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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number       811-21531                          

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

10 N. High Street, Suite 500 West Chester, PA	19380
(Address of principal executive offices)	(Zip code)

Wade R. Bridge, Esq.

 Ultimus Fund Solutions, LLC       225 Pictoria Drive, Suite 450        Cincinnati, Ohio 45246

(Name and address of agent for service)

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

Date of fiscal year end:         October 31, 2014                         

Date of reporting period:       April 30, 2014                               

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

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

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT

April 30, 2014

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2014

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX), the TFS Small Cap Fund (ticker: TFSSX) and the TFS Hedged Futures Fund (ticker: TFSHX) for the period ended April 30, 2014. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I would like to thank you for your continued investment.

Below you will find performance updates on each of the mutual funds. Also, as previously announced, effective January 1, 2014, the advisory fee rate paid to TFS Capital by each of the three funds was reduced. In addition, the maximum expense ratio of each fund was permanently reduced. TFS Capital believes the fee reductions are in the best interests of the funds’ shareholders and consistent with industry demand for lower fees. We also believe the fee reductions strengthen the firm’s long-term value proposition.

TFS Market Neutral Fund (ticker: TFSMX)

Average annual total returns for periods ended April 30, 2014

	1-yearreturn	3-yearreturn	5-yearreturn	Since Inception (9/7/2004)
TFS Market Neutral Fund	-0.60%	0.77%	5.33%	6.79%
S&P 500® Index	20.44%	13.83%	19.14%	7.75%

TFSMX did not produce positive alpha (i.e., the return that cannot be explained by a fund’s market exposure) for the majority of the first six months of the current fiscal year. Many of the strategies in which the fund invests underperformed during the period. Much of the underperformance is explained by stocks in the fund’s short portfolio, and in particular those stocks with high volatility and/or borrowing costs. These stocks, which have helped the fund in the past, rose more than the overall market, leading to losses for the fund’s short portfolio.

Since inception, TFSMX has produced positive alpha, with performance just below those of long-only indices with significantly lower volatility and market exposure. From inception (September 7, 2004) through April 30, 2014, TFSMX has had an average annual return of 6.79%, as compared to S&P 500^® Index performance during the same period of 7.75%. During this period, the fund’s beta (i.e., the performance resulting from market exposure) was only 0.23, meaning that only a small portion of the fund’s performance was caused by market exposure. In addition, during this time period, the fund’s average annual volatility measure is 7.86%, compared to the S&P 500^® Index volatility of 20.68%. Based on its trailing 5-year return through April 30, 2014, TFSMX was ranked #14 among 41 funds in the Lipper “Equity Market Neutral” category.¹

1

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

Index	Correlation Since Inception
S&P 500 ® Index	0.61
Russell 2000 ® Index	0.60
MSCI EAFE Index	0.49
Barclays U.S. Aggregate Bond Index	-0.17
Dow Jones REIT ETF Index	0.42
Dow Jones Commodity Futures	0.43

Effective March 1, 2014, TFSMX became available for purchase by all investors. The TFS Market Neutral Fund was closed to new investors on June 30, 2009 in response to an increase in assets. Since then, the fund has either been fully closed to investors or has operated under a policy that was designed to limit purchase activity. At this time, TFS Capital believes the fund has capacity to accept new investments while still maintaining its current investment integrity.

TFS Small Cap Fund (ticker: TFSSX)

Average annual total returns for periods ended April 30, 2014

	1-yearreturn	3-yearreturn	5-yearreturn	Since Inception (3/7/2006)
TFS Small Cap Fund	26.72%	13.31%	24.21%	12.36%
Russell 2000 ® Index	20.50%	10.74%	19.84%	7.08%

During the 12-month period ended April 30, 2014, TFSSX outperformed its benchmark, the Russell 2000^® Index. TFSSX’s returns were heavily impacted by the movement of the U.S. “small-cap” equity sector as evidenced by comparing the return of TFSSX and its benchmark return (i.e., 26.72% versus 20.50%). Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with any performance deviation generally attributable to TFS Capital’s equity selection.

TFSSX also achieved its objective of outperforming the Russell 2000^® Index over longer periods of time. In fact, it now has over an 8-year track record and has achieved an average annual return since inception that is more than five percentage points higher than that of the Russell 2000^® Index. Based on its trailing 5-year return through April 30, 2014, TFSSX was ranked #21 among 585 funds in the Lipper Small Cap Core category.²

2

TFS Hedged Futures Fund (ticker: TFSHX)

Average annual total returns for periods ended April 30, 2014

	1-yearreturn	Since Inception (3/7/2006)
TFS Hedged Futures Fund	-3.86%	0.85%
S&P Diversified Trends Indicator	1.13%	-3.88%
S&P 500® Index	20.44%	21.24%

During the 12-month period ended April 30, 2014, TFSHX failed to generate capital appreciation – posting a -3.86% return during the period. From inception (December 29, 2011) through April 30, 2014, TFSHX generated only a slightly positive average annual return of 0.85%. While performance during the one year period trails the S&P Diversified Trends Indicator, a commonly-used benchmark for managed-futures funds, performance since inception compares favorably. Though the S&P 500^® Index is not generally considered an appropriate benchmark for managed-futures funds, it is provided above for your reference.

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

Index	Correlation Since Inception
TFS Market Neutral Fund (ticker: TFSMX)	0.25
S&P Diversified Trends Indicator	-0.09
S&P 500® Index	0.21
Russell 2000® Index	0.23
S&P GSCI Index	0.14
Barclays U.S. Aggregate Bond Index	-0.09

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

Best regards,

Larry S. EibenChief Operating Officer & Co-Portfolio ManagerTFS Capital LLC

3

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the mutual funds discussed in this report (the “Funds”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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 #14 out of 41 using its 5-year return and #35 out of 70 using its 3-year return. At 4/30/2014, Lipper did not make 1-year rankings available to the public.

² In the Lipper “Small Cap Core” category, TFSSX was ranked #21 out of 585 using its 5-year return and #101 out of 659 using its 3-year return. At 4/30/2014, Lipper did not make 1-year rankings available to the public.

Ranking information provided by Lipper for the periods ended April 30, 2014. TFSSX was assigned by Lipper to the Small-Cap Core category. TFSMX was assigned by Lipper to the Equity Market Neutral category. The Funds are ranked based on total return and are ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund rankings are calculated monthly by Lipper Analytical Services of New York. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

4

TFS MARKET NEUTRAL FUNDPORTFOLIO INFORMATIONApril 30, 2014 (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	% ofNet Assets	Security Description	% ofNet Assets
Tower International, Inc.	0.51%	VirnetX Holding Corporation	0.54%
Natus Medical, Inc.	0.47%	Molycorp, Inc.	0.52%
Pioneer Energy Services Corporation	0.47%	ExOne Company (The)	0.51%
Matrix Service Company	0.38%	Arena Pharmaceuticals, Inc.	0.50%
Tech Data Corporation	0.37%	GenCorp, Inc.	0.47%
Compass Minerals International, Inc.	0.35%	J.C. Penney Company, Inc.	0.47%
EnerNOC, Inc.	0.33%	Dendreon Corporation	0.42%
Warren Resources, Inc.	0.33%	Sarepta Therapeutics, Inc.	0.41%
OraSure Technologies, Inc.	0.33%	Weight Watchers International, Inc.	0.40%
PBF Energy, Inc. - Class A	0.32%	Galena Biopharma, Inc.	0.40%

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

5

TFS SMALL CAP FUNDPORTFOLIO INFORMATIONApril 30, 2014 (Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Equity Positions
Security Description	% ofNet Assets
Pioneer Energy Services Corporation	0.54%
Compass Minerals International, Inc.	0.53%
Gentherm, Inc.	0.52%
Magellan Health Services, Inc.	0.50%
Tech Data Corporation	0.50%
Korn/Ferry International	0.49%
Geo Group, Inc. (The)	0.49%
Berry Plastics Group, Inc.	0.47%
Natus Medical, Inc.	0.47%
H&E Equipment Services, Inc.	0.44%

6

TFS HEDGED FUTURES FUNDPORTFOLIO INFORMATIONApril 30, 2014 (Unaudited)

Exposure by Type of Futures Contract(Value as a % of Net Assets)

Net Exposure by Type of Futures Contract(Net as a % of Net Assets)
Net Commodity Futures Exposure	-0.2%
Net Financial Futures Exposure	-50.1%

7

TFS MARKET NEUTRAL FUNDSUMMARY SCHEDULE OF INVESTMENTS*April 30, 2014 (Unaudited)

COMMON STOCKS — 90.3%	Shares		Value
Consumer Discretionary — 14.1%
DineEquity, Inc. (a)		35,430	$	2,685,948
Gentherm, Inc. (a) (b)		84,384		3,067,358
Journal Communications, Inc. - Class A (b)		304,734		2,443,967
Marcus Corporation (a)		147,150		2,461,820
Modine Manufacturing Company (a) (b)		164,286		2,707,433
Motorcar Parts of America, Inc. (a) (b)		91,254		2,504,010
Papa John's International, Inc. (a)		59,334		2,602,389
Tower International, Inc. (a) (b)		186,481		5,186,037
Zale Corporation (a) (b)		124,567		2,664,488
Other Consumer Discretionary (c)				116,390,995
				142,714,445
Consumer Staples — 2.9%
Cal-Maine Foods, Inc. (a)		44,285		2,640,715
Revlon, Inc. - Class A (a) (b)		86,256		2,599,756
Other Consumer Staples (c)				23,976,960
				29,217,431
Energy — 7.7%
Matrix Service Company (b)		123,641		3,829,162
PBF Energy, Inc. - Class A (a)		106,648		3,282,625
Pioneer Energy Services Corporation (a) (b)		316,433		4,737,002
REX American Resources Corporation (b)		44,421		2,903,357
Stone Energy Corporation (a) (b)		54,950		2,695,298
Warren Resources, Inc. (a) (b)		660,240		3,347,417
Other Energy (c)				56,897,224
				77,692,085
Financials — 13.5%
Aspen Insurance Holdings Ltd.		53,711		2,458,890
Gyrodyne Special Distribution, LLC (b) (d)		1,499		—
Kemper Corporation		72,484		2,856,594
Nelnet, Inc. - Class A (a)		59,804		2,527,317
Zillow, Inc. - Class A (a) (b)		23,700		2,576,190
Other Financials (c)				126,192,182
				136,611,173
Health Care — 15.1%
Greatbatch, Inc. (a) (b)		67,321		3,098,786
Natus Medical, Inc. (a) (b)		192,868		4,788,912
OraSure Technologies, Inc. (a) (b)		509,746		3,338,836
Orthofix International N.V. (a) (b)		108,167		3,266,643
Providence Service Corporation (The) (b)		76,832		3,120,147
Other Health Care (c)				135,096,365
				152,709,689

8

TFS MARKET NEUTRAL FUNDSUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 90.3% (Continued)	Shares		Value
Industrials — 12.6%
Duoyuan Printing, Inc. (b) (d)		82,994	$	1,660
EnerNOC, Inc. (a) (b)		142,442		3,361,631
Kelly Services, Inc. - Class A (a)		116,924		2,462,419
Marten Transport Ltd. (a)		106,100		2,489,106
Republic Airways Holdings, Inc. (a) (b)		308,246		2,561,524
Tutor Perini Corporation (a) (b)		110,243		3,263,193
Other Industrials (c)				113,086,715
				127,226,248
Information Technology — 17.0%
Amkor Technology, Inc. (a) (b)		407,072		3,236,222
Envestnet, Inc. (a) (b)		67,603		2,491,171
iGATE Corporation (b)		76,004		2,781,746
Insight Enterprises, Inc. (b)		91,272		2,384,025
Integrated Device Technology, Inc. (a) (b)		206,165		2,405,946
Lattice Semiconductor Corporation (a) (b)		300,306		2,528,577
MAXIMUS, Inc. (a)		59,233		2,521,549
OmniVision Technologies, Inc. (a) (b)		143,702		2,806,500
Perficient, Inc. (b)		134,400		2,455,488
Science Applications International Corporation (a)		67,765		2,642,835
ShoreTel, Inc. (a) (b)		331,942		2,506,162
Take-Two Interactive Software, Inc. (a) (b)		133,849		2,727,843
Tech Data Corporation (a) (b)		60,533		3,782,707
Other Information Technology (c)				136,768,897
				172,039,668
Materials — 5.5%
Berry Plastics Group, Inc. (a) (b)		122,999		2,766,247
Compass Minerals International, Inc. (a)		38,211		3,500,128
KapStone Paper and Packaging Corporation (a) (b)		111,176		2,932,823
Koppers Holdings, Inc. (a)		64,238		2,742,963
P.H. Glatfelter Company (a)		101,464		2,589,361
Stepan Company (a)		44,338		2,564,067
Other Materials (c)				38,739,782
				55,835,371
Telecommunication Services — 0.9%
Other Telecommunication Services (c)				9,216,323
Utilities — 1.0%
Other Utilities (c)				10,004,756
Total Common Stocks (Cost $849,740,612)			$	913,267,189

9

TFS MARKET NEUTRAL FUNDSUMMARY SCHEDULE OF INVESTMENTS* (Continued)

PREFERRED STOCKS — 0.2%	Shares	Value
Other Preferred Stocks (Cost $1,307,461) (c)		$	1,439,851

OTHER INVESTMENTS — 7.6%	Shares		Value
Other Investments (Cost $75,672,532) (c)		123	$	76,746,547

CORPORATE BONDS — 0.0% (e)	Par Value		Value
Financials — 0.0% (e)
GAMCO Investors, Inc., 0.00%, due 12/31/2015	$	3,100	$	2,994
Gyrodyne Company of America, Inc., 5.00%, due 6/30/2017 (d)		12,110		—
Total Corporate Bonds (Cost $12,110)			$	2,994

MONEY MARKET FUNDS — 0.8%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (f)		8,159,309	$	8,159,309
UMB Money Market Fiduciary, 0.01% (f)		171,240		171,240
Total Money Market Funds (Cost $8,330,549)			$	8,330,549
Total Investments at Value — 98.9% (Cost $935,063,264)			$	999,787,130
Other Assets in Excess of Liabilities — 1.1%				11,612,091	(g)
Net Assets — 100.0%			$	1,011,399,221

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

(a) All or a portion of the shares have been committed as collateral for open short positions.

(b) Non-income producing security.

(c) Represents issuers not identified as either a top 50 holding in terms of value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or not a fair-valued security as of April 30, 2014.

(d) Security value has been determined in good faith by the Board of Trustees. The total value of such securities is $1,660 at April 30, 2014, representing 0.0%^(e) of net assets (Note 2).

(e) Percentage rounds to less than 0.1%.

(f) The rate shown is the 7-day effective yield as of April 30, 2014.

(g) Includes cash held as margin deposits for open short positions and futures contracts.

See accompanying notes to financial statements.

10

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORTApril 30, 2014 (Unaudited)

COMMON STOCKS — 75.1%	Shares		Value
Consumer Discretionary — 10.5%
Auto Components — 0.5%
Ballard Power Systems, Inc.		568,713	$	2,081,490
BorgWarner, Inc.		4,612		286,590
China XD Plastics Company Ltd.		9,267		63,386
Dorman Products, Inc.		8,482		488,139
Fuel Systems Solutions, Inc.		13,470		141,166
Quantum Fuel Systems Technologies Worldwide, Inc.		309,392		2,045,081
TRW Automotive Holdings Corporation		218		17,516
UQM Technologies, Inc.		92,361		204,118
				5,327,486
Automobiles — 0.2%
Kandi Technologies Group, Inc.		138,345		1,550,848
Tesla Motors, Inc.		1,778		369,628
				1,920,476
Distributors — 0.0% (a)
Pool Corporation		5,958		351,641
Diversified Consumer Services — 1.0%
American Public Education, Inc.		28,951		1,001,705
Bridgepoint Education, Inc.		35,063		555,748
Capella Education Company		2,544		148,468
Carriage Services, Inc.		2,719		43,749
Corinthian Colleges, Inc.		494,992		569,241
Education Management Corporation		14,102		55,985
ITT Educational Services, Inc.		40,688		1,098,576
K12, Inc.		19,837		469,740
Lincoln Educational Services Corporation		32,023		130,654
Matthews International Corporation - Class A		2,665		107,533
Outerwall, Inc.		4,035		279,827
StoneMor Partners, L.P.		27,888		689,391
Strayer Education, Inc.		10,988		468,418
Weight Watchers International, Inc.		206,002		4,078,840
				9,697,875
Hotels, Restaurants & Leisure — 1.0%
Aramark Holdings Corporation		4,534		127,813
Bally Technologies, Inc.		11,830		770,251
BJ's Restaurants, Inc.		13,969		398,815
Bloomin' Brands, Inc.		455		9,701
Bob Evans Farms, Inc.		20,275		950,289
Caesars Entertainment Corporation		26,138		482,769
Churchill Downs, Inc.		1,841		161,695
Chuy's Holdings, Inc.		9,495		341,345
Darden Restaurants, Inc.		1,463		72,726

11

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Consumer Discretionary — 10.5% (Continued)
Hotels, Restaurants & Leisure — 1.0% (Continued)
Denny's Corporation		32,979	$	222,278
Empire Resorts, Inc.		70,502		477,299
Famous Dave's of America, Inc.		1,771		46,914
Iao Kun Group Holding Company Ltd.		139		407
International Game Technology		94,687		1,188,322
Interval Leisure Group, Inc.		475		12,241
Jamba, Inc.		33		365
Life Time Fitness, Inc.		25,180		1,208,640
Morgans Hotel Group Company		49,425		370,687
Multimedia Games Holding Company, Inc.		1,716		50,107
Noodles & Company		21,807		715,052
Pinnacle Entertainment, Inc.		21,035		489,484
PokerTek, Inc.		976		1,279
Popeyes Louisiana Kitchen, Inc.		15,322		583,768
Potbelly Corporation		12,609		214,353
Red Lion Hotels Corporation		1,947		11,195
Ryman Hospitality Properties, Inc.		15,398		701,379
Six Flags Entertainment Corporation		1,300		52,182
Starbucks Corporation		830		58,615
				9,719,971
Household Durables — 1.1%
Beazer Homes USA, Inc.		22,384		424,401
Blyth, Inc.		216,699		2,030,470
D.R. Horton, Inc.		4,455		99,257
Ethan Allen Interiors, Inc.		51,022		1,238,814
Garmin Ltd.		3,074		175,525
Hovnanian Enterprises, Inc. - Class A		186,097		829,993
iRobot Corporation		8,503		284,850
KB Home		79,013		1,304,505
Lennar Corporation - Class A		7,998		308,643
Meritage Homes Corporation		21,733		838,459
SodaStream International Ltd.		13,220		562,247
Taylor Morrison Home Corporation - Class A		6,889		146,116
Tempur Sealy International, Inc.		7,112		356,880
Toll Brothers, Inc.		956		32,733
TRI Pointe Homes, Inc.		154,530		2,483,297
William Lyon Homes - Class A		10,281		268,334
				11,384,524
Internet & Catalog Retail — 0.4%
E-Commerce China Dangdang, Inc. - Class A - ADR		33,193		358,152
FTD Companies, Inc.		27,027		819,999
HomeAway, Inc.		3,011		98,219
Lands' End, Inc.		12,090		334,289

12

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Consumer Discretionary — 10.5% (Continued)
Internet & Catalog Retail — 0.4% (Continued)
LightInTheBox Holding Company Ltd. - ADR		28,600	$	156,156
Mecox Lane Ltd. - ADR		706		2,520
NutriSystem, Inc.		49,990		749,850
Orbitz Worldwide, Inc.		87,868		645,830
PetMed Express, Inc.		76,986		1,007,747
				4,172,762
Leisure Products — 1.1%
Black Diamond, Inc.		105,140		1,172,311
Callaway Golf Company		109,638		954,947
Eastman Kodak Company		38,697		1,155,879
JAKKS Pacific, Inc.		252,698		2,213,635
Smith & Wesson Holding Corporation		169,052		2,594,948
Sturm Ruger & Company, Inc.		53,270		3,427,925
				11,519,645
Media — 1.9%
Central European Media Enterprises Ltd. - Class A		471,957		1,293,162
China Yida Holding Company		190		580
Cinemark Holdings, Inc.		2,282		67,593
Cumulus Media, Inc. - Class A		125,811		806,449
Dex Media, Inc.		122,782		899,992
DreamWorks Animation SKG, Inc. - Class A		62,247		1,495,795
Entercom Communications Corporation - Class A		41,565		448,902
Gray Television, Inc.		28,174		316,958
Lamar Advertising Company - Class A		11,218		560,003
Liberty Media Corporation - Class A		444		57,591
McClatchy Company (The) - Class A		70,578		386,767
MDC Partners, Inc. - Class A		66,191		1,616,384
Media General, Inc.		37,694		577,472
New Media Investment Group, Inc.		15,083		215,234
Nexstar Broadcasting Group, Inc. - Class A		63,334		2,523,860
Radio One, Inc. - Class D		165,132		746,397
ReachLocal, Inc.		15,311		153,110
Regal Entertainment Group - Class A		72,935		1,371,178
RRSat Global Communications Network Ltd.		489		4,337
Scholastic Corporation		17,859		587,740
SFX Entertainment, Inc.		7,972		52,296
Sinclair Broadcast Group, Inc. - Class A		54,923		1,468,092
Sizmek, Inc.		100,321		961,075
Thomson Reuters Corporation		12,185		440,853
Tiger Media, Inc.		586		469
VisionChina Media, Inc. - ADR		31,531		622,422
World Wrestling Entertainment, Inc. - Class A		17,530		341,835
YOU On Demand Holdings, Inc.		213,518		634,148
				18,650,694

13

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Consumer Discretionary — 10.5% (Continued)
Multiline Retail — 0.7%
J. C. Penney Company, Inc.		554,613	$	4,725,303
Sears Canada, Inc.		299		4,413
Sears Holdings Corporation		39,958		1,750,560
Tuesday Morning Corporation		55,608		777,400
				7,257,676
Specialty Retail — 2.1%
Aéropostale, Inc.		118,461		588,751
America's Car-Mart, Inc.		30,241		1,092,910
Birks Group, Inc.		62		75
Books-A-Million, Inc.		7,234		17,072
Buckle, Inc. (The)		12,721		597,760
Cabela's, Inc.		2,734		179,378
CarMax, Inc.		2,181		95,484
Children's Place Retail Stores, Inc. (The)		798		38,304
China Auto Logistics, Inc.		1,210		3,182
Conn's, Inc.		66,480		2,940,410
Container Store Group, Inc. (The)		26,497		731,052
CST Brands, Inc.		301		9,822
Five Below, Inc.		13,618		548,941
Francesca's Holdings Corporation		57,324		937,821
GameStop Corporation - Class A		4,868		193,162
Group 1 Automotive, Inc.		1,051		75,809
hhgregg, Inc.		180,008		1,551,669
Hibbett Sports, Inc.		21,816		1,174,792
Jos. A. Bank Clothiers, Inc.		1,029		66,422
Lithia Motors, Inc. - Class A		14,335		1,064,804
Lumber Liquidators Holdings, Inc.		1,365		118,973
Men's Wearhouse, Inc. (The)		3,422		162,134
Monro Muffler Brake, Inc.		27,118		1,529,455
Office Depot, Inc.		58,146		237,817
RadioShack Corporation		1,998,345		2,857,633
Rent-A-Center, Inc.		68,622		2,004,449
Restoration Hardware Holdings, Inc.		5,094		317,815
Select Comfort Corporation		27,297		502,265
Staples, Inc.		7,358		91,975
Tiffany & Company		4,116		360,109
Tile Shop Holdings, Inc. (The)		88,440		1,246,562
Zumiez, Inc.		1,971		48,191
��				21,384,998
Textiles, Apparel & Luxury Goods — 0.5%
American Apparel, Inc.		742,832		480,166
Coach, Inc.		949		42,373
CROCS, Inc.		33,287		503,632

14

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Consumer Discretionary — 10.5% (Continued)
Textiles, Apparel & Luxury Goods — 0.5% (Continued)
Perry Ellis International, Inc.		22,818	$	344,552
PVH Corporation		345		43,322
Quiksilver, Inc.		150,879		968,643
Tumi Holdings, Inc.		5,861		119,682
Vera Bradley, Inc.		85,302		2,414,046
Wolverine World Wide, Inc.		2,388		67,103
				4,983,519
Consumer Staples — 2.2%
Beverages — 0.0% (a)
Castle Brands, Inc.		2,918		2,670
Craft Brewers Alliance, Inc.		19,724		295,268
Leading Brands, Inc.		31		124
Primo Water Corporation		10,882		48,860
Viña Concha y Toro S.A. - ADR		99		4,148
				351,070
Food & Staples Retailing — 0.5%
Alon Blue Square Israel Ltd. - ADR		300		1,098
Chefs' Warehouse, Inc. (The)		43,092		865,718
Fairway Group Holdings Corporation		41,441		287,186
Fresh Market, Inc. (The)		41,755		1,549,111
Liberator Medical Holdings, Inc.		235,156		910,054
Natural Grocers by Vitamin Cottage, Inc.		4,804		171,022
Roundy's, Inc.		103,527		700,878
Sprouts Farmers Market, Inc.		4,915		157,133
SUPERVALU, Inc.		63,867		446,430
Susser Holdings Corporation		2,977		230,360
Weis Markets, Inc.		538		24,796
				5,343,786
Food Products — 1.2%
Amira Nature Foods Ltd.		19,619		305,272
Annie's, Inc.		67,850		2,205,803
B&G Foods, Inc.		7,799		255,807
Boulder Brands, Inc.		86,140		1,271,426
Calavo Growers, Inc.		17,135		532,727
Campbell Soup Company		2,347		106,765
Coffee Holding Company, Inc.		68,214		488,412
ConAgra Foods, Inc.		1,261		38,473
Dean Foods Company		96,786		1,533,090
Diamond Foods, Inc.		58,942		1,801,857
Flowers Foods, Inc.		6,029		123,715
Fresh Del Monte Produce, Inc.		46,758		1,350,839
General Mills, Inc.		302		16,012
Keurig Green Mountain, Inc.		375		35,130

15

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Consumer Staples — 2.2% (Continued)
Food Products — 1.2% (Continued)
Limoneira Company		23,750	$	545,538
McCormick & Company, Inc.		2,743		195,302
Post Holdings, Inc.		5,191		271,282
S&W Seed Company		30,912		226,894
SkyPeople Fruit Juice, Inc.		465		753
Tianli Agritech, Inc.		323		669
Tootsie Roll Industries, Inc.		10,552		297,461
				11,603,227
Household Products — 0.1%
Clorox Company		2,356		213,689
Harbinger Group, Inc.		55,570		647,947
				861,636
Personal Products — 0.4%
22nd Century Group, Inc.		390,736		1,047,172
China-Biotics, Inc. (b)		535,616		696,301
Female Health Company (The)		103,845		785,068
Herbalife Ltd.		9,900		593,802
USANA Health Sciences, Inc.		10,459		709,748
				3,832,091
Tobacco — 0.0% (a)
Altria Group, Inc.		1,164		46,688
Star Scientific, Inc.		210,813		138,272
Universal Corporation		2,712		147,994
				332,954
Energy — 6.5%
Energy Equipment & Services — 1.1%
Bristow Group, Inc.		13,409		1,029,811
C&J Energy Services, Inc.		23,496		706,290
Cal Dive International, Inc.		915,018		1,354,227
Dawson Geophysical Company		22,258		629,011
Diamond Offshore Drilling, Inc.		20,468		1,117,758
Exterran Holdings, Inc.		22,701		976,597
Frank's International N.V.		3,972		108,952
Hornbeck Offshore Services, Inc.		5,345		221,443
McDermott International, Inc.		341,027		2,465,625
Newpark Resources, Inc.		20,273		244,087
Nuverra Environmental Solutions, Inc.		107,631		1,830,803
Recon Technology Ltd.		15,452		64,899
Tidewater, Inc.		6,485		330,281
Vantage Drilling Company		63,378		105,841
				11,185,625

16

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Oil, Gas & Consumable Fuels — 5.4%
Alon USA Partners, L.P.		15,753	$	290,013
Alpha Natural Resources, Inc.		424,002		1,823,209
American Midstream Partners, L.P.		226		6,118
Amyris, Inc.		760,119		2,675,619
Approach Resources, Inc.		13,749		285,292
Arc Logistics Partners, L.P.		900		20,079
Arch Coal, Inc.		307,983		1,410,562
Atlas Resource Partners, L.P.		931		19,765
Bill Barrett Corporation		10,334		244,709
BioFuel Energy Corporation		22,810		169,478
BP Prudhoe Bay Royalty Trust		6,029		527,417
BPZ Resources, Inc.		596,097		1,609,462
BreitBurn Energy Partners, L.P.		4,619		93,627
CAMAC Energy, Inc.		312,069		212,207
Capital Product Partners, L.P.		21,873		240,603
Cheniere Energy, Inc.		9,201		519,396
Chesapeake Granite Wash Trust		4,397		48,411
China Integrated Energy, Inc.		201,992		133,315
Clean Energy Fuels Corporation		164,779		1,458,294
Cloud Peak Energy, Inc.		25,223		496,641
CONSOL Energy, Inc.		1,311		58,353
Contango Oil & Gas Company		420		20,177
Diamondback Energy, Inc.		2,838		204,166
Emerald Oil, Inc.		192,700		1,362,389
Emerge Energy Services, L.P.		129		9,565
Enbridge Energy Management, LLC		47,234		1,387,735
Endeavour International Corporation		545,179		1,875,416
Energy XXI (Bermuda) Ltd.		12,176		291,372
Evolution Petroleum Corporation		25,265		298,127
Feishang Anthracite Resources Ltd.		12,465		11,254
Forest Oil Corporation		173,089		321,946
Frontline Ltd.		462,075		1,571,055
Gevo, Inc.		197,368		203,289
Global Partners, L.P.		100		4,060
Goodrich Petroleum Corporation		145,303		3,654,370
Green Plains Renewable Energy, Inc.		8,925		266,858
GreenHunter Resources, Inc.		318		299
Gulfport Energy Corporation		376		27,700
Halcon Resources Corporation		418,593		2,310,633
Harvest Natural Resources, Inc.		300,652		1,355,941
Holly Energy Partners, L.P.		13,749		444,230
Hyperdynamics Corporation		17,464		25,323
InterOil Corporation		19,975		1,262,620

17

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Oil, Gas & Consumable Fuels — 5.4% (Continued)
Kinder Morgan Management, LLC		5,729	$	413,650
LinnCo, LLC		63,300		1,744,548
Lucas Energy, Inc.		24,576		15,414
Magnum Hunter Resources Corporation		69,189		588,106
Matador Resources		1,553		44,602
Midcoast Energy Partners, L.P.		6,421		140,491
Midstates Petroleum Company, Inc.		42,800		252,520
Miller Energy Resources, Inc.		130,178		627,458
Navios Maritime Acquisition Corporation		175		621
New Source Energy Partners, L.P.		28		641
Nordic American Tankers Ltd.		191,893		1,656,037
Northern Oil & Gas, Inc.		99,641		1,537,461
Northern Tier Energy, L.P.		11,676		315,369
Oasis Petroleum, Inc.		5,421		252,131
Pacific Ethanol, Inc.		82,067		1,280,245
PDC Energy, Inc.		2,247		143,066
Pembina Pipeline Corporation		6,764		265,960
Penn Virginia Corporation		41,718		694,188
Pioneer Natural Resources Company		271		52,376
QEP Resources, Inc.		1,992		61,134
Quicksilver Resources, Inc.		780,376		2,544,026
Rentech, Inc.		141,343		299,647
Resolute Energy Corporation		46,482		348,615
Rex Energy Corporation		30,082		633,527
Rhino Resource Partners, L.P.		36,819		474,965
Rosetta Resources, Inc.		2,372		112,290
RSP Permina, Inc.		1,059		30,023
San Juan Basin Royalty Trust		45,455		868,645
SandRidge Energy, Inc.		117,783		807,991
SandRidge Mississippian Trust I		84,466		652,922
Scorpio Tankers, Inc.		12,993		117,067
Solazyme, Inc.		184,569		1,985,962
Spectra Energy Partners, L.P.		25,061		1,364,571
Susser Petroleum Partners, L.P.		3,904		162,797
TC PipeLines, L.P.		965		51,184
Teekay Tankers Ltd. - Class A		70,085		244,597
Transatlantic Petroleum Ltd.		2,484		22,753
Ultra Petroleum Corporation		14,451		430,640
Uranerz Energy Corporation		166,249		249,373
Uranium Energy Corporation		231,479		247,683
Uranium Resources, Inc.		175,518		472,143
Ur-Energy, Inc.		185,116		222,139
USEC, Inc.		83,656		282,757

18

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Oil, Gas & Consumable Fuels — 5.4% (Continued)
Vanguard Natural Resources, LLC		33,386	$	1,007,589
Western Refining, Inc.		21,534		936,729
Whiting USA Trust I		272,461		790,137
WPX Energy, Inc.		7,434		158,196
Zion Oil & Gas, Inc.		40,947		91,312
				54,947,393
Financials — 12.1%
Banks — 4.4%
Arrow Financial Corporation		20,474		512,464
Bancorp, Inc. (The)		14,104		223,125
BancorpSouth, Inc.		12,203		285,062
Bank of Hawaii Corporation		14,821		817,675
Bank of the Ozarks, Inc.		54,065		3,238,494
Banner Corporation		2,423		95,805
BNC Bancorp		2,223		36,235
Boston Private Financial Holdings, Inc.		6,671		83,454
Capital City Bank Group, Inc.		33		459
Cardinal Financial Corporation		16,023		269,186
Center Bancorporation, Inc.		1,763		32,633
Central Valley Community Bancorp		4		46
City Holding Company		47,108		2,025,173
CoBiz Financial, Inc.		10,748		107,910
Columbia Banking System, Inc.		6,935		172,127
Commerce Bancshares, Inc.		3,296		143,310
Community Bank System, Inc.		59,424		2,209,979
CVB Financial Corporation		31,443		454,666
DNB Financial Corporation		17		335
East West Bancorp, Inc.		357		12,320
Fidelity Southern Corporation		16		211
First BanCorporation (Puerto Rico)		122,538		629,845
First Commonwealth Financial Corporation		22,498		193,258
First Financial Bancorporation		59,828		968,615
First Financial Bankshares, Inc.		44,113		2,604,873
First Financial Holdings, Inc.		3,752		215,627
First Niagara Financial Group, Inc.		3,593		32,050
First of Long Island Corporation (The)		575		20,855
First United Corporation		400		3,304
First West Virginia Bancorp, Inc.		7		126
FirstMerit Corporation		50,065		970,760
Glacier Bancorp, Inc.		43,414		1,114,003
Hanmi Financial Corporation		6,497		138,191
Heartland Financial USA, Inc.		9,904		240,667
Heritage Financial Corporation		62,697		1,013,184

19

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Banks — 4.4% (Continued)
Home BancShares, Inc.		30,080	$	953,837
Hudson Valley Holding Corporation		1,362		25,006
Independent Bank Corporation (Massachusetts)		33,738		1,252,355
Jacksonville Bancorp, Inc. (Florida)		85		887
Lakeland Bancorp, Inc.		14,698		153,447
Lakeland Financial Corporation		424		15,518
LCNB Corporation		493		7,888
M&T Bank Corporation		2,390		291,604
MB Financial, Inc.		957		25,686
National Bank of Greece S.A. - ADR		143,900		564,088
National Penn Bancshares, Inc.		81,501		796,265
NBT Bancorp, Inc.		1,878		42,537
OFG Bancorp		25,024		426,909
Old National Bancorp		22,357		315,681
OptimumBank Holdings, Inc.		597		740
PacWest Bancorp		34,430		1,355,509
Park National Corporation		26,575		1,927,219
Peoples Bancorp, Inc.		989		25,783
Pinnacle Financial Partners, Inc.		29,795		1,030,013
PrivateBancorp, Inc.		25,245		696,005
Renasant Corporation		19,525		531,471
Republic Bancorp, Inc. - Class A		7,468		179,307
S&T Bancorp, Inc.		5,140		119,556
Simmons First National Corporation - Class A		958		34,641
Southside Bancshares, Inc.		74,455		2,053,479
Sterling Bancorp		40,269		481,617
Texas Capital Bancshares, Inc.		24,190		1,359,236
Tompkins Financial Corporation		3,107		146,464
TowneBank		51,130		788,936
TriCo Bancshares		41,735		1,012,074
Trustmark Corporation		99,988		2,286,726
Umpqua Holdings Corporation		43,656		725,999
United Bankshares, Inc.		16,171		473,002
United Community Banks, Inc.		24,188		390,636
Valley National Bancorp		152,758		1,530,635
Washington Trust Bancorp, Inc.		6,115		209,133
Webster Financial Corporation		1,523		45,903
Westamerica Bancorporation		58,496		2,972,767
Wintrust Financial Corporation		717		32,136
Woori Finance Holdings Company Ltd. - ADR		198		6,535
				44,153,257

20

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Capital Markets — 1.7%
American Capital Ltd.		5,000	$	74,950
Apollo Investment Corporation		60,847		486,168
Ares Capital Corporation		11,648		199,996
Arlington Asset Investment Corporation - Class A		184		4,867
Capitala Finance Corporation		3,749		68,907
Cohen & Steers, Inc.		29,683		1,202,458
Cowen Group, Inc. - Class A		207,289		851,958
Eaton Vance Corporation		7,299		263,275
Federated Investors, Inc. - Class B		9,218		263,082
Fidus Investment Corporation		47,340		867,269
Financial Engines, Inc.		8,484		375,417
Full Circle Capital Corporation		42,711		320,760
FXCM, Inc. - Class A		162,499		2,515,485
GFI Group, Inc.		50,727		188,704
Gladstone Capital Corporation		40,427		390,929
Golub Capital BDC, Inc.		45,690		763,937
Greenhill & Company, Inc.		33,581		1,684,087
GSV Capital Corporation		54,720		480,442
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,780		129,292
Harris & Harris Group, Inc.		3,410		12,242
Harvest Capital Credit Corporation		400		5,764
Hercules Technology Growth Capital, Inc.		19,135		261,767
Horizon Technology Finance Corporation		5,200		68,120
ICG Group, Inc.		1,501		30,590
INTL FCStone, Inc.		31,185		590,020
Janus Capital Group, Inc.		56,961		690,937
KCAP Financial, Inc.		73,601		586,600
Keating Capital, Inc.		1,400		8,862
Main Street Capital Corporation		4,178		131,356
New Mountain Finance Corporation		18,929		270,874
NGP Capital Resources Company		5,568		37,918
PennantPark Floating Rate Capital Ltd.		28,536		396,650
Rand Capital Corporation		19		66
RCS Capital Corporation - Class A		546		18,782
Safeguard Scientifics, Inc.		75,372		1,583,566
Solar Senior Capital Ltd.		19,218		318,058
TCP Capital Corporation		21,494		347,988
THL Credit, Inc.		2,191		29,425
TICC Capital Corporation		19,577		188,526
Triangle Capital Corporation		2,462		64,184
WisdomTree Investments, Inc.		19,039		214,950
				16,989,228

21

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Consumer Finance — 0.8%
Atlanticus Holdings Corporation		103,056	$	250,426
DFC Global Corporation		215,617		2,009,551
Encore Capital Group, Inc.		58,579		2,531,784
EZCORP, Inc. - Class A		94,034		980,775
Imperial Holdings, Inc.		67,626		452,418
JGWPT Holdings, Inc. - Class A		8,289		117,455
World Acceptance Corporation		25,415		1,845,129
				8,187,538
Diversified Financial Services — 0.2%
Citigroup, Inc.		405		19,404
CME Group, Inc.		1,877		132,122
Gain Capital Holdings, Inc.		156,167		1,577,287
Global Eagle Entertainment, Inc.		33,014		364,144
Manhattan Bridge Capital, Inc.		1,376		2,683
				2,095,640
Insurance — 1.8%
Allied World Assurance Company Holdings Ltd.		1,303		140,320
Ambac Financial Group, Inc.		15,388		464,410
Arch Capital Group Ltd.		731		41,901
Arthur J. Gallagher & Company		1,851		83,332
Aviva plc - ADR		5,600		100,408
Axis Capital Holdings Ltd.		1,167		53,390
Brown & Brown, Inc.		3,757		111,883
Cincinnati Financial Corporation		2,585		125,993
Citizens, Inc.		8,363		54,945
eHealth, Inc.		2,147		89,938
First American Financial Corporation		60,017		1,596,452
Greenlight Capital Re Ltd. - Class A		25,863		823,219
HCC Insurance Holdings, Inc.		5,252		241,277
HCI Group, Inc.		50,543		1,955,003
Health Insurance Innovations, Inc. - Class A		1,074		10,837
Infinity Property & Casualty Corporation		2,297		147,398
Lincoln National Corporation		7,399		358,926
Maiden Holdings Ltd.		55,248		651,926
Markel Corporation		627		392,452
Meadowbrook Insurance Group, Inc.		340,658		1,907,685
Montpelier Re Holdings Ltd.		65,631		2,006,996
Phoenix Companies, Inc. (The)		13,809		607,872
Protective Life Corporation		7,155		365,978
StanCorp Financial Group, Inc.		4,718		288,270
Stewart Information Services Corporation		56,268		1,716,174
Sun Life Financial, Inc.		5,507		186,357
Tower Group International Ltd.		999,005		2,457,552

22

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Insurance — 1.8% (Continued)
Universal Insurance Holdings, Inc.		45,217	$	661,525
W.R. Berkley Corporation		1,150		50,876
XL Group plc		7,691		241,113
				17,934,408
Real Estate Investment Trusts (REIT) — 2.2%
Altisource Residential Corporation		36,298		1,020,700
American Capital Agency Corporation		17,342		393,837
American Residential Properties, Inc.		11,359		204,121
Apollo Commercial Real Estate Finance, Inc.		6,479		110,208
Arbor Realty Trust, Inc.		35,199		246,745
Ares Commercial Real Estate Corporation		5,676		72,426
Associated Estates Realty Corporation		387		6,494
Campus Crest Communities, Inc.		101,198		871,315
Capstead Mortgage Corporation		17,767		227,062
CBL & Associates Properties, Inc.		51,371		933,411
Colony Financial, Inc.		17,410		378,667
Columbia Property Trust, Inc.		5,211		147,680
CYS Investments, Inc.		27,814		239,200
Digital Realty Trust, Inc.		8,123		433,768
Douglas Emmett, Inc.		5,926		163,558
DuPont Fabros Technology, Inc.		65,383		1,584,230
Empire State Realty Trust, Inc. - Class A		39,874		610,072
Equity One, Inc.		2,449		55,176
First Industrial Realty Trust, Inc.		7,298		134,064
First Potomac Realty Trust		29,805		388,359
Gaming and Leisure Properties, Inc.		3,195		117,416
Getty Realty Corporation		16,818		318,197
Gladstone Commercial Corporation		852		15,029
Glimcher Realty Trust		7,685		78,310
Government Properties Income Trust		3,308		84,189
Hatteras Financial Corporation		18,235		356,859
HCP, Inc.		4,624		193,561
Health Care REIT, Inc.		2,594		163,655
Healthcare Realty Trust, Inc.		6,010		151,151
iStar Financial, Inc.		81,554		1,211,892
JAVELIN Mortgage Investment Corporation		99,867		1,319,243
Liberty Property Trust		4,689		175,838
Mack-Cali Realty Corporation		9,041		184,165
Medical Properties Trust, Inc.		50,657		683,869
Monmouth Real Estate Investment Corporation - Class A		22,885		214,890
National Health Investors, Inc.		978		60,333
National Retail Properties, Inc.		11,214		382,734

23

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Real Estate Investment Trusts (REIT) — 2.2% (Continued)
Newcastle Investment Corporation		209,736	$	941,715
Parkway Properties, Inc.		511		9,637
Pebblebrook Hotel Trust		11,737		404,222
Piedmont Office Realty Trust, Inc. - Class A		61,490		1,082,839
Plum Creek Timber Company, Inc.		345		15,042
RAIT Financial Trust		54,098		442,522
Ramco-Gershenson Properties Trust		27,286		449,673
RE/MAX Holdings, Inc. - Class A		2,295		64,765
Realty Income Corporation		6,739		292,810
Redwood Trust, Inc.		74,582		1,625,888
Retail Properties of America, Inc. - Class A		3,652		52,297
RLJ Lodging Trust		4,626		123,375
Rouse Properties, Inc.		76,500		1,284,435
Sabra Health Care REIT, Inc.		13		390
Silver Bay Realty Trust Corporation		6,108		91,498
UMH Properties, Inc.		35,355		348,247
Ventas, Inc.		2,246		148,416
Washington Real Estate Investment Trust		11,771		287,919
Weingarten Realty Investors		17,134		534,581
Western Asset Mortgage Capital Corporation		20,011		295,562
ZAIS Financial Corporation		2,052		33,837
				22,462,094
Real Estate Management & Development — 0.2%
Brookfield Office Properties, Inc.		6,294		124,558
Brookfield Property Partners, L.P.		14,198		276,293
China HGS Real Estate, Inc.		508		2,667
China Housing & Land Development, Inc.		76,855		172,924
St. Joe Company (The)		87,144		1,555,520
				2,131,962
Thrifts & Mortgage Finance — 0.8%
Astoria Financial Corporation		782		10,369
Banc of California, Inc.		57,802		726,571
BankUnited, Inc.		11,742		387,369
BofI Holding, Inc.		3,294		265,529
Capitol Federal Financial, Inc.		18,877		227,279
Elmira Savings Bank		100		2,312
Five Oaks Investment Corporation		12,936		150,187
Flushing Financial Corporation		8,329		160,084
Home Loan Servicing Solutions Ltd.		17,729		392,697
Impac Mortgage Holdings, Inc.		2,023		11,673
Nationstar Mortgage Holdings, Inc.		5,000		163,650
Northfield Bancorp, Inc.		889		11,530
Oconee Federal Financial Corporation		16		292

