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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21531

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

10 N. High Street, Suite 500              West Chester, PA	19380
(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, 2013

Date of reporting period:    April 30, 2013   

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

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

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT

April 30, 2013

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2013

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX), the TFS Small Cap Fund (ticker: TFSSX) and the TFS Hedged Futures Fund (ticker: TFSHX) for the period ended April 30, 2013. On behalf of the investment manager, TFS Capital, I would like to thank you for your continued investment.

TFS Capital is pleased to announce that it was chosen as Morningstar’s Alternatives Fund Manager of the Year for the TFS Market Neutral Fund for 2012. This newly created award was established to recognize the performance of investment managers who specialize in strategies outside of the traditional equity and fixed-income categories. According to Morningstar, they considered the managers of 361 alternative funds in choosing the 2012 winner.

Below are the performance updates on each of the mutual 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	4.44%	4.31%	4.27%	7.68%
S&P 500® Index	16.89%	12.80%	5.21%	6.37%

Average annual total returns for periods ended April 30, 2013

TFSMX did not produce positive alpha (i.e., the return that cannot be explained by a fund’s market exposure) for the first six months of the current fiscal year. Much of this poor performance can be traced to recent months. For instance, in the month of April 2013, TFSMX was down -2.17% while the S&P 500® Index was up 1.93%. TFS Capital sent a letter by electronic mail to financial intermediaries that are known users of TFSMX which attempts to identify some of the potential causes of this poor performance. If you are interested in receiving a copy of this letter, please contact TFS Capital. In summary, TFS Capital believes that this period of underperformance may have been driven by a “short-squeeze” affecting the portfolio (i.e., a price dislocation that occurs when short positions in thinly traded securities are exited quickly resulting in a rise in price). While TFS Capital believes that the impact from this market action will be temporary and represents a buying opportunity, it is impossible to determine whether prices on certain short positions will improve (i.e., return to pre-short-squeeze levels). It is encouraging that TFSMX has seen strong positive alpha production in June month-to-date.

TFSMX’s performance over longer periods of time compares favorably to the overall U.S. equity market as measured by the S&P 500® Index. From inception through April 30, 2013, TFSMX generated a 7.68% average annual return and had an annualized standard deviation of 8.13%, whereas the S&P 500® Index generated a 6.37% average annual return and had an annualized standard deviation of 21.50%. Therefore, during this time period, TFSMX produced an average annual return that was 1.31 percentage points above that of the S&P 500® Index while subjecting investors to only 37.8% of the S&P 500® Index’s volatility. Based on its trailing 5-year return through April 30, 2013, TFSMX was ranked #2 among 38 funds in the Lipper Equity Market Neutral category.1

1

The strategies used in managing TFSMX have resulted in its returns having a low correlation to other asset classes since inception. According to Modern Portfolio Theory, portfolios may benefit by combining non-correlated investments. For your reference, below are the TFS Market Neutral Fund’s correlations to several other asset classes since inception. It is notable that TFSMX has observed a rise in correlation to equity indices in recent years, as compared to historical averages.

Index	Correlation Since Inception
S&P 500® Index	0.61
Russell 2000® Index	0.60
MSCI EAFE Index	0.50
Barclays U.S. Aggregate Bond Index	-0.17
Dow Jones REIT ETF Index	0.43
Dow Jones Commodity Futures	0.45

The TFS Market Neutral Fund is currently operating under a policy that limits additional investments (the “Subscription Policy”). Given its investment strategies’ capacity limitations, the Subscription Policy allows the TFS Market Neutral Fund to seek stability in its net assets and maintain control of its growth. To date, the Subscription Policy has been effective in enabling TFSMX to maintain a relatively consistent asset level.

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	20.35%	12.55%	12.89%	10.49%
Russell 2000® Index	17.69%	11.25%	7.27%	5.32%

Average annual total returns for periods ended April 30, 2013

During the 12-month period ended April 30, 2013, TFSSX outperformed 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 comparing the return of TFSSX and its benchmark return (i.e., 20.35% versus 17.69%). Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with any performance deviation generally attributable to TFS Capital’s equity selection.

TFSSX also achieved its objective of outperforming the Russell 2000® Index over longer periods of time. In fact, it now has over a 7-year track record and has achieved an average annual return since inception that is 5.17 percentage points higher than that of the Russell 2000® Index. Based on its trailing 5-year return through April 30, 2013, TFSSX was ranked #13 among 561 funds in the Lipper Small Cap Core category.2

2

TFS Hedged Futures Fund (ticker: TFSHX)

	1-year return	Since Inception (12/29/2011)
TFS Hedged Futures Fund	-0.28%	4.53%
S&P Diversified Trends Indicator	-3.27%	-7.46%
S&P 500® Index	16.89%	21.84%

Average annual total returns for periods ended April 30, 2013

During the 12-month period ended April 30, 2013, TFSHX failed to generate capital appreciation – posting a -0.28% return during the period. However, from inception through April 30, 2013, TFSHX generated a positive average annual return of 4.53%. The performance over both periods compares favorably to the S&P Diversified Trends Indicator, a commonly-used benchmark for managed futures funds. Though the S&P 500® Index is not generally considered an appropriate benchmark for managed futures funds, it is provided above for your reference.

Like the TFS Market Neutral Fund, the TFS Hedged Futures Fund has demonstrated a low correlation to many market indices. This low correlation suggests the addition of the TFS Hedged Futures Fund may improve the risk-adjusted performance of many investment portfolios. The TFS Hedged Futures Fund has had a slightly negative correlation to the S&P Diversified Trends Indicator, which suggests that it may also have a low correlation to other managed futures funds that track this index. The TFS Hedged Futures Fund also has a low correlation to the TFS Market Neutral Fund which suggests that these two investments may complement each other in an investment portfolio seeking non-correlated return streams. For your reference, below are the TFS Hedged Futures Fund’s correlations to several other asset classes including the TFS Market Neutral Fund.

Index	Correlation Since Inception
TFS Market Neutral Fund (ticker: TFSMX)	0.36
S&P Diversified Trends Indicator	-0.08
S&P 500® Index	0.31
Russell 2000® Index	0.34
S&P GSCI Index	0.20
Barclays U.S. Aggregate Bond Index	-0.09

As always, we do not recommend allocating a high percentage of one’s assets to any one investment fund managed by TFS Capital given the risks inherent in each product. Rather, we believe that they are best used as a component of a diversified portfolio of investments. If you have any questions regarding this material, please contact us.

Best regards,

Larry S. Eiben

Chief Operating Officer & Co-Portfolio Manager

TFS Capital LLC

3

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 mutual funds discussed in this report (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 reductions and/or expense reimbursements by the Adviser have positively impacted the Funds’ performance. Without such reductions 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 #2 out of 38 using its 5-year return and #5 out of 47 using its 3-year return. At 4/30/2013, Lipper did not make 1-year rankings available to the public.
2	In the Lipper Small Cap Core category, TFSSX was ranked #13 out of 561 using its 5-year return and #161 out of 634 using its 3-year return. At 4/30/2013, Lipper did not make 1-year rankings available to the public.

Ranking information provided by Lipper for the periods ended April 30, 2013. TFSSX was assigned by Lipper to the Small-Cap Core category. TFSMX was assigned by Lipper to the Equity Market Neutral category. The Funds are ranked based on total return and are ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund rankings are calculated monthly by Lipper Analytical Services of New York. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

4

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

April 30, 2013 (Unaudited)

Common Stocks vs.

the Standard & Poor’s 500® Index Net Sector Exposure*

* The net percentages for 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 will not total to 100%.

Top 10 Long Common Stocks		Top 10 Short Common Stocks
Security Description	% of Net Assets	Security Description	% of Net Assets
First Solar, Inc.	0.61%	Uni-Pixel, Inc.	0.73%
Lufkin Industries, Inc.	0.61%	Ebix, Inc.	0.57%
Spirit AeroSystems Holdings, Inc. - Class A	0.43%	MannKind Corporation	0.54%
Hanover Insurance Group, Inc. (The)	0.42%	Advanced Micro Devices, Inc.	0.51%
Sanmina Corporation	0.38%	VIVUS, Inc.	0.51%
Exelis, Inc.	0.38%	Solazyme, Inc.	0.47%
Tenneco, Inc.	0.36%	Molycorp, Inc.	0.46%
Steven Madden Ltd.	0.34%	VirnetX Holding Corporation	0.45%
Mercury General Corporation	0.34%	Radian Group, Inc.	0.43%
Gentex Corporation	0.34%	RadioShack Corporation	0.40%

Please note that the Fund may hold securities other than common stocks.

5

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

April 30, 2013 (Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Common Stocks
Security Description	% of Net Assets
Spirit AeroSystems Holdings, Inc. - Class A	0.68%
AMN Healthcare Services, Inc.	0.58%
LIN TV Corporation - Class A	0.57%
Benchmark Electronics, Inc.	0.55%
Exelis, Inc.	0.55%
AmSurg Corporation	0.54%
Mercury General Corporation	0.52%
Jack in the Box, Inc.	0.51%
Telephone and Data Systems, Inc.	0.51%
Pike Electric Corporation	0.51%

6

TFS HEDGED FUTURES FUND

PORTFOLIO INFORMATION

April 30, 2013 (Unaudited)

Exposure by Type of Futures Contract

(Value as a % of Net Assets)

Net Exposure by Type of Futures Contract (Net as a % of Net Assets)
Net Commodity Futures Exposure	-0.2%
Net Currency Futures Exposure	0.1%
Net Financial Futures Exposure	-50.9%

7

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS*

April 30, 2013 (Unaudited)

COMMON STOCKS — 92.6%	Shares		Value
Consumer Discretionary — 14.1%
Ascena Retail Group, Inc. (a) (b)		263,018	$	4,865,833
Cablevision Systems Corporation - Class A (b)		336,245		4,996,601
Cooper Tire & Rubber Company (b)		205,058		5,103,894
E.W. Scripps Company (The) - Class A (a)		449,863		6,248,597
Express, Inc. (a) (b)		317,889		5,788,759
Gentex Corporation (b)		283,347		6,375,307
Men's Wearhouse, Inc. (The) (b)		160,141		5,364,723
Shutterfly, Inc. (a) (b)		125,514		5,589,138
Sinclair Broadcast Group, Inc. - Class A (b)		205,629		5,510,857
Steven Madden Ltd. (a) (b)		133,160		6,475,571
Tenneco, Inc. (a) (b)		177,001		6,844,629
Other Consumer Discretionary (c)				201,958,364
				265,122,273
Consumer Staples — 2.3%
Prestige Brands Holdings, Inc. (a) (b)		207,957		5,604,441
Other Consumer Staples (c)				38,261,869
				43,866,310
Energy — 8.6%
Exterran Holdings, Inc. (a) (b)		186,300		4,922,046
Long Run Exploration Ltd. (a) (d)		1		4
Lufkin Industries, Inc.		129,954		11,473,639
Newfield Exploration Company (a)		234,308		5,105,571
Other Energy (c)				140,138,894
				161,640,154
Financials — 16.4%
CNO Financial Group, Inc. (b)		455,644		5,157,890
Endurance Specialty Holdings Ltd. (b)		128,382		6,286,867
Golub Capital BDC, Inc. (b)		282,832		4,986,328
Hanover Insurance Group, Inc. (The) (b)		155,397		7,836,671
Mercury General Corporation (b)		141,378		6,462,388
Och-Ziff Capital Management Group, LLC (b)		541,203		5,552,743
Old Republic International Corporation (b)		429,243		5,794,781
Protective Life Corporation (b)		148,541		5,653,470
Synovus Financial Corporation (b)		2,341,011		6,297,320
Other Financials (c)				254,536,470
				308,564,928
Health Care — 14.4%
Alkermes plc (a) (b)		169,157		5,177,896
AmSurg Corporation (a) (b)		162,006		5,436,921
Cubist Pharmaceuticals, Inc. (a) (b)		111,681		5,128,392
Health Management Associates, Inc. - Class A (a) (b)		470,085		5,401,277
Hill-Rom Holdings, Inc. (b)		151,519		5,162,252
Jazz Pharmaceuticals plc (a) (b)		82,841		4,833,772

8

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
LifePoint Hospitals, Inc. (a)		104,341	$	5,008,368
NuVasive, Inc. (a) (b)		229,161		4,805,506
Techne Corporation (b)		88,586		5,681,906
United Therapeutics Corporation (a) (b)		85,308		5,696,868
WellCare Health Plans, Inc. (a) (b)		92,317		5,383,004
Other Health Care (c)				212,282,658
				269,998,820
Industrials — 13.3%
Astronics Corporation - Class B (a) (d)		1,560		42,276
Avis Budget Group, Inc. (a) (b)		214,583		6,188,574
Babcock & Wilcox Company (The) (b)		178,526		4,855,907
DigitalGlobe, Inc. (a) (b)		198,531		5,795,120
EnergySolutions, Inc. (a) (b)		1,164,405		4,808,993
Exelis, Inc. (b)		632,972		7,070,297
Primoris Services Corporation		272,256		6,000,522
Republic Airways Holdings, Inc. (a) (b)		476,548		5,332,572
Ryder System, Inc. (b)		100,939		5,861,528
Spirit AeroSystems Holdings, Inc. - Class A (a) (b)		402,859		8,053,151
Textainer Group Holdings Ltd. (b)		125,964		4,871,028
Other Industrials (c)				190,629,875
				249,509,843
Information Technology — 15.2%
First Solar, Inc. (a) (b)		247,862		11,540,455
Sanmina Corporation (a) (b)		568,415		7,173,397
TriQuint Semiconductor, Inc. (a) (b)		1,047,435		6,117,020
Other Information Technology (c)				261,015,810
				285,846,682
Materials — 5.6%
Eagle Materials, Inc. (b)		73,508		4,980,167
Other Materials (c)				99,230,144
				104,210,311
Telecommunication Services — 1.4%
Telephone and Data Systems, Inc. (b)		274,741		6,165,188
Other Telecommunication Services (c)				19,011,726
				25,176,914
Utilities — 1.3%
Other Utilities (c)				25,104,249
Total Common Stocks (Cost $1,597,630,448)			$	1,739,040,484

PREFERRED STOCKS — 0.0% (e)	Shares	Value
Other Preferred Stocks (Cost $90,221)(c)		$	84,780

9

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

OTHER INVESTMENTS — 4.2%	Shares	Value
Other Investments (Cost $75,813,833) (c)		$	77,705,294

CORPORATE BONDS — 0.0% (e)	Par Value	Value
Financials — 0.0% (e)
Other Financials (Cost $0) (c)		$	2,805

MONEY MARKET FUNDS — 0.9%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (f)		13,976,855	$	13,976,855
UMB Money Market Fiduciary, 0.01% (f)		3,370,158		3,370,158
Total Money Market Funds (Cost $17,347,013)			$	17,347,013
Total Investments at Value — 97.7% (Cost $1,690,881,515)			$	1,834,180,376
Other Assets in Excess of Liabilities — 2.3%				43,811,403	(g)
Net Assets — 100.0%			$	1,877,991,779

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Represents issuers not identified as either a top 50 holding in terms of value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or not a fair-valued security as of April 30, 2013.
(d)	Security has been valued at fair value in accordance with procedures adopted in good faith by the Board of Trustees. Total value of such securities is $42,280 at April 30, 2013, representing less than 0.1% of net assets (Note 2).
(e)	Percentage rounds to less than 0.1%.
(f)	The rate shown is the 7-day effective yield as of April 30, 2013.
(g)	Includes cash held as margin deposits for open short positions.
See accompanying notes to financial statements.

10

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

April 30, 2013 (Unaudited)

COMMON STOCKS — 65.7%	Shares		Value
Consumer Discretionary — 10.3%
Auto Components — 0.4%
American Axle & Manufacturing Holdings, Inc.		101	$	1,350
China Automotive Systems, Inc.		93,306		420,810
China XD Plastics Company Ltd.		90,980		363,010
Fuel Systems Solutions, Inc.		20,571		323,171
Gentherm, Inc.		148,690		2,264,549
Goodyear Tire & Rubber Company (The)		349,249		4,363,866
Quantum Fuel Systems Technologies Worldwide, Inc.		666,832		380,094
SORL Auto Parts, Inc.		21,719		62,551
				8,179,401
Automobiles — 0.4%
Kandi Technologies Corporation		136,312		576,600
Tesla Motors, Inc.		84,090		4,540,019
Winnebago Industries, Inc.		76,164		1,395,324
				6,511,943
Distributors — 0.1%
China Metro-Rural Holdings Ltd.		100		120
Pool Corporation		44,823		2,197,223
VOXX International Corporation		856		8,158
				2,205,501
Diversified Consumer Services — 1.2%
American Public Education, Inc.		26,842		900,012
Apollo Group, Inc. - Class A		41,868		769,115
Ascent Capital Group, Inc.		1,813		120,547
Bridgepoint Education, Inc.		40,863		440,503
Bright Horizons Family Solutions, Inc.		56		1,817
ChinaCast Education Corporation		280,803		19,656
Coinstar, Inc.		102,352		5,405,209
Collectors Universe, Inc.		2,754		32,800
Corinthian Colleges, Inc.		807,805		1,615,610
CPI Corporation		4,039		86
Education Management Corporation		109,029		618,195
Grand Canyon Education, Inc.		65,290		1,669,465
ITT Educational Services, Inc.		147,968		2,709,294
K12, Inc.		7,905		201,341
Matthews International Corporation - Class A		13,093		481,953
Regis Corporation		132,759		2,489,231
School Specialty, Inc.		34,783		1,705
Service Corporation International		16,206		273,557
Stewart Enterprises, Inc. - Class A		136,385		1,215,190
StoneMor Partners, L.P.		93,136		2,556,583
Strayer Education, Inc.		22,803		1,079,950

11

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Diversified Consumer Services — 1.2% (Continued)
Weight Watchers International, Inc.		12,340	$	520,378
				23,122,197
Hotels, Restaurants & Leisure — 1.1%
Arcos Dorados Holdings, Inc.		688		9,371
Asia Entertainment & Resources Ltd.		88,972		395,036
Biglari Holdings, Inc.		274		106,115
BJ's Restaurants, Inc.		148,739		5,101,748
Boyd Gaming Corporation		281,673		3,380,076
Brinker International, Inc.		108,023		4,202,095
Buffalo Wild Wings, Inc.		11,149		1,003,326
Choice Hotels International, Inc.		144		5,625
DineEquity, Inc.		50,069		3,566,915
Kona Grill, Inc.		324		3,159
Life Time Fitness, Inc.		279		12,884
MTR Gaming Group, Inc.		287		990
Nathan's Famous, Inc.		1,095		48,892
PokerTek, Inc.		1,884		2,656
Red Lion Hotels Corporation		25,255		164,915
Ruby Tuesday, Inc.		87,622		844,676
Ryman Hospitality Properties, Inc.		19,739		877,596
Star Buffet, Inc.		325		747
Texas Roadhouse, Inc.		1,114		26,179
Universal Travel Group		237,996		47,599
				19,800,600
Household Durables — 1.6%
American Greetings Corporation - Class A		191		3,522
Bassett Furniture Industries, Inc.		1,536		21,550
Beazer Homes USA, Inc.		56,026		905,380
Blyth, Inc.		258,330		4,257,278
Cavco Industries, Inc.		1,725		78,695
Comstock Holding Companies, Inc. - Class A		3,495		9,891
Deer Consumer Products, Inc.		51,567		3,094
Desarrolladora Homex S.A.B de C.V. - ADR		51,462		251,135
Ethan Allen Interiors, Inc.		27,788		813,633
Furniture Brands International, Inc.		1,558		1,714
Garmin Ltd.		5,047		177,049
Hovnanian Enterprises, Inc. - Class A		91,508		498,719
iRobot Corporation		89		2,589
KB Home		246,257		5,550,633
Location Based Technologies, Inc.		103,181		19,088
M/I Homes, Inc.		9,510		233,946
Mad Catz Interactive, Inc.		489,312		200,471
Ryland Group, Inc. (The)		126,606		5,704,866

12

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Household Durables — 1.6% (Continued)
Skullcandy, Inc.		631,271	$	3,244,733
SodaStream International Ltd.		43,497		2,341,878
Tempur-Pedic International, Inc.		60,831		2,950,304
ZAGG, Inc.		329,933		2,233,646
				29,503,814
Internet & Catalog Retail — 0.4%
NutriSystem, Inc.		178,484		1,445,720
Overstock.com, Inc.		152,184		3,165,427
PetMed Express, Inc.		225,437		2,817,963
Vitacost.com, Inc.		8,103		63,041
				7,492,151
Leisure Equipment & Products — 0.5%
Arctic Cat, Inc.		3,214		144,598
Black Diamond, Inc.		126,966		1,244,267
Brunswick Corporation		67,073		2,123,531
Callaway Golf Company		82,684		553,983
Eastman Kodak Company		1,275,620		471,980
JAKKS Pacific, Inc.		14,776		161,206
Nautilus, Inc.		1,305		8,978
Smith & Wesson Holding Corporation		362,553		3,183,215
Sturm Ruger & Company, Inc.		10,875		557,561
				8,449,319
Media — 0.8%
Atrinsic, Inc.		87,591		350
Central European Media Enterprises Ltd.		56,274		208,214
China Yida Holding Company		1,079		4,273
Clear Channel Outdoor Holdings, Inc.		24,057		173,932
Cumulus Media, Inc. - Class A		41,619		132,765
Dex One Corporation		425,979		1,013,830
Dial Global, Inc. (a)		2,195		922
Digital Domain Media Group, Inc.		75,247		1,279
Digital Generation, Inc.		35,925		240,697
DreamWorks Animation SKG, Inc. - Class A		80,130		1,544,906
IMAX Corporation		100		2,553
Lee Enterprises, Inc.		322,902		464,979
Madison Square Garden Company (The) - Class A		52		3,134
Manchester United plc - Class A		17,453		313,805
Martha Stewart Living Omnimedia, Inc. - Class A		1,501		3,707
McClatchy Company (The) - Class A		731,645		1,690,100
Media General, Inc. - Class A		85,726		702,953
Meredith Corporation		20,644		801,400
New York Times Company (The)		354,252		3,138,673
Pandora Media, Inc.		10,104		140,749

13

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Media — 0.8% (Continued)
Regal Entertainment Group - Class A		65,640	$	1,177,582
Scholastic Corporation		49,705		1,364,402
SPAR Group, Inc.		705		1,382
SuperMedia, Inc.		50,146		263,267
Tiger Media, Inc.		1,132		1,313
Valassis Communications, Inc.		73,295		1,878,551
World Wrestling Entertainment, Inc. - Class A		27,827		255,452
				15,525,170
Multiline Retail — 0.4%
Bon-Ton Stores, Inc. (The)		297,796		4,568,191
Fred's, Inc. - Class A		78,585		1,118,264
J. C. Penney Company, Inc.		62,627		1,028,335
Saks, Inc.		95,354		1,101,339
Sears Canada, Inc.		9,011		83,634
Sears Holdings Corporation		2,755		141,442
				8,041,205
Specialty Retail — 2.9%
Aéropostale, Inc.		23,489		344,349
America's Car-Mart, Inc.		4,801		222,142
AutoChina International Ltd.		156		1,724
Barnes & Noble, Inc.		324,414		5,881,626
bebe stores, inc.		176,920		1,001,367
Body Central Corporation		7,340		74,721
Books-A-Million, Inc.		12,867		33,454
Brown Shoe Company, Inc.		6,449		109,053
Buckle, Inc. (The)		38,399		1,864,271
Citi Trends, Inc.		10,782		126,904
Coldwater Creek, Inc.		147,888		527,960
Conn's, Inc.		120,773		5,230,679
Finish Line, Inc. (The)		493		9,559
Francesca's Holdings Corporation		46,452		1,326,669
Group 1 Automotive, Inc.		68,453		4,140,037
Guess?, Inc.		7,968		220,554
Hibbett Sports, Inc.		2,815		154,403
Hot Topic, Inc.		231,557		3,230,220
Jos. A. Bank Clothiers, Inc.		49,085		2,144,033
Lithia Motors, Inc.		1,120		55,462
Lumber Liquidators Holdings, Inc.		16,218		1,329,227
MarineMax, Inc.		565		6,548
Mattress Firm Holding Corporation		49,091		1,881,167
Monro Muffler Brake, Inc.		61,849		2,558,075
Office Depot, Inc.		153,773		593,564
OfficeMax, Inc.		33,368		384,066

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Specialty Retail — 2.9% (Continued)
Orchard Supply Hardware Stores Corporation - Class A		5,013	$	9,926
Pep Boys - Manny Moe & Jack (The)		89,919		1,043,060
RadioShack Corporation		2,359,057		7,478,211
Rent-A-Center, Inc.		89,791		3,136,400
rue21, inc.		11,612		370,423
Select Comfort Corporation		44,227		938,497
Sonic Automotive, Inc. - Class A		72,877		1,602,565
Stage Stores, Inc.		162,848		4,509,261
Systemax, Inc.		2,729		24,998
Tile Shop Holdings, Inc. (The)		276		6,845
Trinity Place Holdings, Inc.		160		872
Walking Company Holdings, Inc. (The)		4		37
Zumiez, Inc.		84,737		2,454,831
				55,027,760
Textiles, Apparel & Luxury Goods — 0.5%
American Apparel, Inc.		427,575		825,220
DGSE Companies, Inc.		3,657		18,577
G-III Apparel Group Ltd.		135		5,489
Iconix Brand Group, Inc.		161		4,613
Joe's Jeans, Inc.		100		176
Kingold Jewelry, Inc.		145,407		184,667
Vera Bradley, Inc.		156,150		3,563,343
Wolverine World Wide, Inc.		90,805		4,337,755
				8,939,840
Consumer Staples — 1.9%
Beverages — 0.1%
Boston Beer Company, Inc. - Class A		2,671		452,254
Central European Distribution Corporation		852,814		59,697
Primo Water Corporation		88,606		112,529
Reed's, Inc.		120,489		494,005
				1,118,485
Food & Staples Retailing — 0.4%
Chefs' Warehouse, Inc. (The)		19,345		355,754
Crumbs Bake Shop, Inc.		466		662
Natural Grocers by Vitamin Cottage, Inc.		5,821		145,991
Pizza Inn Holdings, Inc.		2,087		16,571
Roundy's, Inc.		585,107		4,189,366
Spartan Stores, Inc.		520		8,726
SUPERVALU, Inc.		131,628		768,707
Susser Holdings Corporation		11,123		591,410
United Natural Foods, Inc.		15,267		762,434
Weis Markets, Inc.		8,627		360,867
				7,200,488

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Consumer Staples — 1.9% (Continued)
Food Products — 0.7%
AgFeed Industries, Inc.		179,465	$	18,126
Amira Nature Foods Ltd.		9,864		75,558
Annie's, Inc.		34,271		1,295,101
Calavo Growers, Inc.		66,189		1,877,120
Cal-Maine Foods, Inc.		220		9,390
China Marine Food Group Ltd.		69,491		55,593
Chiquita Brands International, Inc.		572		4,936
Coffee Holding Company, Inc.		78,247		530,515
Dean Foods Company		44,394		849,701
Diamond Foods, Inc.		258,977		3,905,373
Dole Food Company, Inc.		45,613		490,796
Feihe International, Inc.		27,039		197,926
Fresh Del Monte Produce, Inc.		16,322		414,742
Green Mountain Coffee Roasters, Inc.		3,171		182,015
Hain Celestial Group, Inc. (The)		12,027		784,762
Le Gaga Holdings Ltd.		3,510		11,337
Lifeway Foods, Inc.		697		8,838
Limoneira Company		32		596
SkyPeople Fruit Juice, Inc.		31,586		69,173
Stevia Corporation		4,596		1,289
Tootsie Roll Industries, Inc.		3,360		104,946
Umami Sustainable Seafood, Inc.		756		1,164
WhiteWave Foods Company		142,547		2,410,470
Yuhe International, Inc. (a)		109,183		8,735
Zhongpin, Inc.		495		6,415
				13,314,617
Household Products — 0.0% (b)
Central Garden & Pet Company - Class A		20,643		181,659
Personal Products — 0.5%
China Sky One Medical, Inc.		197,454		29,618
China-Biotics, Inc.		532,897		969,873
Elizabeth Arden, Inc.		2,763		113,145
Herbalife Ltd.		40,559		1,610,598
LifeVantage Corporation		400,194		912,442
Medifast, Inc.		33,149		868,504
Nu Skin Enterprises, Inc.		22,536		1,143,251
Synutra International, Inc.		96,374		465,486
USANA Health Sciences, Inc.		74,883		4,224,899
				10,337,816
Tobacco — 0.2%
Alliance One International, Inc.		255,821		959,329
Star Scientific, Inc.		1,655,659		2,053,017
				3,012,346

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Energy — 5.4%
Energy Equipment & Services — 0.7%
C&J Energy Services, Inc.		16,826	$	332,987
Cal Dive International, Inc.		896,283		1,496,793
Compressco Partners, L.P.		33		782
Geokinetics, Inc.		1,664		17
Gulfmark Offshore, Inc. - Class A		10,698		445,251
Heckmann Corporation		1,686,209		6,222,111
Helix Energy Solutions Group, Inc.		123,923		2,855,186
Mitcham Industries, Inc.		1,444		21,443
Newpark Resources, Inc.		4,235		44,467
Poseidon Concepts Corporation		5,042		61
Recon Technology Ltd.		900		1,872
RigNet, Inc.		24		581
RPC, Inc.		42,434		561,826
SulphCo, Inc.		486,090		389
Tesco Corporation		3,417		41,687
Tidewater, Inc.		3,524		184,834
Transocean Ltd.		4,161		214,167
USA Compression Partners, L.P.		9,744		209,496
Vantage Drilling Company		406,367		686,760
				13,320,710
Oil, Gas & Consumable Fuels — 4.7%
Alon USA Partners, L.P.		180		4,464
Amyris, Inc.		43,859		119,296
Apco Oil and Gas International, Inc.		2,414		24,406
Approach Resources, Inc.		24,362		577,867
Arch Coal, Inc.		199,556		967,847
ATP Oil & Gas Corporation		376,995		52,742
Berry Petroleum Company - Class A		5,001		239,598
Bill Barrett Corporation		111,667		2,217,707
BioFuel Energy Corporation		112,894		487,138
Blue Dolphin Energy Company		41,521		253,278
BMB Munai, Inc.		5,958		120
BPZ Resources, Inc.		1,147,068		2,454,725
CAMAC Energy, Inc.		237,884		128,457
Chesapeake Granite Wash Trust		32,330		524,069
China Integrated Energy, Inc.		485,749		131,152
Clayton Williams Energy, Inc.		4		154
Clean Energy Fuels Corporation		188,834		2,490,720
Cloud Peak Energy, Inc.		173,969		3,399,354
Contango Oil & Gas Company		5,387		202,659
Cubic Energy, Inc.		8,104		2,593
CVR Energy, Inc.		13,237		652,187
CVR Refining, L.P.		109,796		3,499,199

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Energy — 5.4% (Continued)
Oil, Gas & Consumable Fuels — 4.7% (Continued)
Dominion Resources Black Warrior Trust		1,352	$	6,774
Emerald Oil, Inc.		94,383		606,883
Enbridge Energy Management, LLC		66,091		1,963,564
Endeavour International Corporation		342,498		938,445
EQT Midstream Partners, L.P.		915		42,364
EXCO Resources, Inc.		73,706		535,106
Frontline Ltd.		344,368		626,750
FX Energy, Inc.		2,855		10,963
GeoGlobal Resources, Inc.		321,275		6,586
Global Partners, L.P.		306		10,924
GMX Resources, Inc.		74,803		12,342
GreenHunter Energy, Inc.		36,697		41,835
Harvest Natural Resources, Inc.		101,087		331,565
Houston American Energy Corporation		39,340		7,510
Hugoton Royalty Trust		211		1,914
Hyperdynamics Corporation		890,631		492,964
Inergy Midstream, L.P.		3,001		76,195
InterOil Corporation		43,436		3,436,656
Isramco, Inc.		1,462		133,554
Ivanhoe Energy, Inc.		4,600		5,934
James River Coal Company		3,010,993		4,968,138
Kinder Morgan Management, LLC		11,016		972,388
KiOR, Inc. - Class A		535,458		2,607,680
Knightsbridge Tankers Ltd.		75,571		517,661
L & L Energy, Inc.		256,202		991,502
Linn Energy, LLC		28,137		1,086,370
LinnCo, LLC		60,162		2,570,722
Lucas Energy, Inc.		356,471		459,848
Magnum Hunter Resources Corporation		477,375		1,298,460
McMoRan Exploration Company		63,895		1,057,462
Mexco Energy Corporation		215		1,210
Miller Energy Resources, Inc.		343,668		1,305,938
New Concept Energy, Inc.		12,245		12,735
NGL Energy Partners, L.P.		24,615		722,943
Niska Gas Storage Partners, LLC		2,346		35,706
Nordic American Tankers Ltd.		207,611		1,849,814
Northern Oil & Gas, Inc.		137,298		1,769,771
Overseas Shipholding Group, Inc.		804,229		2,670,040
Oxford Resource Partners, L.P.		177,073		571,946
Pacific Ethanol, Inc.		1,772,585		478,598
Patriot Coal Corporation		447,191		41,544
PBF Energy, Inc.		5,488		167,110
PDC Energy, Inc.		16,345		707,738

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Energy — 5.4% (Continued)
Oil, Gas & Consumable Fuels — 4.7% (Continued)
Pengrowth Energy Corporation		602	$	3,046
PetroBakken Energy Ltd.		767		6,527
Pyramid Oil Company		35,326		142,364
Resolute Energy Corporation		118,114		1,089,011
REX American Resources Corporation		181		3,383
Rex Energy Corporation		85,439		1,373,005
Rhino Resource Partners, L.P.		32,825		478,588
Royale Energy, Inc.		232,388		571,674
San Juan Basin Royalty Trust		293,698		4,537,634
Sanchez Energy Corporation		69,575		1,260,003
SandRidge Energy, Inc.		533,812		2,743,794
Sino Clean Energy, Inc.		214,504		42,901
Solazyme, Inc.		961,373		8,748,494
StealthGas, Inc.		611		6,318
Susser Petroleum Partners, L.P.		8,240		254,698
Teekay Tankers Ltd. - Class A		963,909		2,438,690
Tri-Valley Corporation		568,872		1,422
Ultra Petroleum Corporation		31,171		667,059
Uranerz Energy Corporation		403,486		411,556
Uranium Energy Corporation		1,128,671		1,749,440
Uranium Resources, Inc.		211,338		426,903
USEC, Inc.		932,571		298,423
Verenium Corporation		100,530		231,219
W&T Offshore, Inc.		150,879		1,762,267
Whiting USA Trust I		607,449		3,924,121
Whiting USA Trust II		500		7,080
ZaZa Energy Corporation		100		127
Zion Oil & Gas, Inc.		298,883		385,559
				88,149,190
Financials — 9.5%
Capital Markets — 1.6%
AllianceBernstein Holding, L.P.		1,030		24,401
Apollo Investment Corporation		2,303		20,289
Calamos Asset Management, Inc.		10,595		120,253
CorEnergy Infrastructure Trust, Inc.		30		230
E*TRADE Financial Corporation		423,330		4,356,066
Fidus Investment Corporation		156,011		2,933,007
Financial Engines, Inc.		95,763		3,482,900
FXCM, Inc.		51,773		701,524
Gladstone Investment Corporation		297,759		2,215,327
Hercules Technology Growth Capital, Inc.		36,366		483,668
Horizon Technology Finance Corporation		122		1,792
INTL FCStone, Inc.		43,417		743,299

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Capital Markets — 1.6% (Continued)
Investment Technology Group, Inc.		269	$	2,929
Investors Capital Holdings Ltd.		131		508
Janus Capital Group, Inc.		18,562		165,573
KCAP Financial, Inc.		102,781		1,112,090
Knight Capital Group, Inc.		642,674		2,275,066
Main Street Capital Corporation		6,374		191,603
Medley Capital Corporation		4,828		75,220
MF Global Holdings Ltd.		489,633		12,975
NGP Capital Resources Company		169,125		1,126,373
Oppenheimer Holdings, Inc.		435		8,048
PennantPark Floating Rate Capital Ltd.		3,393		48,045
Penson Worldwide, Inc.		261,155		992
Piper Jaffray Companies, Inc.		70,120		2,367,251
Rand Capital Corporation		751		2,231
Safeguard Scientifics, Inc.		81,546		1,316,152
SEI Investments Company		2		57
Solar Capital Ltd.		42,021		1,005,563
Stifel Financial Corporation		123,717		3,986,162
TICC Capital Corporation		37,564		382,026
Triangle Capital Corporation		38,200		1,068,454
				30,230,074
Commercial Banks — 4.0%
Ameris Bancorp		81,817		1,134,802
Arrow Financial Corporation		4,431		107,186
Auburn National Bancorporation, Inc.		221		4,906
BancFirst Corporation		174		7,280
BancorpSouth, Inc.		8,902		142,432
Bank of the Ozarks, Inc.		98,517		4,032,301
Banner Corporation		3,118		101,865
BBCN Bancorp, Inc.		60,576		780,219
BNC Bancorp		1,127		11,439
Boston Private Financial Holdings, Inc.		58,096		560,045
Britton & Koontz Capital Corporation		9		99
Bryn Mawr Bank Corporation		2,555		59,353
C&F Financial Corporation		575		23,115
Capital City Bank Group, Inc.		34,488		431,100
Capitol Bancorp Ltd.		40,199		3,015
Cascade Bancorp		27,027		161,351
Cathay General Bancorp		399		7,864
CenterState Banks, Inc.		44		366
Citizens Holding Company		737		14,519
City Bank		13,826		1,383
City Holding Company		85,787		3,275,348

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Commercial Banks — 4.0% (Continued)
CoBiz Financial, Inc.		2,715	$	23,240
Columbia Banking System, Inc.		85,912		1,844,531
Commerce Bancshares, Inc.		16,181		649,020
Community Bank System, Inc.		107,143		3,068,576
Community Trust Bancorp, Inc.		7,963		275,679
Dearborn Bancorp, Inc.		920		20
Fauquier Bankshares, Inc.		228		2,741
First BanCorporation (Puerto Rico)		333,320		1,969,921
First Busey Corporation		237,878		1,022,875
First Commonwealth Financial Corporation		121,959		872,007
First Community Bancshares, Inc.		23,567		365,524
First Financial Bancorporation		9,806		150,718
First Financial Bankshares, Inc.		95,180		4,702,844
First of Long Island Corporation (The)		111		3,353
FirstMerit Corporation		25,582		438,220
FNB Corporation		91,666		1,044,076
FNB United Corporation		14,471		108,532
Frontier Financial Corporation		10,459		209
Glacier Bancorp, Inc.		116,550		2,150,348
Glen Burnie Bancorp		56		669
Hampton Roads Bankshares, Inc.		111,129		142,245
Heartland Financial USA, Inc.		842		21,395
Heritage Financial Corporation		41		572
IBERIABANK Corporation		142		6,478
Independent Bank Corporation (Massachusetts)		91,935		2,853,662
Independent Bank Corporation (Michigan)		90,099		637,000
International Bancshares Corporation		1,528		29,643
Jeffersonville Bancorp		10		110
Lakeland Bancorp, Inc.		75,734		724,017
Macatawa Bank Corporation		48,336		270,682
Mercantile Bancorp, Inc.		867		182
Mercantile Bank Corporation		2,409		40,254
National Bankshares, Inc.		6,377		208,847
National Penn Bancshares, Inc.		75,061		734,847
Oak Valley Bancorp		147		1,166
OFG Bancorp		180,868		2,906,549
Old Second Bancorp, Inc.		53,319		245,267
OmniAmerican Bancorp, Inc.		100		2,490
PAB Bankshares, Inc.		4,809		15
PacWest Bancorp		60,283		1,671,648
Park National Corporation		47,983		3,281,078
Park Sterling Corporation		1,196		6,853
Patriot National Bancorp		638		944

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Commercial Banks — 4.0% (Continued)
Pinnacle Financial Partners, Inc.		112,729	$	2,735,933
Popular, Inc.		145,259		4,138,429
Princeton National Bancorp, Inc.		600		7
Prosperity Bancshares, Inc.		27,804		1,277,316
Renasant Corporation		76,837		1,753,420
Republic Bancorp, Inc. - Class A		62,705		1,392,051
S&T Bancorp, Inc.		22,211		419,122
S.Y. Bancorp, Inc.		3,824		87,799
Seacoast Banking Corporation of Florida		832		1,780
Security Bank Corporation		32,973		—
Simmons First National Corporation - Class A		39,467		967,731
Southside Bancshares, Inc.		160,135		3,423,686
Southwest Bancorp, Inc.		11,695		154,608
State Bank Financial Corporation		32,113		472,382
StellarOne Corporation		6,251		93,702
Sterling Financial Corporation		1,832		39,938
Taylor Capital Group, Inc.		58,427		855,956
TCF Financial Corporation		30,413		442,509
Texas Capital Bancshares, Inc.		92,285		3,844,593
Tompkins Financial Corporation		650		27,170
TowneBank		67,383		964,251
Trustmark Corporation		50		1,228
Umpqua Holdings Corporation		56,708		680,496
United Bankshares, Inc.		98,142		2,483,974
United Security Bancshares		1,807		7,426
Valley National Bancorp		125,290		1,126,357
Westamerica Bancorporation		56,377		2,446,198
Westbury Bancorp, Inc.		1,667		22,004
Western Alliance Bancorporation		5,248		77,198
Wintrust Financial Corporation		22,772		816,604
				74,092,903
Consumer Finance — 0.3%
Atlanticus Holdings Corporation		109,936		406,763
Encore Capital Group, Inc.		83,384		2,375,610
Green Dot Corporation - Class A		131,110		2,059,738
NetSpend Holdings, Inc.		2,431		38,799
World Acceptance Corporation		9,908		880,425
				5,761,335
Diversified Financial Services — 0.1%
Capital Southwest Corporation		36		4,237
Consumer Portfolio Services, Inc.		228		2,102
DJSP Enterprises, Inc.		15,586		1,733
KKR Financial Holdings, LLC		12,531		133,956

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Diversified Financial Services — 0.1% (Continued)
Life Partners Holdings, Inc.		163,156	$	543,310
Primus Guaranty Ltd.		1,849		18,952
				704,290
Insurance — 1.0%
Allied World Assurance Company Holdings Ltd.		16,040		1,456,592
Ambac Financial Group, Inc.		19,556		61
American Equity Investment Life Holding Company		310,463		4,731,456
American Financial Group, Inc.		3,179		153,450
CNA Financial Corporation		17,235		580,992
eHealth, Inc.		114,741		2,402,676
Gerova Financial Group Ltd.		9,506		—
Homeowners Choice, Inc.		35,008		929,112
Kingsway Financial Services, Inc.		608		2,250
MBIA, Inc.		20,644		195,292
Montpelier Re Holdings Ltd.		64,762		1,668,269
National Financial Partners Corporation		4,802		121,683
National Western Life Insurance Company		130		23,741
Phoenix Companies, Inc. (The)		16,634		484,216
Primerica, Inc.		106,621		3,620,849
StanCorp Financial Group, Inc.		41,200		1,779,016
Tower Group International Ltd.		19,621		371,229
Universal Insurance Holdings, Inc.		65		389
				18,521,273
Real Estate Investment Trusts (REIT) — 1.2%
Acadia Realty Trust		693		19,785
Arbor Realty Trust, Inc.		103,034		795,422
Ares Commercial Real Estate Corporation		4,225		71,107
Ashford Hospitality Trust, Inc.		77,317		995,843
Colonial Properties Trust		30,257		702,265
CubeSmart		41,908		736,324
CYS Investments, Inc.		18,312		227,618
DuPont Fabros Technology, Inc.		49,015		1,232,237
Extra Space Storage, Inc.		1		44
First Industrial Realty Trust, Inc.		100		1,794
Franklin Street Properties Corporation		28,853		440,585
Geo Group, Inc. (The)		5,736		214,813
Getty Realty Corporation		99,531		2,130,959
Gladstone Commercial Corporation		54,413		1,041,465
Glimcher Realty Trust		13,020		163,271
Home Properties, Inc.		2,383		153,608
Investors Real Estate Trust		3,324		32,343
iStar Financial, Inc.		280,201		3,272,748
JAVELIN Mortgage Investment Corporation		9,868		198,742

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Real Estate Investment Trusts (REIT) — 1.2% (Continued)
Liberty Property Trust		14,187	$	609,899
New York Mortgage Trust, Inc.		444,001		3,170,167
NorthStar Realty Finance Corporation		7,074		70,528
Omega Healthcare Investors, Inc.		2,068		67,975
Parkway Properties, Inc.		5,652		103,036
Pennsylvania Real Estate Investment Trust		17,564		364,102
Ramco-Gershenson Properties Trust		19,105		333,764
Redwood Trust, Inc.		13,028		297,299
Retail Opportunity Investments Corporation		1,567		23,207
Rouse Properties, Inc.		91,435		1,732,693
Sabra Health Care REIT, Inc.		551		16,431
Silver Bay Realty Trust Corporation		34,752		663,068
STAG Industrial, Inc.		381		8,397
Sun Communities, Inc.		43,884		2,244,667
Terreno Realty Corporation		6		113
Walter Investment Management Corporation		2,877		96,552
Western Asset Mortgage Capital Corporation		14,563		326,211
Winthrop Realty Trust		46,209		587,316
				23,146,398
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P.		21,059		464,983
China HGS Real Estate, Inc.		100		1,090
China Housing & Land Development, Inc.		143,405		255,261
Gazit-Globe Ltd.		1,949		25,824
Mays (J.W.), Inc.		144		3,204
Novation Companies, Inc.		628		302
St. Joe Company (The)		74,934		1,466,458
				2,217,122
Thrifts & Mortgage Finance — 1.2%
America First Tax Exempt Investors, L.P.		9,810		70,142
Anchor BanCorp Wisconsin, Inc.		35,400		22,302
Astoria Financial Corporation		134,159		1,286,585
BBX Capital Corporation - Class A		98,985		1,187,820
Beneficial Mutual Bancorp, Inc.		30,090		257,270
BofI Holding, Inc.		41,350		1,686,253
Federal Agricultural Mortgage Corporation - Class C		10,180		323,520
Federal National Mortgage Association		589,647		487,638
First Federal Bancshares of Arkansas, Inc.		6,056		58,683
First Pactrust Bancorp, Inc.		774		8,793
Flushing Financial Corporation		4,373		66,382
Impac Mortgage Holdings, Inc.		54,588		566,623
Malvern Bancorp, Inc.		499		5,793
MGIC Investment Corporation		890,012		4,806,065

