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, 2011                 

Date of reporting period:       October 31, 2011                  

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, 2011

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

December 20, 2011

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, 2011. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I’d like to thank you for your investment.

At this time, we are pleased to announce that the TFS Capital Investment Trust expects to launch a new fund on, or before, December 31, 2011. We at TFS Capital are very excited about the opportunity to manage this new fund and look forward to sharing detailed information about the fund once it is effective with the Securities and Exchange Commission. Please visit www.TFSCapital.com for information about the new fund.

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	0.43%	7.14%	6.23%	7.76%
S&P 500® Index	8.09%	11.41%	0.25%	3.67%

Average annual total returns for periods ended October 31, 2011

TFSMX did not perform favorably in the most recent fiscal year, generating negative “alpha,” in aggregate, over the period (i.e., the return that cannot be explained by the Fund’s market exposure). Although the models of the Adviser did generate positive alpha during much of the period, they produced substantial negative alpha in the months leading up to the end of the fiscal year. The Adviser believes that this recent period of poor performance may have been influenced by the turmoil in Europe which likely caused the recent market volatility and an increase in correlation among individual small-cap stocks. These conditions are believed to be adverse to alpha production by the Adviser by limiting the opportunity to add value through stock selection. In addition, a sudden spike in expenses related to securities sold short also adversely affected performance.

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, 2011, TFSMX generated a 7.76% average annual return and had an annualized standard deviation of 8.59%, whereas the S&P® 500 Index generated a 3.67% average annual return and had an annualized standard deviation of 22.70%. Therefore, from inception through October 31, 2011, TFSMX produced an average annual return that was 4.09 percentage points above that of the S&P 500® Index while subjecting investors to only 37.8% of the volatility. Based on its trailing 5-year return through October 31, 2011, TFSMX was ranked #1 among 44 funds in Morningstar’s “Market Neutral” category and, for the same period, was ranked #1 among 36 funds in the Lipper “Equity Market Neutral” category.1

The broad U.S. equity market experienced a strong gain during the fiscal period of 8.09% but this had little impact on TFSMX given its ongoing hedge and corresponding low “beta” (i.e., market exposure) during the period. Similar to prior periods, TFSMX’s returns were largely driven by equity selection by the portfolio management team. In making these selections, the portfolio

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management team continued to follow TFS Capital’s proprietary stock selection models. These models are designed to predict the future performance of individual stocks and closed-end-funds relative to the overall U.S. equity market.

The strategies used in managing TFSMX have resulted in the Fund having a low historical 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. It is notable that the Fund has seen a substantial rise in correlation to the equity indices, especially in recent months.

Index	Correlation Since Inception
S&P 500® Index	0.60
Russell 2000® Index	0.58
MSCI EAFE Index	0.50
Barclays Capital U.S. Agg. Bond Index	-0.15
Wilshire REIT ETF Index	0.42
Dow Jones Commodity Futures	0.44

As mentioned in our Semi-Annual Report letter, the TFS Market Neutral Fund is currently operating under a new policy for accepting additional investments (the “Subscription Policy”). Given its significant asset growth and the limited capacity of the Fund’s investment strategies, TFS Market Neutral Fund filed a prospectus supplement dated May 17, 2011 that describes the new Subscription Policy. The intent of the new Subscription Policy is to manage the growth of the Fund. TFS Capital believes that this action may assist the portfolio management team in its effort to maintain the Fund’s high standard of performance.

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	6.68%	23.47%	6.86%	7.48%
Russell 2000® Index	6.71%	12.87%	0.68%	1.84%

Average annual total returns for periods ended October 31, 2011

During the fiscal period, TFSSX underperformed its benchmark, the Russell 2000® Index. TFSSX’s returns were heavily impacted by the movement of the U.S. “small-cap” equity sector as evidenced by the narrow difference between the Fund and benchmark return (i.e., 6.68% versus 6.71%). Given its long-only mandate, the Fund will generally have a high correlation to U.S. small-cap equity market movements with any deviation attributable to TFS Capital’s equity selection. The models utilized by TFS Capital to select securities did not, net of Fund expenses, materially add or subtract alpha during the most recent fiscal year.

Over a longer-term period, TFSSX achieved its objective of outperforming the Russell 2000® Index. In fact, the Fund now has over a 5-year track record and achieved an average annual return since inception that is 5.64 percentage points higher than that of the Russell 2000® Index. Based on its trailing 5-year return through October 31, 2011, TFSSX was ranked #5 among 487 funds in Morningstar’s Small Blend category and, for the same period, was ranked #12 among 513 funds in the Lipper Small Cap Core category.2

2

Despite the Funds’ excellent long-term 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

In the Lipper “Equity Market Neutral” category, TFSMX was ranked #1 out of 34 using its 5-year return and #6 out of 50 using its 3-year return. At 10/31/2011, Lipper did not make 1-year rankings available to the public. In the Morningstar “Market Neutral” category, TFSMX was ranked #1 out of 44 using its 5-year return, #2 out of 49 using its 3-year return and #48 out of 89 using its 1-year return.

2

In the Lipper, “Small Cap Core” category, TFSSX was ranked #12 out of 513 using its 5-year return and #12 out of 642 using its 3-year return. At 10/31/2011, Lipper did not make 1-year rankings available to the public. In the Morningstar “Small Blend” category, TFSSX was ranked #5 out of 487 using its 5-year return, #10 out of 573 using its 3-year return and #319 out of 651 using its 1-year return.

Ranking information provided by Lipper and Morningstar for the periods ended October 31, 2011. TFSSX was assigned by Lipper to the Small-Cap Core category and by Morningstar to the Small Blend category. TFSMX was assigned by Lipper to the Equity Market Neutral category and by Morningstar 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 and Morningstar, Inc. of Chicago. Lipper Inc. and Morningstar Inc. are nationally recognized organizations that rank the performance of mutual funds.

3

TFS MARKET NEUTRAL FUND

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, 2011
	1 Year	5 Years	Since Inception(b)
TFS Market Neutral Fund	0.43%	6.23%	7.76%
S&P 500® Index	8.09%	0.25%	3.67%

(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, 2011
	1 Year	5 Years	Since Inception(b)
TFS Small Cap Fund	6.68%	6.86%	7.48%
Russell 2000® Index	6.71%	0.68%	1.84%

(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, 2011 (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
NetLogic Microsystems, Inc.	0.70%	Hollysys Automation Technologies Ltd.	0.49%
Liz Claiborne, Inc.	0.41%	Travelzoo, Inc.	0.48%
Ingram Micro, Inc. - Class A	0.40%	AVANIR Pharmaceuticals, Inc. - Class A	0.47%
RightNow Technologies, Inc.	0.40%	Titan International, Inc.	0.41%
Jazz Pharmaceuticals, Inc.	0.37%	Rubicon Technology, Inc.	0.40%
Tech Data Corporation	0.37%	Education Management Corporation	0.40%
Steel Dynamics, Inc.	0.36%	Bridgepoint Education, Inc.	0.37%
Rockwood Holdings, Inc.	0.36%	LinkedIn Corporation - Class A	0.36%
SEI Investments Company	0.35%	Oncothyreon, Inc.	0.36%
Graco, Inc.	0.33%	AsiaInfo-Linkage, Inc.	0.35%

6

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

October 31, 2011 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Holdings
Security Description	% of Net Assets
Con-way, Inc.	0.63%
TiVo, Inc.	0.63%
W.R. Grace & Company	0.59%
Thor Industries, Inc.	0.58%
WebMD Health Corporation	0.58%
Kennametal, Inc.	0.56%
Huntsman Corporation	0.56%
Robbins & Myers, Inc.	0.56%
ADTRAN, Inc.	0.55%
Actuant Corporation - Class A	0.55%

7

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2011

COMMON STOCKS — 92.6%	Shares		Value
Consumer Discretionary — 12.6%
Auto Components — 1.4%
Standard Motor Products, Inc. (a)		284,571	$	4,425,079
Other Auto Components (b)				20,595,840
				25,020,919
Automobiles — 0.2%
Other Automobiles (b)				2,955,728
Distributors — 0.2%
Other Distributors (b)				3,885,246
Diversified Consumer Services — 0.8%
Other Diversified Consumer Services (b)				14,553,077
Hotels, Restaurants & Leisure — 2.8%
Buffalo Wild Wings, Inc. (a) (c)		71,726		4,749,696
Other Hotels, Restaurants & Leisure (b)				45,209,169
				49,958,865
Household Durables — 0.7%
Other Household Durables (b)				13,011,129
Internet & Catalog Retail — 0.2%
Other Internet & Catalog Retail (b)				2,967,754
Leisure Equipment & Products — 0.7%
Arctic Cat, Inc. (a) (c)		191,134		3,881,932
Polaris Industries, Inc. (a)		76,123		4,821,631
Other Leisure Equipment & Products (b)				3,596,952
				12,300,515
Media — 1.6%
Other Media (b)				27,638,609
Multiline Retail — 0.3%
Other Multiline Retail (b)				4,770,523
Specialty Retail — 2.1%
Other Specialty Retail (b)				36,981,188
Textiles, Apparel & Luxury Goods — 1.6%
Jones Group, Inc. (The) (a)		389,282		4,348,280
Liz Claiborne, Inc. (a) (c)		910,239		7,291,014
Skechers U.S.A., Inc. - Class A (a) (c)		362,512		5,169,421
Other Textiles, Apparel & Luxury Goods (b)				10,928,277
				27,736,992
Consumer Staples — 2.4%
Beverages — 0.2%
Other Beverages (b)				4,305,852

8

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Consumer Staples — 2.4% (Continued)
Food & Staples Retailing — 0.7%
Other Food & Staples Retailing (b)			$	11,876,479
Food Products — 0.9%
Other Food Products (b)				15,520,126
Household Products — 0.1%
Other Household Products (b)				1,548,425
Personal Products — 0.5%
Other Personal Products (b)				8,247,970
Tobacco — 0.0% (e)
Other Tobacco (b)				88,834
Energy — 6.4%
Energy Equipment & Services — 2.1%
Basic Energy Services, Inc. (c)		238,007		4,365,048
Other Energy Equipment & Services (b)				32,956,493
				37,321,541
Oil, Gas & Consumable Fuels — 4.3%
Energy XXI (Bermuda) Ltd. (a) (c)		142,048		4,171,950
Kodiak Oil & Gas Corporation (a) (c)		767,252		5,301,711
Other Oil, Gas & Consumable Fuels (b)				66,436,490
				75,910,151
Financials — 15.7%
Capital Markets — 2.4%
SEI Investments Company (a)		381,408		6,174,996
Other Capital Markets (b)				36,881,785
				43,056,781
Commercial Banks — 3.5%
Hancock Holding Company (a)		156,757		4,749,737
Other Commercial Banks (b)				56,771,352
				61,521,089
Consumer Finance — 0.6%
Other Consumer Finance (b)				10,440,871
Diversified Financial Services — 0.5%
Other Diversified Financial Services (b)				9,281,069
Insurance — 3.0%
Assured Guaranty Ltd. (a)		387,263		4,933,731
Harleysville Group, Inc. (a)		69,147		4,063,078
Other Insurance (b)				42,912,711
				51,909,520
Real Estate Investment Trusts (REIT) - 4.3%
Other Real Estate Investment Trusts (REIT) (b)				74,888,611

9

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Financials — 15.7% (Continued)
Real Estate Management & Development — 0.4%
Other Real Estate Management & Development (b)			$	6,698,723
Thrifts & Mortgage Finance — 1.0%
PMI Group, Inc. (The) (a) (c) (d)		394,653		123,132
ViewPoint Financial Group (a)		301,957		3,886,187
Other Thrifts & Mortgage Finance (b)				14,278,327
				18,287,646
Health Care — 12.7%
Biotechnology — 2.2%
Other Biotechnology (b)				39,460,242
Health Care Equipment & Supplies — 3.3%
Thoratec Corporation (a) (c)		113,426		4,141,183
Other Health Care Equipment & Supplies (b)				54,931,876
				59,073,059
Health Care Providers & Services — 3.0%
Molina Healthcare, Inc. (a) (c)		202,660		4,292,339
Omnicare, Inc.		148,103		4,416,431
Other Health Care Providers & Services (b)				43,380,192
				52,088,962
Health Care Technology — 1.2%
athenahealth, Inc. (c)		80,633		4,266,292
Other Health Care Technology (b)				16,208,559
				20,474,851
Life Sciences Tools & Services — 1.1%
Other Life Sciences Tools & Services (b)				20,077,726
Pharmaceuticals — 1.9%
Jazz Pharmaceuticals, Inc. (a) (c)		168,354		6,559,072
Par Pharmaceutical Companies, Inc. (a) (c)		138,357		4,233,724
Other Pharmaceuticals (b)				22,256,055
				33,048,851
Industrials — 16.8%
Aerospace & Defense — 1.2%
Triumph Group, Inc. (a)		70,664		4,105,578
Other Aerospace & Defense (b)				17,972,772
				22,078,350
Air Freight & Logistics — 0.7%
Other Air Freight & Logistics (b)				12,961,633
Airlines — 0.9%
Alaska Air Group, Inc. (a) (c)		68,765		4,574,935
JetBlue Airways Corporation (a) (c)		1,053,077		4,717,785
Other Airlines (b)				6,032,599
				15,325,319

10

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Industrials — 16.8% (Continued)
Building Products — 0.8%
Other Building Products (b)			$	13,757,893
Commercial Services & Supplies — 2.4%
Avery Dennison Corporation		158,702		4,221,473
Other Commercial Services & Supplies (b)				37,339,104
				41,560,577
Construction & Engineering — 0.9%
Chicago Bridge & Iron Company N.V.		143,266		5,240,670
Other Construction & Engineering (b)				10,011,883
				15,252,553
Electrical Equipment — 1.0%
Other Electrical Equipment (b)				18,610,663
Industrial Conglomerates — 0.4%
Other Industrial Conglomerates (b)				6,322,324
Machinery — 4.3%
Actuant Corporation - Class A (a)		221,259		4,978,328
Graco, Inc. (a)		136,463		5,859,721
WABCO Holdings, Inc. (a) (c)		95,985		4,819,407
Wabtec Corporation (a)		77,828		5,228,485
Other Machinery (b)				54,894,425
				75,780,366
Marine — 0.4%
Other Marine (b)				7,309,942
Professional Services — 1.0%
Other Professional Services (b)				17,127,785
Road & Rail — 2.1%
Avis Budget Group, Inc. (a) (c)		377,332		5,320,381
Con-way, Inc. (a)		169,565		4,997,081
Knight Transportation, Inc. (a)		304,261		4,624,767
Other Road & Rail (b)				22,489,417
				37,431,646
Trading Companies & Distributors — 0.6%
Other Trading Companies & Distributors (b)				11,075,799
Transportation Infrastructure — 0.1%
Other Transportation Infrastructure (b)				1,481,353
Information Technology — 16.9%
Communications Equipment — 2.1%
ADTRAN, Inc. (a)		143,376		4,817,434
Comtech Telecommunications Corporation (a)		142,853		4,729,863
Riverbed Technology, Inc. (a) (c)		163,849		4,518,955
Other Communications Equipment (b)				23,335,184
				37,401,436

11

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Information Technology — 16.9% (Continued)
Computers & Peripherals — 0.8%
Other Computers & Peripherals (b)			$	13,411,015
Electronic Equipment, Instruments & Components — 3.1%
Ingram Micro, Inc. - Class A (a) (c)		396,952		7,097,502
Tech Data Corporation (a) (c)		132,632		6,522,842
Other Electronic Equipment, Instruments & Components (b)				41,535,140
				55,155,484
Internet Software & Services — 2.1%
RightNow Technologies, Inc. (a) (c)		164,205		7,062,457
Other Internet Software & Services (b)				29,757,660
				36,820,117
IT Services — 2.1%
NeuStar, Inc. - Class A (a) (c)		176,238		5,602,606
Other IT Services (b)				31,937,509
				37,540,115
Office Electronics — 0.1%
Other Office Electronics (b)				770,018
Semiconductors & Semiconductor Equipment — 3.7%
Brooks Automation, Inc. (a)		393,453		4,111,584
MEMC Electronic Materials, Inc. (a) (c)		820,101		4,912,405
NetLogic Microsystems, Inc. (a) (c)		252,378		12,416,998
Other Semiconductors & Semiconductor Equipment (b)				43,422,573
				64,863,560
Software — 2.9%
CommVault Systems, Inc. (a) (c)		129,881		5,530,333
SolarWinds, Inc. (a) (c)		144,112		4,159,072
Other Software (b)				41,652,271
				51,341,676
Materials — 6.0%
Chemicals — 2.3%
Rockwood Holdings, Inc. (a) (c)		139,282		6,412,543
Valspar Corporation (The) (a)		130,458		4,549,070
Other Chemicals (b)				30,323,481
				41,285,094
Construction Materials — 0.0% (e)
Other Construction Materials (b)				65,271
Containers & Packaging — 0.7%
Other Containers & Packaging (b)				11,691,387
Metals & Mining — 2.7%
Steel Dynamics, Inc. (a)		513,689		6,415,976
Other Metals & Mining (b)				41,855,514
				48,271,490

12

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Materials — 6.0% (Continued)
Paper & Forest Products — 0.3%
Other Paper & Forest Products (b)			$	5,334,695
Telecommunication Services — 1.3%
Diversified Telecommunication Services — 1.0%
PAETEC Holding Corporation (a) (c)		854,537		4,682,863
Other Diversified Telecommunication Services (b)				12,601,055
				17,283,918
Wireless Telecommunication Services — 0.3%
Other Wireless Telecommunication Services (b)				4,995,284
Utilities — 1.8%
Electric Utilities — 0.5%
Other Electric Utilities (b)				9,240,707
Gas Utilities — 0.6%
Southwest Gas Corporation (a)		97,963		3,867,579
Other Gas Utilities (b)				7,016,127
				10,883,706
Independent Power Producers & Energy Traders — 0.1%
Other Independent Power Producers & Energy Traders (b)				1,782,324
Multi-Utilities — 0.4%
Other Multi-Utilities (b)				7,304,009
Water Utilities — 0.2%
Other Water Utilities (b)				3,401,815
Total Common Stocks (Cost $1,554,533,324)			$	1,631,827,248

CLOSED-END FUNDS — 3.9%	Shares	Value
Other Closed-End Funds (b) (Cost $67,273,863)		$	69,536,407

EXCHANGE-TRADED FUNDS — 0.0% (e)	Shares	Value
Other Exchange-Traded Funds (b) (Cost $2,126)		$	2,308

OPEN-END FUNDS — 0.0% (e)	Shares	Value
Other Open-End Funds (b) (Cost $885)		$	1,002

13

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

RIGHTS — 0.0% (e)	Shares	Value
Other Rights (b) (Cost $0)		$	10,057

WARRANTS — 0.0%	Shares		Value
Magnum Hunter Resources Corporation (a) (d) (Cost $0)		70	$	—

CORPORATE BONDS — 0.0% (e)	Par Value	Value
Financials — 0.0% (e)
Other Financials (b) (Cost $0)		$	2,036
Total Investments at Value — 96.5% (Cost $1,621,810,198)		$	1,701,379,058
Other Assets in Excess of Liabilities — 3.5%			60,886,128
Net Assets — 100.0%		$	1,762,265,186

*	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)	All or a portion of the shares have been committed as collateral for open short positions.
(b)	Represents securities at fair-value as of October 31, 2011 and 1) issuers not identified as a top 50 holding in terms of market value and 2) issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2011.
(c)	Non-income producing security.
(d)	Securities fair-valued under supervision of the Board of Trustees totaled $123,132 at October 31, 2011, representing 0.0%(e) of net assets (Note 2).
(e)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

October 31, 2011

COMMON STOCKS — 62.3%	Shares		Value
Consumer Discretionary — 8.8%
Auto Components — 0.4%
Amerigon, Inc.		28,047	$	430,241
China Automotive Systems, Inc.		91,471		482,052
China XD Plastics Company Ltd.		13,304		58,006
Cooper Tire & Rubber Company		283,714		4,065,622
Goodyear Tire & Rubber Company (The)		67,595		970,664
Quantum Fuel Systems Technologies Worldwide, Inc.		253,837		538,134
Wonder Auto Technology, Inc.		17,927		19,540
				6,564,259
Automobiles — 0.3%
Kandi Technologies Corporation		96,658		244,545
Tesla Motors, Inc.		113,970		3,347,299
Winnebago Industries, Inc.		187,052		1,522,603
				5,114,447
Distributors — 0.0% (b)
Core-Mark Holding Company, Inc.		13,326		446,288
Pool Corporation		65		1,899
Weyco Group, Inc.		121		2,868
				451,055
Diversified Consumer Services — 1.4%
American Public Education, Inc.		6,989		250,276
Bridgepoint Education, Inc.		298,330		6,464,811
Carriage Services, Inc.		400		2,384
ChinaCast Education Corporation		340,762		1,369,863
Collectors Universe, Inc.		125		1,933
Corinthian Colleges, Inc.		1,075,692		2,054,572
CPI Corporation		5,636		33,647
DeVry, Inc.		21		791
Education Management Corporation		352,650		7,003,629
Matthews International Corporation - Class A		3,819		134,200
Regis Corporation		92,778		1,517,848
School Specialty, Inc.		213,513		1,633,374
Stewart Enterprises, Inc. - Class A		292,364		1,882,824
StoneMor Partners, L.P.		100		2,901
Strayer Education, Inc.		23,424		1,995,959
				24,349,012
Hotels, Restaurants & Leisure — 0.4%
Asia Entertainment & Resources Ltd.		7,572		49,597
Boyd Gaming Corporation		309,032		2,002,527
Cheesecake Factory, Inc. (The)		200		5,598
Denny's Corporation		468,143		1,685,315
Dunkin' Brands Group, Inc.		37,529		1,092,469
Gaylord Entertainment Company		14,752		345,049
International Speedway Corporation - Class A		58		1,384
Jamba, Inc.		28,151		47,857
Morgans Hotel Group Company		57,939		377,183
Multimedia Games Holding Company, Inc.		691		4,567
O'Charley's, Inc.		124,728		774,561

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Consumer Discretionary — 8.8% (Continued)
Hotels, Restaurants & Leisure — 0.4% (Continued)
Peet's Coffee & Tea, Inc.		1,961	$	124,955
PokerTek, Inc.		520		458
Red Lion Hotels Corporation		200		1,390
Ruth's Hospitality Group, Inc.		143,778		678,632
Shuffle Master, Inc.		4		42
Speedway Motorsports, Inc.		5,939		77,207
Star Buffet, Inc.		600		186
Town Sports International Holdings, Inc.		100		868
Universal Travel Group (a)		238,516		472,262
				7,742,107
Household Durables — 1.6%
American Greetings Corporation - Class A		128,674		2,060,071
Beazer Homes USA, Inc.		992,120		2,133,058
Cavco Industries, Inc.		3,730		167,962
Comstock Homebuilding Companies, Inc. - Class A		35,501		41,536
Deer Consumer Products, Inc.		140,505		709,550
Ethan Allen Interiors, Inc.		76,587		1,516,423
Flexsteel Industries, Inc.		100		1,425
Furniture Brands International, Inc.		1,958		3,740
Garmin Ltd.		5,306		182,473
Hooker Furniture Corporation		224		2,173
Hovnanian Enterprises, Inc. - Class A		1,212,697		1,746,284
iRobot Corporation		76,466		2,589,139
KB Home		220,053		1,533,769
Lennar Corporation - Class A		204,959		3,390,022
M/I Homes, Inc.		6,079		45,410
Mad Catz Interactive, Inc.		519,541		432,778
MDC Holdings, Inc.		20,719		464,106
PulteGroup, Inc.		661		3,424
Sealy Corporation		320,239		496,370
Skullcandy, Inc.		30,559		481,304
SodaStream International Ltd.		37,000		1,260,960
Standard Pacific Corporation		317,976		966,647
Toll Brothers, Inc.		275,686		4,807,964
Universal Electronics, Inc.		30,619		569,207
ZAGG, Inc.		235,805		3,181,009
				28,786,804
Internet & Catalog Retail — 0.5%
Blue Nile, Inc.		11,174		504,283
E-Commerce China Dangdang, Inc. - ADR		99,715		695,014
Gaiam, Inc. - Class A		519		2,008
HomeAway, Inc.		4,546		150,245
MakeMyTrip Ltd.		29,570		887,396
NutriSystem, Inc.		192,418		2,378,286
Overstock.com, Inc.		85,927		713,194
PetMed Express, Inc.		275,131		2,743,056
				8,073,482

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Consumer Discretionary — 8.8% (Continued)
Leisure Equipment & Products — 0.3%
Callaway Golf Company		469,903	$	2,730,136
JAKKS Pacific, Inc.		90,877		1,723,937
Johnson Outdoors, Inc.		77		1,431
Nautilus, Inc.		1,102		2,226
Summer Infant, Inc.		7		55
				4,457,785
Media — 1.0%
AH Belo Corporation - Class A		65		325
Atrinsic, Inc.		87,591		144,525
Carmike Cinemas, Inc.		28,640		185,587
China MediaExpress Holdings, Inc.		146,250		24,862
China Yida Holding Company		5,003		15,009
Clear Channel Outdoor Holdings, Inc.		300		3,300
Cumulus Media, Inc. - Class A		151,791		456,891
DG FastChannel, Inc.		38,693		721,238
Entercom Communications Corporation - Class A		182,743		1,198,794
Gannett Company, Inc.		123,600		1,444,884
Harte-Hanks, Inc.		1,000		8,780
Journal Communications, Inc.		21,249		82,021
Lee Enterprises, Inc.		125,766		89,294
Live Nation, Inc.		970		9,108
LodgeNet Interactive Corporation		31,165		62,330
Martha Stewart Living Omnimedia, Inc. - Class A		32,374		125,287
McClatchy Company (The) - Class A		877,867		1,378,251
Media General, Inc. - Class A		167,618		506,206
Meredith Corporation		92,725		2,487,812
Pandora Media, Inc.		266,031		4,203,290
Radio One, Inc. - Class D		4,231		5,543
ReachLocal, Inc.		53,849		539,028
Scholastic Corporation		66,106		1,774,946
SearchMedia Holdings Ltd.		1,000		1,210
SPAR Group, Inc.		500		525
SuperMedia, Inc.		79,227		137,063
Valassis Communications, Inc.		80,062		1,563,611
Viacom, Inc. - Class A		4,097		218,944
Westwood One, Inc. - Class A		1,286		5,620
				17,394,284
Multiline Retail — 0.2%
Big Lots, Inc.		9,665		364,274
Bon-Ton Stores, Inc. (The)		88,228		465,844
Dillard's, Inc. - Class A		1,545		79,614
Fred's, Inc. - Class A		161,334		1,966,661
Tuesday Morning Corporation		239,822		868,156
				3,744,549
Specialty Retail — 2.2%
ANN, Inc.		2,625		69,930
AutoChina International Ltd.		881		17,840
AutoNation, Inc.		1,200		46,728

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Consumer Discretionary — 8.8% (Continued)
Specialty Retail — 2.2% (Continued)
Barnes & Noble, Inc.		30,726	$	377,008
Books-A-Million, Inc.		8,500		18,870
Borders Group, Inc.		21,200		426
Brown Shoe Company, Inc.		218,418		1,946,104
Buckle, Inc. (The)		22,852		1,018,285
Build-A-Bear Workshop, Inc.		17,489		114,553
Cabela's, Inc. - Class A		1,356		33,792
Cache, Inc.		167		878
Casual Male Retail Group, Inc.		2,281		9,466
Cato Corporation (The) - Class A		52		1,333
Children's Place Retail Stores, Inc. (The)		17,298		812,141
China Auto Logistics, Inc.		2,600		2,652
Citi Trends, Inc.		17,970		222,648
Collective Brands, Inc.		207		3,024
Conn's, Inc.		300,395		2,766,638
Cost Plus, Inc.		228,224		1,800,687
Finish Line, Inc. (The)		45		905
GameStop Corporation - Class A		74		1,892
hhgregg, Inc.		348,631		4,445,045
Hibbett Sports, Inc.		99,217		4,086,748
Hot Topic, Inc.		75,274		569,071
Jos. A. Bank Clothiers, Inc.		22,222		1,187,544
Lithia Motors, Inc.		18,047		371,227
Lumber Liquidators Holdings, Inc.		155,208		2,323,464
MarineMax, Inc.		143,867		1,171,077
Men's Warehouse, Inc. (The)		154,590		4,773,739
OfficeMax, Inc.		1,758		9,001
Pacific Sunwear of California, Inc.		92,935		116,169
Penske Auto Group, Inc.		8,051		164,160
Pep Boys - Manny Moe & Jack (The)		144,978		1,667,247
rue21, inc.		94,573		2,519,425
Stage Stores, Inc.		111,728		1,746,309
Syms Corp		160		1,250
Talbots, Inc. (The)		1,329,655		3,496,993
Williams-Sonoma, Inc.		1,700		63,818
Zale Corporation		100		369
Zumiez, Inc.		58,770		1,337,018
				39,315,474
Textiles, Apparel & Luxury Goods — 0.5%
American Apparel, Inc.		273,935		238,323
Carter's, Inc.		39,834		1,517,277
Cherokee, Inc.		8,242		108,300
Columbia Sportswear Company		10,544		566,635
CROCS, Inc.		1,713		30,269
Delta Apparel, Inc.		211		3,800
DGSE Companies, Inc.		1,145		9,446
Forward Industries, Inc.		100		202
Hanesbrands, Inc.		346		9,124

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Consumer Discretionary — 8.8% (Continued)
Textiles, Apparel & Luxury Goods — 0.5% (Continued)
Heelys, Inc.		200	$	398
Joe's Jeans, Inc.		100		55
Kingold Jewelry, Inc.		649		837
K-Swiss, Inc. - Class A		234,741		1,056,334
Movado Group, Inc.		92,285		1,543,928
Perry Ellis International, Inc.		6,747		169,350
R.G. Barry Corporation		24		267
Under Armour, Inc. - Class A		52,729		4,450,855
				9,705,400
Consumer Staples — 2.0%
Beverages — 0.3%
China New Borun Corporation		177,940		774,039
Heckmann Corporation		575,235		3,445,658
MGP Ingredients, Inc.		56		367
				4,220,064
Food & Staples Retailing — 0.0% (b)
Arden Group, Inc. - Class A		39		3,537
Great Atlantic & Pacific Tea Company, Inc. (The)		845,066		137,746
Ingles Markets, Inc. - Class A		87		1,314
Pizza Inn Holdings, Inc.		188		827
United Natural Foods, Inc.		700		25,557
Village Super Market, Inc. - Class A		25		709
				169,690
Food Products — 1.1%
AgFeed Industries, Inc.		160,993		104,645
Calavo Growers, Inc.		120,582		2,721,536
Cal-Maine Foods, Inc.		115,567		3,850,692
China Marine Food Group Ltd.		61,176		97,270
Chiquita Brands International, Inc.		975		8,658
Coffee Holding Company, Inc.		47,046		491,160
Cosan Ltd.		2,962		35,544
Dole Food Company, Inc.		225,504		2,385,832
Farmer Brothers Company		1,300		7,605
Feihe International, Inc.		241,388		1,296,254
Flowers Foods, Inc.		228,707		4,617,594
John B. Sanfilippo & Son, Inc.		56		482
Lancaster Colony Corporation		11,634		773,894
Le Gaga Holdings Ltd.		1,599		6,524
Lifeway Foods, Inc.		11,220		118,259
Limoneira Company		284		4,927
Seneca Foods Corporation - Class A		30		632
SkyPeople Fruit Juice, Inc.		12,491		24,857
Tootsie Roll Industries, Inc.		22,270		551,628
Yuhe International, Inc.		109,183		98,265
Zhongpin, Inc.		299,153		2,761,182
				19,957,440
Household Products — 0.0% (b)
Central Garden & Pet Company		13,954		120,702

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Consumer Staples — 2.0% (Continued)
Household Products — 0.0% (b) (Continued)
Spectrum Brands Holdings, Inc.		300	$	7,614
WD-40 Company		4,040		177,841
				306,157
Personal Products — 0.3%
China Sky One Medical, Inc.		195,854		393,666
China-Biotics, Inc.		591,624		307,644
Medifast, Inc.		43,106		708,663
Nature's Sunshine Products, Inc.		74		1,285
Neptune Technologies & Bioressources, Inc.		15,101		41,679
Synutra International, Inc.		103,885		690,835
USANA Health Sciences, Inc.		84,838		2,935,395
				5,079,167
Tobacco — 0.3%
Alliance One International, Inc.		403,416		1,077,121
Star Scientific, Inc.		1,408,832		4,085,613
Universal Corporation		18,547		794,182
				5,956,916
Energy — 4.4%
Energy Equipment & Services — 0.5%
Dawson Geophysical Company		12,478		360,614
Diamond Offshore Drilling, Inc.		2,200		144,188
ENGlobal Corporation		100		261
Exterran Holdings, Inc.		148,310		1,408,945
Geokinetics, Inc.		1,864		6,095
Global Industries Ltd.		551		4,380
Gulf Island Fabrication, Inc.		55		1,532
Hercules Offshore, Inc.		229,885		871,264
ION Geophysical Corporation		23,246		177,135
Natural Gas Services Group, Inc.		54,306		747,251
PHI, Inc.		1,551		34,231
Recon Technology Ltd.		200		166
Seadrill Ltd.		73,474		2,434,194
SulphCo, Inc.		486,090		1,750
Superior Energy Services, Inc.		110,803		3,115,780
TGC Industries, Inc.		600		3,348
Tidewater, Inc.		1,057		52,036
Willbros Group, Inc.		246		1,252
				9,364,422
Oil, Gas & Consumable Fuels — 3.9%
Abraxas Petroleum Corporation		608,455		2,372,974
Amyris, Inc.		44,369		909,564
Apco Oil and Gas International, Inc.		1,276		105,908
ATP Oil & Gas Corporation		126,481		1,334,375
BioFuel Energy Corporation		246,628		123,314
Blue Dolphin Energy Company		41,157		138,288
BMB Munai, Inc.		148		20
BPZ Resources, Inc.		1,167,792		3,491,698
Buckeye Partners, L.P.		152		10,268

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Energy — 4.4% (Continued)
Oil, Gas & Consumable Fuels — 3.9% (Continued)
CAMAC Energy, Inc.		22,976	$	25,503
Cano Petroleum, Inc.		50,840		6,614
Capital Product Partners, L.P.		16,219		113,695
Carrizo Oil & Gas, Inc.		5,600		152,320
China Integrated Energy, Inc.		491,150		260,801
China North East Petroleum Holdings Ltd.		210,605		566,527
Clean Energy Fuels Corporation		279,697		3,306,019
Comstock Resources, Inc.		32,503		592,855
Constellation Energy Partners, LLC		1,600		4,304
Contango Oil & Gas Company		7,366		473,928
Cross Timbers Royalty Trust		87		4,089
DCP Midstream Partners, L.P.		1,100		48,334
Delek US Holdings, Inc.		34,873		504,961
DHT Holdings, Inc.		181,934		291,094
Dominion Resources Black Warrior Trust		400		3,796
ECA Marcellus Trust I		28,410		783,548
El Paso Pipeline Partners, L.P.		100		3,333
Enbridge Energy Management, LLC		34,252		1,055,647
Endeavour International Corporation		344,744		3,199,224
Energy Partners Ltd.		18,949		271,729
Energy Transfer Equity, L.P.		3,080		117,810
Enterprise Products Partners, L.P.		101		4,528
Evergreen Energy, Inc.		172,973		152,216
Evolution Petroleum Corporation		34,548		238,727
Frontline Ltd.		38,700		201,240
FX Energy, Inc.		279,836		1,656,629
General Maritime Corporation		30,008		7,802
GeoGlobal Resources, Inc.		294,532		71,424
GeoResources, Inc.		100,617		2,670,375
Gevo, Inc.		1,846		13,716
GMX Resources, Inc.		100		250
Green Plains Renewable Energy, Inc.		18,447		192,956
GreenHunter Energy, Inc.		2,800		1,896
Gulfport Energy Corporation		300		9,342
Harvest Natural Resources, Inc.		299,747		3,198,300
Houston American Energy Corporation		75,721		1,185,791
Hyperdynamics Corporation		435,572		2,134,303
Inergy, L.P.		1,400		40,194
InterOil Corporation		19,007		903,023
Isramco, Inc.		1,113		94,416
Kinder Morgan Management, LLC		15,774		1,044,893
Kinder Morgan, Inc.		29,538		844,787
KiOR, Inc. - Class A		27,926		461,617
Knightsbridge Tankers Ltd.		168,702		2,847,690
Kosmos Energy, LLC		15,200		235,600
L & L Energy, Inc.		490,656		1,329,678
Legacy Reserves, L.P.		858		25,285
Longwei Petroleum Investment Holding Ltd.		69,078		83,584
Lucas Energy, Inc.		227,846		389,617

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Energy — 4.4% (Continued)
Oil, Gas & Consumable Fuels — 3.9% (Continued)
Magnum Hunter Resources Corporation		426,380	$	1,918,710
MarkWest Energy Partners, L.P.		300		14,949
Miller Energy Resources, Inc.		554,795		1,592,262
MV Oil Trust		9,270		337,521
New Concept Energy, Inc.		11,200		25,984
Nordic American Tankers Ltd.		210,725		3,038,654
NuStar GP Holdings, LLC		200		6,370
Oiltanking Partners, L.P.		100		2,720
ONEOK Partners, L.P.		2,523		126,150
Overseas Shipholding Group, Inc.		253,319		3,161,421
Pacific Ethanol, Inc.		407,867		187,619
Panhandle Oil & Gas, Inc.		100		3,332
Petroleum Development Corporation		62,629		1,635,243
Provident Energy Ltd.		300		2,718
Pyramid Oil Company		40,471		146,100
Resolute Energy Corporation		56,635		736,255
Rex Energy Corporation		67,877		1,050,736
Rosetta Resources, Inc.		2,600		115,284
Royale Energy, Inc.		204,838		637,046
SandRidge Energy, Inc.		31,125		238,417
SandRidge Mississippian Trust I		17,049		464,074
Scorpio Tankers, Inc.		2,282		14,582
Ship Finance International Ltd.		2,087		29,865
Sino Clean Energy, Inc.		88,671		105,962
Southern Union Company		40,017		1,681,915
Spectra Energy Partners, L.P.		11,602		360,590
Teekay Offshore Partners, L.P.		693		18,281
Teekay Tankers Ltd. - Class A		134,248		663,185
Tri-Valley Corporation		561,372		99,924
Uranerz Energy Corporation		469,929		1,071,438
Uranium Energy Corporation		994,209		3,340,542
Uranium Resources, Inc.		21,562		25,874
USEC, Inc.		602,792		1,265,863
Vanguard Natural Resources, LLC		13,056		379,538
Verenium Corporation		82,517		207,943
Whiting USA Trust I		55,782		978,974
Williams Partners, L.P.		200		11,866
World Fuel Services Corporation		32,320		1,287,952
Zion Oil & Gas, Inc.		300,672		874,956
				68,173,234
Financials — 10.8%
Capital Markets — 1.8%
AllianceBernstein Holding, L.P.		178,202		2,525,122
Apollo Investment Corporation		588,659		4,874,097
BGC Partners, Inc. - Class A		172,075		1,178,714
CIFC Corporation		600		3,324
Cowen Group, Inc.		430,103		1,169,880
Duff & Phelps Corporation		137,442		1,744,139

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Capital Markets — 1.8% (Continued)
Eaton Vance Corporation		2,400	$	63,096
Edelman Financial Group, Inc.		179		1,242
FBR Capital Markets Corporation		776		1,614
Federated Investors, Inc. - Class B		303,911		5,938,421
Fifth Street Finance Corporation		133,991		1,321,151
Financial Engines, Inc.		162,030		3,679,701
FXCM, Inc.		132,951		1,528,937
Gladstone Investment Corporation		366		2,741
Greenhill & Company, Inc.		3,987		150,629
Investors Capital Holdings Ltd.		600		2,820
KBW, Inc.		479		6,783
Main Street Capital Corporation		44,795		783,017
Medley Capital Corporation		784		7,299
MF Global Holdings Ltd.		523,833		628,600
MVC Capital, Inc.		3,093		39,992
Oppenheimer Holdings, Inc.		189		3,321
Penson Worldwide, Inc.		243,626		299,660
Piper Jaffray Companies, Inc.		251		5,211
Prospect Capital Corporation		452,687		4,332,215
Pzena Investment Management, Inc. - Class A		1,392		6,027
Safeguard Scientifics, Inc.		119,020		2,012,628
TICC Capital Corporation		28		249
Tortoise Capital Resources Corporation		48		364
U.S. Global Investors, Inc.		271		2,057
Westwood Holdings Group, Inc.		255		9,343
				32,322,394
Commercial Banks — 4.4%
Alliance Financial Corporation		3,248		100,006
American National Bankshares, Inc.		214		4,006
Ameris Bancorp		117,540		1,181,277
Ames National Corporation		150		2,763
Arrow Financial Corporation		23,355		545,106
BancTrust Financial Group, Inc.		5,150		8,394
Bank of the Ozarks, Inc.		63,275		1,573,649
Bridge Capital Holdings		1,177		12,982
Britton & Koontz Capital Corporation		50		296
Camden National Corporation		3		89
Capital City Bank Group, Inc.		52,728		537,298
Capitol Bancorp Ltd.		40,199		2,693
Cascade Bancorp		25,756		136,249
Center Bancorporation, Inc.		5,260		48,813
CenterState Banks, Inc.		117		665
Citizens Holding Company		1,201		21,468
Citizens Republic Bancorp, Inc.		10		90
City Bank		13,668		3,007
City Holding Company		81,133		2,666,030
City National Corporation		97,935		4,154,403
CoBiz Financial, Inc.		211,735		1,122,196

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Commercial Banks — 4.4% (Continued)
Columbia Banking Systems, Inc.		107,370	$	2,047,546
Community Bank System, Inc.		122,014		3,118,678
Community Trust Bancorp, Inc.		4,642		131,508
CVB Financial Corporation		235,691		2,288,560
Dearborn Bancorp, Inc.		136		88
Eagle Bancorp, Inc.		3,390		47,019
First BanCorp (North Carolina)		3,212		40,728
First BanCorp (Puerto Rico)		274,982		978,936
First Bancorp, Inc.		315		4,533
First Busey Corporation		384,008		1,958,441
First Commonwealth Financial Corporation		222,742		1,026,841
First Community Bancshares, Inc.		217		2,606
First Financial Bankshares, Inc.		116,585		3,702,740
First Horizon National Corporation		8		56
First of Long Island Corporation (The)		111		2,836
FirstMerit Corporation		4,700		65,847
FNB Corporation		255,702		2,580,033
Frontier Financial Corporation		10,459		575
German American Bancorp, Inc.		200		3,474
Great Southern Bancorp, Inc.		37,480		745,477
Green Bankshares, Inc.		81,194		112,048
Hampton Roads Bankshares, Inc.		40,735		178,827
Heartland Financial USA, Inc.		368		5,752
Heritage Financial Corporation		24,574		309,878
IBERIABANK Corporation		116,945		6,048,395
Independent Bank Corporation (Massachusetts)		118,262		3,065,351
Independent Bank Corporation (Michigan)		110,460		189,991
Lakeland Bancorp, Inc.		78,215		726,617
Macatawa Bank Corporation		75,547		201,710
MainSource Financial Group, Inc.		791		7,420
Mercantile Bancorp, Inc.		900		450
Mercantile Bank Corporation		19,216		175,442
Merchants Bancshares, Inc.		4		114
Nara Bancorp, Inc.		486,853		4,128,513
National Bankshares, Inc.		16,134		450,945
Old Second Bancorp, Inc.		45,303		58,894
Oriental Financial Group, Inc.		132,440		1,402,540
PAB Bankshares, Inc.		4,809		12
Pacific Mercantile Bancorp		1,019		3,098
PacWest Bancorp		14,278		251,864
Park National Corporation		52,031		3,106,771
Patriot National Bancorp		994		1,839
Pinnacle Financial Partners, Inc.		121,717		1,826,972
PremierWest Bancorp, Inc.		15,074		15,225
Princeton National Bancorp, Inc.		600		1,350
Prosperity Bancshares, Inc.		35,770		1,376,787
Renasant Corporation		108,045		1,558,009
Republic Bancorp, Inc. - Class A		3,580		72,817
S&T Bancorp, Inc.		115,807		2,162,117

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Commercial Banks — 4.4% (Continued)
S.Y. Bancorp, Inc.		43,136	$	887,739
Salisbury Bancorp, Inc.		300		6,900
Sandy Spring Bancorp, Inc.		228		3,878
SCBT Financial Corporation		9,471		279,679
Seacoast Banking Corporation of Florida		9,300		13,857
Security Bank Corporation		32,973		—
Sierra Bancorp		99		1,083
Simmons First National Corporation - Class A		9,081		235,743
Southern Connecticut Bancorp, Inc.		200		466
Southside Bancshares, Inc.		57,432		1,181,376
State Bank Financial Corporation		4,794		69,225
StellarOne Corporation		1,100		13,189
Sterling Bancorp		44,015		363,124
Suffolk Bancorp		51		434
Superior Bancorp		400		1
Susquehanna Bancshares, Inc.		227		1,648
Taylor Capital Group, Inc.		45,878		426,207
TCF Financial Corporation		70,986		755,291
Texas Capital Bancshares, Inc.		93,759		2,625,252
Tompkins Financial Corporation		36,178		1,426,499
TowneBank		158,538		1,975,383
Trico Bancshares		46,202		685,176
UMB Financial Corporation		9,551		352,145
United Bankshares, Inc.		36,867		875,223
United Security Bancshares		3,060		8,537
United Security Bancshares, Inc.		18		89
Univest Corporation of Pennsylvania		697		10,601
Valley National Bancorp		103,617		1,243,404
VIST Financial Corporation		200		1,360
Washington Banking Company		500		5,910
Washington Trust Bancorp, Inc.		5,323		124,984
Webster Financial Corporation		128,601		2,525,724
Wells Fargo & Company		1,600		41,456
West Bancorporation, Inc.		300		2,952
Westamerica Bancorporation		4,171		186,944
Wintrust Financial Corporation		97,409		2,813,172
Zions Bancorporation		100		1,736
				77,454,137
Consumer Finance — 0.1%
CompuCredit Holdings Corporation		77,709		242,452
EZCORP, Inc. - Class A		1,380		38,337
First Marblehead Corporation (The)		200		192
Green Dot Corporation - Class A		2,802		91,541
World Acceptance Corporation		11,979		810,379
				1,182,901
Diversified Financial Services — 0.5%
ASTA Funding, Inc.		800		6,448
Bank of America Corporation		22,000		150,260

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Diversified Financial Services — 0.5% (Continued)
Citigroup, Inc.		4,900	$	154,791
Encore Capital Group, Inc.		31,924		864,821
Life Partners Holdings, Inc.		528,311		3,629,497
PHH Corporation		49,516		913,570
Portfolio Recovery Associates, Inc.		30,729		2,155,332
Sprott Resource Lending Corporation		355		518
				7,875,237
Insurance — 1.4%
Ambac Financial Group, Inc.		89,956		3,418
American Equity Investment Life Holding Company		11,211		121,527
Aspen Insurance Holdings Ltd.		3,675		97,351
Axis Capital Holdings Ltd.		548		17,180
Citizens, Inc.		36,552		286,568
Crawford & Company - Class B		524		3,726
eHealth, Inc.		189,201		2,809,635
EMC Insurance Group, Inc.		51		991
Enstar Group, Inc. (The)		10		920
Flagstone Reinsurance Holdings, S.A.		62,341		529,275
Gerova Financial Group Ltd.		9,506		760
Greenlight Capital Re Ltd. - Class A		181		4,078
HCC Insurance Holdings, Inc.		23,306		620,173
Hilltop Holdings, Inc.		218,692		1,723,293
Lincoln National Corporation		1,600		30,480
Maiden Holdings Ltd.		80,467		655,806
MBIA, Inc.		659,690		5,805,272
Meadowbrook Insurance Group, Inc.		670		6,941
MetLife, Inc.		400		14,064
Montpelier Re Holdings Ltd.		108,158		1,892,765
National Financial Partners Corporation		260,900		3,566,503
National Interstate Corporation		161		4,282
Navigators Group, Inc. (The)		15,261		696,207
OneBeacon Insurance Group Ltd. - Class A		6,966		106,022
Phoenix Companies, Inc. (The)		50,800		75,692
RLI Corporation		23,613		1,660,938
SeaBright Insurance Holdings, Inc.		215		1,544
StanCorp Financial Group, Inc.		19,585		664,715
State Auto Financial Corporation		47		625
Stewart Information Services Corporation		187,174		1,879,227
Tower Group, Inc.		60,405		1,433,411
Willis Group Holdings plc		6,069		220,365
				24,933,754
Real Estate Investment Trusts (REIT) — 1.5%
Acadia Realty Trust		4,535		93,965
Agree Realty Corporation		89,422		2,138,080
American Capital Mortgage Investment Corporation		21,260		386,507
ARMOUR Residential REIT, Inc.		317,874		2,272,799
BRE Properties, Inc.		152		7,618
Camden Property Trust		100		6,064