24

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Thrifts & Mortgage Finance — 0.8% (Continued)
Ocwen Financial Corporation		949	$	35,967
Radian Group, Inc.		182,994		2,558,256
Rockville Financial, Inc.		39,854		524,479
Security National Financial Corporation - Class A		37,761		146,890
Stonegate Mortgage Corporation		20,057		253,721
TrustCo Bank Corporation		356,519		2,356,591
United Financial Bancorporation, Inc.		7,040		124,186
ViewPoint Financial Group, Inc.		5,944		154,960
				8,664,592
Health Care — 14.4%
Biotechnology — 8.3%
Aastrom Biosciences, Inc.		104,029		407,794
ACADIA Pharmaceuticals, Inc.		19,441		391,347
Achillion Pharmaceuticals, Inc.		339,943		968,838
AEterna Zentaris, Inc.		38,200		43,548
Agios Pharmaceuticals, Inc.		6,437		270,740
AMAG Pharmaceuticals, Inc.		7,109		129,810
Amarin Corporation plc - ADR		99,517		161,218
Anthera Pharmaceuticals, Inc.		6,900		19,527
ARCA Biopharma, Inc.		230,269		370,733
Arena Pharmaceuticals, Inc.		788,223		5,044,627
Ariad Pharmaceuticals, Inc.		312,257		2,270,108
Arrowhead Research Corporation		106,561		1,161,515
Athersys, Inc.		24,208		35,465
BiolineRx Ltd. - ADR		9,331		18,849
BioTime, Inc.		5,571		14,429
Burcon NutraScience Corporation		300		1,201
Cara Therapeutics, Inc.		15,105		217,361
Catalyst Pharmaceutical Partners, Inc.		369,103		767,734
Celldex Therapeutics, Inc.		19,444		291,660
CEL-SCI Corporation		298,706		355,460
Celsion Corporation		569,663		1,891,281
Chelsea Therapeutics International Ltd.		11,442		55,837
ChemoCentryx, Inc.		64,237		352,019
Clovis Oncology, Inc.		5,763		311,605
Conatus Pharmaceuticals, Inc.		2,485		15,283
Cyclacel Pharmaceuticals, Inc.		79,533		264,050
CytRx Corporation		972,126		2,984,427
DARA Biosciences, Inc.		11,070		18,819
Dendreon Corporation		1,629,639		4,204,469
Durata Therapeutics, Inc.		18,826		254,904
Dynavax Technologies Corporation		13,692		22,318
Enanta Pharmaceuticals, Inc.		6,485		241,307

25

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
Biotechnology — 8.3% (Continued)
Exact Sciences Corporation		132,793	$	1,593,516
Exelixis, Inc.		814,326		2,882,714
Fibrocell Science, Inc.		60,682		230,592
Foundation Medicine, Inc.		32,778		955,806
Galectin Therapeutics, Inc.		95,529		1,102,405
Galena Biopharma, Inc.		1,639,329		4,016,356
Genocea Biosciences, Inc.		24		466
GenVec, Inc.		17,086		42,373
Halozyme Therapeutics, Inc.		9,281		69,143
Heat Biologics, Inc.		700		3,815
Horizon Pharma, Inc.		84,252		1,194,693
Idenix Pharmaceuticals, Inc.		305,356		1,682,512
Idera Pharmaceuticals, Inc.		176,309		500,718
ImmunoCellular Therapeutics Ltd.		68,147		79,732
Immunomedics, Inc.		180,695		760,726
Infinity Pharmaceuticals, Inc.		31,319		305,987
Inovio Pharmaceuticals, Inc.		395,540		937,430
Intrexon Corporation		17,638		333,005
Ironwood Pharmaceuticals, Inc.		2,961		32,630
IsoRay, Inc.		713,250		1,718,932
Kamada Ltd.		1,900		27,322
Keryx Biopharmaceuticals, Inc.		111,390		1,645,230
KYTHERA Biopharmaceuticals, Inc.		10,811		352,547
La Jolla Pharmaceutical Company		11,475		104,881
MannKind Corporation		458,973		3,006,273
Mast Therapeutics, Inc.		593,719		340,854
Medgenics, Inc.		2,506		16,339
MEI Pharma, Inc.		122,925		961,273
Merrimack Pharmaceuticals, Inc.		559,781		2,457,439
Metabolix, Inc.		181,332		186,772
Mirati Therapeutics, Inc.		6,259		117,920
Myriad Genetics, Inc.		60,430		2,550,750
NanoViricides, Inc.		202,493		643,928
NeoStem, Inc.		159,668		945,235
Neuralstem, Inc.		182,765		657,954
NewLink Genetics Corporation		25,592		563,024
Northwest Biotherapeutics, Inc.		471,464		2,800,496
Novavax, Inc.		39,968		175,060
NPS Pharmaceuticals, Inc.		2,176		57,925
Ohr Pharmaceutical, Inc.		7,138		67,668
Omeros Corporation		82,286		1,018,701
Oncolytics Biotech, Inc.		112,080		163,637
OncoMed Pharmaceuticals, Inc.		23,435		617,278

26

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
Biotechnology — 8.3% (Continued)
Opexa Therapeutics, Inc.		117,157	$	186,865
OPKO Health, Inc.		309,398		2,558,725
Oragenics, Inc.		3		6
Orexigen Therapeutics, Inc.		34,269		192,592
Organovo Holdings, Inc.		275,004		1,606,023
Osiris Therapeutics, Inc.		64,143		912,755
OXiGENE, Inc.		246,262		797,889
Oxygen Biotherapeutics, Inc.		339,007		1,654,354
Palatin Technologies, Inc.		69,648		87,060
Peregrine Pharmaceuticals, Inc.		110,280		191,887
PharmAthene, Inc.		458		632
Pluristem Therapeutics, Inc.		14,486		51,860
Prana Biotechnology Ltd. - ADR		66,607		117,228
Prosensa Holding N.V.		10,483		73,276
Puma Biotechnology, Inc.		3,800		287,052
Raptor Pharmaceutical Corporation		104,984		868,218
Retrophin, Inc.		16,882		241,244
Rexahn Pharmaceuticals, Inc.		878,229		833,878
Rosetta Genomics Ltd.		128,530		484,558
RXi Pharmaceuticals Corporation		214		698
Sarepta Therapeutics, Inc.		111,304		4,132,718
SciClone Pharmaceuticals, Inc.		169,374		809,608
SIGA Technologies, Inc.		189		542
Spectrum Pharmaceuticals, Inc.		131,104		900,684
Synageva BioPharma Corporation		5,192		448,433
Synergy Pharmaceuticals, Inc.		98,737		443,329
Synta Pharmaceuticals Corporation		485,346		2,043,307
Tekmira Pharmaceuticals Corporation		2,838		37,717
Theravance, Inc.		13,674		368,104
TrovaGene, Inc.		4,900		27,587
Vanda Pharmaceuticals, Inc.		21,832		304,120
Venaxis, Inc.		61,580		128,702
ZIOPHARM Oncology, Inc.		396,607		1,427,785
				83,699,776
Health Care Equipment & Supplies — 2.4%
Abaxis, Inc.		21,378		868,161
Abiomed, Inc.		31,575		748,012
Accuray, Inc.		292,785		2,459,394
Antares Pharma, Inc.		52,284		145,349
AtriCure, Inc.		16,875		259,875
Bacterin International Holdings, Inc.		830		578
Baxano Surgical, Inc.		35,308		30,012
BIOLASE, Inc.		49,801		96,115

27

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
Health Care Equipment & Supplies — 2.4% (Continued)
BSD Medical Corporation		443,920	$	492,751
Cerus Corporation		135,700		587,581
Cesca Therapeutics, Inc.		180,261		295,628
Delcath Systems, Inc.		46,237		165,528
Echo Therapeutics, Inc.		4,813		14,968
Edwards Lifesciences Corporation		1,524		124,160
EnteroMedics, Inc.		59,677		108,612
GenMark Diagnostics, Inc.		121,749		1,089,654
Hansen Medical, Inc.		133,964		278,645
HeartWare International, Inc.		1,335		113,422
IMRIS, Inc.		23		27
Integra LifeSciences Holdings Corporation		906		41,295
Masimo Corporation		4,629		123,872
Mazor Robotics Ltd. - ADR		7,300		131,400
Meridian Bioscience, Inc.		140,606		2,807,902
Navidea Biopharmaceuticals, Inc.		16,010		26,737
Neogen Corporation		5,261		219,778
PhotoMedex, Inc.		87,791		1,326,522
Quidel Corporation		75,719		1,624,173
ResMed, Inc.		9,628		479,956
Rockwell Medical, Inc.		345,636		3,511,662
Sirona Dental Systems, Inc.		3,131		235,514
Stereotaxis, Inc.		161,342		624,394
SurModics, Inc.		1,660		36,122
Synergetics USA, Inc.		74		246
TearLab Corporation		260,787		1,126,600
Unilife Corporation		605,814		1,968,895
Uroplasty, Inc.		2,209		7,687
Vermillion, Inc.		3,600		11,556
Volcano Corporation		24,908		437,384
Wright Medical Group, Inc.		57,771		1,580,037
				24,200,204
Health Care Providers & Services — 1.7%
Air Methods Corporation		29,708		1,653,844
Amedisys, Inc.		45,517		620,397
Bio-Reference Laboratories, Inc.		145,916		3,706,266
BioScrip, Inc.		362,656		2,509,580
Chemed Corporation		32,924		2,741,582
Diversicare Healthcare Services, Inc.		62		433
FAB Universal Corporation (b)		558,610		558,610
Healthways, Inc.		128,058		2,305,044
IPC The Hospitalist Company, Inc.		9,345		378,473
Kindred Healthcare, Inc.		10,433		261,868

28

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
Health Care Providers & Services — 1.7% (Continued)
Laboratory Corporation of America Holdings		389	$	38,394
LHC Group, Inc.		2,682		55,732
Omnicare, Inc.		5,225		309,686
Owens & Minor, Inc.		28,960		971,318
Patterson Companies, Inc.		1,741		70,859
Quest Diagnostics, Inc.		5,422		303,252
Skilled Healthcare Group, Inc. - Class A		2,040		10,526
Tenet Healthcare Corporation		8,109		365,554
Universal American Corporation		12,541		89,919
USMD Holdings, Inc.		26		328
				16,951,665
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.		60,811		925,544
Medidata Solutions, Inc.		10,959		397,921
Veeva Systems, Inc. - Class A		219		4,207
Vocera Communications, Inc.		68,261		1,040,980
				2,368,652
Life Sciences Tools & Services — 0.7%
Accelerate Diagnostics, Inc.		142,977		2,635,066
Albany Molecular Research, Inc.		60,895		977,974
Apricus Biosciences, Inc.		151,758		336,144
BG Medicine, Inc.		241,952		295,182
BioDelivery Sciences International, Inc.		9,364		83,433
CombiMatrix Corporation		105,544		290,246
Furiex Pharmaceuticals, Inc.		103		10,647
Harvard Bioscience, Inc.		42,150		177,873
Illumina, Inc.		3,105		421,814
Luminex Corporation		10,580		203,242
Pacific Biosciences of California, Inc.		67,164		296,865
QIAGEN N.V.		866		18,965
Sequenom, Inc.		626,896		1,711,426
Techne Corporation		16		1,429
Thermo Fisher Scientific, Inc.		1,036		118,104
				7,578,410
Pharmaceuticals — 1.1%
Acura Pharmaceuticals, Inc.		15,638		21,581
Alexza Pharmaceuticals, Inc.		49,836		212,800
Alimera Sciences, Inc.		211,786		1,287,659
Ampio Pharmaceuticals, Inc.		147,814		900,187
ANI Pharmaceuticals, Inc.		10,404		323,668
Aoxing Pharmaceutical Company, Inc.		1,504		692
Auxilium Pharmaceuticals, Inc.		13,894		312,754
DepoMed, Inc.		2,027		28,398

29

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Health Care — 14.4% (Continued)
Pharmaceuticals — 1.1% (Continued)
Endocyte, Inc.		50,107	$	907,438
GW Pharmaceuticals plc - ADR		9,100		665,210
IntelliPharmaCeutics International, Inc.		171,332		692,181
Mallinckrodt plc		1,144		81,487
Medicines Company (The)		324		8,618
Oculus Innovative Sciences, Inc.		44,194		132,140
Oramed Pharmaceuticals, Inc.		59,691		576,615
Perrigo Company plc		2,410		349,113
POZEN, Inc.		21,836		182,549
Redhill Biopharma Ltd. - ADR		300		4,272
Repros Therapeutics, Inc.		44,693		753,971
Revance Therapeutics, Inc.		1,460		50,049
Supernus Pharmaceuticals, Inc.		122,010		1,001,702
TherapeuticsMD, Inc.		11,917		50,051
VIVUS, Inc.		357,509		1,859,047
XenoPort, Inc.		126,944		515,393
Zogenix, Inc.		27,198		66,363
				10,983,938
Industrials — 10.6%
Aerospace & Defense — 1.0%
AAR Corporation		13,417		347,500
American Science & Engineering, Inc.		854		57,389
Arotech Corporation		97,549		338,495
DigitalGlobe, Inc.		13,212		393,453
Erickson, Inc.		2,176		34,403
GenCorp, Inc.		272,992		4,793,740
Global Defense & National Security Systems, Inc.		1,785		18,136
KEYW Holding Corporation (The)		122,460		1,573,611
LMI Aerospace, Inc.		23,013		313,897
National Presto Industries, Inc.		16,051		1,159,845
Rockwell Collins, Inc.		5,530		429,405
Spirit Aerosystems Holdings, Inc. - Class A		10,552		316,877
TAT Technologies Ltd.		300		2,433
Transdigm Group, Inc.		1,381		245,638
Triumph Group, Inc.		6,862		444,726
				10,469,548
Air Freight & Logistics — 0.4%
Echo Global Logistics, Inc.		76,778		1,501,778
UTi Worldwide, Inc.		106,787		1,045,445
XPO Logistics, Inc.		37,461		1,016,691
				3,563,914

30

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Industrials — 10.6% (Continued)
Airlines — 0.3%
American Airlines Group, Inc.		73,849	$	2,589,884
GOL - Linhas Aéreas Inteligentes S.A. - ADR		54,300		352,950
				2,942,834
Building Products — 0.4%
Apogee Enterprises, Inc.		19		604
Armstrong World Industries, Inc.		23,353		1,227,434
Fortune Brands Home & Security, Inc.		3,814		151,988
Gilbraltar Industries, Inc.		17,444		297,943
Griffon Corporation		16,487		175,422
Owens Corning, Inc.		415		16,953
Quanex Building Products Corporation		17,498		329,662
Trex Company, Inc.		12,227		960,064
Universal Forest Products, Inc.		15,489		782,039
				3,942,109
Commercial Services & Supplies — 1.0%
ABM Industries, Inc.		26,499		717,858
ACCO Brands Corporation		234,726		1,438,870
ADT Corporation (The)		10,480		316,915
Brink's Company (The)		622		15,824
Ceco Environmental Corporation		2,751		43,713
Cenveo, Inc.		332,331		1,026,903
China Recycling Energy Corporation		180,905		562,615
Covanta Holding Corporation		36,947		681,672
Ennis, Inc.		22,150		331,364
Healthcare Services Group, Inc.		9,953		289,632
HNI Corporation		9,278		326,864
Industrial Services of America, Inc.		58		268
InnerWorkings, Inc.		103,261		743,479
Intersections, Inc.		60,558		340,336
Iron Mountain, Inc.		1,080		30,715
MagneGas Corporation		68,480		89,709
Performant Financial Corporation		60,040		522,948
Pointer Telocation Ltd.		4,747		38,736
Portfolio Recovery Associates, Inc.		9,852		563,042
Standard Register Company (The)		729		5,293
Team, Inc.		329		14,111
Tetra Tech, Inc.		17,010		487,677
United Stationers, Inc.		31,062		1,165,757
Waste Connections, Inc.		796		35,549
Waste Management, Inc.		3,761		167,176
West Corporation		11,380		277,103
				10,234,129

31

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Industrials — 10.6% (Continued)
Construction & Engineering — 0.2%
Abengoa, S.A. - ADR		1,166	$	26,165
Aegion Corporation		7,114		181,336
Ameresco, Inc. - Class A		502		3,218
EMCOR Group, Inc.		1,819		83,656
Layne Christensen Company		87,547		1,525,069
Northwest Pipe Company		4,802		171,767
Pike Corporation		899		8,630
				1,999,841
Electrical Equipment — 2.2%
AZZ, Inc.		10,956		475,710
Capstone Turbine Corporation		937,719		1,931,701
China BAK Battery, Inc.		49,507		123,767
Enphase Energy, Inc.		316,732		2,391,327
Franklin Electric Company, Inc.		4,484		173,396
FuelCell Energy, Inc.		924,848		2,099,405
Global Power Equipment Group, Inc.		1,383		24,244
GrafTech International Ltd.		192,664		2,159,763
Highpower International, Inc.		155,548		735,742
Hydrogenics Corporation		36,327		765,773
II-VI, Inc.		3,114		44,842
Lime Energy Company		1,000		2,890
Ocean Power Technologies, Inc.		181,313		489,545
Plug Power, Inc.		664,493		3,089,892
Polypore International, Inc.		53,004		1,838,179
Power Solutions International, Inc.		1,741		144,068
Real Goods Solar, Inc. - Class A		529,702		1,552,027
Revolution Lighting Technologies, Inc.		787,556		2,291,788
SolarCity Corporation		8,838		470,624
Trina Solar Ltd. - ADR		25,113		280,763
Yingli Green Energy Holding Company Ltd. - ADR		234,383		801,590
				21,887,036
Industrial Conglomerates — 0.0% (a)
Carlisle Companies, Inc.		717		58,973
Raven Industries, Inc.		1,235		38,162
				97,135
Machinery — 2.6%
Accuride Corporation		133,929		755,360
Actuant Corporation - Class A		40,444		1,369,434
Adept Technology, Inc.		53,433		639,059
Albany International Corporation - Class A		10,694		384,770
American Railcar Industries, Inc.		1,815		126,034
ARC Group Worldwide, Inc.		1,789		74,100
Barnes Group, Inc.		9,296		358,082

32

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Industrials — 10.6% (Continued)
Machinery — 2.6% (Continued)
Briggs & Stratton Corporation		83,934	$	1,793,670
China Valves Technology, Inc.		40,338		43,565
Deere & Company		2,751		256,778
Dynamic Materials Corporation		12,722		256,984
Energy Recovery, Inc.		135,467		692,236
EnPro Industries, Inc.		17,171		1,222,747
ESCO Technologies, Inc.		6,767		226,153
ExOne Company (The)		149,557		5,165,699
Harsco Corporation		39,391		942,627
Joy Global, Inc.		8,161		492,761
Kennametal, Inc.		3,924		183,368
Lindsay Corporation		25,010		2,204,131
Miller Industries, Inc.		53		1,027
Mueller Industries, Inc.		43,773		1,266,791
Navistar International Corporation		36,801		1,395,862
PMFG, Inc.		3,864		21,909
RBC Bearings, Inc.		342		21,293
Sun Hydraulics Corporation		5,889		240,742
Tecumseh Products Company - Class A		3,055		18,361
Tennant Company		6,135		391,352
Titan International, Inc.		52,695		922,689
Valmont Industries, Inc.		1,099		163,652
voxeljet AG - ADR		91,353		1,436,069
Watts Water Technologies, Inc. - Class A		6,026		320,583
Westport Innovations, Inc.		194,999		2,558,387
				25,946,275
Marine — 0.4%
Box Ships, Inc.		5,735		9,061
Diana Containerships, Inc.		27,900		105,044
Eagle Bulk Shipping, Inc.		604,310		1,764,585
FreeSeas, Inc.		144,201		178,809
Genco Shipping & Trading Ltd.		892,169		1,472,079
Navios Maritime Partners, L.P.		17,640		333,925
Seanergy Maritime Holdings Corporation		182		306
				3,863,809
Professional Services — 1.0%
Acacia Research Corporation		213,440		3,423,577
Advisory Board Company (The)		8,896		509,385
CBIZ, Inc.		317,360		2,719,775
Corporate Resource Services, Inc.		55,279		148,148
Dun & Bradstreet Corporation (The)		539		59,700
FTI Consulting, Inc.		35,474		1,216,758
IHS, Inc. - Class A		836		100,847

33

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Industrials — 10.6% (Continued)
Professional Services — 1.0% (Continued)
Kforce, Inc.		29,362	$	678,849
Odyssey Marine Exploration, Inc.		712,604		1,560,603
Spherix, Inc.		110,924		175,260
				10,592,902
Road & Rail — 0.4%
Heartland Express, Inc.		19,387		421,861
J.B. Hunt Transport Services, Inc.		1,845		140,405
Kansas City Southern		385		38,839
Knight Transportation, Inc.		6,714		159,323
Roadrunner Transportation Systems, Inc.		38,723		953,747
USA Truck, Inc.		42,471		707,567
YRC Worldwide, Inc.		52,870		1,185,874
				3,607,616
Trading Companies & Distributors — 0.6%
Aceto Corporation		21,400		468,232
Armco Metals Holdings, Inc.		986		296
Beacon Roofing Supply, Inc.		12,400		441,192
Euro Tech Holdings Company Ltd.		1,211		5,244
Fastenal Company		8,447		423,026
General Finance Corporation		571		5,070
Kaman Corporation		18,379		771,367
MSC Industrial Direct Company, Inc. - Class A		1,850		168,461
Rush Enterprises, Inc. - Class A		17,786		570,930
Titan Machinery, Inc.		203,427		3,588,452
				6,442,270
Transportation Infrastructure — 0.1%
Aegean Marine Petroleum Network, Inc.		14,650		135,220
Sino-Global Shipping America Ltd.		5,499		14,132
Wesco Aircraft Holdings, Inc.		56,369		1,142,036
				1,291,388
Information Technology — 13.2%
Communications Equipment — 1.6%
ADTRAN, Inc.		37,439		839,757
Alliance Fiber Optic Products, Inc.		67,729		1,301,751
Ambient Corporation		344		337
Aruba Networks, Inc.		72,084		1,425,101
Black Box Corporation		19,457		413,656
CalAmp Corporation		63,398		1,125,314
Calix, Inc.		7,178		63,238
Ciena Corporation		50,114		990,754
Cisco Systems, Inc.		4,447		102,770
Comtech Telecommunications Corporation		3,414		108,395
Echostar Corporation - Class A		24,016		1,079,759
EMCORE Corporation		105,245		508,333

34

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Information Technology — 13.2% (Continued)
Communications Equipment — 1.6% (Continued)
Finisar Corporation		5,033	$	131,613
Infinera Corporation		168,144		1,506,570
InterDigital, Inc.		45,569		1,582,156
Ituran Location and Control Ltd.		22		528
KVH Industries, Inc.		3,559		48,082
NETGEAR, Inc.		2,004		64,729
Oplink Communications, Inc.		5,884		100,852
Palo Alto Networks, Inc.		6,611		420,327
ParkerVision, Inc.		726,503		3,312,854
Procera Networks, Inc.		109,768		1,016,452
ZST Digital Networks, Inc.		36,656		40,322
				16,183,650
Electronic Equipment, Instruments & Components — 1.9%
Arrow Electronics, Inc.		839		47,613
ClearSign Combustion Corporation		63,686		588,459
Cognex Corporation		819		28,198
Control4 Corporation		27,590		487,239
Document Security Systems, Inc.		200,217		254,276
DTS, Inc.		37,905		705,412
Electro Scientific Industries, Inc.		55,120		467,418
FARO Technologies, Inc.		12,266		489,413
FLIR Systems, Inc.		235		7,999
InvenSense, Inc.		106,007		2,282,331
IPG Photonics Corporation		6,456		417,251
Littelfuse, Inc.		3,999		362,109
Magal Security Systems Ltd.		78		286
Maxwell Technologies, Inc.		54,043		813,888
Measurement Specialties, Inc.		11		708
MTS Systems Corporation		7,223		465,667
Neonode, Inc.		413,026		2,209,689
Parametric Sound Corporation		65,631		604,462
RadiSys Corporation		12,406		39,699
RealD, Inc.		92,799		1,017,077
Research Frontiers, Inc.		72,769		331,099
Rofin-Sinar Technologies, Inc.		72,721		1,614,406
Schmitt Industries, Inc.		200		576
Speed Commerce, Inc.		5,014		16,546
SuperCom Ltd.		19,398		153,632
Superconductor Technologies, Inc.		64,214		145,124
SYNNEX Corporation		18,596		1,252,999
TTM Technologies, Inc.		227,223		1,792,790
Uni-Pixel, Inc.		278,619		1,524,046
Universal Display Corporation		55,186		1,437,595
				19,558,007

35

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Information Technology — 13.2% (Continued)
Internet Software & Services — 2.0%
Angie's List, Inc.		119,726	$	1,354,101
Bazaarvoice, Inc.		194,323		1,305,850
ChannelAdvisor Corporation		700		18,368
Chegg, Inc.		7,955		41,923
ChinaCache International Holdings Ltd. - ADR		21,137		291,691
Conversant, Inc.		11,574		282,868
eGain Corporation		768		5,023
Equinix, Inc.		1,469		275,893
Gogo, Inc.		31,670		428,178
Innodata, Inc.		705		2,376
Internap Network Services Corporation		27,236		183,026
j2 Global, Inc.		47,105		2,183,788
LinkedIn Corporation - Class A		457		70,136
Liquidity Services, Inc.		104,377		1,800,503
LiveDeal, Inc.		94,363		418,972
LookSmart Ltd.		300		501
Marin Software, Inc.		91,638		859,564
MeetMe, Inc.		157,908		438,984
Millennial Media, Inc.		351,480		2,245,957
Monster Worldwide, Inc.		83,572		575,811
OpenTable, Inc.		3,245		217,934
Piksel, Inc. - Series A-2 (b)		346,880		—
Professional Diversity Network, Inc.		45		158
Rocket Fuel, Inc.		12,037		386,027
Shutterstock, Inc.		167		12,109
Spark Networks, Inc.		37,113		168,122
StarTek, Inc.		797		5,539
Textura Corporation		42,981		765,492
Trulia, Inc.		64,183		2,182,222
Twitter, Inc.		43,128		1,680,698
Vistaprint N.V.		24,642		972,620
Web.com Group, Inc.		2,299		70,602
WebMD Health Corporation		7,409		326,663
Weibo Corporation - ADR		10,000		195,600
Wix.com Ltd.		12		246
Xoom Corporation		17,312		386,231
Zix Corporation		134,879		442,403
				20,596,179
IT Services — 1.2%
Acorn Energy, Inc.		19,761		45,846
BitAuto Holdings Ltd. - ADR		11,471		411,006
Blackhawk Network Holdings, Inc.		68,911		1,653,175
CACI International, Inc. - Class A		19,312		1,345,081

36

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Information Technology — 13.2% (Continued)
IT Services — 1.2% (Continued)
Cass Information Systems, Inc.		258	$	13,032
CIBER, Inc.		174,867		755,425
Computer Task Group, Inc.		24,624		389,305
CSG Systems International, Inc.		2,005		52,852
Euronet Worldwide, Inc.		12,982		597,042
Forrester Research, Inc.		25,707		910,799
Heartland Payment Systems, Inc.		52,405		2,145,461
Helios and Matheson Analytics, Inc.		146		623
Higher One Holdings, Inc.		40,565		242,984
InterCloud Systems, Inc.		92,075		374,745
International Business Machines Corporation		797		156,587
Jack Henry & Associates, Inc.		1,809		99,784
JetPay Corporation		73		150
Leidos Holdings, Inc.		12,783		476,039
ManTech International Corporation - Class A		13,471		401,840
NeuStar, Inc. - Class A		30,335		780,216
Teradata Corporation		9,731		442,371
Total System Services, Inc.		2,526		80,251
Unisys Corporation		1,902		46,352
Western Union Company (The)		7,488		118,835
WidePoint Corporation		27,692		38,215
WPCS International, Inc.		28,400		30,388
				11,608,404
Semiconductors & Semiconductor Equipment — 3.0%
Advanced Micro Devices, Inc.		803,396		3,285,890
Ambarella, Inc.		7,110		176,683
Applied Micro Circuits Corporation		135,131		1,312,122
ASM International N.V.		100		4,353
Camtek Ltd.		354,247		1,101,708
Canadian Solar, Inc.		11,293		306,266
Cirrus Logic, Inc.		30,223		673,973
Cohu, Inc.		2,974		30,632
CSR plc - ADR		532		20,594
CVD Equipment Corporation		3,587		47,886
Daqo New Energy Corporation - ADR		4,400		180,708
Entropic Communications, Inc.		28,043		103,479
Exar Corporation		105,498		1,141,488
EZchip Semiconductor Ltd.		20,102		481,443
Global-Tech Advanced Innovations, Inc.		100		579
GT Advanced Technologies, Inc.		105,564		1,753,418
Hanwha SolarOne Company Ltd. - ADR		37,613		97,794
Himax Technologies, Inc. - ADR		37,819		329,782
Hittite Microwave Corporation		2,056		122,044

37

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Information Technology — 13.2% (Continued)
Semiconductors & Semiconductor Equipment — 3.0% (Continued)
Intel Corporation		1,625	$	43,371
JA Solar Holdings Company Ltd. - ADR		102,300		985,149
JinkoSolar Holding Company Ltd. - ADR		12,834		345,235
Kopin Corporation		14,100		45,966
Mellanox Technologies Ltd.		2,164		75,675
Microchip Technology, Inc.		5,933		282,055
MKS Instruments, Inc.		10,355		291,493
Montage Technology Group Ltd.		49,766		1,034,635
MoSys, Inc.		147,150		575,356
Peregrine Semiconductor Corporation		12,494		67,093
Photronics, Inc.		264,226		2,293,482
Pixelworks, Inc.		93,311		478,685
QuickLogic Corporation		325,208		1,538,234
Rubicon Technology, Inc.		258,641		2,620,033
Rudolph Technologies, Inc.		176,454		1,607,496
Semtech Corporation		2,073		49,711
Spansion, Inc.		22,069		393,490
SunPower Corporation		60,900		2,035,278
Teradyne, Inc.		26,116		461,470
Tessera Technologies, Inc.		10,976		240,704
Ultratech, Inc.		79,485		2,115,891
Veeco Instruments, Inc.		36,786		1,359,978
				30,111,322
Software — 3.0%
Allot Communications Ltd.		818		11,158
AVG Technologies N.V.		43,965		823,464
Barracuda Networks, Inc.		49,271		1,272,670
BluePhoenix Solutions Ltd.		571		2,472
Bottomline Technologies, Inc.		41,947		1,327,203
BroadSoft, Inc.		15,666		397,603
Cadence Design Systems, Inc.		1,257		19,559
China Mobile Games & Entertainment Group Ltd. - ADR		9,500		161,785
CommVault Systems, Inc.		5,599		270,992
Concur Technologies, Inc.		1,867		150,237
Cyan, Inc.		223,848		935,685
Datawatch Corporation		51,909		702,329
Ebix, Inc.		245,691		3,877,004
Ellie Mae, Inc.		27,107		661,140
FireEye, Inc.		2,393		93,949
Fleetmatics Group plc		20,866		626,606
Gigamon, Inc.		18,300		288,591
Glu Mobile, Inc.		252,641		1,010,564

38

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Information Technology — 13.2% (Continued)
Software — 3.0% (Continued)
Jive Software, Inc.		113,419	$	848,374
Magic Software Enterprises Ltd.		24,710		199,904
Mitek Systems, Inc.		386,004		1,258,373
NQ Mobile, Inc. - ADR		210,772		2,605,142
Nuance Communications, Inc.		9,504		152,919
Park City Group, Inc.		24,589		248,595
Qualys Inc.		6,931		133,699
RealPage, Inc.		16,489		292,680
Rosetta Stone, Inc.		25,045		298,286
salesforce.com, inc.		6,691		345,590
SeaChange International, Inc.		53,719		503,347
ServiceNow, Inc.		6,897		342,919
Splunk, Inc.		327		17,844
Tangoe, Inc.		67,054		1,008,492
Taomee Holdings Ltd. - ADR		4,281		22,647
VirnetX Holding Corporation		348,743		5,492,702
Voltari Corporation		27,986		97,951
Vringo, Inc.		664,869		2,719,314
Workday, Inc. - Class A		4,736		346,060
Zynga, Inc. - Class A		169,603		686,892
				30,254,741
Technology Hardware, Storage & Peripherals — 0.5%
3D Systems Corporation		16,873		798,768
Electronics for Imaging, Inc.		13,260		501,095
Fusion-io, Inc.		168,615		1,455,148
Nimble Storage, Inc.		1,375		33,894
Quantum Corporation		184,720		199,498
Silicon Graphics International Corporation		84,714		1,023,345
Violin Memory, Inc.		206,027		741,697
				4,753,445
Materials — 3.8%
Chemicals — 0.8%
Albemarle Corporation		1,034		69,319
American Vanguard Corporation		76,930		1,370,123
Clean Diesel Technologies, Inc.		154,134		369,922
Flotek Industries, Inc.		1,656		46,385
Gulf Resources, Inc.		8,505		15,649
Intrepid Potash, Inc.		203,118		3,310,823
Landec Corporation		30,916		366,664
LSB Industries, Inc.		893		34,104
Marrone Bio Innovations, Inc.		2,582		31,449
NewMarket Corporation		594		221,158
OCI Partners, L.P.		5,933		129,399

39

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Materials — 3.8% (Continued)
Chemicals — 0.8% (Continued)
Olin Corporation		30,231	$	849,491
Rentech Nitrogen Partners, L.P.		3,231		58,417
Scotts Miracle-Gro Company (The) - Class A		5,478		335,308
Senomyx, Inc.		45,174		369,975
W.R. Grace & Company		1,080		99,468
Yongye International, Inc.		47,817		334,241
Zep, Inc.		7,498		129,640
				8,141,535
Construction Materials — 0.2%
James Hardie Industries plc - ADR		100		6,414
Tecnoglass, Inc.		73		756
Texas Industries, Inc.		19,496		1,690,303
US Concrete, Inc.		8,348		205,528
				1,903,001
Containers & Packaging — 0.1%
AptarGroup, Inc.		2,941		198,282
Bemis Company, Inc.		1,464		58,912
Greif, Inc. - Class A		19,946		1,080,874
				1,338,068
Metals & Mining — 2.4%
A.M. Castle & Company		130,542		1,603,056
AK Steel Holding Corporation		228,308		1,598,156
Allied Nevada Gold Corporation		252,005		854,297
Century Aluminum Company		4,145		56,994
China Precision Steel, Inc.		7,845		16,161
Cliffs Natural Resources, Inc.		110,185		1,952,478
Coeur Mining, Inc.		205,822		1,782,418
Commercial Metals Company		46,680		896,256
Comstock Mining, Inc.		128		227
Energy Fuels, Inc.		1,604		12,399
General Moly, Inc.		13,615		14,976
General Steel Holdings, Inc.		568		585
Gold Resource Corporation		97,398		449,005
Golden Star Resources Ltd.		363,025		207,287
Great Northern Iron Ore Properties		1,962		33,962
Horsehead Holding Corporation		61,245		954,810
Kaiser Aluminum Corporation		8,175		575,520
Molycorp, Inc.		1,114,824		5,295,414
North American Palladium Ltd.		1,705,321		494,543
NovaGold Resources, Inc.		37,306		131,690
OCI Resources, L.P.		800		17,560
Olympic Steel, Inc.		11,335		298,791
Paramount Gold and Silver Corporation		241,417		243,831
Pretium Resources, Inc.		107,491		698,691

40

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Materials — 3.8% (Continued)
Metals & Mining — 2.4% (Continued)
Revett Minerals, Inc.		621	$	509
RTI International Metals, Inc.		61,657		1,736,261
Schnitzer Steel Industries, Inc. - Class A		3,103		87,101
Seabridge Gold, Inc.		56,242		449,374
Silver Bull Resources, Inc.		1,577		520
Silver Standard Resources, Inc.		816		8,087
SinoCoking Coal and Coke Chemical Industries, Inc.		111,223		130,131
Tahoe Resources, Inc.		652		14,540
Tanzanian Royalty Exploration Corporation		165,160		360,049
Thompson Creek Metals Company, Inc.		326,384		874,709
United States Antimony Corporation		6,169		12,338
Walter Energy, Inc.		313,472		2,256,998
				24,119,724
Paper & Forest Products — 0.3%
Louisiana-Pacific Corporation		102,405		1,678,418
MeadWestvaco Corporation		1,655		64,661
Orient Paper, Inc.		52,733		123,923
Pope Resources, L.P.		30		2,047
Verso Paper Corporation		206,316		561,179
Wausau Paper Corporation		70,380		841,745
				3,271,973
Telecommunication Services — 0.8%
Diversified Telecommunication Services — 0.5%
8x8, Inc.		21,977		213,177
Atlantic Tele-Network, Inc.		9,147		541,228
Consolidated Communications Holdings, Inc.		27,159		541,007
Elephant Talk Communications Corporation		15,286		16,356
Fairpoint Communications, Inc.		19,031		259,583
Hawaiian Telcom Holdco, Inc.		10,200		271,524
inContact, Inc.		23,904		197,208
Iridium Communications, Inc.		149,813		999,253
magicJack VocalTec Ltd.		66,304		1,172,255
Otelco, Inc. - Class A		662		3,316
Radcom Ltd.		171		944
xG Technology, Inc.		152,028		244,765
				4,460,616
Wireless Telecommunication Services — 0.3%
Boingo Wireless, Inc.		24,185		159,621
NII Holdings, Inc.		1,144,938		984,532
NTELOS Holdings Corporation		63,254		872,273
SBA Communications Corporation - Class A		1,136		101,967
Sprint Corporation		4,543		38,616
Telephone & Data Systems, Inc.		14,186		385,717

41

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS — 75.1% (Continued)	Shares		Value
Utilities — 1.0%
Wireless Telecommunication Services — 0.3% (Continued)
United States Cellular Corporation		17,248	$	716,482
				3,259,208
Electric Utilities — 0.2%
ALLETE, Inc.		5,501		284,732
Empire District Electric Company (The)		11,896		289,311
Hawaiian Electric Industries, Inc.		15,011		360,114
MGE Energy, Inc.		671		25,646
Portland General Electric Company		36,263		1,213,722
Southern Company		341		15,628
UIL Holdings Corporation		1,439		52,854
UNS Energy Corporation		2,348		141,021
				2,383,028
Gas Utilities — 0.4%
AGL Resources, Inc.		3,748		202,392
AmeriGas Partners, L.P.		11,400		528,732
China Natural Gas, Inc.		1,282		1,026
Ferrellgas Partners, L.P.		41,850		1,039,972
Northwest Natural Gas Company		33,522		1,484,019
Piedmont Natural Gas Company, Inc.		8,733		312,554
WGL Holdings, Inc.		3,933		156,494
				3,725,189
Independent Power and Renewable Electricity Producers — 0.2%
American DG Energy, Inc.		115		282
NRG Energy, Inc.		4,002		130,945
Ormat Technologies, Inc.		56,589		1,509,795
				1,641,022
Multi-Utilities — 0.2%
Black Hills Corporation		859		49,607
Consolidated Edison, Inc.		3,394		196,954
Just Energy Group, Inc.		163,650		1,301,017
PG&E Corporation		3,075		140,158
SCANA Corporation		817		43,857
TECO Energy, Inc.		8,480		152,301
Wisconsin Energy Corporation		1,171		56,770
				1,940,664
Water Utilities — 0.0% (a)
California Water Service Group		11,308		254,430
York Water Company		419		8,384
				262,814
Total Common Stocks (Proceeds $910,015,472)			$	759,623,809

42

TFS MARKET NEUTRAL FUNDSCHEDULE OF SECURITIES SOLD SHORT (Continued)

PREFERRED STOCKS — 0.0% (a)	Shares		Value
Cabco Trust for J. C. Penney, 7.625%		22	$	395
Stanley Black & Decker, Inc., 6.25%		1,804		201,741
Total Preferred Stocks (Proceeds $192,281)			$	202,136

RIGHTS — 0.0% (a)	Shares		Value
Accelerate Diagnostics, Inc. (b)		7,443	$	12,132
Empire Resorts, Inc. (b)		3,705		1,927
Total Rights (Proceeds $—)			$	14,059

WARRANTS — 0.0% (a)	Shares		Value
American International Group, Inc.		854	$	18,993
Magnum Hunter Resources Corporation (b)		15,689		—
Total Warrants (Proceeds $14,295)			$	18,993
Total Securities Sold Short — 75.1% (Proceeds $910,222,048)			$	759,858,997

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 ($1,268,970) at April 30, 2014, representing (0.1%) of net assets (Note 2).

See accompanying notes to financial statements.

43

TFS MARKET NEUTRAL FUNDSCHEDULE OF FUTURES CONTRACTS SOLD SHORTApril 30, 2014 (Unaudited)

FUTURES CONTRACTSSOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/20/2014		1,091	$	16,332,270	$	1,550,167
CBOE Volatility Index (VIX) Future	06/17/2014		1,625		25,496,250		2,101,354
E-Mini S&P 500 Future	06/20/2014		1,187		111,563,162		(2,075,864	)
Total Futures Contracts Sold Short				$	153,391,682	$	1,575,657

See accompanying notes to financial statements.

44

TFS SMALL CAP FUNDSUMMARY SCHEDULE OF INVESTMENTS*April 30, 2014 (Unaudited)

COMMON STOCKS — 98.7%	Shares		Value
Consumer Discretionary — 16.0%
Carmike Cinemas, Inc. (a)		9,327	$	276,639
DineEquity, Inc.		4,525		343,040
Gentherm, Inc. (a)		13,173		478,839
Modine Manufacturing Company (a)		18,253		300,809
Motorcar Parts of America, Inc. (a)		11,919		327,057
Papa John's International, Inc.		8,086		354,652
Superior Industries International, Inc.		12,930		273,340
Tower International, Inc. (a)		11,658		324,209
Universal Electronics, Inc. (a)		6,776		253,084
Other Consumer Discretionary (b)				11,750,282
				14,681,951
Consumer Staples — 2.8%
Revlon, Inc. - Class A (a)		8,177		246,455
Other Consumer Staples (b)				2,351,123
				2,597,578
Energy — 7.7%
Pioneer Energy Services Corporation (a)		33,221		497,318
Warren Resources, Inc. (a)		61,972		314,198
Willbros Group, Inc. (a)		25,584		284,238
Other Energy (b)				6,010,363
				7,106,117
Financials — 16.9%
Customers Bancorp, Inc. (a)		12,423		273,679
Federated National Holding Company		13,520		262,694
Geo Group, Inc. (The)		13,474		451,783
Kennedy-Wilson Holdings, Inc.		17,838		389,582
Manning & Napier, Inc.		15,979		265,571
Nelnet, Inc. - Class A		7,724		326,416
United Insurance Holdings Corporation		18,644		284,321
Winthrop Realty Trust		19,263		267,756
Other Financials (b)				13,000,249
				15,522,051
Health Care — 16.6%
Akorn, Inc. (a)		10,021		252,730
Anika Therapeutics, Inc. (a)		5,858		250,371
Cynosure, Inc. - Class A (a)		15,188		372,714
Five Star Quality Care, Inc. (a)		51,626		249,353
Greatbatch, Inc. (a)		8,076		371,738
Magellan Health Services, Inc. (a)		7,965		459,740
Natus Medical, Inc. (a)		17,225		427,697
OraSure Technologies, Inc. (a)		41,573		272,303
Select Medical Holdings Corporation		25,984		362,737
Other Health Care (b)				12,255,171
				15,274,554

45

TFS SMALL CAP FUNDSUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 98.7% (Continued)	Shares		Value
Industrials — 14.2%
Argan, Inc.		10,262	$	274,714
DXP Enterprises, Inc. (a)		2,256		255,402
H&E Equipment Services, Inc. (a)		10,593		408,360
Hill International, Inc. (a)		36,922		248,116
Huron Consulting Group, Inc. (a)		3,895		277,324
Korn/Ferry International (a)		15,612		453,529
Standex International Corporation		4,222		250,660
Tutor Perini Corporation (a)		12,714		376,334
Viad Corporation		12,602		290,476
Other Industrials (b)				10,212,642
				13,047,557
Information Technology — 18.2%
Amkor Technology, Inc. (a)		31,400		249,630
Integrated Device Technology, Inc. (a)		30,086		351,104
Lionbridge Technologies, Inc. (a)		45,810		269,363
LogMeIn, Inc. (a)		5,675		257,929
MoneyGram International, Inc. (a)		19,716		260,251
Tech Data Corporation (a)		7,333		458,239
Other Information Technology (b)				14,865,580
				16,712,096
Materials — 4.5%
Berry Plastics Group, Inc. (a)		19,114		429,874
Compass Minerals International, Inc.		5,340		489,144
Koppers Holdings, Inc.		7,256		309,831
P.H. Glatfelter Company		10,321		263,392
Other Materials (b)				2,701,958
				4,194,199
Telecommunication Services — 0.7%
Cbeyond, Inc. (a)		28,232		279,215
Other Telecommunication Services (b)				362,841
				642,056
Utilities — 1.1%
Other Utilities (b)				1,025,481
Total Common Stocks (Cost $87,515,126)			$	90,803,640

OTHER INVESTMENTS — 0.2%	Shares	Value
Other Investments (Cost $204,230) (b)		$	179,659

46

TFS SMALL CAP FUNDSUMMARY SCHEDULE OF INVESTMENTS* (Continued)

MONEY MARKET FUNDS — 1.3%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,173,818)		1,173,818	$	1,173,818
Total Investments at Value — 100.2% (Cost $88,893,174)			$	92,157,117
Liabilities in Excess of Other Assets — (0.2%)				(183,206	)
Net Assets — 100.0%			$	91,973,911

* 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 April 30, 2014.

