. (a)		54,062		994,741
Verizon Communications, Inc.		400		12,988
VocalTec Communications Ltd. (a)		12,074		402,185
				6,565,663

45

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Telecommunication Services — 0.7% (Continued)
Wireless Telecommunication Services — 0.1%
Clearwire Corporation - Class A (a)		78	$	553
Fibertower Corporation (a)		114,879		516,956
Leap Wireless International, Inc. (a)		27,300		311,493
Shenandoah Telecommunications Company		4,177		76,230
Telephone and Data Systems, Inc.		2,200		76,626
USA Mobility, Inc.		16,481		277,375
				1,259,233
Utilities — 1.2%
Electric Utilities — 0.4%
Brookfield Infrastructure Partners, L.P.		4,500		95,175
DPL, Inc.		100		2,610
Duke Energy Corporation		200		3,642
Empire District Electric Company (The)		2,600		54,704
Exelon Corporation		400		16,328
FirstEnergy Corporation		240		8,717
Great Plains Energy, Inc.		2,100		39,963
MGE Energy, Inc.		9,443		382,913
Otter Tail Corporation		17,100		350,892
Pepco Holdings, Inc.		100		1,926
Pinnacle West Capital Corporation		5,500		226,380
PNM Resources, Inc.		79,800		940,842
PPL Corporation		400		10,760
Unitil Corporation		37,458		813,588
Westar Energy, Inc.		62,300		1,576,190
				4,524,630
Gas Utilities — 0.6%
China Natural Gas, Inc. (a)		156,097		963,118
New Jersey Resources Corporation		100		4,049
Nicor, Inc.		1,160		55,251
Northwest Natural Gas Company		26,534		1,307,861
Piedmont Natural Gas, Inc.		38,400		1,132,416
South Jersey Industries, Inc.		44,810		2,256,631
Star Gas Partners, L.P.		600		2,958
WGL Holdings, Inc.		37,423		1,442,657
				7,164,941
Independent Power Producers & Energy Traders — 0.1%
AES Corporation (The) (a)		200		2,388
American DG Energy, Inc. (a)		600		1,908
Dynegy, Inc. (a)		123,200		571,648
Mirant Corporation (a)		10,900		115,649
Ormat Technologies, Inc.		205		5,845
Raser Technologies, Inc. (a)		315,711		59,606
U.S. Geothermal, Inc. (a)		1,500		1,278
				758,322
Multi-Utilities — 0.1%
Black Hills Corporation		22,803		726,048
CH Energy Group, Inc.		1,110		50,449
Sempra Energy		200		10,696

46

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 60.2% (Continued)	Shares		Value
Utilities — 1.2% (Continued)
Multi-Utilities — 0.1% (Continued)
Wisconsin Energy Corporation		800	$	47,632
				834,825
Water Utilities — 0.0%
American Water Works Company, Inc.		2,140		51,103
Aqua America, Inc.		28,375		610,914
Cadiz, Inc. (a)		2,623		28,512
York Water Company		1,912		30,267
				720,796
Total Common Stocks (Proceeds $679,457,226)			$	687,882,546

EXCHANGE-TRADED FUNDS — 0.0%	Shares		Value
First Trust NASDAQ-100 Equal Weighted Index Fund		1,000	$	22,600
ProShares UltraPro QQQ (a)		740		96,696
Total Exchange-Traded Funds (Proceeds $87,935)			$	119,296

RIGHTS — 0.0%	Shares		Value
Zion Oil & Gas, Inc. (a) (b) (Proceeds $2,148)		4,870	$	202
Total Securities Sold Short — 60.2% (Proceeds $679,547,309)			$	688,002,044

(a)	Security did not pay a dividend during the year. Therefore, no dividend expense was incurred on the security.
(b)	Fair Value priced (Note 2). Fair valued securities totaled $202 at October 31, 2010, representing (0.0%) of net assets.
See accompanying notes to financial statements.

47

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2010

COMMON STOCKS — 99.1%	Shares		Value
Consumer Discretionary — 15.6%
Auto Components — 1.1%
Dorman Products, Inc. (a)		4,415	$	161,103
Other Auto Components (b)				240,390
				401,493
Automobiles — 0.3%
Other Automobiles (b)				103,917
Diversified Consumer Services — 2.2%
ITT Educational Services, Inc. (a)		2,600		167,778
Sotheby's		4,300		188,512
Other Diversified Consumer Services (b)				436,585
				792,875
Hotels, Restaurants & Leisure — 3.3%
Life Time Fitness, Inc. (a)		4,200		151,746
Other Hotels, Restaurants & Leisure (b)				1,019,616
				1,171,362
Household Durables — 1.3%
Other Household Durables (b)				455,458
Internet & Catalog Retail — 0.2%
Other Internet & Catalog Retail (b)				86,105
Leisure Equipment & Products — 0.5%
Other Leisure Equipment & Products (b)				171,584
Media — 1.8%
DreamWorks Animation SKG, Inc. - Class A (a)		4,200		148,260
Other Media (b)				503,311
				651,571
Multiline Retail — 0.4%
Other Multiline Retail (b)				138,886
Specialty Retail — 3.3%
Charming Shoppes, Inc. (a)		43,100		150,419
Select Comfort Corporation (a)		18,100		150,411
Other Specialty Retail (b)				884,154
				1,184,984
Textiles, Apparel & Luxury Goods — 1.2%
Other Textiles, Apparel & Luxury Goods (b)				437,093
Consumer Staples — 3.9%
Beverages — 0.7%
Other Beverages (b)				250,710
Food & Staples Retailing — 1.7%
SUPERVALU, Inc.		15,000		161,850
Other Food & Staples Retailing (b)				457,103
				618,953

48

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 99.1% (Continued)	Shares		Value
Consumer Staples — 3.9% (Continued)
Food Products — 1.2%
Other Food Products (b)			$	426,129
Personal Products — 0.3%
Other Personal Products (b)				98,900
Energy — 5.1%
Energy Equipment & Services — 2.0%
Allis-Chalmers Energy, Inc. (a)		30,600		157,284
Other Energy Equipment & Services (b)				564,500
				721,784
Oil, Gas & Consumable Fuels — 3.1%
Berry Petroleum Company - Class A		4,300		147,103
Stone Energy Corporation (a)		9,400		146,922
Other Oil, Gas & Consumable Fuels (b)				798,204
				1,092,229
Financials — 15.2%
Capital Markets — 1.9%
Other Capital Markets (b)				667,964
Commercial Banks — 1.7%
Other Commercial Banks (b)				615,012
Consumer Finance — 1.9%
Cardtronics, Inc. (a)		8,500		144,075
Cash America International, Inc.		4,300		151,489
First Cash Financial Services, Inc. (a)		5,100		148,257
Other Consumer Finance (b)				225,464
				669,285
Diversified Financial Services — 0.9%
MarketAxess Holdings, Inc.		8,300		150,811
Other Diversified Financial Services (b)				180,597
				331,408
Insurance — 4.6%
Other Insurance (b)				1,657,669
Real Estate Investment Trusts — 3.6%
Hersha Hospitality Trust		24,446		149,121
Other Real Estate Investment Trusts (b)				1,117,879
				1,267,000
Thrifts & Mortgage Finance — 0.6%
Other Thrifts & Mortgage Finance (b)				220,476
Health Care — 12.4%
Biotechnology — 1.9%
Ariad Pharmaceuticals, Inc. (a)		45,800		168,544
Other Biotechnology (b)				521,390
				689,934

49

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 99.1% (Continued)	Shares		Value
Health Care — 12.4% (Continued)
Health Care Equipment & Supplies — 0.7%
Other Health Care Equipment & Supplies (b)			$	257,186
Health Care Providers & Services — 6.8%
Five Star Quality Care, Inc. (a)		28,590		155,244
Healthways, Inc. (a)		14,600		153,008
Psychiatric Solutions, Inc. (a)		4,500		151,650
Sun Healthcare Group, Inc. (a)		15,735		149,640
Other Health Care Providers & Services (b)				1,810,870
				2,420,412
Health Care Technology — 0.5%
Other Health Care Technology (b)				170,981
Life Sciences Tools & Services — 0.6%
Other Life Sciences Tools & Services (b)				224,760
Pharmaceuticals — 1.9%
Impax Laboratories, Inc. (a)		7,900		148,836
Other Pharmaceuticals (b)				511,021
				659,857
Industrials — 16.0%
Aerospace & Defense — 2.2%
BE Aerospace, Inc. (a)		4,200		154,392
Orbital Sciences Corporation (a)		9,200		149,408
Other Aerospace & Defense (b)				470,782
				774,582
Air Freight & Logistics — 0.7%
Forward Air Corporation		5,500		147,840
Other Air Freight & Logistics (b)				94,500
				242,340
Airlines — 1.1%
Hawaiian Holdings, Inc. (a)		19,790		144,863
Other Airlines (b)				246,680
				391,543
Building Products — 0.8%
Universal Forest Products, Inc.		5,000		150,700
Other Building Products (b)				152,865
				303,565
Commercial Services & Supplies — 1.0%
Other Commercial Services & Supplies (b)				344,231
Construction & Engineering — 1.6%
Great Lakes Dredge & Dock Corporation		23,678		146,567
Other Construction & Engineering (b)				441,148
				587,715
Electrical Equipment — 0.8%
Polypore International, Inc. (a)		4,500		149,715
Other Electrical Equipment (b)				152,479
				302,194

50

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 99.1% (Continued)	Shares		Value
Industrials — 16.0% (Continued)
Industrial Conglomerates — 0.2%
Other Industrial Conglomerates (b)			$	70,140
Machinery — 4.0%
Trimas Corporation (a)		9,356		148,106
Twin Disc, Inc.		7,312		148,872
Other Machinery (b)				1,131,489
				1,428,467
Marine — 0.6%
Other Marine (b)				202,231
Professional Services — 0.7%
Acacia Research Corporation (a)		5,900		157,058
Other Professional Services (b)				75,486
				232,544
Road & Rail — 1.2%
Ryder System, Inc.		3,400		148,750
Other Road & Rail (b)				294,039
				442,789
Trading Companies & Distributors — 1.1%
United Rentals, Inc. (a)		8,000		150,320
Other Trading Companies & Distributors (b)				261,031
				411,351
Information Technology — 23.9%
Communications Equipment — 2.6%
Blue Coat Systems, Inc. (a)		6,100		164,517
Other Communications Equipment (b)				773,632
				938,149
Computers & Peripherals — 2.2%
Compellent Technologies, Inc. (a)		6,200		156,674
Isilon Systems, Inc. (a)		5,200		148,044
Other Computers & Peripherals (b)				468,639
				773,357
Electronic Equipment, Instruments & Components — 4.3%
Other Electronic Equipment, Instruments & Components (b)				1,550,693
Internet Software & Services — 1.3%
Other Internet Software & Services (b)				470,351
IT Services — 3.0%
Alliance Data Systems Corporation (a)		2,400		145,728
Other IT Services (b)				906,684
				1,052,412
Office Electronics — 0.2%
Other Office Electronics (b)				78,716
Semiconductors & Semiconductor Equipment — 7.2%
ATMI, Inc. (a)		9,000		159,030

51

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS — 99.1% (Continued)	Shares		Value
Information Technology — 23.9% (Continued)
Semiconductors & Semiconductor Equipment — 7.2% (Continued)
Cypress Semiconductor Corporation (a)		11,700	$	164,970
Entegris, Inc. (a)		24,800		148,304
Fairchild Semiconductor International, Inc. (a)		14,000		157,780
MIPS Technologies, Inc. (a)		9,800		144,060
ON Semiconductor Corporation (a)		22,300		171,041
Veeco Instruments, Inc. (a)		4,000		167,400
Other Semiconductors & Semiconductor Equipment (b)				1,466,802
				2,579,387
Software — 3.1%
Websense, Inc. (a)		8,000		160,960
Other Software (b)				939,487
				1,100,447
Materials — 4.4%
Chemicals — 2.1%
Ferro Corporation (a)		10,800		148,176
Rockwood Holdings, Inc. (a)		4,400		149,248
Other Chemicals (b)				445,909
				743,333
Construction Materials — 0.0%
Other Construction Materials (b)				6,966
Containers & Packaging — 0.5%
Other Containers & Packaging (b)				188,623
Metals & Mining — 0.7%
Other Metals & Mining (b)				251,390
Paper & Forest Products — 1.1%
Clearwater Paper Corporation (a)		1,900		153,425
Domtar Corporation		2,000		158,720
Other Paper & Forest Products (b)				88,920
				401,065
Telecommunication Services — 1.1%
Diversified Telecommunication Services — 0.7%
Other Diversified Telecommunication Services (b)				273,402
Wireless Telecommunication Services — 0.4%
Other Wireless Telecommunication Services (b)				135,309
Utilities — 1.5%
Electric Utilities — 0.6%
Other Electric Utilities (b)				212,250
Gas Utilities — 0.9%
Other Gas Utilities (b)				332,871
Total Common Stocks (Cost $32,579,648)			$	35,478,390

52

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS — 1.0%	Shares		Value
UMB Money Market Fiduciary, 0.02% (c) (Cost $344,184)		344,184	$	344,184
Total Investments at Value — 100.1% (Cost $32,923,832)			$	35,822,574
Liabilities in Excess of Other Assets — (0.1%)				(38,544	)
Net Assets — 100.0%			$	35,784,030

 

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	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 October 31, 2010.
(c)	Variable rate security. The rate shown is the 7-day effective yield as of October 31, 2010.
See accompanying notes to financial statements.

53

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2010

	TFS Market Neutral Fund			TFS Small Cap Fund
ASSETS
Investments in securities:
At acquisition cost	$	1,075,778,798		$	32,923,832
At value (Note 2)	$	1,146,477,266		$	35,822,574
Deposits with brokers for securities sold short (Note 2)		683,261,980			—
Dividends and interest receivable		577,227			13,949
Receivable for investment securities sold		235,202,261			3,805,788
Receivable for capital shares sold		610,503			26,605
Other assets		46,442			11,665
TOTAL ASSETS		2,066,175,679			39,680,581
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $679,547,309)		688,002,044			—
Payable for investment securities purchased		230,269,097			3,847,391
Payable for capital shares redeemed		1,533,142			3,242
Dividends payable on securities sold short (Note 2)		265,769			—
Payable to Adviser (Note 4)		2,126,755			23,643
Payable to administrator (Note 4)		152,900			8,700
Other accrued expenses and liabilities		1,606,542			13,575
TOTAL LIABILITIES		923,956,249			3,896,551
NET ASSETS	$	1,142,219,430		$	35,784,030
Net assets consist of:
Paid-in capital	$	1,051,044,454		$	30,897,809
Accumulated net realized gains from security transactions		28,931,243			1,987,479
Net unrealized appreciation (depreciation) on:
Investments		70,698,468			2,898,742
Short positions		(8,454,735	)		—
Net assets	$	1,142,219,430		$	35,784,030
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		72,280,408			2,987,761
Net asset value, redemption price and offering price per share (a) (Note 2)	$	15.80		$	11.98

(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.

54

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2010

	TFS Market Neutral Fund			TFS Small Cap Fund
INVESTMENT INCOME
Dividends	$	14,204,630		$	294,231
Foreign tax withholding		(13,321	)		(112	)
Interest		204,124			147
TOTAL INVESTMENT INCOME		14,395,433			294,266
EXPENSES
Investment advisory fees (Note 4)		23,330,828			347,939
Brokerage expense on securities sold short (Note 2)		13,568,445			—
Dividend expense on securities sold short (Note 2)		7,696,975			—
Administration fees (Note 4)		743,804			40,725
Accounting services fees (Note 4)		450,663			32,768
Custodian fees		418,364			42,064
Transfer agent fees (Note 4)		273,451			18,000
Registration fees		116,916			32,182
Pricing fees		70,442			14,074
Professional fees		51,212			26,732
Postage and supplies		59,204			5,855
Printing of shareholder reports		48,926			5,508
Compliance service fees and expenses (Note 4)		24,385			24,385
Trustees’ fees and expenses		23,157			23,157
Insurance expense		34,807			1,552
Borrowing costs (Note 5)		13,005			333
Other expenses		18,401			12,084
TOTAL EXPENSES		46,942,985			627,358
Investment advisory fee reductions (Note 4)		—			(143,467	)
Plus recovery by the Adviser of investment advisory fee reductions in prior years (Note 4)		258,579			—
NET EXPENSES		47,201,564			483,891
NET INVESTMENT LOSS		(32,806,131	)		(189,625	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY
Net realized gains (losses) from:
Investments		206,303,196			2,817,536
Securities sold short		(102,255,118	)		(2,732	)
Foreign currency transactions		2			—
Net change in unrealized appreciation (depreciation) on:
Investments		37,377,233			3,000,769
Securities sold short		(46,305,711	)		—
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		95,119,602			5,815,573
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	62,313,471		$	5,625,948

See accompanying notes to financial statements.

55

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2010			Year Ended October 31, 2009
FROM OPERATIONS
Net investment loss	$	(32,806,131	)	$	(13,332,617	)
Net realized gains (losses) from:
Investments		206,303,196			95,615,019
Short positions		(102,255,118	)		(101,104,859	)
Foreign currency transactions		2			2,046
Net change in unrealized appreciation (depreciation) on:
Investments		37,377,233			97,297,681
Short positions		(46,305,711	)		(1,580,141	)
Net increase in net assets from operations		62,313,471			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		487,596,827			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)		182,763			960,365
Payments for shares redeemed		(235,644,085	)		(207,527,157	)
Net increase in net assets from capital share transactions		257,531,623			380,359,525
TOTAL INCREASE IN NET ASSETS		313,809,973			449,845,498
NET ASSETS
Beginning of year		828,409,457			378,563,959
End of year	$	1,142,219,430		$	828,409,457
ACCUMULATED NET INVESTMENT INCOME	$	—		$	—
CAPITAL SHARE ACTIVITY
Shares sold		31,680,817			41,291,307
Shares issued in reinvestment of distributions to shareholders		355,008			529,683
Shares redeemed		(15,287,390	)		(14,869,822	)
Net increase in shares outstanding		16,748,435			26,951,168
Shares outstanding, beginning of year		55,531,973			28,580,805
Shares outstanding, end of year		72,280,408			55,531,973

See accompanying notes to financial statements.

56

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2010			Year Ended October 31, 2009
FROM OPERATIONS
Net investment loss	$	(189,625	)	$	(34,717	)
Net realized gains (losses) from:
Investments		2,817,536			(527,001	)
Short positions		(2,732	)		(218	)
Net change in unrealized appreciation (depreciation) on investments		3,000,769			1,407,015
Net increase in net assets from operations		5,625,948			845,079
FROM DISTRIBUTIONS
Distributions from net investment income		—			(4,055	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		22,983,154			14,594,124
Net asset value of shares issued in reinvestment of distributions to shareholders		—			3,976
Proceeds from redemption fees collected (Note 2)		21,157			10,459
Payments for shares redeemed		(9,469,293	)		(1,879,603	)
Net increase in net assets from capital share transactions		13,535,018			12,728,956
TOTAL INCREASE IN NET ASSETS		19,160,966			13,569,980
NET ASSETS
Beginning of year		16,623,064			3,053,084
End of year	$	35,784,030		$	16,623,064
ACCUMULATED NET INVESTMENT INCOME	$	—		$	—
CAPITAL SHARE ACTIVITY
Shares sold		2,070,878			1,605,044
Shares issued in reinvestment of distributions to shareholders		—			655
Shares redeemed		(865,629	)		(272,096	)
Net increase in shares outstanding		1,205,249			1,333,603
Shares outstanding, beginning of year		1,782,512			448,909
Shares outstanding, end of year		2,987,761			1,782,512

See accompanying notes to financial statements.

57

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2010			Year Ended October 31, 2009			Four Months Ended October 31, 2008(a)			Year Ended June 30, 2008			Year Ended June 30, 2007			Year Ended June 30, 2006
Net asset value at beginning of period	$	14.92		$	13.25		$	15.59		$	14.59		$	12.44		$	10.37
Income (loss) from investment operations:
Net investment income (loss)		(0.45	)		(0.24	)		(0.09	)		(0.23	)		0.01			(0.04	)
Net realized and unrealized gains (losses) on investments		1.43			2.13			(2.27	)		1.56			2.35			2.12
Total from investment operations		0.98			1.89			(2.36	)		1.33			2.36			2.08
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	)
Total distributions		(0.10	)		(0.25	)		—			(0.41	)		(0.22	)		(0.01	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.03			0.02			0.08			0.01			0.00	(b)
Net asset value at end of period	$	15.80		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44
Total return (c)		6.60%			14.86%			(15.01%	)(d)		9.93%			19.18%			20.04%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,142,219		$	828,409		$	378,564		$	271,239		$	211,386		$	22,478
Ratio of total expenses to average net assets		4.52%			4.70%			4.60%	(g)		4.05%			3.30%			5.10%
Ratio of net expenses to average net assets (e)		4.55%			4.67%			4.55%	(g)		3.94%			3.07%			3.21%
Ratio of net expenses to average net assets excluding dividend expense (e) (f)		3.81%			3.84%			3.68%	(g)		2.80%			2.48%			2.49%
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (e) (f)		2.50%			2.49%			2.49%	(g)		2.50%			2.48%			2.49%
Ratio of net investment income (loss) to average net assets		(3.16%	)		(2.32%	)		(2.24%	)(g)		(2.15%	)		0.09%			(0.69%	)
Portfolio turnover rate		703%			429%			204%	(d)		536%			492%			398%

(a)	Fund changed fiscal year end to October 31.
(b)	Amount rounds to less than $0.01 per share.
(c)	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.
(d)	Not annualized.
(e)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).
(f)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 2.05%, 2.18%, 2.06%(g), 1.44%, 0.59% and 0.72% of average net assets for the periods ended October 31, 2010, 2009 and 2008 and June 30, 2008, 2007 and 2006, respectively.
(g)	Annualized.
See accompanying notes to financial statements.

58

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year  Ended October 31, 2010			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)		(0.06	)		(0.02	)		0.01			(0.18	)		(0.07	)		(0.01	)
Net realized and unrealized gains (losses) on investments		2.70			2.55			(2.52	)		(1.79	)		2.76			0.40
Total from investment operations		2.64			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	$	11.98		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39
Total return (d)		28.40%			37.41%			(26.96%	)(e)		(16.40%	)		25.93%			3.90%	(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	35,784		$	16,623		$	3,053		$	4,581		$	5,638		$	3,932
Ratio of total expenses to average net assets		2.31%			5.14%			4.44%	(g)		5.57%			5.14%			8.18%	(g)
Ratio of net expenses to average net assets (f)		1.78%			1.88%			0.88%	(g)		2.72%			2.03%			1.72%	(g)
Ratio of net expenses to average net assets excluding borrowing costs (f)		1.78%			1.87%			0.87%	(g)		2.68%			2.03%			1.72%	(g)
Ratio of net investment income (loss) to average net assets		(0.70%	)		(0.63%	)		0.28%	(g)		(1.76%	)		(0.69%	)		(0.69%	)(g)
Portfolio turnover rate		657%			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 reductions and expense reimbursements (Note 4).
(g)	Annualized.
See accompanying notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

October 31, 2010

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 the Adviser defines 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.

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 fair values 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. If there are no sales on that day, the securities are valued at the mean of the most recent bid and ask prices on the NYSE or other primary exchange. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the mean between the closing bid and ask prices as reported by NASDAQ. Other assets and securities for which no quotations are re adily available are valued at fair value as determined in good faith under the supervision of the Board of Trustees of the Trust and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, discount from market of a similar freely traded security, or a combination of these and other methods.

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

Various inputs are used in determining the value of each 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 inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in

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the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of October 31, 2010:

TFS Market Neutral Fund	Level 1			Level 2			Level 3		Total
Common Stocks	$	1,017,852,724		$	—		$	—	$	1,017,852,724
Common Stocks – Sold Short		(687,882,546	)		—			—		(687,882,546	)
Closed-End Funds		41,055,193			—			—		41,055,193
Exchange-Traded Funds		725,199			—			—		725,199
Exchange-Traded Funds – Sold Short		(119,296	)		—			—		(119,296	)
Rights		—			541,256			—		541,256
Rights – Sold Short		—			(202	)		—		(202	)
Warrants		2			—			—		2
Money Market Funds		86,302,892			—			—		86,302,892
Total	$	457,934,168		$	541,054		$	—	$	458,475,222

 

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	35,478,390	$	—	$	—	$	35,478,390
Money Market Funds		344,184		—		—		344,184
Total	$	35,822,574	$	—	$	—	$	35,822,574

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. During the year ended October 31, 2010, the Funds did not have any significant transfers in and out of Level 1 or Level 2. There were no Level 3 securities or derivative instruments held by the Funds during the year ended or as of October 31, 2010.

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its 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 years ended October 31, 2010 and 2009, proceeds from redemption fees totaled $182,763 and $960,365, respectively, for the TFS Market Neutral Fund and $21,157 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

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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 years ended October 31, 2010 and 2009 was as follows:

	Year Ended	Ordinary Income		Total Distributions
TFS Market Neutral Fund	10/31/2010	$	6,035,121	$	6,035,121
	10/31/2009	$	7,411,156	$	7,411,156
TFS Small Cap Fund	10/31/2010	$	—	$	—
	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 is then subsequently marked-to-market daily to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities sold, but not yet purchased, may require purchasing the securities at prices which may differ from the market value reflected on the Statements of Assets and Liabilities. The Funds are liable for any dividends payable on securities while those securities are in a short position and will also bear other costs, such as charges for the prime brokerage accounts, in connection with the short positions. These costs are reported as brokerage expenses on securitie s 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 currently 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of October 31, 2010:

	TFS Market Neutral Fund			TFS Small Cap Fund
Tax cost of portfolio investments and securities sold short	$	474,671,415		$	33,171,474
Gross unrealized appreciation	$	88,233,194		$	3,038,057
Gross unrealized depreciation		(104,429,387	)		(386,957	)
Net unrealized appreciation		(16,196,193	)		2,651,100
Undistributed ordinary income		87,391,292			2,114,058
Undistributed long-term gains		19,979,877			121,063
Total accumulated earnings	$	91,174,976		$	4,886,221

The difference between the federal income tax cost of portfolio of investments and securities sold short and the financial statement cost for each Fund 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.

For the year ended October 31, 2010, the TFS Market Neutral Fund and the TFS Small Cap Fund reclassified $32,806,131 and $189,625, respectively, of accumulated net realized gains from security transactions against net investment loss. These reclassifications are reflected on the Statements of Assets and Liabilities. Such reclassifications, the result of permanent differences between the financial statement and income tax reporting requirements, have no effect on the Funds’ net assets or net asset value per share.

During the year ended October 31, 2010, the TFS Small Cap Fund utilized capital loss carryforwards of $519,677 to offset current year realized gains.

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, 2007 through October 31, 2010) of each Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

3. Investment Transactions

During the year ended October 31, 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 $6,824,052,080 and $6,787,873,400, respectively, for the TFS Market Neutral Fund and $186,699,829 and $173,474,620, respectively, for the TFS Small Cap Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

4. Transactions with Affiliates

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. The TFS Market Neutral Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 2.25% of its average daily net assets. 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 year ended October 31, 2010, investment advisory fees paid by the TFS Small Cap Fund were increased $43,188 above the Fixed Fee pursuant to the performance fee adjustment that was in place prior to March 1, 2010. Since March 1, 2010, investment advisory fees paid by the TFS Small Cap Fund were decreased $34,235 below the Fixed Fee pursuant to the amended investment advisory fee structure.

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 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 this agreement, during the year ended October 31, 2010, the Adviser reduced its investment advisory fees by $143,467 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 applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 2.50% and 1.75%, respectively, for the TFS Market Neutral Fund and the TFS Small Cap Fund. During the year ended October 31, 2010, the Adviser recouped $258,579 of previous fee reductions from the TFS Market Neutral Fund. As of October 31, 2010, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $275,149 and $474,977,

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NOTES TO FINANCIAL STATEMENTS (Continued)

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, 2011		October 31, 2011		October 31, 2012		October 31, 2013
TFS Market Neutral Fund	$	47,406	$	60,676	$	167,067	$	—
TFS Small Cap Fund	$	100,162	$	51,491	$	179,857	$	143,467

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

COMPLIANCE CONSULTING AGREEMENT

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

ADMINISTRATION AGREEMENT

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

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

DISTRIBUTION AGREEMENT

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

5. Borrowing Costs

During the year ended October 31, 2010, the TFS Market Neutral Fund and the TFS Small Cap Fund incurred $13,005 and $333 of borrowing costs, respectively. As of October 31, 2010, the Funds had no outstanding borrowings. The average outstanding borrowings for the year ended October 31, 2010 for the TFS Market Neutral Fund include 260 days of $0 borrowings and 331 days of $0 borrowings for the TFS Small Cap Fund. The average outstanding borrowings and average interest rate on borrowings during the year ended October 31, 2010 were as follows:

	Average Outstanding Borrowing	Average Interest Rate
TFS Market Neutral Fund	$1,056,610	1.21%
TFS Small Cap Fund	$21,950	1.58%

6. Contingencies and Commitments

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

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 15, 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.

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

TFS Capital Investment Trust

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments and schedule of securities sold short, of TFS Capital Investment Trust (the “Funds”), comprised of TFS Market Neutral Fund and TFS Small Cap Fund, as of October 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporti ng the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting the TFS Capital Investment Trust as of October 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Cincinnati, Ohio

December 28, 2010

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period and held until the end of the period (May 1, 2010 through October 31, 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 each Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return. You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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

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

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value May 1, 2010	Ending Account Value October 31, 2010	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,016.70	$24.15
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,001.26	$23.96

TFS Small Cap Fund

	Beginning Account Value May 1, 2010	Ending Account Value October 31, 2010	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$985.20	$7.66
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,017.49	$7.78

* Expenses are equal to the annualized expense ratio of 4.75% and 1.53%, 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 184/365 (to reflect the one-half year period).

OTHER INFORMATION (Unaudited)

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

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

FEDERAL TAX INFORMATION (Unaudited)

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions from ordinary income made by the Funds during the fiscal year ended October 31, 2010. Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The TFS Market Neutral Fund intends to designate up to a maximum amount of $6,035,121 as taxed at a maximum rate of 15%.

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TFS CAPITAL INVESTMENT TRUST

BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Overall responsibility for management of the Trust rests with its Trustees. The Trustees serve for terms of indefinite duration until death, resignation, retirement or removal from office. The Trustees, in turn, elect the officers of the Trust to actively supervise the Trust’s day-to-day operations. The officers have been elected for an annual term. Certain officers of the Trust also may serve as Trustees. The Trust is managed by the Trustees in accordance with the laws of the State of Ohio governing business trusts. There are currently five Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the Investment Company Act of 1940. The Trustees and executive officers of the Trust, their addresses and their principal occupations during the past five (5) years are as follo ws:

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

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(Continued)

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

*	Larry S. Eiben and Thomas M. Frederick, as affiliated persons of TFS Capital LLC, the Trust’s investment adviser, are considered “interested persons” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.
**	None of the Trustees are directors of public companies.

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

72

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, have reviewed and approved the continuance of the Investment Advisory Agreements (the “Advisory Agreements”) with the Adviser for the TFS Market Neutral Fund and the TFS Small Cap Fund. These approvals took place at a Board meeting held on May 27, 2010, at which all of the Trustees were present in person.

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

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

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

(ii) The investment performance of the Funds and Adviser. In this regard, the Independent Trustees compared the performance of the TFS Market Neutral Fund with the performance of the S&P 500 Index, the Fund’s primary benchmark, over various periods. It was noted by the Independent Trustees that the TFS Market Neutral Fund underperformed the S&P 500 Index for the one year period ended March 31, 2010. They discussed the Fund’s underperformance, finding that the Fund’s investment strategies are not designed to keep

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(Unaudited) (Continued)

pace with or outperform the S&P 500 Index during a period when the market enjoys a broad-based rally. The Independent Trustees further noted that the TFS Market Neutral Fund has significantly outperformed the S&P 500 Index over the three year, five year and since inception periods ended March 31, 2010. The Independent Trustees also reviewed comparative performance statistics of the universe of funds categorized by Morningstar as “long short” funds, which is the category to which the TFS Market Neutral Fund has been assigned. The Independent Trustees noted that for the one year period ended March 31, 2010, the TFS Market Neutral Fund’s total return (18.10%) was better than the return of the average fund in the Morningstar “long short” category (16.10%). They also noted that the Fund currently has a 5-star Morningstar rating. The Independent Trustees reviewed performance information with respect to the Adviser’s other managed accounts with similar investment objectives, which indicated that the TFS Market Neutral Fund trailed the performance of such other accounts for the one year period ended March 31, 2010. They considered that, based on representations by the Adviser, those performance differences can be attributed mainly to the Fund being subject to stricter investment limitations and being managed more conservatively than such other accounts in order to achieve a less volatile return. The Independent Trustees also considered the consistency of the Adviser’s management of the TFS Market Neutral Fund with the Fund’s investment objective and policies. After considerable discussion, the Independent Trustees concluded that the investment performance of the TFS Market Neutral Fund has been above average.

The Independent Trustees next reviewed the performance of the TFS Small Cap Fund, which was compared to the performance of the Russell 2000 Index, the Fund’s primary benchmark, over various periods ended March 31, 2010. It was noted by the Independent Trustees that the TFS Small Cap Fund outperformed the Russell 2000 Index over the one year, three year and since inception periods ended March 31, 2010. The Independent Trustees reviewed comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the TFS Small Cap Fund has been assigned. The Independent Trustees noted that for the one year and three year periods ended March 31, 2010, the TFS Small Cap Fund’s 88.07% and 4.60% returns, respectively, were significantly higher t han the performance of the average fund in the Morningstar “small cap blend” category (65.47% and -4.30%, respectively) over the same periods. The Independent Trustees further noted that the TFS Small Cap Fund currently has a 5-star Morningstar rating. They also reviewed performance information with respect to the Adviser’s other managed accounts but concluded that none of these other accounts provided a good comparison due to differences in investment objectives. The Independent Trustees considered the consistency of the Adviser’s management of the TFS Small Cap Fund with the Fund’s investment objective and policies. After further discussion, the Independent Trustees concluded that the investment performance of the TFS Small Cap Fund has been above average.