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Financials — 9.5% (Continued)
Thrifts & Mortgage Finance — 1.2% (Continued)
NASB Financial, Inc.		3,726	$	84,953
Northwest Bancshares, Inc.		140,937		1,726,478
PMI Group, Inc. (The)		7		—
Provident Financial Holdings, Inc.		11,476		185,911
Radian Group, Inc.		669,823		8,004,385
Security National Financial Corporation - Class A		120,684		957,024
Territorial Bancorp, Inc.		55		1,286
Triad Guaranty, Inc. (a)		9,250		740
TrustCo Bank Corporation		264,501		1,417,725
Westfield Financial, Inc.		395		2,974
				23,215,345
Health Care — 11.6%
Biotechnology — 6.6%
Aastrom Biosciences, Inc.		435,907		261,108
ACADIA Pharmaceuticals, Inc.		163,534		2,107,953
Achillion Pharmaceuticals, Inc.		197,438		1,488,682
Advaxis, Inc.		97,154		6,461
Aegerion Pharmaceuticals, Inc.		135,199		5,683,766
AEterna Zentaris, Inc.		63,638		116,458
Alnylam Pharmaceuticals, Inc.		178,863		4,283,769
Amarin Corporation plc - ADR		624,154		4,624,981
Anthera Pharmaceuticals, Inc.		865,094		475,888
ARCA Biopharma, Inc.		2,683		6,386
Arena Pharmaceuticals, Inc.		644,454		5,310,301
Arrowhead Research Corporation		31,565		65,024
AVEO Pharmaceuticals, Inc.		321,389		1,642,298
BioTime, Inc.		360,977		1,306,737
Cardium Therapeutics, Inc.		106,459		10,007
Celldex Therapeutics, Inc.		36,321		473,989
CEL-SCI Corporation		841,126		227,104
Celsion Corporation		1,629,821		1,362,530
China Biologic Products, Inc.		276		7,021
Cleveland BioLabs, Inc.		278,801		493,478
Curis, Inc.		228		855
Cyclacel Pharmaceuticals, Inc.		83,375		384,359
Cytokinetics, Inc.		388,197		496,892
Cytori Therapeutics, Inc.		636,479		1,788,506
CytRx Corporation		207,818		559,030
DARA BioSciences, Inc.		571,455		444,935
Dendreon Corporation		1,300,007		6,123,033
Discovery Laboratories, Inc.		601		1,016
EpiCept Corporation (a)		103,927		6,236
Exact Sciences Corporation		61,419		573,653

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Health Care — 11.6% (Continued)
Biotechnology — 6.6% (Continued)
Exelixis, Inc.		826,583	$	4,289,966
Galectin Therapeutics, Inc.		12,343		57,765
Galena Biopharma, Inc.		2,246,496		6,447,444
Genomic Health, Inc.		22,944		696,580
GTx, Inc.		10,442		48,242
Horizon Pharma, Inc.		185,319		444,766
iBio, Inc.		184,883		79,537
ImmunoCellular Therapeutics Ltd.		239,567		603,709
ImmunoGen, Inc.		6,007		96,232
Immunomedics, Inc.		451,382		1,155,538
Incyte Corporation		15,030		332,914
Infinity Pharmaceuticals, Inc.		108,396		4,670,784
Insmed, Inc.		131,102		1,200,894
InterMune, Inc.		380,050		3,545,866
Introgen Therapeutics, Inc.		45,612		46
Ironwood Pharmaceuticals, Inc.		193,314		2,940,306
IsoRay, Inc.		279,361		139,680
Keryx Biopharmaceuticals, Inc.		720,186		5,869,516
Lexicon Pharmaceuticals, Inc.		19		38
MannKind Corporation		2,590,271		10,231,570
Marina Biotech, Inc.		246,062		55,364
Mast Therapeutics, Inc.		760,949		510,292
Medgenics, Inc.		78,680		315,507
MediciNova, Inc.		102,132		321,716
Medivation, Inc.		4,650		245,101
MEI Pharma, Inc.		47,057		419,748
Metabolix, Inc.		319,501		555,932
Momenta Pharmaceuticals, Inc.		78,721		969,843
Myrexis, Inc.		891		77
Myriad Genetics, Inc.		17,097		476,151
NeoStem, Inc.		819,672		409,836
Neuralstem, Inc.		315,545		375,499
NeurogesX, Inc.		134,170		1,852
NewLink Genetics Corporation		24,289		338,589
Nymox Pharmaceutical Corporation		107,768		555,005
Omeros Corporation		30,647		123,507
OncoGenex Pharmaceuticals, Inc.		54		547
Oncolytics Biotech, Inc.		471,040		1,436,672
Oncothyreon, Inc.		8,432		21,164
Opexa Therapeutics, Inc.		108,570		183,483
OPKO Health, Inc.		581,160		3,870,526
Orexigen Therapeutics, Inc.		550,345		3,346,098
Organovo Holdings, Inc.		5,988		26,347

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Health Care — 11.6% (Continued)
Biotechnology — 6.6% (Continued)
Osiris Therapeutics, Inc.		224,913	$	2,523,524
OXiGENE, Inc.		22,997		81,409
Oxygen Biotherapeutics, Inc.		17,295		4,322
Peregrine Pharmaceuticals, Inc.		722,436		1,004,186
PharmAthene, Inc.		548,291		866,300
Pluristem Therapeutics, Inc.		213,725		679,645
PROLOR Biotech, Inc.		41,286		257,625
Protalix BioTherapeutics, Inc.		76,914		436,102
Raptor Pharmaceutical Corporation		400,622		2,764,292
Repligen Corporation		890		7,974
Rexahn Pharmaceuticals, Inc.		387,738		124,076
Rosetta Genomics Ltd.		156,250		518,750
RXi Pharmaceuticals Corporation		7,093		1,490
Sangamo Biosciences, Inc.		87,952		895,351
Sarepta Therapeutics, Inc.		81,067		2,354,186
Savient Pharmaceuticals, Inc.		1,339,188		999,436
SIGA Technologies, Inc.		222,093		732,907
Sinovac Biotech Ltd.		15,818		56,312
Spectrum Pharmaceuticals, Inc.		482,396		3,574,554
StemCells, Inc.		309,241		522,617
Sunesis Pharmaceuticals, Inc.		412,072		2,319,965
Synta Pharmaceuticals Corporation		419,823		4,303,186
Synthetic Biologics, Inc.		49,908		72,866
Targacept, Inc.		40,283		185,705
Tengion, Inc. (a)		812		601
Theravance, Inc.		2,499		84,341
Titan Pharmaceuticals, Inc.		9,900		16,434
TrovaGene, Inc.		12,689		75,119
Venaxis, Inc.		31,268		56,908
ZIOPHARM Oncology, Inc.		62,568		105,114
				123,368,002
Health Care Equipment & Supplies — 1.6%
Abiomed, Inc.		198,022		3,657,466
Accuray, Inc.		579,564		2,550,082
Align Technology, Inc.		5,034		166,726
Antares Pharma, Inc.		216,624		821,005
Atossa Genetics, Inc.		7,689		51,362
Bacterin International Holdings, Inc.		294,288		260,710
BIOLASE, Inc.		494,497		2,620,834
BSD Medical Corporation		961,893		1,115,796
Cerus Corporation		561		2,985
Conceptus, Inc.		16		496
CryoPort, Inc.		4,338		2,061

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Health Care — 11.6% (Continued)
Health Care Equipment & Supplies — 1.6% (Continued)
Cyberonics, Inc.		3,342	$	145,110
D. Medical Industries Ltd.		2,300		363
Dehaier Medical Systems Ltd.		2,070		3,933
Delcath Systems, Inc.		229,652		191,070
Derma Sciences, Inc.		1,014		12,259
Exactech, Inc.		17		314
Fonar Corporation		86,659		609,213
GenMark Diagnostics, Inc.		119,583		1,859,516
Globus Medical, Inc.		2,230		33,941
Hansen Medical, Inc.		282,443		553,588
HeartWare International, Inc.		1,724		167,573
ICU Medical, Inc.		3,173		191,173
Insulet Corporation		133,253		3,363,306
Integra LifeSciences Holdings Corporation		36,706		1,285,811
Intuitive Surgical, Inc.		1		492
InVivo Therapeutics Holdings Corporation		25,140		77,934
Kips Bay Medical, Inc.		5,485		7,679
MELA Sciences, Inc.		542,348		667,088
Meridian Bioscience, Inc.		159,948		3,245,345
Navidea Biopharmaceuticals, Inc.		1,310,254		3,210,122
Neogen Corporation		5,032		255,777
Quidel Corporation		18,076		403,456
STAAR Surgical Company		23,698		165,412
Stereotaxis, Inc.		30,949		54,780
Synergetics USA, Inc.		19,594		57,802
TearLab Corporation		164,148		1,227,827
Unilife Corporation		209,526		414,861
Uroplasty, Inc.		20,189		50,472
Volcano Corporation		7,873		159,743
Wright Medical Group, Inc.		24,890		583,422
ZELTIQ Aesthetics, Inc.		10,237		44,838
				30,293,743
Health Care Providers & Services — 0.6%
Acadia Healthcare Company, Inc.		6,861		216,465
Accretive Health, Inc.		123,649		1,303,260
Addus HomeCare Corporation		8,526		100,948
Air Methods Corporation		22,138		810,029
Amedisys, Inc.		27,417		275,267
Bio-Reference Laboratories, Inc.		111,400		2,840,700
Chemed Corporation		21,080		1,720,550
China Cord Blood Corporation		4,236		12,242
ExamWorks Group, Inc.		18,874		341,619
FAB Universal Corporation		77,352		342,669

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Health Care — 11.6% (Continued)
Health Care Providers & Services — 0.6% (Continued)
IPC The Hospitalist Company, Inc.		46,357	$	2,114,806
Landauer, Inc.		4,023		224,765
Medical Marijuana, Inc.		277,197		52,113
Owens & Minor, Inc.		294		9,576
PharMerica Corporation		2,111		27,211
				10,392,220
Health Care Technology — 0.0% (b)
CareView Communications, Inc.		2,133		1,173
HealthStream, Inc.		26		597
MGT Capital Investment, Inc.		2,763		10,361
Quality Systems, Inc.		54,080		966,410
				978,541
Life Sciences Tools & Services — 0.4%
Accelerate Diagnostics, Inc.		1,408		8,899
Affymetrix, Inc.		610,928		2,223,778
Apricus Biosciences, Inc.		209,716		564,136
Bioanalytical Systems, Inc.		4,706		6,941
BioDelivery Sciences International, Inc.		147,213		836,170
CombiMatrix Corporation		134,322		456,695
Furiex Pharmaceuticals, Inc.		170		5,771
Genetic Technologies Ltd.		71,618		169,018
Luminex Corporation		39,685		659,962
NeoGenomics, Inc.		5,712		21,363
PURE Bioscience, Inc.		68,457		35,598
Sequenom, Inc.		750,678		2,830,056
				7,818,387
Pharmaceuticals — 2.4%
Acura Pharmaceuticals, Inc.		183,943		450,660
Akorn, Inc.		136,754		2,058,148
Alexza Pharmaceuticals, Inc.		501,788		2,152,670
Alimera Sciences, Inc.		212		619
Ampio Pharmaceuticals, Inc.		248,726		1,253,579
Aoxing Pharmaceutical Company, Inc.		10,556		2,533
AVANIR Pharmaceuticals, Inc. - Class A		730,780		2,331,188
Biodel, Inc.		81,511		245,348
BioSante Pharmaceuticals, Inc.		403,013		455,405
Cadence Pharmaceuticals, Inc.		1,168		8,269
Echo Therapeutics, Inc.		251		151
Emisphere Technologies, Inc.		8,547		1,624
Hi-Tech Pharmacal Company, Inc.		5,342		176,607
IntelliPharmaCeutics International, Inc.		18,930		40,132
K-V Pharmaceutical Company - Class A		507,105		48,682
Lannett Company, Inc.		843		9,787

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Health Care — 11.6% (Continued)
Pharmaceuticals — 2.4% (Continued)
NuPathe, Inc.		195,608	$	655,287
Oculus Innovative Sciences, Inc.		1,768		9,334
Optimer Pharmaceuticals, Inc.		185,862		2,869,709
Pacira Pharmaceuticals, Inc.		249,082		7,190,997
Pernix Therapeutics Holdings, Inc.		32,682		124,845
Provectus Pharmaceuticals, Inc.		4,588		3,120
Repros Therapeutics, Inc.		311,441		6,334,710
Salix Pharmaceuticals Ltd.		85,026		4,446,010
Santarus, Inc.		65,218		1,198,055
Skystar Bio-Pharmaceutical Company Ltd.		2,610		3,811
Transcept Pharmaceuticals, Inc.		8,595		34,036
ViroPharma, Inc.		140,850		3,838,162
VIVUS, Inc.		714,041		9,489,605
				45,433,083
Industrials — 7.2%
Aerospace & Defense — 0.7%
American Science & Engineering, Inc.		24		1,548
Arotech Corporation		277		294
Ascent Solar Technologies, Inc.		624,208		399,493
Cubic Corporation		7,720		331,728
Elbit Systems Ltd.		24		1,001
Engility Holdings, Inc.		91,020		2,180,839
GenCorp, Inc.		279,060		3,647,314
KEYW Holding Corporation (The)		186,640		2,536,438
Kratos Defense & Security Solutions, Inc.		94,776		482,410
National Presto Industries, Inc.		36,215		2,716,125
				12,297,190
Air Freight & Logistics — 0.3%
Echo Global Logistics, Inc.		24,129		418,638
XPO Logistics, Inc.		348,331		5,681,279
				6,099,917
Airlines — 0.1%
AMR Corporation		395,525		1,673,071
Hawaiian Holdings, Inc.		8,561		47,000
Pinnacle Airlines Corporation		7,109		96
				1,720,167
Building Products — 1.0%
Apogee Enterprises, Inc.		90,778		2,313,023
Builders FirstSource, Inc.		304,434		1,884,447
Fortune Brands Home & Security, Inc.		161		5,859
Griffon Corporation		13,376		137,773
Lennox International, Inc.		71,839		4,454,018
NCI Building Systems, Inc.		18,274		312,851

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Industrials — 7.2% (Continued)
Building Products — 1.0% (Continued)
PGT, Inc.		1,433	$	11,034
Quanex Building Products Corporation		69,574		1,131,969
Simpson Manufacturing Company, Inc.		11,322		325,394
Trex Company, Inc.		15,272		743,441
Universal Forest Products, Inc.		59,397		2,292,724
USG Corporation		174,149		4,526,133
				18,138,666
Commercial Services & Supplies — 1.6%
A.T. Cross Company - Class A		300		3,786
ABM Industries, Inc.		62,244		1,403,602
ACCO Brands Corporation		83,233		561,823
Cenveo, Inc.		277,612		566,329
Consolidated Graphics, Inc.		36,971		1,318,756
Covanta Holding Corporation		215,341		4,306,820
EnerNOC, Inc.		9,028		158,171
Ennis, Inc.		24,311		373,660
HNI Corporation		67,080		2,309,564
Hudson Technologies, Inc.		2,397		9,684
Industrial Services of America, Inc.		20,961		67,075
InnerWorkings, Inc.		226,168		2,277,512
Interface, Inc.		98,487		1,648,672
Intersections, Inc.		72,006		688,377
McGrath RentCorp		49,602		1,540,638
Mine Safety Appliances Company		22,785		1,093,680
Mobile Mini, Inc.		95,744		2,693,279
Multi-Color Corporation		2,243		58,004
Quad/Graphics, Inc. - Class A		189,742		3,965,608
R.R. Donnelley & Sons Company		218,382		2,688,282
RINO International Corporation		79,543		2,784
Standard Parking Corporation		4,949		106,354
Swisher Hygiene, Inc.		103,064		150,473
United Stationers, Inc.		76,859		2,495,612
Waste Connections, Inc.		202		7,666
				30,496,211
Construction & Engineering — 0.1%
Aegion Corporation		26,206		551,898
India Globalization Capital, Inc.		2,386		5,010
MasTec, Inc.		34,531		959,962
				1,516,870
Electrical Equipment — 0.6%
A123 Systems, Inc.		3,864,942		96,237
Acuity Brands, Inc.		10		730
Advanced Battery Technologies, Inc.		606,543		139,505

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Industrials — 7.2% (Continued)
Electrical Equipment — 0.6% (Continued)
Altair Nanotechnologies, Inc.		61,210	$	138,335
Aura Systems, Inc. (a)		177		76
Babcock & Wilcox Company (The)		100		2,720
Beacon Power Corporation		57,124		743
Belden, Inc.		34,057		1,683,097
Broadwind Energy, Inc.		13		58
Capstone Turbine Corporation		237,707		209,206
China BAK Battery, Inc.		86,749		56,291
China Electric Motor, Inc.		1,771		159
Digital Power Corporation		1,323		794
ECOtality, Inc.		5,406		10,055
Encore Wire Corporation		12,227		400,434
FuelCell Energy, Inc.		8,659		9,092
Global Power Equipment Group, Inc.		11,568		190,872
Hoku Corporation		201,745		8,877
Hydrogenics Corporation		3,848		31,169
Lihua International, Inc.		40,953		207,632
New Energy Systems Group (a)		9,468		805
Ocean Power Technologies, Inc.		130,605		201,132
Plug Power, Inc.		1,062,673		170,028
Polypore International, Inc.		114,537		4,802,536
Renewable Energy Trade Board Corporation		299		75
Revolution Lighting Technologies, Inc.		17,000		64,770
Satcon Technology Corporation		152,030		2,508
Solarcity Corporation		127,309		3,439,889
Ultralife Corporation		4,286		16,887
Valence Technology, Inc.		710,999		14,220
VU1 Corporation		90		131
Westinghouse Solar, Inc.		34,144		1,229
Yingli Green Energy Holding Company Ltd. - ADR		20,647		52,030
				11,952,322
Industrial Conglomerates — 0.1%
Raven Industries, Inc.		81,286		2,727,145
Machinery — 1.2%
Accuride Corporation		2,589		13,308
Actuant Corporation - Class A		5,274		165,076
Altra Holdings, Inc.		61,177		1,630,367
Art's-Way Manufacturing Company, Inc.		1,712		10,563
Astec Industries, Inc.		58		1,904
Briggs & Stratton Corporation		132,559		2,981,252
Chart Industries, Inc.		2,800		237,468
China Valves Technology, Inc. (a)		256,466		115,410

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Industrials — 7.2% (Continued)
Machinery — 1.2% (Continued)
CLARCOR, Inc.		13	$	672
Commercial Vehicle Group, Inc.		468		3,281
Douglas Dynamics, Inc.		29,404		411,362
Dynamic Materials Corporation		557		8,845
Energy Recovery, Inc.		129,231		472,985
EnPro Industries, Inc.		3,583		176,570
ExOne Company (The)		46,555		1,787,712
Federal Signal Corporation		58		450
Flow International Corporation		32,613		119,364
FreightCar America, Inc.		8,986		187,628
Highway Holdings Ltd.		510		877
Lindsay Corporation		30,953		2,377,809
Lydall, Inc.		8,316		119,251
Miller Industries, Inc.		1,329		20,081
Navistar International Corporation		41,543		1,375,904
PMFG, Inc.		12,945		74,563
SmartHeat, Inc.		4,830		1,546
Sun Hydraulics Corporation		30,458		997,500
Tennant Company		12,488		597,176
Titan International, Inc.		4,280		95,487
Toro Company (The)		52,517		2,363,790
Twin Disc, Inc.		67,350		1,435,902
Wabash National Corporation		242		2,282
Westport Innovations, Inc.		168,081		5,222,277
				23,008,662
Marine — 0.3%
Baltic Trading Ltd.		9,386		32,570
Diana Containerships, Inc.		680		3,869
Eagle Bulk Shipping, Inc.		439,355		1,546,530
Excel Maritime Carriers Ltd.		917,152		376,032
FreeSeas, Inc.		508		549
Genco Shipping & Trading Ltd.		673,394		1,151,504
Navios Maritime Partners, L.P.		2,527		38,309
Safe Bulkers, Inc.		254,211		1,276,139
Seaspan Corporation		99,613		2,184,513
				6,610,015
Professional Services — 0.5%
Acacia Research Corporation		112,101		2,670,246
CBIZ, Inc.		313,010		2,031,435
CDI Corporation		3,624		56,788
CRA International, Inc.		1,987		36,640
FTI Consulting, Inc.		43,280		1,433,434
Hudson Global, Inc.		3,449		11,382

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Industrials — 7.2% (Continued)
Professional Services — 0.5% (Continued)
ICF International, Inc.		14,259	$	386,561
Innovaro, Inc.		7,451		462
Lightbridge Corporation		113,980		166,411
Odyssey Marine Exploration, Inc.		668,817		1,973,010
Pendrell Corporation		4,316		7,294
Spherix, Inc.		205		1,550
Thomas Group, Inc. (a)		900		7
Volt Information Sciences, Inc.		100		810
VSE Corporation		256		7,805
				8,783,835
Road & Rail — 0.3%
Landstar System, Inc.		74,979		4,098,352
Student Transportation, Inc.		18,904		122,309
YRC Worldwide, Inc.		118,244		886,830
				5,107,491
Trading Companies & Distributors — 0.4%
AeroCentury Corporation		118		2,334
Beacon Roofing Supply, Inc.		86,712		3,306,329
BlueLinx Holdings, Inc.		155		451
China Armco Metals, Inc.		140,785		50,697
H&E Equipment Services, Inc.		57,966		1,180,188
Houston Wire & Cable Company		8,325		113,386
Kaman Corporation		6,571		222,034
TAL International Group, Inc.		6,390		264,546
Titan Machinery, Inc.		83,558		1,885,068
				7,025,033
Transportation Infrastructure — 0.0% (b)
Sino-Global Shipping America Ltd.		2,857		4,628
Information Technology — 13.3%
Communications Equipment — 1.7%
ADTRAN, Inc.		80,614		1,692,894
Ambient Corporation		1,159		2,306
ARRIS Group, Inc.		6,329		104,492
AudioCodes Ltd.		3,247		12,793
Calix, Inc.		6,142		52,391
CIENA Corporation		372,246		5,568,800
DragonWave, Inc.		42,347		83,000
Extreme Networks, Inc.		139,273		463,779
Globecomm Systems, Inc.		102,788		1,259,153
Infinera Corporation		312,463		2,630,939
InterDigital, Inc.		59,331		2,634,890
KVH Industries, Inc.		1,710		22,589

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Information Technology — 13.3% (Continued)
Communications Equipment — 1.7% (Continued)
Oclaro, Inc.		100,433	$	136,589
ParkerVision, Inc.		1,255,368		5,008,918
Polycom, Inc.		155,023		1,627,742
Powerwave Technologies, Inc.		119,142		1,668
Procera Networks, Inc.		55,103		611,092
Research In Motion Ltd.		30,850		502,547
RIT Technologies Ltd.		11,154		51,866
Telestone Technologies Corporation (a)		480,451		233,019
TESSCO Technologies, Inc.		2,378		48,606
Ubiquiti Networks, Inc.		276,912		4,278,290
ViaSat, Inc.		80,586		3,906,003
Zoom Technologies, Inc.		176,668		62,364
ZST Digital Networks, Inc.		179,681		260,538
				31,257,268
Computers & Peripherals — 1.2%
3D Systems Corporation		194,208		7,426,514
Diebold, Inc.		6,545		191,703
Fusion-io, Inc.		254,012		4,770,345
Hauppauge Digital, Inc.		68,415		67,047
iGO, Inc.		469		1,168
Imation Corporation		17,761		65,360
Logitech International S.A.		639,722		4,062,235
OCZ Technology Group, Inc.		2,404,582		3,150,002
Silicon Graphics International Corporation		17,593		228,709
Socket Mobile, Inc.		52		96
STEC, Inc.		260,889		947,027
Stratasys Ltd.		22,136		1,838,395
Super Micro Computer, Inc.		30,659		294,940
Synaptics, Inc.		505		20,821
USA Technologies, Inc.		230,995		482,779
				23,547,141
Electronic Equipment, Instruments & Components — 2.2%
ClearSign Combustion Corporation		2,100		18,921
Digital Ally, Inc.		588		3,528
Document Security Systems, Inc.		160,590		489,799
Dolby Laboratories, Inc. - Class A		48,439		1,591,221
DTS, Inc.		120,585		2,023,416
e.Digital Corporation		10,897		1,744
Electro Rent Corporation		6		99
FARO Technologies, Inc.		120		4,655
FEI Company		7,243		462,683
InvenSense, Inc.		36		336
Itron, Inc.		27,153		1,076,616

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Information Technology — 13.3% (Continued)
Electronic Equipment, Instruments & Components — 2.2% (Continued)
KEMET Corporation		362	$	2,255
Magal Security Systems Ltd.		1,188		4,752
Mercury Systems, Inc.		107,601		831,756
Mesa Laboratories, Inc.		31		1,530
Microvision, Inc.		292,517		599,660
Molex, Inc.		163,133		4,497,577
Nam Tai Electronics, Inc.		13,000		98,280
Neonode, Inc.		378,163		2,159,311
OSI Systems, Inc.		47,877		2,743,352
Parametric Sound Corporation		109,517		1,970,211
Power-One, Inc.		91,634		579,127
RadiSys Corporation		4,115		20,410
RealD, Inc.		248,604		3,721,602
Research Frontiers, Inc.		54,122		224,606
SinoHub, Inc. (a)		43,908		2,195
SMTC Corporation		456		1,008
Superconductor Technologies, Inc.		23,595		102,402
SYNNEX Corporation		58,621		2,028,287
Uni-Pixel, Inc.		384,959		13,685,292
Universal Display Corporation		76,941		2,419,025
Viasystems Group, Inc.		12		153
XcelMobility, Inc.		2,874		144
				41,365,953
Internet Software & Services — 2.2%
Active Network, Inc. (The)		327,796		1,648,814
Angie's List, Inc.		122,073		2,959,050
AOL, Inc.		30,425		1,175,622
Bankrate, Inc.		147,115		1,983,110
Blucora, Inc.		90,785		1,340,894
Bridgeline Digital, Inc.		389		490
Carbonite, Inc.		153,509		1,633,336
Constant Contact, Inc.		154,772		2,261,219
Dealertrack Technologies, Inc.		3,824		106,498
Dice Holdings, Inc.		155,358		1,311,222
FriendFinder Networks, Inc.		15,769		7,096
Innodata, Inc.		5,334		17,496
j2 Global, Inc.		61,778		2,514,365
KIT digital, Inc.		1,518,314		463,086
Liquidity Services, Inc.		188,756		6,210,072
LiveDeal, Inc.		6,021		18,725
Local Corporation		174,587		291,560
Marchex, Inc. - Class B		6,678		27,580
Market Leader, Inc.		96,124		963,162

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Information Technology — 13.3% (Continued)
Internet Software & Services — 2.2% (Continued)
MeetMe, Inc.		287,365	$	554,614
Millennial Media, Inc.		145,563		1,008,752
Monster Worldwide, Inc.		366,163		1,603,794
NIC, Inc.		70,719		1,190,908
Qihoo 360 Technology Company Ltd. - ADR		1,081		37,078
QuinStreet, Inc.		99,223		648,918
RealNetworks, Inc.		3,191		24,571
Rediff.com India Ltd. - ADR		78,703		214,072
Remark Media, Inc.		1,842		5,986
Responsys, Inc.		63,087		490,186
Sify Technologies Ltd. - ADR		45,984		84,611
SINA Corporation		100		5,632
Sohu.com, Inc.		1,970		101,337
SPS Commerce, Inc.		7,887		371,714
Stamps.com, Inc.		8		271
StarTek, Inc.		1,518		10,520
Trulia, Inc.		4,414		128,271
ValueClick, Inc.		191		5,894
Velti plc		817,760		1,635,520
Vistaprint N.V.		113,977		4,650,262
WebMD Health Corporation		1		24
Yelp, Inc.		13,942		362,910
Youku Tudou, Inc. - ADR		2,815		57,032
Zillow, Inc.		60,677		3,569,628
				41,695,902
IT Services — 1.0%
Acorn Energy, Inc.		186,149		1,396,118
Booz Allen Hamilton Holding Corporation		105,414		1,601,239
CACI International, Inc.		31,943		1,868,346
Cass Information Systems, Inc.		4,392		183,586
CGI Group, Inc. - Class A		1,761		55,753
China Information Technology, Inc.		14,381		19,414
CIBER, Inc.		152,429		649,348
Computer Task Group, Inc.		30,545		626,783
Convergys Corporation		34,238		582,731
Higher One Holdings, Inc.		392,979		3,874,773
Lender Processing Services, Inc.		90,214		2,502,536
Mantech International Corporation - Class A		105,809		2,824,042
MAXIMUS, Inc.		6,797		541,653
ModusLink Global Solutions, Inc.		1,961		5,491
PRGX Global, Inc.		23,353		130,543
Unisys Corporation		47,688		912,271
VeriFone Systems, Inc.		50,806		1,091,313

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Information Technology — 13.3% (Continued)
IT Services — 1.0% (Continued)
Zanett, Inc.		12,650	$	253
				18,866,193
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Micro Devices, Inc.		3,376,260		9,521,053
Amkor Technology, Inc.		392,462		1,660,114
Applied Micro Circuits Corporation		58,449		436,030
Cabot Microelectronics Corporation		41,441		1,388,688
Camtek Ltd.		8,645		12,276
Canadian Solar, Inc.		52,727		296,853
Cirrus Logic, Inc.		72,103		1,392,309
CSR plc - ADR		1		31
CVD Equipment Corporation		46,075		478,719
Cymer, Inc.		1,125		117,855
DayStar Technologies, Inc.		14,478		6,515
EZchip Semiconductor Ltd.		35,777		816,073
Global-Tech Advanced Innovations, Inc.		175		1,313
GT Advanced Technologies, Inc.		1,672,370		6,572,414
Himax Technologies, Inc.		177,005		973,527
International Rectifier Corporation		3,689		78,244
JA Solar Holdings Company Ltd. - ADR		8,004		40,340
Lattice Semiconductor Corporation		535		2,488
LDK Solar Company Ltd.		265,971		351,082
Mellanox Technologies Ltd.		21,790		1,110,854
Monolithic Power Systems, Inc.		51,648		1,245,750
OmniVision Technologies, Inc.		7,101		95,224
Photronics, Inc.		50,581		399,084
Rubicon Technology, Inc.		394,375		2,922,319
Rudolph Technologies, Inc.		141,335		1,649,379
STR Holdings, Inc.		92,554		208,246
Suntech Power Holdings Company Ltd. - ADR		772,259		532,859
Teradyne, Inc.		275,061		4,522,003
Tessera Technologies, Inc.		17,932		365,275
Tower Semiconductor Ltd.		14,236		93,246
Transwitch Corporation		14,717		6,181
Ultratech, Inc.		16,938		499,163
				37,795,507
Software — 3.0%
Accelrys, Inc.		74,330		732,150
ACI Worldwide, Inc.		51,772		2,433,802
American Software, Inc. - Class A		9,256		76,917
AsiaInfo-Linkage, Inc.		7,947		91,232
Augme Technologies, Inc.		10,081		3,579
AVG Technologies N.V.		114,295		1,865,294

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Information Technology — 13.3% (Continued)
Software — 3.0% (Continued)
Blackbaud, Inc.		58,245	$	1,707,161
BluePhoenix Solutions Ltd.		1,006		3,591
Bottomline Technologies, Inc.		45,071		1,180,860
BroadSoft, Inc.		35,432		905,642
Cadence Design Systems, Inc.		300		4,140
Callidus Software, Inc.		402,637		1,727,313
Changyou.com Ltd.		406		11,774
China CGame, Inc.		12,695		2,387
Ebix, Inc.		575,862		10,716,792
Evergreen Energy, Inc.		172,973		865
Future Healthcare of America		53,356		7,256
Globalscape, Inc.		359		582
Glu Mobile, Inc.		1,805,599		5,561,245
Interactive Intelligence Group, Inc.		4,192		173,675
Jive Software, Inc.		13,988		190,097
Magic Software Enterprises Ltd.		108,892		589,106
Majesco Entertainment Company		261,564		156,677
Mitek Systems, Inc.		614,111		3,267,070
NetSol Technologies, Inc.		2,612		32,963
NQ Mobile, Inc.		78,285		675,600
Progress Software Corporation		68,563		1,547,467
Qlik Technologies, Inc.		2,021		52,566
RealPage, Inc.		42,304		863,002
ServiceNow, Inc.		4,157		170,271
Sky-Mobi Ltd. - ADR		85,408		150,318
Synchronoss Technologies, Inc.		4,286		121,465
Tangoe, Inc.		190,590		2,450,987
THQ, Inc.		57,095		1,427
TiVo, Inc.		254,189		2,979,095
Top Image Systems Ltd.		16,064		51,244
Trunkbow International Holdings Ltd. (a)		2,736		1,621
VirnetX Holding Corporation		415,443		8,483,346
Voltari Corporation		76,363		454,360
Vringo, Inc.		1,752,902		4,943,184
Wave Systems Corporation - Class A		834,695		400,654
Websense, Inc.		9,338		166,590
Zynga, Inc. - Class A		236,355		753,972
				55,709,339
Materials — 4.2%
Chemicals — 1.0%
ADA-ES, Inc.		31,759		876,866
Calgon Carbon Corporation		104,682		1,783,781
Cereplast, Inc.		191,090		4,223

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Materials — 4.2% (Continued)
Chemicals — 1.0% (Continued)
China Gengsheng Minerals, Inc.		66,649	$	14,003
China Green Agriculture, Inc.		130,518		396,775
Clean Diesel Technologies, Inc.		117,273		243,928
CVR Partners, L.P.		30,078		791,352
Ferro Corporation		539,362		3,797,108
Flotek Industries, Inc.		152,388		2,444,304
Gulf Resources, Inc.		292,677		301,457
H.B. Fuller Company		35,537		1,346,852
Hawkins, Inc.		6,427		239,020
Kronos Worldwide, Inc.		179,698		3,177,061
PolyOne Corporation		4,562		102,782
Rentech Nitrogen Partners, L.P.		2,351		85,694
Senomyx, Inc.		1,580		3,239
Sensient Technologies Corporation		16,243		639,162
Stepan Company		11,285		642,568
Yongye International, Inc. (a)		17,265		42,904
Zoltek Companies, Inc.		107,824		1,424,355
				18,357,434
Construction Materials — 0.1%
Headwaters, Inc.		51,284		556,944
Texas Industries, Inc.		18,103		1,152,799
US Concrete, Inc.		5,746		89,293
				1,799,036
Containers & Packaging — 0.1%
AEP Industries, Inc.		9,463		729,597
Greif, Inc. - Class A		24,446		1,177,564
				1,907,161
Metals & Mining — 2.9%
A.M. Castle & Company		174,576		3,023,656
AK Steel Holding Corporation		368,051		1,232,971
Allied Nevada Gold Corporation		153,319		1,640,513
AMCOL International Corporation		84,793		2,609,081
Atlatsa Resources Corporation		184,292		36,858
Aurcana Corporation		465		1,968
Aurizon Mines Ltd.		540,302		2,334,105
Avalon Rare Metals, Inc.		237,546		249,423
Avino Silver & Gold Mines Ltd.		111		145
CD International Enterprises, Inc.		17,830		1,516
China Gerui Advanced Materials Group Ltd.		8,567		14,393
China Natural Resources, Inc.		4,328		20,298
China Precision Steel, Inc.		27,364		37,215
China Shen Zhou Mining & Resources, Inc.		198,490		37,713
Cliffs Natural Resources, Inc.		65,275		1,392,968

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Materials — 4.2% (Continued)
Metals & Mining — 2.9% (Continued)
Commercial Metals Company		309,091	$	4,518,910
Crosshair Energy Corporation		176,804		10,608
General Moly, Inc.		88,278		164,197
General Steel Holdings, Inc.		122,667		122,667
Globe Specialty Metals, Inc.		22,074		288,286
Gold Reserve, Inc.		8,846		28,307
Gold Resource Corporation		109,198		1,118,188
Golden Minerals Company		20,369		37,072
Great Northern Iron Ore Properties		4,471		311,226
IAMGOLD Corporation		632		3,394
Jaguar Mining, Inc.		709,423		296,752
Kaiser Aluminum Corporation		21,354		1,345,302
Kimber Resources, Inc.		11,900		2,083
Materion Corporation		7,918		209,748
McEwen Mining, Inc.		854		1,990
Mercator Minerals Ltd.		186		51
Mesabi Trust		100		2,140
Midway Gold Corporation		168,501		158,458
Molycorp, Inc.		1,483,445		8,663,319
Olympic Steel, Inc.		32,566		651,320
Paramount Gold and Silver Corporation		415,954		657,207
Pershing Gold Corporation		36,865		15,373
Polymet Mining Corporation		278,040		314,185
Puda Coal, Inc.		61,600		1,540
Rare Element Resources Ltd.		2,579		4,797
RTI International Metals, Inc.		11,344		329,203
Santa Fe Gold Corporation		2,959		710
Schnitzer Steel Industries, Inc. - Class A		192,166		4,713,832
Seabridge Gold, Inc.		19,276		221,096
Silver Bull Resources, Inc.		133,817		50,315
SinoCoking Coal and Coke Chemical Industries, Inc.		118,762		135,389
Stillwater Mining Company		391,446		4,869,588
SunCoke Energy Partners, L.P.		31,670		673,938
Tanzanian Royalty Exploration Corporation		452,593		1,371,357
Thompson Creek Metals Company, Inc.		489,961		1,464,983
United States Antimony Corporation		44,538		67,698
United States Steel Corporation		81,258		1,446,392
Universal Stainless & Alloy Products, Inc.		7,143		249,719
Walter Energy, Inc.		259,481		4,649,900
Worthington Industries, Inc.		79,372		2,554,191
				54,358,254
Paper & Forest Products — 0.1%
Orient Paper, Inc.		158,641		283,968

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Materials — 4.2% (Continued)
Paper & Forest Products — 0.1% (Continued)
Resolute Forest Products, Inc.		143,613	$	2,101,058
Wausau Paper Corporation		67,741		689,603
				3,074,629
Telecommunication Services — 1.4%
Diversified Telecommunication Services — 0.9%
8x8, Inc.		54,022		390,579
Alaska Communications Systems Group, Inc.		496		804
CenturyLink, Inc.		16		601
Elephant Talk Communications, Inc.		283,475		325,996
Fairpoint Communications, Inc.		175,894		1,431,777
Frontier Communications Corporation		1,377		5,728
Globalstar, Inc.		69,904		23,068
inContact, Inc.		95,382		772,594
Iridium Communications, Inc.		257,019		1,724,598
Lumos Networks Corporation		10		135
magicJack VocalTec Ltd.		320,033		5,290,146
Otelco, Inc.		5,919		10,062
Radcom Ltd.		52,298		159,509
Sprint Nextel Corporation		646,729		4,559,439
Towerstream Corporation		585,839		1,406,014
				16,101,050
Wireless Telecommunication Services — 0.5%
Boingo Wireless, Inc.		73,485		457,812
Leap Wireless International, Inc.		373,016		2,133,651
NII Holdings, Inc.		745,389		6,484,884
NTELOS Holdings Corporation		73,366		1,079,948
Shenandoah Telecommunications Company		10,599		173,718
				10,330,013
Utilities — 0.9%
Electric Utilities — 0.2%
MGE Energy, Inc.		8,513		475,451
Northeast Utilities		160		7,253
NV Energy, Inc.		37,301		806,821
Otter Tail Corporation		59,773		1,864,918
Pinnacle West Capital Corporation		7,915		482,023
				3,636,466
Gas Utilities — 0.5%
AmeriGas Partners, L.P.		28,115		1,274,453
Atmos Energy Corporation		9,553		423,867
China Natural Gas, Inc.		187,992		93,996
Ferrellgas Partners, L.P.		162,532		3,223,009
Laclede Group, Inc. (The)		17,462		815,650
New Jersey Resources Corporation		19,123		902,605

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 65.7% (Continued)	Shares		Value
Utilities — 0.9% (Continued)
Gas Utilities — 0.5% (Continued)
Northwest Natural Gas Company		44,712	$	1,988,343
Piedmont Natural Gas Company, Inc.		27,125		933,914
South Jersey Industries, Inc.		19		1,172
UGI Corporation		200		8,196
				9,665,205
Independent Power Producers & Energy Traders — 0.1%
American DG Energy, Inc.		28,509		52,456
Dynegy, Inc.		12,813		316,609
Ormat Technologies, Inc.		108,815		2,365,638
U.S. Geothermal, Inc.		240,378		78,604
				2,813,307
Multi-Utilities — 0.1%
MDU Resources Group, Inc.		46,827		1,168,334
Water Utilities — 0.0% (b)
Connecticut Water Service, Inc.		6		171
Consolidated Water Company Ltd.		210		2,094
Ecosphere Technologies, Inc.		5,869		2,230
				4,495
Total Common Stocks (Proceeds $1,372,736,764)			$	1,234,547,767

PREFERRED STOCKS — 0.0% (b)	Shares		Value
Cabco Trust for J. C. Penney (Proceeds $100,026)		5,172	$	105,509

OTHER INVESTMENTS — 13.9%	Shares		Value
iPath S&P 500 VIX Mid-Term Futures ETN		369,985	$	7,407,100
iPath S&P 500 VIX Short-Term Futures ETN		1,887,270		35,801,512
SPDR S&P 500 ETF Trust		822,100		131,272,928
Vanguard S&P 500 ETF		1,183,394		86,553,437
Total Other Investments (Proceeds $268,022,615)			$	261,034,977

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

WARRANTS — 0.0%(b)	Shares		Value
American International Group, Inc.		854	$	15,116
Magnum Hunter Resources Corporation		15,718		2,200
Total Warrants (Proceeds $14,295)			$	17,316
Total Securities Sold Short — 79.6% (Proceeds $1,640,873,700)			$	1,495,705,569

ADR - American Depositary Receipt.
(a)	Security has been valued at fair value in accordance with procedures adopted in good faith by the Board of Trustees. Total value of such securities is ($413,271) at April 30, 2013, representing greater than (0.1%) of net assets (Note 2).
(b)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

44

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS*

April 30, 2013 (Unaudited)

COMMON STOCKS — 98.3%	Shares		Value
Consumer Discretionary — 15.6%
E.W. Scripps Company (The) - Class A (a)		18,174	$	252,437
Gray Television, Inc. (a)		36,829		233,864
Jack in the Box, Inc. (a)		8,403		301,248
Journal Communications, Inc. (a)		31,466		214,283
LIN TV Corporation - Class A (a)		27,211		334,967
Multimedia Games Holding Company, Inc. (a)		9,222		227,414
Nexstar Broadcasting Group, Inc.		9,095		221,463
Steven Madden Ltd. (a)		5,852		284,583
Other Consumer Discretionary (b)				7,069,400
				9,139,659
Consumer Staples — 4.0%
Prestige Brands Holdings, Inc. (a)		10,749		289,685
Rite Aid Corporation (a)		83,799		222,067
Other Consumer Staples (b)				1,810,101
				2,321,853
Energy — 7.6%
Matrix Service Company (a)		17,523		263,371
Newfield Exploration Company (a)		11,778		256,643
Other Energy (b)				3,958,913
				4,478,927
Financials — 17.6%
Geo Group, Inc. (The)		6,166		230,917
Hanover Insurance Group, Inc. (The)		5,933		299,201
Mercury General Corporation		6,709		306,668
Symetra Financial Corporation		20,152		274,672
Other Financials (b)				9,220,531
				10,331,989
Health Care — 15.5%
Albany Molecular Research, Inc. (a)		19,579		233,577
Allscripts Healthcare Solutions, Inc. (a)		15,730		217,703
AMN Healthcare Services, Inc. (a)		24,556		337,154
AmSurg Corporation (a)		9,441		316,840
Astex Pharmaceuticals, Inc. (a)		35,170		241,970
LifePoint Hospitals, Inc. (a)		5,923		284,304
Magellan Health Services, Inc. (a)		5,226		267,362
MedAssets, Inc. (a)		14,097		264,037
Select Medical Holdings Corporation		31,128		256,806
Techne Corporation		4,075		261,371
Trius Therapeutics, Inc. (a)		31,739		221,221
WellCare Health Plans, Inc. (a)		4,878		284,436
West Pharmaceutical Services, Inc.		4,354		278,046
Other Health Care (b)				5,652,857
				9,117,684

45

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 98.3% (Continued)	Shares		Value
Industrials — 15.9%
CAI International, Inc. (a)		9,096	$	231,857
DigitalGlobe, Inc. (a)		9,323		272,138
DXP Enterprises, Inc. (a)		3,773		252,338
EnergySolutions, Inc. (a)		60,110		248,254
Exelis, Inc.		28,910		322,925
Pike Electric Corporation		19,194		300,002
Primoris Services Corporation		12,897		284,250
Republic Airways Holdings, Inc. (a)		22,821		255,367
Ryder System, Inc.		4,918		285,588
Spirit AeroSystems Holdings, Inc. - Class A (a)		19,950		398,801
Teledyne Technologies, Inc. (a)		3,462		259,858
Other Industrials (b)				6,184,100
				9,295,478
Information Technology — 16.1%
Ambarella, Inc. (a)		15,924		218,159
Benchmark Electronics, Inc. (a)		18,116		323,190
Electronics For Imaging, Inc. (a)		10,273		274,494
Global Cash Access Holdings, Inc. (a)		37,052		264,181
PROS Holdings, Inc. (a)		8,185		212,155
Rovi Corporation (a)		9,822		229,737
SS&C Technologies Holdings, Inc. (a)		7,556		231,894
SunPower Corporation (a)		18,916		257,068
Other Information Technology (b)				7,448,576
				9,459,454
Materials — 3.3%
Boise, Inc.		34,033		271,923
Other Materials (b)				1,657,366
				1,929,289
Telecommunication Services — 1.9%
Telephone and Data Systems, Inc.		13,390		300,472
Other Telecommunication Services (b)				789,911
				1,090,383
Utilities — 0.8%
Other Utilities (b)				487,499
Total Common Stocks (Cost $53,873,482)			$	57,652,215

46

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

MONEY MARKET FUNDS — 1.9%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,092,605)		1,092,605	$	1,092,605
Total Investments at Value — 100.2% (Cost $54,966,087)			$	58,744,820
Liabilities in Excess of Other Assets — (0.2%)				(117,560	)
Net Assets — 100.0%			$	58,627,260

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Non-income producing security.
(b)	Represents issuers not identified as a top 50 holding in terms of value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of April 30, 2013.
(c)	The rate shown is the 7-day effective yield as of April 30, 2013.
See accompanying notes to financial statements.