(c) The rate shown is the 7-day effective yield as of April 30, 2014.

See accompanying notes to financial statements.

47

TFS HEDGED FUTURES FUNDSCHEDULE OF INVESTMENTSApril 30, 2014 (Unaudited)

U.S. TREASURY OBLIGATIONS — 22.7%	Par Value		Value
U.S. Treasury Bills (a),
0.065%, due 08/21/2014	$	2,650,000	$	2,649,754
0.068%, due 09/04/2014		3,050,000		3,049,680
0.037%, due 09/18/2014		3,125,000		3,124,634
0.025%, due 09/25/2014		550,000		549,921
0.040%, due 10/02/2014		2,600,000		2,599,555
Total U.S. Treasury Obligations (Cost $11,972,787)			$	11,973,544

MONEY MARKET FUNDS — 66.6%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.03% (b)		6,526,230	$	6,526,230
Fidelity Institutional Money Market Portfolio - Class I, 0.05% (b)		14,516,757		14,516,757
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.06% (b)		6,528,635		6,528,635
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.09% (b)		542,832		542,832
PIMCO Money Market Fund - Institutional Class, 0.00% (b)		540,989		540,989
Vanguard Prime Money Market Fund - Investor Shares, 0.01% (b)		6,526,733		6,526,733
Total Money Market Funds (Cost $35,182,176)			$	35,182,176
Total Investments at Value — 89.3% (Cost $47,154,963)			$	47,155,720
Other Assets in Excess of Liabilities — 10.7%				5,637,487	(c)
Net Assets — 100.0%			$	52,793,207

(a) Rate shown is the annualized yield at time of purchase, not a coupon rate.

(b) The rate shown is the 7-day effective yield as of April 30, 2014.

(c) Includes cash held as margin deposits for futures contracts.

See accompanying notes to financial statements.

48

TFS HEDGED FUTURES FUNDSCHEDULE OF FUTURES CONTRACTSApril 30, 2014 (Unaudited)

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Copper Future	07/29/2014		17	$	1,284,350	$	(12	)
Crude Oil Future	05/20/2014		12		1,198,200		(29,886	)
Ethanol Future	06/04/2014		33		2,092,002		27,230
Live Cattle Future	06/30/2014		43		2,362,850		1,342
Lumber Future	07/15/2014		18		655,182		(160	)
Oats Future	07/14/2014		124		2,235,100		28,194
Red Spring Wheat Future	07/14/2014		41		1,575,937		59,709
Soybean Future	07/14/2014		5		378,188		3,574
Soybean Meal Future	07/14/2014		81		3,998,970		145,724
Total Futures Contracts				$	15,780,779	$	235,715

See accompanying notes to financial statements.

49

TFS HEDGED FUTURES FUNDSCHEDULE OF FUTURES CONTRACTS SOLD SHORTApril 30, 2014 (Unaudited)

FUTURES CONTRACTSSOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	06/03/2014		1	$	39,250	$	(2,228	)
Butter Cash Future	07/01/2014		2		78,800		(5,255	)
Cocoa Future	07/16/2014		27		804,600		3,976
Coffee Future	07/21/2014		21		1,621,069		(50,232	)
Corn Future	07/14/2014		58		1,505,100		(27,792	)
Cotton No. 2 Future	07/09/2014		15		707,175		(15,901	)
Feeder Cattle Future	05/22/2014		7		633,850		(7,207	)
Feeder Cattle Future	08/28/2014		7		655,987		(8,656	)
Frozen Concentrate Orange Juice Future	07/11/2014		16		385,440		3,061
Hard Red Winter Wheat Future	07/14/2014		1		40,625		(3,315	)
Lean Hogs Future	06/13/2014		6		295,440		1,313
Natural Gas Future	05/28/2014		9		431,820		(16,820	)
Palladium Future	06/26/2014		3		243,015		(2,362	)
Platinum Future	07/29/2014		2		142,750		2,096
Soybean Oil Future	07/14/2014		145		3,663,570		75,345
Sugar No. 11 Future	06/30/2014		89		1,766,330		(22,172	)
Wheat Future	07/14/2014		79		2,849,925		(100,036	)
Total Commodity Futures					15,864,746		(176,185	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/20/2014		188		2,814,360		244,150
CBOE Volatility Index (VIX) Future	06/17/2014		280		4,393,200		366,565
E-Mini S&P 500 Future	06/20/2014		205		19,267,437		(327,211	)
Total Financial Futures					26,474,997		283,504
Total Futures Contracts Sold Short				$	42,339,743	$	107,319

See accompanying notes to financial statements.

50

TFS CAPITAL INVESTMENT TRUSTSTATEMENTS OF ASSETS AND LIABILITIESApril 30, 2014 (Unaudited)

	TFSMarketNeutral Fund			TFSSmallCap Fund			TFSHedged  Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	935,063,264		$	88,893,174		$	47,154,963
At value (Note 2)	$	999,787,130		$	92,157,117		$	47,155,720
Cash		7,568			—			990,000
Deposits with brokers for short positions (Note 2)		767,661,087			—			—
Margin deposits for futures contracts (Notes 2 and 5)		17,043,745			—			4,403,536
Variation margin receivable (Notes 2 and 5)		3,653,466			—			970,162
Unrealized appreciation on forward currency exchange contracts (Notes 2 and 5)		—			—			27,780
Dividends and interest receivable		360,921			17,019			1,142
Receivable for investment securities sold		169,614,973			7,412,370			—
Receivable for capital shares sold		326,927			170,862			11,950
Other assets		61,648			21,314			23,620
TOTAL ASSETS		1,958,517,465			99,778,682			53,583,910
LIABILITIES
Securities sold short, at value (Note 2)(proceeds $910,222,048)		759,858,997			—			—
Variation margin payable (Notes 2 and 5)		2,076,174			—			629,916
Unrealized depreciation on forward currencyexchange contracts (Notes 2 and 5)		—			—			25,607
Dividends payable on securities sold short (Note 2)		173,328			—			—
Payable for investment securities purchased		177,031,927			7,050,582			—
Payable for capital shares redeemed		4,044,344			639,979			64,201
Payable to Adviser (Note 4)		1,433,149			79,702			52,833
Payable to administrator (Note 4)		138,980			14,895			10,410
Accrued brokerage expense on securities sold short (Note 2)		2,240,067			—			—
Other accrued expenses and liabilities		121,278			19,613			7,736
TOTAL LIABILITIES		947,118,244			7,804,771			790,703
NET ASSETS	$	1,011,399,221		$	91,973,911		$	52,793,207
Net assets consist of:
Paid-in capital	$	982,880,198		$	82,078,695		$	55,105,636
Accumulated net investment income (loss)		(49,661,291	)		(251,139	)		738,011
Accumulated net realized gains (losses) from security transactions and other financial instruments		(138,482,260	)		6,882,412			(3,396,404	)
Net unrealized appreciation on:
Investments		64,723,866			3,263,943			757
Short positions		150,363,051			—			—
Futures contracts		1,575,657			—			343,034
Translation of assets and liabilities in foreign currencies		—			—			2,173
Net assets	$	1,011,399,221		$	91,973,911		$	52,793,207
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		67,076,424			6,829,560			5,302,916
Net asset value, redemption price andoffering price per share (Note 2)	$	15.08		$	13.47		$	9.96

* Consolidated financial statement (Note 1).

See accompanying notes to financial statements.

51

TFS CAPITAL INVESTMENT TRUSTSTATEMENTS OF OPERATIONSFor the Six Months Ended April 30, 2014 (Unaudited)

	TFSMarketNeutral Fund			TFSSmallCap Fund			TFSHedged Futures Fund*
INVESTMENT INCOME
Dividends	$	7,012,751		$	485,717		$	7,396
Foreign tax withholding		(30,638	)		(642	)		—
Interest		13,542			67			3,859
TOTAL INVESTMENT INCOME		6,995,655			485,142			11,255
EXPENSES
Brokerage expense on securities sold short (Note 2)		37,529,649			—			—
Investment advisory fees (Note 4)		12,281,620			525,223	(a)		501,212
Dividend expense on securities sold short (Note 2)		6,602,858			—			—
Administration fees (Note 4)		386,922			32,893			30,000
Accounting services fees (Note 4)		360,528			26,901			23,869
Custodian fees		262,123			32,169			14,462
Transfer agent fees (Note 4)		142,198			23,017			13,262
Postage and supplies		55,365			8,012			6,659
Registration and filing fees		32,008			15,663			20,478
Professional fees		29,488			13,863			16,737
Trustees’ fees and expenses (Note 4)		18,543			18,543			18,543
Pricing fees		42,170			8,291			1,060
Compliance service fees and expenses (Note 4)		19,075			6,014			5,773
Printing of shareholder reports		19,039			4,504			5,219
Insurance expense		22,619			1,226			1,262
Borrowing costs		10,322			258			33
Other expenses		22,396			8,044			6,897
TOTAL EXPENSES		57,836,923			724,621			665,466
Investment advisory fee reductions (Note 4)		—			(35,174	)		(75,081	)
NET EXPENSES		57,836,923			689,447			590,385
NET INVESTMENT LOSS		(50,841,268	)		(204,305	)		(579,130	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT, OPTION AND FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		189,586,164			7,997,544			110
Securities sold short		(57,887,395	)		—			—
Option contracts		25,777			—			—
Futures contracts		(8,460,175	)		—			1,148,547
Foreign currency transactions		(8,450	)		—			(397,374	)
Net change in unrealized appreciation (depreciation) on:
Investments		(117,783,951	)		(3,179,740	)		1,683
Securities sold short		(11,707,189	)		—			—
Option contracts		(10,501	)		—			—
Futures contracts		1,575,657			—			495,396
Foreign currency translation		(4	)		—			(92,161	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(4,670,067	)		4,817,804			1,156,201
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(55,511,335	)	$	4,613,499		$	577,071

* Consolidated financial statement (Note 1).

(a) Includes $9,303 of prior years’ investment advisory fee reductions recouped by the Adviser (Note 4).

See accompanying notes to financial statements.

52

TFS MARKET NEUTRAL FUNDSTATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30,2014 (Unaudited)			YearEndedOctober 31, 2013
FROM OPERATIONS
Net investment loss	$	(50,841,268	)	$	(120,077,792	)
Net realized gains (losses) from:
Investments		189,586,164			423,147,517
Securities sold short		(57,887,395	)		(308,876,468	)
Option contracts		25,777			860,815
Futures contracts		(8,460,175	)		—
Foreign currency transactions		(8,450	)		26,798
Net change in unrealized appreciation (depreciation) on:
Investments		(117,783,951	)		128,317,841
Securities sold short		(11,707,189	)		(21,298,881	)
Option contracts		(10,501	)		10,501
Futures contracts		1,575,657			—
Foreign currency translation		(4	)		(36,928	)
Net increase (decrease) in net assets from operations		(55,511,335	)		102,073,403
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(55,650,834	)		—
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		123,949,844			480,118,243
Net asset value of shares issued in reinvestment ofdistributions to shareholders		41,376,438			—
Proceeds from redemption fees collected (Note 2)		29,157			170,982
Payments for shares redeemed		(625,590,764	)		(788,868,625	)
Net decrease in net assets from capital share transactions		(460,235,325	)		(308,579,400	)
TOTAL DECREASE IN NET ASSETS		(571,397,494	)		(206,505,997	)
NET ASSETS
Beginning of period		1,582,796,715			1,789,302,712
End of period	$	1,011,399,221		$	1,582,796,715
ACCUMULATED NET INVESTMENT INCOME (LOSS)	$	(49,661,291	)	$	1,188,427
CAPITAL SHARE ACTIVITY
Shares sold		8,107,802			30,497,892
Shares issued in reinvestment of distributions to shareholders		2,681,558			—
Shares redeemed		(41,466,820	)		(50,204,897	)
Net decrease in shares outstanding		(30,677,460	)		(19,707,005	)
Shares outstanding, beginning of period		97,753,884			117,460,889
Shares outstanding, end of period		67,076,424			97,753,884

See accompanying notes to financial statements.

53

TFS SMALL CAP FUNDSTATEMENTS OF CHANGES IN NET ASSETS

	Six Months EndedApril 30,2014 (Unaudited)			YearEndedOctober 31, 2013
FROM OPERATIONS
Net investment income (loss)	$	(204,305	)	$	37,191
Net realized gains from investments		7,997,544			16,812,788
Net change in unrealized appreciation (depreciation) on investments		(3,179,740	)		5,193,135
Net increase in net assets from operations		4,613,499			22,043,114
FROM DISTRIBUTIONS (Note 2)
Distributions from net investment income		—			(312,976	)
Distributions from net realized gains from security transactions		(16,453,993	)		(8,873,127	)
Decrease in net assets from distributions		(16,453,993	)		(9,186,103	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		20,586,605			29,460,786
Net asset value of shares issued in reinvestment ofdistributions to shareholders		14,622,207			7,904,955
Proceeds from redemption fees collected (Note 2)		392			7,160
Payments for shares redeemed		(12,384,050	)		(19,313,493	)
Net increase in net assets from capital share transactions		22,825,154			18,059,408
TOTAL INCREASE IN NET ASSETS		10,984,660			30,916,419
NET ASSETS
Beginning of period		80,989,251			50,072,832
End of period	$	91,973,911		$	80,989,251
ACCUMULATED NET INVESTMENT LOSS	$	(251,139	)	$	(46,834	)
CAPITAL SHARE ACTIVITY
Shares sold		1,483,647			2,133,863
Shares issued in reinvestment of distributions to shareholders		1,095,296			689,884
Shares redeemed		(851,252	)		(1,415,761	)
Net increase in shares outstanding		1,727,691			1,407,986
Shares outstanding, beginning of period		5,101,869			3,693,883
Shares outstanding, end of period		6,829,560			5,101,869

See accompanying notes to financial statements.

54

TFS HEDGED FUTURES FUNDSTATEMENTS OF CHANGES IN NET ASSETS*

	Six Months EndedApril 30,2014 (Unaudited)			YearEndedOctober 31, 2013
FROM OPERATIONS
Net investment loss	$	(579,130	)	$	(2,492,507	)
Net realized gains (losses) from:
Investments		110			9,291
Futures contracts		1,148,547			(5,414,738	)
Foreign currency transactions		(397,374	)		(1,151,993	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,683			(574	)
Futures contracts		495,396			(395,828	)
Foreign currency translation		(92,161	)		94,334
Net increase (decrease) in net assets from operations		577,071			(9,352,015	)
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(180,217	)		(2,570,373	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		5,400,003			82,353,356
Net asset value of shares issued in reinvestment ofdistributions to shareholders		153,704			2,091,788
Proceeds from redemption fees collected (Note 2)		2,970			48,752
Payments for shares redeemed		(21,409,912	)		(117,862,869	)
Net decrease in net assets from capital share transactions		(15,853,235	)		(33,368,973	)
TOTAL DECREASE IN NET ASSETS		(15,456,381	)		(45,291,361	)
NET ASSETS
Beginning of period		68,249,588			113,540,949
End of period	$	52,793,207		$	68,249,588
ACCUMULATED NET INVESTMENT INCOME (LOSS)	$	738,011		$	(2,045,004	)
CAPITAL SHARE ACTIVITY
Shares sold		532,282			7,753,379
Shares issued in reinvestment of distributions to shareholders		15,143			192,969
Shares redeemed		(2,115,179	)		(11,358,461	)
Net decrease in shares outstanding		(1,567,754	)		(3,412,113	)
Shares outstanding, beginning of period		6,870,670			10,282,783
Shares outstanding, end of period		5,302,916			6,870,670

* Consolidated financial statements (Note 1).

See accompanying notes to financial statements.

55

TFS MARKET NEUTRAL FUNDFINANCIAL HIGHLIGHTS

Per share data for a shareoutstanding throughout each period:	Six Months EndedApril 30,2014 (Unaudited)			YearEndedOctober 31, 2013			YearEndedOctober 31, 2012			YearEndedOctober 31, 2011			YearEndedOctober 31, 2010			YearEndedOctober 31, 2009
Net asset value atbeginning of period	$	16.19		$	15.23		$	14.41		$	15.80		$	14.92		$	13.25
Income (loss) frominvestment operations:
Net investment loss		(0.60	)		(1.25	)		(0.99	)		(0.83	)		(0.45	)		(0.24	)
Net realized and unrealized gains on investments		0.08			2.21			2.05			0.93			1.43			2.13
Total from investment operations		(0.52	)		0.96			1.06			0.10			0.98			1.89
Less distributions:
Distributions from net realized gains from security transactions		(0.59	)		—			(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)		0.00	(a)		0.03
Net asset value at end of period	$	15.08		$	16.19		$	15.23		$	14.41		$	15.80		$	14.92
Total return (b)		(3.30	)%(c)		6.30	%		7.48	%		0.43	%		6.60	%		14.86	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,011,399		$	1,582,797		$	1,789,303		$	1,762,265		$	1,142,219		$	828,409
Ratio of total expenses toaverage net assets		8.91	%(d)		8.67	%		8.63	%		8.10	%		4.52	%		4.70	%
Ratio of net expenses toaverage net assets		8.91	%(d)		8.67	%		8.63	%		8.12	%(e)		4.55	%(e)		4.67	%(f)
Ratio of net expenses to average net assets excluding dividend expense (g)		7.89	%(d)		7.59	%		7.75	%		7.38	%(e)		3.81	%(e)		3.84	%(f)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (g)		2.11	%(d)		2.41	%		2.42	%		2.47	%(e)		2.50	%(e)		2.49	%(f)
Ratio of net investment lossto average net assets		(7.83	)%(d)		(6.67	%)		(6.73	%)		(6.56	%)		(3.16	%)		(2.32	%)
Portfolio turnover rate		308	%(c)		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) Not annualized.

(d) Annualized.

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

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

(g) Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 6.80%^(d), 6.26%, 6.21%, 5.65%, 2.05% and 2.18% of average net assets for the periods ended April 30, 2014, October 31, 2013, 2012, 2011, 2010 and 2009, respectively.

See accompanying notes to financial statements.

56

TFS SMALL CAP FUNDFINANCIAL HIGHLIGHTS

Per share data for a shareoutstanding throughout each period:	Six Months EndedApril 30,2014 (Unaudited)			YearEndedOctober 31, 2013			YearEndedOctober 31, 2012			YearEndedOctober 31, 2011			YearEndedOctober 31, 2010			YearEndedOctober 31, 2009
Net asset value atbeginning of period	$	15.87		$	13.56		$	12.07		$	11.98		$	9.33		$	6.80
Income (loss) frominvestment operations:
Net investment income (loss)		(0.03	)		0.02			(0.00	)(a)		(0.04	)		(0.06	)		(0.02	)
Net realized and unrealizedgains on investments		0.93			4.92			1.52			0.87			2.70			2.55
Total from investment operations		0.90			4.94			1.52			0.83			2.64			2.53
Less distributions:
Distributions from netinvestment income		—			(0.07	)		—			—			—			(0.01	)
Distributions from net realized gains from security transactions		(3.30	)		(2.56	)		(0.03	)		(0.74	)		—			—
Total distributions		(3.30	)		(2.63	)		(0.03	)		(0.74	)		—			(0.01	)
Proceeds from redemption fees collected (Note 2)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.01			0.01
Net asset value at end of period	$	13.47		$	15.87		$	13.56		$	12.07		$	11.98		$	9.33
Total return (b)		5.88	%(c)		44.15	%		12.62	%		6.68	%		28.40	%		37.41	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	91,974		$	80,989		$	50,073		$	51,274		$	35,784		$	16,623
Ratio of total expenses toaverage net assets		1.66	%(d)		1.80	%		1.95	%		1.82	%		2.31	%		5.14	%
Ratio of net expenses toaverage net assets (e)		1.58	%(d)		1.75	%		1.75	%		1.69	%		1.78	%		1.88	%
Ratio of net expenses to average net assets excluding borrowing costs (e)		1.58	%(d)		1.75	%		1.75	%		1.68	%		1.78	%		1.87	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(d)		0.06	%		(0.03	%)		(0.31	%)		(0.70	%)		(0.63	%)
Portfolio turnover rate		255	%(c)		601	%		557	%		525	%		657	%		320	%

(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) Not annualized.

(d) Annualized.

(e) Ratio was determined after advisory fee reductions and expense reimbursements and includes recoupment by the Adviser of prior years’ investment advisory fee reductions (Note 4).

See accompanying notes to financial statements.

57

TFS HEDGED FUTURES FUNDFINANCIAL HIGHLIGHTS*

Per share data for a shareoutstanding throughout each period:	Six Months EndedApril 30,2014 (Unaudited)			YearEndedOctober 31, 2013			PeriodEnded October 31, 2012(a)
Net asset value at beginning of period	$	9.93		$	11.04		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.20	)		(0.20	)		(0.09	)
Net realized and unrealized gains (losses) on investments		0.26			(0.68	)		1.13
Total from investment operations		0.06			(0.88	)		1.04
Less distributions:
Distributions from net realized gains from security transactions		(0.03	)		(0.23	)		—
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of period	$	9.96		$	9.93		$	11.04
Total return (c)		0.59	%(d)		(8.14	%)		10.40	%(d)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	52,793		$	68,250		$	113,541
Ratio of total expenses to average net assets		2.24	%(e)		2.35	%		2.51	%(e)
Ratio of net expenses to average net assets (f)		1.99	%(e)		2.30	%		2.30	%(e)
Ratio of net investment loss to average net assets		(1.95	)%(e)		(2.23	%)		(2.19	)%(e)
Portfolio turnover rate		0	%(g)		0	%(g)		0	%(g)

* Consolidated financial statements (Note 1).

(a) Represents the period from commencement of operations (December 29, 2011) through October 31, 2012.

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

(c) Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d) Not annualized.

(e) Annualized.

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

(g) All investments held are excluded from the calculation as they are considered to be short-term investments whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to financial statements.

58

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTSApril 30, 2014 (Unaudited)

1. Organization

TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund (individually, a “Fund”, and collectively, the “Funds”) are each a series of TFS Capital Investment Trust (the “Trust”), an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated January 30, 2004. TFS Market Neutral Fund commenced operations on September 7, 2004. TFS Small Cap Fund commenced operations on March 7, 2006. TFS Hedged Futures Fund commenced operations on December 29, 2011.

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

TFS Market Neutral Fund seeks to produce capital appreciation while having a low correlation to the U.S. equity market, which TFS Capital LLC (the “Adviser”) defines as the S&P 500^® Index. In addition, the Fund seeks to produce lower volatility than the movement of the U.S. equity market.

TFS Small Cap Fund seeks long-term capital appreciation. In addition, the Fund seeks to outperform the Russell 2000^® Index.

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

2. Significant Accounting Policies

The following is a summary of the Funds’ significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Securities, 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 mean between the closing bid and ask prices on the NYSE or other primary exchange 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 that trade on exchanges that close before 4:00 p.m. Eastern time are valued at their last sale price as of the close of regular trading on the primary exchange on which the contract is traded. Prices

59

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

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 2 or 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 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, 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, rights 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. Assets and liabilities included in this category may include common stocks and corporate bonds that trade infrequently or their trading has been halted for an extended period of time.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement. The Funds’ assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

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

60

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used to value the Funds’ investments, securities sold short and other financial instruments as of April 30, 2014:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stocks	$	913,265,529		$	1,660		$	—		$	913,267,189
Preferred Stocks		1,439,851			—			—			1,439,851
Other Investments		76,746,547			—			—			76,746,547
Corporate Bonds		—			2,994			—			2,994
Money Market Funds		8,330,549			—			—			8,330,549
Total	$	999,782,476		$	4,654		$	—		$	999,787,130
Other Financial Instruments:
Common Stocks – Sold Short	$	(758,368,898	)	$	—		$	(1,254,911	)	$	(759,623,809	)
Preferred Stocks – Sold Short		(202,136	)		—			—			(202,136	)
Rights – Sold Short		—			(14,059	)		—			(14,059	)
Warrants – Sold Short		(18,993	)		—			—			(18,993	)
Futures Contracts – Sold Short		1,575,657			—			—			1,575,657
Total	$	(757,014,370	)	$	(14,059	)	$	(1,254,911	)	$	(758,283,340	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	90,803,640	$	—	$	—	$	90,803,640
Other Investments		179,659		—		—		179,659
Money Market Funds		1,173,818		—		—		1,173,818
Total	$	92,157,117	$	—	$	—	$	92,157,117

TFS Hedged Futures Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—	$	11,973,544	$	—	$	11,973,544
Money Market Funds		35,182,176		—		—		35,182,176
Total	$	35,182,176	$	11,973,544	$	—	$	47,155,720
Other Financial Instruments:
Futures Contracts	$	235,715	$	—	$	—	$	235,715
Futures Contracts – Sold Short		107,319		—		—		107,319
Total	$	343,034	$	—	$	—	$	343,034

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

61

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period. As of April 30, 2014, TFS Small Cap Fund and TFS Hedged Futures Fund did not have any transfers in and out of any Level. Transfers that occurred between Level 1, Level 2 and Level 3 on April 30, 2014 for TFS Market Neutral Fund due to changes in the availability of quoted prices are as follows:

	Investments		Securities Sold Short
Transfers from Level 1 to Level 2	$	1,660	$	—
Transfers from Level 1 to Level 3		—		(1,254,911	)

There were no transfers between Level 2 and Level 3 as of April 30, 2014 for TFS Market Neutral Fund. There were no Level 3 securities held in TFS Small Cap Fund or TFS Hedged Futures Fund as of April 30, 2014.

The following is a reconciliation of Level 3 securities sold short in TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value between October 31, 2013 and April 30, 2014.

	Securities Sold Short
Balance as of October 31, 2013	$	—
Transfers in and/or out of Level 3		(1,254,911	)
Balance as of April 30, 2014	$	(1,254,911	)

The total amount of unrealized appreciation on Level 3 securities sold short was $7,898,640 at April 30, 2014.

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

	Fair Value at April 30, 2014	ValuationTechnique	Unobservable Input	Range	Impact toValuation from an Increase in Input*
Common Stocks - Sold Short	$(1,254,911)	Discount from Last Sale Price	Discount Percentage	50%	Increase

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

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. Effective January 1, 2014, the offering price and redemption price per share of each Fund is equal to the net asset value per share. Prior to January 1, 2014, shares of each Fund were subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase.

62

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

During the periods ended April 30, 2014 and October 31, 2013, proceeds from redemption fees totaled $29,157 and $170,982, respectively, for TFS Market Neutral Fund, $392 and $7,160, respectively, for TFS Small Cap Fund and $2,970 and $48,752, respectively, for TFS Hedged Futures Fund.

Investment income (expense) – Dividend income (expense) is recorded on the ex-dividend date. Interest income is accrued as earned. 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 April 30, 2014 and October 31, 2013 was as follows:

	Periods Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	4/30/2014	$	11,048,952	$	44,601,882	$	55,650,834
	10/31/2013	$	—	$	—	$	—
TFS Small Cap Fund	4/30/2014	$	15,431,533	$	1,022,460	$	16,453,993
	10/31/2013	$	8,620,933	$	565,170	$	9,186,103
TFS Hedged Futures Fund	4/30/2014	$	—	$	180,217	$	180,217
	10/31/2013	$	338,325	$	2,232,048	$	2,570,373

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.

63

TFS CAPITAL INVESTMENT TRUSTNOTES 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 change 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 among 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.

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TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

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

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

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

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

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

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 a 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. Each Fund has qualified and intends to continue 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.

65

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of April 30, 2014:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	1,004,874,093		$	90,727,616		$	47,154,963
Gross unrealized appreciation	$	62,433,969		$	5,966,553		$	795
Gross unrealized depreciation		(67,520,932	)		(4,537,052	)		(38	)
Net unrealized appreciation (depreciation) on investments		(5,086,963	)		1,429,501			757
Net unrealized appreciation on securities sold short		8,511,569			—			—
Accumulated net investment loss		(49,661,291	)		(251,139	)		(427,630	)
Capital loss carryforwards		—			—			(2,124,211	)
Other gains		74,755,708			8,716,854			238,655
Accumulated earnings (deficit)	$	28,519,023		$	9,895,216		$	(2,312,429	)

As of April 30, 2014, the tax cost of securities sold short is $768,370,566 for TFS Market Neutral Fund.

The difference between the federal income tax cost of portfolio investments and securities sold short and the financial statement cost for TFS Market Neutral Fund and TFS Small Cap Fund is due to certain timing differences in the recognition of capital gains or losses under GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales. The tax cost of portfolio investments for TFS Hedged Futures Fund is equal to the financial statement cost disclosed.

For the six months ended April 30, 2014, TFS Market Neutral Fund reclassified $8,450 of net realized losses from foreign currency transactions against accumulated net investment income. For the tax year ended December 31, 2013, TFS Hedged Futures Fund reclassified $3,362,145 of accumulated net investment losses and $1,581,979 of accumulated net realized capital losses against paid-in capital 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.

As of December 31, 2013, TFS Hedged Futures Fund had the following capital loss carryforwards:

Capital loss carryforward – short-term	$	846,534
Capital loss carryforward – long-term		1,277,677
Total capital loss carryforwards	$	2,124,211

These capital loss carryforwards, which do not expire, may be utilized in the current and future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

66

TFS CAPITAL INVESTMENT TRUSTNOTES 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 the current and all open tax periods (October 31, 2010 through October 31, 2013 for TFS Market Neutral Fund and TFS Small Cap Fund and December 31, 2012 through December 31, 2013 for TFS Hedged Futures Fund) 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 six months ended April 30, 2014, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $3,938,876,062 and $4,556,972,075, respectively, for TFS Market Neutral Fund, $228,253,267 and $221,663,442, 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, 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 1.65%, 1.15% and 1.50%, respectively, of its average daily net assets. Prior to January 1, 2014, TFS Market Neutral Fund paid the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at annual rates of 2.25% of the first $1.75 billion of average daily net assets of the Fund and 2.15% of such assets above $1.75 billion. Also prior to January 1, 2014, TFS Small Cap Fund and TFS Hedged Futures Fund paid 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 1.90% of TFS Market Neutral Fund’s average daily net assets, 1.50% of TFS Small Cap Fund’s average daily net assets and 1.80% of TFS Hedged Futures Fund’s average daily net assets. Prior to January 1, 2014, the Adviser had agreed to reduce its investment advisory fees and to absorb each Fund’s operating expenses to the extent necessary to limit aggregate annual ordinary operating expenses (which did not include brokerage costs, taxes, borrowing costs such as interest and dividend expenses on securities sold short and extraordinary expenses) to 2.50% of TFS Market Neutral Fund’s average daily net assets, 1.75% of TFS Small Cap Fund’s average daily net assets and 2.30% of TFS Hedged Futures Fund’s average daily net assets. During the six months ended April 30, 2014, the Adviser reduced its investment advisory fees by $35,174 with respect to TFS Small Cap Fund and $75,081 with respect to TFS Hedged Futures Fund. There were no fee reductions by the Adviser for TFS Market Neutral Fund.

67

TFS CAPITAL INVESTMENT TRUSTNOTES 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 1.90%, 1.50% and 1.80%, respectively, for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. As of April 30, 2014, the Adviser has recouped all previous fee reductions for TFS Market Neutral Fund. During the six months ended April 30, 2014, the Adviser recouped $9,303 of prior years’ investment advisory fee reductions from TFS Small Cap Fund. As of April 30, 2014, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $196,044 and $226,868, 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 31,2014		October 31,2015		April 30,2016
TFS Small Cap Fund	$	26,766	$	100,740	$	33,364	$	35,174
TFS Hedged Futures Fund	$	—	$	92,853	$	58,934	$	75,081

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

AFFILIATED BROKER-DEALER

During the six months ended April 30, 2014, TFS Hedged Futures Fund paid commissions of $26,942 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.

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC (“Ultimus”) provides fund administration, fund accounting, compliance and transfer agent services to the Funds. Pursuant to servicing agreements with Ultimus, the Funds pay Ultimus fees in accordance with the agreements for its services. Certain officers of the Trust are also officers of Ultimus or of Ultimus Fund Distributors, LLC (the “Distributor”), the principal underwriter of each Fund’s shares and an affiliate of Ultimus. The distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

68

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

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 $20,000, 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. Prior to January 1, 2014, the annual retainer paid to the Independent Trustees was $5,000.

5. Derivatives Transactions

Transactions in option contracts written by TFS Market Neutral Fund during the six months ended April 30, 2014 were as follows:

	Options Contracts			Option Premiums
Options outstanding at beginning of period		1,502		$	29,561
Options cancelled in a closing purchase transaction		(2	)		(610	)
Options expired		(1,375	)		(25,368	)
Options exercised		(125	)		(3,583	)
Options outstanding at end of period		—		$	—

The average monthly notional amount of call options written and put options written during the six months ended April 30, 2014 was $778,062 and $814,483, respectively, for TFS Market Neutral Fund.

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 April 30, 2014 are recorded in the following locations in the Statements of Assets and Liabilities:

Derivative Investment Type	Location
Futures contracts	Variation margin receivable (payable)
Forward foreign currency exchange contracts	Unrealized appreciation (depreciation) on forward currency exchange contracts

69

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

The following tables set forth the values of derivative contracts of TFS Market Neutral Fund and TFS Hedged Futures Fund as of April 30, 2014:

TFS Market Neutral Fund

	Variation Margin
	Receivable		(Payable)			Total
Liability Derivatives
Financial Futures Contracts	$	3,653,466	$	(2,076,174	)	$	1,577,292
Total	$	3,653,466	$	(2,076,174	)	$	1,577,292

TFS Hedged Futures FundFutures Contracts

	Variation Margin
	Receivable		(Payable)			Total
Asset Derivatives
Futures Contracts
Commodity	$	271,285	$	(30,057	)	$	241,228
Financial		—		—			—
Total Asset Derivatives		271,285		(30,057	)		241,228
Liability Derivatives
Futures Contracts
Commodity		86,021		(272,647	)		(186,626	)
Financial		612,856		(327,212	)		285,644
Total Liability Derivatives		698,877		(599,859	)		99,018
Total	$	970,162	$	(629,916	)	$	340,246

70

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund

Forward Foreign Currency Exchange Contracts

Settlement Date	To Deliver			To Receive			InitialValue			MarketValue			Unrealized Appreciation		Unrealized Depreciation			NetUnrealized Appreciation (Depreciation)
Asset Derivatives
5/12/2014		600,000	USD		4,842,000	ARS	$	600,000		$	604,136		$	4,136	$	—		$	4,136
5/20/2014		600,000	USD		4,860,000	ARS		600,000			605,615			5,615		—			5,615
5/20/2014		600,000	USD		7,050,000	UAH		600,000			591,269			—		(8,731	)		(8,731	)
5/21/2014		600,000	USD		1,359,480	BRL		600,000			606,768			6,768		—			6,768
5/23/2014		500,000	USD		4,050,000	ARS		500,000			504,440			4,440		—			4,440
5/23/2014		500,000	USD		1,121,350	BRL		500,000			500,253			253		—			253
5/23/2014		500,000	USD		5,850,000	UAH		500,000			487,292			—		(12,708	)		(12,708	)
Total Contracts								3,900,000			3,899,773			21,212		(21,439	)		(227	)
Liabilities Derivatives
5/12/2014		87,650	CHF		100,000	USD	$	(100,000	)	$	(99,602	)	$	398	$	—		$	398
5/12/2014		10,145,000	JPY		100,000	USD		(100,000	)		(99,242	)		758		—			758
5/12/2014		2,998,000	TWD		100,000	USD		(100,000	)		(99,268	)		732		—			732
5/20/2014		13,320,000	PHP		300,000	USD		(300,000	)		(295,320	)		4,680		—			4,680
5/21/2014		1,618,950	DKK		300,000	USD		(300,000	)		(300,963	)		—		(963	)		(963	)
5/21/2014		178,465	GBP		300,000	USD		(300,000	)		(301,388	)		—		(1,388	)		(1,388	)
5/26/2014		220,500	CHF		250,000	USD		(250,000	)		(250,623	)		—		(623	)		(623	)
5/26/2014		1,349,375	DKK		250,000	USD		(250,000	)		(250,860	)		—		(860	)		(860	)
5/26/2014		25,587,500	JPY		250,000	USD		(250,000	)		(250,334	)		—		(334	)		(334	)
Total Contracts								(1,950,000	)		(1,947,600	)		6,568		(4,168	)		2,400
Total							$	1,950,000		$	1,952,173		$	27,780	$	(25,607	)	$	2,173

ARS - Argentine Peso

BRL - Brazilian Real

CHF - Swiss Franc

DKK - Danish Krone

GBP - British Pound Sterling

JPY - Japanese Yen

PHP - Phillipine Peso

TWD - Taiwanese Dollar

UAH - Ukranian Hryvnia

USD - U.S. Dollar

71

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

Transactions in derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund during the six months ended April 30, 2014 are recorded in the following locations in the Statements of Operations:

Derivative Investment Type	Location
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 (losses) 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 six months ended April 30, 2014:

Type of Derivative	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
TFS Market Neutral Fund
Call options written	$	7,095		$	(1,658	)
Put options written		18,682			(8,843	)
Total		25,777			(10,501	)
Futures contracts
Financial		(8,460,175	)		1,575,657
Total	$	(8,434,398	)	$	1,565,156

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TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

Type of Derivative	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
TFS Hedged Futures Fund
Futures contracts
Commodity	$	1,597,625		$	39,130
Financial		(449,078	)		456,266
Total futures contracts		1,148,547			495,396
Forward foreign currency exchange contracts		(397,374	)		(92,161	)
Total	$	751,173		$	403,235

TFS Small Cap Fund had no transactions in derivative instruments during the six months ended April 30, 2014.

In January 2013, Accounting Standards Update 2013-01 (“ASU 2013-01”), “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” replaced Accounting Standards Update 2011-11 (“ASU 2011-11”), “Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement.

In the ordinary course of business, TFS Market Neutral Fund and TFS Hedged Futures Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral securities and securities collateral on a counterparty basis.

As of April 30, 2014, the offsetting of financial assets and derivatives assets is as follows:

TFS Market Neutral Fund

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Assets Presented in Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin receivable - futures contracts	$	3,653,466	$	—	$	3,653,466	$	—	$	3,653,466
Total subject to a master netting or similar arrangement	$	3,653,466	$	—	$	3,653,466	$	—	$	3,653,466

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TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Assets Presented in Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin receivable - futures contracts	$	970,162	$	—	$	970,162	$	—	$	970,162
Unrealized appreciation on forward currency exchange contracts		27,780		—		27,780		—		27,780
Total subject to a master netting or similar arrangement	$	997,942	$	—	$	997,942	$	—	$	997,942

Offsetting of financial liabilities and derivative liabilities as of April 30, 2014 is as follows:

TFS Market Neutral Fund

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Assets Presented in  Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin payable - futures contracts	$	2,076,174	$	—	$	2,076,174	$	—	$	2,076,174
Total subject to a master netting or similar arrangement	$	2,076,174	$	—	$	2,076,174	$	—	$	2,076,174

74

TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Assets Presented in Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin payable - futures contracts	$	629,916	$	—	$	629,916	$	—	$	629,916
Unrealized depreciation on forward currency exchange contracts		25,607		—		25,607		—		25,607
Total subject to a master netting or similar arrangement	$	655,523	$	—	$	655,523	$	—	$	655,523

6. Investments in Money Market Mutual Funds

In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may invest a significant portion of its assets in shares of one or more money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market mutual funds have been rare, they have occurred. In addition, additional indirect expenses will be incurred due to acquired fund fees and other costs to the extent of the investment in shares of money market mutual funds. As of April 30, 2014, TFS Hedged Futures Fund had 66.6% of the value of its net assets invested in money market mutual funds registered under the 1940 Act. As of April 30, 2014, TFS Market Neutral Fund and TFS Small Cap Fund did not have a significant portion of assets invested 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.

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TFS CAPITAL INVESTMENT TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)

8. 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.

76

TFS CAPITAL INVESTMENT TRUSTABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (November 1, 2013) and held until the end of the period (April 30, 2014).

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.

77

TFS CAPITAL INVESTMENT TRUSTABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	BeginningAccount Value November 1, 2013	EndingAccount Value April 30, 2014	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$967.00	$43.45
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$980.61	$43.76

* Expenses are equal to the annualized expense ratio of 8.91% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TFS Small Cap Fund

	BeginningAccount Value November 1, 2013	EndingAccount Value April 30, 2014	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,058.80	$8.07
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,016.96	$7.90

* Expenses are equal to the annualized expense ratio of 1.58% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TFS Hedged Futures Fund

	BeginningAccount Value November 1, 2013	EndingAccount Value April 30, 2014	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,005.90	$9.90
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,014.93	$9.94

* Expenses are equal to the annualized expense ratio of 1.99% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

78

TFS CAPITAL INVESTMENT TRUSTOTHER 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.