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Real Estate Investment Trusts (REIT) — 1.5% (Continued)
Campus Crest Communities, Inc.		16,360	$	186,995
Capital Trust, Inc. - Class A		24,468		60,925
CapLease, Inc.		466		1,822
Chimera Investment Corporation		200		602
Colony Financial, Inc.		126,177		1,851,017
Cousins Properties, Inc.		291		1,909
CYS Investments, Inc.		57,305		726,627
DCT Industrial Trust, Inc.		526,209		2,609,997
DuPont Fabros Technology, Inc.		64,286		1,336,506
Dynex Capital, Inc.		72,781		637,562
Entertainment Properties Trust		983		44,038
Excel Trust, Inc.		22,293		234,299
Franklin Street Properties Corporation		104,070		1,321,689
Getty Realty Corporation		29,339		467,664
Hatteras Financial Corporation		2,000		51,400
Healthcare Realty Trust, Inc.		2,900		54,781
Highwoods Properties, Inc.		1,026		31,785
Hudson Pacific Properties, Inc.		282		3,767
Investors Real Estate Trust		82,955		614,697
Lexington Realty Trust		615,760		4,839,874
Liberty Property Trust		27,451		878,432
MPG Office Trust, Inc.		44,286		105,844
National Retail Properties, Inc.		19,890		542,002
Omega Healthcare Investors, Inc.		2,979		52,907
Parkway Properties, Inc.		141,133		1,813,559
RAIT Financial Trust		181,108		941,762
Ramco-Gershenson Properties Trust		190,528		1,838,595
Resource Capital Corporation		75,188		403,760
Transcontinental Realty Investors, Inc.		67		121
Two Harbors Investment Corporation		629		5,881
Washington Real Estate Investment Trust		11,045		319,863
				26,885,715
Real Estate Management & Development — 0.3%
Avatar Holdings, Inc.		216		2,052
China Housing & Land Development, Inc.		171,004		193,235
Consolidated-Tomoka Land Company		4,357		130,492
Forestar Group, Inc.		5,563		72,319
Maui Land & Pineapple Company, Inc.		800		3,512
St. Joe Company (The)		395,530		5,675,855
				6,077,465
Thrifts & Mortgage Finance — 0.8%
Anchor BanCorp Wisconsin, Inc.		35,400		18,068
Apollo Residential Mortgage, Inc.		40,305		657,375
BankAtlantic Bancorp, Inc. - Class A		96,480		228,658
Berkshire Hills Bancorp, Inc.		41,241		825,645
BofI Holding, Inc.		22,221		339,981
Brookline Bancorp, Inc.		431,796		3,609,815
Brooklyn Federal Bancorp, Inc.		4,015		3,132

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Thrifts & Mortgage Finance — 0.8% (Continued)
Capitol Federal Financial, Inc.		36	$	399
Clifton Savings Bancorp, Inc.		82		835
Dime Community Bancshares, Inc.		15,669		186,774
ESSA Bancorp, Inc.		7		77
First Federal Bancshares of Arkansas, Inc.		4,628		25,963
FirstFed Financial Corporation		23,697		237
Flushing Financial Corporation		100		1,226
Freddie Mac		94,749		23,687
Home Federal Bancorp, Inc.		10		100
Impac Mortgage Holdings, Inc.		148		274
MGIC Investment Corporation		886,969		2,359,338
NASB Financial, Inc.		4,380		44,019
OceanFirst Financial Corporation		52		678
People's United Financial, Inc.		8,939		113,972
PMI Group, Inc. (The) (a)		7		2
Provident Financial Services, Inc.		135,846		1,759,206
Provident New York Bancorp		18,428		128,075
Radian Group, Inc.		1,445,445		3,396,796
Rockville Financial, Inc.		16,047		161,272
Roma Financial Corporation		100		967
Territorial Bancorp, Inc.		55		1,081
Tree.com, Inc.		438		2,365
Triad Guaranty, Inc.		9,250		1,738
TrustCo Bank Corporation		54		268
Washington Federal, Inc.		10,094		137,783
Westfield Financial, Inc.		295		2,097
				14,031,903
Health Care — 8.9%
Biotechnology — 3.7%
Aastrom Biosciences, Inc.		256,307		656,146
Accentia Biopharmaceuticals, Inc.		1,600		576
Acorda Therapeutics, Inc.		7,526		164,368
ADVENTRX Pharmaceuticals, Inc.		539,542		598,892
AEterna Zentaris, Inc.		33,369		56,394
Agenus, Inc.		208		570
Alnylam Pharmaceuticals, Inc.		92,631		752,164
AMAG Pharmaceuticals, Inc.		27,944		394,290
Amicus Therapeutics, Inc.		7		23
Amylin Pharmaceuticals, Inc.		942		10,852
ARCA biopharma, Inc.		3,325		3,791
Ardea Biosciences, Inc.		59,035		1,175,387
Arena Pharmaceuticals, Inc.		200,779		283,098
Ariad Pharmaceuticals, Inc.		137,515		1,599,299
AspenBio Pharma, Inc.		226		529
AVEO Pharmaceuticals, Inc.		38,175		613,090
BioCryst Pharmaceuticals, Inc.		258,575		793,825
BioMimetic Therapeutics, Inc.		673		2,181
BioSante Pharmaceuticals, Inc.		2,058,579		5,455,234

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Health Care — 8.9% (Continued)
Biotechnology — 3.7% (Continued)
BioSpecifics Technologies Corporation		184	$	3,128
BioTime, Inc.		273,423		1,233,138
Cardium Therapeutics, Inc.		100		41
Cell Therapeutics, Inc.		1,086,499		1,390,719
CEL-SCI Corporation		547,321		197,090
Celsion Corporation		75,661		249,681
Chelsea Therapeutics International Ltd.		447,378		2,026,622
China Biologic Products, Inc.		59,596		463,657
Cleveland BioLabs, Inc.		286,646		851,339
Curis, Inc.		266,797		981,813
Cyclacel Pharmaceuticals, Inc.		94,507		57,649
Cytori Therapeutics, Inc.		982,382		2,976,617
CytRx Corporation		14,079		4,998
DARA BioSciences, Inc.		70,543		105,109
EntreMed, Inc.		54		94
Enzon Pharmaceuticals, Inc.		241,679		1,776,341
EpiCept Corporation		103,115		37,121
Exact Sciences Corporation		39,744		315,965
Exelixis, Inc.		203,573		1,573,619
Galena Biopharma, Inc.		267,220		202,553
Genomic Health, Inc.		77,078		1,649,469
Hemispherx Biopharma, Inc.		192,180		52,311
Human Genome Sciences, Inc.		100		1,026
iBio, Inc.		78,773		159,121
Idenix Pharmaceuticals, Inc.		1,301		7,806
Immunomedics, Inc.		3,012		10,964
Infinity Pharmaceuticals, Inc.		27,807		210,499
Inovio Pharmaceuticals, Inc.		5,426		3,684
Insmed, Inc.		27,121		95,737
InterMune, Inc.		3,414		87,057
Introgen Therapeutics, Inc.		45,612		114
Ironwood Pharmaceuticals, Inc.		7,061		96,030
Isis Pharmaceuticals, Inc.		251,465		2,084,645
MannKind Corporation		1,887,377		5,888,616
Marina Biotech, Inc.		2,437,458		390,237
MediciNova, Inc.		63,446		133,237
Medivation, Inc.		18,568		318,998
Metabolix, Inc.		561,873		2,882,408
Myrexis, Inc.		939		2,610
Nanosphere, Inc.		117		177
NanoViricides, Inc.		100		100
Neuralstem, Inc.		231,993		306,231
NeurogesX, Inc.		128,288		141,117
Nymox Pharmaceutical Corporation		124,609		1,150,141
Oncolytics Biotech, Inc.		63,478		298,347
Oncothyreon, Inc.		903,749		6,290,093
Onyx Pharmaceuticals, Inc.		7,444		304,683
Opexa Therapeutics, Inc.		138,446		148,137
Osiris Therapeutics, Inc.		95,766		513,306

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Health Care — 8.9% (Continued)
Biotechnology — 3.7% (Continued)
OXiGENE, Inc.		170,451	$	281,244
Oxygen Biotherapeutics, Inc.		1,499		3,298
Pharmasset, Inc.		432		30,413
PharmAthene, Inc.		169,445		288,057
Pluristem Therapeutics, Inc.		7,587		18,892
Poniard Pharmaceuticals, Inc.		1,300		195
Progenics Pharmaceuticals, Inc.		12,464		81,888
PROLOR Biotech, Inc.		100,153		442,676
Raptor Pharmaceutical Corporation		661,617		3,268,388
Rexahn Pharmaceuticals, Inc.		49,836		51,331
Rigel Pharmaceuticals, Inc.		64,864		509,182
Rosetta Genomics Ltd.		1,100		770
Sangamo Biosciences, Inc.		339,141		1,125,948
Savient Pharmaceuticals, Inc.		1,047,861		3,929,479
SciClone Pharmaceuticals, Inc.		68,250		287,333
Seattle Genetics, Inc.		4,609		101,398
SIGA Technologies, Inc.		159,719		517,490
StemCells, Inc.		65		136
Sunesis Pharmaceuticals, Inc.		177,995		240,293
Synta Pharmaceuticals Corporation		1,413		5,228
Tengion, Inc.		8,924		4,551
Theravance, Inc.		50,659		1,126,150
Threshold Pharmaceuticals, Inc.		244,569		391,310
XOMA Ltd.		109,417		180,538
ZIOPHARM Oncology, Inc.		404,261		1,984,922
				65,106,014
Health Care Equipment & Supplies — 2.2%
Abaxis, Inc.		86,807		2,435,804
ABIOMED, Inc.		6,751		101,670
Alimera Sciences, Inc.		212		1,507
Analogic Corporation		27		1,460
Bacterin International Holdings, Inc.		54,099		179,068
BioLase Technology, Inc.		750,916		2,733,334
BSD Medical Corporation		1,063,518		3,031,026
CONMED Corporation		181		4,755
CryoPort, Inc.		100		104
Cyberonics, Inc.		60,543		1,743,638
D. Medical Industries Ltd.		2,300		5,060
Delcath Systems, Inc.		795,124		2,878,349
Derma Sciences, Inc.		1,048		8,751
Dynatronics Corporation		100		73
DynaVox, Inc.		1,081		3,654
Exactech, Inc.		109		1,744
Hansen Medical, Inc.		329,968		1,036,099
HeartWare International, Inc.		62,053		4,215,260
ICU Medical, Inc.		51,224		2,013,615
Insulet Corporation		47,830		780,586
Invacare Corporation		9,479		212,804

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Health Care — 8.9% (Continued)
Health Care Equipment & Supplies — 2.2% (Continued)
IRIS International, Inc.		329	$	2,981
Kensey Nash Corporation		72,417		1,946,569
MAKO Surgical Corporation		7,860		302,217
MELA Sciences, Inc.		49,834		286,047
Meridian Bioscience, Inc.		124,323		2,265,165
Neogen Corporation		17,427		673,554
Neoprobe Corporation		1,772,270		5,033,247
NxStage Medical, Inc.		107,381		2,468,689
Quidel Corporation		85,882		1,533,853
Rockwell Medical Technologies, Inc.		49,761		419,485
Stereotaxis, Inc.		190,674		221,182
Synergetics USA, Inc.		1,400		9,366
Unilife Corporation		291,310		1,543,943
Uroplasty, Inc.		33,310		150,228
Winner Medical Group, Inc.		9,246		28,709
World Heart Corporation		1,600		480
				38,274,076
Health Care Providers & Services — 1.4%
Accretive Health, Inc.		207,761		4,946,789
Air Methods Corporation		23,119		1,868,478
Amedisys, Inc.		96,675		1,269,343
AMERIGROUP Corporation		4,600		255,898
Bio-Reference Laboratories, Inc.		185,568		3,718,783
Brookdale Senior Living, Inc.		11,500		190,670
CardioNet, Inc.		696		1,970
Centene Corporation		993		34,904
Chindex International, Inc.		2,344		26,042
Emeritus Corporation		97,930		1,734,340
Health Net, Inc.		101,072		2,808,791
HealthSouth Corporation		2,801		49,466
IPC The Hospitalist Company, Inc.		44,532		1,867,227
Kindred Healthcare, Inc.		241,031		2,808,011
LCA-Vision, Inc.		3,982		12,862
MWI Veterinary Supply, Inc.		8,570		647,035
National Research Corporation		100		3,340
Patterson Companies, Inc.		1,500		47,205
PDI, Inc.		71		457
Providence Service Corporation (The)		3,419		42,737
PSS World Medical, Inc.		62,625		1,393,406
Sunrise Senior Living, Inc.		108,797		598,383
Vanguard Health Systems, Inc.		700		6,804
				24,332,941
Health Care Technology — 0.0% (b)
Epocrates, Inc.		615		5,350
iCad, Inc.		400		292
Quality Systems, Inc.		22,760		885,592
				891,234

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Health Care — 8.9% (Continued)
Life Sciences Tools & Services — 0.2%
Accelr8 Technology Corporation		511	$	1,466
Albany Molecular Research, Inc.		497		1,595
Apricus Biosciences, Inc.		330,211		1,436,418
Arrowhead Research Corporation		119,992		60,416
Bioanalytical Systems, Inc.		2,400		3,240
Bruker Corporation		103,609		1,495,078
Cambrex Corporation		32		176
Compugen Ltd.		973		4,087
eResearchTechnology, Inc.		67,168		343,228
Genetic Technologies Ltd.		29,064		120,616
PURE Bioscience, Inc.		274,490		194,888
Radient Pharmaceuticals Corporation		46,192		259
				3,661,467
Pharmaceuticals — 1.4%
Acura Pharmaceuticals, Inc.		51,863		230,272
Adeona Pharmaceuticals, Inc.		115,627		68,220
Ampio Pharmaceuticals, Inc.		57,205		406,728
Aoxing Pharmaceutical Company, Inc.		10,556		4,434
AVANIR Pharmaceuticals, Inc. - Class A		2,784,947		8,326,992
Biodel, Inc.		352,139		285,233
Biostar Pharmaceuticals, Inc.		1,386		1,178
Cadence Pharmaceuticals, Inc.		995,329		5,802,768
Cumberland Pharmaceuticals, Inc.		536		3,087
DepoMed, Inc.		24,782		111,023
Echo Therapeutics, Inc.		1,000		2,720
Impax Laboratories, Inc.		105,857		2,001,756
IntelliPharmaCeutics International, Inc.		15,839		45,141
K-V Pharmaceutical Company - Class A		251,317		278,962
Lannett Company, Inc.		128,853		527,009
Nektar Therapeutics		352,416		1,910,095
NeoStem, Inc.		595,642		399,080
Obagi Medical Products, Inc.		13,751		129,809
Oculus Innovative Sciences, Inc.		85,412		138,367
Optimer Pharmaceuticals, Inc.		2,556		36,474
Repros Therapeutics, Inc.		124,915		534,636
Salix Pharmaceuticals Ltd.		14,823		507,762
Skystar Bio-Pharmaceutical Company Ltd.		3,733		8,101
Somaxon Pharmaceuticals, Inc.		859,632		833,843
Ventrus BioSciences, Inc.		6,063		50,020
ViroPharma, Inc.		18,868		381,888
VIVUS, Inc.		86,552		816,185
XenoPort, Inc.		1,622		9,894
				23,851,677
Industrials — 9.7%
Aerospace & Defense — 1.0%
AAR Corporation		92,357		1,840,675
Aerovironment, Inc.		24,120		796,684
Alliant Techsystems, Inc.		28,768		1,670,845

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Industrials — 9.7% (Continued)
Aerospace & Defense — 1.0% (Continued)
American Science and Engineering, Inc.		223	$	15,169
Arotech Corporation		1,900		2,945
Ascent Solar Technologies, Inc.		386,056		312,705
GenCorp, Inc.		573,897		2,789,139
HEICO Corporation		16,060		915,741
Huntington Ingalls Industries, Inc.		8		236
Kratos Defense & Security Solutions, Inc.		288,376		1,825,420
National Presto Industries, Inc.		22,496		2,148,368
Spirit Aerosystems Holdings, Inc. - Class A		201,793		3,444,607
Taser International, Inc.		330,509		1,642,630
				17,405,164
Air Freight & Logistics — 0.2%
Pacer International, Inc.		552,441		2,601,997
Airlines — 0.4%
Allegiant Travel Company		7,095		368,656
AMR Corporation		944,122		2,483,041
Delta Air Lines, Inc.		700		5,964
LAN Airlines, S.A. - ADR		20,081		503,431
Republic Airways Holdings, Inc.		428,776		1,114,817
Southwest Airlines Company		20		171
Spirit Airlines, Inc.		500		8,230
US Airways Group, Inc.		460,130		2,654,950
				7,139,260
Building Products — 0.7%
AAON, Inc.		111,732		2,365,366
Apogee Enterprises, Inc.		50,054		546,590
Armstrong World Industries, Inc.		3,638		154,942
Builders FirstSource, Inc.		46,412		75,652
Griffon Corporation		62,492		591,799
Insteel Industries, Inc.		93,752		966,583
Masco Corporation		69,500		667,200
Trex Company, Inc.		169,626		3,134,688
Universal Forest Products, Inc.		22,895		642,663
USG Corporation		298,772		2,766,629
				11,912,112
Commercial Services & Supplies — 1.4%
A.T. Cross Company - Class A		871		10,591
ACCO Brands Corporation		193,641		1,330,314
American Reprographics Company		22,735		90,713
Cenveo, Inc.		512,402		1,921,507
Clean Harbors, Inc.		94,025		5,478,837
Courier Corporation		400		3,476
Deluxe Corporation		17,114		404,233
EnergySolutions, Inc.		128,238		483,457
EnerNOC, Inc.		188,095		1,668,403
Ennis, Inc.		22,199		324,771
Heritage-Crystal Clean, Inc.		400		6,376

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Industrials — 9.7% (Continued)
Commercial Services & Supplies — 1.4% (Continued)
Herman Miller, Inc.		318	$	6,567
Higher One Holdings, Inc.		12,395		218,648
HNI Corporation		11,906		286,339
Industrial Services of America, Inc.		21,962		128,697
Interface, Inc.		372,951		4,863,281
Intersections, Inc.		77,465		1,308,384
Kimball International, Inc.		2,188		12,318
Mobile Mini, Inc.		115,689		2,098,598
Quad/Graphics, Inc.		71,244		1,404,932
R.R. Donnelley & Sons Company		612		9,976
RINO International Corporation		81,543		4,893
Swisher Hygiene, Inc.		617,871		2,693,917
SYKES Enterprises, Inc.		113		1,800
				24,761,028
Construction & Engineering — 0.4%
AECOM Technology Corporation		30,710		642,453
Aegion Corporation		101,678		1,503,818
Granite Construction, Inc.		77,282		1,738,845
Great Lakes Dredge & Dock Company		263,827		1,358,709
India Globalization Capital, Inc.		25,980		9,353
MasTec, Inc.		6,333		136,919
Orion Marine Group, Inc.		72,033		489,104
Primoris Services Corporation		1,741		22,668
Sterling Construction Company, Inc.		5		62
Tutor Perini Corporation		45,232		657,221
				6,559,152
Electrical Equipment — 1.2%
A123 Systems, Inc.		1,340,428		4,597,668
Advanced Battery Technologies, Inc.		579,689		550,994
Altair Nanotechnologies, Inc.		371,076		504,663
American Superconductor Corporation		581,720		2,536,299
AMETEK, Inc.		1,100		43,472
Beacon Power Corporation		57,124		6,124
Capstone Turbine Corporation		1,166,926		1,271,949
China BAK Battery, Inc.		387,297		356,352
China Electric Motor, Inc.		1,771		266
China Technology Development Group Corporation		2,500		2,400
Digital Power Corporation		1,677		3,103
Encore Wire Corporation		100,234		2,664,220
Ener1, Inc.		818,039		98,983
Fushi Copperweld, Inc.		405,258		2,577,441
General Cable Corporation		9,668		271,091
Global Power Equipment Group, Inc.		26,313		697,558
Hoku Corporation		184,642		278,809
Hydrogenics Corporation		3,215		19,258
Lihua International, Inc.		476,597		2,168,516
Medis Technologies Ltd.		22,419		157
New Energy Systems Group		1,300		2,314

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Industrials — 9.7% (Continued)
Electrical Equipment — 1.2% (Continued)
Ocean Power Technologies, Inc.		129,572	$	488,486
Plug Power, Inc.		33,044		74,679
PowerSecure International, Inc.		24,687		104,920
Satcon Technology Corporation		1,002,543		1,062,696
Sensata Technologies Holding N.V.		168		5,030
Ultralife Corporation		6,004		27,138
Valence Technology, Inc.		671,856		644,310
Valpey-Fisher Corporation		100		254
Westinghouse Solar, Inc.		31,444		22,954
ZBB Energy Corporation		800		608
				21,082,712
Industrial Conglomerates — 0.0% (b)
General Electric Company		1,100		18,381
Machinery — 2.1%
3D Systems Corporation		160,451		2,610,538
Albany International Corporation - Class A		7,963		179,884
Art's-Way Manufacturing Company, Inc.		3,205		20,320
Barnes Group, Inc.		12,757		296,855
Briggs & Stratton Corporation		182,349		2,662,295
China Fire & Security Group, Inc.		190,583		1,688,565
China Valves Technology, Inc.		266,568		818,364
CIRCOR International, Inc.		15,306		532,955
Cleantech Solutions International, Inc.		46,590		20,034
Colfax Corporation		89,387		2,257,916
Commercial Vehicle Group, Inc.		9,816		108,270
Energy Recovery, Inc.		311,719		956,977
Federal Signal Corporation		262,710		1,239,991
Flow International Corporation		2,405		6,229
Gorman-Rupp Company (The)		87		2,338
Harsco Corporation		87,330		2,012,956
IDEX Corporation		26		922
John Bean Technologies Corporation		28,573		461,168
Kaydon Corporation		10		315
Kennametal, Inc.		26,038		1,012,618
Lindsay Corporation		42,126		2,447,521
Manitowoc Company, Inc. (The)		208,584		2,311,111
Meritor, Inc.		102,578		976,543
Met-Pro Corporation		245		2,207
Middleby Corporation (The)		23,961		2,019,433
Mueller Industries, Inc.		37,927		1,534,147
Oshkosh Corporation		20,114		419,578
PMFG, Inc.		59,915		1,225,262
Shengkai Innovations, Inc.		139,249		119,754
Tecumseh Products Company - Class A		585		3,721
Titan International, Inc.		321,089		7,224,503
Trinity Industries, Inc.		203		5,536
Twin Disc, Inc.		1,105		42,984

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Industrials — 9.7% (Continued)
Machinery — 2.1% (Continued)
Wabash National Corporation		360,957	$	2,490,603
				37,712,413
Marine — 0.3%
Box Ships, Inc.		6,995		64,634
Diana Containerships, Inc.		31,352		164,912
Eagle Bulk Shipping, Inc.		54,948		85,169
Excel Maritime Carriers Ltd.		432,456		1,228,175
Genco Shipping & Trading Ltd.		451,563		4,064,067
				5,606,957
Professional Services — 0.8%
CBIZ, Inc.		470,866		2,980,582
Corporate Executive Board Company (The)		67,380		2,465,434
CoStar Group, Inc.		17,787		1,094,434
Dolan Company (The)		114,667		1,003,336
FTI Consulting, Inc.		10,278		405,056
Hill International, Inc.		1,110		6,216
Hudson Highland Group, Inc.		65,195		301,853
Innovaro, Inc.		8,192		11,878
Kelly Services, Inc. - Class A		4,557		74,507
Kforce, Inc.		67,239		857,970
Korn/Ferry International		103,287		1,649,493
Lightbridge Corporation		87,932		219,830
Odyssey Marine Exploration, Inc.		746,463		2,127,420
Pendrell Corporation		12,301		30,507
Resources Connection, Inc.		10,902		120,903
Robert Half International, Inc.		20,424		539,806
Spherix, Inc.		1,601		3,154
Thomas Group, Inc.		900		162
Towers Watson & Company - Class A		1,200		78,840
Verisk Analytics, Inc. - Class A		6,876		241,691
Volt Information Sciences, Inc.		100		630
VSE Corporation		256		6,226
				14,219,928
Road & Rail — 0.2%
Patriot Transportation Holding, Inc.		4		92
RailAmerica, Inc.		18,300		250,161
Zipcar, Inc.		198,751		4,064,458
				4,314,711
Trading Companies & Distributors — 1.0%
Beacon Roofing Supply, Inc.		216,757		3,994,831
BlueLinx Holdings, Inc.		155		245
China Armco Metals, Inc.		140,785		50,683
GATX Corporation		68,191		2,589,894
Houston Wire & Cable Company		148,619		1,897,865
Lawson Products, Inc.		400		6,668
MSC Industrial Direct Company, Inc.		500		34,005
Rush Enterprises, Inc. - Class A		107,561		2,075,927
TAL International Group, Inc.		7,696		214,180

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Industrials — 9.7% (Continued)
Trading Companies & Distributors — 1.0% (Continued)
Titan Machinery, Inc.		33,112	$	772,503
Watsco, Inc.		83,765		5,164,950
				16,801,751
Information Technology — 12.6%
Communications Equipment — 1.6%
Arris Group, Inc.		118,886		1,279,213
Aruba Networks, Inc.		41,881		992,161
Bel Fuse, Inc. - Class B		300		5,364
Blue Coat Systems, Inc.		233,018		3,751,590
CIENA Corporation		251,724		3,317,722
Cogo Group, Inc.		2,321		5,570
Comverse Technology, Inc.		23,200		159,848
Digi International, Inc.		22,901		292,904
EMCORE Corporation		93,512		92,577
Emulex Corporation		237,145		1,987,275
Extreme Networks, Inc.		662		1,953
Finisar Corporation		8,560		175,394
Globecomm Systems, Inc.		23,153		314,649
InterDigital, Inc.		99,019		4,302,376
JDS Uniphase Corporation		6,512		78,144
KVH Industries, Inc.		44,433		327,027
Loral Space & Communications, Inc.		12		726
Meru Networks, Inc.		235,849		1,280,660
Network Equipment Technologies, Inc.		246		470
Oclaro, Inc.		125,049		513,951
Plantronics, Inc.		41,056		1,371,681
Powerwave Technologies, Inc.		1,532		5,531
Qiao Xing Mobile Communication Company Ltd.		1,984		2,063
RIT Technologies Ltd.		9,858		39,334
ShoreTel, Inc.		9,849		57,617
Sonus Networks, Inc.		605,662		1,605,004
Sycamore Networks, Inc.		15,067		289,588
Symmetricom, Inc.		9,869		50,825
Telestone Technologies Corporation		567,319		3,437,953
ViaSat, Inc.		24,360		1,037,493
Zoom Technologies, Inc.		134,895		276,535
ZST Digital Networks, Inc.		206,448		431,476
				27,484,674
Computers & Peripherals — 0.9%
Avid Technology, Inc.		153,653		952,649
Diebold, Inc.		58,093		1,875,242
Fusion-io, Inc.		5,106		158,388
Hauppauge Digital, Inc.		69,638		76,602
iGo, Inc.		15,315		18,072
Imation Corporation		325,723		2,188,858
Immersion Corporation		23,479		161,301
Intermec, Inc.		43,048		347,397
Intevac, Inc.		6,075		48,904

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Information Technology — 12.6% (Continued)
Computers & Peripherals — 0.9% (Continued)
Lexmark International, Inc. - Class A		1,643	$	52,083
Logitech International S.A.		17,316		172,294
Novatel Wireless, Inc.		57,035		226,429
OCZ Technology Group, Inc.		648,681		4,586,175
Rimage Corporation		51		566
Silicon Graphics International Corporation		146,940		2,124,752
Stratasys, Inc.		71,084		1,993,195
Super Micro Computer, Inc.		4,502		72,032
Synaptics, Inc.		1,935		65,384
TransAct Technologies, Inc.		100		771
USA Technologies, Inc.		399,409		583,137
				15,704,231
Electronic Equipment, Instruments & Components — 1.5%
Anixter International, Inc.		570		33,453
Benchmark Electronics, Inc.		657		9,027
CalAmp Corporation		2,315		8,542
Clearfield, Inc.		100		522
CTS Corporation		341,450		3,168,656
Daktronics, Inc.		623		6,292
DDi Corporation		16,122		148,161
Digital Ally, Inc.		4,700		3,861
Document Security Systems, Inc.		600		1,938
DTS, Inc.		61,907		1,738,968
Echelon Corporation		280,664		1,897,289
Electro Rent Corporation		6		96
FEI Company		1,528		60,753
Hollysys Automation Technologies Ltd.		989,607		8,609,581
Insight Enterprises, Inc.		7,918		133,814
IPG Photonics Corporation		67		3,542
Itron, Inc.		200		7,358
Littelfuse, Inc.		27,032		1,323,487
Maxwell Technologies, Inc.		21,805		435,446
Mesa Laboratories, Inc.		131		4,878
Methode Electronics, Inc.		527		4,896
Microvision, Inc.		949,504		674,243
Nam Tai Electronics, Inc.		12,669		60,811
OSI Systems, Inc.		42		1,861
Park Electrochemical Corporation		704		19,923
Pinnacle Data Systems, Inc.		100		119
Power-One, Inc.		1,108,774		5,488,431
Pulse Electronics Corporation		260,992		921,302
RadiSys Corporation		14,372		84,220
Research Frontiers, Inc.		70,876		277,834
ScanSource, Inc.		52		1,808
SinoHub, Inc.		43,908		18,990
SMTC Corporation		187		387
Superconductor Technologies, Inc.		170,081		275,531
SYNNEX Corporation		52,801		1,524,365

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Information Technology — 12.6% (Continued)
Electronic Equipment, Instruments & Components — 1.5% (Continued)
Uni-Pixel, Inc.		2,300	$	13,685
Vishay Intertechnology, Inc.		3,900		41,925
Vishay Precision Group, Inc.		14,846		216,603
				27,222,598
Internet Software & Services — 2.3%
Active Network, Inc. (The)		2,326		31,262
Ancestry.com, Inc.		20,890		475,665
Autobytel, Inc.		1,600		1,440
Bankrate, Inc.		44,600		868,362
Carbonite, Inc.		3,347		42,239
comScore, Inc.		23,971		506,028
Constant Contact, Inc.		101,375		2,051,830
DealerTrack Holdings, Inc.		27		586
Demand Media, Inc.		149,926		1,044,984
Digital River, Inc.		13,337		244,467
EarthLink, Inc.		385,520		2,702,495
Envestnet, Inc.		3,141		36,561
FriendFinder Networks, Inc.		1,100		2,046
HSW International, Inc.		1,100		3,267
IAC/InterActiveCorporation		1,890		77,169
KIT digital, Inc.		342,013		3,078,117
LinkedIn Corporation - Class A		71,097		6,391,620
Local.com Corporation		253,953		794,873
LogMeIn, Inc.		57,551		2,340,599
Marchex, Inc. - Class B		63,066		560,657
MercadoLibre, Inc.		400		26,080
ModusLink Global Solutions, Inc.		47,557		198,788
Openwave Systems, Inc.		2,427		3,762
Phoenix New Media Ltd. - ADR		47,042		244,618
Qihoo 360 Technology Company Ltd. - ADR		34,554		698,336
Quepasa Corporation		434,166		2,097,022
Rediff.com India Ltd. - ADR		80,503		879,898
Renren, Inc.		103,662		729,781
Saba Software, Inc.		13,443		93,295
Sify Technologies Ltd. - ADR		129,591		816,423
Snap Interactive, Inc.		7,235		5,101
Stamps.com, Inc.		2,840		92,470
Support.com, Inc.		302		637
TechTarget, Inc.		110		815
Travelzoo, Inc.		264,541		8,428,276
ValueClick, Inc.		55,339		973,966
Vistaprint N.V.		6,472		226,002
Vocus, Inc.		100		2,038
Web.com Group, Inc.		164,028		1,584,511
Zillow, Inc.		49,955		1,483,164
Zix Corporation		151,158		374,872
				40,214,122

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Information Technology — 12.6% (Continued)
IT Services — 0.6%
Cardtronics, Inc.		22,817	$	568,828
Cass Information Systems, Inc.		1,063		41,659
China Information Technology, Inc.		10		10
Computer Task Group, Inc.		3,305		42,205
DJSP Enterprises, Inc.		15,586		1,403
Echo Global Logistics, Inc.		96,106		1,483,877
Euronet Worldwide, Inc.		61,506		1,191,371
Global Payments, Inc.		101,949		4,681,498
Hackett Group, Inc. (The)		670		2,767
Heartland Payment Systems, Inc.		65		1,414
Mattersight Corporation		1,825		9,216
ServiceSource International, Inc.		19,799		263,525
Stream Global Services, Inc.		242		757
Telvent GIT, S.A.		1,955		77,007
Unisys Corporation		38,680		1,005,293
VeriFone Systems, Inc.		1,131		47,740
Wright Express Corporation		42,644		1,999,151
Yucheng Technologies Ltd.		200		498
Zanett, Inc.		12,650		5,187
				11,423,406
Semiconductors & Semiconductor Equipment — 2.8%
Advanced Analogic Technologies, Inc.		245		1,068
Aixtron SE - ADR		33,886		477,115
Applied Micro Circuits Corporation		6,342		42,745
ATMI, Inc.		252		5,141
AuthenTec, Inc.		118		431
Cabot Microelectronics Corporation		88,749		3,418,612
Camtek Ltd.		10,148		22,529
Canadian Solar, Inc.		213,738		737,396
CEVA, Inc.		42,301		1,314,292
ChipMOS TECHNOLOGIES (Bermuda) LTD.		400		2,000
Cree, Inc.		181,625		4,838,490
CSR plc		1		15
Cypress Semiconductor Corporation		2,700		51,597
DayStar Technologies, Inc.		62,667		12,596
Diodes, Inc.		4,445		99,435
Energy Conversion Devices, Inc.		1,172,508		574,529
Entropic Communications, Inc.		556,060		3,236,269
Evergreen Solar, Inc.		114,139		4,451
FormFactor, Inc.		48		287
FSI International, Inc.		15,347		37,907
GSI Technology, Inc.		624		3,058
Ikanos Communications, Inc.		1,300		1,378
JinkoSolar Holding Company Ltd. - ADR		103,541		957,754
Kopin Corporation		400,188		1,620,761
LDK Solar Company Ltd.		146,738		607,495
MEMC Electronic Materials, Inc.		261		1,563
Micrel, Inc.		64,104		706,426

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Information Technology — 12.6% (Continued)
Semiconductors & Semiconductor Equipment — 2.8% (Continued)
MIPS Technologies, Inc.		204,932	$	1,125,077
MKS Instruments, Inc.		959		25,548
MoSys, Inc.		112,436		435,127
Novellus Systems, Inc.		18,457		637,689
PDF Solutions, Inc.		2,879		14,884
PLX Technology, Inc.		142,891		464,396
Power Integrations, Inc.		65,112		2,319,941
QuickLogic Corporation		435		1,336
Rubicon Technology, Inc.		681,258		7,098,708
Semtech Corporation		2,574		62,857
Sigma Designs, Inc.		208,039		1,735,045
Silicon Image, Inc.		497		3,201
Silicon Laboratories, Inc.		38,835		1,660,196
STR Holdings, Inc.		359,086		3,070,185
SunPower Corporation - Class A		549,185		5,502,834
SunPower Corporation - Class B		15,117		142,856
Suntech Power Holdings Company Ltd. - ADR		203,620		557,919
Teradyne, Inc.		23,432		335,546
Tower Semiconductor Ltd.		45,408		35,886
Transwitch Corporation		20,965		47,591
TriQuint Semiconductor, Inc.		255,029		1,356,754
Veeco Instruments, Inc.		152,083		4,059,095
Vitesse Semiconductor Corporation		300		786
				49,468,797
Software — 2.9%
Accelrys, Inc.		1,178		7,810
Advent Software, Inc.		645		17,673
American Software, Inc. - Class A		925		7,233
AsiaInfo-Linkage, Inc.		608,378		6,095,948
Astea International, Inc.		100		309
Authentidate Holding Corporation		1,654		1,125
Callidus Software, Inc.		195,355		1,105,709
China CGame, Inc.		12,695		2,666
China TransInfo Technology Corporation		105,160		338,615
Concur Technologies, Inc.		68,177		3,171,594
CyberDefender Corporation		11,408		8,328
DemandTec, Inc.		102,819		777,312
Ebix, Inc.		233,693		3,998,487
EPIQ Systems, Inc.		65,853		939,064
ePlus, inc.		100		2,716
FalconStor Software, Inc.		2,760		9,356
Fundtech Ltd.		100		2,301
Magic Software Enterprises Ltd.		524,038		2,672,594
Majesco Entertainment Company		77,989		262,823
MIND CTI Ltd.		800		1,568
Motricity, Inc.		174,777		307,608
Qlik Technologies, Inc.		15,900		454,263
RealD, Inc.		499,791		5,582,665

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Information Technology — 12.6% (Continued)
Software — 2.9% (Continued)
RealPage, Inc.		116,766	$	3,076,784
Rosetta Stone, Inc.		292,645		2,905,965
Sky-Mobi Ltd. - ADR		80,605		466,703
Sourcefire, Inc.		10,086		277,869
SRS Labs, Inc.		751		5,280
SuccessFactors, Inc.		148,479		3,964,389
Synchronoss Technologies, Inc.		82,678		2,485,301
Take-Two Interactive Software, Inc.		127,265		2,008,242
TeleCommunication Systems, Inc.		505,190		1,667,127
TeleNav, Inc.		169,174		1,449,821
THQ, Inc.		340,103		724,419
TigerLogic Corporation		500		1,185
Ultimate Software Group, Inc. (The)		21,143		1,272,386
VirnetX Holding Corporation		52,872		1,139,392
Wave Systems Corporation - Class A		737,222		1,924,149
Websense, Inc.		104,945		1,872,219
				51,008,998
Materials — 3.7%
Chemicals — 1.2%
ADA-ES, Inc.		44,726		683,413
American Vanguard Corporation		138,731		1,716,102
Ampal-American Israel Corporation - Class A		2,031		979
Calgon Carbon Corporation		98,947		1,578,205
Cereplast, Inc.		97,734		226,743
China Agritech, Inc.		85,645		59,951
China Gengsheng Minerals, Inc.		63,249		63,881
China Green Agriculture, Inc.		371,595		1,501,244
Clean Diesel Technologies, Inc.		122,189		427,662
Converted Organics, Inc.		1,622		18
CVR Partners, L.P.		7,549		189,857
Ferro Corporation		405,474		2,623,417
Flotek Industries, Inc.		87,590		651,670
FutureFuel Corporation		1,332		15,052
Georgia Gulf Corporation		15,700		284,170
Gulf Resources, Inc.		162,809		384,229
Hawkins, Inc.		55,755		2,134,301
OMNOVA Solutions, Inc.		535		2,370
Scotts Miracle-Gro Company (The) - Class A		9,113		442,072
Senomyx, Inc.		295,099		1,345,651
ShengdaTech, Inc.		32,215		1,450
Yongye International, Inc.		634,470		3,197,729
Zep, Inc.		746		11,369
Zoltek Companies, Inc.		433,240		3,140,990
				20,682,525
Construction Materials — 0.2%
Eagle Materials, Inc.		80,895		1,664,819
Martin Marietta Materials, Inc.		18,226		1,315,371
Texas Industries, Inc.		36,659		1,099,770

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Materials — 3.7% (Continued)
Construction Materials — 0.2% (Continued)
Vulcan Materials Company		600	$	18,774
				4,098,734
Containers & Packaging — 0.1%
AEP Industries, Inc.		10		270
Graphic Packaging Holding Company		219,738		971,242
				971,512
Metals & Mining — 1.9%
A.M. Castle & Company		373		5,106
AK Steel Holding Corporation		300,618		2,504,148
AMCOL International Corporation		117,362		3,543,159
Anooraq Resources Corporation		201,165		110,621
Augusta Resource Corporation		47,627		181,935
Avalon Rare Metals, Inc.		153,308		513,582
China Direct Industries, Inc.		17,830		16,938
China Gerui Advanced Materials Group Ltd.		60,165		150,413
China Natural Resources, Inc.		4,312		40,964
China Precision Steel, Inc.		299,375		149,688
China Shen Zhou Mining & Resources, Inc.		59,198		107,740
Crosshair Exploration & Mining Corporation		271,904		140,302
General Moly, Inc.		251,891		866,505
General Steel Holdings, Inc.		103,057		126,760
Gold Reserve, Inc.		153		428
Gold Resource Corporation		142,453		3,205,193
Golden Minerals Company		20,831		146,025
Great Northern Iron Ore Properties		7,585		790,736
Great Panther Silver Ltd.		510		1,311
Hecla Mining Company		3,000		18,810
Horsehead Holding Corporation		56,301		488,693
Ivanhoe Mines Ltd.		105		2,154
Jaguar Mining, Inc.		370,686		1,927,567
Kaiser Aluminum Corporation		43,531		2,022,450
Kimber Resources, Inc.		11,900		16,303
Midway Gold Corporation		387,796		814,372
Olympic Steel, Inc.		86,090		1,760,540
Paramount Gold and Silver Corporation		275,751		733,498
Polymet Mining Corporation		198,492		267,964
Puda Coal, Inc.		61,600		18,480
Qiao Xing Universal Resources, Inc.		25,117		22,103
Rare Element Resources Ltd.		660,341		4,312,027
Revett Minerals, Inc.		5,392		22,700
RTI International Metals, Inc.		116,235		3,067,442
Silver Bull Resources, Inc.		103,614		68,385
Silvercorp Metals, Inc.		110,287		1,042,212
SinoCoking Coal and Coke Chemical Industries, Inc.		86,511		308,844
SunCoke Energy, Inc.		700		8,834
Tanzanian Royalty Exploration Corporation		258,827		999,072
US Gold Corporation		382,301		1,735,647

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Materials — 3.7% (Continued)
Metals & Mining — 1.9% (Continued)
Worthington Industries, Inc.		86,412	$	1,493,199
				33,752,850
Paper & Forest Products — 0.3%
AbitibiBowater, Inc.		4,300		73,100
Clearwater Paper Corporation		15,550		515,172
Deltic Timber Corporation		2,172		147,023
Louisiana-Pacific Corporation		260,056		1,729,372
Neenah Paper, Inc.		9		148
Orient Paper, Inc.		130,673		321,456
P.H. Glatfelter Company		142,077		2,131,155
Wausau Paper Corporation		45,271		339,532
				5,256,958
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.5%
Alaska Communications Systems Group, Inc.		550,270		3,890,409
Atlantic Tele-Network, Inc.		14,261		541,205
Boingo Wireless, Inc.		432		3,305
CenturyLink, Inc.		16		564
Cincinnati Bell, Inc.		49,284		158,695
Cogent Communications Group, Inc.		15,440		247,812
Consolidated Communications Holdings, Inc.		18,076		341,275
Fairpoint Communications, Inc.		168,763		906,257
Hawaiian Telcom Holdco, Inc.		378		5,579
Iridium Communications, Inc.		243,065		1,545,893
magicJack VocalTec Ltd.		30,150		744,705
Radcom Ltd.		52,881		229,504
Telecom Italia S.p.A.		72		895
				8,616,098
Wireless Telecommunication Services — 0.1%
Cellcom Israel Ltd.		6,826		150,445
Clearwire Corporation - Class A		121,113		232,537
Leap Wireless International, Inc.		104,681		727,533
Shenandoah Telecommunications Company		689		9,343
USA Mobility, Inc.		85,003		1,110,989
				2,230,847
Utilities — 0.8%
Electric Utilities — 0.2%
DPL, Inc.		4,394		133,358
Empire District Electric Company (The)		11,851		236,664
Hawaiian Electric Industries, Inc.		11,666		295,500
ITC Holdings Corporation		300		21,804
NV Energy, Inc.		23,201		372,144
Otter Tail Corporation		9,205		178,669
PNM Resources, Inc.		400		7,192
Portland General Electric Company		5,200		127,608
UIL Holdings Corporation		25,473		868,120
Westar Energy, Inc.		44,118		1,202,657
				3,443,716

44

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 62.3% (Continued)	Shares		Value
Utilities — 0.8% (Continued)
Gas Utilities — 0.2%
AmeriGas Partners, L.P.		190	$	8,497
China Natural Gas, Inc. (a)		229,640		175,675
Ferrellgas Partners, L.P.		1,042		22,486
New Jersey Resources Corporation		24,011		1,128,997
Northwest Natural Gas Company		35,065		1,638,237
Piedmont Natural Gas Company, Inc.		11,620		379,858
WGL Holdings, Inc.		4,425		189,434
				3,543,184
Independent Power Producers & Energy Traders — 0.1%
American DG Energy, Inc.		12,029		17,923
Atlantic Power Corporation		5,319		71,806
Constellation Energy Group, Inc.		1,200		47,640
Dynegy, Inc.		129,322		474,612
U.S. Geothermal, Inc.		184,350		79,271
				691,252
Multi-Utilities — 0.3%
Black Hills Corporation		75,085		2,531,115
CH Energy Group, Inc.		32,993		1,821,544
MDU Resources Group, Inc.		51,039		1,051,914
				5,404,573
Water Utilities — 0.0% (b)
Artesian Resources Corporation - Class A		300		5,460
Cadiz, Inc.		23,001		221,039
Connecticut Water Service, Inc.		415		11,097
Middlesex Water Company		5,182		98,199
SJW Corporation		93		2,165
				337,960
Total Common Stocks (Proceeds $1,165,771,292)			$	1,097,499,264

CLOSED-END FUNDS — 0.0% (b)	Shares		Value
BlackRock International Growth and Income Trust		5	$	39
Central GoldTrust		1,249		82,534
Gabelli Convertible and Income Securities Fund, Inc. (The)		100		539
Global High Income Fund, Inc.		176		2,207
Nuveen Floating Rate Income Opportunity Fund		44		489
PIMCO Global StocksPLUS & Income Fund		48		953
Western Asset/Claymore Inflation-Linked Securities & Income Fund		10		128
Total Closed-End Funds (Proceeds $91,404)			$	86,889

45

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

EXCHANGE-TRADED FUNDS — 0.0% (b)	Shares		Value
Vanguard Extended Duration Treasury ETF		300	$	34,548
WisdomTree Earnings 500 Fund		165		7,288
Total Exchange-Traded Funds (Proceeds $40,831)			$	41,836

RIGHTS — 0.0% (b)	Shares		Value
First BanCorp (Puerto Rico) (a) (Proceeds $0)		358,191	$	—

WARRANTS — 0.0% (b)	Shares		Value
American International Group, Inc.		854	$	5,987
Magnum Hunter Resources Corporation (a)		15,718		—
Zion Oil & Gas, Inc.		44,348		13,304
Total Warrants (Proceeds $14,295)			$	19,291
Total Securities Sold Short — 62.3% (Proceeds $1,165,917,822)			$	1,097,647,280

ADR - American Depositary Receipt.
(a)	Securities fair-valued under supervision of the Board of Trustees totaled ($647,939) at October 31, 2011, representing (0.0%)(b) of net assets (Note 2).
(b)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

46

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2011

COMMON STOCKS — 100.2%	Shares		Value
Consumer Discretionary — 16.0%
Auto Components — 1.0%
Standard Motor Products, Inc.		15,100	$	234,805
Other Auto Components (a)				301,790
				536,595
Automobiles — 0.6%
Thor Industries, Inc.		11,300		298,772
Distributors — 0.2%
Other Distributors (a)				86,024
Diversified Consumer Services — 2.5%
K12, Inc. (b)		7,700		269,885
Sotheby's		6,600		232,452
Other Diversified Consumer Services (a)				781,595
				1,283,932
Hotels, Restaurants & Leisure — 3.6%
Papa John's International, Inc. (b)		6,800		229,568
Other Hotels, Restaurants & Leisure (a)				1,604,875
				1,834,443
Household Durables — 0.8%
Jarden Corporation		8,200		262,646
Other Household Durables (a)				157,680
				420,326
Internet & Catalog Retail — 0.0% (d)
Other Internet & Catalog Retail (a)				12,825
Leisure Equipment & Products — 0.6%
Other Leisure Equipment & Products (a)				309,342
Media — 1.2%
Cinemark Holdings, Inc.		13,000		268,710
Other Media (a)				329,673
				598,383
Multiline Retail — 0.4%
Other Multiline Retail (a)				207,152
Specialty Retail — 4.3%
bebe stores, inc.		34,800		249,864
Other Specialty Retail (a)				1,933,221
				2,183,085
Textiles, Apparel & Luxury Goods — 0.8%
Other Textiles, Apparel & Luxury Goods (a)				429,428
Consumer Staples — 3.8%
Beverages — 0.5%
Other Beverages (a)				236,112

47

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 100.2% (Continued)	Shares		Value
Consumer Staples — 3.8% (Continued)
Food & Staples Retailing — 1.8%
Susser Holdings Corporation (b)		11,200	$	245,952
Other Food & Staples Retailing (a)				653,558
				899,510
Food Products — 1.1%
Fresh Del Monte Produce, Inc.		8,954		227,969
Other Food Products (a)				361,150
				589,119
Household Products — 0.2%
Other Household Products (a)				100,206
Personal Products — 0.2%
Other Personal Products (a)				101,990
Energy — 5.6%
Energy Equipment & Services — 1.6%
Other Energy Equipment & Services (a)				809,381
Oil, Gas & Consumable Fuels — 4.0%
Golar LNG Ltd.		6,653		268,981
Other Oil, Gas & Consumable Fuels (a)				1,774,407
				2,043,388
Financials — 13.8%
Capital Markets — 2.2%
Other Capital Markets (a)				1,130,805
Commercial Banks — 3.1%
East West Bancorp, Inc.		12,300		239,481
Fulton Financial Corporation		28,700		270,928
Other Commercial Banks (a)				1,077,541
				1,587,950
Consumer Finance — 0.8%
Other Consumer Finance (a)				411,504
Diversified Financial Services — 0.9%
Other Diversified Financial Services (a)				449,833
Insurance — 2.8%
Other Insurance (a)				1,431,717
Real Estate Investment Trusts (REIT) — 2.8%
Other Real Estate Investment Trusts (REIT) (a)				1,436,258
Real Estate Management & Development — 0.3%
Other Real Estate Management & Development (a)				142,164
Thrifts & Mortgage Finance — 0.9%
Other Thrifts & Mortgage Finance (a)				456,561