47

TFS HEDGED FUTURES FUND

SCHEDULE OF INVESTMENTS

April 30, 2013 (Unaudited)

U.S. TREASURY OBLIGATIONS (a) — 20.6%	Par Value		Value
U.S. Treasury Bills,
0.115%, due 08/08/2013	$	3,000,000	$	2,999,568
0.080%, due 08/15/2013		750,000		749,873
0.095%, due 08/22/2013		5,000,000		4,999,135
0.070%, due 08/29/2013		1,250,000		1,249,813
0.085%, due 09/05/2013		6,000,000		5,998,782
0.080%, due 09/12/2013		1,000,000		999,749
0.075%, due 09/19/2013		3,000,000		2,999,148
0.080%, due 10/03/2013		3,750,000		3,748,789
Total U.S. Treasury Obligations (Cost $23,742,823)			$	23,744,857

MONEY MARKET FUNDS — 58.1%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.08% (b)		12,281,594	$	12,281,594
Fidelity Institutional Money Market Portfolio - Class I, 0.10%(b)		26,927,800		26,927,800
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.10% (b)		12,281,809		12,281,809
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.12% (b)		1,527,144		1,527,144
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		1,525,929		1,525,929
Vanguard Prime Money Market Fund - Investor Shares, 0.01%(b)		12,277,919		12,277,919
Total Money Market Funds (Cost $66,822,195)			$	66,822,195
Total Investments at Value — 78.7% (Cost $90,565,018)			$	90,567,052
Other Assets in Excess of Liabilities — 21.3%				24,504,881	(c)
Net Assets — 100.0%			$	115,071,933

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	The rate shown is the 7-day effective yield as of April 30, 2013.
(c)	Includes cash held as margin deposits for futures contracts.
See accompanying notes to financial statements.

48

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS

April 30, 2013 (Unaudited)

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Cocoa Future	07/16/2013		70	$	1,657,600	$	69,240
Coffee Future	07/19/2013		51		2,583,787		(34,422	)
Corn Future	07/12/2013		133		4,322,500		164,956
Frozen Concentrate Orange Juice Future	07/11/2013		145		3,053,700		(76,436	)
Gold Future	06/26/2013		11		1,623,270		(149,055	)
Heating Oil Future	05/31/2013		39		4,626,203		20,178
Live Cattle Future	06/28/2013		39		1,905,930		7,742
Oats Future	07/12/2013		40		783,500		1,580
Rough Rice Future	07/12/2013		4		120,840		(5,351	)
Soybean Future	07/12/2013		81		5,665,950		108,245
Soybean Meal Future	07/12/2013		149		6,176,050		203,841
Soybean Oil Future	07/12/2013		28		826,896		4,317
Sugar No. 11 Future	06/28/2013		199		3,922,688		17,035
Wheat Future	07/12/2013		7		255,850		12,831
Total Commodity Futures					37,524,764		344,701
CURRENCY FUTURES
Australian Dollar Future	06/17/2013		110		11,366,300		16,948
Canadian Dollar Future	06/18/2013		1		99,180		8
Mexican Peso Future	06/17/2013		295		12,098,688		265,935
Total Currency Futures					23,564,168		282,891
Total Futures Contracts				$	61,088,932	$	627,592

See accompanying notes to financial statements.

49

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

April 30, 2013 (Unaudited)

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Brent Crude Oil Future	05/16/2013		12	$	1,220,880	$	2,270
Class III Milk Future	06/04/2013		176		6,575,360		(69,885	)
Copper Future	07/29/2013		19		1,513,350		1,143
Cotton No. 2 Future	07/09/2013		45		1,968,075		(44,759	)
Crude Oil Future	05/21/2013		29		2,697,870		(93,407	)
Feeder Cattle Future	05/24/2013		51		3,556,613		60,734
Feeder Cattle Future	08/29/2013		53		3,947,175		46,454
Gas Oil Future	05/10/2013		8		675,200		6,911
Gas Oil Future	06/12/2013		21		1,781,325		2,765
Lean Hogs Future	06/14/2013		163		6,034,260		(133,339	)
Lumber Future	07/15/2013		61		2,345,816		131,171
Natural Gas Future	05/29/2013		32		1,391,680		(5,594	)
Palladium Future	06/26/2013		33		2,306,040		(16,062	)
Platinum Future	07/29/2013		8		602,320		(17,919	)
Silver Future	07/29/2013		9		1,091,250		(27,621	)
Total Commodity Futures					37,707,214		(157,138	)
CURRENCY FUTURES
British Pound Future	06/17/2013		44		4,270,475		(70,403	)
Euro FX Future	06/17/2013		44		7,245,150		(92,346	)
Japanese Yen Future	06/17/2013		31		3,975,750		(12,826	)
Swiss Franc Future	06/17/2013		59		7,934,762		(107,333	)
Total Currency Futures					23,426,137		(282,908	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/21/2013		331		4,816,050		444,355
CBOE Volatility Index (VIX) Future	06/18/2013		375		5,775,000		468,412
E-Mini S&P 500 Future	06/21/2013		602		47,926,725		(1,406,223	)
Total Financial Futures					58,517,775		(493,456	)
Total Futures Contracts Sold Short				$	119,651,126	$	(933,502	)

See accompanying notes to financial statements.

50

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2013 (Unaudited)

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	1,690,881,515		$	54,966,087		$	90,565,018
At value (Note 2)	$	1,834,180,376		$	58,744,820		$	90,567,052
Cash		433,359			—			—
Deposits with brokers for securities sold short (Note 2)		1,540,929,416			—			—
Margin deposits for futures contracts (Notes 2 and 6)		—			—			24,399,597
Dividends and interest receivable		629,120			12,538			4,570
Receivable for investment securities sold		244,462,088			6,326,331			—
Receivable for capital shares sold		1,551,362			9,486			89,184
Variation margin receivable (Notes 2 and 6)		—			—			1,583,370
Other assets		74,437			19,100			39,361
TOTAL ASSETS		3,622,260,158			65,112,275			116,683,134
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $1,640,873,700)		1,495,705,569			—			—
Variation margin payable (Notes 2 and 6)		—			—			1,191,302
Payable for investment securities purchased		235,891,822			6,398,872			—
Payable for capital shares redeemed		3,503,160			5,684			208,852
Dividends payable on securities sold short (Note 2)		198,020			—			—
Payable to Adviser (Note 4)		3,535,938			54,791			185,072
Payable to administrator (Note 4)		179,595			10,940			17,239
Accrued brokerage expense on securities sold short (Note 2)		5,140,176			—			—
Other accrued expenses and liabilities		114,099			14,728			8,736
TOTAL LIABILITIES		1,744,268,379			6,485,015			1,611,201
NET ASSETS	$	1,877,991,779		$	58,627,260		$	115,071,933
Net assets consist of:
Paid-in capital	$	1,780,216,034		$	49,234,406		$	118,922,796
Accumulated net investment loss		(70,867,551	)		—			(1,006,924	)
Distributions in excess of net investment income		—			(149,499	)		—
Accumulated net realized gains (losses) from security transactions and other financial instruments		(119,823,720	)		5,763,620			(2,540,063	)
Net unrealized appreciation (depreciation) on:
Investments		143,298,861			3,778,733			2,034
Short positions		145,168,131			—			—
Futures contracts		—			—			(305,910	)
Translation of assets and liabilities in foreign currencies		24			—			—
Net assets	$	1,877,991,779		$	58,627,260		$	115,071,933
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		119,231,738			4,420,891			11,072,183
Net asset value, redemption price and offering price per share (a) (Note 2)	$	15.75		$	13.26		$	10.39

*	Consolidated financial statement (Note 1).
(a)	Redemption price may differ from the net asset value per share depending upon the length of time the shares are held (Note 2).
See accompanying notes to financial statements.

51

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended April 30, 2013 (Unaudited)

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	22,940,304		$	625,675		$	41,043
Foreign tax withholding		(43,213	)		—			—
Interest		1,279			40			13,454
TOTAL INVESTMENT INCOME		22,898,370			625,715			54,497
EXPENSES
Brokerage expense on securities sold short (Note 2)		46,265,220			—			—
Investment advisory fees (Note 4)		21,000,714			330,170			1,311,060
Dividend expense on securities sold short (Note 2)		10,855,674			—			—
Administration fees (Note 4)		531,128			30,000			49,278
Accounting services fees (Note 4)		322,578			21,322			33,195
Custodian fees		252,521			27,096			16,308
Transfer agent fees (Note 4)		162,530			15,142			19,983
Professional fees		43,836			20,555			26,120
Registration and filing fees		35,464			15,177			31,855
Pricing fees		53,446			7,873			569
Trustees’ fees and expenses (Note 4)		14,429			14,429			14,429
Postage and supplies		32,148			4,098			5,053
Compliance service fees and expenses (Note 4)		19,838			5,718			6,323
Printing of shareholder reports		21,126			4,249			5,068
Insurance expense		17,136			917			911
Borrowing costs (Note 5)		17,007			1,064			—
Other expenses		6,323			4,727			3,886
TOTAL EXPENSES		79,651,118			502,537			1,524,038
Investment advisory fee reductions (Note 4)		—			(40,299	)		(16,320	)
NET EXPENSES		79,651,118			462,238			1,507,718
NET INVESTMENT INCOME (LOSS)		(56,752,748	)		163,477			(1,453,221	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		197,081,601			7,008,596			4,558
Securities sold short		(131,056,229	)		—			—
Futures contracts		—			—			(3,239,667	)
Foreign currency transactions		25,740			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		89,108,885			2,528,185			2,386
Securities sold short		(38,200,990	)		—			—
Futures contracts		—			—			(549,376	)
Foreign currency translation		(36,908	)		—			—
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		116,922,099			9,536,781			(3,782,099	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	60,169,351		$	9,700,258		$	(5,235,320	)

*	Consolidated financial statement (Note 1).
See accompanying notes to financial statements.

52

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
FROM OPERATIONS
Net investment loss	$	(56,752,748	)	$	(116,533,594	)
Net realized gains (losses) from:
Investments		197,081,601			214,856,225
Securities sold short		(131,056,229	)		(64,020,799	)
Foreign currency transactions		25,740			(30,004	)
Net change in unrealized appreciation (depreciation) on:
Investments		89,108,885			(25,378,884	)
Securities sold short		(38,200,990	)		115,098,579
Foreign currency translation		(36,908	)		36,951
Net increase in net assets from operations		60,169,351			124,028,474
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		—			(28,690,939	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		308,282,113			532,434,224
Net asset value of shares issued in reinvestment of distributions to shareholders		—			21,400,921
Proceeds from redemption fees collected (Note 2)		76,336			131,452
Payments for shares redeemed		(279,838,733	)		(622,266,606	)
Net increase (decrease) in net assets from capital share transactions		28,519,716			(68,300,009	)
TOTAL INCREASE IN NET ASSETS		88,689,067			27,037,526
NET ASSETS
Beginning of period		1,789,302,712			1,762,265,186
End of period	$	1,877,991,779		$	1,789,302,712
ACCUMULATED NET INVESTMENT LOSS	$	(70,867,551	)	$	(14,140,543	)
CAPITAL SHARE ACTIVITY
Shares sold		19,532,570			35,586,827
Shares issued in reinvestment of distributions to shareholders		—			1,500,766
Shares redeemed		(17,761,721	)		(41,952,004	)
Net increase (decrease) in shares outstanding		1,770,849			(4,864,411	)
Shares outstanding, beginning of period		117,460,889			122,325,300
Shares outstanding, end of period		119,231,738			117,460,889

See accompanying notes to financial statements.

53

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
FROM OPERATIONS
Net investment income (loss)	$	163,477		$	(13,134	)
Net realized gains from investments		7,008,596			8,201,572
Net change in unrealized appreciation (depreciation) on investments		2,528,185			(2,322,308	)
Net increase in net assets from operations		9,700,258			5,866,130
FROM DISTRIBUTIONS (Note 2)
Distributions from net investment income		(312,976	)		—
Distributions from net realized gains from security transactions		(8,873,127	)		(120,141	)
Decrease in net assets from distributions		(9,186,103	)		(120,141	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		10,511,502			12,605,584
Net asset value of shares issued in reinvestment of distributions to shareholders		7,904,955			95,370
Proceeds from redemption fees collected (Note 2)		5,012			7,846
Payments for shares redeemed		(10,381,196	)		(19,655,848	)
Net increase (decrease) in net assets from capital share transactions		8,040,273			(6,947,048	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,554,428			(1,201,059	)
NET ASSETS
Beginning of period		50,072,832			51,273,891
End of period	$	58,627,260		$	50,072,832
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(149,499	)	$	—
CAPITAL SHARE ACTIVITY
Shares sold		836,438			973,223
Shares issued in reinvestment of distributions to shareholders		689,884			7,934
Shares redeemed		(799,314	)		(1,535,278	)
Net increase (decrease) in shares outstanding		727,008			(554,121	)
Shares outstanding, beginning of period		3,693,883			4,248,004
Shares outstanding, end of period		4,420,891			3,693,883

See accompanying notes to financial statements.

54

TFS HEDGED FUTURES FUND

STATEMENTS OF CHANGES IN NET ASSETS*

	Six Months Ended April 30, 2013 (Unaudited)			Period Ended October 31, 2012(a)
FROM OPERATIONS
Net investment loss	$	(1,453,221	)	$	(954,603	)
Net realized gains (losses) from:
Investments		4,558			670
Futures contracts		(3,239,667	)		2,987,877
Net change in unrealized appreciation (depreciation) on:
Investments		2,386			(352	)
Futures contracts		(549,376	)		243,466
Net increase (decrease) in net assets from operations		(5,235,320	)		2,277,058
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(2,570,373	)		—
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		67,401,837			115,630,089
Net asset value of shares issued in reinvestment of distributions to shareholders		2,091,789			—
Proceeds from redemption fees collected (Note 2)		41,379			5,865
Payments for shares redeemed		(60,198,328	)		(4,372,063	)
Net increase in net assets from capital share transactions		9,336,677			111,263,891
TOTAL INCREASE IN NET ASSETS		1,530,984			113,540,949
NET ASSETS
Beginning of period		113,540,949			—
End of period	$	115,071,933		$	113,540,949
ACCUMULATED NET INVESTMENT LOSS	$	(1,006,924	)	$	(954,603	)
CAPITAL SHARE ACTIVITY
Shares sold		6,290,271			10,688,187
Shares issued in reinvestment of distributions to shareholders		192,970			—
Shares redeemed		(5,693,841	)		(405,404	)
Net increase in shares outstanding		789,400			10,282,783
Shares outstanding, beginning of period		10,282,783			—
Shares outstanding, end of period		11,072,183			10,282,783

*	Consolidated financial statements (Note 1).
(a)	Represents the period from commencement of operations (December 29, 2011) through October 31, 2012.
See accompanying notes to financial statements.

55

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			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
Net asset value at beginning of period	$	15.23		$	14.41		$	15.80		$	14.92		$	13.25		$	15.59		$	14.59
Income (loss) from investment operations:
Net investment loss		(0.47	)		(0.99	)		(0.83	)		(0.45	)		(0.24	)		(0.09	)		(0.23	)
Net realized and unrealized gains (losses) on investments		0.99			2.05			0.93			1.43			2.13			(2.27	)		1.56
Total from investment operations		0.52			1.06			0.10			0.98			1.89			(2.36	)		1.33
Less distributions:
Distributions from net investment income		—			—			—			—			—			—			(0.01	)
Distributions from net realized gains from security transactions		—			(0.24	)		(1.49	)		(0.10	)		(0.25	)		—			(0.40	)
Total distributions		—			(0.24	)		(1.49	)		(0.10	)		(0.25	)		—			(0.41	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.03			0.02			0.08
Net asset value at end of period	$	15.75		$	15.23		$	14.41		$	15.80		$	14.92		$	13.25		$	15.59
Total return (c)		3.41%	(d)		7.48%			0.43%			6.60%			14.86%			(15.01%	)(d)		9.93%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,877,992		$	1,789,303		$	1,762,265		$	1,142,219		$	828,409		$	378,564		$	271,239
Ratio of total expenses to average net assets		8.50%	(e)		8.63%			8.10%			4.52%			4.70%			4.60%	(e)		4.05%
Ratio of net expenses to average net assets		8.50%	(e)		8.63%			8.12%	(f)		4.55%	(f)		4.67%	(g)		4.55%	(e)(g)		3.94%	(g)
Ratio of net expenses to average net assets excluding dividend expense (h)		7.34%	(e)		7.75%			7.38%	(f)		3.81%	(f)		3.84%	(g)		3.68%	(e)(g)		2.80%	(g)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (h)		2.40%	(e)		2.42%			2.47%	(f)		2.50%	(f)		2.49%	(g)		2.49%	(e)(g)		2.50%	(g)
Ratio of net investment loss to average net assets		(6.05%	)(e)		(6.73%	)		(6.56%	)		(3.16%	)		(2.32%	)		(2.24%	)(e)		(2.15%	)
Portfolio turnover rate		296%	(d)		607%			751%			703%			429%			204%	(d)		536%

(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)	Includes recoupment by the Advisor of prior years’ advisory fee reductions and expense reimbursements (Note 4).
(g)	Ratio was determined after advisory fee reductions (Note 4).
(h)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 6.10%(e), 6.21%, 5.65%, 2.05%, 2.18%, 2.06%(e) and 1.44% of average net assets for the periods ended April 30, 2013, October 31, 2012, 2011, 2010, 2009 and 2008 and June 30, 2008, respectively.
See accompanying notes to financial statements.

56

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			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
Net asset value at beginning of period	$	13.56		$	12.07		$	11.98		$	9.33		$	6.80		$	9.31		$	13.08
Income (loss) from investment operations:
Net investment income (loss)		0.04			(0.00	)(b)		(0.04	)		(0.06	)		(0.02	)		0.01			(0.18	)
Net realized and unrealized gains (losses) on investments		2.29			1.52			0.87			2.70			2.55			(2.52	)		(1.79	)
Total from investment operations		2.33			1.52			0.83			2.64			2.53			(2.51	)		(1.97	)
Less distributions:
Distributions from net investment income		(0.07	)		—			—			—			(0.01	)		—			—
Distributions from net realized gains from security transactions		(2.56	)		(0.03	)		(0.74	)		—			—			—			(1.80	)
Total distributions		(2.63	)		(0.03	)		(0.74	)		—			(0.01	)		—			(1.80	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.00	(b)		0.01			0.01			0.00	(b)		0.00	(b)
Net asset value at end of period	$	13.26		$	13.56		$	12.07		$	11.98		$	9.33		$	6.80		$	9.31
Total return (c)		20.44%	(d)		12.62%			6.68%			28.40%			37.41%			(26.96%	)(d)		(16.40%	)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	58,627		$	50,073		$	51,274		$	35,784		$	16,623		$	3,053		$	4,581
Ratio of total expenses to average net assets		1.90%	(e)		1.95%			1.82%			2.31%			5.14%			4.44%	(e)		5.57%
Ratio of net expenses to average net assets (f)		1.75%	(e)		1.75%			1.69%			1.78%			1.88%			0.88%	(e)		2.72%
Ratio of net expenses to average net assets excluding borrowing costs (f)		1.75%	(e)		1.75%			1.68%			1.78%			1.87%			0.87%	(e)		2.68%
Ratio of net investment income (loss) to average net assets		0.62%	(e)		(0.03%	)		(0.31%	)		(0.70%	)		(0.63%	)		0.28%	(e)		(1.76%	)
Portfolio turnover rate		341%	(d)		557%			525%			657%			320%			123%	(d)		269%

(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.

57

TFS HEDGED FUTURES FUND

FINANCIAL HIGHLIGHTS*

Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2013 (Unaudited)			Period Ended October 31, 2012(a)
Net asset value at beginning of period	$	11.04		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(0.30	)		1.13
Total from investment operations		(0.42	)		1.04
Less distributions:
Distributions from net realized gains from security transactions		(0.23	)		—
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)
Net asset value at end of period	$	10.39		$	11.04
Total return (c)		(3.89%	)(d)		10.40%	(d)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	115,072		$	113,541
Ratio of total expenses to average net assets		2.32%	(e)		2.51%	(e)
Ratio of net expenses to average net assets (f)		2.30%	(e)		2.30%	(e)
Ratio of net investment loss to average net assets		(2.21%	)(e)		(2.19%	)(e)
Portfolio turnover rate		0%	(g)		0%	(g)

*	Consolidated financial statements (Note 1).
(a)	Represents the period from commencement of operations (December 29, 2011) through October 31, 2012.
(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 (Note 4).
(g)	All investments held are excluded from the calculation as they are considered to be short-term investments whose maturities or expiration dates at the time of acquisition were one year or less.
��
See accompanying notes to financial statements.

58

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2013 (Unaudited)

1. Organization

TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund (individually, a “Fund”, and collectively, the “Funds”) are each a 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. TFS Market Neutral Fund commenced operations on September 7, 2004. TFS Small Cap Fund commenced operations on March 7, 2006. TFS Hedged Futures Fund commenced operations on December 29, 2011.

The consolidated financial statements of TFS Hedged Futures Fund include TFS Hedged Futures Strategy Offshore Fund Ltd. (the “Subsidiary”), a wholly-owned and controlled Cayman Islands subsidiary. TFS Hedged Futures Fund may invest up to 25% of its total assets in the Subsidiary. TFS Hedged Futures Fund purchases investments through the Subsidiary to provide exposure to the commodities futures market which otherwise may not be possible in a mutual fund structure. All inter-company accounts and transactions have been eliminated in consolidation for TFS Hedged Futures Fund. TFS Hedged Futures Fund and the Subsidiary each have a fiscal year end of October 31st for financial statement consolidation purposes and a nonconforming tax year end of December 31st and November 30th, respectively.

TFS Market Neutral Fund seeks to produce capital appreciation while having a low correlation to the U.S. equity market, which TFS Capital LLC (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.

TFS Hedged Futures Fund seeks to achieve long-term capital appreciation.

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 as of the close of 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 closing bid price on the NYSE or other primary exchange for long positions and at the closing ask price for short positions for that day. 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. Futures contracts are generally valued at the last quoted sales price on the applicable valuation date. Futures contracts that trade on exchanges that close before 4:00 p.m. Eastern time are valued at the official settlement price of the primary exchange on which it is traded. Prices for these futures contracts are monitored daily by the Adviser until 4:00 p.m. Eastern time to determine if fair valuation is required. Other assets and securities for which

59

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 (the “Board”) and will be classified as Level 2 or 3 within the fair value hierarchy (see below), 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 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 may include most common stocks, preferred stocks, closed-end, open-end and exchange-traded funds and notes, rights, warrants, futures contracts and cash equivalents.

• 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 may 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 may include common stocks that trade infrequently or their trading has been temporarily halted and U.S. treasury obligations 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 may 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.

60

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used to value the Funds’ investments, securities sold short and other financial instruments as of April 30, 2013:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stocks	$	1,738,998,204		$	42,280		$	—		$	1,739,040,484
Preferred Stocks		84,780			—			—			84,780
Other Investments		77,705,294			—			—			77,705,294
Corporate Bonds		—			2,805			—			2,805
Money Market Funds		17,347,013			—			—			17,347,013
Total	$	1,834,135,291		$	45,085		$	—		$	1,834,180,376
Other Financial Instruments:
Common Stocks – Sold Short	$	(1,234,134,496	)	$	(134,922	)	$	(278,349	)	$	(1,234,547,767	)
Preferred Stocks – Sold Short		(105,509	)		—			—			(105,509	)
Other Investments – Sold Short		(261,034,977	)		—			—			(261,034,977	)
Warrants – Sold Short		(17,316	)		—			—			(17,316	)
Total	$	(1,495,292,298	)	$	(134,922	)	$	(278,349	)	$	(1,495,705,569	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	57,652,215	$	—	$	—	$	57,652,215
Money Market Funds		1,092,605		—		—		1,092,605
Total	$	58,744,820	$	—	$	—	$	58,744,820

TFS Hedged Futures Fund	Level 1			Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—		$	23,744,857	$	—	$	23,744,857
Money Market Funds		66,822,195			—		—		66,822,195
Total	$	66,822,195		$	23,744,857	$	—	$	90,567,052
Other Financial Instruments:
Futures Contracts	$	61,088,932		$	—	$	—	$	61,088,932
Futures Contracts – Sold Short		(119,651,126	)		—		—		(119,651,126	)
Total	$	(58,562,194	)	$	—	$	—	$	(58,562,194	)

Refer to each Fund’s Summary Schedule of Investments, Schedule of Securities Sold Short, Schedule of Futures Contracts and Schedule of Futures Contracts Sold Short, as applicable, for a listing of the securities valued by security type and industry type.

61

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period. As of April 30, 2013, TFS Small Cap Fund and TFS Hedged Futures Fund did not have any transfers in and out of any Level. Transfers that occurred between Level 1, Level 2 and Level 3 on April 30, 2013 for TFS Market Neutral Fund due to changes in the availability of quoted prices are as follows:

	Investments		Securities Sold Short
Transfers from Level 1 to Level 2	$	42,280	$	(123,992	)
Transfers from Level 1 to Level 3		—		(278,349	)
Transfers from Level 2 to Level 1		306,425		(243,175	)
Transfers from Level 3 to Level 1		1,747		(72,184	)

 

There were no transfers between Level 2 and Level 3 as of April 30, 2013 for TFS Market Neutral Fund. There were no Level 3 securities or derivative instruments held in TFS Small Cap Fund and no Level 3 securities held in TFS Hedged Futures Fund as of April 30, 2013.

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 April 30, 2013. 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.

	Investments			Securities Sold Short
Balance as of October 31, 2012	$	1,747		$	(72,184	)
Transfers in and/or out of Level 3		(1,747	)		(206,165	)
Balance as of April 30, 2013	$	—		$	(278,349	)

The total amount of net unrealized appreciation on the Level 3 securities sold short at April 30, 2013 was $3,361,556.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Board to determine the fair value of the Level 3 investments:

	Fair Value at April 30, 2013	Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input*
Common Stocks - Sold Short	$(278,349)	Discount from Last Sale Price	Discount Percentage	50%	Increase

* This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

During the periods ended April 30, 2013 and October 31, 2012, proceeds from redemption fees totaled $76,336 and $131,452, respectively, for TFS Market Neutral Fund, $5,012 and $7,846, respectively, for TFS Small Cap Fund and $41,379 and $5,865, respectively, for TFS Hedged Futures Fund.

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

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

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains. The tax character of distributions paid by the Funds during the periods ended April 30, 2013 and October 31, 2012 was as follows:

	Periods Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	4/30/2013	$	—	$	—	$	—
	10/31/2012	$	23,397,213	$	5,293,726	$	28,690,939
TFS Small Cap Fund	4/30/2013	$	8,620,933	$	565,170	$	9,186,103
	10/31/2012	$	322	$	119,819	$	120,141
TFS Hedged Futures Fund	4/30/2013	$	338,325	$	2,232,048	$	2,570,373
	10/31/2012	$	—	$	—	$	—

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 deposits with brokers for securities sold short are reported on the Statements of Assets and Liabilities. 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 and TFS Hedged Futures Fund both engage 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, if any, to 5% of its net assets.

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NOTES TO FINANCIAL STATEMENTS (Continued)

Futures contracts – TFS Hedged Futures Fund is subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing its investment objective. The Fund may use futures contracts to gain exposure or to hedge against changes in the value of equities, interest rates, foreign currencies or commodities. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. When the Fund purchases or sells a futures contract, no price is paid to or received by the Fund upon the purchase or sale of the futures contract. Instead, the Fund is required to deposit in a segregated asset account an amount of cash or qualifying securities currently ranging from 5% to 15% of the contract amount. This is called the “initial margin deposit.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying asset. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. If market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The margin deposits for futures contracts and the variation margin receivable and/or payable are reported on the Statements of Assets and Liabilities.

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 as of 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.

Foreign Currency Translation – Amounts denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

A. The value of investment securities and other assets and liabilities are translated at exchange rates as of the NYSE close each day.

B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective date of such transactions.

C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends, interest and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

Federal income tax – The tax year end is October 31st for TFS Market Neutral Fund and TFS Small Cap Fund and December 31st for TFS Hedged Futures Fund. 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 April 30, 2013:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	1,787,764,256		$	55,846,444		$	90,565,018
Gross unrealized appreciation	$	152,421,011		$	4,626,923		$	2,034
Gross unrealized depreciation		(106,004,891	)		(1,728,547	)		—
Net unrealized appreciation on investments		46,416,120			2,898,376			2,034
Net unrealized appreciation on securities sold short		7,181,835			—			—
Net unrealized appreciation on translation of assets and liabilities in foreign currencies		24			—			—
Accumulated net investment loss		(70,867,551	)		—			(1,010,898	)
Undistributed long-term gains		—			—			180,107
Other gains (losses)		115,045,317			6,494,478			(3,022,106	)
Accumulated earnings (deficit)	$	97,775,745		$	9,392,854		$	(3,850,863	)

As of April 30, 2013, the tax cost of securities sold short is $1,502,887,404 for TFS Market Neutral Fund.

The difference between the federal income tax cost of portfolio investments and securities sold short and the financial statement cost for TFS Market Neutral Fund and TFS Small Cap 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. The tax cost of portfolio investments for TFS Hedged Futures Fund is equal to the financial statement cost disclosed.

For the six months ended April 30, 2013, TFS Market Neutral Fund reclassified $25,740 of net realized gains from foreign currency transactions against accumulated net investment loss on the Statements of Assets and Liabilities. For the tax year ended December 31, 2012, TFS Hedged Futures Fund reclassified $1,400,900 of accumulated net investment losses and $276,872 of accumulated net realized losses 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 (October 31, 2009 through October 31, 2012) of each Fund, as applicable, and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

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NOTES TO FINANCIAL STATEMENTS (Continued)

3. Investment Transactions

During the six months ended April 30, 2013, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $5,379,686,385 and $5,574,649,334, respectively, for TFS Market Neutral Fund, $180,530,285 and $182,196,800, respectively, for TFS Small Cap Fund and $0 and $0, respectively, for TFS Hedged Futures Fund.

4. Transactions with Related Parties

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. Each of TFS Small Cap Fund and TFS Hedged Futures Fund pay the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% and 2.00%, respectively, of its average daily net assets.

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, 1.75% of TFS Small Cap Fund’s average daily net assets and 2.30% of TFS Hedged Futures Fund’s average daily net assets. During the six months ended April 30, 2013, the Adviser reduced its investment advisory fees by $40,299 with respect to TFS Small Cap Fund and $16,320 with respect to TFS Hedged Futures 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%, 1.75% and 2.30%, respectively, for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. As of April 30, 2013, the Adviser has recouped all previous fee reductions for TFS Market Neutral Fund. As of April 30, 2013, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $272,635 and $109,173, respectively, from TFS Small Cap Fund and TFS Hedged Futures Fund. The Adviser may recapture these amounts no later than the dates as stated below:

	October 31, 2013		October 31, 2014		October 31, 2015		April 30,  2016
TFS Small Cap Fund	$	64,858	$	66,738	$	100,740	$	40,299
TFS Hedged Futures Fund	$	—	$	—	$	92,853	$	16,320

Certain Trustees and officers of the Trust are also officers of the Adviser.

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AFFILIATED BROKER-DEALER

During the six months ended April 30, 2013, TFS Hedged Futures Fund paid commissions of $122,403 to Interactive Brokers LLC (“IB”). Richard Gates, a principal of the Adviser and a Vice President of the Trust, serves as an independent Director of IB. Based on a factual determination by the Adviser that Mr. Gates does not have a controlling influence over IB’s management or policies, the Adviser does not believe that IB is an affiliate, or an affiliate of an affiliate, of the Trust. Nevertheless, the Adviser and the Trust have determined to subject any transactions between the Funds and IB to the same procedures that would be applicable if such transactions were subject to affiliated broker provisions of Section 17(e) of the Investment Company Act of 1940, and Rule 17(e)-1 thereunder.

COMPLIANCE CONSULTING AGREEMENT

Under the terms of a 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. Drake receives $5,000 per month from the Trust, of which each Fund pays its proportionate share. In addition, each Fund reimburses certain out-of-pocket expenses incurred by Drake, if any, including, but not limited to, postage and supplies and travel expenses.

ADMINISTRATION AGREEMENT

Under the terms of an Administration Agreement, Ultimus Fund Solutions, LLC (“Ultimus”) supplies executive, administrative and regulatory services for the Funds. Ultimus supervises the preparation of tax returns, reports to shareholders of the Funds, reports to and filings with the Securities and Exchange Commission (the “SEC”) and state securities commissions and materials for meetings of the Board of Trustees. For these services, each Fund pays Ultimus a monthly fee at an annual rate of 0.075% 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.

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 and TFS Hedged Futures Fund each pay 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 its 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

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.

COMPENSATION OF TRUSTEES

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus receives from the Trust an annual retainer of $5,000, paid quarterly, a fee of $7,500 for attendance at each in-person meeting of the Board of Trustees, a fee of $2,500 for attendance at each telephonic meeting of the Board of Trustees and a fee of $1,500 for attendance at each telephonic special meeting of the Board of Trustees. The Chairman of the Audit Committee receives an additional fee of $1,000 for each Audit Committee meeting attended. The Trust reimburses each Trustee and officer for his or her travel and other expenses relating to attendance at Board or committee meetings.

5. Borrowing Costs

During the six months ended April 30, 2013, TFS Market Neutral Fund and TFS Small Cap Fund incurred $17,007 and $1,064, respectively, of borrowing costs with the Funds’ custodian bank. TFS Hedged Futures Fund incurred no borrowing costs for the six months ended April 30, 2013. As of April 30, 2013, the Funds had no outstanding borrowings. The average outstanding borrowings for the six months ended April 30, 2013 include 149 days of $0 borrowings for TFS Market Neutral Fund and 150 days of $0 borrowings for TFS Small Cap Fund. The average outstanding borrowings and average interest rate on borrowings during the six months ended April 30, 2013 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	2,424,371		1.57	%
TFS Small Cap Fund	$	114,262		1.57	%

6. Derivatives Transactions

TFS Hedged Futures Fund’s positions in derivative instruments as of April 30, 2013 are recorded in the following locations in the Statements of Assets and Liabilities:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Futures contracts	Net unrealized appreciation (depreciation) on futures contracts

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NOTES TO FINANCIAL STATEMENTS (Continued)

The following table sets forth the value of TFS Hedged Futures Fund’s derivative contracts by primary risk exposure as of April 30, 2013:

	Asset Derivatives					Liability Derivatives					Net Unrealized
Futures Contracts	Receivable		Payable			Receivable		Payable			Gain (Loss)
Commodity	$	609,965	$	(265,264	)	$	251,448	$	(408,586	)	$	187,563
Currency		282,891		—			—		(282,908	)		(17	)
Financial		—		—			912,767		(1,406,223	)		(493,456	)
Total	$	892,856	$	(265,264	)	$	1,164,215	$	(2,097,717	)	$	(305,910	)

The following is a summary of the location of derivative investments in TFS Hedged Futures Fund’s Statement of Operations for the six months ended April 30, 2013:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Futures contracts	Net realized gains (losses) from futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts

The following is a summary of TFS Hedged Futures Fund’s realized gains (losses) and change in unrealized appreciation (depreciation) on derivative instruments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended April 30, 2013:

Futures Contracts	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Commodity	$	(4,951,790	)	$	510,476
Currency		3,091,896			79,123
Financial		(1,379,773	)		(1,138,975	)
Total	$	(3,239,667	)	$	(549,376	)

TFS Market Neutral Fund and TFS Small Cap Fund had no transactions in derivative instruments during the six months ended April 30, 2013.

7. Investments in Other Investment Companies

In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may invest a significant portion of its assets in shares of one or more money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market mutual funds have been rare, they have occurred. In addition, additional indirect expenses will be incurred due to acquired fund fees and other costs to the extent of the investment in shares of money market mutual funds. As of April 30, 2013, TFS Hedged Futures Fund had 58.1% of the value of its net assets invested in money

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NOTES TO FINANCIAL STATEMENTS (Continued)

market mutual funds registered under the Investment Company Act of 1940. As of April 30, 2013, TFS Market Neutral Fund and TFS Small Cap Fund did not have a significant portion of assets in shares of one or more money market mutual funds.

8. 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.

9. Subsequent Events

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

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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 (November 1, 2012) and held until the end of the period (April 30, 2013).

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 each Fund’s summary prospectus.

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value November 1, 2012	Ending Account Value April 30, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,034.10	$42.87
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$982.64	$41.78

* Expenses are equal to the annualized expense ratio of 8.50% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TFS Small Cap Fund

	Beginning Account Value November 1, 2012	Ending Account Value April 30, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,204.40	$9.56
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,016.12	$8.75

* Expenses are equal to the annualized expense ratio of 1.75% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TFS Hedged Futures Fund

	Beginning Account Value November 1, 2012	Ending Account Value April 30, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$961.10	$11.18
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,013.39	$11.48

* Expenses are equal to the annualized expense ratio of 2.30% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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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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PRIVACY NOTICE
FACTS	WHAT DOES THE TFS CAPITAL INVESTMENT TRUST DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: § Social Security number § Assets § Retirement Assets § Transaction History § Checking Account Information § Purchase History § Account Balances § Account Transactions § Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the TFS Capital Investment Trust chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information		Does the TFS Capital Investment Trust share?	Can you limit this sharing?
For our everyday business purposes – Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes – to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences		No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness		No	We don’t share
For nonaffiliates to market to you		No	We don’t share
Questions?	Call 1-888-534-2001

74

Who we are
Who is providing this notice?	TFS Capital Investment Trust Ultimus Fund Distributors, LLC (Distributor) Ultimus Fund Solutions, LLC (Administrator)
What we do
How does the TFS Capital Investment Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does the TFS Capital Investment Trust collect my personal information?	We collect your personal information, for example, when you § Open an account § Provide account information § Give us your contact information § Make deposits or withdrawals from your account § Make a wire transfer § Tell us where to send the money § Tells us who receives the money § Show your government-issued ID § Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only § Sharing for affiliates’ everyday business purposes – information about your creditworthiness § Affiliates from using your information to market to you § Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. § TFS Capital LLC, the investment adviser to the TFS Capital Investment Trust, could be deemed to be an affiliate.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies § The TFS Capital Investment Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. § The TFS Capital Investment Trust does not jointly market.

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Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

Schedule I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
COMMON STOCKS - 92.6%	Shares		Value
Consumer Discretionary - 14.1%
Auto Components - 1.7%
American Axle & Manufacturing Holdings, Inc. (a)		18,316	$	244,885
Ballard Power Systems, Inc. (a)		107,071		99,041
Cooper Tire & Rubber Company (b)		205,058		5,103,894
Dana Holding Corporation		6,535		112,729
Dorman Products, Inc. (b)		46,290		1,746,985
Drew Industries, Inc. (b)		14,508		523,739
Exide Technologies (a) (b)		286,960		243,084
Federal-Mogul Corporation (a) (b)		64,166		479,962
Fuel Systems Solutions, Inc. (a)		479		7,525
Gentex Corporation (b)		283,347		6,375,307
Goodyear Tire & Rubber Company (The) (a)		609		7,609
Icahn Enterprises, L.P. (a)		15,169		1,130,394
Lear Corporation		3,299		190,616
Magna International, Inc. - Class A		1,671		100,544
Modine Manufacturing Company (a) (b)		111,658		1,020,554
Motorcar Parts of America, Inc. (a)		15,032		89,891
Shiloh Industries, Inc.		2,062		20,311
Spartan Motors, Inc. (b)		29,268		155,706
Standard Motor Products, Inc. (b)		53,561		1,641,109
Stoneridge, Inc. (a) (b)		98,415		745,001
Superior Industries International, Inc. (b)		215,151		3,950,172
Tenneco, Inc. (a) (b)		177,001		6,844,629
Tongxin International Ltd. (a)		300		79
Tower International, Inc. (a)		543		8,737
UQM Technologies, Inc. (a)		25,271		17,690
Visteon Corporation (a)		11,815		694,604
				31,554,797
Automobiles - 0.0% (c)
Rush Enterprises, Inc. - Class B (a)		1,512		29,937
Distributors - 0.1%
Core-Mark Holding Company, Inc.		45,301		2,357,464
VOXX International Corporation (a)		25,017		238,412
				2,595,876
Diversified Consumer Services - 0.6%
Bright Horizons Family Solutions, Inc. (a)		11,636		377,472
Capella Education Company (a)		25,767		912,667
Career Education Corporation (a)		209,713		459,271
Carriage Services, Inc.		14,948		261,441
China Education Alliance, Inc. (a)		23,244		11,903
Hillenbrand, Inc.		120,094		3,017,962
ITT Educational Services, Inc. (a)		46		842
K12, Inc. (a)		321		8,176
LifeLock, Inc. (a)		49,282		443,538
Lincoln Educational Services Corporation		37,794		210,513
Mac-Gray Corporation		5,514		71,406
Sotheby's (b)		126,858		4,500,922
Steiner Leisure Ltd. (a) (b)		17,351		840,309
Universal Technical Institute, Inc.		14,679		174,240
				11,290,662

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.1% (Continued)
Hotels, Restaurants & Leisure - 2.9%
AFC Enterprises, Inc. (a) (b)		57,060	$	1,819,073
Ameristar Casinos, Inc. (b)		161,163		4,253,091
Arcos Dorados Holdings, Inc. - Class A		8,157		111,098
Bloomin' Brands, Inc. (a)		4,699		102,203
Bob Evans Farms, Inc.		10,741		465,515
Bravo Brio Restaurant Group, Inc. (a)		39,701		674,917
Brinker International, Inc.		56		2,178
Burger King Worldwide, Inc.		49,745		897,400
Carrols Restaurant Group, Inc. (a) (b)		19,538		92,805
CEC Entertainment, Inc.		8,236		274,835
Cedar Fair, L.P.		4,074		171,108
Cheesecake Factory, Inc. (The)		4,879		194,282
Choice Hotels International, Inc.		7,481		292,208
Churchill Downs, Inc. (b)		9,520		727,899
Cracker Barrel Old Country Store, Inc.		3,861		319,459
Denny's Corporation (a)		226,386		1,283,609
Domino's Pizza, Inc.		18,437		1,017,722
Einstein Noah Restaurant Group, Inc.		123,519		1,779,909
Fiesta Restaurant Group, Inc. (a) (b)		137,457		3,747,078
Frisch's Restaurants, Inc.		14,464		236,052
Hyatt Hotels Corporation - Class A (a) (b)		78,549		3,352,471
International Speedway Corporation - Class A		12,948		425,601
Interval Leisure Group, Inc.		11,307		215,511
Isle of Capri Casinos, Inc. (a)		30,404		232,895
Jack in the Box, Inc. (a)		116,574		4,179,178
Jamba, Inc. (a)		761,107		2,024,545
Kona Grill, Inc. (a)		578		5,635
Krispy Kreme Doughnuts, Inc. (a) (b)		304,256		4,156,137
Marcus Corporation (b)		163,241		2,096,014
Marriott Vacations Worldwide Corporation (a)		7,602		345,739
Morgans Hotel Group Company (a)		2,452		15,031
MTR Gaming Group, Inc. (a)		5,956		20,548
Multimedia Games Holding Company, Inc. (a)		148,403		3,659,618
Nathan's Famous, Inc. (a)		32		1,429
Orient-Express Hotels Ltd. - Class A (a) (b)		147,500		1,489,750
Panera Bread Company - Class A (a)		1,020		180,775
Papa John's International, Inc. (a) (b)		23,116		1,456,308
Penn National Gaming, Inc. (a)		2,063		120,789
Pinnacle Entertainment, Inc. (a)		77,777		1,482,430
Premier Exhibitions, Inc. (a)		5,660		15,452
Red Robin Gourmet Burgers, Inc. (a)		12,243		592,194
Rick's Cabaret International, Inc. (a)		4,452		37,575
Ruth's Hospitality Group, Inc. (a)		85,501		847,315
Scientific Games Corporation (a) (b)		298,761		2,652,998
SHFL entertainment, Inc. (a) (b)		186,962		2,954,000
Sonic Corporation (a)		89,426		1,120,508
Speedway Motorsports, Inc.		5,655		101,960
Town Sports International Holdings, Inc. (b)		63,251		636,938
Vail Resorts, Inc.		6,136		370,001
Wendy's Company (The)		110,818		630,554
WMS Industries, Inc. (a)		34,404		873,173
				54,755,513

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.1% (Continued)
Household Durables - 0.6%
American Greetings Corporation - Class A		89,246	$	1,645,696
Bassett Furniture Industries, Inc.		248		3,480
Comstock Holding Companies, Inc. - Class A (a)		5,401		15,285
CSS Industries, Inc.		5,947		170,441
D.R. Horton, Inc.		4,093		106,745
Furniture Brands International, Inc. (a)		36,907		40,598
Helen of Troy Ltd. (a) (b)		20,733		723,167
iRobot Corporation (a)		39,860		1,159,527
Kid Brands, Inc. (a) (b)		2,418		2,732
La-Z-Boy, Inc.		39,407		711,690
Libbey, Inc. (a) (b)		64,464		1,248,668
MDC Holdings, Inc.		27,810		1,045,656
Mohawk Industries, Inc. (a)		1,053		116,757
NIVS IntelliMedia Technology Group, Inc. (a) (b)		242,917		656
Skyline Corporation (a)		6,997		31,696
Taylor Morrison Home Corporation - Class A (a)		57,170		1,473,843
TRI Pointe Homes, Inc. (a)		13,646		259,274
Tupperware Brands Corporation		1,635		131,291
Universal Electronics, Inc. (a)		59,339		1,363,610
				10,250,812
Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. - Class A (a)		220,318		1,306,486
Amazon.com, Inc. (a)		443		112,438
Blue Nile, Inc. (a)		43,357		1,414,739
CafePress, Inc. (a)		24,948		143,950
Geeknet, Inc. (a)		1,286		16,821
HomeAway, Inc. (a)		19,348		591,081
HSN, Inc.		3,187		167,572
Liberty Ventures - Series A (a)		1,736		127,544
MakeMyTrip Ltd. (a)		649		8,333
Orbitz Worldwide, Inc. (a) (b)		281,189		1,681,510
Shutterfly, Inc. (a) (b)		125,514		5,589,138
TripAdviser, Inc. (a)		1,720		90,438
ValueVision Media, Inc. (a) (b)		56,823		244,339
				11,494,389
Leisure Equipment & Products - 0.1%
LeapFrog Enterprises, Inc. (a)		241,212		2,156,435
Nautilus, Inc. (a)		488		3,358
Steinway Musical Instruments, Inc. (a)		10,426		260,024
				2,419,817
Media - 2.8%
AMC Networks, Inc. - Class A (a)		2,321		146,246
Arbitron, Inc. (b)		30,564		1,427,033
Ballantyne Strong, Inc. (a)		18,904		84,879
Belo Corporation - Class A		58,457		626,659
Cablevision Systems Corporation - Class A (b)		336,245		4,996,601
Carmike Cinemas, Inc. (a)		89,035		1,563,455
CBS Corporation - Class A		2,090		95,806
Charter Communications, Inc. - Class A (a)		979		98,624
Cinemark Holdings, Inc.		5,321		164,366
CTC Media, Inc.		8,448		105,515
Discovery Communications, Inc. - Class C (a)		1,683		119,308

