TFS Capital Investment Trust NCSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21531

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

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: October 31, 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.

ANNUAL REPORT

October 31, 2013

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

December 16, 2013

Dear Shareholder,

Enclosed is the 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 year ended October 31, 2013. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I would like to thank you for your continued investment.

In October, TFS Capital announced that there will be a reduction in the advisory fee paid to TFS Capital for all three funds effective January 1, 2014. In addition, the maximum expense ratio of each fund will be reduced. TFS Capital believes these reductions (which are detailed in Note 9 to the financial statements) are in the best interests of the funds’ shareholders and consistent with industry demand for lower fees. TFS Capital believes the fee reductions strengthen the firm’s long-term value proposition.

TFS Market Neutral Fund (ticker: TFSMX)

	1-year return	3-year return	5-year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	6.30%	4.69%	7.04%	7.57%
S&P 500® Index	27.18%	16.56%	15.17%	7.24%

Average annual total returns for periods ended October 31, 2013

TFSMX did not produce positive alpha (i.e., the return that cannot be explained by market exposure) in the current fiscal year. While the fund, with a beta in the 0.2-0.3 range, should not be expected to outperform the equity markets when they rise significantly, its return of 6.30% for the fiscal year is below expectations. The shortfall occurred primarily during the months of April and May; excluding those months, TFSMX produced small, but positive, alpha during the remainder of the period. During April and May, TFSMX lost more than 4% of its value, while the S&P 500® Index appreciated by more than 4%. Many of the fund’s short positions rose significantly more than the market, leading to the substantial loss. TFS Capital believes this period of underperformance in TFSMX 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 the impact from this market action may be temporary and could represent a buying opportunity, it is impossible to determine whether prices on certain short positions will improve (i.e., return to pre-short-squeeze levels). Since the end of May, TFSMX has recovered a small portion of the loss in alpha.

TFSMX’s performance over longer periods of time compares more favorably to the overall U.S. equity market as measured by the S&P 500® Index. From inception through October 31, 2013, TFSMX generated a 7.57% average annual return and had an annualized standard deviation of 7.98%, whereas the S&P 500® Index generated a 7.24% average annual return and had an annualized standard deviation of 21.07%. Therefore, during this time period, TFSMX produced an average annual return that was slightly ahead of the S&P 500® Index while subjecting investors to only 35.9% of the S&P 500® Index’s volatility. Based on its trailing 5-year return through October 31, 2013, TFSMX was ranked #5 among 41 funds in the Lipper “Equity Market Neutral” category.1

The strategies used in managing TFSMX have resulted in its returns having a low correlation to other asset classes. 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’s correlation to the equity indices has increased in recent years.

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	0.44

The TFS Market Neutral Fund continues to operate under a subscription policy that limits additional shareholder investments. Given its investment strategies’ capacity limitations, this policy allows the TFS Market Neutral Fund to seek stability in its net assets and maintain control of its growth.

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	44.15%	20.09%	25.03%	12.37%
Russell 2000® Index	36.28%	17.69%	17.04%	7.13%

Average annual total returns for periods ended October 31, 2013

During the fiscal year, TFSSX outperformed its benchmark, the Russell 2000® Index. Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with most of the performance deviation attributable to TFS Capital’s equity selection. All strategies contributed to the outperformance, and we are pleased that the fund added such significant alpha.

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 524 basis points higher than that of the Russell 2000® Index. Based on its trailing 5-year return through October 31, 2013, TFSSX was ranked #9 among 578 funds in the Lipper Small Cap Core category.2

TFS Hedged Futures Fund (ticker: TFSHX)

	1-year return	Since Inception (12/29/2011)
TFS Hedged Futures Fund	-8.14%	0.76%
S&P Diversified Trends Indicator	4.53%	-4.95%
S&P 500® Index	27.18%	22.24%

Average annual total return for the periods ended October 31, 2013

TFSHX, a hedged futures fund, was down 8.14% during the fiscal year. This loss was due primarily to losses in its commodities investments, as well as a smaller loss from financial futures. We are disappointed in this performance. We made some changes to the investment models in the fund in an effort to capture more of the opportunities we see in the market and realize greater risk-adjusted returns.

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 mutual 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. For your reference, below are the TFS Hedged Futures Fund’s correlations since inception to several other asset classes including the TFS Market Neutral Fund.

Index	Correlation Since Inception
TFS Market Neutral Fund (ticker: TFSMX)	0.29
S&P Diversified Trends Indicator	-0.09
S&P 500® Index	0.24
Russell 2000® Index	0.27
S&P GSCI Index	0.17
Barclays U.S. Aggregate Bond Index	-0.10

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

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. During the reporting period, the Funds charged a 2% redemption penalty on shares invested for less than 90 days. If shares were redeemed within the 90 day period, investment returns would have been 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. Futures investing is speculative. Each Fund’s current NAV per share is available at www.TFSCapital.com.

1	In the Lipper “Equity Market Neutral” category, TFSMX was ranked #5 out of 41 using its 5-year return and #6 out of 60 using its 3-year return. At 10/31/2013, Lipper did not make 1-year rankings available to the public.

2	In the Lipper “Small Cap Core” category, TFSSX was ranked #9 out of 578 using its 5-year return and #73 out of 637 using its 3-year return. At 10/31/2013, Lipper did not make 1-year rankings available to the public.

Ranking information provided by Lipper for the periods ended October 31, 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.

TFS MARKET NEUTRAL FUND

PERFORMANCE INFORMATION (Unaudited)

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

TFS Market Neutral Fund versus the S&P 500® Index

Average Annual Total Returns(a) For the periods ended October 31, 2013
	1 Year	5 Years	Since Inception(b)
TFS Market Neutral Fund	6.30%	7.04%	7.57%
S&P 500® Index	27.18%	15.17%	7.24%

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

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

TFS SMALL CAP FUND

PERFORMANCE INFORMATION (Unaudited)

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

TFS Small Cap Fund versus the Russell 2000® Index

Average Annual Total Returns(a) For the periods ended October 31, 2013
	1 Year	5 Years	Since Inception(b)
TFS Small Cap Fund	44.15%	25.03%	12.37%
Russell 2000® Index	36.28%	17.04%	7.13%

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

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

TFS HEDGED FUTURES FUND

PERFORMANCE INFORMATION (Unaudited)

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

TFS Hedged Futures Fund versus the

S&P Diversified Trends Indicator and the S&P 500® Index

Average Annual Total Returns(a) For the periods ended October 31, 2013
	1 Year	Since Inception(b)
TFS Hedged Futures Fund	-8.14%	0.76%
S&P Diversified Trends Indicator	4.53%	-4.95%
S&P 500® Index	27.18%	22.24%

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

(b)	Initial public offering of shares was December 29, 2011.

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

October 31, 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
Penn Virginia Corporation	0.70%	Geospace Technologies Corporation	0.57%
MAKO Surgical Corporation	0.68%	Walter Energy, Inc.	0.48%
Carrizo Oil & Gas, Inc.	0.57%	Fusion-io, Inc.	0.48%
Triangle Petroleum Corporation	0.49%	Dendreon Corporation	0.45%
Stone Energy Corporation	0.48%	VirnetX Holding Corporation	0.45%
Sanmina Corporation	0.42%	Ebix, Inc.	0.43%
iGATE Corporation	0.42%	SunEdison, Inc.	0.42%
Rosetta Resources, Inc.	0.38%	VeriFone Systems, Inc.	0.40%
Mueller Water Products, Inc. - Class A	0.37%	Aéropostale, Inc.	0.40%
Federal-Mogul Corporation	0.35%	Encore Capital Group, Inc.	0.40%

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

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

October 31, 2013 (Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Equity Positions
Security Description	% of Net Assets
ShoreTel, Inc.	0.56%
iGATE Corporation	0.56%
Triangle Petroleum Corporation	0.52%
Federal-Mogul Corporation	0.49%
Mueller Water Products, Inc. - Class A	0.47%
Intersil Corporation - Class A	0.47%
LifePoint Hospitals, Inc.	0.47%
Lender Processing Services, Inc.	0.47%
Winnebago Industries, Inc.	0.46%
H.B. Fuller Company	0.45%

TFS HEDGED FUTURES FUND

PORTFOLIO INFORMATION

October 31, 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	-0.1%
Net Financial Futures Exposure	-49.8%

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2013

COMMON STOCKS — 92.6%	Shares		Value
Consumer Discretionary — 14.4%
ANN, INC. (a) (b)		123,988	$	4,384,216
Belo Corporation - Class A (b)		382,485		5,251,519
Children's Place Retail Stores, Inc. (The) (a) (b)		81,636		4,456,509
Digital Generation, Inc. (a) (b)		364,961		4,616,757
Federal-Mogul Corporation (a)		270,871		5,550,147
Guess?, Inc. (b)		133,868		4,183,375
Lithia Motors, Inc.		73,683		4,630,977
Modine Manufacturing Company (a) (b)		314,467		4,188,700
Sotheby's (b)		87,125		4,521,787
Winnebago Industries, Inc. (a)		174,005		5,160,988
Zale Corporation (a) (b)		328,892		5,140,582
Other Consumer Discretionary (c)				175,370,265
				227,455,822
Consumer Staples — 2.8%
Other Consumer Staples (c)				43,863,818

Energy — 9.8%
Callon Petroleum Company (a) (b)		727,013		4,965,499
Carrizo Oil & Gas, Inc. (a) (b)		206,092		9,035,073
Hercules Offshore, Inc. (a)		609,902		4,147,334
Matrix Service Company (a)		199,172		4,140,786
Penn Virginia Corporation (a) (b)		1,307,555		11,127,293
Rosetta Resources, Inc. (a) (b)		99,538		5,966,308
Stone Energy Corporation (a) (b)		216,291		7,539,904
Triangle Petroleum Corporation (a) (b)		739,977		7,821,557
Other Energy (c)				99,882,121
				154,625,875
Financials — 12.6%
CapLease, Inc. (b)		640,320		5,442,720
Resource Capital Corporation (b)		701,087		4,311,685
Symetra Financial Corporation (b)		220,738		4,134,423
Other Financials (c)				185,847,902
				199,736,730
Health Care — 15.1%
Affymetrix, Inc. (a) (b)		648,446		4,584,513
AmSurg Corporation (a) (b)		112,718		4,834,475
BioCryst Pharmaceuticals, Inc. (a) (b)		830,816		4,781,346
Cambrex Corporation (a)		249,236		4,192,149
Impax Laboratories, Inc. (a) (b)		214,390		4,343,541
LifePoint Hospitals, Inc. (a) (b)		86,016		4,441,866
Magellan Health Services, Inc. (a) (b)		94,407		5,541,691
MAKO Surgical Corporation (a) (b)		361,776		10,784,543
Medicines Company (The) (a) (b)		131,823		4,471,436

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 92.6% (Continued)	Shares		Value
Health Care — 15.1% (Continued)
VCA Antech, Inc. (a) (b)		190,292	$	5,413,807
Other Health Care (c)				185,977,437
				239,366,804
Industrials — 13.5%
Avis Budget Group, Inc. (a) (b)		156,794		4,912,356
EMCOR Group, Inc.		129,739		4,808,127
Manitowoc Company, Inc. (The)		229,475		4,465,584
Mueller Water Products, Inc. - Class A (b)		690,640		5,918,785
Orbital Sciences Corporation (a)		181,553		4,188,428
Republic Airways Holdings, Inc. (a) (b)		464,438		5,471,079
Ryder System, Inc. (b)		71,157		4,684,265
Other Industrials (c)				179,107,726
				213,556,350
Information Technology — 16.3%
Active Network, Inc. (The) (a)		341,803		4,935,635
DST Systems, Inc. (b)		49,972		4,236,126
Ellie Mae, Inc. (a) (b)		187,365		5,414,849
iGATE Corporation (a) (b)		207,124		6,594,828
Kulicke & Soffa Industries, Inc. (a) (b)		402,587		5,193,372
Sanmina Corporation (a) (b)		453,658		6,605,260
ShoreTel, Inc. (a) (b)		655,742		5,213,149
TiVo, Inc. (a) (b)		315,017		4,186,576
Other Information Technology (c)				215,915,469
				258,295,264
Materials — 5.4%
Carpenter Technology Corporation (b)		77,865		4,619,730
H.B. Fuller Company (b)		115,663		5,536,788
Other Materials (c)				76,325,882
				86,482,400
Telecommunication Services — 1.4%
Other Telecommunication Services (c)				21,846,489

Utilities — 1.3%
Other Utilities (c)				20,346,054

Total Common Stocks (Cost $1,284,089,511)			$	1,465,575,606

PREFERRED STOCKS — 0.2%	Shares		Value
Other Preferred Stocks (Cost $2,593,825) (c)			$	2,679,032

TFS MARKET NEUTRAL FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

OTHER INVESTMENTS — 4.6%	Shares		Value
VelocityShares Daily Inverse VIX Short-Term ETN (a)		258,300	$	7,490,700
Other Investments (c)				66,125,486
Total Other Investments (Cost $72,682,589)			$	73,616,186

CORPORATE BONDS — 0.0% (d)	Par Value	Value
Financials — 0.0% (d)
Other Financials (Cost $0) (c)		$	2,918

MONEY MARKET FUNDS — 1.1%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (e)		15,218,554	$	15,218,554
UMB Money Market Fiduciary, 0.01% (e)		2,419,354		2,419,354
Total Money Market Funds (Cost $17,637,908)			$	17,637,908

Total Investments at Value — 98.5% (Cost $1,377,003,833)			$	1,559,511,650

Other Assets in Excess of Liabilities — 1.5%				23,285,065	(f)

Net Assets — 100.0%			$	1,582,796,715

*	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, as of October 31, 2013.

(d)	Percentage rounds to less than 0.1%.

(e)	The rate shown is the 7-day effective yield as of October 31, 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

October 31, 2013

COMMON STOCKS — 63.5%	Shares		Value
Consumer Discretionary — 9.1%
Auto Components — 0.2%
American Axle & Manufacturing Holdings, Inc.		6,286	$	116,982
Ballard Power Systems, Inc.		235,176		322,191
China XD Plastics Company Ltd.		103,237		498,635
Dana Holding Corporation		817		16,013
Motorcar Parts of America, Inc.		4,115		56,293
Quantum Fuel Systems Technologies Worldwide, Inc.		278,301		1,327,496
SORL Auto Parts, Inc.		44,089		212,068
Standard Motor Products, Inc.		1,593		57,603
Tenneco Automotive, Inc.		3,839		203,736
				2,811,017
Automobiles — 0.3%
Kandi Technologies Group, Inc.		753,627		4,936,257
Tesla Motors, Inc.		1,716		274,457
				5,210,714
Distributors — 0.0% (a)
China Metro-Rural Holdings Ltd.		100		110

Diversified Consumer Services — 0.9%
Ascent Capital Group, Inc.		660		55,717
Bridgepoint Education, Inc.		7,237		141,845
Career Education Corporation		5,302		29,055
Collectors Universe, Inc.		2,887		48,069
Corinthian Colleges, Inc.		725,419		1,552,397
DeVry, Inc.		2,987		107,233
Education Management Corporation		56,873		870,157
ITT Educational Services, Inc.		44,619		1,790,114
K12, Inc.		21,999		402,142
LifeLock, Inc.		10,300		165,727
Matthews International Corporation - Class A		16,358		664,135
Outerwall, Inc.		46,889		3,046,847
Regis Corporation		43,903		636,594
Service Corporation International		48,297		869,829
StoneMor Partners, L.P.		91,637		2,405,471
Strayer Education, Inc.		45,217		1,787,428
				14,572,760
Hotels, Restaurants & Leisure — 0.5%
Bally Technologies, Inc.		13,078		956,525
Buffalo Wild Wings, Inc.		487		69,436
Churchill Downs, Inc.		7,111		610,906
Empire Resorts, Inc.		400		2,456
Iao Kun Group Holding Company Ltd.		41,287		137,899
Interval Leisure Group, Inc.		915		22,207

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Consumer Discretionary — 9.1% (Continued)
Hotels, Restaurants & Leisure — 0.5% (Continued)
Life Time Fitness, Inc.		16,704	$	758,696
Morgans Hotel Group Company		25,086		179,616
Noodles & Company		39,246		1,718,582
PokerTek, Inc.		1,884		2,223
Red Lion Hotels Corporation		12,215		73,534
Red Robin Gourmet Burgers, Inc.		299		22,778
Ryman Hospitality Properties, Inc.		24,056		887,907
Six Flags Entertainment Corporation		1,157		43,515
Vail Resorts, Inc.		34,165		2,406,924
				7,893,204
Household Durables — 1.9%
Beazer Homes USA, Inc.		162,640		2,955,169
Blyth, Inc.		385,032		5,317,292
Cavco Industries, Inc.		3,530		206,752
Comstock Homebuilding Companies, Inc. - Class A		72,445		148,512
Desarrolladora Homex S.A.B de C.V. - ADR		36,260		47,863
Dixie Group, Inc. (The)		10,021		126,265
Ethan Allen Interiors, Inc.		34,651		923,103
Hovnanian Enterprises, Inc. - Class A		754,666		3,818,610
KB Home		263,066		4,464,230
Location Based Technologies, Inc.		95,655		9,566
M/I Homes, Inc.		70,313		1,439,307
Mad Catz Interactive, Inc.		483,035		324,358
MDC Holdings, Inc.		114,621		3,345,787
Ryland Group, Inc. (The)		108,067		4,344,293
SodaStream International Ltd.		38,692		2,068,861
Tempur Sealy International, Inc.		8,083		309,983
William Lyon Homes - Class A		16,367		379,223
				30,229,174
Internet & Catalog Retail — 0.3%
Blue Nile, Inc.		37,491		1,539,755
E-Commerce China Dangdang, Inc. - ADR		68,164		603,252
HomeAway, Inc.		16,522		489,877
Overstock.com, Inc.		6,486		151,967
PetMed Express, Inc.		117,075		1,737,393
ValueVision Media, Inc.		36,848		196,768
				4,719,012
Leisure Equipment & Products — 0.5%
Black Diamond, Inc.		27,986		417,271
JAKKS Pacific, Inc.		492,851		3,173,961
LeapFrog Enterprises, Inc.		116,200		994,672
Smith & Wesson Holding Corporation		122,489		1,320,431
Sturm Ruger & Company, Inc.		20,954		1,370,601
				7,276,936

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Consumer Discretionary — 9.1% (Continued)
Media — 1.1%
AirMedia Group, Inc. - ADR		16,842	$	28,463
Bona Film Group Ltd. - ADR		9,458		54,478
Central European Media Enterprises Ltd.		72,460		222,452
China Yida Holding Company		1,551		6,638
Clear Channel Outdoor Holdings, Inc.		24,149		205,267
Cumulus Media, Inc. - Class A		313,271		1,873,361
DreamWorks Animation SKG, Inc. - Class A		68,523		2,346,228
Gray Television, Inc.		15,218		128,592
Manchester United plc - Class A		5,356		87,303
McClatchy Company (The) - Class A		300,014		846,039
Media General, Inc. - Class A		48,509		707,261
Meredith Corporation		58,988		3,026,084
Nexstar Broadcasting Group, Inc.		109,859		4,876,641
ReachLocal, Inc.		24,961		306,771
Scholastic Corporation		63,304		1,816,192
Sinclair Broadcast Group, Inc.		8,229		263,822
SPAR Group, Inc.		195		380
Tiger Media, Inc.		1,132		1,528
Valassis Communications, Inc.		41,892		1,146,165
VisionChina Media, Inc. - ADR		10,700		75,328
				18,018,993
Multiline Retail — 0.9%
Bon-Ton Stores, Inc. (The)		92,588		1,060,133
Dillard's, Inc. - Class A		50,132		4,109,821
Fred's, Inc. - Class A		87,598		1,419,088
J. C. Penney Company, Inc.		632,253		4,741,898
Sears Canada, Inc.		7,343		102,116
Sears Holdings Corporation		43,954		2,552,848
				13,985,904
Specialty Retail — 2.1%
Abercrombie & Fitch Company - Class A		106,029		3,973,967
Aéropostale, Inc.		673,907		6,260,596
America's Car-Mart, Inc.		11,273		515,627
AutoChina International Ltd. (b)		143		1,973
Barnes & Noble, Inc.		139,325		1,968,662
bebe stores, inc.		12,624		76,123
Books-A-Million, Inc.		13,918		34,934
Buckle, Inc. (The)		16,907		827,429
China Auto Logistics, Inc.		1,926		5,123
Coldwater Creek, Inc.		31,901		31,901
Conn's, Inc.		53,651		3,242,666
Destination XL Group, Inc.		5,570		38,712
Francesca's Holdings Corporation		77,453		1,393,379

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Consumer Discretionary — 9.1% (Continued)
Specialty Retail — 2.1% (Continued)
hhgregg, Inc.		102,495	$	1,589,697
Hibbett Sports, Inc.		29,396		1,714,669
Lentuo International, Inc. - ADR		2,110		6,794
Office Depot, Inc.		317,491		1,774,775
OfficeMax, Inc.		60,785		910,559
OSH 1 Liquidating Corporation		11,183		3,914
Pep Boys - Manny Moe & Jack (The)		6,936		89,752
Pier 1 Imports, Inc.		206,942		4,320,949
Rent-A-Center, Inc.		23,906		818,541
Restoration Hardware Holdings, Inc.		1,171		81,666
Select Comfort Corporation		35,018		641,530
Stage Stores, Inc.		76,034		1,570,102
Systemax, Inc.		1,915		18,193
Zumiez, Inc.		50,991		1,511,373
				33,423,606
Textiles, Apparel & Luxury Goods — 0.4%
American Apparel, Inc.		12,083		16,191
Deckers Outdoor Corporation		3,168		218,054
DGSE Companies, Inc.		2,185		5,463
G-III Apparel Group Ltd.		12,988		736,679
Iconix Brand Group, Inc.		13,675		493,531
Kingold Jewelry, Inc.		195,743		395,401
Oxford Industries, Inc.		1,160		83,253
Vera Bradley, Inc.		156,208		3,460,007
				5,408,579
Consumer Staples — 2.1%
Beverages — 0.1%
Primo Water Corporation		177,933		443,053
Reed's, Inc.		89,069		573,605
				1,016,658
Food & Staples Retailing — 0.6%
China Jo-Jo Drugstores, Inc.		395		399
Crumbs Bake Shop, Inc.		137		178
Fairway Group Holdings Corporation		11,332		276,841
Nash Finch Company		17,239		483,726
Natural Grocers by Vitamin Cottage, Inc.		22,531		898,987
Pizza Inn Holdings, Inc.		57,838		473,693
Spartan Stores, Inc.		24,975		587,662
SUPERVALU, Inc.		708,032		4,977,465
Susser Holdings Corporation		24,801		1,360,087
				9,059,038

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Consumer Staples — 2.1% (Continued)
Food Products — 0.7%
AgFeed Industries, Inc.		146,948	$	39,676
Annie's, Inc.		48,548		2,293,893
Boulder Brands, Inc.		94,438		1,547,839
Calavo Growers, Inc.		27,166		806,558
China Marine Food Group Ltd.		95,426		19,849
Coffee Holding Company, Inc.		87,149		465,376
Dean Foods Company		155,808		3,038,256
Diamond Foods, Inc.		91,772		2,240,154
Green Mountain Coffee Roasters, Inc.		2,982		187,299
Le Gaga Holdings Ltd. - ADR		6,179		22,183
S&W Seed Company		4,952		35,605
SkyPeople Fruit Juice, Inc.		34,162		65,591
				10,762,279
Household Products — 0.0% (a)
Central Garden & Pet Company - Class A		13,376		98,447

Personal Products — 0.4%
China Sky One Medical, Inc.		36,447		8,747
China-Biotics, Inc.		535,616		1,365,821
Herbalife Ltd.		25,182		1,632,297
LifeVantage Corporation		236,686		518,342
Mannatech, Inc.		2,247		53,007
Medifast, Inc.		43,853		1,022,214
Synutra International, Inc.		80,486		549,719
USANA Health Sciences, Inc.		19,585		1,336,285
				6,486,432
Tobacco — 0.3%
Star Scientific, Inc.		1,026,502		1,857,968
Universal Corporation		53,321		2,827,613
Vector Group Ltd.		51,046		825,414
				5,510,995
Energy — 6.3%
Energy Equipment & Services — 1.3%
Cal Dive International, Inc.		1,166,144		2,297,304
CARBO Ceramics, Inc.		35,110		4,400,687
Exterran Holdings, Inc.		1,387		39,599
Forum Energy Technologies, Inc.		7,815		228,667
Geospace Technologies Corporation		93,288		9,088,117
McDermott International, Inc.		27,123		191,760
Patterson-UTI Energy, Inc.		13,028		316,059
Recon Technology Ltd.		41,638		186,538
RPC, Inc.		5,980		109,673
Tidewater, Inc.		56,647		3,411,282

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Energy — 6.3% (Continued)
Energy Equipment & Services — 1.3% (Continued)
Vantage Drilling Company		170,920	$	304,238
				20,573,924
Oil, Gas & Consumable Fuels — 5.0%
Alliance Resource Partners, L.P.		1,973		149,770
Alon USA Energy, Inc.		178,489		2,156,147
Alpha Natural Resources, Inc.		246,559		1,725,913
Amyris, Inc.		200,087		504,219
Apco Oil and Gas International, Inc.		1,828		27,822
Arch Coal, Inc.		86,527		366,875
Berry Petroleum Company - Class A		2,900		138,475
Bill Barrett Corporation		40,132		1,110,452
BioFuel Energy Corporation		109,169		375,541
Blue Dolphin Energy Company		38,398		209,653
BPZ Resources, Inc.		842,525		1,693,475
BreitBurn Energy Partners, L.P.		22,000		422,840
CAMAC Energy, Inc.		245,365		244,138
Chesapeake Granite Wash Trust		36,651		449,341
China Integrated Energy, Inc.		405,472		223,010
Clean Energy Fuels Corporation		175,509		1,999,048
Comstock Resources, Inc.		54,837		938,261
Contango Oil & Gas Company		26,295		1,126,741
Crosstex Energy, L.P.		5,533		140,704
Cubic Energy, Inc.		4,183		1,590
Delek US Holdings, Inc.		208,244		5,320,634
Dominion Resources Black Warrior Trust		1,278		7,387
ECA Marcellus Trust I		48,071		481,671
Enbridge Energy Management, LLC		58,549		1,669,818
Endeavour International Corporation		164,262		975,716
Evolution Petroleum Corporation		4,638		55,934
EXCO Resources, Inc.		246,281		1,332,380
Frontline Ltd.		1,470,440		3,117,333
Gevo, Inc.		234,631		398,873
Global Partners, L.P.		8,113		289,634
GMX Resources, Inc.		72,181		9,384
Golar LNG Ltd.		16,762		622,373
GreenHunter Resources, Inc.		78,321		104,167
Halcon Resources Corporation		235,527		1,220,030
Harvest Natural Resources, Inc.		317,596		1,587,980
Houston American Energy Corporation		39,340		10,228
Hyperdynamics Corporation		119,465		431,269
InterOil Corporation		19,078		1,324,967
Isramco, Inc.		2,362		311,713
Ivanhoe Energy, Inc.		4,600		3,151
James River Coal Company		2,228,219		4,278,180

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Energy — 6.3% (Continued)
Oil, Gas & Consumable Fuels — 5.0% (Continued)
Kinder Morgan Management, LLC		19,330	$	1,455,902
KiOR, Inc. - Class A		1,055,979		2,460,431
L & L Energy, Inc.		497,168		705,979
LinnCo, LLC		52,510		1,548,520
Lucas Energy, Inc.		373,047		414,082
Midstates Petroleum Company, Inc.		33,372		188,218
Miller Energy Resources, Inc.		490,141		3,313,353
New Concept Energy, Inc.		13,597		22,027
Newfield Exploration Company		19,684		599,378
NGL Energy Partners, L.P.		10,617		334,011
Niska Gas Storage Partners, LLC		18,126		286,391
Nordic American Tankers Ltd.		375,836		3,066,822
North European Oil Royalty Trust		10,200		234,600
Northern Oil & Gas, Inc.		20,056		329,520
Nuverra Environmental Solutions, Inc.		884,415		2,157,973
Overseas Shipholding Group, Inc.		526,119		1,815,111
Oxford Resource Partners, L.P.		189,133		295,047
Pacific Coast Oil Trust		8,046		120,690
Pacific Ethanol, Inc.		482,026		1,764,215
Patriot Coal Corporation		288,164		36,597
PDC Energy, Inc.		14,412		977,278
PetroQuest Energy, Inc.		49,065		231,587
Pyramid Oil Company		33,335		176,676
Quicksilver Resources, Inc.		65,629		140,446
Rhino Resource Partners, L.P.		13,818		175,627
Royale Energy, Inc.		196,705		529,136
San Juan Basin Royalty Trust		171,178		2,694,342
SandRidge Energy, Inc.		26,065		165,252
SandRidge Mississippian Trust I		45,880		565,242
Sino Clean Energy, Inc.		213,222		36,248
Solazyme, Inc.		499,382		5,223,536
Spectra Energy Partners, L.P.		4,852		212,129
Summit Midstream Partners, L.P.		777		25,835
TC PipeLines, L.P.		1,875		95,644
Teekay Offshore Partners, L.P.		7,530		253,083
Teekay Tankers Ltd. - Class A		277,461		724,173
Ultra Petroleum Corporation		26,276		482,427
Uranerz Energy Corporation		533,293		490,630
Uranium Energy Corporation		484,371		852,493
Uranium Resources, Inc.		157,024		370,577
Ur-Energy, Inc.		117,560		123,438
USEC, Inc.		58,548		471,897
Verenium Corporation		115,638		461,396
Western Refining, Inc.		26,263		847,507

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Energy — 6.3% (Continued)
Oil, Gas & Consumable Fuels — 5.0% (Continued)
Whiting USA Trust I		553,369	$	2,905,187
World Fuel Services Corporation		12,342		470,847
Zion Oil & Gas, Inc.		262,571		430,616
				78,838,953
Financials — 9.1%
Capital Markets — 1.5%
Apollo Investment Corporation		312,856		2,668,662
Calamos Asset Management, Inc.		12,695		124,665
Cohen & Steers, Inc.		39,354		1,509,619
Federated Investors, Inc. - Class B		71,043		1,926,686
Fidus Investment Corporation		121,917		2,476,134
Financial Engines, Inc.		12,949		723,461
Garrison Capital, Inc.		21,311		313,911
Gladstone Investment Corporation		219,825		1,554,163
Golub Capital BDC, Inc.		106,911		1,881,634
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		26,588		325,703
Hercules Technology Growth Capital, Inc.		71,951		1,110,923
Horizon Technology Finance Corporation		13,673		184,312
INTL FCStone, Inc.		51,236		1,048,289
KCAP Financial, Inc.		156,005		1,315,122
Keating Capital, Inc.		2,082		14,491
Medley Capital Corporation		19,493		271,732
MVC Capital, Inc.		10,675		147,635
Noah Holdings Ltd. - ADR		24,090		464,696
Och-Ziff Capital Management Group, LLC		50,083		625,537
PennantPark Floating Rate Capital Ltd.		28,718		381,662
Prospect Capital Corporation		107,917		1,223,779
Rand Capital Corporation		751		2,140
Safeguard Scientifics, Inc.		56,344		983,203
Stifel Financial Corporation		8,555		350,327
TCP Capital Corporation		13,928		232,180
THL Credit, Inc.		15,904		258,440
TICC Capital Corporation		157,401		1,574,010
Triangle Capital Corporation		12,112		360,453
				24,053,569
Commercial Banks — 3.3%
Ameris Bancorp		30,895		565,378
Arrow Financial Corporation		26,523		684,559
Athens Bancshares Corporation		289		5,216
Auburn National Bancorporation, Inc.		25		640
BancorpSouth, Inc.		13,544		299,322
Bank of Hawaii Corporation		14,761		855,843
Bank of the Ozarks, Inc.		56,767		2,808,831

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Financials — 9.1% (Continued)
Commercial Banks — 3.3% (Continued)
Banner Corporation		21,726	$	831,237
Capital City Bank Group, Inc.		17,627		216,812
Cardinal Financial Corporation		13,234		218,361
Cascade Bancorp		25,281		130,703
Cathay General Bancorp		24,871		612,573
Citizens Holding Company		589		11,262
City Bank		12,333		1,418
City Holding Company		66,177		3,011,053
Columbia Banking System, Inc.		49,591		1,273,993
Commerce Bancshares, Inc.		4,685		215,557
Community Bank System, Inc.		48,794		1,771,710
CommunityOne Bancorp		15,963		171,762
Customers Bancorp, Inc.		16,587		277,832
CVB Financial Corporation		13,586		197,540
DNB Financial Corporation		10		208
Farmers Capital Bank Corporation		316		6,491
Fauquier Bankshares, Inc.		323		4,425
Fidelity Southern Corporation		10,603		161,901
First Busey Corporation		156,204		807,575
First Community Corporation		75		786
First Financial Bancorporation		54,750		849,720
First Financial Bankshares, Inc.		59,163		3,639,116
First Merchants Corporation		7,096		133,405
FNB Corporation		2,134		26,696
Frontier Financial Corporation		10,318		1,032
Fulton Financial Corporation		9,994		122,027
Glacier Bancorp, Inc.		50,735		1,401,808
Glen Burnie Bancorp		49		584
Hampton Roads Bankshares, Inc.		178,524		251,719
Hancock Holding Company		30,619		1,003,691
Heartland Financial USA, Inc.		2,048		54,252
Independent Bank Corporation (Massachusetts)		55,084		1,976,414
Independent Bank Corporation (Michigan)		43,320		421,070
Intervest Bancshares Corporation - Class A		11,918		86,882
Lakeland Bancorp, Inc.		33,657		383,690
Macatawa Bank Corporation		35,844		175,994
National Bank Holdings Corporation		6,169		129,549
National Penn Bancshares, Inc.		63,385		657,302
Oak Valley Bancorp		270		2,201
OFG Bancorp		66,426		983,769
Old National Bancorp		25,366		368,822
Old Second Bancorp, Inc.		68,547		326,969
OptimumBank Holdings, Inc.		1,136		1,681

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Financials — 9.1% (Continued)
Commercial Banks — 3.3% (Continued)
Pacific Premier Bancorp, Inc.		5,833	$	81,137
PacWest Bancorp		41,085		1,563,284
Park National Corporation		30,196		2,392,127
Park Sterling Corporation		26,509		172,574
Patriot National Bancorp		418		506
Pinnacle Financial Partners, Inc.		74,679		2,315,049
Plumas Bancorp		45		288
Porter Bancorp, Inc.		177		198
Renasant Corporation		67,423		1,933,692
Republic Bancorp, Inc. - Class A		25,920		596,678
S&T Bancorp, Inc.		7,105		174,215
Southside Bancshares, Inc.		83,168		2,270,486
Southwest Bancorp, Inc.		14,331		229,439
State Bank Financial Corporation		6,514		111,129
Taylor Capital Group, Inc.		59,033		1,357,759
Texas Capital Bancshares, Inc.		11,581		602,791
TowneBank		54,502		793,549
Tristate Capital Holdings, Inc.		1,519		19,003
Two River Bancorp		20		150
Umpqua Holdings Corporation		29,265		479,068
Union First Market Bankshares Corporation		23,923		577,023
United Bancorp, Inc.		539		3,676
United Bankshares, Inc.		108,538		3,210,554
United Security Bancshares		1,542		7,923
Westamerica Bancorporation		45,355		2,334,875
Wintrust Financial Corporation		47,364		2,060,808
Yadkin Financial Corporation		1,075		17,652
				51,447,014
Consumer Finance — 0.4%
Atlanticus Holdings Corporation		106,479		371,612
Encore Capital Group, Inc.		127,994		6,252,507
Green Dot Corporation - Class A		12,087		259,387
				6,883,506
Diversified Financial Services — 0.1%
DJSP Enterprises, Inc.		15,126		2,118
Global Eagle Entertainment, Inc.		19,502		198,530
Life Partners Holdings, Inc.		156,457		316,043
Manhattan Bridge Capital, Inc.		829		1,865
MarketAxess Holdings, Inc.		3,947		257,463
				776,019
Insurance — 0.9%
Arthur J. Gallagher & Company		14,422		684,324
Citizens, Inc.		21,539		180,928
CNA Financial Corporation		2,682		108,862

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Financials — 9.1% (Continued)
Insurance — 0.9% (Continued)
eHealth, Inc.		8,789	$	374,587
First American Financial Corporation		56,860		1,470,400
Greenlight Capital Re Ltd. - Class A		36,451		1,122,326
HCI Group, Inc.		9,413		413,607
Hilltop Holdings, Inc.		44,803		776,884
Kingsway Financial Services, Inc.		2,403		7,666
Meadowbrook Insurance Group, Inc.		387,812		2,575,072
Montpelier Re Holdings Ltd.		45,005		1,242,588
Phoenix Companies, Inc. (The)		17,713		683,190
Primerica, Inc.		24,215		1,040,034
StanCorp Financial Group, Inc.		3,862		227,472
Stewart Information Services Corporation		73,767		2,310,382
Tower Group International Ltd.		103,279		374,903
				13,593,225
Real Estate Investment Trusts (REIT) — 1.7%
Agree Realty Corporation		13,108		413,820
American Residential Properties, Inc.		34,892		601,189
AmREIT, Inc.		10,164		178,886
Armada Hoffler Properties, Inc.		26,801		257,826
Associated Estates Realty Corporation		55,680		854,131
Campus Crest Communities, Inc.		48,580		486,286
Chambers Street Properties		101,178		943,991
Colony Financial, Inc.		32,610		659,700
CommonWealth REIT		6,305		153,653
CYS Investments, Inc.		212,899		1,807,513
DCT Industrial Trust, Inc.		54,858		425,149
DuPont Fabros Technology, Inc.		34,038		845,844
Education Realty Trust, Inc.		15,065		137,694
Equity Lifestyle Properties, Inc.		9,765		370,972
Equity One, Inc.		6,464		155,847
First Potomac Realty Trust		43,351		532,784
Geo Group, Inc. (The)		6,548		230,948
Getty Realty Corporation		70,928		1,360,399
Gladstone Commercial Corporation		1,602		30,278
Invesco Mortgage Capital, Inc.		8,589		132,700
iStar Financial, Inc.		151,413		1,912,346
JAVELIN Mortgage Investment Corporation		32,659		387,662
Liberty Property Trust		1,602		59,578
Monmouth Real Estate Investment Corporation - Class A		24,618		226,978
New Residential Investment Corporation		11,665		77,106
New York Mortgage Trust, Inc.		14,868		95,453
NorthStar Realty Finance Corporation		52,383		488,733

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Financials — 9.1% (Continued)
Real Estate Investment Trusts (REIT) — 1.7% (Continued)
Omega Healthcare Investors, Inc.		53,446	$	1,776,545
Parkway Properties, Inc.		3,911		70,828
PennyMac Mortgage Investment Trust		8,243		190,166
Preferred Apartment Communities, Inc. - Class A		2,900		24,012
Ramco-Gershenson Properties Trust		19,890		323,411
Redwood Trust, Inc.		109,686		1,921,699
Rouse Properties, Inc.		118,326		2,392,552
Sabra Health Care REIT, Inc.		23,218		624,564
Silver Bay Realty Trust Corporation		17,962		277,693
Spirit Realty Capital, Inc.		60,877		636,773
Walter Investment Management Corporation		98,902		3,735,529
Western Asset Mortgage Capital Corporation		63,303		1,019,811
Wheeler Real Estate Investment Trust, Inc.		2,809		11,798
				26,832,847
Real Estate Management & Development — 0.3%
Alexander & Baldwin, Inc.		3,013		111,481
AV Homes, Inc.		832		15,891
Brookfield Property Partners, L.P.		1,000		19,260
China HGS Real Estate, Inc.		4,201		24,576
China Housing & Land Development, Inc.		213,770		575,041
Forest City Enterprises, Inc.		139,761		2,831,558
Gazit-Globe Ltd.		1,213		16,473
Kennedy-Wilson Holdings, Inc.		44,876		899,315
Mays (J.W.), Inc.		125		3,500
St. Joe Company (The)		52,397		978,252
				5,475,347
Thrifts & Mortgage Finance — 0.9%
America First Tax Exempt Investors, L.P.		10,633		76,345
Astoria Financial Corporation		37,732		498,440
Banc of California, Inc.		38,507		543,334
BBX Capital Corporation - Class A		24,803		327,151
Beneficial Mutual Bancorp, Inc.		48,826		476,053
BofI Holding, Inc.		2,698		163,013
Brookline Bancorp, Inc.		123,841		1,098,470
Capitol Federal Financial, Inc.		16,126		204,316
CMS Bancorp, Inc.		46		371
First Federal Bancshares of Arkansas, Inc.		5,667		50,890
Five Oaks Investment Corporation		14,164		168,268
Freddie Mac		50,442		112,990
Greene County Bancorp, Inc.		89		2,174
Impac Mortgage Holdings, Inc.		46,184		314,051
NASB Financial, Inc.		3,300		84,975
Northfield Bancorp, Inc.		13,151		170,042

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Financials — 9.1% (Continued)
Thrifts & Mortgage Finance — 0.9% (Continued)
Oconee Federal Financial Corporation		100	$	1,650
PennyMac Financial Services, Inc. - Class A		3,726		59,989
Provident Financial Holdings, Inc.		17,485		265,073
Provident New York Bancorp		207,909		2,436,693
Radian Group, Inc.		333,301		4,856,196
Security National Financial Corporation - Class A		88,662		520,446
Tree.com, Inc.		3,782		111,607
TrustCo Bank Corporation		269,187		1,808,937
ViewPoint Financial Group, Inc.		1,459		31,821
				14,383,295
Health Care — 11.2%
Biotechnology — 6.5%
Aastrom Biosciences, Inc.		35,395		141,580
ACADIA Pharmaceuticals, Inc.		65,057		1,478,746
Achillion Pharmaceuticals, Inc.		150,691		378,234
Aegerion Pharmaceuticals, Inc.		6,548		542,305
AEterna Zentaris, Inc.		325,185		439,000
Alnylam Pharmaceuticals, Inc.		3,334		192,072
Amarin Corporation plc - ADR		919,383		1,516,982
Anthera Pharmaceuticals, Inc.		18,201		57,515
ARCA Biopharma, Inc.		341,488		464,424
Arena Pharmaceuticals, Inc.		80,919		355,234
Ariad Pharmaceuticals, Inc.		31,019		68,242
Arrowhead Research Corporation		52,664		368,648
BioTime, Inc.		259,137		940,667
bluebird bio, Inc.		10,566		224,528
Cardium Therapeutics, Inc.		15,545		11,970
Catalyst Pharmaceutical Partners, Inc.		281,358		455,800
Cell Therapeutics, Inc.		25,920		45,619
Celldex Therapeutics, Inc.		227,223		5,205,679
Celsion Corporation		563,445		2,265,049
Cepheid		25,602		1,042,513
Chelsea Therapeutics International Ltd.		386,078		1,092,601
Cleveland BioLabs, Inc.		282,604		389,994
Coronado Biosciences, Inc.		142,197		237,469
Cubist Pharmaceuticals, Inc		273,707		528,255
Cyclacel Pharmaceuticals, Inc.		34,204		120,056
Cytori Therapeutics, Inc.		110,201		227,014
DARA BioSciences, Inc.		594,711		291,408
Dendreon Corporation		2,776,373		7,135,279
Discovery Laboratories, Inc.		58,720		120,963
Durata Therapeutics, Inc.		71,202		689,235
Dynavax Technologies Corporation		119,493		146,976

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Health Care — 11.2% (Continued)
Biotechnology — 6.5% (Continued)
Exelixis, Inc.		634,567	$	3,128,415
Fibrocell Science, Inc.		64,609		239,053
Galectin Therapeutics, Inc.		213,775		2,233,949
Galena Biopharma, Inc.		2,271,732		5,065,962
Genomic Health, Inc.		4,978		148,942
Geron Corporation		91,827		362,717
Horizon Pharma, Inc.		190,320		797,441
Hyperion Therapeutics, Inc.		20,516		410,936
iBio, Inc.		205,076		72,289
Idenix Pharmaceuticals, Inc.		367,944		1,210,536
Idera Pharmaceuticals, Inc.		393,243		723,567
ImmunoGen, Inc.		11,751		193,422
Immunomedics, Inc.		218,791		829,218
Infinity Pharmaceuticals, Inc.		177,473		2,404,759
Inovio Pharmaceuticals, Inc.		814,597		1,409,253
Insmed, Inc.		101,709		1,448,336
Insys Therapeutics, Inc.		25,238		1,006,744
InterMune, Inc.		394,812		5,562,901
Intrexon Corporation		12,347		261,756
Ironwood Pharmaceuticals, Inc.		464,950		4,468,170
IsoRay, Inc.		299,790		154,392
Keryx Biopharmaceuticals, Inc.		103,055		1,066,619
Kythera Biopharmaceuticals, Inc.		7,287		325,802
MannKind Corporation		466,608		2,281,713
Marina Biotech, Inc.		244,030		58,567
Mast Therapeutics, Inc.		1,138,317		557,775
Medgenics, Inc.		125,667		923,652
MediciNova, Inc.		120,557		297,776
MEI Pharma, Inc.		103,114		826,974
Metabolix, Inc.		296,223		325,845
MiMedx Group, Inc.		451,087		2,390,761
NanoViricides, Inc.		105,221		570,298
NeoStem, Inc.		153,113		973,799
Neuralstem, Inc.		352,800		786,744
Neurocrine Biosciences, Inc.		9,210		86,942
NewLink Genetics Corporation		97,745		1,637,229
Nymox Pharmaceutical Corporation		86,485		608,854
Omeros Corporation		77,198		771,980
Oncolytics Biotech, Inc.		369,376		982,540
Opexa Therapeutics, Inc.		276,243		511,050
OPKO Health, Inc.		228,858		2,293,161
Oragenics, Inc.		2,139		5,604
Orexigen Therapeutics, Inc.		43,309		211,348