48

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 100.2% (Continued)	Shares		Value
Health Care — 12.9%
Biotechnology — 0.9%
Other Biotechnology (a)			$	484,878
Health Care Equipment & Supplies — 2.4%
RTI Biologics, Inc. (b)		53,365		240,142
Other Health Care Equipment & Supplies (a)				979,927
				1,220,069
Health Care Providers & Services — 5.6%
Chemed Corporation		4,200		249,312
Health Management Associates, Inc. - Class A (b)		28,600		250,536
LifePoint Hospitals, Inc. (b)		7,000		270,620
Omnicare, Inc.		9,200		274,344
Team Health Holdings, Inc. (b)		11,926		242,336
Other Health Care Providers & Services (a)				1,587,991
				2,875,139
Health Care Technology — 0.9%
Emdeon, Inc. - Class A (b)		12,500		237,125
Other Health Care Technology (a)				228,531
				465,656
Life Sciences Tools & Services — 1.5%
Charles River Laboratories International, Inc. (b)		8,600		277,608
Covance, Inc. (b)		5,300		268,869
Other Life Sciences Tools & Services (a)				215,415
				761,892
Pharmaceuticals — 1.6%
Other Pharmaceuticals (a)				817,366
Industrials — 20.5%
Aerospace & Defense — 1.9%
Other Aerospace & Defense (a)				956,819
Air Freight & Logistics — 1.0%
Hub Group, Inc. - Class A (b)		7,800		243,828
Other Air Freight & Logistics (a)				286,790
				530,618
Airlines — 0.5%
Other Airlines (a)				280,269
Building Products — 1.3%
Lennox International, Inc.		7,700		247,863
Other Building Products (a)				396,887
				644,750
Commercial Services & Supplies — 3.5%
Other Commercial Services & Supplies (a)				1,799,243
Construction & Engineering — 1.1%
Chicago Bridge & Iron Company N.V.		6,300		230,454
Other Construction & Engineering (a)				359,044
				589,498

49

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 100.2% (Continued)	Shares		Value
Industrials — 20.5% (Continued)
Electrical Equipment — 0.3%
Other Electrical Equipment (a)			$	136,338
Industrial Conglomerates — 0.5%
Other Industrial Conglomerates (a)				271,003
Machinery — 6.7%
Actuant Corporation - Class A		12,500		281,250
Kennametal, Inc.		7,400		287,786
Mueller Industries, Inc.		6,000		242,700
Robbins & Myers, Inc.		6,400		286,016
WABCO Holdings, Inc. (b)		5,000		251,050
Other Machinery (a)				2,060,801
				3,409,603
Marine — 0.1%
Other Marine (a)				26,442
Professional Services — 0.9%
Other Professional Services (a)				475,053
Road & Rail — 2.3%
Con-way, Inc.		11,000		324,170
Ryder System, Inc.		5,000		254,700
Other Road & Rail (a)				616,473
				1,195,343
Trading Companies & Distributors — 0.4%
Other Trading Companies & Distributors (a)				207,269
Information Technology — 18.1%
Communications Equipment — 1.7%
ADTRAN, Inc.		8,400		282,240
Riverbed Technology, Inc. (b)		8,100		223,398
Other Communications Equipment (a)				388,988
				894,626
Computers & Peripherals — 1.3%
STEC, Inc. (b)		21,100		238,852
Other Computers & Peripherals (a)				453,484
				692,336
Electronic Equipment, Instruments & Components — 3.4%
Brightpoint, Inc. (b)		27,300		277,095
Molex, Inc.		9,400		232,086
Other Electronic Equipment, Instruments & Components (a)				1,236,179
				1,745,360
Internet Software & Services — 2.3%
WebMD Health Corporation (b)		8,300		298,385
Other Internet Software & Services (a)				882,962
				1,181,347

50

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 100.2% (Continued)	Shares		Value
Information Technology — 18.1% (Continued)
IT Services — 3.3%
Acxiom Corporation (b)		19,100	$	251,929
DST Systems, Inc.		4,600		230,874
NeuStar, Inc. - Class A (b)		7,800		247,962
Other IT Services (a)				973,532
				1,704,297
Office Electronics — 0.2%
Other Office Electronics (a)				85,776
Semiconductors & Semiconductor Equipment — 2.2%
Kulicke & Soffa Industries, Inc. (b)		23,100		222,915
Other Semiconductors & Semiconductor Equipment (a)				891,202
				1,114,117
Software — 3.7%
CommVault Systems, Inc. (b)		5,600		238,448
Quest Software, Inc. (b)		15,000		263,850
S1 Corporation (b)		23,900		232,547
TiVo, Inc. (b)		29,600		320,568
Other Software (a)				824,048
				1,879,461
Materials — 7.2%
Chemicals — 3.1%
Huntsman Corporation		24,500		287,630
W.R. Grace & Company (b)		7,200		300,888
Other Chemicals (a)				978,275
				1,566,793
Containers & Packaging — 1.6%
Bemis Company, Inc.		8,600		241,746
Other Containers & Packaging (a)				589,972
				831,718
Metals & Mining — 2.3%
Schnitzer Steel Industries, Inc. - Class A		5,700		266,760
Other Metals & Mining (a)				924,170
				1,190,930
Paper & Forest Products — 0.2%
Other Paper & Forest Products (a)				118,490
Telecommunication Services — 1.1%
Diversified Telecommunication Services — 0.8%
Other Diversified Telecommunication Services (a)				430,238
Wireless Telecommunication Services — 0.3%
Other Wireless Telecommunication Services (a)				130,204
Utilities — 1.2%
Gas Utilities — 0.6%
Other Gas Utilities (a)				285,576

51

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 100.2% (Continued)	Shares	Value
Utilities — 1.2% (Continued)
Independent Power Producers & Energy Traders — 0.2%
Other Independent Power Producers & Energy Traders (a)		$	129,625
Multi-Utilities — 0.4%
Other Multi-Utilities (a)			195,822
Water Utilities — 0.0% (d)
Other Water Utilities (a)			8,755
Total Common Stocks (Cost $47,786,668)		$	51,359,524

MONEY MARKET FUNDS — 0.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $44,627)		44,627	$	44,627
Total Investments at Value — 100.3% (Cost $47,831,295)			$	51,404,151
Liabilities in Excess of Other Assets — (0.3%)				(130,260	)
Net Assets — 100.0%			$	51,273,891

*	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, 2011.
(b)	Non-income producing security.
(c)	Variable rate security. The rate shown is the 7-day effective yield as of October 31, 2011.
(d)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

52

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	TFS Market Neutral Fund			TFS Small Cap Fund
ASSETS
Investments in securities:
At acquisition cost	$	1,621,810,198		$	47,831,295
At value (Note 2)	$	1,701,379,058		$	51,404,151
Deposits with brokers for securities sold short (Note 2)		1,200,943,450			—
Dividends and interest receivable		806,281			15,415
Receivable for investment securities sold		178,402,230			3,128,635
Receivable for capital shares sold		1,078,543			46,234
Other assets		69,545			11,241
TOTAL ASSETS		3,082,679,107			54,605,676
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $1,165,917,822)		1,097,647,280			—
Bank overdraft (Note 5)		33,720,904			—
Payable for investment securities purchased		178,580,902			3,196,936
Payable for capital shares redeemed		919,223			62,318
Dividends payable on securities sold short (Note 2)		295,863			—
Payable to Adviser (Note 4)		3,354,022			47,209
Payable to administrator (Note 4)		160,425			10,430
Accrued brokerage expense on securities sold short (Note 2)		5,486,192			—
Other accrued expenses and liabilities		249,110			14,892
TOTAL LIABILITIES		1,320,413,921			3,331,785
NET ASSETS	$	1,762,265,186		$	51,273,891
Net assets consist of:
Paid-in capital	$	1,819,996,327		$	48,141,181
Accumulated net realized losses from security transactions		(205,570,524	)		(440,146	)
Net unrealized appreciation (depreciation) on:
Investments		79,568,860			3,572,856
Short positions		68,270,542			—
Translation of assets and liabilities in foreign currencies		(19	)		—
Net assets	$	1,762,265,186		$	51,273,891
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		122,325,300			4,248,004
Net asset value, redemption price and offering price per share (a) (Note 2)	$	14.41		$	12.07

(a)	Redemption price may differ from the net asset value per share depending upon the length of time the shares are held.
See accompanying notes to financial statements.

53

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2011

	TFS Market Neutral Fund			TFS Small Cap Fund
INVESTMENT INCOME
Dividends	$	24,126,606		$	687,246
Foreign tax withholding		(53,491	)		(120	)
Interest		3,081			62
TOTAL INVESTMENT INCOME		24,076,196			687,188
EXPENSES
Brokerage expense on securities sold short (Note 2)		76,259,387			—
Investment advisory fees (Note 4)		34,856,303			593,421
Dividend expense on securities sold short (Note 2)		11,460,810			—
Administration fees (Note 4)		967,310			68,276
Accounting services fees (Note 4)		666,671			35,345
Custodian fees		618,573			43,207
Transfer agent fees (Note 4)		298,319			25,570
Registration fees		187,841			28,446
Pricing fees		86,334			11,371
Professional fees		66,874			28,748
Postage and supplies		63,809			6,469
Trustees’ fees and expenses		25,192			25,192
Compliance service fees and expenses (Note 4)		28,163			20,365
Printing of shareholder reports		35,899			6,443
Insurance expense		37,779			1,656
Borrowing costs (Note 5)		13,210			365
Other expenses		22,440			15,366
TOTAL EXPENSES		125,694,914			910,240
Investment advisory fee reductions (Note 4)		—			(66,738	)
Plus recovery by the Adviser of investment advisory fee reductions in prior years (Note 4)		275,149			—
NET EXPENSES		125,970,063			843,502
NET INVESTMENT LOSS		(101,893,867	)		(156,314	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		(57,639,740	)		(195,385	)
Securities sold short		32,458,231			3,001
Foreign currency transactions		(51,262	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		8,870,392			674,114
Securities sold short		76,725,277			—
Foreign currency translation		(19	)		—
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		60,362,879			481,730
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(41,530,988	)	$	325,416

See accompanying notes to financial statements.

54

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2011			Year Ended October 31, 2010
FROM OPERATIONS
Net investment loss	$	(101,893,867	)	$	(32,806,131	)
Net realized gains (losses) from:
Investments		(57,639,740	)		206,303,196
Securities sold short		32,458,231			(102,255,118	)
Foreign currency transactions		(51,262	)		2
Net change in unrealized appreciation (depreciation) on:
Investments		8,870,392			37,377,233
Securities sold short		76,725,277			(46,305,711	)
Foreign currency translation		(19	)		—
Net increase (decrease) in net assets from operations		(41,530,988	)		62,313,471
FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(107,375,129	)		(6,035,121	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		1,086,344,768			487,596,827
Net asset value of shares issued in reinvestment of distributions to shareholders		89,339,826			5,396,118
Proceeds from redemption fees collected (Note 2)		170,403			182,763
Payments for shares redeemed		(406,903,124	)		(235,644,085	)
Net increase in net assets from capital share transactions		768,951,873			257,531,623
TOTAL INCREASE IN NET ASSETS		620,045,756			313,809,973
NET ASSETS
Beginning of year		1,142,219,430			828,409,457
End of year	$	1,762,265,186		$	1,142,219,430
ACCUMULATED NET INVESTMENT INCOME	$	—		$	—
CAPITAL SHARE ACTIVITY
Shares sold		71,231,581			31,680,817
Shares issued in reinvestment of distributions to shareholders		6,085,819			355,008
Shares redeemed		(27,272,508	)		(15,287,390	)
Net increase in shares outstanding		50,044,892			16,748,435
Shares outstanding, beginning of year		72,280,408			55,531,973
Shares outstanding, end of year		122,325,300			72,280,408

See accompanying notes to financial statements.

55

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2011			Year Ended October 31, 2010
FROM OPERATIONS
Net investment loss	$	(156,314	)	$	(189,625	)
Net realized gains (losses) from:
Investments		(195,385	)		2,817,536
Securities sold short		3,001			(2,732	)
Net change in unrealized appreciation (depreciation) on investments		674,114			3,000,769
Net increase in net assets from operations		325,416			5,625,948
FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(2,235,241	)		—
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		34,491,562			22,983,154
Net asset value of shares issued in reinvestment of distributions to shareholders		2,062,420			—
Proceeds from redemption fees collected (Note 2)		19,574			21,157
Payments for shares redeemed		(19,173,870	)		(9,469,293	)
Net increase in net assets from capital share transactions		17,399,686			13,535,018
TOTAL INCREASE IN NET ASSETS		15,489,861			19,160,966
NET ASSETS
Beginning of year		35,784,030			16,623,064
End of year	$	51,273,891		$	35,784,030
ACCUMULATED NET INVESTMENT INCOME	$	—		$	—
CAPITAL SHARE ACTIVITY
Shares sold		2,672,521			2,070,878
Shares issued in reinvestment of distributions to shareholders		164,599			—
Shares redeemed		(1,576,877	)		(865,629	)
Net increase in shares outstanding		1,260,243			1,205,249
Shares outstanding, beginning of year		2,987,761			1,782,512
Shares outstanding, end of year		4,248,004			2,987,761

See accompanying notes to financial statements.

56

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2011			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
Net asset value at beginning of period	$	15.80		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44
Income (loss) from investment operations:
Net investment income (loss)		(0.83	)		(0.45	)		(0.24	)		(0.09	)		(0.23	)		0.01
Net realized and unrealized gains (losses) on investments		0.93			1.43			2.13			(2.27	)		1.56			2.35
Total from investment operations		0.10			0.98			1.89			(2.36	)		1.33			2.36
Less distributions:
Distributions from net investment income		—			—			—			—			(0.01	)		—
Distributions from net realized gains from security transactions		(1.49	)		(0.10	)		(0.25	)		—			(0.40	)		(0.22	)
Total distributions		(1.49	)		(0.10	)		(0.25	)		—			(0.41	)		(0.22	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.03			0.02			0.08			0.01
Net asset value at end of period	$	14.41		$	15.80		$	14.92		$	13.25		$	15.59		$	14.59
Total return (c)		0.43%			6.60%			14.86%			(15.01%	)(d)		9.93%			19.18%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,762,265		$	1,142,219		$	828,409		$	378,564		$	271,239		$	211,386
Ratio of total expenses to average net assets		8.10%			4.52%			4.70%			4.60%	(g)		4.05%			3.30%
Ratio of net expenses to average net assets		8.12%			4.55%			4.67%	(e)		4.55%	(e)(g)		3.94%	(e)		3.07%	(e)
Ratio of net expenses to average net assets excluding dividend expense (f)		7.38%			3.81%			3.84%	(e)		3.68%	(e)(g)		2.80%	(e)		2.48%	(e)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (f)		2.47%			2.50%			2.49%	(e)		2.49%	(e)(g)		2.50%	(e)		2.48%	(e)
Ratio of net investment income (loss) to average net assets		(6.56%	)		(3.16%	)		(2.32%	)		(2.24%	)(g)		(2.15%	)		0.09%
Portfolio turnover rate		751%			703%			429%			204%	(d)		536%			492%

(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 5.65%, 2.05%, 2.18%, 2.06%(g), 1.44% and 0.59% of average net assets for the periods ended October 31, 2011, 2010, 2009 and 2008 and June 30, 2008 and 2007, respectively.
(g)	Annualized.
See accompanying notes to financial statements.

57

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2011			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
Net asset value at beginning of period	$	11.98		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.06	)		(0.02	)		0.01			(0.18	)		(0.07	)
Net realized and unrealized gains (losses) on investments		0.87			2.70			2.55			(2.52	)		(1.79	)		2.76
Total from investment operations		0.83			2.64			2.53			(2.51	)		(1.97	)		2.69
Less distributions:
Distributions from net investment income		—			—			(0.01	)		—			—			—
Distributions from net realized gains from security transactions		(0.74	)		—			—			—			(1.80	)		(0.00	)(b)
Total distributions		(0.74	)		—			(0.01	)		—			(1.80	)		(0.00	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.01			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of period	$	12.07		$	11.98		$	9.33		$	6.80		$	9.31		$	13.08
Total return (c)		6.68%			28.40%			37.41%			(26.96%	)(d)		(16.40%	)		25.93%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	51,274		$	35,784		$	16,623		$	3,053		$	4,581		$	5,638
Ratio of total expenses to average net assets		1.82%			2.31%			5.14%			4.44%	(e)		5.57%			5.14%
Ratio of net expenses to average net assets (f)		1.69%			1.78%			1.88%			0.88%	(e)		2.72%			2.03%
Ratio of net expenses to average net assets excluding borrowing costs (f)		1.68%			1.78%			1.87%			0.87%	(e)		2.68%			2.03%
Ratio of net investment income (loss) to average net assets		(0.31%	)		(0.70%	)		(0.63%	)		0.28%	(e)		(1.76%	)		(0.69%	)
Portfolio turnover rate		525%			657%			320%			123%	(d)		269%			419%

(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)	Annualized.
(f)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).
See accompanying notes to financial statements.

58

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2011

1. Organization

TFS Market Neutral Fund and 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, 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. TFS Market Neutral Fund commenced operations on September 7, 2004. TFS Small Cap Fund commenced operations on March 7, 2006.

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.

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. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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. Securities for which no quotations are readily available are valued at fair value as determined in good faith under the supervision of the Board of Trustees of the Trust and will be classified as Level 2 or 3 (see below) within the fair value hierarchy, depending on the inputs used.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

The Funds’ investments and securities sold short recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the Financial Accounting Standards Board’s guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Funds are described below:

• Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets and liabilities include common stocks, closed-end, open-end and exchange-traded funds, rights, warrants and cash equivalents.

59

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

• Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets or liabilities that are not active. Assets and liabilities included in this category generally include common stocks that trade infrequently or their trading has been temporarily halted and corporate bonds with values that are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors.

• Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets and liabilities included in this category generally include common stocks that trade infrequently or their trading has been halted for an extended period of time.

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 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 Funds’ assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Funds in determining fair value is greatest for instruments categorized as Level 3.

The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of October 31, 2011:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Common Stocks	$	1,631,704,116		$	123,132		$	—		$	1,631,827,248
Common Stocks – Sold Short		(1,096,851,325	)		(2	)		(647,937	)		(1,097,499,264	)
Closed-End Funds		69,536,407			—			—			69,536,407
Closed-End Funds – Sold Short		(86,889	)		—			—			(86,889	)
Exchange-Traded Funds		2,308			—			—			2,308
Exchange-Traded Funds – Sold Short		(41,836	)		—			—			(41,836	)
Open-End Funds		1,002			—			—			1,002
Corporate Bonds		—			2,036			—			2,036
Rights		10,057			—			—			10,057
Rights – Sold Short		—			—			—			—
Warrants		—			—			—			—
Warrants – Sold Short		(19,291	)		—			—			(19,291	)
Total	$	604,254,549		$	125,166		$	(647,937	)	$	603,731,778

60

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	51,359,524	$	—	$	—	$	51,359,524
Money Market Funds		44,627		—		—		44,627
Total	$	51,404,151	$	—	$	—	$	51,404,151

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, Level 2 and Level 3 inputs by security type and industry type. During the year ended October 31, 2011, the Funds did not have any significant transfers in and out of any Level. There were no Level 3 securities or derivative instruments held by TFS Small Cap Fund during the year ended or as of October 31, 2011. It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period.

The following is a reconciliation of Level 3 investments held and securities sold short in TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value as of October 31, 2011. Because of the inherent uncertainty of valuation, this may differ from the values that would have been used had a ready market for the security existed and this difference could be material.

	Securities Sold Short
Balance as of October 31, 2010	$	—
Transfers in and/or out of Level 3		(647,937	)
Balance as of October 31, 2011	$	(647,937	)

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, 2011 and October 31, 2010, proceeds from redemption fees totaled $170,403 and $182,763, respectively, for TFS Market Neutral Fund and $19,574 and $21,157, respectively, for TFS Small Cap Fund.

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

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

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains. The tax character of distributions paid by the Funds during the years ended October 31, 2011 and October 31, 2010 was as follows:

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NOTES TO FINANCIAL STATEMENTS (Continued)

	Year Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	10/31/2011	$	87,395,252	$	19,979,877	$	107,375,129
	10/31/2010	$	6,035,121	$	—	$	6,035,121
TFS Small Cap Fund	10/31/2011	$	2,114,058	$	121,183	$	2,235,241
	10/31/2010	$	—	$	—	$	—

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 securities sold short in the Statements of Operations. As collateral for its short positions, the Funds are required under the Investment Company Act of 1940 to maintain assets consisting of cash, cash equivalents or liquid securities equal to the market value of the securities sold short. The amount of the collateral is required to be adjusted daily to reflect changes in the value of the securities sold short. TFS Market Neutral Fund engages in short selling as a principal investment strategy while TFS Small Cap Fund does not. 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 ordinary income (net investment income and specified gains and losses) and 98.2% of its net realized capital gains plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of October 31, 2011:

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NOTES TO FINANCIAL STATEMENTS (Continued)

	TFS Market Neutral Fund			TFS Small Cap Fund
Tax cost of portfolio investments	$	1,802,202,073		$	48,391,260
Gross unrealized appreciation	$	74,537,618		$	4,169,501
Gross unrealized depreciation		(175,360,633	)		(1,156,610	)
Net unrealized appreciation (depreciation) on investments		(100,823,015	)		3,012,891
Net unrealized appreciation on securities sold short		14,402,350			—
Net unrealized depreciation on translation of assets and liabilities in foreign currencies		(19	)		—
Undistributed ordinary income		23,395,817			—
Undistributed long-term gains		5,293,726			119,819
Accumulated earnings (deficit)	$	(57,731,141	)	$	3,132,710

The difference between the federal income tax cost of portfolio of investments 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, 2011, TFS Market Neutral Fund reclassified $101,893,867 of net investment loss against accumulated net realized losses from security transactions and TFS Small Cap Fund reclassified $156,314 of net investment loss against paid-in capital 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.

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, 2011) 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, 2011, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $11,825,912,231 and $11,135,186,531, respectively, for TFS Market Neutral Fund and $275,026,471 and $259,607,284, respectively, for TFS Small Cap Fund.

4. Transactions with Affiliates

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. 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 up to $1.75 billion and 2.15% of such assets above $1.75 billion. Prior to June 24, 2011, TFS Market Neutral Fund paid the Adviser at an annual rate of 2.25% of its average daily assets.

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NOTES TO FINANCIAL STATEMENTS (Continued)

Effective as of March 1, 2010, the Investment Advisory Agreement for TFS Small Cap Fund was amended to revise the investment advisory fee structure. The amended advisory fee for 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 replaced the previous performance fee structure. As part of the amendment to its Investment Advisory Agreement, TFS Small Cap Fund, for a transition period of 12 months beginning on March 1, 2010, paid 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 was a rolling twelve month period whereby the most recent calendar month was substituted for the earliest month as time passed. During periods where TFS Small Cap Fund outperformed the Benchmark for the relevant performance period, the Adviser was paid the Fixed Fee. During periods where TFS Small Cap Fund underperformed the Benchmark for the relevant performance period, the Fixed Fee was 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. During the year ended October 31, 2011, investment advisory fees paid by TFS Small Cap Fund were decreased $31,744 below the Fixed Fee pursuant to the previous performance 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 TFS Market Neutral Fund’s average daily net assets and 1.75% of TFS Small Cap Fund’s average daily net assets. During the year ended October 31, 2011, the Adviser reduced its investment advisory fees by $66,738 with respect to TFS Small Cap Fund. There were no fee reductions by the Adviser for TFS Market Neutral 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 TFS Market Neutral Fund and TFS Small Cap Fund. During the year ended October 31, 2011, the Adviser recouped $275,149 of previous fee reductions from TFS Market Neutral Fund. As of October 31, 2011, the Adviser has recouped all previous fee reductions for TFS Market Neutral Fund. As of October 31, 2011, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $390,062, from TFS Small Cap Fund. The Adviser may recapture these amounts no later than the dates as stated below:

	October 31, 2012		October 31, 2013		October 31, 2014
TFS Small Cap Fund	$	179,857	$	143,467	$	66,738

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 $4,000 per month from the Trust. 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 0.075% of its average daily net assets up to $500 million, 0.05% of such assets between $500 million and $2 billion, 0.04% of such assets between $2 billion and $3 billion, 0.03% of such assets between $3 billion and $5 billion, and 0.025% of such assets in excess of $5 billion, subject to a minimum monthly fee of $5,000. Prior to July 1, 2011, each Fund paid 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, 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 daily gross assets. 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 pays a trade fee for trades in excess of 2,000 portfolio trades per month. Each Fund reimburses certain out-of-pocket expenses incurred by Ultimus in obtaining valuations of the Funds’ portfolio securities.

TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT

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

DISTRIBUTION AGREEMENT

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

5. Borrowing Costs

During the year ended October 31, 2011, TFS Market Neutral Fund and TFS Small Cap Fund incurred $13,210 and $365 of borrowing costs, respectively, with the Funds’ custodian bank. As of October 31, 2011, TFS Market Neutral Fund had outstanding borrowings (bank overdraft) of $33,720,904 and TFS Small Cap Fund had no outstanding borrowings. The average outstanding borrowings for the year ended October 31, 2011 include 304 days of $0 borrowings for TFS Market Neutral Fund and 337 days of $0 borrowings for TFS Small Cap Fund. The average outstanding borrowings and average interest rate on borrowings during the year ended October 31, 2011 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	2,160,870		1.55	%
TFS Small Cap Fund	$	23,485		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.

8. New Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards. ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. Management is currently evaluating the impact ASU No. 2011-04 may have on 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 of TFS Capital Investment Trust, comprised of TFS Market Neutral Fund and TFS Small Cap Fund (the “Funds”), including the summary schedules of investments and schedule of securities sold short, as of October 31, 2011, 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 supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, 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 Funds constituting the TFS Capital Investment Trust as of October 31, 2011, 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.

McLean, Virginia

December 23, 2011

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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, 2011 through October 31, 2011).

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 90 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, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$926.10	$45.68
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$977.77	$46.91

TFS Small Cap Fund

	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$846.40	$8.14
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,016.38	$8.89

* Expenses are equal to the annualized expense ratio of 9.41% and 1.75%, respectively, for TFS Market Neutral Fund and 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.

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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 six Trustees, four of whom are not “interested persons” of the Trust within the meaning of that term under the Investment Company Act of 1940. The Trustees and executive officers of the Trust, their addresses and their principal occupations during the past five (5) years are as follows:

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies **	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustees:
*Larry S. Eiben 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1972	Since January 2004	Trustee and President	Owner, 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.	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.	2
Brian O’Connell 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1959	Since June 2004	Trustee	Independent writer/author.	2
Gregory R. Owens 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1966	Since October 2011	Trustee	Vice President of Finance of Capital One Financial Corporation from February 1996 to present.	2

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BOARD OF TRUSTEES AND OFFICERS (Unaudited)

(Continued)

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Kevin Gates 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1972	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC.
Richard Gates 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1972	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC.
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.
Wade R. Bridge 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1968	Since June 2011	Secretary	Director of Administration of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC.
David D. Jones 719 Sawdust Road, Suite 113 The Woodlands, TX 77380 Year of Birth: 1958	Since December 2007	Chief Compliance Officer	Managing Member of Drake Compliance, LLC; Attorney, David Jones & Assoc., P.C. (a law firm).

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

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

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FEDERAL TAX INFORMATION (Unaudited)

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions made by the Funds during the fiscal year ended October 31, 2011. Certain dividends paid 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. TFS Market Neutral Fund and TFS Small Cap Fund intend to designate up to a maximum amount of $87,395,252 and $2,114,058, respectively, as taxed at a maximum rate of 15%. Additionally, TFS Market Neutral Fund and TFS Small Cap Fund intend to designate $19,979,877 and $121,183, respectively, as long-term gain distributions.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, have reviewed and approved the continuance of the Investment Advisory Agreements (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 June 17, 2011, 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 provided with a list of intermediaries who are authorized to sell shares of the Funds and the fees paid by the Adviser to such intermediaries. 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 considered the Adviser’s ongoing commitment to retain experienced personnel and noted that longevity of employment may facilitate consistency in the Funds’ performance and investment process. The Independent Trustees considered the Adviser’s ongoing commitment to expand its research capabilities and were mindful that continual analysis of investment opportunities and optimization of procedures is important to the Funds’ long-term success. After reviewing the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services provided by the Adviser to each Fund were satisfactory.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

(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, 2011. They discussed the TFS Market Neutral Fund’s shorter-term underperformance, finding that the Fund’s investment strategies are not designed to keep pace 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, 2011. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “long short and market neutral” funds. The Independent Trustees noted that for the one year period ended March 31, 2011, the TFS Market Neutral Fund’s total return (10.05%) was better than the return of the average fund in Morningstar’s long short and market neutral categories (1.97%). They also noted that the TFS Market Neutral Fund currently has a 5-star Morningstar overall 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, 2011. They considered that, based on representations by the Adviser, those performance differences can be attributed mainly to the TFS Market Neutral 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 overall 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, 2011. It was noted by the Independent Trustees that the TFS Small Cap Fund outperformed the Russell 2000® Index over the one year, three year, five year and since inception periods ended March 31, 2011. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the TFS Small Cap Fund has been assigned. The Independent Trustees noted that for the one year, three year and five year periods ended March 31, 2011, the TFS Small Cap Fund’s 28.24%, 17.42% and 10.42% returns, respectively, were higher than the performance of the average fund in the small cap blend category (25.29%, 8.14% and 3.21%, respectively) over the same periods. The Independent Trustees further noted that the TFS Small Cap Fund currently has a 5-star Morningstar overall 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.

74

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

(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 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 2.28% and its overall expense ratio of 2.50% (which excludes dividend expenses, borrowing costs and brokerage expenses on securities sold short) were each higher than the average advisory fee (1.22%) and average expense ratio (2.03%) for Morningstar’s “long short and market neutral” fund categories. The Independent Trustees also considered the Adviser’s commitment to cap the TFS Market Neutral Fund’s ordinary operating expenses at 2.50% per annum. The Independent Trustees performed a similar comparison for the TFS Small Cap Fund, finding that the TFS Small Cap Fund’s advisory fee of 1.25% and its overall expense ratio of 1.78% were each higher than the average advisory fee (0.78%) and average expense ratio (1.38%) for Morningstar’s “small cap blend” fund category. They took into account the Adviser’s commitment to cap the TFS Small Cap 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, 2011. It was noted by the Independent Trustees that the Adviser’s overall revenues and profits from managing the TFS Market Neutral Fund have increased significantly from prior years. They discussed the profitability of 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. Next, the Independent Trustees reviewed the revenue and expense information with respect to the TFS Small Cap Fund. It was noted that since the inception of the TFS Small Cap Fund through March 31, 2009, the Adviser had not received any of its advisory fees and had also reimbursed a significant amount of other operating expenses of the Fund. They noted that during the 12 month period ended March 31, 2010 the Adviser began to receive a portion of its advisory fees and that has continued for the 12 month period ended March 31, 2011. The Independent Trustees further noted that the Adviser still is not receiving its full advisory fee from the TFS Small Cap Fund. The Independent Trustees reviewed the balance sheet of the Adviser as of March 31, 2011 and considered that the Adviser is entitled to receive a profit, in light of the high quality and scope of services that are provided to the Funds. The Independent Trustees further considered that the investment and research process utilized by the Adviser is broader and more sophisticated than the process used by most other investment companies as it involves frequent position rebalancing, the development of proprietary multiple trading models and the use of a team approach that involves many participants. They also considered the Adviser’s recommendation to add a fee breakpoint to the advisory fee structure for the TFS Market Neutral Fund. 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

75

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

consideration of the foregoing, the Independent Trustees concluded that the fees to be 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’s assets have grown to the point where the Adviser is currently collecting its full advisory fee and is being reimbursed by the Fund for its prior fee reductions and expense reimbursements and, with respect to the TFS Small Cap Fund, assets have grown to the point where the Adviser is collecting approximately sixty percent of its 1.25% advisory fee. The Independent Trustees discussed the Adviser’s recommendation to add a fee breakpoint structure for the TFS Market Neutral Fund in order to allow shareholders to realize economy of scale benefits. The Independent Trustees discussed the fee breakpoint structure proposed by the Adviser and determined that given that the TFS Market Neutral Fund’s projected asset growth during the current annual period, the proposed structure is reasonable. The Independent Trustees concluded that the TFS Market Neutral Fund will pay an investment advisory fee computed at the annual rate of 2.25% on the first $1.75 billion of the Fund’s average daily net assets and 2.15% on assets over $1.75 billion. The Independent Trustees further concluded that, given the current asset levels in the TFS Small Cap Fund, it would not be relevant to consider the extent to which economies of scale are being realized and that it is not necessary or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for the TFS Small Cap Fund.

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.

76

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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 $42,000 and $39,000 with respect to the registrant’s fiscal periods ended October 31, 2011 and 2010, 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 $5,250 and 5,000 with respect to the registrant’s fiscal periods ended October 31, 2011 and 2010, 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, 2011 and 2010, aggregate non-audit fees of $5,250 and $5,000, 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)

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2011
COMMON STOCKS - 92.6%	Shares		Value
Consumer Discretionary - 12.6%
Auto Components - 1.4%
American Axle & Manufacturing Holdings, Inc. (a) (b)		65,096	$	630,780
Autoliv, Inc.		2,100		121,317
Ballard Power Systems, Inc. (a) (b)		268,795		403,193
BorgWarner, Inc. (a)		1,800		137,682
Dana Holding Corporation (a)		87,959		1,243,740
Dorman Products, Inc. (a)		28,384		1,081,714
Drew Industries, Inc. (b)		44,745		1,075,222
Federal-Mogul Corporation (a) (b)		179,094		3,019,525
Fuel Systems Solutions, Inc. (a)		16,309		380,652
Gentex Corporation		5,700		171,684
Goodyear Tire & Rubber Company (The) (a) (b)		175,796		2,524,431
Magna International, Inc. - Class A		3,700		141,155
Modine Manufacturing Company (a) (b)		123,865		1,309,253
Motorcar Parts of America, Inc. (a) (b)		29,804		295,656
Shiloh Industries, Inc.		3,588		28,345
SORL Auto Parts, Inc. (a) (b)		96,269		318,650
Spartan Motors, Inc. (b)		92,458		453,044
Standard Motor Products, Inc. (b)		284,571		4,425,079
Stoneridge, Inc. (a) (b)		165,821		1,305,011
Superior Industries International, Inc. (b)		57,291		1,047,853
Tenneco, Inc. (a) (b)		65,175		2,132,526
Tongxin International Ltd. (a)		300		128
Tower International, Inc. (a)		9,880		121,623
TRW Automotive Holdings Corporation (a)		2,800		117,880
UQM Technologies, Inc. (a)		42,618		88,219
Visteon Corporation (a) (b)		43,987		2,446,557
				25,020,919
Automobiles - 0.2%
Thor Industries, Inc. (b)		111,790		2,955,728
Distributors - 0.2%
Audiovox Corporation - Class A (a) (b)		215,659		1,533,336
Core-Mark Holding Company, Inc. (a)		1		34
Genuine Parts Company		2,108		121,062
LKQ Corporation (a)		49,300		1,438,574
Pool Corporation		26,941		787,216
Weyco Group, Inc.		212		5,024
				3,885,246
Diversified Consumer Services - 0.8%
Archipelago Learning, Inc. (a)		200		2,038
Ascent Capital Group, Inc. - Class A (a) (b)		17,785		809,040
Cambium Learning Group, Inc. (a)		1,206		3,980
Capella Education Company (a)		14,385		500,742
Career Education Corporation (a) (b)		86,310		1,392,180
Carriage Services, Inc.		400		2,384
China Education Alliance, Inc. (a)		23,832		45,042
Coinstar, Inc. (a) (b)		66,145		3,157,762
Collectors Universe, Inc.		7,933		122,644

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Diversified Consumer Services - 0.8% (Continued)
DeVry, Inc. (b)		47,864	$	1,803,516
Grand Canyon Education, Inc. (a) (b)		144,872		2,362,862
Hillenbrand, Inc. (b)		33,247		701,844
ITT Educational Services, Inc. (a)		2,014		124,787
K12, Inc. (a) (b)		48,036		1,683,662
Learning Tree International, Inc. (a)		537		4,269
Lincoln Educational Services Corporation		34,220		319,957
National American University Holdings, Inc.		1,695		11,984
Steiner Leisure Ltd. (a) (b)		19,083		919,419
StoneMor Partners, L.P.		4,600		133,446
Universal Technical Institute, Inc. (a)		26,916		384,361
Weight Watchers International, Inc.		900		67,158
				14,553,077
Hotels, Restaurants & Leisure - 2.8%
AFC Enterprises, Inc. (a) (b)		40,917		560,972
Ambassadors Group, Inc.		2,942		14,592
Ameristar Casinos, Inc. (b)		180,032		3,330,592
Arcos Dorados Holdings, Inc. - Class A (b)		6,210		145,314
Benihana, Inc. - Class A (a)		9,102		87,743
Biglari Holdings, Inc. (a) (b)		2,806		968,407
BJ's Restaurants, Inc. (a) (b)		18,242		965,549
Bob Evans Farms, Inc.		5,700		187,530
Bravo Brio Restaurant Group, Inc. (a) (b)		47,884		930,386
Brinker International, Inc.		900		20,610
Buffalo Wild Wings, Inc. (a) (b)		71,726		4,749,696
Caribou Coffee Company, Inc. (a) (b)		231,195		3,155,812
Carrols Restaurant Group, Inc. (a) (b)		60,297		563,174
CEC Entertainment, Inc. (b)		38,431		1,215,188
Cedar Fair, L.P. (b)		28,799		576,268
Choice Hotels International, Inc.		3,226		115,459
Churchill Downs, Inc. (b)		37,529		1,804,019
Cracker Barrel Old Country Store, Inc.		21,435		908,630
DineEquity, Inc. (a)		10,083		473,498
Domino's Pizza, Inc. (a)		3,549		113,674
Einstein Noah Restaurant Group, Inc.		34,897		513,684
Frisch's Restaurants, Inc.		692		13,217
Full House Resorts, Inc. (a)		4,676		13,467
Hyatt Hotels Corporation - Class A (a)		298		11,083
International Speedway Corporation - Class A (b)		24,977		595,951
Interval Leisure Group, Inc. (a) (b)		79,211		1,093,904
Isle of Capri Casinos, Inc. (a) (b)		29,537		160,681
Jack in the Box, Inc. (a) (b)		13,379		275,340
Kona Grill, Inc. (a)		4,776		27,510
Krispy Kreme Doughnuts, Inc. (a) (b)		127,220		898,173
Life Time Fitness, Inc. (a) (b)		79,831		3,443,111
Luby's, Inc. (a)		39,768		192,079
Marcus Corporation (b)		174,041		2,074,569
McCormick & Schmick's Seafood Restaurants, Inc. (a) (b)		77,876		521,769

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Hotels, Restaurants & Leisure - 2.8% (Continued)
Morgans Hotel Group Company (a)		850	$	5,533
Morton's Restaurant Group, Inc. (a)		580		2,830
MTR Gaming Group, Inc. (a)		100		166
Multimedia Games Holding Company, Inc. (a)		69,977		462,548
Nevada Gold & Casinos, Inc. (a)		100		210
Orient-Express Hotels Ltd. - Class A (a) (b)		90,502		771,982
P.F. Chang's China Bistro, Inc.		3,620		112,582
Panera Bread Company - Class A (a)		200		26,738
Papa John's International, Inc. (a) (b)		75,889		2,562,013
Penn National Gaming, Inc. (a) (b)		82,811		2,981,196
Pinnacle Entertainment, Inc. (a)		15,611		176,716
Red Lion Hotels Corporation (a)		113		785
Red Robin Gourmet Burgers, Inc. (a) (b)		37,969		951,883
Rick's Cabaret International, Inc. (a) (b)		27,325		213,681
Royal Caribbean Cruises Ltd.		271		8,054
Ruth's Hospitality Group, Inc. (a)		1,958		9,242
Scientific Games Corporation (a) (b)		335,624		2,916,573
Shuffle Master, Inc. (a) (b)		178,516		1,894,055
Six Flags Entertainment Corporation		574		20,607
Texas Roadhouse, Inc.		13,206		189,242
Town Sports International Holdings, Inc. (a) (b)		46,242		401,381
Vail Resorts, Inc.		4,300		191,608
Wendy's Company (The) (b)		484,537		2,451,757
WMS Industries, Inc. (a) (b)		131,713		2,885,832
				49,958,865
Household Durables - 0.7%
Blyth, Inc. (b)		50,730		2,832,256
Brookfield Residential Properties, Inc. (a)		34,731		251,800
Cavco Industries, Inc. (a)		200		9,006
CSS Industries, Inc.		3,090		65,137
Furniture Brands International, Inc. (a)		14,695		28,068
Helen of Troy Ltd. (a) (b)		64,400		1,863,092
Hooker Furniture Corporation		5,795		56,212
Jarden Corporation (b)		52,232		1,672,991
Kid Brands, Inc. (a) (b)		9,127		26,742
Koss Corporation		200		1,020
La-Z-Boy, Inc. (a)		71,819		729,681
Leggett & Platt, Inc. (b)		64,206		1,406,111
Lennar Corporation - Class A		457		7,559
Libbey, Inc. (a)		43,973		556,698
Lifetime Brands, Inc.		2,835		34,672
Meritage Homes Corporation (a)		40,423		717,508
Mohawk Industries, Inc. (a)		30,233		1,591,767
Newell Rubbermaid, Inc.		56,255		832,574
NIVS IntelliMedia Technology Group, Inc. (a) (b)		242,917		31,579
PulteGroup, Inc. (a)		23,983		124,232
Skyline Corporation		238		1,609
Stanley Furniture Company, Inc. (a)		1,098		3,393
Tempur-Pedic International, Inc. (a)		300		20,418

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Household Durables - 0.7% (Continued)
Tupperware Brands Corporation		2,600	$	147,004
				13,011,129
Internet & Catalog Retail - 0.2%
1-800-FLOWERS.COM, Inc. - Class A (a)		184,689		526,363
Gaiam, Inc. - Class A		2,363		9,145
Geeknet, Inc. (a) (b)		19,795		385,409
HSN, Inc.		13,027		464,673
Liberty Interactive Corporation - Series A (a) (b)		10,700		175,801
Orbitz Worldwide, Inc. (a) (b)		447,853		846,442
Shutterfly, Inc. (a)		1,297		54,046
U.S. Auto Parts Network, Inc. (a)		1,572		8,803
ValueVision Media, Inc. (a) (b)		94,171		308,881
Vitacost.com, Inc. (a)		30,700		188,191
				2,967,754
Leisure Equipment & Products - 0.7%
Arctic Cat, Inc. (a) (b)		191,134		3,881,932
Black Diamond, Inc. (a)		1,211		10,451
Hasbro, Inc.		2,700		102,762
Johnson Outdoors, Inc. - Class A (a)		77		1,431
LeapFrog Enterprises, Inc. (a) (b)		530,717		1,979,574
Nautilus, Inc. (a)		1,500		3,030
Polaris Industries, Inc. (b)		76,123		4,821,631
Smith & Wesson Holding Corporation (a) (b)		290,520		859,939
Steinway Musical Instruments, Inc. (a)		15,153		381,856
Sturm, Ruger & Company, Inc.		8,450		256,204
Summer Infant, Inc. (a)		218		1,705
				12,300,515
Media - 1.6%
AH Belo Corporation - Class A		1,832		9,160
AMC Networks, Inc. - Class A (a)		5,261		171,614
Arbitron, Inc. (b)		14,162		562,656
Ballantyne Strong, Inc. (a)		35,602		132,439
Belo Corporation - Class A		102,672		650,940
Cablevision Systems Corporation - Class A		8,400		121,548
Carmike Cinemas, Inc. (a)		109		706
Central European Media Enterprises Ltd. (a)		41,192		454,760
Charter Communications, Inc. - Class A (a)		2,300		105,662
Cinemark Holdings, Inc. (b)		167,927	��	3,471,051
Clear Channel Outdoor Holdings, Inc. (a)		9,263		101,893
Crown Media Holdings, Inc. - Class A (a)		645		1,019
CTC Media, Inc.		64,912		747,137
Dex One Corporation (a) (b)		97,777		60,827
Discovery Communications, Inc. - Class C (a)		21,400		846,798
DISH Network Corporation - Class A (a)		3,600		87,012
DreamWorks Animation SKG, Inc. - Class A (a)		16,433		304,832
E.W. Scripps Company (The) - Class A (a) (b)		236,927		1,975,971
Fisher Communications, Inc. (a) (b)		12,609		366,165
Global Sources Ltd. (a)		23,125		168,581
Gray Television, Inc. (a)		33,558		63,760

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Media - 1.6% (Continued)
Harte-Hanks, Inc.		44,831	$	393,616
Insignia Systems, Inc.		22,694		46,977
interclick, inc. (a) (b)		109,921		813,415
Interpublic Group of Companies, Inc.		5,300		50,244
John Wiley & Sons, Inc. - Class A		13,030		619,707
Knology, Inc. (a) (b)		55,541		795,903
Lamar Advertising Company - Class A (a)		2,763		62,140
Liberty Media Corporation - Liberty Starz (a)		2,994		204,490
LIN TV Corporation - Class A (a) (b)		98,768		308,156
Lions Gate Entertainment Corporation (a) (b)		398,765		3,277,848
Madison Square Garden Company (The) - Class A (a)		57,620		1,522,897
MDC Partners, Inc. (b)		16,106		271,225
Morningstar, Inc.		1,805		106,441
New York Times Company (The) - Class A (a) (b)		223,211		1,700,868
Nexstar Broadcasting Group, Inc. (a)		73,689		670,570
Outdoor Channel Holdings, Inc. (a)		812		6,066
Radio One, Inc. - Class D (a)		3,769		4,937
Reading International, Inc. (a)		2,525		10,454
Regal Entertainment Group (b)		164,079		2,369,301
Rentrak Corporation (a)		22,390		305,847
Saga Communications, Inc. - Class A (a)		130		4,875
Scripps Networks Interactive, Inc. - Class A (b)		9,922		421,487
Shaw Communications, Inc. - Class B		30,030		608,708
Sinclair Broadcast Group, Inc. - Class A (b)		83,863		803,408
Sirius XM Radio, Inc. (a) (b)		575,377		1,029,925
Thomson Reuters Corporation (b)		9,800		290,766
Value Line, Inc.		12		151
World Wrestling Entertainment, Inc.		50,776		533,656
				27,638,609
Multiline Retail - 0.3%
99¢ Only Stores (a)		43,667		951,941
Dollar General Corporation (a)		1,800		71,388
Family Dollar Stores, Inc.		1,600		93,808
Gordmans Stores, Inc. (a) (b)		29,197		408,174
Saks, Inc. (a) (b)		307,021		3,245,212
				4,770,523
Specialty Retail - 2.1%
Aaron's, Inc.		1,160		31,042
America's Car-Mart, Inc. (a) (b)		35,176		1,174,175
ANN, Inc. (a)		375		9,990
Asbury Automotive Group, Inc. (a)		30,798		574,383
Ascena Retail Group, Inc. (a)		5,400		156,060
Barnes & Noble, Inc. (a)		703		8,626
bebe stores, inc. (b)		479,884		3,445,567
Big 5 Sporting Goods Corporation (b)		45,250		349,782
Body Central Corporation (a) (b)		21,992		461,832
Borders Group, Inc. (a)		2,400		48
Cache, Inc. (a)		200		1,052
Casual Male Retail Group, Inc. (a)		7,038		29,208

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Specialty Retail - 2.1% (Continued)
Cato Corporation (The) - Class A		231	$	5,920
Charming Shoppes, Inc. (a) (b)		513,100		1,780,457
Chico's FAS, Inc.		124,321		1,536,607
China Auto Logistics, Inc. (a)		300		306
Christopher & Banks Corporation (b)		186,981		622,647
Coldwater Creek, Inc. (a) (b)		205,886		216,180
Destination Maternity Corporation (b)		53,275		882,767
Dick's Sporting Goods, Inc. (a)		500		19,545
Dreams, Inc. (a)		2,997		5,574
DSW, Inc. - Class A		24,841		1,300,178
Express, Inc. (b)		36,228		818,390
Finish Line, Inc. (The) - Class A		7,005		140,800
Foot Locker, Inc.		55,901		1,221,996
Francesca's Holdings Corporation (a)		8,600		220,762
Genesco, Inc. (a)		10,134		597,298
GNC Acquisition Holdings, Inc. - Class A (a)		14,300		353,925
Guess?, Inc.		50,257		1,657,978
Haverty Furniture Companies, Inc.		12,974		150,758
Jos. A. Bank Clothiers, Inc. (a)		121		6,466
Kirkland's, Inc. (a)		8,174		91,876
Lithia Motors, Inc.		83		1,707
Midas, Inc. (a)		6,302		57,474
Monro Muffler Brake, Inc.		7,741		287,114
New York & Company, Inc. (a) (b)		274,866		733,892
Office Depot, Inc. (a)		398,478		912,515
OfficeMax, Inc. (a)		40,172		205,681
O'Reilly Automotive, Inc. (a)		2,200		167,310
Pacific Sunwear of California, Inc. (a)		400		500
Penske Automotive Group, Inc.		307		6,260
Pier 1 Imports, Inc. (a)		36,526		456,940
RadioShack Corporation		245,315		2,921,702
Rent-A-Center, Inc.		919		31,384
Sally Beauty Holdings, Inc. (a) (b)		76,631		1,470,549
Select Comfort Corporation (a)		96,932		2,013,278
Shoe Carnival, Inc. (a) (b)		71,598		1,953,909
Signet Jewelers Ltd.		41,607		1,793,678
Stein Mart, Inc. (b)		132,827		962,996
Syms Corp (a)		9,786		76,429
Systemax, Inc. (a) (b)		8,698		131,601
Talbots, Inc. (The) (a)		65		171
Teavana Holdings, Inc. (a)		1,300		29,718
TravelCenters of America, Inc. (a) (b)		191,636		954,347
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		4,900		329,721
Vitamin Shoppe, Inc. (a) (b)		65,869		2,483,920
Wet Seal, Inc. (The) - Class A (a)		126,453		529,838
Winmark Corporation		1,909		94,744
Zale Corporation (a)		135,939		501,615
				36,981,188

