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

OMB APPROVAL

OMB Number: 3235-0570

Expires:  January 31, 2014

Estimated average burden hours per response: 20.6

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)

1800 Bayberry Court, Suite 103              Richmond, Virginia	23226
Address of principal executive offices)	(Zip code)

Wade R. Bridge, Esq.

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

(Name and address of agent for service)

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

Date of fiscal year end:         October 31, 2012                    

Date of reporting period:       April 30, 2012                         

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

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

Item 1. Reports to Stockholders.

 

TFS Market Neutral Fund

TFS Small Cap Fund

TFS Hedged Futures Fund

  each a series of the

TFS Capital Investment Trust

SEMI-ANNUAL REPORT

April 30, 2012

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 22, 2012

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX), the TFS Small Cap Fund (ticker: TFSSX) and the TFS Hedged Futures Fund (ticker: TFSHX) for the period ended April 30, 2012. On behalf of the investment manager, TFS Capital LLC (“TFS Capital”), I’d like to thank you for your investment.

As you may have observed, this is the first report that includes the TFS Hedged Futures Fund which was launched at the end of 2011. The TFS Hedged Futures Fund invests both long and short in futures contracts. TFSHX intends to hold a diversified portfolio of contracts spanning across multiple sectors including commodities, currencies and financial indices. It is structured such that it is expected to have a low correlation to both the equity markets and many other managed-futures mutual funds. Please visit www.tfscapital.com for a prospectus.

TFS Market Neutral Fund (ticker: TFSMX)

	1-year return	3-year return	5-year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	-1.45%	7.69%	4.89%	8.11%
S&P 500 Index	4.76%	19.46%	1.01%	5.07%

Average annual total returns for periods ended April 30, 2012

TFSMX did not perform favorably over the trailing 12-month period, generating a negative return and negative “alpha” over the period (i.e., the return that cannot be explained by a fund’s market exposure). As mentioned in the prior Annual Report, most of the alpha was lost during only a few months in the 3rd quarter of 2011. The Adviser believes that this recent period of poor performance may have been influenced by the credit crisis during this period resulting from the turmoil in Europe and debate among U.S. policy makers. This activity likely caused the market volatility and an increase in correlation among individual small-cap stocks that spiked during this time. It is believed that these conditions may have limited the opportunity to add value through stock selection.

Many of the trends that may have been adverse to performance have reversed in the months following the recent turmoil. Similarly, TFSMX has more consistently generated alpha since the beginning of the fourth quarter of 2011.

TFSMX’s performance over longer-term periods compares favorably to the overall U.S. equity market as measured by the S&P 500 Index. From inception through April 30, 2012, TFSMX generated an 8.11% average annual return and had an annualized standard deviation of 8.48%, whereas the S&P 500 Index generated a 5.07% average annual return and had an annualized standard deviation of 22.38%. Therefore, during this time period, TFSMX produced an average annual return that was 3.05 percentage points above that of the S&P 500 Index while subjecting investors to only 36.2% of the volatility. Based on its trailing 5-year return through April 30, 2012, TFSMX was ranked #1 among 35 funds in the Lipper “Equity Market Neutral” category.1

The broad U.S. equity market experienced a gain during the trailing 12-month period of 4.76%, but this had little impact on TFSMX given its ongoing hedge and corresponding low “beta” (i.e., market exposure) during the period. Similar to prior periods, TFSMX’s returns were largely driven by security selection by the portfolio management team. In making these selections, the

1

portfolio management team continued to follow TFS Capital’s proprietary models. These models are designed to predict the future performance of individual securities relative to the overall U.S. equity market.

The strategies used in managing TFSMX have resulted in its returns having a low historical 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. It is notable that TFSMX saw a substantial rise in correlation to the equity indices, especially during the second half of 2011. Although this trend has improved, many of the recent correlation figures remain well above the historical averages.

Index	Correlation Since Inception
S&P 500 Index	0.61
Russell 2000® Index	0.59
MSCI EAFE Index	0.51
Barclays U.S. Aggregate Bond Index	-0.16
Dow Jones REIT ETF Index	0.38
Dow Jones Commodity Futures	0.45

As mentioned in our Annual Report letter, the TFS Market Neutral Fund is currently operating under a new policy for accepting additional investments (the “Subscription Policy”). Given the limited capacity of its investment strategies, the TFS Market Neutral Fund filed a prospectus supplement dated May 17, 2011 that describes a new Subscription Policy. The intent of the new Subscription Policy is to manage the growth of TFSMX. TFS Capital believes that this action will assist the portfolio management team in maintaining a high standard of performance.

TFS Small Cap Fund (ticker: TFSSX)

	1-year return	3-year return	5-year return	Since Inception (3/7/2006)
TFS Small Cap Fund	-4.61%	24.69%	6.86%	8.96%
Russell 2000® Index	-4.25%	20.34%	1.45%	3.44%

Average annual total returns for periods ended April 30, 2012

During the trailing 12-month period, TFSSX underperformed its benchmark, the Russell 2000® Index. TFSSX’s returns were heavily impacted by the movement of the U.S. “small-cap” equity sector as evidenced by the narrow difference between TFSSX and its benchmark return (i.e., -4.61% versus -4.25%). Given its long-only mandate, TFSSX will generally have a high correlation to U.S. small-cap equity market movements with most of the deviation attributable to TFS Capital’s equity selection. TFSSX is believed to have been adversely impacted from the same external market factors described above for TFSMX.

Over a longer-term period, TFSSX achieved its objective of outperforming the Russell 2000® Index. In fact, it now has over a 6-year track record and has achieved an average annual return since inception that is 5.52 percentage points higher than that of the Russell 2000® Index. Based on its trailing 5-year return through April 30, 2012, TFSSX was ranked #9 among 501 funds in the Lipper Small Cap Core category.2

2

TFS Hedged Futures Fund (ticker: TFSHX)

	Since Inception (12/29/2011)
TFS Hedged Futures Fund	6.40%
S&P Diversified Trends Index	-7.37%
S&P GSCI Index	5.19%

Cumulative return for the period ended April 30, 2012

From inception through April 30, 2012, TFSHX generated a positive return of 6.40%. This performance compares favorably to the S&P Diversified Trends Index, which is a commonly-used benchmark that is generally considered a proxy for managed-futures funds. It also compares favorably to a passively-managed long-only basket of commodities as measured by the S&P GSCI Index.

Similar to the TFS Market Neutral Fund, the TFS Hedged Futures Fund has a low correlation with many market indices. This lack of correlation suggests that the addition of the TFS Hedged Futures Fund may improve the risk-adusted performance of many investment portfolios. It is notable that the TFS Hedged Futures Fund has had a slightly negative correlation to the S&P Diversified Trends Index, which suggests that it may have a low correlation to other managed-futures funds – thereby proving to be a nice complement to other funds in investment portfolios. Similarly, the TFS Hedged Futures Fund’s low correlation to the TFS Market Neutral Fund suggests that these two investments may complement each other well in an investment portfolio seeking non-correlated return streams. For your reference, below are the TFS Hedged Futures Fund’s correlations to several other asset classes including the TFS Market Neutral Fund.

Index	Correlation Since Inception
TFS Market Neutral Fund	0.46
S&P Diversified Trends Indicator	-0.06
S&P 500 Index	0.36
Russell 2000® Index	0.44
S&P GSCI Index	0.18
Barclays U.S. Aggregate Bond Index	-0.21

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

Best regards,

Larry S. Eiben

Chief Operating Officer & Co-Portfolio Manager

TFS Capital LLC

3

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the mutual funds discussed in this report (the “Funds”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Funds charge a 2% redemption penalty on shares invested for less than 90 days. If shares are redeemed within the 90 day period, investment returns would be reduced from those shown above. Fee waivers and/or expense reimbursements by the Adviser have positively impacted the Funds’ performance. Without such waivers 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.

1	In the Lipper “Equity Market Neutral” category, TFSMX was ranked #1 out of 35 using its 5-year return and #8 out of 48 using its 3-year return. At 4/30/2012, Lipper did not make 1-year rankings available to the public.
2	In the Lipper, “Small Cap Core” category, TFSSX was ranked #9 out of 501 using its 5-year return and #38 out of 618 using its 3-year return. At 4/30/2012, Lipper did not make 1-year rankings available to the public.

Ranking information provided by Lipper for the periods ended April 30, 2012. TFSSX was assigned by Lipper to the Small-Cap Core category. TFSMX was assigned by Lipper to the Equity Market Neutral category. The Funds are ranked based on total return and are ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund rankings are calculated monthly by Lipper Analytical Services of New York. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

4

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

April 30, 2012 (Unaudited)

TFS Market Neutral Fund Common Stocks vs.

the Standard & Poor’s 500® Index Net Sector Exposure*

* The net percentages for the 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%. Please note that the Fund may hold securities other than common stocks.

Top 10 Long Common Stocks		Top 10 Short Common Stocks
Security Description	% of Net Assets	Security Description	% of Net Assets
Quest Software, Inc.	0.48%	Texas Capital Bancshares, Inc.	0.47%
Brocade Communications Systems, Inc.	0.47%	VirnetX Holding Corporation	0.41%
Transocean Ltd.	0.42%	OpenTable, Inc.	0.39%
SolarWinds, Inc.	0.41%	Hibbett Sports, Inc.	0.38%
E*TRADE Financial Corporation	0.39%	AsiaInfo-Linkage, Inc.	0.38%
Delphi Financial Group, Inc. - Class A	0.39%	ZAGG, Inc.	0.37%
Symetra Financial Corporation	0.37%	Overseas Shipholding Group, Inc.	0.35%
AOL, Inc.	0.34%	AK Steel Holding Corporation	0.35%
Heartland Express, Inc.	0.34%	Sears Holdings Corporation	0.34%
Prestige Brands Holdings, Inc.	0.34%	KB Home	0.34%

5

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

April 30, 2012 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Holdings
Security Description	% of Net Assets
Carpenter Technology Corporation	0.61%
MarketAxess Holdings, Inc.	0.60%
Delphi Financial Group, Inc. - Class A	0.60%
Zebra Technologies Corporation - Class A	0.59%
EchoStar Corporation - Class A	0.58%
DST Systems, Inc.	0.57%
Brocade Communications Systems, Inc.	0.56%
Movado Group, Inc.	0.55%
Unit Corporation	0.52%
LeapFrog Enterprises, Inc.	0.50%

6

TFS HEDGED FUTURES FUND

PORTFOLIO INFORMATION

April 30, 2012 (Unaudited)

Exposure by Type of Futures Contract

(Value as a % of Net Assets)

Net Exposure by Type of Futures Contract (Net as a % of Net Assets)
Net Commodity Futures Exposure	-0.1%
Net Currency Futures Exposure	0.0%
Net Financial Futures Exposure	-49.8%

7

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2012 (Unaudited)
COMMON STOCKS — 91.4%	Shares		Value
Consumer Discretionary — 12.0%
Auto Components — 1.3%
Other Auto Components (a)			$	22,827,803
Automobiles — 0.0% (b)
Other Automobiles (a)				334,477
Distributors — 0.0% (b)
Other Distributors (a)				237,354
Diversified Consumer Services — 0.9%
Service Corporation International (c)		339,850		3,935,463
Other Diversified Consumer Services (a)				11,322,575
				15,258,038
Hotels, Restaurants & Leisure — 2.8%
Other Hotels, Restaurants & Leisure (a)				47,604,332
Household Durables — 0.6%
Other Household Durables (a)				9,612,068
Internet & Catalog Retail — 0.3%
Other Internet & Catalog Retail (a)				5,787,059
Leisure Equipment & Products — 0.6%
Arctic Cat, Inc. (c) (d)		93,377		4,130,999
LeapFrog Enterprises, Inc. (c) (d)		469,762		4,387,577
Other Leisure Equipment & Products (a)				2,696,803
				11,215,379
Media — 1.6%
E.W. Scripps Company (The) - Class A (c) (d)		518,133		4,746,098
Other Media (a)				22,836,591
				27,582,689
Multiline Retail — 0.4%
Dillard's, Inc. (c)		73,471		4,743,287
Other Multiline Retail (a)				1,967,929
				6,711,216
Specialty Retail — 2.3%
Genesco, Inc. (c) (d)		50,379		3,778,425
Other Specialty Retail (a)				35,961,615
				39,740,040
Textiles, Apparel & Luxury Goods — 1.2%
Movado Group, Inc. (c)		186,874		5,297,878
Other Textiles, Apparel & Luxury Goods (a)				15,250,956
				20,548,834
Consumer Staples — 3.1%
Beverages — 0.2%
Other Beverages (a)				3,652,450

8

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Consumer Staples — 3.1% (Continued)
Food & Staples Retailing — 1.1%
PriceSmart, Inc.		50,992	$	4,208,880
Other Food & Staples Retailing (a)				15,284,810
				19,493,690
Food Products — 1.0%
Other Food Products (a)				16,206,745
Household Products — 0.2%
Other Household Products (a)				2,613,478
Personal Products — 0.6%
American Oriental Bioengineering, Inc. (d) (e)		8,101		6,197
Prestige Brands Holdings, Inc. (c) (d)		343,261		5,832,004
Other Personal Products (a)				4,802,746
				10,640,947
Tobacco — 0.0% (b)
Other Tobacco (a)				6,442
Energy — 7.7%
Energy Equipment & Services — 2.1%
Transocean Ltd. (c)		143,000		7,205,770
Other Energy Equipment & Services (a)				28,129,587
				35,335,357
Oil, Gas & Consumable Fuels — 5.6%
Energy XXI (Bermuda) Ltd. (c) (d)		130,220		4,906,690
Other Oil, Gas & Consumable Fuels (a)				92,359,488
				97,266,178
Financials — 14.1%
Capital Markets — 2.7%
Duff & Phelps Corporation (c)		251,171		3,993,619
E*TRADE Financial Corporation (c) (d)		632,050		6,718,691
Other Capital Markets (a)				35,974,028
				46,686,338
Commercial Banks — 3.5%
PrivateBancorp, Inc. (c)		264,829		4,165,760
Other Commercial Banks (a)				55,790,183
				59,955,943
Consumer Finance — 0.2%
Other Consumer Finance (a)				3,627,590
Diversified Financial Services — 0.3%
Other Diversified Financial Services (a)				5,896,608
Insurance — 2.9%
Delphi Financial Group, Inc. - Class A (c)		147,741		6,710,396
Symetra Financial Corporation (c)		530,127		6,446,344
Other Insurance (a)				36,321,678
				49,478,418

9

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Financials — 14.1% (Continued)
Real Estate Investment Trusts (REIT) — 3.6%
ARMOUR Residential REIT, Inc. (c)		814,455	$	5,684,896
Education Realty Trust, Inc. (c)		424,453		4,783,585
Other Real Estate Investment Trusts (REIT) (a)				52,653,735
				63,122,216
Real Estate Management & Development — 0.3%
Other Real Estate Management & Development (a)				4,756,640
Thrifts & Mortgage Finance — 0.6%
Other Thrifts & Mortgage Finance (a)				10,194,650
Health Care — 13.4%
Biotechnology — 3.5%
Array BioPharma, Inc. (c) (d)		1,128,601		3,938,818
Dendreon Corporation (c) (d)		425,051		4,951,844
Other Biotechnology (a)				51,966,355
				60,857,017
Health Care Equipment & Supplies — 3.1%
ArthroCare Corporation (c) (d)		197,980		4,941,581
Hill-Rom Holdings, Inc. (c)		115,973		3,763,324
Spectranetics Corporation (The) (c) (d)		378,753		3,973,119
Other Health Care Equipment & Supplies (a)				39,787,901
				52,465,925
Health Care Providers & Services — 3.5%
Community Health Systems, Inc. (c) (d)		181,456		4,416,639
Owens & Minor, Inc.		151,685		4,435,269
Tenet Healthcare Corporation (c) (d)		819,707		4,254,279
Other Health Care Providers & Services (a)				47,667,068
				60,773,255
Health Care Technology — 0.6%
Other Health Care Technology (a)				9,991,539
Life Sciences Tools & Services — 1.2%
Charles River Laboratories International, Inc. (c) (d)		126,203		4,483,993
PerkinElmer, Inc. (c)		162,245		4,477,962
Other Life Sciences Tools & Services (a)				12,209,581
				21,171,536
Pharmaceuticals — 1.5%
ISTA Pharmaceuticals, Inc. (c) (d)		416,497		3,769,298
Other Pharmaceuticals (a)				21,130,881
				24,900,179
Industrials — 14.5%
Aerospace & Defense — 1.0%
Other Aerospace & Defense (a)				16,591,422
Air Freight & Logistics — 0.6%
Other Air Freight & Logistics (a)				9,896,280

10

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Industrials — 14.5% (Continued)
Airlines — 0.7%
Copa Holdings, S.A. - Class A (c)		45,726	$	3,717,981
US Airways Group, Inc. (d)		531,071		5,448,788
Other Airlines (a)				2,765,508
				11,932,277
Building Products — 0.3%
Other Building Products (a)				5,426,914
Commercial Services & Supplies — 2.2%
Waste Connections, Inc. (c)		136,487		4,398,976
Other Commercial Services & Supplies (a)				33,159,138
				37,558,114
Construction & Engineering — 0.8%
Other Construction & Engineering (a)				14,019,164
Electrical Equipment — 0.7%
Other Electrical Equipment (a)				12,746,195
Industrial Conglomerates — 0.3%
Other Industrial Conglomerates (a)				5,350,560
Machinery — 3.0%
Manitowoc Company, Inc. (The) (c)		326,883		4,527,330
Other Machinery (a)				46,599,021
				51,126,351
Marine — 0.3%
Other Marine (a)				5,925,418
Professional Services — 1.3%
Other Professional Services (a)				23,050,559
Road & Rail — 1.7%
Heartland Express, Inc. (c)		423,546		5,857,641
Other Road & Rail (a)				23,766,970
				29,624,611
Trading Companies & Distributors — 1.5%
United Rentals, Inc. (d)		91,867		4,288,351
Other Trading Companies & Distributors (a)				21,881,167
				26,169,518
Transportation Infrastructure — 0.1%
Other Transportation Infrastructure (a)				815,150
Information Technology — 16.2%
Communications Equipment — 2.0%
Brocade Communications Systems, Inc. (c) (d)		1,474,208		8,167,112
EchoStar Corporation - Class A (c) (d)		146,177		4,246,442
Other Communications Equipment (a)				22,696,379
				35,109,933

11

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Information Technology — 16.2% (Continued)
Computers & Peripherals — 0.8%
Other Computers & Peripherals (a)			$	14,525,788
Electronic Equipment, Instruments & Components — 2.3%
Other Electronic Equipment, Instruments & Components (a)				39,269,332
Internet Software & Services — 1.7%
AOL, Inc. (c) (d)		236,599		5,924,439
Other Internet Software & Services (a)				22,731,196
				28,655,635
IT Services — 2.8%
Acxiom Corporation (c) (d)		268,735		3,689,732
DST Systems, Inc. (c)		66,443		3,719,479
ExlService Holdings, Inc. (c) (d)		145,984		4,040,837
Lender Processing Services, Inc. (c)		183,116		4,861,730
Other IT Services (a)				32,112,635
				48,424,413
Office Electronics — 0.2%
Other Office Electronics (a)				2,606,649
Semiconductors & Semiconductor Equipment — 3.2%
Kulicke & Soffa Industries, Inc. (c) (d)		364,756		4,778,304
Other Semiconductors & Semiconductor Equipment (a)				51,057,468
				55,835,772
Software — 3.2%
Ariba, Inc. (c) (d)		128,576		4,911,603
Quest Software, Inc. (c) (d)		352,887		8,211,681
SolarWinds, Inc. (c) (d)		151,554		7,109,398
Other Software (a)				34,597,036
				54,829,718
Materials — 6.5%
Chemicals — 2.2%
Flotek Industries, Inc. (c) (d)		275,585		3,758,979
Huntsman Corporation (c)		274,180		3,882,389
Other Chemicals (a)				29,647,851
				37,289,219
Construction Materials — 0.1%
Other Construction Materials (a)				1,435,604
Containers & Packaging — 1.0%
Bemis Company, Inc. (c)		145,626		4,716,826
Other Containers & Packaging (a)				12,714,984
				17,431,810
Metals & Mining — 2.9%
Qiao Xing Universal Resources, Inc. (d) (e)		3,200		1,016
Schnitzer Steel Industries, Inc. - Class A		109,422		4,362,655
Other Metals & Mining (a)				46,614,603
				50,978,274

12

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares	Value
Materials — 6.5% (Continued)
Paper & Forest Products — 0.3%
Other Paper & Forest Products (a)		$	5,671,526
Telecommunication Services — 1.5%
Diversified Telecommunication Services — 0.7%
Other Diversified Telecommunication Services (a)			12,004,351
Wireless Telecommunication Services — 0.8%
Other Wireless Telecommunication Services (a)			13,009,014
Utilities — 2.4%
Electric Utilities — 0.9%
Other Electric Utilities (a)			15,220,862
Gas Utilities — 0.6%
Other Gas Utilities (a)			9,665,064
Independent Power Producers & Energy Traders — 0.2%
Other Independent Power Producers & Energy Traders (a)			4,068,100
Multi-Utilities — 0.5%
Other Multi-Utilities (a)			8,223,507
Water Utilities — 0.2%
Other Water Utilities (a)			4,281,536
Total Common Stocks (Cost $1,464,243,922)		$	1,575,321,070

OTHER INVESTMENTS — 5.4%	Shares	Value
Other Investments (Cost $90,935,077) (a)		$	92,326,039

CORPORATE BONDS — 0.0% (b)	Par Value	Value
Financials — 0.0%(b)
Other Financials (Cost $0) (a)		$	2,237

13

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
MONEY MARKET FUNDS — 1.6%	Shares		Value
UMB Money Market Fiduciary, 0.01% (f) (Cost $27,918,718)		27,918,718	$	27,918,718
Total Investments at Value — 98.4% (Cost $1,583,097,717)			$	1,695,568,064
Other Assets in Excess of Liabilities — 1.6%				27,866,971
Net Assets — 100.0%			$	1,723,435,035

*	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)	Represents issuers not identified as either 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, or not a fair-valued security as of April 30, 2012.
(b)	Percentage rounds to less than 0.1%.
(c)	All or a portion of the shares have been committed as collateral for open short positions.
(d)	Non-income producing security.
(e)	Securities fair valued under supervision of the Board of Trustees totaled $7,213 at April 30, 2012, representing 0.0%(b) of net assets (Note 2).
(f)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2012.
See accompanying notes to financial statements.

14

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT April 30, 2012 (Unaudited)
COMMON STOCKS — 66.4%	Shares		Value
Consumer Discretionary — 11.9%
Auto Components — 0.3%
China Automotive Systems, Inc.		138,527	$	741,119
China XD Plastics Company Ltd.		107,908		544,935
Dana Holding Corporation		249,027		3,640,775
Quantum Fuel Systems Technologies Worldwide, Inc.		692,635		481,728
SORL Auto Parts, Inc.		21,635		72,910
Visteon Corporation		98		4,917
Wonder Auto Technology, Inc.		17,927		16,134
				5,502,518
Automobiles — 0.3%
Kandi Technologies Corporation		95,558		344,964
Tesla Motors, Inc.		73,226		2,425,978
Winnebago Industries, Inc.		139,524		1,360,359
				4,131,301
Distributors — 0.0% (a)
China Metro-Rural Holdings Ltd.		100		101
Pool Corporation		15,965		589,268
Weyco Group, Inc.		121		2,951
				592,320
Diversified Consumer Services — 1.8%
American Public Education, Inc.		31,721		1,101,353
Bridgepoint Education, Inc.		234,687		5,059,852
Carriage Services, Inc.		400		3,000
ChinaCast Education Corporation (b)		280,803		553,182
Corinthian Colleges, Inc.		402,957		1,547,355
CPI Corporation		4,036		3,289
DeVry, Inc.		61,670		1,982,691
Education Management Corporation		188,658		2,339,359
H&R Block, Inc.		16		235
ITT Educational Services, Inc.		64,265		4,242,775
K12, Inc.		127,025		3,239,138
Matthews International Corporation - Class A		100		3,000
Regis Corporation		114,067		2,093,129
School Specialty, Inc.		64,739		211,697
Stewart Enterprises, Inc. - Class A		556,189		3,515,114
Strayer Education, Inc.		46,690		4,607,369
				30,502,538
Hotels, Restaurants & Leisure — 0.6%
BJ's Restaurants, Inc.		33,121		1,430,496
Caribou Coffee Company, Inc.		118,133		1,938,563
Cedar Fair, L.P.		3,402		105,836
Cheesecake Factory, Inc. (The)		100		3,150
Denny's Corporation		2,211		9,154
DineEquity, Inc.		9,545		463,696
Gaylord Entertainment Company		3,696		116,350
International Speedway Corporation - Class A		58		1,548
Jack in the Box, Inc.		1,700		38,624
Kona Grill, Inc.		324		2,180

15

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Consumer Discretionary — 11.9% (Continued)
Hotels, Restaurants & Leisure — 0.6% (Continued)
Morgans Hotel Group Company		15,417	$	76,468
O'Charley's, Inc.		54,295		534,806
P.F. Chang's China Bistro, Inc.		12,406		492,394
Peet's Coffee & Tea, Inc.		41,126		3,159,299
PokerTek, Inc.		520		536
Red Lion Hotels Corporation		200		1,668
Red Robin Gourmet Burgers, Inc.		2,800		99,848
Royal Caribbean Cruises Ltd.		100		2,737
Ruby Tuesday, Inc.		2,920		19,856
Ruth's Hospitality Group, Inc.		204,846		1,417,534
Shuffle Master, Inc.		4		71
Star Buffet, Inc.		600		288
Texas Roadhouse, Inc.		500		8,625
Town Sports International Holdings, Inc.		100		1,282
Universal Travel Group (b)		238,516		472,262
WMS Industries, Inc.		7,972		195,394
				10,592,665
Household Durables — 2.3%
American Greetings Corporation - Class A		159,907		2,558,512
Beazer Homes USA, Inc.		327		1,014
Blyth, Inc.		2,649		233,032
Cavco Industries, Inc.		4,002		206,503
Comstock Homebuilding Companies, Inc. - Class A		34,133		48,128
Deer Consumer Products, Inc.		59,364		194,714
Ethan Allen Interiors, Inc.		149,284		3,463,389
Flexsteel Industries, Inc.		100		2,001
Furniture Brands International, Inc.		1,958		3,094
Garmin Ltd.		6		283
Hovnanian Enterprises, Inc. - Class A		2,404,139		4,808,278
KB Home		674,505		5,854,703
Leggett & Platt, Inc.		1,600		34,832
Location Based Technologies, Inc.		100,364		38,138
M/I Homes, Inc.		23,450		311,885
Mad Catz Interactive, Inc.		519,541		280,552
MDC Holdings, Inc.		219		6,156
Meritage Homes Corporation		16,205		460,060
Ryland Group, Inc. (The)		131,950		2,970,194
Sealy Corporation		462,312		952,363
Skullcandy, Inc.		177,253		2,857,318
SodaStream International Ltd.		76,717		2,635,229
Standard Pacific Corporation		995,497		5,037,215
Tempur-Pedic International, Inc.		200		11,768
Universal Electronics, Inc.		16,078		272,040
ZAGG, Inc.		486,754		6,342,405
				39,583,806
Internet & Catalog Retail — 0.8%
Blue Nile, Inc.		101,181		3,063,761
E-Commerce China Dangdang, Inc. - ADR		83,482		667,021

16

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Consumer Discretionary — 11.9% (Continued)
Internet & Catalog Retail — 0.8% (Continued)
Gaiam, Inc. - Class A		519	$	2,050
Groupon, Inc.		249,473		2,671,856
HomeAway, Inc.		11,305		294,495
Liberty Interactive Corporation - Series A		26,973		508,171
MakeMyTrip Ltd.		45,797		888,920
NutriSystem, Inc.		165,483		1,916,293
Overstock.com, Inc.		79,220		477,697
PetMed Express, Inc.		241,033		3,246,714
Vitacost.com, Inc.		11,531		96,630
				13,833,608
Leisure Equipment & Products — 0.5%
Brunswick Corporation		62,625		1,646,411
Callaway Golf Company		455,212		2,790,450
Eastman Kodak Company		1,596,373		453,370
JAKKS Pacific, Inc.		159,054		3,033,160
Johnson Outdoors, Inc. - Class A		77		1,422
Nautilus, Inc.		2,402		6,221
Polaris Industries, Inc.		200		15,888
Sturm Ruger & Company, Inc.		14,850		847,490
Summer Infant, Inc.		307		1,642
				8,796,054
Media — 1.1%
A.H. Belo Corporation		1,836		8,097
Arbitron, Inc.		2,451		93,261
Atrinsic, Inc.		87,591		6,350
Belo Corporation		201,408		1,357,490
Carmike Cinemas, Inc.		116		1,546
China MediaExpress Holdings, Inc.		146,250		11,700
China Yida Holding Company		5,003		7,504
Cumulus Media, Inc. - Class A		131,277		476,536
Dex One Corporation		541,399		524,074
Dial Global, Inc.		1,286		2,906
Digital Generation, Inc.		194		1,800
DreamWorks Animation SKG, Inc. - Class A		52,441		944,462
Entercom Communications Corporation - Class A		50,272		311,184
Harte-Hanks, Inc.		600		5,040
Lamar Advertising Company - Class A		53,646		1,707,016
Lee Enterprises, Inc.		301,089		340,231
Lions Gate Entertainment Corporation		140,525		1,718,621
Live Nation, Inc.		29,273		265,213
LodgeNet Interactive Corporation		8,900		20,470
Martha Stewart Living Omnimedia, Inc. - Class A		9,331		33,312
McClatchy Company (The) - Class A		1,046,227		2,845,737
Media General, Inc. - Class A		163,472		583,595
Meredith Corporation		77,837		2,244,041
Morningstar, Inc.		4,690		270,707
Pandora Media, Inc.		11,954		102,804
Radio One, Inc. - Class D		4,231		4,739

