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

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)

Bo J. Howell, Esq.

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

(Name and address of agent for service)

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

Date of fiscal year end:	October 31, 2017
Date of reporting period:	April 30, 2017

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, 2017

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2017

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, 2017. 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	7.55%	1.60%	1.72%	3.29%	5.54%
S&P 500® Index	17.92%	10.47%	13.68%	7.15%	8.39%

Average annual total returns for periods ended April 30, 2017. Past performance is not a guarantee of future results.

TFSMX produced significantly positive alpha (i.e., the return that cannot be explained by a fund’s market exposure) overall during the first half of the fiscal year, increasing 5.29% compared to its benchmark, the S&P 500^® Index, which increased 13.32%. This was driven by a recovery in the performance of our quantitative investment strategies in small cap stocks during November and December. The Fund’s market exposure, or beta, for the period was very low at 0.06. Only a small portion of the Fund’s performance was driven by the market gains.

Since inception, TFSMX has produced positive alpha, with lower volatility and market exposure than the S&P 500^® Index. From inception through April 30, 2017, TFSMX has had an average annual return of 5.54%, as compared to S&P 500^® Index performance during the same period of 8.39%.

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	0.59
Russell 2000® Index	0.57
MSCI EAFE Index	0.45
Barclays U.S. Aggregate Bond Index	(0.16)
Dow Jones Equity REIT Total Index	0.41
Bloomberg Commodity Index	0.38

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	24.19%	8.05%	13.98%	10.36%	11.18%
Russell 2000® Index	25.63%	9.03%	12.95%	7.05%	7.60%

Average annual total returns for periods ended April 30, 2017. Past performance is not a guarantee of future results.

During the six-month period ended April 30, 2017, TFSSX roughly matched its benchmark, the Russell 2000^® Index. The Fund was up 18.43% compared to a return of 18.37% for the Benchmark. Given its “long-only” mandate, TFSSX is expected to have a high correlation to U.S. small-cap equity market movements with any performance deviation generally attributable to TFS Capital’s equity selection.

TFSSX achieved its objective of outperforming the Russell 2000^® Index over longer periods. Both the 10-year track record and performance since inception are more than three percentage points higher than the performance of the Russell 2000^® Index.

TFS Hedged Futures Fund (ticker: TFSHX)

	1-year return	3-year return	5-year return	Since Inception (12/29/2011)
TFS Hedged Futures Fund	0.28%	2.10%	0.40%	1.55%
Diversified Trends Indicator®	-2.74%	0.91%	0.11%	-1.21%
S&P 500® Index	17.92%	10.47%	13.68%	15.06%

Average annual returns for periods ended April 30, 2017. Past performance is not a guarantee of future results.

During the six-month period ended April 30, 2017, TFSHX was up 0.19%. Performance during the six-month period was below that of the Diversified Trends Indicator^® (the “DTI^®”), a commonly-used benchmark for managed-futures funds. Positive performance in the Fund’s volatility carry strategies were offset by negative performance in the commodity strategies. 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 DTI^®, 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®	(0.05)
S&P 500® Index	0.10
Russell 2000® Index	0.13
S&P GSCI Index	(0.06)
Barclays U.S. Aggregate Bond Index	(0.02)
Bloomberg Commodity Index	(0.03)

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 net asset value per share is available at www.TFSCapital.com.

3

TFS MARKET NEUTRAL FUND
PORTFOLIO INFORMATION
April 30, 2017 (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
Telephone and Data Systems, Inc.	0.52%	Tempur Sealy International, Inc.	(0.50%)
Terex Corporation	0.51%	Ebix, Inc.	(0.49%)
Magellan Health, Inc.	0.51%	Sprouts Farmers Market, Inc.	(0.47%)
Zynga, Inc. - Class A	0.51%	Covanta Holding Corporation	(0.45%)
John Wiley & Sons, Inc. - Class A	0.50%	Community Bank System, Inc.	(0.45%)
R.R. Donnelley & Sons Company	0.48%	Tenet Healthcare Corporation	(0.45%)
Groupon, Inc.	0.48%	Kate Spade & Company	(0.44%)
First Potomac Realty Trust	0.47%	Credit Acceptance Corporation	(0.42%)
Phibro Animal Health Corporation - Class A	0.43%	Fitbit, Inc. - Class A	(0.42%)
CorEnergy Infrastructure Trust, Inc.	0.43%	Dun & Bradstreet Corporation (The)	(0.41%)

4

TFS SMALL CAP FUND
PORTFOLIO INFORMATION
April 30, 2017 (Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Equity Positions
Security Description	% of Net Assets
InfraREIT, Inc.	0.74%
Independence Realty Trust, Inc.	0.64%
Monogram Residential Trust, Inc.	0.63%
CBL & Associates Properties, Inc.	0.62%
Kite Realty Group Trust	0.62%
Silver Bay Realty Trust Corporation	0.61%
Hudson Pacific Properties, Inc.	0.61%
Mack-Cali Realty Corporation	0.60%
TIER REIT, Inc.	0.60%
Parkway, Inc.	0.59%

5

TFS HEDGED FUTURES FUND
PORTFOLIO INFORMATION
April 30, 2017 (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	0.8%

6

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2017 (Unaudited)
COMMON STOCKS — 91.9%	Shares		Value
Consumer Discretionary — 15.4%
Groupon, Inc. (a)		274,054	$	1,074,292
John Wiley & Sons, Inc. - Class A		21,283		1,121,614
Red Rock Resorts, Inc. - Class A		36,269		847,969
Taylor Morrison Home Corporation - Class A (a) (b)		38,516		889,720
Tower International, Inc.		32,694		886,007
Other Consumer Discretionary (c)				29,963,823
				34,783,425
Consumer Staples — 5.3%
Avon Products, Inc. (a)		179,348		869,838
HRG Group, Inc. (a)		43,405		868,534
Inter Parfums, Inc.		24,019		911,521
Other Consumer Staples (c)				9,266,956
				11,916,849
Energy — 5.8%
Delek US Holdings, Inc. (b)		35,545		855,568
Other Energy (c)				12,208,433
				13,064,001
Financials — 6.0%
BankUnited, Inc.		24,031		848,054
Houlihan Lokey, Inc. (b)		26,394		885,255
National General Holdings Corporation (b)		37,846		860,618
Other Financials (c)				10,987,607
				13,581,534
Health Care — 22.2%
Catalent, Inc. (a) (b)		29,282		857,377
Exactech, Inc. (a) (b)		29,462		873,548
FibroGen, Inc. (a) (b)		31,599		884,772
Genomic Health, Inc. (a) (b)		25,993		854,130
Haemonetics Corporation (a) (b)		20,291		849,787
Halyard Health, Inc. (a) (b)		21,876		864,102
Horizon Pharma plc (a) (b)		55,817		858,466
Magellan Health, Inc. (a)		16,669		1,146,827
Merit Medical Systems, Inc. (a)		28,398		957,013
Momenta Pharmaceuticals, Inc. (a)		59,899		859,551
Phibro Animal Health Corporation - Class A (b)		32,554		968,482
PRA Health Sciences, Inc. (a) (b)		13,242		846,958
Providence Service Corporation (The) (a)		19,271		847,924
Other Health Care (c)				38,427,407
				50,096,344
Industrials — 11.6%
Builders FirstSource, Inc. (a) (b)		52,871		846,465
R.R. Donnelley & Sons Company		85,791		1,078,393

7

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.9% (Continued)	Shares		Value
Industrials — 11.6% (Continued)
Steelcase, Inc. - Class A (b)		50,769	$	865,611
Terex Corporation		33,222		1,162,106
TrueBlue, Inc. (a) (b)		32,420		886,687
Other Industrials (c)				21,394,736
				26,233,998
Information Technology — 13.8%
CommVault Systems, Inc. (a) (b)		16,805		847,812
Insight Enterprises, Inc. (a) (b)		20,736		872,986
IXYS Corporation (b)		62,457		871,275
Jive Software, Inc. (a) (b)		172,252		869,873
Progress Software Corporation (b)		29,162		866,695
Tech Data Corporation (a) (b)		8,885		849,850
Zynga, Inc. - Class A (a)		396,254		1,145,174
Other Information Technology (c)				24,826,697
				31,150,362
Materials — 4.0%
Innophos Holdings, Inc.		17,752		851,031
Materion Corporation		23,346		888,315
Other Materials (c)				7,252,200
				8,991,546
Real Estate — 4.8%
CBL & Associates Properties, Inc.		100,304		927,812
CorEnergy Infrastructure Trust, Inc.		26,544		968,325
First Potomac Realty Trust		96,667		1,063,337
Hudson Pacific Properties, Inc.		28,061		964,176
InfraREIT, Inc.		50,000		955,000
Kilroy Realty Corporation		13,255		934,875
Life Storage, Inc.		11,298		885,650
TIER REIT, Inc.		55,092		953,642
Vornado Realty Trust		9,643		928,042
Washington Prime Group, Inc.		105,056		924,493
Other Real Estate (c)				1,307,770
				10,813,122
Telecommunication Services — 1.8%
Telephone and Data Systems, Inc. (b)		42,909		1,178,281
Other Telecommunication Services (c)				2,831,358
				4,009,639
Utilities — 1.2%
Other Utilities (c)				2,817,293
Total Common Stocks (Cost $197,378,918)			$	207,458,113

8

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
INVESTMENT COMPANIES — 3.4%	Shares	Value
Other Investment Companies (Cost $7,284,573) (c)		$	7,686,422

RIGHTS — 0.0%	Shares		Value
Interoil Corporation (d) (Cost $0)		901	$	0

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

CORPORATE BONDS — 0.0% (d)	Par Value	Value
Other Corporate Bonds (Cost $21,000) (c)		$	21,000
Total Investments at Value — 95.3% (Cost $204,684,491)		$	215,165,535
Other Assets in Excess of Liabilities — 4.7% (f)			10,577,601
Net Assets — 100.0%		$	225,743,136

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Represents issuers not identified as either a top 50 holding in terms of value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or not a fair-valued security as of April 30, 2017.
(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, 2017, representing 0.0% of net assets (Note 2).
(e)	Percentage rounds to less than 0.1%.
(f)	Includes cash held as margin deposits for open short positions.
See accompanying notes to financial statements.

9

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT April 30, 2017 (Unaudited)
COMMON STOCKS — 79.9%	Shares		Value
Consumer Discretionary — 13.6%
Auto Components — 0.8%
Ballard Power Systems, Inc.		24,597	$	80,432
China Automotive Systems, Inc.		5,998		28,611
China XD Plastics Company Ltd.		13		63
Cooper Tire & Rubber Company		120		4,596
Gentex Corporation		18,232		376,491
Horizon Global Corporation		43,618		614,578
Motorcar Parts of America, Inc.		23,245		704,788
SORL Auto Parts, Inc.		140		588
				1,810,147
Automobiles — 0.5%
Kandi Technologies Group, Inc.		158,519		649,928
Tesla Motors, Inc.		1,244		390,703
Workhorse Group, Inc.		63,346		129,226
				1,169,857
Distributors — 0.1%
Fenix Parts, Inc.		12,697		14,221
KBS Fashion Group Ltd.		99		530
Weyco Group, Inc.		2,539		70,990
				85,741
Diversified Consumer Services — 0.6%
2U, Inc.		3,705		168,207
Carriage Services, Inc.		2,341		64,026
Collectors Universe, Inc.		170		4,643
DeVry Education Group, Inc.		18,810		711,958
H&R Block, Inc.		15,249		378,023
Liberty Tax, Inc.		42		590
Sotheby's		365		17,286
Weight Watchers International, Inc.		3,253		67,923
				1,412,656
Hotels, Restaurants & Leisure — 1.9%
Amaya, Inc.		2,077		36,971
Bravo Brio Restaurant Group, Inc.		605		2,934
Caesars Entertainment Corporation		3,479		38,617
Cheesecake Factory, Inc. (The)		95		6,095
Chipotle Mexican Grill, Inc.		833		395,233
Fogo de Chao, Inc.		8,418		142,685
Gaming Partners International Corporation		1,202		11,972
J. Alexander's Holdings, Inc.		413		4,543
Jamba, Inc.		60,257		513,390
Kona Grill, Inc.		2,408		13,726
Lindblad Expeditions Holdings, Inc.		354		3,363
McDonald's Corporation		99		13,853

10

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Consumer Discretionary — 13.6% (Continued)
Hotels, Restaurants & Leisure — 1.9% (Continued)
Noodles & Company		6,197	$	36,252
ONE Group Hospitality, Inc.		21,778		48,347
Panera Bread Company - Class A		1,131		353,641
Papa Murphy's Holdings, Inc.		24,571		119,906
Red Robin Gourmet Burgers, Inc.		11,881		698,009
Ruby Tuesday, Inc.		131,231		334,639
Shake Shack, Inc. - Class A		20,221		686,301
Sonic Corporation		4,482		120,476
Town Sports International Holdings, Inc.		1,121		4,372
Wingstop, Inc.		241		7,093
Zoe's Kitchen, Inc.		39,055		704,943
				4,297,361
Household Durables — 1.6%
Garmin Ltd.		7,643		388,570
GoPro, Inc. - Class A		13,171		108,661
Green Brick Partners, Inc.		70		721
iRobot Corporation		8,023		639,754
LGI Homes, Inc.		22,443		714,361
New Home Company, Inc. (The)		79		921
Skyline Corporation		20,219		124,549
Tempur Sealy International, Inc.		24,073		1,130,227
UCP, Inc. - Class A		427		4,889
Vuzix Corporation		57,675		340,283
William Lyon Homes - Class A		258		5,676
ZAGG, Inc.		25,328		179,829
				3,638,441
Internet & Direct Marketing Retail — 1.4%
CafePress, Inc.		238		678
Duluth Holdings, Inc. - Class B		36,115		799,947
EVINE Live, Inc.		8,699		12,179
Gaia, Inc.		6,162		67,474
Lands' End, Inc.		2,420		57,112
Netflix, Inc.		2,566		390,545
PetMed Express, Inc.		9,438		218,018
RetailMeNot, Inc.		53,087		615,809
TripAdvisor, Inc.		9,043		407,026
Wayfair, Inc. - Class A		14,765		674,908
				3,243,696
Leisure Products — 0.9%
American Outdoor Brands Corporation		34,011		753,344
Escalade, Inc.		264		3,524
Marine Products Corporation		1,363		16,301
Polaris Industries, Inc.		404		34,445

11

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Consumer Discretionary — 13.6% (Continued)
Leisure Products — 0.9% (Continued)
Sturm Ruger & Company, Inc.		13,651	$	825,203
Vista Outdoor, Inc.		19,146		374,496
				2,007,313
Media — 1.7%
Ballantyne Strong, Inc.		100		630
Beasley Broadcasting Group, Inc.		8,654		113,800
Central European Media Enterprises Ltd. - Class A		28,124		115,308
Charter Communications, Inc. - Class A		871		300,634
Cinemark Holdings, Inc.		97		4,190
Clear Channel Outdoor Holdings, Inc. - Class A		15,980		82,297
Daily Journal Corporation		22		4,599
E.W. Scripps Company (The) - Class A		230		5,124
Entercom Communications Corporation - Class A		2,265		28,652
Entravision Communications Corporation - Class A		23		143
Eros International plc		74,826		744,519
Global Eagle Entertainment, Inc.		211,881		656,831
Hemisphere Media Group, Inc.		70		816
Lee Enterprises, Inc.		272		707
Liberty Broadband - Series C		4,296		391,623
Liberty Global plc LiLAC - Class A		9,267		198,963
Lions Gate Entertainment Corporation - Class B		75		1,789
Meredith Corporation		4,858		284,436
Pandora Media, Inc.		33,579		364,332
Radio One, Inc. - Class D		41,332		123,996
Saga Communications, Inc. - Class A		85		4,356
Sirius XM Holdings, Inc.		69,336		343,213
Walt Disney Company (The)		268		30,981
Xcel Brands, Inc.		906		2,129
				3,804,068
Multi-Line Retail — 0.3%
Big Lots, Inc.		449		22,670
Fred's, Inc. - Class A		3,946		58,085
J. C. Penney Company, Inc.		70,287		378,144
Sears Holdings Corporation		9,438		96,457
				555,356
Specialty Retail — 2.5%
Abercrombie & Fitch Company - Class A		2,138		25,635
Ascena Retail Group, Inc.		8,110		31,710
Big 5 Sporting Goods Corporation		568		8,747
Boot Barn Holdings, Inc.		823		8,732
Buckle, Inc. (The)		46,867		876,413
Cabela's, Inc.		193		10,538
CarMax, Inc.		6,044		353,574

12

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Consumer Discretionary — 13.6% (Continued)
Specialty Retail — 2.5% (Continued)
Conn's, Inc.		2,704	$	47,590
DAVIDsTEA, Inc.		38,358		239,738
Destination Maternity Corporation		704		2,408
Destination XL Group, Inc.		48,679		124,131
Express, Inc.		2,630		22,697
GNC Holdings, Inc. - Class A		94,674		736,564
Lumber Liquidators Holdings, Inc.		27,949		686,148
Murphy USA, Inc.		225		15,653
Pier 1 Imports, Inc.		3,810		25,679
Rent-A-Center, Inc.		29,467		315,002
RH		15,882		761,860
Sally Beauty Holdings, Inc.		33		628
Sears Hometown and Outlet Stores, Inc.		1,098		3,678
ServiceMaster Global Holdings, Inc.		8,947		340,881
Sportman's Warehouse Holdings, Inc.		153,802		629,050
Tailored Brands, Inc.		212		2,614
Vitamin Shoppe, Inc.		271		5,230
Williams-Sonoma, Inc.		7,025		379,701
Winmark Corporation		34		4,389
				5,658,990
Textiles, Apparel & Luxury Goods — 1.3%
Cherokee, Inc.		16,073		138,228
Deckers Outdoor Corporation		495		29,497
Delta Apparel, Inc.		1,469		25,751
Differential Brands Group, Inc.		1,174		2,172
Fossil Group, Inc.		308		5,313
G-III Apparel Group Ltd.		7,368		174,622
Iconix Brand Group, Inc.		705		4,935
Kate Spade & Company		57,699		1,003,962
Lululemon Athletica, Inc.		7,134		370,968
NIKE, Inc. - Class B		6,623		366,980
Sequential Brands Group, Inc.		109,491		368,985
Under Armour, Inc. - Class A		19,438		417,723
Vera Bradley, Inc.		593		5,426
Vince Holding Corporation		105,111		105,111
				3,019,673
Consumer Staples — 4.7%
Beverages — 0.5%
Brown-Forman Corporation - Class B		790		37,383
Castle Brands, Inc.		402,557		708,500
Coca-Cola Company (The)		8,165		352,320
MGP Ingredients, Inc.		166		8,692
National Beverage Corporation		514		45,535
				1,152,430

13

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Consumer Staples — 4.7% (Continued)
Food & Staples Retailing — 1.2%
Casey's General Stores, Inc.		3,198	$	358,400
Chefs' Warehouse, Inc. (The)		641		8,750
Natural Grocers by Vitamin Cottage, Inc.		16,388		179,285
Smart & Final Stores, Inc.		57,182		674,747
Sprouts Farmers Market, Inc.		47,131		1,051,493
Whole Foods Market, Inc.		9,373		340,896
				2,613,571
Food Products — 1.9%
Alico, Inc.		121		3,624
Amira Nature Foods Ltd.		7,977		41,401
Amplify Snack Brands, Inc.		92,008		828,072
Blue Buffalo Pet Products, Inc.		180		4,437
Calavo Growers, Inc.		10,749		705,134
Cal-Maine Foods, Inc.		22,055		832,576
Dean Foods Company		449		8,863
Freshpet, Inc.		11,235		132,011
Hormel Foods Corporation		10,743		376,865
Mead Johnson Nutrition Company		4,028		357,364
Pilgrim's Pride Corporation		15,177		393,995
Post Holdings, Inc.		3,894		327,836
S&W Seed Company		29,428		141,254
Sanderson Farms, Inc.		66		7,642
Tootsie Roll Industries, Inc.		690		25,775
				4,186,849
Household Products — 0.6%
Church & Dwight Company, Inc.		610		30,213
Clorox Company (The)		49		6,551
HRG Group, Inc.		305		6,103
Orchids Paper Products Company		31,995		779,078
WD-40 Company		6,120		641,682
				1,463,627
Personal Products — 0.5%
China-Biotics, Inc. (b)		535,616		0
e.l.f. Beauty, Inc.		24,912		678,852
Herbalife Ltd.		6,235		394,426
LifeVantage Corporation		3,445		17,087
Natural Health Trends Corporation		2,038		58,450
Neptune Technologies & Bioressources, Inc.		10,092		10,294
Shineco, Inc.		9,515		42,818
Synutra International, Inc.		495		2,982
United-Guardian, Inc.		3,272		46,135
				1,251,044

14

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Consumer Staples — 4.7% (Continued)
Tobacco — 0.0% (a)
Alliance One International, Inc.		135	$	1,856
Energy — 4.9%
Energy Equipment & Services — 1.9%
Aspen Aerogels, Inc.		85		345
Atwood Oceanics, Inc.		2,032		15,911
Bristow Group, Inc.		46,864		626,572
CARBO Ceramics, Inc.		91,571		629,093
Diamond Offshore Drilling, Inc.		340		4,903
Dril-Quip, Inc.		134		6,908
Frank's International N.V.		72,732		661,861
Geospace Technologies Corporation		1,488		24,611
Helmerich & Payne, Inc.		5,650		342,616
Hornbeck Offshore Services, Inc.		198,275		676,118
ION Geophysical Corporation		30,000		129,000
Noble Corporation plc		3,550		17,040
North American Energy Partners, Inc.		9,481		45,035
Oil States International, Inc.		20		595
PHI, Inc.		198		2,322
RPC, Inc.		14,426		262,120
Seadrill Ltd.		65,868		45,436
Superior Energy Services, Inc.		24,150		291,732
US Silica Holdings, Inc.		9,790		406,285
				4,188,503
Oil, Gas & Consumable Fuels — 3.0%
Aegean Marine Petroleum Network, Inc.		796		8,875
Approach Resources, Inc.		30,557		63,253
Ardmore Shipping Corporation		23,350		180,963
Baytex Energy Corporation		11,018		33,274
Bill Barrett Corporation		161,307		619,419
California Resources Corporation		54,375		636,187
Centrus Energy Corporation - Class A		161		836
Cheniere Energy, Inc.		8,145		369,376
Chesapeake Energy Corporation		64,428		338,891
Comstock Resources, Inc.		11,625		101,603
CVR Energy, Inc.		639		13,988
Denbury Resources, Inc.		299,977		665,949
DHT Holdings, Inc.		61,938		296,683
Earthstone Energy, Inc.		3,288		44,289
EP Energy Corporation - Class A		22,088		99,838
Evolution Petroleum Corporation		426		3,408
Extraction Oil & Gas, Inc.		9,450		147,893
Frontline Ltd.		15,497		103,055

15

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Energy — 4.9% (Continued)
Oil, Gas & Consumable Fuels — 3.0% (Continued)
Gastar Exploration, Inc.		493,846	$	646,938
Golar LNG Ltd.		194		4,949
Halcon Resources Corporation		2,585		17,320
Harvest Natural Resources, Inc.		20,393		140,916
Jones Energy, Inc. - Class A		19,911		39,822
Laredo Petroleum, Inc.		24,946		320,806
Lonestar Resources US, Inc. - Class A		721		3,482
Navigator Holdings Ltd.		2,018		24,317
Noble Energy, Inc.		463		14,959
Nordic American Tankers Ltd.		14,721		122,184
Northern Oil & Gas, Inc.		287,752		647,442
ONEOK, Inc.		2,600		136,786
Pengrowth Energy Corporation		17,791		17,524
Penn West Petroleum Ltd.		23,117		34,444
Renewable Energy Group, Inc.		2,640		27,588
Resolute Energy Corporation		684		25,616
Rice Energy, Inc.		3,966		84,436
Sanchez Energy Corporation		146		1,130
Scorpio Tankers, Inc.		154,530		679,932
Ship Finance International Ltd.		734		10,313
SRC Energy, Inc.		708		5,338
StealthGas, Inc.		9,363		32,021
Stone Energy Corporation		2		39
Torchlight Energy Resources, Inc.		44,587		63,759
Uranium Energy Corporation		19,198		23,806
W&T Offshore, Inc.		14,551		29,684
				6,883,331
Financials — 5.0%
Banks — 1.0%
Bancorp, Inc. (The)		1,057		6,818
Bank of America Corporation		2,083		48,617
BCB Bancorp, Inc.		39		616
City Holding Company		130		9,242
Civista Bancshares, Inc.		2,424		52,674
Codorus Valley Bancorp, Inc.		20		580
Community Bank System, Inc.		18,197		1,018,122
County Bancorp, Inc.		959		26,325
Customers Bancorp, Inc.		176		5,444
CVB Financial Corporation		2,592		55,832
Enterprise Financial Services Corporation		43		1,817
Farmers Capital Bank Corporation		221		9,171
First Bancorp (North Carolina)		223		6,699
First Financial Bankshares, Inc.		140		5,593

16

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Financials — 5.0% (Continued)
Banks — 1.0% (Continued)
First Interstate BancSystem, Inc. - Class A		169	$	6,380
First Merchants Corporation		109		4,510
First NBC Bank Holding Company		45,093		119,496
German American Bancorp, Inc.		168		5,524
Glacier Bancorp, Inc.		162		5,472
Lakeland Financial Corporation		202		9,223
LegacyTexas Financial Group, Inc.		24		907
Live Oak Bancshares, Inc.		243		5,868
Mackinac Financial Corporation		290		4,321
Merchants Bancshares, Inc.		145		7,221
National Bankshares, Inc.		811		34,103
Northrim BanCorp, Inc.		1,403		44,896
OFG Bancorp		2,351		27,507
Opus Bank		977		22,031
Pacific Mercantile Bancorp		8,596		66,619
Pacific Premier Bancorp, Inc.		11		393
Porter Bancorp, Inc.		3,903		39,850
Republic First Bancorp, Inc.		500		4,300
S&T Bancorp, Inc.		118		4,243
ServisFirst Bancshares, Inc.		156		5,897
Simmons First National Corporation - Class A		99		5,410
Southern First Bancshares, Inc.		18		607
Southside Bancshares, Inc.		162		5,625
Stock Yards Bancorp, Inc.		172		7,052
Summit Financial Group, Inc.		77		1,684
Tompkins Financial Corporation		672		55,554
Trustmark Corporation		770		25,579
Union Bankshares, Inc.		2,034		85,530
United Bankshares, Inc.		40		1,596
West Bancorporation, Inc.		101		2,353
Westamerica Bancorporation		7,043		387,506
				2,244,807
Capital Markets — 1.1%
American Capital Senior Floating Ltd.		149		1,997
Arlington Asset Investment Corporation - Class A		810		11,794
Artisan Partners Asset Management, Inc. - Class A		12,978		380,255
CM Finance, Inc.		195		1,969
Cowen Group, Inc - Class A		5,833		92,745
FBR & Company		7,152		129,451
Federated Investors, Inc. - Class B		318		8,529
Fidus Investment Corporation		179		3,209
Fifth Street Asset Management, Inc.		9,405		44,203
Fifth Street Senior Floating Rate Corporation		107		872

17

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Financials — 5.0% (Continued)
Capital Markets — 1.1% (Continued)
Financial Engines, Inc.		3,457	$	146,922
Garrison Capital, Inc.		2,310		22,592
Goldman Sachs BDC, Inc.		754		18,850
Greenhill & Company, Inc.		295		7,463
GSV Capital Corporation		29,596		130,814
Manning & Napier, Inc.		23,036		133,609
MFC Bancorp Ltd.		3,654		6,066
OFS Capital Corporation		121		1,750
OHA Investment Corporation		921		1,363
Prospect Capital Corporation		2,142		19,921
Stellus Capital Investment Corporation		138		1,982
TICC Capital Corporation		24		176
Virtu Financial, Inc. - Class A		40,892		629,737
Virtus Investment Partners, Inc.		80		8,512
Waddell & Reed Financial, Inc. - Class A		288		5,181
WisdomTree Investments, Inc.		80,762		674,363
				2,484,325
Consumer Finance — 0.7%
Credit Acceptance Corporation		4,647		944,503
Encore Capital Group, Inc.		9,255		308,654
Enova International, Inc.		648		9,202
FirstCash, Inc.		73		3,792
PRA Group, Inc.		2,243		72,225
Regional Management Corporation		444		8,804
World Acceptance Corporation		2,306		121,987
				1,469,167
Diversified Financial Services — 0.0% (a)
A-Mark Precious Metals, Inc.		129		2,272
Medallion Financial Corporation		22,548		45,998
On Deck Capital, Inc.		1,096		5,206
				53,476
Insurance — 1.7%
Argo Group International Holdings Ltd.		15		989
Assurant, Inc.		42		4,042
Assured Guaranty Ltd.		4,811		183,443
Baldwin & Lyons, Inc. - Class B		40		980
Citizens, Inc.		85,855		605,278
Conifer Holdings, Inc.		2,465		19,104
eHealth, Inc.		56,696		803,949
Fidelity & Guaranty Life		1,087		30,925
HCI Group, Inc.		230		10,969
Health Insurance Innovations, Inc. - Class A		49,229		824,586
MBIA, Inc.		1,026		8,618

18

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Financials — 5.0% (Continued)
Insurance — 1.7% (Continued)
Mercury General Corporation		1,146	$	70,468
OneBeacon Insurance Group Ltd. - Class A		222		3,541
Patriot National, Inc.		53,986		156,020
RLI Corporation		11,623		665,068
United Insurance Holdings Corporation		207		3,159
Universal Insurance Holdings, Inc.		1,785		46,499
WMIH Corporation		270,699		406,048
				3,843,686
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
New York Mortgage Trust, Inc.		877		5,622
Orchid Island Capital, Inc.		9,024		95,654
				101,276
Thrifts & Mortgage Finance — 0.4%
Banc of California, Inc.		6,525		141,592
BofI Holding, Inc.		6,240		149,074
Capitol Federal Financial, Inc.		608		8,895
Charter Financial Corporation		161		2,954
Clifton Bancorp, Inc.		326		5,444
Five Oaks Investment Corporation		25,845		138,788
Impac Mortgage Holdings, Inc.		20,332		290,747
LendingTree, Inc.		373		52,556
Nationstar Mortgage Holdings, Inc.		7,188		115,799
Northwest Bancshares, Inc.		1,641		26,486
Oritani Financial Corporation		525		8,899
People's United Financial, Inc.		183		3,197
Walker & Dunlop, Inc.		206		9,239
WSFS Financial Corporation		10		472
				954,142
Health Care — 19.9%
Biotechnology — 8.2%
AC Immune S.A.		401		3,830
ACADIA Pharmaceuticals, Inc.		10,943		375,673
Adamas Pharmaceuticals, Inc.		534		8,747
Aduro Biotech, Inc.		41,978		405,088
Advaxis, Inc.		12,620		108,027
Agios Pharmaceuticals, Inc.		6,832		339,619
Alder Biopharmaceuticals, Inc.		26,769		536,718
Aldeyra Therapeutics, Inc.		20,363		88,579
Alnylam Pharmaceuticals, Inc.		7,609		407,842
Amicus Therapeutics, Inc.		726		5,576
Anavex Life Sciences Corporation		11,077		62,364
Arbutus Biopharma Corporation		1,453		4,868
ArQule, Inc.		16,863		16,694

