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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21531

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

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: (513) 587-3406

Date of fiscal year end:	October 31, 2015
Date of reporting period:	October 31, 2015

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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

ANNUAL REPORT

October 31, 2015

 

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

December 15, 2015

Dear Shareholder,

Enclosed is the Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX), the TFS Small Cap Fund (ticker: TFSSX) and the TFS Hedged Futures Fund (ticker: TFSHX) for the year ended October 31, 2015. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), we would like to thank you for your continued investment.

TFS Market Neutral Fund (ticker: TFSMX)

	1-year return	3-year return	5-year return	10-year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	4.99%	3.56%	3.69%	6.63%	6.58%
S&P 500® Index	5.20%	16.20%	14.33%	7.85%	7.92%

Average annual total returns for periods ended October 31, 2015. Past performance is not a guarantee of future results.

For the fiscal year ended October 31, 2015, the TFS Market Neutral Fund produced significant positive alpha versus the S&P 500 Index. That is, the Fund had positive performance beyond the portion explained by its low, but positive, market exposure. Since inception, the Fund’s market exposure or beta was 0.23 relative to the S&P 500. For a 1% move in the S&P 500, either up or down, a fund with a beta of 0.23 is expected to move 0.23% in the same direction.

In the 2014 annual shareholder letter, we detailed how a basket of high borrowing cost, high volatility shorts drove the Fund’s poor performance in 2013 and part of 2014. Enhanced portfolio construction methodologies have helped the Fund benefit from exposure to these types of stocks, while reducing disproportional influence by these stocks on overall performance. Certainly, we are hesitant to draw any conclusions from just one year of Fund performance. We are, however, encouraged by the Fund’s alpha generation throughout the 2015 fiscal year; a year in which high borrowing cost, high volatility stocks at times outperformed the market.

The Fund generated positive alpha versus the S&P 500 in 8 of 12 months last fiscal year. Performance was particularly strong in the third calendar quarter of 2015; a quarter in which markets were down globally, especially in August. The S&P 500 fell 12.0% from July 20th to August 25th, representing the fourth largest market drawdown since the Fund’s inception in 2004. The equity market sell-off was particularly brutal for high borrowing cost, high volatility stocks. Though down slightly, short positions in many of these “story” stocks helped TFSMX provide significant downside protection during this market correction.

Throughout the fiscal year, the volatility of the Fund remained a fraction of that of the S&P 500. Annualized volatility is a statistical measure of the dispersion of returns for a security over a one-year period; typically, the higher the volatility, the riskier the security. Since inception, TFSMX has experienced considerably less annualized volatility than the S&P 500 (7.50% versus 19.79%).

1

The strategies used in managing TFSMX have resulted in returns that have a relatively low correlation to other asset classes. According to Modern Portfolio Theory, portfolios may benefit by combining non-correlated investments. For your reference, below are the TFS Market Neutral Fund’s correlations to several other asset classes since inception.

Index	Correlation Since Inception
S&P 500® Index	0.61
Russell 2000® Index	0.59
MSCI EAFE Index	0.48
Barclays U.S. Aggregate Bond Index	-0.17
Dow Jones REIT ETF Index	0.43
Dow Jones Commodity Futures	0.42

Since inception, TFSMX has produced alpha versus the S&P 500; generating an average annual return of 6.58% versus 7.92% for the S&P 500. Among funds in the Morningstar Market Neutral category, the Fund’s performance ranked in the top quartile over the 3-, 5-, and 10-year periods ended October 31, 2015¹.

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	0.51%	16.63%	13.77%	10.78%
Russell 2000® Index	0.34%	13.90%	12.06%	6.50%

Average annual total returns for periods ended October 31, 2015. Past performance is not a guarantee of future results.

TFSSX outperformed its benchmark, the Russell 2000^® Index, during the 2015 fiscal year by 0.17%.

Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with most of the performance deviation attributable to TFS Capital’s equity selection. Last year, the majority of the Fund’s strategies contributed positively to the Fund’s performance versus the Russell 2000^® Index on a within-sector basis. That is, strategies correctly identified stocks that outperformed industry and sector peers.

Unfortunately, during the third calendar quarter of 2015, much of the positive performance that the Fund generated relative to the Russell 2000^® Index within-sector was offset by negative performance that was the result of sector biases in the Fund. TFSSX sector biases vary over time, driven by the bottom-up stock-selection of strategies in the Fund. In normal times, these sector biases do not have a material impact on performance. In July, August, and September of 2015, however, the Fund’s modest active weights in sectors with notably disparate performance from that of the benchmark detracted materially from overall performance.

2

Despite a year with minimal alpha for TFSSX, the Fund’s 9-year track record remains strong. Since inception, the Fund has generated an average annual return that is 4.28% higher than that of the Russell 2000. TFSSX performance ranked in the top quartile of funds in the Morningstar Small Blend category over the 3- and 5-year periods ended October 31, 2015².

TFS Hedged Futures Fund (ticker: TFSHX)

	1-year return	3-year return	Since Inception (12/29/2011)
TFS Hedged Futures Fund	6.78%	-0.71%	2.04%
S&P Diversified Trends Indicator	-2.64%	2.08%	-1.96%
Bloomberg Commodity Index	-25.72%	-15.04%	-11.48%
S&P 500 Index	5.20%	16.20%	16.29%

Average annual total return for the periods ended October 31, 2015. Past performance is not a guarantee of future results.

After two down years, the TFS Hedged Futures Fund was up 6.78% during the 2015 fiscal year, significantly outpacing the S&P Diversified Trends Indicator (the “S&P DTI”) (down 2.64%). TFSHX’s positive performance was driven by the Fund’s financial sector strategies and, to a lesser extent, by the Fund’s commodity sector strategies.

The Fund generated positive returns in 10 of 12 months during the fiscal year. Performance was particularly strong during the second and third calendar quarters of 2015, including August; a month in which TFSHX was up over 3% despite a sell off of more than 6% in both large and small cap equities. Since inception, the Fund’s beta to the S&P 500 Index is just 0.06. Almost none of the Fund’s performance can be explained by movements in the equity markets.

TFSHX exhibits low-to-negative correlation to all major asset classes including global equities, fixed income, and commodities. The Fund, which does not employ trend-following strategies, also has a low average correlation to the S&P DTI and other funds in Morningstar’s Managed Futures Category. For your reference, below are the TFS Hedged Futures Fund’s correlations to several other asset classes, and the TFS Market Neutral Fund.

Index	Correlation Since Inception
S&P Diversified Trends Indicator	-0.04
S&P 500® Index	0.15
MSCI ACWI Index	0.14
S&P GSCI Index	0.02
Barclays U.S. Aggregate Bond Index	-0.06
TFS Market Neutral Fund (ticker: TFSMX)	0.21

3

As always, we do not recommend allocating a high percentage of one’s assets to any single 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 the information presented here, please contact us.

Best regards,

Eric S. Newman	David S. Hall
Chief Investment Officer & Co-Portfolio Manager	Co-Portfolio Manager
TFS Capital LLC	TFS Capital LLC

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance information current through the most recent month-end is available at www.tfscapital.com. 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 Based on Morningstar data for the periods ended 10/31/15. Category % ranking for TFSMX was 19th percentile out of 162 funds for the 1-year period, 13th percentile out of 103 funds for the 3-year period, 14th percentile out of 79 funds for the 5-year period and 5th percentile out of 43 funds for the 10-year period. Past performance is not a guarantee of future results.

² Based on Morningstar data for the periods ended 10/31/15. Category % ranking for TFSSX was 46th percentile out of 807 funds for the 1-year period, 7th percentile out of 726 funds for the 3-year period, and 16th percentile out of 675 funds for the 5-year period. Past performance is not a guarantee of future results.

Investments are placed into Morningstar Categories based on their compositions and portfolio statistics so that investors can make meaningful comparisons. Morningstar Category % Rank is a fund’s total-return percentile rank relative to all funds in the same category. The highest (or most favorable) percentile rank is one and the lowest (or least favorable) percentile rank is 100. The Category % Rank complements the Morningstar Rating, especially for funds in smaller categories because these funds may have received a 3-star rating, but could be in the top half of their category performance.

4

TFS MARKET NEUTRAL FUND
PERFORMANCE INFORMATION (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in
TFS Market Neutral Fund versus the S&P 500^® Index

Average Annual Total Returns(a) For the periods ended October 31, 2015
	1 Year	5 Years	10 Years
TFS Market Neutral Fund	4.99%	3.69%	6.63%
S&P 500® Index	5.20%	14.33%	7.85%

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

5

TFS SMALL CAP FUND
PERFORMANCE INFORMATION (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in
TFS Small Cap Fund versus the Russell 2000^® Index

Average Annual Total Returns(a) For the periods ended October 31, 2015
	1 Year	5 Years	Since Inception(b)
TFS Small Cap Fund	0.51%	13.77%	10.78%
Russell 2000® Index	0.34%	12.06%	6.50%

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

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

6

TFS HEDGED FUTURES FUND
PERFORMANCE INFORMATION (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in
TFS Hedged Futures Fund versus the
S&P Diversified Trends Indicator and the S&P 500^® Index

Average Annual Total Returns(a) For the periods ended October 31, 2015
	1 Year	Since Inception(b)
TFS Hedged Futures Fund	6.78%	2.04%
S&P Diversified Trends Indicator	-2.64%	-1.96%
S&P 500® Index	5.20%	16.29%

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

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

8

TFS MARKET NEUTRAL FUND
PORTFOLIO INFORMATION
October 31, 2015 (Unaudited)

Common Stocks vs.
the S&P 500^® Index Net Sector Exposure*

 

* The net percentages for TFS Market Neutral Fund are computed by taking the net dollar exposure, including short positions, and dividing by the net assets of the Fund. Consequently, the percentages will not total to 100%.

Top 10 Long Common Stocks		Top 10 Short Common Stocks
Security Description	% of Net Assets	Security Description	% of Net Assets
YRC Worldwide, Inc.	0.60%	Plug Power, Inc.	(0.42%)
Web.com Group, Inc.	0.51%	American Railcar Industries, Inc.	(0.40%)
Oxford Industries, Inc.	0.50%	Keryx Biopharamaceuticals, Inc.	(0.38%)
Tech Data Corporation	0.50%	Shake Shack, Inc. - Class A	(0.37%)
MRC Global, Inc.	0.49%	Northwest Biotherapeutics, Inc.	(0.37%)
Phibro Animal Health Corporation - Class A	0.49%	Rockwell Medical, Inc.	(0.37%)
BioSpecifics Technologies Corporation	0.48%	Accelerate Diagnostics, Inc.	(0.35%)
Concert Pharamaceuticals, Inc.	0.47%	Zoe's Kitchen, Inc.	(0.34%)
Koppers Holdings, Inc.	0.47%	SunEdison, Inc.	(0.32%)
Delek US Holdings, Inc.	0.46%	ZIOPHARM Oncology, Inc.	(0.32%)

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

8

TFS SMALL CAP FUND
PORTFOLIO INFORMATION
October 31, 2015 (Unaudited)

Sector Allocation (% of Net Assets)

 

Top 10 Equity Positions
Security Description	% of Net Assets
Phibro Animal Health Corporation - Class A	0.63%
ePlus, Inc.	0.62%
Gibraltar Industries, Inc.	0.60%
Web.com Group, Inc.	0.59%
Oxford Industries, Inc.	0.58%
Tech Data Corporation	0.57%
Dean Foods Company	0.57%
Prestige Brands Holdings, Inc.	0.53%
Concert Pharmaceuticals, Inc.	0.52%
AEP Industries, Inc.	0.52%

9

TFS HEDGED FUTURES FUND
PORTFOLIO INFORMATION
October 31, 2015 (Unaudited)

Exposure by Type of Futures Contract
(Notional 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	-35.7%

10

TFS MARKET NEUTRAL FUND
SUMMARY SCHEDULE OF INVESTMENTS*
October 31, 2015

COMMON STOCKS — 96.5%	Shares		Value
Consumer Discretionary — 16.0%
Barnes & Noble, Inc. (a)		262,233	$	3,406,407
Bloomin' Brands, Inc.		210,513		3,572,406
Caleres, Inc. (a)		107,915		3,297,882
Men's Wearhouse, Inc. (The) (a)		79,061		3,160,859
Murphy USA, Inc. (a) (b)		46,939		2,880,646
Oxford Industries, Inc. (a)		54,359		3,958,422
Perry Ellis International, Inc. (a) (b)		150,599		3,233,361
Tower International, Inc. (b)		131,555		3,613,816
Other Consumer Discretionary (c)				98,649,633
				125,773,432
Consumer Staples — 3.9%
Dean Foods Company		197,568		3,577,956
SpartanNash Company (a)		104,687		2,920,767
Other Consumer Staples (c)				24,309,949
				30,808,672
Energy — 6.0%
Delek US Holdings, Inc.		133,991		3,644,555
Scorpio Tankers, Inc. (a)		312,901		2,853,657
Teekay Tankers Ltd. - Class A		399,175		3,049,697
World Fuel Services Corporation		73,465		3,266,254
Other Energy (c)				34,625,211
				47,439,374
Financials — 11.9%
Other Financials (c)				93,440,605
Health Care — 18.7%
Aegerion Pharmaceuticals, Inc. (b)		215,579		3,164,700
Allscripts Healthcare Solutions, Inc. (a) (b)		258,025		3,627,832
Amphastar Pharmaceuticals, Inc. (b)		296,570		3,511,389
BioSpecifics Technologies Corporation (b)		64,879		3,789,582
Concert Pharmaceuticals, Inc. (a) (b)		164,039		3,725,326
Emergent BioSolutions, Inc. (b)		104,486		3,359,225
FibroGen, Inc. (b)		121,990		2,843,587
INC Research Holdings, Inc. - Class A (a) (b)		72,166		3,010,044
MedAssets, Inc. (a) (b)		124,118		2,939,114
Orthofix International N.V. (b)		103,592		3,527,308
Phibro Animal Health Corporation - Class A		115,903		3,866,524
Premier, Inc. - Class A (b)		84,974		2,872,971
Prestige Brands Holdings, Inc. (b)		71,525		3,505,440
Surgical Care Affiliates, Inc. (b)		95,210		2,819,168
Other Health Care (c)				99,927,988
				146,490,198

11

TFS MARKET NEUTRAL FUND
SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 96.5% (Continued)	Shares		Value
Industrials — 15.1%
Aegion Corporation (b)		188,309	$	3,632,481
ArcBest Corporation (a)		135,367		3,506,005
General Cable Corporation (a)		226,280		3,482,449
Gibraltar Industries, Inc. (b)		111,918		2,833,764
MasTec, Inc. (a) (b)		171,773		2,880,633
MRC Global, Inc. (a) (b)		325,660		3,875,354
SkyWest, Inc. (a)		154,058		2,933,264
SPX Corporation		257,710		3,156,948
Vectrus, Inc. (a) (b)		133,001		3,307,735
YRC Worldwide, Inc. (a) (b)		256,320		4,680,403
Other Industrials (c)				84,402,670
				118,691,706
Information Technology — 17.4%
EarthLink Holdings Corporation (a)		366,463		3,133,259
ePlus, Inc. (a) (b)		35,839		3,025,528
Insight Enterprises, Inc. (a) (b)		129,479		3,288,767
IntraLinks Holdings, Inc. (b)		334,488		2,926,770
Photronics, Inc. (a) (b)		296,241		2,840,951
Tech Data Corporation (b)		53,484		3,893,100
Web.com Group, Inc. (b)		169,152		3,969,997
Other Information Technology (c)				113,188,137
				136,266,509
Materials — 4.8%
Commercial Metals Company		246,552		3,542,952
Globe Specialty Metals, Inc.		254,413		3,210,692
Haynes International, Inc.		72,926		2,876,931
Koppers Holdings, Inc.		194,604		3,689,692
Other Materials (c)				24,332,797
				37,653,064
Telecommunication Services — 1.6%
Telephone and Data Systems, Inc. (a)		108,564		3,109,273
Other Telecommunication Services (c)				9,450,908
				12,560,181
Utilities — 1.1%
Other Utilities (c)				8,518,096
Total Common Stocks (Cost $738,595,397)			$	757,641,837

INVESTMENT COMPANIES — 1.0%	Shares	Value
Other Investment Companies (Cost $8,000,317)(c)		$	8,034,335

12

TFS MARKET NEUTRAL FUND
SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

RIGHTS — 0.0%(d)	Shares	Value
Other Rights (Cost $0) (c)		$	77,515

WARRANTS — 0.0%	Shares		Value
Imperial Holdings (Cost $0) (b) (e)		1,663	$	0

CORPORATE BONDS — 0.0%(d)	Shares	Value
Financials — 0.0% (d)
Other Financials (Cost $0) (c)		$	3,098

MONEY MARKET FUNDS — 0.0% (d)	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.01% (a) (f)		15,710	$	15,710
UMB Money Market Fiduciary, 0.01% (f)		179,274		179,274
Total Money Market Funds (Cost $194,984)			$	194,984
Total Investments at Value — 97.5% (Cost $746,790,698)			$	765,951,769
Other Assets in Excess of Liabilities (g) — 2.5%				19,114,105
Net Assets — 100.0%			$	785,065,874

* 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 October 31, 2015.

^(d) Percentage rounds to less than 0.1%.

^(e) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities is $0 at October 31, 2015, representing 0.0% of net assets (Note 2).

^(f) The rate shown is the 7-day effective yield as of October 31, 2015.

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

See accompanying notes to financial statements.

13

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
October 31, 2015

COMMON STOCKS — 69.6%	Shares		Value
Consumer Discretionary — 10.3%
Auto Components — 0.7%
Ballard Power Systems, Inc.		100,194	$	151,293
BorgWarner, Inc.		1,150		49,243
Dorman Products, Inc.		43,875		2,048,085
Drew Industries, Inc.		1,776		106,258
Fox Factory Holding Corporation		83,546		1,482,942
Fuel Systems Solutions, Inc.		1,217		7,570
Gentex Corporation		8,344		136,758
Motorcar Parts of America, Inc.		26,758		900,674
Quantum Fuel Systems Technologies Worldwide, Inc.		10,403		11,443
Strattec Security Corporation		11,705		700,193
				5,594,459
Automobiles — 0.1%
Kandi Technologies Group, Inc.		69,327		652,367
Tesla Motors, Inc.		969		200,515
				852,882
Distributors — 0.0% (a)
Fenix Parts, Inc.		3,636		28,615
Genuine Parts Company		344		31,222
				59,837
Diversified Consumer Services — 0.8%
2U, Inc.		93,755		1,966,980
American Public Education, Inc.		1,309		28,444
Bridgepoint Education, Inc.		1,471		11,400
Carriage Services, Inc.		1,968		42,332
DeVry Education Group, Inc.		1,645		38,756
Grand Canyon Education, Inc.		5,816		241,713
H&R Block, Inc.		2,937		109,433
ITT Educational Services, Inc.		184,869		610,068
LifeLock, Inc.		68,310		957,023
Regis Corporation		17,206		284,243
Sotheby's		1,140		39,501
Strayer Education, Inc.		4,742		250,947
Weight Watchers International, Inc.		128,797		1,980,898
				6,561,738
Hotels, Restaurants & Leisure — 2.2%
Amaya, Inc.		2,858		63,791
BJ's Restaurants, Inc.		363		15,584
Bob Evans Farms, Inc.		553		23,928
Brinker International, Inc.		2,823		128,475
Buffalo Wild Wings, Inc.		54		8,331
Chipotle Mexican Grill, Inc.		162		103,717
Choice Hotels International, Inc.		5,690		297,644

14

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Hotels, Restaurants & Leisure — 2.2% (Continued)
Dave & Buster's Entertainment, Inc.		32,273	$	1,245,092
Del Taco Restaurants, Inc.		3,117		36,562
Diamond Resorts International, Inc.		12,139		345,233
DineEquity, Inc.		2,829		236,080
Domino's Pizza, Inc.		684		72,962
Dunkin' Brands Group, Inc.		2,733		113,174
El Pollo Loco Holdings, Inc.		14,583		167,413
Famous Dave's of America, Inc.		5,909		68,013
Good Times Restaurants, Inc.		102		605
Habit Restaurants, Inc. (The) - Class A		53,130		1,268,744
International Game Technology plc		958		15,539
Interval Leisure Group, Inc.		34,382		606,842
Jamba, Inc.		135,799		1,799,337
Kona Grill, Inc.		70,611		970,901
Las Vegas Sands Corporation		3,696		182,989
Marriott Vacations Worldwide Corporation		2,211		142,388
Morgans Hotel Group Company		3,050		10,949
Noodles & Company		131,147		1,937,041
Norwegian Cruise Line Holdings Ltd.		1,501		95,494
Potbelly Corporation		4,202		47,062
Red Robin Gourmet Burgers, Inc.		257		19,247
Ruby Tuesday, Inc.		191,525		1,001,676
Scientific Games Corporation - Class A		13,343		147,974
SeaWorld Entertainment, Inc.		1,871		37,289
Shake Shack, Inc. - Class A		63,401		2,889,184
Starbucks Corporation		1,997		124,952
Wingstop, Inc.		1,048		24,240
Wynn Resorts Ltd.		2,318		162,144
Zoe's Kitchen, Inc.		76,907		2,647,908
				17,058,504
Household Durables — 1.0%
Bassett Furniture Industries, Inc.		3,401		108,696
Century Communities, Inc.		3,762		71,779
CSS Industries, Inc.		1,857		50,696
Dixie Group, Inc. (The)		3,400		22,338
Ethan Allen Interiors, Inc.		7,300		198,633
Garmin Ltd.		3,340		118,470
GoPro, Inc. - Class A		6,874		171,850
Hooker Furniture Corporation		1,889		46,885
Hovnanian Enterprises, Inc. - Class A		219,438		452,042
iRobot Corporation		36,436		1,093,444
Lennar Corporation - Class A		1,999		100,090
MDC Holdings, Inc.		8,807		228,894

15

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Household Durables — 1.0% (Continued)
New Home Company, Inc. (The)		36,447	$	521,557
PulteGroup, Inc.		3,216		58,949
Skullcandy, Inc.		209,748		1,174,589
SodaStream International Ltd.		1,801		26,979
TRI Pointe Homes, Inc.		16,151		209,640
Tupperware Brands Corporation		982		57,810
Turtle Beach Corporation		409,057		961,284
Vuzix Corporation		5,041		25,558
William Lyon Homes - Class A		69,673		1,486,822
ZAGG, Inc.		39,822		337,690
				7,524,695
Internet & Catalog Retail — 0.5%
Blue Nile, Inc.		2,867		97,765
Etsy, Inc.		40,514		441,603
Groupon, Inc.		25,027		92,850
NutriSystem, Inc.		539		12,467
PetMed Express, Inc.		125,819		2,116,276
Shutterfly, Inc.		16,343		681,666
TripAdvisor, Inc.		687		57,557
				3,500,184
Leisure Products — 0.4%
Arctic Cat, Inc.		97,051		1,993,428
Hasbro, Inc.		1,240		95,269
JAKKS Pacific, Inc.		35,482		281,018
Mattel, Inc.		6,178		151,855
Performance Sports Group Ltd.		70,921		814,173
Smith & Wesson Holding Corporation		1,340		23,932
				3,359,675
Media — 1.4%
Charter Communications, Inc. - Class A		964		184,066
CTC Media, Inc.		12,531		21,177
Discovery Communications, Inc. - Series A		2,213		65,151
DreamWorks Animation SKG, Inc. - Class A		1,444		29,227
E.W. Scripps Company (The) - Class A		11,911		262,757
Eros International plc		123,617		1,380,802
IMAX Corporation		33,623		1,290,787
John Wiley & Sons, Inc. - Class A		4,112		215,181
Lions Gate Entertainment Corporation		3,224		125,639
Martha Stewart Living Omnimedia, Inc. - Class A		308		1,860
MDC Partners, Inc. - Class A		9,534		198,116
Media General, Inc.		144,042		2,140,464
Meredith Corporation		4		188
MSG Networks, Inc. - Class A		3,557		72,990

16

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Media — 1.4% (Continued)
New Media Investment Group, Inc.		39,825	$	641,182
News Corporation - Class B		1,702		26,347
Nexstar Broadcasting Group, Inc. - Class A		637		33,907
Omnicom Group		737		55,216
Pandora Media, Inc.		39,560		455,336
Rentrak Corporation		37,482		2,068,257
Scholastic Corporation		27,275		1,114,729
Scripps Networks Interactive, Inc. - Class A		1,607		96,549
SFX Entertainment, Inc.		170,214		158,316
Sinclair Broadcast Group, Inc. - Class A		1,332		39,973
TEGNA, Inc.		2,195		59,353
Tribune Publishing Company		36,779		347,194
Walt Disney Company (The)		892		101,456
World Wrestling Entertainment, Inc. - Class A		2,601		46,376
				11,232,596
Multiline Retail — 0.2%
Big Lots, Inc.		822		37,894
Bon-Ton Stores, Inc. (The)		6,050		19,057
Dollar Tree, Inc.		1,957		128,164
J. C. Penney Company, Inc.		58,346		535,033
Sears Holdings Corporation		23,253		543,423
				1,263,571
Specialty Retail — 2.4%
Aaron's, Inc.		1,480		36,512
Abercrombie & Fitch Company - Class A		7,735		163,905
American Eagle Outfitters, Inc.		1,732		26,465
America's Car-Mart, Inc.		316		10,820
AutoZone, Inc.		31		24,317
Barnes & Noble Education, Inc.		2,371		34,972
Bed Bath & Beyond, Inc.		1,143		68,157
Boot Barn Holdings, Inc.		113,691		1,705,365
Buckle, Inc. (The)		42,530		1,507,263
Build-A-Bear Workshop, Inc.		30,781		478,952
Cabela's, Inc.		11,460		448,888
CarMax, Inc.		835		49,273
Conn's, Inc.		114,872		2,179,122
Container Store Group, Inc. (The)		215,579		2,459,756
Destination XL Group, Inc.		9,779		57,109
Five Below, Inc.		1,145		39,319
Francesca's Holdings Corporation		126,047		1,791,128
GameStop Corporation - Class A		3,289		151,524
Gap, Inc. (The)		1,269		34,542
Genesco, Inc.		4,845		303,539

17

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Discretionary — 10.3% (Continued)
Specialty Retail — 2.4% (Continued)
Guess?, Inc.		99	$	2,084
Haverty Furniture Companies, Inc.		6,510		152,399
hhgregg, Inc.		30,312		163,685
Hibbett Sports, Inc.		591		20,189
Kirkland's, Inc.		5,974		137,342
L Brands, Inc.		554		53,173
Lumber Liquidators Holdings, Inc.		101,348		1,400,629
Mattress Firm Holding Corporation		618		26,308
Monro Muffler Brake, Inc.		11,789		874,390
O'Reilly Automotive, Inc.		525		145,037
Pier 1 Imports, Inc.		150,353		1,115,619
Rent-A-Center, Inc.		30,738		565,272
Sears Hometown and Outlet Stores, Inc.		2,906		23,364
Select Comfort Corporation		51,107		1,083,469
Shoe Carnival, Inc.		380		8,539
Tile Shop Holdings, Inc. (The)		4,433		64,323
Ulta Salon Cosmetics & Fragrance, Inc.		831		144,561
Zumiez, Inc.		91,941		1,607,129
				19,158,440
Textiles, Apparel & Luxury Goods — 0.6%
Cherokee, Inc.		79,026		1,434,322
CROCS, Inc.		30,981		334,595
Culp, Inc.		7,443		223,364
Lakeland Industries, Inc.		6,257		77,274
lululemon athletica, Inc.		4,063		199,778
Rocky Brands, Inc.		18,034		229,934
Sequential Brands Group, Inc.		82,314		1,029,748
Skechers U.S.A., Inc. - Class A		922		28,766
Superior Uniform Group, Inc.		1,801		30,689
Tumi Holdings, Inc.		27,865		446,676
Vera Bradley, Inc.		57,834		723,503
				4,758,649
Consumer Staples — 2.4%
Beverages — 0.0% (a)
Brown-Forman Corporation - Class B		966		102,570
Coca-Cola Company (The)		253		10,715
Dr Pepper Snapple Group, Inc.		147		13,137
MGP Ingredients, Inc.		6,289		108,988
Monster Beverage Corporation		539		73,477
				308,887
Food & Staples Retailing — 0.8%
Chefs' Warehouse, Inc. (The)		88,269		1,337,275
Diplomat Pharmacy, Inc.		24,312		683,410

18

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Staples — 2.4% (Continued)
Food & Staples Retailing — 0.8% (Continued)
Fresh Market, Inc. (The)		50,217	$	1,251,408
Natural Grocers by Vitamin Cottage, Inc.		85,386		2,044,995
PriceSmart, Inc.		1,584		136,192
Rite Aid Corporation		9,536		75,144
Sprouts Farmers Market, Inc.		2,742		55,882
United Natural Foods, Inc.		16,791		847,106
Walgreen Boots Alliance, Inc.		517		43,780
				6,475,192
Food Products — 1.0%
Amira Nature Foods Ltd.		54,675		290,871
Amplify Snack Brands, Inc.		2,084		25,175
Boulder Brands, Inc.		170,601		1,511,525
Cosan Ltd.		138		483
Diamond Foods, Inc.		29,078		1,152,070
Freshpet, Inc.		240,725		2,347,069
Hershey Company (The)		379		33,614
Hormel Foods Corporation		1,084		73,224
Inventure Foods, Inc.		116,090		1,005,339
Keurig Green Mountain, Inc.		1,376		69,832
Limoneira Company		1,307		20,729
Pilgrim's Pride Corporation		2,961		56,229
Pinnacle Foods, Inc.		1,811		79,829
Sanderson Farms, Inc.		10,321		717,413
Tootsie Roll Industries, Inc.		8,168		259,252
WhiteWave Foods Company		1,599		65,527
				7,708,181
Household Products — 0.1%
Colgate-Palmolive Company		1,010		67,013
Orchids Paper Products Company		33,632		985,754
				1,052,767
Personal Products — 0.4%
China-Biotics, Inc. (b)		535,616		0
Coty, Inc. - Class A		1,027		29,732
DS Healthcare Group, Inc.		5,711		17,019
Elizabeth Arden, Inc.		118,062		1,480,497
Herbalife Ltd.		3,598		201,632
Inter Parfums, Inc.		1,680		46,401
Johnson & Johnson		138		13,942
Nu Skin Enterprises, Inc. - Class A		27,632		1,055,819
				2,845,042

19

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Consumer Staples — 2.4% (Continued)
Tobacco — 0.1%
Reynolds American, Inc.		1,428	$	69,001
Universal Corporation		5,810		313,798
				382,799
Energy — 5.3%
Energy Equipment & Services — 2.1%
Aspen Aerogels, Inc.		26,217		219,436
Atwood Oceanics, Inc.		15,257		252,503
Basic Energy Services, Inc.		304,853		1,131,005
Bristow Group, Inc.		15,563		540,503
C&J Energy Services Ltd.		135,660		676,943
CARBO Ceramics, Inc.		83,678		1,466,039
Diamond Offshore Drilling, Inc.		72,181		1,434,958
Ensco plc - Class A		28		466
Exterran Holdings, Inc.		10,679		232,161
Geospace Technologies Corporation		82,823		1,272,161
Gulfmark Offshore, Inc. - Class A		170,522		1,064,057
Helix Energy Solutions Group, Inc.		213,817		1,235,862
Helmerich & Payne, Inc.		1,859		104,606
Hornbeck Offshore Services, Inc.		10,747		145,192
McDermott International, Inc.		67,147		309,548
Mitcham Industries, Inc.		3,326		14,767
Noble Corporation plc		1,262		16,999
Ocean Rig UDW, Inc.		52,664		112,701
Pioneer Energy Services Corporation		81,974		189,360
Precision Drilling Corporation		590		2,331
RigNet, Inc.		515		15,450
Rowan Companies plc - Class A		113		2,224
RPC, Inc.		56,053		618,265
SEACOR Holdings, Inc.		7,694		449,483
Seadrill Ltd.		32,815		212,313
Synthesis Energy Systems, Inc.		219,710		200,266
Tesco Corporation		38,366		306,928
Tidewater, Inc.		17,510		216,249
Transocean Ltd.		4,877		77,203
Unit Corporation		130,100		1,640,561
US Silica Holdings, Inc.		125,531		2,267,090
Weatherford International plc		1,311		13,425
Willbros Group, Inc.		71,401		142,802
				16,583,857
Oil, Gas & Consumable Fuels — 3.2%
Amyris, Inc.		161,617		273,133
Approach Resources, Inc.		148,833		351,246
Arch Coal, Inc.		85,692		128,538

20

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Energy — 5.3% (Continued)
Oil, Gas & Consumable Fuels — 3.2% (Continued)
Bill Barrett Corporation		23,857	$	116,184
Bonanza Creek Energy, Inc.		351,437		1,999,676
California Resources Corporation		368,766		1,489,815
Cenovus Energy, Inc.		66		984
Cheniere Energy Partners, L.P. Holdings, LLC		242		4,762
Cheniere Energy, Inc.		3,896		192,930
Chesapeake Energy Corporation		56,583		403,437
Clayton Williams Energy, Inc.		18,943		1,128,434
Clean Energy Fuels Corporation		69,397		392,093
Cobalt International Energy, Inc.		26,156		200,616
CONSOL Energy, Inc.		20,673		137,682
Continental Resources, Inc.		3,243		109,970
Crescent Point Energy Corporation		89		1,213
Denbury Resources, Inc.		15,124		53,539
Devon Energy Corporation		280		11,740
Dorian LPG Ltd.		515		6,067
Eclipse Resources Corporation		101,787		218,842
Emerald Oil, Inc.		105,263		214,736
Enbridge Energy Management, LLC		1,547		42,032
Energy XXI (Bermuda) Ltd.		206,757		357,690
EOG Resources, Inc.		569		48,849
Erin Energy Corporation		106,618		426,472
EXCO Resources, Inc.		230,934		258,646
Exxon Mobil Corporation		1,460		120,800
Frontline Ltd.		454,799		1,437,165
FX Energy, Inc.		4,562		5,178
GasLog Ltd.		70		810
Gastar Exploration, Inc.		45,765		71,851
Golar LNG Ltd.		1,307		37,916
Halcon Resources Corporation		200,622		140,656
Jones Energy, Inc. - Class A		13,475		69,261
Kinder Morgan, Inc.		884		24,177
Kosmos Energy, LLC		164,298		1,120,512
Laredo Petroleum, Inc.		187,442		2,151,834
LinnCo, LLC		100,892		234,069
Matador Resources Company		45,576		1,171,759
Midstates Petroleum Company, Inc.		51,861		199,665
Murphy Oil Corporation		488		13,874
Nordic American Offshore Ltd.		155,725		939,022
Nordic American Tankers Ltd.		703		10,742
Oasis Petroleum, Inc.		181,190		2,107,240
Panhandle Oil & Gas, Inc. - Class A		4,713		86,625
PDC Energy, Inc.		684		41,273

21

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Energy — 5.3% (Continued)
Oil, Gas & Consumable Fuels — 3.2% (Continued)
Peabody Energy Corporation		40,229	$	514,528
Penn Virginia Corporation		206,079		127,542
Penn West Petroleum Ltd.		229,110		268,059
Pioneer Natural Resources Company		233		31,954
Renewable Energy Group, Inc.		32,681		257,853
REX American Resources Corporation		5,585		306,672
Rex Energy Corporation		984,069		2,223,996
Ring Energy, Inc.		1,080		11,221
Sanchez Energy Corporation		4,128		24,562
Seventy Seven Energy, Inc.		637,933		727,244
Stone Energy Corporation		3,976		22,226
Transatlantic Petroleum Ltd.		187		473
Ultra Petroleum Corporation		34,072		186,715
Uranium Energy Corporation		834,964		935,160
W&T Offshore, Inc.		170,474		555,745
Whiting Petroleum Corporation		5,442		93,766
Williams Companies, Inc.		1,793		70,716
				24,912,187
Financials — 9.4%
Banks — 2.0%
Ameris Bancorp		5,807		182,920
Associated Banc-Corp		1,558		30,132
Bancorp, Inc. (The)		34,125		245,700
Bank of Hawaii Corporation		8,993		588,862
Bank of Marin Bancorp		213		11,327
BBCN Bancorp, Inc.		316		5,306
Blue Hills Bancorp, Inc.		1,669		23,683
BNC Bancorp		5,968		133,982
BOK Financial Corporation		1,392		93,515
Bridge Bancorp, Inc.		179		5,139
Bryn Mawr Bank Corporation		2,659		77,457
Camden National Corporation		662		25,878
Cardinal Financial Corporation		5,693		129,402
Cathay General Bancorp		10		313
City Holding Company		19,334		924,745
Commerce Bancshares, Inc.		1,755		79,940
Community Bank System, Inc.		26,261		1,070,398
Community Trust Bancorp, Inc.		1,587		54,704
ConnectOne Bancorp, Inc.		373		6,658
CU Bancorp		395		9,527
Cullen/Frost Bankers, Inc.		1,538		105,261
Customers Bancorp, Inc.		9,854		270,985
CVB Financial Corporation		2,349		40,990

22

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Banks — 2.0% (Continued)
Eagle Bancorp, Inc.		3,815	$	181,594
Fidelity Southern Corporation		6,691		140,176
Financial Institutions, Inc		402		10,500
First Bancorp (North Carolina)		470		8,709
First BanCorporation (Puerto Rico)		14,632		55,455
First Business Financial Services, Inc.		72		1,775
First Commonwealth Financial Corporation		100,901		927,280
First Financial Bankshares, Inc.		50,913		1,693,366
First Merchants Corporation		3,756		98,520
First Niagara Financial Group, Inc.		772		7,990
FNB Corporation		2,287		30,806
German American Bancorp, Inc.		111		3,478
Glacier Bancorp, Inc.		1,448		39,617
Hampton Roads Bankshares, Inc.		141		261
Hancock Holding Company		1,440		39,744
Heartland Financial USA, Inc.		591		21,772
Heritage Commerce Corporation		17,050		180,389
Heritage Financial Corporation		35,134		647,168
Independent Bank Corporation (Massachusetts)		1,658		77,495
Investors Bancorp, Inc.		3,430		42,909
Lakeland Bancorp, Inc.		2,779		32,320
Lakeland Financial Corporation		5,857		263,155
LegacyTexas Financial Group, Inc.		78		2,239
M&T Bank Corporation		192		23,011
National Bank Holdings Corporation - Class A		11,425		252,036
National Bankshares, Inc.		746		24,357
National Commerce Corporation		155		3,892
NBT Bancorp, Inc.		626		17,597
OFG Bancorp		106,365		979,622
Old Second Bancorp, Inc.		1,895		12,696
Pacific Premier Bancorp, Inc.		220		4,697
PacWest Bancorp		299		13,467
Park National Corporation		12,355		1,120,846
Park Sterling Corporation		3,826		27,738
Peapack-Gladstone Financial Corporation		465		10,514
Peoples Financial Services Corporation		236		9,610
Popular, Inc.		1,484		43,882
QCR Holdings, Inc.		1,174		26,744
Renasant Corporation		16,435		569,144
S&T Bancorp, Inc.		29,906		953,403
Sandy Spring Bancorp, Inc.		1,382		38,005
ServisFirst Bancshares, Inc.		5,366		227,411
South State Corporation		328		25,420

23

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Banks — 2.0% (Continued)
Southside Bancshares, Inc.		40,970	$	1,102,093
Southwest Bancorp, Inc.		953		16,115
State Bank Financial Corporation		6,321		135,269
Stock Yards Bancorp, Inc.		503		18,953
Talmer Bancorp, Inc. - Class A		880		14,802
Texas Capital Bancshares, Inc.		726		40,075
Tompkins Financial Corporation		1,411		76,589
Tristate Capital Holdings, Inc.		1,949		24,343
Triumph Bancorp, Inc.		4,130		68,930
Trustmark Corporation		1,589		38,184
Umpqua Holdings Corporation		183		3,056
United Bankshares, Inc.		10,023		396,410
United Community Banks, Inc.		390		7,862
Valley National Bancorp		3,796		39,858
Washington Trust Bancorp, Inc.		592		22,970
Westamerica Bancorporation		12,283		543,031
				15,556,174
Capital Markets — 0.8%
Actua Corporation		4,264		59,056
Apollo Investment Corporation		110		587
Arlington Asset Investment Corporation - Class A		81		1,122
BGC Partners, Inc. - Class A		35,218		304,636
Capitala Finance Corporation		4,103		54,980
Cohen & Steers, Inc.		45,458		1,390,560
Cowen Group, Inc. - Class A		203,669		857,446
Diamond Hill Investment Group, Inc.		56		11,203
Eaton Vance Corporation		3,042		109,847
Federated Investors, Inc. - Class B		4,369		134,259
Fidus Investment Corporation		10,081		139,420
Fifth Street Senior Floating Rate Corporation		4,824		41,245
Financial Engines, Inc.		4,909		157,873
FS Investment Corporation		10,902		106,404
FXCM, Inc. - Class A		1,763		15,268
Gladstone Capital Corporation		24,804		214,803
Gladstone Investment Corporation		8,218		61,553
Greenhill & Company, Inc.		1,009		26,052
GSV Capital Corporation		728		6,982
Horizon Technology Finance Corporation		1,868		18,232
KCAP Financial, Inc.		5,404		26,534
KCG Holdings, Inc. - Class A		21,787		272,120
Legg Mason, Inc.		223		9,979
LPL Financial Holdings, Inc.		4,814		205,076
Manning & Napier, Inc.		131,028		982,710

24

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Capital Markets — 0.8% (Continued)
Medley Capital Corporation		3,152	$	23,482
OHA Investment Corporation		3,259		13,981
Oppenheimer Holdings, Inc. - Class A		7,676		140,855
PennantPark Investment Corporation		274		1,893
Pzena Investment Management, Inc. - Class A		5,750		54,797
RCS Capital Corporation - Class A		34,279		25,987
Safeguard Scientifics, Inc.		44,326		786,786
Stellus Capital Investment Corporation		4,314		44,262
T Rowe Price Group, Inc.		1,013		76,603
Triangle Capital Corporation		268		4,602
Virtu Financial, Inc. - Class A		39		944
				6,382,139
Consumer Finance — 0.6%
Atlanticus Holdings Corporation		34,543		104,320
Cash America International, Inc.		17,696		611,043
Credit Acceptance Corporation		476		90,007
Encore Capital Group, Inc.		18,373		747,781
Enova International, Inc.		5,275		68,575
EZCORP, Inc. - Class A		66,763		444,641
Green Dot Corporation - Class A		671		12,440
Nelnet, Inc. - Class A		6,315		225,951
PRA Group, Inc.		717		39,292
Synchrony Financial		1,738		53,461
World Acceptance Corporation		64,147		2,445,925
				4,843,436
Diversified Financial Services — 0.3%
Capital Southwest Corporation		1,688		25,236
CBOE Holdings, Inc.		298		19,978
CME Group, Inc.		1,013		95,698
FNFV Group		2,341		26,313
Global Eagle Entertainment, Inc.		25,719		342,577
Medallion Financial Corporation		28,515		238,385
MSCI, Inc.		594		39,798
NASDAQ OMX Group, Inc. (The)		182		10,536
On Deck Capital, Inc.		150,260		1,430,475
PICO Holdings, Inc.		6,883		66,490
				2,295,486
Insurance — 1.0%
Ace Ltd.		1,038		117,855
Ambac Financial Group, Inc.		5,783		93,395
AmTrust Financial Services, Inc.		1,361		92,847
Arch Capital Group Ltd.		709		53,097
Chubb Corporation (The)		87		11,253

25

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Insurance — 1.0% (Continued)
Citizens, Inc.		232,626	$	1,954,058
Enstar Group, Inc. (The)		1,506		237,647
Erie Indemnity Company - Class A		228		19,941
Genworth Financial, Inc. - Class A		65,024		304,312
HCI Group, Inc.		9,553		416,606
Horace Mann Educators Corporation		660		22,598
MBIA, Inc.		81,355		610,976
Mercury General Corporation		2,151		116,176
National Interstate Corporation		178		5,109
National Western Life Group, Inc. - Class A		23		5,934
Navigators Group, Inc. (The)		123		10,498
OneBeacon Insurance Group Ltd. - Class A		11,130		160,161
Phoenix Companies, Inc. (The)		19,298		663,465
Primerica, Inc.		41,892		1,995,316
Principal Financial Group, Inc.		817		40,981
Progressive Corporation (The)		1,044		34,588
Safety Insurance Group, Inc.		3,033		175,762
StanCorp Financial Group, Inc.		183		20,994
State Auto Financial Corporation		1,107		26,402
State National Companies, Inc.		2,984		26,946
Torchmark Corporation		1,202		69,728
Travelers Companies, Inc. (The)		168		18,966
United Insurance Holdings Corporation		29,112		480,930
Universal Insurance Holdings, Inc.		513		16,185
				7,802,726
Real Estate Investment Trusts (REIT) — 3.8%
Acadia Realty Trust		18,245		600,078
American Campus Communities, Inc.		16,287		660,764
American Homes 4 Rent - Class A		29,706		490,149
American Residential Properties, Inc.		912		15,112
American Tower Corporation		808		82,602
Apartment Investment & Management Company - Class A		2,173		85,160
AvalonBay Communities, Inc.		2,336		408,403
BioMed Realty Trust, Inc.		30,764		720,185
City Office REIT, Inc.		867		9,962
Columbia Property Trust, Inc.		15,338		380,996
Crown Castle International Corporation		1,684		143,915
CubeSmart		5,096		141,771
Digital Realty Trust, Inc.		9,647		713,492
Douglas Emmett, Inc.		6,680		204,074
Duke Realty Corporation		46,748		967,684
Education Realty Trust, Inc.		20,040		719,636
Equity Lifestyle Properties, Inc.		11,879		718,442