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 12.6% (Continued)
Textiles, Apparel & Luxury Goods - 1.6%
Columbia Sportswear Company		5,293	$	284,446
Culp, Inc. (a)		12,367		106,109
Deckers Outdoor Corporation (a)		780		89,887
Delta Apparel, Inc. (a)		680		12,247
Fossil, Inc. (a)		200		20,732
Fuqi International, Inc. (a)		117,639		242,336
Gildan Activewear, Inc. - Class A		12,500		322,250
Hanesbrands, Inc. (a)		3,254		85,808
Iconix Brand Group, Inc. (a)		111,745		2,005,823
Joe's Jeans, Inc. (a)		69,899		38,444
Jones Group, Inc. (The) (b)		389,282		4,348,280
Kenneth Cole Productions, Inc. (a)		8,038		86,489
Lacrosse Footwear, Inc.		55		704
Liz Claiborne, Inc. (a) (b)		910,239		7,291,014
LJ International, Inc. (a) (b)		67,792		185,072
Lululemon Athletica, Inc. (a)		212		11,974
Maidenform Brands, Inc. (a)		22,315		548,503
Oxford Industries, Inc. (b)		37,596		1,485,042
R.G. Barry Corporation		384		4,266
Rocky Brands, Inc. (a)		15,412		163,367
Skechers U.S.A., Inc. - Class A (a) (b)		362,512		5,169,421
Steven Madden Ltd. (a) (b)		43,110		1,590,759
True Religion Apparel, Inc. (a)		21,616		733,215
Unifi, Inc. (a) (b)		54,295		420,786
Warnaco Group, Inc. (The) (a)		3,500		171,850
Wolverine World Wide, Inc. (b)		61,117		2,318,168
				27,736,992
Consumer Staples - 2.4%
Beverages - 0.2%
Beam, Inc.		1,000		49,430
Boston Beer Company, Inc. (The) - Class A (a)		2,290		202,619
Brown-Forman Corporation - Class B		4,700		351,231
Coca-Cola Bottling Company Consolidated (b)		36,388		2,042,094
Cott Corporation (a) (b)		57,012		403,645
Craft Brewers Alliance, Inc. (a)		22,797		149,320
Dr Pepper Snapple Group, Inc.		1,800		67,410
Jones Soda Company (a)		80		50
MGP Ingredients, Inc.		400		2,624
Molson Coors Brewing Company - Class B		600		25,404
National Beverage Corporation		32,010		541,609
Primo Water Corporation (a)		77,371		470,416
				4,305,852
Food & Staples Retailing - 0.7%
Andersons, Inc. (The)		13,410		495,097
Arden Group, Inc. - Class A		39		3,538
Casey's General Stores, Inc. (b)		64,763		3,209,007
Chefs' Warehouse, Inc. (The) (a)		8,302		118,636
Fresh Market, Inc. (The) (a) (b)		19,973		798,920
Ingles Markets, Inc. - Class A (b)		21,613		326,356

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Staples - 2.4% (Continued)
Food & Staples Retailing - 0.7% (Continued)
Nash Finch Company		18,647	$	490,789
Pantry, Inc. (The) (a)		54,947		776,950
Pizza Inn Holdings, Inc. (a)		300		1,320
PriceSmart, Inc.		230		17,489
Rite Aid Corporation (a) (b)		688,417		798,564
Ruddick Corporation (b)		38,177		1,668,717
Spartan Stores, Inc.		18,886		323,328
Susser Holdings Corporation (a) (b)		128,552		2,823,002
Sysco Corporation		300		8,316
Village Super Market, Inc. - Class A		25		709
Weis Markets, Inc.		398		15,741
				11,876,479
Food Products - 0.9%
Adecoagro, S.A. (a)		38,372		372,976
AgFeed Industries, Inc. (a)		168		109
B&G Foods, Inc.		3,805		80,742
Campbell Soup Company		2,100		69,825
China Marine Food Group Ltd. (a)		171		272
Chiquita Brands International, Inc. (a)		8,260		73,349
Corn Products International, Inc.		21,898		1,062,053
Darling International, Inc. (a) (b)		118,475		1,661,020
Dean Foods Company (a) (b)		124,777		1,212,832
Farmer Brothers Company		1,560		9,126
Fresh Del Monte Produce, Inc. (b)		92,527		2,355,737
Green Mountain Coffee Roasters, Inc. (a)		2,300		149,546
Griffin Land & Nurseries, Inc.		100		2,682
Hain Celestial Group, Inc. (The) (a)		4,886		163,974
Harbinger Group, Inc. (a)		31,759		163,241
Hormel Foods Corporation		200		5,894
HQ Sustainable Maritime Industries, Inc. (a)		1,421		121
J & J Snack Foods Corporation		6,442		332,214
J.M. Smucker Company (The)		600		46,212
McCormick & Company, Inc. - Non-Voting Shares		5,900		286,504
Mead Johnson Nutrition Company		1,500		107,775
Omega Protein Corporation (a) (b)		42,260		457,676
Origin Agritech Ltd. (a) (b)		133,792		374,618
Pilgrim's Pride Corporation (a) (b)		496,391		2,501,811
Ralcorp Holdings, Inc. (a)		3,700		299,108
Reddy Ice Holdings, Inc. (a)		866		961
Sara Lee Corporation		3,600		64,080
Seneca Foods Corporation - Class A (a)		12,363		260,241
Smart Balance, Inc. (a) (b)		325,977		2,135,149
Smithfield Foods, Inc. (a)		10,927		249,791
Snyder's-Lance, Inc.		4,484		95,151
SunOpta, Inc. (a) (b)		108,555		566,657
TreeHouse Foods, Inc. (a)		5,752		352,828
Westway Group, Inc. (a)		1,317		5,729
Yuhe International, Inc. (a)		136		122
				15,520,126

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Staples - 2.4% (Continued)
Household Products - 0.1%
Central Garden & Pet Company - Class A (a)		82,211	$	722,635
Church & Dwight Company, Inc.		3,059		135,146
Clorox Company (The) (b)		5,201		348,155
Energizer Holdings, Inc. (a)		1,100		81,169
Oil-Dri Corporation of America		200		4,010
Spectrum Brands Holdings, Inc. (a)		9,866		250,399
WD-40 Company		157		6,911
				1,548,425
Personal Products - 0.5%
American Oriental Bioengineering, Inc. (a)		175,553		135,211
Elizabeth Arden, Inc. (a) (b)		65,474		2,244,449
Herbalife Ltd.		1,845		115,054
Inter Parfums, Inc. (b)		22,697		418,533
Natural Alternatives International, Inc. (a)		3,562		21,728
Nature's Sunshine Products, Inc. (a)		22,325		387,562
Nu Skin Enterprises, Inc. - Class A (b)		3,333		168,417
Nutraceutical International Corporation (a)		225		3,105
Prestige Brands Holdings, Inc. (a) (b)		93,988		994,393
Reliv' International, Inc.		1,800		2,682
Revlon, Inc. (a) (b)		153,828		2,265,886
Schiff Nutrition International, Inc. (a) (b)		122,009		1,490,950
				8,247,970
Tobacco - 0.0% (d)
Vector Group Ltd.		5,056		88,834
Energy - 6.4%
Energy Equipment & Services - 2.1%
Atwood Oceanics, Inc. (a)		30,801		1,316,435
Basic Energy Services, Inc. (a)		238,007		4,365,048
Bolt Technology Corporation (a)		200		2,016
Bristow Group, Inc. (b)		35,176		1,751,061
C&J Energy Services, Inc. (a)		19,781		333,508
Cameron International Corporation (a)		300		14,742
CARBO Ceramics, Inc.		300		40,755
Compressco Partners, L.P.		17		276
Core Laboratories N.V.		700		75,782
Dresser-Rand Group, Inc. (a)		12,912		624,941
Dril-Quip, Inc. (a)		1,513		98,496
ENGlobal Corporation (a)		300		783
Exterran Partners, L.P. (b)		18,484		454,706
FMC Technologies, Inc. (a)		1,700		76,194
Geokinetics, Inc. (a)		442		1,445
Global Geophysical Services, Inc. (a) (b)		30,185		287,965
Global Industries Ltd. (a) (b)		143,940		1,144,323
Gulf Island Fabrication, Inc.		32,042		892,370
Gulfmark Offshore, Inc. - Class A (a) (b)		59,272		2,465,122
ION Geophysical Corporation (a)		25,798		196,581
Lufkin Industries, Inc.		10,061		594,504
Matrix Service Company (a) (b)		49,633		527,102

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Energy Equipment & Services - 2.1% (Continued)
McDermott International, Inc. (a) (b)		82,074	$	901,172
Mitcham Industries, Inc. (a) (b)		76,648		1,117,528
Newpark Resources, Inc. (a)		256,192		2,287,795
Noble Corporation (a)		200		7,188
North American Energy Partners, Inc. (a) (b)		173,773		1,221,624
Ocean Rig UDW, Inc. (a)		14,775		226,648
Oil States International, Inc. (a) (b)		29,990		2,087,604
OYO Geospace Corporation (a) (b)		20,408		1,603,661
Parker Drilling Company (a) (b)		203,085		1,123,060
Patterson-UTI Energy, Inc.		82,915		1,684,833
PHI, Inc. (a)		12		265
Precision Drilling Corporation (a)		14,400		166,608
RigNet, Inc. (a)		1,893		29,588
RPC, Inc.		98,938		1,837,279
Schlumberger Ltd.		29,399		2,159,945
SEACOR Holdings, Inc.		15,146		1,289,682
TETRA Technologies, Inc. (a)		70,505		669,797
TGC Industries, Inc. (a) (b)		81,073		452,387
Transocean Ltd.		100		5,715
Union Drilling, Inc. (a) (b)		78,791		590,145
Unit Corporation (a) (b)		39,259		1,926,047
Vantage Drilling Company (a) (b)		483,680		657,805
Willbros Group, Inc. (a)		2,163		11,010
				37,321,541
Oil, Gas & Consumable Fuels - 4.3%
Adams Resources & Energy, Inc.		503		11,921
Advantage Oil & Gas Ltd. (a) (b)		229,831		1,213,508
Alliance Holdings GP, L.P.		1,000		48,400
Alliance Resource Partners, L.P.		600		45,558
Alon USA Energy, Inc. (b)		109,447		831,797
Andatee China Marine Fuel Services Corporation (a)		213		577
Approach Resources, Inc. (a)		1,669		40,740
Arch Coal, Inc.		30,257		551,283
Atlas Energy, L.P.		12,637		299,876
Atlas Pipeline Partners, L.P.		4,200		146,160
Baytex Energy Corporation (b)		17,401		924,863
Bill Barrett Corporation (a)		6,900		287,040
BMB Munai, Inc.		3,352		449
Boardwalk Pipeline Partners, L.P. (b)		5,191		148,359
BP Prudhoe Bay Royalty Trust		392		42,140
BreitBurn Energy Partners, L.P. (b)		75,257		1,355,379
Brigham Exploration Company (a)		51,486		1,874,863
Buckeye Partners, L.P.		1,800		121,590
Cabot Oil & Gas Corporation		400		31,088
Callon Petroleum Company (a) (b)		164,470		774,654
Calumet Specialty Products Partners, L.P. (b)		34,718		656,865
Cameco Corporation		3,500		75,005
Cheniere Energy Partners, L.P.		27,247		473,008
Chesapeake Midstream Partners, L.P.		11,804		311,744

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Oil, Gas & Consumable Fuels - 4.3% (Continued)
Clayton Williams Energy, Inc. (a) (b)		38,751	$	2,531,990
Cloud Peak Energy, Inc. (a)		62,237		1,428,339
Cobalt International Energy, Inc. (a)		84,070		867,602
Concho Resources, Inc. (a)		300		28,416
Constellation Energy Partners, LLC (a)		2,050		5,515
Contango Oil & Gas Company (a)		56		3,603
Crestwood Midstream Partners, L.P. (b)		42,001		1,242,390
Crimson Exploration, Inc. (a) (b)		118,334		352,635
Cross Timbers Royalty Trust		6,178		290,366
Crosstex Energy, Inc. (b)		187,828		2,447,399
Crosstex Energy, L.P. (b)		64,738		1,034,513
Delta Petroleum Corporation (a)		52,938		118,581
Denbury Resources, Inc. (a)		3,300		51,810
Dorchester Minerals, L.P. (b)		44,157		1,084,054
Double Eagle Petroleum Company (a)		28,851		256,197
Eagle Rock Energy Partners, L.P. (b)		25,906		259,578
El Paso Corporation		9,000		225,090
El Paso Pipeline Partners, L.P.		2,400		79,992
Enbridge Energy Management, LLC (a)		1		31
Enbridge, Inc.		3,899		135,334
Encore Energy Partners, L.P. (b)		45,819		990,149
Energen Corporation (b)		22,041		1,081,331
Energy Transfer Partners, L.P.		400		18,688
Energy XXI (Bermuda) Ltd. (a) (b)		142,048		4,171,950
Enterprise Products Partners, L.P.		106		4,752
Equal Energy Ltd. (a)		27,228		152,477
EV Energy Partners, L.P.		2,100		156,303
EXCO Resources, Inc. (b)		28,656		361,352
Forest Oil Corporation (a) (b)		141,168		1,646,019
Gastar Exploration Ltd. (a)		7,860		29,082
General Maritime Corporation		61,692		16,040
Genesis Energy, L.P.		7,857		207,346
GeoMet, Inc. (a)		1,636		1,734
Gevo, Inc. (a)		758		5,632
Global Partners, L.P. (b)		88,208		1,885,005
Golar LNG Ltd. (b)		45,701		1,847,691
Golar LNG Partners, L.P. (b)		45,996		1,319,625
Goodrich Petroleum Corporation (a) (b)		40,626		643,922
Gran Tierra Energy, Inc. (a)		27,820		169,146
Gulfport Energy Corporation (a)		22,932		714,103
Holly Energy Partners, L.P. (b)		15,289		859,395
HollyFrontier Corporation		946		29,033
Hugoton Royalty Trust (b)		36,747		798,145
Imperial Oil Ltd.		3,800		156,636
Ivanhoe Energy, Inc. (a) (b)		103,355		130,227
James River Coal Company (a)		20,366		210,788
Kodiak Oil & Gas Corporation (a) (b)		767,252		5,301,711
Legacy Reserves, L.P.		632		18,625
Lone Pine Resources, Inc. (a) (b)		67,257		506,445

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Oil, Gas & Consumable Fuels - 4.3% (Continued)
Magellan Midstream Partners, L.P.		1,413	$	90,305
Magellan Petroleum Corporation (a)		2,228		2,295
Magnum Hunter Resources Corporation (a)		1,700		7,650
Marathon Oil Corporation		3,100		80,693
Martin Midstream Partners, L.P. (b)		34,659		1,244,951
McMoRan Exploration Company (a)		1,300		15,834
Natural Resource Partners, L.P.		2,591		76,694
Navios Maritime Acquisition Corporation		145		494
Niska Gas Storage Partners, LLC (b)		33,951		437,628
Northern Oil and Gas, Inc. (a)		32,961		796,667
NuStar Energy, L.P.		1,961		112,561
NuStar GP Holdings, LLC		7,970		253,845
Oasis Petroleum, Inc. (a) (b)		59,442		1,744,028
Oiltanking Partners, L.P. (a)		3,327		90,494
Oxford Resource Partners, L.P. (b)		40,845		735,210
PAA Natural Gas Storage, L.P.		35,225		649,549
Panhandle Oil & Gas, Inc.		1,343		44,749
Peabody Energy Corporation		100		4,337
Pengrowth Energy Corporation		6,200		64,790
Penn Virginia Corporation		220,915		1,345,372
Penn Virginia Resource Partners, L.P.		2,748		72,465
Permian Basin Royalty Trust (b)		46,103		910,534
PetroQuest Energy, Inc. (a)		46,043		335,653
Pioneer Southwest Energy Partners, L.P. (b)		34,890		957,731
Plains Exploration & Production Company (a)		900		28,350
PostRock Energy Corporation (a)		24,693		108,649
Provident Energy Ltd. (b)		11,100		100,566
QEP Resources, Inc.		27,100		963,405
QR Energy, L.P. (b)		38,311		787,674
Quest Rare Minerals Ltd. (a)		4,754		15,736
RAM Energy Resources, Inc. (a) (b)		77,282		63,371
Regency Energy Partners, L.P.		900		20,862
Rentech, Inc. (a)		64,560		103,942
REX American Resources Corporation (a)		13,480		245,875
Rhino Resource Partners, L.P.		20,265		415,433
Sabine Royalty Trust (b)		15,667		1,034,492
San Juan Basin Royalty Trust (b)		27,626		675,179
SandRidge Permian Trust (a)		30,950		610,953
SemGroup Corporation - Class A (a) (b)		8,955		250,561
SM Energy Company		2,000		165,820
Solazyme, Inc. (a)		47,875		486,889
Stone Energy Corporation (a)		25,300		614,537
Sunoco Logistics Partners, L.P.		1,831		179,951
Swift Energy Company (a) (b)		3,179		97,341
Syntroleum Corporation (a)		25,906		21,761
Targa Resources Corporation		6,631		223,730
Targa Resources Partners, L.P. (b)		3,165		113,624
TC Pipelines, L.P.		2,900		132,124
Teekay Corporation (b)		84,836		2,185,375

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Oil, Gas & Consumable Fuels - 4.3% (Continued)
Teekay LNG Partners, L.P.		1,454	$	51,035
Tengasco, Inc. (a)		54,741		40,508
Tesoro Logistics, L.P.		5,434		145,631
Toreador Resources Corporation (a) (b)		177,931		578,276
TransAtlantic Petroleum Ltd. (a) (b)		669,824		602,842
TransCanada Corporation		3,800		163,552
TransGlobe Energy Corporation (a) (b)		112,496		1,158,709
TransMontaigne Partners, L.P. (b)		32,009		1,134,079
Tsakos Energy Navigation Ltd. (b)		127,515		762,540
Uranium Resources, Inc. (a)		775		930
Ur-Energy, Inc. (a) (b)		21,981		28,356
VAALCO Energy, Inc. (a)		40,377		274,967
VOC Energy Trust		17,961		399,991
Voyager Oil & Gas, Inc. (a)		266,729		736,172
W&T Offshore, Inc. (b)		144,531		2,845,815
Warren Resources, Inc. (a)		327,456		1,024,937
Westmoreland Coal Company (a) (b)		8,849		97,428
				75,910,151
Financials - 15.7%
Capital Markets - 2.4%
American Capital Ltd. (a) (b)		489,163		3,800,796
Apollo Global Management, LLC - Class A		50,296		666,422
Ares Capital Corporation (b)		111,504		1,724,967
Arlington Asset Investment Corporation - Class A		9,272		213,998
Artio Global Investors, Inc. (b)		69,331		507,503
BlackRock Kelso Capital Corporation		64,138		547,739
BlackRock, Inc. - Class A		100		15,779
Calamos Asset Management, Inc. - Class A (b)		145,421		1,816,308
Capital Southwest Corporation		339		29,835
Charles Schwab Corporation (The)		700		8,596
CIFC Corporation (a)		600		3,324
Deutsche Bank A.G.		5,503		227,879
Diamond Hill Investment Group, Inc.		5,007		376,927
Duff & Phelps Corporation		449		5,698
E*TRADE Financial Corporation (a) (b)		167,908		1,821,802
Edelman Financial Group, Inc.		179		1,242
Ellington Financial, LLC (b)		41,505		761,617
Epoch Holding Corporation		13,081		269,469
Evercore Partners, Inc. - Class A		32,004		878,190
FBR Capital Markets Corporation (a)		1,478		3,074
Full Circle Capital Corporation		408		2,774
GFI Group, Inc. (b)		192,093		829,842
Gladstone Capital Corporation		28,690		236,406
Gladstone Investment Corporation		34,595		259,117
Gleacher & Company, Inc. (a) (b)		125,731		160,936
Golub Capital BDC, Inc. (b)		42,899		665,792
GSV Capital Corporation (a)		5,500		84,150
Harris & Harris Group, Inc. (a)		36,011		141,523
Hercules Technology Growth Capital, Inc.		32,680		316,342

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Capital Markets - 2.4% (Continued)
HFF, Inc. - Class A (a) (b)		137,705	$	1,514,755
Horizon Technology Finance Corporation		28,406		432,055
ICG Group, Inc. (a) (b)		4,853		52,364
INTL FCStone, Inc. (a)		18,054		437,629
Investment Technology Group, Inc. (a) (b)		82,999		947,019
Janus Capital Group, Inc.		255,868		1,678,494
KBW, Inc.		53,834		762,289
KKR & Company, L.P.		12,100		163,108
Knight Capital Group, Inc. - Class A (a) (b)		104,559		1,305,942
Kohlberg Capital Corporation (b)		63,114		415,290
Ladenburg Thalmann Financial Services, Inc. (a)		110,891		188,515
Lazard Ltd. - Class A (b)		67,979		1,858,546
MCG Capital Corporation (b)		186,788		866,696
Medallion Financial Corporation		8,097		96,354
Medley Capital Corporation		395		3,677
Morgan Stanley		13,200		232,848
NGP Capital Resources Company		34,666		257,568
Och-Ziff Capital Management Group, LLC (b)		26		284
Oppenheimer Holdings, Inc.		3,927		68,997
PennantPark Floating Rate Capital Ltd.		1,100		11,858
PennantPark Investment Corporation (b)		95,513		1,023,899
Piper Jaffray Companies, Inc. (a)		13,897		288,502
Pzena Investment Management, Inc. - Class A		1,392		6,027
Raymond James Financial, Inc.		3,700		112,369
SEI Investments Company (b)		381,408		6,174,996
Solar Capital Ltd. (b)		25,785		572,427
Solar Senior Capital Ltd.		13,279		198,787
Steel Excel, Inc. (a)		7,938		206,380
Stifel Financial Corporation (a) (b)		103,111		3,286,148
SWS Group, Inc.		83,885		462,206
THL Credit, Inc.		47,212		545,299
TICC Capital Corporation		77,892		694,018
Triangle Capital Corporation		41,396		693,797
U.S. Global Investors, Inc.		2,561		19,438
Virtus Investment Partners, Inc. (a) (b)		2,684		167,482
Walter Investment Management Corporation		34,142		865,841
Westwood Holdings Group, Inc.		1,600		58,624
WisdomTree Investments, Inc. (a)		1,100		8,206
				43,056,781
Commercial Banks - 3.5%
1st Source Corporation		21,516		517,245
1st United Bancorp, Inc. (a)		1,920		9,946
ACNB Corporation		200		2,862
AmeriServ Financial, Inc. (a)		100		195
Ames National Corporation		95		1,750
Associated Banc-Corp		5,794		64,603
BancFirst Corporation		239		9,249
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		29,992		487,370

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Commercial Banks - 3.5% (Continued)
Bancorp Rhode Island, Inc.		325	$	14,170
Bancorp, Inc. (The) (a) (b)		49,503		398,004
BancorpSouth, Inc.		114,113		1,114,884
Bank of Hawaii Corporation (b)		41,796		1,765,045
Bank of Kentucky Financial Corporation (The)		2,470		53,352
Bank of Marin Bancorp		234		8,293
Banner Corporation (b)		62,901		1,105,171
BOK Financial Corporation		14,881		777,086
Boston Private Financial Holdings, Inc.		112,397		851,969
Bridge Capital Holdings (a)		1,177		12,982
Bryn Mawr Bank Corporation		14,828		272,242
BSB Bancorp, Inc. (a)		7,556		78,205
Canadian Imperial Bank of Commerce		1,400		105,630
Cape Bancorp, Inc. (a)		100		760
Capital Bank Corporation (a)		6,592		13,843
CapitalSource, Inc. (b)		495,810		3,153,352
Cardinal Financial Corporation (b)		38,540		413,920
Cathay General Bancorp		29,880		418,021
Center Financial Corporation (a) (b)		79,324		521,159
CenterState Banks, Inc.		1,627		9,241
Central Pacific Financial Corporation (a)		33,055		402,940
Century Bancorp, Inc. - Class A		32		866
Chemical Financial Corporation		4,072		81,969
Citizens Republic Bancorp, Inc. (a)		82,210		740,712
CNB Financial Corporation		54		773
Commerce Bancshares, Inc. (b)		88,497		3,433,684
Credicorp Ltd.		2,782		302,626
Cullen/Frost Bankers, Inc.		2,900		142,216
Eagle Bancorp, Inc. (a)		700		9,709
East West Bancorp, Inc. (b)		191,137		3,721,437
Eastern Virginia Bankshares, Inc. (a)		200		380
Enterprise Bancorp, Inc.		492		7,085
Enterprise Financial Services Corporation		6,787		104,723
Farmers Capital Bank Corporation (a)		3		12
Financial Institutions, Inc.		18,361		300,753
First BanCorp (North Carolina)		204		2,587
First Bancorp, Inc.		454		6,533
First Community Bancshares, Inc.		10,764		129,276
First Connecticut Bancorp, Inc. (a)		1,249		14,688
First Financial Bancorporation		11,013		180,613
First Financial Corporation		6,791		223,152
First Horizon National Corporation (b)		538,306		3,762,759
First Interstate BancSystem, Inc.		25,081		317,024
First Merchants Corporation		29,587		238,471
First Midwest Bancorp, Inc.		42,334		381,429
First of Long Island Corporation (The)		111		2,836
First Republic Bank (a)		22,186		614,552
First South Bancorp, Inc. (a)		341		1,364
Fulton Financial Corporation (b)		205,173		1,936,833

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Commercial Banks - 3.5% (Continued)
German American Bancorp, Inc.		200	$	3,474
Glacier Bancorp, Inc. (b)		122,312		1,388,241
Guaranty Bancorp (a)		900		1,197
Hancock Holding Company (b)		156,757		4,749,737
Hanmi Financial Corporation (a) (b)		204,408		204,408
Heartland Financial USA, Inc.		541		8,456
Home BancShares, Inc. (b)		27,292		639,997
Hudson Valley Holding Corporation		1,303		28,301
Huntington Bancshares, Inc.		72		373
International Bancshares Corporation		4,247		76,956
Investors Bancorp, Inc. (a) (b)		90,910		1,261,831
Lakeland Financial Corporation		21,148		505,226
MainSource Financial Group, Inc.		10,002		93,819
MB Financial, Inc. (b)		85,366		1,414,515
Merchants Bancshares, Inc.		4		114
Metro Bancorp, Inc. (a)		200		1,654
Middleburg Financial Corporation		1,176		17,052
MidWestOne Financial Group, Inc.		144		2,059
National Penn Bancshares, Inc. (b)		447,217		3,488,293
NBT Bancorp, Inc.		3,126		67,272
NewBridge Bancorp (a)		100		400
Northfield Bancorp, Inc.		9,297		128,392
Old National Bancorp (b)		130,415		1,508,902
Old Point Financial Corporation		100		996
Orrstown Financial Services, Inc.		1,070		9,801
Pacific Capital Bancorp (a) (b)		3,631		94,007
Pacific Mercantile Bancorp (a)		100		304
Patriot National Bancorp (a)		6		11
Peapack-Gladstone Financial Corporation		379		3,836
Republic Bancorp, Inc. - Class A		471		9,580
Rurban Financial Corporation (a)		500		1,550
Sandy Spring Bancorp, Inc.		14,310		243,413
Seacoast Banking Corporation of Florida (a)		832		1,240
Signature Bank Corporation (a)		1,307		72,865
Southwest Bancorp, Inc. (a)		96,631		454,166
State Bancorp, Inc.		21,092		249,518
StellarOne Corporation		2,100		25,179
Sterling Financial Corporation (a)		18,338		275,253
Summit Financial Group, Inc. (a)		200		538
Sun Bancorp, Inc. (a) (b)		280,769		833,884
Susquehanna Bancshares, Inc.		49,852		361,926
SVB Financial Group (a) (b)		62,932		2,891,096
TCF Financial Corporation		2		21
Tower Bancorp, Inc. (b)		24,051		618,592
Trustmark Corporation (b)		53,102		1,175,678
UMB Financial Corporation		13		479
Umpqua Holdings Corporation (b)		192,303		2,201,869
Union First Market Bankshares Corporation		22,295		285,822
United Community Banks, Inc. (a)		96,291		711,591

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Commercial Banks - 3.5% (Continued)
Univest Corporation of Pennsylvania		15	$	228
Valley National Bancorp		90		1,080
Virginia Commerce Bancorp (a)		16,370		104,113
WesBanco, Inc.		21,493		426,851
West Bancorporation, Inc.		500		4,920
West Coast Bancorp (a) (b)		140,710		2,100,800
Western Alliance Bancorp (a)		17,200		111,800
Wilshire Bancorp, Inc. (a) (b)		995,452		3,404,446
Zions Bancorporation		600		10,416
				61,521,089
Consumer Finance - 0.6%
Advance America, Cash Advance Centers, Inc. (b)		314,559		2,651,732
Cash America International, Inc.		53,952		2,953,872
Credit Acceptance Corporation (a) (b)		24,415		1,682,682
DFC Global Corporation (a)		34,802		762,860
First Cash Financial Services, Inc. (a)		4,549		188,783
First Marblehead Corporation (The) (a)		204		196
Imperial Holdings, Inc. (a)		8,646		19,453
Nelnet, Inc. - Class A (b)		75,014		1,611,301
NetSpend Holdings, Inc. (a) (b)		99,129		569,992
				10,440,871
Diversified Financial Services - 0.5%
ASTA Funding, Inc.		2,284		18,409
CBOE Holdings, Inc. (b)		61,739		1,613,240
Citigroup, Inc.		60		1,895
Compass Diversified Holdings, Inc. (b)		122,153		1,595,318
Interactive Brokers Group, Inc. - Class A (b)		140,412		2,159,537
KKR Financial Holdings, LLC		10,500		87,675
MarketAxess Holdings, Inc. (b)		110,784		3,238,216
MSCI, Inc. - Class A (a)		794		26,512
NewStar Financial, Inc. (a)		13,523		144,967
NYSE Euronext, Inc.		2,800		74,396
PICO Holdings, Inc. (a)		13,453		307,266
Primus Guaranty Ltd. (a)		845		4,935
Resource America, Inc. - Class A		1,772		8,630
Sprott Resource Lending Corporation		50		73
				9,281,069
Insurance - 3.0%
Allied World Assurance Company Holdings A.G. (b)		29,565		1,717,727
Alterra Capital Holdings Ltd. (b)		7,265		157,505
American Financial Group, Inc.		2,363		84,666
American International Group, Inc. (a)		2,404		59,355
American National Insurance Company (b)		19,813		1,415,837
American Safety Insurance Holdings Ltd. (a)		5,528		112,827
AMERISAFE, Inc. (a)		828		17,843
AmTrust Financial Services, Inc. (b)		41,292		1,047,991
Arch Capital Group Ltd. (a)		6,300		226,611
Argo Group International Holdings Ltd.		19,148		578,078
Arthur J. Gallagher & Company (b)		25,051		774,076

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Insurance - 3.0% (Continued)
Assurant, Inc.		25,647	$	988,435
Assured Guaranty Ltd. (b)		387,263		4,933,731
Axis Capital Holdings Ltd.		152		4,765
Berkley (W.R.) Corporation (b)		7,573		263,616
Brown & Brown, Inc. (b)		79,253		1,749,906
Cincinnati Financial Corporation		200		5,788
Citizens, Inc. (a)		1		8
CNO Financial Group, Inc. (a) (b)		473,240		2,957,750
Crawford & Company - Class B		1,451		10,317
Delphi Financial Group, Inc. - Class A		6,889		182,421
Donegal Group, Inc. - Class A		650		8,138
Eastern Insurance Holdings, Inc.		1,690		22,376
EMC Insurance Group, Inc.		379		7,368
Employers Holdings, Inc. (b)		139,879		2,268,837
Endurance Specialty Holdings Ltd. (b)		36,926		1,373,647
Erie Indemnity Company - Class A		167		13,185
FBL Financial Group, Inc. - Class A (b)		16,151		527,330
Fidelity National Financial, Inc. - Class A		2,392		36,932
First American Financial Corporation		6,286		75,432
Genworth Financial, Inc. - Class A (a)		139,432		889,576
Global Indemnity plc (a)		3,052		61,620
Greenlight Capital Re Ltd. - Class A (a)		4,019		90,548
Hanover Insurance Group, Inc. (The) (b)		64,928		2,477,652
Harleysville Group, Inc. (b)		69,147		4,063,078
Horace Mann Educators Corporation (b)		79,776		1,072,987
Independence Holding Company		1,861		15,428
Infinity Property & Casualty Corporation (b)		10,722		621,447
Kansas City Life Insurance Company (b)		39,186		1,313,515
Kemper Corporation (b)		131,424		3,533,991
Manulife Financial Corporation		100		1,321
Meadowbrook Insurance Group, Inc.		83,851		868,696
Mercury General Corporation (b)		60,742		2,630,129
National Interstate Corporation		200		5,320
National Western Life Insurance Company		1,776		255,336
Navigators Group, Inc. (The) (a)		23		1,049
Old Republic International Corporation		44,291		391,532
OneBeacon Insurance Group Ltd. - Class A (b)		260		3,957
Penn Millers Holding Corporation (a)		2,100		42,546
Platinum Underwriters Holdings Ltd.		28,753		995,716
Presidential Life Corporation (b)		35,119		348,380
Primerica, Inc. (b)		95,714		2,166,008
ProAssurance Corporation		4,291		328,476
Protective Life Corporation (b)		94,161		1,751,395
RenaissanceRe Holdings Ltd.		1,900		129,428
Safety Insurance Group, Inc. (b)		8,184		348,802
SeaBright Holdings, Inc.		28,830		206,999
Selective Insurance Group, Inc. (b)		124,107		1,989,435
State Auto Financial Corporation		25,310		336,370
Sun Life Financial, Inc.		7,000		176,540

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Insurance - 3.0% (Continued)
Symetra Financial Corporation (b)		114,576	$	1,062,120
Transatlantic Holdings, Inc. (b)		32,788		1,706,288
United Fire & Casualty Company (b)		20,771		390,703
Universal Insurance Holdings, Inc. (b)		2,520		10,634
				51,909,520
Real Estate Investment Trusts (REIT) - 4.3%
Alexandria Real Estate Equities, Inc.		3,500		231,315
American Assets Trust, Inc. (b)		46,494		942,433
American Campus Communities, Inc.		5,184		201,813
American Capital Agency Corporation (b)		4,848		133,368
American Capital Mortgage Investment Corporation		500		9,090
Annaly Capital Management, Inc.		5,700		96,045
Anworth Mortgage Asset Corporation (b)		165,101		1,064,901
Apartment Investment & Management Company - Class A (b)		10,361		255,606
Apollo Commercial Real Estate Finance, Inc.		148,008		2,073,592
Arbor Realty Trust, Inc. (a)		478		1,726
Associated Estates Realty Corporation		28,312		480,738
BioMed Realty Trust, Inc.		3,451		62,498
Brandywine Realty Trust		64,830		590,601
BRE Properties, Inc.		4,848		242,982
Camden Property Trust		2,500		151,600
CapLease, Inc.		60,238		235,531
Capstead Mortgage Corporation		96,909		1,174,537
Care Investment Trust, Inc.		18,701		103,978
CBL & Associates Properties, Inc.		10,699		164,551
Cedar Shopping Centers, Inc. (b)		164,157		602,456
Chatham Lodging Trust		23,027		259,054
Chesapeake Lodging Trust (b)		8,717		130,232
Chimera Investment Corporation (b)		651,979		1,962,457
Cogdell Spencer, Inc. (b)		211,618		854,937
Colonial Properties Trust		69,729		1,414,104
CommonWealth REIT (b)		90,366		1,748,582
CoreSite Realty Corporation (b)		44,230		736,430
Corporate Office Properties Trust		8,800		213,400
Cousins Properties, Inc.		87,533		574,216
CreXus Investment Corporation (b)		236,871		2,264,487
CubeSmart (b)		280,842		2,755,060
DiamondRock Hospitality Company		42,100		381,005
Digital Realty Trust, Inc.		300		18,699
Douglas Emmett, Inc.		100,358		1,956,981
Duke Realty Corporation (b)		273,668		3,360,643
Dynex Capital, Inc.		246		2,155
EastGroup Properties, Inc.		21,365		931,728
Education Realty Trust, Inc.		324,553		3,002,115
Equity Lifestyle Properties, Inc. (b)		5,218		345,066
Equity One, Inc.		8,533		146,341
Essex Property Trust, Inc.		600		85,656
Extra Space Storage, Inc. (b)		15,456		348,224

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Real Estate Investment Trusts (REIT) - 4.3% (Continued)
Federal Realty Investment Trust		1,700	$	150,892
First Industrial Realty Trust, Inc. (a)		89,823		884,757
First Potomac Realty Trust		184,073		2,615,677
General Growth Properties, Inc.		8,900		130,830
Gladstone Commercial Corporation		15,509		261,016
Glimcher Realty Trust		105,749		968,661
Government Properties Income Trust (b)		74,145		1,744,632
Gramercy Capital Corporation (a) (b)		796,215		2,372,721
Home Properties, Inc. (b)		7,265		427,909
Hospitality Properties Trust		70,549		1,695,292
Hudson Pacific Properties, Inc.		17,510		233,934
Inland Real Estate Corporation		5,539		41,543
Invesco Mortgage Capital, Inc.		5,819		91,824
Kimco Realty Corporation		9,100		158,977
Kite Realty Group Trust (b)		95,864		395,918
LaSalle Hotel Properties		26,800		640,788
LTC Properties, Inc. (b)		34,579		980,660
Macerich Company (The)		3,100		154,256
Mack-Cali Realty Corporation		35,361		992,230
Medical Properties Trust, Inc.		56,780		573,478
MFA Financial, Inc.		145,167		979,877
Mid-America Apartment Communities, Inc.		6,534		407,722
Mission West Properties, Inc.		6,805		52,943
Monmouth Real Estate Investment Corporation - Class A		30,620		257,208
MPG Office Trust, Inc. (a)		3,400		8,126
National Health Investors, Inc.		6,907		308,674
Newcastle Investment Corporation (b)		276,487		1,269,075
NorthStar Realty Finance Corporation		142,956		564,676
One Liberty Properties, Inc. (b)		27,925		454,061
Pennsylvania Real Estate Investment Trust		24,035		246,599
PennyMac Mortgage Investment Trust (b)		38,899		665,173
Piedmont Office Realty Trust, Inc. - Class A		94,087		1,597,597
Post Properties, Inc.		9,538		391,821
Potlatch Corporation		17,501		568,432
Prologis, Inc.		5,400		160,704
PS Business Parks, Inc.		37,736		2,008,687
Public Storage, Inc.		200		25,810
Redwood Trust, Inc.		61,140		710,447
Regency Centers Corporation		500		20,480
Resource Capital Corporation (b)		747		4,011
Retail Opportunity Investments Corporation		200		2,280
RLJ Lodging Trust		29,333		434,715
Sabra Health Care REIT, Inc. (b)		83,514		857,689
Saul Centers, Inc. (b)		79,537		2,850,606
Senior Housing Properties Trust (b)		16,400		368,016
Sovran Self Storage, Inc. (b)		41,752		1,845,438
STAG Industrial, Inc.		4,598		49,383
Starwood Property Trust, Inc. (b)		90,013		1,691,344

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Real Estate Investment Trusts (REIT) - 4.3% (Continued)
Strategic Hotels & Resorts, Inc. (a) (b)		322,828	$	1,836,891
Summit Hotel Properties, Inc.		54,293		438,145
Sun Communities, Inc.		22,665		863,083
Sunstone Hotel Investors, Inc. (a) (b)		430,871		2,994,553
Tanger Factory Outlet Centers, Inc.		2,978		83,860
Taubman Centers, Inc.		1,418		86,824
Two Harbors Investment Corporation		9,160		85,646
Universal Health Realty Income Trust		11,610		440,832
Urstadt Biddle Properties, Inc. - Class A		24,811		442,628
Vestin Realty Mortgage II, Inc. (a)		200		258
Washington Real Estate Investment Trust		1,000		28,960
Weingarten Realty Investors		5,263		122,154
Whitestone REIT - Class B		1,622		18,977
Winthrop Realty Trust (b)		90,307		817,278
				74,888,611
Real Estate Management & Development - 0.4%
Altisource Portfolio Solutions, S.A. (a) (b)		35,458		1,427,185
Avatar Holdings, Inc. (a)		326		3,097
Brookfield Asset Management, Inc. - Class A		3,711		107,619
Brookfield Properties Corporation		77,732		1,284,133
CBRE Group, Inc. (a)		10,400		184,912
FirstService Corporation (a)		17,205		482,256
Forest City Enterprises, Inc. - Class A (a)		10,477		143,325
Grubb & Ellis Company (a)		98		44
Howard Hughes Corporation (a)		1		48
Jones Lang LaSalle, Inc.		29,968		1,936,532
Kennedy-Wilson Holdings, Inc. (b)		4,107		51,009
MI Developments, Inc.		3,500		111,090
Preferred Apartment Communities, Inc. - Class A		1,073		6,974
Tejon Ranch Company (a) (b)		35,082		911,781
Thomas Properties Group, Inc. (a)		19,256		48,718
				6,698,723
Thrifts & Mortgage Finance - 1.0%
America First Tax Exempt Investors, L.P.		62		319
Astoria Financial Corporation		186,203		1,545,485
Bank Mutual Corporation		501		1,668
BankUnited, Inc.		7,819		170,376
Beneficial Mutual Bancorp, Inc. (a)		26,428		216,974
Capitol Federal Financial, Inc. (b)		168,920		1,873,323
Charter Financial Corporation		5,232		49,024
Clifton Savings Bancorp, Inc.		161		1,639
Doral Financial Corporation (a) (b)		419,879		503,855
ESSA Bancorp, Inc.		54		596
Federal Agricultural Mortgage Corporation		4,398		88,752
Federal National Mortgage Association (a)		6,927		1,711
First Defiance Financial Corporation (a)		464		6,593
First Financial Holdings, Inc.		181		1,348
First Financial Northwest, Inc. (a)		21		116
First PacTrust Bancorp, Inc. (b)		6,455		81,204

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 15.7% (Continued)
Thrifts & Mortgage Finance - 1.0% (Continued)
Flagstar Bancorp, Inc. (a) (b)		751,710	$	571,300
Flushing Financial Corporation		26,091		319,876
Fox Chase Bancorp, Inc.		3,389		42,905
Freddie Mac (a)		53		13
Hudson City Bancorp, Inc. (b)		293,531		1,834,569
Kaiser Federal Financial Group, Inc.		269		3,163
Kearny Financial Corporation		865		8,416
Northwest Bancshares, Inc.		9,355		116,657
OceanFirst Financial Corporation		132		1,721
Ocwen Financial Corporation (a) (b)		148,920		2,159,340
Oritani Financial Corporation		47,324		613,319
Parkvale Financial Corporation		1,480		31,850
Peoples Federal Bancshares, Inc. (a)		19		249
People's United Financial, Inc.		16,700		212,925
PMI Group, Inc. (The) (a) (b) (c)		394,653		123,132
Provident New York Bancorp		1,162		8,076
Territorial Bancorp, Inc.		9,395		184,612
TFS Financial Corporation (a)		146,276		1,347,202
TrustCo Bank Corporation		252,420		1,252,003
United Financial Bancorp, Inc.		27,458		443,172
ViewPoint Financial Group (b)		301,957		3,886,187
Walker & Dunlop, Inc. (a)		12,701		161,303
Westfield Financial, Inc.		1,595		11,340
WSFS Financial Corporation (b)		10,348		411,333
				18,287,646
Health Care - 12.7%
Biotechnology - 2.2%
Acadia Pharmaceuticals, Inc. (a) (b)		227,899		280,316
Affymax, Inc. (a) (b)		134,769		716,971
Agenus, Inc. (a)		857		2,348
Alkermes plc (a)		13,929		243,618
Allos Therapeutics, Inc. (a) (b)		394,583		580,037
Amicus Therapeutics, Inc. (a) (b)		40,961		134,762
Amylin Pharmaceuticals, Inc. (a)		140,567		1,619,332
Anadys Pharmaceuticals, Inc. (a)		74,674		274,800
Anthera Pharmaceuticals, Inc. (a)		14,259		91,115
ArQule, Inc. (a)		42,776		248,529
Array BioPharma, Inc. (a) (b)		405,199		976,530
AspenBio Pharma, Inc. (a)		100		234
Astex Pharmaceuticals, Inc. (a) (b)		684,915		1,321,886
AVI BioPharma, Inc. (a)		153,823		150,747
BioMarin Pharmaceutical, Inc. (a) (b)		12,553		428,183
BioMimetic Therapeutics, Inc. (a)		119,344		386,675
Celldex Therapeutics, Inc. (a) (b)		397,663		1,276,498
Codexis, Inc. (a) (b)		47,807		220,390
Cubist Pharmaceuticals, Inc. (a)		4,424		167,271
Cyclacel Pharmaceuticals, Inc. (a)		5,500		3,355
Cytokinetics, Inc. (a)		239,550		277,878
CytRx Corporation (a)		3,109		1,104

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Biotechnology - 2.2% (Continued)
Dendreon Corporation (a)		29,100	$	318,354
Discovery Laboratories, Inc. (a)		4,002		7,284
DUSA Pharmaceuticals, Inc. (a) (b)		45,694		205,623
Dyax Corporation (a)		13,881		18,739
Dynavax Technologies Corporation (a)		681,084		1,852,548
Emergent BioSolutions, Inc. (a) (b)		42,648		804,341
GTx, Inc. (a)		29,251		128,412
Halozyme Therapeutics, Inc. (a) (b)		267,355		2,253,803
Human Genome Sciences, Inc. (a)		25,000		256,500
Idenix Pharmaceuticals, Inc. (a)		14,498		86,988
ImmunoGen, Inc. (a)		20,474		278,037
Immunomedics, Inc. (a)		339		1,234
Inhibitex, Inc. (a) (b)		316,218		1,230,088
Inovio Pharmaceuticals, Inc. (a)		4,141		2,812
Keryx Biopharmaceuticals, Inc. (a)		277,339		868,071
Lexicon Pharmaceuticals, Inc. (a)		136,192		164,792
Ligand Pharmaceuticals, Inc. (a)		80,456		1,182,703
Maxygen, Inc.		30,860		182,074
Micromet, Inc. (a) (b)		144,816		951,441
Momenta Pharmaceuticals, Inc. (a) (b)		139,107		2,058,784
Myrexis, Inc. (a)		1,091		3,033
Myriad Genetics, Inc. (a) (b)		90,513		1,926,117
Nabi Biopharmaceuticals (a)		416,142		765,701
Nanosphere, Inc. (a)		83,383		125,908
Neurocrine Biosciences, Inc. (a)		18,022		112,818
Novavax, Inc. (a)		354,656		560,356
NPS Pharmaceuticals, Inc. (a)		71,515		369,733
Omeros Corporation (a)		3,648		14,410
OncoGenex Pharmaceuticals, Inc. (a) (b)		4,010		46,516
OPKO Health, Inc. (a) (b)		263,308		1,416,597
Orexigen Therapeutics, Inc. (a)		231,968		508,010
PDL BioPharma, Inc. (b)		122,839		745,633
Peregrine Pharmaceuticals, Inc. (a) (b)		298,211		313,122
Pharmacyclics, Inc. (a) (b)		43,359		571,038
PharmAthene, Inc. (a)		303		515
Protalix BioTherapeutics, Inc. (a)		17,816		108,856
QLT, Inc. (a) (b)		249,803		1,738,629
Regeneron Pharmaceuticals, Inc. (a)		5,418		299,615
Repligen Corporation (a)		18,786		64,436
Rosetta Genomics Ltd. (a)		75		52
Seattle Genetics, Inc. (a)		91		2,002
Sinovac Biotech Ltd. (a) (b)		3,003		6,126
Spectrum Pharmaceuticals, Inc. (a) (b)		294,101		3,261,580
Synta Pharmaceuticals Corporation (a)		2,107		7,796
Targacept, Inc. (a) (b)		51,084		899,078
Transition Therapeutics, Inc. (a)		313		516
Trius Therapeutics, Inc. (a)		34,446		235,955
United Therapeutics Corporation (a)		10,400		454,792
Vanda Pharmaceuticals, Inc. (a)		87,895		510,670

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Biotechnology - 2.2% (Continued)
Vical, Inc. (a) (b)		201,766	$	603,280
YM BioSciences, Inc. (a) (b)		497,143		879,943
Zalicus, Inc. (a) (b)		443,675		652,202
				39,460,242
Health Care Equipment & Supplies - 3.3%
Abaxis, Inc. (a)		6		168
Accuray, Inc. (a) (b)		255,436		1,021,744
Alere, Inc. (a)		80,810		2,105,909
Align Technology, Inc. (a)		28,668		660,224
Alimera Sciences, Inc. (a)		2,588		18,401
Alphatec Holdings, Inc. (a) (b)		78,976		163,480
Analogic Corporation (b)		36,166		1,955,857
AngioDynamics, Inc. (a)		30,122		464,180
Anika Therapeutics, Inc. (a)		52,055		317,535
Antares Pharma, Inc. (a)		121,938		276,799
ArthroCare Corporation (a) (b)		49,829		1,502,344
AtriCure, Inc. (a) (b)		16,299		181,897
Atrion Corporation		770		173,250
C.R. Bard, Inc.		1,500		128,925
Cantel Medical Corporation (b)		40,471		1,117,000
Cardica, Inc. (a)		470		996
Cardiovascular Systems, Inc. (a) (b)		82,684		684,624
CareFusion Corporation (a)		6,400		163,840
CAS Medical Systems, Inc. (a)		710		1,406
Cerus Corporation (a)		107,344		286,608
Conceptus, Inc. (a)		23,854		274,798
CONMED Corporation (a)		31,636		831,078
Cooper Companies, Inc. (The)		300		20,790
CryoLife, Inc. (a)		6,431		29,647
Cutera, Inc. (a)		7,006		50,023
Cynosure, Inc. - Class A (a)		6,803		82,793
Derma Sciences, Inc. (a)		152		1,269
DexCom, Inc. (a) (b)		199,138		1,949,561
Endologix, Inc. (a)		61,292		667,470
EnteroMedics, Inc. (a)		516		980
Gen-Probe, Inc. (a)		25,366		1,524,497
Given Imaging Ltd. (a) (b)		55,423		871,250
Greatbatch, Inc. (a)		25,888		578,079
Haemonetics Corporation (a) (b)		24,962		1,521,434
IDEXX Laboratories, Inc. (a)		2,300		165,577
IMRIS, Inc. (a)		32,485		111,748
Integra LifeSciences Holdings Corporation (a)		23,401		750,236
IRIS International, Inc. (a)		16,507		149,553
Kinetic Concepts, Inc. (a)		2,490		170,291
Masimo Corporation (b)		24,418		504,964
Medical Action Industries, Inc. (a)		8,896		46,615
Merit Medical Systems, Inc. (a) (b)		101,235		1,358,574
MISONIX, INC. (a)		800		1,360
Natus Medical, Inc. (a) (b)		101,534		873,192