17

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Consumer Discretionary — 11.9% (Continued)
Media — 1.1% (Continued)
ReachLocal, Inc.		817	$	6,177
Regal Entertainment Group - Class A		60,828		827,869
Scholastic Corporation		69,702		2,129,396
SearchMedia Holdings Ltd.		1,000		1,930
Sinclair Broadcast Group, Inc.		11,882		122,147
SPAR Group, Inc.		500		650
SuperMedia, Inc.		61,927		106,514
Valassis Communications, Inc.		68,508		1,370,160
World Wrestling Entertainment, Inc. - Class A		16,285		128,326
				18,581,605
Multiline Retail — 0.6%
Bon-Ton Stores, Inc. (The)		78,963		489,571
Fred's, Inc. - Class A		204,243		2,924,760
Saks, Inc.		82,219		901,120
Sears Holdings Corporation		109,211		5,873,368
Tuesday Morning Corporation		40,431		163,341
				10,352,160
Specialty Retail — 2.9%
Aaron's, Inc.		1,700		46,189
Asbury Automotive Group, Inc.		56,423		1,575,330
AutoChina International Ltd.		156		2,980
Barnes & Noble, Inc.		148,471		3,080,773
Books-A-Million, Inc.		8,900		28,391
Brown Shoe Company, Inc.		261,655		2,383,677
Cache, Inc.		167		1,042
Casual Male Retail Group, Inc.		2,281		7,162
Children's Place Retail Stores, Inc. (The)		25,043		1,151,477
China Auto Logistics, Inc.		2,600		1,795
Citi Trends, Inc.		16,954		188,868
Conn's, Inc.		126,384		2,066,378
GameStop Corporation - Class A		63,283		1,440,321
Group 1 Automotive, Inc.		14,463		837,118
Hastings Entertainment, Inc.		700		1,421
hhgregg, Inc.		374,946		3,921,935
Hibbett Sports, Inc.		110,149		6,578,098
Hot Topic, Inc.		133,092		1,304,302
Lithia Motors, Inc.		64,822		1,739,174
Lumber Liquidators Holdings, Inc.		62,098		1,796,495
MarineMax, Inc.		77,419		825,287
Monro Muffler Brake, Inc.		19,871		819,877
OfficeMax, Inc.		233,170		1,084,241
Orchard Supply Hardware Stores Corporation - Class A		6,831		146,662
Pacific Sunwear of California, Inc.		31,401		46,159
Penske Automotive Group, Inc.		4,385		115,939
Pep Boys - Manny Moe & Jack (The)		221,963		3,313,908
Pier 1 Imports, Inc.		1,626		27,935
RadioShack Corporation		208,071		1,077,808
rue21, inc.		83,151		2,523,633

18

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Consumer Discretionary — 11.9% (Continued)
Specialty Retail — 2.9% (Continued)
Select Comfort Corporation		6,272	$	181,135
Sonic Automotive, Inc. - Class A		183,559		3,087,462
Syms Corporation		160		1,664
Systemax, Inc.		7,721		132,570
Talbots, Inc. (The)		1,471,406		4,355,362
Teavana Holdings, Inc.		224,193		4,683,392
West Marine, Inc.		400		4,684
Williams-Sonoma, Inc.		600		23,214
Zale Corporation		100		274
				50,604,132
Textiles, Apparel & Luxury Goods — 0.7%
American Apparel, Inc.		402,677		396,637
Cherokee, Inc.		356		4,621
DGSE Companies, Inc. (b)		1,145		4,254
Hanesbrands, Inc.		158,387		4,469,681
Heelys, Inc.		200		486
Iconix Brand Group, Inc.		34,157		523,968
Joe's Jeans, Inc.		100		136
Jones Group, Inc. (The)		73,216		821,484
Kingold Jewelry, Inc.		649		1,129
K-Swiss, Inc. - Class A		99,233		365,177
Liz Claiborne, Inc.		141,591		1,897,319
Perry Ellis International, Inc.		2,682		50,180
R.G. Barry Corporation		24		306
Under Armour, Inc. - Class A		300		29,379
Vera Bradley, Inc.		72,520		1,884,070
Wolverine World Wide, Inc.		44,939		1,885,191
				12,334,018
Consumer Staples — 2.4%
Beverages — 0.4%
Boston Beer Company, Inc. - Class A		15,124		1,562,612
Central European Distribution Corporation		976,560		4,765,613
MGP Ingredients, Inc.		56		260
				6,328,485
Food & Staples Retailing — 0.1%
Arden Group, Inc. - Class A		39		3,449
Ingles Markets, Inc. - Class A		87		1,513
Pantry, Inc.		24,361		310,846
Pizza Inn Holdings, Inc.		1,222		4,033
Roundy's, Inc.		5,530		68,461
Spartan Stores, Inc.		19,203		350,071
Sysco Corporation		200		5,780
Village Super Market, Inc. - Class A		25		690
Weis Markets, Inc.		156		6,958
				751,801
Food Products — 1.1%
AgFeed Industries, Inc.		178,425		49,959
Calavo Growers, Inc.		85,191		2,443,278

19

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Consumer Staples — 2.4% (Continued)
Food Products — 1.1% (Continued)
Cal-Maine Foods, Inc.		55,353	$	1,994,368
China Marine Food Group Ltd.		61,176		66,682
Coffee Holding Company, Inc.		92,318		874,251
Cosan Ltd.		62		858
Diamond Foods, Inc.		262,888		5,494,359
Dole Food Company, Inc.		299,336		2,538,369
Feihe International, Inc.		206,869		1,208,115
Flowers Foods, Inc.		1,468		31,489
John B. Sanfilippo & Son, Inc.		56		810
Lancaster Colony Corporation		19,875		1,296,049
Le Gaga Holdings Ltd.		1,599		8,011
Lifeway Foods, Inc.		11,040		92,074
Limoneira Company		168		2,824
McCormick & Company, Inc.		9,240		516,608
Sanderson Farms, Inc.		29,392		1,516,921
Seneca Foods Corporation - Class A		30		699
SkyPeople Fruit Juice, Inc.		14,391		25,040
Smart Balance, Inc.		100		590
Tootsie Roll Industries, Inc.		43,336		1,031,830
Yuhe International, Inc.		109,183		70,969
Zhongpin, Inc.		23,090		217,970
				19,482,123
Household Products — 0.0% (a)
Central Garden & Pet Company		392		4,148
Central Garden & Pet Company - Class A		6,338		67,753
				71,901
Personal Products — 0.4%
China Sky One Medical, Inc.		197,454		67,134
China-Biotics, Inc.		576,501		807,101
Elizabeth Arden, Inc.		25		975
Medifast, Inc.		85,712		1,647,385
Nature's Sunshine Products, Inc.		11,479		177,695
Neptune Technologies & Bioresources, Inc.		16,101		54,099
Synutra International, Inc.		98,434		565,996
USANA Health Sciences, Inc.		85,060		3,547,002
				6,867,387
Tobacco — 0.4%
Alliance One International, Inc.		534,392		1,891,748
Star Scientific, Inc.		1,116,132		3,962,268
Universal Corporation		13,101		600,419
Vector Group Ltd.		52,241		906,381
				7,360,816
Energy — 6.5%
Energy Equipment & Services — 1.1%
Atwood Oceanics, Inc.		86,712		3,843,943
C&J Energy Services, Inc.		74,700		1,408,095
CARBO Ceramics, Inc.		35,294		2,967,872
ENGlobal Corporation		100		200

20

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Energy Equipment & Services — 1.1% (Continued)
Exterran Holdings, Inc.		105,169	$	1,420,833
Geokinetics, Inc.		1,764		3,122
Gulf Island Fabrication, Inc.		55		1,541
Heckmann Corporation		463,610		1,761,718
Hercules Offshore, Inc.		212,575		1,079,881
Key Energy Services, Inc.		1,300		16,458
Lufkin Industries, Inc.		33,484		2,572,911
Natural Gas Services Group, Inc.		130		1,695
Newpark Resources, Inc.		364,608		2,318,907
PHI, Inc.		663		17,656
Recon Technology Ltd.		200		496
RPC, Inc.		60,489		625,456
SulphCo, Inc.		486,090		924
Tesco Corporation		12,949		211,457
				18,253,165
Oil, Gas & Consumable Fuels — 5.4%
Abraxas Petroleum Corporation		524,937		1,564,312
Alpha Natural Resources, Inc.		14,735		237,676
American Midstream Partners, L.P.		1,026		22,808
Amyris, Inc.		337,665		1,056,891
Apco Oil and Gas International, Inc.		15,504		650,393
ATP Oil & Gas Corporation		752,954		5,692,332
AvenEx Energy Corporation		52,928		206,817
BioFuel Energy Corporation		558,104		258,346
Blue Dolphin Energy Company		41,537		331,050
BMB Munai, Inc.		148		29
BP Prudhoe Bay Royalty Trust		16		1,991
BPZ Resources, Inc.		860,022		3,483,089
CAMAC Energy, Inc.		197,960		154,409
Cano Petroleum, Inc.		65,197		1,076
Capital Product Partners, L.P.		141		1,232
Carrizo Oil & Gas, Inc.		49,502		1,388,036
China Integrated Energy, Inc.		491,150		343,805
China North East Petroleum Holdings Ltd. (b)		223,180		347,045
Clayton Williams Energy, Inc.		2,189		160,979
Clean Energy Fuels Corporation		112,848		2,171,196
Comstock Resources, Inc.		38,898		683,438
Constellation Energy Partners, LLC		1,600		3,504
Contango Oil & Gas Company		9,624		522,198
Crimson Exploration, Inc.		340		1,853
Cross Timbers Royalty Trust		87		3,550
Crosstex Energy, Inc.		35,000		521,500
Cubic Energy, Inc.		1,400		490
CVR Energy, Inc.		109,002		3,309,301
DCP Midstream Partners, L.P.		1,815		83,145
Dominion Resources Black Warrior Trust		1,021		9,158
ECA Marcellus Trust I		5,471		111,718
Enbridge Energy Management, LLC		29,336		954,007

21

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Oil, Gas & Consumable Fuels — 5.4% (Continued)
Endeavour International Corporation		313,427	$	3,911,569
Energy Transfer Equity, L.P.		160		6,714
Enterprise Products Partners, L.P.		101		5,206
Evolution Petroleum Corporation		16,524		146,072
Forest Oil Corporation		7,700		102,564
Frontline Ltd.		225,854		1,479,344
General Maritime Corporation		30,008		381
GeoGlobal Resources, Inc.		299,560		62,908
Gevo, Inc.		63,471		615,034
GMX Resources, Inc.		446,063		611,106
Golar LNG Ltd.		35,045		1,295,964
Goodrich Petroleum Corporation		98,718		1,655,501
Green Plains Renewable Energy, Inc.		27,042		216,066
GreenHunter Energy, Inc.		29,532		64,675
Halcon Resources Corporation		448,856		4,888,042
Harvest Natural Resources, Inc.		475,838		3,273,765
Holly Energy Partners, L.P.		300		18,045
Houston American Energy Corporation		30,840		71,240
Hyperdynamics Corporation		708,609		661,486
Inergy Midstream, L.P.		37,302		790,429
Isramco, Inc.		1,113		103,275
James River Coal Company		445,899		2,211,659
Kinder Morgan Management, LLC		2,073		157,788
Kinder Morgan, Inc.		88,617		3,181,350
KiOR, Inc. - Class A		75,752		742,370
Knightsbridge Tankers Ltd.		184,540		2,336,276
Kodiak Oil & Gas Corporation		1,922		17,010
L & L Energy, Inc.		266,203		598,957
Legacy Reserves, L.P.		858		24,487
Lone Pine Resources, Inc.		3,600		21,456
Lucas Energy, Inc.		314,438		584,855
Miller Energy Resources, Inc.		630,583		3,424,066
New Concept Energy, Inc.		11,200		17,248
NGL Energy Partners, L.P.		400		8,860
Nordic American Tankers Ltd.		199,623		2,898,526
Northern Oil & Gas, Inc.		117,067		2,274,612
Oiltanking Partners, L.P.		100		2,928
ONEOK Partners, L.P.		23		1,282
Overseas Shipholding Group, Inc.		522,301		6,110,922
Pacific Ethanol, Inc.		272,427		253,357
Panhandle Oil & Gas, Inc.		100		2,755
Patriot Coal Corporation		176,526		1,029,147
Petroleum Development Corporation		52,902		1,819,300
PetroQuest Energy, Inc.		318,272		1,922,363
Pyramid Oil Company		38,646		181,250
Resolute Energy Corporation		11,558		122,630
REX American Resources Corporation		12,775		354,378
Rex Energy Corporation		190,390		2,000,999
Royale Energy, Inc.		253,814		1,203,078

22

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Energy — 6.5% (Continued)
Oil, Gas & Consumable Fuels — 5.4% (Continued)
San Juan Basin Royalty Trust		11,601	$	196,521
Scorpio Tankers, Inc.		21,168		143,519
Ship Finance International Ltd.		84,962		1,176,724
Sino Clean Energy, Inc.		187,474		329,954
Solazyme, Inc.		13,327		146,597
SouthGobi Resources Ltd.		11,200		77,551
Swift Energy Company		800		24,200
Teekay Offshore Partners, L.P.		26,670		784,365
Triangle Petroleum Corporation		98,504		641,261
Tri-Valley Corporation		568,872		79,073
Uranerz Energy Corporation		513,148		898,009
Uranium Energy Corporation		1,443,071		4,257,059
Uranium Resources, Inc.		88,072		76,623
Ur-Energy, Inc.		11,520		12,557
USEC, Inc.		721,826		607,489
Vanguard Natural Resources, LLC		909		26,279
Verenium Corporation		98,812		426,868
Westmoreland Coal Company		962		9,707
Whiting USA Trust I		232,695		4,297,877
Whiting USA Trust II		31,498		724,454
World Fuel Services Corporation		10,013		441,173
Zion Oil & Gas, Inc.		249,030		617,594
				93,756,123
Financials — 11.7%
Capital Markets — 1.7%
AGF Management Ltd. - Class B		21,142		292,141
AllianceBernstein Holding, L.P.		6,842		96,404
Apollo Investment Corporation		48,600		352,350
Artio Global Investors, Inc.		124,676		451,327
CIFC Corporation		600		3,588
Cohen & Steers, Inc.		53,679		1,891,648
Eaton Vance Corporation		155,294		4,084,232
Edelman Financial Group, Inc.		179		1,581
FBR & Company		776		2,056
Federated Investors, Inc. - Class B		221,614		4,893,237
Fidus Investment Corporation		26,543		359,923
Fifth Street Finance Corporation		1,720		16,890
Financial Engines, Inc.		214,971		4,909,938
FXCM, Inc.		78,575		909,898
Greenhill & Company, Inc.		41,361		1,606,875
GSV Capital Corporation		28,723		491,738
Hercules Technology Growth Capital, Inc.		23,827		271,866
Invesco Ltd.		26		646
Investment Technology Group, Inc.		96,683		986,167
Investors Capital Holdings Ltd.		600		2,532
Janus Capital Group, Inc.		1,819		13,788
Jefferies Group, Inc.		740		11,788
Kohlberg Capital Corporation		32,709		201,814

23

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Capital Markets — 1.7% (Continued)
Main Street Capital Corporation		120,101	$	3,075,787
MCG Capital Corporation		309,160		1,295,380
Medley Capital Corporation		784		8,851
MF Global Holdings Ltd.		489,733		22,528
MVC Capital, Inc.		141		1,861
Oppenheimer Holdings, Inc.		651		11,106
Penson Worldwide, Inc.		246,340		119,968
Pzena Investment Management, Inc. - Class A		1,392		8,199
Safeguard Scientifics, Inc.		138,726		2,269,557
SEI Investments Company		250		5,047
Solar Senior Capital Ltd.		684		11,088
TICC Capital Corporation		28		258
Tortoise Capital Resources Corporation		48		405
U.S. Global Investors, Inc.		271		1,902
Westwood Holdings Group, Inc.		255		9,379
				28,693,743
Commercial Banks — 4.7%
Alliance Financial Corporation		495		15,102
Ameris Bancorp		95,036		1,178,446
Ames National Corporation		95		2,098
Arrow Financial Corporation		38,063		911,228
BancFirst Corporation		2,828		117,928
BancTrust Financial Group, Inc.		5,150		10,867
Bank of the Ozarks, Inc.		121,858		3,765,412
BBCN Bancorp, Inc.		742		8,147
Boston Private Financial Holdings, Inc.		10,955		102,101
Bridge Bancorp, Inc.		513		9,993
Bridge Capital Holdings		1,177		17,996
Britton & Koontz Capital Corporation		50		438
Capital City Bank Group, Inc.		51,306		428,405
Capitol Bancorp Ltd.		40,199		10,319
Cardinal Financial Corporation		38,848		468,895
Cascade Bancorp		25,756		146,552
Center Bancorporation, Inc.		4,319		45,652
CenterState Banks, Inc.		117		941
Chemical Financial Corporation		16,852		371,924
Citizens Holding Company		1,201		22,519
Citizens Republic Bancorp, Inc.		10		169
City Bank		13,668		2,187
City Holding Company		111,267		3,710,754
CoBiz Financial, Inc.		12,038		75,238
Columbia Banking Systems, Inc.		46,109		944,773
Community Bank System, Inc.		108,704		3,056,757
Community Trust Bancorp, Inc.		19,171		612,513
Dearborn Bancorp, Inc.		136		8
Eagle Bancorp, Inc.		3,717		66,125
Enterprise Financial Services Corporation		1,156		13,976
First Bancorp (North Carolina)		312		3,126

24

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Commercial Banks — 4.7% (Continued)
First Bancorp, Inc. (The)		315	$	4,571
First Busey Corporation		334,918		1,554,020
First Community Bancshares, Inc.		217		2,906
First Financial Bancorporation		35,449		595,898
First Financial Bankshares, Inc.		135,811		4,595,844
First Niagara Financial Group, Inc.		46,810		418,481
First of Long Island Corporation (The)		111		3,056
FNB Corporation		77,066		874,699
Frontier Financial Corporation		10,459		209
German American Bancorp, Inc.		200		3,808
Glacier Bancorp, Inc.		97,566		1,453,733
Great Southern Bancorp, Inc.		27,557		662,470
Green Bankshares, Inc.		81,194		133,970
Hampton Roads Bankshares, Inc.		41,139		129,999
Heartland Financial USA, Inc.		368		6,815
Heritage Financial Corporation		34,494		451,871
IBERIABANK Corporation		45,238		2,310,305
Independent Bank Corporation (Massachusetts)		127,724		3,585,213
Independent Bank Corporation (Michigan)		110,760		424,211
International Bancshares Corporation		7,014		138,386
Investors Bancorp, Inc.		8,651		133,571
Lakeland Bancorp, Inc.		60,115		549,451
Macatawa Bank Corporation		74,947		254,070
MainSource Financial Group, Inc.		791		9,247
Mercantile Bancorp, Inc.		900		243
Mercantile Bank Corporation		18,908		282,486
Merchants Bancshares, Inc.		4		108
National Bankshares, Inc.		17,446		518,321
NBT Bancorp, Inc.		66,719		1,371,075
Old National Bancorp		34,207		438,534
Old Second Bancorp, Inc.		45,303		73,844
Oriental Financial Group, Inc.		9,602		113,496
PAB Bankshares, Inc.		4,809		5
Pacific Mercantile Bancorp		1,019		6,083
Park National Corporation		59,588		4,007,293
Patriot National Bancorp		994		1,749
Pinnacle Financial Partners, Inc.		164,069		3,002,463
PremierWest Bancorp, Inc.		15,074		25,475
Princeton National Bancorp, Inc.		600		942
Renasant Corporation		97,462		1,559,392
Republic Bancorp, Inc. - Class A		23,681		557,214
S&T Bancorp, Inc.		112,793		2,111,485
S.Y. Bancorp, Inc.		42,317		981,754
Salisbury Bancorp, Inc.		300		7,200
Sandy Spring Bancorp, Inc.		228		4,106
SCBT Financial Corporation		37,436		1,287,424
Seacoast Banking Corporation of Florida		1,452		2,352
Security Bank Corporation (b)		32,973		3
Sierra Bancorp		99		907

25

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Commercial Banks — 4.7% (Continued)
Simmons First National Corporation - Class A		58,867	$	1,432,823
Southern Connecticut Bancorp, Inc.		200		368
Southside Bancshares, Inc.		58,523		1,193,866
State Bank Financial Corporation		169		2,915
Sterling Bancorp		77,197		734,144
Suffolk Bancorp		1,177		13,983
Superior Bancorp		400		1
Susquehanna Bancshares, Inc.		202,414		2,099,033
Taylor Capital Group, Inc.		14,811		206,169
TCF Financial Corporation		5,957		68,327
Texas Capital Bancshares, Inc.		213,961		8,068,469
Tompkins Financial Corporation		56,411		2,135,156
TowneBank		171,262		2,229,831
TriCo Bancshares		34,662		569,843
UMB Financial Corporation		186		8,937
United Bankshares, Inc.		111,084		2,935,950
United Security Bancshares		3,119		7,766
United Security Bancshares, Inc.		18		103
Valley National Bancorp		140,596		1,771,510
Washington Banking Company		220		3,067
Washington Trust Bancorp, Inc.		247		5,847
Webster Financial Corporation		2,252		51,188
West Bancorporation, Inc.		300		2,880
Westamerica Bancorporation		35,311		1,619,716
Wintrust Financial Corporation		123,075		4,446,700
				80,379,939
Consumer Finance — 0.3%
Cash America International, Inc.		12,250		572,687
CompuCredit Holdings Corporation		75,203		414,369
First Marblehead Corporation (The)		200		212
Green Dot Corporation - Class A		47,435		1,251,810
NetSpend Holdings, Inc.		21,340		162,824
World Acceptance Corporation		49,410		3,286,259
				5,688,161
Diversified Financial Services — 0.1%
Life Partners Holdings, Inc.		268,734		730,957
MSCI, Inc.		563		20,600
PHH Corporation		119,173		1,847,182
Primus Guaranty Ltd.		1,849		12,388
Sprott Resource Lending Corporation		355		550
				2,611,677
Insurance — 1.7%
Ambac Financial Group, Inc.		89,956		3,121
American Equity Investment Life Holding Company		214,683		2,632,014
AMERISAFE, Inc.		37,403		999,408
AmTrust Financial Services, Inc.		34,010		926,432
Argo Group International Holdings Ltd.		1,798		51,890
Arthur J. Gallagher & Company		395		14,836

26

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Insurance — 1.7% (Continued)
Citizens, Inc.		43,149	$	414,662
Crawford & Company - Class B		3,424		16,332
eHealth, Inc.		184,679		3,272,512
EMC Insurance Group, Inc.		51		1,008
Enstar Group, Inc. (The)		111		10,453
Gerova Financial Group Ltd. (b)		9,506		10
Greenlight Capital Re Ltd. - Class A		29,138		725,536
Harleysville Group, Inc.		34,159		2,047,490
Hilltop Holdings, Inc.		874		6,931
MBIA, Inc.		568,807		5,733,575
Montpelier Re Holdings Ltd.		4,394		90,165
National Financial Partners Corporation		219,091		3,231,592
National Interstate Corporation		161		3,864
Navigators Group, Inc. (The)		31,976		1,518,860
OneBeacon Insurance Group Ltd. - Class A		1,313		18,684
Phoenix Companies, Inc. (The)		101		212
Platinum Underwriters Holdings Ltd.		1,500		54,930
Reinsurance Group of America, Inc.		2,812		163,490
RLI Corporation		31,706		2,183,909
SeaBright Holdings, Inc.		215		1,933
StanCorp Financial Group, Inc.		25,694		986,136
State Auto Financial Corporation		1,005		14,402
Stewart Information Services Corporation		52,375		770,960
Sun Life Financial, Inc.		5,598		137,151
Tower Group, Inc.		145,272		3,134,970
Validus Holdings Ltd.		23,167		752,928
				29,920,396
Real Estate Investment Trusts (REIT) — 1.8%
Acadia Realty Trust		6,000		139,080
Agree Realty Corporation		10,795		246,126
Arbor Realty Trust, Inc.		1,822		10,221
Ashford Hospitality Trust, Inc.		52,811		451,006
Brandywine Realty Trust		16,544		196,212
BRE Properties, Inc.		5,007		262,867
Campus Crest Communities, Inc.		144,026		1,677,903
Capital Trust, Inc. - Class A		11,108		34,990
CapLease, Inc.		381,434		1,582,951
Cedar Realty Trust, Inc.		230,589		1,203,675
Chesapeake Lodging Trust		4,471		80,925
CoreSite Realty Corporation		10,326		257,221
Corporate Office Properties Trust		17,812		419,473
Cousins Properties, Inc.		7,291		57,307
CubeSmart		144,491		1,814,807
DCT Industrial Trust, Inc.		366,848		2,175,409
Douglas Emmett, Inc.		9,649		224,243
DuPont Fabros Technology, Inc.		31,630		858,754
Dynex Capital, Inc.		135,972		1,282,216
Entertainment Properties Trust		17,938		860,845

27

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Real Estate Investment Trusts (REIT) — 1.8% (Continued)
Getty Realty Corporation		17,504	$	276,913
Glimcher Realty Trust		10,906		107,860
Healthcare Realty Trust, Inc.		1,000		21,480
Highwoods Properties, Inc.		2,729		94,778
Hudson Pacific Properties, Inc.		282		4,464
Investors Real Estate Trust		128,889		930,579
iStar Financial, Inc.		673,510		4,660,689
Lexington Realty Trust		237,536		2,114,070
Liberty Property Trust		10,388		378,643
Mack-Cali Realty Corporation		7,800		224,016
Monmouth Real Estate Investment Corporation - Class A		109,530		1,123,778
MPG Office Trust, Inc.		76,590		161,605
NorthStar Realty Finance Corporation		9,946		56,692
Parkway Properties, Inc.		178,351		1,763,891
Post Properties, Inc.		8		390
RAIT Financial Trust		63,831		308,942
Ramco-Gershenson Properties Trust		19,049		229,350
Redwood Trust, Inc.		140,865		1,645,303
Retail Opportunity Investments Corporation		68,765		835,495
RLJ Lodging Trust		2,700		50,706
Strategic Hotels & Resorts, Inc.		215,402		1,466,888
Terreno Realty Corporation		890		12,727
Two Harbors Investment Corporation		629		6,579
				30,312,069
Real Estate Management & Development — 0.1%
Altisource Portfolio Solutions, S.A.		2,211		132,284
China Housing & Land Development, Inc.		171,004		278,736
Consolidated-Tomoka Land Company		429		12,613
Gazit-Globe Ltd.		2,860		30,516
Howard Hughes Corporation		180		12,080
Maui Land & Pineapple Company, Inc.		800		3,160
Mays (J.W.), Inc.		113		2,068
St. Joe Company (The)		116,566		2,078,372
Transcontinental Realty Investors, Inc.		67		189
				2,550,018
Thrifts & Mortgage Finance — 1.3%
Anchor BanCorp Wisconsin, Inc.		35,400		23,010
Astoria Financial Corporation		237,831		2,304,582
Bank Mutual Corporation		1,343		5,238
BankAtlantic Bancorp, Inc. - Class A		162,882		913,768
BankUnited, Inc.		2,538		62,435
Berkshire Hills Bancorporation, Inc.		85,331		1,936,160
BofI Holding, Inc.		42,313		751,902
Brookline Bancorp, Inc.		698		6,268
Capitol Federal Financial, Inc.		53,792		635,284
Clifton Savings Bancorp, Inc.		82		838
Dime Community Bancshares, Inc.		89,220		1,236,589
ESSA Bancorp, Inc.		7		68

28

��

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Financials — 11.7% (Continued)
Thrifts & Mortgage Finance — 1.3% (Continued)
First Federal Bancshares of Arkansas, Inc.		4,628	$	43,735
First Financial Holdings, Inc.		124		1,431
FirstFed Financial Corporation		23,697		47
Flushing Financial Corporation		27,129		353,491
Fox Chase Bancorp, Inc.		400		5,088
Freddie Mac		94,749		27,003
Home Federal Bancorp, Inc.		10		98
Hudson City Bancorp, Inc.		702		4,956
Impac Mortgage Holdings, Inc.		148		334
MGIC Investment Corporation		1,235,252		4,273,972
NASB Financial, Inc.		4,380		78,840
Northwest Bancshares, Inc.		13,005		160,222
OceanFirst Financial Corporation		57		831
PMI Group, Inc. (The)		7		—
Provident Financial Services, Inc.		204,848		3,011,266
Provident New York Bancorp		200		1,688
Radian Group, Inc.		1,795,662		5,602,465
Roma Financial Corporation		100		944
Territorial Bancorp, Inc.		55		1,195
Tree.com, Inc.		186		1,488
Triad Guaranty, Inc.		9,250		879
TrustCo Bank Corporation		54		295
ViewPoint Financial Group, Inc.		10,878		173,069
Westfield Financial, Inc.		295		2,204
				21,621,683
Health Care — 7.9%
Biotechnology — 3.0%
Aastrom Biosciences, Inc.		420,208		1,075,732
Accentia Biopharmaceuticals, Inc.		1,600		448
Achillion Pharmaceuticals, Inc.		198,275		1,318,529
ADVENTRX Pharmaceuticals, Inc.		631,805		371,501
AEterna Zentaris, Inc.		154,950		97,618
Affymax, Inc.		36,574		479,485
Alkermes plc		17,909		309,826
Alnylam Pharmaceuticals, Inc.		66,887		761,843
Amicus Therapeutics, Inc.		7		34
ARCA biopharma, Inc.		5,719		4,003
Arena Pharmaceuticals, Inc.		122,195		298,156
Ariad Pharmaceuticals, Inc.		3,552		57,898
Arrowhead Research Corporation		17,299		97,739
AspenBio Pharma, Inc.		226		149
BioCryst Pharmaceuticals, Inc.		878		3,178
BioMimetic Therapeutics, Inc.		673		1,797
BioSante Pharmaceuticals, Inc.		835,965		459,781
BioSpecifics Technologies Corporation		184		2,714
BioTime, Inc.		299,269		1,134,229
Cardium Therapeutics, Inc.		70,963		16,187
Cell Therapeutics, Inc.		1,694,163		1,880,521

29

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Health Care — 7.9% (Continued)
Biotechnology — 3.0% (Continued)
CEL-SCI Corporation		569,952	$	293,468
Celsion Corporation		158,837		317,674
Cepheid		25		960
China Biologic Products, Inc.		60,100		556,526
Cleveland BioLabs, Inc.		326,443		633,299
Clovis Oncology, Inc.		8,422		151,006
Cubist Pharmaceuticals, Inc.		22,117		935,107
Cyclacel Pharmaceuticals, Inc.		94,507		54,814
Cytori Therapeutics, Inc.		717,667		1,700,871
CytRx Corporation		14,079		4,576
DARA BioSciences, Inc.		70,543		62,078
EntreMed, Inc.		54		106
Enzon Pharmaceuticals, Inc.		348,742		2,172,663
EpiCept Corporation		103,115		20,623
Exact Sciences Corporation		199,182		2,145,190
Exelixis, Inc.		87		418
Galena Biopharma, Inc.		318,833		385,788
Genomic Health, Inc.		12,166		348,678
Geron Corporation		247		415
Hemispherx Biopharma, Inc.		184,798		57,287
Horizon Pharma, Inc.		25,769		108,230
iBio, Inc.		93,893		139,901
Idenix Pharmaceuticals, Inc.		35,372		310,212
ImmunoGen, Inc.		93,745		1,195,249
Immunomedics, Inc.		311,680		1,118,931
Incyte Corporation		32,340		733,471
Infinity Pharmaceuticals, Inc.		9		121
Inovio Pharmaceuticals, Inc.		5,426		2,876
Insmed, Inc.		1,268		3,665
InterMune, Inc.		122,478		1,278,670
Introgen Therapeutics, Inc.		45,612		160
Ironwood Pharmaceuticals, Inc.		42,941		567,251
IsoRay, Inc.		700		364
Keryx Biopharmaceuticals, Inc.		6,113		9,659
MannKind Corporation		1,809,289		4,070,900
Marina Biotech, Inc.		243,744		138,934
MediciNova, Inc.		63,446		190,338
Medivation, Inc.		2,841		229,780
Metabolix, Inc.		296,799		804,325
Myrexis, Inc.		939		2,836
Nanosphere, Inc.		117		207
NanoViricides, Inc.		100		58
NeoStem, Inc.		605,878		218,116
Neuralstem, Inc.		231,993		229,673
NeurogesX, Inc.		133,341		57,337
Novavax, Inc.		37,295		50,721
Nymox Pharmaceutical Corporation		92,599		754,682
OncoGenex Pharmaceuticals, Inc.		254		3,302
Oncolytics Biotech, Inc.		13,307		48,038