26

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Real Estate Investment Trusts (REIT) — 3.8% (Continued)
Equity One, Inc.		25,255	$	671,278
Equity Residential		5,611		433,842
Extra Space Storage, Inc.		8,359		662,367
Federal Realty Investment Trust		6,366		913,457
Franklin Street Properties Corporation		17,827		185,757
General Growth Properties, Inc.		19,285		558,301
Gladstone Commercial Corporation		30,113		482,109
Gladstone Land Corporation		14,015		128,938
Government Properties Income Trust		37,568		611,607
Gyrodyne, LLC		4,535		122,445
HCP, Inc.		2,315		86,118
Healthcare Realty Trust, Inc.		29,212		770,028
Healthcare Trust of America, Inc. - Class A		24,189		636,413
Independence Realty Trust, Inc.		36,085		282,906
Investors Real Estate Trust		29,703		241,188
Kimco Realty Corporation		23,439		627,462
Liberty Property Trust		9,115		310,092
LTC Properties, Inc.		10,176		436,042
Macerich Company (The)		2,191		185,665
Monogram Residential Trust, Inc.		29,195		287,863
National Retail Properties, Inc.		5,783		219,754
New York REIT, Inc.		56,851		648,101
Parkway Properties, Inc.		3,964		66,318
Pennsylvania Real Estate Investment Trust		38,939		875,349
Physicians Realty Trust		49,447		790,163
Post Properties, Inc.		4,199		250,848
Preferred Apartment Communities, Inc. - Class A		10,332		113,135
PS Business Parks, Inc.		2,985		256,083
Public Storage		3,593		824,450
QTS Realty Trust, Inc. - Class A		4,368		187,868
Realty Income Corporation		16,432		812,727
Regency Centers Corporation		10,059		683,610
Retail Opportunity Investments Corporation		37,706		683,610
Rexford Industrial Realty, Inc.		2,372		35,936
Saul Centers, Inc.		13,228		741,694
Simon Property Group, Inc.		3,687		742,783
SL Green Realty Corporation		1,820		215,888
Sovran Self Storage, Inc.		700		69,909
STAG Industrial, Inc.		24,408		500,852
Starwood Waypoint Residential Trust		3,147		77,416
STORE Capital Corporation		1,594		36,136
Sun Communities, Inc.		814		54,554
Tanger Factory Outlet Centers, Inc.		4,933		172,408

27

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Financials — 9.4% (Continued)
Real Estate Investment Trusts (REIT) — 3.8% (Continued)
Taubman Centers, Inc.		7,064	$	543,787
Terreno Realty Corporation		4,297		96,167
Tier REIT, Inc.		17,377		253,183
UDR, Inc.		9,200		317,032
Universal Health Realty Income Trust		4,982		247,556
Vornado Realty Trust		4,107		412,959
Walter Investment Management Corporation		182,348		2,180,882
Washington Real Estate Investment Trust		7,131		192,608
Weingarten Realty Investors		5,942		212,486
Welltower, Inc.		8,119		526,680
Wheeler Real Estate Investment Trust, Inc.		23,355		45,542
				29,784,777
Thrifts & Mortgage Finance — 0.9%
Astoria Financial Corporation		17,286		275,885
Banc of California, Inc.		3,120		40,685
BankUnited, Inc.		1,161		43,166
Berkshire Hills Bancorporation, Inc.		1,165		33,319
BofI Holding, Inc.		1,692		135,377
Capitol Federal Financial, Inc.		86,769		1,126,262
Clifton Bancorp, Inc.		15,397		224,488
Federal Agricultural Mortgage Corporation - Class C		8,654		254,081
First Financial Northwest, Inc.		2,137		26,819
Flagstar Bancorp, Inc.		4,942		109,910
Flushing Financial Corporation		6,316		132,889
HomeStreet, Inc.		12,800		267,904
Impac Mortgage Holdings, Inc.		111,911		2,501,211
Kearny Financial Corporation		23,718		283,430
Meridian Bancorp, Inc.		1,423		19,979
New York Community Bancorp, Inc.		876		14,471
Northfield Bancorp, Inc.		35,121		538,054
Northwest Bancshares, Inc.		5,465		73,559
People's United Financial, Inc.		6,184		98,635
Stonegate Mortgage Corporation		4,098		23,481
TrustCo Bank Corporation		106,121		661,134
United Financial Bancorp, Inc.		612		7,944
WSFS Financial Corporation		4,534		144,045
				7,036,728
Health Care — 16.1%
Biotechnology — 7.6%
Abeona Therapeutics, Inc.		24,155		95,412
Achillion Pharmaceuticals, Inc.		2,312		18,080
Adamas Pharmaceuticals, Inc.		20,962		309,399
Advaxis, Inc.		68,914		764,256

28

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Biotechnology — 7.6% (Continued)
Agenus, Inc.		39,260	$	179,026
Agios Pharmaceuticals, Inc.		9,626		701,350
Akebia Therapeutics, Inc.		3,829		34,155
Alder Biopharmaceuticals, Inc.		12,716		406,658
Amicus Therapeutics, Inc.		274,237		2,056,778
Anavex Life Sciences Corporation		507		5,364
Anthera Pharmaceuticals, Inc.		4,109		23,709
Aquinox Pharmaceuticals, Inc.		17,226		263,386
Arena Pharmaceuticals, Inc.		34,918		65,995
ARIAD Pharmaceuticals, Inc.		2,006		13,721
Array BioPharma, Inc.		20,558		105,257
Arrowhead Research Corporation		212,182		1,092,737
Asterias Biotherapeutics, Inc.		49,791		228,043
Atara Biotherapeutics, Inc.		11,804		304,189
AVEO Pharmaceuticals, Inc.		24,632		28,573
BioCryst Pharmaceuticals, Inc.		33,301		299,376
Biota Pharmaceuticals, Inc.		188		363
BioTime, Inc.		78,204		294,829
bluebird bio, Inc.		2,069		159,582
Brainstorm Cell Therapeutics, Inc.		244		678
Calithera Biosciences, Inc.		84,708		723,406
Cancer Genetics, Inc.		2,058		13,377
Catalyst Pharmaceutical Partners, Inc.		17,873		56,479
Celladon Corporation		1,481		1,659
Celldex Therapeutics, Inc.		4,891		58,985
Cellular Biomedicine Group, Inc.		9,815		206,115
Cepheid		1,952		65,197
ChemoCentryx, Inc.		13,830		96,672
Chimerix, Inc.		4,515		176,898
CorMedix, Inc.		18,165		46,139
CTI BioPharma Corporation		122,921		163,485
Curis, Inc.		19,135		39,035
CytRx Corporation		203,691		566,261
Dicerna Pharmaceuticals, Inc.		3,737		37,445
Eagle Pharmaceuticals, Inc.		134		8,537
Enanta Pharmaceuticals, Inc.		51,774		1,454,332
Epizyme, Inc.		3,565		46,666
Esperion Therapeutics, Inc.		28,205		676,920
Exact Sciences Corporation		212,843		1,772,982
Fate Therapeutics, Inc.		75,164		330,722
Fibrocell Science, Inc.		338,849		1,294,403
Foundation Medicine, Inc.		27,134		608,344
Galena Biopharma, Inc.		1,185,052		1,990,887

29

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Biotechnology — 7.6% (Continued)
Genocea Biosciences, Inc.		274,013	$	1,312,522
Genomic Health, Inc.		7,719		161,481
Geron Corporation		91,171		316,363
GlobeImmune, Inc.		100		248
Heron Therapeutics, Inc.		24,569		673,682
Idera Pharmaceuticals, Inc.		562,558		1,552,660
Ignyta, Inc.		71,751		734,730
ImmunoGen, Inc.		1,059		12,390
Immunomedics, Inc.		195,075		583,274
Incyte Corporation		152		17,865
Infinity Pharmaceuticals, Inc.		111,642		1,155,495
Inotek Pharmaceuticals Corporation		5,105		55,593
Inovio Pharmaceuticals, Inc.		85,946		544,038
Intercept Pharmaceuticals, Inc.		130		20,436
Intrexon Corporation		5,839		196,190
Juno Therapeutics, Inc.		9,092		470,602
Karyopharm Therapeutics, Inc.		109,526		1,462,172
Keryx Biopharmaceuticals, Inc.		661,037		2,961,446
Kindred Biosciences, Inc.		2,586		13,913
Kite Pharma, Inc.		5,659		385,095
La Jolla Pharmaceutical Company		7,356		183,826
Lion Biotechnologies, Inc.		21,898		141,680
MannKind Corporation		633,859		2,098,073
Medgenics, Inc.		17,314		113,407
Medivation, Inc.		263		11,062
NantKwest, Inc.		3,948		46,981
Neothetics, Inc.		502		3,961
Neuralstem, Inc.		115,865		136,721
Northwest Biotherapeutics, Inc.		591,947		2,888,701
Nymox Pharmaceutical Corporation		103,219		343,719
Ocata Therapeutics, Inc.		80,603		354,653
Omeros Corporation		161,417		2,022,555
OPKO Health, Inc.		5,990		56,606
Orexigen Therapeutics, Inc.		248,899		756,653
Organovo Holdings, Inc.		84,910		255,579
OvaScience, Inc.		188,435		2,444,002
Pieris Pharmaceuticals, Inc.		10,443		16,604
ProQR Therapeutics N.V.		960		13,987
Protalix BioTherapeutics, Inc.		16,341		16,995
PTC Therapeutics, Inc.		50,945		1,267,002
Puma Biotechnology, Inc.		904		74,508
Radius Health, Inc.		13,937		895,174
Regeneron Pharmaceuticals, Inc.		105		58,526

30

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Biotechnology — 7.6% (Continued)
Regulus Therapeutics, Inc.		9,698	$	64,492
Sangamo BioSciences, Inc.		3,070		21,643
Sarepta Therapeutics, Inc.		32,037		770,810
Seattle Genetics, Inc.		3,030		125,715
Seres Therapeutics, Inc.		2,325		68,913
Spark Therapeutics, Inc.		16,280		877,492
Synthetic Biologics, Inc.		1,041,372		2,384,742
Tenax Therapeutics, Inc.		2,490		7,918
TESARO, Inc.		457		20,780
TG Therapeutics, Inc.		97,986		1,212,087
Theravance, Inc.		123,431		1,083,724
Tobira Therapeutics, Inc.		1,989		20,049
Tonix Pharmaceuticals Holding Corporation		5,625		37,125
TrovaGene, Inc.		209,488		902,893
Vascular Biogenics Ltd.		53,448		334,050
Versartis, Inc.		31,326		323,598
Vitae Pharmaceuticals, Inc.		108,104		1,284,276
Vital Therapies, Inc.		77,242		600,170
XBiotech, Inc.		17,251		244,619
XOMA Corporation		345,450		421,449
Zafgen, Inc.		216,736		2,087,168
ZIOPHARM Oncology, Inc.		219,931		2,505,014
				60,115,759
Health Care Equipment & Supplies — 3.2%
Abaxis, Inc.		41,577		2,087,581
Abiomed, Inc.		254		18,710
Accuray, Inc.		14,894		99,790
Align Technology, Inc.		757		49,553
AngioDynamics, Inc.		23,784		299,203
Anika Therapeutics, Inc.		5,438		209,472
Antares Pharma, Inc.		945,024		1,304,133
AtriCure, Inc.		50,929		943,460
Avinger, Inc.		1,755		29,765
Cardiovascular Systems, Inc.		132,300		1,812,510
Cerus Corporation		510,294		2,434,102
ConforMIS, Inc.		11,419		223,470
CytoSorbents Corporation		66,504		494,790
Derma Sciences, Inc.		81,505		406,710
DexCom, Inc.		2,027		168,890
EndoChoice Holdings, Inc.		2,129		21,971
Endologix, Inc.		15,446		131,909
GenMark Diagnostics, Inc.		205,256		1,305,428
Haemonetics Corporation		20,136		680,194

31

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Health Care Equipment & Supplies — 3.2% (Continued)
HeartWare International, Inc.		12,812	$	553,350
Hill-Rom Holdings, Inc.		818		43,100
IDEXX Laboratories, Inc.		2,322		159,336
Inogen, Inc.		22,128		945,751
Insulet Corporation		4,601		137,570
InVivo Therapeutics Holdings Corporation		3,908		28,372
iRadimed Corporation		3,543		93,889
Lantheus Holdings, Inc.		1,093		3,279
LDR Holding Corporation		40,449		1,023,360
Meridian Bioscience, Inc.		6,999		133,051
Navidea Biopharmaceuticals, Inc.		18,337		37,041
Novadaq Technologies, Inc.		5,175		67,534
NovoCure Ltd.		8,753		196,680
NuVasive, Inc.		2,838		133,840
Presbia plc		544		2,464
Quidel Corporation		54,553		1,048,509
ResMed, Inc.		1,384		79,732
Rockwell Medical, Inc.		247,784		2,869,339
SeaSpine Holdings Corporation		1,754		26,450
Second Sight Medical Products, Inc.		328,697		1,932,738
Sientra, Inc.		55,663		209,293
Spectranetics Corporation (The)		35,414		432,759
STAAR Surgical Company		9,521		77,596
Sunshine Heart, Inc.		247		622
SurModics, Inc.		3,367		71,818
Syneron Medical Ltd.		398		3,228
Tandem Diabetes Care, Inc.		104,893		951,380
TransEnterix, Inc.		3,194		7,953
Unilife Corporation		380,320		286,609
ZELTIQ Aesthetics, Inc.		13,881		468,345
Zimmer Biomet Holdings, Inc.		418		43,710
				24,790,339
Health Care Providers & Services — 1.6%
AAC Holdings, Inc.		68,182		1,581,822
Acadia Healthcare Company, Inc.		924		56,743
Adeptus Health, Inc. - Class A		66		4,283
Aetna, Inc.		296		33,975
Air Methods Corporation		1,204		49,280
BioScrip, Inc.		953,966		1,879,313
Brookdale Senior Living, Inc.		3,769		78,810
Centene Corporation		620		36,878
Community Health Systems, Inc.		1,693		47,472
DaVita HealthCare Partners, Inc.		959		74,332

32

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Health Care Providers & Services — 1.6% (Continued)
Envision Healthcare Holdings, Inc.		1,555	$	43,851
ExamWorks Group, Inc.		45,951		1,297,656
Express Scripts Holding Company		350		30,233
Hanger, Inc.		5,635		81,257
Henry Schein, Inc.		275		41,720
Humana, Inc.		307		54,839
IPC The Hospitalist Company, Inc.		15,762		1,237,317
Landauer, Inc.		409		16,151
MEDNAX, Inc.		822		57,926
National Healthcare Corporation		174		11,359
Nobilis Health Corporation		345,388		973,994
Owens & Minor, Inc.		14,461		518,427
Patterson Companies, Inc.		1,296		61,430
Sharps Compliance Corporation		31,599		239,204
Teladoc, Inc.		22,153		435,750
Tenet Healthcare Corporation		1,013		31,778
Triple-S Management Corporation - Class B		11,442		235,591
Trupanion, Inc.		183,169		1,203,420
Universal American Corporation		139,141		1,037,992
VCA Antech, Inc.		1,318		72,187
Veracyte, Inc.		165,518		1,077,522
				12,602,512
Health Care Technology — 0.5%
athenahealth, Inc.		1,018		155,194
Castlight Health, Inc. - Class B		361,556		1,829,474
Computer Programs and Systems, Inc.		5,555		211,146
Imprivata, Inc.		132,394		1,428,531
Inovalon Holdings, Inc. - Class A		3,506		80,813
Veeva Systems, Inc. - Class A		4,519		114,647
				3,819,805
Life Sciences Tools & Services — 0.7%
Accelerate Diagnostics, Inc.		162,326		2,722,207
Bio-Rad Laboratories, Inc. - Class A		339		47,284
Bio-Techne Corporation		667		58,829
Fluidigm Corporation		1,654		17,880
Harvard Bioscience, Inc.		4,853		14,268
Illumina, Inc.		1,211		173,512
NanoString Technologies, Inc.		29,687		430,758
Pacific Biosciences of California, Inc.		112,472		798,551
Sequenom, Inc.		499,349		873,861
WaferGen Bio-systems, Inc.		64,457		58,011
				5,195,161

33

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Health Care — 16.1% (Continued)
Pharmaceuticals — 2.5%
AcelRx Pharmaceuticals, Inc.		463,304	$	1,825,418
Achaogen, Inc.		11,887		65,616
Alcobra Ltd.		19,629		163,510
Alimera Sciences, Inc.		6,896		20,757
Allergan plc		42		12,956
Ampio Pharmaceuticals, Inc.		435,836		1,521,068
ANI Pharmaceuticals, Inc.		966		40,417
Aratana Therapeutics, Inc.		122,296		854,849
Assembly Biosciences, Inc.		72,095		692,112
BioDelivery Sciences International, Inc.		300,455		1,616,448
Bristol-Myers Squibb Company		1,082		71,358
Cempra, Inc.		10,632		236,030
Concordia Healthcare Corporation		4,023		123,144
ContraVir Pharmaceuticals, Inc.		63,947		102,955
Dipexium Pharmaceuticals, Inc.		668		7,896
Egalet Corporation		18,010		149,483
Endo International plc		1,961		117,640
Endocyte, Inc.		21,014		108,012
Horizon Pharma plc		23,295		366,197
IntelliPharmaCeutics International, Inc.		15,399		28,488
Lipocine, Inc.		9		108
Marinus Pharmaceuticals, Inc.		1,167		7,901
Medicines Company (The)		8,863		303,469
Nektar Therapeutics		3,738		44,370
Neos Therapeutics, Inc.		64		906
Ocera Therapeutics, Inc.		5,057		16,486
Ocular Therapeutix, Inc.		123,378		1,064,752
Oramed Pharmaceuticals, Inc.		3,963		26,156
Pacira Pharmaceuticals, Inc.		16,692		833,765
Relypsa, Inc.		765		12,232
Teligent, Inc.		111,796		812,757
Tetraphase Pharmaceuticals, Inc.		246,771		2,228,342
TherapeuticsMD, Inc.		7,144		41,935
Theravance Biopharma, Inc.		78,771		1,177,626
Tokai Pharmaceuticals, Inc.		66,929		739,566
VIVUS, Inc.		1,572,212		1,980,987
XenoPort, Inc.		382,945		2,339,794
				19,755,506
Industrials — 10.7%
Aerospace & Defense — 1.0%
AAR Corporation		4,731		107,346
Aerojet Rocketdyne Holdings, Inc.		69,318		1,174,247
AeroVironment, Inc.		38,912		897,700

34

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Industrials — 10.7% (Continued)
Aerospace & Defense — 1.0% (Continued)
American Science & Engineering, Inc.		3,023	$	113,302
Arotech Corporation		335		489
Astronics Corporation		15		567
Cubic Corporation		8		359
DigitalGlobe, Inc.		3,891		58,093
Engility Holdings, Inc.		5,195		167,227
Hexcel Corporation		1,416		65,589
KEYW Holding Corporation (The)		248,346		1,770,707
KLX, Inc.		3,717		145,372
National Presto Industries, Inc.		3,251		286,251
Precision Castparts Corporation		776		179,109
Sparton Corporation		3,017		70,990
Taser International, Inc.		87,170		2,040,650
TransDigm Group, Inc.		130		28,580
Triumph Group, Inc.		6,544		304,819
United Technologies Corporation		1,118		110,022
				7,521,419
Air Freight & Logistics — 0.5%
Atlas Air Worldwide Holdings, Inc.		488		20,125
United Parcel Service, Inc. - Class B		611		62,945
UTI Worldwide, Inc.		161,627		1,152,401
XPO Logistics, Inc.		88,454		2,455,483
				3,690,954
Airlines — 0.1%
Alaska Air Group, Inc.		1,848		140,910
Copa Holdings, S.A. - Class A		628		31,727
JetBlue Airways Corporation		2,563		63,665
Southwest Airlines Company		564		26,107
Spirit Airlines, Inc.		730		27,098
Virgin America, Inc.		11,040		393,134
				682,641
Building Products — 0.7%
A.O. Smith Corporation		756		58,076
AAON, Inc.		56,846		1,163,638
Advanced Drainage Systems, Inc.		1,245		39,118
Allegion plc		213		13,881
Builders FirstSource, Inc.		50,608		598,187
Fortune Brands Home & Security, Inc.		2,628		137,523
Lennox International, Inc.		345		45,819
PGT, Inc.		181,316		2,186,671
Trex Company, Inc.		36,854		1,439,886
				5,682,799

35

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Industrials — 10.7% (Continued)
Commercial Services & Supplies — 1.5%
ACCO Brands Corporation		117,871	$	951,219
Avery Dennison Corporation		226		14,683
Brady Corporation - Class A		32,922		748,975
CECO Environmental Corporation		177,638		1,584,531
Cintas Corporation		792		73,727
Clean Harbors, Inc.		850		39,516
Covanta Holding Corporation		27,386		458,989
Deluxe Corporation		15,949		949,763
EnerNOC, Inc.		23,878		187,204
G&K Services, Inc. - Class A		5,569		366,552
Healthcare Services Group, Inc.		21,299		793,601
InnerWorkings, Inc.		146,219		1,093,718
MagneGas Corporation		85,572		95,841
McGrath RentCorp		3,182		95,619
Mobile Mini, Inc.		40,476		1,385,898
MSA Safety, Inc.		32,885		1,429,840
Multi-Color Corporation		5,245		408,271
Pitney Bowes, Inc.		2,004		41,383
Progressive Waste Solutions Ltd.		669		16,089
Rollins, Inc.		6,420		172,184
Stericycle, Inc.		469		56,923
Team, Inc.		23,599		825,965
West Corporation		5,083		121,026
				11,911,517
Construction & Engineering — 0.7%
Chicago Bridge & Iron Company		2,009		90,144
Granite Construction, Inc.		101		3,317
Great Lakes Dredge & Dock Corporation		1,630		6,520
HC2 Holdings, Inc.		163,230		1,234,019
Layne Christensen Company		61,588		390,468
NV5 Holdings, Inc.		65,647		1,528,262
Orion Marine Group, Inc.		176,269		689,212
Primoris Services Corporation		59,033		1,175,937
Quanta Services, Inc.		4,088		82,209
				5,200,088
Electrical Equipment — 1.2%
American Superconductor Corporation		247		1,341
China BAK Battery, Inc.		4,514		13,813
Eaton Corporation plc		250		13,978
Energous Corporation		42,422		312,226
Energy Focus, Inc.		57,525		931,905
Enphase Energy, Inc.		458,710		1,651,356
Generac Holdings, Inc.		38,088		1,202,057

36

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Industrials — 10.7% (Continued)
Electrical Equipment — 1.2% (Continued)
Global Power Equipment Group, Inc.		122	$	528
Highpower International, Inc.		4,543		12,266
Plug Power, Inc.		1,367,268		3,295,116
Power Solutions International, Inc.		97,745		1,763,320
SolarCity Corporation		6,058		179,620
Thermon Group Holdings, Inc.		1,047		21,055
				9,398,581
Industrial Conglomerates — 0.0% (a)
3M Company		451		70,902
Danaher Corporation		153		14,276
Raven Industries, Inc.		6,242		113,667
				198,845
Machinery — 3.0%
Alamo Group, Inc.		11,092		520,437
Altra Industrial Motion Corporation		39,464		1,044,217
American Railcar Industries, Inc.		54,900		3,168,828
Caterpillar, Inc.		1,221		89,121
CLARCOR, Inc.		17,468		870,954
Cummins, Inc.		642		66,453
Donaldson Company, Inc.		6,083		183,707
Douglas Dynamics, Inc.		35,223		772,793
Dover Corporation		209		13,466
Dynamic Materials Corporation		143,864		1,025,750
Energy Recovery, Inc.		106,718		765,168
ExOne Company (The)		193,508		2,070,536
FreightCar America, Inc.		25,301		459,972
Gorman-Rupp Company (The)		19,584		559,906
Graco, Inc.		2,674		196,272
Greenbrier Companies, Inc. (The)		37,839		1,439,396
Harsco Corporation		139,279		1,494,464
Joy Global, Inc.		4,329		74,372
Kornit Digital Ltd.		951		11,355
L.B. Foster Company - Class A		55,682		820,196
Lindsay Corporation		33,347		2,260,260
Lydall, Inc.		5,353		183,233
Manitowoc Company, Inc. (The)		33,946		519,374
Mueller Industries, Inc.		4,043		127,435
Nordson Corporation		2,299		163,781
Oshkosh Corporation		2,599		106,793
Parker Hannifin Corporation		299		31,305
Proto Labs, Inc.		14,155		917,810
RBC Bearings, Inc.		7,795		533,100
Sun Hydraulics Corporation		31,855		933,033

37

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Industrials — 10.7% (Continued)
Machinery — 3.0% (Continued)
Trimas Corporation		42,699	$	854,407
Twin Disc, Inc.		4,300		50,654
Watts Water Technologies, Inc. - Class A		9,807		533,893
Westinghouse Air Brake Technologies Corporation		678		56,186
Westport Innovations, Inc.		152,898		473,984
Woodward, Inc.		877		39,903
				23,432,514
Marine — 0.2%
Diana Shipping, Inc.		2,465		15,554
Golden Ocean Group Ltd.		613,086		1,207,780
Safe Bulkers, Inc.		154,553		476,023
Star Bulk Carriers Corporation		36,579		57,795
				1,757,152
Professional Services — 0.5%
Acacia Research Corporation		123,316		821,285
CBIZ, Inc.		4,622		49,686
CEB, Inc.		3,342		249,848
Dun & Bradstreet Corporation (The)		390		44,409
Franklin Covey Company		10		171
FTI Consulting, Inc.		73		2,483
Huron Consulting Group, Inc.		14,986		723,824
IHS, Inc. - Class A		797		95,273
Kelly Services, Inc. - Class A		5,848		92,398
Korn/Ferry International		9,156		333,004
Mistras Group, Inc.		14,156		267,832
Verisk Analytics, Inc.		894		64,019
VSE Corporation		16,319		937,690
				3,681,922
Road & Rail — 0.6%
Avis Budget Group, Inc.		1,005		50,190
Celadon Group, Inc.		107,564		1,557,527
Genesee & Wyoming, Inc. - Class A		1,549		103,938
Heartland Express, Inc.		43,455		818,258
Kansas City Southern		453		37,490
Marten Transport Ltd.		19,966		327,243
Old Dominion Freight Line, Inc.		906		56,118
Roadrunner Transportation Systems, Inc.		68,875		732,830
Saia, Inc.		445		10,506
Student Transportation, Inc.		6,893		28,744
Union Pacific Corporation		178		15,904
Universal Truckload Services, Inc.		44,843		716,591
Werner Enterprises, Inc.		9,690		256,397
				4,711,736

38

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Industrials — 10.7% (Continued)
Trading Companies & Distributors — 0.7%
Applied Industrial Technologies, Inc.		138	$	5,701
Beacon Roofing Supply, Inc.		6,983		247,128
CAI International, Inc.		12,032		139,812
Fastenal Company		3,942		154,369
Kaman Corporation		37,608		1,462,575
Neff Corporation - Class A		2,174		12,740
NOW, Inc.		66,741		1,101,894
TAL International Group, Inc.		17,675		299,768
Textainer Group Holdings Ltd.		36,900		721,764
Titan Machinery, Inc.		29,120		356,138
Veritiv Corporation		25,243		1,060,206
W.W. Grainger, Inc.		528		110,880
Watsco, Inc.		119		14,640
WESCO International, Inc.		2,164		105,884
				5,793,499
Transportation Infrastructure — 0.0% (a)
Aegean Marine Petroleum Network, Inc.		4,634		36,145
Information Technology — 10.4%
Communications Equipment — 0.7%
ADTRAN, Inc.		33,163		515,021
Alliance Fiber Optic Products, Inc.		475		6,465
Applied Optoelectronics, Inc.		2,446		50,437
Arista Networks, Inc.		1,829		117,989
Black Box Corporation		1,333		16,276
CalAmp Corporation		793		15,035
F5 Networks, Inc.		571		62,924
Motorola Solutions, Inc.		1,388		97,118
MRV Communications, Inc.		8,992		111,950
Novatel Wireless, Inc.		741,086		1,593,335
Numerex Corporation - Class A		15,783		127,211
ORBCOMM, Inc.		10,678		63,427
Palo Alto Networks, Inc.		608		97,888
Polycom, Inc.		31,342		431,893
QUALCOMM, Inc.		703		41,772
Radware Ltd.		139		2,073
Ruckus Wireless, Inc.		1,838		20,733
Sierra Wireless, Inc.		8		199
Ubiquiti Networks, Inc.		78,433		2,288,675
				5,660,421
Electronic Equipment, Instruments & Components — 2.4%
AVX Corporation		55,784		753,084
Badger Meter, Inc.		5,168		313,077

39

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Information Technology — 10.4% (Continued)
Electronic Equipment, Instruments & Components — 2.4% (Continued)
Checkpoint Systems, Inc.		17,264	$	129,135
Clearfield, Inc.		131,751		1,848,467
ClearSign Combustion Corporation		6,727		37,806
Cognex Corporation		1,079		40,570
Control4 Corporation		226,862		1,483,677
Daktronics, Inc.		146,243		1,418,557
Dolby Laboratories, Inc. - Class A		4,670		161,909
DTS, Inc.		22,118		658,232
FARO Technologies, Inc.		54,065		1,826,856
Fitbit, Inc. - Class A		8,262		334,941
Identiv, Inc.		11		28
InvenSense, Inc.		38,841		462,985
IPG Photonics Corporation		1,294		106,910
Itron, Inc.		1,733		63,653
Knowles Corporation		98,413		1,639,561
Maxwell Technologies, Inc.		254,787		1,528,722
MicroVision, Inc.		598,444		1,765,410
Multi-Fineline Electronix, Inc.		4,613		85,710
National Instruments Corporation		3,540		107,864
Neonode, Inc.		407,317		1,026,439
Park Electrochemical Corporation		34,031		556,067
Planar Systems, Inc.		44,097		274,724
RealD, Inc.		24,730		251,504
Rogers Corporation		24,004		1,116,666
SuperCom Ltd.		1,028		8,132
Trimble Navigation Ltd.		1,055		24,001
TTM Technologies, Inc.		23,487		171,455
Universal Display Corporation		12,897		442,496
Vishay Precision Group, Inc.		751		8,809
Zebra Technologies Corporation - Class A		779		59,905
				18,707,352
Internet Software & Services — 2.4%
Aerohive Networks, Inc.		24,315		163,883
Alarm.com Holdings, Inc.		3,033		38,367
Amber Road, Inc.		23,862		95,925
Angie's List, Inc.		232,598		1,797,983
Apigee Corporation		18,015		173,845
Bazaarvoice, Inc.		100,651		445,884
Benefitfocus, Inc.		35,207		1,125,216
Brightcove, Inc.		14,087		87,339
Care.com, Inc.		202,681		1,218,113
Chegg, Inc.		9,735		67,171
Cimpress N.V.		15,774		1,244,569

40

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Information Technology — 10.4% (Continued)
Internet Software & Services — 2.4% (Continued)
Cyren Ltd.		421	$	846
Demandware, Inc.		693		39,293
eGain Corporation		3,233		14,807
Envestnet, Inc.		906		27,053
Five9, Inc.		3,841		16,632
Gogo, Inc.		15,361		217,051
GrubHub, Inc.		55,479		1,330,386
Hortonworks, Inc.		56,254		1,094,703
Internap Network Services Corporation		58,207		393,479
LendingClub Corporation		10,416		147,699
Limelight Networks, Inc.		28,359		57,852
Marchex, Inc. - Class B		6,132		26,490
Marketo, Inc.		547		16,098
MINDBODY, Inc. - Class A		2,171		33,954
Opower, Inc.		174,272		1,681,725
Piksel, Inc. - Series A-2 (b)		346,880		0
Q2 Holdings, Inc.		550		13,557
Quotient Technology, Inc.		351,561		1,947,648
Rocket Fuel, Inc.		31,020		142,692
Shopify, Inc. - Class A		6		193
Shutterstock, Inc.		2,930		83,446
Stamps.com, Inc.		108		8,166
Textura Corporation		31,355		920,583
TrueCar, Inc.		387,431		2,378,826
Tucows, Inc. - Class A		923		24,949
Twitter, Inc.		2,899		82,506
United Online, Inc.		17,089		199,600
VeriSign, Inc.		300		24,180
WebMD Health Corporation		2,703		109,904
Xoom Corporation		16,702		416,548
Yahoo, Inc.		1,788		63,689
Yelp, Inc.		34,863		775,702
Zillow Group, Inc. - Class A		2,565		79,028
Zillow Group, Inc. - Class C		4,432		122,722
				18,950,302
IT Services — 0.3%
Acxiom Corporation		1,774		39,241
Automatic Data Processing, Inc.		1,051		91,426
Booz Allen Hamilton Holding Corporation		131		3,859
Cardtronics, Inc.		4,317		148,936
Cass Information Systems, Inc.		175		9,128
Convergys Corporation		21,119		542,125
CSG Systems International, Inc.		4,742		158,952

41

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Information Technology — 10.4% (Continued)
IT Services — 0.3% (Continued)
Datalink Corporation		27,496	$	200,721
Fiserv, Inc.		1,103		106,451
FleetCor Technologies, Inc.		467		67,650
InterCloud Systems, Inc.		35,692		54,966
Mattersight Corporation		11,609		83,701
MoneyGram International, Inc.		18,700		189,057
Paychex, Inc.		2,685		138,492
Science Applications International Corporation		12		550
Teradata Corporation		2,393		67,267
Total System Services, Inc.		503		26,382
Unisys Corporation		38,622		517,535
Visa, Inc. - Class A		696		53,996
Western Union Company (The)		2,899		55,806
WEX, Inc.		1,333		119,850
				2,676,091
Semiconductors & Semiconductor Equipment — 1.8%
Advanced Micro Devices, Inc.		602,661		1,277,641
Alpha & Omega Semiconductor Ltd.		4,057		36,026
Altera Corporation		1,189		62,482
Ambarella, Inc.		20,922		1,034,384
Applied Micro Circuits Corporation		6,130		39,722
Atmel Corporation		5,272		40,067
Camtek Ltd.		5,278		12,826
Canadian Solar, Inc.		4,721		103,059
CEVA, Inc.		23,190		541,950
Cirrus Logic, Inc.		21,848		673,574
Cohu, Inc.		13,975		175,945
Cree, Inc.		1,492		37,583
Cypress Semiconductor Corporation		16,911		178,242
Diodes, Inc.		544		12,458
DSP Group, Inc.		2,220		22,422
Fairchild Semiconductor International, Inc.		49,214		820,889
Integrated Silicon Solution, Inc.		51,939		1,167,589
Intel Corporation		3,933		133,171
Kopin Corporation		49,246		131,487
Lattice Semiconductor Corporation		382,229		1,750,609
Linear Technology Corporation		887		39,401
Microchip Technology, Inc.		292		14,101
PMC-Sierra, Inc.		102,379		1,220,358
Rambus, Inc.		80,883		834,713
Rubicon Technology, Inc.		4,756		5,232
Skyworks Solutions, Inc.		1,458		112,616
SunEdison, Inc.		349,091		2,548,364

42

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Information Technology — 10.4% (Continued)
Semiconductors & Semiconductor Equipment — 1.8% (Continued)
SunPower Corporation		14,494	$	389,019
Veeco Instruments, Inc.		28,904		520,850
				13,936,780
Software — 2.2%
Activision Blizzard, Inc.		3,485		121,139
American Software, Inc. - Class A		2,455		25,115
Aspen Technology, Inc.		5,894		243,953
Bottomline Technologies, Inc.		3,056		84,590
Box, Inc. - Class A		112,319		1,401,741
BroadSoft, Inc.		1,632		52,175
CommVault Systems, Inc.		10,146		411,116
Covisint Corporation		37,006		78,083
CyberArk Software Ltd.		2,537		125,937
Digimarc Corporation		25,673		576,616
Digital Turbine, Inc.		32,637		54,177
FactSet Research Systems, Inc.		183		32,047
Fleetmatics Group plc		697		38,795
Fortinet, Inc.		804		27,625
Globant S.A.		40,384		1,396,075
Glu Mobile, Inc.		17,948		73,946
Infoblox, Inc.		465		7,584
Interactive Intelligence Group, Inc.		2,631		85,087
Intuit, Inc.		1,071		104,347
Jive Software, Inc.		248,545		1,210,414
King Digital Entertainment plc		8,204		122,732
Microsoft Corporation		344		18,108
Mitek Systems, Inc.		6,954		22,740
MobileIron, Inc.		542,406		2,093,687
NetSuite, Inc.		364		30,965
NQ Mobile, Inc. - ADR		21,102		81,454
Park City Group, Inc.		50,140		584,131
Paycom Software, Inc.		15,446		587,102
PROS Holdings, Inc.		5,101		122,526
SeaChange International, Inc.		50,879		329,187
ServiceNow, Inc.		150		12,247
SolarWinds, Inc.		738		42,826
Solera Holdings, Inc.		232		12,681
Sphere 3D Corporation		14,582		38,642
Splunk, Inc.		733		41,165
Synchronoss Technologies, Inc.		1,053		37,045
Tableau Software, Inc. - Class A		624		52,391
TeleNav, Inc.		32,041		230,695
TubeMogul, Inc.		44,084		526,804

43

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Information Technology — 10.4% (Continued)
Software — 2.2% (Continued)
Ultimate Software Group, Inc. (The)		333	$	68,049
Varonis Systems, Inc.		70,834		1,131,219
VASCO Data Security International, Inc.		127,206		2,418,186
VirnetX Holding Corporation		495,311		1,882,182
VMware, Inc. - Class A		697		41,925
Voltari Corporation		7,613		45,678
Workday, Inc. - Class A		1,121		88,525
Workiva, Inc.		17,021		282,208
				17,095,662
Technology Hardware, Storage & Peripherals — 0.6%
3D Systems Corporation		186,404		1,875,224
Avid Technology, Inc.		13,390		113,146
Hutchinson Technology, Inc.		635		1,111
Immersion Corporation		382		4,958
Logitech International, S.A.		1,171		17,284
NetApp, Inc.		699		23,766
Pure Storage, Inc. - Class A		11,080		195,340
SanDisk Corporation		2,152		165,704
Silicon Graphics International Corporation		83,339		364,191
Stratasys Ltd.		72,185		1,840,718
Super Micro Computer, Inc.		3,252		91,739
Violin Memory, Inc.		175,218		282,101
				4,975,282
Materials — 3.5%
Chemicals — 1.4%
A. Schulman, Inc.		10,338		371,031
Albemarle Corporation		1,907		102,063
American Vanguard Corporation		21,474		287,966
Balchem Corporation		9,050		618,115
BioAmber, Inc.		9,002		67,245
Calgon Carbon Corporation		54,719		941,167
Celanese Corporation - Series A		379		26,928
Chemours Company (The)		24,976		173,084
China Green Agriculture, Inc.		7,320		12,444
Clean Diesel Technologies, Inc.		43,959		79,126
Core Molding Technologies, Inc.		30,251		606,230
Cytec Industries, Inc.		2,403		178,831
Dow Chemical Company (The)		545		28,160
E.I. du Pont de Nemours and Company		1,764		111,838
Flotek Industries, Inc.		137,296		2,485,058
H.B. Fuller Company		12,141		461,237
Hawkins, Inc.		1,174		48,650
Huntsman Corporation		748		9,851

44

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Materials — 3.5% (Continued)
Chemicals — 1.4% (Continued)
Innospec, Inc.		57	$	3,149
Intrepid Potash, Inc.		279,577		1,079,167
Israel Chemicals Ltd.		35,778		198,210
Kronos Worldwide, Inc.		4,792		37,857
NewMarket Corporation		149		58,667
Platform Specialty Products Corporation		39,382		411,148
Praxair, Inc.		147		16,330
Senomyx, Inc.		234,624		1,161,389
Tantech Holdings Ltd.		20,287		63,092
Trinseo S.A.		1,286		41,731
Tronox Ltd. - Class A		108,582		674,294
Valhi, Inc.		6,061		14,971
Valspar Corporation (The)		831		67,269
Westlake Chemical Corporation		707		42,611
				10,478,909
Construction Materials — 0.1%
US Concrete, Inc.		11,761		652,265
Vulcan Materials Company		255		24,628
				676,893
Containers & Packaging — 0.2%
Ball Corporation		1,037		71,034
Myers Industries, Inc.		97,689		1,524,925
Packaging Corporation of America		1,576		107,877
Sealed Air Corporation		1,867		91,707
Sonoco Products Company		595		25,401
UFP Technologies, Inc.		592		14,510
				1,835,454
Metals & Mining — 1.3%
B2Gold Corporation		10,458		11,190
Century Aluminum Company		115,332		417,502
Cliffs Natural Resources, Inc.		667,196		1,841,461
Compass Minerals International, Inc.		9,334		758,294
Eldorado Gold Corporation		5,396		18,886
Energy Fuels, Inc.		15,724		42,769
Freeport-McMoRan Copper & Gold, Inc.		9,022		106,189
Gold Resource Corporation		304,999		792,997
Hecla Mining Company		216,568		448,296
Horsehead Holding Corporation		871,888		2,476,162
HudBay Minerals, Inc.		35,245		183,626
IAMGOLD Corporation		39,024		70,243
NN, Inc.		37,264		514,243
NovaGold Resources, Inc.		14,079		50,966
Primero Mining Corporation		68,326		156,467

45

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Materials — 3.5% (Continued)
Metals & Mining — 1.3% (Continued)
Real Industry, Inc.		1,481	$	14,070
Southern Copper Corporation		5,523		153,319
Stillwater Mining Company		58,023		541,935
SunCoke Energy, Inc.		11,818		58,617
Tahoe Resources, Inc.		108,083		902,493
TimkenSteel Corporation		27,290		290,366
Turquoise Hill Resources Ltd.		4,454		12,115
United States Steel Corporation		45,535		531,849
Yamana Gold, Inc. - ADR		37,692		82,545
				10,476,600
Paper & Forest Products — 0.5%
Deltic Timber Corporation		28,747		1,781,164
KapStone Paper and Packaging Corporation		15,020		326,685
Louisiana-Pacific Corporation		5,880		103,841
Wausau Paper Corporation		181,761		1,855,780
				4,067,470
Telecommunication Services — 0.9%
Diversified Telecommunication Services — 0.6%
Cogent Communications Holdings, Inc.		42,499		1,305,569
Consolidated Communications Holdings, Inc.		39,700		877,370
Frontier Communications Corporation		25,361		130,356
Globalstar, Inc.		683,875		1,230,975
IDT Corporation - Class B		27,631		357,821
inContact, Inc.		62,063		552,361
Pacific DataVision, Inc.		3,136		87,871
Premiere Global Services, Inc.		31,403		429,593
Windstream Holdings, Inc.		39,194		255,153
Zayo Group Holdings, Inc.		1,267		33,613
				5,260,682
Wireless Telecommunication Services — 0.3%
NII Holdings, Inc.		2,757		19,354
NTELOS Holdings Corporation		188,228		1,729,815
RingCentral, Inc. - Class A		17,056		315,536
Sprint Corporation		36,291		171,657
T-Mobile US, Inc.		1,661		62,935
				2,299,297
Utilities — 0.6%
Electric Utilities — 0.1%
El Paso Electric Company		336		12,993
Genie Energy Ltd. - Class B		3,736		42,366
Great Plains Energy, Inc.		1,716		47,190
Hawaiian Electric Industries, Inc.		146		4,272
ITC Holdings Corporation		1,640		53,661

46

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

COMMON STOCKS — 69.6% (Continued)	Shares		Value
Utilities — 0.6% (Continued)
Electric Utilities — 0.1% (Continued)
Pepco Holdings, Inc.		615	$	16,377
Pinnacle West Capital Corporation		490		31,120
PPL Corporation		304		10,458
Southern Company		1,487		67,064
Westar Energy, Inc.		1,879		74,596
Xcel Energy, Inc.		433		15,428
				375,525
Gas Utilities — 0.2%
AGL Resources, Inc.		422		26,375
Laclede Group, Inc. (The)		2,451		143,555
New Jersey Resources Corporation		508		16,093
Northwest Natural Gas Company		26,089		1,246,272
Piedmont Natural Gas Company, Inc.		400		22,924
Questar Corporation		2,677		55,280
				1,510,499
Independent Power and Renewable Electricity Producers — 0.2%
8point3 Energy Partners, L.P.		4,722		63,558
Abengoa Yield plc		48,077		890,867
NRG Yield, Inc. - Class A		2,241		30,769
NRG Yield, Inc. - Class C		2,258		32,605
Ormat Technologies, Inc.		1,065		40,172
Pattern Energy Group, Inc.		1,807		42,266
TerraForm Power, Inc. - Class A		25,617		467,510
TransAlta Corporation		6,078		28,202
Vivint Solar, Inc.		13,737		162,509
				1,758,458
Multi-Utilities — 0.1%
Ameren Corporation		651		28,436
Consolidated Edison, Inc.		934		61,411
NorthWestern Corporation		5,565		301,567
OGE Energy Corporation		740		21,097
Public Service Enterprise Group, Inc.		424		17,507
SCANA Corporation		1,082		64,076
Vectren Corporation		1,490		67,750
WEC Energy Group, Inc.		2,174		112,092
				673,936
Water Utilities — 0.0% (a)
Aqua America, Inc.		396		11,326
Cadiz, Inc.		30,687		104,949
SJW Corporation		3,176		100,774
				217,049
Total Common Stocks (Proceeds $633,068,434)			$	546,507,164

47

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

INVESTMENT COMPANIES — 0.0% (a)	Shares		Value
Firsthand Technology Value Fund, Inc. (Proceeds $15,333)		1,080	$	9,050

WARRANTS — 0.0% (a)	Shares		Value
Central European Media Enterprises Ltd. (b)		115,647	$	133,572
Magnum Hunter Resources Corporation (b)		15,689		0
Sears Holdings Corporation		36		571
Total Warrants (Proceeds $551,327)			$	134,143
Total Securities Sold Short — 69.6% (Proceeds $633,635,094)			$	546,650,357

ADR - American Depositary Receipt.

^(a) Percentage rounds to less than 0.1%.

^(b) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities is $(133,572) at October 31, 2015, representing (0.0%)^(a) of net assets (Note 2).

See accompanying notes to financial statements.

48

TFS MARKET NEUTRAL FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
October 31, 2015

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/18/2015		604	$	10,056,600	$	50,931
E-Mini S&P 500 Future	12/18/2015		470		48,645,000		(1,072,279	)
Total Futures Contracts Sold Short				$	58,701,600	$	(1,021,348	)

See accompanying notes to financial statements.