(iii) The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Funds. In this regard, the Independent Trustees considered the Adviser’s staffing, personnel and operations; the financial condition of the Adviser and the level of commitment to the Funds by the principals of the Adviser; the asset levels of each Fund; and the overall expenses of each Fund. The Independent Trustees reviewed the rate of the advisory fees paid by the Funds under the Advisory Agreements and compared them

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(Unaudited) (Continued)

to average advisory fee ratios of similar mutual funds compiled from statistics reported by Morningstar. They also compared the total operating expense ratios of the Funds with average expense ratios of representative funds in their respective Morningstar categories. It was noted by the Independent Trustees that the TFS Market Neutral Fund’s advisory fee of 2.25% and its overall expense ratio of 2.49% (which excludes dividend expenses, borrowing costs and brokerage expenses on securities sold short) were each higher than the average advisory fee (1.20%) and average expense ratio (2.09%) for Morningstar’s “long short” fund category. The Independent Trustees performed a similar comparison for the TFS Small Cap Fund, finding that the Fund’s advisory fee of 1.25% and its overall expense ratio of 1.87% we re each higher than the average advisory fee (0.79%) and average expense ratio (1.42%) for Morningstar’s “small cap blend” fund category. The Independent Trustees took into account shareholders’ recent approval of the new fixed-fee structure for the TFS Small Cap Fund and the Adviser’s commitment to cap the Fund’s ordinary operating expenses at 1.75% per annum. The Independent Trustees also considered the Adviser’s analysis of its revenues and expenses with respect to its services provided to each Fund for periods ended March 31, 2010. It was noted by the Independent Trustees that the Adviser has been required to reduce its advisory fees from the TFS Market Neutral Fund in order to maintain the 2.50% operating expense cap. The Independent Trustees noted that, despite these advisory fee reductions, the Adviser’s overall revenues and profits from managing the TFS Market Neutral Fund have increased significantly from prior years. They discussed the profitability o f the Adviser and noted the costs associated with managing the Funds, especially in the areas of research and development and retention of its investment professionals and hiring new personnel. The Independent Trustees reviewed the revenue and expense information with respect to the TFS Small Cap Fund and it was noted that during the last fiscal year the Adviser began to receive a portion of its advisory fees with respect to its services to the Fund. It was further noted that, prior to the most recently completed fiscal year, the Adviser had not received any of its advisory fees since the inception of the TFS Small Cap Fund and it had also reimbursed a significant amount of other operating expenses of the Fund. The Independent Trustees reviewed the balance sheet of the Adviser as of March 31, 2010 and concluded that the Adviser has adequate financial resources to serve as the Funds’ investment adviser. The Independent Trustees considered the “fallout benefits” to the Adviser, including the additional exposure the Adviser has received as a result of managing the Funds. After a full discussion and consideration of the foregoing, the Independent Trustees concluded that the fees paid by each Fund to the Adviser are reasonable in light of the quality of the services received.

(iv) The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of a Fund’s investors. The Independent Trustees considered the current net assets for each Fund and discussed the expense cap arrangements between the Trust and the Adviser. They noted that the TFS Market Neutral Fund has grown its assets to the point where the Adviser is currently collecting its full advisory fee and is being reimbursed by the Fund for a portion of prior fee reductions and expense reimbursements and, with respect to the TFS Small Cap Fund, the Adviser has begun to collect a portion of its advisory fees. The Independent Trustees concluded that, at the TFS Small Cap Fund’s current asset level, it would not be relevant to consider the extent to which economies of scale a re being realized and that it is not necessary

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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for the TFS Small Cap Fund. The Independent Trustees next discussed whether or not it is appropriate to add breakpoints to the TFS Market Neutral Fund’s advisory fee schedule at this time. They noted that, as a result of the significant growth of assets in the TFS Market Neutral Fund, the extent to which economies of scale are being realized by shareholders should be considered. The Independent Trustees 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 significant investment in research and development. The Independent Trustees considered various fee schedules that might be implemen ted on behalf of the TFS Market Neutral Fund, including recommendations from the Adviser. They discussed the likelihood that the Adviser would recommend the TFS Market Neutral Fund reopen to new investors, focusing on the Adviser’s efforts to develop new investment strategies that might allow for the Fund to be reopened and the expense the Adviser would incur in developing the strategies. After considerable discussion regarding adding breakpoints to the TFS Market Neutral Fund’s fee schedule and considering factors such as the Adviser just recently earning its full fee, the Fund commencing recoupment of fee reductions and expense reimbursements and the closing of the Fund to new investors, the Independent Trustees concluded that it is not necessary or appropriate to introduce fee breakpoints at the present time. The Independent Trustees noted, however, that they will continue to monitor this situation and may determine in the future that fee breakpoints are appropriate.

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

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Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.  The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $39,000 and $35,500 with respect to the registrant’s fiscal periods ended October 31, 2010 and 2009, respectively.

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

(c) Tax Fees.  The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $5,000 and 4,900 with respect to the registrant’s fiscal periods ended October 31, 2010 and 2009, respectively.  The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

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

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

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

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

(g) With respect to the fiscal periods ended October 31, 2010 and 2009, aggregate non-audit fees of $5,000 and $4,900, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant.  No non-audit fees were billed in either of the last two fiscal periods by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

SCHEDULE I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2010
COMMON STOCKS - 89.1%	Shares		Value
Consumer Discretionary - 12.1%
Auto Components - 1.1%
American Axle & Manufacturing Holdings, Inc. (a)		50,500	$	465,610
Amerigon, Inc. (a)		14,799		159,533
Autoliv, Inc.		500		35,650
BorgWarner, Inc. (a)		500		28,055
China Automotive Systems, Inc. (a)		22,034		344,171
China XD Plastics Company Ltd. (a)		8,575		46,219
Dana Holding Corporation (a)		38,500		544,775
Dorman Products, Inc. (a) (b)		28,948		1,056,312
Drew Industries, Inc. (a)		25,811		543,838
Exide Technologies (a)		97,746		575,724
Federal-Mogul Corporation (a) (b)		158,111		3,135,341
Gentex Corporation (b)		74,200		1,482,516
Lear Corporation (a)		1,100		97,240
Modine Manufacturing Company (a)		71,780		970,466
SORL Auto Parts, Inc. (a)		48,939		455,133
Spartan Motors, Inc.		26,124		132,710
Standard Motor Products, Inc.		62,386		663,163
Stoneridge, Inc. (a)		75,013		825,143
Superior Industries International, Inc.		16,729		300,286
Tenneco, Inc. (a)		5,800		189,196
Tongxin International Ltd. (a)		300		894
TRW Automotive Holdings Corporation (a)		1,100		50,259
Wonder Auto Technology, Inc. (a)		23,781		229,249
				12,331,483
Automobiles - 0.1%
Thor Industries, Inc. (b)		17,193		541,408
Winnebago Industries, Inc. (a)		63,209		632,090
				1,173,498
Distributors - 0.0%
Genuine Parts Company		300		14,358
Diversified Consumer Services - 0.6%
China Education Alliance, Inc. (a)		15,226		75,521
ChinaCast Education Corporation (a)		126,865		970,517
Collectors Universe, Inc.		77		1,306
CPI Corporation		838		20,665
Hillenbrand, Inc. (b)		13,876		298,195
ITT Educational Services, Inc. (a)		45,500		2,936,115
Jackson Hewitt Tax Service, Inc. (a)		21,651		21,435
K12, Inc. (a)		4,065		113,454
Matthews International Corporation - Class A		1,196		39,492
Pre-Paid Legal Services, Inc. (a)		4,620		278,032
Princeton Review, Inc. (The) (a)		100		159
Regis Corporation		36,500		746,425
Service Corporation International		5,998		49,663
Steiner Leisure Ltd. (a)		1,700		65,909
Stonemor Partners, L.P.		24,235		681,973
Universal Technical Institute, Inc.		10,815		209,270

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Discretionary - 12.1% (Continued)
Diversified Consumer Services - 0.6% (Continued)
Weight Watchers International, Inc. (b)		24,500	$	820,505
				7,328,636
Hotels, Restaurants & Leisure - 2.7%
AFC Enterprises, Inc. (a)		22,091		280,777
Ameristar Casinos, Inc.		22,200		396,936
Bluegreen Corporation (a)		210		678
Bob Evans Farms, Inc.		22,247		638,489
Boyd Gaming Corporation (a)		115,300		958,143
Brinker International, Inc.		22,160		410,846
California Pizza Kitchen, Inc. (a) (b)		34,100		562,991
Caribou Coffee Company (a)		236		2,504
Carrols Restaurant Group, Inc. (a)		15,224		102,914
CEC Entertainment, Inc. (a)		15,320		508,624
Cedar Fair, L.P. (b)		64,856		906,038
Choice Hotels International, Inc.		7,805		296,824
Churchill Downs, Inc.		1,797		65,105
Denny's Corporation (a) (b)		761,787		2,460,572
Domino's Pizza, Inc. (a)		44,021		653,272
Dover Downs Gaming & Entertainment, Inc.		900		3,132
Einstein Noah Restaurant Group, Inc. (a) (b)		16,299		180,267
Frisch's Restaurants, Inc.		600		13,260
Interval Leisure Group, Inc. (a)		44,371		636,724
Isle of Capri Casinos, Inc. (a) (b)		83,206		668,976
Jamba, Inc. (a)		521,097		1,235,000
Krispy Kreme Doughnuts, Inc. (a)		288,774		1,617,134
Life Time Fitness, Inc. (a)		81,500		2,944,595
Luby's, Inc. (a)		696		3,529
Marcus Corporation		46,334		594,002
McCormick & Schmick's Seafood Restaurants, Inc. (a)		1,702		15,199
O'Charley's, Inc. (a)		28,697		215,228
Orient-Express Hotels Ltd. - Class A (a) (b)		25,900		327,894
P.F. Chang's China Bistro, Inc.		34,500		1,584,240
Papa John's International, Inc. (a)		12,175		314,480
Penn National Gaming, Inc. (a) (b)		123,200		4,097,632
Pinnacle Entertainment, Inc. (a)		105,360		1,348,608
Red Lion Hotels Corporation (a)		697		5,485
Rick's Cabaret International, Inc. (a)		40,230		305,346
Ruby Tuesday, Inc. (a)		75,000		907,500
Ruth's Hospitality Group, Inc. (a)		119,211		543,602
Scientific Games Corporation (a)		110,800		875,320
Shuffle Master, Inc. (a)		126,033		1,185,971
Sonic Corporation (a)		17,800		158,064
Starbucks Corporation		100		2,848
Town Sports International Holdings, Inc. (a)		400		1,200
Wendy's/Arby's Group, Inc. - Class A (b)		556,835		2,561,441
Wynn Resorts Ltd.		200		21,434
Yum! Brands, Inc.		400		19,824
				30,632,648

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Discretionary - 12.1% (Continued)
Household Durables - 1.3%
Fortune Brands, Inc.		200	$	10,810
Furniture Brands International, Inc. (a) (b)		125,809		630,303
Harman International Industries, Inc. (a) (b)		113,400		3,804,570
Helen of Troy Ltd. (a)		26,460		678,699
Jarden Corporation		24,500		785,470
Kid Brands, Inc. (a) (b)		84,917		828,790
Leggett & Platt, Inc.		85,627		1,745,078
M/I Homes, Inc. (a)		39,523		418,153
MDC Holdings, Inc.		13,565		349,299
Newell Rubbermaid, Inc.		600		10,590
NIVS IntelliMedia Technology Group, Inc. (a)		248,952		709,513
Skyline Corporation		500		8,915
Standard Pacific Corporation (a)		83,291		302,346
Toll Brothers, Inc. (a) (b)		166,720		2,990,957
Tupperware Brands Corporation (b)		36,000		1,613,160
Universal Electronics, Inc. (a)		17,714		373,057
				15,259,710
Internet & Catalog Retail - 0.2%
drugstore.com, inc. (a)		105,262		168,419
Expedia, Inc.		2,800		81,060
Orbitz Worldwide, Inc. (a)		179,505		1,220,634
U.S. Auto Parts Network, Inc. (a) (b)		29,567		236,240
ValueVision Media, Inc. (a)		204		484
Vitacost.com, Inc. (a)		41,059		251,281
				1,958,118
Leisure Equipment & Products - 0.2%
Eastman Kodak Company (a)		281,300		1,324,923
Hasbro, Inc.		300		13,875
LeapFrog Enterprises, Inc. (a)		94,680		529,261
Marine Products Corporation (a)		30		186
Nautilus, Inc. (a)		2,094		3,099
RC2 Corporation (a)		32,667		689,274
Steinway Musical Instruments, Inc. (a)		100		1,701
				2,562,319
Media - 1.9%
Alloy, Inc. (a)		6,222		60,664
Ballantyne Strong, Inc. (a) (b)		16,560		139,435
Belo Corporation - Class A (a)		44,160		255,686
Cablevision Systems Corporation - Class A		700		18,718
Carmike Cinemas, Inc. (a)		22,476		180,033
CBS Corporation - Class B		1,100		18,623
Central European Media Enterprises Ltd. (a)		2,100		48,405
China Yida Holding Company (a)		20		213
Cinemark Holdings, Inc. (b)		256,183		4,496,012
CKX, Inc. (a)		50,660		206,693
Clear Channel Outdoor Holdings, Inc. (a)		23,700		281,556
Comcast Corporation - Class A		47,100		969,318
CTC Media, Inc. (a)		17,078		403,041
Daily Journal Corporation (a)		180		12,604

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Discretionary - 12.1% (Continued)
Media - 1.9% (Continued)
Dex One Corporation (a)		1,477	$	10,354
Discovery Communiations, Inc. (a)		100		4,461
DreamWorks Animation SKG, Inc. - Class A (a)		42,900		1,514,370
Emmis Communications Corporation - Class A (a)		800		687
Fisher Communications, Inc. (a)		2,623		47,948
Global Sources Ltd. (a)		8,662		66,178
John Wiley & Sons, Inc. - Class A		15,100		651,716
Journal Communications, Inc. (a)		28,010		129,126
Knology, Inc. (a)		27,187		395,571
Lamar Advertising Company (a)		9,700		329,703
Lee Enterprises, Inc. (a)		17,216		31,677
Liberty Global, Inc. - Class A (a)		100		3,779
Liberty Media Corporation - Capital - Series A (a)		100		5,754
Liberty Media, LLC - Starz Entertainment - Series A (a) (b)		48,779		3,196,000
LIN TV Corporation - Class A (a)		4,900		20,384
Lions Gate Entertainment Corporation (a) (b)		96,808		699,922
Live Nation Entertainment, Inc. (a)		42,660		404,843
LodgeNet Interactive Corporation (a)		124,000		316,200
Madison Square Garden, Inc. - Class A (a) (b)		70,100		1,457,379
MDC Partners, Inc.		14,715		204,539
Mediacom Communications Corporation (a) (b)		96,552		666,209
National CineMedia, Inc.		41,024		759,764
Playboy Enterprises, Inc. (a) (b)		47,987		232,737
Regal Entertainment Group		24,366		328,941
Rentrak Corporation (a)		1,739		47,214
Sinclair Broadcast Group, Inc. - Class A (a)		47,262		377,623
Sirius XM Radio, Inc. (a)		572,374		855,699
Thomson Reuters Corporation		3,000		114,750
Time Warner, Inc.		100		3,251
Valassis Communications, Inc. (a)		6,200		204,600
Value Line, Inc.		12		206
Virgin Media, Inc.		500		12,715
Warner Music Group Corporation (a) (b)		230,987		1,201,132
				21,386,433
Multiline Retail - 0.6%
99¢ Only Stores (a)		32,000		493,440
Family Dollar Stores, Inc.		100		4,617
Macy's, Inc.		500		11,820
Retail Ventures, Inc. (a) (b)		312,943		4,252,896
Saks, Inc. (a)		82,800		922,392
Tuesday Morning Corporation (a)		123,465		591,397
				6,276,562
Specialty Retail - 2.5%
A.C. Moore Arts & Crafts, Inc. (a)		400		900
Advance Auto Parts, Inc.		200		12,996
America's Car-Mart, Inc. (a)		15,867		423,173
Asbury Automotive Group, Inc. (a)		67,411		972,067
AutoChina International Ltd. (a)		1,616		38,784

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Discretionary - 12.1% (Continued)
Specialty Retail - 2.5% (Continued)
bebe stores, inc. (b)		241,399	$	1,583,577
Big 5 Sporting Goods Corporation		20,708		279,972
Borders Group, Inc. (a) (b)		339,941		414,728
Cache, Inc. (a)		200		998
CarMax, Inc. (a)		7,100		220,029
Casual Male Retail Group, Inc. (a)		53,171		234,484
Cato Corporation (The) - Class A		19,365		512,204
Charming Shoppes, Inc. (a) (b)		528,606		1,844,835
Chico's FAS, Inc.		22,400		217,728
Children's Place Retail Stores, Inc. (The) (a)		3,400		149,804
Christopher & Banks Corporation		142,031		846,505
Coldwater Creek, Inc. (a)		198,610		669,316
Cost Plus, Inc. (a)		16,200		83,592
Destination Maternity Corporation (a)		6,456		235,838
Dress Barn, Inc. (a)		4,200		96,348
Express, Inc. (a)		15,479		211,753
Finish Line, Inc. (The) - Class A		31,200		477,360
Group 1 Automotive, Inc. (a)		10,959		386,414
Gymboree Corporation (The) (a)		2,700		175,662
Hastings Entertainment, Inc. (a)		100		664
Hot Topic, Inc.		1,105		6,332
Jo-Ann Stores, Inc. (a)		5,100		220,575
Jos. A. Bank Clothiers, Inc. (a) (b)		67,200		2,929,920
Kirkland's, Inc. (a)		12,540		168,663
Lithia Motors, Inc.		47,263		515,167
Men's Wearhouse, Inc. (The) (b)		33,551		819,986
Midas, Inc. (a)		24		177
Monro Muffler Brake, Inc.		749		35,757
New York & Company, Inc. (a)		188,451		587,967
Office Depot, Inc. (a)		429,887		1,930,193
O'Reilly Automotive, Inc. (a)		600		35,100
Pier 1 Imports, Inc. (a)		54,713		474,909
RadioShack Corporation		133,600		2,689,368
Ross Stores, Inc.		100		5,899
Sally Beauty Holdings, Inc. (a)		17,700		215,409
Select Comfort Corporation (a)		169,989		1,412,608
Shoe Carnival, Inc. (a) (b)		25,668		587,797
Signet Jewelers Ltd. (a) (b)		82,088		2,887,856
Stage Stores, Inc.		42,134		561,646
Stein Mart, Inc. (a)		120,603		1,132,462
Systemax, Inc.		5,213		67,508
Tiffany & Company		100		5,300
Tractor Supply Company		300		11,880
West Marine, Inc. (a)		4,146		40,672
Wet Seal, Inc. (The) - Class A (a) (b)		171,386		599,851
Zale Corporation (a)		188,303		482,056
Zumiez, Inc. (a)		8,940		234,407
				28,749,196

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Discretionary - 12.1% (Continued)
Textiles, Apparel & Luxury Goods - 0.9%
American Apparel, Inc. (a)		92,629	$	89,850
Carter's, Inc. (a) (b)		99,734		2,483,377
Cherokee, Inc.		4,370		80,758
Coach, Inc.		400		20,000
Crocs, Inc. (a)		8,400		117,012
Delta Apparel, Inc. (a)		1,500		19,380
Fossil, Inc. (a)		300		17,697
Kenneth Cole Productions, Inc. (a)		13,725		184,601
Lacrosse Footwear, Inc.		305		4,401
LJ International, Inc. (a)		81,561		415,961
Maidenform Brands, Inc. (a)		30,981		829,052
Oxford Industries, Inc.		24,082		554,608
Perry Ellis International, Inc. (a) (b)		67,491		1,517,198
Polo Ralph Lauren Corporation		500		48,440
Quiksilver, Inc. (a) (b)		365,371		1,523,597
Rocky Brands, Inc. (a)		102		935
Timberland Company (The) (a) (b)		96,000		2,014,080
Unifi, Inc. (a)		55,375		261,924
Warnaco Group, Inc. (The) (a) (b)		8,900		472,679
				10,655,550
Consumer Staples - 3.5%
Beverages - 0.5%
Brown-Forman Corporation - Class B		300		18,243
Central European Distribution Corporation (a) (b)		19,657		490,835
Coca-Cola Bottling Company Consolidated		1,543		82,273
Constellation Brands, Inc. - Class A (a) (b)		191,300		3,774,349
Cott Corporation (a)		106,566		873,841
Craft Brewers Alliance, Inc. (a)		1,357		8,848
Heckmann Corporation (a)		40,054		163,821
MGP Ingredients, Inc.		4,300		38,786
National Beverage Corporation		23,438		335,163
				5,786,159
Food & Staples Retailing - 1.0%
Andersons, Inc. (The)		8,583		337,913
BJ's Wholesale Club, Inc. (a) (b)		42,099		1,756,791
Casey's General Stores, Inc. (b)		56,031		2,323,045
Pantry, Inc. (The) (a) (b)		29,070		565,411
PriceSmart, Inc.		12,539		367,769
QKL Stores, Inc. (a)		180		977
Rite Aid Corporation (a)		86,886		79,475
SUPERVALU, Inc. (b)		435,140		4,695,161
Susser Holdings Corporation (a) (b)		59,403		812,039
				10,938,581
Food Products - 1.2%
AgFeed Industries, Inc. (a)		55,956		161,713
American Lorain Corporation (a)		300		915
Archer-Daniels-Midland Company		500		16,660
B&G Foods, Inc. (b)		26,994		330,677
Campbell Soup Company		300		10,875

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Consumer Staples - 3.5% (Continued)
Food Products - 1.2% (Continued)
China Marine Food Group Ltd. (a)		27	$	157
Corn Products International, Inc. (b)		108,605		4,621,143
Darling International, Inc. (a) (b)		150,408		1,505,584
Del Monte Foods Company (b)		131,037		1,879,071
H.J. Heinz Company		300		14,733
Hormel Foods Corporation		100		4,592
HQ Sustainable Maritime Industries, Inc. (a)		3,633		12,025
J & J Snack Foods Corporation		7,682		329,327
J.M. Smucker Company (The)		300		19,284
John B. Sanfilippo & Son, Inc. (a)		644		8,642
Lance, Inc.		45,410		1,032,623
McCormick & Company, Inc.		500		22,110
Mead Johnson Nutrition Company		100		5,882
Omega Protein Corporation (a)		18,200		102,830
Origin Agritech Ltd. (a)		4,000		34,840
Pilgrim's Pride Corporation (a) (b)		309,907		1,890,433
Ralcorp Holdings, Inc. (a)		700		43,442
Reddy Ice Holdings, Inc. (a)		600		2,094
Sanderson Farms, Inc.		14,804		621,472
SkyPeople Fruit Juice, Inc. (a)		6,432		37,177
Smithfield Foods, Inc. (a)		32,220		539,685
SunOpta, Inc. (a)		107,037		691,459
Synutra International, Inc. (a)		5,264		58,325
				13,997,770
Household Products - 0.2%
Cellu Tissue Holdings, Inc. (a)		15,400		183,876
Central Garden & Pet Company (a)		400		4,140
Church & Dwight Company, Inc.		100		6,585
Oil-Dri Corporation of America		328		7,213
Procter & Gamble Company (The)		24,300		1,544,751
Spectrum Brands Holdings, Inc. (a) (b)		2,095		59,393
WD-40 Company		8,760		323,157
				2,129,115
Personal Products - 0.6%
Alberto-Culver Company		42,300		1,577,367
American Oriental Bioengineering, Inc. (a)		67,032		182,327
Elizabeth Arden, Inc. (a)		23,137		473,152
Inter Parfums, Inc.		17,524		306,495
Nu Skin Enterprises, Inc. - Class A (b)		95,600		2,925,360
Nutraceutical International Corporation (a)		6,312		102,570
Prestige Brands Holdings, Inc. (a)		53,163		571,502
Revlon, Inc. (a) (b)		94,981		1,084,683
				7,223,456
Tobacco - 0.0%
Lorillard, Inc.		300		25,602
Reynolds American, Inc.		300		19,470
Vector Group Ltd.		9,356		174,957
				220,029

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Energy - 7.0%
Energy Equipment & Services - 2.2%
Allis-Chalmers Energy, Inc. (a) (b)		324,627	$	1,668,583
Atwood Oceanics, Inc. (a)		600		19,506
Basic Energy Services, Inc. (a)		120,800		1,336,048
Cal Dive International, Inc. (a)		145,001		733,705
CARBO Ceramics, Inc.		1,700		142,409
Complete Production Services, Inc. (a)		12,816		300,279
Diamond Offshore Drilling, Inc.		25,800		1,706,928
Dresser-Rand Group, Inc. (a) (b)		116,000		3,969,520
Dril-Quip, Inc. (a)		1,500		103,650
ENGlobal Corporation (a)		500		1,445
Exterran Partners, L.P.		29,345		684,032
Global Industries Ltd. (a)		24,611		142,498
Gulf Island Fabrication, Inc.		16,788		383,438
Halliburton Company		593		18,893
Helix Energy Solutions Group, Inc. (a)		37,258		472,804
ION Geophysical Corporation (a)		64,400		314,916
Lufkin Industries, Inc.		1,300		63,505
National Oilwell Varco, Inc.		2,500		134,400
Noble Corporation (a)		300		10,359
North American Energy Partners, Inc. (a)		104,138		903,918
Oceaneering International, Inc. (a) (b)		27,900		1,726,173
Oil States International, Inc. (a)		2,700		138,024
OYO Geospace Corporation (a)		6,286		380,994
Parker Drilling Company (a)		32,997		139,577
Patterson-UTI Energy, Inc. (b)		33,820		656,446
Pioneer Drilling Company (a) (b)		17,707		109,075
Pride International, Inc. (a)		2,300		69,736
Rowan Companies, Inc. (a)		6,200		203,980
RPC, Inc.		8,803		193,754
SEACOR Holdings, Inc. (a) (b)		16,507		1,564,038
Superior Energy Services, Inc. (a) (b)		150,312		4,151,617
T-3 Energy Services, Inc. (a)		34,512		1,155,117
TETRA Technologies, Inc. (a)		60,188		587,435
Transocean Ltd. (a)		200		12,672
Union Drilling, Inc. (a)		400		1,828
Unit Corporation (a)		2,900		113,767
Vantage Drilling Company (a)		90,029		154,850
Willbros Group, Inc. (a) (b)		38,706		342,935
				24,812,854
Oil, Gas & Consumable Fuels - 4.8%
Abraxas Petroleum Corporation (a) (b)		245,263		755,410
Advantage Oil & Gas Ltd. (a)		123,978		767,424
Alon USA Energy, Inc.		21,189		120,142
Approach Resources, Inc. (a) (b)		210,461		3,251,622
Atlas Energy, Inc. (a)		4,200		122,304
Atlas Pipeline Holdings, L.P. (a)		44,728		417,760
Atlas Pipeline Partners, L.P. (a)		42,314		837,394
Berry Petroleum Company - Class A		36,600		1,252,086
Bill Barrett Corporation (a)		13,816		521,554

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Oil, Gas & Consumable Fuels - 4.8% (Continued)
BioFuel Energy Corporation (a)		55,700	$	125,882
Boardwalk Pipeline Partners, L.P.		2,500		81,400
Breitburn Energy Partners, L.P.		42,598		828,531
Brigham Exploration Company (a)		10,200		215,118
Buckeye GP Holdings, L.P.		286		12,267
Buckeye Partners, L.P.		1,180		74,706
Cabot Oil & Gas Corporation		2,300		66,654
Calumet Specialty Products Partners, L.P.		28,612		623,456
CAMAC Energy, Inc. (a)		230,760		609,206
Capital Product Partners, L.P.		39,892		351,847
China North East Petroleum Holdings Ltd. (a)		124,042		831,081
Clayton Williams Energy, Inc. (a) (b)		11,993		716,222
Cobalt International Energy, Inc. (a)		7,500		69,375
Concho Resources, Inc. (a)		400		27,468
Contango Oil & Gas Company (a)		1,514		79,621
Continental Resources, Inc. (a)		140		6,654
Crestwood Midstream Partners, L.P.		7,800		202,722
Crimson Exploration, Inc. (a)		17,962		53,347
Cross Timbers Royalty Trust		10,406		402,504
Crosstex Energy, Inc.		1,596		12,944
Crude Carriers Corporation		20,940		368,963
CVR Energy, Inc. (a)		24,888		236,934
Delek US Holdings, Inc.		498		3,660
Delta Petroleum Corporation (a)		20,928		15,319
Denbury Resources, Inc. (a)		500		8,510
Denison Mines Corporation (a)		141,082		296,272
Dorchester Minerals, L.P.		29,127		773,322
Duncan Energy Partners, L.P.		500		15,880
Eagle Rock Energy Partners, L.P.		108,669		730,256
Eastern American Natural Gas Trust		1,398		31,819
ECA Marcellus Trust I		16,181		376,046
El Paso Corporation		250		3,315
El Paso Pipeline Partners, L.P.		600		20,220
Enbridge Energy Management, LLC (a)		1		27
Enbridge Energy Partners, L.P.		533		32,774
Enbridge, Inc.		100		5,540
Encore Energy Partners, L.P.		44,019		901,509
Energy Transfer Equity, L.P.		300		11,736
Energy Transfer Partners, L.P.		300		15,300
Energy XXI (Bermuda) Ltd. (a)		4,400		95,656
Enterprise Products Partners, L.P.		300		12,855
Equal Energy Ltd. (a)		101		491
EV Energy Partners, L.P. (b)		23,571		882,852
Evolution Petroleum Corporation (a)		12,600		74,844
EXCO Resources, Inc.		29,300		434,519
Exxon Mobil Corporation		15,900		1,056,873
Frontier Oil Corporation		41,730		552,923
Frontline Ltd. (b)		54,000		1,552,500
FX Energy, Inc. (a)		92,214		442,627

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Oil, Gas & Consumable Fuels - 4.8% (Continued)
Gastar Exploration Ltd. (a)		29,466	$	108,435
General Maritime Corporation		485,700		1,865,088
Genesis Energy, L.P.		18,351		465,932
GeoResources, Inc. (a) (b)		120,487		2,072,376
Global Partners, L.P.		19,046		521,289
Gran Tierra Energy, Inc. (a)		51,566		384,682
Gulfport Energy Corporation (a) (b)		115,492		1,924,097
Harvest Natural Resources, Inc. (a)		64,837		809,166
Holly Corporation		18,930		619,579
Holly Energy Partners, L.P.		5,579		280,345
Hugoton Royalty Trust (b)		21,283		424,170
International Coal Group, Inc. (a) (b)		160,900		904,258
Ivanhoe Energy, Inc. (a)		400,365		1,040,949
Kinder Morgan Energy Partners, L.P.		300		20,841
Knightsbridge Tankers Ltd. (b)		6,176		134,204
Kodiak Oil & Gas Corporation (a)		50,202		206,832
Legacy Reserves, L.P.		31,933		831,216
Longwei Petroleum Investment Holding Ltd. (a)		29,700		82,566
Magellan Midstream Partners, L.P.		300		16,197
Magellan Petroleum Corporation (a)		400		812
Marathon Oil Corporation		100		3,557
Martin Midstream Partners, L.P.		21,695		746,091
McMoRan Exploration Company (a)		20,705		348,672
Murphy Oil Corporation		300		19,548
MV Oil Trust		20,062		587,415
Newfield Exploration Company (a)		500		29,810
Niska Gas Storage Partners, LLC		8,139		162,292
Noble Energy, Inc.		500		40,740
Northern Oil and Gas, Inc. (a)		100		1,968
NuStar GP Holdings, LLC		343		12,046
Oasis Petroleum, Inc. (a)		1,300		27,651
Oilsands Quest, Inc. (a)		33,960		14,779
ONEOK Partners, L.P.		355		27,807
Oxford Resource Partners, L.P.		14,056		302,907
PAA Natural Gas Storage, L.P.		20,513		493,543
Pacific Ethanol, Inc. (a)		79,736		67,225
Panhandle Oil & Gas, Inc.		329		8,126
Peabody Energy Corporation		300		15,870
Penn Virginia GP Holdings, L.P.		31,508		791,166
Permian Basin Royalty Trust		25,509		535,434
Petroleum Development Corporation (a) (b)		86,257		2,692,081
Pioneer Southwest Energy Partners, L.P. (b)		25,620		741,955
Plains All American Pipeline, L.P.		300		18,930
Plains Exploration & Production Company (a)		16,030		446,756
Quicksilver Resources, Inc. (a)		43,440		650,297
Regency Energy Partners, L.P.		12,050		305,347
REX American Resources Corporation (a)		131		2,173
Rosetta Resources, Inc. (a)		4,776		114,194
Sabine Royalty Trust		13,279		715,473

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Oil, Gas & Consumable Fuels - 4.8% (Continued)
San Juan Basin Royalty Trust		8,888	$	217,845
SM Energy Company		5,000		208,400
Southern Union Company		6,100		153,293
Stone Energy Corporation (a)		32,220		503,599
Sunoco Logistics Partners, L.P.		344		27,517
Sunoco, Inc.		3,200		119,904
Syntroleum Corporation (a)		2,600		4,654
Targa Resources Partners, L.P.		3,900		115,596
Teekay Corporation (b)		97,236		3,092,105
Teekay Offshore Partners, L.P.		6,297		166,996
Teekay Tankers Ltd. - Class A (b)		81,356		966,509
Toreador Resources Corporation (a)		62,952		866,220
Transglobe Energy Corporation (a)		58,680		616,140
TransMontaigne Partners, L.P.		20,018		679,611
Tsakos Energy Navigation Ltd. (b)		47,080		486,807
Uranium Resources, Inc. (a)		246,050		322,326
Ur-Energy, Inc. (a)		29,100		39,285
VAALCO Energy, Inc. (a)		52,810		310,523
Vanguard Natural Resources, LLC		27,357		710,188
Warren Resources, Inc. (a)		16,307		68,163
				54,702,811
Financials - 14.8%
Capital Markets - 1.9%
American Capital Ltd. (a)		18,796		131,196
Ameriprise Financial, Inc.		300		15,507
Ares Capital Corporation		15,000		251,100
Artio Global Investors, Inc.		17,800		277,146
BlackRock Kelso Capital Corporation (b)		305,970		3,585,968
Calamos Asset Management, Inc. - Class A (b)		204,078		2,446,895
Cohen & Steers, Inc.		10,772		270,054
Cowen Group, Inc. (a)		25,147		88,015
E*TRADE Financial Corporation (a) (b)		271,633		3,884,352
Epoch Holding Corporation		310		4,132
Federated Investors, Inc. - Class B		2,225		55,425
Fifth Street Finance Corporation		51,859		611,936
Financial Engines, Inc. (a)		15,793		232,631
Fortress Investment Group, LLC - Class A (a) (b)		114,280		502,832
GAMCO Investors, Inc. - Class A		481		20,606
GFI Group, Inc.		33,552		160,714
Gleacher & Company, Inc. (a)		7,700		17,325
Golub Capital BDC, Inc.		7,184		114,297
Harris & Harris Group, Inc. (a)		17,029		71,011
Hercules Technology Growth Capital, Inc.		30,364		309,106
HFF, Inc. - Class A (a)		68,375		672,126
International Assets Holding Corporation (a)		38,118		840,502
Investment Technology Group, Inc. (a)		27,012		384,651
Jefferies Group, Inc.		1,700		40,681
KKR & Company, L.P.		19,600		248,528
Kohlberg Capital Corporation (b)		74,184		509,644