30

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Health Care — 7.9% (Continued)
Biotechnology — 3.0% (Continued)
Oncothyreon, Inc.		725,763	$	3,113,523
Opexa Therapeutics, Inc.		138,922		86,132
OPKO Health, Inc.		2,200		10,450
Osiris Therapeutics, Inc.		105,939		562,536
OXiGENE, Inc.		224,187		253,331
Oxygen Biotherapeutics, Inc.		2,819		5,018
PDL BioPharma, Inc.		100,217		630,365
PharmAthene, Inc.		923,938		1,496,780
Pluristem Therapeutics, Inc.		7,587		18,512
Poniard Pharmaceuticals, Inc.		32		28
PROLOR Biotech, Inc.		80,609		460,277
Raptor Pharmaceutical Corporation		595,227		3,488,030
Rexahn Pharmaceuticals, Inc.		55,336		24,237
Rigel Pharmaceuticals, Inc.		181		1,399
Rosetta Genomics Ltd.		1,100		187
Sangamo Biosciences, Inc.		108,252		503,372
Savient Pharmaceuticals, Inc.		1,450,883		3,438,593
Seattle Genetics, Inc.		133,613		2,641,529
Spectrum Pharmaceuticals, Inc.		80,353		854,152
StemCells, Inc.		65		61
Sunesis Pharmaceuticals, Inc.		246,389		677,570
Synthetic Biologics, Inc.		34,778		61,557
Tengion, Inc.		9,849		4,566
Theravance, Inc.		36,084		780,858
Threshold Pharmaceuticals, Inc.		21,850		159,068
ZIOPHARM Oncology, Inc.		320,978		1,527,855
				51,280,908
Health Care Equipment & Supplies — 2.4%
Abiomed, Inc.		84,354		2,052,333
Accuray, Inc.		1,077		8,293
Analogic Corporation		27		1,842
AngioDynamics, Inc.		2,958		36,620
AtriCure, Inc.		685		5,617
Bacterin International Holdings, Inc.		50,359		103,236
BIOLASE Technology, Inc.		349,181		907,871
BSD Medical Corporation		1,054,794		2,077,944
Cerus Corporation		415,518		1,637,141
Conceptus, Inc.		14,826		278,284
CONMED Corporation		181		5,175
CryoLife, Inc.		1,375		7,274
CryoPort, Inc.		100		45
D. Medical Industries Ltd.		2,300		822
Delcath Systems, Inc.		601,771		1,690,977
Derma Sciences, Inc.		1,048		10,166
DexCom, Inc.		6,557		64,193
Dynatronics Corporation		100		72
DynaVox, Inc.		781		1,921
Endologix, Inc.		35,294		528,704

31

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Health Care — 7.9% (Continued)
Health Care Equipment & Supplies — 2.4% (Continued)
Exactech, Inc.		109	$	1,690
Hansen Medical, Inc.		636,734		2,012,079
HeartWare International, Inc.		52,217		4,070,837
ICU Medical, Inc.		45,485		2,387,508
Insulet Corporation		200,070		3,573,250
InVivo Therapeutics Holdings Corporation		8,471		20,076
IRIS International, Inc.		89		1,164
Kensey Nash Corporation		21,849		621,167
MAKO Surgical Corporation		17,587		726,519
Medical Action Industries, Inc.		704		3,886
MELA Sciences, Inc.		571,247		2,559,187
Meridian Bioscience, Inc.		123,018		2,528,020
Navidea Biopharmaceuticals, Inc.		938,304		2,927,508
Neogen Corporation		13,370		521,296
NxStage Medical, Inc.		113,106		1,922,802
Quidel Corporation		115,429		1,906,887
Rockwell Medical Technologies, Inc.		164,628		1,522,809
RTI Biologics, Inc.		99,319		347,616
Stereotaxis, Inc.		185,020		75,710
STERIS Corporation		1,614		50,696
Synergetics USA, Inc.		1,400		9,128
TranS1, Inc.		3,200		11,360
Unilife Corporation		580,840		2,485,995
Uroplasty, Inc.		2,509		7,627
Winner Medical Group, Inc.		9,246		35,135
World Heart Corporation		1,600		452
Wright Medical Group, Inc.		80,941		1,507,931
ZELTIQ Aesthetics, Inc.		303		1,885
				41,258,750
Health Care Providers & Services — 1.0%
Accretive Health, Inc.		66,923		673,245
Air Methods Corporation		25,352		2,132,357
AMERIGROUP Corporation		33,603		2,075,321
AMN Healthcare Services, Inc.		5,926		39,763
Bio-Reference Laboratories, Inc.		76,054		1,621,471
BioScrip, Inc.		84,322		624,826
CardioNet, Inc.		696		1,963
Chemed Corporation		7,028		424,070
China Cord Blood Corporation		4,152		12,124
ExamWorks Group, Inc.		146,432		1,704,469
Gentiva Health Services, Inc.		178,260		1,475,993
Health Net, Inc.		36,794		1,310,234
Healthways, Inc.		27,455		183,125
IPC The Hospitalist Company, Inc.		33,552		1,288,732
Kindred Healthcare, Inc.		144		1,388
National Research Corporation		99		4,786
Patterson Companies, Inc.		800		27,272
PDI, Inc.		62		503

32

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Health Care — 7.9% (Continued)
Health Care Providers & Services — 1.0% (Continued)
PSS World Medical, Inc.		128,954	$	3,085,869
Sun Healthcare Group, Inc.		44,322		320,448
Sunrise Senior Living, Inc.		211,735		1,329,696
Vanguard Health Systems, Inc.		700		6,216
Wizzard Software Corporation		4,268		10,371
				18,354,242
Health Care Technology — 0.1%
athenahealth, Inc.		12,721		921,637
Authentidate Holding Corporation		1,654		1,257
HealthStream, Inc.		12,425		284,781
iCad, Inc.		400		184
Merge Healthcare, Inc.		761		3,272
Quality Systems, Inc.		400		14,960
				1,226,091
Life Sciences Tools & Services — 0.2%
Accelr8 Technology Corporation		511		1,410
Affymetrix, Inc.		147,187		650,567
Albany Molecular Research, Inc.		497		1,585
Apricus Biosciences, Inc.		300,044		816,120
Bioanalytical Systems, Inc.		2,400		3,168
BioDelivery Sciences International, Inc.		11,400		43,320
Complete Genomics, Inc.		3,500		9,450
Compugen Ltd.		973		5,137
eResearchTechnology, Inc.		857		6,770
Fluidigm Corporation		21,204		330,995
Genetic Technologies Ltd.		29,932		86,204
PURE Bioscience, Inc.		279,240		80,980
QIAGEN N.V.		21,567		360,816
Sequenom, Inc.		305,428		1,563,791
Techne Corporation		4,379		293,130
				4,253,443
Pharmaceuticals — 1.2%
Acura Pharmaceuticals, Inc.		134,506		434,454
Akorn, Inc.		1,103		13,379
Alexza Pharmaceuticals, Inc.		15,700		9,734
Alimera Sciences, Inc.		212		655
Ampio Pharmaceuticals, Inc.		117,384		362,717
Aoxing Pharmaceutical Company, Inc.		10,556		4,011
AVANIR Pharmaceuticals, Inc. - Class A		1,869,395		5,701,655
Biodel, Inc.		352,139		253,540
Biostar Pharmaceuticals, Inc.		462		772
Cadence Pharmaceuticals, Inc.		749,001		2,763,814
Cumberland Pharmaceuticals, Inc.		3,988		29,192
Echo Therapeutics, Inc.		2,485		5,020
Emisphere Technologies, Inc.		8,547		2,137
Hi-Tech Pharmacal Company, Inc.		21,739		708,474
Impax Laboratories, Inc.		720		17,734
IntelliPharmaCeutics International, Inc.		15,839		44,983

33

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Health Care — 7.9% (Continued)
Pharmaceuticals — 1.2% (Continued)
K-V Pharmaceutical Company - Class A		450,305	$	517,851
Lannett Company, Inc.		127,416		502,019
MAP Pharmaceuticals, Inc.		29,867		382,895
Nektar Therapeutics		430,894		3,283,412
Obagi Medical Products, Inc.		381		4,999
Oculus Innovative Sciences, Inc.		85,412		87,974
Optimer Pharmaceuticals, Inc.		192,259		2,845,433
Pacira Pharmaceuticals, Inc.		15,148		169,809
Pain Therapeutics, Inc.		4,422		17,909
Repros Therapeutics, Inc.		120,378		507,995
Sagent Pharmaceuticals, Inc.		23,864		429,313
Skystar Bio-Pharmaceutical Company Ltd.		3,733		8,959
Somaxon Pharmaceuticals, Inc.		859,632		300,871
Transcept Pharmaceuticals, Inc.		8,728		78,465
Ventrus BioSciences, Inc.		16,550		150,770
ViroPharma, Inc.		558		12,137
VIVUS, Inc.		46,313		1,121,701
XenoPort, Inc.		3,214		14,688
				20,789,471
Industrials — 7.9%
Aerospace & Defense — 0.5%
AeroVironment, Inc.		38,357		932,842
Arotech Corporation		1,900		2,261
Ascent Solar Technologies, Inc.		468,553		305,028
Ducommun, Inc.		393		4,637
GenCorp, Inc.		190,801		1,310,803
KEYW Holding Corporation (The)		105,791		994,435
Kratos Defense & Security Solutions, Inc.		233,589		1,296,419
MOOG, Inc. - Class A		7,298		308,487
National Presto Industries, Inc.		30,152		2,222,806
Orbital Sciences Corporation		86,224		1,082,973
Taser International, Inc.		113,808		523,517
				8,984,208
Air Freight & Logistics — 0.3%
Atlas Air Worldwide Holdings, Inc.		27,936		1,286,453
Echo Global Logistics, Inc.		145,733		2,481,833
Pacer International, Inc.		291,477		1,751,777
				5,520,063
Airlines — 0.5%
Allegiant Travel Company		51,755		3,041,124
AMR Corporation		788,907		456,777
JetBlue Airways Corporation		198,659		943,630
LAN Airlines, S.A. - ADR		21,177		596,980
Pinnacle Airlines Corporation		7,109		3,228
Republic Airways Holdings, Inc.		523,338		2,663,790
Southwest Airlines Company		20		166
Spirit Airlines, Inc.		14,903		357,970
				8,063,665

34

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Industrials — 7.9% (Continued)
Building Products — 0.5%
AAON, Inc.		122,455	$	2,498,082
Builders FirstSource, Inc.		119,069		496,518
Griffon Corporation		117,607		1,165,485
Insteel Industries, Inc.		87,473		994,568
Masco Corporation		1,650		21,747
Simpson Manufacturing Company, Inc.		16,369		507,930
Trex Company, Inc.		76,649		2,452,768
U.S. Home Systems, Inc.		813		7,130
Universal Forest Products, Inc.		15,985		597,839
USG Corporation		24,743		446,611
				9,188,678
Commercial Services & Supplies — 1.2%
A.T. Cross Company - Class A		404		4,638
Asta Funding, Inc.		800		6,784
Avery Dennison Corporation		11,514		368,218
Cenveo, Inc.		147,319		421,332
Consolidated Graphics, Inc.		12,024		480,840
Deluxe Corporation		95,373		2,270,831
EnergySolutions, Inc.		1,233		5,191
EnerNOC, Inc.		43,577		261,898
Ennis, Inc.		46,858		738,482
Heritage-Crystal Clean, Inc.		400		8,460
HNI Corporation		46,020		1,110,002
Industrial Services of America, Inc.		22,413		115,875
InnerWorkings, Inc.		259,256		2,984,037
Intersections, Inc.		795		9,564
Kimball International, Inc. - Class B		324		2,213
Knoll, Inc.		46,303		684,821
Mobile Mini, Inc.		196,948		3,714,439
Pitney Bowes, Inc.		2,300		39,399
Portfolio Recovery Associates, Inc.		36,763		2,530,030
Quad/Graphics, Inc. - Class A		189,767		2,550,468
R.R. Donnelley & Sons Company		16,500		206,415
RINO International Corporation		81,543		4,077
Standard Parking Corporation		384		7,319
Swisher Hygiene, Inc.		328,786		739,769
SYKES Enterprises, Inc.		113		1,791
United Stationers, Inc.		29,020		823,007
				20,089,900
Construction & Engineering — 0.6%
Aegion Corporation		96,290		1,757,293
EMCOR Group, Inc.		35,104		1,029,249
Granite Construction, Inc.		35,451		986,956
India Globalization Capital, Inc.		25,980		8,573
Layne Christensen Company		29,558		607,417
MasTec, Inc.		149,578		2,601,161
Orion Marine Group, Inc.		621		4,297
Shaw Group, Inc. (The)		93,754		2,837,934

35

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Industrials — 7.9% (Continued)
Construction & Engineering — 0.6% (Continued)
Sterling Construction Company, Inc.		5	$	49
				9,832,929
Electrical Equipment — 1.2%
Active Power, Inc.		4,861		4,302
Acuity Brands, Inc.		73,545		4,086,896
Advanced Battery Technologies, Inc.		592,639		212,757
Altair Nanotechnologies, Inc.		373,176		302,273
American Superconductor Corporation		947,812		3,914,464
AMETEK, Inc.		1,145		57,628
Beacon Power Corporation		57,124		685
Broadwind Energy, Inc.		5,131		1,745
Capstone Turbine Corporation		1,069,140		1,165,363
China BAK Battery, Inc.		415,965		320,293
China Electric Motor, Inc.		1,771		193
China Technology Development Group Corporation		2,500		2,000
Digital Power Corporation		1,677		2,348
ECOtality, Inc.		1,163		765
Encore Wire Corporation		85,800		2,187,042
Fushi Copperweld, Inc.		447,478		3,051,800
General Cable Corporation		168		4,946
Global Power Equipment Group, Inc.		10,053		251,425
GrafTech International Ltd.		62,000		727,880
Hoku Corporation		183,042		71,386
Hydrogenics Corporation		3,215		19,161
II-VI, Inc.		5,142		104,948
Lihua International, Inc.		254,547		1,445,827
Medis Technologies Ltd.		22,419		81
New Energy Systems Group		1,300		650
Ocean Power Technologies, Inc.		134,672		367,655
Plug Power, Inc.		241,879		319,280
Polypore International, Inc.		33,050		1,234,417
Powell Industries, Inc.		3,000		97,830
PowerSecure International, Inc.		1,394		7,235
Satcon Technology Corporation		1,043,676		438,344
Ultralife Corporation		5,704		28,691
Valence Technology, Inc.		684,756		499,872
Westinghouse Solar, Inc.		31,644		17,689
ZBB Energy Corporation		2,467		1,357
				20,949,228
Industrial Conglomerates — 0.1%
Raven Industries, Inc.		11,438		688,682
Machinery — 1.8%
Actuant Corporation - Class A		34,948		953,032
Art's-Way Manufacturing Company, Inc.		3,005		20,554
Briggs & Stratton Corporation		267,139		4,835,216
China Valves Technology, Inc.		253,369		499,137
CLARCOR, Inc.		44,682		2,145,630

36

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Industrials — 7.9% (Continued)
Machinery — 1.8% (Continued)
Cleantech Solutions International, Inc.		260	$	1,391
Colfax Corporation		67,415		2,284,694
Douglas Dynamics, Inc.		56,391		796,805
Energy Recovery, Inc.		273,355		574,046
EnPro Industries, Inc.		32,056		1,327,439
ESCO Technologies, Inc.		2,281		78,466
Federal Signal Corporation		201		1,037
FreightCar America, Inc.		12,439		268,682
Gorman-Rupp Company (The)		87		2,506
Harsco Corporation		900		20,070
IDEX Corporation		26		1,126
ITT Corporation		124,105		2,787,398
Lindsay Corporation		3,979		265,757
Lydall, Inc.		1,195		12,607
Miller Industries, Inc.		8,808		144,451
Mueller Industries, Inc.		17,323		791,834
PMFG, Inc.		62,337		842,173
Sun Hydraulics Corporation		10,670		267,070
Tecumseh Products Company - Class A		585		2,235
Terex Corporation		193,234		4,374,818
Titan International, Inc.		155,828		4,501,871
Twin Disc, Inc.		162,836		3,570,994
Wabash National Corporation		26,568		222,374
				31,593,413
Marine — 0.3%
Alexander & Baldwin, Inc.		5,966		305,220
Baltic Trading Ltd.		24,524		114,037
Diana Containerships, Inc.		10		62
Eagle Bulk Shipping, Inc.		205,889		337,658
Excel Maritime Carriers Ltd.		763,147		1,427,085
Genco Shipping & Trading Ltd.		548,902		2,936,626
International Shipholding Corporation		407		8,612
Safe Bulkers, Inc.		400		2,740
				5,132,040
Professional Services — 0.3%
Advisory Board Company (The)		4,511		411,223
CBIZ, Inc.		290,223		1,761,654
Dolan Company (The)		38,160		305,661
FTI Consulting, Inc.		310		11,265
Hill International, Inc.		710		2,528
Innovaro, Inc.		8,192		8,110
Insperity, Inc.		300		8,181
Kelly Services, Inc. - Class A		4,431		61,990
Lightbridge Corporation		109,852		276,827
Manpower, Inc.		300		12,780
Nielsen Holdings N.V.		100		2,922
Odyssey Marine Exploration, Inc.		887,141		2,696,909
Pendrell Corporation		4,316		5,826

37

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Industrials — 7.9% (Continued)
Professional Services — 0.3% (Continued)
Spherix, Inc.		2,301	$	2,071
Thomas Group, Inc.		900		68
Volt Information Sciences, Inc.		100		710
VSE Corporation		256		5,632
				5,574,357
Road & Rail — 0.2%
Avis Budget Group, Inc.		100		1,316
Dollar Thrifty Automotive Group, Inc.		11,649		941,938
Knight Transportation, Inc.		26,605		436,854
RailAmerica, Inc.		1,071		24,826
Student Transportation, Inc.		32,327		219,824
YRC Worldwide, Inc.		153,169		1,115,070
Zipcar, Inc.		106,921		1,288,398
				4,028,226
Trading Companies & Distributors — 0.4%
Ampal-American Israel Corporation - Class A		2,031		427
Beacon Roofing Supply, Inc.		115,305		3,077,490
BlueLinx Holdings, Inc.		155		426
China Armco Metals, Inc.		140,785		99,465
Houston Wire & Cable Company		132,514		1,628,597
Lawson Products, Inc.		400		5,824
Rush Enterprises, Inc. - Class A		100		1,808
Titan Machinery, Inc.		11,104		395,636
WESCO International, Inc.		12,929		858,356
				6,068,029
Transportation Infrastructure — 0.0% (a)
Macquarie Infrastructure Company, LLC		2,579		89,079
Information Technology — 12.0%
Communications Equipment — 1.5%
Acme Packet, Inc.		10,149		284,882
Anaren, Inc.		15,264		275,363
Aruba Networks, Inc.		194		4,097
AudioCodes Ltd.		2,600		6,110
Bel Fuse, Inc. - Class B		300		5,337
CalAmp Corporation		191		1,142
CIENA Corporation		20,609		305,425
Cogo Group, Inc.		2,321		5,710
Comtech Telecommunications Corporation		53,577		1,656,601
Digi International, Inc.		188,657		1,750,737
EMCORE Corporation		4,182		18,903
Extreme Networks, Inc.		838,994		3,213,347
Finisar Corporation		242,442		4,005,142
Globecomm Systems, Inc.		686		9,727
Infinera Corporation		248,034		1,775,923
InterDigital, Inc.		72,795		2,017,877
JDS Uniphase Corporation		3,312		40,241
KVH Industries, Inc.		25,879		258,272

38

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Information Technology — 12.0% (Continued)
Communications Equipment — 1.5% (Continued)
Loral Space & Communications, Inc.		12	$	745
Meru Networks, Inc.		119,391		339,070
Network Equipment Technologies, Inc.		246		241
Oclaro, Inc.		315,087		904,300
Polycom, Inc.		200		2,654
Procera Networks, Inc.		12,148		252,193
Qiao Xing Mobile Communication Company Ltd.		1,984		1,329
RIT Technologies Ltd.		10,410		35,186
Riverbed Technology, Inc.		800		15,784
Sycamore Networks, Inc.		1,297		20,220
Telestone Technologies Corporation		480,324		1,517,824
Telular Corporation		300		2,706
Ubiquiti Networks, Inc.		119,895		3,958,933
ViaSat, Inc.		49,090		2,371,047
Zoom Technologies, Inc.		153,117		197,521
ZST Digital Networks, Inc.		194,797		204,537
				25,459,126
Computers & Peripherals — 0.9%
Hauppauge Digital, Inc.		69,638		102,368
iGo, Inc.		12,921		9,432
Imation Corporation		39,572		229,518
Immersion Corporation		311		1,695
Intermec, Inc.		94		500
Intevac, Inc.		10,667		85,976
Lexmark International, Inc. - Class A		236		7,104
Logitech International S.A.		68,659		696,889
OCZ Technology Group, Inc.		725,022		4,277,630
Rimage Corporation		1,651		15,007
Silicon Graphics International Corporation		348,245		3,287,433
STEC, Inc.		44,799		371,384
Stratasys, Inc.		17,639		903,293
Super Micro Computer, Inc.		20,671		364,843
Synaptics, Inc.		128,338		3,941,260
USA Technologies, Inc.		391,800		662,142
				14,956,474
Electronic Equipment, Instruments & Components — 1.0%
Anixter International, Inc.		38		2,606
Badger Meter, Inc.		14,859		548,891
Clearfield, Inc.		100		425
Cognex Corporation		3,100		124,775
Digital Ally, Inc.		4,700		3,525
Dolby Laboratories, Inc. - Class A		409		16,045
DTS, Inc.		88,736		2,768,563
Echelon Corporation		261,779		1,141,356
Electro Rent Corporation		6		93
GSI Group, Inc.		27,550		332,528
Hollysys Automation Technologies Ltd.		516,797		5,131,794
IPG Photonics Corporation		8		387

39

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Information Technology — 12.0% (Continued)
Electronic Equipment, Instruments & Components — 1.0% (Continued)
Key Tronic Corporation		134	$	1,548
Maxwell Technologies, Inc.		173,133		1,646,495
Measurement Specialties, Inc.		37,318		1,333,372
Mesa Laboratories, Inc.		131		6,503
Methode Electronics, Inc.		49		414
Microvision, Inc.		144,152		268,123
Pulse Electronics Corporation		209,393		429,256
RealD, Inc.		119,423		1,442,630
Research Frontiers, Inc.		70,199		231,657
Richardson Electronics Ltd.		1,137		14,338
SinoHub, Inc.		43,908		27,904
SMTC Corporation		1,548		6,022
Superconductor Technologies, Inc.		172,881		121,017
SYNNEX Corporation		19,060		725,995
Uni-Pixel, Inc.		2,004		10,842
Universal Display Corporation		29,525		1,327,739
Vishay Intertechnology, Inc.		1,900		21,318
Vishay Precision Group, Inc.		828		11,989
				17,698,150
Internet Software & Services — 3.0%
Active Network, Inc. (The)		553		9,290
Ancestry.com, Inc.		73,413		1,960,127
Angie's List, Inc.		311,852		4,350,335
Autobytel, Inc.		1,600		1,472
Bankrate, Inc.		39,947		935,559
BroadVision, Inc.		33,469		806,603
Carbonite, Inc.		34,719		277,405
Constant Contact, Inc.		92,354		2,232,196
Cornerstone OnDemand, Inc.		200		4,156
CoStar Group, Inc.		20,641		1,504,523
DealerTrack Holdings, Inc.		7,588		226,350
Demand Media, Inc.		74,635		620,217
Dice Holdings, Inc.		77,766		838,318
Envestnet, Inc.		783		9,795
FriendFinder Networks, Inc.		700		763
IAC/InterActiveCorporation		490		23,594
j2 Global, Inc.		96,445		2,491,174
KIT digital, Inc.		501,857		3,402,590
Liquidity Services, Inc.		13,648		727,848
Local.com Corporation		252,036		630,090
LogMeIn, Inc.		35,263		1,269,821
LoopNet, Inc.		114,054		2,186,415
Marchex, Inc. - Class B		121,685		423,464
Monster Worldwide, Inc.		345,475		2,981,449
OpenTable, Inc.		150,295		6,722,695
Openwave Systems, Inc.		2,427		6,262
Perficient, Inc.		27,847		334,442
Phoenix New Media Ltd. - ADR		123		775

40

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Information Technology — 12.0% (Continued)
Internet Software & Services — 3.0% (Continued)
Points International Ltd.		600	$	7,770
Qihoo 360 Technology Company Ltd. - ADR		34,554		846,573
Quepasa Corporation		748,301		2,843,544
QuinStreet, Inc.		111,069		1,167,335
Rediff.com India Ltd. - ADR		80,503		503,144
Remark Media, Inc.		1,367		6,111
Renren, Inc.		138,889		847,223
Sify Technologies Ltd. - ADR		120,999		364,207
SPS Commerce, Inc.		10,496		291,999
Stamps.com, Inc.		23,573		684,324
Support.com, Inc.		302		1,096
TechTarget, Inc.		562		4,181
Travelzoo, Inc.		61,291		1,591,114
United Online, Inc.		57,727		273,626
Vistaprint N.V.		86,890		3,240,128
Web.com Group, Inc.		16,656		215,695
WebMD Health Corporation		300		6,825
Yelp, Inc.		121,800		2,784,348
Zillow, Inc.		20,557		716,823
				51,373,794
IT Services — 0.7%
CACI International, Inc.		14,852		907,903
Cass Information Systems, Inc.		701		28,706
China Information Technology, Inc.		5		6
CIBER, Inc.		315,566		1,312,755
Computer Task Group, Inc.		23,705		341,826
CoreLogic, Inc.		300		5,010
DJSP Enterprises, Inc.		15,586		1,901
Hackett Group, Inc. (The)		670		3,826
Heartland Payment Systems, Inc.		65		1,980
Higher One Holdings, Inc.		308,655		4,867,489
Mantech International Corporation - Class A		48,571		1,526,101
Mattersight Corporation		300		2,838
ModusLink Global Solutions, Inc.		4,159		20,587
NCI, Inc. - Class A		1,006		4,990
ServiceSource International, Inc.		143,917		2,386,144
VeriFone Systems, Inc.		231		11,005
Yucheng Technologies Ltd.		200		610
Zanett, Inc.		12,650		1,012
				11,424,689
Semiconductors & Semiconductor Equipment — 2.1%
Aixtron SE - ADR		27,515		503,800
Amkor Technology, Inc.		149,700		773,949
ATMI, Inc.		252		5,295
AuthenTec, Inc.		118		384
Cabot Microelectronics Corporation		48,750		1,676,025
Camtek Ltd.		9,493		22,498
Canadian Solar, Inc.		305,600		1,054,320

41

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Information Technology — 12.0% (Continued)
Semiconductors & Semiconductor Equipment — 2.1% (Continued)
Cavium, Inc.		29,051	$	850,032
CEVA, Inc.		100		2,209
Cirrus Logic, Inc.		48,789		1,335,843
Cree, Inc.		700		21,630
CSR plc		1		19
CVD Equipment Corporation		20,462		284,831
Cypress Semiconductor Corporation		1,100		17,050
DayStar Technologies, Inc.		8,952		13,876
Diodes, Inc.		105,652		2,354,983
Energy Conversion Devices, Inc.		825,037		42,902
Entropic Communications, Inc.		359,973		1,522,686
Evergreen Solar, Inc.		114,139		5,593
First Solar, Inc.		256,076		4,711,798
FormFactor, Inc.		48		269
Freescale Semiconductor Holdings I Ltd.		11		137
FSI International, Inc.		2,269		11,504
GSI Technology, Inc.		624		2,640
GT Advanced Technologies, Inc.		112,730		733,872
Hittite Microwave Corporation		12,474		667,858
Ikanos Communications, Inc.		1,300		1,040
Integrated Silicon Solution, Inc.		13,438		142,712
International Rectifier Corporation		45,229		987,349
JinkoSolar Holding Company Ltd. - ADR		103,541		567,405
Kopin Corporation		335,514		1,197,785
LDK Solar Company Ltd.		146,738		466,627
Mellanox Technologies Ltd.		901		52,790
MEMC Electronic Materials, Inc.		495,255		1,777,965
Microsemi Corporation		300		6,456
MIPS Technologies, Inc.		262,594		1,717,365
MoSys, Inc.		92,957		334,645
NVE Corporation		16,928		857,911
OmniVision Technologies, Inc.		277,422		5,110,113
Photronics, Inc.		137,439		850,747
PLX Technology, Inc.		281		1,118
QuickLogic Corporation		2,978		8,934
Rambus, Inc.		1,344		6,841
Rubicon Technology, Inc.		312,721		2,955,213
Rudolph Technologies, Inc.		36,649		395,809
Sigma Designs, Inc.		115		634
Silicon Image, Inc.		497		2,982
Silicon Laboratories, Inc.		14,504		514,747
STR Holdings, Inc.		370,164		1,414,026
Suntech Power Holdings Company Ltd. - ADR		203,620		513,122
Tower Semiconductor Ltd.		226,294		219,505
Transwitch Corporation		20,065		45,748
Vitesse Semiconductor Corporation		1,700		4,998
				36,770,590

42

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Information Technology — 12.0% (Continued)
Software — 2.8%
Accelrys, Inc.		2,792	$	22,978
American Software, Inc. - Class A		105,410		872,795
AsiaInfo-Linkage, Inc.		520,720		6,561,072
Astea International, Inc.		100		328
Augme Technologies, Inc.		10,081		22,884
BroadSoft, Inc.		44,555		1,907,400
Callidus Software, Inc.		154,411		1,222,935
China CGame, Inc.		12,695		1,523
China TransInfo Technology Corporation		122,320		556,556
Concur Technologies, Inc.		47,396		2,680,718
Convio, Inc.		61,628		986,048
CyberDefender Corporation		11,408		57
Ebix, Inc.		269,521		5,511,704
Evergreen Energy, Inc.		172,973		5,552
FalconStor Software, Inc.		2,760		9,080
Glu Mobile, Inc.		236,510		1,076,121
Interactive Intelligence Group, Inc.		25,447		754,758
JDA Software Group, Inc.		1,659		47,912
Jive Software, Inc.		9,162		218,147
Magic Software Enterprises Ltd.		185,984		1,197,737
MICROS Systems, Inc.		300		17,049
MIND C.T.I. Ltd.		2,400		4,248
Mitek Systems, Inc.		181,150		1,025,309
Motricity, Inc.		647,032		666,443
NetSuite, Inc.		616		27,338
Rosetta Stone, Inc.		154,716		1,618,329
Sky-Mobi Ltd. - ADR		111,039		330,896
Sourcefire, Inc.		61,637		3,142,871
SRS Labs, Inc.		751		7,157
Synchronoss Technologies, Inc.		76,029		2,379,708
Take-Two Interactive Software, Inc.		280,257		3,951,624
TeleCommunication Systems, Inc.		179		345
TeleNav, Inc.		16,407		111,075
THQ, Inc.		20,000		13,600
TigerLogic Corporation		280		613
TiVo, Inc.		34,087		367,799
Top Image Systems Ltd.		19,170		98,342
Trunkbow International Holdings Ltd.		100		194
Tyler Technologies, Inc.		200		7,990
Ultimate Software Group, Inc. (The)		12,129		935,874
VirnetX Holding Corporation		287,602		7,144,034
Vringo, Inc.		76,084		262,490
Wave Systems Corporation - Class A		1,175,160		1,680,479
Websense, Inc.		66,501		1,379,231
				48,829,343
Materials — 4.1%
Chemicals — 0.9%
ADA-ES, Inc.		80,875		2,173,516