49

TFS SMALL CAP FUND
SUMMARY SCHEDULE OF INVESTMENTS*
October 31, 2015

COMMON STOCKS — 99.5%	Shares		Value
Consumer Discretionary — 16.5%
American Axle & Manufacturing Holdings, Inc. (a)		17,370	$	384,919
Caesars Entertainment Corporation (a)		46,935		377,827
Caleres, Inc.		15,341		468,821
Gray Television, Inc. (a)		23,773		377,753
Liberty TripAdvisor Holdings, Inc. - Series A (a)		15,534		484,505
Oxford Industries, Inc.		7,856		572,074
Pep Boys - Manny, Moe & Jack (The) (a)		28,358		426,504
Perry Ellis International, Inc. (a)		20,810		446,791
Tower International, Inc. (a)		18,289		502,399
Other Consumer Discretionary (b)				12,149,290
				16,190,883
Consumer Staples — 4.6%
Central Garden & Pet Company - Class A (a)		26,503		447,371
Dean Foods Company		30,673		555,488
SpartanNash Company		17,191		479,629
Other Consumer Staples (b)				3,060,912
				4,543,400
Energy — 5.0%
Teekay Corporation		12,250		393,593
Teekay Tankers Ltd. - Class A		51,949		396,890
Other Energy (b)				4,164,775
				4,955,258
Financials — 15.8%
Chemical Financial Corporation		11,047		374,825
Other Financials (b)				15,142,476
				15,517,301
Health Care — 17.0%
Affymetrix, Inc. (a)		39,358		362,094
Allscripts Healthcare Solutions, Inc. (a)		34,101		479,460
Concert Pharmaceuticals, Inc. (a)		22,471		510,316
Emergent BioSolutions, Inc. (a)		12,646		406,569
Greatbatch, Inc. (a)		8,033		429,364
Merit Medical Systems, Inc. (a)		21,237		393,734
OraSure Technologies, Inc. (a)		72,054		374,681
Orthofix International N.V. (a)		13,757		468,426
Phibro Animal Health Corporation - Class A		18,511		617,527
Premier, Inc. - Class A (a)		13,319		450,315
Prestige Brands Holdings, Inc. (a)		10,661		522,496
Other Health Care (b)				11,633,161
				16,648,143
Industrials — 14.5%
Aegion Corporation (a)		22,792		439,658
Brink's Company (The)		12,678		392,764

50

TFS SMALL CAP FUND
SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

COMMON STOCKS — 99.5% (Continued)	Shares		Value
Industrials — 14.5% (Continued)
Gibraltar Industries, Inc. (a)		23,197	$	587,348
Matson, Inc.		10,334		473,607
Patrick Industries, Inc. (a)		10,427		423,128
SkyWest, Inc.		26,398		502,618
Steelcase, Inc. - Class A		19,333		375,254
Universal Forest Products, Inc.		6,500		472,095
Other Industrials (b)				10,604,922
				14,271,394
Information Technology — 18.2%
Advanced Energy Industries, Inc. (a)		15,387		435,144
EarthLink Holdings Corporation		54,832		468,814
ePlus, Inc. (a)		7,258		612,720
Photronics, Inc. (a)		37,680		361,351
ScanSource, Inc. (a)		13,467		464,746
Sykes Enterprises, Inc. (a)		14,047		407,363
Tech Data Corporation (a)		7,725		562,303
TeleTech Holdings, Inc.		16,948		493,187
Web.com Group, Inc. (a)		24,652		578,582
Other Information Technology (b)				13,445,866
				17,830,076
Materials — 4.6%
AEP Industries, Inc. (a)		6,360		508,800
Commercial Metals Company		34,488		495,593
Kraton Performance Polymers, Inc. (a)		19,285		393,221
Schweitzer-Mauduit International, Inc.		10,717		416,034
Other Materials (b)				2,656,792
				4,470,440
Telecommunication Services — 1.9%
Atlantic Tele-Network, Inc.		5,757		439,950
General Communication, Inc. - Class A (a)		18,996		386,854
Telephone and Data Systems, Inc.		13,145		376,473
Other Telecommunication Services (b)				631,129
				1,834,406
Utilities — 1.4%
Other Utilities (b)				1,366,529
Total Common Stocks (Cost $92,451,783)			$	97,627,830

RIGHTS — 0.0%(c)	Shares	Value
Other Rights (Cost $0) (b)		$	19,098

51

TFS SMALL CAP FUND
SUMMARY SCHEDULE OF INVESTMENTS* (Continued)

MONEY MARKET FUNDS — 1.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (d) (Cost $1,121,802)		1,121,802	$	1,121,802
Total Investments at Value — 100.6% (Cost $93,573,585)			$	98,768,730
Liabilities in Excess of Other Assets — (0.6%)				(630,051	)
Net Assets — 100.0%			$	98,138,679

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

^(a) Non-income producing security.

^(b) Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of October 31, 2015.

^(c) Percentage rounds to less than 0.1%.

^(d) The rate shown is the 7-day effective yield as of October 31, 2015.

See accompanying notes to financial statements.

52

TFS HEDGED FUTURES FUND
SCHEDULE OF INVESTMENTS
October 31, 2015

U.S. TREASURY OBLIGATIONS – 20.0%	Par Value		Value
U.S. Treasury Bills (a)
0.010%, due 03/03/2016	$	575,000	$	574,800
0.020%, due 03/17/2016		575,000		574,772
0.138%, due 03/31/2016		1,087,000		1,086,190
0.132%, due 04/14/2016		1,087,000		1,086,102
Total U.S. Treasury Obligations (Cost $3,322,649)			$	3,321,864

MONEY MARKET FUNDS — 55.9%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.12% (b)		1,668,284	$	1,668,284
Fidelity Institutional Money Market Portfolio - Class I, 0.12% (b)		3,742,924		3,742,924
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.15% (b)		1,668,145		1,668,145
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.20% (b)		271,696		271,696
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		271,253		271,253
Vanguard Prime Money Market Fund - Investor Shares, 0.08% (b)		1,668,525		1,668,525
Total Money Market Funds (Cost $9,290,827)			$	9,290,827
Total Investments at Value — 75.9% (Cost $12,613,476)			$	12,612,691
Other Assets in Excess of Liabilities (c) — 24.1%				4,017,954
Net Assets — 100.0%			$	16,630,645

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

^(b) The rate shown is the 7-day effective yield as of October 31, 2015.

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

See accompanying notes to financial statements.

53

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS
October 31, 2015

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Class III Milk Future	12/01/2015		3	$	91,920	$	(2,113	)
Cocoa Future	12/15/2015		6		195,540		(1,246	)
Cotton No. 2 Future	12/08/2015		10		316,600		5,457
Ethanol Future	12/03/2015		16		731,728		10,343
Feeder Cattle Future	11/19/2015		6		572,700		29,161
Frozen Concentrate Orange Juice Future	01/08/2016		15		300,937		985
Hard Red Winter Wheat Future	12/14/2015		1		24,688		59
Lumber Future	01/15/2016		10		276,650		(4,861	)
Palladium Future	12/29/2015		2		135,140		3,798
Platinum Future	01/27/2016		6		296,310		(3,533	)
Soybean Future	01/14/2016		9		398,588		(63	)
Soybean Meal Future	12/14/2015		33		1,004,520		(35,041	)
Sugar No. 11 Future	02/29/2016		30		487,872		7,744
Total Futures Contracts				$	4,833,193	$	10,690

See accompanying notes to financial statements.

54

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
October 31, 2015

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Coffee Future	12/18/2015		10	$	453,562	$	48,520
Corn Future	12/14/2015		27		516,037		18,610
Crude Oil Future	11/20/2015		9		417,420		27,556
Frozen Concentrate Orange Juice Future	11/09/2015		2		40,395		(4,156	)
Gasoline RBOB Future	11/30/2015		1		57,389		(3,494	)
Lean Hogs Future	12/14/2015		8		189,440		6,215
Live Cattle Future	12/31/2015		9		510,210		(15,949	)
Natural Gas Future	11/25/2015		19		442,130		64,829
Oats Future	12/14/2015		15		170,438		(352	)
Red Spring Wheat Future	12/14/2015		1		26,275		(879	)
Rough Rice Future	01/14/2016		23		547,170		14,862
Soybean Oil Future	12/14/2015		78		1,319,760		26,872
Wheat Future	12/14/2015		7		182,700		(7,442	)
Total Commodity Futures					4,872,926		175,192
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/18/2015		44		732,600		3,458
E-Mini S&P 500 Future	12/18/2015		34		3,519,000		(78,926	)
EURO STOXX 50 Future	12/18/2015		23		860,208		(20,127	)
EURO VSTOXX Mini Future	11/18/2015		169		409,793		4,513
EURO VSTOXX Mini Future	12/16/2015		177		419,458		(1,106	)
Total Financial Futures					5,941,059		(92,188	)
Total Futures Contracts Sold Short				$	10,813,985	$	83,004

See accompanying notes to financial statements.

55

TFS CAPITAL INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2015

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	746,790,698		$	93,573,585		$	12,613,476
At value (Note 2)	$	765,951,769		$	98,768,730		$	12,612,691
Cash		—			—			140,000
Cash denominated in foreign currency		—			—			55,167
Deposits with brokers for short positions (Note 2)		560,367,788			—			—
Margin deposits for futures contracts (Note 2)		7,670,000			—			3,736,279
Variation margin receivable (Notes 2 and 5)		50,931			—			273,006
Dividends and interest receivable		271,388			31,156			917
Receivable for investment securities sold		177,901,865			8,541,848			—
Receivable for capital shares sold		442,065			9,016			17,370
Other assets		45,943			12,894			9,102
TOTAL ASSETS		1,512,701,749			107,363,644			16,844,532
LIABILITIES
Bank overdraft		4,812,423			—			—
Securities sold short, at value (Note 2) (proceeds $633,635,094)		546,650,357			—			—
Variation margin payable (Notes 2 and 5)		1,072,279			—			179,128
Dividends payable on securities sold short (Note 2)		225,387			—			—
Payable for investment securities purchased		170,096,465			8,828,668			—
Payable for capital shares redeemed		2,562,209			277,036			17,097
Payable to Adviser (Note 4)		1,056,162			76,878			2,717
Payable to administrator (Note 4)		118,399			22,796			9,145
Accrued brokerage expense on securities sold short (Note 2)		988,370			—			—
Other accrued expenses and liabilities		53,824			19,587			5,800
TOTAL LIABILITIES		727,635,875			9,224,965			213,887
CONTINGENCIES AND COMMITMENTS (Note 7)		—			—			—
NET ASSETS	$	785,065,874		$	98,138,679		$	16,630,645
Net assets consist of:
Paid-in capital	$	710,024,735		$	91,170,118		$	17,793,974
Undistributed (accumulated) net investment income (loss)		1,730,051			(4,944	)		(410,464	)
Accumulated net realized gains (losses) from security transactions and other financial instruments		(31,813,379	)		1,778,360			(844,764	)
Net unrealized appreciation (depreciation) on:
Investments		19,161,071			5,195,145			(785	)
Short positions		86,984,737			—			—
Futures contracts		(1,021,348	)		—			93,694
Translation of assets and liabilities in foreign currencies		7			—			(1,010	)
Net assets	$	785,065,874		$	98,138,679		$	16,630,645
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		50,309,246			7,496,675			1,576,701
Net asset value, redemption price and offering price per share (Note 2)	$	15.60		$	13.09		$	10.55

* Consolidated financial statement (Note 1).

See accompanying notes to financial statements.

56

TFS CAPITAL INVESTMENT TRUST
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2015

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	8,122,100		$	1,327,627		$	9,703
Foreign tax withholding		(14,870	)		(827	)		—
Interest		—			318			2,764
TOTAL INVESTMENT INCOME		8,107,230			1,327,118			12,467
EXPENSES
Brokerage expense on securities sold short (Note 2)		37,217,469			—			—
Investment advisory fees (Note 4)		12,230,156			1,205,064			321,855
Dividend expense on securities sold short (Note 2)		5,383,024			—			—
Accounting services fees (Note 4)		656,289			105,734			40,110
Administration fees (Note 4)		495,523			78,628			60,000
Custodian fees		410,613			125,967			26,585
Transfer agent fees (Note 4)		221,622			54,033			18,000
Professional fees		121,203			42,591			43,001
Trustees’ fees and expenses (Note 4)		41,385			41,385			41,385
Registration and filing fees		53,828			32,405			29,134
Pricing fees		88,873			19,426			2,689
Compliance service fees and expenses (Note 4)		37,284			14,234			10,368
Postage and supplies		36,093			10,557			5,233
Insurance expense		43,584			3,035			2,849
Borrowing costs		46,155			747			1,168
Printing of shareholder reports		24,936			7,514			4,948
Interest expense on securities sold short (Note 2)		465			—			—
Other expenses		12,167			20,999			13,151
TOTAL EXPENSES		57,120,669			1,762,319			620,476
Investment advisory fee reductions (Note 4)		(425,955	)		(190,498	)		(233,949	)
NET EXPENSES		56,694,714			1,571,821			386,527
NET INVESTMENT LOSS		(48,587,484	)		(244,703	)		(374,060	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		43,896,660			3,696,746			1,613
Securities sold short		86,579,676			—			—
Futures contracts (Note 5)		11,548,157			—			946,092
Foreign currency transactions (Note 5)		77			—			(55,994	)
Net change in unrealized appreciation (depreciation) on:
Investments		(54,251,526	)		(3,114,635	)		(264	)
Securities sold short		(4,731,243	)		—			—
Futures contracts (Note 5)		1,256,252			—			248,862
Foreign currency translation (Note 5)		7			—			(55,498	)
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		84,298,060			582,111			1,084,811
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	35,710,576		$	337,408		$	710,751

* Consolidated financial statement (Note 1).

See accompanying notes to financial statements.

57

TFS MARKET NEUTRAL FUND
STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2015			Year Ended October 31, 2014
FROM OPERATIONS
Net investment loss	$	(48,587,484	)	$	(78,815,879	)
Net realized gains (losses) from:
Investments		43,896,660			197,113,391
Securities sold short		86,579,676			37,177,773
Option contracts		—			25,777
Futures contracts		11,548,157			(2,582,887	)
Foreign currency transactions		77			(8,450	)
Net change in unrealized appreciation (depreciation) on:
Investments		(54,251,526	)		(109,095,220	)
Securities sold short		(4,731,243	)		(70,354,260	)
Option contracts		—			(10,501	)
Futures contracts		1,256,252			(2,277,600	)
Foreign currency translation		7			(4	)
Net increase (decrease) in net assets from operations		35,710,576			(28,827,860	)
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(28,360,770	)		(59,150,243	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		284,326,684			179,365,520
Net asset value of shares issued in reinvestment of distributions to shareholders		19,177,908			43,784,401
Proceeds from redemption fees collected (Note 2)		—			29,157
Payments for shares redeemed		(294,970,033	)		(948,816,181	)
Net increase (decrease) in net assets from capital share transactions		8,534,559			(725,637,103	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		15,884,365			(813,615,206	)
NET ASSETS
Beginning of year		769,181,509			1,582,796,715
End of year	$	785,065,874		$	769,181,509
UNDISTRIBUTED (ACCUMULATED) NET INVESTMENT INCOME (LOSS)	$	1,730,051		$	(51,765,089	)
CAPITAL SHARE ACTIVITY
Shares sold		18,358,000			11,722,709
Shares issued in reinvestment of distributions to shareholders		1,263,367			2,838,021
Shares redeemed		(19,086,260	)		(62,540,475	)
Net increase (decrease) in shares outstanding		535,107			(47,979,745	)
Shares outstanding, beginning of year		49,774,139			97,753,884
Shares outstanding, end of year		50,309,246			49,774,139

See accompanying notes to financial statements.

58

TFS SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2015			Year Ended October 31, 2014
FROM OPERATIONS
Net investment loss	$	(244,703	)	$	(324,904	)
Net realized gains from investments		3,696,746			6,370,705
Net change in unrealized appreciation (depreciation) on investments		(3,114,635	)		1,866,097
Net increase in net assets from operations		337,408			7,911,898
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(6,562,462	)		(16,453,993	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		31,304,772			34,834,470
Net asset value of shares issued in reinvestment of distributions to shareholders		6,162,314			14,622,207
Proceeds from redemption fees collected (Note 2)		—			392
Payments for shares redeemed		(30,879,354	)		(24,128,224	)
Net increase in net assets from capital share transactions		6,587,732			25,328,845
TOTAL INCREASE IN NET ASSETS		362,678			16,786,750
NET ASSETS
Beginning of year		97,776,001			80,989,251
End of year	$	98,138,679		$	97,776,001
ACCUMULATED NET INVESTMENT LOSS	$	(4,944	)	$	(6,058	)
CAPITAL SHARE ACTIVITY
Shares sold		2,273,301			2,536,843
Shares issued in reinvestment of distributions to shareholders		459,531			1,095,296
Shares redeemed		(2,253,891	)		(1,716,274	)
Net increase in shares outstanding		478,941			1,915,865
Shares outstanding, beginning of year		7,017,734			5,101,869
Shares outstanding, end of year		7,496,675			7,017,734

See accompanying notes to financial statements.

59

TFS HEDGED FUTURES FUND
STATEMENTS OF CHANGES IN NET ASSETS*

	Year Ended October 31, 2015			Year Ended October 31, 2014
FROM OPERATIONS
Net investment loss	$	(374,060	)	$	(1,018,529	)
Net realized gains (losses) from:
Investments		1,613			1,639
Futures contracts		946,092			1,739,476
Foreign currency transactions		(55,994	)		(304,954	)
Net change in unrealized appreciation (depreciation) on:
Investments		(264	)		405
Futures contracts		248,862			(2,806	)
Foreign currency translation		(55,498	)		(39,846	)
Net increase in net assets from operations		710,751			375,385
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		—			(180,217	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		5,548,994			8,722,794
Net asset value of shares issued in reinvestment of distributions to shareholders		—			153,704
Proceeds from redemption fees collected (Note 2)		—			2,970
Payments for shares redeemed		(27,840,874	)		(39,112,450	)
Net decrease in net assets from capital share transactions		(22,291,880	)		(30,232,982	)
TOTAL DECREASE IN NET ASSETS		(21,581,129	)		(30,037,814	)
NET ASSETS
Beginning of year		38,211,774			68,249,588
End of year	$	16,630,645		$	38,211,774
ACCUMULATED NET INVESTMENT LOSS	$	(410,464	)	$	(760,016	)
CAPITAL SHARE ACTIVITY
Shares sold		537,173			858,709
Shares issued in reinvestment of distributions to shareholders		—			15,143
Shares redeemed		(2,828,785	)		(3,876,209	)
Net decrease in shares outstanding		(2,291,612	)		(3,002,357	)
Shares outstanding, beginning of year		3,868,313			6,870,670
Shares outstanding, end of year		1,576,701			3,868,313

* Consolidated financial statements (Note 1).

See accompanying notes to financial statements.

60

TFS MARKET NEUTRAL FUND
FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each year:	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net asset value at beginning of year	$	15.45		$	16.19		$	15.23		$	14.41		$	15.80
Income (loss) from investment operations:
Net investment loss		(0.95	)		(1.57	)		(1.25	)		(0.99	)		(0.83	)
Net realized and unrealized gains on investments		1.70			1.49			2.21			2.05			0.93
Total from investment operations		0.75			(0.08	)		0.96			1.06			0.10
Less distributions:
Distributions from net realized gains from security transactions		(0.60	)		(0.66	)		—			(0.24	)		(1.49	)
Proceeds from redemption fees collected (Note 2)		—			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value at end of year	$	15.60		$	15.45		$	16.19		$	15.23		$	14.41
Total return (b)		4.99	%		(0.50	%)		6.30	%		7.48	%		0.43	%
Ratios and supplemental data:
Net assets at end of year (000’s)	$	785,066		$	769,182		$	1,582,797		$	1,789,303		$	1,762,265
Ratio of total expenses to average net assets		7.71	%		8.44	%		8.67	%		8.63	%		8.10	%
Ratio of net expenses to average net assets		7.65	%(c)		8.43	%(c)		8.67	%		8.63	%		8.12	%(d)
Ratio of net expenses to average net assets excluding dividend expense (e)		6.92	%(c)		7.53	%(c)		7.59	%		7.75	%		7.38	%(d)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (e)		1.90	%(c)(f)		2.02	%(c)(f)		2.41	%		2.42	%		2.47	%(d)
Ratio of net investment loss to average net assets		(6.55	%)(c)		(7.17	%)(c)		(6.67	%)		(6.73	%)		(6.56	%)(d)
Portfolio turnover rate		795	%		669	%		552	%		607	%		751	%

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

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

^(e) Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 5.75%, 6.41%, 6.26%, 6.21% and 5.65% of average net assets for the years ended October 31, 2015, 2014, 2013, 2012 and 2011, respectively.

^(f) Effective January 1, 2014, the Advisor reduced its advisory fee from 2.25% to 1.65% of average daily net assets and agreed to further reduce its advisory fees and to absorb the Fund’s operating expenses to the extent necessary to limit aggregate annual 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 average daily net assets.

See accompanying notes to financial statements.

61

TFS SMALL CAP FUND
FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout each year:	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net asset value at beginning of year	$	13.93		$	15.87		$	13.56		$	12.07		$	11.98
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.04	)		0.02			(0.00	)(a)		(0.04	)
Net realized and unrealized gains on investments		0.12			1.40			4.92			1.52			0.87
Total from investment operations		0.09			1.36			4.94			1.52			0.83
Less distributions:
Distributions from net investment income		—			—			(0.07	)		—			—
Distributions from net realized gains from security transactions		(0.93	)		(3.30	)		(2.56	)		(0.03	)		(0.74	)
Total distributions		(0.93	)		(3.30	)		(2.63	)		(0.03	)		(0.74	)
Proceeds from redemption fees collected (Note 2)		—			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value at end of year	$	13.09		$	13.93		$	15.87		$	13.56		$	12.07
Total return (b)		0.51	%		9.50	%		44.15	%		12.62	%		6.68	%
Ratios and supplemental data:
Net assets at end of year (000’s)	$	98,139		$	97,776		$	80,989		$	50,073		$	51,274
Ratio of total expenses to average net assets		1.68	%		1.61	%		1.80	%		1.95	%		1.82	%
Ratio of net expenses to average net assets (c)		1.50	%(d)		1.54	%(d)		1.75	%		1.75	%		1.69	%
Ratio of net investment income (loss) to average net assets (c)		(0.23	%)		(0.36	%)		0.06	%		(0.03	%)		(0.31	%)
Portfolio turnover rate		639	%		579	%		601	%		557	%		525	%

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

^(d) Effective January 1, 2014, the Advisor reduced its advisory fee from 1.25% to 1.15% of average daily net assets and agreed to further reduce its advisory fees and to absorb the Fund’s operating expenses to the extent necessary to limit aggregate annual 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 1.50% of average daily net assets.

See accompanying notes to financial statements.

62

TFS HEDGED FUTURES FUND
FINANCIAL HIGHLIGHTS*

Per share data for a share outstanding throughout each period:	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Period Ended October 31, 2012(a)
Net asset value at beginning of period	$	9.88		$	9.93		$	11.04		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.19	)(b)		(0.49	)		(0.20	)		(0.09	)
Net realized and unrealized gains (losses) on investments		0.86			0.47			(0.68	)		1.13
Total from investment operations		0.67			(0.02	)		(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	(c)		0.00	(c)		0.00	(c)
Net asset value at end of period	$	10.55		$	9.88		$	9.93		$	11.04
Total return (d)		6.78	%		(0.22	%)		(8.14	%)		10.40	%(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	16,631		$	38,212		$	68,250		$	113,541
Ratio of total expenses to average net assets		2.90	%		2.19	%		2.35	%		2.51	%(f)
Ratio of net expenses to average net assets (g)		1.81	%		1.90	%		2.30	%		2.30	%(f)
Ratio of net expenses to average net assets excluding borrowing costs (g)(h)		1.80	%(j)		1.90	%(j)		2.30	%		2.30	%(f)
Ratio of net investment loss to average net assets (g)		(1.75	%)		(1.87	%)		(2.23	%)		(2.19	%)(f)
Portfolio turnover rate (i)		0	%		0	%		0	%		0	%

* Consolidated financial statements (Note 1).

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

^(b) Calculated using weighted average shares outstanding during the period.

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

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

^(e) Not annualized.

^(f) Annualized.

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

^(h) Borrowing costs totaled 0.01%, 0.00%, 0.00% and 0.00%^(e) of average net assets for the periods ended October 31, 2015, 2014, 2013 and 2012, respectively.

⁽ⁱ⁾ 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.

^(j) Effective January 1, 2014, the Advisor reduced its advisory fee from 2.00% to 1.50% of average daily net assets and agreed to further reduce its advisory fees and to absorb the Fund’s operating expenses to the extent necessary to limit aggregate annual 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 1.80% of average daily net assets.

See accompanying notes to financial statements.

63

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
October 31, 2015

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 commodity 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 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”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

Securities 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.

Fixed income securities are generally valued using prices provided by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”). The independent pricing service will employ methodologies that they believe are appropriate, including actual market transactions,

64

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

broker-dealer supplied valuations, matrix pricing, or other electronic data processing techniques. These techniques generally consider such factors as security prices, yields, maturities, call features, ratings, and developments relating to specific securities in arriving at valuations.

Futures contracts that trade on exchanges that close at 4:00 p.m. Eastern time are valued at their closing price as quoted on their primary exchange. 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 their primary exchange. Futures contracts that trade on exchanges that close after 4:00 p.m. Eastern time are valued at their last sale price on their primary exchange as of the close of the NYSE. If no closing price is readily available at the time of valuation, the futures contract will be valued at the closing bid price for that day as reported by the primary exchange. Prices for these futures contracts are monitored daily by the Adviser until 4:00 p.m. Eastern time to determine if fair valuation is required.

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

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

The Funds’ investments and other financial instruments have been categorized based upon a fair value hierarchy in accordance with the FASB’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, investment companies, rights, 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 securities that trade infrequently or their trading has been temporarily halted, warrants that are not actively traded on an exchange, 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 other securities 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.

65

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security 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 investments and other financial instruments categorized as Level 3.

The following is a summary of the inputs used to value the Funds’ investments, securities sold short and other financial instruments as of October 31, 2015:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stocks	$	757,641,837		$	—			—		$	757,641,837
Investment Companies		8,034,335			—			—			8,034,335
Rights		77,515			—			—			77,515
Warrants		—			0	*		—			0
Corporate Bonds		—			3,098			—			3,098
Money Market Funds		194,984			—			—			194,984
Total	$	765,948,671		$	3,098			—		$	765,951,769
Other Financial Instruments:
Common Stocks – Sold Short	$	(546,507,164	)	$	—		$	0	*	$	(546,507,164	)
Investment Companies – Sold Short		(9,050	)		—			—			(9,050	)
Warrants – Sold Short		(571	)		(133,572	)*		—			(134,143	)
Futures Contracts – Sold Short		(1,021,348	)		—			—			(1,021,348	)
Total	$	(547,538,133	)	$	(133,572	)	$	0		$	(547,671,705	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	97,627,830	$	—	$	—	$	97,627,830
Rights		19,098		—		—		19,098
Money Market Funds		1,121,802		—		—		1,121,802
Total	$	98,768,730	$	—	$	—	$	98,768,730

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TFS Hedged Futures Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—	$	3,321,864	$	—	$	3,321,864
Money Market Funds		9,290,827		—		—		9,290,827
Total	$	9,290,827	$	3,321,864	$	—	$	12,612,691
Other Financial Instruments:
Futures Contracts	$	10,690	$	—	$	—	$	10,690
Futures Contracts – Sold Short		83,004		—		—		83,004
Total	$	93,694	$	—	$	—	$	93,694

* TFS Market Neutral Fund holds Warrants, Common Stocks – Sold Short and Warrants - Sold Short which have been fair valued at $0.

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 sector or industry type.

It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period. As of October 31, 2015, the Funds did not have any transfers into and out of any Level.

There were no Level 3 securities held by TFS Small Cap Fund or TFS Hedged Futures Fund as of October 31, 2015.

The following is a reconciliation of Level 3 investments and other financial instruments of TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value between October 31, 2014 and October 31, 2015.

	Investments			Other Financial Instruments
Balance as of October 31, 2014	$	0	*	$	(696,301	)*
Change in unrealized appreciation		—			696,301
Receipts from corporate actions		0	*		—
Balance as of October 31, 2015	$	—		$	0	*

* TFS Market Neutral Fund held or holds Common Stocks, Corporate Bonds and Common Stocks – Sold Short at October 31, 2014 and 2015 which have been determined to be Level 3 investments and other financial instruments.

The total amount of unrealized appreciation on Level 3 other financial instruments was $5,536,684 as of October 31, 2015.

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The following table summarizes the valuation techniques used and unobservable inputs developed by the Board to determine the fair value of TFS Market Neutral Fund’s Level 3 other financial instruments as of October 31, 2015:

	Fair Value at October 31, 2015		Valuation Technique	Unobservable Input	Range		Impact to Valuation from an Increase in Input**
Common Stocks -Sold Short		$0	Discount from last sale price*	Discount Percentage		100%	Increase

* TFS Market Neutral Fund holds Common Stocks – Sold Short which have been determined to be Level 3 investments and have been fair valued at $0.

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

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the net asset value per share. 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.

During the year ended October 31, 2014, proceeds from redemption fees totaled $29,157 for TFS Market Neutral Fund, $392 for TFS Small Cap Fund and $2,970 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.

Borrowing costs – From time to time, a Fund may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Fund will incur borrowing costs charged by the custodian.

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

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Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are paid at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains. The tax character of distributions paid by the Funds during the years ended October 31, 2015 and 2014 was as follows:

	Years Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions
TFS Market Neutral Fund	10/31/2015	$	—	$	28,360,770	$	28,360,770
	10/31/2014	$	15,491,463	$	43,658,780	$	59,150,243
TFS Small Cap Fund	10/31/2015	$	4,947,085	$	1,615,377	$	6,562,462
	10/31/2014	$	15,424,540	$	1,029,453	$	16,453,993
TFS Hedged Futures Fund	10/31/2015	$	—	$	—	$	—
	10/31/2014	$	—	$	180,217	$	180,217

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. Short selling subjects a Fund to the potential for unlimited losses.

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

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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. These 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 a 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 accumulated in a receivable or payable account by the Fund each day, depending on the daily fluctuations in the fair value of the underlying asset. The total of this account is received or paid by the Fund when the position is closed. 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.

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

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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 forward foreign currency exchange contracts for speculative purposes. When the Adviser believes that the currency of a particular country may produce positive returns against the currency of another country, each of those Funds may purchase or sell forward foreign currency exchange 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 – 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 capital 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.

The following information is computed on a tax basis for each item as of October 31, 2015:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	780,759,386		$	96,257,368		$	16,926,138
Gross unrealized appreciation	$	28,873,126		$	5,589,037		$	—
Gross unrealized depreciation		(43,680,743	)		(3,077,675	)		(3,253,931	)
Net unrealized appreciation (depreciation) on investments		(14,807,617	)		2,511,362			(3,253,931	)
Net unrealized appreciation on securities sold short		62,197,068			—			—
Undistributed ordinary income		1,667,225			2,778,840			—
Unrealized losses on foreign currency transactions		—			—			(1,010	)
Undistributed long-term gains		26,778,811			1,678,359			—
Capital loss carryforwards and other losses		(794,352	)		—			(936,951	)
Other temporary differences		4			—			3,028,563
Accumulated earnings (deficit)	$	75,041,139		$	6,968,561		$	(1,163,329	)

As of October 31, 2015, the tax proceeds from securities sold short is $608,847,425 for TFS Market Neutral Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 difference between the federal income tax cost of investments and the financial statements cost for TFS Hedged Futures Fund is due to the tax treatment of the Fund’s wholly owned subsidiary as a controlled foreign corporation (CFC).

For the year ended October 31, 2015, the following reclassifications were made as a result of permanent differences between financial statement and income tax reporting requirements:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Accumulated net investment loss	$	102,082,624		$	245,817		$	723,612
Accumulated net realized gains (losses) from securities transactions	$	(102,082,624	)	$	(245,817	)	$	870,248
Paid-in capital	$	—		$	—		$	(1,593,860	)

As of October 31, 2015, TFS Hedged Futures Fund had the following capital loss carryforwards:

Capital loss carryforward – short-term	$	368,976
Capital loss carryforward – long-term		567,975
Total capital loss carryforwards	$	936,951

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

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for all open tax periods of each Fund (October 31, 2012 through October 31, 2015 for TFS Market Neutral Fund and TFS Small Cap Fund and December 31, 2012 through October 31, 2015 for TFS Hedged Futures Fund) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. Each Fund identifies its major tax jurisdiction as U.S. Federal.

3. Investment Transactions

During the year ended October 31, 2015, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $5,897,874,849 and $5,876,678,224, respectively, for TFS Market Neutral Fund; $654,826,220 and $653,129,992, respectively, for TFS Small Cap Fund; and $0 and $0, respectively, for TFS Hedged Futures Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 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. During the year ended October 31, 2015, the Adviser reduced its investment advisory fees by $425,955 with respect to TFS Market Neutral Fund, $190,498 with respect to TFS Small Cap Fund and $233,949 with respect to TFS Hedged Futures Fund.

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 1.90%, 1.50% and 1.80%, respectively, for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. As of October 31, 2015, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $631,794, $301,723 and $450,483, respectively, from TFS Market Neutral Fund, 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, 2016		October 31, 2017		October 31, 2018
TFS Market Neutral Fund	$	—	$	205,839	$	425,955
TFS Small Cap Fund	$	33,364	$	77,861	$	190,498
TFS Hedged Futures Fund	$	58,934	$	157,600	$	233,949

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

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. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing portfolio securities. Certain

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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.

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.

5. Derivatives Transactions

The locations in the Statements of Assets and Liabilities of the derivative positions of TFS Market Neutral Fund and TFS Hedged Futures Fund as of October 31, 2015 are recorded in the following locations in the Statements of Assets and Liabilities:

Derivative Investment Type	Location
Futures contracts	Variation margin receivable (payable)

The following tables set forth the values of derivative contracts of TFS Market Neutral Fund and TFS Hedged Futures Fund as of October 31, 2015:

TFS Market Neutral Fund
	Variation Margin					Total
	Receivable		(Payable)
Liability Derivatives
Financial Futures Contracts	$	50,931	$	(1,072,279	)	$	(1,021,348	)
Total	$	50,931	$	(1,072,279	)	$	(1,021,348	)

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NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund Futures Contracts
	Variation Margin					Total
	Receivable		(Payable)
Asset Derivatives
Futures Contracts
Commodity	$	57,547	$	(46,857	)	$	10,690
Total Asset Derivatives		57,547		(46,857	)		10,690
Liability Derivatives
Futures Contracts
Commodity		207,464		(32,272	)		175,192
Financial		7,995		(99,999	)		(92,004	)
Total Liability Derivatives		215,459		(132,271	)		83,188
Total	$	273,006	$	(179,128	)	$	93,878

Transactions in derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund during the year ended October 31, 2015 are recorded in the following locations in the Statements of Operations:

Derivative Investment Type	Location
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

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 year ended October 31, 2015:

Type of Derivative	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
TFS Market Neutral Fund
Futures contracts
Financial	$	11,548,157		$	1,256,252
Total	$	11,548,157		$	1,256,252
TFS Hedged Futures Fund
Futures contracts
Commodity	$	644,469		$	(53,100	)
Financial		301,623			301,962
Total futures contracts		946,062			248,862
Forward foreign currency exchange contracts		(53,923	)		(54,117	)
Total	$	892,169		$	194,745

TFS Small Cap Fund had no transactions in derivative instruments during the year ended October 31, 2015.

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 October 31, 2015, 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	$	50,931	$	—	$	50,931	$	—	$	50,931
Total subject to a master netting or similar arrangement	$	50,931	$	—	$	50,931	$	—	$	50,931

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NOTES 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	$	273,006	$	—	$	273,006	$	—	$	273,006
Total subject to a master netting or similar arrangement	$	273,006	$	—	$	273,006	$	—	$	273,006

Offsetting of financial liabilities and derivative liabilities as of October 31, 2015 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 Liabilities Presented in Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin payable - futures contracts	$	1,072,279	$	—	$	1,072,279	$	—	$	1,072,279
Total subject to a master netting or similar arrangement	$	1,072,279	$	—	$	1,072,279	$	—	$	1,072,279

TFS Hedged Futures Fund
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in Statements of Assets and Liabilities		Collateral Pledged		Net Amount
Variation margin payable - futures contracts	$	179,128	$	—	$	179,128	$	—	$	179,128
Total subject to a master netting or similar arrangement	$	179,128	$	—	$	179,128	$	—	$	179,128

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 October 31, 2015, TFS Hedged Futures Fund had 55.9% of the value of its net assets invested in shares of money market mutual funds registered under the 1940 Act. As of October 31, 2015, TFS Market Neutral Fund and TFS Small Cap Fund did not have a significant portion of their net 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.

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.

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REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of
TFS Capital Investment Trust:

We have audited the accompanying statement of assets and liabilities of TFS Market Neutral Fund and TFS Small Cap Fund and consolidated statement of assets and liabilities of the TFS Hedged Futures Fund (collectively the “Funds”) each a series of the TFS Capital Investment Trust (the “Trust”), including the summary schedule of investments, the schedule of securities sold short and the schedule of futures contracts sold short for TFS Market Neutral Fund, the summary schedule of investments for TFS Small Cap Fund, and the schedule of investments, schedule of futures contracts, and schedule of futures contracts sold short for TFS Hedged Futures Fund, as of October 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights presented herein for the years ended October 31, 2012 and prior were audited by another registered public accounting firm whose report dated December 24, 2012 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of each of the Funds constituting TFS Capital Investment Trust at October 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles

Cincinnati, Ohio
December 29, 2015

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (May 1, 2015) and held until the end of the period (October 31, 2015).

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 annual expense ratios, can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to each Fund’s summary prospectus.

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ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Net Expense Ratio(a)		Expenses Paid During Period(b)
TFS Market Neutral Fund
Based on Actual Fund Return		$1,000.00		$1,013.00		7.66%		$38.87
Based on Hypothetical 5% Return (before expenses)		$1,000.00		$986.59		7.66%		$38.36
TFS Small Cap Fund
Based on Actual Fund Return		$1,000.00		$941.00		1.50%		$7.34
Based on Hypothetical 5% Return (before expenses)		$1,000.00		$1,017.64		1.50%		$7.63
TFS Hedged Futures Fund
Based on Actual Fund Return		$1,000.00		$1,061.40		1.80%		$9.35
Based on Hypothetical 5% Return (before expenses)		$1,000.00		$1,016.13		1.80%		$9.15

^(a) Annualized, based on the Fund’s most recent one-half year expenses.

^(b) Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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OTHER INFORMATION (Unaudited)

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

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

The net asset values for the Funds are published daily at the Funds’ website at http://www.tfscapital.com.

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TFS CAPITAL INVESTMENT TRUST
BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address and Year of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies **	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustees:
*Larry S. Eiben 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1972	Since January 2004	Trustee	Owner of TFS Capital LLC	3
*Thomas M. Frederick 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1972	Since June 2004	Trustee	Director of Business Development for TFS Capital LLC	3
Independent Trustees:
Mark J. Malone 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1966	Since June 2004	Trustee	Managing Director of Guggenheim Securities LLC since February 2015; Managing Director of Janney Capital Markets from December 2013 to February 2015; Managing Director of Lazard Capital Markets from March 2008 to December 2013	3
Brian O’Connell 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1959	Since June 2004	Trustee	Independent writer/author	3
Gregory R. Owens 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1966	Since October 2011	Trustee	Chief Financial Officer (CFO) and Financial Strategy Consultant with the Fahrenheit Group since March 2015; Vice President of Finance of Capital One Financial Corporation from February 1996 to March 2015	3

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BOARD OF TRUSTEES AND OFFICERS (Unaudited)
(Continued)

Name, Address and Year of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Eric Newman 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1974	Since January 2015	President	Owner and Co-Portfolio Manager and Chief Investment Officer of TFS Capital LLC
Kevin Gates 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1971	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC
Richard Gates 10 N. High Street, Suite 500 West Chester, Pennsylvania 19380 Year of Birth: 1971	Since October 2011	Vice President	Owner and Co-Portfolio Manager of TFS Capital LLC
Robert G. Dorsey 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1957	Since June 2004	Vice President	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC
Mark J. Seger 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1962	Since June 2004	Treasurer	Managing Director of Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC
Wade R. Bridge 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Year of Birth: 1968	Since June 2011	Secretary	Director of Administration of Ultimus Fund Solutions, LLC and Vice President of Ultimus Fund Distributors, LLC
David D. Jones 442 Fleming Street, Suite 7 Key West, Florida 33040 Year of Birth: 1957	Since December 2007	Chief Compliance Officer	Managing Member of Drake Compliance, LLC

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

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

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

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TFS CAPITAL INVESTMENT TRUST
FEDERAL TAX INFORMATION (Unaudited)

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions made by the Funds during the fiscal year ended October 31, 2015. Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. TFS Small Cap Fund intends to designate up to a maximum amount of $4,947,085, as taxed at a maximum rate of 15%. Additionally, TFS Market Neutral Fund and TFS Small Cap Fund intend to designate $28,360,770 and $1,615,377, respectively, as long-term capital gain distributions.

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TFS CAPITAL INVESTMENT TRUST
THE APPROVAL OF ADVISORY AGREEMENT RENEWAL (Unaudited)

The Board of Trustees, including the Independent Trustees voting separately, have reviewed and approved the continuance of the Investment Advisory Agreements (the “Advisory Agreements”) with TFS Capital LLC (the “Adviser”) for the TFS Market Neutral Fund (the “Market Neutral Fund”), the TFS Small Cap Fund (the “Small Cap Fund”), the TFS Hedged Futures Fund and the TFS Hedged Futures Strategy Offshore Fund Ltd (together the “Hedged Futures Fund”, and together with the Market Neutral Fund and the Small Cap Fund, the “Funds”). These approvals took place at a Board meeting held on June 3-4, 2015, at which all of the Independent Trustees were present in person.

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

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

(i) The nature, extent, and quality of the services provided by the Adviser. In this regard, the Independent Trustees reviewed the services being provided to the Funds by the Adviser. They discussed the responsibilities of the Adviser under the Advisory Agreements and the Adviser’s compensation under the Advisory Agreements. The Independent Trustees reviewed the background and experience of the Adviser’s key investment, operating, and compliance personnel. They considered the Adviser’s ongoing commitment to retain experienced personnel and noted that longevity of employment may facilitate consistency in the Funds’ performance and investment process. The Independent Trustees considered the Adviser’s successful implementation

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THE APPROVAL OF ADVISORY AGREEMENT RENEWAL

(Unaudited) (Continued)

      of its restructuring plans and the positive impact these plans are having on the employees of the Adviser. The Independent Trustees considered the Adviser’s ongoing commitment to expand its research capabilities and were mindful that continual analysis of investment opportunities and optimization of procedures is important to the Funds’ long-term success. After reviewing the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services provided by the Adviser to each Fund were satisfactory.

(ii) The investment performance of the Funds and Adviser. In this regard, the Independent Trustees compared the performance of the Market Neutral Fund with the performance of the S&P 500 Index, the Fund’s primary benchmark, over various periods. It was noted by the Independent Trustees that the Market Neutral Fund underperformed the S&P 500 Index for each of the one year periods ended March 31, 2013, 2014 and 2015. They discussed the Fund’s underperformance for the stated periods, finding that the Fund’s investment strategies are not designed to keep pace or outperform the S&P 500 Index during periods when the market is experiencing a broad-based rally and/or when the market is favoring large capitalization companies. The Independent Trustees considered the Market Neutral Fund’s long-term performance record as it compares to the S&P 500 Index, noting that for the since inception period ended March 31, 2015 the Fund trailed the Index by less than 2% (i.e. 6.96% vs. 8.19%). The Independent Trustees discussed the Market Neutral Fund’s average beta and compared it to the S&P 500 Index, noting that the Fund’s beta indicates that the Fund is generating returns with considerably less risk exposure than the S&P 500 Index. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “market neutral” funds. The Independent Trustees noted that for the one year, three year, five year and ten year periods ended March 31, 2015, the Market Neutral Fund’s 8.82%, 4.08%, 4.08% and 7.05% average annual total returns, respectively, were higher than the 0.82%, 1.53%, 1.13% and 2.26% average annual total returns, respectively, of the average fund in the market neutral category over the same periods. The Independent Trustees further considered that as of April 30, 2015, the Market Neutral Fund had a 5-star Morningstar overall rating. The Independent Trustees reviewed performance information with respect to the Adviser’s other managed accounts, concluding that due to the differences in how these accounts are managed, the comparison is not particularly relevant. The Independent Trustees also considered the consistency of the Adviser’s management of the Market Neutral Fund with the Fund’s investment objective and policies. After reviewing the foregoing information, the Independent Trustees concluded that the overall investment performance of the Market Neutral Fund has been above average.

The Independent Trustees next reviewed the performance of the Small Cap Fund, which was compared to the performance of the Russell 2000 Index, the Fund’s primary benchmark, over various periods ended March 31, 2015. It was noted by the Independent Trustees that the Small Cap Fund outperformed the Russell 2000 Index for each of the one year periods ended March 31, 2013, 2014 and 2015 and for the since inception period ended March 31, 2015. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by

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THE APPROVAL OF ADVISORY AGREEMENT RENEWAL (Unaudited) (Continued)

Morningstar as “small cap blend” funds, which is the category to which the Small Cap Fund has been assigned. The Independent Trustees noted that for the one year, three year and five year periods ended March 31, 2015, the Small Cap Fund’s 9.97%, 19.74% and 16.70% average annual total returns, respectively, were higher than the 6.04%, 14.88% and 13.70% average annual total returns, respectively, of the average fund in the small cap blend category over the same periods. The Independent Trustees further considered that as of April 30, 2015, the Fund had a 4-star Morningstar overall rating. They also reviewed performance information with respect to the Adviser’s other clients but concluded that none of these clients provided a good comparison due to differences in investment objectives. The Independent Trustees considered the consistency of the Adviser’s management of the Small Cap Fund with the Fund’s investment objective and policies. After reviewing the foregoing information, the Independent Trustees concluded that the investment performance of the Small Cap Fund has been above average.

The Independent Trustees next reviewed the performance of the Hedged Futures Fund, which was compared to the performance of the S&P DTI Index, the Fund’s primary benchmark, for the since inception period ended March 31, 2015, and for each of the one year periods ended March 31, 2013, 2014 and 2015. It was noted by the Independent Trustees that the Hedged Futures Fund outperformed the S&P DTI Index for the since inception period ended March 31, 2015, but trailed the performance of the S&P DTI Index for the one year period ended March 31, 2015. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “managed futures” funds, which is the category to which the Hedged Futures Fund has been assigned. The Independent Trustees noted that for the one year and three year periods ended March 31, 2015, the Hedged Futures Fund’s average annual total returns of -2.18% and -2.43%, respectively, trailed the 18.50% and 2.94% average annual total returns for the funds in the managed futures category over the same period. They discussed the Hedged Futures Fund’s since inception return through March 31, 2015, noting that the Fund’s 0.27% average annual total return exceeded the -0.35% average annual total return for the S&P DTI Index over the same period. They also considered the Adviser’s comments regarding the Hedged Futures Fund’s recent underperformance relative to the benchmark for the one year ended March 31, 2015, noting that the Fund is not designed to track the performance of the benchmark nor is it designed as a trend following fund. The Independent Trustees also reviewed performance information with respect to the Adviser’s other clients but concluded that none of these other clients provided a good comparison due to differences in investment objectives. The Independent Trustees considered the consistency of the Adviser’s management of the Hedged Futures Fund with the Fund’s investment objective and policies. They also discussed the Hedged Futures Fund’s lack of correlation to the other funds in the managed futures category along with other broad based securities indices. After reviewing the foregoing information, the Independent Trustees concluded that the investment performance of the Hedged Futures Fund has been satisfactory.

