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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21531

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

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

Wade R. Bridge, Esq.

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

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 587-3400

Date of fiscal year end:	October 31, 2016
Date of reporting period:	April 30, 2016

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.

SEMI-ANNUAL REPORT

April 30, 2016

(Unaudited)

 

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2016

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX), the TFS Small Cap Fund (ticker: TFSSX) and the TFS Hedged Futures Fund (ticker: TFSHX) for the six months ended April 30, 2016. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I would like to thank you for your continued investment.

Below you will find performance updates on each of the mutual funds.

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	-8.56%	-1.03%	-0.04%	4.31%	5.36%
S&P 500® Index	1.21%	11.26%	11.02%	6.91%	7.61%

Average annual total returns for periods ended April 30, 2016. Past performance is not a guarantee of future results.

TFSMX produced significantly negative alpha (i.e., the return that cannot be explained by a fund’s market exposure) overall during the first half of the fiscal year, and returned negative alpha for 4 out of the 6 months of the period. The loss of alpha was broadly spread across most strategies and most sectors in our small cap models. Strategies outside of small cap stocks generally performed well, but the Fund’s focus on small cap stocks limited their impact on performance.

Since inception, TFSMX has produced positive alpha, with lower volatility and market exposure than the S&P 500^® Index. From inception through April 30, 2016, TFSMX has had an average annual return of 5.36%, as compared to S&P 500^® Index performance during the same period of 7.61%. During this period, the Fund’s beta was 23%. This means that the Fund performed as if 23% of it was allocated to the market. In addition, during this time period, the Fund’s average annual volatility measure was 7.51%, compared to S&P 500^® Index volatility of 19.65%.

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

Index	Correlation Since Inception
S&P 500® Index	0.60
Russell 2000® Index	0.58
MSCI EAFE Index	0.46
Barclays U.S. Aggregate Bond Index	(0.16)
Dow Jones Equity REIT Total Index	0.42
Bloomberg Commodity Index	0.39

1

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	10-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	-8.04%	8.78%	8.12%	9.36%	9.98%
Russell 2000® Index	-5.94%	7.53%	6.98%	5.42%	5.97%

Average annual total returns for periods ended April 30, 2016. Past performance is not a guarantee of future results.

During the six month period ended April 30, 2016, TFSSX underperformed its benchmark, the Russell 2000^® Index. TFSSX’s returns were heavily impacted by the movement of the U.S. “small-cap” equity sector as evidenced by comparing the return of TFSSX and its benchmark return (i.e., -2.28% versus -1.90%. respectively) during this period. Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with any performance deviation generally attributable to TFS Capital’s equity selection.

However, TFSSX achieved its objective of outperforming the Russell 2000^® Index over longer periods of time. In fact, it now has over a 10-year track record and has achieved an average annual return since inception that is four percentage points higher than that of the Russell 2000^® Index.

TFS Hedged Futures Fund (ticker: TFSHX)

	1-year return	3-year return	Since Inception (12/29/2011)
TFS Hedged Futures Fund	6.34%	0.67%	1.85%
Diversified Trends Indicator®	-1.42%	2.23%	-1.96%
S&P 500® Index	1.21%	11.02%	14.42%

Average annual returns for periods ended April 30, 2016. Past performance is not a guarantee of future results.

During the 6-month period ended April 30, 2016, TFSHX appreciated by 6.34%. Performance during the six month period exceeded the Diversified Trends Indicator^® (the “DTI^®”), a commonly-used benchmark for managed-futures funds. Returns in the Fund’s volatility carry strategies were positive, helping performance; these strategies are not employed by the DTI^®. Since inception, TFSHX has produced a positive return, while the DTI^® has produced a negative return over the same period. Though the S&P 500^® Index is not generally considered an appropriate benchmark for managed-futures funds, it is provided above for your reference.

2

Like the TFS Market Neutral Fund, the TFS Hedged Futures Fund has demonstrated a low correlation to many market indices. This low correlation suggests the addition of the TFS Hedged Futures Fund may improve the risk-adjusted performance of many investment portfolios. The TFS Hedged Futures Fund has had a slightly negative correlation to the Diversified Trends Indicator^®, which suggests that it may also have a low correlation to other managed-futures funds that employ trend-following strategies. For your reference, below are the TFS Hedged Futures Fund’s correlations to several other asset classes.

Index	Correlation Since Inception
Diversified Trends Indicator®	(0.02)
S&P 500® Index	0.12
Russell 2000® Index	0.15
S&P GSCI Index	(0.02)
Barclays U.S. Aggregate Bond Index	(0.04)
Bloomberg Commodity Index	0.02

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

Best regards,

Eric Newman
Chief Investment Officer & Co-Portfolio Manager
TFS Capital LLC

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the mutual funds discussed in this report (the “Funds”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

3

TFS MARKET NEUTRAL FUND
PORTFOLIO INFORMATION
April 30, 2016 (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
Archrock, Inc.	0.53%	Cliffs Natural Resources, Inc.	0.53%
Avon Products, Inc.	0.40%	Basic Energy Services, Inc.	0.46%
PDL BioPharma, Inc.	0.39%	OPOWER, Inc.	0.43%
Magellan Health, Inc.	0.38%	Lindsay Corporation	0.43%
Triple-S Management Corporation - Class B	0.38%	Solazyme, Inc.	0.42%
Tribune Publishing Company	0.38%	Rockwell Medical, Inc.	0.42%
QEP Resources, Inc.	0.38%	Conn's, Inc.	0.42%
HMS Holdings Corporation	0.38%	Straight Path Communications, Inc. - Class B	0.41%
Heska Corporation	0.37%	AAC Holdings, Inc.	0.41%
Ply Gem Holdings, Inc.	0.37%	Ebix, Inc.	0.41%

4

TFS SMALL CAP FUND
PORTFOLIO INFORMATION
April 30, 2016 (Unaudited)

Sector Allocation (% of Net Assets)

           

Top 10 Equity Positions
Security Description	% of Net Assets
Archrock, Inc.	0.68%
INC Research Holdings, Inc. - Class A	0.61%
Magellan Health, Inc.	0.61%
AMC Entertainment Holdings, Inc. - Class A	0.53%
Parkway Properties, Inc.	0.51%
Masimo Corporation	0.51%
Comtech Telecommunications Corporation	0.50%
Isle of Capri Casinos, Inc.	0.50%
Cynosure, Inc. - Class A	0.49%
La-Z-Boy, Inc.	0.49%

5

TFS HEDGED FUTURES FUND
PORTFOLIO INFORMATION
April 30, 2016 (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	0.0%
Net Financial Futures Exposure	-60.0%

6

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2016 (Unaudited)
COMMON STOCKS — 92.3%	Shares		Value
Consumer Discretionary — 15.1%
Barnes & Noble, Inc. (a)		140,865	$	1,655,164
Carrols Restaurant Group, Inc. (b)		117,585		1,635,607
Genesco, Inc. (b)		24,549		1,698,300
Isle of Capri Casinos, Inc. (a)(b)		111,088		1,655,211
K12, Inc. (a)(b)		145,081		1,783,046
Overstock.com, Inc. (a)(b)		123,126		1,796,408
Tribune Publishing Company (a)		180,687		2,047,184
Other Consumer Discretionary (c)				69,431,105
				81,702,025
Consumer Staples — 3.4%
Avon Products, Inc. (a)		454,895		2,142,555
Seneca Foods Corporation - Class A (a)(b)		57,044		1,859,064
Other Consumer Staples (c)				14,446,653
				18,448,272
Energy — 6.8%
Archrock, Inc.		289,861		2,855,131
Delek US Holdings, Inc. (a)		102,265		1,624,991
PDC Energy, Inc. (b)		30,679		1,926,334
QEP Resources, Inc. (a)		114,028		2,044,522
TETRA Technologies, Inc. (a)(b)		266,146		1,916,251
Other Energy (c)				26,340,495
				36,707,724
Financials — 9.4%
Enova International, Inc. (b)		195,428		1,721,721
Other Financials (c)				49,369,906
				51,091,627
Health Care — 22.1%
Acceleron Pharma, Inc. (a)(b)		58,722		1,758,724
BioSpecifics Technologies Corporation (a)(b)		45,167		1,606,138
Cantel Medical Corporation (a)		24,999		1,674,683
Collegium Pharmaceutical, Inc. (a)(b)		96,176		1,833,115
Cynosure, Inc. - Class A (a)(b)		37,601		1,840,193
Five Prime Therapeutics, Inc. (a)(b)		37,198		1,770,253
Genomic Health, Inc. (a)(b)		62,293		1,637,060
Heska Corporation (a)(b)		66,027		2,020,426
HMS Holdings Corporation (a)(b)		120,226		2,030,617
Infinity Pharmaceuticals, Inc. (a)(b)		311,962		1,809,380
Invacare Corporation (a)		147,273		1,655,349
Magellan Health, Inc. (a)(b)		29,121		2,051,866
Masimo Corporation (a)(b)		41,507		1,799,328
Orthofix International N.V. (a)(b)		45,465		1,989,548
PDL BioPharma, Inc. (a)		562,578		2,120,919
Prestige Brands Holdings, Inc. (a)(b)		28,205		1,601,480

7

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 92.3% (Continued)	Shares		Value
Health Care — 22.1% (Continued)
Rigel Pharmaceuticals, Inc. (a)(b)		616,178	$	1,743,784
Sagent Pharmaceuticals, Inc. (a)(b)		149,261		1,737,398
Triple-S Management Corporation - Class B (a)(b)		78,690		2,049,088
Other Health Care (c)				84,571,375
				119,300,724
Industrials — 13.4%
Babcock & Wilcox Enterprises, Inc. (a)(b)		82,205		1,878,384
Harsco Corporation (a)		249,661		1,770,096
Ply Gem Holdings, Inc. (a)(b)		136,292		1,996,678
SkyWest, Inc. (a)		77,764		1,827,454
SPX Corporation (a)		113,892		1,833,661
YRC Worldwide, Inc. (a)(b)		184,098		1,693,702
Other Industrials (c)				61,704,689
				72,704,664
Information Technology — 15.8%
Autobytel, Inc. (a)(b)		100,551		1,669,147
Black Box Corporation (a)		116,823		1,707,952
EarthLink Holdings Corporation (a)		324,470		1,885,171
Hutchinson Technology, Inc. (a)(b)		454,061		1,657,323
Insight Enterprises, Inc. (a)(b)		78,942		1,950,657
Mentor Graphics Corporation (a)		80,816		1,613,087
Rackspace Hosting, Inc. (a)(b)		69,894		1,598,476
Rubicon Project, Inc. (The) (b)		94,029		1,821,342
Unisys Corporation (a)(b)		228,748		1,763,647
Other Information Technology (c)				69,984,267
				85,651,069
Materials — 4.3%
SunCoke Energy, Inc. (a)		246,985		1,835,099
Other Materials (c)				21,587,252
				23,422,351
Telecommunication Services — 1.5%
IDT Corporation - Class B (a)		104,399		1,601,481
Other Telecommunication Services (c)				6,173,048
				7,774,529
Utilities — 0.5%
Other Utilities (c)				2,724,398
Total Common Stocks (Cost $460,601,321)			$	499,527,383

8

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
INVESTMENT COMPANIES — 3.9%	Shares	Value
Other Investment Companies (Cost $19,221,251) (c)			$	21,018,835

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

MONEY MARKET FUNDS — 0.1%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.21% (a) (e)		104,582	$	104,582
UMB Money Market Fiduciary, 0.01% (a) (e)		445,836		445,836
Total Money Market Funds (Cost $550,418)			$	550,418
Total Investments at Value — 96.3% (Cost $480,372,990)			$	521,096,636
Other Assets in Excess of Liabilities — 3.7% (f)				20,004,486
Net Assets — 100.0%			$	541,101,122

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	All or a portion of the shares have been committed as collateral for open short positions.
(b)	Non-income producing security.
(c)	Represents issuers not identified as either a top 50 holding in terms of value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or not a fair-valued security as of April 30, 2016.
(d)	Security has been valued at fair value pursuant to procedures adopted by and under the supervision of the Board of Trustees. The total value of such securities is $0 at April 30, 2016 representing 0.0% of net assets (Note 2).
(e)	The rate shown is the 7-day effective yield as of April 30, 2016.
(f)	Includes cash held as margin deposits for open short positions and futures contracts.
See accompanying notes to financial statements.

9

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT April 30, 2016 (Unaudited)
COMMON STOCKS — 80.8%	Shares		Value
Consumer Discretionary — 12.9%
Auto Components — 0.8%
Ballard Power Systems, Inc.		42,988	$	68,781
Dorman Products, Inc.		8,974		482,711
Drew Industries, Inc.		1,237		80,195
Federal Mogul Holdings Corporation		74,018		683,926
Fox Factory Holding Corporation		43,719		756,776
Gentex Corporation		5,777		92,663
Motorcar Parts of America, Inc.		19,368		621,132
Spartan Motors, Inc.		56		272
Standard Motor Products, Inc.		8,098		287,560
Strattec Security Corporation		17,651		933,738
Visteon Corporation		2,927		233,194
				4,240,948
Automobiles — 0.1%
Harley-Davidson, Inc.		59		2,822
Kandi Technologies Group, Inc.		37,723		271,228
Tesla Motors, Inc.		338		81,377
Winnebago Industries, Inc.		5,393		116,705
Workhorse Group, Inc.		27,010		208,787
				680,919
Distributors — 0.0% (a)
Fenix Parts, Inc.		18,261		92,035
LKQ Corporation		170		5,448
Weyco Group, Inc.		1,016		28,489
				125,972
Diversified Consumer Services — 1.3%
2U, Inc.		51,259		1,436,790
Carriage Services, Inc.		5,315		129,845
Collectors Universe, Inc.		2,121		36,884
DeVry Education Group, Inc.		15,023		260,649
Grand Canyon Education, Inc.		20,681		904,380
H&R Block, Inc.		4,271		86,445
ITT Educational Services, Inc.		119,625		257,194
Liberty Tax, Inc.		5,592		66,824
LifeLock, Inc.		46,442		540,585
Matthews International Corporation - Class A		3,145		165,553
Outerwall, Inc.		37,751		1,559,494
Weight Watchers International, Inc.		139,566		1,807,380
				7,252,023
Hotels, Restaurants & Leisure — 2.8%
Amaya, Inc.		10,161		139,511
Belmond Ltd. - Class A		6,653		60,941
Bob Evans Farms, Inc.		593		27,005

10

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Consumer Discretionary — 12.9% (Continued)
Hotels, Restaurants & Leisure — 2.8% (Continued)
Caesars Entertainment Corporation		63,986	$	437,024
Chipotle Mexican Grill, Inc.		216		90,930
Chuy's Holdings, Inc.		1,523		46,512
ClubCorp Holdings, Inc.		17,021		227,230
Del Frisco's Restaurant Group, Inc.		12,167		193,820
Del Taco Restaurants, Inc.		4,451		40,282
Diamond Resorts International, Inc.		58,162		1,233,616
Dunkin' Brands Group, Inc.		1,855		86,257
Empire Resorts, Inc.		35,239		586,025
Good Times Restaurants, Inc.		1,376		4,252
Habit Restaurants, Inc. (The) - Class A		55,883		936,040
Interval Leisure Group, Inc.		63,615		898,244
Intrawest Resorts Holdings, Inc.		293		2,532
Jamba, Inc.		104,047		1,351,571
Kona Grill, Inc.		23,235		309,490
Las Vegas Sands Corporation		152		6,863
Marriott Vacations Worldwide Corporation		2,365		148,144
McDonald's Corporation		133		16,823
Noodles & Company		109,717		1,223,345
Papa Murphy's Holdings, Inc.		143,041		1,796,595
Planet Fitness, Inc. - Class A		63,035		968,218
Rave Restaurant Group, Inc.		62		309
RCI Hospitality Holdings, Inc.		4,730		48,482
Red Robin Gourmet Burgers, Inc.		226		14,658
SeaWorld Entertainment, Inc.		44,924		895,335
Shake Shack, Inc. - Class A		35,161		1,284,080
Starwood Hotels & Resorts Worldwide, Inc.		154		12,609
Town Sports International Holdings, Inc.		9,491		31,605
Wingstop, Inc.		7,551		188,322
Wynn Resorts Ltd.		607		53,598
Zoe's Kitchen, Inc.		48,446		1,816,241
				15,176,509
Household Durables — 1.5%
Beazer Homes USA, Inc.		2,323		19,095
Century Communities, Inc.		13,184		227,292
Ethan Allen Interiors, Inc.		25,635		872,615
GoPro, Inc. - Class A		108,964		1,377,305
Green Brick Partners, Inc.		131,519		969,295
Hooker Furniture Corporation		930		23,064
Installed Building Products, Inc.		3,554		94,465
iRobot Corporation		15,549		581,222
KB Home		100,190		1,359,578
LGI Homes, Inc.		55,151		1,544,780

11

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Consumer Discretionary — 12.9% (Continued)
Household Durables — 1.5% (Continued)
Newell Brands, Inc.		591	$	26,914
PulteGroup, Inc.		4,787		88,033
SodaStream International Ltd.		4,933		67,681
Taylor Morrison Home Corporation - Class A		7,591		109,311
Tupperware Brands Corporation		5,856		340,058
Turtle Beach Corporation		2,630		2,919
Vuzix Corporation		38,724		182,390
ZAGG, Inc.		10,028		80,324
				7,966,341
Internet & Catalog Retail — 0.7%
Etsy, Inc.		37,869		332,490
Expedia, Inc.		107		12,387
Gaiam, Inc. - Class A		9,759		64,702
Groupon, Inc.		9,779		35,400
Lands' End, Inc.		37,221		905,587
MakeMyTrip Ltd.		2,602		47,773
Netflix, Inc.		930		83,728
PetMed Express, Inc.		31,792		581,794
TripAdvisor, Inc.		449		29,001
Wayfair, Inc. - Class A		38,070		1,437,142
				3,530,004
Leisure Equipment & Products — 0.0% (a)
Escalade, Inc.		1,103		13,159
Leisure Products — 0.3%
JAKKS Pacific, Inc.		23,160		173,700
Smith & Wesson Holding Corporation		37,399		816,420
Sturm Ruger & Company, Inc.		6,653		425,992
				1,416,112
Media — 1.6%
AMC Networks, Inc. - Class A		393		25,635
Central European Media Enterprises Ltd. - Class A		16,337		43,456
Charter Communications, Inc. - Class A		196		41,599
Cinemark Holdings, Inc.		97		3,361
Clear Channel Outdoor Holdings, Inc. - Class A		22,029		112,568
Daily Journal Corporation		1,198		235,287
Entercom Communications Corporation - Class A		3,559		40,359
Eros International plc		71,823		960,992
Hemisphere Media Group, Inc.		3,856		46,118
IDI, Inc.		57,590		301,196
IMAX Corporation		18,506		592,192
Liberty Broadband - Series C		74		4,237
Media General, Inc.		67,377		1,167,643

12

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Consumer Discretionary — 12.9% (Continued)
Media — 1.6% (Continued)
Meredith Corporation		2,808	$	144,079
New Media Investment Group, Inc.		35,327		566,998
Nexstar Broadcasting Group, Inc. - Class A		1,028		52,767
Omnicom Group, Inc.		1,062		88,114
Pandora Media, Inc.		140,125		1,391,441
Regal Entertainment Group - Class A		42,049		876,722
Saga Communications, Inc. - Class A		491		20,647
Scholastic Corporation		555		20,191
Scripps Networks Interactive, Inc. - Class A		1,347		83,986
Thomson Reuters Corporation		49		2,015
Walt Disney Company (The)		294		30,359
World Wrestling Entertainment, Inc. - Class A		108,063		1,798,168
				8,650,130
Multiline Retail — 0.4%
Bon-Ton Stores, Inc. (The)		508		1,184
Fred's, Inc. - Class A		22,898		335,914
Sears Holdings Corporation		122,012		1,997,946
Target Corporation		171		13,594
				2,348,638
Specialty Retail — 2.8%
Aaron's, Inc.		6,614		173,353
Abercrombie & Fitch Company - Class A		663		17,722
America's Car-Mart, Inc.		13,814		367,038
Boot Barn Holdings, Inc.		72,917		597,919
Buckle, Inc. (The)		46,838		1,355,492
CarMax, Inc.		1,691		89,538
Chico's FAS, Inc.		44,404		559,934
Children's Place, Inc. (The)		415		32,333
Christopher & Banks Corporation		432		1,123
Conn's, Inc.		163,499		2,246,476
CST Brands, Inc.		992		37,468
DavidsTea, Inc.		7,137		80,006
Destination Maternity Corporation		3,848		26,821
Destination XL Group, Inc.		22,715		121,980
Dick's Sporting Goods, Inc.		37		1,715
Group 1 Automotive, Inc.		2,393		157,555
Guess?, Inc.		17,729		325,327
hhgregg, Inc.		4,383		8,547
Hibbett Sports, Inc.		39,369		1,421,221
Lowe's Companies, Inc.		132		10,035
Lumber Liquidators Holdings, Inc.		136,254		2,031,547
Mattress Firm Holding Corporation		31,894		1,244,504
Monro Muffler Brake, Inc.		3,877		268,366

13

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Consumer Discretionary — 12.9% (Continued)
Specialty Retail — 2.8% (Continued)
New York & Company, Inc.		1,183	$	4,401
Penske Automotive Group, Inc.		5,854		229,067
Rent-A-Center, Inc.		11,289		165,948
Restoration Hardware Holdings, Inc.		12,150		525,731
Sears Hometown and Outlet Stores, Inc.		1,033		6,993
Select Comfort Corporation		54,065		1,334,324
Stein Mart, Inc.		655		4,742
Ulta Salon Cosmetics & Fragrance, Inc.		434		90,394
Vitamin Shoppe, Inc.		51,412		1,407,146
Zumiez, Inc.		7,185		120,564
				15,065,330
Textiles, Apparel & Luxury Goods — 0.6%
Cherokee, Inc.		33,761		528,022
Crocs, Inc.		14,311		119,497
Deckers Outdoor Corporation		494		28,558
G-III Apparel Group Ltd.		610		27,603
Iconix Brand Group, Inc.		84,130		713,422
Lakeland Industries, Inc.		5,180		45,014
lululemon athletica, Inc.		1,191		78,070
Sequential Brands Group, Inc.		259,995		1,442,972
Skechers U.S.A., Inc. - Class A		367		12,129
Superior Uniform Group, Inc.		2,271		43,194
Under Armour, Inc. - Class A		2,089		91,791
Vera Bradley, Inc.		4,438		77,843
				3,208,115
Consumer Staples — 2.7%
Beverages — 0.1%
Boston Beer Company, Inc. - Class A		3,614		564,073
Coca-Cola Company (The)		364		16,307
MGP Ingredients, Inc.		825		21,797
				602,177
Food & Staples Retailing — 0.4%
Chefs' Warehouse, Inc. (The)		21,867		421,377
Diplomat Pharmacy, Inc.		12,063		365,388
Natural Grocers by Vitamin Cottage, Inc.		110,669		1,478,538
Sprouts Farmers Market, Inc.		1,143		32,084
Whole Foods Market, Inc.		1,067		31,028
				2,328,415
Food Products — 1.4%
Alico, Inc.		25,301		731,452
Amira Nature Foods Ltd.		42,440		307,690
Blue Buffalo Pet Products, Inc		3,766		93,246
Calavo Growers, Inc.		320		18,294

14

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Consumer Staples — 2.7% (Continued)
Food Products — 1.4% (Continued)
Cal-Maine Foods, Inc.		36,547	$	1,855,126
Campbell Soup Company		43		2,653
Flowers Foods, Inc.		4,737		90,761
Freshpet, Inc.		145,306		1,203,134
Hormel Foods Corporation		551		21,241
Inventure Foods, Inc.		195,217		1,397,754
Kraft Heinz Company (The)		381		29,745
Limoneira Company		10,993		196,665
Pilgrim's Pride Corporation		3,758		101,128
S&W Seed Company		2,978		13,639
Sanderson Farms, Inc.		12,377		1,135,466
Tootsie Roll Industries, Inc.		2,182		77,766
				7,275,760
Household Products — 0.2%
HRG Group, Inc.		47,367		682,085
Orchids Paper Products Company		5,661		173,623
Spectrum Brands Holdings, Inc.		804		91,334
WD-40 Company		1,957		200,201
				1,147,243
Personal Products — 0.6%
China-Biotics, Inc. (b)		535,616		0
Coty, Inc. - Class A		2,583		78,523
Elizabeth Arden, Inc.		64,058		655,313
Herbalife Ltd.		1,010		58,530
Natural Health Trends Corporation		55,562		2,010,789
Neptune Technologies & Bioresources, Inc.		1,118		1,297
Nu Skin Enterprises, Inc. - Class A		4,226		172,294
United-Guardian, Inc.		2,161		38,898
USANA Health Sciences, Inc.		93		11,015
				3,026,659
Tobacco — 0.0% (a)
Universal Corporation		2,774		151,322
Vector Group Ltd.		927		20,023
				171,345
Energy — 7.5%
Energy Equipment & Services — 2.8%
Atwood Oceanics, Inc.		40,598		392,177
Basic Energy Services, Inc.		782,288		2,503,322
Bristow Group, Inc.		4,125		94,545
C&J Energy Services Ltd.		530,878		769,773
CARBO Ceramics, Inc.		78,391		1,164,106
Ensco plc - Class A		5,218		62,407
Era Group, Inc.		988		9,416

15

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Energy — 7.5% (Continued)
Energy Equipment & Services — 2.8% (Continued)
Forum Energy Technologies, Inc.		12,742	$	213,301
Geospace Technologies Corporation		58,704		960,397
Gulfmark Offshore, Inc. - Class A		254,961		1,728,636
Helmerich & Payne, Inc.		1,425		94,221
Hercules Offshore, Inc.		1,577		3,280
Hornbeck Offshore Services, Inc.		123,843		1,453,917
Independence Contract Drilling, Inc.		8,361		33,277
McDermott International, Inc.		21,116		95,867
Natural Gas Services Group, Inc.		26,855		617,396
Newpark Resources, Inc.		8,344		38,966
Noble Corporation plc		75,574		848,696
Ocean Rig UDW, Inc.		113,140		237,594
Oceaneering International, Inc.		5,421		198,680
Oil States International, Inc.		5,137		177,946
Precision Drilling Corporation		12,235		63,622
RPC, Inc.		6,388		96,586
Schlumberger Ltd.		1		29
SEACOR Holdings, Inc.		17,141		1,007,377
Seadrill Ltd.		336,700		1,609,426
Synthesis Energy Systems, Inc.		71,186		85,423
Tesco Corporation		22,592		213,720
Tidewater, Inc.		35,247		308,764
US Silica Holdings, Inc.		168		4,292
				15,087,159
Oil, Gas & Consumable Fuels — 4.7%
Amyris, Inc.		235,381		240,089
Antero Resources Corporation		1,446		40,922
Apache Corporation		366		19,910
Approach Resources, Inc.		35,804		104,906
Ardmore Shipping Corporation		1,534		14,343
Bill Barrett Corporation		2,128		16,939
Bonanza Creek Energy, Inc.		121,310		470,683
California Resources Corporation		319,165		702,164
Centrus Energy Corporation - Class A		12,369		39,457
Chesapeake Energy Corporation		256,412		1,761,550
Clayton Williams Energy, Inc.		85,805		1,555,645
Clean Energy Fuels Corporation		38,924		111,323
Cloud Peak Energy, Inc.		251,111		554,955
Cobalt International Energy, Inc.		54,657		176,542
CONSOL Energy, Inc.		6,095		91,730
Continental Resources, Inc.		626		23,325
Denbury Resources, Inc.		370,531		1,430,250
Dorian LPG Ltd.		28,763		292,232

16

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Energy — 7.5% (Continued)
Oil, Gas & Consumable Fuels — 4.7% (Continued)
Eclipse Resources Corporation		65,968	$	160,302
Enbridge Energy Management, LLC		1		26
EnLink Midstream, LLC		164		2,350
EP Energy Corporation - Class A		88,502		434,545
Erin Energy Corporation		5,090		10,180
Evolution Petroleum Corporation		1,478		8,188
EXCO Resources, Inc.		207,756		315,789
Exxon Mobil Corporation		312		27,581
Gastar Exploration, Inc.		93,840		186,742
Gener8 Maritime, Inc.		8,639		62,460
Halcon Resources Corporation		233,671		285,079
Hallador Energy Company		6,702		31,298
Jones Energy, Inc. - Class A		213,776		1,026,125
Laredo Petroleum, Inc.		122,678		1,494,218
Lucas Energy, Inc.		1,727		7,288
Navios Maritime Acquisition Corporation		698		1,347
Nordic American Offshore Ltd.		178,010		1,012,877
Nordic American Tankers Ltd.		135,669		2,090,659
Northern Oil & Gas, Inc.		29,563		161,414
Oasis Petroleum, Inc.		91,274		884,445
Pacific Ethanol, Inc.		47,392		224,164
Parsley Energy, Inc. - Class A		8,773		205,464
Peabody Energy Corporation		1		1
Pengrowth Energy Corporation		29,824		48,911
Range Resources Corporation		2,434		107,364
Renewable Energy Group, Inc.		24,120		234,446
REX American Resources Corporation		2,808		152,671
Rex Energy Corporation		156,176		157,738
Sanchez Energy Corporation		112,093		1,007,716
Ship Finance International Ltd.		5,126		77,761
SM Energy Company		34,404		1,072,029
Solazyme, Inc.		980,359		2,294,040
Southwestern Energy Company		29,657		398,293
Stone Energy Corporation		83,286		81,629
Synergy Resources Corporation		18,607		134,342
W&T Offshore, Inc.		849,883		2,048,218
Westmoreland Coal Company		33		235
Whiting Petroleum Corporation		124,872		1,498,464
WPX Energy, Inc.		5,126		49,518
				25,642,882
Financials — 10.0%
Banks — 3.8%
1st Century Bancshares, Inc.		1,675		18,442

17

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Banks — 3.8% (Continued)
Access National Corporation		6,222	$	122,324
American National Bankshares, Inc.		1,051		28,093
American River Bankshares		68		688
Ameris Bancorp		6,277		197,098
Ames National Corporation		102		2,631
Arrow Financial Corporation		1,562		43,986
Associated Banc-Corp		266		4,852
Banco Latinoamericano de Comericio Exterior S.A.		262		6,775
Bancorp, Inc. (The)		128,717		729,825
Bank of Hawaii Corporation		4,962		339,450
Bank of Marin Bancorp		53		2,598
Banner Corporation		2,983		127,613
Bar Harbor Bankshares		1,111		38,552
BBCN Bancorp, Inc.		805		12,574
BCB Bancorp, Inc.		1,283		12,984
Blue Hills Bancorp, Inc.		2,115		30,837
BOK Financial Corporation		1,073		64,573
Boston Private Financial Holdings, Inc.		9,994		122,127
Bridge Bancorp, Inc.		15,678		477,238
Bryn Mawr Bank Corporation		44,546		1,265,997
C1 Financial, Inc.		4,886		119,854
Camden National Corporation		954		41,509
Capital City Bank Group, Inc.		6,374		94,463
Carolina Bank Holdings, Inc.		68		1,022
Chemical Financial Corporation		2,233		85,881
Chemung Financial Corporation		159		4,231
Citizens & Northern Corporation		223		4,502
City Holding Company		30,459		1,496,146
Civista Bancshares, Inc.		41		472
CoBiz Financial, Inc.		10,726		129,892
Columbia Banking System, Inc.		361		10,646
Community Bank System, Inc.		19,938		788,947
Community Trust Bancorp, Inc.		351		12,590
ConnectOne Bancorp, Inc.		7,591		130,641
Cullen/Frost Bankers, Inc.		893		57,143
CVB Financial Corporation		23,167		398,009
Enterprise Bancorp, Inc.		18		434
Enterprise Financial Services Corporation		189		5,173
Farmers Capital Bank Corporation		3,099		87,113
First Bancorp (North Carolina)		1,579		32,212
First Busey Corporation		1,193		24,385
First Business Financial Services, Inc.		5,429		137,408
First Commonwealth Financial Corporation		21,561		197,930

18

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Banks — 3.8% (Continued)
First Financial Bankshares, Inc.		65,654	$	2,125,876
First Financial Corporation		706		25,014
First Interstate BancSystem, Inc. - Class A		6,815		184,686
First Merchants Corporation		968		24,829
First NBC Bank Holding Company		12,545		272,728
First Niagara Financial Group, Inc.		3,081		32,535
FirstMerit Corporation		306		6,781
German American Bancorp, Inc.		2,891		93,177
Hampton Roads Bankshares, Inc.		14,352		25,259
Hancock Holding Company		1,849		48,019
Heritage Financial Corporation		16,602		306,307
Heritage Oaks Bancorp		2,522		21,059
Independent Bank Corporation (Michigan)		347		5,257
Lakeland Bancorp, Inc.		46,463		515,275
LegacyTexas Financial Group, Inc.		24		592
Mackinac Financial Corporation		754		8,007
MB Financial, Inc.		477		16,580
MidSouth Bancorp, Inc.		9,886		89,468
MidWestOne Financial Group, Inc.		2,524		71,581
Monarch Financial Holdings, Inc.		181		3,329
National Bank Holdings Corporation - Class A		4,281		85,577
National Bankshares, Inc.		38		1,368
NBT Bancorp, Inc.		765		21,680
Northrim BanCorp, Inc.		69		1,780
OFG Bancorp		64,637		570,745
Old National Bancorp		2,991		40,079
Pacific Mercantile Bancorp		3,075		23,093
Park National Corporation		2,947		270,535
Park Sterling Corporation		32,175		234,877
Penns Woods Bancorp, Inc.		5,240		218,089
Peoples Bancorp, Inc.		28,789		618,676
Peoples Financial Services Corporation		1,997		78,722
Prosperity Bancshares, Inc.		3,589		189,392
QCR Holdings, Inc.		604		15,565
Republic First Bancorp, Inc.		224		1,042
S&T Bancorp, Inc.		10,201		261,860
Sandy Spring Bancorp, Inc.		88	��	2,516
Seacoast Banking Corporation of Florida		17,297		280,557
Simmons First National Corporation - Class A		111		5,184
Southside Bancshares, Inc.		38,166		1,114,829
Southwest Bancorp, Inc.		29,622		475,433
State Bank Financial Corporation		5,591		116,740
Stock Yards Bancorp, Inc.		1,379		55,767

19

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Banks — 3.8% (Continued)
Sun Bancorp, Inc./NJ		728	$	15,645
TowneBank		611		12,831
Trustmark Corporation		1,385		33,946
UMB Financial Corporation		9,629		536,817
Union Bankshares Corporation		134		3,539
United Bankshares, Inc.		33,167		1,283,231
Univest Corporation of Pennsylvania		7,083		139,818
Veritex Holdings, Inc.		3,171		49,119
Washington Trust Bancorp, Inc.		5,505		201,648
WesBanco, Inc.		12,209		392,275
West Bancorporation, Inc.		76		1,417
Westamerica Bancorporation		34,519		1,681,766
Wilshire Bancorp, Inc.		3,095		33,333
Wintrust Financial Corporation		2,221		115,536
Yadkin Financial Corporation		1		25
				20,571,271
Capital Markets — 0.8%
Artisan Partners Asset Management, Inc. - Class A		326		10,533
Capitala Finance Corporation		3,383		45,772
Cowen Group, Inc. - Class A		160,071		557,847
Diamond Hill Investment Group, Inc.		294		51,526
FBR & Company		2,351		43,493
Federated Investors, Inc. - Class B		2,403		75,935
Fidus Investment Corporation		2,081		33,171
Financial Engines, Inc.		9,431		303,773
FS Investment Corporation		154		1,434
FXCM, Inc. - Class A		18,308		213,471
Gladstone Capital Corporation		4,930		37,665
Greenhill & Company, Inc.		7,083		155,968
GSV Capital Corporation		12,952		74,215
Harvest Capital Credit Corporation		70		905
INTL FCStone, Inc.		216		5,897
Ladenburg Thalmann Financial Services, Inc.		10,748		28,805
LPL Financial Holdings, Inc.		42,074		1,110,754
Main Street Capital Corporation		3,887		121,352
Manning & Napier, Inc.		38,739		331,218
OFS Capital Corporation		110		1,452
OHA Investment Corporation		3,090		8,745
PJT Partners, Inc. - Class A		3,275		73,098
Prospect Capital Corporation		20,591		154,021
Pzena Investment Management, Inc. - Class A		7,380		66,863
Safeguard Scientifics, Inc.		15,753		217,391
Solar Senior Capital Ltd.		294		4,410

20

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Capital Markets — 0.8% (Continued)
Stifel Financial Corporation		5,013	$	164,978
T Rowe Price Group, Inc.		348		26,201
Triangle Capital Corporation		45		956
Virtu Financial, Inc. - Class A		2,113		44,056
Virtus Investment Partners, Inc.		1,469		114,905
Westwood Holdings Group, Inc.		171		9,841
				4,090,651
Consumer Finance — 0.6%
Atlanticus Holdings Corporation		31,353		94,686
Cash America International, Inc.		234		8,649
Credit Acceptance Corporation		506		99,312
Emergent Capital, Inc.		3,228		14,139
Encore Capital Group, Inc.		5,438		153,080
EZCORP, Inc. - Class A		173,549		859,067
First Cash Financial Services, Inc.		4,099		187,447
First Data Corporation - Class A		25,177		286,766
PRA Group, Inc.		2,243		74,423
Regional Management Corporation		7,661		126,560
World Acceptance Corporation		33,638		1,459,553
				3,363,682
Diversified Financial Services — 0.3%
CBOE Holdings, Inc.		46		2,850
CME Group, Inc.		417		38,326
Consumer Portfolio Services, Inc.		4,681		18,490
FNFV Group		848		9,133
Medallion Financial Corporation		34,597		266,397
On Deck Capital, Inc.		29,346		253,256
PHH Corporation		63,720		817,528
Resource America, Inc. - Class A		5,200		32,864
				1,438,844
Insurance — 1.1%
Ambac Financial Group, Inc.		1,929		31,308
American Equity Investment Life Holding Company		8,124		113,736
AmTrust Financial Services, Inc.		648		16,103
Arthur J. Gallagher & Company		440		20,257
Assurant, Inc.		42		3,552
Baldwin & Lyons, Inc. - Class B		40		977
Citizens, Inc.		141,658		1,154,513
Conifer Holdings, Inc.		1,718		11,648
Donegal Group, Inc. - Class A		6,773		103,695
Federated National Holding Company		4,490		85,534
Greenlight Capital Re Ltd. - Class A		19,545		420,804
HCI Group, Inc.		3,130		93,775

21

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Insurance — 1.1% (Continued)
Maiden Holdings Ltd.		12,620	$	154,343
MBIA, Inc.		105,822		825,412
Mercury General Corporation		815		43,113
National Western Life Group, Inc. - Class A		10		2,167
OneBeacon Insurance Group Ltd. - Class A		2,243		27,813
Patriot National, Inc.		165,028		1,373,033
Primerica, Inc.		13,494		668,763
State Auto Financial Corporation		1,006		20,633
Stewart Information Services Corporation		1,540		53,623
Third Point Reinsurance Ltd.		3,666		41,719
Torchmark Corporation		1,213		70,220
Universal Insurance Holdings, Inc.		44,295		780,035
W.R. Berkley Corporation		1,604		89,824
				6,206,600
Real Estate Investment Trusts (REIT) — 1.9%
Acadia Realty Trust		4,998		168,433
Agree Realty Corporation		60		2,327
Alexandria Real Estate Equities, Inc.		1,262		117,303
American Homes 4 Rent - Class A		1		16
CareTrust REIT, Inc.		25,060		318,763
CorEnergy Infrastructure Trust, Inc.		2		43
CoreSite Realty Corporation		319		23,903
Crown Castle International Corporation		218		18,940
CyrusOne, Inc.		3,725		164,384
Douglas Emmett, Inc.		790		25,636
Duke Realty Corporation		20,496		448,248
DuPont Fabros Technology, Inc.		4,077		162,346
Easterly Government Properties, Inc.		13,041		240,606
Education Realty Trust, Inc.		2,279		90,636
Extra Space Storage, Inc.		8,226		698,799
Federal Realty Investment Trust		4,618		702,305
Gaming and Leisure Properties, Inc.		1,391		45,611
Gladstone Commercial Corporation		249		4,191
Government Properties Income Trust		24,734		467,967
Gramercy Property Trust		30,771		260,630
HCP, Inc.		939		31,766
Healthcare Realty Trust, Inc.		4,626		140,075
Healthcare Trust of America, Inc. - Class A		7,011		202,548
Iron Mountain, Inc.		499		18,229
Liberty Property Trust		5,009		174,814
LTC Properties, Inc.		15,481		718,164
Monogram Residential Trust, Inc.		6,428		65,116
National Storage Affiliates Trust		5,368		104,783

22

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Real Estate Investment Trusts (REIT) — 1.9% (Continued)
New Senior Investment Group, Inc.		13,149	$	142,009
Northstar Realty Europe Corporation		15,614		186,275
Physicians Realty Trust		1,608		29,153
Prologis, Inc.		3,467		157,437
Public Storage		488		119,467
QTS Realty Trust, Inc. - Class A		2,946		142,645
Realty Income Corporation		5,616		332,467
Regency Centers Corporation		3,157		232,671
Retail Properties of America, Inc. - Class A		93		1,487
Seritage Growth Properties - Class A		2,131		113,731
STAG Industrial, Inc.		35,869		715,945
Universal Health Realty Income Trust		220		12,012
Urstadt Biddle Properties, Inc. - Class A		5,849		120,255
Ventas, Inc.		3,927		243,945
Walter Investment Management Corporation		225,404		1,634,179
Welltower, Inc.		10,432		724,189
Whitestone REIT		11,097		149,033
				10,473,482
Real Estate Management & Development — 0.3%
Alexander & Baldwin, Inc.		257		9,828
Altisource Portfolio Solutions S.A.		11,993		375,261
AV Homes, Inc.		6,195		71,242
Consolidated-Tomoka Land Company		2,101		103,579
Forestar Group, Inc.		35,800		483,300
Realogy Holdings Corporation		81		2,895
St. Joe Company (The)		21,072		355,063
Tejon Ranch Company		4,340		97,737
				1,498,905
Thrifts & Mortgage Finance — 1.2%
Atlantic Coast Financial Corporation		388		2,491
Banc of California, Inc.		10,950		222,833
Bank Mutual Corporation		356		2,877
BankFinancial Corporation		11,495		142,078
BBX Capital Corporation - Class A		1,591		24,533
BofI Holding, Inc.		84,300		1,717,191
BSB Bancorp, Inc.		104		2,472
Cheviot Financial Corporation		657		9,829
Clifton Bancorp, Inc.		19,319		287,467
Hingham Institution for Savings		35		4,480
HomeStreet, Inc.		12,214		263,212
Impac Mortgage Holdings, Inc.		91,380		1,297,596
Kearny Financial Corporation		2,444		30,843
Lake Sunapee Bank Group		537		7,647