43

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Materials — 4.1% (Continued)
Chemicals — 0.9% (Continued)
American Vanguard Corporation		4,982	$	124,550
Balchem Corporation		8,158		235,766
Cereplast, Inc.		99,634		55,795
China Agritech, Inc.		85,645		72,798
China Gengsheng Minerals, Inc.		65,549		48,506
China Green Agriculture, Inc.		238,826		991,128
Clean Diesel Technologies, Inc.		142,078		475,961
Gulf Resources, Inc.		280,156		610,740
Hawkins, Inc.		43,009		1,493,703
Kronos Worldwide, Inc.		700		16,618
Rentech Nitrogen Partners, L.P.		22,067		650,314
Scotts Miracle-Gro Company (The) - Class A		34,311		1,797,896
Senomyx, Inc.		20,603		45,121
Sensient Technologies Corporation		15,700		583,255
ShengdaTech, Inc.		32,215		3,125
Terra Nitrogen Company, L.P.		1,162		311,416
Yongye International, Inc.		730,650		2,345,386
Zoltek Companies, Inc.		325,350		3,588,611
				15,624,205
Construction Materials — 0.3%
Texas Industries, Inc.		163,047		5,480,010
Containers & Packaging — 0.0% (a)
AEP Industries, Inc.		10		349
Graphic Packaging Holding Company		123		658
Greif, Inc. - Class A		3,925		210,537
				211,544
Metals & Mining — 2.6%
A.M. Castle & Company		128,626		1,722,302
AK Steel Holding Corporation		803,051		5,958,638
Alderon Iron Ore Corporation		100,000		288,508
Allied Nevada Gold Corporation		411		12,038
AMCOL International Corporation		106,672		3,515,909
Anooraq Resources Corporation		204,106		52,251
Augusta Resource Corporation		125		319
Avalon Rare Metals, Inc.		229,881		577,001
CD International Enterprises, Inc.		17,830		5,258
China Gerui Advanced Materials Group Ltd.		11,810		33,659
China Natural Resources, Inc.		4,312		31,779
China Precision Steel, Inc.		299,375		125,767
China Shen Zhou Mining & Resources, Inc.		51,778		64,723
Compass Minerals International, Inc.		3,200		244,864
Crosshair Energy Corporation		271,904		109,713
Eco Oro Minerals Corporation		17,792		41,425
Extorre Gold Mines Ltd.		82,297		349,902
General Moly, Inc.		673,263		2,181,372
General Steel Holdings, Inc.		127,677		141,721
Gold Reserve, Inc.		153		658

44

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Materials — 4.1% (Continued)
Metals & Mining — 2.6% (Continued)
Gold Resource Corporation		32,386	$	878,308
Golden Minerals Company		147,964		1,105,291
Great Northern Iron Ore Properties		5,799		389,171
Hecla Mining Company		64,226		274,887
Horsehead Holding Corporation		197,069		2,213,085
Jaguar Mining, Inc.		237,931		644,793
Kaiser Aluminum Corporation		18,859		991,418
Kimber Resources, Inc.		11,900		11,186
McEwen Mining, Inc.		287,129		1,088,219
Mesabi Trust		6,572		200,380
Midway Gold Corporation		481,062		692,729
Molycorp, Inc.		122,882		3,325,187
North American Palladium Ltd.		191,852		575,556
Olympic Steel, Inc.		101,675		2,148,393
Orezone Gold Corporation		33,145		57,376
Paramount Gold and Silver Corporation		259,092		632,185
Polymet Mining Corporation		238,202		240,584
Pretium Resources, Inc.		150		2,535
Puda Coal, Inc.		61,600		14,722
Qiao Xing Universal Resources, Inc. (b)		20,696		6,571
Quest Rare Minerals Ltd.		21,913		43,700
Rare Element Resources Ltd.		729,636		3,845,182
Revett Minerals, Inc.		662		2,628
RTI International Metals, Inc.		222,803		5,469,814
Seabridge Gold, Inc.		44,681		748,854
Silver Bull Resources, Inc.		106,114		57,280
SinoCoking Coal and Coke Chemical Industries, Inc.		102,390		213,995
Southern Copper Corporation		8,310		273,233
SunCoke Energy, Inc.		24,044		365,950
Tanzanian Royalty Exploration Corporation		379,706		1,697,286
Torex Gold Resources, Inc.		172,414		300,203
Vista Gold Corporation		353,476		1,067,498
				45,036,006
Paper & Forest Products — 0.3%
AbitibiBowater, Inc.		16,600		219,950
Deltic Timber Corporation		4,240		258,979
Louisiana-Pacific Corporation		128,058		1,158,925
Orient Paper, Inc.		143,956		434,747
P.H. Glatfelter Company		112,012		1,745,147
Wausau Paper Corporation		33,745		305,730
				4,123,478
Telecommunication Services — 1.1%
Diversified Telecommunication Services — 1.0%
8x8, Inc.		202,937		838,130
Alaska Communications Systems Group, Inc.		762,857		1,952,914
Boingo Wireless, Inc.		432		4,549
CenturyLink, Inc.		16		617
Cincinnati Bell, Inc.		732,510		2,783,538

45

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Telecommunication Services — 1.1% (Continued)
Diversified Telecommunication Services — 1.0% (Continued)
Cogent Communications Group, Inc.		10,526	$	197,152
Consolidated Communications Holdings, Inc.		221,181		4,279,852
Elephant Talk Communications, Inc.		24,529		49,794
Fairpoint Communications, Inc.		247,376		1,145,351
Frontier Communications Corporation		1,655		6,686
Hawaiian Telcom Holdco, Inc.		378		7,859
inContact, Inc.		1,623		8,845
Iridium Communications, Inc.		376,714		3,311,316
magicJack VocalTec Ltd.		100,802		2,515,010
Neutral Tandem, Inc.		12,755		148,213
Radcom Ltd.		52,681		260,771
Telecom Italia S.p.A.		72		815
				17,511,412
Wireless Telecommunication Services — 0.1%
MetroPCS Communications, Inc.		643		4,694
NII Holdings, Inc.		47,194		660,480
Shenandoah Telecommunications Company		596		6,645
USA Mobility, Inc.		10,968		141,707
				813,526
Utilities — 0.9%
Electric Utilities — 0.2%
Central Vermont Public Service Corporation		51,132		1,802,403
Exelon Corporation		172		6,710
Great Plains Energy, Inc.		45,925		937,788
MGE Energy, Inc.		1,409		64,448
Northeast Utilities		200		7,354
Otter Tail Corporation		19,265		423,059
Portland General Electric Company		4,820		124,501
UIL Holdings Corporation		746		25,640
				3,391,903
Gas Utilities — 0.3%
China Natural Gas, Inc.		228,204		365,127
Ferrellgas Partners, L.P.		84,606		1,258,091
Laclede Group, Inc. (The)		25,364		998,834
Northwest Natural Gas Company		67,083		3,065,693
Piedmont Natural Gas Company, Inc.		21,666		660,380
				6,348,125
Independent Power Producers & Energy Traders — 0.1%
American DG Energy, Inc.		12,029		27,907
Atlantic Power Corporation		41,890		598,189
Dynegy, Inc.		28,835		11,822
Ormat Technologies, Inc.		29,593		585,054
U.S. Geothermal, Inc.		189,017		77,497
				1,300,469
Multi-Utilities — 0.3%
Avista Corporation		12,675		335,127
Black Hills Corporation		27,769		916,655
CH Energy Group, Inc.		50,830		3,335,465

46

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 66.4% (Continued)	Shares		Value
Utilities — 0.9% (Continued)
Multi-Utilities — 0.3% (Continued)
MDU Resources Group, Inc.		58	$	1,330
Wisconsin Energy Corporation		10,955		403,582
				4,992,159
Water Utilities — 0.0% (a)
Artesian Resources Corporation - Class A		300		5,727
Cadiz, Inc.		24,589		207,285
Connecticut Water Service, Inc.		5,826		161,671
Consolidated Water Company Ltd.		710		5,091
Middlesex Water Company		843		15,646
				395,420
Total Common Stocks (Proceeds $1,293,154,777)			$	1,144,762,037

PREFERRED STOCKS — 0.0% (a)	Shares		Value
Orchard Supply Hardware Stores Corporation - Series A (Proceeds $1,314)		3,254	$	6,183

OTHER INVESTMENTS — 10.1% (a)	Shares		Value
Firsthand Technology Value Fund, Inc.		7,300	$	191,771
iPath S&P 500 VIX Mid-Term Futures ETN		113,034		5,129,483
iPath S&P 500 VIX Short-Term Futures ETN		1,836,549		30,394,886
PIMCO Global StocksPLUS & Income Fund		48		1,008
SPDR S&P 500 ETF Trust		526,774		73,627,202
Vanguard S&P 500 ETF		997,598		63,806,368
WisdomTree Earnings 500 Fund		165		8,054
Total Other Investments (Proceeds $191,266,403)			$	173,158,772

47

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
WARRANTS — 0.0% (a)	Shares		Value
American International Group, Inc.		854	$	10,974
Magnum Hunter Resources Corporation (b)		15,718		—
Zion Oil & Gas, Inc.		44,348		8,869
Total Warrants (Proceeds $14,295)			$	19,843
Total Securities Sold Short — 76.5% (Proceeds $1,484,436,789)			$	1,317,946,835

ADR - American Depositary Receipt.
(a)	Percentage rounds to less than 0.1%.
(b)	Securities fair valued under supervision of the Board of Trustees totaled $(1,383,327) at April 30, 2012, representing (0.1%) of net assets (Note 2).
See accompanying notes to financial statements.

48

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2012 (Unaudited)
COMMON STOCKS — 99.2%	Shares		Value
Consumer Discretionary — 15.7%
Auto Components — 1.5%
Cooper Tire & Rubber Company		11,795	$	176,335
Other Auto Components (a)				573,177
				749,512
Diversified Consumer Services — 0.8%
Other Diversified Consumer Services (a)				402,337
Hotels, Restaurants & Leisure — 3.2%
Carrols Restaurant Group, Inc. (b)		11,620		175,229
Other Hotels, Restaurants & Leisure (a)				1,469,667
				1,644,896
Household Durables — 0.5%
Other Household Durables (a)				277,526
Internet & Catalog Retail — 0.8%
Shutterfly, Inc. (b)		5,971		185,818
Other Internet & Catalog Retail (a)				205,844
				391,662
Leisure Equipment & Products — 1.3%
Arctic Cat, Inc. (b)		4,104		181,561
LeapFrog Enterprises, Inc. (b)		26,987		252,059
Smith & Wesson Holding Corporation (b)		20,925		172,631
Other Leisure Equipment & Products (a)				60,316
				666,567
Media — 2.3%
Knology, Inc. (b)		10,740		208,893
Madison Square Garden Company (The) - Class A (b)		4,889		175,857
Other Media (a)				773,731
				1,158,481
Multiline Retail — 0.1%
Other Multiline Retail (a)				68,966
Specialty Retail — 3.3%
Other Specialty Retail (a)				1,665,926
Textiles, Apparel & Luxury Goods — 1.9%
Movado Group, Inc.		9,893		280,467
Other Textiles, Apparel & Luxury Goods (a)				682,624
				963,091
Consumer Staples — 3.7%
Beverages — 0.3%
Other Beverages (a)				126,183
Food & Staples Retailing — 1.5%
PriceSmart, Inc.		2,110		174,159
Susser Holdings Corporation (b)		6,424		171,457

49

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 99.2% (Continued)	Shares		Value
Consumer Staples — 3.7% (Continued)
Food & Staples Retailing — 1.5% (Continued)
United Natural Foods, Inc. (b)		3,391	$	167,142
Other Food & Staples Retailing (a)				263,173
				775,931
Food Products — 1.3%
Darling International, Inc. (b)		12,591		206,240
Dean Foods Company (b)		18,267		224,319
Other Food Products (a)				241,131
				671,690
Household Products — 0.0% (c)
Other Household Products (a)				5,734
Personal Products — 0.6%
Other Personal Products (a)				299,104
Tobacco — 0.0% (c)
Other Tobacco (a)				14,666
Energy — 8.0%
Energy Equipment & Services — 3.2%
TGC Industries, Inc. (b)		18,862		215,218
Unit Corporation (b)		6,248		263,978
Other Energy Equipment & Services (a)				1,157,311
				1,636,507
Oil, Gas & Consumable Fuels — 4.8%
Delek US Holdings, Inc.		11,017		179,577
GeoResources, Inc. (b)		4,657		175,615
Quicksilver Resources, Inc. (b)		38,760		182,172
Other Oil, Gas & Consumable Fuels (a)				1,898,980
				2,436,344
Financials — 14.0%
Capital Markets — 3.4%
American Capital Ltd. (b)		18,248		181,203
Calamos Asset Management, Inc. - Class A		15,109		195,208
E*TRADE Financial Corporation (b)		17,017		180,891
Other Capital Markets (a)				1,169,567
				1,726,869
Commercial Banks — 2.6%
Popular, Inc. (b)		139,937		249,088
Other Commercial Banks (a)				1,065,159
				1,314,247
Consumer Finance — 0.2%
Other Consumer Finance (a)				138,665
Diversified Financial Services — 0.8%
MarketAxess Holdings, Inc.		8,947		306,971
Other Diversified Financial Services (a)				110,908
				417,879

50

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 99.2% (Continued)	Shares		Value
Financials — 14.0% (Continued)
Insurance — 4.1%
Delphi Financial Group, Inc. - Class A		6,731	$	305,722
Symetra Financial Corporation		15,141		184,115
Other Insurance (a)				1,591,229
				2,081,066
Real Estate Investment Trusts (REIT) — 1.6%
Other Real Estate Investment Trusts (REIT) (a)				807,078
Real Estate Management & Development — 0.1%
Other Real Estate Management & Development (a)				51,922
Thrifts & Mortgage Finance — 1.2%
Washington Federal, Inc.		9,518		166,946
Other Thrifts & Mortgage Finance (a)				437,707
				604,653
Health Care — 14.2%
Biotechnology — 2.6%
Pharmacyclics, Inc. (b)		6,937		191,184
Other Biotechnology (a)				1,138,371
				1,329,555
Health Care Equipment & Supplies — 3.6%
Gen-Probe, Inc. (b)		2,251		183,569
Orthofix International N.V. (b)		5,092		209,892
Other Health Care Equipment & Supplies (a)				1,453,724
				1,847,185
Health Care Providers & Services — 5.1%
Community Health Systems, Inc. (b)		7,260		176,708
Other Health Care Providers & Services (a)				2,426,774
				2,603,482
Health Care Technology — 0.5%
Other Health Care Technology (a)				263,894
Life Sciences Tools & Services — 1.6%
Other Life Sciences Tools & Services (a)				782,417
Pharmaceuticals — 0.8%
Other Pharmaceuticals (a)				391,140
Industrials — 15.7%
Aerospace & Defense — 1.5%
Exelis, Inc.		14,894		171,728
Other Aerospace & Defense (a)				613,404
				785,132
Air Freight & Logistics — 0.5%
UTi Worldwide, Inc.		10,400		173,368
Other Air Freight & Logistics (a)				78,705
				252,073

51

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 99.2% (Continued)	Shares		Value
Industrials — 15.7% (Continued)
Airlines — 0.9%
Copa Holdings, S.A. - Class A		2,175	$	176,850
Other Airlines (a)				261,626
				438,476
Building Products — 0.2%
Other Building Products (a)				126,613
Commercial Services & Supplies — 2.5%
Copart, Inc. (b)		6,378		168,443
Corrections Corporation of America (b)		6,399		184,867
UniFirst Corporation		3,677		223,415
Other Commercial Services & Supplies (a)				692,910
				1,269,635
Construction & Engineering — 1.5%
Other Construction & Engineering (a)				746,752
Electrical Equipment — 1.2%
Other Electrical Equipment (a)				614,461
Industrial Conglomerates — 0.3%
Carlisle Companies, Inc.		3,083		169,750
Machinery — 2.1%
Other Machinery (a)				1,048,242
Professional Services — 1.2%
Other Professional Services (a)				633,623
Road & Rail — 2.2%
Other Road & Rail (a)				1,095,102
Trading Companies & Distributors — 1.6%
TAL International Group, Inc.		4,163		171,973
Other Trading Companies & Distributors (a)				639,849
				811,822
Information Technology — 19.0%
Communications Equipment — 2.4%
Brocade Communications Systems, Inc. (b)		51,678		286,296
EchoStar Corporation - Class A (b)		10,171		295,468
Harmonic, Inc. (b)		36,195		170,840
Other Communications Equipment (a)				495,566
				1,248,170
Computers & Peripherals — 1.9%
NCR Corporation (b)		7,619		179,046
Other Computers & Peripherals (a)				770,605
				949,651

52

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 99.2% (Continued)	Shares		Value
Information Technology — 19.0% (Continued)
Electronic Equipment, Instruments & Components — 2.6%
Other Electronic Equipment, Instruments & Components (a)			$	1,313,165
Internet Software & Services — 2.0%
Other Internet Software & Services (a)				1,007,304
IT Services — 4.1%
DST Systems, Inc.		5,200		291,096
Lender Processing Services, Inc.		9,256		245,747
Other IT Services (a)				1,581,241
				2,118,084
Office Electronics — 0.6%
Zebra Technologies Corporation - Class A (b)		7,691		298,334
Semiconductors & Semiconductor Equipment — 3.1%
Silicon Image, Inc. (b)		27,829		166,974
Veeco Instruments, Inc. (b)		5,651		170,604
Other Semiconductors & Semiconductor Equipment (a)				1,241,888
				1,579,466
Software — 2.3%
Actuate Corporation (b)		23,499		166,843
Other Software (a)				990,382
				1,157,225
Materials — 5.5%
Chemicals — 2.7%
Other Chemicals (a)				1,338,155
Containers & Packaging — 0.7%
Other Containers & Packaging (a)				368,331
Metals & Mining — 1.8%
Carpenter Technology Corporation		5,621		312,865
Other Metals & Mining (a)				598,380
				911,245
Paper & Forest Products — 0.3%
Other Paper & Forest Products (a)				158,580
Telecommunication Services — 1.7%
Diversified Telecommunication Services — 0.9%
Other Diversified Telecommunication Services (a)				437,672
Wireless Telecommunication Services — 0.8%
Other Wireless Telecommunication Services (a)				437,630
Utilities — 1.7%
Electric Utilities — 0.3%
Other Electric Utilities (a)				155,023

53

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 99.2% (Continued)	Shares	Value
Utilities — 1.7% (Continued)
Gas Utilities — 0.4%
Other Gas Utilities (a)		$	207,345
Independent Power Producers & Energy Traders — 0.4%
Other Independent Power Producers & Energy Traders (a)			201,805
Multi-Utilities — 0.4%
Other Multi-Utilities (a)			223,856
Water Utilities — 0.2%
Other Water Utilities (a)			95,750
Total Common Stocks (Cost $47,772,417)		$	50,513,647

MONEY MARKET FUNDS — 3.4%	Shares		Value
UMB Money Market Fiduciary, 0.01% (d) (Cost $1,700,459)		1,700,459	$	1,700,459
Total Investments at Value — 102.6% (Cost $49,472,876)			$	52,214,106
Liabilities in Excess of Other Assets — (2.6%)				(1,308,349	)
Net Assets — 100.0%			$	50,905,757

*	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)	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, 2012.
(b)	Non-income producing security.
(c)	Percentage rounds to less than 0.1%.
(d)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2012.
See accompanying notes to financial statements.

54

TFS HEDGED FUTURES FUND SCHEDULE OF INVESTMENTS* April 30, 2012 (Unaudited)
MONEY MARKET FUNDS — 82.3%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.14% (a)		6,050,000	$	6,050,000
Fidelity Institutional Money Market Portfolio - Class I, 0.20% (a)		15,583,687		15,583,687
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.18% (a)		5,000,503		5,000,503
PIMCO Money Market Fund - Institutional Class, 0.05% (a)		1,866,000		1,866,000
Vanguard Prime Money Market Fund - Investor Shares, 0.05% (a)		5,000,088		5,000,088
Total Investments at Value — 82.3% (Cost $33,500,278)			$	33,500,278
Other Assets in Excess of Liabilities — 17.7%				7,195,441
Net Assets — 100.0%			$	40,695,719

*	Consolidated financial statement (Note 1).
(a)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2012.
See accompanying notes to financial statements.

55

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS* April 30, 2012 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Brent Crude Oil Future	5/16/2012		6	$	716,400	$	(13,324	)
Class III Milk Future	5/30/2012		33		984,720		(4,251	)
Class III Milk Future	7/3/2012		12		342,000		627
Cocoa Future	7/16/2012		39		865,410		(2,542	)
Coffee Future	7/19/2012		10		673,312		(67	)
Copper Future	7/27/2012		1		95,938		4,786
Corn Future	7/13/2012		57		1,807,612		75,547
Cotton No. 2 Future	7/9/2012		3		134,100		1,701
Frozen Concentrate Orange Juice Future	7/11/2012		32		680,880		(13,809	)
Gas Oil Future	5/10/2012		1		101,175		1,273
Gold Future	6/27/2012		8		1,332,400		5,720
Heating Oil Future	5/31/2012		1		133,657		2,636
Live Cattle Future	6/29/2012		34		1,553,120		(42,204	)
Palladium Future	6/27/2012		13		887,770		19,818
Platinum Future	7/27/2012		15		1,176,825		(48,707	)
Soybean Future	7/13/2012		17		1,279,675		58,079
Soybean Meal Future	7/13/2012		8		348,400		28,859
Soybean Oil Future	7/13/2012		13		429,390		(6,371	)
Sugar #11 Future	6/29/2012		100		2,365,440		(66,020	)
Wheat Future	7/13/2012		12		392,700		16,855
Total Commodity Futures					16,300,924		18,606
CURRENCY FUTURES
Australian Dollar Future	6/18/2012		45		4,665,150		11,133
Mexican Peso Future	6/18/2012		91		3,478,475		(27,021	)
Total Currency Futures					8,143,625		(15,888	)
Total Futures Contracts				$	24,444,549	$	2,718

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

56

TFS HEDGED FUTURES FUND SCHEDULE OF FUTURES CONTRACTS SOLD SHORT* April 30, 2012 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Class III Milk Future	5/30/2012		12	$	358,080	$	17,427
Class III Milk Future	7/3/2012		6		171,000		(737	)
Coffee Future	7/19/2012		11		740,644		(6,576	)
Copper Future	7/27/2012		6		575,625		(21,714	)
Crude Oil Future	5/22/2012		11		1,153,020		(12,766	)
Feeder Cattle Future	5/24/2012		10		749,875		12,472
Feeder Cattle Future	8/30/2012		13		999,375		1,239
Frozen Concentrate Orange Juice Future	7/11/2012		1		21,278		327
Heating Oil Future	5/31/2012		2		267,313		(3,440	)
Lean Hogs Future	6/14/2012		69		2,379,120		171,000
Live Cattle Future	6/29/2012		27		1,233,360		31,106
Lumber Future	7/13/2012		58		1,792,142		(70,230	)
Natural Gas Future	5/29/2012		115		2,636,950		(284,237	)
Natural Gas Future	6/27/2012		10		240,400		(23,423	)
Rough Rice Future	7/13/2012		35		1,059,100		32,526
Silver Future	7/27/2012		1		155,175		(402	)
Soybean Future	7/13/2012		1		75,275		(3,740	)
Soybean Meal Future	7/13/2012		8		348,400		(19,981	)
Soybean Oil Future	7/13/2012		14		462,420		7,061
Wheat Future	7/13/2012		28		916,300		(28,925	)
Total Commodity Futures					16,334,852		(203,013	)
CURRENCY FUTURES
British Pound Future	6/18/2012		15		1,521,281		(24,354	)
Canadian Dollar Future	6/19/2012		4		404,520		1,310
Euro FX Future	6/18/2012		11		1,820,775		(1,590	)
Japanese Yen Future	6/18/2012		14		2,193,100		(46,722	)
Switzerland Franc Future	6/18/2012		16		2,205,000		(8,658	)
Total Currency Futures					8,144,676		(80,014	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	5/15/2012		101		1,873,550		287,519
CBOE Volatility Index (VIX) Future	6/19/2012		115		2,351,750		140,073
E-Mini S&P 500 Future	6/18/2012		230		16,022,375		(4,012	)
Total Financial Futures					20,247,675		423,580
Total Futures Contracts Sold Short				$	44,727,203	$	140,553

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

57

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF ASSETS AND LIABILITIES April 30, 2012 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
ASSETS
Investments in securities:
At acquisition cost	$	1,583,097,717		$	49,472,876		$	33,500,278
At value (Note 2)	$	1,695,568,064		$	52,214,106		$	33,500,278
Cash		921,242			—			315,898
Cash denominated in foreign currency		517,374	(a)		—			—
Deposits with brokers for securities sold short (Note 2)		1,348,292,047			—			—
Margin deposits for futures contracts (Notes 2 and 6)		—			—			7,094,928
Dividends and interest receivable		754,648			14,123			3,172
Receivable for investment securities sold		219,285,833			4,512,039			—
Receivable for capital shares sold		955,837			21,311			40,950
Other assets		66,390			18,418			19,027
TOTAL ASSETS		3,266,361,435			56,779,997			40,974,253
LIABILITIES
Securities sold short, at value (Note 2) (proceeds $1,484,436,789)		1,317,946,835			—			—
Variation margin payable (Notes 2 and 6)		—			—			209,676
Payable for investment securities purchased		216,785,678			5,702,860			—
Payable for capital shares redeemed		1,043,471			98,039			—
Dividends payable on securities sold short (Note 2)		414,421			—			—
Payable to Adviser (Note 4)		3,173,214			46,951			52,058
Payable to administrator (Note 4)		155,405			10,820			9,300
Accrued brokerage expense on securities sold short (Note 2)		3,258,270			—			—
Other accrued expenses and liabilities		149,106			15,570			7,500
TOTAL LIABILITIES		1,542,926,400			5,874,240			278,534
NET ASSETS	$	1,723,435,035		$	50,905,757		$	40,695,719
Net assets consist of:
Paid-in capital	$	1,702,762,527		$	41,898,245		$	40,260,755
Accumulated net investment loss		(62,224,517	)		(86,260	)		(150,273	)
Accumulated net realized gains (losses) from security transactions and other financial instruments		(196,071,328	)		6,352,542			441,966
Net unrealized appreciation on:
Investments		112,470,347			2,741,230			—
Short positions		166,489,954			—			—
Futures contracts		—			—			143,271
Translation of assets and liabilities in foreign currencies		8,052			—			—
Net assets	$	1,723,435,035		$	50,905,757		$	40,695,719
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		114,281,815			3,752,326			3,825,858
Net asset value, redemption price and offering price per share (b) (Note 2)	$	15.08		$	13.57		$	10.64

*	Consolidated financial statement (Note 1).
(a)	Cost of cash denominated in foreign currency is $521,865.
(b)	Redemption price may differ from the net asset value per share depending upon the length of time the shares are held.
See accompanying notes to financial statements.

58

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2012(a) (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund*
INVESTMENT INCOME
Dividends	$	15,075,621		$	351,601		$	9,122
Foreign tax withholding		(31,530	)		(83	)		—
Interest		949			27			—
TOTAL INVESTMENT INCOME		15,045,040			351,545			9,122
EXPENSES
Brokerage expense on securities sold short (Note 2)		49,266,838			—			—
Investment advisory fees (Note 4)		19,264,346			312,718			138,604
Dividend expense on securities sold short (Note 2)		7,249,911			—			—
Administration fees (Note 4)		491,294			30,000			20,000
Accounting services fees (Note 4)		303,657			20,952			10,699
Custodian fees		197,342			24,559			7,702
Transfer agent fees (Note 4)		170,459			19,365			6,000
Professional fees		35,326			19,346			25,527
Registration and filing fees		58,896			15,895			3,210
Postage and supplies		51,316			7,413			1,572
Trustees’ fees and expenses		21,969			21,969			3,750
Borrowing costs (Note 5)		41,073			1,200			—
Pricing fees		36,708			5,094			—
Compliance service fees and expenses (Note 4)		20,360			6,529			2,572
Printing of shareholder reports		16,805			3,672			2,653
Insurance expense		18,019			920			—
Other expenses		28,107			5,835			5,625
TOTAL EXPENSES		77,272,426			495,467			227,914
Investment advisory fee reductions (Note 4)		—			(57,662	)		(68,519	)
NET EXPENSES		77,272,426			437,805			159,395
NET INVESTMENT LOSS		(62,227,386	)		(86,260	)		(150,273	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gains (losses) from:
Investments		166,606,499			6,912,829			—
Securities sold short		(128,416,364	)		—			—
Futures contracts		—			—			441,966
Foreign currency translation		2,869			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		32,901,487			(831,626	)		—
Securities sold short		98,219,412			—			—
Futures contracts		—			—			143,271
Foreign currency translation		8,071			—			—
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		169,321,974			6,081,203			585,237
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	107,094,588		$	5,994,943		$	434,964

*	Consolidated financial statement (Note 1).
(a)	Except for TFS Hedged Futures Fund, which represents the period from commencement of operations (December 29, 2011) through April 30, 2012.
See accompanying notes to financial statements.

59

TFS MARKET NEUTRAL FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended Ended October 31, 2011
FROM OPERATIONS
Net investment loss	$	(62,227,386	)	$	(101,893,867	)
Net realized gains (losses) from:
Investments		166,606,499			(57,639,740	)
Securities sold short		(128,416,364	)		32,458,231
Foreign currency transactions		2,869			(51,262	)
Net change in unrealized appreciation (depreciation) on:
Investments		32,901,487			8,870,392
Securities sold short		98,219,412			76,725,277
Foreign currency translation		8,071			(19	)
Net increase (decrease) in net assets from operations		107,094,588			(41,530,988	)
FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(28,690,939	)		(107,375,129	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		265,450,592			1,086,344,768
Net asset value of shares issued in reinvestment of distributions to shareholders		21,400,921			89,339,826
Proceeds from redemption fees collected (Note 2)		64,161			170,403
Payments for shares redeemed		(404,149,474	)		(406,903,124	)
Net increase (decrease) in net assets from capital share transactions		(117,233,800	)		768,951,873
TOTAL INCREASE (DECREASE) IN NET ASSETS		(38,830,151	)		620,045,756
NET ASSETS
Beginning of period		1,762,265,186			1,142,219,430
End of period	$	1,723,435,035		$	1,762,265,186
ACCUMULATED NET INVESTMENT LOSS	$	(62,224,517	)	$	—
CAPITAL SHARE ACTIVITY
Shares sold		18,049,571			71,231,581
Shares issued in reinvestment of distributions to shareholders		1,500,766			6,085,819
Shares redeemed		(27,593,822	)		(27,272,508	)
Net increase (decrease) in shares outstanding		(8,043,485	)		50,044,892
Shares outstanding, beginning of period		122,325,300			72,280,408
Shares outstanding, end of period		114,281,815			122,325,300

See accompanying notes to financial statements.