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Health Care — 11.2% (Continued)
Biotechnology — 6.5% (Continued)
Organovo Holdings, Inc.		170,603	$	1,240,284
Osiris Therapeutics, Inc.		50,844		676,734
OXiGENE, Inc.		30,225		76,469
Oxygen Biotherapeutics, Inc.		20,826		63,103
Palatin Technologies, Inc.		3,448		2,000
Peregrine Pharmaceuticals, Inc.		605,183		780,686
PharmAthene, Inc.		262,583		538,295
Pluristem Therapeutics, Inc.		169,230		555,074
Prana Biotechnology Ltd. - ADR		98,989		446,440
Raptor Pharmaceutical Corporation		76,674		1,102,572
Repligen Corporation		25,645		280,556
Rexahn Pharmaceuticals, Inc.		1,103,625		455,797
Rosetta Genomics Ltd.		159,480		425,812
Sangamo BioSciences, Inc.		51,299		480,672
Sarepta Therapeutics, Inc.		22,273		867,311
Savient Pharmaceuticals, Inc.		1,070,379		46,562
SIGA Technologies, Inc.		40,862		140,157
Spectrum Pharmaceuticals, Inc.		344,693		2,960,913
StemCells, Inc.		173,413		230,639
Stemline Therapeutics, Inc.		1,131		31,476
Sunesis Pharmaceuticals, Inc.		288,449		1,445,130
Synageva BioPharma Corporation		4,367		221,844
Synergy Pharmaceuticals, Inc.		135,330		546,733
Synta Pharmaceuticals Corporation		835,008		3,790,936
Synthetic Biologics, Inc.		80,610		120,915
Tekmira Pharmaceuticals Corporation		2,838		25,400
TESARO, Inc.		22,370		861,245
TG Therapeutics, Inc.		91,258		329,441
Vanda Pharmaceuticals, Inc.		239,415		1,714,211
Venaxis, Inc.		273,845		503,875
Zalicus, Inc.		1		4
ZIOPHARM Oncology, Inc.		1,312,395		4,645,878
				103,409,012
Health Care Equipment & Supplies — 2.3%
Abaxis, Inc.		5,225		186,689
Abiomed, Inc.		92,012		2,206,448
Accuray, Inc.		225,333		1,520,998
Antares Pharma, Inc.		72,746		290,984
Atossa Genetics, Inc.		133,976		235,798
Bacterin International Holdings, Inc.		340,137		201,735
BIOLASE, Inc.		159,283		297,859
BSD Medical Corporation		828,821		1,309,537
Cerus Corporation		17,903		112,968

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Health Care — 11.2% (Continued)
Health Care Equipment & Supplies — 2.3% (Continued)
Cyberonics, Inc.		2,534	$	146,364
Cynosure, Inc.		43,798		946,475
Delcath Systems, Inc.		1,522,006		499,218
Echo Therapeutics, Inc.		91,640		232,765
Fonar Corporation		27,673		301,359
GenMark Diagnostics, Inc.		229,356		2,775,208
Hansen Medical, Inc.		62,107		112,414
InspireMD, Inc.		132,728		374,293
Insulet Corporation		7,870		307,087
Integra LifeSciences Holdings Corporation		6,176		282,737
Masimo Corporation		3,117		79,857
MELA Sciences, Inc.		631,264		452,932
Meridian Bioscience, Inc.		134,311		3,320,168
Navidea Biopharmaceuticals, Inc.		682,839		1,365,678
NxStage Medical, Inc.		9,117		120,982
OraSure Technologies, Inc.		87,527		570,676
Quidel Corporation		79,885		1,973,159
ResMed, Inc.		3,040		157,290
Rockwell Medical, Inc.		469,367		5,407,108
Solta Medical, Inc.		92,279		170,716
Spectranetics Corporation (The)		20,964		437,938
Stereotaxis, Inc.		362,797		1,585,423
Synergetics USA, Inc.		13,748		57,192
TearLab Corporation		346,400		3,612,952
Unilife Corporation		1,141,530		3,458,836
Uroplasty, Inc.		15,325		46,435
Vermillion, Inc.		12,777		31,176
Volcano Corporation		38,542		738,850
Wright Medical Group, Inc.		5,959		161,906
				36,090,210
Health Care Providers & Services — 0.9%
Acadia Healthcare Company, Inc.		19,528		846,734
Accretive Health, Inc.		57,474		474,735
Air Methods Corporation		32,816		1,434,715
Bio-Reference Laboratories, Inc.		79,614	��	2,580,290
Chemed Corporation		23,602		1,600,688
FAB Universal Corporation		674,707		4,230,413
Healthways, Inc.		30,591		294,591
IPC The Hospitalist Company, Inc.		18,816		1,030,929
Owens & Minor, Inc.		26,127		977,672
Patterson Companies, Inc.		586		24,911
Team Health Holdings, Inc.		1,896		82,362
Universal American Corporation		49,721		368,930

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Health Care — 11.2% (Continued)
Health Care Providers & Services — 0.9% (Continued)
USMD Holdings, Inc.		435	$	12,106
				13,959,076
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.		206,086		2,850,169
Computer Programs and Systems, Inc.		361		20,592
MGT Capital Investment, Inc.		8,381		24,305
Streamline Health Solutions, Inc.		3,595		29,299
				2,924,365
Life Sciences Tools & Services — 0.3%
Accelerate Diagnostics, Inc.		78,116		1,001,447
Apricus Biosciences, Inc.		279,454		539,346
Bioanalytical Systems, Inc.		6,029		11,093
BioDelivery Sciences International, Inc.		152,145		798,761
CombiMatrix Corporation		166,061		459,989
Genetic Technologies Ltd. - ADR		70,962		134,828
Life Technologies Corporation		2,587		194,827
PURE Bioscience, Inc.		59,879		80,238
Sequenom, Inc.		711,218		1,365,539
				4,586,068
Pharmaceuticals — 1.0%
AcelRx Pharmaceuticals, Inc.		155,781		1,046,848
Acura Pharmaceuticals, Inc.		156,634		266,278
Alexza Pharmaceuticals, Inc.		298,969		1,491,855
Ampio Pharmaceuticals, Inc.		238,220		2,105,865
ANI Pharmaceuticals, Inc.		46,691		478,583
Aoxing Pharmaceutical Company, Inc.		11,481		2,711
Aratana Therapeutics, Inc.		6,249		124,730
Auxilium Pharmaceuticals, Inc.		16,490		283,793
AVANIR Pharmaceuticals, Inc. - Class A		72,663		294,285
Cadence Pharmaceuticals, Inc.		30,796		151,824
Columbia Laboratories, Inc.		38,680		278,496
DURECT Corporation		20,263		30,394
Emisphere Technologies, Inc.		4,999		950
Endocyte, Inc.		56,884		593,300
GW Pharmaceuticals plc - ADR		16,072		487,946
IntelliPharmaCeutics International, Inc.		61,706		113,539
Jazz Pharmaceuticals plc		2,194		199,084
Novabay Pharmaceuticals, Inc.		80,822		134,164
NuPathe, Inc.		210,804		354,151
Oculus Innovative Sciences, Inc.		1,767		4,559
Pacira Pharmaceuticals, Inc.		6,207		313,516
Repros Therapeutics, Inc.		132,176		2,384,455
VIVUS, Inc.		362,479		3,403,678

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Health Care — 11.2% (Continued)
Pharmaceuticals — 1.0% (Continued)
XenoPort, Inc.		144,854	$	757,586
Zogenix, Inc.		326,617		956,988
				16,259,578
Industrials — 7.4%
Aerospace & Defense — 0.9%
Ascent Solar Technologies, Inc.		505,545		475,212
Elbit Systems Ltd.		24		1,286
GenCorp, Inc.		299,282		5,027,937
Huntington Ingalls Industries, Inc.		41,143		2,943,782
KEYW Holding Corporation (The)		227,686		2,618,389
LMI Aerospace, Inc.		69,326		1,088,418
National Presto Industries, Inc.		32,552		2,296,544
Taser International, Inc.		10,530		187,118
				14,638,686
Air Freight & Logistics — 0.2%
XPO Logistics, Inc.		155,770		3,143,439

Airlines — 0.0% (a)
AMR Corporation		10,761		79,094
Spirit Airlines, Inc.		49		2,114
US Airways Group, Inc.		13,431		295,079
				376,287
Building Products — 0.1%
Builders FirstSource, Inc.		25,197		186,710
NCI Building Systems, Inc.		126,630		1,827,271
Nortek, Inc.		1,393		97,747
Ply Gem Holdings, Inc.		2,066		30,783
USG Corporation		5,823		159,026
				2,301,537
Commercial Services & Supplies — 0.9%
ACCO Brands Corporation		318,858		1,865,319
Cenveo, Inc.		468,533		1,471,194
China Recycling Energy Corporation		23,454		70,128
Consolidated Graphics, Inc.		1,034		66,269
EnerNOC, Inc.		4,852		80,689
Healthcare Services Group, Inc.		134,474		3,683,243
Heritage-Crystal Clean, Inc.		1,466		25,904
Industrial Services of America, Inc.		21,860		50,278
InnerWorkings, Inc.		175,536		1,679,880
Intersections, Inc.		60,248		516,325
McGrath RentCorp		5,306		189,265
Mobile Mini, Inc.		143		5,165
Quad/Graphics, Inc. - Class A		32,667		1,140,732

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Industrials — 7.4% (Continued)
Commercial Services & Supplies — 0.9% (Continued)
RINO International Corporation		67,543	$	2,026
Standard Register Company (The)		3,708		31,518
Team, Inc.		13,994		521,836
United Stationers, Inc.		44,696		1,986,290
				13,386,061
Construction & Engineering — 0.2%
Aegion Corporation		28,799		590,379
Ameresco, Inc. - Class A		8,416		88,031
Great Lakes Dredge & Dock Company		65,341		530,569
Layne Christensen Company		31,127		601,996
MasTec, Inc.		32,849		1,050,183
				2,861,158
Electrical Equipment — 1.5%
Advanced Battery Technologies, Inc.		596,378		122,258
Altair Nanotechnologies, Inc.		72,700		338,055
Capstone Turbine Corporation		685,947		871,153
China BAK Battery, Inc.		147,694		305,727
China Ming Yang Wind Power Group Ltd. - ADR		243,703		604,383
Coleman Cable, Inc.		14,420		354,732
Digital Power Corporation		712		491
ECOtality, Inc.		270,888		14,086
Encore Wire Corporation		21,055		1,042,854
FuelCell Energy, Inc.		167,557		224,526
Generac Holdings, Inc.		3,246		160,190
General Cable Corporation		14,694		483,873
GrafTech International Ltd.		273,599		2,435,031
Highpower International, Inc.		4,308		12,235
Hydrogenics Corporation		35,048		427,936
Jinpan International Ltd.		8,432		51,604
New Energy Systems Group		9,385		1,314
Ocean Power Technologies, Inc.		134,107		315,151
Plug Power, Inc.		855,346		496,101
Power Solutions International, Inc.		15,230		887,300
PowerSecure International, Inc.		91,162		1,648,209
Real Goods Solar, Inc. - Class A		1,582,086		5,299,988
Regal-Beloit Corporation		11,033		809,050
Revolution Lighting Technologies, Inc.		1,689,397		5,051,297
SolarCity Corporation		18,438		982,377
Trina Solar Ltd. - ADR		19,120		280,490
Ultralife Corporation		3,008		11,731
Yingli Green Energy Holding Company Ltd. - ADR		51,078		306,468
				23,538,610

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Industrials — 7.4% (Continued)
Industrial Conglomerates — 0.0% (a)
Raven Industries, Inc.		20,477	$	683,113

Machinery — 1.9%
American Railcar Industries, Inc.		49,874		2,042,839
Art's-Way Manufacturing Company, Inc.		1,130		6,317
Astec Industries, Inc.		5,440		183,926
Barnes Group, Inc.		640		22,746
Briggs & Stratton Corporation		85,761		1,572,857
China Valves Technology, Inc.		253,770		314,675
CLARCOR, Inc.		32,919		1,925,103
Cleantech Solutions International, Inc.		85,593		492,160
Douglas Dynamics, Inc.		30,817		467,494
EnPro Industries, Inc.		18,984		1,132,775
ESCO Technologies, Inc.		14,285		515,403
ExOne Company (The)		57,449		2,948,857
FreightCar America, Inc.		66,605		1,481,295
Gorman-Rupp Company (The)		188		7,659
Greenbrier Companies, Inc. (The)		66,713		1,770,563
Highway Holdings Ltd.		370		903
Lindsay Corporation		67,485		5,129,535
Navistar International Corporation		119,341		4,315,371
PMFG, Inc.		9,803		76,855
RBC Bearings, Inc.		11,558		795,075
SmartHeat, Inc.		3,811		1,334
Tecumseh Products Company - Class A		329		2,566
Terex Corporation		5,592		195,440
Twin Disc, Inc.		14,889		385,178
voxeljet AG - ADR		3,960		134,957
Wabash National Corporation		64,579		752,991
Westport Innovations, Inc.		109,680		2,569,802
Xerium Technologies, Inc.		4,236		50,790
				29,295,466
Marine — 0.5%
Diana Containerships, Inc.		118,879		492,159
Eagle Bulk Shipping, Inc.		361,537		2,010,146
Excel Maritime Carriers Ltd.		29,770		7,148
FreeSeas, Inc.		49,108		18,170
Genco Shipping & Trading Ltd.		1,388,395		3,707,015
Navios Maritime Partners, L.P.		51,846		810,353
Seanergy Maritime Holdings Corporation		2,089		2,569
Seaspan Corporation		1,721		38,430
				7,085,990

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Industrials — 7.4% (Continued)
Professional Services — 0.5%
Acacia Research Corporation		139,916	$	2,111,332
Advisory Board Company (The)		15,336		1,052,049
CBIZ, Inc.		280,819		2,291,483
Corporate Resource Services, Inc.		14,263		50,919
FTI Consulting, Inc.		11,935		484,322
Hudson Global, Inc.		2,147		6,978
Kelly Services, Inc. - Class A		10,110		210,895
Lightbridge Corporation		123,341		192,412
Mistras Group, Inc.		27,247		500,255
Odyssey Marine Exploration, Inc.		728,101		1,579,979
Spherix, Inc.		9,589		67,315
				8,547,939
Road & Rail — 0.3%
Knight Transportation, Inc.		46,142		783,030
P.A.M. Transportation Services, Inc.		1,877		32,660
Student Transportation, Inc.		64,204		405,127
YRC Worldwide, Inc. - ADR		339,678		3,220,147
				4,440,964
Trading Companies & Distributors — 0.4%
Armco Metals Holdings, Inc.		142,384		65,497
General Finance Corporation		92		534
Houston Wire & Cable Company		7,560		104,857
Kaman Corporation		2,964		110,202
Rush Enterprises, Inc. - Class A		52,015		1,488,669
Titan Machinery, Inc.		174,903		3,085,289
Watsco, Inc.		12,769		1,216,758
				6,071,806
Transportation Infrastructure — 0.0% (a)
Sino-Global Shipping America Ltd.		8,240		14,997

Information Technology — 12.1%
Communications Equipment — 1.1%
Ambient Corporation		2,690		5,407
Aruba Networks, Inc.		66,833		1,253,787
Blackberry Ltd.		51,874		410,323
DragonWave, Inc.		256,168		368,882
EMCORE Corporation		140,130		746,893
Gilat Satellite Networks Ltd.		4,682		24,159
InterDigital, Inc.		30,022		1,163,353
Loral Space & Communications, Inc.		5,147		367,341
NETGEAR, Inc.		329		9,462
Oclaro, Inc.		68,397		139,530
ParkerVision, Inc.		1,247,126		3,417,125

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Information Technology — 12.1% (Continued)
Communications Equipment — 1.1% (Continued)
Procera Networks, Inc.		270,642	$	3,829,584
RIT Technologies Ltd.		11,334		27,202
Riverbed Technology, Inc.		296,966		4,401,036
Telestone Technologies Corporation		454,003		108,961
Ubiquiti Networks, Inc.		46,557		1,796,169
Zoom Technologies, Inc.		180,953		59,714
ZST Digital Networks, Inc.		167,237		292,665
				18,421,593
Computers & Peripherals — 1.2%
3D Systems Corporation		25,044		1,558,739
Avid Technology, Inc.		83,075		618,909
Diebold, Inc.		85,078		2,548,937
Fusion-io, Inc.		704,600		7,574,450
Hauppauge Digital, Inc.		65,576		23,148
Imation Corporation		15,539		72,256
Logitech International, S.A.		255,343		2,627,479
OCZ Technology Group, Inc.		2,403,147		2,667,493
SMART Technologies, Inc. - Class A		79,415		211,244
Synaptics, Inc.		3,234		150,381
USA Technologies, Inc.		252,642		482,546
Violin Memory, Inc.		8,986		59,757
				18,595,339
Electronic Equipment, Instruments & Components — 1.1%
Audience, Inc.		7,404		84,554
ClearSign Combustion Corporation		67,738		510,744
Cognex Corporation		35,283		1,102,594
Coherent, Inc.		2,154		142,573
Digital Ally, Inc.		42,784		388,479
Document Security Systems, Inc.		467,367		542,146
DTS, Inc.		73,555		1,471,100
Electro Scientific Industries, Inc.		13,952		167,145
InvenSense, Inc.		75,336		1,272,425
IPG Photonics Corporation		5,645		374,094
Itron, Inc.		19,609		836,716
KEMET Corporation		3,765		21,348
Magal Security Systems Ltd.		824		2,727
Mercury Systems, Inc.		42,485		391,712
Microvision, Inc.		297,259		475,614
MTS Systems Corporation		7,792		508,973
National Instruments Corporation		12,332		358,245
Neonode, Inc.		361,645		1,956,499
Parametric Sound Corporation		91,712		1,374,763
RealD, Inc.		194,126		1,343,352

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Information Technology — 12.1% (Continued)
Electronic Equipment, Instruments & Components — 1.1% (Continued)
Research Frontiers, Inc.		43,794	$	211,087
Rofin-Sinar Technologies, Inc.		674		17,692
Speed Commerce, Inc.		29,898		109,726
Superconductor Technologies, Inc. - ADR		68,381		123,086
Taitron Components, Inc. - Class A		115		119
Uni-Pixel, Inc.		191,053		3,142,822
				16,930,335
Internet Software & Services — 1.6%
21Vianet Group, Inc. - ADR		3,492		62,856
Angie's List, Inc.		131,197		1,848,566
Bankrate, Inc.		5,459		91,930
Bazaarvoice, Inc.		151,571		1,421,736
Blucora, Inc.		41,430		978,991
Carbonite, Inc.		29,695		393,162
ChinaCache International Holdings Ltd. - ADR		75,448		515,310
Constant Contact, Inc.		10,507		272,236
Dice Holdings, Inc.		91,911		678,303
Digital River, Inc.		3,534		63,047
E2open, Inc.		18,592		418,320
Gogo, Inc.		52,542		979,383
Innodata, Inc.		3,176		7,622
Internap Network Services Corporation		28,096		204,258
Ku6 Media Company Ltd. - ADR		59,621		144,879
Liquidity Services, Inc.		142,415		3,718,456
LiveDeal, Inc.		14,553		43,368
Local Corporation		237,218		469,692
Marin Software, Inc.		40,614		470,716
MeetMe, Inc.		632,119		1,384,341
Millennial Media, Inc.		33,532		235,730
Monster Worldwide, Inc.		161,618		698,190
OpenTable, Inc.		6,847		475,730
Phoenix New Media Ltd. - ADR		44,025		395,345
Piksel, Inc. - Series A-2 (b)		346,880		—
Points International Ltd.		5,081		108,022
Professional Diversity Network, Inc.		90		446
QuinStreet, Inc.		7,772		69,093
Rediff.com India Ltd. - ADR		57,611		135,962
Renren, Inc. - ADR		26,178		86,649
Responsys, Inc.		10,354		169,184
SciQuest, Inc.		89,347		1,951,338
Sify Technologies Ltd. - ADR		4,877		9,510
Sohu.com, Inc.		3,178		212,799

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Information Technology — 12.1% (Continued)
Internet Software & Services — 1.6% (Continued)
SouFun Holdings Ltd. - ADR		8,775	$	467,093
StarTek, Inc.		3,124		19,556
Trulia, Inc.		5,889		235,383
ValueClick, Inc.		58,740		1,128,395
Velti plc		1,142,534		308,141
Vistaprint N.V.		59,162		3,197,706
Vocus, Inc.		142,098		1,229,148
Web.com Group, Inc.		3,412		91,953
YY, Inc. - ADR		14,957		735,436
Zillow, Inc.		2,539		202,181
				26,330,162
IT Services — 1.5%
Acorn Energy, Inc.		183,727		690,814
Bitauto Holdings Ltd. - ADR		29,385		720,226
Blackhawk Network Holdings, Inc.		46,966		1,073,643
Booz Allen Hamilton Holding Corporation		1,323		26,195
CACI International, Inc.		34,493		2,482,806
Cass Information Systems, Inc.		6,844		392,367
CGI Group, Inc. - Class A		12,201		409,466
China Information Technology, Inc.		71,589		327,162
CIBER, Inc.		356,839		1,159,727
Convergys Corporation		8,118		160,249
Forrester Research, Inc.		7,431		288,397
Heartland Payment Systems, Inc.		60,324		2,440,106
Helios and Matheson Analytics, Inc.		1,378		7,496
Higher One Holdings, Inc.		404,170		3,213,151
JetPay Corporation		607		1,542
Lionbridge Technologies, Inc.		13,725		59,841
ManTech International Corporation - Class A		60,651		1,694,589
QIWI plc - ADR		6,233		252,312
Unisys Corporation		63,212		1,665,636
VeriFone Systems, Inc.		281,981		6,389,689
WEX, Inc.		3,560		332,326
WPCS International, Inc.		3,572		7,144
				23,794,884
Semiconductors & Semiconductor Equipment — 2.9%
Advanced Energy Industries, Inc.		7,048		147,162
Advanced Micro Devices, Inc.		392,355		1,310,466
Applied Micro Circuits Corporation		282,693		3,296,200
Cabot Microelectronics Corporation		22,954		938,589
Camtek Ltd.		6,647		12,164
China Sunergy Company Ltd. - ADR		274,308		2,024,393
CVD Equipment Corporation		55,529		621,925

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Information Technology — 12.1% (Continued)
Semiconductors & Semiconductor Equipment — 2.9% (Continued)
Cypress Semiconductor Corporation		416,039	$	3,860,842
Daqo New Energy Corporation - ADR		14,216		443,966
DayStar Technologies, Inc.		11,915		2,979
EZchip Semiconductor Ltd.		11,225		290,728
GT Advanced Technologies, Inc.		159,393		1,195,447
Hanwha SolarOne Company Ltd. - ADR		102,091		443,075
Himax Technologies, Inc. - ADR		106,497		1,031,956
JA Solar Holdings Company Ltd. - ADR		19,974		192,549
JinkoSolar Holding Company Ltd. - ADR		23,431		527,666
Kopin Corporation		25,303		92,862
LDK Solar Company Ltd. - ADR		690,532		932,218
Mindspeed Technologies, Inc.		191,108		552,302
MKS Instruments, Inc.		44,318		1,313,586
MoSys, Inc.		25,786		113,458
Nanometrics, Inc.		42,903		797,138
OmniVision Technologies, Inc.		9,104		127,547
Photronics, Inc.		316,578		2,659,255
Pixelworks, Inc.		90,151		408,384
QuickLogic Corporation		232,617		895,575
Rambus, Inc.		34,065		297,728
ReneSola Ltd. - ADR		61,889		269,217
Rubicon Technology, Inc.		430,786		3,704,760
Rudolph Technologies, Inc.		194,052		2,056,951
Spansion, Inc.		64,294		769,599
STR Holdings, Inc.		17,422		34,670
SunEdison, Inc.		708,904		6,592,807
SunPower Corporation		89,850		2,712,572
Suntech Power Holdings Company Ltd. - ADR		169,397		233,768
Tessera Technologies, Inc.		109,398		2,080,750
Tower Semiconductor Ltd.		12,131		58,229
Transwitch Corporation		10,326		2,117
Ultratech, Inc.		107,015		2,545,887
				45,591,487
Software — 2.7%
ACI Worldwide, Inc.		18,505		1,019,996
Advent Software, Inc.		12,103		406,056
Allot Communications Ltd.		14,575		196,471
American Software, Inc. - Class A		5,435		47,556
AsiaInfo-Linkage, Inc.		30,023		348,267
Blackbaud, Inc.		348		12,528
BluePhoenix Solutions Ltd.		1,006		4,326
Bottomline Technologies, Inc.		43,191		1,357,061

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Information Technology — 12.1% (Continued)
Software — 2.7% (Continued)
BroadSoft, Inc.		16,788	$	549,303
Changyou.com Ltd. - ADR		7,743		214,946
Cyan, Inc.		5,161		24,308
Ebix, Inc.		600,495		6,833,633
Fleetmatics Group plc		3,163		100,425
Fortinet, Inc.		224,215		4,508,964
Future Healthcare of America		50,776		8,632
Glu Mobile, Inc.		1,578,708		5,367,607
Infoblox, Inc.		6,863		305,060
Jive Software, Inc.		72,932		794,230
Magic Software Enterprises Ltd.		84,115		519,831
Majesco Entertainment Company		259,328		157,308
Mitek Systems, Inc.		377,211		1,995,446
NQ Mobile, Inc. - ADR		49,795		717,048
Progress Software Corporation		40,325		1,046,837
PTC, Inc.		2,635		73,042
RealPage, Inc.		10,465		256,707
Rovi Corporation		9,413		157,762
Shanda Games Ltd. - ADR		25,619		113,236
Sky-mobi Ltd. - ADR		85,190		322,870
Tangoe, Inc.		34,965		667,832
Top Image Systems Ltd.		14,796		59,332
Trunkbow International Holdings Ltd.		1,755		1,895
Tyler Technologies, Inc.		4,457		431,037
VirnetX Holding Corporation		325,664		7,079,935
Voltari Corporation		77,047		365,973
Vringo, Inc.		1,644,898		4,638,612
Wave Systems Corporation - Class A		227,745		309,733
Zynga, Inc. - Class A		401,137		1,440,082
				42,453,887
Materials — 4.1%
Chemicals — 1.1%
Advanced Emissions Solutions, Inc.		1,473		55,635
American Vanguard Corporation		6,487		169,311
China Gengsheng Minerals, Inc.		71,852		17,273
China Green Agriculture, Inc.		129,983		512,133
Clean Diesel Technologies, Inc.		149,298		207,524
Cytec Industries, Inc.		52,124		4,330,983
Flotek Industries, Inc.		90,656		1,938,225
Gulf Resources, Inc.		291,862		653,771
Hawkins, Inc.		244		8,787
Intrepid Potash, Inc.		296,405		4,401,614
Kronos Worldwide, Inc.		36,776		570,396

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Materials — 4.1% (Continued)
Chemicals — 1.1% (Continued)
OM Group, Inc.		3,103	$	105,502
PolyOne Corporation		88,974		2,695,912
Sensient Technologies Corporation		2,105		109,734
Tredegar Corporation		24,456		714,604
Valhi, Inc.		1,302		23,918
Zoltek Companies, Inc.		68,897		1,150,580
				17,665,902
Construction Materials — 0.0% (a)
Texas Industries, Inc.		6,786		364,408
US Concrete, Inc.		3,320		72,542
				436,950
Metals & Mining — 2.6%
A.M. Castle & Company		69,475		994,187
AK Steel Holding Corporation		1,285,635		5,656,794
Allied Nevada Gold Corporation		996,525		4,065,822
AMCOL International Corporation		56,938		1,826,571
Atlatsa Resources Corporation		186,712		77,803
Avalon Rare Metals, Inc.		251,247		203,510
Avino Silver & Gold Mines Ltd.		111		128
China Gerui Advanced Materials Group Ltd.		6,011		8,716
China Natural Resources, Inc.		4,498		19,701
China Precision Steel, Inc.		31,377		38,908
China Shen Zhou Mining & Resources, Inc.		123,871		9,897
Coeur Mining, Inc.		9,116		111,306
Compass Minerals International, Inc.		3,982		296,540
Comstock Mining, Inc.		29,554		51,424
General Steel Holdings, Inc.		116,261		103,868
Gold Reserve, Inc.		6,207		21,452
Gold Resource Corporation		1,039		5,392
Golden Minerals Company		45,566		35,086
Golden Star Resources Ltd.		597,268		288,480
Great Northern Iron Ore Properties		5,127		362,223
Hecla Mining Company		140,694		438,965
Horsehead Holding Corporation		176,008		2,553,876
Jaguar Mining, Inc.		680,115		119,700
Kaiser Aluminum Corporation		4,486		302,581
Mesabi Trust		15,544		357,201
Midway Gold Corporation		82,304		77,366
Molycorp, Inc.		849,192		4,305,403
North American Palladium Ltd.		447,498		393,798
Olympic Steel, Inc.		9,146		250,326
Polymet Mining Corporation		247,997		189,718
Prospect Global Resources, Inc.		23,828		53,613

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Materials — 4.1% (Continued)
Metals & Mining — 2.6% (Continued)
Revett Minerals, Inc.		1,200	$	778
Royal Gold, Inc.		13,956		670,446
RTI International Metals, Inc.		25,353		859,467
Schnitzer Steel Industries, Inc. - Class A		41,333		1,200,310
Seabridge Gold, Inc.		43,185		408,098
Silver Bull Resources, Inc.		153,453		54,476
SinoCoking Coal and Coke Chemical Industries, Inc.		133,689		168,448
Stillwater Mining Company		126,651		1,381,762
Tahoe Resources, Inc.		13,763		263,562
Tanzanian Royalty Exploration Corporation		239,499		567,613
Thompson Creek Metals Company, Inc.		504,810		1,620,440
Turquoise Hill Resource Ltd.		243,020		1,171,356
United States Antimony Corporation		72,799		115,022
United States Steel Corporation		49,275		1,226,455
Universal Stainless & Alloy Products, Inc.		6,711		216,900
Walter Energy, Inc.		480,408		7,633,683
Western Copper and Gold Corporation		3,015		2,225
				40,781,396
Paper & Forest Products — 0.4%
Domtar Corporation		51,122		4,330,545
Mercer International, Inc.		17,128		137,024
Orient Paper, Inc.		172,604		372,825
Resolute Forest Products, Inc.		110,667		1,769,565
Wausau Paper Corporation		11,114		130,034
				6,739,993
Telecommunication Services — 0.9%
Diversified Telecommunication Services — 0.5%
8x8, Inc.		53,472		612,789
Consolidated Communications Holdings, Inc.		5,927		110,420
Elephant Talk Communications Corporation		442,776		270,093
Fairpoint Communications, Inc.		110,975		1,036,507
Globalstar, Inc.		29,902		41,564
Hawaiian Telcom Holdco, Inc.		6,380		169,580
Iridium Communications, Inc.		133,120		802,714
magicJack VocalTec Ltd.		375,909		4,240,254
NTS, Inc.		1,982		3,865
Otelco, Inc. - Class A		608		4,955
Radcom Ltd.		56,983		253,574
Towerstream Corporation		219,386		526,526
				8,072,841
Wireless Telecommunication Services — 0.4%
Boingo Wireless, Inc.		59,869		405,912
Leap Wireless International, Inc.		269,710		4,342,331

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 63.5% (Continued)	Shares		Value
Telecommunication Services — 0.9%(Continued)
Wireless Telecommunication Services — 0.4% (Continued)
NII Holdings, Inc.		196,822	$	677,068
NTELOS Holdings Corporation		24,187		460,521
USA Mobility, Inc.		27,496		410,240
				6,296,072
Utilities — 1.2%
Electric Utilities — 0.3%
Empire District Electric Company (The)		38,584		867,754
IDACORP, Inc.		806		41,590
MGE Energy, Inc.		208		11,712
NRG Yield, Inc. - Class A		8,721		308,898
Otter Tail Corporation		74,497		2,222,246
Portland General Electric Company		28,675		822,972
				4,275,172
Gas Utilities — 0.4%
AmeriGas Partners, L.P.		5,264		237,248
Atmos Energy Corporation		6,999		309,846
China Natural Gas, Inc.		185,129		101,821
Ferrellgas Partners, L.P.		104,694		2,393,305
Laclede Group, Inc. (The)		6,042		284,397
Northwest Natural Gas Company		42,436		1,842,995
Piedmont Natural Gas Company, Inc.		22,006		751,285
RGC Resources, Inc.		48		893
South Jersey Industries, Inc.		13,132		782,011
				6,703,801
Independent Power Producers & Energy Traders — 0.3%
American DG Energy, Inc.		30,879		46,627
Atlantic Power Corporation		552,863		2,482,355
Dynegy, Inc.		16,091		312,648
Ormat Technologies, Inc.		60,538		1,578,226
U.S. Geothermal, Inc.		240,378		105,766
				4,525,622
Multi-Utilities — 0.2%
Just Energy Group, Inc.		435,158		3,093,973
NorthWestern Corporation		15,516		711,254
				3,805,227
Water Utilities — 0.0% (a)
Consolidated Water Company Ltd.		15,295		230,037

Total Common Stocks (Proceeds $1,169,109,110)			$	1,004,606,619

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

PREFERRED STOCKS — 0.0% (a)		Shares				Value
Cabco Trust for J. C. Penney, 7.625% (Proceeds $93,092)			4,878			$	80,633

OTHER INVESTMENTS — 14.3%	Shares		Value
iPath S&P 500 VIX Mid-Term Futures ETN		394,700	$	7,128,282
iPath S&P 500 VIX Short-Term Futures ETN		2,221,946		28,729,762
SPDR S&P 500 ETF Trust		180,100		31,648,973
Vanguard S&P 500 ETF		992,480		159,670,182
Total Other Investments (Proceeds $224,736,410)			$	227,177,199

WARRANTS — 0.0% (a)	Shares		Value
American International Group, Inc.		854	$	18,216
Magnum Hunter Resources Corporation (b)		15,689		—
Total Warrants (Proceeds $14,295)			$	18,216

Total Securities Sold Short — 77.8% (Proceeds $1,393,952,907)			$	1,231,882,667

ADR - American Depositary Receipt.

(a)	Percentage rounds to less than 0.1%.

(b)	Security value has been determined in good faith by the Board of Trustees. The total value of such securities is ($1,973) at October 31, 2013, representing (0.0%)(a) of net assets (Note 2).

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS

October 31, 2013

WRITTEN OPTION CONTRACTS	Expiration Date	Strike Price		Contracts		Value of Options		Premiums Received
Call Option Contracts
Crude Oil Future 11/20/2013	11/15/2013	$	106.00		1	$	30	$	290
iShares MSCI Emerging Market	11/16/2013		45.00		50		300		573
iShares MSCI Emerging Market	11/16/2013		45.50		325		975		1,776
SPDR S&P 500 ETF Trust	11/16/2013		179.00		100		3,500		3,046
SPDR S&P 500 ETF Trust	11/16/2013		180.00		175		3,325		3,756
SPDR S&P 500 ETF Trust	11/16/2013		181.00		100		900		1,247
							9,030		10,688
Put Option Contracts
Crude Oil Future 11/20/2013	11/15/2013		92.50		1		430		320
iShares MSCI Emerging Market	11/16/2013		40.00		250		2,500		2,629
iShares MSCI Emerging Market	11/16/2013		40.50		125		1,625		1,725
SPDR S&P 500 ETF Trust	11/16/2013		165.00		150		1,800		4,720
SPDR S&P 500 ETF Trust	11/16/2013		166.00		75		1,125		2,810
SPDR S&P 500 ETF Trust	11/16/2013		167.00		150		2,550		6,669
							10,030		18,873

Total Written Option Contracts						$	19,060	$	29,561

See accompanying notes to financial statements.

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS*

October 31, 2013

COMMON STOCKS — 98.2%	Shares		Value
Consumer Discretionary — 15.1%
Federal-Mogul Corporation (a)		19,290	$	395,252
Marcus Corporation		16,439		236,064
MDC Partners, Inc.		9,564		294,858
Tower International, Inc. (a)		13,146		278,958
Winnebago Industries, Inc. (a)		12,480		370,157
Other Consumer Discretionary (b)				10,653,198
				12,228,487
Consumer Staples — 3.8%
Coca-Cola Bottling Company Consolidated		3,826		242,262
Pantry, Inc. (The) (a)		18,699		250,380
Other Consumer Staples (b)				2,561,917
				3,054,559
Energy — 7.7%
Gastar Exploration Ltd. (a)		64,311		277,824
Hercules Offshore, Inc. (a)		44,056		299,581
Penn Virginia Corporation (a)		30,928		263,197
Stone Energy Corporation (a)		6,803		237,153
Triangle Petroleum Corporation (a)		39,884		421,574
Other Energy (b)				4,746,933
				6,246,262
Financials — 16.9%
AMERISAFE, Inc.		6,704		258,104
FBR & Company (a)		10,497		278,171
Navigators Group, Inc. (The) (a)		4,452		250,380
Selective Insurance Group, Inc.		10,091		265,091
Sterling Bancorp		16,555		244,186
Other Financials (b)				12,387,603
				13,683,535
Health Care — 14.7%
AMN Healthcare Services, Inc. (a)		21,443		265,893
AngioDynamics, Inc. (a)		19,200		301,824
Cambrex Corporation (a)		14,344		241,266
Hi-Tech Pharmacal Company, Inc.		7,830		337,395
Lannett Company, Inc. (a)		11,790		278,362
LifePoint Hospitals, Inc. (a)		7,351		379,606
Magellan Health Services, Inc. (a)		6,165		361,886
Omnicell, Inc. (a)		14,241		328,540
Prothena Corporation plc (a)		10,092		242,612
Sagent Pharmaceuticals, Inc. (a)		14,417		312,705
VCA Antech, Inc. (a)		12,565		357,474
Other Health Care (b)				8,476,512
				11,884,075

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 98.2% (Continued)	Shares		Value
Industrials — 15.2%
ARC Document Solutions, Inc. (a)		38,210	$	238,430
Dycom Industries, Inc. (a)		12,111		359,091
EMCOR Group, Inc.		9,390		347,993
Furmanite Corporation (a)		22,433		252,371
Mueller Water Products, Inc. - Class A		44,619		382,385
Patrick Industries, Inc. (a)		8,332		260,625
Powell Industries, Inc. (a)		4,217		264,954
US Ecology, Inc.		6,675		237,296
Other Industrials (b)				9,984,606
				12,327,751
Information Technology — 18.0%
iGATE Corporation (a)		14,214		452,574
Insight Enterprises, Inc. (a)		12,111		255,179
Intersil Corporation - Class A		34,027		379,741
Lender Processing Services, Inc.		10,914		376,751
MoneyGram International, Inc. (a)		12,649		267,020
PDF Solutions, Inc. (a)		12,910		296,543
Perficient, Inc. (a)		13,420		242,768
QLogic Corporation (a)		19,259		237,849
ScanSource, Inc. (a)		9,121		350,794
ShoreTel, Inc. (a)		57,519		457,276
Verint Systems, Inc. (a)		10,017		365,821
Other Information Technology (b)				10,904,776
				14,587,092
Materials — 4.3%
H.B. Fuller Company		7,693		368,264
Neenah Paper, Inc.		6,966		286,581
P.H. Glatfelter Company		12,152		318,383
Other Materials (b)				2,497,958
				3,471,186
Telecommunication Services — 1.0%
Other Telecommunication Services (b)				838,382

Utilities — 1.5%
Other Utilities (b)				1,214,901

Total Common Stocks (Cost $73,085,808)			$	79,536,230

OTHER INVESTMENTS — 0.2%	Shares		Value
Other Investments (Cost $169,210)(b)			$	162,471

TFS SMALL CAP FUND

SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

MONEY MARKET FUNDS — 1.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $876,642)		876,642	$	876,642

Total Investments at Value — 99.5% (Cost $74,131,660)			$	80,575,343

Other Assets in Excess of Liabilities — 0.5%				413,908

Net Assets — 100.0%			$	80,989,251

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

(a)	Non-income producing security.

(b)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2013.

(c)	The rate shown is the 7-day effective yield as of October 31, 2013.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

U.S. TREASURY OBLIGATIONS (a) — 22.2%	Par Value		Value
U.S. Treasury Bills,
0.020%, due 02/20/2014	$	3,750,000	$	3,749,453
0.006%, due 03/06/2014		5,250,000		5,248,997
0.086%, due 03/20/2014		3,150,000		3,149,332
0.050%, due 04/03/2014		3,000,000		2,999,268
Total U.S. Treasury Obligations (Cost $15,147,976)			$	15,147,050

MONEY MARKET FUNDS — 64.1%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.03% (b)		7,924,657	$	7,924,657
Fidelity Institutional Money Market Portfolio - Class I, 0.04% (b)		17,426,623		17,426,623
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.06% (b)		8,426,250		8,426,250
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.06% (b)		772,690		772,690
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		770,967		770,967
Vanguard Prime Money Market Fund - Investor Shares, 0.01% (b)		8,419,351		8,419,351
Total Money Market Funds (Cost $43,740,538)			$	43,740,538

Total Investments at Value — 86.3% (Cost $58,888,514)			$	58,887,588

Other Assets in Excess of Liabilities — 13.7%				9,362,000	(c)

Net Assets — 100.0%			$	68,249,588

(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 October 31, 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

October 31, 2013

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	12/03/2013		2	$	61,200	$	(550	)
Butter Cash Future	02/04/2014		5		149,500		1,991
Class III Milk Future	12/03/2013		8		300,800		14,498
Cocoa Future	12/13/2013		36		963,720		(753	)
Ethanol Future	12/04/2013		41		1,968,984		(34,707	)
Frozen Concentrate Orange Juice Future	01/10/2014		56		1,028,160		9,972
Hard Red Winter Wheat Future	12/13/2013		121		4,480,025		(62,461	)
NY Harbor ULSD Future	11/29/2013		5		620,865		9,077
Oats Future	12/13/2013		136		2,245,700		49,861
Palladium Future	12/27/2013		2		147,600		(2,680	)
Platinum Future	01/29/2014		5		362,600		(6,857	)
Rough Rice Future	01/14/2014		20		604,200		(16,474	)
Soybean Future	01/14/2014		13		823,063		(13,797	)
Soybean Meal Future	12/13/2013		135		5,448,600		(122,372	)
Sugar No. 11 Future	02/28/2014		108		2,215,987		(17,009	)

Total Futures Contracts				$	21,421,004	$	(192,261	)

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

October 31, 2013

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	12/31/2013		1	$	29,800	$	(653	)
Butter Cash Future	03/04/2014		1		30,000		(1,328	)
Class III Milk Future	12/31/2013		15		550,500		(8,461	)
Coffee Future	12/18/2013		9		355,725		5,112
Copper Future	12/27/2013		8		659,500		(3,981	)
Corn Future	12/13/2013		52		1,113,450		48,636
Cotton No. 2 Future	12/06/2013		19		733,210		43,570
Crude Oil Future	11/20/2013		1		96,300		3,488
Feeder Cattle Future	11/21/2013		7		575,312		11,481
Feeder Cattle Future	01/30/2014		10		821,000		12,522
Gasoline Future	11/29/2013		1		108,658		103
Gold Future	12/27/2013		3		397,440		(547	)
Lean Hogs Future	12/13/2013		36		1,283,760		14,291
Live Cattle Future	12/31/2013		17		904,230		(3,467	)
Lumber Future	01/15/2014		58		2,363,790		(96,388	)
Natural Gas Future	11/26/2013		52		1,864,200		121,199
Natural Gas Future	12/27/2013		9		329,760		25,069
Red Spring Wheat Future	12/13/2013		45		1,643,063		14,792
Silver Future	12/27/2013		4		438,700		(4,384	)
Soybean Oil Future	12/13/2013		173		4,290,054		(14,582	)
Wheat Future	12/13/2013		88		2,937,000		46,189
Total Commodity Futures					21,525,452		212,661

FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/19/2013		195		2,835,300		266,940
CBOE Volatility Index (VIX) Future	12/17/2013		211		3,285,270		213,637
E-Mini S&P 500 Future	12/20/2013		318		27,896,550		(653,339	)
Total Financial Futures					34,017,120		(172,762	)

Total Futures Contracts Sold Short				$	55,542,572	$	39,899

See accompanying notes to financial statements.

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2013

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	1,377,003,833		$	74,131,660		$	58,888,514
At value (Note 2)	$	1,559,511,650		$	80,575,343		$	58,887,588
Cash		55			—			1,330,000
Deposits with brokers for short positions (Note 2)		1,273,919,986			—			—
Margin deposits for futures contracts (Notes 2 and 5)		—			—			8,351,718
Variation margin receivable (Notes 2 and 5)		—			—			705,414
Unrealized appreciation on forward currency exchange contracts (Notes 2 and 5)		—			—			107,151
Dividends and interest receivable		603,981			16,862			1,597
Receivable for investment securities sold		236,589,148			10,012,586			—
Receivable for capital shares sold		1,259,767			160,670			53,073
Other assets		42,989			12,267			13,568
TOTAL ASSETS		3,071,927,576			90,777,728			69,450,109

LIABILITIES
Securities sold short, at value (Note 2) (proceeds $1,393,952,907)		1,231,882,667			—			—
Written options, at value (Notes 2 and 5) (proceeds $29,561)		19,060			—			—
Variation margin payable (Notes 2 and 5)		—			—			875,778
Unrealized depreciation on forward currency exchange contracts (Notes 2 and 5)		—			—			12,817
Dividends payable on securities sold short (Note 2)		290,646			—			—
Payable for investment securities purchased		242,761,692			9,584,687			—
Payable for capital shares redeemed		7,312,793			83,209			181,233
Payable to Adviser (Note 4)		3,048,088			91,740			110,342
Payable to administrator (Note 4)		160,450			12,625			12,425
Accrued brokerage expense on securities sold short (Note 2)		3,561,237			—			—
Other accrued expenses and liabilities		94,228			16,216			7,926
TOTAL LIABILITIES		1,489,130,861			9,788,477			1,200,521

NET ASSETS	$	1,582,796,715		$	80,989,251		$	68,249,588

Net assets consist of:
Paid-in capital	$	1,443,115,523		$	59,253,541		$	75,902,995
Accumulated net investment income (loss)		1,188,427			(46,834	)		(2,045,004	)
Accumulated net realized gains (losses) from security transactions and other financial instruments		(206,095,797	)		15,338,861			(5,549,449	)
Net unrealized appreciation (depreciation) on:
Investments		182,507,817			6,443,683			(926	)
Short positions		162,070,240			—			—
Option contracts		10,501			—			—
Futures contracts		—			—			(152,362	)
Translation of assets and liabilities in foreign currencies		4			—			94,334
Net assets	$	1,582,796,715		$	80,989,251		$	68,249,588

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		97,753,884			5,101,869			6,870,670

Net asset value, redemption price and offering price per share (a) (Note 2)	$	16.19		$	15.87		$	9.93

*	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.