19

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Health Care — 19.9% (Continued)
Biotechnology — 8.2% (Continued)
Array BioPharma, Inc.		3,695	$	32,036
Atara Biotherapeutics, Inc.		39,563		676,527
Athersys, Inc.		25,792		38,172
aTyr Pharma, Inc.		39,023		128,776
Aurinia Pharmaceuticals, Inc.		110,897		777,388
Avexis, Inc.		3,932		316,526
Brainstorm Cell Therapeutics, Inc.		14,433		59,608
Calithera Biosciences, Inc.		3,521		38,203
Cara Therapeutics, Inc.		44,861		712,841
Cascadian Therapeutics, Inc.		921		3,914
Clovis Oncology, Inc.		722		41,797
Corbus Pharmaceuticals Holdings, Inc.		115,773		833,566
Dynavax Technologies Corporation		8,972		49,795
Eagle Pharmaceuticals, Inc.		59		5,345
Editas Medicine, Inc.		2,603		49,067
Eiger BioPharmaceuticals, Inc.		4,936		38,994
Esperion Therapeutics, Inc.		224		8,008
Flexion Therapeutics, Inc.		23,411		477,818
Fortress Biotech, Inc.		37,540		136,646
Galectin Therapeutics, Inc.		8,790		26,897
Geron Corporation		296,819		759,857
GlycoMimetics, Inc.		952		4,094
GTx, Inc.		4,770		20,511
Halozyme Therapeutics, Inc.		404		5,632
Heron Therapeutics, Inc.		46,496		713,714
Ignyta, Inc.		577		5,106
ImmunoGen, Inc.		172,873		750,269
Immunomedics, Inc.		133,068		762,480
Incyte Corporation		2,820		350,470
Infinity Pharmaceuticals, Inc.		8,777		18,871
Inotek Pharmaceuticals Corporation		66,154		132,308
Inovio Pharmaceuticals, Inc.		5,777		36,337
Insys Therapeutics, Inc.		9,928		111,690
Intellia Therapeutics, Inc.		1,927		28,076
Intercept Pharmaceuticals, Inc.		3,348		376,148
Intrexon Corporation		21,763		453,541
Juno Therapeutics, Inc.		16,399		408,991
Kadmon Holdings, Inc.		76,256		209,704
Keryx Biopharmaceuticals, Inc.		16,571		98,100
Kindred Biosciences, Inc.		354		2,460
La Jolla Pharmaceutical Company		23,778		689,562
Lexicon Pharmaceuticals, Inc.		2,879		44,941
Ligand Pharmaceuticals, Inc. - Class B		55		6,114

20

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Health Care — 19.9% (Continued)
Biotechnology — 8.2% (Continued)
Loxo Oncology, Inc.		14,458	$	665,935
MacroGenics, Inc.		80		1,729
MannKind Corporation		157,916		137,955
MediciNova, Inc.		20,099		115,569
Merrimack Pharmaceuticals, Inc.		35,865		119,430
MiMedx Group, Inc.		8,751		111,050
Mirati Therapeutics, Inc.		398		1,811
Myriad Genetics, Inc.		392		7,209
Novavax, Inc.		27,780		22,671
Nymox Pharmaceutical Corporation		6,182		29,117
Omeros Corporation		4,858		79,283
Oncobiologics, Inc.		1,427		3,196
OncoMed Pharmaceuticals, Inc.		160,500		632,370
OPKO Health, Inc.		45		350
Organovo Holdings, Inc.		18,851		54,668
OvaScience, Inc.		84,039		126,899
Pluristem Therapeutics, Inc.		2,107		3,034
ProQR Therapeutics N.V.		966		4,733
Protalix BioTherapeutics, Inc.		68,886		64,064
Proteostasis Therapeutics, Inc.		59,241		358,112
Puma Biotechnology, Inc.		18		731
Radius Health, Inc.		142		5,548
Regulus Therapeutics, Inc.		89,492		138,713
Retrophin, Inc.		285		5,583
Rigel Pharmaceuticals, Inc.		885		2,646
Sangamo Therapeutics, Inc.		141,240		677,952
Sarepta Therapeutics, Inc.		784		28,428
Seattle Genetics, Inc.		5,859		400,170
Seres Therapeutics, Inc.		15,621		153,554
Sorrento Therapeutics, Inc.		11,906		23,217
Spark Therapeutics, Inc.		99		5,739
Spring Bank Pharmaceuticals, Inc.		2,086		20,005
Stonebridge Biopharma plc		32,195		144,877
Syros Pharmaceuticals, Inc.		223		3,387
T2 Biosystems, Inc.		199		957
TG Therapeutics, Inc.		55,446		612,678
Tracon Pharmaceuticals, Inc.		201		714
Trevena, Inc.		170,614		557,908
vTv Therapeutics, Inc. - Class A		3,718		20,486
XBiotech, Inc.		8,135		88,509
Xenon Pharmaceuticals, Inc.		27,224		106,854
ZIOPHARM Oncology, Inc.		24,375		171,600
				18,513,966

21

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Health Care — 19.9% (Continued)
Health Care Equipment & Supplies — 4.9%
ABIOMED, Inc.		3,013	$	392,654
Accuray, Inc.		68		309
Alere, Inc.		67		3,294
Align Technology, Inc.		3,088		415,707
Antares Pharma, Inc.		2,334		7,282
Avinger, Inc.		162		91
Baxter International, Inc.		7		390
Biolase, Inc.		4,853		6,212
Bovie Medical Corporation		25,394		68,564
Cerus Corporation		149,223		649,120
Check-Cap Ltd.		1,096		2,378
Cogentix Medical, Inc.		21		39
ConforMIS, Inc.		63,405		356,336
Corindus Vascular Robotics, Inc.		497,706		627,110
CRH Medical Corporation		2,490		14,691
CryoPort, Inc.		21,754		52,427
CytoSorbents Corporation		4,917		25,568
DexCom, Inc.		4,813		375,222
Digirad Corporation		19,502		91,659
Endologix, Inc.		95,183		712,921
Entellus Medical, Inc.		50,633		720,001
GenMark Diagnostics, Inc.		53,884		690,793
Glaukos Corporation		14,499		689,137
IDEXX Laboratories, Inc.		2,404		403,223
Integra LifeSciences Holdings Corporation		44		2,023
Intuitive Surgical, Inc.		101		84,423
Invacare Corporation		39,765		584,546
InVivo Therapeutics Holdings Corporation		49,164		186,823
iRadimed Corporation		12,989		111,705
IRIDEX Corporation		1,872		21,341
Lantheus Holdings, Inc.		187		2,431
Neovasc, Inc.		27,603		42,785
Nevro Corporation		59		5,559
Novadaq Technologies, Inc.		1,869		13,008
NovoCure Ltd.		65,973		745,495
Nuvectra Corporation		11,644		95,248
Oxford Immunotec Global plc		7		108
Pulse Biosciences, Inc.		4,219		101,762
Quotient Ltd.		36,560		248,974
ResMed, Inc.		3,599		244,696
Rockwell Medical, Inc.		77,859		669,587
Second Sight Medical Products, Inc.		244		283
Senseonics Holdings, Inc.		27,987		47,298

22

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Health Care — 19.9% (Continued)
Health Care Equipment & Supplies — 4.9% (Continued)
Tandem Diabetes Care, Inc.		66,818	$	63,658
TransEnterix, Inc.		288		187
ViewRay, Inc.		108,960		751,824
Viveve Medical, Inc.		93,713		758,138
				11,087,030
Health Care Providers & Services — 1.8%
AAC Holdings, Inc.		91,622		656,013
Acadia Healthcare Company, Inc.		8,107		353,303
Aceto Corporation		15,117		239,604
American Renal Associates Holdings, Inc.		231		3,975
Anthem, Inc.		20		3,558
BioScrip, Inc.		65,373		99,367
Community Health Systems, Inc.		4,837		41,647
Express Scripts Holding Company		37		2,270
Fulgent Genetics, Inc.		4,094		41,718
InfuSystems Holdings, Inc.		6,051		12,404
MEDNAX, Inc.		5,212		314,596
Nobilis Health Corporation		310,732		388,415
Owens & Minor, Inc.		154		5,336
Quorum Health Corporation		58		248
Sharps Compliance Corporation		26,954		115,902
Surgery Partners, Inc.		188		3,234
Teladoc, Inc.		27,037		670,518
Tenet Healthcare Corporation		64,309		1,007,722
Triple-S Management Corporation - Class B		68		1,231
Trupanion, Inc.		6,275		99,710
Veracyte, Inc.		500		4,235
				4,065,006
Health Care Services — 0.2%
Envision Healthcare Corporation		5,869		328,840
Health Care Technology — 0.8%
athenahealth, Inc.		3,264		319,905
Computer Programs & Systems, Inc.		4,123		113,176
Connecture, Inc.		1,929		1,647
Evolent Health, Inc. - Class A		30,592		711,264
HTG Molecular Diagnostics, Inc.		607		3,047
iCAD, Inc.		674		3,768
Inovalon Holdings, Inc. - Class A		4,148		50,813
NantHealth, Inc.		193,373		601,390
Omnicell, Inc.		131		5,423
Simulations Plus, Inc.		3,373		39,464
				1,849,897

23

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Health Care — 19.9% (Continued)
Life Sciences Tools & Services — 1.1%
Accelerate Diagnostics, Inc.		31,887	$	870,515
Bio-Techne Corporation		3,489		373,602
ChromaDex Corporation		7,997		24,871
Compugen Ltd.		1,810		7,330
Fluidigm Corporation		135,443		669,088
Pacific Biosciences of California, Inc.		158,323		623,793
				2,569,199
Pharmaceuticals — 2.9%
Achaogen, Inc.		29,648		713,924
Adamis Pharmaceuticals Corporation		11,658		43,135
Akorn, Inc.		11,920		398,724
Aralez Pharmaceuticals, Inc.		367,731		592,047
Aratana Therapeutics, Inc.		33,267		206,256
Assembly Biosciences, Inc.		87		2,056
Axsome Therapeutics, Inc.		18,368		75,309
BioDelivery Sciences International, Inc.		58,981		107,640
Cempra, Inc.		11,810		50,783
Clearside Biomedical, Inc.		4,498		35,804
Collegium Pharmaceutical, Inc.		723		7,093
Concordia International Corporation		32,951		41,518
Depomed, Inc.		56,464		677,003
Egalet Corporation		4,220		16,120
Flex Pharma, Inc.		3,304		11,366
Foamix Pharmaceuticals Ltd.		155,011		652,596
Impax Laboratories, Inc.		5,583		78,441
Intra-Cellular Therapies, Inc.		1,970		27,225
KemPharm, Inc.		14,499		66,695
Lannett Company, Inc.		7,343		190,918
Lipocine, Inc.		335		1,420
Neos Therapeutics, Inc.		99,998		709,986
Neuroderm Ltd.		1,622		46,835
Ocular Therapeutix, Inc.		12,151		121,024
Reata Pharmaceuticals, Inc. - Class A		2,239		46,437
Revance Therapeutics, Inc.		2,084		45,327
SteadyMed Ltd.		5,709		41,105
Teligent, Inc.		9,635		76,020
TherapeuticsMD, Inc.		152,539		777,949
Titan Pharmaceuticals, Inc.		504		1,487
WAVE Life Sciences Ltd.		24,544		517,879
Zogenix, Inc.		503		5,533
Zynerba Pharmaceuticals, Inc.		3,444		72,255
				6,457,910

24

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Industrials — 10.1%
Aerospace & Defense — 0.9%
AeroVironment, Inc.		24,210	$	691,680
Axon Enterprise, Inc.		28,975		712,206
Cubic Corporation		106		5,501
DigitalGlobe, Inc.		271		8,726
HEICO Corporation		18		1,244
KEYW Holding Corporation (The)		20,649		195,959
KLX, Inc.		116		5,487
Kratos Defense & Security Solutions, Inc.		1,182		9,007
TransDigm Group, Inc.		1,574		388,353
Triumph Group, Inc.		207		5,423
				2,023,586
Air Freight & Logistics — 0.3%
Echo Global Logistics, Inc.		34,254		642,262
Airlines — 0.1%
Copa Holdings S.A. - Class A		397		46,219
Spirit Airlines, Inc.		4,312		246,948
				293,167
Building Products — 0.7%
AAON, Inc.		153		5,607
Advanced Drainage Systems, Inc.		31,510		726,306
Apogee Enterprises, Inc.		13,657		744,307
Armstrong Flooring, Inc.		162		3,109
Quanex Building Products Corporation		273		5,569
USG Corporation		1,054		31,936
				1,516,834
Commercial Services & Supplies — 1.5%
Acme United Corporation		3		87
Aqua Metals, Inc.		47,529		784,229
ARC Document Solutions, Inc.		161		592
Asta Funding, Inc.		1,030		8,652
Atento, S.A.		16		143
Avery Dennison Corporation		43		3,578
CompX International, Inc.		258		3,844
Covanta Holding Corporation		70,195		1,021,337
Healthcare Services Group, Inc.		15,240		699,668
Hudson Technologies, Inc.		795		5,645
Interface, Inc.		35		697
Intersections, Inc.		21,559		105,639
Johnson Controls International plc		403		16,753
Mobile Mini, Inc.		23,122		663,601
Multi-Color Corporation		73		5,606
Performant Financial Corporation		45,865		104,572

25

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Industrials — 10.1% (Continued)
Commercial Services & Supplies — 1.5% (Continued)
R.R. Donnelley & Sons Company		42	$	528
Team, Inc.		996		26,792
Tetra Tech, Inc.		9		396
Virco Manufacturing Corporation		3,634		16,535
				3,468,894
Construction & Engineering — 1.2%
Goldfield Corporation (The)		121,759		663,587
HC2 Holdings, Inc.		179		1,045
IES Holdings, Inc.		14,964		299,280
Layne Christensen Company		1,657		13,206
Northwest Pipe Company		3,336		46,738
NV5 Global, Inc.		17,074		660,764
Orion Group Holdings, Inc.		75		566
Quanta Services, Inc.		9,564		338,948
Willdan Group, Inc.		22,578		640,538
				2,664,672
Electrical Equipment — 1.0%
Acuity Brands, Inc.		2,041		359,420
American Superconductor Corporation		15,676		81,672
Energous Corporation		61,383		774,653
Energy Focus, Inc.		31		96
Enphase Energy, Inc.		754		897
FuelCell Energy, Inc.		84,590		97,278
Hydrogenics Corporation		15,395		115,463
Plug Power, Inc.		41,509		92,980
Sunrun, Inc.		145,173		767,965
Ultralife Corporation		683		3,757
				2,294,181
Industrial Conglomerates — 0.1%
General Electric Company		11,818		342,604
Machinery — 1.5%
Actuant Corporation - Class A		207		5,651
American Railcar Industries, Inc.		2,129		89,312
ARC Group Worldwide, Inc.		18,856		66,939
Chart Industries, Inc.		155		5,659
CIRCOR International, Inc.		143		9,540
Deere & Company		3,273		365,300
DMC Global, Inc.		2,155		32,971
Energy Recovery, Inc.		54,155		457,068
ExOne Company (The)		3,605		36,374
Graco, Inc.		747		80,564
Greenbrier Companies, Inc. (The)		2,671		116,055

26

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Industrials — 10.1% (Continued)
Machinery — 1.5% (Continued)
Hardinge, Inc.		283	$	2,971
Hyster-Yale Materials Handling, Inc.		9,272		557,340
Key Technology, Inc.		2,995		39,055
Kornit Digital Ltd.		4,954		99,575
Lincoln Electric Holdings, Inc.		50		4,451
Lindsay Corporation		2,087		181,277
Manitowoc Company, Inc. (The)		1,601		9,558
Navistar International Corporation		226		6,082
Omega Flex, Inc.		268		15,054
Perma-Pipe International Holdings, Inc.		831		6,690
Proto Labs, Inc.		13,295		771,110
Sun Hydraulics Corporation		150		5,826
Supreme Industries, Inc. - Class A		2,337		46,833
Wabash National Corporation		1,041		23,714
Wabtec Corporation		1,831		153,603
Welbilt, Inc.		453		9,286
Westport Fuel Systems, Inc.		165,306		224,816
				3,422,674
Marine — 0.2%
Danaos Corporation		3,100		5,270
Diana Shipping, Inc.		19,131		76,333
Eagle Bulk Shipping, Inc.		7,626		37,596
Genco Shipping & Trading Ltd.		3,759		43,304
Golden Ocean Group Ltd.		3,023		23,035
Navios Maritime Holdings, Inc.		25,498		43,346
Seaspan Corporation		15,344		108,022
Star Bulk Carriers Corporation		3,032		28,683
				365,589
Professional Services — 1.1%
Acacia Research Corporation		787		4,289
BG Staffing, Inc.		8,227		128,341
CDI Corporation		437		3,561
Cogint, Inc.		131,612		697,544
Dun & Bradstreet Corporation (The)		8,483		929,822
FTI Consulting, Inc.		10,980		379,798
Hill International, Inc.		318		1,288
Paylocity Holding Corporation		9,528		375,784
				2,520,427
Road & Rail — 0.5%
Avis Budget Group, Inc.		187		5,704
CSX Corporation		6,969		354,304
Heartland Express, Inc.		1,314		26,438
Hertz Global Holdings, Inc.		565		9,317

27

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Industrials — 10.1% (Continued)
Road & Rail — 0.5% (Continued)
P.A.M. Transportation Services, Inc.		46	$	863
Student Transportation, Inc.		875		5,206
Swift Transportation Company		28,192		692,959
Universal Logistics Holdings, Inc.		1,408		19,642
USA Truck, Inc.		589		3,952
				1,118,385
Trading Companies & Distributors — 0.9%
EnviroStar, Inc.		6,224		147,198
Fastenal Company		547		24,440
GATX Corporation		12,711		761,389
Houston Wire & Cable Company		62		388
Kaman Corporation		1,180		56,652
MSC Industrial Direct Company, Inc. - Class A		2,325		208,157
Neff Corporation - Class A		114		2,006
Nexeo Solutions, Inc.		7,511		68,425
Titan Machinery, Inc.		351		5,563
United Rentals, Inc.		2,819		309,132
W.W. Grainger, Inc.		1,836		353,797
				1,937,147
Transportation Infrastructure — 0.1%
Pingtan Marine Enterprise Ltd.		9,753		46,522
Wesco Aircraft Holdings, Inc.		17,372		211,070
				257,592
Information Technology — 10.8%
Communications Equipment — 2.0%
Applied Optoelectronics, Inc.		14,371		709,784
Arista Networks, Inc.		2,801		391,132
Bel Fuse, Inc. - Class B		17		411
CalAmp Corporation		39,730		712,756
Ceragon Networks Ltd.		233		776
ClearOne, Inc.		188		1,918
Extreme Networks, Inc.		376		2,938
F5 Networks, Inc.		1,094		141,268
Harmonic, Inc.		20,223		117,293
Infinera Corporation		65,171		646,496
Inseego, Corporation		60,682		129,859
Lantronix, Inc.		21,234		59,455
MRV Communications, Inc.		1,235		11,732
Network-1 Technologies, Inc.		83,902		402,730
Numerex Corporation - Class A		12,039		54,175
Oclaro, Inc.		2,099		16,813
Palo Alto Networks, Inc.		3,375		365,884
PC-TEL, Inc.		231		1,788

28

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Information Technology — 10.8% (Continued)
Communications Equipment — 2.0% (Continued)
Resonant, Inc.		26,707	$	128,461
Sierra Wireless, Inc.		605		15,307
Ubiquiti Networks, Inc.		13,380		689,338
Wi-LAN, Inc.		1,476		2,967
				4,603,281
Electronic Equipment, Instruments & Components — 1.5%
Airgain, Inc.		2,996		44,670
Anixter International, Inc.		24		1,957
Applied DNA Science, Inc.		26,459		46,303
ClearSign Combustion Corporation		36,164		128,382
Cognex Corporation		4,566		389,662
CUI Global, Inc.		10,607		46,777
Electro Scientific Industries, Inc.		16,270		113,565
eMagin Corporation		18,989		43,675
Fitbit, Inc. - Class A		163,995		938,051
Identiv, Inc.		749		4,299
Knowles Corporation		5,582		98,969
LightPath Technologies, Inc. - Class A		46,071		124,392
Magal Security Systems Ltd.		4,644		31,022
Maxwell Technologies, Inc.		21,634		131,967
MicroVision, Inc.		296,300		666,675
Neonode, Inc.		77,188		130,448
Netlist, Inc.		105,738		135,345
PAR Technology Corporation		93		795
Radisys Corporation		14		56
SuperCom Ltd.		19,669		52,910
TTM Technologies, Inc.		509		8,516
Universal Display Corporation		2,395		213,993
Vishay Intertechnology, Inc.		6,330		103,496
				3,455,925
Internet Software & Services — 1.5%
Aerohive Networks, Inc.		24,137		93,410
Appfolio, Inc. - Class A		17		451
Benefitfocus, Inc.		198		6,237
Care.com, Inc.		55		652
Chegg, Inc.		11,550		104,065
Cimpress N.V.		103		8,454
Coupa Software, Inc.		26,929		747,280
Five9, Inc.		215		3,923
Gogo, Inc.		11,064		139,517
iPass, Inc.		108,178		134,141
LendingClub Corporation		5,690		33,286
Marin Software, Inc.		29,926		50,874

29

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Information Technology — 10.8% (Continued)
Internet Software & Services — 1.5% (Continued)
MINDBODY, Inc. - Class A		65	$	1,843
New Relic, Inc.		118		4,718
Nutanix, Inc. - Class A		4,747		72,107
Piksel, Inc. - Series A-2 (b)		346,880		0
Quotient Technology, Inc.		762		8,306
Reis, Inc.		6,657		125,152
Remark Holdings, Inc		44,314		134,271
Rocket Fuel, Inc.		6,656		33,446
Shutterstock, Inc.		211		9,122
Stamps.com, Inc.		299		31,739
StarTek, Inc.		316		2,869
Trade Desk, Inc. (The) - Class A		461		17,218
Tremor Video, Inc.		806		1,805
TrueCar, Inc.		43,133		755,690
Twilio, Inc. - Class A		3,170		104,769
VeriSign, Inc.		4,338		385,735
WebMD Health Corporation		169		9,165
Xactly Corporation		1,648		19,117
Zillow Group, Inc. - Class A		10,506		404,376
				3,443,738
IT Services — 1.3%
ALJ Regional Holdings, Inc.		4,483		15,018
Black Knight Financial Services, Inc. - Class A		189		7,825
CardConnect Corporation		3,299		45,196
China Customer Relations Centers, Inc.		293		4,377
Edgewater Technology, Inc.		28		204
FleetCor Technologies, Inc.		83		11,715
Forrester Research, Inc.		42		1,703
Information Services Group, Inc.		38,244		120,469
Mattersight Corporation		39,781		135,255
ModusLink Global Solutions, Inc.		1,196		2,021
Rightside Group Ltd.		168		1,687
ServiceSource International, Inc.		120,354		452,531
Square, Inc. - Class A		2,465		44,962
Unisys Corporation		25,701		290,421
VeriFone Systems, Inc.		20,237		375,194
Virtusa Corporation		22,951		711,022
Western Union Company (The)		18,011		357,698
WEX, Inc.		3,481		353,182
				2,930,480
Semiconductors & Semiconductor Equipment — 1.4%
Acacia Communications, Inc.		16,214		743,250
Aehr Test Systems		16,145		73,783

30

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Information Technology — 10.8% (Continued)
Semiconductors & Semiconductor Equipment — 1.4% (Continued)
Ambarella, Inc.		396	$	22,263
Amtech Systems, Inc.		501		3,527
Canadian Solar, Inc.		2,750		36,575
Cree, Inc.		3,657		80,015
CyberOptics Corporation		75		1,624
Everspin Technologies, Inc.		1,373		13,730
Impinj, Inc.		1,227		45,988
Nova Measuring Instruments Ltd.		98		1,967
NVE Corporation		4		325
NVIDIA Corporation		3,569		372,247
Pixelworks, Inc.		829		4,054
QuickLogic Corporation		365,504		615,874
Sevcon, Inc.		9,219		127,222
Sigma Designs, Inc.		3,776		23,411
SolarEdge Technologies, Inc.		47,052		759,890
SunPower Corporation		16,823		116,751
Ultratech, Inc.		84		2,564
Veeco Instruments, Inc.		189		6,237
				3,051,297
Software — 2.9%
ACI Worldwide, Inc.		768		16,504
Asure Software, Inc.		12,428		128,381
Attunity Ltd.		102		780
Digimarc Corporation		24,533		707,777
Digital Turbine, Inc.		5,770		6,520
Ebix, Inc.		17,970		1,108,749
ePlus, Inc.		4		285
FireEye, Inc.		31,197		390,275
Gigamon, Inc.		1,142		36,202
Globant S.A.		153		5,797
Glu Mobile, Inc.		18,175		41,984
Guidance Software, Inc.		566		3,424
Imperva, Inc.		810		36,005
Mitek Systems, Inc.		80,047		700,411
MobileIron, Inc.		723		3,290
Model N, Inc.		43,976		470,543
Net 1 UEPS Technologies, Inc.		172		1,863
NetSol Technologies, Inc.		1,100		5,225
PROS Holdings, Inc.		29,935		737,898
QAD, Inc. - Class A		30		906
Seachange International, Inc.		30,368		76,527
SecureWorks Corporation - Class A		29,369		254,042
SITO Mobile Ltd.		42,318		110,027

31

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Information Technology — 10.8% (Continued)
Software — 2.9% (Continued)
Synchronoss Technologies, Inc.		220	$	3,520
Ultimate Software Group, Inc. (The)		1,683		341,094
VirnetX Holding Corporation		156,613		516,823
VMware, Inc. - Class A		4,199		395,210
Workday, Inc. - Class A		4,538		396,621
				6,496,683
Technology Hardware, Storage & Peripherals — 0.2%
3D Systems Corporation		3,997		63,272
Avid Technology, Inc.		36,261		203,243
CPI Card Group, Inc.		9,742		35,071
Cray, Inc.		273		4,887
Diebold Nixdorf, Inc.		308		8,686
Electronics For Imaging, Inc.		633		28,979
On Track Innovations Ltd.		4,050		6,237
Pure Storage, Inc. - Class A		375		3,979
Synaptics, Inc.		104		5,696
USA Technologies, Inc.		354		1,734
				361,784
Materials — 4.2%
Chemicals — 1.9%
Advanced Emissions Solutions, Inc.		312		2,933
AgroFresh Solutions, Inc.		117,561		659,517
Balchem Corporation		129		10,470
BioAmber, Inc.		59,722		134,374
CF Industries Holdings, Inc.		13,109		350,535
China Green Agriculture, Inc.		1,818		2,272
Flotek Industries, Inc.		67,635		812,296
Intrepid Potash, Inc.		371,684		672,748
Kraton Corporation		8,270		270,512
LSB Industries, Inc.		79,684		878,118
Marrone Bio Innovations, Inc.		16,515		28,901
NL Industries, Inc.		12,020		97,362
Platform Specialty Products Corporation		23,430		332,003
Rayonier Advanced Materials, Inc.		1,218		16,139
Scotts Miracle-Gro Company (The)		708		68,393
Senomyx, Inc.		3,637		3,819
				4,340,392
Construction Materials — 0.0% (a)
U.S. Concrete, Inc.		105		6,510
Containers & Packaging — 0.1%
AptarGroup, Inc.		1,037		83,271
Ball Corporation		1,714		131,789
				215,060

32

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Materials — 4.2% (Continued)
Metals & Mining — 1.9%
AK Steel Holding Corporation		3,053	$	19,356
Alexco Resource Corporation		32,968		47,144
Allegheny Technologies, Inc.		1,432		26,277
Asanko Gold, Inc.		278,924		683,364
Avino Silver & Gold Mines Ltd.		45,540		68,765
Carpenter Technology Corporation		1,494		60,656
Century Aluminum Company		445		6,070
Cliffs Natural Resources, Inc.		3,703		24,884
Coeur Mining, Inc.		289		2,618
Compass Minerals International, Inc.		658		43,428
Eldorado Gold Corporation		5,452		19,954
Endeavour Silver Corporation		8,397		25,863
Energy Fuels, Inc.		156,284		273,497
First Majestic Silver Corporation		6,331		51,471
Gold Resource Corporation		2,547		8,405
Gold Standard Ventures Corporation		403,492		685,936
Great Panther Silver Ltd.		35,857		45,180
Hecla Mining Company		3,562		19,413
Hudbay Minerals, Inc.		657		3,909
IAMGOLD Corporation		11,026		45,648
McEwen Mining, Inc.		20,139		61,223
Mountain Province Diamonds, Inc.		19,196		54,709
New Gold, Inc.		5,638		16,012
NN, Inc.		2,958		81,641
Northern Dynasty Minerals Ltd.		494,667		791,467
NOVAGOLD Resources, Inc.		4,896		20,465
Pershing Gold Corporation		260		728
Pretium Resources, Inc.		468		4,638
Royal Gold, Inc.		27		1,908
Sandstorm Gold Ltd.		17,705		61,613
Seabridge Gold, Inc.		75,875		781,513
Stillwater Mining Company		427		7,678
SunCoke Energy, Inc.		609		5,585
Tahoe Resources, Inc.		24,319		196,011
TimkenSteel Corporation		2,836		42,767
Universal Stainless & Alloy Products, Inc.		3		54
Vista Gold Corporation		11,627		11,976
Western Copper & Gold Corporation		13,581		15,211
Yamana Gold, Inc.		7,487		20,215
				4,337,252

33

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Materials — 4.2% (Continued)
Paper & Forest Products — 0.3%
Clearwater Paper Corporation		13,049	$	634,182
Deltic Timber Corporation		117		9,052
				643,234
Real Estate — 4.0%
Equity Real Estate Investment Trusts (REITs) — 4.0%
Acadia Realty Trust		23,554		684,950
Agree Realty Corporation		15,267		740,144
AvalonBay Communities, Inc.		2,906		551,675
City Office REIT, Inc.		7,045		88,415
Community Healthcare Trust, Inc.		5,455		134,848
Digital Realty Trust, Inc.		5,170		593,723
Easterly Government Properties, Inc.		26,010		523,321
Gladstone Commercial Corporation		249		5,553
Government Properties Income Trust		21,370		455,608
HCP, Inc.		8,928		279,893
Independence Realty Trust, Inc.		18,084		166,373
Investors Real Estate Trust		43,889		259,384
Liberty Property Trust		13,752		557,919
Medical Properties Trust, Inc.		820		10,717
Mid-America Apartment Communities, Inc.		7,390		733,162
National Health Investors, Inc.		627		45,878
Public Storage		3,616		757,118
Realty Income Corporation		13,471		786,033
Regency Centers Corporation		9,762		616,763
Retail Properties of America, Inc. - Class A		93		1,241
STAG Industrial, Inc.		6,826		179,933
Terreno Realty Corporation		3,425		105,764
Welltower, Inc.		10,734		766,837
Whitestone REIT		3,136		39,325
				9,084,577
Real Estate Management & Development — 0.0% (a)
Griffin Industrial Realty, Inc.		113		3,420
Telecommunication Services — 1.4%
Diversified Telecommunication Services — 0.9%
Aware, Inc.		5,675		27,240
Consolidated Communications Holdings, Inc.		1,462		34,606
Frontier Communications Corporation		478,977		900,477
Globalstar, Inc.		219,164		418,603
Iridium Communications, Inc.		14,885		157,781
magicJack VocalTec Ltd.		15,357		125,927
pdvWireless, Inc.		5,609		143,871
Straight Path Communications, Inc. - Class B		636		81,955

34

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 79.9% (Continued)	Shares		Value
Telecommunication Services — 1.4% (Continued)
Diversified Telecommunication Services — 0.9% (Continued)
Windstream Holdings, Inc.		5,649	$	31,182
Zayo Group Holdings, Inc.		73		2,560
				1,924,202
Wireless Telecommunication Services — 0.5%
Shenandoah Telecommunications Company		21,596		691,072
Sprint Corporation		43,631		393,988
				1,085,060
Utilities — 1.3%
Electric Utilities — 0.5%
ALLETE, Inc.		16		1,119
Duke Energy Corporation		288		23,760
Southern Company (The)		7,440		370,512
Spark Energy, Inc. - Class A		20,779		745,966
				1,141,357
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Corporation		35,429		361,376
Dynegy, Inc.		168		1,078
Pattern Energy Group, Inc.		224		4,932
TerraForm Global, Inc. - Class A		1,077		5,116
TerraForm Power, Inc. - Class A		2,056		25,885
U.S. Geothermal, Inc.		1,105		4,619
Vivint Solar, Inc.		233,287		699,861
				1,102,867
Multi-Utilities — 0.2%
CenterPoint Energy, Inc.		165		4,707
Dominion Resources, Inc.		4,862		376,465
				381,172
Water Utilities — 0.1%
AquaVenture Holdings Ltd.		983		18,058
Cadiz, Inc.		22,151		334,480
				352,538
Total Common Stocks (Proceeds $199,440,616)			$	180,296,080

35

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
WARRANTS — 0.0% (a)	Shares		Value
Sears Holdings Corporation (Proceeds $628)		36	$	106
Total Securities Sold Short — 79.9% (Proceeds $199,441,244)			$	180,296,186

(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 $0 at April 30, 2017, representing 0.0% of net assets (Note 2).
See accompanying notes to financial statements.