23

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Financials — 10.0% (Continued)
Thrifts & Mortgage Finance — 1.2% (Continued)
LendingTree, Inc.		14,892	$	1,332,387
Meridian Bancorp, Inc.		1,029		15,044
MMA Capital Management, LLC		26		417
Northfield Bancorp, Inc.		10,419		165,245
Northwest Bancshares, Inc.		30,909		433,344
OceanFirst Financial Corporation		7,328		142,749
Ocwen Financial Corporation		6,887		15,565
People's United Financial, Inc.		2,402		37,231
Stonegate Mortgage Corporation		8,977		51,797
Timberland Bancorp, Inc.		3		42
TrustCo Bank Corporation		30,679		196,652
United Financial Bancorp, Inc.		16,222		210,562
Waterstone Financial, Inc.		1,255		17,595
WSFS Financial Corporation		315		10,754
				6,644,933
Health Care — 19.5%
Biotechnology — 9.1%
Abeona Therapeutics, Inc.		30,661		83,398
ACADIA Pharmaceuticals, Inc.		6,765		218,509
Actinium Pharmaceuticals, Inc.		848		1,594
Adamas Pharmaceuticals, Inc.		7,765		131,073
Advaxis, Inc.		7,950		61,533
Aegerion Pharmaceuticals, Inc.		58,622		167,073
Aeterna Zentaris, Inc.		26,055		105,523
Agios Pharmaceuticals, Inc.		609		29,811
Akebia Therapeutics, Inc.		10,563		99,187
Alder Biopharmaceuticals, Inc.		58,809		1,561,379
Amicus Therapeutics, Inc.		106,678		796,885
Anacor Pharmaceuticals, Inc.		346		21,708
Anavex Life Sciences Corporation		69,373		378,777
Aquinox Pharmaceuticals, Inc.		13,190		107,367
Argos Therapeutics, Inc.		49,696		310,103
ARIAD Pharmaceuticals, Inc.		116,178		834,158
Array BioPharma, Inc.		204,686		652,948
Arrowhead Pharmaceuticals, Inc.		231,569		1,340,785
Asterias Biotherapeutics, Inc.		2,498		10,716
Athersys, Inc.		70,693		163,301
aTyr Pharma, Inc.		56,466		201,019
Aurinia Pharmaceuticals, Inc.		1,507		4,400
Axovant Sciences Ltd.		1,619		21,047
Bio Blast Pharma Ltd.		11,451		26,108
BioTime, Inc.		105,448		307,908
bluebird bio, Inc.		1,575		69,851

24

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Biotechnology — 9.1% (Continued)
Catabasis Pharmaceuticals, Inc.		349	$	1,539
Catalyst Pharmaceutical, Inc.		15,108		10,273
Celator Pharmaceuticals, Inc.		41,659		627,801
Celldex Therapeutics, Inc.		76,154		304,616
Cellular Biomedicine Group, Inc.		4,608		79,580
Cerulean Pharma, Inc.		99		325
Chiasma, Inc.		273,263		920,896
Chimerix, Inc.		127,417		761,954
Clovis Oncology, Inc.		122,532		1,704,420
Codexis, Inc.		5,525		17,404
Conatus Pharmaceuticals, Inc.		10,346		29,693
CorMedix, Inc.		32,837		137,259
CytRx Corporation		239,738		781,546
Dynavax Technologies Corporation		10,269		168,514
Eagle Pharmaceuticals, Inc.		34,739		1,315,219
Editas Medicine, Inc.		2,441		80,675
Exact Sciences Corporation		11,201		78,631
Exelixis, Inc.		9,421		43,431
Fibrocell Science, Inc.		2,056		5,675
Flexion Therapeutics, Inc.		1,952		20,301
Galena Biopharma, Inc.		1,189,559		1,641,591
Genocea Biosciences, Inc.		215,101		946,444
Geron Corporation		16,538		48,787
GlycoMimetics, Inc.		705		4,441
Heron Therapeutics, Inc.		78,791		1,689,279
Idera Pharmaceuticals, Inc.		474,078		786,969
Ignyta, Inc.		577		3,993
Immunomedics, Inc.		127,911		454,084
Inotek Pharmaceuticals Corporation		26,631		260,984
Inovio Pharmaceuticals, Inc.		72,313		757,840
Insys Therapeutics, Inc.		123,846		1,794,529
Intercept Pharmaceuticals, Inc.		1,925		290,174
Invitae Corporation		34,997		333,871
Ionis Pharmaceuticals, Inc.		2,063		84,521
Ironwood Pharmaceuticals, Inc.		921		9,624
IsoRay, Inc.		22,521		25,899
Juno Therapeutics, Inc.		2,145		90,283
Karyopharm Therapeutics, Inc.		11,280		104,904
Keryx Biopharmaceuticals, Inc.		288,011		1,566,780
Kite Pharma, Inc.		323		14,948
La Jolla Pharmaceutical Company		22,460		415,735
Lion Biotechnologies, Inc.		43,767		248,159
Loxo Oncology, Inc.		28,765		663,033

25

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Biotechnology — 9.1% (Continued)
MacroCure Ltd.		66,442	$	68,435
MannKind Corporation		1,238,315		1,671,725
MediciNova, Inc.		44,944		309,215
Merrimack Pharmaceuticals, Inc.		11,508		81,477
MiMedx Group, Inc.		21,471		161,677
Mirati Therapeutics, Inc.		4,236		87,770
Myriad Genetics, Inc.		1,713		61,668
NantKwest, Inc.		98,401		815,744
Nivalis Therapeutics, Inc.		11,379		48,133
Northwest Biotherapeutics, Inc.		677,113		947,958
Novavax, Inc.		181,287		949,944
Nymox Pharmaceutical Corporation		16,588		37,489
Ohr Pharmaceutical, Inc.		12,877		42,108
Omeros Corporation		98,474		1,304,780
Oncothyreon, Inc.		156,420		203,346
OPKO Health, Inc.		7,051		75,798
Organovo Holdings, Inc.		351,181		955,212
Osiris Therapeutics, Inc.		20,232		113,502
OvaScience, Inc.		108,179		906,540
Portola Pharmaceuticals, Inc.		22,539		535,527
Proteon Therapeutics, Inc.		36		351
PTC Therapeutics, Inc.		143,787		1,066,900
Puma Biotechnology, Inc.		22,839		700,929
Radius Health, Inc.		19,748		703,029
Regulus Therapeutics, Inc.		95,383		557,037
Sage Therapeutics, Inc.		36		1,357
Sarepta Therapeutics, Inc.		123,619		1,754,154
Seattle Genetics, Inc.		2,404		85,294
Seres Therapeutics, Inc.		570		16,826
Synergy Pharmaceuticals, Inc.		245,732		771,598
Synthetic Biologics, Inc.		809,577		1,805,357
TESARO, Inc.		4,302		178,275
Tobira Therapeutics, Inc.		16,279		128,116
Tonix Pharmaceuticals Holding Corporation		21,600		54,432
Tracon Pharmaceuticals, Inc.		1,803		13,054
Trovagene, Inc.		363,159		1,459,899
Ultragenyx Pharmaceutical, Inc.		2,540		171,755
Versartis, Inc.		13,170		119,320
Viking Therapeutics, Inc.		22,836		33,112
Vital Therapies, Inc.		31,618		270,966
vTv Therapeutics, Inc. - Class A		693		4,366
XBiotech, Inc.		67,517		860,842
Zafgen, Inc.		105,273		670,589

26

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Biotechnology — 9.1% (Continued)
ZIOPHARM Oncology, Inc.		182,780	$	1,436,651
				49,275,042
Health Care Equipment & Supplies — 3.5%
Abaxis, Inc.		80		3,626
Accuray, Inc.		17,143		91,887
Amedica Corporation		63,253		98,675
Anika Therapeutics, Inc.		140		6,392
Antares Pharma, Inc.		31,563		34,719
Avinger, Inc.		105,011		1,216,027
AxoGen, Inc.		53,252		309,927
Biolase, Inc.		21,145		30,026
Cardiovascular Systems, Inc.		61,709		862,692
Cerus Corporation		4,193		26,248
ConforMIS, Inc.		125,533		1,555,354
CONMED Corporation		1,622		67,183
Corindus Vascular Robotics, Inc.		35,242		37,004
CytoSorbents Corporation		32,207		139,134
Derma Sciences, Inc.		14,563		50,679
DexCom, Inc.		1,322		85,110
Digirad Corporation		11,210		65,354
EndoChoice Holdings, Inc.		180,642		997,144
Entellus Medical, Inc.		227		3,301
GenMark Diagnostics, Inc.		201,903		1,193,247
Great Basin Scientific, Inc.		32,308		99,509
Greatbatch, Inc.		4,483		156,008
Hansen Medical, Inc.		27,081		109,678
Insulet Corporation		4,879		162,471
Invuity, Inc.		4,792		32,586
iRadimed Corporation		72,875		1,192,964
IRIDEX Corporation		101		1,156
LDR Holding Corporation		5,954		160,460
Meridian Bioscience, Inc.		5,660		108,163
Navidea Biopharmaceuticals, Inc.		198,692		274,195
Nevro Corporation		13,381		899,872
Novadaq Technologies, Inc.		1,957		21,918
Novocure Ltd.		14,862		191,720
Quidel Corporation		3,248		56,190
Quotient Ltd.		6,514		69,439
ReWalk Robotics Ltd.		6,651		60,258
Rockwell Medical, Inc.		244,213		2,258,970
Second Sight Medical Products, Inc.		292,267		1,382,423
Sientra, Inc.		96,695		785,163
Spectranetics Corporation (The)		11,443		194,531

27

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Health Care Equipment & Supplies — 3.5% (Continued)
STAAR Surgical Company		9,987	$	77,000
SurModics, Inc.		626		12,595
Tandem Diabetes Care, Inc.		80,989		901,408
TransEnterix, Inc.		623,311		934,967
Vascular Solutions, Inc.		286		9,996
Wright Medical Group N.V.		67,453		1,266,767
ZELTIQ Aesthetics, Inc.		16,750		500,825
Zimmer Biomet Holdings, Inc.		736		85,207
				18,880,168
Health Care Providers & Services — 2.7%
AAC Holdings, Inc.		106,637		2,195,656
Aceto Corporation		307		6,886
Addus HomeCare Corporation		27,973		517,500
Adeptus Health, Inc. - Class A		30,165		2,054,840
Air Methods Corporation		13,713		507,107
AMN Healthcare Services, Inc.		25,075		890,413
Anthem, Inc.		20		2,815
BioScrip, Inc.		646,504		1,706,770
Centene Corporation		1		11
Ensign Group, Inc. (The)		1,403		31,652
ExamWorks Group, Inc.		18,520		667,646
Express Scripts Holding Company		37		2,728
Hanger, Inc.		4,970		34,243
InfuSystem Holdings, Inc.		14,421		51,916
Landauer, Inc.		26,855		932,943
MEDNAX, Inc.		1,234		87,972
Nobilis Health Corporation		195,789		826,230
Patterson Companies, Inc.		1,945		84,316
Psychemedics Corporation		1,760		25,344
Select Medical Holdings Corporation		46,263		618,999
Sharps Compliance Corporation		11,019		50,026
Teladoc, Inc.		169,399		2,058,198
Trupanion, Inc.		82,227		1,025,371
				14,379,582
Health Care Technology — 0.8%
Castlight Health, Inc. - Class B		264,100		950,760
Computer Programs & Systems, Inc.		20,576		1,056,166
Connecture, Inc.		1,356		3,133
Evolent Health, Inc. - Class A		43,493		522,351
Imprivata, Inc.		2,925		35,451
Inovalon Holdings, Inc. - Class A		55,453		948,246
Medidata Solutions, Inc.		2,666		116,318
Veeva Systems, Inc. - Class A		26,685		734,104
				4,366,529

28

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Life Sciences Tools & Services — 0.7%
Accelerate Diagnostics, Inc.		149,463	$	1,875,761
Albany Molecular Research, Inc.		9,395		141,395
Fluidigm Corporation		7,987		76,515
Illumina, Inc.		658		88,823
Luminex Corporation		2,710		54,471
Pacific Biosciences of California, Inc.		138,907		1,340,452
pSivida Corporation		16,413		47,105
Sequenom, Inc.		185,324		237,215
Waters Corporation		667		86,817
				3,948,554
Pharmaceuticals — 2.7%
AcelRx Pharmaceuticals, Inc.		3,418		11,553
Aclaris Therapeutics, Inc.		2,616		48,344
Aerie Pharmaceuticals, Inc.		15,139		240,105
Akorn, Inc.		14,381		365,996
Alcobra Ltd.		1,536		6,159
Alimera Sciences, Inc.		16,411		36,432
Allergan plc		29		6,280
Ampio Pharmaceuticals, Inc.		262,606		1,105,571
Aralez Pharmaceuticals, Inc.		55,821		218,260
Aratana Therapeutics, Inc.		152,023		913,658
Catalent, Inc.		301		8,889
Cempra, Inc.		3,264		55,260
Concordia Healthcare Corporation		3,092		90,101
ContraVir Pharmaceuticals, Inc.		4,050		4,050
Cynapsus Therapeutics, Inc.		3,618		43,561
Dipexium Pharmaceuticals, Inc.		531		6,892
Egalet Corporation		74,633		508,997
Endocyte, Inc.		33,017		128,766
EyeGate Pharmaceuticals, Inc.		59		202
Flex Pharma, Inc.		13,556		148,574
Foamix Pharmaceuticals Ltd.		7,681		48,467
Horizon Pharma plc		15,280		234,854
Innoviva, Inc.		48,042		592,838
Intellipharmaceutics International, Inc.		982		1,994
KemPharm, Inc.		15,336		253,964
Lannett Company, Inc.		599		11,489
Lipocine, Inc.		46,455		452,936
Marinus Pharmaceuticals, Inc.		35,637		195,647
Medicines Company (The)		6,071		216,067
MyoKardia, Inc.		309		3,535
Ocular Therapeutix, Inc.		48,585		596,624
Oculus Innovative Sciences, Inc.		100,962		99,952

29

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Health Care — 19.5% (Continued)
Pharmaceuticals — 2.7% (Continued)
Pain Therapeutics, Inc.		63,362	$	155,871
Pernix Therapeutics Holdings, Inc.		32,907		24,684
Perrigo Company plc		258		24,941
Relypsa, Inc.		110,579		2,001,480
Revance Therapeutics, Inc.		359		6,598
Teligent, Inc.		302,986		1,672,483
Tetraphase Pharmaceuticals, Inc.		76,180		426,608
TherapeuticsMD, Inc.		83,152		686,004
Titan Pharmaceuticals, Inc.		1,443		8,586
Tokai Pharmaceuticals, Inc.		170,498		1,249,750
VIVUS, Inc.		836,895		1,380,877
XenoPort, Inc.		990		4,356
Zogenix, Inc.		15,104		154,816
Zynerba Pharmaceuticals, Inc.		3,443		28,060
				14,481,131
Industrials — 9.5%
Aerospace & Defense — 1.1%
Aerojet Rocketdyne Holdings, Inc.		103,720		1,879,406
AeroVironment, Inc.		310		8,953
American Science & Engineering, Inc.		637		18,250
Astrotech Corporation		596		1,180
CPI Aerostructures, Inc.		3,469		23,936
Cubic Corporation		20,989		872,513
Engility Holdings, Inc.		7,832		154,056
Hexcel Corporation		532		24,084
KEYW Holding Corporation (The)		261,235		1,799,909
KLX, Inc.		974		32,843
National Presto Industries, Inc.		2,964		258,431
Rockwell Collins, Inc.		983		86,691
Sparton Corporation		3,579		76,805
TASER International, Inc.		43,784		799,496
TransDigm Group, Inc.		402		91,604
				6,128,157
Air Freight & Logistics — 0.1%
Echo Global Logistics, Inc.		625		14,606
Forward Air Corporation		3,203		145,993
Hub Group, Inc. - Class A		3,342		128,734
United Parcel Service, Inc. - Class B		380		39,927
XPO Logistics, Inc.		1,160		34,962
				364,222
Airlines — 0.1%
Copa Holdings S.A. - Class A		493		31,429
Virgin America, Inc.		6,190		344,721
				376,150

30

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Industrials — 9.5% (Continued)
Building Products — 0.5%
Advanced Drainage Systems, Inc.		42,805	$	989,652
American Woodmark Corporation		1,296		94,401
Apogee Enterprises, Inc.		1,668		69,122
Armstrong Flooring, Inc.		1		7
Armstrong World Industries, Inc.		3,775		154,058
Griffon Corporation		68,071		1,076,202
MFRI, Inc.		831		5,800
Simpson Manufacturing Company, Inc.		6		226
Trex Company, Inc.		61		2,894
				2,392,362
Commercial Services & Supplies — 0.9%
ABM Industries, Inc.		7,583		243,945
Acme United Corporation		3		51
Asta Funding, Inc.		1,271		12,723
Avery Dennison Corporation		43		3,122
Brady Corporation - Class A		493		13,060
CECO Environmental Corporation		62,538		412,751
Covanta Holding Corporation		42,410		689,587
Deluxe Corporation		501		31,453
Essendant, Inc.		6,015		185,202
Healthcare Services Group, Inc.		18,013		681,792
Hudson Technologies, Inc.		9,449		33,071
Interface, Inc.		7,775		132,330
Mobile Mini, Inc.		19,230		620,167
MSA Safety, Inc.		14,404		692,688
Rollins, Inc.		369		9,915
Stericycle, Inc.		51		4,874
Team, Inc.		656		18,848
TRC Companies, Inc.		3,994		34,189
US Ecology, Inc.		16,948		763,168
Waste Connections, Inc.		1,386		93,250
				4,676,186
Construction & Engineering — 0.7%
AECOM		788		25,602
Ameresco, Inc. - Class A		32,131		143,626
Argan, Inc.		18,000		615,240
Dycom Industries, Inc.		531		37,489
HC2 Holdings, Inc.		85,302		329,266
Jacobs Engineering Group, Inc.		700		31,206
Layne Christensen Company		171,468		1,524,350
MasTec, Inc.		1,514		34,307
NV5 Global, Inc.		25,017		621,172
Primoris Services Corporation		3,389		79,269

31

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Industrials — 9.5% (Continued)
Construction & Engineering — 0.7% (Continued)
Tutor Perini Corporation		13,758	$	217,651
Willdan Group, Inc.		383		4,117
				3,663,295
Electrical Equipment — 1.7%
American Superconductor Corporation		28,433		283,193
China BAK Battery, Inc.		4,280		11,042
Energous Corporation		56,995		581,349
Energy Focus, Inc.		57,393		447,665
FuelCell Energy, Inc.		187,993		1,120,438
Generac Holdings, Inc.		2,338		89,125
Highpower International, Inc.		14,268		28,251
Ideal Power, Inc.		4,819		26,071
LSI Industries, Inc.		330		4,175
Plug Power, Inc.		919,319		1,893,797
Power Solutions International, Inc.		69,024		893,861
Preformed Line Products Company		140		5,876
Revolution Lighting Technology, Inc.		530		3,487
Rockwell Automation, Inc.		720		81,698
SolarCity Corporation		62,540		1,896,213
Sunrun, Inc.		236,699		1,865,188
Thermon Group Holdings, Inc.		6,176		115,738
				9,347,167
Industrial Conglomerates — 0.0% (a)
Raven Industries, Inc.		6,683		107,529
Machinery — 2.5%
Actuant Corporation - Class A		5,903		157,669
Altra Industrial Motion Corporation		33,918		973,447
American Railcar Industries, Inc.		3,821		156,699
Blue Bird Corporation		35,464		383,366
Briggs & Stratton Corporation		40,494		857,258
Caterpillar, Inc.		1,210		94,041
CIRCOR International, Inc.		4,440		250,638
Deere & Company		1,179		99,166
Donaldson Company, Inc.		309		10,098
Douglas Dynamics, Inc.		124		2,841
Eastern Company (The)		1,788		29,877
ExOne Company (The)		106,620		1,409,516
Flowserve Corporation		671		32,751
FreightCar America, Inc.		11,561		198,271
Gorman-Rupp Company (The)		164		4,640
Graco, Inc.		1,086		85,132
Graham Corporation		1,183		21,897

32

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Industrials — 9.5% (Continued)
Machinery — 2.5% (Continued)
Greenbrier Companies, Inc. (The)		252	$	7,557
Hurco Companies, Inc.		22,504		728,680
Hyster-Yale Materials Handling, Inc.		1,264		77,420
Joy Global, Inc.		5,342		113,785
Kornit Digital Ltd.		8,382		84,910
Lincoln Electric Holdings, Inc.		50		3,133
Lindsay Corporation		30,185		2,307,945
Manitex International, Inc.		1,511		10,033
Manitowoc Company, Inc. (The)		1,570		8,949
Manitowoc Foodservice, Inc.		1,515		22,740
Middleby Corporation (The)		217		23,792
Milacron Holdings Corporation		88		1,507
Navistar International Corporation		61,861		933,482
Proto Labs, Inc.		19,857		1,188,044
RBC Bearings, Inc.		12,519		917,643
Sun Hydraulics Corporation		39,368		1,392,840
Supreme Industries, Inc. - Class A		92		1,144
Tennant Company		7,519		401,590
Terex Corporation		4,519		107,959
Twin Disc, Inc.		15,128		200,446
Wabash National Corporation		4,065		57,926
Westport Innovations, Inc.		34,212		84,162
				13,442,994
Marine — 0.2%
Diana Shipping, Inc.		75,238		260,324
Global Ship Lease, Inc. - Class A		12,969		29,699
Navios Maritime Holdings, Inc.		115,008		134,559
Scorpio Bulkers, Inc.		222,024		854,792
				1,279,374
Professional Services — 0.4%
Acacia Research Corporation		77,289		372,533
Advisory Board Company (The)		4,900		155,036
CBIZ, Inc.		7,661		77,989
FTI Consulting, Inc.		6,807		274,322
Hill International, Inc.		187,612		795,475
Huron Consulting Group, Inc.		2		111
ICF International, Inc.		2,473		97,362
Insperity, Inc.		69		3,641
Navigant Consulting, Inc.		3,235		51,631
Odyssey Marine Exploration, Inc.		648		1,814
Resources Connection, Inc.		10,165		150,137
Verisk Analytics, Inc.		1,148		89,062
				2,069,113

33

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Industrials — 9.5% (Continued)
Road & Rail — 0.6%
Covenant Transportation Group, Inc. - Class A		21,365	$	425,377
Heartland Express, Inc.		13,374		242,203
Kansas City Southern		139		13,170
Knight Transportation, Inc.		32,265		857,281
Landstar System, Inc.		10,295		674,837
P.A.M. Transportation Services, Inc.		13,069		322,935
Saia, Inc.		2,548		73,688
Student Transportation, Inc.		9,236		45,811
Swift Transportation Company		2,111		35,085
Universal Truckload Services, Inc.		32		456
USA Truck, Inc.		30,012		531,813
Werner Enterprises, Inc.		7,966		201,859
				3,424,515
Trading Companies & Distributors — 0.7%
BMC Stock Holdings, Inc.		14,944		262,267
Fastenal Company		1,910		89,369
GATX Corporation		12,432		571,126
Houston Wire & Cable Company		6,620		48,392
Kaman Corporation		23,387		984,359
Lawson Products, Inc.		175		3,428
Textainer Group Holdings Ltd.		44,734		690,246
Titan Machinery, Inc.		78,626		1,022,138
Veritiv Corporation		5,859		240,336
W.W. Grainger, Inc.		390		91,463
				4,003,124
Transportation Infrastructure — 0.0% (a)
Aegean Marine Petroleum Network, Inc.		7,388		59,400
Wesco Aircraft Holdings, Inc.		1,963		28,326
				87,726
Information Technology — 13.1%
Communications Equipment — 1.0%
ADTRAN, Inc.		13,905		268,645
Alliance Fiber Optic Products, Inc.		50,019		926,352
Applied Optoelectronics, Inc.		117,813		1,319,506
Arista Networks, Inc.		1,384		92,202
CalAmp Corporation		10,840		162,275
Calix, Inc.		9,937		68,863
DragonWave, Inc.		16,304		101,574
Harmonic, Inc.		192,376		665,621
Juniper Networks, Inc.		588		13,759
KVH Industries, Inc.		2,488		24,283
NETGEAR, Inc.		2,936		124,486
Novatel Wireless, Inc.		50,000		76,500

34

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Information Technology — 13.1% (Continued)
Communications Equipment — 1.0% (Continued)
Numerex Corporation - Class A		63	$	484
Oclaro, Inc.		33,512		169,236
Palo Alto Networks, Inc.		647		97,613
PCTEL, Inc.		5,178		23,197
Ruckus Wireless, Inc.		16,357		224,745
Ubiquiti Networks, Inc.		35,137		1,251,580
ViaSat, Inc.		417		31,984
Zhone Technologies, Inc.		10,256		11,794
				5,654,699
Electronic Equipment, Instruments & Components — 2.1%
Applied DNA Science, Inc.		27,273		82,637
AVX Corporation		8,518		112,608
Badger Meter, Inc.		4,702		335,394
Clearfield, Inc.		85,433		1,585,636
Cognex Corporation		2,312		82,145
Control4 Corporation		226,572		1,678,899
CUI Global, Inc.		42,468		354,608
Daktronics, Inc.		1,499		13,041
Dolby Laboratories, Inc. - Class A		6,665		317,321
DTS, Inc.		37,604		820,519
Electro Rent Corporation		1,989		19,910
Fitbit, Inc. - Class A		99,101		1,808,593
GSI Group, Inc.		8,956		130,310
InvenSense, Inc.		12,458		95,677
Mesa Laboratories, Inc.		12,471		1,256,827
MicroVision, Inc.		638,103		1,378,302
MTS Systems Corporation		9,867		554,723
National Instruments Corporation		991		27,322
Neonode, Inc.		50,133		99,263
PCM, Inc.		2,746		26,334
Research Frontiers, Inc.		4,006		18,187
SuperCom Ltd.		3,062		12,524
Tech Data Corporation		2,801		192,401
Uni-Pixel, Inc.		31,202		74,573
Vishay Intertechnology, Inc.		6,330		76,973
Vishay Precision Group, Inc.		1,803		26,973
				11,181,700
Internet Software & Services — 3.6%
Actua Corporation		3,940		37,351
Alarm.com Holdings, Inc.		16,082		366,830
Amber Road, Inc.		14,221		69,825
Angie's List, Inc.		105,974		927,272
Apigee Corporation		9,108		88,348

35

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Information Technology — 13.1% (Continued)
Internet Software & Services — 3.6% (Continued)
Appfolio, Inc. - Class A		42,366	$	531,270
Benefitfocus, Inc.		15,296		579,718
Chegg, Inc.		254,076		1,153,505
Cimpress N.V.		2		176
comScore, Inc.		1		32
Demandware, Inc.		1,239		57,093
eGain Corporation		3,066		11,406
Endurance International Group Holdings, Inc.		14,788		158,379
Envestnet, Inc.		27,699		869,195
Five9, Inc.		6,332		58,571
Gogo, Inc.		115,621		1,224,426
GrubHub, Inc.		37,030		970,927
Hortonworks, Inc.		3,019		34,930
Instructure, Inc.		21		423
Internet Gold-Golden Lines Ltd.		20		275
iPass, Inc.		3,720		4,166
LendingClub Corporation		6,278		49,596
LogMeIn, Inc.		21		1,254
Marchex, Inc. - Class B		7,489		31,828
Marketo, Inc.		37,310		820,447
MaxPoint Interactive, Inc.		144		1,157
MINDBODY, Inc. - Class A		19,894		270,757
New Relic, Inc.		2,451		63,187
OPOWER, Inc.		296,701		2,343,938
Piksel, Inc. - Series A-2 (b)		346,880		0
Q2 Holdings, Inc.		459		10,975
Quotient Technology, Inc.		183,343		2,130,446
RealNetworks, Inc.		986		4,496
Reis, Inc.		2,275		57,262
Shopify, Inc. - Class A		1,944		61,916
Shutterstock, Inc.		18,480		758,050
Textura Corporation		43,658		1,152,135
TrueCar, Inc.		196,059		1,341,044
Tucows, Inc. - Class A		2,964		72,781
Unwired Planet, Inc.		8,720		70,283
VeriSign, Inc.		368		31,795
Web.com Group, Inc.		1,060		21,189
WebMD Health Corporation		7,931		497,591
Yahoo!, Inc.		257		9,406
Yelp, Inc.		27,454		576,534
Zillow Group, Inc. - Class A		67,092		1,678,642
Zillow Group, Inc. - Class C		3,622		87,073
				19,287,900

36

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Information Technology — 13.1% (Continued)
IT Services — 1.0%
Accenture plc - Class A		36	$	4,065
Black Knight Financial Services, Inc. - Class A		2,121		67,830
Cardtronics, Inc.		31,271		1,232,703
Cass Information Systems, Inc.		4,340		214,700
CSG Systems International, Inc.		2,286		101,453
EPAM Systems, Inc.		409		29,828
FleetCor Technologies, Inc.		18		2,784
Forrester Research, Inc.		7,966		267,817
Higher One Holdings, Inc.		266,927		1,011,653
International Business Machines Corporation		560		81,726
Mattersight Corporation		16,657		65,795
ModusLink Global Solutions, Inc.		56,241		82,112
NeuStar, Inc. - Class A		29,424		691,170
Rightside Group Ltd.		9,301		84,081
ServiceSource International, Inc.		291,324		1,174,036
Square, Inc. - Class A		22,809		339,626
Western Union Company (The)		4,592		91,840
				5,543,219
Semiconductors & Semiconductor Equipment — 1.7%
Advanced Micro Devices, Inc.		8,576		30,445
Ambarella, Inc.		37,693		1,549,182
Amtech Systems, Inc.		1		6
Applied Micro Circuits Corporation		42,007		262,124
Broadcom Ltd.		1		127
Brooks Automation, Inc.		45,330		428,822
Cabot Microelectronics Corporation		13,279		556,257
Camtek Ltd.		5,005		11,061
Canadian Solar, Inc.		204		3,654
Cascade Microtech, Inc.		2,172		45,417
Cree, Inc.		31,153		763,560
Cypress Semiconductor Corporation		48,717		439,915
Exar Corporation		2,159		13,170
Fairchild Semiconductor International, Inc.		684		13,680
First Solar, Inc.		65		3,630
FormFactor, Inc.		21,746		167,444
GigPeak, Inc.		71,610		164,703
GSI Technology, Inc.		1,250		4,937
Kopin Corporation		242,525		402,592
Lam Research Corporation		104		7,946
Lattice Semiconductor Corporation		165,557		922,152
M/A-COM Technology Solutions Holdings, Inc.		1,605		65,628
Magnachip Semiconductor Corporation		9,401		48,509
Mattson Technology, Inc.		231,652		845,530

37

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Information Technology — 13.1% (Continued)
Semiconductors & Semiconductor Equipment — 1.7% (Continued)
Microchip Technology, Inc.		450	$	21,865
NVIDIA Corporation		2,508		89,109
NXP Semiconductors N.V.		1		63
QuickLogic Corporation		78,505		86,355
Rambus, Inc.		91,650		1,064,973
Sigma Designs, Inc.		74,966		474,535
SolarEdge Technologies, Inc.		1,607		43,052
SunPower Corporation		9,775		196,868
Ultratech, Inc.		6,795		147,384
Veeco Instruments, Inc.		22,813		419,987
Xcerra Corporation		1,467		8,655
				9,303,337
Software — 2.8%
Atlassian Corporation plc - Class A		1,875		43,444
Attunity Ltd.		442		3,019
Bottomline Technologies (de), Inc.		4,364		107,180
Box, Inc. - Class A		95,334		1,232,669
BroadSoft, Inc.		601		23,538
Code Rebel Corporation		30,241		85,582
Covisint Corporation		1,539		2,847
Datawatch Corporation		9,691		51,556
Digimarc Corporation		58,141		1,735,509
Digital Turbine, Inc.		80,000		68,800
Ebix, Inc.		45,546		2,191,673
Evolving Systems, Inc.		7,002		40,331
FactSet Research Systems, Inc.		97		14,623
FalconStor Software, Inc.		5,631		5,969
FireEye, Inc.		2,500		43,375
Fleetmatics Group plc		438		15,877
Globant S.A.		55		1,952
Glu Mobile, Inc.		178,837		477,495
Guidance Software, Inc.		3,411		17,396
HubSpot, Inc.		19,895		881,150
Imperva, Inc.		212		9,854
Interactive Intelligence Group, Inc.		7,682		285,540
MobileIron, Inc.		17,049		65,298
Model N, Inc.		97,450		1,040,766
Net 1 UEPS Technologies, Inc.		10,834		129,141
NetSuite, Inc.		474		38,413
Park City Group, Inc.		3,448		32,756
Paycom Software, Inc.		25,870		988,493
Proofpoint, Inc.		8,662		504,648
Qlik Technologies, Inc.		10,459		322,033

38

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Information Technology — 13.1% (Continued)
Software — 2.8% (Continued)
Rapid7, Inc.		40,297	$	504,518
Rovi Corporation		951		16,757
Seachange International, Inc.		108,893		406,171
Take-Two Interactive Software, Inc.		919		31,411
Tangoe, Inc.		28,933		255,189
TiVo, Inc.		67,348		672,133
TubeMogul, Inc.		23,748		307,774
VASCO Data Security International, Inc.		7,250		125,642
Verint Systems, Inc.		5,580		188,827
VirnetX Holding Corporation		418,089		1,877,220
VMware, Inc. - Class A		95		5,406
Voltari Corporation		293		1,037
Workday, Inc. - Class A		1,150		86,227
Xura, Inc.		11,125		249,089
				15,188,328
Technology Hardware, Storage & Peripherals — 0.9%
3D Systems Corporation		105,273		1,862,279
Apple, Inc.		114		10,686
Avid Technology, Inc.		16,027		89,431
Concurrent Computer Corporation		2,753		16,683
CPI Card Group, Inc.		29,026		230,176
Diebold, Inc.		9,719		255,318
Electronics For Imaging, Inc.		3,221		128,325
Imation Corporation		57,464		90,219
Pure Storage, Inc. - Class A		5,632		81,946
Silicon Graphics International Corporation		8,246		36,942
Stratasys Ltd.		52,375		1,281,616
Super Micro Computer, Inc.		2,676		72,011
USA Technologies, Inc.		140,799		616,700
				4,772,332
Materials — 3.4%
Chemicals — 1.2%
A. Schulman, Inc.		8,493		236,870
AgroFresh Solutions, Inc.		8,596		53,553
Albemarle Corporation		885		58,552
American Vanguard Corporation		2,215		36,658
Balchem Corporation		5,187		318,274
BioAmber, Inc.		2,580		10,965
CF Industries Holdings, Inc.		2,581		85,354
China Green Agriculture, Inc.		6,941		9,093
Ferro Corporation		16,153		205,789
Flotek Industries, Inc.		130,489		1,233,121
FutureFuel Corporation		44,241		497,269

39

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Materials — 3.4% (Continued)
Chemicals — 1.2% (Continued)
Hawkins, Inc.		17,696	$	692,445
International Flavors & Fragrances, Inc.		307		36,677
Intrepid Potash, Inc.		96,711		123,790
Kraton Performance Polymers, Inc.		14,807		336,267
Kronos Worldwide, Inc.		34,750		231,088
Landec Corporation		47,051		529,324
LSB Industries, Inc.		23,382		307,707
Minerals Technologies, Inc.		2,763		165,504
NewMarket Corporation		222		90,145
OMNOVA Solutions, Inc.		25,423		181,774
Platform Specialty Products Corporation		6,078		62,603
Praxair, Inc.		240		28,190
Senomyx, Inc.		371,183		909,398
Trecora Resources		3,573		40,911
Valhi, Inc.		1,400		2,758
				6,484,079
Construction Materials — 0.0% (a)
Vulcan Materials Company		170		18,297
Containers & Packaging — 0.1%
AEP Industries, Inc.		1,100		67,793
AptarGroup, Inc.		174		13,224
Multi Packaging Solutions International Ltd.		1,534		25,495
Sealed Air Corporation		80		3,789
Silgan Holdings, Inc.		4,439		225,235
UFP Technologies, Inc.		73		1,814
				337,350
Metals & Mining — 1.8%
AK Steel Holding Corporation		119,344		558,530
Alexco Resource Corporation		4,100		5,166
Allegheny Technologies, Inc.		15,057		246,031
B2Gold Corporation		266		591
Carpenter Technology Corporation		8,176		289,512
Century Aluminum Company		22,361		197,224
Cliffs Natural Resources, Inc.		545,276		2,873,605
Compass Minerals International, Inc.		15,292		1,146,288
Energy Fuels, Inc.		11,362		26,701
First Majestic Silver Corporation		2,566		27,302
Freeport-McMoRan, Inc.		7,494		104,916
General Steel Holdings, Inc.		2,977		4,138
Gold Resource Corporation		98,062		322,624
Hecla Mining Company		68,241		294,119
HudBay Minerals, Inc.		29,697		147,891

40

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Materials — 3.4% (Continued)
Metals & Mining — 1.8% (Continued)
McEwen Mining, Inc.		41,506	$	107,916
Mountain Province Diamonds, Inc.		3,025		12,856
NN, Inc.		41,312		621,332
Pretium Resources, Inc.		1,182		9,728
Primero Mining Corporation		147,448		277,202
Real Industry, Inc.		5,642		49,875
Schnitzer Steel Industries, Inc. - Class A		2,315		47,735
Seabridge Gold, Inc.		11,433		163,835
Silver Standard Resources, Inc.		4,989		46,847
Southern Copper Corporation		1,797		53,317
Stillwater Mining Company		77,369		943,902
Tahoe Resources, Inc.		41,183		581,916
United States Steel Corporation		29,636		566,344
				9,727,443
Paper & Forest Products — 0.3%
Deltic Timber Corporation		23,684		1,480,250
Rentech, Inc.		6,454		22,395
Resolute Forest Products, Inc.		9,855		57,257
				1,559,902
Telecommunication Services — 1.6%
Diversified Telecommunication Services — 1.3%
CenturyLink, Inc.		679		21,015
Cincinnati Bell, Inc.		16,735		63,928
Consolidated Communications Holdings, Inc.		4,876		115,269
FairPoint Communications, Inc.		3,840		50,918
Frontier Communications Corporation		15,845		88,098
Globalstar, Inc.		424,161		827,114
inContact, Inc.		8,452		78,688
Intelsat S.A.		334,631		1,321,792
Iridium Communications, Inc.		28,221		227,744
magicJack VocalTec Ltd.		17,951		108,783
pdvWireless, Inc.		24,834		1,002,797
Straight Path Communications, Inc. - Class B		60,094		2,199,440
Windstream Holdings, Inc.		148,663		1,290,395
				7,395,981
Wireless Telecommunication Services — 0.3%
Boingo Wireless, Inc.		10,388		79,884
NTELOS Holdings Corporation		146,060		1,351,055
Sprint Corporation		25,864		88,714
				1,519,653
Utilities — 0.6%
Electric Utilities — 0.1%
Duke Energy Corporation		39		3,072

41

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 80.8% (Continued)	Shares		Value
Utilities — 0.6% (Continued)
Electric Utilities — 0.1% (Continued)
El Paso Electric Company		153	$	6,900
Empire District Electric Company (The)		1,012		34,074
Genie Energy Ltd. - Class B		11,030		81,291
ITC Holdings Corporation		2,114		93,164
Otter Tail Corporation		2,157		62,381
Spark Energy, Inc. - Class A		1,680		43,310
Unitil Corporation		238		9,406
Westar Energy, Inc.		964		49,752
				383,350
Gas Utilities — 0.0% (a)
Chesapeake Utilities Corporation		615		36,605
Gas Natural, Inc.		529		3,862
South Jersey Industries, Inc.		680		18,979
Spire, Inc.		1,144		73,170
				132,616
Independent Power and Renewable Electricity Producers — 0.4%
Abengoa Yield plc		2,074		37,394
Dynegy, Inc.		278		4,901
NRG Yield, Inc. - Class C		5,003		80,949
Pattern Energy Group, Inc.		1,578		33,138
TerraForm Global, Inc. - Class A		249,941		727,328
TerraForm Power, Inc. - Class A		30,296		323,561
TransAlta Corporation		1,884		9,835
Vivint Solar, Inc.		250,126		835,421
				2,052,527
Multi-Utilities — 0.0% (a)
Avista Corporation		1,166		46,722
CenterPoint Energy, Inc.		165		3,539
Consolidated Edison, Inc.		153		11,414
Just Energy Group, Inc.		3,338		21,196
NiSource, Inc.		2,542		57,729
OGE Energy Corporation		3,169		93,771
TECO Energy, Inc.		3,242		90,030
WEC Energy Group, Inc.		494		28,756
				353,157
Water Utilities — 0.1%
Cadiz, Inc.		1,137		7,379
Connecticut Water Service, Inc.		417		19,607
York Water Company (The)		15,135		448,753
				475,739
Total Common Stocks (Proceeds $469,943,895)			$	437,308,737

42

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
RIGHTS — 0.0% (a)	Shares		Value
Enterprise Bancorp, Inc. (b) (Proceeds $0)		18	$	2

WARRANTS — 0.1%	Shares		Value
Central European Media Enterprises Ltd. (b)		115,647	$	191,974
Magnum Hunter Resources Corporation (b)		15,689		0
Sears Holdings Corporation		36		185
Total Warrants (Proceeds $551,328)			$	192,159
Total Securities Sold Short — 80.9% (Proceeds $470,495,223)			$	437,500,898

(a)	Percentage rounds to less than 0.1%.
(b)	Security has been valued at fair value pursuant to procedures adopted by and under the supervision of the Board of Trustees. The total value of such securities is $(191,976) at April 30, 2016, representing 0.0% (a) of net assets (Note 2).
See accompanying notes to financial statements.