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.1% (Continued)
Media - 2.8% (Continued)
E.W. Scripps Company (The) - Class A (a)		449,863	$	6,248,597
Entravision Communications Corporation - Class A		848,377		3,274,735
Fisher Communications, Inc. (b)		18,254		756,081
Global Sources Ltd. (a)		57,840		394,469
Gray Television, Inc. (a)		452,282		2,871,991
Harte-Hanks, Inc. (b)		225,061		1,784,734
IMAX Corporation (a)		100		2,553
Insignia Systems, Inc. (a)		21,408		42,174
John Wiley & Sons, Inc. - Class A (b)		95,108		3,630,272
Journal Communications, Inc. (a)		308,585		2,101,464
Lamar Advertising Company - Class A (a)		2,750		128,755
Liberty Media Corporation (a)		2,447		281,111
LIN TV Corporation - Class A (a)		322,821		3,973,926
Live Nation Entertainment, Inc. (a) (b)		272,165		3,437,444
Madison Square Garden Company (The) - Class A (a)		52		3,134
Martha Stewart Living Omnimedia, Inc. - Class A (a)		30,113		74,379
MDC Partners, Inc. (b)		55,314		945,316
National CineMedia, Inc.		70,789		1,149,613
Nexstar Broadcasting Group, Inc.		154,925		3,772,424
Outdoor Channel Holdings, Inc.		1,701		14,884
ReachLocal, Inc. (a)		21,091		351,587
Reading International, Inc. (a)		2,703		15,731
Rentrak Corporation (a)		15,153		343,064
Salem Communications Corporation - Class A		81,253		745,903
Shaw Communications, Inc. - Class B		6,503		147,943
Shutterstock, Inc. (a)		12,247		510,700
Sinclair Broadcast Group, Inc. - Class A (b)		205,629		5,510,857
Sirius XM Radio, Inc.		43,131		140,176
Starz - Series A (a)		33,018		771,961
				52,854,470
Multiline Retail - 0.3%
Big Lots, Inc. (a) (b)		114,072		4,154,502
Dillard's, Inc. (b)		1,562		128,725
Dollar General Corporation (a)		1,778		92,616
Gordmans Stores, Inc. (a) (b)		145,639		1,642,808
Tuesday Morning Corporation (a)		27,355		221,849
				6,240,500
Specialty Retail - 2.8%
Aaron's, Inc.		39,413		1,131,547
Advance Auto Parts, Inc.		4,270		358,168
ANN, INC. (a)		24,602		726,743
Asbury Automotive Group, Inc. (a)		19,596		785,604
Ascena Retail Group, Inc. (a) (b)		263,018		4,865,833
AutoNation, Inc. (a)		4,007		182,359
Big 5 Sporting Goods Corporation		13,800		231,840
Cato Corporation (The) - Class A (b)		42,069		1,010,077
Chico's FAS, Inc.		37,872		691,921
Children's Place Retail Stores, Inc. (The) (a)		7,936		388,229
Christopher & Banks Corporation (a) (b)		246,607		1,713,919
Destination Maternity Corporation (b)		21,701		515,399
Destination XL Group, Inc. (a)		164,729		820,350
Express, Inc. (a) (b)		317,889		5,788,759

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.1% (Continued)
Specialty Retail - 2.8% (Continued)
Finish Line, Inc. (The) - Class A		23,269	$	451,186
Five Below, Inc. (a)		10,091		363,175
GameStop Corporation - Class A		51,113		1,783,844
Genesco, Inc. (a)		6,811		419,217
Haverty Furniture Companies, Inc.		97,607		2,321,094
hhgregg, Inc. (a)		110,257		1,489,572
Kirkland's, Inc. (a)		166,461		2,007,520
MarineMax, Inc. (a)		2,526		29,276
Men's Wearhouse, Inc. (The) (b)		160,141		5,364,723
New York & Company, Inc. (a)		53,744		239,698
O'Reilly Automotive, Inc. (a)		1,523		163,448
Pacific Sunwear of California, Inc. (a)		17,924		49,291
Penske Automotive Group, Inc. (b)		132,043		4,082,770
Perfumania Holdings, Inc. (a)		3,369		20,989
Restoration Hardware Holdings, Inc. (a)		12,906		502,689
Sears Hometown and Outlet Stores, Inc. (a)		68,963		3,076,439
Shoe Carnival, Inc. (b)		97,121		2,023,030
Signet Jewelers Ltd.		1,490		102,408
Stein Mart, Inc. (b)		22,886		181,028
Tile Shop Holdings, Inc. (The) (a)		18,476		458,205
TravelCenters of America, LLC (a) (b)		96,923		1,116,553
Trinity Place Holdings, Inc. (a)		160		872
Vitamin Shoppe, Inc. (a)		24,615		1,209,827
West Marine, Inc. (a)		2,667		31,551
Wet Seal, Inc. (The) - Class A (a) (b)		1,346,335		4,389,052
Winmark Corporation		1,409		87,175
Zale Corporation (a)		158,433		703,442
				51,878,822
Textiles, Apparel & Luxury Goods - 1.6%
Carter's, Inc. (a)		4,484		293,209
Columbia Sportswear Company		49,393		2,894,430
CROCS, Inc. (a)		30,173		483,371
Culp, Inc.		67,828		1,101,527
Deckers Outdoor Corporation (a)		70,938		3,910,102
Fifth & Pacific Companies, Inc. (a)		43,729		901,692
Fossil, Inc. (a)		1,238		121,472
Fuqi International, Inc. (a)		116,203		159,198
G-III Apparel Group Ltd. (a)		13,230		537,932
Gildan Activewear, Inc. - Class A		4,187		168,443
Hanesbrands, Inc. (a)		2,363		118,528
Iconix Brand Group, Inc. (a)		10,298		295,038
Joe's Jeans, Inc. (a)		163,612		287,957
Jones Group, Inc. (The)		52,494		734,916
K-Swiss, Inc. - Class A (a)		21,416		101,512
LJ International, Inc. (a) (b)		66,892		128,433
Maidenform Brands, Inc. (a)		25,903		466,254
Movado Group, Inc.		85,076		2,572,698
Oxford Industries, Inc.		14,044		830,422
Perry Ellis International, Inc.		15,544		273,108
PVH Corporation		914		105,485
Quiksilver, Inc. (a)		58,268		392,144
Rocky Brands, Inc. (a)		9,490		140,452

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.1% (Continued)
Textiles, Apparel & Luxury Goods - 1.6% (Continued)
Skechers U.S.A., Inc. - Class A (a)		147,528	$	3,065,632
Steven Madden Ltd. (a) (b)		133,160		6,475,571
True Religion Apparel, Inc.		21,966		594,400
Tumi Holdings, Inc. (a)		35,252		811,853
Unifi, Inc. (a)		91,841		1,790,899
				29,756,678
Consumer Staples - 2.3%
Beverages - 0.1%
Brown-Forman Corporation - Class B		3,874		273,117
Coca-Cola Bottling Company Consolidated (b)		16,891		1,038,796
Cott Corporation (b)		111,750		1,223,663
Dr Pepper Snapple Group, Inc.		3,283		160,309
National Beverage Corporation		12,022		177,084
				2,872,969
Food & Staples Retailing - 0.5%
Andersons, Inc. (The)		37,139		2,024,818
Casey's General Stores, Inc.		6,748		390,777
Fresh Market, Inc. (The) (a)		4,016		164,375
Harris Teeter Supermarkets, Inc.		9,823		410,503
Ingles Markets, Inc. - Class A (b)		9,606		204,800
Nash Finch Company (b)		11,340		233,037
Pantry, Inc. (The) (a)		66,581		972,749
Pizza Inn Holdings, Inc. (a)		8,415		66,815
PriceSmart, Inc.		15,217		1,357,813
Rite Aid Corporation (a) (b)		1,262,734		3,346,245
Spartan Stores, Inc.		18,953		318,031
Village Super Market, Inc. - Class A		3,306		116,371
				9,606,334
Food Products - 1.0%
Adecoagro, S.A. (a) (b)		174,029		1,298,256
Alico, Inc.		3,873		161,930
Amira Nature Foods Ltd. (a)		979		7,499
B&G Foods, Inc.		35		1,080
Boulder Brands, Inc. (a)		1,319		11,884
Cal-Maine Foods, Inc.		8,528		363,975
Campbell Soup Company		3,744		173,759
Chiquita Brands International, Inc. (a)		109,326		943,483
Darling International, Inc. (a)		43,900		812,589
DE Master Blenders 1753 N.V. (a)		22,600		358,338
Farmer Brothers Company (a)		69,664		1,055,410
Flowers Foods, Inc.		5,036		165,886
H.J. Heinz Company		2,993		216,753
Hormel Foods Corporation		4,246		175,232
Ingredion, Inc.		1,269		91,381
Inventure Foods, Inc. (a)		2,961		22,681
J & J Snack Foods Corporation		34,280		2,571,686
John B. Sanfilippo & Son, Inc.		9,957		208,898
Lancaster Colony Corporation		5,064		399,702
Limoneira Company		203		3,782
Mead Johnson Nutrition Company		1,426		115,634
Mondelez International, Inc. - Class A		4,341		136,524
Omega Protein Corporation (a) (b)		313,780		2,921,292

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Staples - 2.3% (Continued)
Food Products - 1.0% (Continued)
Origin Agritech Ltd. (a) (b)		51,894	$	91,333
Pilgrim's Pride Corporation (a) (b)		234,845		2,299,133
Post Holdings, Inc. (a)		15,147		663,287
S&W Seed Company (a)		13,578		125,325
Sanderson Farms, Inc.		17,082		1,046,443
Seneca Foods Corporation - Class A (a)		15,372		500,973
Smithfield Foods, Inc. (a)		12,971		332,058
SunOpta, Inc. (a) (b)		43,802		318,441
TreeHouse Foods, Inc. (a)		4,139		263,696
Zhongpin, Inc. (a)		8,028		104,043
				17,962,386
Household Products - 0.1%
Central Garden & Pet Company (a)		25,949		227,054
Church & Dwight Company, Inc.		2,562		163,686
Harbinger Group, Inc. (a)		19,833		179,290
Orchids Paper Products Company		671		15,433
Spectrum Brands Holdings, Inc.		13,494		755,664
WD-40 Company		7,660		413,104
				1,754,231
Personal Products - 0.6%
American Oriental Bioengineering, Inc. (a)		6,349		3,175
Avon Products, Inc.		4,572		105,888
Elizabeth Arden, Inc. (a)		521		21,335
Female Health Company (The)		22,803		174,899
Inter Parfums, Inc. (b)		102,329		2,964,471
Nature's Sunshine Products, Inc.		2,162		31,630
Neptune Technologies & Bioressources, Inc. (a)		81,936		217,130
Nutraceutical International Corporation		11,047		204,038
Prestige Brands Holdings, Inc. (a) (b)		207,957		5,604,441
Revlon, Inc. (a) (b)		96,731		1,871,745
				11,198,752
Tobacco - 0.0% (c)
Universal Corporation		4,528		260,587
Vector Group Ltd.		12,940		211,051
				471,638
Energy - 8.6%
Energy Equipment & Services - 2.4%
Atwood Oceanics, Inc. (a) (b)		30,844		1,512,898
Basic Energy Services, Inc. (a)		144,342		1,981,816
Bolt Technology Corporation		3,424		54,784
Bristow Group, Inc.		5,061		319,855
CARBO Ceramics, Inc.		25,070		1,771,195
Core Laboratories N.V.		1,851		267,988
Dawson Geophysical Company (a) (b)		51,735		1,590,334
Exterran Holdings, Inc. (a) (b)		186,300		4,922,046
Exterran Partners, L.P.		17,959		508,240
Forum Energy Technologies, Inc. (a)		12,850		357,359
Geokinetics, Inc. (a)		342		3
Geospace Technologies Corporation (a)		6,291		530,772
Global Geophysical Services, Inc. (a)		256,244		932,728
Gulf Island Fabrication, Inc.		34,121		701,528
Hercules Offshore, Inc. (a)		44,658		329,129

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 8.6% (Continued)
Energy Equipment & Services - 2.4% (Continued)
Hornbeck Offshore Services, Inc. (a)		1,828	$	82,114
ION Geophysical Corporation (a)		81,488		508,485
Key Energy Services, Inc. (a)		383,759		2,279,528
Lufkin Industries, Inc.		129,954		11,473,639
Matrix Service Company (a)		204,991		3,081,015
Natural Gas Services Group, Inc. (a)		1,030		20,796
North American Energy Partners, Inc. (a) (b)		23,163		93,810
Pacific Drilling, S.A. (a)		21,204		211,616
Parker Drilling Company (a) (b)		470,530		1,938,584
Patterson-UTI Energy, Inc.		5,522		116,459
PHI, Inc. (a)		1,639		45,515
Pioneer Energy Services Corporation (a)		457,953		3,228,569
Precision Drilling Corporation		30,897		250,266
RigNet, Inc. (a)		9,480		229,416
SEACOR Holdings, Inc.		2,867		206,739
Seadrill Ltd.		7,287		280,477
Seadrill Partners LLC		5,644		156,169
Tesco Corporation (a)		1,242		15,152
TETRA Technologies, Inc. (a)		47,020		429,293
TGC Industries, Inc. (b)		18,635		165,295
Unit Corporation (a) (b)		44,778		1,882,019
Weatherford International Ltd. (a)		13,270		169,723
Willbros Group, Inc. (a)		312,468		2,968,446
				45,613,800
Oil, Gas & Consumable Fuels - 6.2%
Abraxas Petroleum Corporation (a)		445,658		998,274
Adams Resources & Energy, Inc.		2,434		120,946
Advantage Oil & Gas Ltd. (a) (b)		297,456		1,180,900
Alliance Holdings GP, L.P.		1,639		101,880
Alon USA Energy, Inc. (b)		186,188		3,090,721
Alon USA Partners, L.P.		36		893
Alpha Natural Resources, Inc. (a)		432,612		3,209,981
American Midstream Partners, L.P.		3,378		63,000
Atlas Resource Partners, L.P.		27,675		707,096
Baytex Energy Corporation		6,801		268,368
Bellatrix Exploration Ltd. (a)		4,985		31,057
Berry Petroleum Company - Class A		32		1,533
Boardwalk Pipeline Partners, L.P. (b)		8,081		244,289
Bonanza Creek Energy, Inc. (a)		8,772		301,318
Buckeye Partners, L.P.		1,569		96,933
Callon Petroleum Company (a) (b)		230,082		823,694
Cameco Corporation		10,898		212,620
Carrizo Oil & Gas, Inc. (a) (b)		198,365		4,804,400
Cheniere Energy Partners, L.P.		26,275		717,308
Clayton Williams Energy, Inc. (a)		4,448		171,693
Cobalt International Energy, Inc. (a)		4,157		116,147
Comstock Resources, Inc. (a)		4,427		69,327
ConocoPhillips		2,671		161,462
Crestwood Midstream Partners, L.P. (b)		20,083		481,590
Cross Timbers Royalty Trust		21,315		615,790
Crosstex Energy, Inc. (b)		86,497		1,592,410
Crosstex Energy, L.P.		34,494		623,996

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 8.6% (Continued)
Oil, Gas & Consumable Fuels - 6.2% (Continued)
Delek Logistics Partners, L.P.		14,569	$	439,984
Delek US Holdings, Inc.		73,032		2,635,725
Denison Mines Corporation (a)		322,050		399,342
Diamondback Energy, Inc. (a)		14,720		386,547
Dorchester Minerals, L.P. (b)		41,019		964,357
Eagle Rock Energy Partners, L.P.		26,969		274,544
Eastern American Natural Gas Trust		2,855		59,498
ECA Marcellus Trust I		13,462		180,256
El Paso Pipeline Partners, L.P.		2,131		91,292
Enbridge Energy Management, LLC (a)		1		1
Encana Corporation		8,787		162,120
Enduro Royalty Trust		51,382		838,040
Energen Corporation		5,189		246,062
EPL Oil & Gas, Inc. (a)		27,567		900,614
EQT Midstream Partners, L.P.		1,174		54,356
EV Energy Partners, L.P.		3,104		144,522
Evolution Petroleum Corporation (a)		13,534		134,528
Forest Oil Corporation (a) (b)		896,024		3,754,341
FX Energy, Inc. (a)		196,503		754,572
GasLog Ltd. (b)		99,758		1,276,902
Gastar Exploration Ltd. (a)		736,074		2,061,007
GeoMet, Inc. (a)		1,636		262
Golar LNG Ltd. (b)		133,739		4,469,557
Golar LNG Partners, L.P.		25,944		847,591
Goodrich Petroleum Corporation (a) (b)		317,793		4,144,021
Gran Tierra Energy, Inc. (a) (b)		273,276		1,511,216
Green Plains Renewable Energy, Inc. (a)		49,299		616,731
Gulfport Energy Corporation (a)		5,152		268,883
Halcon Resources Corporation (a)		529,046		3,459,961
Imperial Oil Ltd.		4,819		192,134
Inergy, L.P. (b)		10,383		228,322
Kinder Morgan Management, LLC (a)		1		15
Kodiak Oil & Gas Corporation (a) (b)		603,575		4,725,992
Kosmos Energy Ltd. (a)		25,026		275,036
Laredo Petroleum Holdings, Inc. (a)		28,262		486,106
Legacy Reserves, L.P.		3,781		100,858
Lehigh Gas Partners, L.P.		30,956		741,396
Lone Pine Resources, Inc. (a) (b)		633,931		621,252
Long Run Exploration Ltd. (a) (d)		1		4
Longwei Petroleum Investment Holding Ltd. (a)		76,597		4,297
LRR Energy, L.P.		38,507		644,222
Martin Midstream Partners, L.P. (b)		22,400		930,048
McMoRan Exploration Company (a)		31		513
Memorial Production Partners, L.P.		25,070		482,848
Mid-Con Energy Partners, L.P.		32,335		807,728
Midstates Petroleum Company, Inc. (a)		249,145		1,437,567
MV Oil Trust		24,616		668,571
Navios Maritime Acquisition Corporation		7,767		26,097
New Source Energy Partners, L.P.		4,324		88,642
Newfield Exploration Company (a)		234,308		5,105,571
NGL Energy Partners, L.P.		268		7,871
Niska Gas Storage Partners, LLC		582		8,858

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 8.6% (Continued)
Oil, Gas & Consumable Fuels - 6.2% (Continued)
North European Oil Royalty Trust		295	$	7,292
Northern Tier Energy, L.P. (b)		143,209		3,777,853
NuStar GP Holdings, LLC		28,925		880,766
Oiltanking Partners, L.P.		6,016		302,304
PAA Natural Gas Storage, L.P. (b)		34,232		776,724
Pacific Coast Oil Trust		37,192		668,340
Pembina Pipeline Corporation		4,280		140,384
Pengrowth Energy Corporation		123,645		625,644
Penn Virginia Corporation (b)		1,051,715		4,238,411
Permian Basin Royalty Trust		53,538		679,933
PetroQuest Energy, Inc. (a)		40,710		174,239
Pioneer Southwest Energy Partners, L.P.		21,707		568,723
PostRock Energy Corporation (a)		23,547		34,143
QEP Resources, Inc. (b)		4,477		128,535
QR Energy, L.P.		41,589		759,415
Quicksilver Resources, Inc. (a) (b)		1,500,709		3,781,787
Regency Energy Partners, L.P.		3,360		87,696
Rentech, Inc. (b)		1,794,213		3,714,021
REX American Resources Corporation (a)		6,114		114,271
Rose Rock Midstream, L.P.		2,325		91,559
Rosetta Resources, Inc. (a)		3,056		131,133
SandRidge Mississippian Trust II		62,905		775,619
SandRidge Permian Trust (b)		59,361		833,428
Scorpio Tankers, Inc. (a)		165,260		1,429,499
SemGroup Corporation - Class A (a)		3,517		182,356
Ship Finance International Ltd.		13,832		227,951
Southcross Energy Partners, L.P.		7,037		152,210
Spectra Energy Partners, L.P.		2,309		87,603
StealthGas, Inc. (a)		56,788		587,188
Stone Energy Corporation (a)		6,848		135,111
Summit Midstream Partners, L.P.		14,738		402,642
Sunoco Logistics Partners, L.P.		1,481		91,985
Swift Energy Company (a)		267,603		3,462,783
Synergy Resources Corporation (a)		258,207		1,742,897
Syntroleum Corporation (a)		284		1,173
Talisman Energy, Inc.		9,159		108,901
Targa Resources Corporation		32,979		2,168,699
Teekay Corporation		19,549		695,944
Teekay LNG Partners, L.P.		2,156		89,884
Tengasco, Inc. (a)		45,716		25,235
Tesoro Logistics, L.P.		4,415		263,134
TransAtlantic Petroleum Ltd. (a) (b)		198,962		159,170
TransCanada Corporation		3,659		181,157
TransGlobe Energy Corporation (a) (b)		124,899		989,200
TransMontaigne Partners, L.P. (b)		14,265		683,294
Triangle Petroleum Corporation (a)		141,409		776,335
Tsakos Energy Navigation Ltd. (b)		227,592		860,298
VAALCO Energy, Inc. (a)		108,970		732,278
VOC Energy Trust		39,608		527,579
Warren Resources, Inc. (a) (b)		671,860		1,766,992
Western Gas Partners, L.P.		3,577		216,265
Western Refining, Inc.		100,082		3,093,535

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 8.6% (Continued)
Oil, Gas & Consumable Fuels - 6.2% (Continued)
Whiting USA Trust II		72,985	$	1,033,468
WPX Energy, Inc. (a)		23,808		372,119
ZaZa Energy Corporation (a)		14,837		18,843
				116,026,354
Financials - 16.4%
Capital Markets - 3.4%
Apollo Global Management, LLC - Class A (b)		165,736		4,461,613
Arlington Asset Investment Corporation - Class A		41,851		1,133,744
Artio Global Investors, Inc.		692,436		1,897,275
Artisan Partners Asset Management, Inc. (a)		17,411		649,430
BGC Partners, Inc. - Class A (b)		738,385		4,223,562
BlackRock Kelso Capital Corporation		103,514		1,029,964
Blackstone Group, L.P. (The) (b)		96,684		1,986,856
Capital Southwest Corporation		43		5,061
Carlyle Group, L.P. (The)		119,487		3,880,938
Cowen Group, Inc. (a)		235,397		602,616
Eaton Vance Corporation		3,470		138,384
Ellington Financial, LLC		21,167		547,802
Evercore Partners, Inc. - Class A (b)		120,329		4,542,420
FBR & Company (a)		15,797		329,051
Federated Investors, Inc. - Class B (b)		98,395		2,259,149
FirstCity Financial Corporation (a)		2,550		25,168
Fortress Investment Group, LLC - Class A (b)		141,308		910,024
GAMCO Investors, Inc. - Class A		6,675		350,437
Garrison Capital, Inc. (a)		1,876		28,403
GFI Group, Inc. (b)		53,474		214,431
Gladstone Capital Corporation		66,333		614,907
Gleacher & Company, Inc. (a)		1,509		1,038
Golub Capital BDC, Inc. (b)		282,832		4,986,328
Greenhill & Company, Inc.		47,902		2,212,593
GSV Capital Corporation (a)		83,932		645,437
HFF, Inc. - Class A		26,975		565,126
Horizon Technology Finance Corporation		30,741		451,585
ICG Group, Inc. (a)		10,388		123,306
KKR & Company, L.P. (b)		202,777		4,258,317
LPL Financial Holdings, Inc.		9,138		315,809
Manning & Napier, Inc.		41,878		733,284
MCG Capital Corporation		22,474		115,516
Medallion Financial Corporation		88,444		1,321,353
Monroe Capital Corporation		8,961		136,297
New Mountain Finance Corporation		95,599		1,456,929
NGP Capital Resources Company		423		2,817
Oaktree Capital Group, LLC (b)		27,664		1,436,315
Och-Ziff Capital Management Group, LLC (b)		541,203		5,552,743
Oppenheimer Holdings, Inc.		8,571		158,563
PennantPark Floating Rate Capital Ltd.		612		8,666
PennantPark Investment Corporation		139,430		1,631,331
Prospect Capital Corporation		169,984		1,874,924
SEI Investments Company		8,420		241,317
Solar Senior Capital Ltd.		6,268		120,158
Steel Excel, Inc. (a)		7,701		207,927
SWS Group, Inc. (a)		86,533		492,373

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Capital Markets - 3.4% (Continued)
TCP Capital Corporation		25,369	$	397,532
TD AMERITRADE Holding Corporation		4,645		92,482
THL Credit, Inc.		137,110		2,108,752
Virtus Investment Partners, Inc. (a) (b)		1,119		213,729
Waddell & Reed Financial, Inc. - Class A		3,263		139,885
Westwood Holdings Group, Inc.		336		14,683
WhiteHorse Finance, Inc.		31,608		500,987
WisdomTree Investments, Inc. (a)		189,077		2,193,293
				64,542,630
Commercial Banks - 2.0%
1st Source Corporation		11,856		278,972
Access National Corporation		3,638		45,730
Associated Banc-Corp		6,398		91,299
BancFirst Corporation		1,807		75,605
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		11,036		250,407
Bancorp, Inc. (The) (a) (b)		21,099		274,287
Bank of Hawaii Corporation		1,847		88,083
Bank of Nova Scotia		1,749		100,812
Banner Corporation		285		9,311
BOK Financial Corporation		2,941		183,783
BSB Bancorp, Inc. (a)		675		9,281
Canadian Imperial Bank of Commerce		1,253		100,265
Capital Bank Financial Corporation - Class A (a)		21,436		383,061
CapitalSource, Inc.		25,431		227,607
Cardinal Financial Corporation		9,165		139,766
Cathay General Bancorp		393		7,746
CenterState Banks, Inc.		3,224		26,824
Central Pacific Financial Corporation (a)		21,487		361,841
Chemical Financial Corporation		1,447		35,886
ConnectOne Bancorp, Inc. (a)		6,327		183,483
Credicorp Ltd.		1,214		182,816
CVB Financial Corporation		12,619		137,169
Eagle Bancorp, Inc. (a)		14,000		323,820
East West Bancorp, Inc.		4,364		106,176
Financial Institutions, Inc.		331		6,332
First Bancorp (North Carolina)		1,202		15,638
First Commonwealth Financial Corporation		828		5,920
First Financial Corporation		9,523		294,165
First Horizon National Corporation (b)		457,063		4,753,455
First Interstate BancSystem, Inc.		111,734		2,270,435
First Merchants Corporation		19,512		316,680
First Midwest Bancorp, Inc.		38,841		487,455
First Niagara Financial Group, Inc.		24,027		228,497
First of Long Island Corporation (The)		1,179		35,618
First Republic Bank (b)		7,053		267,873
Great Southern Bancorp, Inc.		5,156		135,964
Hancock Holding Company		43,617		1,189,436
Hanmi Financial Corporation (a)		45,486		701,849
Home BancShares, Inc.		31,677		1,258,210
HomeTrust Bancshares, Inc. (a)		5,935		94,663
Huntington Bancshares, Inc.		12,782		91,647

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Commercial Banks - 2.0% (Continued)
Independent Bank Group, Inc. (a)		2,722	$	77,686
Investors Bancorp, Inc.		71,492		1,415,542
Lakeland Financial Corporation		8,874		237,823
MB Financial, Inc.		13,322		329,853
Metro Bancorp, Inc. (a)		6,207		110,174
National Bank Holdings Corporation - Class A		23,141		417,926
NBT Bancorp, Inc.		21,317		431,669
Old National Bancorp		23,148		281,943
OptimumBank Holdings, Inc. (a)		3,546		1,464
Pacific Premier Bancorp, Inc. (a)		66,025		802,204
Park Sterling Corporation (a)		1,899		10,881
Patriot National Bancorp (a)		6		9
Preferred Bank (a)		488		8,052
PrivateBancorp, Inc.		6,427		123,270
Sandy Spring Bancorp, Inc.		5,379		110,162
SCBT Financial Corporation		4,905		234,312
Seacoast Banking Corporation of Florida (a)		17,914		38,336
Signature Bank Corporation (a)		11,384		815,208
Sterling Bancorp		46,010		518,993
Sun Bancorp, Inc. (a) (b)		42,875		138,058
Susquehanna Bancshares, Inc. (b)		228,885		2,671,088
SVB Financial Group (a)		1,950		138,665
Synovus Financial Corporation (b)		2,341,011		6,297,320
TriCo Bancshares		500		8,735
Trustmark Corporation		52,918		1,299,137
UMB Financial Corporation		3,443		173,321
Union First Market Bankshares Corporation		5,417		102,435
United Community Banks, Inc. (a) (b)		231,034		2,529,822
Virginia Commerce Bancorp (a)		82,342		1,106,676
Washington Trust Bancorp, Inc.		1,671		44,699
Webster Financial Corporation		6,242		145,876
WesBanco, Inc.		19,378		485,031
Westbury Bancorp, Inc. (a)		2,414		31,865
Wilshire Bancorp, Inc. (a)		124,748		797,140
				37,713,242
Consumer Finance - 0.6%
Cash America International, Inc.		62,684		2,734,903
DFC Global Corporation (a)		183,461		2,476,723
EZCORP, Inc. - Class A (a) (b)		78,057		1,319,163
First Cash Financial Services, Inc. (a)		37,014		1,905,111
Imperial Holdings, Inc. (a)		293		1,178
Nelnet, Inc. - Class A (b)		80,811		2,747,574
NetSpend Holdings, Inc. (a)		14,652		233,846
				11,418,498
Diversified Financial Services - 0.6%
Asset Acceptance Capital Corporation (a)		150,427		973,263
Cohen & Steers, Inc.		27,754		1,096,561
Compass Diversified Holdings, Inc.		36,974		625,230
Consumer Portfolio Services, Inc. (a)		182,965		1,686,937
Global Eagle Entertainment, Inc. (a)		16,868		162,270
Leucadia National Corporation		5,632		173,973
MarketAxess Holdings, Inc. (b)		108,567		4,594,556

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Diversified Financial Services - 0.6% (Continued)
Marlin Business Services Corporation		8,513	$	206,270
MSCI, Inc. - Class A (a)		3,914		133,467
PHH Corporation (a)		80,368		1,694,157
PICO Holdings, Inc. (a)		658		14,279
Primus Guaranty Ltd. (a)		845		8,661
ROI Acquisition Corporation (a)		16,496		297,340
Texas Pacific Land Trust		1,055		75,570
				11,742,534
Insurance - 4.0%
Alterra Capital Holdings Ltd.		46,147		1,502,085
American National Insurance Company (b)		8,701		818,155
American Safety Insurance Holdings Ltd. (a)		25,447		612,764
AMERISAFE, Inc.		37,361		1,220,210
AmTrust Financial Services, Inc.		5,646		178,752
Arch Capital Group Ltd. (a)		2,818		149,523
Argo Group International Holdings Ltd.		2,984		123,687
Arthur J. Gallagher & Company		3,736		158,593
Aspen Insurance Holdings Ltd. (b)		35,401		1,351,964
Assurant, Inc.		2,728		129,689
Axis Capital Holdings Ltd.		6,081		271,395
Berkley (W.R.) Corporation		8,404		364,902
Brown & Brown, Inc. (b)		5,075		157,274
Citizens, Inc. (a)		6,618		43,282
CNO Financial Group, Inc. (b)		455,644		5,157,890
Employers Holdings, Inc. (b)		90,467		2,049,078
Endurance Specialty Holdings Ltd. (b)		128,382		6,286,867
FBL Financial Group, Inc. - Class A		21,616		849,725
Fidelity National Financial, Inc. - Class A		7,194		193,159
First American Financial Corporation (b)		98,817		2,645,331
Genworth Financial, Inc. - Class A (a)		16,105		161,533
Global Indemnity plc (a)		29		646
Greenlight Capital Re Ltd. - Class A (a)		15,830		389,576
Hanover Insurance Group, Inc. (The) (b)		155,397		7,836,671
HCC Insurance Holdings, Inc. (b)		14,918		635,507
Health Insurance Innovations, Inc. (a)		11,304		169,560
Hilltop Holdings, Inc. (a)		145,009		1,941,671
Horace Mann Educators Corporation (b)		150,432		3,392,242
Infinity Property & Casualty Corporation (b)		24,090		1,366,867
Kansas City Life Insurance Company (b)		3,631		131,079
Kemper Corporation		16,078		512,245
Maiden Holdings Ltd. (b)		97,745		1,009,706
Markel Corporation (a)		305		163,556
MBIA, Inc. (a)		207		1,958
Meadowbrook Insurance Group, Inc.		53		412
Mercury General Corporation (b)		141,378		6,462,388
National Interstate Corporation		4,284		124,450
Navigators Group, Inc. (The) (a)		17,369		1,005,318
Old Republic International Corporation (b)		429,243		5,794,781
OneBeacon Insurance Group Ltd. - Class A		170,113		2,311,836
Platinum Underwriters Holdings Ltd.		1,492		84,671
ProAssurance Corporation		18,541		908,324
Protective Life Corporation (b)		148,541		5,653,470

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Insurance - 4.0% (Continued)
Reinsurance Group of America, Inc.		2,546	$	159,252
RLI Corporation		705		50,654
Safety Insurance Group, Inc. (b)		24,828		1,233,207
Selective Insurance Group, Inc.		17,933		420,170
State Auto Financial Corporation		7,330		127,395
Stewart Information Services Corporation		32,619		882,996
Sun Life Financial, Inc.		13,890		391,559
Symetra Financial Corporation (b)		285,832		3,895,890
United Fire Group, Inc. (b)		59,230		1,656,071
United Insurance Holdings Corporation		6,897		39,934
Universal Insurance Holdings, Inc.		200,345		1,198,063
Validus Holdings Ltd.		3,056		117,992
				74,495,975
Real Estate Investment Trusts (REIT) - 4.1%
Acadia Realty Trust		693		19,785
Agree Realty Corporation		37,450		1,126,121
American Assets Trust, Inc. (b)		8,761		295,771
American Campus Communities, Inc.		2,315		103,342
American Capital Agency Corporation		3,275		109,090
American Capital Mortgage Investment Corporation		35,540		943,942
AmREIT, Inc. - Class B		355		6,749
Annaly Capital Management, Inc.		5,973		95,210
Anworth Mortgage Asset Corporation		293,592		1,852,566
Apartment Investment & Management Company - Class A		4,803		149,421
Apollo Commercial Real Estate Finance, Inc.		115,129		2,042,388
ARMOUR Residential REIT, Inc.		134,740		874,463
Associated Estates Realty Corporation		18,794		335,849
BioMed Realty Trust, Inc.		7,059		158,898
BRE Properties, Inc.		2,200		111,056
Campus Crest Communities, Inc.		72,889		995,664
CapLease, Inc.		429,449		3,014,732
Capstead Mortgage Corporation		188,690		2,505,803
Care Investment Trust, Inc.		18,515		120,718
Cedar Realty Trust, Inc.		252,182		1,616,487
Chatham Lodging Trust		45,167		827,008
Chesapeake Lodging Trust		52,926		1,252,229
Chimera Investment Corporation		224,890		742,137
Colony Financial, Inc.		31,436		701,023
CommonWealth REIT		13,012		290,558
CoreSite Realty Corporation		15,911		575,660
Corporate Office Properties Trust		17,697		513,036
Cousins Properties, Inc.		105,828		1,155,642
CreXus Investment Corporation (b)		320,254		4,172,910
DCT Industrial Trust, Inc.		37,370		292,607
DDR Corporation		5,098		93,497
Douglas Emmett, Inc.		6,070		158,852
Dynex Capital, Inc.		81,599		877,189
EastGroup Properties, Inc. (b)		20,951		1,321,380
Education Realty Trust, Inc.		33,573		368,967
EPR Properties		14,657		828,707
Equity Lifestyle Properties, Inc.		9,481		770,331

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Real Estate Investment Trusts (REIT) - 4.1% (Continued)
Equity Residential		5,028	$	291,926
Excel Trust, Inc.		26,269		400,077
Federal Realty Investment Trust		1,242		145,326
FelCor Lodging Trust, Inc. (a)		288,571		1,725,655
First Industrial Realty Trust, Inc.		24,169		433,592
First Potomac Realty Trust		4,011		64,176
Government Properties Income Trust		10,823		281,939
Gramercy Property Trust, Inc. (a) (b)		570,296		2,708,906
Gyrodyne Company of America, Inc.		582		42,957
Hatteras Financial Corporation		30,302		828,154
Healthcare Realty Trust, Inc.		3,175		95,313
Healthcare Trust of America, Inc.		30,322		378,419
Hersha Hospitality Trust (b)		673,225		4,025,885
Hospitality Properties Trust		6,006		176,636
Hudson Pacific Properties, Inc.		8,591		195,961
Inland Real Estate Corporation		125,374		1,419,234
Invesco Mortgage Capital, Inc.		14,227		304,458
Investors Real Estate Trust		514		5,001
Kite Realty Group Trust (b)		419,864		2,771,102
LaSalle Hotel Properties		3,750		97,237
LTC Properties, Inc. (b)		17,556		816,354
Mack-Cali Realty Corporation		17,826		495,028
MFA Financial, Inc.		18,868		174,906
Mid-America Apartment Communities, Inc.		2,561		176,018
Monmouth Real Estate Investment Corporation - Class A		122,231		1,300,538
MPG Office Trust, Inc. (a)		120,943		377,342
National Health Investors, Inc.		2,503		165,799
National Retail Properties, Inc.		15,322		607,977
Newcastle Investment Corporation (b)		30,903		350,131
One Liberty Properties, Inc. (b)		10,326		236,878
Pebblebrook Hotel Trust		31,303		850,189
PennyMac Mortgage Investment Trust		8,002		202,051
Piedmont Office Realty Trust, Inc. - Class A		23,435		480,886
Post Properties, Inc.		2,571		127,085
Potlatch Corporation		48		2,273
PS Business Parks, Inc.		2,217		176,917
RAIT Financial Trust		88,658		757,139
Regency Centers Corporation		2,451		137,893
Resource Capital Corporation (b)		652,500		4,299,975
RLJ Lodging Trust (b)		56,966		1,312,497
Saul Centers, Inc. (b)		31,468		1,409,766
Select Income REIT (b)		90,019		2,568,242
Senior Housing Properties Trust		6,294		178,938
Sovran Self Storage, Inc.		27,485		1,885,471
Spirit Realty Capital, Inc.		19,990		430,385
STAG Industrial, Inc.		351		7,736
Starwood Property Trust, Inc.		18,926		520,276
Strategic Hotels & Resorts, Inc. (a)		299,411		2,416,247
Summit Hotel Properties, Inc.		155,028		1,548,730
Sunstone Hotel Investors, Inc. (a)		18,453		229,002
Terreno Realty Corporation		63,527		1,195,578

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Real Estate Investment Trusts (REIT) - 4.1% (Continued)
Two Harbors Investment Corporation		42,747	$	512,109
UMH Properties, Inc.		16,562		183,010
Universal Health Realty Income Trust		5,729		307,819
Urstadt Biddle Properties, Inc. - Class A		9,064		201,855
W.P. Carey, Inc.		1,379		97,247
Washington Real Estate Investment Trust		7,247		206,974
Weingarten Realty Investors		6,800		231,676
Whitestone REIT - Class B		38,828		640,662
ZAIS Financial Corporation (a)		29,518		609,842
				76,241,183
Real Estate Management & Development - 0.5%
Alexander & Baldwin, Inc. (a)		48,240		1,643,054
Altisource Portfolio Solutions, S.A. (a)		3,218		265,614
Altisource Residential Corporation - Class B (a)		773		14,687
American Realty Capital Properties, Inc.		146,283		2,404,892
Brookfield Office Properties, Inc.		26,199		482,324
China HGS Real Estate, Inc. (a)		19,292		210,283
FirstService Corporation (a)		16,423		541,795
Forest City Enterprises, Inc. - Class A (a)		13,550		252,978
Forestar Group, Inc. (a)		38,970		839,414
Gazit-Globe Ltd.		220		2,915
Granite Real Estate Investment Trust (b)		3,172		125,453
Howard Hughes Corporation (a)		10,559		996,558
Jones Lang LaSalle, Inc.		1,427		141,302
Kennedy-Wilson Holdings, Inc.		19,816		329,540
Tejon Ranch Company (a) (b)		22,519		657,104
				8,907,913
Thrifts & Mortgage Finance - 1.2%
America First Tax Exempt Investors, L.P.		289		2,066
Apollo Residential Mortgage, Inc.		99,892		2,223,596
Bank Mutual Corporation		132,001		683,765
BankFinancial Corporation		196		1,547
BankUnited, Inc.		75,834		1,922,392
Berkshire Hills Bancorp, Inc.		19,354		500,495
Brookline Bancorp, Inc.		48,603		408,265
Capitol Federal Financial, Inc. (b)		219,287		2,596,358
Charter Financial Corporation		48,604		494,303
Dime Community Bancshares, Inc.		169,593		2,420,092
First Defiance Financial Corporation		6,584		149,062
First Financial Holdings, Inc.		78,298		1,569,092
Five Oaks Investment Corporation		10,731		162,038
Flagstar Bancorp, Inc. (a)		76,809		953,200
Franklin Financial Corporation		4,033		73,320
Hudson City Bancorp, Inc.		2,830		23,517
Northfield Bancorp, Inc.		188,544		2,217,277
OceanFirst Financial Corporation		22,964		326,318
Oritani Financial Corporation (b)		34,576		534,891
PMI Group, Inc. (The) (a) (b)		394,653		18,154
Provident Financial Holdings, Inc.		446		7,225
Provident Financial Services, Inc. (b)		94,910		1,454,970
Provident New York Bancorp		6,303		56,979
PVF Capital Corporation (a)		2,565		9,644

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 16.4% (Continued)
Thrifts & Mortgage Finance - 1.2% (Continued)
Rockville Financial, Inc.		11,553	$	150,189
Roma Financial Corporation		7,913		134,679
SI Financial Group, Inc.		353		4,095
Territorial Bancorp, Inc.		468		10,942
TFS Financial Corporation (a)		18,327		199,215
Tree.com, Inc.		25		512
United Financial Bancorp, Inc.		18,335		271,541
ViewPoint Financial Group, Inc.		5,427		101,051
Walker & Dunlop, Inc. (a)		57,168		1,018,162
Washington Federal, Inc.		130,358		2,238,247
Westfield Financial, Inc.		742		5,587
WSFS Financial Corporation (b)		11,446		560,167
				23,502,953
Health Care - 14.4%
Biotechnology - 4.1%
Acorda Therapeutics, Inc. (a)		46,843		1,853,577
Affymax, Inc. (a)		263,495		237,172
Agenus, Inc. (a)		52,665		255,952
Alkermes plc (a) (b)		169,157		5,177,896
AMAG Pharmaceuticals, Inc. (a)		72,508		1,598,801
Amicus Therapeutics, Inc. (a) (b)		648,008		2,106,026
Anacor Pharmaceuticals, Inc. (a)		370,486		2,482,256
Ariad Pharmaceuticals, Inc. (a)		14,372		256,828
ArQule, Inc. (a) (b)		849,972		2,507,417
Array BioPharma, Inc. (a) (b)		412,346		2,453,459
Astex Pharmaceuticals, Inc. (a) (b)		383,236		2,636,664
Athersys, Inc. (a)		117,734		261,369
BioCryst Pharmaceuticals, Inc. (a)		572,552		1,150,830
BioMarin Pharmaceutical, Inc. (a)		1,510		99,056
Cepheid (a)		25,519		973,039
Chelsea Therapeutics International Ltd. (a)		614,365		1,191,868
China Biologic Products, Inc. (a)		6,477		164,775
Clovis Oncology, Inc. (a)		23,692		886,555
Codexis, Inc. (a) (b)		65,426		146,554
Coronado Biosciences, Inc. (a)		179,281		2,016,911
Cubist Pharmaceuticals, Inc. (a) (b)		111,681		5,128,392
Curis, Inc. (a)		248,033		930,124
Discovery Laboratories, Inc. (a)		40,169		67,886
Dyax Corporation (a)		34,910		96,002
Dynavax Technologies Corporation (a) (b)		616,675		1,449,186
Emergent BioSolutions, Inc. (a) (b)		139,353		2,137,675
Enanta Pharmaceuticals, Inc. (a)		11,838		236,286
Enzon Pharmaceuticals, Inc.		132,974		438,814
Geron Corporation (a) (b)		447,328		523,374
Halozyme Therapeutics, Inc. (a)		350,601		2,117,630
Hyperion Therapeutics, Inc. (a)		9,249		198,391
Idenix Pharmaceuticals, Inc. (a) (b)		250,748		927,768
Intercept Pharmaceuticals, Inc. (a)		14,407		490,558
Isis Pharmaceuticals, Inc. (a) (b)		194,730		4,360,005
KYTHERA Biopharmaceuticals, Inc. (a)		18,798		460,551
Lexicon Pharmaceuticals, Inc. (a)		139,020		275,260
Ligand Pharmaceuticals, Inc. (a)		19,614		535,854

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Biotechnology - 4.1% (Continued)
Maxygen, Inc.		84,250	$	202,200
Myrexis, Inc.		891		77
Nanosphere, Inc. (a)		894,387		2,477,452
Neurocrine Biosciences, Inc. (a) (b)		86,769		1,001,314
Novavax, Inc. (a)		222,688		523,317
NPS Pharmaceuticals, Inc. (a)		92,312		1,239,750
OncoGenex Pharmaceuticals, Inc. (a)		329		3,333
Onyx Pharmaceuticals, Inc. (a)		1,060		100,488
PDL BioPharma, Inc.		428,270		3,314,810
Peregrine Pharmaceuticals, Inc. (a)		2,534		3,522
Pharmacyclics, Inc. (a)		1,258		102,527
PharmAthene, Inc. (a)		303		479
Progenics Pharmaceuticals, Inc. (a)		128,738		592,195
Prothena Corporation plc (a)		13,383		110,544
Puma Biotechnology, Inc. (a)		20,903		672,659
QLT, Inc. (a) (b)		108,915		874,587
Repligen Corporation (a)		94,734		848,817
Rigel Pharmaceuticals, Inc. (a) (b)		344,470		1,650,011
SciClone Pharmaceuticals, Inc. (a) (b)		425,262		2,011,489
Seattle Genetics, Inc. (a) (b)		3,415		126,184
Stemline Therapeutics, Inc. (a)		1,501		21,524
Synageva BioPharma Corporation (a)		313		16,179
Synergy Pharmaceuticals, Inc. (a)		153,492		805,833
Tekmira Pharmaceuticals Corporation (a)		3,576		17,058
TESARO, Inc. (a)		16,461		452,842
Threshold Pharmaceuticals, Inc. (a)		168,136		810,416
Transition Therapeutics, Inc. (a)		84		260
Trius Therapeutics, Inc. (a)		519,411		3,620,295
TrovaGene, Inc. (a)		72		426
United Therapeutics Corporation (a) (b)		85,308		5,696,868
Vanda Pharmaceuticals, Inc. (a)		5,002		24,310
Vertex Pharmaceuticals, Inc. (a)		1,570		120,607
Vical, Inc. (a) (b)		183,471		677,008
XOMA Corporation (a)		53,939		188,786
				77,138,928
Health Care Equipment & Supplies - 3.6%
Abaxis, Inc.		30,711		1,311,053
Alere, Inc. (a)		47,005		1,207,089
Analogic Corporation (b)		3,334		264,986
AngioDynamics, Inc. (a)		27,751		281,118
Anika Therapeutics, Inc. (a) (b)		99,626		1,330,007
ArthroCare Corporation (a)		50,425		1,747,226
AtriCure, Inc. (a)		88,042		734,270
C.R. Bard, Inc.		868		86,245
Cantel Medical Corporation (b)		23,165		732,246
Cardiovascular Systems, Inc. (a)		139,494		2,393,717
CareFusion Corporation (a)		2,521		84,302
Cerus Corporation (a)		130,538		694,462
CONMED Corporation		15,861		496,925
Cooper Companies, Inc. (The)		1,361		150,254
CryoLife, Inc.		10,086		60,516
Cutera, Inc. (a)		159,907		1,776,567