36

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2017 (Unaudited)
COMMON STOCKS — 97.4%	Shares		Value
Consumer Discretionary — 13.1%
Gray Television, Inc. (a)		16,954	$	248,376
Taylor Morrison Home Corporation - Class A (a)		15,532		358,789
Tower International, Inc.		11,870		321,677
Other Consumer Discretionary (b)				7,849,239
				8,778,081
Consumer Staples — 3.7%
Avon Products, Inc. (a)		58,183		282,187
Inter Parfums, Inc.		7,307		277,301
SpartanNash Company		7,043		259,183
Other Consumer Staples (b)				1,631,914
				2,450,585
Energy — 4.8%
Overseas Shipholding Group, Inc. - Class A (a)		74,558		271,391
Pacific Ethanol, Inc. (a)		46,525		316,370
Other Energy (b)				2,643,387
				3,231,148
Financials — 17.5%
FBL Financial Group, Inc. - Class A		3,814		253,631
Hope Bancorp, Inc.		13,890		254,326
Houlihan Lokey, Inc.		9,001		301,894
OM Asset Management plc		17,274		268,783
PHH Corporation (a)		19,017		245,319
Other Financials (b)				10,414,723
				11,738,676
Health Care — 15.8%
AMAG Pharmaceuticals, Inc. (a)		10,400		253,760
Cytokinetics, Inc. (a)		15,252		250,133
Exactech, Inc. (a)		8,062		239,038
FibroGen, Inc. (a)		9,293		260,204
Halyard Health, Inc. (a)		6,520		257,540
Heska Corporation (a)		2,676		289,677
Horizon Pharma plc (a)		17,202		264,567
Magellan Health, Inc. (a)		3,546		243,965
Merit Medical Systems, Inc. (a)		8,335		280,890
Momenta Pharmaceuticals, Inc. (a)		17,571		252,144
National HealthCare Corporation		3,227		240,153
Phibro Animal Health Corporation - Class A		11,627		345,903
Providence Service Corporation (The) (a)		5,616		247,104
Select Medical Holdings Corporation (a)		18,985		261,044
Other Health Care (b)				6,861,119
				10,547,241

37

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 97.4% (Continued)	Shares		Value
Industrials — 13.6%
Astec Industries, Inc.		5,141	$	325,682
Mueller Water Products, Inc. - Series A		21,262		239,198
Other Industrials (b)				8,575,250
				9,140,130
Information Technology — 14.3%
Anixter International, Inc. (a)		3,225		262,999
Diodes, Inc. (a)		10,568		247,185
Envestnet, Inc. (a)		7,731		269,039
Insight Enterprises, Inc. (a)		8,087		340,463
IXYS Corporation		18,154		253,248
Jive Software, Inc. (a)		53,371		269,524
Progress Software Corporation		8,666		257,554
Other Information Technology (b)				7,671,194
				9,571,206
Materials — 4.4%
Innophos Holdings, Inc.		6,529		313,000
Materion Corporation		6,597		251,016
Stepan Company		2,842		241,002
Other Materials (b)				2,143,963
				2,948,981
Real Estate — 7.9%
CBL & Associates Properties, Inc.		44,587		412,430
Farmland Partners, Inc.		31,207		340,156
Hudson Pacific Properties, Inc.		11,838		406,754
Independence Realty Trust, Inc.		46,572		428,462
InfraREIT, Inc.		26,062		497,784
Kite Realty Group Trust		20,249		412,270
Mack-Cali Realty Corporation		14,974		405,047
Monogram Residential Trust, Inc.		41,284		420,271
Parkway, Inc.		19,742		397,801
Silver Bay Realty Trust Corporation		19,062		408,499
TIER REIT, Inc.		23,220		401,938
Washington Prime Group, Inc.		39,311		345,937
Other Real Estate (b)				408,399
				5,285,748
Telecommunication Services — 0.3%
Other Telecommunication Services (b)				227,662
Utilities — 2.0%
Other Utilities (b)				1,310,614
Total Common Stocks (Cost $61,749,870)			$	65,230,072

38

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
RIGHTS — 0.1%	Shares		Value
Tobira Therapeutics, Inc. (c) (Cost $28,353)		2,038	$	31,894

CORPORATE BONDS — 0.0% (d)	Par Value	Value
Other Corporate Bonds (Cost $23,038)		$	24,000
Total Investments at Value — 97.5% (Cost $61,801,261)		$	65,285,966
Other Assets in Excess of Liabilities — 2.5%			1,669,998
Net Assets — 100.0%		$	66,955,964

*	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, 2017.
(c)	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 $31,894 at April 30, 2017, representing 0.1% of net assets (Note 2).
(d)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

39

TFS HEDGED FUTURES FUND SCHEDULE OF INVESTMENTS April 30, 2017 (Unaudited)
U.S. TREASURY OBLIGATIONS — 15.9%	Par Value		Value
U.S. Treasury Bills (a),
0.83%, due 08/24/2017	$	445,000	$	443,868
0.84%, due 09/07/2017		578,000		576,227
0.90%, due 09/21/2017		578,000		575,997
0.93%, due 10/05/2017		445,000		443,229
Total U.S. Treasury Obligations (Cost $2,039,222)			$	2,039,321

MONEY MARKET FUNDS — 44.5%	Shares		Value
Federated U.S. Treasury Cash Reserve Fund - Institutional Shares, 0.539% (b)		132,566	$	132,566
Fidelity Institutional Money Market Government Portfolio - Class I, 0.609% (b)		2,218,062		2,218,062
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Shares, 0.639% (b)		1,065,687		1,065,687
PIMCO Government Money Market Fund, 0.670% (b)		132,579		132,579
Premier U.S. Government Money Portfolio, 0.639% (b)		1,065,726		1,065,726
Vanguard Federal Money Market Fund, 0.660% (b)		1,065,752		1,065,752
Total Money Market Funds (Cost $5,680,372)			$	5,680,372
Total Investments at Value — 60.4% (Cost $7,719,594)			$	7,719,693
Other Assets in Excess of Liabilities — 39.6% (c)				5,056,080
Net Assets — 100.0%			$	12,775,773

(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, 2017.
(c)	Includes cash held as margin deposits for futures contracts.
See accompanying notes to financial statements.

40

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS April 30, 2017 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Cocoa Future	07/14/2017		10	$	184,100	$	(15,094	)
Copper Future	07/27/2017		3		195,600		2,814
Cotton No.2 Future	07/07/2017		2		78,870		1,151
Ethanol Future	06/05/2017		8		362,384		(8,995	)
Feeder Cattle Future	05/25/2017		1		74,775		5,283
Frozen Concentrate Orange Juice Future	07/11/2017		22		522,555		14,325
Hard Red Winter Wheat Future	07/14/2017		3		65,588		188
Live Cattle Future	06/30/2017		13		644,930		67,284
Oats Future	07/14/2017		46		524,400		19,254
Palladium Future	06/28/2017		4		330,460		20,280
Platinum Future	07/27/2017		3		142,275		(1,007	)
Red Spring Wheat Future	07/14/2017		40		1,109,500		7,658
Sugar No. 11 Future	06/30/2017		4		72,262		(1,743	)
Total Commodity Futures				$	4,307,699	$	111,398

See accompanying notes to financial statements.

41

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS SOLD SHORT April 30, 2017 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Coffee Future	07/19/2017		6	$	300,150	$	3,255
Corn Future	07/14/2017		25		458,125		2,218
Crude Oil Future	05/22/2017		4		196,560		12,335
Lean Hogs Future	06/14/2017		15		444,000		(8,755	)
Lumber Future	07/14/2017		8		339,768		11,064
Natural Gas Future	05/26/2017		14		458,080		(1,023	)
Rough Rice Future	07/14/2017		22		414,480		20,096
Wheat Future	07/14/2017		74		1,599,325		(340	)
Total Commodity Futures				$	4,210,488	$	38,850

See accompanying notes to financial statements.

42

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF ASSETS AND LIABILITIES April 30, 2017 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund		TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	204,684,491		$	61,801,261	$	7,719,594
At value (Note 2)	$	215,165,535		$	65,285,966	$	7,719,693
Cash		—			1,148,264		140,000
Cash denominated in foreign currency		—			—		239,340
Deposits with brokers for short positions (Note 2)		187,847,911			—		—
Margin deposits for futures contracts (Note 2)		3,152,628			—		4,507,807
Variation margin receivable (Notes 2 and 5)		—			—		187,205
Dividends and interest receivable		38,758			14,600		2,853
Receivable for investment securities sold		26,705,576			5,882,619		—
Receivable for capital shares sold		52,572			5,110		500
Receivable from Adviser (Note 4)		—			—		8,049
Other assets		76,016			27,167		25,240
TOTAL ASSETS		433,038,996			72,363,726		12,830,687
LIABILITIES
Bank overdraft		2,004,962			—		—
Securities sold short, at value (Note 2) (proceeds $199,441,244)		180,296,186			—		—
Variation margin payable (Notes 2 and 5)		—			—		36,957
Dividends payable on securities sold short (Note 2)		48,328			—		—
Payable for investment securities purchased		24,103,306			5,324,855		—
Payable for capital shares redeemed		130,817			10,939		1,541
Payable to Adviser (Note 4)		270,857			48,442		—
Payable to administrator (Note 4)		26,849			10,388		9,606
Accrued brokerage expense on securities sold short (Note 2)		383,662			—		—
Other accrued expenses and liabilities		30,893			13,138		6,810
TOTAL LIABILITIES		207,295,860			5,407,762		54,914
CONTINGENCIES AND COMMITMENTS (Note 7)		—			—		—
NET ASSETS	$	225,743,136		$	66,955,964	$	12,775,773
Net assets consist of:
Paid-in capital	$	221,413,037		$	55,565,715	$	13,811,947
Accumulated net investment income (loss)		(31,312,352	)		144,527		(734,167	)
Accumulated net realized gains (losses) from security transactions and other financial instruments		6,016,351			7,761,017		(455,442	)
Net unrealized appreciation (depreciation) on:
Investments		10,481,044			3,484,705		99
Short positions		19,145,058			—		—
Futures contracts		—			—		150,248
Translation of assets and liabilities in foreign currencies		(2	)		—		3,088
Net assets	$	225,743,136		$	66,955,964	$	12,775,773
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		15,537,726			4,729,251		1,205,157
Net asset value, redemption price and offering price per share (Note 2)	$	14.53		$	14.16	$	10.60

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

43

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2017 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	2,836,936		$	666,263		$	24,782
Foreign tax withholding		(7,445	)		(40	)		—
Interest		161			196			7,500
TOTAL INVESTMENT INCOME		2,829,652			666,419			32,282
EXPENSES
Brokerage expense on securities sold short (Note 2)		5,352,862			—			—
Investment advisory fees (Note 4)		2,237,255			399,007			107,271
Dividend expense on securities sold short (Note 2)		1,026,227			—			—
Administration fees (Note 4)		101,551			30,000			30,000
Professional fees		55,405			21,828			21,288
Accounting services fees (Note 4)		53,782			18,468			19,214
Custodian fees		49,727			25,967			13,851
Transfer agent fees (Note 4)		48,967			14,301			9,000
Trustees’ fees and expenses (Note 4)		20,875			20,875			20,875
Registration and filing fees		26,149			14,247			14,630
Pricing fees		35,853			6,386			372
Borrowing costs (Note 2)		29,377			1,448			341
Compliance service fees and expenses (Note 4)		17,016			8,120			5,777
Insurance expense		19,688			1,384			1,237
Postage and supplies		14,913			4,930			2,235
Printing of shareholder reports		3,282			2,324			2,515
Other expenses		19,192			12,235			4,683
TOTAL EXPENSES		9,112,121			581,520			253,289
Investment advisory fee reductions and expense reimbursements (Note 4)		(127,423	)		(59,628	)		(124,222	)
NET EXPENSES		8,984,698			521,892			129,067
NET INVESTMENT INCOME (LOSS)		(6,155,046	)		144,527			(96,785	)
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) from:
Investments		38,151,814			9,537,970			(2,460	)
Securities sold short		906,770			—			—
Futures contracts (Notes 2 and 5)		1,412,577			—			2,973
Foreign currency transactions		(2	)		—			1,862
Net change in unrealized appreciation (depreciation) on:
Investments		7,600,780			2,279,390			135
Securities sold short		(26,639,036	)		—			—
Futures contracts (Notes 2 and 5)		—			—			82,784
Foreign currency translation		(1	)		—			3,083
NET REALIZED AND UNREALIZED GAINS		21,432,902			11,817,360			88,377
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	15,277,856		$	11,961,887		$	(8,408	)

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

44

TFS MARKET NEUTRAL FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
FROM OPERATIONS
Net investment loss	$	(6,155,046	)	$	(35,112,731	)
Net realized gains (losses) from:
Investments		38,151,814			3,273,816
Securities sold short		906,770			19,476,795
Option contracts		—			742,213
Futures contracts		1,412,577			3,498,756
Foreign currency transactions		(2	)		571
Net change in unrealized appreciation (depreciation) on:
Investments		7,600,780			(16,280,807	)
Securities sold short		(26,639,036	)		(41,200,643	)
Futures contracts		—			1,021,348
Foreign currency translation		(1	)		(8	)
Net increase (decrease) in net assets from operations		15,277,856			(64,580,690	)
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		—			(28,447,169	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		27,217,731			134,742,713
Net asset value of shares issued in reinvestment of distributions to shareholders		—			19,356,148
Payments for shares redeemed		(125,175,428	)		(537,713,899	)
Net decrease in net assets from capital share transactions		(97,957,697	)		(383,615,038	)
TOTAL DECREASE IN NET ASSETS		(82,679,841	)		(476,642,897	)
NET ASSETS
Beginning of period		308,422,977			785,065,874
End of period	$	225,743,136		$	308,422,977
ACCUMULATED NET INVESTMENT LOSS	$	(31,312,352	)	$	(25,157,304	)
CAPITAL SHARE ACTIVITY
Shares sold		1,899,739			9,498,421
Shares issued in reinvestment of distributions to shareholders		—			1,368,893
Shares redeemed		(8,705,750	)		(38,832,823	)
Net decrease in shares outstanding		(6,806,011	)		(27,965,509	)
Shares outstanding, beginning of period		22,343,737			50,309,246
Shares outstanding, end of period		15,537,726			22,343,737

See accompanying notes to financial statements.

45

TFS SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
FROM OPERATIONS
Net investment income (loss)	$	144,527		$	(222,534	)
Net realized gains from investments		9,537,970			5,587,939
Net change in unrealized appreciation (depreciation) on investments		2,279,390			(3,989,830	)
Net increase in net assets from operations		11,961,887			1,375,575
FROM DISTRIBUTIONS (Note 2)
Distributions from net realized gains from security transactions		(4,458,511	)		(4,457,263	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		4,073,211			20,317,282
Net asset value of shares issued in reinvestment of distributions to shareholders		4,138,740			4,086,135
Payments for shares redeemed		(15,571,289	)		(52,648,482	)
Net decrease in net assets from capital share transactions		(7,359,338	)		(28,245,065	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		144,038			(31,326,753	)
NET ASSETS
Beginning of period		66,811,926			98,138,679
End of period	$	66,955,964		$	66,811,926
ACCUMULATED NET INVESTMENT INCOME	$	144,527		$	—
CAPITAL SHARE ACTIVITY
Shares sold		291,044			1,728,901
Shares issued in reinvestment of distributions to shareholders		298,610			335,756
Shares redeemed		(1,103,310	)		(4,318,425	)
Net decrease in shares outstanding		(513,656	)		(2,253,768	)
Shares outstanding, beginning of period		5,242,907			7,496,675
Shares outstanding, end of period		4,729,251			5,242,907

See accompanying notes to financial statements.

46

TFS HEDGED FUTURES FUND STATEMENTS OF CHANGES IN NET ASSETS*
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
FROM OPERATIONS
Net investment loss	$	(96,785	)	$	(278,104	)
Net realized gains (losses) from:
Investments		(2,460	)		2,894
Futures contracts		2,973			283,342
Foreign currency transactions		1,862			(3,118	)
Net change in unrealized appreciation (depreciation) on:
Investments		135			749
Futures contracts		82,784			(26,230	)
Foreign currency translation		3,083			1,015
Net decrease in net assets from operations		(8,408	)		(19,452	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		698,852			11,296,813
Payments for shares redeemed		(4,180,745	)		(11,641,932	)
Net decrease in net assets from capital share transactions		(3,481,893	)		(345,119	)
TOTAL DECREASE IN NET ASSETS		(3,490,301	)		(364,571	)
NET ASSETS
Beginning of period		16,266,074			16,630,645
End of period	$	12,775,773		$	16,266,074
ACCUMULATED NET INVESTMENT LOSS	$	(734,167	)	$	(639,244	)
CAPITAL SHARE ACTIVITY
Shares sold		66,145			1,067,335
Shares redeemed		(398,192	)		(1,106,832	)
Net decrease in shares outstanding		(332,047	)		(39,497	)
Shares outstanding, beginning of period		1,537,204			1,576,701
Shares outstanding, end of period		1,205,157			1,537,204

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

47

TFS MARKET NEUTRAL FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Net asset value at beginning of period	$	13.80		$	15.60		$	15.45		$	16.19		$	15.23		$	14.41
Income (loss) from investment operations:
Net investment loss		(0.89	)		(1.53	)		(0.95	)		(1.57	)		(1.25	)		(0.99	)
Net realized and unrealized gains on investments		1.62			0.33			1.70			1.49			2.21			2.05
Total from investment operations		0.73			(1.20	)		0.75			(0.08	)		0.96			1.06
Less distributions:
Distributions from net realized gains from security transactions		—			(0.60	)		(0.60	)		(0.66	)		—			(0.24	)
Proceeds from redemption fees collected		—			—			—			0.00	(a)		0.00	(a)		0.00	(a)
Net asset value at end of period	$	14.53		$	13.80		$	15.60		$	15.45		$	16.19		$	15.23
Total return (b)		5.29	%(c)		(7.79	%)		4.99	%		(0.50	%)		6.30	%		7.48	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	225,743		$	308,423		$	785,066		$	769,182		$	1,582,797		$	1,789,303
Ratio of total expenses to average net assets		6.72	%(d)		7.70	%		7.71	%		8.44	%		8.67	%		8.63	%
Ratio of net expenses to average net assets		6.63	%(d)(e)		7.62	%(e)		7.65	%(e)		8.43	%(e)		8.67	%		8.63	%
Ratio of net expenses to average net assets excluding dividend expense (f)		5.87	%(d)(e)		6.88	%(e)		6.92	%(e)		7.53	%(e)		7.59	%		7.75	%
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (f)		1.90	%(d)(e)		1.90	%(e)		1.90	%(e)		2.02	%(e)(g)		2.41	%		2.42	%
Ratio of net investment loss to average net assets		(4.54	%)(d)(e)		(6.46	%)(e)		(6.55	%)(e)		(7.17	%)(e)		(6.67	%)		(6.73	%)
Portfolio turnover rate		254	%(c)		778	%		795	%		669	%		552	%		607	%

(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)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 4.73%(c), 5.72%, 5.75%, 6.41%, 6.26% and 6.21% of average net assets for the periods ended April 30, 2017, October 31, 2016, 2015, 2014, 2013 and 2012, respectively.
(g)	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.

48

TFS SMALL CAP FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Net asset value at beginning of period	$	12.74		$	13.09		$	13.93		$	15.87		$	13.56		$	12.07
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.04	)		(0.03	)		(0.04	)		0.02			(0.00	)(a)
Net realized and unrealized gains on investments		2.30			0.33			0.12			1.40			4.92			1.52
Total from investment operations		2.33			0.29			0.09			1.36			4.94			1.52
Less distributions:
Distributions from net investment income		—			—			—			—			(0.07	)		—
Distributions from net realized gains from security transactions		(0.91	)		(0.64	)		(0.93	)		(3.30	)		(2.56	)		(0.03	)
Total distributions		(0.91	)		(0.64	)		(0.93	)		(3.30	)		(2.63	)		(0.03	)
Proceeds from redemption fees collected		—			—			—			0.00	(a)		0.00	(a)		0.00	(a)
Net asset value at end of period	$	14.16		$	12.74		$	13.09		$	13.93		$	15.87		$	13.56
Total return (b)		18.43	%(c)		2.46	%		0.51	%		9.50	%		44.15	%		12.62	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	66,956		$	66,812		$	98,139		$	97,776		$	80,989		$	50,073
Ratio of total expenses to average net assets		1.67	%(d)		1.75	%		1.68	%		1.61	%		1.80	%		1.95	%
Ratio of net expenses to average net assets (e)		1.50	%(d)		1.51	%(f)		1.50	%		1.54	%(g)		1.75	%		1.75	%
Ratio of net investment income (loss) to average net assets (e)		0.42	%(d)		(0.28	%)		(0.23	%)		(0.36	%)		0.06	%		(0.03	%)
Portfolio turnover rate		313	%(c)		778	%		639	%		579	%		601	%		557	%

(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 borrowing costs of 0.01% of average net assets with respect to the year ended October 31, 2016.
(g)	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.

49

TFS HEDGED FUTURES FUND FINANCIAL HIGHLIGHTS*
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			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	$	10.58		$	10.55		$	9.88		$	9.93		$	11.04		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.19	)		(0.19	)		(0.19	)(b)		(0.49	)		(0.20	)		(0.09	)
Net realized and unrealized gains (losses) on investments		0.21			0.22			0.86			0.47			(0.68	)		1.13
Total from investment operations		0.02			0.03			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		—			—			—			0.00	(c)		0.00	(c)		0.00	(c)
Net asset value at end of period	$	10.60		$	10.58		$	10.55		$	9.88		$	9.93		$	11.04
Total return (d)		0.19	%(e)		0.28	%		6.78	%		(0.22	%)		(8.14	%)		10.40	%(e)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	12,776		$	16,266		$	16,631		$	38,212		$	68,250		$	113,541
Ratio of total expenses to average net assets		3.54	%(f)		3.06	%		2.90	%		2.19	%		2.35	%		2.51	%(f)
Ratio of net expenses to average net assets (g)		1.80	%(f)		1.80	%		1.81	%(i)		1.90	%(h)		2.30	%		2.30	%(f)
Ratio of net investment loss to average net assets (g)		(1.51	%)(f)		(1.51	%)		(1.75	%)		(1.87	%)		(2.23	%)		(2.19	%)(f)
Portfolio turnover rate (j)		0	%		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 and expense reimbursements (Note 4).
(h)	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.
(i)	Includes borrowing costs of 0.01% of average net assets with respect to the year ended October 31, 2015.
(j)	All investments held are excluded from the calculation as they are considered to be short-term investments whose maturities or expiration dates at the time of acquisition were one year or less.
See accompanying notes to financial statements.

50

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
April 30, 2017 (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, it seeks to outperform its broad-based securities index benchmark.

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.”

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X which will impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact, management believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the amendments by the August 1, 2017 compliance date.

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

51

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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, 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.

Investments in securities and other financial instruments 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 company shares, warrants, futures contracts and money market funds.

● Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets or liabilities that are not active. Assets and liabilities included in this category may include common stocks and other securities that are not actively traded on an exchange, and fixed income 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.

52

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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

The availability of observable inputs can vary from 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, 2017:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stocks	$	207,458,113		$	—		$	—		$	207,458,113
Investment Companies		7,686,422			—			—			7,686,422
Rights		—			—			0	*		0
Warrants		—			0	*		—			0
Corporate Bonds		—			21,000			—			21,000
Total	$	215,144,535		$	21,000		$	0		$	215,165,535
Other Financial Instruments:
Common Stocks – Sold Short	$	(180,296,080	)	$	—		$	0	*	$	(180,296,080	)
Warrants – Sold Short		(106	)		—			—			(106	)
Total	$	(180,296,186	)	$	—		$	0		$	(180,296,186	)

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	65,230,072	$	—	$	—	$	65,230,072
Rights		—		—		31,894		31,894
Corporate Bonds		—		24,000		—		24,000
Total	$	65,230,072	$	24,000	$	31,894	$	65,285,966

53

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
U.S. Treasury Obligations	$	—	$	2,039,321	$	—	$	2,039,321
Money Market Funds		5,680,372		—		—		5,680,372
Total	$	5,680,372	$	2,039,321	$	—	$	7,719,693
Other Financial Instruments:
Futures Contracts	$	111,398	$	—	$	—	$	111,398
Futures Contracts – Sold Short		38,850		—		—		38,850
Total	$	150,248	$	—	$	—	$	150,248

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

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

It is the Funds’ policy to recognize transfers into or out of any Level at the end of the reporting period.

As of April 30, 2017, the Funds did not have any transfers between any Levels. There were no Level 3 securities held by TFS Hedged Futures Fund as of April 30, 2017.

The following is a reconciliation of Level 3 investments and other financial instruments of TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value between October 31, 2016 and April 30, 2017.

TFS Market Neutral Fund	Investments in Securities			Other Financial Instruments
Balance as of October 31, 2016	$	—		$	0	*
Change in unrealized appreciation		—			—
Received as a result of a corporate action		0			—
Balance as of April 30, 2017	$	0	*	$	0	*

* TFS Market Neutral Fund held Common Stocks – Sold Short as of October 31, 2016 and April 30, 2017 and Rights as of April 30, 2017 which have been determined to be Level 3 investments and other financial instruments and have been fair valued at $0.

The total amount of unrealized appreciation on TFS Market Neutral Fund’s Level 3 investments and other financial instruments was $0 and $5,536,684, respectively, as of April 30, 2017.

54

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The following table summarizes the valuation techniques used and unobservable inputs approved and monitored by the Board to determine the fair value of TFS Market Neutral Fund’s Level 3 investments and other financial instruments as of April 30, 2017:

	Fair Value at April 30, 2017	Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input**
Rights	$ 0*	Discount from last sale price	Discount Percentage	100%	Decrease
Common Stocks - Sold Short	$ 0*	Discount from last sale price	Discount Percentage	100%	Increase

*	TFS Market Neutral Fund holds Rights and 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.

The following is a reconciliation of Level 3 investments of TFS Small Cap Fund for which significant unobservable inputs were used to determine fair value between October 31, 2016 and April 30, 2017.

	Investments in Securities
Balance as of October 31, 2016	$	—
Received as a result of a corporate action		31,894
Balance as of April 30, 2017	$	31,894

The total amount of unrealized appreciation on TFS Small Cap Fund’s Level 3 investments was $3,541 as of April 30, 2017.

The following table summarizes the valuation techniques used and unobservable inputs approved and monitored by the Board to determine the fair value of TFS Small Cap Fund’s Level 3 investments as of April 30, 2017:

	Fair Value at April 30, 2017	Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input*
Rights	$ 31,894	Management’s Estimate of Fund Cash Flows	N/A	N/A	Increase

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

55

TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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.

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 effective 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 declared and 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, 2017 and October 31, 2016 was as follows:

	Periods Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions
TFS Market Neutral Fund	4/30/2017	$	—	$	—	$	—
	10/31/2016	$	1,589,812	$	26,857,357	$	28,447,169
TFS Small Cap Fund	4/30/2017	$	3,603,011	$	855,500	$	4,458,511
	10/31/2016	$	2,778,851	$	1,678,412	$	4,457,263

There were no distributions paid to shareholders by TFS Hedged Futures Fund during the periods ended April 30, 2017 and October 31, 2016.

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, as amended, (“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

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

the collateral is required to be adjusted daily to reflect changes in the value of the securities sold short. TFS Market Neutral Fund and TFS Hedged Futures Fund both engage in short selling as a principal investment strategy while TFS Small Cap Fund does not. TFS Small Cap Fund currently intends to limit its exposure to short positions, if any, to 5% of its net assets. Short selling subjects a Fund to the potential for unlimited losses.

Option contracts – The Funds may use option contracts in any manner consistent with their investment objectives and as long as their use is consistent with relevant provisions of the 1940 Act. The Funds may use options for speculative investment purposes as well as for the purpose of seeking to reduce the overall investment risk that would otherwise be associated with the securities in which a Fund invests. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is recorded as a liability in the Fund’s Statement of Assets and Liabilities and is subsequently marked-to-market daily. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing call options that 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 that 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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TFS CAPITAL INVESTMENT TRUST
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 Subchapter M of the Internal Revenue Code of 1986, as amended, (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. Accordingly, no provision for income taxes has been made.

In order to avoid imposition of the federal 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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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of April 30, 2017:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	207,583,887		$	62,813,302		$	7,719,594
Gross unrealized appreciation	$	14,152,695		$	4,554,355		$	136
Gross unrealized depreciation		(6,571,047	)		(2,081,691	)		(37	)
Net unrealized depreciation on investments	$	7,581,648		$	2,472,664		$	99
Net unrealized appreciation on securities sold short	$	11,504,319		$	—		$	—

As of April 30, 2017, the tax proceeds from securities sold short is $191,800,505 for TFS Market Neutral Fund.

For the six months ended April 30, 2017, 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)	$	(2	)	$	—	$	1,862
Accumulated net realized gains (losses) from securities transactions and other financial instruments		2			—		(1,862	)

The following information is computed on a tax basis for each item as of October 31, 2016:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	318,014,752		$	66,943,371		$	15,441,670
Gross unrealized appreciation	$	10,956,686		$	3,185,431		$	—
Gross unrealized depreciation		(20,288,853	)		(3,679,010	)		(340,147	)
Net unrealized depreciation on investments		(9,332,167	)		(493,579	)		(340,147	)
Net unrealized appreciation on securities sold short		27,661,181			—			—
Unrealized losses on foreign currency transactions		(1	)		—			(3	)
Undistributed ordinary income		—			3,525,014			—
Undistributed long term gains		—			855,438			—
Accumulated capital and other losses		(28,934,535	)		—			(687,616	)
Other temporary differences		(342,235	)		—			—
Accumulated earnings (deficit)	$	(10,947,757	)	$	3,886,873		$	(1,027,766	)

As of October 31, 2016, the tax proceeds from securities sold short is $278,613,509 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

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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).