79

PRIVACY NOTICE

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

80

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

81

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS

April 30, 2014(Unaudited)

COMMON STOCKS - 90.3%	Shares			Value
Consumer Discretionary - 14.1%
Auto Components - 2.5%
American Axle & Manufacturing Holdings, Inc. (a) (b)		128,432		$	2,266,825
Cooper Tire & Rubber Company (b)		55,028			1,383,954
Cooper-Standard Holdings, Inc. (a)		1,604			108,671
Drew Industries, Inc. (b)		28,936			1,456,059
Federal-Mogul Holdings Corporation (a) (b)		19,652			338,407
Fox Factory Holding Corporation (a)		28,540			484,895
Gentherm, Inc. (a) (b)		84,384			3,067,358
Goodyear Tire & Rubber Company (The)		6,358			160,222
Icahn Enterprises, L.P.		2,145			216,602
Lear Corporation		1,399			116,201
Modine Manufacturing Company (a) (b)		164,286			2,707,433
Motorcar Parts of America, Inc. (a) (b)		91,254			2,504,010
Remy International, Inc.		46,240			1,226,285
Shiloh Industries, Inc. (a)		21,049			415,507
Spartan Motors, Inc.		986			5,236
Standard Motor Products, Inc.		8,945			339,821
Stoneridge, Inc. (a) (b)		23,858			255,042
STRATTEC Security Corporation		16,557			1,106,173
Superior Industries International, Inc. (b)		99,275			2,098,673
Tower International, Inc. (a) (b)		186,481			5,186,037
Visteon Corporation (a)		1,564			135,771
					25,579,182
Automobiles - 0.1%
General Motors Company		9,785			337,387
Thor Industries, Inc.		2,341			142,497
Winnebago Industries, Inc. (a) (b)		12,545			299,825
					779,709
Distributors - 0.2%
Core-Mark Holding Company, Inc.		19,360			1,559,255
LKQ Corporation (a)		4,503			131,127
Stock Building Supply Holdings, Inc. (a)		16,232			280,976
VOXX International Corporation (a)		12,055			141,646
					2,113,004
Diversified Consumer Services - 0.6%
Apollo Education Group, Inc. (a)		2,536			73,189
Ascent Capital Group, Inc. - Class A (a)		14,468			994,964
Bright Horizons Family Solutions, Inc. (a)		10,846			442,300
Career Education Corporation (a)		12,111			87,441
China Education Alliance, Inc. (a)		7,355			1,619
Collectors Universe, Inc.		1,540			36,159
DeVry Education Group, Inc.		6,120			275,584
Houghton Mifflin Harcourt Company (a)		2,416			49,359
JTH Holding, Inc. - Class A (a)		12,802			348,214
LifeLock, Inc. (a)		8,735			137,140
Regis Corporation		32,598			428,338
Sotheby's (b)		37,539			1,578,890
Steiner Leisure Ltd. (a) (b)		20,187			871,473
Universal Technical Institute, Inc.		15,534			186,563
			��		5,511,233

1

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Discretionary - 14.1%(Continued)
Hotels, Restaurants & Leisure - 2.9%
Biglari Holdings, Inc. (a)		468	$	200,781
Boyd Gaming Corporation (a)		27,291		322,580
Bravo Brio Restaurant Group, Inc. (a)		33,896		507,423
Carrols Restaurant Group, Inc. (a)		46,160		309,734
Century Casinos, Inc. (a)		182,986		1,088,767
Choice Hotels International, Inc.		7,268		321,100
ClubCorp Holdings, Inc.		13,010		245,108
Del Frisco's Restaurant Group, Inc. (a)		29,217		759,934
Diamond Resorts International, Inc. (a)		20,386		381,422
DineEquity, Inc. (b)		35,430		2,685,948
Domino's Pizza, Inc.		3,013		224,107
Einstein Noah Restaurant Group, Inc. (b)		94,306		1,448,540
Extended Stay America, Inc.		2,322		50,039
Fiesta Restaurant Group, Inc. (a)		20,764		760,170
Frisch's Restaurants, Inc.		5,314		125,836
Hilton Worldwide Holdings, Inc. (a)		805		17,573
Iao Kun Group Holding Company Ltd.		7,888		23,112
Ignite Restaurant Group, Inc. (a)		1,501		21,224
International Speedway Corporation - Class A		6,148		193,293
Intrawest Resorts Holdings, Inc. (a)		3,191		36,186
Isle of Capri Casinos, Inc. (a)		60,359		410,441
Jack in the Box, Inc. (a) (b)		22,437		1,201,277
Jamba, Inc. (a)		26,000		287,560
Kona Grill, Inc. (a)		42,210		989,825
Krispy Kreme Doughnuts, Inc. (a)		14,665		257,224
Marcus Corporation (b)		147,150		2,461,820
Marriott Vacations Worldwide Corporation (a)		13,338		726,654
Monarch Casino & Resort, Inc. (a)		429		6,881
Orient-Express Hotels Ltd. - Class A (a)		17,266		226,185
Papa John's International, Inc. (b)		59,334		2,602,389
Penn National Gaming, Inc. (a)		38,844		433,499
Red Robin Gourmet Burgers, Inc. (a) (b)		27,655		1,879,987
Ruby Tuesday, Inc. (a)		151,526		1,168,265
Ruth's Hospitality Group, Inc.		108,424		1,365,058
Scientific Games Corporation - Class A (a) (b)		146,679		1,757,214
SeaWorld Entertainment, Inc.		1,880		56,513
Sonic Corporation (a)		3,340		63,594
Speedway Motorsports, Inc.		1,159		21,082
Texas Roadhouse, Inc. (b)		90,352		2,235,308
Town Sports International Holdings, Inc. (b)		131,051		918,668
Wendy's Company (The)		10,225		84,970
				28,877,291
Household Durables - 1.4%
Bassett Furniture Industries, Inc.		6,504		89,690
Cavco Industries, Inc. (a)		13,975		1,089,351
CSS Industries, Inc.		11,287		270,549
Dixie Group, Inc. (The) (a)		86,832		1,308,558
Flexsteel Industries, Inc.		32,066		1,100,505
Harman International Industries, Inc.		2,585		283,342
Helen of Troy Ltd. (a)		27,175		1,703,873

2

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Discretionary - 14.1%(Continued)
Household Durables - 1.4% (Continued)
Installed Building Products, Inc. (a)		1,860	$	25,873
Jarden Corporation (a)		1,801		102,927
La-Z-Boy, Inc.		23,355		565,892
LGI Homes, Inc. (a)		14,001		206,095
Libbey, Inc. (a) (b)		89,092		2,376,084
Lifetime Brands, Inc.		59,404		1,134,616
M/I Homes, Inc. (a)		6,523		145,267
MDC Holdings, Inc.		2,697		74,437
New Home Company, Inc. (The) (a)		5,328		73,260
Nova Lifestyle, Inc. (a)		1,996		8,862
NVR, Inc. (a)		327		352,179
Skullcandy, Inc. (a)		7,240		55,748
Skyline Corporation (a)		5		26
UCP, Inc. - Class A (a)		4,393		62,161
Universal Electronics, Inc. (a)		60,014		2,241,523
WCI Communities, Inc. (a)		34,661		664,451
Whirlpool Corporation		1,653		253,537
ZAGG, Inc. (a)		48,988		213,098
				14,401,904
Internet & Catalog Retail - 0.7%
1-800-FLOWERS.COM, Inc. - Class A (a)		247,549		1,349,142
Amazon.com, Inc. (a)		185		56,264
Blue Nile, Inc. (a) (b)		58,025		2,015,208
Groupon, Inc. (a)		9,830		68,712
Liberty Ventures - Series A (a)		2,008		116,544
MakeMyTrip Ltd. (a)		14,178		300,432
Overstock.com, Inc. (a)		37,666		603,409
RetailMeNot, Inc. (a)		6,748		201,158
Shutterfly, Inc. (a) (b)		39,834		1,630,406
ValueVision Media, Inc. - Class A (a)		125,011		585,052
Vitacost.com, Inc. (a)		9,678		64,552
				6,990,879
Leisure Products - 0.1%
Arctic Cat, Inc.		6,624		270,855
Escalade, Inc.		5,562		81,873
LeapFrog Enterprises, Inc. (a)		29,069		199,123
Malibu Boats, Inc. - Class A (a)		5,814		129,420
Nautilus, Inc. (a)		88,019		733,198
				1,414,469
Media - 1.7%
A.H. Belo Corporation - Class A		103,076		1,186,405
Carmike Cinemas, Inc. (a)		69,880		2,072,641
Clear Channel Outdoor Holdings, Inc. - Class A		43,290		347,186
CTC Media, Inc.		126,310		1,095,108
DIRECTV (a)		3,686		286,033
DISH Network Corporation - Class A (a)		8,002		454,994
E.W. Scripps Company (The) - Class A (a)		22,861		391,609
Emmis Communications Corporation - Class A (a)		86,714		280,086
Entravision Communications Corporation - Class A		241,977		1,284,898
Eros International plc (a)		14,253		228,048

3

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Discretionary - 14.1%(Continued)
Media - 1.7% (Continued)
Global Sources Ltd. (a)		40,703	$	361,850
Harte-Hanks, Inc.		22,366		179,822
Insignia Systems, Inc. (a)		189		554
Interpublic Group of Companies, Inc.		16,622		289,555
John Wiley & Sons, Inc. - Class A		5,437		312,410
Journal Communications, Inc. - Class A (a)		304,734		2,443,967
Lee Enterprises, Inc. (a) (b)		21,941		88,203
Liberty Global plc - Series C (a)		3,356		128,971
LIN Media, LLC - Class A (a)		28,380		664,943
Lions Gate Entertainment Corporation		6,390		169,527
Loral Space & Communications, Inc. (a)		9,421		678,218
Martha Stewart Living Omnimedia, Inc. - Class A (a)		145,970		570,743
Morningstar, Inc.		1,150		84,329
National CineMedia, Inc.		21,223		322,377
New York Times Company (The) - Class A (b)		126,511		2,034,297
Omnicom Group, Inc.		2,422		163,921
Rentrak Corporation (a)		7,242		412,721
Saga Communications, Inc. - Class A		9,964		441,405
Salem Communications Corporation - Class A		12,432		109,526
Sirius XM Holdings, Inc. (a)		20,997		66,980
Starz - Series A (a)		8,595		277,361
Time Warner Cable, Inc.		256		36,214
				17,464,902
Multiline Retail - 0.2%
Big Lots, Inc. (a)		31,822		1,256,969
Bon-Ton Stores, Inc. (The)		14,663		161,293
Dollar Tree, Inc. (a)		9,378		488,312
Fred's, Inc. - Class A		5,639		102,743
Gordmans Stores, Inc. (b)		6,060		27,209
Macy's, Inc.		3,737		214,616
				2,251,142
Specialty Retail - 2.6%
Aaron's, Inc. (b)		65,603		1,933,320
Abercrombie & Fitch Company - Class A		33,260		1,222,638
ANN, INC. (a)		6,873		269,353
Asbury Automotive Group, Inc. (a)		9,527		588,197
Barnes & Noble, Inc. (a) (b)		104,328		1,710,979
bebe stores, Inc.		27,613		139,446
Bed Bath & Beyond, Inc. (a)		1,809		112,393
Best Buy Company, Inc.		13,861		359,416
Big 5 Sporting Goods Corporation		25,235		308,119
Body Central Corporation (a)		30,406		31,622
Brown Shoe Company, Inc.		15,736		371,212
Build-A-Bear Workshop, Inc. (a)		71,262		799,560
Cato Corporation (The) - Class A		2,543		72,450
Chico's FAS, Inc.		32,291		512,781
Christopher & Banks Corporation (a) (b)		83,803		522,931
Citi Trends, Inc. (a)		8,504		144,483
Destination Maternity Corporation (b)		15,748		388,346
Destination XL Group, Inc. (a)		2,644		14,278

4

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Discretionary - 14.1%(Continued)
Specialty Retail - 2.6% (Continued)
Dick's Sporting Goods, Inc.		1,931	$	101,686
Express, Inc. (a)		59,979		873,894
Finish Line, Inc. (The) - Class A		32,555		896,239
Gap, Inc. (The)		1,685		66,220
Genesco, Inc. (a)		1,004		76,675
Haverty Furniture Companies, Inc.		32,842		838,785
Kirkland's, Inc. (a)		43,922		751,505
MarineMax, Inc. (a)		35,779		574,611
Mattress Firm Holding Corporation (a)		2,493		112,659
Murphy USA, Inc. (a) (b)		18,810		799,425
New York & Company, Inc. (a)		79,199		331,844
Pacific Sunwear of California, Inc. (a)		247,735		713,477
Pep Boys - Manny, Moe & Jack (The) (a)		16,165		165,206
Perfumania Holdings, Inc. (a)		1,221		8,095
Pier 1 Imports, Inc.		6,275		114,582
Ross Stores, Inc.		499		33,972
Sears Hometown and Outlet Stores, Inc. (a)		10,065		237,635
Shoe Carnival, Inc. (b)		17,682		403,857
Signet Jewelers Ltd.		1,074		108,818
Sonic Automotive, Inc. - Class A		26,664		649,002
Stage Stores, Inc. (b)		81,216		1,557,723
Stein Mart, Inc. (b)		19,375		242,187
Systemax, Inc. (a)		3,624		62,659
Tilly's, Inc. - Class A (a)		14,163		160,042
TravelCenters of America, LLC (a) (b)		84,572		640,210
Vitamin Shoppe, Inc. (a) (b)		41,498		1,986,924
West Marine, Inc. (a)		2,873		30,741
Wet Seal, Inc. (The) - Class A (a)		190,521		215,289
Winmark Corporation		12,078		916,237
Zale Corporation (a) (b)		124,567		2,664,488
				25,836,211
Textiles, Apparel & Luxury Goods - 1.1%
Columbia Sportswear Company (b)		21,432		1,842,723
Deckers Outdoor Corporation (a) (b)		28,379		2,240,522
G-III Apparel Group Ltd. (a) (b)		32,273		2,316,233
Iconix Brand Group, Inc. (a) (b)		35,687		1,516,697
Joe's Jeans, Inc. (a)		95,578		100,357
Kate Spade & Company (a)		2,754		95,757
Movado Group, Inc.		37,013		1,453,871
Oxford Industries, Inc.		2,426		160,140
R.G. Barry Corporation		842		15,392
Ralpha Lauren Corporation		242		36,632
Skechers U.S.A., Inc. - Class A (a)		22,476		921,291
Unifi, Inc. (a)		26,572		588,304
Vince Holding Corporation (a)		7,510		206,600
				11,494,519
Consumer Staples - 2.9%
Beverages - 0.3%
Beam, Inc.		3,328		277,788
Castle Brands, Inc. (a)		5,045		4,616

5

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Staples - 2.9%(Continued)
Beverages - 0.3% (Continued)
Coca-Cola Bottling Company Consolidated (b)		24,506	$	2,015,129
Coca-Cola Enterprises, Inc.		757		34,398
Cott Corporation (b)		73,341		595,529
				2,927,460
Food & Staples Retailing - 0.3%
Andersons, Inc. (The)		5,735		357,233
Costco Wholesale Corporation		664		76,812
Ingles Markets, Inc. - Class A (b)		45,105		1,036,964
Pantry, Inc. (The) (a)		42,870		644,765
Safeway, Inc.		7,260		247,276
Spartan Stores, Inc.		35,334		761,094
				3,124,144
Food Products - 1.3%
Adecoagro, S.A. (a) (b)		58,551		522,275
Bunge Ltd.		4,623		368,222
Cal-Maine Foods, Inc. (b)		44,285		2,640,715
Chiquita Brands International, Inc. (a)		10,200		117,096
Farmer Brothers Company (a)		39,316		774,918
Hillshire Brands Company (The)		6,986		249,051
Inventure Foods, Inc. (a)		25,397		305,272
J & J Snack Foods Corporation (b)		20,649		1,932,746
John B. Sanfilippo & Son, Inc.		3,283		75,673
Mondelēz International, Inc. - Class A		8,987		320,387
Omega Protein Corporation (a) (b)		58,849		668,525
Origin Agritech Ltd. (a) (b)		143,506		292,752
Sanderson Farms, Inc.		3,079		253,309
Seneca Foods Corporation - Class A (a)		26,238		745,159
Snyder's-Lance, Inc. (b)		56,131		1,490,839
SunOpta, Inc. (a) (b)		6,591		76,917
TreeHouse Foods, Inc. (a) (b)		23,158		1,733,145
Tyson Foods, Inc. - Class A		1,996		83,772
				12,650,773
Household Products - 0.2%
Central Garden & Pet Company - Class A (a)		152,373		1,260,125
Kimberly-Clark Corporation		3,593		403,314
Orchids Paper Products Company		21,417		575,475
WD-40 Company		3,265		237,822
				2,476,736
Personal Products - 0.7%
Avon Products, Inc.		7,795		119,108
Elizabeth Arden, Inc. (a) (b)		56,287		2,067,984
IGI Laboratories, Inc. (a)		138,341		695,855
Inter Parfums, Inc. (b)		25,088		917,970
LifeVantage Corporation (a)		27,841		38,421
Medifast, Inc. (a)		12,041		381,098
Nu Skin Enterprises, Inc. - Class A		437		38,019
Nutraceutical International Corporation (a)		5,483		136,636
Revlon, Inc. - Class A (a) (b)		86,256		2,599,756
				6,994,847

6

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Consumer Staples - 2.9%(Continued)
Tobacco - 0.1%
Alliance One International, Inc. (a)		127,337	$	327,256
Reynolds American, Inc.		6,421		362,337
Vector Group Ltd.		16,614		353,878
				1,043,471
Energy - 7.7%
Energy Equipment & Services - 2.4%
Baker Hughes, Inc.		1,375		96,112
Basic Energy Services, Inc. (a)		18,892		499,127
Bolt Technology Corporation		7,278		122,853
CHC Group Ltd. (a)		8,355		56,396
Compressco Partners, L.P.		319		8,616
Era Group, Inc. (a)		23,021		657,250
Forum Energy Technologies, Inc. (a)		3,354		100,150
Geospace Technologies Corporation (a) (b)		16,871		980,711
Gulf Island Fabrication, Inc.		16,566		332,314
Gulfmark Offshore, Inc. - Class A (b)		36,241		1,631,207
Halliburton Company		3,539		223,205
Helix Energy Solutions Group, Inc. (a)		21,419		514,913
Hercules Offshore, Inc. (a)		28,971		129,500
ION Geophysical Corporation (a) (b)		226,474		996,486
Key Energy Services, Inc. (a)		180,738		1,814,610
Matrix Service Company (a)		123,641		3,829,162
Mitcham Industries, Inc. (a)		3,853		53,171
Nabors Industries Ltd.		13,120		334,822
Natural Gas Services Group, Inc. (a)		43,896		1,347,168
North American Energy Partners, Inc.		7,873		61,961
North Atlantic Drilling Ltd.		64		549
Parker Drilling Company (a)		146,758		973,006
PHI, Inc. (a)		10,339		463,187
Pioneer Energy Services Corporation (a) (b)		316,433		4,737,002
RigNet, Inc. (a)		13,532		632,756
Rowan Companies plc - Class A (a)		576		17,810
RPC, Inc.		857		19,051
Superior Energy Services, Inc.		475		15,637
Tesco Corporation (a)		43,172		863,440
TETRA Technologies, Inc. (a)		14,979		187,238
Unit Corporation (a)		2,802		184,792
USA Compression Partners, L.P.		7,086		195,786
Willbros Group, Inc. (a) (b)		205,746		2,285,838
				24,365,826
Oil, Gas & Consumable Fuels - 5.3%
Abraxas Petroleum Corporation (a) (b)		268,891		1,468,145
Adams Resources & Energy, Inc.		17,032		1,227,326
Advantage Oil & Gas Ltd. (a) (b)		59,004		373,495
Alon USA Energy, Inc.		15,617		254,401
American Eagle Energy Corporation (a)		18,191		125,518
American Midstream Partners, L.P.		18		487
Ardmore Shipping Corporation		46,698		608,942
Bellatrix Exploration Ltd. (a)		42,215		410,330
Bonanza Creek Energy, Inc. (a) (b)		42,338		2,058,474

7

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Energy - 7.7%(Continued)
Oil, Gas & Consumable Fuels - 5.3% (Continued)
Callon Petroleum Company (a) (b)		182,382	$	1,674,267
Cameco Corporation		3,819		81,307
Capital Product Partners, L.P.		21,873		240,603
Comstock Resources, Inc.		28,980		805,644
Delek US Holdings, Inc.		13,624		435,832
Denison Mines Corporation (a)		87,726		120,185
DHT Holdings, Inc.		119,520		933,451
Dorchester Minerals, L.P. (b)		15,196		416,067
Dynagas LNG Partners, L.P.		564		12,301
Eagle Rock Energy Partners, L.P. (b)		62,848		271,503
ECA Marcellus Trust I		448		3,889
Enduro Royalty Trust		8,183		100,815
Energen Corporation		3,833		298,629
EOG Resources, Inc.		1,858		182,084
EPL Oil & Gas, Inc. (a)		28,871		1,130,011
Equal Energy Ltd.		86,104		390,051
EXCO Resources, Inc.		96,465		612,553
FX Energy, Inc. (a)		1,387		7,837
GasLog Ltd. (b)		68,796		1,842,357
Gastar Exploration, Inc. (a)		21,688		143,791
Global Partners, L.P.		90		3,654
Golar LNG Ltd.		13,982		618,004
Golar LNG Partners, L.P.		6,339		196,192
Gran Tierra Energy, Inc. (a)		21,203		151,601
Hugoton Royalty Trust		28,436		291,469
Jones Energy, Inc. - Class A (a)		4,235		65,516
Knightsbridge Tankers Ltd.		51,421		614,481
Kodiak Oil & Gas Corporation (a) (b)		149,318		1,897,832
Legacy Reserves, L.P.		8,626		213,580
Lehigh Gas Partners, L.P.		5,160		138,752
LRR Energy, L.P.		733		12,710
Magellan Petroleum Corporation (a)		5,982		13,220
Magnum Hunter Resources Corporation (a)		77		655
Marathon Petroleum Corporation		643		59,767
Marlin Midstream Partners, L.P.		8,932		159,347
Martin Midstream Partners, L.P.		45		1,907
Memorial Production Partners, L.P.		11,550		270,732
Mid-Con Energy Partners, L.P.		14,292		330,288
Midstates Petroleum Company, Inc. (a)		5,261		31,040
MV Oil Trust		2,771		70,522
Navigator Holdings Ltd. (a)		21,290		568,443
Navios Maritime Acquisition Corporation		175		621
New Source Energy Partners, L.P.		849		19,442
NuStar GP Holdings, LLC		5,766		204,116
Pacific Coast Oil Trust		15,805		208,784
Pacific Ethanol, Inc. (a)		46,688		728,333
Panhandle Oil & Gas, Inc. - Class A		18,446		808,857
PBF Energy, Inc. - Class A (b)		106,648		3,282,625
Peabody Energy Corporation		4,995		94,955
Permian Basin Royalty Trust		19,377		259,846

8

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Energy - 7.7%(Continued)
Oil, Gas & Consumable Fuels - 5.3% (Continued)
PetroQuest Energy, Inc. (a)		350,410	$	2,109,468
Phillips 66		4,340		361,175
PostRock Energy Corporation (a)		9,291		12,729
QEP Midstream Partners, L.P.		8,534		203,109
QR Energy, L.P.		8,968		165,549
Renewable Energy Group, Inc. (a)		3,395		39,959
REX American Resources Corporation (a)		44,421		2,903,357
Rice Energy, Inc. (a)		554		16,454
Ring Energy, Inc. (a)		9,891		181,994
Rose Rock Midstream, L.P.		3,186		132,856
Sabine Royalty Trust		5,322		275,147
Sanchez Energy Corporation (a)		34,053		963,019
SandRidge Energy, Inc. (a)		117,783		807,991
SandRidge Mississippian Trust II		30,335		254,511
SandRidge Permian Trust (b)		21,563		269,106
Scorpio Bulkers, Inc. (a)		5,602		50,138
SemGroup Corporation - Class A		1,344		85,855
SM Energy Company		626		46,405
Southcross Energy Partners, L.P.		11,937		205,316
Sprague Resources, L.P.		7,111		154,451
StealthGas, Inc. (a)		38,974		422,478
Stone Energy Corporation (a) (b)		54,950		2,695,298
Summit Midstream Partners, L.P.		145		6,554
Swift Energy Company (a)		14,858		183,199
Synergy Resources Corporation (a)		17,402		202,559
Talisman Energy, Inc.		8,095		83,621
Tallgrass Energy Partners, L.P.		5,145		190,056
Targa Resources Partners, L.P.		11		651
Teekay Corporation		5,285		296,541
Tengasco, Inc. (a)		590		277
TransGlobe Energy Corporation (a) (b)		42,272		329,722
TransMontaigne Partners, L.P. (b)		5,496		251,167
Triangle Petroleum Corporation (a)		182,965		1,760,123
Tsakos Energy Navigation Ltd. (b)		75,186		536,076
VAALCO Energy, Inc. (a)		205,639		1,895,992
Valero Energy Corporation		7,020		401,333
Valero Energy Partners, L.P.		4,048		166,818
Vertex Energy, Inc. (a)		125,438		1,019,811
VOC Energy Trust		5,384		78,122
W&T Offshore, Inc.		18,476		354,739
Warren Resources, Inc. (a) (b)		660,240		3,347,417
Western Refining Logistics, L.P.		1,427		46,891
Westmoreland Coal Company (a)		58,872		1,743,200
Whiting USA Trust II		18,476		252,567
World Point Terminals, L.P.		12,416		274,021
WPX Energy, Inc. (a)		40		851
				53,326,259
Financials - 13.5%
Banks - 2.0%
1st Source Corporation		4,810		141,847

9

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Banks - 2.0% (Continued)
Ameris Bancorp (a)		9,644	$	205,128
BancFirst Corporation		1,489		86,675
Banco Latinoamericano de Comercio Exterior, S.A. - Class E		4,767		122,607
Bank of Kentucky Financial Corporation		329		11,354
Bank of Marin Bancorp		1,127		51,177
BB&T Corporation		10,590		395,325
BBCN Bancorp, Inc.		40,230		619,944
Bridge Bancorp, Inc.		628		15,273
Bridge Capital Holdings (a)		2,207		49,437
Bryn Mawr Bank Corporation		3,668		100,063
Camden National Corporation		3,706		141,458
Capital Bank Financial Corporation - Class A (a)		42,834		1,021,591
CenterState Banks, Inc.		781		8,568
Central Pacific Financial Corporation		34,006		638,293
Chemical Financial Corporation		12,190		342,173
Comerica, Inc.		4,544		219,203
Community Trust Bancorp, Inc.		824		30,381
ConnectOne Bancorp, Inc. (a)		1,149		55,152
Customers Bancorp, Inc. (a)		62,570		1,378,417
Eagle Bancorp, Inc. (a) (b)		7,167		239,306
Enterprise Financial Services Corporation		26,900		480,703
F.N.B. Corporation		8,506		105,815
Fidelity Southern Corporation		10,095		133,355
Financial Institutions, Inc.		26,869		622,017
First Bancorp (North Carolina)		12,745		219,341
First Busey Corporation		101,963		560,796
First Business Financial Services, Inc.		10,392		469,822
First Community Bancshares, Inc.		682		10,100
First Financial Corporation		5,295		169,493
First Horizon National Corporation (b)		166,677		1,915,119
First Interstate BancSystem, Inc.		20,330		506,014
First Merchants Corporation		43,248		917,723
First Midwest Bancorp, Inc.		18,262		298,949
First NBC Bank Holding Company (a)		9,360		291,096
First Republic Bank		5,404		274,307
Fulton Financial Corporation		49,488		603,259
German American Bancorp, Inc.		1,236		32,185
Great Southern Bancorp, Inc.		6,010		172,307
HomeTrust Bancshares, Inc. (a)		4,565		69,708
IBERIABANK Corporation		687		43,212
Independent Bank Corporation (Michigan)		79,574		1,036,053
Independent Bank Group, Inc.		3,332		163,968
International Bancshares Corporation		6,117		140,446
Investors Bancorp, Inc.		4,481		119,777
MainSource Financial Group, Inc.		2,460		40,664
Metro Bancorp, Inc. (a)		1,504		30,712
National Bank Holdings Corporation - Class A		595		11,400
Old Line Bancshares, Inc.		5,590		94,862
Old National Bancorp		860		12,143

10

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Banks - 2.0% (Continued)
OmniAmerican Bancorp, Inc.		1,623	$	40,348
Pacific Continental Corporation		10,777		142,041
Pacific Premier Bancorp, Inc. (a)		351		4,791
PacWest Bancorp		7,879		310,196
Park Sterling Corporation		5,919		38,651
Penns Woods Bancorp, Inc.		639		28,116
Preferred Bank (a)		15,762		338,095
Regions Financial Corporation		8,061		81,739
Sandy Spring Bancorp, Inc.		5,352		128,716
Seacoast Banking Corporation of Florida (a)		71,875		761,875
Sierra Bancorp		500		7,805
Southwest Bancorp, Inc.		7,458		124,549
State Bank Financial Corporation		1,749		28,998
Stock Yards Bancorp, Inc.		9,077		267,590
Susquehanna Bancshares, Inc.		20,046		207,677
Synovus Financial Corporation (b)		99,701		320,040
Talmer Bancorp, Inc. - Class A (a)		3,199		42,899
Taylor Capital Group, Inc. (a)		11,687		248,816
Tristate Capital Holdings, Inc. (a)		1,794		23,465
UMB Financial Corporation		1,579		92,703
Union Bankshares Corporation		8,280		211,885
Univest Corporation of Pennsylvania		837		16,497
Washington Banking Company		10,206		175,543
WesBanco, Inc.		12,549		379,482
Western Alliance Bancorp (a)		6,886		158,860
Wilshire Bancorp, Inc.		27,844		278,440
Yadkin Financial Corporation (a)		12,601		241,309
				20,119,844
Capital Markets - 2.2%
AllianceBernstein Holding, L.P.		2,057		52,309
Apollo Global Management, LLC - Class A (b)		32,010		868,431
Arlington Asset Investment Corporation - Class A		1,322		34,967
BGC Partners, Inc. - Class A		50,848		364,580
BlackRock Kelso Capital Corporation		12,270		111,412
Blackstone Group, L.P. (The)		8,677		256,232
Calamos Asset Management, Inc. - Class A		7,425		90,436
Capital Southwest Corporation		2,805		98,455
Carlyle Group, L.P. (The)		36,809		1,180,833
CorEnergy Infrastructure Trust, Inc.		4,810		33,574
Diamond Hill Investment Group, Inc.		886		105,186
E*TRADE Financial Corporation (a)		1,973		44,294
Ellington Financial, LLC		18,572		439,599
Evercore Partners, Inc. - Class A		9,783		522,706
FBR & Company (a)		45,512		1,174,210
Fortress Investment Group, LLC - Class A		70,955		507,328
GAMCO Investors, Inc. - Class A		7,120		540,622
Gladstone Investment Corporation		38,565		303,121
Harris & Harris Group, Inc. (a)		203		729
HFF, Inc. - Class A		28,854		981,036
Investment Technology Group, Inc. (a)		12,183		251,457

11

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Capital Markets - 2.2% (Continued)
KCG Holdings, Inc. - Class A (a)		5,386	$	53,591
KKR & Company, L.P.		9,127		207,274
Ladenburg Thalmann Financial Services, Inc. (a)		110,416		301,436
Lazard Ltd. - Class A		7,952		374,142
LPL Financial Holdings, Inc.		10,407		492,771
Manning & Napier, Inc.		43,126		716,754
Marcus & Millichap, Inc. (a)		5,762		95,246
MCG Capital Corporation		199,242		669,453
Medallion Financial Corporation		5,869		79,818
Medley Capital Corporation		7,426		96,835
Morgan Stanley		8,170		252,698
Och-Ziff Capital Management Group, LLC - Class A (b)		108,766		1,304,104
Oppenheimer Holdings, Inc. - Class A		12,600		320,796
PennantPark Investment Corporation (b)		95,046		1,016,992
Piper Jaffray Companies, Inc. (a) (b)		34,121		1,496,547
Prospect Capital Corporation		99,789		1,078,719
Pzena Investment Management, Inc. - Class A		83,298		905,449
SEI Investments Company		1,911		61,878
Silvercrest Asset Management Group, Inc. - Class A		5		87
Solar Capital Ltd.		20,502		448,994
Stifel Financial Corporation (a) (b)		43,771		2,047,170
SWS Group, Inc. (a)		189,980		1,407,752
Waddell & Reed Financial, Inc. - Class A		3,225		217,526
Walter Investment Management Corporation (a)		18,832		500,555
Westwood Holdings Group, Inc.		3,023		175,848
WhiteHorse Finance, Inc.		27,621		376,750
				22,660,702
Consumer Finance - 0.4%
Cash America International, Inc.		3,205		139,578
First Cash Financial Services, Inc. (a)		2,760		134,605
Green Dot Corporation - Class A (a)		13,545		235,276
Nelnet, Inc. - Class A (b)		59,804		2,527,317
Nicholas Financial, Inc.		16,249		255,434
Regional Management Corporation (a)		15,806		242,464
Santander Consumer USA Holdings, Inc.		4,651		105,764
Springleaf Holdings, Inc. (a)		858		19,717
				3,660,155
Diversified Financial Services - 0.3%
CBOE Holdings, Inc.		596		31,802
China Commercial Credit, Inc. (a)		46		249
Compass Diversified Holdings, Inc.		20,614		381,153
Consumer Portfolio Services, Inc. (a)		33,170		231,527
MarketAxess Holdings, Inc.		19,452		1,048,074
Marlin Business Services Corporation		27,061		464,637
NewStar Financial, Inc. (a)		16,511		188,556
PHH Corporation (a)		6,053		143,880
PICO Holdings, Inc. (a)		2,542		59,101
Texas Pacific Land Trust		2,750		361,955
Tiptree Financial, Inc. - Class A		10,184		96,239

12

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Diversified Financial Services - 0.3% (Continued)
Voya Financial, Inc.		1,721	$	60,906
				3,068,079
Insurance - 2.6%
Aflac, Inc.		500		31,360
American Equity Investment Life Holding Company		10,756		250,830
American Financial Group, Inc.		1,323		77,303
AMERISAFE, Inc. (b)		4,129		176,102
Argo Group International Holdings Ltd.		8,939		397,070
Aspen Insurance Holdings Ltd.		53,711		2,458,890
Assurant, Inc.		633		42,671
Assured Guaranty Ltd.		2,939		70,272
Baldwin & Lyons, Inc. - Class B		2,370		61,644
Blue Capital Holdings Ltd.		2,303		42,744
Crawford & Company - Class B		15,373		175,560
EMC Insurance Group, Inc.		35,173		1,160,357
Employers Holdings, Inc.		14,548		296,052
Endurance Specialty Holdings Ltd.		2,077		105,553
Erie Indemnity Company - Class A		822		58,896
FBL Financial Group, Inc. - Class A		2,623		117,274
Federated National Holding Company		44,560		865,801
Fidelity & Guaranty Life		11,209		240,321
Hanover Insurance Group, Inc. (The) (b)		17,442		1,019,485
Horace Mann Educators Corporation (b)		26,503		796,945
Investors Title Company		877		62,057
Kansas City Life Insurance Company (b)		19,150		796,257
Kemper Corporation		72,484		2,856,594
Marsh & McLennan Companies, Inc.		1,508		74,359
MBIA, Inc. (a) (b)		191,127		2,316,459
Mercury General Corporation		11,467		548,811
National Interstate Corporation		29,448		825,133
National Western Life Insurance Company - Class A		721		168,173
Navigators Group, Inc. (The) (a)		31,441		1,791,194
OneBeacon Insurance Group Ltd. - Class A		52,619		812,437
Platinum Underwriters Holdings Ltd.		871		54,620
ProAssurance Corporation		3,271		148,569
Progressive Corporation (The)		865		20,976
Reinsurance Group of America, Inc.		5,824		446,759
Safety Insurance Group, Inc. (b)		30,289		1,626,822
Selective Insurance Group, Inc. (b)		53,209		1,220,614
State Auto Financial Corporation		2,548		52,132
Symetra Financial Corporation (b)		105,184		2,173,101
Third Point Reinsurance Ltd. (a)		7,813		122,195
United Fire Group, Inc. (b)		4,919		136,847
United Insurance Holdings Corporation		117,654		1,794,224
				26,493,463
Real Estate Investment Trusts (REIT) - 4.1%
Acadia Realty Trust		21,935		595,097
AG Mortgage Investment Trust, Inc.		9,753		172,531
Agree Realty Corporation		12,825		383,083
American Assets Trust, Inc. (b)		7,837		266,066

13

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Real Estate Investment Trusts (REIT) - 4.1% (Continued)
American Capital Mortgage Investment Corporation		11,080	$	219,384
American Homes 4 Rent - Class A		7,157		114,870
AmREIT, Inc.		9,367		156,054
Anworth Mortgage Asset Corporation		20,458		110,473
Armada Hoffler Properties, Inc.		11,688		113,140
ARMOUR Residential REIT, Inc.		108,722		460,981
Ashford Hospitality Prime, Inc.		32,479		498,228
Ashford Hospitality Trust, Inc. (b)		76,539		785,290
Aviv REIT, Inc.		24,288		640,960
Blackstone Mortgage Trust, Inc. - Class A		2,640		75,055
Capstead Mortgage Corporation		31		396
CatchMark Timber Trust, Inc. - Class A		1,849		24,925
Cedar Realty Trust, Inc. (b)		315,948		1,955,718
Chatham Lodging Trust		12,835		260,936
Cherry Hill Mortage Investment Corporation		11,266		213,829
Chesapeake Lodging Trust		46,828		1,263,888
Chimera Investment Corporation		33,965		104,952
CoreSite Realty Corporation		4,431		134,791
Corporate Office Properties Trust		3,390		90,683
Corrections Corporation of America		8,313		272,666
CubeSmart		6,577		122,332
DCT Industrial Trust, Inc.		124,842		976,264
DiamondRock Hospitality Company		18,920		232,148
Dynex Capital, Inc. (b)		187,022		1,604,649
EastGroup Properties, Inc.		382		24,162
Education Realty Trust, Inc.		55,262		563,672
Ellington Residential Mortgage REIT		6,098		99,641
Equity Lifestyle Properties, Inc.		1,246		52,170
Excel Trust, Inc.		63,538		801,850
Extra Space Storage, Inc.		1,775		92,886
FelCor Lodging Trust, Inc.		71,314		658,228
Franklin Street Properties Corporation		53,113		646,916
Geo Group, Inc. (The)		32,929		1,104,109
Gramercy Property Trust, Inc. (b)		108,011		563,817
Granite Real Estate Investment Trust (b)		1,946		74,785
Gyrodyne Special Distribution, LLC (a) (c)		1,499		–
Healthcare Trust of America, Inc. - Class A		110,602		1,292,937
Hersha Hospitality Trust (b)		179,137		1,040,786
Hudson Pacific Properties, Inc.		2,134		50,256
Independence Realty Trust, Inc.		1,364		12,208
Inland Real Estate Corporation		4,440		46,398
Invesco Mortgage Capital, Inc.		25,520		425,418
Investors Real Estate Trust		21,225		185,082
Kite Realty Group Trust		252,148		1,563,318
Lexington Realty Trust (b)		82,616		888,948
LTC Properties, Inc.		22,356		863,612
MFA Financial, Inc.		2,660		21,094
New Residential Investment Corporation		220,318		1,343,940
New York Mortgage Trust, Inc.		3,142		23,157
One Liberty Properties, Inc.		15,506		343,148

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Real Estate Investment Trusts (REIT) - 4.1% (Continued)
Orchid Island Capital, Inc.		9,017	$	110,819
Pennsylvania Real Estate Investment Trust		3,322		54,979
Physicians Realty Trust		11,624		159,481
Post Properties, Inc.		7,986		400,977
Potlatch Corporation		6,768		258,741
PS Business Parks, Inc.		9,298		797,489
QTS Realty Trust, Inc. - Class A		7,611		207,400
Rayonier, Inc.		8,222		370,812
Resource Capital Corporation (b)		246,641		1,356,526
Retail Opportunity Investments Corporation		56,339		881,142
Rexford Industrial Realty, Inc.		12,745		181,234
Sabra Health Care REIT, Inc.		11,167		334,675
Saul Centers, Inc. (b)		19,654		901,922
Select Income REIT		22,930		705,785
Senior Housing Properties Trust		18,101		424,830
Sovran Self Storage, Inc.		8,097		614,562
Spirit Realty Capital, Inc.		8,994		96,865
STAG Industrial, Inc.		9,715		228,594
Starwood Property Trust, Inc. (b)		30,882		742,712
Starwood Waypoint Residential Trust (a)		43,369		1,178,336
Strategic Hotels & Resorts, Inc. (a)		76,413		824,496
Summit Hotel Properties, Inc. (b)		55,293		500,955
Sun Communities, Inc.		7,125		324,686
Sunstone Hotel Investors, Inc.		112,877		1,615,270
Terreno Realty Corporation		7,554		138,012
Two Harbors Investment Corporation		12,400		128,712
Universal Health Realty Income Trust		15,854		672,685
Urstadt Biddle Properties, Inc. - Class A		14,817		302,415
Weyerhaeuser Company		14,373		429,034
Whitestone REIT		17,177		240,993
Winthrop Realty Trust		108,414		1,506,955
				41,324,021
Real Estate Management & Development - 0.6%
Alexander & Baldwin, Inc.		771		28,766
FirstService Corporation		4,358		216,288
Forestar Group, Inc. (a)		16,718		285,042
Jones Lang LaSalle, Inc.		1,682		194,927
Kennedy-Wilson Holdings, Inc. (b)		106,228		2,320,020
Tejon Ranch Company (a)		8,121		251,832
Zillow, Inc. - Class A (a) (b)		23,700		2,576,190
ZipRealty, Inc. (a)		10,470		34,760
				5,907,825
Thrifts & Mortgage Finance - 1.3%
America First Multifamily Investors, L.P.		93,165		559,922
Apollo Residential Mortgage, Inc.		84,716		1,368,163
BBX Capital Corporation - Class A (a)		52,963		991,997
Beneficial Mutual Bancorp, Inc. (a)		6,975		90,954
Berkshire Hills Bancorp, Inc.		2,383		55,834
Brookline Bancorp, Inc.		8,167		74,156
Charter Financial Corporation		21,159		232,749

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Financials - 13.5%(Continued)
Thrifts & Mortgage Finance - 1.3% (Continued)
Clifton Bancorp, Inc.		51,777	$	600,095
Dime Community Bancshares, Inc.		56,763		925,237
Doral Financial Corporation (a)		2,630		25,143
EverBank Financial Corp		52,352		980,029
Federal Agricultural Mortgage Corporation - Class C		16,011		569,671
Flagstar Bancorp, Inc. (a)		21,527		378,875
Home Federal Bancorp, Inc.		2,236		33,652
HomeStreet, Inc.		18,926		343,696
Ladder Capital Corporation - Class A (a)		5,007		89,575
Meridian Interstate Bancorp, Inc. (a)		7,425		187,630
Meta Financial Group, Inc.		2,519		105,571
Nationstar Mortgage Holdings, Inc. (a)		5,000		163,650
NMI Holdings, Inc. - Class A (a)		2,188		24,834
Northwest Bancshares, Inc.		9,974		132,555
Oritani Financial Corporation (b)		150,735		2,235,400
PennyMac Financial Services, Inc. - Class A (a)		8,311		131,896
Provident Financial Services, Inc.		2,223		38,636
TFS Financial Corporation (a)		1,226		16,416
Tree.com, Inc. (a)		13,294		386,590
Walker & Dunlop, Inc. (a)		28,621		448,777
Washington Federal, Inc.		30,387		655,752
Waterstone Financial, Inc.		98,786		1,028,362
WSFS Financial Corporation		7,413		501,267
				13,377,084
Health Care - 15.1%
Biotechnology - 3.8%
Acceleron Pharma, Inc. (a)		12,779		438,959
Acorda Therapeutics, Inc. (a)		21,373		757,673
Actinium Pharmaceuticals, Inc. (a)		1,000		10,990
Aegerion Pharmaceuticals, Inc. (a) (b)		41,515		1,837,454
Agenus, Inc. (a)		112,173		317,450
Amgen, Inc.		582		65,038
Amicus Therapeutics, Inc. (a) (b)		216,055		479,642
Anacor Pharmaceuticals, Inc. (a) (b)		116,957		1,926,282
ArQule, Inc. (a) (b)		343,598		556,629
Array BioPharma, Inc. (a)		24,082		95,846
Auspex Pharmaceuticals, Inc. (a)		6,633		142,212
AVEO Pharmaceuticals, Inc. (a)		142,845		175,699
BIND Therapeutics, Inc. (a)		34,400		324,392
BioCryst Pharmaceuticals, Inc. (a)		18,534		159,207
Biogen Idec, Inc. (a)		531		152,461
BioSpecifics Technologies Corporation (a)		43,028		1,021,054
BioTime, Inc. (a)		5,571		14,429
bluebird bio, Inc. (a)		19,980		395,604
Cancer Genetics, Inc. (a)		22,162		325,781
Celgene Corporation (a)		217		31,901
Cell Therapeutics, Inc. (a) (b)		501,325		1,478,909
Celladon Corporation (a)		8,353		98,148
Cellular Dynamics International, Inc. (a)		3,766		45,004
Cel-Sci Corporation (a)		22		26

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Health Care - 15.1%(Continued)
Biotechnology - 3.8% (Continued)
Chelsea Therapeutics International Ltd. (a)		126	$	615
Chimerix, Inc. (a)		14,295		276,179
China Biologic Products, Inc. (a)		2,551		93,239
Conatus Pharmaceuticals, Inc. (a)		3,356		20,639
Concert Pharmaceuticals, Inc. (a)		1,040		9,298
Coronado Biosciences, Inc. (a)		4,957		8,625
Curis, Inc. (a) (b)		489,410		1,106,067
Cytokinetics, Inc. (a)		3,291		14,974
Cytori Therapeutics, Inc. (a)		257,955		582,978
Dicerna Pharmaceuticals, Inc. (a)		830		15,579
Discovery Laboratories, Inc. (a) (b)		157,518		280,382
Dyax Corporation (a)		194,343		1,284,607
Eagle Pharmaceuticals, Inc. (a)		5,126		50,542
Eleven Biotherapeutics, Inc. (a)		4,368		58,924
Emergent BioSolutions, Inc. (a)		14,356		378,424
Enzymotec, Ltd. (a)		28,436		547,962
Epizyme, Inc. (a)		15,385		335,701
Esperion Therapeutics, Inc. (a)		3,684		50,802
Five Prime Therapeutics, Inc. (a)		39,137		546,744
Genocea Biosciences, Inc. (a)		4,233		82,120
Genomic Health, Inc. (a)		4,548		119,340
GenVec, Inc. (a)		152		377
Geron Corporation (a)		112,579		222,906
GlycoMimetics, Inc. (a)		17,406		230,978
Harvard Apparatus Regenerative Technology, Inc. (a)		28,653		247,844
Heron Therapeutics, Inc. (a)		16,809		202,548
Hyperion Therapeutics, Inc. (a)		36,600		901,824
ImmunoGen, Inc. (a)		5,849		75,686
Insmed, Inc. (a)		1,029		14,344
Insys Therapeutics, Inc. (a)		11,501		472,231
Intercept Pharmaceuticals, Inc. (a)		163		43,052
Isis Pharmaceuticals, Inc. (a)		1,116		29,697
KaloBios Pharmaceuticals, Inc. (a)		23,448		53,227
Karyopharm Therapeutics, Inc. (a)		7,850		210,616
Kindred Biosciences, Inc. (a)		17,901		284,447
Lexicon Pharmaceuticals, Inc. (a)		148,704		229,004
Ligand Pharmaceuticals, Inc. (a) (b)		28,058		1,772,424
MacroGenics, Inc. (a)		16,829		335,570
Medivation, Inc. (a)		719		43,291
MiMedx Group, Inc. (a) (b)		25,903		149,719
Mirati Therapeutics, Inc. (a)		32		603
Momenta Pharmaceuticals, Inc. (a) (b)		34,873		398,250
Myriad Genetics, Inc. (a)		7,608		321,134
Nanosphere, Inc. (a) (b)		551,131		942,434
Neurocrine Biosciences, Inc. (a)		16,229		227,531
OncoGenex Pharmaceuticals, Inc. (a) (b)		126,452		490,634
Onconova Therapeutics, Inc. (a)		81,008		452,025
Oncothyreon, Inc. (a)		329,090		941,197
Ophthotech Corporation (a)		3,074		104,485
OvaScience, Inc. (a)		11,638		94,501