60

TFS SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM OPERATIONS
Net investment loss	$	(86,260	)	$	(156,314	)
Net realized gains (losses) from:
Investments		6,912,829			(195,385	)
Securities sold short		—			3,001
Net change in unrealized appreciation (depreciation) on investments		(831,626	)		674,114
Net increase in net assets from operations		5,994,943			325,416
FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(120,141	)		(2,235,241	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		7,271,370			34,491,562
Net asset value of shares issued in reinvestment of distributions to shareholders		95,370			2,062,420
Proceeds from redemption fees collected (Note 2)		5,936			19,574
Payments for shares redeemed		(13,615,612	)		(19,173,870	)
Net increase (decrease) in net assets from capital share transactions		(6,242,936	)		17,399,686
TOTAL INCREASE (DECREASE) IN NET ASSETS		(368,134	)		15,489,861
NET ASSETS
Beginning of period		51,273,891			35,784,030
End of period	$	50,905,757		$	51,273,891
ACCUMULATED NET INVESTMENT LOSS	$	(86,260	)	$	—
CAPITAL SHARE ACTIVITY
Shares sold		571,982			2,672,521
Shares issued in reinvestment of distributions to shareholders		7,934			164,599
Shares redeemed		(1,075,594	)		(1,576,877	)
Net increase (decrease) in shares outstanding		(495,678	)		1,260,243
Shares outstanding, beginning of period		4,248,004			2,987,761
Shares outstanding, end of period		3,752,326			4,248,004

See accompanying notes to financial statements.

61

TFS HEDGED FUTURES FUND STATEMENT OF CHANGES IN NET ASSETS*
	Period Ended April 30, 2012(a) (Unaudited)
FROM OPERATIONS
Net investment loss	$	(150,273	)
Net realized gains from futures contracts		441,966
Net change in unrealized appreciation (depreciation) on futures contracts		143,271
Net increase in net assets from operations		434,964
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		40,371,402
Proceeds from redemption fees collected (Note 2)		862
Payments for shares redeemed		(111,509	)
Net increase in net assets from capital share transactions		40,260,755
TOTAL INCREASE IN NET ASSETS		40,695,719
NET ASSETS
Beginning of period		—
End of period	$	40,695,719
ACCUMULATED NET INVESTMENT LOSS	$	(150,273	)
CAPITAL SHARE ACTIVITY
Shares sold		3,836,286
Shares redeemed		(10,428	)
Net increase in shares outstanding		3,825,858
Shares outstanding, beginning of period		—
Shares outstanding, end of period		3,825,858

*	Consolidated financial statement (Note 1).
(a)	Represents the period from commencement of operations (December 29, 2011) through April 30, 2012.
See accompanying notes to financial statements.

62

TFS MARKET NEUTRAL FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Four Months Ended October 31, 2008(a)			Year Ended June 30, 2008			Year Ended June 30, 2007
Net asset value at beginning of period	$	14.41		$	15.80		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44
Income (loss) from investment operations:
Net investment income (loss)		(0.54	)		(0.83	)		(0.45	)		(0.24	)		(0.09	)		(0.23	)		0.01
Net realized and unrealized gains (losses) on investments		1.45			0.93			1.43			2.13			(2.27	)		1.56			2.35
Total from investment operations		0.91			0.10			0.98			1.89			(2.36	)		1.33			2.36
Less distributions:
Distributions from net investment income		—			—			—			—			—			(0.01	)		—
Distributions from net realized gains from security transactions		(0.24	)		(1.49	)		(0.10	)		(0.25	)		—			(0.40	)		(0.22	)
Total distributions		(0.24	)		(1.49	)		(0.10	)		(0.25	)		—			(0.41	)		(0.22	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.00	(b)		0.03			0.02			0.08			0.01
Net asset value at end of period	$	15.08		$	14.41		$	15.80		$	14.92		$	13.25		$	15.59		$	14.59
Total return (c)		6.42%	(d)		0.43%			6.60%			14.86%			(15.01%	)(d)		9.93%			19.18%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,723,435		$	1,762,265		$	1,142,219		$	828,409		$	378,564		$	271,239		$	211,386
Ratio of total expenses to average net assets		9.03%	(e)		8.10%	(f)		4.52%	(f)		4.70%			4.60%	(e)		4.05%			3.30%
Ratio of net expenses to average net assets		9.03%	(e)		8.12%			4.55%			4.67%	(g)		4.55%	(e)(g)		3.94%	(g)		3.07%	(g)
Ratio of net expenses to average net assets excluding dividend expense (h)		8.19%	(e)		7.38%			3.81%			3.84%	(g)		3.68%	(e)(g)		2.80%	(g)		2.48%	(g)
Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (h)		2.42%	(e)		2.47%			2.50%			2.49%	(g)		2.49%	(e)(g)		2.50%	(g)		2.48%	(g)
Ratio of net investment income (loss) to average net assets		(7.28%	)(e)		(6.56%	)		(3.16%	)		(2.32%	)		(2.24%	)(e)		(2.15%	)		0.09%
Portfolio turnover rate		343%	(d)		751%			703%			429%			204%	(d)		536%			492%

(a)	Fund changed fiscal year end to October 31.
(b)	Amount rounds to less than $0.01 per share.
(c)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(d)	Not annualized.
(e)	Annualized.
(f)	Includes previously waived advisory fee reductions and expense reimbursements recouped by the Advisor (Note 4).
(g)	Ratio was determined after advisory fee reductions (Note 4).
(h)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 6.61%, 5.65%, 2.05%, 2.18%, 2.06%(g), 1.44% and 0.59% of average net assets for the periods ended April 30, 2012, October 31, 2011, 2010, 2009 and 2008 and June 30, 2008 and 2007, respectively.
See accompanying notes to financial statements.

63

TFS SMALL CAP FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Four Months Ended October 31, 2008(a)			Year Ended June 30, 2008			Year Ended June 30, 2007
Net asset value at beginning of period	$	12.07		$	11.98		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.06	)		(0.02	)		0.01			(0.18	)		(0.07	)
Net realized and unrealized gains (losses) on investments		1.55			0.87			2.70			2.55			(2.52	)		(1.79	)		2.76
Total from investment operations		1.53			0.83			2.64			2.53			(2.51	)		(1.97	)		2.69
Less distributions:
Distributions from net investment income		—			—			—			(0.01	)		—			—			—
Distributions from net realized gains from security transactions		(0.03	)		(0.74	)		—			—			—			(1.80	)		(0.00	)(b)
Total distributions		(0.03	)		(0.74	)		—			(0.01	)		—			(1.80	)		(0.00	)
Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.01			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of period	$	13.57		$	12.07		$	11.98		$	9.33		$	6.80		$	9.31		$	13.08
Total return (c)		12.70%	(d)		6.68%			28.40%			37.41%			(26.96%	)(d)		(16.40%	)		25.93%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	50,906		$	51,274		$	35,784		$	16,623		$	3,053		$	4,581		$	5,638
Ratio of total expenses to average net assets		1.98%	(e)		1.82%			2.31%			5.14%			4.44%	(e)		5.57%			5.14%
Ratio of net expenses to average net assets (f)		1.75%	(e)		1.69%			1.78%			1.88%			0.88%	(e)		2.72%			2.03%
Ratio of net expenses to average net assets excluding borrowing costs (f)		1.75%	(e)		1.68%			1.78%			1.87%			0.87%	(e)		2.68%			2.03%
Ratio of net investment income (loss) to average net assets		(0.35%	)(e)		(0.31%	)		(0.70%	)		(0.63%	)		0.28%	(e)		(1.76%	)		(0.69%	)
Portfolio turnover rate		280%	(d)		525%			657%			320%			123%	(d)		269%			419%

(a)	Fund changed fiscal year end to October 31.
(b)	Amount rounds to less than $0.01 per share.
(c)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(d)	Not annualized.
(e)	Annualized.
(f)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).
See accompanying notes to financial statements.

64

TFS HEDGED FUTURES FUND FINANCIAL HIGHLIGHTS*
Per share data for a share outstanding throughout the period:	Period Ended April 30, 2012(a) (Unaudited)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)
Net realized and unrealized gains on investments		0.68
Total from investment operations		0.64
Proceeds from redemption fees collected (Note 2)		0.00	(b)
Net asset value at end of period	$	10.64
Total return (c)		6.40%	(d)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	40,696
Ratio of total expenses to average net assets		3.29%	(e)
Ratio of net expenses to average net assets (f)		2.30%	(e)
Ratio of net investment loss to average net assets		(2.17%	)(e)
Portfolio turnover rate		0%

*	Consolidated financial statement (Note 1).
(a)	Represents the period from commencement of operations (December 29, 2011) through April 30, 2012.
(b)	Amount rounds to less than $0.01 per share.
(c)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The return shown does not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(d)	Not annualized.
(e)	Annualized.
(f)	Ratio was determined after advisory fee reductions (Note 4).
See accompanying notes to financial statements.

65

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2012 (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 diversified 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 securities through the Subsidiary to provide exposure to the commodities futures market which otherwise may not be possible in a mutual fund structure. All inter-company accounts and transactions have been eliminated in consolidation for TFS Hedged Futures Fund. The Subsidiary has a fiscal year end of October 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

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

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

TFS Hedged Futures Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

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

Securities valuation – The Funds’ portfolio securities are valued at their fair values as of the close of the 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 of the most recent bid and ask prices on the NYSE or other primary exchange. 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. Futures contracts are generally valued at the last quoted sales price on the applicable valuation date. Futures contracts that trade on exchanges that close before 4:00 p.m. Eastern time are valued at the official settlement price of the primary exchange on which it is traded. Prices for these futures contracts are monitored by TFS Capital LLC (the “Adviser”) until 4:00 p.m. Eastern time to determine if fair valuation is required. Securities for which no quotations are readily available are valued at fair value as determined in good faith under the supervision of the Board of Trustees of the Trust and will be classified as Level 2 or 3 (see below) within the fair value hierarchy, depending on the inputs used.

66

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 securities sold short recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the Financial Accounting Standards Board’s guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Funds are described below:

• Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets and liabilities generally include most common stocks, preferred stocks, closed-end, open-end and exchange-traded funds and notes, warrants, futures contracts and cash equivalents.

• 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 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 that trade infrequently or their trading has been temporarily halted and corporate bonds with values that are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors.

• Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets and liabilities included in this category may include common stocks and other securities that trade infrequently or their trading has been halted for an extended period of time.

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

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

67

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of April 30, 2012:

TFS Market Neutral Fund	Level 1			Level 2			Level 3			Total
Investments in Securities, Securities Sold Short and Money Market Funds:
Common Stocks	$	1,575,313,857		$	—		$	7,213		$	1,575,321,070
Common Stocks – Sold Short		(1,143,378,710	)		(13	)		(1,383,314	)		(1,144,762,037	)
Preferred Stocks – Sold Short		(6,183	)		—			—			(6,183	)
Other Investments		92,326,039			—			—			92,323,489
Other Investments – Sold Short		(173,158,772	)		—			—			(192,779	)
Warrants – Sold Short		(19,843	)		—			—			(19,843	)
Corporate Bonds		—			2,237			—			2,237
Money Market Funds		27,918,718			—			—			27,918,718
Total	$	378,995,106		$	2,224		$	(1,376,101	)	$	377,621,229

TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	50,513,647	$	—	$	—	$	50,513,647
Money Market Funds		1,700,459		—		—		1,700,459
Total	$	52,214,106	$	—	$	—	$	52,214,106

TFS Hedged Futures Fund	Level 1			Level 2		Level 3		Total
Investments in Money Market Funds:
Money Market Funds	$	33,500,278		$	—	$	—	$	33,500,278
Other Financial Instruments:
Futures Contracts	$	24,444,549		$	—	$	—	$	24,444,549
Futures Contracts – Sold Short		(44,727,203	)		—		—		(44,727,203	)
Total	$	(20,282,654	)	$	—	$	—	$	(20,282,654	)

Refer to each Fund’s 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 valued using Level 1, Level 2 and Level 3 inputs by security type and industry type. During the six months ended April 30, 2012, TFS Small Cap Fund and TFS Hedged Futures Fund did not have any transfers in and out of any Level. There were no Level 3 securities or derivative instruments held in TFS Small Cap Fund and no Level 3 securities held in TFS Hedged Futures Fund during the period ended or as of April 30, 2012. It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period.

68

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a reconciliation of Level 3 investments held and securities sold short in TFS Market Neutral Fund for which significant unobservable inputs were used to determine fair value as of April 30, 2012. Because of the inherent uncertainty of valuation, this may differ from the values that would have been used had a ready market for the security existed and this difference could be material.

	Investments		Securities Sold Short
Balance as of October 31, 2011	$	—	$	(647,937	)
Transfers in and/or out of Level 3		7,213		(735,377	)
Balance as of April 30, 2012	$	7,213	$	(1,383,314	)

The total amount of net unrealized appreciation (depreciation) on the Level 3 investments held and securities sold short at April 30, 2012 was $(14,698) and $2,302,002, respectively.

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the net asset value per share, except that shares are subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase. During the periods ended April 30, 2012 and October 31, 2011, proceeds from redemption fees totaled $64,161 and $170,403, respectively, for TFS Market Neutral Fund and $5,936 and $19,574, respectively, for TFS Small Cap Fund. During the period ended April 30, 2012, proceeds from redemption fees totaled $862 for TFS Hedged Futures Fund.

Investment income (expense) – Dividend income (expense) is recorded on the ex-dividend date. Interest income is accrued as earned.

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

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains. The tax character of distributions paid by the Funds during the periods ended April 30, 2012 and October 31, 2011 was as follows:

	Period Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	4/30/2012	$	23,395,431	$	5,295,508	$	28,690,939
	10/31/2011	$	87,395,252	$	19,979,877	$	107,375,129
TFS Small Cap Fund	4/30/2012	$	—	$	120,141	$	120,141
	10/31/2011	$	2,114,058	$	121,183	$	2,235,241
TFS Hedged Futures Fund	4/30/2012	$	—	$	—	$	—
	10/31/2011		N/A		N/A		N/A

69

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 expenses 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 to maintain assets consisting of cash, cash equivalents or liquid securities equal to the market value of the securities sold short. The deposits with brokers for securities sold short are reported on the Statements of Assets and Liabilities. The amount of the collateral is required to be adjusted daily to reflect changes in the value of the securities sold short. TFS Market Neutral Fund and TFS Hedged Futures Fund both engage in short selling as a principal investment strategy while TFS Small Cap Fund does not. TFS Small Cap Fund currently intends to limit its exposure to short positions to 5% of its net assets.

Futures contracts – TFS Hedged Futures Fund is subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing its investment objective. The Fund may use futures contracts to gain exposure or to hedge against changes in the value of equities, interest rates, foreign currencies or commodities. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. When the Fund purchases or sells a futures contract, no price is paid to or received by the Fund upon the purchase or sale of the futures contract. Instead, the Fund is required to deposit in a segregated asset account an amount of cash or qualifying securities currently ranging from 5% to 15% of the contract amount. This is called the “initial margin deposit.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying asset. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. If market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The margin deposits for futures contracts and the variation margin receivable or payable are reported on the Statements of Assets and Liabilities.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Common expenses – Common expenses of the Trust are allocated between the Funds based on the relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

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

A. The market values of investment securities and other assets and liabilities are translated at the closing rate on the London Stock Exchange each day.

70

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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 the 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.

Federal income tax – It is each Fund’s policy to comply with the special provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its ordinary income (net investment income and specified gains and losses) and 98.2% of its net realized capital gains plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of April 30, 2012:

	TFS Market Neutral Fund			TFS Small Cap Fund			TFS Hedged Futures Fund
Tax cost of portfolio investments	$	1,718,610,182		$	50,202,496		$	33,500,278
Gross unrealized appreciation	$	98,134,349		$	3,837,647		$	—
Gross unrealized depreciation		(121,176,467	)		(1,826,037	)		—
Net unrealized appreciation (depreciation) on investments		(23,042,118	)		2,011,610			—
Net unrealized appreciation on securities sold short		50,193,361			—			—
Net unrealized appreciation on translation of assets and liabilities in foreign currencies		8,052			—			—
Accumulated net investment loss		(62,224,517	)		(86,260	)		(150,273	)
Other gains		55,737,730			7,082,162			585,237
Accumulated earnings	$	20,672,508		$	9,007,512		$	434,964

71

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

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

For the six months ended April 30, 2012, TFS Market Neutral Fund reclassified $2,869 of realized gains from foreign currency translation against accumulated net investment loss on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, has no effect on the Fund’s net assets or net asset value per share.

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for all open tax periods (June 30, 2007 through October 31, 2011) of each Fund, as applicable, and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

3. Investment Transactions

During the six months ended April 30, 2012, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $5,765,595,097 and $5,998,323,366, respectively, for TFS Market Neutral Fund, $140,337,528 and $147,259,523, respectively, for TFS Small Cap Fund and $0 and $0, respectively for TFS Hedged Futures Fund.

4. Transactions with Affiliates

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. TFS Market Neutral Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 2.25% of its average daily net assets up to $1.75 billion and 2.15% of such assets above $1.75 billion. TFS Small Cap Fund and TFS Hedged Futures Fund pay the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% and 2.00%, respectively, of their average daily net assets.

The Adviser has contractually agreed to reduce its advisory fees and to absorb each Fund’s operating expenses (for the life of the Funds) to the extent necessary to limit aggregate annual ordinary operating expenses (which do not include brokerage costs, taxes, borrowing costs such as interest and dividend expenses on securities sold short and extraordinary expenses) to 2.50% of TFS Market Neutral Fund’s average daily net assets, 1.75% of TFS Small Cap Fund’s average daily net assets and 2.30% of TFS Hedged Futures Fund’s average daily net assets. During the six months ended April 30, 2012, the Adviser reduced its investment advisory fees by $57,662 with respect to TFS Small Cap Fund and $68,519 with respect to TFS Hedged Futures Fund. There were no fee reductions by the Adviser for TFS Market Neutral Fund.

72

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 2.50%, 1.75% and 2.30%, respectively, for TFS Market Neutral Fund, TFS Small Cap Fund and TFS Hedged Futures Fund. As of April 30, 2012, the Adviser has recouped all previous fee reductions for TFS Market Neutral Fund. As of April 30, 2012, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $356,397 and $68,519, respectively, from TFS Small Cap Fund and TFS Hedged Futures Fund. The Adviser may recapture these amounts no later than the dates as stated below:

	October 31, 2012		October 31, 2013		October 31, 2014		April 30,  2015
TFS Small Cap Fund	$	88,530	$	143,467	$	66,738	$	57,662
TFS Hedged Futures Fund	$	—	$	—	$	—	$	68,519

The President of the Trust is also a Principal of the Adviser.

COMPLIANCE CONSULTING AGREEMENT

Under the terms of the 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. Effective January 1, 2012, for these services, Drake receives $5,000 per month from the Trust, of which each Fund pays its proportionate share. Prior to January 1, 2012, Drake received $4,000 per month from the Trust. In addition, each Fund reimburses certain out-of-pocket expenses incurred by Drake, if any, including, but not limited to, postage and supplies and travel expenses.

ADMINISTRATION AGREEMENT

Under the terms of an Administration Agreement, Ultimus Fund Solutions, LLC (“Ultimus”) supplies executive, administrative and regulatory services for the Funds. Ultimus supervises the preparation of tax returns, reports to shareholders of the Funds, reports to and filings with the Securities and Exchange Commission (the “SEC”) and state securities commissions and materials for meetings of the Board of Trustees. For these services, each Fund pays Ultimus a monthly fee at an annual rate of 0.075% of its average daily net assets up to $500 million, 0.05% of such assets between $500 million and $2 billion, 0.04% of such assets between $2 billion and $3 billion, 0.03% of such assets between $3 billion and $5 billion, and 0.025% of such assets in excess of $5 billion, subject to a minimum monthly fee of $5,000.

ACCOUNTING SERVICES AGREEMENT

Under the terms of an Accounting Services Agreement, Ultimus calculates the daily net asset value per share and maintains the financial books and records of each Fund. For the performance of these services, TFS Market Neutral Fund pays Ultimus a monthly base fee of $4,000 per month plus an asset based fee of 0.005% of average daily gross assets. TFS Small Cap Fund and TFS Hedged Futures Fund each pay Ultimus a base fee of $2,500 per month plus an asset based fee of 0.01% of the first $500 million of average daily net assets and 0.005% of such assets in excess of $500 million. In addition, each Fund pays a trade fee for trades in excess of 2,000 portfolio trades per month. Each Fund reimburses certain out-of-pocket expenses incurred by Ultimus in obtaining valuations of the Funds’ portfolio securities.

73

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT

Under the terms of a Transfer Agent and Shareholder Services Agreement, Ultimus maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent and performs other shareholder service functions. Each Fund pays Ultimus a monthly fee for these services at an annual rate of $15 to $24 per shareholder account, depending on the nature of the account, subject to a $1,500 minimum monthly fee. In addition, the Funds reimburse Ultimus for out-of-pocket expenses including, but not limited to, postage and supplies.

DISTRIBUTION AGREEMENT

The Trust has entered into a Distribution Agreement with Ultimus Fund Distributors, LLC (the “Distributor”), pursuant to which the Distributor provides distribution services and serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor’s fees are paid by the Adviser.

5. Borrowing Costs

During the six months ended April 30, 2012, TFS Market Neutral Fund and TFS Small Cap Fund incurred $41,073 and $1,200 of borrowing costs, respectively, with the Funds’ custodian bank. TFS Hedged Futures Fund incurred no borrowing costs for the period ended April 30, 2012. As of April 30, 2012, the Funds had no outstanding borrowings. The average outstanding borrowings for the six months ended April 30, 2012 include 139 days of $0 borrowings for TFS Market Neutral Fund and 118 days of $0 borrowings for TFS Small Cap Fund. The average outstanding borrowings and average interest rate on borrowings during the six months ended April 30, 2012 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	2,253,428		1.53%
TFS Small Cap Fund	$	126,520		1.53%

6. Derivatives Transactions

TFS Hedged Futures Fund’s positions in derivative instruments as of April 30, 2012 are recorded in the following locations in the Statements of Assets and Liabilities:

		Fair Value
Type of Derivative	Location	Asset Derivatives		Liability Derivatives			Gross Notional Amount Outstanding April 30, 2012
Futures contracts purchased	Variation margin payable		—	$	(41,370	)	$	24,442,901
Futures contracts sold short	Variation margin payable		—		(168,306	)		(44,715,597	)

The average monthly notional amount of future contracts purchased and sold short during the period ended April 30, 2012 was $15,385,202 and $28,214,063, respectively, for TFS Hedged Futures Fund.

74

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

TFS Hedged Futures Fund’s transactions in derivative instruments during the period ended April 30, 2012 are recorded in the following locations in the Statements of Operations:

Type of Derivative	Location	Realized Gains (Losses)			Location	Change in Unrealized Gains (Losses)
Futures contracts purchased	Net realized gains (losses) from futures contracts	$	(587,565	)	Net change in unrealized appreciation (depreciation) on futures contracts	$	2,718
Futures contracts sold short	Net realized gains (losses) from futures contracts	$	1,029,531		Net change in unrealized appreciation (depreciation) on futures contracts	$	140,553

TFS Market Neutral Fund and TFS Small Cap Fund had no transactions in derivative instruments during the six months ended April 30, 2012.

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.

75

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (November 1, 2011 for TFS Market Neutral Fund and TFS Small Cap Fund, December 29, 2011 for TFS Hedged Futures Fund) and held until the end of the period (April 30, 2012).

The table below illustrates each Fund’s ongoing costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Funds. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Funds under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare each Fund’s ongoing costs with those of other mutual funds. It assumes that each Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not each Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return. You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The Funds do not charge any sales loads. However, a redemption fee of 2% is applied on the sale of shares purchased within 90 days of the date of their purchase and does not apply to the redemption of shares acquired through reinvestment of dividends and other distributions. The calculations below assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

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

76

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value November 1, 2011	Ending Account Value April 30, 2012	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,064.20	$46.34
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$979.96	$44.45

* Expenses are equal to the annualized expense ratio of 9.03% for the period, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

TFS Small Cap Fund

	Beginning Account Value November 1, 2011	Ending Account Value April 30, 2012	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,127.00	$9.25
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,016.16	$8.77

* Expenses are equal to the annualized expense ratio of 1.75% for the period, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

TFS Hedged Futures Fund

	Beginning Account Value December 29, 2011	Ending Account Value April 30, 2012	Expenses Paid During Period*
Based on Actual Fund Return	$1,000.00	$1,064.00	$8.04

* Expenses are equal to the annualized expense ratio of 2.30% for the period, multiplied by the average account value over the period, multiplied by 124/366 (to reflect the period ended April 30, 2012).

TFS Hedged Futures Fund

	Beginning Account Value November 1, 2011	Ending Account Value April 30, 2012	Expenses Paid During Period*
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,013.43	$11.51

* Expenses are equal to the annualized expense ratio of 2.30% for the period, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

77

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.

78

TFS HEDGED FUTURES FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)

The Board of Trustees, including all the Independent Trustees voting separately, have reviewed and approved the Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser for the TFS Hedged Futures Fund (the “Hedged Futures Fund”). This approval took place at a Board meeting held on December 14-15, 2011, at which all of the Trustees were present in person.

The Trustees were advised by independent counsel of their fiduciary obligations in approving the Advisory Agreement and the Trustees requested such information from the Adviser as they deemed reasonably necessary to evaluate the terms of the Agreement and whether the Agreement is in the best interests of the Hedged Futures Fund and its future shareholders. The Trustees reviewed: (1) the nature, extent and quality of the services provided under the Advisory Agreement; (2) the investment performance of the Adviser in managing accounts with investment objectives, policies and restrictions similar to the Hedged Futures Fund; (3) the Adviser’s expected revenues, costs and profits realized from furnishing services to the Hedged Futures Fund and the financial strength of the Adviser; (4) the extent to which the Adviser may realize economies of scale as the Hedged Futures Fund grows larger; (5) whether fee levels reflect potential economies of scale for the benefit of shareholders; (6) whether and how the Board relied on comparisons of services to be rendered to and fees to be paid by the Hedged Futures Fund with the services provided by and the fees paid to other investment advisers or the services provided to and the fees paid by other clients of the Adviser; and (7) any ancillary benefits derived or to be derived by the Adviser from its relationship with the Hedged Futures Fund. The Trustees reviewed the background, qualifications, education and experience of the Adviser’s investment and operational personnel. The Trustees also discussed and considered the quality of administrative and other services provided to the Trust, the Adviser’s compliance program, and the Adviser’s role in coordinating such services and programs. The Independent Trustees were provided with a list of intermediaries who are authorized to sell shares of the TFS Funds and the fees paid by the Adviser to such intermediaries since inception of each agreement. The Independent Trustees were advised by experienced independent counsel throughout the process. Prior to voting on the Advisory Agreement, the Independent Trustees reviewed the Agreement with management and also met in a private session with counsel at which no representatives of the Adviser were present.

Below is a summary of the discussions and findings of the Trustees in regard to the approval of the Advisory Agreement.

(i) The nature, extent, and quality of the services provided by the Adviser. In this regard, the Independent Trustees reviewed the services that will be provided to the Hedged Futures Fund by the Adviser. They discussed the responsibilities of the Adviser under the Advisory Agreement and the Adviser’s compensation under the Advisory Agreement. The Independent Trustees reviewed the background and experience of the Adviser’s key investment and operating personnel. They considered the Adviser’s ongoing commitment to retain experienced personnel and noted that longevity of employment may facilitate consistency in the Hedged Futures Fund’s performance and investment process. The Independent Trustees considered the Adviser’s ongoing commitment to expand its research capabilities and were mindful that continual analysis of investment opportunities and optimization of procedures is important to the Fund’s long-term success. The Independent Trustees also considered the high quality service the Adviser has provided to the other two TFS Funds. After reviewing the foregoing information, the Independent Trustees concluded that the quality, extent and nature of the services to be provided by the Adviser to the Fund are satisfactory.

79

TFS HEDGED FUTURES FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (Continued)

(ii) The investment performance of the Adviser. In this regard, the Independent Trustees compared the back-tested performance of the strategies that will be employed to manage the Hedged Futures Fund with the performance of the funds included in Morningstar’s Managed Futures Fund category. It was noted by the Independent Trustees that the Fund’s back-tested performance numbers demonstrated that the strategies to be used by the Hedged Futures Fund outperformed the average fund in the Managed Futures Fund category for the one year and three year periods ended October 31, 2011. The Independent Trustees discussed the limitations of back-tested performance and acknowledged the Adviser’s cautionary statements in that regard. The Independent Trustees also considered that the Adviser does not manage any other accounts with a similar investment strategy to the Hedged Futures Fund. The Independent Trustees considered the consistency of the Adviser’s management of the other TFS Funds with their investment objectives and policies. After further discussion, the Independent Trustees concluded that the Adviser is qualified to manage the Hedged Futures Fund.

(iii) The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Fund. In this regard, the Independent Trustees considered the Adviser’s staffing, personnel and operations; the financial condition of the Adviser and the expected level of commitment to the Hedged Futures Fund by the principals of the Adviser; the projected asset levels of the Fund; and the projected overall expenses of the Fund. The Independent Trustees reviewed the rate of the advisory fees to be paid by the Hedged Futures Fund under the Advisory Agreement and compared it to average advisory fee ratios of similar mutual funds compiled from statistics reported by Morningstar. They also compared the projected total operating expense ratio of the Fund with average expense ratios of representative funds in Morningstar’s Managed Futures Fund category. It was noted by the Independent Trustees that the Hedged Futures Fund’s advisory fee of 2.00% per annum was higher than the average advisory fee (1.23%) for Morningstar’s Managed Futures Fund category. They further noted that the Hedged Futures Fund’s overall expense ratio of 2.30% (which excludes dividend expenses, borrowing costs, brokerage expenses on securities sold short, Acquired Fund Fees and Expenses and extraordinary expenses) was slightly lower than the average expense ratio (2.31%) for Morningstar’s Managed Futures category. The Independent Trustees also considered the Adviser’s lifetime commitment to cap the Hedged Future Fund’s ordinary operating expenses at 2.30% per annum. They considered the Adviser’s analysis of its projected revenues and expenses with respect to its services to be provided to the Hedged Futures Fund for the twelve month period ended December 31, 2012. It was noted by the Independent Trustees that the Adviser’s projected overall revenues for that period were less than the anticipated costs associated with managing the Hedged Futures Fund. They discussed the Adviser’s costs associated with managing the Fund, especially in the areas of research and development and retention of its investment professionals and hiring new personnel. The Independent Trustees further considered that the investment and research process utilized by the Adviser is broader and more sophisticated than the process used by most other investment companies as it involves the development of proprietary multiple trading models and the use of a team approach that involves many participants. The Independent Trustees considered the “fallout benefits” to the Adviser, including the additional exposure the Adviser is likely receive as a result of managing the Fund. After a

80

TFS HEDGED FUTURES FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (Continued)

full discussion and consideration of the foregoing, the Independent Trustees concluded that the fees to be paid by the Fund to the Adviser are reasonable in light of the expected quality of the services to be received.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Fund’s investors. The Independent Trustees considered the Fund’s projected net assets and discussed the recommended expense cap arrangement between the Trust and the Adviser. They noted that during the first year of operations the Adviser is projecting that it will waive a significant percentage of its advisory fee in order to maintain the 2.30% expense cap for the Hedged Futures Fund. The Independent Trustees concluded that, given the projected asset levels in the Hedged Futures Fund, it would not be relevant to consider the extent to which economies of scale are being realized and that it is not necessary or appropriate at this time to consider adopting fee breakpoints for the Fund.