TFS CAPITAL INVESTMENT TRUST

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2013

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	36,092,929		$	1,115,475		$	57,323
Foreign tax withholding		(88,225	)		(426	)		—
Interest		1,448			85			19,642
TOTAL INVESTMENT INCOME		36,006,152			1,115,134			76,965

EXPENSES
Brokerage expense on securities sold short (Note 2)		93,344,448			—			—
Investment advisory fees (Note 4)		40,425,505			769,199			2,234,323
Dividend expense on securities sold short (Note 2)		19,397,768			—			—
Administration fees (Note 4)		1,025,165			60,015			84,169
Accounting services fees (Note 4)		606,473			43,955			61,715
Custodian fees		450,217			52,371			30,124
Transfer agent fees (Note 4)		328,110			32,811			38,415
Professional fees		89,198			39,227			51,578
Registration and filing fees		62,540			27,434			55,396
Pricing fees		105,687			17,133			2,038
Trustees’ fees and expenses (Note 4)		28,513			28,513			28,513
Postage and supplies		51,502			6,912			8,353
Compliance service fees and expenses (Note 4)		40,171			11,714			12,594
Printing of shareholder reports		34,959			5,903			7,135
Insurance expense		37,928			2,039			2,057
Borrowing costs (Note 5)		28,635			1,089			—
Other expenses		27,125			12,992			11,996
TOTAL EXPENSES		156,083,944			1,111,307			2,628,406
Investment advisory fee reductions (Note 4)		—			(33,364	)		(58,934	)
NET EXPENSES		156,083,944			1,077,943			2,569,472
NET INVESTMENT INCOME (LOSS)		(120,077,792	)		37,191			(2,492,507	)

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT, OPTION AND FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		423,147,517			16,812,788			9,291
Securities sold short		(308,876,468	)		—			—
Option contracts		860,815			—			—
Futures contracts		—			—			(5,414,738	)
Foreign currency transactions		26,798			—			(1,151,993	)
Net change in unrealized appreciation (depreciation) on:
Investments		128,317,841			5,193,135			(574	)
Securities sold short		(21,298,881	)		—			—
Option contracts		10,501			—			—
Futures contracts		—			—			(395,828	)
Foreign currency translation		(36,928	)		—			94,334
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		222,151,195			22,005,923			(6,859,508	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	102,073,403		$	22,043,114		$	(9,352,015	)

*	Consolidated financial statement (Note 1).

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2013			Year Ended October 31, 2012
FROM OPERATIONS
Net investment loss	$	(120,077,792	)	$	(116,533,594	)
Net realized gains (losses) from:
Investments		423,147,517			214,856,225
Securities sold short		(308,876,468	)		(64,020,799	)
Option contracts		860,815			—
Foreign currency transactions		26,798			(30,004	)
Net change in unrealized appreciation (depreciation) on:
Investments		128,317,841			(25,378,884	)
Securities sold short		(21,298,881	)		115,098,579
Option contracts		10,501			—
Foreign currency translation		(36,928	)		36,951
Net increase in net assets from operations		102,073,403			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		480,118,243			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)		170,982			131,452
Payments for shares redeemed		(788,868,625	)		(622,266,606	)
Net decrease in net assets from capital share transactions		(308,579,400	)		(68,300,009	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(206,505,997	)		27,037,526

NET ASSETS
Beginning of year		1,789,302,712			1,762,265,186
End of year	$	1,582,796,715		$	1,789,302,712

ACCUMULATED NET INVESTMENT INCOME (LOSS)	$	1,188,427		$	(14,140,543	)

CAPITAL SHARE ACTIVITY
Shares sold		30,497,892			35,586,827
Shares issued in reinvestment of distributions to shareholders		—			1,500,766
Shares redeemed		(50,204,897	)		(41,952,004	)
Net decrease in shares outstanding		(19,707,005	)		(4,864,411	)
Shares outstanding, beginning of year		117,460,889			122,325,300
Shares outstanding, end of year		97,753,884			117,460,889

See accompanying notes to financial statements.

TFS SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2013			Year Ended October 31, 2012
FROM OPERATIONS
Net investment income (loss)	$	37,191		$	(13,134	)
Net realized gains from investments		16,812,788			8,201,572
Net change in unrealized appreciation (depreciation) on investments		5,193,135			(2,322,308	)
Net increase in net assets from operations		22,043,114			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		29,460,786			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)		7,160			7,846
Payments for shares redeemed		(19,313,493	)		(19,655,848	)
Net increase (decrease) in net assets from capital share transactions		18,059,408			(6,947,048	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		30,916,419			(1,201,059	)

NET ASSETS
Beginning of year		50,072,832			51,273,891
End of year	$	80,989,251		$	50,072,832

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(46,834	)	$	—

CAPITAL SHARE ACTIVITY
Shares sold		2,133,863			973,223
Shares issued in reinvestment of distributions to shareholders		689,884			7,934
Shares redeemed		(1,415,761	)		(1,535,278	)
Net increase (decrease) in shares outstanding		1,407,986			(554,121	)
Shares outstanding, beginning of year		3,693,883			4,248,004
Shares outstanding, end of year		5,101,869			3,693,883

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND

STATEMENTS OF CHANGES IN NET ASSETS*

	Year Ended October 31, 2013			Period Ended October 31, 2012(a)
FROM OPERATIONS
Net investment loss	$	(2,492,507	)	$	(954,603	)
Net realized gains (losses) from:
Investments		9,291			670
Futures contracts		(5,414,738	)		2,987,877
Foreign currency transactions		(1,151,993	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(574	)		(352	)
Futures contracts		(395,828	)		243,466
Foreign currency translation		94,334			—
Net increase (decrease) in net assets from operations		(9,352,015	)		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		82,353,356			115,630,089
Net asset value of shares issued in reinvestment of distributions to shareholders		2,091,788			—
Proceeds from redemption fees collected (Note 2)		48,752			5,865
Payments for shares redeemed		(117,862,869	)		(4,372,063	)
Net increase (decrease) in net assets from capital share transactions		(33,368,973	)		111,263,891

TOTAL INCREASE (DECREASE) IN NET ASSETS		(45,291,361	)		113,540,949

NET ASSETS
Beginning of period		113,540,949			—
End of period	$	68,249,588		$	113,540,949

ACCUMULATED NET INVESTMENT LOSS	$	(2,045,004	)	$	(954,603	)

CAPITAL SHARE ACTIVITY
Shares sold		7,753,379			10,688,187
Shares issued in reinvestment of distributions to shareholders		192,969			—
Shares redeemed		(11,358,461	)		(405,404	)
Net increase (decrease) in shares outstanding		(3,412,113	)		10,282,783
Shares outstanding, beginning of period		10,282,783			—
Shares outstanding, end of period		6,870,670			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.

TFS MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each year:	Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009
Net asset value at beginning of year	$	15.23		$	14.41		$	15.80		$	14.92		$	13.25

Income (loss) from investment operations:
Net investment loss		(1.25	)		(0.99	)		(0.83	)		(0.45	)		(0.24	)
Net realized and unrealized gains on investments		2.21			2.05			0.93			1.43			2.13
Total from investment operations		0.96			1.06			0.10			0.98			1.89

Less distributions:
Distributions from net realized gains from security transactions		—			(0.24	)		(1.49	)		(0.10	)		(0.25	)

Proceeds from redemption fees collected (Note 2)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.03

Net asset value at end of year	$	16.19		$	15.23		$	14.41		$	15.80		$	14.92

Total return (b)		6.30%			7.48%			0.43%			6.60%			14.86%

Ratios and supplemental data:
Net assets at end of year (000’s)	$	1,582,797		$	1,789,303		$	1,762,265		$	1,142,219		$	828,409
					��
Ratio of total expenses to average net assets		8.67%			8.63%			8.10%			4.52%			4.70%

Ratio of net expenses to average net assets		8.67%			8.63%			8.12%	(c)		4.55%	(c)		4.67%	(d)

Ratio of net expenses to average net assets excluding dividend expense (e)		7.59%			7.75%			7.38%	(c)		3.81%	(c)		3.84%	(d)

Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (e)		2.41%			2.42%			2.47%	(c)		2.50%	(c)		2.49%	(d)

Ratio of net investment loss to average net assets		(6.67%	)		(6.73%	)		(6.56%	)		(3.16%	)		(2.32%	)

Portfolio turnover rate		552%			607%			751%			703%			429%

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

(b)

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.

(c)	Includes recoupment by the Adviser of prior years’ advisory fee reductions and expense reimbursements (Note 4).

(d)	Ratio was determined after advisory fee reductions (Note 4).

(e)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 6.26%, 6.21%, 5.65%, 2.05% and 2.18% of average net assets for the years ended October 31, 2013, 2012, 2011, 2010 and 2009, respectively.

See accompanying notes to financial statements.

TFS SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each year:	Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009
Net asset value at beginning of year	$	13.56		$	12.07		$	11.98		$	9.33		$	6.80

Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.00	)(a)		(0.04	)		(0.06	)		(0.02	)
Net realized and unrealized gains on investments		4.92			1.52			0.87			2.70			2.55
Total from investment operations		4.94			1.52			0.83			2.64			2.53

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	)		—			—
Total distributions		(2.63	)		(0.03	)		(0.74	)		—			(0.01	)

Proceeds from redemption fees collected (Note 2)		0.00	(a)		0.00	(a)		0.00	(a)		0.01			0.01

Net asset value at end of year	$	15.87		$	13.56		$	12.07		$	11.98		$	9.33

Total return (b)		44.15%			12.62%			6.68%			28.40%			37.41%

Ratios and supplemental data:
Net assets at end of year (000’s)	$	80,989		$	50,073		$	51,274		$	35,784		$	16,623

Ratio of total expenses to average net assets		1.80%			1.95%			1.82%			2.31%			5.14%

Ratio of net expenses to average net assets (c)		1.75%			1.75%			1.69%			1.78%			1.88%

Ratio of net expenses to average net assets excluding borrowing costs (c)		1.75%			1.75%			1.68%			1.78%			1.87%

Ratio of net investment income (loss) to average net assets		0.06%			(0.03%	)		(0.31%	)		(0.70%	)		(0.63%	)

Portfolio turnover rate		601%			557%			525%			657%			320%

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

(b)

(c)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND

FINANCIAL HIGHLIGHTS*

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2013			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		(0.20	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(0.68	)		1.13
Total from investment operations		(0.88	)		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	$	9.93		$	11.04

Total return (c)		(8.14%	)		10.40%	(d)

Ratios and supplemental data:
Net assets at end of period (000’s)	$	68,250		$	113,541

Ratio of total expenses to average net assets		2.35%			2.51%	(e)

Ratio of net expenses to average net assets (f)		2.30%			2.30%	(e)

Ratio of net investment loss to average net assets		(2.23%	)		(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)

(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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2013

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, options and futures 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. Option contracts are valued at the closing price as quoted on the exchanges on which they are primarily traded. If no closing price is readily available at the time of valuation, the option will be valued at the closing bid price for that day. 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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 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 3 within the fair value hierarchy (see below).

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, securities sold short, and option and futures contracts 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 funds, exchange-traded funds and notes, warrants, option contracts, futures contracts and money market funds.

•

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 and warrants 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.

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.

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 October 31, 2013:

TFS Market Neutral Fund	Level 1			Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	1,465,575,606		$	—		$	—	$	1,465,575,606
Preferred Stocks		2,679,032			—			—		2,679,032
Other Investments		73,616,186			—			—		73,616,186
Corporate Bonds		—			2,918			—		2,918
Money Market Funds		17,637,908			—			—		17,637,908
Total	$	1,559,508,732		$	2,918		$	—	$	1,559,511,650
Other Financial Instruments:
Common Stocks – Sold Short	$	(1,004,604,646	)	$	(1,973	)	$	—	$	(1,004,606,619	)
Preferred Stocks – Sold Short		(80,633	)		—			—		(80,633	)
Other Investments – Sold Short		(227,177,199	)		—			—		(227,177,199	)
Warrants – Sold Short		(18,216	)		—			—		(18,216	)
Written Option Contracts		(19,060	)		—			—		(19,060	)
Total	$	(1,231,899,754	)	$	(1,973	)	$	—	$	(1,231,901,727	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	79,536,230	$	—	$	—	$	79,536,230
Other Investments		162,471		—		—		162,471
Money Market Funds		876,642		—		—		876,642
Total	$	80,575,343	$	—	$	—	$	80,575,343

TFS Hedged Futures Fund	Level 1			Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—		$	15,147,050	$	—	$	15,147,050
Money Market Funds		43,740,538			—		—		43,740,538
Total	$	43,740,538		$	15,147,050	$	—	$	58,887,588

Other Financial Instruments:
Futures Contracts	$	(192,261	)	$	—	$	—	$	(192,261	)
Futures Contracts – Sold Short		39,899			—		—		39,899
Total	$	(152,362	)	$	—	$	—	$	(152,362	)

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

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 October 31, 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 October 31, 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 2 to Level 1	$	306,412	$	(239,890	)
Transfers from Level 3 to Level 1		—		(14,544	)

There were no transfers between Level 2 and Level 3 as of October 31, 2013 for TFS Market Neutral Fund. There were no Level 3 securities held in the Funds as of October 31, 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 between October 31, 2012 and October 31, 2013.

	Investments
Balance as of October 31, 2012	$	1,747
Change in unrealized appreciation (depreciation)		9,697
Sales		(240	)
Realized losses		(11,204	)
Balance as of October 31, 2013	$	—

	Securities Sold Short
Balance as of October 31, 2012	$	(72,184	)
Change in unrealized appreciation (depreciation)		(489,112	)
Covers		5,888
Realized gains		540,864
Transfers in and/or out of Level 3		14,544
Balance as of October 31, 2013	$	—

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the net asset value per share, except that shares are subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase.

During the years ended October 31, 2013 and October 31, 2012, proceeds from redemption fees totaled $170,982 and $131,452, respectively, for TFS Market Neutral Fund, $7,160 and $7,846, respectively, for TFS Small Cap Fund and $48,752 and $5,865, respectively, for TFS Hedged Futures Fund.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Investment income (expense) – Dividend income (expense) is recorded on the ex-dividend date. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized using the interest method.

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

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

	Periods Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	10/31/2013	$	—	$	—	$	—
	10/31/2012	$	23,397,213	$	5,293,726	$	28,690,939
TFS Small Cap Fund	10/31/2013	$	8,620,933	$	565,170	$	9,186,103
	10/31/2012	$	322	$	119,819	$	120,141
TFS Hedged Futures Fund	10/31/2013	$	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 expense 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 (“1940 Act”) 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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Option contracts – The Funds may use option contracts in any manner consistent with their investment objectives and as long as their use is consistent with relevant provisions of the 1940 Act. The Funds may use options for speculative investment purposes as well as for the purpose of seeking to reduce the overall investment risk that would otherwise be associated with the securities in which a Fund invests. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is recorded as a liability in the Fund’s Statement of Assets and Liabilities and is subsequently marked-to-market daily. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing call options which are exercised increase the proceeds used to calculate the realized gain or loss on the sale of the security. Premiums received from writing put options which are exercised increase the basis of the security purchased. If a closing purchase transaction is used to terminate a Fund’s obligation on an option, a gain or loss will be realized, depending upon whether the price of the closing purchase transaction is more or less than the premium previously received on the option written.

Futures contracts – TFS Market Neutral Fund and TFS Hedged Futures Fund are subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing their investment objectives. The Funds 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:

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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

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.

Forward Foreign Currency Exchange Contracts – TFS Market Neutral Fund may use forward foreign currency exchange contracts to hedge exposure to foreign currency. TFS Hedged Futures Fund may invest in currency forwards for speculative purposes. When the Adviser believes that the currency of a particular country may produce positive returns against the currency of another country, the Funds may purchase or sell currency forward contracts to gain exposure to the differential in currency returns. All foreign currency exchange contracts are “marked-to-market” daily at the applicable translation rates resulting in unrealized gains or losses. Realized and unrealized gains or losses from transactions in foreign currency exchange contracts will be included in the Fund’s Statement of Assets and Liabilities and Statement of Operations. Risks associated with these contracts include the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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 intention to qualify as a regulated investment company under the Internal Revenue Code of 1986 (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized gains are distributed in accordance with the Code.

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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of October 31, 2013:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	1,465,958,914		$	75,293,537		$	58,888,514
Gross unrealized appreciation	$	159,602,926		$	7,185,747		$	404
Gross unrealized depreciation		(66,050,190	)		(1,903,941	)		(1,330	)
Net unrealized appreciation (depreciation) on investments		93,552,736			5,281,806			(926	)
Net unrealized appreciation on securities sold short		(9,532,712	)		—			—
Net unrealized appreciation on written options		10,351			—			—
Net unrealized appreciation on translation of assets and liabilities in foreign currencies		4			—			—
Undistributed ordinary income		11,048,618			15,431,392			—
Accumulated net investment loss		—			—			(3,110,297	)
Undistributed long-term gains		44,602,195			1,022,512			180,107
Other gains (losses)		—			—			(4,722,291	)
Accumulated earnings (deficit)	$	139,681,192		$	21,735,710		$	(7,653,407	)

As of October 31, 2013, the tax cost of securities sold short and written options is $1,222,349,955 and $29,411, respectively, 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 year ended October 31, 2013, TFS Market Neutral Fund reclassified $26,798 of net realized gains from foreign currency transactions against accumulated net investment income, $135,379,964 of net investment loss against accumulated net realized gains from security transactions and $1,395 of accumulated net realized losses against paid-in capital on the Statement of Assets and Liabilities. For the year ended October 31, 2013, TFS Small Cap Fund reclassified $228,951 of accumulated net investment losses against accumulated net realized gains from security transactions on the Statement of Assets and Liabilities. For the tax year ended December 31, 2012, TFS Hedged Futures Fund reclassified $1,402,106 of accumulated net investment losses and $589,817 of accumulated net realized capital losses against paid-in capital on the Statement of Assets and Liabilities. For the year ended October 31, 2013, TFS Hedged Futures Fund reclassified $1,151,993 of net realized losses from foreign currency transactions against accumulated net investment loss on the Statement 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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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, 2010 through October 31, 2013) of each Fund, as applicable, and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. Each Fund identifies its major tax jurisdiction as U.S. Federal.

3. Investment Transactions

During the year ended October 31, 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 $9,606,233,023 and $10,340,300,404, respectively, for TFS Market Neutral Fund, $373,509,089 and $365,572,155, 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. 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 year ended October 31, 2013, the Adviser reduced its investment advisory fees by $33,364 with respect to TFS Small Cap Fund and $58,934 with respect to TFS Hedged Futures Fund. There were no fee reductions by the Adviser for TFS Market Neutral Fund.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 October 31, 2013, the Adviser has recouped all previous fee reductions for TFS Market Neutral Fund. As of October 31, 2013, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $200,842 and $151,787, 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, 2014		October 31, 2015		October 31, 2016
TFS Small Cap Fund	$	66,738	$	100,740	$	33,364
TFS Hedged Futures Fund	$	—	$	92,853	$	58,934

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

AFFILIATED BROKER-DEALER

During the year ended October 31, 2013, TFS Hedged Futures Fund paid commissions of $157,306 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 1940 Act and Rule 17e -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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

ACCOUNTING SERVICES AGREEMENT

Under the terms of an Accounting Services Agreement, Ultimus calculates the daily net asset value per share and maintains the financial books and records of each Fund. For the performance of these services, 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 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 regular 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.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

5. Derivatives Transactions

Transactions in option contracts written by TFS Market Neutral Fund during the year ended October 31, 2013 were as follows:

	Options Contracts			Option Premiums
Options outstanding at beginning of year		—		$	—
Options written		9,252			1,243,011
Options cancelled in a closing purchase transaction		(2,700	)		(995,498	)
Options expired		(3,638	)		(106,855	)
Options exercised		(1,412	)		(111,097	)
Options outstanding at end of year		1,502		$	29,561

The locations in the Statements of Assets and Liabilities of the derivative positions of TFS Market Neutral Fund and TFS Hedged Futures Fund as of October 31, 2013 are recorded in the following locations in the Statements of Assets and Liabilities:

Derivative Investment Type	Location
Call options written	Written options, at value
Put options written	Written options, at value
Futures contracts	Variation margin receivable (payable)
Forward foreign currency exchange contracts	Unrealized appreciation (depreciation) on forward currency exchange contracts

The following tables set forth the values of derivative contracts of TFS Market Neutral Fund and TFS Hedged Futures Fund as of October 31, 2013:

TFS Market Neutral Fund
Type of Derivative	Fair Value					Gross Notional Amount Outstanding October 31, 2013
Type of Derivative	Asset Derivatives		Liability Derivatives			Gross Notional Amount Outstanding October 31, 2013
Call options written	$	—	$	(9,030	)	$	(8,193,826	)
Put options written		—		(10,030	)		(8,193,826	)

The average monthly notional amount of call options purchased, put options purchased, call options written and put options written during the year ended October 31, 2013 was $122,164, $389,331, $1,674,903 and $1,713,836, respectively, for TFS Market Neutral Fund.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund Futures Contracts
	Variation Margin
	Receivable		(Payable)			Total
Asset Derivatives
Futures Contracts
Commodity	$	37,728	$	(214,467	)	$	(176,739	)
Financial		—		—			—
Total Asset Derivatives	$	37,728	$	(214,467	)	$	(176,739	)

Liability Derivatives
Futures Contracts
Commodity		187,108		(7,972	)		179,136
Financial		480,578		(653,339	)		(172,761	)
Total Liability Derivatives		667,686		(661,311	)		6,375
Total	$	705,414	$	(875,778	)	$	(170,364	)

TFS Hedged Futures Fund Forward Foreign Currency Exchange Contracts
Settlement Date	To Deliver	To Receive	Initial Value		Market Value		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Asset Derivatives
11/7/2013	5,000,000 USD	30,350,000 ARS	$	5,000,000	$	5,086,896	$	86,896	$	—	$	86,896
11/27/2013	1,750,000 USD	10,762,500 ARS		1,750,000		1,756,533		6,533		—		6,533
Total Contracts			$	6,750,000	$	6,843,429	$	93,429	$	—	$	93,429

Liabilities Derivatives
11/8/2013	1,255,414 GBP	2,000,000 USD		(2,000,000	)		(2,012,817	)		—		(12,817	)		(12,817	)
11/8/2013	37,878,000 CZK	2,000,000 USD		(2,000,000	)		(1,993,923	)		6,077		—			6,077
11/13/2013	58,720,000 TWD	2,000,000 USD		(2,000,000	)		(1,992,355	)		7,645		—			7,645
Total Contracts			$	(6,000,000	)	$	(5,999,095	)	$	13,722	$	(12,817	)	$	905
Total			$	750,000		$	844,334		$	107,151	$	(12,817	)	$	94,334

ARS - Argentine Peso

CZK - Czech Koruna

GBP - British Pound Sterling

TWD - Taiwanese Dollar

USD - U.S. Dollar

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Transactions in derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund during the year ended October 31, 2013 are recorded in the following locations in the Statements of Operations:

Derivative Investment Type	Location
Call options purchased	Net realized gains (losses) from option contracts
	Net change in unrealized appreciation (depreciation) on option contracts
Put options purchased	Net realized gains (losses) from option contracts
	Net change in unrealized appreciation (depreciation) on option contracts
Call options written	Net realized gains (losses) from option contracts
	Net change in unrealized appreciation (depreciation) on option contracts
Put options written	Net realized gains (losses) from option contracts
	Net change in unrealized appreciation (depreciation) on option contracts
Futures contracts	Net realized gains (losses) from futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Forward foreign currency exchange contracts	Net realized gains (losses) from foreign currency transactions
	Net change in unrealized appreciation (depreciation) on foreign currency translation

The following is a summary of net realized gains and net change in unrealized appreciation (depreciation) on derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund recognized in the Statements of Operations during the year ended October 31, 2013:

Type of Derivative	Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
TFS Market Neutral Fund
Call options purchased	$	389,384	$	—
Put options purchased		—		—
Call options written		15,517		1,658
Put options written		455,914		8,843
Total	$	860,815	$	10,501

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Type of Derivative	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
TFS Hedged Futures Fund
Futures contracts
Commodity	$	(4,374,852	)	$	343,312
Currency		3,014,014			79,141
Financial		(4,053,900	)		(818,281	)
Total futures contracts		(5,414,738	)		(395,828	)

Forward Foreign Currency Exchange Contracts		(1,151,993	)		94,334

Total	$	(6,566,731	)	$	(301,494	)

TFS Small Cap Fund had no transactions in derivative instruments during the year ended October 31, 2013.

6. 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 October 31, 2013, TFS Hedged Futures Fund had 64.1% of the value of its net assets invested in money market mutual funds registered under the 1940 Act. As of October 31, 2013, TFS Market Neutral Fund and TFS Small Cap Fund did not have a significant portion of their assets in shares of money market mutual funds.

7. 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.

8. Recent Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in ASU No. 2011-11 enhance disclosures about offsetting

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

of financial assets and liabilities to enable investors to understand the effect of these arrangements on a fund’s financial position. In January 2013, FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in ASU No. 2013-01 clarify the intended scope of disclosures required by ASU No. 2011-11. These ASUs are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management believes the adoption of these ASUs will not have a material impact on the financial statements.

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 except as reflected in the following paragraphs:

The Board of Trustees of the Trust approved the discontinuance of the redemption fee for the Funds, effective January 1, 2014.

The Board of Trustees also approved the following reductions of each Fund’s investment advisory fees (hereafter referred to as “Management Fees”) and contractual annual fund operating expenses limitations, effective January 1, 2014:

TFS Market Neutral Fund
Current Management Fees:	2.25% per annum
Management Fees Effective January 1, 2014:	1.65% per annum

Current Contractual Fee Limitation:	2.50% per annum
Contractual Expense Limitation Effective January 1, 2014:	1.90% per annum

TFS Small Cap Fund
Current Management Fees:	1.25% per annum
Management Fees Effective January 1, 2014:	1.15% per annum

Current Contractual Fee Limitation:	1.75% per annum
Contractual Expense Limitation Effective January 1, 2014:	1.50% per annum

TFS Hedged Futures Fund
Current Management Fees:	2.00% per annum
Management Fees Effective January 1, 2014:	1.50% per annum

Current Contractual Fee Limitation:	2.30% per annum
Contractual Expense Limitation Effective January 1, 2014:	1.80% per annum

TFS CAPITAL INVESTMENT TRUST

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of

TFS Capital Investment Trust:

We have audited the accompanying statement of assets and liabilities of TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund (collectively the “Funds”) each a series of the TFS Capital Investment Trust (the “Trust”), including the summary schedule of investments and summary of securities sold short for TFS Market Neutral Fund, the summary schedule of investments for TFS Small Cap Fund, and the schedule of investments, schedule of futures contracts, and schedule of futures contracts sold short for TFS Hedged Futures Fund, as of October 31, 2013, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and financial highlights presented herein for the years ended October 31, 2012 and prior were audited by another registered public accounting firm whose report dated December 24, 2012 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of each of the Funds constituting TFS Capital Investment Trust at October 31, 2013, the results of their operations, the changes in their net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Cincinnati, Ohio

December 27, 2013

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (May 1, 2013) and held until the end of the period (October 31, 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 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.

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value May 1, 2013	Ending Account Value October 31, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,027.90	$45.29
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$980.54	$44.23

*	Expenses are equal to the annualized expense ratio of 8.86% for the period, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

TFS Small Cap Fund

	Beginning Account Value May 1, 2013	Ending Account Value October 31, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,196.80	$9.69
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,016.38	$8.89

*	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 184/365 (to reflect the one-half year period).

TFS Hedged Futures Fund

	Beginning Account Value May 1, 2013	Ending Account Value October 31, 2013	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$955.70	$11.34
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,013.61	$11.67

*	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 184/365 (to reflect the one-half year period).

TFS CAPITAL INVESTMENT TRUST

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.

The net asset value for TFS Hedged Futures Fund is published daily at the Funds’ website at http://www.tfscapital.com.

TFS CAPITAL INVESTMENT TRUST

BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies **	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustees:
*Larry S. Eiben 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1972	Since January 2004	Trustee and President	Owner, Co-Portfolio Manager and Chief Operating Officer of TFS Capital LLC	3
*Thomas M. Frederick 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1972	Since June 2004	Trustee	Director of Business Development for TFS Capital LLC from July 2006 to present	3
Independent Trustees:
Mark J. Malone 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1966	Since June 2004	Trustee	Managing Director of Janney Capital Markets since December 2013; Managing Director of Lazard Capital Markets from March 2008 to December 2013	3
Brian O’Connell 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1959	Since June 2004	Trustee	Independent writer/author	3
Gregory R. Owens 1800 Bayberry Court, Suite 103 Richmond, Virginia 23226 Year of Birth: 1966	Since October 2011	Trustee	Vice President of Finance of Capital One Financial Corporation from February 1996 to present	3

TFS CAPITAL INVESTMENT TRUST

BOARD OF TRUSTEES AND OFFICERS (Unaudited)

(Continued)

Name, Address and Age	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Kevin Gates 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1972	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC
Richard Gates 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1972	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC
Robert G. Dorsey 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1957	Since June 2004	Vice President	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC
Mark J. Seger 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1962	Since June 2004	Treasurer	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC
Wade R. Bridge 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1968	Since June 2011	Secretary	Director of Administration of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC
David D. Jones 442 Fleming Street, Suite 7 Key West, Florida 33040 Year of Birth: 1957	Since December 2007	Chief Compliance Officer	Managing Member of Drake Compliance, LLC; Of Counsel to Kaplan Voekler Cunningham & Frank PLC (a law firm)

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

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

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

TFS CAPITAL INVESTMENT TRUST

FEDERAL TAX INFORMATION (Unaudited)

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions made by the Funds during the fiscal year ended October 31, 2013. Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. TFS Small Cap Fund and TFS Hedged Futures Fund intend to designate up to a maximum amount of $8,620,933 and $338,325, respectively, as taxed at a maximum rate of 15%. Additionally, TFS Small Cap Fund and TFS Hedged Futures Fund intend to designate $565,170 and $2,232,048, respectively, as long-term gain distributions.

CHANGE IN INDEPENDENT AUDITOR

On December 18, 2012, Deloitte & Touche LLP (“D&T”) was replaced as independent auditor of the Funds, and Ernst & Young LLP (“EY”) was selected as the Funds’ new independent auditor. The Funds’ selection of EY as its independent auditor was recommended and approved by the Trust’s Audit Committee and was ratified by the Trust’s Board of Trustees.

D&T’s reports on the Funds’ financial statements for the prior two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal years, and through the date of D&T’s replacement, there were no disagreements between the Trust and D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of D&T, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years. Prior to December 18, 2012, EY was not contacted during the prior two fiscal years regarding the application of accounting principles to any particular financial matter.

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, have reviewed and approved the continuance of the Investment Advisory Agreements (the “Advisory Agreements”) with the Adviser for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. These approvals took place at a Board meeting held on June 17-18, 2013, at which all of the Independent Trustees were present in person.

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

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

(i)

The nature, extent, and quality of the services provided by the Adviser. In this regard, the Independent Trustees reviewed the services being provided to the Funds by the Adviser. They discussed the responsibilities of the Adviser under the Advisory Agreements and the Adviser’s compensation under the Advisory Agreements. The Independent Trustees reviewed the background and experience of the Adviser’s key investment and operating personnel. They considered the Adviser’s ongoing commitment to retain experienced personnel and noted that longevity of employment may facilitate consistency in the Funds’ performance and investment process. The Independent Trustees considered the Adviser’s ongoing commitment to expand its research capabilities and were mindful that continual analysis of investment opportunities and optimization of procedures is important to the Funds’ long-term success. They discussed the Adviser’s registration with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator and considered the contributions of the Adviser’s chief compliance officer in the CFTC registration process

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

and her overall contributions to the operations of the Trust. After reviewing the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services provided by the Adviser to each Fund were satisfactory.

(ii)

The investment performance of the Funds and Adviser. In this regard, the Independent Trustees compared the performance of the Market Neutral Fund with the performance of the S&P 500 Index, the Fund’s primary benchmark, over various periods. It was noted by the Independent Trustees that the Market Neutral Fund underperformed the S&P 500 Index for the one, three year and five year periods ended March 31, 2013. They discussed the Fund’s underperformance for those periods, finding that the Fund’s investment strategies are not designed to keep pace or outperform the S&P 500 Index during a period when the market enjoys a broad-based rally and/or when the market is favoring large capitalization companies. The Independent Trustees considered the Adviser’s comments regarding the Market Neutral Fund’s recent underperformance, noting that the Adviser believes the Fund’s short portfolio was impacted by a short squeeze in the market. The Independent Trustees also considered the Market Neutral Fund’s longer-term performance record, noting that the Market Neutral Fund has outperformed the S&P 500 Index over the since inception period ended March 31, 2013. They discussed the Market Neutral Fund’s average beta and compared it to the S&P 500 Index, noting that the Fund’s beta indicates that the Fund is generating returns with considerably less risk exposure than the S&P 500 Index. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “market neutral” funds. The Independent Trustees noted that for the one year period ended March 31, 2013, the Market Neutral Fund’s return of 7.33% was considerably higher than the average return for the funds in Morningstar’s market neutral category (-0.37%) They also considered that for the three and five year periods ended March 31, 2013, the Market Neutral Fund’s total returns (5.15% and 5.34%, respectively) were better than the returns of the average fund in Morningstar’s market neutral category (0.65% and 0.46%, respectively). The Independent Trustees also considered the Adviser’s comments regarding the Market Neutral Fund’s underperformance relative to the benchmark for the year-to-date period ended May 31, 2013. They noted that the Market Neutral Fund’s recent underperformance has had a negative impact on its comparative statistics. The Independent Trustees further considered that as of May 31, 2013, the Fund had a 4-star Morningstar overall rating. The Independent Trustees reviewed performance information with respect to the Adviser’s other managed accounts, which indicated that the Market Neutral Fund trailed the performance of such other accounts for the one year period ended March 31, 2013. They considered that, based on representations by the Adviser, those performance differences can be attributed mainly to the Market Neutral Fund being subject to stricter investment limitations and being managed more conservatively than such other accounts in order to achieve a less volatile return. The Independent Trustees also considered the consistency of the Adviser’s management of the Market Neutral Fund with the Fund’s investment objective and policies. After considerable discussion, the Independent Trustees concluded that the overall investment performance of the Market Neutral Fund has been satisfactory.

The Independent Trustees next reviewed the performance of the Small Cap Fund, which was compared to the performance of the Russell 2000 Index, the Fund’s primary benchmark, over various periods ended March 31, 2013. It was noted by the Independent Trustees that

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

the Small Cap Fund outperformed the Russell 2000 Index for the one year, three year, five year and since inception periods ended March 31, 2013. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the Small Cap Fund has been assigned. The Independent Trustees noted that for the one year, three year and five year periods ended March 31, 2013, the Small Cap Fund’s 20.10%, 14.83% and 13.83% returns, respectively, were higher than the performance of the average fund in the small cap blend category (15.66%, 13.28% and 7.69%, respectively) over the same periods. The Independent Trustees further considered that as of May 31, 2013, the Fund has a 4-star Morningstar overall rating. They also reviewed performance information with respect to the Adviser’s other managed accounts but concluded that none of these other accounts provided a good comparison due to differences in investment objectives. The Independent Trustees considered the consistency of the Adviser’s management of the Small Cap Fund with the Fund’s investment objective and policies. After further discussion, the Independent Trustees concluded that the investment performance of the Small Cap Fund has been above average.

The Independent Trustees next reviewed the performance of the Hedged Futures Fund, which was compared to the performance of the S&P DTI Index, the Fund’s primary benchmark, over various periods ended March 31, 2013. It was noted by the Independent Trustees that the Hedged Futures Fund outperformed the S&P DTI Index for the one year and since inception periods ended March 31, 2013. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “managed futures” funds, which is the category to which the Hedged Futures Fund has been assigned. The Independent Trustees noted that for the one year period ended March 31, 2013, the Hedged Futures Fund’s -1.64% return was higher than the performance of the average fund in the managed futures category (-6.17%) over the same period. They also considered the Adviser’s comments regarding the Hedged Futures Fund’s underperformance relative to the benchmark and its peer group for the year-to-date period ended May 31, 2013. The Independent Trustees also reviewed performance information with respect to the Adviser’s other managed accounts but concluded that none of these other accounts provided a good comparison due to differences in investment objectives and policies. The Independent Trustees considered the consistency of the Adviser’s management of the Hedged Futures Fund with the Fund’s investment objective and policies. They also discussed the Hedged Futures Fund’s lack of correlation to the other funds in the managed futures category along with other broad based securities indices. After further discussion, the Independent Trustees concluded that the investment performance of the Hedged Futures Fund has been above average.

(iii)

The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Funds. In this regard, the Independent Trustees considered the Adviser’s staffing, personnel and operations; the financial condition of the Adviser and the level of commitment to the Funds by the principals of the Adviser; the asset levels of each Fund; and the overall expenses of each Fund. The Independent Trustees reviewed the rate of the advisory fees paid by the Funds under the Advisory Agreements and compared them to average advisory fee ratios of similar mutual funds compiled from statistics reported by Morningstar. They also compared the total operating expense ratios of the Funds with

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

average expense ratios of representative funds in their respective Morningstar categories. It was noted by the Independent Trustees that the Market Neutral Fund’s advisory fee (2.25% on the first $1.75 billion in net assets and 2.15% on net assets above $1.75 billion) and its overall expense ratio of 2.50% (which excludes dividend expenses, borrowing costs and brokerage expenses on securities sold short) were each higher than the average advisory fee (1.21%) and average expense ratio (1.79%) for Morningstar’s market neutral category. The Independent Trustees also considered the Adviser’s commitment to cap the Market Neutral Fund’s ordinary operating expenses at 2.50% per annum for the life of the Fund. The Independent Trustees performed a similar comparison for the Small Cap Fund, finding that the Small Cap Fund’s advisory fee of 1.25% and its overall expense ratio of 1.75% were each higher than the average advisory fee (0.77%) and average expense ratio (1.32%) for Morningstar’s small cap blend category. They took into account the Adviser’s commitment to cap the Small Cap Fund’s ordinary operating expenses at 1.75% per annum for the life of the Fund. The Independent Trustees performed a similar comparison for the Hedged Futures Fund, finding that the Hedged Futures Fund’s advisory fee of 2.00% was higher than the average advisory fee (1.27%) for Morningstar’s managed futures category and that the Hedged Futures Fund’s overall expense ratio of 2.30% was lower than the average expense ratio (2.58%) for the managed futures category. They took into account the Adviser’s commitment to cap the Hedged Futures Fund’s ordinary operating expenses at 2.30% per annum for the life of the Fund. The Independent Trustees next considered the Adviser’s analysis of its revenues and expenses with respect to its services provided to each Fund for periods ended March 31, 2013. It was noted by the Independent Trustees that the Adviser’s overall revenues from managing the Funds have continued to increase. They discussed the profitability of the Adviser and noted the costs associated with managing the Funds, especially in the areas of research and development and retention of its investment professionals and hiring new personnel. The Independent Trustees also reviewed the revenue and expense information with respect to the Small Cap Fund. It was noted that since the inception of the Small Cap Fund through March 31, 2009, the Adviser had not received any of its advisory fees and had also reimbursed a significant amount of other operating expenses of the Fund. They noted that during the 12 month period ended March 31, 2010 the Adviser began to receive a portion of its advisory fees and that has continued to do so for last three annual periods ended March 31. The Independent Trustees considered that the Adviser still is not receiving its full advisory fee from the Small Cap Fund. The Independent Trustees reviewed the revenue and expense information with respect to the Hedged Futures Fund. It was noted that the Adviser has had to reduce its advisory fees to maintain the Hedged Futures Fund’s agreed upon expense ratio. The Independent Trustees considered that the amount of fee reductions required of the Adviser has fluctuated over the life of the Hedged Futures Fund. They noted that the Hedged Futures Fund’s net assets have been decreasing and as a result the Adviser’s fee reductions have increased. The Independent Trustees next reviewed the balance sheet of the Adviser as of March 31, 2013, and considered that the Adviser is entitled to receive a reasonable entrepreneurial profit, in light of the high quality and scope of services that are provided to the Funds. The Independent Trustees further considered that the investment and research process utilized by the Adviser is broader and more sophisticated than the process used by most other investment advisers as it involves frequent position rebalancing, the development of proprietary multiple trading models and the use of a team

TFS CAPITAL INVESTMENT TRUST

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (Continued)

approach that involves many participants. They also considered the Adviser’s efforts to improve economies of scale for the Funds as they grow in assets. The Independent Trustees considered the Market Neutral Fund’s continued operation under a subscription policy that is designed to control asset growth. The Independent Trustees considered the “fallout benefits” to the Adviser, including the additional exposure the Adviser has received as a result of managing the Funds, including the Adviser being named the 2012 Alternatives Fund Manager of the Year by Morningstar. After a thorough discussion and consideration of the foregoing, the Independent Trustees concluded that the fees to be paid by each Fund to the Adviser are reasonable in light of the quality of the services received.

(iv)

The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of a Fund’s investors. The Independent Trustees considered the current net assets for each Fund and discussed the expense cap arrangements between the Trust and the Adviser. They noted that the Market Neutral Fund’s assets continue to remain at a level where the Adviser collects its full advisory fee and that a breakpoint has been added to the advisory fee resulting in shareholders enjoying economies of scale. The Independent Trustees further noted that with respect to the Small Cap Fund, assets have grown to the point where the Adviser is currently receiving 1.08% as compared to its 1.25% advisory fee. They considered the Hedged Futures Fund’s advisory fees, noting that the Fund’s assets have grown to the point where the Adviser is currently receiving 1.96% as compared to its 2.00% advisory fee. The Independent Trustees also considered the increase in fee reductions required of the Adviser in 2013 due to the decline in net assets for the Hedged Futures Fund. The Independent Trustees also considered the Market Neutral Fund’s investment capacity limitations along with the Trust’s implementation of a subscription policy that controls the growth of the Fund. The Trustees discussed the Market Neutral Fund’s projected asset growth during the current annual period, concluding that the current fee breakpoint structure remains reasonable. The Independent Trustees concluded that, given the current asset levels in the Small Cap Fund and the Hedged Futures Fund, it would not be relevant to consider the extent to which economies of scale are being realized by each Fund and that it is not necessary or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for the Small Cap Fund or for the Hedged Futures Fund.

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

This page intentionally left blank.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $60,000 and $65,000 with respect to the registrant’s fiscal periods ended October 31, 2013 and 2012, respectively.