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Capital Markets - 1.9% (Continued)
LaBranche & Company, Inc. (a)		34,676	$	112,697
Legg Mason, Inc.		1,400		43,442
Main Street Capital Corporation		5,384		90,397
MCG Capital Corporation (b)		65,000		411,450
MF Global Holdings Ltd. (a)		21,322		166,951
MVC Capital, Inc. (b)		17,700		236,295
Och-Ziff Capital Management Group, LLC		1,100		16,247
optionsXpress Holdings, Inc. (a)		28,800		459,936
PennantPark Investment Corporation		17,380		193,266
Piper Jaffray Companies, Inc. (a) (b)		18,629		576,940
Prospect Capital Corporation		8,557		84,629
Rodman & Renshaw Capital Group, Inc. (a)		300		861
Safeguard Scientifics, Inc. (a)		27,156		399,736
Solar Capital Ltd.		44,655		996,700
TICC Capital Corporation		56,367		582,835
TradeStation Group, Inc. (a)		66,777		366,606
Virtus Investment Partners, Inc. (a)		5,651		207,674
W.P. Carey & Company, LLC		300		9,348
Waddell & Reed Financial, Inc. - Class A		40,200		1,168,614
Westwood Holdings Group, Inc.		1,016		36,607
				21,907,611
Commercial Banks - 2.0%
AmeriServ Financial, Inc. (a)		100		160
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR (b)		137,980		2,126,272
Bank of Hawaii Corporation		10,440		450,903
Banner Corporation (b)		397,007		659,032
BOK Financial Corporation		2,000		92,460
Boston Private Financial Holdings, Inc.		64,100		366,011
Bryn Mawr Bank Corporation		3,748		62,629
CapitalSource, Inc. (b)		540,329		3,301,410
Cardinal Financial Corporation		1,100		10,989
Center Financial Corporation (a) (b)		80,278		419,051
CenterState Banks, Inc.		395		2,923
Central Jersey Bancorp (a)		9,410		70,293
Citizens Republic Bancorp, Inc. (a)		600		414
Commerce Bancshares, Inc. (b)		73,651		2,713,303
Credicorp Ltd.		100		12,588
East West Bancorp, Inc. (b)		210,869		3,717,620
Farmers Capital Bank Corporation		100		450
Financial Institutions, Inc.		477		8,610
First BanCorp (North Carolina)		16		214
First BanCorp (Puerto Rico) (a)		1,098		335
First Community Bancshares, Inc.		3,898		52,467
First Financial Bancorporation (b)		31,213		525,627
First Financial Corporation		401		11,721
First Interstate BancSystem, Inc.		9,082		117,703
First Merchants Corporation		700		5,824
First Midwest Bancorp, Inc.		36,600		391,986

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Commercial Banks - 2.0% (Continued)
FirstMerit Corporation		11,900	$	204,442
Fulton Financial Corporation (b)		361,520		3,376,597
Hancock Holding Company		3,392		106,577
Home Bancorp, Inc. (a)		1,700		22,831
Home BancShares, Inc. (b)		19,417		399,408
Hudson Valley Holding Corporation		3,763		73,567
Huntington Bancshares, Inc.		2,830		16,046
IBERIABANK Corporation (b)		12,440		647,502
Intervest Bancshares Corporation (a)		3,500		8,050
Investors Bancorp, Inc. (a)		3,300		39,600
KeyCorp		700		5,733
M&T Bank Corporation		200		14,950
MainSource Financial Group, Inc.		6,214		51,390
MB Financial, Inc.		6,400		95,296
Metro Bancorporation, Inc. (a)		11,888		120,188
Nara Bancorp, Inc. (a) (b)		5,002		39,216
Old National Bancorp		40,200		380,292
Penns Woods Bancorp, Inc.		83		2,735
Porter Bancorp, Inc.		400		4,440
PrivateBancorp, Inc.		42,360		499,424
Republic Bancorp, Inc. - Class A		27		552
Signature Bank (a)		1,000		42,240
Southwest Bancorp, Inc.		13,747		136,095
StellarOne Corporation		511		6,530
Sterling Bancshares, Inc.		71,431		385,013
Summit Financial Group, Inc.		100		410
Sun Bancorp, Inc. (a)		666		2,631
Susquehanna Bancshares, Inc.		200		1,580
SVB Financial Group (a)		2,955		128,070
United Community Banks, Inc. (a)		106,000		207,760
Virginia Commerce Bancorp (a)		7,727		41,030
Washington Banking Company		348		4,381
Wintrust Financial Corporation (b)		29,760		891,014
				23,076,585
Consumer Finance - 0.8%
Capital One Financial Corporation		200		7,454
Cardtronics, Inc. (a) (b)		262,872		4,455,680
Credit Acceptance Corporation (a)		100		5,881
Discover Financial Services, LLC		900		15,885
Dollar Financial Corporation (a)		8,300		207,666
EZCORP, Inc. - Class A (a) (b)		27,710		595,211
First Cash Financial Services, Inc. (a)		63,100		1,834,317
First Marblehead Corporation (The) (a)		329		734
Green Dot Corporation - Class A (a)		1,100		55,880
Nelnet, Inc. - Class A		50,759		1,140,555
Rewards Network, Inc. (a)		217		2,973
Student Loan Corporation (The)		32,115		957,669
				9,279,905

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Diversified Financial Services - 0.5%
Asta Funding, Inc.		466	$	3,835
Citigroup, Inc. (a)		1,100		4,587
Compass Diversified Holdings, Inc.		35,736		608,584
Encore Capital Group, Inc. (a) (b)		127,923		2,599,395
Interactive Brokers Group, Inc. - Class A (a) (b)		30,010		561,787
JPMorgan Chase & Company		9,600		361,248
KKR Financial Holdings, LLC		24,500		215,355
Leucadia National Corporation		500		12,710
Liberty Acquisition Holdings Corporation (a)		300		3,150
MarketAxess Holdings, Inc. (b)		54,034		981,798
MSCI, Inc. - Class A (a)		824		29,541
PICO Holdings, Inc. (a)		2,100		64,554
Sprott Resource Lending Corporation (a)		50		89
Texas Pacific Land Trust		8,698		314,433
				5,761,066
Insurance - 4.1%
Aflac, Inc.		300		16,767
Alleghany Corporation (a)		113		33,954
Allied World Assurance Company Holdings Ltd. (b)		50,151		2,869,139
Alterra Capital Holdings Ltd.		10,500		212,100
Ambac Financial Group, Inc. (a)		36,544		30,350
American Financial Group, Inc. (b)		112,795		3,449,271
American National Insurance Company (b)		4,270		334,939
American Physicians Service Group, Inc.		11,969		387,796
American Safety Insurance Holdings Ltd. (a) (b)		25,326		470,304
Argo Group International Holdings Ltd.		4,856		168,455
Arthur J. Gallagher & Company		1,700		47,872
Aspen Insurance Holdings Ltd. (b)		136,866		3,882,888
Assurant, Inc.		800		31,632
Axis Capital Holdings Ltd.		400		13,604
Brown & Brown, Inc.		2,000		44,580
Chubb Corporation (The)		500		29,010
Cincinnati Financial Corporation		100		2,944
Citizens, Inc. (a)		1,100		7,612
CNA Financial Corporation (a)		100		2,772
CNA Surety Corporation (a)		18,819		362,266
CNO Financial Group, Inc. (a)		53,112		288,929
Donegal Group, Inc. - Class A		100		1,385
Employers Holdings, Inc.		19,789		320,384
Enstar Group, Inc. (The) (a)		2,977		238,726
Erie Indemnity Company - Class A (b)		57,393		3,281,732
FBL Financial Group, Inc. - Class A (b)		14,696		384,447
First Mercury Financial Corporation		15,544		253,367
Flagstone Reinsurance Holdings Ltd.		40,890		445,701
Genworth Financial, Inc. - Class A (a)		1,800		20,412
Gerova Financial Group Ltd. (a)		6		34
Global Indemnity plc (a)		5,696		96,148
Greenlight Capital Re Ltd. - Class A (a)		2,800		79,968
Hallmark Financial Services, Inc. (a) (b)		63,039		563,569

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Insurance - 4.1% (Continued)
Hanover Insurance Group, Inc. (The)		400	$	18,100
Harleysville Group, Inc.		8,906		305,743
Hartford Financial Services Group, Inc.		400		9,592
HCC Insurance Holdings, Inc. (b)		77,800		2,060,144
Hilltop Holdings, Inc. (a)		30,300		302,697
Horace Mann Educators Corporation (b)		174,188		3,255,574
Infinity Property & Casualty Corporation		5,090		263,408
Kansas City Life Insurance Company (b)		15,629		496,377
Loews Corporation		300		11,844
Maiden Holdings Ltd. (b)		39,001		298,358
Manulife Financial Corporation		200		2,540
MBIA, Inc. (a) (b)		268,350		3,008,203
Meadowbrook Insurance Group, Inc. (b)		293,389		2,531,947
Mercury General Corporation (b)		42,736		1,815,425
National Western Life Insurance Company		2		320
Navigators Group, Inc. (The) (a) (b)		1,682		77,322
NYMAGIC, Inc.		16,611		426,404
OneBeacon Insurance Group Ltd.		40,618		571,901
Phoenix Companies, Inc. (The) (a)		54,521		114,494
Platinum Underwriters Holdings Ltd.		300		12,915
Presidential Life Corporation		21,335		204,176
Principal Financial Group, Inc.		600		16,104
ProAssurance Corporation (a)		400		22,996
Progressive Corporation (The)		500		10,580
Protective Life Corporation (b)		71,200		1,706,664
Reinsurance Group of America, Inc.		900		45,063
Safety Insurance Group, Inc.		7,690		357,277
SeaBright Holdings, Inc. (b)		66,734		558,564
Selective Insurance Group, Inc.		24,284		410,885
State Auto Financial Corporation		21,560		337,630
Sun Life Financial, Inc.		200		5,666
Symetra Financial Corporation		14,400		159,120
Transatlantic Holdings, Inc. (b)		46,874		2,465,572
Travelers Companies, Inc. (The)		100		5,520
United Fire & Casualty Company		10,578		211,877
Unitrin, Inc. (b)		106,308		2,583,284
Universal Insurance Holdings, Inc. (b)		114,984		523,177
Unum Group		100		2,242
Validus Holdings Ltd. (b)		89,266		2,531,584
				46,114,346
Real Estate Investment Trusts - 4.7%
Acadia Realty Trust		15,380		293,450
Agree Realty Corporation (b)		31,738		809,319
Anworth Mortgage Asset Corporation		37,510		262,945
Apartment Investment & Management Company - Class A		9,100		212,121
Apollo Commercial Real Estate Finance, Inc.		31,237		508,851
Arbor Realty Trust, Inc. (a)		28,065		148,744
ARMOUR Residential REIT, Inc.		9,500		69,730

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Real Estate Investment Trusts - 4.7% (Continued)
Associated Estates Realty Corporation		76,467	$	1,062,127
Brandywine Realty Trust (b)		248,200		2,970,954
Camden Property Trust		5,900		292,581
Care Investment Trust, Inc.		19,401		93,125
Cedar Shopping Centers, Inc.		25,708		162,217
Chesapeake Lodging Trust		28,604		514,300
Chimera Investment Corporation (b)		769,700		3,155,770
Cogdell Spencer, Inc. (b)		90,949		597,535
Colonial Properties Trust		908		16,280
CommonWealth REIT (b)		79,800		2,030,910
CreXus Investment Corporation		16,083		203,450
Cypress Sharpridge Investments, Inc.		70,571		919,540
Duke Realty Corporation (b)		232,390		2,897,903
Dynex Capital, Inc.		47,385		503,229
EastGroup Properties, Inc.		7,700		311,696
Excel Trust, Inc.		5,867		67,294
Extra Space Storage, Inc.		3,100		50,220
FelCor Lodging Trust, Inc. (a) (b)		333,469		2,050,834
First Potomac Realty Trust		45,441		748,868
Getty Realty Corporation		15,561		443,644
Glimcher Realty Trust		49,720		373,397
Government Properties Income Trust		22,900		611,201
Gramercy Capital Corporation (a)		235,264		526,991
Hersha Hospitality Trust (b)		476,395		2,906,010
Highwoods Properties, Inc.		300		9,939
Hospitality Properties Trust (b)		193,740		4,419,209
Inland Real Estate Corporation		50,700		440,583
Invesco Mortgage Capital, Inc.		40,152		866,882
Investors Real Estate Trust		131,676		1,158,749
Kite Realty Group Trust		79,488		379,953
LaSalle Hotel Properties		5,800		137,402
LTC Properties, Inc. (b)		25,383		706,917
Mack-Cali Realty Corporation (b)		106,100		3,562,838
MFA Financial, Inc.		24,900		196,959
Mid-America Apartment Communities, Inc.		1,200		73,236
Monmouth Real Estate Investment Corporation - Class A		17,771		146,078
MPG Office Trust, Inc. (a)		147,400		399,454
New York Mortgage Trust, Inc.		100		636
Newcastle Investment Corporation (a)		161,345		629,246
Northstar Realty Finance Corporation		50,607		226,719
One Liberty Properties, Inc.		4,132		65,947
Pebblebrook Hotel Trust (a)		25,193		493,531
PS Business Parks, Inc.		500		29,630
RAIT Financial Trust (a)		515,716		866,403
Ramco-Gershenson Properties Trust		32,900		380,982
Rayonier, Inc.		1,900		99,180
Resource Capital Corporation (b)		117,304		742,534
Retail Opportunity Investments Corporation		21,200		203,520

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Real Estate Investment Trusts - 4.7% (Continued)
Saul Centers, Inc. (b)		77,753	$	3,318,498
Senior Housing Properties Trust (b)		152,800		3,650,392
Sovran Self Storage, Inc.		16,535		646,022
Starwood Property Trust, Inc.		32,800		662,888
Strategic Hotels & Resorts, Inc. (a)		132,839		604,417
Two Harbors Investment Corporation		19,349		178,398
UMH Properties, Inc.		73		773
Universal Health Realty Income Trust		6,706		249,128
Urstadt Biddle Properties, Inc. - Class A		7,700		147,917
U-Store-It Trust		179,300		1,543,773
Vestin Realty Mortgage II, Inc. (a)		100		158
Weyerhaeuser Company		1,600		25,952
Winthrop Realty Trust		44,660		607,376
				53,687,455
Real Estate Management & Development - 0.2%
Altisource Portfolio Solutions, S.A. (a) (b)		32,748		856,688
Avatar Holdings, Inc. (a)		100		1,824
Brookfield Properties Corporation		15,300		266,067
CB Richard Ellis Group, Inc. - Class A (a)		2,900		53,215
FirstService Corporation (a)		1,570		39,752
Forestar Group, Inc. (a)		11,015		188,357
Hudson Pacific Properties, Inc.		9,882		158,112
MI Developments, Inc.		35,173		510,360
Tejon Ranch Company (a)		12,390		275,801
				2,350,176
Thrifts & Mortgage Finance - 0.6%
Abington Bancorp, Inc.		1,661		17,839
America First Tax Exempt Investors, L.P.		16,722		91,971
Bank Mutual Corporation		1,900		9,158
Beneficial Mutual Bancorp, Inc. (a)		33,473		245,692
Brookline Bancorp, Inc.		400		3,896
Capitol Federal Financial		14,458		338,317
Doral Financial Corporation (a)		137,736		206,604
ESB Financial Corporation		1,934		27,830
ESSA Bancorp, Inc.		7		89
Federal National Mortgage Association (a)		64,627		24,752
First Financial Holdings, Inc.		781		8,162
Flagstar Bancorp, Inc. (a)		204,583		265,958
Flushing Financial Corporation		20,400		268,260
Fox Chase Bancorp, Inc. (a)		52		507
Freddie Mac (a)		26,853		10,526
Home Federal Bancorp, Inc.		6,600		79,464
NewAlliance Bancshares, Inc. (b)		55,200		711,528
Northwest Bancshares, Inc.		1,700		19,278
OceanFirst Financial Corporation		1,000		11,940
Ocwen Financial Corporation (a) (b)		13,800		119,094
Oritani Financial Corporation (b)		33,324		353,568
PMI Group, Inc. (The) (a)		219,203		734,330
Provident New York Bancorp		700		6,209

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Financials - 14.8% (Continued)
Thrifts & Mortgage Finance - 0.6% (Continued)
Radian Group, Inc.		22,420	$	170,168
Roma Financial Corporation		100		991
Territorial Bancorp, Inc.		600		10,182
TFS Financial Corporation		15,200		133,000
United Financial Bancorp, Inc.		3,200		43,328
ViewPoint Financial Group (b)		43,404		416,678
Washington Federal, Inc. (b)		148,300		2,228,949
WSFS Financial Corporation		6,119		238,886
				6,797,154
Health Care - 9.9%
Biotechnology - 1.7%
AEterna Zentaris, Inc. (a)		226,502		285,393
Affymax, Inc. (a) (b)		116,475		590,528
Alexion Pharmaceuticals, Inc. (a)		500		34,150
Alkermes, Inc. (a)		61,001		705,782
AMAG Pharmaceuticals, Inc. (a)		17,949		285,569
Antigenics, Inc. (a)		300		270
Ariad Pharmaceuticals, Inc. (a)		33,299		122,540
ArQule, Inc. (a)		139,860		772,027
Array BioPharma, Inc. (a)		82,658		267,812
Athersys, Inc. (a)		13,439		38,704
Aveo Pharmaceuticals, Inc. (a)		13,050		198,360
Celera Corporation (a)		161,213		918,914
Celldex Therapeutics, Inc. (a)		270,515		1,203,792
Cepheid (a)		4,641		97,647
Cleveland Biolabs, Inc. (a)		134,037		896,708
Codexis, Inc. (a)		300		3,072
Cubist Pharmaceuticals, Inc. (a) (b)		4,900		114,072
Cyclacel Pharmaceuticals, Inc. (a)		31,100		51,004
Cytokinetics, Inc. (a)		8,262		21,812
CytRx Corporation (a)		679		587
DARA BioSciences, Inc. (a)		100		233
Dyax Corporation (a)		225,354		543,103
Dynavax Technologies Corporation (a)		158,443		288,366
Emergent BioSolutions, Inc. (a)		7,352		132,857
Enzon Pharmaceuticals, Inc. (a)		25,210		283,613
Exelixis, Inc. (a)		221,767		989,081
Genzyme Corporation (a)		300		21,639
Geron Corporation (a)		326,490		1,821,814
Halozyme Therapeutics, Inc. (a)		100,660		737,838
Idenix Pharmaceuticals, Inc. (a)		56,860		246,204
ImmunoGen, Inc. (a)		3,865		31,770
Inovio Pharmaceuticals, Inc. (a)		55,053		62,210
Insmed, Inc. (a)		5,188		3,782
Ironwood Pharmaceuticals, Inc. (a)		40,686		455,276
Lexicon Pharmaceuticals, Inc. (a)		163,055		288,607
Maxygen, Inc. (a)		6,400		41,024
Micromet, Inc. (a)		23,066		172,764
Neurocrine Biosciences, Inc. (a) (b)		79,474		646,918

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Health Care - 9.9% (Continued)
Biotechnology - 1.7% (Continued)
NPS Pharmaceuticals, Inc. (a)		127,503	$	794,344
Oncolytics Biotech, Inc. (a)		4,990		22,705
Oncothyreon, Inc. (a)		1,700		5,848
Onyx Pharmaceuticals, Inc. (a)		2,120		56,880
OPKO Health, Inc. (a)		75,132		207,364
PDL BioPharma, Inc.		43,474		227,369
Peregrine Pharmaceuticals, Inc. (a)		141,384		214,904
Pharmasset, Inc. (a)		7,000		262,500
PharmAthene, Inc. (a)		15,000		52,650
Poniard Pharmaceuticals, Inc. (a)		1,680		895
QLT, Inc. (a)		57,884		324,729
Regeneron Pharmaceuticals, Inc. (a)		21,818		569,013
Sangamo Biosciences, Inc. (a)		55,008		204,630
SciClone Pharmaceuticals, Inc. (a)		112,277		378,373
Seattle Genetics, Inc. (a)		19,500		319,605
Sinovac Biotech Ltd. (a)		154,027		622,269
StemCells, Inc. (a)		371		330
Synta Pharmaceuticals Corporation (a)		2,943		10,889
Targacept, Inc. (a) (b)		16,287		403,266
United Therapeutics Corporation (a)		5,600		336,000
Vical, Inc. (a)		221,189		477,768
YM BioSciences, Inc. (a)		52,283		106,134
Zalicus, Inc. (a)		61,762		80,291
				19,054,598
Health Care Equipment & Supplies - 1.8%
Accuray, Inc. (a)		35,900		236,222
AGA Medical Holdings, Inc. (a)		9,226		191,439
Align Technology, Inc. (a) (b)		8,000		136,240
Alimera Sciences, Inc. (a)		187		2,010
Alphatec Holdings, Inc. (a)		303,549		661,737
American Medical Systems Holdings, Inc. (a)		5,700		115,140
Analogic Corporation		4,722		215,465
AngioDynamics, Inc. (a) (b)		54,079		769,003
Antares Pharma, Inc. (a)		34		50
Atrion Corporation		5		814
Beckman Coulter, Inc.		18,600		990,264
Cantel Medical Corporation		1,400		25,928
CryoLife, Inc. (a) (b)		137,624		887,675
Cyberonics, Inc. (a)		4,600		126,546
DENTSPLY International, Inc.		700		21,973
DexCom, Inc. (a)		23,127		317,996
DynaVox, Inc. (a)		15,137		84,767
Endologix, Inc. (a)		15,263		84,404
GenMark Diagnostics, Inc. (a)		8,745		42,851
Gen-Probe, Inc. (a)		3,200		154,976
Given Imaging Ltd. (a)		43,830		763,080
Hansen Medical, Inc. (a)		182,897		312,754
HeartWare International, Inc. (a)		1,630		111,394
Hologic, Inc. (a)		2,180		34,924

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Health Care - 9.9% (Continued)
Health Care Equipment & Supplies - 1.8% (Continued)
IDEXX Laboratories, Inc. (a)		960	$	57,562
Immucor, Inc. (a)		89,900		1,564,260
IRIS International, Inc. (a)		3,579		33,142
Medical Action Industries, Inc. (a)		30,955		307,074
Merit Medical Systems, Inc. (a)		33,017		521,999
MISONIX, INC. (a)		100		230
Natus Medical, Inc. (a)		31,822		416,868
Neogen Corporation (a)		4,200		140,364
NxStage Medical, Inc. (a)		22,428		452,148
Orthofix International N.V. (a)		12,642		354,102
Orthovita, Inc. (a)		300,527		655,149
Osteotech, Inc. (a)		95,844		622,028
Otix Global, Inc. (a)		2,900		31,755
Palomar Medical Technologies, Inc. (a)		22,715		240,325
Rochester Medical Corporation (a)		700		7,630
RTI Biologics, Inc. (a)		38,370		94,774
Shamir Optical Industry Ltd.		5,500		80,795
Sirona Dental Systems, Inc. (a) (b)		45,976		1,730,996
Spectranetics Corporation (The) (a)		18,212		85,596
STAAR Surgical Company (a)		1,277		6,730
Symmetry Medical, Inc. (a)		106,731		944,569
Synergetics USA, Inc. (a)		2,900		10,005
Teleflex, Inc. (b)		62,438		3,480,918
TomoTherapy, Inc. (a)		171,891		656,624
Vascular Solutions, Inc. (a)		14,090		152,595
Vermillion, Inc. (a)		2,955		14,952
Volcano Corporation (a)		19,500		476,190
Wright Medical Group, Inc. (a)		12,300		164,082
Young Innovations, Inc.		249		6,915
Zoll Medical Corporation (a)		19,075		620,510
				20,218,539
Health Care Providers & Services - 3.2%
Accretive Health, Inc. (a)		19,437		209,531
Addus HomeCare Corporation (a)		100		304
Alliance HealthCare Services, Inc. (a) (b)		178,934		705,000
Almost Family, Inc. (a)		18,465		637,596
America Service Group, Inc.		10,598		162,149
AmerisourceBergen Corporation		100		3,282
AMN Healthcare Services, Inc. (a)		122,330		648,349
AmSurg Corporation (a)		34,738		628,063
Assisted Living Concepts, Inc. - Class A (a)		5,312		171,312
Cardinal Health, Inc.		100		3,469
CardioNet, Inc. (a) (b)		119,456		609,226
Catalyst Health Solutions, Inc. (a) (b)		17,698		669,869
Centene Corporation (a)		15,800		352,656
Chindex International, Inc. (a) (b)		23,981		324,703
Clarient, Inc. (a)		36,298		181,127
Community Health Systems, Inc. (a)		31,700		953,536
Continucare Corporation (a) (b)		244,179		1,098,806

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Health Care - 9.9% (Continued)
Health Care Providers & Services - 3.2% (Continued)
Corvel Corporation (a) (b)		22,097	$	989,946
Coventry Health Care, Inc. (a) (b)		161,900		3,791,698
Cross Country Healthcare, Inc. (a)		4,271		31,178
DaVita, Inc. (a)		500		35,875
Emdeon, Inc. - Class A (a)		24,407		332,667
Ensign Group, Inc. (The) (b)		20,814		390,679
Five Star Quality Care, Inc. (a) (b)		138,461		751,843
Genoptix, Inc. (a)		48,266		821,487
Hanger Orthopedic Group, Inc. (a)		36,042		674,706
Health Management Associates, Inc. - Class A (a)		120,980		969,050
Health Net, Inc. (a) (b)		141,317		3,800,014
HealthSpring, Inc. (a)		24,000		700,560
Healthways, Inc. (a) (b)		96,836		1,014,841
LCA-Vision, Inc. (a)		43,922		305,697
LifePoint Hospitals, Inc. (a)		4,930		167,226
McKesson Corporation		100		6,598
MedCath Corporation (a)		28,444		281,880
Metropolitan Health Networks, Inc. (a)		22,688		96,197
Molina Healthcare, Inc. (a) (b)		13,837		358,655
National Healthcare Corporation		2,270		82,651
National Research Corporation		200		5,626
NightHawk Radiology Holdings, Inc. (a)		179,493		1,150,550
Owens & Minor, Inc.		13,900		395,872
PDI, Inc. (a)		2,400		21,048
PharMerica Corporation (a)		64,701		649,598
Providence Service Corporation (The) (a) (b)		116,017		1,906,159
Psychiatric Solutions, Inc. (a)		64,493		2,173,414
RadNet, Inc. (a)		211		456
RehabCare Group, Inc. (a) (b)		22,921		509,534
Res-Care, Inc. (a) (b)		114,288		1,512,030
Rural/Metro Corporation (a) (b)		25,966		223,827
Skilled Healthcare Group, Inc. - Class A (a) (b)		120		450
SRI/Surgical Express, Inc. (a)		200		623
Sun Healthcare Group, Inc. (a) (b)		297,426		2,828,521
Sunrise Senior Living, Inc. (a) (b)		173,271		594,320
Team Health Holdings, Inc. (a)		31,042		414,411
Tenet Healthcare Corporation (a)		42,602		185,745
Triple-S Management Corporation (a)		17,103		288,528
U.S. Physical Therapy, Inc. (a)		13,647		256,154
Universal Health Services, Inc. - Class B		900		37,143
VCA Antech, Inc. (a)		18,263		377,496
WellPoint, Inc. (a)		100		5,434
				36,499,365
Health Care Technology - 0.6%
A.D.A.M., Inc. (a)		77,198		559,686
Allscripts-Misys Healthcare Solutions, Inc. (a)		5,440		103,850
Computer Programs & Systems, Inc.		8,300		379,061
HealthStream, Inc. (a)		17,734		113,498
iCad, Inc. (a)		700		1,022

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Health Care - 9.9% (Continued)
Health Care Technology - 0.6% (Continued)
Medidata Solutions, Inc. (a)		22,896	$	426,552
Merge Healthcare, Inc. (a)		163,385		545,706
Omnicell, Inc. (a) (b)		72,755		1,016,387
SXC Health Solutions Corporation (a) (b)		92,700		3,611,592
Transcend Services, Inc. (a)		5,272		91,838
Vital Images, Inc. (a)		3,121		41,509
				6,890,701
Life Sciences Tools & Services - 0.9%
Accelrys, Inc. (a)		16,832		122,032
Affymetrix, Inc. (a)		4,914		22,015
Bio-Rad Laboratories, Inc. - Class A (a)		6,048		548,070
Bruker Corporation (a) (b)		130,928		1,962,611
Charles River Laboratories International, Inc. (a)		1,080		35,391
Compugen Ltd. (a)		100		462
Dionex Corporation (a)		500		44,615
Enzo Biochem, Inc. (a)		84,125		362,579
eResearchTechnology, Inc. (a)		34,686		264,307
Harvard Bioscience, Inc. (a)		9,507		37,457
Illumina, Inc. (a)		500		27,155
Kendle International, Inc. (a)		23,609		215,078
Luminex Corporation (a)		2,918		52,553
MDS, Inc. (a)		103,299		1,150,751
MEDTOX Scientific, Inc. (a)		100		1,173
Parexel International Corporation (a)		4,300		92,450
PerkinElmer, Inc. (b)		159,944		3,750,687
Pharmaceutical Product Development, Inc.		52,500		1,355,025
pSivida Corporation (a)		17,105		100,235
PURE Bioscience (a)		12,941		31,835
Qiagen N.V. (a)		1,700		31,977
Techne Corporation		6,251		380,811
Waters Corporation (a)		100		7,413
				10,596,682
Pharmaceuticals - 1.7%
Adolor Corporation (a)		400		496
Aegerion Pharmaceuticals, Inc. (a)		4,205		45,834
Akorn, Inc. (a)		132,449		592,047
Allergan, Inc.		300		21,723
Angiotech Pharmaceuticals, Inc. (a)		1,600		811
Caraco Pharmaceutical Laboratories Ltd. (a)		1,900		9,804
Cardiome Pharma Corporation (a)		116,857		591,296
Cornerstone Therapeutics, Inc. (a)		12,060		75,496
CPEX Pharmaceuticals, Inc. (a)		27		648
Cypress Bioscience, Inc. (a)		172,719		689,149
DepoMed, Inc. (a)		71,003		347,205
DURECT Corporation (a)		74,421		198,704
Endo Pharmaceuticals Holdings, Inc. (a)		4,000		146,960
Eurand N.V. (a) (b)		28,532		312,711
Forest Laboratories, Inc. (a)		400		13,220
Impax Laboratories, Inc. (a) (b)		158,719		2,990,266

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Health Care - 9.9% (Continued)
Pharmaceuticals - 1.7% (Continued)
Inspire Pharmaceuticals, Inc. (a)		118,715	$	831,005
ISTA Pharmaceuticals, Inc. (a)		43,270		186,926
Jazz Pharmaceuticals, Inc. (a) (b)		53,133		564,804
King Pharmaceuticals, Inc. (a) (b)		380,090		5,374,473
K-V Pharmaceutical Company (a)		157,411		366,768
Labopharm, Inc. (a)		6,559		6,887
MAP Pharmaceuticals, Inc. (a)		3,705		56,427
Matrixx Initiatives, Inc. (a)		6,411		34,363
Medicines Company (The) (a) (b)		191,785		2,449,094
Medicis Pharmaceutical Corporation - Class A		2,730		81,217
Obagi Medical Products, Inc. (a)		5,541		63,223
Par Pharmaceutical Companies, Inc. (a) (b)		19,400		630,694
Penwest Pharmaceuticals Company (a) (b)		152,403		762,015
POZEN, Inc. (a) (b)		8,004		53,227
Repros Therapeutics, Inc. (a)		13,963		18,291
Santarus, Inc. (a)		154,250		482,802
SuperGen, Inc. (a)		298,785		830,622
Tianyin Pharmaceutical Company, Inc.		51,758		171,837
Valeant Pharmaceuticals International, Inc.		1,500		41,415
ViroPharma, Inc. (a)		18,549		303,462
Watson Pharmaceuticals, Inc. (a)		500		23,325
				19,369,247
Industrials - 15.4%
Aerospace & Defense - 1.7%
AAR Corporation (a)		20,300		447,412
Alliant Techsystems, Inc. (a)		15,120		1,152,749
Applied Signal Technology, Inc.		32,529		1,091,673
Astronics Corporation (a)		3,251		67,784
BE Aerospace, Inc. (a) (b)		145,700		5,355,932
Ceradyne, Inc. (a) (b)		12,278		292,339
Cubic Corporation		14,528		632,985
Ducommun, Inc.		10,179		218,543
Elbit Systems Ltd.		728		39,407
Esterline Technologies Corporation (a)		2,600		157,144
GeoEye, Inc. (a)		39,975		1,769,693
Goodrich Corporation		200		16,414
HEICO Corporation - Class A		700		25,998
Hexcel Corporation (a)		5,500		97,735
Kratos Defense & Security Solutions, Inc. (a)		10,950		124,830
Ladish Company, Inc. (a)		10,994		351,698
LMI Aerospace, Inc. (a) (b)		39,564		646,080
MOOG, Inc. - Class A (a)		200		7,520
Orbital Sciences Corporation (a)		99,525		1,616,286
Spirit AeroSystems Holdings, Inc. - Class A (a) (b)		76,400		1,653,296
Sypris Solutions, Inc. (a)		3		10
TransDigm Group, Inc. (a) (b)		63,560		4,212,121
Triumph Group, Inc.		800		66,872
				20,044,521

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Air Freight & Logistics - 0.4%
Air Transport Services Group, Inc. (a) (b)		465,854	$	3,130,539
C.H. Robinson Worldwide, Inc.		400		28,192
Dynamex, Inc. (a)		36,526		772,160
Expeditors International of Washington, Inc.		400		19,744
Express-1 Expedited Solutions, Inc. (a)		23,419		57,376
Forward Air Corporation		15,222		409,167
Park-Ohio Holdings Corporation (a)		200		3,178
				4,420,356
Airlines - 0.4%
AirTran Holdings, Inc. (a)		20,738		153,461
Alaska Air Group, Inc. (a)		3,509		185,275
Copa Holdings, S.A. - Class A (b)		60,517		3,070,027
ExpressJet Holdings, Inc. (a)		24,583		165,444
Hawaiian Holdings, Inc. (a)		103,739		759,370
Pinnacle Airlines Corporation (a)		1,178		6,785
SkyWest, Inc. (b)		13,692		207,571
US Airways Group, Inc. (a)		3,180		37,492
				4,585,425
Building Products - 0.2%
Ameron International Corporation		6,150		422,874
Armstrong World Industries, Inc. (a)		1,200		50,100
Gibraltar Industries, Inc. (a)		40,144		366,515
Griffon Corporation (a)		10,600		124,974
Lennox International, Inc.		5,700		233,757
Masco Corporation		6,000		63,960
NCI Building Systems, Inc. (a)		9,800		97,118
Patrick Industries, Inc. (a)		288		556
PGT, Inc. (a)		3,000		6,300
Quanex Building Products Corporation		11,801		212,654
Universal Forest Products, Inc.		26,966		812,755
USG Corporation (a)		6,240		79,123
				2,470,686
Commercial Services & Supplies - 1.3%
Alexco Resource Corporation (a)		108,952		675,502
American Reprographics Company (a)		26,500		188,680
APAC Customer Services, Inc. (a)		66,092		401,178
Brink's Company (The)		12,800		302,080
Cenveo, Inc. (a) (b)		81,221		446,715
Clean Harbors, Inc. (a) (b)		32,921		2,320,930
Consolidated Graphics, Inc. (a)		12,620		587,461
Copart, Inc. (a) (b)		42,121		1,426,217
Corrections Corporation of America (a)		600		15,402
Courier Corporation		394		5,831
Covanta Holding Corporation		18,000		284,040
Deluxe Corporation		17,000		347,480
EnergySolutions, Inc.		202,086		947,783
Ennis, Inc.		28,567		515,349
Fuel Tech, Inc. (a)		1,430		8,709
G&K Services, Inc.		2,700		66,744