As of October 31, 2016, TFS Market Neutral Fund and TFS Hedged Futures Fund had the following capital loss carryforwards:

	TFS Market Neutral Fund		TFS Hedged Futures Fund
Capital loss carryforward – short-term	$	—	$	176,238
Capital loss carryforward – long-term		2,112,803		282,599
Total capital loss carryforwards	$	2,112,803	$	458,837

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

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, 2013 through October 31, 2016 for TFS Market Neutral Fund and TFS Small Cap Fund and December 31, 2013 through October 31, 2016 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, 2017, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $667,499,736 and $789,569,899, respectively, for TFS Market Neutral Fund; $212,992,866 and $225,934,123, 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 other annual ordinary operating expenses (which do not include brokerage costs, taxes, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund Fees and Expenses, 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

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

average daily net assets. During the six months ended April 30, 2017, the Adviser reduced its investment advisory fees by $127,423 with respect to TFS Market Neutral Fund and $59,628 with respect to TFS Small Cap Fund. During the six months ended April 30, 2017, the Adviser did not collect any of its advisory fees and, in addition, reimbursed other operating expenses totaling $16,951 with respect to TFS Hedged Futures Fund.

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 1.90%, 1.50% and 1.80% for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund, respectively. As of April 30, 2017, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $1,197,631, $492,461 and $672,536 from TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund, respectively. The Adviser may recapture these amounts no later than the dates as stated below:

	October 31, 2017		October 31, 2018		October 31, 2019		April 30, 2020
TFS Market Neutral Fund	$	205,839	$	425,955	$	438,414	$	127,423
TFS Small Cap Fund	$	42,687	$	190,498	$	199,648	$	59,628
TFS Hedged Futures Fund	$	82,519	$	233,949	$	231,846	$	124,222

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 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; a fee of $2,500 for attendance at each telephonic regular meeting of the Board; and a fee of $1,500 for attendance at each telephonic special meeting of the

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

Board. The Chairman of the Audit Committee receives an additional fee of $1,000 for each Audit Committee meeting attended. The Funds reimburse each Trustee and officer for his or her travel and other expenses relating to attendance at Board or committee meetings.

TRANSACTIONS WITH AFFILIATED PERSONS

Rule 17a-7 is an exemptive rule under the Investment Company Act that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. The Funds have policies and procedures pursuant to Rule 17a-7 to permit transactions between a Fund and an affiliated fund, subject to certain requirements. During the six months ended April 30, 2017, none of the Funds entered into any transactions with any other affiliated fund.

5. Derivatives Transactions

The derivative positions of TFS Hedged Futures Fund as of April 30, 2017 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 Hedged Futures Fund as of April 30, 2017:

TFS Hedged Futures Fund Futures Contracts
	Variation Margin					Total
	Receivable		(Payable)
Asset Derivatives
Futures Contracts
Commodity	$	138,236	$	(26,838	)	$	111,398
Total Asset Derivatives		138,236		(26,838	)		111,398
Liability Derivatives
Futures Contracts
Commodity		48,969		(10,119	)		38,850
Total Liability Derivatives		48,969		(10,119	)		38,850
Total	$	187,205	$	(36,957	)	$	150,248

Certain risks may arise upon entering into futures contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Funds is measured by the unrealized gain on appreciated contracts. No credit-risk-related contingent features exist for the futures contracts outstanding at April 30, 2017.

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TFS CAPITAL INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

Transactions in derivative instruments for TFS Market Neutral Fund and TFS Hedged Futures Fund during the six months ended April 30, 2017 are recorded in the following locations in the Statements of Operations:

TFS Market Neutral Fund
Derivative Investment Type	Location
Futures contracts	Net realized gains (losses) from futures contracts

TFS Hedged Futures Fund
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, 2017:

Type of Derivative	Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
TFS Market Neutral Fund
Futures contracts
Financial	$	1,412,577	$	—
Total	$	1,412,577	$	—

TFS Hedged Futures Fund
Futures contracts
Commodity	$	(457,553	)	$	79,902
Financial		460,526			2,882
Total	$	2,973		$	82,784

TFS Small Cap Fund had no transactions in derivative instruments during the six months ended April 30, 2017.

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, 2017, the offsetting of financial assets and derivatives assets is as follows:

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	$	187,205	$	—	$	187,205	$	—	$	187,205
Total subject to a master netting or similar arrangement	$	187,205	$	—	$	187,205	$	—	$	187,205

Offsetting of financial liabilities and derivative liabilities as of April 30, 2017 is as follows:

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	$	(36,957	)	$	—	$	(36,957	)	$	—	$	(36,957	)
Total subject to a master netting or similar arrangement	$	(36,957	)	$	—	$	(36,957	)	$	—	$	(36,957	)

6. Certain Investments and Risks

The securities in which the Funds invest, as well as the risks associated with these securities and with the investment programs of the Funds, are described in the Funds’ Prospectuses. Among these risks are those associated with investments in derivative instruments and investments in shares of money market mutual funds.

Risks of Derivative Instruments – The use of derivative instruments, including futures contracts, requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling common stock. If the Adviser uses a derivative instrument at the wrong time or incorrectly identifies market conditions, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Fund’s return. In addition, the Fund may be unable to close out a position because the market for a futures contract may become illiquid.

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NOTES TO FINANCIAL STATEMENTS (Continued)

Investments in Money Market 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, 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, 2017, TFS Hedged Futures Fund had 44.5% of the value of its net assets invested in shares of money market mutual funds registered under the 1940 Act. As of April 30, 2017, 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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TFS CAPITAL INVESTMENT TRUST
ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

We believe it is important for you to understand the impact of costs on your investment. As a shareholder of the Funds, you incur two types of costs: (1) transaction costs 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, 2016) and held until the end of the period (April 30, 2017).

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, 2016	Ending Account Value April 30, 2017	Net Expense Ratio(a)	Expenses Paid During Period(b)
TFS Market Neutral Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,052.90	6.63%	$ 33.75
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 991.92	6.63%	$ 32.74
TFS Small Cap Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,184.30	1.50%	$ 8.12
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 1,017.36	1.50%	$ 7.50
TFS Hedged Futures Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,001.90	1.80%	$ 8.93
Based on Hypothetical 5% Return (before expenses)	$ 1,000.00	$ 1,015.87	1.80%	$ 9.00

(a)	Annualized, based on the Fund’s most recent one-half year expenses.
(b)	Expenses are equal to each Fund’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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TFS CAPITAL INVESTMENT TRUST
OTHER INFORMATION (Unaudited)

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

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

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

68

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

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

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Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b) Not applicable

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS

April 30, 2017 (Unaudited)

COMMON STOCKS - 91.9%	Shares		Value
Consumer Discretionary - 15.4%
Auto Components - 0.9%
Cooper-Standard Holdings, Inc. (a)		3,144	$	355,492
Dana, Inc. (b)		7,816		151,787
Shiloh Industries, Inc. (a)		2,269		27,909
Spartan Motors, Inc.		4,450		36,712
Standard Motor Products, Inc.		806		40,969
Stoneridge, Inc. (a)		1,717		33,670
STRATTEC Security Corporation		6,567		211,129
Tenneco, Inc.		2,466		155,432
Tower International, Inc. (b)		32,694		886,007
Visteon Corporation (a)		345		35,518
				1,934,625
Automobiles - 0.4%
Ford Motor Company		39,326		451,069
General Motors Company		13,314		461,197
				912,266
Distributors - 0.1%
Acme United Corporation		2,098		60,842
AMCON Distributing Company		733		69,818
				130,660
Diversified Consumer Services - 0.9%
Ascent Capital Group, Inc. - Class A (a)		12,319		157,807
Bridgepoint Education, Inc. (a)		57,811		705,294
Capella Education Company		1,456		138,757
Collectors Universe, Inc.		170		4,643
Graham Holdings Company - Class B		789		474,741
K12, Inc. (a)		30,095		567,291
Liberty Tax, Inc.		42		590
Lincoln Educational Services Corporation (a)		19,323		55,650
Regis Corporation (a)		1,420		15,492
				2,120,265
Hotels, Restaurants & Leisure - 3.1%
Aramark		12,887		470,633
Arcos Dorados Holdings, Inc. - Class A (a)		94,289		773,170
Ark Restaurants Corporation		911		23,094
Belmond Ltd. - Class A (a)		2,551		31,632
Biglari Holdings, Inc. (a) (b)		1,487		634,399
Bloomin' Brands, Inc.		37,784		819,535
Century Casinos, Inc. (a)		16,330		134,396
ClubCorp Holdings, Inc.		2,334		31,392
Del Frisco's Restaurant Group, Inc. (a) (b)		47,573		818,256
Denny's Corporation (a)		31,413		398,945
Dover Motorsports, Inc.		3,264		6,691
International Speedway Corporation - Class A (b)		1,184		43,926
Intrawest Resorts Holdings, Inc. (a)		1,276		30,088
Isle of Capri Casinos, Inc. (a) (b)		2,941		67,820
Lindblad Expeditions Holdings, Inc. (a)		354		3,363
Marcus Corporation (The) (b)		11,976		404,789
Marriott Vacations Worldwide Corporation		999		110,070
MGM Resorts International		16,303		500,665

1

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Consumer Discretionary - 15.4% (Continued)
Hotels, Restaurants & Leisure - 3.1% (Continued)
Monarch Casino & Resort, Inc. (a)		4,670	$	137,625
Peak Resorts, Inc.		18,688		104,653
RCI Hospitality Holdings, Inc.		497		8,270
Red Lion Hotels Corporation (a)		23,077		150,001
Red Rock Resorts, Inc. - Class A (b)		36,269		847,969
Ruth's Hospitality Group, Inc. (b)		1,587		31,581
Speedway Motorsports, Inc.		1,618		29,205
Yum! Brands, Inc.		6,263		411,792
				7,023,960
Household Durables - 1.6%
Century Communities, Inc. (a)		1,972		53,836
Dixie Group, Inc. (The) (a)		8,235		30,881
Flexsteel Industries, Inc. (b)		1,134		60,238
Green Brick Partners, Inc. (a)		1,410		14,523
Hooker Furniture Corporation		652		28,329
Libbey, Inc. (b)		3,015		31,657
Lifetime Brands, Inc.		16,869		323,885
MDC Holdings, Inc.		25,567		792,833
New Home Company, Inc. (The) (a)		71,399		832,512
NVR, Inc. (a)		180		380,025
PulteGroup, Inc.		1,956		44,342
Skyline Corporation (a)		205		1,263
Taylor Morrison Home Corporation - Class A (a) (b)		38,516		889,720
UCP, Inc. - Class A (a)		4,622		52,922
Whirlpool Corporation		510		94,697
				3,631,663
Internet & Direct Marketing Retail - 1.2%
1-800-FLOWERS.COM, Inc. - Class A (a) (b)		78,420		843,015
Etsy, Inc. (a)		5,793		62,333
Groupon, Inc. (a)		274,054		1,074,292
HSN, Inc.		4,012		148,043
Liberty Interactive Corporation QVC Group - Series A (a)		22,370		473,796
Nutrisystem, Inc.		565		30,199
Travelport Worldwide Ltd. (b)		3,001		39,523
U.S. Auto Parts Network, Inc. (a)		34,103		123,794
				2,794,995
Leisure Products - 0.5%
Brunswick Corporation		7,821		443,842
Callaway Golf Company (b)		3,432		40,669
Escalade, Inc.		2,968		39,623
Johnson Outdoors, Inc. - Class A		2,286		83,027
Malibu Boats, Inc. - Class A (a)		21,008		484,024
Marine Products Corporation		282		3,373
MCBC Holdings, Inc.		4,669		78,206
				1,172,764
Media - 2.3%
A.H. Belo Corporation - Class A		24,701		154,381
Clear Channel Outdoor Holdings, Inc. - Class A		51		263
E.W. Scripps Company (The) - Class A (a)		230		5,124
Entercom Communications Corporation - Class A		227		2,872

2

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Consumer Discretionary - 15.4% (Continued)
Media - 2.3% (Continued)
Entravision Communication Corporation - Class A		5,627	$	34,887
Gray Television, Inc. (a) (b)		55,664		815,478
Harte-Hanks, Inc. (a)		61,661		83,859
Interpublic Group of Companies, Inc. (The)		19,217		452,945
John Wiley & Sons, Inc. - Class A		21,283		1,121,614
Liberty Braves Group - Series A (a)		1,268		31,484
Lions Gate Entertainment Corporation - Class B (a)		75		1,789
Live Nation Entertainment, Inc. (a)		15,024		483,172
News Corporation - Class A		36,140		459,701
Reading International, Inc. - Class A (a)		7,705		121,200
Saga Communications, Inc. - Class A		420		21,525
Salem Media Group, Inc.		2,246		17,182
Sinclair Broadcast Group, Inc. - Class A		3,793		149,634
Time, Inc.		23,176		352,275
Townsquare Media, Inc. - Class A (a)		13,774		166,665
tronc, Inc. (a) (b)		49,083		703,850
				5,179,900
Multi-Line Retail - 0.0% (c)
Macy's, Inc.		2,900		84,738
Specialty Retail - 2.9%
Aaron's, Inc. (b)		8,878		319,075
Barnes & Noble Education, Inc. (a) (b)		78,616		818,393
Barnes & Noble, Inc.		56,967		487,068
Chico's FAS, Inc. (b)		10,812		149,422
Citi Trends, Inc.		38,221		718,173
Dick's Sporting Goods, Inc.		8,610		435,236
Haverty Furniture Companies, Inc. (b)		28,533		703,338
Kirkland's, Inc. (a)		59,941		704,906
New York & Company, Inc. (a)		66,157		110,482
Office Depot, Inc.		31,983		158,956
Rent-A-Center, Inc.		384		4,105
Sears Hometown and Outlet Stores, Inc. (a)		350		1,173
Shoe Carnival, Inc.		23,177		588,000
Staples, Inc.		1,923		18,788
Tailored Brands, Inc.		60,962		751,661
Tandy Leather Factory, Inc. (a)		3,835		33,556
TJX Companies, Inc. (The)		5,998		471,683
TravelCenters of America, LLC (a) (b)		4,874		29,731
Winmark Corporation		34		4,389
				6,508,135
Textiles, Apparel & Luxury Goods - 1.5%
Carter's, Inc.		4,844		445,842
Lakeland Industries, Inc. (a)		15,446		164,500
Michael Kors Holdings Ltd. (a)		10,759		401,633
Movado Group, Inc. (b)		34,180		799,812
Perry Ellis International, Inc. (a) (b)		12,712		260,850
PVH Corporation		4,618		466,557
Ralph Lauren Corporation		5,880		474,634
Rocky Brands, Inc.		10,772		152,962

3

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Consumer Discretionary - 15.4% (Continued)
Textiles, Apparel & Luxury Goods - 1.5% (Continued)
Superior Uniform Group, Inc.		6,725	$	122,664
				3,289,454
Consumer Staples - 5.3%
Beverages - 0.7%
Coca-Cola Bottling Company Consolidated		55		11,652
Cott Corporation		50,511		665,230
Molson Coors Brewing Company - Class B		4,777		458,067
National Beverage Corporation		19		1,683
PepsiCo, Inc.		3,951		447,569
Primo Water Corporation (a)		2,690		32,199
				1,616,400
Food & Staples Retailing - 1.6%
Andersons, Inc. (The)		21,970		820,579
Ingles Markets, Inc. - Class A		1,786		83,406
SpartanNash Company (b)		22,642		833,226
SUPERVALU, Inc. (a)		140,900		577,690
US Foods Holding Corporation (a)		16,062		452,948
Village Super Market, Inc. - Class A		11,745		309,951
Walgreen Boots Alliance, Inc.		5,261		455,287
				3,533,087
Food Products - 1.5%
Adecoagro S.A. (a)		62,259		690,452
Alico, Inc.		121		3,624
Archer-Daniels-Midland Company		9,852		450,729
Bunge Ltd.		6,013		475,208
J & J Snack Foods Corporation		1,052		141,578
Lifeway Foods, Inc. (a)		12,666		121,594
Limoneira Company		3,279		67,810
Nomad Foods Ltd. (a)		2,730		32,214
Omega Protein Corporation		10,156		204,644
Pinnacle Foods, Inc.		7,374		428,798
Rocky Mountain Chocolate Factory, Inc.		6,483		84,149
Seaboard Corporation		37		156,658
Seneca Foods Corporation - Class A (a) (b)		7,186		267,319
SunOpta, Inc. (a)		18,977		138,532
				3,263,309
Household Products - 0.6%
Central Garden & Pet Company - Class A (a)		3,022		106,465
Energizer Holdings, Inc.		8,043		476,387
HRG Group, Inc. (a) (b)		43,405		868,534
				1,451,386
Personal Products - 0.9%
Avon Products, Inc. (a) (b)		179,348		869,838
Estée Lauder Companies, Inc. (The) - Class A		1,241		108,141
Inter Parfums, Inc.		24,019		911,521
Natural Alternatives International, Inc. (a)		10,248		99,918
Nutraceutical International Corporation		900		28,530
Revlon, Inc. - Class A (a)		1,223		31,737
Synutra International, Inc. (a)		495		2,982
				2,052,667

4

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Energy - 5.8%
Energy Equipment & Services - 1.9%
Archrock, Inc. (b)		26,653	$	314,505
Aspen Aerogels, Inc. (a)		85		345
Baker Hughes, Inc.		7,861		466,708
Dawson Geophysical Company (a)		29,528		148,526
Dril-Quip, Inc. (a)		50		2,577
Halliburton Company		9,251		424,436
Matrix Service Company (a) (b)		51,203		601,635
Natural Gas Services Group, Inc. (a)		1,115		30,551
Oceaneering International, Inc.		16,461		434,406
Oil States International, Inc. (a)		20		595
PHI, Inc. (a)		198		2,322
Pioneer Energy Services Corporation (a)		9,001		27,453
Profire Energy, Inc. (a)		11,833		14,910
RigNet, Inc. (a) (b)		39,996		783,922
Schlumberger Ltd.		6,008		436,121
Tesco Corporation (a)		81,084		531,100
Willbros Group, Inc. (a)		55,000		151,250
				4,371,362
Oil, Gas & Consumable Fuels - 3.9%
Abraxas Petroleum Corporation (a)		17,502		32,729
Adams Resources & Energy, Inc.		3,955		160,652
Alon USA Energy, Inc. (b)		4,797		57,996
Ardmore Shipping Corporation		83		643
Chesapeake Energy Corporation (a)		432		2,272
Cimarex Energy Company		3,689		430,433
Concho Resources, Inc. (a)		3,604		456,483
CONSOL Energy, Inc. (a)		16,375		248,573
Contango Oil & Gas Company (a)		4,257		30,480
Cosan Ltd. - Class A		38,076		292,804
Delek US Holdings, Inc. (b)		35,545		855,568
Eclipse Resources Corporation (a)		15,992		32,144
Enbridge Energy Management, LLC (a)		1		17
Enerplus Corporation		92,121		664,192
Evolution Petroleum Corporation		426		3,408
GasLog Ltd. (b)		57,372		803,208
GeoPark Ltd. (a)		4,676		33,200
Gran Tierra Energy, Inc. (a)		12,652		31,883
Hallador Energy Company		1,461		9,774
Marathon Petroleum Corporation		9,543		486,120
Noble Midstream Partners LP		626		31,375
Overseas Shipholding Group, Inc. - Class A (a)		230,702		839,755
Pacific Ethanol, Inc. (a) (b)		123,603		840,500
Panhandle Oil & Gas, Inc. - Class A		3,772		71,479
Pengrowth Energy Corporation (a)		55		54
PetroQuest Energy, Inc. (a)		7,662		18,006
Sanchez Energy Corporation (a)		146		1,130
SandRidge Energy, Inc. (a)		11,088		204,241
Teekay Corporation		88,848		771,201
TransGlobe Energy Corporation (a)		27,760		40,530
Tsakos Energy Navigation Ltd.		6,618		30,377
Valero Energy Corporation		7,225		466,807

5

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Energy - 5.8% (Continued)
Oil, Gas & Consumable Fuels - 3.9% (Continued)
Western Refining, Inc.		4,516	$	155,757
Westmoreland Coal Company (a)		55,239		588,848
				8,692,639
Financials - 6.0%
Banks - 1.9%
Anchor Bancorp, Inc. (a)		694		17,419
BankUnited, Inc.		24,031		848,054
Banner Corporation		705		38,916
BCB Bancorp, Inc.		39		616
Cascade Bancorp (a)		4,129		30,885
Cathay General Bancorp		4,059		154,445
Central Valley Community Bancorp		1,597		36,268
City Holding Company		130		9,242
Columbia Banking System, Inc.		3,755		148,360
Eagle Bancorp, Inc. (a)		2,594		155,380
Enterprise Financial Services Corporation		739		31,223
Financial Institutions, Inc.		1,222		40,937
First Busey Corporation		1,318		39,474
First Citizens BancShares, Inc. - Class A		441		153,494
First Guaranty Bancshares, Inc.		1,024		25,856
First Horizon National Corporation		1		1
First Merchants Corporation		109		4,510
First Midwest Bancorp, Inc.		6,551		148,773
FNB Corporation		10,397		148,053
Great Southern Bancorp, Inc.		626		31,394
Great Western Bancorp, Inc.		3,643		150,092
Guaranty Bancorp		1,209		30,406
Heritage Commerce Corporation		2,239		31,973
Heritage Financial Corporation		1,255		33,132
Home BancShares, Inc.		1,224		31,151
HomeTrust Bancshares, Inc. (a)		1,366		34,150
Hope Bancorp, Inc.		8,060		147,579
IBERIABANK Corporation		1,963		155,764
Independent Bank Corporation (Michigan)		1,490		33,227
International Bancshares Corporation		4,197		156,968
Investors Bancorp, Inc.		10,512		145,591
LegacyTexas Financial Group, Inc.		24		907
MB Financial, Inc.		88		3,741
Middlefield Banc Corporation		440		20,086
MidWestOne Financial Group, Inc.		907		31,473
Old Line Bancshares, Inc.		3,277		90,970
Pacific Premier Bancorp, Inc. (a)		10		365
Park Sterling Corporation		2,643		32,509
Penns Woods Bancorp, Inc.		3,238		135,025
PrivateBancorp, Inc.		2,675		154,535
QCR Holdings, Inc.		726		33,106
Seacoast Banking Corporation of Florida (a)		3,242		78,456
Select Bancorp, Inc. (a)		5,438		61,232
Triumph Bancorp, Inc. (a)		1,341		30,038
UMB Financial Corporation		2,079		150,707
Umpqua Holdings Corporation		8,686		153,482

6

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Financials - 6.0% (Continued)
Banks - 1.9% (Continued)
United Bankshares, Inc.		40	$	1,596
WesBanco, Inc.		3,735		148,690
West Bancorporation, Inc.		4,697		109,440
				4,249,691
Capital Markets - 1.4%
Affiliated Managers Group, Inc.		314		51,995
American Capital Senior Floating Ltd.		149		1,997
Ashford, Inc. (a)		253		13,763
BGC Partners, Inc. - Class A		13,520		153,858
BlackRock Capital Investment Corporation		2,359		17,292
Capital Southwest Corporation		8,965		145,412
Evercore Partners, Inc. - Class A		1,951		143,886
Fifth Street Finance Corporation		12,341		56,645
Fifth Street Senior Floating Rate Corporation		43		351
Gladstone Investment Corporation		9,012		87,236
Harvest Capital Credit Corporation		757		10,227
Houlihan Lokey, Inc. (b)		26,394		885,255
Invesco Ltd.		14,197		467,649
Medley Capital Corporation		8,849		68,314
MVC Capital, Inc.		16,717		151,122
New Mountain Finance Corporation		2,984		44,462
OFS Capital Corporation		9,881		142,879
OM Asset Management plc (b)		12,738		198,203
Oppenheimer Holdings, Inc. - Class A		10,441		180,629
PennantPark Floating Rate Capital Ltd.		3,556		49,215
PennantPark Investment Corporation		9,293		74,437
Silvercrest Asset Management Group, Inc. - Class A		4,628		63,172
Solar Capital Ltd.		3,569		81,409
Stellus Capital Investment Corporation		138		1,982
TICC Capital Corporation		12,135		88,950
TriplePoint Venture Growth BDC Corporation		2,067		29,599
Virtu Financial, Inc. - Class A		1		15
Virtus Investment Partners, Inc.		16		1,702
				3,211,656
Consumer Finance - 0.4%
FirstCash, Inc. (b)		73		3,792
Nelnet, Inc. - Class A		10,273		462,388
Synchrony Financial		13,095		364,041
				830,221
Diversified Financial Services - 0.4%
Bank of N.T. Butterfield & Son Ltd. (The)		977		32,485
Global Eagle Entertainment, Inc. (a)		194		601
Marlin Business Services Corporation		1,134		28,860
On Deck Capital, Inc. (a)		350		1,663
PHH Corporation (a) (b)		63,694		821,653
				885,262
Insurance - 1.5%
American Equity Investment Life Holding Company		4,626		109,729
American National Insurance Company		356		41,624
Argo Group International Holdings Ltd.		6,045		398,668
Aspen Insurance Holdings Ltd.		12,859		673,169

7

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Financials - 6.0% (Continued)
Insurance - 1.5% (Continued)
Baldwin & Lyons, Inc. - Class B		40	$	980
Blue Capital Holdings Ltd.		1,028		19,429
CNO Financial Group, Inc.		7,422		156,382
Donegal Group, Inc. - Class A		2,787		46,431
FBL Financial Group, Inc. - Class A		4,095		272,318
Hallmark Financial Services, Inc. (a)		14,745		154,970
James River Group Holdings Ltd.		1,460		63,598
Kingstone Companies, Inc.		1,914		28,614
Kinsale Capital Group, Inc.		975		35,256
National General Holdings Corporation (b)		37,846		860,618
OneBeacon Insurance Group Ltd. - Class A		2,671		42,602
Safety Insurance Group, Inc.		448		32,435
Selective Insurance Group, Inc.		1,049		55,387
State National Companies, Inc.		31,041		455,371
United Fire Group, Inc.		737		32,428
				3,480,009
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Ares Commercial Real Estate Corporation		2,275		31,463
Cherry Hill Mortgage Investment Corporation		1,805		31,389
Drive Shack, Inc.		20,170		82,294
Ellington Residential Mortgage REIT		5,102		77,040
Invesco Mortgage Capital, Inc.		1,281		20,893
New Residential Investment Corporation		8,851		147,546
Owens Realty Mortgage, Inc.		8,202		148,949
				539,574
Thrifts & Mortgage Finance - 0.2%
Bank Mutual Corporation		1,447		13,312
BankFinancial Corporation		1,854		27,402
Charter Financial Corporation		161		2,954
First Defiance Financial Corporation		601		32,238
Flagstar Bancorp, Inc. (a)		4,696		137,311
Guaranty Federal Bancshares, Inc.		733		14,931
Hingham Institution for Savings		25		4,487
MGIC Investment Corporation (a)		13,825		145,716
Poage Bankshares, Inc.		311		6,298
WSFS Financial Corporation (b)		10		472
				385,121
Health Care - 22.2%
Biotechnology - 7.9%
AbbVie, Inc.		179		11,803
Adverum Biotechnologies, Inc. (a)		56,604		161,321
Akebia Therapeutics, Inc. (a)		57,313		755,385
Alexion Pharmaceuticals, Inc. (a)		3,881		495,914
AMAG Pharmaceuticals, Inc. (a) (b)		34,642		845,265
Amgen, Inc.		2,911		475,424
Applied Genetic Technologies Corporation (a)		21,381		119,734
Arbutus Biopharma Corporation (a)		25,728		86,189
Arena Pharmaceuticals, Inc. (a)		24,421		32,724
Arrowhead Pharmaceuticals, Inc. (a)		23,224		35,997
Audentes Therapeutics, Inc. (a)		419		6,243
Axovant Sciences Ltd. (a)		5,047		122,339

8

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Health Care - 22.2% (Continued)
Biotechnology - 7.9% (Continued)
Biogen, Inc. (a)		1,668	$	452,378
BioMarin Pharmaceutical, Inc. (a)		4,426		424,188
BioSpecifics Technologies Corporation (a) (b)		12,419		704,530
Biostage, Inc. (a)		1		1
Cascadian Therapeutics, Inc. (a)		39,647		168,500
Celgene Corporation (a)		3,848		477,344
Chimerix, Inc. (a)		114,829		686,677
Conatus Pharmaceuticals, Inc. (a)		6,160		51,498
Concert Pharmaceuticals, Inc. (a)		1,945		30,867
Corvus Pharmaceuticals, Inc. (a)		3,265		32,421
Curis, Inc. (a)		163,817		396,437
Cytokinetics, Inc. (a) (b)		50,130		822,132
CytomX Therapeutics, Inc. (a)		2,108		33,117
Edge Therapeutics, Inc. (a)		16,764		174,010
Emergent BioSolutions, Inc. (a) (b)		27,858		833,233
Enanta Pharmaceuticals, Inc. (a)		21,800		692,150
Enzymotec Ltd. (a)		1,546		13,296
Epizyme, Inc. (a)		4,322		78,012
Fate Therapeutics, Inc. (a)		6,152		28,238
FibroGen, Inc. (a) (b)		31,599		884,772
Genomic Health, Inc. (a) (b)		25,993		854,130
Gilead Sciences, Inc.		6,791		465,523
Idera Pharmaceuticals, Inc. (a)		16,319		38,350
Ignyta, Inc. (a)		20,966		185,549
Immune Design Corporation (a)		22,388		146,641
Intec Pharma Ltd. (a)		3,661		20,136
Ironwood Pharmaceuticals, Inc. (a)		41,600		678,912
Kindred Biosciences, Inc. (a)		2,395		16,645
Lexicon Pharmaceuticals, Inc. (a)		832		12,988
MacroGenics, Inc. (a) (b)		80		1,729
Madrigal Pharmaceuticals, Inc. (a)		735		12,223
MEI Pharma, Inc. (a)		101,114		160,771
Mirati Therapeutics, Inc. (a)		398		1,811
Momenta Pharmaceuticals, Inc. (a)		59,899		859,551
Myriad Genetics, Inc. (a)		82		1,508
Novelion Therapeutics, Inc. (a)		801		8,170
Pfenex, Inc. (a) (b)		30,488		146,647
Portola Pharmaceuticals, Inc. (a) (b)		15,753		629,963
ProQR Therapeutics N.V. (a)		6,701		32,835
Protagonist Therapeutics, Inc. (a)		890		9,007
PTC Therapeutics, Inc. (a)		53,455		649,478
Recro Pharma, Inc. (a)		14,100		112,518
Regeneron Pharmaceuticals, Inc. (a)		1,239		481,339
REGENXBIO, Inc. (a)		780		16,302
Rigel Pharmaceuticals, Inc. (a)		13,824		41,334
SciClone Pharmaceuticals, Inc. (a) (b)		83,133		802,233
Sierra Oncology, Inc. (a)		14,160		19,682
Sinovac Biotech Ltd. (a)		903		5,048
Sunesis Pharmaceuticals, Inc. (a)		40,417		156,414
Syndax Pharmaceuticals, Inc. (a)		2,413		22,899
TRACON Pharmaceuticals, Inc. (a)		201		714