43

TFS MARKET NEUTRAL FUND SCHEDULE OF FUTURES CONTRACTS SOLD SHORT April 30, 2016 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/18/2016		398	$	6,766,000	$	447,574
CBOE Volatility Index (VIX) Future	06/15/2016		360		6,840,000		(552,342	)
E-Mini S&P 500 Future	06/17/2016		661		68,140,837		(1,737,443	)
Total Futures Contracts Sold Short				$	81,746,837	$	(1,842,211	)

44

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2016 (Unaudited)
COMMON STOCKS — 98.8%	Shares		Value
Consumer Discretionary — 15.9%
AMC Entertainment Holdings, Inc. - Class A		16,050	$	452,289
Apollo Education Group, Inc. (a)		44,250		345,150
Bloomin' Brands, Inc.		18,616		348,119
Caleres, Inc.		12,487		314,797
Cooper-Standard Holdings, Inc. (a)		5,272		406,524
Genesco, Inc. (a)		5,017		347,076
Isle of Capri Casinos, Inc. (a)		28,553		425,440
La-Z-Boy, Inc.		16,027		414,618
Other Consumer Discretionary (b)				10,457,171
				13,511,184
Consumer Staples — 3.8%
Andersons, Inc. (The)		9,668		323,975
Other Consumer Staples (b)				2,942,104
				3,266,079
Energy — 4.1%
Archrock, Inc.		58,582		577,033
TETRA Technologies, Inc. (a)		47,499		341,993
Other Energy (b)				2,602,398
				3,521,424
Financials — 20.2%
CBL & Associates Properties, Inc.		34,072		397,961
Corporate Office Properties Trust		15,226		391,004
OM Asset Management plc		27,567		369,949
Parkway Properties, Inc.		26,473		435,481
Sterling Bancorp		21,321		348,385
United Fire Group, Inc.		8,419		377,340
Other Financials (b)				14,851,811
				17,171,931
Health Care — 17.6%
Cantel Medical Corporation		4,886		327,313
Cynosure, Inc. - Class A (a)		8,490		415,501
Haemonetics Corporation (a)		9,798		317,749
HMS Holdings Corporation (a)		23,073		389,703
Impax Laboratories, Inc. (a)		9,888		329,765
INC Research Holdings, Inc. - Class A (a)		10,781		518,889
Magellan Health, Inc. (a)		7,361		518,656
Masimo Corporation (a)		9,989		433,023
Orthofix International N.V. (a)		8,885		388,808
PDL BioPharma, Inc.		88,318		332,959
Other Health Care (b)				11,025,009
				14,997,375

45

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.8% (Continued)	Shares		Value
Industrials — 13.1%
Albany International Corporation - Class A		7,830	$	315,471
Belden, Inc.		5,455		344,429
Brink's Company (The)		9,557		323,409
Esterline Technologies Corporation (a)		4,939		339,112
Harsco Corporation		47,924		339,781
Matson, Inc.		8,933		347,315
Ply Gem Holdings, Inc. (a)		24,503		358,969
Powell Industries, Inc.		10,774		335,287
SkyWest, Inc.		15,472		363,592
Other Industrials (b)				8,059,626
				11,126,991
Information Technology — 16.9%
Bankrate, Inc. (a)		35,838		327,559
Comtech Telecommunications Corporation		17,646		427,033
Cray, Inc. (a)		8,304		314,472
ExlService Holdings, Inc. (a)		7,682		371,732
Inphi Corporation (a)		10,683		316,965
Insight Enterprises, Inc. (a)		14,114		348,757
Photronics, Inc. (a)		29,336		310,375
Power Integrations, Inc.		7,003		337,895
Rubicon Project, Inc. (The) (a)		16,875		326,869
Semtech Corporation (a)		15,515		335,745
Synchronoss Technologies, Inc. (a)		10,962		340,589
Unisys Corporation (a)		41,691		321,438
Other Information Technology (b)				10,350,002
				14,429,431
Materials — 4.0%
SunCoke Energy, Inc.		45,289		336,497
Other Materials (b)				3,039,864
				3,376,361
Telecommunication Services — 1.5%
Atlantic Tele-Network, Inc.		4,490		322,876
Vonage Holdings Corporation (a)		67,813		316,687
Other Telecommunication Services (b)				662,972
				1,302,535

46

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.8% (Continued)	Shares	Value
Utilities — 1.7%
Other Utilities (b)		$	1,453,355
Total Investments at Value — 98.8% (Cost $79,300,776)		$	84,156,666
Other Assets in Excess of Liabilities — 1.2%			994,879
Net Assets — 100.0%		$	85,151,545

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC's website at http://www.sec.gov.
(a)	Non-income producing security.
(b)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of April 30, 2016.
See accompanying notes to financial statements.

47

TFS HEDGED FUTURES FUND SCHEDULE OF INVESTMENTS April 30, 2016 (Unaudited)
U.S. TREASURY OBLIGATIONS — 20.3%	Par Value		Value
U.S. Treasury Bills (a)
0.416%, due 08/18/2016	$	778,000	$	777,413
0.308%, due 09/01/2016		1,147,000		1,146,013
0.281%, due 09/15/2016		1,147,000		1,145,882
0.280%, due 09/29/2016		807,000		806,007
Total U.S. Treasury Obligations (Cost $3,874,643)			$	3,875,315

MONEY MARKET FUNDS — 57.9%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.42% (b)		1,917,692	$	1,917,692
Fidelity Institutional Money Market Portfolio - Class I, 0.34% (b)		4,624,862		4,624,862
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.43% (b)		1,917,768		1,917,768
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.45% (b)		339,874		339,874
PIMCO Money Market Fund - Institutional Class, 0.06% (b)		338,777		338,777
Vanguard Prime Money Market Fund - Investor Shares, 0.43% (b)		1,917,798		1,917,798
Total Money Market Funds (Cost $11,056,771)			$	11,056,771
Total Investments at Value — 78.2% (Cost $14,931,414)			$	14,932,086
Other Assets in Excess of Liabilities — 21.8% (c)				4,177,411
Net Assets — 100.0%			$	19,109,497

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	The rate shown is the 7-day effective yield as of April 30, 2016.
(c)	Includes cash held as margin deposits for futures contracts.
See accompanying notes to financial statements.

48

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS April 30, 2016 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts	Aggregate Market Value of Contracts	Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Copper Future	07/27/2016	7	$ 399,612	$ 11,486
Cotton No. 2 Future	07/07/2016	18	573,930	25,777
Ethanol Future	06/03/2016	8	355,424	(1,890)
Feeder Cattle Future	05/26/2016	6	421,275	(29,814)
Feeder Cattle Future	08/25/2016	3	210,562	(4,663)
Frozen Concentrate Orange Juice Future	07/11/2016	11	211,943	(5,327)
Live Cattle Future	06/30/2016	14	643,580	(58,561)
Palladium Future	06/28/2016	9	565,200	36,981
Platinum Future	07/27/2016	7	377,300	31,014
Red Spring Wheat Future	07/14/2016	53	1,449,550	15,095
Soybean Future	07/14/2016	1	51,488	3,484
Total Futures Contracts			$ 5,259,864	$ 23,582

See accompanying notes to financial statements.

49

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS SOLD SHORT April 30, 2016 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Crude Oil Future	05/20/2016		14	$	643,720	$	(67,513	)
Hard Red Winter Wheat Future	07/14/2016		47		1,124,475		(15,925	)
Lean Hogs Future	06/14/2016		18		588,240		(2,378	)
Lumber Future	07/15/2016		2		67,166		695
Natural Gas Future	05/26/2016		27		578,070		(17,372	)
Oats Future	07/14/2016		57		586,388		2,332
Rough Rice Future	07/14/2016		27		600,210		(7,355	)
Sugar No. 11 Future	06/30/2016		10		182,784		(6,125	)
Wheat Future	07/14/2016		36		879,300		(7,616	)
Total Commodity Futures					5,250,353		(121,257	)
FINANCIAL FUTURES
CBOE Volatility (VIX) Future	05/18/2016		46		782,000		61,599
CBOE Volatility (VIX) Future	06/15/2016		42		798,000		(67,742	)
E-Mini S&P 500 Future	06/17/2016		77		7,937,737		(228,857	)
EURO STOXX 50 Future	06/17/2016		38		1,297,052		(24,127	)
EURO VSTOXX Mini Future	05/18/2016		102		283,220		12,533
EURO VSTOXX Mini Future	06/15/2016		115		363,428		(6,188	)
Total Financial Futures					11,461,437		(252,782	)
Total Futures Contracts Sold Short				$	16,711,790	$	(374,039	)

See accompanying notes to financial statements.

50

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF ASSETS AND LIABILITIES April 30, 2016 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	480,372,990		$	79,300,776		$	14,931,414
At value (Note 2)	$	521,096,636		$	84,156,666		$	14,932,086
Cash		—			—			140,000
Cash denominated in foreign currency		—			—			111,689
Deposits with brokers for short positions (Note 2)		455,902,364			—			—
Margin deposits for futures contracts (Note 2)		9,321,055			—			4,262,996
Variation margin receivable (Notes 2 and 5)		447,574			—			200,996
Dividends and interest receivable		134,193			27,346			3,073
Receivable for investment securities sold		59,939,238			7,792,398			—
Receivable for capital shares sold		172,556			20,526			7,175
Other assets		96,936			27,451			27,041
TOTAL ASSETS		1,047,110,552			92,024,387			19,685,056
LIABILITIES
Bank overdraft		3,720,516			20,406			—
Securities sold short, at value (Note 2) (proceeds $470,495,223)		437,500,898			—			—
Variation margin payable (Notes 2 and 5)		2,289,785			—			551,453
Dividends payable on securities sold short (Note 2)		78,290			—			—
Payable for investment securities purchased		58,032,555			6,733,552			—
Payable for capital shares redeemed		2,149,546			7,653			—
Payable to Adviser (Note 4)		733,949			58,582			7,648
Payable to administrator (Note 4)		85,972			19,644			9,158
Accrued brokerage expense on securities sold short (Note 2)		1,345,142			—			—
Other accrued expenses and liabilities		72,777			33,005			7,300
TOTAL LIABILITIES		506,009,430			6,872,842			575,559
CONTINGENCIES AND COMMITMENTS (Note 7)		—			—			—
NET ASSETS	$	541,101,122		$	85,151,545		$	19,109,497
Net assets consist of:
Paid-in capital	$	566,368,158		$	84,846,540		$	20,272,079
Accumulated net investment income (loss)		(19,799,166	)		20,817			(549,816	)
Accumulated net realized losses from security transactions and other financial instruments		(77,343,630	)		(4,571,702	)		(263,937	)
Net unrealized appreciation (depreciation) on:
Investments		40,723,646			4,855,890			672
Short positions		32,994,325			—			—
Futures contracts		(1,842,211	)		—			(350,257	)
Translation of assets and liabilities in foreign currencies		—			—			756
Net assets	$	541,101,122		$	85,151,545		$	19,109,497
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		40,040,746			7,009,343			1,807,854
Net asset value, redemption price and offering price per share (Note 2)	$	13.51		$	12.15		$	10.57

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

51

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2016 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	4,821,746		$	671,531		$	16,085
Foreign tax withholding		(3,310	)		(191	)		—
Interest		—			—			5,685
TOTAL INVESTMENT INCOME		4,818,436			671,340			21,770
EXPENSES
Brokerage expense on securities sold short (Note 2)		17,660,538			—			—
Investment advisory fees (Note 4)		5,514,963			494,033			133,419
Dividend expense on securities sold short (Note 2)		2,310,066			—			—
Accounting services fees (Note 4)		283,322			67,132			18,932
Administration fees (Note 4)		229,615			32,681			30,000
Custodian fees		181,565			80,207			14,267
Transfer agent fees (Note 4)		112,066			23,892			9,000
Professional fees		56,326			21,164			21,914
Registration and filing fees		34,065			16,981			15,530
Trustees’ fees and expenses (Note 4)		20,726			20,726			20,726
Pricing fees		45,994			10,633			1,196
Postage and supplies		26,720			7,219			2,929
Borrowing costs (Note 2)		30,773			1,266			—
Compliance service fees and expenses (Note 4)		19,034			7,059			5,647
Insurance expense		21,833			1,519			1,318
Printing of shareholder reports		10,615			2,726			867
Other expenses		12,924			10,317			5,378
TOTAL EXPENSES		26,571,145			797,555			281,123
Investment advisory fee reductions (Note 4)		(222,921	)		(151,976	)		(121,601	)
NET EXPENSES		26,348,224			645,579			159,522
NET INVESTMENT INCOME (LOSS)		(21,529,788	)		25,761			(137,752	)
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) from:
Investments		(52,636,876	)		(1,892,799	)		205
Securities sold short		30,814,523			—			—
Options contracts		742,213			—			—
Futures contracts (Note 5)		3,997,058			—			580,622
Foreign currency transactions (Note 5)		571			—			(1,600	)
Net change in unrealized appreciation (depreciation) on:
Investments		21,562,575			(339,255	)		1,457
Securities sold short		(53,990,412	)		—			—
Futures contracts (Note 5)		(820,863	)		—			(443,951	)
Foreign currency translation (Note 5)		(7	)		—			1,766
NET REALIZED AND UNREALIZED GAINS (LOSSES)		(50,331,218	)		(2,232,054	)		138,499
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(71,861,006	)	$	(2,206,293	)	$	747

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

52

TFS MARKET NEUTRAL FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
FROM OPERATIONS
Net investment loss	$	(21,529,788	)	$	(48,587,484	)
Net realized gains (losses) from:
Investments		(52,636,876	)		43,896,660
Securities sold short		30,814,523			86,579,676
Option contracts		742,213			—
Futures contracts		3,997,058			11,548,157
Foreign currency transactions		571			77
Net change in unrealized appreciation (depreciation) on:
Investments		21,562,575			(54,251,526	)
Securities sold short		(53,990,412	)		(4,731,243	)
Futures contracts		(820,863	)		1,256,252
Foreign currency translation		(7	)		7
Net increase (decrease) in net assets from operations		(71,861,006	)		35,710,576
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(28,447,169	)		(28,360,770	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		111,356,018			284,326,684
Net asset value of shares issued in reinvestment of distributions to shareholders		19,356,148			19,177,908
Payments for shares redeemed		(274,368,743	)		(294,970,033	)
Net increase (decrease) in net assets from capital share transactions		(143,656,577	)		8,534,559
TOTAL INCREASE (DECREASE) IN NET ASSETS		(243,964,752	)		15,884,365
NET ASSETS
Beginning of period		785,065,874			769,181,509
End of period	$	541,101,122		$	785,065,874
ACCUMULATED NET INVESTMENT INCOME (LOSS)	$	(19,799,166	)	$	1,730,051
CAPITAL SHARE ACTIVITY
Shares sold		7,772,917			18,358,000
Shares issued in reinvestment of distributions to shareholders		1,368,893			1,263,367
Shares redeemed		(19,410,310	)		(19,086,260	)
Net increase (decrease) in shares outstanding		(10,268,500	)		535,107
Shares outstanding, beginning of period		50,309,246			49,774,139
Shares outstanding, end of period		40,040,746			50,309,246

See accompanying notes to financial statements.

53

TFS SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
FROM OPERATIONS
Net investment income (loss)	$	25,761		$	(244,703	)
Net realized gains (losses) from investments		(1,892,799	)		3,696,746
Net change in unrealized appreciation (depreciation) on investments		(339,255	)		(3,114,635	)
Net increase (decrease) in net assets from operations		(2,206,293	)		337,408
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(4,457,263	)		(6,562,462	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		13,559,438			31,304,772
Net asset value of shares issued in reinvestment of distributions to shareholders		4,086,135			6,162,314
Payments for shares redeemed		(23,969,151	)		(30,879,354	)
Net increase (decrease) in net assets from capital share transactions		(6,323,578	)		6,587,732
TOTAL INCREASE (DECREASE) IN NET ASSETS		(12,987,134	)		362,678
NET ASSETS
Beginning of period		98,138,679			97,776,001
End of period	$	85,151,545		$	98,138,679
ACCUMULATED NET INVESTMENT INCOME (LOSS)	$	20,817		$	(4,944	)
CAPITAL SHARE ACTIVITY
Shares sold		1,187,484			2,273,301
Shares issued in reinvestment of distributions to shareholders		335,756			459,531
Shares redeemed		(2,010,572	)		(2,253,891	)
Net increase (decrease) in shares outstanding		(487,332	)		478,941
Shares outstanding, beginning of period		7,496,675			7,017,734
Shares outstanding, end of period		7,009,343			7,496,675

See accompanying notes to financial statements.

54

TFS HEDGED FUTURES FUND STATEMENTS OF CHANGES IN NET ASSETS*
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
FROM OPERATIONS
Net investment loss	$	(137,752	)	$	(374,060	)
Net realized gains (losses) from:
Investments		205			1,613
Futures contracts		580,622			946,092
Foreign currency transactions		(1,600	)		(55,994	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,457			(264	)
Futures contracts		(443,951	)		248,862
Foreign currency translation		1,766			(55,498	)
Net increase in net assets from operations		747			710,751
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		7,875,347			5,548,994
Payments for shares redeemed		(5,397,242	)		(27,840,874	)
Net increase (decrease) in net assets from capital share transactions		2,478,105			(22,291,880	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,478,852			(21,581,129	)
NET ASSETS
Beginning of period		16,630,645			38,211,774
End of period	$	19,109,497		$	16,630,645
ACCUMULATED NET INVESTMENT LOSS	$	(549,816	)	$	(410,464	)
CAPITAL SHARE ACTIVITY
Shares sold		746,846			537,173
Shares redeemed		(515,693	)		(2,828,785	)
Net increase (decrease) in shares outstanding		231,153			(2,291,612	)
Shares outstanding, beginning of period		1,576,701			3,868,313
Shares outstanding, end of period		1,807,854			1,576,701

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

55

TFS MARKET NEUTRAL FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2016 (Unaudited)			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 period	$	15.60		$	15.45		$	16.19		$	15.23		$	14.41		$	15.80
Income (loss) from investment operations:
Net investment loss		(0.53	)		(0.95	)		(1.57	)		(1.25	)		(0.99	)		(0.83	)
Net realized and unrealized gains (losses) on investments		(0.96	)		1.70			1.49			2.21			2.05			0.93
Total from investment operations		(1.49	)		0.75			(0.08	)		0.96			1.06			0.10
Less distributions:
Distributions from net realized gains from security transactions		(0.60	)		(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 period	$	13.51		$	15.60		$	15.45		$	16.19		$	15.23		$	14.41
Total return (b)		(9.73%	)(c)		4.99	%		(0.50	%)		6.30	%		7.48	%		0.43	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	541,101		$	785,066		$	769,182		$	1,582,797		$	1,789,303		$	1,762,265
Ratio of total expenses to average net assets		7.97	%(d)		7.71	%		8.44	%		8.67	%		8.63	%		8.10	%
Ratio of net expenses to average net assets		7.91	%(d)(e)		7.65	%(e)		8.43	%(e)		8.67	%		8.63	%		8.12	%(f)
Ratio of net expenses to average net assets excluding dividend expense (g)		7.21	%(d)(e)		6.92	%(e)		7.53	%(e)		7.59	%		7.75	%		7.38	%(f)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (g)		1.90	%(d)(e)(h)		1.90	%(e)(h)		2.02	%(e)(h)		2.41	%		2.42	%		2.47	%(f)
Ratio of net investment loss to average net assets		(6.46%	)(d)(e)		(6.55%	)(e)		(7.17%	)(e)		(6.67	%)		(6.73	%)		(6.56%	)(f)
Portfolio turnover rate		393	%(c)		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)	Not annualized.
(d)	Annualized.
(e)	Ratio was determined after advisory fee reductions (Note 4).
(f)	Includes recoupment by the Adviser of prior years’ advisory fee reductions and expense reimbursements (Note 4).
(g)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 6.01%(d), 5.75%, 6.41%, 6.26%, 6.21% and 5.65% of average net assets for the periods ended April 30, 2016, October 31, 2015, 2014, 2013, 2012 and 2011, respectively.
(h)	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.

56

TFS SMALL CAP FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2016 (Unaudited)			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 period	$	13.09		$	13.93		$	15.87		$	13.56		$	12.07		$	11.98
Income (loss) from investment operations:
Net investment income (loss)		0.00	(a)		(0.03	)		(0.04	)		0.02			(0.00	)(a)		(0.04	)
Net realized and unrealized gains (losses) on investments		(0.30	)		0.12			1.40			4.92			1.52			0.87
Total from investment operations		(0.30	)		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		(0.64	)		(0.93	)		(3.30	)		(2.56	)		(0.03	)		(0.74	)
Total distributions		(0.64	)		(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 period	$	12.15		$	13.09		$	13.93		$	15.87		$	13.56		$	12.07
Total return (b)		(2.28%	)(c)		0.51	%		9.50	%		44.15	%		12.62	%		6.68	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	85,152		$	98,139		$	97,776		$	80,989		$	50,073		$	51,274
Ratio of total expenses to average net assets		1.86	%(d)		1.68	%		1.61	%		1.80	%		1.95	%		1.82	%
Ratio of net expenses to average net assets (e)		1.51	%(d)(f)		1.50	%(f)		1.54	%(f)		1.75	%		1.75	%		1.69	%
Ratio of net expenses to average net assets excluding borrowing costs (e)		1.50	%(d)(f)		1.50	%(f)		1.54	%(f)		1.75	%		1.75	%		1.69	%
Ratio of net investment income (loss) to average net assets (e)		0.06	%(d)		(0.23	%)		(0.36	%)		0.06	%		(0.03	%)		(0.31	%)
Portfolio turnover rate		402	%(c)		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)	Not annualized.
(d)	Annualized.
(e)	Ratio was determined after advisory fee reductions (Note 4).
(f)	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.

57

TFS HEDGED FUTURES FUND FINANCIAL HIGHLIGHTS*
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2016 (Unaudited)			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	$	10.55		$	9.88		$	9.93		$	11.04		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.19	)(b)		(0.49	)		(0.20	)		(0.09	)
Net realized and unrealized gains (losses) on investments		0.06			0.86			0.47			(0.68	)		1.13
Total from investment operations		0.02			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	$	10.57		$	10.55		$	9.88		$	9.93		$	11.04
Total return (d)		0.19	%(e)		6.78	%		(0.22	%)		(8.14	%)		10.40	%(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	19,109		$	16,631		$	38,212		$	68,250		$	113,541
Ratio of total expenses to average net assets		3.16	%(f)		2.90	%		2.19	%		2.35	%		2.51	%(f)
Ratio of net expenses to average net assets (g)		1.80	%(f)		1.81	%		1.90	%		2.30	%		2.30	%(f)
Ratio of net expenses to average net assets excluding borrowing costs (g)(h)		1.80	%(f)(j)		1.80	%(j)		1.90	%(j)		2.30	%		2.30	%(f)
Ratio of net investment loss to average net assets (g)		(1.55%	)(f)		(1.75	%)		(1.87	%)		(2.23	%)		(2.19%	)(f)
Portfolio turnover rate (i)		0	%		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 0.00%, 0.01%, 0.00%, 0.00% and 0.00%(e) of average net assets for the periods ended April 30, 2016, 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.

58

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
April 30, 2016 (Unaudited)

1. Organization

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

The consolidated financial statements of TFS Hedged Futures Fund include TFS Hedged Futures Strategy Offshore Fund Ltd. (the “Subsidiary”), a wholly-owned and controlled Cayman Islands subsidiary. TFS Hedged Futures Fund may invest up to 25% of its total assets in the Subsidiary. TFS Hedged Futures Fund purchases investments through the Subsidiary to provide exposure to the 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,

59

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 warrants that are not actively traded on an exchange, and U.S. Treasury obligations 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.

60

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 April 30, 2016:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stocks	$	499,527,383		$	—		$	—		$	499,527,383
Investment Companies		21,018,835			—			—			21,018,835
Warrants		—			0	*		—			0
Money Market Funds		550,418			—			—			550,418
Total	$	521,096,636		$	0		$	—		$	521,096,636
Other Financial Instruments:
Common Stocks – Sold Short	$	(437,308,737	)	$	—		$	0	*	$	(437,308,737	)
Rights – Sold Short		—			(2	)		—			(2	)
Warrants – Sold Short		(185	)		(191,974	)*		—			(192,159	)
Futures Contracts – Sold Short		(1,842,211	)		—			—			(1,842,211	)
Total	$	(439,151,133	)	$	(191,976	)	$	0		$	(439,343,109	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	84,156,666	$	—	$	—	$	84,156,666
Total	$	84,156,666	$	—	$	—	$	84,156,666

TFS Hedged Futures Fund	Level 1			Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—		$	3,875,315	$	—	$	3,875,315
Money Market Funds		11,056,771			—		—		11,056,771
Total	$	11,056,771		$	3,875,315	$	—	$	14,932,086
Other Financial Instruments:
Futures Contracts	$	23,582		$	—	$	—	$	23,582
Futures Contracts – Sold Short		(374,039	)		—		—		(374,039	)
Total	$	(350,457	)	$	—	$	—	$	(350,457	)

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

61

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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 April 30, 2016, the Funds did not have any transfers between any Levels.

There were no Level 3 securities held by TFS Small Cap Fund or TFS Hedged Futures Fund as of April 30, 2016.

The following is a reconciliation of Level 3 other financial instruments of TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value between October 31, 2015 and April 30, 2016.

	Other Financial Instruments
Balance as of October 31, 2015	$	0	*
Change in unrealized appreciation		—
Balance as of April 30, 2016	$	0	*

* TFS Market Neutral Fund held Common Stocks – Sold Short as of October 31, 2015 and April 30, 2016, which have been determined to be Level 3 other financial instruments.

The total amount of unrealized appreciation on TFS Market Neutral Fund’s Level 3 other financial instruments was $5,536,684 as of April 30, 2016.

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 April 30, 2016:

	Fair Value at April 30, 2016	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.

62

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

Investment income (expense) – Dividend income (expense) is recorded on the ex-dividend date. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized using the interest method. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the appropriate country’s tax rules and tax rates.

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. Realized gains and losses on securities sold are determined on a specific identification basis.

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are 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 periods ended April 30, 2016 and October 31, 2015 was as follows:

	Periods Ended	Ordinary Income	Long-Term Capital Gains	Total Distributions
TFS Market Neutral Fund	4/30/2016	$ 1,668,052	$ 26,779,117	$ 28,447,169
	10/31/2015	$ —	$ 28,360,770	$ 28,360,770
TFS Small Cap Fund	4/30/2016	$ 2,778,851	$ 1,678,412	$ 4,457,263
	10/31/2015	$ 4,947,085	$ 1,615,377	$ 6,562,462

There were no distributions paid to shareholders by TFS Hedged Futures Fund during the periods ended April 30, 2016 and October 31, 2015.

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

63

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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 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 to 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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

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

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

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

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

Forward Foreign Currency Exchange Contracts – TFS Market Neutral Fund may use forward foreign currency exchange contracts to hedge exposure to foreign currency. TFS Hedged Futures Fund may invest in 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of April 30, 2016:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	532,932,839		$	83,346,532		$	14,931,414
Gross unrealized appreciation	$	26,984,960		$	4,876,422		$	717
Gross unrealized depreciation		(38,821,163	)		(4,066,288	)		(45	)
Net unrealized appreciation (depreciation) on investments		(11,836,203	)		810,134			672
Net unrealized depreciation on securities sold short		(2,176,424	)		—			—
Unrealized gains on foreign currency transactions		—			—			756
Capital loss carryforwards and other losses		(794,352	)		—			(936,951	)
Other gains (losses)		(10,460,057	)		(505,129	)		(227,059	)
Accumulated earnings (deficit)	$	(25,267,036	)	$	305,005		$	(1,162,582	)

As of April 30, 2016, the tax proceeds from securities sold short is $435,324,474 for TFS Market Neutral Fund.

The difference between the federal income tax cost of portfolio investments and securities sold short and the financial statement cost for TFS Market Neutral Fund and TFS Small Cap Fund is due to certain timing differences in the recognition of capital gains or losses under GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales. The difference between the federal income tax cost of investments and the financial statement 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 six months ended April 30, 2016, 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 income (loss)	$	571		$	—	$	(1,600	)
Accumulated net realized losses from securities transactions and other financial instruments	$	(571	)	$	—	$	1,600

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

These capital loss carryforwards, which do not expire, may be utilized in the current and future years to offset net realized capital gains of TFS Hedged Futures Fund, 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 the current and 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 six months ended April 30, 2016, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $2,566,888,001 and $2,780,844,460, respectively, for TFS Market Neutral Fund; $349,846,819 and $361,046,500, respectively, for TFS Small Cap Fund; and $0 and $0, respectively, for TFS Hedged Futures Fund.

4. Transactions with Related Parties

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund pay the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.65%, 1.15% and 1.50%, respectively, of 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 six months ended April 30, 2016, the Adviser reduced its investment advisory fees by $222,921 with respect to TFS Market Neutral Fund, $151,976 with respect to TFS Small Cap Fund and $121,601 with respect to TFS Hedged Futures Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 1.90%, 1.50% and 1.80%, respectively, for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. As of April 30, 2016, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $854,715, $420,335 and $555,764, 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		April 30, 2019
TFS Market Neutral Fund	$	—	$	205,839	$	425,955	$	222,921
TFS Small Cap Fund	$	—	$	77,861	$	190,498	$	151,976
TFS Hedged Futures Fund	$	42,614	$	157,600	$	233,949	$	121,601

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 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 April 30, 2016 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 April 30, 2016:

TFS Market Neutral Fund
	Variation Margin					Total
	Receivable		(Payable)
Liability Derivatives
Financial Futures Contracts	$	447,574	$	(2,289,785	)	$	(1,842,211	)
Total	$	447,574	$	(2,289,785	)	$	(1,842,211	)

TFS Hedged Futures Fund Futures Contracts
	Variation Margin					Total
	Receivable		(Payable)
Asset Derivatives
Futures Contracts
Commodity	$	123,837	$	(100,255	)	$	23,582
Total Asset Derivatives		123,837		(100,255	)		23,582
Liability Derivatives
Futures Contracts
Commodity		3,027		(124,284	)		(121,257	)
Financial		74,132		(326,914	)		(252,782	)
Total Liability Derivatives		77,159		(451,198	)		(374,039	)
Total	$	200,996	$	(551,453	)	$	(350,457	)

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NOTES TO FINANCIAL STATEMENTS (Continued)

Transactions in derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund during the six months ended April 30, 2016 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

The following is a summary of net realized gains (losses) and net change in unrealized appreciation (depreciation) on derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund recognized in the Statements of Operations during the six months ended April 30, 2016:

Type of Derivative	Net Realized Gains		Net Change in Unrealized Appreciation (Depreciation)
TFS Market Neutral Fund
Futures contracts
Financial	$	3,997,058	$	(820,863	)
Total	$	3,997,058	$	(820,863	)
TFS Hedged Futures Fund
Futures contracts
Commodity	$	163,137	$	(283,555	)
Financial		417,485		(160,396	)
Total	$	580,622	$	(443,951	)

TFS Small Cap Fund had no transactions in derivative instruments during the six months ended April 30, 2016.

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

As of April 30, 2016, 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	$	447,574	$	—	$	447,574	$	—	$	447,574
Total subject to a master netting or similar arrangement	$	447,574	$	—	$	447,574	$	—	$	447,574

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	$	200,996	$	—	$	200,996	$	—	$	200,996
Total subject to a master netting or similar arrangement	$	200,996	$	—	$	200,996	$	—	$	200,996

Offsetting of financial liabilities and derivative liabilities as of April 30, 2016 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	$	(2,289,785	)	$	—	$	(2,289,785	)	$	—	$	(2,289,785	)
Total subject to a master netting or similar arrangement	$	(2,289,785	)	$	—	$	(2,289,785	)	$	—	$	(2,289,785	)

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NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in Statements of Assets and Liabilities			Collateral Pledged		Net Amount
Variation margin payable - futures contracts	$	(551,453	)	$	—	$	(551,453	)	$	—	$	(551,453	)
Total subject to a master netting or similar arrangement	$	(551,453	)	$	—	$	(551,453	)	$	—	$	(551,453	)

6. Investments in Money Market Mutual Funds

In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may invest a significant portion of its assets in shares of one or more money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market mutual funds have been rare, they have occurred. In addition, additional indirect expenses will be incurred due to acquired fund fees and other costs to the extent of the investment in shares of money market mutual funds. As of April 30, 2016, TFS Hedged Futures Fund had 57.9% of the value of its net assets invested in shares of money market mutual funds registered under the 1940 Act. As of April 30, 2016, 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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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 and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (November 1, 2015) and held until the end of the period (April 30, 2016).

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 fourth 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 November 1, 2015	Ending Account Value April 30, 2016	Net Expense Ratio(a)	Expenses Paid During Period(b)
TFS Market Neutral Fund
Based on Actual Fund Return	$ 1,000.00	$ 902.70	7.91%	$ 37.42
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 985.53	7.91%	$ 39.05
TFS Small Cap Fund
Based on Actual Fund Return	$ 1,000.00	$ 977.20	1.51%	$ 7.42
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 1,017.35	1.51%	$ 7.57
TFS Hedged Futures Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,001.90	1.80%	$ 8.96
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 1,015.91	1.80%	$ 9.02

(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 182/366 (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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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At an in-person meeting held on February 17, 2016, the Board of Trustees considered whether to approve new Investment Advisory Agreements (“New Advisory Agreements”), on behalf of 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”) with TFS Capital LLC (the “Adviser”). The New Advisory Agreements are required because a controlling person of the Adviser entered into an agreement to sell his interest in the Adviser to the remaining shareholders of the Adviser, effective June 30, 2016 (the “Transaction”). The person owned 25.3% of the Adviser and under applicable law, a person who owns 25% or more of the voting securities of a company is presumed to control such company. Because of this presumption the Transaction will result in a change of control of the Adviser. Under the 1940 Act and the terms of each present advisory agreement, those agreements will automatically terminate upon the consummation of the Transaction. Consequently the New Advisory Agreements are required. Each New Advisory Agreement is substantially identical to the present advisory agreement and differs only with respect to the following changes: (i) a change to the effective and termination date; (ii) incorporating into the body of the New Advisory Agreements the January 1, 2014 amendment to the present advisory agreements which lowered the advisory fee rates; and (iii) the addition of a forum selection clause. To assist the Board in considering the New Advisory Agreements, the Adviser provided the Board with various written materials in advance of the meeting, including updated financial and performance information.

The Independent Trustees discussed the proposed approval of the New Advisory Agreements with management and also met in Executive Session where the Independent Trustees were advised by independent counsel of their legal and fiduciary obligations in approving the New Advisory Agreements. The Board determined that the overall arrangement between each Fund and the Adviser, as provided in the New Advisory Agreements, was fair and reasonable and that approval of the New Advisory Agreements was in the best interests of each Fund and its shareholders. The Board of Trustees, with the Independent Trustees voting separately, unanimously approved each of the New Advisory Agreements and recommended approval of the New Advisory Agreements to each Fund’s shareholders to become effective upon consummation of the change of control at the Adviser.

Throughout this process, the Independent Trustees were advised and supported by independent counsel having experience in the 1940 Act and other federal securities law matters. The following describes the Trustees’ considerations at the February 17, 2016 meeting:

Nature, extent and quality of services

The Trustees received and considered information on the responsibilities of the Adviser under the New Advisory Agreements, noting that the Adviser is responsible for providing each Fund with investment research and advice, and determining the securities to be purchased and sold in accordance with the investment objective and policies of each Fund. The Trustees gave weight to the Adviser’s representations that (i) the responsibilities of the Adviser under the New Advisory Agreements are substantially the same in all material respects as under each Fund’s current Investment Advisory Agreement (the “Present Advisory Agreements”); (ii) the operations of the Adviser and the level or quality of advisory services provided to the Funds will not be materially affected as a result of the New Advisory Agreements; (iii) the same personnel of the Adviser who

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APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited) (Continued)

currently provide investment advisory services to the Funds will continue to do so upon approval of the New Advisory Agreements. The Trustees reviewed the qualifications, backgrounds and responsibilities of the advisory personnel primarily responsible for the day-to-day management of the Funds and were mindful that no changes to the personnel responsible for the daily portfolio management of the Funds are contemplated as a result of the Transaction. The Trustees discussed and considered the quality of administrative and other services provided to the Trust, the Adviser’s compliance program and the Adviser’s role in coordinating services and programs for the purpose of mitigating compliance risks. The Trustees considered the operational changes of the Adviser over the past year, which included a reallocation of resources and responsibilities among the Adviser’s existing senior personnel and the hiring of additional personnel. They noted that Eric Newman was named Chief Investment Officer of the Adviser in July 2014, managing the analysis and technology teams of the Adviser and continuing his service as a portfolio manager of the Funds. The Trustees considered that all of the operational and personnel changes at the Adviser noted herein have taken place seamlessly with no negative impact to the Funds and their respective shareholders.

The Trustees considered the Adviser’s responsibilities with regards to brokerage selection and best execution. The Trustees also considered that the Adviser does not participate in “soft dollar” arrangements.

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

Investment Performance of the Funds

The Trustees compared the performance of the TFS Market Neutral Fund with the performance of the Standard & Poor’s 500 Index (“S&P 500 Index”), the Fund’s primary benchmark, for the one year periods ended October 31, 2013, 2014 and 2015 and the since inception period ended October 31, 2015. They discussed the TFS Market Neutral 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 Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “market neutral” funds. The Trustees noted that the TFS Market Neutral Fund’s returns were higher than the average fund in the market neutral category over the five and ten year periods ended December 31, 2015 but trailed the performance of the average fund in the category for the one and three year periods ended December 31, 2015. The 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 Trustees also considered the consistency of the Adviser’s management of the TFS Market Neutral Fund with the Fund’s investment objective and policies. After considerable discussion, the Trustees concluded that the overall investment performance of the TFS Market Neutral Fund has been above average.

The Trustees compared the performance of the TFS Small Cap Fund with the performance of the Russell 2000 Index, the Fund’s primary benchmark, for the one year periods ended October 31, 2013, 2014 and 2015 and the since inception period ended October 31, 2015. It was noted by the

77

TFS CAPITAL INVESTMENT TRUST
APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited) (Continued)

Trustees that the TFS Small Cap Fund outperformed the Russell 2000 Index for each of the stated periods. The Independent Trustees were also provided with comparative performance statistics of the universe of funds categorized by Morningstar as “small cap blend” funds, which is the category to which the TFS Small Cap Fund has been assigned. The Independent Trustees noted that the TFS Small Cap Fund’s returns were higher than the returns of the average fund in the small cap blend category for the three and five year periods ended December 31, 2015 but trailed the performance of the average fund in the category for the one year period ended December 31, 2015. 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 Trustees considered the consistency of the Adviser’s management of the TFS Small Cap Fund with the Fund’s investment objective and policies. After further discussion, the Trustees concluded that the investment performance of the TFS Small Cap Fund has been above average.

The Trustees next compared the performance of the TFS Hedged Futures Fund to the performance of the Standard & Poor’s Diversified Trends Indicator (“S&P DTI”), the Fund’s primary benchmark, for the one year periods ended October 31, 2013, 2014 and 2015 and the since inception period ended October 31, 2015. It was noted by the Trustees that the TFS Hedged Futures Fund outperformed the S&P DTI for the most recent one year period ended October 31, 2015 and the since inception period ended October 31, 2015, but trailed the performance of the S&P DTI for the one year periods ended October 31, 2013 and 2014. The 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 TFS Hedged Futures Fund has been assigned. The Trustees noted that the TFS Hedged Futures Fund outperformed the average returns for the funds in the managed futures category for the one year period ended December 31, 2015 but trailed the performance of the average fund in the category for the three period ended December 31, 2015. The 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 Trustees considered the consistency of the Adviser’s management of the TFS Hedged Futures Fund with the Fund’s investment objective and policies. They also discussed the TFS Hedged Futures Fund’s lack of correlation to the other funds in the managed futures category along with other broad based securities indices. After further discussion, the Trustees concluded that the investment performance of the TFS Hedged Futures Fund has been satisfactory.

Cost of Services and Profits to be Realized by the Adviser

The Trustees compared the rate of advisory fees that will be paid by the Funds under the New Advisory Agreements with 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 during the most recent fiscal year with average expense ratios of representative funds in their respective Morningstar categories. The Trustees found that each Fund’s current advisory fee rate was higher than the average advisory fee rate and the overall expense ratios were higher than the average expense ratios in its comparative Morningstar category, except the overall expense ratio for the TFS Hedged Futures Fund was lower than the average expense ratio for the Morningstar managed futures category. The Independent Trustees noted that the Adviser

78

TFS CAPITAL INVESTMENT TRUST
APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited) (Continued)

has agreed to continue the expense limitation agreements for each Fund for the life of the Fund (assuming the Adviser continues to serve as investment adviser) following the approval by shareholders of the New Advisory Agreements.

The Independent Trustees next considered the Adviser’s analysis of its revenues and expenses with respect to the services provided to each Fund for the one-year period ended December 31, 2015. They discussed the impact the advisory fee reductions and lower expense cap arrangements have had on the revenues of the Adviser and noted that overall revenues derived by the Adviser from its management of the Funds has decreased over the past two years. They noted that, although the Adviser continues to receive significant revenue from the TFS Market Neutral Fund, there are significant costs associated with managing the TFS Market Neutral Fund, especially in the areas of research and development, retention of its investment professionals and hiring new personnel. The Independent Trustees further considered that the investment and research process utilized by Adviser is broader and more sophisticated than the process used by most other investment advisers as it involves frequent position rebalancing, trading in small capitalization companies, the development of proprietary multiple trading models and the use of a team approach that involves many participants. The Independent Trustees next reviewed the balance sheet of the Adviser as of December 31, 2015, noting that the Adviser is financially stable and has assets sufficient to satisfy its commitments to the Funds. The Independent Trustees also discussed the structure of the Transaction, concluding that the Transaction will not directly impact the financial condition of the Adviser. 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 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.

Economies of Scale

The Independent Trustees noted that each Fund’s New Advisory Agreement does not contain breakpoints. They further noted that the Adviser has agreed to continue its contractual fee reductions and expense reimbursement arrangements with each Fund. The Independent Trustees noted that the Adviser has waived a portion of its advisory fee and absorbed operating expenses for each Fund during the October 31, 2015 fiscal year to the extent necessary to limit the Fund’s annual operating expenses to the contractual amounts. The Independent Trustee concluded that due to the Adviser’s commitment to maintain the advisory fees and expense limitations at their current levels, it is not necessary or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for the Funds.

79

TFS CAPITAL INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (Unaudited)

On May 5, 2016, a Special Meeting of Shareholders of TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund (individually, a “Fund,” collectively, the “Funds”), each a series of TFS Capital Investment Trust (the “Trust”), was held for the purpose of voting on the following Proposals:

PROPOSAL 1.	To approve, with respect to each Fund, a new Investment Advisory Agreement with TFS Capital LLC
PROPOSAL 2.	To elect four individuals to serve on the Board of Trustees of the Trust
PROPOSAL 3.	To approve adjournments of the Meeting from time to time to solicit additional proxies if there are insufficient votes at the time of the Meeting to constitute a quorum or to approve the other Proposals.

The total number of shares of the Funds present in person or by proxy are set forth below:

Fund	Shares Outstanding		Shares Present		% of Total Shares Outstanding
TFS Market Neutral Fund		46,056,616		32,893,829		71.42	%
TFS Small Cap Fund		7,253,100		3,718,828		51.27	%
TFS Hedged Futures Fund		1,715,592		1,237,501		72.13	%
Total Trust		55,025,308		37,850,158		68.78	%

The following Proposals were approved by shareholders. The results of the voting were as follows:

Trust Level Vote(all shareholders voting collectively)

Proposal 2: To elect four individuals to serve on the Board of Trustees of the Trust.

	For	Withhold
Gregory R. Owens	36,509,720	955,835
Mark J. Malone	36,592,945	872,610
Brian O’Connell	36,500,568	964,987
Eric S. Newman	36,588,475	877,080

TFS Market Neutral Fund

Proposal 1: To approve, with respect to the TFS Market Neutral Fund, a new investment advisory agreement with TFS Capital LLC.

For	Against	Abstain
23,112,904	65,790	846,186

80

TFS CAPITAL INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (Unaudited) (Continued)

Proposal 3: To approve adjournments of the meeting from time to time to solicit additional proxies if there are insufficient votes at the time of the meeting to constitute a quorum or to approve Proposals 1 or 2.