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

81

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

82

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

83

This page intentionally left blank.

This page intentionally left blank.

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

Schedule I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2012 (Unaudited)
COMMON STOCKS - 91.4%	Shares		Value
Consumer Discretionary - 12.0%
Auto Components - 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		20,019	$	193,984
Amerigon, Inc. (a)		97,948		1,400,656
Autoliv, Inc.		200		12,548
Ballard Power Systems, Inc. (a)		147,707		211,221
BorgWarner, Inc. (a)		200		15,808
Cooper Tire & Rubber Company		193,521		2,893,139
Dorman Products, Inc. (a) (b)		15,585		744,651
Drew Industries, Inc. (a) (b)		9,400		279,932
Exide Technologies (a) (b)		1,147,274		3,304,149
Federal-Mogul Corporation (a) (b)		224,529		2,903,160
Fuel Systems Solutions, Inc. (a)		31,106		729,436
Gentex Corporation		1,200		26,364
Goodyear Tire & Rubber Company (The) (a)		9,990		109,690
Lear Corporation		6,522		270,663
Magna International, Inc. - Class A		2,300		100,809
Modine Manufacturing Company (a) (b)		466,065		3,681,914
Motorcar Parts of America, Inc. (a)		10,801		81,656
Shiloh Industries, Inc.		3,588		32,974
SORL Auto Parts, Inc. (a)		1,257		4,236
Spartan Motors, Inc. (b)		244,928		1,065,437
Standard Motor Products, Inc. (b)		54,959		828,232
Stoneridge, Inc. (a) (b)		106,805		920,659
Superior Industries International, Inc. (b)		30,674		524,832
Tenneco, Inc. (a) (b)		64,386		1,985,020
Tongxin International Ltd. (a)		300		216
Tower International, Inc. (a)		41,850		445,284
TRW Automotive Holdings Corporation (a)		200		9,142
UQM Technologies, Inc. (a)		40,618		51,991
				22,827,803
Automobiles - 0.0% (c)
Thor Industries, Inc. (b)		9,887		334,477
Distributors - 0.0% (c)
Core-Mark Holding Company, Inc.		930		35,898
Genuine Parts Company		208		13,475
LKQ Corporation (a)		300		10,035
VOXX International Corporation (a) (b)		13,790		174,995
Weyco Group, Inc.		121		2,951
				237,354
Diversified Consumer Services - 0.9%
Archipelago Learning, Inc. (a)		132,158		1,462,989
Ascent Capital Group, Inc. - Class A (a) (b)		27,372		1,409,658
Cambium Learning Group, Inc. (a)		494		1,121
Capella Education Company (a)		4,480		146,541
Career Education Corporation (a)		99,249		707,645
Carriage Services, Inc.		400		3,000
China Education Alliance, Inc. (a)		23,832		25,977
Coinstar, Inc. (a) (b)		5,499		345,282
Collectors Universe, Inc.		2,486		40,000
Grand Canyon Education, Inc. (a)		3,948		68,656

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Diversified Consumer Services - 0.9% (Continued)
Hillenbrand, Inc.		34,211	$	716,378
Learning Tree International, Inc. (a)		247		1,410
Lincoln Educational Services Corporation		75,926		557,297
National American University Holdings, Inc.		2,395		12,526
Service Corporation International (b)		339,850		3,935,463
Sotheby's (b)		87,132		3,426,030
Steiner Leisure Ltd. (a) (b)		11,096		521,068
StoneMor Partners, L.P. (b)		25,925		684,939
Universal Technical Institute, Inc. (b)		98,338		1,180,056
Weight Watchers International, Inc.		158		12,002
				15,258,038
Hotels, Restaurants & Leisure - 2.8%
AFC Enterprises, Inc. (a) (b)		54,136		924,643
Ameristar Casinos, Inc. (b)		56,622		1,018,064
Arcos Dorados Holdings, Inc. - Class A		510		9,114
Asia Entertainment & Resources Ltd.		1,578		9,168
Bally Technologies, Inc. (a)		470		22,818
Benihana, Inc.		29,134		401,758
Biglari Holdings, Inc. (a) (b)		602		244,611
Bluegreen Corporation (a)		24,668		130,740
Bob Evans Farms, Inc.		2,598		99,347
Boyd Gaming Corporation (a)		116,085		892,694
Bravo Brio Restaurant Group, Inc. (a) (b)		20,094		405,899
Brinker International, Inc.		9,900		311,553
Buffalo Wild Wings, Inc. (a)		99		8,301
Carrols Restaurant Group, Inc. (a) (b)		164,279		2,477,327
CEC Entertainment, Inc. (b)		60,781		2,323,050
Choice Hotels International, Inc.		4,124		155,145
Churchill Downs, Inc. (b)		51,623		3,064,341
Cracker Barrel Old Country Store, Inc. (b)		36,520		2,100,630
Denny's Corporation (a)		155,932		645,558
Domino's Pizza, Inc. (b)		74,420		2,813,820
Einstein Noah Restaurant Group, Inc.		49,821		704,967
Frisch's Restaurants, Inc.		587		15,591
Full House Resorts, Inc. (a)		4,202		12,816
Gaylord Entertainment Company (a)		202		6,359
Great Wolf Resorts, Inc. (a) (b)		430,226		3,372,972
Hyatt Hotels Corporation - Class A (a)		1,298		55,853
International Speedway Corporation - Class A (b)		37,458		999,754
Interval Leisure Group, Inc. (b)		115,917		2,003,046
Isle of Capri Casinos, Inc. (a)		45,615		285,094
Jamba, Inc. (a)		399,404		742,891
Kona Grill, Inc. (a)		876		5,895
Krispy Kreme Doughnuts, Inc. (a) (b)		51,167		375,054
Life Time Fitness, Inc. (a)		43,350		2,018,376
Luby's, Inc. (a)		16,251		99,456
Marcus Corporation (b)		130,304		1,630,103
Marriott Vacations Worldwide Corporation (a) (b)		46,632		1,377,043
Monarch Casino & Resort, Inc. (a)		67		649
Morgans Hotel Group Company (a)		850		4,216
MTR Gaming Group, Inc. (a)		100		509

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Hotels, Restaurants & Leisure - 2.8% (Continued)
Multimedia Games Holding Company, Inc. (a)		98,995	$	1,124,583
Nevada Gold & Casinos, Inc. (a)		100		132
Orient-Express Hotels Ltd. - Class A (a)		68,730		734,724
Panera Bread Company - Class A (a)		200		31,584
Papa John's International, Inc. (a) (b)		58,138		2,341,799
Penn National Gaming, Inc. (a)		500		22,490
Pinnacle Entertainment, Inc. (a)		49,897		553,857
Premier Exhibitions, Inc. (a)		95,455		248,183
Red Lion Hotels Corporation (a)		113		942
Rick's Cabaret International, Inc. (a)		17,918		166,100
Royal Caribbean Cruises Ltd.		271		7,417
Scientific Games Corporation (a) (b)		330,175		3,354,578
Shuffle Master, Inc. (a) (b)		173,480		3,065,392
Six Flags Entertainment Corporation		504		24,147
Sonic Corporation (a)		116,321		839,838
Speedway Motorsports, Inc.		9,170		156,440
Texas Roadhouse, Inc. (b)		86,239		1,487,623
Town Sports International Holdings, Inc. (a) (b)		59,212		759,098
Vail Resorts, Inc.		1,700		69,326
Wendy's Company (The)		173,892		846,854
				47,604,332
Household Durables - 0.6%
Bassett Furniture Industries, Inc.		4,600		49,404
Beazer Homes USA, Inc. (a)		198,946		616,733
Brookfield Residential Properties, Inc. (a)		58,443		679,108
Cavco Industries, Inc. (a)		177		9,133
CSS Industries, Inc.		15,664		299,966
Furniture Brands International, Inc. (a)		67,819		107,154
Harman International Industries, Inc. (b)		61,743		3,061,218
Helen of Troy Ltd. (a) (b)		12,347		427,206
Hooker Furniture Corporation		732		8,667
iRobot Corporation (a)		16,409		387,416
Jarden Corporation		4,928		206,631
Kid Brands, Inc. (a) (b)		7,920		18,612
Koss Corporation		200		1,074
La-Z-Boy, Inc. (a)		29,794		448,996
Lennar Corporation - Class A		2,106		58,420
Lennar Corporation - Class B		16,157		365,633
Libbey, Inc. (a) (b)		96,323		1,374,529
Lifetime Brands, Inc.		88		1,025
MDC Holdings, Inc.		25,814		725,632
Newell Rubbermaid, Inc.		100		1,820
NIVS IntelliMedia Technology Group, Inc. (a) (b)		242,917		15,790
PulteGroup, Inc. (a) (b)		37,366		367,681
Ryland Group, Inc. (The)		300		6,753
Skyline Corporation		9,298		51,046
Stanley Furniture Company, Inc. (a)		734		3,303
Toll Brothers, Inc. (a)		1,300		33,020
Tupperware Brands Corporation		4,593		286,098
				9,612,068

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Internet & Catalog Retail - 0.3%
1-800-FLOWERS.COM, Inc. - Class A (a)		131,917	$	393,113
CafePress, Inc. (a)		63,153		1,059,707
Gaiam, Inc. - Class A (a)		2,063		8,149
Geeknet, Inc. (a)		300		4,365
HSN, Inc. (b)		24,156		934,837
Orbitz Worldwide, Inc. (a) (b)		295,821		1,079,747
Shutterfly, Inc. (a)		56,516		1,758,778
TripAdviser, Inc. (a)		800		30,008
U.S. Auto Parts Network, Inc. (a)		249		901
ValueVision Media, Inc. (a) (b)		319,416		517,454
				5,787,059
Leisure Equipment & Products - 0.6%
Arctic Cat, Inc. (a) (b)		93,377		4,130,999
Black Diamond, Inc. (a)		20,532		203,883
Hasbro, Inc.		200		7,348
Johnson Outdoors, Inc. - Class A (a)		77		1,422
LeapFrog Enterprises, Inc. (a) (b)		469,762		4,387,577
Marine Products Corporation		2,770		16,537
Nautilus, Inc. (a)		11,768		30,479
Smith & Wesson Holding Corporation (a) (b)		281,521		2,322,548
Steinway Musical Instruments, Inc. (a)		4,499		113,420
Summer Infant, Inc. (a)		218		1,166
				11,215,379
Media - 1.6%
A.H. Belo Corporation - Class A		1,335		5,887
AMC Networks, Inc. - Class A (a)		9,466		402,305
Arbitron, Inc.		200		7,610
Ballantyne Strong, Inc. (a)		30,990		195,857
Cablevision Systems Corporation - Class A (b)		211,363		3,132,400
Carmike Cinemas, Inc. (a)		140,880		1,877,930
Central European Media Enterprises Ltd. (a)		9,100		71,981
Charter Communications, Inc. - Class A (a)		2,200		133,034
Cinemark Holdings, Inc.		3,591		82,449
Clear Channel Outdoor Holdings, Inc. (a)		121,427		919,202
Cogeco Cable, Inc. (b)		6,452		320,040
Crown Media Holdings, Inc. - Class A (a)		645		974
CTC Media, Inc.		2,809		30,421
Dex One Corporation (a)		143		138
Digital Generation, Inc. (a)		58,301		541,033
Discovery Communications, Inc. - Class C (a)		3,347		166,312
DISH Network Corporation - Class A		300		9,591
E.W. Scripps Company (The) - Class A (a) (b)		518,133		4,746,098
Fisher Communications, Inc. (a) (b)		17,080		560,053
Global Sources Ltd. (a)		82,947		510,954
Gray Television, Inc. (a)		15,040		27,072
Harte-Hanks, Inc.		65,844		553,090
IMAX Corporation (a)		100		2,397
Insignia Systems, Inc.		22,694		40,168
Interpublic Group of Companies, Inc.		2,300		27,163
John Wiley & Sons, Inc. - Class A (b)		37,268		1,684,141
Journal Communications, Inc. (a)		94,922		397,723

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Media - 1.6% (Continued)
Knology, Inc. (a) (b)		164,053	$	3,190,831
Liberty Media Corporation - Liberty Capital (a)		200		17,488
LIN TV Corporation - Class A (a) (b)		118,809		469,296
Madison Square Garden Company (The) - Class A (a) (b)		94,862		3,412,186
MDC Partners, Inc. (b)		55,745		575,288
National CineMedia, Inc.		25,949		370,811
New York Times Company (The) - Class A (a)		27,706		174,825
Nexstar Broadcasting Group, Inc. (a)		46,342		359,151
Outdoor Channel Holdings, Inc.		812		6,009
Radio One, Inc. - Class D (a)		3,769		4,221
ReachLocal, Inc. (a)		74,228		561,164
Reading International, Inc. (a)		2,091		10,371
Rentrak Corporation (a)		27,318		516,857
Saga Communications, Inc. - Class A (a)		25		942
Salem Communications Corporation - Class A		8,408		45,067
Scripps Networks Interactive, Inc. - Class A		222		11,149
Shaw Communications, Inc. - Class B		4,490		92,584
Sirius XM Radio, Inc. (a)		578,483		1,307,372
Thomson Reuters Corporation		300		8,946
Value Line, Inc.		12		146
World Wrestling Entertainment, Inc.		249		1,962
				27,582,689
Multiline Retail - 0.4%
Big Lots, Inc. (a)		4,850		177,704
Bon-Ton Stores, Inc. (The)		324		2,009
Dillard's, Inc. (b)		73,471		4,743,287
Dollar General Corporation (a)		200		9,492
Family Dollar Stores, Inc.		200		13,510
Gordmans Stores, Inc. (a) (b)		83,108		1,765,214
				6,711,216
Specialty Retail - 2.3%
Aaron's, Inc.		3,105		84,363
Aéropostale, Inc. (a)		10,450		231,781
American Eagle Outfitters, Inc.		37,904		682,651
America's Car-Mart, Inc. (a) (b)		1,512		69,461
ANN, INC. (a)		3,648		101,013
Ascena Retail Group, Inc. (a)		6,600		135,168
bebe stores, inc. (b)		253,814		2,081,275
Big 5 Sporting Goods Corporation (b)		73,758		617,355
Body Central Corporation (a)		18,020		547,267
Buckle, Inc. (The)		72,081		3,328,701
Build-A-Bear Workshop, Inc. (a)		6,691		30,176
Cabela's, Inc. (a) (b)		15,226		575,695
Cache, Inc. (a)		200		1,248
Casual Male Retail Group, Inc. (a)		180,175		565,750
Cato Corporation (The) - Class A		18,951		527,406
Charming Shoppes, Inc. (a)		10,353		60,927
Chico's FAS, Inc. (b)		210,630		3,235,277
China Auto Logistics, Inc. (a)		300		207
Christopher & Banks Corporation (b)		243,149		454,689
Coldwater Creek, Inc. (a) (b)		267,839		265,161

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Specialty Retail - 2.3% (Continued)
Collective Brands, Inc. (a)		7,000	$	145,390
Cost Plus, Inc. (a)		147,643		2,859,845
Destination Maternity Corporation (b)		19,404		384,975
Dick's Sporting Goods, Inc.		300		15,180
Dreams, Inc. (a)		34,814		119,064
DSW, Inc. - Class A		26,363		1,483,182
Express, Inc. (a)		2,428		57,349
Finish Line, Inc. (The) - Class A		8,437		187,808
Foot Locker, Inc.		957		29,275
Francesca's Holdings Corporation (a)		21,490		673,712
Genesco, Inc. (a) (b)		50,379		3,778,425
GNC Holdings, Inc. - Class A		800		31,248
Guess?, Inc.		56,137		1,643,691
Haverty Furniture Companies, Inc.		7,851		94,212
Jos. A. Bank Clothiers, Inc. (a)		1,800		85,590
Kirkland's, Inc. (a)		55,113		806,854
Mattress Firm Holding Corporation (a)		744		29,790
Men's Wearhouse, Inc. (The)		1,508		55,856
Midas, Inc. (a)		122,129		1,404,484
New York & Company, Inc. (a)		346,794		1,369,836
Office Depot, Inc. (a) (b)		745,873		2,267,454
O'Reilly Automotive, Inc. (a)		200		21,092
Pacific Sunwear of California, Inc. (a)		3,906		5,742
Perfumania Holdings, Inc. (a)		9,021		72,529
Pier 1 Imports, Inc.		800		13,744
Rent-A-Center, Inc.		23,776		813,377
Sally Beauty Holdings, Inc. (a)		200		5,320
Shoe Carnival, Inc. (a) (b)		160,569		3,121,461
Signet Jewelers Ltd.		12,285		599,140
Stage Stores, Inc.		15,723		240,090
Stein Mart, Inc. (a) (b)		100,888		647,701
Syms Corporation (a)		160		1,664
Talbots, Inc. (The) (a)		65		192
TravelCenters of America, LLC (a) (b)		181,044		1,140,577
Ulta Salon, Cosmetics & Fragrance, Inc.		400		35,272
Vitamin Shoppe, Inc. (a)		6,100		287,127
Wet Seal, Inc. (The) - Class A (a)		69,259		227,862
Winmark Corporation		2,980		170,873
Zale Corporation (a)		34,308		94,004
Zumiez, Inc. (a)		30,646		1,123,482
				39,740,040
Textiles, Apparel & Luxury Goods - 1.2%
Carter's, Inc. (a) (b)		42,270		2,295,261
Columbia Sportswear Company		100		4,710
CROCS, Inc. (a) (b)		77,245		1,560,349
Culp, Inc. (a)		12,367		141,602
Deckers Outdoor Corporation (a) (b)		65,495		3,340,900
Delta Apparel, Inc. (a)		406		5,810
Fossil, Inc. (a)		100		13,067
Fuqi International, Inc. (a)		117,639		118,815
G-III Apparel Group Ltd. (a)		26,810		719,849

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 12.0% (Continued)
Textiles, Apparel & Luxury Goods - 1.2% (Continued)
Gildan Activewear, Inc. - Class A		8,100	$	233,118
Joe's Jeans, Inc. (a)		126,692		172,301
Kenneth Cole Productions, Inc. (a)		16,098		256,441
Lacrosse Footwear, Inc.		55		710
LJ International, Inc. (a) (b)		67,792		132,194
Lululemon Athletica, Inc. (a)		212		15,718
Michael Kors Holdings Ltd. (a)		426		19,455
Movado Group, Inc. (b)		186,874		5,297,878
Oxford Industries, Inc.		45,581		2,187,432
Quiksilver, Inc. (a)		111,905		387,191
R.G. Barry Corporation		284		3,618
Rocky Brands, Inc. (a)		15,412		218,080
Skechers U.S.A., Inc. - Class A (a)		79,897		1,491,677
Steven Madden Ltd. (a)		3,390		146,482
True Religion Apparel, Inc. (a)		24,489		665,121
Unifi, Inc. (a) (b)		20,898		232,386
Warnaco Group, Inc. (The) (a)		16,780		888,669
				20,548,834
Consumer Staples - 3.1%
Beverages - 0.2%
Brown-Forman Corporation - Class B		200		17,270
Coca-Cola Bottling Company Consolidated (b)		28,754		1,844,569
Cott Corporation (a) (b)		202,410		1,325,786
Craft Brewers Alliance, Inc. (a)		6,515		50,166
Dr Pepper Snapple Group, Inc.		800		32,464
Jones Soda Company (a)		80		33
MGP Ingredients, Inc.		400		1,860
Molson Coors Brewing Company - Class B		200		8,316
National Beverage Corporation (a)		9,783		145,375
Primo Water Corporation (a) (b)		151,074		226,611
				3,652,450
Food & Staples Retailing - 1.1%
Andersons, Inc. (The) (b)		48,515		2,445,156
Arden Group, Inc. - Class A		39		3,449
Casey's General Stores, Inc.		214		12,059
Chefs' Warehouse, Inc. (The) (a)		26,870		649,717
Fresh Market, Inc. (The) (a)		13,321		681,636
Harris Teeter Supermarkets, Inc.		6,921		262,790
Ingles Markets, Inc. - Class A (b)		75,636		1,315,310
Nash Finch Company (b)		48,211		1,210,096
Pizza Inn Holdings, Inc. (a)		507		1,673
PriceSmart, Inc.		50,992		4,208,880
Rite Aid Corporation (a) (b)		1,809,311		2,623,501
Roundy's, Inc. (a)		157		1,944
SUPERVALU, Inc.		31,800		188,892
Susser Holdings Corporation (a) (b)		88,150		2,352,723
Sysco Corporation		300		8,670
United Natural Foods, Inc. (a) (b)		71,541		3,526,256
Village Super Market, Inc. - Class A		34		938
				19,493,690

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Staples - 3.1% (Continued)
Food Products - 1.0%
Adecoagro, S.A. (a) (b)		106,392	$	949,017
AgFeed Industries, Inc. (a)		168		47
Alico, Inc.		4,117		93,621
Annie's, Inc. (a)		19,400		771,926
B&G Foods, Inc.		9,814		218,263
Campbell Soup Company		300		10,149
China Marine Food Group Ltd. (a)		171		186
Chiquita Brands International, Inc. (a)		5,399		45,892
Corn Products International, Inc.		500		28,530
Darling International, Inc. (a) (b)		101,722		1,666,206
Dean Foods Company (a)		234,324		2,877,499
Farmer Brothers Company (a)		24,856		226,190
Fresh Del Monte Produce, Inc.		71,371		1,653,666
Green Mountain Coffee Roasters, Inc. (a)		200		9,750
Griffin Land & Nurseries, Inc.		45		1,084
Hain Celestial Group, Inc. (The) (a)		3,494		165,266
Hormel Foods Corporation		200		5,812
Imperial Sugar Company		68,524		277,522
J & J Snack Foods Corporation		25,531		1,431,268
J.M. Smucker Company (The)		200		15,926
John B. Sanfilippo & Son, Inc. (a)		984		14,229
Mead Johnson Nutrition Company		200		17,112
Omega Protein Corporation (a) (b)		140,161		1,003,553
Origin Agritech Ltd. (a) (b)		75,385		134,185
Pilgrim's Pride Corporation (a) (b)		297,162		2,121,737
Post Holdings, Inc. (a) (b)		31,987		951,613
Ralcorp Holdings, Inc. (a)		4,500		327,645
Reddy Ice Holdings, Inc. (a)		866		113
Sara Lee Corporation		500		11,020
Seneca Foods Corporation - Class A (a)		2,137		49,771
Smart Balance, Inc. (a)		5,308		31,317
Smithfield Foods, Inc. (a)		1,027		21,526
Snyder's-Lance, Inc.		2,019		52,252
SunOpta, Inc. (a) (b)		166,195		965,593
TreeHouse Foods, Inc. (a)		859		49,401
Westway Group, Inc. (a)		1,317		7,770
Yuhe International, Inc. (a)		136		88
				16,206,745
Household Products - 0.2%
Central Garden & Pet Company (a)		3,216		34,025
Church & Dwight Company, Inc.		22,426		1,139,241
Clorox Company (The)		201		14,090
Energizer Holdings, Inc. (a)		200		14,266
Harbinger Group, Inc. (a)		58,369		301,184
Oil-Dri Corporation of America		200		4,232
Spectrum Brands Holdings, Inc. (a)		7,852		270,972
WD-40 Company		18,533		835,468
				2,613,478
Personal Products - 0.6%
American Oriental Bioengineering, Inc. (a) (d)		8,101		6,197
Avon Products, Inc.		800		17,280

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Staples - 3.1% (Continued)
Personal Products - 0.6% (Continued)
Elizabeth Arden, Inc. (a)		39,971	$	1,558,070
Herbalife Ltd.		145		10,197
Inter Parfums, Inc. (b)		33,297		524,428
Natural Alternatives International, Inc. (a)		1,504		9,911
Nu Skin Enterprises, Inc. - Class A		333		17,749
Nutraceutical International Corporation (a)		225		3,449
Prestige Brands Holdings, Inc. (a) (b)		343,261		5,832,004
Reliv' International, Inc.		1,800		2,610
Revlon, Inc. (a) (b)		97,591		1,666,854
Schiff Nutrition International, Inc. (a) (b)		60,316		992,198
				10,640,947
Tobacco - 0.0% (c)
Altria Group, Inc.		200		6,442
Energy - 7.7%
Energy Equipment & Services - 2.1%
Basic Energy Services, Inc. (a)		51,261		738,158
Bolt Technology Corporation		213		3,040
Bristow Group, Inc.		12,625		616,731
Cal Dive International, Inc. (a)		66,428		257,076
Cameron International Corporation (a)		100		5,125
Compressco Partners, L.P.		17		245
Core Laboratories N.V.		200		27,396
Dawson Geophysical Company (a)		1,800		48,330
Dresser-Rand Group, Inc. (a)		412		20,056
Dril-Quip, Inc. (a)		3,149		212,211
ENGlobal Corporation (a)		300		600
Exterran Partners, L.P.		38,377		857,342
FMC Technologies, Inc. (a)		200		9,400
Geokinetics, Inc. (a)		442		782
Global Geophysical Services, Inc. (a) (b)		84,225		806,033
Gulf Island Fabrication, Inc.		15,702		439,970
Gulfmark Offshore, Inc. - Class A (a) (b)		45,246		2,179,500
Helix Energy Solutions Group, Inc. (a)		21,610		441,060
Hornbeck Offshore Services, Inc. (a)		2,434		101,327
ION Geophysical Corporation (a)		84,916		529,027
Matrix Service Company (a) (b)		34,577		471,976
McDermott International, Inc. (a) (b)		144,450		1,632,285
Mitcham Industries, Inc. (a) (b)		100,544		2,388,926
Natural Gas Services Group, Inc. (a)		4,873		63,544
Noble Corporation (a)		200		7,612
North American Energy Partners, Inc. (a) (b)		93,279		365,654
Ocean Rig UDW, Inc. (a) (b)		17,731		309,051
Oil States International, Inc. (a)		2,300		183,034
OYO Geospace Corporation (a) (b)		2,494		287,359
Pacific Drilling, S.A. (a)		114,883		1,140,788
Parker Drilling Company (a) (b)		133,851		692,010
Patterson-UTI Energy, Inc. (b)		33,917		548,438
PHI, Inc. (a)		12		320
Pioneer Drilling Company (a) (b)		213,548		1,682,758
Precision Drilling Corporation (a)		27,508		253,899

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Energy Equipment & Services - 2.1% (Continued)
Pulse Seismic, Inc. (b)		4,620	$	10,242
RigNet, Inc. (a)		2,619		44,733
SEACOR Holdings, Inc. (a) (b)		24,598		2,285,892
Seadrill Ltd.		200		7,826
TETRA Technologies, Inc. (a)		211,282		1,840,266
TGC Industries, Inc. (a) (b)		221,217		2,524,083
Tidewater, Inc.		943		51,893
Transocean Ltd. (b)		143,000		7,205,770
Union Drilling, Inc. (a) (b)		18,242		101,608
Unit Corporation (a) (b)		72,872		3,078,842
Vantage Drilling Company (a) (b)		142,432		225,043
Willbros Group, Inc. (a)		118,166		638,096
				35,335,357
Oil, Gas & Consumable Fuels - 5.6%
Adams Resources & Energy, Inc.		19,396		1,177,919
Advantage Oil & Gas Ltd. (a) (b)		411,089		1,293,746
Alliance Holdings GP, L.P.		1,660		74,285
Alliance Resource Partners, L.P.		200		12,916
Alon USA Energy, Inc. (b)		292,112		2,640,692
Andatee China Marine Fuel Services Corporation (a)		213		641
Approach Resources, Inc. (a)		52,533		1,884,884
Atlas Energy, L.P.		480		18,634
Atlas Pipeline Partners, L.P.		200		6,992
Atlas Resource Partners, L.P.		9,393		248,163
Baytex Energy Corporation		18,841		994,805
Berry Petroleum Company - Class A		3,684		167,806
Bill Barrett Corporation (a)		28,955		694,341
BMB Munai, Inc.		3,352		657
Boardwalk Pipeline Partners, L.P.		3,352		92,616
Bonanza Creek Energy, Inc. (a)		68,586		1,506,834
BP Prudhoe Bay Royalty Trust		84		10,455
BreitBurn Energy Partners, L.P. (b)		49,104		934,449
Buckeye Partners, L.P.		2,601		146,826
Cabot Oil & Gas Corporation		200		7,028
Callon Petroleum Company (a) (b)		350,586		2,036,905
Calumet Specialty Products Partners, L.P. (b)		13,661		371,033
Cameco Corporation		300		6,630
Capital Product Partners, L.P.		103,610		905,551
Cheniere Energy Partners, L.P. (b)		41,102		1,080,983
Cheniere Energy, Inc. (a)		9,200		168,452
Chesapeake Granite Wash Trust		34,566		824,399
Chesapeake Midstream Partners, L.P.		304		8,719
Cloud Peak Energy, Inc. (a) (b)		122,026		1,877,980
Cobalt International Energy, Inc. (a)		23,637		632,526
Concho Resources, Inc. (a)		100		10,718
Constellation Energy Partners, LLC (a)		2,050		4,489
Contango Oil & Gas Company (a)		56		3,039
Crestwood Midstream Partners, L.P. (b)		30,050		767,477
Crimson Exploration, Inc. (a)		94,156		513,150
Cross Timbers Royalty Trust		11,212		457,562
Crosstex Energy, L.P.		24,609		438,040