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Health Care Equipment & Supplies - 3.3% (Continued)
NuVasive, Inc. (a)		75,613	$	1,120,585
OraSure Technologies, Inc. (a) (b)		133,326		1,238,599
Orthofix International N.V. (a)		28,472		999,652
Palomar Medical Technologies, Inc. (a)		91,120		775,431
ResMed, Inc. (a)		3,800		107,540
Rochester Medical Corporation (a)		300		2,400
RTI Biologics, Inc. (a) (b)		479,337		2,157,016
Sirona Dental Systems, Inc. (a) (b)		52,602		2,519,636
Solta Medical, Inc. (a)		27,230		59,634
SonoSite, Inc. (a)		49,039		1,519,719
Spectranetics Corporation (The) (a)		127,821		1,002,117
STAAR Surgical Company (a) (b)		328,553		2,956,977
STERIS Corporation		97		3,005
Stryker Corporation		700		33,537
SurModics, Inc. (a)		17,221		181,509
Symmetry Medical, Inc. (a) (b)		396,743		3,606,394
Synergetics USA, Inc. (a)		36,837		246,440
Syneron Medical Ltd. (a) (b)		101,656		1,150,746
Synovis Life Technologies, Inc. (a) (b)		64,358		1,155,870
Teleflex, Inc. (b)		30,015		1,796,698
Thoratec Corporation (a) (b)		113,426		4,141,183
Tornier N.V. (a) (b)		36,492		848,074
TranS1, Inc. (a)		2,087		3,798
Uroplasty, Inc. (a)		100		451
Vascular Solutions, Inc. (a)		7,960		84,456
Vermillion, Inc. (a) (b)		147,610		308,505
Volcano Corporation (a) (b)		14,137		352,435
West Pharmaceutical Services, Inc.		23,199		901,745
Wright Medical Group, Inc. (a) (b)		173,757		2,986,883
Young Innovations, Inc.		149		4,284
Zimmer Holdings, Inc. (a)		600		31,578
Zoll Medical Corporation (a) (b)		79,746		3,015,196
				59,073,059
Health Care Providers & Services - 3.0%
ADCARE Health Systems, Inc. (a)		100		436
Alliance Imaging, Inc. (a) (b)		90,336		100,273
Almost Family, Inc. (a) (b)		60,045		1,119,239
American Dental Partners, Inc. (a)		16,862		178,063
AMN Healthcare Services, Inc. (a)		10,110		47,921
AmSurg Corporation (a) (b)		31,523		798,478
Assisted Living Concepts, Inc. - Class A (b)		73,105		1,038,822
BioScrip, Inc. (a) (b)		134,124		871,806
Capital Senior Living Corporation (a) (b)		159,943		1,249,155
CardioNet, Inc. (a)		1,250		3,538
Catalyst Health Solutions, Inc. (a) (b)		29,177		1,603,860
Chemed Corporation		24,945		1,480,735
Corvel Corporation (a) (b)		23,906		1,232,832
Cross Country Healthcare, Inc. (a) (b)		128,587		642,935
DaVita, Inc. (a)		2,100		147,000

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Health Care Providers & Services - 3.0% (Continued)
Ensign Group, Inc. (The) (b)		16,875	$	384,075
ExamWorks Group, Inc. (a)		38,451		405,658
Five Star Quality Care, Inc. (a) (b)		145,496		376,835
Hanger Orthopedic Group, Inc. (a) (b)		8,500		147,645
HCA Holdings, Inc. (a)		28,200		661,290
HealthSpring, Inc. (a) (b)		61,727		3,329,554
Healthways, Inc. (a) (b)		32,969		236,058
Henry Schein, Inc. (a)		1,800		124,776
HMS Holdings Corporation (a)		5,169		126,330
Landauer, Inc. (b)		12,820		657,025
LHC Group, Inc. (a)		34,871		547,126
LifePoint Hospitals, Inc. (a) (b)		87,146		3,369,064
Lincare Holdings, Inc.		11,722		276,053
Magellan Health Services, Inc. (a) (b)		18,670		960,945
MedCath Corporation (a) (b)		85,771		617,551
MEDNAX, Inc. (a)		1,997		131,403
MedQuist Holdings, Inc. (a) (b)		90,523		773,972
Metropolitan Health Networks, Inc. (a) (b)		282,140		1,839,553
Molina Healthcare, Inc. (a) (b)		202,660		4,292,339
National Healthcare Corporation		10,633		407,350
National Research Corporation		99		3,307
Omnicare, Inc.		148,103		4,416,431
Owens & Minor, Inc.		5,210		155,883
PDI, Inc. (a)		62		399
PharMerica Corporation (a) (b)		24,261		378,472
Providence Service Corporation (The) (a)		595		7,438
Quest Diagnostics, Inc.		600		33,480
RadNet, Inc. (a) (b)		22,954		58,992
Select Medical Holdings Corporation (a) (b)		327,322		2,847,701
Sharps Compliance Corporation (a)		997		4,377
Skilled Healthcare Group, Inc. - Class A (a) (b)		189,075		714,703
Sun Healthcare Group, Inc. (a) (b)		51,127		133,953
Team Health Holdings, Inc. (a) (b)		99,824		2,028,424
Triple-S Management Corporation (a) (b)		89,188		1,694,572
U.S. Physical Therapy, Inc. (b)		31,956		623,781
Universal American Corporation (b)		50,423		579,864
Universal Health Services, Inc. - Class B		54,190		2,165,974
Vanguard Health Systems, Inc. (a)		22,975		223,317
VCA Antech, Inc. (a) (b)		182,583		3,710,087
WellCare Health Plans, Inc. (a) (b)		43,422		2,128,112
				52,088,962
Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. (a)		75,773		1,451,053
athenahealth, Inc. (a)		80,633		4,266,292
Computer Programs & Systems, Inc. (b)		35,119		1,793,527
Emdeon, Inc. - Class A (a) (b)		191,766		3,637,801
Epocrates, Inc. (a)		826		7,186
HealthStream, Inc. (a) (b)		174,199		2,644,341
iCad, Inc. (a)		500		365

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Health Care Technology - 1.2% (Continued)
MedAssets, Inc. (a)		117,222	$	1,249,587
Medidata Solutions, Inc. (a) (b)		46,177		830,262
Merge Healthcare, Inc. (a) (b)		362,896		2,395,114
Omnicell, Inc. (a) (b)		26,465		395,652
SXC Health Solutions Corporation (a)		30,171		1,412,606
Transcend Services, Inc. (a) (b)		14,309		391,065
				20,474,851
Life Sciences Tools & Services - 1.1%
Agilent Technologies, Inc. (a)		300		11,121
Albany Molecular Research, Inc. (a)		2,316		7,434
BioDelivery Sciences International, Inc. (a)		784		745
Bio-Rad Laboratories, Inc. - Class A (a)		17,088		1,701,110
Caliper Life Sciences, Inc. (a) (b)		368,970		3,866,806
Cambrex Corporation (a)		10,068		55,475
Complete Genomics, Inc. (a) (b)		103,714		591,170
Compugen Ltd. (a)		100		420
Enzo Biochem, Inc. (a)		12,142		34,726
Fluidigm Corporation (a)		23,493		327,962
Furiex Pharmaceuticals, Inc. (a)		27,382		388,824
Harvard Bioscience, Inc. (a) (b)		25,380		115,733
Illumina, Inc. (a)		5,100		156,162
Luminex Corporation (a) (b)		36,197		794,886
MEDTOX Scientific, Inc.		16,758		245,337
Mettler-Toledo International, Inc. (a)		1,073		164,813
Nordion, Inc. (b)		169,453		1,496,270
Pacific Biosciences of California, Inc. (a)		257,816		1,010,639
Parexel International Corporation (a)		984		21,677
PerkinElmer, Inc. (b)		141,798		2,930,965
Pharmaceutical Product Development, Inc. (b)		75,215		2,481,343
pSivida Corporation (a)		1,095		5,026
Sequenom, Inc. (a)		326,593		1,623,167
Techne Corporation (b)		29,591		2,035,861
Thermo Fisher Scientific, Inc. (a)		200		10,054
				20,077,726
Pharmaceuticals - 1.9%
Adolor Corporation (a)		122,026		544,236
Aegerion Pharmaceuticals, Inc. (a)		26,848		351,440
Akorn, Inc. (a) (b)		371,662		3,341,241
Alexza Pharmaceuticals, Inc. (a)		78,697		109,389
Auxilium Pharmaceuticals, Inc. (a) (b)		200,324		3,117,041
Biostar Pharmaceuticals, Inc. (a)		2,335		1,985
Cardiome Pharma Corporation (a) (b)		207,541		695,262
Columbia Laboratories, Inc. (a) (b)		476,604		1,205,808
Corcept Therapeutics, Inc. (a) (b)		50,540		160,212
Cornerstone Therapeutics, Inc. (a)		1,631		9,998
Cumberland Pharmaceuticals, Inc. (a)		499		2,874
DURECT Corporation (a) (b)		585,615		931,128
Endo Pharmaceuticals Holdings, Inc. (a)		31,364		1,013,371
Endocyte, Inc. (a)		47,929		465,391

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 12.7% (Continued)
Pharmaceuticals - 1.9% (Continued)
Hi-Tech Pharmacal Company, Inc. (a) (b)		38,807	$	1,378,425
Hospira, Inc. (a)		22,100		695,045
ISTA Pharmaceuticals, Inc. (a) (b)		121,416		502,662
Jazz Pharmaceuticals, Inc. (a) (b)		168,354		6,559,072
MAP Pharmaceuticals, Inc. (a)		82,751		1,223,060
Medicines Company (The) (a) (b)		108,645		2,033,834
Medicis Pharmaceutical Corporation - Class A		1,832		70,147
NuPathe, Inc. (a)		26,890		70,721
Pacira Pharmaceuticals, Inc. (a)		30,089		294,270
Pain Therapeutics, Inc. (a)		89,631		398,858
Par Pharmaceutical Companies, Inc. (a) (b)		138,357		4,233,724
Pernix Therapeutics Holdings, Inc. (a)		28,801		308,171
Perrigo Company		2,300		207,644
POZEN, Inc. (a)		465		1,186
Sagent Pharmaceuticals, Inc. (a)		8,300		212,065
Santarus, Inc. (a)		594,913		1,814,485
Tianyin Pharmaceutical Company, Inc. (a)		410		467
Transcept Pharmaceuticals, Inc. (a)		95,406		831,940
Valeant Pharmaceuticals International, Inc.		794		31,411
XenoPort, Inc. (a)		38,080		232,288
				33,048,851
Industrials - 16.8%
Aerospace & Defense - 1.2%
Astronics Corporation (a)		15,430		469,072
Astronics Corporation - Class B (a)		552		16,648
Ceradyne, Inc. (a) (b)		17,138		573,438
Cubic Corporation (b)		78,633		3,705,187
Curtiss-Wright Corporation (b)		14,545		476,785
DigitalGlobe, Inc. (a) (b)		95,131		1,940,672
Ducommun, Inc.		22,739		324,486
Elbit Systems Ltd.		214		9,765
Esterline Technologies Corporation (a)		269		15,037
GeoEye, Inc. (a) (b)		63,344		2,126,458
Hexcel Corporation (a) (b)		94,002		2,322,789
Huntington Ingalls Industries, Inc. (a) (b)		48,493		1,430,544
KEYW Holding Corporation (The) (a) (b)		182,280		1,531,152
LMI Aerospace, Inc. (a) (b)		25,531		513,428
MOOG, Inc. - Class A (a) (b)		17,872		692,183
Orbital Sciences Corporation (a) (b)		109,786		1,697,292
Sparton Corporation (a)		1,466		12,490
Teledyne Technologies, Inc. (a)		1,975		107,578
Textron, Inc.		400		7,768
Triumph Group, Inc. (b)		70,664		4,105,578
				22,078,350
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc. (a) (b)		600,063		3,324,349
Atlas Air Worldwide Holdings, Inc. (a) (b)		29,540		1,137,881
Forward Air Corporation (b)		83,195		2,724,636
Hub Group, Inc. - Class A (a)		77,585		2,425,307

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Air Freight & Logistics - 0.7% (Continued)
Park-Ohio Holdings Corporation (a) (b)		47,951	$	775,847
UTi Worldwide, Inc. (b)		126,171		1,843,359
XPO Logistics, Inc. (a)		57,682		730,254
				12,961,633
Airlines - 0.9%
Alaska Air Group, Inc. (a) (b)		68,765		4,574,935
Copa Holdings, S.A. - Class A (b)		52,064		3,596,061
Hawaiian Holdings, Inc. (a) (b)		60,726		324,884
JetBlue Airways Corporation (a) (b)		1,053,077		4,717,785
Pinnacle Airlines Corporation (a)		1,391		3,575
SkyWest, Inc.		146,746		1,967,864
Southwest Airlines Company		20		171
Spirit Airlines, Inc. (a)		4,400		72,424
United Continental Holdings, Inc. (a)		3,500		67,620
				15,325,319
Building Products - 0.8%
A.O. Smith Corporation		12,173		452,349
Ameresco, Inc. - Class A (a) (b)		93,348		1,025,894
Armstrong World Industries, Inc.		4,475		190,590
Fortune Brands Home & Security, Inc. (a)		217,403		3,158,866
Gibraltar Industries, Inc. (a)		53,249		594,259
Insteel Industries, Inc.		21		216
Lennox International, Inc.		117,042		3,767,582
NCI Building Systems, Inc. (a)		41,845		381,208
Owens Corning, Inc. (a)		46,719		1,325,885
Patrick Industries, Inc. (a)		1,004		2,018
Quanex Building Products Corporation (b)		109,204		1,610,759
Simpson Manufacturing Company, Inc.		40,683		1,247,341
USG Corporation (a)		100		926
				13,757,893
Commercial Services & Supplies - 2.4%
A.T. Cross Company - Class A (a)		375		4,560
ABM Industries, Inc. (b)		108,496		2,193,789
Alexco Resource Corporation (a) (b)		124,009		949,909
Avery Dennison Corporation		158,702		4,221,473
Brink's Company (The) (b)		55,647		1,546,430
Casella Waste Systems, Inc. (a) (b)		56,733		356,283
Cenveo, Inc. (a)		186		697
Consolidated Graphics, Inc. (a) (b)		28,619		1,303,882
Copart, Inc. (a) (b)		41,020		1,786,421
Corrections Corporation of America (a) (b)		84,466		1,877,679
Covanta Holding Corporation		112,979		1,656,272
EnergySolutions, Inc. (a)		400		1,508
Ennis, Inc.		9		132
Fuel Tech, Inc. (a)		102,346		566,997
G&K Services, Inc.		13,651		414,444
Geo Group, Inc. (The) (a)		5,998		109,343
Healthcare Services Group, Inc.		22,510		390,548
Heritage-Crystal Clean, Inc. (a)		382		6,089

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Commercial Services & Supplies - 2.4% (Continued)
Herman Miller, Inc. (b)		124,880	$	2,578,772
InnerWorkings, Inc. (a)		38,889		351,945
Iron Mountain, Inc.		3,200		98,976
KAR Auction Services, Inc. (a)		195,344		2,685,980
Kimball International, Inc. - Class B		88		495
Knoll, Inc. (b)		64,242		979,690
M&F Worldwide Corporation (a) (b)		74,335		1,840,535
McGrath RentCorp		9,051		241,843
Metalico, Inc. (a)		128,169		579,324
Mine Safety Appliances Company		31,609		1,060,482
Multi-Color Corporation (b)		25,113		665,746
NL Industries, Inc.		7,319		106,418
Perma-Fix Environmental Services, Inc. (a)		153		207
Pitney Bowes, Inc.		6,800		138,584
Progressive Waste Solutions Ltd. (b)		119,324		2,511,770
Republic Services, Inc.		5,006		142,471
Rollins, Inc. (b)		109,031		2,374,695
Schawk, Inc. (b)		32,459		437,872
Standard Parking Corporation (a)		13,337		234,598
Steelcase, Inc. - Class A (b)		366,834		2,718,240
Stericycle, Inc. (a)		800		66,864
SYKES Enterprises, Inc. (a) (b)		43,845		698,451
Team, Inc. (a)		21,306		532,863
Tetra Tech, Inc. (a) (b)		55,464		1,210,779
TMS International Corporation - Class A (a)		3,700		31,783
TRC Companies, Inc. (a)		30,034		131,249
UniFirst Corporation		13,919		728,660
United Stationers, Inc.		10,738		341,576
US Ecology, Inc.		20,129		363,530
Viad Corp (b)		13,919		291,325
Waste Connections, Inc.		834		28,398
				41,560,577
Construction & Engineering - 0.9%
Chicago Bridge & Iron Company N.V.		143,266		5,240,670
Comfort Systems USA, Inc.		13,823		152,053
Dycom Industries, Inc. (a) (b)		37,775		733,968
EMCOR Group, Inc.		16,216		406,535
Furmanite Corporation (a)		59,417		396,311
KBR, Inc.		4,400		122,804
Layne Christensen Company (a) (b)		43,534		1,096,622
Michael Baker Corporation (a)		28,264		581,673
MYR Group, Inc. (a) (b)		91,004		1,755,467
Northwest Pipe Company (a)		13,197		351,964
Pike Electric Corporation (a)		2,805		21,346
Primoris Services Corporation		2,859		37,224
Quanta Services, Inc. (a)		6,700		139,963
Shaw Group, Inc. (The) (a)		101,358		2,357,587
Sterling Construction Company, Inc. (a)		14,630		182,144

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Construction & Engineering - 0.9% (Continued)
URS Corporation (a) (b)		46,953	$	1,676,222
				15,252,553
Electrical Equipment - 1.0%
Active Power, Inc. (a) (b)		89,590		81,661
Acuity Brands, Inc.		6,260		289,838
AMETEK, Inc.		100		3,952
A-Power Energy Generation Systems Ltd. (a)		112,992		33,898
AZZ, Inc. (b)		15,861		708,352
Babcock & Wilcox Company (The) (a) (b)		80,141		1,762,301
Belden, Inc. (b)		48,324		1,559,899
Brady Corporation - Class A (b)		86,081		2,644,408
Broadwind Energy, Inc. (a) (b)		85,469		35,085
China Electric Motor, Inc. (a)		1,771		266
Coleman Cable, Inc. (a) (b)		69,274		704,517
EnerSys (a) (b)		50,715		1,142,609
Franklin Electric Company, Inc. (b)		36,404		1,671,672
Generac Holdings, Inc. (a) (b)		117,599		2,688,313
GrafTech International Ltd. (a)		4,616		72,517
Hubbell, Inc. - Class B		17,621		1,053,560
II-VI, Inc. (a)		9,200		174,892
Jinpan International Ltd. (b)		60,034		516,292
New Energy Systems Group (a)		2,719		4,840
Orion Energy Systems, Inc. (a)		301		927
Polypore International, Inc. (a)		900		47,205
Powell Industries, Inc. (a) (b)		10,181		342,183
Preformed Line Products Company (b)		6,560		422,136
Regal-Beloit Corporation		700		37,191
SL Industries, Inc. (a)		275		5,486
Thermon Group Holdings, Inc. (a)		7,100		112,748
Thomas & Betts Corporation (a) (b)		33,668		1,672,963
Vicor Corporation		88,159		806,655
Woodward, Inc.		422		14,297
				18,610,663
Industrial Conglomerates - 0.4%
Carlisle Companies, Inc. (b)		60,005		2,503,409
Raven Industries, Inc. (b)		25,848		1,551,138
Standex International Corporation (b)		33,565		1,295,945
Tredegar Corporation (b)		46,473		900,182
Tyco International Ltd.		1,573		71,650
				6,322,324
Machinery - 4.3%
Actuant Corporation - Class A (b)		221,259		4,978,328
Alamo Group, Inc. (b)		47,770		1,139,314
Albany International Corporation - Class A		600		13,554
Altra Holdings, Inc. (a)		15,212		223,616
American Railcar Industries, Inc. (a) (b)		154,391		3,405,865
Ampco-Pittsburgh Corporation (b)		14,862		311,953
Astec Industries, Inc. (a)		13,928		463,106
Baldwin Technology Company, Inc. - Class A (a)		4,499		4,724

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Machinery - 4.3% (Continued)
Barnes Group, Inc.		201	$	4,677
Blount International, Inc. (a)		41,510		644,650
Cascade Corporation (b)		37,917		1,634,223
Chart Industries, Inc. (a)		14,121		797,978
China Yuchai International Ltd. (b)		31,968		485,914
CLARCOR, Inc.		4,119		199,689
CNH Global N.V. (a)		100		3,718
Columbus McKinnon Corporation (a) (b)		29,323		439,552
Crane Company (b)		76,458		3,372,562
Douglas Dynamics, Inc. (b)		17,867		268,362
Duoyuan Printing, Inc. (a)		105,760		26,969
Dynamic Materials Corporation		14,680		318,556
EnPro Industries, Inc. (a) (b)		34,524		1,189,007
ESCO Technologies, Inc.		37,558		1,148,148
Force Protection, Inc. (a) (b)		154,774		569,568
FreightCar America, Inc. (a)		7,894		149,591
Gorman-Rupp Company (The)		21,232		570,504
Graco, Inc. (b)		136,463		5,859,721
Graham Corporation		1,315		30,298
Greenbrier Companies, Inc. (The) (a)		72,860		1,355,925
Hardinge, Inc. (b)		49,187		428,911
Hurco Companies, Inc. (a) (b)		16,734		437,092
IDEX Corporation		46,830		1,660,123
John Bean Technologies Corporation		142		2,292
Kadant, Inc. (a) (b)		51,891		1,123,440
L.B. Foster Company - Class A (b)		36,405		928,327
Lincoln Electric Holdings, Inc. (b)		84,376		3,071,286
Lydall, Inc. (a)		49,574		543,331
Met-Pro Corporation		2,305		20,768
Miller Industries, Inc. (b)		49,809		1,018,096
Mueller Water Products, Inc. - Class A (b)		733,092		2,016,003
NACCO Industries, Inc. - Class A (b)		30,039		2,466,202
Navistar International Corporation (a)		30,414		1,279,517
NN, Inc. (a) (b)		88,898		785,858
Nordson Corporation (b)		34,170		1,584,463
Omega Flex, Inc. (a)		199		2,346
Pall Corporation		3,500		179,095
Parker-Hannifin Corporation		200		16,310
Pentair, Inc.		6,100		219,295
RBC Bearings, Inc. (a) (b)		25,804		1,045,062
Robbins & Myers, Inc. (b)		78,503		3,508,299
Sauer-Danfoss, Inc. (a) (b)		65,809		2,548,124
SmartHeat, Inc. (a)		255,087		151,777
Snap-on, Inc. (b)		31,874		1,710,678
SPX Corporation		31,177		1,702,576
Sun Hydraulics Corporation		7,677		220,791
Tecumseh Products Company - Class A (a)		4,133		26,286
Tennant Company		15,839		612,811
Terex Corporation (a)		84,964		1,413,801

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Machinery - 4.3% (Continued)
Timken Company		4,056	$	170,839
Toro Company (The)		763		41,233
Trimas Corporation (a) (b)		128,055		2,495,792
Trinity Industries, Inc.		20,588		561,435
Twin Disc, Inc.		2,229		86,708
Valmont Industries, Inc.		19,053		1,633,795
WABCO Holdings, Inc. (a) (b)		95,985		4,819,407
Wabtec Corporation (b)		77,828		5,228,485
Watts Water Technologies, Inc. - Class A		1,348		42,449
Westport Innovations, Inc. (a)		4,928		149,072
Xerium Technologies, Inc. (a) (b)		21,054		218,119
				75,780,366
Marine - 0.4%
Alexander & Baldwin, Inc.		1,269		52,676
Baltic Trading Ltd.		9,528		52,976
Costamare, Inc. (b)		61,250		766,850
Danaos Corporation (a)		900		3,213
Diana Shipping, Inc. (a) (b)		167,770		1,380,747
DryShips, Inc. (a) (b)		545,473		1,445,503
Eagle Bulk Shipping, Inc. (a)		4,114		6,377
Global Ship Lease, Inc. (a)		41,906		108,537
Horizon Lines, Inc.		5,008		1,377
International Shipholding Corporation		2,015		40,985
Kirby Corporation (a)		537		33,047
Navios Maritime Holdings, Inc. (b)		437,576		1,645,286
Navios Maritime Partners, L.P.		48,561		812,425
Paragon Shipping, Inc. - Class A (b)		60,713		66,177
Safe Bulkers, Inc.		14,210		97,196
Seaspan Corporation		53,557		758,903
Star Bulk Carriers Corporation		26,848		37,319
TBS International plc - Class A (a)		490		348
				7,309,942
Professional Services - 1.0%
Advisory Board Company (The) (a) (b)		15,063		922,609
CDI Corporation (b)		39,935		524,347
CRA International, Inc. (a)		25,723		496,968
Dun & Bradstreet Corporation (The)		14,948		999,423
Equifax, Inc.		69,095		2,428,689
Exponent, Inc. (a)		11,372		547,903
Franklin Covey Company (a)		1,986		19,145
GP Strategies Corporation (a)		9,466		111,888
Heidrick & Struggles International, Inc. (b)		49,335		975,846
Huron Consulting Group, Inc. (a) (b)		29,682		1,068,849
ICF International, Inc. (a) (b)		59,027		1,380,051
IHS, Inc. - Class A (a)		2,399		201,492
Insperity, Inc. (b)		28,288		729,265
Manpower, Inc.		19,429		838,167
Mistras Group, Inc. (a) (b)		116,819		2,546,654
Navigant Consulting, Inc. (a) (b)		65,859		746,183

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Professional Services - 1.0% (Continued)
Nielsen Holdings N.V. (a)		3,600	$	105,660
On Assignment, Inc. (a) (b)		124,033		1,338,316
RPX Corporation (a)		16,539		257,347
Towers Watson & Company		1,200		78,840
TrueBlue, Inc. (a)		44,620		589,877
Volt Information Sciences, Inc. (a)		14,233		89,668
VSE Corporation		5,370		130,598
				17,127,785
Road & Rail - 2.1%
AMERCO (a) (b)		22,662		1,715,740
Arkansas Best Corporation (b)		140,967		2,903,920
Avis Budget Group, Inc. (a) (b)		377,332		5,320,381
Canadian Pacific Railway Ltd.		4,700		290,836
Celadon Group, Inc. (b)		118,059		1,299,830
Con-way, Inc. (b)		169,565		4,997,081
Covenant Transportation Group, Inc. (a)		302		969
CSX Corporation		800		17,768
Dollar Thrifty Automotive Group, Inc. (a) (b)		19,124		1,167,329
Genesee & Wyoming, Inc. - Class A (a)		4,547		269,228
Hertz Global Holdings, Inc. (a)		20,100		233,160
J.B. Hunt Transport Services, Inc.		1,800		76,158
Kansas City Southern (a)		3,400		214,778
Knight Transportation, Inc. (b)		304,261		4,624,767
Landstar System, Inc. (b)		39,056		1,743,069
Marten Transport Ltd. (b)		141,930		2,513,580
Old Dominion Freight Line, Inc. (a)		5,794		211,887
Quality Distribution, Inc. (a) (b)		207,713		2,340,926
RailAmerica, Inc. (a)		100		1,367
Roadrunner Transportation Systems, Inc. (a) (b)		98,844		1,649,706
Saia, Inc. (a) (b)		114,267		1,525,464
Swift Transportation Company (a)		97,714		869,655
USA Truck, Inc. (a)		605		5,324
Vitran Corporation, Inc. (a)		2,843		13,789
Werner Enterprises, Inc. (b)		144,512		3,424,934
				37,431,646
Trading Companies & Distributors - 0.6%
Aceto Corporation (b)		69,457		440,357
Aircastle Ltd.		27,071		328,371
Applied Industrial Technologies, Inc.		6,000		201,720
BlueLinx Holdings, Inc. (a)		1,120		1,770
CAI International, Inc. (a) (b)		80,404		1,255,106
DXP Enterprises, Inc. (a) (b)		108,337		2,706,258
Essex Rental Corporation (a)		8,739		24,906
H&E Equipment Services, Inc. (a) (b)		112,694		1,236,253
Interline Brands, Inc. (a) (b)		103,894		1,548,021
Kaman Corporation		8,467		281,528
Lawson Products, Inc.		4,540		75,682
MFC Industrial Ltd. (b)		177,958		1,251,045
MSC Industrial Direct Company, Inc. - Class A		300		20,403

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Trading Companies & Distributors - 0.6% (Continued)
SeaCube Container Leasing Ltd. (b)		73,445	$	1,020,885
Textainer Group Holdings Ltd. (b)		11,728		321,934
WESCO International, Inc. (a)		7,461		361,560
				11,075,799
Transportation Infrastructure - 0.1%
China Infrastructure Investment Corporation (a)		24,710		20,979
Macquarie Infrastructure Company, LLC (b)		45,062		1,188,285
Wesco Aircraft Holdings, Inc. (a)		24,100		272,089
				1,481,353
Information Technology - 16.9%
Communications Equipment - 2.1%
Acme Packet, Inc. (a)		49,540		1,793,843
ADTRAN, Inc. (b)		143,376		4,817,434
Alliance Fiber Optic Products, Inc. (a)		15,217		120,214
Alvarion Ltd. (a)		53,546		62,649
Anaren, Inc. (a)		29,832		570,686
AudioCodes Ltd. (a)		13,592		48,523
Aviat Networks, Inc. (a)		233,330		478,327
Bel Fuse, Inc. - Class B		921		16,467
BigBand Networks, Inc. (a)		37,894		84,883
Black Box Corporation (b)		55,990		1,567,160
Brocade Communications Systems, Inc. (a) (b)		532,938		2,334,268
Calix, Inc. (a)		108,213		942,535
Ceragon Networks Ltd. (a) (b)		72,567		732,201
CIENA Corporation (a)		100		1,318
Cogo Group, Inc. (a)		8,179		19,630
Communications Systems, Inc. (b)		20,189		332,715
Comtech Telecommunications Corporation (b)		142,853		4,729,863
Digi International, Inc. (a)		46		588
DragonWave, Inc. (a)		5,609		21,426
EchoStar Corporation - Class A (a) (b)		76,562		2,018,174
EXFO, Inc. (a)		16,471		100,638
Extreme Networks, Inc. (a)		86,331		254,676
Globecomm Systems, Inc. (a)		700		9,513
Harmonic, Inc. (a) (b)		250,765		1,379,208
Harris Corporation		10,200		385,050
Infinera Corporation (a)		9,459		69,145
Ixia (a)		31,495		356,838
KVH Industries, Inc. (a)		21		155
Loral Space & Communications, Inc. (a)		218		13,189
NETGEAR, Inc. (a)		8,303		294,424
Network Engines, Inc. (a)		90,172		116,322
Oclaro, Inc. (a)		1,305		5,364
Oplink Communications, Inc. (a) (b)		15,222		246,901
Opnext, Inc. (a) (b)		1,314,809		1,304,816
Optical Cable Corporation		600		2,148
PCTEL, Inc. (a)		500		3,620
Polycom, Inc. (a)		64,254		1,062,119
Powerwave Technologies, Inc. (a)		3,620		13,068

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Communications Equipment - 2.1% (Continued)
Procera Networks, Inc. (a)		12,014	$	136,960
Radware Ltd. (a) (b)		60,491		1,599,382
Riverbed Technology, Inc. (a) (b)		163,849		4,518,955
Symmetricom, Inc. (a)		1,592		8,199
Tekelec (a) (b)		355,566		3,491,658
Telular Corporation		368		2,204
TESSCO Technologies, Inc.		15,593		217,055
UTStarcom Holdings Corporation (a)		316,511		452,611
Westell Technologies, Inc. - Class A (a) (b)		321,597		646,410
Wi-LAN, Inc.		2,400		17,904
				37,401,436
Computers & Peripherals - 0.8%
Cray, Inc. (a)		31,051		196,553
Datalink Corporation (a) (b)		317,182		3,006,885
Dot Hill Systems Corporation (a)		247,113		425,034
Electronics For Imaging, Inc. (a) (b)		208,314		3,124,710
Hewlett-Packard Company		200		5,322
Hutchinson Technology, Inc. (a)		75,025		133,545
Immersion Corporation (a)		410		2,817
NCR Corporation (a) (b)		154,576		2,943,127
On Track Innovations Ltd. (a)		29,809		45,012
QLogic Corporation (a)		41,044		573,385
Quantum Corporation (a) (b)		264,004		689,050
Rimage Corporation		653		7,248
SMART Technologies, Inc. - Class A (a)		94,602		323,539
STEC, Inc. (a)		82,974		939,266
Super Micro Computer, Inc. (a)		263		4,208
Xyratex Ltd. (b)		72,677		991,314
				13,411,015
Electronic Equipment, Instruments & Components - 3.1%
Advanced Photonix, Inc. - Class A (a)		2,600		2,249
Aeroflex Holding Corporation (a) (b)		76,883		837,256
Agilysys, Inc. (a) (b)		232,920		1,977,491
Arrow Electronics, Inc. (a)		35,596		1,283,236
AVX Corporation (b)		124,042		1,663,403
Badger Meter, Inc.		8,845		289,585
Benchmark Electronics, Inc. (a)		679		9,329
Brightpoint, Inc. (a) (b)		259,082		2,629,682
Celestica, Inc. (a)		24,040		199,532
Checkpoint Systems, Inc. (a) (b)		22,850		302,763
Cognex Corporation		12,493		423,388
Coherent, Inc. (a)		1,227		62,540
Comverge, Inc. (a)		31,225		51,521
Corning, Inc.		26		372
Daktronics, Inc.		32,164		324,856
DDi Corporation		200		1,838
Dolby Laboratories, Inc. - Class A (a)		23,024		673,222
Electro Rent Corporation		27,731		445,637
Electro Scientific Industries, Inc. (a) (b)		82,124		1,009,304

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Electronic Equipment, Instruments & Components - 3.1% (Continued)
eMagin Corporation (a) (b)		69,496	$	293,273
Fabrinet (a) (b)		56,461		700,116
FARO Technologies, Inc. (a)		187		7,813
FEI Company (a)		1,815		72,164
FLIR Systems, Inc. (b)		3,194		84,002
GSI Group, Inc. (The) (a) (b)		70,606		689,821
Identive Group, Inc. (a) (b)		183,303		434,428
IEC Electronics Corporation (a)		324		1,921
Ingram Micro, Inc. - Class A (a) (b)		396,952		7,097,502
IPG Photonics Corporation (a) (b)		31,954		1,689,088
Itron, Inc. (a)		55,900		2,056,561
LeCroy Corporation (a)		20,159		206,831
LGL Group, Inc. (a)		36		286
LoJack Corporation (a)		1,108		3,679
LRAD Corporation (a)		2,800		5,404
Measurement Specialties, Inc. (a) (b)		20,689		645,704
Mercury Computer Systems, Inc. (a) (b)		58,503		854,144
Methode Electronics, Inc.		21,920		203,637
Molex, Inc.		145,308		3,587,655
Molex, Inc. - Class A		12,331		251,552
MTS Systems Corporation		7,685		281,809
Multi-Fineline Electronix, Inc. (a) (b)		24,106		552,992
National Instruments Corporation		83,611		2,233,250
NeoPhotonics Corporation (a)		41,873		218,996
Netlist, Inc. (a)		1,385		2,202
Newport Corporation (a) (b)		61,701		854,559
Orbotech Ltd. (a) (b)		121,711		1,296,222
OSI Systems, Inc. (a) (b)		85,687		3,795,934
PC Connection, Inc. (a)		694		5,795
PC Mall, Inc. (a)		3,313		17,460
Plexus Corporation (a)		9,430		242,351
Richardson Electronics Ltd.		2,037		26,461
Rofin-Sinar Technologies, Inc. (a) (b)		42,384		1,101,984
Rogers Corporation (a)		19,390		837,066
Sanmina-SCI Corporation (a) (b)		295,488		2,603,249
ScanSource, Inc. (a)		27,198		945,403
SMTC Corporation (a)		100		207
TE Connectivity Ltd.		200		7,110
Tech Data Corporation (a) (b)		132,632		6,522,842
Trimble Navigation Ltd. (a) (b)		3,702		149,598
TTM Technologies, Inc. (a) (b)		153,073		1,709,825
Viasystems Group, Inc. (a)		482		9,924
Vishay Intertechnology, Inc. (a)		15,200		163,400
X-Rite, Inc. (a)		249		1,123
Zygo Corporation (a)		32,786		502,937
				55,155,484
Internet Software & Services - 2.1%
AOL, Inc. (a) (b)		175,888		2,483,538
Autobytel, Inc. (a)		1,800		1,620

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Internet Software & Services - 2.1% (Continued)
Cornerstone OnDemand, Inc. (a)		11,708	$	168,712
DealerTrack Holdings, Inc. (a) (b)		121,180		2,628,394
Dice Holdings, Inc. (a) (b)		40,768		415,018
EasyLink Services International Corporation - Class A (a) (b)		222,941		1,063,429
Envestnet, Inc. (a)		704		8,195
FriendFinder Networks, Inc. (a)		700		1,302
GigaMedia Ltd. (a)		95,614		88,041
GlobalSCAPE, Inc. (a)		212		362
InfoSpace, Inc. (a) (b)		59,330		519,731
Internap Network Services Corporation (a) (b)		385,768		2,191,162
j2 Global Communications, Inc.		7,713		237,406
Keynote Systems, Inc. (b)		37,393		892,571
Limelight Networks, Inc. (a) (b)		112,453		312,619
Liquidity Services, Inc. (a) (b)		100,339		3,267,038
LivePerson, Inc. (a)		71,040		894,394
LoopNet, Inc. (a) (b)		139,965		2,475,981
Monster Worldwide, Inc. (a)		143,464		1,324,173
Move, Inc. (a) (b)		495,171		911,115
NIC, Inc.		19,800		273,438
Open Text Corporation (a)		2,700		164,754
Openwave Systems, Inc. (a)		89,676		138,998
Perficient, Inc. (a) (b)		110,794		1,055,867
Points International Ltd. (a)		92		841
Quepasa Corporation (a)		76		367
QuinStreet, Inc. (a)		2,300		26,427
Rackspace Hosting, Inc. (a)		300		12,417
RADVision Ltd. (a)		7,731		41,593
RealNetworks, Inc.		96,305		939,937
Responsys, Inc. (a)		7,700		84,084
RightNow Technologies, Inc. (a) (b)		164,205		7,062,457
Saba Software, Inc. (a)		919		6,378
SciQuest, Inc. (a) (b)		25,304		375,511
SINA Corporation (a)		300		24,387
Sohu.com, Inc. (a)		564		34,066
SPS Commerce, Inc. (a)		10,462		204,637
Subaye, Inc. (a)		37,223		4,467
Support.com, Inc. (a)		115,894		244,536
United Online, Inc. (b)		131,885		779,440
Velti plc (a) (b)		157,794		1,328,625
Vocus, Inc. (a) (b)		94,431		1,924,504
WebMD Health Corporation (a) (b)		54,549		1,961,036
WebMediaBrands, Inc. (a)		592		372
XO Group, Inc. (a)		11,760		108,545
Yahoo!, Inc. (a)		8,800		137,632
				36,820,117
IT Services - 2.1%
Acxiom Corporation (a) (b)		113,952		1,503,027
Booz Allen Hamilton Holding Corporation (a)		10,502		166,037

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
IT Services - 2.1% (Continued)
Broadridge Financial Solutions, Inc. (b)		76,163	$	1,694,627
CACI International, Inc. - Class A (a) (b)		69,052		3,790,264
Cass Information Systems, Inc.		77		3,018
CGI Group, Inc. (a)		106,699		2,190,530
China Information Technology, Inc. (a)		94,939		94,939
CIBER, Inc. (a)		113,054		393,428
Computer Sciences Corporation		100		3,146
Convergys Corporation (a) (b)		204,131		2,184,202
CoreLogic, Inc. (a)		4,980		60,607
CSG Systems International, Inc. (a)		18,839		268,267
DST Systems, Inc. (b)		37,059		1,859,991
ExlService Holdings, Inc. (a) (b)		92,713		2,417,955
FleetCor Technologies, Inc. (a)		2,800		78,288
Forrester Research, Inc.		4,347		155,666
Gartner, Inc. - Class A (a)		1,200		46,224
Genpact Ltd. (a)		15,184		245,222
Global Cash Access Holdings, Inc. (a) (b)		235,111		700,631
Hackett Group, Inc. (The) (a)		1,509		6,232
Heartland Payment Systems, Inc.		24,205		526,701
iGATE Corporation		26,923		362,922
InterXion Holding N.V. (a) (b)		60,208		826,054
Jack Henry & Associates, Inc. (b)		100,074		3,243,398
Lionbridge Technologies, Inc. (a)		101,804		275,889
LML Payment Systems, Inc. (a) (b)		108,552		211,676
Mantech International Corporation - Class A (b)		15,439		542,372
MAXIMUS, Inc. (b)		21,423		864,204
MoneyGram International, Inc. (a) (b)		668,084		1,710,295
NCI, Inc. - Class A (a)		4,139		56,497
NeuStar, Inc. - Class A (a) (b)		176,238		5,602,606
Online Resources Corporation (a) (b)		119,608		320,549
PFSweb, Inc. (a)		45,140		201,324
PRGX Global, Inc. (a) (b)		5,563		29,706
Sapient Corporation		50,592		625,317
Startek, Inc. (a)		1,842		4,329
TeleTech Holdings, Inc. (a) (b)		102,904		1,798,762
Teradata Corporation (a)		2,000		119,320
TNS, Inc. (a) (b)		94,462		1,844,843
Total System Services, Inc.		10,670		212,226
Virtusa Corporation (a)		18,344		298,824
				37,540,115
Office Electronics - 0.1%
Zebra Technologies Corporation - Class A (a) (b)		21,545		770,018
Semiconductors & Semiconductor Equipment - 3.7%
Advanced Analogic Technologies, Inc. (a) (b)		452,596		1,973,319
Advanced Energy Industries, Inc. (a)		28,947		270,365
Advanced Micro Devices, Inc. (a)		2,300		13,409
Alpha & Omega Semiconductor Ltd. (a) (b)		24,475		206,814
Amtech Systems, Inc. (a)		67,651		691,393

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Semiconductors & Semiconductor Equipment - 3.7% (Continued)
Anadigics, Inc. (a) (b)		490,282	$	1,289,442
Atmel Corporation (a)		11,984		126,551
ATMI, Inc. (a)		19,645		400,758
AuthenTec, Inc. (a)		252,853		922,913
Avago Technologies Ltd.		5,400		182,358
Axcelis Technologies, Inc. (a) (b)		235,222		329,311
AXT, Inc. (a)		96,094		451,642
Brooks Automation, Inc. (b)		393,453		4,111,584
Cavium, Inc. (a)		2,649		86,596
ChipMOS TECHNOLOGIES (Bermuda) LTD. (a)		2,545		12,725
Cirrus Logic, Inc. (a)		145,087		2,414,248
Cohu, Inc.		5,294		58,710
CSR plc (a)		1,863		21,094
CVD Equipment Corporation (a) (b)		53,015		857,253
Cymer, Inc. (a) (b)		26,842		1,166,285
DSP Group, Inc. (a)		89,828		555,137
Entegris, Inc. (a) (b)		207,481		1,859,030
Exar Corporation (a)		72,763		444,582
EZchip Semiconductor Ltd. (a) (b)		26,176		953,592
First Solar, Inc. (a)		1,700		84,609
FormFactor, Inc. (a)		57,034		341,063
Freescale Semiconductor Holdings I Ltd. (a)		40,207		530,330
GSI Technology, Inc. (a)		7,185		35,206
Hittite Microwave Corporation (a)		300		15,780
Inphi Corporation (a) (b)		167,840		1,852,954
Integrated Device Technology, Inc. (a)		186,322		1,132,838
Integrated Silicon Solution, Inc. (a) (b)		121,546		1,119,439
Intersil Corporation - Class A		51,414		615,426
IXYS Corporation (a) (b)		76,175		1,041,312
Lattice Semiconductor Corporation (a)		152,888		967,781
LSI Corporation (a)		165,417		1,033,856
LTX-Credence Corporation (a) (b)		78,270		495,449
MagnaChip Semiconductor Corporation - ADR (a)		1,912		14,474
Mattson Technology, Inc. (a) (b)		402,518		543,399
MaxLinear, Inc. - Class A (a)		1,837		10,691
Mellanox Technologies Ltd. (a)		6,199		200,600
MEMC Electronic Materials, Inc. (a) (b)		820,101		4,912,405
Micron Technology, Inc. (a)		8,800		49,192
Microsemi Corporation (a) (b)		47,877		883,809
Mindspeed Technologies, Inc. (a)		160,729		893,653
MKS Instruments, Inc.		141		3,756
Monolithic Power Systems, Inc. (a)		36,870		459,400
Nanometrics, Inc. (a) (b)		76,077		1,284,180
NetLogic Microsystems, Inc. (a) (b)		252,378		12,416,998
Nova Measuring Instruments Ltd. (a) (b)		166,959		1,213,792
NVE Corporation (a)		2,938		161,649
NXP Semiconductors N.V. (a)		3,500		62,895
OmniVision Technologies, Inc. (a) (b)		74,666		1,217,802
ON Semiconductor Corporation (a)		40,841		309,166

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Semiconductors & Semiconductor Equipment - 3.7% (Continued)
Pericom Semiconductor Corporation (a)		51,884	$	440,495
Photronics, Inc. (a) (b)		255,229		1,600,286
Pixelworks, Inc. (a)		2,400		5,328
PMC-Sierra, Inc. (a) (b)		319,201		2,023,734
Rambus, Inc. (a) (b)		50,834		901,287
Ramtron International Corporation (a)		2,000		4,780
SemiLEDs Corporation (a)		40,954		135,148
Silicon Image, Inc. (a)		49,327		317,666
Spansion, Inc. - Class A (a) (b)		4,867		50,081
Standard Microsystems Corporation (a) (b)		42,541		1,053,315
SunPower Corporation - Class A (a)		8		80
Supertex, Inc. (a)		14,643		270,310
Tessera Technologies, Inc. (a) (b)		160,670		2,212,426
Tower Semiconductor Ltd. (a)		1,732		1,369
Trident Microsystems, Inc. (a)		76,853		41,501
Ultra Clean Holdings, Inc. (a)		90,118		493,847
Varian Semiconductor Equipment Associates, Inc. (a) (b)		19,778		1,241,465
Vitesse Semiconductor Corporation (a)		560		1,467
Volterra Semiconductor Corporation (a)		32,319		765,960
				64,863,560
Software - 2.9%
Accelrys, Inc. (a)		25,181		166,950
ACI Worldwide, Inc. (a) (b)		18,779		575,952
Actuate Corporation (a) (b)		285,178		1,853,657
Advent Software, Inc. (a)		15,984		437,962
Allot Communications Ltd. (a) (b)		63,366		847,203
ANSYS, Inc. (a)		2,286		124,267
Ariba, Inc. (a) (b)		45,782		1,450,374
Aspen Technology, Inc. (a) (b)		73,805		1,279,779
Blackbaud, Inc.		5,936		166,386
BMC Software, Inc. (a)		3,300		114,708
Bottomline Technologies, Inc. (a)		9,154		222,351
BroadSoft, Inc. (a)		9		324
BSQUARE Corporation (a)		9,956		48,585
Cadence Design Systems, Inc. (a)		36,600		405,162
CDC Corporation - Class A (a)		133,399		20,010
ClickSoftware Technologies Ltd. (b)		129,316		1,280,228
CommVault Systems, Inc. (a) (b)		129,881		5,530,333
Compuware Corporation (a) (b)		299,358		2,529,575
Convio, Inc. (a) (b)		52,673		505,134
Datawatch Corporation (a)		2,190		11,333
Deltek, Inc. (a)		935		6,882
Digimarc Corporation (a) (b)		18,046		482,730
ePlus, inc. (a)		252		6,844
Fair Isaac Corporation (b)		66,271		1,812,512
FalconStor Software, Inc. (a)		723		2,451
Fortinet, Inc. (a) (b)		63,921		1,474,018
Fundtech Ltd.		6,045		139,095
Informatica Corporation (a)		3,100		141,050