For	Against	Abstain
31,937,306	116,891	839,626

TFS Small Cap Fund

Proposal 1: To approve, with respect to the TFS Small Cap Fund, a new investment advisory agreement with TFS Capital LLC.

For	Against	Abstain
2,658,793	23,954	34,865

Proposal 3: To approve adjournments of the meeting from time to time to solicit additional proxies if there are insufficient votes at the time of the meeting to constitute a quorum or to approve Proposals 1 or 2.

For	Against	Abstain
3,648,834	36,815	33,178

TFS Hedged Futures Fund

Proposal 1: To approve, with respect to the TFS Hedged Futures Fund, a new investment advisory agreement with TFS Capital LLC.

For	Against	Abstain
884,896	2,547	2,852

Proposal 3: To approve adjournments of the meeting from time to time to solicit additional proxies if there are insufficient votes at the time of the meeting to constitute a quorum or to approve Proposals 1 or 2.

For	Against	Abstain
1,236,078	1,423	0

81

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2016(Unaudited)
COMMON STOCKS - 92.3%	Shares		Value
Consumer Discretionary - 15.1%
Auto Components - 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		79,181	$	1,228,097
Cooper Tire & Rubber Company		144		4,974
Cooper-Standard Holdings, Inc. (a)		10,950		844,354
Dana Holding Corporation		6,506		84,123
Goodyear Tire & Rubber Company (The)		116		3,361
Horizon Global Corporation (a)		5,523		67,767
Jason Industries, Inc. (a)		1,119		4,476
Metaldyne Performance Group, Inc.		19,481		310,332
Modine Manufacturing Company (a) (b)		122,475		1,323,955
Shiloh Industries, Inc. (a)		8,941		57,669
Spartan Motors, Inc.		34,023		165,352
Stoneridge, Inc. (a)		57,443		819,137
Superior Industries International, Inc.		8,167		213,322
Tenneco, Inc. (a)		2,875		153,238
Tower International, Inc.		64,184		1,473,023
				6,753,180
Automobiles - 0.0% (c)
Ford Motor Company		2,202		29,859
General Motors Company		1,243		39,527
Thor Industries, Inc.		1,471		94,174
				163,560
Distributors - 0.0% (c)
Educational Development Corporation		1,650		23,545
VOXX International Corporation (a)		20,000		89,800
				113,345
Diversified Consumer Services - 1.5%
American Public Education, Inc. (a)		706		16,351
Apollo Education Group, Inc. (a)		176,695		1,378,221
Ascent Capital Group, Inc. - Class A (a)		25,042		377,383
Bridgepoint Education, Inc. (a)		98,373		938,478
Cambium Learning Group, Inc. (a)		2,473		11,252
Capella Education Company		2,841		157,136
Career Education Corporation (a) (b)		277,600		1,482,384
Graham Holdings Company - Class B		304		144,868
K12, Inc. (a) (b)		145,081		1,783,046
Lincoln Educational Services Corporation (a)		11,605		23,326
Regis Corporation (a)		41,004		560,525
ServiceMaster Global Holdings, Inc. (a)		798		30,579
Sotheby's		375		10,215
Strayer Education, Inc. (a)		20,178		1,001,636
				7,915,400
Hotels, Restaurants & Leisure - 3.1%
Aramark		2,711		90,846
Arcos Dorados Holdings, Inc. - Class A (a)		21,071		87,445
Biglari Holdings, Inc. (a)		29		10,844
BJ's Restaurants, Inc. (a)		1,101		49,105
Bloomin' Brands, Inc.		41,783		781,342
Bojangles', Inc. (a)		1,456		25,669
Boyd Gaming Corporation (a) (b)		41,552		774,529

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Discretionary - 15.1%(Continued)
Hotels, Restaurants & Leisure - 3.1% (Continued)
Bravo Brio Restaurant Group, Inc. (a) (b)		124,179	$	915,199
Brinker International, Inc.		12,345		571,820
Buffalo Wild Wings, Inc. (a)		2,209		295,255
Caesars Acquisition Company - Class A (a)		27,691		209,621
Carrols Restaurant Group, Inc. (a)		117,585		1,635,607
Century Casinos, Inc. (a)		160,291		956,937
Choice Hotels International, Inc.		154		7,802
Darden Restaurants, Inc.		1,274		79,307
Dave & Buster's Entertainment, Inc. (a)		224		8,669
Denny's Corporation (a)		5,463		54,029
DineEquity, Inc.		4,978		428,108
El Pollo Loco Holdings, Inc. (a)		42,854		565,244
Eldorado Resorts, Inc. (a)		13,401		175,687
Fogo De Chao, Inc. (a)		651		10,865
Golden Entertainment, Inc. (a)		26,415		319,621
Hyatt Hotels Corporation - Class A (a)		554		26,526
International Speedway Corporation - Class A		16,697		559,183
Intrawest Resorts Holdings, Inc. (a)		293		2,532
Isle of Capri Casinos, Inc. (a) (b)		111,088		1,655,211
J. Alexander's Holdings, Inc. (a)		7,339		75,592
Krispy Kreme Doughnuts, Inc. (a)		29,817		519,114
La Quinta Holdings, Inc. (a)		43,414		554,397
Lindblad Expeditions Holdings, Inc. (a)		4,336		43,360
Marcus Corporation (The) (b)		9,857		190,733
MGM Resorts International (a)		2,065		43,984
Monarch Casino & Resort, Inc. (a) (b)		54,008		1,026,152
Nathan's Famous, Inc. (a)		21,447		954,606
Penn National Gaming, Inc. (a)		19,311		311,486
Pinnacle Entertainment, Inc. (a)		2,162		23,868
Popeyes Louisiana Kitchen, Inc. (a)		528		28,385
Potbelly Corporation (a)		12,529		178,538
Royal Caribbean Cruises Ltd.		399		30,883
Ruby Tuesday, Inc. (a)		3,714		16,342
Ruth's Hospitality Group, Inc. (b)		57,617		914,958
Scientific Games Corporation - Class A (a) (b)		97,008		962,319
Speedway Motorsports, Inc.		18,288		320,406
Texas Roadhouse, Inc.		8,180		333,090
Vail Resorts, Inc.		234		30,336
				16,855,552
Household Durables - 1.4%
Bassett Furniture Industries, Inc.		1,688		49,813
Cavco Industries, Inc. (a)		5,008		439,151
CSS Industries, Inc.		3,301		92,296
Flexsteel Industries, Inc.		8,501		347,606
Harman International Industries, Inc.		1,022		78,449
Helen of Troy Ltd. (a)		6,869		683,672
Hovnanian Enterprises, Inc. - Class A (a) (b)		97,458		162,755
La-Z-Boy, Inc.		55,088		1,425,126
Lennar Corporation - Class B		3,953		142,150
Libbey, Inc.		61,225		1,138,785
Lifetime Brands, Inc.		50,211		867,144

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Discretionary - 15.1%(Continued)
Household Durables - 1.4% (Continued)
M/I Homes, Inc. (a)		4,557	$	91,596
MDC Holdings, Inc.		708		17,424
New Home Company, Inc. (The) (a)		56,641		630,414
Skullcandy, Inc. (a)		326,413		1,113,068
Skyline Corporation (a)		766		6,932
Toll Brothers, Inc. (a)		941		25,689
TRI Pointe Group, Inc. (a)		16,288		188,941
Universal Electronics, Inc. (a)		960		63,754
WCI Communities, Inc. (a)		1,518		24,258
William Lyon Homes - Class A (a)		14,682		207,016
				7,796,039
Internet & Catalog Retail - 1.2%
1-800-FLOWERS.COM, Inc. - Class A (a) (b)		89,128		699,655
Blue Nile, Inc.		31,722		817,793
Duluth Holdings, Inc. - Class B (a)		1,981		47,128
EVINE Live, Inc. (a)		12,404		19,102
FTD Companies, Inc. (a)		41,706		1,159,844
HSN, Inc. (b)		7,391		391,945
Liberty Interactive Corporation QVC Group - Series A (a)		1,119		29,318
Liberty TripAdvisor Holdings, Inc. - Series A (a)		53,255		1,174,805
Liberty Ventures - Series A (a)		2,338		93,520
Nutrisystem, Inc.		1,020		22,460
Overstock.com, Inc. (a) (b)		123,126		1,796,408
RetailMeNot, Inc. (a)		6,423		54,146
Travelport Worldwide Ltd.		25,465		355,237
U.S. Auto Parts Network, Inc. (a)		2,622		8,495
				6,669,856
Leisure Products - 0.4%
Arctic Cat, Inc.		13,274		220,747
Black Diamond, Inc. (a)		62,186		264,290
Brunswick Corporation		718		34,485
Callaway Golf Company		86,052		803,726
Johnson Outdoors, Inc. - Class A		5,855		141,281
Malibu Boats, Inc. - Class A (a)		10,968		193,037
MCBC Holdings, Inc. (a)		13,767		184,753
Nautilus, Inc. (a)		2,751		48,528
Performance Sports Group Ltd. (a)		79,086		293,409
Vista Outdoor, Inc. (a)		1,755		84,205
				2,268,461
Media - 1.7%
A.H. Belo Corporation - Class A		11,649		57,430
AMC Entertainment Holdings, Inc. - Class A		40,227		1,133,597
Carmike Cinemas, Inc. (a)		10,129		303,769
Crown Media Holdings, Inc. - Class A (a)		21,232		107,646
CTC Media, Inc. (a)		54,682		107,724
E.W. Scripps Company (The) - Class A (a)		1,668		25,320
Entravision Communications Corporation - Class A		24,193		192,334
Gannett Company, Inc. (b)		94,412		1,590,842
Gray Television, Inc. (a) (b)		5,863		75,340
Harte-Hanks, Inc. (b)		238,028		433,211

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Discretionary - 15.1%(Continued)
Media - 1.7% (Continued)
Interpublic Group of Companies, Inc. (The)		3,845	$	88,204
John Wiley & Sons, Inc. - Class A		4,451		220,725
Lee Enterprises, Inc. (a)		7,616		16,298
Live Nation Entertainment, Inc. (a)		4,134		88,798
Loral Space & Communications, Inc. (a)		723		26,520
McClatchy Company (The) - Class A (a)		11,355		12,604
MDC Partners, Inc. - Class A		55,332		1,119,920
MSG Networks, Inc. - Class A (a)		2,332		39,854
National CineMedia, Inc.		2,712		38,510
New York Times Company (The) - Class A		10,381		133,084
News Corporation - Class A - Non-Voting		3,401		42,240
News Corporation - Class B		6,212		80,508
RR Media Ltd.		1,054		13,776
Sizmek, Inc. (a)		12,065		31,972
Starz - Series A (a)		42,841		1,165,704
Townsquare Media, Inc. - Class A (a)		651		6,927
Tribune Publishing Company (b)		180,687		2,047,184
Viacom, Inc. - Class A		2,038		89,529
				9,289,570
Multiline Retail - 0.4%
Big Lots, Inc.		6,448		295,705
Dillard's, Inc. - Class A		10,207		719,083
Dollar General Corporation		175		14,334
J. C. Penney Company, Inc. (a)		27,748		257,501
Kohl's Corporation		610		27,023
Macy's, Inc.		986		39,036
Tuesday Morning Corporation (a)		97,642		847,533
				2,200,215
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a) (b)		17,170		1,040,845
Ascena Retail Group, Inc. (a)		34,154		300,897
Barnes & Noble Education, Inc. (a) (b)		8,880		83,117
Barnes & Noble, Inc. (b)		140,865		1,655,164
Big 5 Sporting Goods Corporation		11,154		134,852
Build-A-Bear Workshop, Inc. (a)		80,953		1,066,151
Cabela's, Inc. (a)		6,486		338,245
Caleres, Inc.		47,909		1,207,786
Cato Corporation (The) - Class A		1,420		51,958
Christopher & Banks Corporation (a)		15,921		41,395
Citi Trends, Inc. (b)		14,545		261,228
Container Store Group, Inc. (The) (a)		34,536		245,206
Dick's Sporting Goods, Inc.		291		13,485
DSW, Inc. - Class A		292		7,174
Express, Inc. (a)		50,771		923,017
Finish Line, Inc. (The) - Class A		788		15,563
Five Below, Inc. (a)		9,040		376,968
Francesca's Holdings Corporation (a)		61,817		1,026,162
GameStop Corporation - Class A		8,147		267,222
Genesco, Inc. (a)		24,549		1,698,300
Haverty Furniture Companies, Inc.		3,811		71,151
Kirkland's, Inc.		80,534		1,322,368
L Brands, Inc.		260		20,355

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Discretionary - 15.1%(Continued)
Specialty Retail - 3.2% (Continued)
Lithia Motors, Inc. - Class A		2,396	$	198,916
MarineMax, Inc. (a)		2,570		48,856
Michaels Companies, Inc. (The) (a)		3,086		87,735
Murphy USA, Inc. (a) (b)		24,566		1,410,580
New York & Company, Inc. (a)		47,022		174,922
Party City Holdco, Inc. (a)		21,089		302,205
Perfumania Holdings, Inc. (a)		679		1,901
Pier 1 Imports, Inc. (b)		52,633		362,641
Ross Stores, Inc.		463		26,289
Shoe Carnival, Inc.		6,366		163,161
Sonic Automotive, Inc. - Class A		905		16,978
Sportman's Warehouse Holdings, Inc. (a)		2,356		26,811
Stage Stores, Inc.		112,366		827,014
Staples, Inc.		3,926		40,045
Stein Mart, Inc.		6,134		44,410
Systemax, Inc. (a)		8,314		75,242
Tile Shop Holdings, Inc. (The) (a)		1,354		24,155
Tilly's, Inc. - Class A (a)		18,286		115,019
TravelCenters of America, LLC (a) (b)		14,526		105,459
West Marine, Inc. (a)		78,262		784,185
Winmark Corporation		451		42,935
				17,048,068
Textiles, Apparel & Luxury Goods - 0.9%
Crown Crafts, Inc.		1,496		13,763
Culp, Inc.		3,096		81,239
Delta Apparel, Inc. (a)		14,530		294,232
Fossil Group, Inc. (a)		7,802		315,981
Kate Spade & Company (a)		686		17,651
Movado Group, Inc.		14,512		409,383
Oxford Industries, Inc. (b)		4,885		324,462
Perry Ellis International, Inc. (a)		25,947		494,290
PVH Corporation		608		58,125
Ralph Lauren Corporation		262		24,421
Rocky Brands, Inc.		10,865		130,923
Tumi Holdings, Inc. (a)		4,729		126,170
Unifi, Inc. (a)		35,989		927,077
VF Corporation		559		35,245
Vince Holding Corporation (a)		191,887		1,185,862
Wolverine World Wide, Inc.		10,024		189,955
				4,628,779
Consumer Staples - 3.4%
Beverages - 0.1%
Coca-Cola Bottling Company Consolidated		1,709		272,364
Dr. Pepper Snapple Group, Inc.		219		19,909
National Beverage Corporation (a)		1,873		87,544
Primo Water Corporation (a)		14,180		155,980
				535,797
Food & Staples Retailing - 1.1%
Andersons, Inc. (The) (b)		42,558		1,426,119
Ingles Markets, Inc. - Class A		4,315		155,642

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Staples - 3.4%(Continued)
Food & Staples Retailing - 1.1% (Continued)
Kroger Company (The)		758	$	26,826
Performance Food Group Company (a)		34,382		889,806
PriceSmart, Inc.		4,593		397,478
Smart & Final Stores, Inc. (a)		2,624		41,774
SpartanNash Company (b)		38,993		1,080,106
SUPERVALU, Inc. (a)		136,118		684,674
United Natural Foods, Inc. (a)		7,499		267,489
Village Super Market, Inc. - Class A		29,668		723,899
Weis Markets, Inc.		394		17,935
				5,711,748
Food Products - 1.4%
Adecoagro S.A. (a)		7,190		76,645
Amplify Snack Brands, Inc. (a)		1,094		16,858
Archer-Daniels-Midland Company		2,444		97,613
Bunge Ltd.		1,600		100,000
ConAgra Foods, Inc.		287		12,789
Cosan Ltd. - Class A		18,843		101,375
Darling Ingredients, Inc. (a) (b)		58,570		848,679
Dean Foods Company (b)		49,817		858,347
Farmer Brothers Company (a)		3,015		91,083
Fresh Del Monte Produce, Inc.		29,880		1,292,609
Ingredion, Inc.		127		14,616
J & J Snack Foods Corporation		8,337		843,121
J.M. Smucker Company (The)		117		14,857
John B. Sanfilippo & Son, Inc. (b)		20,729		1,146,936
Kellogg Company		160		12,290
Lifeway Foods, Inc. (a)		587		5,694
Nomad Foods Ltd. (a)		6,727		54,758
Omega Protein Corporation (a) (b)		7,423		137,994
Seneca Foods Corporation - Class A (a) (b)		57,044		1,859,064
SunOpta, Inc. (a)		7,466		40,167
Tyson Foods, Inc. - Class A		127		8,359
				7,633,854
Household Products - 0.2%
Central Garden & Pet Company - Class A (a)		3,130		50,988
Energizer Holdings, Inc.		15,143		658,569
Oil-Dri Corporation of America		10,678		356,218
				1,065,775
Personal Products - 0.6%
Avon Products, Inc. (b)		454,895		2,142,555
Edgewell Personal Care Company		1,091		89,538
Estée Lauder Companies, Inc. (The) - Class A		260		24,926
Inter Parfums, Inc.		4,396		134,606
Medifast, Inc.		393		12,391
Natural Alternatives International, Inc. (a)		1,790		18,813
Nutraceutical International Corporation (a)		34,581		815,766
Revlon, Inc. - Class A (a)		2,316		84,372
Synutra International, Inc. (a)		3,528		17,852
				3,340,819

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Consumer Staples - 3.4%(Continued)
Tobacco - 0.0% (c)
Alliance One International, Inc. (a)		6,283	$	160,279
Energy - 6.8%
Energy Equipment & Services - 2.6%
Archrock, Inc.		289,861		2,855,131
Aspen Aerogels, Inc. (a)		8,748		41,641
DryShips, Inc. (a)		58,071		232,865
Enservco Corporation (a)		4,038		2,629
Exterran Corporation (a)		6,659		101,883
Fairmount Santrol Holdings, Inc. (a)		57,875		231,500
FMC Technologies, Inc. (a)		3,305		100,769
Halliburton Company		112		4,627
Helix Energy Solutions Group, Inc. (a)		50,861		438,930
Hercules Offshore, Inc. (a)		1,577		3,280
Matrix Service Company (a) (b)		72,582		1,367,445
Nabors Industries Ltd. (b)		128,498		1,259,280
National Oilwell Varco, Inc.		271		9,767
North Atlantic Drilling Ltd. (a)		7,095		26,819
Parker Drilling Company (a)		464,020		1,419,901
PHI, Inc. (a) (b)		32,527		729,255
Pioneer Energy Services Corporation (a)		119,995		373,185
RigNet, Inc. (a)		34,505		590,036
Rowan Companies plc - Class A		2,966		55,791
Superior Energy Services, Inc.		39,326		663,036
TETRA Technologies, Inc. (a) (b)		266,146		1,916,251
Unit Corporation (a)		98,134		1,242,376
Weatherford International plc (a)		12,032		97,820
Willbros Group, Inc. (a)		165,836		530,675
				14,294,892
Oil, Gas & Consumable Fuels - 4.2%
Abraxas Petroleum Corporation (a)		33,188		50,446
Adams Resources & Energy, Inc.		2,350		94,588
Alon USA Energy, Inc.		105,501		1,107,760
Anadarko Petroleum Corporation		381		20,102
Baytex Energy Corporation		12,452		63,505
Callon Petroleum Company (a)		43,869		461,063
Carrizo Oil & Gas, Inc. (a)		16,688		590,255
Contango Oil & Gas Company (a)		104,163		1,310,371
CVR Energy, Inc.		36,633		889,449
Delek US Holdings, Inc. (b)		102,265		1,624,991
Devon Energy Corporation		2,682		93,012
DHT Holdings, Inc.		107,784		618,680
Earthstone Energy, Inc. (a)		553		7,637
Enbridge Energy Management, LLC (a)		1		2
Energen Corporation (b)		5,914		251,286
Enerplus Corporation		16,187		89,028
GasLog Ltd.		3,874		49,626
Golar LNG Ltd.		14,815		245,633
Gran Tierra Energy, Inc. (a)		22,833		67,586
Green Plains, Inc.		74,977		1,357,084
Harvest Natural Resources, Inc. (a)		8,800		5,016

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Energy - 6.8%(Continued)
Oil, Gas & Consumable Fuels - 4.2% (Continued)
Kinder Morgan, Inc.		2,620	$	46,531
Kosmos Energy Ltd. (a)		28,425		184,194
Marathon Petroleum Corporation		2,369		92,581
Memorial Resource Development Corporation (a)		44,812		586,141
Navigator Holdings Ltd. (a)		4,347		66,248
Navios Maritime Acquisition Corporation		75,661		146,026
Newfield Exploration Company (a)		1,535		55,644
Noble Energy, Inc.		840		30,332
Par Pacific Holdings, Inc. (a) (b)		79,984		1,528,494
PBF Energy, Inc. - Class A		7,084		227,963
PDC Energy, Inc. (a)		30,679		1,926,334
Penn West Petroleum Ltd.		6,244		7,118
QEP Resources, Inc. (b)		114,028		2,044,522
Rice Energy, Inc. (a)		33,981		588,211
Ring Energy, Inc. (a)		17,444		125,597
RSP Permian, Inc. (a)		6,702		205,148
Scorpio Tankers, Inc. (b)		249,070		1,559,178
SemGroup Corporation - Class A (b)		29,967		918,788
StealthGas, Inc. (a)		9,482		37,075
Teekay Corporation		123,841		1,387,019
Teekay Tankers Ltd. - Class A (b)		4,051		15,961
Tesoro Corporation		762		60,724
TransGlobe Energy Corporation		21,993		42,666
Tsakos Energy Navigation Ltd. (b)		14,152		90,007
VAALCO Energy, Inc. (a)		70,588		86,823
Valero Energy Corporation		528		31,083
Western Refining, Inc.		46,154		1,235,081
Westmoreland Coal Company (a)		31		221
World Fuel Services Corporation		1,926		90,002
				22,412,832
Financials - 9.4%
Banks - 2.7%
1st Constitution Bancorp (a)		1,182		14,822
1st Source Corporation		928		31,960
Atlantic Capital Bancshares, Inc. (a)		4,817		68,353
Avenue Financial Holdings, Inc. (a)		4,674		91,423
BancFirst Corporation		1,849		115,322
Banco Latinoamericano de Comercio Exterior S.A. - Class E		23		595
Bank of Commerce Holdings		682		4,283
Bank of Marin Bancorp		990		48,530
Baylake Corporation		1,101		19,190
BNC Bancorp		11,083		247,816
C&F Financial Corporation		303		11,814
Capital Bank Financial Corporation - Class A		2,262		68,380
Cardinal Financial Corporation		1,914		42,357
Carolina Financial Corporation		1,011		19,007
Cascade Bancorp (a)		2,949		17,842
CenterState Banks, Inc.		13,942		227,115
Central Pacific Financial Corporation		8,462		197,503
Citizens & Northern Corporation		276		5,572

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Banks - 2.7% (Continued)
Codorus Valley Bancorp, Inc.		999	$	20,919
CommunityOne Bancorp (a)		17,317		228,584
CU Bancorp (a)		15,855		365,299
Customers Bancorp, Inc. (a)		15,666		407,003
Evans Bancorp, Inc.		250		6,100
Farmers National Banc Corporation		21		195
FCB Financial Holdings, Inc. - Class A (a)		19,609		685,335
Fidelity Southern Corporation		9,682		156,461
Financial Institutions, Inc.		3,160		88,480
First Bancorp, Inc. (The)		1,393		27,651
First BanCorporation (Puerto Rico) (a)		150,613		587,391
First Community Bancshares, Inc.		4,765		99,160
First Connecticut Bancorp, Inc.		3,264		56,239
First Financial Bancorporation		783		15,269
First Foundation, Inc. (a)		42,105		949,468
First Internet Bancorp		1,432		35,514
First Midwest Bancorp, Inc.		22,802		421,381
First Northwest Bancorp (a)		4,241		55,133
First of Long Island Corporation (The)		1,199		36,701
Franklin Financial Network, Inc. (a)		679		20,601
Great Southern Bancorp, Inc. (b)		11,236		425,395
Great Western Bancorp, Inc.		22,824		719,413
Guaranty Bancorp		3,347		54,958
Hanmi Financial Corporation		18,178		420,275
Heartland Financial USA, Inc.		4,031		135,079
Heritage Commerce Corporation		3,514		36,686
HomeTrust Bancshares, Inc. (a)		16,004		296,874
Horizon Bancorp		25,982		633,961
Independent Bank Corporation (Maryland)		3,006		141,372
Independent Bank Group, Inc.		4,073		149,072
KeyCorp		1,862		22,884
Lakeland Financial Corporation		111		5,249
LegacyTexas Financial Group, Inc.		20,388		502,768
Live Oak Bancshares, Inc.		3,962		62,362
MBT Financial Corporation		7,514		66,123
Mercantile Bank Corporation		692		16,691
Middleburg Financial Corporation		4,720		127,440
Monarch Financial Holdings, Inc.		6,378		117,291
MutualFirst Financial, Inc.		1,534		40,344
Old Line Bancshares, Inc.		13,514		249,739
Opus Bank		553		19,974
Orrstown Financial Services, Inc.		246		4,374
Pacific Continental Corporation		337		5,614
Peapack-Gladstone Financial Corporation		2,545		48,711
Popular, Inc.		11,406		338,986
Preferred Bank (Los Angeles)		203		6,447
Premier Financial Bancorp, Inc.		148		2,362
Regions Financial Corporation		2,681		25,148
Renasant Corporation		832		28,571
Republic Bancorp, Inc. - Class A		12,410		338,917
Royal Bancshares of Pennsylvania, Inc. - Class A (a)		8,078		23,830

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Banks - 2.7% (Continued)
ServisFirst Bancshares, Inc.		5,675	$	279,664
Shore Bancshares, Inc.		3,009		35,326
Sierra Bancorp		43,118		759,308
Simmons First National Corporation - Class A		240		11,208
Southern First Bancshares, Inc. (a)		339		8,645
Sterling Bancorp		79,458		1,298,344
Stonegate Bank		3,367		106,061
Suffolk Bancorp		10,213		245,010
Summit Financial Group, Inc.		1,421		26,544
Talmer Bancorp, Inc. - Class A		9,123		176,986
TCF Financial Corporation		19,660		268,162
Tompkins Financial Corporation		1,576		102,976
TriCo Bancshares		5,833		157,024
Triumph Bancorp, Inc. (a)		406		6,451
Union Bankshares Corporation		450		11,885
United Community Banks, Inc.		9,589		193,027
United Community Financial Corporation		17,463		103,730
WashingtonFirst Bankshares, Inc.		933		20,713
West Bancorporation, Inc.		1,143		21,317
Xenith Bankshares, Inc. (a)		2,062		16,001
Yadkin Financial Corporation		15,897		397,743
Your Community Bankshares, Inc.		203		6,821
				14,841,168
Capital Markets - 1.4%
Affiliated Managers Group, Inc. (a)		78		13,285
Ameriprise Financial, Inc.		225		21,578
Apollo Investment Corporation		15,009		87,352
Arlington Asset Investment Corporation - Class A		26,160		338,510
Ashford, Inc. (a)		1,834		83,447
Associated Capital Group, Inc. - Class A (a)		3,961		120,692
BGC Partners, Inc. - Class A		8,741		79,368
BlackRock Capital Investment Corporation (b)		4,968		41,781
Calamos Asset Management, Inc. - Class A		2,708		22,314
Capital Southwest Corporation		2,023		28,727
E*TRADE Financial Corporation (a)		560		14,101
Evercore Partners, Inc. - Class A		6,711		346,556
Fifth Street Finance Corporation		13,405		72,655
GAMCO Investors, Inc. - Class A		1,015		40,164
Gladstone Investment Corporation		6,152		42,756
Goldman Sachs BDC, Inc.		3,799		74,650
Hennessey Advisors, Inc.		626		19,249
Hercules Capital, Inc.		5,719		70,172
HFF, Inc. - Class A		15,489		493,015
Horizon Technology Finance Corporation		9,266		106,003
Houlihan Lokey, Inc.		41,195		1,038,526
Invesco Ltd.		775		24,033
Investment Technology Group, Inc.		10,803		210,875
KCG Holdings, Inc. - Class A (a)		12,343		169,099
Marcus & Millichap, Inc. (a) (b)		45,584		1,143,247
Medley Capital Corporation		4,847		32,960
Moelis & Company - Class A		5,630		158,259
Monroe Capital Corporation		486		6,697
MVC Capital, Inc.		801		5,951

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Capital Markets - 1.4% (Continued)
New Mountain Finance Corporation		1,954	$	24,464
Newtek Business Services Corporation		3,790		48,095
NorthStar Asset Management Group, Inc.		52,125		648,435
OM Asset Management plc		80,012		1,073,761
Oppenheimer Holdings, Inc. - Class A		1,418		21,667
PennantPark Floating Rate Capital Ltd.		5,216		61,862
PennantPark Investment Corporation		10,866		71,607
Piper Jaffray Companies (a)		6,193		258,310
Solar Capital Ltd.		4,051		71,419
TCP Capital Corporation		5,140		75,969
THL Credit, Inc.		6,488		72,990
TICC Capital Corporation		12,898		66,812
Triangle Capital Corporation		2,363		50,214
TriplePoint Venture Growth BDC Corporation		3,909		41,318
WisdomTree Investments, Inc.		21,351		232,512
				7,725,457
Consumer Finance - 0.6%
Discover Financial Services		603		33,931
Enova International, Inc. (a)		195,428		1,721,721
Green Dot Corporation - Class A (a)		17,597		391,181
Navient Corporation		1,425		19,480
Nelnet, Inc. - Class A		1,965		82,353
OneMain Holdings, Inc. (a)		699		22,242
SLM Corporation (a)		115,971		785,124
Synchrony Financial (a)		1,166		35,644
				3,091,676
Diversified Financial Services - 0.3%
Cohen & Steers, Inc.		28,411		1,115,700
Global Eagle Entertainment, Inc. (a)		16,739		134,079
Intercontinental Exchange, Inc.		141		33,844
Marlin Business Services Corporation		6,193		91,595
PICO Holdings, Inc. (a)		5,105		50,693
Tiptree Financial, Inc. - Class A		6,977		38,583
TPG Specialty Lending, Inc.		4,172		68,546
Voya Financial, Inc.		1,113		36,139
				1,569,179
Insurance - 1.2%
Allied World Assurance Company Holdings A.G.		9,219		328,012
American Financial Group, Inc.		312		21,562
AMERISAFE, Inc. (b)		9,017		485,836
Argo Group International Holdings Ltd.		1,520		83,554
Aspen Insurance Holdings Ltd.		2,561		118,702
Atlas Financial Holdings, Inc. (a)		21,446		376,806
Baldwin & Lyons, Inc. - Class B		40		978
Crawford & Company - Class B		1,265		8,526
eHealth, Inc. (a) (b)		4,268		47,759

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Insurance - 1.2% (Continued)
EMC Insurance Group, Inc.		4,472	$	118,329
Employers Holdings, Inc.		31,406		932,758
Enstar Group Ltd. (a)		2,332		369,482
FBL Financial Group, Inc. - Class A		7,206		435,747
Genworth Financial, Inc. - Class A (a)		141,187		484,272
Global Indemnity plc (a)		1,166		36,671
Hanover Insurance Group, Inc. (The)		1,015		87,046
Heritage Insurance Holdings, Inc.		1,672		22,221
Horace Mann Educators Corporation		3,851		119,766
Independence Holding Company		985		15,140
Infinity Property & Casualty Corporation		4,861		389,658
Investors Title Company		69		6,571
James River Group Holdings Ltd.		4,464		138,206
Kingstone Companies, Inc.		1,794		16,684
Lincoln National Corporation		931		40,452
Markel Corporation (a)		11		9,890
National General Holdings Corporation		5,591		112,882
National Interstate Corporation		1,525		46,955
National Western Life Group, Inc. - Class A		462		100,115
Navigators Group, Inc. (The) (a)		3,362		277,735
Old Republic International Corporation		1,614		29,843
Phoenix Companies, Inc. (The) (a)		4,252		157,367
ProAssurance Corporation		2,600		124,098
Selective Insurance Group, Inc. (b)		12,982		450,605
State National Companies, Inc.		1,429		16,119
United Fire Group, Inc. (b)		11,890		532,910
United Insurance Holdings Corporation		540		8,807
Validus Holdings Ltd.		485		22,354
WMIH Corporation (a)		24,984		55,714
				6,630,132
Real Estate Investment Trusts (REIT) - 1.7%
Agree Realty Corporation		60		2,327
American Assets Trust, Inc.		1,894		75,135
American Farmland Company		4,055		28,020
Bluerock Residential Growth REIT, Inc.		8,655		94,686
Brandywine Realty Trust		51,465		769,402
BRT Realty Trust (a)		1,934		13,760
Care Capital Properties, Inc.		14,595		389,249
CBL & Associates Properties, Inc.		61,121		713,893
Cedar Realty Trust, Inc.		36,939		255,618
City Office REIT, Inc.		19,123		214,751
Colony Starwood Homes		12,785		311,571
Columbia Property Trust, Inc.		9,685		215,976
Cousins Properties, Inc.		8,707		90,118
Equity LifeStyle Properties, Inc.		10,265		703,050
First Potomac Realty Trust		36,098		303,584
Gaming and Leisure Properties, Inc.		1,838		60,258
General Growth Properties, Inc.		20,703		580,305
GEO Group, Inc. (The)		1,711		54,803
Getty Realty Corporation		13,067		257,159
Gyrodyne, LLC (a)		515		14,291
InfraREIT, Inc.		15,640		259,311
Kite Realty Group Trust		4,643		126,429

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Real Estate Investment Trusts (REIT) - 1.7% (Continued)
Ladder Capital Corporation		5,918	$	70,483
Lamar Advertising Company - Class A		1,726		107,081
Lexington Realty Trust		14,535		127,617
Macerich Company (The)		1,388		105,599
New York REIT, Inc.		43,999		432,510
NexPoint Residential Trust, Inc.		22,944		322,593
Outfront Media, Inc.		13,974		303,096
Paramount Group, Inc.		11,573		193,269
Parkway Properties, Inc.		8,711		143,296
Pennsylvania Real Estate Investment Trust		680		15,599
Piedmont Office Realty Trust, Inc. - Class A		12,142		241,747
RE/MAX Holdings, Inc. - Class A		910		33,488
Retail Properties of America, Inc. - Class A		93		1,487
RMR Group, Inc. (The) - Class A		5,151		128,363
Rouse Properties, Inc.		16,220		299,583
SL Green Realty Corporation		6,776		712,022
Taubman Centers, Inc.		1,886		130,983
UMH Properties, Inc.		3,060		29,988
Wheeler Real Estate Investment Trust, Inc.		95,982		135,334
WP Glimcher, Inc.		12,840		134,692
				9,202,526
Real Estate Management & Development - 0.1%
Farmland Partners, Inc.		18,433		198,892
FRP Holdings, Inc. (a)		895		32,650
Stratus Properties, Inc. (a)		1,155		27,604
				259,146
Thrifts & Mortgage Finance - 1.4%
Anchor BanCorp Wisconsin, Inc. (a)		18,780		898,811
Bear State Financial, Inc.		2,186		21,510
Beneficial Bancorp, Inc. (a)		11,296		156,901
Berkshire Hills Bancorp, Inc.		832		22,580
Brookline Bancorp, Inc.		10,162		115,644
Cape Bancorp, Inc.		8,869		129,399
Charter Financial Corporation		46,941		588,171
Dime Community Bancshares, Inc.		48,429		877,049
Entegra Financial Corporation (a)		194		3,463
Essent Group Ltd. (a)		6,317		128,993
EverBank Financial Corporation		22,221		335,093
Federal Agricultural Mortgage Corporation - Class C		7,782		316,572
First Defiance Financial Corporation		17,593		696,331
First Financial Northwest, Inc.		4,410		60,152
Flagstar Bancorp, Inc. (a)		22,460		531,628
Flushing Financial Corporation		36,206		722,310
FS Bancorp, Inc.		529		13,400
HF Financial Corporation		1,632		32,803
LaPorte Bancorp, Inc.		1,345		21,385
Malvern Bancorp, Inc. (a)		2,147		33,837

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Financials - 9.4%(Continued)
Thrifts & Mortgage Finance - 1.4% (Continued)
Meta Financial Group, Inc.		2,783	$	138,092
Nationstar Mortgage Holdings, Inc. (a)		13,285		153,973
NMI Holdings, Inc. - Class A (a)		71,140		447,471
Oritani Financial Corporation		23,153		401,241
PennyMac Financial Services, Inc. - Class A (a)		1,927		24,550
Provident Financial Holdings, Inc.		2,396		41,451
Provident Financial Services, Inc.		7,537		150,589
Prudential Bancorp, Inc.		315		4,520
Pulaski Financial Corporation		3,063		49,529
Southern Missouri Bancorp, Inc.		9,226		228,528
Territorial Bancorp, Inc.		539		14,138
Walker & Dunlop, Inc. (a)		19,899		438,773
				7,798,887
Health Care - 22.1%
Biotechnology - 9.0%
AbbVie, Inc.		1,524		92,964
Acceleron Pharma, Inc. (a) (b)		58,722		1,758,724
Achillion Pharmaceuticals, Inc. (a)		2,359		20,169
Acorda Therapeutics, Inc. (a)		12,832		331,707
Aduro Biotech, Inc. (a)		40,151		519,955
Affimed N.V. (a)		1,102		4,463
Agenus, Inc. (a)		12,044		42,395
Aimmune Therapeutics, Inc. (a)		1,729		22,391
Alkermes plc (a)		2,344		93,174
Alnylam Pharmaceuticals, Inc. (a)		1,354		90,772
AMAG Pharmaceuticals, Inc. (a)		20,287		538,011
Amgen, Inc.		220		34,826
Anthera Pharmaceuticals, Inc. (a)		2,078		7,689
Applied Genetic Technologies Corporation (a) (b)		99,858		1,568,769
Arbutus Biopharma Corporation (a)		17,945		88,828
Ardelyx, Inc. (a)		18,206		145,830
Arena Pharmaceuticals, Inc. (a)		109,869		188,975
ArQule, Inc. (a)		17,559		28,621
Atara Biotherapeutics, Inc. (a)		958		17,254
Avalanche Biotechnologies, Inc. (a)		178,589		1,007,242
AVEO Pharmaceuticals, Inc. (a)		6,148		5,827
Avexis, Inc. (a)		1,252		31,300
Baxalta, Inc.		1,529		64,142
Bellicum Pharmaceuticals, Inc. (a)		16,356		165,850
BioCryst Pharmaceuticals, Inc. (a)		315,624		1,028,934
Biogen, Inc. (a)		330		90,747
BioSpecifics Technologies Corporation (a) (b)		45,167		1,606,138
Biostage, Inc. (a)		1		1
Blueprint Medicines Corporation (a)		1,528		23,195
Calithera Biosciences, Inc. (a)		51,013		271,899
Cara Therapeutics, Inc. (a)		10,561		64,422
Celgene Corporation (a)		287		29,679
Cepheid (a) (b)		48,173		1,374,857
Cerulean Pharma, Inc. (a)		17,803		58,394
Chemocentryx, Inc. (a)		25,547		61,313
Cidara Therapeutics, Inc. (a)		1,249		16,712

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Health Care - 22.1%(Continued)
Biotechnology - 9.0% (Continued)
Coherus Biosciences, Inc. (a)		10,044	$	189,129
Concert Pharmaceuticals, Inc. (a) (b)		113,731		1,585,410
Curis, Inc. (a)		244,664		489,328
Cytokinetics, Inc. (a)		101,723		828,025
CytomX Therapeutics, Inc. (a)		2,180		28,166
Dicerna Pharmaceuticals, Inc. (a)		7,912		36,553
Edge Therapeutics, Inc. (a)		5,775		47,528
Emergent BioSolutions, Inc. (a)		6,990		269,255
Enanta Pharmaceuticals, Inc. (a)		15,750		459,900
Enzymotec Ltd. (a)		5,586		48,263
Epizyme, Inc. (a) (b)		122,304		1,274,408
Esperion Therapeutics, Inc. (a)		32,765		537,018
Fate Therapeutics, Inc. (a)		8,524		16,196
FibroGen, Inc. (a)		72,291		1,301,238
Five Prime Therapeutics, Inc. (a) (b)		37,198		1,770,253
Foundation Medicine, Inc. (a)		18,176		289,907
Genomic Health, Inc. (a) (b)		62,293		1,637,060
Gilead Sciences, Inc.		404		35,637
Global Blood Therapeutics, Inc. (a)		400		8,068
Ignyta, Inc. (a)		66,547		460,505
Immune Design Corporation (a)		78,302		1,068,039
ImmunoGen, Inc. (a)		29,352		201,061
Infinity Pharmaceuticals, Inc. (a) (b)		311,962		1,809,380
Insmed, Inc. (a)		43,919		533,616
Kindred Biosciences, Inc. (a)		324		1,196
Lexicon Pharmaceuticals, Inc. (a)		32,000		441,920
Ligand Pharmaceuticals, Inc. (a)		6,403		773,931
MacroGenics, Inc. (a) (b)		21,981		451,929
Medgenics, Inc. (a)		44,300		211,311
Momenta Pharmaceuticals, Inc. (a) (b)		109,593		1,042,229
NanoViricides, Inc. (a)		21,712		36,910
Natera, Inc. (a)		86,201		846,494
NewLink Genetics Corporation (a)		39,091		633,665
OncoMed Pharmaceuticals, Inc. (a)		53,556		664,094
Ophthotech Corporation (a) (b)		27,355		1,278,573
Otonomy, Inc. (a)		53,809		767,316
PDL BioPharma, Inc. (b)		562,578		2,120,919
Pfenex, Inc. (a)		108,326		883,940
PharmAthene, Inc. (a)		175,731		418,240
Progenics Pharmaceuticals, Inc. (a)		12,644		67,140
Pronai Therapeutics, Inc. (a)		2,490		13,944
Protalix BioTherapeutics, Inc. (a)		6,177		5,097
Proteon Therapeutics, Inc. (a)		4,459		43,520
QLT, Inc. (a)		9,687		14,627
Raptor Pharmaceutical Corporation (a) (b)		118,163		580,180
REGENXBIO, Inc. (a)		71,970		749,927
Repligen Corporation (a) (b)		46,991		1,251,840
Retrophin, Inc. (a)		13,897		191,501
Rigel Pharmaceuticals, Inc. (a) (b)		616,178		1,743,784
Sage Therapeutics, Inc. (a)		245		9,234
Sangamo BioSciences, Inc. (a)		116,546		734,240