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Health Care Equipment & Supplies - 3.6% (Continued)
Cynosure, Inc. - Class A (a) (b)		148,957	$	3,852,028
DENTSPLY International, Inc.		2,337		98,972
DexCom, Inc. (a)		11,208		183,923
Endologix, Inc. (a)		11,868		178,257
EnteroMedics, Inc. (a)		54,077		51,914
Exactech, Inc. (a)		358		6,623
Given Imaging Ltd. (a) (b)		53,734		855,983
Globus Medical, Inc. - Class A (a)		2,230		33,941
Greatbatch, Inc. (a)		19,784		552,765
Haemonetics Corporation (a)		6,730		259,105
Hill-Rom Holdings, Inc. (b)		151,519		5,162,252
ICU Medical, Inc. (a)		129		7,772
IDEXX Laboratories, Inc. (a)		1,006		88,488
IMRIS, Inc. (a)		19,862		63,360
Invacare Corporation		49,823		670,119
MAKO Surgical Corporation (a)		258,845		2,741,169
Masimo Corporation		42,290		848,337
Merit Medical Systems, Inc. (a)		178,157		1,722,778
Natus Medical, Inc. (a) (b)		177,029		2,214,633
Novadaq Technologies, Inc. (a)		27,391		368,957
NuVasive, Inc. (a) (b)		229,161		4,805,506
NxStage Medical, Inc. (a)		6,967		77,821
OraSure Technologies, Inc. (a)		411,153		1,833,742
Orthofix International N.V. (a)		53,788		1,742,731
Palomar Medical Technologies, Inc. (a)		191,526		2,595,177
PhotoMedex, Inc. (a)		5,000		81,500
Rochester Medical Corporation (a)		60,093		816,063
Rockwell Medical Technologies, Inc. (a)		34,612		146,755
RTI Biologics, Inc. (a)		50,151		199,601
Sirona Dental Systems, Inc. (a)		4,516		332,107
Spectranetics Corporation (The) (a)		23,430		436,970
STERIS Corporation (b)		4,355		181,125
Sunshine Heart, Inc. (a)		31,805		164,750
SurModics, Inc. (a) (b)		124,847		3,302,203
Symmetry Medical, Inc. (a) (b)		342,722		4,085,246
Syneron Medical Ltd. (a) (b)		99,402		887,660
Teleflex, Inc. (b)		59,369		4,638,500
Thoratec Corporation (a)		3,457		125,143
Tornier N.V. (a) (b)		83,184		1,513,117
Vascular Solutions, Inc. (a)		61,571		979,595
Vermillion, Inc. (a)		3,400		4,556
West Pharmaceutical Services, Inc. (b)		62,356		3,982,054
Wright Medical Group, Inc. (a)		246		5,766
				66,250,047
Health Care Providers & Services - 3.9%
Alliance Healthcare Services, Inc. (a) (b)		14,156		180,489
Almost Family, Inc.		14,873		293,593
AMN Healthcare Services, Inc. (a)		295,059		4,051,160
AmSurg Corporation (a) (b)		162,006		5,436,921
Assisted Living Concepts, Inc. - Class A		67,762		807,723
BioScrip, Inc. (a)		60,134		833,457
Brookdale Senior Living, Inc. (a)		4,834		124,669

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Health Care Providers & Services - 3.9% (Continued)
Capital Senior Living Corporation (a) (b)		74,363	$	1,804,046
Catamaran Corporation (a)		1,584		91,444
Corvel Corporation (a)		4,417		209,675
Coventry Health Care, Inc.		3,019		149,591
Cross Country Healthcare, Inc. (a) (b)		160,249		801,245
Emeritus Corporation (a) (b)		104,628		2,688,940
Ensign Group, Inc. (The)		19,695		686,765
Five Star Quality Care, Inc. (a)		506,323		2,394,908
Gentiva Health Services, Inc. (a)		136,168		1,428,402
Hanger, Inc. (a)		9,576		291,015
Health Management Associates, Inc. - Class A (a) (b)		470,085		5,401,277
Health Net, Inc. (a)		70,221		2,064,497
HealthSouth Corporation (a)		54,223		1,491,133
Healthways, Inc. (a)		93,865		1,303,785
HMS Holdings Corporation (a) (b)		86,754		2,187,068
Kindred Healthcare, Inc. (a)		91,602		960,905
Laboratory Corporation of America Holdings (a)		2,729		254,779
LCA-Vision, Inc. (a)		47,885		162,809
LHC Group, Inc. (a) (b)		58,060		1,261,063
LifePoint Hospitals, Inc. (a)		104,341		5,008,368
Magellan Health Services, Inc. (a) (b)		75,875		3,881,765
MEDNAX, Inc. (a)		1,463		129,812
Molina Healthcare, Inc. (a) (b)		70,155		2,329,146
MWI Veterinary Supply, Inc. (a)		2,257		265,672
National Healthcare Corporation		247		11,468
National Research Corporation		2,236		134,048
Owens & Minor, Inc.		58,301		1,898,864
Providence Service Corporation (The) (a)		95,460		1,671,505
Quest Diagnostics, Inc.		6,047		340,628
RadNet, Inc. (a)		625		1,713
Select Medical Holdings Corporation (b)		472,664		3,899,478
Skilled Healthcare Group, Inc. - Class A (a)		44,317		311,992
Team Health Holdings, Inc. (a)		73,870		2,753,874
Tenet Healthcare Corporation (a)		2,954		133,993
Triple-S Management Corporation (a)		7,582		136,703
U.S. Physical Therapy, Inc. (b)		70,204		1,675,067
Universal American Corporation (b)		180,086		1,539,735
Universal Health Services, Inc. - Class B		2,808		186,985
Vanguard Health Systems, Inc. (a) (b)		264,081		3,863,505
WellCare Health Plans, Inc. (a) (b)		92,317		5,383,004
				72,918,684
Health Care Technology - 0.6%
Allscripts Healthcare Solutions, Inc. (a)		116,631		1,614,173
Computer Programs & Systems, Inc.		7,128		373,935
HealthStream, Inc. (a)		4,288		98,452
MedAssets, Inc. (a) (b)		248,201		4,648,805
Medidata Solutions, Inc. (a)		192		12,741
Merge Healthcare, Inc. (a)		604,323		1,885,488
Omnicell, Inc. (a) (b)		155,192		2,796,560
				11,430,154
Life Sciences Tools & Services - 1.0%
Albany Molecular Research, Inc. (a)		135,619		1,617,935

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Life Sciences Tools & Services - 1.0% (Continued)
BG Medicine, Inc. (a)		19,781	$	32,639
Bruker Corporation (a)		44,040		782,591
Cambrex Corporation (a)		213,550		2,667,239
Charles River Laboratories International, Inc. (a)		89,658		3,899,226
Covance, Inc. (a)		1,544		115,121
Enzo Biochem, Inc. (a)		24		54
Fluidigm Corporation (a)		3,695		62,224
Furiex Pharmaceuticals, Inc. (a)		19,104		648,581
Harvard Bioscience, Inc. (a)		116,106		594,463
Illumina, Inc. (a)		1,747		113,013
Mettler-Toledo International, Inc. (a)		1,202		251,170
NeoGenomics, Inc. (a)		884		3,306
Nordion, Inc. (b)		156,861		1,099,596
Pacific Biosciences of California, Inc. (a) (b)		198,490		508,134
PAREXEL International Corporation (a)		13,620		557,739
QIAGEN N.V. (a)		31,812		632,422
Techne Corporation (b)		88,586		5,681,906
				19,267,359
Pharmaceuticals - 1.2%
Alimera Sciences, Inc. (a)		31,921		93,209
Auxilium Pharmaceuticals, Inc. (a)		39,656		592,064
Biota Pharmaceuticals, Inc. (b)		24,905		104,850
Cadence Pharmaceuticals, Inc. (a)		124,215		879,442
Cardiome Pharma Corporation (a) (b)		23,182		50,305
Corcept Therapeutics, Inc. (a)		320,411		567,127
Cornerstone Therapeutics, Inc. (a)		86,902		728,239
DepoMed, Inc. (a)		371,129		2,044,921
DURECT Corporation (a) (b)		51,222		80,419
Eli Lilly & Company		1,624		89,937
Endo Health Solutions, Inc. (a)		31,534		1,155,406
Endocyte, Inc. (a)		121,148		1,682,746
Hospira, Inc. (a)		3,014		99,824
Impax Laboratories, Inc. (a)		27,556		482,230
Jazz Pharmaceuticals plc (a) (b)		82,841		4,833,772
Lannett Company, Inc. (a)		157,051		1,823,362
Nektar Therapeutics (a)		64,325		697,283
Omthera Pharmaceuticals, Inc. (a)		10,972		82,729
Pain Therapeutics, Inc. (a)		25,442		104,821
Pernix Therapeutics Holdings, Inc. (a)		9,007		34,407
Perrigo Company		1,982		236,671
POZEN, Inc. (a)		189,301		933,254
Sagent Pharmaceuticals, Inc. (a)		6,767		111,926
Sucampo Pharmaceuticals, Inc. (a)		151,485		1,440,622
Ventrus BioSciences, Inc. (a)		42,916		115,015
Warner Chilcott plc - Class A		209,488		3,012,437
XenoPort, Inc. (a)		105,158		653,031
Zoetis, Inc.		7,983		263,599
				22,993,648
Industrials - 13.3%
Aerospace & Defense - 1.9%
AAR Corporation (b)		28,399		507,206
AeroVironment, Inc. (a)		11,513		222,892

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.3% (Continued)
Aerospace & Defense - 1.9% (Continued)
Alliant Techsystems, Inc.		1,971	$	146,564
American Science & Engineering, Inc.		5,641		363,732
Astronics Corporation (a)		4,914		136,609
Astronics Corporation - Class B (a) (d)		1,560		42,276
Curtiss-Wright Corporation (b)		33,719		1,107,332
DigitalGlobe, Inc. (a) (b)		198,531		5,795,120
Ducommun, Inc. (a)		44,132		1,080,793
EDAC Technology Corporation (a)		9,354		165,753
Esterline Technologies Corporation (a) (b)		51,425		3,858,932
Exelis, Inc. (b)		632,972		7,070,297
HEICO Corporation		5,529		243,331
HEICO Corporation - Class A		133		4,498
Hexcel Corporation (a)		2,773		84,577
Huntington Ingalls Industries, Inc.		4,781		252,915
Innovative Solutions & Support, Inc.		9,922		87,214
LMI Aerospace, Inc. (a) (b)		4,197		89,774
MOOG, Inc. - Class A (a)		2,884		133,270
Orbital Sciences Corporation (a)		10,653		191,967
Sparton Corporation (a)		3,523		48,934
Spirit AeroSystems Holdings, Inc. - Class A (a) (b)		402,859		8,053,151
Sypris Solutions, Inc.		26,308		84,186
Taser International, Inc. (a)		151,296		1,332,918
Teledyne Technologies, Inc. (a) (b)		57,040		4,281,422
Triumph Group, Inc.		1,698		135,670
				35,521,333
Air Freight & Logistics - 0.4%
Air Transport Services Group, Inc. (a) (b)		108,466		625,849
Atlas Air Worldwide Holdings, Inc. (a)		10,369		387,801
Forward Air Corporation (b)		53,797		1,984,571
Hub Group, Inc. - Class A (a) (b)		18,090		662,998
Pacer International, Inc. (a)		58,552		333,161
Park-Ohio Holdings Corporation (a) (b)		92,459		3,400,642
UTi Worldwide, Inc.		56,059		823,507
				8,218,529
Airlines - 1.0%
Alaska Air Group, Inc. (a)		2,186		134,745
Era Group, Inc. (a)		72,911		1,666,016
JetBlue Airways Corporation (a) (b)		636,658		4,386,574
Pinnacle Airlines Corporation (a)		1,270		17
Republic Airways Holdings, Inc. (a) (b)		476,548		5,332,572
SkyWest, Inc. (b)		232,215		3,322,997
Spirit Airlines, Inc. (a)		101,056		2,698,195
US Airways Group, Inc. (a)		45,979		777,045
				18,318,161
Building Products - 0.2%
A.O. Smith Corporation		3,026		228,251
AAON, Inc.		13,960		396,604
Ameresco, Inc. - Class A (a) (b)		174,592		1,286,743
American Woodmark Corporation (a)		2,191		73,727
Armstrong World Industries, Inc. (a)		3,148		160,674
Fortune Brands Home & Security, Inc. (a)		2,573		93,632
Gibraltar Industries, Inc. (a)		13,969		261,220

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.3% (Continued)
Building Products - 0.2% (Continued)
Griffon Corporation		551	$	5,675
Insteel Industries, Inc.		11,323		187,735
Nortek, Inc. (a)		6,930		497,990
Patrick Industries, Inc. (a)		27,161		550,282
PGT, Inc. (a)		3,996		30,769
				3,773,302
Commercial Services & Supplies - 1.6%
A.T. Cross Company - Class A (a)		294		3,710
ADT Corporation (The) (a)		2,094		91,382
ARC Document Solutions, Inc. (a)		63,699		204,474
Avery Dennison Corporation		3,277		135,832
Brink's Company (The) (b)		55,858		1,480,796
Casella Waste Systems, Inc. (a) (b)		77,520		337,987
CECO Environmental Corporation		24,301		282,135
Copart, Inc. (a)		4,921		173,465
Courier Corporation		3,922		56,477
CyrusOne, Inc.		18,327		439,665
EnergySolutions, Inc. (a) (b)		1,164,405		4,808,993
Fuel Tech, Inc. (a)		22,018		88,072
G&K Services, Inc.		43,633		2,050,315
Healthcare Services Group, Inc.		9,661		215,344
Herman Miller, Inc.		19,842		497,836
Hudson Technologies, Inc. (a)		14,722		59,477
Iron Mountain, Inc. (b)		4,289		162,381
KAR Auction Services, Inc. (b)		53,495		1,196,683
Kimball International, Inc. - Class B		78,571		722,067
Knoll, Inc.		49,216		765,801
Metalico, Inc. (a)		24,158		35,995
Multi-Color Corporation		175		4,525
Performant Financial Corporation (a)		98,342		956,868
Pitney Bowes, Inc.		301,473		4,121,136
Portfolio Recovery Associates, Inc. (a)		812		99,673
Republic Services, Inc.		4,825		164,436
Ritchie Bros. Auctioneers, Inc.		8,754		176,568
Rollins, Inc.		5,281		128,434
Schawk, Inc. (b)		4,707		47,917
Steelcase, Inc. - Class A (b)		192,858		2,449,297
SYKES Enterprises, Inc. (a) (b)		35,814		551,177
Team, Inc. (a) (b)		9,881		382,987
TMS International Corporation - Class A (a)		116,120		1,676,773
TRC Companies, Inc. (a)		12,228		73,857
UniFirst Corporation (b)		21,006		1,912,596
US Ecology, Inc.		49,996		1,359,891
Viad Corp (b)		73,273		1,908,762
Waste Connections, Inc.		202		7,666
				29,831,450
Construction & Engineering - 1.3%
AECOM Technology Corporation (a)		9,942		289,014
Argan, Inc.		108,233		1,915,724
Chicago Bridge & Iron Company N.V.		1,680		90,367
Comfort Systems USA, Inc.		36,502		468,321
Dycom Industries, Inc. (a) (b)		89,336		1,725,971

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)		Shares		Value
Industrials - 13.3% (Continued)
Construction & Engineering - 1.3% (Continued)
EMCOR Group, Inc. (b)			97,070	$	3,630,418
Furmanite Corporation (a)			34,677		220,199
Goldfield Corporation (The) (a)			159,398		494,134
Granite Construction, Inc.			21,636		598,668
Great Lakes Dredge & Dock Corporation			179,375		1,241,275
Layne Christensen Company (a)			61,611		1,258,713
Michael Baker Corporation			8,628		210,092
MYR Group, Inc. (a) (b)			102,044		2,326,603
Northwest Pipe Company (a)			18,472		504,101
Orion Marine Group, Inc. (a)			46,162		422,844
Pike Electric Corporation			218,781		3,419,547
Primoris Services Corporation			272,256		6,000,522
Sterling Construction Company, Inc. (a) (b)			11,183		113,172
Tutor Perini Corporation (a)	��		3,596		59,118
URS Corporation			4,386		192,633
					25,181,436
Electrical Equipment - 1.2%
American Superconductor Corporation (a)			102,787		257,995
AMETEK, Inc.			4,211		171,430
AZZ, Inc. (b)			59,883		2,532,452
Babcock & Wilcox Company (The) (b)			178,526		4,855,907
Broadwind Energy, Inc. (a)			18,694		84,123
China Electric Motor, Inc. (a)			1,771		159
Coleman Cable, Inc. (b)			63,564		953,460
EnerSys, Inc. (a)			5,727		262,526
Franklin Electric Company, Inc.			18,603		602,179
FuelCell Energy, Inc. (a)			28,733		30,170
General Cable Corporation (a) (b)			137,160		4,729,277
GrafTech International Ltd. (a)			303,180		2,176,832
Hubbell, Inc. - Class B			5,792		555,800
II-VI, Inc. (a)			10,888		168,437
Jinpan International Ltd. (b)			41,358		217,543
Powell Industries, Inc. (a)			40,679		2,003,034
PowerSecure International, Inc. (a)			87,359		1,196,818
Preformed Line Products Company (b)			10,775		867,388
Sensata Technologies Holding N.V. (a)			2,824		94,463
Thermon Group Holdings, Inc. (a)			42,281		828,708
Vicor Corporation (a) (b)			8,294		44,539
					22,633,240
Industrial Conglomerates - 0.0% (c)
Carlisle Companies, Inc.			2,072		134,411
Standex International Corporation (b)			7,179		379,769
					514,180
Machinery - 2.1%
Alamo Group, Inc.			49,924		2,000,455
Albany International Corporation - Class A			43,305		1,258,010
American Railcar Industries, Inc.			10,675		381,204
Ampco-Pittsburgh Corporation (b)			18,102		339,232
Astec Industries, Inc.			4,609		151,313
Barnes Group, Inc.			29,902		830,379
Blount International, Inc. (a)			29,260		406,421
Chart Industries, Inc. (a)			2,943		249,596

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.3% (Continued)
Machinery - 2.1% (Continued)
China Yuchai International Ltd. (b)		28,272	$	403,724
CIRCOR International, Inc. (b)		30,156		1,427,284
CLARCOR, Inc.		4,130		213,521
CNH Global N.V.		1,619		66,589
Colfax Corporation (a)		2,933		136,883
Columbus McKinnon Corporation (a) (b)		21,796		409,329
Commercial Vehicle Group, Inc. (a)		30,568		214,282
Crane Company (b)		23,498		1,264,897
Duoyuan Printing, Inc. (a)		105,760		15,864
Dynamic Materials Corporation		2,239		35,555
Energy Recovery, Inc. (a)		542		1,984
EnPro Industries, Inc. (a)		4		197
ESCO Technologies, Inc.		10,844		390,059
Federal Signal Corporation (a)		65,095		505,137
Flow International Corporation (a)		1,507		5,516
Gardner Denver, Inc.		1,686		126,602
Gorman-Rupp Company (The) (b)		10,776		304,422
Graham Corporation		13,410		325,863
Greenbrier Companies, Inc. (The) (a)		24		541
Hardinge, Inc.		32,156		434,106
Harsco Corporation		104,147		2,273,529
Hyster-Yale Materials Handling, Inc. - Class A (b)		26,455		1,380,686
IDEX Corporation		3,079		160,200
ITT Corporation		5,030		138,828
John Bean Technologies Corporation (b)		138,742		2,877,509
Kadant, Inc. (b)		22,756		629,659
Kaydon Corporation		47,797		1,139,481
Lincoln Electric Holdings, Inc.		2,127		112,221
Lindsay Corporation		100		7,682
Manitex International, Inc. (a)		24,716		250,373
Manitowoc Company, Inc. (The) (b)		135,494		2,541,867
Meritor, Inc. (a)		16,217		94,059
Met-Pro Corporation		37		496
Mueller Industries, Inc.		52,036		2,694,424
Mueller Water Products, Inc. - Class A (b)		668,303		3,956,354
NACCO Industries, Inc. - Class A (b)		45,921		2,664,336
NN, Inc. (a)		6,350		57,214
Oshkosh Corporation (a)		3,694		145,026
RBC Bearings, Inc. (a)		7,944		382,106
SmartHeat, Inc. (a)		832		266
Snap-on, Inc.		2,002		172,572
Tecumseh Products Company - Class A (a)		33,707		299,992
Terex Corporation (a)		4,137		118,318
Trimas Corporation (a)		59,119		1,803,130
Wabash National Corporation (a) (b)		248,269		2,341,177
WABCO Holdings, Inc. (a) (b)		7,035		508,138
Wabtec Corporation		2,048		214,917
Woodward, Inc.		3,552		127,837
Xerium Technologies, Inc. (a)		8,162		77,457
Xylem, Inc.		15,874		440,504
				39,509,323

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.3% (Continued)
Marine - 0.3%
Box Ships, Inc.		184,995	$	891,676
Costamare, Inc. (b)		48,711		781,324
Diana Containerships, Inc.		19,118		108,781
Diana Shipping, Inc. (a) (b)		33,223		315,286
DryShips, Inc. (a) (b)		596,910		1,110,253
Global Ship Lease, Inc. (a)		27,052		120,652
Matson, Inc.		26,135		615,218
Navios Maritime Holdings, Inc.		400,352		1,813,595
Navios Maritime Partners, L.P.		2,527		38,309
Star Bulk Carriers Corporation		3,137		19,638
				5,814,732
Professional Services - 0.9%
Barrett Business Services, Inc.		11,704		619,610
Dolan Company (The) (a)		28,734		49,710
Dun & Bradstreet Corporation (The)		3,250		287,463
Equifax, Inc.		1,945		119,034
Exponent, Inc.		6,892		363,208
GP Strategies Corporation (a)		14,842		327,266
Heidrick & Struggles International, Inc. (b)		84,813		1,121,228
Hudson Global, Inc. (a)		390		1,287
Huron Consulting Group, Inc. (a)		52,124		2,177,741
Insperity, Inc.		37,579		1,038,308
Kelly Services, Inc. - Class A		13,936		237,191
Kforce, Inc.		41,575		628,614
Korn/Ferry International (a)		51,876		858,548
Mistras Group, Inc. (a)		77,133		1,461,670
Navigant Consulting, Inc. (a) (b)		94,931		1,170,499
On Assignment, Inc. (a)		23,332		566,268
Pendrell Corporation (a)		12,962		21,906
Resources Connection, Inc.		60,904		691,869
Robert Half International, Inc.		2,644		86,776
RPX Corporation (a)		125,679		1,685,355
TrueBlue, Inc. (a)		141,549		2,932,895
Verisk Analytics, Inc. - Class A (a)		3,635		222,789
Volt Information Sciences, Inc. (a)		14,233		115,287
VSE Corporation		3,222		98,239
				16,882,761
Road & Rail - 1.4%
Arkansas Best Corporation		85,829		902,063
Avis Budget Group, Inc. (a) (b)		214,583		6,188,574
Celadon Group, Inc. (b)		35,071		588,842
Con-Way, Inc.		4,006		135,403
Genesee & Wyoming, Inc. - Class A (a)		1,541		131,293
Heartland Express, Inc. (b)		307,060		4,166,804
J.B. Hunt Transport Services, Inc.		1,340		95,234
Knight Transportation, Inc.		17,495		273,272
Marten Transport Ltd. (b)		90,106		1,835,459
Quality Distribution, Inc. (a)		14,731		117,259
Roadrunner Transportation Systems, Inc. (a) (b)		114,669		2,581,199
Ryder System, Inc. (b)		100,939		5,861,528
Saia, Inc. (a) (b)		57,220		2,341,442

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.3% (Continued)
Road & Rail - 1.4% (Continued)
Swift Transportation Company (a)		16,372	$	229,535
				25,447,907
Trading Companies & Distributors - 0.9%
Aceto Corporation		15,789		164,205
AerCap Holdings N.V. (a)		11,239		178,363
Air Lease Corporation		5,763		158,540
Aircastle Ltd. (b)		213,829		2,985,053
Applied Industrial Technologies, Inc.		5,649		238,670
BlueLinx Holdings, Inc. (a)		18,018		52,432
CAI International, Inc. (a) (b)		141,561		3,608,390
DXP Enterprises, Inc. (a)		40,186		2,687,640
Edgen Group, Inc. (a)		19,556		133,959
MFC Industrial Ltd. (b)		102,918		832,607
Rush Enterprises, Inc. (a)		41,419		948,081
Textainer Group Holdings Ltd. (b)		125,964		4,871,028
Watsco, Inc.		1,101		92,902
WESCO International, Inc. (a)		1,804		129,329
				17,081,199
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.		31,083		183,390
China Infrastructure Investment Corporation (a)		24,710		1,043
Macquarie Infrastructure Company, LLC		4,098		238,831
Wesco Aircraft Holdings, Inc. (a)		21,746		359,026
				782,290
Information Technology - 15.2%
Communications Equipment - 1.4%
Alliance Fiber Optic Products, Inc.		10,259		169,068
Alvarion Ltd. (a)		1,909		5,651
Anaren, Inc. (a)		5,754		134,701
Aruba Networks, Inc. (a) (b)		181,063		4,072,107
AudioCodes Ltd. (a)		1,235		4,866
Aviat Networks, Inc. (a)		210,223		672,714
Bel Fuse, Inc. - Class B		200		2,944
Black Box Corporation (b)		6,926		150,433
CalAmp Corporation (a)		10,080		112,190
Ceragon Networks Ltd. (a) (b)		93,191		355,058
Communications Systems, Inc. (b)		2,191		21,318
Comtech Telecommunications Corporation		14,039		345,500
Digi International, Inc. (a)		34,496		314,604
DragonWave, Inc. (a)		1,934		3,791
EchoStar Corporation - Class A (a) (b)		74,289		2,917,329
EMCORE Corporation (a)		58,209		254,373
Emulex Corporation (a)		117,818		706,908
EXFO, Inc. (a)		281		1,307
Finisar Corporation (a)		44,304		568,863
Harmonic, Inc. (a) (b)		503,330		2,858,914
Ixia (a)		46,655		768,408
JDS Uniphase Corporation (a)		9,833		132,745
Loral Space & Communications, Inc.		19,265		1,185,183
Meru Networks, Inc. (a)		9,055		51,161
NETGEAR, Inc. (a)		6,350		189,166
Oplink Communications, Inc. (a)		87,900		1,443,318

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
Communications Equipment - 1.4% (Continued)
ORBCOMM, Inc. (a)		693	$	3,278
Plantronics, Inc.		2,932		128,480
Radware Ltd. (a)		61,693		924,778
Riverbed Technology, Inc. (a)		20,458		304,006
Ruckus Wireless, Inc. (a)		5,028		97,040
ShoreTel, Inc. (a) (b)		141,534		510,938
Sierra Wireless, Inc. (a)		68,119		756,121
Silicom Ltd.		16,591		507,353
Sonus Networks, Inc. (a) (b)		705,235		1,480,994
Sycamore Networks, Inc.		149,380		57,138
Symmetricom, Inc. (a)		5,662		29,442
Tellabs, Inc. (b)		2,176,188		4,504,709
UTStarcom Holdings Corporation (a)		41,078		113,786
Wi-LAN, Inc.		1,639		6,474
				26,867,157
Computers & Peripherals - 1.0%
Apple, Inc.		816		361,284
Avid Technology, Inc. (a) (b)		53,563		352,980
Concurrent Computer Corporation		5,056		35,594
Cray, Inc. (a)		89,037		1,884,023
Datalink Corporation (a) (b)		120,095		1,343,863
Dell, Inc.		11,430		153,162
Dot Hill Systems Corporation (a)		87,575		132,238
Electronics For Imaging, Inc. (a) (b)		115,383		3,083,034
Hewlett-Packard Company		5,574		114,824
Hutchinson Technology, Inc. (a)		52,218		146,210
Immersion Corporation (a)		77,067		816,140
Intermec, Inc. (a) (b)		96,317		947,759
Lexmark International, Inc. - Class A		137,159		4,157,289
Novatel Wireless, Inc. (a)		276,524		724,493
On Track Innovations Ltd. (a)		25,395		26,665
QLogic Corporation (a)		186,639		2,026,900
Quantum Corporation (a) (b)		180,018		257,426
Silicon Graphics International Corporation (a)		348		4,524
SMART Technologies, Inc. - Class A (a)		283,363		408,043
Synaptics, Inc. (a)		13,896		572,932
Xyratex Ltd.		54,802		585,285
				18,134,668
Electronic Equipment, Instruments & Components - 3.2%
Aeroflex Holding Corporation (a) (b)		14,156		105,321
Agilysys, Inc. (a)		14,213		166,008
Anixter International, Inc.		15,163		1,087,794
Audience, Inc. (a)		32,111		474,922
AVX Corporation		148,222		1,676,391
Badger Meter, Inc.		11,197		489,085
Benchmark Electronics, Inc. (a) (b)		253,606		4,524,331
Celestica, Inc. (a) (b)		188,465		1,628,338
Checkpoint Systems, Inc. (a)		84,127		973,349
ClearSign Combustion Corporation (a)		3,200		28,832
Cognex Corporation		24,369		967,449
Coherent, Inc. (b)		60,923		3,407,423
CTS Corporation		30,289		322,578

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
Electronic Equipment, Instruments & Components - 3.2% (Continued)
Daktronics, Inc.		227,160	$	2,269,328
Electro Rent Corporation		60,445		1,001,574
Electro Scientific Industries, Inc. (b)		110,188		1,187,827
eMagin Corporation (b)		1,447		5,166
Fabrinet (a) (b)		190,110		2,610,210
FARO Technologies, Inc. (a)		2,793		108,340
Flextronics International Ltd. (a)		12,739		91,084
FLIR Systems, Inc.		6,093		148,121
GSI Group, Inc. (The) (a)		110,437		943,132
Hollysys Automation Technologies Ltd. (a)		37,506		451,572
Identive Group, Inc. (a) (b)		55,609		52,829
Ingram Micro, Inc. - Class A (a)		104,392		1,859,222
Insight Enterprises, Inc. (a)		142,045		2,573,855
InvenSense, Inc. (a)		66,151		616,527
IPG Photonics Corporation		44,449		2,830,512
KEMET Corporation (a)		25,134		156,585
Key Tronic Corporation (a)		4,208		47,550
Littelfuse, Inc.		11,935		833,302
Maxwell Technologies, Inc. (a)		254,768		1,554,085
Measurement Specialties, Inc. (a)		17,139		733,035
Mesa Laboratories, Inc.		479		23,643
Methode Electronics, Inc.		122,606		1,763,074
Molex, Inc. - Class A		6,679		155,688
MTS Systems Corporation		2,719		165,723
Multi-Fineline Electronix, Inc. (a) (b)		155,905		2,375,992
National Instruments Corporation		4,557		124,543
Netlist, Inc. (a)		28,996		16,470
Newport Corporation (a) (b)		71,672		1,085,831
Orbotech Ltd. (a) (b)		69,185		709,146
Park Electrochemical Corporation		15,031		358,790
PC Connection, Inc.		46,440		717,034
Perceptron, Inc.		28,290		197,747
Plexus Corporation (a)		7,921		213,629
RF Industries, Ltd.		2,767		16,574
Rofin-Sinar Technologies, Inc. (a)		1,439		35,831
Rogers Corporation (a)		8,344		355,788
Sanmina Corporation (a) (b)		568,415		7,173,397
ScanSource, Inc. (a)		18,741		542,927
SMTC Corporation (a)		100		221
Tech Data Corporation (a)		22,371		1,045,397
Trimble Navigation Ltd. (a)		139		3,995
TTM Technologies, Inc. (a)		418,476		3,025,581
Viasystems Group, Inc. (a)		138		1,755
Vishay Intertechnology, Inc. (a) (b)		312,866		4,392,639
Zygo Corporation (a)		4,760		71,210
				60,498,302
Internet Software & Services - 1.5%
Bazaarvoice, Inc. (a)		21,527		156,071
Brightcove, Inc. (a)		162,623		978,990
comScore, Inc. (a)		7,135		115,373
Cornerstone OnDemand, Inc. (a)		24,350		883,418
CoStar Group, Inc. (a)		3,472		376,400

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
Internet Software & Services - 1.5% (Continued)
Demand Media, Inc. (a)		7,791	$	67,470
Digital River, Inc. (a)		38,140		552,267
E2open, Inc. (a)		1,394		19,809
EarthLink, Inc. (b)		139,495		793,727
eGain Communications Corporation (a)		3,761		30,126
Envestnet, Inc. (a)		35,900		654,098
ExactTarget, Inc. (a)		47,516		930,363
GigaMedia Ltd. (a)		27,666		27,943
Innodata Isogen, Inc. (a)		808		2,650
Internap Network Services Corporation (a) (b)		57,011		454,948
IntraLinks Holdings, Inc. (a)		169,358		968,728
iPass, Inc. (a)		1,012		1,953
Keynote Systems, Inc.		47,775		535,558
Limelight Networks, Inc. (a)		134,642		259,859
LivePerson, Inc. (a) (b)		34,235		438,893
LogMeIn, Inc. (a)		46,659		1,053,560
Marin Software, Inc. (a)		22,288		327,634
Move, Inc. (a)		292,376		3,336,013
Open Text Corporation (a)		2,005		131,107
OpenTable, Inc. (a)		73,474		4,069,725
Perficient, Inc. (a)		91,617		960,146
Perion Network Ltd. (a)		5,653		67,553
Points International Ltd. (a)		2,326		40,612
Saba Software, Inc. (a)		40,132		365,201
SciQuest, Inc. (a)		23,455		536,181
SINA Corporation (a)		2,046		115,231
Stamps.com, Inc. (a)		16,303		551,694
Subaye, Inc. (a)		37,223		26
Support.com, Inc. (a)		29,298		116,899
Synacor, Inc. (a)		269,319		783,718
Travelzoo, Inc. (a)		26,533		677,387
Tucows, Inc. (a)		220		462
United Online, Inc.		302,679		2,058,217
Unwired Planet, Inc. (a)		179,424		355,260
ValueClick, Inc. (a)		13,375		412,752
Vocus, Inc. (a)		87,551		736,304
Web.com Group, Inc. (a)		23,654		411,580
WebMD Health Corporation (a)		44,915		1,084,697
XO Group, Inc. (a)		95,062		1,070,398
Xoom Corporation (a)		27,475		507,188
Zix Corporation (a)		156,220		587,387
				28,605,576
IT Services - 1.7%
Acxiom Corporation (a) (b)		13,148		261,514
Cardtronics, Inc. (a) (b)		103,207		2,890,828
China Information Technology, Inc. (a)		1,893		2,556
CoreLogic, Inc. (a) (b)		83,997		2,291,438
CSG Systems International, Inc. (a)		2,913		62,950
DST Systems, Inc.		3,101		214,434
Euronet Worldwide, Inc. (a)		53,025		1,618,853
ExlService Holdings, Inc. (a) (b)		43,820		1,429,409
FleetCor Technologies, Inc. (a)		4,058		312,060

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
IT Services - 1.7% (Continued)
Forrester Research, Inc.		54,435	$	1,951,495
Genpact Ltd.		8,679		161,429
Global Cash Access Holdings, Inc. (a)		441,327		3,146,662
Heartland Payment Systems, Inc. (b)		91,920		3,023,249
iGATE Corporation (a) (b)		90,917		1,517,405
InterXion Holding N.V. (a)		4,771		119,418
Lionbridge Technologies, Inc. (a)		274,889		940,120
ModusLink Global Solutions, Inc. (a)		2,171		6,079
MoneyGram International, Inc. (a) (b)		24,126		398,320
NeuStar, Inc. - Class A (a) (b)		106,698		4,680,841
Paychex, Inc.		11,008		400,801
PFSweb, Inc. (a)		31,280		133,253
Sapient Corporation (a)		23,544		274,994
ServiceSource International, Inc. (a)		82,868		530,355
Syntel, Inc.		38,942		2,459,966
TeleTech Holdings, Inc. (a)		54,877		1,168,331
Total System Services, Inc.		7,065		166,875
Vantiv, Inc. - Class A (a)		14,064		316,862
Virtusa Corporation (a)		67,685		1,503,284
WEX, Inc. (a)		1,342		101,697
				32,085,478
Office Electronics - 0.1%
Zebra Technologies Corporation - Class A (a)		27,730		1,293,604
Semiconductors & Semiconductor Equipment - 3.9%
Advanced Energy Industries, Inc. (a) (b)		29,034		492,997
Alpha & Omega Semiconductor Ltd. (a)		3,918		28,366
Ambarella, Inc. (a)		232,779		3,189,072
Amtech Systems, Inc. (a)		3,825		14,191
ANADIGICS, Inc. (a) (b)		1,213,190		2,547,699
ATMI, Inc. (a)		92,507		2,012,027
Avago Technologies Ltd.		2,662		85,078
Axcelis Technologies, Inc. (a) (b)		191,296		248,685
AXT, Inc. (a)		31,367		90,023
Brooks Automation, Inc.		90,222		876,958
Canadian Solar, Inc. (a)		1,600		9,008
Cavium, Inc. (a)		4,919		154,703
CEVA, Inc. (a)		29,990		457,647
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		91,179		1,343,067
Cree, Inc. (a)		2,278		128,866
CSR plc - ADR		1,052		32,181
Cymer, Inc. (a)		87		9,114
Cypress Semiconductor Corporation (a)		18,147		183,103
Diodes, Inc. (a)		20,952		424,488
DSP Group, Inc. (a)		31,598		254,996
Entegris, Inc. (a) (b)		230,199		2,182,287
Entropic Communications, Inc. (a)		14,783		62,680
Exar Corporation (a)		108,083		1,165,135
Fairchild Semiconductor International, Inc. (a)		137,593		1,774,950
First Solar, Inc. (a) (b)		247,862		11,540,455
FormFactor, Inc. (a)		214,813		1,063,324
Hittite Microwave Corporation (a)		2,321		130,231

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
Semiconductors & Semiconductor Equipment - 3.9% (Continued)
Inphi Corporation (a)		17,153	$	161,410
Integrated Device Technology, Inc. (a)		79,119		562,536
Integrated Silicon Solution, Inc. (a)		112,717		1,033,615
Intermolecular, Inc. (a)		25,110		218,708
Intersil Corporation - Class A		315,573		2,448,846
IXYS Corporation (b)		52,845		478,776
Kopin Corporation (a)		28,885		95,609
Kulicke & Soffa Industries, Inc. (a) (b)		407,656		4,712,503
Lattice Semiconductor Corporation (a)		453,104		2,106,934
LTX-Credence Corporation (a)		155,628		918,205
MagnaChip Semiconductor Corporation - ADR (a)		54,108		867,892
Mattson Technology, Inc. (a) (b)		343,029		528,265
MaxLinear, Inc. - Class A (a)		41,237		256,907
MEMC Electronic Materials, Inc. (a)		247,778		1,338,001
MEMSIC, Inc. (a)		10,804		43,972
Micrel, Inc.		14,290		143,757
Microsemi Corporation (a)		10,312		214,490
Mindspeed Technologies, Inc. (a) (b)		431,007		987,006
MKS Instruments, Inc.		24,693		663,501
MoSys, Inc. (a)		21,823		98,640
Nanometrics, Inc. (a)		32,335		453,660
Nova Measuring Instruments Ltd. (a) (b)		73,681		675,655
NVE Corporation (a)		338		17,938
PDF Solutions, Inc. (a)		67,983		1,163,189
Pericom Semiconductor Corporation (a)		32,603		210,615
Photronics, Inc. (a)		1,282		10,115
PLX Technology, Inc. (a)		37,941		177,184
PMC-Sierra, Inc. (a)		501,282		2,887,384
Power Integrations, Inc.		9,171		379,771
QuickLogic Corporation (a)		40,819		104,497
Rambus, Inc. (a)		304,212		2,117,316
RF Micro Devices, Inc. (a)		402,504		2,258,047
Semtech Corporation (a)		6,481		207,846
Sigma Designs, Inc. (a)		150,326		715,552
Silicon Image, Inc. (a)		35,680		175,902
Spansion, Inc. - Class A (a)		66,355		861,951
SunPower Corporation (a) (b)		319,206		4,338,010
Supertex, Inc.		9,317		196,402
Tower Semiconductor Ltd. (a)		116		760
TriQuint Semiconductor, Inc. (a) (b)		1,047,435		6,117,020
Ultra Clean Holdings, Inc. (a)		19,732		123,522
Veeco Instruments, Inc. (a)		1,051		40,012
Volterra Semiconductor Corporation (a) (b)		137,975		1,795,055
				73,408,307
Software - 2.4%
Actuate Corporation (a) (b)		186,650		1,146,031
Advent Software, Inc. (a)		29,018		842,683
Allot Communications Ltd. (a)		68,683		777,491
Aspen Technology, Inc. (a)		6,541		199,370
BSQUARE Corporation (a)		6,731		20,799
Cadence Design Systems, Inc. (a)		13,780		190,164
Cimatron Ltd.		11,963		93,192

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 15.2% (Continued)
Software - 2.4% (Continued)
ClickSoftware Technologies Ltd. (b)		66,280	$	477,216
Compuware Corporation (a)		162,977		1,955,724
Comverse, Inc. (a)		14,990		397,685
Digimarc Corporation (b)		319		6,999
Ellie Mae, Inc. (a) (b)		103,269		2,687,059
EPIQ Systems, Inc.		145,832		2,037,273
ePlus, Inc.		21,875		994,875
FleetMatics Group plc (a)		18,820		441,705
Fortinet, Inc. (a)		11,233		201,745
Guidance Software, Inc. (a)		122,732		1,291,141
Guidewire Software, Inc. (a)		7,694		308,375
Imperva, Inc. (a)		11,330		441,643
Infoblox, Inc. (a)		36,224		800,913
Interactive Intelligence Group, Inc. (a)		181		7,499
Jive Software, Inc. (a)		18		245
Manhattan Associates, Inc. (a) (b)		51,893		3,643,407
Mentor Graphics Corporation		108,031		1,972,646
MicroStrategy, Inc. - Class A (a) (b)		7,010		632,232
Model N, Inc. (a)		31,161		616,365
Monotype Imaging Holdings, Inc.		41,193		955,266
Net 1 UEPS Technologies, Inc. (a) (b)		125,743		944,330
NetScout Systems, Inc. (a) (b)		51,473		1,174,099
Nuance Communications, Inc. (a)		7,779		148,112
Pegasystems, Inc.		66,424		1,681,191
Proofpoint, Inc. (a)		30,537		559,438
PROS Holdings, Inc. (a)		137,654		3,567,992
Qualys, Inc. (a)		47,838		526,218
Rosetta Stone, Inc. (a)		52,001		880,377
Rovi Corporation (a)		44,244		1,034,867
Sapiens International Corporation N.V.		5,163		29,894
SeaChange International, Inc. (a)		124,261		1,349,474
Smith Micro Software, Inc. (a)		280,242		392,339
Solera Holdings, Inc. (b)		1,895		109,114
Sourcefire, Inc. (a)		1,084		51,772
SS&C Technologies Holdings, Inc. (a) (b)		70,520		2,164,259
Take-Two Interactive Software, Inc. (a) (b)		145,913		2,226,632
TeleCommunication Systems, Inc. (a)		292,828		565,158
TeleNav, Inc. (a)		363,130		1,902,801
TIBCO Software, Inc. (a)		7,874		152,834
VASCO Data Security International, Inc. (a)		64,372		547,806
Verint Systems, Inc. (a)		54,635		1,805,140
				44,953,590
Materials - 5.6%
Chemicals - 1.3%
A. Schulman, Inc.		34,988		908,638
American Pacific Corporation (a)		19,912		488,043
American Vanguard Corporation		16,629		479,580
Balchem Corporation		7,343		318,246
Cabot Corporation		57,498		2,159,625
Chemtura Corporation (a)		62,430		1,327,262
Ecolab, Inc. (b)		1,052		89,020
FutureFuel Corporation		139,987		1,714,841

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 5.6% (Continued)
Chemicals - 1.3% (Continued)
Huntsman Corporation		7,274	$	137,188
Innophos Holdings, Inc.		4,165		213,706
Innospec, Inc. (b)		6,537		287,693
Intrepid Potash, Inc.		19,987		367,961
Koppers Holdings, Inc. (b)		9,502		417,233
Kraton Performance Polymers, Inc. (a)		30,929		702,398
Landec Corporation (a)		33,293		446,459
LSB Industries, Inc. (a) (b)		114,203		3,729,870
Methanex Corporation		9		381
Minerals Technologies, Inc. (b)		63,769		2,590,935
Olin Corporation (b)		124,447		3,007,884
OM Group, Inc. (a) (b)		71,855		1,758,292
OMNOVA Solutions, Inc. (a)		2,908		19,396
PolyOne Corporation		3,104		69,933
Quaker Chemical Corporation		7,048		435,003
RPM International, Inc.		3,026		98,042
Stepan Company		62		3,530
Tredegar Corporation		37,249		1,102,570
Tronox Ltd. - Class A		4,506		92,553
Zep, Inc.		22,243		338,094
				23,304,376
Construction Materials - 0.3%
CaesarStone Sdot-Yam Ltd. (a)		22,325		523,744
Eagle Materials, Inc. (b)		73,508		4,980,167
Texas Industries, Inc. (a)		23		1,465
United States Lime & Minerals, Inc. (a)		2,766		127,734
				5,633,110
Containers & Packaging - 0.7%
AptarGroup, Inc.		1,516		85,047
Ball Corporation		2,441		107,697
Berry Plastics Group, Inc. (a)		11,561		219,659
Boise, Inc. (b)		553,208		4,420,132
Graphic Packaging Holding Company (a) (b)		483,656		3,637,093
Myers Industries, Inc.		25,839		382,934
Rock-Tenn Company - Class A		1,085		108,652
Sealed Air Corporation		4,484		99,186
Silgan Holdings, Inc. (b)		86,779		4,154,111
UFP Technologies, Inc. (a)		16,263		329,976
				13,544,487
Metals & Mining - 2.6%
Alcoa, Inc.		45,050		382,925
Alexco Resource Corporation (a) (b)		618,227		1,267,365
Almaden Minerals Ltd. (a) (b)		102,857		171,771
Asanko Gold, Inc. (a) (b)		192,615		498,873
AuRico Gold, Inc.		78,863		407,722
Banro Corporation (a) (b)		410,511		525,454
Barrick Gold Corporation		52,955		1,043,743
Brigus Gold Corporation (a) (b)		42,452		29,292
Carpenter Technology Corporation		39,831		1,790,802
CD International Enterprises, Inc. (a)		653		55
Century Aluminum Company (a)		67,453		550,416
Claude Resources, Inc. (a) (b)		54,133		15,958