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Health Care - 15.1%(Continued)
Biotechnology - 3.8% (Continued)
PDL BioPharma, Inc. (b)		156,087	$	1,325,179
Pluristem Therapeutics, Inc. (a)		14,486		51,860
Portola Pharmaceuticals, Inc. (a)		26,881		630,628
Progenics Pharmaceuticals, Inc. (a)		77,493		273,550
Prosensa Holding N.V. (a)		100		699
Protalix BioTherapeutics, Inc. (a)		178		721
Prothena Corporation plc (a)		22,683		499,026
PTC Therapeutics, Inc. (a)		8,815		172,245
QLT, Inc. (a) (b)		7,722		44,710
Receptos, Inc. (a)		11,212		378,853
Regulus Therapeutics, Inc. (a)		2,271		16,192
Repligen Corporation (a)		19,393		307,379
Rigel Pharmaceuticals, Inc. (a) (b)		285,448		913,434
Sangamo Biosciences, Inc. (a)		1,597		22,102
SIGA Technologies, Inc. (a)		189		542
Sinovac Biotech Ltd. (a)		61,186		363,445
Sorrento Therapeutics, Inc. (a)		1,411		12,967
Stemline Therapeutics, Inc. (a)		17,396		266,333
Sunesis Pharmaceuticals, Inc. (a)		23,627		121,207
Synthetic Biologics, Inc. (a)		135,097		195,891
Targacept, Inc. (a) (b)		332,558		1,476,558
TESARO, Inc. (a)		18,548		462,958
TetraLogic Pharmaceuticals Corporation (a)		25,347		144,478
Tetraphase Pharmaceuticals, Inc. (a)		50,446		541,790
TG Therapeutics, Inc. (a)		166,977		889,987
Threshold Pharmaceuticals, Inc. (a)		40,853		167,497
Tonix Pharmaceuticals Holding Corporation (a)		28,596		278,239
Ultragenyx Pharmaceutical, Inc. (a)		7,145		277,083
uniQure B.V. (a)		8,207		84,286
United Therapeutics Corporation (a)		578		57,806
Verastem, Inc. (a)		21,717		181,337
Vical, Inc. (a) (b)		965,921		1,091,491
Xencor, Inc. (a)		12,697		125,700
XOMA Corporation (a)		181,141		804,266
				38,387,549
Health Care Equipment & Supplies - 4.1%
Alere, Inc. (a) (b)		68,447		2,286,130
Alphatec Holdings, Inc. (a)		130,987		176,832
Analogic Corporation		2,515		188,826
AngioDynamics, Inc. (a)		77,012		1,035,041
Anika Therapeutics, Inc. (a)		26,665		1,139,662
ArthroCare Corporation (a) (b)		47,522		2,306,243
Atrion Corporation		574		165,501
BIOLASE, Inc. (a)		313		604
C.R. Bard, Inc.		2,477		340,166
Cantel Medical Corporation (b)		22,135		733,997
Cardiovascular Systems, Inc. (a)		15,676		450,685
CareFusion Corporation (a)		1,316		51,403
CONMED Corporation		15,152		701,992
CryoLife, Inc.		77,423		703,001

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Health Care - 15.1%(Continued)
Health Care Equipment & Supplies - 4.1% (Continued)
Cutera, Inc. (a)		22,750	$	234,553
Cynosure, Inc. - Class A (a) (b)		79,621		1,953,899
Derma Sciences, Inc. (a)		37,954		392,444
DexCom, Inc. (a) (b)		64,631		2,096,630
Endologix, Inc. (a)		21,926		278,022
Exactech, Inc. (a)		16,235		360,742
Fonar Corporation (a)		27,980		432,851
Globus Medical, Inc. - Class A (a)		23,351		570,231
Greatbatch, Inc. (a) (b)		67,321		3,098,786
Haemonetics Corporation (a)		64,095		1,945,924
Hill-Rom Holdings, Inc.		3,326		124,259
ICU Medical, Inc. (a)		649		36,201
IDEXX Laboratories, Inc. (a)		1,477		186,752
IMRIS, Inc. (a)		18,087		21,524
Intuitive Surgical, Inc. (a)		19		6,872
Invacare Corporation		60,051		948,806
IRIDEX Corporation (a)		7,948		66,207
LDR Holding Corporation (a)		5,065		126,220
Medical Action Industries, Inc. (a)		11,685		74,901
Merit Medical Systems, Inc. (a) (b)		71,931		925,752
Natus Medical, Inc. (a) (b)		192,868		4,788,912
Novadaq Technologies, Inc. (a)		20,932		327,586
NuVasive, Inc. (a)		21,196		714,517
NxStage Medical, Inc. (a)		24,250		277,420
OraSure Technologies, Inc. (a) (b)		509,746		3,338,836
Orthofix International N.V. (a) (b)		108,167		3,266,643
Oxford Immunotec Global plc (a)		13,078		234,096
RTI Surgical, Inc. (a)		46,406		199,546
Spectranetics Corporation (The) (a)		12,416		263,964
STAAR Surgical Company (a)		3,553		60,437
STERIS Corporation		4,255		204,453
Sunshine Heart, Inc. (a)		48,649		281,678
Symmetry Medical, Inc. (a) (b)		100,582		830,807
Syneron Medical Ltd. (a) (b)		42,111		436,691
Tandem Diabetes Care, Inc. (a)		646		11,350
Tornier N.V. (a) (b)		62,774		1,065,275
Vascular Solutions, Inc. (a)		20,324		445,299
West Pharmaceutical Services, Inc.		1,878		81,468
ZELTIQ Aesthetics, Inc. (a)		1,460		26,703
				41,017,340
Health Care Providers & Services - 3.8%
Addus HomeCare Corporation (a)		47,272		1,022,021
Alliance Healthcare Services, Inc. (a) (b)		31,022		882,886
Almost Family, Inc. (a)		33,131		711,322
AmerisourceBergen Corporation		1,105		72,024
AMN Healthcare Services, Inc. (a)		187,927		2,345,329
AmSurg Corporation (a) (b)		54,618		2,365,505
BioTelemetry, Inc. (a)		284,156		2,256,199
Capital Senior Living Corporation (a)		9,742		240,920
Cardinal Health, Inc.		2,784		193,516

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Health Care - 15.1%(Continued)
Health Care Providers & Services - 3.8% (Continued)
Chindex International, Inc. (a)		80,627	$	1,921,341
Community Health Systems, Inc. (a)		1,178		44,634
Corvel Corporation (a)		46,896		2,135,644
Cross Country Healthcare, Inc. (a)		87,797		622,481
Emeritus Corporation (a)		56,106		1,673,642
Ensign Group, Inc. (The)		6,691		284,367
ExamWorks Group, Inc. (a)		791		29,109
Five Star Quality Care, Inc. (a)		329,844		1,593,146
Gentiva Health Services, Inc. (a)		98,541		742,014
Hanger, Inc. (a)		861		29,851
Health Net, Inc. (a)		29,245		1,003,981
HealthSouth Corporation (b)		55,425		1,919,922
HMS Holdings Corporation (a)		9,223		149,136
Landauer, Inc.		14,324		619,370
LCA-Vision, Inc. (a)		49,891		267,416
LifePoint Hospitals, Inc. (a) (b)		34,428		1,925,214
Magellan Health Services, Inc. (a) (b)		33,965		1,960,460
Molina Healthcare, Inc. (a) (b)		40,745		1,523,863
National Healthcare Corporation		2,469		135,128
PharMerica Corporation (a) (b)		17,753		482,704
Premier, Inc. - Class A (a)		9,041		271,230
Providence Service Corporation (The) (a)		76,832		3,120,147
RadNet, Inc. (a)		237,244		1,179,103
Select Medical Holdings Corporation (b)		88,050		1,229,178
Surgical Care Affiliates, Inc. (a)		12,478		366,604
Team Health Holdings, Inc. (a)		2,839		137,635
Triple-S Management Corporation - Class B (a) (b)		66,092		990,058
U.S. Physical Therapy, Inc. (b)		19,580		604,043
VCA Antech, Inc. (a)		19,878		608,863
Veracyte, Inc. (a)		73		935
WellCare Health Plans, Inc. (a)		11,599		782,584
				38,443,525
Health Care Technology - 0.5%
Computer Programs & Systems, Inc.		4,012		253,278
HealthStream, Inc. (a)		29,882		676,827
iCAD, Inc. (a)		22,988		199,536
MedAssets, Inc. (a) (b)		16,464		375,873
Merge Healthcare, Inc. (a) (b)		481,852		1,098,623
Omnicell, Inc. (a) (b)		57,380		1,519,422
Quality Systems, Inc. (b)		87,174		1,287,560
Veeva Systems, Inc. - Class A (a)		1,953		37,517
				5,448,636
Life Sciences Tools & Services - 1.1%
Affymetrix, Inc. (a) (b)		222,242		1,651,258
Bruker Corporation (a)		10,314		213,087
Cambrex Corporation (a) (b)		108,194		2,216,895
Charles River Laboratories International, Inc. (a)		34,459		1,851,137
Compugen Ltd. (a)		24,197		226,726
Enzo Biochem, Inc. (a)		365,504		1,535,117
Fluidigm Corporation (a)		5,105		191,744

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Health Care - 15.1%(Continued)
Life Sciences Tools & Services - 1.1% (Continued)
NanoString Technologies, Inc. (a)		46,775	$	758,691
NeoGenomics, Inc. (a)		174,092		576,245
Nordion, Inc. (a)		10,838		125,504
PAREXEL International Corporation (a) (b)		22,858		1,036,610
pSivida Corporation (a)		6,122		22,284
Quintiles Transnational Holdings, Inc. (a)		9,399		442,975
				10,848,273
Pharmaceuticals - 1.8%
AcelRx Pharmaceuticals, Inc. (a)		115,194		1,246,399
Adamis Pharmaceuticals Corporation (a)		16,048		86,980
Aerie Pharmaceuticals, Inc. (a)		34,198		535,541
Akorn, Inc. (a)		17,134		432,119
Aratana Therapeutics, Inc. (a)		67,941		936,227
AVANIR Pharmaceuticals, Inc. - Class A (a)		15,035		74,874
Biodel, Inc. (a)		206,614		485,543
Biota Pharmaceuticals, Inc. (a)		250,830		925,563
Cempra, Inc. (a)		16,554		150,973
Corcept Therapeutics, Inc. (a) (b)		196,272		867,522
DURECT Corporation (a)		64,646		84,040
Evoke Pharma, Inc. (a)		4,149		35,391
Hospira, Inc. (a)		1,353		61,967
Impax Laboratories, Inc. (a)		35,724		934,183
Intra-Cellular Therapies, Inc. (a)		12,612		210,620
Lannett Company, Inc. (a)		40,053		1,383,030
Nektar Therapeutics (a) (b)		201,356		2,369,960
Pacira Pharmaceuticals, Inc. (a) (b)		23,202		1,589,105
Pain Therapeutics, Inc. (a)		277,089		1,576,636
Pernix Therapeutics Holdings, Inc. (a)		270,197		1,299,648
Pfizer, Inc.		14,861		464,852
Prestige Brands Holdings, Inc. (a)		20,950		702,244
Relypsa, Inc. (a)		12,025		268,518
Sagent Pharmaceuticals, Inc. (a)		28,104		581,472
Sucampo Pharmaceuticals, Inc. - Class A (a) (b)		144,354		997,486
Zoetis, Inc.		8,676		262,536
Zogenix, Inc. (a)		384		937
				18,564,366
Industrials - 12.6%
Aerospace & Defense - 0.9%
AeroVironment, Inc. (a)		19,151		646,729
Astronics Corporation (a)		17,248		985,206
Astronics Corporation - Class B (a)		628		35,733
Astrotech Corporation (a)		13,106		27,654
Cubic Corporation		3,820		181,183
Ducommun, Inc. (a)		24,164		586,460
Engility Holdings, Inc. (a) (b)		10,023		437,404
Exelis, Inc.		22,882		424,232
Huntington Ingalls Industries, Inc.		4,455		458,865
Kratos Defense & Security Solutions, Inc. (a)		16,454		118,798
L-3 Communications Holdings, Inc.		156		17,998
Lockheed Martin Corporation		337		55,315

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Industrials - 12.6%(Continued)
Aerospace & Defense - 0.9% (Continued)
Moog, Inc. - Class A (a) (b)		25,105	$	1,643,122
Orbital Sciences Corporation (a)		61,046		1,794,752
Sparton Corporation (a)		33,746		916,541
Sypris Solutions, Inc.		9,334		28,282
Taser International, Inc. (a)		9,977		161,129
Textron, Inc.		2,155		88,140
				8,607,543
Air Freight & Logistics - 0.4%
Air Transport Services Group, Inc. (a)		91,832		719,044
Atlas Air Worldwide Holdings, Inc. (a) (b)		21,385		748,261
Forward Air Corporation		5,633		249,148
Hub Group, Inc. - Class A (a)		12,915		576,655
Park-Ohio Holdings Corporation (a) (b)		31,928		1,864,276
				4,157,384
Airlines - 0.6%
Hawaiian Holdings, Inc. (a)		101,572		1,467,716
JetBlue Airways Corporation (a) (b)		240,328		1,899,793
Republic Airways Holdings, Inc. (a) (b)		308,246		2,561,524
SkyWest, Inc. (b)		52,627		610,473
				6,539,506
Building Products - 0.7%
AAON, Inc.		6,103		173,020
American Woodmark Corporation (a)		1,448		43,454
Apogee Enterprises, Inc.		2,592		82,348
Builders FirstSource, Inc. (a)		70,639		554,516
Continental Building Products, Inc. (a)		5,584		94,928
Insteel Industries, Inc.		41,584		855,799
Lennox International, Inc.		3,529		295,836
NCI Building Systems, Inc. (a)		1,689		26,416
Norcraft Companies, Inc. (a)		4,526		71,873
Nortek, Inc. (a)		2,974		244,344
Patrick Industries, Inc. (a)		54,307		2,176,082
PGT, Inc. (a)		137,331		1,366,443
Ply Gem Holdings, Inc. (a)		53,996		688,449
Simpson Manufacturing Company, Inc.		3,728		122,241
				6,795,749
Commercial Services & Supplies - 2.1%
ARC Document Solutions, Inc. (a)		117,480		751,872
Brink's Company (The)		2		51
Casella Waste Systems, Inc. - Class A (a)		15,724		80,192
Clean Harbors, Inc. (a)		810		48,600
Cypress Energy Partners, L.P. (a)		9,567		230,852
CyrusOne, Inc.		22,284		445,680
Deluxe Corporation		34,769		1,910,557
EnerNOC, Inc. (a) (b)		142,442		3,361,631
Fuel Tech, Inc. (a)		10,331		62,916
G&K Services, Inc. - Class A		4,687		248,130
Herman Miller, Inc.		11,125		342,984
Hudson Technologies, Inc. (a)		3,294		10,755
Interface, Inc.		19,545		351,615

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Industrials - 12.6%(Continued)
Commercial Services & Supplies - 2.1% (Continued)
Kimball International, Inc. - Class B		99,165	$	1,662,005
Knoll, Inc.		39,422		717,086
McGrath RentCorp		7,749		244,713
Metalico, Inc. (a)		1,643		2,530
MSA Safety, Inc.		4,342		229,040
Multi-Color Corporation		21,100		735,335
Progressive Waste Solutions Ltd.		12,454		303,504
Quad/Graphics, Inc.		50,826		1,100,383
R.R. Donnelley & Sons Company		24,642		433,699
Schawk, Inc.		69,500		1,390,000
SP Plus Corporation (a)		13,753		335,848
Steelcase, Inc. - Class A (b)		136,715		2,253,063
Sykes Enterprises, Inc. (a) (b)		77,697		1,537,624
US Ecology, Inc.		24,763		1,105,668
Viad Corporation (b)		71,581		1,649,942
				21,546,275
Construction & Engineering - 1.5%
AECOM Technology Corporation (a)		2,686		87,080
Argan, Inc.		60,199		1,611,527
Comfort Systems USA, Inc.		31,050		465,750
Dycom Industries, Inc. (a) (b)		68,793		2,160,100
Furmanite Corporation (a)		19,513		204,496
Granite Construction, Inc.		3,223		120,476
Great Lakes Dredge & Dock Corporation (a) (b)		78,568		678,042
MasTec, Inc. (a)		3,124		123,648
MYR Group, Inc. (a) (b)		58,231		1,366,099
Orion Marine Group, Inc. (a)		73,343		860,313
Primoris Services Corporation (b)		60,772		1,700,401
Sterling Construction Company, Inc. (a)		8,670		66,586
Tutor Perini Corporation (a) (b)		110,243		3,263,193
URS Corporation (b)		44,636		2,103,248
				14,810,959
Electrical Equipment - 0.6%
American Superconductor Corporation (a)		154,380		197,606
Belden, Inc. (b)		29,443		2,173,188
Brady Corporation - Class A		15,273		393,891
Broadwind Energy, Inc. (a)		94,872		1,279,823
Encore Wire Corporation		10,508		512,055
General Cable Corporation		20,436		523,570
Orion Energy Systems, Inc. (a)		43,435		230,206
Powell Industries, Inc.		2,545		161,149
PowerSecure International, Inc. (a)		12,872		286,145
Preformed Line Products Company (b)		2,998		179,160
Regal-Beloit Corporation		1,021		76,299
Thermon Group Holdings, Inc. (a)		13,469		320,832
Vicor Corporation (a)		7,914		66,161
				6,400,085
Industrial Conglomerates - 0.2%
Standex International Corporation		25,958		1,541,127

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Industrials - 12.6%(Continued)
Machinery - 2.0%
AGCO Corporation		1,105	$	61,549
Alamo Group, Inc.		27,904		1,482,260
Altra Industrial Motion Corporation		15,269		521,589
Ampco-Pittsburgh Corporation (b)		45,575		912,867
Astec Industries, Inc.		464		18,537
Blount International, Inc. (a)		29,941		334,441
China Yuchai International Ltd. (b)		16,989		342,158
CIRCOR International, Inc. (b)		16,435		1,334,686
CNH Industrial N.V.		4,757		55,134
Columbus McKinnon Corporation (a) (b)		6,852		181,509
Commercial Vehicle Group, Inc. (a)		27,098		263,122
Douglas Dynamics, Inc.		60,341		1,017,953
Duoyuan Printing, Inc. (a) (c)		82,994		1,660
Dynamic Materials Corporation		17		343
Federal Signal Corporation (a)		43,970		667,465
FreightCar America, Inc.		22,544		592,005
Global Brass & Copper Holdings, Inc.		20,181		320,071
Gorman-Rupp Company (The)		7,220		224,181
Graham Corporation		5,338		159,286
Greenbrier Companies, Inc. (The) (a)		8,736		458,116
Hurco Companies, Inc.		5,587		148,949
Hyster-Yale Materials Handling, Inc.		3,337		321,653
John Bean Technologies Corporation (b)		17,198		498,570
Kadant, Inc. (b)		19,357		672,656
L.B. Foster Company - Class A		11,846		560,908
Lincoln Electric Holdings, Inc.		1,150		76,832
Lydall, Inc. (a)		60,086		1,406,613
Manitex International, Inc. (a)		46,971		773,143
Manitowoc Company, Inc. (The)		9,711		308,616
Meritor, Inc. (a)		38,006		451,131
Miller Industries, Inc.		100		1,937
Mueller Water Products, Inc. - Class A (b)		84,831		773,659
NACCO Industries, Inc. - Class A (b)		23,716		1,270,940
NN, Inc.		6,331		123,898
Oshkosh Corporation		1,956		108,578
Proto Labs, Inc. (a)		1,452		87,904
Rexnord Corporation (a) (b)		50,166		1,341,439
SPX Corporation		2,691		274,051
Supreme Industries, Inc. - Class A (a)		47,039		266,711
Toro Company (The)		333		21,159
Trimas Corporation (a)		6,756		242,270
Twin Disc, Inc.		1,759		50,888
Wabash National Corporation (a) (b)		39,020		521,307
WABCO Holdings, Inc. (a)		3,238		346,498
Wabtec Corporation		962		71,717
Woodward, Inc.		3,658		163,988
Xerium Technologies, Inc. (a)		33,195		448,133
				20,283,080
Marine - 0.4%
Baltic Trading Ltd. (b)		128,479		769,589

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Industrials - 12.6%(Continued)
Marine - 0.4% (Continued)
Costamare, Inc.		2,460	$	52,742
Diana Shipping, Inc. (a)		34,006		382,908
DryShips, Inc. (a)		138,823		405,363
Global Ship Lease, Inc. - Class A (a)		14,749		56,046
International Shipholding Corporation		2,446		65,895
Matson, Inc. (b)		46,088		1,091,825
Navios Maritime Holdings, Inc.		41,001		322,678
Paragon Shipping, Inc. - Class A (a)		48,514		272,164
Safe Bulkers, Inc.		12,171		98,828
Star Bulk Carriers Corporation (a)		24,144		286,831
				3,804,869
Professional Services - 1.9%
Barrett Business Services, Inc.		3,012		151,835
CDI Corporation		32,681		500,673
CRA International, Inc. (a)		18,015		392,187
Exponent, Inc.		12,581		885,954
Franklin Covey Company (a)		21,561		437,041
GP Strategies Corporation (a)		9,206		241,934
Heidrick & Struggles International, Inc. (b)		44,980		847,873
Hill International, Inc. (a)		139,569		937,904
Huron Consulting Group, Inc. (a)		16,271		1,158,495
ICF International, Inc. (a)		28,934		1,127,558
Insperity, Inc.		2,468		79,124
Kelly Services, Inc. - Class A (b)		116,924		2,462,419
Korn/Ferry International (a) (b)		77,819		2,260,642
ManpowerGroup, Inc.		4,766		387,666
Mistras Group, Inc. (a)		10,850		246,404
Navigant Consulting, Inc. (a) (b)		114,633		1,925,834
On Assignment, Inc. (a) (b)		40,690		1,424,150
Resources Connection, Inc.		17,001		231,384
RPX Corporation (a)		71,931		1,178,230
TrueBlue, Inc. (a)		44,707		1,195,912
Volt Information Sciences, Inc. (a)		3,094		24,690
VSE Corporation		14,536		908,064
WageWorks, Inc. (a)		2,672		113,213
				19,119,186
Road & Rail - 0.5%
Arkansas Best Corporation		11,396		449,230
Celadon Group, Inc.		4,330		99,633
Con-Way, Inc.		693		29,439
Covenant Transportation Group, Inc. - Class A (a)		5,666		58,077
Genesee & Wyoming, Inc. - Class A (a)		1,115		110,396
Hertz Global Holdings, Inc. (a)		4,401		125,297
Landstar System, Inc.		3,379		212,843
Marten Transport Ltd. (b)		106,100		2,489,106
Patriot Transportation Holding, Inc. (a)		16		558
Quality Distribution, Inc. (a) (b)		22,782		286,370
Saia, Inc. (a)		17,102		704,089
Student Transportation, Inc.		84,225		522,195

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Industrials - 12.6%(Continued)
Road & Rail - 0.5% (Continued)
Universal Truckload Services, Inc.		16,414	$	404,769
				5,492,002
Trading Companies & Distributors - 0.8%
Air Lease Corporation		6,376		228,707
Aircastle Ltd.		55,946		982,971
Applied Industrial Technologies, Inc.		10,947		524,580
CAI International, Inc. (a) (b)		45,069		980,251
DXP Enterprises, Inc. (a) (b)		5,463		618,466
H&E Equipment Services, Inc. (a) (b)		55,611		2,143,804
HD Supply Holdings, Inc. (a)		4,337		111,808
Houston Wire & Cable Company		200		2,492
MFC Industrial Ltd. (b)		57,423		428,376
MRC Global, Inc. (a)		9,160		267,381
TAL International Group, Inc. (a) (b)		36,700		1,548,006
Textainer Group Holdings Ltd.		3,181		125,013
United Rentals, Inc. (a)		475		44,569
Watsco, Inc.		763		78,520
WESCO International, Inc. (a)		496		43,539
				8,128,483
Information Technology - 17.0%
Communications Equipment - 1.5%
Applied Optoelectronics, Inc. (a)		16,332		367,470
AudioCodes Ltd. (a)		18,812		107,416
Aviat Networks, Inc. (a)		89,726		135,486
Bel Fuse, Inc. - Class B		30,718		668,424
Brocade Communications Systems, Inc. (a)		43,464		404,650
Ceragon Networks Ltd. (a) (b)		412,851		1,110,569
Digi International, Inc. (a)		11,073		98,107
Emulex Corporation (a) (b)		304,605		2,177,926
Extreme Networks, Inc. (a)		8,692		49,718
Harmonic, Inc. (a) (b)		141,380		993,901
Ituran Location and Control Ltd.		2,240		53,805
Ixia (a)		10,278		127,653
Mitel Networks Corporation (a)		21,871		200,120
Motorola Solutions, Inc.		1,532		97,404
Numerex Corp. - Class A (a)		1,985		20,346
Oclaro, Inc. (a)		332,157		1,129,334
Oplink Communications, Inc. (a)		20		343
ORBCOMM, Inc. (a)		13,464		84,419
Plantronics, Inc.		498		21,698
Radware Ltd. (a)		25,282		417,911
Riverbed Technology, Inc. (a)		4,881		94,935
Ruckus Wireless, Inc. (a)		54,315		567,592
ShoreTel, Inc. (a) (b)		331,942		2,506,162
Sierra Wireless, Inc. (a)		13,604		293,302
Silicom Ltd.		4,678		226,883
Sonus Networks, Inc. (a) (b)		538,241		1,760,048
Sycamore Networks, Inc. (a)		60,896		35,320
TESSCO Technologies, Inc.		29,664		975,649
ViaSat, Inc. (a)		1,584		101,709

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Communications Equipment - 1.5% (Continued)
Westell Technologies, Inc. - Class A (a)		89,256	$	290,975
Zhone Technologies, Inc. (a)		80,454		222,858
				15,342,133
Electronic Equipment, Instruments & Components - 2.8%
Aeroflex Holding Corporation (a)		8,214		62,837
Audience, Inc. (a)		56,651		651,487
AVX Corporation		38,906		519,395
Badger Meter, Inc.		2,719		134,726
Benchmark Electronics, Inc. (a) (b)		69,383		1,608,298
Celestica, Inc. (a)		29,875		331,613
Checkpoint Systems, Inc. (a)		23,647		301,972
Clearfield, Inc. (a)		29,925		471,618
Coherent, Inc. (a)		17,003		1,015,249
CTS Corporation		12,193		216,913
CUI Global, Inc. (a)		45,539		414,860
Daktronics, Inc.		117,826		1,534,095
Dolby Laboratories, Inc. - Class A (a)		12,979		517,213
Echelon Corporation (a)		214,599		555,811
Electro Rent Corporation		5,224		84,368
Fabrinet (a) (b)		35,427		765,223
GSI Group, Inc. (The) (a)		16,379		198,841
Hollysys Automation Technologies Ltd. (a)		18,780		402,080
Ingram Micro, Inc. - Class A (a)		12,053		324,949
Insight Enterprises, Inc. (a)		91,272		2,384,025
Itron, Inc. (a)		32,413		1,231,694
KEMET Corporation (a)		22,948		114,969
LoJack Corporation (a)		3,527		19,998
Measurement Specialties, Inc. (a)		311		20,013
Mercury Systems, Inc. (a)		42,584		594,473
Mesa Laboratories, Inc.		489		41,907
Methode Electronics, Inc.		16,816		466,476
Multi-Fineline Electronix, Inc. (a) (b)		7,259		89,866
Nam Tai Property, Inc. (b)		89,590		619,067
NeoPhotonics Corporation (a)		19,174		110,634
Netlist, Inc. (a)		72,052		116,724
Newport Corporation (a) (b)		60,286		1,126,143
Orbotech Ltd. (a) (b)		29,649		437,026
OSI Systems, Inc. (a) (b)		33,721		1,881,969
Park Electrochemical Corporation		2,393		63,797
PC Connection, Inc.		22,751		455,248
Perceptron, Inc.		34,429		406,262
Plexus Corporation (a) (b)		11,566		484,847
RF Industries, Ltd.		597		3,648
Rogers Corporation (a)		4,800		288,096
Sanmina Corporation (a)		27,521		557,300
ScanSource, Inc. (a) (b)		27,152		1,042,908
Tech Data Corporation (a) (b)		60,533		3,782,707
Vishay Intertechnology, Inc. (b)		56,666		805,791
Vishay Precision Group, Inc. (a)		1,300		21,099
Wayside Technology Group, Inc.		6,754		109,145

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Electronic Equipment, Instruments & Components - 2.8% (Continued)
Zebra Technologies Corporation - Class A (a)		525	$	36,456
Zygo Corporation (a)		66,209		1,273,861
				28,697,697
Internet Software & Services - 2.6%
Akamai Technologies, Inc. (a)		579		30,728
AOL, Inc. (a)		7,750		331,778
Autobytel, Inc. (a)		79,275		986,181
Bankrate, Inc. (a)		12,449		218,106
Benefitfocus, Inc. (a)		7,012		227,189
Blucora, Inc. (a)		44,361		853,949
Brightcove, Inc. (a)		40,415		348,377
BroadVision, Inc. (a)		785		7,787
Carbonite, Inc. (a)		26,393		261,027
Care.com, Inc. (a)		4,106		50,299
comScore, Inc. (a)		24,148		756,557
Constant Contact, Inc. (a)		15,736		406,933
Cornerstone OnDemand, Inc. (a)		12,822		471,337
Cvent, Inc. (a)		23,864		656,976
DealerTrack Holdings, Inc. (a) (b)		38,955		1,779,854
Demand Media, Inc. (a)		31,921		132,791
Demandware, Inc. (a)		11,353		563,449
Dice Holdings, Inc. (a)		16,355		125,116
Digital River, Inc. (a)		29,724		454,480
E2open, Inc. (a)		2,563		44,263
EarthLink Holdings Corporation (b)		550,335		1,876,642
Envestnet, Inc. (a) (b)		67,603		2,491,171
GigaMedia Ltd. (a)		24,954		29,196
GTT Communications, Inc. (a)		11,471		138,799
IAC/InterActiveCorporation		4,986		330,472
IntraLinks Holdings, Inc. (a)		23,220		212,463
Limelight Networks, Inc. (a)		172,705		357,499
LivePerson, Inc. (a)		16,112		159,509
LogMeIn, Inc. (a) (b)		51,642		2,347,129
Marchex, Inc. - Class B		62,655		579,559
Marketo, Inc. (a)		12,013		326,033
Move, Inc. (a)		13,025		139,240
NIC, Inc.		11,257		206,453
Perficient, Inc. (a)		134,400		2,455,488
Perion Network Ltd. (a)		22,578		244,068
Points International Ltd. (a)		1,942		43,850
QuinStreet, Inc. (a)		36,568		223,065
SciQuest, Inc. (a)		1,205		28,896
Sohu.com, Inc. (a)		987		54,453
SPS Commerce, Inc. (a)		18,356		950,841
Stamps.com, Inc. (a)		6,114		212,217
Support.com, Inc. (a)		337,249		833,005
TheStreet, Inc.		51		131
Travelzoo, Inc. (a)		8,962		160,778
Tremor Video, Inc. (a)		77,008		347,306
Tucows, Inc. - Class A (a)		2,257		32,456

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Internet Software & Services - 2.6% (Continued)
United Online, Inc.		57,272	$	678,673
Unwired Planet, Inc. (a)		101,532		231,493
Vocus, Inc. (a)		60,367		1,085,399
Wix.com Ltd. (a)		10,044		205,802
XO Group, Inc. (a)		52,260		555,001
Yahoo!, Inc. (a)		2,155		77,472
Yandex N.V. - Class A (a)		1,859		49,263
YuMe, Inc. (a)		17,767		118,861
				26,489,860
IT Services - 2.8%
Acxiom Corporation (a)		20,551		580,360
Booz Allen Hamilton Holding Corporation (b)		96,900		2,251,956
Cardtronics, Inc. (a) (b)		62,597		2,095,748
CGI Group, Inc. - Class A (a)		9,027		325,604
China Information Technology, Inc. (a)		4,437		18,014
Computer Sciences Corporation		5,390		318,980
Convergys Corporation (b)		61,501		1,324,732
CoreLogic, Inc. (a)		21,354		598,553
Datalink Corporation (a)		52,903		679,275
EPAM Systems, Inc. (a)		34,599		1,077,067
ExlService Holdings, Inc. (a) (b)		79,515		2,249,877
Global Cash Access Holdings, Inc. (a) (b)		119,842		790,957
iGATE Corporation (a)		76,004		2,781,746
Information Services Group, Inc. (a)		279,151		1,381,797
Lionbridge Technologies, Inc. (a) (b)		402,297		2,365,506
Luxoft Holding, Inc. (a)		15,777		425,821
Mattersight Corporation (a)		7,425		46,852
MAXIMUS, Inc. (b)		59,233		2,521,549
ModusLink Global Solutions, Inc. (a)		2,455		9,918
MoneyGram International, Inc. (a) (b)		85,329		1,126,343
NCI, Inc. - Class A (a)		17,088		170,367
PFSweb, Inc. (a)		4,876		39,203
Planet Payment, Inc. (a)		3,934		10,346
PRGX Global, Inc. (a)		62,710		403,225
Science Applications International Corporation (b)		67,765		2,642,835
ServiceSource International, Inc. (a)		16,655		103,927
TeleTech Holdings, Inc. (a)		31,466		759,275
VeriFone Systems, Inc. (a)		4,746		158,706
Virtusa Corporation (a)		36,003		1,187,019
Xerox Corporation		2,910		35,182
				28,480,740
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Energy Industries, Inc. (a)		18,001		393,862
Amkor Technology, Inc. (a) (b)		407,072		3,236,222
Amtech Systems, Inc. (a)		10,098		86,338
ANADIGICS, Inc. (a) (b)		295,627		369,534
ATMI, Inc. (a)		60,369		2,051,640
Axcelis Technologies, Inc. (a) (b)		415,001		742,852
Brooks Automation, Inc. (b)		32,266		330,081
Cabot Microelectronics Corporation (a)		5,826		252,674

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Semiconductors & Semiconductor Equipment - 3.4% (Continued)
Cavium, Inc. (a) (b)		49,383	$	2,092,358
CEVA, Inc. (a)		4,519		73,343
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		22,630		476,135
Cypress Semiconductor Corporation (a)		24,130		228,511
Diodes, Inc. (a)		22,849		602,528
DSP Group, Inc. (a)		135,387		1,077,681
Entegris, Inc. (a)		13,921		154,384
Fairchild Semiconductor International, Inc. (a)		13,971		177,851
FormFactor, Inc. (a)		37,228		214,061
Freescale Semiconductor Ltd. (a)		2,587		56,836
Inphi Corporation (a)		85,547		1,265,240
Integrated Device Technology, Inc. (a) (b)		206,165		2,405,946
Integrated Silicon Solution, Inc. (a)		25,783		372,822
Intermolecular, Inc. (a)		33,941		92,320
International Rectifier Corporation (a)		5,199		135,382
Intersil Corporation - Class A		52,864		652,342
IXYS Corporation (b)		114,346		1,233,793
Kulicke & Soffa Industries, Inc. (a) (b)		34,036		500,670
Lam Research Corporation (a)		280		16,131
Lattice Semiconductor Corporation (a) (b)		300,306		2,528,577
LSI Corporation		20,753		231,188
LTX-Credence Corporation (a)		18,779		180,842
MA/COM Technology Solutions Holdings, Inc. (a)		37,049		648,728
MagnaChip Semiconductor Corporation (a)		27,487		384,818
Mattson Technology, Inc. (a) (b)		553,898		1,102,257
MaxLinear, Inc. - Class A (a)		40,135		315,862
Micrel, Inc.		3,954		39,382
Micron Technology, Inc. (a)		3,590		93,771
Microsemi Corporation (a) (b)		12,873		302,773
Monolithic Power Systems, Inc. (a)		19,357		718,145
Nanometrics, Inc. (a)		3,380		54,959
Nova Measuring Instruments Ltd. (a) (b)		37,360		392,280
OmniVision Technologies, Inc. (a) (b)		143,702		2,806,500
ON Semiconductor Corporation (a)		6,584		61,955
PDF Solutions, Inc. (a) (b)		2,578		48,389
PLX Technology, Inc. (a)		104,932		608,606
PMC-Sierra, Inc. (a)		11,016		75,349
Rambus, Inc. (a)		6,727		81,329
RF Micro Devices, Inc. (a)		122,066		1,030,237
Sigma Designs, Inc. (a)		69,233		261,008
Silicon Image, Inc. (a)		237,777		1,333,929
Tower Semiconductor Ltd. (a)		53,116		418,554
TriQuint Semiconductor, Inc. (a)		35,996		510,423
Ultra Clean Holdings, Inc. (a)		23,436		199,675
Vitesse Semiconductor Corporation (a)		92,757		345,056
				34,066,129
Software - 3.1%
ACI Worldwide, Inc. (a) (b)		33,945		1,939,957
Activision Blizzard, Inc.		15,425		308,654
Actuate Corporation (a) (b)		159,822		899,798

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Software - 3.1% (Continued)
Advent Software, Inc.		19,607	$	565,074
American Software, Inc. - Class A		14,399		138,806
Attunity Ltd. (a)		30,247		259,822
Blackbaud, Inc.		3,287		100,089
BSQUARE Corporation (a)		2,000		6,400
CA, Inc.		2,134		64,319
Callidus Software, Inc. (a)		8,172		78,002
Cimatron Ltd. (a)		3,554		23,456
Cinedigm Corporation - Class A (a)		290,368		725,920
ClickSoftware Technologies Ltd. (b)		31,835		294,155
Compuware Corporation		208,233		2,157,294
Comverse, Inc. (a)		31,848		794,289
Covisint Corporation (a)		16,011		113,038
Digimarc Corporation		23,043		760,880
Electronic Arts, Inc. (a)		10,195		288,518
EPIQ Systems, Inc.		97,587		1,248,138
ePlus, Inc. (a)		21,688		1,085,267
Fair Isaac Corporation		503		28,772
Imperva, Inc. (a) (b)		13,316		304,670
Infoblox, Inc. (a) (b)		86,413		1,695,423
Informatica Corporation (a)		1,836		65,086
Interactive Intelligence Group, Inc. (a)		15,412		964,329
Kofax Ltd. (a)		32,998		250,125
Mandalay Digital Group, Inc. (a)		116,694		441,103
Manhattan Associates, Inc. (a)		3,452		108,842
Mavenir Systems, Inc. (a)		19,520		291,238
MicroStrategy, Inc. - Class A (a)		2,214		268,846
Model N, Inc. (a) (b)		23,729		213,798
Monotype Imaging Holdings, Inc.		8,928		235,788
Net 1 UEPS Technologies, Inc. (a)		59,362		531,290
NetScout Systems, Inc. (a) (b)		40,451		1,575,971
NetSol Technologies, Inc. (a)		6,236		26,815
Pegasystems, Inc.		61,365		1,016,818
Progress Software Corporation (a) (b)		87,297		1,873,394
Proofpoint, Inc. (a)		52		1,323
PROS Holdings, Inc. (a)		3,642		99,791
Rally Software Development Corporation (a)		12,665		165,658
Sapiens International Corporation N.V. (a)		91,657		721,341
Silver Spring Networks, Inc. (a)		9,113		136,513
Smith Micro Software, Inc. (a)		102,567		170,261
SolarWinds, Inc. (a)		28,385		1,144,483
Synchronoss Technologies, Inc. (a) (b)		55,755		1,697,182
Take-Two Interactive Software, Inc. (a) (b)		133,849		2,727,843
TeleCommunication Systems, Inc. - Class A (a)		22,870		58,318
Telenav, Inc. (a)		162,139		993,912
TiVo, Inc. (a)		18,580		220,359
VASCO Data Security International, Inc. (a)		18,217		207,856
Verint Systems, Inc. (a) (b)		29,873		1,307,541
				31,396,565

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Information Technology - 17.0%(Continued)
Technology Hardware, Storage & Peripherals - 0.8%
Cray, Inc. (a) (b)		57,880	$	1,661,735
Diebold, Inc. (b)		2,598		97,711
Dot Hill Systems Corporation (a)		30,183		124,656
Hewlett-Packard Company		6,848		226,395
Hutchinson Technology, Inc. (a)		99,634		276,982
Imation Corporation (a)		110,686		478,164
Immersion Corporation (a) (b)		9,376		106,324
Intevac, Inc. (a)		14,492		116,661
Lexmark International, Inc. - Class A		15,338		659,534
NCR Corporation (a)		1,185		36,154
Novatel Wireless, Inc. (a)		189,079		342,233
QLogic Corporation (a)		112,016		1,297,145
Synaptics, Inc. (a) (b)		34,208		2,126,027
Western Digital Corporation		191		16,823
				7,566,544
Materials - 5.5%
Chemicals - 1.7%
A. Schulman, Inc.		20,827		748,106
Advanced Emissions Solutions, Inc. (a)		6,136		140,698
Arabian American Development Company (a)		28,889		315,757
Axiall Corporation (b)		36,332		1,693,071
Balchem Corporation		16,079		996,094
BioAmber, Inc. (a)		805		8,082
Cabot Corporation		2,171		125,484
Calgon Carbon Corporation (a)		9,303		186,339
Celanese Corporation - Series A		614		37,718
CVR Partners, L.P.		9,989		213,165
Cytec Industries, Inc.		19,866		1,893,627
Ferro Corporation (a)		90,834		1,179,025
Flotek Industries, Inc. (a)		3		84
FutureFuel Corporation		16,495		331,055
Hawkins, Inc.		1,172		42,426
Huntsman Corporation		14,126		353,856
Innophos Holdings, Inc.		3,207		181,003
Innospec, Inc.		10,791		464,660
Koppers Holdings, Inc. (b)		64,238		2,742,963
Kraton Performance Polymers, Inc. (a) (b)		7,612		198,293
Kronos Worldwide, Inc.		158		2,473
LyondellBasell Industries N.V. - Class A		991		91,668
Minerals Technologies, Inc.		4,503		267,883
OM Group, Inc.		4,273		125,156
OMNOVA Solutions, Inc. (a)		27,353		249,459
Quaker Chemical Corporation		3,569		265,641
Rockwood Holdings, Inc.		1,017		72,258
RPM International, Inc.		852		36,346
Sensient Technologies Corporation		14,630		790,752
Stepan Company (b)		44,338		2,564,067
Taminco Corporation (a)		13,641		274,048
Tredegar Corporation		26,500		551,465
				17,142,722

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Materials - 5.5%(Continued)
Construction Materials - 0.1%
Headwaters, Inc. (a)		33,089	$	412,951
United States Lime & Minerals, Inc.		5,291		286,031
				698,982
Containers & Packaging - 0.7%
AEP Industries, Inc. (a)		2,911		103,690
Berry Plastics Group, Inc. (a) (b)		122,999		2,766,247
Crown Holdings, Inc. (a)		3,465		163,444
Graphic Packaging Holding Company (a)		113,012		1,159,503
Myers Industries, Inc.		40,813		763,203
Owens-Illinois, Inc. (a)		1,078		34,259
Rock-Tenn Company - Class A		359		34,324
Sealed Air Corporation		4,292		147,259
Silgan Holdings, Inc. (b)		43,529		2,165,568
UFP Technologies, Inc. (a)		706		17,904
				7,355,401
Metals & Mining - 2.2%
Alamos Gold, Inc.		92,722		864,169
Alexco Resource Corporation (a) (b)		128,242		165,432
Allegheny Technologies, Inc.		3,567		146,960
AMCOL International Corporation (b)		45,827		2,101,168
Asanko Gold, Inc. (a) (b)		190,924		402,850
Augusta Resource Corporation (a)		19,187		54,491
AuRico Gold, Inc.		82,531		343,329
Barrick Gold Corporation		18,980		331,581
Compass Minerals International, Inc. (b)		38,211		3,500,128
Dominion Diamond Corporation (a) (b)		23,953		301,568
Endeavour Silver Corporation (a)		97,343		444,858
Exeter Resource Corporation (a) (b)		35,771		21,463
First Majestic Silver Corporation (a)		36,388		345,686
Fortuna Silver Mines, Inc. (a)		44,785		185,858
Globe Specialty Metals, Inc.		27,973		542,117
Great Panther Silver Ltd. (a)		156,827		170,941
Handy & Harman Ltd. (a)		10		226
Haynes International, Inc.		1,479		78,461
Hecla Mining Company		72,058		221,218
IAMGOLD Corporation (b)		85,176		297,264
Kinross Gold Corporation (a)		111,354		452,097
MAG Silver Corporation (a)		19,186		146,005
Materion Corporation		30,680		1,032,382
McEwen Mining, Inc. (a)		187,930		451,032
Mesabi Trust		10,424		210,461
Midway Gold Corporation (a)		10,053		9,193
Minco Gold Corporation (a)		1,327		385
Nevsun Resources Ltd. (b)		189,291		689,019
Newmont Mining Corporation		6,603		163,953
Noranda Aluminum Holding Corporation (b)		413,473		1,467,829
Pan American Silver Corporation		18,455		239,177
Platinum Group Metals Ltd. (a)		3,390		3,526
Pretium Resources, Inc. (a)		36,088		234,572
Primero Mining Corporation (a)		39,256		248,490