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Health Care - 22.1%(Continued)
Biotechnology - 9.0% (Continued)
SciClone Pharmaceuticals, Inc. (a) (b)		80,913	$	1,068,052
Sinovac Biotech Ltd. (a)		13,199		83,418
Sorrento Therapeutics, Inc. (a)		9,125		62,597
Spark Therapeutics, Inc. (a)		119		4,271
Spectrum Pharmaceuticals, Inc. (a)		10,424		73,906
Stemline Therapeutics, Inc. (a)		15,636		85,998
T2 Biosystems, Inc. (a)		10,261		94,093
TG Therapeutics, Inc. (a)		56,248		512,419
Trevena, Inc. (a)		140,030		1,090,834
Trillium Therapeutics, Inc. (a)		12,899		144,598
uniQure N.V. (a)		4,747		61,379
United Therapeutics Corporation (a)		76		7,995
Vanda Pharmaceuticals, Inc. (a)		104,357		928,777
Verastem, Inc. (a)		48,047		79,278
Vericel Corporation (a)		442,717		1,275,025
Vertex Pharmaceuticals, Inc. (a)		713		60,134
Vitae Pharmaceuticals, Inc. (a)		3,808		27,380
Xencor, Inc. (a) (b)		51,171		626,845
XOMA Corporation (a)		35,649		29,182
				48,713,994
Health Care Equipment & Supplies - 4.9%
Abaxis, Inc.		237		10,741
Aethlon Medical, Inc. (a)		963		4,680
Analogic Corporation		145		11,454
AngioDynamics, Inc. (a) (b)		74,769		915,920
AtriCure, Inc. (a)		3,243		51,564
Atrion Corporation (b)		3,255		1,293,211
Baxter International, Inc.		394		17,423
Boston Scientific Corporation (a)		1,203		26,370
Cantel Medical Corporation (b)		24,999		1,674,683
CRH Medical Corporation (a)		6,321		20,543
CryoLife, Inc.		20,600		255,440
Cutera, Inc. (a)		84,263		982,507
Cynosure, Inc. - Class A (a) (b)		37,601		1,840,193
Entellus Medical, Inc. (a)		2,639		38,371
Exactech, Inc. (a) (b)		51,908		1,180,388
FONAR Corporation (a)		6,118		86,386
Glaukos Corporation (a)		9,934		187,157
Globus Medical, Inc. - Class A (a) (b)		48,278		1,208,881
Haemonetics Corporation (a)		28,625		928,309
Halyard Health, Inc. (a) (b)		44,256		1,246,249
HeartWare International, Inc. (a)		40,076		1,336,935
Hill-Rom Holdings, Inc.		108		5,222
ICU Medical, Inc. (a) (b)		7,846		779,422
Inogen, Inc. (a)		5,627		274,935
Invacare Corporation (b)		147,273		1,655,349
K2M Group Holdings, Inc. (a)		6,494		105,592
Lantheus Holdings, Inc. (a)		1,998		4,116
LeMaitre Vascular, Inc. (b)		28,783		477,222
Masimo Corporation (a) (b)		41,507		1,799,328
Merit Medical Systems, Inc. (a) (b)		6,901		139,745

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Health Care - 22.1%(Continued)
Health Care Equipment & Supplies - 4.9% (Continued)
Natus Medical, Inc. (a) (b)		14,769	$	470,688
Neogen Corporation (a)		4,947		233,696
NuVasive, Inc. (a)		7,768		411,238
NxStage Medical, Inc. (a)		50,525		814,463
OraSure Technologies, Inc. (a) (b)		115,067		826,181
Orthofix International N.V. (a) (b)		45,465		1,989,548
Penumbra, Inc. (a)		1,917		104,477
RTI Surgical, Inc. (a) (b)		355,297		1,417,635
SeaSpine Holdings Corporation (a)		3,547		52,921
Symmetry Surgical, Inc. (a)		3,395		35,478
Syneron Medical Ltd. (a)		12,335		87,949
Teleflex, Inc.		579		90,197
Utah Medical Products, Inc.		17,236		1,153,088
West Pharmaceutical Services, Inc.		437		31,114
				26,277,009
Health Care Providers & Services - 3.8%
Alliance HealthCare Services, Inc. (a)		536		3,854
Almost Family, Inc. (a)		4,826		202,740
Amedisys, Inc. (a)		14,112		726,627
AmerisourceBergen Corporation		311		26,466
BioTelemetry, Inc. (a)		47,112		741,072
Brookdale Senior Living, Inc. (a)		6,870		126,820
Capital Senior Living Corporation (a)		439		8,806
Cardinal Health, Inc.		344		26,990
China Cord Blood Corporation (a)		15,646		97,631
Cigna Corporation		222		30,756
Civitas Solutions, Inc. (a) (b)		58,340		1,169,134
CorVel Corporation (a) (b)		23,588		1,066,178
Cross Country Healthcare, Inc. (a)		24,062		299,091
Five Star Quality Care, Inc. (a) (b)		421,343		1,028,077
Genesis Healthcare, Inc. (a)		325,978		821,464
HealthEquity, Inc. (a)		227		5,709
HealthSouth Corporation		9,209		381,805
Healthways, Inc. (a)		3,551		41,369
HMS Holdings Corporation (a) (b)		120,226		2,030,617
Kindred Healthcare, Inc.		34,515		509,441
LHC Group, Inc. (a)		26,030		1,050,050
LifePoint Health, Inc. (a)		2,901		195,991
Magellan Health, Inc. (a) (b)		29,121		2,051,866
Molina Healthcare, Inc. (a)		517		26,760
National HealthCare Corporation		2,321		149,588
National Research Corporation - Class A		1,293		18,606
Owens & Minor, Inc. (b)		34,176		1,243,665
PharMerica Corporation (a)		4,059		95,955
Premier, Inc. - Class A (a) (b)		5,464		184,738
Providence Service Corporation (The) (a)		1,086		54,126
RadNet, Inc. (a)		298,056		1,505,183
Surgery Partners, Inc. (a)		2,996		48,805
Surgical Care Affiliates, Inc. (a) (b)		20,112		972,415
Tenet Healthcare Corporation (a) (b)		40,644		1,288,008
Triple-S Management Corporation - Class B (a) (b)		78,690		2,049,088

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Health Care - 22.1%(Continued)
Health Care Providers & Services - 3.8% (Continued)
U.S. Physical Therapy, Inc.		667	$	33,257
Universal American Corporation		3,787		28,175
Veracyte, Inc. (a)		10,091		58,528
WellCare Health Plans, Inc. (a)		341		30,687
				20,430,138
Health Care Technology - 0.7%
Allscripts Healthcare Solutions, Inc. (a) (b)		103,936		1,392,742
Cerner Corporation (a)		482		27,059
HealthStream, Inc. (a)		13,162		297,724
iCAD, Inc. (a)		3,181		16,828
IMS Health Holdings, Inc. (a)		1,299		34,605
Omnicell, Inc. (a)		5,946		189,440
Press Ganey Holdings, Inc. (a)		5,608		170,876
Quality Systems, Inc.		49,437		696,073
Vocera Communications, Inc. (a)		57,540		674,369
				3,499,716
Life Sciences Tools & Services - 0.8%
Agilent Technologies, Inc.		262		10,721
Bruker Corporation		1,815		51,365
Cambrex Corporation (a)		1,478		71,299
Charles River Laboratories International, Inc. (a)		338		26,793
Enzo Biochem, Inc. (a)		244,251		1,216,370
INC Research Holdings, Inc. - Class A (a) (b)		32,524		1,565,380
NanoString Technologies, Inc. (a)		2,309		36,759
NeoGenomics, Inc. (a)		4,132		33,634
PerkinElmer, Inc.		429		21,630
PRA Health Sciences, Inc. (a) (b)		30,619		1,452,872
Thermo Fisher Scientific, Inc.		157		22,647
				4,509,470
Pharmaceuticals - 2.9%
Amphastar Pharmaceuticals, Inc. (a) (b)		17,427		214,352
ANI Pharmaceuticals, Inc. (a)		14,205		645,901
Auris Medical Holding A.G. (a)		22,872		83,712
BioDelivery Sciences International, Inc. (a)		409,181		1,383,032
Collegium Pharmaceutical, Inc. (a) (b)		96,176		1,833,115
Corcept Therapeutics, Inc. (a)		179,771		857,508
Corium International, Inc. (a)		11,774		52,748
Cumberland Pharmaceuticals, Inc. (a)		2,866		13,614
Cymabay Therapeutics, Inc. (a)		25,241		65,879
Depomed, Inc. (a)		5,174		89,924
Dermira, Inc. (a) (b)		45,672		1,155,045
DURECT Corporation (a)		99,562		133,413
Heska Corporation (a) (b)		66,027		2,020,426
Impax Laboratories, Inc. (a)		33,190		1,106,886
Intersect ENT, Inc. (a)		1,467		29,413
Intra-Cellular Therapies, Inc. (a)		3,833		131,549
Juniper Pharmaceuticals, Inc. (a)		1,242		8,433
Mallinckrodt plc (a)		1,523		95,218
MediWound Ltd. (a)		8,857		73,336
Merck & Company, Inc.		436		23,910
Pacira Pharmaceuticals, Inc. (a)		9,609		519,943

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Health Care - 22.1%(Continued)
Pharmaceuticals - 2.9% (Continued)
Paratek Pharmaceuticals, Inc. (a)		18,097	$	246,481
Phibro Animal Health Corporation - Class A (b)		54,295		1,126,078
Prestige Brands Holdings, Inc. (a) (b)		28,205		1,601,480
Repros Therapeutics, Inc. (a)		45,801		108,548
Sagent Pharmaceuticals, Inc. (a) (b)		149,261		1,737,398
Sucampo Pharmaceuticals, Inc. - Class A (a)		41,912		451,811
Supernus Pharmaceuticals, Inc. (a)		3,569		61,244
				15,870,397
Industrials - 13.4%
Aerospace & Defense - 1.1%
AAR Corporation		45,659		1,097,642
Arotech Corporation (a)		15,026		54,394
Astronics Corporation (a)		1,831		67,656
DigitalGlobe, Inc. (a) (b)		46,610		1,032,878
Ducommun, Inc. (a)		8,083		128,601
Esterline Technologies Corporation (a)		11,055		759,036
HEICO Corporation		657		40,281
Huntington Ingalls Industries, Inc.		623		90,192
Kratos Defense & Security Solutions, Inc. (a)		141,204		749,793
L-3 Communications Holdings, Inc.		364		47,877
LMI Aerospace, Inc. (a)		853		7,498
Moog, Inc. - Class A (a)		2,733		133,534
Northrop Grumman Corporation		167		34,445
Spirit AeroSystems Holdings, Inc. - Class A (a)		1,962		92,508
Vectrus, Inc. (a) (b)		70,504		1,520,066
				5,856,401
Air Freight & Logistics - 0.2%
Air Transport Services Group, Inc. (a)		9,857		138,885
Atlas Air Worldwide Holdings, Inc. (a)		8,108		323,833
C.H. Robinson Worldwide, Inc.		275		19,517
Park-Ohio Holdings Corporation		21,877		556,770
Radiant Logistics, Inc. (a)		65,939		259,800
				1,298,805
Airlines - 0.5%
Allegiant Travel Company		34		5,459
Delta Air Lines, Inc.		893		37,211
Hawaiian Holdings, Inc. (a)		7,846		330,081
SkyWest, Inc. (b)		77,764		1,827,454
Spirit Airlines, Inc. (a)		7,292		320,338
				2,520,543
Building Products - 1.0%
AAON, Inc.		1,334		35,378
Builders FirstSource, Inc. (a)		28,018		310,720
Continental Building Products, Inc. (a)		11,058		216,847
CSW Industrials, Inc. (a)		2,355		76,679
Gibraltar Industries, Inc. (a)		31,036		820,902
Insteel Industries, Inc.		7,399		214,497
Masonite International Corporation (a)		5,377		363,808
NCI Building Systems, Inc. (a)		19,268		284,010
Nortek, Inc. (a) (b)		660		31,125
Owens Corning, Inc.		852		39,252

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Industrials - 13.4%(Continued)
Building Products - 1.0% (Continued)
Patrick Industries, Inc. (a)		925	$	42,411
PGT, Inc. (a)		3,123		32,698
Ply Gem Holdings, Inc. (a) (b)		136,292		1,996,678
Quanex Building Products Corporation		3,390		63,868
Simpson Manufacturing Company, Inc.		162		6,091
TopBuild Corporation (a)		22,468		701,451
Trex Company, Inc. (a)		6,486		307,761
Universal Forest Products, Inc. (b)		939		71,974
				5,616,150
Commercial Services & Supplies - 1.4%
ACCO Brands Corporation (a)		86,871		828,749
ARC Document Solutions, Inc. (a)		65,316		269,102
Brink's Company (The)		39,928		1,351,164
Casella Waste Systems, Inc. - Class A (a)		2,844		20,363
Ennis, Inc. (b)		14,586		285,010
G&K Services, Inc. - Class A		667		47,124
Heritage-Crystal Clean, Inc. (a)		12,202		126,901
HNI Corporation		13,166		575,618
InnerWorkings, Inc. (a) (b)		188,536		1,540,339
Kimball International, Inc. - Class B		2,302		26,795
Knoll, Inc.		8,392		195,953
McGrath RentCorp		1,645		40,105
Multi-Color Corporation		566		33,864
Quad/Graphics, Inc. (b)		117,726		1,477,461
R.R. Donnelley & Sons Company		2,166		37,688
SP Plus Corporation (a)		16,002		356,525
Steelcase, Inc. - Class A (b)		9,059		138,240
Tyco International plc		680		26,194
UniFirst Corporation		48		5,202
Viad Corporation (b)		1,197		35,611
				7,418,008
Construction & Engineering - 0.5%
Aegion Corporation (a) (b)		1,440		30,571
Comfort Systems USA, Inc.		1,089		32,115
EMCOR Group, Inc.		3,174		153,876
Great Lakes Dredge & Dock Corporation (a)		14,403		65,822
Integrated Electrical Services, Inc. (a)		13,770		166,204
KBR, Inc.		101,154		1,573,956
MYR Group, Inc. (a)		5,900		150,509
Northwest Pipe Company (a)		1,609		17,361
Orion Marine Group, Inc. (a)		3,967		23,167
Quanta Services, Inc. (a)		1,334		31,642
Sterling Construction Company, Inc. (a)		32,302		169,262
				2,414,485
Electrical Equipment - 1.8%
Allied Motion Technologies, Inc. (b)		29,908		644,517
AZZ, Inc.		21,280		1,168,698
Babcock & Wilcox Enterprises, Inc. (a) (b)		82,205		1,878,384
Belden, Inc. (b)		17,585		1,110,317
Encore Wire Corporation (b)		17,693		676,757
EnerSys (b)		9,583		559,360

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Industrials - 13.4%(Continued)
Electrical Equipment - 1.8% (Continued)
Franklin Electric Company, Inc.		221	$	6,981
General Cable Corporation (b)		77,044		1,204,968
LSI Industries, Inc.		9,761		123,477
Powell Industries, Inc. (b)		45,665		1,421,095
PowerSecure International, Inc. (a)		2,293		42,925
Regal Beloit Corporation (b)		15,452		995,418
SL Industries, Inc. (a)		1,284		51,334
Vicor Corporation (a)		9,847		94,433
				9,978,664
Machinery - 3.5%
Alamo Group, Inc.		501		28,276
Albany International Corporation - Class A		20,532		827,234
Allison Transmission Holdings, Inc.		3,317		95,563
Ampco-Pittsburgh Corporation		32,224		615,156
Astec Industries, Inc.		12,742		616,713
Barnes Group, Inc.		2,468		80,185
Chart Industries, Inc. (a)		34,915		898,712
China Yuchai International Ltd.		8,768		89,872
CLARCOR, Inc.		6,514		382,828
Columbus McKinnon Corporation		82,817		1,367,309
Commercial Vehicle Group, Inc. (a)		34,349		88,277
Energy Recovery, Inc. (a)		24,508		298,017
EnPro Industries, Inc.		940		55,065
ESCO Technologies, Inc.		762		29,322
Federal Signal Corporation (b)		56,196		769,323
Global Brass & Copper Holdings, Inc. (b)		26,268		711,863
Hardinge, Inc.		52,018		676,234
Harsco Corporation (b)		249,661		1,770,096
Illinois Tool Works, Inc.		144		15,051
John Bean Technologies Corporation		834		43,485
Kadant, Inc.		1,089		51,564
Kennametal, Inc.		968		22,632
L.B. Foster Company - Class A (b)		60,568		1,191,978
Lydall, Inc. (a) (b)		30,575		1,124,854
Meritor, Inc. (a)		2,827		24,029
Mueller Industries, Inc.		2,932		92,534
Mueller Water Products, Inc. - Class A		59,092		635,239
NACCO Industries, Inc. - Class A		20,458		1,217,660
Omega Flex, Inc.		338		11,134
SPX Corporation (b)		113,892		1,833,661
SPX FLOW, Inc. (a)		49,487		1,482,631
Standex International Corporation		2,356		180,682
Supreme Industries, Inc. - Class A		31,066		386,150
Titan International, Inc. (b)		111,036		736,169
TriMas Corporation (a)		1,275		23,078
Valmont Industries, Inc.		39		5,475
Watts Water Technologies, Inc. - Class A		108		6,034
Woodward, Inc.		6,380		345,860
Xerium Technologies, Inc. (a)		23,748		125,627
Xylem, Inc.		1,106		46,209
				19,001,781

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Industrials - 13.4%(Continued)
Marine - 0.3%
Matson, Inc.		34,895	$	1,356,718
Professional Services - 1.2%
Barrett Business Services, Inc.		12,384		384,028
CDI Corporation		91,748		655,998
CRA International, Inc. (a)		6,925		150,273
Exponent, Inc.		977		48,694
Franklin Covey Company (a)		19,252		317,080
GP Strategies Corporation (a)		454		10,596
Heidrick & Struggles International, Inc. (b)		65,291		1,288,191
Huron Consulting Group, Inc. (a)		38		2,113
Kelly Services, Inc. - Class A		72,603		1,362,758
Kforce, Inc.		59,751		1,135,867
Korn/Ferry International		3,984		108,126
ManpowerGroup, Inc.		1,134		87,352
Mistras Group, Inc. (a)		6,497		158,332
On Assignment, Inc. (a)		2,500		90,150
RPX Corporation (a)		2,226		24,664
TriNet Group, Inc. (a)		5,480		91,078
TrueBlue, Inc. (a)		22,583		422,076
Volt Information Sciences, Inc. (a)		7,772		58,368
VSE Corporation		2,058		127,678
WageWorks, Inc. (a)		112		6,032
				6,529,454
Road & Rail - 1.0%
ArcBest Corporation (b)		51,539		983,880
Avis Budget Group, Inc. (a)		11,335		284,508
Celadon Group, Inc.		93,334		939,873
Marten Transport Ltd.		3,572		66,654
Roadrunner Transportation Systems, Inc. (a)		107,237		1,267,541
Ryder System, Inc.		5,072		349,562
Universal Truckload Services, Inc.		1,540		21,960
YRC Worldwide, Inc. (a) (b)		184,098		1,693,702
				5,607,680
Trading Companies & Distributors - 0.9%
Air Lease Corporation		11,592		353,324
Beacon Roofing Supply, Inc. (a)		194		8,290
CAI International, Inc. (a)		121,733		1,244,111
DXP Enterprises, Inc. (a)		144		3,146
H&E Equipment Services, Inc.		50,536		1,022,343
HD Supply Holdings, Inc. (a)		1,465		50,220
MFC Bancorp Ltd. (a)		9,753		18,141
MRC Global, Inc. (a) (b)		60,578		846,881
MSC Industrial Direct Company, Inc. - Class A		75		5,813
Rush Enterprises, Inc. - Class A (a)		56,776		1,117,920
TAL International Group, Inc. (a)		4,591		78,506
Univar, Inc. (a)		18,511		322,091
WESCO International, Inc. (a)		265		15,579
Willis Lease Finance Corporation (a)		811		19,610
				5,105,975

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Information Technology - 15.8%
Communications Equipment - 1.9%
ARRIS International plc (a)		961	$	21,882
Bel Fuse, Inc. - Class B (b)		68,534		1,141,776
Black Box Corporation (b)		116,823		1,707,952
Comtech Telecommunications Corporation		60,474		1,463,471
Digi International, Inc. (a)		15,313		161,858
EchoStar Corporation - Class A (a)		14,209		581,432
EMCORE Corporation (a)		157,681		898,782
Extreme Networks, Inc. (a) (b)		247,715		869,480
Infinera Corporation (a)		596		7,086
Ituran Location and Control Ltd.		768		15,974
Ixia (a)		11,596		117,352
Lumentum Holdings, Inc. (a)		33,795		855,014
Mitel Networks Corporation (a)		9,145		63,832
Motorola Solutions, Inc.		647		48,648
MRV Communications, Inc. (a)		2,430		24,179
Napco Security Systems, Inc. (a)		6,044		35,781
ORBCOMM, Inc. (a)		37,852		375,113
Plantronics, Inc.		22,767		875,391
Polycom, Inc. (a)		13,825		165,209
QUALCOMM, Inc.		423		21,370
Radware Ltd. (a)		5,463		59,000
ShoreTel, Inc. (a) (b)		79,003		483,498
Sierra Wireless, Inc. (a)		1,406		22,679
Sonus Networks, Inc. (a) (b)		41,645		343,988
TESSCO Technologies, Inc.		1,571		26,047
UTStarcom Holdings Corporation (a)		15,624		32,029
				10,418,823
Electronic Equipment, Instruments & Components - 2.0%
Agilysys, Inc. (a)		7,992		85,355
Anixter International, Inc. (a)		117		7,289
Arrow Electronics, Inc. (a)		1,424		88,430
Avnet, Inc.		51		2,097
Benchmark Electronics, Inc. (a) (b)		5,578		108,325
Celestica, Inc. (a)		4,174		44,787
Checkpoint Systems, Inc. (a)		73,827		747,129
Coherent, Inc. (a)		1,848		172,603
CTS Corporation		1,048		17,365
Electro Scientific Industries, Inc. (a)		36,147		254,836
Fabrinet (a)		6,263		200,228
FARO Technologies, Inc. (a)		39,808		1,156,024
Hollysys Automation Technologies Ltd. (a)		865		16,582
II-VI, Inc. (a) (b)		14,764		308,125
Ingram Micro, Inc. - Class A		2,568		89,752
Insight Enterprises, Inc. (a) (b)		78,942		1,950,657
Iteris, Inc. (a)		1,645		4,080
KEMET Corporation (a)		40,988		95,092
Key Tronic Corporation (a)		10,286		73,339
Kimball Electronics, Inc. (a)		667		7,297
Knowles Corporation (a)		12,163		162,619
Littelfuse, Inc.		1,049		122,188
LRAD Corporation		4,556		8,292

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Information Technology - 15.8%(Continued)
Electronic Equipment, Instruments & Components - 2.0% (Continued)
Maxwell Technologies, Inc. (a)		41,614	$	267,162
Mercury Systems, Inc. (a)		6,963		146,362
Methode Electronics, Inc. (b)		32,484		965,749
Multi-Fineline Electronix, Inc. (a)		43,054		990,242
Newport Corporation (a)		24,865		571,646
Orbotech Ltd. (a) (b)		3,553		85,556
OSI Systems, Inc. (a)		243		12,366
Park Electrochemical Corporation		1,496		24,400
PC Connection, Inc.		5,733		136,274
Plexus Corporation (a) (b)		3,489		145,701
QLogic Corporation (a)		11,250		147,263
Radisys Corporation (a)		34,335		153,134
Rofin-Sinar Technologies, Inc. (a)		1,402		45,130
Rogers Corporation (a)		255		14,627
Sanmina Corporation (a) (b)		33,289		787,285
ScanSource, Inc. (a)		8,784		357,333
TTM Technologies, Inc. (a)		18,240		118,925
				10,691,646
Internet Software & Services - 4.4%
Aerohive Networks, Inc. (a)		20,857		120,971
Autobytel, Inc. (a) (b)		100,551		1,669,147
Bankrate, Inc. (a)		149,189		1,363,587
Bazaarvoice, Inc. (a) (b)		295,143		988,729
Blucora, Inc. (a)		32,559		260,798
Brightcove, Inc. (a)		156,960		949,608
Carbonite, Inc. (a)		19,418		146,412
ChannelAdvisor Corporation (a)		39,680		494,413
comScore, Inc. (a)		20,426		625,444
Cvent, Inc. (a)		7,532		266,256
Demand Media, Inc. (a)		20,520		120,863
DHI Group, Inc. (a) (b)		128,113		910,883
EarthLink Holdings Corporation (b)		324,470		1,885,171
Everyday Health, Inc. (a) (b)		271,111		1,572,444
GTT Communications, Inc. (a)		6,875		109,862
IAC/InterActiveCorp		1,928		89,344
Internap Corporation (a)		467,632		1,066,201
Intralinks Holdings, Inc. (a) (b)		18,004		160,416
j2 Global, Inc.		10,571		671,470
Limelight Networks, Inc. (a)		314,873		551,028
LinkedIn Corporation - Class A (a)		58		7,268
Liquidity Services, Inc. (a)		9,296		51,872
LivePerson, Inc. (a)		48,986		296,365
LogMeIn, Inc. (a)		227		13,552
Marin Software, Inc. (a)		213,050		545,408
MeetMe, Inc. (a)		57,672		197,238
Mimecast Ltd. (a)		6,293		50,029
Monster Worldwide, Inc. (a) (b)		493,906		1,580,499
NIC, Inc.		52,573		931,068
Perficient, Inc. (a)		13,597		283,905
Perion Network Ltd. (a)		2,856		4,769
QuinStreet, Inc. (a)		163,097		574,101

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Information Technology - 15.8%(Continued)
Internet Software & Services - 4.4% (Continued)
Rackspace Hosting, Inc. (a) (b)		69,894	$	1,598,476
Rocket Fuel, Inc. (a) (b)		303,286		867,398
SPS Commerce, Inc. (a)		13,089		666,623
Stamps.com, Inc. (a)		91		7,495
TechTarget, Inc. (a)		6,403		49,687
Travelzoo, Inc. (a)		51,854		395,646
United Online, Inc. (a)		122,144		1,322,819
Wix.com Ltd. (a)		1,666		41,184
Xactly Corporation (a)		25,012		201,597
XO Group, Inc. (a) (b)		7,152		126,304
YuMe, Inc. (a)		31,241		117,466
Zix Corporation (a)		9,077		33,857
				23,987,673
IT Services - 1.5%
Alliance Data Systems Corporation (a)		207		42,085
Blackhawk Network Holdings, Inc. (a)		12,586		404,388
Booz Allen Hamilton Holding Corporation		2,502		68,980
CACI International, Inc. - Class A (a) (b)		8,070		775,930
China Customer Relations Centers, Inc. (a)		6,307		70,765
Ciber, Inc. (a)		11,848		27,487
Cognizant Technology Solutions Corporation - Class A (a)		1,495		87,263
Convergys Corporation		383		10,150
Datalink Corporation (a)		164,519		1,321,088
DST Systems, Inc.		435		52,496
Edgewater Technology, Inc. (a)		4,369		37,137
Everi Holdings, Inc. (a)		303,663		510,154
EVERTEC, Inc.		12,292		165,573
ExlService Holdings, Inc. (a)		9,018		436,381
Hackett Group, Inc. (The)		10,354		154,068
Lionbridge Technologies, Inc. (a)		6,549		32,680
ManTech International Corporation - Class A		4,015		135,707
MoneyGram International, Inc. (a)		42,982		264,339
NCI, Inc. - Class A		6,146		88,871
PFSweb, Inc. (a)		47,480		669,468
Planet Payment, Inc. (a)		41,747		167,405
PRGX Global, Inc. (a)		4,260		20,618
Sykes Enterprises, Inc. (a)		7,138		208,073
TeleTech Holdings, Inc.		5,050		140,339
Unisys Corporation (a) (b)		228,748		1,763,647
VeriFone Systems, Inc. (a) (b)		1,336		38,023
Virtusa Corporation (a)		4,202		149,339
				7,842,454
Semiconductors & Semiconductor Equipment - 2.3%
Advanced Energy Industries, Inc. (a) (b)		17,065		552,053
Alpha & Omega Semiconductor Ltd. (a) (b)		72,314		939,359
Amkor Technology, Inc. (a) (b)		126,442		721,984
Axcelis Technologies, Inc. (a) (b)		386,120		1,104,303
Canadian Solar, Inc. (a)		384		6,877
CEVA, Inc. (a)		36,793		848,447
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		4,941		83,108

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Information Technology - 15.8%(Continued)
Semiconductors & Semiconductor Equipment - 2.3% (Continued)
Cohu, Inc. (b)		35,846	$	414,380
Cyberoptics Corporation (a)		9,422		165,356
Diodes, Inc. (a)		611		11,377
DSP Group, Inc. (a)		7,198		68,381
Entegris, Inc. (a)		1,441		19,151
Inphi Corporation (a) (b)		45,226		1,341,855
Integrated Device Technology, Inc. (a)		7,524		145,063
Intermolecular, Inc. (a)		4,644		11,238
Intersil Corporation - Class A		17,027		199,046
IXYS Corporation (b)		3,035		32,778
Kulicke & Soffa Industries, Inc. (a) (b)		7,763		83,219
Maxim Integrated Products, Inc.		650		23,218
MaxLinear, Inc. - Class A (a)		17,702		296,508
Micron Technology, Inc. (a)		4,955		53,266
Nanometrics, Inc. (a)		13,339		238,234
NeoPhotonics Corporation (a)		24,066		288,551
Nova Measuring Instruments Ltd. (a)		4,590		50,628
ON Semiconductor Corporation (a)		5,214		49,377
PDF Solutions, Inc. (a)		14,537		195,523
Photronics, Inc. (a)		135,045		1,428,776
Pixelworks, Inc. (a)		5,820		12,106
Power Integrations, Inc. (b)		24,561		1,185,068
Rudolph Technologies, Inc. (a) (b)		11,635		161,377
Semtech Corporation (a)		61,667		1,334,474
SunEdison Semiconductor Ltd. (a)		8,407		48,340
Synaptics, Inc. (a)		92		6,583
Tessera Technologies, Inc.		282		8,099
Tower Semiconductor Ltd. (a)		5,214		60,952
Ultra Clean Holdings, Inc. (a)		1,684		9,582
Xilinx, Inc.		423		18,223
				12,216,860
Software - 2.8%
A10 Networks, Inc. (a)		225,466		1,346,032
American Software, Inc. - Class A		102,151		933,660
AVG Technologies N.V. (a)		2,373		46,985
Barracuda Networks, Inc. (a)		3,571		62,921
BSQUARE Corporation (a)		14,763		91,974
CA, Inc.		2,491		73,883
Callidus Software, Inc. (a)		838		15,335
CyberArk Software Ltd. (a)		1,269		51,826
Descartes Systems Group, Inc. (The) (a)		2,040		37,577
EnerNOC, Inc. (a)		40,419		275,658
Epiq Systems, Inc. (b)		12,138		179,278
ePlus, Inc. (a)		3,580		287,796
Exa Corporation (a)		1,276		16,652
Gigamon, Inc. (a)		1,073		34,969
GlobalSCAPE, Inc.		4,238		14,409
Infoblox, Inc. (a)		43,859		733,761
Mentor Graphics Corporation (b)		80,816		1,613,087
MicroStrategy, Inc. - Class A (a)		1,964		352,184
Mitek Systems, Inc. (a) (b)		2,317		17,146

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Information Technology - 15.8%(Continued)
Software - 2.8% (Continued)
Monotype Imaging Holdings, Inc.		1,873	$	41,262
NetSol Technologies, Inc. (a)		2,057		14,193
Pegasystems, Inc.		5,146		135,803
Progress Software Corporation (a)		6,498		165,829
PROS Holdings, Inc. (a)		51,042		600,254
PTC, Inc. (a)		476		17,355
QAD, Inc. - Class A		38,923		763,280
Qualys, Inc. (a) (b)		53,514		1,347,483
Red Hat, Inc. (a)		170		12,473
Ring Central, Inc. – Class A		2,136		40,755
Rosetta Stone, Inc. (a)		14,176		112,699
Rubicon Project, Inc. (The) (a)		94,029		1,821,342
Silver Spring Networks, Inc. (a)		95,017		1,334,989
Symantec Corporation		1,411		23,486
Synchronoss Technologies, Inc. (a)		26,581		825,872
Tableau Software, Inc. - Class A (a)		20,417		1,055,559
Telenav, Inc. (a)		152,994		872,066
Varonis Systems, Inc. (a)		2,059		39,430
Workiva, Inc. (a)		456		5,431
Zynga, Inc. - Class A (a)		761		1,811
				15,416,505
Technology Hardware, Storage & Peripherals - 0.9%
Cray, Inc. (a)		20,224		765,883
Eastman Kodak Company (a)		128,960		1,524,307
HP, Inc.		3,291		40,380
Hutchinson Technology, Inc. (a) (b)		454,061		1,657,323
Immersion Corporation (a)		6,697		48,955
Intevac, Inc. (a)		2,737		13,302
Lexmark International, Inc. - Class A		24,123		931,148
NetApp, Inc.		316		7,470
Nimble Storage, Inc. (a)		2,301		16,981
TransAct Technologies, Inc.		4,186		36,460
Western Digital Corporation		854		34,899
				5,077,108
Materials - 4.3%
Chemicals - 2.1%
Axiall Corporation (b)		66,622		1,568,948
Cabot Corporation (b)		1,906		92,994
Calgon Carbon Corporation		2,291		37,549
Chase Corporation		25,737		1,448,736
Chemours Company (The)		107,312		978,685
Chemtura Corporation (a) (b)		53,172		1,480,840
Core Molding Technologies, Inc. (a)		7,650		89,735
Dow Chemical Company (The)		1,583		83,282
Eastman Chemical Company		196		14,970
H.B. Fuller Company		197		8,810
Huntsman Corporation		4,031		63,448
Innophos Holdings, Inc.		1,175		43,428
Innospec, Inc.		4,469		216,121
KMG Chemicals, Inc.		686		16,251
Koppers Holdings, Inc. (a) (b)		36,019		905,157
Olin Corporation		13,462		293,337

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Materials - 4.3%(Continued)
Chemicals - 2.1% (Continued)
Orion Engineered Carbons S.A.		5,986	$	85,121
Quaker Chemical Corporation		179		15,942
Rayonier Advanced Materials, Inc. (b)		14,622		149,876
Sherwin-Williams Company (The)		300		86,193
Stepan Company (b)		13,497		827,231
Tredegar Corporation		82,338		1,314,114
Trinseo S.A. (a)		27,023		1,156,314
Tronox Ltd. - Class A		101,139		736,292
				11,713,374
Construction Materials - 0.2%
Caesarstone Sdot-Yam Ltd. (a)		1,615		59,803
Eagle Materials, Inc.		279		20,679
Huttig Building Products, Inc. (a)		11,320		52,978
Summit Materials, Inc. - Class A (a)		24,604		514,224
US Concrete, Inc. (a)		4,874		301,018
				948,702
Containers & Packaging - 0.1%
Owens-Illinois, Inc. (a)		22,364		412,840
WestRock Company		252		10,546
				423,386
Metals & Mining - 1.5%
Asanko Gold, Inc. (a)		2,901		9,428
AuRico Metals, Inc. (a)		7,127		5,112
Avino Silver & Gold Mines (a)		10,444		15,666
Coeur Mining, Inc. (a)		37,765		305,896
Commercial Metals Company (b)		27,500		492,800
Constellium N.V. - Class A (a)		14,504		84,558
Dominion Diamond Corporation		6,160		70,717
Endeavour Silver Corporation (a)		4,305		17,866
Ferroglobe plc		8,368		85,270
Fortuna Silver Mines, Inc. (a)		10,736		68,925
Handy & Harman Ltd. (a)		1,347		36,948
Haynes International, Inc. (b)		2,893		108,574
IAMGOLD Corporation (a)		9,668		32,871
Klondex Mines Ltd. (a)		9,642		36,254
MAG Silver Corporation (a)		1,264		16,432
Materion Corporation		26,348		763,829
Nevsun Resources Ltd.		23,202		86,775
Newmont Mining Corporation		890		31,123
Nucor Corporation		882		43,906
Olympic Steel, Inc. (b)		16,540		374,135
Primero Mining Corporation (a)		3,816		7,174
Reliance Steel & Aluminum Company		734		54,294
Richmont Mines, Inc. (a)		5,909		45,972
Ryerson Holding Corporation (a)		109,317		970,735
Sandstorm Gold Ltd. (a)		8,834		37,721
Steel Dynamics, Inc.		3,736		94,185
SunCoke Energy, Inc. (b)		246,985		1,835,099
Synalloy Corporation		2,250		19,058
Tahoe Resources, Inc.		1		11
TimkenSteel Corporation (b)		117,147		1,492,453

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Materials - 4.3%(Continued)
Metals & Mining - 1.5% (Continued)
Universal Stainless & Alloy Products, Inc. (a)		1,167	$	15,206
Worthington Industries, Inc.		21,773		821,931
				8,080,924
Paper & Forest Products - 0.4%
Boise Cascade Company (a) (b)		61,653		1,286,698
Clearwater Paper Corporation (a)		2,870		171,454
KapStone Paper and Packaging Corporation		26,245		417,033
Mercer International, Inc.		10,411		87,452
Neenah Paper, Inc.		314		20,438
P.H. Glatfelter Company		4,804		110,156
Schweitzer-Mauduit International, Inc.		4,732		162,734
				2,255,965
Telecommunication Services - 1.5%
Diversified Telecommunication Services - 1.2%
8x8, Inc. (a)		5,720		64,865
Atlantic Tele-Network, Inc.		20,710		1,489,256
General Communication, Inc. - Class A (a) (b)		80,325		1,357,492
IDT Corporation - Class B (b)		104,399		1,601,481
Inteliquent, Inc.		12,804		212,418
Level 3 Communications, Inc. (a)		806		42,122
Lumos Networks Corporation (a)		408		5,202
RADCOM Ltd. (a)		452		6,161
Vonage Holdings Corporation (a) (b)		313,476		1,463,933
				6,242,930
Wireless Telecommunication Services - 0.3%
SBA Communications Corporation - Class A (a)		142		14,632
Shenandoah Telecommunications Company		2,510		72,012
Spōk Holdings, Inc.		11,505		195,470
Telephone and Data Systems, Inc. (b)		1,591		47,046
T-Mobile US, Inc. (a)		713		28,006
United States Cellular Corporation (a)		27,543		1,174,433
				1,531,599
Utilities - 0.5%
Electric Utilities - 0.0% (c)
Entergy Corporation		1,180		88,712
Exelon Corporation		284		9,966
PPL Corporation		402		15,131
				113,809
Gas Utilities - 0.0% (c)
Northwest Natural Gas Company		3,137		161,681
UGI Corporation		514		20,683
				182,364
Independent Power and Renewable Electricity Producers - 0.2%
AES Corporation (The)		1,084		12,097
Atlantic Power Corporation		289,148		769,134
Dynegy, Inc. (a)		278		4,901
Talen Energy Corporation (a)		1,518		17,700
				803,832
Multi-Utilities - 0.0% (c)
DTE Energy Company		643		57,330

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 92.3% (Continued)	Shares		Value
Utilities - 0.5%(Continued)
Multi-Utilities - 0.0% (c)(Continued)
MDU Resources Group, Inc.		4,520	$	90,671
NorthWestern Corporation		121		6,878
PG&E Corporation		615		35,793
				190,672
Water Utilities - 0.3%
American States Water Company		2,855		119,025
Artesian Resources Corporation - Class A		3,203		86,449
California Water Service Group		1,965		54,883
Consolidated Water Company Ltd.		75,567		1,049,626
SJW Corporation		3,596		123,738
				1,433,721
Total Common Stocks (Cost $460,601,321)			$	499,527,383

INVESTMENT COMPANIES - 3.9%	Shares		Value
Aberdeen Australia Equity Fund, Inc.		7,472	$	42,516
Aberdeen Global Income Fund, Inc.		3,076		26,823
Adams Diversified Equity Fund		9,617		121,655
Adams Natural Resources Fund, Inc.		6,102		117,769
Advent/Claymore Convertible Securities & Income Fund		7,779		108,673
Advent/Claymore Convertible Securities & Income Fund II		9,202		51,531
Alliance California Municipal Income Fund, Inc.		3,571		53,958
AllianceBernstein National Municipal Income Fund, Inc.		5,415		80,954
AllianzGI Diversified Income & Convertible Fund		3,966		70,634
AllianzGI Equity & Convertible Income Fund		7,103		127,783
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		5,910		73,757
Alpine Global Dynamic Dividend Fund		12,753		109,931
Alpine Global Premier Properties Fund		54,573		311,612
Alpine Total Dynamic Dividend Fund		25,210		190,840
Apollo Senior Floating Rate Fund, Inc.		1,179		18,569
Apollo Tactical Income Fund, Inc.		2,260		32,137
Avenue Income Credit Strategies Fund		13,903		161,553
Bancroft Fund Ltd.		2,680		48,990
BlackRock Defined Opportunity Credit Trust		1,573		20,669
BlackRock Global Opportunities Equity Trust		951		11,317
BlackRock Long-Term Municipal Advantage Trust		5,370		65,944
BlackRock Multi-Sector Income Trust		38		614
BlackRock Muni Intermediate Duration Fund, Inc.		1,900		28,861
BlackRock Municipal 2018 Term Trust		2,880		43,805
BlackRock Municipal 2020 Term Trust		24		387
BlackRock Municipal 2030 Target Term Trust		2,344		54,639
BlackRock Municipal Bond Trust		4,617		79,874
BlackRock Municipal Income Investment Quality Trust		2,762		43,916
BlackRock Municipal Income Quality Trust		2,453		37,776
BlackRock MuniHoldings California Quality Fund, Inc.		36		580
BlackRock MuniHoldings Fund II, Inc.		615		9,981
BlackRock MuniHoldings Quality Fund, Inc.		834		11,935
BlackRock MuniYield Investment Quality Fund		3,797		56,082
BlackRock MuniYield Michigan Quality Fund, Inc.		4,273		64,095
BlackRock MuniYield New Jersey Fund, Inc.		1,822		30,537