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.9% (Continued)
Software - 2.9% (Continued)
Interactive Intelligence Group, Inc. (a)		10,921	$	303,058
JDA Software Group, Inc. (a) (b)		54,716		1,743,799
Kenexa Corporation (a) (b)		107,057		2,448,394
Magma Design Automation, Inc. (a)		174,653		922,168
Manhattan Associates, Inc. (a) (b)		28,941		1,225,651
Mentor Graphics Corporation (a)		174,007		1,976,719
MICROS Systems, Inc. (a)		2,900		142,738
MicroStrategy, Inc. - Class A (a)		2,402		316,512
MIND C.T.I. Ltd.		1,027		2,013
Mitek Systems, Inc. (a)		8,117		82,063
Monotype Imaging Holdings, Inc. (a)		34,777		471,924
Net 1 UEPS Technologies, Inc. (a) (b)		99,325		767,782
NetSol Technologies, Inc. (a)		116,417		55,880
NetSuite, Inc. (a) (b)		60,552		2,303,398
OPNET Technologies, Inc.		3,124		136,644
Parametric Technology Corporation (a)		96,344		2,006,846
Pervasive Software, Inc. (a)		10,407		64,836
PROS Holdings, Inc. (a)		33,357		529,042
Quest Software, Inc. (a) (b)		125,944		2,215,355
Red Hat, Inc. (a)		100		4,965
Rovi Corporation (a)		5,500		272,470
S1 Corporation (a) (b)		211,852		2,061,320
salesforce.com, inc. (a)		500		66,585
SeaChange International, Inc. (a)		238		2,009
Smith Micro Software, Inc. (a)		14,584		17,063
SolarWinds, Inc. (a) (b)		144,112		4,159,072
Solera Holdings, Inc. (b)		6,208		339,143
SS&C Technologies Holdings, Inc. (a)		82,991		1,316,237
Taleo Corporation - Class A (a)		26,643		863,233
Tangoe, Inc. (a)		6,549		88,084
THQ, Inc. (a)		124		264
TIBCO Software, Inc. (a)		6,500		187,785
TigerLogic Corporation (a)		100		237
VASCO Data Security International, Inc. (a) (b)		233,110		1,925,489
Verint Systems, Inc. (a) (b)		21,087		628,393
VMware, Inc. - Class A (a)		600		58,650
				51,341,676
Materials - 6.0%
Chemicals - 2.3%
A. Schulman, Inc. (b)		19,782		417,598
Agrium, Inc.		100		8,229
Albemarle Corporation		600		31,974
Balchem Corporation		5,600		206,472
Cabot Corporation (b)		68,436		2,065,398
Chemtura Corporation (a)		72,814		883,962
Cytec Industries, Inc.		54,996		2,456,671
Ecolab, Inc.		1,800		96,912
FMC Corporation		300		23,667
FutureFuel Corporation		345		3,898

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 6.0% (Continued)
Chemicals - 2.3% (Continued)
H.B. Fuller Company (b)		28,580	$	614,184
Huntsman Corporation		150,837		1,770,826
Innophos Holdings, Inc.		9,634		423,800
Innospec, Inc. (a)		16,480		497,696
International Flavors and Fragrances, Inc.		300		18,168
Intrepid Potash, Inc. (a) (b)		75,620		2,104,505
KMG Chemicals, Inc.		7,233		105,168
Koppers Holdings, Inc.		11,773		389,569
Kronos Worldwide, Inc. (b)		86,845		1,927,091
Landec Corporation (a)		72,137		447,971
LSB Industries, Inc. (a) (b)		43,372		1,536,670
Material Sciences Corporation (a)		890		7,209
Methanex Corporation		2,100		54,264
Minerals Technologies, Inc.		10,020		549,497
Mosaic Company (The)		1,700		99,552
Nalco Holding Company		3,400		128,214
Olin Corporation		42,514		801,814
OM Group, Inc. (a)		25,437		735,384
OMNOVA Solutions, Inc. (a)		120,513		533,873
PolyOne Corporation		20,566		230,133
PPG Industries, Inc.		100		8,641
Quaker Chemical Corporation		13,037		453,557
Rockwood Holdings, Inc. (a) (b)		139,282		6,412,543
RPM International, Inc. (b)		117,638		2,643,326
Sensient Technologies Corporation (b)		64,199		2,372,795
Solutia, Inc. (a) (b)		111,615		1,813,744
Southwall Technologies, Inc. (a)		800		10,880
Spartech Corporation (a)		47,899		194,470
Stepan Company		210		16,231
TOR Minerals International, Inc. (a)		77		1,130
Valspar Corporation (The) (b)		130,458		4,549,070
W.R. Grace & Company (a)		42,172		1,762,368
Westlake Chemical Corporation		42,952		1,770,052
Zep, Inc.		6,950		105,918
				41,285,094
Construction Materials - 0.0% (d)
Headwaters, Inc. (a)		37,086		65,271
Containers & Packaging - 0.7%
AEP Industries, Inc. (a)		2,006		54,222
AptarGroup, Inc.		19,442		932,633
Bemis Company, Inc.		60,559		1,702,314
Boise, Inc.		43,689		264,318
Crown Holdings, Inc. (a)		1,700		57,443
Greif, Inc. - Class A		22,581		1,011,177
Myers Industries, Inc.		62,724		766,487
Owens-Illinois, Inc. (a) (b)		76,072		1,527,526
Packaging Corporation of America (b)		59,379		1,548,604
Rock-Tenn Company - Class A		284		16,810

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 6.0% (Continued)
Containers & Packaging - 0.7% (Continued)
Sealed Air Corporation (b)		87,465	$	1,556,877
Silgan Holdings, Inc.		41,409		1,554,494
Sonoco Products Company		1,300		40,807
Temple-Inland, Inc.		8,951		284,731
UFP Technologies, Inc. (a)		24,731		372,944
				11,691,387
Metals & Mining - 2.7%
A.M. Castle & Company (a)		8,844		121,074
Agnico-Eagle Mines Ltd.		2,200		95,458
Allied Nevada Gold Corporation (a)		1,089		41,360
Almaden Minerals Ltd. (a)		280,550		777,124
AuRico Gold, Inc. (a) (b)		64,210		624,764
Aurizon Mines Ltd. (a) (b)		403,768		2,301,478
Banro Corporation (a)		113,077		488,493
Barrick Gold Corporation		3,600		178,200
Brigus Gold Corporation (a) (b)		802,350		1,059,102
Cardero Resource Corporation (a)		2,235		2,459
Century Aluminum Company (a)		84,491		942,920
China Direct Industries, Inc. (a)		653		620
Claude Resources, Inc. (a) (b)		167,255		327,820
Commercial Metals Company (b)		152,490		1,895,451
Eldorado Gold Corporation		5,600		105,672
Endeavour Silver Corporation (a) (b)		189,286		2,051,860
Entrée Gold, Inc. (a) (b)		47,917		92,001
Exeter Resource Corporation (a) (b)		510,674		1,879,280
Extorre Gold Mines Ltd. (a)		69,296		523,185
First Majestic Silver Corporation (a)		14,900		253,449
Fortuna Silver Mines, Inc. (a)		22,846		146,900
Globe Specialty Metals, Inc.		16,500		275,055
Gold Reserve, Inc. (a)		3,728		10,438
Goldcorp, Inc.		3,500		170,940
Great Basin Gold Ltd. (a)		287,407		410,992
Great Panther Silver Ltd. (a) (b)		777,286		1,997,625
Handy & Harman Ltd. (a)		587		7,044
Harry Winston Diamond Corporation (a) (b)		86,793		1,058,007
Haynes International, Inc. (b)		65,524		3,832,499
IAMGOLD Corporation		6,800		146,200
International Tower Hill Mines Ltd. (a) (b)		115,734		596,030
Ivanhoe Mines Ltd. (a) (b)		35,999		738,339
Keegan Resources, Inc. (a)		135,404		813,778
Kinross Gold Corporation		10,400		149,240
MAG Silver Corporation (a) (b)		30,093		282,573
Materion Corporation (a) (b)		20,792		549,740
Mesabi Trust		23,915		657,423
Metals USA Holdings Corporation (a) (b)		142,088		1,547,338
Minco Gold Corporation (a)		65,093		76,159
Minefinders Corporation Ltd. (a)		2,913		41,277
Mines Management, Inc. (a)		63,915		159,788
Molycorp, Inc. (a)		4,400		168,388

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 6.0% (Continued)
Metals & Mining - 2.7% (Continued)
Nevsun Resources Ltd. (b)		238,058	$	1,266,469
New Gold, Inc. (a)		12,200		151,036
Noranda Aluminum Holding Corporation (a) (b)		101,809		942,751
Northern Dynasty Minerals Ltd. (a) (b)		92,198		756,946
NovaGold Resources, Inc. (a)		86,800		801,164
Paramount Gold and Silver Corporation (a)		8		21
Platinum Group Metals Ltd. (a)		159,727		209,242
Primero Mining Corporation (a)		3,600		10,224
Qiao Xing Universal Resources, Inc. (a)		3,200		2,816
Reliance Steel & Aluminum Company (b)		41,068		1,814,795
Revett Minerals, Inc. (a)		221		930
Richmont Mines, Inc. (a) (b)		127,682		1,552,613
Royal Gold, Inc.		1,198		85,753
Rubicon Minerals Corporation (a) (b)		302,474		1,228,044
Schnitzer Steel Industries, Inc. - Class A (b)		63,470		2,970,396
Seabridge Gold, Inc. (a)		4,755		112,931
Silver Bull Resources, Inc. (a)		200		132
Silver Wheaton Corporation		1,700		58,820
Southern Copper Corporation		2,800		85,904
Steel Dynamics, Inc. (b)		513,689		6,415,976
SunCoke Energy, Inc. (a)		2,200		27,764
Thompson Creek Metals Company, Inc. (a)		23,812		169,780
U.S. Energy Corporation (a)		43,807		137,116
Universal Stainless & Alloy Products, Inc. (a) (b)		9,161		344,912
Vista Gold Corporation (a) (b)		362,977		1,310,347
Yamana Gold, Inc.		14,500		217,065
				48,271,490
Paper & Forest Products - 0.3%
Buckeye Technologies, Inc. (b)		85,372		2,581,649
Domtar Corporation		9,178		751,770
KapStone Paper and Packaging Corporation (a) (b)		53,353		874,989
Mercer International, Inc. (a)		79,728		548,529
Neenah Paper, Inc.		31,882		526,053
Verso Paper Corporation (a)		28,254		51,705
				5,334,695
Telecommunication Services - 1.3%
Diversified Telecommunication Services - 1.0%
8x8, Inc. (a)		134,893		507,198
AboveNet, Inc. (b)		31,353		1,860,801
BCE, Inc.		1,600		63,376
Cbeyond, Inc. (a)		50,510		416,202
CenturyLink, Inc.		16		564
Cincinnati Bell, Inc. (a)		45,808		147,502
Frontier Communications Corporation		4,674		29,259
General Communication, Inc. - Class A (a) (b)		82,072		775,580
Globalstar, Inc. (a)		68,929		48,940
Hawaiian Telcom Holdco, Inc. (a)		380		5,609
HickoryTech Corporation		12,896		143,919
IDT Corporation - Class B (b)		141,148		1,623,202

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Telecommunication Services - 1.3% (Continued)
Diversified Telecommunication Services - 1.0% (Continued)
inContact, Inc. (a)		20,301	$	84,046
Level 3 Communications, Inc. (a) (b)		88,533		2,362,947
Neutral Tandem, Inc. (a)		66,907		705,200
PAETEC Holding Corporation (a) (b)		854,537		4,682,863
Premiere Global Services, Inc. (a) (b)		152,253		1,379,412
SureWest Communications (b)		28,174		323,156
Telus Corporation - Non-Voting Shares		2,200		112,178
Towerstream Corporation (a) (b)		11,962		34,451
tw telecom, inc. (a)		4,216		77,996
Vonage Holdings Corporation (a) (b)		567,020		1,899,517
				17,283,918
Wireless Telecommunication Services - 0.3%
FiberTower Corporation (a)		143,429		137,692
MetroPCS Communications, Inc. (a)		134,169		1,140,436
NTELOS Holdings Corporation (b)		109,875		2,089,823
Rogers Communications, Inc. - Class B		5,100		185,385
Shenandoah Telecommunications Company		1,829		24,801
Sprint Nextel Corporation (a)		229,100		588,787
Telephone and Data Systems, Inc. (b)		35,736		828,360
				4,995,284
Utilities - 1.8%
Electric Utilities - 0.5%
Allete, Inc.		39,069		1,543,616
Brookfield Infrastructure Partners, L.P.		1,023		25,667
Central Vermont Public Service Corporation (b)		21,251		751,648
Cleco Corporation		3,799		140,069
El Paso Electric Company		13,351		427,633
Entergy Corporation		1,000		69,170
Great Plains Energy, Inc.		24,320		504,397
IDACORP, Inc. (b)		64,512		2,604,995
ITC Holdings Corporation		100		7,268
MGE Energy, Inc.		982		42,854
Northeast Utilities		400		13,828
Pepco Holdings, Inc.		13,901		275,240
Pinnacle West Capital Corporation		9,511		433,511
PNM Resources, Inc.		48,140		865,557
Progress Energy, Inc.		2,200		114,620
Unisource Energy Corporation (b)		27,452		1,023,411
Unitil Corporation		14,894		397,223
				9,240,707
Gas Utilities - 0.6%
AGL Resources, Inc. (b)		6,558		275,043
AmeriGas Partners, L.P.		10,713		479,085
Atmos Energy Corporation (b)		103,413		3,549,134
Chesapeake Utilities Corporation		3,588		152,095
Laclede Group, Inc. (The) (b)		11,625		466,395
Nicor, Inc. (b)		2,390		134,438
ONEOK, Inc.		1,000		76,050
Questar Corporation (b)		4,065		78,333

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Utilities - 1.8% (Continued)
Gas Utilities - 0.6% (Continued)
South Jersey Industries, Inc.		4,923	$	277,214
Southwest Gas Corporation (b)		97,963		3,867,579
UGI Corporation		53,308		1,528,340
				10,883,706
Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc. (a)		200		298
GenOn Energy, Inc. (a)		295,745		902,022
Ormat Technologies, Inc.		14,053		266,867
Synthesis Energy Systems, Inc. (a) (b)		398,141		613,137
				1,782,324
Multi-Utilities - 0.4%
Alliant Energy Corporation		8,700		354,786
Ameren Corporation		4,400		140,272
Avista Corporation (b)		61,226		1,558,202
CenterPoint Energy, Inc.		3,700		77,108
CMS Energy Corporation		3,426		71,329
Consolidated Edison, Inc.		500		28,935
Genie Energy Ltd. - Class B (a)		141,148		1,171,528
Integrys Energy Group, Inc.		600		31,746
NorthWestern Corporation		36,460		1,256,047
NSTAR (b)		5,161		232,709
OGE Energy Corporation		3,659		189,317
SCANA Corporation		5,800		245,224
TECO Energy, Inc.		7,347		136,434
Vectren Corporation (b)		52,108		1,478,825
Wisconsin Energy Corporation		8,151		264,337
Xcel Energy, Inc.		2,600		67,210
				7,304,009
Water Utilities - 0.2%
American States Water Company (b)		26,239		916,791
American Water Works Company, Inc.		7,600		232,028
Aqua America, Inc.		62,348		1,383,502
Artesian Resources Corporation - Class A		200		3,640
California Water Service Group (b)		29,978		556,692
Cascal N.V. (a)		10,545		63,375
Consolidated Water Company, Inc.		4,594		42,632
Middlesex Water Company		105		1,990
Pennichuck Corporation		287		8,165
SJW Corporation		2,028		47,212
Tri-Tech Holding, Inc. (a) (b)		31,020		127,802
York Water Company		1,058		17,986
				3,401,815
Total Common Stocks (Cost $1,554,533,324)			$	1,631,827,248
CLOSED-END FUNDS - 3.9%	Shares		Value
Aberdeen Asia-Pacific Income Fund, Inc.		164	$	1,137

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.		247	$	4,453
Aberdeen Global Income Fund, Inc.		106		1,390
Aberdeen Indonesia Fund, Inc.		1,152		14,319
Aberdeen Israel Fund, Inc.		3,115		46,569
Aberdeen Latin America Equity Fund, Inc.		735		24,718
Adams Express Company (The)		97,541		993,943
Advent/Claymore Convertible Securities & Income Fund		38,270		607,345
Advent/Claymore Enhanced Growth & Income Fund		1,443		14,040
Advent/Claymore Global Convertible Securities & Income Fund		319		2,192
AGIC Equity & Convertible Income Fund		40,975		674,039
AGIC Global Equity & Convertible Income Fund		9,864		140,069
AGIC International & Premium Strategy Fund		3,793		41,344
Alliance California Municipal Income Fund, Inc.		100		1,369
Alliance New York Municipal Income Fund, Inc.		2,800		38,332
AllianceBernstein Global High Income Fund, Inc.		100		1,463
AllianceBernstein Income Fund, Inc.		187		1,494
AllianceBernstein National Municipal Income Fund, Inc.		4,795		66,746
Alpine Global Premier Properties Fund		37,511		225,441
Alpine Total Dynamic Dividend Fund		114		559
American Income Fund, Inc.		1,251		9,508
American Municipal Income Portfolio		100		1,394
American Select Portfolio		14,039		137,863
American Strategic Income Portfolio, Inc.		6,401		68,299
American Strategic Income Portfolio, Inc. II		52,045		417,401
American Strategic Income Portfolio, Inc. III		140,288		939,930
Apollo Senior Floating Rate Fund, Inc.		170		2,858
ASA Gold and Precious Metals Ltd. (b)		33,313		970,075
Asia Pacific Fund, Inc. (The) (a)		1,470		15,259
Asia Tigers Fund, Inc. (The)		100		1,640
Avenue Income Credit Strategies Fund		158		2,591
Bancroft Fund Ltd.		952		15,089
BlackRock Build America Bond Trust		195		3,916
BlackRock California Municipal Income Trust		38,986		534,108
BlackRock Core Bond Trust		715		9,309
BlackRock Corporate High Yield Fund III, Inc.		100		696
BlackRock Corporate High Yield Fund V, Inc.		112		1,291
BlackRock Corporate High Yield Fund VI, Inc.		180		2,054
BlackRock Credit Allocation Income Trust I, Inc.		4,366		40,385
BlackRock Credit Allocation Income Trust II, Inc.		70,464		686,319
BlackRock Credit Allocation Income Trust III		42,281		445,219
BlackRock Credit Allocation Income Trust IV		68,822		831,370
BlackRock Debt Strategies Fund, Inc.		132		517
BlackRock Defined Opportunity Credit Trust		115		1,472
BlackRock Diversified Income Strategies Fund, Inc.		10,110		95,540
BlackRock EcoSolutions Investment Trust		5,184		44,479
BlackRock Energy and Resources Trust		7,415		196,646
BlackRock Enhanced Capital and Income Fund		15,880		196,753
BlackRock Enhanced Equity Dividend Trust		140		1,021
BlackRock Enhanced Government Fund, Inc.		170		2,569

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
BlackRock Equity Dividend Trust		135	$	1,243
BlackRock Floating Rate Income Strategies Fund		140		1,905
BlackRock Floating Rate Income Strategies Fund II, Inc.		100		1,245
BlackRock Florida Municipal 2020 Term Trust		100		1,480
BlackRock Global Floating Rate Income Trust		106		1,378
BlackRock Global Opportunities Equity Trust		15,531		232,188
BlackRock High Income Shares		124		253
BlackRock High Yield Trust		100		675
BlackRock Income Opportunity Trust, Inc.		2,907		29,070
BlackRock Income Trust, Inc.		115		848
BlackRock International Growth and Income Trust (b)		202,396		1,594,880
BlackRock Limited Duration Income Trust		140		2,262
BlackRock Long-Term Municipal Advantage Trust		153		1,683
BlackRock Muni Intermediate Duration Fund, Inc.		6,211		90,743
BlackRock Muni New York Intermediate Duration Fund, Inc.		2,300		31,878
BlackRock MuniAssets Fund, Inc.		3,543		42,693
BlackRock Municipal Income Investment Quality Trust		4,214		58,532
BlackRock Municipal Income Investment Trust		100		1,398
BlackRock Municipal Income Quality Trust		170		2,417
BlackRock MuniEnhanced Fund, Inc.		3,358		36,300
BlackRock MuniHoldings California Quality Fund, Inc.		25,986		364,064
BlackRock MuniHoldings Fund II, Inc.		148		2,227
BlackRock MuniHoldings Investment Quality Fund		161		2,215
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		15,933		230,869
BlackRock MuniHoldings New York Insured Fund, Inc.		100		1,425
BlackRock MuniHoldings Quality Fund II, Inc.		101		1,344
BlackRock MuniHoldings Quality Fund, Inc.		13,112		170,325
BlackRock MuniVest Fund, Inc.		162		1,618
BlackRock MuniYield Arizona Fund, Inc.		138		1,834
BlackRock MuniYield California Fund, Inc.		121		1,741
BlackRock MuniYield California Quality Fund, Inc.		53,387		734,605
BlackRock MuniYield Investment Fund		5,648		77,547
BlackRock MuniYield Investment Quality Fund		22		300
BlackRock MuniYield Michigan Quality Fund II, Inc.		121		1,630
BlackRock MuniYield Michigan Quality Fund, Inc.		4,667		66,411
BlackRock MuniYield New Jersey Fund, Inc.		16,238		230,904
BlackRock MuniYield New Jersey Quality Fund, Inc.		236		3,313
BlackRock MuniYield New York Insured Fund, Inc.		9,727		129,661
BlackRock MuniYield Pennsylvania Quality Fund		128		1,944
BlackRock MuniYield Quality Fund II, Inc.		928		11,572
BlackRock MuniYield Quality Fund, Inc.		2,550		37,026
BlackRock New Jersey Municipal Bond Trust		100		1,438
BlackRock New York Investment Quality Municipal Trust, Inc.		9,085		119,104
BlackRock New York Quality Municipal Income Trust		900		12,600
BlackRock Pennsylvania Strategic Municipal Trust		100		1,357
BlackRock Real Asset Equity Trust		6,570		77,789
BlackRock Resources & Commodities Strategy Trust (b)		105,772		1,581,291
BlackRock S&P Quality Rankings Global Equity Managed Trust		1,800		22,374
BlackRock Senior High Income Fund, Inc.		107		413
BlackRock Strategic Bond Trust		100		1,315

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
BlackRock Strategic Equity Dividend Trust		39,299	$	383,558
BlackRock Strategic Municipal Trust		123		1,654
Blackstone/GSO Long-Short Credit Income Fund		100		1,850
Blackstone/GSO Senior Floating Rate Term Fund		165		3,082
Boulder Growth & Income Fund, Inc. (a)		46,642		277,520
Boulder Total Return Fund, Inc. (a)		13,759		209,825
Calamos Convertible and High Income Fund		176		2,105
Calamos Global Dynamic Income Fund		181,386		1,400,300
Calamos Strategic Total Return Fund (b)		183,981		1,598,795
CBRE Clarion Global Real Estate Income Fund		114,268		826,158
Central Europe & Russia Fund, Inc. (The)		25,876		891,687
Central Securities Corporation		6,227		135,873
China Fund, Inc. (The)		16,047		415,296
ClearBridge Energy MLP Opportunity Fund, Inc.		100		1,825
Clough Global Allocation Fund		24,369		315,335
Clough Global Equity Fund		43,543		541,675
Clough Global Opportunities Fund (b)		142,890		1,580,363
Cohen & Steers Closed-End Opportunity Fund, Inc.		15,369		185,965
Cohen & Steers Dividend Majors Fund, Inc.		679		8,420
Cohen & Steers Global Income Builder, Inc.		78,608		731,840
Cohen & Steers Infrastructure Fund, Inc.		37,593		613,894
Cohen & Steers Quality Income Realty Fund, Inc.		9,382		81,811
Cohen & Steers REIT & Preferred Income Fund, Inc.		193		2,758
DCA Total Return Fund		55,033		192,065
Delaware Enhanced Global Dividend and Income Fund		186		2,107
Delaware Investments Colorado Municipal Income Fund, Inc.		2,514		33,662
Delaware Investments Dividend & Income Fund, Inc.		2,900		20,445
Delaware Investments Minnesota Municipal Income Fund II		9,634		126,205
Delaware Investments National Municipal Income Fund		4,285		53,520
Denali Fund (The) (a)		101		1,488
Diamond Hill Financial Trends Fund, Inc.		9,506		82,607
Dividend and Income Fund, Inc.		31,880		115,724
Dow 30 Enhanced Premium & Income Fund, Inc.		100		1,018
Dreyfus Municipal Income, Inc.		29		276
Dreyfus Strategic Municipal Bond Fund		5,150		42,075
Dreyfus Strategic Municipals, Inc.		170		1,462
DTF Tax-Free Income, Inc.		900		13,986
DWS Global High Income Fund, Inc.		3,651		27,967
DWS High Income Opportunities Fund, Inc.		105		1,478
DWS Municipal Income Trust		181		2,288
DWS Strategic Income Trust		100		1,315
Eagle Capital Growth Fund, Inc.		600		4,164
Eaton Vance California Municipal Bond Fund II		100		1,205
Eaton Vance California Municipal Income Trust		100		1,270
Eaton Vance Enhanced Equity Income Fund (b)		146,056		1,517,522
Eaton Vance Enhanced Equity Income Fund II (b)		153,410		1,575,521
Eaton Vance Floating-Rate Income Trust		159		2,337
Eaton Vance Limited Duration Income Fund		188		2,852
Eaton Vance Michigan Municipal Bond Fund		100		1,441
Eaton Vance Michigan Municipal Income Trust		500		6,190
Eaton Vance Municipal Bond Fund		158		1,917

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Eaton Vance National Municipal Opportunities Trust		6,575	$	128,936
Eaton Vance New Jersey Municipal Income Trust		100		1,321
Eaton Vance Ohio Municipal Income Trust		100		1,315
Eaton Vance Pennsylvania Municipal Income Trust		100		1,286
Eaton Vance Risk-Managed Diversified Equity Income Fund (b)		150,695		1,601,888
Eaton Vance Senior Floating-Rate Trust		183		2,663
Eaton Vance Senior Income Trust		185		1,225
Eaton Vance Short Duration Diversified Income Fund		177		2,894
Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		35,225		561,487
Eaton Vance Tax-Advantaged Dividend Income Fund		68,987		1,032,046
Eaton Vance Tax-Advantaged Global Dividend Income Fund		20,691		276,018
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		43,604		780,948
Eaton Vance Tax-Managed Buy-Write Income Fund		75,909		935,199
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (b)		134,832		1,551,916
Eaton Vance Tax-Managed Diversified Equity Income Fund (b)		173,485		1,597,797
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund		403		4,316
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (b)		184,170		1,593,071
Ellsworth Fund Ltd.		19,531		130,272
Equus Total Return, Inc. (a)		5,075		11,673
European Equity Fund, Inc. (The)		942		6,189
Federated Enhanced Treasury Income Fund		1,719		25,269
Federated Premier Intermediate Municipal Income Fund		108		1,444
Federated Premier Municipal Income Fund		100		1,425
First Opportunity Fund, Inc. (a)		34,277		214,231
First Trust Active Dividend Income Fund (The)		110		962
First Trust Enhanced Equity Income Fund		63,545		700,266
First Trust High Income Long/Short Fund		183		3,043
First Trust Specialty Finance & Finance Opportunities Fund		814		5,234
First Trust Strategic High Income Fund II		564		8,184
First Trust/Aberdeen Emerging Opportunity Fund		6,576		126,128
First Trust/Aberdeen Global Opportunity Fund		188		3,079
First Trust/Four Corners Senior Floating Rate Income Fund II		188		2,559
Flaherty & Crumrine/Claymore Total Return Fund, Inc.		142		2,519
Fort Dearborn Income Securities, Inc.		100		1,620
Foxby Corporation (a)		200		264
Franklin Templeton Limited Duration Income Trust		30,378		392,484
Franklin Universal Trust		221		1,450
Gabelli Convertible and Income Securities Fund, Inc. (The)		100		539
Gabelli Dividend & Income Trust (b)		107,295		1,592,258
Gabelli Global Multimedia Trust, Inc.		45,017		302,064
Gabelli Global Utility & Income Trust		100		2,017
Gabelli Healthcare & WellnessRx Trust (The) (a)		13,469		96,303
Gabelli Natural Resources, Gold & Income Trust		189		2,952
GDL Fund (The)		62,710		763,808
General American Investors Company, Inc.		28,478		735,017
Global Income & Currency Fund, Inc.		865		11,314
Greater China Fund, Inc.		11,980		130,582

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Guggenheim Build America Bonds Managed Duration Trust (b)		69,292	$	1,373,367
Guggenheim Enhanced Equity Income Fund		138		1,144
Guggenheim Enhanced Equity Strategy Fund		8,538		131,912
H&Q Healthcare Investors		181		2,536
H&Q Life Sciences Investors		182		2,013
Helios Advantage Income Fund, Inc.		150		1,205
Helios High Income Fund, Inc.		157		1,243
Helios High Yield Fund		181		1,720
Helios Multi-Sector High Income Fund, Inc.		294		1,600
Helios Strategic Income Fund, Inc.		13,989		77,359
Helios Strategic Mortgage Income Fund, Inc.		104		633
Helios Total Return Fund, Inc.		100		600
Herzfeld Caribbean Basin Fund, Inc. (a)		2,289		15,336
Highland Credit Strategies Fund		65,975		416,962
India Fund, Inc.		196		4,878
ING Asia Pacific High Dividend Equity Income Fund		21,391		312,309
ING Emerging Markets High Dividend Equity Fund		145		2,063
ING Global Advantage and Premium Opportunity Fund		127		1,431
ING Infrastructure, Industrials and Materials Fund		183		3,217
ING Prime Rate Trust		115		608
ING Risk Managed Natural Resources Fund		147		1,798
Invesco California Insured Municipal Income Trust		5,058		71,318
Invesco California Quality Municipal Securities		252		3,221
Invesco Insured California Municipal Securities		1,678		22,133
Invesco Insured Municipal Bond Trust		100		1,528
Invesco Insured Municipal Income Trust		115		1,771
Invesco Insured Municipal Securities		154		2,114
Invesco Insured Municipal Trust		100		1,450
Invesco Municipal Income Opportunities Trust		12,540		79,253
Invesco Municipal Income Opportunities Trust II		17,209		120,463
Invesco Municipal Income Opportunities Trust III		236		1,815
Invesco Municipal Premium Income Trust		958		7,674
Invesco New York Quality Municipal Securities		100		1,415
Invesco Quality Municipal Income Trust		175		2,271
Invesco Quality Municipal Investment Trust		100		1,311
Invesco Quality Municipal Securities		2,317		32,739
Invesco Van Kampen Advantage Municipal Income Trust II		100		1,203
Invesco Van Kampen Bond Fund		100		2,000
Invesco Van Kampen Dynamic Credit Opportunities Fund		137		1,496
Invesco Van Kampen Municipal Trust		100		1,332
Invesco Van Kampen Pennsylvania Value Municipal Income Trust		5,600		74,200
Invesco Van Kampen Select Sector Municipal Trust		100		1,173
Invesco Van Kampen Senior Income Trust		63,904		277,982
Invesco Van Kampen Trust for Insured Municipals		1,346		17,377
Invesco Van Kampen Trust for Investment Grade Municipals		100		1,430
Japan Equity Fund, Inc. (The)		6,865		36,728
Japan Smaller Capitalization Fund, Inc.		95,716		704,470
JF China Region Fund, Inc.		5,015		61,384
John Hancock Bank & Thrift Opportunity Fund		3,806		54,388
John Hancock Hedged Equity & Income Fund		50,946		773,360

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
John Hancock Preferred Income Fund		100	$	2,126
John Hancock Preferred Income Fund II		100		2,073
John Hancock Preferred Income Fund III		177		3,078
John Hancock Premium Dividend Fund		23,889		293,835
John Hancock Tax-Advantaged Dividend Income Fund		10,098		168,031
Kayne Anderson Energy Total Return Fund, Inc.		100		2,657
Kayne Anderson Midstream/Energy Fund, Inc.		5,474		130,555
Korea Equity Fund, Inc. (a)		119		1,477
Latin American Discovery Fund, Inc.		876		13,937
Lazard Global Total Return & Income Fund, Inc.		6,998		98,602
Lazard World Dividend & Income Fund, Inc.		1,595		19,427
Liberty All-Star Equity Fund (b)		353,271		1,593,252
Liberty All-Star Growth Fund, Inc.		21,349		84,115
LMP Capital and Income Fund, Inc.		12,888		157,105
LMP Corporate Loan Fund, Inc.		267		2,993
LMP Real Estate Income Fund, Inc.		17,764		163,784
Macquarie Global Infrastructure Total Return Fund, Inc.		7,484		124,534
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		147		2,159
Madison Strategic Sector Premium Fund		15,302		168,934
Madison/Claymore Covered Call & Equity Strategy Fund		84,735		649,917
Malaysia Fund, Inc.		6,156		62,976
Managed Duration Investment Grade Municipal Fund		100		1,389
Mexico Equity and Income Fund, Inc. (The)		638		6,680
Mexico Fund, Inc. (The)		185		4,353
MFS Charter Income Trust		169		1,528
MFS InterMarket Income Trust I		126		1,033
MFS Intermediate High Income Fund		110		319
MFS Investment Grade Municipal Trust		267		2,488
MFS Multimarket Income Trust		193		1,289
MLP & Strategic Equity Fund		4,415		72,185
Montgomery Street Income Securities, Inc.		759		11,787
Morgan Stanley Asia-Pacific Fund, Inc.		35,992		554,997
Morgan Stanley China A Share Fund, Inc. (a)		116		2,661
Morgan Stanley Eastern Europe Fund, Inc. (a)		8,911		136,338
Morgan Stanley Emerging Markets Debt Fund, Inc.		8,187		86,127
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		23,500		372,945
Morgan Stanley Emerging Markets Fund, Inc.		5,871		82,488
Morgan Stanley Frontier Emerging Markets Fund		1,397		15,926
Morgan Stanley Income Securities, Inc.		100		1,737
NASDAQ Premium Income & Growth Fund, Inc.		187		2,558
Neuberger Berman California Intermediate Municipal Fund, Inc.		1,100		16,148
Neuberger Berman Intermediate Municipal Fund, Inc.		186		2,742
Neuberger Berman New York Intermediate Municipal Fund, Inc.		1,700		23,307
Neuberger Berman Real Estate Securities Income Fund, Inc.		2,531		9,846
New America High Income Fund, Inc.		121		1,199
New Germany Fund, Inc. (The)		1,673		24,041
New Ireland Fund, Inc. (The)		323		2,458
NFJ Dividend, Interest & Premium Strategy Fund		66,201		1,059,216

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Nuveen Arizona Dividend Advantage Municipal Fund		100	$	1,307
Nuveen Arizona Dividend Advantage Municipal Fund 2		1,566		21,031
Nuveen Arizona Dividend Advantage Municipal Fund 3		3,693		47,824
Nuveen Arizona Premium Income Municipal Fund, Inc.		100		1,376
Nuveen Build America Bond Opportunity Fund		7,270		149,689
Nuveen Build America Bond Term Fund		28,624		565,896
Nuveen California Dividend Advantage Municipal Fund		174		2,391
Nuveen California Dividend Advantage Municipal Fund 2		5,355		74,649
Nuveen California Dividend Advantage Municipal Fund 3		105		1,335
Nuveen California Investment Quality Municipal Fund, Inc.		100		1,409
Nuveen California Municipal Market Opportunity Fund		100		1,388
Nuveen California Municipal Value Fund		12,917		116,253
Nuveen California Municipal Value Fund 2		2,944		43,306
Nuveen California Performance Plus Municipal Fund, Inc.		181		2,547
Nuveen California Premium Income Municipal Fund		1,207		15,981
Nuveen California Quality Income Municipal Fund		100		1,483
Nuveen California Select Quality Municipal Fund, Inc.		140		2,033
Nuveen California Select Tax-Free Income Portfolio		3,000		39,510
Nuveen Connecticut Dividend Advantage Municipal Fund		100		1,428
Nuveen Connecticut Dividend Advantage Municipal Fund 2		100		1,403
Nuveen Connecticut Dividend Advantage Municipal Fund 3		3,300		43,791
Nuveen Connecticut Premium Income Municipal Fund		1,640		22,353
Nuveen Core Equity Alpha Fund		181		2,299
Nuveen Diversified Dividend and Income Fund		179		1,939
Nuveen Dividend Advantage Municipal Fund		7,964		109,107
Nuveen Dividend Advantage Municipal Fund 2		12,028		167,189
Nuveen Dividend Advantage Municipal Fund 3		186		2,630
Nuveen Enhanced Municipal Value Fund		100		1,370
Nuveen Equity Premium Advantage Fund		45,147		513,773
Nuveen Equity Premium and Growth Fund		19,839		237,870
Nuveen Equity Premium Income Fund		27,981		308,071
Nuveen Equity Premium Opportunity Fund		178		2,035
Nuveen Floating Rate Income Fund		154		1,689
Nuveen Floating Rate Income Opportunity Fund		106		1,178
Nuveen Georgia Dividend Advantage Municipal Fund		100		1,458
Nuveen Georgia Dividend Advantage Municipal Fund 2		1,000		14,080
Nuveen Georgia Premium Income Municipal Fund		100		1,401
Nuveen Global Government Enhanced Income Fund		954		13,719
Nuveen Global Value Opportunities Fund		101		1,753
Nuveen Insured California Dividend Advantage Municipal Fund		100		1,504
Nuveen Insured California Premium Income Municipal Fund 2, Inc.		100		1,410
Nuveen Insured California Premium Income Municipal Fund, Inc.		167		2,425
Nuveen Insured California Tax-Free Advantage Municipal Fund		100		1,345
Nuveen Insured Dividend Advantage Municipal Fund		6,434		92,006
Nuveen Insured Massachusetts Tax Free Advantage Municipal Fund		100		1,382
Nuveen Insured Municipal Opportunity Fund, Inc.		160		2,272

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Nuveen Insured New York Dividend Advantage Municipal Fund		2,890	$	41,240
Nuveen Insured New York Premium Income Municipal Fund		277		4,127
Nuveen Insured New York Tax Free Advantage Municipal Fund		503		6,977
Nuveen Insured Premium Income Municipal Fund 2		35,178		451,334
Nuveen Insured Quality Municipal Fund, Inc.		100		1,411
Nuveen Insured Tax-Free Advantage Municipal Fund		6,659		92,227
Nuveen Investment Quality Municipal Fund, Inc.		107		1,559
Nuveen Maryland Dividend Advantage Municipal Fund		2,700		36,909
Nuveen Maryland Dividend Advantage Municipal Fund 2		600		8,394
Nuveen Maryland Dividend Advantage Municipal Fund 3		1,600		21,728
Nuveen Maryland Premium Income Municipal Fund		100		1,423
Nuveen Massachusetts Dividend Advantage Municipal Fund		100		1,340
Nuveen Massachusetts Premium Income Municipal Fund		283		3,874
Nuveen Michigan Dividend Advantage Municipal Fund		300		3,987
Nuveen Michigan Premium Income Municipal Fund, Inc.		3,952		54,498
Nuveen Michigan Quality Income Municipal Fund, Inc.		8,117		114,125
Nuveen Mortgage Opportunity Term Fund		12,359		254,472
Nuveen Mortgage Opportunity Term Fund 2		2,295		46,703
Nuveen Multi-Currency Short-Term Government Income Fund		55,687		763,469
Nuveen Multi-Strategy Income and Growth Fund		92,716		748,218
Nuveen Multi-Strategy Income and Growth Fund 2		146,593		1,237,245
Nuveen Municipal Advantage Fund		20,655		289,996
Nuveen Municipal High Income Opportunity Fund		100		1,173
Nuveen Municipal High Income Opportunity Fund 2		150		1,650
Nuveen Municipal Market Opportunity Fund		12,441		163,972
Nuveen New Jersey Dividend Advantage Municipal Fund		8,306		109,722
Nuveen New Jersey Dividend Advantage Municipal Fund 2		2,201		30,374
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		121		1,653
Nuveen New Jersey Municipal Value Fund		2,674		40,083
Nuveen New Jersey Premium Income Municipal Fund, Inc.		100		1,464
Nuveen New York Dividend Advantage Municipal Fund		9,799		132,189
Nuveen New York Dividend Advantage Municipal Fund 2		7,270		98,072
Nuveen New York Investment Quality Municipal Fund		144		2,117
Nuveen New York Municipal Value Fund		126		1,215
Nuveen New York Municipal Value Fund 2		1,100		15,543
Nuveen New York Performance Plus Municipal Fund, Inc.		677		10,135
Nuveen New York Quality Income Municipal Fund, Inc.		2,067		30,013
Nuveen New York Select Quality Municipal Fund, Inc.		3,935		57,608
Nuveen New York Select Tax-Free Income Portfolio		100		1,368
Nuveen North Carolina Premium Income Municipal Fund		100		1,476
Nuveen Ohio Dividend Advantage Municipal Fund		300		4,200
Nuveen Ohio Dividend Advantage Municipal Fund 2		100		1,336
Nuveen Ohio Dividend Advantage Municipal Fund 3		100		1,403
Nuveen Ohio Quality Income Municipal Fund		100		1,581
Nuveen Pennsylvania Dividend Advantage Municipal Fund		3,490		46,940
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2		100		1,343
Nuveen Pennsylvania Investment Quality Municipal Fund		1,150		16,399
Nuveen Pennsylvania Municipal Value Fund		168		2,480
Nuveen Pennsylvania Premium Income Municipal Fund 2		8,593		114,373

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Nuveen Performance Plus Municipal Fund		6,011	$	86,318
Nuveen Premier Insured Municipal Income Fund, Inc.		2,500		35,650
Nuveen Premier Municipal Income Fund, Inc.		134		1,864
Nuveen Premium Income Municipal Fund		18,966		257,179
Nuveen Premium Income Municipal Fund 2		162		2,314
Nuveen Premium Income Municipal Fund 4		167		2,131
Nuveen Quality Income Municipal Fund		179		2,492
Nuveen Quality Preferred Income Fund		136		1,042
Nuveen Quality Preferred Income Fund 2		162		1,288
Nuveen Quality Preferred Income Fund 3		114		887
Nuveen Select Maturities Municipal Fund		100		1,060
Nuveen Select Tax-Free Income Portfolio		100		1,445
Nuveen Select Tax-Free Income Portfolio 2		100		1,320
Nuveen Select Tax-Free Income Portfolio 3		100		1,378
Nuveen Senior Income Fund		100		648
Nuveen Short Duration Credit Opportunities Fund		125		2,226
Nuveen Tax-Advantaged Dividend Growth Fund		801		9,604
Nuveen Tax-Advantaged Floating Rate Fund		26,732		56,939
Nuveen Tax-Advantaged Total Return Strategy Fund		22,193		227,034
Pacholder High Yield Fund, Inc.		100		907
Petroleum & Resources Corporation (b)		19,890		521,914
PIMCO New York Municipal Income Fund		100		1,053
Pioneer Diversified High Income Trust		100		1,976
Pioneer Floating Rate Trust		100		1,285
Putnam High Income Securities Fund		100		788
Putnam Managed Municipal Income Trust		100		750
Putnam Master Intermediate Income Trust		114		580
Putnam Municipal Opportunities Trust		100		1,169
Putnam Premier Income Trust		151		865
RENN Global Entrepreneurs Fund, Inc. (a)		2,723		4,357
Rivus Bond Fund		1,641		29,875
RMR Asia Pacific Real Estate Fund		11,340		174,185
RMR Real Estate Income Fund		13,775		390,935
Royce Focus Trust, Inc.		3,866		26,830
Royce Micro-Cap Trust, Inc.		44,696		383,939
Royce Value Trust, Inc. (b)		125,172		1,587,181
Salient MLP & Energy Infrastructure Fund		105		2,505
Singapore Fund, Inc. (The)		331		4,171
Source Capital, Inc.		8,426		402,173
Special Opportunities Fund, Inc.		775		11,702
Stone Harbor Emerging Markets Income Fund		100		2,381
Strategic Global Income Fund, Inc.		21,522		228,133
SunAmerica Focused Alpha Growth Fund, Inc.		100		1,923
SunAmerica Focused Alpha Large-Cap Fund, Inc.		100		1,712
Swiss Helvetia Fund, Inc. (The)		23,980		279,127
Taiwan Fund, Inc. (The)		3,602		58,532
TCW Strategic Income Fund, Inc.		195		1,002
Templeton Dragon Fund, Inc.		1,439		37,414
Templeton Emerging Markets Fund		175		3,357
Templeton Russia & East European Fund, Inc. (a)		144		2,376
Thai Capital Fund, Inc. (The)		1,200		10,248

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 3.9% (Continued)	Shares		Value
Thai Fund, Inc. (The)		500	$	6,130
Tortoise Energy Capital Corporation		174		4,489
Tortoise North American Energy Corporation		180		4,424
Tortoise Power and Energy Infrastructure Fund, Inc.		149		3,592
Transamerica Income Shares, Inc.		100		2,150
Tri-Continental Corporation		4,385		62,705
TS&W/Claymore Tax-Advantaged Balanced Fund		100		1,146
Turkish Investment Fund, Inc. (The)		1,652		21,146
Wells Fargo Advantage Global Dividend Opportunity Fund		197		1,639
Wells Fargo Advantage Multi-Sector Income Fund		199		2,981
Wells Fargo Advantage Utilities and High Income Fund		177		1,942
Western Asset Emerging Markets Debt Fund, Inc.		1,955		37,399
Western Asset Emerging Markets Income Fund II, Inc.		33,206		446,953
Western Asset Global Corporate Defined Opportunity        Fund, Inc.		127		2,292
Western Asset Global High Income Fund, Inc.		154		1,928
Western Asset High Yield Defined Opportunity Fund, Inc.		177		3,151
Western Asset Income Fund		679		9,085
Western Asset Inflation Management Fund, Inc.		5,511		96,442
Western Asset Intermediate Muni Fund, Inc.		166		1,580
Western Asset Investment Grade Defined Opportunity		140		2,884
Western Asset Managed Municipals Fund, Inc.		118		1,538
Western Asset Mortgage Defined Opportunity Fund, Inc.		100		1,978
Western Asset Municipal Defined Opportunity Trust, Inc.		100		2,115
Western Asset Municipal High Income Fund, Inc.		163		1,226
Western Asset Municipal Partners Fund, Inc.		496		7,316
Western Asset Variable Rate Strategic Fund, Inc.		206		3,144
Western Asset Worldwide Income Fund, Inc.		110		1,520
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		223		2,866
Western Asset/Claymore Inflation-Linked Securities & Income Fund		1,353		17,373
Zweig Fund, Inc.		17,880		53,282
Zweig Total Return Fund, Inc. (The) (b)		384,866		1,193,085
Total Closed-End Funds (Cost $67,273,863)			$	69,536,407
EXCHANGE-TRADED FUNDS - 0.0% (d)	Shares		Value
SPDR Morgan Stanley Technology ETF		12	$	762
WisdomTree Earnings 500 Fund		35		1,546
Total Exchange-Traded Funds (Cost $2,126)			$	2,308
OPEN-END FUNDS - 0.0% (d)	Shares		Value
Shelton Greater China Fund (a) (Cost $885)		150	$	1,002
RIGHTS - 0.0% (d)	Shares		Value
Sanofi CVR (a) (Cost $0)		11,300	$	10,057

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
WARRANTS - 0.0% (d)	Shares		Value
Magnum Hunter Resources Corporation (a) (c) (Cost $0)		70	$	–
CORPORATE BONDS - 0.0% (d)	Par Value		Value
Financials - 0.0%
GAMCO Investors, Inc., 0.00%, due 12/31/2015 (Cost $0)	$	3,100	$	2,036
Total Investments at Value - 96.5% (Cost $1,621,810,198)			$	1,701,379,058
Other Assets in Excess of Liabilities - 3.5%				60,886,128
Net Assets - 100.0%			$	1,762,265,186

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)	Securities fair valued under supervision of the Board of Trustees totaled $123,132 at October 31, 2011, representing 0.0% of net assets (Note 2).
(d)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
October 31, 2011
COMMON STOCKS - 62.3%	Shares		Value
Consumer Discretionary - 8.8%
Auto Components - 0.4%
Amerigon, Inc.		28,047	$	430,241
China Automotive Systems, Inc.		91,471		482,052
China XD Plastics Company Ltd.		13,304		58,006
Cooper Tire & Rubber Company		283,714		4,065,622
Goodyear Tire & Rubber Company (The)		67,595		970,664
Quantum Fuel Systems Technologies Worldwide, Inc.		253,837		538,134
Wonder Auto Technology, Inc.		17,927		19,540
				6,564,259
Automobiles - 0.3%
Kandi Technologies Corporation		96,658		244,545
Tesla Motors, Inc.		113,970		3,347,299
Winnebago Industries, Inc.		187,052		1,522,603
				5,114,447
Distributors - 0.0% (b)
Core-Mark Holding Company, Inc.		13,326		446,288
Pool Corporation		65		1,899
Weyco Group, Inc.		121		2,868
				451,055
Diversified Consumer Services - 1.4%
American Public Education, Inc.		6,989		250,276
Bridgepoint Education, Inc.		298,330		6,464,811
Carriage Services, Inc.		400		2,384
ChinaCast Education Corporation		340,762		1,369,863
Collectors Universe, Inc.		125		1,933
Corinthian Colleges, Inc.		1,075,692		2,054,572
CPI Corporation		5,636		33,647
DeVry, Inc.		21		791
Education Management Corporation		352,650		7,003,629
Matthews International Corporation - Class A		3,819		134,200
Regis Corporation		92,778		1,517,848
School Specialty, Inc.		213,513		1,633,374
Stewart Enterprises, Inc. - Class A		292,364		1,882,824
StoneMor Partners, L.P.		100		2,901
Strayer Education, Inc.		23,424		1,995,959
				24,349,012
Hotels, Restaurants & Leisure - 0.4%
Asia Entertainment & Resources Ltd.		7,572		49,597
Boyd Gaming Corporation		309,032		2,002,527
Cheesecake Factory, Inc. (The)		200		5,598
Denny's Corporation		468,143		1,685,315
Dunkin' Brands Group, Inc.		37,529		1,092,469
Gaylord Entertainment Company		14,752		345,049
International Speedway Corporation - Class A		58		1,384
Jamba, Inc.		28,151		47,857
Morgans Hotel Group Company		57,939		377,183
Multimedia Games Holding Company, Inc.		691		4,567
O'Charley's, Inc.		124,728		774,561