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Materials - 5.5%(Continued)
Metals & Mining - 2.2% (Continued)
Quest Rare Minerals Ltd. (a)		2,950	$	1,298
Rare Element Resources Ltd. (a)		174,231		224,758
Richmont Mines, Inc. (a) (b)		28,594		36,886
Rio Alto Mining Ltd. (a)		82,784		164,740
Rubicon Minerals Corporation (a)		309,366		337,209
Sandstorm Gold Ltd. (a)		77,140		432,755
Silvercorp Metals, Inc.		364,014		757,149
SilverCrest Mines, Inc. (a)		99,687		171,462
Stillwater Mining Company (a)		48,992		773,094
SunCoke Energy Partners, L.P.		15,079		443,323
SunCoke Energy, Inc. (a)		5,868		122,465
Sutor Technology Group Ltd. (a)		2,799		4,674
Taseko Mines Ltd. (a) (b)		613,545		1,325,257
Turquoise Hill Resources Ltd. (a)		105,069		409,769
U.S. Energy Corporation (a)		30,504		129,642
United States Steel Corporation		947		24,641
Universal Stainless & Alloy Products, Inc. (a)		581		20,852
US Silica Holdings, Inc.		7,587		342,705
Worthington Industries, Inc.		9,591		352,949
Yamana Gold, Inc.		56,933		425,859
				22,369,376
Paper & Forest Products - 0.8%
Boise Cascade Company (a)		5,362		134,157
Clearwater Paper Corporation (a)		3,072		188,590
Deltic Timber Corporation		1,945		118,159
KapStone Paper and Packaging Corporation (a) (b)		111,176		2,932,823
Mercer International, Inc. (a)		8,671		71,796
Neenah Paper, Inc.		28,607		1,440,934
P.H. Glatfelter Company (b)		101,464		2,589,361
Schweitzer-Mauduit International, Inc.		18,173		793,070
				8,268,890
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.7%
Alaska Communications Systems Group, Inc. (a) (b)		288,497		545,259
Cbeyond, Inc. (a)		212,108		2,097,748
Cincinnati Bell, Inc. (a)		133,989		448,863
General Communication, Inc. - Class A (a) (b)		40,433		422,121
IDT Corporation - Class B (b)		12,997		205,873
Inteliquent, Inc.		12,610		172,000
Lumos Networks Corporation		53,262		703,591
Premiere Global Services, Inc. (a) (b)		28,395		361,185
Towerstream Corporation (a)		179,904		332,822
Vonage Holdings Corporation (a) (b)		528,832		2,030,715
				7,320,177
Wireless Telecommunication Services - 0.2%
Cellcom Israel Ltd. (b)		25,354		321,489
RingCentral, Inc. - Class A (a)		31,720		480,875
Shenandoah Telecommunications Company		5,027		140,907
T-Mobile US, Inc. (a)		2,626		76,915

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.3%(Continued)	Shares		Value
Telecommunication Services - 0.9%(Continued)
Wireless Telecommunication Services - 0.2% (Continued)
USA Mobility, Inc.		51,136	$	875,960
				1,896,146
Utilities - 1.0%
Electric Utilities - 0.2%
Brookfield Infrastructure Partners, L.P.		1,491		58,134
Cleco Corporation		4,412		231,851
El Paso Electric Company		293		11,081
Great Plains Energy, Inc.		2,001		53,687
OGE Energy Corporation		8,196		305,957
Otter Tail Corporation		9,013		264,081
PNM Resources, Inc.		5,619		155,534
Unitil Corporation		30,967		1,028,104
Xcel Energy, Inc.		540		17,210
				2,125,639
Gas Utilities - 0.3%
Chesapeake Utilities Corporation		6,153		389,239
Gas Natural, Inc.		29,843		325,289
Laclede Group, Inc. (The)		15,471		733,480
New Jersey Resources Corporation		16,309		811,047
One Gas, Inc.		1,157		42,323
South Jersey Industries, Inc.		2,940		168,903
Southwest Gas Corporation		10,656		586,187
Star Gas Partners, L.P.		2,261		14,357
UGI Corporation		3,718		173,593
				3,244,418
Independent Power and Renewable Electricity Producers - 0.1%
AES Corporation (The)		19,309		279,015
Atlantic Power Corporation		111,589		331,419
Dynegy, Inc. (a)		19,492		554,548
Pattern Energy Group, Inc.		6,570		176,076
Synthesis Energy Systems, Inc. (a)		24,203		41,871
				1,382,929
Multi-Utilities - 0.2%
Avista Corporation		11,916		383,099
CenterPoint Energy, Inc.		4,875		120,705
MDU Resources Group, Inc.		4,180		148,056
NorthWestern Corporation		2,476		119,789
Vectren Corporation		20,743		841,543
				1,613,192
Water Utilities - 0.2%
American States Water Company		27,052		821,299
Connecticut Water Service, Inc.		2,018		65,585
Consolidated Water Company Ltd.		45,661		530,581
Middlesex Water Company		5,161		104,923
SJW Corporation		4,267		116,190
				1,638,578
Total Common Stocks (Cost $849,740,612)			$	913,267,189

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

PREFERRED STOCKS - 0.2%	Shares		Value
Beazer Homes USA, Inc., 7.500%, CV		1,854	$	55,490
Dominion Resources, Inc., Series A, 6.125%, CV		6,500		381,030
Dominion Resources, Inc., Series B, 6.000%, CV		2,409		141,625
MetLife, Inc., 5.000%, CV		18,343		558,544
NextEra Energy, Inc., 5.799%, CV		5,343		303,162
Total Preferred Stocks (Cost $1,307,461)			$	1,439,851

OTHER INVESTMENTS - 7.6%	Shares		Value
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.		10,012	$	134,762
Aberdeen Greater China Fund, Inc. (a)		31,194		310,692
Aberdeen Indonesia Fund, Inc.		26,545		249,019
Aberdeen Israel Fund, Inc.		4,300		77,142
Aberdeen Latin America Equity Fund, Inc.		3,890		111,254
Aberdeen Singapore Fund, Inc.		13,073		169,295
Adams Express Company (The)		72,691		957,340
Advent/Claymore Convertible Securities & Income Fund		10,799		196,974
Advent/Claymore Enhanced Growth & Income Fund		33,872		338,720
Advent/Claymore Global Convertible Securities & Income Fund		40,900		301,024
Alliance California Municipal Income Fund, Inc.		11,481		148,909
Alliance New York Municipal Income Fund, Inc.		13,584		172,381
AllianzGI Equity & Convertible Income Fund		49,711		983,781
Alpine Global Dynamic Dividend Fund		13,390		134,703
Alpine Global Premier Properties Fund		184,178		1,311,347
Alpine Total Dynamic Dividend Fund		180,027		1,532,030
American Income Fund, Inc.		7,479		57,214
American Select Portfolio, Inc.		24,924		251,732
American Strategic Income Portfolio, Inc.		14,021		138,668
American Strategic Income Portfolio, Inc. II		5,499		46,851
American Strategic Income Portfolio, Inc. III		2,200		15,994
ASA Gold and Precious Metals Ltd.		16,804		230,719
Asia Pacific Fund, Inc. (The) (a)		20,757		212,552
Asia Tigers Fund, Inc. (The)		25,600		294,144
Bancroft Fund Ltd.		6,137		121,083
BlackRock Build America Bond Trust		78,221		1,599,619
BlackRock Core Bond Trust		2,653		35,789
BlackRock Corporate High Yield Fund VI, Inc.		101,197		1,236,627
BlackRock Credit Allocation Income Trust IV		92,912		1,271,036
BlackRock EcoSolutions Investment Trust		22,337		182,047
BlackRock Energy and Resources Trust		63,771		1,597,464
BlackRock Enhanced Equity Dividend Trust		7,200		58,320
BlackRock Income Trust, Inc.		12,746		83,231
BlackRock Municipal Bond Investment Trust		7,769		111,874
BlackRock Municipal Bond Trust		26,701		401,850
BlackRock Municipal Income Investment Quality Trust		12,650		177,606
BlackRock Municipal Income Quality Trust		1,000		14,040
BlackRock MuniHoldings California Quality Fund, Inc.		400		5,754
BlackRock MuniHoldings Investment Quality Fund		13,362		182,926
BlackRock MuniHoldings Quality Fund, Inc.		27,222		350,619
BlackRock MuniYield Investment Quality Fund		12,255		163,482

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 7.6% (Continued)	Shares		Value
BlackRock MuniYield Michigan Quality Fund II, Inc.		19,822	$	251,145
BlackRock MuniYield Michigan Quality Fund, Inc.		2,936		40,135
BlackRock MuniYield Pennsylvania Quality Fund		18,050		253,783
BlackRock New Jersey Municipal Income Trust		5,293		75,849
BlackRock New York Municipal Bond Trust		5,255		72,624
BlackRock New York Municipal Income Quality Trust		1,915		25,163
BlackRock Pennsylvania Strategic Municipal Trust		3,148		40,656
BlackRock Real Asset Equity Trust		71,284		650,823
BlackRock Resources & Commodities Strategy Trust		31,253		375,661
BlackRock Utility and Infrastructure Trust		28,374		549,037
Boulder Growth & Income Fund, Inc.		34,600		289,256
Boulder Total Return Fund, Inc. (a)		16,583		413,746
CBRE Clarion Global Real Estate Income Fund		151,370		1,303,296
Central Europe & Russia Fund, Inc. (The)		2,571		66,640
Central Securities Corporation		26,640		591,941
China Fund, Inc. (The)		25,828		512,944
Clough Global Allocation Fund		16,170		245,622
Clough Global Equity Fund		19,178		289,396
Clough Global Opportunities Fund		114,618		1,435,017
Cohen & Steers Closed-End Opportunity Fund, Inc.		26,598		351,360
Cohen & Steers Dividend Majors Fund, Inc.		4,880		76,421
Cohen & Steers Infrastructure Fund, Inc.		71,001		1,601,073
Cohen & Steers Quality Income Realty Fund, Inc.		122,942		1,322,856
Cohen & Steers REIT and Preferred Income Fund, Inc.		80,038		1,394,262
Cohen & Steers Total Return Realty Fund, Inc.		3,339		42,339
Cutwater Select Income Fund		1		9
Delaware Investments Colorado Municipal Income Fund, Inc.		1,412		19,133
Delaware Investments Dividend & Income Fund, Inc.		444		4,276
Delaware Investments National Municipal Income Fund		3,290		41,651
Denali Fund (The)		536		11,277
Dividend and Income Fund		21,008		329,195
Dreyfus Municipal Bond Infrastructure Fund, Inc.		1,268		14,823
DTF Tax-Free Income, Inc.		9,767		148,458
Duff & Phelps Global Utility Income Fund, Inc.		69,808		1,426,876
DWS Global High Income Fund, Inc.		11,549		94,586
DWS High Income Opportunities Fund, Inc.		38,630		564,384
DWS Multi-Market Income Trust		35		326
Eagle Capital Growth Fund, Inc.		2,587		20,256
Eaton Vance California Municipal Bond Fund		29,635		331,616
Eaton Vance Massachusetts Municipal Income Fund		200		2,704
Eaton Vance Michigan Municipal Income Trust		3,721		45,690
Eaton Vance Municiapl Income Term Trust		26,647		438,343
Eaton Vance New York Municipal Bond Fund		29,727		367,128
Eaton Vance New York Municipal Bond Fund 2		4,488		53,587
Eaton Vance Ohio Municipal Bond Fund		956		11,749
Eaton Vance Ohio Municipal Income Trust		2,000		27,090
Eaton Vance Pennsylvania Municipal Income Trust		3,100		38,223
Eaton Vance Risk-Managed Diversified Equity Income Fund		17,269		193,931
Eaton Vance Tax-Advantaged Bond and Options         Strategies Fund		48,821		688,864
Eaton Vance Tax-Advantaged Dividend Income Fund		24,182		481,705
Ellsworth Fund Ltd.		16,927		144,895

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 7.6% (Continued)		Shares		Value
Engex, Inc. (a)			633	$	2,849
European Equity Fund, Inc. (The) (a)			3,074		27,758
Federated Enhanced Treasury Income Fund			11,455		155,101
Federated Premier Intermediate Municipal Income Fund			302		3,947
First Trust Dividend and Income Fund	��		39,154		343,381
First Trust Energy Infrastructure Fund			20,319		453,926
First Trust High Income Long/Short Fund			790		14,236
First Trust Specialty Finance & Finance Opportunities Fund			2,621		19,893
First Trust/Aberdeen Emerging Opportunity Fund			25,435		467,750
First Trust/FIDAC Mortgage Income Fund			649		10,345
Firsthand Technology Value Fund, Inc. (a)			61,886		1,210,490
Fort Dearborn Income Securities, Inc.			19,863		288,411
Gabelli Dividend & Income Trust			14,629		326,227
Gabelli Global Utility & Income Trust			6,958		139,369
Gabelli Healthcare & WellnessRx Trust (The)			25,351		262,890
GDL Fund (The)			47,352		521,346
General American Investors Company, Inc.			17,988		641,272
Guggenheim Build America Bonds Managed Duration Trust			18,431		386,498
Guggenheim Equal Weight Enhanced Equity Income Fund			6,659		125,522
Helios Multi-Sector High Income Fund, Inc.			1		1
Herzfeld Caribbean Basin Fund, Inc. (a)			3,039		24,494
India Fund, Inc.			72,826		1,598,531
ING Asia Pacific High Dividend Equity Income Fund			9,054		113,356
ING Global Advantage and Premium Opportunity Fund			11,342		133,609
ING Risk Managed Natural Resources Fund			757		8,138
Invesco Municipal Opportunity Trust			123,110		1,526,564
Invesco Quality Municipal Income Trust			59,062		711,106
Invesco Value Municipal Income Trust			1		13
Invesco Van Kampen Advantage Municipal Income Trust II			33,721		376,326
Invesco Van Kampen California Value Municipal Income Trust			60,557		730,317
Invesco Van Kampen Municipal Trust			78,685		966,252
Invesco Van Kampen Trust for Investment Grade Municipals			57,960		748,264
Japan Equity Fund, Inc. (The)			35,080		225,214
Japan Smaller Capitalization Fund, Inc.			55,793		484,283
John Hancock Income Securities Trust			5,915		86,063
John Hancock Premium Dividend Fund			9,399		126,887
John Hancock Tax-Advantaged Dividend Income Fund			10,746		222,657
Kayne Anderson Midstream/Energy Fund, Inc.			19,377		686,140
Korea Equity Fund, Inc. (a)			21,597		180,983
Latin American Discovery Fund, Inc.			7,614		100,657
Lazard Global Total Return & Income Fund, Inc.			11,175		200,480
Liberty All-Star Equity Fund			93,431		538,163
LMP Real Estate Income Fund, Inc.			9,247		104,121
Macquarie Global Infrastructure Total Return Fund, Inc.			4,474		108,495
Madison/Claymore Covered Call & Equity Strategy Fund			1,513		12,649
Mexico Equity and Income Fund, Inc. (The) (a)			7,730		113,940
MFS California Insured Municipal Trust			4,521		48,917
MFS High Income Municipal Trust			44,782		213,610
MFS High Yield Municipal Trust			4,990		22,056
MFS Investment Grade Municipal Trust			4,186		38,469
Montgomery Street Income Securities, Inc.			12,599		205,868
Morgan Stanley Asia-Pacific Fund, Inc.			57,492		915,273

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 7.6% (Continued)	Shares		Value
Morgan Stanley China A Share Fund, Inc.		65,408	$	1,401,039
Morgan Stanley Eastern Europe Fund, Inc.		1,638		28,206
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		104,448		1,371,402
Morgan Stanley Emerging Markets Fund, Inc.		13,068		198,503
Morgan Stanley Income Securities, Inc.		5,250		93,188
Neuberger Berman High Yield Strategies Fund, Inc.		1,479		20,277
Neuberger Berman Real Estate Securities Income Fund, Inc.		221,052		1,069,892
New America High Income Fund, Inc.		58,523		583,474
New Germany Fund, Inc. (The)		34,013		645,567
New Ireland Fund, Inc. (The)	��	19,875		281,231
Nuveen AMT-Free Municipal Income Fund		1		13
Nuveen Build America Bond Opportunity Fund		18,303		383,265
Nuveen Build America Bond Term Fund		25,977		519,020
Nuveen California Municipal Value Fund 2		1,820		28,847
Nuveen Connecticut Premium Income Municipal Fund		18,161		226,286
Nuveen Credit Strategies Income Fund		63,354		596,795
Nuveen Diversified Commodity Fund		8,962		146,260
Nuveen Diversified Dividend and Income Fund		39,044		461,500
Nuveen Dividend Advantage Municipal Fund		33,354		459,618
Nuveen Dividend Advantage Municipal Fund 2		34,729		480,649
Nuveen Dividend Advantage Municipal Fund 3		47,496		635,022
Nuveen Dividend Advantage Municipal Income Fund		57,424		792,451
Nuveen Equity Premium and Growth Fund		7,800		112,632
Nuveen Georgia Dividend Advantage Municipal Fund 2		8,082		101,510
Nuveen Global Equity Income Fund		36,670		500,912
Nuveen Intermediate Duration Municipal Term Fund		38,078		468,359
Nuveen Maryland Premium Income Municipal Fund		5,702		72,415
Nuveen Michigan Quality Income Municipal Fund, Inc.		64,084		884,359
Nuveen Municipal Advantage Fund		52,874		702,167
Nuveen Municipal Opportunity Fund, Inc.		20,823		292,771
Nuveen New Jersey Dividend Advantage Municipal Fund		1,400		19,096
Nuveen New Jersey Dividend Advantage Municipal Fund 2		4,527		60,119
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		21,897		295,828
Nuveen New Jersey Municipal Value Fund		1,170		16,942
Nuveen New York Dividend Advantage Municipal Fund		18,873		255,918
Nuveen New York Dividend Advantage Municipal Fund 2		297		3,971
Nuveen New York Performance Plus Municipal Fund, Inc.		17,850		254,720
Nuveen North Carolina Premium Income Municipal Fund		13,598		177,046
Nuveen Pennsylvania Municipal Value Fund		1,337		19,320
Nuveen Premier Municipal Income Fund, Inc.		19,944		269,842
Nuveen Premium Income Municipal Fund		47,428		638,855
Nuveen Premium Income Municipal Fund 2		70,288		966,462
Nuveen Quality Municipal Fund, Inc.		46,587		605,165
Nuveen Quality Preferred Income Fund		1,947		16,199
Nuveen Quality Preferred Income Fund 2		6,115		54,057
Nuveen Select Quality Municipal Fund		79,879		1,081,562
Nuveen Select Tax-Free Income Portfolio		20,437		277,739
Petroleum & Resources Corporation		23,674		689,150
Putnam Master Intermediate Income Trust		2,797		14,349
Putnam Municipal Opportunities Trust		36,725		426,377
RENN Global Entrepreneurs Fund, Inc. (a)		900		1,422
RMR Real Estate Income Fund		38,987		743,094

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 7.6% (Continued)	Shares		Value
Royce Micro-Cap Trust, Inc.		32,800	$	392,616
Royce Value Trust, Inc.		26,700		415,986
Source Capital, Inc.		8,604		583,781
Special Opportunities Fund, Inc.		8,700		142,158
Strategic Global Income Fund, Inc.		4,282		39,780
Swiss Helvetia Fund, Inc. (The)		31,775		457,878
Taiwan Fund, Inc. (The) (a)		1,175		22,043
Templeton Dragon Fund, Inc.		24,125		588,891
Templeton Emerging Markets Fund		23,381		409,168
Templeton Russia & East European Fund, Inc.		17,595		223,632
Thai Fund, Inc. (The)		33,746		388,416
Tortoise MLP Fund, Inc.		10,906		296,643
Transamerica Income Shares, Inc.		1,641		34,346
Tri-Continental Corporation		35,447		719,220
Turkish Investment Fund, Inc. (The)		30,727		345,679
Virtus Total Return Fund		44,753		196,913
Wells Fargo Advantage Multi-Sector Income Fund		1,182		17,458
Western Asset Intermediate Muni Fund, Inc.		1,385		13,225
Western Asset Municipal Partners Fund, Inc.		16,671		243,730
Western Asset/Claymore Inflation-Linked Securities &    Income Fund		2,670		31,933
Zweig Total Return Fund, Inc. (The)		1,613		22,647
Total Other Investments (Cost $75,672,532)			$	76,746,547

CORPORATE BONDS - 0.0% (d)	Par Value		Value
Financials - 0.0% (d)
GAMCO Investors, Inc., 0.00%, due 12/31/2015	$	3,100	$	2,994
Gyrodyne Company of America, Inc., 5.00%, due 6/30/2017 (c)		12,110		–
Total Corporate Bonds (Cost $12,110)			$	2,994

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.8%	Shares		Value
Federated Government Obligations Fund - Institutional  Class, 0.01% (e)		8,159,309	$	8,159,309
UMB Money Market Fiduciary, 0.01% (e)		171,240		171,240
Total Money Market Funds (Cost $8,330,549)			$	8,330,549
Total Investments at Value - 98.9% (Cost $935,063,264)			$	999,787,130
Other Assets in Excess of Liabilities - 1.1%				11,612,091	(f)
Net Assets - 100.0%			$	1,011,399,221

ADR	- American Depositary Receipt.
CV - Convertible Security.

(a) Non-income producing security.

(b) All or a portion of the shares have been committed as collateral for open short positions.

(c) Security value has been determined in good faith by the Board of Trustees.  The total value of such securities is $1,660 at April 30, 2014, representing 0.0% (d) of net assets (Note 2).

(d) Percentage rounds to less than 0.1%.

(e) The rate shown is the 7-day effective yield as of April 30, 2014.

(f) Includes cash held as margin deposits for open short positions and futures contracts.

See accompanying notes to financial statements.

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

April 30, 2014(Unaudited)

COMMON STOCKS - 75.1%	Shares		Value
Consumer Discretionary - 10.5%
Auto Components - 0.5%
Ballard Power Systems, Inc.		568,713	$	2,081,490
BorgWarner, Inc.		4,612		286,590
China XD Plastics Company Ltd.		9,267		63,386
Dorman Products, Inc.		8,482		488,139
Fuel Systems Solutions, Inc.		13,470		141,166
Quantum Fuel Systems Technologies Worldwide, Inc.		309,392		2,045,081
TRW Automotive Holdings Corporation		218		17,516
UQM Technologies, Inc.		92,361		204,118
				5,327,486
Automobiles - 0.2%
Kandi Technologies Group, Inc.		138,345		1,550,848
Tesla Motors, Inc.		1,778		369,628
				1,920,476
Distributors - 0.0% (a)
Pool Corporation		5,958		351,641
Diversified Consumer Services - 1.0%
American Public Education, Inc.		28,951		1,001,705
Bridgepoint Education, Inc.		35,063		555,748
Capella Education Company		2,544		148,468
Carriage Services, Inc.		2,719		43,749
Corinthian Colleges, Inc.		494,992		569,241
Education Management Corporation		14,102		55,985
ITT Educational Services, Inc.		40,688		1,098,576
K12, Inc.		19,837		469,740
Lincoln Educational Services Corporation		32,023		130,654
Matthews International Corporation - Class A		2,665		107,533
Outerwall, Inc.		4,035		279,827
StoneMor Partners, L.P.		27,888		689,391
Strayer Education, Inc.		10,988		468,418
Weight Watchers International, Inc.		206,002		4,078,840
				9,697,875
Hotels, Restaurants & Leisure - 1.0%
Aramark Holdings Corporation		4,534		127,813
Bally Technologies, Inc.		11,830		770,251
BJ's Restaurants, Inc.		13,969		398,815
Bloomin' Brands, Inc.		455		9,701
Bob Evans Farms, Inc.		20,275		950,289
Caesars Entertainment Corporation		26,138		482,769
Churchill Downs, Inc.		1,841		161,695
Chuy's Holdings, Inc.		9,495		341,345
Darden Restaurants, Inc.		1,463		72,726
Denny's Corporation		32,979		222,278
Empire Resorts, Inc.		70,502		477,299
Famous Dave's of America, Inc.		1,771		46,914
Iao Kun Group Holding Company Ltd.		139		407
International Game Technology		94,687		1,188,322
Interval Leisure Group, Inc.		475		12,241
Jamba, Inc.		33		365
Life Time Fitness, Inc.		25,180		1,208,640
Morgans Hotel Group Company		49,425		370,687

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Hotels, Restaurants & Leisure - 1.0% (Continued)
Multimedia Games Holding Company, Inc.		1,716	$	50,107
Noodles & Company		21,807		715,052
Pinnacle Entertainment, Inc.		21,035		489,484
PokerTek, Inc.		976		1,279
Popeyes Louisiana Kitchen, Inc.		15,322		583,768
Potbelly Corporation		12,609		214,353
Red Lion Hotels Corporation		1,947		11,195
Ryman Hospitality Properties, Inc.		15,398		701,379
Six Flags Entertainment Corporation		1,300		52,182
Starbucks Corporation		830		58,615
				9,719,971
Household Durables - 1.1%
Beazer Homes USA, Inc.		22,384		424,401
Blyth, Inc.		216,699		2,030,470
D.R. Horton, Inc.		4,455		99,257
Ethan Allen Interiors, Inc.		51,022		1,238,814
Garmin Ltd.		3,074		175,525
Hovnanian Enterprises, Inc. - Class A		186,097		829,993
iRobot Corporation		8,503		284,850
KB Home		79,013		1,304,505
Lennar Corporation - Class A		7,998		308,643
Meritage Homes Corporation		21,733		838,459
SodaStream International Ltd.		13,220		562,247
Taylor Morrison Home Corporation - Class A		6,889		146,116
Tempur Sealy International, Inc.		7,112		356,880
Toll Brothers, Inc.		956		32,733
TRI Pointe Homes, Inc.		154,530		2,483,297
William Lyon Homes - Class A		10,281		268,334
				11,384,524
Internet & Catalog Retail - 0.4%
E-Commerce China Dangdang, Inc. - Class A - ADR		33,193		358,152
FTD Companies, Inc.		27,027		819,999
HomeAway, Inc.		3,011		98,219
Lands' End, Inc.		12,090		334,289
LightInTheBox Holding Company Ltd. - ADR		28,600		156,156
Mecox Lane Ltd. - ADR		706		2,520
NutriSystem, Inc.		49,990		749,850
Orbitz Worldwide, Inc.		87,868		645,830
PetMed Express, Inc.		76,986		1,007,747
				4,172,762
Leisure Products - 1.1%
Black Diamond, Inc.		105,140		1,172,311
Callaway Golf Company		109,638		954,947
Eastman Kodak Company		38,697		1,155,879
JAKKS Pacific, Inc.		252,698		2,213,635
Smith & Wesson Holding Corporation		169,052		2,594,948
Sturm Ruger & Company, Inc.		53,270		3,427,925
				11,519,645
Media - 1.9%
Central European Media Enterprises Ltd. - Class A		471,957		1,293,162
China Yida Holding Company		190		580
Cinemark Holdings, Inc.		2,282		67,593

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Media - 1.9% (Continued)
Cumulus Media, Inc. - Class A		125,811	$	806,449
Dex Media, Inc.		122,782		899,992
DreamWorks Animation SKG, Inc. - Class A		62,247		1,495,795
Entercom Communications Corporation - Class A		41,565		448,902
Gray Television, Inc.		28,174		316,958
Lamar Advertising Company - Class A		11,218		560,003
Liberty Media Corporation - Class A		444		57,591
McClatchy Company (The) - Class A		70,578		386,767
MDC Partners, Inc. - Class A		66,191		1,616,384
Media General, Inc.		37,694		577,472
New Media Investment Group, Inc.		15,083		215,234
Nexstar Broadcasting Group, Inc. - Class A		63,334		2,523,860
Radio One, Inc. - Class D		165,132		746,397
ReachLocal, Inc.		15,311		153,110
Regal Entertainment Group - Class A		72,935		1,371,178
RRSat Global Communications Network Ltd.		489		4,337
Scholastic Corporation		17,859		587,740
SFX Entertainment, Inc.		7,972		52,296
Sinclair Broadcast Group, Inc. - Class A		54,923		1,468,092
Sizmek, Inc.		100,321		961,075
Thomson Reuters Corporation		12,185		440,853
Tiger Media, Inc.		586		469
VisionChina Media, Inc. - ADR		31,531		622,422
World Wrestling Entertainment, Inc. - Class A		17,530		341,835
YOU On Demand Holdings, Inc.		213,518		634,148
				18,650,694
Multiline Retail - 0.7%
J. C. Penney Company, Inc.		554,613		4,725,303
Sears Canada, Inc.		299		4,413
Sears Holdings Corporation		39,958		1,750,560
Tuesday Morning Corporation		55,608		777,400
				7,257,676
Specialty Retail - 2.1%
Aéropostale, Inc.		118,461		588,751
America's Car-Mart, Inc.		30,241		1,092,910
Birks Group, Inc.		62		75
Books-A-Million, Inc.		7,234		17,072
Buckle, Inc. (The)		12,721		597,760
Cabela's, Inc.		2,734		179,378
CarMax, Inc.		2,181		95,484
Children's Place Retail Stores, Inc. (The)		798		38,304
China Auto Logistics, Inc.		1,210		3,182
Conn's, Inc.		66,480		2,940,410
Container Store Group, Inc. (The)		26,497		731,052
CST Brands, Inc.		301		9,822
Five Below, Inc.		13,618		548,941
Francesca's Holdings Corporation		57,324		937,821
GameStop Corporation - Class A		4,868		193,162
Group 1 Automotive, Inc.		1,051		75,809
hhgregg, Inc.		180,008		1,551,669
Hibbett Sports, Inc.		21,816		1,174,792
Jos. A. Bank Clothiers, Inc.		1,029		66,422

44

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Specialty Retail - 2.1% (Continued)
Lithia Motors, Inc. - Class A		14,335	$	1,064,804
Lumber Liquidators Holdings, Inc.		1,365		118,973
Men's Wearhouse, Inc. (The)		3,422		162,134
Monro Muffler Brake, Inc.		27,118		1,529,455
Office Depot, Inc.		58,146		237,817
RadioShack Corporation		1,998,345		2,857,633
Rent-A-Center, Inc.		68,622		2,004,449
Restoration Hardware Holdings, Inc.		5,094		317,815
Select Comfort Corporation		27,297		502,265
Staples, Inc.		7,358		91,975
Tiffany & Company		4,116		360,109
Tile Shop Holdings, Inc. (The)		88,440		1,246,562
Zumiez, Inc.		1,971		48,191
				21,384,998
Textiles, Apparel & Luxury Goods - 0.5%
American Apparel, Inc.		742,832		480,166
Coach, Inc.		949		42,373
CROCS, Inc.		33,287		503,632
Perry Ellis International, Inc.		22,818		344,552
PVH Corporation		345		43,322
Quiksilver, Inc.		150,879		968,643
Tumi Holdings, Inc.		5,861		119,682
Vera Bradley, Inc.		85,302		2,414,046
Wolverine World Wide, Inc.		2,388		67,103
				4,983,519
Consumer Staples - 2.2%
Beverages - 0.0% (a)
Castle Brands, Inc.		2,918		2,670
Craft Brewers Alliance, Inc.		19,724		295,268
Leading Brands, Inc.		31		124
Primo Water Corporation		10,882		48,860
Viña Concha y Toro S.A. - ADR		99		4,148
				351,070
Food & Staples Retailing - 0.5%
Alon Blue Square Israel Ltd. - ADR		300		1,098
Chefs' Warehouse, Inc. (The)		43,092		865,718
Fairway Group Holdings Corporation		41,441		287,186
Fresh Market, Inc. (The)		41,755		1,549,111
Liberator Medical Holdings, Inc.		235,156		910,054
Natural Grocers by Vitamin Cottage, Inc.		4,804		171,022
Roundy's, Inc.		103,527		700,878
Sprouts Farmers Market, Inc.		4,915		157,133
SUPERVALU, Inc.		63,867		446,430
Susser Holdings Corporation		2,977		230,360
Weis Markets, Inc.		538		24,796
				5,343,786
Food Products - 1.2%
Amira Nature Foods Ltd.		19,619		305,272
Annie's, Inc.		67,850		2,205,803
B&G Foods, Inc.		7,799		255,807
Boulder Brands, Inc.		86,140		1,271,426
Calavo Growers, Inc.		17,135		532,727

45

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Consumer Staples - 2.2% (Continued)
Food Products - 1.2% (Continued)
Campbell Soup Company		2,347	$	106,765
Coffee Holding Company, Inc.		68,214		488,412
ConAgra Foods, Inc.		1,261		38,473
Dean Foods Company		96,786		1,533,090
Diamond Foods, Inc.		58,942		1,801,857
Flowers Foods, Inc.		6,029		123,715
Fresh Del Monte Produce, Inc.		46,758		1,350,839
General Mills, Inc.		302		16,012
Keurig Green Mountain, Inc.		375		35,130
Limoneira Company		23,750		545,538
McCormick & Company, Inc.		2,743		195,302
Post Holdings, Inc.		5,191		271,282
S&W Seed Company		30,912		226,894
SkyPeople Fruit Juice, Inc.		465		753
Tianli Agritech, Inc.		323		669
Tootsie Roll Industries, Inc.		10,552		297,461
				11,603,227
Household Products - 0.1%
Clorox Company		2,356		213,689
Harbinger Group, Inc.		55,570		647,947
				861,636
Personal Products - 0.4%
22nd Century Group, Inc.		390,736		1,047,172
China-Biotics, Inc. (b)		535,616		696,301
Female Health Company (The)		103,845		785,068
Herbalife Ltd.		9,900		593,802
USANA Health Sciences, Inc.		10,459		709,748
				3,832,091
Tobacco - 0.0% (a)
Altria Group, Inc.		1,164		46,688
Star Scientific, Inc.		210,813		138,272
Universal Corporation		2,712		147,994
				332,954
Energy - 6.5%
Energy Equipment & Services - 1.1%
Bristow Group, Inc.		13,409		1,029,811
C&J Energy Services, Inc.		23,496		706,290
Cal Dive International, Inc.		915,018		1,354,227
Dawson Geophysical Company		22,258		629,011
Diamond Offshore Drilling, Inc.		20,468		1,117,758
Exterran Holdings, Inc.		22,701		976,597
Frank's International N.V.		3,972		108,952
Hornbeck Offshore Services, Inc.		5,345		221,443
McDermott International, Inc.		341,027		2,465,625
Newpark Resources, Inc.		20,273		244,087
Nuverra Environmental Solutions, Inc.		107,631		1,830,803
Recon Technology Ltd.		15,452		64,899
Tidewater, Inc.		6,485		330,281
Vantage Drilling Company		63,378		105,841
				11,185,625

46

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Energy - 6.5% (Continued)
Oil, Gas & Consumable Fuels - 5.4%
Alon USA Partners, L.P.		15,753	$	290,013
Alpha Natural Resources, Inc.		424,002		1,823,209
American Midstream Partners, L.P.		226		6,118
Amyris, Inc.		760,119		2,675,619
Approach Resources, Inc.		13,749		285,292
Arc Logistics Partners, L.P.		900		20,079
Arch Coal, Inc.		307,983		1,410,562
Atlas Resource Partners, L.P.		931		19,765
Bill Barrett Corporation		10,334		244,709
BioFuel Energy Corporation		22,810		169,478
BP Prudhoe Bay Royalty Trust		6,029		527,417
BPZ Resources, Inc.		596,097		1,609,462
BreitBurn Energy Partners, L.P.		4,619		93,627
CAMAC Energy, Inc.		312,069		212,207
Capital Product Partners, L.P.		21,873		240,603
Cheniere Energy, Inc.		9,201		519,396
Chesapeake Granite Wash Trust		4,397		48,411
China Integrated Energy, Inc.		201,992		133,315
Clean Energy Fuels Corporation		164,779		1,458,294
Cloud Peak Energy, Inc.		25,223		496,641
CONSOL Energy, Inc.		1,311		58,353
Contango Oil & Gas Company		420		20,177
Diamondback Energy, Inc.		2,838		204,166
Emerald Oil, Inc.		192,700		1,362,389
Emerge Energy Services, L.P.		129		9,565
Enbridge Energy Management, LLC		47,234		1,387,735
Endeavour International Corporation		545,179		1,875,416
Energy XXI (Bermuda) Ltd.		12,176		291,372
Evolution Petroleum Corporation		25,265		298,127
Feishang Anthracite Resources Ltd.		12,465		11,254
Forest Oil Corporation		173,089		321,946
Frontline Ltd.		462,075		1,571,055
Gevo, Inc.		197,368		203,289
Global Partners, L.P.		100		4,060
Goodrich Petroleum Corporation		145,303		3,654,370
Green Plains Renewable Energy, Inc.		8,925		266,858
GreenHunter Resources, Inc.		318		299
Gulfport Energy Corporation		376		27,700
Halcon Resources Corporation		418,593		2,310,633
Harvest Natural Resources, Inc.		300,652		1,355,941
Holly Energy Partners, L.P.		13,749		444,230
Hyperdynamics Corporation		17,464		25,323
InterOil Corporation		19,975		1,262,620
Kinder Morgan Management, LLC		5,729		413,650
LinnCo, LLC		63,300		1,744,548
Lucas Energy, Inc.		24,576		15,414
Magnum Hunter Resources Corporation		69,189		588,106
Matador Resources		1,553		44,602
Midcoast Energy Partners, L.P.		6,421		140,491
Midstates Petroleum Company, Inc.		42,800		252,520
Miller Energy Resources, Inc.		130,178		627,458
Navios Maritime Acquisition Corporation		175		621

47

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Energy - 6.5% (Continued)
Oil, Gas & Consumable Fuels - 5.4% (Continued)
New Source Energy Partners, L.P.		28	$	641
Nordic American Tankers Ltd.		191,893		1,656,037
Northern Oil & Gas, Inc.		99,641		1,537,461
Northern Tier Energy, L.P.		11,676		315,369
Oasis Petroleum, Inc.		5,421		252,131
Pacific Ethanol, Inc.		82,067		1,280,245
PDC Energy, Inc.		2,247		143,066
Pembina Pipeline Corporation		6,764		265,960
Penn Virginia Corporation		41,718		694,188
Pioneer Natural Resources Company		271		52,376
QEP Resources, Inc.		1,992		61,134
Quicksilver Resources, Inc.		780,376		2,544,026
Rentech, Inc.		141,343		299,647
Resolute Energy Corporation		46,482		348,615
Rex Energy Corporation		30,082		633,527
Rhino Resource Partners, L.P.		36,819		474,965
Rosetta Resources, Inc.		2,372		112,290
RSP Permina, Inc.		1,059		30,023
San Juan Basin Royalty Trust		45,455		868,645
SandRidge Energy, Inc.		117,783		807,991
SandRidge Mississippian Trust I		84,466		652,922
Scorpio Tankers, Inc.		12,993		117,067
Solazyme, Inc.		184,569		1,985,962
Spectra Energy Partners, L.P.		25,061		1,364,571
Susser Petroleum Partners, L.P.		3,904		162,797
TC PipeLines, L.P.		965		51,184
Teekay Tankers Ltd. - Class A		70,085		244,597
Transatlantic Petroleum Ltd.		2,484		22,753
Ultra Petroleum Corporation		14,451		430,640
Uranerz Energy Corporation		166,249		249,373
Uranium Energy Corporation		231,479		247,683
Uranium Resources, Inc.		175,518		472,143
Ur-Energy, Inc.		185,116		222,139
USEC, Inc.		83,656		282,757
Vanguard Natural Resources, LLC		33,386		1,007,589
Western Refining, Inc.		21,534		936,729
Whiting USA Trust I		272,461		790,137
WPX Energy, Inc.		7,434		158,196
Zion Oil & Gas, Inc.		40,947		91,312
				54,947,393
Financials - 12.1%
Banks - 4.4%
Arrow Financial Corporation		20,474		512,464
Bancorp, Inc. (The)		14,104		223,125
BancorpSouth, Inc.		12,203		285,062
Bank of Hawaii Corporation		14,821		817,675
Bank of the Ozarks, Inc.		54,065		3,238,494
Banner Corporation		2,423		95,805
BNC Bancorp		2,223		36,235
Boston Private Financial Holdings, Inc.		6,671		83,454
Capital City Bank Group, Inc.		33		459
Cardinal Financial Corporation		16,023		269,186

48

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Financials - 12.1% (Continued)
Banks - 4.4% (Continued)
Center Bancorporation, Inc.		1,763	$	32,633
Central Valley Community Bancorp		4		46
City Holding Company		47,108		2,025,173
CoBiz Financial, Inc.		10,748		107,910
Columbia Banking System, Inc.		6,935		172,127
Commerce Bancshares, Inc.		3,296		143,310
Community Bank System, Inc.		59,424		2,209,979
CVB Financial Corporation		31,443		454,666
DNB Financial Corporation		17		335
East West Bancorp, Inc.		357		12,320
Fidelity Southern Corporation		16		211
First BanCorporation (Puerto Rico)		122,538		629,845
First Commonwealth Financial Corporation		22,498		193,258
First Financial Bancorporation		59,828		968,615
First Financial Bankshares, Inc.		44,113		2,604,873
First Financial Holdings, Inc.		3,752		215,627
First Niagara Financial Group, Inc.		3,593		32,050
First of Long Island Corporation (The)		575		20,855
First United Corporation		400		3,304
First West Virginia Bancorp, Inc.		7		126
FirstMerit Corporation		50,065		970,760
Glacier Bancorp, Inc.		43,414		1,114,003
Hanmi Financial Corporation		6,497		138,191
Heartland Financial USA, Inc.		9,904		240,667
Heritage Financial Corporation		62,697		1,013,184
Home BancShares, Inc.		30,080		953,837
Hudson Valley Holding Corporation		1,362		25,006
Independent Bank Corporation (Massachusetts)		33,738		1,252,355
Jacksonville Bancorp, Inc. (Florida)		85		887
Lakeland Bancorp, Inc.		14,698		153,447
Lakeland Financial Corporation		424		15,518
LCNB Corporation		493		7,888
M&T Bank Corporation		2,390		291,604
MB Financial, Inc.		957		25,686
National Bank of Greece S.A. - ADR		143,900		564,088
National Penn Bancshares, Inc.		81,501		796,265
NBT Bancorp, Inc.		1,878		42,537
OFG Bancorp		25,024		426,909
Old National Bancorp		22,357		315,681
OptimumBank Holdings, Inc.		597		740
PacWest Bancorp		34,430		1,355,509
Park National Corporation		26,575		1,927,219
Peoples Bancorp, Inc.		989		25,783
Pinnacle Financial Partners, Inc.		29,795		1,030,013
PrivateBancorp, Inc.		25,245		696,005
Renasant Corporation		19,525		531,471
Republic Bancorp, Inc. - Class A		7,468		179,307
S&T Bancorp, Inc.		5,140		119,556
Simmons First National Corporation - Class A		958		34,641
Southside Bancshares, Inc.		74,455		2,053,479
Sterling Bancorp		40,269		481,617
Texas Capital Bancshares, Inc.		24,190		1,359,236

49

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Financials - 12.1% (Continued)
Banks - 4.4% (Continued)
Tompkins Financial Corporation		3,107	$	146,464
TowneBank		51,130		788,936
TriCo Bancshares		41,735		1,012,074
Trustmark Corporation		99,988		2,286,726
Umpqua Holdings Corporation		43,656		725,999
United Bankshares, Inc.		16,171		473,002
United Community Banks, Inc.		24,188		390,636
Valley National Bancorp		152,758		1,530,635
Washington Trust Bancorp, Inc.		6,115		209,133
Webster Financial Corporation		1,523		45,903
Westamerica Bancorporation		58,496		2,972,767
Wintrust Financial Corporation		717		32,136
Woori Finance Holdings Company Ltd. - ADR		198		6,535
				44,153,257
Capital Markets - 1.7%
American Capital Ltd.		5,000		74,950
Apollo Investment Corporation		60,847		486,168
Ares Capital Corporation		11,648		199,996
Arlington Asset Investment Corporation - Class A		184		4,867
Capitala Finance Corporation		3,749		68,907
Cohen & Steers, Inc.		29,683		1,202,458
Cowen Group, Inc. - Class A		207,289		851,958
Eaton Vance Corporation		7,299		263,275
Federated Investors, Inc. - Class B		9,218		263,082
Fidus Investment Corporation		47,340		867,269
Financial Engines, Inc.		8,484		375,417
Full Circle Capital Corporation		42,711		320,760
FXCM, Inc. - Class A		162,499		2,515,485
GFI Group, Inc.		50,727		188,704
Gladstone Capital Corporation		40,427		390,929
Golub Capital BDC, Inc.		45,690		763,937
Greenhill & Company, Inc.		33,581		1,684,087
GSV Capital Corporation		54,720		480,442
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,780		129,292
Harris & Harris Group, Inc.		3,410		12,242
Harvest Capital Credit Corporation		400		5,764
Hercules Technology Growth Capital, Inc.		19,135		261,767
Horizon Technology Finance Corporation		5,200		68,120
ICG Group, Inc.		1,501		30,590
INTL FCStone, Inc.		31,185		590,020
Janus Capital Group, Inc.		56,961		690,937
KCAP Financial, Inc.		73,601		586,600
Keating Capital, Inc.		1,400		8,862
Main Street Capital Corporation		4,178		131,356
New Mountain Finance Corporation		18,929		270,874
NGP Capital Resources Company		5,568		37,918
PennantPark Floating Rate Capital Ltd.		28,536		396,650
Rand Capital Corporation		19		66
RCS Capital Corporation - Class A		546		18,782
Safeguard Scientifics, Inc.		75,372		1,583,566
Solar Senior Capital Ltd.		19,218		318,058