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THE APPROVAL OF ADVISORY AGREEMENT RENEWAL (Unaudited) (Continued)

(iii) The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Funds. In this regard, the Independent Trustees considered the Adviser’s staffing, personnel and operations; the financial condition of the Adviser and the level of commitment to the Funds by the principals of the Adviser; the asset levels of each Fund; and the overall expenses of each Fund. The Independent Trustees reviewed the rate of the advisory fees paid by the Funds under the Advisory Agreements and compared them to average advisory fee ratios of similar mutual funds compiled from statistics reported by Morningstar. They also compared the total operating expense ratios of the Funds with average expense ratios of representative funds in their respective Morningstar categories. It was noted by the Independent Trustees that effective January 1, 2014 the Adviser contractually reduced its advisory fee for each Fund and lowered the overall expense caps for each Fund. The Independent Trustees noted that the Market Neutral Fund’s current advisory fee of 1.65% per annum and its overall expense ratio of 1.90% per annum (which excludes dividend expenses, borrowing costs and brokerage expenses on securities sold short) were each higher than the average advisory fee of 1.15% and average expense ratio of 1.71% for Morningstar’s market neutral category. The Independent Trustees considered the Adviser’s commitment to cap the Market Neutral Fund’s ordinary operating expenses at 1.90% per annum for the life of the Fund. The Independent Trustees performed a similar comparison for the Small Cap Fund, finding that the Small Cap Fund’s current advisory fee of 1.15% per annum and its overall expense ratio of 1.50% per annum were each higher than the average advisory fee of 0.75% per annum and average expense ratio of 1.23% per annum for Morningstar’s small cap blend category. They took into account the Adviser’s commitment to cap the Small Cap Fund’s ordinary operating expenses at 1.50% per annum for the life of the Fund. The Independent Trustees performed a similar comparison for the Hedged Futures Fund, finding that the Hedged Futures Fund’s current advisory fee of 1.50% per annum was higher than the average advisory fee of 1.31% per annum for Morningstar’s managed futures category and that the Hedged Futures Fund’s overall expense ratio of 1.80% per annum was lower than the average expense ratio of 2.09% for the managed futures category. They took into account the Adviser’s commitment to cap the Hedged Futures Fund’s ordinary operating expenses at 1.80% per annum for the life of the Fund. The Independent Trustees next considered the Adviser’s analysis of its revenues and expenses with respect to its services provided to each Fund for periods ended March 31, 2015. It was noted by the Independent Trustees that the Adviser’s overall revenues from managing the Funds have significantly decreased over the past 12 months.

The Independent Trustees reviewed the revenue and expense information with respect to the Market Neutral Fund. It was noted that the Adviser continues to receive significant revenue from the Market Neutral Fund. The Independent Trustees discussed the impact the advisory fee reduction and lower expense cap arrangement for the Market Neutral Fund has had on the Adviser’s revenues based on the Fund’s current net assets, noting that, as a result of these changes, the Adviser had to begin deferring a portion of its advisory fees during the past 12 months in order to satisfy its commitment to cap Fund operating expenses at 1.90% per annum. They discussed the profitability of the Adviser

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THE APPROVAL OF ADVISORY AGREEMENT RENEWAL (Unaudited) (Continued)

and noted the significant costs associated with managing the Market Neutral Fund, especially in the areas of research and development and retention of its investment professionals and hiring new personnel.

The Independent Trustees reviewed the revenue and expense information with respect to the Small Cap Fund. It was noted that since the inception of the Small Cap Fund through March 31, 2009, the Adviser had not received any of its advisory fees and had also reimbursed a significant amount of other operating expenses of the Fund. They noted that during the 12 month period ended March 31, 2010 the Adviser began to receive a portion of its advisory fees and has continued to do so for last five annual periods ended March 31. The Independent Trustees considered that the Adviser still is not receiving its full advisory fee from the Small Cap Fund but noted that the Adviser’s fee revenue from managing the Small Cap Fund has increased over the past year. The Independent Trustees discussed the impact the advisory fee reduction and lower expense cap arrangement for the Small Cap Fund will have on the Adviser’s revenues based on the Fund’s current net assets. They discussed the profitability of the Adviser and noted the costs associated with managing the Small Cap Fund.

The Independent Trustees reviewed the revenue and expense information with respect to the Hedged Futures Fund. It was noted that the Adviser has had to defer a portion of its advisory fees to maintain the Hedged Futures Fund’s agreed upon expense ratio. The Independent Trustees considered that the amount of fee reductions required of the Adviser has fluctuated over the life of the Hedged Futures Fund but has continued to increase over the past 12 months. They discussed the impact the loss in net assets has had on the fee reductions required to maintain the Hedged Futures Fund’s expense cap. The Independent Trustees discussed the impact the advisory fee reduction and lower expense cap arrangement for the Hedged Futures Fund had had on the Adviser’s revenues based on the Fund’s current net assets. They discussed the profitability of the Adviser and noted the costs associated with managing the Hedged Futures Fund.

The Independent Trustees next reviewed the balance sheet of the Adviser as of April 30, 2015, noting that the Adviser is financially stable and has assets sufficient to satisfy its commitments to the Funds. The Independent Trustees further considered that the investment and research process utilized by the Adviser is broader and more sophisticated than the process used by most other investment advisers as it involves frequent position rebalancing, the development of proprietary multiple trading models and the use of a team approach that involves many participants. They discussed the Adviser’s commitment to expand its distribution efforts on behalf of the Funds, in particular the hiring of two experienced distribution specialists. The Independent Trustees considered the “fallout benefits” to the Adviser, including the additional exposure the Adviser has received as a result of managing the Funds. After a thorough discussion and consideration of the foregoing, the Independent Trustees concluded that the fees to be paid by each Fund to the Adviser are reasonable in light of the quality of the services received.

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THE APPROVAL OF ADVISORY AGREEMENT RENEWAL (Unaudited) (Continued)

(iv) The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of a Fund’s investors. The Independent Trustees considered the current net assets for each Fund and discussed the expense cap arrangements between the Trust and the Adviser. They noted that the Adviser reduced its advisory fee and the overall expense cap arrangement for each of the Funds effective January 1, 2014. They considered the Market Neutral Fund’s advisory fees, noting that due to the recent reduction in the Fund’s advisory fee and its lower overall expense cap arrangement, coupled with the Fund’s current net assets, the Adviser is having to defer a portion of its advisory fee. The Independent Trustees further noted that with respect to the Small Cap Fund, assets have grown to the point where the Adviser is close to receiving its entire advisory fee. They considered the Hedged Futures Fund’s advisory fees, noting that the Fund’s assets have continued to decrease over the past twelve months to the point where the Adviser is deferring a larger portion of its advisory fee. The Independent Trustees concluded that, given the Adviser’s decision to reduce its advisory fees and lower the overall expense caps for each Fund coupled with the current asset levels in the Funds, it would not be necessary or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for each Fund.

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

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Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $64,890 and $60,300 with respect to the registrant’s fiscal periods ended October 31, 2015 and 2014, respectively.

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

(c) Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $83,211 and $88,080 with respect to the registrant’s fiscal periods ended October 31, 2015 and 2014, respectively. The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

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

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

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

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

(g) With respect to the fiscal periods ended October 31, 2015 and 2014, aggregate non-audit fees of $83,211 and $88,080, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal periods by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS

October 31, 2015

COMMON STOCKS - 96.5%	Shares			Value
Consumer Discretionary - 16.0%
Auto Components - 1.5%
American Axle & Manufacturing Holdings, Inc. (a) (b)		67,039		$	1,485,584
Cooper-Standard Holdings, Inc. (a)		37,716			2,453,049
Dana Holding Corporation		88,705			1,490,244
Federal-Mogul Holdings Corporation (a)		13,403			103,873
Goodyear Tire & Rubber Company (The)		1,211			39,769
Horizon Global Corporation (a)		842			7,401
Lear Corporation		683			85,416
Metaldyne Performance Group, Inc.		9,810			214,054
Remy International, Inc.		2,458			72,486
Shiloh Industries, Inc. (a)		33,898			255,591
Standard Motor Products, Inc.		25,656			1,135,278
Stoneridge, Inc. (a)		1,011			12,830
Superior Industries International, Inc.		3,687			72,560
Tenneco, Inc. (a)		9,423			533,248
Tower International, Inc. (a)		131,555			3,613,816
Visteon Corporation (a)		230			25,086
					11,600,285
Automobiles - 0.1%
Ford Motor Company		5,874			86,994
General Motors Company		3,443			120,195
Rush Enterprises, Inc. - Class B (a)		4,129			93,646
Thor Industries, Inc.		15,656			846,676
Winnebago Industries, Inc.		3,603			75,627
					1,223,138
Distributors - 0.1%
LKQ Corporation (a)		1,090			32,275
Pool Corporation		6,015			490,463
Stock Building Supply Holdings, Inc. (a)		34,883			602,778
VOXX International Corporation (a)		2,096			10,816
					1,136,332
Diversified Consumer Services - 0.9%
Apollo Education Group, Inc. (a)		1,187			8,618
Ascent Capital Group, Inc. - Class A (a)		11,744			255,784
Capella Education Company		3,760			169,764
Career Education Corporation (a)		109,545			395,457
Houghton Mifflin Harcourt Company (a)		81,895	��		1,604,323
K12, Inc. (a) (b)		218,557			2,122,188
Liberty Tax, Inc.		48,752			1,125,684
Service Corporation International		2,775			78,422
Steiner Leisure Ltd. (a) (b)		19,142			1,212,837
Universal Technical Institute, Inc.		459			1,951
					6,975,028
Hotels, Restaurants & Leisure - 3.5%
Aramark		3,804			115,451
Arcos Dorados Holdings, Inc. - Class A		26,807			82,566
Belmond Ltd. - Class A (a)		157,634			1,692,989
Biglari Holdings, Inc. (a)		4,221			1,621,413
Bloomin' Brands, Inc.		210,513			3,572,406
Bojangles', Inc. (a)		1,882			31,298

1

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Discretionary - 16.0% (Continued)
Hotels, Restaurants & Leisure - 3.5% (Continued)
Boyd Gaming Corporation (a) (b)		124,441	$	2,487,576
Bravo Brio Restaurant Group, Inc. (a) (b)		149,848		1,759,215
Caesars Acquisition Company - Class A (a)		91,321		668,470
Caesars Entertainment Corporation (a)		304,118		2,448,150
Carnival Corporation		1,715		92,747
Carrols Restaurant Group, Inc. (a) (b)		59,259		696,886
Churchill Downs, Inc.		6,657		977,447
Chuy's Holdings, Inc. (a)		15,641		425,592
ClubCorp Holdings, Inc.		1,863		38,080
Darden Restaurants, Inc.		1,215		75,196
Del Frisco's Restaurant Group, Inc. (a)		37,292		502,323
Denny's Corporation (a)		144,010		1,578,350
Eldorado Resorts, Inc. (a)		145,117		1,436,658
Fiesta Restaurant Group, Inc. (a)		994		35,148
Fogo De Chao, Inc. (a)		2,073		31,302
Hilton Worldwide Holdings, Inc.		1,612		40,284
Hyatt Hotels Corporation - Class A (a)		453		22,831
International Speedway Corporation - Class A		2,019		70,039
Intrawest Resorts Holdings, Inc. (a) (b)		92,282		826,847
Isle of Capri Casinos, Inc. (a)		18,514		354,173
Jack in the Box, Inc.		14,955		1,114,596
Krispy Kreme Doughnuts, Inc. (a)		7,341		100,498
La Quinta Holdings, Inc. (a)		36,832		558,005
Lindblad Expeditions Holdings, Inc. (a)		3,323		35,224
Marcus Corporation		17,263		357,171
Marriott International, Inc. - Class A		484		37,161
McDonald's Corporation		186		20,878
Monarch Casino & Resort, Inc. (a)		10,935		239,914
Nathan's Famous, Inc.		1,544		61,513
Panera Bread Company - Class A (a)		324		57,468
Papa Murphy's Holdings, Inc. (a)		4,033		55,696
Penn National Gaming, Inc. (a)		95,345		1,702,862
Planet Fitness, Inc. - Class A (a)		1,127		18,415
Popeye's Louisiana Kitchen, Inc. (a)		454		25,624
Red Lion Hotels Corporation (a)		1,645		13,473
Ruth's Hospitality Group, Inc.		17,031		264,151
Six Flags Entertainment Corporation		2,099		109,232
Sonic Corporation		482		13,756
Speedway Motorsports, Inc.		59,458		1,098,189
Starwood Hotels & Resorts Worldwide, Inc.		2,181		174,196
Wendy's Company (The)		4,516		41,367
Wyndham Worldwide Corporation		1,010		82,163
				27,864,989
Household Durables - 1.6%
Beazer Homes USA, Inc. (a)		103,125		1,468,500
Cavco Industries, Inc. (a)		326		32,143
Flexsteel Industries, Inc.		5,396		234,672
Green Brick Partners, Inc. (a)		138,403		1,460,152
Harman International Industries, Inc.		467		51,351
Helen of Troy Ltd. (a)		1,051		104,270
Installed Building Products, Inc. (a)		22,073		488,917

2

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Discretionary - 16.0% (Continued)
Household Durables - 1.6% (Continued)
Jarden Corporation (a)		2,099	$	94,035
KB Home		201,542		2,640,200
La-Z-Boy, Inc.		36,637		1,045,986
Leggett & Platt, Inc.		2,022		91,051
Libbey, Inc.		37,603		1,264,965
M/I Homes, Inc. (a)		13,094		300,507
Mohawk Industries, Inc. (a)		242		47,311
Newell Rubbermaid, Inc.		1,960		83,163
Taylor Morrison Home Corporation - Class A (a)		91,827		1,692,372
Toll Brothers, Inc. (a)		875		31,474
Universal Electronics, Inc. (a)		1,610		76,588
WCI Communities, Inc. (a)		37,076		885,746
Whirlpool Corporation		779		124,749
				12,218,152
Internet & Catalog Retail - 0.8%
1-800-FLOWERS.COM, Inc. - Class A (a)		598		5,938
EVINE Live, Inc. (a)		12,869		33,202
FTD Companies, Inc. (a)		59,109		1,673,967
HomeAway, Inc. (a)		1,340		42,290
Lands' End, Inc. (a)		4,828		119,155
Liberty Interactive Corporation - Series A (a)		7,347		201,087
Liberty TripAdvisor Holdings, Inc. - Series A (a)		77,626		2,421,155
Liberty Ventures - Series A (a)		3,355		146,177
MakeMyTrip Ltd. (a)		86		1,373
Overstock.com, Inc. (a)		5,413		84,768
RetailMeNot, Inc. (a)		6,864		60,335
Travelport Worldwide Ltd.		88,155		1,194,500
				5,983,947
Leisure Products - 0.5%
Black Diamond, Inc. (a)		39,124		216,747
Brunswick Corporation		3,603		193,877
Callaway Golf Company		47,046		468,108
MCBC Holdings, Inc. (a)		5,587		73,581
Nautilus, Inc. (a)		121,911		2,077,363
Sturm, Ruger & Company, Inc.		351		19,986
Vista Outdoor, Inc. (a)		22,232		994,215
				4,043,877
Media - 2.1%
A.H. Belo Corporation - Class A		4,244		22,960
AMC Entertainment Holdings, Inc. - Class A		94,109		2,575,763
Cablevision Systems Corporation - Class A		1,553		50,612
Carmike Cinemas, Inc. (a)		80,394		2,058,890
CBS Corporation - Class B		2,165		100,716
Central European Media Enterprises Ltd. - Class A (a)		13,991		30,221
Cinemark Holdings, Inc.		2,511		88,990
Clear Channel Outdoor Holdings, Inc. - Class A (a)		12,254		91,660
Comcast Corporation - Class A		878		54,980
Entercom Communications Corporation - Class A (a)		5,530		61,051
Entravision Communications Corporation - Class A		42,327		370,785
Gannett Company, Inc.		30,534		483,048
Global Sources Ltd. (a)		5,341		47,802

3

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Discretionary - 16.0% (Continued)
Media - 2.1% (Continued)
Gray Television, Inc. (a)		131,328	$	2,086,802
Harte-Hanks, Inc. (b)		194,291		825,737
Interpublic Group of Companies, Inc.		3,247		74,454
Journal Media Group, Inc.		138,790		1,698,790
Lee Enterprises, Inc. (a)		20,360		40,516
Liberty Broadband Corporation - Series A - Series A (a)		593		32,354
Liberty Global Group plc LiLAC - Class C (a)		641		24,781
Liberty Media Corporation - Series A (a)		865		35,257
Liberty Media Corporation - Series C (a)		924		36,175
Live Nation Entertainment, Inc. (a)		6,173		168,399
Loral Space & Communications, Inc. (a)		799		35,723
Morningstar, Inc.		1,128		92,620
National CineMedia, Inc.		112,365		1,595,583
Reading International, Inc. - Class A (a)		121,029		1,875,949
Regal Entertainment Group - Class A		29,036		562,718
Salem Communications Corporation		1,347		8,473
Shaw Communications, Inc. - Class B		662		13,736
Sizmek, Inc. (a)		3,147		18,662
Starz - Class A (a)		8,611		288,555
Time Warner, Inc.		1,221		91,990
Time, Inc.		34,133		634,191
Twenty-First Century Fox, Inc. - Class A - Non-Voting		1,720		52,787
				16,331,730
Multiline Retail - 0.1%
Dollar General Corporation		1,610		109,110
Fred's, Inc. - Class A		21,959		303,693
Macy's, Inc.		2,063		105,172
Nordstrom, Inc.		1,417		92,403
Ollie's Bargain Outlet Holdings, Inc. (a)		3		47
Tuesday Morning Corporation (a)		19,384		104,867
				715,292
Specialty Retail - 3.6%
America's Car-Mart, Inc. (a)		367		12,566
Asbury Automotive Group, Inc. (a)		6,470		512,424
Ascena Retail Group, Inc. (a) (b)		35,874		477,842
AutoNation, Inc. (a)		1,654		104,516
Barnes & Noble, Inc. (b)		262,233		3,406,407
Big 5 Sporting Goods Corporation		18,999		173,841
Caleres, Inc. (b)		107,915		3,297,882
Cato Corporation (The) - Class A		363		13,707
Chico's FAS, Inc.		70,463		973,799
Children's Place, Inc. (The)		15,629		838,808
Christopher & Banks Corporation (a)		7,631		11,141
Citi Trends, Inc. (b)		2,264		60,155
CST Brands, Inc.		20,848		749,069
DAVIDsTEA, Inc. (a)		880		12,874
Destination Maternity Corporation		1,345		9,321
Dick's Sporting Goods, Inc.		2,407		107,232
Express, Inc. (a)		19,000		366,700
Finish Line, Inc. (The) - Class A		42,632		794,234
GNC Holdings, Inc. - Class A		738		21,956

4

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Discretionary - 16.0% (Continued)
Specialty Retail - 3.6% (Continued)
Group 1 Automotive, Inc.		24,530	$	2,132,884
MarineMax, Inc. (a)		130,169		2,056,670
Men's Wearhouse, Inc. (The) (b)		79,061		3,160,859
Murphy USA, Inc. (a) (b)		46,939		2,880,646
Outerwall, Inc.		6,208		372,480
Party City Holdco, Inc. (a)		291		4,607
Pep Boys - Manny, Moe & Jack (The) (a)		58,807		884,457
Perfumania Holdings, Inc. (a)		717		2,674
Sally Beauty Holdings, Inc. (a)		241		5,666
Signet Jewelers Ltd.		134		20,226
Sonic Automotive, Inc. - Class A		725		18,082
Sportsman's Warehouse Holdings, Inc. (a)		14,108		151,802
Stage Stores, Inc.		254,002		2,471,439
Staples, Inc.		6,353		82,525
Stein Mart, Inc.		73,771		653,611
Tiffany & Company		905		74,608
TravelCenters of America, LLC (a)		9,714		111,905
Urban Outfitters, Inc. (a)		2,676		76,534
Vitamin Shoppe, Inc. (a)		29,459		845,179
West Marine, Inc. (a)		1,591		16,196
Williams-Sonoma, Inc.		207		15,266
Winmark Corporation		1,256		126,542
				28,109,332
Textiles, Apparel & Luxury Goods - 1.2%
Delta Apparel, Inc. (a)		316		5,192
Fossil Group, Inc. (a)		1,424		77,480
Hanesbrands, Inc.		1,922		61,389
Iconix Brand Group, Inc. (a)		27,650		423,598
Kate Spade & Company (a)		1,852		33,280
Michael Kors Holdings Ltd. (a)		834		32,226
Oxford Industries, Inc. (b)		54,359		3,958,422
Perry Ellis International, Inc. (a) (b)		150,599		3,233,361
PVH Corporation		1,739		158,162
Unifi, Inc. (a)		47,387		1,449,568
VF Corporation		648		43,753
Vince Holding Corporation (a)		20,857		94,899
				9,571,330
Consumer Staples - 3.9%
Beverages - 0.2%
Coca-Cola Enterprises, Inc.		2,804		143,957
Cott Corporation		6,136		64,121
Molson Coors Brewing Company - Class B		913		80,435
National Beverage Corporation (a)		4,029		151,652
PepsiCo, Inc.		191		19,518
Primo Water Corporation (a)		117,161		1,031,017
				1,490,700
Food & Staples Retailing - 1.2%
Andersons, Inc. (The)		36,117		1,278,542
Costco Wholesale Corporation		259		40,953
CVS Health Corporation		688		67,961
Ingles Markets, Inc. - Class A (b)		21,954		1,096,383

5

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Staples - 3.9% (Continued)
Food & Staples Retailing - 1.2% (Continued)
Kroger Company (The)		2,475	$	93,555
Liberator Medical Holdings, Inc.		13,827		33,461
Smart & Final Stores, Inc. (a)		1,436		21,167
SpartanNash Company (b)		104,687		2,920,767
SUPERVALU, Inc. (a) (b)		410,571		2,697,451
Village Super Market, Inc. - Class A		6,660		166,900
Weis Markets, Inc. (b)		15,293		629,154
				9,046,294
Food Products - 1.5%
Adecoagro S.A. (a) (b)		9,975		105,635
Alico, Inc.		18		768
Archer-Daniels-Midland Company		954		43,560
Bunge Ltd.		490		35,750
Calavo Growers, Inc.		37,878		1,947,308
ConAgra Foods, Inc.		1,000		40,550
Darling Ingredients, Inc. (a)		11,529		116,673
Dean Foods Company		197,568		3,577,956
Farmer Brothers Company (a)		1,228		34,851
Fresh Del Monte Produce, Inc.		37,406		1,706,836
J & J Snack Foods Corporation		6,097		748,651
John B. Sanfilippo & Son, Inc.		5,981		387,090
Mead Johnson Nutrition Company		363		29,766
Mondelēz International, Inc. - Class A		390		18,002
Seneca Foods Corporation - Class A (a)		69,961		2,041,462
Snyder's-Lance, Inc.		27,925		992,455
SunOpta, Inc. (a)		6,392		34,389
Tyson Foods, Inc. - Class A		1,552		68,847
				11,930,549
Household Products - 0.3%
Central Garden & Pet Company (a)		2,713		43,164
Central Garden & Pet Company - Class A (a)		151,433		2,556,189
Clorox Company (The)		422		51,459
Kimberly-Clark Corporation		181		21,667
WD-40 Company		358		34,218
				2,706,697
Personal Products - 0.7%
Avon Products, Inc.		628,381		2,532,375
Estée Lauder Companies, Inc. (The) - Class A		1,876		150,943
Medifast, Inc. (a)		47,392		1,325,554
Nature's Sunshine Products, Inc.		910		10,784
Nutraceutical International Corporation (a)		61,640		1,510,180
				5,529,836
Tobacco - 0.0% (c)
Alliance One International, Inc. (a)		3,551		62,498
Philip Morris International, Inc.		375		33,150
Vector Group Ltd.		369		8,948
				104,596
Energy - 6.0%
Energy Equipment & Services - 1.0%
Baker Hughes, Inc.		2,078		109,469
Core Laboratories N.V.		183		21,288

6

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Energy - 6.0% (Continued)
Energy Equipment & Services - 1.0% (Continued)
Dril-Quip, Inc. (a)		5,940	$	365,666
Era Group, Inc. (a)		11,897		165,487
Fairmount Santrol Holdings, Inc. (a)		26,400		70,488
FMC Technologies, Inc. (a)		1,543		52,200
Forum Energy Technologies, Inc. (a)		3,841		50,893
Frank's International N.V.		1,286		22,068
Gulf Island Fabrication, Inc.		10,490		106,054
Halliburton Company		2,394		91,882
Matrix Service Company (a)		9,694		220,054
Nabors Industries Ltd.		5,663		56,857
National Oilwell Varco, Inc.		407		15,319
Natural Gas Services Group, Inc. (a)		2,306		51,931
Oil States International, Inc. (a)		1,659		49,787
Pacific Drilling S.A. (a)		31,258		50,013
Parker Drilling Company (a)		631,545		1,806,219
Patterson-UTI Energy, Inc.		2,832		42,169
PHI, Inc. (a) (b)		14,836		282,477
Superior Energy Services, Inc.		188,246		2,665,563
TETRA Technologies, Inc. (a)		287,520		1,937,885
				8,233,769
Oil, Gas & Consumable Fuels - 5.0%
Abraxas Petroleum Corporation (a)		25,468		40,494
Advantage Oil & Gas Ltd. (a)		2,594		14,449
Alon USA Energy, Inc.		124,830		2,090,903
Anadarko Petroleum Corporation		1,275		85,272
Apache Corporation		1,663		78,377
Ardmore Shipping Corporation		14,387		206,453
Baytex Energy Corporation		21,053		85,686
Bellatrix Exploration Ltd. (a)		13,116		21,510
Callon Petroleum Company (a)		147,363		1,279,111
Cameco Corporation		1,356		19,215
Cloud Peak Energy, Inc. (a)		153,324		455,372
Contango Oil & Gas Company (a)		25,746		196,957
CVR Energy, Inc.		1,862		82,785
Delek US Holdings, Inc.		133,991		3,644,555
DHT Holdings, Inc. (b)		3,691		29,011
Diamondback Energy, Inc. (a)		294		21,709
Enerplus Corporation		25,209		118,734
EP Energy Corporation - Class A (a)		326,029		1,796,420
EQT Corporation		1,009		66,665
Gener8 Maritime, Inc. (a)		1,430		14,872
Gran Tierra Energy, Inc. (a)		90,452		217,085
Green Plains Partners, L.P. (a)		1,960		28,949
Green Plains, Inc.		437		8,963
Gulfport Energy Corporation (a)		536		16,332
Harvest Natural Resources, Inc. (a)		9,291		9,198
Hess Corporation		1,332		74,872
HollyFrontier Corporation		2,624		128,497
Marathon Petroleum Corporation		3,500		181,300
Memorial Resource Development Corporation (a)		2,599		45,976
Navigator Holdings Ltd. (a)		177		2,536

7

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Energy - 6.0% (Continued)
Oil, Gas & Consumable Fuels - 5.0% (Continued)
Navios Maritime Acquisition Corporation (b)		288,478	$	1,032,751
Newfield Exploration Company (a)		1,308		52,569
ONEOK, Inc.		1,994		67,637
Pacific Ethanol, Inc. (a)		364,565		2,191,036
Par Petroleum Corporation (a)		84,412		1,924,594
PBF Energy, Inc. - Class A		60,431		2,054,654
Phillips 66		1,186		105,613
QEP Resources, Inc.		102,101		1,578,481
Range Resources Corporation		550		16,742
Rice Energy, Inc. (a)		105		1,602
RSP Permian, Inc. (a)		533		14,615
Scorpio Tankers, Inc. (b)		312,901		2,853,657
SemGroup Corporation - Class A		41,046		1,869,645
SM Energy Company		37,223		1,241,387
Southwestern Energy Company (a)		4,193		46,291
Spectra Energy Corporation		2,321		66,311
Synergy Resources Corporation (a)		820		9,176
Tallgrass Energy GP, L.P.		1,609		38,519
Targa Resources Corporation		9,920		566,928
Teekay Corporation		67,970		2,183,876
Teekay Tankers Ltd. - Class A		399,175		3,049,697
Tesoro Corporation		1,224		130,882
TransGlobe Energy Corporation		5,204		14,155
Tsakos Energy Navigation Ltd. (b)		10,285		92,256
VAALCO Energy, Inc. (a)		95,243		175,247
Valero Energy Corporation		2,523		166,316
Westmoreland Coal Company (a)		274,097		1,962,535
World Fuel Services Corporation		73,465		3,266,254
WPX Energy, Inc. (a)		199,697		1,369,921
				39,205,605
Financials - 11.9%
Banks - 2.2%
1st Source Corporation		561		17,817
Avenue Financial Holdings, Inc. (a)		341		4,757
BancFirst Corporation		244		15,038
Banco Latinoamericano de Comercio Exterior S.A. - Class E		19		514
Bank of America Corporation		949		15,924
Banner Corporation		18,435		904,605
Boston Private Financial Holdings, Inc.		1,194		13,683
Capital Bank Financial Corporation - Class A		870		28,101
CenterState Banks, Inc.		1,164		16,971
Central Pacific Financial Corporation		1,430		31,975
Chemical Financial Corporation		77,474		2,628,693
Citigroup, Inc.		1,074		57,105
Citizens Financial Group, Inc. (a)		4,171		101,355
CoBiz Financial, Inc.		10,850		135,191
East West Bancorp, Inc.		475		19,185
Enterprise Financial Services Corporation		4,600		130,456
FCB Financial Holdings, Inc. - Class A (a)		456		16,215
First Busey Corporation		2,744		57,267

8

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 11.9% (Continued)
Banks - 2.2% (Continued)
First Community Bancshares, Inc.		2,053	$	39,479
First Connecticut Bancorp, Inc.		2,004		34,830
First Financial Bancorporation		589		11,356
First Financial Corporation		872		29,883
First Foundation, Inc. (a)		14,634		347,558
First Horizon National Corporation		1		0
First Interstate BancSystem, Inc. - Class A		1,948		55,245
First Midwest Bancorp, Inc.		58,312		1,039,120
First NBC Bank Holding Company (a)		224		8,331
First of Long Island Corporation (The)		59		1,638
FirstMerit Corporation		19,898		373,883
Franklin Financial Network, Inc. (a)		4,686		125,632
Great Southern Bancorp, Inc.		672		32,478
Great Western Bancorp, Inc.		5,553		156,928
Green Bancorp, Inc. (a)		1,795		21,989
Guaranty Bancorp		22,871		376,914
Hanmi Financial Corporation		31,152		794,376
Hilltop Holdings, Inc. (a)		84,666		1,775,446
HomeTrust Bancshares, Inc. (a)		19		360
Horizon Bancorp		4,408		115,049
IBERIABANK Corporation		14,064		852,700
Independent Bank Corporation (Michigan)		8,895		128,800
Independent Bank Group, Inc.		7,547		293,956
KeyCorp		5,087		63,181
Live Oak Bancshares, Inc.		2,599		37,270
Macatawa Bank Corporation		3,340		17,234
MainSource Financial Group, Inc.		10,865		235,119
Mercantile Bank Corporation		21,811		481,151
Metro Bancorp, Inc.		4,389		135,971
National Penn Bancshares, Inc.		2,831		34,085
NewBridge Bancorp		12,631		142,857
Opus Bank		9,114		339,497
Peoples Bancorp, Inc.		9,369		179,510
PNC Financial Services Group, Inc. (The)		597		53,885
Preferred Bank (b)		6,867		227,366
PrivateBancorp, Inc.		11,001		460,172
Regions Financial Corporation		9,012		84,262
Republic Bancorp, Inc. - Class A		656		16,682
Seacoast Banking Corporation of Florida (a)		8,415		130,264
Stonegate Bank		72		2,247
Suffolk Bancorp		34,156		1,020,923
SunTrust Banks, Inc.		968		40,191
TCF Financial Corporation (b)		39,513		608,105
TowneBank		238		5,107
Trico Bancshares		346		9,121
Union Bankshares Corporation		51,626		1,293,231
United Community Financial Corporation		17,910		98,147
WesBanco, Inc.		496		16,194
Wilshire Bancorp, Inc.		1,819		19,445
Yadkin Financial Corporation		17,707		417,000
				16,979,020

9

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares			Value
Financials - 11.9% (Continued)
Capital Markets - 1.4%
Affiliated Managers Group, Inc. (a)		448		$	80,756
Alcentra Capital Corporation		790			9,433
American Capital Senior Floating, Ltd.		1,380			15,139
Artisan Partners Asset Management, Inc. - Class A		3,202			122,476
Bank of New York Mellon Corporation (The)		2,103			87,590
BlackRock Kelso Capital Corporation (b)		7,169			66,528
Calamos Asset Management, Inc. - Class A		1,842			17,296
CorEnergy Infrastructure Trust, Inc.		70,761			361,589
E*TRADE Financial Corporation (a)		2,648			75,494
Evercore Partners, Inc. - Class A		34,651			1,871,154
FBR & Company		494			9,771
Fifth Street Finance Corporation		25,985			148,894
Full Circle Capital Corporation		7,795			24,398
GAMCO Investors, Inc. - Class A		3,416			197,035
Goldman Sachs BDC, Inc.		72			1,441
Golub Capital BDC, Inc.		5,446			89,151
Hercules Technology Growth Capital, Inc.		6,892			76,915
HFF, Inc. - Class A		31,459			1,085,965
Houlihan Lokey, Inc. (a)		1,549			33,939
INTL FCStone, Inc. (a)		594			19,002
Invesco Ltd.		2,332			77,352
Investment Technology Group, Inc.		9,712			155,489
Janus Capital Group, Inc.		3,136			48,702
Moelis & Company - Class A (b)		4,967			146,427
Monroe Capital Corporation		3,325	��		49,210
Morgan Stanley		493			16,254
New Mountain Finance Corporation		1,670			23,263
Newtek Business Services Corporation		2,206			36,598
Northern Trust Corporation		652			45,894
NorthStar Asset Management Group, Inc.		87,955			1,286,782
OM Asset Management plc		154,701			2,348,361
PennantPark Floating Rate Capital Ltd.		6,189			74,701
Piper Jaffray Companies, Inc. (a)		26,406			939,261
SEI Investments Company		384			19,899
Solar Capital Ltd.		3,283			56,829
State Street Corporation		241			16,629
Stifel Financial Corporation (a)		12,705			564,483
TCP Capital Corporation		2,070			30,119
THL Credit, Inc.		2,993			34,300
TICC Capital Corporation		26,728			170,792
Virtus Investment Partners, Inc.		690			80,758
Westwood Holdings Group, Inc.		3,481			202,246
WhiteHorse Finance, Inc.		1,485			17,360
WisdomTree Investments, Inc.		19,277			370,697
					11,206,372
Consumer Finance - 0.2%
Ally Financial, Inc. (a)		1,482			29,521
Capital One Financial Corporation		877			69,195
Discover Financial Services		557			31,315
First Cash Financial Services, Inc. (a)		757			28,880
Regional Management Corporation (a)		104,422			1,703,123

10

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 11.9% (Continued)
Consumer Finance - 0.2% (Continued)
SLM Corporation (a)		2,701	$	19,069
Springleaf Holdings, Inc. (a)		1,844		86,502
				1,967,605
Diversified Financial Services - 0.3%
Consumer Portfolio Services, Inc. (a)		63,659		345,032
Gain Capital Holdings, Inc.		6,146		45,788
Intercontinental Exchange, Inc.		73		18,425
PHH Corporation (a)		142,046		2,088,076
TPG Specialty Lending, Inc.		3,354		57,018
Voya Financial, Inc.		2,102		85,278
				2,639,617
Insurance - 1.3%
Alleghany Corporation (a)		150		74,441
Allied World Assurance Company Holdings A.G.		493		17,925
American Equity Investment Life Holding Company		15,886		407,952
American Financial Group, Inc.		826		59,629
American National Insurance Company		1,171		120,941
AMERISAFE, Inc.		8,362		457,652
Aon plc		342		31,912
Argo Group International Holdings Ltd.		2,018		126,165
Arthur J. Gallagher & Company		2,171		94,938
Aspen Insurance Holdings Ltd.		1,867		90,755
Atlas Financial Holdings, Inc. (a)		5,779		109,917
Cincinnati Financial Corporation		567		34,150
eHealth, Inc. (a)		47,114		563,012
EMC Insurance Group, Inc.		4,819		120,475
Employers Holdings, Inc.		4,826		127,744
Endurance Specialty Holdings Ltd.		849		53,597
FBL Financial Group, Inc. - Class A		5,406		340,037
Federated National Holding Company		5,241		161,344
Fidelity & Guaranty Life		3,955		105,599
FNF Group		1,088		38,385
Greenlight Capital Re Ltd. - Class A (a)		139		3,052
Hanover Insurance Group, Inc. (The)		487		41,030
Heritage Insurance Holdings, Inc. (a)		56,342		1,246,285
Infinity Property & Casualty Corporation		1,849		148,881
James River Group Holdings Ltd.		40,457		1,190,650
Kansas City Life Insurance Company		418		20,495
Kemper Corporation		754		26,933
Lincoln National Corporation		1,438		76,947
Maiden Holdings Ltd.		113,034		1,757,679
National General Holdings Corporation		6,080		119,837
Old Republic International Corporation		822		14,829
Patriot National, Inc. (a)		15,619		198,361
ProAssurance Corporation		2,383		126,204
Selective Insurance Group, Inc.		29,008		1,058,502
Stewart Information Services Corporation		3,716		149,272
Symetra Financial Corporation		1,006		31,920
Third Point Reinsurance Ltd. (a)		7,664		104,767
United Fire Group, Inc.		10,103		375,731
WMIH Corporation (a)		10,731		25,111

11

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 11.9% (Continued)
Insurance - 1.3% (Continued)
Xl Group plc		1,505	$	57,310
				9,910,366
Real Estate Investment Trusts (REIT) - 4.9%
Agree Realty Corporation		22,197		718,739
Alexander's, Inc.		268		105,830
Alexandria Real Estate Equities, Inc.		6,716		602,694
American Assets Trust, Inc.		515		21,712
Bluerock Residential Growth REIT, Inc.		105,187		1,232,792
Boston Properties, Inc.		1,564		196,829
Brandywine Realty Trust		76,699		1,035,436
Brixmor Property Group, Inc.		16,131		413,276
Camden Property Trust		2,504		184,770
Campus Crest Communities, Inc.		153,231		1,015,922
CareTrust REIT, Inc.		67,648		765,775
CBL & Associates Properties, Inc.		81,786		1,192,440
Cedar Realty Trust, Inc.		11,475		80,210
Chambers Street Properties		106,135		751,436
CoreSite Realty Corporation		952		52,312
Corporate Office Properties Trust		28,371		652,533
Cousins Properties, Inc.		79,185		795,017
CyrusOne, Inc.		8,664		305,666
DCT Industrial Trust, Inc.		16,419		609,473
DDR Corporation		16,266		273,269
DuPont Fabros Technology, Inc.		6,924		222,191
EastGroup Properties, Inc.		9,214		517,458
Empire State Realty Trust, Inc. - Class A		74,058		1,319,714
EPR Properties		3,656		207,697
Equity Commonwealth (a)		2,412		69,248
Essex Property Trust, Inc.		676		149,017
First Industrial Realty Trust, Inc.		2,472		53,593
First Potomac Realty Trust		82,878		977,132
Gaming and Leisure Properties, Inc.		35,300		1,029,701
Geo Group, Inc. (The)		26,475		854,348
Getty Realty Corporation		24,036		405,728
Global Net Lease, Inc.		40,833		374,847
Highwoods Properties, Inc.		1,582		68,738
Hudson Pacific Properties, Inc.		41,709		1,191,626
Inland Real Estate Corporation		146,337		1,295,082
Iron Mountain, Inc.		21,173		648,741
Kilroy Realty Corporation		9,016		593,613
Kite Realty Group Trust		4,421		116,759
Lamar Advertising Company - Class A		13,051		736,468
Lexington Realty Trust		51,646		456,551
Mack-Cali Realty Corporation		14,868		323,528
Medical Properties Trust, Inc.		50,367		569,147
Mid-America Apartment Communities, Inc.		1,824		155,387
Monmouth Real Estate Investment Corporation		4,338		45,159
National Health Investors, Inc.		6,686		392,736
New Senior Investment Group, Inc.		111,463		1,116,859
Omega Healthcare Investors, Inc.		2,819		97,312
One Liberty Properties, Inc.		11,743		276,665

12

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 11.9% (Continued)
Real Estate Investment Trusts (REIT) - 4.9% (Continued)
Outfront Media, Inc.		41,497	$	979,744
Piedmont Office Realty Trust, Inc. - Class A		54,111		1,048,671
Prologis, Inc.		1,338		57,173
Ramco-Gershenson Properties Trust		55,963		940,178
Retail Properties of America, Inc. - Class A		54,671		818,425
Rouse Properties, Inc.		28,679		504,464
Sabra Health Care REIT, Inc.		50,413		1,143,367
Select Income REIT		60,934		1,230,867
Senior Housing Properties Trust		73,620		1,118,288
Silver Bay Realty Trust Corporation		27,236		441,223
Spirit Realty Capital, Inc.		56,001		570,090
UMH Properties, Inc.		105,313		1,041,546
Urstadt Biddle Properties, Inc. - Class A		61,428		1,234,703
Ventas, Inc.		8,077		433,896
VEREIT, Inc.		104,791		865,574
Whitestone REIT		37,910		468,568
WP GLIMCHER, Inc.		28,289		328,718
				38,496,671
Thrifts & Mortgage Finance - 1.6%
Anchor Bancorp Wisconsin, Inc. (a)		9,985		409,585
Bank Mutual Corporation		91,275		660,831
Beneficial Bancorp, Inc. (a)		182,077		2,525,408
Brookline Bancorp, Inc.		105,280		1,194,928
Dime Community Bancshares, Inc.		112,057		1,944,189
Essent Group Ltd. (a)		77,391		1,865,123
EverBank Financial Corporation		26,608		459,254
First Defiance Financial Corporation		1,972		75,528
Home Bancorp, Inc.		1,585		40,227
Hudson City Bancorp, Inc.		7,043		71,275
LendingTree, Inc. (a)		3,972		482,042
Madison County Finanical, Inc.		203		4,080
Meta Financial Group, Inc.		3,718		160,171
Nationstar Mortgage Holdings, Inc. (a)		18,460		244,964
NMI Holdings, Inc. - Class A (a)		27,790		208,981
OceanFirst Financial Corporation		5,112		94,368
Ocwen Financial Corporation (a)		40,912		285,975
Oritani Financial Corporation		2,722		43,334
PennyMac Financial Services, Inc. - Class A (a)		9,033		149,406
Provident Financial Services, Inc.		8,054		163,657
River Valley Bancorp		490		16,180
Territorial Bancorp, Inc.		2,713		75,638
TFS Financial Corporation		3		53
Walker & Dunlop, Inc. (a)		17,226		499,726
Washington Federal, Inc.		11,175		278,705
Waterstone Financial, Inc.		21,571		287,326
				12,240,954
Health Care - 18.7%
Biotechnology - 6.8%
Acceleron Pharma, Inc. (a)		81,432		2,541,493
Acorda Therapeutics, Inc. (a)		55		1,982
Aduro Biotech, Inc. (a)		731		19,744

13

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Health Care - 18.7% (Continued)
Biotechnology - 6.8% (Continued)
Aegerion Pharmaceuticals, Inc. (a)		215,579	$	3,164,700
Affimed Therapeutics B.V. (a)		10,710		67,901
Aimmune Therapeutics, Inc. (a)		2,755		41,463
Alexion Pharmaceuticals, Inc. (a)		823		144,848
Alkermes plc (a)		462		33,227
Amgen, Inc.		1,216		192,347
Anacor Pharmaceuticals, Inc. (a)		11		1,236
Applied Genetic Technologies Corporation (a)		50,929		611,148
Arbutus Biopharma Corporation (a)		2,516		13,838
Ardelyx, Inc. (a)		5,633		92,268
ArQule, Inc. (a)		4,611		10,421
Atyr Pharma, Inc. (a)		4,513		56,232
Avalanche Biotechnologies, Inc. (a)		5,896		49,703
Axovant Sciences Ltd. (a)		264		3,218
Baxalta, Inc.		454		15,645
Bellicum Pharmaceuticals, Inc. (a)		112,963		1,413,167
Biogen Idec, Inc. (a)		301		87,443
BioSpecifics Technologies Corporation (a)		64,879		3,789,582
Blueprint Medicines Corporation (a)		1,033		20,753
Cara Therapeutics, Inc. (a)		32,676		463,019
Celator Pharmaceuticals, Inc. (a)		34,143		60,774
Celgene Corporation (a)		134		16,443
Chiasma, Inc. (a)		789		17,942
Cidara Therapeutics, Inc. (a)		237		3,228
Coherus Biosciences, Inc. (a)		49,523		1,379,216
Conatus Pharmaceuticals, Inc. (a)		2,078		8,229
Concert Pharmaceuticals, Inc. (a) (b)		164,039		3,725,326
Cytokinetics, Inc. (a)		13,183		113,506
Dynavax Technologies Corporation (a)		905		20,553
Emergent BioSolutions, Inc. (a)		104,486		3,359,225
Enzymotec Ltd. (a)		6,309		58,737
EPIRUS Biopharmaceuticals, Inc. (a)		4,982		26,654
Exelixis, Inc. (a)		18,514		111,454
FibroGen, Inc. (a)		121,990		2,843,587
Five Prime Therapeutics, Inc. (a)		2,090		67,193
Flexion Therapeutics, Inc. (a)		1,581		26,055
Gilead Sciences, Inc.		1,701		183,929
Global Blood Therapeutics, Inc. (a)		481		22,429
Harvard Apparatus Regenerative Technology, Inc. (a)		1		0
Immune Design Corporation (a)		5,007		65,091
Insmed, Inc. (a)		29,467		584,625
Insys Therapeutics, Inc. (a)		21,792		561,362
Invitae Corporation (a)		51,037		388,902
Lexicon Pharmaceuticals, Inc. (a)		36,173		344,005
Ligand Pharmaceuticals, Inc. (a)		5,950		537,582
Loxo Oncology, Inc. (a)		1,212		28,337
MacroCure Ltd. (a)		2,422		3,439
MacroGenics, Inc. (a) (b)		76,980		2,391,769
MEI Pharma, Inc. (a)		41,185		73,721
Merrimack Pharmaceuticals, Inc. (a)		56,336		526,178
MiMedx Group, Inc. (a)		193,118		1,405,899