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Commercial Services & Supplies - 1.3% (Continued)
Geo Group, Inc. (The) (a)		5,400	$	138,510
Higher One Holdings, Inc. (a)		12,200		213,012
IESI-BFC Ltd.		1,700		39,746
KAR Auction Services, Inc. (a)		38,253		492,699
Knoll, Inc.		17,100		259,407
M&F Worldwide Corporation (a) (b)		42,452		1,141,110
Metalico, Inc. (a)		100,243		435,055
Multi-Color Corporation		5,944		94,807
Perma-Fix Environmental Services, Inc. (a)		400		672
Republic Services, Inc.		200		5,962
Rollins, Inc.		700		18,235
Schawk, Inc. (b)		65,405		1,270,165
Standard Parking Corporation (a)		17		291
Stericycle, Inc. (a)		300		21,522
Sykes Enterprises, Inc. (a)		24,620		408,938
Team, Inc. (a)		19,310		383,110
Tetra Tech, Inc. (a)		3,000		63,180
UniFirst Corporation		6,598		303,706
US Ecology, Inc.		26,509		429,976
Viad Corp		17,360		346,506
Waste Connections, Inc.		300		12,222
				14,618,932
Construction & Engineering - 1.8%
AECOM Technology Corporation (a) (b)		97,400		2,580,126
Argan, Inc. (a)		700		5,929
Chicago Bridge & Iron Company N.V. (a) (b)		116,310		2,932,175
Dycom Industries, Inc. (a)		108,178		1,157,505
Fluor Corporation		300		14,457
Furmanite Corporation (a)		30,656		176,272
Great Lakes Dredge & Dock Corporation (b)		609,407		3,772,230
KBR, Inc. (b)		5,810		147,574
KHD Humboldt Wedag International AG		21,481		191,354
Layne Christensen Company (a)		24,030		671,398
MasTec, Inc. (a)		93,080		1,135,576
Michael Baker Corporation (a)		1,363		44,543
Primoris Services Corporation		4,200		31,626
Quanta Services, Inc. (a)		1,000		19,660
Shaw Group, Inc. (The) (a) (b)		90,600		2,768,736
Sterling Construction Company, Inc. (a)		8,940		109,068
Tutor Perini Corporation (a) (b)		78,730		1,827,323
URS Corporation (a) (b)		79,170		3,082,088
				20,667,640
Electrical Equipment - 1.3%
Advanced Battery Technologies, Inc. (a)		25,179		99,457
AMETEK, Inc.		300		16,215
AZZ, Inc.		11,001		408,577
Babcock & Wilcox Company (The) (a) (b)		52,575		1,199,762
Broadwind Energy, Inc. (a)		72,176		137,134
China Electric Motor, Inc. (a)		10,919		53,612

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Electrical Equipment - 1.3% (Continued)
Emerson Electric Company		300	$	16,470
Franklin Electric Company, Inc.		14,500		523,595
FuelCell Energy, Inc. (a)		326,048		371,695
Fushi Copperweld, Inc. (a)		43,271		402,420
Generac Holdings, Inc. (a)		21,746		294,223
General Cable Corporation (a)		600		16,764
Global Power Equipment Group, Inc. (a)		1,900		32,357
Highpower International, Inc. (a)		13,633		56,304
Hubbell, Inc. - Class B (b)		70,322		3,798,794
Jinpan International Ltd.		48,999		661,487
LGL Group, Inc. (a)		230		5,971
Lihua International, Inc. (a)		59,832		638,407
LSI Industries, Inc.		2,300		21,275
New Energy Systems Group (a)		3,400		21,420
Nexxus Lighting, Inc. (a)		461		1,222
Polypore International, Inc. (a) (b)		78,425		2,609,200
Powell Industries, Inc. (a)		2,432		75,052
Regal-Beloit Corporation		300		17,313
Rockwell Automation, Inc.		500		31,185
Sensata Technologies Holding N.V. (a)		398		9,214
Thomas & Betts Corporation (a) (b)		83,000		3,614,650
Ultralife Corporation (a)		400		2,100
Vicor Corporation		10,246		182,481
				15,318,356
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc.		28,300		992,481
Raven Industries, Inc.		3,471		142,728
Seaboard Corporation		95		176,135
Standex International Corporation		7,898		212,693
Textron, Inc.		100		2,082
Tredegar Corporation		18,042		348,030
				1,874,149
Machinery - 4.2%
3D Systems Corporation (a)		1,602		41,396
AGCO Corporation (a)		3,600		152,892
Alamo Group, Inc. (b)		40,338		968,112
Altra Holdings, Inc. (a) (b)		19,378		286,794
American Railcar Industries, Inc. (a)		64,209		989,461
Ampco-Pittsburgh Corporation		10,966		283,471
Barnes Group, Inc.		23,960		435,832
Blount International, Inc. (a)		32,700		490,500
Cascade Corporation		13,714		485,339
Caterpillar, Inc.		200		15,720
Chart Industries, Inc. (a)		31,311		729,546
China Yuchai International Ltd. (b)		39,881		1,021,751
CIRCOR International, Inc.		19,163		672,238
Colfax Corporation (a)		13,445		216,061
Columbus McKinnon Corporation (a)		29,674		521,076
Commercial Vehicle Group, Inc. (a) (b)		61,080		820,304

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Machinery - 4.2% (Continued)
Crane Company (b)		84,962	$	3,250,646
Deere & Company		300		23,040
Douglas Dynamics, Inc.		1,469		21,183
Duoyuan Printing, Inc. (a)		34,534		85,299
Dynamic Materials Corporation		6,627		102,917
Eaton Corporation		300		26,649
ESCO Technologies, Inc.		5,210		178,599
Federal Signal Corporation		71,197		402,263
Flow International Corporation (a)		200		528
Flowserve Corporation		400		40,000
Force Protection, Inc. (a)		104,529		586,408
Gardner Denver, Inc. (b)		27,254		1,575,826
Graham Corporation		200		3,394
Greenbrier Companies, Inc. (The) (a) (b)		140,123		2,550,239
Hardinge, Inc.		5,333		42,557
Harsco Corporation (b)		35,213		816,237
Hawk Corporation - Class A (a)		2,307		114,958
Hurco Companies, Inc. (a)		2,781		51,170
IDEX Corporation (b)		58,135		2,097,511
John Bean Technologies Corporation		16,132		275,857
Joy Global, Inc.		1,500		106,425
Kadant, Inc. (a)		10,187		200,276
Kaydon Corporation		9,800		341,726
Kennametal, Inc. (b)		26,500		904,710
L.B. Foster Company - Class A (a)		4,485		148,095
Lindsay Corporation		2,682		154,617
Lydall, Inc. (a)		2,865		21,287
Manitowoc Company, Inc. (The)		1,500		16,710
Met-Pro Corporation		200		2,258
Miller Industries, Inc.		1,310		17,633
Mueller Industries, Inc.		25,860		760,284
Mueller Water Products, Inc. - Class A		287,516		868,298
NACCO Industries, Inc. - Class A (b)		16,731		1,660,719
Navistar International Corporation (a) (b)		86,300		4,157,934
NN, Inc. (a)		42,200		351,104
Pall Corporation		2,400		102,408
Parker-Hannifin Corporation		100		7,655
Pentair, Inc.		1,120		36,658
Portec Rail Products, Inc.		100		1,160
RBC Bearings, Inc. (a)		3,284		109,423
Robbins & Myers, Inc.		7,023		203,878
Sauer-Danfoss, Inc. (a) (b)		183,729		4,062,248
SmartHeat, Inc. (a)		32,789		212,801
Snap-on, Inc. (b)		30,600		1,560,600
SPX Corporation (b)		43,200		2,896,992
Tecumseh Products Company - Class A (a)		4,322		55,970
Tennant Company		3,365		112,896
Thermadyne Holdings Corporation (a) (b)		53,355		804,593
Timken Company (b)		800		33,136

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Machinery - 4.2% (Continued)
Titan International, Inc.		1,700	$	25,789
Trimas Corporation (a) (b)		138,468		2,191,948
Trinity Industries, Inc.		2,600		59,098
Twin Disc, Inc. (b)		38,096		775,635
WABCO Holdings, Inc. (a) (b)		88,696		4,117,268
Westport Innovations, Inc. (a)		22,988		416,543
Xerium Technologies, Inc. (a)		26,142		339,585
				48,214,134
Marine - 0.9%
Baltic Trading Ltd.		52,692		595,946
Diana Shipping, Inc. (a)		80,800		1,102,920
DryShips, Inc. (a)		3,460		14,255
Genco Shipping & Trading Ltd. (a) (b)		130,100		2,153,155
Horizon Lines, Inc.		96,399		415,480
International Shipholding Corporation (b)		52,175		1,459,335
Navios Maritime Acquisition Corporation (a)		7,260		39,567
Navios Maritime Holdings, Inc.		158,698		950,601
Navios Maritime Partners, L.P. (b)		29,117		549,729
OceanFreight, Inc. (a)		102		101
Paragon Shipping, Inc.		223,394		833,259
Safe Bulkers, Inc. (b)		106,906		903,356
Seaspan Corporation (b)		54,147		729,360
Star Bulk Carriers Corporation		34,600		101,032
				9,848,096
Professional Services - 0.7%
Acacia Research Corporation (a)		103,944		2,766,989
Administaff, Inc.		2,877		75,406
CBIZ, Inc. (a)		3,955		23,414
CDI Corporation		34,349		492,221
Corporate Executive Board Company (The)		18,200		568,568
Dolan Company (The) (a)		19,300		206,510
Exponent, Inc. (a)		893		28,505
Heidrick & Struggles International, Inc. (b)		23,651		508,024
Huron Consulting Group, Inc. (a)		2,700		53,757
ICF International, Inc. (a)		9,428		241,545
IHS, Inc. - Class A (a)		300		21,672
Kforce, Inc. (a)		40,904		613,969
Korn/Ferry International (a)		28,300		498,929
Mistras Group, Inc. (a)		31,164		336,260
Navigant Consulting, Inc. (a)		15,516		141,971
Odyssey Marine Exploration, Inc. (a)		1,100		2,442
On Assignment, Inc. (a)		1,600		9,040
SFN Group, Inc. (a)		85,511		648,173
TrueBlue, Inc. (a)		27,422		385,279
Volt Information Sciences, Inc. (a) (b)		26,721		215,906
				7,838,580
Road & Rail - 0.8%
AMERCO (a) (b)		12,815		1,054,931
Arkansas Best Corporation		1,000		25,330

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Industrials - 15.4% (Continued)
Road & Rail - 0.8% (Continued)
Avis Budget Group, Inc. (a)		1,200	$	13,932
Celadon Group, Inc. (a) (b)		45,682		592,496
Covenant Transportation Group, Inc. (a) (b)		4,210		30,817
Heartland Express, Inc.		6,500		96,915
Kansas City Southern (a)		1,000		43,820
Knight Transportation, Inc. (b)		58,300		1,041,821
Landstar System, Inc. (b)		43,423		1,633,573
Marten Transport Ltd.		19,788		420,297
RailAmerica, Inc. (a)		66,751		774,312
Roadrunner Transportation Systems, Inc. (a)		29,688		356,256
Ryder System, Inc.		78,900		3,451,875
Saia, Inc. (a)		12,227		177,047
Vitran Corporation, Inc. (a)		5,070		56,733
Werner Enterprises, Inc.		1,400		29,848
				9,800,003
Trading Companies & Distributors - 1.3%
Aceto Corporation		26,368		194,332
Aircastle Ltd. (b)		461,880		4,253,915
Beacon Roofing Supply, Inc. (a)		7,800		115,128
CAI International, Inc. (a) (b)		61,564		1,015,806
DXP Enterprises, Inc. (a) (b)		30,798		586,394
Grainger (W.W.), Inc.		200		24,806
H&E Equipment Services, Inc. (a)		3,886		37,772
Interline Brands, Inc. (a)		12,253		246,162
Kaman Corporation		14,101		380,022
Lawson Products, Inc.		267		4,921
RSC Holdings, Inc. (a) (b)		298,002		2,407,856
TAL International Group, Inc.		26,951		755,167
United Rentals, Inc. (a) (b)		260,700		4,898,553
				14,920,834
Transportation Infrastructure - 0.2%
Aegean Marine Petroleum Network, Inc.		19,600		313,796
China Infrastructure Investment Corporation (a)		2,616		1,510
Macquarie Infrastructure Company, LLC (a)		85,878		1,552,674
				1,867,980
Information Technology - 18.2%
Communications Equipment - 2.7%
ADC Telecommunications, Inc. (a)		141,716		1,798,376
Alvarion Ltd. (a)		225,636		622,755
Anaren, Inc. (a)		6,171		103,241
Bel Fuse, Inc. - Class B		923		21,054
Black Box Corporation		1,867		61,984
Blue Coat Systems, Inc. (a) (b)		27,420		739,517
Brocade Communications Systems, Inc. (a)		73,632		465,354
Calix, Inc. (a)		30,026		379,529
Ceragon Networks Ltd. (a)		71,061		785,935
Cogo Group, Inc. (a)		98,003		745,803
Comtech Telecommunications Corporation (b)		61,754		1,903,258
Digi International, Inc. (a)		4,900		47,334

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Communications Equipment - 2.7% (Continued)
DragonWave, Inc. (a)		24,251	$	196,918
EchoStar Corporation - Class A (a) (b)		89,590		1,899,308
Emcore Corporation (a)		39,250		49,455
EMS Technologies, Inc. (a)		11,244		200,593
Emulex Corporation (a)		38,770		441,978
Extreme Networks, Inc. (a)		193,136		616,104
Finisar Corporation (a)		13,200		224,532
Globecomm Systems, Inc. (a)		200		1,790
Harmonic, Inc. (a)		136,860		955,283
Hughes Communications, Inc. (a) (b)		6,382		181,185
Infinera Corporation (a) (b)		135,523		1,109,933
Ixia (a) (b)		122,609		1,918,831
JDS Uniphase Corporation (a) (b)		105,960		1,113,640
Juniper Networks, Inc. (a)		400		12,956
KVH Industries, Inc. (a)		20,879		293,141
Loral Space & Communications, Inc. (a)		6,134		341,234
NETGEAR, Inc. (a)		14,600		449,826
Occam Networks, Inc. (a)		75,323		555,130
Oclaro, Inc. (a) (b)		138,000		1,160,580
Oplink Communications, Inc. (a)		26,222		458,361
Orckit Communications Ltd. (a)		438		1,507
Plantronics, Inc.		5,800		208,104
Radware Ltd. (a)		18,262		645,927
SeaChange International, Inc. (a)		2,153		17,310
ShoreTel, Inc. (a)		33,666		210,749
Sierra Wireless, Inc. (a)		66,431		801,822
Silicom Ltd. (a)		2,400		36,840
Sonus Networks, Inc. (a) (b)		1,480,083		4,603,058
Sycamore Networks, Inc. (b)		48,619		1,482,393
Tekelec (a)		63,000		820,260
Tellabs, Inc.		38,351		261,554
ViaSat, Inc. (a) (b)		37,694		1,551,862
Westell Technologies, Inc. - Class A (a)		88,735		259,994
ZST Digital Networks, Inc. (a)		31,348		234,483
				30,990,781
Computers & Peripherals - 1.2%
ActivIdentity Corporation (a)		76,100		245,803
ADPT Corporation (a)		112,325		335,852
Compellent Technologies, Inc. (a)		89,500		2,261,665
Cray, Inc. (a)		25,621		153,214
Diebold, Inc. (b)		6,621		202,934
Electronics for Imaging, Inc. (a)		45,451		622,224
EMC Corporation (a)		300		6,303
Hewlett-Packard Company		300		12,618
Hypercom Corporation (a)		137,577		819,959
Immersion Corporation (a)		21,921		134,814
Isilon Systems, Inc. (a)		95,800		2,727,426
NCR Corporation (a) (b)		1,020		13,994
Netezza Corporation (a) (b)		25,050		675,348

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Computers & Peripherals - 1.2% (Continued)
QLogic Corporation (a)		160	$	2,811
Quantum Corporation (a)		224,504		758,823
SanDisk Corporation (a)		100		3,758
Silicon Graphics International Corporation (a)		4,372		33,096
Super Micro Computer, Inc. (a)		98,957		1,100,402
USA Technologies, Inc. (a)		73,350		101,223
Xyratex Ltd. (a) (b)		177,600		2,749,248
				12,961,515
Electronic Equipment, Instruments & Components - 3.1%
Agilysys, Inc. (a) (b)		677		4,062
Amphenol Corporation - Class A		700		35,091
Arrow Electronics, Inc. (a) (b)		111,700		3,307,437
AVX Corporation (b)		149,219		2,139,800
Benchmark Electronics, Inc. (a)		4,400		72,292
CalAmp Corporation (a)		3,300		8,085
Checkpoint Systems, Inc. (a)		14,531		319,682
China Security & Surveillance Technology, Inc. (a)		126,631		683,807
Cogent, Inc. (a)		317,520		3,340,310
Cognex Corporation (b)		55,932		1,493,384
Coherent, Inc. (a)		1,388		58,240
CPI International, Inc. (a) (b)		68,113		961,756
CTS Corporation		8,700		88,305
DDi Corporation (b)		59,243		609,018
Electro Scientific Industries, Inc. (a)		1,077		12,515
Fabrinet (a)		21,758		306,353
Hollysys Automation Technologies Ltd. (a)		27,636		349,319
Ingram Micro, Inc. - Class A (a) (b)		117,080		2,067,633
Insight Enterprises, Inc. (a)		16,420		248,270
IPG Photonics Corporation (a)		24,357		548,033
Itron, Inc. (a) (b)		28,400		1,725,868
Jabil Circuit, Inc. (b)		205,300		3,149,302
Keithley Instruments, Inc. (b)		56,032		1,209,171
KEMET Corporation (a)		197,777		739,686
LeCroy Corporation (a)		18,699		174,836
Littelfuse, Inc. (a)		4,864		206,380
Measurement Specialties, Inc. (a)		16,056		358,691
Mercury Computer Systems, Inc. (a)		27,766		439,813
Molex, Inc.		3,700		75,110
Multi-Fineline Electronix, Inc. (a) (b)		109,951		2,691,600
National Instruments Corporation (b)		37,200		1,294,188
Netlist, Inc. (a)		23,771		73,928
Newport Corporation (a) (b)		44,521		646,890
Nu Horizons Electronics Corporation (a)		39,500		274,920
Orbotech Ltd. (a)		13,669		132,999
OSI Systems, Inc. (a)		8,740		314,640
Park Electrochemical Corporation		14,363		387,801
PC Mall, Inc. (a)		7,351		45,723
Power-One, Inc. (a) (b)		20,150		209,762
Richardson Electronics Ltd.		10,483		113,426

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Electronic Equipment, Instruments & Components - 3.1% (Continued)
Rofin-Sinar Technologies, Inc. (a)		13,664	$	381,636
Rogers Corporation (a)		8,083		287,755
ScanSource, Inc. (a)		7,187		215,179
SMART Modular Technologies (WWH), Inc. (a) (b)		292,512		2,161,664
SMTC Corporation (a)		200		764
Spectrum Control, Inc. (a) (b)		17,166		261,953
TESSCO Technologies, Inc.		1,960		29,596
Trimble Navigation Ltd. (a)		1,100		39,424
Viasystems Group, Inc. (a)		7,638		120,299
Vishay Intertechnology, Inc. (a)		11,720		132,436
Vishay Precision Group, Inc. (a)		24,085		409,445
Zygo Corporation (a)		4,202		44,961
				35,003,238
Internet Software & Services - 1.1%
Ancestry.com, Inc. (a)		16,541		441,148
AOL, Inc. (a) (b)		7,639		203,809
Autobytel, Inc. (a)		22,114		18,792
comScore, Inc. (a)		4,556		107,112
Dice Holdings, Inc. (a) (b)		69,554		629,464
Envestnet, Inc. (a)		6,441		85,086
GigaMedia Ltd. (a)		220,972		382,282
GlobalSCAPE, Inc. (a)		100		245
IAC/InterActiveCorporation (a)		7,200		200,880
iMergent, Inc.		3,400		15,300
InfoSpace, Inc. (a)		79,967		674,921
Internap Network Services Corporation (a) (b)		18,371		91,855
Internet Brands, Inc. - Class A (a)		66,300		877,812
Internet Capital Group, Inc. (a) (b)		64,725		808,415
IntraLinks Holdings, Inc. (a)		10,007		218,853
iPass, Inc. (a)		154		177
Keynote Systems, Inc.		100		1,219
Limelight Networks, Inc. (a) (b)		263,164		1,784,252
Liquidity Services, Inc. (a)		46,854		749,664
LivePerson, Inc. (a)		61,600		570,416
Marchex, Inc. - Class B		2,900		18,618
Monster Worldwide, Inc. (a)		13,058		235,827
NIC, Inc.		600		5,208
Openwave Systems, Inc. (a)		29,746		61,277
Perficient, Inc. (a)		26,452		279,333
RealNetworks, Inc. (a)		415,000		1,245,000
RightNow Technologies, Inc. (a) (b)		39,097		1,021,214
Stamps.com, Inc. (a)		2,073		33,085
TechTarget, Inc. (a)		110		576
Travelzoo, Inc. (a)		11,390		391,247
United Online, Inc.		110,041		680,053
ValueClick, Inc. (a)		9,040		124,390
VeriSign, Inc. (a)		400		13,900
Vistaprint N.V. (a)		760		31,973
Web.com Group, Inc. (a)		32,400		200,880

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares			Value
Information Technology - 18.2% (Continued)
Internet Software & Services - 1.1% (Continued)
Zix Corporation (a)		176,839		$	687,904
					12,892,187
IT Services - 2.2%
Acxiom Corporation (a) (b)		172,095			3,020,267
Alliance Data Systems Corporation (a) (b)		76,006			4,615,084
Broadridge Financial Solutions, Inc. (b)		70,100			1,542,200
CACI International, Inc. - Class A (a) (b)		18,100			907,172
Cass Information Systems, Inc.		321			11,084
CGI Group, Inc. (a)		13,700			211,117
China Information Technologies, Inc. (a)		20,122			128,177
Convergys Corporation (a)		3,900			44,148
CoreLogic, Inc.		5,335			93,736
CSG Systems International, Inc. (a)		3,994			77,643
Diamond Management & Technology Consultants, Inc. (b)		18,674			232,865
DJSP Enterprises, Inc. (a)		7,000			7,000
DST Systems, Inc. (b)		29,700			1,285,119
Dynamics Research Corporation (a)		100			1,130
ExlService Holdings, Inc. (a)		4,686			89,268
Fiserv, Inc. (a)		300			16,356
Forrester Research, Inc. (a)		4,898			161,977
Gartner, Inc. - Class A (a)		600			19,014
Global Cash Access Holdings, Inc. (a) (b)		85,119	��		309,833
iGATE Corporation (b)		161,027			3,291,392
Integral Systems, Inc. (a)		309			2,627
Lender Processing Services, Inc. (b)		12,020			346,657
Lionbridge Technologies, Inc. (a)		63,414			317,070
MAXIMUS, Inc. (b)		6,645			402,886
MoneyGram International, Inc. (a)		42,495			102,413
NCI, Inc. - Class A (a)		15,578			290,374
NeuStar, Inc. - Class A (a)		300			7,743
Sapient Corporation (a)		400			5,264
SRA International, Inc. - Class A (a) (b)		40,600			812,406
Syntel, Inc. (b)		20,889			1,020,637
TeleTech Holdings, Inc. (a) (b)		138,074			2,095,963
Telvent GIT, S.A.		29,850			757,295
Teradata Corporation (a)		1,800			70,848
TNS, Inc. (a)		4,070			77,900
Total System Services, Inc.		9,481			147,998
Unisys Corporation (a)		80,300			1,850,915
Virtusa Corporation (a)		73,922			1,054,128
Yucheng Technologies Ltd. (a)		22,530			75,926
					25,503,632
Office Electronics - 0.0%
Zebra Technologies Corporation - Class A (a)		7,053			252,356
Semiconductors & Semiconductor Equipment - 5.5%
Actel Corporation (a)		76,445			1,594,643
Advanced Energy Industries, Inc. (a)		101,510			1,457,684

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Semiconductors & Semiconductor Equipment - 5.5% (Continued)
Alpha & Omega Semiconductor Ltd. (a)		6,476	$	72,596
Altera Corporation		500		15,605
Amkor Technology, Inc. (a)		46,260		333,535
Amtech Systems, Inc. (a) (b)		44,511		745,114
ANADIGICS, Inc. (a)		223,200		1,511,064
Applied Micro Circuits Corporation (a)		73,100		736,117
Atmel Corporation (a) (b)		196,615		1,742,009
ATMI, Inc. (a)		58,852		1,039,915
AuthenTec, Inc. (a)		10,164		21,649
Axcelis Technologies, Inc. (a) (b)		134,800		289,820
Broadcom Corporation - Class A		550		22,407
Brooks Automation, Inc. (a)		24,640		167,306
Canadian Solar, Inc. (a)		38,480		537,566
CEVA, Inc. (a)		67,386		1,247,315
ChipMOS TECHNOLOGIES (Bermuda) LTD. (a)		22,022		27,968
Cirrus Logic, Inc. (a)		238,800		3,068,580
Cohu, Inc.		2,478		35,559
Conexant Systems, Inc. (a)		89,693		135,436
Cypress Semiconductor Corporation (a)		226,994		3,200,615
Diodes, Inc. (a)		21,991		483,362
DSP Group, Inc. (a)		12,828		91,848
Entegris, Inc. (a) (b)		277,489		1,659,384
Entropic Communications, Inc. (a)		106,222		888,016
Evergreen Solar, Inc. (a)		8,187		7,614
Exar Corporation (a)		66,995		445,517
EZchip Semiconductor Ltd. (a) (b)		17,599		433,639
Fairchild Semiconductor International, Inc. (a) (b)		322,100		3,630,067
FEI Company (a) (b)		30,153		656,129
FSI International, Inc. (a)		467,625		1,257,911
GSI Technology, Inc. (a) (b)		41,488		288,342
GT Solar International, Inc. (a)		19,550		160,897
Integrated Device Technology, Inc. (a)		67,647		398,441
Integrated Silicon Solution, Inc. (a)		34,740		260,897
Intel Corporation		104,200		2,091,294
International Rectifier Corporation (a)		6,115		142,051
IXYS Corporation (a)		53,351		546,314
KLA-Tencor Corporation		3,600		128,592
Kulicke & Soffa Industries, Inc. (a)		89,670		557,747
Lam Research Corporation (a)		100		4,579
Lattice Semiconductor Corporation (a) (b)		914,817		4,446,011
Linear Technology Corporation		300		9,669
LSI Corporation (a)		132,950		696,658
LTX-Credence Corporation (a)		75,010		476,311
Mattson Technology, Inc. (a)		234,807		598,758
Mellanox Technologies Ltd. (a)		11,000		253,220
MEMC Electronic Materials, Inc. (a)		4,900		62,818
Microchip Technology, Inc.		300		9,654
Microsemi Corporation (a)		29,100		582,000
Microtune, Inc. (a)		199,900		577,711

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Semiconductors & Semiconductor Equipment - 5.5% (Continued)
MIPS Technologies, Inc. (a) (b)		151,110	$	2,221,317
MKS Instruments, Inc. (a)		6,310		130,302
Nanometrics, Inc. (a) (b)		150,274		2,024,191
Nova Measuring Instruments Ltd. (a)		83,915		496,777
Novellus Systems, Inc. (a)		200		5,842
OmniVision Technologies, Inc. (a)		4,900		132,937
Pericom Semiconductor Corporation (a)		4,902		46,177
Photronics, Inc. (a)		103,214		648,184
PMC-Sierra, Inc. (a) (b)		124,980		961,096
QuickLogic Corporation (a)		46,900		278,117
Rambus, Inc. (a)		1,290		25,503
RF Micro Devices, Inc. (a)		83,160		606,236
Rudolph Technologies, Inc. (a)		67,287		499,270
Semtech Corporation (a) (b)		69,935		1,497,308
Silicon Image, Inc. (a)		333,347		2,050,084
Spansion, Inc. - Class A (a) (b)		84,390		1,475,981
Supertex, Inc. (a)		1,300		30,537
Teradyne, Inc. (a) (b)		262,400		2,949,376
Tessera Technologies, Inc. (a)		39,100		771,443
Texas Instruments, Inc.		500		14,785
Tower Semiconductor Ltd. (a)		275,722		374,982
Trident Microsystems, Inc. (a)		438,679		815,943
TriQuint Semiconductor, Inc. (a) (b)		86,017		885,975
Ultra Clean Holdings, Inc. (a)		2,171		16,348
Ultratech, Inc. (a)		33,939		621,423
Varian Semiconductor Equipment Associates, Inc. (a) (b)		65,425		2,137,435
Verigy Ltd. (a)		76,218		698,157
Volterra Semiconductor Corporation (a)		4,500		91,935
Xilinx, Inc.		300		8,043
Zoran Corporation (a)		30,960		219,197
				62,582,855
Software - 2.4%
ACI Worldwide, Inc. (a)		14,200		346,054
Actuate Corporation (a)		48,150		233,046
Allot Communications Ltd. (a)		6,400		46,592
ANSYS, Inc. (a)		2,000		90,500
Ariba, Inc. (a)		16,910		317,570
Aspen Technology, Inc. (a)		114,218		1,279,242
Autodesk, Inc. (a)		400		14,472
BMC Software, Inc. (a)		500		22,730
Bottomline Technologies, Inc. (a) (b)		24,639		443,995
BroadSoft, Inc. (a)		3,418		32,129
CA, Inc.		400		9,284
Cadence Design Systems, Inc. (a)		34,150		289,250
Callidus Software, Inc. (a)		4,200		20,622
CDC Corporation - Class A (a)		29,432		134,210
China TransInfo Technology Corporation (a)		13,567		78,824
ClickSoftware Technologies Ltd. (a)		42,212		276,066
Compuware Corporation (a) (b)		231,220		2,314,512

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Software - 2.4% (Continued)
Concur Technologies, Inc. (a)		600	$	30,972
Convio, Inc. (a)		200		1,794
Deltek, Inc. (a) (b)		36,365		285,829
DemandTec, Inc. (a) (b)		182,703		1,932,998
Digimarc Corporation (a)		3,611		98,978
Epicor Software Corporation (a)		44,163		415,132
EPIQ Systems, Inc.		58,450		685,034
ePlus, inc. (a)		323		6,793
FactSet Research Systems, Inc.		1,360		119,381
FalconStor Software, Inc. (a)		17,700		48,498
Fortinet, Inc. (a)		7,500		225,000
Interactive Intelligence, Inc. (a)		37,386		923,808
Jack Henry & Associates, Inc. (b)		37,237		1,011,357
JDA Software Group, Inc. (a)		41,912		1,060,374
Kenexa Corporation (a)		47,173		862,794
Magma Design Automation, Inc. (a)		83,587		358,588
McAfee, Inc. (a)		1,500		70,950
Mentor Graphics Corporation (a)		6,280		67,824
MICROS Systems, Inc. (a)		2,000		90,780
Monotype Imaging Holdings, Inc. (a) (b)		18,033		171,854
Motricity, Inc. (a)		141		3,098
Net 1 UEPS Technologies, Inc. (a)		56,640		698,371
NetScout Systems, Inc. (a) (b)		59,130		1,387,781
NetSol Technologies, Inc. (a)		155,885		282,152
Novell, Inc. (a) (b)		439,834		2,608,216
Nuance Communications, Inc. (a)		200		3,142
OPNET Technologies, Inc.		20,639		406,795
Oracle Corporation		500		14,700
Phoenix Technologies Ltd. (a)		30,100		124,012
Progress Software Corporation (a)		6,800		254,116
PROS Holdings, Inc. (a)		14,007		145,673
Qlik Technologies, Inc. (a)		500		12,485
Radiant Systems, Inc. (a)		15,900		310,209
Red Hat, Inc. (a)		1,000		42,260
Rovi Corporation (a)		500		25,325
S1 Corporation (a)		10,557		61,442
Smith Micro Software, Inc. (a)		59,221		720,127
Solera Holdings, Inc. (b)		21,400		1,028,270
Sourcefire, Inc. (a)		103		2,430
SS&C Technologies Holdings, Inc. (a) (b)		30,867		533,999
Synchronoss Technologies, Inc. (a)		2,720		57,963
Synopsys, Inc. (a)		2,064		52,797
Take-Two Interactive Software, Inc. (a) (b)		230,320		2,455,211
Taleo Corporation - Class A (a)		2,900		83,201
TeleNav, Inc. (a)		18,202		114,491
TIBCO Software, Inc. (a)		3,800		73,036
Verint Systems, Inc. (a)		14,684		483,250
Websense, Inc. (a)		58,700		1,181,044
				27,583,432

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Materials - 5.8%
Chemicals - 2.8%
A. Schulman, Inc.		19,905	$	431,939
Ampal-American Israel Corporation (a)		110		261
Arabian American Development Company (a)		500		1,490
Arch Chemicals, Inc.		10,516		373,423
Cabot Corporation (b)		110,200		3,749,004
Celanese Corporation - Series A		1,500		53,475
CF Industries Holdings, Inc.		300		36,759
Cytec Industries, Inc. (b)		71,993		3,565,093
Dow Chemical Company (The)		300		9,249
E.I. du Pont de Nemours and Company		500		23,640
Eastman Chemical Company		2,535		199,175
Ecolab, Inc.		300		14,796
Ferro Corporation (a) (b)		166,920		2,290,142
Flotek Industries, Inc. (a)		71,536		129,480
FMC Corporation		300		21,930
Georgia Gulf Corporation (a)		14,900		301,427
H.B. Fuller Company		28,800		594,432
Huntsman Corporation		97,072		1,344,447
Innophos Holdings, Inc.		12,810		470,383
Innospec, Inc. (a)		94,652		1,602,458
Intrepid Potash, Inc. (a)		1,600		54,928
KMG Chemicals, Inc. (b)		57,956		810,805
Koppers Holdings, Inc.		8,897		248,048
Kraton Performance Polymers, Inc. (a)		18,604		603,886
Landec Corporation (a)		437		2,749
LSB Industries, Inc. (a)		25,640		573,054
Lubrizol Corporation (The)		500		51,245
Minerals Technologies, Inc.		7,008		411,159
Monsanto Company		31,400		1,865,788
Nalco Holding Company (b)		22,200		625,596
NL Industries, Inc.		789		9,066
OM Group, Inc. (a)		1,993		66,307
OMNOVA Solutions, Inc. (a)		57,247		456,831
PolyOne Corporation (a)		12,493		161,410
Praxair, Inc.		200		18,268
Quaker Chemical Corporation		4,545		165,529
Rockwood Holdings, Inc. (a) (b)		64,040		2,172,237
RPM International, Inc. (b)		80,500		1,667,155
Scotts Miracle-Gro Company (The) - Class A (b)		35,320		1,886,088
Senomyx, Inc. (a)		6,255		31,275
Sigma-Aldrich Corporation		300		19,026
Solutia, Inc. (a)		17,158		310,731
Spartech Corporation (a)		28,390		240,179
Terra Nitrogen Company, L.P.		470		53,933
TPC Group, Inc. (a)		28,124		772,004
Valspar Corporation (The) (b)		102,470		3,289,287
Zep, Inc.		1,400		25,396
				31,804,983