(b)

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

(c)

Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $16,000 and $13,000 with respect to the registrant’s fiscal periods ended October 31, 2013 and 2012, respectively. The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

(d)

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

(e)(1)

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

(e)(2)

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

(f)

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

(g)

With respect to the fiscal periods ended October 31, 2013 and 2012, aggregate non-audit fees of $16,000 and $13,000, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal periods by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h)

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

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

(a)

See Schedule I (Investments in securities of unaffiliated issuers)

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

COMMON STOCKS - 92.6%	Shares		Value
Consumer Discretionary - 14.4%
Auto Components - 1.5%
China Automotive Systems, Inc. (a)		2,619	$	17,940
Cooper Tire & Rubber Company		34,722		903,119
Dorman Products, Inc.		2,506		121,817
Drew Industries, Inc. (b)		47,002		2,362,320
Federal-Mogul Corporation (a)		270,871		5,550,147
Fox Factory Holding Corporation (a)		64,991		1,132,143
Fuel Systems Solutions, Inc. (a)		38,406		689,772
Gentex Corporation		5,301		156,061
Gentherm, Inc. (a)		28,653		669,048
Icahn Enterprises, L.P.		1,255		127,633
Lear Corporation		1,501		116,162
Magna International, Inc. - Class A		835		70,724
Modine Manufacturing Company (a) (b)		314,467		4,188,700
Shiloh Industries, Inc.		64,721		1,062,719
Spartan Motors, Inc.		4,232		28,735
Stoneridge, Inc. (a) (b)		87,843		1,120,877
Superior Industries International, Inc. (b)		143,701		2,694,394
Tongxin International Ltd. (a)		28		8
Tower International, Inc. (a)		104,844		2,224,790
UQM Technologies, Inc. (a)		18,047		27,973
Visteon Corporation (a)		1,776		136,912
				23,401,994
Automobiles - 0.4%
Rush Enterprises, Inc. - Class B (a)		713		17,333
Thor Industries, Inc.		5,250		304,553
Winnebago Industries, Inc. (a)		174,005		5,160,988
				5,482,874
Distributors - 0.2%
Core-Mark Holding Company, Inc.		14,601		1,032,729
Pool Corporation		1,211		65,854
Stock Building Supply Holdings, Inc. (a)		29,224		450,050
VOXX International Corporation (a)		80,518		1,248,834
				2,797,467
Diversified Consumer Services - 0.9%
American Public Education, Inc. (a)		7,964		318,799
Apollo Group, Inc. - Class A (a)		13,678		365,066
Bright Horizons Family Solutions, Inc. (a)		35,859		1,335,748
Capella Education Company (a) (b)		6,539		398,356
Carriage Services, Inc.		47,707		958,434
China Education Alliance, Inc. (a)		17,057		8,527
Grand Canyon Education, Inc. (a)		3,953		186,858
Hillenbrand, Inc.		87,072		2,457,172
Lincoln Educational Services Corporation		1,580		7,552
Mac-Gray Corporation		43,926		925,960
Sotheby's (b)		87,125		4,521,787
Steiner Leisure Ltd. (a) (b)		22,500		1,260,450
Stewart Enterprises, Inc. - Class A (b)		109,728		1,449,507
Universal Technical Institute, Inc.		10,582		140,635
Weight Watchers International, Inc.		6,002		192,724
				14,527,575

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Hotels, Restaurants & Leisure - 2.9%
AFC Enterprises, Inc. (a) (b)		35,968	$	1,603,453
Arcos Dorados Holdings, Inc. - Class A		44,084		530,771
Biglari Holdings, Inc. (a)		536		233,707
BJ's Restaurants, Inc. (a)		9,377		253,742
Bloomin' Brands, Inc. (a)		6,489		162,420
Bob Evans Farms, Inc.		29,009		1,656,124
Boyd Gaming Corporation (a) (b)		368,384		3,890,135
Bravo Brio Restaurant Group, Inc. (a)		104,543		1,560,827
Burger King Worldwide, Inc.		10,811		228,977
Carrols Restaurant Group, Inc. (a) (b)		37,822		219,368
CEC Entertainment, Inc.		509		23,592
Cedar Fair, L.P.		1,605		73,589
Century Casinos, Inc. (a)		267,631		1,562,965
ClubCorp Holdings, Inc. (a)		31,806		441,785
Denny's Corporation (a)		255,903		1,624,984
Diamond Resorts International, Inc. (a)		34,503		658,317
DineEquity, Inc.		10,216		838,427
Einstein Noah Restaurant Group, Inc.		91,537		1,633,020
Fiesta Restaurant Group, Inc. (a) (b)		6,558		277,994
Frisch's Restaurants, Inc.		9,271		223,153
International Speedway Corporation - Class A		12,049		394,123
Isle of Capri Casinos, Inc. (a)		44,097		357,627
Jack in the Box, Inc. (a) (b)		38,196		1,553,813
Jamba, Inc. (a) (b)		53,577		611,849
Krispy Kreme Doughnuts, Inc. (a)		23,956		581,173
Marcus Corporation (b)		149,545		2,147,466
Marriott Vacations Worldwide Corporation (a)		38,167		1,911,403
Monarch Casino & Resort, Inc. (a)		24,984		422,479
MTR Gaming Group, Inc. (a)		4,275		22,230
Multimedia Games Holding Company, Inc. (a) (b)		95,779		3,113,775
Nathan's Famous, Inc. (a)		9,516		488,361
Orient-Express Hotels Ltd. - Class A (a) (b)		45,793		609,505
Papa John's International, Inc.		14,330		1,084,351
Penn National Gaming, Inc. (a)		1,809		105,845
Pinnacle Entertainment, Inc. (a)		9,006		210,740
Potbelly Corporation (a)		20,569		555,363
Rick's Cabaret International, Inc. (a)		27,082		305,756
Ruby Tuesday, Inc. (a)		87,007		515,952
Ruth's Hospitality Group, Inc.		124,130		1,513,145
Scientific Games Corporation (a) (b)		174,430		3,188,580
SeaWorld Entertainment, Inc.		7,106		213,393
SHFL entertainment, Inc. (a) (b)		134,538		3,118,591
Sonic Corporation (a)		28,901		557,789
Speedway Motorsports, Inc.		1,323		24,158
Texas Roadhouse, Inc. (b)		76,276		2,091,488
Tim Hortons, Inc. - ADR		1,229		73,420
Town Sports International Holdings, Inc. (b)		35,866		463,389
Wendy's Company (The) (b)		257,669		2,239,144
				46,172,258
Household Durables - 1.0%
Brookfield Residential Properties, Inc. (a)		31,814		702,453
CSS Industries, Inc.		9,867		255,457

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Household Durables - 1.0% (Continued)
EveryWare Global, Inc. (a)		8,675	$	83,453
Flexsteel Industries, Inc.		4,255		116,842
Helen of Troy Ltd. (a)		39,425		1,841,936
iRobot Corporation (a)		14,933		505,781
Kid Brands, Inc. (a) (b)		1,727		2,409
La-Z-Boy, Inc. (b)		121,785		2,810,798
Libbey, Inc. (a) (b)		87,980		1,878,373
Meritage Homes Corporation (a)		25,248		1,146,007
Skullcandy, Inc. (a)		89,876		564,421
Skyline Corporation (a)		4,017		17,554
Taylor Morrison Home Corporation - Class A (a)		20,015		445,134
TRI Pointe Homes, Inc. (a)		10,296		163,912
Tupperware Brands Corporation		1,143		102,470
UCP, Inc. - Class A (a)		21,165		298,427
Universal Electronics, Inc. (a)		81,928		3,187,818
WCI Communities, Inc. (a)		36,653		661,220
ZAGG, Inc. (a)		157,727		747,626
				15,532,091
Internet & Catalog Retail - 0.2%
1-800-FLOWERS.COM, Inc. - Class A (a)		224,646		1,219,828
Amazon.com, Inc. (a)		222		80,815
CafePress, Inc. (a)		17,736		107,835
Geeknet, Inc. (a)		8,575		164,468
HSN, Inc.		4,670		244,708
Liberty Ventures - Series A (a)		2,547		273,471
NutriSystem, Inc.		54,126		1,017,569
RetailMeNot, Inc. (a)		10,572		344,859
				3,453,553
Leisure Equipment & Products - 0.2%
Arctic Cat, Inc.		33,120		1,735,488
Brunswick Corporation		2,785		125,687
Callaway Golf Company		117,897		993,872
Johnson Outdoors, Inc. - Class A		112		3,072
Nautilus, Inc. (a)		8,347		66,442
				2,924,561
Media - 2.2%
AMC Networks, Inc. - Class A (a)		3,581		250,992
Ballantyne Strong, Inc. (a)		11,690		58,333
Belo Corporation - Class A (b)		382,485		5,251,519
Carmike Cinemas, Inc. (a) (b)		77,744		1,779,560
CBS Corporation - Class A		1,642		97,059
Cinemark Holdings, Inc.		5,773		189,412
CTC Media, Inc.		22,431		283,528
Dex Media, Inc. (a)		18,712		126,306
Digital Generation, Inc. (a) (b)		364,961		4,616,757
Discovery Communications, Inc. - Class C (a)		925		76,507
E.W. Scripps Company (The) - Class A (a)		90,446		1,792,640
Emmis Communications Corporation - Class A (a)		6,273		15,620
Entravision Communications Corporation - Class A		270,867		1,825,644
Global Sources Ltd. (a)		45,821		343,199
Harte-Hanks, Inc. (b)		250,245		1,994,453
Insignia Systems, Inc. (a)		14,378		34,795

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Media - 2.2% (Continued)
John Wiley & Sons, Inc. - Class A (b)		13,608	$	684,346
Journal Communications, Inc. (a)		263,068		2,196,618
Lee Enterprises, Inc. (a)		640,668		1,761,837
Liberty Media Corporation (a)		662		101,226
LIN Media, LLC - Class A (a)		33,603		825,626
Martha Stewart Living Omnimedia, Inc. - Class A (a)		9,900		25,344
MDC Partners, Inc. (b)		68,272		2,104,826
Morningstar, Inc.		2,254		180,974
National CineMedia, Inc. (b)		35,860		628,267
New York Times Company (The) - Class A		10,184		140,845
News Corporation - Class A - Non-Voting (a)		7,337		129,131
Omnicom Group, Inc.		1,956		133,223
Pandora Media, Inc. (a)		7,149		179,654
Reading International, Inc. (a)		1,889		12,505
Regal Entertainment Group - Class A (b)		204,983		3,896,727
Rentrak Corporation (a)		28,876		1,082,561
Salem Communications Corporation - Class A		38,834		320,769
SFX Entertainment, Inc. (a)		81,732		701,260
Shaw Communications, Inc. - Class B		8,424		201,586
Shutterstock, Inc. (a)		6,149		435,349
Sirius XM Radio, Inc.		19,267		72,637
Starz - Series A (a)		15,475		466,571
World Wrestling Entertainment, Inc.		8,279		107,213
				35,125,419
Multiline Retail - 0.3%
Big Lots, Inc. (a) (b)		90,558		3,292,689
Dollar General Corporation (a)		2,040		117,871
Gordmans Stores, Inc. (b)		75,861		751,024
Saks, Inc. (a)		61,219		978,892
Tuesday Morning Corporation (a)		629		8,900
				5,149,376
Specialty Retail - 3.8%
Advance Auto Parts, Inc.		899		89,163
ANN, INC. (a) (b)		123,988		4,384,216
Asbury Automotive Group, Inc. (a)		14,651		703,980
Ascena Retail Group, Inc. (a) (b)		197,289		3,904,349
Big 5 Sporting Goods Corporation		27,736		524,488
Body Central Corporation (a)		118,634		664,350
Brown Shoe Company, Inc.		19,634		440,587
Cache, Inc. (a)		18,568		111,965
Cato Corporation (The) - Class A		15,206		455,724
Children's Place Retail Stores, Inc. (The) (a) (b)		81,636		4,456,509
Christopher & Banks Corporation (a) (b)		231,069		1,333,268
Citi Trends, Inc. (a)		37,769		554,449
CST Brands, Inc. (b)		110,774		3,571,354
Destination Maternity Corporation (b)		27,961		873,502
DSW, Inc. - Class A (b)		44,791		3,926,827
Express, Inc. (a)		7,540		175,003
Finish Line, Inc. (The) - Class A		24,790		620,742
Five Below, Inc. (a)		5,763		278,122
Genesco, Inc. (a)		1,719		117,081
Group 1 Automotive, Inc.		8,964		573,696

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Discretionary - 14.4% (Continued)
Specialty Retail - 3.8% (Continued)
Guess?, Inc. (b)		133,868	$	4,183,375
Haverty Furniture Companies, Inc.		7,559		210,216
Jos. A. Bank Clothiers, Inc. (a)		30,641		1,470,155
Kirkland's, Inc. (a)		110,932		1,969,043
Lithia Motors, Inc.		73,683		4,630,977
MarineMax, Inc. (a)		68,633		1,010,964
Mattress Firm Holding Corporation (a)		2,300		69,138
Men's Wearhouse, Inc. (The)		47,264		1,999,267
Monro Muffler Brake, Inc.		14,346		659,916
New York & Company, Inc. (a)		335,847		1,719,537
O'Reilly Automotive, Inc. (a)		561		69,457
Pacific Sunwear of California, Inc. (a)		423,307		1,138,696
Penske Automotive Group, Inc.		4,716		186,848
Perfumania Holdings, Inc. (a)		2,665		12,392
RadioShack Corporation (a)		1,631		4,583
Sally Beauty Holdings, Inc. (a)		9,097		239,433
Sears Hometown and Outlet Stores, Inc. (a)		76,819		2,140,177
Shoe Carnival, Inc. (b)		17,029		442,584
Signet Jewelers Ltd.		3,624		270,568
Sonic Automotive, Inc. - Class A		19,292		429,826
Stein Mart, Inc. (b)		124,706		1,841,908
Tile Shop Holdings, Inc. (The) (a)		14,137		315,679
TravelCenters of America, LLC (a) (b)		87,091		723,726
Vitamin Shoppe, Inc. (a)		2,939		137,868
Wet Seal, Inc. (The) - Class A (a)		45,447		150,430
Winmark Corporation		13,257		970,545
Zale Corporation (a) (b)		328,892		5,140,582
				59,897,265
Textiles, Apparel & Luxury Goods - 0.8%
Columbia Sportswear Company (b)		38,732		2,590,009
CROCS, Inc. (a)		53,240		648,463
Culp, Inc.		14,389		278,427
Fifth & Pacific Companies, Inc. (a)		2,863		75,841
Gildan Activewear, Inc. - Class A		5,147		248,600
Hanesbrands, Inc.		1,276		86,921
Joe's Jeans, Inc. (a)		360,380		414,437
Jones Group, Inc. (The) (b)		84,033		1,305,873
Movado Group, Inc.		21,054		981,748
Perry Ellis International, Inc.		18,254		347,009
Quiksilver, Inc. (a)		21,058		175,203
R.G. Barry Corporation		8,392		160,120
Rocky Brands, Inc.		6,714		101,784
Skechers U.S.A., Inc. - Class A (a) (b)		105,180		3,064,945
Steven Madden Ltd. (a)		29,121		1,068,158
Tumi Holdings, Inc. (a)		40,769		870,418
Unifi, Inc. (a)		23,511		573,433
				12,991,389
Consumer Staples - 2.8%
Beverages - 0.3%
Brown-Forman Corporation - Class B		1,483		108,229
Coca-Cola Bottling Company Consolidated (b)		29,706		1,880,984
Cott Corporation (b)		148,324		1,216,257

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Staples - 2.8% (Continued)
Beverages - 0.3% (Continued)
Craft Brewers Alliance, Inc. (a)		33,168	$	537,985
Dr Pepper Snapple Group, Inc.		2,434		115,250
National Beverage Corporation		26		476
				3,859,181
Food & Staples Retailing - 0.7%
Andersons, Inc. (The) (b)		28,323		2,101,000
Casey's General Stores, Inc.		2,693		196,266
Chefs' Warehouse, Inc. (The) (a)		17,397		416,832
Harris Teeter Supermarkets, Inc. (b)		36,232		1,786,962
Ingles Markets, Inc. - Class A (b)		32,005		826,049
Pantry, Inc. (The) (a)		100,099		1,340,326
PriceSmart, Inc.		5,617		639,158
Rite Aid Corporation (a) (b)		336,765		1,794,958
Roundy's, Inc.		55,853		519,433
Sprouts Farmers Market, Inc. (a)		4,008		184,609
United Natural Foods, Inc. (a)		3,231		230,855
Village Super Market, Inc. - Class A		16,750		614,055
Weis Markets, Inc.		5,278		270,075
				10,920,578
Food Products - 1.1%
Adecoagro, S.A. (a) (b)		98,951		791,608
Alico, Inc.		1,719		68,691
Amira Nature Foods Ltd. (a)		8,051		114,646
B&G Foods, Inc.		44,116		1,493,327
Cal-Maine Foods, Inc.		7,463		378,598
Chiquita Brands International, Inc. (a)		125,006		1,293,812
Cosan Ltd. - Class A		4,824		76,026
Darling International, Inc. (a)		100,365		2,335,494
Dole Foods Company, Inc. (a)		126,865		1,719,021
Farmer Brothers Company (a)		33,452		604,143
Fresh Del Monte Produce, Inc.		29,930		795,839
Hain Celestial Group, Inc. (The) (a)		1,620		134,833
Hormel Foods Corporation		1,683		73,143
Ingredion, Inc.		2,012		132,309
Inventure Foods, Inc. (a)		5,197		58,518
J & J Snack Foods Corporation		27,347		2,340,083
John B. Sanfilippo & Son, Inc.		342		8,406
Limoneira Company		14,402		379,349
Mead Johnson Nutrition Company		1,069		87,295
Mondelez International, Inc. - Class A		3,754		126,285
Omega Protein Corporation (a) (b)		71,682		670,943
Origin Agritech Ltd. (a) (b)		42,459		74,303
Pilgrim's Pride Corporation (a) (b)		6,849		97,050
Post Holdings, Inc. (a)		14,282		613,412
Sanderson Farms, Inc.		11,439		723,059
Seneca Foods Corporation - Class A (a)		25,382		744,200
SunOpta, Inc. (a) (b)		91,394		984,313
Tootsie Roll Industries, Inc.		16,517		528,544
TreeHouse Foods, Inc. (a)		611		44,762
WhiteWave Foods Company - Class A (a)		7,255		145,173
				17,637,185

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Consumer Staples - 2.8% (Continued)
Household Products - 0.2%
Central Garden & Pet Company (a)		14,845	$	112,673
Harbinger Group, Inc. (a) (b)		136,246		1,483,719
Oil-Dri Corporation of America		1,724		61,185
Orchids Paper Products Company		7,111		216,885
WD-40 Company		24,438		1,771,511
				3,645,973
Personal Products - 0.5%
Coty, Inc. - Class A		12,638		194,373
Elizabeth Arden, Inc. (a)		43,035		1,557,437
Female Health Company (The)		20,479		194,960
Inter Parfums, Inc. (b)		8,521		299,598
Nature's Sunshine Products, Inc.		350		6,612
Neptune Technologies & Bioressources, Inc. (a)		22,065		67,298
Prestige Brands Holdings, Inc. (a)		69,884		2,182,477
Revlon, Inc. (a) (b)		120,600		2,864,250
				7,367,005
Tobacco - 0.0% (c)
Alliance One International, Inc. (a)		146,093		433,896

Energy - 9.8%
Energy Equipment & Services - 1.9%
Basic Energy Services, Inc. (a) (b)		33,195		486,971
Bolt Technology Corporation		2,393		42,811
Bristow Group, Inc.		1,695		136,397
C&J Energy Services, Inc. (a)		3,547		81,723
Core Laboratories N.V.		1,013		189,654
Dawson Geophysical Company (a) (b)		67,293		1,967,647
Era Group, Inc. (a)		47,441		1,499,136
Exterran Partners, L.P.		13,660		424,006
Frank's International N.V. (a)		11,066		338,509
Global Geophysical Services, Inc. (a) (b)		548,359		1,310,578
Gulf Island Fabrication, Inc.		37,240		939,193
Gulfmark Offshore, Inc. - Class A		26,897		1,338,933
Helix Energy Solutions Group, Inc. (a)		41,379		979,027
Hercules Offshore, Inc. (a)		609,902		4,147,334
ION Geophysical Corporation (a)		100,944		468,380
Key Energy Services, Inc. (a)		50,875		397,842
Matrix Service Company (a)		199,172		4,140,786
Mitcham Industries, Inc. (a)		5,349		89,007
Natural Gas Services Group, Inc. (a)		46,202		1,293,194
Newpark Resources, Inc. (a)		14,371		183,230
North American Energy Partners, Inc. (a) (b)		3,952		23,791
Pacific Drilling, S.A. (a)		17,832		202,750
Parker Drilling Company (a)		106,139		764,201
PHI, Inc. (a)		14,776		588,380
Pioneer Energy Services Corporation (a)		268,968		2,259,331
Precision Drilling Corporation		9,424		99,800
RigNet, Inc. (a)		30,871		1,137,905
SAExploration Holdings, Inc. (a)		7,485		53,293
Seadrill Ltd.		1,852		86,340
Seadrill Partners, LLC		228		7,524
Tesco Corporation (a)		115,614		1,986,249

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 9.8% (Continued)
Energy Equipment & Services - 1.9% (Continued)
TETRA Technologies, Inc. (a)		24,836	$	322,123
TGC Industries, Inc.		11,438		84,298
USA Compression Partners, L.P.		200		4,856
Weatherford International Ltd. (a)		4,600		75,624
Willbros Group, Inc. (a) (b)		206,027		2,010,823
				30,161,646
Oil, Gas & Consumable Fuels - 7.9%
Abraxas Petroleum Corporation (a) (b)		753,163		2,176,641
Access Midstream Partners, L.P.		1,374		73,564
Adams Resources & Energy, Inc.		3,249		168,201
Advantage Oil & Gas Ltd. (a) (b)		242,614		992,291
Alon USA Partners, L.P. (b)		42,604		580,266
American Midstream Partners, L.P.		786		19,013
Antero Resources Corporation (a)		2,358		133,203
Approach Resources, Inc. (a)		36,958		1,040,368
Atlas Resource Partners, L.P.		13,237		269,108
Baytex Energy Corporation		5,291		221,217
Bellatrix Exploration Ltd. (a)		30,739		229,620
Boardwalk Pipeline Partners, L.P. (b)		2,388		71,521
Bonanza Creek Energy, Inc. (a)		9,820		496,303
Callon Petroleum Company (a) (b)		727,013		4,965,499
Cameco Corporation		48,669		924,711
Carrizo Oil & Gas, Inc. (a) (b)		206,092		9,035,073
Clayton Williams Energy, Inc. (a)		44,583		3,469,895
Cloud Peak Energy, Inc. (a)		65,965		1,029,714
ConocoPhillips		1,121		82,169
Crestwood Equity Partners, L.P.		6,799		102,665
Cross Timbers Royalty Trust		2,285		68,413
Crosstex Energy, Inc. (b)		88,273		2,709,098
CVR Refining, L.P.		122,159		2,973,350
Delek Logistics Partners, L.P.		3,573		109,941
Denison Mines Corporation (a)		215,339		234,720
Diamondback Energy, Inc. (a)		2,609		134,755
Dorchester Minerals, L.P. (b)		21,311		518,070
Eagle Rock Energy Partners, L.P.		104,090		639,113
Emerald Oil, Inc. (a)		285,967		2,487,913
Emerge Energy Services, L.P.		17,930		680,264
Encana Corporation		37,597		673,738
Enduro Royalty Trust		39,084		516,300
EPL Oil & Gas, Inc. (a)		42,963		1,369,660
EQT Midstream Partners, L.P.		12,476		656,612
Equal Energy Ltd.		20,777		98,483
Forest Oil Corporation (a)		403,551		1,912,832
FX Energy, Inc. (a) (b)		432,986		1,506,791
GasLog Ltd. (b)		55,243		822,016
Gastar Exploration Ltd. (a)		734,924		3,174,872
GeoMet, Inc. (a)		1,050		134
Golar LNG Partners, L.P.		23,861		738,259
Goodrich Petroleum Corporation (a)		12,024		281,241
Green Plains Renewable Energy, Inc.		91,820		1,481,057
Gulfport Energy Corporation (a)		1,716		100,712
Hallador Energy Company		12,067		92,916

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 9.8% (Continued)
Oil, Gas & Consumable Fuels - 7.9% (Continued)
Hugoton Royalty Trust		26,016	$	183,413
Imperial Oil Ltd.		2,263		98,780
Jones Energy, Inc. - Class A (a)		43,023		688,798
Knightsbridge Tankers Ltd.		32,323		266,342
Kodiak Oil & Gas Corporation (a) (b)		216,225		2,804,438
Kosmos Energy Ltd. (a)		20,416		217,635
Laredo Petroleum Holdings, Inc. (a)		10,199		324,022
Legacy Reserves, L.P.		2,752		73,341
Lehigh Gas Partners, L.P.		20,548		586,645
LRR Energy, L.P.		882		14,535
Magnum Hunter Resources Corporation (a)		409,620		2,920,591
Marlin Midstream Partners, L.P.		25,777		468,110
Martin Midstream Partners, L.P.		4,174		196,178
Memorial Production Partners, L.P.		30,904		643,112
Mid-Con Energy Partners, L.P.		18,753		466,012
MPLX, L.P.		9,384		345,707
MV Oil Trust		354		9,618
Navios Maritime Acquisition Corporation		64,631		257,878
New Source Energy Partners, L.P.		6,738		152,953
Northern Tier Energy, L.P. (b)		10,335		240,392
NuStar GP Holdings, LLC		32,219		790,976
Oiltanking Partners, L.P.		9,896		570,010
PAA Natural Gas Storage, L.P.		24,020		547,176
Panhandle Oil & Gas, Inc.		6,628		222,502
Pembina Pipeline Corporation		5,833		191,322
Pengrowth Energy Corporation		37,967		244,887
Penn Virginia Corporation (a) (b)		1,307,555		11,127,293
Penn West Petroleum Ltd.		14,327		160,319
Permian Basin Royalty Trust		57,326		842,119
Phillips 66 Partners, L.P.		17,329		582,254
Pioneer Southwest Energy Partners, L.P.		4,598		217,485
PostRock Energy Corporation (a)		15,841		23,128
QEP Midstream Partners, L.P.		34,847		798,693
QEP Resources, Inc. (b)		2,968		98,122
QR Energy, L.P.		21,630		391,936
Rentech, Inc.		247,297		422,878
Resolute Energy Corporation (a)		114,662		1,075,530
REX American Resources Corporation (a)		62,866		1,813,055
Rex Energy Corporation (a)		54,077		1,162,656
Rose Rock Midstream, L.P.		13,663		477,385
Rosetta Resources, Inc. (a) (b)		99,538		5,966,308
Sabine Royalty Trust		1,408		71,343
Sanchez Energy Corporation (a)		3,005		85,673
SandRidge Mississippian Trust II		59,984		689,816
SandRidge Permian Trust (b)		36,805		526,680
Scorpio Tankers, Inc.		50,567		583,543
SemGroup Corporation - Class A		3,928		237,212
Ship Finance International Ltd.		13,086		216,573
StealthGas, Inc. (a)		74,142		852,633
Stone Energy Corporation (a) (b)		216,291		7,539,904
Susser Petroleum Partners, L.P.		2,061		64,138
Swift Energy Company (a) (b)		82,380		1,130,254

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Energy - 9.8% (Continued)
Oil, Gas & Consumable Fuels - 7.9% (Continued)
Synergy Resources Corporation (a)		159,330	$	1,650,659
Talisman Energy, Inc.		38,948		486,071
Tallgrass Energy Partners, L.P.		36,473		911,460
Targa Resources Corporation		1,694		131,387
Tengasco, Inc. (a)		28,362		12,479
Tesoro Logistics, L.P.		3,381		181,560
TransAtlantic Petroleum Ltd. (a) (b)		21,021		17,550
TransCanada Corporation		2,814		126,940
TransGlobe Energy Corporation (a) (b)		105,485		956,749
TransMontaigne Partners, L.P. (b)		16,072		678,078
Triangle Petroleum Corporation (a) (b)		739,977		7,821,557
Tsakos Energy Navigation Ltd. (b)		264,818		1,326,738
VAALCO Energy, Inc. (a)		205,938		1,085,293
VOC Energy Trust		36,781		582,611
W&T Offshore, Inc.		119,408		2,279,499
Warren Resources, Inc. (a) (b)		946,951		2,963,957
Western Gas Partners, L.P.		2,991		179,789
Western Refining Logistics, L.P. (a)		17,703		434,609
Whiting USA Trust II		76,926		1,036,962
World Point Terminals, L.P.		36,476		720,401
WPX Energy, Inc. (a)		6,110		135,275
				124,464,229
Financials - 12.6%
Capital Markets - 1.9%
Apollo Global Management, LLC - Class A (b)		48,012		1,548,867
Arlington Asset Investment Corporation - Class A		4,555		112,372
BGC Partners, Inc. - Class A (b)		109,217		581,034
BlackRock Kelso Capital Corporation		118,441		1,112,161
Blackstone Group, L.P. (The) (b)		4,365		114,712
Capital Southwest Corporation		10,051		330,376
Capitala Finance Corporation (a)		14,786		278,716
Carlyle Group, L.P. (The)		16,379		506,439
Cowen Group, Inc. (a) (b)		939,248		3,728,815
Deutsche Bank A.G.		1,833		88,571
Diamond Hill Investment Group, Inc.		5,241		577,925
Ellington Financial, LLC		23,528		536,438
FBR & Company (a)		77,548		2,055,022
Fortress Investment Group, LLC - Class A (b)		9,571		78,961
Full Circle Capital Corporation		2,340		18,509
FXCM, Inc.		33,166		543,591
GAMCO Investors, Inc. - Class A		15,806		1,130,287
GFI Group, Inc.		216,966		752,872
Gladstone Capital Corporation		59,363		523,582
Greenhill & Company, Inc.		9,212		472,576
GSV Capital Corporation (a)		50,555		772,986
HFF, Inc. - Class A		24,750		607,612
ICG Group, Inc. (a)		76,121		1,241,533
Investment Technology Group, Inc. (a)		10,969		175,723
Janus Capital Group, Inc.		56,318		555,859
KCG Holdings, Inc. - Class A (a)		15,511		135,566
KKR & Company, L.P. (b)		10,467		229,751
Ladenburg Thalmann Financial Services, Inc. (a)		9,913		20,817

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares			Value
Financials - 12.6% (Continued)
Capital Markets - 1.9% (Continued)
LPL Financial Holdings, Inc.		4,442		$	180,967
Main Street Capital Corporation		2,270			69,008
Manning & Napier, Inc.		4,802			79,713
MCG Capital Corporation		178,615			841,277
Medallion Financial Corporation		90,794			1,378,253
New Mountain Finance Corporation		55,992	��		793,967
NGP Capital Resources Company		8,876			66,037
Oaktree Capital Group, LLC		5,030			286,308
Oppenheimer Holdings, Inc.		1,235			24,490
PennantPark Investment Corporation (b)		150,794			1,697,940
Piper Jaffray Companies, Inc. (a)		3,554			127,553
RCS Capital Corporation - Class A		3,113			54,789
SEI Investments Company		4,047			134,320
Silvercrest Asset Management Group, Inc. - Class A (a)		4,015			59,301
Solar Capital Ltd.		12,621			289,652
Steel Excel, Inc. (a)		4,170			114,258
SWS Group, Inc. (a)		1,628			9,166
Virtus Investment Partners, Inc. (a)		2,028			412,739
Waddell & Reed Financial, Inc. - Class A		1,996			123,253
Westwood Holdings Group, Inc.		4,820			257,051
WhiteHorse Finance, Inc.		4,190			64,568
WisdomTree Investments, Inc. (a) (b)		245,418			3,411,310
					29,307,593
Commercial Banks - 2.4%
1st Source Corporation		28,089			881,433
Associated Banc-Corp		8,698			141,429
BancFirst Corporation		2,810			156,152
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		9,650			253,120
Bancorp, Inc. (The) (a)		73,582			1,189,821
Bank of Kentucky Financial Corporation		9,500			273,695
Bank of Marin Bancorp		6,841			291,085
BBCN Bancorp, Inc.		80,355			1,191,665
BOK Financial Corporation		2,623			160,606
Boston Private Financial Holdings, Inc.		133,548			1,521,112
Bridge Bancorp, Inc.		19,244			444,344
Bryn Mawr Bank Corporation		6,858			191,064
BSB Bancorp, Inc. (a)		211			3,009
C&F Financial Corporation		1,020			54,988
Camden National Corporation		15,139			610,859
Canadian Imperial Bank of Commerce		1,020			86,853
Capital Bank Financial Corporation - Class A (a)		21,356			474,530
CapitalSource, Inc.		158,915			2,078,608
Central Pacific Financial Corporation		39,349			724,809
Chemical Financial Corporation		17,696			518,316
CoBiz Financial, Inc.		31,173			338,227
ConnectOne Bancorp, Inc. (a)		3,329			126,535
Credicorp Ltd.		572			78,135
CU Bancorp (a)		110			2,046
Eagle Bancorp, Inc. (a)		23,792			629,298
Enterprise Financial Services Corporation		1,143			20,608
Financial Institutions, Inc.		14,849			351,476

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Commercial Banks - 2.4% (Continued)
First BanCorporation (Puerto Rico) (a)		27,874	$	154,701
First Commonwealth Financial Corporation		19,564		170,011
First Community Bancshares, Inc.		4,834		80,679
First Financial Corporation		10,046		346,989
First Financial Holdings, Inc.		7,853		470,630
First Horizon National Corporation		1		–
First Interstate BancSystem, Inc.		83,859		2,105,699
First Midwest Bancorp, Inc.		27,559		458,306
First NBC Bank Holding Company (a)		17,105		455,848
First Niagara Financial Group, Inc.		20,772		229,115
First of Long Island Corporation (The)		2,365		93,063
First Republic Bank (b)		2,650		135,336
First Security Group, Inc. (a)		8,355		16,961
German American Bancorp, Inc.		7,376		200,480
Great Southern Bancorp, Inc.		16,865		473,569
Hanmi Financial Corporation		10,807		188,906
Home BancShares, Inc.		21,318		722,254
HomeTrust Bancshares, Inc. (a)		12,321		198,984
Horizon Bancorp		8,067		175,135
Hudson Valley Holding Corporation		2,894		53,510
Huntington Bancshares, Inc.		8,843		77,818
IBERIABANK Corporation		12,443		727,044
Independent Bank Group, Inc.		7,546		284,711
International Bancshares Corporation		9,017		206,038
Investors Bancorp, Inc.		4,193		99,416
Lakeland Financial Corporation		9,715		345,757
Merchants Bancshares, Inc.		3,028		90,779
Metro Bancorp, Inc. (a)		1,444		30,815
MetroCorp Bancshares, Inc.		52,194		747,940
Middleburg Financial Corporation		994		18,210
NBT Bancorp, Inc.		16,882		411,414
OmniAmerican Bancorp, Inc. (a)		2,981		65,344
Orrstown Financial Services, Inc. (a)		403		6,742
Pacific Continental Corporation		6,535		90,052
Peoples Bancorp, Inc.		2,273		50,961
Preferred Bank (a)		3,394		65,233
PrivateBancorp, Inc.		51,291		1,249,449
Prosperity Bancshares, Inc. (b)		3,235		202,026
S.Y. Bancorp, Inc.		1,832		54,978
Sandy Spring Bancorp, Inc.		16,317		399,603
Signature Bank Corporation (a)		1,490		151,712
Simmons First National Corporation - Class A		13,628		446,181
StellarOne Corporation		36,549		850,861
Sterling Bancorp (b)		166,121		2,450,285
Sterling Financial Corporation		41,599		1,204,707
Sun Bancorp, Inc. (a) (b)		15,744		51,955
Susquehanna Bancshares, Inc.		88,762		1,046,060
SVB Financial Group (a)		1,204		115,319
Synovus Financial Corporation (b)		181,339		589,352
TCF Financial Corporation		4,503		68,356
Tompkins Financial Corporation		7,439		366,891
Tower Financial Corporation		2,432		57,711

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Commercial Banks - 2.4% (Continued)
TriCo Bancshares		8,308	$	210,109
Trustmark Corporation		38,717		1,051,554
United Community Banks, Inc. (a) (b)		13,524		210,839
Univest Corporation of Pennsylvania		27,939		557,942
Valley National Bancorp		6,240		60,840
Virginia Commerce Bancorp (a)		14,297		229,181
Washington Banking Company		1,532		26,059
Washington Trust Bancorp, Inc.		4,240		139,454
Webster Financial Corporation (b)		73,741		2,056,636
WesBanco, Inc.		1,557		45,776
Westbury Bancorp, Inc. (a)		772		11,148
Western Alliance Bancorp (a)		29,464		623,164
Wilshire Bancorp, Inc.		141,428		1,197,895
				38,568,316
Consumer Finance - 0.6%
Cash America International, Inc. (b)		68,811		2,714,594
DFC Global Corporation (a)		4,454		53,893
EZCORP, Inc. - Class A (a) (b)		12,841		201,989
First Cash Financial Services, Inc. (a)		37,036		2,240,308
First Marblehead Corporation (The) (a)		57,854		55,540
Nelnet, Inc. - Class A (b)		40,159		1,711,978
Nicholas Financial, Inc.		1,009		16,194
World Acceptance Corporation (a)		15,430		1,606,572
				8,601,068
Diversified Financial Services - 0.4%
China Commercial Credit, Inc. (a)		2,212		21,456
Compass Diversified Holdings, Inc.		35,528		681,427
Consumer Portfolio Services, Inc. (a) (b)		11,399		76,601
Gain Capital Holdings, Inc.		63,127		660,940
ING U.S., Inc.		4,102		127,244
KKR Financial Holdings, LLC		7,983		79,111
Leucadia National Corporation		2,688		76,178
Marlin Business Services Corporation		37,841		1,043,276
MSCI, Inc. - Class A (a)		2,713		110,609
NewStar Financial, Inc. (a)		7,455		129,792
NYSE Euronext, Inc.		4,451		195,933
PHH Corporation (a) (b)		86,584		2,082,345
PICO Holdings, Inc. (a)		43,054		1,010,908
Silver Eagle Acquisition Corporation (a)		800		8,080
Texas Pacific Land Trust		6,138		549,965
Tiptree Financial, Inc.		17,341		129,711
				6,983,576
Insurance - 2.4%
Ambac Financial Group, Inc. (a)		7,070		142,743
American Equity Investment Life Holding Company		24,527		511,143
AMERISAFE, Inc. (b)		72,851		2,804,764
AmTrust Financial Services, Inc. (b)		61,591		2,362,631
Arch Capital Group Ltd. (a)		1,600		92,736
Argo Group International Holdings Ltd.		5,916		248,354
Aspen Insurance Holdings Ltd.		27,047		1,055,103
Axis Capital Holdings Ltd.		1,886		89,434
Baldwin & Lyons, Inc.		13,818		377,646

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Insurance - 2.4% (Continued)
Berkley (W.R.) Corporation		4,371	$	191,931
Brown & Brown, Inc. (b)		5,836		186,343
Crawford & Company - Class B		4,394		48,290
Eastern Insurance Holdings, Inc.		11,848		289,565
EMC Insurance Group, Inc.		18,779		639,237
Employers Holdings, Inc. (b)		14,737		443,142
Endurance Specialty Holdings Ltd.		2,099		116,054
FBL Financial Group, Inc. - Class A		20,912		935,603
Fidelity National Financial, Inc. - Class A		2,854		80,340
Genworth Financial, Inc. - Class A (a)		5,938		86,279
Hanover Insurance Group, Inc. (The) (b)		27,256		1,595,566
HCC Insurance Holdings, Inc.		23,839		1,088,250
Horace Mann Educators Corporation (b)		86,913		2,407,490
Infinity Property & Casualty Corporation (b)		12,125		831,533
Investors Title Company		7,084		553,544
Kansas City Life Insurance Company (b)		8,705		399,560
Kemper Corporation		8,827		326,776
Maiden Holdings Ltd. (b)		95,247		1,042,955
Markel Corporation (a)		405		214,516
MBIA, Inc. (a) (b)		252,453		2,870,391
Mercury General Corporation (b)		20,331		946,611
National Interstate Corporation		763		19,937
Navigators Group, Inc. (The) (a)		38,147		2,145,387
Old Republic International Corporation		6,524		109,538
OneBeacon Insurance Group Ltd. - Class A		83,902		1,339,076
ProAssurance Corporation		31,725		1,437,777
Reinsurance Group of America, Inc.		1,641		116,806
RLI Corporation		2,505		236,672
Safety Insurance Group, Inc. (b)		11,038		603,668
Selective Insurance Group, Inc.		38,962		1,023,532
State Auto Financial Corporation		2,991		56,829
Symetra Financial Corporation (b)		220,738		4,134,423
Third Point Reinsurance Ltd. (a)		56,792		885,955
United Fire Group, Inc. (b)		69,377		2,199,251
Universal Insurance Holdings, Inc.		112,266		880,165
				38,167,546
Real Estate Investment Trusts (REIT) - 3.6%
Acadia Realty Trust		27,578		735,505
AG Mortgage Investment Trust, Inc.		27,335		446,654
Alexander's, Inc.		1,090		350,718
American Assets Trust, Inc. (b)		7,634		254,136
American Capital Agency Corporation		11,160		242,395
American Capital Mortgage Investment Corporation		1,163		22,225
Annaly Capital Management, Inc.		11,230		132,402
Anworth Mortgage Asset Corporation		313,360		1,538,598
Apollo Commercial Real Estate Finance, Inc.		135,009		2,174,995
Arbor Realty Trust, Inc.		64,281		427,469
Ares Commercial Real Estate Corporation		25,594		318,133
Ashford Hospitality Trust, Inc.		68,516		894,819
BioMed Realty Trust, Inc.		8,162		162,587
Blackstone Mortgage Trust, Inc. - Class A		17,212		421,522
BRE Properties, Inc.		3,703		202,221

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Real Estate Investment Trusts (REIT) - 3.6% (Continued)
CapLease, Inc. (b)		640,320	$	5,442,720
Capstead Mortgage Corporation		640		7,571
CBL & Associates Properties, Inc.		5,454		108,044
Cedar Realty Trust, Inc. (b)		459,289		2,622,540
Chatham Lodging Trust		108,253		2,041,652
Cherry Hill Mortage Investment Corporation (a)		4,169		74,834
Chesapeake Lodging Trust		23,852		562,192
Chimera Investment Corporation		284,784		862,896
Cole Real Estate Investments, Inc.		21,576		306,379
CoreSite Realty Corporation		3,489		113,183
Cousins Properties, Inc.		22,246		252,047
CubeSmart		12,047		220,099
DiamondRock Hospitality Company		38,199		435,087
Douglas Emmett, Inc.		4,201		104,731
Dynex Capital, Inc.		71,898		621,199
EastGroup Properties, Inc. (b)		1,500		95,490
Ellington Residential Mortgage REIT		4,249		66,369
Empire State Realty Trust, Inc. (a)		49,265		697,100
Equity Residential		1,428		74,770
Excel Trust, Inc.		57,975		700,338
Extra Space Storage, Inc.		1,464		67,329
Federal Realty Investment Trust		900		93,240
FelCor Lodging Trust, Inc. (a)		194,386		1,306,274
First Industrial Realty Trust, Inc.		26,622		481,060
Franklin Street Properties Corporation		52,456		692,419
Glimcher Realty Trust		30,402		311,620
Government Properties Income Trust		8,921		218,118
Gramercy Property Trust, Inc. (a) (b)		301,831		1,379,368
Granite Real Estate Investment Trust (b)		733		25,274
Hatteras Financial Corporation		16,979		309,018
Healthcare Trust of America, Inc.		84,184		978,218
Hersha Hospitality Trust (b)		213,538		1,210,760
Home Properties, Inc.		2,680		161,631
Hudson Pacific Properties, Inc.		19,251		398,303
Inland Real Estate Corporation		27,862		297,845
Investors Real Estate Trust		57,568		496,236
Kite Realty Group Trust (b)		98,677		631,533
LaSalle Hotel Properties		4,449		138,141
Lexington Realty Trust		58,110		679,887
LTC Properties, Inc. (b)		42,279		1,667,907
Macerich Company (The)		1,707		101,071
Mack-Cali Realty Corporation		8,030		165,097
MFA Financial, Inc.		229,885		1,703,448
Mid-America Apartment Communities, Inc.		6,766		449,262
National Retail Properties, Inc.		3,218		110,699
Newcastle Investment Corporation (b)		92,570		531,352
One Liberty Properties, Inc.		23,113		488,609
Owens Realty Mortgage, Inc.		17,832		224,148
Pebblebrook Hotel Trust		5,091		153,748
Pennsylvania Real Estate Investment Trust		21,150		383,449
Physicians Realty Trust		6,354		79,806
Piedmont Office Realty Trust, Inc. - Class A		12,609		233,014

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Real Estate Investment Trusts (REIT) - 3.6% (Continued)
Post Properties, Inc.		1,770	$	80,960
Potlatch Corporation		18,963		774,259
PS Business Parks, Inc.		1,397		113,842
QTS Realty Trust, Inc. - Class A (a)		6,365		136,720
RAIT Financial Trust		8,795		66,402
Rayonier, Inc.		2,737		128,694
RE/MAX Holdings, Inc. - Class A (a)		23,952		675,446
Resource Capital Corporation (b)		701,087		4,311,685
Retail Opportunity Investments Corporation		27,392		405,402
Rexford Industrial Realty, Inc. (a)		12,240		166,709
RLJ Lodging Trust		13,348		337,170
Saul Centers, Inc. (b)		36,397		1,710,659
Select Income REIT		12,386		341,234
Senior Housing Properties Trust		5,151		126,921
Sovran Self Storage, Inc.		15,364		1,175,192
STAG Industrial, Inc.		2,641		55,223
Starwood Property Trust, Inc.		3,749		96,312
Strategic Hotels & Resorts, Inc. (a)		97,641		849,477
Summit Hotel Properties, Inc.		77,608		713,218
Sunstone Hotel Investors, Inc.		37,313		494,397
Taubman Centers, Inc.		2,730		179,607
Terreno Realty Corporation		12,488		222,037
UMH Properties, Inc.		11,986		120,579
Universal Health Realty Income Trust		37,214		1,634,439
Urstadt Biddle Properties, Inc. - Class A		25,202		497,487
Whitestone REIT - Class B		88,651		1,222,497
Winthrop Realty Trust		24,666		290,319
ZAIS Financial Corporation		14,297		248,768
ZipRealty, Inc. (a)		31,755		174,652
				57,251,811
Real Estate Management & Development - 0.4%
Altisource Portfolio Solutions, S.A. (a)		760		119,533
Altisource Residential Corporation - Class B		97,594		2,593,073
American Realty Capital Properties, Inc.		19,416		257,650
Brookfield Office Properties, Inc.		45,906		858,901
FirstService Corporation		12,974		539,329
Forestar Group, Inc. (a)		25,376		566,646
Howard Hughes Corporation (a)		1,013		118,572
Tejon Ranch Company (a) (b)		31,625		1,170,757
Thomas Properties Group, Inc.		24,715		168,062
				6,392,523
Thrifts & Mortgage Finance - 0.9%
Apollo Residential Mortgage, Inc.		30,193		454,707
Bank Mutual Corporation		29,626		188,421
BankUnited, Inc.		6,867		211,298
Berkshire Hills Bancorp, Inc.		9,388		238,174
Charter Financial Corporation		7,486		81,148
Dime Community Bancshares, Inc.		56,002		916,193
Doral Financial Corporation (a)		22,322		377,242
Federal Agricultural Mortgage Corporation		4,450		158,821
First Defiance Financial Corporation		10,438		269,509
Flagstar Bancorp, Inc. (a)		65,642		1,064,057

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Financials - 12.6% (Continued)
Thrifts & Mortgage Finance - 0.9% (Continued)
Flushing Financial Corporation		2,546	$	51,149
Franklin Financial Corporation		2,821		53,232
Heritage Financial Group, Inc.		1,775		30,495
Home Federal Bancorp, Inc.		33,287		518,944
Meta Financial Group, Inc.		5,022		186,919
MGIC Investment Corporation (a)		16,728		136,166
Northwest Bancshares, Inc.		23,202		324,596
OceanFirst Financial Corporation		11,194		196,902
Oritani Financial Corporation (b)		116,501		1,889,646
Provident Financial Services, Inc.		84,277		1,579,351
Rockville Financial, Inc.		73,766		970,023
Roma Financial Corporation (a)		5,533		107,672
Stonegate Mortgage Corporation (a)		6,609		116,913
Territorial Bancorp, Inc.		13,693		298,644
TFS Financial Corporation (a)		22,715		275,760
United Financial Bancorp, Inc.		10,200		159,936
Walker & Dunlop, Inc. (a)		44,706		580,284
Washington Federal, Inc.		108,999		2,482,997
WSFS Financial Corporation (b)		7,786		545,098
				14,464,297
Health Care - 15.1%
Biotechnology - 3.7%
Acceleron Pharma, Inc. (a)		26,558		598,617
Acorda Therapeutics, Inc. (a)		15,527		475,281
Agenus, Inc. (a)		587,021		1,420,591
Agios Pharmaceuticals, Inc. (a)		7,764		179,814
Alkermes plc (a)		5,448		191,715
AMAG Pharmaceuticals, Inc. (a)		71,558		1,930,635
Amicus Therapeutics, Inc. (a) (b)		471,088		998,707
Anacor Pharmaceuticals, Inc. (a)		20,441		265,937
ArQule, Inc. (a) (b)		914,214		2,056,981
Array BioPharma, Inc. (a) (b)		435,405		2,185,733
Athersys, Inc. (a)		269,195		460,323
AVEO Pharmaceuticals, Inc. (a)		571,743		1,183,508
BIND Thereapeutics, Inc. (a)		2,464		32,254
BioCryst Pharmaceuticals, Inc. (a) (b)		830,816		4,781,346
BioMarin Pharmaceutical, Inc. (a)		2,836		178,158
BioSpecifics Technologies Corporation (a)		932		17,428
Cancer Genetics, Inc. (a)		12,201		168,252
Cellular Dynamics International, Inc. (a)		26,348		371,770
Chimerix, Inc. (a)		18,870		285,881
China Biologic Products, Inc. (a)		97		2,775
Clovis Oncology, Inc. (a)		20,898		1,068,097
Codexis, Inc. (a) (b)		27,255		47,424
Curis, Inc. (a) (b)		126,155		503,358
Cytokinetics, Inc. (a)		276,697		1,662,949
Dyax Corporation (a)		245,763		2,020,172
Emergent BioSolutions, Inc. (a) (b)		50,176		979,937
Enanta Pharmaceuticals, Inc. (a)		13,278		265,029
Enzon Pharmaceuticals, Inc.		56,461		83,562
Enzymotec, Ltd. (a)		6,134		127,465
Epizyme, Inc. (a)		13,160		504,291