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Consumer Discretionary - 8.8% (Continued)
Hotels, Restaurants & Leisure - 0.4% (Continued)
Peet's Coffee & Tea, Inc.		1,961	$	124,955
PokerTek, Inc.		520		458
Red Lion Hotels Corporation		200		1,390
Ruth's Hospitality Group, Inc.		143,778		678,632
Shuffle Master, Inc.		4		42
Speedway Motorsports, Inc.		5,939		77,207
Star Buffet, Inc.		600		186
Town Sports International Holdings, Inc.		100		868
Universal Travel Group (a)		238,516		472,262
				7,742,107
Household Durables - 1.6%
American Greetings Corporation - Class A		128,674		2,060,071
Beazer Homes USA, Inc.		992,120		2,133,058
Cavco Industries, Inc.		3,730		167,962
Comstock Homebuilding Companies, Inc. - Class A		35,501		41,536
Deer Consumer Products, Inc.		140,505		709,550
Ethan Allen Interiors, Inc.		76,587		1,516,423
Flexsteel Industries, Inc.		100		1,425
Furniture Brands International, Inc.		1,958		3,740
Garmin Ltd.		5,306		182,473
Hooker Furniture Corporation		224		2,173
Hovnanian Enterprises, Inc. - Class A		1,212,697		1,746,284
iRobot Corporation		76,466		2,589,139
KB Home		220,053		1,533,769
Lennar Corporation - Class A		204,959		3,390,022
M/I Homes, Inc.		6,079		45,410
Mad Catz Interactive, Inc.		519,541		432,778
MDC Holdings, Inc.		20,719		464,106
PulteGroup, Inc.		661		3,424
Sealy Corporation		320,239		496,370
Skullcandy, Inc.		30,559		481,304
SodaStream International Ltd.		37,000		1,260,960
Standard Pacific Corporation		317,976		966,647
Toll Brothers, Inc.		275,686		4,807,964
Universal Electronics, Inc.		30,619		569,207
ZAGG, Inc.		235,805		3,181,009
				28,786,804
Internet & Catalog Retail - 0.5%
Blue Nile, Inc.		11,174		504,283
E-Commerce China Dangdang, Inc. - ADR		99,715		695,014
Gaiam, Inc. - Class A		519		2,008
HomeAway, Inc.		4,546		150,245
MakeMyTrip Ltd.		29,570		887,396
NutriSystem, Inc.		192,418		2,378,286
Overstock.com, Inc.		85,927		713,194
PetMed Express, Inc.		275,131		2,743,056
				8,073,482
Leisure Equipment & Products - 0.3%
Callaway Golf Company		469,903		2,730,136

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Consumer Discretionary - 8.8% (Continued)
Leisure Equipment & Products - 0.3% (Continued)
JAKKS Pacific, Inc.		90,877	$	1,723,937
Johnson Outdoors, Inc.		77		1,431
Nautilus, Inc.		1,102		2,226
Summer Infant, Inc.		7		55
				4,457,785
Media - 1.0%
AH Belo Corporation - Class A		65		325
Atrinsic, Inc.		87,591		144,525
Carmike Cinemas, Inc.		28,640		185,587
China MediaExpress Holdings, Inc.		146,250		24,862
China Yida Holding Company		5,003		15,009
Clear Channel Outdoor Holdings, Inc.		300		3,300
Cumulus Media, Inc. - Class A		151,791		456,891
DG FastChannel, Inc.		38,693		721,238
Entercom Communications Corporation - Class A		182,743		1,198,794
Gannett Company, Inc.		123,600		1,444,884
Harte-Hanks, Inc.		1,000		8,780
Journal Communications, Inc.		21,249		82,021
Lee Enterprises, Inc.		125,766		89,294
Live Nation, Inc.		970		9,108
LodgeNet Interactive Corporation		31,165		62,330
Martha Stewart Living Omnimedia, Inc. - Class A		32,374		125,287
McClatchy Company (The) - Class A		877,867		1,378,251
Media General, Inc. - Class A		167,618		506,206
Meredith Corporation		92,725		2,487,812
Pandora Media, Inc.		266,031		4,203,290
Radio One, Inc. - Class D		4,231		5,543
ReachLocal, Inc.		53,849		539,028
Scholastic Corporation		66,106		1,774,946
SearchMedia Holdings Ltd.		1,000		1,210
SPAR Group, Inc.		500		525
SuperMedia, Inc.		79,227		137,063
Valassis Communications, Inc.		80,062		1,563,611
Viacom, Inc. - Class A		4,097		218,944
Westwood One, Inc. - Class A		1,286		5,620
				17,394,284
Multiline Retail - 0.2%
Big Lots, Inc.		9,665		364,274
Bon-Ton Stores, Inc. (The)		88,228		465,844
Dillard's, Inc. - Class A		1,545		79,614
Fred's, Inc. - Class A		161,334		1,966,661
Tuesday Morning Corporation		239,822		868,156
				3,744,549
Specialty Retail - 2.2%
ANN, Inc.		2,625		69,930
AutoChina International Ltd.		881		17,840
AutoNation, Inc.		1,200		46,728
Barnes & Noble, Inc.		30,726		377,008
Books-A-Million, Inc.		8,500

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Consumer Discretionary - 8.8% (Continued)
Specialty Retail - 2.2% (Continued)
Borders Group, Inc.		21,200	$	426
Brown Shoe Company, Inc.		218,418		1,946,104
Buckle, Inc. (The)		22,852		1,018,285
Build-A-Bear Workshop, Inc.		17,489		114,553
Cabela's, Inc. - Class A		1,356		33,792
Cache, Inc.		167		878
Casual Male Retail Group, Inc.		2,281		9,466
Cato Corporation (The) - Class A		52		1,333
Children's Place Retail Stores, Inc. (The)		17,298		812,141
China Auto Logistics, Inc.		2,600		2,652
Citi Trends, Inc.		17,970		222,648
Collective Brands, Inc.		207		3,024
Conn's, Inc.		300,395		2,766,638
Cost Plus, Inc.		228,224		1,800,687
Finish Line, Inc. (The)		45		905
GameStop Corporation - Class A		74		1,892
hhgregg, Inc.		348,631		4,445,045
Hibbett Sports, Inc.		99,217		4,086,748
Hot Topic, Inc.		75,274		569,071
Jos. A. Bank Clothiers, Inc.		22,222		1,187,544
Lithia Motors, Inc.		18,047		371,227
Lumber Liquidators Holdings, Inc.		155,208		2,323,464
MarineMax, Inc.		143,867		1,171,077
Men's Warehouse, Inc. (The)		154,590		4,773,739
OfficeMax, Inc.		1,758		9,001
Pacific Sunwear of California, Inc.		92,935		116,169
Penske Auto Group, Inc.		8,051		164,160
Pep Boys - Manny Moe & Jack (The)		144,978		1,667,247
rue21, inc.		94,573		2,519,425
Stage Stores, Inc.		111,728		1,746,309
Syms Corp		160		1,250
Talbots, Inc. (The)		1,329,655		3,496,993
Williams-Sonoma, Inc.		1,700		63,818
Zale Corporation		100		369
Zumiez, Inc.		58,770		1,337,018
				39,315,474
Textiles, Apparel & Luxury Goods - 0.5%
American Apparel, Inc.		273,935		238,323
Carter's, Inc.		39,834		1,517,277
Cherokee, Inc.		8,242		108,300
Columbia Sportswear Company		10,544		566,635
CROCS, Inc.		1,713		30,269
Delta Apparel, Inc.		211		3,800
DGSE Companies, Inc.		1,145		9,446
Forward Industries, Inc.		100		202
Hanesbrands, Inc.		346		9,124
Heelys, Inc.		200		398
Joe's Jeans, Inc.		100		55
Kingold Jewelry, Inc.		649		837

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Consumer Discretionary - 8.8% (Continued)
Textiles, Apparel & Luxury Goods - 0.5% (Continued)
K-Swiss, Inc. - Class A		234,741	$	1,056,334
Movado Group, Inc.		92,285		1,543,928
Perry Ellis International, Inc.		6,747		169,350
R.G. Barry Corporation		24		267
Under Armour, Inc. - Class A		52,729		4,450,855
				9,705,400
Consumer Staples - 2.0%
Beverages - 0.3%
China New Borun Corporation		177,940		774,039
Heckmann Corporation		575,235		3,445,658
MGP Ingredients, Inc.		56		367
				4,220,064
Food & Staples Retailing - 0.0% (b)
Arden Group, Inc. - Class A		39		3,537
Great Atlantic & Pacific Tea Company, Inc. (The)		845,066		137,746
Ingles Markets, Inc. - Class A		87		1,314
Pizza Inn Holdings, Inc.		188		827
United Natural Foods, Inc.		700		25,557
Village Super Market, Inc. - Class A		25		709
				169,690
Food Products - 1.1%
AgFeed Industries, Inc.		160,993		104,645
Calavo Growers, Inc.		120,582		2,721,536
Cal-Maine Foods, Inc.		115,567		3,850,692
China Marine Food Group Ltd.		61,176		97,270
Chiquita Brands International, Inc.		975		8,658
Coffee Holding Company, Inc.		47,046		491,160
Cosan Ltd.		2,962		35,544
Dole Food Company, Inc.		225,504		2,385,832
Farmer Brothers Company		1,300		7,605
Feihe International, Inc.		241,388		1,296,254
Flowers Foods, Inc.		228,707		4,617,594
John B. Sanfilippo & Son, Inc.		56		482
Lancaster Colony Corporation		11,634		773,894
Le Gaga Holdings Ltd.		1,599		6,524
Lifeway Foods, Inc.		11,220		118,259
Limoneira Company		284		4,927
Seneca Foods Corporation - Class A		30		632
SkyPeople Fruit Juice, Inc.		12,491		24,857
Tootsie Roll Industries, Inc.		22,270		551,628
Yuhe International, Inc.		109,183		98,265
Zhongpin, Inc.		299,153		2,761,182
				19,957,440
Household Products - 0.0% (b)
Central Garden & Pet Company		13,954		120,702
Spectrum Brands Holdings, Inc.		300		7,614
WD-40 Company		4,040		177,841
				306,157

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Consumer Staples - 2.0% (Continued)
Personal Products - 0.3%
China Sky One Medical, Inc.		195,854	$	393,666
China-Biotics, Inc.		591,624		307,644
Medifast, Inc.		43,106		708,663
Nature's Sunshine Products, Inc.		74		1,285
Neptune Technologies & Bioressources, Inc.		15,101		41,679
Synutra International, Inc.		103,885		690,835
USANA Health Sciences, Inc.		84,838		2,935,395
				5,079,167
Tobacco - 0.3%
Alliance One International, Inc.		403,416		1,077,121
Star Scientific, Inc.		1,408,832		4,085,613
Universal Corporation		18,547		794,182
				5,956,916
Energy - 4.4%
Energy Equipment & Services - 0.5%
Dawson Geophysical Company		12,478		360,614
Diamond Offshore Drilling, Inc.		2,200		144,188
ENGlobal Corporation		100		261
Exterran Holdings, Inc.		148,310		1,408,945
Geokinetics, Inc.		1,864		6,095
Global Industries Ltd.		551		4,380
Gulf Island Fabrication, Inc.		55		1,532
Hercules Offshore, Inc.		229,885		871,264
ION Geophysical Corporation		23,246		177,135
Natural Gas Services Group, Inc.		54,306		747,251
PHI, Inc.		1,551		34,231
Recon Technology Ltd.		200		166
Seadrill Ltd.		73,474		2,434,194
SulphCo, Inc.		486,090		1,750
Superior Energy Services, Inc.		110,803		3,115,780
TGC Industries, Inc.		600		3,348
Tidewater, Inc.		1,057		52,036
Willbros Group, Inc.		246		1,252
				9,364,422
Oil, Gas & Consumable Fuels - 3.9%
Abraxas Petroleum Corporation		608,455		2,372,974
Amyris, Inc.		44,369		909,564
Apco Oil and Gas International, Inc.		1,276		105,908
ATP Oil & Gas Corporation		126,481		1,334,375
BioFuel Energy Corporation		246,628		123,314
Blue Dolphin Energy Company		41,157		138,288
BMB Munai, Inc.		148		20
BPZ Resources, Inc.		1,167,792		3,491,698
Buckeye Partners, L.P.		152		10,268
CAMAC Energy, Inc.		22,976		25,503
Cano Petroleum, Inc.		50,840		6,614
Capital Product Partners, L.P.		16,219		113,695
Carrizo Oil & Gas, Inc.		5,600		152,320
China Integrated Energy, Inc.		491,150		260,801

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Oil, Gas & Consumable Fuels - 3.9% (Continued)
China North East Petroleum Holdings Ltd.		210,605	$	566,527
Clean Energy Fuels Corporation		279,697		3,306,019
Comstock Resources, Inc.		32,503		592,855
Constellation Energy Partners, LLC		1,600		4,304
Contango Oil & Gas Company		7,366		473,928
Cross Timbers Royalty Trust		87		4,089
DCP Midstream Partners, L.P.		1,100		48,334
Delek US Holdings, Inc.		34,873		504,961
DHT Holdings, Inc.		181,934		291,094
Dominion Resources Black Warrior Trust		400		3,796
ECA Marcellus Trust I		28,410		783,548
El Paso Pipeline Partners, L.P.		100		3,333
Enbridge Energy Management, LLC		34,252		1,055,647
Endeavour International Corporation		344,744		3,199,224
Energy Partners Ltd.		18,949		271,729
Energy Transfer Equity, L.P.		3,080		117,810
Enterprise Products Partners, L.P.		101		4,528
Evergreen Energy, Inc.		172,973		152,216
Evolution Petroleum Corporation		34,548		238,727
Frontline Ltd.		38,700		201,240
FX Energy, Inc.		279,836		1,656,629
General Maritime Corporation		30,008		7,802
GeoGlobal Resources, Inc.		294,532		71,424
GeoResources, Inc.		100,617		2,670,375
Gevo, Inc.		1,846		13,716
GMX Resources, Inc.		100		250
Green Plains Renewable Energy, Inc.		18,447		192,956
GreenHunter Energy, Inc.		2,800		1,896
Gulfport Energy Corporation		300		9,342
Harvest Natural Resources, Inc.		299,747		3,198,300
Houston American Energy Corporation		75,721		1,185,791
Hyperdynamics Corporation		435,572		2,134,303
Inergy, L.P.		1,400		40,194
InterOil Corporation		19,007		903,023
Isramco, Inc.		1,113		94,416
Kinder Morgan Management, LLC		15,774		1,044,893
Kinder Morgan, Inc.		29,538		844,787
KiOR, Inc. - Class A		27,926		461,617
Knightsbridge Tankers Ltd.		168,702		2,847,690
Kosmos Energy, LLC		15,200		235,600
L & L Energy, Inc.		490,656		1,329,678
Legacy Reserves, L.P.		858		25,285
Longwei Petroleum Investment Holding Ltd.		69,078		83,584
Lucas Energy, Inc.		227,846		389,617
Magnum Hunter Resources Corporation		426,380		1,918,710
MarkWest Energy Partners, L.P.		300		14,949
Miller Energy Resources, Inc.		554,795		1,592,262
MV Oil Trust		9,270		337,521
New Concept Energy, Inc.		11,200		25,984

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Oil, Gas & Consumable Fuels - 3.9% (Continued)
Nordic American Tankers Ltd.		210,725	$	3,038,654
NuStar GP Holdings, LLC		200		6,370
Oiltanking Partners, L.P.		100		2,720
ONEOK Partners, L.P.		2,523		126,150
Overseas Shipholding Group, Inc.		253,319		3,161,421
Pacific Ethanol, Inc.		407,867		187,619
Panhandle Oil & Gas, Inc.		100		3,332
Petroleum Development Corporation		62,629		1,635,243
Provident Energy Ltd.		300		2,718
Pyramid Oil Company		40,471		146,100
Resolute Energy Corporation		56,635		736,255
Rex Energy Corporation		67,877		1,050,736
Rosetta Resources, Inc.		2,600		115,284
Royale Energy, Inc.		204,838		637,046
SandRidge Energy, Inc.		31,125		238,417
SandRidge Mississippian Trust I		17,049		464,074
Scorpio Tankers, Inc.		2,282		14,582
Ship Finance International Ltd.		2,087		29,865
Sino Clean Energy, Inc.		88,671		105,962
Southern Union Company		40,017		1,681,915
Spectra Energy Partners, L.P.		11,602		360,590
Teekay Offshore Partners, L.P.		693		18,281
Teekay Tankers Ltd. - Class A		134,248		663,185
Tri-Valley Corporation		561,372		99,924
Uranerz Energy Corporation		469,929		1,071,438
Uranium Energy Corporation		994,209		3,340,542
Uranium Resources, Inc.		21,562		25,874
USEC, Inc.		602,792		1,265,863
Vanguard Natural Resources, LLC		13,056		379,538
Verenium Corporation		82,517		207,943
Whiting USA Trust I		55,782		978,974
Williams Partners, L.P.		200		11,866
World Fuel Services Corporation		32,320		1,287,952
Zion Oil & Gas, Inc.		300,672		874,956
				68,173,234
Financials - 10.8%
Capital Markets - 1.8%
AllianceBernstein Holding, L.P.		178,202		2,525,122
Apollo Investment Corporation		588,659		4,874,097
BGC Partners, Inc. - Class A		172,075		1,178,714
CIFC Corporation		600		3,324
Cowen Group, Inc.		430,103		1,169,880
Duff & Phelps Corporation		137,442		1,744,139
Eaton Vance Corporation		2,400		63,096
Edelman Financial Group, Inc.		179		1,242
FBR Capital Markets Corporation		776		1,614
Federated Investors, Inc. - Class B		303,911		5,938,421
Fifth Street Finance Corporation		133,991		1,321,151
Financial Engines, Inc.		162,030		3,679,701

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Capital Markets - 1.8% (Continued)
FXCM, Inc.		132,951	$	1,528,937
Gladstone Investment Corporation		366		2,741
Greenhill & Company, Inc.		3,987		150,629
Investors Capital Holdings Ltd.		600		2,820
KBW, Inc.		479		6,783
Main Street Capital Corporation		44,795		783,017
Medley Capital Corporation		784		7,299
MF Global Holdings Ltd.		523,833		628,600
MVC Capital, Inc.		3,093		39,992
Oppenheimer Holdings, Inc.		189		3,321
Penson Worldwide, Inc.		243,626		299,660
Piper Jaffray Companies, Inc.		251		5,211
Prospect Capital Corporation		452,687		4,332,215
Pzena Investment Management, Inc. - Class A		1,392		6,027
Safeguard Scientifics, Inc.		119,020		2,012,628
TICC Capital Corporation		28		249
Tortoise Capital Resources Corporation		48		364
U.S. Global Investors, Inc.		271		2,057
Westwood Holdings Group, Inc.		255		9,343
				32,322,394
Commercial Banks - 4.4%
Alliance Financial Corporation		3,248		100,006
American National Bankshares, Inc.		214		4,006
Ameris Bancorp		117,540		1,181,277
Ames National Corporation		150		2,763
Arrow Financial Corporation		23,355		545,106
BancTrust Financial Group, Inc.		5,150		8,395
Bank of the Ozarks, Inc.		63,275		1,573,649
Bridge Capital Holdings		1,177		12,982
Britton & Koontz Capital Corporation		50		295
Camden National Corporation		3		89
Capital City Bank Group, Inc.		52,728		537,298
Capitol Bancorp Ltd.		40,199		2,693
Cascade Bancorp		25,756		136,249
Center Bancorporation, Inc.		5,260		48,813
CenterState Banks, Inc.		117		665
Citizens Holding Company		1,201		21,468
Citizens Republic Bancorp, Inc.		10		90
City Bank		13,668		3,007
City Holding Company		81,133		2,666,030
City National Corporation		97,935		4,154,403
CoBiz Financial, Inc.		211,735		1,122,196
Columbia Banking Systems, Inc.		107,370		2,047,546
Community Bank System, Inc.		122,014		3,118,678
Community Trust Bancorp, Inc.		4,642		131,508
CVB Financial Corporation		235,691		2,288,560
Dearborn Bancorp, Inc.		136		88
Eagle Bancorp, Inc.		3,390		47,019
First BanCorp (North Carolina)		3,212		40,728

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Commercial Banks - 4.4% (Continued)
First BanCorp (Puerto Rico)		274,982	$	978,936
First Bancorp, Inc.		315		4,533
First Busey Corporation		384,008		1,958,441
First Commonwealth Financial Corporation		222,742		1,026,841
First Community Bancshares, Inc.		217		2,606
First Financial Bankshares, Inc.		116,585		3,702,740
First Horizon National Corporation		8		56
First of Long Island Corporation (The)		111		2,836
FirstMerit Corporation		4,700		65,847
FNB Corporation		255,702		2,580,033
Frontier Financial Corporation		10,459		575
German American Bancorp, Inc.		200		3,474
Great Southern Bancorp, Inc.		37,480		745,477
Green Bankshares, Inc.		81,194		112,048
Hampton Roads Bankshares, Inc.		40,735		178,827
Heartland Financial USA, Inc.		368		5,752
Heritage Financial Corporation		24,574		309,878
IBERIABANK Corporation		116,945		6,048,395
Independent Bank Corporation (Massachusetts)		118,262		3,065,351
Independent Bank Corporation (Michigan)		110,460		189,991
Lakeland Bancorp, Inc.		78,215		726,617
Macatawa Bank Corporation		75,547		201,710
MainSource Financial Group, Inc.		791		7,420
Mercantile Bancorp, Inc.		900		450
Mercantile Bank Corporation		19,216		175,442
Merchants Bancshares, Inc.		4		114
Nara Bancorp, Inc.		486,853		4,128,513
National Bankshares, Inc.		16,134		450,945
Old Second Bancorp, Inc.		45,303		58,894
Oriental Financial Group, Inc.		132,440		1,402,540
PAB Bankshares, Inc.		4,809		12
Pacific Mercantile Bancorp		1,019		3,098
PacWest Bancorp		14,278		251,864
Park National Corporation		52,031		3,106,771
Patriot National Bancorp		994		1,839
Pinnacle Financial Partners, Inc.		121,717		1,826,972
PremierWest Bancorp, Inc.		15,074		15,225
Princeton National Bancorp, Inc.		600		1,350
Prosperity Bancshares, Inc.		35,770		1,376,787
Renasant Corporation		108,045		1,558,009
Republic Bancorp, Inc. - Class A		3,580		72,817
S&T Bancorp, Inc.		115,807		2,162,117
S.Y. Bancorp, Inc.		43,136		887,739
Salisbury Bancorp, Inc.		300		6,900
Sandy Spring Bancorp, Inc.		228		3,878
SCBT Financial Corporation		9,471		279,679
Seacoast Banking Corporation of Florida		9,300		13,857
Security Bank Corporation		32,973		–
Sierra Bancorp		99		1,083

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Commercial Banks - 4.4% (Continued)
Simmons First National Corporation - Class A		9,081	$	235,743
Southern Connecticut Bancorp, Inc.		200		466
Southside Bancshares, Inc.		57,432		1,181,376
State Bank Financial Corporation		4,794		69,225
StellarOne Corporation		1,100		13,189
Sterling Bancorp		44,015		363,124
Suffolk Bancorp		51		434
Superior Bancorp		400		1
Susquehanna Bancshares, Inc.		227		1,648
Taylor Capital Group, Inc.		45,878		426,207
TCF Financial Corporation		70,986		755,291
Texas Capital Bancshares, Inc.		93,759		2,625,252
Tompkins Financial Corporation		36,178		1,426,499
TowneBank		158,538		1,975,383
Trico Bancshares		46,202		685,176
UMB Financial Corporation		9,551		352,145
United Bankshares, Inc.		36,867		875,223
United Security Bancshares		3,060		8,537
United Security Bancshares, Inc.		18		89
Univest Corporation of Pennsylvania		697		10,601
Valley National Bancorp		103,617		1,243,404
VIST Financial Corporation		200		1,360
Washington Banking Company		500		5,910
Washington Trust Bancorp, Inc.		5,323		124,984
Webster Financial Corporation		128,601		2,525,724
Wells Fargo & Company		1,600		41,456
West Bancorporation, Inc.		300		2,952
Westamerica Bancorporation		4,171		186,944
Wintrust Financial Corporation		97,409		2,813,172
Zions Bancorporation		100		1,736
				77,454,137
Consumer Finance - 0.1%
CompuCredit Holdings Corporation		77,709		242,452
EZCORP, Inc. - Class A		1,380		38,337
First Marblehead Corporation (The)		200		192
Green Dot Corporation - Class A		2,802		91,541
World Acceptance Corporation		11,979		810,379
				1,182,901
Diversified Financial Services - 0.5%
ASTA Funding, Inc.		800		6,448
Bank of America Corporation		22,000		150,260
Citigroup, Inc.		4,900		154,791
Encore Capital Group, Inc.		31,924		864,821
Life Partners Holdings, Inc.		528,311		3,629,497
PHH Corporation		49,516		913,570
Portfolio Recovery Associates, Inc.		30,729		2,155,332
Sprott Resource Lending Corporation		355		518
				7,875,237

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Insurance - 1.4%
Ambac Financial Group, Inc.		89,956	$	3,418
American Equity Investment Life Holding Company		11,211		121,527
Aspen Insurance Holdings Ltd.		3,675		97,351
Axis Capital Holdings Ltd.		548		17,180
Citizens, Inc.		36,552		286,568
Crawford & Company - Class B		524		3,726
eHealth, Inc.		189,201		2,809,635
EMC Insurance Group, Inc.		51		991
Enstar Group, Inc. (The)		10		920
Flagstone Reinsurance Holdings, S.A.		62,341		529,275
Gerova Financial Group Ltd.		9,506		760
Greenlight Capital Re Ltd. - Class A		181		4,078
HCC Insurance Holdings, Inc.		23,306		620,173
Hilltop Holdings, Inc.		218,692		1,723,293
Lincoln National Corporation		1,600		30,480
Maiden Holdings Ltd.		80,467		655,806
MBIA, Inc.		659,690		5,805,272
Meadowbrook Insurance Group, Inc.		670		6,941
MetLife, Inc.		400		14,064
Montpelier Re Holdings Ltd.		108,158		1,892,765
National Financial Partners Corporation		260,900		3,566,503
National Interstate Corporation		161		4,282
Navigators Group, Inc. (The)		15,261		696,207
OneBeacon Insurance Group Ltd. - Class A		6,966		106,022
Phoenix Companies, Inc. (The)		50,800		75,692
RLI Corporation		23,613		1,660,938
SeaBright Insurance Holdings, Inc.		215		1,544
StanCorp Financial Group, Inc.		19,585		664,715
State Auto Financial Corporation		47		625
Stewart Information Services Corporation		187,174		1,879,227
Tower Group, Inc.		60,405		1,433,411
Willis Group Holdings plc		6,069		220,365
				24,933,754
Real Estate Investment Trusts (REIT) - 1.5%
Acadia Realty Trust		4,535		93,965
Agree Realty Corporation		89,422		2,138,080
American Capital Mortgage Investment Corporation		21,260		386,507
ARMOUR Residential REIT, Inc.		317,874		2,272,799
BRE Properties, Inc.		152		7,618
Camden Property Trust		100		6,064
Campus Crest Communities, Inc.		16,360		186,995
Capital Trust, Inc. - Class A		24,468		60,925
CapLease, Inc.		466		1,822
Chimera Investment Corporation		200		602
Colony Financial, Inc.		126,177		1,851,017
Cousins Properties, Inc.		291		1,909
CYS Investments, Inc.		57,305		726,627
DCT Industrial Trust, Inc.		526,209		2,609,997
DuPont Fabros Technology, Inc.		64,286		1,336,506

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Real Estate Investment Trusts (REIT) - 1.5% (Continued)
Dynex Capital, Inc.		72,781	$	637,562
Entertainment Properties Trust		983		44,038
Excel Trust, Inc.		22,293		234,299
Franklin Street Properties Corporation		104,070		1,321,689
Getty Realty Corporation		29,339		467,664
Hatteras Financial Corporation		2,000		51,400
Healthcare Realty Trust, Inc.		2,900		54,781
Highwoods Properties, Inc.		1,026		31,785
Hudson Pacific Properties, Inc.		282		3,767
Investors Real Estate Trust		82,955		614,697
Lexington Realty Trust		615,760		4,839,874
Liberty Property Trust		27,451		878,432
MPG Office Trust, Inc.		44,286		105,844
National Retail Properties, Inc.		19,890		542,002
Omega Healthcare Investors, Inc.		2,979		52,907
Parkway Properties, Inc.		141,133		1,813,559
RAIT Financial Trust		181,108		941,762
Ramco-Gershenson Properties Trust		190,528		1,838,595
Resource Capital Corporation		75,188		403,760
Transcontinental Realty Investors, Inc.		67		121
Two Harbors Investment Corporation		629		5,881
Washington Real Estate Investment Trust		11,045		319,863
				26,885,715
Real Estate Management & Development - 0.3%
Avatar Holdings, Inc.		216		2,052
China Housing & Land Development, Inc.		171,004		193,235
Consolidated-Tomoka Land Company		4,357		130,492
Forestar Group, Inc.		5,563		72,319
Maui Land & Pineapple Company, Inc.		800		3,512
St. Joe Company (The)		395,530		5,675,855
				6,077,465
Thrifts & Mortgage Finance - 0.8%
Anchor BanCorp Wisconsin, Inc.		35,400		18,068
Apollo Residential Mortgage, Inc.		40,305		657,375
BankAtlantic Bancorp, Inc. - Class A		96,480		228,658
Berkshire Hills Bancorp, Inc.		41,241		825,645
BofI Holding, Inc.		22,221		339,981
Brookline Bancorp, Inc.		431,796		3,609,815
Brooklyn Federal Bancorp, Inc.		4,015		3,132
Capitol Federal Financial, Inc.		36		399
Clifton Savings Bancorp, Inc.		82		835
Dime Community Bancshares, Inc.		15,669		186,774
ESSA Bancorp, Inc.		7		77
First Federal Bancshares of Arkansas, Inc.		4,628		25,963
FirstFed Financial Corporation		23,697		237
Flushing Financial Corporation		100		1,226
Freddie Mac		94,749		23,687
Home Federal Bancorp, Inc.		10		100
Impac Mortgage Holdings, Inc.		148		274

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Thrifts & Mortgage Finance - 0.8% (Continued)
MGIC Investment Corporation		886,969	$	2,359,338
NASB Financial, Inc.		4,380		44,019
OceanFirst Financial Corporation		52		678
People's United Financial, Inc.		8,939		113,972
PMI Group, Inc. (The) (a)		7		2
Provident Financial Services, Inc.		135,846		1,759,206
Provident New York Bancorp		18,428		128,075
Radian Group, Inc.		1,445,445		3,396,796
Rockville Financial, Inc.		16,047		161,272
Roma Financial Corporation		100		967
Territorial Bancorp, Inc.		55		1,081
Tree.com, Inc.		438		2,365
Triad Guaranty, Inc.		9,250		1,738
TrustCo Bank Corporation		54		268
Washington Federal, Inc.		10,094		137,783
Westfield Financial, Inc.		295		2,097
				14,031,903
Health Care - 8.9%
Biotechnology - 3.7%
Aastrom Biosciences, Inc.		256,307		656,146
Accentia Biopharmaceuticals, Inc.		1,600		576
Acorda Therapeutics, Inc.		7,526		164,368
ADVENTRX Pharmaceuticals, Inc.		539,542		598,892
AEterna Zentaris, Inc.		33,369		56,394
Agenus, Inc.		208		570
Alnylam Pharmaceuticals, Inc.		92,631		752,164
AMAG Pharmaceuticals, Inc.		27,944		394,290
Amicus Therapeutics, Inc.		7		23
Amylin Pharmaceuticals, Inc.		942		10,852
ARCA biopharma, Inc.		3,325		3,790
Ardea Biosciences, Inc.		59,035		1,175,387
Arena Pharmaceuticals, Inc.		200,779		283,098
Ariad Pharmaceuticals, Inc.		137,515		1,599,299
AspenBio Pharma, Inc.		226		529
AVEO Pharmaceuticals, Inc.		38,175		613,091
BioCryst Pharmaceuticals, Inc.		258,575		793,825
BioMimetic Therapeutics, Inc.		673		2,181
BioSante Pharmaceuticals, Inc.		2,058,579		5,455,234
BioSpecifics Technologies Corporation		184		3,128
BioTime, Inc.		273,423		1,233,138
Cardium Therapeutics, Inc.		100		41
Cell Therapeutics, Inc.		1,086,499		1,390,719
CEL-SCI Corporation		547,321		197,090
Celsion Corporation		75,661		249,681
Chelsea Therapeutics International Ltd.		447,378		2,026,622
China Biologic Products, Inc.		59,596		463,657
Cleveland BioLabs, Inc.		286,646		851,339
Curis, Inc.		266,797		981,813
Cyclacel Pharmaceuticals, Inc.		94,507		57,649

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Health Care - 8.9% (Continued)
Biotechnology - 3.7% (Continued)
Cytori Therapeutics, Inc.		982,382	$	2,976,617
CytRx Corporation		14,079		4,998
DARA BioSciences, Inc.		70,543		105,109
EntreMed, Inc.		54		95
Enzon Pharmaceuticals, Inc.		241,679		1,776,341
EpiCept Corporation		103,115		37,121
Exact Sciences Corporation		39,744		315,965
Exelixis, Inc.		203,573		1,573,619
Galena Biopharma, Inc.		267,220		202,553
Genomic Health, Inc.		77,078		1,649,469
Hemispherx Biopharma, Inc.		192,180		52,311
Human Genome Sciences, Inc.		100		1,026
iBio, Inc.		78,773		159,121
Idenix Pharmaceuticals, Inc.		1,301		7,806
Immunomedics, Inc.		3,012		10,964
Infinity Pharmaceuticals, Inc.		27,807		210,499
Inovio Pharmaceuticals, Inc.		5,426		3,684
Insmed, Inc.		27,121		95,737
InterMune, Inc.		3,414		87,057
Introgen Therapeutics, Inc.		45,612		114
Ironwood Pharmaceuticals, Inc.		7,061		96,030
Isis Pharmaceuticals, Inc.		251,465		2,084,645
MannKind Corporation		1,887,377		5,888,616
Marina Biotech, Inc.		2,437,458		390,237
MediciNova, Inc.		63,446		133,237
Medivation, Inc.		18,568		318,998
Metabolix, Inc.		561,873		2,882,408
Myrexis, Inc.		939		2,610
Nanosphere, Inc.		117		177
NanoViricides, Inc.		100		100
Neuralstem, Inc.		231,993		306,231
NeurogesX, Inc.		128,288		141,117
Nymox Pharmaceutical Corporation		124,609		1,150,141
Oncolytics Biotech, Inc.		63,478		298,347
Oncothyreon, Inc.		903,749		6,290,093
Onyx Pharmaceuticals, Inc.		7,444		304,683
Opexa Therapeutics, Inc.		138,446		148,137
Osiris Therapeutics, Inc.		95,766		513,306
OXiGENE, Inc.		170,451		281,244
Oxygen Biotherapeutics, Inc.		1,499		3,298
Pharmasset, Inc.		432		30,413
PharmAthene, Inc.		169,445		288,056
Pluristem Therapeutics, Inc.		7,587		18,892
Poniard Pharmaceuticals, Inc.		1,300		195
Progenics Pharmaceuticals, Inc.		12,464		81,888
PROLOR Biotech, Inc.		100,153		442,676
Raptor Pharmaceutical Corporation		661,617		3,268,388
Rexahn Pharmaceuticals, Inc.		49,836		51,331
Rigel Pharmaceuticals, Inc.		64,864		509,182

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Health Care - 8.9% (Continued)
Biotechnology - 3.7% (Continued)
Rosetta Genomics Ltd.		1,100	$	770
Sangamo Biosciences, Inc.		339,141		1,125,948
Savient Pharmaceuticals, Inc.		1,047,861		3,929,479
SciClone Pharmaceuticals, Inc.		68,250		287,333
Seattle Genetics, Inc.		4,609		101,398
SIGA Technologies, Inc.		159,719		517,490
StemCells, Inc.		65		136
Sunesis Pharmaceuticals, Inc.		177,995		240,293
Synta Pharmaceuticals Corporation		1,413		5,228
Tengion, Inc.		8,924		4,551
Theravance, Inc.		50,659		1,126,150
Threshold Pharmaceuticals, Inc.		244,569		391,310
XOMA Ltd.		109,417		180,538
ZIOPHARM Oncology, Inc.		404,261		1,984,922
				65,106,014
Health Care Equipment & Supplies - 2.2%
Abaxis, Inc.		86,807		2,435,804
ABIOMED, Inc.		6,751		101,670
Alimera Sciences, Inc.		212		1,507
Analogic Corporation		27		1,460
Bacterin International Holdings, Inc.		54,099		179,068
BioLase Technology, Inc.		750,916		2,733,334
BSD Medical Corporation		1,063,518		3,031,026
CONMED Corporation		181		4,755
CryoPort, Inc.		100		104
Cyberonics, Inc.		60,543		1,743,638
D. Medical Industries Ltd.		2,300		5,060
Delcath Systems, Inc.		795,124		2,878,349
Derma Sciences, Inc.		1,048		8,751
Dynatronics Corporation		100		73
DynaVox, Inc.		1,081		3,654
Exactech, Inc.		109		1,744
Hansen Medical, Inc.		329,968		1,036,099
HeartWare International, Inc.		62,053		4,215,260
ICU Medical, Inc.		51,224		2,013,615
Insulet Corporation		47,830		780,586
Invacare Corporation		9,479		212,804
IRIS International, Inc.		329		2,981
Kensey Nash Corporation		72,417		1,946,569
MAKO Surgical Corporation		7,860		302,217
MELA Sciences, Inc.		49,834		286,047
Meridian Bioscience, Inc.		124,323		2,265,165
Neogen Corporation		17,427		673,554
Neoprobe Corporation		1,772,270		5,033,247
NxStage Medical, Inc.		107,381		2,468,689
Quidel Corporation		85,882		1,533,853
Rockwell Medical Technologies, Inc.		49,761		419,485
Stereotaxis, Inc.		190,674		221,182
Synergetics USA, Inc.		1,400		9,366

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Health Care - 8.9% (Continued)
Health Care Equipment & Supplies - 2.2% (Continued)
Unilife Corporation		291,310	$	1,543,943
Uroplasty, Inc.		33,310		150,228
Winner Medical Group, Inc.		9,246		28,709
World Heart Corporation		1,600		480
				38,274,076
Health Care Providers & Services - 1.4%
Accretive Health, Inc.		207,761		4,946,789
Air Methods Corporation		23,119		1,868,478
Amedisys, Inc.		96,675		1,269,343
AMERIGROUP Corporation		4,600		255,898
Bio-Reference Laboratories, Inc.		185,568		3,718,783
Brookdale Senior Living, Inc.		11,500		190,670
CardioNet, Inc.		696		1,970
Centene Corporation		993		34,904
Chindex International, Inc.		2,344		26,042
Emeritus Corporation		97,930		1,734,340
Health Net, Inc.		101,072		2,808,791
HealthSouth Corporation		2,801		49,466
IPC The Hospitalist Company, Inc.		44,532		1,867,227
Kindred Healthcare, Inc.		241,031		2,808,011
LCA-Vision, Inc.		3,982		12,862
MWI Veterinary Supply, Inc.		8,570		647,035
National Research Corporation		100		3,340
Patterson Companies, Inc.		1,500		47,205
PDI, Inc.		71		457
Providence Service Corporation (The)		3,419		42,737
PSS World Medical, Inc.		62,625		1,393,406
Sunrise Senior Living, Inc.		108,797		598,383
Vanguard Health Systems, Inc.		700		6,804
				24,332,941
Health Care Technology - 0.0% (b)
Epocrates, Inc.		615		5,350
iCad, Inc.		400		292
Quality Systems, Inc.		22,760		885,592
				891,234
Life Sciences Tools & Services - 0.2%
Accelr8 Technology Corporation		511		1,466
Albany Molecular Research, Inc.		497		1,595
Apricus Biosciences, Inc.		330,211		1,436,418
Arrowhead Research Corporation		119,992		60,416
Bioanalytical Systems, Inc.		2,400		3,240
Bruker Corporation		103,609		1,495,078
Cambrex Corporation		32		176
Compugen Ltd.		973		4,087
eResearchTechnology, Inc.		67,168		343,228
Genetic Technologies Ltd.		29,064		120,616
PURE Bioscience, Inc.		274,490		194,888

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Health Care - 8.9% (Continued)
Life Sciences Tools & Services - 0.2% (Continued)
Radient Pharmaceuticals Corporation		46,192	$	259
				3,661,467
Pharmaceuticals - 1.4%
Acura Pharmaceuticals, Inc.		51,863		230,272
Adeona Pharmaceuticals, Inc.		115,627		68,220
Ampio Pharmaceuticals, Inc.		57,205		406,728
Aoxing Pharmaceutical Company, Inc.		10,556		4,434
AVANIR Pharmaceuticals, Inc. - Class A		2,784,947		8,326,992
Biodel, Inc.		352,139		285,233
Biostar Pharmaceuticals, Inc.		1,386		1,178
Cadence Pharmaceuticals, Inc.		995,329		5,802,768
Cumberland Pharmaceuticals, Inc.		536		3,087
DepoMed, Inc.		24,782		111,023
Echo Therapeutics, Inc.		1,000		2,720
Impax Laboratories, Inc.		105,857		2,001,756
IntelliPharmaCeutics International, Inc.		15,839		45,141
K-V Pharmaceutical Company - Class A		251,317		278,962
Lannett Company, Inc.		128,853		527,009
Nektar Therapeutics		352,416		1,910,095
NeoStem, Inc.		595,642		399,080
Obagi Medical Products, Inc.		13,751		129,809
Oculus Innovative Sciences, Inc.		85,412		138,367
Optimer Pharmaceuticals, Inc.		2,556		36,474
Repros Therapeutics, Inc.		124,915		534,636
Salix Pharmaceuticals Ltd.		14,823		507,762
Skystar Bio-Pharmaceutical Company Ltd.		3,733		8,101
Somaxon Pharmaceuticals, Inc.		859,632		833,843
Ventrus BioSciences, Inc.		6,063		50,020
ViroPharma, Inc.		18,868		381,888
VIVUS, Inc.		86,552		816,185
XenoPort, Inc.		1,622		9,894
				23,851,677
Industrials - 9.7%
Aerospace & Defense - 1.0%
AAR Corporation		92,357		1,840,675
Aerovironment, Inc.		24,120		796,684
Alliant Techsystems, Inc.		28,768		1,670,845
American Science and Engineering, Inc.		223		15,169
Arotech Corporation		1,900		2,945
Ascent Solar Technologies, Inc.		386,056		312,705
GenCorp, Inc.		573,897		2,789,139
HEICO Corporation		16,060		915,741
Huntington Ingalls Industries, Inc.		8		236
Kratos Defense & Security Solutions, Inc.		288,376		1,825,420
National Presto Industries, Inc.		22,496		2,148,368
Spirit Aerosystems Holdings, Inc. - Class A		201,793		3,444,607
Taser International, Inc.		330,509		1,642,630
				17,405,164

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Industrials - 9.7% (Continued)
Air Freight & Logistics - 0.2%
Pacer International, Inc.		552,441	$	2,601,997
Airlines - 0.4%
Allegiant Travel Company		7,095		368,656
AMR Corporation		944,122		2,483,041
Delta Air Lines, Inc.		700		5,964
LAN Airlines, S.A. - ADR		20,081		503,431
Republic Airways Holdings, Inc.		428,776		1,114,817
Southwest Airlines Company		20		171
Spirit Airlines, Inc.		500		8,230
US Airways Group, Inc.		460,130		2,654,950
				7,139,260
Building Products - 0.7%
AAON, Inc.		111,732		2,365,366
Apogee Enterprises, Inc.		50,054		546,590
Armstrong World Industries, Inc.		3,638		154,942
Builders FirstSource, Inc.		46,412		75,652
Griffon Corporation		62,492		591,799
Insteel Industries, Inc.		93,752		966,583
Masco Corporation		69,500		667,200
Trex Company, Inc.		169,626		3,134,688
Universal Forest Products, Inc.		22,895		642,663
USG Corporation		298,772		2,766,629
				11,912,112
Commercial Services & Supplies - 1.4%
A.T. Cross Company - Class A		871		10,591
ACCO Brands Corporation		193,641		1,330,314
American Reprographics Company		22,735		90,713
Cenveo, Inc.		512,402		1,921,507
Clean Harbors, Inc.		94,025		5,478,837
Courier Corporation		400		3,476
Deluxe Corporation		17,114		404,233
EnergySolutions, Inc.		128,238		483,457
EnerNOC, Inc.		188,095		1,668,403
Ennis, Inc.		22,199		324,771
Heritage-Crystal Clean, Inc.		400		6,376
Herman Miller, Inc.		318		6,567
Higher One Holdings, Inc.		12,395		218,648
HNI Corporation		11,906		286,339
Industrial Services of America, Inc.		21,962		128,697
Interface, Inc.		372,951		4,863,281
Intersections, Inc.		77,465		1,308,384
Kimball International, Inc.		2,188		12,318
Mobile Mini, Inc.		115,689		2,098,598
Quad/Graphics, Inc.		71,244		1,404,932
R.R. Donnelley & Sons Company		612		9,976
RINO International Corporation		81,543		4,893
Swisher Hygiene, Inc.		617,871		2,693,917

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Industrials - 9.7% (Continued)
Commercial Services & Supplies - 1.4% (Continued)
SYKES Enterprises, Inc.		113	$	1,800
				24,761,028
Construction & Engineering - 0.4%
AECOM Technology Corporation		30,710		642,453
Aegion Corporation		101,678		1,503,818
Granite Construction, Inc.		77,282		1,738,845
Great Lakes Dredge & Dock Company		263,827		1,358,709
India Globalization Capital, Inc.		25,980		9,353
MasTec, Inc.		6,333		136,919
Orion Marine Group, Inc.		72,033		489,104
Primoris Services Corporation		1,741		22,668
Sterling Construction Company, Inc.		5		62
Tutor Perini Corporation		45,232		657,221
				6,559,152
Electrical Equipment - 1.2%
A123 Systems, Inc.		1,340,428		4,597,668
Advanced Battery Technologies, Inc.		579,689		550,994
Altair Nanotechnologies, Inc.		371,076		504,663
American Superconductor Corporation		581,720		2,536,299
AMETEK, Inc.		1,100		43,472
Beacon Power Corporation		57,124		6,124
Capstone Turbine Corporation		1,166,926		1,271,949
China BAK Battery, Inc.		387,297		356,352
China Electric Motor, Inc.		1,771		266
China Technology Development Group Corporation		2,500		2,400
Digital Power Corporation		1,677		3,103
Encore Wire Corporation		100,234		2,664,220
Ener1, Inc.		818,039		98,983
Fushi Copperweld, Inc.		405,258		2,577,441
General Cable Corporation		9,668		271,091
Global Power Equipment Group, Inc.		26,313		697,558
Hoku Corporation		184,642		278,809
Hydrogenics Corporation		3,215		19,258
Lihua International, Inc.		476,597		2,168,516
Medis Technologies Ltd.		22,419		157
New Energy Systems Group		1,300		2,314
Ocean Power Technologies, Inc.		129,572		488,486
Plug Power, Inc.		33,044		74,679
PowerSecure International, Inc.		24,687		104,920
Satcon Technology Corporation		1,002,543		1,062,696
Sensata Technologies Holding N.V.		168		5,030
Ultralife Corporation		6,004		27,138
Valence Technology, Inc.		671,856		644,310
Valpey-Fisher Corporation		100		254
Westinghouse Solar, Inc.		31,444		22,954
ZBB Energy Corporation		800		608
				21,082,712

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Industrials - 9.7% (Continued)
Industrial Conglomerates - 0.0% (b)
General Electric Company		1,100	$	18,381
Machinery - 2.1%
3D Systems Corporation		160,451		2,610,538
Albany International Corporation - Class A		7,963		179,884
Art's-Way Manufacturing Company, Inc.		3,205		20,320
Barnes Group, Inc.		12,757		296,855
Briggs & Stratton Corporation		182,349		2,662,295
China Fire & Security Group, Inc.		190,583		1,688,565
China Valves Technology, Inc.		266,568		818,364
CIRCOR International, Inc.		15,306		532,955
Cleantech Solutions International, Inc.		46,590		20,034
Colfax Corporation		89,387		2,257,916
Commercial Vehicle Group, Inc.		9,816		108,270
Energy Recovery, Inc.		311,719		956,977
Federal Signal Corporation		262,710		1,239,991
Flow International Corporation		2,405		6,229
Gorman-Rupp Company (The)		87		2,338
Harsco Corporation		87,330		2,012,956
IDEX Corporation		26		922
John Bean Technologies Corporation		28,573		461,168
Kaydon Corporation		10		315
Kennametal, Inc.		26,038		1,012,618
Lindsay Corporation		42,126		2,447,521
Manitowoc Company, Inc. (The)		208,584		2,311,111
Meritor, Inc.		102,578		976,543
Met-Pro Corporation		245		2,207
Middleby Corporation (The)		23,961		2,019,433
Mueller Industries, Inc.		37,927		1,534,147
Oshkosh Corporation		20,114		419,578
PMFG, Inc.		59,915		1,225,262
Shengkai Innovations, Inc.		139,249		119,754
Tecumseh Products Company - Class A		585		3,721
Titan International, Inc.		321,089		7,224,503
Trinity Industries, Inc.		203		5,536
Twin Disc, Inc.		1,105		42,984
Wabash National Corporation		360,957		2,490,603
				37,712,413
Marine - 0.3%
Box Ships, Inc.		6,995		64,634
Diana Containerships, Inc.		31,352		164,912
Eagle Bulk Shipping, Inc.		54,948		85,169
Excel Maritime Carriers Ltd.		432,456		1,228,175
Genco Shipping & Trading Ltd.		451,563		4,064,067
				5,606,957
Professional Services - 0.8%
CBIZ, Inc.		470,866		2,980,582
Corporate Executive Board Company (The)		67,380		2,465,434
CoStar Group, Inc.		17,787		1,094,434