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 5.6% (Continued)
Metals & Mining - 2.6% (Continued)
Compass Minerals International, Inc.		10,448	$	904,170
Comstock Mining, Inc. (a)		34,985		68,221
Dominion Diamond Corporation (a) (b)		80,923		1,279,393
Eldorado Gold Corporation		159,691		1,264,753
Endeavour Silver Corporation (a) (b)		283,332		1,476,160
Energy Fuels, Inc. (a)		362,148		47,079
Entrée Gold, Inc. (a) (b)		27,450		8,029
Exeter Resource Corporation (a) (b)		326,732		290,791
First Majestic Silver Corporation (a)		61,154		754,640
Fortuna Silver Mines, Inc. (a)		404,595		1,278,520
Franco-Nevada Corporation		8,971		391,405
Goldcorp, Inc.		7,951		235,191
Golden Minerals Company (a)		4,619		8,407
Golden Star Resources Ltd. (a)		552,478		596,676
Great Panther Silver Ltd. (a) (b)		691,192		725,752
Handy & Harman Ltd. (a)		249		3,830
Haynes International, Inc.		16,038		779,607
Hecla Mining Company		679,613		2,310,684
Hi-Crush Partners, L.P.		8,972		167,507
Horsehead Holding Corporation (a)		51,023		545,946
IAMGOLD Corporation		184,494		990,733
International Tower Hill Mines Ltd. (a) (b)		145,934		144,475
Kinross Gold Corporation		243,289		1,323,492
MAG Silver Corporation (a) (b)		20,461		154,685
McEwen Mining, Inc. (a)		519,884		1,211,330
Mesabi Trust		9,163		196,088
Minco Gold Corporation (a)		62,393		17,470
Mines Management, Inc. (a)		25,249		19,947
Nevsun Resources Ltd. (b)		384,577		1,449,855
New Gold, Inc. (a)		80,152		639,613
Newmont Mining Corporation		22,881		741,344
Noranda Aluminum Holding Corporation (b)		422,551		1,609,919
North American Palladium Ltd. (a) (b)		1,264,705		1,745,293
Northern Dynasty Minerals Ltd. (a) (b)		447,749		1,173,102
NovaCopper, Inc. (a)		3,753		7,093
NovaGold Resources, Inc. (a)		692,223		1,709,791
Pan American Silver Corporation		60,056		792,739
Platinum Group Metals Ltd. (a)		285,497		356,871
Pretium Resources, Inc. (a)		329,781		2,417,295
Primero Mining Corporation (a) (b)		131,186		776,621
Quest Rare Minerals Ltd. (a)		119,417		57,022
Richmont Mines, Inc. (a) (b)		216,925		457,712
Royal Gold, Inc.		5,997		333,313
Rubicon Minerals Corporation (a) (b)		1,071,700		1,854,041
Sandstorm Gold Ltd. (a)		22,873		184,585
Silver Standard Resources, Inc. (a) (b)		107,618		768,393
Silvercorp Metals, Inc.		695,642		2,038,231
Silvercrest Mines, Inc. (a)		1,778		4,107
Southern Copper Corporation		7,099		236,610
SunCoke Energy, Inc. (a)		41,254		624,173
Sutor Technology Group Ltd. (a)		78,354		123,016
Tahoe Resources, Inc. (a)		36,049		625,811

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 5.6% (Continued)
Metals & Mining - 2.6% (Continued)
Taseko Mines Ltd. (a) (b)		1,107,198	$	2,590,843
Turquoise Hill Resources Ltd. (a)		66,152		465,049
Vista Gold Corporation (a)		463,128		778,055
Yamana Gold, Inc.		24,069		296,049
				48,735,903
Paper & Forest Products - 0.7%
Boise Cascade Company (a)		29,563		946,903
Buckeye Technologies, Inc. (b)		59,926		2,252,618
Clearwater Paper Corporation (a)		1,973		90,797
Deltic Timber Corporation		5,141		321,210
Domtar Corporation		354		24,607
KapStone Paper and Packaging Corporation (b)		35,670		1,055,119
Louisiana-Pacific Corporation (a) (b)		236,051		4,277,244
Mercer International, Inc. (a)		24,642		154,998
Neenah Paper, Inc.		69,205		1,990,336
P.H. Glatfelter Company		73,666		1,767,984
Schweitzer-Mauduit International, Inc.		2,675		107,776
Verso Paper Corporation (a)		2,350		2,843
				12,992,435
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.8%
Alaska Communications Systems Group, Inc.		2,097		3,397
Atlantic Tele-Network, Inc.		60,840		3,088,847
BCE, Inc.		1,899		88,987
Cbeyond, Inc. (a)		58,444		513,138
CenturyLink, Inc.		4,612		173,273
Cincinnati Bell, Inc. (a)		288,334		1,014,936
Cogent Communications Group, Inc.		12,093		346,344
Consolidated Communications Holdings, Inc.		57,938		1,067,797
General Communication, Inc. - Class A (a) (b)		53,061		515,222
Hawaiian Telcom Holdco, Inc. (a)		6,787		164,042
IDT Corporation - Class B (b)		166,179		2,457,787
Lumos Networks Corporation		8,393		113,222
Neutral Tandem, Inc.		607,379		1,809,989
Premiere Global Services, Inc. (a) (b)		130,138		1,461,450
Primus Telecommunications Group, Inc.		537		6,750
TELUS Corporation		3,022		108,973
tw telecom, inc. (a)		17,189		465,478
Vonage Holdings Corporation (a) (b)		577,192		1,760,436
Windstream Corporation		24,891		212,071
				15,372,139
Wireless Telecommunication Services - 0.6%
Cellcom Israel Ltd. (b)		111,602		1,091,467
Clearwire Corporation - Class A (a) (b)		85,258		286,467
FiberTower Corporation (a)		6,529		131
MetroPCS Communications, Inc. (a)		29,044		343,881
Telephone and Data Systems, Inc. (b)		274,741		6,165,188
United States Cellular Corporation (a)		17,840		685,770
USA Mobility, Inc.		90,779		1,231,871
				9,804,775

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Utilities - 1.3%
Electric Utilities - 0.6%
ALLETE, Inc.		2,078	$	106,705
Brookfield Infrastructure Partners, L.P.		4,249		164,224
Cleco Corporation		3,530		174,806
El Paso Electric Company (b)		54,612		2,045,765
Empire District Electric Company (The)		19,256		444,236
Exelon Corporation		38,339		1,438,096
Great Plains Energy, Inc.		5,229		126,176
Hawaiian Electric Industries, Inc.		51,456		1,456,205
IDACORP, Inc. (b)		19,534		961,268
ITC Holdings Corporation		1,014		93,511
Northeast Utilities		3,837		173,931
OGE Energy Corporation		5,400		391,122
Pepco Holdings, Inc.		6,800		153,680
Pinnacle West Capital Corporation		7		426
PNM Resources, Inc.		7,466		179,259
Portland General Electric Company		4,013		129,419
UIL Holdings Corporation		1,808		75,285
Unitil Corporation		28,387		860,410
UNS Energy Corporation (b)		61,284		3,123,033
				12,097,557
Gas Utilities - 0.1%
AGL Resources, Inc.		9,526		417,715
Chesapeake Utilities Corporation		7,948		424,105
Delta Natural Gas Company, Inc.		587		12,726
ONEOK, Inc.		1,849		94,965
Questar Corporation		5,045		128,092
South Jersey Industries, Inc.		10,071		621,381
UGI Corporation		2,663		109,130
				1,808,114
Independent Power Producers & Energy Traders - 0.1%
Atlantic Power Corporation		108,903		511,844
Calpine Corporation (a)		4,780		103,869
Genie Energy Ltd. - Class B (b)		136,571		1,472,235
NRG Energy, Inc.		3,649		101,698
Synthesis Energy Systems, Inc. (a) (b)		376,848		406,996
				2,596,642
Multi-Utilities - 0.2%
Ameren Corporation		2,471		89,574
Avista Corporation		62,186		1,744,317
CenterPoint Energy, Inc.		4,065		100,324
CH Energy Group, Inc.		3,461		224,861
CMS Energy Corporation		8,940		267,664
Just Energy Group, Inc.		40,994		275,480
NorthWestern Corporation		9,887		425,339
PG&E Corporation		1,962		95,039
Public Service Enterprise Group, Inc.		4,232		154,933
SCANA Corporation		1,849		100,216
TECO Energy, Inc.		5,585		106,841
Vectren Corporation		3,982		149,564
Wisconsin Energy Corporation		3,983		178,996
				3,913,148

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.6% (Continued)	Shares		Value
Utilities - 1.3% (Continued)
Water Utilities - 0.3%
American States Water Company		6,048	$	335,543
American Water Works Company, Inc.		2,650		110,982
Aqua America, Inc.		2,891		91,731
California Water Service Group (b)		138,577		2,778,469
Connecticut Water Service, Inc.		28,494		811,509
Consolidated Water Company Ltd.		4,544		45,304
Middlesex Water Company		2,978		58,399
SJW Corporation		17,618		446,793
Tri-Tech Holding, Inc. (a) (b)		6,574		10,058
				4,688,788
Total Common Stocks (Cost $1,597,630,448)			$	1,739,040,484
PREFERRED STOCKS - 0.0% (c)	Shares		Value
Beazer Homes USA, Inc. (Cost $90,221)		3,140	$	84,780
OTHER INVESTMENTS - 4.2%	Shares		Value
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.		4,000	$	86,200
Aberdeen Indonesia Fund, Inc.		21,775		287,212
Aberdeen Israel Fund, Inc.		4,015		57,414
Aberdeen Latin America Equity Fund, Inc.		2,300		85,629
Adams Express Company (The)		75,411		893,620
Advent/Claymore Enhanced Growth & Income Fund		612		6,126
Advent/Claymore Global Convertible Securities & Income Fund		18,172		132,837
Alliance California Municipal Income Fund, Inc.		3,176		45,957
Alliance New York Municipal Income Fund, Inc.		14,389		201,878
AllianzGI Global Equity & Convertible Income Fund		2,447		36,289
AllianzGI International & Premium Strategy Fund		18,757		187,758
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		14,868		252,013
Alpine Global Dynamic Dividend Fund		116,631		564,494
Alpine Total Dynamic Dividend Fund		386,941		1,601,936
American Select Portfolio, Inc.		31,045		337,149
American Strategic Income Portfolio, Inc. II		46,041		417,592
Avenue Income Credit Strategies Fund		36,819		684,465
Bancroft Fund Ltd.		7,468		130,615
BlackRock Build America Bond Trust		69,284		1,590,068
BlackRock EcoSolutions Investment Trust		11,378		101,264
BlackRock Energy and Resources Trust		12,203		312,885
BlackRock Enhanced Capital and Income Fund		122,278		1,600,619
BlackRock Enhanced Equity Dividend Trust		204,473		1,596,934
BlackRock Global Opportunities Equity Trust		113,435		1,601,702
BlackRock Health Sciences Trust		9,475		295,810
BlackRock International Growth & Income Trust		206,752		1,602,328
BlackRock Muni New York Intermediate Duration Fund, Inc.		1,171		18,326
BlackRock Municipal Bond Investment Trust		1,886		30,440
BlackRock Municipal Income Investment Quality Trust		15,093		236,205
BlackRock Municipal Income Investment Trust		2,385		36,586
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		6,155		97,741

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
OTHER INVESTMENTS - 4.2% (Continued)	Shares		Value
BlackRock MuniYield California Quality Fund, Inc.		1,300	$	21,008
BlackRock MuniYield Investment Quality Fund		1,885		28,539
BlackRock MuniYield Michigan Quality Fund II, Inc.		23,430		333,878
BlackRock MuniYield New Jersey Quality Fund, Inc.		8,851		139,226
BlackRock MuniYield New York Quality Fund, Inc.		1,089		16,139
BlackRock MuniYield Pennsylvania Quality Fund		352		5,565
BlackRock New York Municipal 2018 Term Trust		2,908		44,929
BlackRock New York Municipal Income Trust II		7,266		115,529
BlackRock Resources & Commodities Strategy Trust		69,547		876,292
BlackRock S&P Quality Rankings Global Equity Managed Trust		8,304		108,450
BlackRock Utility and Infrastructure Trust		18,477		365,845
Boulder Growth & Income Fund, Inc.		90,954		663,055
Boulder Total Return Fund, Inc. (a)		15,518		328,671
CBRE Clarion Global Real Estate Income Fund		161,698		1,599,193
Central Europe & Russia Fund, Inc. (The)		17,236		561,032
China Fund, Inc. (The)		26,471		557,744
Clough Global Allocation Fund		13,210		198,150
Clough Global Equity Fund		19,897		287,910
Cohen & Steers Closed-End Opportunity Fund, Inc.		1,754		23,714
Cohen & Steers Dividend Majors Fund, Inc.		24,382		368,168
Cohen & Steers Infrastructure Fund, Inc.		32,094		682,639
Cohen & Steers REIT & Preferred Income Fund, Inc.		28,723		550,045
Cutwater Select Income Fund		3,110		62,707
Delaware Investments Colorado Municipal Income Fund, Inc.		5,163		76,671
Delaware Investments Dividend & Income Fund, Inc.		7,947		72,556
Delaware Investments Minnesota Municipal Income Fund II		4,884		74,090
Delaware Investments National Municipal Income Fund		3,143		45,731
Denali Fund (The)		1,978		37,285
Dow 30 Enhanced Premium & Income Fund, Inc.		33,768		402,177
Duff & Phelps Global Utility Income Fund, Inc.		80,020		1,600,400
DWS Global High Income Fund, Inc.		7,619		68,647
DWS High Income Opportunities Fund, Inc.		16,291		254,954
Eagle Capital Growth Fund, Inc.		1,300		10,062
Eaton Vance California Municipal Bond Fund		28,626		348,092
Eaton Vance California Municipal Bond Fund II		914		12,174
Eaton Vance Enhanced Equity Income Fund		72,898		862,383
Eaton Vance Enhanced Equity Income Fund II		21,159		241,847
Eaton Vance Massachusetts Municipal Bond Fund		2,890		43,379
Eaton Vance Massachusetts Municipal Income Fund		2,706		39,616
Eaton Vance Michigan Municipal Income Trust		3,214		44,193
Eaton Vance National Municipal Opportunities Trust		21,869		481,118
Eaton Vance New York Municipal Bond Fund		13,114		182,416
Eaton Vance New York Municipal Bond Fund 2		1,300		17,290
Eaton Vance Pennsylvania Municipal Income Trust		998		13,673
Eaton Vance Tax-Managed Diversified Equity Income Fund		57,173		594,599
Ellsworth Fund Ltd.		17,715		137,291
Engex, Inc. (a)		633		1,937
European Equity Fund, Inc. (The)		292		2,149
Federated Enhanced Treasury Income Fund		29,637		401,878
Federated Premier Intermediate Municipal Income Fund		17,734		248,276
First Opportunity Fund, Inc. (a)		27,407		223,367
First Trust Active Dividend Income Fund (The)		28,609		236,310

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
OTHER INVESTMENTS - 4.2% (Continued)	Shares		Value
First Trust Enhanced Equity Income Fund		15,606	$	203,658
First Trust High Income Long/Short Fund		4,053		77,412
Firsthand Technology Value Fund, Inc. (a)		4,395		81,747
Fort Dearborn Income Securities, Inc.		2,700		42,903
Gabelli Dividend & Income Trust		83,181		1,609,552
Gabelli Healthcare & WellnessRx Trust (The)		7,877		79,952
Gabelli Multimedia Trust, Inc. (The)		13,606		122,454
GDL Fund (The)		38,158		446,067
General American Investors Company, Inc.		14,551		461,267
Greater China Fund, Inc.		11,963		144,992
Guggenheim Enhanced Equity Income Fund		29,822		266,609
Guggenheim Equal Weight Enhanced Equity Income Fund		5,472		102,381
Helios Advantage Income Fund, Inc.		1		2
Helios Multi-Sector High Income Fund, Inc.		1		1
Herzfeld Caribbean Basin Fund, Inc. (a)		4,748		41,545
India Fund, Inc.		47,009		1,015,864
ING Asia Pacific High Dividend Equity Income Fund		12,076		184,280
ING Infrastructure, Industrials and Materials Fund		24		405
ING Risk Managed Natural Resources Fund		23,704		250,077
Invesco Municipal Income Opportunities Trust		88,182		636,674
Invesco Quality Municipal Income Trust		9,342		125,650
Invesco Value Municipal Income Trust		1		14
Invesco Van Kampen Bond Fund		1,861		37,239
Invesco Van Kampen California Value Municipal Income Trust		28,225		375,957
Invesco Van Kampen Pennsylvania Value Municipal Income Trust		8,613		128,334
Japan Equity Fund, Inc. (The)		11,250		74,700
Japan Smaller Capitalization Fund, Inc.		52,749		476,323
JF China Region Fund, Inc.		630		9,179
John Hancock Hedged Equity & Income Fund		29,225		489,811
John Hancock Tax-Advantaged Dividend Income Fund		714		14,844
Korea Equity Fund, Inc. (a)		16,195		140,897
Lazard Global Total Return & Income Fund, Inc.		1,275		21,828
Lazard World Dividend & Income Fund, Inc.		3,254		46,337
Liberty All-Star Equity Fund		156,450		811,976
Liberty All-Star Growth Fund, Inc.		8,538		37,994
Macquarie Global Infrastructure Total Return Fund, Inc.		27,294		605,381
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		843		14,188
Madison Strategic Sector Premium Fund		6,671		78,651
Madison/Claymore Covered Call & Equity Strategy Fund		22,562		181,624
Mexico Equity and Income Fund, Inc. (The)		18,388		316,090
MFS Investment Grade Municipal Trust		20,565		207,707
Morgan Stanley Asia-Pacific Fund, Inc.		1,856		31,515
Morgan Stanley China A Share Fund, Inc. (a)		3,695		83,692
Morgan Stanley Eastern Europe Fund, Inc.		974		16,353
Morgan Stanley Emerging Markets Debt Fund, Inc.		21,740		261,532
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		35,033		606,421
Morgan Stanley Emerging Markets Fund, Inc.		1,700		27,234
Morgan Stanley Income Securities, Inc.		501		9,203
Neuberger Berman High Yield Strategies Fund, Inc.		17,639		249,592
Neuberger Berman Real Estate Securities Income Fund, Inc.		124,777		673,796
New America High Income Fund, Inc.		21,973		230,936
New Ireland Fund, Inc. (The) (a)		11,164		114,654

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
OTHER INVESTMENTS - 4.2% (Continued)	Shares		Value
Nuveen AMT-Free Municipal Income Fund		22,463	$	328,633
Nuveen Arizona Premium Income Municipal Fund, Inc.		6,763		99,827
Nuveen Build America Bond Opportunity Fund		11,779		266,205
Nuveen California AMT-Free Municipal Income Fund		58,211		846,388
Nuveen California Dividend Advantage Municipal Fund		16,587		252,952
Nuveen California Dividend Advantage Municipal Fund 2		9,124		141,878
Nuveen California Dividend Advantage Municipal Fund 3		29,057		398,081
Nuveen Connecticut Premium Income Municipal Fund		12,840		183,484
Nuveen Core Equity Alpha Fund		29,561		450,214
Nuveen Dividend Advantage Municipal Fund		52,397		793,291
Nuveen Dividend Advantage Municipal Fund 2		25,200		384,300
Nuveen Dividend Advantage Municipal Fund 3		72,709		1,071,004
Nuveen Dividend Advantage Municipal Income Fund		68,488		1,020,471
Nuveen Diversified Currency Opportunities Fund		76,283		991,679
Nuveen Equity Premium and Growth Fund		40,713		559,804
Nuveen Equity Premium Income Fund		28,347		361,424
Nuveen Georgia Dividend Advantage Municipal Fund 2		3,661		52,133
Nuveen Maryland Premium Income Municipal Fund		32,899		479,338
Nuveen Massachusetts AMT-Free Municipal Income Fund		4,391		60,113
Nuveen Massachusetts Premium Income Municipal Fund		866		13,111
Nuveen Municipal Advantage Fund		63,267		935,719
Nuveen Municipal Market Opportunity Fund		32,200		461,426
Nuveen Municipal Opportunity Fund, Inc.		78,458		1,183,931
Nuveen New Jersey Dividend Advantage Municipal Fund		5,548		82,832
Nuveen New Jersey Dividend Advantage Municipal Fund 2		1,046		15,962
Nuveen New Jersey Municipal Value Fund		1,112		17,803
Nuveen New York Dividend Advantage Municipal Fund 2		100		1,503
Nuveen New York Municipal Value Fund 2		3,177		49,212
Nuveen North Carolina Premium Income Municipal Fund		18,579		267,723
Nuveen Ohio Quality Income Municipal Fund		28,303		479,170
Nuveen Pennsylvania Dividend Advantage Municipal Fund		4,646		67,413
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2		10,139		144,684
Nuveen Pennsylvania Investment Quality Municipal Fund		11,310		172,364
Nuveen Pennsylvania Municipal Value Fund		2,562		40,787
Nuveen Pennsylvania Premium Income Municipal Fund 2		8,985		131,271
Nuveen Performance Plus Municipal Fund		63,951		1,015,542
Nuveen Premier Municipal Income Fund, Inc.		7,811		115,993
Nuveen Premier Municipal Opportunity Fund, Inc.		20,371		308,621
Nuveen Premium Income Municipal Fund		71,389		1,045,849
Nuveen Premium Income Municipal Fund 2		92,247		1,372,638
Nuveen Premium Income Municipal Opportunity Fund		23,862		336,454
Nuveen Quality Income Municipal Fund		71,426		1,080,675
Nuveen Quality Municipal Fund, Inc.		28,852		424,990
Nuveen Select Quality Municipal Fund		67,494		1,006,336
Nuveen Tax-Advantaged Dividend Growth Fund		27,107		415,550
Nuveen Tax-Advantaged Total Return Strategy Fund		5,684		69,231
Nuveen Virginia Premium Income Municipal Fund		21,762		329,912
Petroleum & Resources Corporation		23,644		607,651
Putnam Municipal Opportunities Trust		23,321		295,477
Putnam Premier Income Trust		60,756		335,981
RENN Global Entrepreneurs Fund, Inc. (a)		10,851		16,711
RMR Real Estate Income Fund		38,987		844,070
Royce Focus Trust, Inc.		32,994		224,029

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
OTHER INVESTMENTS - 4.2% (Continued)	Shares		Value
Royce Micro-Cap Trust, Inc.		46,030	$	479,633
Royce Value Trust, Inc.		105,686		1,566,267
Singapore Fund, Inc. (The)		11,220		162,690
Special Opportunities Fund, Inc.		5,667		96,622
Strategic Global Income Fund, Inc.		28,240		299,062
Swiss Helvetia Fund, Inc. (The)		33,483		423,225
Taiwan Fund, Inc. (The) (a)		500		8,490
Templeton Dragon Fund, Inc.		45,874		1,272,086
Templeton Russia & East European Fund, Inc.		9,002		130,889
Tortoise Power and Energy Infrastructure Fund, Inc.		7,580		201,476
Transamerica Income Shares, Inc.		6,876		149,553
Tri-Continental Corporation		25,890		465,761
Turkish Investment Fund, Inc. (The)		30,485		570,070
VelocityShares Daily Inverse VIX Short-Term ETN (a)		102,300		2,341,647
Virtus Total Return Fund		35,710		152,482
Wells Fargo Advantage Global Dividend Opportunity Fund		108,026		850,165
Western Asset Global Corporate Defined Opportunity Fund, Inc.		4,802		95,992
Western Asset Inflation Management Fund, Inc.		6,436		118,615
Western Asset Intermediate Muni Fund, Inc.		15,364		155,945
Western Asset Municipal High Income Fund, Inc.		48,824		382,292
Western Asset Worldwide Income Fund, Inc.		11,345		173,805
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		85,784		1,143,501
Western Asset/Claymore Inflation-Linked Securities & Income Fund		76,772		1,047,170
Zweig Fund, Inc. (The)		35,580		457,559
Zweig Total Return Fund, Inc. (The)		15,175		197,882
Total Other Investments (Cost $75,813,833)			$	77,705,294
CORPORATE BONDS - 0.0% (c)	Par Value		Value
Financials - 0.0% (c)
GAMCO Investors, Inc., 0.00%, due 12/31/2015 (Cost $0)	$	3,100	$	2,805

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 0.9%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (e)		13,976,855	$	13,976,855
UMB Money Market Fiduciary, 0.01% (e)		3,370,158		3,370,158
Total Money Market Funds (Cost $17,347,013)			$	17,347,013
Total Investments at Value - 97.7% (Cost $1,690,881,515)			$	1,834,180,376
Other Assets in Excess of Liabilities - 2.3%				43,811,403	(f)
Net Assets - 100.0%			$	1,877,991,779

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)	Percentage rounds to less than 0.1%.
(d)	Security value has been determined in good faith by the Board of Trustees.  Total value of such securities is $42,280 at April 30, 2013, representing less than 0.1% of net assets (Note 2).
(e)	The rate shown is the 7-day effective yield as of April 30, 2013.
(f)	Includes cash held as margin deposits for open short positions.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
April 30, 2013 (Unaudited)
COMMON STOCKS - 65.7%	Shares		Value
Consumer Discretionary - 10.3%
Auto Components - 0.4%
American Axle & Manufacturing Holdings, Inc.		101	$	1,350
China Automotive Systems, Inc.		93,306		420,810
China XD Plastics Company Ltd.		90,980		363,010
Fuel Systems Solutions, Inc.		20,571		323,171
Gentherm, Inc.		148,690		2,264,549
Goodyear Tire & Rubber Company (The)		349,249		4,363,866
Quantum Fuel Systems Technologies Worldwide, Inc.		666,832		380,094
SORL Auto Parts, Inc.		21,719		62,551
				8,179,401
Automobiles - 0.4%
Kandi Technologies Corporation		136,312		576,600
Tesla Motors, Inc.		84,090		4,540,019
Winnebago Industries, Inc.		76,164		1,395,324
				6,511,943
Distributors - 0.1%
China Metro-Rural Holdings Ltd.		100		120
Pool Corporation		44,823		2,197,223
VOXX International Corporation		856		8,158
				2,205,501
Diversified Consumer Services - 1.2%
American Public Education, Inc.		26,842		900,012
Apollo Group, Inc. - Class A		41,868		769,115
Ascent Capital Group, Inc.		1,813		120,547
Bridgepoint Education, Inc.		40,863		440,503
Bright Horizons Family Solutions, Inc.		56		1,817
ChinaCast Education Corporation		280,803		19,656
Coinstar, Inc.		102,352		5,405,209
Collectors Universe, Inc.		2,754		32,800
Corinthian Colleges, Inc.		807,805		1,615,610
CPI Corporation		4,039		86
Education Management Corporation		109,029		618,195
Grand Canyon Education, Inc.		65,290		1,669,465
ITT Educational Services, Inc.		147,968		2,709,294
K12, Inc.		7,905		201,341
Matthews International Corporation - Class A		13,093		481,953
Regis Corporation		132,759		2,489,231
School Specialty, Inc.		34,783		1,705
Service Corporation International		16,206		273,557
Stewart Enterprises, Inc. - Class A		136,385		1,215,190
StoneMor Partners, L.P.		93,136		2,556,583
Strayer Education, Inc.		22,803		1,079,950
Weight Watchers International, Inc.		12,340		520,378
				23,122,197
Hotels, Restaurants & Leisure - 1.1%
Arcos Dorados Holdings, Inc.		688		9,371
Asia Entertainment & Resources Ltd.		88,972		395,036
Biglari Holdings, Inc.		274		106,115
BJ's Restaurants, Inc.		148,739		5,101,748
Boyd Gaming Corporation		281,673		3,380,076
Brinker International, Inc.		108,023		4,202,095
Buffalo Wild Wings, Inc.		11,149		1,003,326

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Hotels, Restaurants & Leisure - 1.1% (Continued)
Choice Hotels International, Inc.		144	$	5,625
DineEquity, Inc.		50,069		3,566,915
Kona Grill, Inc.		324		3,159
Life Time Fitness, Inc.		279		12,884
MTR Gaming Group, Inc.		287		990
Nathan's Famous, Inc.		1,095		48,892
PokerTek, Inc.		1,884		2,656
Red Lion Hotels Corporation		25,255		164,915
Ruby Tuesday, Inc.		87,622		844,676
Ryman Hospitality Properties, Inc.		19,739		877,596
Star Buffet, Inc.		325		747
Texas Roadhouse, Inc.		1,114		26,179
Universal Travel Group		237,996		47,599
				19,800,600
Household Durables - 1.6%
American Greetings Corporation - Class A		191		3,522
Bassett Furniture Industries, Inc.		1,536		21,550
Beazer Homes USA, Inc.		56,026		905,380
Blyth, Inc.		258,330		4,257,278
Cavco Industries, Inc.		1,725		78,695
Comstock Holding Companies, Inc. - Class A		3,495		9,891
Deer Consumer Products, Inc.		51,567		3,094
Desarrolladora Homex S.A.B de C.V. - ADR		51,462		251,135
Ethan Allen Interiors, Inc.		27,788		813,633
Furniture Brands International, Inc.		1,558		1,714
Garmin Ltd.		5,047		177,049
Hovnanian Enterprises, Inc. - Class A		91,508		498,719
iRobot Corporation		89		2,589
KB Home		246,257		5,550,633
Location Based Technologies, Inc.		103,181		19,088
M/I Homes, Inc.		9,510		233,946
Mad Catz Interactive, Inc.		489,312		200,471
Ryland Group, Inc. (The)		126,606		5,704,866
Skullcandy, Inc.		631,271		3,244,733
SodaStream International Ltd.		43,497		2,341,878
Tempur-Pedic International, Inc.		60,831		2,950,304
ZAGG, Inc.		329,933		2,233,646
				29,503,814
Internet & Catalog Retail - 0.4%
NutriSystem, Inc.		178,484		1,445,720
Overstock.com, Inc.		152,184		3,165,427
PetMed Express, Inc.		225,437		2,817,963
Vitacost.com, Inc.		8,103		63,041
				7,492,151
Leisure Equipment & Products - 0.5%
Arctic Cat, Inc.		3,214		144,598
Black Diamond, Inc.		126,966		1,244,267
Brunswick Corporation		67,073		2,123,531
Callaway Golf Company		82,684		553,983
Eastman Kodak Company		1,275,620		471,980
JAKKS Pacific, Inc.		14,776		161,206
Nautilus, Inc.		1,305		8,978

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Leisure Equipment & Products - 0.5% (Continued)
Smith & Wesson Holding Corporation		362,553	$	3,183,215
Sturm Ruger & Company, Inc.		10,875		557,561
				8,449,319
Media - 0.8%
Atrinsic, Inc.		87,591		350
Central European Media Enterprises Ltd.		56,274		208,214
China Yida Holding Company		1,079		4,273
Clear Channel Outdoor Holdings, Inc.		24,057		173,932
Cumulus Media, Inc. - Class A		41,619		132,765
Dex One Corporation		425,979		1,013,830
Dial Global, Inc. (a)		2,195		922
Digital Domain Media Group, Inc.		75,247		1,279
Digital Generation, Inc.		35,925		240,697
DreamWorks Animation SKG, Inc. - Class A		80,130		1,544,906
IMAX Corporation		100		2,553
Lee Enterprises, Inc.		322,902		464,979
Madison Square Garden Company (The) - Class A		52		3,134
Manchester United plc - Class A		17,453		313,805
Martha Stewart Living Omnimedia, Inc. - Class A		1,501		3,707
McClatchy Company (The) - Class A		731,645		1,690,100
Media General, Inc. - Class A		85,726		702,953
Meredith Corporation		20,644		801,400
New York Times Company (The)		354,252		3,138,673
Pandora Media, Inc.		10,104		140,749
Regal Entertainment Group - Class A		65,640		1,177,582
Scholastic Corporation		49,705		1,364,402
SPAR Group, Inc.		705		1,382
SuperMedia, Inc.		50,146		263,267
Tiger Media, Inc.		1,132		1,313
Valassis Communications, Inc.		73,295		1,878,551
World Wrestling Entertainment, Inc. - Class A		27,827		255,452
				15,525,170
Multiline Retail - 0.4%
Bon-Ton Stores, Inc. (The)		297,796		4,568,191
Fred's, Inc. - Class A		78,585		1,118,264
J. C. Penney Company, Inc.		62,627		1,028,335
Saks, Inc.		95,354		1,101,339
Sears Canada, Inc.		9,011		83,634
Sears Holdings Corporation		2,755		141,442
				8,041,205
Specialty Retail - 2.9%
Aéropostale, Inc.		23,489		344,349
America's Car-Mart, Inc.		4,801		222,142
AutoChina International Ltd.		156		1,724
Barnes & Noble, Inc.		324,414		5,881,626
bebe stores, inc.		176,920		1,001,367
Body Central Corporation		7,340		74,721
Books-A-Million, Inc.		12,867		33,454
Brown Shoe Company, Inc.		6,449		109,053
Buckle, Inc. (The)		38,399		1,864,271
Citi Trends, Inc.		10,782		126,904
Coldwater Creek, Inc.		147,888		527,960

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Specialty Retail - 2.9% (Continued)
Conn's, Inc.		120,773	$	5,230,679
Finish Line, Inc. (The)		493		9,559
Francesca's Holdings Corporation		46,452		1,326,669
Group 1 Automotive, Inc.		68,453		4,140,037
Guess?, Inc.		7,968		220,554
Hibbett Sports, Inc.		2,815		154,403
Hot Topic, Inc.		231,557		3,230,220
Jos. A. Bank Clothiers, Inc.		49,085		2,144,033
Lithia Motors, Inc.		1,120		55,462
Lumber Liquidators Holdings, Inc.		16,218		1,329,227
MarineMax, Inc.		565		6,548
Mattress Firm Holding Corporation		49,091		1,881,167
Monro Muffler Brake, Inc.		61,849		2,558,075
Office Depot, Inc.		153,773		593,564
OfficeMax, Inc.		33,368		384,066
Orchard Supply Hardware Stores Corporation - Class A		5,013		9,926
Pep Boys - Manny Moe & Jack (The)		89,919		1,043,060
RadioShack Corporation		2,359,057		7,478,211
Rent-A-Center, Inc.		89,791		3,136,400
rue21, inc.		11,612		370,423
Select Comfort Corporation		44,227		938,497
Sonic Automotive, Inc. - Class A		72,877		1,602,565
Stage Stores, Inc.		162,848		4,509,261
Systemax, Inc.		2,729		24,998
Tile Shop Holdings, Inc. (The)		276		6,845
Trinity Place Holdings, Inc.		160		872
Walking Company Holdings, Inc. (The)		4		37
Zumiez, Inc.		84,737		2,454,831
				55,027,760
Textiles, Apparel & Luxury Goods - 0.5%
American Apparel, Inc.		427,575		825,220
DGSE Companies, Inc.		3,657		18,577
G-III Apparel Group Ltd.		135		5,489
Iconix Brand Group, Inc.		161		4,613
Joe's Jeans, Inc.		100		176
Kingold Jewelry, Inc.		145,407		184,667
Vera Bradley, Inc.		156,150		3,563,343
Wolverine World Wide, Inc.		90,805		4,337,755
				8,939,840
Consumer Staples - 1.9%
Beverages - 0.1%
Boston Beer Company, Inc. - Class A		2,671		452,254
Central European Distribution Corporation		852,814		59,697
Primo Water Corporation		88,606		112,529
Reed's, Inc.		120,489		494,005
				1,118,485
Food & Staples Retailing - 0.4%
Chefs' Warehouse, Inc. (The)		19,345		355,754
Crumbs Bake Shop, Inc.		466		662
Natural Grocers by Vitamin Cottage, Inc.		5,821		145,991
Pizza Inn Holdings, Inc.		2,087		16,571
Roundy's, Inc.		585,107		4,189,366

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Consumer Staples - 1.9% (Continued)
Food & Staples Retailing - 0.4% (Continued)
Spartan Stores, Inc.		520	$	8,726
SUPERVALU, Inc.		131,628		768,707
Susser Holdings Corporation		11,123		591,410
United Natural Foods, Inc.		15,267		762,434
Weis Markets, Inc.		8,627		360,867
				7,200,488
Food Products - 0.7%
AgFeed Industries, Inc.		179,465		18,126
Amira Nature Foods Ltd.		9,864		75,558
Annie's, Inc.		34,271		1,295,101
Calavo Growers, Inc.		66,189		1,877,120
Cal-Maine Foods, Inc.		220		9,390
China Marine Food Group Ltd.		69,491		55,593
Chiquita Brands International, Inc.		572		4,936
Coffee Holding Company, Inc.		78,247		530,515
Dean Foods Company		44,394		849,701
Diamond Foods, Inc.		258,977		3,905,373
Dole Food Company, Inc.		45,613		490,796
Feihe International, Inc.		27,039		197,926
Fresh Del Monte Produce, Inc.		16,322		414,742
Green Mountain Coffee Roasters, Inc.		3,171		182,015
Hain Celestial Group, Inc. (The)		12,027		784,762
Le Gaga Holdings Ltd.		3,510		11,337
Lifeway Foods, Inc.		697		8,838
Limoneira Company		32		596
SkyPeople Fruit Juice, Inc.		31,586		69,173
Stevia Corporation		4,596		1,289
Tootsie Roll Industries, Inc.		3,360		104,946
Umami Sustainable Seafood, Inc.		756		1,164
WhiteWave Foods Company		142,547		2,410,470
Yuhe International, Inc. (a)		109,183		8,735
Zhongpin, Inc.		495		6,415
				13,314,617
Household Products - 0.0% (b)
Central Garden & Pet Company - Class A		20,643		181,659
Personal Products - 0.5%
China Sky One Medical, Inc.		197,454		29,618
China-Biotics, Inc.		532,897		969,873
Elizabeth Arden, Inc.		2,763		113,145
Herbalife Ltd.		40,559		1,610,598
LifeVantage Corporation		400,194		912,442
Medifast, Inc.		33,149		868,504
Nu Skin Enterprises, Inc.		22,536		1,143,251
Synutra International, Inc.		96,374		465,486
USANA Health Sciences, Inc.		74,883		4,224,899
				10,337,816
Tobacco - 0.2%
Alliance One International, Inc.		255,821		959,329
Star Scientific, Inc.		1,655,659		2,053,017
				3,012,346

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Energy - 5.4%
Energy Equipment & Services - 0.7%
C&J Energy Services, Inc.		16,826	$	332,987
Cal Dive International, Inc.		896,283		1,496,793
Compressco Partners, L.P.		33		782
Geokinetics, Inc.		1,664		17
Gulfmark Offshore, Inc. - Class A		10,698		445,251
Heckmann Corporation		1,686,209		6,222,111
Helix Energy Solutions Group, Inc.		123,923		2,855,186
Mitcham Industries, Inc.		1,444		21,443
Newpark Resources, Inc.		4,235		44,467
Poseidon Concepts Corporation		5,042		61
Recon Technology Ltd.		900		1,872
RigNet, Inc.		24		581
RPC, Inc.		42,434		561,826
SulphCo, Inc.		486,090		389
Tesco Corporation		3,417		41,687
Tidewater, Inc.		3,524		184,834
Transocean Ltd.		4,161		214,167
USA Compression Partners, L.P.		9,744		209,496
Vantage Drilling Company		406,367		686,760
				13,320,710
Oil, Gas & Consumable Fuels - 4.7%
Alon USA Partners, L.P.		180		4,464
Amyris, Inc.		43,859		119,296
Apco Oil and Gas International, Inc.		2,414		24,406
Approach Resources, Inc.		24,362		577,867
Arch Coal, Inc.		199,556		967,847
ATP Oil & Gas Corporation		376,995		52,742
Berry Petroleum Company - Class A		5,001		239,598
Bill Barrett Corporation		111,667		2,217,707
BioFuel Energy Corporation		112,894		487,138
Blue Dolphin Energy Company		41,521		253,278
BMB Munai, Inc.		5,958		120
BPZ Resources, Inc.		1,147,068		2,454,725
CAMAC Energy, Inc.		237,884		128,457
Chesapeake Granite Wash Trust		32,330		524,069
China Integrated Energy, Inc.		485,749		131,152
Clayton Williams Energy, Inc.		4		154
Clean Energy Fuels Corporation		188,834		2,490,720
Cloud Peak Energy, Inc.		173,969		3,399,354
Contango Oil & Gas Company		5,387		202,659
Cubic Energy, Inc.		8,104		2,593
CVR Energy, Inc.		13,237		652,187
CVR Refining, L.P.		109,796		3,499,199
Dominion Resources Black Warrior Trust		1,352		6,774
Emerald Oil, Inc.		94,383		606,883
Enbridge Energy Management, LLC		66,091		1,963,564
Endeavour International Corporation		342,498		938,445
EQT Midstream Partners, L.P.		915		42,364
EXCO Resources, Inc.		73,706		535,106
Frontline Ltd.		344,368		626,750
FX Energy, Inc.		2,855		10,963
GeoGlobal Resources, Inc.		321,275		6,586

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Energy - 5.4% (Continued)
Oil, Gas & Consumable Fuels - 4.7% (Continued)
Global Partners, L.P.		306	$	10,924
GMX Resources, Inc.		74,803		12,342
GreenHunter Energy, Inc.		36,697		41,835
Harvest Natural Resources, Inc.		101,087		331,565
Houston American Energy Corporation		39,340		7,510
Hugoton Royalty Trust		211		1,914
Hyperdynamics Corporation		890,631		492,964
Inergy Midstream, L.P.		3,001		76,195
InterOil Corporation		43,436		3,436,656
Isramco, Inc.		1,462		133,554
Ivanhoe Energy, Inc.		4,600		5,934
James River Coal Company		3,010,993		4,968,138
Kinder Morgan Management, LLC		11,016		972,388
KiOR, Inc. - Class A		535,458		2,607,680
Knightsbridge Tankers Ltd.		75,571		517,661
L & L Energy, Inc.		256,202		991,502
Linn Energy, LLC		28,137		1,086,370
LinnCo, LLC		60,162		2,570,722
Lucas Energy, Inc.		356,471		459,848
Magnum Hunter Resources Corporation		477,375		1,298,460
McMoRan Exploration Company		63,895		1,057,462
Mexco Energy Corporation		215		1,210
Miller Energy Resources, Inc.		343,668		1,305,938
New Concept Energy, Inc.		12,245		12,735
NGL Energy Partners, L.P.		24,615		722,943
Niska Gas Storage Partners, LLC		2,346		35,706
Nordic American Tankers Ltd.		207,611		1,849,814
Northern Oil & Gas, Inc.		137,298		1,769,771
Overseas Shipholding Group, Inc.		804,229		2,670,040
Oxford Resource Partners, L.P.		177,073		571,946
Pacific Ethanol, Inc.		1,772,585		478,598
Patriot Coal Corporation		447,191		41,544
PBF Energy, Inc.		5,488		167,110
PDC Energy, Inc.		16,345		707,738
Pengrowth Energy Corporation		602		3,046
PetroBakken Energy Ltd.		767		6,527
Pyramid Oil Company		35,326		142,364
Resolute Energy Corporation		118,114		1,089,011
REX American Resources Corporation		181		3,383
Rex Energy Corporation		85,439		1,373,005
Rhino Resource Partners, L.P.		32,825		478,588
Royale Energy, Inc.		232,388		571,674
San Juan Basin Royalty Trust		293,698		4,537,634
Sanchez Energy Corporation		69,575		1,260,003
SandRidge Energy, Inc.		533,812		2,743,794
Sino Clean Energy, Inc.		214,504		42,901
Solazyme, Inc.		961,373		8,748,494
StealthGas, Inc.		611		6,318
Susser Petroleum Partners, L.P.		8,240		254,698
Teekay Tankers Ltd. - Class A		963,909		2,438,690
Tri-Valley Corporation		568,872		1,422
Ultra Petroleum Corporation		31,171		667,059

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Energy - 5.4% (Continued)
Oil, Gas & Consumable Fuels - 4.7% (Continued)
Uranerz Energy Corporation		403,486	$	411,556
Uranium Energy Corporation		1,128,671		1,749,440
Uranium Resources, Inc.		211,338		426,903
USEC, Inc.		932,571		298,423
Verenium Corporation		100,530		231,219
W&T Offshore, Inc.		150,879		1,762,267
Whiting USA Trust I		607,449		3,924,121
Whiting USA Trust II		500		7,080
ZaZa Energy Corporation		100		127
Zion Oil & Gas, Inc.		298,883		385,559
				88,149,190
Financials - 9.5%
Capital Markets - 1.6%
AllianceBernstein Holding, L.P.		1,030		24,401
Apollo Investment Corporation		2,303		20,289
Calamos Asset Management, Inc.		10,595		120,253
CorEnergy Infrastructure Trust, Inc.		30		230
E*TRADE Financial Corporation		423,330		4,356,066
Fidus Investment Corporation		156,011		2,933,007
Financial Engines, Inc.		95,763		3,482,900
FXCM, Inc.		51,773		701,524
Gladstone Investment Corporation		297,759		2,215,327
Hercules Technology Growth Capital, Inc.		36,366		483,668
Horizon Technology Finance Corporation		122		1,792
INTL FCStone, Inc.		43,417		743,299
Investment Technology Group, Inc.		269		2,929
Investors Capital Holdings Ltd.		131		508
Janus Capital Group, Inc.		18,562		165,573
KCAP Financial, Inc.		102,781		1,112,090
Knight Capital Group, Inc.		642,674		2,275,066
Main Street Capital Corporation		6,374		191,603
Medley Capital Corporation		4,828		75,220
MF Global Holdings Ltd.		489,633		12,975
NGP Capital Resources Company		169,125		1,126,373
Oppenheimer Holdings, Inc.		435		8,048
PennantPark Floating Rate Capital Ltd.		3,393		48,045
Penson Worldwide, Inc.		261,155		992
Piper Jaffray Companies, Inc.		70,120		2,367,251
Rand Capital Corporation		751		2,231
Safeguard Scientifics, Inc.		81,546		1,316,152
SEI Investments Company		2		57
Solar Capital Ltd.		42,021		1,005,563
Stifel Financial Corporation		123,717		3,986,162
TICC Capital Corporation		37,564		382,026
Triangle Capital Corporation		38,200		1,068,454
				30,230,074
Commercial Banks - 4.0%
Ameris Bancorp		81,817		1,134,802
Arrow Financial Corporation		4,431		107,186
Auburn National Bancorporation, Inc.		221		4,906
BancFirst Corporation		174		7,280
BancorpSouth, Inc.		8,902		142,432