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Biotechnology - 3.7% (Continued)
Esperion Therapeutics, Inc. (a)		27,442	$	430,016
Exact Sciences Corporation (a)		123,648		1,362,601
Five Prime Therapeutics, Inc. (a)		800		9,768
Foundation Medicine, Inc. (a)		14,259		454,577
GTx, Inc. (a)		657,770		1,124,787
Halozyme Therapeutics, Inc. (a)		34,897		406,550
Incyte Corporation (a)		6,595		257,205
Intercept Pharmaceuticals, Inc. (a)		3,077		166,896
KaloBios Pharmaceuticals, Inc. (a)		4,385		17,584
Lexicon Pharmaceuticals, Inc. (a)		131,459		315,502
Ligand Pharmaceuticals, Inc. (a) (b)		23,673		1,225,314
Mirati Therapeutics, Inc. (a)		19,314		325,441
Momenta Pharmaceuticals, Inc. (a)		67,723		1,109,980
Myriad Genetics, Inc. (a) (b)		122,856		2,995,229
Nanosphere, Inc. (a) (b)		1,334,705		2,602,675
Northwest Biotherapeutics, Inc. (a)		1,715		5,557
Novavax, Inc. (a) (b)		512,671		1,589,280
NPS Pharmaceuticals, Inc. (a) (b)		142,139		4,090,760
OncoGenex Pharmaceuticals, Inc. (a)		7,576		53,259
OncoMed Pharmaceuticals, Inc. (a)		13,134		182,694
Onconova Therapeutics, Inc. (a)		14,253		224,342
Oncothyreon, Inc. (a)		446,655		790,579
Ophthotech Corporation (a)		22,053		739,217
OPKO Health, Inc. (a)		1		8
PDL BioPharma, Inc. (b)		255,018		2,063,096
Pharmacyclics, Inc. (a)		980		116,267
Portola Pharmaceuticals, Inc. (a)		31,674		701,579
Progenics Pharmaceuticals, Inc. (a)		139,226		506,783
Protalix BioTherapeutics, Inc. (a)		9,887		43,404
Prothena Corporation plc (a)		82,362		1,979,982
Puma Biotechnology, Inc. (a)		31,442		1,204,543
QLT, Inc. (a) (b)		47,865		208,213
Receptos, Inc. (a)		14,786		377,930
Regado Biosciences, Inc. (a)		3,205		15,256
Regulus Therapeutics, Inc. (a)		7,526		52,456
Rigel Pharmaceuticals, Inc. (a) (b)		198,250		612,593
SciClone Pharmaceuticals, Inc. (a) (b)		106,956		505,902
Sinovac Biotech Ltd. (a)		103,894		572,456
Targacept, Inc. (a)		102,586		487,284
Tetraphase Pharmaceuticals, Inc. (a)		20,039		251,089
Threshold Pharmaceuticals, Inc. (a)		32,569		141,349
Transcept Pharmaceuticals, Inc. (a)		2,450		9,016
Verastem, Inc. (a)		36,709		367,090
Vical, Inc. (a)		348,124		435,155
XOMA Corporation (a) (b)		370,198		1,669,593
Zalicus, Inc. (a)		99,241		434,676
				58,283,523
Health Care Equipment & Supplies - 3.7%
Align Technology, Inc. (a)		2,309		131,751
Analogic Corporation		11,190		1,032,054
AngioDynamics, Inc. (a)		240,343		3,778,192
Anika Therapeutics, Inc. (a) (b)		93,487		2,792,457

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Health Care Equipment & Supplies - 3.7% (Continued)
ArthroCare Corporation (a) (b)		76,874	$	2,878,162
AtriCure, Inc. (a)		101,339		1,403,545
Atrion Corporation		244		65,192
Cantel Medical Corporation (b)		35,437		1,243,839
Cardiovascular Systems, Inc. (a)		4,039		122,382
CONMED Corporation		7,323		265,605
Cooper Companies, Inc. (The)		720		93,031
CryoLife, Inc.		70,341		632,366
Cutera, Inc. (a)		38,545		387,377
DENTSPLY International, Inc.		1,568		73,853
DexCom, Inc. (a) (b)		100,627		2,891,014
Edwards Lifesciences Corporation (a)		1,432		93,352
Endologix, Inc. (a)		72,393		1,308,141
EnteroMedics, Inc. (a)		191,041		236,891
Exactech, Inc. (a)		15,800		358,660
Given Imaging Ltd. (a) (b)		35,287		713,503
Greatbatch, Inc. (a)		9,453		360,348
Haemonetics Corporation (a)		5,186		210,344
HeartWare International, Inc. (a)		4,420		320,715
Hill-Rom Holdings, Inc.		73,648		3,040,926
ICU Medical, Inc. (a)		122		7,540
IMRIS, Inc. (a)		5,345		8,178
Invacare Corporation		56,947		1,222,652
LDR Holding Corporation (a)		3,118		64,574
MAKO Surgical Corporation (a) (b)		361,776		10,784,543
Medical Action Industries, Inc. (a)		27,263		165,214
Merit Medical Systems, Inc. (a)		124,218		1,986,246
Natus Medical, Inc. (a) (b)		200,130		3,948,565
Neogen Corporation (a)		7,138		329,895
Novadaq Technologies, Inc. (a)		16,322		269,803
NuVasive, Inc. (a)		7,514		238,795
Orthofix International N.V. (a)		73,991		1,516,076
Rochester Medical Corporation (a)		58,372		1,166,273
RTI Surgical, Inc. (a)		118,154		329,650
Sirona Dental Systems, Inc. (a)		3,309		239,075
STAAR Surgical Company (a)		18,577		245,959
STERIS Corporation (b)		27,970		1,263,964
Sunshine Heart, Inc. (a)		31,233		329,196
SurModics, Inc. (a) (b)		50,159		1,182,749
Symmetry Medical, Inc. (a) (b)		204,680		1,657,908
Syneron Medical Ltd. (a) (b)		55,725		529,387
Teleflex, Inc.		1,682		155,047
Thoratec Corporation (a)		4,470		193,059
Tornier N.V. (a) (b)		119,900		2,579,049
Vascular Solutions, Inc. (a)		54,619		1,071,625
West Pharmaceutical Services, Inc. (b)		29,989		1,449,968
ZELTIQ Aesthetics, Inc. (a)		110,452		1,432,562
				58,801,252
Health Care Providers & Services - 3.5%
Addus HomeCare Corporation (a)		78,028		2,017,024
Alliance Healthcare Services, Inc. (a) (b)		31,001		781,535
Amedisys, Inc. (a) (b)		43,768		712,543

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Health Care Providers & Services - 3.5% (Continued)
AMN Healthcare Services, Inc. (a) (b)		231,565	$	2,871,406
AmSurg Corporation (a) (b)		112,718		4,834,475
BioScrip, Inc. (a)		190,218		1,333,428
BioTelemetry, Inc. (a)		275,650		2,519,441
Capital Senior Living Corporation (a) (b)		73,037		1,619,961
Centene Corporation (a)		1,771		99,459
China Cord Blood Corporation (a)		1,018		4,225
Corvel Corporation (a)		47,960		1,995,136
Cross Country Healthcare, Inc. (a) (b)		54,253		322,263
Emeritus Corporation (a) (b)		18,629		356,932
Ensign Group, Inc. (The) (b)		6,249		266,082
Envision Healthcare Holdings, Inc. (a)		8,209		238,471
ExamWorks Group, Inc. (a)		2,564		66,279
Five Star Quality Care, Inc. (a)		275,584		1,397,211
Gentiva Health Services, Inc. (a)		51,467		589,297
Hanger, Inc. (a)		24,717		907,114
HealthSouth Corporation (b)		113,367		3,980,315
Kindred Healthcare, Inc. (b)		185,977		2,581,361
Laboratory Corporation of America Holdings (a)		1,081		109,073
Landauer, Inc.		7,240		350,416
LCA-Vision, Inc. (a)		27,607		90,827
LHC Group, Inc. (a) (b)		48,028		989,377
LifePoint Hospitals, Inc. (a) (b)		86,016		4,441,866
Magellan Health Services, Inc. (a) (b)		94,407		5,541,691
Molina Healthcare, Inc. (a)		11,854		375,061
MWI Veterinary Supply, Inc. (a)		694		110,096
National Healthcare Corporation		2,906		140,592
National Research Corporation - Class A (a)		10,560		185,222
National Research Corporation - Class B		2,932		82,067
PharMerica Corporation (a) (b)		69,748		1,029,480
Premier, Inc. - Class A (a) (b)		30,312		933,913
Providence Service Corporation (The) (a)		71,972		2,151,243
Quest Diagnostics, Inc.		2,485		148,876
Select Medical Holdings Corporation		27,047		229,359
Skilled Healthcare Group, Inc. - Class A (a)		113,457		483,327
Triple-S Management Corporation (a)		102,699		1,829,069
U.S. Physical Therapy, Inc. (b)		34,302		1,094,920
Universal Health Services, Inc. - Class B		1,578		127,124
VCA Antech, Inc. (a) (b)		190,292		5,413,807
WellCare Health Plans, Inc. (a)		2,489		165,967
				55,517,331
Health Care Technology - 1.1%
athenahealth, Inc. (a)		1,130		150,867
HealthStream, Inc. (a)		72,260		2,581,127
iCAD, Inc. (a)		5,195		46,703
MedAssets, Inc. (a) (b)		111,703		2,572,520
Medidata Solutions, Inc. (a) (b)		34,808		3,839,671
Merge Healthcare, Inc. (a) (b)		798,856		2,029,094
Omnicell, Inc. (a) (b)		164,172		3,787,448
Quality Systems, Inc.		140,655		3,209,747
				18,217,177

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Life Sciences Tools & Services - 1.1%
Affymetrix, Inc. (a) (b)		648,446	$	4,584,513
Albany Molecular Research, Inc. (a) (b)		108,127		1,416,464
BG Medicine, Inc. (a)		868		515
Bio-Rad Laboratories, Inc. - Class A (a)		959		118,456
Bruker Corporation (a)		8,436		172,516
Cambrex Corporation (a)		249,236		4,192,149
Charles River Laboratories International, Inc. (a)		64,936		3,195,501
Covance, Inc. (a)		1,372		122,465
Fluidigm Corporation (a)		27,868		877,842
Furiex Pharmaceuticals, Inc. (a)		2,964		115,892
Harvard Bioscience, Inc. (a)		93,998		553,648
Luminex Corporation (a)		397		7,741
Mettler-Toledo International, Inc. (a)		417		103,191
NanoString Technologies, Inc. (a)		11,823		121,659
NeoGenomics, Inc. (a)		417		1,518
Nordion, Inc. (a) (b)		83,128		687,469
Pacific Biosciences of California, Inc. (a)		105,228		432,487
PAREXEL International Corporation (a)		1,675		76,564
PerkinElmer, Inc.		5,332		202,829
pSivida Corporation (a)		5,795		14,198
QIAGEN N.V. (a)		7,672		177,683
Techne Corporation		5,615		490,695
				17,665,995
Pharmaceuticals - 2.0%
Actavis plc (a)		1,271		196,471
Akorn, Inc. (a)		98,780		2,019,063
Alimera Sciences, Inc. (a)		678		1,451
Biodel, Inc. (a)		223,200		564,696
Biota Pharmaceuticals, Inc. (b)		15,369		58,863
Cardiome Pharma Corporation (a)		19,615		85,325
Cempra, Inc. (a)		127,086		1,443,697
Corcept Therapeutics, Inc. (a)		136,521		230,721
Cornerstone Therapeutics, Inc. (a)		50,627		479,438
DepoMed, Inc. (a) (b)		31,206		224,683
Endo Health Solutions, Inc. (a)		2,437		106,570
Evoke Pharma, Inc. (a)		20,348		229,322
Hi-Tech Pharmacal Company, Inc.		61,013		2,629,050
Hospira, Inc. (a)		1,791		72,571
Impax Laboratories, Inc. (a) (b)		214,390		4,343,541
Lannett Company, Inc. (a)		57,263		1,351,979
Mallinckrodt plc (a)		1,919		80,617
Medicines Company (The) (a) (b)		131,823		4,471,436
Nektar Therapeutics (a)		36,264		344,871
Pain Therapeutics, Inc. (a)		57,668		211,065
Perrigo Company		613		84,527
POZEN, Inc. (a)		87,775		551,666
Questcor Pharmaceuticals, Inc.		45,873		2,815,226
Sagent Pharmaceuticals, Inc. (a)		120,901		2,622,343
Salix Pharmaceuticals Ltd. (a)		4,241		304,292
Santarus, Inc. (a) (b)		143,276		3,342,629
Sucampo Pharmaceuticals, Inc. (a)		88,026		545,761
Ventrus BioSciences, Inc. (a)		276,771		786,030

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Pharmaceuticals - 2.0% (Continued)
ViroPharma, Inc. (a)		15,019	$	583,038
Zoetis, Inc.		3,177		100,584
				30,881,526
Industrials - 13.5%
Aerospace & Defense - 0.9%
AAR Corporation (b)		18,785		550,025
AeroVironment, Inc. (a)		2,599		70,459
Alliant Techsystems, Inc.		354		38,540
American Science & Engineering, Inc.		4,797		315,547
Astronics Corporation (a)		17,821		874,298
Astronics Corporation - Class B (a)		5,168		249,563
Cubic Corporation		10,713		562,432
Curtiss-Wright Corporation		3,788		188,567
DigitalGlobe, Inc. (a)		2,294		72,995
Ducommun, Inc. (a)		31,896		792,935
Engility Holdings, Inc. (a)		17,828		552,133
Esterline Technologies Corporation (a)		16,223		1,300,436
HEICO Corporation		13,184		706,399
Hexcel Corporation (a)		2,528		106,960
Innovative Solutions & Support, Inc.		2,554		20,125
Kratos Defense & Security Solutions, Inc. (a)		133,455		1,131,698
MOOG, Inc. - Class A (a)		2,450		146,338
Orbital Sciences Corporation (a)		181,553		4,188,428
Sparton Corporation (a)		60,575		1,598,574
Spirit AeroSystems Holdings, Inc. - Class A (a)		4,297		114,687
Sypris Solutions, Inc.		18,884		60,240
Teledyne Technologies, Inc. (a)		7,047		625,914
Triumph Group, Inc.		3,361		240,816
				14,508,109
Air Freight & Logistics - 0.2%
Air Transport Services Group, Inc. (a) (b)		42,347		306,592
Atlas Air Worldwide Holdings, Inc. (a)		34,479		1,276,757
Forward Air Corporation		3,745		151,598
Hub Group, Inc. - Class A (a) (b)		9,029		331,635
Pacer International, Inc. (a)		19,459		155,283
Park-Ohio Holdings Corporation (a) (b)		38,853		1,608,903
UTi Worldwide, Inc.		3,442		52,319
				3,883,087
Airlines - 0.6%
Allegiant Travel Company		1,770		184,558
Copa Holdings, S.A. - Class A		880		131,595
Hawaiian Holdings, Inc. (a)		17,004		140,198
JetBlue Airways Corporation (a) (b)		283,166		2,007,647
Republic Airways Holdings, Inc. (a) (b)		464,438		5,471,079
SkyWest, Inc. (b)		95,641		1,438,441
				9,373,518
Building Products - 0.6%
AAON, Inc.		26,815		724,273
American Woodmark Corporation (a)		14,938		506,697
Apogee Enterprises, Inc.		3,568		111,607
Armstrong World Industries, Inc. (a)		4,503		240,595
Gibraltar Industries, Inc. (a)		69,478		1,112,343

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.5% (Continued)
Building Products - 0.6% (Continued)
Griffon Corporation		3,733	$	46,775
Insteel Industries, Inc.		11,924		197,819
Patrick Industries, Inc. (a)		69,382		2,170,269
PGT, Inc. (a)		74,832		781,994
Quanex Building Products Corporation		8,590		152,730
Simpson Manufacturing Company, Inc.		2,910		103,160
Trex Company, Inc. (a)		14,069		987,925
Universal Forest Products, Inc.		55,752		2,950,396
				10,086,583
Commercial Services & Supplies - 1.6%
ABM Industries, Inc.		23,120		636,031
ARC Document Solutions, Inc. (a)		465,086		2,902,137
Brink's Company (The) (b)		25,803		810,214
Casella Waste Systems, Inc. (a) (b)		169,400		1,001,154
CECO Environmental Corporation		5,409		95,469
Copart, Inc. (a)		3,760		121,185
Costa, Inc. (a)		2,919		58,730
Courier Corporation		183		3,109
Covanta Holding Corporation		217,798		3,739,592
CyrusOne, Inc.		22,115		431,021
Ennis, Inc.		10,197		180,997
G&K Services, Inc.		11,095		692,328
HNI Corporation		56,511		2,195,452
Interface, Inc.		18,002		364,540
Iron Mountain, Inc. (b)		17,587		466,759
KAR Auction Services, Inc.		2,282		67,821
Kimball International, Inc. - Class B		133,626		1,563,424
Knoll, Inc.		47,095		773,300
Metalico, Inc. (a)		17,252		28,293
Multi-Color Corporation		13,985		487,098
Performant Financial Corporation (a)		168,276		1,677,712
Pitney Bowes, Inc.		7,918		168,970
Progressive Waste Solutions Ltd.		7,340		197,079
R.R. Donnelley & Sons Company		90,534		1,681,216
Republic Services, Inc.		5,100		170,697
Ritchie Bros. Auctioneers, Inc.		8,652		171,310
Rollins, Inc.		8,921		246,576
Standard Parking Corporation (a)		13,362		353,692
Steelcase, Inc. - Class A (b)		65,118		1,067,284
SYKES Enterprises, Inc. (a) (b)		16,629		311,295
Tetra Tech, Inc. (a)		6,651		173,791
UniFirst Corporation		2,168		222,914
US Ecology, Inc.		45,551		1,619,338
Viad Corp (b)		53,384		1,425,353
				26,105,881
Construction & Engineering - 1.3%
Argan, Inc.		55,701		1,239,347
Comfort Systems USA, Inc.		15,523		289,193
Dycom Industries, Inc. (a) (b)		110,615		3,279,735
EMCOR Group, Inc.		129,739		4,808,127
Furmanite Corporation (a)		163,836		1,843,155
Goldfield Corporation (The) (a)		40,906		77,721

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.5% (Continued)
Construction & Engineering - 1.3% (Continued)
Granite Construction, Inc.		10,151	$	328,385
MYR Group, Inc. (a)		57,077		1,509,687
Northwest Pipe Company (a)		41,930		1,510,738
Orion Marine Group, Inc. (a)		25,905		323,813
Pike Electric Corporation		212,818		2,300,563
Primoris Services Corporation (b)		74,056		1,928,418
Tutor Perini Corporation (a)		81,596		1,872,628
				21,311,510
Electrical Equipment - 0.8%
Acuity Brands, Inc.		2,028		203,834
American Electric Technologies, Inc. (a)		552		4,527
American Superconductor Corporation (a)		212,022		462,208
AMETEK, Inc.		1,689		80,785
AZZ, Inc.		2,079		93,347
Babcock & Wilcox Company (The) (b)		4,372		140,822
Belden, Inc.		2,405		161,760
Brady Corporation - Class A		33,260		970,860
Broadwind Energy, Inc. (a)		95,637		698,150
EnerSys, Inc.		8,398		557,207
Franklin Electric Company, Inc.		5,087		192,543
Global Power Equipment Group, Inc.		21,163		430,879
Hubbell, Inc. - Class B		1,913		205,724
II-VI, Inc. (a)		92,849		1,584,004
Lihua International, Inc. (a)		34,815		202,275
Orion Energy Systems, Inc. (a)		561		2,384
Polypore International, Inc. (a) (b)		58,131		2,627,521
Powell Industries, Inc. (a)		43,518		2,734,236
Preformed Line Products Company (b)		6,299		529,242
Roper Industries, Inc.		467		59,220
Sensata Technologies Holding N.V. (a)		4,532		170,539
Thermon Group Holdings, Inc. (a)		24,183		568,542
Vicor Corporation (a) (b)		10,419		91,792
				12,772,401
Industrial Conglomerates - 0.1%
Standex International Corporation		14,373		884,083

Machinery - 3.1%
Accuride Corporation (a)		1,746		7,857
Actuant Corporation - Class A (b)		87,139		3,272,941
Adept Technology, Inc. (a)		60,162		500,548
Alamo Group, Inc.		22,637		1,068,240
Albany International Corporation - Class A		65,481		2,410,356
Altra Holdings, Inc.		2,192		66,571
Ampco-Pittsburgh Corporation (b)		5,680		104,569
Blount International, Inc. (a)		7,760		94,517
Chart Industries, Inc. (a)		911		97,905
China Yuchai International Ltd. (b)		27,913		652,327
CIRCOR International, Inc. (b)		17,527		1,292,967
Colfax Corporation (a)		1,920		107,443
Columbus McKinnon Corporation (a) (b)		18,540		482,225
Commercial Vehicle Group, Inc. (a)		26,324		207,170
Crane Company		1,249		79,311

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.5% (Continued)
Machinery - 3.1% (Continued)
Duoyuan Printing, Inc. (a)		105,640	$	4,754
Dynamic Materials Corporation		23,308		515,107
Energy Recovery, Inc. (a)		37,335		218,036
Federal Signal Corporation (a)		197,498		2,703,748
Flow International Corporation (a)		103,883		414,493
Global Brass & Copper Holdings, Inc. (a)		29,088		544,818
Graham Corporation		30,450		1,120,865
Hardinge, Inc.		11,641		172,170
Harsco Corporation		25,956		723,653
Hyster-Yale Materials Handling, Inc. - Class A (b)		34,731		2,724,300
ITT Corporation		3,538		140,565
John Bean Technologies Corporation (b)		118,524		3,221,482
Kadant, Inc. (b)		41,019		1,468,480
Kennametal, Inc.		2,992		137,632
L.B. Foster Company - Class A		9,404		439,637
Lincoln Electric Holdings, Inc.		1,612		111,615
Lydall, Inc. (a)		36,045		656,740
Manitex International, Inc. (a)		29,096		376,211
Manitowoc Company, Inc. (The)		229,475		4,465,584
Meritor, Inc. (a)		24,638		169,263
Miller Industries, Inc.		2,226		41,715
Mueller Industries, Inc.		35,417		2,135,291
Mueller Water Products, Inc. - Class A (b)		690,640		5,918,785
NACCO Industries, Inc. - Class A (b)		30,889		1,759,746
NN, Inc.		34,026		547,138
Oshkosh Corporation (a)		2,313		110,076
Snap-on, Inc.		826		85,962
SPX Corporation		1,943		176,250
Sun Hydraulics Corporation		6,397		253,833
Tennant Company		10,925		663,038
Titan International, Inc. (b)		139,265		2,019,342
Toro Company (The) (b)		45,302		2,670,100
Trinity Industries, Inc.		3,545		179,483
WABCO Holdings, Inc. (a) (b)		6,708		574,741
Watts Water Technologies, Inc. - Class A		1,896		109,551
Woodward, Inc.		4,196		168,218
Xylem, Inc.		8,352		288,144
				48,475,513
Marine - 0.5%
Baltic Trading Ltd.		493,530		2,211,014
Box Ships, Inc.		23,758		90,280
Costamare, Inc. (b)		43,807		813,496
Diana Shipping, Inc. (a)		40,724		461,810
DryShips, Inc. (a) (b)		223,836		615,549
Global Ship Lease, Inc. (a)		15,707		78,692
International Shipholding Corporation		21,400		531,148
Matson, Inc. (b)		47,159		1,277,537
Navios Maritime Holdings, Inc. (b)		110,361		781,356
Newlead Holdings, Ltd. (a)		6,003		7,354
Paragon Shipping, Inc. (a)		155,216		838,167
Star Bulk Carriers Corporation (a)		69,781		551,270
				8,257,673

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)		Shares		Value
Industrials - 13.5% (Continued)
Professional Services - 1.2%
Barrett Business Services, Inc.			1,598	$	133,066
CDI Corporation			3,324		53,350
CRA International, Inc. (a)			10,242		195,110
Dolan Company (The) (a)			14,085		36,199
Exponent, Inc.			8,697		657,580
Franklin Covey Company (a)			10,078		189,466
GP Strategies Corporation (a)			5,340		149,627
Heidrick & Struggles International, Inc. (b)			76,800		1,422,336
Huron Consulting Group, Inc. (a)			15,132		886,281
ICF International, Inc. (a)			566		19,595
Insperity, Inc.			8,145		314,967
Kforce, Inc.			5,512		108,531
Korn/Ferry International (a) (b)			126,938		3,021,125
National Technical Systems, Inc. (a)			37,884		867,165
Navigant Consulting, Inc. (a) (b)			170,219		2,953,300
On Assignment, Inc. (a) (b)			66,175		2,236,053
Pendrell Corporation (a)			7,905		17,628
Portfolio Recovery Associates, Inc. (a)			11,734		697,586
Resources Connection, Inc.			121,597		1,551,578
Robert Half International, Inc.			3,194		123,065
RPX Corporation (a) (b)			19,194		342,805
Towers Watson & Company			646		74,167
TrueBlue, Inc. (a)			46,839		1,156,923
Verisk Analytics, Inc. - Class A (a)			3,213		220,155
Volt Information Sciences, Inc. (a)			9,526		82,876
VSE Corporation			15,790		691,602
	��				18,202,136
Road & Rail - 1.2%
AMERCO			594		119,946
Arkansas Best Corporation			8,903		243,675
Avis Budget Group, Inc. (a) (b)			156,794		4,912,356
Celadon Group, Inc. (b)			6,956		128,964
Con-Way, Inc.			22,185		914,022
Genesee & Wyoming, Inc. - Class A (a)			1,078		107,628
Heartland Express, Inc.			81,963		1,176,989
Landstar System, Inc.			17,913		990,410
Marten Transport Ltd. (b)			70,361		1,241,168
Quality Distribution, Inc. (a)			115,744		1,189,848
Roadrunner Transportation Systems, Inc. (a) (b)			48,749		1,291,849
Ryder System, Inc. (b)			71,157		4,684,265
Saia, Inc. (a) (b)			42,730		1,390,007
Universal Truckload Services, Inc.			15,368		409,711
USA Truck, Inc. (a)			6,311		83,810
Vitran Corporation, Inc. (a)			13,682		74,977
					18,959,625
Trading Companies & Distributors - 1.3%
Aceto Corporation			129,612		2,067,312
AerCap Holdings N.V. (a)			6,742		136,795
Air Lease Corporation (b)			95,805		2,816,667
Aircastle Ltd.			23,836		449,785
Applied Industrial Technologies, Inc.			1,148		54,312
Beacon Roofing Supply, Inc. (a)			43,801		1,520,333

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Industrials - 13.5% (Continued)
Trading Companies & Distributors - 1.3% (Continued)
CAI International, Inc. (a) (b)		81,634	$	1,786,968
DXP Enterprises, Inc. (a)		19,602		1,801,424
Edgen Group, Inc. (a)		124,621		1,491,714
GATX Corporation (b)		23,306		1,201,424
H&E Equipment Services, Inc. (a)		27,875		697,711
HD Supply Holdings, Inc. (a)		19,174		387,123
MFC Industrial Ltd. (b)		78,155		633,837
MSC Industrial Direct Company, Inc. - Class A		749		57,201
TAL International Group, Inc. (a)		12,275		593,005
Textainer Group Holdings Ltd. (b)		108,832		4,124,733
				19,820,344
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.		54,116		531,419
Macquarie Infrastructure Company, LLC		1,379		75,721
Wesco Aircraft Holdings, Inc. (a)		16,853		308,747
				915,887
Information Technology - 16.3%
Communications Equipment - 2.7%
ADTRAN, Inc.		5,894		138,391
Alliance Fiber Optic Products, Inc.		35,080		651,436
Anaren, Inc. (a)		3,150		78,687
Applied Optoelectronics, Inc. (a)		5,960		75,573
Arris Group, Inc. (a) (b)		168,119		3,002,605
AudioCodes Ltd. (a)		17,058		103,883
Aviat Networks, Inc. (a)		186,901		385,016
Bel Fuse, Inc. - Class B		4,580		96,363
Black Box Corporation (b)		26,775		670,446
Brocade Communications Systems, Inc. (a)		45,723		366,699
CalAmp Corporation (a)		92,724		2,181,796
Calix, Inc. (a)		49,134		499,693
Ceragon Networks Ltd. (a) (b)		21,178		73,064
CIENA Corporation (a)		8,525		198,377
Comtech Telecommunications Corporation		67,932		2,039,319
Digi International, Inc. (a)		14,389		145,041
EchoStar Corporation - Class A (a) (b)		36,312		1,741,524
Emulex Corporation (a)		210,410		1,584,387
Extreme Networks, Inc. (a)		721,676		3,868,183
Finisar Corporation (a)		10,794		248,370
Globecomm Systems, Inc. (a)		148,967		2,090,007
Harmonic, Inc. (a) (b)		331,038		2,419,888
Infinera Corporation (a) (b)		263,309		2,688,385
Ixia (a)		57,834		820,086
JDS Uniphase Corporation (a)		9,878		129,303
Meru Networks, Inc. (a)		19,437		58,505
Mitel Networks Corporation (a)		29,593		176,374
Oplink Communications, Inc. (a)		73,513		1,341,612
ORBCOMM, Inc. (a)		58,338		351,778
PCTEL, Inc.		7,388		68,044
Plantronics, Inc.		35,309		1,516,168
Radware Ltd. (a)		95,841		1,434,740
Ruckus Wireless, Inc. (a)		29,652		429,954
ShoreTel, Inc. (a) (b)		655,742		5,213,149

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
Communications Equipment - 2.7% (Continued)
Sierra Wireless, Inc. - ADR (a)		45,251	$	817,233
Silicom Ltd.		5,661		251,462
Sonus Networks, Inc. (a) (b)		990,561		2,971,683
Sycamore Networks, Inc.		111,610		53,573
Symmetricom, Inc. (a)		39,988		286,714
Tellabs, Inc. (b)		627,862		1,531,983
TESSCO Technologies, Inc.		326		11,550
UTStarcom Holdings Corporation (a)		33,051		92,543
ViaSat, Inc. (a)		4,461		294,961
Westell Technologies, Inc. - Class A (a)		51,668		185,488
Zhone Technologies, Inc. (a)		58,592		239,055
				43,623,091
Computers & Peripherals - 0.8%
Apple, Inc.		833		435,118
Concurrent Computer Corporation		5,267		38,818
Cray, Inc. (a)		2,207		49,349
Datalink Corporation (a) (b)		32,300		331,721
Dot Hill Systems Corporation (a)		62,424		181,030
Electronics For Imaging, Inc. (a) (b)		18,295		627,701
Hutchinson Technology, Inc. (a)		290,206		1,079,566
Immersion Corporation (a) (b)		86,404		1,099,059
Intevac, Inc. (a)		20,949		106,840
Lexmark International, Inc. - Class A (b)		64,304		2,286,007
Novatel Wireless, Inc. (a)		144,471		442,804
On Track Innovations Ltd. (a)		13,128		22,055
QLogic Corporation (a)		220,949		2,728,720
Quantum Corporation (a)		26,831		33,270
Qumu Corporation (a)		8,475		126,955
Silicon Graphics International Corporation (a)		43,513		555,661
Stratasys Ltd. (a)		1,790		202,682
Super Micro Computer, Inc. (a)		73,432		1,022,173
Xyratex Ltd.		61,814		614,431
				11,983,960
Electronic Equipment, Instruments & Components - 2.7%
Aeroflex Holding Corporation (a) (b)		4,767		36,944
Agilysys, Inc. (a)		2,484		29,187
Anixter International, Inc. (a)		1,255		107,290
AVX Corporation		84,352		1,117,664
Badger Meter, Inc.		8,678		451,343
Benchmark Electronics, Inc. (a) (b)		115,642		2,628,543
Celestica, Inc. (a) (b)		17,072		187,109
Checkpoint Systems, Inc. (a)		38,482		654,964
Clearfield, Inc. (a)		29,825		442,603
Control4 Corporation (a)		7,281		119,772
CTS Corporation		65,236		1,214,694
Daktronics, Inc.		92,982		1,112,065
Electro Rent Corporation		8,886		161,192
Fabrinet (a) (b)		111,228		1,861,957
FARO Technologies, Inc. (a)		11,327		538,032
FEI Company		1,860		165,689
GSI Group, Inc. (The) (a)		34,036		339,679
Hollysys Automation Technologies Ltd. (a)		38,286		642,056

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
Electronic Equipment, Instruments & Components - 2.7% (Continued)
Identive Group, Inc. (a) (b)		29,153	$	18,655
Ingram Micro, Inc. - Class A (a)		6,354		147,222
Insight Enterprises, Inc. (a)		121,441		2,558,762
Key Tronic Corporation (a)		1,390		15,082
Littelfuse, Inc.		2,956		251,349
Maxwell Technologies, Inc. (a)		131,340		985,050
Measurement Specialties, Inc. (a)		18,104		1,008,936
Mesa Laboratories, Inc.		10,516		732,229
Methode Electronics, Inc.		81,379		2,081,675
Molex, Inc.		31,757		1,225,820
Molex, Inc. - Class A		3,276		126,126
Multi-Fineline Electronix, Inc. (a) (b)		38,104		510,975
Nam Tai Electronics, Inc.		8,070		56,409
NeoPhotonics Corporation (a)		19,259		136,546
Netlist, Inc. (a)		22,786		18,691
Newport Corporation (a) (b)		72,849		1,156,114
Orbotech Ltd. (a) (b)		73,095		871,292
OSI Systems, Inc. (a)		5,354		389,985
Park Electrochemical Corporation		2,772		77,755
PC Connection, Inc.		2,901		57,991
Perceptron, Inc.		14,999		209,836
Plexus Corporation (a) (b)		63,281		2,422,397
RF Industries, Ltd.		4,998		45,932
Rogers Corporation (a)		11,431		696,834
Sanmina Corporation (a) (b)		453,658		6,605,260
ScanSource, Inc. (a)		77,805		2,992,380
SYNNEX Corporation (a)		23,430		1,436,259
TTM Technologies, Inc. (a)		232,922		2,038,068
Universal Display Corporation (a)		40,978		1,307,198
Vishay Intertechnology, Inc. (a)		42,554		522,138
Vishay Precision Group, Inc. (a)		5,571		91,364
				42,605,113
Internet Software & Services - 2.0%
Active Network, Inc. (The) (a)		341,803		4,935,635
Autobytel, Inc. (a)		4,751		38,721
Benefitfocus, Inc. (a)		14,211		711,971
Brightcove, Inc. (a)		176,917		2,701,523
ChannelAdvisor Corporation (a)		17,473		609,109
comScore, Inc. (a)		81,009		2,164,560
CoStar Group, Inc. (a)		652		115,397
Cvent, Inc. (a)		21,559		668,113
DealerTrack Holdings, Inc. (a)		3,664		136,667
Demand Media, Inc. (a)		224,804		1,074,563
EarthLink, Inc.		42,016		212,601
eBay, Inc. (a)		2,112		111,324
eGain Corporation (a)		25,551		293,325
Envestnet, Inc. (a)		10,690		388,047
Facebook, Inc. - Class A (a)		2,563		128,816
GigaMedia Ltd. (a)		16,180		16,504
Internet Gold-Golden Lines Ltd. (a)		3,618		38,496
IntraLinks Holdings, Inc. (a)		104,000		1,080,560
J2 Global, Inc.		22,672		1,246,507

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
Internet Software & Services - 2.0% (Continued)
Limelight Networks, Inc. (a)		202,152	$	388,132
LivePerson, Inc. (a)		67,561		631,020
LogMeIn, Inc. (a)		6,734		217,508
Marchex, Inc. - Class B		10,030		89,468
Marketo, Inc. (a)		8,422		284,327
Move, Inc. (a)		22,214		376,976
NIC, Inc.		37,561		924,752
Perficient, Inc. (a)		163,130		2,951,022
Perion Network Ltd. (a)		18,273		205,571
RealNetworks, Inc. (a)		37,496		287,594
Saba Software, Inc. (a)		12,580		145,928
SINA Corporation (a)		891		74,452
SPS Commerce, Inc. (a)		8,776		598,084
Stamps.com, Inc. (a)		32,187		1,462,577
Support.com, Inc. (a)		392,500		1,750,550
Synacor, Inc. (a)		93,517		216,959
Textura Corporation (a)		1,847		70,795
Travelzoo, Inc. (a)		3,038		65,408
Tremor Video, Inc. (a)		39,903		384,665
United Online, Inc.		25,485		220,190
Unwired Planet, Inc. (a)		33,805		54,764
WebMD Health Corporation (a)		21,382		753,074
XO Group, Inc. (a)		20,879		289,801
Xoom Corporation (a)		19,715		586,521
Yahoo!, Inc. (a)		7,063		232,585
YuMe, Inc. (a)		45,621		375,917
Zix Corporation (a)		323,846		1,321,292
				31,632,371
IT Services - 1.8%
Acxiom Corporation (a)		18,451		613,127
Cardtronics, Inc. (a) (b)		7,866		308,740
Computer Task Group, Inc.		23,770		407,180
CoreLogic, Inc. (a)		52,814		1,757,122
CSG Systems International, Inc.		40,838		1,137,747
DST Systems, Inc. (b)		49,972		4,236,126
Echo Global Logistics, Inc. (a)		1,069		19,680
Euronet Worldwide, Inc. (a)		3,484		151,206
EVERTEC, Inc.		3,973		93,207
ExlService Holdings, Inc. (a) (b)		10,347		299,132
FleetCor Technologies, Inc. (a)		1,576		181,792
Genpact Ltd. (a)		8,507		168,694
Global Cash Access Holdings, Inc. (a)		182,022		1,510,783
Hackett Group, Inc. (The)		150,807		1,073,746
iGATE Corporation (a) (b)		207,124		6,594,828
Information Services Group, Inc. (a)		205,718		876,359
InterXion Holding N.V. (a)		20,872		468,785
Leidos Holdings, Inc.		4,993		235,120
Lender Processing Services, Inc.		76,319		2,634,532
MAXIMUS, Inc.		27,252		1,320,359
ModusLink Global Solutions, Inc. (a)		43,270		178,272
MoneyGram International, Inc. (a) (b)		94,424		1,993,291
PFSweb, Inc. (a)		16,855		121,187

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
IT Services - 1.8% (Continued)
PRGX Global, Inc. (a)		1,306	$	9,377
Sapient Corporation (a)		139,879		2,211,487
ServiceSource International, Inc. (a)		6,560		70,979
Syntel, Inc.		2,401		206,102
TeleTech Holdings, Inc. (a)		3,292		87,139
Total System Services, Inc.		2,447		72,994
Vantiv, Inc. - Class A (a)		8,484		233,310
Virtusa Corporation (a)		3,637		113,038
				29,385,441
Office Electronics - 0.0% (c)
Zebra Technologies Corporation - Class A (a)		2,331		112,611

Semiconductors & Semiconductor Equipment - 3.0%
Alpha & Omega Semiconductor Ltd. (a)		3,766		27,718
Ambarella, Inc. (a)		36,462		749,294
Amkor Technology, Inc. (a)		383,731		2,037,612
Amtech Systems, Inc. (a)		2,731		21,848
ANADIGICS, Inc. (a) (b)		822,281		1,661,008
ATMI, Inc. (a)		59,266		1,620,332
Axcelis Technologies, Inc. (a) (b)		985,244		2,137,979
AXT, Inc. (a)		10,772		24,345
Brooks Automation, Inc.		71,697		691,159
Canadian Solar, Inc. (a)		2,297		52,831
Cascade Microtech, Inc. (a)		66,372		679,649
Cavium, Inc. (a)		4,612		185,910
CEVA, Inc. (a)		33,340		477,762
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		41,173		657,533
Cirrus Logic, Inc. (a)		73,127		1,640,239
Cohu, Inc.		2,712		25,927
CSR plc - ADR		754		26,571
Diodes, Inc. (a) (b)		22,998		557,011
DSP Group, Inc. (a)		1,086		8,091
Entegris, Inc. (a) (b)		40,115		415,190
Entropic Communications, Inc. (a)		33,256		142,336
Exar Corporation (a)		102,868		1,186,068
Fairchild Semiconductor International, Inc. (a)		51,336		650,427
FormFactor, Inc. (a)		78,088		407,619
Inphi Corporation (a)		55,216		813,884
Integrated Device Technology, Inc. (a)		49,053		521,924
Integrated Silicon Solution, Inc. (a)		8,122		87,555
Intermolecular, Inc. (a)		46,573		270,123
International Rectifier Corporation (a)		3,607		93,926
Intersil Corporation - Class A (b)		296,645		3,310,558
IXYS Corporation (b)		113,951		1,325,250
Kulicke & Soffa Industries, Inc. (a) (b)		402,587		5,193,372
Lattice Semiconductor Corporation (a) (b)		208,261		1,068,379
LTX-Credence Corporation (a)		303,153		1,858,328
MagnaChip Semiconductor Corporation (a)		51,508		962,684
Mattson Technology, Inc. (a) (b)		396,779		1,174,466
MaxLinear, Inc. - Class A (a)		220,896		1,912,959
Mellanox Technologies Ltd. (a)		797		28,915
Micrel, Inc.		5,940		54,648

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
Semiconductors & Semiconductor Equipment - 3.0% (Continued)
Micron Technology, Inc. (a)		5,901	$	104,330
Microsemi Corporation (a)		8,256		207,473
Monolithic Power Systems, Inc. (b)		49,209		1,566,815
Nova Measuring Instruments Ltd. (a) (b)		45,052		396,007
NVE Corporation (a)		686		36,612
PDF Solutions, Inc. (a)		71,390		1,639,828
Pericom Semiconductor Corporation (a)		3,082		24,903
PLX Technology, Inc. (a)		262,372		1,584,727
PMC-Sierra, Inc. (a)		67,661		397,170
Power Integrations, Inc.		14,850		852,984
RF Micro Devices, Inc. (a)		156,256		820,344
Semtech Corporation (a)		8,213		255,506
Sigma Designs, Inc. (a)		204,665		1,113,378
Silicon Image, Inc. (a)		207,909		1,091,522
Silicon Laboratories, Inc. (a)		4,004		161,041
Supertex, Inc.		53,968		1,376,724
TriQuint Semiconductor, Inc. (a) (b)		43,434		344,432
Ultra Clean Holdings, Inc. (a)		42,838		398,822
Veeco Instruments, Inc. (a)		243		7,098
Vitesse Semiconductor Corporation (a)		81,785		233,905
				47,375,051
Software - 3.3%
Accelrys, Inc. (a)		11,017		103,009
Actuate Corporation (a) (b)		181,740		1,455,737
Aspen Technology, Inc. (a)		6,810		260,346
Attunity Ltd. (a)		8,059		77,326
AVG Technologies N.V. (a) (b)		78,316		1,574,152
BSQUARE Corporation (a)		5,390		17,356
Cadence Design Systems, Inc. (a)		13,856		179,712
Callidus Software, Inc. (a)		203,272		2,103,865
ClickSoftware Technologies Ltd. (b)		73,151		529,613
Compuware Corporation		196,486		2,098,470
Comverse, Inc. (a)		9,194		290,347
Covisint Corporation (a)		21,615		265,216
Datawatch Corporation (a)		47,195		1,425,289
Ellie Mae, Inc. (a) (b)		187,365		5,414,849
EPIQ Systems, Inc.		75,948		1,136,182
ePlus, Inc.		29,410		1,598,728
Evolving Systems, Inc.		31,814		331,820
Fair Isaac Corporation		2,384		136,556
FireEye, Inc. (a)		7,140		270,249
Gigamon, Inc. (a)		10,523		323,898
Guidance Software, Inc. (a)		6,552		57,264
Guidewire Software, Inc. (a)		2,526		128,119
Imperva, Inc. (a)		12,961		496,925
Interactive Intelligence Group, Inc. (a)		16,240		997,948
Manhattan Associates, Inc. (a) (b)		22,155		2,359,729
Mentor Graphics Corporation		6,703		148,002
MicroStrategy, Inc. - Class A (a)		5,271		643,009
Model N, Inc. (a)		106,146		954,253
Monotype Imaging Holdings, Inc.		11,217		316,544
Net 1 UEPS Technologies, Inc. (a)		64,770		769,468

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Information Technology - 16.3% (Continued)
Software - 3.3% (Continued)
NetScout Systems, Inc. (a)		12,064	$	341,652
NetSol Technologies, Inc. (a)		32,930		256,525
Nuance Communications, Inc. (a)		13,107		203,945
Open Text Corporation		1,913		140,299
Park City Group, Inc. (a)		2,289		21,356
Pegasystems, Inc.		24,504		932,622
Proofpoint, Inc. (a)		34,223		1,082,816
PROS Holdings, Inc. (a)		32,843		1,161,000
Qlik Technologies, Inc. (a)		308		7,805
Qualys, Inc. (a)		27,918		580,694
Rally Software Development Corporation (a)		20,062		538,263
Rosetta Stone, Inc. (a)		4,411		66,959
SeaChange International, Inc. (a)		233,985		3,320,247
ServiceNow, Inc. (a)		1,331		72,686
Smith Micro Software, Inc. (a)		224,218		181,617
Solera Holdings, Inc. (b)		1,696		95,349
SS&C Technologies Holdings, Inc. (a) (b)		61,518		2,417,657
Synchronoss Technologies, Inc. (a) (b)		52,689		1,824,093
Tableau Software, Inc. - Class A (a)		5,102		313,569
Take-Two Interactive Software, Inc. (a)		164,166		2,940,213
TeleCommunication Systems, Inc. (a)		72,627		165,590
TeleNav, Inc. (a)		187,868		1,362,043
TIBCO Software, Inc. (a)		2,905		71,347
TiVo, Inc. (a) (b)		315,017		4,186,576
Ultimate Software Group, Inc. (The) (a)		713		110,144
VASCO Data Security International, Inc. (a)		63,250		475,008
Verint Systems, Inc. (a)		61,434		2,243,570
				51,577,626
Materials - 5.4%
Chemicals - 1.9%
A. Schulman, Inc.		26,202		867,810
American Pacific Corporation (a) (b)		38,285		1,742,733
Axiall Corporation		3,139		122,076
Balchem Corporation		6,082		348,255
Calgon Carbon Corporation (a)		4,246		84,708
Chase Corporation		11,300		341,938
Chemtura Corporation (a)		23,564		577,318
CVR Partners, L.P.		103,761		1,841,758
Ferro Corporation (a)		49,606		636,445
FMC Corporation		1,328		96,625
FutureFuel Corporation		78,818		1,372,221
H.B. Fuller Company (b)		115,663		5,536,788
Huntsman Corporation		5,086		118,097
Innophos Holdings, Inc.		6,885		345,076
Innospec, Inc. (b)		14,511		668,377
Koppers Holdings, Inc. (b)		11,421		508,349
Kraton Performance Polymers, Inc. (a)		51,250		1,090,087
Landec Corporation (a)		57,246		670,351
LSB Industries, Inc. (a) (b)		12,670		465,242
Marrone Bio Innovations, Inc. (a)		9,128		158,645
Minerals Technologies, Inc. (b)		51,124		2,895,152
OCI Partners, L.P. (a)		5,576		124,624