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Materials - 5.8% (Continued)
Construction Materials - 0.0%
Martin Marietta Materials, Inc.		800	$	64,384
Containers & Packaging - 0.6%
AEP Industries, Inc. (a)		8,700		212,019
Aptargroup, Inc.		600		26,928
Ball Corporation		100		6,436
Bemis Company, Inc.		3,000		95,280
Crown Holdings, Inc. (a)		1,100		35,409
Graham Packaging Company, Inc. (a) (b)		27,039		322,575
Greif, Inc. - Class A		174		10,221
Myers Industries, Inc.		10,828		95,611
Packaging Corporation of America (b)		137,866		3,368,066
Pactiv Corporation (a)		1,700		56,406
Rock-Tenn Company - Class A		5,100		289,935
Sealed Air Corporation		10,200		236,130
Silgan Holdings, Inc.		300		10,125
Smurfit-Stone Container Corporation (a)		32,800		754,400
Sonoco Products Company (b)		40,442		1,354,807
UFP Technologies, Inc. (a)		9,204		110,264
				6,984,612
Metals & Mining - 2.3%
A.M. Castle & Company (a)		5,542		85,347
Agnico-Eagle Mines Ltd.		200		15,518
Allied Nevada Gold Corporation (a)		1,300		32,084
Almaden Minerals Ltd. (a)		8,100		23,328
Anooraq Resources Corporation (a)		22,430		28,710
Augusta Resource Corporation (a)		115,688		453,497
Aurizon Mines Ltd. (a) (b)		136,950		918,934
Banro Corporation (a)		12,150		35,599
Brigus Gold Corporation (a)		2,656		4,196
Capital Gold Corporation (a)		201,866		886,192
Carpenter Technology Corporation (b)		30,784		1,097,757
China Precision Steel, Inc. (a)		113,405		181,448
Coeur d'Alene Mines Corporation (a)		12,337		254,266
Corvus Gold, Inc. (a)		30,100		28,917
Endeavour Silver Corporation (a)		167,928		821,168
Entrée Gold, Inc. (a)		1,000		2,590
Exeter Resource Corporation (a)		129,270		751,059
Extorre Gold Mines Ltd. (a)		10,739		59,924
Freeport-McMoRan Copper & Gold, Inc.		600		56,808
Fronteer Gold, Inc. (a)		68,024		540,111
Gammon Gold, Inc. (a)		97,449		665,577
General Moly, Inc. (a)		100,854		526,458
Globe Specialty Metals, Inc.		52,507		815,959
Gold Resource Corporation (a)		800		16,880
Goldcorp, Inc.		200		8,918
Golden Minerals Company (a)		10,400		273,000
Golden Star Resources Ltd. (a)		5,128		26,819
Great Northern Iron Ore Properties		646		82,849

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Materials - 5.8% (Continued)
Metals & Mining - 2.3% (Continued)
Harry Winston Diamond Corporation (a)		73,420	$	938,308
Haynes International, Inc.		2,563		92,934
Hecla Mining Company (a)		10,520		72,483
Horsehead Holding Corporation (a)		52,990		579,181
IAMGOLD Corporation		300		5,484
International Tower Hill Mines Ltd. (a)		39,600		294,624
Keegan Resources, Inc. (a)		16,468		128,450
MAG Silver Corporation (a)		19,113		158,638
Metals USA Holdings Corporation (a)		46,021		549,951
Minefinders Corporation Ltd. (a)		28,283		249,173
Molycorp, Inc. (a)		4,300		152,220
Nevsun Resources Ltd. (a)		200,000		1,142,000
New Gold, Inc. (a)		8,300		61,420
Noranda Aluminum Holding Corporation (a)		42,897		425,538
North American Palladium Ltd. (a) (b)		161,778		752,268
Northern Dynasty Minerals Ltd. (a) (b)		111,475		1,005,504
Northgate Minerals Corporation (a)		534,105		1,506,176
NovaGold Resources, Inc. (a)		45,119		506,686
Paramount Gold and Silver Corporation (a)		64,100		108,329
Platinum Group Metals Ltd. (a)		47,172		92,929
Polymet Mining Corporation (a)		77,800		143,930
Puda Coal, Inc. (a)		64,368		567,082
Qiao Xing Universal Telephone, Inc. (a)		31,820		56,321
Reliance Steel & Aluminum Company (b)		25,100		1,050,435
Royal Gold, Inc. (b)		37,800		1,871,478
RTI International Metals, Inc. (a)		9,800		304,780
Rubicon Minerals Corporation (a) (b)		236,039		868,624
Silver Standard Resources, Inc. (a)		799		19,400
Silvercorp Metals, Inc.		1,060		9,911
Southern Copper Corporation		2,700		115,560
Steel Dynamics, Inc.		3,417		49,615
Stillwater Mining Company (a)		8,900		158,420
Tanzanian Royalty Exploration Corporation (a)		33,237		231,994
Terra Nova Realty Corporation (a)		64,936		511,696
Timberline Resources Corporation (a)		600		708
Titanium Metals Corporation (a)		3,160		62,126
Universal Stainless & Alloy Products, Inc. (a)		5,945		172,048
US Gold Corporation (a)		320,607		1,676,775
Vista Gold Corporation (a)		305,503		840,133
Yamana Gold, Inc.		400		4,396
				26,231,641
Paper & Forest Products - 0.1%
Buckeye Technologies, Inc.		50,278		907,518
Clearwater Paper Corporation (a)		2,517		203,248
Louisiana-Pacific Corporation (a)		1,810		14,009
Neenah Paper, Inc.		10,097		154,989
Verso Paper Corporation (a)		254		930
				1,280,694

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.5%
8x8, Inc. (a)		31,900	$	92,510
Atlantic Tele-Network, Inc. (b)		16,525		698,346
BCE, Inc.		400		13,404
CenturyLink, Inc.		300		12,414
Consolidated Communications Holdings, Inc.		35,065		649,404
Frontier Communications Corporation		65,874		578,374
General Communication, Inc. - Class A (a)		8,445		88,250
Global Crossing Ltd. (a)		24,810		337,416
Globalstar, Inc. (a)		208,576		333,722
Level 3 Communications, Inc. (a)		166,833		161,444
SureWest Communications (a)		2,186		17,488
Vonage Holdings Corporation (a) (b)		952,279		2,428,311
Windstream Corporation		400		5,064
				5,416,147
Wireless Telecommunication Services - 0.2%
American Tower Corporation - Class A (a)		400		20,644
Cellcom Israel Ltd.		700		23,653
Clearwire Corporation - Class A (a)		21,580		153,002
Crown Castle International Corporation (a)		500		21,560
MetroPCS Communications, Inc. (a)		14,834		154,422
NII Holdings, Inc. (a)		500		20,905
NTELOS Holdings Corporation		70,556		1,282,003
Rogers Communications, Inc. - Class B		1,300		47,385
SBA Communications Corporation - Class A (a)		500		19,630
Sprint Nextel Corporation (a)		21,300		87,756
Syniverse Holdings, Inc. (a)		1,800		54,882
United States Cellular Corporation (a) (b)		11,800		548,228
				2,434,070
Utilities - 1.7%
Electric Utilities - 0.6%
Allegheny Energy, Inc.		7,000		162,400
ALLETE, Inc.		3,188		115,979
American Electric Power Company, Inc.		300		11,232
Central Vermont Public Service Corporation		13,013		263,123
Cleco Corporation		300		9,381
Edison International		300		11,070
El Paso Electric Company (a)		19,600		482,160
Entergy Corporation		300		22,359
Hawaiian Electric Industries, Inc.		8,000		180,320
IDACORP, Inc.		5,400		198,720
ITC Holdings Corporation		2,600		162,786
Nextera Energy, Inc.		300		16,512
Northeast Utilities		900		28,152
NV Energy, Inc. (b)		223,791		3,056,985
Portland General Electric Company (b)		23,800		497,420
Progress Energy, Inc.		300		13,500
Southern Company (The)		300		11,361
UIL Holdings Corporation (b)		55,000		1,592,800

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Utilities - 1.7% (Continued)
Electric Utilities - 0.6% (Continued)
Unisource Energy Corporation		8,000	$	280,560
				7,116,820
Gas Utilities - 0.9%
AGL Resources, Inc. (b)		93,752		3,680,703
Amerigas Partners, L.P.		1,295		60,192
Atmos Energy Corporation		400		11,780
Chesapeake Utilities Corporation		4,556		167,160
Energen Corporation (b)		13,856		618,532
Ferrellgas Partners, L.P.		213		5,564
Laclede Group, Inc. (The)		8,059		282,951
National Fuel Gas Company		4,000		220,720
ONEOK, Inc.		600		29,892
Questar Corporation (b)		45,900		778,923
Southwest Gas Corporation		500		17,380
Star Gas Partners, L.P.		604		2,978
Suburban Propane Partners, L.P.		676		36,842
UGI Corporation (b)		123,913		3,728,542
				9,642,159
Independent Power Producers & Energy Traders - 0.0%
Atlantic Power Corporation		13,100		175,278
NRG Energy, Inc. (a)		100		1,991
RRI Energy, Inc. (a)		79,475		298,826
U.S. Geothermal, Inc. (a)		300		256
				476,351
Multi-Utilities - 0.1%
Alliant Energy Corporation		1,200		43,836
Ameren Corporation		800		23,184
Avista Corporation		300		6,552
CenterPoint Energy, Inc.		900		14,904
CMS Energy Corporation		1,800		33,084
Consolidated Edison, Inc.		300		14,916
Dominion Resources, Inc.		300		13,038
DTE Energy Company		100		4,676
Integrys Energy Group, Inc.		300		15,957
MDU Resources Group, Inc.		22,500		448,425
NiSource, Inc.		900		15,579
Northwestern Corporation		14,800		440,596
NSTAR		300		12,513
OGE Energy Corporation		200		8,832
PG&E Corporation		400		19,128
Public Service Enterprise Group, Inc.		100		3,235
SCANA Corporation		2,000		81,680
TECO Energy, Inc.		2,400		42,216
Vectren Corporation		100		2,738
Xcel Energy, Inc.		2,800		66,808
				1,311,897
Water Utilities - 0.1%
American States Water Company		4,994		186,526

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 89.1% (Continued)	Shares		Value
Utilities - 1.7% (Continued)
Water Utilities - 0.1% (Continued)
California Water Service Group		9,041	$	337,591
Cascal N.V. (a)		10,545		66,539
Connecticut Water Service, Inc.		640		15,622
Consolidated Water Company, Inc.		6,800		69,564
Middlesex Water Company		759		13,556
SJW Corporation		513		12,414
Tri-Tech Holding, Inc. (a) (b)		29,528		384,750
				1,086,562
Total Common Stocks (Cost $947,935,809)			$	1,017,852,724
CLOSED-END FUNDS - 3.6%	Shares		Value
Aberdeen Asia-Pacific Income Fund, Inc.		100	$	690
Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.		3,900		74,373
Aberdeen Israel Fund, Inc. (a)		8,201		136,137
Adams Express Company (The)		2,200		22,660
AGIC Equity & Convertible Income Fund		100		1,744
Alliance California Municipal Income Fund, Inc.		9,837		139,784
AllianceBernstein National Municipal Income Fund, Inc.		13,954		200,659
Alpine Global Premier Properties Fund		100		704
American Select Portfolio, Inc.		14,739		169,351
American Strategic Income Portfolio, Inc. II		56,964		549,703
American Strategic Income Portfolio, Inc. III		166,042		1,290,146
ASA Ltd.		63,393		2,019,067
Asia Pacific Fund, Inc. (The) (a)		11,629		131,873
BlackRock Apex Municipal Fund, Inc.		11,350		105,668
BlackRock California Municipal Income Trust		38,418		547,841
BlackRock Credit Allocation Income Trust I, Inc.		18,304		177,000
BlackRock Credit Allocation Income Trust II, Inc.		129,123		1,341,588
BlackRock Credit Allocation Income Trust III		18,058		202,791
BlackRock Credit Allocation Income Trust IV		25,468		331,593
BlackRock Health Sciences Trust		43		1,167
BlackRock Income Trust		69,664		489,738
BlackRock Long-Term Municipal Advantage Trust		2,442		27,961
BlackRock MuniHoldings California Insured Fund, Inc.		53,637		760,036
BlackRock MuniHoldings Insured Investment Fund		16,440		233,284
BlackRock MuniYield California Insured Fund, Inc.		56,697		798,861
BlackRock MuniYield Insured Investment Fund		11,000		153,340
BlackRock MuniYield Investment Fund		15,001		216,164
BlackRock MuniYield Michigan Insured Fund II, Inc.		21,775		288,301
BlackRock MuniYield New York Insured Fund, Inc.		34,714		481,136
BlackRock MuniYield Pennsylvania Insured Fund		24,473		365,137
BlackRock MuniYield Quality Fund II, Inc.		100		1,297
BlackRock MuniYield Quality Fund, Inc.		22,095		329,215
BlackRock Strategic Dividend Achievers Trust		3,573		35,659
Boulder Growth & Income Fund, Inc. (a)		28,900		181,781
Boulder Total Return Fund, Inc. (a)		14,914		232,658

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.6% (Continued)	Shares		Value
Calamos Global Dynamic Income Fund		57,763	$	475,967
Calamos Strategic Total Return Fund		139,339		1,262,411
Central Europe & Russia Fund, Inc. (The)		7,116		282,505
China Fund, Inc. (The)		6,100		203,801
ClearBridge Energy MLP Fund, Inc.		3,997		83,657
Clough Global Allocation Fund		35,700		540,855
Clough Global Equity Fund		100		1,466
Clough Global Opportunities Fund		86,725		1,118,752
Cohen & Steers Infrastructure Fund, Inc.		100		1,697
Cohen & Steers Quality Income Realty Fund, Inc.		100		848
DCA Total Return Fund		21,208		65,109
Delaware Investments Colorado Municipal Income Fund, Inc.		100		1,393
Delaware Investments Minnesota Municipal Income Fund II		6,833		90,811
Delaware Investments National Municipal Income Fund		1,200		15,492
Diamond Hill Financial Trends Fund, Inc.		5,199		46,999
Dreyfus Municipal Income, Inc.		21,350		200,903
Dreyfus Strategic Municipal Bond Fund		6,500		53,625
DWS Municipal Income Trust		7,100		90,170
Eagle Capital Growth Fund, Inc.		3,000		18,990
Eaton Vance Michigan Municipal Income Trust		2,684		34,892
Eaton Vance Risk-Managed Diversified Equity Income Fund		121,070		1,600,545
Ellsworth Fund Ltd.		11,831		83,882
European Equity Fund, Inc. (The)		100		744
First Opportunity Fund, Inc.		69,377		462,051
First Trust Enhanced Equity Income Fund		57,942		692,407
First Trust Strategic High Income Fund II		1,539		7,433
First Trust Strategic High Income Fund III		24,397		106,371
Foxby Corporation (a)		200		208
Gabelli Global Multimedia Trust, Inc.		11,368		92,308
Gabelli Healthcare & WellnessRx Trust (The) (a)		16,082		105,337
General American Investors Company, Inc.		36,703		916,841
Global Income & Currency Fund, Inc.		6,400		93,312
Greater China Fund, Inc.		43,939		572,965
Guggenheim Enhanced Equity Income Fund		1,500		13,290
H&Q Healthcare Investors		47,428		585,736
Helios Advantage Income Fund, Inc.		16,200		122,312
Helios Multi-Sector High Income Fund, Inc.		100		516
Helios Strategic Income Fund, Inc.		11,862		65,597
Herzfeld Caribbean Basin Fund, Inc. (a)		200		1,360
ING Clarion Global Real Estate Income Fund		210,913		1,600,830
Invesco California Insured Municipal Income Trust		900		13,095
Invesco California Quality Municipal Securities		4,000		52,080
Invesco Insured California Municipal Securities		2,898		39,587
Invesco Insured Municipal Bond Trust		600		8,538
Invesco Municipal Income Opportunities Trust		21,417		145,207
Invesco Municipal Income Opportunities Trust II		4,700		35,767
Invesco Municipal Income Opportunities Trust III		2,540		20,904
Invesco Municipal Premium Income Trust		27,023		229,696
Invesco Quality Municipal Securities		25,361		362,916
Japan Equity Fund, Inc. (The)		37,930		206,339
Japan Smaller Capitalization Fund, Inc.		8,845		69,875

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.6% (Continued)	Shares		Value
JF China Region Fund, Inc. (a)		2,600	$	39,338
John Hancock Bank and Thrift Opportunity Fund		1,161		17,438
John Hancock Preferred Income Fund III		3,710		63,626
Korea Equity Fund, Inc. (a)		33,000		371,250
Latin America Discovery Fund, Inc.		100		1,916
Lazard Global Total Return & Income Fund, Inc.		100		1,507
Liberty All-Star Equity Fund		347,519		1,581,211
LMP Capital and Income Fund, Inc.		18,406		216,270
LMP Real Estate Income Fund, Inc.		20,148		196,040
Macquarie Global Infrastructure Total Return Fund, Inc.		59,102		1,020,101
Madison Strategic Sector Premium Fund		2,800		35,616
Malaysia Fund, Inc.		300		3,321
Mexico Equity and Income Fund, Inc. (The) (a)		100		1,051
Mexico Fund, Inc. (The)		100		2,687
MFS InterMarket Income Trust I		5,787		49,363
Montgomery Street Income Securities, Inc.		300		4,875
Morgan Stanley Asia-Pacific Fund, Inc.		1,973		31,943
Morgan Stanley Frontier Emerging Markets Fund		1,000		14,030
Neuberger Berman California Intermediate Municipal Fund, Inc.		3,193		46,554
New Ireland Fund, Inc. (The) (a)		1,300		8,463
NFJ Dividend, Interest & Premium Strategy Fund		100,248		1,597,953
Nuveen Arizona Dividend Advantage Municipal Fund		1,671		24,547
Nuveen Arizona Dividend Advantage Municipal Fund 3		300		4,113
Nuveen California Dividend Advantage Municipal Fund		21,655		299,272
Nuveen California Dividend Advantage Municipal Fund 2		22,171		318,597
Nuveen California Dividend Advantage Municipal Fund 3		2,085		27,689
Nuveen California Investment Quality Municipal Fund, Inc.		8,727		123,574
Nuveen California Municipal Market Opportunity Fund		3,555		50,268
Nuveen California Municipal Value Fund		28,487		267,493
Nuveen California Municipal Value Fund 2		200		3,160
Nuveen California Performance Plus Municipal Fund, Inc.		600		8,424
Nuveen California Premium Income Municipal Fund		2,700		37,098
Nuveen California Quality Income Municipal Fund		15,800		234,788
Nuveen Connecticut Premium Income Municipal Fund		829		11,697
Nuveen Diversified Dividend & Income Fund		100		1,114
Nuveen Dividend Advantage Municipal Fund		5,384		77,530
Nuveen Georgia Premium Income Municipal Fund		20		288
Nuveen Insured California Dividend Advantage Municipal Fund		7,752		114,187
Nuveen Insured California Premium Income Municipal Fund 2, Inc.		18,118		252,203
Nuveen Insured California Premium Income Municipal Fund, Inc.		6,900		100,809
Nuveen Insured California Tax-Free Advantage Municipal Fund		1,003		13,952
Nuveen Insured Dividend Advantage Municipal Fund		44,556		659,429
Nuveen Insured New York Premium Income Municipal Fund		245		3,658
Nuveen Insured New York Tax Free Advantage Municipal Fund		2,900		42,311
Nuveen Insured Tax-Free Advantage Municipal Fund		100		1,492

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.6% (Continued)	Shares		Value
Nuveen Investment Quality Municipal Fund, Inc.		26,065	$	389,672
Nuveen Maryland Dividend Advantage Municipal Fund		100		1,421
Nuveen Maryland Dividend Advantage Municipal Fund 2		1,400		20,146
Nuveen Michigan Dividend Advantage Municipal Fund		2,700		36,450
Nuveen Michigan Premium Income Municipal Fund, Inc.		12,017		165,234
Nuveen Michigan Quality Income Municipal Fund, Inc.		8,913		127,099
Nuveen Multi-Currency Short-Term Government Income Fund		100		1,474
Nuveen Multi-Strategy Income and Growth Fund		106,309		905,753
Nuveen Multi-Strategy Income and Growth Fund 2		21,503		192,667
Nuveen New Jersey Municipal Value Fund		400		6,276
Nuveen New York Dividend Advantage Municipal Fund 2		600		8,580
Nuveen New York Municipal Value Fund 2		5,100		78,285
Nuveen New York Performance Plus Municipal Fund, Inc.		700		10,689
Nuveen Ohio Dividend Advantage Municipal Fund		400		6,008
Nuveen Pennsylvania Dividend Advantage Municipal Fund		100		1,491
Nuveen Pennsylvania Municipal Value Fund		2,200		34,386
Nuveen Performance Plus Municipal Fund		19,338		289,683
Nuveen Premium Income Municipal Fund 2		51,305		745,977
RENN Global Entrepreneurs Fund (a)		2,223		4,424
Rivus Bond Fund		100		1,854
RMR Asia Pacific Real Estate Fund (a)		2,856		53,410
RMR Real Estate Income Fund		6,016		175,607
Royce Micro-Cap Trust, Inc. (a)		72,062		623,336
Royce Value Trust, Inc. (a)		3,604		45,879
Source Capital, Inc.		100		4,838
Swiss Helvetia Fund, Inc. (The)		1,000		12,900
TCW Strategic Income Fund, Inc.		100		528
Templeton Dragon Fund, Inc. (a)		100		2,981
Thai Capital Fund, Inc. (The)		100		1,580
Thai Fund, Inc. (The)		88,789		1,211,970
Turkish Investment Fund, Inc. (The)		19,338		357,366
Western Asset Emerging Markets Debt Fund, Inc.		56,861		1,107,084
Western Asset Emerging Markets Income Fund, Inc.		100		1,396
Western Asset Intermediate Muni Fund, Inc.		3,456		33,523
Western Asset Municipal Partners Fund, Inc.		13,124		189,904
Western Asset Variable Rate Strategic Fund, Inc.		100		1,605
Zweig Fund, Inc.		53,050		172,413
Zweig Total Return Fund, Inc. (The)		302,054		1,111,559
Total Closed-End Funds (Cost $40,736,777)			$	41,055,193
EXCHANGE-TRADED FUNDS - 0.1%	Shares		Value
ProShares UltraPro Short QQQ (a)		1,000	$	36,450
SPDR Dow Jones Large Cap Growth ETF		65		3,467
SPDR Morgan Stanley Technology ETF		56		3,500
Vanguard Extended Duration Treasury ETF (b)		7,609		680,339
WisdomTree Earnings 500 Fund		35		1,443
Total Exchange-Traded Funds (Cost $739,151)			$	725,199

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
RIGHTS - 0.0%	Shares		Value
Celgene Corporation (a) (b)		27,197	$	131,905
Pacific Capital Bancorp (a) (c)		930,343		409,351
Total Rights (Cost $64,169)			$	541,256
WARRANTS - 0.0%	Shares		Value
Xerium Technologies, Inc. (a) (Cost $0)		1	$	2
MONEY MARKET FUNDS - 7.6%	Shares		Value
UMB Money Market Fiduciary, 0.02% (d) (Cost $86,302,892)		86,302,892	$	86,302,892
Total Investments at Value - 100.4% (Cost $1,075,778,798)			$	1,146,477,266
Liabilities in Excess of Other Assets - (0.4%)				(4,257,836	)
Net Assets - 100.0%			$	1,142,219,430

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)	Fair Value priced (Note 1).  Fair valued securities totaled $409,351 at October 31, 2010, representing 0.0% of net assets.
(d)	Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2010.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
October 31, 2010
COMMON STOCKS - 60.2%	Shares		Value
Consumer Discretionary - 10.1%
Auto Components - 0.0%
Cooper Tire & Rubber Company		6,801	$	133,368
Goodyear Tire & Rubber Company (The) (a)		38,500		393,470
Icahn Enterprises, L.P.		570		19,722
Johnson Controls, Inc.		1,300		45,656
				592,216
Automobiles - 0.1%
Ford Motor Company (a)		6,100		86,193
Harley-Davidson, Inc.		700		21,476
Kandi Technologies Corporation (a)		6,300		35,406
Tesla Motors, Inc. (a)		58,790		1,283,974
				1,427,049
Distributors - 0.1%
Audiovox Corporation - Class A (a)		12,514		81,091
Core-Mark Holding Company, Inc. (a)		18,562		612,546
LKQ Corporation (a)		620		13,479
				707,116
Diversified Consumer Services - 1.0%
American Public Education, Inc. (a)		6,209		173,604
Apollo Group, Inc. - Class A (a)		2,700		101,196
Bridgepoint Education, Inc. (a)		89,946		1,280,831
Capella Education Company (a)		50,769		2,783,664
Career Education Corporation (a)		4,300		75,422
Coinstar, Inc. (a)		3,100		178,498
Corinthian Colleges, Inc. (a)		93,500		488,070
DeVry, Inc.		8,200		392,452
Education Management Corporation (a)		120,578		1,446,936
Grand Canyon Education, Inc. (a)		205		3,856
H&R Block, Inc.		29,400		346,626
Learning Tree International, Inc.		5,878		57,016
Lincoln Educational Services Corporation (a)		700		8,722
Sotheby's		7,600		333,184
Stewart Enterprises, Inc. - Class A		345,385		1,920,341
Strayer Education, Inc.		17,000		2,377,110
				11,967,528
Hotels, Restaurants & Leisure - 0.9%
Ambassadors Group, Inc.		525		5,822
Bally Technologies, Inc. (a)		2,400		86,592
Biglari Holdings, Inc. (a)		481		160,361
Bluegreen Corporation (a)		110		355
Buffalo Wild Wings, Inc. (a)		2,700		126,981
Cheesecake Factory, Inc. (The) (a)		600		17,472
Chipotle Mexican Grill, Inc. (a)		200		42,042
Cracker Barrel Old Country Store, Inc.		5,020		270,528
Darden Restaurants, Inc.		400		18,284
DineEquity, Inc. (a)		12,300		546,735
Gaylord Entertainment Company (a)		35,170		1,172,568
Hyatt Hotels Corporation - Class A (a)		2,900		116,870

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Discretionary - 10.1% (Continued)
Hotels, Restaurants & Leisure - 0.9% (Continued)
International Speedway Corporation - Class A		34,963	$	798,555
Jack in the Box, Inc. (a)		1,200		27,792
Las Vegas Sands Corporation (a)		3,400		155,992
Marriott International, Inc. - Class A		100		3,705
McDonald's Corporation		300		23,331
MGM Resorts International (a)		4,100		44,813
Morgans Hotel Group Company (a)		159,525		1,287,367
Panera Bread Company - Class A (a)		1,700		152,167
Peet's Coffee & Tea, Inc. (a)		66,062		2,526,871
Red Robin Gourmet Burgers, Inc. (a)		6,094		123,708
Six Flags Entertainment Corporation (a)		3,513		180,147
Speedway Motorsports, Inc.		7,700		117,810
Starwood Hotels & Resorts Worldwide, Inc.		400		21,656
Texas Roadhouse, Inc. (a)		58,192		893,829
Town Sports International Holdings, Inc. (a)		400		1,200
Universal Travel Group (a)		24,600		137,760
Vail Resorts, Inc. (a)		8,600		348,816
WMS Industries, Inc. (a)		9,900		431,937
Wyndham Worldwide Corporation		560		16,100
				9,858,166
Household Durables - 1.3%
American Greetings Corporation - Class A		99,528		1,927,857
Beazer Homes USA, Inc. (a)		45,300		183,918
Blyth, Inc.		3,469		139,176
Brookfield Homes Corporation (a)		14,430		120,346
Cavco Industries, Inc. (a)		19,645		622,550
Comstock Homebuilding Companies, Inc. - Class A (a)		2,103		2,419
CSS Industries, Inc.		2		34
D.R. Horton, Inc.		13,100		136,764
Deer Consumer Products, Inc. (a)		38,300		438,535
Ethan Allen Interiors, Inc.		55,882		847,730
Flexsteel Industries, Inc.		1,700		25,704
Hooker Furniture Corporation		4,004		42,322
Hovnanian Enterprises, Inc. - Class A (a)		179,295		638,290
iRobot Corporation (a)		26,953		562,779
KB Home		267,700		2,813,527
La-Z-Boy, Inc. (a)		95,700		743,589
Lennar Corporation - Class A		228,100		3,309,731
Libbey, Inc. (a)		13,846		184,013
Lifetime Brands, Inc. (a)		701		9,001
Meritage Homes Corporation (a)		8,000		146,480
Mohawk Industries, Inc. (a)		6,766		387,962
National Presto Industries, Inc.		600		67,158
Pulte Homes, Inc. (a)		28,199		221,362
Ryland Group, Inc. (The)		24,120		361,318
Sealy Corporation (a)		286,073		752,372
Stanley Black & Decker, Inc.		400		24,788
Tempur-Pedic International, Inc. (a)		1,640		56,580

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Discretionary - 10.1% (Continued)
Household Durables - 1.3% (Continued)
Whirlpool Corporation		600	$	45,498
				14,811,803
Internet & Catalog Retail - 1.0%
1-800-FLOWERS.COM, Inc. (a)		51,535		92,763
Amazon.com, Inc. (a)		600		99,084
Blue Nile, Inc. (a)		71,779		3,057,786
Gaiam, Inc. - Class A		20		141
HSN, Inc. (a)		237		7,096
Liberty Media Corporation - Interactive - Series A (a)		13,700		202,212
NetFlix, Inc. (a)		1,400		242,900
NutriSystem, Inc.		116,046		2,218,800
Overstock.com, Inc. (a)		108,927		1,460,711
PetMed Express, Inc.		193,745		2,993,360
priceline.com, Inc. (a)		200		75,362
Shutterfly, Inc. (a)		35,443		1,066,834
SinoCoking Coal and Coke Chemical Industries, Inc.		14,566		117,693
ValueVision Media, Inc. (a)		400		948
				11,635,690
Leisure Equipment & Products - 0.9%
Arctic Cat, Inc. (a)		20,317		270,419
Brunswick Corporation		82,570		1,306,257
Callaway Golf Company		169,420		1,165,610
JAKKS Pacific, Inc. (a)		60,267		1,136,033
Polaris Industries, Inc.		23,700		1,684,833
Pool Corporation		116,625		2,348,828
Smith & Wesson Holding Corporation (a)		107,075		401,531
Steinway Musical Instruments, Inc. (a)		100		1,701
Sturm Ruger & Company, Inc.		95,552		1,496,344
Summer Infant, Inc. (a)		11,169		89,352
				9,900,908
Media - 1.1%
A.H. Belo Corporation (a)		21,764		158,224
Arbitron, Inc.		39,300		995,076
Ascent Media Corporation (a)		386		10,515
China MediaExpress Holdings, Inc. (a)		125,079		1,933,721
China Yida Holding Company (a)		100		1,063
Dex One Corporation (a)		6,600		46,266
DIRECTV (a)		400		17,384
DISH Network Corporation - Class A		2,600		51,636
E.W. Scripps Company - Class A (a)		33,401		291,925
Emmis Communications Corporation - Class A (a)		600		515
Entercom Communications Corporation - Class A (a)		40,467		337,899
Gannett Company, Inc.		24,836		294,307
Harte-Hanks, Inc.		1,100		13,288
IMAX Corporation (a)		600		12,990
Interpublic Group of Companies, Inc. (The) (a)		13,960		144,486
Martha Stewart Living Omnimedia, Inc. - Class A (a)		230,064		1,003,079
McClatchy Company (The) - Class A (a)		365,575		1,008,987
McGraw-Hill Companies, Inc. (The)		400		15,060

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Discretionary - 10.1% (Continued)
Media - 1.1% (Continued)
Media General, Inc. (a)		111,386	$	613,737
Meredith Corporation		1,800		61,110
Morningstar, Inc. (a)		2,530		123,515
New York Times Company (The) (a)		33,347		255,771
Radio One, Inc. - Class D (a)		20,000		23,200
Rentrak Corporation (a)		11		299
Scholastic Corporation		113,121		3,331,413
Spanish Broadcasting System, Inc. (a)		1,500		1,110
SuperMedia, Inc. (a)		18,512		121,809
Time Warner Cable, Inc.		100		5,787
Viacom, Inc. - Class A		27,374		1,170,786
Viacom, Inc. - Class B		100		3,859
Washington Post Company (The) - Class B		100		40,215
World Wrestling Entertainment, Inc. - Class A		2,400		33,216
				12,122,248
Multiline Retail - 0.3%
Big Lots, Inc. (a)		7,600		238,412
Dillard's, Inc. - Class A		5,295		135,076
Dollar Tree, Inc. (a)		400		20,524
Fred's, Inc. - Class A		42,831		513,115
J.C. Penney Company, Inc.		1,600		49,888
Kohl's Corporation (a)		400		20,480
Nordstrom, Inc.		2,300		88,573
Sears Holdings Corporation (a)		31,000		2,231,380
				3,297,448
Specialty Retail - 2.1%
A.C. Moore Arts & Crafts, Inc. (a)		600		1,350
Aaron's, Inc.		13,210		249,141
Abercrombie & Fitch Company - Class A		3,300		141,438
Aéropostale, Inc. (a)		5,700		138,966
American Eagle Outfitters, Inc.		6,000		96,060
AnnTaylor Stores Corporation (a)		11,100		258,630
AutoNation, Inc. (a)		300		6,966
AutoZone, Inc. (a)		200		47,526
Barnes & Noble, Inc.		175,370		2,627,043
Bed Bath & Beyond, Inc. (a)		100		4,390
Best Buy Company, Inc.		3,100		133,238
Blockbuster, Inc. - Class A (a)		100,400		4,418
Brown Shoe Company, Inc.		14,739		173,183
Buckle, Inc. (The)		99,986		2,908,593
Build-A-Bear Workshop, Inc. (a)		1,839		12,928
Cabela's, Inc. - Class A (a)		69,836		1,294,759
Cache, Inc. (a)		167		833
Citi Trends, Inc. (a)		44,502		933,652
Collective Brands, Inc. (a)		39,100		599,403
Conn's, Inc. (a)		250,888		1,103,907
Dick's Sporting Goods, Inc. (a)		4,700		135,454
DSW, Inc. - Class A (a)		48,300		1,606,941
Foot Locker, Inc.		44,500		708,885