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Health Care - 18.7% (Continued)
Biotechnology - 6.8% (Continued)
Mirati Therapeutics, Inc. (a)		1,379	$	48,789
Momenta Pharmaceuticals, Inc. (a)		121,190		1,988,728
Myriad Genetics, Inc. (a)		11,802		476,447
Natera, Inc. (a)		1,504		12,408
NewLink Genetics Corporation (a)		9,368		358,513
Nivalis Therapeutics, Inc. (a)		6,146		49,291
Novavax, Inc. (a)		133,063		898,175
OncoGenex Pharmaceuticals, Inc. (a)		81,013		167,697
OncoMed Pharmaceuticals, Inc. (a)		1,381		27,634
Oncothyreon, Inc. (a)		122,533		362,698
Ophthotech Corporation (a)		516		25,764
Osiris Therapeutics, Inc.		102,838		1,751,331
Otonomy, Inc. (a)		23,728		513,474
PDL BioPharma, Inc.		14,948		68,462
Peregrine Pharmaceuticals, Inc. (a)		29,011		32,492
Pfenex, Inc. (a)		414		7,485
Portola Pharmaceuticals, Inc. (a)		7,401		352,362
Progenics Pharmaceuticals, Inc. (a)		285,043		2,092,216
Pronai Therapeutics, Inc. (a)		1,202		20,626
QLT, Inc. (a)		10,537		29,293
Raptor Pharmaceutical Corporation (a)		80,288		437,570
Repligen Corporation (a)		15,221		505,946
Retrophin, Inc. (a) (b)		14,671		280,656
Rigel Pharmaceuticals, Inc. (a) (b)		606,774		1,541,206
Sage Therapeutics, Inc. (a)		12,356		620,642
SciClone Pharmaceuticals, Inc. (a)		337,315		2,570,340
Sinovac Biotech Ltd. (a)		2,153		11,153
Sorrento Therapeutics, Inc. (a)		22,194		191,756
Spectrum Pharmaceuticals, Inc. (a)		383,599		1,998,551
Stemline Therapeutics, Inc. (a)		16,467		146,392
Sunesis Pharmaceuticals, Inc. (a)		68,637		60,401
Synta Pharmaceuticals Corporation (a)		33,773		22,628
T2 Biosystems, Inc. (a)		19,406		215,795
Threshold Pharmaceuticals, Inc. (a) (b)		20,762		79,103
TRACON Pharmaceuticals, Inc. (a)		9,290		97,545
Trillium Therapeutics, Inc. (a)		1,466		22,342
uniQure B.V. (a)		1,757		31,152
United Therapeutics Corporation (a)		727		106,600
Vanda Pharmaceuticals, Inc. (a)		249,527		2,679,920
Verastem, Inc. (a)		77,160		141,974
Xencor, Inc. (a)		63,116		683,546
				53,519,871
Health Care Equipment & Supplies - 3.8%
Abbott Laboratories		682		30,554
Aethlon Medical, Inc. (a)		10,092		77,103
Analogic Corporation		4,256		372,911
Atrion Corporation		5,572		2,056,068
Axogen, Inc. (a)		11,057		51,415
Baxter International, Inc.		4,638		173,415
Becton, Dickinson and Company		450		64,134
C.R. Bard, Inc.		361		67,272

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Health Care - 18.7% (Continued)
Health Care Equipment & Supplies - 3.8% (Continued)
Cantel Medical Corporation		24,563	$	1,456,095
CONMED Corporation (b)		63,009		2,555,645
Cutera, Inc. (a)		17,320		235,032
Cynosure, Inc. - Class A (a)		69,546		2,617,711
DENTSPLY International, Inc.		1,820		110,747
Digirad Corporation		7,156		42,364
Entellus Medical, Inc. (a)		2,892		49,135
Exactech, Inc. (a)		113,882		1,939,410
FONAR Corporation (a)		5,521		96,341
Glaukos Corporation (a)		77		1,543
Greatbatch, Inc. (a) (b)		39,272		2,099,088
Halyard Health, Inc. (a)		1,079		32,025
ICU Medical, Inc. (a)		1,126		123,826
Integra LifeSciences Holdings Corporation (a)		32,889		1,959,198
Intuitive Surgical, Inc. (a)		68		33,769
Invacare Corporation		74,516		1,287,636
Invuity, Inc. (a)		2,062		27,693
K2M Group Holdings, Inc. (a)		599		10,932
LeMaitre Vascular, Inc.		27,323		363,942
Masimo Corporation (a)		2,727		108,207
Merit Medical Systems, Inc. (a)		59,932		1,111,139
Natus Medical, Inc. (a)		13,013		592,482
Nevro Corporation (a)		494		20,140
NxStage Medical, Inc. (a)		48,305		807,177
OraSure Technologies, Inc. (a)		485,218		2,523,134
Orthofix International N.V. (a)		103,592		3,527,308
Oxford Immunotec Global plc (a)		566		7,098
RTI Surgical, Inc. (a)		537,952		2,262,088
St. Jude Medical, Inc.		529		33,755
Vascular Solutions, Inc. (a)		25,403		815,944
Wright Medical Group N.V. (a)		1,647		31,837
				29,775,313
Health Care Providers & Services - 2.6%
Aceto Corporation		7,115		214,588
Addus HomeCare Corporation (a)		40,548		1,012,889
Alliance HealthCare Services, Inc. (a)		4,591		38,840
Almost Family, Inc. (a)		9,359		387,275
Amedisys, Inc. (a)		12,808		506,941
AmerisourceBergen Corporation		1,234		119,093
AMN Healthcare Services, Inc. (a) (b)		17,593		499,113
AmSurg Corporation (a)		194		13,598
Anthem, Inc.		151		21,012
BioTelemetry, Inc. (a)		25,616		333,520
Capital Senior Living Corporation (a)		2,270		51,347
Cardinal Health, Inc.		1,325		108,915
Chemed Corporation		3,114		489,801
China Cord Blood Corporation (a)		14,822		94,416
Civitas Solutions, Inc. (a)		56,070		1,442,681
CorVel Corporation (a)		23,660		785,512
Cross Country Healthcare, Inc. (a)		6,134		82,809
Ensign Group, Inc. (The)		1,319		55,609

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Health Care - 18.7% (Continued)
Health Care Providers & Services - 2.6% (Continued)
Five Star Quality Care, Inc. (a)		276,793	$	905,113
Genesis Healthcare, Inc. (a)		233,507		1,158,195
Health Net, Inc. (a)		162		10,410
Healthways, Inc. (a)		103,646		1,219,913
HMS Holdings Corporation (a)		45,228		476,251
Kindred Healthcare, Inc.		2,165		29,011
LHC Group, Inc. (a)		11,846		533,840
LifePoint Hospitals, Inc. (a)		554		38,160
Magellan Health, Inc. (a)		39,679		2,118,859
McKesson Corporation		816		145,901
PharMerica Corporation (a)		1,774		50,683
Premier, Inc. - Class A (a)		84,974		2,872,971
Providence Service Corporation (The) (a)		2,822		145,756
RadNet, Inc. (a)		1,637		10,821
Select Medical Holdings Corporation		145,418		1,643,223
Surgical Care Affiliates, Inc. (a)		95,210		2,819,168
U.S. Physical Therapy, Inc.		6,274		307,803
				20,744,037
Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. (a) (b)		258,025		3,627,832
Evolent Health, Inc. - Class A (a)		3,382		43,459
HealthStream, Inc. (a)		8,168		194,480
IMS Health Holdings, Inc. (a)		4,683		127,471
MedAssets, Inc. (a) (b)		124,118		2,939,114
Omnicell, Inc. (a)		5,742		156,183
Quality Systems, Inc.		3,888		54,626
Simulations Plus, Inc.		6,823		55,880
Vocera Communications, Inc. (a)		193,696		2,279,802
				9,478,847
Life Sciences Tools & Services - 1.2%
Affymetrix, Inc. (a)		178,521		1,642,393
Agilent Technologies, Inc.		2,398		90,548
Albany Molecular Research, Inc. (a)		34,347		619,620
Bruker Corporation (a)		544		9,993
Cambrex Corporation (a)		15,846		728,441
Charles River Laboratories International, Inc. (a)		2,606		170,015
Compugen Ltd. (a)		11,497		71,166
Enzo Biochem, Inc. (a)		169,801		631,660
INC Research Holdings, Inc. - Class A (a) (b)		72,166		3,010,044
Luminex Corporation (a)		17,323		315,279
NeoGenomics, Inc. (a) (b)		22,918		161,572
PRA Health Sciences, Inc. (a)		41,583		1,457,068
Thermo Fisher Scientific, Inc.		529		69,183
VWR Corporation (a)		1,658		45,612
				9,022,594
Pharmaceuticals - 3.1%
AbbVie, Inc.		2,737		162,988
Aerie Pharmaceuticals, Inc. (a)		46,155		1,052,796
Akorn, Inc. (a)		1,327		35,484
Amphastar Pharmaceuticals, Inc. (a)		296,570		3,511,389
Collegium Pharmaceutical, Inc. (a)		3,696		67,896

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Health Care - 18.7% (Continued)
Pharmaceuticals - 3.1% (Continued)
Corcept Therapeutics, Inc. (a)		104,970	$	387,339
Corium International, Inc. (a)		17,558		121,853
CymaBay Therapeutics, Inc. (a)		4,955		7,680
DepoMed, Inc. (a)		127,446		2,230,305
Dermira, Inc. (a)		7,717		208,282
DURECT Corporation (a)		17,674		36,055
Flex Pharma, Inc. (a)		1,657		18,774
Foamix Pharmaceuticals Ltd. (a)		539		3,843
Heska Corporation (a) (b)		67,760		2,084,298
Impax Laboratories, Inc. (a)		26,004		900,518
Imprimis Pharmaceuticals, Inc. (a)		3,401		26,392
Intersect ENT, Inc. (a)		8,040		154,046
Intra-Cellular Therapies, Inc. (a)		1,838		87,948
Juniper Pharmaceuticuals, Inc. (a)		87,986		1,064,631
KemPharm, Inc. (a)		7,845		128,266
Lannett Company, Inc. (a)		56,692		2,538,101
Mallinckrodt plc (a)		1,126		73,944
Merck & Company, Inc.		1,017		55,589
Neuroderm Ltd. (a)		3,543		65,510
Pain Therapeutics, Inc. (a)		12,609		23,327
Paratek Pharmaceuticals, Inc.		2,551		44,285
Perrigo Company plc		320		50,477
Pfizer, Inc.		1,291		43,662
Phibro Animal Health Corporation - Class A		115,903		3,866,524
POZEN, Inc. (a)		17,223		100,755
Prestige Brands Holdings, Inc. (a)		71,525		3,505,440
Repros Therapeutics, Inc. (a)		20,049		34,284
Revance Therapeutics, Inc. (a)		3,021		118,333
Sagent Pharmaceuticals, Inc. (a)		3,914		65,794
Sucampo Pharmaceuticals, Inc. - Class A (a) (b)		40,062		775,600
Supernus Pharmaceuticals, Inc. (a)		16,733		276,094
Zogenix, Inc. (a)		1,090		12,851
Zynerba Pharmaceuticals, Inc. (a)		650		8,183
				23,949,536
Industrials - 15.1%
Aerospace & Defense - 0.8%
B/E Aerospace, Inc.		3,073		144,277
BWX Technologies, Inc.		20,268		573,585
Ducommun, Inc. (a)		3,712		80,328
Esterline Technologies Corporation (a)		22,826		1,758,743
HEICO Corporation		484		24,413
Honeywell International, Inc.		301		31,087
Huntington Ingalls Industries, Inc.		740		88,756
Kratos Defense & Security Solutions, Inc. (a)		23,739		118,458
Moog, Inc. - Class A (a)		1,757		108,512
Raytheon Company		401		47,077
Spirit AeroSystems Holdings, Inc. - Class A (a)		1,791		94,457
Textron, Inc.		2,478		104,497
Vectrus, Inc. (a) (b)		133,001		3,307,735
				6,481,925

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Air Freight & Logistics - 0.8%
Air Transport Services Group, Inc. (a)		173,566	$	1,699,211
Echo Global Logistics, Inc. (a)		85,605		2,036,543
FedEx Corporation		424		66,165
Forward Air Corporation		11,740		532,526
Hub Group, Inc. - Class A (a)		52,639		2,104,507
Park-Ohio Holdings Corporation		2,511		86,630
Radiant Logistics, Inc. (a)		1,105		4,387
				6,529,969
Airlines - 0.6%
Delta Air Lines, Inc.		1,939		98,579
Hawaiian Holdings, Inc. (a)		14,603		506,724
Republic Airways Holdings, Inc. (a)		183,700		1,058,112
SkyWest, Inc. (b)		154,058		2,933,264
United Continental Holdings, Inc. (a)		2,785		167,964
				4,764,643
Building Products - 1.8%
American Woodmark Corporation (a)		533		38,749
Apogee Enterprises, Inc.		21,762		1,077,872
Armstrong World Industries, Inc. (a)		38,178		1,894,392
Continental Building Products, Inc. (a)		2,554		44,874
Gibraltar Industries, Inc. (a)		111,918		2,833,764
Griffon Corporation		25,584		439,533
Insteel Industries, Inc.		1,499		32,064
Masco Corporation		2,039		59,131
Masonite International Corporation (a)		46,342		2,774,496
NCI Building Systems, Inc. (a)		154,397		1,614,993
Nortek, Inc. (a)		65		3,988
Owens Corning, Inc.		801		36,469
Patrick Industries, Inc. (a)		48,212		1,956,443
Ply Gem Holdings, Inc. (a)		24,676		291,670
Quanex Building Products Corporation		2,106		39,740
TopBuild Corporation (a)		4,755		133,758
Universal Forest Products, Inc.		13,033		946,587
USG Corporation (a)		862		20,317
				14,238,840
Commercial Services & Supplies - 1.6%
ABM Industries, Inc.		54,326		1,542,859
ARC Document Solutions, Inc. (a)		10,165		63,226
Atento S.A. (a)		2,514		25,894
Brink's Company (The) (b)		73,984		2,292,024
Casella Waste Systems, Inc. - Class A (a)		33,934		205,979
Ennis, Inc. (b)		16,735		335,202
Essendant, Inc.		38,547		1,332,570
Heritage-Crystal Clean, Inc. (a)		2,873		34,246
Herman Miller, Inc.		4,094		129,903
Interface, Inc.		5,037		98,473
KAR Auction Services, Inc.		1,478		56,755
Kimball International, Inc. - Class B		1,154		12,602
Knoll, Inc.		1,537		35,720
R.R. Donnelley & Sons Company		2,640		44,537
Republic Services, Inc.		1,297		56,731

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Commercial Services & Supplies - 1.6% (Continued)
Ritchie Bros. Auctioneers, Inc.		732	$	19,010
SP Plus Corporation (a)		24,054		613,377
Steelcase, Inc. - Class A (b)		139,754		2,712,625
Tetra Tech, Inc.		87,643		2,357,597
TRC Companies, Inc. (a)		1,693		17,489
US Ecology, Inc.		70		2,745
Viad Corporation		22,767		685,514
Waste Connections, Inc.		1,473		80,249
Waste Management, Inc.		1,557		83,704
				12,839,031
Construction & Engineering - 1.5%
AECOM (a)		3,929		115,788
Aegion Corporation (a)		188,309		3,632,481
Argan, Inc.		152		5,616
Comfort Systems USA, Inc.		781		24,937
EMCOR Group, Inc.		19,680		950,151
Jacobs Engineering Group, Inc. (a)		363		14,571
KBR, Inc.		106,044		1,955,451
MasTec, Inc. (a) (b)		171,773		2,880,633
MYR Group, Inc. (a)		7,506		168,885
Northwest Pipe Company (a)		117,477		1,551,871
Willdan Group, Inc. (a)		4,243		47,140
				11,347,524
Electrical Equipment - 1.8%
Allied Motion Technologies, Inc.		16,184		312,189
AZZ, Inc.		543		30,044
Babcock & Wilcox Enterprises, Inc. (a)		8,318		141,240
Belden, Inc. (b)		41,119		2,632,850
Encore Wire Corporation		12,931		553,059
Franklin Electric Company, Inc.		226		7,449
General Cable Corporation (b)		226,280		3,482,449
Hubbell, Inc. - Class B		845		81,838
LSI Industries, Inc. (b)		116,226		1,248,267
Powell Industries, Inc. (b)		34,699		1,156,171
PowerSecure International, Inc. (a)		137,075		1,707,954
Regal-Beloit Corporation		38,357		2,446,793
Sunrun, Inc. (a)		5,133		38,036
Vicor Corporation (a)		6,221		60,095
				13,898,434
Industrial Conglomerates - 0.0% (c)
Carlisle Companies, Inc.		421		36,627
Machinery - 3.0%
Accuride Corporation (a)		74,499		210,087
Actuant Corporation - Class A		491		11,195
AGCO Corporation		1,488		72,004
Albany International Corporation - Class A		53,166		1,997,447
Allison Transmission Holdings, Inc.		2,237		64,202
Astec Industries, Inc.		15,694		510,055
Barnes Group, Inc.		23,228		873,141
Blount International, Inc. (a)		4,391		26,653

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Machinery - 3.0% (Continued)
Briggs & Stratton Corporation		95,772	$	1,701,868
Chart Industries, Inc. (a)		37		636
China Yuchai International Ltd.		1,580		20,524
CIRCOR International, Inc.		266		12,215
CNH Industrial N.V.		55		373
Columbus McKinnon Corporation		3,447		64,424
Commercial Vehicle Group, Inc. (a)		15,074		62,708
Crane Company		4,232		222,773
EnPro Industries, Inc.		8,466		415,765
ESCO Technologies, Inc.		342		12,685
Federal Signal Corporation		3,917		58,990
Global Brass & Copper Holdings, Inc.		110,265		2,479,860
Graham Corporation		1,086		18,429
Hurco Companies, Inc.		3,420		91,895
Hyster-Yale Materials Handling, Inc.		413		24,169
Ingersoll-Rand plc		2,036		120,653
John Bean Technologies Corporation		30,309		1,359,662
Kadant, Inc.		34,050		1,400,136
Kennametal, Inc.		24,278		682,697
Meritor, Inc. (a)		244,643		2,659,269
Milacron Holdings Corporation (a)		3,166		54,044
Miller Industries, Inc.		2,112		47,900
Mueller Water Products, Inc. - Class A		6,869		60,447
NACCO Industries, Inc. - Class A		10,659		477,843
Navistar International Corporation (a)		27,905		343,232
Rexnord Corporation (a)		5,694		105,225
Snap-on, Inc.		353		58,559
SPX Corporation		257,710		3,156,948
SPX FLOW, Inc. (a)		183		6,204
Standex International Corporation		3,344		300,024
Stanley Black & Decker, Inc.		714		75,670
Tennant Company		6,331		366,692
Terex Corporation		5,019		100,681
Timken Company (The)		17,128		541,245
Titan International, Inc.		329,512		2,339,535
Wabash National Corporation (a)		9,701		116,121
WABCO Holdings, Inc. (a)		332		37,260
Xerium Technologies, Inc. (a)		3,134		42,309
				23,404,454
Marine - 0.4%
Costamare, Inc.		1,148		16,152
Genco Shipping & Trading Ltd. (a)		2,031		4,875
Matson, Inc. (b)		60,142		2,756,308
Navios Maritime Holdings, Inc.		74,147		156,450
Scorpio Bulkers, Inc. (a)		17,367		24,314
				2,958,099
Professional Services - 0.5%
Advisory Board Company (The) (a)		6,670		292,346
Barrett Business Services, Inc.		38,054		1,863,885
CDI Corporation		31,694		253,552
CRA International, Inc. (a)		5,343		125,026

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Professional Services - 0.5% (Continued)
Exponent, Inc.		358	$	18,405
GP Strategies Corporation (a)		3,642		91,378
Heidrick & Struggles International, Inc.		3,887		103,239
ICF International, Inc. (a)		1,019		31,253
Insperity, Inc.		38		1,765
Kforce, Inc.		5,879		165,259
ManpowerGroup, Inc.		379		34,785
Navigant Consulting, Inc. (a)		25,873		445,015
Resources Connection, Inc. (b)		25,759		462,374
Robert Half International, Inc.		1,177		61,981
RPX Corporation (a)		173		2,463
Towers Watson & Company - Class A		927		114,540
TriNet Group, Inc. (a)		445		8,446
				4,075,712
Road & Rail - 1.4%
ArcBest Corporation (b)		135,367		3,506,005
Covenant Transportation Group, Inc. - Class A (a)		72,346		1,396,278
CSX Corporation		1,942		52,415
J.B. Hunt Transport Services, Inc.		517		39,483
Landstar System, Inc.		279		17,588
Norfolk Southern Corporation		482		38,574
PAM Transportation Services, Inc. (a)		2,535		90,525
Ryder System, Inc.		1,034		74,221
Swift Transportation Company (a)		42,387		662,509
USA Truck, Inc. (a)		7,642		138,932
YRC Worldwide, Inc. (a) (b)		256,320		4,680,403
				10,696,933
Trading Companies & Distributors - 0.9%
Air Lease Corporation		1,169		39,407
DXP Enterprises, Inc. (a)		5,186		156,928
Fortress Transportation and Infrastructure Investors LLC		1,400		18,060
GATX Corporation		8,926		416,844
H&E Equipment Services, Inc.		59,831		1,155,337
HD Supply Holdings, Inc. (a)		3,954		117,790
Lawson Products, Inc. (a)		340		8,843
MRC Global, Inc. (a) (b)		325,660		3,875,354
Rush Enterprises, Inc. - Class A (a)		65,593		1,599,157
United Rentals, Inc. (a)		223		16,694
				7,404,414
Transportation Infrastructure - 0.0% (c)
Wesco Aircraft Holdings, Inc. (a)		1,212		15,101
Information Technology - 17.4%
Communications Equipment - 1.9%
ARRIS Group, Inc. (a)		767		21,675
Bel Fuse, Inc. - Class B		95,316		1,718,548
Brocade Communications Systems, Inc.		3,495		36,418
Calix, Inc. (a)		8,155		57,004
Comtech Telecommunications Corporation		2,387		57,670
Digi International, Inc. (a)		75,812		977,975

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 17.4% (Continued)
Communications Equipment - 1.9% (Continued)
EchoStar Corporation - Class A (a)		13,279	$	595,298
EMCORE Corporation (a)		21,513		147,149
Extreme Networks, Inc. (a) (b)		42,095		151,121
Finisar Corporation (a)		152,533		1,734,300
Harmonic, Inc. (a)		5,404		31,127
Harris Corporation		1,641		129,852
Infinera Corporation (a)		52,013		1,027,777
InterDigital, Inc.		14,928		757,447
Ixia (a) (b)		12,125		174,721
Juniper Networks, Inc.		779		24,453
Lumentum Holdings, Inc. (a)		11,060		158,600
Mitel Networks Corporation (a)		951		7,446
Napco Security Systems, Inc. (a)		7,716		52,006
NETGEAR, Inc. (a)		53,992		2,235,269
Oclaro, Inc. (a)		137,451		402,731
Plantronics, Inc.		37,048		1,986,514
ShoreTel, Inc. (a) (b)		187,361		1,768,688
Sonus Networks, Inc. (a)		5,917		39,111
TESSCO Technologies, Inc.		4,681		102,233
ViaSat, Inc. (a)		2,642		174,266
Viavi Solutions, Inc. (a)		11,826		70,365
				14,639,764
Electronic Equipment, Instruments & Components - 3.6%
Agilysys, Inc. (a)		2,291		26,049
Anixter International, Inc. (a)		10,407		713,712
Arrow Electronics, Inc. (a)		2,199		120,923
Avnet, Inc.		1,943		88,270
Benchmark Electronics, Inc. (a)		78,406		1,550,871
Celestica, Inc. (a)		1,471		16,505
Coherent, Inc. (a)		2,625		142,275
CTS Corporation		22,405		407,323
Electro Rent Corporation		5,581		57,931
Fabrinet (a)		84,195		1,824,506
FLIR Systems, Inc.		876		23,363
Hollysys Automation Technologies Ltd.		5,270		112,725
II-VI, Inc. (a)		97,747		1,771,176
Ingram Micro, Inc. - Class A		6,190		184,338
Insight Enterprises, Inc. (a) (b)		129,479		3,288,767
Jabil Circuit, Inc.		2,293		52,693
KEMET Corporation (a)		22,286		61,955
Keysight Technologies, Inc. (a)		1,573		52,035
Kimball Electronics, Inc. (a)		67,592		769,873
Littelfuse, Inc.		1,140		113,920
LRAD Corporation (a)		4,810		7,696
Mercury Systems, Inc. (a)		82,124		1,409,248
Mesa Laboratories, Inc.		226		25,278
Methode Electronics, Inc.		5,094		169,783
MTS Systems Corporation		7,045		465,181
Newport Corporation (a)		131,918		1,993,281
Orbotech Ltd. (a) (b)		5,970		98,803
OSI Systems, Inc. (a)		15,719		1,354,663

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 17.4% (Continued)
Electronic Equipment, Instruments & Components - 3.6% (Continued)
PC Connection, Inc.		112,599	$	2,616,801
Plexus Corporation (a) (b)		3,990		138,134
Richardson Electronics Ltd.		3,912		23,472
Rofin-Sinar Technologies, Inc. (a)		58,884		1,705,281
ScanSource, Inc. (a)		55,309		1,908,714
SYNNEX Corporation		5,471		483,855
Tech Data Corporation (a)		53,484		3,893,100
Vishay Intertechnology, Inc.		40,539		429,713
				28,102,213
Internet Software & Services - 3.7%
Akamai Technologies, Inc. (a)		796		48,413
Alphabet, Inc. - Class A (a)		125		92,174
Alphabet, Inc. - Class C (a)		32		22,746
AppFolio, Inc. - Class A (a)		2,502		43,810
Autobytel, Inc. (a)		9,571		178,212
Bankrate, Inc. (a)		2,582		30,648
Blucora, Inc. (a)		110,737		1,085,223
Carbonite, Inc. (a)		7,351		74,392
comScore, Inc. (a)		59,825		2,559,314
Constant Contact, Inc. (a) (b)		1,444		37,688
Cvent, Inc. (a)		6,104		192,947
DHI Group, Inc. (a) (b)		47,037		425,685
EarthLink Holdings Corporation (b)		366,463		3,133,259
eBay, Inc. (a)		3,284		91,624
Endurance International Group Holdings, Inc. (a)		20,036		267,080
Everyday Health, Inc. (a)		263,587		2,477,718
GoDaddy, Inc. - Class A (a)		547		15,032
GTT Communications, Inc. (a)		151		2,827
IAC/InterActiveCorp		2,160		144,742
IntraLinks Holdings, Inc. (a)		334,488		2,926,770
Liquidity Services, Inc. (a) (b)		289,292		2,369,301
LivePerson, Inc. (a)		52,027		405,811
MeetMe, Inc. (a)		12,276		31,549
Monster Worldwide, Inc. (a)		31,226		195,787
NIC, Inc.		2,922		55,430
Perficient, Inc. (a)		6,809		113,846
QuinStreet, Inc. (a)		168,529		935,336
Rackspace Hosting, Inc. (a)		1,190		30,762
Reis, Inc.		19,171		466,622
SciQuest, Inc. (a)		37,998		450,656
SPS Commerce, Inc. (a)		21,001		1,508,292
Support.com, Inc. (a)		15,916		18,463
TechTarget, Inc. (a)		6,862		64,022
Travelzoo, Inc. (a)		135,626		1,212,496
Web.com Group, Inc. (a)		169,152		3,969,997
Wix.com Ltd. (a)		9,929		219,629
Xactly Corporation (a)		5,703		53,038
XO Group, Inc. (a) (b)		128,715		1,947,458
Yandex N.V. - Class A (a)		2,313		37,239
Zix Corporation (a)		269,297		1,394,958
				29,330,996

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 17.4% (Continued)
IT Services - 1.6%
Alliance Data Systems Corporation (a)		115	$	34,191
Amdocs Ltd.		1,018		60,642
Black Knight Financial Services, Inc. - Class A (a)		17,338		624,688
Blackhawk Network Holdings, Inc. (a)		2,847		121,225
Broadridge Financial Solutions, Inc.		2,207		131,493
Computer Sciences Corporation		1,550		103,215
CoreLogic, Inc. (a)		12,858		501,205
Everi Holdings, Inc. (a)		72,817		340,784
EVERTEC, Inc.		9,316		169,924
ExlService Holdings, Inc. (a)		3,942		174,473
Forrester Research, Inc.		3,520		113,590
Global Payments, Inc.		614		83,756
Hackett Group, Inc. (The)		14,188		211,117
Heartland Payment Systems, Inc.		7,740		572,760
Leidos Holdings, Inc.		2,510		131,951
Lionbridge Technologies, Inc. (a)		230,719		1,243,575
Luxoft Holding, Inc. (a)		7,070		471,145
Mantech International Corporation - Class A		15,851		458,094
ModusLink Global Solutions, Inc. (a)		3,379		9,765
NCI, Inc. - Class A		12,571		195,353
NeuStar, Inc. - Class A (a)		2,987		81,217
PFSweb, Inc. (a)		121,213		1,941,832
Planet Payment, Inc. (a)		29,123		87,369
PRGX Global, Inc. (a)		5,388		20,205
ServiceSource International, Inc. (a)		10,900		46,543
Sykes Enterprises, Inc. (a)		38,440		1,114,760
TeleTech Holdings, Inc.		91,014		2,648,507
Vantiv, Inc. - Class A (a)		1,084		54,363
VeriFone Systems, Inc. (a)		3,188		96,086
Virtusa Corporation (a)		1,907		109,519
WidePoint Corporation (a)		43,626		38,391
Xerox Corporation		11,976		112,455
				12,104,193
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Energy Industries, Inc. (a)		83,665		2,366,046
Amkor Technology, Inc. (a)		14,103		87,721
Analog Devices, Inc.		1,385		83,266
Applied Materials, Inc.		6,442		108,032
Axcelis Technologies, Inc. (a)		695,279		1,946,781
Broadcom Corporation - Class A		1,436		73,810
Brooks Automation, Inc.		13,354		147,428
Cabot Microelectronics Corporation (a) (b)		10,892		459,316
Cascade Microtech, Inc. (a)		2,083		31,912
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		4,633		82,143
Entegris, Inc. (a)		14,192		182,083
Exar Corporation (a)		60,912		346,589
EZchip Semiconductor Ltd. (a)		2,257		55,093
First Solar, Inc. (a)		2,064		117,792
FormFactor, Inc. (a)		109,440		901,786
Freescale Semiconductor Ltd. (a)		359		12,023
GigOptix, Inc. (a)		28,842		71,528

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 17.4% (Continued)
Semiconductors & Semiconductor Equipment - 2.7% (Continued)
Inphi Corporation (a)		16,824	$	500,850
Integrated Device Technology, Inc. (a)		19,729		503,089
IXYS Corporation (b)		137,626		1,714,820
KLA-Tencor Corporation		1,099		73,765
Kulicke & Soffa Industries, Inc. (a) (b)		7,678		81,387
Lam Research Corporation		742		56,830
MagnaChip Semiconductor Corporation (a)		124		656
Marvell Technology Group Ltd.		2,366		19,425
Maxim Integrated Products, Inc.		1,340		54,913
MaxLinear, Inc. - Class A (a)		45,087		586,131
Nanometrics, Inc. (a)		9,996		152,739
NeoPhotonics Corporation (a)		154,210		1,275,317
OmniVision Technologies, Inc. (a)		43,272		1,249,263
ON Semiconductor Corporation (a)		10,195		112,145
PDF Solutions, Inc. (a)		32,050		338,448
Pericom Semiconductor Corporation		323		5,636
Photronics, Inc. (a) (b)		296,241		2,840,951
Pixelworks, Inc. (a)		3,214		10,606
Power Integrations, Inc.		550		27,836
QuickLogic Corporation (a)		11,061		15,264
Rudolph Technologies, Inc. (a)		112,569		1,439,758
Semtech Corporation (a)		3,051		53,393
Sigma Designs, Inc. (a)		19,995		176,156
SolarEdge Technologies, Inc. (a)		68		1,257
SunEdison Semiconductor Ltd. (a)		2,842		30,552
Teradyne, Inc.		9,754		190,398
Texas Instruments, Inc.		66		3,744
Tower Semiconductor Ltd. (a)		4,246		56,727
Ultra Clean Holdings, Inc. (a)		322,466		1,573,634
Ultratech, Inc. (a)		319		4,986
Xcerra Corporation (a) (b)		86,310		598,991
Xilinx, Inc.		1,163		55,382
				20,878,398
Software - 3.4%
A10 Networks, Inc. (a)		54,957		394,591
Adobe Systems, Inc. (a)		372		32,982
Allot Communications Ltd. (a)		529		2,941
Attunity Ltd. (a)		5,559		69,738
AVG Technologies N.V. (a)		692		16,400
Barracuda Networks, Inc. (a)		11,759		225,538
BSQUARE Corporation (a)		9,956		108,321
CA, Inc.		1,796		49,767
Callidus Software, Inc. (a)		3,067		53,274
Citrix Systems, Inc. (a)		1,373		112,723
Descartes Systems Group, Inc. (The) (a)		355		6,209
Ebix, Inc.		12,487		346,264
Ellie Mae, Inc. (a)		6,349		463,350
EPIQ Systems, Inc.		172,867		2,385,565
ePlus, Inc. (a) (b)		35,839		3,025,528
Evolving Systems, Inc.		3,932		22,530
Fair Isaac Corporation		9,119		842,322

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 17.4% (Continued)
Software - 3.4% (Continued)
Gigamon, Inc. (a)		28,008	$	734,650
Monotype Imaging Holdings, Inc.		7,520		205,597
Net 1 UEPS Technologies, Inc. (a)		4,730		80,552
Nuance Communications, Inc. (a)		9,391		159,365
Oracle Corporation		1,659		64,436
Pegasystems, Inc. (b)		4,524		126,174
Progress Software Corporation (a)		73,892		1,794,098
Proofpoint, Inc. (a)		24,709		1,740,502
PTC, Inc. (a)		2,988		105,895
QAD, Inc. - Class A		35,192		898,804
Qualys, Inc. (a) (b)		74,498		2,631,269
Rapid7, Inc. (a)		419		8,615
RealPage, Inc. (a)		59,147		999,584
Red Hat, Inc. (a)		856		67,718
Rovi Corporation (a)		128,551		1,176,242
Rubicon Project, Inc. (The) (a)		2,649		40,159
Sapiens International Corporation N.V.		1,223		14,444
Silver Spring Networks, Inc. (a)		91,184		1,195,422
Symantec Corporation		7,585		156,251
Synopsys, Inc. (a)		2,769		138,395
Take-Two Interactive Software, Inc. (a)		14,299		474,727
Tangoe, Inc. (a) (b)		212,737		1,761,462
TeleCommunication Systems, Inc. - Class A (a)		346,244		1,416,138
TiVo, Inc. (a)		75,711		687,456
Verint Systems, Inc. (a)		40,244		1,914,809
Xura, Inc. (a)		383		9,912
Yodlee, Inc. (a)		12,022		201,729
Zynga, Inc. - Class A (a)		185		438
				26,962,886
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.		662		79,109
Cray, Inc. (a)		5,666		167,884
Diebold, Inc.		14,835		546,967
Eastman Kodak Company (a)		73,266		917,290
Hewlett-Packard Company		3,024		81,527
Intevac, Inc. (a)		3,462		16,964
Lexmark International, Inc. - Class A		36,501		1,185,918
NCR Corporation (a)		6,643		176,704
QLogic Corporation (a)		78,253		970,337
TransAct Technologies, Inc.		1,606		15,369
USA Technologies, Inc. (a)		21,005		59,654
Western Digital Corporation		454		30,336
				4,248,059
Materials - 4.8%
Chemicals - 2.2%
AgroFresh Solutions, Inc.		435		3,075
Airgas, Inc.		943		90,679
Axiall Corporation		6		122
Cabot Corporation		3,795		136,392
Chemtura Corporation (a)		21,894		699,294
Eastman Chemical Company		2,125		153,361

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Materials - 4.8% (Continued)
Chemicals - 2.2% (Continued)
Ferro Corporation (a)		13,572	$	169,514
FutureFuel Corporation		59,617		918,698
Innophos Holdings, Inc.		4,327		183,854
KMG Chemicals, Inc.		6,937		145,955
Koppers Holdings, Inc.		194,604		3,689,692
Kraton Performance Polymers, Inc. (a) (b)		94,053		1,917,741
Kronos Worldwide, Inc.		419		3,310
Landec Corporation (a)		60,910		749,193
LSB Industries, Inc. (a)		31,123		487,075
LyondellBasell Industries N.V. - Class A		223		20,719
Minerals Technologies, Inc.		18,315		1,079,486
Monsanto Company		654		60,966
Mosaic Company (The)		1,815		61,329
OMNOVA Solutions, Inc. (a)		116,955		839,737
Orion Engineered Carbons S.A.		6,109		79,784
PPG Industries, Inc.		809		84,346
Quaker Chemical Corporation		10,691		848,652
Rayonier Advanced Materials, Inc.		12,253		112,973
Rentech, Inc. (a)		295,563		1,729,044
Scotts Miracle-Gro Company (The) - Class A		2,038		134,834
Sigma-Aldrich Corporation		227		31,716
Stepan Company (b)		47,008		2,488,133
Tredegar Corporation		1,329		18,952
W.R. Grace & Company (a)		248		24,874
				16,963,500
Construction Materials - 0.0% (c)
CaesarStone Sdot-Yam Ltd.		2,096		74,429
Headwaters, Inc. (a)		12,378		254,368
Summit Materials, Inc. - Class A (a)		2,193		46,184
				374,981
Containers & Packaging - 0.4%
AEP Industries, Inc. (a) (b)		32,891		2,631,280
AptarGroup, Inc.		212		15,595
Bemis Company, Inc.		1,903		87,119
Crown Holdings, Inc. (a)		1,605		85,129
Graphic Packaging Holding Company		5,222		73,944
Owens-Illinois, Inc. (a)		4,486		96,673
Silgan Holdings, Inc.		454		23,095
				3,012,835
Metals & Mining - 1.7%
AK Steel Holding Corporation (a)		4,430		12,803
Alamos Gold, Inc. - Class A		1,536		5,898
Alcoa, Inc.		2,265		20,226
Allegheny Technologies, Inc.		711		10,452
AuRico Metals, Inc. (a)		7,127		4,306
Barrick Gold Corporation		595		4,576
Coeur Mining, Inc. (a)		108,000		291,600
Commercial Metals Company		246,552		3,542,952
Dominion Diamond Corporation		7,465		78,830
Endeavour Silver Corporation (a)		43,725		72,146
First Majestic Silver Corporation (a)		3,186		10,546

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Materials - 4.8% (Continued)
Metals & Mining - 1.7% (Continued)
Fortuna Silver Mines, Inc. (a)		34,473	$	89,975
Globe Specialty Metals, Inc.		254,413		3,210,692
Goldcorp, Inc.		1,698		21,768
Handy & Harman Ltd. (a)		5,134		121,932
Haynes International, Inc.		72,926		2,876,931
Kaiser Aluminum Corporation		5,492		446,445
Kinross Gold Corporation (a)		18,031		36,242
Materion Corporation		22,731		685,340
Nevsun Resources Ltd.		5,900		17,700
New Gold, Inc. (a)		14,473		35,459
Newmont Mining Corporation		963		18,740
Nucor Corporation		3,535		149,530
Olympic Steel, Inc. (b)		11,906		113,940
Pan American Silver Corporation		6,194		46,889
Pretium Resources, Inc. (a)		976		5,846
Primero Mining Corporation (a)		5,658		12,957
Reliance Steel & Aluminum Company		2,806		168,248
Richmont Mines, Inc. (a)		4,471		13,502
Royal Gold, Inc.		2,101		100,512
Ryerson Holding Corporation (a)		36,936		216,076
Sandstorm Gold Ltd. (a)		25,479		67,519
Schnitzer Steel Industries, Inc. - Class A		27,281		459,958
Seabridge Gold, Inc. (a)		4,733		38,669
Silver Standard Resources, Inc. (a)		201		1,387
Steel Dynamics, Inc.		5,701		105,297
Worthington Industries, Inc.		16,113		494,669
				13,610,558
Paper & Forest Products - 0.5%
Boise Cascade Company (a)		6,750		202,027
Clearwater Paper Corporation (a)		335		16,894
Mercer International, Inc.		8,893		96,044
Neenah Paper, Inc.		755		50,895
P.H. Glatfelter Company		38,242		741,895
Resolute Forest Products, Inc. (a)		2,526		18,869
Schweitzer-Mauduit International, Inc. (b)		66,063		2,564,566
				3,691,190
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.1%
8x8, Inc. (a)		7,328		78,116
AT&T, Inc.		582		19,503
Atlantic Tele-Network, Inc.		30,273		2,313,463
Cincinnati Bell, Inc. (a)		222,044		837,106
Fairpoint Communications, Inc. (a)		5,543		88,910
General Communication, Inc. - Class A (a)		128,447		2,615,823
Inteliquent, Inc.		10,329		214,017
Iridium Communications, Inc. (a)		10,340		84,891
Level 3 Communications, Inc. (a)		3,208		163,448
magicJack VocalTec Ltd. (a)		65,831		757,715
Vonage Holdings Corporation (a)		284,107		1,724,529
				8,897,521

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Telecommunication Services - 1.6% (Continued)
Wireless Telecommunication Services - 0.5%
Boingo Wireless, Inc. (a)		7,181	$	55,509
SBA Communications Corporation - Class A (a)		795		94,621
Shenandoah Telecommunications Company		1,539		72,010
Spok Holdings, Inc.		18,372		331,247
Telephone and Data Systems, Inc. (b)		108,564		3,109,273
				3,662,660
Utilities - 1.1%
Electric Utilities - 0.3%
American Electric Power Company, Inc.		896		50,759
Empire District Electric Company (The)		1,280		28,864
Entergy Corporation		775		52,824
Exelon Corporation		2,526		70,526
FirstEnergy Corporation		4,900		152,880
MGE Energy, Inc.		63		2,600
Nextera Energy, Inc.		383		39,319
Otter Tail Corporation		6,683		183,382
PNM Resources, Inc. (b)		52,543		1,477,509
UIL Holdings Corporation		371		18,917
Unitil Corporation		4,256		150,960
				2,228,540
Gas Utilities - 0.2%
Chesapeake Utilities Corporation		1,053		54,977
One Gas, Inc.		5,389		263,199
South Jersey Industries, Inc.		28,993		768,604
Southwest Gas Corporation		2,070		127,222
UGI Corporation		3,392		124,385
				1,338,387
Independent Power and Renewable Electricity Producers - 0.3%
AES Corporation (The)		6,834		74,832
Atlantic Power Corporation		778,486		1,588,112
Calpine Corporation (a)		3,542		54,936
Dynegy, Inc. (a)		17,292		335,984
NRG Energy, Inc.		5,945		76,631
Talen Energy Corporation (a)		3,647		31,656
TerraForm Global, Inc. - Class A (a)		2,207		16,839
				2,178,990
Multi-Utilities - 0.2%
Alliant Energy Corporation		1,368		80,739
Black Hills Corporation		37,190		1,702,558
CenterPoint Energy, Inc.		8,347		154,837
Just Energy Group, Inc.		1,368		10,055
MDU Resources Group, Inc.		938		17,691
PG&E Corporation		1,491		79,619
TECO Energy, Inc.		2,780		75,060
				2,120,559
Water Utilities - 0.1%
Artesian Resources Corporation - Class A		5,943		144,772
California Water Service Group		19,679		440,022
Connecticut Water Service, Inc.		715		26,319
Consolidated Water Company Ltd.		1,152		12,753

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Utilities - 1.1% (Continued)
Water Utilities - 0.1% (Continued)
Middlesex Water Company		1,077	$	27,754
				651,620
Total Common Stocks (Cost $738,595,397)			$	757,641,837
INVESTMENT COMPANIES - 1.0%	Shares		Value
Aberdeen Australia Equity Fund, Inc.		2,316	$	12,900
Adams Express Company (The)		5,027		68,920
Adams Natural Resources Fund, Inc.		3,840		78,989
Advent/Claymore Convertible Securities & Income Fund		4,251		60,067
Advent/Claymore Enhanced Growth & Income Fund		1,123		9,939
Advent/Claymore Global Convertible Securities & Income Fund		8,939		51,667
AllianceBernstein Global High Income Fund, Inc.		2,885		33,177
AllianceBernstein National Municipal Income Fund, Inc.		1,392		18,862
AllianzGI Equity & Convertible Income Fund		1,815		33,868
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		1,993		25,530
Alpine Global Dynamic Dividend Fund		5,129		46,520
Alpine Global Premier Properties Fund		775		4,759
Alpine Total Dynamic Dividend Fund		7,657		61,333
Apollo Senior Floating Rate Fund, Inc.		1,484		23,047
Apollo Tactical Income Fund, Inc.		1,060		15,582
Ares Dynamic Credit Allocation Fund		2,842		40,811
Avenue Income Credit Strategies Fund		592		7,749
Babson Capital Global Short Duration High Yield Fund		391		6,886
BlackRock Build America Bond Trust		962		19,702
BlackRock California Municipal Income Trust		70		1,090
BlackRock Corporate High Yield Fund VI, Inc.		1,908		19,824
BlackRock Credit Allocation Income Trust IV		1,287		16,126
BlackRock Debt Strategies Fund, Inc.		13,646		47,215
BlackRock Energy and Resources Trust		21		327
BlackRock Enhanced Equity Dividend Trust		5,426		41,509
BlackRock Global Opportunities Equity Trust		1,041		13,481
BlackRock Income Trust, Inc.		2,475		15,840
BlackRock International Growth & Income Trust		71		458
BlackRock Investment Quality Municipal Trust		110		1,673
BlackRock Long-Term Municipal Advantage Trust		4,044		45,091
BlackRock Multi-Sector Income Trust		1,140		18,593
BlackRock Muni Intermediate Duration Fund, Inc.		4,216		59,066
BlackRock Municipal 2018 Term Trust		1,414		22,044
BlackRock Municipal 2020 Term Trust		957		15,149
BlackRock Municipal Income Quality Trust		1,034		14,548
BlackRock Municipal Income Trust II		250		3,723
BlackRock Municipal Target Term Trust		1,588		33,157
BlackRock MuniHoldings California Quality Fund, Inc.		789		11,677
BlackRock MuniHoldings Investment Quality Fund		1,054		15,325
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		168		2,342
BlackRock MuniHoldings New York Insured Fund, Inc.		44		620
BlackRock MuniHoldings Quality Fund II, Inc.		4,157		55,496
BlackRock MuniHoldings Quality Fund, Inc.		1,182		15,614
BlackRock MuniYield California Fund, Inc.		2,555		40,752