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.6% (Continued)
DCP Midstream Partners, L.P.		400	$	18,324
Delek US Holdings, Inc.		213,333		3,477,328
Delta Petroleum Corporation (a)		40,738		9,777
Denbury Resources, Inc. (a)		600		11,424
Denison Mines Corporation (a)		463,633		848,448
DHT Holdings, Inc.		147,886		118,309
Dorchester Minerals, L.P. (b)		41,262		974,196
Double Eagle Petroleum Company (a)		3,929		21,570
Eagle Rock Energy Partners, L.P. (b)		96,845		950,049
El Paso Corporation		300		8,901
El Paso Pipeline Partners, L.P.		800		27,096
Enbridge Energy Management, LLC (a)		1		1
Enbridge Energy Partners, L.P.		2,071		63,994
Enbridge, Inc.		199		8,336
Enduro Royalty Trust		65,442		1,372,973
Energen Corporation		2,473		129,536
Energy Partners Ltd. (a)		47,286		769,816
Energy Transfer Equity, L.P.		4,140		173,714
Energy Transfer Partners, L.P.		4,700		233,261
Energy XXI (Bermuda) Ltd. (a) (b)		130,220		4,906,690
Enterprise Products Partners, L.P.		101		5,206
EQT Corporation		200		9,962
Equal Energy Ltd. (a)		5,702		16,707
EV Energy Partners, L.P.		25,878		1,642,477
EXCO Resources, Inc.		41,658		305,770
FX Energy, Inc. (a)		92,527		525,553
GasLog Ltd. (a)		43,800		511,584
Gastar Exploration Ltd. (a)		515,620		1,448,892
General Maritime Corporation (a)		27,134		345
Genesis Energy, L.P.		1,657		51,301
GeoMet, Inc. (a)		1,636		851
GeoResources, Inc. (a) (b)		83,467		3,147,541
Global Partners, L.P. (b)		25,867		606,322
Golar LNG Partners, L.P.		500		17,515
Gran Tierra Energy, Inc. (a)		14,187		91,506
Gulfport Energy Corporation (a) (b)		64,964		1,702,706
HollyFrontier Corporation		446		13,746
Hugoton Royalty Trust		44,837		594,539
Imperial Oil Ltd.		1,000		46,590
Inergy, L.P. (b)		165,521		3,226,004
Ivanhoe Energy, Inc. (a)		6,500		5,915
Laredo Petroleum Holdings, Inc. (a)		630		16,645
LRR Energy, L.P.		38,632		735,940
Magellan Midstream Partners, L.P.		200		14,164
Magellan Petroleum Corporation (a)		228		301
Magnum Hunter Resources Corporation (a)		109,346		679,039
Marathon Oil Corporation		200		5,868
MarkWest Energy Partners, L.P.		200		12,030
Martin Midstream Partners, L.P. (b)		27,029		951,421
McMoRan Exploration Company (a)		43,064		378,963
Memorial Production Partners, L.P. (b)		47,040		857,539

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.6% (Continued)
Mid-Con Energy Partners, L.P.		43,348	$	1,020,412
MV Oil Trust		11,173		457,646
Natural Resource Partners, L.P.		425		10,604
Navios Maritime Acquisition Corporation		145		425
Niska Gas Storage Partners, LLC		40,140		509,778
North European Oil Royalty Trust		1,733		57,345
NuStar Energy, L.P.		3,061		168,324
NuStar GP Holdings, LLC		220		7,381
Oasis Petroleum, Inc. (a)		8,442		279,177
Oiltanking Partners, L.P.		16,258		476,034
ONEOK Partners, L.P.		177		9,869
Oxford Resource Partners, L.P. (b)		70,133		655,042
PAA Natural Gas Storage, L.P. (b)		50,860		964,306
Panhandle Oil & Gas, Inc.		301		8,293
Peabody Energy Corporation		100		3,111
Pembina Pipeline Corporation		298		8,999
Pengrowth Energy Corporation		800		7,176
Penn Virginia Corporation (b)		392,157		2,007,844
Penn Virginia Resource Partners, L.P.		1,348		34,360
Pioneer Southwest Energy Partners, L.P. (b)		38,087		1,080,528
Plains Exploration & Production Company (a)		400		16,340
PostRock Energy Corporation (a)		24,693		60,498
QEP Resources, Inc. (b)		26,079		803,494
QR Energy, L.P.		49,515		928,406
Quicksilver Resources, Inc. (a)		397,050		1,866,135
Range Resources Corporation		1,800		119,988
Regency Energy Partners, L.P.		700		17,626
Rentech, Inc. (a)		908,277		2,098,120
Resolute Energy Corporation (a)		919		9,751
Rhino Resource Partners, L.P. (b)		47,498		839,765
Rose Rock Midstream, L.P.		2,564		62,023
Rosetta Resources, Inc. (a) (b)		44,739		2,249,029
Sabine Royalty Trust (b)		16,861		974,566
Sanchez Energy Corporation (a)		16,586		402,045
SandRidge Mississippian Trust I		24,853		807,225
SandRidge Permian Trust		47,384		1,120,632
Saratoga Resources, Inc. (a)		2,004		14,028
SemGroup Corporation - Class A (a) (b)		97,220		3,091,596
SM Energy Company		200		13,222
Spectra Energy Partners, L.P.		45,388		1,474,202
Stone Energy Corporation (a) (b)		80,242		2,250,788
Sunoco Logistics Partners, L.P.		193		7,853
Syntroleum Corporation (a)		12,641		11,883
Targa Resources Corporation		13,010		625,651
Targa Resources Partners, L.P.		700		30,121
TC Pipelines, L.P.		1,200		52,644
Teekay Corporation (b)		67,462		2,435,378
Teekay LNG Partners, L.P.		1,608		66,635
Teekay Tankers Ltd. - Class A (b)		444,901		2,295,689
Tengasco, Inc. (a)		54,741		52,551
Tesoro Corporation (a)		2,100		48,825

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.6% (Continued)
Tesoro Logistics, L.P.		19,153	$	677,059
TransAtlantic Petroleum Ltd. (a) (b)		716,050		830,618
TransCanada Corporation		300		13,194
TransGlobe Energy Corporation (a) (b)		80,543		1,107,466
TransMontaigne Partners, L.P. (b)		19,568		667,269
Tsakos Energy Navigation Ltd. (b)		120,520		765,302
Ultra Petroleum Corporation (a)		1,600		31,616
Ur-Energy, Inc. (a) (b)		11,381		12,405
VAALCO Energy, Inc. (a)		109,383		992,104
Vanguard Natural Resources, LLC		191		5,522
Venoco, Inc. (a) (b)		277,444		3,082,403
VOC Energy Trust		29,403		661,861
Voyager Oil & Gas, Inc. (a) (b)		141,390		359,131
W&T Offshore, Inc.		9,246		182,793
Warren Resources, Inc. (a) (b)		353,366		1,091,901
Western Refining, Inc.		3,841		73,171
Westmoreland Coal Company (a) (b)		800		8,072
Williams Partners, L.P.		200		11,488
WPX Energy, Inc. (a)		1,712		30,080
ZaZa Energy Corporation (a) (b)		58,647		280,333
				97,266,178
Financials - 14.1%
Capital Markets - 2.7%
American Capital Ltd. (a) (b)		340,440		3,380,569
Apollo Global Management, LLC - Class A		49,286		632,832
Ares Capital Corporation		500		8,020
Arlington Asset Investment Corporation - Class A		4,990		117,315
Artio Global Investors, Inc.		1,326		4,800
BGC Partners, Inc. - Class A		241,677		1,684,489
BlackRock Kelso Capital Corporation		163,025		1,573,191
BlackRock, Inc. - Class A		100		19,158
Blackstone Group, L.P. (The)		78,873		1,069,518
Calamos Asset Management, Inc. - Class A (b)		187,534		2,422,939
Charles Schwab Corporation (The)		700		10,010
CIFC Corporation (a)		600		3,588
Cowen Group, Inc. (a)		128,022		322,615
Diamond Hill Investment Group, Inc.		2,571		195,113
Duff & Phelps Corporation (b)		251,171		3,993,619
E*TRADE Financial Corporation (a) (b)		632,050		6,718,691
Edelman Financial Group, Inc.		5,465		48,256
Ellington Financial, LLC (b)		36,074		719,316
Epoch Holding Corporation		20,128		543,456
Evercore Partners, Inc. - Class A (b)		30,350		802,150
FBR & Company (a)		1,478		3,917
Fifth Street Finance Corporation		400		3,928
Fortress Investment Group, LLC - Class A (b)		364,706		1,305,647
GAMCO Investors, Inc. - Class A		14,359		647,017
GFI Group, Inc. (b)		124,862		412,045
Gladstone Capital Corporation		46,443		372,008
Gladstone Investment Corporation		55,189		409,502
Gleacher & Company, Inc. (a)		60,692		63,120

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Capital Markets - 2.7% (Continued)
Golub Capital BDC, Inc. (b)		114,966	$	1,708,395
Harris & Harris Group, Inc. (a)		4,125		16,624
HFF, Inc. - Class A (a) (b)		83,149		1,358,655
Horizon Technology Finance Corporation		7,980		135,500
ICG Group, Inc. (a)		79,045		749,347
INTL FCStone, Inc. (a)		47,102		1,012,693
KBW, Inc. (b)		28,747		489,849
KKR & Company, L.P.		31,925		450,781
Knight Capital Group, Inc. - Class A (a)		10,502		137,996
Kohlberg Capital Corporation		978		6,034
Ladenburg Thalmann Financial Services, Inc. (a)		56,172		92,684
LPL Investment Holdings, Inc. (a)		2,994		107,455
Manning & Napier, Inc.		2,604		37,758
Medallion Financial Corporation		85,723		936,952
Medley Capital Corporation		113,057		1,276,413
Morgan Stanley		600		10,368
New Mountain Finance Corporation		16,535		223,388
NGP Capital Resources Company		33,047		201,256
Och-Ziff Capital Management Group, LLC (b)		251,319		2,206,581
Oppenheimer Holdings, Inc.		435		7,421
PennantPark Floating Rate Capital Ltd.		138		1,624
PennantPark Investment Corporation (b)		73,699		770,155
Piper Jaffray Companies, Inc. (a)		14,328		347,454
Prospect Capital Corporation		5,895		64,373
Pzena Investment Management, Inc. - Class A		1,392		8,199
Raymond James Financial, Inc.		100		3,662
SEI Investments Company (b)		106,838		2,157,059
Solar Capital Ltd.		17,858		370,732
Steel Excel, Inc. (a)		7,937		211,918
Stifel Financial Corporation (a)		3,930		143,131
SWS Group, Inc.		59,615		336,229
THL Credit, Inc.		38,718		487,847
TICC Capital Corporation		62,251		573,332
Triangle Capital Corporation		15,167		306,525
U.S. Global Investors, Inc.		2,355		16,532
Virtus Investment Partners, Inc. (a)		3,405		287,382
Waddell & Reed Financial, Inc. - Class A		6,129		196,005
Walter Investment Management Corporation		45,303		916,480
Westwood Holdings Group, Inc.		600		22,068
WisdomTree Investments, Inc. (a)		95,047		812,652
				46,686,338
Commercial Banks - 3.5%
1st Source Corporation		23,859		541,361
ACNB Corporation		120		1,744
AmeriServ Financial, Inc. (a)		100		295
Ames National Corporation		95		2,098
Associated Banc-Corp (b)		17,659		235,394
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR		21,536		449,026
Bancorp, Inc. (The) (a) (b)		115,872		1,190,005
BancorpSouth, Inc.		3,651		49,179

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Commercial Banks - 3.5% (Continued)
Bank of Hawaii Corporation		200	$	9,778
Bank of Kentucky Financial Corporation		283		7,134
Bank of Marin Bancorp		157		5,820
Banner Corporation (b)		49,762		1,092,276
BBCN Bancorp, Inc. (a)		57,229		628,374
BOK Financial Corporation		41		2,338
Boston Private Financial Holdings, Inc.		1,009		9,404
Bridge Bancorp, Inc.		387		7,539
Bridge Capital Holdings (a)		1,177		17,996
Bryn Mawr Bank Corporation		399		8,575
BSB Bancorp, Inc. (a)		10,008		120,496
Camden National Corporation		836		27,187
Canadian Imperial Bank of Commerce		200		15,072
Capital Bank Corporation (a)		5,663		13,025
CapitalSource, Inc.		187,279		1,207,950
Cathay General Bancorp		34,945		601,753
CenterState Banks, Inc.		14,072		113,139
Central Pacific Financial Corporation (a)		62,941		895,021
Century Bancorp, Inc. - Class A		32		879
Citizens Republic Bancorp, Inc. (a)		40,935		690,573
City National Corporation		9,533		507,728
CNB Financial Corporation		54		888
CoBiz, Inc.		100		625
Commerce Bancshares, Inc. (b)		13,838		554,904
Credicorp Ltd.		182		23,826
CVB Financial Corporation		180,340		2,086,534
East West Bancorp, Inc. (b)		155,421		3,538,936
Eastern Virginia Bankshares, Inc. (a)		200		770
Encore Bancshares, Inc. (a)		34,133		700,068
Enterprise Bancorp, Inc.		492		7,916
Enterprise Financial Services Corporation		444		5,368
Farmers Capital Bank Corporation (a)		3		19
Financial Institutions, Inc.		400		6,768
First Bancorp (North Carolina)		204		2,044
First BanCorporation (Puerto Rico) (a)		4,800		20,448
First Bancorp, Inc. (The)		315		4,571
First California Financial Group, Inc. (a)		80,458		439,301
First Commonwealth Financial Corporation		111,108		714,424
First Community Bancshares, Inc.		11,370		152,244
First Connecticut Bancorp, Inc.		10		132
First Financial Corporation		14,965		448,950
First Horizon National Corporation		27,509		252,533
First Interstate BancSystem, Inc.		40,381		568,968
First Merchants Corporation		115,719		1,426,815
First Midwest Bancorp, Inc.		55,658		592,758
First Niagara Financial Group, Inc.		34,929		312,265
First of Long Island Corporation (The)		111		3,056
First Republic Bank (a)		1,100		36,333
First South Bancorp, Inc. (a)		341		1,470
FirstMerit Corporation		27,485		461,748
Fulton Financial Corporation (b)		323,986		3,398,613

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Commercial Banks - 3.5% (Continued)
German American Bancorp, Inc.		200	$	3,808
Guaranty Bancorp (a)		900		1,755
Hancock Holding Company (b)		16,366		526,658
Hanmi Financial Corporation (a)		16,594		173,075
Heartland Financial USA, Inc.		541		10,019
Heritage Commerce Corporation (a)		2,512		16,931
Home BancShares, Inc. (b)		79,148		2,306,373
Hudson Valley Holding Corporation		11,163		204,618
Huntington Bancshares, Inc.		311,284		2,082,490
International Bancshares Corporation		262		5,169
Lakeland Financial Corporation		12,332		321,125
MainSource Financial Group, Inc.		1,019		11,912
MB Financial, Inc.		27,832		575,287
Merchants Bancshares, Inc.		4		108
Metro Bancorp, Inc. (a)		2,161		25,003
Middleburg Financial Corporation		1,176		19,228
MidWestOne Financial Group, Inc.		144		3,010
National Penn Bancshares, Inc. (b)		120,468		1,110,715
NewBridge Bancorp (a)		100		436
Old Point Financial Corporation		100		1,077
OmniAmerican Bancorp, Inc. (a)		956		19,168
OptimumBank Holdings, Inc. (a)		9,723		24,307
Orrstown Financial Services, Inc.		409		3,162
Pacific Capital Bancorp (a)		13,411		610,871
Pacific Continental Corporation		9,372		83,317
Pacific Mercantile Bancorp (a)		100		597
PacWest Bancorp		37,494		893,107
Patriot National Bancorp (a)		6		11
Peapack-Gladstone Financial Corporation		179		2,726
Popular, Inc. (a) (b)		1,963,215		3,494,523
PrivateBancorp, Inc. (b)		264,829		4,165,760
Prosperity Bancshares, Inc.		8,144		379,918
Republic Bancorp, Inc. - Class A		219		5,153
Rurban Financial Corporation (a)		500		2,400
Seacoast Banking Corporation of Florida (a)		832		1,348
Signature Bank Corporation (a) (b)		24,109		1,583,720
Southwest Bancorp, Inc. (a)		49,364		448,719
State Bank Financial Corporation (a)		12,830		221,317
StellarOne Corporation		214		2,677
Sterling Financial Corporation (a)		41,015		796,511
Suffolk Bancorp (a)		49		582
Summit Financial Group, Inc. (a)		200		978
Sun Bancorp, Inc. (a) (b)		126,078		364,365
SVB Financial Group (a)		4,156		266,358
Synovus Financial Corporation (b)		1,099,814		2,309,609
TCF Financial Corporation		2		23
Trustmark Corporation		22,170		564,226
U.S. Bancorp		63,918		2,056,242
UMB Financial Corporation		10,770		517,499
Umpqua Holdings Corporation		67,860		898,466
Union First Market Bankshares Corporation		3,298		46,040

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Commercial Banks - 3.5% (Continued)
United Community Banks, Inc. (a) (b)		200,120	$	1,883,129
Univest Corporation of Pennsylvania		8,095		130,329
Virginia Commerce Bancorp (a)		2,343		18,346
Washington Banking Company		600		8,364
Washington Trust Bancorp, Inc.		5,618		132,978
Webster Financial Corporation		900		20,457
WesBanco, Inc.		19,131		391,803
West Bancorporation, Inc.		323		3,101
West Coast Bancorp (a) (b)		146,095		2,854,696
Western Alliance Bancorp (a)		30,773		270,187
Wilshire Bancorp, Inc. (a) (b)		494,102		2,648,387
Zions Bancorporation		10,653		217,215
				59,955,943
Consumer Finance - 0.2%
Credit Acceptance Corporation (a)		247		23,226
DFC Global Corporation (a)		9,812		171,514
EZCORP, Inc. - Class A (a)		5,003		134,030
First Marblehead Corporation (The) (a)		204		216
Imperial Holdings, Inc. (a)		7,846		30,050
Nelnet, Inc. - Class A (b)		126,590		3,268,554
				3,627,590
Diversified Financial Services - 0.3%
CBOE Holdings, Inc.		84		2,221
Citigroup, Inc.		220		7,269
CME Group, Inc.		100		26,582
Compass Diversified Holdings, Inc. (b)		32,514		477,306
FX Alliance, Inc. (a)		32,498		563,840
Gain Capital Holdings, Inc.		23,821		122,202
KKR Financial Holdings, LLC		1,100		9,988
MarketAxess Holdings, Inc. (b)		102,197		3,506,379
NewStar Financial, Inc. (a)		31,512		374,047
NYSE Euronext, Inc.		300		7,725
PICO Holdings, Inc. (a)		20,424		490,380
Primus Guaranty Ltd. (a)		845		5,662
Resource America, Inc. - Class A		1,672		11,687
ROI Acquisition Corporation (a)		16,595		167,609
Sprott Resource Lending Corporation		50		78
Texas Pacific Land Trust		2,169		123,633
				5,896,608
Insurance - 2.9%
Allied World Assurance Company Holdings A.G. (b)		40,942		2,946,186
Alterra Capital Holdings Ltd.		165		3,948
American Financial Group, Inc.		163		6,344
American International Group, Inc. (a)		304		10,345
American National Insurance Company (b)		19,292		1,354,298
American Safety Insurance Holdings Ltd. (a)		11,877		224,832
Arch Capital Group Ltd. (a)		2,721		106,881
Aspen Insurance Holdings Ltd.		926		26,224
Assurant, Inc.		500		20,170
Assured Guaranty Ltd.		55,594		788,323
Axis Capital Holdings Ltd.		17,150		583,443

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Insurance - 2.9% (Continued)
Berkley (W.R.) Corporation		1,673	$	63,005
Brown & Brown, Inc. (b)		89,095		2,402,892
Cincinnati Financial Corporation		200		7,124
CNO Financial Group, Inc. (a) (b)		471,875		3,430,531
Delphi Financial Group, Inc. - Class A (b)		147,741		6,710,396
Donegal Group, Inc. - Class A		333		4,536
Eastern Insurance Holdings, Inc.		1,690		25,857
EMC Insurance Group, Inc.		165		3,262
Employers Holdings, Inc. (b)		106,849		1,850,625
Endurance Specialty Holdings Ltd.		31,981		1,284,997
Erie Indemnity Company - Class A		167		12,842
FBL Financial Group, Inc. - Class A (b)		14,512		422,589
Fidelity National Financial, Inc. - Class A		492		9,481
First American Financial Corporation		48,809		817,551
Flagstone Reinsurance Holdings, S.A.		16,940		127,050
Genworth Financial, Inc. - Class A (a)		184		1,106
Global Indemnity plc (a)		2,233		40,216
Hanover Insurance Group, Inc. (The) (b)		47,461		1,915,526
HCC Insurance Holdings, Inc. (b)		90,809		2,902,256
Hilltop Holdings, Inc. (a)		28,743		227,932
Homeowners Choice, Inc.		5,200		72,852
Horace Mann Educators Corporation (b)		29,062		510,038
Independence Holding Company		1,820		19,347
Infinity Property & Casualty Corporation (b)		13,286		709,605
Kansas City Life Insurance Company (b)		17,858		581,099
Kemper Corporation		55,782		1,672,902
Maiden Holdings Ltd.		123,669		1,026,453
Manulife Financial Corporation		100		1,367
Meadowbrook Insurance Group, Inc. (b)		108,058		954,152
Mercury General Corporation (b)		64,564		2,917,647
MetLife, Inc.		200		7,206
Montpelier Re Holdings Ltd.		4,003		82,142
National Interstate Corporation		200		4,800
National Western Life Insurance Company		1,611		219,193
Old Republic International Corporation		9,048		90,028
PartnerRe Ltd.		200		13,924
Phoenix Companies, Inc. (The) (a)		41,236		86,596
Platinum Underwriters Holdings Ltd.		114		4,175
Presidential Life Corporation (b)		28,662		331,906
Primerica, Inc. (b)		78,156		2,050,032
ProAssurance Corporation		491		43,252
Protective Life Corporation (b)		4,027		117,830
RenaissanceRe Holdings Ltd.		200		15,612
Safety Insurance Group, Inc. (b)		9,934		395,870
SeaBright Holdings, Inc.		7,902		71,039
Selective Insurance Group, Inc. (b)		85,749		1,499,750
State Auto Financial Corporation		42		602
Sun Life Financial, Inc.		300		7,350
Symetra Financial Corporation (b)		530,127		6,446,344
Torchmark Corporation		200		9,742
United Fire Group, Inc.		44,911		773,367

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Insurance - 2.9% (Continued)
Universal Insurance Holdings, Inc.		97,952	$	405,521
Willis Group Holdings plc		162		5,907
				49,478,418
Real Estate Investment Trusts (REIT) - 3.6%
AG Mortgage Investment Trust, Inc. (b)		18,399		364,300
Alexandria Real Estate Equities, Inc.		200		14,984
American Assets Trust, Inc. (b)		15,357		361,043
American Campus Communities, Inc.		784		34,849
American Capital Agency Corporation		949		29,647
American Capital Mortgage Investment Corporation		37,673		856,307
Annaly Capital Management, Inc.		2,831		46,202
Anworth Mortgage Asset Corporation (b)		128,075		863,225
Apartment Investment & Management Company - Class A		32,092		871,298
Apollo Commercial Real Estate Finance, Inc. (b)		14,352		231,498
Arbor Realty Trust, Inc. (a)		478		2,682
ARMOUR Residential REIT, Inc. (b)		814,455		5,684,896
Associated Estates Realty Corporation		18,947		320,773
BioMed Realty Trust, Inc.		3,151		62,453
Brandywine Realty Trust		1,300		15,418
Camden Property Trust		1,473		99,678
Capstead Mortgage Corporation (b)		137,623		1,889,564
Care Investment Trust, Inc.		18,701		129,972
CBL & Associates Properties, Inc.		5,202		96,913
Cedar Realty Trust, Inc.		610		3,184
Chatham Lodging Trust		7,525		97,825
Chimera Investment Corporation (b)		628,017		1,814,969
Colonial Properties Trust		82,583		1,847,382
Colony Financial, Inc.		2,600		44,174
CommonWealth REIT (b)		116,472		2,183,850
Cousins Properties, Inc.		8,627		67,808
CreXus Investment Corporation (b)		213,542		2,240,056
CYS Investments, Inc.		63,376		870,152
DDR Corporation		2,100		31,080
DiamondRock Hospitality Company (b)		303,597		3,227,236
Digital Realty Trust, Inc.		100		7,509
Duke Realty Corporation		2,374		35,159
EastGroup Properties, Inc.		2,864		144,059
Education Realty Trust, Inc. (b)		424,453		4,783,585
Equity Lifestyle Properties, Inc.		318		22,241
Equity One, Inc.		4,131		85,842
Essex Property Trust, Inc.		100		15,797
Excel Trust, Inc.		66,077		792,263
Extra Space Storage, Inc.		16,266		493,673
Federal Realty Investment Trust		600		60,396
FelCor Lodging Trust, Inc. (a)		64,121		270,591
First Industrial Realty Trust, Inc. (a)		36,405		449,238
First Potomac Realty Trust		121,882		1,516,212
Franklin Street Properties Corporation		29,879		300,882
General Growth Properties, Inc.		600		10,680
Gladstone Commercial Corporation		13,720		233,103

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Real Estate Investment Trusts (REIT) - 3.6% (Continued)
Government Properties Income Trust		29,945	$	695,323
Gramercy Capital Corporation (a) (b)		586,641		1,507,667
Hatteras Financial Corporation		2,647		77,107
Hersha Hospitality Trust (b)		281,942		1,621,167
Home Properties, Inc. (b)		12,736		777,533
Hospitality Properties Trust		43,225		1,192,146
Hudson Pacific Properties, Inc.		21,936		347,247
Inland Real Estate Corporation		21,066		181,168
Invesco Mortgage Capital, Inc.		2,696		47,557
Kilroy Realty Corporation		2,200		104,390
Kimco Realty Corporation		600		11,646
Kite Realty Group Trust (b)		76,778		392,336
LaSalle Hotel Properties		11,001		323,539
Liberty Property Trust		9,720		354,294
LTC Properties, Inc. (b)		35,093		1,167,895
Macerich Company (The)		200		12,314
Mack-Cali Realty Corporation		13,684		393,004
Medical Properties Trust, Inc.		61,671		578,474
MFA Financial, Inc.		81,906		604,466
Mid-America Apartment Communities, Inc.		2,034		138,454
Mission West Properties, Inc.		18,546		162,834
MPG Office Trust, Inc. (a)		3,400		7,174
National Health Investors, Inc.		4,639		229,491
National Retail Properties, Inc.		15,952		436,766
New York Mortgage Trust, Inc.		6,589		45,266
Newcastle Investment Corporation		288,598		2,040,388
Omega Healthcare Investors, Inc.		11,178		239,321
One Liberty Properties, Inc. (b)		10,113		191,237
Pebblebrook Hotel Trust		1,700		40,936
Pennsylvania Real Estate Investment Trust		31,533		444,300
PennyMac Mortgage Investment Trust		26,838		544,543
Piedmont Office Realty Trust, Inc. - Class A (b)		119,666		2,122,875
Post Properties, Inc.		7,392		359,990
Potlatch Corporation		1,700		53,210
Prologis, Inc.		200		7,156
PS Business Parks, Inc.		9,225		629,606
Public Storage, Inc.		100		14,326
Regency Centers Corporation		2,232		100,351
Resource Capital Corporation (b)		194,938		1,052,665
Rouse Properties, Inc. (a)		53,642		720,948
Sabra Health Care REIT, Inc. (b)		40,269		674,103
Saul Centers, Inc. (b)		69,487		2,780,175
Select Income REIT (a)		37,200		851,136
Senior Housing Properties Trust		4,500		99,360
Sovran Self Storage, Inc.		10,159		535,379
STAG Industrial, Inc.		13,576		188,978
Starwood Property Trust, Inc. (b)		57,432		1,198,606
Summit Hotel Properties, Inc.		59,101		494,084
Sun Communities, Inc.		1,559		68,206
Sunstone Hotel Investors, Inc. (a)		140,069		1,428,704
Tanger Factory Outlet Centers, Inc.		6,378		199,759

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Real Estate Investment Trusts (REIT) - 3.6% (Continued)
Taubman Centers, Inc.		518	$	39,979
Terreno Realty Corporation		310		4,433
Two Harbors Investment Corporation		6,824		71,379
Universal Health Realty Income Trust		10,648		430,605
Urstadt Biddle Properties, Inc. - Class A		7,691		147,975
Vestin Realty Mortgage II, Inc. (a)		200		286
Weingarten Realty Investors		2,348		62,363
Winthrop Realty Trust (b)		23,519		250,948
				63,122,216
Real Estate Management & Development - 0.3%
AV Homes, Inc. (a)		127		1,584
Brookfield Asset Management, Inc. - Class A		24,182		797,522
Brookfield Office Properties, Inc.		432		7,845
CBRE Group, Inc. (a)		1,600		30,096
Consolidated-Tomoka Land Company		45		1,323
FirstService Corporation (a)		12,477		341,121
Forest City Enterprises, Inc. - Class A (a)		712		11,357
Forestar Group, Inc. (a)		33,481		514,938
Gazit-Globe Ltd.		420		4,481
Grubb & Ellis Company (a)		98		–
Howard Hughes Corporation (a)		120		8,053
Jones Lang LaSalle, Inc.		475		37,972
Kennedy-Wilson Holdings, Inc. (b)		21,178		297,763
MI Developments, Inc.		200		7,058
Preferred Apartment Communities, Inc. - Class A		698		5,640
Tejon Ranch Company (a) (b)		86,792		2,591,609
Thomas Properties Group, Inc.		20,139		98,278
				4,756,640
Thrifts & Mortgage Finance - 0.6%
America First Tax Exempt Investors, L.P.		62		363
Apollo Residential Mortgage, Inc.		38,395		696,869
Bank Mutual Corporation		4,377		17,070
BankFinancial Corporation		1,400		9,324
BankUnited, Inc.		262		6,445
Beneficial Mutual Bancorp, Inc. (a)		11,367		98,552
Brookline Bancorp, Inc.		15,521		139,379
Cape Bancorp, Inc. (a)		100		814
Charter Financial Corporation		5,132		46,188
Clifton Savings Bancorp, Inc.		161		1,645
Doral Financial Corporation (a) (b)		142,233		260,286
ESSA Bancorp, Inc.		54		527
Federal Agricultural Mortgage Corporation		12,408		283,647
Federal National Mortgage Association (a)		6,927		1,905
First Defiance Financial Corporation		64		1,100
First Financial Holdings, Inc.		33,238		383,567
First Financial Northwest, Inc. (a)		21		167
First PacTrust Bancorp, Inc.		1,005		11,045
Flagstar Bancorp, Inc. (a) (b)		109,741		95,519
Flushing Financial Corporation		424		5,525
Fox Chase Bancorp, Inc.		289		3,676
Freddie Mac (a)		53		15