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Discretionary - 10.1% (Continued)
Specialty Retail - 2.1% (Continued)
GameStop Corporation - Class A (a)		1,600	$	31,456
Genesco, Inc. (a)		22,837		748,140
Group 1 Automotive, Inc. (a)		1,631		57,509
Guess?, Inc.		6,900		268,548
Hastings Entertainment, Inc. (a)		100		664
Haverty Furniture Companies, Inc. (a)		98,012		1,047,748
hhgregg, Inc. (a)		70,578		1,626,117
Hibbett Sports, Inc. (a)		18,300		493,185
J. Crew Group, Inc. (a)		7,800		249,522
Limited Brands, Inc.		300		8,817
Lowe's Companies, Inc.		700		14,931
Lumber Liquidators Holdings, Inc. (a)		83,918		2,020,746
MarineMax, Inc. (a)		37,332		279,243
Midas, Inc. (a)		1,159		8,530
Monro Muffler Brake, Inc.		100		4,774
OfficeMax, Inc. (a)		10,180		180,186
Penske Auto Group, Inc. (a)		600		8,070
Pep Boys - Manny Moe & Jack (The)		858		10,030
PetSmart, Inc.		500		18,715
Rent-A-Center, Inc.		2,500		62,850
Rue21, Inc. (a)		3,900		103,818
Sonic Automotive, Inc. - Class A (a)		105,999		1,157,509
Syms Corporation (a)		1,300		9,477
Talbots, Inc. (The) (a)		37,241		364,217
TJX Companies, Inc.		100		4,589
Ulta Salon Cosmetics & Fragrance, Inc. (a)		70,100		2,151,369
Urban Outfitters, Inc. (a)		100		3,077
Vitamin Shoppe, Inc. (a)		4,249		118,165
West Marine, Inc. (a)		8		79
Williams-Sonoma, Inc.		12,420		402,035
Winmark Corporation		603		19,851
Zale Corporation (a)		100		256
				24,661,927
Textiles, Apparel & Luxury Goods - 1.3%
Columbia Sportswear Company		46,415		2,425,184
Culp, Inc. (a)		7,681		77,885
Deckers Outdoor Corporation (a)		400		23,240
DGSE Companies, Inc. (a)		400		1,620
Fuqi International, Inc. (a)		128,213		950,058
G-III Apparel Group Ltd. (a)		29,255		772,332
Hanesbrands, Inc. (a)		3,100		76,880
Iconix Brand Group, Inc. (a)		34,500		603,750
Joe's Jeans, Inc. (a)		85,700		132,835
Jones Group, Inc. (The)		149,900		2,167,554
K-Swiss, Inc. - Class A (a)		17,957		218,357
lululemon athletica, Inc. (a)		8,000		354,560
Movado Group, Inc. (a)		9,328		104,847
Phillips-Van Heusen Corporation		1,400		85,876
R.G. Barry Corporation		8,022		82,948

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Discretionary - 10.1% (Continued)
Textiles, Apparel & Luxury Goods - 1.3% (Continued)
Rocky Brands, Inc. (a)		100	$	917
Skechers U.S.A., Inc. - Class A (a)		2,300		44,712
Steven Madden Ltd. (a)		1,300		54,990
True Religion Apparel, Inc. (a)		109,154		2,232,199
Under Armour, Inc. - Class A (a)		47,883		2,235,178
Volcom, Inc. (a)		114,751		1,970,275
				14,616,197
Consumer Staples - 2.8%
Beverages - 0.1%
Boston Beer Company, Inc. - Class A (a)		200		14,318
China New Borun Corporation (a)		8,370		122,453
Coca-Cola Company (The)		400		24,528
Coca-Cola Enterprises, Inc.		24,800		595,448
Hansen Natural Corporation (a)		500		25,605
Molson Coors Brewing Company - Class B		200		9,446
				791,798
Food & Staples Retailing - 0.7%
Costco Wholesale Corporation		400		25,108
Great Atlantic & Pacific Tea Company, Inc. (The) (a)		1,524,602		5,244,631
Kroger Company (The)		400		8,800
Nash Finch Company		29,266		1,226,246
QKL Stores, Inc. (a)		200		1,086
Ruddick Corporation		22,500		785,250
Spartan Stores, Inc.		20,107		300,600
Sysco Corporation		100		2,946
United Natural Foods, Inc. (a)		9,200		328,992
Walgreen Company		10,300		348,964
Wal-Mart Stores, Inc.		400		21,668
Weis Markets, Inc.		7,271		283,278
Winn-Dixie Stores, Inc. (a)		1,692		11,336
				8,588,905
Food Products - 1.4%
American Dairy, Inc. (a)		74,227		754,888
American Lorain Corporation (a)		300		915
Calavo Growers, Inc.		21,672		475,267
Cal-Maine Foods, Inc.		86,689		2,511,380
China Marine Food Group Ltd. (a)		23,804		138,539
Chiquita Brands International, Inc. (a)		120,610		1,600,495
ConAgra Foods, Inc.		100		2,249
Dean Foods Company (a)		1,500		15,600
Diamond Foods, Inc.		41,746		1,845,173
Dole Food Company, Inc. (a)		186,246		1,717,188
Flowers Foods, Inc.		74,136		1,888,985
General Mills, Inc.		600		22,524
Green Mountain Coffee Roasters, Inc. (a)		1,200		39,588
Hain Celestial Group, Inc. (The) (a)		1,000		24,730
Harbinger Group, Inc. (a)		200		1,032
Hershey Company (The)		400		19,796
Imperial Sugar Company		8,123		103,162

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Consumer Staples - 2.8% (Continued)
Food Products - 1.4% (Continued)
Kellogg Company		300	$	15,078
Kraft Foods, Inc. - Class A		400		12,908
Lancaster Colony Corporation		10,969		547,134
Reddy Ice Holdings, Inc. (a)		600		2,094
Sara Lee Corporation		100		1,433
Seneca Foods Corporation - Class A (a)		3,300		76,230
Smart Balance, Inc. (a)		39,523		140,702
Tootsie Roll Industries, Inc.		58,299		1,530,349
TreeHouse Foods, Inc. (a)		26,200		1,223,540
Tyson Foods, Inc.		514		7,993
Yuhe International, Inc. (a)		19,390		155,508
Zhongpin, Inc. (a)		36,500		738,030
				15,612,510
Household Products - 0.0%
Central Garden & Pet Company - Class A (a)		6,500		67,925
Clorox Company		100		6,655
Colgate-Palmolive Company		400		30,848
Energizer Holdings, Inc. (a)		500		37,390
Kimberly Clark Corporation		200		12,668
				155,486
Personal Products - 0.3%
Avon Products, Inc.		400		12,180
China Sky One Medical, Inc. (a)		130,291		1,186,951
China-Biotics, Inc. (a)		165,373		2,073,777
Estée Lauder Companies, Inc. (The) - Class A		400		28,468
Medifast, Inc. (a)		7,110		169,787
Schiff Nutrition International, Inc.		24,158		195,197
USANA Health Sciences, Inc. (a)		4,354		191,228
				3,857,588
Tobacco - 0.3%
Alliance One International, Inc. (a)		14,565		64,377
Altria Group, Inc.		100		2,542
Philip Morris International, Inc.		400		23,400
Star Scientific, Inc. (a)		329,792		659,584
Universal Corporation		64,500		2,672,880
				3,422,783
Energy - 4.4%
Energy Equipment & Services - 1.0%
Baker Hughes, Inc.		2,600		120,458
Bolt Technology Corporation (a)		355		3,944
Bristow Group, Inc. (a)		23,500		911,330
Bronco Drilling Company, Inc. (a)		21,548		90,933
Cameron International Corporation (a)		400		17,500
Dawson Geophysical Company (a)		23,717		589,130
ENGlobal Corporation (a)		400		1,156
Exterran Holdings, Inc. (a)		41,420		1,042,541
FMC Technologies, Inc. (a)		400		28,840
Geokinetics, Inc. (a)		7,180		48,968

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Energy Equipment & Services - 1.0% (Continued)
Gulfmark Offshore, Inc. - Class A (a)		6,018	$	178,193
Halliburton Company		841		26,794
Helmerich & Payne, Inc.		1,082		46,288
Hercules Offshore, Inc. (a)		108,098		255,111
Hornbeck Offshore Services, Inc. (a)		44,780		995,907
Key Energy Services, Inc. (a)		8,100		79,785
Matrix Service Company (a)		6,344		57,603
Natural Gas Services Group, Inc. (a)		2,645		41,659
Newpark Resources, Inc. (a)		379,034		2,228,720
PHI, Inc. (a)		3,165		55,293
Royale Energy, Inc. (a)		1,600		3,232
Seahawk Drilling, Inc. (a)		118,351		1,192,978
SulphCo, Inc. (a)		255,735		63,934
Tesco Corporation (a)		16,300		206,358
Tidewater, Inc.		65,205		3,007,907
				11,294,562
Oil, Gas & Consumable Fuels - 3.4%
Alliance Holdings GP, L.P.		400		16,604
Alliance Resource Partners, L.P.		2,569		151,160
Alpha Natural Resources, Inc. (a)		900		40,653
American Oil & Gas, Inc. (a)		107,978		932,930
Anadarko Petroleum Corporation		1,200		73,884
Apache Corporation		400		40,408
Arch Coal, Inc.		500		12,295
ATP Oil & Gas Corporation (a)		81,530		1,170,771
BP Prudhoe Bay Royalty Trust		1,408		144,757
BPZ Resources, Inc. (a)		418,182		1,555,637
Callon Petroleum Company (a)		28,652		141,254
Carrizo Oil & Gas, Inc. (a)		68,500		1,617,970
Cheniere Energy Partners, L.P.		6,200		118,916
Cheniere Energy, Inc. (a)		286,885		940,983
Chesapeake Energy Corporation		300		6,510
Chevron Corporation		100		8,261
China Integrated Energy, Inc. (a)		55,912		463,511
Cimarex Energy Company		100		7,675
Clean Energy Fuels Corporation (a)		148,647		2,158,354
Cloud Peak Energy, Inc. (a)		8,723		151,519
Comstock Resources, Inc. (a)		25,438		568,539
CONSOL Energy, Inc.		700		25,732
Copano Energy, LLC		2,700		75,492
Crosstex Energy, Inc.		4		32
Crosstex Energy, L.P.		51,023		713,812
DCP Midstream Partners, L.P.		12,041		429,623
Devon Energy Corporation		100		6,502
DHT Holdings, Inc.		99,610		428,323
El Paso Corporation		50		663
Enbridge Energy Management, LLC (a)		4,904		292,671
Endeavour International Corporation (a)		54,211		74,811
Energy Partners Ltd. (a)		28,500		318,345

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Oil, Gas & Consumable Fuels - 3.4% (Continued)
Enterprise GP Holdings, L.P.		700	$	44,800
EOG Resources, Inc.		100		9,572
EQT Corporation		1,100		41,184
Equal Energy Ltd. (a)		200		976
Forest Oil Corporation (a)		5,720		175,776
GeoGlobal Resources, Inc. (a)		22,523		18,014
GMX Resources, Inc. (a)		204,378		915,613
Golar LNG Ltd.		13,445		178,281
Goodrich Petroleum Corporation (a)		5,316		72,510
Green Plains Renewable Energy, Inc. (a)		23,596		262,388
GreenHunter Energy, Inc. (a)		1,400		1,204
Houston American Energy Corporation		159,742		2,244,375
Hyperdynamics Corporation (a)		41,749		102,285
Inergy Holdings, L.P.		575		17,365
Inergy, L.P.		5,100		200,226
Isramco, Inc. (a)		100		5,730
James River Coal Company (a)		34,414		595,706
Kinder Morgan Management, LLC (a)		15,421		951,029
K-Sea Transportation Partners, L.P.		2,142		8,547
L & L Energy, Inc. (a)		84,096		687,064
Linn Energy, LLC		500		17,490
Lucas Energy, Inc. (a)		5,400		10,962
Magellan Petroleum Corporation (a)		400		812
Magnum Hunter Resources Corporation (a)		35,109		167,821
Mariner Energy, Inc. (a)		200		4,984
MarkWest Energy Partners, L.P.		10,000		381,200
Massey Energy Company		8,305		349,391
Miller Petroleum, Inc. (a)		200,106		1,100,583
Natural Resource Partners, L.P.		1,200		34,800
Nordic American Tanker Shipping Ltd.		44,000		1,145,320
NuStar Energy, L.P.		795		50,085
Occidental Petroleum Corporation		100		7,863
Overseas Shipholding Group, Inc.		11,800		394,474
Panhandle Oil & Gas, Inc.		17		420
Patriot Coal Corporation (a)		49,800		671,802
Penn Virginia Corporation		138,416		2,051,325
Penn Virginia Resource Partners, L.P.		27,341		736,840
Petrohawk Energy Corporation (a)		15,700		267,057
PetroQuest Energy, Inc. (a)		58,137		324,404
Pioneer Natural Resources Company		600		41,880
Provident Energy Trust		2,000		15,360
Range Resources Corporation		100		3,739
Rentech, Inc. (a)		76,911		91,524
Resolute Energy Corporation (a)		46,200		554,862
Rex Energy Corporation (a)		152,002		1,872,665
SandRidge Energy, Inc. (a)		186,245		1,018,760
Scorpio Tankers, Inc. (a)		4,393		51,310
Ship Finance International Ltd.		9,700		195,067
Southwestern Energy Company (a)		200		6,770

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Oil, Gas & Consumable Fuels - 3.4% (Continued)
Spectra Energy Corporation		100	$	2,377
Swift Energy Company (a)		55,900		1,780,415
TC PipeLines, L.P.		2,432		119,776
Teekay LNG Partners, L.P.		6,700		230,078
Tesoro Corporation		3,500		45,360
TransAtlantic Petroleum Ltd. (a)		15,428		47,055
TransCanada Corporation		700		25,865
Tri-Valley Corporation (a)		62,216		45,356
Uranerz Energy Corporation (a)		1,000		2,240
Uranium Energy Corporation (a)		69,898		270,505
USEC, Inc. (a)		382,830		2,055,797
Venoco, Inc. (a)		4,025		62,307
Verenium Corporation (a)		28,634		109,668
W&T Offshore, Inc.		92,630		1,007,814
Western Refining, Inc. (a)		234,581		1,559,964
Whiting Petroleum Corporation (a)		500		50,220
Whiting USA Trust I		5,346		123,279
Williams Companies, Inc.		900		19,368
Williams Partners, L.P.		100		4,410
World Fuel Services Corporation		2,640		74,527
Zion Oil & Gas, Inc. (a)		29,020		151,775
				38,578,968
Financials - 10.3%
Capital Markets - 0.9%
AllianceBernstein Holding, L.P.		6,701		163,504
Apollo Investment Corporation		617		6,781
Arlington Asset Investment Corporation		11,874		281,295
BGC Partners, Inc. - Class A		85,859		595,861
BlackRock, Inc. - Class A		600		102,594
Blackstone Group, L.P. (The)		10,500		141,540
Deutsche Bank AG		3,794		219,597
Duff & Phelps Corporation		1,376		19,181
Eaton Vance Corporation		11,700		336,609
Evercore Partners, Inc. - Class A		1,300		39,468
FBR Capital Markets Corporation (a)		77,358		273,847
Federated Investors, Inc. - Class B		6,075		151,328
Franklin Resources, Inc.		400		45,880
Gladstone Capital Corporation		22,267		255,403
Goldman Sachs Group, Inc. (The)		600		96,570
Greenhill & Company, Inc.		14,300		1,110,681
Janus Capital Group, Inc.		299,380		3,161,453
JMP Group, Inc.		411		2,733
KBW, Inc.		2,719		68,791
Knight Capital Group, Inc. (a)		103,659		1,350,677
Morgan Stanley		400		9,948
Oppenheimer Holdings, Inc.		1,184		30,133
Penson Worldwide, Inc. (a)		153,550		790,783
Raymond James Financial, Inc.		1,000		28,220
Rodman & Renshaw Capital Group, Inc. (a)		300		861

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Financials - 10.3% (Continued)
Capital Markets - 0.9% (Continued)
Sanders Morris Harris Group, Inc.		4,683	$	27,161
SEI Investments Company		18,800		416,420
State Street Corporation		500		20,880
Stifel Financial Corporation (a)		1,400		66,346
SWS Group, Inc.		20,635		141,762
U.S. Global Investors, Inc.		19,672		155,606
				10,111,913
Commercial Banks - 4.9%
1st Source Corporation		3,700		65,379
Ameris Bancorp		1,314		12,181
Arrow Financial Corporation		572		13,951
Associated Banc-Corp		39,860		505,026
Auburn National Bancorporation, Inc.		200		4,112
BancFirst Corporation		3,349		137,644
Bancorp, Inc. (The) (a)		2,100		15,729
BancorpSouth, Inc.		136,163		1,795,990
BancTrust Financial Group, Inc.		800		2,336
Bank of the Ozarks, Inc.		49,699		1,889,059
Bar Harbor Bankshares		100		2,719
Bridge Bancorp, Inc.		1,000		23,280
Capital City Bank Group, Inc.		18,648		222,844
Capitol Bancorp Ltd. (a)		12,354		14,084
Cascade Bancorp, Inc. (a)		43,934		23,285
Cathay General Bancorp		83,322		1,133,179
CenterState Banks, Inc.		1,009		7,467
Central Pacific Financial Corporation (a)		1,000		1,520
Chemical Financial Corporation		4,880		98,966
Citizens Holding Company		301		5,620
City Bank (a)		13,068		1,568
City Holding Company		85,739		2,717,926
City National Corporation		4,403		227,063
CoBiz Financial, Inc.		113,043		547,128
Colonial Bancgroup, Inc. (The) (a)		108,955		1,416
Columbia Banking Systems, Inc.		73,008		1,329,476
Community Bank System, Inc.		100,362		2,345,460
Community Trust Bancorp, Inc.		557		15,212
Cullen/Frost Bankers, Inc.		1,400		73,416
CVB Financial Corporation		364,789		2,776,044
Danvers Bancorp, Inc.		1,280		19,238
Eagle Bancorp, Inc. (a)		2,621		32,396
First BanCorp (North Carolina)		8,718		116,734
First BanCorp (Puerto Rico) (a)		1,600		488
First Busey Corporation		114,625		531,860
First Commonwealth Financial Corporation		86,720		504,710
First Financial Bankshares, Inc.		34,041		1,608,778
First Horizon National Corporation (a)		84,501		852,613
First South Bancorp, Inc.		4,887		49,065
FNB Corporation		118,841		1,010,148
Frontier Financial Corporation (a)		8,859		1,081

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Financials - 10.3% (Continued)
Commercial Banks - 4.9% (Continued)
Glacier Bancorp, Inc.		86,300	$	1,121,900
Great Southern Bancorp, Inc.		15,525		349,157
Green Bankshares, Inc. (a)		16,753		64,667
Hanmi Financial Corporation (a)		229,587		268,617
Independent Bank Corporation		73,218		1,719,891
International Bancshares Corporation		121,694		2,084,618
Lakeland Bancorp, Inc.		23,362		216,566
Lakeland Financial Corporation		313		5,944
Macatawa Bank Corporation (a)		707		1,329
Marshall & Ilsley Corporation		5,800		34,278
National Penn Bancshares, Inc.		220,520		1,431,175
Old Second Bancorp, Inc.		44,084		86,845
Oriental Financial Group, Inc.		5,800		76,734
Pacific Capital Bancorp (a)		200		128
PacWest Bancorp		82,141		1,431,718
Park National Corporation		45,397		2,966,694
Penns Woods Bancorp, Inc.		83		2,735
Pinnacle Financial Partners, Inc. (a)		154,548		1,763,393
Popular, Inc. (a)		51,600		140,868
Premierwest Bancorp, Inc. (a)		68,742		27,098
Regions Financial Corporation		800		5,040
Renasant Corporation		58,860		962,361
Republic Bancorp, Inc. - Class A		3,742		76,486
S&T Bancorp, Inc.		109,109		2,138,536
S.Y. Bancorp, Inc.		4,780		117,110
Sandy Spring Bancorp, Inc.		13,279		231,055
SCBT Financial Corporation		4,667		142,483
Seacoast Banking Corporation of Florida (a)		790		987
Security Bank Corporation (a)		32,973		–
Sierra Bancorp		1,300		13,533
Simmons First National Coporation - Class A		2,078		56,501
Southern Connecticut Bancorp, Inc. (a)		200		1,190
Southside Bancshares, Inc.		11,183		210,352
Sterling Bancorp		3,200		30,048
Suffolk Bancorp		25,908		671,017
SunTrust Banks, Inc.		300		7,506
Synovus Financial Corporation		49,600		107,136
Taylor Capital Group, Inc. (a)		35,736		430,976
TCF Financial Corporation		103,100		1,356,796
Texas Capital Bancshares, Inc. (a)		195,872		3,555,077
Tompkins Financial Corporation		7,466		288,188
Tower Bancorp, Inc.		4,200		90,804
Towne Bank		76,804		1,113,658
Trico Bancshares		6,839		106,620
Trustmark Corporation		7,852		173,451
U.S. Bancorp		1,700		41,106
UMB Financial Corporation		700		25,942
Union First Market Bankshares Corporation		500		6,430
United Bankshares, Inc.		106,659		2,849,928

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Financials - 10.3% (Continued)
Commercial Banks - 4.9% (Continued)
United Security Bancshares		1,018	$	9,366
United Security Bancshares, Inc. (a)		2,315		11,343
Univest Corporation of Pennsylvania		2,337		44,076
Valley National Bancorp		21,200		282,808
Washington Trust Bancorp, Inc.		4,112		82,610
Webster Financial Corporation		46,400		794,368
WesBanco, Inc.		5,253		87,252
West Coast Bancorp (a)		34,785		91,484
Westamerica Bancorporation		41,751		2,088,385
Western Alliance Bancorporation (a)		260,267		1,572,013
Whitney Holding Corporation		54,796		453,711
Wilmington Trust Corporation		9,900		70,389
Wilshire Bancorp, Inc.		186,800		1,253,428
Zions Bancorporation		12,600		260,316
				56,442,412
Consumer Finance - 0.3%
Advance America, Cash Advance Centers, Inc.		28,872		144,071
American Express Company		200		8,292
Cash America International, Inc.		8,089		284,975
CompuCredit Holdings Corporation		42,574		239,692
First Marblehead Corporation (The) (a)		19,313		43,068
Green Dot Corporation - Class A (a)		1,100		55,880
SLM Corporation (a)		100		1,190
World Acceptance Corporation (a)		57,337		2,474,092
				3,251,260
Diversified Financial Services - 0.7%
CBOE Holdings, Inc.		24,013		576,552
IntercontinentalExchange, Inc. (a)		100		11,487
JPMorgan Chase & Company		100		3,763
Life Partners Holdings, Inc.		164,522		3,053,528
Moody's Corporation		2,700		73,062
NASDAQ OMX Group, Inc. (The) (a)		2,020		42,461
NewStar Financial, Inc. (a)		10,574		80,468
PHH Corporation (a)		184,500		3,555,315
Portfolio Recovery Associates, Inc. (a)		7,525		504,551
Primus Guaranty Ltd. (a)		1,700		8,449
				7,909,636
Insurance - 0.7%
American Equity Investment Life Holding Company		31,500		341,775
American International Group, Inc. (a)		39,300		1,650,993
AMERISAFE, Inc. (a)		2,490		47,534
AmTrust Financial Services, Inc.		22,240		332,933
Assured Guaranty Ltd.		1,100		20,955
Berkshire Hathaway, Inc. - Class B (a)		100		7,956
Citizens, Inc. (a)		50		346
Crawford & Company - Class B (a)		2,482		6,354
Donegal Group, Inc. - Class A		100		1,385
eHealth, Inc. (a)		52,157		704,641
Fidelity National Financial, Inc. - Class A		6,300		84,357

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Financials - 10.3% (Continued)
Insurance - 0.7% (Continued)
First American Financial Corporation		75,112	$	1,054,572
FPIC Insurance Group, Inc. (a)		1,342		47,534
Gerova Financial Group Ltd. (a)		800		4,560
Lincoln National Corporation		300		7,344
Marsh & McLennan Companies, Inc.		100		2,498
Mercer Insurance Group, Inc.		680		12,478
Montpelier Re Holdings Ltd.		7,800		142,896
National Financial Partners Corporation (a)		6,600		91,080
Old Republic International Corporation		22,240		293,568
Primerica, Inc.		7,593		160,364
RLI Corporation		13,456		772,644
StanCorp Financial Group, Inc.		6,400		274,560
Stewart Information Services Corporation		154,477		1,671,441
Tower Group, Inc.		16,708		405,670
W.R. Berkley Corporation		800		22,016
Wesco Financial Corporation		159		57,781
				8,220,235
Real Estate Investment Trusts - 2.2%
Alexandria Real Estate Equities, Inc.		3,280		241,014
AMB Property Corporation		1,200		33,828
American Campus Communities, Inc.		6,000		189,780
American Capital Agency Corporation		3,400		97,648
Ashford Hospitality Trust (a)		91,771		931,476
Capital Trust, Inc. - Class A (a)		78,877		115,160
CapLease, Inc.		245,573		1,439,058
Capstead Mortgage Corporation		9,090		103,626
CBL & Associates Properties, Inc.		102,500		1,607,200
Colony Financial, Inc.		4,200		79,632
Corporate Office Properties Trust		8,500		301,665
Cousins Properties, Inc.		4,420		32,752
DCT Industrial Trust, Inc.		127,400		638,274
Developers Diversified Realty Corporation		32,037		413,277
Douglas Emmett, Inc.		2,900		52,026
Dupont Fabros Technology, Inc.		30,600		768,060
Education Realty Trust, Inc.		142,942		1,072,065
Entertainment Properties Trust		27,800		1,285,194
Equity Lifestyle Properties, Inc.		1,900		108,148
Essex Property Trust, Inc.		1,900		214,624
First Industrial Realty Trust, Inc. (a)		63,329		464,202
Franklin Street Properties Corporation		6,200		82,770
Hatteras Financial Corporation		8,300		243,024
iStar Financial, Inc. (a)		1,119,662		5,116,855
Lexington Realty Trust		119,575		930,294
Liberty Property Trust		1,000		33,460
Medical Properties Trust, Inc.		8,338		93,302
National Retail Properties, Inc.		35,000		948,500
Nationwide Health Properties, Inc.		700		28,581
New York Mortgage Trust, Inc.		100		636
Omega Healthcare Investors, Inc.		6,700		154,100

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Financials - 10.3% (Continued)
Real Estate Investment Trusts - 2.2% (Continued)
Parkway Properties, Inc.		65,653	$	1,021,561
Pennsylvania Real Estate Investment Trust		45,363		647,330
PennyMac Mortgage Investment Trust		12,769		220,393
Post Properties, Inc.		20,655		628,738
Potlatch Corporation		1,100		37,455
Redwood Trust, Inc.		51,706		733,191
Strategic Hotels & Resorts, Inc. (a)		1		5
Sun Communities, Inc.		72,930		2,378,247
Sunstone Hotel Investors, Inc. (a)		21,400		232,190
Tanger Factory Outlet Centers, Inc.		2,000		95,840
Taubman Centers, Inc.		1,400		64,988
Terreno Realty Corporation (a)		1,400		25,368
UMH Properties, Inc.		73		773
Walter Investment Management Corporation		3,180		58,258
Washington Real Estate Investment Trust		2,000		64,060
Weingarten Realty Investors		44,788		1,080,734
				25,109,362
Real Estate Management & Development - 0.2%
China Housing & Land Development, Inc. (a)		34,400		82,216
Forest City Enterprises, Inc. (a)		600		8,754
Jones Lang LaSalle, Inc.		3,446		268,995
Kennedy-Wilson Holdings, Inc. (a)		1,563		16,677
St. Joe Company (The) (a)		100,667		2,032,467
				2,409,109
Thrifts & Mortgage Finance - 0.4%
Astoria Financial Corporation		17,000		211,140
Bank Mutual Corporation		13		63
BankAtlantic Bancorp, Inc. (a)		62,296		56,378
Berkshire Hills Bancorporation, Inc.		7,108		137,469
BofI Holding, Inc. (a)		32,074		412,472
Dime Community Bancshares, Inc.		9,386		136,942
ESSA Bancorp, Inc.		7		88
Federal Agricultural Mortgage Corporation - Class C		55,237		650,139
First Niagara Financial Group, Inc.		7,006		83,021
First PacTrust Bancorp, Inc.		3,500		40,250
FirstFed Financial Corporation (a)		23,697		237
Guaranty Financial Group, Inc. (a)		62,759		627
MGIC Investment Corporation (a)		35,780		315,580
NASB Financial, Inc.		300		4,974
New York Community Bancorp, Inc.		400		6,772
Ocwen Financial Corporation (a)		22,073		190,490
Provident Financial Services, Inc.		16,081		203,264
Roma Financial Corporation		100		991
Territorial Bancorp, Inc.		600		10,182
Triad Guaranty, Inc. (a)		9,250		2,220
TrustCo Bank Corporation		325,526		1,754,585
Waterstone Financial, Inc. (a)		187		699
Westfield Financial, Inc.		2,653		22,418
				4,241,001

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Health Care - 7.5%
Biotechnology - 2.2%
Accentia Biopharmaceuticals, Inc. (a)		900	$	1,287
Achillion Pharmaceuticals, Inc. (a)		6,500		18,590
Acorda Therapeutics, Inc. (a)		52,200		1,411,488
ADVENTRX Pharmaceuticals, Inc. (a)		6,400		13,504
Allos Therapeutics, Inc. (a)		321,341		1,278,937
Alnylam Pharmaceuticals, Inc. (a)		80,743		1,060,963
Amgen, Inc. (a)		100		5,719
Amylin Pharmaceuticals, Inc. (a)		3,190		41,566
Anadys Pharmaceuticals, Inc. (a)		1,700		2,465
ARCA biopharma, Inc. (a)		1,600		6,224
Arena Pharmaceuticals, Inc. (a)		528,246		871,606
AspenBio Pharma, Inc. (a)		2,227		1,514
AVI BioPharma, Inc. (a)		63,898		135,464
BioCryst Pharmaceuticals, Inc. (a)		61,070		302,907
Biogen Idec, Inc. (a)		700		43,897
BioMarin Pharmaceutical, Inc. (a)		43,400		1,135,344
BioSante Pharmaceuticals, Inc. (a)		54,308		81,462
BioSpecifics Technologies Corporation (a)		584		16,060
BioTime, Inc. (a)		111,999		671,994
Celgene Corporation (a)		400		24,828
Cell Therapeutics, Inc. (a)		524,206		197,101
CEL-SCI Corporation (a)		21,600		14,835
Cephalon, Inc. (a)		400		26,576
Chelsea Therapeutics International Ltd. (a)		25,233		128,688
China Biologic Products, Inc. (a)		6,433		62,979
Clinical Data, Inc. (a)		2,737		51,976
Codexis, Inc. (a)		300		3,072
Cyclacel Pharmaceuticals, Inc. (a)		700		1,148
Cytori Therapeutics, Inc. (a)		155,886		757,606
CytRx Corporation (a)		3,500		3,024
DARA BioSciences, Inc. (a)		600		1,398
Dendreon Corporation (a)		1,300		47,450
Exact Sciences Corporation (a)		26,740		183,436
Genomic Health, Inc. (a)		9,584		135,709
GenVec, Inc. (a)		70,332		40,793
GTx, Inc. (a)		244,074		683,407
Hemispherx Biopharma, Inc. (a)		41,460		21,456
Human Genome Sciences, Inc. (a)		1,000		26,880
ImmunoGen, Inc. (a)		2,300		18,906
Immunomedics, Inc. (a)		99,703		391,833
Incyte Corporation (a)		33,612		559,976
Insmed, Inc. (a)		4,880		3,558
Introgen Therapeutics, Inc. (a)		45,612		114
Isis Pharmaceuticals, Inc. (a)		61,417		561,351
Keryx Biopharmaceuticals, Inc. (a)		95,600		493,296
Ligand Pharmaceuticals, Inc. - Class B (a)		200		324
MannKind Corporation (a)		250,133		1,595,849
Marina Biotech, Inc. (a)		2,100		4,389
Martek Biosciences Corporation (a)		8,091		177,597

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Health Care - 7.5% (Continued)
Biotechnology - 2.2% (Continued)
Medivation, Inc. (a)		71,207	$	822,441
Metabolix, Inc. (a)		226,715		3,164,941
Momenta Pharmaceuticals, Inc. (a)		53,487		893,768
Myriad Genetics, Inc. (a)		14,300		284,999
Nabi Biopharmaceuticals (a)		77,277		379,430
Neuralstem, Inc. (a)		14,309		31,909
NeurogesX, Inc. (a)		12,682		88,394
Novavax, Inc. (a)		315,477		766,609
Nymox Pharmaceutical Corporation (a)		1,800		7,560
Omeros Corporation (a)		12,275		98,445
OncoGenex Pharmaceuticals, Inc. (a)		17,397		274,699
Oncothyreon, Inc. (a)		6,700		23,048
Opexa Therapeutics, Inc. (a)		2,800		4,228
Orexigen Therapeutics, Inc. (a)		223,058		1,179,977
Osiris Therapeutics, Inc. (a)		4,969		36,522
Pharmacyclics, Inc. (a)		154,500		945,540
Poniard Pharmaceuticals, Inc. (a)		1,448		771
Progenics Pharmaceuticals, Inc. (a)		27,583		129,640
PROLOR Biotech, Inc. (a)		9,168		55,100
Protalix BioTherapeutics, Inc. (a)		7,751		74,875
Rexahn Pharmaceuticals, Inc. (a)		22,636		25,126
Rigel Pharmaceuticals, Inc. (a)		11,425		94,942
RXi Pharmaceuticals Corporation (a)		20,330		67,902
Savient Pharmaceuticals, Inc. (a)		20,800		258,128
SIGA Technologies, Inc. (a)		6,340		84,005
Spectrum Pharmaceuticals, Inc. (a)		239,529		1,017,998
StemCells, Inc. (a)		371		330
Synta Pharmaceuticals Corporation (a)		3,003		11,111
Theravance, Inc. (a)		9,600		195,648
Vanda Pharmaceuticals, Inc. (a)		58,191		425,376
Vertex Pharmaceuticals, Inc. (a)		600		22,998
ZIOPHARM Oncology, Inc. (a)		25,158		108,431
				24,895,437
Health Care Equipment & Supplies - 2.6%
Abaxis, Inc. (a)		7,096		170,375
Abiomed, Inc. (a)		154,094		1,588,709
Alere, Inc. (a)		51,240		1,514,142
Alimera Sciences, Inc. (a)		187		2,010
ArthroCare Corporation (a)		4,646		126,743
Baxter International, Inc.		400		20,360
Becton, Dickinson and Company		400		30,208
Boston Scientific Corporation (a)		21,917		139,830
BSD Medical Corporation (a)		89,638		425,781
CareFusion Corporation (a)		1,400		33,796
Cerus Corporation (a)		94,935		312,336
Conceptus, Inc. (a)		89,129		1,266,523
CONMED Corporation (a)		5,200		114,452
Cooper Companies, Inc. (The)		15,700		774,638
Cutera, Inc. (a)		200		1,446