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 1.0% (Continued)		Shares		Value
BlackRock MuniYield California Quality Fund, Inc.			2,333	$	35,462
BlackRock MuniYield Michigan Quality Fund, Inc.			4,405		59,688
BlackRock MuniYield New York Quality Fund, Inc.			3,451		45,726
BlackRock MuniYield Pennsylvania Quality Fund			2,068		28,725
BlackRock MuniYield Quality Fund III, Inc.			573		8,182
BlackRock Resources & Commodities Strategy Trust			11,061		84,285
BlackRock Science & Technology Trust			1,268		21,721
BlackRock Utility and Infrastructure Trust			405		6,998
Blackstone/GSO Long-Short Credit Income Fund			4,896		69,229
Blackstone/GSO Strategic Credit Fund	��		2,383		34,649
Boulder Growth & Income Fund, Inc. (a)			9,415		74,378
Brookfield Global Listed Infrastructure Income Fund, Inc.			4,767		67,215
Brookfield High Income Fund			1,499		11,213
Brookfield Mortgage Opportunity Income Fund, Inc.			1,996		29,681
Calamos Convertible Opportunities and Income Fund			95		989
Calamos Global Dynamic Income Fund			503		3,863
Calamos Global Total Return Fund			284		3,397
Calamos Strategic Total Return Fund			100		1,020
CBRE Clarion Global Real Estate Income Fund			6,666		53,195
Center Coast MLP & Infrastructure Fund			2,115		27,855
Central Fund of Canada, Ltd.- Class A			5,529		61,593
China Fund, Inc. (The)			1,259		22,020
ClearBridge American Energy MLP Fund, Inc.			1,446		16,933
Clough Global Allocation Fund			2,220		30,236
Clough Global Equity Fund			2,991		38,704
Clough Global Opportunities Fund			1,486		16,718
Cohen & Steers Closed-End Opportunity Fund, Inc.			3,128		36,066
Cohen & Steers Global Income Builder, Inc.			1,602		16,116
Cohen & Steers Infrastructure Fund, Inc.			4,391		87,513
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.			760		17,366
Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.			4,817		62,043
Cohen & Steers Quality Income Realty Fund, Inc.			5,455		64,642
Cohen & Steers REIT and Preferred Income Fund, Inc.			3,738		67,359
Cohen & Steers Select Preferred and Income Fund, Inc.			31		747
Cohen & Steers Total Return Realty Fund, Inc.			1,861		23,411
Columbia Seligman Premium Technology Growth, Inc.			18		314
Credit Suisse Asset Management Income Fund, Inc.			2,671		7,826
Cutwater Select Income Fund			1		9
Delaware Enhanced Global Dividend and Income Fund			1,326		13,326
Deutsche High Income Opportunities Fund, Inc.			3,327		45,380
Deutsche Multi-Market Income Trust			5,448		41,405
Diversified Real Asset Income Fund (The)			1,862		30,835
Dividend and Income Fund			4,564		53,490
DoubleLine Income Solutions Fund			2,086		36,839
Dreyfus Municipal Bond Infrastructure Fund, Inc.			2,752		33,519
Dreyfus Strategic Municipal Bond Fund			3,262		26,161
Dreyfus Strategic Municipals, Inc.			3,606		30,002
Duff & Phelps Global Utility Income Fund, Inc.			2,760		44,795
Duff & Phelps Select Energy MLP Fund, Inc.			197		1,700
Eaton Vance California Municipal Bond Fund			250		3,010
Eaton Vance Enhanced Equity Income Fund			1,192		15,150

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 1.0% (Continued)	Shares		Value
Eaton Vance Floating-Rate Income Trust		2,222	$	29,286
Eaton Vance Michigan Municipal Bond Fund		405		5,512
Eaton Vance Municipal Bond Fund		1,329		17,011
Eaton Vance Municipal Bond Fund II		1,061		13,379
Eaton Vance Municipal Income Term Trust		3,297		58,159
Eaton Vance National Municipal Opportunities Trust		57		1,211
Eaton Vance New York Municipal Bond Fund		1,725		21,994
Eaton Vance Risk-Managed Diversified Equity Income Fund		2,782		28,237
Eaton Vance Senior Floating-Rate Trust		3,084		39,969
Eaton Vance Senior Income Trust		70		424
Eaton Vance Tax-Advantaged Dividend Income Fund		555		11,067
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		68		1,529
Eaton Vance Tax-Managed Diversified Equity Income Fund		966		10,925
First Trust Dividend and Income Fund		926		7,723
First Trust Energy Infrastructure Fund		60		1,092
First Trust Enhanced Equity Income Fund		1,726		23,405
First Trust High Income Long/Short Fund		772		11,549
First Trust Intermediate Duration Preferred & Income Fund		731		16,045
First Trust MLP and Energy Income Fund		1,616		27,246
First Trust Strategic High Income Fund II		1,468		17,924
First Trust/Aberdeen Emerging Opportunity Fund		1,256		17,509
First Trust/Aberdeen Global Opportunity Fund		250		2,583
First Trust/Four Corners Senior Floating Rate Income Fund II		1,916		23,988
Franklin Limited Duration Income Trust		131		1,471
Franklin Universal Trust		3,082		18,708
Gabelli Dividend & Income Trust		3,321		64,826
Gabelli Equity Trust, Inc. (The)		2,855		16,273
Gabelli Healthcare & WellnessRx Trust (The)		4,658		47,558
Gabelli Multimedia Trust, Inc. (The)		2,753		22,877
GAMCO Global Gold, Natural Resources & Income Trust		79		447
GAMCO Natural Resources, Gold & Income Trust		9,597		59,597
GDL Fund (The)		2,356		23,843
General American Investors Company, Inc.		1,740		58,864
Guggenheim Enhanced Equity Strategy Fund		2,188		35,555
Guggenheim Equal Weight Enhanced Equity Income Fund		56		954
India Fund, Inc.		1,071		26,432
Invesco Advantage Municipal Income Trust II		6,713		77,065
Invesco Dynamic Credit Opportunities Fund		3,036		33,092
Invesco Municipal Income Opportunities Trust		2,011		13,976
Invesco Municipal Opportunity Trust		56		721
Invesco Municipal Trust		4,218		53,189
Invesco Quality Municipal Income Trust		5,006		61,424
Invesco Senior Income Trust		9,629		39,864
Invesco Value Municipal Income Trust		1		14
Invesco Van Kampen Pennsylvania Value Municipal Income Trust		3,519		43,917
Invesco Van Kampen Trust for Investment Grade Municipals		1,196		15,739
Ivy High Income Opportunity Fund		1,395		19,544
Japan Smaller Capitalization Fund, Inc.		1,739		18,259
John Hancock Hedged Equity & Income Fund		2,841		42,700
John Hancock Preferred Income Fund		29		577
John Hancock Preferred Income Fund III		1,087		18,664

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 1.0% (Continued)	Shares		Value
John Hancock Premium Dividend Fund		956	$	13,078
John Hancock Tax-Advantaged Global Shareholder Yield Fund		1,979		18,820
Kayne Anderson Energy Total Return Fund, Inc.		1,615		24,500
Kayne Anderson Midstream/Energy Fund, Inc.		2,775		58,441
KKR Income Opportunities Fund		1,903		28,202
Korea Fund, Inc. (a)		785		30,340
Lazard Global Total Return & Income Fund, Inc.		3,043		41,750
Lazard World Dividend & Income Fund, Inc.		2,069		20,566
Legg Mason BW Global Income Opportunities Fund, Inc.		1,490		18,714
Liberty All-Star Equity Fund		8,267		44,394
Liberty All-Star Growth Fund, Inc.		118		571
LMP Capital and Income Fund, Inc.		3,499		45,382
LMP Corporate Loan Fund, Inc.		4,355		44,247
Macquarie Global Infrastructure Total Return Fund, Inc.		2,486		52,778
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		1,316		17,266
Madison Covered Call & Equity Strategy Fund		224		1,725
Madison Strategic Sector Premium Fund		2,905		32,071
MainStay DefinedTerm Municipal Opportunities Fund		2,118		38,039
Mexico Fund, Inc. (The)		1,487		27,257
MFS High Income Municipal Trust		492		2,406
MFS High Yield Municipal Trust		300		1,341
MFS Intermediate Income Trust		384		1,751
MFS Multimarket Income Trust		2,149		12,765
MFS Municipal Income Trust		2,948		19,250
Morgan Stanley Asia-Pacific Fund, Inc. (a)		839		11,679
Morgan Stanley China A Share Fund, Inc.		2,960		74,326
Morgan Stanley Emerging Markets Debt Fund, Inc.		4,770		41,690
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		2,049		15,449
Morgan Stanley India Investment Fund, Inc. (a)		1,302		34,594
Neuberger Berman High Yield Strategies Fund, Inc.		4,390		46,929
Neuberger Berman Intermediate Municipal Fund, Inc.		303		4,706
Neuberger Berman MLP Income Fund, Inc.		1,851		24,304
Nuveen All Cap Energy MLP Opportunities Fund		537		5,553
Nuveen AMT-Free Municipal Income Fund		2,347		31,121
Nuveen Build America Bond Opportunity Fund		3,143		62,263
Nuveen Build America Bond Term Fund		2,287		45,786
Nuveen California AMT-Free Municipal Income Fund		41		618
Nuveen California Dividend Advantage Municipal Fund		758		11,582
Nuveen California Dividend Advantage Municipal Fund 2		2,434		36,997
Nuveen California Dividend Advantage Municipal Fund 3		1,176		16,170
Nuveen Credit Strategies Income Fund		8,809		71,001
Nuveen Diversified Dividend and Income Fund		2,099		23,614
Nuveen Dividend Advantage Municipal Fund		3,597		50,538
Nuveen Dividend Advantage Municipal Fund 2		4,437		61,142
Nuveen Dividend Advantage Municipal Fund 3		4,466		61,854
Nuveen Dividend Advantage Municipal Income Fund		3,704		52,004
Nuveen Dow 30sm Dynamic Overwrite Fund		2,693		38,348
Nuveen Energy MLP Total Return Fund		428		5,996
Nuveen Flexible Investment Fund		1,268		19,603
Nuveen Floating Rate Income Fund		3,182		32,138
Nuveen Floating Rate Income Opportunity Fund		3,024		30,331
Nuveen Global Equity Income Fund		2,718		30,007

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 1.0% (Continued)	Shares		Value
Nuveen Global High Income Fund		3,288	$	49,813
Nuveen Intermediate Duration Quality Municipal Term Fund		3,181		40,176
Nuveen Investment Quality Municipal Fund, Inc.		1,065		16,284
Nuveen Long/Short Commodity Total Return Fund		23		363
Nuveen Maryland Premium Income Municipal Fund		6,419		80,558
Nuveen Michigan Quality Income Municipal Fund, Inc.		6,597		88,598
Nuveen Mortgage Opportunity Term Fund		1,003		22,648
Nuveen Municipal Advantage Fund		4,307		58,188
Nuveen Municipal Market Opportunity Fund		4,731		63,348
Nuveen Municipal Opportunity Fund, Inc.		2,772		39,473
Nuveen Municipal Value Fund 2		4		69
Nuveen New Jersey Dividend Advantage Municipal Fund		4,237		55,928
Nuveen New York AMT-Free Municipal Income Fund		3,917		50,098
Nuveen New York Dividend Advantage Municipal Fund		153		2,121
Nuveen North Carolina Premium Income Municipal Fund		987		12,782
Nuveen Ohio Quality Income Municipal Fund		989		14,716
Nuveen Pennsylvania Investment Quality Municipal Fund		5,198		69,549
Nuveen Preferred Income Opportunities Fund		1,635		15,205
Nuveen Premier Municipal Income Fund, Inc.		3,951		52,272
Nuveen Premium Income Municipal Fund		3,513		48,058
Nuveen Premium Income Municipal Fund 2		3,173		44,012
Nuveen Premium Income Municipal Fund 4		3,404		45,273
Nuveen Quality Income Municipal Fund		3,663		50,659
Nuveen Quality Municipal Fund, Inc.		3,439		45,601
Nuveen Select Quality Municipal Fund		3,606		49,150
Nuveen Select Tax-Free Income Portfolio 2		31		418
Nuveen Senior Income Fund		4,288		25,385
Nuveen Short Duration Credit Opportunities Fund		2,089		31,815
Nuveen Tax-Advantaged Dividend Growth Fund		197		2,878
Nuveen Tax-Advantaged Total Return Strategy Fund		735		8,945
PIMCO Dynamic Credit Income Fund		2,018		37,858
Pioneer Floating Rate Trust		4,082		44,780
Prudential Global Short Duration High Yield Fund, Inc.		1,232		17,926
Prudential Short Duration High Yield Fund, Inc.		2,802		41,890
Putnam Managed Municipal Income Trust		6,334		46,238
Putnam Master Intermediate Income Trust		215		993
Putnam Municipal Opportunities Trust		4,534		55,133
Putnam Premier Income Trust		437		2,207
RMR Real Estate Income Fund		1,385		26,690
Royce Global Value Trust		3,137		23,622
Royce Micro-Cap Trust, Inc.		7,571		60,417
Royce Value Trust, Inc.		4,868		58,562
Salient Midstream & MLP Fund		4,001		58,735
Source Capital, Inc.		816		57,348
Sprott Focus Trust, Inc.		1,545		9,579
Swiss Helvetia Fund, Inc. (The)		652		7,185
Tekla Healthcare Opportunities Fund		790		13,833
Templeton Dragon Fund, Inc.		2,997		60,360
Templeton Emerging Markets Fund		1,399		16,662
Templeton Emerging Markets Income Fund		180		1,847
Templeton Global Income Fund		518		3,383
The Cushing Renaissance Fund		2,019		33,717
THL Credit Senior Loan Fund		922		14,282

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 1.0% (Continued)	Shares		Value
Tortoise Energy Independence Fund, Inc.		1,966	$	28,251
Tortoise Energy Infrastructure Corporation		1,389		42,573
Tortoise MLP Fund, Inc.		5,086		93,582
Tortoise Pipeline & Energy Fund, Inc.		1,564		31,233
Tri-Continental Corporation		3,188		65,864
Van Kampen High Income Trust II		1,199		16,522
Virtus Total Return Fund		8,988		35,862
Virtus-Newfleet Global Multi-Sector Income Fund		219		3,257
Voya Asia Pacific High Dividend Equity Income Fund		4,519		41,484
Voya Emerging Markets High Income Dividend Equity Fund		4,591		37,417
Voya Global Advantage and Premium Opportunity Fund		1,384		15,099
Voya Infastructure, Industrials and Materials Fund		3,887		49,637
Voya International High Dividend Equity Income Fund		1,808		12,294
Voya Natural Resources Equity Income Fund		10,238		63,680
Wells Fargo Advantage Global Dividend Opportunity Fund		3,075		19,465
Wells Fargo Advantage Income Opportunities Fund		1,360		10,717
Wells Fargo Advantage Multi-Sector Income Fund		933		11,215
Western Asset Emerging Markets Income Fund, Inc.		3,412		34,666
Western Asset Global Partners Income Fund, Inc.		923		7,836
Western Asset High Income Opportunity Fund, Inc.		6,043		29,369
Western Asset Managed High Income Fund, Inc.		3,009		14,263
Western Asset Worldwide Income Fund, Inc.		2,139		22,074
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		3,361		35,257
Western Asset/Claymore Inflation-Linked Securities & Income Fund		1,869		19,998
Zweig Fund, Inc. (The)		239		3,246
Zweig Total Return Fund, Inc. (The)		2,335		28,183
Total Investment Companies (Cost $8,000,317)			$	8,034,335

RIGHTS - 0.0%(c)	Shares		Value
Wright Medical Group, Inc.  (Cost $0)		79,097	$	77,515

WARRANTS - 0.0%(c)	Shares		Value
Imperial Holdings, Inc. (d) (Cost $0)		1,663	$	0

CORPORATE BONDS - 0.0% (c)	Par Value		Value
Financials - 0.0% (c)
GAMCO Investors, Inc., 0.00%, due 12/31/2015 (Cost $0)	$	3,100	$	3,098

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.0% (c)	Shares		Value
Federated Government Obligations Fund – Institutional Class, 0.01% (b) (e)		15,710	$	15,710
UMB Money Market Fiduciary, 0.01% (e)		179,274		179,274
Total Money Market Funds (Cost $194,984)			$	194,984
Total Investments at Value - 97.5% (Cost $746,790,698)			$	765,951,769
Other Assets in Excess of Liabilities (f) - 2.5%				19,114,105
Net Assets - 100.0%			$	785,065,874

ADR - American Depositary Receipt.

(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Percentage rounds to less than 0.1%.
(d)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees.  The total value of such securities is $0 at October 31, 2015, representing 0.0% of net assets (Note 2).
(e)	The rate shown is the 7-day effective yield as of October 31, 2015.
(f)	Includes cash held as margin deposits for open short positions and futures contracts.

See accompanying notes to financial statements.

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

October 31, 2015

COMMON STOCKS - 69.6%	Shares		Value
Consumer Discretionary - 10.3%
Auto Components - 0.7%
Ballard Power Systems, Inc.		100,194	$	151,293
BorgWarner, Inc.		1,150		49,243
Dorman Products, Inc.		43,875		2,048,085
Drew Industries, Inc.		1,776		106,258
Fox Factory Holding Corporation		83,546		1,482,942
Fuel Systems Solutions, Inc.		1,217		7,570
Gentex Corporation		8,344		136,758
Motorcar Parts of America, Inc.		26,758		900,674
Quantum Fuel Systems Technologies Worldwide, Inc.		10,403		11,443
Strattec Security Corporation		11,705		700,193
				5,594,459
Automobiles - 0.1%
Kandi Technologies Group, Inc.		69,327		652,367
Tesla Motors, Inc.		969		200,515
				852,882
Distributors - 0.0% (a)
Fenix Parts, Inc.		3,636		28,615
Genuine Parts Company		344		31,222
				59,837
Diversified Consumer Services - 0.8%
2U, Inc.		93,755		1,966,980
American Public Education, Inc.		1,309		28,444
Bridgepoint Education, Inc.		1,471		11,400
Carriage Services, Inc.		1,968		42,332
DeVry Education Group, Inc.		1,645		38,756
Grand Canyon Education, Inc.		5,816		241,713
H&R Block, Inc.		2,937		109,433
ITT Educational Services, Inc.		184,869		610,068
LifeLock, Inc.		68,310		957,023
Regis Corporation		17,206		284,243
Sotheby's		1,140		39,501
Strayer Education, Inc.		4,742		250,947
Weight Watchers International, Inc.		128,797		1,980,898
				6,561,738
Hotels, Restaurants & Leisure - 2.2%
Amaya, Inc.		2,858		63,791
BJ's Restaurants, Inc.		363		15,584
Bob Evans Farms, Inc.		553		23,928
Brinker International, Inc.		2,823		128,475
Buffalo Wild Wings, Inc.		54		8,331
Chipotle Mexican Grill, Inc.		162		103,717
Choice Hotels International, Inc.		5,690		297,644
Dave & Buster's Entertainment, Inc.		32,273		1,245,092
Del Taco Restaurants, Inc.		3,117		36,562
Diamond Resorts International, Inc.		12,139		345,233
DineEquity, Inc.		2,829		236,080
Domino's Pizza, Inc.		684		72,962
Dunkin' Brands Group, Inc.		2,733		113,174
El Pollo Loco Holdings, Inc.		14,583		167,413
Famous Dave's of America, Inc.		5,909		68,013

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Hotels, Restaurants & Leisure - 2.2% (Continued)
Good Times Restaurants, Inc.		102	$	605
Habit Restaurants, Inc. (The) - Class A		53,130		1,268,744
International Game Technology plc		958		15,539
Interval Leisure Group, Inc.		34,382		606,842
Jamba, Inc.		135,799		1,799,337
Kona Grill, Inc.		70,611		970,901
Las Vegas Sands Corporation		3,696		182,989
Marriott Vacations Worldwide Corporation		2,211		142,388
Morgans Hotel Group Company		3,050		10,949
Noodles & Company		131,147		1,937,041
Norwegian Cruise Line Holdings Ltd.		1,501		95,494
Potbelly Corporation		4,202		47,062
Red Robin Gourmet Burgers, Inc.		257		19,247
Ruby Tuesday, Inc.		191,525		1,001,676
Scientific Games Corporation - Class A		13,343		147,974
SeaWorld Entertainment, Inc.		1,871		37,289
Shake Shack, Inc. - Class A		63,401		2,889,184
Starbucks Corporation		1,997		124,952
Wingstop, Inc.		1,048		24,240
Wynn Resorts Ltd.		2,318		162,144
Zoe's Kitchen, Inc.		76,907		2,647,908
				17,058,504
Household Durables - 1.0%
Bassett Furniture Industries, Inc.		3,401		108,696
Century Communities, Inc.		3,762		71,779
CSS Industries, Inc.		1,857		50,696
Dixie Group, Inc. (The)		3,400		22,338
Ethan Allen Interiors, Inc.		7,300		198,633
Garmin Ltd.		3,340		118,470
GoPro, Inc. - Class A		6,874		171,850
Hooker Furniture Corporation		1,889		46,885
Hovnanian Enterprises, Inc. - Class A		219,438		452,042
iRobot Corporation		36,436		1,093,444
Lennar Corporation - Class A		1,999		100,090
MDC Holdings, Inc.		8,807		228,894
New Home Company, Inc. (The)		36,447		521,557
PulteGroup, Inc.		3,216		58,949
Skullcandy, Inc.		209,748		1,174,589
SodaStream International Ltd.		1,801		26,979
TRI Pointe Homes, Inc.		16,151		209,640
Tupperware Brands Corporation		982		57,810
Turtle Beach Corporation		409,057		961,284
Vuzix Corporation		5,041		25,558
William Lyon Homes - Class A		69,673		1,486,822
ZAGG, Inc.		39,822		337,690
				7,524,695
Internet & Catalog Retail - 0.5%
Blue Nile, Inc.		2,867		97,765
Etsy, Inc.		40,514		441,603
Groupon, Inc.		25,027		92,850
NutriSystem, Inc.		539		12,467

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Internet & Catalog Retail - 0.5% (Continued)
PetMed Express, Inc.		125,819	$	2,116,276
Shutterfly, Inc.		16,343		681,666
TripAdvisor, Inc.		687		57,557
				3,500,184
Leisure Products - 0.4%
Arctic Cat, Inc.		97,051		1,993,428
Hasbro, Inc.		1,240		95,269
JAKKS Pacific, Inc.		35,482		281,018
Mattel, Inc.		6,178		151,855
Performance Sports Group Ltd.		70,921		814,173
Smith & Wesson Holding Corporation		1,340		23,932
				3,359,675
Media - 1.4%
Charter Communications, Inc. - Class A		964		184,066
CTC Media, Inc.		12,531		21,177
Discovery Communications, Inc. - Series A		2,213		65,151
DreamWorks Animation SKG, Inc. - Class A		1,444		29,227
E.W. Scripps Company (The) - Class A		11,911		262,757
Eros International plc		123,617		1,380,802
IMAX Corporation		33,623		1,290,787
John Wiley & Sons, Inc. - Class A		4,112		215,181
Lions Gate Entertainment Corporation		3,224		125,639
Martha Stewart Living Omnimedia, Inc. - Class A		308		1,860
MDC Partners, Inc. - Class A		9,534		198,116
Media General, Inc.		144,042		2,140,464
Meredith Corporation		4		188
MSG Networks, Inc. - Class A		3,557		72,990
New Media Investment Group, Inc.		39,825		641,182
News Corporation - Class B		1,702		26,347
Nexstar Broadcasting Group, Inc. - Class A		637		33,907
Omnicom Group		737		55,216
Pandora Media, Inc.		39,560		455,336
Rentrak Corporation		37,482		2,068,257
Scholastic Corporation		27,275		1,114,729
Scripps Networks Interactive, Inc. - Class A		1,607		96,549
SFX Entertainment, Inc.		170,214		158,316
Sinclair Broadcast Group, Inc. - Class A		1,332		39,973
TEGNA, Inc.		2,195		59,353
Tribune Publishing Company		36,779		347,194
Walt Disney Company (The)		892		101,456
World Wrestling Entertainment, Inc. - Class A		2,601		46,376
				11,232,596
Multiline Retail - 0.2%
Big Lots, Inc.		822		37,894
Bon-Ton Stores, Inc. (The)		6,050		19,057
Dollar Tree, Inc.		1,957		128,164
J. C. Penney Company, Inc.		58,346		535,033
Sears Holdings Corporation		23,253		543,423
				1,263,571
Specialty Retail - 2.4%
Aaron's, Inc.		1,480		36,512

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Consumer Discretionary - 10.3% (Continued)
Specialty Retail - 2.4% (Continued)
Abercrombie & Fitch Company - Class A		7,735	$	163,905
American Eagle Outfitters, Inc.		1,732		26,465
America's Car-Mart, Inc.		316		10,820
AutoZone, Inc.		31		24,317
Barnes & Noble Education, Inc.		2,371		34,972
Bed Bath & Beyond, Inc.		1,143		68,157
Boot Barn Holdings, Inc.		113,691		1,705,365
Buckle, Inc. (The)		42,530		1,507,263
Build-A-Bear Workshop, Inc.		30,781		478,952
Cabela's, Inc.		11,460		448,888
CarMax, Inc.		835		49,273
Conn's, Inc.		114,872		2,179,122
Container Store Group, Inc. (The)		215,579		2,459,756
Destination XL Group, Inc.		9,779		57,109
Five Below, Inc.		1,145		39,319
Francesca's Holdings Corporation		126,047		1,791,128
GameStop Corporation - Class A		3,289		151,524
Gap, Inc. (The)		1,269		34,542
Genesco, Inc.		4,845		303,539
Guess?, Inc.		99		2,084
Haverty Furniture Companies, Inc.		6,510		152,399
hhgregg, Inc.		30,312		163,685
Hibbett Sports, Inc.		591		20,189
Kirkland's, Inc.		5,974		137,342
L Brands, Inc.		554		53,173
Lumber Liquidators Holdings, Inc.		101,348		1,400,629
Mattress Firm Holding Corporation		618		26,308
Monro Muffler Brake, Inc.		11,789		874,390
O'Reilly Automotive, Inc.		525		145,037
Pier 1 Imports, Inc.		150,353		1,115,619
Rent-A-Center, Inc.		30,738		565,272
Sears Hometown and Outlet Stores, Inc.		2,906		23,364
Select Comfort Corporation		51,107		1,083,469
Shoe Carnival, Inc.		380		8,539
Tile Shop Holdings, Inc. (The)		4,433		64,323
Ulta Salon Cosmetics & Fragrance, Inc.		831		144,561
Zumiez, Inc.		91,941		1,607,129
				19,158,440
Textiles, Apparel & Luxury Goods - 0.6%
Cherokee, Inc.		79,026		1,434,322
CROCS, Inc.		30,981		334,595
Culp, Inc.		7,443		223,364
Lakeland Industries, Inc.		6,257		77,274
lululemon athletica, Inc.		4,063		199,778
Rocky Brands, Inc.		18,034		229,934
Sequential Brands Group, Inc.		82,314		1,029,748
Skechers U.S.A., Inc. - Class A		922		28,766
Superior Uniform Group, Inc.		1,801		30,689
Tumi Holdings, Inc.		27,865		446,676
Vera Bradley, Inc.		57,834		723,503
				4,758,649

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Consumer Staples - 2.4%
Beverages - 0.0% (a)
Brown-Forman Corporation - Class B		966	$	102,570
Coca-Cola Company (The)		253		10,715
Dr Pepper Snapple Group, Inc.		147		13,137
MGP Ingredients, Inc.		6,289		108,988
Monster Beverage Corporation		539		73,477
				308,887
Food & Staples Retailing - 0.8%
Chefs' Warehouse, Inc. (The)		88,269		1,337,275
Diplomat Pharmacy, Inc.		24,312		683,410
Fresh Market, Inc. (The)		50,217		1,251,408
Natural Grocers by Vitamin Cottage, Inc.		85,386		2,044,995
PriceSmart, Inc.		1,584		136,192
Rite Aid Corporation		9,536		75,144
Sprouts Farmers Market, Inc.		2,742		55,882
United Natural Foods, Inc.		16,791		847,106
Walgreen Boots Alliance, Inc.		517		43,780
				6,475,192
Food Products - 1.0%
Amira Nature Foods Ltd.		54,675		290,871
Amplify Snack Brands, Inc.		2,084		25,175
Boulder Brands, Inc.		170,601		1,511,525
Cosan Ltd.		138		483
Diamond Foods, Inc.		29,078		1,152,070
Freshpet, Inc.		240,725		2,347,069
Hershey Company (The)		379		33,614
Hormel Foods Corporation		1,084		73,224
Inventure Foods, Inc.		116,090		1,005,339
Keurig Green Mountain, Inc.		1,376		69,832
Limoneira Company		1,307		20,729
Pilgrim's Pride Corporation		2,961		56,229
Pinnacle Foods, Inc.		1,811		79,829
Sanderson Farms, Inc.		10,321		717,413
Tootsie Roll Industries, Inc.		8,168		259,252
WhiteWave Foods Company		1,599		65,527
				7,708,181
Household Products - 0.1%
Colgate-Palmolive Company		1,010		67,013
Orchids Paper Products Company		33,632		985,754
				1,052,767
Personal Products - 0.4%
China-Biotics, Inc. (b)		535,616		0
Coty, Inc. - Class A		1,027		29,732
DS Healthcare Group, Inc.		5,711		17,019
Elizabeth Arden, Inc.		118,062		1,480,497
Herbalife Ltd.		3,598		201,632
Inter Parfums, Inc.		1,680		46,401
Johnson & Johnson		138		13,942
Nu Skin Enterprises, Inc. - Class A		27,632		1,055,819
				2,845,042
Tobacco - 0.1%
Reynolds American, Inc.		1,428		69,001

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Consumer Staples - 2.4% (Continued)
Tobacco - 0.1% (Continued)
Universal Corporation		5,810	$	313,798
				382,799
Energy - 5.3%
Energy Equipment & Services - 2.1%
Aspen Aerogels, Inc.		26,217		219,436
Atwood Oceanics, Inc.		15,257		252,503
Basic Energy Services, Inc.		304,853		1,131,005
Bristow Group, Inc.		15,563		540,503
C&J  Energy Services Ltd.		135,660		676,943
CARBO Ceramics, Inc.		83,678		1,466,039
Diamond Offshore Drilling, Inc.		72,181		1,434,958
Ensco plc - Class A		28		466
Exterran Holdings, Inc.		10,679		232,161
Geospace Technologies Corporation		82,823		1,272,161
Gulfmark Offshore, Inc. - Class A		170,522		1,064,057
Helix Energy Solutions Group, Inc.		213,817		1,235,862
Helmerich & Payne, Inc.		1,859		104,606
Hornbeck Offshore Services, Inc.		10,747		145,192
McDermott International, Inc.		67,147		309,548
Mitcham Industries, Inc.		3,326		14,767
Noble Corporation plc		1,262		16,999
Ocean Rig UDW, Inc.		52,664		112,701
Pioneer Energy Services Corporation		81,974		189,360
Precision Drilling Corporation		590		2,331
RigNet, Inc.		515		15,450
Rowan Companies plc - Class A		113		2,224
RPC, Inc.		56,053		618,265
SEACOR Holdings, Inc.		7,694		449,483
Seadrill Ltd.		32,815		212,313
Synthesis Energy Systems, Inc.		219,710		200,266
Tesco Corporation		38,366		306,928
Tidewater, Inc.		17,510		216,249
Transocean Ltd.		4,877		77,203
Unit Corporation		130,100		1,640,561
US Silica Holdings, Inc.		125,531		2,267,090
Weatherford International plc		1,311		13,425
Willbros Group, Inc.		71,401		142,802
				16,583,857
Oil, Gas & Consumable Fuels - 3.2%
Amyris, Inc.		161,617		273,133
Approach Resources, Inc.		148,833		351,246
Arch Coal, Inc.		85,692		128,538
Bill Barrett Corporation		23,857		116,184
Bonanza Creek Energy, Inc.		351,437		1,999,676
California Resources Corporation		368,766		1,489,815
Cenovus Energy, Inc.		66		984
Cheniere Energy Partners, L.P. Holdings, LLC		242		4,762
Cheniere Energy, Inc.		3,896		192,930
Chesapeake Energy Corporation		56,583		403,437
Clayton Williams Energy, Inc.		18,943		1,128,434
Clean Energy Fuels Corporation		69,397		392,093

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Energy - 5.3% (Continued)
Oil, Gas & Consumable Fuels - 3.2% (Continued)
Cobalt International Energy, Inc.		26,156	$	200,616
CONSOL Energy, Inc.		20,673		137,682
Continental Resources, Inc.		3,243		109,970
Crescent Point Energy Corporation		89		1,213
Denbury Resources, Inc.		15,124		53,539
Devon Energy Corporation		280		11,740
Dorian LPG Ltd.		515		6,067
Eclipse Resources Corporation		101,787		218,842
Emerald Oil, Inc.		105,263		214,736
Enbridge Energy Management, LLC		1,547		42,032
Energy XXI (Bermuda) Ltd.		206,757		357,690
EOG Resources, Inc.		569		48,849
Erin Energy Corporation		106,618		426,472
EXCO Resources, Inc.		230,934		258,646
Exxon Mobil Corporation		1,460		120,800
Frontline Ltd.		454,799		1,437,165
FX Energy, Inc.		4,562		5,178
GasLog Ltd.		70		810
Gastar Exploration, Inc.		45,765		71,851
Golar LNG Ltd.		1,307		37,916
Halcon Resources Corporation		200,622		140,656
Jones Energy, Inc. - Class A		13,475		69,261
Kinder Morgan, Inc.		884		24,177
Kosmos Energy, LLC		164,298		1,120,512
Laredo Petroleum, Inc.		187,442		2,151,834
LinnCo, LLC		100,892		234,069
Matador Resources Company		45,576		1,171,759
Midstates Petroleum Company, Inc.		51,861		199,665
Murphy Oil Corporation		488		13,874
Nordic American Offshore Ltd.		155,725		939,022
Nordic American Tankers Ltd.		703		10,742
Oasis Petroleum, Inc.		181,190		2,107,240
Panhandle Oil & Gas, Inc. - Class A		4,713		86,625
PDC Energy, Inc.		684		41,273
Peabody Energy Corporation		40,229		514,528
Penn Virginia Corporation		206,079		127,542
Penn West Petroleum Ltd.		229,110		268,059
Pioneer Natural Resources Company		233		31,954
Renewable Energy Group, Inc.		32,681		257,853
REX American Resources Corporation		5,585		306,672
Rex Energy Corporation		984,069		2,223,996
Ring Energy, Inc.		1,080		11,221
Sanchez Energy Corporation		4,128		24,562
Seventy Seven Energy, Inc.		637,933		727,244
Stone Energy Corporation		3,976		22,226
Transatlantic Petroleum Ltd.		187		473
Ultra Petroleum Corporation		34,072		186,715
Uranium Energy Corporation		834,964		935,160
W&T Offshore, Inc.		170,474		555,745
Whiting Petroleum Corporation		5,442		93,766

44

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Energy - 5.3% (Continued)
Oil, Gas & Consumable Fuels - 3.2% (Continued)
Williams Companies, Inc.		1,793	$	70,716
				24,912,187
Financials - 9.4%
Banks - 2.0%
Ameris Bancorp		5,807		182,920
Associated Banc-Corp		1,558		30,132
Bancorp, Inc. (The)		34,125		245,700
Bank of Hawaii Corporation		8,993		588,862
Bank of Marin Bancorp		213		11,327
BBCN Bancorp, Inc.		316		5,306
Blue Hills Bancorp, Inc.		1,669		23,683
BNC Bancorp		5,968		133,982
BOK Financial Corporation		1,392		93,515
Bridge Bancorp, Inc.		179		5,139
Bryn Mawr Bank Corporation		2,659		77,457
Camden National Corporation		662		25,878
Cardinal Financial Corporation		5,693		129,402
Cathay General Bancorp		10		313
City Holding Company		19,334		924,745
Commerce Bancshares, Inc.		1,755		79,940
Community Bank System, Inc.		26,261		1,070,398
Community Trust Bancorp, Inc.		1,587		54,704
ConnectOne Bancorp, Inc.		373		6,658
CU Bancorp		395		9,527
Cullen/Frost Bankers, Inc.		1,538		105,261
Customers Bancorp, Inc.		9,854		270,985
CVB Financial Corporation		2,349		40,990
Eagle Bancorp, Inc.		3,815		181,594
Fidelity Southern Corporation		6,691		140,176
Financial Institutions, Inc		402		10,500
First Bancorp (North Carolina)		470		8,709
First BanCorporation (Puerto Rico)		14,632		55,455
First Business Financial Services, Inc.		72		1,775
First Commonwealth Financial Corporation		100,901		927,280
First Financial Bankshares, Inc.		50,913		1,693,366
First Merchants Corporation		3,756		98,520
First Niagara Financial Group, Inc.		772		7,990
FNB Corporation		2,287		30,806
German American Bancorp, Inc.		111		3,478
Glacier Bancorp, Inc.		1,448		39,617
Hampton Roads Bankshares, Inc.		141		261
Hancock Holding Company		1,440		39,744
Heartland Financial USA, Inc.		591		21,772
Heritage Commerce Corporation		17,050		180,389
Heritage Financial Corporation		35,134		647,168
Independent Bank Corporation (Massachusetts)		1,658		77,495
Investors Bancorp, Inc.		3,430		42,909
Lakeland Bancorp, Inc.		2,779		32,320
Lakeland Financial Corporation		5,857		263,155
LegacyTexas Financial Group, Inc.		78		2,239
M&T Bank Corporation		192		23,011

45

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Financials - 9.4% (Continued)
Banks - 2.0% (Continued)
National Bank Holdings Corporation - Class A		11,425	$	252,036
National Bankshares, Inc.		746		24,357
National Commerce Corporation		155		3,892
NBT Bancorp, Inc.		626		17,597
OFG Bancorp		106,365		979,622
Old Second Bancorp, Inc.		1,895		12,696
Pacific Premier Bancorp, Inc.		220		4,697
PacWest Bancorp		299		13,467
Park National Corporation		12,355		1,120,846
Park Sterling Corporation		3,826		27,738
Peapack-Gladstone Financial Corporation		465		10,514
Peoples Financial Services Corporation		236		9,610
Popular, Inc.		1,484		43,882
QCR Holdings, Inc.		1,174		26,744
Renasant Corporation		16,435		569,144
S&T Bancorp, Inc.		29,906		953,403
Sandy Spring Bancorp, Inc.		1,382		38,005
ServisFirst Bancshares, Inc.		5,366		227,411
South State Corporation		328		25,420
Southside Bancshares, Inc.		40,970		1,102,093
Southwest Bancorp, Inc.		953		16,115
State Bank Financial Corporation		6,321		135,269
Stock Yards Bancorp, Inc.		503		18,953
Talmer Bancorp, Inc. - Class A		880		14,802
Texas Capital Bancshares, Inc.		726		40,075
Tompkins Financial Corporation		1,411		76,589
Tristate Capital Holdings, Inc.		1,949		24,343
Triumph Bancorp, Inc.		4,130		68,930
Trustmark Corporation		1,589		38,184
Umpqua Holdings Corporation		183		3,056
United Bankshares, Inc.		10,023		396,410
United Community Banks, Inc.		390		7,862
Valley National Bancorp		3,796		39,858
Washington Trust Bancorp, Inc.		592		22,970
Westamerica Bancorporation		12,283		543,031
				15,556,174
Capital Markets - 0.8%
Actua Corporation		4,264		59,056
Apollo Investment Corporation		110		587
Arlington Asset Investment Corporation - Class A		81		1,122
BGC Partners, Inc. - Class A		35,218		304,636
Capitala Finance Corporation		4,103		54,980
Cohen & Steers, Inc.		45,458		1,390,560
Cowen Group, Inc. - Class A		203,669		857,446
Diamond Hill Investment Group, Inc.		56		11,203
Eaton Vance Corporation		3,042		109,847
Federated Investors, Inc. - Class B		4,369		134,259
Fidus Investment Corporation		10,081		139,420
Fifth Street Senior Floating Rate Corporation		4,824		41,245
Financial Engines, Inc.		4,909		157,873
FS Investment Corporation		10,902		106,404

46

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Financials - 9.4% (Continued)
Capital Markets - 0.8% (Continued)
FXCM, Inc. - Class A		1,763	$	15,268
Gladstone Capital Corporation		24,804		214,803
Gladstone Investment Corporation		8,218		61,553
Greenhill & Company, Inc.		1,009		26,052
GSV Capital Corporation		728		6,982
Horizon Technology Finance Corporation		1,868		18,232
KCAP Financial, Inc.		5,404		26,534
KCG Holdings, Inc. - Class A		21,787		272,120
Legg Mason, Inc.		223		9,979
LPL Financial Holdings, Inc.		4,814		205,076
Manning & Napier, Inc.		131,028		982,710
Medley Capital Corporation		3,152		23,482
OHA Investment Corporation		3,259		13,981
Oppenheimer Holdings, Inc. - Class A		7,676		140,855
PennantPark Investment Corporation		274		1,893
Pzena Investment Management, Inc. - Class A		5,750		54,797
RCS Capital Corporation - Class A		34,279		25,987
Safeguard Scientifics, Inc.		44,326		786,786
Stellus Capital Investment Corporation		4,314		44,262
T Rowe Price Group, Inc.		1,013		76,603
Triangle Capital Corporation		268		4,602
Virtu Financial, Inc. - Class A		39		944
				6,382,139
Consumer Finance - 0.6%
Atlanticus Holdings Corporation		34,543		104,320
Cash America International, Inc.		17,696		611,043
Credit Acceptance Corporation		476		90,007
Encore Capital Group, Inc.		18,373		747,781
Enova International, Inc.		5,275		68,575
EZCORP, Inc. - Class A		66,763		444,641
Green Dot Corporation - Class A		671		12,440
Nelnet, Inc. - Class A		6,315		225,951
PRA Group, Inc.		717		39,292
Synchrony Financial		1,738		53,461
World Acceptance Corporation		64,147		2,445,925
				4,843,436
Diversified Financial Services - 0.3%
Capital Southwest Corporation		1,688		25,236
CBOE Holdings, Inc.		298		19,978
CME Group, Inc.		1,013		95,698
FNFV Group		2,341		26,313
Global Eagle Entertainment, Inc.		25,719		342,577
Medallion Financial Corporation		28,515		238,385
MSCI, Inc.		594		39,798
NASDAQ OMX Group, Inc. (The)		182		10,536
On Deck Capital, Inc.		150,260		1,430,475
PICO Holdings, Inc.		6,883		66,490
				2,295,486
Insurance - 1.0%
Ace Ltd.		1,038		117,855
Ambac Financial Group, Inc.		5,783		93,395

47

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Financials - 9.4% (Continued)
Insurance - 1.0% (Continued)
AmTrust Financial Services, Inc.		1,361	$	92,847
Arch Capital Group Ltd.		709		53,097
Chubb Corporation (The)		87		11,253
Citizens, Inc.		232,626		1,954,058
Enstar Group, Inc. (The)		1,506		237,647
Erie Indemnity Company - Class A		228		19,941
Genworth Financial, Inc. - Class A		65,024		304,312
HCI Group, Inc.		9,553		416,606
Horace Mann Educators Corporation		660		22,598
MBIA, Inc.		81,355		610,976
Mercury General Corporation		2,151		116,176
National Interstate Corporation		178		5,109
National Western Life Group, Inc. - Class A		23		5,934
Navigators Group, Inc. (The)		123		10,498
OneBeacon Insurance Group Ltd. - Class A		11,130		160,161
Phoenix Companies, Inc. (The)		19,298		663,465
Primerica, Inc.		41,892		1,995,316
Principal Financial Group, Inc.		817		40,981
Progressive Corporation (The)		1,044		34,588
Safety Insurance Group, Inc.		3,033		175,762
StanCorp Financial Group, Inc.		183		20,994
State Auto Financial Corporation		1,107		26,402
State National Companies, Inc.		2,984		26,946
Torchmark Corporation		1,202		69,728
Travelers Companies, Inc. (The)		168		18,966
United Insurance Holdings Corporation		29,112		480,930
Universal Insurance Holdings, Inc.		513		16,185
				7,802,726
Real Estate Investment Trusts (REIT) - 3.8%
Acadia Realty Trust		18,245		600,078
American Campus Communities, Inc.		16,287		660,764
American Homes 4 Rent - Class A		29,706		490,149
American Residential Properties, Inc.		912		15,112
American Tower Corporation		808		82,602
Apartment Investment & Management Company – Class A		2,173		85,160
AvalonBay Communities, Inc.		2,336		408,403
BioMed Realty Trust, Inc.		30,764		720,185
City Office REIT, Inc.		867		9,962
Columbia Property Trust, Inc.		15,338		380,996
Crown Castle International Corporation		1,684		143,915
CubeSmart		5,096		141,771
Digital Realty Trust, Inc.		9,647		713,492
Douglas Emmett, Inc.		6,680		204,074
Duke Realty Corporation		46,748		967,684
Education Realty Trust, Inc.		20,040		719,636
Equity Lifestyle Properties, Inc.		11,879		718,442
Equity One, Inc.		25,255		671,278
Equity Residential		5,611		433,842
Extra Space Storage, Inc.		8,359		662,367
Federal Realty Investment Trust		6,366		913,457