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT COMPANIES - 3.9% (Continued)	Shares		Value
BlackRock MuniYield Pennsylvania Quality Fund		6,947	$	106,914
BlackRock New Jersey Municipal Income Trust		1,362		22,187
BlackRock New York Municipal Income Quality Trust		2,103		30,451
BlackRock Resources & Commodities Strategy Trust		48,164		370,863
BlackRock Science & Technology Trust		7,282		117,459
BlackRock Utility and Infrastructure Trust		7,839		141,886
Blackstone/GSO Long-Short Credit Income Fund		1,537		21,533
Blackstone/GSO Senior Floating Rate Term Fund		2,805		43,506
Boulder Growth & Income Fund, Inc.		20,563		165,532
Brookfield Global Listed Infrastructure Income Fund, Inc.		11,734		142,451
Brookfield High Income Fund, Inc.		2,468		17,868
Brookfield Mortgage Opportunity Income Fund, Inc.		2,249		33,555
Calamos Global Dynamic Income Fund		14,500		103,385
Calamos Global Total Return Fund		3,171		34,913
CBRE Clarion Global Real Estate Income Fund		36,760		289,301
Center Coast MLP & Infrastructure Fund		100		1,077
Central Europe Russia and Turkey Fund, Inc. (The)		503		9,698
China Fund, Inc. (The)		2,519		36,475
ClearBridge American Energy MLP Fund, Inc.		54,545		439,633
ClearBridge Energy MLP Fund, Inc.		5,662		84,704
ClearBridge Energy MLP Opportunity Fund, Inc.		13,205		165,855
ClearBridge Energy MLP Total Return Fund, Inc.		28,675		346,967
Clough Global Allocation Fund		10,409		121,785
Clough Global Equity Fund		33,883		366,953
Clough Global Opportunities Fund		18,100		171,407
Cohen & Steers Closed-End Opportunity Fund, Inc.		5,459		61,523
Cohen & Steers Global Income Builder, Inc.		7,264		64,141
Cohen & Steers Infrastructure Fund, Inc.		11,269		227,634
Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.		48,125		463,925
Cohen & Steers REIT and Preferred Income Fund, Inc.		5,257		98,832
Cushing Renaissance Fund (The)		5,739		87,979
Cutwater Select Income Fund		1		9
Delaware Enhanced Global Dividend & Income Fund		14,559		136,563
Diversified Real Asset Income Fund (The)		6,441		106,212
Dividend and Income Fund		16,056		181,433
Dreyfus Municipal Bond Infrastructure Fund, Inc.		5,847		79,227
DTF Tax-Free Income, Inc.		3,754		62,091
Duff & Phelps Select Energy MLP Fund, Inc.		853		6,474
Duff & Phelps Utility & Corporate Bond Trust, Inc.		2,933		28,157
Eagle Growth & Income Fund (The)		6,005		97,281
Eaton Vance California Municipal Bond Fund		1,867		24,010
Eaton Vance California Municipal Income Trust		8,067		113,745
Eaton Vance Floating-Rate Income Plus Fund		4,807		73,018
Eaton Vance Floating-Rate Income Trust		2,794		36,797
Eaton Vance Municipal Bond Fund II		5,484		76,502
Eaton Vance Municipal Income 2028 Term Trust		5,520		109,462
Eaton Vance Municipal Income Trust		8,129		116,163
Eaton Vance New York Municipal Bond Fund		317		4,448
Eaton Vance Senior Floating-Rate Trust		4,014		52,062
Eaton Vance Senior Income Trust		12,655		74,411
Eaton Vance Short Duration Diversified Income Fund		1,872		25,328

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT COMPANIES - 3.9% (Continued)	Shares		Value
Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		18,359	$	221,960
Ellsworth Growth and Income Fund Ltd.		10,020		77,655
Fiduciary/Claymore MLP Opportunity Fund		13,945		180,867
First Trust Energy Infrastructure Fund		1,869		31,306
First Trust Enhanced Equity Income Fund		7,021		90,571
First Trust High Income Long/Short Fund		4,522		67,378
First Trust Senior Floating Rate Income Fund II		2,132		27,354
First Trust Strategic High Income Fund II		5,980		70,564
First Trust/Aberdeen Global Opportunity Income Fund		4,678		51,879
Franklin Universal Trust		12,136		77,913
Gabelli Dividend & Income Trust (The)		4,828		90,766
Gabelli Healthcare & WellnessRx Trust (The)		10,265		103,266
Gabelli Multimedia Trust, Inc.		24,620		179,234
GAMCO Natural Resources, Gold & Income Trust		3,414		25,195
GDL Fund (The)		10,316		103,366
General American Investors Company, Inc.		7,533		236,536
Goldman Sachs MLP Income Opportunities Fund		5,737		52,321
Guggenheim Credit Allocation Fund		1,223		23,665
Guggenheim Enhanced Equity Strategy Fund		1,984		30,851
Guggenheim Equal Weight Enhanced Equity Income Fund		4,902		79,118
India Fund, Inc. (The)		1,495		33,966
Invesco Dynamic Credit Opportunities Fund		6,349		68,633
Invesco Pennsylvania Value Municipal Income Trust		2,346		33,126
Invesco Quality Municipal Income Trust		7,332		99,275
Invesco Senior Income Trust		16,133		65,823
Invesco Value Municipal Income Trust		1		15
Ivy High Income Opportunity Fund		23		303
Japan Smaller Capitalization Fund, Inc.		10,803		103,817
John Hancock Hedged Equity & Income Fund		2,524		37,936
John Hancock Income Securities Trust		3,267		46,195
John Hancock Investors Trust		2,429		38,062
Kayne Anderson Energy Total Return Fund, Inc.		5,679		55,313
Kayne Anderson Midstream/Energy Fund, Inc.		7,581		102,268
KKR Income Opportunities Fund		3,042		44,778
Korea Fund, Inc. (a)		2,615		84,961
Lazard Global Total Return and Income Fund, Inc.		10,333		133,089
Lazard World Dividend & Income Fund, Inc.		9,848		90,306
Legg Mason BW Global Income Opportunities Fund, Inc.		10,284		128,961
Liberty All-Star Equity Fund		48,180		240,418
Liberty All-Star Growth Fund, Inc.		17,781		72,191
LMP Capital and Income Fund, Inc.		8,333		105,829
Macquarie Global Infrastructure Total Return Fund, Inc.		7,919		167,724
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		4,423		56,216
Madison Covered Call & Equity Strategy Fund		11,289		84,103
Madison Strategic Sector Premium Fund		1,224		13,684
MainStay DefinedTerm Municipal Opportunities Fund		2,135		42,700
Managed Duration Investment Grade Municipal Fund		4,196		59,919
Mexico Fund, Inc. (The)		3,192		56,339
MFS High Income Municipal Trust		16,753		87,953
MFS Multimarket Income Trust		5,430		32,091
MFS Municipal Income Trust		6,340		46,092

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT COMPANIES - 3.9% (Continued)	Shares		Value
Miller/Howard High Dividend Fund		3,445	$	40,685
Morgan Stanley Emerging Markets Debt Fund, Inc.		12,191		110,329
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		16,272		128,223
Morgan Stanley Emerging Markets Fund, Inc.		4,679		61,856
Morgan Stanley India Investment Fund, Inc. (a)		3,098		79,061
Neuberger Berman California Intermediate Municipal Fund, Inc.		73		1,185
Neuberger Berman High Yield Strategies Fund, Inc.		7,031		76,146
Neuberger Berman MLP Income Fund, Inc.		57,692		429,228
Neuberger Berman Real Estate Securities Income Fund, Inc.		15,865		81,387
New Germany Fund, Inc. (The)		2,198		30,860
Nuveen AMT-Free Municipal Income Fund		4,269		62,455
Nuveen Build America Bond Opportunity Fund		3,444		74,425
Nuveen California AMT-Free Municipal Income Fund		7,020		113,092
Nuveen California Dividend Advantage Municipal Fund 2		5,992		95,632
Nuveen Connecticut Premium Income Municipal Fund		8,022		109,260
Nuveen Core Equity Alpha Fund		2,457		32,752
Nuveen Credit Strategies Income Fund		3,544		28,104
Nuveen Diversified Dividend and Income Fund		8,257		91,322
Nuveen Dividend Advantage Municipal Fund 3		27,200		416,976
Nuveen Dividend Advantage Municipal Income Fund		29,922		463,193
Nuveen Energy MLP Total Return Fund		20,862		245,129
Nuveen Global Equity Income Fund		2,429		27,326
Nuveen Global High Income Fund		8,538		121,667
Nuveen Intermediate Duration Quality Municipal Term Fund		3,617		49,408
Nuveen Investment Quality Municipal Fund, Inc.		530		8,607
Nuveen Maryland Premium Income Municipal Fund		10,829		148,357
Nuveen Michigan Quality Income Municipal Fund		7,106		104,245
Nuveen Municipal Market Opportunity Fund, Inc.		6,433		95,015
Nuveen Municipal Value Fund AMT-Free		90		1,589
Nuveen NASDAQ 100 Dynamic Overwrite Fund		3,811		67,340
Nuveen New Jersey Dividend Advantage Municipal Fund		10,388		152,288
Nuveen New York AMT-Free Municipal Income Fund		9,073		125,933
Nuveen New York Municipal Value Fund, Inc.		1,583		16,099
Nuveen North Carolina Premium Income Municipal Fund		10,570		149,671
Nuveen Ohio Quality Income Municipal Fund		8,434		134,944
Nuveen Pennsylvania Investment Quality Municipal Fund		5,821		86,791
Nuveen Premier Municipal Income Fund, Inc.		7,353		107,574
Nuveen Premium Income Municipal Fund 2, Inc.		3,570		54,124
Nuveen Premium Income Municipal Fund, Inc.		7,374		110,168
Nuveen Quality Preferred Income Fund 3		2,379		20,888
Nuveen Real Asset Income and Growth Fund		6,951		109,339
Nuveen Select Maturities Municipal Fund		2,187		23,073
Nuveen Select Quality Municipal Fund, Inc.		6,497		98,300
Nuveen Select Tax-Free Income Portfolio		5,518		81,997
Nuveen Select Tax-Free Income Portfolio 2		5,571		80,278
Nuveen Select Tax-Free Income Portfolio 3		6,273		94,032
Nuveen Senior Income Fund		7,078		42,680
Nuveen Short Duration Credit Opportunities Fund		4,263		65,011
Nuveen Tax-Advantaged Dividend Growth Fund		6,628		93,455
Nuveen Tax-Advantaged Total Return Strategy Fund		6,847		78,398
Nuveen Texas Quality Income Municipal Fund		1,447		22,052
Nuveen Virginia Premium Income Municipal Fund		3,312		48,256

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT COMPANIES - 3.9% (Continued)	Shares		Value
PIMCO Dynamic Credit Income Fund		74	$	1,352
Pioneer Floating Rate Trust		1,827		20,663
Principal Real Estate Income Fund		4,111		70,586
Putnam High Income Securities Fund		7,477		55,704
Putnam Managed Municipal Income Trust		5,580		43,357
Putnam Master Intermediate Income Trust		6,179		27,373
Putnam Municipal Opportunities Trust		4,490		58,819
RMR Real Estate Income Fund		12,578		239,122
Royce Global Value Trust, Inc.		17,041		128,847
Royce Micro-Cap Trust, Inc.		30,235		222,530
Royce Value Trust, Inc.		5,830		70,018
Salient Midstream & MLP Fund		39,715		396,356
Sprott Focus Trust, Inc.		18,323		118,183
Stone Harbor Emerging Markets Income Fund		58		803
Stone Harbor Emerging Markets Total Income Fund		4,120		53,313
Swiss Helvetia Fund, Inc. (The)		9,823		101,865
Templeton Dragon Fund, Inc.		5,990		104,046
Templeton Emerging Markets Fund		5,274		58,541
THL Credit Senior Loan Fund		5,583		89,161
Tortoise Energy Independence Fund, Inc.		5,547		72,943
Tortoise MLP Fund, Inc.		12,986		242,449
Tortoise Pipeline & Energy Fund, Inc.		7,016		124,464
Tortoise Power and Energy Infrastructure Fund, Inc.		6,073		115,205
Tri-Continental Corporation		6,005		121,601
Van Kampen High Income Trust II		2,831		38,955
Virtus Global Multi-Sector Income Fund		1,605		23,529
Virtus Total Return Fund		9,683		41,250
Voya Asia Pacific High Dividend Equity Income Fund		10,305		91,199
Voya Emerging Markets High Income Dividend Equity Fund		11,577		87,638
Voya Global Advantage and Premium Opportunity Fund		3,905		37,957
Voya Global Equity Dividend and Premium Opportunity Fund		3,974		28,454
Voya Infrastructure, Industrials and Materials Fund		6,248		76,476
Voya Natural Resources Equity Income Fund		13,927		83,005
Voya Prime Rate Trust		9,100		45,955
Wells Fargo Global Dividend Opportunity Fund		45		272
Western Asset Emerging Markets Debt Fund, Inc.		4,044		59,973
Western Asset Emerging Markets Income Fund, Inc.		9,072		95,710
Western Asset Global High Income Fund, Inc.		3,863		36,158
Western Asset Global Partners Income Fund, Inc.		8,102		67,976
Western Asset High Income Opportunity Fund, Inc.		3,858		18,326
Western Asset Income Fund		2,386		32,879
Western Asset Intermediate Muni Fund, Inc.		2,406		25,913
Western Asset Managed High Income Fund, Inc.		11,619		53,331
Western Asset Municipal High Income Fund, Inc.		7,305		58,805
Western Asset Worldwide Income Fund, Inc.		8,921		94,919
Western Asset/Claymore Inflation-Linked Securities & Income Fund		2,401		27,636
Zweig Total Return Fund, Inc. (The)		544		6,680
Total Investment Companies (Cost $19,221,251)			$	21,018,835

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
WARRANTS - 0.0% (c)	Shares		Value
Imperial Holdings, Inc. (a) (d) (Cost $0)		1,663	$	0

MONEY MARKET FUNDS - 0.1%	Shares		Value
Federated Government Obligations Fund - Institutional Class, 0.21% (b) (f)		445,836	$	445,836
UMB Money Market Fiduciary, 0.01% (b) (f)		104,582		104,582
Total Money Market Funds (Cost $550,418)			$	550,418
Total Investments at Value - 96.3% (Cost $480,372,990)			$	521,096,636
Other Assets in Excess of Liabilities - 3.7% (e)				20,004,486
Net Assets - 100.0%			$	541,101,122

(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 has been valued at fair value pursuant to procedures adopted by and under the supervision of the Board of Trustees. The total value of such securities is $0 at April 30, 2016, representing 0.0% of net assets (Note 2).
(e)	The rate shown is the 7-day effective yield as of April 30, 2016.
(f)	Includes cash held as margin deposits for open short positions and futures contracts.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
April 30, 2016(Unaudited)
COMMON STOCKS - 80.8%	Shares		Value
Consumer Discretionary - 12.9%
Auto Components - 0.8%
Ballard Power Systems, Inc.		42,988	$	68,781
Dorman Products, Inc.		8,974		482,711
Drew Industries, Inc.		1,237		80,195
Federal Mogul Holdings Corporation		74,018		683,926
Fox Factory Holding Corporation		43,719		756,776
Gentex Corporation		5,777		92,663
Motorcar Parts of America, Inc.		19,368		621,132
Spartan Motors, Inc.		56		272
Standard Motor Products, Inc.		8,098		287,560
Strattec Security Corporation		17,651		933,738
Visteon Corporation		2,927		233,194
				4,240,948
Automobiles - 0.1%
Harley-Davidson, Inc.		59		2,822
Kandi Technologies Group, Inc.		37,723		271,228
Tesla Motors, Inc.		338		81,377
Winnebago Industries, Inc.		5,393		116,705
Workhorse Group, Inc.		27,010		208,787
				680,919
Distributors - 0.0% (a)
Fenix Parts, Inc.		18,261		92,035
LKQ Corporation		170		5,448
Weyco Group, Inc.		1,016		28,489
				125,972
Diversified Consumer Services - 1.3%
2U, Inc.		51,259		1,436,790
Carriage Services, Inc.		5,315		129,845
Collectors Universe, Inc.		2,121		36,884
DeVry Education Group, Inc.		15,023		260,649
Grand Canyon Education, Inc.		20,681		904,380
H&R Block, Inc.		4,271		86,445
ITT Educational Services, Inc.		119,625		257,194
Liberty Tax, Inc.		5,592		66,824
LifeLock, Inc.		46,442		540,585
Matthews International Corporation - Class A		3,145		165,553
Outerwall, Inc.		37,751		1,559,494
Weight Watchers International, Inc.		139,566		1,807,380
				7,252,023
Hotels, Restaurants & Leisure - 2.8%
Amaya, Inc.		10,161		139,511
Belmond Ltd. - Class A		6,653		60,941
Bob Evans Farms, Inc.		593		27,005
Caesars Entertainment Corporation		63,986		437,024
Chipotle Mexican Grill, Inc.		216		90,930
Chuy's Holdings, Inc.		1,523		46,512
ClubCorp Holdings, Inc.		17,021		227,230
Del Frisco's Restaurant Group, Inc.		12,167		193,820
Del Taco Restaurants, Inc.		4,451		40,282
Diamond Resorts International, Inc.		58,162		1,233,616
Dunkin' Brands Group, Inc.		1,855		86,257

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Consumer Discretionary - 12.9% (Continued)
Hotels, Restaurants & Leisure - 2.8% (Continued)
Empire Resorts, Inc.		35,239	$	586,025
Good Times Restaurants, Inc.		1,376		4,252
Habit Restaurants, Inc. (The) - Class A		55,883		936,040
Interval Leisure Group, Inc.		63,615		898,244
Intrawest Resorts Holdings, Inc.		293		2,532
Jamba, Inc.		104,047		1,351,571
Kona Grill, Inc.		23,235		309,490
Las Vegas Sands Corporation		152		6,863
Marriott Vacations Worldwide Corporation		2,365		148,144
McDonald's Corporation		133		16,823
Noodles & Company		109,717		1,223,345
Papa Murphy's Holdings, Inc.		143,041		1,796,595
Planet Fitness, Inc. - Class A		63,035		968,218
Rave Restaurant Group, Inc.		62		309
RCI Hospitality Holdings, Inc.		4,730		48,482
Red Robin Gourmet Burgers, Inc.		226		14,658
SeaWorld Entertainment, Inc.		44,924		895,335
Shake Shack, Inc. - Class A		35,161		1,284,080
Starwood Hotels & Resorts Worldwide, Inc.		154		12,609
Town Sports International Holdings, Inc.		9,491		31,605
Wingstop, Inc.		7,551		188,322
Wynn Resorts Ltd.		607		53,598
Zoe's Kitchen, Inc.		48,446		1,816,241
				15,176,509
Household Durables - 1.5%
Beazer Homes USA, Inc.		2,323		19,095
Century Communities, Inc.		13,184		227,292
Ethan Allen Interiors, Inc.		25,635		872,615
GoPro, Inc. - Class A		108,964		1,377,305
Green Brick Partners, Inc.		131,519		969,295
Hooker Furniture Corporation		930		23,064
Installed Building Products, Inc.		3,554		94,465
iRobot Corporation		15,549		581,222
KB Home		100,190		1,359,578
LGI Homes, Inc.		55,151		1,544,780
Newell Brands, Inc.		591		26,914
PulteGroup, Inc.		4,787		88,033
SodaStream International Ltd.		4,933		67,681
Taylor Morrison Home Corporation - Class A		7,591		109,311
Tupperware Brands Corporation		5,856		340,058
Turtle Beach Corporation		2,630		2,919
Vuzix Corporation		38,724		182,390
ZAGG, Inc.		10,028		80,324
				7,966,341
Internet & Catalog Retail - 0.7%
Etsy, Inc.		37,869		332,490
Expedia, Inc.		107		12,387
Gaiam, Inc. - Class A		9,759		64,702
Groupon, Inc.		9,779		35,400
Lands' End, Inc.		37,221		905,587
MakeMyTrip Ltd.		2,602		47,773

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Consumer Discretionary - 12.9% (Continued)
Internet & Catalog Retail - 0.7% (Continued)
Netflix, Inc.		930	$	83,728
PetMed Express, Inc.		31,792		581,794
TripAdvisor, Inc.		449		29,001
Wayfair, Inc. - Class A		38,070		1,437,142
				3,530,004
Leisure Equipment & Products - 0.0% (a)
Escalade, Inc.		1,103		13,159
Leisure Products - 0.3%
JAKKS Pacific, Inc.		23,160		173,700
Smith & Wesson Holding Corporation		37,399		816,420
Sturm Ruger & Company, Inc.		6,653		425,992
				1,416,112
Media - 1.6%
AMC Networks, Inc. - Class A		393		25,635
Central European Media Enterprises Ltd. - Class A		16,337		43,456
Charter Communications, Inc. - Class A		196		41,599
Cinemark Holdings, Inc.		97		3,361
Clear Channel Outdoor Holdings, Inc. - Class A		22,029		112,568
Daily Journal Corporation		1,198		235,287
Entercom Communications Corporation - Class A		3,559		40,359
Eros International plc		71,823		960,992
Hemisphere Media Group, Inc.		3,856		46,118
IDI, Inc.		57,590		301,196
IMAX Corporation		18,506		592,192
Liberty Broadband - Series C		74		4,237
Media General, Inc.		67,377		1,167,643
Meredith Corporation		2,808		144,079
New Media Investment Group, Inc.		35,327		566,998
Nexstar Broadcasting Group, Inc. - Class A		1,028		52,767
Omnicom Group, Inc.		1,062		88,114
Pandora Media, Inc.		140,125		1,391,441
Regal Entertainment Group - Class A		42,049		876,722
Saga Communications, Inc. - Class A		491		20,647
Scholastic Corporation		555		20,191
Scripps Networks Interactive, Inc. - Class A		1,347		83,986
Thomson Reuters Corporation		49		2,015
Walt Disney Company (The)		294		30,359
World Wrestling Entertainment, Inc. - Class A		108,063		1,798,168
				8,650,130
Multiline Retail - 0.4%
Bon-Ton Stores, Inc. (The)		508		1,184
Fred's, Inc. - Class A		22,898		335,914
Sears Holdings Corporation		122,012		1,997,946
Target Corporation		171		13,594
				2,348,638
Specialty Retail - 2.8%
Aaron's, Inc.		6,614		173,353
Abercrombie & Fitch Company - Class A		663		17,722
America's Car-Mart, Inc.		13,814		367,038
Boot Barn Holdings, Inc.		72,917		597,919

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Consumer Discretionary - 12.9% (Continued)
Specialty Retail - 2.8% (Continued)
Buckle, Inc. (The)		46,838	$	1,355,492
CarMax, Inc.		1,691		89,538
Chico's FAS, Inc.		44,404		559,934
Children's Place, Inc. (The)		415		32,333
Christopher & Banks Corporation		432		1,123
Conn's, Inc.		163,499		2,246,476
CST Brands, Inc.		992		37,468
DavidsTea, Inc.		7,137		80,006
Destination Maternity Corporation		3,848		26,821
Destination XL Group, Inc.		22,715		121,980
Dick's Sporting Goods, Inc.		37		1,715
Group 1 Automotive, Inc.		2,393		157,555
Guess?, Inc.		17,729		325,327
hhgregg, Inc.		4,383		8,547
Hibbett Sports, Inc.		39,369		1,421,221
Lowe's Companies, Inc.		132		10,035
Lumber Liquidators Holdings, Inc.		136,254		2,031,547
Mattress Firm Holding Corporation		31,894		1,244,504
Monro Muffler Brake, Inc.		3,877		268,366
New York & Company, Inc.		1,183		4,401
Penske Automotive Group, Inc.		5,854		229,067
Rent-A-Center, Inc.		11,289		165,948
Restoration Hardware Holdings, Inc.		12,150		525,731
Sears Hometown and Outlet Stores, Inc.		1,033		6,993
Select Comfort Corporation		54,065		1,334,324
Stein Mart, Inc.		655		4,742
Ulta Salon Cosmetics & Fragrance, Inc.		434		90,394
Vitamin Shoppe, Inc.		51,412		1,407,146
Zumiez, Inc.		7,185		120,564
				15,065,330
Textiles, Apparel & Luxury Goods - 0.6%
Cherokee, Inc.		33,761		528,022
Crocs, Inc.		14,311		119,497
Deckers Outdoor Corporation		494		28,558
G-III Apparel Group Ltd.		610		27,603
Iconix Brand Group, Inc.		84,130		713,422
Lakeland Industries, Inc.		5,180		45,014
lululemon athletica, Inc.		1,191		78,070
Sequential Brands Group, Inc.		259,995		1,442,972
Skechers U.S.A., Inc. - Class A		367		12,129
Superior Uniform Group, Inc.		2,271		43,194
Under Armour, Inc. - Class A		2,089		91,791
Vera Bradley, Inc.		4,438		77,843
				3,208,115
Consumer Staples - 2.7%
Beverages - 0.1%
Boston Beer Company, Inc. - Class A		3,614		564,073
Coca-Cola Company (The)		364		16,307
MGP Ingredients, Inc.		825		21,797
				602,177

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Consumer Staples - 2.7% (Continued)
Food & Staples Retailing - 0.4%
Chefs' Warehouse, Inc. (The)		21,867	$	421,377
Diplomat Pharmacy, Inc.		12,063		365,388
Natural Grocers by Vitamin Cottage, Inc.		110,669		1,478,538
Sprouts Farmers Market, Inc.		1,143		32,084
Whole Foods Market, Inc.		1,067		31,028
				2,328,415
Food Products - 1.4%
Alico, Inc.		25,301		731,452
Amira Nature Foods Ltd.		42,440		307,690
Blue Buffalo Pet Products, Inc		3,766		93,246
Calavo Growers, Inc.		320		18,294
Cal-Maine Foods, Inc.		36,547		1,855,126
Campbell Soup Company		43		2,653
Flowers Foods, Inc.		4,737		90,761
Freshpet, Inc.		145,306		1,203,134
Hormel Foods Corporation		551		21,241
Inventure Foods, Inc.		195,217		1,397,754
Kraft Heinz Company (The)		381		29,745
Limoneira Company		10,993		196,665
Pilgrim's Pride Corporation		3,758		101,128
S&W Seed Company		2,978		13,639
Sanderson Farms, Inc.		12,377		1,135,466
Tootsie Roll Industries, Inc.		2,182		77,766
				7,275,760
Household Products - 0.2%
HRG Group, Inc.		47,367		682,085
Orchids Paper Products Company		5,661		173,623
Spectrum Brands Holdings, Inc.		804		91,334
WD-40 Company		1,957		200,201
				1,147,243
Personal Products - 0.6%
China-Biotics, Inc. (b)		535,616		0
Coty, Inc. - Class A		2,583		78,523
Elizabeth Arden, Inc.		64,058		655,313
Herbalife Ltd.		1,010		58,530
Natural Health Trends Corporation		55,562		2,010,789
Neptune Technologies & Bioresources, Inc.		1,118		1,297
Nu Skin Enterprises, Inc. - Class A		4,226		172,294
United-Guardian, Inc.		2,161		38,898
USANA Health Sciences, Inc.		93		11,015
				3,026,659
Tobacco - 0.0% (a)
Universal Corporation		2,774		151,322
Vector Group Ltd.		927		20,023
				171,345
Energy - 7.5%
Energy Equipment & Services - 2.8%
Atwood Oceanics, Inc.		40,598		392,177
Basic Energy Services, Inc.		782,288		2,503,322
Bristow Group, Inc.		4,125		94,545
C&J Energy Services Ltd.		530,878		769,773

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Energy - 7.5% (Continued)
Energy Equipment & Services - 2.8% (Continued)
CARBO Ceramics, Inc.		78,391	$	1,164,106
Ensco plc - Class A		5,218		62,407
Era Group, Inc.		988		9,416
Forum Energy Technologies, Inc.		12,742		213,301
Geospace Technologies Corporation		58,704		960,397
Gulfmark Offshore, Inc. - Class A		254,961		1,728,636
Helmerich & Payne, Inc.		1,425		94,221
Hercules Offshore, Inc.		1,577		3,280
Hornbeck Offshore Services, Inc.		123,843		1,453,917
Independence Contract Drilling, Inc.		8,361		33,277
McDermott International, Inc.		21,116		95,867
Natural Gas Services Group, Inc.		26,855		617,396
Newpark Resources, Inc.		8,344		38,966
Noble Corporation plc		75,574		848,696
Ocean Rig UDW, Inc.		113,140		237,594
Oceaneering International, Inc.		5,421		198,680
Oil States International, Inc.		5,137		177,946
Precision Drilling Corporation		12,235		63,622
RPC, Inc.		6,388		96,586
Schlumberger Ltd.		1		29
SEACOR Holdings, Inc.		17,141		1,007,377
Seadrill Ltd.		336,700		1,609,426
Synthesis Energy Systems, Inc.		71,186		85,423
Tesco Corporation		22,592		213,720
Tidewater, Inc.		35,247		308,764
US Silica Holdings, Inc.		168		4,292
				15,087,159
Oil, Gas & Consumable Fuels - 4.7%
Amyris, Inc.		235,381		240,089
Antero Resources Corporation		1,446		40,922
Apache Corporation		366		19,910
Approach Resources, Inc.		35,804		104,906
Ardmore Shipping Corporation		1,534		14,343
Bill Barrett Corporation		2,128		16,939
Bonanza Creek Energy, Inc.		121,310		470,683
California Resources Corporation		319,165		702,164
Centrus Energy Corporation - Class A		12,369		39,457
Chesapeake Energy Corporation		256,412		1,761,550
Clayton Williams Energy, Inc.		85,805		1,555,645
Clean Energy Fuels Corporation		38,924		111,323
Cloud Peak Energy, Inc.		251,111		554,955
Cobalt International Energy, Inc.		54,657		176,542
CONSOL Energy, Inc.		6,095		91,730
Continental Resources, Inc.		626		23,325
Denbury Resources, Inc.		370,531		1,430,250
Dorian LPG Ltd.		28,763		292,232
Eclipse Resources Corporation		65,968		160,302
Enbridge Energy Management, LLC		1		26
EnLink Midstream, LLC		164		2,350
EP Energy Corporation - Class A		88,502		434,545
Erin Energy Corporation		5,090		10,180

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Energy - 7.5% (Continued)
Oil, Gas & Consumable Fuels - 4.7% (Continued)
Evolution Petroleum Corporation		1,478	$	8,188
EXCO Resources, Inc.		207,756		315,789
Exxon Mobil Corporation		312		27,581
Gastar Exploration, Inc.		93,840		186,742
Gener8 Maritime, Inc.		8,639		62,460
Halcon Resources Corporation		233,671		285,079
Hallador Energy Company		6,702		31,298
Jones Energy, Inc. - Class A		213,776		1,026,125
Laredo Petroleum, Inc.		122,678		1,494,218
Lucas Energy, Inc.		1,727		7,288
Navios Maritime Acquisition Corporation		698		1,347
Nordic American Offshore Ltd.		178,010		1,012,877
Nordic American Tankers Ltd.		135,669		2,090,659
Northern Oil & Gas, Inc.		29,563		161,414
Oasis Petroleum, Inc.		91,274		884,445
Pacific Ethanol, Inc.		47,392		224,164
Parsley Energy, Inc. - Class A		8,773		205,464
Peabody Energy Corporation		1		2
Pengrowth Energy Corporation		29,824		48,911
Range Resources Corporation		2,434		107,364
Renewable Energy Group, Inc.		24,120		234,446
REX American Resources Corporation		2,808		152,671
Rex Energy Corporation		156,176		157,738
Sanchez Energy Corporation		112,093		1,007,716
Ship Finance International Ltd.		5,126		77,761
SM Energy Company		34,404		1,072,029
Solazyme, Inc.		980,359		2,294,040
Southwestern Energy Company		29,657		398,293
Stone Energy Corporation		83,286		81,629
Synergy Resources Corporation		18,607		134,342
W&T Offshore, Inc.		849,883		2,048,218
Westmoreland Coal Company		33		235
Whiting Petroleum Corporation		124,872		1,498,464
WPX Energy, Inc.		5,126		49,517
				25,642,882
Financials - 10.0%
Banks - 3.8%
1st Century Bancshares, Inc.		1,675		18,442
Access National Corporation		6,222		122,324
American National Bankshares, Inc.		1,051		28,093
American River Bankshares		68		688
Ameris Bancorp		6,277		197,098
Ames National Corporation		102		2,631
Arrow Financial Corporation		1,562		43,986
Associated Banc-Corp		266		4,852
Banco Latinoamericano de Comericio Exterior S.A.		262		6,775
Bancorp, Inc. (The)		128,717		729,825
Bank of Hawaii Corporation		4,962		339,450
Bank of Marin Bancorp		53		2,598
Banner Corporation		2,983		127,613

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Banks - 3.8% (Continued)
Bar Harbor Bankshares		1,111	$	38,552
BBCN Bancorp, Inc.		805		12,574
BCB Bancorp, Inc.		1,283		12,984
Blue Hills Bancorp, Inc.		2,115		30,837
BOK Financial Corporation		1,073		64,573
Boston Private Financial Holdings, Inc.		9,994		122,127
Bridge Bancorp, Inc.		15,678		477,238
Bryn Mawr Bank Corporation		44,546		1,265,997
C1 Financial, Inc.		4,886		119,854
Camden National Corporation		954		41,509
Capital City Bank Group, Inc.		6,374		94,463
Carolina Bank Holdings, Inc.		68		1,022
Chemical Financial Corporation		2,233		85,881
Chemung Financial Corporation		159		4,231
Citizens & Northern Corporation		223		4,502
City Holding Company		30,459		1,496,146
Civista Bancshares, Inc.		41		472
CoBiz Financial, Inc.		10,726		129,892
Columbia Banking System, Inc.		361		10,646
Community Bank System, Inc.		19,938		788,947
Community Trust Bancorp, Inc.		351		12,590
ConnectOne Bancorp, Inc.		7,591		130,641
Cullen/Frost Bankers, Inc.		893		57,143
CVB Financial Corporation		23,167		398,009
Enterprise Bancorp, Inc.		18		434
Enterprise Financial Services Corporation		189		5,173
Farmers Capital Bank Corporation		3,099		87,113
First Bancorp (North Carolina)		1,579		32,212
First Busey Corporation		1,193		24,385
First Business Financial Services, Inc.		5,429		137,408
First Commonwealth Financial Corporation		21,561		197,930
First Financial Bankshares, Inc.		65,654		2,125,876
First Financial Corporation		706		25,014
First Interstate BancSystem, Inc. - Class A		6,815		184,686
First Merchants Corporation		968		24,829
First NBC Bank Holding Company		12,545		272,728
First Niagara Financial Group, Inc.		3,081		32,535
FirstMerit Corporation		306		6,781
German American Bancorp, Inc.		2,891		93,177
Hampton Roads Bankshares, Inc.		14,352		25,259
Hancock Holding Company		1,849		48,019
Heritage Financial Corporation		16,602		306,307
Heritage Oaks Bancorp		2,522		21,059
Independent Bank Corporation (Michigan)		347		5,257
Lakeland Bancorp, Inc.		46,463		515,275
LegacyTexas Financial Group, Inc.		24		592
Mackinac Financial Corporation		754		8,007
MB Financial, Inc.		477		16,580
MidSouth Bancorp, Inc.		9,886		89,468
MidWestOne Financial Group, Inc.		2,524		71,581

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Banks - 3.8% (Continued)
Monarch Financial Holdings, Inc.		181	$	3,329
National Bank Holdings Corporation - Class A		4,281		85,577
National Bankshares, Inc.		38		1,368
NBT Bancorp, Inc.		765		21,680
Northrim BanCorp, Inc.		69		1,780
OFG Bancorp		64,637		570,745
Old National Bancorp		2,991		40,079
Pacific Mercantile Bancorp		3,075		23,093
Park National Corporation		2,947		270,535
Park Sterling Corporation		32,175		234,877
Penns Woods Bancorp, Inc.		5,240		218,089
Peoples Bancorp, Inc.		28,789		618,676
Peoples Financial Services Corporation		1,997		78,722
Prosperity Bancshares, Inc.		3,589		189,392
QCR Holdings, Inc.		604		15,565
Republic First Bancorp, Inc.		224		1,042
S&T Bancorp, Inc.		10,201		261,860
Sandy Spring Bancorp, Inc.		88		2,516
Seacoast Banking Corporation of Florida		17,297		280,557
Simmons First National Corporation - Class A		111		5,184
Southside Bancshares, Inc.		38,166		1,114,829
Southwest Bancorp, Inc.		29,622		475,433
State Bank Financial Corporation		5,591		116,740
Stock Yards Bancorp, Inc.		1,379		55,767
Sun Bancorp, Inc./NJ		728		15,645
TowneBank		611		12,831
Trustmark Corporation		1,385		33,946
UMB Financial Corporation		9,629		536,817
Union Bankshares Corporation		134		3,539
United Bankshares, Inc.		33,167		1,283,231
Univest Corporation of Pennsylvania		7,083		139,818
Veritex Holdings, Inc.		3,171		49,119
Washington Trust Bancorp, Inc.		5,505		201,648
WesBanco, Inc.		12,209		392,275
West Bancorporation, Inc.		76		1,417
Westamerica Bancorporation		34,519		1,681,766
Wilshire Bancorp, Inc.		3,095		33,333
Wintrust Financial Corporation		2,221		115,536
Yadkin Financial Corporation		1		25
				20,571,271
Capital Markets - 0.8%
Artisan Partners Asset Management, Inc. - Class A		326		10,533
Capitala Finance Corporation		3,383		45,772
Cowen Group, Inc. - Class A		160,071		557,847
Diamond Hill Investment Group, Inc.		294		51,526
FBR & Company		2,351		43,493
Federated Investors, Inc. - Class B		2,403		75,935
Fidus Investment Corporation		2,081		33,171
Financial Engines, Inc.		9,431		303,773
FS Investment Corporation		154		1,434
FXCM, Inc. - Class A		18,308		213,471

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Capital Markets - 0.8% (Continued)
Gladstone Capital Corporation		4,930	$	37,665
Greenhill & Company, Inc.		7,083		155,968
GSV Capital Corporation		12,952		74,215
Harvest Capital Credit Corporation		70		905
INTL FCStone, Inc.		216		5,897
Ladenburg Thalmann Financial Services, Inc.		10,748		28,805
LPL Financial Holdings, Inc.		42,074		1,110,754
Main Street Capital Corporation		3,887		121,352
Manning & Napier, Inc.		38,739		331,218
OFS Capital Corporation		110		1,452
OHA Investment Corporation		3,090		8,745
PJT Partners, Inc. - Class A		3,275		73,098
Prospect Capital Corporation		20,591		154,021
Pzena Investment Management, Inc. - Class A		7,380		66,863
Safeguard Scientifics, Inc.		15,753		217,391
Solar Senior Capital Ltd.		294		4,410
Stifel Financial Corporation		5,013		164,978
T Rowe Price Group, Inc.		348		26,201
Triangle Capital Corporation		45		956
Virtu Financial, Inc. - Class A		2,113		44,056
Virtus Investment Partners, Inc.		1,469		114,905
Westwood Holdings Group, Inc.		171		9,841
				4,090,651
Consumer Finance - 0.6%
Atlanticus Holdings Corporation		31,353		94,686
Cash America International, Inc.		234		8,649
Credit Acceptance Corporation		506		99,312
Emergent Capital, Inc.		3,228		14,139
Encore Capital Group, Inc.		5,438		153,080
EZCORP, Inc. - Class A		173,549		859,067
First Cash Financial Services, Inc.		4,099		187,447
First Data Corporation - Class A		25,177		286,766
PRA Group, Inc.		2,243		74,423
Regional Management Corporation		7,661		126,560
World Acceptance Corporation		33,638		1,459,553
				3,363,682
Diversified Financial Services - 0.3%
CBOE Holdings, Inc.		46		2,850
CME Group, Inc.		417		38,326
Consumer Portfolio Services, Inc.		4,681		18,490
FNFV Group		848		9,133
Medallion Financial Corporation		34,597		266,397
On Deck Capital, Inc.		29,346		253,256
PHH Corporation		63,720		817,528
Resource America, Inc. - Class A		5,200		32,864
				1,438,844
Insurance - 1.1%
Ambac Financial Group, Inc.		1,929		31,308
American Equity Investment Life Holding Company		8,124		113,736
AmTrust Financial Services, Inc.		648		16,103
Arthur J. Gallagher & Company		440		20,257

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Insurance - 1.1% (Continued)
Assurant, Inc.		42	$	3,552
Baldwin & Lyons, Inc. - Class B		40		977
Citizens, Inc.		141,658		1,154,513
Conifer Holdings, Inc.		1,718		11,648
Donegal Group, Inc. - Class A		6,773		103,695
Federated National Holding Company		4,490		85,534
Greenlight Capital Re Ltd. - Class A		19,545		420,804
HCI Group, Inc.		3,130		93,775
Maiden Holdings Ltd.		12,620		154,343
MBIA, Inc.		105,822		825,412
Mercury General Corporation		815		43,113
National Western Life Group, Inc. - Class A		10		2,167
OneBeacon Insurance Group Ltd. - Class A		2,243		27,813
Patriot National, Inc.		165,028		1,373,033
Primerica, Inc.		13,494		668,763
State Auto Financial Corporation		1,006		20,633
Stewart Information Services Corporation		1,540		53,623
Third Point Reinsurance Ltd.		3,666		41,719
Torchmark Corporation		1,213		70,220
Universal Insurance Holdings, Inc.		44,295		780,035
W.R. Berkley Corporation		1,604		89,824
				6,206,600
Real Estate Investment Trusts (REIT) - 1.9%
Acadia Realty Trust		4,998		168,433
Agree Realty Corporation		60		2,327
Alexandria Real Estate Equities, Inc.		1,262		117,303
American Homes 4 Rent - Class A		1		16
CareTrust REIT, Inc.		25,060		318,763
CorEnergy Infrastructure Trust, Inc.		2		43
CoreSite Realty Corporation		319		23,903
Crown Castle International Corporation		218		18,940
CyrusOne, Inc.		3,725		164,384
Douglas Emmett, Inc.		790		25,636
Duke Realty Corporation		20,496		448,248
DuPont Fabros Technology, Inc.		4,077		162,346
Easterly Government Properties, Inc.		13,041		240,607
Education Realty Trust, Inc.		2,279		90,636
Extra Space Storage, Inc.		8,226		698,799
Federal Realty Investment Trust		4,618		702,305
Gaming and Leisure Properties, Inc.		1,391		45,611
Gladstone Commercial Corporation		249		4,191
Government Properties Income Trust		24,734		467,967
Gramercy Property Trust		30,771		260,630
HCP, Inc.		939		31,766
Healthcare Realty Trust, Inc.		4,626		140,075
Healthcare Trust of America, Inc. - Class A		7,011		202,548
Iron Mountain, Inc.		499		18,229
Liberty Property Trust		5,009		174,814
LTC Properties, Inc.		15,481		718,164
Monogram Residential Trust, Inc.		6,428		65,116
National Storage Affiliates Trust		5,368		104,783