50

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Financials - 12.1% (Continued)
Capital Markets - 1.7% (Continued)
TCP Capital Corporation		21,494	$	347,988
THL Credit, Inc.		2,191		29,425
TICC Capital Corporation		19,577		188,526
Triangle Capital Corporation		2,462		64,184
WisdomTree Investments, Inc.		19,039		214,950
				16,989,228
Consumer Finance - 0.8%
Atlanticus Holdings Corporation		103,056		250,426
DFC Global Corporation		215,617		2,009,551
Encore Capital Group, Inc.		58,579		2,531,784
EZCORP, Inc. - Class A		94,034		980,775
Imperial Holdings, Inc.		67,626		452,418
JGWPT Holdings, Inc. - Class A		8,289		117,455
World Acceptance Corporation		25,415		1,845,129
				8,187,538
Diversified Financial Services - 0.2%
Citigroup, Inc.		405		19,404
CME Group, Inc.		1,877		132,122
Gain Capital Holdings, Inc.		156,167		1,577,287
Global Eagle Entertainment, Inc.		33,014		364,144
Manhattan Bridge Capital, Inc.		1,376		2,683
				2,095,640
Insurance - 1.8%
Allied World Assurance Company Holdings Ltd.		1,303		140,320
Ambac Financial Group, Inc.		15,388		464,410
Arch Capital Group Ltd.		731		41,901
Arthur J. Gallagher & Company		1,851		83,332
Aviva plc - ADR		5,600		100,408
Axis Capital Holdings Ltd.		1,167		53,390
Brown & Brown, Inc.		3,757		111,883
Cincinnati Financial Corporation		2,585		125,993
Citizens, Inc.		8,363		54,945
eHealth, Inc.		2,147		89,938
First American Financial Corporation		60,017		1,596,452
Greenlight Capital Re Ltd. - Class A		25,863		823,219
HCC Insurance Holdings, Inc.		5,252		241,277
HCI Group, Inc.		50,543		1,955,003
Health Insurance Innovations, Inc. - Class A		1,074		10,837
Infinity Property & Casualty Corporation		2,297		147,398
Lincoln National Corporation		7,399		358,926
Maiden Holdings Ltd.		55,248		651,926
Markel Corporation		627		392,452
Meadowbrook Insurance Group, Inc.		340,658		1,907,685
Montpelier Re Holdings Ltd.		65,631		2,006,996
Phoenix Companies, Inc. (The)		13,809		607,872
Protective Life Corporation		7,155		365,978
StanCorp Financial Group, Inc.		4,718		288,270
Stewart Information Services Corporation		56,268		1,716,174
Sun Life Financial, Inc.		5,507		186,357
Tower Group International Ltd.		999,005		2,457,552
Universal Insurance Holdings, Inc.		45,217		661,525
W.R. Berkley Corporation		1,150		50,876

51

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Financials - 12.1% (Continued)
Insurance - 1.8% (Continued)
XL Group plc		7,691	$	241,113
				17,934,408
Real Estate Investment Trusts (REIT) - 2.2%
Altisource Residential Corporation		36,298		1,020,700
American Capital Agency Corporation		17,342		393,837
American Residential Properties, Inc.		11,359		204,121
Apollo Commercial Real Estate Finance, Inc.		6,479		110,208
Arbor Realty Trust, Inc.		35,199		246,745
Ares Commercial Real Estate Corporation		5,676		72,426
Associated Estates Realty Corporation		387		6,494
Campus Crest Communities, Inc.		101,198		871,315
Capstead Mortgage Corporation		17,767		227,062
CBL & Associates Properties, Inc.		51,371		933,411
Colony Financial, Inc.		17,410		378,667
Columbia Property Trust, Inc.		5,211		147,680
CYS Investments, Inc.		27,814		239,200
Digital Realty Trust, Inc.		8,123		433,768
Douglas Emmett, Inc.		5,926		163,558
DuPont Fabros Technology, Inc.		65,383		1,584,230
Empire State Realty Trust, Inc. - Class A		39,874		610,072
Equity One, Inc.		2,449		55,176
First Industrial Realty Trust, Inc.		7,298		134,064
First Potomac Realty Trust		29,805		388,359
Gaming and Leisure Properties, Inc.		3,195		117,416
Getty Realty Corporation		16,818		318,197
Gladstone Commercial Corporation		852		15,029
Glimcher Realty Trust		7,685		78,310
Government Properties Income Trust		3,308		84,189
Hatteras Financial Corporation		18,235		356,859
HCP, Inc.		4,624		193,561
Health Care REIT, Inc.		2,594		163,655
Healthcare Realty Trust, Inc.		6,010		151,151
iStar Financial, Inc.		81,554		1,211,892
JAVELIN Mortgage Investment Corporation		99,867		1,319,243
Liberty Property Trust		4,689		175,838
Mack-Cali Realty Corporation		9,041		184,165
Medical Properties Trust, Inc.		50,657		683,869
Monmouth Real Estate Investment Corporation - Class A		22,885		214,890
National Health Investors, Inc.		978		60,333
National Retail Properties, Inc.		11,214		382,734
Newcastle Investment Corporation		209,736		941,715
Parkway Properties, Inc.		511		9,637
Pebblebrook Hotel Trust		11,737		404,222
Piedmont Office Realty Trust, Inc. - Class A		61,490		1,082,839
Plum Creek Timber Company, Inc.		345		15,042
RAIT Financial Trust		54,098		442,522
Ramco-Gershenson Properties Trust		27,286		449,673
RE/MAX Holdings, Inc. - Class A		2,295		64,765
Realty Income Corporation		6,739		292,810
Redwood Trust, Inc.		74,582		1,625,888
Retail Properties of America, Inc. - Class A		3,652		52,297
RLJ Lodging Trust		4,626		123,375

52

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Financials - 12.1% (Continued)
Real Estate Investment Trusts (REIT) - 2.2% (Continued)
Rouse Properties, Inc.		76,500	$	1,284,435
Sabra Health Care REIT, Inc.		13		390
Silver Bay Realty Trust Corporation		6,108		91,498
UMH Properties, Inc.		35,355		348,247
Ventas, Inc.		2,246		148,416
Washington Real Estate Investment Trust		11,771		287,919
Weingarten Realty Investors		17,134		534,581
Western Asset Mortgage Capital Corporation		20,011		295,562
ZAIS Financial Corporation		2,052		33,837
				22,462,094
Real Estate Management & Development - 0.2%
Brookfield Office Properties, Inc.		6,294		124,558
Brookfield Property Partners, L.P.		14,198		276,293
China HGS Real Estate, Inc.		508		2,667
China Housing & Land Development, Inc.		76,855		172,924
St. Joe Company (The)		87,144		1,555,520
				2,131,962
Thrifts & Mortgage Finance - 0.8%
Astoria Financial Corporation		782		10,369
Banc of California, Inc.		57,802		726,571
BankUnited, Inc.		11,742		387,369
BofI Holding, Inc.		3,294		265,529
Capitol Federal Financial, Inc.		18,877		227,279
Elmira Savings Bank		100		2,312
Five Oaks Investment Corporation		12,936		150,187
Flushing Financial Corporation		8,329		160,084
Home Loan Servicing Solutions Ltd.		17,729		392,697
Impac Mortgage Holdings, Inc.		2,023		11,673
Nationstar Mortgage Holdings, Inc.		5,000		163,650
Northfield Bancorp, Inc.		889		11,530
Oconee Federal Financial Corporation		16		292
Ocwen Financial Corporation		949		35,967
Radian Group, Inc.		182,994		2,558,256
Rockville Financial, Inc.		39,854		524,479
Security National Financial Corporation - Class A		37,761		146,890
Stonegate Mortgage Corporation		20,057		253,721
TrustCo Bank Corporation		356,519		2,356,591
United Financial Bancorporation, Inc.		7,040		124,186
ViewPoint Financial Group, Inc.		5,944		154,960
				8,664,592
Health Care - 14.4%
Biotechnology - 8.3%
Aastrom Biosciences, Inc.		104,029		407,794
ACADIA Pharmaceuticals, Inc.		19,441		391,347
Achillion Pharmaceuticals, Inc.		339,943		968,838
AEterna Zentaris, Inc.		38,200		43,548
Agios Pharmaceuticals, Inc.		6,437		270,740
AMAG Pharmaceuticals, Inc.		7,109		129,810
Amarin Corporation plc - ADR		99,517		161,218
Anthera Pharmaceuticals, Inc.		6,900		19,527
ARCA Biopharma, Inc.		230,269		370,733
Arena Pharmaceuticals, Inc.		788,223		5,044,627

53

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Biotechnology - 8.3% (Continued)
Ariad Pharmaceuticals, Inc.		312,257	$	2,270,108
Arrowhead Research Corporation		106,561		1,161,515
Athersys, Inc.		24,208		35,465
BiolineRx Ltd. - ADR		9,331		18,849
BioTime, Inc.		5,571		14,429
Burcon NutraScience Corporation		300		1,201
Cara Therapeutics, Inc.		15,105		217,361
Catalyst Pharmaceutical Partners, Inc.		369,103		767,734
Celldex Therapeutics, Inc.		19,444		291,660
CEL-SCI Corporation		298,706		355,460
Celsion Corporation		569,663		1,891,281
Chelsea Therapeutics International Ltd.		11,442		55,837
ChemoCentryx, Inc.		64,237		352,019
Clovis Oncology, Inc.		5,763		311,605
Conatus Pharmaceuticals, Inc.		2,485		15,283
Cyclacel Pharmaceuticals, Inc.		79,533		264,050
CytRx Corporation		972,126		2,984,427
DARA Biosciences, Inc.		11,070		18,819
Dendreon Corporation		1,629,639		4,204,469
Durata Therapeutics, Inc.		18,826		254,904
Dynavax Technologies Corporation		13,692		22,318
Enanta Pharmaceuticals, Inc.		6,485		241,307
Exact Sciences Corporation		132,793		1,593,516
Exelixis, Inc.		814,326		2,882,714
Fibrocell Science, Inc.		60,682		230,592
Foundation Medicine, Inc.		32,778		955,806
Galectin Therapeutics, Inc.		95,529		1,102,405
Galena Biopharma, Inc.		1,639,329		4,016,356
Genocea Biosciences, Inc.		24		466
GenVec, Inc.		17,086		42,373
Halozyme Therapeutics, Inc.		9,281		69,143
Heat Biologics, Inc.		700		3,815
Horizon Pharma, Inc.		84,252		1,194,693
Idenix Pharmaceuticals, Inc.		305,356		1,682,512
Idera Pharmaceuticals, Inc.		176,309		500,718
ImmunoCellular Therapeutics Ltd.		68,147		79,732
Immunomedics, Inc.		180,695		760,726
Infinity Pharmaceuticals, Inc.		31,319		305,987
Inovio Pharmaceuticals, Inc.		395,540		937,430
Intrexon Corporation		17,638		333,005
Ironwood Pharmaceuticals, Inc.		2,961		32,630
IsoRay, Inc.		713,250		1,718,932
Kamada Ltd.		1,900		27,322
Keryx Biopharmaceuticals, Inc.		111,390		1,645,230
KYTHERA Biopharmaceuticals, Inc.		10,811		352,547
La Jolla Pharmaceutical Company		11,475		104,881
MannKind Corporation		458,973		3,006,273
Mast Therapeutics, Inc.		593,719		340,854
Medgenics, Inc.		2,506		16,339
MEI Pharma, Inc.		122,925		961,273
Merrimack Pharmaceuticals, Inc.		559,781		2,457,439
Metabolix, Inc.		181,332		186,772

54

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Biotechnology - 8.3% (Continued)
Mirati Therapeutics, Inc.		6,259	$	117,920
Myriad Genetics, Inc.		60,430		2,550,750
NanoViricides, Inc.		202,493		643,928
NeoStem, Inc.		159,668		945,235
Neuralstem, Inc.		182,765		657,954
NewLink Genetics Corporation		25,592		563,024
Northwest Biotherapeutics, Inc.		471,464		2,800,496
Novavax, Inc.		39,968		175,060
NPS Pharmaceuticals, Inc.		2,176		57,925
Ohr Pharmaceutical, Inc.		7,138		67,668
Omeros Corporation		82,286		1,018,701
Oncolytics Biotech, Inc.		112,080		163,637
OncoMed Pharmaceuticals, Inc.		23,435		617,278
Opexa Therapeutics, Inc.		117,157		186,865
OPKO Health, Inc.		309,398		2,558,725
Oragenics, Inc.		3		6
Orexigen Therapeutics, Inc.		34,269		192,592
Organovo Holdings, Inc.		275,004		1,606,023
Osiris Therapeutics, Inc.		64,143		912,755
OXiGENE, Inc.		246,262		797,889
Oxygen Biotherapeutics, Inc.		339,007		1,654,354
Palatin Technologies, Inc.		69,648		87,060
Peregrine Pharmaceuticals, Inc.		110,280		191,887
PharmAthene, Inc.		458		632
Pluristem Therapeutics, Inc.		14,486		51,860
Prana Biotechnology Ltd. - ADR		66,607		117,228
Prosensa Holding N.V.		10,483		73,276
Puma Biotechnology, Inc.		3,800		287,052
Raptor Pharmaceutical Corporation		104,984		868,218
Retrophin, Inc.		16,882		241,244
Rexahn Pharmaceuticals, Inc.		878,229		833,878
Rosetta Genomics Ltd.		128,530		484,558
RXi Pharmaceuticals Corporation		214		698
Sarepta Therapeutics, Inc.		111,304		4,132,718
SciClone Pharmaceuticals, Inc.		169,374		809,608
SIGA Technologies, Inc.		189		542
Spectrum Pharmaceuticals, Inc.		131,104		900,684
Synageva BioPharma Corporation		5,192		448,433
Synergy Pharmaceuticals, Inc.		98,737		443,329
Synta Pharmaceuticals Corporation		485,346		2,043,307
Tekmira Pharmaceuticals Corporation		2,838		37,717
Theravance, Inc.		13,674		368,104
TrovaGene, Inc.		4,900		27,587
Vanda Pharmaceuticals, Inc.		21,832		304,120
Venaxis, Inc.		61,580		128,702
ZIOPHARM Oncology, Inc.		396,607		1,427,785
				83,699,776
Health Care Equipment & Supplies - 2.4%
Abaxis, Inc.		21,378		868,161
Abiomed, Inc.		31,575		748,012
Accuray, Inc.		292,785		2,459,394
Antares Pharma, Inc.		52,284		145,349

55

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Health Care Equipment & Supplies - 2.4% (Continued)
AtriCure, Inc.		16,875	$	259,875
Bacterin International Holdings, Inc.		830		578
Baxano Surgical, Inc.		35,308		30,012
BIOLASE, Inc.		49,801		96,115
BSD Medical Corporation		443,920		492,751
Cerus Corporation		135,700		587,581
Cesca Therapeutics, Inc.		180,261		295,628
Delcath Systems, Inc.		46,237		165,528
Echo Therapeutics, Inc.		4,813		14,968
Edwards Lifesciences Corporation		1,524		124,160
EnteroMedics, Inc.		59,677		108,612
GenMark Diagnostics, Inc.		121,749		1,089,654
Hansen Medical, Inc.		133,964		278,645
HeartWare International, Inc.		1,335		113,422
IMRIS, Inc.		23		27
Integra LifeSciences Holdings Corporation		906		41,295
Masimo Corporation		4,629		123,872
Mazor Robotics Ltd. - ADR		7,300		131,400
Meridian Bioscience, Inc.		140,606		2,807,902
Navidea Biopharmaceuticals, Inc.		16,010		26,737
Neogen Corporation		5,261		219,778
PhotoMedex, Inc.		87,791		1,326,522
Quidel Corporation		75,719		1,624,173
ResMed, Inc.		9,628		479,956
Rockwell Medical, Inc.		345,636		3,511,662
Sirona Dental Systems, Inc.		3,131		235,514
Stereotaxis, Inc.		161,342		624,394
SurModics, Inc.		1,660		36,122
Synergetics USA, Inc.		74		246
TearLab Corporation		260,787		1,126,600
Unilife Corporation		605,814		1,968,895
Uroplasty, Inc.		2,209		7,687
Vermillion, Inc.		3,600		11,556
Volcano Corporation		24,908		437,384
Wright Medical Group, Inc.		57,771		1,580,037
				24,200,204
Health Care Providers & Services - 1.7%
Air Methods Corporation		29,708		1,653,844
Amedisys, Inc.		45,517		620,397
Bio-Reference Laboratories, Inc.		145,916		3,706,266
BioScrip, Inc.		362,656		2,509,580
Chemed Corporation		32,924		2,741,582
Diversicare Healthcare Services, Inc.		62		433
FAB Universal Corporation (b)		558,610		558,610
Healthways, Inc.		128,058		2,305,044
IPC The Hospitalist Company, Inc.		9,345		378,473
Kindred Healthcare, Inc.		10,433		261,868
Laboratory Corporation of America Holdings		389		38,394
LHC Group, Inc.		2,682		55,732
Omnicare, Inc.		5,225		309,686
Owens & Minor, Inc.		28,960		971,318
Patterson Companies, Inc.		1,741		70,859

56

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Health Care Providers & Services - 1.7% (Continued)
Quest Diagnostics, Inc.		5,422	$	303,252
Skilled Healthcare Group, Inc. - Class A		2,040		10,526
Tenet Healthcare Corporation		8,109		365,554
Universal American Corporation		12,541		89,919
USMD Holdings, Inc.		26		328
				16,951,665
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc.		60,811		925,544
Medidata Solutions, Inc.		10,959		397,921
Veeva Systems, Inc. - Class A		219		4,207
Vocera Communications, Inc.		68,261		1,040,980
				2,368,652
Life Sciences Tools & Services - 0.7%
Accelerate Diagnostics, Inc.		142,977		2,635,066
Albany Molecular Research, Inc.		60,895		977,974
Apricus Biosciences, Inc.		151,758		336,144
BG Medicine, Inc.		241,952		295,182
BioDelivery Sciences International, Inc.		9,364		83,433
CombiMatrix Corporation		105,544		290,246
Furiex Pharmaceuticals, Inc.		103		10,647
Harvard Bioscience, Inc.		42,150		177,873
Illumina, Inc.		3,105		421,814
Luminex Corporation		10,580		203,242
Pacific Biosciences of California, Inc.		67,164		296,865
QIAGEN N.V.		866		18,965
Sequenom, Inc.		626,896		1,711,426
Techne Corporation		16		1,429
Thermo Fisher Scientific, Inc.		1,036		118,104
				7,578,410
Pharmaceuticals - 1.1%
Acura Pharmaceuticals, Inc.		15,638		21,581
Alexza Pharmaceuticals, Inc.		49,836		212,800
Alimera Sciences, Inc.		211,786		1,287,659
Ampio Pharmaceuticals, Inc.		147,814		900,187
ANI Pharmaceuticals, Inc.		10,404		323,668
Aoxing Pharmaceutical Company, Inc.		1,504		692
Auxilium Pharmaceuticals, Inc.		13,894		312,754
DepoMed, Inc.		2,027		28,398
Endocyte, Inc.		50,107		907,438
GW Pharmaceuticals plc - ADR		9,100		665,210
IntelliPharmaCeutics International, Inc.		171,332		692,181
Mallinckrodt plc		1,144		81,487
Medicines Company (The)		324		8,618
Oculus Innovative Sciences, Inc.		44,194		132,140
Oramed Pharmaceuticals, Inc.		59,691		576,615
Perrigo Company plc		2,410		349,113
POZEN, Inc.		21,836		182,549
Redhill Biopharma Ltd. - ADR		300		4,272
Repros Therapeutics, Inc.		44,693		753,971
Revance Therapeutics, Inc.		1,460		50,049
Supernus Pharmaceuticals, Inc.		122,010		1,001,702
TherapeuticsMD, Inc.		11,917		50,051

57

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Health Care - 14.4% (Continued)
Pharmaceuticals - 1.1% (Continued)
VIVUS, Inc.		357,509	$	1,859,047
XenoPort, Inc.		126,944		515,393
Zogenix, Inc.		27,198		66,363
				10,983,938
Industrials - 10.6%
Aerospace & Defense - 1.0%
AAR Corporation		13,417		347,500
American Science & Engineering, Inc.		854		57,389
Arotech Corporation		97,549		338,495
DigitalGlobe, Inc.		13,212		393,453
Erickson, Inc.		2,176		34,403
GenCorp, Inc.		272,992		4,793,740
Global Defense & National Security Systems, Inc.		1,785		18,136
KEYW Holding Corporation (The)		122,460		1,573,611
LMI Aerospace, Inc.		23,013		313,897
National Presto Industries, Inc.		16,051		1,159,845
Rockwell Collins, Inc.		5,530		429,405
Spirit Aerosystems Holdings, Inc. - Class A		10,552		316,877
TAT Technologies Ltd.		300		2,433
Transdigm Group, Inc.		1,381		245,638
Triumph Group, Inc.		6,862		444,726
				10,469,548
Air Freight & Logistics - 0.4%
Echo Global Logistics, Inc.		76,778		1,501,778
UTi Worldwide, Inc.		106,787		1,045,445
XPO Logistics, Inc.		37,461		1,016,691
				3,563,914
Airlines - 0.3%
American Airlines Group, Inc.		73,849		2,589,884
GOL - Linhas Aéreas Inteligentes S.A. - ADR		54,300		352,950
				2,942,834
Building Products - 0.4%
Apogee Enterprises, Inc.		19		604
Armstrong World Industries, Inc.		23,353		1,227,434
Fortune Brands Home & Security, Inc.		3,814		151,988
Gilbraltar Industries, Inc.		17,444		297,943
Griffon Corporation		16,487		175,422
Owens Corning, Inc.		415		16,953
Quanex Building Products Corporation		17,498		329,662
Trex Company, Inc.		12,227		960,064
Universal Forest Products, Inc.		15,489		782,039
				3,942,109
Commercial Services & Supplies - 1.0%
ABM Industries, Inc.		26,499		717,858
ACCO Brands Corporation		234,726		1,438,870
ADT Corporation (The)		10,480		316,915
Brink's Company (The)		622		15,824
Ceco Environmental Corporation		2,751		43,713
Cenveo, Inc.		332,331		1,026,903
China Recycling Energy Corporation		180,905		562,615
Covanta Holding Corporation		36,947		681,672

58

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Industrials - 10.6% (Continued)
Commercial Services & Supplies - 1.0% (Continued)
Ennis, Inc.		22,150	$	331,364
Healthcare Services Group, Inc.		9,953		289,632
HNI Corporation		9,278		326,864
Industrial Services of America, Inc.		58		268
InnerWorkings, Inc.		103,261		743,479
Intersections, Inc.		60,558		340,336
Iron Mountain, Inc.		1,080		30,715
MagneGas Corporation		68,480		89,709
Performant Financial Corporation		60,040		522,948
Pointer Telocation Ltd.		4,747		38,736
Portfolio Recovery Associates, Inc.		9,852		563,042
Standard Register Company (The)		729		5,293
Team, Inc.		329		14,111
Tetra Tech, Inc.		17,010		487,677
United Stationers, Inc.		31,062		1,165,757
Waste Connections, Inc.		796		35,549
Waste Management, Inc.		3,761		167,176
West Corporation		11,380		277,103
				10,234,129
Construction & Engineering - 0.2%
Abengoa, S.A. - ADR		1,166		26,165
Aegion Corporation		7,114		181,336
Ameresco, Inc. - Class A		502		3,218
EMCOR Group, Inc.		1,819		83,656
Layne Christensen Company		87,547		1,525,069
Northwest Pipe Company		4,802		171,767
Pike Corporation		899		8,630
				1,999,841
Electrical Equipment - 2.2%
AZZ, Inc.		10,956		475,710
Capstone Turbine Corporation		937,719		1,931,701
China BAK Battery, Inc.		49,507		123,767
Enphase Energy, Inc.		316,732		2,391,327
Franklin Electric Company, Inc.		4,484		173,396
FuelCell Energy, Inc.		924,848		2,099,405
Global Power Equipment Group, Inc.		1,383		24,244
GrafTech International Ltd.		192,664		2,159,763
Highpower International, Inc.		155,548		735,742
Hydrogenics Corporation		36,327		765,773
II-VI, Inc.		3,114		44,842
Lime Energy Company		1,000		2,890
Ocean Power Technologies, Inc.		181,313		489,545
Plug Power, Inc.		664,493		3,089,892
Polypore International, Inc.		53,004		1,838,179
Power Solutions International, Inc.		1,741		144,068
Real Goods Solar, Inc. - Class A		529,702		1,552,027
Revolution Lighting Technologies, Inc.		787,556		2,291,788
SolarCity Corporation		8,838		470,624
Trina Solar Ltd. - ADR		25,113		280,763
Yingli Green Energy Holding Company Ltd. - ADR		234,383		801,590
				21,887,036

59

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Industrials - 10.6% (Continued)
Industrial Conglomerates - 0.0% (a)
Carlisle Companies, Inc.		717	$	58,973
Raven Industries, Inc.		1,235		38,162
				97,135
Machinery - 2.6%
Accuride Corporation		133,929		755,360
Actuant Corporation - Class A		40,444		1,369,434
Adept Technology, Inc.		53,433		639,059
Albany International Corporation - Class A		10,694		384,770
American Railcar Industries, Inc.		1,815		126,034
ARC Group Worldwide, Inc.		1,789		74,100
Barnes Group, Inc.		9,296		358,082
Briggs & Stratton Corporation		83,934		1,793,670
China Valves Technology, Inc.		40,338		43,565
Deere & Company		2,751		256,778
Dynamic Materials Corporation		12,722		256,984
Energy Recovery, Inc.		135,467		692,236
EnPro Industries, Inc.		17,171		1,222,747
ESCO Technologies, Inc.		6,767		226,153
ExOne Company (The)		149,557		5,165,699
Harsco Corporation		39,391		942,627
Joy Global, Inc.		8,161		492,761
Kennametal, Inc.		3,924		183,368
Lindsay Corporation		25,010		2,204,131
Miller Industries, Inc.		53		1,027
Mueller Industries, Inc.		43,773		1,266,791
Navistar International Corporation		36,801		1,395,862
PMFG, Inc.		3,864		21,909
RBC Bearings, Inc.		342		21,293
Sun Hydraulics Corporation		5,889		240,742
Tecumseh Products Company - Class A		3,055		18,361
Tennant Company		6,135		391,352
Titan International, Inc.		52,695		922,689
Valmont Industries, Inc.		1,099		163,652
voxeljet AG - ADR		91,353		1,436,069
Watts Water Technologies, Inc. - Class A		6,026		320,583
Westport Innovations, Inc.		194,999		2,558,387
				25,946,275
Marine - 0.4%
Box Ships, Inc.		5,735		9,061
Diana Containerships, Inc.		27,900		105,044
Eagle Bulk Shipping, Inc.		604,310		1,764,585
FreeSeas, Inc.		144,201		178,809
Genco Shipping & Trading Ltd.		892,169		1,472,079
Navios Maritime Partners, L.P.		17,640		333,925
Seanergy Maritime Holdings Corporation		182		306
				3,863,809
Professional Services - 1.0%
Acacia Research Corporation		213,440		3,423,577
Advisory Board Company (The)		8,896		509,385
CBIZ, Inc.		317,360		2,719,775
Corporate Resource Services, Inc.		55,279		148,148
Dun & Bradstreet Corporation (The)		539		59,700

60

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Industrials - 10.6% (Continued)
Professional Services - 1.0% (Continued)
FTI Consulting, Inc.		35,474	$	1,216,758
IHS, Inc. - Class A		836		100,847
Kforce, Inc.		29,362		678,849
Odyssey Marine Exploration, Inc.		712,604		1,560,603
Spherix, Inc.		110,924		175,260
				10,592,902
Road & Rail - 0.4%
Heartland Express, Inc.		19,387		421,861
J.B. Hunt Transport Services, Inc.		1,845		140,405
Kansas City Southern		385		38,839
Knight Transportation, Inc.		6,714		159,323
Roadrunner Transportation Systems, Inc.		38,723		953,747
USA Truck, Inc.		42,471		707,567
YRC Worldwide, Inc.		52,870		1,185,874
				3,607,616
Trading Companies & Distributors - 0.6%
Aceto Corporation		21,400		468,232
Armco Metals Holdings, Inc.		986		296
Beacon Roofing Supply, Inc.		12,400		441,192
Euro Tech Holdings Company Ltd.		1,211		5,244
Fastenal Company		8,447		423,026
General Finance Corporation		571		5,070
Kaman Corporation		18,379		771,367
MSC Industrial Direct Company, Inc. - Class A		1,850		168,461
Rush Enterprises, Inc. - Class A		17,786		570,930
Titan Machinery, Inc.		203,427		3,588,452
				6,442,270
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.		14,650		135,220
Sino-Global Shipping America Ltd.		5,499		14,132
Wesco Aircraft Holdings, Inc.		56,369		1,142,036
				1,291,388
Information Technology - 13.2%
Communications Equipment - 1.6%
ADTRAN, Inc.		37,439		839,757
Alliance Fiber Optic Products, Inc.		67,729		1,301,751
Ambient Corporation		344		337
Aruba Networks, Inc.		72,084		1,425,101
Black Box Corporation		19,457		413,656
CalAmp Corporation		63,398		1,125,314
Calix, Inc.		7,178		63,238
Ciena Corporation		50,114		990,754
Cisco Systems, Inc.		4,447		102,770
Comtech Telecommunications Corporation		3,414		108,395
Echostar Corporation - Class A		24,016		1,079,759
EMCORE Corporation		105,245		508,333
Finisar Corporation		5,033		131,613
Infinera Corporation		168,144		1,506,570
InterDigital, Inc.		45,569		1,582,156
Ituran Location and Control Ltd.		22		528
KVH Industries, Inc.		3,559		48,082
NETGEAR, Inc.		2,004		64,729

61

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Information Technology - 13.2% (Continued)
Communications Equipment - 1.6% (Continued)
Oplink Communications, Inc.		5,884	$	100,852
Palo Alto Networks, Inc.		6,611		420,327
ParkerVision, Inc.		726,503		3,312,854
Procera Networks, Inc.		109,768		1,016,452
ZST Digital Networks, Inc.		36,656		40,322
				16,183,650
Electronic Equipment, Instruments & Components - 1.9%
Arrow Electronics, Inc.		839		47,613
ClearSign Combustion Corporation		63,686		588,459
Cognex Corporation		819		28,198
Control4 Corporation		27,590		487,239
Document Security Systems, Inc.		200,217		254,276
DTS, Inc.		37,905		705,412
Electro Scientific Industries, Inc.		55,120		467,418
FARO Technologies, Inc.		12,266		489,413
FLIR Systems, Inc.		235		7,999
InvenSense, Inc.		106,007		2,282,331
IPG Photonics Corporation		6,456		417,251
Littelfuse, Inc.		3,999		362,109
Magal Security Systems Ltd.		78		286
Maxwell Technologies, Inc.		54,043		813,888
Measurement Specialties, Inc.		11		708
MTS Systems Corporation		7,223		465,667
Neonode, Inc.		413,026		2,209,689
Parametric Sound Corporation		65,631		604,462
RadiSys Corporation		12,406		39,699
RealD, Inc.		92,799		1,017,077
Research Frontiers, Inc.		72,769		331,099
Rofin-Sinar Technologies, Inc.		72,721		1,614,406
Schmitt Industries, Inc.		200		576
Speed Commerce, Inc.		5,014		16,546
SuperCom Ltd.		19,398		153,632
Superconductor Technologies, Inc.		64,214		145,124
SYNNEX Corporation		18,596		1,252,999
TTM Technologies, Inc.		227,223		1,792,790
Uni-Pixel, Inc.		278,619		1,524,046
Universal Display Corporation		55,186		1,437,595
				19,558,007
Internet Software & Services - 2.0%
Angie's List, Inc.		119,726		1,354,101
Bazaarvoice, Inc.		194,323		1,305,850
ChannelAdvisor Corporation		700		18,368
Chegg, Inc.		7,955		41,923
ChinaCache International Holdings Ltd. - ADR		21,137		291,691
Conversant, Inc.		11,574		282,868
eGain Corporation		768		5,023
Equinix, Inc.		1,469		275,893
Gogo, Inc.		31,670		428,178
Innodata, Inc.		705		2,376
Internap Network Services Corporation		27,236		183,026
j2 Global, Inc.		47,105		2,183,788
LinkedIn Corporation - Class A		457		70,136

62

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Information Technology - 13.2% (Continued)
Internet Software & Services - 2.0% (Continued)
Liquidity Services, Inc.		104,377	$	1,800,503
LiveDeal, Inc.		94,363		418,972
LookSmart Ltd.		300		501
Marin Software, Inc.		91,638		859,564
MeetMe, Inc.		157,908		438,984
Millennial Media, Inc.		351,480		2,245,957
Monster Worldwide, Inc.		83,572		575,811
OpenTable, Inc.		3,245		217,934
Piksel, Inc. - Series A-2 (b)		346,880		–
Professional Diversity Network, Inc.		45		158
Rocket Fuel, Inc.		12,037		386,027
Shutterstock, Inc.		167		12,109
Spark Networks, Inc.		37,113		168,122
StarTek, Inc.		797		5,539
Textura Corporation		42,981		765,492
Trulia, Inc.		64,183		2,182,222
Twitter, Inc.		43,128		1,680,698
Vistaprint N.V.		24,642		972,620
Web.com Group, Inc.		2,299		70,602
WebMD Health Corporation		7,409		326,663
Weibo Corporation - ADR		10,000		195,600
Wix.com Ltd.		12		246
Xoom Corporation		17,312		386,231
Zix Corporation		134,879		442,403
				20,596,179
IT Services - 1.2%
Acorn Energy, Inc.		19,761		45,846
BitAuto Holdings Ltd. - ADR		11,471		411,006
Blackhawk Network Holdings, Inc.		68,911		1,653,175
CACI International, Inc. - Class A		19,312		1,345,081
Cass Information Systems, Inc.		258		13,032
CIBER, Inc.		174,867		755,425
Computer Task Group, Inc.		24,624		389,305
CSG Systems International, Inc.		2,005		52,852
Euronet Worldwide, Inc.		12,982		597,042
Forrester Research, Inc.		25,707		910,799
Heartland Payment Systems, Inc.		52,405		2,145,461
Helios and Matheson Analytics, Inc.		146		623
Higher One Holdings, Inc.		40,565		242,984
InterCloud Systems, Inc.		92,075		374,745
International Business Machines Corporation		797		156,587
Jack Henry & Associates, Inc.		1,809		99,784
JetPay Corporation		73		150
Leidos Holdings, Inc.		12,783		476,039
ManTech International Corporation - Class A		13,471		401,840
NeuStar, Inc. - Class A		30,335		780,216
Teradata Corporation		9,731		442,371
Total System Services, Inc.		2,526		80,251
Unisys Corporation		1,902		46,352
Western Union Company (The)		7,488		118,835
WidePoint Corporation		27,692		38,215

63

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Information Technology - 13.2% (Continued)
IT Services - 1.2% (Continued)
WPCS International, Inc.		28,400	$	30,388
				11,608,404
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc.		803,396		3,285,890
Ambarella, Inc.		7,110		176,683
Applied Micro Circuits Corporation		135,131		1,312,122
ASM International N.V.		100		4,353
Camtek Ltd.		354,247		1,101,708
Canadian Solar, Inc.		11,293		306,266
Cirrus Logic, Inc.		30,223		673,973
Cohu, Inc.		2,974		30,632
CSR plc - ADR		532		20,594
CVD Equipment Corporation		3,587		47,886
Daqo New Energy Corporation - ADR		4,400		180,708
Entropic Communications, Inc.		28,043		103,479
Exar Corporation		105,498		1,141,488
EZchip Semiconductor Ltd.		20,102		481,443
Global-Tech Advanced Innovations, Inc.		100		579
GT Advanced Technologies, Inc.		105,564		1,753,418
Hanwha SolarOne Company Ltd. - ADR		37,613		97,794
Himax Technologies, Inc. - ADR		37,819		329,782
Hittite Microwave Corporation		2,056		122,044
Intel Corporation		1,625		43,371
JA Solar Holdings Company Ltd. - ADR		102,300		985,149
JinkoSolar Holding Company Ltd. - ADR		12,834		345,235
Kopin Corporation		14,100		45,966
Mellanox Technologies Ltd.		2,164		75,675
Microchip Technology, Inc.		5,933		282,055
MKS Instruments, Inc.		10,355		291,493
Montage Technology Group Ltd.		49,766		1,034,635
MoSys, Inc.		147,150		575,356
Peregrine Semiconductor Corporation		12,494		67,093
Photronics, Inc.		264,226		2,293,482
Pixelworks, Inc.		93,311		478,685
QuickLogic Corporation		325,208		1,538,234
Rubicon Technology, Inc.		258,641		2,620,033
Rudolph Technologies, Inc.		176,454		1,607,496
Semtech Corporation		2,073		49,711
Spansion, Inc. - Class A		22,069		393,490
SunPower Corporation		60,900		2,035,278
Teradyne, Inc.		26,116		461,470
Tessera Technologies, Inc.		10,976		240,704
Ultratech, Inc.		79,485		2,115,891
Veeco Instruments, Inc.		36,786		1,359,978
				30,111,322
Software - 3.0%
Allot Communications Ltd.		818		11,158
AVG Technologies N.V.		43,965		823,464
Barracuda Networks, Inc.		49,271		1,272,670
BluePhoenix Solutions Ltd.		571		2,472
Bottomline Technologies, Inc.		41,947		1,327,203
BroadSoft, Inc.		15,666		397,603

64

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Information Technology - 13.2% (Continued)
Software - 3.0% (Continued)
Cadence Design Systems, Inc.		1,257	$	19,559
China Mobile Games & Entertainment Group Ltd. - ADR		9,500		161,785
CommVault Systems, Inc.		5,599		270,992
Concur Technologies, Inc.		1,867		150,237
Cyan, Inc.		223,848		935,685
Datawatch Corporation		51,909		702,329
Ebix, Inc.		245,691		3,877,004
Ellie Mae, Inc.		27,107		661,140
FireEye, Inc.		2,393		93,949
Fleetmatics Group plc		20,866		626,606
Gigamon, Inc.		18,300		288,591
Glu Mobile, Inc.		252,641		1,010,564
Jive Software, Inc.		113,419		848,374
Magic Software Enterprises Ltd.		24,710		199,904
Mitek Systems, Inc.		386,004		1,258,373
NQ Mobile, Inc. - ADR		210,772		2,605,142
Nuance Communications, Inc.		9,504		152,919
Park City Group, Inc.		24,589		248,595
Qualys Inc.		6,931		133,699
RealPage, Inc.		16,489		292,680
Rosetta Stone, Inc.		25,045		298,286
salesforce.com, inc.		6,691		345,590
SeaChange International, Inc.		53,719		503,347
ServiceNow, Inc.		6,897		342,919
Splunk, Inc.		327		17,844
Tangoe, Inc.		67,054		1,008,492
Taomee Holdings Ltd. - ADR		4,281		22,647
VirnetX Holding Corporation		348,743		5,492,702
Voltari Corporation		27,986		97,951
Vringo, Inc.		664,869		2,719,314
Workday, Inc. - Class A		4,736		346,060
Zynga, Inc. - Class A		169,603		686,892
				30,254,741
Technology Hardware, Storage & Peripherals - 0.5%
3D Systems Corporation		16,873		798,768
Electronics for Imaging, Inc.		13,260		501,095
Fusion-io, Inc.		168,615		1,455,148
Nimble Storage, Inc.		1,375		33,894
Quantum Corporation		184,720		199,498
Silicon Graphics International Corporation		84,714		1,023,345
Violin Memory, Inc.		206,027		741,697
				4,753,445
Materials - 3.8%
Chemicals - 0.8%
Albemarle Corporation		1,034		69,319
American Vanguard Corporation		76,930		1,370,123
Clean Diesel Technologies, Inc.		154,134		369,922
Flotek Industries, Inc.		1,656		46,385
Gulf Resources, Inc.		8,505		15,649
Intrepid Potash, Inc.		203,118		3,310,823
Landec Corporation		30,916		366,664
LSB Industries, Inc.		893		34,104

65

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Materials - 3.8% (Continued)
Chemicals - 0.8% (Continued)
Marrone Bio Innovations, Inc.		2,582	$	31,449
NewMarket Corporation		594		221,158
OCI Partners, L.P.		5,933		129,399
Olin Corporation		30,231		849,491
Rentech Nitrogen Partners, L.P.		3,231		58,417
Scotts Miracle-Gro Company (The) - Class A		5,478		335,308
Senomyx, Inc.		45,174		369,975
W.R. Grace & Company		1,080		99,468
Yongye International, Inc.		47,817		334,241
Zep, Inc.		7,498		129,640
				8,141,535
Construction Materials - 0.2%
James Hardie Industries plc - ADR		100		6,414
Tecnoglass, Inc.		73		756
Texas Industries, Inc.		19,496		1,690,303
US Concrete, Inc.		8,348		205,528
				1,903,001
Containers & Packaging - 0.1%
AptarGroup, Inc.		2,941		198,282
Bemis Company, Inc.		1,464		58,912
Greif, Inc. - Class A		19,946		1,080,874
				1,338,068
Metals & Mining - 2.4%
A.M. Castle & Company		130,542		1,603,056
AK Steel Holding Corporation		228,308		1,598,156
Allied Nevada Gold Corporation		252,005		854,297
Century Aluminum Company		4,145		56,994
China Precision Steel, Inc.		7,845		16,161
Cliffs Natural Resources, Inc.		110,185		1,952,478
Coeur Mining, Inc.		205,822		1,782,418
Commercial Metals Company		46,680		896,256
Comstock Mining, Inc.		128		227
Energy Fuels, Inc.		1,604		12,399
General Moly, Inc.		13,615		14,976
General Steel Holdings, Inc.		568		585
Gold Resource Corporation		97,398		449,005
Golden Star Resources Ltd.		363,025		207,287
Great Northern Iron Ore Properties		1,962		33,962
Horsehead Holding Corporation		61,245		954,810
Kaiser Aluminum Corporation		8,175		575,520
Molycorp, Inc.		1,114,824		5,295,414
North American Palladium Ltd.		1,705,321		494,543
NovaGold Resources, Inc.		37,306		131,690
OCI Resources, L.P.		800		17,560
Olympic Steel, Inc.		11,335		298,791
Paramount Gold and Silver Corporation		241,417		243,831
Pretium Resources, Inc.		107,491		698,691
Revett Minerals, Inc.		621		509
RTI International Metals, Inc.		61,657		1,736,261
Schnitzer Steel Industries, Inc. - Class A		3,103		87,101
Seabridge Gold, Inc.		56,242		449,374
Silver Bull Resources, Inc.		1,577		520

66

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Materials - 3.8% (Continued)
Metals & Mining - 2.4% (Continued)
Silver Standard Resources, Inc.		816	$	8,087
SinoCoking Coal and Coke Chemical Industries, Inc.		111,223		130,131
Tahoe Resources, Inc.		652		14,540
Tanzanian Royalty Exploration Corporation		165,160		360,049
Thompson Creek Metals Company, Inc.		326,384		874,709
United States Antimony Corporation		6,169		12,338
Walter Energy, Inc.		313,472		2,256,998
				24,119,724
Paper & Forest Products - 0.3%
Louisiana-Pacific Corporation		102,405		1,678,418
MeadWestvaco Corporation		1,655		64,661
Orient Paper, Inc.		52,733		123,923
Pope Resources, L.P.		30		2,047
Verso Paper Corporation		206,316		561,179
Wausau Paper Corporation		70,380		841,745
				3,271,973
Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.5%
8x8, Inc.		21,977		213,177
Atlantic Tele-Network, Inc.		9,147		541,228
Consolidated Communications Holdings, Inc.		27,159		541,007
Elephant Talk Communications Corporation		15,286		16,356
Fairpoint Communications, Inc.		19,031		259,583
Hawaiian Telcom Holdco, Inc.		10,200		271,524
inContact, Inc.		23,904		197,208
Iridium Communications, Inc.		149,813		999,253
magicJack VocalTec Ltd.		66,304		1,172,255
Otelco, Inc. - Class A		662		3,316
Radcom Ltd.		171		944
xG Technology, Inc.		152,028		244,765
				4,460,616
Wireless Telecommunication Services - 0.3%
Boingo Wireless, Inc.		24,185		159,621
NII Holdings, Inc.		1,144,938		984,532
NTELOS Holdings Corporation		63,254		872,273
SBA Communications Corporation - Class A		1,136		101,967
Sprint Corporation		4,543		38,616
Telephone & Data Systems, Inc.		14,186		385,717
United States Cellular Corporation		17,248		716,482
				3,259,208
Utilities - 1.0%
Electric Utilities - 0.2%
ALLETE, Inc.		5,501		284,732
Empire District Electric Company (The)		11,896		289,311
Hawaiian Electric Industries, Inc.		15,011		360,114
MGE Energy, Inc.		671		25,646
Portland General Electric Company		36,263		1,213,722
Southern Company		341		15,628
UIL Holdings Corporation		1,439		52,854
UNS Energy Corporation		2,348		141,021
				2,383,028

67

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 75.1% (Continued)	Shares		Value
Utilities - 1.0% (Continued)
Gas Utilities - 0.4%
AGL Resources, Inc.		3,748	$	202,392
AmeriGas Partners, L.P.		11,400		528,732
China Natural Gas, Inc.		1,282		1,026
Ferrellgas Partners, L.P.		41,850		1,039,972
Northwest Natural Gas Company		33,522		1,484,019
Piedmont Natural Gas Company, Inc.		8,733		312,554
WGL Holdings, Inc.		3,933		156,494
				3,725,189
Independent Power and Renewable Electricity Producers - 0.2%
American DG Energy, Inc.		115		282
NRG Energy, Inc.		4,002		130,945
Ormat Technologies, Inc.		56,589		1,509,795
				1,641,022
Multi-Utilities - 0.2%
Black Hills Corporation		859		49,607
Consolidated Edison, Inc.		3,394		196,954
Just Energy Group, Inc.		163,650		1,301,017
PG&E Corporation		3,075		140,158
SCANA Corporation		817		43,857
TECO Energy, Inc.		8,480		152,301
Wisconsin Energy Corporation		1,171		56,770
				1,940,664
Water Utilities - 0.0% (a)
California Water Service Group		11,308		254,430
York Water Company		419		8,384
				262,814
Total Common Stocks (Proceeds $910,015,472)			$	759,623,809

PREFERRED STOCKS - 0.0% (a)	Shares		Value
Cabco Trust for J. C. Penney, 7.625%		22	$	395
Stanley Black & Decker, Inc., 6.25%		1,804		201,741
Total Preferred Stocks (Proceeds $192,281)			$	202,136

RIGHTS - 0.0% (a)	Shares		Value
Accelerate Diagnostics, Inc. (b)		7,443	$	12,132
Empire Resorts, Inc. (b)		3,705		1,927
Total Rights (Proceeds $–)			$	14,059

68

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

WARRANTS - 0.0% (a)	Shares		Value
American International Group, Inc.		854		18,993
Magnum Hunter Resources Corporation (b)		15,689		–
Total Warrants (Proceeds $14,295)			$	18,993
Total Securities Sold Short - 75.1% (Proceeds $910,222,048)			$	759,858,997

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 ($1,268,970) at April 30, 2014, representing (0.1%) of net assets (Note 2).