48

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Financials - 9.4% (Continued)
Real Estate Investment Trusts (REIT) - 3.8% (Continued)
Franklin Street Properties Corporation		17,827	$	185,757
General Growth Properties, Inc.		19,285		558,301
Gladstone Commercial Corporation		30,113		482,109
Gladstone Land Corporation		14,015		128,938
Government Properties Income Trust		37,568		611,607
Gyrodyne, LLC		4,535		122,445
HCP, Inc.		2,315		86,118
Healthcare Realty Trust, Inc.		29,212		770,028
Healthcare Trust of America, Inc. - Class A		24,189		636,413
Independence Realty Trust, Inc.		36,085		282,906
Investors Real Estate Trust		29,703		241,188
Kimco Realty Corporation		23,439		627,462
Liberty Property Trust		9,115		310,092
LTC Properties, Inc.		10,176		436,042
Macerich Company (The)		2,191		185,665
Monogram Residential Trust, Inc.		29,195		287,863
National Retail Properties, Inc.		5,783		219,754
New York REIT, Inc.		56,851		648,101
Parkway Properties, Inc.		3,964		66,318
Pennsylvania Real Estate Investment Trust		38,939		875,349
Physicians Realty Trust		49,447		790,163
Post Properties, Inc.		4,199		250,848
Preferred Apartment Communities, Inc. - Class A		10,332		113,135
PS Business Parks, Inc.		2,985		256,083
Public Storage		3,593		824,450
QTS Realty Trust, Inc. - Class A		4,368		187,868
Realty Income Corporation		16,432		812,727
Regency Centers Corporation		10,059		683,610
Retail Opportunity Investments Corporation		37,706		683,610
Rexford Industrial Realty, Inc.		2,372		35,936
Saul Centers, Inc.		13,228		741,694
Simon Property Group, Inc.		3,687		742,783
SL Green Realty Corporation		1,820		215,888
Sovran Self Storage, Inc.		700		69,909
STAG Industrial, Inc.		24,408		500,852
Starwood Waypoint Residential Trust		3,147		77,416
STORE Capital Corporation		1,594		36,136
Sun Communities, Inc.		814		54,554
Tanger Factory Outlet Centers, Inc.		4,933		172,408
Taubman Centers, Inc.		7,064		543,787
Terreno Realty Corporation		4,297		96,167
Tier REIT, Inc.		17,377		253,183
UDR, Inc.		9,200		317,032
Universal Health Realty Income Trust		4,982		247,556
Vornado Realty Trust		4,107		412,959
Walter Investment Management Corporation		182,348		2,180,882
Washington Real Estate Investment Trust		7,131		192,608
Weingarten Realty Investors		5,942		212,486
Welltower, Inc.		8,119		526,680
Wheeler Real Estate Investment Trust, Inc.		23,355		45,542
				29,784,777

49

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Financials - 9.4% (Continued)
Thrifts & Mortgage Finance - 0.9%
Astoria Financial Corporation		17,286	$	275,885
Banc of California, Inc.		3,120		40,685
BankUnited, Inc.		1,161		43,166
Berkshire Hills Bancorporation, Inc.		1,165		33,319
BofI Holding, Inc.		1,692		135,377
Capitol Federal Financial, Inc.		86,769		1,126,262
Clifton Bancorp, Inc.		15,397		224,488
Federal Agricultural Mortgage Corporation - Class C		8,654		254,081
First Financial Northwest, Inc.		2,137		26,819
Flagstar Bancorp, Inc.		4,942		109,910
Flushing Financial Corporation		6,316		132,889
HomeStreet, Inc.		12,800		267,904
Impac Mortgage Holdings, Inc.		111,911		2,501,211
Kearny Financial Corporation		23,718		283,430
Meridian Bancorp, Inc.		1,423		19,979
New York Community Bancorp, Inc.		876		14,471
Northfield Bancorp, Inc.		35,121		538,054
Northwest Bancshares, Inc.		5,465		73,559
People's United Financial, Inc.		6,184		98,635
Stonegate Mortgage Corporation		4,098		23,481
TrustCo Bank Corporation		106,121		661,134
United Financial Bancorp, Inc.		612		7,944
WSFS Financial Corporation		4,534		144,045
				7,036,728
Health Care - 16.1%
Biotechnology - 7.6%
Abeona Therapeutics, Inc.		24,155		95,412
Achillion Pharmaceuticals, Inc.		2,312		18,080
Adamas Pharmaceuticals, Inc.		20,962		309,399
Advaxis, Inc.		68,914		764,256
Agenus, Inc.		39,260		179,026
Agios Pharmaceuticals, Inc.		9,626		701,350
Akebia Therapeutics, Inc.		3,829		34,155
Alder Biopharmaceuticals, Inc.		12,716		406,658
Amicus Therapeutics, Inc.		274,237		2,056,778
Anavex Life Sciences Corporation		507		5,364
Anthera Pharmaceuticals, Inc.		4,109		23,709
Aquinox Pharmaceuticals, Inc.		17,226		263,386
Arena Pharmaceuticals, Inc.		34,918		65,995
ARIAD Pharmaceuticals, Inc.		2,006		13,721
Array BioPharma, Inc.		20,558		105,257
Arrowhead Research Corporation		212,182		1,092,737
Asterias Biotherapeutics, Inc.		49,791		228,043
Atara Biotherapeutics, Inc.		11,804		304,189
AVEO Pharmaceuticals, Inc.		24,632		28,573
BioCryst Pharmaceuticals, Inc.		33,301		299,376
Biota Pharmaceuticals, Inc.		188		363
BioTime, Inc.		78,204		294,829
bluebird bio, Inc.		2,069		159,582
Brainstorm Cell Therapeutics, Inc.		244		678
Calithera Biosciences, Inc.		84,708		723,406

50

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)		Shares		Value
Health Care - 16.1% (Continued)
Biotechnology - 7.6% (Continued)
Cancer Genetics, Inc.			2,058	$	13,377
Catalyst Pharmaceutical Partners, Inc.			17,873		56,479
Celladon Corporation			1,481		1,659
Celldex Therapeutics, Inc.			4,891		58,985
Cellular Biomedicine Group, Inc.			9,815		206,115
Cepheid			1,952		65,197
ChemoCentryx, Inc.			13,830		96,672
Chimerix, Inc.			4,515		176,898
CorMedix, Inc.			18,165		46,139
CTI BioPharma Corporation			122,921		163,485
Curis, Inc.			19,135		39,035
CytRx Corporation			203,691		566,261
Dicerna Pharmaceuticals, Inc.			3,737		37,445
Eagle Pharmaceuticals, Inc.			134		8,537
Enanta Pharmaceuticals, Inc.			51,774		1,454,332
Epizyme, Inc.			3,565		46,666
Esperion Therapeutics, Inc.			28,205		676,920
Exact Sciences Corporation			212,843		1,772,982
Fate Therapeutics, Inc.			75,164		330,722
Fibrocell Science, Inc.			338,849		1,294,403
Foundation Medicine, Inc.			27,134		608,344
Galena Biopharma, Inc.			1,185,052		1,990,887
Genocea Biosciences, Inc.			274,013		1,312,522
Genomic Health, Inc.			7,719		161,481
Geron Corporation			91,171		316,363
GlobeImmune, Inc.			100		248
Heron Therapeutics, Inc.			24,569		673,682
Idera Pharmaceuticals, Inc.			562,558		1,552,660
Ignyta, Inc.			71,751		734,730
ImmunoGen, Inc.			1,059		12,390
Immunomedics, Inc.			195,075		583,274
Incyte Corporation			152		17,865
Infinity Pharmaceuticals, Inc.			111,642		1,155,495
Inotek Pharmaceuticals Corporation			5,105		55,593
Inovio Pharmaceuticals, Inc.			85,946		544,038
Intercept Pharmaceuticals, Inc.			130		20,436
Intrexon Corporation			5,839		196,190
Juno Therapeutics, Inc.			9,092		470,602
Karyopharm Therapeutics, Inc.			109,526		1,462,172
Keryx Biopharmaceuticals, Inc.			661,037		2,961,446
Kindred Biosciences, Inc.			2,586		13,913
Kite Pharma, Inc.			5,659		385,095
La Jolla Pharmaceutical Company			7,356		183,826
Lion Biotechnologies, Inc.			21,898		141,680
MannKind Corporation			633,859		2,098,073
Medgenics, Inc.			17,314		113,407
Medivation, Inc.	��		263		11,062
NantKwest, Inc.			3,948		46,981
Neothetics, Inc.			502		3,961
Neuralstem, Inc.			115,865		136,721
Northwest Biotherapeutics, Inc.			591,947		2,888,701

51

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Health Care - 16.1% (Continued)
Biotechnology - 7.6% (Continued)
Nymox Pharmaceutical Corporation		103,219	$	343,719
Ocata Therapeutics, Inc.		80,603		354,653
Omeros Corporation		161,417		2,022,555
OPKO Health, Inc.		5,990		56,606
Orexigen Therapeutics, Inc.		248,899		756,653
Organovo Holdings, Inc.		84,910		255,579
OvaScience, Inc.		188,435		2,444,002
Pieris Pharmaceuticals, Inc.		10,443		16,604
ProQR Therapeutics N.V.		960		13,987
Protalix BioTherapeutics, Inc.		16,341		16,995
PTC Therapeutics, Inc.		50,945		1,267,002
Puma Biotechnology, Inc.		904		74,508
Radius Health, Inc.		13,937		895,174
Regeneron Pharmaceuticals, Inc.		105		58,526
Regulus Therapeutics, Inc.		9,698		64,492
Sangamo BioSciences, Inc.		3,070		21,643
Sarepta Therapeutics, Inc.		32,037		770,810
Seattle Genetics, Inc.		3,030		125,715
Seres Therapeutics, Inc.		2,325		68,913
Spark Therapeutics, Inc.		16,280		877,492
Synthetic Biologics, Inc.		1,041,372		2,384,742
Tenax Therapeutics, Inc.		2,490		7,918
TESARO, Inc.		457		20,780
TG Therapeutics, Inc.		97,986		1,212,087
Theravance, Inc.		123,431		1,083,724
Tobira Therapeutics, Inc.		1,989		20,049
Tonix Pharmaceuticals Holding Corporation		5,625		37,125
TrovaGene, Inc.		209,488		902,893
Vascular Biogenics Ltd.		53,448		334,050
Versartis, Inc.		31,326		323,598
Vitae Pharmaceuticals, Inc.		108,104		1,284,276
Vital Therapies, Inc.		77,242		600,170
XBiotech, Inc.		17,251		244,619
XOMA Corporation		345,450		421,449
Zafgen, Inc.		216,736		2,087,168
ZIOPHARM Oncology, Inc.		219,931		2,505,014
				60,115,759
Health Care Equipment & Supplies - 3.2%
Abaxis, Inc.		41,577		2,087,581
Abiomed, Inc.		254		18,710
Accuray, Inc.		14,894		99,790
Align Technology, Inc.		757		49,553
AngioDynamics, Inc.		23,784		299,203
Anika Therapeutics, Inc.		5,438		209,472
Antares Pharma, Inc.		945,024		1,304,133
AtriCure, Inc.		50,929		943,460
Avinger, Inc.		1,755		29,765
Cardiovascular Systems, Inc.		132,300		1,812,510
Cerus Corporation		510,294		2,434,102
ConforMIS, Inc.		11,419		223,470
CytoSorbents Corporation		66,504		494,790

52

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Health Care - 16.1% (Continued)
Health Care Equipment & Supplies - 3.2% (Continued)
Derma Sciences, Inc.		81,505	$	406,710
DexCom, Inc.		2,027		168,890
EndoChoice Holdings, Inc.		2,129		21,971
Endologix, Inc.		15,446		131,909
GenMark Diagnostics, Inc.		205,256		1,305,428
Haemonetics Corporation		20,136		680,194
HeartWare International, Inc.		12,812		553,350
Hill-Rom Holdings, Inc.		818		43,100
IDEXX Laboratories, Inc.		2,322		159,336
Inogen, Inc.		22,128		945,751
Insulet Corporation		4,601		137,570
InVivo Therapeutics Holdings Corporation		3,908		28,372
iRadimed Corporation		3,543		93,889
Lantheus Holdings, Inc.		1,093		3,279
LDR Holding Corporation		40,449		1,023,360
Meridian Bioscience, Inc.		6,999		133,051
Navidea Biopharmaceuticals, Inc.		18,337		37,041
Novadaq Technologies, Inc.		5,175		67,534
NovoCure Ltd.		8,753		196,680
NuVasive, Inc.		2,838		133,840
Presbia plc		544		2,464
Quidel Corporation		54,553		1,048,509
ResMed, Inc.		1,384		79,732
Rockwell Medical, Inc.		247,784		2,869,339
SeaSpine Holdings Corporation		1,754		26,450
Second Sight Medical Products, Inc.		328,697		1,932,738
Sientra, Inc.		55,663		209,293
Spectranetics Corporation (The)		35,414		432,759
STAAR Surgical Company		9,521		77,596
Sunshine Heart, Inc.		247		622
SurModics, Inc.		3,367		71,818
Syneron Medical Ltd.		398		3,228
Tandem Diabetes Care, Inc.		104,893		951,380
TransEnterix, Inc.		3,194		7,953
Unilife Corporation		380,320		286,609
ZELTIQ Aesthetics, Inc.		13,881		468,345
Zimmer Biomet Holdings, Inc.		418		43,710
				24,790,339
Health Care Providers & Services - 1.6%
AAC Holdings, Inc.		68,182		1,581,822
Acadia Healthcare Company, Inc.		924		56,743
Adeptus Health, Inc. - Class A		66		4,283
Aetna, Inc.		296		33,975
Air Methods Corporation		1,204		49,280
BioScrip, Inc.		953,966		1,879,313
Brookdale Senior Living, Inc.		3,769		78,810
Centene Corporation		620		36,878
Community Health Systems, Inc.		1,693		47,472
DaVita HealthCare Partners, Inc.		959		74,332
Envision Healthcare Holdings, Inc.		1,555		43,851
ExamWorks Group, Inc.		45,951		1,297,656

53

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Health Care - 16.1% (Continued)
Health Care Providers & Services - 1.6% (Continued)
Express Scripts Holding Company		350	$	30,233
Hanger, Inc.		5,635		81,257
Henry Schein, Inc.		275		41,720
Humana, Inc.		307		54,839
IPC The Hospitalist Company, Inc.		15,762		1,237,317
Landauer, Inc.		409		16,151
MEDNAX, Inc.		822		57,926
National Healthcare Corporation		174		11,359
Nobilis Health Corporation		345,388		973,994
Owens & Minor, Inc.		14,461		518,427
Patterson Companies, Inc.		1,296		61,430
Sharps Compliance Corporation		31,599		239,204
Teladoc, Inc.		22,153		435,750
Tenet Healthcare Corporation		1,013		31,778
Triple-S Management Corporation - Class B		11,442		235,591
Trupanion, Inc.		183,169		1,203,420
Universal American Corporation		139,141		1,037,992
VCA Antech, Inc.		1,318		72,187
Veracyte, Inc.		165,518		1,077,522
				12,602,512
Health Care Technology - 0.5%
athenahealth, Inc.		1,018		155,194
Castlight Health, Inc. - Class B		361,556		1,829,474
Computer Programs and Systems, Inc.		5,555		211,146
Imprivata, Inc.		132,394		1,428,531
Inovalon Holdings, Inc. - Class A		3,506		80,813
Veeva Systems, Inc. - Class A		4,519		114,647
				3,819,805
Life Sciences Tools & Services - 0.7%
Accelerate Diagnostics, Inc.		162,326		2,722,207
Bio-Rad Laboratories, Inc. - Class A		339		47,284
Bio-Techne Corporation		667		58,829
Fluidigm Corporation		1,654		17,880
Harvard Bioscience, Inc.		4,853		14,268
Illumina, Inc.		1,211		173,512
NanoString Technologies, Inc.		29,687		430,758
Pacific Biosciences of California, Inc.		112,472		798,551
Sequenom, Inc.		499,349		873,861
WaferGen Bio-systems, Inc.		64,457		58,011
				5,195,161
Pharmaceuticals - 2.5%
AcelRx Pharmaceuticals, Inc.		463,304		1,825,418
Achaogen, Inc.		11,887		65,616
Alcobra Ltd.		19,629		163,510
Alimera Sciences, Inc.		6,896		20,757
Allergan plc		42		12,956
Ampio Pharmaceuticals, Inc.		435,836		1,521,068
ANI Pharmaceuticals, Inc.		966		40,417
Aratana Therapeutics, Inc.		122,296		854,849
Assembly Biosciences, Inc.		72,095		692,112
BioDelivery Sciences International, Inc.		300,455		1,616,448

54

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Health Care - 16.1% (Continued)
Pharmaceuticals - 2.5% (Continued)
Bristol-Myers Squibb Company		1,082	$	71,358
Cempra, Inc.		10,632		236,030
Concordia Healthcare Corporation		4,023		123,144
ContraVir Pharmaceuticals, Inc.		63,947		102,955
Dipexium Pharmaceuticals, Inc.		668		7,896
Egalet Corporation		18,010		149,483
Endo International plc		1,961		117,640
Endocyte, Inc.		21,014		108,012
Horizon Pharma plc		23,295		366,197
IntelliPharmaCeutics International, Inc.		15,399		28,488
Lipocine, Inc.		9		108
Marinus Pharmaceuticals, Inc.		1,167		7,901
Medicines Company (The)		8,863		303,469
Nektar Therapeutics		3,738		44,370
Neos Therapeutics, Inc.		64		906
Ocera Therapeutics, Inc.		5,057		16,486
Ocular Therapeutix, Inc.		123,378		1,064,752
Oramed Pharmaceuticals, Inc.		3,963		26,156
Pacira Pharmaceuticals, Inc.		16,692		833,765
Relypsa, Inc.		765		12,232
Teligent, Inc.		111,796		812,757
Tetraphase Pharmaceuticals, Inc.		246,771		2,228,342
TherapeuticsMD, Inc.		7,144		41,935
Theravance Biopharma, Inc.		78,771		1,177,626
Tokai Pharmaceuticals, Inc.		66,929		739,566
VIVUS, Inc.		1,572,212		1,980,987
XenoPort, Inc.		382,945		2,339,794
				19,755,506
Industrials - 10.7%
Aerospace & Defense - 1.0%
AAR Corporation		4,731		107,346
Aerojet Rocketdyne Holdings, Inc.		69,318		1,174,247
AeroVironment, Inc.		38,912		897,700
American Science & Engineering, Inc.		3,023		113,302
Arotech Corporation		335		489
Astronics Corporation		15		567
Cubic Corporation		8		359
DigitalGlobe, Inc.		3,891		58,093
Engility Holdings, Inc.		5,195		167,227
Hexcel Corporation		1,416		65,589
KEYW Holding Corporation (The)		248,346		1,770,707
KLX, Inc.		3,717		145,372
National Presto Industries, Inc.		3,251		286,251
Precision Castparts Corporation		776		179,109
Sparton Corporation		3,017		70,990
Taser International, Inc.		87,170		2,040,650
TransDigm Group, Inc.		130		28,580
Triumph Group, Inc.		6,544		304,819
United Technologies Corporation		1,118		110,022
				7,521,419

55

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Air Freight & Logistics - 0.5%
Atlas Air Worldwide Holdings, Inc.		488	$	20,125
United Parcel Service, Inc. - Class B		611		62,945
UTI Worldwide, Inc.		161,627		1,152,401
XPO Logistics, Inc.		88,454		2,455,483
				3,690,954
Airlines - 0.1%
Alaska Air Group, Inc.		1,848		140,910
Copa Holdings, S.A. - Class A		628		31,727
JetBlue Airways Corporation		2,563		63,665
Southwest Airlines Company		564		26,107
Spirit Airlines, Inc.		730		27,098
Virgin America, Inc.		11,040		393,134
				682,641
Building Products - 0.7%
A.O. Smith Corporation		756		58,076
AAON, Inc.		56,846		1,163,638
Advanced Drainage Systems, Inc.		1,245		39,118
Allegion plc		213		13,881
Builders FirstSource, Inc.		50,608		598,187
Fortune Brands Home & Security, Inc.		2,628		137,523
Lennox International, Inc.		345		45,819
PGT, Inc.		181,316		2,186,671
Trex Company, Inc.		36,854		1,439,886
				5,682,799
Commercial Services & Supplies - 1.5%
ACCO Brands Corporation		117,871		951,219
Avery Dennison Corporation		226		14,683
Brady Corporation - Class A		32,922		748,975
CECO Environmental Corporation		177,638		1,584,531
Cintas Corporation		792		73,727
Clean Harbors, Inc.		850		39,516
Covanta Holding Corporation		27,386		458,989
Deluxe Corporation		15,949		949,763
EnerNOC, Inc.		23,878		187,204
G&K Services, Inc. - Class A		5,569		366,552
Healthcare Services Group, Inc.		21,299		793,601
InnerWorkings, Inc.		146,219		1,093,718
MagneGas Corporation		85,572		95,841
McGrath RentCorp		3,182		95,619
Mobile Mini, Inc.		40,476		1,385,898
MSA Safety, Inc.		32,885		1,429,840
Multi-Color Corporation		5,245		408,271
Pitney Bowes, Inc.		2,004		41,383
Progressive Waste Solutions Ltd.		669		16,089
Rollins, Inc.		6,420		172,184
Stericycle, Inc.		469		56,923
Team, Inc.		23,599		825,965
West Corporation		5,083		121,026
				11,911,517
Construction & Engineering - 0.7%
Chicago Bridge & Iron Company		2,009		90,144

56

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Construction & Engineering - 0.7% (Continued)
Granite Construction, Inc.		101	$	3,317
Great Lakes Dredge & Dock Corporation		1,630		6,520
HC2 Holdings, Inc.		163,230		1,234,019
Layne Christensen Company		61,588		390,468
NV5 Holdings, Inc.		65,647		1,528,262
Orion Marine Group, Inc.		176,269		689,212
Primoris Services Corporation		59,033		1,175,937
Quanta Services, Inc.		4,088		82,209
				5,200,088
Electrical Equipment - 1.2%
American Superconductor Corporation		247		1,341
China BAK Battery, Inc.		4,514		13,813
Eaton Corporation plc		250		13,978
Energous Corporation		42,422		312,226
Energy Focus, Inc.		57,525		931,905
Enphase Energy, Inc.		458,710		1,651,356
Generac Holdings, Inc.		38,088		1,202,057
Global Power Equipment Group, Inc.		122		528
Highpower International, Inc.		4,543		12,266
Plug Power, Inc.		1,367,268		3,295,116
Power Solutions International, Inc.		97,745		1,763,320
SolarCity Corporation		6,058		179,620
Thermon Group Holdings, Inc.		1,047		21,055
				9,398,581
Industrial Conglomerates - 0.0% (a)
3M Company		451		70,902
Danaher Corporation		153		14,276
Raven Industries, Inc.		6,242		113,667
				198,845
Machinery - 3.0%
Alamo Group, Inc.		11,092		520,437
Altra Industrial Motion Corporation		39,464		1,044,217
American Railcar Industries, Inc.		54,900		3,168,828
Caterpillar, Inc.		1,221		89,121
CLARCOR, Inc.		17,468		870,954
Cummins, Inc.		642		66,453
Donaldson Company, Inc.		6,083		183,707
Douglas Dynamics, Inc.		35,223		772,793
Dover Corporation		209		13,466
Dynamic Materials Corporation		143,864		1,025,750
Energy Recovery, Inc.		106,718		765,168
ExOne Company (The)		193,508		2,070,536
FreightCar America, Inc.		25,301		459,972
Gorman-Rupp Company (The)		19,584		559,906
Graco, Inc.		2,674		196,272
Greenbrier Companies, Inc. (The)		37,839		1,439,396
Harsco Corporation		139,279		1,494,464
Joy Global, Inc.		4,329		74,372
Kornit Digital Ltd.		951		11,355
L.B. Foster Company - Class A		55,682		820,196
Lindsay Corporation		33,347		2,260,260

57

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Machinery - 3.0% (Continued)
Lydall, Inc.		5,353	$	183,233
Manitowoc Company, Inc. (The)		33,946		519,374
Mueller Industries, Inc.		4,043		127,435
Nordson Corporation		2,299		163,781
Oshkosh Corporation		2,599		106,793
Parker Hannifin Corporation		299		31,305
Proto Labs, Inc.		14,155		917,810
RBC Bearings, Inc.		7,795		533,100
Sun Hydraulics Corporation		31,855		933,033
Trimas Corporation		42,699		854,407
Twin Disc, Inc.		4,300		50,654
Watts Water Technologies, Inc. - Class A		9,807		533,893
Westinghouse Air Brake Technologies Corporation		678		56,186
Westport Innovations, Inc.		152,898		473,984
Woodward, Inc.		877		39,903
				23,432,514
Marine - 0.2%
Diana Shipping, Inc.		2,465		15,554
Golden Ocean Group Ltd.		613,086		1,207,780
Safe Bulkers, Inc.		154,553		476,023
Star Bulk Carriers Corporation		36,579		57,795
				1,757,152
Professional Services - 0.5%
Acacia Research Corporation		123,316		821,285
CBIZ, Inc.		4,622		49,686
CEB, Inc.		3,342		249,848
Dun & Bradstreet Corporation (The)		390		44,409
Franklin Covey Company		10		171
FTI Consulting, Inc.		73		2,483
Huron Consulting Group, Inc.		14,986		723,824
IHS, Inc. - Class A		797		95,273
Kelly Services, Inc. - Class A		5,848		92,398
Korn/Ferry International		9,156		333,004
Mistras Group, Inc.		14,156		267,832
Verisk Analytics, Inc.		894		64,019
VSE Corporation		16,319		937,690
				3,681,922
Road & Rail - 0.6%
Avis Budget Group, Inc.		1,005		50,190
Celadon Group, Inc.		107,564		1,557,527
Genesee & Wyoming, Inc. - Class A		1,549		103,938
Heartland Express, Inc.		43,455		818,258
Kansas City Southern		453		37,490
Marten Transport Ltd.		19,966		327,243
Old Dominion Freight Line, Inc.		906		56,118
Roadrunner Transportation Systems, Inc.		68,875		732,830
Saia, Inc.		445		10,506
Student Transportation, Inc.		6,893		28,744
Union Pacific Corporation		178		15,904
Universal Truckload Services, Inc.		44,843		716,591

58

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Road & Rail - 0.6% (Continued)
Werner Enterprises, Inc.		9,690	$	256,397
				4,711,736
Trading Companies & Distributors - 0.7%
Applied Industrial Technologies, Inc.		138		5,701
Beacon Roofing Supply, Inc.		6,983		247,128
CAI International, Inc.		12,032		139,812
Fastenal Company		3,942		154,369
Kaman Corporation		37,608		1,462,575
Neff Corporation - Class A		2,174		12,740
NOW, Inc.		66,741		1,101,894
TAL International Group, Inc.		17,675		299,768
Textainer Group Holdings Ltd.		36,900		721,764
Titan Machinery, Inc.		29,120		356,138
Veritiv Corporation		25,243		1,060,206
W.W. Grainger, Inc.		528		110,880
Watsco, Inc.		119		14,640
WESCO International, Inc.		2,164		105,884
				5,793,499
Transportation Infrastructure - 0.0% (a)
Aegean Marine Petroleum Network, Inc.		4,634		36,145
Information Technology - 10.4%
Communications Equipment - 0.7%
ADTRAN, Inc.		33,163		515,021
Alliance Fiber Optic Products, Inc.		475		6,465
Applied Optoelectronics, Inc.		2,446		50,437
Arista Networks, Inc.		1,829		117,989
Black Box Corporation		1,333		16,276
CalAmp Corporation		793		15,035
F5 Networks, Inc.		571		62,924
Motorola Solutions, Inc.		1,388		97,118
MRV Communications, Inc.		8,992		111,950
Novatel Wireless, Inc.		741,086		1,593,335
Numerex Corporation - Class A		15,783		127,211
ORBCOMM, Inc.		10,678		63,427
Palo Alto Networks, Inc.		608		97,888
Polycom, Inc.		31,342		431,893
QUALCOMM, Inc.		703		41,772
Radware Ltd.		139		2,073
Ruckus Wireless, Inc.		1,838		20,733
Sierra Wireless, Inc.		8		199
Ubiquiti Networks, Inc.		78,433		2,288,675
				5,660,421
Electronic Equipment, Instruments & Components - 2.4%
AVX Corporation		55,784		753,084
Badger Meter, Inc.		5,168		313,077
Checkpoint Systems, Inc.		17,264		129,135
Clearfield, Inc.		131,751		1,848,467
ClearSign Combustion Corporation		6,727		37,806
Cognex Corporation		1,079		40,570
Control4 Corporation		226,862		1,483,677

59

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Information Technology - 10.4% (Continued)
Electronic Equipment, Instruments & Components - 2.4% (Continued)
Daktronics, Inc.		146,243	$	1,418,557
Dolby Laboratories, Inc. - Class A		4,670		161,909
DTS, Inc.		22,118		658,232
FARO Technologies, Inc.		54,065		1,826,856
Fitbit, Inc. - Class A		8,262		334,941
Identiv, Inc.		11		28
InvenSense, Inc.		38,841		462,985
IPG Photonics Corporation		1,294		106,910
Itron, Inc.		1,733		63,653
Knowles Corporation		98,413		1,639,561
Maxwell Technologies, Inc.		254,787		1,528,722
MicroVision, Inc.		598,444		1,765,410
Multi-Fineline Electronix, Inc.		4,613		85,710
National Instruments Corporation		3,540		107,864
Neonode, Inc.		407,317		1,026,439
Park Electrochemical Corporation		34,031		556,067
Planar Systems, Inc.		44,097		274,724
RealD, Inc.		24,730		251,504
Rogers Corporation		24,004		1,116,666
SuperCom Ltd.		1,028		8,132
Trimble Navigation Ltd.		1,055		24,001
TTM Technologies, Inc.		23,487		171,455
Universal Display Corporation		12,897		442,496
Vishay Precision Group, Inc.		751		8,809
Zebra Technologies Corporation - Class A		779		59,905
				18,707,352
Internet Software & Services - 2.4%
Aerohive Networks, Inc.		24,315		163,883
Alarm.com Holdings, Inc.		3,033		38,367
Amber Road, Inc.		23,862		95,925
Angie's List, Inc.		232,598		1,797,983
Apigee Corporation		18,015		173,845
Bazaarvoice, Inc.		100,651		445,884
Benefitfocus, Inc.		35,207		1,125,216
Brightcove, Inc.		14,087		87,339
Care.com, Inc.		202,681		1,218,113
Chegg, Inc.		9,735		67,171
Cimpress N.V.		15,774		1,244,569
Cyren Ltd.		421		846
Demandware, Inc.		693		39,293
eGain Corporation		3,233		14,807
Envestnet, Inc.		906		27,053
Five9, Inc.		3,841		16,632
Gogo, Inc.		15,361		217,051
GrubHub, Inc.		55,479		1,330,386
Hortonworks, Inc.		56,254		1,094,703
Internap Network Services Corporation		58,207		393,479
LendingClub Corporation		10,416		147,699
Limelight Networks, Inc.		28,359		57,852
Marchex, Inc. - Class B		6,132		26,490
Marketo, Inc.		547		16,098

60

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Information Technology - 10.4% (Continued)
Internet Software & Services - 2.4% (Continued)
MINDBODY, Inc. - Class A		2,171	$	33,954
Opower, Inc.		174,272		1,681,725
Piksel, Inc. - Series A-2 (b)		346,880		0
Q2 Holdings, Inc.		550		13,557
Quotient Technology, Inc.		351,561		1,947,648
Rocket Fuel, Inc.		31,020		142,692
Shopify, Inc. - Class A		6		193
Shutterstock, Inc.		2,930		83,446
Stamps.com, Inc.		108		8,166
Textura Corporation		31,355		920,583
TrueCar, Inc.		387,431		2,378,826
Tucows, Inc. - Class A		923		24,949
Twitter, Inc.		2,899		82,506
United Online, Inc.		17,089		199,600
VeriSign, Inc.		300		24,180
WebMD Health Corporation		2,703		109,904
Xoom Corporation		16,702		416,548
Yahoo, Inc.		1,788		63,689
Yelp, Inc.		34,863		775,702
Zillow Group, Inc. - Class A		2,565		79,028
Zillow Group, Inc. - Class C		4,432		122,722
				18,950,302
IT Services - 0.3%
Acxiom Corporation		1,774		39,241
Automatic Data Processing, Inc.		1,051		91,426
Booz Allen Hamilton Holding Corporation		131		3,859
Cardtronics, Inc.		4,317		148,936
Cass Information Systems, Inc.		175		9,128
Convergys Corporation		21,119		542,125
CSG Systems International, Inc.		4,742		158,952
Datalink Corporation		27,496		200,721
Fiserv, Inc.		1,103		106,451
FleetCor Technologies, Inc.		467		67,650
InterCloud Systems, Inc.		35,692		54,966
Mattersight Corporation		11,609		83,701
MoneyGram International, Inc.		18,700		189,057
Paychex, Inc.		2,685		138,492
Science Applications International Corporation		12		550
Teradata Corporation		2,393		67,267
Total System Services, Inc.		503		26,382
Unisys Corporation		38,622		517,535
Visa, Inc. - Class A		696		53,996
Western Union Company (The)		2,899		55,806
WEX, Inc.		1,333		119,850
				2,676,091
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc.		602,661		1,277,641
Alpha & Omega Semiconductor Ltd.		4,057		36,026
Altera Corporation		1,189		62,482
Ambarella, Inc.		20,922		1,034,384
Applied Micro Circuits Corporation		6,130		39,722

61

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Information Technology - 10.4% (Continued)
Semiconductors & Semiconductor Equipment - 1.8% (Continued)
Atmel Corporation		5,272	$	40,067
Camtek Ltd.		5,278		12,826
Canadian Solar, Inc.		4,721		103,059
CEVA, Inc.		23,190		541,950
Cirrus Logic, Inc.		21,848		673,574
Cohu, Inc.		13,975		175,945
Cree, Inc.		1,492		37,583
Cypress Semiconductor Corporation		16,911		178,242
Diodes, Inc.		544		12,458
DSP Group, Inc.		2,220		22,422
Fairchild Semiconductor International, Inc.		49,214		820,889
Integrated Silicon Solution, Inc.		51,939		1,167,589
Intel Corporation		3,933		133,171
Kopin Corporation		49,246		131,487
Lattice Semiconductor Corporation		382,229		1,750,609
Linear Technology Corporation		887		39,401
Microchip Technology, Inc.		292		14,101
PMC-Sierra, Inc.		102,379		1,220,358
Rambus, Inc.		80,883		834,713
Rubicon Technology, Inc.		4,756		5,232
Skyworks Solutions, Inc.		1,458		112,616
SunEdison, Inc.		349,091		2,548,364
SunPower Corporation		14,494		389,019
Veeco Instruments, Inc.		28,904		520,850
				13,936,780
Software - 2.2%
Activision Blizzard, Inc.		3,485		121,139
American Software, Inc. - Class A		2,455		25,115
Aspen Technology, Inc.		5,894		243,953
Bottomline Technologies, Inc.		3,056		84,590
Box, Inc. - Class A		112,319		1,401,741
BroadSoft, Inc.		1,632		52,175
CommVault Systems, Inc.		10,146		411,116
Covisint Corporation		37,006		78,083
CyberArk Software Ltd.		2,537		125,937
Digimarc Corporation		25,673		576,616
Digital Turbine, Inc.		32,637		54,177
FactSet Research Systems, Inc.		183		32,047
Fleetmatics Group plc		697		38,795
Fortinet, Inc.		804		27,625
Globant S.A.		40,384		1,396,075
Glu Mobile, Inc.		17,948		73,946
Infoblox, Inc.		465		7,584
Interactive Intelligence Group, Inc.		2,631		85,087
Intuit, Inc.		1,071		104,347
Jive Software, Inc.		248,545		1,210,414
King Digital Entertainment plc		8,204		122,732
Microsoft Corporation		344		18,108
Mitek Systems, Inc.		6,954		22,740
MobileIron, Inc.		542,406		2,093,687
NetSuite, Inc.		364		30,965

62

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Information Technology - 10.4% (Continued)
Software - 2.2% (Continued)
NQ Mobile, Inc. - ADR		21,102	$	81,454
Park City Group, Inc.		50,140		584,131
Paycom Software, Inc.		15,446		587,102
PROS Holdings, Inc.		5,101		122,526
SeaChange International, Inc.		50,879		329,187
ServiceNow, Inc.		150		12,247
SolarWinds, Inc.		738		42,826
Solera Holdings, Inc.		232		12,681
Sphere 3D Corporation		14,582		38,642
Splunk, Inc.		733		41,165
Synchronoss Technologies, Inc.		1,053		37,045
Tableau Software, Inc. - Class A		624		52,391
TeleNav, Inc.		32,041		230,695
TubeMogul, Inc.		44,084		526,804
Ultimate Software Group, Inc. (The)		333		68,049
Varonis Systems, Inc.		70,834		1,131,219
VASCO Data Security International, Inc.		127,206		2,418,186
VirnetX Holding Corporation		495,311		1,882,182
VMware, Inc. - Class A		697		41,925
Voltari Corporation		7,613		45,678
Workday, Inc. - Class A		1,121		88,525
Workiva, Inc.		17,021		282,208
				17,095,662
Technology Hardware, Storage & Peripherals - 0.6%
3D Systems Corporation		186,404		1,875,224
Avid Technology, Inc.		13,390		113,146
Hutchinson Technology, Inc.		635		1,111
Immersion Corporation		382		4,958
Logitech International, S.A.		1,171		17,284
NetApp, Inc.		699		23,766
Pure Storage, Inc. - Class A		11,080		195,340
SanDisk Corporation		2,152		165,704
Silicon Graphics International Corporation		83,339		364,191
Stratasys Ltd.		72,185		1,840,718
Super Micro Computer, Inc.		3,252		91,739
Violin Memory, Inc.		175,218		282,101
				4,975,282
Materials - 3.5%
Chemicals - 1.4%
A. Schulman, Inc.		10,338		371,031
Albemarle Corporation		1,907		102,063
American Vanguard Corporation		21,474		287,966
Balchem Corporation		9,050		618,115
BioAmber, Inc.		9,002		67,245
Calgon Carbon Corporation		54,719		941,167
Celanese Corporation - Series A		379		26,928
Chemours Company (The)		24,976		173,084
China Green Agriculture, Inc.		7,320		12,444
Clean Diesel Technologies, Inc.		43,959		79,126
Core Molding Technologies, Inc.		30,251		606,230
Cytec Industries, Inc.		2,403		178,831

63

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Materials - 3.5% (Continued)
Chemicals - 1.4% (Continued)
Dow Chemical Company (The)		545	$	28,160
E.I. du Pont de Nemours and Company		1,764		111,838
Flotek Industries, Inc.		137,296		2,485,058
H.B. Fuller Company		12,141		461,237
Hawkins, Inc.		1,174		48,650
Huntsman Corporation		748		9,851
Innospec, Inc.		57		3,149
Intrepid Potash, Inc.		279,577		1,079,167
Israel Chemicals Ltd.		35,778		198,210
Kronos Worldwide, Inc.		4,792		37,857
NewMarket Corporation		149		58,667
Platform Specialty Products Corporation		39,382		411,148
Praxair, Inc.		147		16,330
Senomyx, Inc.		234,624		1,161,389
Tantech Holdings Ltd.		20,287		63,092
Trinseo S.A.		1,286		41,731
Tronox Ltd. - Class A		108,582		674,294
Valhi, Inc.		6,061		14,971
Valspar Corporation (The)		831		67,269
Westlake Chemical Corporation		707		42,611
				10,478,909
Construction Materials - 0.1%
US Concrete, Inc.		11,761		652,265
Vulcan Materials Company		255		24,628
				676,893
Containers & Packaging - 0.2%
Ball Corporation		1,037		71,034
Myers Industries, Inc.		97,689		1,524,925
Packaging Corporation of America		1,576		107,877
Sealed Air Corporation		1,867		91,707
Sonoco Products Company		595		25,401
UFP Technologies, Inc.		592		14,510
				1,835,454
Metals & Mining - 1.3%
B2Gold Corporation		10,458		11,190
Century Aluminum Company		115,332		417,502
Cliffs Natural Resources, Inc.		667,196		1,841,461
Compass Minerals International, Inc.		9,334		758,294
Eldorado Gold Corporation		5,396		18,886
Energy Fuels, Inc.		15,724		42,769
Freeport-McMoRan Copper & Gold, Inc.		9,022		106,189
Gold Resource Corporation		304,999		792,997
Hecla Mining Company		216,568		448,296
Horsehead Holding Corporation		871,888		2,476,162
HudBay Minerals, Inc.		35,245		183,626
IAMGOLD Corporation		39,024		70,243
NN, Inc.		37,264		514,243
NovaGold Resources, Inc.		14,079		50,966
Primero Mining Corporation		68,326		156,467
Real Industry, Inc.		1,481		14,070
Southern Copper Corporation		5,523		153,319

64

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Materials - 3.5% (Continued)
Metals & Mining - 1.3% (Continued)
Stillwater Mining Company		58,023	$	541,935
SunCoke Energy, Inc.		11,818		58,617
Tahoe Resources, Inc.		108,083		902,493
TimkenSteel Corporation		27,290		290,366
Turquoise Hill Resources Ltd.		4,454		12,115
United States Steel Corporation		45,535		531,849
Yamana Gold, Inc. - ADR		37,692		82,545
				10,476,600
Paper & Forest Products - 0.5%
Deltic Timber Corporation		28,747		1,781,164
KapStone Paper and Packaging Corporation		15,020		326,685
Louisiana-Pacific Corporation		5,880		103,841
Wausau Paper Corporation		181,761		1,855,780
				4,067,470
Telecommunication Services - 0.9%
Diversified Telecommunication Services - 0.6%
Cogent Communications Holdings, Inc.		42,499		1,305,569
Consolidated Communications Holdings, Inc.		39,700		877,370
Frontier Communications Corporation		25,361		130,356
Globalstar, Inc.		683,875		1,230,975
IDT Corporation - Class B		27,631		357,821
inContact, Inc.		62,063		552,361
Pacific DataVision, Inc.		3,136		87,871
Premiere Global Services, Inc.		31,403		429,593
Windstream Holdings, Inc.		39,194		255,153
Zayo Group Holdings, Inc.		1,267		33,613
				5,260,682
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc.		2,757		19,354
NTELOS Holdings Corporation		188,228		1,729,815
RingCentral, Inc. - Class A		17,056		315,536
Sprint Corporation		36,291		171,657
T-Mobile US, Inc.		1,661		62,935
				2,299,297
Utilities - 0.6%
Electric Utilities - 0.1%
El Paso Electric Company		336		12,993
Genie Energy Ltd. - Class B		3,736		42,366
Great Plains Energy, Inc.		1,716		47,190
Hawaiian Electric Industries, Inc.		146		4,272
ITC Holdings Corporation		1,640		53,661
Pepco Holdings, Inc.		615		16,377
Pinnacle West Capital Corporation		490		31,120
PPL Corporation		304		10,458
Southern Company		1,487		67,064
Westar Energy, Inc.		1,879		74,596
Xcel Energy, Inc.		433		15,428
				375,525
Gas Utilities - 0.2%
AGL Resources, Inc.		422		26,375
Laclede Group, Inc. (The)		2,451		143,555

65

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 69.6% (Continued)	Shares		Value
Utilities - 0.6% (Continued)
Gas Utilities - 0.2% (Continued)
New Jersey Resources Corporation		508	$	16,093
Northwest Natural Gas Company		26,089		1,246,272
Piedmont Natural Gas Company, Inc.		400		22,924
Questar Corporation		2,677		55,280
				1,510,499
Independent Power and Renewable Electricity Producers - 0.2%
8point3 Energy Partners, L.P.		4,722		63,558
Abengoa Yield plc		48,077		890,867
NRG Yield, Inc. - Class A		2,241		30,769
NRG Yield, Inc. - Class C		2,258		32,605
Ormat Technologies, Inc.		1,065		40,172
Pattern Energy Group, Inc.		1,807		42,266
TerraForm Power, Inc. - Class A		25,617		467,510
TransAlta Corporation		6,078		28,202
Vivint Solar, Inc.		13,737		162,509
				1,758,458
Multi-Utilities - 0.1%
Ameren Corporation		651		28,436
Consolidated Edison, Inc.		934		61,411
NorthWestern Corporation		5,565		301,567
OGE Energy Corporation		740		21,097
Public Service Enterprise Group, Inc.		424		17,507
SCANA Corporation		1,082		64,076
Vectren Corporation		1,490		67,750
WEC Energy Group, Inc.		2,174		112,092
				673,936
Water Utilities - 0.0% (a)
Aqua America, Inc.		396		11,326
Cadiz, Inc.		30,687		104,949
SJW Corporation		3,176		100,774
				217,049
Total Common Stocks (Proceeds $633,068,434)			$	546,507,164

INVESTMENT COMPANIES - 0.0% (a)	Shares		Value
Firsthand Technology Value Fund, Inc.  (Proceeds $15,333)		1,080	$	9,050

66

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

WARRANTS - 0.0% (a)	Shares		Value
Central European Media Enterprises Ltd. (b)		115,647	$	133,572
Magnum Hunter Resources Corporation (b)		15,689		0
Sears Holdings Corporation		36		571
Total Warrants (Proceeds $551,327)			$	134,143
Total Securities Sold Short - 69.6% (Proceeds $633,635,094)			$	546,650,357

ADR - American Depositary Receipt.

(a)	Percentage rounds to less than 0.1%.
(b)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees.  The total value of such securities is $(133,572) at October 31, 2015, representing 0.0% (a) of net assets (Note 2).

See accompanying notes to financial statements.

67

TFS MARKET NEUTRAL FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

October 31, 2015

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/18/2015		604	$	10,056,600	$	50,931
E-Mini S&P 500 Future	12/18/2015		470		48,645,000		(1,072,279	)
Total Futures Contracts Sold Short				$	58,701,600	$	(1,021,348	)

See accompanying notes to financial statements.