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Real Estate Investment Trusts (REIT) - 1.9% (Continued)
New Senior Investment Group, Inc.		13,149	$	142,009
Northstar Realty Europe Corporation		15,614		186,275
Physicians Realty Trust		1,608		29,153
Prologis, Inc.		3,467		157,436
Public Storage		488		119,467
QTS Realty Trust, Inc. - Class A		2,946		142,645
Realty Income Corporation		5,616		332,467
Regency Centers Corporation		3,157		232,671
Retail Properties of America, Inc. - Class A		93		1,487
Seritage Growth Properties - Class A		2,131		113,731
STAG Industrial, Inc.		35,869		715,945
Universal Health Realty Income Trust		220		12,012
Urstadt Biddle Properties, Inc. - Class A		5,849		120,255
Ventas, Inc.		3,927		243,945
Walter Investment Management Corporation		225,404		1,634,179
Welltower, Inc.		10,432		724,189
Whitestone REIT		11,097		149,033
				10,473,482
Real Estate Management & Development - 0.3%
Alexander & Baldwin, Inc.		257		9,828
Altisource Portfolio Solutions S.A.		11,993		375,261
AV Homes, Inc.		6,195		71,242
Consolidated-Tomoka Land Company		2,101		103,579
Forestar Group, Inc.		35,800		483,300
Realogy Holdings Corporation		81		2,895
St. Joe Company (The)		21,072		355,063
Tejon Ranch Company		4,340		97,737
				1,498,905
Thrifts & Mortgage Finance - 1.2%
Atlantic Coast Financial Corporation		388		2,491
Banc of California, Inc.		10,950		222,833
Bank Mutual Corporation		356		2,877
BankFinancial Corporation		11,495		142,078
BBX Capital Corporation - Class A		1,591		24,533
BofI Holding, Inc.		84,300		1,717,191
BSB Bancorp, Inc.		104		2,472
Cheviot Financial Corporation		657		9,829
Clifton Bancorp, Inc.		19,319		287,467
Hingham Institution for Savings		35		4,480
HomeStreet, Inc.		12,214		263,212
Impac Mortgage Holdings, Inc.		91,380		1,297,596
Kearny Financial Corporation		2,444		30,843
Lake Sunapee Bank Group		537		7,647
LendingTree, Inc.		14,892		1,332,387
Meridian Bancorp, Inc.		1,029		15,044
MMA Capital Management, LLC		26		417
Northfield Bancorp, Inc.		10,419		165,245
Northwest Bancshares, Inc.		30,909		433,344
OceanFirst Financial Corporation		7,328		142,749
Ocwen Financial Corporation		6,887		15,565
People's United Financial, Inc.		2,402		37,231

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Financials - 10.0% (Continued)
Thrifts & Mortgage Finance - 1.2% (Continued)
Stonegate Mortgage Corporation		8,977	$	51,797
Timberland Bancorp, Inc.		3		42
TrustCo Bank Corporation		30,679		196,652
United Financial Bancorp, Inc.		16,222		210,562
Waterstone Financial, Inc.		1,255		17,595
WSFS Financial Corporation		315		10,754
				6,644,933
Health Care - 19.5%
Biotechnology - 9.1%
Abeona Therapeutics, Inc.		30,661		83,398
ACADIA Pharmaceuticals, Inc.		6,765		218,509
Actinium Pharmaceuticals, Inc.		848		1,594
Adamas Pharmaceuticals, Inc.		7,765		131,073
Advaxis, Inc.		7,950		61,533
Aegerion Pharmaceuticals, Inc.		58,622		167,073
Aeterna Zentaris, Inc.		26,055		105,523
Agios Pharmaceuticals, Inc.		609		29,811
Akebia Therapeutics, Inc.		10,563		99,187
Alder Biopharmaceuticals, Inc.		58,809		1,561,379
Amicus Therapeutics, Inc.		106,678		796,885
Anacor Pharmaceuticals, Inc.		346		21,708
Anavex Life Sciences Corporation		69,373		378,777
Aquinox Pharmaceuticals, Inc.		13,190		107,367
Argos Therapeutics, Inc.		49,696		310,103
ARIAD Pharmaceuticals, Inc.		116,178		834,158
Array BioPharma, Inc.		204,686		652,948
Arrowhead Pharmaceuticals, Inc.		231,569		1,340,785
Asterias Biotherapeutics, Inc.		2,498		10,716
Athersys, Inc.		70,693		163,301
aTyr Pharma, Inc.		56,466		201,019
Aurinia Pharmaceuticals, Inc.		1,507		4,400
Axovant Sciences Ltd.		1,619		21,047
Bio Blast Pharma Ltd.		11,451		26,108
BioTime, Inc.		105,448		307,908
bluebird bio, Inc.		1,575		69,851
Catabasis Pharmaceuticals, Inc.		349		1,539
Catalyst Pharmaceutical, Inc.		15,108		10,273
Celator Pharmaceuticals, Inc.		41,659		627,801
Celldex Therapeutics, Inc.		76,154		304,616
Cellular Biomedicine Group, Inc.		4,608		79,580
Cerulean Pharma, Inc.		99		325
Chiasma, Inc.		273,263		920,896
Chimerix, Inc.		127,417		761,954
Clovis Oncology, Inc.		122,532		1,704,420
Codexis, Inc.		5,525		17,404
Conatus Pharmaceuticals, Inc.		10,346		29,693
CorMedix, Inc.		32,837		137,259
CytRx Corporation		239,738		781,546
Dynavax Technologies Corporation		10,269		168,514
Eagle Pharmaceuticals, Inc.		34,739		1,315,219
Editas Medicine, Inc.		2,441		80,675

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Health Care - 19.5% (Continued)
Biotechnology - 9.1% (Continued)
Exact Sciences Corporation		11,201	$	78,631
Exelixis, Inc.		9,421		43,431
Fibrocell Science, Inc.		2,056		5,675
Flexion Therapeutics, Inc.		1,952		20,301
Galena Biopharma, Inc.		1,189,559		1,641,591
Genocea Biosciences, Inc.		215,101		946,444
Geron Corporation		16,538		48,787
GlycoMimetics, Inc.		705		4,441
Heron Therapeutics, Inc.		78,791		1,689,279
Idera Pharmaceuticals, Inc.		474,078		786,969
Ignyta, Inc.		577		3,993
Immunomedics, Inc.		127,911		454,084
Inotek Pharmaceuticals Corporation		26,631		260,984
Inovio Pharmaceuticals, Inc.		72,313		757,840
Insys Therapeutics, Inc.		123,846		1,794,529
Intercept Pharmaceuticals, Inc.		1,925		290,174
Invitae Corporation		34,997		333,871
Ionis Pharmaceuticals, Inc.		2,063		84,521
Ironwood Pharmaceuticals, Inc.		921		9,624
IsoRay, Inc.		22,521		25,899
Juno Therapeutics, Inc.		2,145		90,283
Karyopharm Therapeutics, Inc.		11,280		104,904
Keryx Biopharmaceuticals, Inc.		288,011		1,566,780
Kite Pharma, Inc.		323		14,948
La Jolla Pharmaceutical Company		22,460		415,735
Lion Biotechnologies, Inc.		43,767		248,159
Loxo Oncology, Inc.		28,765		663,033
MacroCure Ltd.		66,442		68,435
MannKind Corporation		1,238,315		1,671,725
MediciNova, Inc.		44,944		309,215
Merrimack Pharmaceuticals, Inc.		11,508		81,477
MiMedx Group, Inc.		21,471		161,677
Mirati Therapeutics, Inc.		4,236		87,770
Myriad Genetics, Inc.		1,713		61,668
NantKwest, Inc.		98,401		815,744
Nivalis Therapeutics, Inc.		11,379		48,133
Northwest Biotherapeutics, Inc.		677,113		947,958
Novavax, Inc.		181,287		949,944
Nymox Pharmaceutical Corporation		16,588		37,489
Ohr Pharmaceutical, Inc.		12,877		42,108
Omeros Corporation		98,474		1,304,780
Oncothyreon, Inc.		156,420		203,346
OPKO Health, Inc.		7,051		75,798
Organovo Holdings, Inc.		351,181		955,212
Osiris Therapeutics, Inc.		20,232		113,502
OvaScience, Inc.		108,179		906,540
Portola Pharmaceuticals, Inc.		22,539		535,527
Proteon Therapeutics, Inc.		36		351
PTC Therapeutics, Inc.		143,787		1,066,900
Puma Biotechnology, Inc.		22,839		700,929
Radius Health, Inc.		19,748		703,029

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Health Care - 19.5% (Continued)
Biotechnology - 9.1% (Continued)
Regulus Therapeutics, Inc.		95,383	$	557,037
Sage Therapeutics, Inc.		36		1,357
Sarepta Therapeutics, Inc.		123,619		1,754,154
Seattle Genetics, Inc.		2,404		85,294
Seres Therapeutics, Inc.		570		16,826
Synergy Pharmaceuticals, Inc.		245,732		771,598
Synthetic Biologics, Inc.		809,577		1,805,357
TESARO, Inc.		4,302		178,275
Tobira Therapeutics, Inc.		16,279		128,116
Tonix Pharmaceuticals Holding Corporation		21,600		54,432
Tracon Pharmaceuticals, Inc.		1,803		13,054
Trovagene, Inc.		363,159		1,459,899
Ultragenyx Pharmaceutical, Inc.		2,540		171,755
Versartis, Inc.		13,170		119,320
Viking Therapeutics, Inc.		22,836		33,112
Vital Therapies, Inc.		31,618		270,966
vTv Therapeutics, Inc. - Class A		693		4,366
XBiotech, Inc.		67,517		860,842
Zafgen, Inc.		105,273		670,589
ZIOPHARM Oncology, Inc.		182,780		1,436,651
				49,275,042
Health Care Equipment & Supplies - 3.5%
Abaxis, Inc.		80		3,626
Accuray, Inc.		17,143		91,887
Amedica Corporation		63,253		98,675
Anika Therapeutics, Inc.		140		6,392
Antares Pharma, Inc.		31,563		34,719
Avinger, Inc.		105,011		1,216,027
AxoGen, Inc.		53,252		309,927
Biolase, Inc.		21,145		30,026
Cardiovascular Systems, Inc.		61,709		862,692
Cerus Corporation		4,193		26,248
ConforMIS, Inc.		125,533		1,555,354
CONMED Corporation		1,622		67,183
Corindus Vascular Robotics, Inc.		35,242		37,004
CytoSorbents Corporation		32,207		139,134
Derma Sciences, Inc.		14,563		50,679
DexCom, Inc.		1,322		85,110
Digirad Corporation		11,210		65,354
EndoChoice Holdings, Inc.		180,642		997,144
Entellus Medical, Inc.		227		3,301
GenMark Diagnostics, Inc.		201,903		1,193,247
Great Basin Scientific, Inc.		32,308		99,509
Greatbatch, Inc.		4,483		156,008
Hansen Medical, Inc.		27,081		109,678
Insulet Corporation		4,879		162,471
Invuity, Inc.		4,792		32,586
iRadimed Corporation		72,875		1,192,964
IRIDEX Corporation		101		1,156
LDR Holding Corporation		5,954		160,460
Meridian Bioscience, Inc.		5,660		108,163

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Health Care - 19.5% (Continued)
Health Care Equipment & Supplies - 3.5% (Continued)
Navidea Biopharmaceuticals, Inc.		198,692	$	274,195
Nevro Corporation		13,381		899,872
Novadaq Technologies, Inc.		1,957		21,918
Novocure Ltd.		14,862		191,720
Quidel Corporation		3,248		56,190
Quotient Ltd.		6,514		69,439
ReWalk Robotics Ltd.		6,651		60,258
Rockwell Medical, Inc.		244,213		2,258,970
Second Sight Medical Products, Inc.		292,267		1,382,423
Sientra, Inc.		96,695		785,163
Spectranetics Corporation (The)		11,443		194,531
STAAR Surgical Company		9,987		77,000
SurModics, Inc.		626		12,595
Tandem Diabetes Care, Inc.		80,989		901,408
TransEnterix, Inc.		623,311		934,967
Vascular Solutions, Inc.		286		9,996
Wright Medical Group N.V.		67,453		1,266,767
Zeltiq Aesthetics, Inc.		16,750		500,825
Zimmer Biomet Holdings, Inc.		736		85,207
				18,880,168
Health Care Providers & Services - 2.7%
AAC Holdings, Inc.		106,637		2,195,656
Aceto Corporation		307		6,886
Addus HomeCare Corporation		27,973		517,500
Adeptus Health, Inc. - Class A		30,165		2,054,840
Air Methods Corporation		13,713		507,107
AMN Healthcare Services, Inc.		25,075		890,413
Anthem, Inc.		20		2,815
BioScrip, Inc.		646,504		1,706,770
Centene Corporation		1		11
Ensign Group, Inc. (The)		1,403		31,652
ExamWorks Group, Inc.		18,520		667,646
Express Scripts Holding Company		37		2,728
Hanger, Inc.		4,970		34,243
InfuSystem Holdings, Inc.		14,421		51,916
Landauer, Inc.		26,855		932,943
MEDNAX, Inc.		1,234		87,972
Nobilis Health Corporation		195,789		826,230
Patterson Companies, Inc.		1,945		84,316
Psychemedics Corporation		1,760		25,344
Select Medical Holdings Corporation		46,263		618,999
Sharps Compliance Corporation		11,019		50,026
Teladoc, Inc.		169,399		2,058,198
Trupanion, Inc.		82,227		1,025,371
				14,379,582
Health Care Technology - 0.8%
Castlight Health, Inc. - Class B		264,100		950,760
Computer Programs & Systems, Inc.		20,576		1,056,166
Connecture, Inc.		1,356		3,133
Evolent Health, Inc. - Class A		43,493		522,351
Imprivata, Inc.		2,925		35,451

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Health Care - 19.5% (Continued)
Health Care Technology - 0.8% (Continued)
Inovalon Holdings, Inc. - Class A		55,453	$	948,246
Medidata Solutions, Inc.		2,666		116,318
Veeva Systems, Inc. - Class A		26,685		734,104
				4,366,529
Life Sciences Tools & Services - 0.7%
Accelerate Diagnostics, Inc.		149,463		1,875,761
Albany Molecular Research, Inc.		9,395		141,395
Fluidigm Corporation		7,987		76,515
Illumina, Inc.		658		88,823
Luminex Corporation		2,710		54,471
Pacific Biosciences of California, Inc.		138,907		1,340,452
pSivida Corporation		16,413		47,105
Sequenom, Inc.		185,324		237,215
Waters Corporation		667		86,817
				3,948,554
Pharmaceuticals - 2.7%
AcelRx Pharmaceuticals, Inc.		3,418		11,553
Aclaris Therapeutics, Inc.		2,616		48,344
Aerie Pharmaceuticals, Inc.		15,139		240,105
Akorn, Inc.		14,381		365,996
Alcobra Ltd.		1,536		6,159
Alimera Sciences, Inc.		16,411		36,432
Allergan plc		29		6,280
Ampio Pharmaceuticals, Inc.		262,606		1,105,571
Aralez Pharmaceuticals, Inc.		55,821		218,260
Aratana Therapeutics, Inc.		152,023		913,658
Catalent, Inc.		301		8,889
Cempra, Inc.		3,264		55,260
Concordia Healthcare Corporation		3,092		90,101
ContraVir Pharmaceuticals, Inc.		4,050		4,050
Cynapsus Therapeutics, Inc.		3,618		43,561
Dipexium Pharmaceuticals, Inc.		531		6,892
Egalet Corporation		74,633		508,997
Endocyte, Inc.		33,017		128,766
EyeGate Pharmaceuticals, Inc.		59		202
Flex Pharma, Inc.		13,556		148,574
Foamix Pharmaceuticals Ltd.		7,681		48,467
Horizon Pharma plc		15,280		234,854
Innoviva, Inc.		48,042		592,838
Intellipharmaceutics International, Inc.		982		1,994
KemPharm, Inc.		15,336		253,964
Lannett Company, Inc.		599		11,489
Lipocine, Inc.		46,455		452,936
Marinus Pharmaceuticals, Inc.		35,637		195,647
Medicines Company (The)		6,071		216,067
MyoKardia, Inc.		309		3,535
Ocular Therapeutix, Inc.		48,585		596,624
Oculus Innovative Sciences, Inc.		100,962		99,952
Pain Therapeutics, Inc.		63,362		155,871
Pernix Therapeutics Holdings, Inc.		32,907		24,684
Perrigo Company plc		258		24,941

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Health Care - 19.5% (Continued)
Pharmaceuticals - 2.7% (Continued)
Relypsa, Inc.		110,579	$	2,001,480
Revance Therapeutics, Inc.		359		6,598
Teligent, Inc.		302,986		1,672,483
Tetraphase Pharmaceuticals, Inc.		76,180		426,608
TherapeuticsMD, Inc.		83,152		686,004
Titan Pharmaceuticals, Inc.		1,443		8,586
Tokai Pharmaceuticals, Inc.		170,498		1,249,750
VIVUS, Inc.		836,895		1,380,877
XenoPort, Inc.		990		4,356
Zogenix, Inc.		15,104		154,816
Zynerba Pharmaceuticals, Inc.		3,443		28,060
				14,481,131
Industrials - 9.5%
Aerospace & Defense - 1.1%
Aerojet Rocketdyne Holdings, Inc.		103,720		1,879,406
AeroVironment, Inc.		310		8,953
American Science & Engineering, Inc.		637		18,250
Astrotech Corporation		596		1,180
CPI Aerostructures, Inc.		3,469		23,936
Cubic Corporation		20,989		872,513
Engility Holdings, Inc.		7,832		154,056
Hexcel Corporation		532		24,084
KEYW Holding Corporation (The)		261,235		1,799,909
KLX, Inc.		974		32,843
National Presto Industries, Inc.		2,964		258,431
Rockwell Collins, Inc.		983		86,691
Sparton Corporation		3,579		76,805
TASER International, Inc.		43,784		799,496
TransDigm Group, Inc.		402		91,604
				6,128,157
Air Freight & Logistics - 0.1%
Echo Global Logistics, Inc.		625		14,606
Forward Air Corporation		3,203		145,993
Hub Group, Inc. - Class A		3,342		128,734
United Parcel Service, Inc. - Class B		380		39,927
XPO Logistics, Inc.		1,160		34,962
				364,222
Airlines - 0.1%
Copa Holdings S.A. - Class A		493		31,429
Virgin America, Inc.		6,190		344,721
				376,150
Building Products - 0.5%
Advanced Drainage Systems, Inc.		42,805		989,652
American Woodmark Corporation		1,296		94,401
Apogee Enterprises, Inc.		1,668		69,122
Armstrong Flooring, Inc.		1		7
Armstrong World Industries, Inc.		3,775		154,058
Griffon Corporation		68,071		1,076,202
MFRI, Inc.		831		5,800
Simpson Manufacturing Company, Inc.		6		226

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Industrials - 9.5% (Continued)
Building Products - 0.5% (Continued)
Trex Company, Inc.		61	$	2,894
				2,392,362
Commercial Services & Supplies - 0.9%
ABM Industries, Inc.		7,583		243,945
Acme United Corporation		3		51
Asta Funding, Inc.		1,271		12,723
Avery Dennison Corporation		43		3,122
Brady Corporation - Class A		493		13,060
CECO Environmental Corporation		62,538		412,751
Covanta Holding Corporation		42,410		689,587
Deluxe Corporation		501		31,453
Essendant, Inc.		6,015		185,202
Healthcare Services Group, Inc.		18,013		681,792
Hudson Technologies, Inc.		9,449		33,071
Interface, Inc.		7,775		132,330
Mobile Mini, Inc.		19,230		620,167
MSA Safety, Inc.		14,404		692,688
Rollins, Inc.		369		9,915
Stericycle, Inc.		51		4,874
Team, Inc.		656		18,848
TRC Companies, Inc.		3,994		34,189
US Ecology, Inc.		16,948		763,168
Waste Connections, Inc.		1,386		93,250
				4,676,186
Construction & Engineering - 0.7%
AECOM		788		25,602
Ameresco, Inc. - Class A		32,131		143,626
Argan, Inc.		18,000		615,240
Dycom Industries, Inc.		531		37,489
HC2 Holdings, Inc.		85,302		329,266
Jacobs Engineering Group, Inc.		700		31,206
Layne Christensen Company		171,468		1,524,350
MasTec, Inc.		1,514		34,307
NV5 Global, Inc.		25,017		621,172
Primoris Services Corporation		3,389		79,269
Tutor Perini Corporation		13,758		217,651
Willdan Group, Inc.		383		4,117
				3,663,295
Electrical Equipment - 1.7%
American Superconductor Corporation		28,433		283,193
China BAK Battery, Inc.		4,280		11,042
Energous Corporation		56,995		581,349
Energy Focus, Inc.		57,393		447,665
FuelCell Energy, Inc.		187,993		1,120,438
Generac Holdings, Inc.		2,338		89,125
Highpower International, Inc.		14,268		28,251
Ideal Power, Inc.		4,819		26,071
LSI Industries, Inc.		330		4,175
Plug Power, Inc.		919,319		1,893,797
Power Solutions International, Inc.		69,024		893,861
Preformed Line Products Company		140		5,876

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Industrials - 9.5% (Continued)
Electrical Equipment - 1.7% (Continued)
Revolution Lighting Technology, Inc.		530	$	3,487
Rockwell Automation, Inc.		720		81,698
SolarCity Corporation		62,540		1,896,213
Sunrun, Inc.		236,699		1,865,188
Thermon Group Holdings, Inc.		6,176		115,738
				9,347,167
Industrial Conglomerates - 0.0% (a)
Raven Industries, Inc.		6,683		107,529
Machinery - 2.5%
Actuant Corporation - Class A		5,903		157,669
Altra Industrial Motion Corporation		33,918		973,447
American Railcar Industries, Inc.		3,821		156,699
Blue Bird Corporation		35,464		383,366
Briggs & Stratton Corporation		40,494		857,258
Caterpillar, Inc.		1,210		94,041
CIRCOR International, Inc.		4,440		250,638
Deere & Company		1,179		99,166
Donaldson Company, Inc.		309		10,098
Douglas Dynamics, Inc.		124		2,841
Eastern Company (The)		1,788		29,877
ExOne Company (The)		106,620		1,409,516
Flowserve Corporation		671		32,751
FreightCar America, Inc.		11,561		198,271
Gorman-Rupp Company (The)		164		4,640
Graco, Inc.		1,086		85,132
Graham Corporation		1,183		21,897
Greenbrier Companies, Inc. (The)		252		7,557
Hurco Companies, Inc.		22,504		728,680
Hyster-Yale Materials Handling, Inc.		1,264		77,420
Joy Global, Inc.		5,342		113,785
Kornit Digital Ltd.		8,382		84,910
Lincoln Electric Holdings, Inc.		50		3,133
Lindsay Corporation		30,185		2,307,945
Manitex International, Inc.		1,511		10,033
Manitowoc Company, Inc. (The)		1,570		8,949
Manitowoc Foodservice, Inc.		1,515		22,740
Middleby Corporation (The)		217		23,792
Milacron Holdings Corporation		88		1,507
Navistar International Corporation		61,861		933,482
Proto Labs, Inc.		19,857		1,188,044
RBC Bearings, Inc.		12,519		917,643
Sun Hydraulics Corporation		39,368		1,392,840
Supreme Industries, Inc. - Class A		92		1,144
Tennant Company		7,519		401,590
Terex Corporation		4,519		107,959
Twin Disc, Inc.		15,128		200,446
Wabash National Corporation		4,065		57,926
Westport Innovations, Inc.		34,212		84,162
				13,442,994

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Industrials - 9.5% (Continued)
Marine - 0.2%
Diana Shipping, Inc.		75,238	$	260,324
Global Ship Lease, Inc. - Class A		12,969		29,699
Navios Maritime Holdings, Inc.		115,008		134,559
Scorpio Bulkers, Inc.		222,024		854,792
				1,279,374
Professional Services - 0.4%
Acacia Research Corporation		77,289		372,533
Advisory Board Company (The)		4,900		155,036
CBIZ, Inc.		7,661		77,989
FTI Consulting, Inc.		6,807		274,322
Hill International, Inc.		187,612		795,475
Huron Consulting Group, Inc.		2		111
ICF International, Inc.		2,473		97,362
Insperity, Inc.		69		3,641
Navigant Consulting, Inc.		3,235		51,631
Odyssey Marine Exploration, Inc.		648		1,814
Resources Connection, Inc.		10,165		150,137
Verisk Analytics, Inc.		1,148		89,062
				2,069,113
Road & Rail - 0.6%
Covenant Transportation Group, Inc. - Class A		21,365		425,377
Heartland Express, Inc.		13,374		242,203
Kansas City Southern		139		13,170
Knight Transportation, Inc.		32,265		857,281
Landstar System, Inc.		10,295		674,837
P.A.M. Transportation Services, Inc.		13,069		322,935
Saia, Inc.		2,548		73,688
Student Transportation, Inc.		9,236		45,811
Swift Transportation Company		2,111		35,085
Universal Truckload Services, Inc.		32		456
USA Truck, Inc.		30,012		531,813
Werner Enterprises, Inc.		7,966		201,859
				3,424,515
Trading Companies & Distributors - 0.7%
BMC Stock Holdings, Inc.		14,944		262,267
Fastenal Company		1,910		89,369
GATX Corporation		12,432		571,126
Houston Wire & Cable Company		6,620		48,392
Kaman Corporation		23,387		984,359
Lawson Products, Inc.		175		3,428
Textainer Group Holdings Ltd.		44,734		690,246
Titan Machinery, Inc.		78,626		1,022,138
Veritiv Corporation		5,859		240,336
W.W. Grainger, Inc.		390		91,463
				4,003,124
Transportation Infrastructure - 0.0% (a)
Aegean Marine Petroleum Network, Inc.		7,388		59,400
Wesco Aircraft Holdings, Inc.		1,963		28,326
				87,726

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Information Technology - 13.1%
Communications Equipment - 1.0%
ADTRAN, Inc.		13,905	$	268,645
Alliance Fiber Optic Products, Inc.		50,019		926,352
Applied Optoelectronics, Inc.		117,813		1,319,506
Arista Networks, Inc.		1,384		92,202
CalAmp Corporation		10,840		162,275
Calix, Inc.		9,937		68,863
DragonWave, Inc.		16,304		101,574
Harmonic, Inc.		192,376		665,621
Juniper Networks, Inc.		588		13,759
KVH Industries, Inc.		2,488		24,283
NETGEAR, Inc.		2,936		124,486
Novatel Wireless, Inc.		50,000		76,500
Numerex Corporation - Class A		63		484
Oclaro, Inc.		33,512		169,236
Palo Alto Networks, Inc.		647		97,613
PCTEL, Inc.		5,178		23,197
Ruckus Wireless, Inc.		16,357		224,745
Ubiquiti Networks, Inc.		35,137		1,251,580
ViaSat, Inc.		417		31,984
Zhone Technologies, Inc.		10,256		11,794
				5,654,699
Electronic Equipment, Instruments & Components - 2.1%
Applied DNA Science, Inc.		27,273		82,637
AVX Corporation		8,518		112,608
Badger Meter, Inc.		4,702		335,394
Clearfield, Inc.		85,433		1,585,636
Cognex Corporation		2,312		82,145
Control4 Corporation		226,572		1,678,899
CUI Global, Inc.		42,468		354,608
Daktronics, Inc.		1,499		13,041
Dolby Laboratories, Inc. - Class A		6,665		317,321
DTS, Inc.		37,604		820,519
Electro Rent Corporation		1,989		19,910
Fitbit, Inc. - Class A		99,101		1,808,593
GSI Group, Inc.		8,956		130,310
InvenSense, Inc.		12,458		95,677
Mesa Laboratories, Inc.		12,471		1,256,827
MicroVision, Inc.		638,103		1,378,302
MTS Systems Corporation		9,867		554,723
National Instruments Corporation		991		27,322
Neonode, Inc.		50,133		99,263
PCM, Inc.		2,746		26,334
Research Frontiers, Inc.		4,006		18,187
SuperCom Ltd.		3,062		12,524
Tech Data Corporation		2,801		192,401
Uni-Pixel, Inc.		31,202		74,573
Vishay Intertechnology, Inc.		6,330		76,973

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Information Technology - 13.1% (Continued)
Electronic Equipment, Instruments & Components - 2.1% (Continued)
Vishay Precision Group, Inc.		1,803	$	26,973
				11,181,700
Internet Software & Services - 3.6%
Actua Corporation		3,940		37,351
Alarm.com Holdings, Inc.		16,082		366,830
Amber Road, Inc.		14,221		69,825
Angie's List, Inc.		105,974		927,272
Apigee Corporation		9,108		88,348
Appfolio, Inc. - Class A		42,366		531,270
Benefitfocus, Inc.		15,296		579,718
Chegg, Inc.		254,076		1,153,505
Cimpress N.V.		2		176
comScore, Inc.		1		32
Demandware, Inc.		1,239		57,093
eGain Corporation		3,066		11,406
Endurance International Group Holdings, Inc.		14,788		158,379
Envestnet, Inc.		27,699		869,195
Five9, Inc.		6,332		58,571
Gogo, Inc.		115,621		1,224,426
GrubHub, Inc.		37,030		970,927
Hortonworks, Inc.		3,019		34,930
Instructure, Inc.		21		423
Internet Gold-Golden Lines Ltd.		20		275
iPass, Inc.		3,720		4,166
LendingClub Corporation		6,278		49,596
LogMeIn, Inc.		21		1,254
Marchex, Inc. - Class B		7,489		31,828
Marketo, Inc.		37,310		820,447
MaxPoint Interactive, Inc.		144		1,157
MINDBODY, Inc. - Class A		19,894		270,757
New Relic, Inc.		2,451		63,187
OPOWER, Inc.		296,701		2,343,938
Piksel, Inc. - Series A-2 (b)		346,880		0
Q2 Holdings, Inc.		459		10,975
Quotient Technology, Inc.		183,343		2,130,446
RealNetworks, Inc.		986		4,496
Reis, Inc.		2,275		57,262
Shopify, Inc. - Class A		1,944		61,916
Shutterstock, Inc.		18,480		758,050
Textura Corporation		43,658		1,152,135
TrueCar, Inc.		196,059		1,341,044
Tucows, Inc. - Class A		2,964		72,781
Unwired Planet, Inc.		8,720		70,283
VeriSign, Inc.		368		31,795
Web.com Group, Inc.		1,060		21,189
WebMD Health Corporation		7,931		497,591
Yahoo!, Inc.		257		9,406
Yelp, Inc.		27,454		576,534
Zillow Group, Inc. - Class A		67,092		1,678,642
Zillow Group, Inc. - Class C		3,622		87,073
				19,287,900

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Information Technology - 13.1% (Continued)
IT Services - 1.0%
Accenture plc - Class A		36	$	4,065
Black Knight Financial Services, Inc. - Class A		2,121		67,830
Cardtronics, Inc.		31,271		1,232,703
Cass Information Systems, Inc.		4,340		214,700
CSG Systems International, Inc.		2,286		101,453
EPAM Systems, Inc.		409		29,828
FleetCor Technologies, Inc.		18		2,784
Forrester Research, Inc.		7,966		267,817
Higher One Holdings, Inc.		266,927		1,011,653
International Business Machines Corporation		560		81,726
Mattersight Corporation		16,657		65,795
ModusLink Global Solutions, Inc.		56,241		82,112
NeuStar, Inc. - Class A		29,424		691,170
Rightside Group Ltd.		9,301		84,081
ServiceSource International, Inc.		291,324		1,174,036
Square, Inc. - Class A		22,809		339,626
Western Union Company (The)		4,592		91,840
				5,543,219
Semiconductors & Semiconductor Equipment - 1.7%
Advanced Micro Devices, Inc.		8,576		30,445
Ambarella, Inc.		37,693		1,549,182
Amtech Systems, Inc.		1		6
Applied Micro Circuits Corporation		42,007		262,124
Broadcom Ltd.		1		127
Brooks Automation, Inc.		45,330		428,822
Cabot Microelectronics Corporation		13,279		556,257
Camtek Ltd.		5,005		11,061
Canadian Solar, Inc.		204		3,654
Cascade Microtech, Inc.		2,172		45,417
Cree, Inc.		31,153		763,560
Cypress Semiconductor Corporation		48,717		439,915
Exar Corporation		2,159		13,170
Fairchild Semiconductor International, Inc.		684		13,680
First Solar, Inc.		65		3,630
FormFactor, Inc.		21,746		167,444
GigPeak, Inc.		71,610		164,703
GSI Technology, Inc.		1,250		4,937
Kopin Corporation		242,525		402,592
Lam Research Corporation		104		7,946
Lattice Semiconductor Corporation		165,557		922,152
M/A-COM Technology Solutions Holdings, Inc.		1,605		65,628
Magnachip Semiconductor Corporation		9,401		48,509
Mattson Technology, Inc.		231,652		845,530
Microchip Technology, Inc.		450		21,865
NVIDIA Corporation		2,508		89,109
NXP Semiconductors N.V.		1		63
QuickLogic Corporation		78,505		86,355
Rambus, Inc.		91,650		1,064,973
Sigma Designs, Inc.		74,966		474,535
SolarEdge Technologies, Inc.		1,607		43,052
SunPower Corporation		9,775		196,868

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Information Technology - 13.1% (Continued)
Semiconductors & Semiconductor Equipment - 1.7% (Continued)
Ultratech, Inc.		6,795	$	147,384
Veeco Instruments, Inc.		22,813		419,987
Xcerra Corporation		1,467		8,655
				9,303,337
Software - 2.8%
Atlassian Corporation plc - Class A		1,875		43,444
Attunity Ltd.		442		3,019
Bottomline Technologies (de), Inc.		4,364		107,180
Box, Inc. - Class A		95,334		1,232,669
BroadSoft, Inc.		601		23,538
Code Rebel Corporation		30,241		85,582
Covisint Corporation		1,539		2,847
Datawatch Corporation		9,691		51,556
Digimarc Corporation		58,141		1,735,509
Digital Turbine, Inc.		80,000		68,800
Ebix, Inc.		45,546		2,191,673
Evolving Systems, Inc.		7,002		40,331
FactSet Research Systems, Inc.		97		14,623
FalconStor Software, Inc.		5,631		5,969
FireEye, Inc.		2,500		43,375
Fleetmatics Group plc		438		15,877
Globant S.A.		55		1,952
Glu Mobile, Inc.		178,837		477,495
Guidance Software, Inc.		3,411		17,396
HubSpot, Inc.		19,895		881,150
Imperva, Inc.		212		9,854
Interactive Intelligence Group, Inc.		7,682		285,540
MobileIron, Inc.		17,049		65,298
Model N, Inc.		97,450		1,040,766
Net 1 UEPS Technologies, Inc.		10,834		129,141
NetSuite, Inc.		474		38,413
Park City Group, Inc.		3,448		32,756
Paycom Software, Inc.		25,870		988,493
Proofpoint, Inc.		8,662		504,648
Qlik Technologies, Inc.		10,459		322,033
Rapid7, Inc.		40,297		504,518
Rovi Corporation		951		16,757
Seachange International, Inc.		108,893		406,171
Take-Two Interactive Software, Inc.		919		31,411
Tangoe, Inc.		28,933		255,189
TiVo, Inc.		67,348		672,133
TubeMogul, Inc.		23,748		307,774
VASCO Data Security International, Inc.		7,250		125,642
Verint Systems, Inc.		5,580		188,827
VirnetX Holding Corporation		418,089		1,877,220
VMware, Inc. - Class A		95		5,406
Voltari Corporation		293		1,037
Workday, Inc. - Class A		1,150		86,227
Xura, Inc.		11,125		249,089
				15,188,328

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Information Technology - 13.1% (Continued)
Technology Hardware, Storage & Peripherals - 0.9%
3D Systems Corporation		105,273	$	1,862,279
Apple, Inc.		114		10,686
Avid Technology, Inc.		16,027		89,431
Concurrent Computer Corporation		2,753		16,683
CPI Card Group, Inc.		29,026		230,176
Diebold, Inc.		9,719		255,318
Electronics For Imaging, Inc.		3,221		128,325
Imation Corporation		57,464		90,219
Pure Storage, Inc. - Class A		5,632		81,946
Silicon Graphics International Corporation		8,246		36,942
Stratasys Ltd.		52,375		1,281,616
Super Micro Computer, Inc.		2,676		72,011
USA Technologies, Inc.		140,799		616,700
				4,772,332
Materials - 3.4%
Chemicals - 1.2%
A. Schulman, Inc.		8,493		236,870
AgroFresh Solutions, Inc.		8,596		53,553
Albemarle Corporation		885		58,552
American Vanguard Corporation		2,215		36,658
Balchem Corporation		5,187		318,274
BioAmber, Inc.		2,580		10,965
CF Industries Holdings, Inc.		2,581		85,354
China Green Agriculture, Inc.		6,941		9,093
Ferro Corporation		16,153		205,789
Flotek Industries, Inc.		130,489		1,233,121
FutureFuel Corporation		44,241		497,269
Hawkins, Inc.		17,696		692,445
International Flavors & Fragrances, Inc.		307		36,677
Intrepid Potash, Inc.		96,711		123,790
Kraton Performance Polymers, Inc.		14,807		336,267
Kronos Worldwide, Inc.		34,750		231,088
Landec Corporation		47,051		529,324
LSB Industries, Inc.		23,382		307,707
Minerals Technologies, Inc.		2,763		165,504
NewMarket Corporation		222		90,145
OMNOVA Solutions, Inc.		25,423		181,774
Platform Specialty Products Corporation		6,078		62,603
Praxair, Inc.		240		28,190
Senomyx, Inc.		371,183		909,398
Trecora Resources		3,573		40,911
Valhi, Inc.		1,400		2,758
				6,484,079
Construction Materials - 0.0% (a)
Vulcan Materials Company		170		18,297
Containers & Packaging - 0.1%
AEP Industries, Inc.		1,100		67,793
AptarGroup, Inc.		174		13,224
Multi Packaging Solutions International Ltd.		1,534		25,495
Sealed Air Corporation		80		3,789

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Materials - 3.4% (Continued)
Containers & Packaging - 0.1% (Continued)
Silgan Holdings, Inc.		4,439	$	225,235
UFP Technologies, Inc.		73		1,814
				337,350
Metals & Mining - 1.8%
AK Steel Holding Corporation		119,344		558,530
Alexco Resource Corporation		4,100		5,166
Allegheny Technologies, Inc.		15,057		246,031
B2Gold Corporation		266		591
Carpenter Technology Corporation		8,176		289,512
Century Aluminum Company		22,361		197,224
Cliffs Natural Resources, Inc.		545,276		2,873,605
Compass Minerals International, Inc.		15,292		1,146,288
Energy Fuels, Inc.		11,362		26,701
First Majestic Silver Corporation		2,566		27,302
Freeport-McMoRan, Inc.		7,494		104,916
General Steel Holdings, Inc.		2,977		4,138
Gold Resource Corporation		98,062		322,624
Hecla Mining Company		68,241		294,119
HudBay Minerals, Inc.		29,697		147,891
McEwen Mining, Inc.		41,506		107,916
Mountain Province Diamonds, Inc.		3,025		12,856
NN, Inc.		41,312		621,332
Pretium Resources, Inc.		1,182		9,728
Primero Mining Corporation		147,448		277,202
Real Industry, Inc.		5,642		49,875
Schnitzer Steel Industries, Inc. - Class A		2,315		47,735
Seabridge Gold, Inc.		11,433		163,835
Silver Standard Resources, Inc.		4,989		46,847
Southern Copper Corporation		1,797		53,317
Stillwater Mining Company		77,369		943,902
Tahoe Resources, Inc.		41,183		581,916
United States Steel Corporation		29,636		566,344
				9,727,443
Paper & Forest Products - 0.3%
Deltic Timber Corporation		23,684		1,480,250
Rentech, Inc.		6,454		22,395
Resolute Forest Products, Inc.		9,855		57,257
				1,559,902
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.3%
CenturyLink, Inc.		679		21,015
Cincinnati Bell, Inc.		16,735		63,928
Consolidated Communications Holdings, Inc.		4,876		115,269
FairPoint Communications, Inc.		3,840		50,918
Frontier Communications Corporation		15,845		88,098
Globalstar, Inc.		424,161		827,114
inContact, Inc.		8,452		78,688
Intelsat S.A.		334,631		1,321,792
Iridium Communications, Inc.		28,221		227,744
magicJack VocalTec Ltd.		17,951		108,783
pdvWireless, Inc.		24,834		1,002,797

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Telecommunication Services - 1.6% (Continued)
Diversified Telecommunication Services - 1.3% (Continued)
Straight Path Communications, Inc. - Class B		60,094	$	2,199,440
Windstream Holdings, Inc.		148,663		1,290,395
				7,395,981
Wireless Telecommunication Services - 0.3%
Boingo Wireless, Inc.		10,388		79,884
NTELOS Holdings Corporation		146,060		1,351,055
Sprint Corporation		25,864		88,714
				1,519,653
Utilities - 0.6%
Electric Utilities - 0.1%
Duke Energy Corporation		39		3,072
El Paso Electric Company		153		6,900
Empire District Electric Company (The)		1,012		34,074
Genie Energy Ltd. - Class B		11,030		81,291
ITC Holdings Corporation		2,114		93,164
Otter Tail Corporation		2,157		62,381
Spark Energy, Inc. - Class A		1,680		43,310
Unitil Corporation		238		9,406
Westar Energy, Inc.		964		49,752
				383,350
Gas Utilities - 0.0% (a)
Chesapeake Utilities Corporation		615		36,605
Gas Natural, Inc.		529		3,862
South Jersey Industries, Inc.		680		18,979
Spire, Inc.		1,144		73,170
				132,616
Independent Power and Renewable Electricity Producers - 0.4%
Abengoa Yield plc		2,074		37,394
Dynegy, Inc.		278		4,901
NRG Yield, Inc. - Class C		5,003		80,949
Pattern Energy Group, Inc.		1,578		33,138
TerraForm Global, Inc. - Class A		249,941		727,328
TerraForm Power, Inc. - Class A		30,296		323,561
TransAlta Corporation		1,884		9,835
Vivint Solar, Inc.		250,126		835,421
				2,052,527
Multi-Utilities - 0.0% (a)
Avista Corporation		1,166		46,722
CenterPoint Energy, Inc.		165		3,539
Consolidated Edison, Inc.		153		11,414
Just Energy Group, Inc.		3,338		21,196
NiSource, Inc.		2,542		57,729
OGE Energy Corporation		3,169		93,771
TECO Energy, Inc.		3,242		90,030
WEC Energy Group, Inc.		494		28,756
				353,157
Water Utilities - 0.1%
Cadiz, Inc.		1,137		7,379
Connecticut Water Service, Inc.		417		19,607

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 80.8% (Continued)	Shares		Value
Utilities - 0.6% (Continued)
Water Utilities - 0.1% (Continued)
York Water Company (The)		15,135	$	448,753
				475,739
Total Common Stocks (Proceeds $469,943,895)			$	437,308,737

RIGHTS - 0.0% (a)	Shares		Value
Enterprise Bancorp, Inc. (b) (Proceeds $0)		18	$	2

WARRANTS - 0.1% (a)	Shares		Value
Central European Media Enterprises Ltd. (b)		115,647	$	191,974
Magnum Hunter Resources Corporation (b)		15,689		0
Sears Holdings Corporation		36		185
Total Warrants (Proceeds $551,328)			$	192,159
Total Securities Sold Short - 80.8% (Proceeds $470,495,223)			$	437,500,898

(a)	Percentage rounds to less than 0.1%.
(b)	Security has been valued at fair value pursuant to procedures adopted by and under the supervision of the Board of Trustees. The total value of such securities is $(191,976) at April 30, 2016, representing (0.0%) (a) of net assets (Note 2).