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Health Care - 7.5% (Continued)
Health Care Equipment & Supplies - 2.6% (Continued)
Delcath Systems, Inc. (a)		140,700	$	1,194,543
Edwards Lifesciences Corporation (a)		1,000		63,910
Greatbatch, Inc. (a)		68,020		1,479,435
Haemonetics Corporation (a)		10,000		546,500
Hill-Rom Holdings, Inc.		3,000		116,250
Hospira, Inc. (a)		400		23,792
ICU Medical, Inc. (a)		41,805		1,525,882
Insulet Corporation (a)		95,195		1,518,360
Integra LifeSciences Holdings Corporation (a)		1,400		60,228
Intuitive Surgical, Inc. (a)		100		26,295
Invacare Corporation		48,829		1,318,383
Kensey Nash Corporation (a)		57,804		1,558,396
Kinetic Concepts, Inc. (a)		5,100		193,953
MAKO Surgical Corporation (a)		174,761		1,883,924
Masimo Corporation (a)		45,100		1,360,667
MELA Sciences, Inc. (a)		526,754		3,961,190
Meridian Bioscience, Inc.		38,500		881,265
NuVasive, Inc. (a)		19,300		505,660
OraSure Technologies, Inc. (a)		23,491		95,608
Quidel Corporation (a)		172,551		1,994,690
ResMed, Inc. (a)		200		6,374
Rockwell Medical Technologies, Inc. (a)		2,107		17,952
SonoSite, Inc. (a)		3,009		93,791
Spectranetics Corporation (The) (a)		47		221
Stereotaxis, Inc. (a)		403,716		1,594,678
STERIS Corporation		5,059		173,119
SurModics, Inc. (a)		25,266		302,181
Syneron Medical Ltd. (a)		1,300		13,689
Synovis Life Technologies, Inc. (a)		427		6,405
Thoratec Corporation (a)		4,400		143,616
Unilife Corporation (a)		2,086		11,932
Uroplasty, Inc. (a)		500		2,325
Varian Medical Systems, Inc. (a)		200		12,644
West Pharmaceutical Services, Inc.		20,403		728,183
Zimmer Holdings, Inc. (a)		400		18,976
				29,956,366
Health Care Providers & Services - 1.3%
Air Methods Corporation (a)		33,554		1,372,359
Amedisys, Inc. (a)		33,420		850,873
American Dental Partners, Inc. (a)		800		9,328
AMERIGROUP Corporation (a)		11,400		475,722
Bio-Reference Laboratories, Inc. (a)		64,974		1,400,839
BioScrip, Inc. (a)		13,528		76,163
Brookdale Senior Living, Inc. (a)		7,200		135,216
Chemed Corporation		900		53,046
CIGNA Corporation		400		14,076
Emeritus Corporation (a)		127,054		2,369,557
Express Scripts, Inc. (a)		400		19,408
Gentiva Health Services, Inc. (a)		3,600		83,808

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Health Care - 7.5% (Continued)
Health Care Providers & Services - 1.3% (Continued)
HealthSouth Corporation (a)		88,021	$	1,592,300
Henry Schein, Inc. (a)		100		5,615
HMS Holdings Corporation (a)		4,500		270,495
Humana, Inc. (a)		500		29,145
IPC The Hospitalist Company, Inc. (a)		3,008		96,346
Kindred Healthcare, Inc. (a)		1,809		24,819
Laboratory Corporation of America Holdings (a)		100		8,132
Landauer, Inc.		1,500		91,635
LHC Group, Inc. (a)		14,400		387,360
Lincare Holdings, Inc.		100		2,622
Magellan Health Services, Inc. (a)		670		32,160
Medco Health Solutions, Inc. (a)		700		36,771
Mednax, Inc. (a)		6,780		401,444
MWI Veterinary Supply, Inc. (a)		7,499		428,943
Omnicare, Inc.		1,800		43,416
Patterson Companies, Inc.		7,800		215,670
Prospect Medical Holdings, Inc. (a)		6,583		55,561
PSS World Medical, Inc. (a)		55,012		1,299,934
Quest Diagnostics, Inc.		400		19,656
Select Medical Holdings Corporation (a)		14,251		106,597
Sharps Compliance Corporation (a)		4,100		18,245
Skilled Healthcare Group, Inc. - Class A (a)		13,774		51,652
UnitedHealth Group, Inc.		400		14,420
Universal American Corporation		9,600		154,368
WellCare Health Plans, Inc. (a)		84,601		2,350,216
				14,597,917
Health Care Technology - 0.3%
athenahealth, Inc. (a)		36,339		1,452,470
iCad, Inc. (a)		400		584
MedAssets, Inc. (a)		1,400		25,956
MedQuist, Inc.		14,372		121,874
Quality Systems, Inc.		27,703		1,780,195
				3,381,079
Life Sciences Tools & Services - 0.1%
Affymetrix, Inc. (a)		2,200		9,856
Albany Molecular Research, Inc. (a)		5,112		32,717
Apricus Biosciences, Inc. (a)		6,600		11,682
Arrowhead Research Corporation (a)		13,984		13,822
Caliper Life Sciences, Inc. (a)		4,186		18,837
Compugen Ltd. (a)		100		462
Covance, Inc. (a)		5,200		244,348
eResearchTechnology, Inc. (a)		13		99
Furiex Pharmaceuticals, Inc. (a)		358		4,120
Life Technologies Corporation (a)		400		20,072
Mettler-Toledo International, Inc. (a)		700		91,392
Sequenom, Inc. (a)		204,574		1,299,045
				1,746,452
Pharmaceuticals - 1.0%
Abbott Laboratories		400		20,528

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Health Care - 7.5% (Continued)
Pharmaceuticals - 1.0% (Continued)
Acura Pharmaceuticals, Inc. (a)		4,424	$	11,591
Adolor Corporation (a)		400		496
Alexza Pharmaceuticals, Inc. (a)		137,838		143,352
Angiotech Pharmaceuticals, Inc. (a)		1,331		675
Aoxing Pharmaceutical Company, Inc. (a)		5,277		13,351
Ardea Biosciences, Inc. (a)		66,640		1,420,765
Auxilium Pharmaceuticals, Inc. (a)		77,312		1,913,472
AVANIR Pharmaceuticals, Inc. - Class A (a)		236,940		575,764
Biodel, Inc. (a)		71,219		257,101
BioMimetic Therapeutics, Inc. (a)		71,641		812,409
BMP Sunstone Corporation (a)		9,400		92,496
Bristol-Myers Squibb Company		400		10,760
Cadence Pharmaceuticals, Inc. (a)		220,779		1,960,518
Eli Lilly & Company		400		14,080
Generex Biotechnology Corporation (a)		61,100		20,774
Hi-Tech Pharmacal Company, Inc. (a)		16,000		346,080
Jiangbo Pharmaceuticals, Inc. (a)		1,269		8,502
Johnson & Johnson		400		25,468
Merck & Company, Inc.		400		14,512
Nektar Therapeutics (a)		55,200		804,264
NeoStem, Inc. (a)		19,715		37,064
Oculus Innovative Sciences, Inc. (a)		4,900		7,595
Optimer Pharmaceuticals, Inc. (a)		62,651		588,293
Pain Therapeutics, Inc. (a)		4,809		36,933
Perrigo Company		400		26,352
Pfizer, Inc.		1,400		24,360
Questcor Pharmaceuticals, Inc. (a)		10,205		125,215
Raptor Pharmaceutical Corporation (a)		11,114		37,343
Salix Pharmaceuticals Ltd. (a)		10,966		414,844
Somaxon Pharmaceuticals, Inc. (a)		229,209		641,785
VIVUS, Inc. (a)		15,880		122,911
XenoPort, Inc. (a)		107,155		830,451
				11,360,104
Industrials - 9.0%
Aerospace & Defense - 0.4%
AeroVironment, Inc. (a)		24,125		565,973
American Science & Engineering, Inc.		1,667		137,277
Applied Energetics, Inc. (a)		13,332		13,865
Arotech Corporation (a)		1,100		2,134
Ascent Solar Technologies, Inc. (a)		37,009		161,729
Curtiss-Wright Corporation		13		401
DigitalGlobe, Inc. (a)		573		18,709
GenCorp, Inc. (a)		134,964		657,275
HEICO Corporation		28,415		1,414,499
Herley Industries, Inc. (a)		1,895		31,476
Precision Castparts Corporation		400		54,632
Taser International, Inc. (a)		359,873		1,425,097
				4,483,067

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Industrials - 9.0% (Continued)
Air Freight & Logistics - 0.2%
Atlas Air Worldwide Holdings, Inc. (a)		4,408	$	230,362
FedEx Corporation		400		35,088
Hub Group, Inc. (a)		2,888		93,773
Pacer International, Inc. (a)		93,452		520,528
United Parcel Service, Inc. - Class B		300		20,202
UTi Worldwide, Inc.		66,900		1,285,818
				2,185,771
Airlines - 1.0%
Allegiant Travel Company		83,144		3,915,251
AMR Corporation (a)		497,060		3,916,833
Delta Air Lines, Inc. (a)		10,300		143,067
JetBlue Airways Corporation (a)		174,481		1,217,877
Pinnacle Airlines Corporation (a)		1,582		9,112
Republic Airways Holdings, Inc. (a)		156,948		1,458,047
United Continental Holdings, Inc. (a)		28,125		816,750
				11,476,937
Building Products - 0.7%
A.O. Smith Corporation		44,600		2,498,938
AAON, Inc.		73,299		1,799,490
American Woodmark Corporation		22,760		402,852
Apogee Enterprises, Inc.		55,081		577,800
Builders FirstSource, Inc. (a)		231,377		467,381
Insteel Industries, Inc.		34,203		293,804
Owens Corning, Inc. (a)		14,420		389,917
Simpson Manufacturing Company, Inc.		2,100		55,818
Trex Company, Inc. (a)		101,528		1,822,428
				8,308,428
Commercial Services & Supplies - 1.5%
ABM Industries, Inc.		126,677		2,856,566
ACCO Brands Corporation (a)		26,100		162,603
Avery Dennison Corporation		1,200		43,620
Bowne & Company, Inc.		149,122		1,692,535
Cintas Corporation		1,000		27,470
EnerNOC, Inc. (a)		45,435		1,366,230
Healthcare Services Group, Inc.		24,100		579,123
Herman Miller, Inc.		74,000		1,423,020
HNI Corporation		65,491		1,615,008
Industrial Services of America, Inc. (a)		33,551		512,324
InnerWorkings, Inc. (a)		196,576		1,350,477
Interface, Inc.		12,173		175,170
McGrath RentCorp		3,792		95,976
Mine Safety Appliances Company		38,290		1,078,246
Mobile Mini, Inc. (a)		111,061		1,935,793
Perma-Fix Environmental Services, Inc. (a)		147		247
R.R. Donnelley & Sons Company		19,271		355,550
RINO International Corporation (a)		63,313		1,161,160
Ritchie Bros. Auctioneers, Inc.		700		14,826
Standard Parking Corporation (a)		400		6,836

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Industrials - 9.0% (Continued)
Commercial Services & Supplies - 1.5% (Continued)
Steelcase, Inc. - Class A		32,300	$	271,643
				16,724,423
Construction & Engineering - 0.5%
Comfort Systems USA, Inc.		32,330		370,179
EMCOR Group, Inc. (a)		6,200		160,270
Granite Construction, Inc.		149,086		3,604,899
Insituform Technologies, Inc. - Class A (a)		50,712		1,095,379
MYR Group, Inc. (a)		5,400		84,186
Northwest Pipe Company (a)		8,056		151,614
Orion Marine Group, Inc. (a)		29,847		373,386
Pike Electric Corporation (a)		31,897		241,141
				6,081,054
Electrical Equipment - 0.9%
A123 Systems, Inc. (a)		85,892		834,870
Acuity Brands, Inc.		8,200		410,574
A-Power Energy Generation Systems Ltd. (a)		19,200		137,088
Baldor Electric Company		5,472		229,933
Belden, Inc.		4,000		111,600
Capstone Turbine Corporation (a)		1,500		1,125
China BAK Battery, Inc. (a)		157,830		301,455
Encore Wire Corporation		101,406		2,105,188
Ener1, Inc. (a)		629,339		2,278,207
EnerSys, Inc. (a)		26,600		701,176
GrafTech International Ltd. (a)		22,300		367,281
Harbin Electric, Inc. (a)		57,370		1,236,897
Hoku Corporation (a)		16,317		45,688
Hubbell, Inc. - Class B		600		32,412
II-VI, Inc. (a)		9,996		393,243
LGL Group, Inc. (a)		230		5,971
Medis Technologies Ltd. (a)		20,819		458
Nexxus Lighting, Inc. (a)		300		795
Ocean Power Technologies, Inc. (a)		4,100		26,814
PowerSecure International, Inc. (a)		57,175		538,017
Satcon Technology Corporation (a)		154,199		619,880
Ultralife Corporation (a)		400		2,100
UQM Technologies, Inc. (a)		28,039		66,172
Valence Technology, Inc. (a)		128,120		163,994
Woodward Governor Company		638		19,995
				10,630,933
Industrial Conglomerates - 0.0%
United Capital Corporation (a)		170		4,597
Machinery - 2.3%
Actuant Corporation - Class A		600		13,482
Albany International Corporation - Class A		22,500		459,000
ArvinMeritor, Inc. (a)		7,200		119,376
Astec Industries, Inc. (a)		49,210		1,450,219
Badger Meter, Inc.		39,793		1,652,603

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Industrials - 9.0% (Continued)
Machinery - 2.3% (Continued)
Briggs & Stratton Corporation		116,090	$	2,043,184
Bucyrus International, Inc. - Class A		500		34,080
China Fire & Security Group, Inc. (a)		97,518		774,293
China Valves Technology, Inc. (a)		201,230		1,754,726
CLARCOR, Inc.		700		27,762
Cummins, Inc.		200		17,620
Donaldson Company, Inc.		2,820		137,390
Energy Recovery, Inc. (a)		252,216		897,889
EnPro Industries, Inc. (a)		13,700		481,418
Flow International Corporation (a)		400		1,056
FreightCar America, Inc.		69,450		1,837,647
Gorman-Rupp Company (The)		48,952		1,459,749
Graco, Inc.		78,800		2,711,508
Lincoln Electric Holdings, Inc.		7,800		466,128
Met-Pro Corporation		46		519
Middleby Corporation (The) (a)		16,605		1,239,729
Nordson Corporation		900		70,218
Oshkosh Corporation (a)		6,000		177,060
PACCAR, Inc.		100		5,126
PMFG, Inc. (a)		2,315		36,230
Sun Hydraulics Corporation		21,360		663,655
Terex Corporation (a)		150,800		3,385,460
Toro Company (The)		23,644		1,342,034
Valmont Industries, Inc.		2,100		165,585
Wabash National Corporation (a)		83,300		671,398
Watts Water Technologies, Inc. - Class A		960		33,763
Westinghouse Air Brake Technologies Corporation		44,443		2,081,710
				26,211,617
Marine - 0.3%
Alexander & Baldwin, Inc.		7,720		265,800
American Commercial Lines, Inc. (a)		11,432		378,971
Eagle Bulk Shipping, Inc. (a)		26,700		136,971
Excel Maritime Carriers Ltd. (a)		166,057		966,452
Kirby Corporation (a)		41,955		1,803,645
				3,551,839
Professional Services - 0.3%
Advisory Board Company (The) (a)		4,267		199,738
CBIZ, Inc. (a)		15,534		91,961
CoStar Group, Inc. (a)		19,294		958,140
CRA International, Inc. (a)		1,400		26,110
Equifax, Inc.		2,020		66,923
FTI Consulting, Inc. (a)		8,925		316,481
Kelly Services, Inc. - Class A (a)		28,705		426,269
Lightbridge Corporation (a)		10,443		58,063
Manpower, Inc.		800		43,784
Odyssey Marine Exploration, Inc. (a)		1,000		2,220
Resources Connection, Inc.		17,876		289,412
Robert Half International, Inc.		4,900		132,839
School Specialty, Inc. (a)		33,399		447,547

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Industrials - 9.0% (Continued)
Professional Services - 0.3% (Continued)
Verisk Analytics, Inc. - Class A (a)		2,500	$	74,525
				3,134,012
Road & Rail - 0.1%
Con-Way, Inc.		11,300		373,013
CSX Corporation		100		6,145
Dollar Thrifty Automotive Group, Inc. (a)		700		32,480
Genesee & Wyoming, Inc. (a)		2,400		110,952
Hertz Global Holdings, Inc. (a)		3,328		37,673
Old Dominion Freight Line, Inc. (a)		14,800		415,140
Quality Distribution, Inc. (a)		4,500		32,175
				1,007,578
Trading Companies & Distributors - 0.8%
Applied Industrial Technologies, Inc.		400		12,164
BlueLinx Holdings, Inc. (a)		155		488
China Armco Metals, Inc. (a)		2,300		8,579
GATX Corporation		52,600		1,665,316
Houston Wire & Cable Company		128,041		1,476,313
MSC Industrial Direct Company, Inc.		4,700		267,618
Rush Enterprises, Inc. - Class A (a)		46,083		732,259
Titan Machinery, Inc. (a)		52,313		1,016,965
Watsco, Inc.		1,000		55,970
WESCO International, Inc. (a)		93,600		4,007,952
				9,243,624
Information Technology - 10.6%
Communications Equipment - 1.3%
Acme Packet, Inc. (a)		7,200		284,760
ADTRAN, Inc.		74,900		2,417,023
Arris Group, Inc. (a)		25,835		240,524
Aruba Networks, Inc. (a)		8,100		177,471
AudioCodes Ltd. (a)		16,155		80,613
Aviat Networks, Inc. (a)		224,612		1,021,985
BigBand Networks, Inc. (a)		24,418		72,522
CIENA Corporation (a)		211,600		2,939,124
CommScope, Inc. (a)		2,700		85,482
DG FastChannel, Inc. (a)		45,274		1,066,203
F5 Networks, Inc. (a)		1,100		129,470
Globecomm Systems, Inc. (a)		361		3,231
InterDigital, Inc. (a)		79,220		2,659,415
Meru Networks, Inc. (a)		28,074		425,602
Mitel Networks Corporation (a)		200		1,328
Motorola, Inc. (a)		1,400		11,410
Opnext, Inc. (a)		1,500		2,265
Polycom, Inc. (a)		4,100		138,498
Powerwave Technologies, Inc. (a)		272,278		593,566
QUALCOMM, Inc.		600		27,078
Riverbed Technology, Inc. (a)		6,200		356,748
Symmetricom, Inc. (a)		28,805		179,455
Telestone Technologies Corporation (a)		85,800		1,005,576

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Information Technology - 10.6% (Continued)
Communications Equipment - 1.3% (Continued)
UTStarcom, Inc. (a)		343,710	$	694,294
				14,613,643
Computers & Peripherals - 0.7%
Apple, Inc. (a)		200		60,174
Avid Technology, Inc. (a)		159,192		2,009,003
Dell, Inc. (a)		20,400		293,352
Hutchinson Technology, Inc. (a)		138,596		472,612
Imation Corporation (a)		32,748		318,966
Intermec, Inc. (a)		1,541		17,953
Intevac, Inc. (a)		7,722		77,992
Lexmark International, Inc. - Class A (a)		600		22,818
NCR Corporation (a)		8,480		116,346
NetApp, Inc. (a)		800		42,600
Quantum Corporation (a)		276		933
Rimage Corporation (a)		100		1,483
Silicon Graphics International Corporation (a)		100		757
SMART Technologies, Inc. - Class A (a)		8,400		109,116
STEC, Inc. (a)		15,004		234,062
Stratasys, Inc. (a)		30,107		942,951
Synaptics, Inc. (a)		125,313		3,374,679
Western Digital Corporation (a)		7,300		233,746
				8,329,543
Electronic Equipment, Instruments & Components - 1.5%
Advanced Photonix, Inc. - Class A (a)		400		396
Agilent Technologies, Inc. (a)		600		20,880
Anixter International, Inc.		25,452		1,366,518
Avnet, Inc. (a)		1,600		47,648
Brightpoint, Inc. (a)		1,800		13,482
Comverge, Inc. (a)		93,435		714,778
Daktronics, Inc.		62,378		681,168
Digital Ally, Inc. (a)		4,000		7,560
Dolby Laboratories, Inc. - Class A (a)		6,700		413,256
DTS, Inc. (a)		48,634		1,935,633
Echelon Corporation (a)		87,087		685,375
Electro Rent Corporation		363		5,394
FARO Technologies, Inc. (a)		4,364		105,347
FLIR Systems, Inc. (a)		3,100		86,304
Funtalk China Holdings Ltd. (a)		3,621		23,899
Gerber Scientific, Inc. (a)		400		2,676
L-1 Identity Solutions, Inc. (a)		20,668		243,676
Maxwell Technologies, Inc. (a)		113,581		1,842,284
Methode Electronics, Inc.		30,618		284,441
Microvision, Inc. (a)		887,757		1,819,902
MTS Systems Corporation		24,443		800,997
Plexus Corporation (a)		2,273		68,985
RadiSys Corporation (a)		86,549		845,584
Research Frontiers, Inc. (a)		21,262		87,174
Sanmina-SCI Corporation (a)		182,800		2,409,304
SMTC Corporation (a)		200		764

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Information Technology - 10.6% (Continued)
Electronic Equipment, Instruments & Components - 1.5% (Continued)
Superconductor Technologies, Inc. (a)		2,400	$	4,008
SYNNEX Corporation (a)		29,810		865,682
Tech Data Corporation (a)		1,026		44,108
Technitrol, Inc.		168,476		774,989
TTM Technologies, Inc. (a)		14,503		151,991
Universal Display Corporation (a)		16,900		423,176
				16,777,379
Internet Software & Services - 2.0%
Akamai Technologies, Inc. (a)		800		41,336
Archipelago Learning, Inc. (a)		4,611		48,738
Art Technology Group, Inc. (a)		177,272		742,770
BroadVision, Inc. (a)		100		1,116
Constant Contact, Inc. (a)		110,947		2,551,781
DealerTrack Holdings, Inc. (a)		111,628		2,156,653
Digital River, Inc. (a)		45,400		1,691,604
EarthLink, Inc.		142,641		1,282,343
eBay, Inc. (a)		1,700		50,677
Equinix, Inc. (a)		1,300		109,512
GSI Commerce, Inc. (a)		80,578		1,967,715
HSW International, Inc. (a)		500		3,205
iPass, Inc. (a)		354		407
j2 Global Communications, Inc. (a)		88,237		2,325,045
KIT digital, Inc. (a)		143,769		1,979,699
Knot, Inc. (The) (a)		31,944		288,774
Local.com Corporation (a)		76,384		316,230
LogMeIn, Inc. (a)		10,974		435,997
LoopNet, Inc. (a)		27,540		290,547
MercadoLibre, Inc. (a)		800		52,904
ModusLink Global Solutions, Inc. (a)		19,660		130,346
Move, Inc. (a)		88,148		208,029
NIC, Inc.		200		1,736
OpenTable, Inc. (a)		6,278		385,155
QuinStreet, Inc. (a)		67,212		1,043,802
Rackspace Hosting, Inc. (a)		97,300		2,428,608
SAVVIS, Inc. (a)		12,816		307,456
Sohu.com, Inc. (a)		1,100		81,950
Support.com, Inc. (a)		75,678		429,094
TechTarget, Inc. (a)		751		3,935
Terremark Worldwide, Inc. (a)		163,065		1,629,019
Vocus, Inc. (a)		3,320		73,538
WebMD Health Corporation (a)		4,900		256,172
Yahoo, Inc. (a)		5,600		92,456
				23,408,349
IT Services - 0.7%
CIBER, Inc. (a)		45,376		166,530
Cognizant Technology Solutions Corporation (a)		400		26,076
DJSP Enterprises, Inc. (a)		7,386		7,386
Dynamics Research Corporation (a)		100		1,130
Echo Global Logistics, Inc. (a)		33,703		478,583

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Information Technology - 10.6% (Continued)
IT Services - 0.7% (Continued)
Euronet Worldwide, Inc. (a)		76,060	$	1,373,644
Fidelity National Information Services, Inc.		100		2,710
Global Payments, Inc.		91,300		3,557,048
Heartland Payment Systems, Inc.		92,322		1,318,358
Integral Systems, Inc. (a)		91		773
Mantech International Corporation - Class A (a)		11,047		433,153
MasterCard, Inc. - Class A		100		24,006
Ness Technologies, Inc. (a)		25,500		122,910
SAIC, Inc. (a)		200		3,108
Stream Global Services, Inc. (a)		1,107		4,162
Visa, Inc. - Class A		800		62,536
Wright Express Corporation (a)		16,440		619,952
Zanett, Inc. (a)		2,800		4,144
				8,206,209
Office Electronics - 0.0%
Xerox Corporation		1,100		12,870
Semiconductors & Semiconductor Equipment - 1.9%
Advanced Analogic Technologies, Inc. (a)		37,010		139,158
Advanced Micro Devices, Inc. (a)		28,700		210,371
Aixtron AG		8,400		273,168
Analog Devices, Inc.		100		3,367
Atheros Communications, Inc. (a)		4,000		124,160
AXT, Inc. (a)		25,100		207,075
Cabot Microelectronics Corporation (a)		60,839		2,350,210
Cavium Networks, Inc. (a)		45,000		1,434,150
Cree, Inc. (a)		400		20,516
Cymer, Inc. (a)		8,017		296,228
DayStar Technologies, Inc. (a)		6,400		12,544
Energy Conversion Devices, Inc. (a)		474,788		2,141,294
Evergreen Solar, Inc. (a)		18,600		17,298
FormFactor, Inc. (a)		26,100		253,953
Hittite Microwave Corporation (a)		9,400		485,698
Ikanos Communications, Inc. (a)		105		120
Intersil Corporation - Class A		35,100		459,459
Kopin Corporation (a)		106,800		406,908
Maxim Integrated Products, Inc.		200		4,332
MaxLinear, Inc. - Class A (a)		26,600		277,704
Micrel, Inc.		86,500		1,030,215
Micron Technology, Inc. (a)		3,000		24,810
Mindspeed Technologies, Inc. (a)		33,300		245,754
Monolithic Power Systems, Inc. (a)		32,745		526,212
MoSys, Inc. (a)		1,800		8,514
National Semiconductor Corporation		21,500		294,550
NetLogic Microsystems, Inc. (a)		48,582		1,460,375
NVE Corporation (a)		2,900		139,577
NVIDIA Corporation (a)		16,900		203,307
NXP Semiconductors N.V. (a)		31,800		419,442
ON Semiconductor Corporation (a)		5,900		45,253

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Information Technology - 10.6% (Continued)
Semiconductors & Semiconductor Equipment - 1.9% (Continued)
PLX Technology, Inc. (a)		1,100	$	3,916
Power Integrations, Inc.		46,417		1,585,605
Sigma Designs, Inc. (a)		171,927		1,961,687
Silicon Laboratories, Inc. (a)		68,000		2,713,200
Skyworks Solutions, Inc. (a)		12,400		284,084
Standard Microsystems Corporation (a)		17,990		434,279
SunPower Corporation - Class A (a)		18,800		256,432
SunPower Corporation - Class B (a)		21,264		280,685
Ultra Clean Holdings, Inc. (a)		29		218
Veeco Instruments, Inc. (a)		7,900		330,615
				21,366,443
Software - 2.5%
Activision Blizzard, Inc.		300		3,441
Adobe Systems, Inc. (a)		600		16,890
Advent Software, Inc. (a)		39,056		2,098,088
AsiaInfo Linkage, Inc. (a)		8,485		188,537
Blackbaud, Inc.		47,212		1,198,713
Blackboard, Inc. (a)		27,837		1,161,916
Citrix Systems, Inc. (a)		600		38,442
CommVault Systems, Inc. (a)		3,400		98,362
Convio, Inc. (a)		200		1,794
Ebix, Inc. (a)		70,400		1,738,880
Electronic Arts, Inc. (a)		400		6,340
Fair Isaac Corporation		135,882		3,266,603
Informatica Corporation (a)		8,300		337,727
Intuit, Inc. (a)		600		28,800
Lawson Software, Inc. (a)		316,470		2,816,583
Manhattan Associates, Inc. (a)		26,544		817,024
MicroStrategy, Inc. - Class A (a)		600		54,378
Motricity, Inc. (a)		2,450		53,827
NetSuite, Inc. (a)		61,230		1,253,990
Parametric Technology Corporation (a)		4,000		85,880
Pegasystems, Inc.		34,360		929,438
Quest Software, Inc. (a)		7,200		188,424
RealD, Inc. (a)		7,100		148,532
RealPage, Inc. (a)		1,100		25,388
Renaissance Learning, Inc.		6,151		85,930
Rosetta Stone, Inc. (a)		33,453		774,437
salesforce.com, inc. (a)		400		46,428
Shanda Interactive Entertainment Ltd. (a)		24,700		998,127
Solarwinds, Inc. (a)		8,200		148,830
Sonic Solutions, Inc. (a)		101,034		1,209,377
SuccessFactors, Inc. (a)		43,200		1,171,584
Symantec Corporation (a)		3,500		56,630
TeleCommunication Systems, Inc. (a)		25,052		135,531
THQ, Inc. (a)		295,110		1,180,440
TiVo, Inc. (a)		20,569		229,139
Tyler Technologies, Inc. (a)		68,619		1,400,514
Ultimate Software Group, Inc. (The) (a)		39,505		1,634,717

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Information Technology - 10.6% (Continued)
Software - 2.5% (Continued)
VASCO Data Security International, Inc. (a)		59,546	$	475,773
VirnetX Holding Corporation		74,606		1,383,941
VMware, Inc. - Class A (a)		400		30,584
Wave Systems Corporation - Class A (a)		245,784		580,050
				28,100,029
Materials - 3.6%
Chemicals - 1.5%
ADA-ES, Inc. (a)		1,600		9,504
Air Products and Chemicals, Inc.		100		8,497
Airgas, Inc.		400		28,372
Albemarle Corporation		1,200		60,156
Altair Nanotechnologies, Inc. (a)		168,552		92,299
American Vanguard Corporation		78,491		578,479
Ashland, Inc.		2,100		108,423
Balchem Corporation		20,248		618,779
Calgon Carbon Corporation (a)		14,557		218,500
China Agritech, Inc. (a)		119,454		1,534,984
China Green Agriculture, Inc. (a)		343,797		2,526,908
Hawkins, Inc.		39,404		1,414,603
International Flavors & Fragrances, Inc.		8,000		401,280
Kronos Worldwide, Inc. (a)		1,724		69,736
Mosaic Company (The)		900		65,844
NewMarket Corporation		1,130		133,928
Olin Corporation		20,416		408,116
Sensient Technologies Corporation		38,700		1,250,397
ShengdaTech, Inc. (a)		47,871		303,023
Sherwin-Williams Company (The)		300		21,891
Stepan Company		32,441		2,187,821
STR Holdings, Inc. (a)		48,861		1,214,196
Valhi, Inc.		4,886		98,599
W.R. Grace & Company (a)		6,700		214,802
Westlake Chemical Corporation		5,324		170,155
Yongye International, Inc. (a)		22,558		180,238
ZAGG, Inc. (a)		29,552		245,282
Zoltek Companies, Inc. (a)		236,636		2,271,706
				16,436,518
Construction Materials - 0.6%
China Advanced Construction Materials Group, Inc. (a)		200		958
Eagle Materials, Inc.		87,381		2,049,958
Headwaters, Inc. (a)		151,391		514,730
Texas Industries, Inc.		136,849		4,676,130
				7,241,776
Containers & Packaging - 0.0%
Boise, Inc. (a)		3,593		26,049
Graphic Packaging Holding Company (a)		32,800		120,048
Myers Industries, Inc.		62		548
Owens-Illinois, Inc. (a)		600		16,818

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Materials - 3.6% (Continued)
Containers & Packaging - 0.0% (Continued)
Temple-Inland, Inc.		4,600	$	95,312
				258,775
Metals & Mining - 1.2%
A.M. Castle & Company (a)		29		447
AK Steel Holding Corporation		171,900		2,164,221
Alcoa, Inc.		8,800		115,544
AMCOL International Corporation		69,593		1,930,510
Brigus Gold Corporation (a)		2,656		4,196
Brush Engineered Materials, Inc. (a)		30,999		1,027,617
Century Aluminum Company (a)		13,800		186,576
China Direct Industries, Inc. (a)		37,300		53,339
China Gerui Advanced Materials Group Ltd. (a)		600		3,750
China Natural Resources, Inc. (a)		21		255
Cliffs Natural Resources, Inc.		600		39,120
Commercial Metals Company		2,500		34,700
Compass Minerals International, Inc.		2,699		212,870
Entrée Gold, Inc. (a)		1,000		2,590
General Steel Holdings, Inc. (a)		166,281		493,854
Gold Resource Corporation (a)		3,537		74,631
Great Basin Gold Ltd. (a)		97,841		274,933
Gulf Resources, Inc. (a)		62,384		524,026
Jaguar Mining, Inc. (a)		129,612		838,590
Kaiser Aluminum Corporation		4,394		197,686
Mesabi Trust		20,197		836,762
Newmont Mining Corporation		300		18,261
Olympic Steel, Inc.		52,080		1,167,634
Rare Element Resources Ltd. (a)		10,000		113,600
Schnitzer Steel Industries, Inc. - Class A		2,000		103,380
Seabridge Gold, Inc. (a)		15,500		423,615
Taseko Mines Ltd. (a)		6,647		42,075
Timberline Resources Corporation (a)		600		708
U.S. Energy Corporation (a)		10,565		55,361
United States Steel Corporation		500		21,395
Walter Energy, Inc.		600		52,776
WHX Corporation (a)		5,187		52,492
Worthington Industries, Inc.		178,900		2,755,060
				13,822,574
Paper & Forest Products - 0.3%
Deltic Timber Corporation		27,836		1,299,384
Domtar Corporation		100		7,936
International Paper Company		1,900		48,032
KapStone Paper and Packaging Corporation (a)		2,300		29,440
MeadWestvaco Corporation		1,660		42,712
Mercer International, Inc. (a)		48,185		255,381
Orient Paper, Inc. (a)		46,531		253,594
P.H. Glatfelter Company		20,600		256,264
Schweitzer-Mauduit International, Inc.		6,497		416,977
Verso Paper Corporation (a)		254		930

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Materials - 3.6% (Continued)
Paper & Forest Products - 0.3% (Continued)
Wausau Paper Corporation (a)		34,635	$	292,319
				2,902,969
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.6%
AboveNet, Inc. (a)		100		5,689
Alaska Communications Systems Group, Inc.		59,255		594,328
AT&T, Inc.		400		11,400
Cbeyond, Inc. (a)		84,260		1,141,723
Cincinnati Bell, Inc. (a)		64,347		157,650
Cogent Communications Group, Inc. (a)		57,692		625,958
HickoryTech Corporation		1,631		14,842
IDT Corporation - Class B (a)		31,447		461,642
Iridium Communications, Inc. (a)		194,120		1,601,490
Neutral Tandem, Inc. (a)		1,400		20,468
PAETEC Holding Corporation (a)		32,229		136,006
Premiere Global Services, Inc. (a)		53,220		363,493
Qwest Communications International, Inc.		900		5,940
Radcom Ltd. (a)		1,400		15,120
tw telecom, inc. (a)		54,062		994,741
Verizon Communications, Inc.		400		12,988
VocalTec Communications Ltd. (a)		12,074		402,185
				6,565,663
Wireless Telecommunication Services - 0.1%
Clearwire Corporation - Class A (a)		78		553
Fibertower Corporation (a)		114,879		516,956
Leap Wireless International, Inc. (a)		27,300		311,493
Shenandoah Telecommunications Company		4,177		76,230
Telephone and Data Systems, Inc.		2,200		76,626
USA Mobility, Inc.		16,481		277,375
				1,259,233
Utilities - 1.2%
Electric Utilities - 0.4%
Brookfield Infrastructure Partners, L.P.		4,500		95,175
DPL, Inc.		100		2,610
Duke Energy Corporation		200		3,642
Empire District Electric Company (The)		2,600		54,704
Exelon Corporation		400		16,328
FirstEnergy Corporation		240		8,717
Great Plains Energy, Inc.		2,100		39,963
MGE Energy, Inc.		9,443		382,913
Otter Tail Corporation		17,100		350,892
Pepco Holdings, Inc.		100		1,926
Pinnacle West Capital Corporation		5,500		226,380
PNM Resources, Inc.		79,800		940,842
PPL Corporation		400		10,760
Unitil Corporation		37,458		813,588
Westar Energy, Inc.		62,300		1,576,190
				4,524,630

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 60.2% (Continued)	Shares		Value
Utilities - 1.2% (Continued)
Gas Utilities - 0.6%
China Natural Gas, Inc. (a)		156,097	$	963,118
New Jersey Resources Corporation		100		4,049
Nicor, Inc.		1,160		55,251
Northwest Natural Gas Company		26,534		1,307,861
Piedmont Natural Gas, Inc.		38,400		1,132,416
South Jersey Industries, Inc.		44,810		2,256,631
Star Gas Partners, L.P.		600		2,958
WGL Holdings, Inc.		37,423		1,442,657
				7,164,941
Independent Power Producers & Energy Traders - 0.1%
AES Corporation (The) (a)		200		2,388
American DG Energy, Inc. (a)		600		1,908
Dynegy, Inc. (a)		123,200		571,648
Mirant Corporation (a)		10,900		115,649
Ormat Technologies, Inc.		205		5,845
Raser Technologies, Inc. (a)		315,711		59,606
U.S. Geothermal, Inc. (a)		1,500		1,278
				758,322
Multi-Utilities - 0.1%
Black Hills Corporation		22,803		726,048
CH Energy Group, Inc.		1,110		50,449
Sempra Energy		200		10,696
Wisconsin Energy Corporation		800		47,632
				834,825
Water Utilities - 0.0%
American Water Works Company, Inc.		2,140		51,103
Aqua America, Inc.		28,375		610,914
Cadiz, Inc. (a)		2,623		28,512
York Water Company		1,912		30,267
				720,796
Total Common Stocks (Proceeds $679,457,226)			$	687,882,546
EXCHANGE-TRADED FUNDS - 0.0%	Shares		Value
First Trust NASDAQ-100 Equal Weighted Index Fund		1,000	$	22,600
ProShares UltraPro QQQ (a)		740		96,696
Total Exchange-Traded Funds (Proceeds $87,935)			$	119,296

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
RIGHTS - 0.0%	Shares		Value
Zion Oil & Gas, Inc. (a) (b) (Proceeds $2,148)		4,870	$	202
Total Securities Sold Short - 60.2% (Proceeds $679,547,309)			$	688,002,044

ADR - American Depositary Receipt.