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 5.4% (Continued)
Chemicals - 1.9% (Continued)
Olin Corporation		124,985	$	2,813,412
OMNOVA Solutions, Inc. (a)		72,908		634,300
Potash Corporation of Saskatchewan, Inc.		18,773		583,840
Quaker Chemical Corporation		12,619		957,908
Rentech Nitrogen Partners, L.P.		14,435		298,949
Scotts Miracle-Gro Company (The) - Class A		2,550		149,736
Stepan Company		9,032		531,714
Taminco Corporation (a)		8,600		171,742
Westlake Chemical Corporation		730		78,417
Yongye International, Inc. (a)		145,150		914,445
Zep, Inc.		72,600		1,444,014
				29,191,152
Construction Materials - 0.1%
CaesarStone Sdot-Yam Ltd. (a)		11,816		498,281
Headwaters, Inc. (a)		30,096		262,738
United States Lime & Minerals, Inc. (a)		25,837		1,435,503
				2,196,522
Containers & Packaging - 0.2%
AEP Industries, Inc. (a)		808		48,011
AptarGroup, Inc.		1,332		85,461
Ball Corporation		2,966		145,008
Berry Plastics Group, Inc. (a)		5,990		120,279
Graphic Packaging Holding Company (a)		101,525		852,810
Myers Industries, Inc.		108,566		1,934,646
Silgan Holdings, Inc.		10,724		483,331
UFP Technologies, Inc. (a)		595		13,715
				3,683,261
Metals & Mining - 2.5%
Alamos Gold, Inc.		45,830		731,905
Alcoa, Inc.		25,932		240,390
Alexco Resource Corporation (a) (b)		242,837		344,829
Allegheny Technologies, Inc.		4,468		147,891
Almaden Minerals Ltd. (a) (b)		54,470		74,079
Asanko Gold, Inc. (a) (b)		101,763		237,108
AuRico Gold, Inc.		209,628		861,571
B2Gold Corporation (a)		25,619		63,279
Banro Corporation (a) (b)		134,397		111,455
Barrick Gold Corporation		15,717		304,753
Carpenter Technology Corporation (b)		77,865		4,619,730
Century Aluminum Company (a)		93,116		808,247
Charles & Colvard Ltd. (a)		38,534		204,616
Cliffs Natural Resources, Inc.		51,561		1,324,086
Commercial Metals Company		224,507		4,121,949
Constellium N.V. - Class A (a)		9,289		171,568
Dominion Diamond Corporation (a) (b)		70,356		946,992
Eldorado Gold Corporation		33,763		227,900
Endeavour Silver Corporation (a) (b)		209,584		876,061
Energy Fuels, Inc. (a)		240,322		32,443
Entrée Gold, Inc. (a) (b)		9,920		4,166
Exeter Resource Corporation (a) (b)		182,209		125,724
First Majestic Silver Corporation (a)		86,307		976,132
Fortuna Silver Mines, Inc. (a)		200,289		787,136

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Materials - 5.4% (Continued)
Metals & Mining - 2.5% (Continued)
Franco-Nevada Corporation		3,005	$	134,955
Globe Specialty Metals, Inc.		10,791		189,274
Goldcorp, Inc.		5,842		148,562
Great Panther Silver Ltd. (a) (b)		179,940		163,745
Haynes International, Inc.		8,181		440,956
Hi-Crush Partners, L.P.		7,430		225,352
IAMGOLD Corporation		156,753		799,440
International Tower Hill Mines Ltd. (a) (b)		54,931		28,020
Kinross Gold Corporation (b)		222,298		1,127,051
MAG Silver Corporation (a)		6,871		39,165
Materion Corporation		19,552		582,845
McEwen Mining, Inc. (a)		158,933		340,117
Minco Gold Corporation (a)		51,356		10,220
Mines Management, Inc. (a)		19,145		11,487
Nevsun Resources Ltd. (b)		583,190		2,128,644
New Gold, Inc. (a)		43,723		255,780
Newmont Mining Corporation		4,847		132,129
Noranda Aluminum Holding Corporation (b)		741,940		2,018,077
Northern Dynasty Minerals Ltd. (a) (b)		76,581		103,384
NovaGold Resources, Inc. (a)		280,784		609,301
OCI Resources, L.P. (a)		13,088		287,805
Pan American Silver Corporation		82,411		874,381
Platinum Group Metals Ltd. (a)		142,922		164,360
Pretium Resources, Inc. (a) (b)		74,768		244,491
Primero Mining Corporation (a)		157,312		899,825
Quest Rare Minerals Ltd. (a)		102,941		81,313
Rare Element Resources Ltd. (a)		448,890		834,935
Richmont Mines, Inc. (a) (b)		134,508		174,860
Rubicon Minerals Corporation (a) (b)		219,410		304,980
Sandstorm Gold Ltd. (a)		216,799		1,168,547
Silver Standard Resources, Inc. (a)		60,398		339,437
Silver Wheaton Corporation		4,163		94,375
Silvercorp Metals, Inc.		332,086		1,052,713
SunCoke Energy Partners, L.P.		239		6,233
SunCoke Energy, Inc. (a) (b)		81,712		1,634,240
Sutor Technology Group Ltd. (a)		38,956		78,691
Taseko Mines Ltd. (a) (b)		748,386		1,833,546
Worthington Industries, Inc.		23,980		972,149
Yamana Gold, Inc. - ADR		97,956		972,703
				39,852,098
Paper & Forest Products - 0.7%
Boise Cascade Company (a)		17,764		454,936
Clearwater Paper Corporation (a)		12,285		641,523
Deltic Timber Corporation		315		20,122
KapStone Paper and Packaging Corporation		6,544		340,026
Louisiana-Pacific Corporation (a) (b)		197,501		3,359,492
Neenah Paper, Inc. (b)		91,345		3,757,933
P.H. Glatfelter Company		72,989		1,912,312
Schweitzer-Mauduit International, Inc.		17,321		1,071,823
Verso Paper Corporation (a)		1,678		1,200
				11,559,367

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.0%
Alaska Communications Systems Group, Inc. (a) (b)		783,659	$	1,927,801
Atlantic Tele-Network, Inc.		5,749		318,610
BCE, Inc.		1,808		78,702
Cbeyond, Inc. (a)		36,568		235,498
Cincinnati Bell, Inc. (a) (b)		995,953		2,848,426
Cogent Communications Group, Inc.		16,310		572,970
Frontier Communications Corporation		22,562		99,498
General Communication, Inc. - Class A (a) (b)		171,524		1,631,193
IDT Corporation - Class B (b)		38,573		844,363
inContact, Inc. (a)		117,375		890,876
Inteliquent, Inc.		192,318		2,471,286
Intelsat S.A. (a)		11,261		229,612
Lumos Networks Corporation		4,365		96,074
Premiere Global Services, Inc. (a) (b)		39,715		357,832
Straight Path Communications, Inc. - Class B (a) (b)		20,162		110,085
tw telecom, inc. (a)		5,286		166,615
Vonage Holdings Corporation (a) (b)		801,933		2,991,210
Windstream Holdings, Inc.		9,288		79,412
				15,950,063
Wireless Telecommunication Services - 0.4%
Cellcom Israel Ltd. (a) (b)		26,051		299,587
RingCentral, Inc. - Class A (a)		7,778		149,804
Shenandoah Telecommunications Company		119,069		3,301,783
Sprint Corporation (a)		22,677		152,616
Telephone and Data Systems, Inc. (b)		53,736		1,675,489
T-Mobile US, Inc. (a)		3,834		106,317
United States Cellular Corporation		4,356		210,830
				5,896,426
Utilities - 1.3%
Electric Utilities - 0.6%
ALLETE, Inc.		1,868		94,390
Brookfield Infrastructure Partners, L.P.		3,787		149,094
Cleco Corporation		20,130		932,824
El Paso Electric Company (b)		47,413		1,667,515
Exelon Corporation		3,031		86,505
Hawaiian Electric Industries, Inc. (b)		29,913		794,789
Northeast Utilities		3,984		170,874
NV Energy, Inc. (b)		104,239		2,474,634
OGE Energy Corporation		7,106		262,211
Pepco Holdings, Inc.		4,075		78,566
PNM Resources, Inc.		67,807		1,621,944
UIL Holdings Corporation		7,477		288,014
Unitil Corporation		23,678		715,549
				9,336,909
Gas Utilities - 0.2%
AGL Resources, Inc.		54		2,585
Chesapeake Utilities Corporation		12,752		693,836
New Jersey Resources Corporation		36,328		1,672,178
Southwest Gas Corporation		5,685		308,468
UGI Corporation		2,724		112,692
				2,789,759

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 92.6% (Continued)	Shares		Value
Utilities - 1.3% (Continued)
Independent Power Producers & Energy Traders - 0.1%
Calpine Corporation (a)		3,714	$	74,911
Genie Energy Ltd. - Class B (a) (b)		15,250		157,533
Pattern Energy Group, Inc. (a)		35,644		808,406
Synthesis Energy Systems, Inc. (a) (b)		329,200		217,930
				1,258,780
Multi-Utilities - 0.2%
Avista Corporation (b)		54,459		1,513,416
CMS Energy Corporation		3,299		90,590
MDU Resources Group, Inc.		11,250		335,025
Public Service Enterprise Group, Inc.		2,111		70,718
SCANA Corporation		4,257		198,504
TECO Energy, Inc.		5,417		93,010
Vectren Corporation		45,640		1,593,749
				3,895,012
Water Utilities - 0.2%
American States Water Company		36,937		1,051,966
American Water Works Company, Inc.		1,739		74,551
Aqua America, Inc.		4,831		121,645
California Water Service Group (b)		65,034		1,417,741
Connecticut Water Service, Inc.		2,110		67,625
Middlesex Water Company		2,053		42,559
Pure Cycle Corporation (a)		17,692		118,182
SJW Corporation		4,684		132,229
Tri-Tech Holding, Inc. (a) (b)		2,872		5,256
York Water Company (The)		1,634		33,840
				3,065,594

Total Common Stocks (Cost $1,284,089,511)			$	1,465,575,606


PREFERRED STOCKS - 0.2%	Shares		Value
Beazer Homes USA, Inc., 7.500%, CV		5,170	$	149,310
Dominion Resources, Inc., Series A, 6.125%, CV (a)		11,367		615,750
Dominion Resources, Inc., Series B, 6.000%, CV (a)		11,148		604,556
MetLife, Inc., 5.000%, CV (a)		35,996		1,034,165
NextEra Energy, Inc. (a)		5,413		275,251
Total Preferred Stocks (Cost $2,593,825)			$	2,679,032


OTHER INVESTMENTS - 4.6%	Shares		Value
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.		25	$	509
Aberdeen Indonesia Fund, Inc.		17,380		176,928
Aberdeen Israel Fund, Inc.		2,782		44,651
Aberdeen Latin America Equity Fund, Inc.		9,000		294,300
Adams Express Company (The)		57,498		745,749
Alliance New York Municipal Income Fund, Inc.		1,092		13,246
AllianceBernstein Income Fund, Inc.		224,719		1,599,999
AllianzGI Equity & Convertible Income Fund		28,635		551,510
Alpine Total Dynamic Dividend Fund		384,154		1,601,922
American Select Portfolio, Inc.		21,236		205,140

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 4.6% (Continued)	Shares		Value
American Strategic Income Portfolio, Inc.		16,038	$	158,295
American Strategic Income Portfolio, Inc. II		6,500		53,365
American Strategic Income Portfolio, Inc. III		223		1,548
ASA Gold and Precious Metals Ltd.		13,440		189,907
Asia Pacific Fund, Inc. (The) (a)		90		949
Asia Tigers Fund, Inc. (The)		800		9,664
Bancroft Fund Ltd.		541		9,976
BlackRock Core Bond Trust		2,803		36,775
BlackRock Credit Allocation Income Trust IV		6,800		88,196
BlackRock EcoSolutions Investment Trust		21,706		172,129
BlackRock Energy and Resources Trust		27,210		729,772
BlackRock Enhanced Capital and Income Fund		9,626		130,144
BlackRock Enhanced Equity Dividend Trust		206,053		1,590,729
BlackRock Global Opportunities Equity Trust		82,608		1,217,642
BlackRock Income Opportunity Trust, Inc.		52,241		520,843
BlackRock International Growth & Income Trust		125,460		1,021,244
BlackRock Long-Term Municipal Advantage Trust		7,987		82,905
BlackRock Maryland Bond Trust		3,423		43,027
BlackRock Municipal Bond Investment Trust		10,492		141,852
BlackRock Municipal Income Quality Trust		7,545		98,915
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		24,248		322,013
BlackRock MuniHoldings Quality Fund, Inc.		15,500		188,480
BlackRock MuniYield Investment Quality Fund		22,214		277,009
BlackRock MuniYield Michigan Quality Fund II, Inc.		9,078		106,213
BlackRock MuniYield New Jersey Fund, Inc.		14,500		200,390
BlackRock MuniYield New Jersey Quality Fund, Inc.		5,500		72,325
BlackRock MuniYield Pennsylvania Quality Fund		16,318		214,582
BlackRock MuniYield Quality Fund II, Inc.		10,212		121,931
BlackRock New Jersey Municipal Bond Trust		1,394		18,875
BlackRock New York Municipal Income Quality Trust		2,696		33,053
BlackRock Pennsylvania Strategic Municipal Trust		3,403		40,360
BlackRock Real Asset Equity Trust		56,714		517,232
BlackRock Resources & Commodities Strategy Trust		96,716		1,129,643
BlackRock S&P Quality Rankings Global Equity Managed Trust		6,112		78,478
BlackRock Utility and Infrastructure Trust		22,120		406,123
Boulder Growth & Income Fund, Inc.		12,135		95,624
Calamos Global Dynamic Income Fund		3,036		26,899
CBRE Clarion Global Real Estate Income Fund		179,505		1,502,457
Central Europe & Russia Fund, Inc. (The)		8,956		306,474
Central Securities Corporation		4,486		108,561
China Fund, Inc. (The)		200		4,532
Clough Global Allocation Fund		5,363		80,499
Cohen & Steers Closed-End Opportunity Fund, Inc.		120,164		1,516,470
Cohen & Steers Dividend Majors Fund, Inc.		40,171		571,633
Cohen & Steers Infrastructure Fund, Inc.		77,576		1,595,738
Cohen & Steers Quality Income Realty Fund, Inc.		60,074		612,154
Cohen & Steers REIT & Preferred Income Fund, Inc.		31,891		521,418
Cutwater Select Income Fund		7,000		125,029
Delaware Investments Colorado Municipal Income Fund, Inc.		5,358		67,296
DTF Tax-Free Income, Inc.		7,514		106,398
Duff & Phelps Global Utility Income Fund, Inc.		38,245		741,188
DWS Global High Income Fund, Inc.		3,035		25,160
DWS High Income Opportunities Fund, Inc.		68,283		974,398

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 4.6% (Continued)	Shares		Value
Eagle Capital Growth Fund, Inc.		2,802	$	23,369
Eaton Vance Enhanced Equity Income Fund		9,274		116,481
Eaton Vance Massachusetts Municipal Bond Fund		5,893		73,014
Eaton Vance Michigan Municipal Bond Fund		1,759		20,739
Eaton Vance Michigan Municipal Income Trust		3,868		43,515
Eaton Vance Municipal Bond Fund		10,058		113,756
Eaton Vance National Municipal Opportunities Trust		23,366		438,813
Eaton Vance New Jersey Municipal Bond Fund		5,067		59,487
Eaton Vance New Jersey Municipal Income Trust		1,636		19,174
Eaton Vance New York Municipal Bond Fund 2		200		2,254
Eaton Vance Ohio Municipal Income Trust		3,116		38,358
Eaton Vance Pennsylvania Municipal Income Trust		1,633		18,682
Eaton Vance Short Duration Diversified Income Fund		12,884		196,996
Eaton Vance Tax-Managed Buy-Write Income Fund		20,345		299,071
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		27,211		268,845
Ellsworth Fund Ltd.		14,949		120,040
Engex, Inc. (a)		633		1,962
Federated Premier Municipal Income Fund		800		10,360
First Opportunity Fund, Inc. (a)		21,010		178,795
First Trust Energy Infrastructure Fund		15,078		340,612
First Trust High Income Long/Short Fund		45,371		799,437
First Trust/Aberdeen Emerging Opportunity Fund		5,572		108,431
Firsthand Technology Value Fund, Inc. (a)		40,942		954,358
Fort Dearborn Income Securities, Inc.		6,940		98,687
Franklin Universal Trust		23,896		167,272
Gabelli Global Utility & Income Trust		7,881		157,935
Gabelli Healthcare & WellnessRx Trust (The)		7,127		74,477
GDL Fund (The)		21,734		247,768
General American Investors Company, Inc.		19,439		691,056
Global High Income Fund, Inc.		12,100		126,929
Guggenheim Equal Weight Enhanced Equity Income Fund		3,700		65,712
Helios Multi-Sector High Income Fund, Inc.		1		1
Herzfeld Caribbean Basin Fund, Inc. (a)		5,400		47,682
India Fund, Inc.		76,647		1,607,288
ING Asia Pacific High Dividend Equity Income Fund		14,159		187,607
ING Global Advantage and Premium Opportunity Fund		3,038		36,031
ING Risk Managed Natural Resources Fund		52,191		529,217
Invesco Municipal Income Opportunities Trust		48,240		300,535
Invesco Municipal Opportunity Trust		11,378		133,805
Invesco Quality Municipal Income Trust		65,116		742,974
Invesco Value Municipal Income Trust		1		13
Invesco Van Kampen Advantage Municipal Income Trust II		400		4,224
Invesco Van Kampen Trust for Investment Grade Municipals		123,537		1,508,387
Japan Equity Fund, Inc. (The)		2,400		16,392
JF China Region Fund, Inc.		209		3,148
Korea Equity Fund, Inc. (a)		6,112		55,558
Latin American Discovery Fund, Inc.		366		5,194
Lazard Global Total Return & Income Fund, Inc.		7,681		132,113
Liberty All-Star Equity Fund		5,474		31,311
Liberty All-Star Growth Fund, Inc.		51,840		261,792
LMP Corporate Loan Fund, Inc.		413		4,973
LMP Real Estate Income Fund, Inc.		700		7,525
Macquarie Global Infrastructure Total Return Fund, Inc.		24,827		563,573

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 4.6% (Continued)	Shares		Value
Madison Strategic Sector Premium Fund		13,093	$	155,807
Managed Duration Investment Grade Municipal Fund		4,410		55,875
MFS Charter Income Trust		5,676		51,141
MFS High Income Municipal Trust		200		906
MFS InterMarket Income Trust I		14,907		120,747
MFS Intermediate High Income Fund		27,153		77,115
MFS Investment Grade Municipal Trust		15,270		131,627
Montgomery Street Income Securities, Inc.		2,435		38,619
Morgan Stanley Asia-Pacific Fund, Inc.		11,373		193,568
Morgan Stanley China A Share Fund, Inc. (a)		14,526		323,494
Morgan Stanley Eastern Europe Fund, Inc.		7,678		149,875
Morgan Stanley Emerging Markets Debt Fund, Inc.		36,734		370,646
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		111,537		1,599,441
Morgan Stanley Emerging Markets Fund, Inc.		11,365		176,157
Morgan Stanley Income Securities, Inc.		9,807		164,758
Neuberger Berman Real Estate Securities Income Fund, Inc.		37,019		174,359
New Ireland Fund, Inc. (The) (a)		7,301		90,532
Nuveen AMT-Free Municipal Income Fund		1		12
Nuveen Arizona Premium Income Municipal Fund, Inc.		15,600		193,128
Nuveen Build America Bond Opportunity Fund		10,264		197,171
Nuveen California Municipal Value Fund 2		4,500		67,050
Nuveen California Premium Income Municipal Fund		3,415		45,044
Nuveen California Select Tax-Free Income Portfolio		12,700		171,831
Nuveen Connecticut Premium Income Municipal Fund		29,581		351,422
Nuveen Dividend Advantage Municipal Fund 2		9,484		123,197
Nuveen Dividend Advantage Municipal Fund 3		5,237		66,300
Nuveen Dividend Advantage Municipal Income Fund		45,792		583,848
Nuveen Equity Premium Advantage Fund		39,285		487,920
Nuveen Equity Premium Income Fund		7,638		95,093
Nuveen Equity Premium Opportunity Fund		41,976		517,144
Nuveen Georgia Dividend Advantage Municipal Fund 2		8,278		98,757
Nuveen Global Government Enhanced Income Fund		15,401		183,118
Nuveen Global Value Opportunities Fund		40,360		547,685
Nuveen Maryland Premium Income Municipal Fund		31,101		379,743
Nuveen Massachusetts Dividend Advantage Municipal Fund		3,614		45,500
Nuveen Massachusetts Premium Income Municipal Fund		5,704		72,156
Nuveen Michigan Quality Income Municipal Fund, Inc.		28,485		362,329
Nuveen Multi-Currency Short-Term Government Income Fund		64,399		691,645
Nuveen Municipal Advantage Fund		46,718		584,909
Nuveen Municipal Market Opportunity Fund		64,309		783,927
Nuveen Municipal Opportunity Fund, Inc.		62,378		810,290
Nuveen Municipal Value Fund 2		4,277		65,139
Nuveen New Jersey Dividend Advantage Municipal Fund		13,992		176,859
Nuveen New Jersey Dividend Advantage Municipal Fund 2		6,334		78,668
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		1		13
Nuveen New Jersey Municipal Value Fund		3,388		47,601
Nuveen New Jersey Premium Income Municipal Fund, Inc.		6,495		86,254
Nuveen New York AMT-Free Municipal Income Fund		86,289		1,057,903
Nuveen New York Dividend Advantage Municipal Fund		8,652		111,524
Nuveen New York Dividend Advantage Municipal Fund 2		6,190		78,737
Nuveen New York Municipal Value Fund		10,645		94,208
Nuveen New York Municipal Value Fund 2		7,303		99,248
Nuveen New York Performance Plus Municipal Fund, Inc.		14,565		196,336
Nuveen North Carolina Premium Income Municipal Fund		22,622		276,667

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 4.6% (Continued)	Shares		Value
Nuveen Pennsylvania Dividend Advantage Municipal Fund		4,813	$	58,911
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2		6,118		73,355
Nuveen Pennsylvania Investment Quality Municipal Fund		19,313		242,185
Nuveen Pennsylvania Municipal Value Fund		200		2,726
Nuveen Pennsylvania Premium Income Municipal Fund 2		13,926		170,036
Nuveen Premier Municipal Income Fund, Inc.		22,838		286,389
Nuveen Premium Income Municipal Fund		88,980		1,116,699
Nuveen Premium Income Municipal Fund 2		96,753		1,246,181
Nuveen Quality Income Municipal Fund		54,763		692,204
Nuveen Quality Preferred Income Fund 2		20,994		173,201
Nuveen Quality Preferred Income Fund 3		1,192		9,524
Nuveen Select Quality Municipal Fund		38,722		488,284
Nuveen Tax-Advantaged Dividend Growth Fund		7,597		114,639
Nuveen Virginia Premium Income Municipal Fund		30,349		373,293
Pacholder High Yield Fund, Inc.		1,945		15,755
Petroleum & Resources Corporation		26,698		753,418
Putnam Managed Municipal Income Trust		9,775		65,493
Putnam Master Intermediate Income Trust		46,595		233,441
Putnam Municipal Opportunities Trust		2,818		30,716
Reaves Utility Income Fund (The)		14,648		379,676
RENN Global Entrepreneurs Fund, Inc. (a)		3,821		5,617
RMR Real Estate Income Fund		38,987		713,074
Royce Focus Trust, Inc.		8,210		62,642
Royce Micro-Cap Trust, Inc.		4,031		49,944
Royce Value Trust, Inc.		104,002		1,588,111
Strategic Global Income Fund, Inc.		25,727		237,975
Swiss Helvetia Fund, Inc. (The)		3,853		55,946
Taiwan Fund, Inc. (The) (a)		800		15,216
Templeton Dragon Fund, Inc.		8,145		219,996
Templeton Russia & East European Fund, Inc.		9,200		140,576
Thai Fund, Inc. (The)		101		2,128
Tortoise Pipeline & Energy Fund, Inc.		4,500		129,825
Tortoise Power and Energy Infrastructure Fund, Inc.		4,533		112,917
Transamerica Income Shares, Inc.		1,163		23,818
Tri-Continental Corporation		30,564		584,078
Turkish Investment Fund, Inc. (The)		322		5,281
VelocityShares Daily Inverse VIX Short-Term ETN (a)		258,300		7,490,700
Virtus Total Return Fund		63,288		257,582
Wells Fargo Advantage Multi-Sector Income Fund		62,369		902,479
Western Asset Emerging Markets Debt Fund, Inc.		60,861		1,083,934
Western Asset Emerging Markets Income Fund, Inc.		77,915		977,054
Western Asset Global Corporate Defined Opportunity Fund, Inc.		9,273		167,656
Western Asset Inflation Management Fund, Inc.		5,872		96,418
Western Asset Municipal Partners Fund, Inc.		5,713		78,954
Western Asset Variable Rate Strategic Fund, Inc.		1,888		32,077
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		96,310		1,128,753
Western Asset/Claymore Inflation-Linked Securities & Income Fund		37,357		435,956
Zweig Fund, Inc. (The)		4,546		63,644
Zweig Total Return Fund, Inc. (The)		31,833		428,472
Total Other Investments (Cost $72,682,589)			$	73,616,186

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

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	$	2,918


MONEY MARKET FUNDS - 1.1%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (d)		15,218,554	$	15,218,554
UMB Money Market Fiduciary, 0.01% (d)		2,419,354		2,419,354
Total Money Market Funds (Cost $17,637,908)			$	17,637,908

Total Investments at Value - 98.5% (Cost $1,377,003,833)			$	1,559,511,650

Other Assets in Excess of Liabilities - 1.5%				23,285,065	(e)

Net Assets - 100.0%			$	1,582,796,715

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)	The rate shown is the 7-day effective yield as of October 31, 2013.
(e)	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
October 31, 2013

COMMON STOCKS - 63.5%	Shares		Value
Consumer Discretionary - 9.1%
Auto Components - 0.2%
American Axle & Manufacturing Holdings, Inc.		6,286	$	116,982
Ballard Power Systems, Inc.		235,176		322,191
China XD Plastics Company Ltd.		103,237		498,635
Dana Holding Corporation		817		16,013
Motorcar Parts of America, Inc.		4,115		56,293
Quantum Fuel Systems Technologies Worldwide, Inc.		278,301		1,327,496
SORL Auto Parts, Inc.		44,089		212,068
Standard Motor Products, Inc.		1,593		57,603
Tenneco Automotive, Inc.		3,839		203,736
				2,811,017
Automobiles - 0.3%
Kandi Technologies Group, Inc.		753,627		4,936,257
Tesla Motors, Inc.		1,716		274,457
				5,210,714
Distributors - 0.0% (a)
China Metro-Rural Holdings Ltd.		100		110

Diversified Consumer Services - 0.9%
Ascent Capital Group, Inc.		660		55,717
Bridgepoint Education, Inc.		7,237		141,845
Career Education Corporation		5,302		29,055
Collectors Universe, Inc.		2,887		48,069
Corinthian Colleges, Inc.		725,419		1,552,397
DeVry, Inc.		2,987		107,233
Education Management Corporation		56,873		870,157
ITT Educational Services, Inc.		44,619		1,790,114
K12, Inc.		21,999		402,142
LifeLock, Inc.		10,300		165,727
Matthews International Corporation - Class A		16,358		664,135
Outerwall, Inc.		46,889		3,046,847
Regis Corporation		43,903		636,594
Service Corporation International		48,297		869,829
StoneMor Partners, L.P.		91,637		2,405,471
Strayer Education, Inc.		45,217		1,787,428
				14,572,760
Hotels, Restaurants & Leisure - 0.5%
Bally Technologies, Inc.		13,078		956,525
Buffalo Wild Wings, Inc.		487		69,436
Churchill Downs, Inc.		7,111		610,906
Empire Resorts, Inc.		400		2,456
Iao Kun Group Holding Company Ltd.		41,287		137,899
Interval Leisure Group, Inc.		915		22,207
Life Time Fitness, Inc.		16,704		758,696
Morgans Hotel Group Company		25,086		179,616
Noodles & Company		39,246		1,718,582
PokerTek, Inc.		1,884		2,223
Red Lion Hotels Corporation		12,215		73,534
Red Robin Gourmet Burgers, Inc.		299		22,778
Ryman Hospitality Properties, Inc.		24,056		887,907
Six Flags Entertainment Corporation		1,157		43,515

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Consumer Discretionary - 9.1% (Continued)
Hotels, Restaurants & Leisure - 0.5% (Continued)
Vail Resorts, Inc.		34,165	$	2,406,924
				7,893,204
Household Durables - 1.9%
Beazer Homes USA, Inc.		162,640		2,955,169
Blyth, Inc.		385,032		5,317,292
Cavco Industries, Inc.		3,530		206,752
Comstock Homebuilding Companies, Inc. - Class A		72,445		148,512
Desarrolladora Homex S.A.B de C.V. - ADR		36,260		47,863
Dixie Group, Inc. (The)		10,021		126,265
Ethan Allen Interiors, Inc.		34,651		923,103
Hovnanian Enterprises, Inc. - Class A		754,666		3,818,610
KB Home		263,066		4,464,230
Location Based Technologies, Inc.		95,655		9,566
M/I Homes, Inc.		70,313		1,439,307
Mad Catz Interactive, Inc.		483,035		324,358
MDC Holdings, Inc.		114,621		3,345,787
Ryland Group, Inc. (The)		108,067		4,344,293
SodaStream International Ltd.		38,692		2,068,861
Tempur Sealy International, Inc.		8,083		309,983
William Lyon Homes - Class A		16,367		379,223
				30,229,174
Internet & Catalog Retail - 0.3%
Blue Nile, Inc.		37,491		1,539,755
E-Commerce China Dangdang, Inc. - ADR		68,164		603,252
HomeAway, Inc.		16,522		489,877
Overstock.com, Inc.		6,486		151,967
PetMed Express, Inc.		117,075		1,737,393
ValueVision Media, Inc.		36,848		196,768
				4,719,012
Leisure Equipment & Products - 0.5%
Black Diamond, Inc.		27,986		417,271
JAKKS Pacific, Inc.		492,851		3,173,961
LeapFrog Enterprises, Inc.		116,200		994,672
Smith & Wesson Holding Corporation		122,489		1,320,431
Sturm Ruger & Company, Inc.		20,954		1,370,601
				7,276,936
Media - 1.1%
AirMedia Group, Inc. - ADR		16,842		28,463
Bona Film Group Ltd. - ADR		9,458		54,478
Central European Media Enterprises Ltd.		72,460		222,452
China Yida Holding Company		1,551		6,638
Clear Channel Outdoor Holdings, Inc.		24,149		205,267
Cumulus Media, Inc. - Class A		313,271		1,873,361
DreamWorks Animation SKG, Inc. - Class A		68,523		2,346,228
Gray Television, Inc.		15,218		128,592
Manchester United plc - Class A		5,356		87,303
McClatchy Company (The) - Class A		300,014		846,039
Media General, Inc. - Class A		48,509		707,261
Meredith Corporation		58,988		3,026,084
Nexstar Broadcasting Group, Inc.		109,859		4,876,641
ReachLocal, Inc.		24,961		306,771
Scholastic Corporation		63,304		1,816,192

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Consumer Discretionary - 9.1% (Continued)
Media - 1.1% (Continued)
Sinclair Broadcast Group, Inc.		8,229	$	263,822
SPAR Group, Inc.		195		380
Tiger Media, Inc.		1,132		1,528
Valassis Communications, Inc.		41,892		1,146,165
VisionChina Media, Inc. - ADR		10,700		75,328
				18,018,993
Multiline Retail - 0.9%
Bon-Ton Stores, Inc. (The)		92,588		1,060,133
Dillard's, Inc. - Class A		50,132		4,109,821
Fred's, Inc. - Class A		87,598		1,419,088
J. C. Penney Company, Inc.		632,253		4,741,898
Sears Canada, Inc.		7,343		102,116
Sears Holdings Corporation		43,954		2,552,848
				13,985,904
Specialty Retail - 2.1%
Abercrombie & Fitch Company - Class A		106,029		3,973,967
Aéropostale, Inc.		673,907		6,260,596
America's Car-Mart, Inc.		11,273		515,627
AutoChina International Ltd. (b)		143		1,973
Barnes & Noble, Inc.		139,325		1,968,662
bebe stores, inc.		12,624		76,123
Books-A-Million, Inc.		13,918		34,934
Buckle, Inc. (The)		16,907		827,429
China Auto Logistics, Inc.		1,926		5,123
Coldwater Creek, Inc.		31,901		31,901
Conn's, Inc.		53,651		3,242,666
Destination XL Group, Inc.		5,570		38,712
Francesca's Holdings Corporation		77,453		1,393,379
hhgregg, Inc.		102,495		1,589,697
Hibbett Sports, Inc.		29,396		1,714,669
Lentuo International, Inc. - ADR		2,110		6,794
Office Depot, Inc.		317,491		1,774,775
OfficeMax, Inc.		60,785		910,559
OSH 1 Liquidating Corporation		11,183		3,914
Pep Boys - Manny Moe & Jack (The)		6,936		89,752
Pier 1 Imports, Inc.		206,942		4,320,949
Rent-A-Center, Inc.		23,906		818,541
Restoration Hardware Holdings, Inc.		1,171		81,666
Select Comfort Corporation		35,018		641,530
Stage Stores, Inc.		76,034		1,570,102
Systemax, Inc.		1,915		18,193
Zumiez, Inc.		50,991		1,511,373
				33,423,606
Textiles, Apparel & Luxury Goods - 0.4%
American Apparel, Inc.		12,083		16,191
Deckers Outdoor Corporation		3,168		218,054
DGSE Companies, Inc.		2,185		5,463
G-III Apparel Group Ltd.		12,988		736,679
Iconix Brand Group, Inc.		13,675		493,531
Kingold Jewelry, Inc.		195,743		395,401
Oxford Industries, Inc.		1,160		83,253

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Consumer Discretionary - 9.1% (Continued)
Textiles, Apparel & Luxury Goods - 0.4% (Continued)
Vera Bradley, Inc.		156,208	$	3,460,007
				5,408,579
Consumer Staples - 2.1%
Beverages - 0.1%
Primo Water Corporation		177,933		443,053
Reed's, Inc.		89,069		573,605
				1,016,658
Food & Staples Retailing - 0.6%
China Jo-Jo Drugstores, Inc.		395		399
Crumbs Bake Shop, Inc.		137		178
Fairway Group Holdings Corporation		11,332		276,841
Nash Finch Company		17,239		483,726
Natural Grocers by Vitamin Cottage, Inc.		22,531		898,987
Pizza Inn Holdings, Inc.		57,838		473,693
Spartan Stores, Inc.		24,975		587,662
SUPERVALU, Inc.		708,032		4,977,465
Susser Holdings Corporation		24,801		1,360,087
				9,059,038
Food Products - 0.7%
AgFeed Industries, Inc.		146,948		39,676
Annie's, Inc.		48,548		2,293,893
Boulder Brands, Inc.		94,438		1,547,839
Calavo Growers, Inc.		27,166		806,558
China Marine Food Group Ltd.		95,426		19,849
Coffee Holding Company, Inc.		87,149		465,376
Dean Foods Company		155,808		3,038,256
Diamond Foods, Inc.		91,772		2,240,154
Green Mountain Coffee Roasters, Inc.		2,982		187,299
Le Gaga Holdings Ltd. - ADR		6,179		22,183
S&W Seed Company		4,952		35,605
SkyPeople Fruit Juice, Inc.		34,162		65,591
				10,762,279
Household Products - 0.0% (a)
Central Garden & Pet Company - Class A		13,376		98,447

Personal Products - 0.4%
China Sky One Medical, Inc.		36,447		8,747
China-Biotics, Inc.		535,616		1,365,821
Herbalife Ltd.		25,182		1,632,297
LifeVantage Corporation		236,686		518,342
Mannatech, Inc.		2,247		53,007
Medifast, Inc.		43,853		1,022,214
Synutra International, Inc.		80,486		549,719
USANA Health Sciences, Inc.		19,585		1,336,285
				6,486,432
Tobacco - 0.3%
Star Scientific, Inc.		1,026,502		1,857,968
Universal Corporation		53,321		2,827,613
Vector Group Ltd.		51,046		825,414
				5,510,995

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Energy - 6.3%
Energy Equipment & Services - 1.3%
Cal Dive International, Inc.		1,166,144	$	2,297,304
CARBO Ceramics, Inc.		35,110		4,400,687
Exterran Holdings, Inc.		1,387		39,599
Forum Energy Technologies, Inc.		7,815		228,667
Geospace Technologies Corporation		93,288		9,088,117
McDermott International, Inc.		27,123		191,760
Patterson-UTI Energy, Inc.		13,028		316,059
Recon Technology Ltd.		41,638		186,538
RPC, Inc.		5,980		109,673
Tidewater, Inc.		56,647		3,411,282
Vantage Drilling Company		170,920		304,238
				20,573,924
Oil, Gas & Consumable Fuels - 5.0%
Alliance Resource Partners, L.P.		1,973		149,770
Alon USA Energy, Inc.		178,489		2,156,147
Alpha Natural Resources, Inc.		246,559		1,725,913
Amyris, Inc.		200,087		504,219
Apco Oil and Gas International, Inc.		1,828		27,822
Arch Coal, Inc.		86,527		366,875
Berry Petroleum Company - Class A		2,900		138,475
Bill Barrett Corporation		40,132		1,110,452
BioFuel Energy Corporation		109,169		375,541
Blue Dolphin Energy Company		38,398		209,653
BPZ Resources, Inc.		842,525		1,693,475
BreitBurn Energy Partners, L.P.		22,000		422,840
CAMAC Energy, Inc.		245,365		244,138
Chesapeake Granite Wash Trust		36,651		449,341
China Integrated Energy, Inc.		405,472		223,010
Clean Energy Fuels Corporation		175,509		1,999,048
Comstock Resources, Inc.		54,837		938,261
Contango Oil & Gas Company		26,295		1,126,741
Crosstex Energy, L.P.		5,533		140,704
Cubic Energy, Inc.		4,183		1,590
Delek US Holdings, Inc.		208,244		5,320,634
Dominion Resources Black Warrior Trust		1,278		7,387
ECA Marcellus Trust I		48,071		481,671
Enbridge Energy Management, LLC		58,549		1,669,818
Endeavour International Corporation		164,262		975,716
Evolution Petroleum Corporation		4,638		55,934
EXCO Resources, Inc.		246,281		1,332,380
Frontline Ltd.		1,470,440		3,117,333
Gevo, Inc.		234,631		398,873
Global Partners, L.P.		8,113		289,634
GMX Resources, Inc.		72,181		9,384
Golar LNG Ltd.		16,762		622,373
GreenHunter Resources, Inc.		78,321		104,167
Halcon Resources Corporation		235,527		1,220,030
Harvest Natural Resources, Inc.		317,596		1,587,980
Houston American Energy Corporation		39,340		10,228
Hyperdynamics Corporation		119,465		431,269
InterOil Corporation		19,078		1,324,967
Isramco, Inc.		2,362		311,713

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Energy - 6.3% (Continued)
Oil, Gas & Consumable Fuels - 5.0% (Continued)
Ivanhoe Energy, Inc.		4,600	$	3,151
James River Coal Company		2,228,219		4,278,180
Kinder Morgan Management, LLC		19,330		1,455,902
KiOR, Inc. - Class A		1,055,979		2,460,431
L & L Energy, Inc.		497,168		705,979
LinnCo, LLC		52,510		1,548,520
Lucas Energy, Inc.		373,047		414,082
Midstates Petroleum Company, Inc.		33,372		188,218
Miller Energy Resources, Inc.		490,141		3,313,353
New Concept Energy, Inc.		13,597		22,027
Newfield Exploration Company		19,684		599,378
NGL Energy Partners, L.P.		10,617		334,011
Niska Gas Storage Partners, LLC		18,126		286,391
Nordic American Tankers Ltd.		375,836		3,066,822
North European Oil Royalty Trust		10,200		234,600
Northern Oil & Gas, Inc.		20,056		329,520
Nuverra Environmental Solutions, Inc.		884,415		2,157,973
Overseas Shipholding Group, Inc.		526,119		1,815,111
Oxford Resource Partners, L.P.		189,133		295,047
Pacific Coast Oil Trust		8,046		120,690
Pacific Ethanol, Inc.		482,026		1,764,215
Patriot Coal Corporation		288,164		36,597
PDC Energy, Inc.		14,412		977,278
PetroQuest Energy, Inc.		49,065		231,587
Pyramid Oil Company		33,335		176,676
Quicksilver Resources, Inc.		65,629		140,446
Rhino Resource Partners, L.P.		13,818		175,627
Royale Energy, Inc.		196,705		529,136
San Juan Basin Royalty Trust		171,178		2,694,342
SandRidge Energy, Inc.		26,065		165,252
SandRidge Mississippian Trust I		45,880		565,242
Sino Clean Energy, Inc.		213,222		36,248
Solazyme, Inc.		499,382		5,223,536
Spectra Energy Partners, L.P.		4,852		212,129
Summit Midstream Partners, L.P.		777		25,835
TC PipeLines, L.P.		1,875		95,644
Teekay Offshore Partners, L.P.		7,530		253,083
Teekay Tankers Ltd. - Class A		277,461		724,173
Ultra Petroleum Corporation		26,276		482,427
Uranerz Energy Corporation		533,293		490,630
Uranium Energy Corporation		484,371		852,493
Uranium Resources, Inc.		157,024		370,577
Ur-Energy, Inc.		117,560		123,438
USEC, Inc.		58,548		471,897
Verenium Corporation		115,638		461,396
Western Refining, Inc.		26,263		847,507
Whiting USA Trust I		553,369		2,905,187
World Fuel Services Corporation		12,342		470,847
Zion Oil & Gas, Inc.		262,571		430,616
				78,838,953

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Financials - 9.1%
Capital Markets - 1.5%
Apollo Investment Corporation		312,856	$	2,668,662
Calamos Asset Management, Inc.		12,695		124,665
Cohen & Steers, Inc.		39,354		1,509,619
Federated Investors, Inc. - Class B		71,043		1,926,686
Fidus Investment Corporation		121,917		2,476,134
Financial Engines, Inc.		12,949		723,461
Garrison Capital, Inc.		21,311		313,911
Gladstone Investment Corporation		219,825		1,554,163
Golub Capital BDC, Inc.		106,911		1,881,634
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		26,588		325,703
Hercules Technology Growth Capital, Inc.		71,951		1,110,923
Horizon Technology Finance Corporation		13,673		184,312
INTL FCStone, Inc.		51,236		1,048,289
KCAP Financial, Inc.		156,005		1,315,122
Keating Capital, Inc.		2,082		14,491
Medley Capital Corporation		19,493		271,732
MVC Capital, Inc.		10,675		147,635
Noah Holdings Ltd. - ADR		24,090		464,696
Och-Ziff Capital Management Group, LLC		50,083		625,537
PennantPark Floating Rate Capital Ltd.		28,718		381,662
Prospect Capital Corporation		107,917		1,223,779
Rand Capital Corporation		751		2,140
Safeguard Scientifics, Inc.		56,344		983,203
Stifel Financial Corporation		8,555		350,327
TCP Capital Corporation		13,928		232,180
THL Credit, Inc.		15,904		258,440
TICC Capital Corporation		157,401		1,574,010
Triangle Capital Corporation		12,112		360,453
				24,053,569
Commercial Banks - 3.3%
Ameris Bancorp		30,895		565,378
Arrow Financial Corporation		26,523		684,559
Athens Bancshares Corporation		289		5,216
Auburn National Bancorporation, Inc.		25		640
BancorpSouth, Inc.		13,544		299,322
Bank of Hawaii Corporation		14,761		855,843
Bank of the Ozarks, Inc.		56,767		2,808,831
Banner Corporation		21,726		831,237
Capital City Bank Group, Inc.		17,627		216,812
Cardinal Financial Corporation		13,234		218,361
Cascade Bancorp		25,281		130,703
Cathay General Bancorp		24,871		612,573
Citizens Holding Company		589		11,262
City Bank		12,333		1,418
City Holding Company		66,177		3,011,053
Columbia Banking System, Inc.		49,591		1,273,993
Commerce Bancshares, Inc.		4,685		215,557
Community Bank System, Inc.		48,794		1,771,710
CommunityOne Bancorp		15,963		171,762
Customers Bancorp, Inc.		16,587		277,832
CVB Financial Corporation		13,586		197,540

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Financials - 9.1% (Continued)
Commercial Banks - 3.3% (Continued)
DNB Financial Corporation		10	$	208
Farmers Capital Bank Corporation		316		6,491
Fauquier Bankshares, Inc.		323		4,425
Fidelity Southern Corporation		10,603		161,901
First Busey Corporation		156,204		807,575
First Community Corporation		75		786
First Financial Bancorporation		54,750		849,720
First Financial Bankshares, Inc.		59,163		3,639,116
First Merchants Corporation		7,096		133,405
FNB Corporation		2,134		26,696
Frontier Financial Corporation		10,318		1,032
Fulton Financial Corporation		9,994		122,027
Glacier Bancorp, Inc.		50,735		1,401,808
Glen Burnie Bancorp		49		584
Hampton Roads Bankshares, Inc.		178,524		251,719
Hancock Holding Company		30,619		1,003,691
Heartland Financial USA, Inc.		2,048		54,252
Independent Bank Corporation (Massachusetts)		55,084		1,976,414
Independent Bank Corporation (Michigan)		43,320		421,070
Intervest Bancshares Corporation - Class A		11,918		86,882
Lakeland Bancorp, Inc.		33,657		383,690
Macatawa Bank Corporation		35,844		175,994
National Bank Holdings Corporation		6,169		129,549
National Penn Bancshares, Inc.		63,385		657,302
Oak Valley Bancorp		270		2,201
OFG Bancorp		66,426		983,769
Old National Bancorp		25,366		368,822
Old Second Bancorp, Inc.		68,547		326,969
OptimumBank Holdings, Inc.		1,136		1,681
Pacific Premier Bancorp, Inc.		5,833		81,137
PacWest Bancorp		41,085		1,563,284
Park National Corporation		30,196		2,392,127
Park Sterling Corporation		26,509		172,574
Patriot National Bancorp		418		506
Pinnacle Financial Partners, Inc.		74,679		2,315,049
Plumas Bancorp		45		288
Porter Bancorp, Inc.		177		198
Renasant Corporation		67,423		1,933,692
Republic Bancorp, Inc. - Class A		25,920		596,678
S&T Bancorp, Inc.		7,105		174,215
Southside Bancshares, Inc.		83,168		2,270,486
Southwest Bancorp, Inc.		14,331		229,439
State Bank Financial Corporation		6,514		111,129
Taylor Capital Group, Inc.		59,033		1,357,759
Texas Capital Bancshares, Inc.		11,581		602,791
TowneBank		54,502		793,549
Tristate Capital Holdings, Inc.		1,519		19,003
Two River Bancorp		20		150
Umpqua Holdings Corporation		29,265		479,068
Union First Market Bankshares Corporation		23,923		577,023
United Bancorp, Inc.		539		3,676
United Bankshares, Inc.		108,538		3,210,554