68

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

October 31, 2015

COMMON STOCKS - 99.5%	Shares		Value
Consumer Discretionary - 16.5%
Auto Components - 2.0%
American Axle & Manufacturing Holdings, Inc. (a)		17,370	$	384,919
Cooper-Standard Holdings, Inc. (a)		4,835		314,468
Dana Holding Corporation		12,865		216,132
Metaldyne Performance Group, Inc.		8,029		175,193
Remy International, Inc.		3,569		105,250
Standard Motor Products, Inc.		5,772		255,411
Tower International, Inc. (a)		18,289		502,399
				1,953,772
Automobiles - 0.1%
Thor Industries, Inc.		2,333		126,169
Distributors - 0.0% (b)
Stock Building Supply Holdings, Inc. (a)		844		14,584
Diversified Consumer Services - 0.9%
Capella Education Company		2,396		108,179
Career Education Corporation (a)		1,862		6,722
Houghton Mifflin Harcourt Company (a)		2,881		56,439
K12, Inc. (a)		27,823		270,161
Liberty Tax, Inc.		4,757		109,839
Regis Corporation (a)		590		9,747
Steiner Leisure Ltd. (a)		4,668		295,765
				856,852
Hotels, Restaurants & Leisure - 3.5%
Belmond Ltd. - Class A (a)		19,313		207,422
Boyd Gaming Corporation (a)		17,356		346,946
Bravo Brio Restaurant Group, Inc. (a)		1,058		12,421
Caesars Acquisition Company - Class A (a)		19,778		144,775
Caesars Entertainment Corporation (a)		46,935		377,827
Carrols Restaurant Group, Inc. (a)		24,094		283,345
Churchill Downs, Inc.		993		145,802
Dave & Buster's Entertainment, Inc. (a)		198		7,639
Del Frisco's Restaurant Group, Inc. (a)		5,442		73,304
Denny's Corporation (a)		10,861		119,036
Diamond Resorts International, Inc. (a)		1,831		52,074
Eldorado Resorts, Inc. (a)		30,403		300,990
International Speedway Corporation - Class A		2,664		92,414
Intrawest Resorts Holdings, Inc. (a)		14,708		131,784
Isle of Capri Casinos, Inc. (a)		13,317		254,754
Jack in the Box, Inc.		1,492		111,199
Krispy Kreme Doughnuts, Inc. (a)		7,688		105,249
Marcus Corporation		11,548		238,928
Monarch Casino & Resort, Inc. (a)		8,242		180,829
Penn National Gaming, Inc. (a)		13,351		238,449
Speedway Motorsports, Inc.		53		979
				3,426,166
Household Durables - 1.8%
Bassett Furniture Industries, Inc.		2,468		78,877
Beazer Homes USA, Inc. (a)		142		2,022
Ethan Allen Interiors, Inc.		306		8,326

69

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Consumer Discretionary - 16.5% (Continued)
Household Durables - 1.8% (Continued)
Flexsteel Industries, Inc.		4,488	$	195,183
Green Brick Partners, Inc. (a)		3,334		35,174
Helen of Troy Ltd. (a)		1,916		190,086
Installed Building Products, Inc. (a)		6,078		134,628
KB Home		22,451		294,108
La-Z-Boy, Inc.		10,921		311,795
Libbey, Inc.		3,233		108,758
M/I Homes, Inc. (a)		1,265		29,032
Taylor Morrison Home Corporation - Class A (a)		8,162		150,426
WCI Communities, Inc. (a)		11,309		270,172
				1,808,587
Internet & Catalog Retail - 0.8%
FTD Companies, Inc. (a)		4,806		136,106
Liberty TripAdvisor Holdings, Inc. - Series A (a)		15,534		484,505
Travelport Worldwide Ltd.		11,502		155,852
				776,463
Leisure Products - 0.4%
Callaway Golf Company		20,203		201,020
Malibu Boats, Inc. - Class A (a)		8,072		114,703
Vista Outdoor, Inc. (a)		2,445		109,340
				425,063
Media - 1.9%
AMC Entertainment Holdings, Inc. - Class A		8,331		228,019
Cable One, Inc. (a)		13		5,635
Carmike Cinemas, Inc. (a)		9,772		250,261
Clear Channel Outdoor Holdings, Inc. - Class A (a)		13,222		98,901
Entercom Communications Corporation - Class A (a)		5,852		64,606
Global Sources Ltd. (a)		3,520		31,504
Gray Television, Inc. (a)		23,773		377,753
Harte-Hanks, Inc.		2,765		11,751
John Wiley & Sons, Inc. - Class A		101		5,285
Journal Media Group, Inc.		16,819		205,865
Martha Stewart Living Omnimedia, Inc. - Class A (a)		12,701		76,714
National CineMedia, Inc.		9,471		134,488
Reading International, Inc. - Class A (a)		21,748		337,094
Time, Inc.		998		18,543
				1,846,419
Multiline Retail - 0.1%
Fred's, Inc. - Class A		3,523		48,723
Specialty Retail - 3.5%
Asbury Automotive Group, Inc. (a)		2,070		163,944
Ascena Retail Group, Inc. (a)		9,417		125,434
Barnes & Noble, Inc.		23,810		309,292
Caleres, Inc.		15,341		468,821
Chico's FAS, Inc.		1,214		16,777
Children's Place, Inc. (The)		3,812		204,590
Citi Trends, Inc.		2,821		74,954
CST Brands, Inc.		3,557		127,803
Express, Inc. (a)		520		10,036
GNC Holdings, Inc. - Class A		2,833		84,282

70

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Consumer Discretionary - 16.5% (Continued)
Specialty Retail - 3.5% (Continued)
Group 1 Automotive, Inc.		2,901	$	252,242
MarineMax, Inc. (a)		19,104		301,843
Men's Wearhouse, Inc. (The)		215		8,596
Murphy USA, Inc. (a)		3,078		188,897
Outerwall, Inc.		303		18,180
Pep Boys - Manny, Moe & Jack (The) (a)		28,358		426,504
Sears Hometown and Outlet Stores, Inc. (a)		8,488		68,244
Shoe Carnival, Inc.		3,872		87,004
Sportsman's Warehouse Holdings, Inc. (a)		10,202		109,774
Stage Stores, Inc.		33,489		325,848
Vitamin Shoppe, Inc. (a)		479		13,742
West Marine, Inc. (a)		8,033		81,776
				3,468,583
Textiles, Apparel & Luxury Goods - 1.5%
Culp, Inc.		6,041		181,290
Delta Apparel, Inc. (a)		3,445		56,601
Iconix Brand Group, Inc. (a)		1,147		17,572
Movado Group, Inc.		6,417		165,174
Oxford Industries, Inc.		7,856		572,074
Perry Ellis International, Inc. (a)		20,810		446,791
				1,439,502
Consumer Staples - 4.6%
Beverages - 0.5%
National Beverage Corporation (a)		6,896		259,565
Primo Water Corporation (a)		25,610		225,368
				484,933
Food & Staples Retailing - 1.1%
Andersons, Inc. (The)		4,968		175,867
Ingles Markets, Inc. - Class A		2,505		125,100
Roundy's, Inc. (a)		15,108		32,482
SpartanNash Company		17,191		479,629
SUPERVALU, Inc. (a)		16,408		107,801
Weis Markets, Inc.		4,903		201,709
				1,122,588
Food Products - 1.8%
Calavo Growers, Inc.		3,504		180,141
Dean Foods Company		30,673		555,488
Fresh Del Monte Produce, Inc.		5,494		250,691
J & J Snack Foods Corporation		2,052		251,965
John B. Sanfilippo & Son, Inc.		1,992		128,922
Seneca Foods Corporation - Class A (a)		9,432		275,226
Snyder's-Lance, Inc.		4,159		147,811
				1,790,244
Household Products - 0.5%
Central Garden & Pet Company - Class A (a)		26,503		447,371
Personal Products - 0.7%
Avon Products, Inc.		56,534		227,832
Medifast, Inc. (a)		4,036		112,887
Natural Health Trends Corporation		819		40,344

71

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Consumer Staples - 4.6% (Continued)
Personal Products - 0.7% (Continued)
Nutraceutical International Corporation (a)		12,947	$	317,201
				698,264
Energy - 5.0%
Energy Equipment & Services - 1.2%
Aspen Aerogels, Inc. (a)		10,078		84,353
Dril-Quip, Inc. (a)		156		9,603
Era Group, Inc. (a)		529		7,359
Fairmount Santrol Holdings, Inc. (a)		40,772		108,861
Gulf Island Fabrication, Inc.		7,848		79,343
Matrix Service Company (a)		1,267		28,761
Parker Drilling Company (a)		67,800		193,908
RPC, Inc.		11,065		122,047
Superior Energy Services, Inc.		20,344		288,071
TETRA Technologies, Inc. (a)		45,295		305,288
				1,227,594
Oil, Gas & Consumable Fuels - 3.8%
Alon USA Energy, Inc.		10,284		172,257
Ardmore Shipping Corporation		11,831		169,775
Bill Barrett Corporation (a)		26,775		130,394
Callon Petroleum Company (a)		15,387		133,559
Carrizo Oil & Gas, Inc. (a)		712		26,793
Denbury Resources, Inc.		30,288		107,220
EP Energy Corporation - Class A (a)		1,851		10,199
Navios Maritime Acquisition Corporation		44,093		157,853
Pacific Ethanol, Inc. (a)		16,967		101,972
Panhandle Oil & Gas, Inc. - Class A		48		882
Par Petroleum Corporation (a)		12,758		290,882
PBF Energy, Inc. - Class A		6,206		211,004
QEP Resources, Inc.		15,675		242,335
Scorpio Tankers, Inc.		36,725		334,932
SemGroup Corporation - Class A		4,239		193,086
SM Energy Company		1,299		43,322
Targa Resources Corporation		58		3,315
Teekay Corporation		12,250		393,593
Teekay Tankers Ltd. - Class A		51,949		396,890
Westmoreland Coal Company (a)		27,217		194,874
World Fuel Services Corporation		7,170		318,778
WPX Energy, Inc. (a)		13,666		93,749
				3,727,664
Financials - 15.8%
Banks - 3.7%
Banner Corporation		2,072		101,673
Capital Bank Financial Corporation - Class A		2,162		69,833
CenterState Banks, Inc.		3,119		45,475
Chemical Financial Corporation		11,047		374,825
CoBiz Financial, Inc.		6,556		81,688
Enterprise Financial Services Corporation		4,002		113,497
First BanCorp (Puerto Rico) (a)		11,303		42,838
First Community Bancshares, Inc.		511		9,827
First Connecticut Bancorp, Inc.		714		12,409
First Financial Corporation		2,271		77,827

72

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Banks - 3.7% (Continued)
First Foundation, Inc. (a)		6,810	$	161,737
First Horizon National Corporation		1		3
First Interstate BancSystem, Inc. - Class A		1,753		49,715
First Midwest Bancorp, Inc.		7,755		138,194
First NBC Bank Holding Company (a)		2,077		77,244
Franklin Financial Network, Inc. (a)		2,808		75,282
Great Southern Bancorp, Inc.		672		32,478
Great Western Bancorp, Inc.		4,080		115,301
Green Bancorp, Inc. (a)		1,794		21,976
Guaranty Bancorp		5,790		95,419
Hanmi Financial Corporation		7,790		198,645
Hilltop Holdings, Inc. (a)		8,242		172,835
Horizon Bancorp		1,733		45,231
Independent Bank Corporation (Michigan)		7,395		107,080
Independent Bank Group, Inc.		626		24,383
MainSource Financial Group, Inc.		4,141		89,611
Mercantile Bank Corporation		2,961		65,320
Metro Bancorp, Inc.		3,587		111,125
NewBridge Bancorp		10,369		117,273
Opus Bank		2,322		86,495
Preferred Bank		3,416		113,104
Republic Bancorp, Inc. - Class A		159		4,043
Seacoast Banking Corporation of Florida (a)		7,073		109,490
ServisFirst Bancshares, Inc.		336		14,240
Suffolk Bancorp		6,771		202,385
TCF Financial Corporation		15,027		231,266
Union Bankshares Corporation		5,077		127,179
United Community Banks, Inc.		3,387		68,282
United Community Financial Corporation		10,587		58,017
Yadkin Financial Corporation		719		16,932
				3,660,177
Capital Markets - 0.5%
CorEnergy Infrastructure Trust, Inc.		13,939		71,228
Evercore Partners, Inc. - Class A		1,142		61,668
Janus Capital Group, Inc.		8,289		128,728
NorthStar Asset Management Group, Inc.		6,745		98,680
Westwood Holdings Group, Inc.		1,887		109,635
				469,939
Consumer Finance - 0.3%
Nelnet, Inc. - Class A		4,473		160,044
Regional Management Corporation (a)		7,698		125,554
				285,598
Diversified Financial Services - 0.3%
Consumer Portfolio Services, Inc. (a)		7,249		39,289
Gain Capital Holdings, Inc.		851		6,340
Marlin Business Services Corporation		6,907		121,978
PHH Corporation (a)		6,393		93,977
				261,584
Insurance - 3.2%
American National Insurance Company		1,620		167,314
AMERISAFE, Inc.		3,710		203,048

73

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Insurance - 3.2% (Continued)
Argo Group International Holdings Ltd.		3,941	$	246,391
Aspen Insurance Holdings Ltd.		2,178		105,873
Atlas Financial Holdings, Inc. (a)		5,564		105,827
EMC Insurance Group, Inc.		5,307		132,675
Employers Holdings, Inc.		4,451		117,818
FBL Financial Group, Inc. - Class A		1,692		106,427
Federated National Holding Company		3,406		104,854
Fidelity & Guaranty Life		3,957		105,652
Heritage Insurance Holdings, Inc. (a)		4,380		96,886
Infinity Property & Casualty Corporation		1,335		107,494
James River Group Holdings Ltd.		9,463		278,496
Kansas City Life Insurance Company		2,533		124,193
Maiden Holdings Ltd.		9,882		153,665
National General Holdings Corporation		7,186		141,636
Navigators Group, Inc. (The) (a)		541		46,174
Patriot National, Inc. (a)		691		8,776
ProAssurance Corporation		2,819		149,294
Selective Insurance Group, Inc.		8,705		317,645
Stewart Information Services Corporation		2,619		105,205
Third Point Reinsurance Ltd. (a)		533		7,286
United Fire Group, Inc.		4,084		151,884
United Insurance Holdings Corporation		3,436		56,763
				3,141,276
Real Estate Investment Trusts (REIT) - 5.6%
Agree Realty Corporation		3,881		125,667
Alexander's, Inc.		25		9,872
Alexandria Real Estate Equities, Inc.		1,022		91,714
Bluerock Residential Growth REIT, Inc.		16,512		193,521
Boston Properties, Inc.		153		19,255
Brandywine Realty Trust		11,977		161,689
Brixmor Property Group, Inc.		3,911		100,200
Camden Property Trust		526		38,814
Campus Crest Communities, Inc.		24,539		162,694
CareTrust REIT, Inc.		9,806		111,004
CBL & Associates Properties, Inc.		300		4,374
Cedar Realty Trust, Inc.		4,239		29,631
Chambers Street Properties		21,199		150,089
City Office REIT, Inc.		2,801		32,183
Corporate Office Properties Trust		5,374		123,602
Crown Castle International Corporation		194		16,579
CyrusOne, Inc.		2,125		74,970
DCT Industrial Trust, Inc.		2,624		97,403
DDR Corporation		3,420		57,456
DuPont Fabros Technology, Inc.		2,545		81,669
EastGroup Properties, Inc.		1,427		80,140
Empire State Realty Trust, Inc. - Class A		11,952		212,985
EPR Properties		591		33,575
Equity Commonwealth (a)		11		316
Equity One, Inc.		23		611
Essex Property Trust, Inc.		76		16,753
First Potomac Realty Trust		12,327		145,335

74

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Real Estate Investment Trusts (REIT) - 5.6% (Continued)
Gaming and Leisure Properties, Inc.		890	$	25,961
Geo Group, Inc. (The)		709		22,879
Getty Realty Corporation		4,427		74,728
Gladstone Land Corporation		1,319		12,135
Global Net Lease, Inc.		6,235		57,237
Highwoods Properties, Inc.		1,117		48,534
Hudson Pacific Properties, Inc.		6,375		182,134
Inland Real Estate Corporation		8,175		72,349
Iron Mountain, Inc.		3,034		92,962
Kilroy Realty Corporation		1,312		86,382
Kite Realty Group Trust		1,293		34,148
Lamar Advertising Company - Class A		2,131		120,252
Lexington Realty Trust		7,365		65,107
LTC Properties, Inc.		3		129
Mack-Cali Realty Corporation		3,232		70,328
Medical Properties Trust, Inc.		8,024		90,671
Mid-America Apartment Communities, Inc.		428		36,461
Monmouth Real Estate Investment Corporation		541		5,632
National Health Investors, Inc.		916		53,806
New Senior Investment Group, Inc.		16,946		169,799
One Liberty Properties, Inc.		1,834		43,209
Outfront Media, Inc.		7,454		175,989
Piedmont Office Realty Trust, Inc. - Class A		9,372		181,629
Ramco-Gershenson Properties Trust		4,727		79,414
Retail Properties of America, Inc. - Class A		10,429		156,122
Rouse Properties, Inc.		5,623		98,909
Sabra Health Care REIT, Inc.		7,599		172,345
Select Income REIT		9,683		195,597
Silver Bay Realty Trust Corporation		4,083		66,145
Spirit Realty Capital, Inc.		12,126		123,443
Terreno Realty Corporation		780		17,456
UMH Properties, Inc.		17,850		176,536
Universal Health Realty Income Trust		15		745
Urstadt Biddle Properties, Inc. - Class A		9,591		192,779
Ventas, Inc.		1,531		82,245
VEREIT, Inc.		16,237		134,118
Whitestone REIT		6,113		75,557
WP GLIMCHER, Inc.		2,284		26,540
				5,492,513
Thrifts & Mortgage Finance - 2.2%
Bank Mutual Corporation		14,923		108,042
Beneficial Bancorp, Inc. (a)		17,269		239,521
Berkshire Hills Bancorp, Inc.		3,619		103,503
Brookline Bancorp, Inc.		17,172		194,902
Dime Community Bancshares, Inc.		13,768		238,875
Essent Group Ltd. (a)		12,776		307,902
EverBank Financial Corporation		6,984		120,544
First Defiance Financial Corporation		1,024		39,219
Flagstar Bancorp, Inc. (a)		3,625		80,620
Home Bancorp, Inc.		310		7,868
LendingTree, Inc. (a)		458		55,583

75

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Thrifts & Mortgage Finance - 2.2% (Continued)
Meta Financial Group, Inc.		524	$	22,574
NMI Holdings, Inc. - Class A (a)		14,139		106,325
OceanFirst Financial Corporation		2,075		38,304
Ocwen Financial Corporation (a)		4,324		30,225
PennyMac Financial Services, Inc. - Class A (a)		6,573		108,717
Provident Financial Services, Inc.		4,887		99,304
Territorial Bancorp, Inc.		2,603		72,572
Walker & Dunlop, Inc. (a)		4,104		119,057
Washington Federal, Inc.		4,508		112,430
WSFS Financial Corporation		4		127
				2,206,214
Health Care - 17.0%
Biotechnology - 4.6%
AMAG Pharmaceuticals, Inc. (a)		143		5,720
Applied Genetic Technologies Corporation (a)		23,171		278,052
Ardelyx, Inc. (a)		2,807		45,979
Arena Pharmaceuticals, Inc. (a)		3,765		7,116
Ariad Pharmaceuticals, Inc. (a)		1,027		7,025
Bellicum Pharmaceuticals, Inc. (a)		9,439		118,082
BioSpecifics Technologies Corporation (a)		6,148		359,105
Cara Therapeutics, Inc. (a)		14,435		204,544
Coherus Biosciences, Inc. (a)		3,893		108,420
Concert Pharmaceuticals, Inc. (a)		22,471		510,316
Cytokinetics, Inc. (a)		19,519		168,059
Emergent BioSolutions, Inc. (a)		12,646		406,569
FibroGen, Inc. (a)		1,740		40,559
Harvard Apparatus Regenerative Technology, Inc. (a)		1		0
Ignyta, Inc. (a)		1,628		16,671
ImmunoGen, Inc. (a)		810		9,477
Invitae Corporation (a)		16,046		122,270
Ironwood Pharmaceuticals, Inc. (a)		9,692		110,101
Merrimack Pharmaceuticals, Inc. (a)		2,361		22,052
Mirati Therapeutics, Inc. (a)		1,160		41,041
Momenta Pharmaceuticals, Inc. (a)		8,918		146,344
Myriad Genetics, Inc. (a)		5		202
NewLink Genetics Corporation (a)		270		10,333
Novavax, Inc. (a)		3,673		24,793
Oncothyreon, Inc. (a)		3,693		10,931
Osiris Therapeutics, Inc.		3,439		58,566
Pfenex, Inc. (a)		54		976
Progenics Pharmaceuticals, Inc. (a)		5,951		43,680
Raptor Pharmaceutical Corporation (a)		14,558		79,341
Rigel Pharmaceuticals, Inc. (a)		110,152		279,786
Sage Therapeutics, Inc. (a)		359		18,032
SciClone Pharmaceuticals, Inc. (a)		44,372		338,115
Sorrento Therapeutics, Inc. (a)		2,215		19,138
Spectrum Pharmaceuticals, Inc. (a)		50,341		262,277
Stemline Therapeutics, Inc. (a)		6,604		58,709
Threshold Pharmaceuticals, Inc. (a)		23,860		90,907
TRACON Pharmaceuticals, Inc. (a)		5,708		59,934
Trevena, Inc. (a)		12,787		123,011

76

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Health Care - 17.0% (Continued)
Biotechnology - 4.6% (Continued)
Vanda Pharmaceuticals, Inc. (a)		26,620	$	285,899
				4,492,132
Health Care Equipment & Supplies - 4.1%
Analogic Corporation		124		10,865
AngioDynamics, Inc. (a)		3,457		43,489
Atrion Corporation		687		253,503
Cantel Medical Corporation		4,014		237,950
CONMED Corporation		213		8,639
CryoLife, Inc.		4,943		52,099
Cutera, Inc. (a)		3,916		53,140
Cynosure, Inc. - Class A (a)		8,357		314,557
Entellus Medical, Inc. (a)		147		2,497
Exactech, Inc. (a)		2,096		35,695
Greatbatch, Inc. (a)		8,033		429,364
ICU Medical, Inc. (a)		1,040		114,369
Integra LifeSciences Holdings Corporation (a)		4,377		260,738
Invacare Corporation		9,528		164,644
iRadimed Corporation (a)		2,369		62,778
LeMaitre Vascular, Inc.		11,768		156,750
Masimo Corporation (a)		2,075		82,336
Merit Medical Systems, Inc. (a)		21,237		393,734
Natus Medical, Inc. (a)		364		16,573
NuVasive, Inc. (a)		1,995		94,084
NxStage Medical, Inc. (a)		15,470		258,504
OraSure Technologies, Inc. (a)		72,054		374,681
Orthofix International N.V. (a)		13,757		468,426
TransEnterix, Inc. (a)		16,825		41,894
Vascular Solutions, Inc. (a)		1,490		47,859
Wright Medical Group N.V. (a)		3,530		68,235
				4,047,403
Health Care Providers & Services - 3.7%
Aceto Corporation		3,712		111,954
Addus HomeCare Corporation (a)		13,611		340,003
Alliance HealthCare Services, Inc. (a)		4,300		36,378
Almost Family, Inc. (a)		1,213		50,194
BioTelemetry, Inc. (a)		12,029		156,617
Chemed Corporation		809		127,248
Civitas Solutions, Inc. (a)		12,879		331,377
CorVel Corporation (a)		7,809		259,259
Cross Country Healthcare, Inc. (a)		8,162		110,187
Ensign Group, Inc. (The)		175		7,378
HMS Holdings Corporation (a)		13,986		147,273
IPC The Hospitalist Company, Inc. (a)		8		628
LHC Group, Inc. (a)		7,791		351,101
Magellan Health, Inc. (a)		3,556		189,890
PharMerica Corporation (a)		4,138		118,223
Premier, Inc. - Class A (a)		13,319		450,315
Providence Service Corporation (The) (a)		2,069		106,864
RadNet, Inc. (a)		26,265		173,612
Select Medical Holdings Corporation		20,678		233,661
Surgical Care Affiliates, Inc. (a)		6,199		183,552

77

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Health Care - 17.0% (Continued)
Health Care Providers & Services - 3.7% (Continued)
Triple-S Management Corporation - Class B (a)		814	$	16,760
U.S. Physical Therapy, Inc.		3,229		158,415
				3,660,889
Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. (a)		34,101		479,460
HealthStream, Inc. (a)		4,615		109,883
MedAssets, Inc. (a)		6,398		151,505
Omnicell, Inc. (a)		3,515		95,608
Simulations Plus, Inc.		531		4,349
Vocera Communications, Inc. (a)		27,624		325,134
				1,165,939
Life Sciences Tools & Services - 1.3%
Affymetrix, Inc. (a)		39,358		362,094
Cambrex Corporation (a)		5,110		234,907
Enzo Biochem, Inc. (a)		55,230		205,456
INC Research Holdings, Inc. - Class A (a)		5,429		226,443
NeoGenomics, Inc. (a)		15,861		111,820
PRA Health Sciences, Inc. (a)		2,238		78,419
				1,219,139
Pharmaceuticals - 2.1%
Akorn, Inc. (a)		3,626		96,959
Dermira, Inc. (a)		6,676		180,185
Heska Corporation (a)		5,423		166,811
Impax Laboratories, Inc. (a)		2,524		87,406
Lannett Company, Inc. (a)		1,113		49,829
Lipocine, Inc. (a)		3,204		38,320
Paratek Pharmaceuticals, Inc.		392		6,805
Phibro Animal Health Corporation - Class A		18,511		617,527
Prestige Brands Holdings, Inc. (a)		10,661		522,496
Revance Therapeutics, Inc. (a)		2,128		83,354
Sucampo Pharmaceuticals, Inc. - Class A (a)		5,481		106,112
Supernus Pharmaceuticals, Inc. (a)		2,531		41,762
ZS Pharma, Inc. (a)		1,001		65,075
				2,062,641
Industrials - 14.5%
Aerospace & Defense - 0.2%
Aerojet Rocketdyne Holdings, Inc. (a)		801		13,569
Cubic Corporation		1,037		46,510
Esterline Technologies Corporation (a)		1,808		139,306
				199,385
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc. (a)		24,953		244,290
Echo Global Logistics, Inc. (a)		436		10,373
Forward Air Corporation		2,911		132,043
Hub Group, Inc. - Class A (a)		6,529		261,029
UTi Worldwide, Inc. (a)		1,641		11,700
				659,435
Airlines - 0.6%
Hawaiian Holdings, Inc. (a)		4,065		141,055
SkyWest, Inc.		26,398		502,618
				643,673

78

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Building Products - 2.4%
Apogee Enterprises, Inc.		4,308	$	213,375
Armstrong World Industries, Inc. (a)		4,141		205,477
Continental Building Products, Inc. (a)		341		5,991
Gibraltar Industries, Inc. (a)		23,197		587,348
Masonite International Corporation (a)		2,638		157,937
NCI Building Systems, Inc. (a)		20,831		217,892
Patrick Industries, Inc. (a)		10,427		423,128
Ply Gem Holdings, Inc. (a)		963		11,383
TopBuild Corporation (a)		3,864		108,694
Universal Forest Products, Inc.		6,500		472,095
				2,403,320
Commercial Services & Supplies - 2.3%
ABM Industries, Inc.		11,041		313,564
Brink's Company (The)		12,678		392,764
Casella Waste Systems, Inc. - Class A (a)		1,754		10,647
Ennis, Inc.		10,516		210,636
Essendant, Inc.		3,096		107,029
G&K Services, Inc. - Class A		1,326		87,277
Herman Miller, Inc.		3,668		116,386
Interface, Inc.		5,507		107,662
McGrath RentCorp		2,008		60,340
SP Plus Corporation (a)		2,874		73,287
Steelcase, Inc. - Class A		19,333		375,254
Tetra Tech, Inc.		10,456		281,266
Viad Corporation		3,446		103,759
				2,239,871
Construction & Engineering - 1.5%
Aegion Corporation (a)		22,792		439,658
Argan, Inc.		879		32,479
EMCOR Group, Inc.		5,013		242,028
KBR, Inc.		7,594		140,033
MasTec, Inc. (a)		15,305		256,665
Northwest Pipe Company (a)		18,810		248,480
Tutor Perini Corporation (a)		4,604		77,255
				1,436,598
Electrical Equipment - 1.3%
Allied Motion Technologies, Inc.		3,071		59,240
Belden, Inc.		5,565		356,327
LSI Industries, Inc.		16,500		177,210
Powell Industries, Inc.		5,683		189,358
PowerSecure International, Inc. (a)		15,312		190,787
Regal-Beloit Corporation		4,261		271,809
				1,244,731
Machinery - 2.6%
Astec Industries, Inc.		3,477		113,002
Barnes Group, Inc.		3,242		121,867
Blount International, Inc. (a)		570		3,460
Briggs & Stratton Corporation		14,249		253,205
Chart Industries, Inc. (a)		8,801		151,289
Crane Company		1,549		81,539
EnPro Industries, Inc.		2,607		128,030

79

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Machinery - 2.6% (Continued)
Global Brass & Copper Holdings, Inc.		15,240	$	342,748
Graham Corporation		450		7,637
John Bean Technologies Corporation		4,469		200,479
Meritor, Inc. (a)		555		6,033
Mueller Industries, Inc.		3,627		114,323
Navistar International Corporation (a)		1,724		21,205
Rexnord Corporation (a)		4,403		81,367
SPX Corporation		22,423		274,682
Standex International Corporation		160		14,355
Tennant Company		184		10,657
Terex Corporation		5,782		115,987
Titan International, Inc.		30,493		216,500
Wabash National Corporation (a)		26,038		311,675
				2,570,040
Marine - 0.5%
Matson, Inc.		10,334		473,607
Navios Maritime Holdings, Inc.		12,527		26,432
				500,039
Professional Services - 1.1%
Barrett Business Services, Inc.		5,965		292,166
CRA International, Inc. (a)		1,717		40,178
GP Strategies Corporation (a)		2,584		64,833
Heidrick & Struggles International, Inc.		963		25,577
Kforce, Inc.		3,904		109,741
Korn/Ferry International		642		23,350
Mistras Group, Inc. (a)		5,852		110,720
Navigant Consulting, Inc. (a)		6,977		120,004
Resources Connection, Inc.		15,056		270,255
				1,056,824
Road & Rail - 0.7%
ArcBest Corporation		2,834		73,401
Covenant Transportation Group, Inc. - Class A (a)		10,251		197,844
PAM Transportation Services, Inc. (a)		2,684		95,846
Roadrunner Transportation Systems, Inc. (a)		6,893		73,341
YRC Worldwide, Inc. (a)		13,915		254,088
				694,520
Trading Companies & Distributors - 0.6%
Applied Industrial Technologies, Inc.		2,917		120,501
DXP Enterprises, Inc. (a)		2,970		89,872
GATX Corporation		656		30,635
H&E Equipment Services, Inc.		11,327		218,725
MRC Global, Inc. (a)		461		5,486
Rush Enterprises, Inc. - Class A (a)		6,470		157,739
				622,958
Information Technology - 18.2%
Communications Equipment - 2.0%
Bel Fuse, Inc. - Class B		16,623		299,713
Black Box Corporation		5,837		71,270
CIENA Corporation (a)		5,669		136,849
Digi International, Inc. (a)		17,073		220,242
EMCORE Corporation (a)		3,426		23,434

80

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Communications Equipment - 2.0% (Continued)
Finisar Corporation (a)		11,594	$	131,824
Infinera Corporation (a)		6,282		124,132
InterDigital, Inc.		332		16,845
Ixia (a)		9,563		137,803
NETGEAR, Inc. (a)		8,026		332,276
Plantronics, Inc.		3,927		210,566
ShoreTel, Inc. (a)		12,296		116,074
Sonus Networks, Inc. (a)		19,754		130,574
TESSCO Technologies, Inc.		43		939
Viavi Solutions, Inc. (a)		1,746		10,389
				1,962,930
Electronic Equipment, Instruments & Components - 3.8%
Anixter International, Inc. (a)		2,049		140,520
Benchmark Electronics, Inc. (a)		17,351		343,203
CTS Corporation		5,903		107,317
Electro Rent Corporation		8,172		84,825
Fabrinet (a)		10,887		235,921
II-VI, Inc. (a)		14,061		254,785
Insight Enterprises, Inc. (a)		11,695		297,053
Kimball Electronics, Inc. (a)		664		7,563
Littelfuse, Inc.		1,141		114,020
Mercury Systems, Inc. (a)		14,098		241,922
Methode Electronics, Inc.		2,306		76,859
MTS Systems Corporation		1,477		97,526
OSI Systems, Inc. (a)		2,007		172,963
Park Electrochemical Corporation		252		4,118
PC Connection, Inc.		4,023		93,495
Rofin-Sinar Technologies, Inc. (a)		7,537		218,272
Sanmina Corporation (a)		6,054		125,136
ScanSource, Inc. (a)		13,467		464,746
Tech Data Corporation (a)		7,725		562,303
TTM Technologies, Inc. (a)		2,664		19,447
Vishay Intertechnology, Inc.		3,472		36,803
				3,698,797
Internet Software & Services - 3.1%
Autobytel, Inc. (a)		9,337		173,855
Carbonite, Inc. (a)		4,348		44,002
Cvent, Inc. (a)		575		18,176
DHI Group, Inc. (a)		5,714		51,712
EarthLink Holdings Corporation		54,832		468,814
Everyday Health, Inc. (a)		32,600		306,440
IntraLinks Holdings, Inc. (a)		6,317		55,274
Liquidity Services, Inc. (a)		11,595		94,963
LivePerson, Inc. (a)		12,570		98,046
NIC, Inc.		4,032		76,487
QuinStreet, Inc. (a)		18,339		101,781
Reis, Inc.		4,169		101,473
SciQuest, Inc. (a)		1,742		20,660
SPS Commerce, Inc. (a)		1,678		120,514
TechTarget, Inc. (a)		1,050		9,797
Travelzoo, Inc. (a)		12,726		113,770

81

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Internet Software & Services - 3.1% (Continued)
Web.com Group, Inc. (a)		24,652	$	578,582
Wix.com Ltd. (a)		5,864		129,712
XO Group, Inc. (a)		17,833		269,813
Zix Corporation (a)		34,969		181,139
				3,015,010
IT Services - 2.8%
Black Knight Financial Services, Inc. - Class A (a)		8,345		300,670
Blackhawk Network Holdings, Inc. (a)		3,373		143,622
Convergys Corporation		1,056		27,108
Everi Holdings, Inc. (a)		7,102		33,237
EVERTEC, Inc.		5,785		105,518
ExlService Holdings, Inc. (a)		2,597		114,943
Forrester Research, Inc.		966		31,173
Hackett Group, Inc. (The)		9,388		139,694
Heartland Payment Systems, Inc.		2,119		156,806
Higher One Holdings, Inc. (a)		12,187		35,830
Lionbridge Technologies, Inc. (a)		8,607		46,392
Luxoft Holding, Inc. (a)		4,070		271,225
Mantech International Corporation - Class A		4,331		125,166
PFSweb, Inc. (a)		13,497		216,222
Planet Payment, Inc. (a)		17,910		53,730
Sykes Enterprises, Inc. (a)		14,047		407,363
TeleTech Holdings, Inc.		16,948		493,187
Virtusa Corporation (a)		1,861		106,877
				2,808,763
Semiconductors & Semiconductor Equipment - 2.2%
Advanced Energy Industries, Inc. (a)		15,387		435,144
Amkor Technology, Inc. (a)		3,812		23,711
Axcelis Technologies, Inc. (a)		100,511		281,431
Cabot Microelectronics Corporation (a)		48		2,024
Cascade Microtech, Inc. (a)		624		9,560
IXYS Corporation		10,248		127,690
Mattson Technology, Inc. (a)		14,851		34,751
Nanometrics, Inc. (a)		2,141		32,715
NeoPhotonics Corporation (a)		5,187		42,897
OmniVision Technologies, Inc. (a)		9,251		267,076
PDF Solutions, Inc. (a)		8,739		92,284
Pericom Semiconductor Corporation		6,084		106,166
Photronics, Inc. (a)		37,680		361,351
PMC-Sierra, Inc. (a)		7,983		95,157
Rudolph Technologies, Inc. (a)		15,360		196,454
Xcerra Corporation (a)		2,747		19,064
				2,127,475
Software - 4.1%
Barracuda Networks, Inc. (a)		2,737		52,496
EPIQ Systems, Inc.		8,413		116,099
ePlus, Inc. (a)		7,258		612,720
Fair Isaac Corporation		1,369		126,455
Gigamon, Inc. (a)		7,262		190,482
Infoblox, Inc. (a)		7,257		118,362
MicroStrategy, Inc. - Class A (a)		1,546		266,020

82

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Information Technology - 18.2% (Continued)
Software - 4.1% (Continued)
Pegasystems, Inc.		4,200	$	117,138
Progress Software Corporation (a)		10,837		263,122
Proofpoint, Inc. (a)		3,656		257,529
QAD, Inc. - Class A		3,697		94,421
Qualys, Inc. (a)		8,041		284,008
RealPage, Inc. (a)		10,810		182,689
Rovi Corporation (a)		16,152		147,791
Silver Spring Networks, Inc. (a)		13,551		177,654
Take-Two Interactive Software, Inc. (a)		1,270		42,164
Tangoe, Inc. (a)		25,658		212,448
TeleCommunication Systems, Inc. - Class A (a)		50,143		205,085
TiVo, Inc. (a)		14,662		133,131
Verint Systems, Inc. (a)		4,115		195,792
Xura, Inc. (a)		560		14,493
Yodlee, Inc. (a)		11,507		193,087
Zendesk, Inc. (a)		381		7,666
				4,010,852
Technology Hardware, Storage & Peripherals - 0.2%
Eastman Kodak Company (a)		1,811		22,674
Lexmark International, Inc. - Class A		2,463		80,023
QLogic Corporation (a)		8,351		103,552
				206,249
Materials - 4.6%
Chemicals - 1.4%
Cabot Corporation		4,380		157,417
Core Molding Technologies, Inc. (a)		16		321
Ferro Corporation (a)		8,577		107,127
KMG Chemicals, Inc.		407		8,563
Koppers Holdings, Inc.		314		5,953
Kraton Performance Polymers, Inc. (a)		19,285		393,221
Landec Corporation (a)		277		3,407
LSB Industries, Inc. (a)		1,571		24,586
Minerals Technologies, Inc.		2,051		120,886
OMNOVA Solutions, Inc. (a)		6,963		49,994
Quaker Chemical Corporation		1,343		106,607
Rayonier Advanced Materials, Inc.		4,789		44,155
Rentech, Inc. (a)		42,795		250,351
Stepan Company		1,936		102,473
				1,375,061
Containers & Packaging - 0.5%
AEP Industries, Inc. (a)		6,360		508,800
Myers Industries, Inc.		27		421
				509,221
Metals & Mining - 1.6%
Coeur Mining, Inc. (a)		3,556		9,601
Commercial Metals Company		34,488		495,593
Globe Specialty Metals, Inc.		596		7,522
Handy & Harman Ltd. (a)		1,086		25,792
Haynes International, Inc.		8,786		346,608
Kaiser Aluminum Corporation		1,566		127,300
Materion Corporation		3,951		119,123

83

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Materials - 4.6% (Continued)
Metals & Mining - 1.6% (Continued)
Schnitzer Steel Industries, Inc. - Class A		7,586	$	127,900
Worthington Industries, Inc.		9,552		293,246
				1,552,685
Paper & Forest Products - 1.1%
Boise Cascade Company (a)		3,931		117,655
Clearwater Paper Corporation (a)		2,330		117,502
Domtar Corporation		3,403		140,340
KapStone Paper and Packaging Corporation		6,202		134,893
P.H. Glatfelter Company		5,518		107,049
Schweitzer-Mauduit International, Inc.		10,717		416,034
				1,033,473
Telecommunication Services - 1.9%
Diversified Telecommunication Services - 1.4%
Atlantic Tele-Network, Inc.		5,757		439,950
Cincinnati Bell, Inc. (a)		2,448		9,229
Fairpoint Communications, Inc. (a)		586		9,399
General Communication, Inc. - Class A (a)		18,996		386,854
Inteliquent, Inc.		7,578		157,016
Iridium Communications, Inc. (a)		1,615		13,259
Premiere Global Services, Inc. (a)		14,486		198,169
Vonage Holdings Corporation (a)		31,703		192,437
				1,406,313
Wireless Telecommunication Services - 0.5%
Spok Holdings, Inc.		2,863		51,620
Telephone and Data Systems, Inc.		13,145		376,473
				428,093
Utilities - 1.4%
Electric Utilities - 0.5%
PNM Resources, Inc.		9,934		279,344
UIL Holdings Corporation		2,286		116,563
Unitil Corporation		3,015		106,942
				502,849
Gas Utilities - 0.3%
South Jersey Industries, Inc.		725		19,220
Southwest Gas Corporation		3,799		233,486
				252,706
Independent Power and Renewable Electricity Producers - 0.2%
Atlantic Power Corporation		82,120		167,525
Dynegy, Inc. (a)		474		9,210
				176,735
Multi-Utilities - 0.2%
Black Hills Corporation		4,931		225,741
Water Utilities - 0.2%
Artesian Resources Corporation - Class A		3,774		91,935
California Water Service Group		5,213		116,563
				208,498
Total Common Stocks (Cost $92,451,783)			$	97,627,830

84

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

RIGHTS - 0.0%(b)	Shares		Value
Wright Medical Group, Inc. (a) (Cost $0)		19,488	$	19,098

MONEY MARKET FUNDS - 1.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,121,802)		1,121,802	$	1,121,802
Total Investments at Value - 100.6% (Cost $93,573,585)			$	98,768,730
Liabilities in Excess of Other Assets - (0.6%)				(630,051	)
Net Assets - 100.0%			$	98,138,679

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	The rate shown is the 7-day effective yield as of October 31, 2015.

See accompanying notes to financial statements.

85

TFS HEDGED FUTURES FUND

SCHEDULE OF INVESTMENTS

October 31, 2015

U.S. TREASURY OBLIGATIONS – 20.0%	Par Value		Value
U.S. Treasury Bills (a)
0.010%, due 03/03/2016	$	575,000	$	574,800
0.020%, due 03/17/2016		575,000		574,772
0.138%, due 03/31/2016		1,087,000		1,086,190
0.132%, due 04/14/2016		1,087,000		1,086,102
Total U.S. Treasury Obligations (Cost $3,322,650)			$	3,321,864

MONEY MARKET FUNDS - 55.9%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio – Institutional Class, 0.12% (b)		1,668,284	$	1,668,284
Fidelity Institutional Money Market Portfolio - Class I, 0.12% (b)		3,742,924		3,742,924
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.15% (b)		1,668,145		1,668,145
Morgan Stanley Institutional Liquidity Funds – Money Market Portfolio - Institutional Class, 0.20% (b)		271,696		271,696
PIMCO Money Market Fund - Institutional Class, 0.01% (b)		271,253		271,253
Vanguard Prime Money Market Fund – Investor Shares, 0.08% (b)		1,668,525		1,668,525
Total Money Market Funds (Cost $9,290,827)			$	9,290,827
Total Investments at Value - 75.9% (Cost $12,613,477)			$	12,612,691
Other Assets in Excess of Liabilities (c) - 24.1%				4,017,954
Net Assets - 100.0%			$	16,630,645

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	The rate shown is the 7-day effective yield as of October 31, 2015.
(c)	Includes cash held as margin deposits for futures contracts.

See accompanying notes to financial statements.

86

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS

October 31, 2015

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Class III Milk Future	12/01/2015		3	$	91,920	$	(2,113	)
Cocoa Future	12/15/2015		6		195,540		(1,246	)
Cotton No. 2 Future	12/08/2015		10		316,600		5,457
Ethanol Future	12/03/2015		16		731,728		10,343
Feeder Cattle Future	11/19/2015		6		572,700		29,161
Frozen Concentrate Orange Juice Future	01/08/2016		15		300,937		985
Hard Red Winter Wheat Future	12/14/2015		1		24,688		59
Lumber Future	01/15/2016		10		276,650		(4,861	)
Palladium Future	12/29/2015		2		135,140		3,798
Platinum Future	01/27/2016		6		296,310		(3,533	)
Soybean Future	01/14/2016		9		398,588		(63	)
Soybean Meal Future	12/14/2015		33		1,004,520		(35,041	)
Sugar No. 11 Future	02/29/2016		30		487,872		7,744
Total Futures Contracts				$	4,833,193	$	10,690

See accompanying notes to financial statements.

87

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

October 31, 2015

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Coffee Future	12/18/2015		10	$	453,562	$	48,520
Corn Future	12/14/2015		27		516,037		18,610
Crude Oil Future	11/20/2015		9		417,420		27,556
Frozen Concentrate Orange Juice Future	11/09/2015		2		40,395		(4,156	)
Gasoline RBOB Future	11/30/2015		1		57,389		(3,494	)
Lean Hogs Future	12/14/2015		8		189,440		6,215
Live Cattle Future	12/31/2015		9		510,210		(15,949	)
Natural Gas Future	11/25/2015		19		442,130		64,829
Oats Future	12/14/2015		15		170,438		(352	)
Red Spring Wheat Future	12/14/2015		1		26,275		(879	)
Rough Rice Future	01/14/2016		23		547,170		14,862
Soybean Oil Future	12/14/2015		78		1,319,760		26,872
Wheat Future	12/14/2015		7		182,700		(7,442	)
Total Commodity Futures					4,872,926		175,192
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	11/18/2015		44		732,600		3,458
E-Mini S&P 500 Future	12/18/2015		34		3,519,000		(78,926	)
EURO STOXX 50 Future	12/18/2015		23		860,208		(20,127	)
EURO VSTOXX Mini Future	11/18/2015		169		409,793		4,513
EURO VSTOXX Mini Future	12/16/2015		177		419,458		(1,106	)
Total Financial Futures					5,941,059		(92,188	)
Total Futures Contracts Sold Short				$	10,813,985	$	83,004

See accompanying notes to financial statements.

88

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of

TFS Capital Investment Trust

We have audited the accompanying statement of assets and liabilities of TFS Market Neutral Fund and TFS Small Cap Fund and consolidated statement of assets and liabilities of the TFS Hedged Futures Fund (collectively the “Funds”), including the summary schedule of investments, schedule of  securities sold short and schedule of futures contracts sold short for TFS Market Neutral Fund, the summary schedule of investments for TFS Small Cap Fund, and the schedule of investments, schedule of futures contracts, and schedule of futures contracts sold short for TFS Hedged Futures Fund, as of October 31, 2015, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended (collectively, the “financial statements”), the financial highlights for each of the three years in the period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR) and the schedule of investments, schedule of securities sold short and schedule of futures contracts sold short for TFS Market Neutral Fund, the schedule of investments for TFS Small Cap Fund and the schedule of investments, the schedule of futures contracts and schedule of future contracts sold short for TFS Hedged Futures Fund as of October 31, 2015 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights and schedules of investments in securities are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights and schedules of investments in securities based on our audits. The financial highlights for the years ended October 31, 2012 and prior were audited by another registered public accounting firm whose report dated December 24, 2012 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements, financial highlights and schedules of investments in securities are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and schedules of investments in securities. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used an significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, financial highlights and schedules of investments in securities referred to above present fairly, in all material respects, the financial position of TFS Capital Investment Trust at October 31, 2015, and the results of their operations for the year then ended, the changes in their nets assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Cincinnati, Ohio

December 29, 2015

(b) Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

Exhibit 99.CODE ETH Code of Ethics

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

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

SIGNATURES

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

(Registrant)	TFS Capital Investment Trust
By (Signature and Title)*		/s/ Eric S. Newman
		Eric S. Newman, President
Date	January 8, 2016
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/ Eric S. Newman
		Eric S. Newman, President
Date	January 8, 2016
By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	January 8, 2016

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