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
April 30, 2016 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	05/18/2016		398	$	6,766,000	$	447,574
CBOE Volatility Index (VIX) Future	06/15/2016		360		6,840,000		(552,342	)
E-Mini S&P 500 Future	06/17/2016		661		68,140,837		(1,737,443	)
Total Futures Contracts Sold Short				$	81,746,837	$	(1,842,211	)

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2016(Unaudited)
COMMON STOCKS - 98.8%	Shares		Value
Consumer Discretionary - 15.9%
Auto Components - 1.6%
American Axle & Manufacturing Holdings, Inc. (a)		5,837	$	90,532
Cooper-Standard Holdings, Inc. (a)		5,272		406,524
Dana Holding Corporation		6,016		77,787
Federal-Mogul Holdings Corporation (a)		3,290		30,400
Metaldyne Performance Group, Inc.		9,692		154,393
Modine Manufacturing Company (a)		28,135		304,139
Stoneridge, Inc. (a)		1,283		18,296
Superior Industries International, Inc.		5,631		147,082
Tower International, Inc.		5,011		115,002
				1,344,155
Distributors - 0.3%
Pool Corporation		2,820		246,496
Diversified Consumer Services - 1.4%
Apollo Education Group, Inc. (a)		44,250		345,150
Bright Horizons Family Solutions, Inc. (a)		3,910		256,574
Capella Education Company		1,415		78,264
Career Education Corporation (a)		39,565		211,277
Graham Holdings Company - Class B		247		117,705
K12, Inc. (a)		12,929		158,898
				1,167,868
Hotels, Restaurants & Leisure - 3.8%
Biglari Holdings, Inc. (a)		80		29,915
Bloomin' Brands, Inc.		18,616		348,119
Bojangles', Inc. (a)		4,171		73,535
Boyd Gaming Corporation (a)		12,698		236,691
Bravo Brio Restaurant Group, Inc. (a)		2,717		20,024
Brinker International, Inc.		2,286		105,887
Buffalo Wild Wings, Inc. (a)		791		105,725
Caesars Acquisition Company - Class A (a)		3,476		26,313
Carrols Restaurant Group, Inc. (a)		15,920		221,447
DineEquity, Inc.		895		76,970
Eldorado Resorts, Inc. (a)		7,853		102,953
Golden Entertainment, Inc. (a)		6,609		79,969
International Speedway Corporation - Class A		2,948		98,729
Isle of Capri Casinos, Inc. (a)		28,553		425,440
Krispy Kreme Doughnuts, Inc. (a)		12,447		216,702
La Quinta Holdings, Inc. (a)		20,008		255,502
Marcus Corporation (The)		4,276		82,741
Monarch Casino & Resort, Inc. (a)		4,123		78,337
Nathan's Famous, Inc. (a)		2,535		112,833
Penn National Gaming, Inc. (a)		6,770		109,200
Pinnacle Entertainment, Inc. (a)		2,035		22,466
Potbelly Corporation (a)		5,183		73,858
Ruth's Hospitality Group, Inc.		4,562		72,445
Speedway Motorsports, Inc.		2,862		50,142
Vail Resorts, Inc.		1,950		252,798
				3,278,741
Household Durables - 1.6%
Cavco Industries, Inc. (a)		1,013		88,830

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Consumer Discretionary - 15.9%(Continued)
Household Durables - 1.6% (Continued)
Flexsteel Industries, Inc.		2,842	$	116,209
Helen of Troy Ltd. (a)		2,484		247,233
La-Z-Boy, Inc.		16,027		414,618
Lennar Corporation - B Shares		2,587		93,029
Libbey, Inc.		5,707		106,150
Lifetime Brands, Inc.		8,785		151,717
M/I Homes, Inc. (a)		3,155		63,415
Skullcandy, Inc. (a)		23,443		79,941
				1,361,142
Internet & Catalog Retail - 1.1%
Esty, Inc. (a)		8,418		73,910
FTD Companies, Inc. (a)		2,634		73,252
HSN, Inc.		4,409		233,809
Liberty TripAdvisor Holdings, Inc. - Series A (a)		11,492		253,513
Overstock.com, Inc. (a)		15,025		219,215
Travelport Worldwide Ltd.		7,077		98,724
				952,423
Leisure Products - 0.5%
Callaway Golf Company		1,906		17,802
JAKKS Pacific, Inc. (a)		3,578		26,835
Johnson Outdoors, Inc. - Class A		3,362		81,125
Malibu Boats, Inc. - Class A (a)		1,492		26,259
MCBC Holdings, Inc. (a)		6,470		86,827
Performance Sports Group Ltd. (a)		21,611		80,177
Vista Outdoor, Inc. (a)		1,623		77,872
				396,897
Media - 1.8%
AMC Entertainment Holdings, Inc. - Class A		16,050		452,289
Carmike Cinemas, Inc. (a)		2,872		86,131
Crown Media Holdings, Inc. - Class A (a)		16,761		84,978
John Wiley & Sons, Inc. - Class A		2,743		136,025
MDC Partners, Inc. - Class A		9,816		198,676
New York Times Company (The) - Class A		19,436		249,170
News Corporation - Class B		5,998		77,734
Starz - Series A (a)		3,001		81,657
Tribune Publishing Company		7,071		80,115
Viacom, Inc. - Class A		1,699		74,637
				1,521,412
Multiline Retail - 0.3%
Big Lots, Inc.		68		3,119
Burlington Stores, Inc. (a)		4,427		252,206
				255,325
Specialty Retail - 2.8%
Ascena Retail Group, Inc. (a)		9,492		83,625
Barnes & Noble, Inc.		18,963		222,815
Big 5 Sporting Goods Corporation		7,933		95,910
Boot Barn Holdings, Inc. (a)		1,524		12,497
Build-A-Bear Workshop, Inc. (a)		1,705		22,455
Caleres, Inc.		12,487		314,797
Container Store Group, Inc. (The) (a)		10,351		73,492
Express, Inc. (a)		13,111		238,358

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Consumer Discretionary - 15.9%(Continued)
Specialty Retail - 2.8% (Continued)
Five Below, Inc. (a)		2,526	$	105,334
Francesca's Holdings Corporation (a)		5,607		93,076
Genesco, Inc. (a)		5,017		347,076
Kirkland's, Inc.		13,132		215,628
Murphy USA, Inc. (a)		1,316		75,565
New York & Company, Inc. (a)		8,932		33,227
Party City Holdco, Inc. (a)		7,385		105,827
Pier 1 Imports, Inc.		14,761		101,703
Restoration Hardware Holdings, Inc. (a)		2,615		113,151
Shoe Carnival, Inc.		3,005		77,018
Tilly's, Inc. - Class A (a)		3,888		24,456
				2,356,010
Textiles, Apparel & Luxury Goods - 0.7%
Culp, Inc.		1,280		33,587
Deckers Outdoor Corporation (a)		364		21,043
Delta Apparel, Inc. (a)		3,897		78,914
Movado Group, Inc.		3,091		87,197
Oxford Industries, Inc.		1,157		76,848
Perry Ellis International, Inc. (a)		4,727		90,049
Tumi Holdings, Inc. (a)		2,958		78,920
Unifi, Inc. (a)		5,150		132,664
Vince Holding Corporation (a)		5,096		31,493
				630,715
Consumer Staples - 3.8%
Beverages - 0.3%
Coca-Cola Bottling Company Consolidated		493		78,569
National Beverage Corporation (a)		1,720		80,393
Primo Water Corporation (a)		9,149		100,639
				259,601
Food & Staples Retailing - 1.4%
Andersons, Inc. (The)		9,668		323,975
Chefs' Warehouse, Inc. (The) (a)		3,578		68,948
Performance Food Group Company (a)		9,964		257,868
PriceSmart, Inc.		1,259		108,954
SpartanNash Company		9,192		254,619
United Natural Foods, Inc. (a)		2,527		90,138
Village Super Market, Inc. - Class A		4,265		104,066
				1,208,568
Food Products - 1.6%
Darling Ingredients, Inc. (a)		13,767		199,484
Dean Foods Company		8,351		143,888
Fresh Del Monte Produce, Inc.		5,990		259,127
J & J Snack Foods Corporation		841		85,050
John B. Sanfilippo & Son, Inc.		660		36,518
Omega Protein Corporation (a)		5,228		97,188
Post Holdings, Inc. (a)		3,553		255,248
Seneca Foods Corporation - Class A (a)		9,476		308,823
Snyder's-Lance, Inc.		387		12,372
				1,397,698
Personal Products - 0.4%
Avon Products, Inc.		21,762		102,499

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Consumer Staples - 3.8%(Continued)
Personal Products - 0.4% (Continued)
Inter Parfums, Inc.		2,522	$	77,224
Nutraceutical International Corporation (a)		445		10,497
Revlon, Inc. - Class A (a)		2,784		101,421
				291,641
Tobacco - 0.1%
Alliance One International, Inc. (a)		4,256		108,571
Energy - 4.1%
Energy Equipment & Services - 1.8%
Archrock, Inc.		58,582		577,033
Atwood Oceanics, Inc.		9,428		91,074
Exterran Corporation (a)		4,836		73,991
Helix Energy Solutions Group, Inc. (a)		14,560		125,653
Matrix Service Company (a)		548		10,324
Nabors Industries Ltd.		8,027		78,665
PHI, Inc. (a)		3,477		77,954
Rowan Companies plc - Class A		5,057		95,122
TETRA Technologies, Inc. (a)		47,499		341,993
Willbros Group, Inc. (a)		23,769		76,061
				1,547,870
Oil, Gas & Consumable Fuels - 2.3%
Alon USA Energy, Inc.		11,228		117,894
Delek US Holdings, Inc.		14,570		231,517
DHT Holdings, Inc.		18,214		104,548
Memorial Resource Development Corporation (a)		8,171		106,877
Navios Maritime Acquisition Corporation		10,048		19,393
Par Pacific Holdings, Inc. (a)		9,991		190,928
PDC Energy, Inc. (a)		3,960		248,648
Rice Energy, Inc. (a)		6,122		105,972
Ring Energy, Inc. (a)		11,776		84,787
Scorpio Tankers, Inc.		38,988		244,065
SemGroup Corporation - Class A		5,004		153,422
Teekay Corporation		10,194		114,173
Western Refining, Inc.		9,392		251,330
				1,973,554
Financials - 20.2%
Banks - 6.0%
Avenue Financial Holdings, Inc. (a)		1,698		33,213
BancFirst Corporation		1,258		78,461
BancorpSouth, Inc.		11,038		259,283
BNC Bancorp		1,432		32,020
Carolina Financial Corporation		992		18,650
CenterState Banks, Inc.		1,436		23,392
Central Pacific Financial Corporation		4,183		97,631
CommunityOne Bancorp (a)		2,268		29,938
Customers Bancorp, Inc. (a)		2,720		70,666
FCB Financial Holdings, Inc. - Class A (a)		7,112		248,564
Fidelity Southern Corporation		5,449		88,056
Financial Institutions, Inc.		727		20,356
First BanCorp (Puerto Rico) (a)		67,379		262,778
First Foundation, Inc. (a)		3,565		80,391

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Financials - 20.2%(Continued)
Banks - 6.0% (Continued)
First Horizon National Corporation		1	$	3
First Midwest Bancorp, Inc.		9,329		172,400
Great Southern Bancorp, Inc.		2,404		91,015
Great Western Bancorp, Inc.		8,452		266,407
Guaranty Bancorp		2,102		34,515
Hanmi Financial Corporation		6,470		149,586
Heartland Financial USA, Inc.		2,872		96,241
IBERIABANK Corporation		4,459		263,036
Independent Bank Group, Inc.		1,181		43,225
Investors Bancorp, Inc.		21,631		249,838
LegacyTexas Financial Group, Inc.		9,685		238,832
MB Financial, Inc.		2,770		96,285
Middleburg Financial Corporation		2,927		79,029
Monarch Financial Holdings, Inc.		4,407		81,045
NBT Bancorp, Inc.		210		5,951
Old Line Bancshares, Inc.		4,349		80,370
Republic Bancorp, Inc. - Class A		748		20,428
ServisFirst Bancshares, Inc.		4,108		202,442
Sierra Bancorp		5,330		93,861
Sterling Bancorp		21,321		348,385
Stonegate Bank		2,476		77,994
Talmer Bancorp, Inc. - Class A		5,647		109,552
TCF Financial Corporation		7,206		98,290
Tompkins Financial Corporation		3,484		227,645
TowneBank		8,994		188,874
United Community Banks, Inc.		401		8,072
Western Alliance Bancorp (a)		6,883		251,780
Yadkin Financial Corporation		9,720		243,194
				5,161,694
Capital Markets - 1.8%
Arlington Asset Investment Corporation - Class A		5,642		73,007
Associated Capital Group, Inc. - Class A (a)		2,463		75,048
BGC Partners, Inc. - Class A		8,381		76,099
Evercore Partners, Inc. - Class A		1,865		96,309
Houlihan Lokey, Inc.		11,854		298,839
Investment Technology Group, Inc.		2,926		57,116
KCG Holdings, Inc. - Class A (a)		7,415		101,586
Marcus & Millichap, Inc. (a)		9,593		240,592
Moelis & Company - Class A		2,526		71,006
OM Asset Management plc		27,567		369,949
Piper Jaffray Companies (a)		2,052		85,589
				1,545,140
Consumer Finance - 0.5%
Enova International, Inc. (a)		4,391		38,685
Green Dot Corporation - Class A (a)		6,421		142,739
Nelnet, Inc. - Class A		5,071		212,525
				393,949
Diversified Financial Services - 0.8%
Cohen & Steers, Inc.		6,153		241,628
Global Eagle Entertainment, Inc. (a)		6,251		50,071
MarketAxess Holdings, Inc.		2,028		248,957

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Financials - 20.2%(Continued)
Diversified Financial Services - 0.8% (Continued)
PHH Corporation (a)		7,482	$	95,994
PICO Holdings, Inc. (a)		1,626		16,146
				652,796
Insurance - 3.4%
AMERISAFE, Inc.		3,117		167,944
Argo Group International Holdings Ltd.		4,364		239,889
Aspen Insurance Holdings Ltd.		2,162		100,209
CNO Financial Group, Inc.		5,883		108,071
EMC Insurance Group, Inc.		3,041		80,465
Employers Holdings, Inc.		7,996		237,481
Enstar Group Ltd. (a)		1,589		251,761
FBL Financial Group, Inc. - Class A		2,613		158,008
Horace Mann Educators Corporation		2,303		71,623
Infinity Property & Casualty Corporation		192		15,391
James River Group Holdings Ltd.		2,783		86,162
Kemper Corporation		2,906		89,970
National General Holdings Corporation		7,186		145,085
National Interstate Corporation		318		9,791
National Western Life Group, Inc. - Class A		334		72,378
Navigators Group, Inc. (The) (a)		2,196		181,411
OneBeacon Insurance Group Ltd. - Class A		1,851		22,952
Phoenix Companies, Inc. (The) (a)		1,585		58,661
ProAssurance Corporation		2,819		134,551
Selective Insurance Group, Inc.		7,522		261,089
United Fire Group, Inc.		8,419		377,339
				2,870,231
Real Estate Investment Trusts (REIT) - 5.5%
American Assets Trust, Inc.		1,756		69,661
Bluerock Residential Growth REIT, Inc.		6,049		66,176
Brandywine Realty Trust		15,414		230,439
BRT Realty Trust (a)		1,630		11,597
Care Capital Properties, Inc.		5,106		136,177
CBL & Associates Properties, Inc.		34,072		397,961
Cedar Realty Trust, Inc.		6,569		45,458
City Office REIT, Inc.		9,878		110,930
Colony Starwood Homes		3,788		92,314
Columbia Property Trust, Inc.		7,742		172,647
Corporate Office Properties Trust		15,226		391,004
Cousins Properties, Inc.		9,014		93,295
First Potomac Realty Trust		21,030		176,862
Forest City Realty Trust, Inc. - Class A		50		1,039
Gaming and Leisure Properties, Inc.		1,730		56,719
GEO Group, Inc. (The)		3,171		101,567
Getty Realty Corporation		10,794		212,426
Gyrodyne, LLC (a)		438		12,155
InfraREIT, Inc.		7,292		120,901
Ladder Capital Corporation		2,956		35,206
Lexington Realty Trust		12,273		107,757
Medical Properties Trust, Inc.		519		6,908
New York REIT, Inc.		13,345		131,181

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Financials - 20.2%(Continued)
Real Estate Investment Trusts (REIT) - 5.5% (Continued)
NexPoint Residential Trust, Inc.		8,661	$	121,774
Outfront Media, Inc.		9,587		207,942
Paramount Group, Inc.		7,351		122,762
Parkway Properties, Inc.		26,473		435,481
Pennsylvania Real Estate Investment Trust		8,313		190,700
Piedmont Office Realty Trust, Inc. - Class A		11,303		225,043
PS Business Parks, Inc.		286		27,387
RMR Group, Inc. (The) - Class A		3,545		88,341
Rouse Properties, Inc.		6,418		118,540
Sabra Health Care REIT, Inc.		1,504		31,719
Select Income REIT		1,566		36,253
Silver Bay Realty Trust Corporation		907		13,242
UMH Properties, Inc.		4,109		40,268
W.P. Carey, Inc.		1,025		62,617
WP Glimcher, Inc.		18,718		196,352
				4,698,801
Thrifts & Mortgage Finance - 2.2%
Anchor BanCorp Wisconsin, Inc. (a)		1,669		79,878
Astoria Financial Corporation		2,061		30,997
BankFinancial Corporation		7,286		90,055
Brookline Bancorp, Inc.		6,838		77,816
Cape Bancorp, Inc.		5,571		81,281
Charter Financial Corporation		3,341		41,863
Essent Group Ltd. (a)		5,686		116,108
EverBank Financial Corporation		6,711		101,202
Federal Agricultural Mortgage Corporation - Class C		3,608		146,773
Flagstar Bancorp, Inc. (a)		10,625		251,494
Flushing Financial Corporation		9,783		195,171
HomeStreet, Inc. (a)		2,358		50,815
Meta Financial Group, Inc.		1,709		84,801
NMI Holdings, Inc. - Class A (a)		3,733		23,481
Oritani Financial Corporation		9,025		156,403
PennyMac Financial Services, Inc. - Class A (a)		1,225		15,606
Provident Financial Services, Inc.		6,024		120,360
Southern Missouri Bancorp, Inc.		3,197		79,190
Washington Federal, Inc.		4,365		106,026
				1,849,320
Health Care - 17.6%
Biotechnology - 4.3%
Acceleron Pharma, Inc. (a)		7,788		233,251
AMAG Pharmaceuticals, Inc. (a)		3,286		87,145
Applied Genetic Technologies Corporation (a)		9,891		155,388
Avalanche Biotechnologies, Inc. (a)		6,892		38,870
BioSpecifics Technologies Corporation (a)		3,473		123,500
Biostage, Inc. (a)		1		1
Cara Therapeutics, Inc. (a)		15,337		93,556
Celator Pharmaceuticals, Inc. (a)		6,585		99,236
Cepheid (a)		7,258		207,143
Concert Pharmaceuticals, Inc. (a)		5,625		78,412
Enanta Pharmaceuticals, Inc. (a)		3,019		88,155

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Health Care - 17.6%(Continued)
Biotechnology - 4.3% (Continued)
Epizyme, Inc. (a)		20,397	$	212,537
FibroGen, Inc. (a)		12,541		225,738
Five Prime Therapeutics, Inc. (a)		5,138		244,517
Flexion Therapeutics, Inc. (a)		7,453		77,511
Genomic Health, Inc. (a)		8,337		219,096
Ignyta, Inc. (a)		12,645		87,503
Infinity Pharmaceuticals, Inc. (a)		16,492		95,654
Ligand Pharmaceuticals, Inc. (a)		745		90,048
Neurocrine Biosciences, Inc. (a)		5,370		244,765
Ophthotech Corporation (a)		5,378		251,368
PDL BioPharma, Inc.		88,318		332,959
Pfenex, Inc. (a)		9,275		75,684
PharmAthene, Inc. (a)		32,692		77,807
Rigel Pharmaceuticals, Inc. (a)		35,072		99,254
Trevena, Inc. (a)		11,607		90,418
				3,629,516
Health Care Equipment & Supplies - 4.9%
AngioDynamics, Inc. (a)		11,062		135,509
Atrion Corporation		197		78,268
AxoGen, Inc. (a)		14,229		82,813
Cantel Medical Corporation		4,886		327,313
Cynosure, Inc. - Class A (a)		8,490		415,501
Exactech, Inc. (a)		4,373		99,442
Glaukos Corporation (a)		5,161		97,233
Greatbatch, Inc. (a)		315		10,962
Haemonetics Corporation (a)		9,798		317,749
Halyard Health, Inc. (a)		7,860		221,338
ICU Medical, Inc. (a)		1,174		116,625
Inogen, Inc. (a)		2,186		106,808
Invacare Corporation		23,212		260,903
LeMaitre Vascular, Inc.		372		6,168
Masimo Corporation (a)		9,989		433,023
Merit Medical Systems, Inc. (a)		4,004		81,081
Natus Medical, Inc. (a)		5,886		187,587
NuVasive, Inc. (a)		2,159		114,297
NxStage Medical, Inc. (a)		6,000		96,720
OraSure Technologies, Inc. (a)		23,397		167,990
Orthofix International N.V. (a)		8,885		388,808
Penumbra, Inc. (a)		1,869		101,861
Utah Medical Products, Inc.		1,240		82,956
West Pharmaceutical Services, Inc.		3,537		251,834
				4,182,789
Health Care Providers & Services - 4.2%
Aceto Corporation		3,180		71,327
Addus HomeCare Corporation (a)		4,065		75,203
Almost Family, Inc. (a)		3,202		134,516
Amedisys, Inc. (a)		2,512		129,343
BioTelemetry, Inc. (a)		3,909		61,489
Capital Senior Living Corporation (a)		2,367		47,482
Civitas Solutions, Inc. (a)		279		5,591
CorVel Corporation (a)		4,407		199,196

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Health Care - 17.6%(Continued)
Health Care Providers & Services - 4.2% (Continued)
Genesis Healthcare, Inc. (a)		18,288	$	46,086
HMS Holdings Corporation (a)		23,073		389,703
LHC Group, Inc. (a)		5,073		204,645
Magellan Health, Inc. (a)		7,361		518,656
Molina Healthcare, Inc. (a)		3,954		204,659
National HealthCare Corporation		1,393		89,779
Owens & Minor, Inc.		8,031		292,248
PharMerica Corporation (a)		518		12,246
Premier, Inc. - Class A (a)		2,808		94,938
RadNet, Inc. (a)		19,969		100,843
Surgical Care Affiliates, Inc. (a)		6,041		292,082
Triple-S Management Corporation - Class B (a)		10,990		286,180
U.S. Physical Therapy, Inc.		1,564		77,981
WellCare Health Plans, Inc. (a)		2,723		245,043
				3,579,236
Health Care Technology - 0.4%
Allscripts Healthcare Solutions, Inc. (a)		6,914		92,648
HealthStream, Inc. (a)		3,423		77,428
Omnicell, Inc. (a)		3,249		103,513
Press Ganey Holdings, Inc. (a)		2,553		77,790
				351,379
Life Sciences Tools & Services - 1.2%
Enzo Biochem, Inc. (a)		15,517		77,275
INC Research Holdings, Inc. - Class A (a)		10,781		518,889
PAREXEL International Corporation (a)		3,808		232,669
PRA Health Sciences, Inc. (a)		5,139		243,845
				1,072,678
Pharmaceuticals - 2.6%
AcelRx Pharmaceuticals, Inc. (a)		6,058		20,476
BioDelivery Sciences International, Inc. (a)		20,966		70,865
Collegium Pharmaceutical, Inc. (a)		12,275		233,962
Corcept Therapeutics, Inc. (a)		4,565		21,775
Depomed, Inc. (a)		5,138		89,298
Dermira, Inc. (a)		6,676		168,836
DURECT Corporation (a)		53,819		72,118
Flex Pharma, Inc. (a)		7,134		78,189
Heska Corporation (a)		5,914		180,968
Impax Laboratories, Inc. (a)		9,888		329,765
KemPharm, Inc. (a)		6,254		103,566
Lannett Company, Inc. (a)		3,434		65,864
Paratek Pharmaceuticals, Inc. (a)		1,816		24,734
Phibro Animal Health Corporation - Class A		7,355		152,543
Prestige Brands Holdings, Inc. (a)		4,440		252,103
Sagent Pharmaceuticals, Inc. (a)		18,756		218,320
Supernus Pharmaceuticals, Inc. (a)		5,734		98,395
				2,181,777
Industrials - 13.1%
Aerospace & Defense - 1.2%
Curtiss-Wright Corporation		3,257		249,421
DigitalGlobe, Inc. (a)		12,641		280,125
Esterline Technologies Corporation (a)		4,939		339,112

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Industrials - 13.1%(Continued)
Aerospace & Defense - 1.2% (Continued)
HEICO Corporation		507	$	31,084
Moog, Inc. - Class A (a)		2,199		107,443
Vectrus, Inc. (a)		2,331		50,256
				1,057,441
Air Freight & Logistics - 0.6%
Air Transport Services Group, Inc. (a)		6,011		84,695
Atlas Air Worldwide Holdings, Inc. (a)		2,089		83,435
Forward Air Corporation		2,194		100,002
Hub Group, Inc. - Class A (a)		3,031		116,754
Radiant Logistics, Inc. (a)		22,707		89,466
				474,352
Airlines - 0.5%
Hawaiian Holdings, Inc. (a)		2,318		97,518
SkyWest, Inc.		15,472		363,592
				461,110
Building Products - 1.4%
Builders FirstSource, Inc. (a)		9,711		107,695
Continental Building Products, Inc. (a)		5,128		100,560
Gibraltar Industries, Inc. (a)		8,192		216,679
Insteel Industries, Inc.		3,290		95,377
Masonite International Corporation (a)		1,473		99,663
NCI Building Systems, Inc. (a)		10,939		161,241
Ply Gem Holdings, Inc. (a)		24,503		358,969
TopBuild Corporation (a)		2,474		77,238
				1,217,422
Commercial Services & Supplies - 1.4%
ACCO Brands Corporation (a)		591		5,638
ARC Document Solutions, Inc. (a)		5,237		21,576
Brink's Company (The)		9,557		323,409
CECO Environmental Corporation		3,430		22,638
InnerWorkings, Inc. (a)		29,439		240,517
Interface, Inc.		886		15,080
Knoll, Inc.		6,183		144,373
Quad/Graphics, Inc.		17,636		221,332
Steelcase, Inc. - Class A		6,428		98,091
UniFirst Corporation		906		98,192
				1,190,846
Construction & Engineering - 0.3%
EMCOR Group, Inc.		905		43,874
Great Lakes Dredge & Dock Corporation (a)		3,416		15,611
Integrated Electrical Services, Inc. (a)		8,180		98,733
MYR Group, Inc. (a)		3,090		78,826
NV5 Global, Inc. (a)		567		14,079
				251,123
Electrical Equipment - 1.6%
Allied Motion Technologies, Inc.		1,288		27,756
AZZ, Inc.		4,298		236,046
Belden, Inc.		5,455		344,429
Encore Wire Corporation		2,003		76,615
EnerSys		3,525		205,754
LSI Industries, Inc.		6,080		76,912

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Industrials - 13.1%(Continued)
Electrical Equipment - 1.6% (Continued)
Powell Industries, Inc.		10,774	$	335,287
SL Industries, Inc. (a)		339		13,553
				1,316,352
Machinery - 3.1%
Albany International Corporation - Class A		7,830		315,471
Ampco-Pittsburgh Corporation		4,304		82,163
Astec Industries, Inc.		2,177		105,367
Barnes Group, Inc.		2,323		75,474
Chart Industries, Inc. (a)		68		1,750
CLARCOR, Inc.		1,870		109,900
Columbus McKinnon Corporation		3,558		58,743
Commercial Vehicle Group, Inc. (a)		1,847		4,747
Energy Recovery, Inc. (a)		6,430		78,189
Federal Signal Corporation		11,189		153,177
Global Brass & Copper Holdings, Inc.		2,879		78,021
Greenbrier Companies, Inc. (The)		134		4,019
Hardinge, Inc.		6,086		79,118
Harsco Corporation		47,924		339,781
Hillenbrand, Inc.		735		22,278
L.B. Foster Company - Class A		1,254		24,679
Lydall, Inc. (a)		2,513		92,453
Mueller Industries, Inc.		2,933		92,565
Mueller Water Products, Inc. - Class A		24,126		259,355
NACCO Industries, Inc. - Class A		1,612		95,946
SPX FLOW, Inc. (a)		7,906		236,864
Standex International Corporation		1,609		123,394
Supreme Industries, Inc. - Class A		8,421		104,673
Titan International, Inc.		10,652		70,623
				2,608,750
Marine - 0.4%
Matson, Inc.		8,933		347,315
Professional Services - 1.1%
CRA International, Inc. (a)		943		20,463
Heidrick & Struggles International, Inc.		693		13,673
Kelly Services, Inc. - Class A		11,881		223,006
Kforce, Inc.		5,636		107,140
Korn/Ferry International		3,567		96,808
Mistras Group, Inc. (a)		6,580		160,355
On Assignment, Inc. (a)		2,312		83,371
TrueBlue, Inc. (a)		8,695		162,510
VSE Corporation		1,101		68,306
				935,632
Road & Rail - 0.9%
ArcBest Corporation		4,154		79,300
Avis Budget Group, Inc. (a)		3,154		79,166
Celadon Group, Inc.		5,688		57,278
PAM Transportation Services, Inc. (a)		3,213		79,393
Roadrunner Transportation Systems, Inc. (a)		10,390		122,810
YRC Worldwide, Inc. (a)		33,630		309,396
				727,343

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares			Value
Industrials - 13.1%(Continued)
Trading Companies & Distributors - 0.6%
CAI International, Inc. (a)		1,705		$	17,425
H&E Equipment Services, Inc.		6,065			122,695
MRC Global, Inc. (a)		15,192			212,384
Rush Enterprises, Inc. - Class A (a)		3,113			61,295
Univar, Inc. (a)		7,213			125,506
					539,305
Information Technology - 16.9%
Communications Equipment - 2.0%
Bel Fuse, Inc. - Class B		5,829			97,111
Black Box Corporation		14,907			217,940
Comtech Telecommunications Corporation		17,646			427,033
Digi International, Inc. (a)		10,368			109,590
EMCORE Corporation (a)		8,185			46,655
Extreme Networks, Inc. (a)		23,974			84,149
Finisar Corporation (a)		7,068			116,339
Ixia (a)		7,637			77,287
Lumentum Holdings, Inc. (a)		4,610			116,633
ORBCOMM, Inc. (a)		10,143			100,517
Plantronics, Inc.		6,275			241,274
ShoreTel, Inc. (a)		11,537			70,606
					1,705,134
Electronic Equipment, Instruments & Components - 3.2%
Badger Meter, Inc.		1,447			103,215
Benchmark Electronics, Inc. (a)		3,992			77,525
Checkpoint Systems, Inc. (a)		13,134			132,916
Coherent, Inc. (a)		1,908			178,207
Electro Scientific Industries, Inc. (a)		12,362			87,152
Fabrinet (a)		4,051			129,510
FARO Technologies, Inc. (a)		6,963			202,206
II-VI, Inc. (a)		4,047			84,461
Insight Enterprises, Inc. (a)		14,114			348,757
Kimball Electronics, Inc. (a)		772			8,446
Littelfuse, Inc.		1,153			134,301
Mercury Systems, Inc. (a)		4,512			94,842
Methode Electronics, Inc.		2,429			72,214
Multi-Fineline Electronix, Inc. (a)		5,165			118,795
Newport Corporation (a)		6,406			147,274
Plexus Corporation (a)		2,437			101,769
QLogic Corporation (a)		5,857			76,668
Radisys Corporation (a)		17,620			78,585
Sanmina Corporation (a)		10,432	��		246,717
SYNNEX Corporation		2,982			246,224
TTM Technologies, Inc. (a)		9,562			62,344
					2,732,128
Internet Software & Services - 3.1%
Autobytel, Inc. (a)		12,032			199,731
Bankrate, Inc. (a)		35,838			327,559
Bazaarvoice, Inc. (a)		6,833			22,891
Blucora, Inc. (a)		13,741			110,065
comScore, Inc. (a)		8,177			250,380
Cvent, Inc. (a)		2,244			79,325

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Information Technology - 16.9%(Continued)
Internet Software & Services - 3.1% (Continued)
EarthLink Holdings Corporation		52,815	$	306,855
Everyday Health, Inc. (a)		13,955		80,939
Internap Corporation (a)		21,199		48,334
j2 Global, Inc.		3,999		254,017
Limelight Networks, Inc. (a)		17,176		30,058
Marin Software, Inc. (a)		31,702		81,157
MeetMe, Inc. (a)		36,875		126,113
Monster Worldwide, Inc. (a)		66,545		212,944
NIC, Inc.		9,727		172,265
Q2 Holdings, Inc. (a)		3,487		83,374
United Online, Inc. (a)		2,714		29,393
Xactly Corporation (a)		13,723		110,607
XO Group, Inc. (a)		4,364		77,068
				2,603,075
IT Services - 2.0%
CACI International, Inc. - Class A (a)		833		80,093
Datalink Corporation (a)		23,848		191,499
Everi Holdings, Inc. (a)		31,929		53,641
EVERTEC, Inc.		5,758		77,560
ExlService Holdings, Inc. (a)		7,682		371,732
Hackett Group, Inc. (The)		7,523		111,942
Luxoft Holding, Inc. (a)		991		57,290
ManTech International Corporation - Class A		2,413		81,559
MoneyGram International, Inc. (a)		3,048		18,745
PFSweb, Inc. (a)		6,617		93,300
Planet Payment, Inc. (a)		25,437		102,002
TeleTech Holdings, Inc.		2,863		79,563
Unisys Corporation (a)		41,691		321,438
Virtusa Corporation (a)		2,539		90,236
				1,730,600
Semiconductors & Semiconductor Equipment - 2.4%
Advanced Energy Industries, Inc. (a)		2,731		88,348
Alpha & Omega Semiconductor Ltd. (a)		10,188		132,342
Amkor Technology, Inc. (a)		24,308		138,799
Cascade Microtech, Inc. (a)		1,344		28,103
Inphi Corporation (a)		10,683		316,965
MaxLinear, Inc. - Class A (a)		5,030		84,252
Microsemi Corporation (a)		6,785		229,265
Nanometrics, Inc. (a)		4,432		79,155
Photronics, Inc. (a)		29,336		310,375
Power Integrations, Inc.		7,003		337,895
Semtech Corporation (a)		15,515		335,745
				2,081,244
Software - 3.4%
A10 Networks, Inc. (a)		12,642		75,473
Blackbaud, Inc.		2,775		171,412
Epiq Systems, Inc.		1,750		25,847
ePlus, Inc. (a)		1,715		137,869
Infoblox, Inc. (a)		5,418		90,643
Mentor Graphics Corporation		12,371		246,925
MicroStrategy, Inc. - Class A (a)		1,338		239,930

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Information Technology - 16.9%(Continued)
Software - 3.4% (Continued)
Pegasystems, Inc.		4,413	$	116,459
Progress Software Corporation (a)		3,506		89,473
Qualys, Inc. (a)		9,303		234,250
Rubicon Project, Inc. (The) (a)		16,875		326,869
Silver Spring Networks, Inc. (a)		16,014		224,997
Synchronoss Technologies, Inc. (a)		10,962		340,589
Take-Two Interactive Software, Inc. (a)		4,853		165,876
Telenav, Inc. (a)		14,466		82,456
Tyler Technologies, Inc. (a)		1,759		257,535
Zynga, Inc. - Class A (a)		43,587		103,737
				2,930,340
Technology Hardware, Storage & Peripherals - 0.8%
Cray, Inc. (a)		8,304		314,472
Eastman Kodak Company (a)		18,991		224,474
Lexmark International, Inc. - Class A		2,797		107,964
				646,910
Materials - 4.0%
Chemicals - 2.0%
Axiall Corporation		10,877		256,153
Chase Corporation		3,851		216,773
Chemours Company (The)		11,258		102,673
Chemtura Corporation (a)		9,055		252,182
FutureFuel Corporation		2,519		28,314
Rayonier Advanced Materials, Inc.		9,341		95,745
Stepan Company		3,187		195,331
Tredegar Corporation		14,478		231,069
Trinseo S.A. (a)		5,910		252,889
Tronox Ltd. - Class A		10,244		74,576
				1,705,705
Construction Materials - 0.3%
Headwaters, Inc. (a)		4,677		93,587
Summit Materials, Inc. - Class A (a)		4,266		89,159
US Concrete, Inc. (a)		1,564		96,593
				279,339
Containers & Packaging - 0.1%
Owens-Illinois, Inc. (a)		5,974		110,280
Metals & Mining - 0.8%
AK Steel Holding Corporation (a)		21,610		101,135
Ferroglobe plc		7,795		79,431
Gold Resource Corporation		26,818		88,231
Olympic Steel, Inc.		1,694		38,319
SunCoke Energy, Inc.		45,289		336,497
				643,613
Paper & Forest Products - 0.8%
Boise Cascade Company (a)		10,839		226,210
Clearwater Paper Corporation (a)		1,966		117,449
KapStone Paper and Packaging Corporation		6,939		110,260
P.H. Glatfelter Company		3,385		77,618
Schweitzer-Mauduit International, Inc.		3,079		105,887
				637,424

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued)	Shares		Value
Telecommunication Services - 1.5%
Diversified Telecommunication Services - 1.4%
Atlantic Tele-Network, Inc.		4,490	$	322,876
General Communication, Inc. - Class A (a)		18,038		304,842
IDT Corporation - Class B		10,670		163,678
Inteliquent, Inc.		6,306		104,616
Vonage Holdings Corporation (a)		67,813		316,687
				1,212,699
Wireless Telecommunication Services - 0.1%
Shenandoah Telecommunications Company		56		1,607
Spōk Holdings, Inc.		5,193		88,229
				89,836
Utilities - 1.7%
Electric Utilities - 0.6%
El Paso Electric Company		5,663		255,401
IDACORP, Inc.		3,545		257,828
				513,229
Gas Utilities - 0.7%
New Jersey Resources Corporation		5,882		209,870
Northwest Natural Gas Company		4,609		237,548
Southwest Gas Corporation		2,472		160,457
				607,875
Multi-Utilities - 0.1%
NorthWestern Corporation		935		53,145
Water Utilities - 0.3%
American States Water Company		1,932		80,545
Artesian Resources Corporation - Class A		3,263		88,069
Consolidated Water Company Ltd.		2,034		28,252
SJW Corporation		2,390		82,240
				279,106
Total Investments at Value - 98.8% (Cost $79,300,776)			$	84,156,666
Other Assets in Excess of Liabilities - 1.2%				994,879
Net Assets - 100.0%			$	85,151,545

^(a) Non-income producing security.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF INVESTMENTS
April 30, 2016(Unaudited)
U.S. TREASURY OBLIGATIONS - 20.3%	Par Value		Value
U.S. Treasury Bills (a)
0.416%, due 08/18/2016	$	778,000	$	777,413
0.308%, due 09/01/2016		1,147,000		1,146,013
0.281%, due 09/15/2016		1,147,000		1,145,882
0.280%, due 09/29/2016		807,000		806,007
Total U.S. Treasury Obligations (Cost $3,874,643)			$	3,875,315

MONEY MARKET FUNDS - 57.9%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.42% (b)		1,917,692	$	1,917,692
Fidelity Institutional Money Market Portfolio - Class I, 0.34% (b)		4,624,862		4,624,862
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.43% (b)		1,917,768		1,917,768
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, 0.45% (b)		339,874		339,874
PIMCO Money Market Fund - Institutional Class, 0.06% (b)		338,777		338,777
Vanguard Prime Money Market Fund - Investor Shares, 0.43% (b)		1,917,798		1,917,798
Total Money Market Funds (Cost $11,056,771)			$	11,056,771
Total Investments at Value - 78.2% (Cost $14,931,414)			$	14,932,086
Other Assets in Excess of Liabilities - 21.8% (c)				4,177,411
Net Assets - 100.0%			$	19,109,497

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	The rate shown is the 7-day effective yield as of April 30, 2016.
(c)	Includes cash held as margin deposits for futures contracts.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS
April 30, 2016 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Copper Future	07/27/2016		7	$	399,612	$	11,486
Cotton No. 2 Future	07/07/2016		18		573,930		25,777
Ethanol Future	06/03/2016		8		355,424		(1,890	)
Feeder Cattle Future	05/26/2016		6		421,275		(29,814	)
Feeder Cattle Future	08/25/2016		3		210,562		(4,663	)
Frozen Concentrate Orange Juice Future	07/11/2016		11		211,943		(5,327	)
Live Cattle Future	06/30/2016		14		643,580		(58,561	)
Palladium Future	06/28/2016		9		565,200		36,981
Platinum Future	07/27/2016		7		377,300		31,014
Red Spring Wheat Future	07/14/2016		53		1,449,550		15,095
Soybean Future	07/14/2016		1		51,488		3,484
Total Futures Contracts				$	5,259,864	$	23,582

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
April 30, 2016 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Crude Oil Future	05/20/2016		14	$	643,720	$	(67,513	)
Hard Red Winter Wheat Future	07/14/2016		47		1,124,475		(15,925	)
Lean Hogs Future	06/14/2016		18		588,240		(2,378	)
Lumber Future	07/15/2016		2		67,166		695
Natural Gas Future	05/26/2016		27		578,070		(17,372	)
Oats Future	07/14/2016		57		586,388		2,332
Rough Rice Future	07/14/2016		27		600,210		(7,355	)
Sugar No. 11 Future	06/30/2016		10		182,784		(6,125	)
Wheat Future	07/14/2016		36		879,300		(7,616	)
Total Commodity Futures					5,250,353		(121,257	)
FINANCIAL FUTURES
CBOE Volatility (VIX) Future	05/18/2016		46		782,000		61,599
CBOE Volatility (VIX) Future	06/15/2016		42		798,000		(67,742	)
E-Mini S&P 500 Future	06/17/2016		77		7,937,737		(228,857	)
EURO STOXX 50 Future	06/17/2016		38		1,297,052		(24,127	)
EURO VSTOXX Mini Future	05/18/2016		102		283,220		12,533
EURO VSTOXX Mini Future	06/15/2016		115		363,428		(6,188	)
Total Financial Futures					11,461,437		(252,782	)
Total Futures Contracts Sold Short				$	16,711,790	$	(374,039	)

See accompanying notes to financial statements.

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

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

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

SIGNATURES

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

(Registrant)	TFS Capital Investment Trust
By (Signature and Title)*		/s/ Eric S. Newman
		Eric S. Newman, President
Date	June 30, 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	June 30, 2016
By (Signature and Title)*		/s/ Jennifer L. Leamer
		Jennifer L. Leamer, Treasurer and Principal Financial Officer
Date	June 30, 2016

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