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares			Value
Financials - 9.5% (Continued)
Commercial Banks - 4.0% (Continued)
Bank of the Ozarks, Inc.		98,517		$	4,032,301
Banner Corporation		3,118			101,865
BBCN Bancorp, Inc.		60,576			780,219
BNC Bancorp		1,127			11,439
Boston Private Financial Holdings, Inc.		58,096			560,045
Britton & Koontz Capital Corporation		9			99
Bryn Mawr Bank Corporation		2,555			59,353
C&F Financial Corporation		575			23,115
Capital City Bank Group, Inc.		34,488			431,100
Capitol Bancorp Ltd.		40,199			3,015
Cascade Bancorp		27,027			161,351
Cathay General Bancorp		399			7,864
CenterState Banks, Inc.		44			366
Citizens Holding Company		737			14,519
City Bank		13,826			1,383
City Holding Company		85,787			3,275,348
CoBiz Financial, Inc.		2,715			23,240
Columbia Banking System, Inc.		85,912			1,844,531
Commerce Bancshares, Inc.		16,181			649,020
Community Bank System, Inc.		107,143			3,068,576
Community Trust Bancorp, Inc.		7,963			275,679
Dearborn Bancorp, Inc.		920			20
Fauquier Bankshares, Inc.		228			2,741
First BanCorporation (Puerto Rico)		333,320			1,969,921
First Busey Corporation		237,878			1,022,875
First Commonwealth Financial Corporation		121,959			872,007
First Community Bancshares, Inc.		23,567	��		365,524
First Financial Bancorporation		9,806			150,718
First Financial Bankshares, Inc.		95,180			4,702,844
First of Long Island Corporation (The)		111			3,353
FirstMerit Corporation		25,582			438,220
FNB Corporation		91,666			1,044,076
FNB United Corporation		14,471			108,532
Frontier Financial Corporation		10,459			209
Glacier Bancorp, Inc.		116,550			2,150,348
Glen Burnie Bancorp		56			669
Hampton Roads Bankshares, Inc.		111,129			142,245
Heartland Financial USA, Inc.		842			21,395
Heritage Financial Corporation		41			572
IBERIABANK Corporation		142			6,478
Independent Bank Corporation (Massachusetts)		91,935			2,853,662
Independent Bank Corporation (Michigan)		90,099			637,000
International Bancshares Corporation		1,528			29,643
Jeffersonville Bancorp		10			110
Lakeland Bancorp, Inc.		75,734			724,017
Macatawa Bank Corporation		48,336			270,682
Mercantile Bancorp, Inc.		867			182
Mercantile Bank Corporation		2,409			40,254
National Bankshares, Inc.		6,377			208,847
National Penn Bancshares, Inc.		75,061			734,847
Oak Valley Bancorp		147			1,166
OFG Bancorp		180,868			2,906,549

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Financials - 9.5% (Continued)
Commercial Banks - 4.0% (Continued)
Old Second Bancorp, Inc.		53,319	$	245,267
OmniAmerican Bancorp, Inc.		100		2,490
PAB Bankshares, Inc.		4,809		15
PacWest Bancorp		60,283		1,671,648
Park National Corporation		47,983		3,281,078
Park Sterling Corporation		1,196		6,853
Patriot National Bancorp		638		944
Pinnacle Financial Partners, Inc.		112,729		2,735,933
Popular, Inc.		145,259		4,138,429
Princeton National Bancorp, Inc.		600		7
Prosperity Bancshares, Inc.		27,804		1,277,316
Renasant Corporation		76,837		1,753,420
Republic Bancorp, Inc. - Class A		62,705		1,392,051
S&T Bancorp, Inc.		22,211		419,122
S.Y. Bancorp, Inc.		3,824		87,799
Seacoast Banking Corporation of Florida		832		1,780
Security Bank Corporation		32,973		–
Simmons First National Corporation - Class A		39,467		967,731
Southside Bancshares, Inc.		160,135		3,423,686
Southwest Bancorp, Inc.		11,695		154,608
State Bank Financial Corporation		32,113		472,382
StellarOne Corporation		6,251		93,702
Sterling Financial Corporation		1,832		39,938
Taylor Capital Group, Inc.		58,427		855,956
TCF Financial Corporation		30,413		442,509
Texas Capital Bancshares, Inc.		92,285		3,844,593
Tompkins Financial Corporation		650		27,170
TowneBank		67,383		964,251
Trustmark Corporation		50		1,228
Umpqua Holdings Corporation		56,708		680,496
United Bankshares, Inc.		98,142		2,483,974
United Security Bancshares		1,807		7,426
Valley National Bancorp		125,290		1,126,357
Westamerica Bancorporation		56,377		2,446,198
Westbury Bancorp, Inc.		1,667		22,004
Western Alliance Bancorporation		5,248		77,198
Wintrust Financial Corporation		22,772		816,604
				74,092,903
Consumer Finance - 0.3%
Atlanticus Holdings Corporation		109,936		406,763
Encore Capital Group, Inc.		83,384		2,375,610
Green Dot Corporation - Class A		131,110		2,059,738
NetSpend Holdings, Inc.		2,431		38,799
World Acceptance Corporation		9,908		880,425
				5,761,335
Diversified Financial Services - 0.1%
Capital Southwest Corporation		36		4,237
Consumer Portfolio Services, Inc.		228		2,102
DJSP Enterprises, Inc.		15,586		1,733
KKR Financial Holdings, LLC		12,531		133,956
Life Partners Holdings, Inc.		163,156		543,310

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Financials - 9.5% (Continued)
Diversified Financial Services - 0.1% (Continued)
Primus Guaranty Ltd.		1,849	$	18,952
				704,290
Insurance - 1.0%
Allied World Assurance Company Holdings Ltd.		16,040		1,456,592
Ambac Financial Group, Inc.		19,556		61
American Equity Investment Life Holding Company		310,463		4,731,456
American Financial Group, Inc.		3,179		153,450
CNA Financial Corporation		17,235		580,992
eHealth, Inc.		114,741		2,402,676
Gerova Financial Group Ltd.		9,506		–
Homeowners Choice, Inc.		35,008		929,112
Kingsway Financial Services, Inc.		608		2,250
MBIA, Inc.		20,644		195,292
Montpelier Re Holdings Ltd.		64,762		1,668,269
National Financial Partners Corporation		4,802		121,683
National Western Life Insurance Company		130		23,741
Phoenix Companies, Inc. (The)		16,634		484,216
Primerica, Inc.		106,621		3,620,849
StanCorp Financial Group, Inc.		41,200		1,779,016
Tower Group International Ltd.		19,621		371,229
Universal Insurance Holdings, Inc.		65		389
				18,521,273
Real Estate Investment Trusts (REIT) - 1.2%
Acadia Realty Trust		693		19,785
Arbor Realty Trust, Inc.		103,034		795,422
Ares Commercial Real Estate Corporation		4,225		71,107
Ashford Hospitality Trust, Inc.		77,317		995,843
Colonial Properties Trust		30,257		702,265
CubeSmart		41,908		736,324
CYS Investments, Inc.		18,312		227,618
DuPont Fabros Technology, Inc.		49,015		1,232,237
Extra Space Storage, Inc.		1		44
First Industrial Realty Trust, Inc.		100		1,794
Franklin Street Properties Corporation		28,853		440,585
Geo Group, Inc. (The)		5,736		214,813
Getty Realty Corporation		99,531		2,130,959
Gladstone Commercial Corporation		54,413		1,041,465
Glimcher Realty Trust		13,020		163,271
Home Properties, Inc.		2,383		153,608
Investors Real Estate Trust		3,324		32,343
iStar Financial, Inc.		280,201		3,272,748
JAVELIN Mortgage Investment Corporation		9,868		198,742
Liberty Property Trust		14,187		609,899
New York Mortgage Trust, Inc.		444,001		3,170,167
NorthStar Realty Finance Corporation		7,074		70,528
Omega Healthcare Investors, Inc.		2,068		67,975
Parkway Properties, Inc.		5,652		103,036
Pennsylvania Real Estate Investment Trust		17,564		364,102
Ramco-Gershenson Properties Trust		19,105		333,764
Redwood Trust, Inc.		13,028		297,299
Retail Opportunity Investments Corporation		1,567		23,207
Rouse Properties, Inc.		91,435		1,732,693

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Financials - 9.5% (Continued)
Real Estate Investment Trusts (REIT) - 1.2% (Continued)
Sabra Health Care REIT, Inc.		551	$	16,431
Silver Bay Realty Trust Corporation		34,752		663,068
STAG Industrial, Inc.		381		8,397
Sun Communities, Inc.		43,884		2,244,667
Terreno Realty Corporation		6		113
Walter Investment Management Corporation		2,877		96,552
Western Asset Mortgage Capital Corporation		14,563		326,211
Winthrop Realty Trust		46,209		587,316
				23,146,398
Real Estate Management & Development - 0.1%
Brookfield Property Partners, L.P.		21,059		464,983
China HGS Real Estate, Inc.		100		1,090
China Housing & Land Development, Inc.		143,405		255,261
Gazit-Globe Ltd.		1,949		25,824
Mays (J.W.), Inc.		144		3,204
Novation Companies, Inc.		628		302
St. Joe Company (The)		74,934		1,466,458
				2,217,122
Thrifts & Mortgage Finance - 1.2%
America First Tax Exempt Investors, L.P.		9,810		70,142
Anchor BanCorp Wisconsin, Inc.		35,400		22,302
Astoria Financial Corporation		134,159		1,286,585
BBX Capital Corporation - Class A		98,985		1,187,820
Beneficial Mutual Bancorp, Inc.		30,090		257,270
BofI Holding, Inc.		41,350		1,686,253
Federal Agricultural Mortgage Corporation - Class C		10,180		323,520
Federal National Mortgage Association		589,647		487,638
First Federal Bancshares of Arkansas, Inc.		6,056		58,683
First Pactrust Bancorp, Inc.		774		8,793
Flushing Financial Corporation		4,373		66,382
Impac Mortgage Holdings, Inc.		54,588		566,623
Malvern Bancorp, Inc.		499		5,793
MGIC Investment Corporation		890,012		4,806,065
NASB Financial, Inc.		3,726		84,953
Northwest Bancshares, Inc.		140,937		1,726,478
PMI Group, Inc. (The)		7		–
Provident Financial Holdings, Inc.		11,476		185,911
Radian Group, Inc.		669,823		8,004,385
Security National Financial Corporation - Class A		120,684		957,024
Territorial Bancorp, Inc.		55		1,286
Triad Guaranty, Inc. (a)		9,250		740
TrustCo Bank Corporation		264,501		1,417,725
Westfield Financial, Inc.		395		2,974
				23,215,345
Health Care - 11.6%
Biotechnology - 6.6%
Aastrom Biosciences, Inc.		435,907		261,108
ACADIA Pharmaceuticals, Inc.		163,534		2,107,953
Achillion Pharmaceuticals, Inc.		197,438		1,488,682
Advaxis, Inc.		97,154		6,461
Aegerion Pharmaceuticals, Inc.		135,199		5,683,766
AEterna Zentaris, Inc.		63,638		116,458

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Health Care - 11.6% (Continued)
Biotechnology - 6.6% (Continued)
Alnylam Pharmaceuticals, Inc.		178,863	$	4,283,769
Amarin Corporation plc - ADR		624,154		4,624,981
Anthera Pharmaceuticals, Inc.		865,094		475,888
ARCA Biopharma, Inc.		2,683		6,386
Arena Pharmaceuticals, Inc.		644,454		5,310,301
Arrowhead Research Corporation		31,565		65,024
AVEO Pharmaceuticals, Inc.		321,389		1,642,298
BioTime, Inc.		360,977		1,306,737
Cardium Therapeutics, Inc.		106,459		10,007
Celldex Therapeutics, Inc.		36,321		473,989
CEL-SCI Corporation		841,126		227,104
Celsion Corporation		1,629,821		1,362,530
China Biologic Products, Inc.		276		7,021
Cleveland BioLabs, Inc.		278,801		493,478
Curis, Inc.		228		855
Cyclacel Pharmaceuticals, Inc.		83,375		384,359
Cytokinetics, Inc.		388,197		496,892
Cytori Therapeutics, Inc.		636,479		1,788,506
CytRx Corporation		207,818		559,030
DARA BioSciences, Inc.		571,455		444,935
Dendreon Corporation		1,300,007		6,123,033
Discovery Laboratories, Inc.		601		1,016
EpiCept Corporation (a)		103,927		6,236
Exact Sciences Corporation		61,419		573,653
Exelixis, Inc.		826,583		4,289,966
Galectin Therapeutics, Inc.		12,343		57,765
Galena Biopharma, Inc.		2,246,496		6,447,444
Genomic Health, Inc.		22,944		696,580
GTx, Inc.		10,442		48,242
Horizon Pharma, Inc.		185,319		444,766
iBio, Inc.		184,883		79,537
ImmunoCellular Therapeutics Ltd.		239,567		603,709
ImmunoGen, Inc.		6,007		96,232
Immunomedics, Inc.		451,382		1,155,538
Incyte Corporation		15,030		332,914
Infinity Pharmaceuticals, Inc.		108,396		4,670,784
Insmed, Inc.		131,102		1,200,894
InterMune, Inc.		380,050		3,545,866
Introgen Therapeutics, Inc.		45,612		46
Ironwood Pharmaceuticals, Inc.		193,314		2,940,306
IsoRay, Inc.		279,361		139,680
Keryx Biopharmaceuticals, Inc.		720,186		5,869,516
Lexicon Pharmaceuticals, Inc.		19		38
MannKind Corporation		2,590,271		10,231,570
Marina Biotech, Inc.		246,062		55,364
Mast Therapeutics, Inc.		760,949		510,292
Medgenics, Inc.		78,680		315,507
MediciNova, Inc.		102,132		321,716
Medivation, Inc.		4,650		245,101
MEI Pharma, Inc.		47,057		419,748
Metabolix, Inc.		319,501		555,932
Momenta Pharmaceuticals, Inc.		78,721		969,843

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Health Care - 11.6% (Continued)
Biotechnology - 6.6% (Continued)
Myrexis, Inc.		891	$	77
Myriad Genetics, Inc.		17,097		476,151
NeoStem, Inc.		819,672		409,836
Neuralstem, Inc.		315,545		375,499
NeurogesX, Inc.		134,170		1,852
NewLink Genetics Corporation		24,289		338,589
Nymox Pharmaceutical Corporation		107,768		555,005
Omeros Corporation		30,647		123,507
OncoGenex Pharmaceuticals, Inc.		54		547
Oncolytics Biotech, Inc.		471,040		1,436,672
Oncothyreon, Inc.		8,432		21,164
Opexa Therapeutics, Inc.		108,570		183,483
OPKO Health, Inc.		581,160		3,870,526
Orexigen Therapeutics, Inc.		550,345		3,346,098
Organovo Holdings, Inc.		5,988		26,347
Osiris Therapeutics, Inc.		224,913		2,523,524
OXiGENE, Inc.		22,997		81,409
Oxygen Biotherapeutics, Inc.		17,295		4,322
Peregrine Pharmaceuticals, Inc.		722,436		1,004,186
PharmAthene, Inc.		548,291		866,300
Pluristem Therapeutics, Inc.		213,725		679,645
PROLOR Biotech, Inc.		41,286		257,625
Protalix BioTherapeutics, Inc.		76,914		436,102
Raptor Pharmaceutical Corporation		400,622		2,764,292
Repligen Corporation		890		7,974
Rexahn Pharmaceuticals, Inc.		387,738		124,076
Rosetta Genomics Ltd.		156,250		518,750
RXi Pharmaceuticals Corporation		7,093		1,490
Sangamo Biosciences, Inc.		87,952		895,351
Sarepta Therapeutics, Inc.		81,067		2,354,186
Savient Pharmaceuticals, Inc.		1,339,188		999,436
SIGA Technologies, Inc.		222,093		732,907
Sinovac Biotech Ltd.		15,818		56,312
Spectrum Pharmaceuticals, Inc.		482,396		3,574,554
StemCells, Inc.		309,241		522,617
Sunesis Pharmaceuticals, Inc.		412,072		2,319,965
Synta Pharmaceuticals Corporation		419,823		4,303,186
Synthetic Biologics, Inc.		49,908		72,866
Targacept, Inc.		40,283		185,705
Tengion, Inc. (a)		812		601
Theravance, Inc.		2,499		84,341
Titan Pharmaceuticals, Inc.		9,900		16,434
TrovaGene, Inc.		12,689		75,119
Venaxis, Inc.		31,268		56,908
ZIOPHARM Oncology, Inc.		62,568		105,114
				123,368,002
Health Care Equipment & Supplies - 1.6%
Abiomed, Inc.		198,022		3,657,466
Accuray, Inc.		579,564		2,550,082
Align Technology, Inc.		5,034		166,726
Antares Pharma, Inc.		216,624		821,005
Atossa Genetics, Inc.		7,689		51,362

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Health Care - 11.6% (Continued)
Health Care Equipment & Supplies - 1.6% (Continued)
Bacterin International Holdings, Inc.		294,288	$	260,710
BIOLASE, Inc.		494,497		2,620,834
BSD Medical Corporation		961,893		1,115,796
Cerus Corporation		561		2,985
Conceptus, Inc.		16		496
CryoPort, Inc.		4,338		2,061
Cyberonics, Inc.		3,342		145,110
D. Medical Industries Ltd.		2,300		363
Dehaier Medical Systems Ltd.		2,070		3,933
Delcath Systems, Inc.		229,652		191,070
Derma Sciences, Inc.		1,014		12,259
Exactech, Inc.		17		314
Fonar Corporation		86,659		609,213
GenMark Diagnostics, Inc.		119,583		1,859,516
Globus Medical, Inc.		2,230		33,941
Hansen Medical, Inc.		282,443		553,588
HeartWare International, Inc.		1,724		167,573
ICU Medical, Inc.		3,173		191,173
Insulet Corporation		133,253		3,363,306
Integra LifeSciences Holdings Corporation		36,706		1,285,811
Intuitive Surgical, Inc.		1		492
InVivo Therapeutics Holdings Corporation		25,140		77,934
Kips Bay Medical, Inc.		5,485		7,679
MELA Sciences, Inc.		542,348		667,088
Meridian Bioscience, Inc.		159,948		3,245,345
Navidea Biopharmaceuticals, Inc.		1,310,254		3,210,122
Neogen Corporation		5,032		255,777
Quidel Corporation		18,076		403,456
STAAR Surgical Company		23,698		165,412
Stereotaxis, Inc.		30,949		54,780
Synergetics USA, Inc.		19,594		57,802
TearLab Corporation		164,148		1,227,827
Unilife Corporation		209,526		414,861
Uroplasty, Inc.		20,189		50,472
Volcano Corporation		7,873		159,743
Wright Medical Group, Inc.		24,890		583,422
ZELTIQ Aesthetics, Inc.		10,237		44,838
				30,293,743
Health Care Providers & Services - 0.6%
Acadia Healthcare Company, Inc.		6,861		216,465
Accretive Health, Inc.		123,649		1,303,260
Addus HomeCare Corporation		8,526		100,948
Air Methods Corporation		22,138		810,029
Amedisys, Inc.		27,417		275,267
Bio-Reference Laboratories, Inc.		111,400		2,840,700
Chemed Corporation		21,080		1,720,550
China Cord Blood Corporation		4,236		12,242
ExamWorks Group, Inc.		18,874		341,619
FAB Universal Corporation		77,352		342,669
IPC The Hospitalist Company, Inc.		46,357		2,114,806
Landauer, Inc.		4,023		224,765
Medical Marijuana, Inc.		277,197		52,113

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Health Care - 11.6% (Continued)
Health Care Providers & Services - 0.6% (Continued)
Owens & Minor, Inc.		294	$	9,576
PharMerica Corporation		2,111	��	27,211
				10,392,220
Health Care Technology - 0.0% (b)
CareView Communications, Inc.		2,133		1,173
HealthStream, Inc.		26		597
MGT Capital Investment, Inc.		2,763		10,361
Quality Systems, Inc.		54,080		966,410
				978,541
Life Sciences Tools & Services - 0.4%
Accelerate Diagnostics, Inc.		1,408		8,899
Affymetrix, Inc.		610,928		2,223,778
Apricus Biosciences, Inc.		209,716		564,136
Bioanalytical Systems, Inc.		4,706		6,941
BioDelivery Sciences International, Inc.		147,213		836,170
CombiMatrix Corporation		134,322		456,695
Furiex Pharmaceuticals, Inc.		170		5,771
Genetic Technologies Ltd.		71,618		169,018
Luminex Corporation		39,685		659,962
NeoGenomics, Inc.		5,712		21,363
PURE Bioscience, Inc.		68,457		35,598
Sequenom, Inc.		750,678		2,830,056
				7,818,387
Pharmaceuticals - 2.4%
Acura Pharmaceuticals, Inc.		183,943		450,660
Akorn, Inc.		136,754		2,058,148
Alexza Pharmaceuticals, Inc.		501,788		2,152,670
Alimera Sciences, Inc.		212		619
Ampio Pharmaceuticals, Inc.		248,726		1,253,579
Aoxing Pharmaceutical Company, Inc.		10,556		2,533
AVANIR Pharmaceuticals, Inc. - Class A		730,780		2,331,188
Biodel, Inc.		81,511		245,348
BioSante Pharmaceuticals, Inc.		403,013		455,405
Cadence Pharmaceuticals, Inc.		1,168		8,269
Echo Therapeutics, Inc.		251		151
Emisphere Technologies, Inc.		8,547		1,624
Hi-Tech Pharmacal Company, Inc.		5,342		176,607
IntelliPharmaCeutics International, Inc.		18,930		40,132
K-V Pharmaceutical Company - Class A		507,105		48,682
Lannett Company, Inc.		843		9,787
NuPathe, Inc.		195,608		655,287
Oculus Innovative Sciences, Inc.		1,768		9,334
Optimer Pharmaceuticals, Inc.		185,862		2,869,709
Pacira Pharmaceuticals, Inc.		249,082		7,190,997
Pernix Therapeutics Holdings, Inc.		32,682		124,845
Provectus Pharmaceuticals, Inc.		4,588		3,120
Repros Therapeutics, Inc.		311,441		6,334,710
Salix Pharmaceuticals Ltd.		85,026		4,446,010
Santarus, Inc.		65,218		1,198,055
Skystar Bio-Pharmaceutical Company Ltd.		2,610		3,811
Transcept Pharmaceuticals, Inc.		8,595		34,036
ViroPharma, Inc.		140,850		3,838,162

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Health Care - 11.6% (Continued)
Pharmaceuticals - 2.4% (Continued)
VIVUS, Inc.		714,041	$	9,489,605
				45,433,083
Industrials - 7.2%
Aerospace & Defense - 0.7%
American Science & Engineering, Inc.		24		1,548
Arotech Corporation		277		294
Ascent Solar Technologies, Inc.		624,208		399,493
Cubic Corporation		7,720		331,728
Elbit Systems Ltd.		24		1,001
Engility Holdings, Inc.		91,020		2,180,839
GenCorp, Inc.		279,060		3,647,314
KEYW Holding Corporation (The)		186,640		2,536,438
Kratos Defense & Security Solutions, Inc.		94,776		482,410
National Presto Industries, Inc.		36,215		2,716,125
				12,297,190
Air Freight & Logistics - 0.3%
Echo Global Logistics, Inc.		24,129		418,638
XPO Logistics, Inc.		348,331		5,681,279
				6,099,917
Airlines - 0.1%
AMR Corporation		395,525		1,673,071
Hawaiian Holdings, Inc.		8,561		47,000
Pinnacle Airlines Corporation		7,109		96
				1,720,167
Building Products - 1.0%
Apogee Enterprises, Inc.		90,778		2,313,023
Builders FirstSource, Inc.		304,434		1,884,447
Fortune Brands Home & Security, Inc.		161		5,859
Griffon Corporation		13,376		137,773
Lennox International, Inc.		71,839		4,454,018
NCI Building Systems, Inc.		18,274		312,851
PGT, Inc.		1,433		11,034
Quanex Building Products Corporation		69,574		1,131,969
Simpson Manufacturing Company, Inc.		11,322		325,394
Trex Company, Inc.		15,272		743,441
Universal Forest Products, Inc.		59,397		2,292,724
USG Corporation		174,149		4,526,133
				18,138,666
Commercial Services & Supplies - 1.6%
A.T. Cross Company - Class A		300		3,786
ABM Industries, Inc.		62,244		1,403,602
ACCO Brands Corporation		83,233		561,823
Cenveo, Inc.		277,612		566,329
Consolidated Graphics, Inc.		36,971		1,318,756
Covanta Holding Corporation		215,341		4,306,820
EnerNOC, Inc.		9,028		158,171
Ennis, Inc.		24,311		373,660
HNI Corporation		67,080		2,309,564
Hudson Technologies, Inc.		2,397		9,684
Industrial Services of America, Inc.		20,961		67,075
InnerWorkings, Inc.		226,168		2,277,512

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Industrials - 7.2% (Continued)
Commercial Services & Supplies - 1.6% (Continued)
Interface, Inc.		98,487	$	1,648,672
Intersections, Inc.		72,006		688,377
McGrath RentCorp		49,602		1,540,638
Mine Safety Appliances Company		22,785		1,093,680
Mobile Mini, Inc.		95,744		2,693,279
Multi-Color Corporation		2,243		58,004
Quad/Graphics, Inc. - Class A		189,742		3,965,608
R.R. Donnelley & Sons Company		218,382		2,688,282
RINO International Corporation		79,543		2,784
Standard Parking Corporation		4,949		106,354
Swisher Hygiene, Inc.		103,064		150,473
United Stationers, Inc.		76,859		2,495,612
Waste Connections, Inc.		202		7,666
				30,496,211
Construction & Engineering - 0.1%
Aegion Corporation		26,206		551,898
India Globalization Capital, Inc.		2,386		5,010
MasTec, Inc.		34,531		959,962
				1,516,870
Electrical Equipment - 0.6%
A123 Systems, Inc.		3,864,942		96,237
Acuity Brands, Inc.		10		730
Advanced Battery Technologies, Inc.		606,543		139,505
Altair Nanotechnologies, Inc.		61,210		138,335
Aura Systems, Inc. (a)		177		76
Babcock & Wilcox Company (The)		100		2,720
Beacon Power Corporation		57,124		743
Belden, Inc.		34,057		1,683,097
Broadwind Energy, Inc.		13		58
Capstone Turbine Corporation		237,707		209,206
China BAK Battery, Inc.		86,749		56,291
China Electric Motor, Inc.		1,771		159
Digital Power Corporation		1,323		794
ECOtality, Inc.		5,406		10,055
Encore Wire Corporation		12,227		400,434
FuelCell Energy, Inc.		8,659		9,092
Global Power Equipment Group, Inc.		11,568		190,872
Hoku Corporation		201,745		8,877
Hydrogenics Corporation		3,848		31,169
Lihua International, Inc.		40,953		207,632
New Energy Systems Group (a)		9,468		805
Ocean Power Technologies, Inc.		130,605		201,132
Plug Power, Inc.		1,062,673		170,028
Polypore International, Inc.		114,537		4,802,536
Renewable Energy Trade Board Corporation		299		75
Revolution Lighting Technologies, Inc.		17,000		64,770
Satcon Technology Corporation		152,030		2,508
Solarcity Corporation		127,309		3,439,889
Ultralife Corporation		4,286		16,887
Valence Technology, Inc.		710,999		14,220
VU1 Corporation		90		131
Westinghouse Solar, Inc.		34,144		1,229

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Industrials - 7.2% (Continued)
Electrical Equipment - 0.6% (Continued)
Yingli Green Energy Holding Company Ltd. - ADR		20,647	$	52,030
				11,952,322
Industrial Conglomerates - 0.1%
Raven Industries, Inc.		81,286		2,727,145
Machinery - 1.2%
Accuride Corporation		2,589		13,308
Actuant Corporation - Class A		5,274		165,076
Altra Holdings, Inc.		61,177		1,630,367
Art's-Way Manufacturing Company, Inc.		1,712		10,563
Astec Industries, Inc.		58		1,904
Briggs & Stratton Corporation		132,559		2,981,252
Chart Industries, Inc.		2,800		237,468
China Valves Technology, Inc. (a)		256,466		115,410
CLARCOR, Inc.		13		672
Commercial Vehicle Group, Inc.		468		3,281
Douglas Dynamics, Inc.		29,404		411,362
Dynamic Materials Corporation		557		8,845
Energy Recovery, Inc.		129,231		472,985
EnPro Industries, Inc.		3,583		176,570
ExOne Company (The)		46,555		1,787,712
Federal Signal Corporation		58		450
Flow International Corporation		32,613		119,364
FreightCar America, Inc.		8,986		187,628
Highway Holdings Ltd.		510		877
Lindsay Corporation		30,953		2,377,809
Lydall, Inc.		8,316		119,251
Miller Industries, Inc.		1,329		20,081
Navistar International Corporation		41,543		1,375,904
PMFG, Inc.		12,945		74,563
SmartHeat, Inc.		4,830		1,546
Sun Hydraulics Corporation		30,458		997,500
Tennant Company		12,488		597,176
Titan International, Inc.		4,280		95,487
Toro Company (The)		52,517		2,363,790
Twin Disc, Inc.		67,350		1,435,902
Wabash National Corporation		242		2,282
Westport Innovations, Inc.		168,081		5,222,277
				23,008,662
Marine - 0.3%
Baltic Trading Ltd.		9,386		32,570
Diana Containerships, Inc.		680		3,869
Eagle Bulk Shipping, Inc.		439,355		1,546,530
Excel Maritime Carriers Ltd.		917,152		376,032
FreeSeas, Inc.		508		549
Genco Shipping & Trading Ltd.		673,394		1,151,504
Navios Maritime Partners, L.P.		2,527		38,309
Safe Bulkers, Inc.		254,211		1,276,139
Seaspan Corporation		99,613		2,184,513
				6,610,015
Professional Services - 0.5%
Acacia Research Corporation		112,101		2,670,246

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Industrials - 7.2% (Continued)
Professional Services - 0.5% (Continued)
CBIZ, Inc.		313,010	$	2,031,435
CDI Corporation		3,624		56,788
CRA International, Inc.		1,987		36,640
FTI Consulting, Inc.		43,280		1,433,434
Hudson Global, Inc.		3,449		11,382
ICF International, Inc.		14,259		386,561
Innovaro, Inc.		7,451		462
Lightbridge Corporation		113,980		166,411
Odyssey Marine Exploration, Inc.		668,817		1,973,010
Pendrell Corporation		4,316		7,294
Spherix, Inc.		205		1,550
Thomas Group, Inc. (a)		900		7
Volt Information Sciences, Inc.		100		810
VSE Corporation		256		7,805
				8,783,835
Road & Rail - 0.3%
Landstar System, Inc.		74,979		4,098,352
Student Transportation, Inc.		18,904		122,309
YRC Worldwide, Inc.		118,244		886,830
				5,107,491
Trading Companies & Distributors - 0.4%
AeroCentury Corporation		118		2,334
Beacon Roofing Supply, Inc.		86,712		3,306,329
BlueLinx Holdings, Inc.		155		451
China Armco Metals, Inc.		140,785		50,697
H&E Equipment Services, Inc.		57,966		1,180,188
Houston Wire & Cable Company		8,325		113,386
Kaman Corporation		6,571		222,034
TAL International Group, Inc.		6,390		264,546
Titan Machinery, Inc.		83,558		1,885,068
				7,025,033
Transportation Infrastructure - 0.0% (b)
Sino-Global Shipping America Ltd.		2,857		4,628
Information Technology - 13.3%
Communications Equipment - 1.7%
ADTRAN, Inc.		80,614		1,692,894
Ambient Corporation		1,159		2,306
ARRIS Group, Inc.		6,329		104,492
AudioCodes Ltd.		3,247		12,793
Calix, Inc.		6,142		52,391
CIENA Corporation		372,246		5,568,800
DragonWave, Inc.		42,347		83,000
Extreme Networks, Inc.		139,273		463,779
Globecomm Systems, Inc.		102,788		1,259,153
Infinera Corporation		312,463		2,630,939
InterDigital, Inc.		59,331		2,634,890
KVH Industries, Inc.		1,710		22,589
Oclaro, Inc.		100,433		136,589
ParkerVision, Inc.		1,255,368		5,008,918
Polycom, Inc.		155,023		1,627,742
Powerwave Technologies, Inc.		119,142		1,668

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Information Technology - 13.3% (Continued)
Communications Equipment - 1.7% (Continued)
Procera Networks, Inc.		55,103	$	611,092
Research In Motion Ltd.		30,850		502,547
RIT Technologies Ltd.		11,154		51,866
Telestone Technologies Corporation (a)		480,451		233,019
TESSCO Technologies, Inc.		2,378		48,606
Ubiquiti Networks, Inc.		276,912		4,278,290
ViaSat, Inc.		80,586		3,906,003
Zoom Technologies, Inc.		176,668		62,364
ZST Digital Networks, Inc.		179,681		260,538
				31,257,268
Computers & Peripherals - 1.2%
3D Systems Corporation		194,208		7,426,514
Diebold, Inc.		6,545		191,703
Fusion-io, Inc.		254,012		4,770,345
Hauppauge Digital, Inc.		68,415		67,047
iGO, Inc.		469		1,168
Imation Corporation		17,761		65,360
Logitech International S.A.		639,722		4,062,235
OCZ Technology Group, Inc.		2,404,582		3,150,002
Silicon Graphics International Corporation		17,593		228,709
Socket Mobile, Inc.		52		96
STEC, Inc.		260,889		947,027
Stratasys Ltd.		22,136		1,838,395
Super Micro Computer, Inc.		30,659		294,940
Synaptics, Inc.		505		20,821
USA Technologies, Inc.		230,995		482,779
				23,547,141
Electronic Equipment, Instruments & Components - 2.2%
ClearSign Combustion Corporation		2,100		18,921
Digital Ally, Inc.		588		3,528
Document Security Systems, Inc.		160,590		489,799
Dolby Laboratories, Inc. - Class A		48,439		1,591,221
DTS, Inc.		120,585		2,023,416
e.Digital Corporation		10,897		1,744
Electro Rent Corporation		6		99
FARO Technologies, Inc.		120		4,655
FEI Company		7,243		462,683
InvenSense, Inc.		36		336
Itron, Inc.		27,153		1,076,616
KEMET Corporation		362		2,255
Magal Security Systems Ltd.		1,188		4,752
Mercury Systems, Inc.		107,601		831,756
Mesa Laboratories, Inc.		31		1,530
Microvision, Inc.		292,517		599,660
Molex, Inc.		163,133		4,497,577
Nam Tai Electronics, Inc.		13,000		98,280
Neonode, Inc.		378,163		2,159,311
OSI Systems, Inc.		47,877		2,743,352
Parametric Sound Corporation		109,517		1,970,211
Power-One, Inc.		91,634		579,127
RadiSys Corporation		4,115		20,410
RealD, Inc.		248,604		3,721,602

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Information Technology - 13.3% (Continued)
Electronic Equipment, Instruments & Components - 2.2% (Continued)
Research Frontiers, Inc.		54,122	$	224,606
SinoHub, Inc. (a)		43,908		2,195
SMTC Corporation		456		1,008
Superconductor Technologies, Inc.		23,595		102,402
SYNNEX Corporation		58,621		2,028,287
Uni-Pixel, Inc.		384,959		13,685,292
Universal Display Corporation		76,941		2,419,025
Viasystems Group, Inc.		12		153
XcelMobility, Inc.		2,874		144
				41,365,953
Internet Software & Services - 2.2%
Active Network, Inc. (The)		327,796		1,648,814
Angie's List, Inc.		122,073		2,959,050
AOL, Inc.		30,425		1,175,622
Bankrate, Inc.		147,115		1,983,110
Blucora, Inc.		90,785		1,340,894
Bridgeline Digital, Inc.		389		490
Carbonite, Inc.		153,509		1,633,336
Constant Contact, Inc.		154,772		2,261,219
Dealertrack Technologies, Inc.		3,824		106,498
Dice Holdings, Inc.		155,358		1,311,222
FriendFinder Networks, Inc.		15,769		7,096
Innodata, Inc.		5,334		17,496
j2 Global, Inc.		61,778		2,514,365
KIT digital, Inc.		1,518,314		463,086
Liquidity Services, Inc.		188,756		6,210,072
LiveDeal, Inc.		6,021		18,725
Local Corporation		174,587		291,560
Marchex, Inc. - Class B		6,678		27,580
Market Leader, Inc.		96,124		963,162
MeetMe, Inc.		287,365		554,614
Millennial Media, Inc.		145,563		1,008,752
Monster Worldwide, Inc.		366,163		1,603,794
NIC, Inc.		70,719		1,190,908
Qihoo 360 Technology Company Ltd. - ADR		1,081		37,078
QuinStreet, Inc.		99,223		648,918
RealNetworks, Inc.		3,191		24,571
Rediff.com India Ltd. - ADR		78,703		214,072
Remark Media, Inc.		1,842		5,986
Responsys, Inc.		63,087		490,186
Sify Technologies Ltd. - ADR		45,984		84,611
SINA Corporation		100		5,632
Sohu.com, Inc.		1,970		101,337
SPS Commerce, Inc.		7,887		371,714
Stamps.com, Inc.		8		271
StarTek, Inc.		1,518		10,520
Trulia, Inc.		4,414		128,271
ValueClick, Inc.		191		5,894
Velti plc		817,760		1,635,520
Vistaprint N.V.		113,977		4,650,262
WebMD Health Corporation		1		24
Yelp, Inc.		13,942		362,910

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Information Technology - 13.3% (Continued)
Internet Software & Services - 2.2% (Continued)
Youku Tudou, Inc. - ADR		2,815	$	57,032
Zillow, Inc.		60,677		3,569,628
				41,695,902
IT Services - 1.0%
Acorn Energy, Inc.		186,149		1,396,118
Booz Allen Hamilton Holding Corporation		105,414		1,601,239
CACI International, Inc.		31,943		1,868,346
Cass Information Systems, Inc.		4,392		183,586
CGI Group, Inc. - Class A		1,761		55,753
China Information Technology, Inc.		14,381		19,414
CIBER, Inc.		152,429		649,348
Computer Task Group, Inc.		30,545		626,783
Convergys Corporation		34,238		582,731
Higher One Holdings, Inc.		392,979		3,874,773
Lender Processing Services, Inc.		90,214		2,502,536
Mantech International Corporation - Class A		105,809		2,824,042
MAXIMUS, Inc.		6,797		541,653
ModusLink Global Solutions, Inc.		1,961		5,491
PRGX Global, Inc.		23,353		130,543
Unisys Corporation		47,688		912,271
VeriFone Systems, Inc.		50,806		1,091,313
Zanett, Inc.		12,650		253
				18,866,193
Semiconductors & Semiconductor Equipment - 2.0%
Advanced Micro Devices, Inc.		3,376,260		9,521,053
Amkor Technology, Inc.		392,462		1,660,114
Applied Micro Circuits Corporation		58,449		436,030
Cabot Microelectronics Corporation		41,441		1,388,688
Camtek Ltd.		8,645		12,276
Canadian Solar, Inc.		52,727		296,853
Cirrus Logic, Inc.		72,103		1,392,309
CSR plc - ADR		1		31
CVD Equipment Corporation		46,075		478,719
Cymer, Inc.		1,125		117,855
DayStar Technologies, Inc.		14,478		6,515
EZchip Semiconductor Ltd.		35,777		816,073
Global-Tech Advanced Innovations, Inc.		175		1,313
GT Advanced Technologies, Inc.		1,672,370		6,572,414
Himax Technologies, Inc.		177,005		973,527
International Rectifier Corporation		3,689		78,244
JA Solar Holdings Company Ltd. - ADR		8,004		40,340
Lattice Semiconductor Corporation		535		2,488
LDK Solar Company Ltd.		265,971		351,082
Mellanox Technologies Ltd.		21,790		1,110,854
Monolithic Power Systems, Inc.		51,648		1,245,750
OmniVision Technologies, Inc.		7,101		95,224
Photronics, Inc.		50,581		399,084
Rubicon Technology, Inc.		394,375		2,922,319
Rudolph Technologies, Inc.		141,335		1,649,379
STR Holdings, Inc.		92,554		208,246
Suntech Power Holdings Company Ltd. - ADR		772,259		532,859
Teradyne, Inc.		275,061		4,522,003

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Information Technology - 13.3% (Continued)
Semiconductors & Semiconductor Equipment - 2.0% (Continued)
Tessera Technologies, Inc.		17,932	$	365,275
Tower Semiconductor Ltd.		14,236		93,246
Transwitch Corporation		14,717		6,181
Ultratech, Inc.		16,938		499,163
				37,795,507
Software - 3.0%
Accelrys, Inc.		74,330		732,150
ACI Worldwide, Inc.		51,772		2,433,802
American Software, Inc. - Class A		9,256		76,917
AsiaInfo-Linkage, Inc.		7,947		91,232
Augme Technologies, Inc.		10,081		3,579
AVG Technologies N.V.		114,295		1,865,294
Blackbaud, Inc.		58,245		1,707,161
BluePhoenix Solutions Ltd.		1,006		3,591
Bottomline Technologies, Inc.		45,071		1,180,860
BroadSoft, Inc.		35,432		905,642
Cadence Design Systems, Inc.		300		4,140
Callidus Software, Inc.		402,637		1,727,313
Changyou.com Ltd.		406		11,774
China CGame, Inc.		12,695		2,387
Ebix, Inc.		575,862		10,716,792
Evergreen Energy, Inc.		172,973		865
Future Healthcare of America		53,356		7,256
Globalscape, Inc.		359		582
Glu Mobile, Inc.		1,805,599		5,561,245
Interactive Intelligence Group, Inc.		4,192		173,675
Jive Software, Inc.		13,988		190,097
Magic Software Enterprises Ltd.		108,892		589,106
Majesco Entertainment Company		261,564		156,677
Mitek Systems, Inc.		614,111		3,267,070
NetSol Technologies, Inc.		2,612		32,963
NQ Mobile, Inc.		78,285		675,600
Progress Software Corporation		68,563		1,547,467
Qlik Technologies, Inc.		2,021		52,566
RealPage, Inc.		42,304		863,002
ServiceNow, Inc.		4,157		170,271
Sky-Mobi Ltd. - ADR		85,408		150,318
Synchronoss Technologies, Inc.		4,286		121,465
Tangoe, Inc.		190,590		2,450,987
THQ, Inc.		57,095		1,427
TiVo, Inc.		254,189		2,979,095
Top Image Systems Ltd.		16,064		51,244
Trunkbow International Holdings Ltd. (a)		2,736		1,621
VirnetX Holding Corporation		415,443		8,483,346
Voltari Corporation		76,363		454,360
Vringo, Inc.		1,752,902		4,943,184
Wave Systems Corporation - Class A		834,695		400,654
Websense, Inc.		9,338		166,590
Zynga, Inc. - Class A		236,355		753,972
				55,709,339

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Materials - 4.2%
Chemicals - 1.0%
ADA-ES, Inc.		31,759	$	876,866
Calgon Carbon Corporation		104,682		1,783,781
Cereplast, Inc.		191,090		4,223
China Gengsheng Minerals, Inc.		66,649		14,003
China Green Agriculture, Inc.		130,518		396,775
Clean Diesel Technologies, Inc.		117,273		243,928
CVR Partners, L.P.		30,078		791,352
Ferro Corporation		539,362		3,797,108
Flotek Industries, Inc.		152,388		2,444,304
Gulf Resources, Inc.		292,677		301,457
H.B. Fuller Company		35,537		1,346,852
Hawkins, Inc.		6,427		239,020
Kronos Worldwide, Inc.		179,698		3,177,061
PolyOne Corporation		4,562		102,782
Rentech Nitrogen Partners, L.P.		2,351		85,694
Senomyx, Inc.		1,580		3,239
Sensient Technologies Corporation		16,243		639,162
Stepan Company		11,285		642,568
Yongye International, Inc. (a)		17,265		42,904
Zoltek Companies, Inc.		107,824		1,424,355
				18,357,434
Construction Materials - 0.1%
Headwaters, Inc.		51,284		556,944
Texas Industries, Inc.		18,103		1,152,799
US Concrete, Inc.		5,746		89,293
				1,799,036
Containers & Packaging - 0.1%
AEP Industries, Inc.		9,463		729,597
Greif, Inc. - Class A		24,446		1,177,564
				1,907,161
Metals & Mining - 2.9%
A.M. Castle & Company		174,576		3,023,656
AK Steel Holding Corporation		368,051		1,232,971
Allied Nevada Gold Corporation		153,319		1,640,513
AMCOL International Corporation		84,793		2,609,081
Atlatsa Resources Corporation		184,292		36,858
Aurcana Corporation		465		1,968
Aurizon Mines Ltd.		540,302		2,334,105
Avalon Rare Metals, Inc.		237,546		249,423
Avino Silver & Gold Mines Ltd.		111		145
CD International Enterprises, Inc.		17,830		1,516
China Gerui Advanced Materials Group Ltd.		8,567		14,393
China Natural Resources, Inc.		4,328		20,298
China Precision Steel, Inc.		27,364		37,215
China Shen Zhou Mining & Resources, Inc.		198,490		37,713
Cliffs Natural Resources, Inc.		65,275		1,392,968
Commercial Metals Company		309,091		4,518,910
Crosshair Energy Corporation		176,804		10,608
General Moly, Inc.		88,278		164,197
General Steel Holdings, Inc.		122,667		122,667
Globe Specialty Metals, Inc.		22,074		288,286
Gold Reserve, Inc.		8,846		28,307

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Materials - 4.2% (Continued)
Metals & Mining - 2.9% (Continued)
Gold Resource Corporation		109,198	$	1,118,188
Golden Minerals Company		20,369		37,072
Great Northern Iron Ore Properties		4,471		311,226
IAMGOLD Corporation		632		3,394
Jaguar Mining, Inc.		709,423		296,752
Kaiser Aluminum Corporation		21,354		1,345,302
Kimber Resources, Inc.		11,900		2,083
Materion Corporation		7,918		209,748
McEwen Mining, Inc.		854		1,990
Mercator Minerals Ltd.		186		51
Mesabi Trust		100		2,140
Midway Gold Corporation		168,501		158,458
Molycorp, Inc.		1,483,445		8,663,319
Olympic Steel, Inc.		32,566		651,320
Paramount Gold and Silver Corporation		415,954		657,207
Pershing Gold Corporation		36,865		15,373
Polymet Mining Corporation		278,040		314,185
Puda Coal, Inc.		61,600		1,540
Rare Element Resources Ltd.		2,579		4,797
RTI International Metals, Inc.		11,344		329,203
Santa Fe Gold Corporation		2,959		710
Schnitzer Steel Industries, Inc. - Class A		192,166		4,713,832
Seabridge Gold, Inc.		19,276		221,096
Silver Bull Resources, Inc.		133,817		50,315
SinoCoking Coal and Coke Chemical Industries, Inc.		118,762		135,389
Stillwater Mining Company		391,446		4,869,588
SunCoke Energy Partners, L.P.		31,670		673,938
Tanzanian Royalty Exploration Corporation		452,593		1,371,357
Thompson Creek Metals Company, Inc.		489,961		1,464,983
United States Antimony Corporation		44,538		67,698
United States Steel Corporation		81,258		1,446,392
Universal Stainless & Alloy Products, Inc.		7,143		249,719
Walter Energy, Inc.		259,481		4,649,900
Worthington Industries, Inc.		79,372		2,554,191
				54,358,254
Paper & Forest Products - 0.1%
Orient Paper, Inc.		158,641		283,968
Resolute Forest Products, Inc.		143,613		2,101,058
Wausau Paper Corporation		67,741		689,603
				3,074,629
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.9%
8x8, Inc.		54,022		390,579
Alaska Communications Systems Group, Inc.		496		804
CenturyLink, Inc.		16		601
Elephant Talk Communications, Inc.		283,475		325,996
Fairpoint Communications, Inc.		175,894		1,431,777
Frontier Communications Corporation		1,377		5,728
Globalstar, Inc.		69,904		23,068
inContact, Inc.		95,382		772,594
Iridium Communications, Inc.		257,019		1,724,598
Lumos Networks Corporation		10		135

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 65.7%  (Continued)	Shares		Value
Telecommunication Services - 1.4% (Continued)
Diversified Telecommunication Services - 0.9% (Continued)
magicJack VocalTec Ltd.		320,033	$	5,290,146
Otelco, Inc.		5,919		10,062
Radcom Ltd.		52,298		159,509
Sprint Nextel Corporation		646,729		4,559,439
Towerstream Corporation		585,839		1,406,014
				16,101,050
Wireless Telecommunication Services - 0.5%
Boingo Wireless, Inc.		73,485		457,812
Leap Wireless International, Inc.		373,016		2,133,651
NII Holdings, Inc.		745,389		6,484,884
NTELOS Holdings Corporation		73,366		1,079,948
Shenandoah Telecommunications Company		10,599		173,718
				10,330,013
Utilities - 0.9%
Electric Utilities - 0.2%
MGE Energy, Inc.		8,513		475,451
Northeast Utilities		160		7,253
NV Energy, Inc.		37,301		806,821
Otter Tail Corporation		59,773		1,864,918
Pinnacle West Capital Corporation		7,915		482,023
				3,636,466
Gas Utilities - 0.5%
AmeriGas Partners, L.P.		28,115		1,274,453
Atmos Energy Corporation		9,553		423,867
China Natural Gas, Inc.		187,992		93,996
Ferrellgas Partners, L.P.		162,532		3,223,009
Laclede Group, Inc. (The)		17,462		815,650
New Jersey Resources Corporation		19,123		902,605
Northwest Natural Gas Company		44,712		1,988,343
Piedmont Natural Gas Company, Inc.		27,125		933,914
South Jersey Industries, Inc.		19		1,172
UGI Corporation		200		8,196
				9,665,205
Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc.		28,509		52,456
Dynegy, Inc.		12,813		316,609
Ormat Technologies, Inc.		108,815		2,365,638
U.S. Geothermal, Inc.		240,378		78,604
				2,813,307
Multi-Utilities - 0.1%
MDU Resources Group, Inc.		46,827		1,168,334
Water Utilities - 0.0% (b)
Connecticut Water Service, Inc.		6		171
Consolidated Water Company Ltd.		210		2,094
Ecosphere Technologies, Inc.		5,869		2,230
				4,495
Total Common Stocks (Proceeds $1,372,736,764)			$	1,234,547,767

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
PREFERRED STOCKS - 0.0% (b)	Shares		Value
Cabco Trust for J. C. Penney (Proceeds $100,026)		5,172	$	105,509
OTHER INVESTMENTS - 13.9%	Shares		Value
iPath S&P 500 VIX Mid-Term Futures ETN		369,985	$	7,407,100
iPath S&P 500 VIX Short-Term Futures ETN		1,887,270		35,801,512
SPDR S&P 500 ETF Trust		822,100		131,272,928
Vanguard S&P 500 ETF		1,183,394		86,553,437
Total Other Investments (Proceeds $268,022,615)			$	261,034,977
WARRANTS - 0.0%(b)	Shares		Value
American International Group, Inc.		854	$	15,116
Magnum Hunter Resources Corporation		15,718		2,200
Total Warrants (Proceeds $14,295)			$	17,316
Total Securities Sold Short - 79.6% (Proceeds $1,640,873,700)			$	1,495,705,569

ADR - American Depositary Receipt.