9

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Health Care - 22.2% (Continued)
Biotechnology - 7.9% (Continued)
uniQure N.V. (a)		262	$	1,404
Vanda Pharmaceuticals, Inc. (a) (b)		55,505		846,451
VBI Vaccines, Inc. (a)		12,834		57,625
Verastem, Inc. (a)		83,799		162,570
				17,791,239
Health Care Equipment & Supplies - 5.5%
Abbott Laboratories		10,291		449,099
Accuray, Inc. (a)		68		309
Alere, Inc. (a)		67		3,294
AngioDynamics, Inc. (a) (b)		42,265		655,953
Antares Pharma, Inc. (a)		14,800		46,176
Atrion Corporation		63		32,577
Baxter International, Inc.		9,040		503,347
Cardiovascular Systems, Inc. (a)		22,276		665,384
Cogentix Medical, Inc. (a)		21		39
CryoLife, Inc. (a)		37,318		677,322
Cutera, Inc. (a)		7,473		146,097
Exactech, Inc. (a) (b)		29,462		873,548
FONAR Corporation (a)		8,086		154,847
Haemonetics Corporation (a) (b)		20,291		849,787
Halyard Health, Inc. (a) (b)		21,876		864,102
Hill-Rom Holdings, Inc. (b)		6,579		497,636
Hologic, Inc. (a)		10,770		486,265
ICU Medical, Inc. (a)		5,391		829,136
Integer Holdings Corporation (a)		18,882		693,914
Integra LifeSciences Holdings Corporation (a) (b)		44		2,023
Invuity, Inc. (a)		9,393		84,537
K2M Group Holdings, Inc. (a)		22,498		498,331
Kewaunee Scientific Corporation		1,841		42,803
Lantheus Holdings, Inc. (a)		2,625		34,125
LeMaitre Vascular, Inc. (b)		4,129		122,838
Merit Medical Systems, Inc. (a)		28,398		957,013
Oxford Immunotec Global plc (a)		2,032		31,272
Quidel Corporation (a)		5,767		139,388
RTI Surgical, Inc. (a)		36,955		149,668
SeaSpine Holdings Corporation (a)		18,313		146,687
Span-America Medical Systems, Inc.		200		4,356
Syneron Medical Ltd. (a)		44,969		492,411
Utah Medical Products, Inc. (b)		2,404		150,490
Wright Medical Group N.V. (a) (b)		22,949		697,420
Zimmer Biomet Holdings, Inc.		3,844		459,935
				12,442,129
Health Care Providers & Services - 3.5%
Addus HomeCare Corporation (a) (b)		841		28,552
Alliance HealthCare Services, Inc. (a)		326		4,271
BioTelemetry, Inc. (a)		6,154		202,467
Centene Corporation (a)		6,515		484,716
China Cord Blood Corporation (a)		4,339		32,976
Cigna Corporation		3,044		475,990
Civitas Solutions, Inc. (a) (b)		9,759		173,710
CorVel Corporation (a) (b)		13,152		585,264

10

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Health Care - 22.2% (Continued)
Health Care Providers & Services - 3.5% (Continued)
Five Star Senior Living, Inc. (a)		31,080	$	59,052
Genesis Healthcare, Inc. (a)		68,080		164,754
HCA Holdings, Inc. (a)		3,666		308,714
HMS Holdings Corporation (a)		1,575		32,240
Magellan Health, Inc. (a)		16,669		1,146,827
McKesson Corporation		2,992		413,764
National HealthCare Corporation (b)		11,322		842,583
Providence Service Corporation (The) (a)		19,271		847,924
RadNet, Inc. (a)		88,978		538,317
Select Medical Holdings Corporation (a) (b)		60,617		833,484
Surgery Partners, Inc. (a)		188		3,234
Tenet Healthcare Corporation (a)		44		689
Triple-S Management Corporation - Class B (a)		68		1,231
Veracyte, Inc. (a)		76,503		647,980
				7,828,739
Health Care Technology - 0.9%
Allscripts Healthcare Solutions, Inc. (a)		37,766		452,059
Cotiviti Holdings, Inc. (a)		19,235		803,831
Quality Systems, Inc. (a) (b)		55,843		796,321
Tabula Rasa HealthCare, Inc. (a)		6,057		81,648
				2,133,859
Life Sciences Tools & Services - 1.3%
Enzo Biochem, Inc. (a)		3,548		31,223
Harvard Bioscience, Inc. (a)		31,539		75,694
INC Research Holdings, Inc. - Class A (a) (b)		12,594		566,730
Medpace Holdings, Inc. (a)		1,007		31,932
PAREXEL International Corporation (a)		13,199		842,492
PerkinElmer, Inc.		8,159		484,726
PRA Health Sciences, Inc. (a) (b)		13,242		846,958
				2,879,755
Pharmaceuticals - 3.1%
Alimera Sciences, Inc. (a)		15,605		24,968
Amphastar Pharmaceuticals, Inc. (a)		48,570		733,407
Assembly Biosciences, Inc. (a)		1,349		31,877
Cardiome Pharma Corporation (a)		16,115		53,985
Catalent, Inc. (a) (b)		29,282		857,377
Corium International, Inc. (a)		4,180		18,852
Cumberland Pharmaceuticals, Inc. (a)		12,400		72,292
Endocyte, Inc. (a)		10,211		23,485
Flex Pharma, Inc. (a)		441		1,517
Heska Corporation (a)		3,376		365,452
Horizon Pharma plc (a) (b)		55,817		858,466
Intersect ENT, Inc. (a)		33,946		644,974
Juniper Pharmaceuticals, Inc. (a)		15,369		70,697
MediWound Ltd. (a)		4,803		28,818
Merck & Company, Inc.		5,416		337,579
MyoKardia, Inc. (a)		40,116		523,514
Phibro Animal Health Corporation - Class A (b)		32,554		968,482
Prestige Brands Holdings, Inc. (a)		12,238		702,584
SCYNEXIS, Inc. (a)		8,807		24,483
Supernus Pharmaceuticals, Inc. (a) (b)		16,894		550,744

11

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Health Care - 22.2% (Continued)
Pharmaceuticals - 3.1% (Continued)
VIVUS, Inc. (a)		125,812	$	127,070
				7,020,623
Industrials - 11.6%
Aerospace & Defense - 1.7%
AdvanSix, Inc. (a)		7,182		195,781
Aerojet Rocketdyne Holdings, Inc. (a) (b)		37,086		831,097
CPI Aerostructures, Inc. (a)		16,091		99,764
Curtiss-Wright Corporation (b)		8,991		840,299
Engility Holdings, Inc. (a)		1,100		31,185
LMI Aerospace, Inc. (a)		1,966		27,268
Moog, Inc. - Class A (a)		1,621		111,282
National Presto Industries, Inc.		11		1,148
Orbital ATK, Inc.		4,477		443,223
Sparton Corporation (a) (b)		30,638		682,308
TAT Technologies Ltd.		1,592		15,761
Teledyne Technologies, Inc. (a)		1,162		156,672
Textron, Inc.		9,969		465,154
Vectrus, Inc. (a)		1,290		32,818
				3,933,760
Air Freight & Logistics - 0.3%
Park-Ohio Holdings Corporation		13,454		529,415
Radiant Logistics, Inc. (a)		4,898		29,388
				558,803
Airlines - 0.4%
Delta Air Lines, Inc.		5,953		270,504
Hawaiian Holdings, Inc. (a)		2,704		146,827
JetBlue Airways Corporation (a)		21,295		464,870
				882,201
Building Products - 0.7%
Armstrong Flooring, Inc. (a) (b)		10,465		200,823
Builders FirstSource, Inc. (a) (b)		52,871		846,465
Owens Corning		7,762		472,318
Ply Gem Holdings, Inc. (a)		2,918		56,171
TopBuild Corporation (a) (b)		643		32,915
				1,608,692
Commercial Services & Supplies - 1.9%
AMREP Corporation (a)		1,153		6,929
ARC Document Solutions, Inc. (a)		44,828		164,967
Atento S.A. (a)		719		6,435
Casella Waste Systems, Inc. - Class A (a)		3,454		51,983
Civeo Corporation (a)		18,484		55,267
Essendant, Inc.		10,118		168,971
InnerWorkings, Inc. (a)		77,686		822,695
Interface, Inc.		2,311		45,989
KAR Auction Services, Inc.		811		35,376
Kimball International, Inc. - Class B		1,803		32,039
LSC Communications, Inc.		1,249		32,312
McGrath RentCorp		568		19,772
MSA Safety, Inc. (b)		10,689		832,139
Pointer Telocation Ltd. (a)		1,404		12,706
R.R. Donnelley & Sons Company		85,791		1,078,393

12

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Industrials - 11.6% (Continued)
Commercial Services & Supplies - 1.9% (Continued)
Steelcase, Inc. - Class A (b)		50,769	$	865,611
Tetra Tech, Inc.		9		396
TRC Companies, Inc. (a)		1,805		31,587
West Corporation		1,268		33,843
				4,297,410
Construction & Engineering - 0.4%
EMCOR Group, Inc.		1,794		117,938
HC2 Holdings, Inc. (a)		132,188		771,978
MYR Group, Inc. (a)		772		32,625
Northwest Pipe Company (a)		5		70
Orion Group Holdings, Inc. (a)		75		566
				923,177
Electrical Equipment - 1.1%
Allied Motion Technologies, Inc.		6,177		139,847
Atkore International Group, Inc. (a)		2,373		62,315
Belden, Inc.		2,269		158,149
EnerSys (b)		1,892		157,244
General Cable Corporation (b)		43,241		778,338
LSI Industries, Inc.		1,942		17,614
Powell Industries, Inc.		15,768		543,838
Preformed Line Products Company		325		17,202
Regal Beloit Corporation (b)		6,596		520,095
Ultralife Corporation (a)		683		3,757
Vicor Corporation (a)		5,296		95,328
				2,493,727
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc.		4,315		437,498
Machinery - 2.4%
Alamo Group, Inc.		412		32,573
Astec Industries, Inc. (b)		12,836		813,161
China Yuchai International Ltd.		15,351		297,809
Commercial Vehicle Group, Inc. (a) (b)		3,842		34,155
EnPro Industries, Inc.		2,094		147,941
FreightCar America, Inc.		50,865		664,297
Gencor Industries, Inc. (a)		546		9,064
Global Brass & Copper Holdings, Inc. (b)		1,912		68,163
Hardinge, Inc.		283		2,971
Harsco Corporation (a) (b)		15,993		208,709
Hurco Companies, Inc.		6,746		195,634
ITT, Inc.		18,212		767,271
Kadant, Inc.		700		43,505
L.B. Foster Company - Class A		218		3,096
Lydall, Inc. (a)		621		32,540
Miller Industries, Inc.		16,137		409,880
Mueller Water Products, Inc. - Series A		29,697		334,091
SPX Corporation (a)		1,878		45,185
Terex Corporation		33,222		1,162,106
Xerium Technologies, Inc. (a)		12,176		86,571
				5,358,722

13

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Industrials - 11.6% (Continued)
Marine - 0.0% (c)
Costamare, Inc.		4,737	$	31,927
Matson, Inc.		205		6,498
Pangaea Logistics Solutions Ltd. (a)		7,403		24,356
Safe Bulkers, Inc. (a)		9,989		21,277
				84,058
Professional Services - 1.3%
Acacia Research Corporation (a)		787		4,289
Barrett Business Services, Inc.		552		31,828
CDI Corporation (a)		10,346		84,320
CRA International, Inc.		831		31,528
Heidrick & Struggles International, Inc. (b)		14,660		315,190
ICF International, Inc. (a)		777		34,305
Kforce, Inc.		1,856		42,131
Korn/Ferry International (b)		26,096		845,510
ManpowerGroup, Inc.		4,647		469,254
RPX Corporation (a)		2,334		29,969
TrueBlue, Inc. (a) (b)		32,420		886,687
Volt Information Sciences, Inc. (a)		12,320		79,464
VSE Corporation		752		32,073
				2,886,548
Road & Rail - 0.4%
Marten Transport Ltd.		1,432		35,514
PAM Transportation Services, Inc. (a)		1,465		27,498
USA Truck, Inc. (a)		168		1,127
YRC Worldwide, Inc. (a)		75,454		804,340
				868,479
Trading Companies & Distributors - 0.8%
Air Lease Corporation		4,498		171,554
BlueLinx Holdings, Inc. (a)		16,145		176,303
HD Supply Holdings, Inc. (a)		1,419		57,186
Houston Wire & Cable Company		9,578		59,863
Huttig Building Products, Inc. (a)		3,412		30,026
Lawson Products, Inc. (a)		620		14,105
Neff Corporation - Class A (a)		1,583		27,861
Univar, Inc. (a)		5,057		150,951
Veritiv Corporation (a)		15,488		799,955
WESCO International, Inc. (a)		6,778		413,119
				1,900,923
Information Technology - 13.8%
Communications Equipment - 2.1%
ADTRAN, Inc.		30,774		615,480
Applied Optoelectronics, Inc. (a)		75		3,704
AudioCodes Ltd. (a)		23,734		153,322
Aviat Networks, Inc. (a)		10,079		168,218
Bel Fuse, Inc. - Class B		17		411
Black Box Corporation (b)		74,633		738,867
Calix, Inc. (a)		100,462		673,095
Ceragon Networks Ltd. (a)		10,097		33,623
Digi International, Inc. (a)		2,266		28,098
EchoStar Corporation - Class A (a)		8,230		473,719
Extreme Networks, Inc. (a)		3,721		29,080

14

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Information Technology - 13.8% (Continued)
Communications Equipment - 2.1% (Continued)
Ituran Location and Control Ltd.		863	$	27,012
Juniper Networks, Inc.		15,558		467,829
Mitel Networks Corporation (a)		104,520		737,911
Norsat International, Inc. (a)		5,602		60,782
PCTEL, Inc.		54,944		425,267
TESSCO Technologies, Inc.		2,912		40,768
UTStarcom Holdings Corporation (a)		14,752		29,947
				4,707,133
Electronic Equipment, Instruments & Components - 2.2%
Anixter International, Inc. (a) (b)		6,012		490,279
Avnet, Inc.		10,491		405,897
Celestica, Inc. (a)		50,848		724,584
Frequency Electronics, Inc. (a)		5,817		61,078
Hollysys Automation Technologies Ltd.		2,021		32,417
Insight Enterprises, Inc. (a) (b)		20,736		872,986
IntriCon Corporation (a)		9,500		84,550
Jabil Circuit, Inc.		15,264		442,961
Key Tronic Corporation (a)		18,554		146,020
Kimball Electronics, Inc. (a)		2,197		37,898
LRAD Corporation		7,956		12,650
MOCON, Inc.		1,057		31,551
Novanta, Inc. (a)		2,041		57,250
Orbotech Ltd. (a) (b)		2,278		75,015
PAR Technology Corporation (a)		11,369		97,205
PC Connection, Inc.		1,608		46,214
Perceptron, Inc. (a)		2,634		22,336
Radisys Corporation (a)		34,809		139,584
Richardson Electronics Ltd.		21,130		126,357
Tech Data Corporation (a) (b)		8,885		849,850
Trimble, Inc. (a)		2,906		102,960
Vishay Precision Group, Inc. (a)		9,510		163,572
				5,023,214
Internet Software & Services - 2.7%
Alphabet, Inc. - Class A (a)		538		497,392
ARI Network Services, Inc. (a)		3,444		18,047
Autobytel, Inc. (a)		48,936		641,551
Bankrate, Inc. (a) (b)		78,720		834,432
Bazaarvoice, Inc. (a)		8,226		38,662
Care.com, Inc. (a)		55		652
Envestnet, Inc. (a)		23,537		819,088
Facebook, Inc. - Class A (a)		151		22,688
Five9, Inc. (a)		215		3,923
GoDaddy, Inc. - Class A (a)		12,119		471,671
GTT Communications, Inc. (a)		5,191		142,752
IAC/InterActiveCorp (a)		5,951		493,992
Limelight Networks, Inc. (a)		10,134		31,821
Liquidity Services, Inc. (a) (b)		52,494		409,453
Marchex, Inc. - Class B (a)		57,721		156,424
New Relic, Inc. (a)		118		4,718
NIC, Inc.		32,960		703,696
Perion Network Ltd. (a)		11,775		21,430

15

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Information Technology - 13.8% (Continued)
Internet Software & Services - 2.7% (Continued)
QuinStreet, Inc. (a)		28,308	$	126,820
Travelzoo, Inc. (a)		16,216		149,187
Tremor Video, Inc. (a)		26,900		60,256
Twitter, Inc. (a)		25,494		420,141
XO Group, Inc. (a) (b)		5,133		90,084
				6,158,880
IT Services - 1.1%
Acxiom Corporation (a)		5,263		152,101
CACI International, Inc. - Class A (a)		99		11,682
Computer Task Group, Inc.		3,089		18,318
Convergys Corporation		6,365		143,276
CSRA, Inc.		15,431		448,733
Edgewater Technology, Inc. (a)		8,307		60,392
EPAM Systems, Inc. (a)		1,867		143,759
Euronet Worldwide, Inc. (a)		5,605		463,085
Everi Holdings, Inc. (a)		9,039		57,398
EVERTEC, Inc.		1,969		31,209
Forrester Research, Inc.		42		1,703
Hackett Group, Inc. (The)		1,576		31,252
InterXion Holding N.V. (a)		783		32,620
ManTech International Corporation - Class A		1,311		46,541
ModusLink Global Solutions, Inc. (a)		30,324		51,248
MoneyGram International, Inc. (a)		1,783		31,755
NCI, Inc. - Class A (a)		4,938		73,329
Net 1 UEPS Technologies, Inc. (a)		11,103		120,245
Perficient, Inc. (a)		21,724		378,432
PRGX Global, Inc. (a)		21,919		143,569
Rightside Group Ltd. (a)		168		1,687
				2,442,334
Semiconductors & Semiconductor Equipment - 2.0%
Adesto Technologies Corporation (a)		2,285		12,225
Advanced Micro Devices, Inc. (a)		1,623		21,586
Alpha & Omega Semiconductor Ltd. (a)		1,882		31,147
Amkor Technology, Inc. (a) (b)		7,343		86,501
Amtech Systems, Inc. (a)		10,652		74,990
AXT, Inc. (a)		8,492		57,321
Brooks Automation, Inc.		2,559		64,640
Camtek Ltd. (a)		29,052		108,073
Cirrus Logic, Inc. (a)		2,435		156,692
Diodes, Inc. (a) (b)		35,239		824,240
DSP Group, Inc. (a)		2,541		31,635
First Solar, Inc. (a)		16,596		490,412
GSI Technology, Inc. (a)		1,785		14,334
InTEST Corporation (a)		20,820		144,699
IXYS Corporation (b)		62,457		871,275
Kulicke & Soffa Industries, Inc. (a)		1,182		26,382
Lattice Semiconductor Corporation (a)		9,092		62,371
MagnaChip Semiconductor Corporation (a)		78,773		669,571
Maxim Integrated Products, Inc.		10,652		470,286
NeoPhotonics Corporation (a)		15,056		116,835
Nova Measuring Instruments Ltd. (a)		2,867		57,541

16

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Information Technology - 13.8% (Continued)
Semiconductors & Semiconductor Equipment - 2.0% (Continued)
NVE Corporation		330	$	26,865
Pixelworks, Inc. (a)		1,544		7,550
Rudolph Technologies, Inc. (a)		1,335		32,707
Semtech Corporation (a)		838		28,618
Ultratech, Inc. (a)		917		27,987
Xcerra Corporation (a)		3,236		31,713
				4,548,196
Software - 3.7%
Allot Communications Ltd. (a)		17,390		86,080
American Software, Inc. - Class A		57,032		625,641
Barracuda Networks, Inc. (a) (b)		1,617		32,874
BSQUARE Corporation (a)		21,438		112,549
CA, Inc.		14,678		481,879
CommVault Systems, Inc. (a) (b)		16,805		847,812
Descartes Systems Group, Inc. (The) (a)		13,742		318,127
Electronic Arts, Inc. (a)		5,146		487,944
Ellie Mae, Inc. (a)		1,329		135,239
EnerNOC, Inc. (a)		6,813		38,493
ePlus, Inc. (a)		4		285
Exa Corporation (a)		3,635		50,018
Fair Isaac Corporation		331		44,844
GlobalSCAPE, Inc.		21,605		87,500
Guidance Software, Inc. (a)		26,351		159,424
Intuit, Inc.		1,116		139,734
Jive Software, Inc. (a) (b)		172,252		869,873
MobileIron, Inc. (a)		72,002		327,609
Model N, Inc. (a)		202		2,161
Progress Software Corporation (b)		29,162		866,695
QAD, Inc. - Class A		7,787		235,167
Rosetta Stone, Inc. (a) (b)		73,675		828,844
Take-Two Interactive Software, Inc. (a)		2,554		160,519
Upland Software, Inc. (a)		1,863		37,055
Verint Systems, Inc. (a)		3,793		149,065
Zynga, Inc. - Class A (a)		396,254		1,145,174
				8,270,605
Materials - 4.0%
Chemicals - 1.6%
A. Schulman, Inc.		25,955		821,476
Advanced Emissions Solutions, Inc. (a)		312		2,933
Balchem Corporation		41		3,327
Codexis, Inc. (a)		5,026		22,114
Core Molding Technologies, Inc. (a)		7,894		156,143
GCP Applied Technologies, Inc. (a) (b)		4,552		149,761
Huntsman Corporation (b)		18,765		464,809
Innophos Holdings, Inc.		17,752		851,031
KMG Chemicals, Inc.		698		36,680
Koppers Holdings, Inc. (a)		767		32,559
Landec Corporation (a)		6,361		87,464
LyondellBasell Industries N.V. - Class A		186		15,765
Northern Technologies International Corporation (a)		612		9,517
Olin Corporation		4,420		142,015

17

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Materials - 4.0% (Continued)
Chemicals - 1.6% (Continued)
Orion Engineered Carbons S.A.		2,279	$	46,264
Platform Specialty Products Corporation (a)		100		1,417
Stepan Company (b)		9,770		828,496
				3,671,771
Containers & Packaging - 0.2%
Silgan Holdings, Inc.		7,238		438,768
Metals & Mining - 2.1%
Alexco Resource Corporation (a)		1,459		2,086
AuRico Metals, Inc. (a)		7,127		5,796
Coeur Mining, Inc. (a)		289		2,618
Dominion Diamond Corporation (b)		6,308		76,705
Ferroglobe plc		84,948		819,748
Handy & Harman Ltd. (a)		5,038		137,286
Haynes International, Inc.		19,322		817,127
Hudbay Minerals, Inc.		657		3,909
Materion Corporation		23,346		888,315
Nevsun Resources Ltd. (b)		12,652		28,720
Pan American Silver Corporation		1,618		27,134
Real Industry, Inc. (a)		61,111		158,889
Reliance Steel & Aluminum Company		5,972		470,713
Richmont Mines, Inc. (a)		4,118		31,297
Schnitzer Steel Industries, Inc. - Class A		34,149		645,416
Synalloy Corporation (a)		1,043		13,507
Universal Stainless & Alloy Products, Inc. (a)		3		54
Worthington Industries, Inc.		15,537		675,860
				4,805,180
Paper & Forest Products - 0.1%
Mercer International, Inc.		3,650		44,530
Schweitzer-Mauduit International, Inc.		727		31,297
				75,827
Real Estate - 4.8%
Equity Real Estate Investment Trusts (REITs) - 4.8%
Agree Realty Corporation		60		2,909
Apartment Investment & Management Company - Class A		8,249		360,811
BRT Apartments Corporation (a)		927		7,481
CBL & Associates Properties, Inc.		100,304		927,812
CorEnergy Infrastructure Trust, Inc.		26,544		968,325
First Potomac Realty Trust		96,667		1,063,337
Hudson Pacific Properties, Inc.		28,061		964,176
InfraREIT, Inc.		50,000		955,000
Kilroy Realty Corporation		13,255		934,875
Kite Realty Group Trust		493		10,037
Lamar Advertising Company - Class A		451		32,504
Life Storage, Inc.		11,298		885,650
Pennsylvania Real Estate Investment Trust		45,203		626,062
Retail Properties of America, Inc. - Class A		4,617		61,591
TIER REIT, Inc.		55,092		953,642
UMH Properties, Inc.		12,449		199,433
Vornado Realty Trust		9,643		928,042

18

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.9% (Continued)	Shares		Value
Real Estate - 4.8% (Continued)
Equity Real Estate Investment Trusts (REITs) - 4.8% (Continued)
Washington Prime Group, Inc.		105,056	$	924,493
Wheeler Real Estate Investment Trust, Inc.		520		6,942
				10,813,122
Telecommunication Services - 1.8%
Diversified Telecommunication Services - 0.9%
Alaska Communications Systems Group, Inc. (a)		38,854		91,307
Hawaiian Telcom Holdco, Inc. (a)		16,506		420,078
IDT Corporation - Class B		38,309		581,914
Level 3 Communications, Inc. (a)		4,965		301,673
Lumos Networks Corporation (a)		1,619		28,996
Ooma, Inc. (a)		51,482		615,210
				2,039,178
Wireless Telecommunication Services - 0.9%
Telephone and Data Systems, Inc. (b)		42,909		1,178,281
United States Cellular Corporation (a)		20,219		792,180
				1,970,461
Utilities - 1.2%
Electric Utilities - 0.7%
ALLETE, Inc. (b)		11,936		834,446
NRG Yield, Inc. - Class A		8,281		143,593
OGE Energy Corporation		12,468		433,637
Otter Tail Corporation		530		20,935
Portland General Electric Company		1,107		50,191
Unitil Corporation		2,911		140,980
				1,623,782
Gas Utilities - 0.1%
Southwest Gas Holdings, Inc.		1,867		156,380
Independent Power and Renewable Electricity Producers - 0.1%
Atlantic Power Corporation (a)		12,354		30,885
Dynegy, Inc. (a)		168		1,079
Ormat Technologies, Inc.		2,484		146,705
Pattern Energy Group, Inc.		224		4,932
				183,601
Multi-Utilities - 0.3%
MDU Resources Group, Inc.		17,318		465,854
Vectren Corporation		5,164		306,845
				772,699
Water Utilities - 0.0% (c)
Artesian Resources Corporation - Class A		813		31,227
Pure Cycle Corporation (a)		1,417		9,848
SJW Group		814		39,756
				80,831
Total Common Stocks (Cost $197,378,918)			$	207,458,113

INVESTMENT COMPANIES - 3.4%	Shares		Value
Adams Diversified Equity Fund		11,803	$	165,832
Adams Natural Resources Fund, Inc.		8,371		162,397
Advent/Claymore Convertible Securities & Income Fund		4,691		74,540

19

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 3.4% (Continued)	Shares		Value
Alliance California Municipal Income Fund, Inc.		1,697	$	23,028
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		5,387		70,785
Alpine Global Dynamic Dividend Fund		2,071		20,855
Alpine Global Premier Properties Fund		26,096		158,664
Alpine Total Dynamic Dividend Fund		11,644		100,371
Bancroft Fund Ltd.		419		8,925
BlackRock MuniYield Michigan Quality Fund, Inc.		6,639		91,353
BlackRock New York Municipal Income Quality Trust		460		6,123
BlackRock Resources & Commodities Strategy Trust		96		825
Boulder Growth & Income Fund, Inc.		17,047		161,265
Brookfield Global Listed Infrastructure Income Fund, Inc.		8,987		121,145
CBRE Clarion Global Real Estate Income Fund		19,407		148,658
Central Europe Russia and Turkey Fund, Inc. (The)		1,596		34,649
China Fund, Inc. (The)		11,324		199,189
ClearBridge Energy MLP Opportunity Fund, Inc.		91		1,235
Clough Global Dividend and Income Fund		4,826		66,551
Cohen & Steers Quality Income Realty Fund, Inc.		1		1
Cohen & Steers REIT and Preferred Income Fund, Inc.		5,252		104,462
Cushing Renaissance Fund (The)		2,210		40,288
Delaware Enhanced Global Dividend & Income Fund		16,864		188,371
Diversified Real Asset Income Fund		3,802		66,383
Dividend and Income Fund		14,833		181,111
DTF Tax-Free Income, Inc.		661		9,869
Eagle Growth & Income Opportunities Fund		5,721		98,172
Eaton Vance California Municipal Income Trust		11,695		146,772
Eaton Vance New York Municipal Bond Fund		1,489		18,449
Eaton Vance New York Municipal Income Trust		890		11,472
Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		16,375		184,055
Ellsworth Growth and Income Fund Ltd.		7,719		69,394
First Trust Aberdeen Emerging Opportunity Fund		1,806		29,257
First Trust Enhanced Equity Income Fund		2		29
First Trust Strategic High Income Fund II		2,413		32,696
Franklin Universal Trust		1,796		12,931
Gabelli Global Small and Mid Cap Value Trust (The)		1,421		16,896
Gabelli Global Utility & Income Trust		600		11,280
Gabelli Healthcare & WellnessRx Trust (The)		3,035		31,048
GAMCO Natural Resources, Gold & Income Trust		3		21
GDL Fund (The)		20,758		206,957
General American Investors Company, Inc.		4,853		165,633
Goldman Sachs MLP Energy and Renaissance Fund		1,659		13,338
India Fund, Inc. (The)		4,608		121,605
Insight Select Income Fund		1		9
Invesco Pennsylvania Value Municipal Income Trust		14,366		177,133
Invesco Value Municipal Income Trust		95		1,411
Japan Smaller Capitalization Fund, Inc.		6,641		72,652
Lazard World Dividend & Income Fund, Inc.		3,850		41,580
Legg Mason BW Global Income Opportunities Fund, Inc.		10,383		135,187
Liberty All-Star Equity Fund		27,574		151,657
Macquarie Global Infrastructure Total Return Fund, Inc.		7,048		164,923
Morgan Stanley Asia-Pacific Fund, Inc.		1,300		20,553
Morgan Stanley China A Share Fund, Inc.		7,948		155,463
Morgan Stanley Emerging Markets Debt Fund, Inc.		1,408		13,742

20

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT COMPANIES - 3.4% (Continued)	Shares		Value
Morgan Stanley Emerging Markets Fund, Inc.		782	$	12,105
Morgan Stanley India Investment Fund, Inc. (a)		1,217		40,526
Neuberger Berman MLP Income Fund, Inc.		12,613		125,752
New Germany Fund, Inc. (The)		4,361		68,206
Nuveen AMT-Free Quality Municipal Income Fund		1		13
Nuveen Build America Bond Fund		600		12,456
Nuveen Connecticut Quality Municipal Income Fund		12,110		150,285
Nuveen Global High Income Fund		210		3,515
Nuveen Intermediate Duration Quality Municipal Term Fund		1,496		19,149
Nuveen Maryland Quality Municipal Income Fund		13,076		168,942
Nuveen Michigan Quality Municipal Income Fund		14,939		202,573
Nuveen New Jersey Quality Municipal Income Fund		12,187		164,890
Nuveen New York AMT-Free Quality Municipal Income Fund		11,241		147,370
Nuveen North Carolina Quality Municipal Income Fund		14,084		185,064
Nuveen Ohio Quality Municipal Income Fund		7,933		118,440
Nuveen Pennsylvania Quality Municipal Income Fund		12,403		164,340
Nuveen Quality Municipal Income Fund		8,684		120,100
Nuveen Virginia Quality Municipal Income Fund		1,879		24,671
Pioneer Municipal High Income Advantage Trust		7,755		87,089
Pioneer Municipal High Income Trust		2,286		26,860
Putnam Premier Income Trust		19,600		102,508
RMR Real Estate Income Fund		6,882		146,244
Royce Global Value Trust, Inc.		12,295		113,729
Royce Value Trust, Inc.		3,963		57,741
Salient Midstream & MLP Fund		88		1,172
Swiss Helvetia Fund, Inc. (The)		2,310		27,628
Tekla World Healthcare Fund		1,722		24,883
Templeton Dragon Fund, Inc.		7,906		150,214
Templeton Emerging Markets Fund		7,593		109,035
Templeton Emerging Markets Income Fund		13,400		153,028
Templeton Global Income Fund		10,400		69,160
Tortoise Pipeline & Energy Fund, Inc.		1,180		25,134
Tri-Continental Corporation		6,380		151,078
Turkish Investment Fund, Inc. (The)		1,944		17,515
Virtus Total Return Fund, Inc.		12,281		143,933
Voya Asia Pacific High Dividend Equity Income Fund		4,809		48,763
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		7,300		80,957
Western Asset/Claymore Inflation-Linked Securities & Income Fund		9,672		110,164
Total Investment Companies (Cost $7,284,573)			$	7,686,422

RIGHTS - 0.0%	Shares		Value
InterOil Corporation (d) (Cost $0)		901	$	0

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

21

TFS MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 0.0% (c)	Par Value		Value
Mueller Industries, Inc., 6.00%, due 03/01/2027 (Cost $21,000)	$	21,000	$	21,000
Total Investments at Value - 95.3% (Cost $204,684,491)			$	215,165,535
Other Assets in Excess of Liabilities - 4.7% (e)				10,598,601
Net Assets - 100.0%			$	225,764,136

ADR - American Depositary Receipt.