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Industrials - 9.7% (Continued)
Professional Services - 0.8% (Continued)
Dolan Company (The)		114,667	$	1,003,336
FTI Consulting, Inc.		10,278		405,056
Hill International, Inc.		1,110		6,216
Hudson Highland Group, Inc.		65,195		301,853
Innovaro, Inc.		8,192		11,878
Kelly Services, Inc. - Class A		4,557		74,507
Kforce, Inc.		67,239		857,970
Korn/Ferry International		103,287		1,649,493
Lightbridge Corporation		87,932		219,830
Odyssey Marine Exploration, Inc.		746,463		2,127,420
Pendrell Corporation		12,301		30,507
Resources Connection, Inc.		10,902		120,903
Robert Half International, Inc.		20,424		539,806
Spherix, Inc.		1,601		3,154
Thomas Group, Inc.		900		162
Towers Watson & Company - Class A		1,200		78,840
Verisk Analytics, Inc. - Class A		6,876		241,691
Volt Information Sciences, Inc.		100		630
VSE Corporation		256		6,226
				14,219,928
Road & Rail - 0.2%
Patriot Transportation Holding, Inc.		4		92
RailAmerica, Inc.		18,300		250,161
Zipcar, Inc.		198,751		4,064,458
				4,314,711
Trading Companies & Distributors - 1.0%
Beacon Roofing Supply, Inc.		216,757		3,994,831
BlueLinx Holdings, Inc.		155		245
China Armco Metals, Inc.		140,785		50,683
GATX Corporation		68,191		2,589,894
Houston Wire & Cable Company		148,619		1,897,865
Lawson Products, Inc.		400		6,668
MSC Industrial Direct Company, Inc.		500		34,005
Rush Enterprises, Inc. - Class A		107,561		2,075,927
TAL International Group, Inc.		7,696		214,180
Titan Machinery, Inc.		33,112		772,503
Watsco, Inc.		83,765		5,164,950
				16,801,751
Information Technology - 12.6%
Communications Equipment - 1.6%
Arris Group, Inc.		118,886		1,279,213
Aruba Networks, Inc.		41,881		992,161
Bel Fuse, Inc. - Class B		300		5,364
Blue Coat Systems, Inc.		233,018		3,751,590
CIENA Corporation		251,724		3,317,722
Cogo Group, Inc.		2,321		5,570
Comverse Technology, Inc.		23,200		159,848
Digi International, Inc.		22,901		292,904
EMCORE Corporation		93,512		92,577

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Information Technology - 12.6% (Continued)
Communications Equipment - 1.6% (Continued)
Emulex Corporation		237,145	$	1,987,275
Extreme Networks, Inc.		662		1,953
Finisar Corporation		8,560		175,394
Globecomm Systems, Inc.		23,153		314,649
InterDigital, Inc.		99,019		4,302,376
JDS Uniphase Corporation		6,512		78,144
KVH Industries, Inc.		44,433		327,027
Loral Space & Communications, Inc.		12		726
Meru Networks, Inc.		235,849		1,280,660
Network Equipment Technologies, Inc.		246		470
Oclaro, Inc.		125,049		513,951
Plantronics, Inc.		41,056		1,371,681
Powerwave Technologies, Inc.		1,532		5,531
Qiao Xing Mobile Communication Company Ltd.		1,984		2,063
RIT Technologies Ltd.		9,858		39,334
ShoreTel, Inc.		9,849		57,617
Sonus Networks, Inc.		605,662		1,605,004
Sycamore Networks, Inc.		15,067		289,588
Symmetricom, Inc.		9,869		50,825
Telestone Technologies Corporation		567,319		3,437,953
ViaSat, Inc.		24,360		1,037,493
Zoom Technologies, Inc.		134,895		276,535
ZST Digital Networks, Inc.		206,448		431,476
				27,484,674
Computers & Peripherals - 0.9%
Avid Technology, Inc.		153,653		952,649
Diebold, Inc.		58,093		1,875,242
Fusion-io, Inc.		5,106		158,388
Hauppauge Digital, Inc.		69,638		76,602
iGo, Inc.		15,315		18,072
Imation Corporation		325,723		2,188,858
Immersion Corporation		23,479		161,301
Intermec, Inc.		43,048		347,397
Intevac, Inc.		6,075		48,904
Lexmark International, Inc. - Class A		1,643		52,083
Logitech International S.A.		17,316		172,294
Novatel Wireless, Inc.		57,035		226,429
OCZ Technology Group, Inc.		648,681		4,586,175
Rimage Corporation		51		566
Silicon Graphics International Corporation		146,940		2,124,752
Stratasys, Inc.		71,084		1,993,195
Super Micro Computer, Inc.		4,502		72,032
Synaptics, Inc.		1,935		65,384
TransAct Technologies, Inc.		100		771
USA Technologies, Inc.		399,409		583,137
				15,704,231
Electronic Equipment, Instruments & Components - 1.5%
Anixter International, Inc.		570		33,453
Benchmark Electronics, Inc.		657		9,027

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Information Technology - 12.6% (Continued)
Electronic Equipment, Instruments & Components - 1.5% (Continued)
CalAmp Corporation		2,315	$	8,542
Clearfield, Inc.		100		522
CTS Corporation		341,450		3,168,656
Daktronics, Inc.		623		6,292
DDi Corporation		16,122		148,161
Digital Ally, Inc.		4,700		3,861
Document Security Systems, Inc.		600		1,938
DTS, Inc.		61,907		1,738,968
Echelon Corporation		280,664		1,897,289
Electro Rent Corporation		6		96
FEI Company		1,528		60,753
Hollysys Automation Technologies Ltd.		989,607		8,609,581
Insight Enterprises, Inc.		7,918		133,814
IPG Photonics Corporation		67		3,542
Itron, Inc.		200		7,358
Littelfuse, Inc.		27,032		1,323,487
Maxwell Technologies, Inc.		21,805		435,446
Mesa Laboratories, Inc.		131		4,878
Methode Electronics, Inc.		527		4,896
Microvision, Inc.		949,504		674,243
Nam Tai Electronics, Inc.		12,669		60,811
OSI Systems, Inc.		42		1,861
Park Electrochemical Corporation		704		19,923
Pinnacle Data Systems, Inc.		100		119
Power-One, Inc.		1,108,774		5,488,431
Pulse Electronics Corporation		260,992		921,302
RadiSys Corporation		14,372		84,220
Research Frontiers, Inc.		70,876		277,834
ScanSource, Inc.		52		1,808
SinoHub, Inc.		43,908		18,990
SMTC Corporation		187		387
Superconductor Technologies, Inc.		170,081		275,531
SYNNEX Corporation		52,801		1,524,365
Uni-Pixel, Inc.		2,300		13,685
Vishay Intertechnology, Inc.		3,900		41,925
Vishay Precision Group, Inc.		14,846		216,603
				27,222,598
Internet Software & Services - 2.3%
Active Network, Inc. (The)		2,326		31,262
Ancestry.com, Inc.		20,890		475,665
Autobytel, Inc.		1,600		1,440
Bankrate, Inc.		44,600		868,362
Carbonite, Inc.		3,347		42,239
comScore, Inc.		23,971		506,028
Constant Contact, Inc.		101,375		2,051,830
DealerTrack Holdings, Inc.		27		586
Demand Media, Inc.		149,926		1,044,984
Digital River, Inc.		13,337		244,467
EarthLink, Inc.		385,520		2,702,495

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Information Technology - 12.6% (Continued)
Internet Software & Services - 2.3% (Continued)
Envestnet, Inc.		3,141	$	36,561
FriendFinder Networks, Inc.		1,100		2,046
HSW International, Inc.		1,100		3,267
IAC/InterActiveCorporation		1,890		77,169
KIT digital, Inc.		342,013		3,078,117
LinkedIn Corporation - Class A		71,097		6,391,620
Local.com Corporation		253,953		794,873
LogMeIn, Inc.		57,551		2,340,599
Marchex, Inc. - Class B		63,066		560,657
MercadoLibre, Inc.		400		26,080
ModusLink Global Solutions, Inc.		47,557		198,788
Openwave Systems, Inc.		2,427		3,762
Phoenix New Media Ltd. - ADR		47,042		244,618
Qihoo 360 Technology Company Ltd. - ADR		34,554		698,336
Quepasa Corporation		434,166		2,097,022
Rediff.com India Ltd. - ADR		80,503		879,898
Renren, Inc.		103,662		729,781
Saba Software, Inc.		13,443		93,295
Sify Technologies Ltd. - ADR		129,591		816,423
Snap Interactive, Inc.		7,235		5,101
Stamps.com, Inc.		2,840		92,470
Support.com, Inc.		302		637
TechTarget, Inc.		110		815
Travelzoo, Inc.		264,541		8,428,276
ValueClick, Inc.		55,339		973,966
Vistaprint N.V.		6,472		226,002
Vocus, Inc.		100		2,038
Web.com Group, Inc.		164,028		1,584,511
Zillow, Inc.		49,955		1,483,164
Zix Corporation		151,158		374,872
				40,214,122
IT Services - 0.6%
Cardtronics, Inc.		22,817		568,828
Cass Information Systems, Inc.		1,063		41,659
China Information Technology, Inc.		10		10
Computer Task Group, Inc.		3,305		42,205
DJSP Enterprises, Inc.		15,586		1,403
Echo Global Logistics, Inc.		96,106		1,483,877
Euronet Worldwide, Inc.		61,506		1,191,371
Global Payments, Inc.		101,949		4,681,498
Hackett Group, Inc. (The)		670		2,767
Heartland Payment Systems, Inc.		65		1,414
Mattersight Corporation		1,825		9,216
ServiceSource International, Inc.		19,799		263,525
Stream Global Services, Inc.		242		757
Telvent GIT, S.A.		1,955		77,007
Unisys Corporation		38,680		1,005,293
VeriFone Systems, Inc.		1,131		47,740
Wright Express Corporation		42,644		1,999,151

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Information Technology - 12.6% (Continued)
IT Services - 0.6% (Continued)
Yucheng Technologies Ltd.		200	$	498
Zanett, Inc.		12,650		5,187
				11,423,406
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Analogic Technologies, Inc.		245		1,068
Aixtron SE - ADR		33,886		477,115
Applied Micro Circuits Corporation		6,342		42,745
ATMI, Inc.		252		5,141
AuthenTec, Inc.		118		431
Cabot Microelectronics Corporation		88,749		3,418,612
Camtek Ltd.		10,148		22,529
Canadian Solar, Inc.		213,738		737,396
CEVA, Inc.		42,301		1,314,292
ChipMOS TECHNOLOGIES (Bermuda) LTD.		400		2,000
Cree, Inc.		181,625		4,838,490
CSR plc		1		15
Cypress Semiconductor Corporation		2,700		51,597
DayStar Technologies, Inc.		62,667		12,596
Diodes, Inc.		4,445		99,435
Energy Conversion Devices, Inc.		1,172,508		574,529
Entropic Communications, Inc.		556,060		3,236,269
Evergreen Solar, Inc.		114,139		4,451
FormFactor, Inc.		48		287
FSI International, Inc.		15,347		37,907
GSI Technology, Inc.		624		3,058
Ikanos Communications, Inc.		1,300		1,378
JinkoSolar Holding Company Ltd. - ADR		103,541		957,754
Kopin Corporation		400,188		1,620,761
LDK Solar Company Ltd.		146,738		607,495
MEMC Electronic Materials, Inc.		261		1,563
Micrel, Inc.		64,104		706,426
MIPS Technologies, Inc.		204,932		1,125,077
MKS Instruments, Inc.		959		25,548
MoSys, Inc.		112,436		435,127
Novellus Systems, Inc.		18,457		637,689
PDF Solutions, Inc.		2,879		14,884
PLX Technology, Inc.		142,891		464,396
Power Integrations, Inc.		65,112		2,319,941
QuickLogic Corporation		435		1,336
Rubicon Technology, Inc.		681,258		7,098,708
Semtech Corporation		2,574		62,857
Sigma Designs, Inc.		208,039		1,735,045
Silicon Image, Inc.		497		3,201
Silicon Laboratories, Inc.		38,835		1,660,196
STR Holdings, Inc.		359,086		3,070,185
SunPower Corporation - Class A		549,185		5,502,834
SunPower Corporation - Class B		15,117		142,856
Suntech Power Holdings Company Ltd. - ADR		203,620		557,919
Teradyne, Inc.		23,432		335,546

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Information Technology - 12.6% (Continued)
Semiconductors & Semiconductor Equipment - 2.8% (Continued)
Tower Semiconductor Ltd.		45,408	$	35,886
Transwitch Corporation		20,965		47,591
TriQuint Semiconductor, Inc.		255,029		1,356,754
Veeco Instruments, Inc.		152,083		4,059,095
Vitesse Semiconductor Corporation		300		786
				49,468,797
Software - 2.9%
Accelrys, Inc.		1,178		7,810
Advent Software, Inc.		645		17,673
American Software, Inc. - Class A		925		7,233
AsiaInfo-Linkage, Inc.		608,378		6,095,948
Astea International, Inc.		100		309
Authentidate Holding Corporation		1,654		1,125
Callidus Software, Inc.		195,355		1,105,709
China CGame, Inc.		12,695		2,666
China TransInfo Technology Corporation		105,160		338,615
Concur Technologies, Inc.		68,177		3,171,594
CyberDefender Corporation		11,408		8,328
DemandTec, Inc.		102,819		777,312
Ebix, Inc.		233,693		3,998,487
EPIQ Systems, Inc.		65,853		939,064
ePlus, inc.		100		2,716
FalconStor Software, Inc.		2,760		9,356
Fundtech Ltd.		100		2,301
Magic Software Enterprises Ltd.		524,038		2,672,594
Majesco Entertainment Company		77,989		262,823
MIND C.T.I. Ltd.		800		1,568
Motricity, Inc.		174,777		307,608
Qlik Technologies, Inc.		15,900		454,263
RealD, Inc.		499,791		5,582,665
RealPage, Inc.		116,766		3,076,784
Rosetta Stone, Inc.		292,645		2,905,965
Sky-Mobi Ltd. - ADR		80,605		466,703
Sourcefire, Inc.		10,086		277,869
SRS Labs, Inc.		751		5,280
SuccessFactors, Inc.		148,479		3,964,389
Synchronoss Technologies, Inc.		82,678		2,485,301
Take-Two Interactive Software, Inc.		127,265		2,008,242
TeleCommunication Systems, Inc.		505,190		1,667,127
TeleNav, Inc.		169,174		1,449,821
THQ, Inc.		340,103		724,419
TigerLogic Corporation		500		1,185
Ultimate Software Group, Inc. (The)		21,143		1,272,386
VirnetX Holding Corporation		52,872		1,139,392
Wave Systems Corporation - Class A		737,222		1,924,149
Websense, Inc.		104,945		1,872,219
				51,008,998

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Materials - 3.7%
Chemicals - 1.2%
ADA-ES, Inc.		44,726	$	683,413
American Vanguard Corporation		138,731		1,716,102
Ampal-American Israel Corporation - Class A		2,031		979
Calgon Carbon Corporation		98,947		1,578,205
Cereplast, Inc.		97,734		226,743
China Agritech, Inc.		85,645		59,951
China Gengsheng Minerals, Inc.		63,249		63,881
China Green Agriculture, Inc.		371,595		1,501,244
Clean Diesel Technologies, Inc.		122,189		427,662
Converted Organics, Inc.		1,622		18
CVR Partners, L.P.		7,549		189,857
Ferro Corporation		405,474		2,623,417
Flotek Industries, Inc.		87,590		651,670
FutureFuel Corporation		1,332		15,052
Georgia Gulf Corporation		15,700		284,170
Gulf Resources, Inc.		162,809		384,229
Hawkins, Inc.		55,755		2,134,301
OMNOVA Solutions, Inc.		535		2,370
Scotts Miracle-Gro Company (The) - Class A		9,113		442,072
Senomyx, Inc.		295,099		1,345,651
ShengdaTech, Inc.		32,215		1,450
Yongye International, Inc.		634,470		3,197,729
Zep, Inc.		746		11,369
Zoltek Companies, Inc.		433,240		3,140,990
				20,682,525
Construction Materials - 0.2%
Eagle Materials, Inc.		80,895		1,664,819
Martin Marietta Materials, Inc.		18,226		1,315,371
Texas Industries, Inc.		36,659		1,099,770
Vulcan Materials Company		600		18,774
				4,098,734
Containers & Packaging - 0.1%
AEP Industries, Inc.		10		270
Graphic Packaging Holding Company		219,738		971,242
				971,512
Metals & Mining - 1.9%
A.M. Castle & Company		373		5,106
AK Steel Holding Corporation		300,618		2,504,148
AMCOL International Corporation		117,362		3,543,159
Anooraq Resources Corporation		201,165		110,621
Augusta Resource Corporation		47,627		181,935
Avalon Rare Metals, Inc.		153,308		513,582
China Direct Industries, Inc.		17,830		16,938
China Gerui Advanced Materials Group Ltd.		60,165		150,412
China Natural Resources, Inc.		4,312		40,964
China Precision Steel, Inc.		299,375		149,688
China Shen Zhou Mining & Resources, Inc.		59,198		107,740
Crosshair Exploration & Mining Corporation		271,904		140,302
General Moly, Inc.		251,891		866,505

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Materials - 3.7% (Continued)
Metals & Mining - 1.9% (Continued)
General Steel Holdings, Inc.		103,057	$	126,760
Gold Reserve, Inc.		153		428
Gold Resource Corporation		142,453		3,205,193
Golden Minerals Company		20,831		146,025
Great Northern Iron Ore Properties		7,585		790,736
Great Panther Silver Ltd.		510		1,311
Hecla Mining Company		3,000		18,810
Horsehead Holding Corporation		56,301		488,693
Ivanhoe Mines Ltd.		105		2,154
Jaguar Mining, Inc.		370,686		1,927,567
Kaiser Aluminum Corporation		43,531		2,022,450
Kimber Resources, Inc.		11,900		16,303
Midway Gold Corporation		387,796		814,372
Olympic Steel, Inc.		86,090		1,760,541
Paramount Gold and Silver Corporation		275,751		733,498
Polymet Mining Corporation		198,492		267,964
Puda Coal, Inc.		61,600		18,480
Qiao Xing Universal Resources, Inc.		25,117		22,103
Rare Element Resources Ltd.		660,341		4,312,027
Revett Minerals, Inc.		5,392		22,700
RTI International Metals, Inc.		116,235		3,067,442
Silver Bull Resources, Inc.		103,614		68,385
Silvercorp Metals, Inc.		110,287		1,042,212
SinoCoking Coal and Coke Chemical Industries, Inc.		86,511		308,844
SunCoke Energy, Inc.		700		8,834
Tanzanian Royalty Exploration Corporation		258,827		999,072
US Gold Corporation		382,301		1,735,647
Worthington Industries, Inc.		86,412		1,493,199
				33,752,850
Paper & Forest Products - 0.3%
AbitibiBowater, Inc.		4,300		73,100
Clearwater Paper Corporation		15,550		515,171
Deltic Timber Corporation		2,172		147,023
Louisiana-Pacific Corporation		260,056		1,729,372
Neenah Paper, Inc.		9		149
Orient Paper, Inc.		130,673		321,456
P.H. Glatfelter Company		142,077		2,131,155
Wausau Paper Corporation		45,271		339,532
				5,256,958
Telecommunication Services - 0.6%
Diversified Telecommunication Services - 0.5%
Alaska Communications Systems Group, Inc.		550,270		3,890,409
Atlantic Tele-Network, Inc.		14,261		541,205
Boingo Wireless, Inc.		432		3,305
CenturyLink, Inc.		16		564
Cincinnati Bell, Inc.		49,284		158,695
Cogent Communications Group, Inc.		15,440		247,812
Consolidated Communications Holdings, Inc.		18,076		341,275
Fairpoint Communications, Inc.		168,763		906,257

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Telecommunication Services - 0.6% (Continued)
Diversified Telecommunication Services - 0.5% (Continued)
Hawaiian Telcom Holdco, Inc.		378	$	5,579
Iridium Communications, Inc.		243,065		1,545,893
magicJack VocalTec Ltd.		30,150		744,705
Radcom Ltd.		52,881		229,504
Telecom Italia S.p.A.		72		895
				8,616,098
Wireless Telecommunication Services - 0.1%
Cellcom Israel Ltd.		6,826		150,445
Clearwire Corporation - Class A		121,113		232,537
Leap Wireless International, Inc.		104,681		727,533
Shenandoah Telecommunications Company		689		9,343
USA Mobility, Inc.		85,003		1,110,989
				2,230,847
Utilities - 0.8%
Electric Utilities - 0.2%
DPL, Inc.		4,394		133,358
Empire District Electric Company (The)		11,851		236,664
Hawaiian Electric Industries, Inc.		11,666		295,500
ITC Holdings Corporation		300		21,804
NV Energy, Inc.		23,201		372,144
Otter Tail Corporation		9,205		178,669
PNM Resources, Inc.		400		7,192
Portland General Electric Company		5,200		127,608
UIL Holdings Corporation		25,473		868,120
Westar Energy, Inc.		44,118		1,202,657
				3,443,716
Gas Utilities - 0.2%
AmeriGas Partners, L.P.		190		8,497
China Natural Gas, Inc. (a)		229,640		175,675
Ferrellgas Partners, L.P.		1,042		22,486
New Jersey Resources Corporation		24,011		1,128,997
Northwest Natural Gas Company		35,065		1,638,237
Piedmont Natural Gas Company, Inc.		11,620		379,858
WGL Holdings, Inc.		4,425		189,434
				3,543,184
Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc.		12,029		17,923
Atlantic Power Corporation		5,319		71,806
Constellation Energy Group, Inc.		1,200		47,640
Dynegy, Inc.		129,322		474,612
U.S. Geothermal, Inc.		184,350		79,271
				691,252
Multi-Utilities - 0.3%
Black Hills Corporation		75,085		2,531,115
CH Energy Group, Inc.		32,993		1,821,544
MDU Resources Group, Inc.		51,039		1,051,914
				5,404,573

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 62.3% (Continued)	Shares		Value
Utilities - 0.8% (Continued)
Water Utilities - 0.0% (b)
Artesian Resources Corporation - Class A		300	$	5,460
Cadiz, Inc.		23,001		221,039
Connecticut Water Service, Inc.		415		11,097
Middlesex Water Company		5,182		98,199
SJW Corporation		93		2,165
				337,960
Total Common Stocks (Proceeds $1,165,771,292)			$	1,097,499,264
CLOSED-END FUNDS - 0.0% (b)	Shares		Value
BlackRock International Growth and Income Trust		5	$	39
Central GoldTrust		1,249		82,534
Gabelli Convertible and Income Securities Fund, Inc. (The)		100		539
Global High Income Fund, Inc.		176		2,207
Nuveen Floating Rate Income Opportunity Fund		44		489
PIMCO Global StocksPLUS & Income Fund		48		953
Western Asset/Claymore Inflation-Linked Securities & Income Fund		10		128
Total Closed-End Funds (Proceeds $91,404)			$	86,889
EXCHANGE-TRADED FUNDS - 0.0% (b)	Shares		Value
Vanguard Extended Duration Treasury ETF		300	$	34,548
WisdomTree Earnings 500 Fund		165		7,288
Total Exchange-Traded Funds (Proceeds $40,831)			$	41,836
RIGHTS - 0.0% (b)	Shares		Value
First BanCorp (Puerto Rico) (a) (Proceeds $0)		358,191	$	–
WARRANTS - 0.0% (b)	Shares		Value
American International Group, Inc.		854	$	5,987
Magnum Hunter Resources Corporation (a)		15,718		–
Zion Oil & Gas, Inc.		44,348		13,304
Total Warrants (Proceeds $14,295)			$	19,291
Total Securities Sold Short - 62.3% (Proceeds $1,165,917,822)			$	1,097,647,280

ADR - American Depositary Receipt.

(a)	Fair value priced (Note 1).  Fair valued securities totaled $647,939 at October 31, 2011, representing 0.0% of net assets.
(b)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
October 31, 2011
COMMON STOCKS - 100.2%	Shares		Value
Consumer Discretionary - 16.0%
Auto Components - 1.0%
Federal-Mogul Corporation (a)		849	$	14,314
Goodyear Tire & Rubber Company (The) (a)		12,500		179,500
Standard Motor Products, Inc.		15,100		234,805
Tenneco, Inc. (a)		3,300		107,976
				536,595
Automobiles - 0.6%
Thor Industries, Inc.		11,300		298,772
Distributors - 0.2%
Audiovox Corporation - Class A (a)		12,099		86,024
Diversified Consumer Services - 2.5%
Career Education Corporation (a)		8,400		135,492
Carriage Services, Inc.		166		989
Coinstar, Inc. (a)		2,500		119,350
Collectors Universe, Inc.		4,727		73,080
DeVry, Inc.		3,100		116,808
Grand Canyon Education, Inc. (a)		7,000		114,170
K12, Inc. (a)		7,700		269,885
National American University Holdings, Inc.		89		629
Regis Corporation		10,825		177,097
Service Corporation International		4,398		43,980
Sotheby's		6,600		232,452
				1,283,932
Hotels, Restaurants & Leisure - 3.6%
Ameristar Casinos, Inc.		11,400		210,900
BJ's Restaurants, Inc. (a)		2,600		137,618
Caribou Coffee Company, Inc. (a)		9,148		124,870
Carrols Restaurant Group, Inc. (a)		12,101		113,023
CEC Entertainment, Inc.		3,600		113,832
Churchill Downs, Inc.		3,000		144,210
Denny's Corporation (a)		15,632		56,275
Einstein Noah Restaurant Group, Inc.		1,544		22,728
Isle of Capri Casinos, Inc. (a)		3,100		16,864
Marcus Corporation		3,851		45,904
Papa John's International, Inc. (a)		6,800		229,568
Scientific Games Corporation (a)		17,579		152,762
Shuffle Master, Inc. (a)		11,400		120,954
Speedway Motorsports, Inc.		400		5,200
Town Sports International Holdings, Inc. (a)		1,300		11,284
Wendy's Company (The)		35,900		181,654
WMS Industries, Inc. (a)		6,700		146,797
				1,834,443
Household Durables - 0.8%
Jarden Corporation		8,200		262,646
Leggett & Platt, Inc.		7,200		157,680
				420,326

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Consumer Discretionary - 16.0% (Continued)
Internet & Catalog Retail - 0.0% (b)
1-800-FLOWERS.COM, Inc. - Class A (a)		4,500	$	12,825
Leisure Equipment & Products - 0.6%
Arctic Cat, Inc. (a)		6,460		131,203
Polaris Industries, Inc.		2,300		145,682
Steinway Musical Instruments, Inc. (a)		1,288		32,457
				309,342
Media - 1.2%
Cinemark Holdings, Inc.		13,000		268,710
Global Sources Ltd. (a)		6,575		47,932
interclick, inc. (a)		2,000		14,800
Lions Gate Entertainment Corporation (a)		14,398		118,351
New York Times Company (The) - Class A (a)		19,500		148,590
				598,383
Multiline Retail - 0.4%
Bon-Ton Stores, Inc. (The)		4,000		21,120
Saks, Inc. (a)		17,600		186,032
				207,152
Specialty Retail - 4.3%
bebe stores, inc.		34,800		249,864
Brown Shoe Company, Inc.		18,300		163,053
Charming Shoppes, Inc. (a)		62,700		217,569
Chico's FAS, Inc.		10,300		127,308
Destination Maternity Corporation		3,017		49,992
DSW, Inc. - Class A		3,800		198,892
Express, Inc.		5,900		133,281
Guess?, Inc.		4,100		135,259
Monro Muffler Brake, Inc.		3,300		122,397
New York & Company, Inc. (a)		11,400		30,438
Office Depot, Inc. (a)		91,550		209,650
RadioShack Corporation		18,200		216,762
Sonic Automotive, Inc. - Class A		12,200		178,974
Vitamin Shoppe, Inc. (a)		3,700		139,527
West Marine, Inc. (a)		600		5,454
Winmark Corporation		94		4,665
				2,183,085
Textiles, Apparel & Luxury Goods - 0.8%
Movado Group, Inc.		6,600		110,418
Oxford Industries, Inc.		4,200		165,900
Perry Ellis International, Inc. (a)		6,100		153,110
				429,428
Consumer Staples - 3.8%
Beverages - 0.5%
Boston Beer Company, Inc. (The) - Class A (a)		1,400		123,872
Coca-Cola Bottling Company Consolidated		2,000		112,240
				236,112
Food & Staples Retailing - 1.8%
Andersons, Inc. (The)		3,523		130,069

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Consumer Staples - 3.8% (Continued)
Food & Staples Retailing - 1.8% (Continued)
Casey's General Stores, Inc.		3,800	$	188,290
Ruddick Corporation		3,100		135,501
SUPERVALU, Inc.		24,900		199,698
Susser Holdings Corporation (a)		11,200		245,952
				899,510
Food Products - 1.1%
Darling International, Inc. (a)		8,502		119,198
Fresh Del Monte Produce, Inc.		8,954		227,969
Harbinger Group, Inc. (a)		800		4,112
Pilgrim's Pride Corporation (a)		28,000		141,120
Smart Balance, Inc. (a)		14,700		96,285
Westway Group, Inc. (a)		100		435
				589,119
Household Products - 0.2%
Central Garden & Pet Company - Class A (a)		11,400		100,206
Personal Products - 0.2%
Nature's Sunshine Products, Inc. (a)		1,400		24,304
Revlon, Inc. (a)		5,274		77,686
				101,990
Energy - 5.6%
Energy Equipment & Services - 1.6%
Matrix Service Company (a)		9,138		97,045
Mitcham Industries, Inc. (a)		2,808		40,941
OYO Geospace Corporation (a)		1,859		146,080
Patterson-UTI Energy, Inc.		3,800		77,216
SEACOR Holdings, Inc.		1,400		119,210
Superior Energy Services, Inc. (a)		3,000		84,360
TGC Industries, Inc. (a)		5,400		30,132
Vantage Drilling Company (a)		100,008		136,011
Willbros Group, Inc. (a)		15,400		78,386
				809,381
Oil, Gas & Consumable Fuels - 4.0%
Approach Resources, Inc. (a)		5,900		144,019
Callon Petroleum Company (a)		24,700		116,337
Crimson Exploration, Inc. (a)		12,307		36,675
Crosstex Energy, Inc.		7,610		99,158
CVR Energy, Inc. (a)		4,900		121,324
Energy XXI (Bermuda) Ltd. (a)		7,400		217,338
GMX Resources, Inc. (a)		58,766		146,915
Golar LNG Ltd.		6,653		268,981
Goodrich Petroleum Corporation (a)		9,405		149,069
Green Plains Renewable Energy, Inc. (a)		8,990		94,036
Hallador Energy Company		143		1,359
Rex Energy Corporation (a)		9,413		145,713
SemGroup Corporation - Class A (a)		5,300		148,294
Teekay Corporation		8,600		221,536

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Energy - 5.6% (Continued)
Oil, Gas & Consumable Fuels - 4.0% (Continued)
Western Refining, Inc. (a)		8,300	$	132,634
				2,043,388
Financials - 13.8%
Capital Markets - 2.2%
Ares Capital Corporation		9,300		143,871
Calamos Asset Management, Inc. - Class A		6,168		77,039
Greenhill & Company		4,200		158,676
HFF, Inc. - Class A (a)		14,300		157,300
Janus Capital Group, Inc.		20,300		133,168
MCG Capital Corporation		19,700		91,408
PennantPark Investment Corporation		13,753		147,432
SEI Investments Company		8,200		132,758
SWS Group, Inc.		6,400		35,264
U.S. Global Investors, Inc.		7,100		53,889
				1,130,805
Commercial Banks - 3.1%
American National Bankshares, Inc.		300		5,616
Bank of Hawaii Corporation		3,200		135,136
Banner Corporation		10,901		191,530
CapitalSource, Inc.		31,800		202,248
East West Bancorp, Inc.		12,300		239,481
First Horizon National Corporation		26,653		186,306
Fulton Financial Corporation		28,700		270,928
Home Bancorp, Inc. (a)		200		2,940
MB Financial, Inc.		8,800		145,816
SVB Financial Group (a)		3,100		142,414
Washington Trust Bancorp, Inc.		883		20,733
Wilshire Bancorp, Inc. (a)		13,100		44,802
				1,587,950
Consumer Finance - 0.8%
Cash America International, Inc.		2,900		158,775
Credit Acceptance Corporation (a)		1,802		124,194
World Acceptance Corporation (a)		1,900		128,535
				411,504
Diversified Financial Services - 0.9%
CBOE Holdings, Inc.		4,300		112,359
Interactive Brokers Group, Inc. - Class A		13,200		203,016
MarketAxess Holdings, Inc.		4,600		134,458
				449,833
Insurance - 2.8%
Allied World Assurance Company Holdings A.G.		1,900		110,390
American National Insurance Company		821		58,669
AmTrust Financial Services, Inc.		5,800		147,204
Brown & Brown, Inc.		6,800		150,144
Employers Holdings, Inc.		5,987		97,109
Harleysville Group, Inc.		1,200		70,512
Kansas City Life Insurance Company		1,100		36,872
Kemper Corporation		3,400		91,426

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Financials - 13.8% (Continued)
Insurance - 2.8% (Continued)
Mercury General Corporation		4,700	$	203,510
National Financial Partners Corporation (a)		3,400		46,478
Old Republic International Corporation		19,400		171,496
Platinum Underwriters Holdings Ltd.		1,623		56,204
Protective Life Corporation		7,800		145,080
Selective Insurance Group, Inc.		2,800		44,884
Universal Insurance Holdings, Inc.		412		1,739
				1,431,717
Real Estate Investment Trusts (REIT) - 2.8%
Anworth Mortgage Asset Corporation		18,500		119,325
Chimera Investment Corporation		72,000		216,720
Government Properties Income Trust		7,500		176,475
Gramercy Capital Corporation (a)		61,404		182,984
Mack-Cali Realty Corporation		4,000		112,240
MFA Financial, Inc.		17,900		120,825
PS Business Parks, Inc.		2,600		138,398
Saul Centers, Inc.		1,190		42,650
Sunstone Hotel Investors, Inc. (a)		22,900		159,155
Two Harbors Investment Corporation		17,913		167,486
				1,436,258
Real Estate Management & Development - 0.3%
Jones Lang LaSalle, Inc.		2,200		142,164
Thrifts & Mortgage Finance - 0.9%
Capitol Federal Financial, Inc.		10,571		117,232
Doral Financial Corporation (a)		21,262		25,515
Ocwen Financial Corporation (a)		14,660		212,570
Parkvale Financial Corporation		1,700		36,584
Washington Federal, Inc.		4,737		64,660
				456,561
Health Care - 12.9%
Biotechnology - 0.9%
Allos Therapeutics, Inc. (a)		19,344		28,436
DUSA Pharmaceuticals, Inc. (a)		6,375		28,687
Ligand Pharmaceuticals, Inc. (a)		6,602		97,049
Myriad Genetics, Inc. (a)		6,600		140,448
Repligen Corporation (a)		8,406		28,833
Spectrum Pharmaceuticals, Inc. (a)		14,000		155,260
Trius Therapeutics, Inc. (a)		900		6,165
				484,878
Health Care Equipment & Supplies - 2.4%
Accuray, Inc. (a)		40,800		163,200
ArthroCare Corporation (a)		4,404		132,781
CONMED Corporation (a)		800		21,016
DexCom, Inc. (a)		9,633		94,307
DynaVox, Inc. (a)		1,800		6,084
Gen-Probe, Inc. (a)		2,700		162,270
ICU Medical, Inc. (a)		1,200		47,172

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Health Care - 12.9% (Continued)
Health Care Equipment & Supplies - 2.4% (Continued)
Masimo Corporation		2,470	$	51,080
RTI Biologics, Inc. (a)		53,365		240,142
Sirona Dental Systems, Inc. (a)		3,100		148,490
STAAR Surgical Company (a)		9,675		87,075
Synovis Life Technologies, Inc. (a)		3,700		66,452
				1,220,069
Health Care Providers & Services - 5.6%
Almost Family, Inc. (a)		4,200		78,288
AmSurg Corporation (a)		2,800		70,924
Assisted Living Concepts, Inc. - Class A		7,000		99,470
Capital Senior Living Corporation (a)		6,600		51,546
Catalyst Health Solutions, Inc. (a)		2,100		115,437
Chemed Corporation		4,200		249,312
Corvel Corporation (a)		3,228		166,468
Ensign Group, Inc. (The)		4,002		91,085
Health Management Associates, Inc. - Class A (a)		28,600		250,536
HealthSpring, Inc. (a)		2,800		151,032
LHC Group, Inc. (a)		6,449		101,185
LifePoint Hospitals, Inc. (a)		7,000		270,620
Molina Healthcare, Inc. (a)		10,000		211,800
Omnicare, Inc.		9,200		274,344
RadNet, Inc. (a)		6,103		15,685
Select Medical Holdings Corporation (a)		22,000		191,400
Skilled Healthcare Group, Inc. - Class A (a)		3,600		13,608
Team Health Holdings, Inc. (a)		11,926		242,336
Universal Health Services, Inc. - Class B		2,200		87,934
WellCare Health Plans, Inc. (a)		2,900		142,129
				2,875,139
Health Care Technology - 0.9%
Computer Programs & Systems, Inc.		1,800		91,926
Emdeon, Inc. - Class A (a)		12,500		237,125
HealthStream, Inc. (a)		8,999		136,605
				465,656
Life Sciences Tools & Services - 1.5%
Bio-Rad Laboratories, Inc. - Class A (a)		800		79,640
Bruker Corporation (a)		5,000		72,150
Charles River Laboratories International, Inc. (a)		8,600		277,608
Covance, Inc. (a)		5,300		268,869
MEDTOX Scientific, Inc.		4,346		63,625
				761,892
Pharmaceuticals - 1.6%
Akorn, Inc. (a)		13,700		123,163
Auxilium Pharmaceuticals, Inc. (a)		7,900		122,924
Endo Pharmaceuticals Holdings, Inc. (a)		3,500		113,085
Hi-Tech Pharmacal Company, Inc. (a)		5,200		184,704
Jazz Pharmaceuticals, Inc. (a)		5,000		194,800
XenoPort, Inc. (a)		12,900		78,690
				817,366

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Industrials - 20.5%
Aerospace & Defense - 1.9%
Alliant Techsystems, Inc.		1,800	$	104,544
American Science & Engineering, Inc.		2,100		142,842
Cubic Corporation		4,500		212,040
Curtiss-Wright Corporation		6,500		213,070
GeoEye, Inc. (a)		3,900		130,923
Huntington Ingalls Industries, Inc. (a)		5,200		153,400
				956,819
Air Freight & Logistics - 1.0%
Air Transport Services Group, Inc. (a)		22,300		123,542
Hub Group, Inc. - Class A (a)		7,800		243,828
Pacer International, Inc. (a)		2,400		11,304
UTi Worldwide, Inc.		10,400		151,944
				530,618
Airlines - 0.5%
Copa Holdings, S.A. - Class A		2,300		158,861
JetBlue Airways Corporation (a)		27,100		121,408
				280,269
Building Products - 1.3%
Armstrong World Industries, Inc.		3,600		153,324
Griffon Corporation (a)		9,408		89,094
Lennox International, Inc.		7,700		247,863
Universal Forest Products, Inc.		5,503		154,469
				644,750
Commercial Services & Supplies - 3.5%
ABM Industries, Inc.		6,836		138,224
Avery Dennison Corporation		7,800		207,480
Brink's Company (The)		8,000		222,320
Casella Waste Systems, Inc. (a)		2,700		16,956
Consolidated Graphics, Inc. (a)		3,300		150,348
Copart, Inc. (a)		3,300		143,715
Corrections Corporation of America (a)		9,859		219,166
Herman Miller, Inc.		10,000		206,500
HNI Corporation		7,948		191,149
M&F Worldwide Corporation (a)		4,702		116,422
McGrath RentCorp		2,059		55,016
Quad/Graphics, Inc.		6,691		131,947
				1,799,243
Construction & Engineering - 1.1%
AECOM Technology Corporation (a)		3,600		75,312
Argan, Inc.		614		8,350
Chicago Bridge & Iron Company N.V.		6,300		230,454
Shaw Group, Inc. (The) (a)		5,700		132,582
URS Corporation (a)		4,000		142,800
				589,498
Electrical Equipment - 0.3%
Babcock & Wilcox Company (The) (a)		6,200		136,338

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Industrials - 20.5% (Continued)
Industrial Conglomerates - 0.5%
Carlisle Companies, Inc.		3,600	$	150,192
Standex International Corporation		3,129		120,811
				271,003
Machinery - 6.7%
Actuant Corporation - Class A		12,500		281,250
American Railcar Industries, Inc. (a)		4,978		109,815
Crane Company		3,400		149,974
EnPro Industries, Inc. (a)		4,816		165,863
Force Protection, Inc. (a)		15,700		57,776
IDEX Corporation		3,900		138,255
Kadant, Inc. (a)		4,430		95,909
Kennametal, Inc.		7,400		287,786
Lincoln Electric Holdings, Inc.		3,400		123,760
Lydall, Inc. (a)		1,900		20,824
Mueller Industries, Inc.		6,000		242,700
NACCO Industries, Inc. - Class A		1,212		99,505
Nordson Corporation		3,000		139,110
Robbins & Myers, Inc.		6,400		286,016
Snap-on, Inc.		2,600		139,542
SPX Corporation		2,500		136,525
Tennant Company		3,500		135,415
Terex Corporation (a)		5,000		83,200
Toro Company (The)		3,133		169,307
Trimas Corporation (a)		6,718		130,934
WABCO Holdings, Inc. (a)		5,000		251,050
Wabtec Corporation		2,200		147,796
Xerium Technologies, Inc. (a)		1,669		17,291
				3,409,603
Marine - 0.1%
International Shipholding Corporation		1,300		26,442
Professional Services - 0.9%
Exponent, Inc. (a)		1,665		80,220
Heidrick & Struggles International, Inc.		2,800		55,384
Hudson Highland Group, Inc. (a)		1,000		4,630
Manpower, Inc.		3,500		150,990
Mistras Group, Inc. (a)		5,678		123,780
Navigant Consulting, Inc. (a)		5,300		60,049
				475,053
Road & Rail - 2.3%
Avis Budget Group, Inc. (a)		4,344		61,250
Con-way, Inc.		11,000		324,170
Landstar System, Inc.		2,600		116,038
Marten Transport Ltd.		1,900		33,649
Quality Distribution, Inc. (a)		14,700		165,669
Roadrunner Transportation Systems, Inc. (a)		2,300		38,387
Ryder System, Inc.		5,000		254,700
Saia, Inc. (a)		1,600		21,360

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Industrials - 20.5% (Continued)
Road & Rail - 2.3% (Continued)
Werner Enterprises, Inc.		7,600	$	180,120
				1,195,343
Trading Companies & Distributors - 0.4%
Aceto Corporation		5,100		32,334
DXP Enterprises, Inc. (a)		7,003		174,935
				207,269
Information Technology - 18.1%
Communications Equipment - 1.7%
ADTRAN, Inc.		8,400		282,240
EchoStar Corporation - Class A (a)		4,400		115,984
JDS Uniphase Corporation (a)		9,200		110,400
PCTEL, Inc. (a)		1,300		9,412
Riverbed Technology, Inc. (a)		8,100		223,398
Tekelec (a)		15,600		153,192
				894,626
Computers & Peripherals - 1.3%
Datalink Corporation (a)		13,900		131,772
NCR Corporation (a)		8,300		158,032
STEC, Inc. (a)		21,100		238,852
Xyratex Ltd.		12,000		163,680
				692,336
Electronic Equipment, Instruments & Components - 3.4%
Agilysys, Inc. (a)		2,509		21,301
AVX Corporation		4,450		59,675
Badger Meter, Inc.		3,264		106,863
Brightpoint, Inc. (a)		27,300		277,095
Electro Scientific Industries, Inc. (a)		1,400		17,206
Ingram Micro, Inc. - Class A (a)		11,425		204,279
IPG Photonics Corporation (a)		4,100		216,726
Itron, Inc. (a)		1,343		49,409
Kemet Corporation (a)		5,600		51,632
Measurement Specialties, Inc. (a)		3,196		99,747
Mesa Laboratories, Inc.		21		782
Molex, Inc.		9,400		232,086
Multi-Fineline Electronix, Inc. (a)		2,900		66,526
National Instruments Corporation		5,000		133,550
Tech Data Corporation (a)		3,800		186,884
Viasystems Group, Inc. (a)		1,049		21,599
				1,745,360
Internet Software & Services - 2.3%
EasyLink Services International Corporation - Class A (a)		38,994		186,002
IntraLinks Holdings, Inc. (a)		15,400		133,826
j2 Global Communications, Inc.		4,000		123,120
Liquidity Services, Inc. (a)		4,100		133,496
LoopNet, Inc. (a)		5,900		104,371
RightNow Technologies, Inc. (a)		4,700		202,147

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Information Technology - 18.1% (Continued)
Internet Software & Services - 2.3% (Continued)
WebMD Health Corporation (a)		8,300	$	298,385
				1,181,347
IT Services - 3.3%
Acxiom Corporation (a)		19,100		251,929
Broadridge Financial Solutions, Inc.		6,000		133,500
DST Systems, Inc.		4,600		230,874
ExlService Holdings, Inc. (a)		7,703		200,894
Lender Processing Services, Inc.		7,000		122,850
MAXIMUS, Inc.		3,326		134,171
MoneyGram International, Inc. (a)		26,378		67,528
NCI, Inc. - Class A (a)		300		4,095
NeuStar, Inc. - Class A (a)		7,800		247,962
Syntel, Inc.		3,000		146,700
TeleTech Holdings, Inc. (a)		598		10,453
Unisys Corporation (a)		5,900		153,341
				1,704,297
Office Electronics - 0.2%
Zebra Technologies Corporation - Class A (a)		2,400		85,776
Semiconductors & Semiconductor Equipment - 2.2%
AuthenTec, Inc. (a)		7,811		28,510
Brooks Automation, Inc.		10,200		106,590
DSP Group, Inc. (a)		3,200		19,776
IXYS Corporation (a)		6,474		88,499
Kulicke & Soffa Industries, Inc. (a)		23,100		222,915
LTX-Credence Corporation (a)		4,800		30,384
MEMC Electronic Materials, Inc. (a)		18,200		109,018
Microsemi Corporation (a)		7,300		134,758
Nanometrics, Inc. (a)		7,500		126,600
Rudolph Technologies, Inc. (a)		13,040		96,105
Standard Microsystems Corporation (a)		6,097		150,962
				1,114,117
Software - 3.7%
Actuate Corporation (a)		14,867		96,635
Ariba, Inc. (a)		4,100		129,888
CommVault Systems, Inc. (a)		5,600		238,448
Convio, Inc. (a)		7,925		76,001
EPIQ Systems, Inc.		1,100		15,653
Fair Isaac Corporation		5,900		161,365
Kenexa Corporation (a)		6,809		155,722
Pervasive Software, Inc. (a)		1,800		11,214
Quest Software, Inc. (a)		15,000		263,850
S1 Corporation (a)		23,900		232,547
THQ, Inc. (a)		12,400		26,412
TiVo, Inc. (a)		29,600		320,568
VASCO Data Security International, Inc. (a)		18,300		151,158
				1,879,461

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Materials - 7.2%
Chemicals - 3.1%
Cytec Industries, Inc.		1,800	$	80,406
Huntsman Corporation		24,500		287,630
Koppers Holdings, Inc.		5,008		165,715
Kronos Worldwide, Inc.		6,700		148,673
OMNOVA Solutions, Inc. (a)		17,300		76,639
Rockwood Holdings, Inc. (a)		4,700		216,388
Spartech Corporation (a)		4,300		17,458
Valspar Corporation (The)		5,600		195,272
W.R. Grace & Company (a)		7,200		300,888
Zep, Inc.		5,100		77,724
				1,566,793
Containers & Packaging - 1.6%
AEP Industries, Inc. (a)		600		16,218
Bemis Company, Inc.		8,600		241,746
Myers Industries, Inc.		8,054		98,420
Packaging Corporation of America		8,200		213,856
Sealed Air Corporation		6,800		121,040
Silgan Holdings, Inc.		3,500		131,390
UFP Technologies, Inc. (a)		600		9,048
				831,718
Metals & Mining - 2.3%
Commercial Metals Company		12,000		149,160
Compass Minerals International, Inc.		1,800		136,926
Haynes International, Inc.		2,800		163,772
Metals USA Holdings Corporation (a)		10,317		112,352
Reliance Steel & Aluminum Company		3,300		145,827
Revett Minerals, Inc. (a)		1,200		5,052
Schnitzer Steel Industries, Inc. - Class A		5,700		266,760
Steel Dynamics, Inc.		16,900		211,081
				1,190,930
Paper & Forest Products - 0.2%
KapStone Paper and Packaging Corporation (a)		7,225		118,490
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.8%
Iridium Communications, Inc. (a)		16,600		105,576
PAETEC Holding Corporation (a)		28,800		157,824
SureWest Communications		3,094		35,488
tw telecom, inc. (a)		7,100		131,350
				430,238
Wireless Telecommunication Services - 0.3%
NTELOS Holdings Corporation		5,540		105,371
USA Mobility, Inc.		1,900		24,833
				130,204
Utilities - 1.2%
Gas Utilities - 0.6%
Atmos Energy Corporation		5,100		175,032

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 100.2% (Continued)	Shares		Value
Utilities - 1.2% (Continued)
Gas Utilities - 0.6% (Continued)
Southwest Gas Corporation		2,800	$	110,544
				285,576
Independent Power Producers & Energy Traders - 0.2%
GenOn Energy, Inc. (a)		42,500		129,625
Multi-Utilities - 0.4%
Vectren Corporation		6,900		195,822
Water Utilities - 0.0% (b)
York Water Company		515		8,755
Total Common Stocks (Cost $47,786,668)			$	51,359,524
MONEY MARKET FUNDS - 0.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $44,627)		44,627	$	44,627
Total Investments at Value - 100.3% (Cost $47,831,295)			$	51,404,151
Liabilities in Excess of Other Assets - (0.3%)				(130,260	)
Net Assets - 100.0%			$	51,273,891

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Variable rate security.  The rate shown is the 7-day effective yield as of October 31, 2011.

See accompanying notes to financial statements.

(b) Not applicable

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	January 3, 2012

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	January 3, 2012
By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	January 3, 2012

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