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Financials - 9.1% (Continued)
Commercial Banks - 3.3% (Continued)
United Security Bancshares		1,542	$	7,923
Westamerica Bancorporation		45,355		2,334,875
Wintrust Financial Corporation		47,364		2,060,808
Yadkin Financial Corporation		1,075		17,652
				51,447,014
Consumer Finance - 0.4%
Atlanticus Holdings Corporation		106,479		371,612
Encore Capital Group, Inc.		127,994		6,252,507
Green Dot Corporation - Class A		12,087		259,387
				6,883,506
Diversified Financial Services - 0.1%
DJSP Enterprises, Inc.		15,126		2,118
Global Eagle Entertainment, Inc.		19,502		198,530
Life Partners Holdings, Inc.		156,457		316,043
Manhattan Bridge Capital, Inc.		829		1,865
MarketAxess Holdings, Inc.		3,947		257,463
				776,019
Insurance - 0.9%
Arthur J. Gallagher & Company		14,422		684,324
Citizens, Inc.		21,539		180,928
CNA Financial Corporation		2,682		108,862
eHealth, Inc.		8,789		374,587
First American Financial Corporation		56,860		1,470,400
Greenlight Capital Re Ltd. - Class A		36,451		1,122,326
HCI Group, Inc.		9,413		413,607
Hilltop Holdings, Inc.		44,803		776,884
Kingsway Financial Services, Inc.		2,403		7,666
Meadowbrook Insurance Group, Inc.		387,812		2,575,072
Montpelier Re Holdings Ltd.		45,005		1,242,588
Phoenix Companies, Inc. (The)		17,713		683,190
Primerica, Inc.		24,215		1,040,034
StanCorp Financial Group, Inc.		3,862		227,472
Stewart Information Services Corporation		73,767		2,310,382
Tower Group International Ltd.		103,279		374,903
				13,593,225
Real Estate Investment Trusts (REIT) - 1.7%
Agree Realty Corporation		13,108		413,820
American Residential Properties, Inc.		34,892		601,189
AmREIT, Inc.		10,164		178,886
Armada Hoffler Properties, Inc.		26,801		257,826
Associated Estates Realty Corporation		55,680		854,131
Campus Crest Communities, Inc.		48,580		486,286
Chambers Street Properties		101,178		943,991
Colony Financial, Inc.		32,610		659,700
CommonWealth REIT		6,305		153,653
CYS Investments, Inc.		212,899		1,807,513
DCT Industrial Trust, Inc.		54,858		425,149
DuPont Fabros Technology, Inc.		34,038		845,844
Education Realty Trust, Inc.		15,065		137,694
Equity Lifestyle Properties, Inc.		9,765		370,972
Equity One, Inc.		6,464		155,847
First Potomac Realty Trust		43,351		532,784

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Financials - 9.1% (Continued)
Real Estate Investment Trusts (REIT) - 1.7% (Continued)
Geo Group, Inc. (The)		6,548	$	230,948
Getty Realty Corporation		70,928		1,360,399
Gladstone Commercial Corporation		1,602		30,278
Invesco Mortgage Capital, Inc.		8,589		132,700
iStar Financial, Inc.		151,413		1,912,346
JAVELIN Mortgage Investment Corporation		32,659		387,662
Liberty Property Trust		1,602		59,578
Monmouth Real Estate Investment Corporation - Class A		24,618		226,978
New Residential Investment Corporation		11,665		77,106
New York Mortgage Trust, Inc.		14,868		95,453
NorthStar Realty Finance Corporation		52,383		488,733
Omega Healthcare Investors, Inc.		53,446		1,776,545
Parkway Properties, Inc.		3,911		70,828
PennyMac Mortgage Investment Trust		8,243		190,166
Preferred Apartment Communities, Inc. - Class A		2,900		24,012
Ramco-Gershenson Properties Trust		19,890		323,411
Redwood Trust, Inc.		109,686		1,921,699
Rouse Properties, Inc.		118,326		2,392,552
Sabra Health Care REIT, Inc.		23,218		624,564
Silver Bay Realty Trust Corporation		17,962		277,693
Spirit Realty Capital, Inc.		60,877		636,773
Walter Investment Management Corporation		98,902		3,735,529
Western Asset Mortgage Capital Corporation		63,303		1,019,811
Wheeler Real Estate Investment Trust, Inc.		2,809		11,798
				26,832,847
Real Estate Management & Development - 0.3%
Alexander & Baldwin, Inc.		3,013		111,481
AV Homes, Inc.		832		15,891
Brookfield Property Partners, L.P.		1,000		19,260
China HGS Real Estate, Inc.		4,201		24,576
China Housing & Land Development, Inc.		213,770		575,041
Forest City Enterprises, Inc.		139,761		2,831,558
Gazit-Globe Ltd.		1,213		16,473
Kennedy-Wilson Holdings, Inc.		44,876		899,315
Mays (J.W.), Inc.		125		3,500
St. Joe Company (The)		52,397		978,252
				5,475,347
Thrifts & Mortgage Finance - 0.9%
America First Tax Exempt Investors, L.P.		10,633		76,345
Astoria Financial Corporation		37,732		498,440
Banc of California, Inc.		38,507		543,334
BBX Capital Corporation - Class A		24,803		327,151
Beneficial Mutual Bancorp, Inc.		48,826		476,053
BofI Holding, Inc.		2,698		163,013
Brookline Bancorp, Inc.		123,841		1,098,470
Capitol Federal Financial, Inc.		16,126		204,316
CMS Bancorp, Inc.		46		371
First Federal Bancshares of Arkansas, Inc.		5,667		50,890
Five Oaks Investment Corporation		14,164		168,268
Freddie Mac		50,442		112,990
Greene County Bancorp, Inc.		89		2,174
Impac Mortgage Holdings, Inc.		46,184		314,051

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Financials - 9.1% (Continued)
Thrifts & Mortgage Finance - 0.9% (Continued)
NASB Financial, Inc.		3,300	$	84,975
Northfield Bancorp, Inc.		13,151		170,042
Oconee Federal Financial Corporation		100		1,650
PennyMac Financial Services, Inc. - Class A		3,726		59,989
Provident Financial Holdings, Inc.		17,485		265,073
Provident New York Bancorp		207,909		2,436,693
Radian Group, Inc.		333,301		4,856,196
Security National Financial Corporation - Class A		88,662		520,446
Tree.com, Inc.		3,782		111,607
TrustCo Bank Corporation		269,187		1,808,937
ViewPoint Financial Group, Inc.		1,459		31,821
				14,383,295
Health Care - 11.2%
Biotechnology - 6.5%
Aastrom Biosciences, Inc.		35,395		141,580
ACADIA Pharmaceuticals, Inc.		65,057		1,478,746
Achillion Pharmaceuticals, Inc.		150,691		378,234
Aegerion Pharmaceuticals, Inc.		6,548		542,305
AEterna Zentaris, Inc.		325,185		439,000
Alnylam Pharmaceuticals, Inc.		3,334		192,072
Amarin Corporation plc - ADR		919,383		1,516,982
Anthera Pharmaceuticals, Inc.		18,201		57,515
ARCA Biopharma, Inc.		341,488		464,424
Arena Pharmaceuticals, Inc.		80,919		355,234
Ariad Pharmaceuticals, Inc.		31,019		68,242
Arrowhead Research Corporation		52,664		368,648
BioTime, Inc.		259,137		940,667
bluebird bio, Inc.		10,566		224,528
Cardium Therapeutics, Inc.		15,545		11,970
Catalyst Pharmaceutical Partners, Inc.		281,358		455,800
Cell Therapeutics, Inc.		25,920		45,619
Celldex Therapeutics, Inc.		227,223		5,205,679
Celsion Corporation		563,445		2,265,049
Cepheid		25,602		1,042,513
Chelsea Therapeutics International Ltd.		386,078		1,092,601
Cleveland BioLabs, Inc.		282,604		389,994
Coronado Biosciences, Inc.		142,197		237,469
Cubist Pharmaceuticals, Inc		273,707		528,255
Cyclacel Pharmaceuticals, Inc.		34,204		120,056
Cytori Therapeutics, Inc.		110,201		227,014
DARA BioSciences, Inc.		594,711		291,408
Dendreon Corporation		2,776,373		7,135,279
Discovery Laboratories, Inc.		58,720		120,963
Durata Therapeutics, Inc.		71,202		689,235
Dynavax Technologies Corporation		119,493		146,976
Exelixis, Inc.		634,567		3,128,415
Fibrocell Science, Inc.		64,609		239,053
Galectin Therapeutics, Inc.		213,775		2,233,949
Galena Biopharma, Inc.		2,271,732		5,065,962
Genomic Health, Inc.		4,978		148,942
Geron Corporation		91,827		362,717
Horizon Pharma, Inc.		190,320		797,441

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Health Care - 11.2% (Continued)
Biotechnology - 6.5% (Continued)
Hyperion Therapeutics, Inc.		20,516	$	410,936
iBio, Inc.		205,076		72,289
Idenix Pharmaceuticals, Inc.		367,944		1,210,536
Idera Pharmaceuticals, Inc.		393,243		723,567
ImmunoGen, Inc.		11,751		193,422
Immunomedics, Inc.		218,791		829,218
Infinity Pharmaceuticals, Inc.		177,473		2,404,759
Inovio Pharmaceuticals, Inc.		814,597		1,409,253
Insmed, Inc.		101,709		1,448,336
Insys Therapeutics, Inc.		25,238		1,006,744
InterMune, Inc.		394,812		5,562,901
Intrexon Corporation		12,347		261,756
Ironwood Pharmaceuticals, Inc.		464,950		4,468,170
IsoRay, Inc.		299,790		154,392
Keryx Biopharmaceuticals, Inc.		103,055		1,066,619
Kythera Biopharmaceuticals, Inc.		7,287		325,802
MannKind Corporation		466,608		2,281,713
Marina Biotech, Inc.		244,030		58,567
Mast Therapeutics, Inc.		1,138,317		557,775
Medgenics, Inc.		125,667		923,652
MediciNova, Inc.		120,557		297,776
MEI Pharma, Inc.		103,114		826,974
Metabolix, Inc.		296,223		325,845
MiMedx Group, Inc.		451,087		2,390,761
NanoViricides, Inc.		105,221		570,298
NeoStem, Inc.		153,113		973,799
Neuralstem, Inc.		352,800		786,744
Neurocrine Biosciences, Inc.		9,210		86,942
NewLink Genetics Corporation		97,745		1,637,229
Nymox Pharmaceutical Corporation		86,485		608,854
Omeros Corporation		77,198		771,980
Oncolytics Biotech, Inc.		369,376		982,540
Opexa Therapeutics, Inc.		276,243		511,050
OPKO Health, Inc.		228,858		2,293,161
Oragenics, Inc.		2,139		5,604
Orexigen Therapeutics, Inc.		43,309		211,348
Organovo Holdings, Inc.		170,603		1,240,284
Osiris Therapeutics, Inc.		50,844		676,734
OXiGENE, Inc.		30,225		76,469
Oxygen Biotherapeutics, Inc.		20,826		63,103
Palatin Technologies, Inc.		3,448		2,000
Peregrine Pharmaceuticals, Inc.		605,183		780,686
PharmAthene, Inc.		262,583		538,295
Pluristem Therapeutics, Inc.		169,230		555,074
Prana Biotechnology Ltd. - ADR		98,989		446,440
Raptor Pharmaceutical Corporation		76,674		1,102,572
Repligen Corporation		25,645		280,556
Rexahn Pharmaceuticals, Inc.		1,103,625		455,797
Rosetta Genomics Ltd.		159,480		425,812
Sangamo BioSciences, Inc.		51,299		480,672
Sarepta Therapeutics, Inc.		22,273		867,311
Savient Pharmaceuticals, Inc.		1,070,379		46,562

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Health Care - 11.2% (Continued)
Biotechnology - 6.5% (Continued)
SIGA Technologies, Inc.		40,862	$	140,157
Spectrum Pharmaceuticals, Inc.		344,693		2,960,913
StemCells, Inc.		173,413		230,639
Stemline Therapeutics, Inc.		1,131		31,476
Sunesis Pharmaceuticals, Inc.		288,449		1,445,130
Synageva BioPharma Corporation		4,367		221,844
Synergy Pharmaceuticals, Inc.		135,330		546,733
Synta Pharmaceuticals Corporation		835,008		3,790,936
Synthetic Biologics, Inc.		80,610		120,915
Tekmira Pharmaceuticals Corporation		2,838		25,400
TESARO, Inc.		22,370		861,245
TG Therapeutics, Inc.		91,258		329,441
Vanda Pharmaceuticals, Inc.		239,415		1,714,211
Venaxis, Inc.		273,845		503,875
Zalicus, Inc.		1		4
ZIOPHARM Oncology, Inc.		1,312,395		4,645,878
				103,409,012
Health Care Equipment & Supplies - 2.3%
Abaxis, Inc.		5,225		186,689
Abiomed, Inc.		92,012		2,206,448
Accuray, Inc.		225,333		1,520,998
Antares Pharma, Inc.		72,746		290,984
Atossa Genetics, Inc.		133,976		235,798
Bacterin International Holdings, Inc.		340,137		201,735
BIOLASE, Inc.		159,283		297,859
BSD Medical Corporation		828,821		1,309,537
Cerus Corporation		17,903		112,968
Cyberonics, Inc.		2,534		146,364
Cynosure, Inc.		43,798		946,475
Delcath Systems, Inc.		1,522,006		499,218
Echo Therapeutics, Inc.		91,640		232,765
Fonar Corporation		27,673		301,359
GenMark Diagnostics, Inc.		229,356		2,775,208
Hansen Medical, Inc.		62,107		112,414
InspireMD, Inc.		132,728		374,293
Insulet Corporation		7,870		307,087
Integra LifeSciences Holdings Corporation		6,176		282,737
Masimo Corporation		3,117		79,857
MELA Sciences, Inc.		631,264		452,932
Meridian Bioscience, Inc.		134,311		3,320,168
Navidea Biopharmaceuticals, Inc.		682,839		1,365,678
NxStage Medical, Inc.		9,117		120,982
OraSure Technologies, Inc.		87,527		570,676
Quidel Corporation		79,885		1,973,159
ResMed, Inc.		3,040		157,290
Rockwell Medical, Inc.		469,367		5,407,108
Solta Medical, Inc.		92,279		170,716
Spectranetics Corporation (The)		20,964		437,938
Stereotaxis, Inc.		362,797		1,585,423
Synergetics USA, Inc.		13,748		57,192
TearLab Corporation		346,400		3,612,952
Unilife Corporation		1,141,530		3,458,836

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Health Care - 11.2% (Continued)
Health Care Equipment & Supplies - 2.3% (Continued)
Uroplasty, Inc.		15,325	$	46,435
Vermillion, Inc.		12,777		31,176
Volcano Corporation		38,542		738,850
Wright Medical Group, Inc.		5,959		161,906
				36,090,210
Health Care Providers & Services - 0.9%
Acadia Healthcare Company, Inc.		19,528		846,734
Accretive Health, Inc.		57,474		474,735
Air Methods Corporation		32,816		1,434,715
Bio-Reference Laboratories, Inc.		79,614		2,580,290
Chemed Corporation		23,602		1,600,688
FAB Universal Corporation		674,707		4,230,413
Healthways, Inc.		30,591		294,591
IPC The Hospitalist Company, Inc.		18,816		1,030,929
Owens & Minor, Inc.		26,127		977,672
Patterson Companies, Inc.		586		24,911
Team Health Holdings, Inc.		1,896		82,362
Universal American Corporation		49,721		368,930
USMD Holdings, Inc.		435		12,106
				13,959,076
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc.		206,086		2,850,169
Computer Programs and Systems, Inc.		361		20,592
MGT Capital Investment, Inc.		8,381		24,305
Streamline Health Solutions, Inc.		3,595		29,299
				2,924,365
Life Sciences Tools & Services - 0.3%
Accelerate Diagnostics, Inc.		78,116		1,001,447
Apricus Biosciences, Inc.		279,454		539,346
Bioanalytical Systems, Inc.		6,029		11,093
BioDelivery Sciences International, Inc.		152,145		798,761
CombiMatrix Corporation		166,061		459,989
Genetic Technologies Ltd. - ADR		70,962		134,828
Life Technologies Corporation		2,587		194,827
PURE Bioscience, Inc.		59,879		80,238
Sequenom, Inc.		711,218		1,365,539
				4,586,068
Pharmaceuticals - 1.0%
AcelRx Pharmaceuticals, Inc.		155,781		1,046,848
Acura Pharmaceuticals, Inc.		156,634		266,278
Alexza Pharmaceuticals, Inc.		298,969		1,491,855
Ampio Pharmaceuticals, Inc.		238,220		2,105,865
ANI Pharmaceuticals, Inc.		46,691		478,583
Aoxing Pharmaceutical Company, Inc.		11,481		2,711
Aratana Therapeutics, Inc.		6,249		124,730
Auxilium Pharmaceuticals, Inc.		16,490		283,793
AVANIR Pharmaceuticals, Inc. - Class A		72,663		294,285
Cadence Pharmaceuticals, Inc.		30,796		151,824
Columbia Laboratories, Inc.		38,680		278,496
DURECT Corporation		20,263		30,394
Emisphere Technologies, Inc.		4,999		950
Endocyte, Inc.		56,884		593,300

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Health Care - 11.2% (Continued)
Pharmaceuticals - 1.0% (Continued)
GW Pharmaceuticals plc - ADR		16,072	$	487,946
IntelliPharmaCeutics International, Inc.		61,706		113,539
Jazz Pharmaceuticals plc		2,194		199,084
Novabay Pharmaceuticals, Inc.		80,822		134,164
NuPathe, Inc.		210,804		354,151
Oculus Innovative Sciences, Inc.		1,767		4,559
Pacira Pharmaceuticals, Inc.		6,207		313,516
Repros Therapeutics, Inc.		132,176		2,384,455
VIVUS, Inc.		362,479		3,403,678
XenoPort, Inc.		144,854		757,586
Zogenix, Inc.		326,617		956,988
				16,259,578
Industrials - 7.4%
Aerospace & Defense - 0.9%
Ascent Solar Technologies, Inc.		505,545		475,212
Elbit Systems Ltd.		24		1,286
GenCorp, Inc.		299,282		5,027,937
Huntington Ingalls Industries, Inc.		41,143		2,943,782
KEYW Holding Corporation (The)		227,686		2,618,389
LMI Aerospace, Inc.		69,326		1,088,418
National Presto Industries, Inc.		32,552		2,296,544
Taser International, Inc.		10,530		187,118
				14,638,686
Air Freight & Logistics - 0.2%
XPO Logistics, Inc.		155,770		3,143,439

Airlines - 0.0% (a)
AMR Corporation		10,761		79,094
Spirit Airlines, Inc.		49		2,114
US Airways Group, Inc.		13,431		295,079
				376,287
Building Products - 0.1%
Builders FirstSource, Inc.		25,197		186,710
NCI Building Systems, Inc.		126,630		1,827,271
Nortek, Inc.		1,393		97,747
Ply Gem Holdings, Inc.		2,066		30,783
USG Corporation		5,823		159,026
				2,301,537
Commercial Services & Supplies - 0.9%
ACCO Brands Corporation		318,858		1,865,319
Cenveo, Inc.		468,533		1,471,194
China Recycling Energy Corporation		23,454		70,128
Consolidated Graphics, Inc.		1,034		66,269
EnerNOC, Inc.		4,852		80,689
Healthcare Services Group, Inc.		134,474		3,683,243
Heritage-Crystal Clean, Inc.		1,466		25,904
Industrial Services of America, Inc.		21,860		50,278
InnerWorkings, Inc.		175,536		1,679,880
Intersections, Inc.		60,248		516,325
McGrath RentCorp		5,306		189,265
Mobile Mini, Inc.		143		5,165

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Industrials - 7.4% (Continued)
Commercial Services & Supplies - 0.9% (Continued)
Quad/Graphics, Inc. - Class A		32,667	$	1,140,732
RINO International Corporation		67,543		2,026
Standard Register Company (The)		3,708		31,518
Team, Inc.		13,994		521,836
United Stationers, Inc.		44,696		1,986,290
				13,386,061
Construction & Engineering - 0.2%
Aegion Corporation		28,799		590,379
Ameresco, Inc. - Class A		8,416		88,031
Great Lakes Dredge & Dock Company		65,341		530,569
Layne Christensen Company		31,127		601,996
MasTec, Inc.		32,849		1,050,183
				2,861,158
Electrical Equipment - 1.5%
Advanced Battery Technologies, Inc.		596,378		122,258
Altair Nanotechnologies, Inc.		72,700		338,055
Capstone Turbine Corporation		685,947		871,153
China BAK Battery, Inc.		147,694		305,727
China Ming Yang Wind Power Group Ltd. - ADR		243,703		604,383
Coleman Cable, Inc.		14,420		354,732
Digital Power Corporation		712		491
ECOtality, Inc.		270,888		14,086
Encore Wire Corporation		21,055		1,042,854
FuelCell Energy, Inc.		167,557		224,526
Generac Holdings, Inc.		3,246		160,190
General Cable Corporation		14,694		483,873
GrafTech International Ltd.		273,599		2,435,031
Highpower International, Inc.		4,308		12,235
Hydrogenics Corporation		35,048		427,936
Jinpan International Ltd.		8,432		51,604
New Energy Systems Group		9,385		1,314
Ocean Power Technologies, Inc.		134,107		315,151
Plug Power, Inc.		855,346		496,101
Power Solutions International, Inc.		15,230		887,300
PowerSecure International, Inc.		91,162		1,648,209
Real Goods Solar, Inc. - Class A		1,582,086		5,299,988
Regal-Beloit Corporation		11,033		809,050
Revolution Lighting Technologies, Inc.		1,689,397		5,051,297
SolarCity Corporation		18,438		982,377
Trina Solar Ltd. - ADR		19,120		280,490
Ultralife Corporation		3,008		11,731
Yingli Green Energy Holding Company Ltd. - ADR		51,078		306,468
				23,538,610
Industrial Conglomerates - 0.0% (a)
Raven Industries, Inc.		20,477		683,113

Machinery - 1.9%
American Railcar Industries, Inc.		49,874		2,042,839
Art's-Way Manufacturing Company, Inc.		1,130		6,317
Astec Industries, Inc.		5,440		183,926
Barnes Group, Inc.		640		22,746
Briggs & Stratton Corporation		85,761		1,572,857

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Industrials - 7.4% (Continued)
Machinery - 1.9% (Continued)
China Valves Technology, Inc.		253,770	$	314,675
CLARCOR, Inc.		32,919		1,925,103
Cleantech Solutions International, Inc.		85,593		492,160
Douglas Dynamics, Inc.		30,817		467,494
EnPro Industries, Inc.		18,984		1,132,775
ESCO Technologies, Inc.		14,285		515,403
ExOne Company (The)		57,449		2,948,857
FreightCar America, Inc.		66,605		1,481,295
Gorman-Rupp Company (The)		188		7,659
Greenbrier Companies, Inc. (The)		66,713		1,770,563
Highway Holdings Ltd.		370		903
Lindsay Corporation		67,485		5,129,535
Navistar International Corporation		119,341		4,315,371
PMFG, Inc.		9,803		76,855
RBC Bearings, Inc.		11,558		795,075
SmartHeat, Inc.		3,811		1,334
Tecumseh Products Company - Class A		329		2,566
Terex Corporation		5,592		195,440
Twin Disc, Inc.		14,889		385,178
voxeljet AG - ADR		3,960		134,957
Wabash National Corporation		64,579		752,991
Westport Innovations, Inc.		109,680		2,569,802
Xerium Technologies, Inc.		4,236		50,790
				29,295,466
Marine - 0.5%
Diana Containerships, Inc.		118,879		492,159
Eagle Bulk Shipping, Inc.		361,537		2,010,146
Excel Maritime Carriers Ltd.		29,770		7,148
FreeSeas, Inc.		49,108		18,170
Genco Shipping & Trading Ltd.		1,388,395		3,707,015
Navios Maritime Partners, L.P.		51,846		810,353
Seanergy Maritime Holdings Corporation		2,089		2,569
Seaspan Corporation		1,721		38,430
				7,085,990
Professional Services - 0.5%
Acacia Research Corporation		139,916		2,111,332
Advisory Board Company (The)		15,336		1,052,049
CBIZ, Inc.		280,819		2,291,483
Corporate Resource Services, Inc.		14,263		50,919
FTI Consulting, Inc.		11,935		484,322
Hudson Global, Inc.		2,147		6,978
Kelly Services, Inc. - Class A		10,110		210,895
Lightbridge Corporation		123,341		192,412
Mistras Group, Inc.		27,247		500,255
Odyssey Marine Exploration, Inc.		728,101		1,579,979
Spherix, Inc.		9,589		67,315
				8,547,939
Road & Rail - 0.3%
Knight Transportation, Inc.		46,142		783,030
P.A.M. Transportation Services, Inc.		1,877		32,660
Student Transportation, Inc.		64,204		405,127

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Industrials - 7.4% (Continued)
Road & Rail - 0.3% (Continued)
YRC Worldwide, Inc. - ADR		339,678	$	3,220,147
				4,440,964
Trading Companies & Distributors - 0.4%
Armco Metals Holdings, Inc.		142,384		65,497
General Finance Corporation		92		534
Houston Wire & Cable Company		7,560		104,857
Kaman Corporation		2,964		110,202
Rush Enterprises, Inc. - Class A		52,015		1,488,669
Titan Machinery, Inc.		174,903		3,085,289
Watsco, Inc.		12,769		1,216,758
				6,071,806
Transportation Infrastructure - 0.0% (a)
Sino-Global Shipping America Ltd.		8,240		14,997

Information Technology - 12.1%
Communications Equipment - 1.1%
Ambient Corporation		2,690		5,407
Aruba Networks, Inc.		66,833		1,253,787
Blackberry Ltd.		51,874		410,323
DragonWave, Inc.		256,168		368,882
EMCORE Corporation		140,130		746,893
Gilat Satellite Networks Ltd.		4,682		24,159
InterDigital, Inc.		30,022		1,163,353
Loral Space & Communications, Inc.		5,147		367,341
NETGEAR, Inc.		329		9,462
Oclaro, Inc.		68,397		139,530
ParkerVision, Inc.		1,247,126		3,417,125
Procera Networks, Inc.		270,642		3,829,584
RIT Technologies Ltd.		11,334		27,202
Riverbed Technology, Inc.		296,966		4,401,036
Telestone Technologies Corporation		454,003		108,961
Ubiquiti Networks, Inc.		46,557		1,796,169
Zoom Technologies, Inc.		180,953		59,714
ZST Digital Networks, Inc.		167,237		292,665
				18,421,593
Computers & Peripherals - 1.2%
3D Systems Corporation		25,044		1,558,739
Avid Technology, Inc.		83,075		618,909
Diebold, Inc.		85,078		2,548,937
Fusion-io, Inc.		704,600		7,574,450
Hauppauge Digital, Inc.		65,576		23,148
Imation Corporation		15,539		72,256
Logitech International, S.A.		255,343		2,627,479
OCZ Technology Group, Inc.		2,403,147		2,667,493
SMART Technologies, Inc. - Class A		79,415		211,244
Synaptics, Inc.		3,234		150,381
USA Technologies, Inc.		252,642		482,546
Violin Memory, Inc.		8,986		59,757
				18,595,339
Electronic Equipment, Instruments & Components - 1.1%
Audience, Inc.		7,404		84,554

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Information Technology - 12.1% (Continued)
Electronic Equipment, Instruments & Components - 1.1% (Continued)
ClearSign Combustion Corporation		67,738	$	510,744
Cognex Corporation		35,283		1,102,594
Coherent, Inc.		2,154		142,573
Digital Ally, Inc.		42,784		388,479
Document Security Systems, Inc.		467,367		542,146
DTS, Inc.		73,555		1,471,100
Electro Scientific Industries, Inc.		13,952		167,145
InvenSense, Inc.		75,336		1,272,425
IPG Photonics Corporation		5,645		374,094
Itron, Inc.		19,609		836,716
KEMET Corporation		3,765		21,348
Magal Security Systems Ltd.		824		2,727
Mercury Systems, Inc.		42,485		391,712
Microvision, Inc.		297,259		475,614
MTS Systems Corporation		7,792		508,973
National Instruments Corporation		12,332		358,245
Neonode, Inc.		361,645		1,956,499
Parametric Sound Corporation		91,712		1,374,763
RealD, Inc.		194,126		1,343,352
Research Frontiers, Inc.		43,794		211,087
Rofin-Sinar Technologies, Inc.		674		17,692
Speed Commerce, Inc.		29,898		109,726
Superconductor Technologies, Inc. - ADR		68,381		123,086
Taitron Components, Inc. - Class A		115		119
Uni-Pixel, Inc.		191,053		3,142,822
				16,930,335
Internet Software & Services - 1.6%
21Vianet Group, Inc. - ADR		3,492		62,856
Angie's List, Inc.		131,197		1,848,566
Bankrate, Inc.		5,459		91,930
Bazaarvoice, Inc.		151,571		1,421,736
Blucora, Inc.		41,430		978,991
Carbonite, Inc.		29,695		393,162
ChinaCache International Holdings Ltd. - ADR		75,448		515,310
Constant Contact, Inc.		10,507		272,236
Dice Holdings, Inc.		91,911		678,303
Digital River, Inc.		3,534		63,047
E2open, Inc.		18,592		418,320
Gogo, Inc.		52,542		979,383
Innodata, Inc.		3,176		7,622
Internap Network Services Corporation		28,096		204,258
Ku6 Media Company Ltd. - ADR		59,621		144,879
Liquidity Services, Inc.		142,415		3,718,456
LiveDeal, Inc.		14,553		43,368
Local Corporation		237,218		469,692
Marin Software, Inc.		40,614		470,716
MeetMe, Inc.		632,119		1,384,341
Millennial Media, Inc.		33,532		235,730
Monster Worldwide, Inc.		161,618		698,190
OpenTable, Inc.		6,847		475,730
Phoenix New Media Ltd. - ADR		44,025		395,345
Piksel, Inc. - Series A-2 (b)		346,880		–

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Information Technology - 12.1% (Continued)
Internet Software & Services - 1.6% (Continued)
Points International Ltd.		5,081	$	108,022
Professional Diversity Network, Inc.		90		446
QuinStreet, Inc.		7,772		69,093
Rediff.com India Ltd. - ADR		57,611		135,962
Renren, Inc. - ADR		26,178		86,649
Responsys, Inc.		10,354		169,184
SciQuest, Inc.		89,347		1,951,338
Sify Technologies Ltd. - ADR		4,877		9,510
Sohu.com, Inc.		3,178		212,799
SouFun Holdings Ltd. - ADR		8,775		467,093
StarTek, Inc.		3,124		19,556
Trulia, Inc.		5,889		235,383
ValueClick, Inc.		58,740		1,128,395
Velti plc		1,142,534		308,141
Vistaprint N.V.		59,162		3,197,706
Vocus, Inc.		142,098		1,229,148
Web.com Group, Inc.		3,412		91,953
YY, Inc. - ADR		14,957		735,436
Zillow, Inc.		2,539		202,181
				26,330,162
IT Services - 1.5%
Acorn Energy, Inc.		183,727		690,814
Bitauto Holdings Ltd. - ADR		29,385		720,226
Blackhawk Network Holdings, Inc.		46,966		1,073,643
Booz Allen Hamilton Holding Corporation		1,323		26,195
CACI International, Inc.		34,493		2,482,806
Cass Information Systems, Inc.		6,844		392,367
CGI Group, Inc. - Class A		12,201		409,466
China Information Technology, Inc.		71,589		327,162
CIBER, Inc.		356,839		1,159,727
Convergys Corporation		8,118		160,249
Forrester Research, Inc.		7,431		288,397
Heartland Payment Systems, Inc.		60,324		2,440,106
Helios and Matheson Analytics, Inc.		1,378		7,496
Higher One Holdings, Inc.		404,170		3,213,151
JetPay Corporation		607		1,542
Lionbridge Technologies, Inc.		13,725		59,841
ManTech International Corporation - Class A		60,651		1,694,589
QIWI plc - ADR		6,233		252,312
Unisys Corporation		63,212		1,665,636
VeriFone Systems, Inc.		281,981		6,389,689
WEX, Inc.		3,560		332,326
WPCS International, Inc.		3,572		7,144
				23,794,884
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Energy Industries, Inc.		7,048		147,162
Advanced Micro Devices, Inc.		392,355		1,310,466
Applied Micro Circuits Corporation		282,693		3,296,200
Cabot Microelectronics Corporation		22,954		938,589
Camtek Ltd.		6,647		12,164
China Sunergy Company Ltd. - ADR		274,308		2,024,393
CVD Equipment Corporation		55,529		621,925

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Information Technology - 12.1% (Continued)
Semiconductors & Semiconductor Equipment - 2.9% (Continued)
Cypress Semiconductor Corporation		416,039	$	3,860,842
Daqo New Energy Corporation - ADR		14,216		443,966
DayStar Technologies, Inc.		11,915		2,979
EZchip Semiconductor Ltd.		11,225		290,728
GT Advanced Technologies, Inc.		159,393		1,195,447
Hanwha SolarOne Company Ltd. - ADR		102,091		443,075
Himax Technologies, Inc. - ADR		106,497		1,031,956
JA Solar Holdings Company Ltd. - ADR		19,974		192,549
JinkoSolar Holding Company Ltd. - ADR		23,431		527,666
Kopin Corporation		25,303		92,862
LDK Solar Company Ltd. - ADR		690,532		932,218
Mindspeed Technologies, Inc.		191,108		552,302
MKS Instruments, Inc.		44,318		1,313,586
MoSys, Inc.		25,786		113,458
Nanometrics, Inc.		42,903		797,138
OmniVision Technologies, Inc.		9,104		127,547
Photronics, Inc.		316,578		2,659,255
Pixelworks, Inc.		90,151		408,384
QuickLogic Corporation		232,617		895,575
Rambus, Inc.		34,065		297,728
ReneSola Ltd. - ADR		61,889		269,217
Rubicon Technology, Inc.		430,786		3,704,760
Rudolph Technologies, Inc.		194,052		2,056,951
Spansion, Inc.		64,294		769,599
STR Holdings, Inc.		17,422		34,670
SunEdison, Inc.		708,904		6,592,807
SunPower Corporation		89,850		2,712,572
Suntech Power Holdings Company Ltd. - ADR		169,397		233,768
Tessera Technologies, Inc.		109,398		2,080,750
Tower Semiconductor Ltd.		12,131		58,229
Transwitch Corporation		10,326		2,117
Ultratech, Inc.		107,015		2,545,887
				45,591,487
Software - 2.7%
ACI Worldwide, Inc.		18,505		1,019,996
Advent Software, Inc.		12,103		406,056
Allot Communications Ltd.		14,575		196,471
American Software, Inc. - Class A		5,435		47,556
AsiaInfo-Linkage, Inc.		30,023		348,267
Blackbaud, Inc.		348		12,528
BluePhoenix Solutions Ltd.		1,006		4,326
Bottomline Technologies, Inc.		43,191		1,357,061
BroadSoft, Inc.		16,788		549,303
Changyou.com Ltd. - ADR		7,743		214,946
Cyan, Inc.		5,161		24,308
Ebix, Inc.		600,495		6,833,633
Fleetmatics Group plc		3,163		100,425
Fortinet, Inc.		224,215		4,508,964
Future Healthcare of America		50,776		8,632
Glu Mobile, Inc.		1,578,708		5,367,607
Infoblox, Inc.		6,863		305,060
Jive Software, Inc.		72,932		794,230

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Information Technology - 12.1% (Continued)
Software - 2.7% (Continued)
Magic Software Enterprises Ltd.		84,115	$	519,831
Majesco Entertainment Company		259,328		157,308
Mitek Systems, Inc.		377,211		1,995,446
NQ Mobile, Inc. - ADR		49,795		717,048
Progress Software Corporation		40,325		1,046,837
PTC, Inc.		2,635		73,042
RealPage, Inc.		10,465		256,707
Rovi Corporation		9,413		157,762
Shanda Games Ltd. - ADR		25,619		113,236
Sky-mobi Ltd. - ADR		85,190		322,870
Tangoe, Inc.		34,965		667,832
Top Image Systems Ltd.		14,796		59,332
Trunkbow International Holdings Ltd.		1,755		1,895
Tyler Technologies, Inc.		4,457		431,037
VirnetX Holding Corporation		325,664		7,079,935
Voltari Corporation		77,047		365,973
Vringo, Inc.		1,644,898		4,638,612
Wave Systems Corporation - Class A		227,745		309,733
Zynga, Inc. - Class A		401,137		1,440,082
				42,453,887
Materials - 4.1%
Chemicals - 1.1%
Advanced Emissions Solutions, Inc.		1,473		55,635
American Vanguard Corporation		6,487		169,311
China Gengsheng Minerals, Inc.		71,852		17,273
China Green Agriculture, Inc.		129,983		512,133
Clean Diesel Technologies, Inc.		149,298		207,524
Cytec Industries, Inc.		52,124		4,330,983
Flotek Industries, Inc.		90,656		1,938,225
Gulf Resources, Inc.		291,862		653,771
Hawkins, Inc.		244		8,787
Intrepid Potash, Inc.		296,405		4,401,614
Kronos Worldwide, Inc.		36,776		570,396
OM Group, Inc.		3,103		105,502
PolyOne Corporation		88,974		2,695,912
Sensient Technologies Corporation		2,105		109,734
Tredegar Corporation		24,456		714,604
Valhi, Inc.		1,302		23,918
Zoltek Companies, Inc.		68,897		1,150,580
				17,665,902
Construction Materials - 0.0% (a)
Texas Industries, Inc.		6,786		364,408
US Concrete, Inc.		3,320		72,542
				436,950
Metals & Mining - 2.6%
A.M. Castle & Company		69,475		994,187
AK Steel Holding Corporation		1,285,635		5,656,794
Allied Nevada Gold Corporation		996,525		4,065,822
AMCOL International Corporation		56,938		1,826,571
Atlatsa Resources Corporation		186,712		77,803
Avalon Rare Metals, Inc.		251,247		203,510
Avino Silver & Gold Mines Ltd.		111		128

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares			Value
Materials - 4.1% (Continued)
Metals & Mining - 2.6% (Continued)
China Gerui Advanced Materials Group Ltd.		6,011		$	8,716
China Natural Resources, Inc.		4,498			19,701
China Precision Steel, Inc.		31,377			38,908
China Shen Zhou Mining & Resources, Inc.		123,871			9,897
Coeur Mining, Inc.		9,116			111,306
Compass Minerals International, Inc.		3,982			296,540
Comstock Mining, Inc.		29,554			51,424
General Steel Holdings, Inc.		116,261			103,868
Gold Reserve, Inc.		6,207			21,452
Gold Resource Corporation		1,039			5,392
Golden Minerals Company		45,566			35,086
Golden Star Resources Ltd.		597,268			288,480
Great Northern Iron Ore Properties		5,127	��		362,223
Hecla Mining Company		140,694			438,965
Horsehead Holding Corporation		176,008			2,553,876
Jaguar Mining, Inc.		680,115			119,700
Kaiser Aluminum Corporation		4,486			302,581
Mesabi Trust		15,544			357,201
Midway Gold Corporation		82,304			77,366
Molycorp, Inc.		849,192			4,305,403
North American Palladium Ltd.		447,498			393,798
Olympic Steel, Inc.		9,146			250,326
Polymet Mining Corporation		247,997			189,718
Prospect Global Resources, Inc.		23,828			53,613
Revett Minerals, Inc.		1,200			778
Royal Gold, Inc.		13,956			670,446
RTI International Metals, Inc.		25,353			859,467
Schnitzer Steel Industries, Inc. - Class A		41,333			1,200,310
Seabridge Gold, Inc.		43,185			408,098
Silver Bull Resources, Inc.		153,453			54,476
SinoCoking Coal and Coke Chemical Industries, Inc.		133,689			168,448
Stillwater Mining Company		126,651			1,381,762
Tahoe Resources, Inc.		13,763			263,562
Tanzanian Royalty Exploration Corporation		239,499			567,613
Thompson Creek Metals Company, Inc.		504,810			1,620,440
Turquoise Hill Resource Ltd.		243,020			1,171,356
United States Antimony Corporation		72,799			115,022
United States Steel Corporation		49,275			1,226,455
Universal Stainless & Alloy Products, Inc.		6,711			216,900
Walter Energy, Inc.		480,408			7,633,683
Western Copper and Gold Corporation		3,015			2,225
					40,781,396
Paper & Forest Products - 0.4%
Domtar Corporation		51,122			4,330,545
Mercer International, Inc.		17,128			137,024
Orient Paper, Inc.		172,604			372,825
Resolute Forest Products, Inc.		110,667			1,769,565
Wausau Paper Corporation		11,114			130,034
					6,739,993
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.5%
8x8, Inc.		53,472			612,789

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Telecommunication Services - 0.9% (Continued)
Diversified Telecommunication Services - 0.5% (Continued)
Consolidated Communications Holdings, Inc.		5,927	$	110,420
Elephant Talk Communications Corporation		442,776		270,093
Fairpoint Communications, Inc.		110,975		1,036,507
Globalstar, Inc.		29,902		41,564
Hawaiian Telcom Holdco, Inc.		6,380		169,580
Iridium Communications, Inc.		133,120		802,714
magicJack VocalTec Ltd.		375,909		4,240,254
NTS, Inc.		1,982		3,865
Otelco, Inc. - Class A		608		4,955
Radcom Ltd.		56,983		253,574
Towerstream Corporation		219,386		526,526
				8,072,841
Wireless Telecommunication Services - 0.4%
Boingo Wireless, Inc.		59,869		405,912
Leap Wireless International, Inc.		269,710		4,342,331
NII Holdings, Inc.		196,822		677,068
NTELOS Holdings Corporation		24,187		460,521
USA Mobility, Inc.		27,496		410,240
				6,296,072
Utilities - 1.2%
Electric Utilities - 0.3%
Empire District Electric Company (The)		38,584		867,754
IDACORP, Inc.		806		41,590
MGE Energy, Inc.		208		11,712
NRG Yield, Inc. - Class A		8,721		308,898
Otter Tail Corporation		74,497		2,222,246
Portland General Electric Company		28,675		822,972
				4,275,172
Gas Utilities - 0.4%
AmeriGas Partners, L.P.		5,264		237,248
Atmos Energy Corporation		6,999		309,846
China Natural Gas, Inc.		185,129		101,821
Ferrellgas Partners, L.P.		104,694		2,393,305
Laclede Group, Inc. (The)		6,042		284,397
Northwest Natural Gas Company		42,436		1,842,995
Piedmont Natural Gas Company, Inc.		22,006		751,285
RGC Resources, Inc.		48		893
South Jersey Industries, Inc.		13,132		782,011
				6,703,801
Independent Power Producers & Energy Traders - 0.3%
American DG Energy, Inc.		30,879		46,627
Atlantic Power Corporation		552,863		2,482,355
Dynegy, Inc.		16,091		312,648
Ormat Technologies, Inc.		60,538		1,578,226
U.S. Geothermal, Inc.		240,378		105,766
				4,525,622
Multi-Utilities - 0.2%
Just Energy Group, Inc.		435,158		3,093,973
NorthWestern Corporation		15,516		711,254
				3,805,227

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 63.5% (Continued)	Shares		Value
Utilities - 1.2% (Continued)
Water Utilities - 0.0% (a)
Consolidated Water Company Ltd.		15,295	$	230,037

Total Common Stocks (Proceeds $1,169,109,110)			$	1,004,606,619


PREFERRED STOCKS - 0.0% (a)	Shares		Value
Cabco Trust for J. C. Penney, 7.625% (Proceeds $93,092)		4,878	$	80,633


OTHER INVESTMENTS - 14.3%	Shares		Value
iPath S&P 500 VIX Mid-Term Futures ETN		394,700	$	7,128,282
iPath S&P 500 VIX Short-Term Futures ETN		2,221,946		28,729,762
SPDR S&P 500 ETF Trust		180,100		31,648,973
Vanguard S&P 500 ETF		992,480		159,670,182
Total Other Investments (Proceeds $224,736,410)			$	227,177,199


WARRANTS - 0.0% (a)	Shares		Value
American International Group, Inc.		854	$	18,216
Magnum Hunter Resources Corporation (b)		15,689		–
Total Warrants (Proceeds $14,295)			$	18,216

Total Securities Sold Short - 77.8% (Proceeds $1,393,952,907)			$	1,231,882,667

ADR	- American Depositary Receipt.