^(a) Non-income producing security.

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

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

^(d) Security 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, 2017 representing 0.0% of net assets.

^(e) Includes cash held as margin deposits for open short positions.

See accompanying notes to financial statements.

22

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT

April 30, 2017 (Unaudited)

COMMON STOCKS - 79.9%	Shares		Value
Consumer Discretionary - 13.6%
Auto Components - 0.8%
Ballard Power Systems, Inc.		24,597	$	80,432
China Automotive Systems, Inc.		5,998		28,611
China XD Plastics Company Ltd.		13		63
Cooper Tire & Rubber Company		120		4,596
Gentex Corporation		18,232		376,491
Horizon Global Corporation		43,618		614,578
Motorcar Parts of America, Inc.		23,245		704,788
SORL Auto Parts, Inc.		140		588
				1,810,147
Automobiles - 0.5%
Kandi Technologies Group, Inc.		158,519		649,928
Tesla Motors, Inc.		1,244		390,703
Workhorse Group, Inc.		63,346		129,226
				1,169,857
Distributors - 0.1%
Fenix Parts, Inc.		12,697		14,221
KBS Fashion Group Ltd.		99		530
Weyco Group, Inc.		2,539		70,990
				85,741
Diversified Consumer Services - 0.6%
2U, Inc.		3,705		168,207
Carriage Services, Inc.		2,341		64,026
Collectors Universe, Inc.		170		4,643
DeVry Education Group, Inc.		18,810		711,958
H&R Block, Inc.		15,249		378,023
Liberty Tax, Inc.		42		590
Sotheby's		365		17,286
Weight Watchers International, Inc.		3,253		67,923
				1,412,656
Hotels, Restaurants & Leisure - 1.9%
Amaya, Inc.		2,077		36,971
Bravo Brio Restaurant Group, Inc.		605		2,934
Caesars Entertainment Corporation		3,479		38,617
Cheesecake Factory, Inc. (The)		95		6,095
Chipotle Mexican Grill, Inc.		833		395,233
Fogo de Chao, Inc.		8,418		142,685
Gaming Partners International Corporation		1,202		11,972
J. Alexander's Holdings, Inc.		413		4,543
Jamba, Inc.		60,257		513,390
Kona Grill, Inc.		2,408		13,726
Lindblad Expeditions Holdings, Inc.		354		3,363
McDonald's Corporation		99		13,853
Noodles & Company		6,197		36,252
ONE Group Hospitality, Inc.		21,778		48,347
Panera Bread Company - Class A		1,131		353,641
Papa Murphy's Holdings, Inc.		24,571		119,906
Red Robin Gourmet Burgers, Inc.		11,881		698,009
Ruby Tuesday, Inc.		131,231		334,639
Shake Shack, Inc. - Class A		20,221		686,301
Sonic Corporation		4,482		120,476

23

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Hotels, Restaurants & Leisure - 1.9% (Continued)
Town Sports International Holdings, Inc.		1,121	$	4,372
Wingstop, Inc.		241		7,093
Zoe's Kitchen, Inc.		39,055		704,943
				4,297,361
Household Durables - 1.6%
Garmin Ltd.		7,643		388,570
GoPro, Inc. - Class A		13,171		108,661
Green Brick Partners, Inc.		70		721
iRobot Corporation		8,023		639,754
LGI Homes, Inc.		22,443		714,361
New Home Company, Inc. (The)		79		921
Skyline Corporation		20,219		124,549
Tempur Sealy International, Inc.		24,073		1,130,227
UCP, Inc. - Class A		427		4,889
Vuzix Corporation		57,675		340,283
William Lyon Homes - Class A		258		5,676
ZAGG, Inc.		25,328		179,829
				3,638,441
Internet & Direct Marketing Retail - 1.4%
CafePress, Inc.		238		678
Duluth Holdings, Inc. - Class B		36,115		799,947
EVINE Live, Inc.		8,699		12,179
Gaia, Inc.		6,162		67,474
Lands' End, Inc.		2,420		57,112
Netflix, Inc.		2,566		390,545
PetMed Express, Inc.		9,438		218,018
RetailMeNot, Inc.		53,087		615,809
TripAdvisor, Inc.		9,043		407,026
Wayfair, Inc. - Class A		14,765		674,908
				3,243,696
Leisure Products - 0.9%
American Outdoor Brands Corporation		34,011		753,344
Escalade, Inc.		264		3,524
Marine Products Corporation		1,363		16,301
Polaris Industries, Inc.		404		34,445
Sturm Ruger & Company, Inc.		13,651		825,203
Vista Outdoor, Inc.		19,146		374,496
				2,007,313
Media - 1.7%
Ballantyne Strong, Inc.		100		630
Beasley Broadcasting Group, Inc.		8,654		113,800
Central European Media Enterprises Ltd. - Class A		28,124		115,308
Charter Communications, Inc. - Class A		871		300,634
Cinemark Holdings, Inc.		97		4,190
Clear Channel Outdoor Holdings, Inc. - Class A		15,980		82,297
Daily Journal Corporation		22		4,599
E.W. Scripps Company (The) - Class A		230		5,124
Entercom Communications Corporation - Class A		2,265		28,652
Entravision Communications Corporation - Class A		23		143
Eros International plc		74,826		744,519
Global Eagle Entertainment, Inc.		211,881		656,831

24

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Media - 1.7% (Continued)
Hemisphere Media Group, Inc.		70	$	816
Lee Enterprises, Inc.		272		707
Liberty Broadband - Series C		4,296		391,623
Liberty Global plc - LiLAC - Class A		9,267		198,963
Lions Gate Entertainment Corporation - Class B		75		1,789
Meredith Corporation		4,858		284,436
Pandora Media, Inc.		33,579		364,332
Radio One, Inc. - Class D		41,332		123,996
Saga Communications, Inc. - Class A		85		4,356
Sirius XM Holdings, Inc.		69,336		343,213
Walt Disney Company (The)		268		30,981
Xcel Brands, Inc.		906		2,129
				3,804,068
Multi-Line Retail - 0.3%
Big Lots, Inc.		449		22,670
Fred's, Inc. - Class A		3,946		58,085
J. C. Penney Company, Inc.		70,287		378,144
Sears Holdings Corporation		9,438		96,457
				555,356
Specialty Retail - 2.5%
Abercrombie & Fitch Company - Class A		2,138		25,635
Ascena Retail Group, Inc.		8,110		31,710
Big 5 Sporting Goods Corporation		568		8,747
Boot Barn Holdings, Inc.		823		8,732
Buckle, Inc. (The)		46,867		876,413
Cabela's, Inc.		193		10,538
CarMax, Inc.		6,044		353,574
Conn's, Inc.		2,704		47,590
DAVIDsTEA, Inc.		38,358		239,738
Destination Maternity Corporation		704		2,408
Destination XL Group, Inc.		48,679		124,131
Express, Inc.		2,630		22,697
GNC Holdings, Inc. - Class A		94,674		736,564
Lumber Liquidators Holdings, Inc.		27,949		686,148
Murphy USA, Inc.		225		15,653
Pier 1 Imports, Inc.		3,810		25,679
Rent-A-Center, Inc.		29,467		315,002
RH		15,882		761,860
Sally Beauty Holdings, Inc.		33		628
Sears Hometown and Outlet Stores, Inc.		1,098		3,678
ServiceMaster Global Holdings, Inc.		8,947		340,881
Sportman's Warehouse Holdings, Inc.		153,802		629,050
Tailored Brands, Inc.		212		2,614
Vitamin Shoppe, Inc.		271		5,230
Williams-Sonoma, Inc.		7,025		379,701
Winmark Corporation		34		4,389
				5,658,990
Textiles, Apparel & Luxury Goods - 1.3%
Cherokee, Inc.		16,073		138,228
Deckers Outdoor Corporation		495		29,497
Delta Apparel, Inc.		1,469		25,751

25

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Textiles, Apparel & Luxury Goods - 1.3% (Continued)
Differential Brands Group, Inc.		1,174	$	2,172
Fossil Group, Inc.		308		5,313
G-III Apparel Group Ltd.		7,368		174,622
Iconix Brand Group, Inc.		705		4,935
Kate Spade & Company		57,699		1,003,962
Lululemon Athletica, Inc.		7,134		370,968
NIKE, Inc. - Class B		6,623		366,980
Sequential Brands Group, Inc.		109,491		368,985
Under Armour, Inc. - Class A		19,438		417,723
Vera Bradley, Inc.		593		5,426
Vince Holding Corporation		105,111		105,111
				3,019,673
Consumer Staples - 4.7%
Beverages - 0.5%
Brown-Forman Corporation - Class B		790		37,383
Castle Brands, Inc.		402,557		708,500
Coca-Cola Company (The)		8,165		352,320
MGP Ingredients, Inc.		166		8,692
National Beverage Corporation		514		45,535
				1,152,430
Food & Staples Retailing - 1.2%
Casey's General Stores, Inc.		3,198		358,400
Chefs' Warehouse, Inc. (The)		641		8,750
Natural Grocers by Vitamin Cottage, Inc.		16,388		179,285
Smart & Final Stores, Inc.		57,182		674,747
Sprouts Farmers Market, Inc.		47,131		1,051,493
Whole Foods Market, Inc.		9,373		340,896
				2,613,571
Food Products - 1.9%
Alico, Inc.		121		3,624
Amira Nature Foods Ltd.		7,977		41,401
Amplify Snack Brands, Inc.		92,008		828,072
Blue Buffalo Pet Products, Inc.		180		4,437
Calavo Growers, Inc.		10,749		705,134
Cal-Maine Foods, Inc.		22,055		832,576
Dean Foods Company		449		8,863
Freshpet, Inc.		11,235		132,011
Hormel Foods Corporation		10,743		376,865
Mead Johnson Nutrition Company		4,028		357,364
Pilgrim's Pride Corporation		15,177		393,995
Post Holdings, Inc.		3,894		327,836
S&W Seed Company		29,428		141,254
Sanderson Farms, Inc.		66		7,642
Tootsie Roll Industries, Inc.		690		25,775
				4,186,849
Household Products - 0.6%
Church & Dwight Company, Inc.		610		30,213
Clorox Company (The)		49		6,551
HRG Group, Inc.		305		6,103
Orchids Paper Products Company		31,995		779,078

26

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Consumer Staples - 4.7% (Continued)
Household Products - 0.6% (Continued)
WD-40 Company		6,120	$	641,682
				1,463,627
Personal Products - 0.5%
China-Biotics, Inc. (b)		535,616		0
e.l.f. Beauty, Inc.		24,912		678,852
Herbalife Ltd.		6,235		394,426
LifeVantage Corporation		3,445		17,087
Natural Health Trends Corporation		2,038		58,450
Neptune Technologies & Bioressources, Inc.		10,092		10,294
Shineco, Inc.		9,515		42,818
Synutra International, Inc.		495		2,982
United-Guardian, Inc.		3,272		46,135
				1,251,044
Tobacco - 0.0% (a)
Alliance One International, Inc.		135		1,856
Energy - 4.9%
Energy Equipment & Services - 1.9%
Aspen Aerogels, Inc.		85		345
Atwood Oceanics, Inc.		2,032		15,911
Bristow Group, Inc.		46,864		626,572
CARBO Ceramics, Inc.		91,571		629,093
Diamond Offshore Drilling, Inc.		340		4,903
Dril-Quip, Inc.		134		6,908
Frank's International N.V.		72,732		661,861
Geospace Technologies Corporation		1,488		24,611
Helmerich & Payne, Inc.		5,650		342,616
Hornbeck Offshore Services, Inc.		198,275		676,118
ION Geophysical Corporation		30,000		129,000
Noble Corporation plc		3,550		17,040
North American Energy Partners, Inc.		9,481		45,035
Oil States International, Inc.		20		595
PHI, Inc.		198		2,322
RPC, Inc.		14,426		262,120
Seadrill Ltd.		65,868		45,436
Superior Energy Services, Inc.		24,150		291,732
US Silica Holdings, Inc.		9,790		406,285
				4,188,503
Oil, Gas & Consumable Fuels - 3.0%
Aegean Marine Petroleum Network, Inc.		796		8,875
Approach Resources, Inc.		30,557		63,253
Ardmore Shipping Corporation		23,350		180,963
Baytex Energy Corporation		11,018		33,274
Bill Barrett Corporation		161,307		619,419
California Resources Corporation		54,375		636,187
Centrus Energy Corporation - Class A		161		836
Cheniere Energy, Inc.		8,145		369,376
Chesapeake Energy Corporation		64,428		338,891
Comstock Resources, Inc.		11,625		101,603
CVR Energy, Inc.		639		13,988
Denbury Resources, Inc.		299,977		665,949

27

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Energy - 4.9% (Continued)
Oil, Gas & Consumable Fuels - 3.0% (Continued)
DHT Holdings, Inc.		61,938	$	296,683
Earthstone Energy, Inc.		3,288		44,289
EP Energy Corporation - Class A		22,088		99,838
Evolution Petroleum Corporation		426		3,408
Extraction Oil & Gas, Inc.		9,450		147,893
Frontline Ltd.		15,497		103,055
Gastar Exploration, Inc.		493,846		646,938
Golar LNG Ltd.		194		4,949
Halcon Resources Corporation		2,585		17,320
Harvest Natural Resources, Inc.		20,393		140,916
Jones Energy, Inc. - Class A		19,911		39,822
Laredo Petroleum, Inc.		24,946		320,806
Lonestar Resources US, Inc. - Class A		721		3,482
Navigator Holdings Ltd.		2,018		24,317
Noble Energy, Inc.		463		14,959
Nordic American Tankers Ltd.		14,721		122,184
Northern Oil & Gas, Inc.		287,752		647,442
ONEOK, Inc.		2,600		136,786
Pengrowth Energy Corporation		17,791		17,524
Penn West Petroleum Ltd.		23,117		34,444
Renewable Energy Group, Inc.		2,640		27,588
Resolute Energy Corporation		684		25,616
Rice Energy, Inc.		3,966		84,436
Sanchez Energy Corporation		146		1,130
Scorpio Tankers, Inc.		154,530		679,932
Ship Finance International Ltd.		734		10,313
SRC Energy, Inc.		708		5,338
StealthGas, Inc.		9,363		32,021
Stone Energy Corporation		2		39
Torchlight Energy Resources, Inc.		44,587		63,759
Uranium Energy Corporation		19,198		23,806
W&T Offshore, Inc.		14,551		29,684
				6,883,331
Financials - 5.0%
Banks - 1.0%
Bancorp, Inc. (The)		1,057		6,818
Bank of America Corporation		2,083		48,617
BCB Bancorp, Inc.		39		616
City Holding Company		130		9,242
Civista Bancshares, Inc.		2,424		52,674
Codorus Valley Bancorp, Inc.		20		580
Community Bank System, Inc.		18,197		1,018,122
County Bancorp, Inc.		959		26,325
Customers Bancorp, Inc.		176		5,444
CVB Financial Corporation		2,592		55,832
Enterprise Financial Services Corporation		43		1,817
Farmers Capital Bank Corporation		221		9,171
First Bancorp (North Carolina)		223		6,699
First Financial Bankshares, Inc.		140		5,593
First Interstate BancSystem, Inc. - Class A		169		6,380
First Merchants Corporation		109		4,510

28

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Financials - 5.0% (Continued)
Banks - 1.0% (Continued)
First NBC Bank Holding Company		45,093	$	119,496
German American Bancorp, Inc.		168		5,524
Glacier Bancorp, Inc.		162		5,472
Lakeland Financial Corporation		202		9,223
LegacyTexas Financial Group, Inc.		24		907
Live Oak Bancshares, Inc.		243		5,868
Mackinac Financial Corporation		290		4,321
Merchants Bancshares, Inc.		145		7,221
National Bankshares, Inc.		811		34,103
Northrim BanCorp, Inc.		1,403		44,896
OFG Bancorp		2,351		27,507
Opus Bank		977		22,031
Pacific Mercantile Bancorp		8,596		66,619
Pacific Premier Bancorp, Inc.		11		393
Porter Bancorp, Inc.		3,903		39,850
Republic First Bancorp, Inc.		500		4,300
S&T Bancorp, Inc.		118		4,243
ServisFirst Bancshares, Inc.		156		5,897
Simmons First National Corporation - Class A		99		5,410
Southern First Bancshares, Inc.		18		607
Southside Bancshares, Inc.		162		5,625
Stock Yards Bancorp, Inc.		172		7,052
Summit Financial Group, Inc.		77		1,684
Tompkins Financial Corporation		672		55,554
Trustmark Corporation		770		25,579
Union Bankshares, Inc.		2,034		85,530
United Bankshares, Inc.		40		1,596
West Bancorporation, Inc.		101		2,353
Westamerica Bancorporation		7,043		387,506
				2,244,807
Capital Markets - 1.1%
American Capital Senior Floating Ltd.		149		1,997
Arlington Asset Investment Corporation - Class A		810		11,794
Artisan Partners Asset Management, Inc. - Class A		12,978		380,255
CM Finance, Inc.		195		1,969
Cowen Group, Inc - Class A		5,833		92,745
FBR & Company		7,152		129,451
Federated Investors, Inc. - Class B		318		8,529
Fidus Investment Corporation		179		3,209
Fifth Street Asset Management, Inc.		9,405		44,203
Fifth Street Senior Floating Rate Corporation		107		872
Financial Engines, Inc.		3,457		146,922
Garrison Capital, Inc.		2,310		22,592
Goldman Sachs BDC, Inc.		754		18,850
Greenhill & Company, Inc.		295		7,463
GSV Capital Corporation		29,596		130,814
Manning & Napier, Inc.		23,036		133,609
MFC Bancorp Ltd.		3,654		6,066
OFS Capital Corporation		121		1,750
OHA Investment Corporation		921		1,363
Prospect Capital Corporation		2,142		19,921

29

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Financials - 5.0% (Continued)
Capital Markets - 1.1% (Continued)
Stellus Capital Investment Corporation		138	$	1,982
TICC Capital Corporation		24		176
Virtu Financial, Inc. - Class A		40,892		629,737
Virtus Investment Partners, Inc.		80		8,512
Waddell & Reed Financial, Inc. - Class A		288		5,181
WisdomTree Investments, Inc.		80,762		674,363
		��		2,484,325
Consumer Finance - 0.7%
Credit Acceptance Corporation		4,647		944,503
Encore Capital Group, Inc.		9,255		308,654
Enova International, Inc.		648		9,202
FirstCash, Inc.		73		3,792
PRA Group, Inc.		2,243		72,225
Regional Management Corporation		444		8,804
World Acceptance Corporation		2,306		121,987
				1,469,167
Diversified Financial Services - 0.0% (a)
A-Mark Precious Metals, Inc.		129		2,272
Medallion Financial Corporation		22,548		45,998
On Deck Capital, Inc.		1,096		5,206
				53,476
Insurance - 1.7%
Argo Group International Holdings Ltd.		15		989
Assurant, Inc.		42		4,042
Assured Guaranty Ltd.		4,811		183,443
Baldwin & Lyons, Inc. - Class B		40		980
Citizens, Inc.		85,855		605,278
Conifer Holdings, Inc.		2,465		19,104
eHealth, Inc.		56,696		803,949
Fidelity & Guaranty Life		1,087		30,925
HCI Group, Inc.		230		10,969
Health Insurance Innovations, Inc. - Class A		49,229		824,586
MBIA, Inc.		1,026		8,618
Mercury General Corporation		1,146		70,468
OneBeacon Insurance Group Ltd. - Class A		222		3,541
Patriot National, Inc.		53,986		156,020
RLI Corporation		11,623		665,068
United Insurance Holdings Corporation		207		3,159
Universal Insurance Holdings, Inc.		1,785		46,499
WMIH Corporation		270,699		406,048
				3,843,686
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
New York Mortgage Trust, Inc.		877		5,622
Orchid Island Capital, Inc.		9,024		95,654
				101,276
Thrifts & Mortgage Finance - 0.4%
Banc of California, Inc.		6,525		141,592
BofI Holding, Inc.		6,240		149,074
Capitol Federal Financial, Inc.		608		8,895
Charter Financial Corporation		161		2,954
Clifton Bancorp, Inc.		326		5,444

30

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Financials - 5.0% (Continued)
Thrifts & Mortgage Finance - 0.4% (Continued)
Five Oaks Investment Corporation		25,845	$	138,788
Impac Mortgage Holdings, Inc.		20,332		290,747
LendingTree, Inc.		373		52,556
Nationstar Mortgage Holdings, Inc.		7,188		115,799
Northwest Bancshares, Inc.		1,641		26,486
Oritani Financial Corporation		525		8,899
People's United Financial, Inc.		183		3,197
Walker & Dunlop, Inc.		206		9,239
WSFS Financial Corporation (b)		10		472
				954,142
Health Care - 19.9%
Biotechnology - 8.2%
AC Immune S.A.		401		3,830
ACADIA Pharmaceuticals, Inc.		10,943		375,673
Adamas Pharmaceuticals, Inc.		534		8,747
Aduro Biotech, Inc.		41,978		405,088
Advaxis, Inc.		12,620		108,027
Agios Pharmaceuticals, Inc.		6,832		339,619
Alder Biopharmaceuticals, Inc.		26,769		536,718
Aldeyra Therapeutics, Inc.		20,363		88,579
Alnylam Pharmaceuticals, Inc.		7,609		407,842
Amicus Therapeutics, Inc.		726		5,576
Anavex Life Sciences Corporation		11,077		62,364
Arbutus Biopharma Corporation		1,453		4,868
ArQule, Inc.		16,863		16,694
Array BioPharma, Inc.		3,695		32,036
Atara Biotherapeutics, Inc.		39,563		676,527
Athersys, Inc.		25,792		38,172
aTyr Pharma, Inc.		39,023		128,776
Aurinia Pharmaceuticals, Inc.		110,897		777,388
Avexis, Inc.		3,932		316,526
Brainstorm Cell Therapeutics, Inc.		14,433		59,608
Calithera Biosciences, Inc.		3,521		38,203
Cara Therapeutics, Inc.		44,861		712,841
Cascadian Therapeutics, Inc.		921		3,914
Clovis Oncology, Inc.		722		41,797
Corbus Pharmaceuticals Holdings, Inc.		115,773		833,566
Dynavax Technologies Corporation		8,972		49,795
Eagle Pharmaceuticals, Inc.		59		5,345
Editas Medicine, Inc.		2,603		49,067
Eiger BioPharmaceuticals, Inc.		4,936		38,994
Esperion Therapeutics, Inc.		224		8,008
Flexion Therapeutics, Inc.		23,411		477,818
Fortress Biotech, Inc.		37,540		136,646
Galectin Therapeutics, Inc.		8,790		26,897
Geron Corporation		296,819		759,857
GlycoMimetics, Inc.		952		4,094
GTx, Inc.		4,770		20,511
Halozyme Therapeutics, Inc.		404		5,632
Heron Therapeutics, Inc.		46,496		713,714
Ignyta, Inc.		577		5,106

31

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Health Care - 19.9% (Continued)
Biotechnology - 8.2% (Continued)
ImmunoGen, Inc.		172,873	$	750,269
Immunomedics, Inc.		133,068		762,480
Incyte Corporation		2,820		350,470
Infinity Pharmaceuticals, Inc.		8,777		18,871
Inotek Pharmaceuticals Corporation		66,154		132,308
Inovio Pharmaceuticals, Inc.		5,777		36,337
Insys Therapeutics, Inc.		9,928		111,690
Intellia Therapeutics, Inc.		1,927		28,076
Intercept Pharmaceuticals, Inc.		3,348		376,148
Intrexon Corporation		21,763		453,541
Juno Therapeutics, Inc.		16,399		408,991
Kadmon Holdings, Inc.		76,256		209,704
Keryx Biopharmaceuticals, Inc.		16,571		98,100
Kindred Biosciences, Inc.		354		2,460
La Jolla Pharmaceutical Company		23,778		689,562
Lexicon Pharmaceuticals, Inc.		2,879		44,941
Ligand Pharmaceuticals, Inc. - Class B		55		6,114
Loxo Oncology, Inc.		14,458		665,935
MacroGenics, Inc.		80		1,729
MannKind Corporation		157,916		137,955
MediciNova, Inc.		20,099		115,569
Merrimack Pharmaceuticals, Inc.		35,865		119,430
MiMedx Group, Inc.		8,751		111,050
Mirati Therapeutics, Inc.		398		1,811
Myriad Genetics, Inc.		392		7,209
Novavax, Inc.		27,780		22,671
Nymox Pharmaceutical Corporation		6,182		29,117
Omeros Corporation		4,858		79,283
Oncobiologics, Inc.		1,427		3,196
OncoMed Pharmaceuticals, Inc.		160,500		632,370
OPKO Health, Inc.		45		350
Organovo Holdings, Inc.		18,851		54,668
OvaScience, Inc.		84,039		126,899
Pluristem Therapeutics, Inc.		2,107		3,034
ProQR Therapeutics N.V.		966		4,733
Protalix BioTherapeutics, Inc.		68,886		64,064
Proteostasis Therapeutics, Inc.		59,241		358,112
Puma Biotechnology, Inc.		18		731
Radius Health, Inc.		142		5,548
Regulus Therapeutics, Inc.		89,492		138,713
Retrophin, Inc.		285		5,583
Rigel Pharmaceuticals, Inc.		885		2,646
Sangamo Therapeutics, Inc.		141,240		677,952
Sarepta Therapeutics, Inc.		784		28,428
Seattle Genetics, Inc.		5,859		400,170
Seres Therapeutics, Inc.		15,621		153,554
Sorrento Therapeutics, Inc.		11,906		23,217
Spark Therapeutics, Inc.		99		5,739
Spring Bank Pharmaceuticals, Inc.		2,086		20,005
Stonebridge Biopharma plc		32,195		144,877
Syros Pharmaceuticals, Inc.		223		3,387

32

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Health Care - 19.9% (Continued)
Biotechnology - 8.2% (Continued)
T2 Biosystems, Inc.		199	$	957
TG Therapeutics, Inc.		55,446		612,678
Tracon Pharmaceuticals, Inc.		201		714
Trevena, Inc.		170,614		557,908
vTv Therapeutics, Inc. - Class A		3,718		20,486
XBiotech, Inc.		8,135		88,509
Xenon Pharmaceuticals, Inc.		27,224		106,854
ZIOPHARM Oncology, Inc.		24,375		171,600
				18,513,966
Health Care Equipment & Supplies - 4.9%
ABIOMED, Inc.		3,013		392,654
Accuray, Inc.		68		309
Alere, Inc.		67		3,294
Align Technology, Inc.		3,088		415,707
Antares Pharma, Inc.		2,334		7,282
Avinger, Inc.		162		91
Baxter International, Inc.		7		390
Biolase, Inc.		4,853		6,212
Bovie Medical Corporation		25,394		68,564
Cerus Corporation		149,223		649,120
Check-Cap Ltd.		1,096		2,378
Cogentix Medical, Inc.		21		39
ConforMIS, Inc.		63,405		356,336
Corindus Vascular Robotics, Inc.		497,706		627,110
CRH Medical Corporation		2,490		14,691
CryoPort, Inc.		21,754		52,427
CytoSorbents Corporation		4,917		25,568
DexCom, Inc.		4,813		375,222
Digirad Corporation		19,502		91,659
Endologix, Inc.		95,183		712,921
Entellus Medical, Inc.		50,633		720,001
GenMark Diagnostics, Inc.		53,884		690,793
Glaukos Corporation		14,499		689,137
IDEXX Laboratories, Inc.		2,404		403,223
Integra LifeSciences Holdings Corporation		44		2,023
Intuitive Surgical, Inc.		101		84,423
Invacare Corporation		39,765		584,546
InVivo Therapeutics Holdings Corporation		49,164		186,823
iRadimed Corporation		12,989		111,705
IRIDEX Corporation		1,872		21,341
Lantheus Holdings, Inc.		187		2,431
Neovasc, Inc.		27,603		42,785
Nevro Corporation		59		5,559
Novadaq Technologies, Inc.		1,869		13,008
NovoCure Ltd.		65,973		745,495
Nuvectra Corporation		11,644		95,248
Oxford Immunotec Global plc		7		108
Pulse Biosciences, Inc.		4,219		101,762
Quotient Ltd.		36,560		248,974
ResMed, Inc.		3,599		244,696
Rockwell Medical, Inc.		77,859		669,587

33

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Health Care - 19.9% (Continued)
Health Care Equipment & Supplies - 4.9% (Continued)
Second Sight Medical Products, Inc.		244	$	283
Senseonics Holdings, Inc.		27,987		47,298
Tandem Diabetes Care, Inc.		66,818		63,658
TransEnterix, Inc.		288		187
ViewRay, Inc.		108,960		751,824
Viveve Medical, Inc.		93,713		758,138
				11,087,030
Health Care Providers & Services - 1.8%
AAC Holdings, Inc.		91,622		656,013
Acadia Healthcare Company, Inc.		8,107		353,303
Aceto Corporation		15,117		239,604
American Renal Associates Holdings, Inc.		231		3,975
Anthem, Inc.		20		3,558
BioScrip, Inc.		65,373		99,367
Community Health Systems, Inc.		4,837		41,647
Express Scripts Holding Company		37		2,270
Fulgent Genetics, Inc.		4,094		41,718
InfuSystems Holdings, Inc.		6,051		12,404
MEDNAX, Inc.		5,212		314,596
Nobilis Health Corporation		310,732		388,415
Owens & Minor, Inc.		154		5,336
Quorum Health Corporation		58		248
Sharps Compliance Corporation		26,954		115,902
Surgery Partners, Inc.		188		3,234
Teladoc, Inc.		27,037		670,518
Tenet Healthcare Corporation		64,309		1,007,722
Triple-S Management Corporation - Class B		68		1,231
Trupanion, Inc.		6,275		99,710
Veracyte, Inc.		500		4,235
				4,065,006
Health Care Services - 0.2%
Envision Healthcare Corporation		5,869		328,840
Health Care Technology - 0.8%
athenahealth, Inc.		3,264		319,905
Computer Programs & Systems, Inc.		4,123		113,176
Connecture, Inc.		1,929		1,647
Evolent Health, Inc. - Class A		30,592		711,264
HTG Molecular Diagnostics, Inc.		607		3,047
iCAD, Inc.		674		3,768
Inovalon Holdings, Inc. - Class A		4,148		50,813
NantHealth, Inc.		193,373		601,390
Omnicell, Inc.		131		5,423
Simulations Plus, Inc.		3,373		39,464
				1,849,897
Life Sciences Tools & Services - 1.1%
Accelerate Diagnostics, Inc.		31,887		870,515
Bio-Techne Corporation		3,489		373,602
ChromaDex Corporation		7,997		24,871
Compugen Ltd.		1,810		7,330
Fluidigm Corporation		135,443		669,088