(a)	Security did not pay a dividend during the year.  Therefore, no dividend expense was incurred on the security.
(b)	Fair Value priced (Note 1).  Fair valued securities totaled $202 at October 31, 2010, representing 0.0% of net assets.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
October 31, 2010
COMMON STOCKS - 99.1%	Shares		Value
Consumer Discretionary - 15.6%
Auto Components - 1.1%
Amerigon, Inc. (a)		7,000	$	75,460
Dorman Products, Inc. (a)		4,415		161,103
Federal-Mogul Corporation (a)		3,800		75,354
Gentex Corporation		3,100		61,938
Standard Motor Products, Inc.		2,600		27,638
				401,493
Automobiles - 0.3%
Thor Industries, Inc.		3,300		103,917
Diversified Consumer Services - 2.2%
Collectors Universe, Inc.		600		10,176
ITT Educational Services, Inc. (a)		2,600		167,778
K12, Inc. (a)		2,800		78,148
Lincoln Educational Services Corporation (a)		3,600		44,856
Pre-Paid Legal Services, Inc. (a)		2,300		138,414
Regis Corporation		2,500		51,125
Sotheby's		4,300		188,512
Weight Watchers International, Inc.		3,400		113,866
				792,875
Hotels, Restaurants & Leisure - 3.3%
Boyd Gaming Corporation (a)		10,900		90,579
Choice Hotels International, Inc.		1,400		53,242
Denny's Corporation (a)		22,000		71,060
Frisch's Restaurants, Inc.		200		4,420
Interval Leisure Group, Inc. (a)		5,000		71,750
Isle of Capri Casinos, Inc. (a)		11,200		90,048
Krispy Kreme Doughnuts, Inc. (a)		14,200		79,520
Life Time Fitness, Inc. (a)		4,200		151,746
Marcus Corporation		8,898		114,073
Orient-Express Hotels Ltd. - Class A (a)		7,000		88,620
P.F. Chang's China Bistro, Inc.		1,700		78,064
Penn National Gaming, Inc. (a)		2,000		66,520
Pinnacle Entertainment, Inc. (a)		6,300		80,640
Ruth's Hospitality Group, Inc. (a)		12,000		54,720
Wendy's/Arby's Group, Inc. - Class A		16,600		76,360
				1,171,362
Household Durables - 1.3%
Harman International Industries, Inc. (a)		2,300		77,165
Jarden Corporation		1,100		35,266
Kid Brands, Inc. (a)		8,436		82,336
Libbey, Inc. (a)		9,900		131,571
Toll Brothers, Inc. (a)		4,200		75,348
Tupperware Brands Corporation		1,200		53,772
				455,458
Internet & Catalog Retail - 0.2%
Orbitz Worldwide, Inc. (a)		10,900		74,120

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Consumer Discretionary - 15.6% (Continued)
Internet & Catalog Retail - 0.2% (Continued)
U.S. Auto Parts Network, Inc. (a)		1,500	$	11,985
				86,105
Leisure Equipment & Products - 0.5%
Callaway Golf Company		16,200		111,456
Eastman Kodak Company (a)		12,000		56,520
Marine Products Corporation (a)		581		3,608
				171,584
Media - 1.8%
Ballantyne Strong, Inc. (a)		1,800		15,156
Belo Corporation - Class A (a)		8,400		48,636
Cinemark Holdings, Inc.		6,100		107,055
DreamWorks Animation SKG, Inc. - Class A (a)		4,200		148,260
Fisher Communications, Inc. (a)		214		3,912
Harte-Hanks, Inc.		4,000		48,320
John Wiley & Sons, Inc. - Class A		1,500		64,740
Liberty Media, LLC - Starz Entertainment - Series A (a)		900		58,968
LIN TV Corporation - Class A (a)		2,400		9,984
Madison Square Garden, Inc. - Class A (a)		4,600		95,634
Media General, Inc. - Class A (a)		1,600		8,816
Mediacom Communications Corporation (a)		6,100		42,090
				651,571
Multiline Retail - 0.4%
Retail Ventures, Inc. (a)		7,400		100,566
Tuesday Morning Corporation (a)		8,000		38,320
				138,886
Specialty Retail - 3.3%
bebe stores, inc.		11,400		74,784
Charming Shoppes, Inc. (a)		43,100		150,419
Christopher & Banks Corporation		7,400		44,104
Group 1 Automotive, Inc. (a)		1,400		49,364
Jos. A. Bank Clothiers, Inc. (a)		1,800		78,480
Men's Wearhouse, Inc. (The)		3,600		87,984
New York & Company, Inc. (a)		13,300		41,496
Office Depot, Inc. (a)		31,700		142,333
RadioShack Corporation		6,900		138,897
Select Comfort Corporation (a)		18,100		150,411
Shoe Carnival, Inc. (a)		2,114		48,410
Signet Jewelers Ltd. (a)		2,604		91,609
Stein Mart, Inc. (a)		7,800		73,242
West Marine, Inc. (a)		700		6,867
Winmark Corporation		200		6,584
				1,184,984
Textiles, Apparel & Luxury Goods - 1.2%
Carter's, Inc. (a)		2,000		49,800
Delta Apparel, Inc. (a)		600		7,752
Maidenform Brands, Inc. (a)		2,600		69,576
Perry Ellis International, Inc. (a)		2,315		52,041
Quiksilver, Inc. (a)		18,300		76,311

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Consumer Discretionary - 15.6% (Continued)
Textiles, Apparel & Luxury Goods - 1.2% (Continued)
Timberland Company (The) (a)		3,700	$	77,626
Warnaco Group, Inc. (The) (a)		1,300		69,043
Wolverine World Wide, Inc.		1,200		34,944
				437,093
Consumer Staples - 3.9%
Beverages - 0.7%
Central European Distribution Corporation (a)		3,200		79,904
Constellation Brands, Inc. - Class A (a)		6,000		118,380
MGP Ingredients, Inc.		4,100		36,982
National Beverage Corporation		1,080		15,444
				250,710
Food & Staples Retailing - 1.7%
Andersons, Inc. (The)		2,000		78,740
BJ's Wholesale Club, Inc. (a)		1,200		50,076
Casey's General Stores, Inc.		1,800		74,628
Spartan Stores, Inc.		9,300		139,035
SUPERVALU, Inc.		15,000		161,850
Susser Holdings Corporation (a)		2,400		32,808
Weis Markets, Inc.		2,100		81,816
				618,953
Food Products - 1.2%
Corn Products International, Inc.		2,205		93,823
Dean Foods Company (a)		11,700		121,680
Del Monte Foods Company		4,000		57,360
Imperial Sugar Company		5,500		69,850
John B. Sanfilippo & Son, Inc. (a)		300		4,026
Treehouse Foods, Inc. (a)		1,700		79,390
				426,129
Personal Products - 0.3%
Prestige Brands Holdings, Inc. (a)		9,200		98,900
Energy - 5.1%
Energy Equipment & Services - 2.0%
Allis-Chalmers Energy, Inc. (a)		30,600		157,284
Dresser-Rand Group, Inc. (a)		2,800		95,816
Gulf Island Fabrication, Inc.		5,610		128,133
Helix Energy Solutions Group, Inc. (a)		4,000		50,760
Hercules Offshore, Inc. (a)		25,000		59,000
Matrix Service Company (a)		1,100		9,988
OYO Geospace Corporation (a)		800		48,488
Parker Drilling Company (a)		3,600		15,228
SEACOR Holdings, Inc. (a)		900		85,275
Superior Energy Services, Inc. (a)		2,600		71,812
				721,784
Oil, Gas & Consumable Fuels - 3.1%
Approach Resources, Inc. (a)		8,801		135,976
Berry Petroleum Company - Class A		4,300		147,103
CAMAC Energy, Inc. (a)		5,200		13,728

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Energy - 5.1% (Continued)
Oil, Gas & Consumable Fuels - 3.1% (Continued)
Clayton Williams Energy, Inc. (a)		900	$	53,748
Crimson Exploration, Inc. (a)		3,400		10,098
Crosstex Energy, Inc.		3,038		24,638
CVR Energy, Inc. (a)		6,400		60,928
Frontline Ltd.		900		25,875
General Maritime Corporation		15,000		57,600
GeoResources, Inc. (a)		6,012		103,406
Gulfport Energy Corporation (a)		4,600		76,636
Hyperdynamics Corporation (a)		11,100		27,195
Stone Energy Corporation (a)		9,400		146,922
Teekay Corporation		1,400		44,520
Teekay Tankers Ltd. - Class A		9,500		112,860
Warren Resources, Inc. (a)		12,200		50,996
				1,092,229
Financials - 15.2%
Capital Markets - 1.9%
BlackRock Kelso Capital Corporation		8,700		101,964
E*TRADE Financial Corporation (a)		5,000		71,500
FBR Capital Markets Corporation (a)		19,100		67,614
GFI Group, Inc.		14,400		68,976
HFF, Inc. - Class A (a)		6,100		59,963
International Assets Holding Corporation (a)		3,300		72,765
Main Street Capital Corporation		2,100		35,259
MVC Capital, Inc.		5,800		77,430
TICC Capital Corporation		5,800		59,972
Triangle Capital Corporation		12		195
Waddell & Reed Financial, Inc. - Class A		1,800		52,326
				667,964
Commercial Banks - 1.7%
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		4,200		64,722
Bryn Mawr Bank Corporation		300		5,013
CapitalSource, Inc.		13,600		83,096
Citizens & Northern Corporation		629		9,202
CNB Financial Corporation		106		1,473
Commerce Bancshares, Inc.		1,900		69,996
East West Bancorp, Inc.		5,400		95,202
First Financial Bancorporation		3,737		62,931
Home BancShares, Inc.		500		10,285
IBERIABANK Corporation		1,200		62,460
Investors Bancorp, Inc. (a)		4,200		50,400
MainSource Financial Group, Inc.		1,500		12,405
Metro Bancorporation, Inc. (a)		1,200		12,132
Nara Bancorp, Inc. (a)		6,100		47,824
Suffolk Bancorp		1,000		25,900
West Bancorporation, Inc. (a)		300		1,971
				615,012
Consumer Finance - 1.9%
Advance America, Cash Advance Centers, Inc.		11,300		56,387

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Consumer Finance - 1.9% (Continued)
Cardtronics, Inc. (a)		8,500	$	144,075
Cash America International, Inc.		4,300		151,489
Credit Acceptance Corporation (a)		600		35,286
First Cash Financial Services, Inc. (a)		5,100		148,257
Nelnet, Inc. - Class A		3,300		74,151
Student Loan Corporation (The)		2,000		59,640
				669,285
Diversified Financial Services - 0.9%
Encore Capital Group, Inc. (a)		3,800		77,216
MarketAxess Holdings, Inc.		8,300		150,811
PICO Holdings, Inc. (a)		1,400		43,036
Portfolio Recovery Associates, Inc. (a)		900		60,345
				331,408
Insurance - 4.6%
Allied World Assurance Company Holdings Ltd.		1,000		57,210
American Financial Group, Inc.		2,400		73,392
American National Insurance Company		500		39,220
American Physicians Service Group, Inc.		1,200		38,880
American Safety Insurance Holdings Ltd. (a)		1,800		33,426
Aspen Insurance Holdings Ltd.		4,500		127,665
Erie Indemnity Company - Class A		2,490		142,378
FBL Financial Group, Inc. - Class A		2,700		70,632
First Mercury Financial Corporation		3,500		57,050
Flagstone Reinsurance Holdings Ltd.		3,600		39,240
Hallmark Financial Services, Inc. (a)		1,100		9,834
HCC Insurance Holdings, Inc.		2,000		52,960
Horace Mann Educators Corporation		2,800		52,332
Kansas City Life Insurance Company		900		28,584
Maiden Holdings Ltd.		7,600		58,140
MBIA, Inc. (a)		6,700		75,107
Meadowbrook Insurance Group, Inc.		9,547		82,391
Mercury General Corporation		1,900		80,712
NYMAGIC, Inc.		572		14,683
OneBeacon Insurance Group Ltd.		2,600		36,608
Presidential Life Corporation		3,800		36,366
Protective Life Corporation		3,400		81,498
SeaBright Holdings, Inc.		2,100		17,577
Transatlantic Holdings, Inc.		2,000		105,200
Unitrin, Inc.		3,500		85,050
Universal Insurance Holdings, Inc.		12,440		56,602
Validus Holdings Ltd.		3,700		104,932
				1,657,669
Real Estate Investment Trusts - 3.6%
Agree Realty Corporation		2,200		56,100
Associated Estates Realty Corporation		5,000		69,450
Brandywine Realty Trust		6,500		77,805
Chimera Investment Corporation		14,020		57,482
CommonWealth REIT		2,625		66,806
Developers Diversified Realty Corporation		4,500		58,050

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Real Estate Investment Trusts - 3.6% (Continued)
Duke Realty Corporation		6,300	$	78,561
Dynex Capital, Inc.		4,700		49,914
FelCor Lodging Trust, Inc. (a)		13,100		80,565
Glimcher Realty Trust		10,500		78,855
Hersha Hospitality Trust		24,446		149,121
Hospitality Properties Trust		3,500		79,835
LTC Properties, Inc.		2,000		55,700
Mack-Cali Realty Corporation		2,200		73,876
Saul Centers, Inc.		1,700		72,556
Senior Housing Properties Trust		2,200		52,558
Sovran Self Storage, Inc.		1,800		70,326
Winthrop Realty Trust		2,900		39,440
				1,267,000
Thrifts & Mortgage Finance - 0.6%
ESB Financial Corporation		100		1,439
Flagstar Bancorp, Inc. (a)		14,700		19,110
Home Federal Bancorp, Inc.		900		10,836
NewAlliance Bancshares, Inc.		4,800		61,872
OceanFirst Financial Corporation		1,000		11,940
TFS Financial Corporation		8,200		71,750
WSFS Financial Corporation		1,115		43,529
				220,476
Health Care - 12.4%
Biotechnology - 1.9%
Ariad Pharmaceuticals, Inc. (a)		45,800		168,544
ArQule, Inc. (a)		9,600		52,992
Array BioPharma, Inc. (a)		10,900		35,316
Cubist Pharmaceuticals, Inc. (a)		5,700		132,696
MannKind Corporation (a)		11,900		75,922
Martek Biosciences Corporation (a)		3,400		74,630
OPKO Health, Inc. (a)		35,389		97,674
Regeneron Pharmaceuticals, Inc. (a)		2,000		52,160
				689,934
Health Care Equipment & Supplies - 0.7%
Beckman Coulter, Inc.		1,900		101,156
Immucor, Inc. (a)		4,200		73,080
NxStage Medical, Inc. (a)		1,500		30,240
Sirona Dental Systems, Inc. (a)		1,400		52,710
				257,186
Health Care Providers & Services - 6.8%
Almost Family, Inc. (a)		1,500		51,795
AMERIGROUP Corporation (a)		3,300		137,709
AMN Healthcare Services, Inc. (a)		9,600		50,880
AmSurg Corporation (a)		7,600		137,408
CardioNet, Inc. (a)		24,952		127,255
Catalyst Health Solutions, Inc. (a)		2,400		90,840
Community Health Systems, Inc. (a)		1,700		51,136
Continucare Corporation (a)		9,706		43,677

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Health Care - 12.4% (Continued)
Health Care Providers & Services - 6.8% (Continued)
Corvel Corporation (a)		1,600	$	71,680
Coventry Health Care, Inc. (a)		2,600		60,892
Ensign Group, Inc. (The)		800		15,016
Five Star Quality Care, Inc. (a)		28,590		155,244
Genoptix, Inc. (a)		2,200		37,444
Health Management Associates, Inc. - Class A (a)		8,000		64,080
Health Net, Inc. (a)		3,000		80,670
HealthSpring, Inc. (a)		1,800		52,542
Healthways, Inc. (a)		14,600		153,008
IPC The Hospitalist Company, Inc. (a)		2,600		83,278
Magellan Health Services, Inc. (a)		2,800		134,400
National Research Corporation		200		5,626
NightHawk Radiology Holdings, Inc. (a)		10,588		67,869
PDI, Inc. (a)		700		6,139
Providence Service Corporation (The) (a)		3,617		59,427
Psychiatric Solutions, Inc. (a)		4,500		151,650
Res-Care, Inc. (a)		8,500		112,455
Rural/Metro Corporation (a)		4,200		36,204
Skilled Healthcare Group, Inc. - Class A (a)		24,000		90,000
Sun Healthcare Group, Inc. (a)		15,735		149,640
Tenet Healthcare Corporation (a)		14,600		63,656
Universal American Corporation		4,900		78,792
				2,420,412
Health Care Technology - 0.5%
Computer Programs & Systems, Inc.		600		27,402
Omnicell, Inc. (a)		4,700		65,659
SXC Health Solutions Corporation (a)		2,000		77,920
				170,981
Life Sciences Tools & Services - 0.6%
Bio-Rad Laboratories, Inc. - Class A (a)		700		63,434
PerkinElmer, Inc.		2,600		60,970
Pharmaceutical Product Development, Inc.		2,000		51,620
Techne Corporation		800		48,736
				224,760
Pharmaceuticals - 1.9%
Cornerstone Therapeutics, Inc. (a)		5,300		33,178
Cypress Bioscience, Inc. (a)		12,600		50,274
Impax Laboratories, Inc. (a)		7,900		148,836
Jazz Pharmaceuticals, Inc. (a)		6,800		72,284
King Pharmaceuticals, Inc. (a)		2,800		39,592
Medicines Company (The) (a)		6,800		86,836
Par Pharmaceutical Companies, Inc. (a)		3,500		113,785
Penwest Pharmaceuticals Company (a)		14,000		70,000
Santarus, Inc. (a)		14,400		45,072
				659,857
Industrials - 16.0%
Aerospace & Defense - 2.2%
Alliant Techsystems, Inc. (a)		900		68,616

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Industrials - 16.0% (Continued)
Aerospace & Defense - 2.2% (Continued)
BE Aerospace, Inc. (a)		4,200	$	154,392
Cubic Corporation		1,200		52,284
Esterline Technologies Corporation (a)		1,200		72,528
GeoEye, Inc. (a)		1,600		70,832
LMI Aerospace, Inc. (a)		5,549		90,615
Orbital Sciences Corporation (a)		9,200		149,408
Spirit AeroSystems Holdings, Inc. - Class A (a)		2,600		56,264
TransDigm Group, Inc. (a)		900		59,643
				774,582
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc. (a)		8,400		56,448
Dynamex, Inc. (a)		1,800		38,052
Forward Air Corporation		5,500		147,840
				242,340
Airlines - 1.1%
Copa Holdings, S.A. - Class A		1,300		65,949
Hawaiian Holdings, Inc. (a)		19,790		144,863
Republic Airways Holdings, Inc. (a)		9,500		88,255
SkyWest, Inc.		6,100		92,476
				391,543
Building Products - 0.8%
Ameron International Corporation		1,099		75,567
NCI Building Systems, Inc. (a)		7,800		77,298
Universal Forest Products, Inc.		5,000		150,700
				303,565
Commercial Services & Supplies - 1.0%
APAC Customer Services, Inc. (a)		2,900		17,603
Cenveo, Inc. (a)		2,600		14,300
Clean Harbors, Inc. (a)		1,000		70,500
Copart, Inc. (a)		1,400		47,404
Deluxe Corporation		2,600		53,144
Schawk, Inc.		3,600		69,912
US Ecology, Inc.		4,400		71,368
				344,231
Construction & Engineering - 1.6%
AECOM Technology Corporation (a)		2,700		71,523
Argan, Inc. (a)		1,000		8,470
Chicago Bridge & Iron Company N.V. (a)		3,000		75,630
Great Lakes Dredge & Dock Corporation		23,678		146,567
Pike Electric Corporation (a)		1,700		12,852
Shaw Group, Inc. (The) (a)		2,200		67,232
Tutor Perini Corporation (a)		6,000		139,260
URS Corporation (a)		1,700		66,181
				587,715
Electrical Equipment - 0.8%
Advanced Battery Technologies, Inc. (a)		10,457		41,305
Babcock & Wilcox Company (The) (a)		2,200		50,204
Polypore International, Inc. (a)		4,500		149,715

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Industrials - 16.0% (Continued)
Electrical Equipment - 0.8% (Continued)
Thomas & Betts Corporation (a)		1,400	$	60,970
				302,194
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc.		2,000		70,140
Machinery - 4.0%
3D Systems Corporation (a)		2,300		59,432
Alamo Group, Inc.		2,715		65,160
American Railcar Industries, Inc. (a)		4,200		64,722
Astec Industries, Inc. (a)		3,800		111,986
Commercial Vehicle Group, Inc. (a)		4,000		53,720
Gardner Denver, Inc.		700		40,474
Greenbrier Companies, Inc. (The) (a)		4,200		76,440
Harsco Corporation		4,200		97,356
Hawk Corporation - Class A (a)		1,000		49,830
Hurco Companies, Inc. (a)		1,216		22,374
IDEX Corporation		1,400		50,512
NACCO Industries, Inc. - Class A		550		54,593
Navistar International Corporation (a)		1,700		81,906
Sauer-Danfoss, Inc. (a)		4,800		106,128
Snap-on, Inc.		1,300		66,300
SPX Corporation		800		53,648
Thermadyne Holdings Corporation (a)		5,100		76,908
Trimas Corporation (a)		9,356		148,106
Twin Disc, Inc.		7,312		148,872
				1,428,467
Marine - 0.6%
Genco Shipping & Trading Ltd. (a)		3,700		61,235
Horizon Lines, Inc.		28,820		124,214
International Shipholding Corporation		600		16,782
				202,231
Professional Services - 0.7%
Acacia Research Corporation (a)		5,900		157,058
CBIZ, Inc. (a)		12,751		75,486
				232,544
Road & Rail - 1.2%
AMERCO (a)		1,484		122,163
Celadon Group, Inc. (a)		2,800		36,316
Landstar System, Inc.		2,000		75,240
RailAmerica, Inc. (a)		5,200		60,320
Ryder System, Inc.		3,400		148,750
				442,789
Trading Companies & Distributors - 1.1%
Aircastle Ltd.		7,080		65,207
RSC Holdings, Inc. (a)		17,300		139,784
TAL International Group, Inc.		2,000		56,040
United Rentals, Inc. (a)		8,000		150,320
				411,351

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Information Technology - 23.9%
Communications Equipment - 2.6%
Blue Coat Systems, Inc. (a)		6,100	$	164,517
Comtech Telecommunications Corporation		2,800		86,296
EchoStar Corporation - Class A (a)		3,889		82,447
Harmonic, Inc. (a)		7,200		50,256
Ixia (a)		6,500		101,725
JDS Uniphase Corporation (a)		6,000		63,060
Occam Networks, Inc. (a)		6,300		46,431
Sonus Networks, Inc. (a)		31,070		96,628
Sycamore Networks, Inc.		1,800		54,882
ViaSat, Inc. (a)		1,900		78,223
Westell Technologies, Inc. - Class A (a)		38,800		113,684
				938,149
Computers & Peripherals - 2.2%
ActivIdentity Corporation (a)		12,700		41,021
Compellent Technologies, Inc. (a)		6,200		156,674
Hypercom Corporation (a)		7,800		46,488
Imation Corporation (a)		7,600		74,024
Isilon Systems, Inc. (a)		5,200		148,044
Netezza Corporation (a)		3,300		88,968
Quantum Corporation (a)		15,700		53,066
Super Micro Computer, Inc. (a)		5,100		56,712
Xyratex Ltd. (a)		7,000		108,360
				773,357
Electronic Equipment, Instruments & Components - 4.3%
Agilysys, Inc. (a)		6,500		39,000
Arrow Electronics, Inc. (a)		2,000		59,220
AVX Corporation		3,550		50,907
Cogent, Inc. (a)		6,600		69,432
Cognex Corporation		4,600		122,820
DDi Corporation		6,400		65,792
Ingram Micro, Inc. - Class A (a)		4,400		77,704
Itron, Inc. (a)		1,200		72,924
Jabil Circuit, Inc.		7,700		118,118
Keithley Instruments, Inc.		3,500		75,530
Littelfuse, Inc. (a)		1,900		80,617
Mercury Computer Systems, Inc. (a)		5,700		90,288
Methode Electronics, Inc.		3,300		30,657
National Instruments Corporation		2,300		80,017
Nu Horizons Electronics Corporation (a)		17,128		119,211
Park Electrochemical Corporation		4,580		123,660
SMART Modular Technologies (WWH), Inc. (a)		17,300		127,847
Spectrum Control, Inc. (a)		4,800		73,248
Viasystems Group, Inc. (a)		700		11,025
Vishay Precision Group, Inc. (a)		2,800		47,600
Zygo Corporation (a)		1,409		15,076
				1,550,693
Internet Software & Services - 1.3%
Dice Holdings, Inc. (a)		4,400		39,820
Internet Brands, Inc. - Class A (a)		5,200		68,848

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Information Technology - 23.9% (Continued)
Internet Software & Services - 1.3% (Continued)
Internet Capital Group, Inc. (a)		3,200	$	39,968
Limelight Networks, Inc. (a)		20,501		138,997
RealNetworks, Inc. (a)		11,000		33,000
Web.com Group, Inc. (a)		5,200		32,240
Zix Corporation (a)		30,200		117,478
				470,351
IT Services - 3.0%
Acxiom Corporation (a)		6,486		113,829
Alliance Data Systems Corporation (a)		2,400		145,728
Broadridge Financial Solutions, Inc.		2,200		48,400
DST Systems, Inc.		1,700		73,559
Global Cash Access Holdings, Inc. (a)		31,600		115,024
iGATE Corporation		5,400		110,376
MAXIMUS, Inc.		2,100		127,323
NCI, Inc. - Class A (a)		1,745		32,527
Syntel, Inc.		900		43,974
TeleTech Holdings, Inc. (a)		3,500		53,130
Unisys Corporation (a)		6,200		142,910
Virtusa Corporation (a)		3,200		45,632
				1,052,412
Office Electronics - 0.2%
Zebra Technologies Corporation - Class A (a)		2,200		78,716
Semiconductors & Semiconductor Equipment - 7.2%
Actel Corporation (a)		1,700		35,462
Amtech Systems, Inc. (a)		3,100		51,894
ATMI, Inc. (a)		9,000		159,030
Brooks Automation, Inc. (a)		10,200		69,258
Cirrus Logic, Inc. (a)		10,900		140,065
Cypress Semiconductor Corporation (a)		11,700		164,970
Entegris, Inc. (a)		24,800		148,304
Entropic Communications, Inc. (a)		6,100		50,996
Exar Corporation (a)		8,600		57,190
Fairchild Semiconductor International, Inc. (a)		14,000		157,780
FSI International, Inc. (a)		53,100		142,839
GSI Technology, Inc. (a)		5,800		40,310
International Rectifier Corporation (a)		4,000		92,920
Lattice Semiconductor Corporation (a)		13,800		67,068
Microtune, Inc. (a)		21,400		61,846
MIPS Technologies, Inc. (a)		9,800		144,060
Nanometrics, Inc. (a)		3,400		45,798
ON Semiconductor Corporation (a)		22,300		171,041
Photronics, Inc. (a)		4,961		31,155
PMC-Sierra, Inc. (a)		13,100		100,739
Semtech Corporation (a)		4,100		87,781
Silicon Image, Inc. (a)		20,700		127,305
Spansion, Inc. - Class A (a)		4,900		85,701
Teradyne, Inc. (a)		12,100		136,004
Varian Semiconductor Equipment Associates, Inc. (a)		1,300		42,471

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Information Technology - 23.9% (Continued)
Semiconductors & Semiconductor Equipment - 7.2% (Continued)
Veeco Instruments, Inc. (a)		4,000	$	167,400
				2,579,387
Software - 3.1%
Aspen Technology, Inc. (a)		5,900		66,080
Compuware Corporation (a)		6,900		69,069
DemandTec, Inc. (a)		10,800		114,264
Epicor Software Corporation (a)		5,200		48,880
Jack Henry & Associates, Inc.		743		20,180
NetScout Systems, Inc. (a)		4,600		107,962
Novell, Inc. (a)		13,400		79,462
OPNET Technologies, Inc.		2,562		50,497
Solera Holdings, Inc.		1,900		91,295
Sonic Solutions, Inc. (a)		4,780		57,216
SS&C Technologies Holdings, Inc. (a)		2,500		43,250
Take-Two Interactive Software, Inc. (a)		7,900		84,214
TeleCommunication Systems, Inc. (a)		19,800		107,118
Websense, Inc. (a)		8,000		160,960
				1,100,447
Materials - 4.4%
Chemicals - 2.1%
Cabot Corporation		1,900		64,638
Cytec Industries, Inc.		1,000		49,520
Ferro Corporation (a)		10,800		148,176
Georgia Gulf Corporation (a)		5,500		111,265
Rockwood Holdings, Inc. (a)		4,400		149,248
Scotts Miracle-Gro Company (The) - Class A		2,060		110,004
TPC Group, Inc. (a)		1,803		49,492
Valspar Corporation (The)		1,900		60,990
				743,333
Construction Materials - 0.0%
United States Lime & Minerals, Inc. (a)		172		6,966
Containers & Packaging - 0.5%
AEP Industries, Inc. (a)		2,100		51,177
Greif, Inc. - Class A		800		46,992
Packaging Corporation of America		2,600		63,518
Temple-Inland, Inc.		1,300		26,936
				188,623
Metals & Mining - 0.7%
Capital Gold Corporation (a)		23,300		102,287
Globe Specialty Metals, Inc.		3,200		49,728
Reliance Steel & Aluminum Company		600		25,110
Royal Gold, Inc.		1,500		74,265
				251,390
Paper & Forest Products - 1.1%
Buckeye Technologies, Inc.		3,000		54,150
Clearwater Paper Corporation (a)		1,900		153,425
Domtar Corporation		2,000		158,720

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.1% (Continued)	Shares		Value
Materials - 4.4% (Continued)
Paper & Forest Products - 1.1% (Continued)
Verso Paper Corporation (a)		9,500	$	34,770
				401,065
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.7%
Atlantic Tele-Network, Inc.		1,200		50,712
Cbeyond, Inc. (a)		5,800		78,590
SureWest Communications (a)		800		6,400
Vonage Holdings Corporation (a)		54,000		137,700
				273,402
Wireless Telecommunication Services - 0.4%
NTELOS Holdings Corporation		3,100		56,327
United States Cellular Corporation (a)		1,700		78,982
				135,309
Utilities - 1.5%
Electric Utilities - 0.6%
NV Energy, Inc.		8,500		116,110
Portland General Electric Company		4,600		96,140
				212,250
Gas Utilities - 0.9%
AGL Resources, Inc.		1,501		58,929
Atmos Energy Corporation		1,800		53,010
Energen Corporation		1,600		71,424
Questar Corporation		4,200		71,274
UGI Corporation		2,600		78,234
				332,871
Total Common Stocks (Cost $32,579,648)			$	35,478,390
MONEY MARKET FUNDS - 1.0%	Shares		Value
UMB Money Market Fiduciary, 0.02% (b) (Cost $344,184)		344,184	$	344,184
Total Investments at Value - 100.1% (Cost $32,923,832)			$	35,822,574
Liabilities in Excess of Other Assets - (0.1%)				(38,544	)
Net Assets - 100.0%			$	35,784,030

ADR - American Depositary Receipt.

(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2010.

See accompanying notes to financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON

DETAILED SCHEDULES OF INVESTMENTS

To the Shareholders and Board of Trustees of

TFS Capital Investment Trust

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of TFS Capital Investment Trust (the "Funds"), comprised of TFS Market Neutral Fund and TFS Small Cap Fund, as of October 31, 2010, and for the year then ended and have issued our report thereon dated December 28, 2010 (which report expressed an unqualified opinion) which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR. Our audits also included the Funds’ detailed schedules of investments (the "Schedules") as of October 31, 2010 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion based on our audits. In our opinion, the Schedules referred to above, when considered in relation to the basic financial statements taken as a whole of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ Deloitte & Touche LLP

Cincinnati, Ohio

December 28, 2010

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

Exhibit 99.CODE ETH Code of Ethics

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

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

SIGNATURES

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

(Registrant)   TFS Capital Investment Trust                                     

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	December 29, 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	December 29, 2010
By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	December 29, 2010

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