(a)	Percentage rounds to less than 0.1%.
(b)	Security value has been determined in good faith by the Board of Trustees. The total value of such securities is ($1,973) at October 31, 2013, representing (0.0%)(a) of net assets.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS

October 31, 2013

WRITTEN OPTION CONTRACTS	Expiration Date	Strike Price		Contracts		Value of Options		Premiums Received
Call Option Contracts
Crude Oil Future 11/20/2013	11/15/2013	$	106.00		1	$	30	$	290
iShares MSCI Emerging Market	11/16/2013		45.00		50		300		573
iShares MSCI Emerging Market	11/16/2013		45.50		325		975		1,776
SPDR S&P 500 ETF Trust	11/16/2013		179.00		100		3,500		3,046
SPDR S&P 500 ETF Trust	11/16/2013		180.00		175		3,325		3,756
SPDR S&P 500 ETF Trust	11/16/2013		181.00		100		900		1,247
							9,030		10,688
Put Option Contracts
Crude Oil Future 11/20/2013	11/15/2013		92.50		1		430		320
iShares MSCI Emerging Market	11/16/2013		40.00		250		2,500		2,629
iShares MSCI Emerging Market	11/16/2013		40.50		125		1,625		1,725
SPDR S&P 500 ETF Trust	11/16/2013		165.00		150		1,800		4,720
SPDR S&P 500 ETF Trust	11/16/2013		166.00		75		1,125		2,810
SPDR S&P 500 ETF Trust	11/16/2013		167.00		150		2,550		6,669
							10,030		18,873

Total Written Option Contracts						$	19,060	$	29,561

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

COMMON STOCKS - 98.2%	Shares		Value
Consumer Discretionary - 15.1%
Auto Components - 1.8%
Drew Industries, Inc.		4,200	$	211,092
Federal-Mogul Corporation (a)		19,290		395,252
Gentherm, Inc. (a)		50		1,168
Modine Manufacturing Company (a)		14,883		198,242
Shiloh Industries, Inc.		10,639		174,692
Superior Industries International, Inc.		11,477		215,194
Tower International, Inc. (a)		13,146		278,958
Visteon Corporation (a)		4		308
				1,474,906
Automobiles - 0.5%
Winnebago Industries, Inc. (a)		12,480		370,157

Distributors - 0.2%
Core-Mark Holding Company, Inc.		1,870		132,265
VOXX International Corporation (a)		2,367		36,712
				168,977
Diversified Consumer Services - 1.0%
Bright Horizons Family Solutions, Inc. (a)		5,092		189,677
Capella Education Company (a)		22		1,340
Career Education Corporation (a)		1,351		7,404
Carriage Services, Inc.		4,048		81,324
Education Management Corporation (a)		62		949
Hillenbrand, Inc.		7,457		210,437
ITT Educational Services, Inc. (a)		78		3,129
Mac-Gray Corporation		7,188		151,523
Matthews International Corporation - Class A		1,655		67,193
Steiner Leisure Ltd. (a)		1,474		82,573
				795,549
Hotels, Restaurants & Leisure - 3.5%
AFC Enterprises, Inc. (a)		3,680		164,054
Bob Evans Farms, Inc.		3,007		171,670
Boyd Gaming Corporation (a)		12,898		136,203
Bravo Brio Restaurant Group, Inc. (a)		6,366		95,044
Carrols Restaurant Group, Inc. (a)		720		4,176
CEC Entertainment, Inc.		261		12,097
Century Casinos, Inc. (a)		39,237		229,144
Denny's Corporation (a)		22,456		142,596
Einstein Noah Restaurant Group, Inc.		11,382		203,055
Isle of Capri Casinos, Inc. (a)		459		3,723
Jack in the Box, Inc. (a)		5,383		218,980
Jamba, Inc. (a)		5,627		64,260
Marcus Corporation		16,439		236,064
Marriott Vacations Worldwide Corporation (a)		3,191		159,805
Multimedia Games Holding Company, Inc. (a)		6,636		215,736
Nathan's Famous, Inc. (a)		1,989		102,076
Papa John's International, Inc.		2,620		198,255
Red Robin Gourmet Burgers, Inc. (a)		2,197		167,368
Ruth's Hospitality Group, Inc.		8,151		99,361

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Consumer Discretionary - 15.1% (Continued)
Hotels, Restaurants & Leisure - 3.5% (Continued)
SHFL entertainment, Inc. (a)		9,306	$	215,713
				2,839,380
Household Durables - 1.7%
Bassett Furniture Industries, Inc.		180		2,520
Cavco Industries, Inc. (a)		22		1,289
CSS Industries, Inc.		1,669		43,210
Dixie Group, Inc. (The) (a)		403		5,078
Flexsteel Industries, Inc.		1,033		28,366
Helen of Troy Ltd. (a)		4,646		217,061
La-Z-Boy, Inc.		6,760		156,021
Libbey, Inc. (a)		6,845		146,141
Meritage Homes Corporation (a)		5,072		230,218
Skullcandy, Inc. (a)		32,604		204,753
Universal Electronics, Inc. (a)		5,127		199,492
ZAGG, Inc. (a)		23,041		109,214
				1,343,363
Internet & Catalog Retail - 0.2%
1-800-FLOWERS.COM, Inc. - Class A (a)		32,945		178,891

Leisure Equipment & Products - 0.2%
Arctic Cat, Inc.		3,822		200,273
Callaway Golf Company		75		632
Johnson Outdoors, Inc. - Class A		136		3,730
				204,635
Media - 2.4%
A.H. Belo Corporation - Class A		70		563
Belo Corporation - Class A		15,752		216,275
Carmike Cinemas, Inc. (a)		4,386		100,396
Clear Channel Outdoor Holdings, Inc. (a)		198		1,683
Cumulus Media, Inc. - Class A (a)		26,132		156,269
Dex Media, Inc. (a)		6,379		43,058
Digital Generation, Inc. (a)		16,813		212,685
Entravision Communications Corporation - Class A		34,761		234,289
Global Sources Ltd. (a)		726		5,438
Gray Television, Inc. (a)		9,298		78,568
Harte-Hanks, Inc.		23,559		187,765
Journal Communications, Inc. (a)		26,101		217,943
Lee Enterprises, Inc. (a)		13,624		37,466
Martha Stewart Living Omnimedia, Inc. - Class A (a)		11,759		30,103
MDC Partners, Inc.		9,564		294,858
National CineMedia, Inc.		3,742		65,560
Salem Communications Corporation - Class A		11,857		97,939
Starz - Series A (a)		34		1,025
				1,981,883
Multiline Retail - 0.3%
Big Lots, Inc. (a)		4,235		153,985
Gordmans Stores, Inc.		6,939		68,696
				222,681
Specialty Retail - 2.7%
ANN, INC. (a)		4,597		162,550

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Consumer Discretionary - 15.1% (Continued)
Specialty Retail - 2.7% (Continued)
Big 5 Sporting Goods Corporation		211	$	3,990
Cato Corporation (The) - Class A		2,264		67,852
Children's Place Retail Stores, Inc. (The) (a)		2,748		150,013
Christopher & Banks Corporation (a)		29,974		172,950
Citi Trends, Inc. (a)		3,846		56,459
CST Brands, Inc.		1,011		32,595
Destination Maternity Corporation		680		21,243
Express, Inc. (a)		524		12,162
Guess?, Inc.		5,492		171,625
Kirkland's, Inc. (a)		8,992		159,608
Lithia Motors, Inc.		2,369		148,892
New York & Company, Inc. (a)		39,783		203,689
Pacific Sunwear of California, Inc. (a)		9,732		26,179
Penske Automotive Group, Inc.		26		1,030
Sears Hometown and Outlet Stores, Inc. (a)		7,519		209,479
Shoe Carnival, Inc.		2,337		60,739
Stein Mart, Inc.		11,148		164,656
Trans World Entertainment Corporation		10,857		47,011
Winmark Corporation		1,811		132,583
Zale Corporation (a)		10,246		160,145
				2,165,450
Textiles, Apparel & Luxury Goods - 0.6%
Perry Ellis International, Inc.		51		970
R.G. Barry Corporation		5,014		95,667
Skechers U.S.A., Inc. - Class A (a)		5,386		156,948
Steven Madden Ltd. (a)		6,244		229,030
				482,615
Consumer Staples - 3.8%
Beverages - 0.3%
Coca-Cola Bottling Company Consolidated		3,826		242,262

Food & Staples Retailing - 0.7%
Andersons, Inc. (The)		2,264		167,943
Ingles Markets, Inc. - Class A		1,963		50,665
Nash Finch Company		342		9,597
Pantry, Inc. (The) (a)		18,699		250,380
Village Super Market, Inc. - Class A		2,408		88,277
				566,862
Food Products - 1.8%
Alico, Inc.		570		22,777
B&G Foods, Inc.		4,410		149,279
Chiquita Brands International, Inc. (a)		12,156		125,815
Darling International, Inc. (a)		9,494		220,925
Dole Foods Company, Inc. (a)		14,739		199,713
Farmer Brothers Company (a)		513		9,265
Fresh Del Monte Produce, Inc.		7,197		191,368
Inventure Foods, Inc. (a)		315		3,547
J & J Snack Foods Corporation		2,260		193,388
Limoneira Company		93		2,450
Sanderson Farms, Inc.		2,276		143,866

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Consumer Staples - 3.8% (Continued)
Food Products - 1.8% (Continued)
Seneca Foods Corporation - Class A (a)		5,621	$	164,808
				1,427,201
Household Products - 0.3%
Harbinger Group, Inc. (a)		6,905		75,195
Oil-Dri Corporation of America		957		33,964
Orchids Paper Products Company		1,155		35,228
WD-40 Company		1,968		142,660
				287,047
Personal Products - 0.7%
Elizabeth Arden, Inc. (a)		4,456		161,263
Female Health Company (The)		501		4,769
Neptune Technologies & Bioressources, Inc. (a)		400		1,220
Nutraceutical International Corporation		188		4,521
Prestige Brands Holdings, Inc. (a)		6,805		212,520
Revlon, Inc. (a)		6,185		146,894
				531,187
Energy - 7.7%
Energy Equipment & Services - 3.1%
Dawson Geophysical Company (a)		6,740		197,077
Era Group, Inc. (a)		6,068		191,749
Gulf Island Fabrication, Inc.		5,418		136,642
Gulfmark Offshore, Inc. - Class A		2,918		145,258
Helix Energy Solutions Group, Inc. (a)		9,306		220,180
Hercules Offshore, Inc. (a)		44,056		299,581
ION Geophysical Corporation (a)		23,565		109,342
Matrix Service Company (a)		11,139		231,580
Natural Gas Services Group, Inc. (a)		7,225		202,228
Parker Drilling Company (a)		9,204		66,269
PHI, Inc. (a)		605		24,091
Pioneer Energy Services Corporation (a)		27,491		230,924
RigNet, Inc. (a)		5,227		192,667
Tesco Corporation (a)		12,460		214,063
TGC Industries, Inc.		2,575		18,978
Willbros Group, Inc. (a)		5,527		53,943
				2,534,572
Oil, Gas & Consumable Fuels - 4.6%
Abraxas Petroleum Corporation (a)		823		2,378
Adams Resources & Energy, Inc.		86		4,452
Alon USA Energy, Inc.		364		4,397
Callon Petroleum Company (a)		31,480		215,008
Carrizo Oil & Gas, Inc. (a)		4,644		203,593
Clayton Williams Energy, Inc. (a)		2,451		190,761
Cloud Peak Energy, Inc. (a)		12,342		192,659
Crosstex Energy, Inc.		6,356		195,066
Endeavour International Corporation (a)		22,650		134,541
Forest Oil Corporation (a)		29,762		141,072
Gastar Exploration Ltd. (a)		64,311		277,824
Hallador Energy Company		6,162		47,447
Panhandle Oil & Gas, Inc.		1,591		53,410
Penn Virginia Corporation (a)		30,928		263,197

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 4.6% (Continued)
Resolute Energy Corporation (a)		15,987	$	149,958
REX American Resources Corporation (a)		6,833		197,064
Scorpio Tankers, Inc.		20,395		235,358
Stone Energy Corporation (a)		6,803		237,153
Synergy Resources Corporation (a)		14,524		150,469
Triangle Petroleum Corporation (a)		39,884		421,574
W&T Offshore, Inc.		9,665		184,505
Warren Resources, Inc. (a)		67,030		209,804
				3,711,690
Financials - 16.9%
Capital Markets - 1.9%
BGC Partners, Inc. - Class A		62		330
BlackRock Kelso Capital Corporation		5,081		47,711
Cowen Group, Inc. (a)		58,131		230,780
Diamond Hill Investment Group, Inc.		9		992
FBR & Company (a)		10,497		278,171
FXCM, Inc.		8,338		136,660
GAMCO Investors, Inc. - Class A		2,034		145,451
GFI Group, Inc.		41,654		144,539
Gladstone Capital Corporation		11		97
Gladstone Investment Corporation		13,789		97,488
ICG Group, Inc. (a)		323		5,268
Ladenburg Thalmann Financial Services, Inc. (a)		2,478		5,204
Manning & Napier, Inc.		60		996
MCG Capital Corporation		31,976		150,607
Medallion Financial Corporation		8,917		135,360
NGP Capital Resources Company		257		1,912
Piper Jaffray Companies, Inc. (a)		715		25,661
Safeguard Scientifics, Inc. (a)		13		227
Solar Capital Ltd.		2,745		62,998
SWS Group, Inc. (a)		27		152
Triangle Capital Corporation		587		17,469
U.S. Global Investors, Inc.		3,517		9,426
Virtus Investment Partners, Inc. (a)		15		3,053
Westwood Holdings Group, Inc.		419		22,345
				1,522,897
Commercial Banks - 3.3%
1st Source Corporation		2,132		66,902
Access National Corporation		311		4,519
Bancorp, Inc. (The) (a)		7,376		119,270
Bank of Kentucky Financial Corporation		2,584		74,445
BNC Bancorp		206		2,701
Bridge Bancorp, Inc.		5,637		130,158
Bryn Mawr Bank Corporation		66		1,839
C&F Financial Corporation		68		3,666
Camden National Corporation		69		2,784
Capital Bank Financial Corporation - Class A (a)		155		3,444
CapitalSource, Inc.		17,141		224,204
Center Bancorporation, Inc.		333		4,982
CenterState Banks, Inc.		5,479		54,023

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Financials - 16.9% (Continued)
Commercial Banks - 3.3% (Continued)
Central Pacific Financial Corporation		1,648	$	30,356
Chemical Financial Corporation		103		3,017
CoBiz Financial, Inc.		2,806		30,445
Eagle Bancorp, Inc. (a)		1,975		52,239
Enterprise Financial Services Corporation		29		523
F.N.B. Corporation		2,352		29,424
Farmers Capital Bank Corporation (a)		141		2,896
Fidelity Southern Corporation		240		3,667
Financial Institutions, Inc.		266		6,296
First Community Bancshares, Inc.		236		3,939
First Horizon National Corporation		1		2
First Interstate BancSystem, Inc.		7,597		190,761
Great Southern Bancorp, Inc.		3,236		90,867
Hanmi Financial Corporation		207		3,618
Home BancShares, Inc.		3,107		105,265
HomeTrust Bancshares, Inc. (a)		2,294		37,048
Horizon Bancorp		46		999
Intervest Bancshares Corporation - Class A (a)		2,760		20,120
Lakeland Financial Corporation		132		4,698
Merchants Bancshares, Inc.		1,424		42,692
MetroCorp Bancshares, Inc.		11,725		168,019
NBT Bancorp, Inc.		2,030		49,471
Northrim BanCorp, Inc.		189		4,744
Pacific Continental Corporation		2,621		36,117
Park Sterling Corporation		84		547
Penns Woods Bancorp, Inc.		94		4,813
Peoples Bancorp, Inc.		538		12,062
Preferred Bank (a)		88		1,691
Renasant Corporation		139		3,987
Sandy Spring Bancorp, Inc.		22		539
Southwest Bancorp, Inc. (a)		247		3,954
StellarOne Corporation		1,219		28,378
Sterling Bancorp		16,555		244,186
Sterling Financial Corporation		7,298		211,350
Susquehanna Bancshares, Inc.		16,756		197,469
SVB Financial Group (a)		17		1,628
Synovus Financial Corporation		400		1,300
Taylor Capital Group, Inc. (a)		2,315		53,245
TriCo Bancshares		88		2,226
Trustmark Corporation		1,253		34,032
Univest Corporation of Pennsylvania		6,991		139,610
Valley National Bancorp		2,286		22,289
Virginia Commerce Bancorp (a)		147		2,356
Wilshire Bancorp, Inc.		12,117		102,631
				2,678,453
Consumer Finance - 0.5%
Cash America International, Inc.		803		31,678
First Cash Financial Services, Inc. (a)		2,454		148,443
Nelnet, Inc. - Class A		5,067		216,006
Nicholas Financial, Inc.		187		3,001

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Financials - 16.9% (Continued)
Consumer Finance - 0.5% (Continued)
World Acceptance Corporation (a)		412	$	42,898
				442,026
Diversified Financial Services - 0.6%
Consumer Portfolio Services, Inc. (a)		1,832		12,311
Gain Capital Holdings, Inc.		20,275		212,279
Marlin Business Services Corporation		7,337		202,281
PICO Holdings, Inc. (a)		1,811		42,522
				469,393
Insurance - 3.8%
Allied World Assurance Company Holdings A.G.		40		4,332
American National Insurance Company		226		22,842
AMERISAFE, Inc.		6,704		258,104
Aspen Insurance Holdings Ltd.		5,464		213,151
Baldwin & Lyons, Inc.		3,728		101,886
Citizens, Inc. (a)		65		546
Eastern Insurance Holdings, Inc.		2,847		69,581
EMC Insurance Group, Inc.		3,487		118,697
FBL Financial Group, Inc. - Class A		928		41,519
Greenlight Capital Re Ltd. - Class A (a)		75		2,309
Hanover Insurance Group, Inc. (The)		3,634		212,734
Horace Mann Educators Corporation		7,441		206,116
Investors Title Company		1,736		135,651
Kansas City Life Insurance Company		2,377		109,104
Kemper Corporation		5,787		214,235
Maiden Holdings Ltd.		4,632		50,720
MBIA, Inc. (a)		8,113		92,245
Mercury General Corporation		3,190		148,526
National Interstate Corporation		57		1,489
Navigators Group, Inc. (The) (a)		4,452		250,380
ProAssurance Corporation		4,643		210,421
Selective Insurance Group, Inc.		10,091		265,091
Symetra Financial Corporation		8,188		153,361
United Fire Group, Inc.		6,415		203,356
Universal Insurance Holdings, Inc.		3,189		25,002
				3,111,398
Real Estate Investment Trusts (REIT) - 4.8%
Agree Realty Corporation		39		1,231
American Capital Mortgage Investment Corporation		128		2,446
Anworth Mortgage Asset Corporation		45,934		225,536
Apollo Commercial Real Estate Finance, Inc.		11,611		187,053
ARMOUR Residential REIT, Inc.		679		2,798
CapLease, Inc.		25,418		216,053
Cedar Realty Trust, Inc.		36,722		209,682
Chatham Lodging Trust		10,917		205,895
Chesapeake Lodging Trust		17		401
Chimera Investment Corporation		1,029		3,118
DCT Industrial Trust, Inc.		27,696		214,644
Education Realty Trust, Inc.		65		594
Franklin Street Properties Corporation		310		4,092
Geo Group, Inc. (The)		6,629		233,805

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Financials - 16.9% (Continued)
Real Estate Investment Trusts (REIT) - 4.8% (Continued)
Gramercy Property Trust, Inc. (a)		300	$	1,371
Healthcare Trust of America, Inc.		17,234		200,259
LTC Properties, Inc.		5,024		198,197
MFA Financial, Inc.		28,581		211,785
New Residential Investment Corporation		23,358		154,396
One Liberty Properties, Inc.		274		5,792
Potlatch Corporation		4,884		199,414
Saul Centers, Inc.		4,445		208,915
Select Income REIT		88		2,424
Sovran Self Storage, Inc.		2,785		213,025
Strategic Hotels & Resorts, Inc. (a)		6,588		57,316
Summit Hotel Properties, Inc.		20,049		184,250
Terreno Realty Corporation		183		3,254
UMH Properties, Inc.		9,469		95,258
Universal Health Realty Income Trust		4,783		210,069
Whitestone REIT - Class B		13,484		185,944
Winthrop Realty Trust		18,136		213,461
				3,852,478
Real Estate Management & Development - 0.4%
Altisource Residential Corporation - Class B		8,794		233,657
Forestar Group, Inc. (a)		191		4,265
Thomas Properties Group, Inc.		14,638		99,538
				337,460
Thrifts & Mortgage Finance - 1.6%
Bank Mutual Corporation		4,467		28,410
Federal Agricultural Mortgage Corporation		34		1,214
First Defiance Financial Corporation		569		14,692
Flagstar Bancorp, Inc. (a)		4,209		68,228
Home Federal Bancorp, Inc.		9,694		151,130
OceanFirst Financial Corporation		1,396		24,556
Oritani Financial Corporation		13,244		214,818
Provident Financial Services, Inc.		5,056		94,750
Rockville Financial, Inc.		13,815		181,667
Roma Financial Corporation (a)		164		3,191
SI Financial Group, Inc.		380		4,305
Territorial Bancorp, Inc.		5,656		123,357
Walker & Dunlop, Inc. (a)		4,682		60,772
Washington Federal, Inc.		9,298		211,808
WSFS Financial Corporation		1,236		86,532
				1,269,430
Health Care - 14.7%
Biotechnology - 2.1%
BioCryst Pharmaceuticals, Inc. (a)		27,574		158,688
Clovis Oncology, Inc. (a)		4,151		212,158
Coronado Biosciences, Inc. (a)		1		2
Cytokinetics, Inc. (a)		15,228		91,520
Durata Therapeutics, Inc. (a)		357		3,456
Dyax Corporation (a)		25,438		209,100
Emergent BioSolutions, Inc. (a)		4,000		78,120
Exact Sciences Corporation (a)		475		5,235

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Health Care - 14.7% (Continued)
Biotechnology - 2.1% (Continued)
Galectin Therapeutics, Inc. (a)		1,254	$	13,104
Geron Corporation (a)		6,956		27,476
Insys Therapeutics, Inc. (a)		5,737		228,849
MiMEDX Group, Inc. (a)		9,234		48,940
Myriad Genetics, Inc. (a)		854		20,821
Nanosphere, Inc. (a)		3,966		7,734
Osiris Therapeutics, Inc. (a)		2,239		29,801
PDL BioPharma, Inc.		3,912		31,648
Prothena Corporation plc (a)		10,092		242,612
Puma Biotechnology, Inc. (a)		5,237		200,629
TESARO, Inc. (a)		8		308
Threshold Pharmaceuticals, Inc. (a)		393		1,706
TrovaGene, Inc. (a)		11,501		73,261
				1,685,168
Health Care Equipment & Supplies - 4.2%
AngioDynamics, Inc. (a)		19,200		301,824
Anika Therapeutics, Inc. (a)		7,483		223,517
ArthroCare Corporation (a)		5,732		214,606
AtriCure, Inc. (a)		5,778		80,025
CONMED Corporation		129		4,679
CryoLife, Inc.		14,032		126,148
DexCom, Inc. (a)		6,824		196,054
Endologix, Inc. (a)		9,334		168,665
Exactech, Inc. (a)		4,844		109,959
Hill-Rom Holdings, Inc.		3,833		158,265
Invacare Corporation		5,269		113,126
Merit Medical Systems, Inc. (a)		10,563		168,902
Natus Medical, Inc. (a)		11,480		226,500
NuVasive, Inc. (a)		4,889		155,373
OraSure Technologies, Inc. (a)		443		2,888
Orthofix International N.V. (a)		9,521		195,085
Rochester Medical Corporation (a)		10,801		215,804
RTI Surgical, Inc. (a)		499		1,392
Solta Medical, Inc. (a)		704		1,302
Spectranetics Corporation (The) (a)		81		1,692
STERIS Corporation		3,421		154,595
SurModics, Inc. (a)		2,997		70,669
Symmetry Medical, Inc. (a)		23,477		190,164
Tornier N.V. (a)		10,037		215,896
Utah Medical Products, Inc.		437		24,324
ZELTIQ Aesthetics, Inc. (a)		5,054		65,550
				3,387,004
Health Care Providers & Services - 4.4%
Addus HomeCare Corporation (a)		3,847		99,445
Alliance Healthcare Services, Inc. (a)		8,982		226,436
AMN Healthcare Services, Inc. (a)		21,443		265,893
AmSurg Corporation (a)		3,466		148,657
BioTelemetry, Inc. (a)		22,836		208,721
Capital Senior Living Corporation (a)		3,328		73,815
Chemed Corporation		499		33,842

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Health Care - 14.7% (Continued)
Health Care Providers & Services - 4.4% (Continued)
Corvel Corporation (a)		5,415	$	225,264
Cross Country Healthcare, Inc. (a)		5,666		33,656
Ensign Group, Inc. (The)		12		511
Gentiva Health Services, Inc. (a)		65		744
Hanger, Inc. (a)		4,016		147,387
Healthways, Inc. (a)		13,915		134,002
Kindred Healthcare, Inc.		9,753		135,372
LHC Group, Inc. (a)		1,469		30,261
LifePoint Hospitals, Inc. (a)		7,351		379,606
Magellan Health Services, Inc. (a)		6,165		361,886
Molina Healthcare, Inc. (a)		4,466		141,304
National Research Corporation - Class A (a)		5,054		88,647
PharMerica Corporation (a)		6,394		94,375
Providence Service Corporation (The) (a)		7,340		219,393
Skilled Healthcare Group, Inc. - Class A (a)		291		1,240
Triple-S Management Corporation (a)		8,762		156,051
U.S. Physical Therapy, Inc.		73		2,330
VCA Antech, Inc. (a)		12,565		357,474
				3,566,312
Health Care Technology - 0.7%
HealthStream, Inc. (a)		2,953		105,481
MedAssets, Inc. (a)		971		22,362
Medidata Solutions, Inc. (a)		1,373		151,456
Omnicell, Inc. (a)		14,241		328,540
				607,839
Life Sciences Tools & Services - 1.1%
Affymetrix, Inc. (a)		30,000		212,100
Albany Molecular Research, Inc. (a)		8,745		114,559
Arrowhead Research Corporation (a)		3,749		26,243
Cambrex Corporation (a)		14,344		241,266
Charles River Laboratories International, Inc. (a)		4,442		218,591
Harvard Bioscience, Inc. (a)		13,795		81,253
				894,012
Pharmaceuticals - 2.2%
Akorn, Inc. (a)		9,482		193,812
Alimera Sciences, Inc. (a)		404		864
Cornerstone Therapeutics, Inc. (a)		17,904		169,551
Hi-Tech Pharmacal Company, Inc.		7,830		337,395
Impax Laboratories, Inc. (a)		7,148		144,818
Lannett Company, Inc. (a)		11,790		278,362
Medicines Company (The) (a)		4,880		165,530
Sagent Pharmaceuticals, Inc. (a)		14,417		312,705
Santarus, Inc. (a)		6,031		140,703
				1,743,740
Industrials - 15.2%
Aerospace & Defense - 0.7%
API Technologies Corporation (a)		3,008		8,783
Cubic Corporation		168		8,820
Engility Holdings, Inc. (a)		75		2,323
Esterline Technologies Corporation (a)		2,664		213,546

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Aerospace & Defense - 0.7% (Continued)
Huntington Ingalls Industries, Inc.		100	$	7,155
Orbital Sciences Corporation (a)		6,578		151,755
Sparton Corporation (a)		5,561		146,755
				539,137
Air Freight & Logistics - 0.2%
Air Transport Services Group, Inc. (a)		460		3,330
Pacer International, Inc. (a)		4,018		32,064
Park-Ohio Holdings Corporation (a)		3,081		127,584
				162,978
Airlines - 0.4%
JetBlue Airways Corporation (a)		4,578		32,458
Republic Airways Holdings, Inc. (a)		18,489		217,800
SkyWest, Inc.		6,762		101,701
				351,959
Building Products - 0.8%
AAON, Inc.		4,289		115,846
Ameresco, Inc. - Class A (a)		379		3,964
Builders FirstSource, Inc. (a)		7,365		54,575
Gibraltar Industries, Inc. (a)		3,297		52,785
Griffon Corporation		2,088		26,163
Patrick Industries, Inc. (a)		8,332		260,625
Universal Forest Products, Inc.		2,722		144,048
				658,006
Commercial Services & Supplies - 2.3%
ARC Document Solutions, Inc. (a)		38,210		238,430
Casella Waste Systems, Inc. (a)		3,068		18,132
Costa, Inc. (a)		5,216		104,946
Covanta Holding Corporation		2,116		36,332
G&K Services, Inc.		1,384		86,361
Heritage-Crystal Clean, Inc. (a)		110		1,944
HNI Corporation		3,845		149,378
Kimball International, Inc. - Class B		18,891		221,025
Knoll, Inc.		2,206		36,222
Multi-Color Corporation		1,205		41,970
Performant Financial Corporation (a)		22,013		219,470
Steelcase, Inc. - Class A		13,346		218,741
Team, Inc. (a)		140		5,221
US Ecology, Inc.		6,675		237,296
Viad Corp		8,460		225,882
				1,841,350
Construction & Engineering - 2.0%
AECOM Technology Corporation (a)		152		4,831
Dycom Industries, Inc. (a)		12,111		359,091
EMCOR Group, Inc.		9,390		347,993
Furmanite Corporation (a)		22,433		252,371
MYR Group, Inc. (a)		4,963		131,271
Northwest Pipe Company (a)		1,726		62,188
Orion Marine Group, Inc. (a)		7,878		98,475
Pike Electric Corporation		12,354		133,547
Primoris Services Corporation		4,853		126,372

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Construction & Engineering - 2.0% (Continued)
Tutor Perini Corporation (a)		3,606	$	82,758
				1,598,897
Electrical Equipment - 1.0%
Brady Corporation - Class A		6,809		198,755
Global Power Equipment Group, Inc.		1,232		25,083
II-VI, Inc. (a)		11,830		201,820
Polypore International, Inc. (a)		658		29,741
Powell Industries, Inc. (a)		4,217		264,954
Preformed Line Products Company		882		74,106
Vicor Corporation (a)		52		458
				794,917
Industrial Conglomerates - 0.1%
Standex International Corporation		821		50,500

Machinery - 3.4%
Actuant Corporation - Class A		646		24,264
Alamo Group, Inc.		3,225		152,188
Albany International Corporation - Class A		5,987		220,381
Ampco-Pittsburgh Corporation		273		5,026
Blount International, Inc. (a)		390		4,750
CIRCOR International, Inc.		2,099		154,843
Dynamic Materials Corporation		631		13,945
ESCO Technologies, Inc.		78		2,814
Federal Signal Corporation (a)		16,384		224,297
Flow International Corporation (a)		45,045		179,730
Graham Corporation		507		18,663
Hardinge, Inc.		34		503
Hyster-Yale Materials Handling, Inc. - Class A		2,307		180,961
John Bean Technologies Corporation		3,374		91,705
Kadant, Inc.		5,597		200,373
Lydall, Inc. (a)		8,094		147,473
Manitowoc Company, Inc. (The)		7,649		148,850
Mueller Industries, Inc.		3,620		218,250
Mueller Water Products, Inc. - Class A		44,619		382,385
NACCO Industries, Inc. - Class A		3,467		197,515
NN, Inc.		104		1,672
Titan International, Inc.		10,453		151,568
Twin Disc, Inc.		150		3,880
Wabash National Corporation (a)		2,787		32,496
				2,758,532
Marine - 0.2%
Baltic Trading Ltd.		44,348		198,679
International Shipholding Corporation		100		2,482
				201,161
Professional Services - 1.6%
Barrett Business Services, Inc.		50		4,163
CDI Corporation		2,311		37,092
CRA International, Inc. (a)		3,917		74,619
Franklin Covey Company (a)		3,570		67,116
GP Strategies Corporation (a)		635		17,793

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Professional Services - 1.6% (Continued)
Heidrick & Struggles International, Inc.		1,699	$	31,465
Huron Consulting Group, Inc. (a)		1,528		89,495
Korn/Ferry International (a)		3,599		85,656
National Technical Systems, Inc. (a)		7,957		182,136
Navigant Consulting, Inc. (a)		13,074		226,834
On Assignment, Inc. (a)		6,264		211,661
Resources Connection, Inc.		16,537		211,012
VSE Corporation		1,518		66,488
				1,305,530
Road & Rail - 1.6%
Arkansas Best Corporation		7,610		208,286
Celadon Group, Inc.		1,756		32,556
Con-Way, Inc.		3,325		136,990
Heartland Express, Inc.		4,305		61,820
Landstar System, Inc.		3,667		202,748
Marten Transport Ltd.		10,489		185,026
Quality Distribution, Inc. (a)		4,879		50,156
Roadrunner Transportation Systems, Inc. (a)		7,158		189,687
Saia, Inc. (a)		5,086		165,448
Universal Truckload Services, Inc.		3,006		80,140
				1,312,857
Trading Companies & Distributors - 0.9%
Aceto Corporation		12,922		206,106
Beacon Roofing Supply, Inc. (a)		649		22,527
BlueLinx Holdings, Inc. (a)		9,592		17,841
CAI International, Inc. (a)		6,633		145,197
DXP Enterprises, Inc. (a)		1,828		167,993
GATX Corporation		55		2,835
TAL International Group, Inc. (a)		488		23,575
Textainer Group Holdings Ltd.		4,262		161,530
				747,604
Transportation Infrastructure - 0.0% (b)
Wesco Aircraft Holdings, Inc. (a)		236		4,323

Information Technology - 18.0%
Communications Equipment - 3.2%
Alliance Fiber Optic Products, Inc.		10,374		192,645
ARRIS Group, Inc. (a)		9,603		171,510
Aviat Networks, Inc. (a)		1,918		3,951
Bel Fuse, Inc. - Class B		1,251		26,321
Black Box Corporation		354		8,864
CalAmp Corporation (a)		6,667		156,875
Calix, Inc. (a)		7,647		77,770
Emulex Corporation (a)		27,375		206,134
Extreme Networks, Inc. (a)		40,014		214,475
Globecomm Systems, Inc. (a)		12,047		169,019
Harmonic, Inc. (a)		28,590		208,993
Infinera Corporation (a)		2,334		23,830
Oplink Communications, Inc. (a)		7,738		141,218
ORBCOMM, Inc. (a)		350		2,111

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Information Technology - 18.0% (Continued)
Communications Equipment - 3.2% (Continued)
PCTEL, Inc.		7,273	$	66,984
Plantronics, Inc.		4,679		200,916
ShoreTel, Inc. (a)		57,519		457,276
Symmetricom, Inc. (a)		8,581		61,526
Tellabs, Inc.		81,900		199,836
Westell Technologies, Inc. - Class A (a)		1,169		4,197
				2,594,451
Computers & Peripherals - 1.0%
Datalink Corporation (a)		1,693		17,387
Dot Hill Systems Corporation (a)		890		2,581
Electronics For Imaging, Inc. (a)		4,105		140,842
Immersion Corporation (a)		16,448		209,219
Intevac, Inc. (a)		728		3,713
Novatel Wireless, Inc. (a)		1,246		3,819
QLogic Corporation (a)		19,259		237,849
Silicon Graphics International Corporation (a)		9,843		125,695
Super Micro Computer, Inc. (a)		4,445		61,874
				802,979
Electronic Equipment, Instruments & Components - 3.0%
Agilysys, Inc. (a)		289		3,396
AVX Corporation		11,502		152,401
Benchmark Electronics, Inc. (a)		9,549		217,049
Cognex Corporation		67		2,094
Coherent, Inc.		45		2,978
Daktronics, Inc.		10,177		121,717
Electro Scientific Industries, Inc.		211		2,528
Fabrinet (a)		7,844		131,309
Insight Enterprises, Inc. (a)		12,111		255,179
KEMET Corporation (a)		568		3,221
Key Tronic Corporation (a)		39		423
Maxwell Technologies, Inc. (a)		8,372		62,790
Measurement Specialties, Inc. (a)		619		34,497
Mesa Laboratories, Inc.		1,370		95,393
Methode Electronics, Inc.		7,653		195,764
Multi-Fineline Electronix, Inc. (a)		1,788		23,977
Newport Corporation (a)		11,008		174,697
Park Electrochemical Corporation		83		2,328
Plexus Corporation (a)		1,125		43,065
Rogers Corporation (a)		10		610
Sanmina Corporation (a)		13,475		196,196
ScanSource, Inc. (a)		9,121		350,794
SYNNEX Corporation (a)		3,265		200,144
TTM Technologies, Inc. (a)		10,481		91,709
Universal Display Corporation (a)		1,405		44,819
Vishay Intertechnology, Inc. (a)		2,802		34,380
Vishay Precision Group, Inc. (a)		133		2,181
				2,445,639
Internet Software & Services - 1.2%
comScore, Inc. (a)		7,467		199,518
Demand Media, Inc. (a)		16,213		77,498

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Information Technology - 18.0% (Continued)
Internet Software & Services - 1.2% (Continued)
eGain Corporation (a)		25	$	287
NIC, Inc.		1,363		33,557
Perficient, Inc. (a)		13,420		242,768
QuinStreet, Inc. (a)		246		2,187
RealNetworks, Inc. (a)		1,566		12,011
Stamps.com, Inc. (a)		4,342		197,301
Support.com, Inc. (a)		38,460		171,532
Unwired Planet, Inc. (a)		2,321		3,760
XO Group, Inc. (a)		32		444
				940,863
IT Services - 2.9%
Cass Information Systems, Inc.		15		860
CIBER, Inc. (a)		5,496		17,862
CoreLogic, Inc. (a)		551		18,332
CSG Systems International, Inc.		3,168		88,260
Euronet Worldwide, Inc. (a)		3,402		147,647
Global Cash Access Holdings, Inc. (a)		19,437		161,327
Hackett Group, Inc. (The)		30,481		217,025
iGATE Corporation (a)		14,214		452,574
Information Services Group, Inc. (a)		38,427		163,699
Lender Processing Services, Inc.		10,914		376,751
Lionbridge Technologies, Inc. (a)		49,416		215,454
ModusLink Global Solutions, Inc. (a)		11,645		47,977
MoneyGram International, Inc. (a)		12,649		267,020
PRGX Global, Inc. (a)		7,393		53,082
Sapient Corporation (a)		9,753		154,195
				2,382,065
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Energy Industries, Inc. (a)		2,527		52,764
Alpha & Omega Semiconductor Ltd. (a)		388		2,856
Amkor Technology, Inc. (a)		26,600		141,246
ATMI, Inc. (a)		3,737		102,170
Axcelis Technologies, Inc. (a)		72,690		157,737
Cascade Microtech, Inc. (a)		12,377		126,741
Cirrus Logic, Inc. (a)		7,123		159,769
Exar Corporation (a)		12,904		148,783
Integrated Silicon Solution, Inc. (a)		3,800		40,964
Intermolecular, Inc. (a)		192		1,114
Intersil Corporation - Class A		34,027		379,741
IXYS Corporation		13,296		154,632
Mattson Technology, Inc. (a)		46,682		138,179
MaxLinear, Inc. - Class A (a)		24,173		209,338
Mindspeed Technologies, Inc. (a)		870		2,514
Monolithic Power Systems, Inc.		5,293		168,529
PDF Solutions, Inc. (a)		12,910		296,543
Pericom Semiconductor Corporation (a)		197		1,592
PLX Technology, Inc. (a)		6,356		38,390
Power Integrations, Inc.		2,917		167,552
Sigma Designs, Inc. (a)		952		5,179
Supertex, Inc.		7,130		181,886

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Information Technology - 18.0% (Continued)
Semiconductors & Semiconductor Equipment - 3.4% (Continued)
Ultra Clean Holdings, Inc. (a)		8,407	$	78,269
Vitesse Semiconductor Corporation (a)		863		2,468
				2,758,956
Software - 3.3%
Actuate Corporation (a)		25,730		206,097
American Software, Inc. - Class A		1,246		10,903
Compuware Corporation		20,349		217,327
Datawatch Corporation (a)		6,802		205,420
Ellie Mae, Inc. (a)		6,216		179,642
EPIQ Systems, Inc.		9,591		143,481
ePlus, Inc.		3,798		206,459
Guidance Software, Inc. (a)		350		3,059
Interactive Intelligence Group, Inc. (a)		1,156		71,036
Manhattan Associates, Inc. (a)		1,367		145,599
Park City Group, Inc. (a)		5,412		50,494
Pegasystems, Inc.		2,427		92,372
PROS Holdings, Inc. (a)		1,376		48,642
Sapiens International Corporation N.V.		372		2,399
SeaChange International, Inc. (a)		15,405		218,597
Take-Two Interactive Software, Inc. (a)		8,751		156,731
TeleNav, Inc. (a)		21,563		156,332
TiVo, Inc. (a)		13,674		181,728
Verint Systems, Inc. (a)		10,017		365,821
				2,662,139
Materials - 4.3%
Chemicals - 1.7%
American Pacific Corporation (a)		2,111		96,093
Arabian American Development Company (a)		356		3,239
Chase Corporation (a)		2,310		69,901
Chemtura Corporation (a)		9,060		221,970
FutureFuel Corporation		10,750		187,157
H.B. Fuller Company		7,693		368,264
Innospec, Inc.		72		3,316
Kraton Performance Polymers, Inc. (a)		4,032		85,761
Minerals Technologies, Inc.		3,941		223,179
Olin Corporation		1,270		28,588
OMNOVA Solutions, Inc. (a)		2,099		18,261
Penford Corporation (a)		35		476
Quaker Chemical Corporation		54		4,099
Tredegar Corporation		9		263
Zep, Inc.		2,358		46,901
				1,357,468
Construction Materials - 0.2%
United States Lime & Minerals, Inc. (a)		3,490		193,904

Containers & Packaging - 0.5%
Graphic Packaging Holding Company (a)		18,882		158,609
Myers Industries, Inc.		11,406		203,255
Silgan Holdings, Inc.		19		856
				362,720

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Materials - 4.3% (Continued)
Metals & Mining - 0.3%
Charles & Colvard Ltd. (a)		178	$	945
Commercial Metals Company		8,518		156,390
Horsehead Holding Corporation (a)		96		1,393
Materion Corporation		2,239		66,745
Noranda Aluminum Holding Corporation		10,532		28,647
Olympic Steel, Inc.		108		2,956
Tahoe Resources, Inc. (a)		8		153
				257,229
Paper & Forest Products - 1.6%
Clearwater Paper Corporation (a)		3,141		164,023
KapStone Paper and Packaging Corporation		3,272		170,013
Louisiana-Pacific Corporation (a)		9,410		160,064
Neenah Paper, Inc.		6,966		286,581
P.H. Glatfelter Company		12,152		318,383
Schweitzer-Mauduit International, Inc.		3,245		200,801
				1,299,865
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 0.9%
Alaska Communications Systems Group, Inc. (a)		32,234		79,296
Cbeyond, Inc. (a)		1,684		10,845
Cogent Communications Group, Inc.		4,081		143,365
General Communication, Inc. - Class A (a)		14,463		137,543
IDT Corporation - Class B		7,651		167,480
Premiere Global Services, Inc. (a)		358		3,226
Straight Path Communications, Inc. - Class B (a)		417		2,277
Vonage Holdings Corporation (a)		60,619		226,109
				770,141
Wireless Telecommunication Services - 0.1%
NII Holdings, Inc. (a)		224		771
Shenandoah Telecommunications Company		2,389		66,247
USA Mobility, Inc.		82		1,223
				68,241
Utilities - 1.5%
Electric Utilities - 0.7%
El Paso Electric Company		6,058		213,060
PNM Resources, Inc.		8,847		211,620
Unitil Corporation		4,527		136,806
				561,486
Gas Utilities - 0.0% (b)
Chesapeake Utilities Corporation		918		49,948
Delta Natural Gas Company, Inc.		90		2,009
				51,957
Multi-Utilities - 0.3%
Vectren Corporation		6,169		215,422

Water Utilities - 0.5%
American States Water Company		5,757		163,959

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Value
Utilities - 1.5% (Continued)
Water Utilities - 0.5% (Continued)
California Water Service Group		10,187	$	222,077
				386,036

Total Common Stocks (Cost $73,085,808)			$	79,536,230


OTHER INVESTMENTS - 0.2%	Shares		Value
Firsthand Technology Value Fund, Inc. (a) (Cost $169,210)		6,970	$	162,471


MONEY MARKET FUNDS - 1.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $876,642)		876,642	$	876,642

Total Investments at Value - 99.5% (Cost $74,131,660)			$	80,575,343

Other Assets in Excess of Liabilities - 0.5%				413,908

Net Assets - 100.0%			$	80,989,251

(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 October 31, 2013.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

U.S. TREASURY OBLIGATIONS (a) - 22.2%	Par Value		Value
U.S. Treasury Bills,
0.020%, due 02/20/2014	$	3,750,000	$	3,749,453
0.006%, due 03/06/2014		5,250,000		5,248,997
0.086%, due 03/20/2014		3,150,000		3,149,332
0.050%, due 04/03/2014		3,000,000		2,999,268
Total U.S. Treasury Obligations (Cost $15,147,976)			$	15,147,050


MONEY MARKET FUNDS - 64.1%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.03% (b)		7,924,657	$	7,924,657
Fidelity Institutional Money Market Portfolio - Class I, 0.04% (b)		17,426,623		17,426,623
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.06% (b)		8,426,250		8,426,250
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.06% (b)		772,690		772,690
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		770,967		770,967
Vanguard Prime Money Market Fund - Investor Shares, 0.01% (b)		8,419,351		8,419,351
Total Money Market Funds (Cost $43,740,538)			$	43,740,538

Total Investments at Value - 86.3% (Cost $58,888,514)			$	58,887,588

Other Assets in Excess of Liabilities - 0.5%				9,362,000	(c)

Net Assets - 100.0%			$	68,249,588

(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 October 31, 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
October 31, 2013

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	12/03/2013		2	$	61,200	$	(550	)
Butter Cash Future	02/04/2014		5		149,500		1,991
Class III Milk Future	12/03/2013		8		300,800		14,498
Cocoa Future	12/13/2013		36		963,720		(753	)
Ethanol Future	12/04/2013		41		1,968,984		(34,707	)
Frozen Concentrate Orange Juice Future	01/10/2014		56		1,028,160		9,972
Hard Red Winter Wheat Future	12/13/2013		121		4,480,025		(62,461	)
NY Harbor ULSD Future	11/29/2013		5		620,865		9,077
Oats Future	12/13/2013		136		2,245,700		49,861
Palladium Future	12/27/2013		2		147,600		(2,680	)
Platinum Future	01/29/2014		5		362,600		(6,857	)
Rough Rice Future	01/14/2014		20		604,200		(16,474	)
Soybean Future	01/14/2014		13		823,063		(13,797	)
Soybean Meal Future	12/13/2013		135		5,448,600		(122,372	)
Sugar No. 11 Future	02/28/2014		108		2,215,987		(17,009	)

Total Futures Contracts				$	21,421,004	$	(192,261	)

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
October 31, 2013

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	12/31/2013		1	$	29,800	$	(653	)
Butter Cash Future	03/04/2014		1		30,000		(1,328	)
Class III Milk Future	12/31/2013		15		550,500		(8,461	)
Coffee Future	12/18/2013		9		355,725		5,112
Copper Future	12/27/2013		8		659,500		(3,981	)
Corn Future	12/13/2013		52		1,113,450		48,636
Cotton No. 2 Future	12/06/2013		19		733,210		43,570
Crude Oil Future	11/20/2013		1		96,300		3,488
Feeder Cattle Future	11/21/2013		7		575,312		11,481
Feeder Cattle Future	01/30/2014		10		821,000		12,522
Gasoline Future	11/29/2013		1		108,658		103
Gold Future	12/27/2013		3		397,440		(547	)
Lean Hogs Future	12/13/2013		36		1,283,760		14,291
Live Cattle Future	12/31/2013		17		904,230		(3,467	)
Lumber Future	01/15/2014		58		2,363,790		(96,388	)
Natural Gas Future	11/26/2013		52		1,864,200		121,199
Natural Gas Future	12/27/2013		9		329,760		25,069
Red Spring Wheat Future	12/13/2013		45		1,643,063		14,792
Silver Future	12/27/2013		4		438,700		(4,384	)
Soybean Oil Future	12/13/2013		173		4,290,054		(14,582	)
Wheat Future	12/13/2013		88		2,937,000		46,189
Total Commodity Futures					21,525,452		212,661

FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/19/2013		195		2,835,300		266,940
CBOE Volatility Index (VIX) Future	12/17/2013		211		3,285,270		213,637
E-Mini S&P 500 Future	12/20/2013		318		27,896,550		(653,339	)
Total Financial Futures					34,017,120		(172,762	)

Total Futures Contracts Sold Short				$	55,542,572	$	39,899

See accompanying notes to financial statements.

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of

TFS Capital Investment Trust

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of TFS Market Neutral Fund and TFS Small Cap Fund(collectively the “Funds”), as of October 31, 2013, and for the year then ended, and the financial highlights for the year then ended, and have issued our unqualified report thereon dated December 27, 2013 (which report and financial statements are included in Item 1 of this Form N-CSR). Our audits included audits of the Funds’ schedule of investments in securities (the Schedule) as of October 31, 2013 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, these Schedules referred to above, when read in conjunction with the financial statements and financial highlights of the Funds referred to above, presents fairly, in all material respects, the information set forth therein.


Cincinnati, Ohio
December 27, 2013

(b)

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

Exhibit 99.CODE ETH

Code of Ethics

Exhibit 99.CERT

Certifications required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT

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

SIGNATURES

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

(Registrant) TFS Capital Investment Trust

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	January 3, 2014

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

By (Signature and Title)*		/s/ Larry S. Eiben
		Larry S. Eiben, President
Date	January 3, 2014

By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	January 3, 2014

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

TFS Capital Investment Trust Inactive N-CSRCertified annual shareholder report (management investment company)