34

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Health Care - 19.9% (Continued)
Life Sciences Tools & Services - 1.1% (Continued)
Pacific Biosciences of California, Inc.		158,323	$	623,793
				2,569,199
Pharmaceuticals - 2.9%
Achaogen, Inc.		29,648		713,924
Adamis Pharmaceuticals Corporation		11,658		43,135
Akorn, Inc.		11,920		398,724
Aralez Pharmaceuticals, Inc.		367,731		592,047
Aratana Therapeutics, Inc.		33,267		206,256
Assembly Biosciences, Inc.		87		2,056
Axsome Therapeutics, Inc.		18,368		75,309
BioDelivery Sciences International, Inc.		58,981		107,640
Cempra, Inc.		11,810		50,783
Clearside Biomedical, Inc.		4,498		35,804
Collegium Pharmaceutical, Inc.		723		7,093
Concordia International Corporation		32,951		41,518
Depomed, Inc.		56,464		677,003
Egalet Corporation		4,220		16,120
Flex Pharma, Inc.		3,304		11,366
Foamix Pharmaceuticals Ltd.		155,011		652,596
Impax Laboratories, Inc.		5,583		78,441
Intra-Cellular Therapies, Inc.		1,970		27,225
KemPharm, Inc.		14,499		66,695
Lannett Company, Inc.		7,343		190,918
Lipocine, Inc.		335		1,420
Neos Therapeutics, Inc.		99,998		709,986
Neuroderm Ltd.		1,622		46,835
Ocular Therapeutix, Inc.		12,151		121,024
Reata Pharmaceuticals, Inc. - Class A		2,239		46,437
Revance Therapeutics, Inc.		2,084		45,327
SteadyMed Ltd.		5,709		41,105
Teligent, Inc.		9,635		76,020
TherapeuticsMD, Inc.		152,539		777,949
Titan Pharmaceuticals, Inc.		504		1,487
WAVE Life Sciences Ltd.		24,544		517,879
Zogenix, Inc.		503		5,533
Zynerba Pharmaceuticals, Inc.		3,444		72,255
				6,457,910
Industrials - 10.1%
Aerospace & Defense - 0.9%
AeroVironment, Inc.		24,210		691,680
Axon Enterprise, Inc.		28,975		712,206
Cubic Corporation		106		5,501
DigitalGlobe, Inc.		271		8,726
HEICO Corporation		18		1,244
KEYW Holding Corporation (The)		20,649		195,959
KLX, Inc.		116		5,487
Kratos Defense & Security Solutions, Inc.		1,182		9,007
TransDigm Group, Inc.		1,574		388,353
Triumph Group, Inc.		207		5,423
				2,023,586

35

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Industrials - 10.1% (Continued)
Air Freight & Logistics - 0.3%
Echo Global Logistics, Inc.		34,254	$	642,262
Airlines - 0.1%
Copa Holdings S.A. - Class A		397		46,219
Spirit Airlines, Inc.		4,312		246,948
				293,167
Building Products - 0.7%
AAON, Inc.		153		5,607
Advanced Drainage Systems, Inc.		31,510		726,306
Apogee Enterprises, Inc.		13,657		744,307
Armstrong Flooring, Inc.		162		3,109
Quanex Building Products Corporation		273		5,569
USG Corporation		1,054		31,936
				1,516,834
Commercial Services & Supplies - 1.5%
Acme United Corporation		3		87
Aqua Metals, Inc.		47,529		784,229
ARC Document Solutions, Inc.		161		592
Asta Funding, Inc.		1,030		8,652
Atento, S.A.		16		143
Avery Dennison Corporation		43		3,578
CompX International, Inc.		258		3,844
Covanta Holding Corporation		70,195		1,021,337
Healthcare Services Group, Inc.		15,240		699,668
Hudson Technologies, Inc.		795		5,645
Interface, Inc.		35		697
Intersections, Inc.		21,559		105,639
Johnson Controls International plc		403		16,753
Mobile Mini, Inc.		23,122		663,601
Multi-Color Corporation		73		5,606
Performant Financial Corporation		45,865		104,572
R.R. Donnelley & Sons Company		42		528
Team, Inc.		996		26,792
Tetra Tech, Inc.		9		396
Virco Manufacturing Corporation		3,634		16,535
				3,468,894
Construction & Engineering - 1.2%
Goldfield Corporation (The)		121,759		663,587
HC2 Holdings, Inc.		179		1,045
IES Holdings, Inc.		14,964		299,280
Layne Christensen Company		1,657		13,206
Northwest Pipe Company		3,336		46,738
NV5 Global, Inc.		17,074		660,764
Orion Group Holdings, Inc.		75		566
Quanta Services, Inc.		9,564		338,948
Willdan Group, Inc.		22,578		640,538
				2,664,672
Electrical Equipment - 1.0%
Acuity Brands, Inc.		2,041		359,420
American Superconductor Corporation		15,676		81,672
Energous Corporation		61,383		774,653

36

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Industrials - 10.1% (Continued)
Electrical Equipment - 1.0% (Continued)
Energy Focus, Inc.		31	$	96
Enphase Energy, Inc.		754		897
FuelCell Energy, Inc.		84,590		97,278
Hydrogenics Corporation		15,395		115,463
Plug Power, Inc.		41,509		92,980
Sunrun, Inc.		145,173		767,965
Ultralife Corporation		683		3,757
				2,294,181
Industrial Conglomerates - 0.1%
General Electric Company		11,818		342,604
Machinery - 1.5%
Actuant Corporation - Class A		207		5,651
American Railcar Industries, Inc.		2,129		89,312
ARC Group Worldwide, Inc.		18,856		66,939
Chart Industries, Inc.		155		5,659
CIRCOR International, Inc.		143		9,540
Deere & Company		3,273		365,300
DMC Global, Inc.		2,155		32,971
Energy Recovery, Inc.		54,155		457,068
ExOne Company (The)		3,605		36,374
Graco, Inc.		747		80,564
Greenbrier Companies, Inc. (The)		2,671		116,055
Hardinge, Inc.		283		2,971
Hyster-Yale Materials Handling, Inc.		9,272		557,340
Key Technology, Inc.		2,995		39,055
Kornit Digital Ltd.		4,954		99,575
Lincoln Electric Holdings, Inc.		50		4,451
Lindsay Corporation		2,087		181,277
Manitowoc Company, Inc. (The)		1,601		9,558
Navistar International Corporation		226		6,082
Omega Flex, Inc.		268		15,054
Perma-Pipe International Holdings, Inc.		831		6,690
Proto Labs, Inc.		13,295		771,110
Sun Hydraulics Corporation		150		5,826
Supreme Industries, Inc. - Class A		2,337		46,833
Wabash National Corporation		1,041		23,714
Wabtec Corporation		1,831		153,603
Welbilt, Inc.		453		9,286
Westport Fuel Systems, Inc.		165,306		224,816
				3,422,674
Marine - 0.2%
Danaos Corporation		3,100		5,270
Diana Shipping, Inc.		19,131		76,333
Eagle Bulk Shipping, Inc.		7,626		37,596
Genco Shipping & Trading Ltd.		3,759		43,304
Golden Ocean Group Ltd.		3,023		23,035
Navios Maritime Holdings, Inc.		25,498		43,346
Seaspan Corporation		15,344		108,022
Star Bulk Carriers Corporation		3,032		28,683
				365,589

37

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Industrials - 10.1% (Continued)
Professional Services - 1.1%
Acacia Research Corporation		787	$	4,289
BG Staffing, Inc.		8,227		128,341
CDI Corporation		437		3,561
Cogint, Inc.		131,612		697,544
Dun & Bradstreet Corporation (The)		8,483		929,822
FTI Consulting, Inc.		10,980		379,798
Hill International, Inc.		318		1,288
Paylocity Holding Corporation		9,528		375,784
				2,520,427
Road & Rail - 0.5%
Avis Budget Group, Inc.		187		5,704
CSX Corporation		6,969		354,304
Heartland Express, Inc.		1,314		26,438
Hertz Global Holdings, Inc.		565		9,317
P.A.M. Transportation Services, Inc.		46		863
Student Transportation, Inc.		875		5,206
Swift Transportation Company		28,192		692,959
Universal Logistics Holdings, Inc.		1,408		19,642
USA Truck, Inc.		589		3,952
				1,118,385
Trading Companies & Distributors - 0.9%
EnviroStar, Inc.		6,224		147,198
Fastenal Company		547		24,440
GATX Corporation		12,711		761,389
Houston Wire & Cable Company		62		388
Kaman Corporation		1,180		56,652
MSC Industrial Direct Company, Inc. - Class A		2,325		208,157
Neff Corporation - Class A		114		2,006
Nexeo Solutions, Inc.		7,511		68,425
Titan Machinery, Inc.		351		5,563
United Rentals, Inc.		2,819		309,132
W.W. Grainger, Inc.		1,836		353,797
				1,937,147
Transportation Infrastructure - 0.1%
Pingtan Marine Enterprise Ltd.		9,753		46,522
Wesco Aircraft Holdings, Inc.		17,372		211,070
				257,592
Information Technology - 10.8%
Communications Equipment - 2.0%
Applied Optoelectronics, Inc.		14,371		709,784
Arista Networks, Inc.		2,801		391,132
Bel Fuse, Inc. - Class B		17		411
CalAmp Corporation		39,730		712,756
Ceragon Networks Ltd.		233		776
ClearOne, Inc.		188		1,918
Extreme Networks, Inc.		376		2,938
F5 Networks, Inc.		1,094		141,268
Harmonic, Inc.		20,223		117,293
Infinera Corporation		65,171		646,496
Inseego, Corporation		60,682		129,859
Lantronix, Inc.		21,234		59,455

38

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Information Technology - 10.8% (Continued)
Communications Equipment - 2.0% (Continued)
MRV Communications, Inc.		1,235	$	11,732
Network-1 Technologies, Inc.		83,902		402,730
Numerex Corporation - Class A		12,039		54,175
Oclaro, Inc.		2,099		16,813
Palo Alto Networks, Inc.		3,375		365,884
PC-TEL, Inc.		231		1,788
Resonant, Inc.		26,707		128,461
Sierra Wireless, Inc.		605		15,307
Ubiquiti Networks, Inc.		13,380		689,338
Wi-LAN, Inc.		1,476		2,967
				4,603,281
Electronic Equipment, Instruments & Components - 1.5%
Airgain, Inc.		2,996		44,670
Anixter International, Inc.		24		1,957
Applied DNA Science, Inc.		26,459		46,303
ClearSign Combustion Corporation		36,164		128,382
Cognex Corporation		4,566		389,662
CUI Global, Inc.		10,607		46,777
Electro Scientific Industries, Inc.		16,270		113,565
eMagin Corporation		18,989		43,675
Fitbit, Inc. - Class A		163,995		938,051
Identiv, Inc.		749		4,299
Knowles Corporation		5,582		98,969
LightPath Technologies, Inc. - Class A		46,071		124,392
Magal Security Systems Ltd.		4,644		31,022
Maxwell Technologies, Inc.		21,634		131,967
MicroVision, Inc.		296,300		666,675
Neonode, Inc.		77,188		130,448
Netlist, Inc.		105,738		135,345
PAR Technology Corporation		93		795
Radisys Corporation		14		56
SuperCom Ltd.		19,669		52,910
TTM Technologies, Inc.		509		8,516
Universal Display Corporation		2,395		213,993
Vishay Intertechnology, Inc.		6,330		103,496
				3,455,925
Internet Software & Services - 1.5%
Aerohive Networks, Inc.		24,137		93,410
Appfolio, Inc. - Class A		17		451
Benefitfocus, Inc.		198		6,237
Care.com, Inc.		55		652
Chegg, Inc.		11,550		104,065
Cimpress N.V.		103		8,454
Coupa Software Inc.		26,929		747,280
Five9, Inc.		215		3,923
Gogo, Inc.		11,064		139,517
iPass, Inc.		108,178		134,141
LendingClub Corporation		5,690		33,286
Marin Software, Inc.		29,926		50,874
MINDBODY, Inc. - Class A		65		1,843
New Relic, Inc.		118		4,718

39

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Information Technology - 10.8% (Continued)
Internet Software & Services - 1.5% (Continued)
Nutanix, Inc. - Class A		4,747	$	72,107
Piksel, Inc. - Series A-2 (b)		346,880		0
Quotient Technology, Inc.		762		8,306
Reis, Inc.		6,657		125,152
Remark Holdings, Inc		44,314		134,271
Rocket Fuel, Inc.		6,656		33,446
Shutterstock, Inc.		211		9,122
Stamps.com, Inc.		299		31,739
StarTek, Inc.		316		2,869
Trade Desk, Inc. (The) - Class A		461		17,218
Tremor Video, Inc.		806		1,805
TrueCar, Inc.		43,133		755,690
Twilio, Inc. - Class A		3,170		104,769
VeriSign, Inc.		4,338		385,735
WebMD Health Corporation		169		9,165
Xactly Corporation		1,648		19,117
Zillow Group, Inc. - Class A		10,506		404,376
				3,443,738
IT Services - 1.3%
ALJ Regional Holdings, Inc.		4,483		15,018
Black Knight Financial Services, Inc. - Class A		189		7,825
CardConnect Corporation		3,299		45,196
China Customer Relations Centers, Inc.		293		4,377
Edgewater Technology, Inc.		28		204
FleetCor Technologies, Inc.		83		11,715
Forrester Research, Inc.		42		1,703
Information Services Group, Inc.		38,244		120,469
Mattersight Corporation		39,781		135,255
ModusLink Global Solutions, Inc.		1,196		2,021
Rightside Group Ltd.		168		1,687
ServiceSource International, Inc.		120,354		452,531
Square, Inc. - Class A		2,465		44,962
Unisys Corporation		25,701		290,421
VeriFone Systems, Inc.		20,237		375,194
Virtusa Corporation		22,951		711,022
Western Union Company (The)		18,011		357,698
WEX, Inc.		3,481		353,182
				2,930,480
Semiconductors & Semiconductor Equipment - 1.4%
Acacia Communications, Inc.		16,214		743,250
Aehr Test Systems		16,145		73,783
Ambarella, Inc.		396		22,263
Amtech Systems, Inc.		501		3,527
Canadian Solar, Inc.		2,750		36,575
Cree, Inc.		3,657		80,015
CyberOptics Corporation		75		1,624
Everspin Technologies, Inc.		1,373		13,730
Impinj, Inc.		1,227		45,988
Nova Measuring Instruments Ltd.		98		1,967
NVE Corporation		4		325
NVIDIA Corporation		3,569		372,247

40

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Information Technology - 10.8% (Continued)
Semiconductors & Semiconductor Equipment - 1.4% (Continued)
Pixelworks, Inc.		829	$	4,054
QuickLogic Corporation		365,504		615,874
Sevcon, Inc.		9,219		127,222
Sigma Designs, Inc.		3,776		23,411
SolarEdge Technologies, Inc.		47,052		759,890
SunPower Corporation		16,823		116,751
Ultratech, Inc.		84		2,564
Veeco Instruments, Inc.		189		6,237
				3,051,297
Software - 2.9%
ACI Worldwide, Inc.		768		16,504
Asure Software, Inc.		12,428		128,381
Attunity Ltd.		102		780
Digimarc Corporation		24,533		707,777
Digital Turbine, Inc.		5,770		6,520
Ebix, Inc.		17,970		1,108,749
ePlus, Inc.		4		285
FireEye, Inc.		31,197		390,275
Gigamon, Inc.		1,142		36,202
Globant S.A.		153		5,797
Glu Mobile, Inc.		18,175		41,984
Guidance Software, Inc.		566		3,424
Imperva, Inc.		810		36,005
Mitek Systems, Inc.		80,047		700,411
MobileIron, Inc.		723		3,290
Model N, Inc.		43,976		470,543
Net 1 UEPS Technologies, Inc.		172		1,863
NetSol Technologies, Inc.		1,100		5,225
PROS Holdings, Inc.		29,935		737,898
QAD, Inc. - Class A		30		906
Seachange International, Inc.		30,368		76,527
SecureWorks Corporation - Class A		29,369		254,042
SITO Mobile Ltd.		42,318		110,027
Synchronoss Technologies, Inc.		220		3,520
Ultimate Software Group, Inc. (The)		1,683		341,094
VirnetX Holding Corporation		156,613		516,823
VMware, Inc. - Class A		4,199		395,210
Workday, Inc. - Class A		4,538		396,621
				6,496,683
Technology Hardware, Storage & Peripherals - 0.2%
3D Systems Corporation		3,997		63,272
Avid Technology, Inc.		36,261		203,243
CPI Card Group, Inc.		9,742		35,071
Cray, Inc.		273		4,887
Diebold Nixdorf, Inc.		308		8,686
Electronics For Imaging, Inc.		633		28,979
On Track Innovations Ltd.		4,050		6,237
Pure Storage, Inc. - Class A		375		3,979
Synaptics, Inc.		104		5,696
USA Technologies, Inc.		354		1,734
				361,784

41

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Materials - 4.2%
Chemicals - 1.9%
Advanced Emissions Solutions, Inc.		312	$	2,933
AgroFresh Solutions, Inc.		117,561		659,517
Balchem Corporation		129		10,470
BioAmber, Inc.		59,722		134,374
CF Industries Holdings, Inc.		13,109		350,535
China Green Agriculture, Inc.		1,818		2,272
Flotek Industries, Inc.		67,635		812,296
Intrepid Potash, Inc.		371,684		672,748
Kraton Corporation		8,270		270,512
LSB Industries, Inc.		79,684		878,118
Marrone Bio Innovations, Inc.		16,515		28,901
NL Industries, Inc.		12,020		97,362
Platform Specialty Products Corporation		23,430		332,003
Rayonier Advanced Materials, Inc.		1,218		16,139
Scotts Miracle-Gro Company (The)		708		68,393
Senomyx, Inc.		3,637		3,819
				4,340,392
Construction Materials - 0.0% (a)
U.S. Concrete, Inc.		105		6,510
Containers & Packaging - 0.1%
AptarGroup, Inc.		1,037		83,271
Ball Corporation		1,714		131,789
				215,060
Metals & Mining - 1.9%
AK Steel Holding Corporation		3,053		19,356
Alexco Resource Corporation		32,968		47,144
Allegheny Technologies, Inc.		1,432		26,277
Asanko Gold, Inc.		278,924		683,364
Avino Silver & Gold Mines Ltd.		45,540		68,765
Carpenter Technology Corporation		1,494		60,656
Century Aluminum Company		445		6,070
Cliffs Natural Resources, Inc.		3,703		24,884
Coeur Mining, Inc.		289		2,618
Compass Minerals International, Inc.		658		43,428
Eldorado Gold Corporation		5,452		19,954
Endeavour Silver Corporation		8,397		25,863
Energy Fuels, Inc.		156,284		273,497
First Majestic Silver Corporation		6,331		51,471
Gold Resource Corporation		2,547		8,405
Gold Standard Ventures Corporation		403,492		685,936
Great Panther Silver Ltd.		35,857		45,180
Hecla Mining Company		3,562		19,413
Hudbay Minerals, Inc.		657		3,909
IAMGOLD Corporation		11,026		45,648
McEwen Mining, Inc.		20,139		61,223
Mountain Province Diamonds, Inc.		19,196		54,709
New Gold, Inc.		5,638		16,012
NN, Inc.		2,958		81,641
Northern Dynasty Minerals Ltd.		494,667		791,467
NOVAGOLD Resources, Inc.		4,896		20,465

42

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Materials - 4.2% (Continued)
Metals & Mining - 1.9% (Continued)
Pershing Gold Corporation		260	$	728
Pretium Resources, Inc.		468		4,638
Royal Gold, Inc.		27		1,908
Sandstorm Gold Ltd.		17,705		61,613
Seabridge Gold, Inc.		75,875		781,513
Stillwater Mining Company		427		7,678
SunCoke Energy, Inc.		609		5,585
Tahoe Resources, Inc.		24,319		196,011
TimkenSteel Corporation		2,836		42,767
Universal Stainless & Alloy Products, Inc.		3		54
Vista Gold Corporation		11,627		11,976
Western Copper & Gold Corporation		13,581		15,211
Yamana Gold, Inc.		7,487		20,215
				4,337,252
Paper & Forest Products - 0.3%
Clearwater Paper Corporation		13,049		634,182
Deltic Timber Corporation		117		9,052
				643,234
Real Estate - 4.0%
Equity Real Estate Investment Trusts (REITs) - 4.0%
Acadia Realty Trust		23,554		684,950
Agree Realty Corporation		15,267		740,144
AvalonBay Communities, Inc.		2,906		551,675
City Office REIT, Inc.		7,045		88,415
Community Healthcare Trust, Inc.		5,455		134,848
Digital Realty Trust, Inc.		5,170		593,723
Easterly Government Properties, Inc.		26,010		523,321
Gladstone Commercial Corporation		249		5,553
Government Properties Income Trust		21,370		455,608
HCP, Inc.		8,928		279,893
Independence Realty Trust, Inc.		18,084		166,373
Investors Real Estate Trust		43,889		259,384
Liberty Property Trust		13,752		557,919
Medical Properties Trust, Inc.		820		10,717
Mid-America Apartment Communities, Inc.		7,390		733,162
National Health Investors, Inc.		627		45,878
Public Storage		3,616		757,118
Realty Income Corporation		13,471		786,033
Regency Centers Corporation		9,762		616,763
Retail Properties of America, Inc. - Class A		93		1,241
STAG Industrial, Inc.		6,826		179,933
Terreno Realty Corporation		3,425		105,764
Welltower, Inc.		10,734		766,837
Whitestone REIT		3,136		39,325
				9,084,577
Real Estate Management & Development - 0.0% (a)
Griffin Industrial Realty, Inc.		113		3,420
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 0.9%
Aware, Inc.		5,675		27,240

43

TFS MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 79.9% (Continued)	Shares		Value
Telecommunication Services - 1.4% (Continued)
Diversified Telecommunication Services - 0.9% (Continued)
Consolidated Communications Holdings, Inc.		1,462	$	34,606
Frontier Communications Corporation		478,977		900,477
Globalstar, Inc.		219,164		418,603
Iridium Communications, Inc.		14,885		157,781
magicJack VocalTec Ltd.		15,357		125,927
pdvWireless, Inc.		5,609		143,871
Straight Path Communications, Inc. - Class B		636		81,955
Windstream Holdings, Inc.		5,649		31,182
Zayo Group Holdings, Inc.		73		2,560
				1,924,202
Wireless Telecommunication Services - 0.5%
Shenandoah Telecommunications Company		21,596		691,072
Sprint Corporation		43,631		393,988
				1,085,060
Utilities - 1.3%
Electric Utilities - 0.5%
ALLETE, Inc.		16		1,119
Duke Energy Corporation		288		23,760
Southern Company (The)		7,440		370,512
Spark Energy, Inc. - Class A		20,779		745,966
				1,141,357
Independent Power and Renewable Electricity Producers - 0.5%
Calpine Corporation		35,429		361,376
Dynegy, Inc.		168		1,078
Pattern Energy Group, Inc.		224		4,932
TerraForm Global, Inc. - Class A		1,077		5,116
TerraForm Power, Inc. - Class A		2,056		25,885
U.S. Geothermal, Inc.		1,105		4,619
Vivint Solar, Inc.		233,287		699,861
				1,102,867
Multi-Utilities - 0.2%
CenterPoint Energy, Inc.		165		4,707
Dominion Resources, Inc.		4,862		376,465
				381,172
Water Utilities - 0.1%
AquaVenture Holdings Ltd.		983		18,058
Cadiz, Inc.		22,151		334,480
				352,538
Total Common Stocks (Proceeds $199,440,616)			$	180,296,080

44

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
WARRANTS - 0.0% (a)	Shares		Value
Sears Holdings Corporation (Proceeds $628)		36	$	106
Total Securities Sold Short - 79.9% (Proceeds $199,441,244)			$	180,296,186

^(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 $0 at April 30, 2017 representing 0.0% of net assets.

See accompanying notes to financial statements.

45

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

April 30, 2017 (Unaudited)

COMMON STOCKS - 97.4%	Shares		Value
Consumer Discretionary - 13.1%
Auto Components - 1.9%
Cooper-Standard Holdings, Inc. (a)		1,686	$	190,636
Dana, Inc.		11,924		231,564
Dorman Products, Inc. (a)		926		76,997
Shiloh Industries, Inc. (a)		7,893		97,084
Spartan Motors, Inc.		5,389		44,459
Standard Motor Products, Inc.		1,471		74,771
Stoneridge, Inc. (a)		3,865		75,793
Tenneco, Inc.		3,070		193,502
Tower International, Inc.		11,870		321,677
				1,306,483
Distributors - 0.2%
BMC Stock Holdings, Inc. (a)		3,580		83,414
VOXX International Corporation (a)		5,293		34,404
				117,818
Diversified Consumer Services - 0.5%
Bridgepoint Education, Inc. (a)		1,719		20,972
Capella Education Company		1,420		135,326
Collectors Universe, Inc.		2,734		74,665
K12, Inc. (a)		5,800		109,330
				340,293
Hotels, Restaurants & Leisure - 2.3%
Belmond Ltd. - Class A (a)		5,903		73,197
Biglari Holdings, Inc. (a)		208		88,739
Bloomin' Brands, Inc.		9,016		195,557
Caesars Acquisition Company - Class A (a)		1,956		34,132
Century Casinos, Inc. (a)		6,909		56,861
Del Frisco's Restaurant Group, Inc. (a)		13,234		227,625
Denny's Corporation (a)		3,467		44,031
Intrawest Resorts Holdings, Inc. (a)		3,634		85,690
Isle of Capri Casinos, Inc. (a)		3,967		91,479
Marcus Corporation (The)		3,501		118,334
Marriott Vacations Worldwide Corporation		674		74,261
Monarch Casino & Resort, Inc. (a)		2,140		63,066
RCI Hospitality Holdings, Inc.		4,190		69,721
Red Rock Resorts, Inc. - Class A		7,995		186,923
Ruth's Hospitality Group, Inc.		3,573		71,103
Speedway Motorsports, Inc.		2,656		47,941
				1,528,660
Household Durables - 1.9%
Century Communities, Inc. (a)		3,558		97,134
CSS Industries, Inc.		2,491		65,663
Flexsteel Industries, Inc.		1,990		105,709
Installed Building Products, Inc. (a)		1,586		84,613
Lennar Corporation - Class B		1,640		69,880
Libbey, Inc.		9,374		98,427
Lifetime Brands, Inc.		4,122		79,142
MDC Holdings, Inc.		5,581		173,067
New Home Company, Inc. (The) (a)		13,089		152,618
Taylor Morrison Home Corporation - Class A (a)		15,532		358,789
				1,285,042

46

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Consumer Discretionary - 13.1% (Continued)
Internet & Direct Marketing Retail - 1.0%
1-800-FLOWERS.COM, Inc. - Class A (a)		16,288	$	175,096
Etsy, Inc. (a)		900		9,684
HSN, Inc.		4,971		183,430
Nutrisystem, Inc.		2,722		145,491
RetailMeNot, Inc. (a)		6,156	��	71,410
Travelport Worldwide Ltd.		5,621		74,028
				659,139
Leisure Products - 0.4%
Callaway Golf Company		6,645		78,743
Johnson Outdoors, Inc. - Class A		2,614		94,940
MCBC Holdings, Inc.		6,954		116,480
				290,163
Media - 2.0%
Beasley Broadcast Group, Inc. - Class A		2,324		30,561
Clear Channel Outdoor Holdings, Inc. - Class A		6,175		31,801
Entravision Communication Corporation - Class A		14,197		88,021
Gray Television, Inc. (a)		16,954		248,376
Liberty Braves Group - Series A (a)		2,901		72,032
Liberty Braves Group - Series C (a)		2,930		71,844
News Corporation - Class B		6,245		81,185
Reading International, Inc. - Class A (a)		4,010		63,077
Sinclair Broadcast Group, Inc. - Class A		4,633		182,772
Time, Inc.		13,630		207,176
Townsquare Media, Inc. - Class A (a)		2,760		33,396
tronc, Inc. (a)		12,434		178,304
Viacom, Inc. - Class A		1,579		70,423
				1,358,968
Multiline Retail - 0.1%
Dillard's, Inc. - Class A		1,360		75,303
Specialty Retail - 2.4%
Aaron's, Inc.		6,184		222,253
Barnes & Noble Education, Inc. (a)		16,078		167,372
Barnes & Noble, Inc.		5,160		44,118
Chico's FAS, Inc.		13,544		187,178
Citi Trends, Inc.		6,554		123,150
Conn's, Inc. (a)		4,286		75,434
Finish Line, Inc. (The) - Class A		4,908		77,595
Five Below, Inc. (a)		1,663		81,686
GameStop Corporation - Class A		3,277		74,355
Haverty Furniture Companies, Inc.		2,325		57,311
Kirkland's, Inc. (a)		14,805		174,107
Lithia Motors, Inc. - Class A		827		79,020
Office Depot, Inc.		38,710		192,389
West Marine, Inc.		2,052		22,490
				1,578,458
Textiles, Apparel & Luxury Goods - 0.4%
Movado Group, Inc.		6,974		163,192
Oxford Industries, Inc.		1,286		74,562
				237,754

47

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Consumer Staples - 3.7%
Beverages - 0.2%
Coca-Cola Bottling Company Consolidated		106	$	22,457
MGP Ingredients, Inc.		417		21,834
Primo Water Corporation (a)		6,057		72,503
				116,794
Food & Staples Retailing - 0.8%
Andersons, Inc. (The)		5,260		196,461
SpartanNash Company		7,043		259,183
Village Super Market, Inc. - Class A		103		2,718
Weis Markets, Inc.		1,146		66,250
				524,612
Food Products - 1.0%
B&G Foods, Inc.		1,694		71,148
Darling Ingredients, Inc. (a)		3,706		56,072
J & J Snack Foods Corporation		1,353		182,087
Omega Protein Corporation		7,740		155,961
Seaboard Corporation		46		194,764
				660,032
Household Products - 0.5%
Central Garden & Pet Company - Class A (a)		3,536		124,573
HRG Group, Inc. (a)		9,870		197,499
Oil-Dri Corporation of America		137		5,574
				327,646
Personal Products - 1.2%
Avon Products, Inc. (a)		58,183		282,187
Inter Parfums, Inc.		7,307		277,301
Nutraceutical International Corporation		2,379		75,414
Revlon, Inc. - Class A (a)		2,806		72,816
Synutra International, Inc. (a)		7,383		44,483
USANA Health Sciences, Inc. (a)		1,219		69,300
				821,501
Energy - 4.8%
Energy Equipment & Services - 1.4%
Archrock, Inc.		16,975		200,305
Exterran Corporation (a)		4,947		135,399
Matrix Service Company (a)		14,446		169,741
Natural Gas Services Group, Inc. (a)		2,591		70,993
PHI, Inc. (a)		712		8,352
Pioneer Energy Services Corporation (a)		20,266		61,811
RigNet, Inc. (a)		11,008		215,757
Tesco Corporation (a)		7,862		51,496
				913,854
Oil, Gas & Consumable Fuels - 3.4%
Abraxas Petroleum Corporation (a)		39,406		73,689
Callon Petroleum Company (a)		6,794		80,441
Cloud Peak Energy, Inc. (a)		21,246		71,599
Contango Oil & Gas Company (a)		9,585		68,629
CVR Energy, Inc.		3,415		74,754
Delek US Holdings, Inc.		7,820		188,228
Eclipse Resources Corporation (a)		34,101		68,543
Evolution Petroleum Corporation		9,120		72,960
GasLog Ltd.		16,823		235,522