(a)	Security value has been determined in good faith by the Board of Trustees.  Total value of such securities is ($413,271) at April 30, 2013, representing greater than (0.1%) of net assets (Note 2).
(b)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
COMMON STOCKS - 98.3%	Shares		Value
Consumer Discretionary - 15.6%
Auto Components - 1.2%
Cooper Tire & Rubber Company		6,046	$	150,485
Dorman Products, Inc.		4,156		156,847
Stoneridge, Inc. (a)		15,277		115,647
Superior Industries International, Inc.		7,541		138,453
Tenneco, Inc. (a)		564		21,810
Visteon Corporation (a)		1,930		113,465
				696,707
Diversified Consumer Services - 0.8%
Career Education Corporation (a)		1,351		2,959
Hillenbrand, Inc.		6,920		173,900
ITT Educational Services, Inc. (a)		78		1,428
K12, Inc. (a)		2,439		62,121
Sotheby's		3,819		135,498
Steiner Leisure Ltd. (a)		1,371		66,398
				442,304
Hotels, Restaurants & Leisure - 3.1%
Ameristar Casinos, Inc.		4,587		121,051
Bravo Brio Restaurant Group, Inc. (a)		275		4,675
Domino's Pizza, Inc.		2,833		156,382
Einstein Noah Restaurant Group, Inc.		6,744		97,181
Fiesta Restaurant Group, Inc. (a)		4,598		125,341
Isle of Capri Casinos, Inc. (a)		1,590		12,179
Jack in the Box, Inc. (a)		8,403		301,248
Krispy Kreme Doughnuts, Inc. (a)		10,388		141,900
Marcus Corporation		9,218		118,359
Multimedia Games Holding Company, Inc. (a)		9,222		227,414
Nathan's Famous, Inc. (a)		4		179
Papa John's International, Inc. (a)		1,926		121,338
Ruth's Hospitality Group, Inc. (a)		5,938		58,846
Scientific Games Corporation (a)		16,905		150,116
SHFL entertainment, Inc. (a)		10,785		170,403
				1,806,612
Household Durables - 0.2%
CSS Industries, Inc.		90		2,579
Libbey, Inc. (a)		1,591		30,818
Universal Electronics, Inc. (a)		2,390		54,922
				88,319
Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. - Class A (a)		19,421		115,166
Blue Nile, Inc. (a)		1,628		53,122
Shutterfly, Inc. (a)		4,466		198,871
				367,159
Leisure Equipment & Products - 0.5%
JAKKS Pacific, Inc.		3,593		39,200
LeapFrog Enterprises, Inc. (a)		4,477		40,024
Nautilus, Inc. (a)		28,420		195,530

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 15.6% (Continued)
Leisure Equipment & Products - 0.5% (Continued)
Steinway Musical Instruments, Inc. (a)		1,258	$	31,374
				306,128
Media - 3.8%
Carmike Cinemas, Inc. (a)		6,924		121,585
Clear Channel Outdoor Holdings, Inc. (a)		198		1,432
Digital Generation, Inc. (a)		3,027		20,281
E.W. Scripps Company (The) - Class A (a)		18,174		252,437
Entravision Communications Corporation - Class A		42,300		163,278
Global Sources Ltd. (a)		3,658		24,948
Gray Television, Inc. (a)		36,829		233,864
Harte-Hanks, Inc.		489		3,878
Journal Communications, Inc. (a)		31,466		214,283
LIN TV Corporation - Class A (a)		27,211		334,967
Live Nation Entertainment, Inc. (a)		14,659		185,143
Martha Stewart Living Omnimedia, Inc. - Class A (a)		24,267		59,940
MDC Partners, Inc.		3,165		54,090
National CineMedia, Inc.		7,280		118,227
Nexstar Broadcasting Group, Inc.		9,095		221,463
Outdoor Channel Holdings, Inc.		272		2,380
ReachLocal, Inc. (a)		1,257		20,954
Salem Communications Corporation - Class A		11,917		109,398
Sinclair Broadcast Group, Inc. - Class A		100		2,680
Starz - Series A (a)		4,720		110,354
				2,255,582
Multiline Retail - 0.2%
Big Lots, Inc. (a)		1,287		46,872
Gordmans Stores, Inc. (a)		8,853		99,862
				146,734
Specialty Retail - 3.3%
Aaron's, Inc.		4,276		122,764
Body Central Corporation (a)		10,494		106,829
Chico's FAS, Inc.		6,716		122,701
Christopher & Banks Corporation (a)		26,334		183,021
Destination XL Group, Inc. (a)		1,074		5,348
Express, Inc. (a)		8,219		149,668
Finish Line, Inc. (The) - Class A		7,862		152,444
Francesca's Holdings Corporation (a)		1,692		48,324
Haverty Furniture Companies, Inc.		3,633		86,393
Kirkland's, Inc. (a)		14,126		170,360
Lithia Motors, Inc.		3,167		156,830
Men's Wearhouse, Inc. (The)		5,160		172,860
Sears Hometown and Outlet Stores, Inc. (a)		3,928		175,228
Shoe Carnival, Inc.		1,944		40,494
Sonic Automotive, Inc. - Class A		6,903		151,797
Winmark Corporation		635		39,287
Zale Corporation (a)		7,270		32,279
				1,916,627

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 15.6% (Continued)
Textiles, Apparel & Luxury Goods - 1.9%
Columbia Sportswear Company		1,279	$	74,949
Culp, Inc.		6,100		99,064
Deckers Outdoor Corporation (a)		3,126		172,305
K-Swiss, Inc. - Class A (a)		99		469
Movado Group, Inc.		3,995		120,809
Perry Ellis International, Inc.		95		1,669
Skechers U.S.A., Inc. - Class A (a)		5,821		120,960
Steven Madden Ltd. (a)		5,852		284,583
True Religion Apparel, Inc.		4,346		117,603
Unifi, Inc. (a)		6,209		121,076
				1,113,487
Consumer Staples - 4.0%
Beverages - 0.2%
Coca-Cola Bottling Company Consolidated		1,384		85,116
Food & Staples Retailing - 1.1%
Andersons, Inc. (The)		3,053		166,450
Pantry, Inc. (The) (a)		7,959		116,281
Rite Aid Corporation (a)		83,799		222,067
Spartan Stores, Inc.		192		3,222
SUPERVALU, Inc.		19,781		115,521
				623,541
Food Products - 1.3%
Boulder Brands, Inc. (a)		16,458		148,287
Darling International, Inc. (a)		6,617		122,481
Farmer Brothers Company (a)		2		30
Feihe International, Inc. (a)		4,735		34,660
J & J Snack Foods Corporation		2,473		185,524
Limoneira Company		2		37
Omega Protein Corporation (a)		16,057		149,491
Pilgrim's Pride Corporation (a)		12,343		120,838
Seneca Foods Corporation - Class A (a)		306		9,973
				771,321
Household Products - 0.2%
Orchids Paper Products Company		543		12,489
Spectrum Brands Holdings, Inc.		2,153		120,568
				133,057
Personal Products - 1.1%
Inter Parfums, Inc.		4,211		121,993
Neptune Technologies & Bioressources, Inc. (a)		400		1,060
Nutraceutical International Corporation		3,942		72,809
Prestige Brands Holdings, Inc. (a)		10,749		289,685
Revlon, Inc. (a)		8,153		157,760
				643,307
Tobacco - 0.1%
Alliance One International, Inc. (a)		5,177		19,414
Universal Corporation		801		46,097
				65,511

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Energy - 7.6%
Energy Equipment & Services - 2.3%
Dawson Geophysical Company (a)		2,251	$	69,196
Exterran Holdings, Inc. (a)		5,832		154,082
Gulf Island Fabrication, Inc.		4,201		86,373
Key Energy Services, Inc. (a)		20,261		120,350
Lufkin Industries, Inc.		2,316		204,480
Matrix Service Company (a)		17,523		263,371
Parker Drilling Company (a)		29,359		120,959
Pioneer Energy Services Corporation (a)		20,858		147,049
Tesco Corporation (a)		852		10,394
TGC Industries, Inc.		1,491		13,224
Unit Corporation (a)		2,879		121,004
Willbros Group, Inc. (a)		6,162		58,539
				1,369,021
Oil, Gas & Consumable Fuels - 5.3%
Abraxas Petroleum Corporation (a)		11,736		26,289
Adams Resources & Energy, Inc.		1,169		58,088
Alon USA Energy, Inc.		7,967		132,252
Alpha Natural Resources, Inc. (a)		16,429		121,903
Carrizo Oil & Gas, Inc. (a)		6,460		156,461
Crosstex Energy, Inc.		6,570		120,954
Delek US Holdings, Inc.		4,559		164,534
Endeavour International Corporation (a)		43,860		120,176
Forest Oil Corporation (a)		25,634		107,406
GasLog Ltd.		9,623		123,174
Gastar Exploration Ltd. (a)		42,742		119,678
Golar LNG Ltd.		4,249		142,002
Goodrich Petroleum Corporation (a)		9,296		121,220
Halcon Resources Corporation (a)		22,901		149,772
Kodiak Oil & Gas Corporation (a)		16,630		130,213
Newfield Exploration Company (a)		11,778		256,643
Penn Virginia Corporation		35,885		144,617
Quicksilver Resources, Inc. (a)		47,876		120,647
REX American Resources Corporation (a)		1,419		26,521
Scorpio Tankers, Inc. (a)		6,240		53,976
Swift Energy Company (a)		11,005		142,405
Synergy Resources Corporation (a)		14,829		100,096
Targa Resources Corporation		1,815		119,354
Teekay Corporation		3,423		121,859
VAALCO Energy, Inc. (a)		11,964		80,398
Warren Resources, Inc. (a)		56,756		149,268
				3,109,906
Financials - 17.6%
Capital Markets - 2.9%
Arlington Asset Investment Corporation - Class A		4,428		119,954
Artio Global Investors, Inc.		40,761		111,685
BGC Partners, Inc. - Class A		34,483		197,243
BlackRock Kelso Capital Corporation		14,521		144,484
Diamond Hill Investment Group, Inc.		16		1,208
Evercore Partners, Inc. - Class A		3,574		134,918

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 17.6% (Continued)
Capital Markets - 2.9% (Continued)
FBR & Company (a)		4,208	$	87,653
Gladstone Capital Corporation		5,744		53,247
Golub Capital BDC, Inc.		4,182		73,729
Greenhill & Company, Inc.		2,498		115,383
ICG Group, Inc. (a)		323		3,834
Manning & Napier, Inc.		5,140		90,001
Medallion Financial Corporation		5,863		87,593
New Mountain Finance Corporation		3,518		53,614
NGP Capital Resources Company		257		1,712
Safeguard Scientifics, Inc. (a)		13		210
SWS Group, Inc. (a)		19,577		111,393
THL Credit, Inc.		7,942		122,148
U.S. Global Investors, Inc.		3,517		9,601
Virtus Investment Partners, Inc. (a)		15		2,865
WisdomTree Investments, Inc. (a)		13,503		156,635
				1,679,110
Commercial Banks - 2.3%
Access National Corporation		311		3,909
Eagle Bancorp, Inc. (a)		99		2,290
First Financial Bancorporation		5,423		83,352
First Horizon National Corporation		13,400		139,362
First Interstate BancSystem, Inc.		9,733		197,775
Great Southern Bancorp, Inc.		307		8,096
Hanmi Financial Corporation (a)		207		3,194
MetroCorp Bancshares, Inc. (a)		2,519		25,316
National Penn Bancshares, Inc.		12,859		125,890
NBT Bancorp, Inc.		2,188		44,307
Pacific Premier Bancorp, Inc. (a)		11,670		141,790
Preferred Bank (a)		1,849		30,508
Renasant Corporation		139		3,172
SCBT Financial Corporation		775		37,022
State Bank Financial Corporation		256		3,766
Sterling Bancorp		66		744
Susquehanna Bancshares, Inc.		13,043		152,212
SVB Financial Group (a)		17		1,209
Synovus Financial Corporation		57,034		153,421
Taylor Capital Group, Inc. (a)		165		2,417
Trustmark Corporation		2,010		49,345
Virginia Commerce Bancorp (a)		4,862		65,345
WesBanco, Inc.		1,623		40,624
Wintrust Financial Corporation		242		8,678
				1,323,744
Consumer Finance - 0.9%
Cash America International, Inc.		1,172		51,134
DFC Global Corporation (a)		7,808		105,408
EZCORP, Inc. - Class A (a)		5,530		93,457
First Cash Financial Services, Inc. (a)		2,848		146,586
Nelnet, Inc. - Class A		3,122		106,148

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 17.6% (Continued)
Consumer Finance - 0.9% (Continued)
World Acceptance Corporation (a)		510	$	45,319
				548,052
Diversified Financial Services - 0.8%
Asset Acceptance Capital Corporation (a)		12,698		82,156
Consumer Portfolio Services, Inc. (a)		19,150		176,563
MarketAxess Holdings, Inc.		2,863		121,162
Marlin Business Services Corporation		1,149		27,841
PHH Corporation (a)		1,703		35,899
				443,621
Insurance - 4.2%
Allied World Assurance Company Holdings A.G.		40		3,632
American National Insurance Company		1,071		100,706
American Safety Insurance Holdings Ltd. (a)		207		4,985
AMERISAFE, Inc.		1,152		37,624
AmTrust Financial Services, Inc.		798		25,265
CNO Financial Group, Inc.		13,575		153,669
Employers Holdings, Inc.		3,403		77,078
Endurance Specialty Holdings Ltd.		3,379		165,470
FBL Financial Group, Inc. - Class A		1,516		59,594
Hanover Insurance Group, Inc. (The)		5,933		299,201
Hilltop Holdings, Inc. (a)		9,822		131,516
Horace Mann Educators Corporation		5,452		122,943
Infinity Property & Casualty Corporation		1,087		61,676
Kemper Corporation		3,852		122,725
Maiden Holdings Ltd.		1,925		19,885
Mercury General Corporation		6,709		306,668
National Interstate Corporation		110		3,196
Navigators Group, Inc. (The) (a)		1		58
OneBeacon Insurance Group Ltd. - Class A		9,007		122,405
Protective Life Corporation		4,584		174,467
Stewart Information Services Corporation		1,987		53,788
Symetra Financial Corporation		20,152		274,672
United Fire Group, Inc.		1,169		32,685
Universal Insurance Holdings, Inc.		20,607		123,230
				2,477,138
Real Estate Investment Trusts (REIT) - 4.0%
Agree Realty Corporation		3,385		101,787
American Capital Mortgage Investment Corporation		4,599		122,149
Anworth Mortgage Asset Corporation		6,072		38,314
Apollo Commercial Real Estate Finance, Inc.		6,861		121,714
ARMOUR Residential REIT, Inc.		679		4,407
CapLease, Inc.		28,261		198,392
Capstead Mortgage Corporation		13,988		185,761
Chatham Lodging Trust		159		2,911
Chesapeake Lodging Trust		2,244		53,093
Cousins Properties, Inc.		11,037		120,524
Equity Lifestyle Properties, Inc.		31		2,519
First Industrial Realty Trust, Inc.		1,579		28,327
Geo Group, Inc. (The)		6,166		230,917

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 17.6% (Continued)
Real Estate Investment Trusts (REIT) - 4.0% (Continued)
Gramercy Property Trust, Inc. (a)		14,886	$	70,709
Hatteras Financial Corporation		4,475		122,302
Hersha Hospitality Trust		18,822		112,556
Kite Realty Group Trust		18,411		121,513
One Liberty Properties, Inc.		179		4,106
Resource Capital Corporation		18,411		121,329
Saul Centers, Inc.		1,158		51,878
Select Income REIT		4,311		122,993
Sovran Self Storage, Inc.		1,804		123,754
Strategic Hotels & Resorts, Inc. (a)		14,842		119,775
Summit Hotel Properties, Inc.		18,489		184,705
UMH Properties, Inc.		579		6,398
Winthrop Realty Trust		85		1,080
				2,373,913
Real Estate Management & Development - 0.4%
Alexander & Baldwin, Inc. (a)		3,578		121,867
American Realty Capital Properties, Inc.		7,367		121,113
				242,980
Thrifts & Mortgage Finance - 2.1%
Apollo Residential Mortgage, Inc.		5,471		121,784
Bank Mutual Corporation		22,618		117,161
BankUnited, Inc.		4,846		122,846
Berkshire Hills Bancorp, Inc.		1,810		46,807
Brookline Bancorp, Inc.		5,945		49,938
Capitol Federal Financial, Inc.		10,165		120,354
Charter Financial Corporation		11,151		113,406
First Defiance Financial Corporation		59		1,336
First Financial Holdings, Inc.		4,619		92,565
Northfield Bancorp, Inc.		14,728		173,201
OceanFirst Financial Corporation		1,389		19,738
Roma Financial Corporation		164		2,791
SI Financial Group, Inc.		380		4,408
Walker & Dunlop, Inc. (a)		6,408		114,126
Washington Federal, Inc.		7,141		122,611
WSFS Financial Corporation		416		20,359
				1,243,431
Health Care - 15.5%
Biotechnology - 2.0%
ACADIA Pharmaceuticals, Inc. (a)		9,171		118,214
AMAG Pharmaceuticals, Inc. (a)		1,867		41,167
Array BioPharma, Inc. (a)		1,380		8,211
Astex Pharmaceuticals, Inc. (a)		35,170		241,970
Cepheid (a)		1,430		54,526
Coronado Biosciences, Inc. (a)		1		11
Dyax Corporation (a)		10,637		29,252
Emergent BioSolutions, Inc. (a)		926		14,205
Isis Pharmaceuticals, Inc. (a)		9,125		204,309
Nanosphere, Inc. (a)		17,319		47,974
PDL BioPharma, Inc.		21,583		167,052

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 15.5% (Continued)
Biotechnology - 2.0% (Continued)
Trius Therapeutics, Inc. (a)		31,739	$	221,221
				1,148,112
Health Care Equipment & Supplies - 4.0%
Abaxis, Inc.		3,545		151,336
Anika Therapeutics, Inc. (a)		169		2,256
ArthroCare Corporation (a)		3,496		121,136
AtriCure, Inc. (a)		13,035		108,712
Cardiovascular Systems, Inc. (a)		9,040		155,126
CONMED Corporation		129		4,042
Cutera, Inc. (a)		10,895		121,044
Cynosure, Inc. - Class A (a)		6,313		163,254
Hill-Rom Holdings, Inc.		5,104		173,893
Invacare Corporation		5,395		72,563
Mako Surgical Corporation (a)		2,075		21,974
Merit Medical Systems, Inc. (a)		17,992		173,983
Natus Medical, Inc. (a)		2,550		31,901
NuVasive, Inc. (a)		7,600		159,372
Orthofix International N.V. (a)		1,111		35,996
Palomar Medical Technologies, Inc. (a)		3,380		45,799
Quidel Corporation (a)		725		16,182
Rochester Medical Corporation (a)		7,726		104,919
RTI Biologics, Inc. (a)		3,789		15,080
Solta Medical, Inc. (a)		2,301		4,487
Spectranetics Corporation (The) (a)		6,441		120,125
SurModics, Inc. (a)		7,208		190,652
Symmetry Medical, Inc. (a)		416		4,959
Tornier N.V. (a)		3,965		72,123
Vascular Solutions, Inc. (a)		281		4,471
West Pharmaceutical Services, Inc.		4,354		278,046
				2,353,431
Health Care Providers & Services - 6.1%
Amedisys, Inc. (a)		191		1,918
AMN Healthcare Services, Inc. (a)		24,556		337,154
AmSurg Corporation (a)		9,441		316,840
Assisted Living Concepts, Inc. - Class A		218		2,599
Capital Senior Living Corporation (a)		7,826		189,859
Cross Country Healthcare, Inc. (a)		9,507		47,535
Emeritus Corporation (a)		4,775		122,717
Ensign Group, Inc. (The)		2,526		88,082
Five Star Quality Care, Inc. (a)		28,604		135,297
Gentiva Health Services, Inc. (a)		8,347		87,560
Health Net, Inc. (a)		6,255		183,897
HealthSouth Corporation (a)		5,652		155,430
Healthways, Inc. (a)		7,345		102,022
Kindred Healthcare, Inc. (a)		9,720		101,963
LHC Group, Inc. (a)		851		18,484
LifePoint Hospitals, Inc. (a)		5,923		284,304
Magellan Health Services, Inc. (a)		5,226		267,362
National Research Corporation		680		40,766

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 15.5% (Continued)
Health Care Providers & Services - 6.1% (Continued)
Owens & Minor, Inc.		1,360	$	44,295
Providence Service Corporation (The) (a)		1,405		24,601
Select Medical Holdings Corporation		31,128		256,806
Team Health Holdings, Inc. (a)		5,171		192,775
U.S. Physical Therapy, Inc.		126		3,006
Universal American Corporation		11,046		94,443
Vanguard Health Systems, Inc. (a)		11,456		167,601
WellCare Health Plans, Inc. (a)		4,878		284,436
				3,551,752
Health Care Technology - 1.1%
Allscripts Healthcare Solutions, Inc. (a)		15,730		217,703
MedAssets, Inc. (a)		14,097		264,037
Omnicell, Inc. (a)		9,601		173,010
				654,750
Life Sciences Tools & Services - 1.6%
Albany Molecular Research, Inc. (a)		19,579		233,577
Bruker Corporation (a)		6,183		109,872
Cambrex Corporation (a)		10,841		135,404
Charles River Laboratories International, Inc. (a)		4,442		193,183
Harvard Bioscience, Inc. (a)		412		2,109
Luminex Corporation (a)		2,043		33,975
Techne Corporation		4,075		261,371
				969,491
Pharmaceuticals - 0.7%
Impax Laboratories, Inc. (a)		6,896		120,680
Lannett Company, Inc. (a)		10,868		126,177
Sucampo Pharmaceuticals, Inc. (a)		20,325		193,291
				440,148
Industrials - 15.9%
Aerospace & Defense - 2.7%
API Technologies Corporation (a)		5,188		14,319
DigitalGlobe, Inc. (a)		9,323		272,138
Ducommun, Inc. (a)		5,209		127,568
Engility Holdings, Inc. (a)		75		1,797
Esterline Technologies Corporation (a)		2,130		159,835
Exelis, Inc.		28,910		322,925
Kratos Defense & Security Solutions, Inc. (a)		782		3,980
Sparton Corporation (a)		307		4,264
Spirit AeroSystems Holdings, Inc. - Class A (a)		19,950		398,801
Teledyne Technologies, Inc. (a)		3,462		259,858
				1,565,485
Air Freight & Logistics - 0.1%
Park-Ohio Holdings Corporation (a)		1,398		51,419
Airlines - 1.2%
JetBlue Airways Corporation (a)		5,984		41,230
Republic Airways Holdings, Inc. (a)		22,821		255,367
SkyWest, Inc.		10,800		154,548

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 15.9% (Continued)
Airlines - 1.2% (Continued)
Spirit Airlines, Inc. (a)		4,770	$	127,359
US Airways Group, Inc. (a)		8,245		139,340
				717,844
Building Products - 0.6%
Ameresco, Inc. - Class A (a)		19,163		141,231
Nortek, Inc. (a)		902		64,818
PGT, Inc. (a)		15,930		122,661
				328,710
Commercial Services & Supplies - 2.1%
ACCO Brands Corporation (a)		7,397		49,930
ARC Document Solutions, Inc. (a)		8,859		28,437
Brink's Company (The)		4,525		119,958
CECO Environmental Corporation		6,781		78,727
EnergySolutions, Inc. (a)		60,110		248,254
G&K Services, Inc.		2,585		121,469
Heritage-Crystal Clean, Inc. (a)		110		1,711
Kimball International, Inc. - Class B		6,278		57,695
Steelcase, Inc. - Class A		12,782		162,331
TMS International Corporation - Class A (a)		6,472		93,456
UniFirst Corporation		1,330		121,097
US Ecology, Inc.		4,525		123,080
				1,206,145
Construction & Engineering - 1.9%
AECOM Technology Corporation (a)		1,063		30,901
Argan, Inc.		4,848		85,810
Dycom Industries, Inc. (a)		6,823		131,820
Great Lakes Dredge & Dock Corporation		21,962		151,977
MYR Group, Inc. (a)		5,770		131,556
Northwest Pipe Company (a)		607		16,565
Orion Marine Group, Inc. (a)		485		4,443
Pike Electric Corporation		19,194		300,002
Primoris Services Corporation		12,897		284,250
				1,137,324
Electrical Equipment - 1.3%
AZZ, Inc.		3,070		129,830
Coleman Cable, Inc.		6,500		97,500
General Cable Corporation (a)		4,528		156,126
GrafTech International Ltd. (a)		8,866		63,658
Powell Industries, Inc. (a)		1,605		79,030
PowerSecure International, Inc. (a)		8,659		118,628
Preformed Line Products Company		1,348		108,514
				753,286
Machinery - 2.4%
Alamo Group, Inc.		3,968		158,998
Blount International, Inc. (a)		161		2,236
CIRCOR International, Inc.		1,164		55,092
ESCO Technologies, Inc.		78		2,806
Federal Signal Corporation (a)		509		3,950

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 15.9% (Continued)
Machinery - 2.4% (Continued)
Greenbrier Companies, Inc. (The) (a)		7,170	$	161,755
Hardinge, Inc.		4,200		56,700
Harsco Corporation		6,604		144,165
Hyster-Yale Materials Handling, Inc. - Class A		1,618		84,443
John Bean Technologies Corporation		9,359		194,106
Kaydon Corporation		3,716		88,590
Lydall, Inc. (a)		2,559		36,696
Mueller Industries, Inc.		186		9,631
Mueller Water Products, Inc. - Class A		29,301		173,462
NACCO Industries, Inc. - Class A		2,120		123,002
NN, Inc. (a)		41		369
Tecumseh Products Company - Class A (a)		6,754		60,111
Twin Disc, Inc.		150		3,198
Wabash National Corporation (a)		4,512		42,548
				1,401,858
Professional Services - 1.1%
Barrett Business Services, Inc.		3,920		207,525
Heidrick & Struggles International, Inc.		1,973		26,083
Insperity, Inc.		895		24,729
Mistras Group, Inc. (a)		3,834		72,654
On Assignment, Inc. (a)		1,636		39,706
RPX Corporation (a)		9,095		121,964
TrueBlue, Inc. (a)		5,892		122,082
VSE Corporation		752		22,928
				637,671
Road & Rail - 1.0%
Arkansas Best Corporation		44		463
Heartland Express, Inc.		9,434		128,019
Marten Transport Ltd.		524		10,674
Roadrunner Transportation Systems, Inc. (a)		8,146		183,367
Ryder System, Inc.		4,918		285,588
				608,111
Trading Companies & Distributors - 1.4%
Aircastle Ltd.		10,771		150,363
BlueLinx Holdings, Inc. (a)		3,798		11,052
CAI International, Inc. (a)		9,096		231,857
DXP Enterprises, Inc. (a)		3,773		252,338
Textainer Group Holdings Ltd.		3,689		142,654
Titan Machinery, Inc. (a)		2,473		55,791
				844,055
Transportation Infrastructure - 0.1%
Wesco Aircraft Holdings, Inc. (a)		2,639		43,570
Information Technology - 16.1%
Communications Equipment - 0.5%
Anaren, Inc. (a)		980		22,942
Aruba Networks, Inc. (a)		2,699		60,701
Aviat Networks, Inc. (a)		24,217		77,494

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 16.1% (Continued)
Communications Equipment - 0.5% (Continued)
Digi International, Inc. (a)		176	$	1,605
Harmonic, Inc. (a)		13,237		75,186
Oplink Communications, Inc. (a)		59		969
ORBCOMM, Inc. (a)		1,029		4,867
Riverbed Technology, Inc. (a)		358		5,320
ShoreTel, Inc. (a)		209		755
Symmetricom, Inc. (a)		5,457		28,376
				278,215
Computers & Peripherals - 1.2%
Cray, Inc. (a)		7,335		155,209
Datalink Corporation (a)		9,525		106,585
Electronics For Imaging, Inc. (a)		10,273		274,494
Lexmark International, Inc. - Class A		2,362		71,592
QLogic Corporation (a)		7,279		79,050
				686,930
Electronic Equipment, Instruments & Components - 4.4%
Anixter International, Inc.		2,118		151,945
AVX Corporation		14,438		163,294
Benchmark Electronics, Inc. (a)		18,116		323,190
Checkpoint Systems, Inc. (a)		4,869		56,334
Cognex Corporation		3,179		126,206
Coherent, Inc.		2,593		145,027
CTS Corporation		434		4,622
Daktronics, Inc.		11,937		119,251
Electro Rent Corporation		2,531		41,939
Electro Scientific Industries, Inc.		3,356		36,178
Fabrinet (a)		12,759		175,181
GSI Group, Inc. (The) (a)		10,048		85,810
Ingram Micro, Inc. - Class A (a)		6,932		123,459
Insight Enterprises, Inc. (a)		6,799		123,198
Key Tronic Corporation (a)		39		441
Measurement Specialties, Inc. (a)		733		31,350
Methode Electronics, Inc.		6,243		89,774
Multi-Fineline Electronix, Inc. (a)		13,750		209,550
Park Electrochemical Corporation		83		1,981
PC Connection, Inc.		7,180		110,859
Sanmina Corporation (a)		11,876		149,875
Tech Data Corporation (a)		2,643		123,507
TTM Technologies, Inc. (a)		24,001		173,527
Vishay Precision Group, Inc. (a)		133		1,906
				2,568,404
Internet Software & Services - 1.2%
Cornerstone OnDemand, Inc. (a)		4,853		176,067
OpenTable, Inc. (a)		2,774		153,652
Perficient, Inc. (a)		8,837		92,612
Responsys, Inc. (a)		6,692		51,997
SPS Commerce, Inc. (a)		677		31,907
United Online, Inc.		19,090		129,812
Unwired Planet, Inc. (a)		2,321		4,595

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 16.1% (Continued)
Internet Software & Services - 1.2% (Continued)
Vocus, Inc. (a)		7,410	$	62,318
Web.com Group, Inc. (a)		1,547		26,918
XO Group, Inc. (a)		32		360
				730,238
IT Services - 1.7%
Cardtronics, Inc. (a)		6,495		181,925
Cass Information Systems, Inc.		197		8,235
CoreLogic, Inc. (a)		5,983		163,216
Euronet Worldwide, Inc. (a)		48		1,465
Global Cash Access Holdings, Inc. (a)		37,052		264,181
iGATE Corporation (a)		7,222		120,535
Lionbridge Technologies, Inc. (a)		22,336		76,389
PRGX Global, Inc. (a)		8,869		49,578
Syntel, Inc.		1,909		120,592
Virtusa Corporation (a)		315		6,996
				993,112
Semiconductors & Semiconductor Equipment - 3.5%
Alpha & Omega Semiconductor Ltd. (a)		2,884		20,880
Ambarella, Inc. (a)		15,924		218,159
ATMI, Inc. (a)		5,572		121,191
Entegris, Inc. (a)		12,733		120,709
Fairchild Semiconductor International, Inc. (a)		9,524		122,860
FormFactor, Inc. (a)		18,811		93,114
Intersil Corporation - Class A		15,689		121,747
Lattice Semiconductor Corporation (a)		25,627		119,165
Mattson Technology, Inc. (a)		1,976		3,043
Mindspeed Technologies, Inc. (a)		9,971		22,833
OmniVision Technologies, Inc. (a)		11,021		147,792
PDF Solutions, Inc. (a)		3,580		61,254
Pericom Semiconductor Corporation (a)		3,843		24,826
PLX Technology, Inc. (a)		25,691		119,977
PMC-Sierra, Inc. (a)		26,274		151,338
SunPower Corporation (a)		18,916		257,068
Supertex, Inc.		198		4,174
TriQuint Semiconductor, Inc. (a)		32,895		192,107
Ultra Clean Holdings, Inc. (a)		5,484		34,330
Volterra Semiconductor Corporation (a)		9,305		121,058
				2,077,625
Software - 3.6%
Actuate Corporation (a)		5,796		35,587
Compuware Corporation (a)		10,190		122,280
Ellie Mae, Inc. (a)		7,455		193,979
EPIQ Systems, Inc.		10,817		151,113
ePlus, Inc.		2,563		116,565
Guidance Software, Inc. (a)		8,166		85,906
Mentor Graphics Corporation		6,581		120,169
Pegasystems, Inc.		4,762		120,526
PROS Holdings, Inc. (a)		8,185		212,155
Rosetta Stone, Inc. (a)		1,260		21,332

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 16.1% (Continued)
Software - 3.6% (Continued)
Rovi Corporation (a)		9,822	$	229,737
Sapiens International Corporation N.V.		2,958		17,127
SeaChange International, Inc. (a)		13,565		147,316
SS&C Technologies Holdings, Inc. (a)		7,556		231,894
Take-Two Interactive Software, Inc. (a)		2,950		45,017
TeleNav, Inc. (a)		18,198		95,358
Verint Systems, Inc. (a)		3,681		121,620
Websense, Inc. (a)		3,209		57,249
				2,124,930
Materials - 3.3%
Chemicals - 1.3%
A. Schulman, Inc.		405		10,518
ADA-ES, Inc. (a)		176		4,859
American Pacific Corporation (a)		4,592		112,550
Arabian American Development Company (a)		356		2,709
Chemtura Corporation (a)		4,896		104,089
FutureFuel Corporation		8,526		104,444
LSB Industries, Inc. (a)		3,712		121,234
Minerals Technologies, Inc.		2,519		102,347
Sensient Technologies Corporation		3,927		154,527
Tredegar Corporation		1,935		57,276
				774,553
Construction Materials - 0.1%
United States Lime & Minerals, Inc. (a)		758		35,005
US Concrete, Inc. (a)		689		10,707
				45,712
Containers & Packaging - 0.5%
Boise, Inc.		34,033		271,923
Graphic Packaging Holding Company (a)		3,763		28,298
Myers Industries, Inc.		295		4,372
				304,593
Metals & Mining - 0.8%
Carpenter Technology Corporation		3,395		152,639
Compass Minerals International, Inc.		1,818		157,330
Haynes International, Inc.		186		9,042
Horsehead Holding Corporation (a)		96		1,027
Tahoe Resources, Inc. (a)		7,012		121,728
				441,766
Paper & Forest Products - 0.6%
Buckeye Technologies, Inc.		8		301
Clearwater Paper Corporation (a)		31		1,426
Deltic Timber Corporation		1,058		66,104
KapStone Paper and Packaging Corporation		4,167		123,260
Neenah Paper, Inc.		4,255		122,374
P.H. Glatfelter Company		2,050		49,200
				362,665

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.3% (Continued)	Shares		Value
Telecommunication Services - 1.9%
Diversified Telecommunication Services - 1.4%
Atlantic Tele-Network, Inc.		2,313	$	117,431
Cbeyond, Inc. (a)		11,820		103,780
Consolidated Communications Holdings, Inc.		5,593		103,079
General Communication, Inc. - Class A (a)		2,321		22,537
IDT Corporation - Class B		7,498		110,895
Neutral Tandem, Inc.		19,174		57,138
Premiere Global Services, Inc. (a)		10,781		121,071
Vonage Holdings Corporation (a)		49,600		151,280
				787,211
Wireless Telecommunication Services - 0.5%
Telephone and Data Systems, Inc.		13,390		300,472
USA Mobility, Inc.		199		2,700
				303,172
Utilities - 0.8%
Electric Utilities - 0.3%
El Paso Electric Company		3,255		121,932
Unitil Corporation		2,544		77,109
				199,041
Gas Utilities - 0.0% (b)
Chesapeake Utilities Corporation		245		13,073
Independent Power Producers & Energy Traders - 0.0% (b)
Genie Energy Ltd. - Class B		517		5,573
Water Utilities - 0.5%
California Water Service Group		6,018		120,661
Connecticut Water Service, Inc.		2,238		63,738
SJW Corporation		3,368		85,413
				269,812
Total Common Stocks (Cost $53,873,482)			$	57,652,215
MONEY MARKET FUNDS - 1.9%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,092,605)		1,092,605	$	1,092,605
Total Investments at Value - 100.2% (Cost $54,966,087)			$	58,744,820
Liabilities in Excess of Other Assets - (0.2%)				(117,560	)
Net Assets - 100.0%			$	58,627,260

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	The rate shown is the 7-day effective yield as of April 30, 2013.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
U.S. TREASURY OBLIGATIONS (a) - 20.6%	Par Value		Value
U.S. Treasury Bills,
0.115%, due 08/08/2013	$	3,000,000	$	2,999,568
0.080%, due 08/15/2013		750,000		749,873
0.095%, due 08/22/2013		5,000,000		4,999,135
0.070%, due 08/29/2013		1,250,000		1,249,813
0.085%, due 09/05/2013		6,000,000		5,998,782
0.080%, due 09/12/2013		1,000,000		999,749
0.075%, due 09/19/2013		3,000,000		2,999,148
0.080%, due 10/03/2013		3,750,000		3,748,789
Total U.S. Treasury Obligations (Cost $23,742,823)			$	23,744,857
MONEY MARKET FUNDS - 58.1%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.08% (b)		12,281,594	$	12,281,594
Fidelity Institutional Money Market Portfolio - Class I, 0.10% (b)		26,927,800		26,927,800
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.10% (b)		12,281,809		12,281,809
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.12% (b)		1,527,144		1,527,144
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		1,525,929		1,525,929
Vanguard Prime Money Market Fund - Investor Shares, 0.01% (b)		12,277,919		12,277,919
Total Money Market Funds (Cost $66,822,195)			$	66,822,195
Total Investments at Value - 78.7% (Cost $90,565,018)			$	90,567,052
Other Assets in Excess of Liabilities - 21.3%				24,504,881	(c)
Net Assets - 100.0%			$	115,071,933

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	The rate shown is the 7-day effective yield as of April 30, 2013.
(c)	Includes cash held as margin deposits for futures contracts.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS
April 30, 2013 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Cocoa Future	07/16/2013		70	$	1,657,600	$	69,240
Coffee Future	07/19/2013		51		2,583,787		(34,422	)
Corn Future	07/12/2013		133		4,322,500		164,956
Frozen Concentrate Orange Juice Future	07/11/2013		145		3,053,700		(76,436	)
Gold Future	06/26/2013		11		1,623,270		(149,055	)
Heating Oil Future	05/31/2013		39		4,626,203		20,178
Live Cattle Future	06/28/2013		39		1,905,930		7,742
Oats Future	07/12/2013		40		783,500		1,580
Rough Rice Future	07/12/2013		4		120,840		(5,351	)
Soybean Future	07/12/2013		81		5,665,950		108,245
Soybean Meal Future	07/12/2013		149		6,176,050		203,841
Soybean Oil Future	07/12/2013		28		826,896		4,317
Sugar No. 11 Future	06/28/2013		199		3,922,688		17,035
Wheat Future	07/12/2013		7		255,850		12,831
Total Commodity Futures					37,524,764		344,701
CURRENCY FUTURES
Australian Dollar Future	06/17/2013		110		11,366,300		16,948
Canadian Dollar Future	06/18/2013		1		99,180		8
Mexican Peso Future	06/17/2013		295		12,098,688		265,935
Total Currency Futures					23,564,168		282,891
Total Futures Contracts				$	61,088,932	$	627,592

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
April 30, 2013 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Brent Crude Oil Future	05/16/2013		12	$	1,220,880	$	2,270
Class III Milk Future	06/04/2013		176		6,575,360		(69,885	)
Copper Future	07/29/2013		19		1,513,350		1,143
Cotton No. 2 Future	07/09/2013		45		1,968,075		(44,759	)
Crude Oil Future	05/21/2013		29		2,697,870		(93,407	)
Feeder Cattle Future	05/24/2013		51		3,556,613		60,734
Feeder Cattle Future	08/29/2013		53		3,947,175		46,454
Gas Oil Future	05/10/2013		8		675,200		6,911
Gas Oil Future	06/12/2013		21		1,781,325		2,765
Lean Hogs Future	06/14/2013		163		6,034,260		(133,339	)
Lumber Future	07/15/2013		61		2,345,816		131,171
Natural Gas Future	05/29/2013		32		1,391,680		(5,594	)
Palladium Future	06/26/2013		33		2,306,040		(16,062	)
Platinum Future	07/29/2013		8		602,320		(17,919	)
Silver Future	07/29/2013		9		1,091,250		(27,621	)
Total Commodity Futures					37,707,214		(157,138	)
CURRENCY FUTURES
British Pound Future	06/17/2013		44		4,270,475		(70,403	)
Euro FX Future	06/17/2013		44		7,245,150		(92,346	)
Japanese Yen Future	06/17/2013		31		3,975,750		(12,826	)
Swiss Franc Future	06/17/2013		59		7,934,762		(107,333	)
Total Currency Futures					23,426,137		(282,908	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/21/2013		331		4,816,050		444,355
CBOE Volatility Index (VIX) Future	06/18/2013		375		5,775,000		468,412
E-Mini S&P 500 Future	06/21/2013		602		47,926,725		(1,406,223	)
Total Financial Futures					58,517,775		(493,456	)
Total Futures Contracts Sold Short				$	119,651,126	$	(933,502	)

See accompanying notes to financial statements.

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit:  Not required

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

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

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

Exhibit 99.CERT	Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT	Certifications required by Rule 30a-2(b) under the Act

SIGNATURES

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

(Registrant) TFS Capital Investment Trust

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	June 26, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*		/s/ Larry S. Eiben
		Larry S. Eiben, President
Date	June 26, 2013
By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	June 26, 2013

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