See accompanying notes to financial statements.

69

TFS MARKET NEUTRAL FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

April 30, 2014 (Unaudited)

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/20/2014		1,091	$	16,332,270	$	1,550,167
CBOE Volatility Index (VIX) Future	06/17/2014		1,625		25,496,250		2,101,354
E-Mini S&P 500 Future	06/20/2014		1,187		111,563,162		(2,075,864	)
Total Futures Contracts Sold Short				$	153,391,682	$	1,575,657

See accompanying notes to financial statements.

70

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

April 30, 2014(Unaudited)

COMMON STOCKS - 98.7%	Shares		Value
Consumer Discretionary - 16.0%
Auto Components - 3.4%
American Axle & Manufacturing Holdings, Inc. (a)		10,010	$	176,677
Cooper Tire & Rubber Company		9,181		230,902
Drew Industries, Inc.		4,433		223,069
Federal-Mogul Holdings Corporation (a)		7,592		130,734
Gentherm, Inc. (a)		13,173		478,839
Modine Manufacturing Company (a)		18,253		300,809
Motorcar Parts of America, Inc. (a)		11,919		327,057
Remy International, Inc.		8,603		228,152
Shiloh Industries, Inc. (a)		11,766		232,261
Standard Motor Products, Inc.		356		13,524
STRATTEC Security Corporation		3,071		205,174
Superior Industries International, Inc.		12,930		273,340
Tower International, Inc. (a)		11,658		324,209
Visteon Corporation (a)		4		347
				3,145,094
Distributors - 0.3%
Core-Mark Holding Company, Inc.		2,886		232,438
Diversified Consumer Services - 0.7%
Ascent Capital Group, Inc. - Class A (a)		1,348		92,702
Bright Horizons Family Solutions, Inc. (a)		5,294		215,889
ITT Educational Services, Inc. (a)		640		17,280
JTH Holding, Inc. - Class A (a)		3,747		101,918
Steiner Leisure Ltd. (a)		4,279		184,725
				612,514
Hotels, Restaurants & Leisure - 3.4%
Carrols Restaurant Group, Inc. (a)		1,323		8,877
Century Casinos, Inc. (a)		34,473		205,114
Choice Hotels International, Inc.		1,383		61,101
Del Frisco's Restaurant Group, Inc. (a)		7,209		187,506
DineEquity, Inc.		4,525		343,040
Einstein Noah Restaurant Group, Inc.		13,492		207,237
Jack in the Box, Inc. (a)		1,101		58,947
Kona Grill, Inc. (a)		9,694		227,324
Marcus Corporation		12,998		217,457
Marriott Vacations Worldwide Corporation (a)		4,248		231,431
Papa John's International, Inc.		8,086		354,652
Penn National Gaming, Inc. (a)		7,136		79,638
Red Robin Gourmet Burgers, Inc. (a)		2,667		181,303
Ruby Tuesday, Inc. (a)		18,822		145,118
Ruth's Hospitality Group, Inc.		19,447		244,838
Scientific Games Corporation - Class A (a)		15,812		189,428
Speedway Motorsports, Inc.		290		5,275
Texas Roadhouse, Inc.		9,084		224,738
				3,173,024
Household Durables - 1.8%
Cavco Industries, Inc. (a)		530		41,313
CSS Industries, Inc.		1,122		26,894
Dixie Group, Inc. (The) (a)		14,452		217,792

71

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Consumer Discretionary - 16.0%(Continued)
Household Durables - 1.8% (Continued)
Flexsteel Industries, Inc.		7,101	$	243,706
Helen of Troy Ltd. (a)		3,487		218,635
Libbey, Inc. (a)		6,908		184,236
Lifetime Brands, Inc.		11,789		225,170
Universal Electronics, Inc. (a)		6,776		253,084
WCI Communities, Inc. (a)		9,987		191,451
William Lyon Homes - Class A (a)		817		21,324
				1,623,605
Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. - Class A (a)		40,984		223,363
Blue Nile, Inc. (a)		2,855		99,154
Shutterfly, Inc. (a)		3,712		151,932
ValueVision Media, Inc. - Class A (a)		20,388		95,416
				569,865
Leisure Products - 0.1%
Escalade, Inc.		1,915		28,189
LeapFrog Enterprises, Inc. (a)		953		6,528
Nautilus, Inc. (a)		3,576		29,788
				64,505
Media - 1.8%
A.H. Belo Corporation - Class A		20,216		232,686
Carmike Cinemas, Inc. (a)		9,327		276,639
Clear Channel Outdoor Holdings, Inc. - Class A		7,570		60,711
E.W. Scripps Company (The) - Class A (a)		4,566		78,216
Entravision Communications Corporation - Class A		29,014		154,064
Global Sources Ltd. (a)		1,829		16,260
Journal Communications, Inc. - Class A (a)		26,478		212,354
Loral Space & Communications, Inc. (a)		3,178		228,784
Martha Stewart Living Omnimedia, Inc. - Class A (a)		4,775		18,670
McClatchy Company (The) - Class A (a)		6,277		34,398
New York Times Company (The) - Class A		14,599		234,752
Saga Communications, Inc. - Class A		3,397		150,487
				1,698,021
Multiline Retail - 0.0% (b)
Bon-Ton Stores, Inc. (The)		124		1,364
Specialty Retail - 2.6%
Aaron's, Inc.		6,279		185,042
Abercrombie & Fitch Company - Class A		5,979		219,788
Barnes & Noble, Inc. (a)		10,854		178,006
Build-A-Bear Workshop, Inc. (a)		9,399		105,457
Chico's FAS, Inc.		14,331		227,576
Destination Maternity Corporation		5,751		141,820
Destination XL Group, Inc. (a)		3,477		18,776
DSW, Inc. - Class A		68		2,270
Finish Line, Inc. (The) - Class A		8,207		225,939
Kirkland's, Inc. (a)		3,928		67,208
New York & Company, Inc. (a)		21,516		90,152
Stage Stores, Inc.		7,322		140,436
Trans World Entertainment Corporation		8		26

72

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Consumer Discretionary - 16.0%(Continued)
Specialty Retail - 2.6% (Continued)
Vitamin Shoppe, Inc. (a)		5,140	$	246,103
Winmark Corporation		2,730		207,098
Zale Corporation (a)		9,953		212,895
Zumiez, Inc. (a)		4,641		113,472
				2,382,064
Textiles, Apparel & Luxury Goods - 1.3%
Crocs, Inc. (a)		4,955		74,969
Deckers Outdoor Corporation (a)		2,670		210,796
G-III Apparel Group Ltd. (a)		3,101		222,559
Iconix Brand Group, Inc. (a)		2,110		89,675
Movado Group, Inc.		5,488		215,569
Perry Ellis International, Inc. (a)		51		770
R.G. Barry Corporation		3,563		65,132
Skechers U.S.A., Inc. - Class A (a)		5,777		236,799
Unifi, Inc. (a)		2,854		63,188
				1,179,457
Consumer Staples - 2.8%
Beverages - 0.2%
Coca-Cola Bottling Company Consolidated		2,788		229,257
Food & Staples Retailing - 0.5%
Ingles Markets, Inc. - Class A		9,947		228,681
Spartan Stores, Inc.		9,320		200,753
Village Super Market, Inc. - Class A		11		266
				429,700
Food Products - 1.0%
Cal-Maine Foods, Inc.		2,241		133,631
Farmer Brothers Company (a)		845		16,655
Inventure Foods, Inc. (a)		9,700		116,594
J & J Snack Foods Corporation		2,415		226,044
Limoneira Company		175		4,020
Omega Protein Corporation (a)		13,379		151,985
Seneca Foods Corporation - Class A (a)		6,048		171,763
Snyder's-Lance, Inc.		2,515		66,798
				887,490
Household Products - 0.0% (b)
Central Garden & Pet Company - Class A (a)		2,279		18,847
Orchids Paper Products Company		518		13,919
WD-40 Company		64		4,662
				37,428
Personal Products - 1.0%
Elizabeth Arden, Inc. (a)		5,315		195,273
Female Health Company (The)		501		3,788
IGI Laboratories, Inc. (a)		47,190		237,366
Inter Parfums, Inc.		6,458		236,298
Nutraceutical International Corporation (a)		1,358		33,841
Revlon, Inc. - Class A (a)		8,177		246,455
				953,021

73

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Consumer Staples - 2.8%(Continued)
Tobacco - 0.1%
Universal Corporation		1,112	$	60,682
Energy - 7.7%
Energy Equipment & Services - 3.2%
Bolt Technology Corporation		815		13,757
Era Group, Inc. (a)		7,746		221,148
Geospace Technologies Corporation (a)		695		40,400
Gulf Island Fabrication, Inc.		3,319		66,579
Gulfmark Offshore, Inc. - Class A		3,899		175,494
Helix Energy Solutions Group, Inc. (a)		9,387		225,664
ION Geophysical Corporation (a)		29,683		130,605
Key Energy Services, Inc. (a)		22,936		230,278
Matrix Service Company (a)		7,161		221,776
Natural Gas Services Group, Inc. (a)		6,924		212,498
Parker Drilling Company (a)		34,509		228,795
Pioneer Energy Services Corporation (a)		33,221		497,318
RigNet, Inc. (a)		4,537		212,150
Tesco Corporation (a)		7,574		151,480
Willbros Group, Inc. (a)		25,584		284,238
				2,912,180
Oil, Gas & Consumable Fuels - 4.5%
Abraxas Petroleum Corporation (a)		43,353		236,707
Adams Resources & Energy, Inc.		3,403		245,220
Alon USA Energy, Inc.		364		5,929
Bonanza Creek Energy, Inc. (a)		4,627		224,965
Callon Petroleum Company (a)		25,056		230,014
Delek US Holdings, Inc.		4,587		146,738
DHT Holdings, Inc.		29,880		233,363
Endeavour International Corporation (a)		216		743
EXCO Resources, Inc.		37,311		236,925
GasLog Ltd.		8,333		223,158
Pacific Ethanol, Inc. (a)		8,490		132,444
Panhandle Oil & Gas, Inc. - Class A		4,851		212,716
PBF Energy, Inc. - Class A		7,601		233,959
PetroQuest Energy, Inc. (a)		18,712		112,646
REX American Resources Corporation (a)		3,616		236,342
Sanchez Energy Corporation (a)		7,878		222,790
Stone Energy Corporation (a)		4,593		225,287
Swift Energy Company (a)		7,963		98,184
Triangle Petroleum Corporation (a)		24,860		239,153
VAALCO Energy, Inc. (a)		7,027		64,789
Vertex Energy, Inc. (a)		27,641		224,721
Warren Resources, Inc. (a)		61,972		314,198
Westmoreland Coal Company (a)		3,139		92,946
				4,193,937
Financials - 16.9%
Banks - 2.2%
1st Source Corporation		22		649
Bank of Marin Bancorp		6		272
C&F Financial Corporation		68		2,125

74

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Financials - 16.9%(Continued)
Banks - 2.2% (Continued)
Capital Bank Financial Corporation - Class A (a)		9,534	$	227,386
Central Pacific Financial Corporation		11,353		213,096
ConnectOne Bancorp, Inc. (a)		1		48
Customers Bancorp, Inc. (a)		12,423		273,679
Enterprise Financial Services Corporation		132		2,359
Financial Institutions, Inc.		5,745		132,997
First BanCorp (Puerto Rico) (a)		13,451		69,138
First Business Financial Services, Inc.		2,038		92,138
First Horizon National Corporation		19,835		227,907
First Interstate BancSystem, Inc.		927		23,073
First Merchants Corporation		1,846		39,172
Fulton Financial Corporation		18,564		226,295
Great Southern Bancorp, Inc.		28		803
Independent Bank Corporation (Michigan)		18,138		236,157
NBT Bancorp, Inc.		19		430
Old Line Bancshares, Inc.		1,257		21,331
Park Sterling Corporation		84		548
PrivateBancorp, Inc.		389		10,725
Seacoast Banking Corporation of Florida (a)		18,318		194,171
Synovus Financial Corporation		100		321
Taylor Capital Group, Inc. (a)		471		10,027
Washington Banking Company		19		327
Washington Trust Bancorp, Inc.		17		581
WesBanco, Inc.		837		25,311
				2,031,066
Capital Markets - 2.1%
Calamos Asset Management, Inc. - Class A		3,909		47,611
Evercore Partners, Inc. - Class A		3,056		163,282
FBR & Company (a)		6,726		173,531
GAMCO Investors, Inc. - Class A		2,848		216,249
Garrison Capital, Inc.		20		282
Gladstone Capital Corporation		11		106
HFF, Inc. - Class A		5,327		181,118
ICG Group, Inc. (a)		323		6,583
Manning & Napier, Inc.		15,979		265,571
MCG Capital Corporation		14,707		49,415
Piper Jaffray Companies, Inc. (a)		1,517		66,535
Pzena Investment Management, Inc. - Class A		18,794		204,291
Safeguard Scientifics, Inc. (a)		13		273
Solar Capital Ltd.		4,482		98,156
SWS Group, Inc. (a)		31,329		232,148
U.S. Global Investors, Inc. - Class A		187		679
Virtus Investment Partners, Inc. (a)		15		2,775
Walter Investment Management Corporation (a)		2,677		71,155
Westwood Holdings Group, Inc.		465		27,049
WhiteHorse Finance, Inc.		9,075		123,783
				1,930,592
Consumer Finance - 0.6%
DFC Global Corporation (a)		9,845		91,755
Nelnet, Inc. - Class A		7,724		326,416

75

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Financials - 16.9%(Continued)
Consumer Finance - 0.6% (Continued)
Nicholas Financial, Inc.		8,512	$	133,809
				551,980
Diversified Financial Services - 0.5%
MarketAxess Holdings, Inc.		4,147		223,440
Marlin Business Services Corporation		8,000		137,360
PHH Corporation (a)		3,786		89,993
PICO Holdings, Inc. (a)		203		4,720
				455,513
Insurance - 4.0%
American Equity Investment Life Holding Company		499		11,637
AmTrust Financial Services, Inc.		2,339		90,449
Donegal Group, Inc. - Class A		9		133
EMC Insurance Group, Inc.		5,562		183,490
Endurance Specialty Holdings Ltd.		1,531		77,806
Federated National Holding Company		13,520		262,694
Hanover Insurance Group, Inc. (The)		3,860		225,617
Horace Mann Educators Corporation		6,974		209,708
Kansas City Life Insurance Company		5,216		216,881
Kemper Corporation		6,122		241,268
MBIA, Inc. (a)		16,173		196,017
Mercury General Corporation		4,770		228,292
National Interstate Corporation		7,899		221,330
Navigators Group, Inc. (The) (a)		3,833		218,366
OneBeacon Insurance Group Ltd. - Class A		13,157		203,144
ProAssurance Corporation		1,681		76,351
Safety Insurance Group, Inc.		3,856		207,106
Selective Insurance Group, Inc.		10,067		230,937
Symetra Financial Corporation		11,646		240,606
United Insurance Holdings Corporation		18,644		284,321
				3,626,153
Real Estate Investment Trusts (REIT) - 5.2%
Agree Realty Corporation		1,717		51,287
Aviv REIT, Inc.		8,897		234,792
Cedar Realty Trust, Inc.		38,007		235,263
Chesapeake Lodging Trust		1,834		49,500
DCT Industrial Trust, Inc.		29,528		230,909
Dynex Capital, Inc.		1,945		16,688
Education Realty Trust, Inc.		20,890		213,078
Franklin Street Properties Corporation		13,925		169,606
Geo Group, Inc. (The)		13,474		451,783
Healthcare Trust of America, Inc. - Class A		20,053		234,420
Invesco Mortgage Capital, Inc.		10,236		170,634
Kite Realty Group Trust		38,136		236,443
LTC Properties, Inc.		5,398		208,525
New Residential Investment Corporation		36,585		223,168
Post Properties, Inc.		3,456		173,526
PS Business Parks, Inc.		2,732		234,324
Saul Centers, Inc.		4,913		225,458
Sovran Self Storage, Inc.		3,060		232,254
Starwood Waypoint Residential Trust (a)		8,728		237,140

76

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Financials - 16.9%(Continued)
Real Estate Investment Trusts (REIT) - 5.2% (Continued)
Strategic Hotels & Resorts, Inc. (a)		22,189	$	239,419
Sun Communities, Inc.		3,403		155,075
Sunstone Hotel Investors, Inc.		12,139		173,709
Universal Health Realty Income Trust		2,729		115,791
Winthrop Realty Trust		19,263		267,756
				4,780,548
Real Estate Management & Development - 0.4%
Forestar Group, Inc. (a)		191		3,257
Kennedy-Wilson Holdings, Inc.		17,838		389,582
				392,839
Thrifts & Mortgage Finance - 1.9%
Apollo Residential Mortgage, Inc.		14,124		228,103
BBX Capital Corporation - Class A (a)		11,070		207,341
Brookline Bancorp, Inc.		5,143		46,698
Charter Financial Corporation		4,257		46,827
Clifton Bancorp, Inc.		8,606		99,744
Everbank Financial Corp		9,716		181,883
Federal Agricultural Mortgage Corporation - Class C		293		10,425
Flagstar Bancorp, Inc. (a)		5,007		88,123
Home Federal Bancorp, Inc.		4,143		62,352
HomeStreet, Inc.		896		16,271
Meridian Interstate Bancorp, Inc. (a)		3,144		79,449
Oritani Financial Corporation		7,372		109,327
Walker & Dunlop, Inc. (a)		1,151		18,048
Washington Federal, Inc.		10,388		224,173
Waterstone Financial, Inc.		22,080		229,853
WSFS Financial Corporation		1,549		104,743
				1,753,360
Health Care - 16.6%
Biotechnology - 1.9%
Aegerion Pharmaceuticals, Inc. (a)		4,304		190,495
Anacor Pharmaceuticals, Inc. (a)		8,984		147,966
BioSpecifics Technologies Corporation (a)		7,242		171,853
Coronado Biosciences, Inc. (a)		1		2
Durata Therapeutics, Inc. (a)		357		4,834
Dyax Corporation (a)		34,299		226,716
Harvard Apparatus Regenerative Technology, Inc. (a)		1		2
Hyperion Therapeutics, Inc. (a)		1,801		44,377
Ligand Pharmaceuticals, Inc. (a)		3,264		206,187
Nanosphere, Inc. (a)		100		171
PDL BioPharma, Inc.		28,335		240,564
Prothena Corporation plc (a)		6,451		141,922
Rigel Pharmaceuticals, Inc. (a)		58,738		187,961
Synthetic Biologics, Inc. (a)		57,766		83,761
TESARO, Inc. (a)		8		200
Tetraphase Pharmaceuticals, Inc. (a)		11,033		118,494
TG Therapeutics, Inc. (a)		30		160
				1,765,665
Health Care Equipment & Supplies - 5.1%
Alere, Inc. (a)		6,756		225,650

77

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Health Care - 16.6%(Continued)
Health Care Equipment & Supplies - 5.1% (Continued)
AngioDynamics, Inc. (a)		16,532	$	222,190
Anika Therapeutics, Inc. (a)		5,858		250,371
ArthroCare Corporation (a)		4,958		240,612
AtriCure, Inc. (a)		6,818		104,997
Cantel Medical Corporation		6,252		207,316
Cardiovascular Systems, Inc. (a)		5,290		152,088
CryoLife, Inc.		16,226		147,332
Cynosure, Inc. - Class A (a)		15,188		372,714
Derma Sciences, Inc. (a)		4,895		50,614
DexCom, Inc. (a)		4,914		159,410
Endologix, Inc. (a)		9,888		125,380
Exactech, Inc. (a)		4,495		99,879
Globus Medical, Inc. - Class A (a)		3,516		85,861
Greatbatch, Inc. (a)		8,076		371,738
Haemonetics Corporation (a)		7,255		220,262
HeartWare International, Inc. (a)		1,705		144,857
Invacare Corporation		4,896		77,357
Merit Medical Systems, Inc. (a)		7,430		95,624
Natus Medical, Inc. (a)		17,225		427,697
NuVasive, Inc. (a)		6,407		215,980
OraSure Technologies, Inc. (a)		41,573		272,303
Orthofix International N.V. (a)		4,281		129,286
Symmetry Medical, Inc. (a)		2,320		19,163
Tornier N.V. (a)		12,726		215,960
Vascular Solutions, Inc. (a)		1,155		25,306
				4,659,947
Health Care Providers & Services - 5.7%
Addus HomeCare Corporation (a)		10,519		227,421
Alliance Healthcare Services, Inc. (a)		7,887		224,464
Almost Family, Inc. (a)		9,165		196,772
AMN Healthcare Services, Inc. (a)		18,963		236,658
AmSurg Corporation (a)		3,880		168,043
BioTelemetry, Inc. (a)		26,564		210,918
Capital Senior Living Corporation (a)		2,622		64,842
Chindex International, Inc. (a)		9,960		237,347
Corvel Corporation (a)		4,109		187,124
Cross Country Healthcare, Inc. (a)		26,975		191,253
Emeritus Corporation (a)		7,550		225,216
Ensign Group, Inc. (The)		3,712		157,760
Five Star Quality Care, Inc. (a)		51,626		249,353
Gentiva Health Services, Inc. (a)		17,300		130,269
Health Net, Inc. (a)		7,175		246,318
Landauer, Inc.		509		22,009
LHC Group, Inc. (a)		838		17,414
LifePoint Hospitals, Inc. (a)		3,935		220,045
Magellan Health Services, Inc. (a)		7,965		459,740
Molina Healthcare, Inc. (a)		5,866		219,388
Providence Service Corporation (The) (a)		2,729		110,825
RadNet, Inc. (a)		47,170		234,435
Select Medical Holdings Corporation		25,984		362,737

78

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Health Care - 16.6%(Continued)
Health Care Providers & Services - 5.7% (Continued)
Triple-S Management Corporation - Class B (a)		1,245	$	18,650
U.S. Physical Therapy, Inc.		2,432		75,027
Universal American Corporation		14,595		104,646
VCA Antech, Inc. (a)		7,493		229,511
WellCare Health Plans, Inc. (a)		3,617		244,039
				5,272,224
Health Care Technology - 0.6%
HealthStream, Inc. (a)		6,236		141,245
MedAssets, Inc. (a)		971		22,168
Omnicell, Inc. (a)		8,503		225,160
Quality Systems, Inc.		8,826		130,360
				518,933
Life Sciences Tools & Services - 0.9%
Affymetrix, Inc. (a)		16,414		121,956
Cambrex Corporation (a)		7,002		143,471
Charles River Laboratories International, Inc. (a)		3,976		213,591
Enzo Biochem, Inc. (a)		55,283		232,188
Fluidigm Corporation (a)		4,464		167,668
Harvard Bioscience, Inc. (a)		9		38
				878,912
Pharmaceuticals - 2.4%
AcelRx Pharmaceuticals, Inc. (a)		14,888		161,088
Akorn, Inc. (a)		10,021		252,730
Biota Pharmaceuticals, Inc. (a)		36,989		136,490
Impax Laboratories, Inc. (a)		8,565		223,975
Lannett Company, Inc. (a)		6,829		235,805
Medicines Company (The) (a)		4,880		129,808
Nektar Therapeutics (a)		16,238		191,121
Pacira Pharmaceuticals, Inc. (a)		2,984		204,374
Pain Therapeutics, Inc. (a)		41,316		235,088
Pernix Therapeutics Holdings, Inc. (a)		50,298		241,934
Prestige Brands Holdings, Inc. (a)		4,966		166,460
				2,178,873
Industrials - 14.2%
Aerospace & Defense - 0.9%
API Technologies Corporation (a)		110		251
Astronics Corporation (a)		4,063		232,078
Engility Holdings, Inc. (a)		2,892		126,207
Huntington Ingalls Industries, Inc.		63		6,489
Moog, Inc. - Class A (a)		3,580		234,311
Orbital Sciences Corporation (a)		8,049		236,641
Sparton Corporation (a)		549		14,911
				850,888
Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc. (a)		3,195		25,017
Atlas Air Worldwide Holdings, Inc. (a)		792		27,712
Park-Ohio Holdings Corporation (a)		3,949		230,582
				283,311
Airlines - 0.6%
Hawaiian Holdings, Inc. (a)		15,460		223,397

79

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Industrials - 14.2%(Continued)
Airlines - 0.6% (Continued)
JetBlue Airways Corporation (a)		23,511	$	185,855
Republic Airways Holdings, Inc. (a)		13,346		110,905
				520,157
Building Products - 0.7%
Builders FirstSource, Inc. (a)		8,292		65,092
Insteel Industries, Inc.		8,622		177,441
Patrick Industries, Inc. (a)		5,643		226,115
PGT, Inc. (a)		23,292		231,756
				700,404
Commercial Services & Supplies - 2.0%
ARC Document Solutions, Inc. (a)		29,249		187,194
CECO Environmental Corporation		1,612		25,615
Deluxe Corporation		4,221		231,944
EnerNOC, Inc. (a)		4,934		116,442
Heritage-Crystal Clean, Inc. (a)		110		1,760
Kimball International, Inc. - Class B		12,060		202,126
Knoll, Inc.		6,950		126,420
Multi-Color Corporation		624		21,746
Quad/Graphics, Inc.		3,536		76,554
Schawk, Inc.		11,244		224,880
SP Plus Corporation (a)		974		23,785
Steelcase, Inc. - Class A		14,133		232,912
Sykes Enterprises, Inc. (a)		2,064		40,847
Team, Inc. (a)		140		6,005
US Ecology, Inc.		439		19,601
Viad Corporation		12,602		290,476
				1,828,307
Construction & Engineering - 1.5%
Argan, Inc.		10,262		274,714
Dycom Industries, Inc. (a)		4,800		150,720
Furmanite Corporation (a)		33		346
Great Lakes Dredge & Dock Corporation (a)		4,916		42,425
MYR Group, Inc. (a)		5,768		135,317
Orion Marine Group, Inc. (a)		13,598		159,505
Primoris Services Corporation		8,526		238,557
Tutor Perini Corporation (a)		12,714		376,334
				1,377,918
Electrical Equipment - 0.4%
Broadwind Energy, Inc. (a)		15,632		210,876
Preformed Line Products Company		2,307		137,866
Vicor Corporation (a)		5		42
				348,784
Industrial Conglomerates - 0.3%
Standex International Corporation		4,222		250,660
Machinery - 2.1%
Alamo Group, Inc.		4,246		225,548
Albany International Corporation - Class A		2,486		89,446
Ampco-Pittsburgh Corporation		8,703		174,321
CIRCOR International, Inc.		2,863		232,504

80

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Industrials - 14.2%(Continued)
Machinery - 2.1% (Continued)
Douglas Dynamics, Inc.		5,393	$	90,980
FreightCar America, Inc.		1,512		39,705
Gorman-Rupp Company (The)		16		497
Harsco Corporation		3,360		80,405
Kadant, Inc.		3,815		132,571
Lydall, Inc. (a)		7,635		178,735
Manitex International, Inc. (a)		2,220		36,541
Mueller Water Products, Inc. - Class A		22,885		208,711
NACCO Industries, Inc. - Class A		4,523		242,388
Rexnord Corporation (a)		6,329		169,237
Twin Disc, Inc.		150		4,340
Xerium Technologies, Inc. (a)		2		27
				1,905,956
Marine - 0.2%
Baltic Trading Ltd.		9,569		57,318
Matson, Inc.		4,371		103,549
				160,867
Professional Services - 3.2%
Barrett Business Services, Inc.		936		47,184
CDI Corporation		6,220		95,290
CRA International, Inc. (a)		3,894		84,772
Exponent, Inc.		3,217		226,541
Franklin Covey Company (a)		3,972		80,512
Hill International, Inc. (a)		36,922		248,116
Huron Consulting Group, Inc. (a)		3,895		277,324
ICF International, Inc. (a)		5,769		224,818
Insperity, Inc.		2,326		74,572
Kelly Services, Inc. - Class A		3,264		68,740
Korn/Ferry International (a)		15,612		453,529
Navigant Consulting, Inc. (a)		8,257		138,718
On Assignment, Inc. (a)		6,546		229,110
Resources Connection, Inc.		14,180		192,990
RPX Corporation (a)		7,014		114,889
TrueBlue, Inc. (a)		8,452		226,091
VSE Corporation		2,728		170,418
				2,953,614
Road & Rail - 0.4%
Marten Transport Ltd.		9,938		233,146
Patriot Transportation Holding, Inc. (a)		24		837
Universal Truckload Services, Inc.		5,590		137,849
				371,832
Trading Companies & Distributors - 1.6%
Aircastle Ltd.		9,695		170,341
Applied Industrial Technologies, Inc.		4,439		212,717
CAI International, Inc. (a)		1,228		26,709
DXP Enterprises, Inc. (a)		2,256		255,402
H&E Equipment Services, Inc. (a)		10,593		408,360
MRC Global, Inc. (a)		7,813		228,061
TAL International Group, Inc. (a)		4,582		193,269
				1,494,859

81

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Information Technology - 18.2%
Communications Equipment - 1.1%
Alliance Fiber Optic Products, Inc.		9,246	$	177,708
Bel Fuse, Inc. - Class B		9,360		203,674
Digi International, Inc. (a)		63		558
Emulex Corporation (a)		17,123		122,429
Harmonic, Inc. (a)		17,105		120,248
Oclaro, Inc. (a)		2,283		7,762
ShoreTel, Inc. (a)		6,329		47,784
Sonus Networks, Inc. (a)		74,013		242,023
TESSCO Technologies, Inc.		500		16,445
Westell Technologies, Inc. - Class A (a)		21,707		70,765
				1,009,396
Electronic Equipment, Instruments & Components - 3.0%
Aeroflex Holding Corporation (a)		6,668		51,010
Audience, Inc. (a)		16,583		190,704
AVX Corporation		12,323		164,512
Benchmark Electronics, Inc. (a)		3,336		77,328
Clearfield, Inc. (a)		3,510		55,318
Cognex Corporation (a)		67		2,307
Coherent, Inc. (a)		3,677		219,554
CUI Global, Inc (a)		21,275		193,815
Daktronics, Inc.		16,408		213,632
Fabrinet (a)		2,033		43,913
Insight Enterprises, Inc. (a)		8,471		221,263
Itron, Inc. (a)		2,392		90,896
Key Tronic Corporation (a)		39		409
Mesa Laboratories, Inc.		730		62,561
Multi-Fineline Electronix, Inc. (a)		38		470
Newport Corporation (a)		7,634		142,603
OSI Systems, Inc. (a)		3,405		190,033
PC Connection, Inc.		2,728		54,587
ScanSource, Inc. (a)		329		12,637
Tech Data Corporation (a)		7,333		458,239
Vishay Intertechnology, Inc.		5,139		73,077
Vishay Precision Group, Inc. (a)		133		2,159
Zygo Corporation (a)		11,688		224,877
				2,745,904
Internet Software & Services - 1.9%
Blucora, Inc. (a)		3,246		62,486
Carbonite, Inc. (a)		1,773		17,535
comScore, Inc. (a)		16		501
DealerTrack Holdings, Inc. (a)		4,106		187,603
Demandware, Inc. (a)		4,630		229,787
EarthLink Holdings Corporation		25,217		85,990
eGain Corporation (a)		25		164
Envestnet, Inc. (a)		4,692		172,900
LogMeIn, Inc. (a)		5,675		257,929
Marchex, Inc. - Class B		2,393		22,135
Perficient, Inc. (a)		12,719		232,376
SPS Commerce, Inc. (a)		4,266		220,979
Unwired Planet, Inc. (a)		31,162		71,049

82

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Information Technology - 18.2%(Continued)
Internet Software & Services - 1.9% (Continued)
XO Group, Inc. (a)		18,074	$	191,946
				1,753,380
IT Services - 3.5%
Acxiom Corporation (a)		2,793		78,874
Cardtronics, Inc. (a)		5,016		167,936
Cass Information Systems, Inc.		15		758
Convergys Corporation		9,933		213,957
CoreLogic, Inc. (a)		8,085		226,622
EPAM Systems, Inc. (a)		7,448		231,856
ExlService Holdings, Inc. (a)		8,248		233,377
Global Cash Access Holdings, Inc. (a)		24,362		160,789
iGATE Corporation (a)		6,295		230,397
Information Services Group, Inc. (a)		41,603		205,935
Lionbridge Technologies, Inc. (a)		45,810		269,363
MAXIMUS, Inc.		5,415		230,517
ModusLink Global Solutions, Inc. (a)		11,316		45,717
MoneyGram International, Inc. (a)		19,716		260,251
PRGX Global, Inc. (a)		27,650		177,789
Science Applications International Corporation		5,778		225,342
TeleTech Holdings, Inc. (a)		2,607		62,907
Virtusa Corporation (a)		6,970		229,801
				3,252,188
Semiconductors & Semiconductor Equipment - 4.2%
Alpha & Omega Semiconductor Ltd. (a)		46		331
Amkor Technology, Inc. (a)		31,400		249,630
ATMI, Inc. (a)		6,610		224,641
Axcelis Technologies, Inc. (a)		93,331		167,062
Cavium, Inc. (a)		5,413		229,349
CEVA, Inc. (a)		1,966		31,908
Cirrus Logic, Inc. (a)		4,806		107,174
DSP Group, Inc. (a)		26,144		208,106
Inphi Corporation (a)		15,443		228,402
Integrated Device Technology, Inc. (a)		30,086		351,104
Intermolecular, Inc. (a)		192		522
Intersil Corporation - Class A		6,650		82,061
IXYS Corporation		20,737		223,752
Lattice Semiconductor Corporation (a)		25,773		217,009
MA/COM Technology Solutions Holdings, Inc. (a)		4,098		71,756
Mattson Technology, Inc. (a)		113,145		225,159
Microsemi Corporation (a)		734		17,264
Monolithic Power Systems, Inc. (a)		5,780		214,438
OmniVision Technologies, Inc. (a)		12,389		241,957
PLX Technology, Inc. (a)		13,406		77,755
RF Micro Devices, Inc. (a)		27,312		230,513
Sigma Designs, Inc. (a)		5,706		21,512
Silicon Image, Inc. (a)		36,645		205,578
Vitesse Semiconductor Corporation (a)		48,376		179,959
				3,806,942
Software - 3.5%
ACI Worldwide, Inc. (a)		3,851		220,085

83

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Information Technology - 18.2%(Continued)
Software - 3.5% (Continued)
Actuate Corporation (a)		4,269	$	24,034
American Software, Inc. - Class A		3,007		28,987
Cinedigm Corporation - Class A (a)		78,557		196,392
Compuware Corporation		22,478		232,872
Comverse, Inc. (a)		6,064		151,236
Digimarc Corporation		5,204		171,836
ePlus, Inc. (a)		3,661		183,196
Guidance Software, Inc. (a)		350		3,224
Imperva, Inc. (a)		3,295		75,390
Infoblox, Inc. (a)		10,063		197,436
Interactive Intelligence Group, Inc. (a)		3,402		212,863
Model N, Inc. (a)		6,820		61,448
NetScout Systems, Inc. (a)		4,216		164,255
Pegasystems, Inc.		13,880		229,992
Progress Software Corporation (a)		6,003		128,824
Sapiens International Corporation N.V. (a)		23,664		186,236
Synchronoss Technologies, Inc. (a)		6,983		212,563
Take-Two Interactive Software, Inc. (a)		7,329		149,365
Telenav, Inc. (a)		32,043		196,424
Verint Systems, Inc. (a)		5,183		226,860
				3,253,518
Technology Hardware, Storage & Peripherals - 1.0%
Cray, Inc. (a)		6,846		196,549
Dot Hill Systems Corporation (a)		42,522		175,616
Electronics For Imaging, Inc. (a)		1,693		63,978
Intevac, Inc. (a)		5,623		45,265
Lexmark International, Inc. - Class A		221		9,503
QLogic Corporation (a)		18,971		219,684
Synaptics, Inc. (a)		2,899		180,173
				890,768
Materials - 4.5%
Chemicals - 1.4%
A. Schulman, Inc.		2,524		90,662
Arabian American Development Company (a)		3,534		38,627
Chase Corporation		25		778
Chemtura Corporation (a)		8		178
Ferro Corporation (a)		18,029		234,016
Innospec, Inc.		2,226		95,852
Koppers Holdings, Inc.		7,256		309,831
Penford Corporation (a)		35		441
Quaker Chemical Corporation		743		55,301
Sensient Technologies Corporation		4,210		227,551
Stepan Company		4,132		238,954
Tredegar Corporation		1,373		28,572
				1,320,763
Construction Materials - 0.1%
United States Lime & Minerals, Inc.		1,045		56,493
Containers & Packaging - 0.6%
AEP Industries, Inc. (a)		1,322		47,089

84

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7%(Continued)	Shares		Value
Materials - 4.5%(Continued)
Containers & Packaging - 0.6% (Continued)
Berry Plastics Group, Inc. (a)		19,114	$	429,874
Myers Industries, Inc.		4,921		92,023
				568,986
Metals & Mining - 1.4%
AMCOL International Corporation		4,921		225,628
Charles & Colvard Ltd. (a)		178		386
Compass Minerals International, Inc.		5,340		489,144
Horsehead Holding Corporation (a)		96		1,497
Materion Corporation		25		841
Noranda Aluminum Holding Corporation		43,443		154,223
Stillwater Mining Company (a)		13,907		219,453
Tahoe Resources, Inc. (a)		8		178
Worthington Industries, Inc.		6,109		224,811
				1,316,161
Paper & Forest Products - 1.0%
KapStone Paper and Packaging Corporation (a)		8,758		231,036
Neenah Paper, Inc.		4,002		201,581
P.H. Glatfelter Company		10,321		263,392
Schweitzer-Mauduit International, Inc.		5,403		235,787
				931,796
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.6%
Cbeyond, Inc. (a)		28,232		279,215
Lumos Networks Corporation		2,444		32,285
Premiere Global Services, Inc. (a)		3,585		45,601
Vonage Holdings Corporation (a)		61,308		235,423
				592,524
Wireless Telecommunication Services - 0.1%
Boingo Wireless, Inc. (a)		85		561
NII Holdings, Inc. (a)		224		192
Telephone and Data Systems, Inc.		1,794		48,779
				49,532
Utilities - 1.1%
Electric Utilities - 0.2%
Unitil Corporation		6,894		228,881
Gas Utilities - 0.5%
Chesapeake Utilities Corporation		64		4,049
Delta Natural Gas Company, Inc.		8		152
Laclede Group, Inc. (The)		4,988		236,481
Southwest Gas Corporation		4,107		225,926
				466,608
Water Utilities - 0.4%
American States Water Company		7,319		222,205
Consolidated Water Company Ltd.		9,276		107,787
				329,992
Total Common Stocks (Cost $87,515,126)			$	90,803,640

85

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

OTHER INVESTMENTS - 0.2%	Shares		Value
Firsthand Technology Value Fund, Inc. (a) (Cost $204,230)		9,185	$	179,659

MONEY MARKET FUNDS - 1.3%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,173,818)		1,173,818	$	1,173,818
Total Investments at Value - 100.2% (Cost $88,893,174)			$	92,157,117
Liabilities in Excess of Other Assets - (0.2%)				(183,206	)
Net Assets - 100.0%			$	91,973,911

(a) Non-income producing security.

(b) Percentage rounds to less than 0.1%.

(c) The rate shown is the 7-day effective yield as of April 30, 2014.

See accompanying notes to financial statements.

86

TFS HEDGED FUTURES FUND

SCHEDULE OF INVESTMENTS

April 30, 2014(Unaudited)

U.S. TREASURY OBLIGATIONS (a) - 22.7%	Par Value		Value
U.S. Treasury Bills,
0.065%, due 08/21/2014	$	2,650,000	$	2,649,754
0.068%, due 09/04/2014		3,050,000		3,049,680
0.037%, due 09/18/2014		3,125,000		3,124,634
0.025%, due 09/25/2014		550,000		549,921
0.040%, due 10/02/2014		2,600,000		2,599,555
Total U.S. Treasury Obligations (Cost $11,972,787)			$	11,973,544

MONEY MARKET FUNDS - 66.6%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.03% (b)		6,526,230	$	6,526,230
Fidelity Institutional Money Market Portfolio - Class I, 0.05% (b)		14,516,757		14,516,757
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.06% (b)		6,528,635		6,528,635
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.09% (b)		542,832		542,832
PIMCO Money Market Fund - Institutional Class, 0.00% (b)		540,989		540,989
Vanguard Prime Money Market Fund - Investor Shares,     0.01% (b)		6,526,733		6,526,733
Total Money Market Funds (Cost $35,182,176)			$	35,182,176
Total Investments at Value - 89.3% (Cost $47,154,963)			$	47,155,720
Other Assets in Excess of Liabilities - 10.7%				5,637,487	(c)
Net Assets - 100.0%			$	52,793,207

(a) Rate shown is the annualized yield at time of purchase, not a coupon rate.

(b) The rate shown is the 7-day effective yield as of April 30, 2014.

(c) Includes cash held as margin deposits for futures contracts.

See accompanying notes to financial statements.

87

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS

April 30, 2014 (Unaudited)

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Copper Future	07/29/2014		17	$	1,284,350	$	(12	)
Crude Oil Future	05/20/2014		12		1,198,200		(29,886	)
Ethanol Future	06/04/2014		33		2,092,002		27,230
Live Cattle Future	06/30/2014		43		2,362,850		1,342
Lumber Future	07/15/2014		18		655,182		(160	)
Oats Future	07/14/2014		124		2,235,100		28,194
Red Spring Wheat Future	07/14/2014		41		1,575,937		59,709
Soybean Future	07/14/2014		5		378,188		3,574
Soybean Meal Future	07/14/2014		81		3,998,970		145,724
Total Futures Contracts				$	15,780,779	$	235,715

See accompanying notes to financial statements.

88

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

April 30, 2014 (Unaudited)

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Butter Cash Future	06/03/2014		1	$	39,250	$	(2,228	)
Butter Cash Future	07/01/2014		2		78,800		(5,255	)
Cocoa Future	07/16/2014		27		804,600		3,976
Coffee Future	07/21/2014		21		1,621,069		(50,232	)
Corn Future	07/14/2014		58		1,505,100		(27,792	)
Cotton No. 2 Future	07/09/2014		15		707,175		(15,901	)
Feeder Cattle Future	05/22/2014		7		633,850		(7,207	)
Feeder Cattle Future	08/28/2014		7		655,987		(8,656	)
Frozen Concentrate Orange Juice Future	07/11/2014		16		385,440		3,061
Hard Red Winter Wheat Future	07/14/2014		1		40,625		(3,315	)
Lean Hogs Future	06/13/2014		6		295,440		1,313
Natural Gas Future	05/28/2014		9		431,820		(16,820	)
Palladium Future	06/26/2014		3		243,015		(2,362	)
Platinum Future	07/29/2014		2		142,750		2,096
Soybean Oil Future	07/14/2014		145		3,663,570		75,345
Sugar No. 11 Future	06/30/2014		89		1,766,330		(22,172	)
Wheat Future	07/14/2014		79		2,849,925		(100,036	)
Total Commodity Futures					15,864,746		(176,185	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/20/2014		188		2,814,360		244,150
CBOE Volatility Index (VIX) Future	06/17/2014		280		4,393,200		366,565
E-Mini S&P 500 Future	06/20/2014		205		19,267,437		(327,211	)
Total Financial Futures					26,474,997		283,504
Total Futures Contracts Sold Short				$	42,339,743	$	107,319

See accompanying notes to financial statements.

89

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

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

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

SIGNATURES

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

(Registrant)   TFS Capital Investment Trust                                             

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	June 26, 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	June 26, 2014
By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	June 26, 2014

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