48

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Energy - 4.8% (Continued)
Oil, Gas & Consumable Fuels - 3.4% (Continued)
Hallador Energy Company		10,361	$	69,315
International Seaways, Inc. (a)		4,030		77,900
Jones Energy, Inc. - Class A (a)		22,940		45,880
Navios Maritime Acquisition Corporation		25,588		43,244
Overseas Shipholding Group, Inc. - Class A (a)		74,558		271,391
Pacific Ethanol, Inc. (a)		46,525		316,370
QEP Resources, Inc. (a)		6,454		76,222
Teekay Corporation		27,290		236,877
W&T Offshore, Inc. (a)		7,310		14,912
Western Refining, Inc.		3,116		107,471
Westmoreland Coal Company (a)		11,571		123,347
				2,317,294
Financials - 17.5%
Banks - 8.3%
Access National Corporation		632		17,905
Atlantic Capital Bancshares, Inc. (a)		5		98
Bank of Marin Bancorp		800		50,520
Camden National Corporation		875		37,406
Cascade Bancorp (a)		9,296		69,534
Cathay General Bancorp		4,999		190,212
Central Valley Community Bancorp		3,595		81,642
Civista Bancshares, Inc.		1,532		33,290
CNB Financial Corporation		515		12,303
Columbia Banking System, Inc.		878		34,690
County Bancorp, Inc.		2,404		65,990
Customers Bancorp, Inc. (a)		315		9,743
Eagle Bancorp, Inc. (a)		3,195		191,381
Enterprise Financial Services Corporation		4,383		185,182
Farmers National Banc Corporation		1,251		17,889
Financial Institutions, Inc.		2,302		77,117
First Citizens BancShares, Inc. - Class A		551		191,781
First Financial Corporation		1,474		71,931
First Horizon National Corporation		1		4
First Midwest Bancorp, Inc.		4,618		104,875
FNB Corporation		12,996		185,063
Great Southern Bancorp, Inc.		1,497		75,075
Great Western Bancorp, Inc.		4,416		181,939
Green Bancorp, Inc. (a)		3,342		60,156
Guaranty Bancorp		1,684		42,353
Heritage Commerce Corporation		5,410		77,255
Heritage Financial Corporation		2,929		77,326
Hilltop Holdings, Inc.		2,646		73,585
Home BancShares, Inc.		6,815		173,442
HomeTrust Bancshares, Inc. (a)		3,063		76,575
Hope Bancorp, Inc.		13,890		254,326
IBERIABANK Corporation		2,483		197,026
Independent Bank Corporation (Massachusetts)		1,120		70,896
Independent Bank Corporation (Michigan)		3,627		80,882
International Bancshares Corporation		4,743		177,388
Investar Holding Corporation		500		11,125
Investors Bancorp, Inc.		13,015		180,258

49

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Financials - 17.5% (Continued)
Banks - 8.3% (Continued)
LegacyTexas Financial Group, Inc.		2,003	$	75,733
MidWestOne Financial Group, Inc.		2,042		70,857
Pacific Premier Bancorp, Inc. (a)		2,118		77,413
Park Sterling Corporation		5,951		73,197
Peapack-Gladstone Financial Corporation		1,747		56,009
Peoples Bancorp of North Carolina, Inc.		600		17,004
People's Utah Bancorp		958		25,291
PrivateBancorp, Inc.		3,335		192,663
QCR Holdings, Inc.		1,811		82,582
Republic Bancorp, Inc. - Class A		1,982		71,312
S&T Bancorp, Inc.		1,977		71,093
Seacoast Banking Corporation of Florida (a)		8,550		206,910
Shore Bancshares, Inc.		3,328		55,212
Southern First Bancshares, Inc. (a)		571		19,243
TriState Capital Holdings, Inc. (a)		2,269		56,498
Triumph Bancorp, Inc. (a)		3,155		70,672
UMB Financial Corporation		2,575		186,662
Umpqua Holdings Corporation		10,909		192,762
United Bankshares, Inc.		1,906		76,063
United Community Banks, Inc.		2,471		67,582
United Community Financial Corporation		5,062		43,229
Veritex Holdings, Inc. (a)		2,202		59,322
WashingtonFirst Bankshares, Inc.		1,441		40,535
WesBanco, Inc.		4,669		185,873
West Bancorporation, Inc.		1,413		32,923
Xenith Bankshares, Inc. (a)		305		8,241
				5,553,044
Capital Markets - 1.8%
BGC Partners, Inc. - Class A		17,111		194,723
Cohen & Steers, Inc.		1,974		78,763
Evercore Partners, Inc. - Class A		2,381		175,599
Houlihan Lokey, Inc.		9,001		301,894
Investment Technology Group, Inc.		3,618		72,034
Moelis & Company - Class A		1,979		72,629
OM Asset Management plc		17,274		268,783
Oppenheimer Holdings, Inc. - Class A		3,133		54,201
Piper Jaffray Companies		39		2,441
				1,221,067
Consumer Finance - 0.3%
Enova International, Inc. (a)		966		13,717
FirstCash, Inc.		75		3,897
Nelnet, Inc. - Class A		4,124		185,621
				203,235
Diversified Financial Services - 0.7%
Bank of N.T. Butterfield & Son Ltd. (The)		2,240		74,480
Marlin Business Services Corporation		2,812		71,566
NewStar Financial, Inc.		4,004		43,003
On Deck Capital, Inc. (a)		1,227		5,828
PHH Corporation (a)		19,017		245,319
				440,196

50

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Financials - 17.5% (Continued)
Insurance - 3.2%
American Equity Investment Life Holding Company		5,230	$	124,056
Argo Group International Holdings Ltd.		3,580		236,101
Baldwin & Lyons, Inc. - Class B		2,907		71,221
CNO Financial Group, Inc.		9,296		195,867
EMC Insurance Group, Inc.		1,755		50,333
Employers Holdings, Inc.		1,550		62,000
FBL Financial Group, Inc. - Class A		3,814		253,631
Greenlight Capital Re Ltd. - Class A (a)		2,149		46,311
Hallmark Financial Services, Inc. (a)		3,845		40,411
Infinity Property & Casualty Corporation		768		76,224
James River Group Holdings Ltd.		2,913		126,890
Kingstone Companies, Inc.		3,344		49,993
Kinsale Capital Group, Inc.		2,105		76,117
Maiden Holdings Ltd.		4,809		59,391
National General Holdings Corporation		8,036		182,739
OneBeacon Insurance Group Ltd. - Class A		4,201		67,006
Safety Insurance Group, Inc.		1,010		73,124
Selective Insurance Group, Inc.		2,967		156,658
State National Companies, Inc.		5,441		79,819
United Fire Group, Inc.		3,385		148,940
				2,176,832
Mortgage Real Estate Investment Trusts (REITs) - 1.6%
Anworth Mortgage Asset Corporation		5,723		33,537
Apollo Commercial Real Estate Finance, Inc.		3,961		76,408
Ares Commercial Real Estate Corporation		6,295		87,060
Cherry Hill Mortgage Investment Corporation		4,065		70,690
Education Realty Trust, Inc.		2,061		79,905
Invesco Mortgage Capital, Inc.		5,282		86,149
Ladder Capital Corporation		5,196		76,018
New Residential Investment Corporation		11,117		185,320
Orchid Island Capital, Inc.		7,351		77,921
PennyMac Mortgage Investment Trust		4,321		77,259
Redwood Trust, Inc.		4,436		75,723
Resource Capital Corporation		7,201		67,329
Sutherland Asset Management Corporation		7,175		104,755
				1,098,074
Thrifts & Mortgage Finance - 1.6%
Bank Mutual Corporation		9,775		89,930
EverBank Financial Corporation		4,598		89,661
Federal Agricultural Mortgage Corporation - Class C		972		55,452
First Defiance Financial Corporation		1,354		72,628
Flagstar Bancorp, Inc. (a)		3,392		99,182
Hingham Institution for Savings		406		72,873
Home Bancorp, Inc.		849		31,532
MGIC Investment Corporation (a)		16,981		178,980
Nationstar Mortgage Holdings, Inc. (a)		4,899		78,923
Northfield Bancorp, Inc.		2,278		41,870
Ocwen Financial Corporation (a)		13,761		31,513
PennyMac Financial Services, Inc. - Class A (a)		4,273		70,504
Provident Financial Services, Inc.		2,686		69,003
Southern Missouri Bancorp, Inc.		982		32,701

51

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Financials - 17.5% (Continued)
Thrifts & Mortgage Finance - 1.6% (Continued)
Territorial Bancorp, Inc.		1,017	$	31,476
				1,046,228
Health Care - 15.8%
Biotechnology - 4.9%
Akebia Therapeutics, Inc. (a)		18,050		237,899
AMAG Pharmaceuticals, Inc. (a)		10,400		253,760
Arena Pharmaceuticals, Inc. (a)		54,985		73,680
Athersys, Inc. (a)		48,392		71,620
Audentes Therapeutics, Inc. (a)		4,995		74,425
Axovant Sciences Ltd. (a)		2,259		54,758
BioSpecifics Technologies Corporation (a)		1,321		74,940
Biostage, Inc. (a)		1		1
BioTime, Inc. (a)		7,036		23,922
Conatus Pharmaceuticals, Inc. (a)		17,797		148,783
Concert Pharmaceuticals, Inc. (a)		4,531		71,907
Corvus Pharmaceuticals, Inc. (a)		7,350		72,986
Curis, Inc. (a)		13,232		32,021
Cytokinetics, Inc. (a)		15,252		250,133
CytomX Therapeutics, Inc. (a)		4,958		77,890
Emergent BioSolutions, Inc. (a)		5,879		175,841
Fate Therapeutics, Inc. (a)		15,287		70,167
FibroGen, Inc. (a)		9,293		260,204
Genomic Health, Inc. (a)		5,562		182,767
Idera Pharmaceuticals, Inc. (a)		20,912		49,143
Ignyta, Inc. (a)		8,419		74,508
Kindred Biosciences, Inc. (a)		10,206		70,932
Momenta Pharmaceuticals, Inc. (a)		17,571		252,144
Proteostasis Therapeutics, Inc. (a)		654		3,953
Recro Pharma, Inc. (a)		2,744		21,897
REGENXBIO, Inc. (a)		3,462		72,356
Rigel Pharmaceuticals, Inc. (a)		24,735		73,958
SciClone Pharmaceuticals, Inc. (a)		13,209		127,467
Syndax Pharmaceuticals, Inc. (a)		6,756		64,114
Vanda Pharmaceuticals, Inc. (a)		11,496		175,314
Versartis, Inc. (a)		2,819		51,870
				3,245,360
Health Care Equipment & Supplies - 3.4%
Atrion Corporation		143		73,945
AxoGen, Inc. (a)		2,308		28,158
CONMED Corporation		1,558		76,591
CryoLife, Inc. (a)		4,591		83,327
Cutera, Inc. (a)		4,331		84,671
Exactech, Inc. (a)		8,062		239,038
Haemonetics Corporation (a)		4,647		194,616
Halyard Health, Inc. (a)		6,520		257,540
ICU Medical, Inc. (a)		1,224		188,251
Insulet Corporation (a)		1,672		72,582
Integer Holdings Corporation (a)		3,999		146,963
Lantheus Holdings, Inc. (a)		7,304		94,952
LeMaitre Vascular, Inc.		4,498		133,816
Masimo Corporation (a)		37		3,801

52

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Health Care - 15.8% (Continued)
Health Care Equipment & Supplies - 3.4% (Continued)
Merit Medical Systems, Inc. (a)		8,335	$	280,890
Oxford Immunotec Global plc (a)		5,524		85,014
Quidel Corporation (a)		3,236		78,214
ViewRay, Inc. (a)		11,871		81,910
Wright Medical Group N.V. (a)		1,509		45,859
ZELTIQ Aesthetics, Inc. (a)		998		56,367
				2,306,505
Health Care Providers & Services - 3.1%
Addus HomeCare Corporation (a)		1,450		49,228
AMN Healthcare Services, Inc. (a)		1,851		75,613
BioTelemetry, Inc. (a)		5,409		177,956
Community Health Systems, Inc. (a)		8,186		70,481
CorVel Corporation (a)		4,407		196,112
HealthEquity, Inc. (a)		1,891		86,078
HMS Holdings Corporation (a)		4,187		85,708
LifePoint Health, Inc. (a)		1,140		70,851
Magellan Health, Inc. (a)		3,546		243,965
National HealthCare Corporation		3,227		240,153
Owens & Minor, Inc.		277		9,598
Providence Service Corporation (The) (a)		5,616		247,104
Quorum Health Corporation (a)		7,611		32,499
RadNet, Inc. (a)		11,758		71,136
Select Medical Holdings Corporation (a)		18,985		261,044
Surgery Partners, Inc. (a)		4,042		69,522
Veracyte, Inc. (a)		6,867		58,164
				2,045,212
Health Care Technology - 0.8%
Allscripts Healthcare Solutions, Inc. (a)		6,341		75,902
Cotiviti Holdings, Inc. (a)		4,409		184,252
HealthStream, Inc. (a)		2,840		78,924
Quality Systems, Inc. (a)		11,836		168,781
				507,859
Life Sciences Tools & Services - 1.0%
Albany Molecular Research, Inc. (a)		4,934		78,993
Enzo Biochem, Inc. (a)		8,102		71,298
INC Research Holdings, Inc. - Class A (a)		1,540		69,300
Medpace Holdings, Inc. (a)		2,330		73,884
PAREXEL International Corporation (a)		3,135		200,107
PRA Health Sciences, Inc. (a)		3,033		193,991
				687,573
Pharmaceuticals - 2.6%
Amphastar Pharmaceuticals, Inc. (a)		7,673		115,862
ANI Pharmaceuticals, Inc. (a)		1,386		75,010
Assembly Biosciences, Inc. (a)		1,890		44,661
Catalent, Inc. (a)		6,710		196,469
Depomed, Inc. (a)		4,464		53,523
Dermira, Inc. (a)		2,162		73,638
Heska Corporation (a)		2,676		289,677
Horizon Pharma plc (a)		17,202		264,567
Innoviva, Inc. (a)		5,356		63,121
Intersect ENT, Inc. (a)		4,053		77,007

53

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Health Care - 15.8% (Continued)
Pharmaceuticals - 2.6% (Continued)
Phibro Animal Health Corporation - Class A		11,627	$	345,903
Prestige Brands Holdings, Inc. (a)		2,705		155,294
				1,754,732
Industrials - 13.6%
Aerospace & Defense - 1.6%
AdvanSix, Inc. (a)		3,486		95,028
Aerojet Rocketdyne Holdings, Inc. (a)		8,275		185,443
Curtiss-Wright Corporation		2,087		195,051
Engility Holdings, Inc. (a)		2,525		71,584
LMI Aerospace, Inc. (a)		5,110		70,876
Moog, Inc. - Class A (a)		2,826		194,005
Teledyne Technologies, Inc. (a)		1,475		198,874
Vectrus, Inc. (a)		2,903		73,852
				1,084,713
Air Freight & Logistics - 0.4%
Atlas Air Worldwide Holdings, Inc. (a)		1,300		75,400
Park-Ohio Holdings Corporation		3,936		154,882
Radiant Logistics, Inc. (a)		11,763		70,578
				300,860
Airlines - 0.3%
Hawaiian Holdings, Inc. (a)		3,380		183,534
Building Products - 0.5%
Builders FirstSource, Inc. (a)		8,146		130,418
Ply Gem Holdings, Inc. (a)		8,672		166,936
TopBuild Corporation (a)		1,448		74,123
				371,477
Commercial Services & Supplies - 2.1%
Brink's Company (The)		315		19,341
Casella Waste Systems, Inc. - Class A (a)		8,285		124,689
Essendant, Inc.		8,094		135,170
Heritage-Crystal Clean, Inc. (a)		183		2,754
InnerWorkings, Inc. (a)		15,883		168,201
Interface, Inc.		4,029		80,177
Kimball International, Inc. - Class B		4,060		72,146
LSC Communications, Inc.		5,496		142,181
McGrath RentCorp		2,069		72,022
MSA Safety, Inc.		2,448		190,577
Pitney Bowes, Inc.		5,630		74,823
Steelcase, Inc. - Class A		11,053		188,454
TRC Companies, Inc. (a)		4,065		71,137
West Corporation		2,855		76,200
				1,417,872
Construction & Engineering - 0.7%
Argan, Inc.		1,282		85,702
EMCOR Group, Inc.		226		14,857
Granite Construction, Inc.		2,659		140,156
Great Lakes Dredge & Dock Corporation (a)		5,499		25,020
HC2 Holdings, Inc. (a)		30,050		175,492
MYR Group, Inc. (a)		143		6,043
				447,270

54

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Electrical Equipment - 1.2%
Atkore International Group, Inc. (a)		2,989	$	78,491
Belden, Inc.		2,768		192,930
EnerSys		2,365		196,555
General Cable Corporation		10,340		186,120
Powell Industries, Inc.		4,106		141,616
				795,712
Machinery - 3.1%
Alamo Group, Inc.		927		73,289
Astec Industries, Inc.		5,141		325,682
Briggs & Stratton Corporation		3,492		87,265
Commercial Vehicle Group, Inc. (a)		8,650		76,898
Eastern Company (The)		2,111		58,369
EnPro Industries, Inc.		2,657		187,717
Global Brass & Copper Holdings, Inc.		4,988		177,822
Graham Corporation		1,481		32,686
Harsco Corporation (a)		18,022		235,187
Kadant, Inc.		1,253		77,874
Lydall, Inc. (a)		1,398		73,255
Miller Industries, Inc.		7,089		180,061
Mueller Industries, Inc.		1,024		32,809
Mueller Water Products, Inc. - Series A		21,262		239,198
SPX Corporation (a)		5,935		142,796
TriMas Corporation (a)		3,212		73,715
				2,074,623
Marine - 0.3%
Costamare, Inc.		10,844		73,088
Matson, Inc.		671		21,271
Safe Bulkers, Inc. (a)		38,115		81,185
				175,544
Professional Services - 1.9%
Acacia Research Corporation (a)		208		1,134
Barrett Business Services, Inc.		1,243		71,671
CBIZ, Inc. (a)		3,813		60,055
CRA International, Inc.		2,766		104,942
Heidrick & Struggles International, Inc.		4,421		95,052
ICF International, Inc. (a)		1,605		70,861
Kforce, Inc.		3,429		77,838
Korn/Ferry International		5,803		188,017
Resources Connection, Inc.		4,046		56,239
RPX Corporation (a)		12,403		159,255
TriNet Group, Inc. (a)		2,713		79,762
TrueBlue, Inc. (a)		6,934		189,645
VSE Corporation		1,660		70,799
WageWorks, Inc. (a)		800		59,040
				1,284,310
Road & Rail - 0.4%
Avis Budget Group, Inc. (a)		167		5,094
Covenant Transportation Group, Inc. - Class A (a)		1,766		33,077
Marten Transport Ltd.		3,224		79,955
YRC Worldwide, Inc. (a)		15,288		162,970
				281,096

55

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Industrials - 13.6% (Continued)
Trading Companies & Distributors - 1.1%
Huttig Building Products, Inc. (a)		8,768	$	77,159
Neff Corporation - Class A (a)		7,852		138,195
Rush Enterprises, Inc. - Class A (a)		60		2,265
Triton International Ltd.		2,784		85,218
Univar, Inc. (a)		6,347		189,458
Veritiv Corporation (a)		4,469		230,824
				723,119
Information Technology - 14.3%
Communications Equipment - 1.0%
ADTRAN, Inc.		8,331		166,620
Black Box Corporation		7,326		72,527
Calix, Inc. (a)		26,621		178,361
Comtech Telecommunications Corporation		5,485		76,845
Digi International, Inc. (a)		7,429		92,120
Extreme Networks, Inc. (a)		9,611		75,110
				661,583
Electronic Equipment, Instruments & Components - 2.1%
Anixter International, Inc. (a)		3,225		262,999
Benchmark Electronics, Inc. (a)		2,347		74,400
CTS Corporation		2,087		46,123
Daktronics, Inc.		2,378		22,496
Insight Enterprises, Inc. (a)		8,087		340,463
Iteris, Inc. (a)		3,911		20,689
KEMET Corporation (a)		2,925		32,789
Kimball Electronics, Inc. (a)		4,291		74,020
Mercury Systems, Inc. (a)		2,004		74,909
MOCON, Inc.		2,380		71,043
Novanta, Inc. (a)		3,363		94,332
PC Connection, Inc.		2,048		58,859
Rogers Corporation (a)		632		65,058
Tech Data Corporation (a)		2,035		194,648
				1,432,828
Internet Software & Services - 2.3%
Alarm.com Holdings, Inc. (a)		2,228		72,655
Autobytel, Inc. (a)		9,010		118,121
Bankrate, Inc. (a)		16,664		176,638
Bazaarvoice, Inc. (a)		5,295		24,886
ChannelAdvisor Corporation (a)		6,037		71,237
DHI Group, Inc. (a)		19,760		76,076
Envestnet, Inc. (a)		7,731		269,039
Five9, Inc. (a)		4,035		73,618
GTT Communications, Inc. (a)		5,921		162,827
Limelight Networks, Inc. (a)		20,957		65,805
NIC, Inc.		5,296		113,070
Quotient Technology, Inc. (a)		1,326		14,453
Rocket Fuel, Inc. (a)		9,269		46,577
Stamps.com, Inc. (a)		65		6,900
Web.com Group, Inc. (a)		3,286		63,420
XO Group, Inc. (a)		4,343		76,220
Yelp, Inc. (a)		2,095		74,184
				1,505,726

56

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Information Technology - 14.3% (Continued)
IT Services - 2.0%
Acxiom Corporation (a)		6,684	$	193,168
Black Knight Financial Services, Inc. - Class A (a)		107		4,430
CACI International, Inc. - Class A (a)		24		2,832
Convergys Corporation		7,956		179,090
EPAM Systems, Inc. (a)		2,333		179,641
Everi Holdings, Inc. (a)		37,116		235,687
EVERTEC, Inc.		4,433		70,263
Hackett Group, Inc. (The)		1,517		30,082
ManTech International Corporation - Class A		3,056		108,488
MoneyGram International, Inc. (a)		4,014		71,489
NeuStar, Inc. - Class A (a)		2,187		72,608
Perficient, Inc. (a)		9,382		163,434
				1,311,212
Semiconductors & Semiconductor Equipment - 3.1%
Advanced Micro Devices, Inc. (a)		2,176		28,941
Alpha & Omega Semiconductor Ltd. (a)		7,956		131,672
Amkor Technology, Inc. (a)		1,164		13,712
AXT, Inc. (a)		25,114		169,519
Brooks Automation, Inc.		4,388		110,841
Cirrus Logic, Inc. (a)		3,007		193,500
Diodes, Inc. (a)		10,568		247,185
DSP Group, Inc. (a)		7,679		95,604
Exar Corporation (a)		4,343		56,502
IXYS Corporation		18,154		253,248
Lattice Semiconductor Corporation (a)		9,092		62,371
Microsemi Corporation (a)		2,321		108,948
NeoPhotonics Corporation (a)		28,852		223,892
NVE Corporation		875		71,234
Rudolph Technologies, Inc. (a)		3,006		73,647
Semtech Corporation (a)		3,257		111,227
Ultratech, Inc. (a)		2,374		72,454
Xcerra Corporation (a)		7,290		71,442
				2,095,939
Software - 3.7%
American Software, Inc. - Class A		11,084		121,591
Barracuda Networks, Inc. (a)		3,641		74,022
CommerceHub, Inc. - Series C (a)		4,582		72,945
CommVault Systems, Inc. (a)		3,841		193,778
Ellie Mae, Inc. (a)		1,662		169,125
EnerNOC, Inc. (a)		4,736		26,758
ePlus, Inc. (a)		1,306		93,052
Fair Isaac Corporation		273		36,986
Guidance Software, Inc. (a)		1,140		6,897
Jive Software, Inc. (a)		53,371		269,524
MobileIron, Inc. (a)		28,947		131,709
Progress Software Corporation		8,666		257,554
QAD, Inc. - Class A		2,392		72,238
Rapid7, Inc. (a)		3,433		58,189
Rosetta Stone, Inc. (a)		14,795		166,444
SecureWorks Corporation - Class A (a)		7,881		68,171
Synchronoss Technologies, Inc. (a)		2,539		40,624

57

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Information Technology - 14.3% (Continued)
Software - 3.7% (Continued)
Take-Two Interactive Software, Inc. (a)		3,135	$	197,035
Telenav, Inc. (a)		8,200		71,340
Upland Software, Inc. (a)		5,304		105,497
Verint Systems, Inc. (a)		4,580		179,994
Zendesk, Inc. (a)		2,572		73,945
				2,487,418
Technology Hardware, Storage & Peripherals - 0.1%
Intevac, Inc. (a)		6,000		76,500
Materials - 4.4%
Chemicals - 2.3%
A. Schulman, Inc.		5,579		176,576
Core Molding Technologies, Inc. (a)		835		16,516
GCP Applied Technologies, Inc. (a)		5,827		191,708
Hawkins, Inc.		1,084		55,393
Innophos Holdings, Inc.		6,529		313,000
KMG Chemicals, Inc.		2,900		152,395
Koppers Holdings, Inc. (a)		1,726		73,269
Landec Corporation (a)		6,499		89,361
Minerals Technologies, Inc.		929		73,112
Olin Corporation		5,525		177,518
Stepan Company		2,842		241,002
				1,559,850
Construction Materials - 0.3%
Summit Materials, Inc. - Class A (a)		7,842		201,226
Containers & Packaging - 0.1%
Greif, Inc.		1,078		72,603
Metals & Mining - 1.1%
Coeur Mining, Inc. (a)		8,523		77,218
Ferroglobe plc		18,172		175,360
Haynes International, Inc.		2,542		107,501
Hecla Mining Company		13,056		71,155
Materion Corporation		6,597		251,016
Worthington Industries, Inc.		1,488		64,728
				746,978
Paper & Forest Products - 0.6%
Boise Cascade Company (a)		2,807		85,614
Clearwater Paper Corporation (a)		1,152		55,987
Deltic Timber Corporation		209		16,170
Domtar Corporation		1,798		71,291
P.H. Glatfelter Company		3,198		68,789
Schweitzer-Mauduit International, Inc.		1,637		70,473
				368,324
Real Estate - 7.9%
Equity Real Estate Investment Trusts (REITs) - 7.9%
CBL & Associates Properties, Inc.		44,587		412,430
Cedar Realty Trust, Inc.		32,236		173,430
Colony Starwood Homes		3,286		113,597
Farmland Partners, Inc.		31,207		340,156

58

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Real Estate - 7.9% (Continued)
Equity Real Estate Investment Trusts (REITs) - 7.9% (Continued)
Getty Realty Corporation		4,551	$	116,505
Hudson Pacific Properties, Inc.		11,838		406,754
Independence Realty Trust, Inc.		46,572		428,462
InfraREIT, Inc.		26,062		497,784
Kite Realty Group Trust		20,249		412,270
Mack-Cali Realty Corporation		14,974		405,047
Monogram Residential Trust, Inc.		41,284		420,271
Parkway, Inc.		19,742		397,801
Sabra Health Care REIT, Inc.		179		4,867
Silver Bay Realty Trust Corporation		19,062		408,499
TIER REIT, Inc.		23,220		401,938
Washington Prime Group, Inc.		39,311		345,937
				5,285,748
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.3%
General Communication, Inc. - Class A (a)		883		33,060
Hawaiian Telcom Holdco, Inc. (a)		4,847		123,356
Lumos Networks Corporation (a)		3,978		71,246
				227,662
Utilities - 2.0%
Electric Utilities - 1.0%
ALLETE, Inc.		2,795		195,399
NRG Yield, Inc. - Class A		10,286		178,359
Portland General Electric Company		2,044		92,675
Unitil Corporation		3,638		176,188
				642,621
Gas Utilities - 0.3%
Southwest Gas Holdings, Inc.		2,325		194,742
Independent Power and Renewable Electricity Producers - 0.5%
Atlantic Power Corporation (a)		28,455		71,137
Ormat Technologies, Inc.		3,127		184,681
TerraForm Global, Inc. - Class A (a)		15,092		71,687
				327,505
Water Utilities - 0.2%
Artesian Resources Corporation - Class A		1,863		71,558
SJW Group		1,519		74,188
				145,746
Total Common Stocks (Cost $61,749,870)			$	65,230,072
RIGHTS - 0.1%	Shares		Value
Tobira Therapeutics, Inc. (Cost $28,353)		2,038	$	31,894

59

TFS SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 0.0% (b)	Par Value		Value
Mueller Industries, Inc., 6.00%, due 03/01/2027 (Cost $23,038)	$	24,000	$	24,000
Total Investments at Value - 97.5% (Cost $61,801,261)			$	65,285,966
Other Assets in Excess of Liabilities - 2.5%				1,669,998
Net Assets - 100.0%			$	66,955,964

^(a) Non-income producing security.

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

See accompanying notes to financial statements.

60

TFS HEDGED FUTURES FUND

SCHEDULE OF INVESTMENTS

April 30, 2017 (Unaudited)

U.S. TREASURY OBLIGATIONS - 15.9%	Par Value		Value
U.S. Treasury Bills (a)
0.790%, due 08/24/2017	$	445,000	$	443,868
0.840%, due 09/07/2017		578,000		576,227
0.870%, due 09/21/2017		578,000		575,997
0.905%, due 10/05/2017		445,000		443,229
Total U.S. Treasury Obligations (Cost $2,039,222)			$	2,039,321

MONEY MARKET FUNDS - 44.5%	Shares		Value
Federated U.S. Treasury Cash Reserve Fund - Institutional Shares, 0.539% (b)		132,566	$	132,566
Fidelity Institutional Money Market Government Portfolio - Class I, 0.609% (b)		2,218,062		2,218,062
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Shares, 0.639% (b)		1,065,687		1,065,687
PIMCO Government Money Market Fund, 0.67% (b)		132,579		132,579
Premier U.S. Government Money Portfolio, 0.639% (b)		1,065,726		1,065,726
Vanguard Federal Money Market Fund, 0.66% (b)		1,065,752		1,065,752
Total Money Market Funds (Cost $5,680,372)			$	5,680,372
Total Investments at Value - 60.4% (Cost $7,719,594)			$	7,719,693
Other Assets in Excess of Liabilities - 39.6% (c)				5,056,080
Net Assets - 100.0%			$	12,775,773

^(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, 2017.

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

See accompanying notes to financial statements.

61

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS

April 30, 2017 (Unaudited)

FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Cocoa Future	07/14/2017		10	$	184,100	$	(15,094	)
Copper Future	07/27/2017		3		195,600		2,814
Cotton No.2 Future	07/07/2017		2		78,870		1,151
Ethanol Future	06/05/2017		8		362,384		(8,995	)
Feeder Cattle Future	05/25/2017		1		74,775		5,283
Frozen Concentrate Orange Juice Future	07/11/2017		22		522,555		14,325
Hard Red Winter Wheat Future	07/14/2017		3		65,588		188
Live Cattle Future	06/30/2017		13		644,930		67,284
Oats Future	07/14/2017		46		524,400		19,254
Palladium Future	06/28/2017		4		330,460		20,280
Platinum Future	07/27/2017		3		142,275		(1,007	)
Red Spring Wheat Future	07/14/2017		40		1,109,500		7,658
Sugar No. 11 Future	06/30/2017		4		72,262		(1,743	)
Total Commodity Futures					4,307,699		111,398
Total Futures Contracts				$	4,307,699	$	111,398

See accompanying notes to financial statements.

62

TFS HEDGED FUTURES FUND

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT

April 30, 2017 (Unaudited)

FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Coffee Future	07/19/2017		6	$	300,150	$	3,255
Corn Future	07/14/2017		25		458,125		2,218
Crude Oil Future	05/22/2017		4		196,560		12,335
Lean Hogs Future	06/14/2017		15		444,000		(8,755	)
Lumber Future	07/14/2017		8		339,768		11,064
Natural Gas Future	05/26/2017		14		458,080		(1,023	)
Rough Rice Future	07/14/2017		22		414,480		20,096
Wheat Future	07/14/2017		74		1,599,325		(340	)
Total Commodity Futures					4,210,488		38,850
Total Futures Contracts Sold Short				$	4,210,488	$	38,850

See accompanying notes to financial statements.

63

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 99.906 CERT 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	July 3, 2017
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	July 3, 2017
By (Signature and Title)*		/s/ Jennifer L. Leamer
		Jennifer L. Leamer, Treasurer and Principal Financial Officer
Date	July 3, 2017

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