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 14.1% (Continued)
Thrifts & Mortgage Finance - 0.6% (Continued)
Hudson City Bancorp, Inc.		746	$	5,267
Kaiser Federal Financial Group, Inc.		269		3,763
Kearny Financial Corporation		598		5,801
Meridian Interstate Bancorp, Inc. (a)		68		911
Northfield Bancorp, Inc.		418		5,835
OceanFirst Financial Corporation		4,248		61,893
Ocwen Financial Corporation (a)		93,935		1,400,571
Oritani Financial Corporation		19,433		287,997
Peoples Federal Bancshares, Inc. (a)		19		313
People's United Financial, Inc.		101		1,246
PMI Group, Inc. (The) (a) (b)		394,653		4,933
Provident New York Bancorp		5,490		46,336
Rockville Financial, Inc.		5,065		59,311
Territorial Bancorp, Inc.		274		5,951
TFS Financial Corporation (a) (b)		189,421		1,862,008
TrustCo Bank Corporation (b)		87,222		477,104
United Financial Bancorp, Inc.		99		1,588
ViewPoint Financial Group, Inc.		543		8,639
Walker & Dunlop, Inc. (a)		4,534		59,169
Washington Federal, Inc. (b)		185,168		3,247,847
Westfield Financial, Inc.		1,012		7,560
WSFS Financial Corporation (b)		14,457		576,979
				10,194,650
Health Care - 13.4%
Biotechnology - 3.5%
ACADIA Pharmaceuticals, Inc. (a) (b)		336,608		504,912
Acorda Therapeutics, Inc. (a)		40,013		1,009,928
Aegerion Pharmaceuticals, Inc. (a)		41,070		511,322
AEterna Zentaris, Inc. (a)		146		92
Agenus, Inc. (a)		78,618		491,363
Allos Therapeutics, Inc. (a) (b)		500,500		910,910
AMAG Pharmaceuticals, Inc. (a)		44,970		704,230
Amicus Therapeutics, Inc. (a) (b)		189,258		923,579
Amylin Pharmaceuticals, Inc. (a)		4,772		123,643
Anacor Pharmaceuticals, Inc. (a)		67,206		372,993
Anthera Pharmaceuticals, Inc. (a)		68,013		106,100
Ardea Biosciences, Inc. (a)		35,542		1,132,368
ArQule, Inc. (a)		289,698		2,042,371
Array BioPharma, Inc. (a) (b)		1,128,601		3,938,818
AspenBio Pharma, Inc. (a)		100		66
Astex Pharmaceuticals, Inc. (a) (b)		260,886		459,159
AVEO Pharmaceuticals, Inc. (a)		75,186		864,639
AVI BioPharma, Inc. (a)		370,038		308,723
BioCryst Pharmaceuticals, Inc. (a)		69,691		252,281
BioMarin Pharmaceutical, Inc. (a)		6,584		228,465
BioMimetic Therapeutics, Inc. (a)		22,771		60,799
Celldex Therapeutics, Inc. (a) (b)		503,940		2,297,966
Cepheid (a)		75		2,881
Chelsea Therapeutics International Ltd. (a)		620,825		1,316,149
Clovis Oncology, Inc. (a)		200		3,586
Codexis, Inc. (a) (b)		195,803		708,807

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Biotechnology - 3.5% (Continued)
Coronado Biosciences, Inc. (a)		7,433	$	49,281
Curis, Inc. (a)		14,874		71,246
Cyclacel Pharmaceuticals, Inc. (a)		2,310		1,340
Cytokinetics, Inc. (a)		229,628		231,924
CytRx Corporation (a)		3,109		1,010
Dendreon Corporation (a) (b)		425,051		4,951,844
Discovery Laboratories, Inc. (a)		286,441		882,238
DUSA Pharmaceuticals, Inc. (a)		71,649		419,863
Dyax Corporation (a)		4,381		7,141
Dynavax Technologies Corporation (a) (b)		424,105		2,124,766
Emergent BioSolutions, Inc. (a) (b)		81,291		1,142,951
Exelixis, Inc. (a) (b)		525,192		2,520,922
Geron Corporation (a) (b)		1,700,004		2,856,007
GTx, Inc. (a)		45,021		140,916
Halozyme Therapeutics, Inc. (a)		143,026		1,157,080
Human Genome Sciences, Inc. (a)		159,687		2,348,996
Infinity Pharmaceuticals, Inc. (a)		35,600		480,600
Inovio Pharmaceuticals, Inc. (a)		4,141		2,195
Isis Pharmaceuticals, Inc. (a)		458		3,664
Keryx Biopharmaceuticals, Inc. (a)		8,787		13,971
Lexicon Pharmaceuticals, Inc. (a)		129,564		209,894
Ligand Pharmaceuticals, Inc. (a)		1,332		17,995
Maxygen, Inc. (a)		44,169		249,555
Medivation, Inc. (a)		100		8,088
Momenta Pharmaceuticals, Inc. (a)		4,838		76,827
Myrexis, Inc. (a)		1,091		3,295
Myriad Genetics, Inc. (a)		50,203		1,305,780
Nabi Biopharmaceuticals (a) (b)		229,398		383,095
Nanosphere, Inc. (a)		35,883		63,513
Neurocrine Biosciences, Inc. (a) (b)		115,612		858,997
NPS Pharmaceuticals, Inc. (a)		34,324		245,760
OncoGenex Pharmaceuticals, Inc. (a)		74,139		963,807
Onyx Pharmaceuticals, Inc. (a) (b)		64,384		2,930,116
OPKO Health, Inc. (a)		964		4,579
Orexigen Therapeutics, Inc. (a)		39,206		137,221
Peregrine Pharmaceuticals, Inc. (a)		56,437		26,525
Pharmacyclics, Inc. (a)		27,529		758,699
PharmAthene, Inc. (a)		303		491
Progenics Pharmaceuticals, Inc. (a)		76,756		843,548
Protalix BioTherapeutics, Inc. (a)		75,746		526,435
QLT, Inc. (a) (b)		96,875		645,188
Regeneron Pharmaceuticals, Inc. (a)		218		29,487
Repligen Corporation (a)		149,089		657,483
Rigel Pharmaceuticals, Inc. (a)		32,547		251,588
Rosetta Genomics Ltd. (a)		75		13
SciClone Pharmaceuticals, Inc. (a)		32,933		197,269
Seattle Genetics, Inc. (a)		91		1,799
SIGA Technologies, Inc. (a)		45,642		150,619
Synageva BioPharma Corporation (a)		20,029		760,701
Synta Pharmaceuticals Corporation (a)		80,336		349,462
Targacept, Inc. (a) (b)		382,011		1,814,552

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Biotechnology - 3.5% (Continued)
Theravance, Inc. (a)		194	$	4,198
Transition Therapeutics, Inc. (a)		313		582
Trius Therapeutics, Inc. (a)		179,219		962,406
United Therapeutics Corporation (a)		2,171		94,981
Vanda Pharmaceuticals, Inc. (a)		123,173		545,656
Vical, Inc. (a) (b)		343,092		1,070,447
XOMA Corporation (a)		267,116		771,965
YM BioSciences, Inc. (a) (b)		1,823,087		3,172,171
Zalicus, Inc. (a) (b)		1,026,786		1,078,125
				60,857,017
Health Care Equipment & Supplies - 3.1%
Abaxis, Inc. (a)		833		29,671
Abiomed, Inc. (a)		114		2,774
Accuray, Inc. (a)		56,921		438,292
Alere, Inc. (a)		39,891		952,996
Align Technology, Inc. (a)		13,529		429,005
Alphatec Holdings, Inc. (a)		12,198		26,592
Analogic Corporation (b)		43,740		2,983,505
AngioDynamics, Inc. (a)		3,300		40,854
Anika Therapeutics, Inc. (a)		164,334		2,803,538
Antares Pharma, Inc. (a)		524,447		1,652,008
ArthroCare Corporation (a) (b)		197,980		4,941,581
AtriCure, Inc. (a)		7,826		64,173
Atrion Corporation		378		87,182
Boston Scientific Corporation (a)		7,259		45,441
C.R. Bard, Inc.		200		19,792
Cantel Medical Corporation (b)		107,323		2,519,944
Cardica, Inc. (a)		470		987
Cardiovascular Systems, Inc. (a) (b)		17,892		176,415
CareFusion Corporation (a)		1,500		38,865
CAS Medical Systems, Inc. (a)		710		1,661
CONMED Corporation		17,892		511,532
CryoLife, Inc. (a)		1,282		6,782
Cutera, Inc. (a)		7,006		61,653
Cyberonics, Inc. (a) (b)		22,015		843,175
Cynosure, Inc. - Class A (a)		91,514		1,891,594
DENTSPLY International, Inc.		200		8,212
Derma Sciences, Inc. (a)		152		1,474
EnteroMedics, Inc. (a)		516		1,522
Exactech, Inc. (a)		101		1,566
Gen-Probe, Inc. (a) (b)		36,684		2,991,580
Given Imaging Ltd. (a) (b)		58,459		1,135,274
Greatbatch, Inc. (a)		29,645		690,432
Haemonetics Corporation (a)		2,440		174,631
Hill-Rom Holdings, Inc. (b)		115,973		3,763,324
IDEXX Laboratories, Inc. (a)		1,600		140,688
IMRIS, Inc. (a)		28,958		97,299
Integra LifeSciences Holdings Corporation (a)		25,780		959,789
Invacare Corporation		11,144		176,632
IRIS International, Inc. (a)		38,414		502,455
Masimo Corporation (a) (b)		17,768		393,206

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Health Care Equipment & Supplies - 3.1% (Continued)
Medical Action Industries, Inc. (a)		96	$	530
Merit Medical Systems, Inc. (a) (b)		65,352		863,953
MISONIX, INC. (a)		800		1,560
Natus Medical, Inc. (a) (b)		48,482		593,420
NuVasive, Inc. (a)		66,094		1,095,178
OraSure Technologies, Inc. (a)		74,909		859,206
Orthofix International N.V. (a)		41,712		1,719,369
Palomar Medical Technologies, Inc. (a) (b)		21,049		183,126
PhotoMedex, Inc. (a)		5,000		76,950
ResMed, Inc. (a)		8,818		299,900
Rochester Medical Corporation (a)		300		3,018
Sirona Dental Systems, Inc. (a) (b)		68,426		3,456,197
Solta Medical, Inc. (a)		80,621		262,018
Spectranetics Corporation (The) (a) (b)		378,753		3,973,119
STAAR Surgical Company (a)		844		9,259
STERIS Corporation		365		11,465
Stryker Corporation		200		10,914
SurModics, Inc. (a)		21,744		321,594
Symmetry Medical, Inc. (a) (b)		154,303		1,097,094
Synergetics USA, Inc. (a)		32,927		214,684
Syneron Medical Ltd. (a) (b)		110,340		1,155,260
TearLab Corporation (a)		19,900		81,590
Teleflex, Inc.		15,322		960,230
Thoratec Corporation (a)		39,642		1,379,938
Tornier N.V. (a) (b)		61,036		1,448,995
TranS1, Inc. (a)		5,487		19,479
Uroplasty, Inc. (a)		100		304
Vascular Solutions, Inc. (a)		5,710		64,808
Vermillion, Inc. (a) (b)		29,769		60,431
Volcano Corporation (a)		4,669		126,763
West Pharmaceutical Services, Inc.		9,094		408,321
Young Innovations, Inc.		133		4,522
ZELTIQ Aesthetics, Inc. (a)		13,191		82,048
Zimmer Holdings, Inc.		200		12,586
				52,465,925
Health Care Providers & Services - 3.5%
Acadia Healthcare Company, Inc. (a)		19,380		309,305
AdCare Health Systems, Inc. (a)		100		361
Alliance HealthCare Services, Inc. (a) (b)		88,757		121,597
Almost Family, Inc. (a)		12,770		311,333
Amedisys, Inc. (a)		23,433		345,168
AmSurg Corporation (a) (b)		56,361		1,620,942
Assisted Living Concepts, Inc. - Class A		62,793		1,124,623
Capital Senior Living Corporation (a) (b)		89,344		865,743
CardioNet, Inc. (a)		1,250		3,525
Catalyst Health Solutions, Inc. (a)		32,539		2,810,393
Centene Corporation (a) (b)		43,536		1,723,590
Chindex International, Inc. (a)		5,023		49,075
Community Health Systems, Inc. (a) (b)		181,456		4,416,639
Corvel Corporation (a)		100		4,349
Cross Country Healthcare, Inc. (a) (b)		254,658		1,173,973

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Health Care Providers & Services - 3.5% (Continued)
DaVita, Inc. (a)		200	$	17,716
Emeritus Corporation (a)		21,300		366,360
Ensign Group, Inc. (The) (b)		11,613		310,183
Five Star Quality Care, Inc. (a) (b)		424,228		1,455,102
Hanger Orthopedic Group, Inc. (a) (b)		38,122		897,773
HCA Holdings, Inc.		332		8,937
Health Management Associates, Inc. - Class A (a) (b)		293,054		2,109,989
HealthSouth Corporation (a) (b)		42,484		951,217
Henry Schein, Inc. (a)		200		15,348
HMS Holdings Corporation (a)		3,969		95,494
Kindred Healthcare, Inc. (a)		106,643		1,028,039
Landauer, Inc. (b)		12,104		638,123
LCA-Vision, Inc. (a)		72,035		533,059
LHC Group, Inc. (a)		46,460		822,807
LifePoint Hospitals, Inc. (a) (b)		63,938		2,494,861
Lincare Holdings, Inc.		322		7,857
Magellan Health Services, Inc. (a) (b)		20,006		885,866
MedCath Corporation (a) (b)		64,148		506,128
MEDNAX, Inc. (a)		3,795		266,561
Metropolitan Health Networks, Inc. (a) (b)		226,412		1,693,562
MModal, Inc. (a) (b)		159,495		2,035,156
Molina Healthcare, Inc. (a)		29,720		762,318
MWI Veterinary Supply, Inc. (a)		700		66,080
National Healthcare Corporation		14,594		665,486
National Research Corporation		601		29,052
Omnicare, Inc.		600		20,904
Owens & Minor, Inc.		151,685		4,435,269
PDI, Inc. (a)		62		503
PharMerica Corporation (a)		30,931		367,151
Providence Service Corporation (The) (a)		141,678		1,991,993
Quest Diagnostics, Inc.		200		11,538
RadNet, Inc. (a)		2,923		9,032
Select Medical Holdings Corporation (a) (b)		171,420		1,469,069
Sharps Compliance Corporation (a)		138		524
Skilled Healthcare Group, Inc. - Class A (a) (b)		263,094		2,017,931
Team Health Holdings, Inc. (a) (b)		86,527		1,863,792
Tenet Healthcare Corporation (a) (b)		819,707		4,254,279
Triple-S Management Corporation (a) (b)		53,342		1,123,383
U.S. Physical Therapy, Inc. (b)		90,431		2,204,708
Universal American Corporation (b)		357,310		3,280,106
Universal Health Services, Inc. - Class B		200		8,542
Vanguard Health Systems, Inc. (a)		50,634		449,630
VCA Antech, Inc. (a)		52,290		1,237,181
WellCare Health Plans, Inc. (a) (b)		40,602		2,484,030
				60,773,255
Health Care Technology - 0.6%
Allscripts Healthcare Solutions, Inc. (a)		61,823		684,999
Computer Programs & Systems, Inc.		11,133		663,415
Epocrates, Inc. (a)		254		2,068
iCad, Inc. (a)		500		230
MedAssets, Inc. (a) (b)		290,868		3,667,845

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Health Care Technology - 0.6% (Continued)
Medidata Solutions, Inc. (a) (b)		66,355	$	1,719,258
Merge Healthcare, Inc. (a)		229,795		988,119
Omnicell, Inc. (a) (b)		158,037		2,255,188
SXC Health Solutions Corporation (a)		115		10,417
				9,991,539
Life Sciences Tools & Services - 1.2%
Agilent Technologies, Inc.		100		4,218
Albany Molecular Research, Inc. (a)		5,702		18,189
BioDelivery Sciences International, Inc. (a)		9,463		35,959
Bio-Rad Laboratories, Inc. - Class A (a)		100		10,799
Bruker Corporation (a) (b)		179,812		2,702,574
Cambrex Corporation (a) (b)		269,951		1,749,283
Charles River Laboratories International, Inc. (a) (b)		126,203		4,483,993
Complete Genomics, Inc. (a)		21,500		58,050
Compugen Ltd. (a)		52,397		276,656
Covance, Inc. (a)		3,553		166,138
Enzo Biochem, Inc. (a)		3,030		8,302
eResearchTechnology, Inc. (a)		325,146		2,568,653
Furiex Pharmaceuticals, Inc. (a)		11,140		160,082
Harvard Bioscience, Inc. (a) (b)		16,288		64,989
Illumina, Inc. (a)		200		8,906
Luminex Corporation (a)		2,356		58,994
MEDTOX Scientific, Inc. (a)		17,087		377,623
Mettler-Toledo International, Inc. (a)		173		31,022
Nordion, Inc. (b)		290,422		2,657,361
Pacific Biosciences of California, Inc. (a) (b)		162,158		437,827
PAREXEL International Corporation (a) (b)		29,707		800,307
PerkinElmer, Inc. (b)		162,245		4,477,962
pSivida Corporation (a)		1,095		2,519
Thermo Fisher Scientific, Inc.		200		11,130
				21,171,536
Pharmaceuticals - 1.5%
Alimera Sciences, Inc. (a)		36,847		113,857
Auxilium Pharmaceuticals, Inc. (a)		47,071		843,512
Biostar Pharmaceuticals, Inc. (a)		778		1,300
Cardiome Pharma Corporation (a) (b)		150,282		84,158
Columbia Laboratories, Inc. (a)		814		594
Corcept Therapeutics, Inc. (a)		138,888		519,441
Cornerstone Therapeutics, Inc. (a)		1,332		7,859
Cumberland Pharmaceuticals, Inc. (a)		499		3,653
DepoMed, Inc. (a)		4,628		28,185
DURECT Corporation (a) (b)		287,486		201,240
Eli Lilly & Company		5,894		243,953
Endo Pharmaceuticals Holdings, Inc. (a)		200		7,028
Endocyte, Inc. (a)		178,939		1,277,624
Hospira, Inc. (a)		200		7,024
ISTA Pharmaceuticals, Inc. (a) (b)		416,497		3,769,298
Jazz Pharmaceuticals plc (a) (b)		49,984		2,550,684
Medicines Company (The) (a) (b)		23,790		525,521
Medicis Pharmaceutical Corporation - Class A		4,020		154,649
NuPathe, Inc. (a)		17,568		63,596

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 13.4% (Continued)
Pharmaceuticals - 1.5% (Continued)
Obagi Medical Products, Inc. (a)		63,204	$	829,236
Omeros Corporation (a)		82,994		734,497
Pain Therapeutics, Inc. (a)		1,511		6,120
Par Pharmaceutical Companies, Inc. (a) (b)		61,966		2,623,640
Pernix Therapeutics Holdings, Inc. (a)		29,331		252,247
Perrigo Company		100		10,490
POZEN, Inc. (a) (b)		264,086		1,758,813
Questcor Pharmaceuticals, Inc. (a) (b)		73,653		3,307,020
Salix Pharmaceuticals Ltd. (a) (b)		52,383		2,587,720
Santarus, Inc. (a)		168,116		1,070,899
Sucampo Pharmaceuticals, Inc. (a)		71,227		592,609
Tianyin Pharmaceutical Company, Inc. (a)		410		325
Valeant Pharmaceuticals International, Inc. (a)		194		10,792
Warner Chilcott plc (a)		15,400		334,950
XenoPort, Inc. (a)		335		1,531
Zogenix, Inc. (a)		205,527		376,114
				24,900,179
Industrials - 14.5%
Aerospace & Defense - 1.0%
AAR Corporation		34,786		537,444
Alliant Techsystems, Inc. (b)		40,736		2,171,229
American Science & Engineering, Inc.		3,944		257,583
Astronics Corporation (a)		5,610		178,117
Astronics Corporation - Class B (a)		552		17,283
Ceradyne, Inc.		22,454		568,535
Cubic Corporation (b)		57,953		2,679,167
Curtiss-Wright Corporation		12,096		426,868
DigitalGlobe, Inc. (a) (b)		29,829		366,002
Ducommun, Inc. (a)		25,349		299,118
Elbit Systems Ltd.		114		4,158
Esterline Technologies Corporation (a)		12,264		839,961
Exelis, Inc. (b)		206,233		2,377,866
GeoEye, Inc. (a)		84,829		1,944,281
Goodrich Corporation		200		25,092
HEICO Corporation		3,105		125,194
HEICO Corporation - Class A		19,533		629,549
Hexcel Corporation (a)		29,855		817,430
Huntington Ingalls Industries, Inc. (a)		23,247		917,094
LMI Aerospace, Inc. (a) (b)		21,438		392,101
Sparton Corporation (a)		1,466		14,660
Spirit AeroSystems Holdings, Inc. - Class A (a)		400		10,000
Teledyne Technologies, Inc. (a)		2,175		140,548
Textron, Inc.		200		5,328
Triumph Group, Inc.		13,480		846,814
				16,591,422
Air Freight & Logistics - 0.6%
Air Transport Services Group, Inc. (a) (b)		408,646		2,165,824
Forward Air Corporation		16,100		543,858
Hub Group, Inc. - Class A (a) (b)		35,654		1,247,890
Park-Ohio Holdings Corporation (a) (b)		75,263		1,624,928
UTi Worldwide, Inc. (b)		163,279		2,721,861

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Air Freight & Logistics - 0.6% (Continued)
XPO Logistics, Inc. (a) (b)		95,841	$	1,591,919
				9,896,280
Airlines - 0.7%
Alaska Air Group, Inc. (a)		580		19,604
Canadian Helicopters Group, Inc. (b)		5,506		187,613
Copa Holdings, S.A. - Class A (b)		45,726		3,717,981
Delta Air Lines, Inc. (a)		1,000		10,960
Hawaiian Holdings, Inc. (a)		156,627		886,509
Pinnacle Airlines Corporation (a)		1,391		632
SkyWest, Inc.		183,677		1,651,256
Southwest Airlines Company		20		166
United Continental Holdings, Inc. (a)		400		8,768
US Airways Group, Inc. (a)		531,071		5,448,788
				11,932,277
Building Products - 0.3%
A.O. Smith Corporation (b)		19,955		949,858
Ameresco, Inc. - Class A (a) (b)		97,415		1,187,489
American Woodmark Corporation		9,167		164,548
Apogee Enterprises, Inc.		46,061		707,497
Armstrong World Industries, Inc.		689		30,343
Builders FirstSource, Inc. (a)		1,234		5,146
Fortune Brands Home & Security, Inc. (a) (b)		7,863		178,805
Gibraltar Industries, Inc. (a) (b)		46,590		629,897
Insteel Industries, Inc.		21		239
Lennox International, Inc.		935		40,579
NCI Building Systems, Inc. (a)		23,375		280,266
Nortek, Inc. (a)		200		9,150
Owens Corning, Inc. (a)		1,100		37,785
Patrick Industries, Inc. (a)		27,531		356,251
Quanex Building Products Corporation		43,075		793,872
U.S. Home Systems, Inc.		6,293		55,189
				5,426,914
Commercial Services & Supplies - 2.2%
A.T. Cross Company - Class A (a)		294		3,375
ABM Industries, Inc.		12,274		285,739
ACCO Brands Corporation (a)		18,700		196,350
Acorn Energy, Inc.		51,846		647,557
Asta Funding, Inc.		2,284		19,368
Brink's Company (The) (b)		49,315		1,252,601
Casella Waste Systems, Inc. (a) (b)		3,281		19,784
Cenveo, Inc. (a)		186		532
Clean Harbors, Inc. (a)		412		28,115
Copart, Inc. (a) (b)		116,379		3,073,569
Corrections Corporation of America (a) (b)		89,677		2,590,769
Courier Corporation		8		82
Covanta Holding Corporation		4,391		70,476
Encore Capital Group, Inc. (a)		37,170		880,929
EnergySolutions, Inc. (a)		160,988		677,759
Ennis, Inc.		9		142
Fuel Tech, Inc. (a)		56,901		263,452
G&K Services, Inc.		37,593		1,235,306

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Commercial Services & Supplies - 2.2% (Continued)
Geo Group, Inc. (The) (a)		15,667	$	324,464
Healthcare Services Group, Inc.		10,073		213,749
Heritage-Crystal Clean, Inc. (a)		1,782		37,689
Herman Miller, Inc. (b)		28,878		563,987
InnerWorkings, Inc. (a)		98		1,128
Interface, Inc. - Class A (b)		156,928		2,222,100
Intersections, Inc.		1,295		15,579
Iron Mountain, Inc.		1,000		30,370
KAR Auction Services, Inc. (a) (b)		140,809		2,590,886
Kimball International, Inc. - Class B		1,187		8,107
McGrath RentCorp		10,799		317,707
Metalico, Inc. (a)		143,031		463,420
Mine Safety Appliances Company		26,296		1,116,528
Multi-Color Corporation (b)		9,493		202,391
NL Industries, Inc.		503		7,077
Perma-Fix Environmental Services, Inc. (a)		153		231
Pitney Bowes, Inc.		500		8,565
Progressive Waste Solutions Ltd.		1,487		32,208
R.R. Donnelley & Sons Company		53,594		670,461
Republic Services, Inc.		206		5,638
Ritchie Bros. Auctioneers, Inc.		18,018		380,720
Rollins, Inc.		35,438		753,058
Schawk, Inc. (b)		19,134		257,735
Standard Parking Corporation (a)		11,334		216,026
Steelcase, Inc. - Class A (b)		421,306		3,640,084
Stericycle, Inc. (a)		200		17,320
SYKES Enterprises, Inc. (a) (b)		109,797		1,740,282
Team, Inc. (a)		36,337		1,076,665
Tetra Tech, Inc. (a)		11,135		297,305
TMS International Corporation - Class A (a)		12,555		151,664
TRC Companies, Inc. (a)		28,977		190,669
UniFirst Corporation (b)		53,454		3,247,865
US Ecology, Inc.		23,056		499,854
Viad Corp (b)		33,833		611,701
Waste Connections, Inc. (b)		136,487		4,398,976
				37,558,114
Construction & Engineering - 0.8%
AECOM Technology Corporation (a) (b)		118,440		2,613,971
Argan, Inc.		12,463		181,711
Comfort Systems USA, Inc.		24,410		258,258
Dycom Industries, Inc. (a) (b)		29,932		700,110
EMCOR Group, Inc.		134		3,929
Great Lakes Dredge & Dock Corporation		44,361		328,715
KBR, Inc.		200		6,772
Layne Christensen Company (a)		459		9,432
Michael Baker Corporation (a)		25,521		574,988
MYR Group, Inc. (a) (b)		183,122		3,061,800
Northwest Pipe Company (a)		7,237		150,602
Orion Marine Group, Inc. (a)		31,558		218,381
Pike Electric Corporation (a)		14,501		119,198
Primoris Services Corporation (b)		105,221		1,517,287

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Construction & Engineering - 0.8% (Continued)
Quanta Services, Inc. (a)		500	$	11,060
Sterling Construction Company, Inc. (a)		91,551		896,284
Tutor Perini Corporation (a)		99,640		1,515,524
URS Corporation (b)		44,811		1,851,142
				14,019,164
Electrical Equipment - 0.7%
Active Power, Inc. (a)		1,900		1,681
A-Power Energy Generation Systems Ltd. (a)		112,992		38,417
AZZ, Inc.		9,513		491,917
Babcock & Wilcox Company (The) (a)		70,851		1,742,935
Belden, Inc.		5,656		196,716
Brady Corporation - Class A (b)		98,969		3,071,008
China Electric Motor, Inc. (a)		1,771		193
Coleman Cable, Inc. (a) (b)		33,253		282,651
EnerSys (a)		22,513		786,829
Franklin Electric Company, Inc.		8,968		449,745
FuelCell Energy, Inc. (a)		380,454		471,763
Generac Holdings, Inc. (a)		22,660		545,653
General Cable Corporation (a) (b)		58,826		1,731,837
Hubbell, Inc. - Class B		6,021		483,125
Jinpan International Ltd. (b)		43,765		378,130
New Energy Systems Group (a)		1,119		560
Orion Energy Systems, Inc. (a)		301		632
Plug Power, Inc. (a)		35		46
Preformed Line Products Company (b)		3,665		211,580
Regal-Beloit Corporation		800		54,112
Sensata Technologies Holding N.V. (a)		796		25,281
SL Industries, Inc. (a)		189		3,478
Thermon Group Holdings, Inc. (a)		26,722		593,763
Thomas & Betts Corporation (a)		4,038		290,373
Vicor Corporation (b)		128,231		893,770
				12,746,195
Industrial Conglomerates - 0.3%
Carlisle Companies, Inc. (b)		63,887		3,517,618
General Electric Company		600		11,748
Standex International Corporation (b)		41,114		1,811,483
Tyco International Ltd.		173		9,711
				5,350,560
Machinery - 3.0%
Accuride Corporation (a)		54,650		396,212
Alamo Group, Inc. (b)		45,535		1,533,619
Albany International Corporation - Class A		7,026		169,186
Altra Holdings, Inc. (a)		3,395		62,061
American Railcar Industries, Inc. (a) (b)		132,707		3,580,435
Ampco-Pittsburgh Corporation (b)		45,924		853,268
Astec Industries, Inc. (a)		22,788		713,037
Barnes Group, Inc.		14,312		377,837
Blount International, Inc. (a)		17,527		283,412
Cascade Corporation (b)		46,878		2,206,547
Chart Industries, Inc. (a) (b)		19,613		1,499,022
China Yuchai International Ltd. (b)		10,406		147,453

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Machinery - 3.0% (Continued)
CIRCOR International, Inc. (b)		61,625	$	1,917,770
CNH Global N.V. (a)		100		4,577
Columbus McKinnon Corporation (a) (b)		40,316		597,886
Commercial Vehicle Group, Inc. (a)		79,137		842,018
Crane Company (b)		8,194		361,601
Duoyuan Printing, Inc. (a)		105,760		17,979
Dynamic Materials Corporation		12,898		235,775
Federal Signal Corporation (a)		126,988		655,258
Flow International Corporation (a)		97,691		401,510
Gardner Denver, Inc. (b)		48,579		3,164,436
Gorman-Rupp Company (The)		24,249		698,371
Graco, Inc. (b)		28,429		1,515,550
Graham Corporation		9,121		201,392
Greenbrier Companies, Inc. (The) (a)		59,768		1,030,998
Hardinge, Inc. (b)		45,945		518,260
Hurco Companies, Inc. (a) (b)		12,329		324,623
IDEX Corporation		5,304		229,716
John Bean Technologies Corporation		74,224		1,186,842
Kadant, Inc. (a) (b)		48,778		1,261,887
Kaydon Corporation		2,200		53,966
Kennametal, Inc.		492		20,777
L.B. Foster Company - Class A (b)		21,243		569,525
Lincoln Electric Holdings, Inc.		20,345		997,108
Lydall, Inc. (a)		705		7,438
Manitex International, Inc. (a)		13,870		132,181
Manitowoc Company, Inc. (The) (b)		326,883		4,527,330
Meritor, Inc. (a)		149,147		970,947
Met-Pro Corporation		3,841		38,256
Middleby Corporation (a)		298		30,238
Mueller Water Products, Inc. - Class A (b)		297,307		1,067,332
NACCO Industries, Inc. - Class A (b)		7,625		865,209
NN, Inc. (a)		46,559		368,282
Nordson Corporation		940		50,666
Omega Flex, Inc. (a)		55		740
Oshkosh Corporation (a)		35,097		801,265
Pall Corporation		200		11,922
Parker-Hannifin Corporation		200		17,538
Pentair, Inc.		8,764		379,832
RBC Bearings, Inc. (a)		6,281		294,453
Robbins & Myers, Inc. (b)		26,526		1,292,081
Sauer-Danfoss, Inc. (b)		59,410		2,573,047
SmartHeat, Inc. (a)		25,109		186,058
Sun Hydraulics Corporation		106		2,653
Tecumseh Products Company - Class A (a)		1,533		5,856
Tennant Company (b)		39,120		1,733,016
Timken Company		356		20,118
Toro Company (The)		30,885		2,207,042
Trimas Corporation (a) (b)		103,934		2,287,587
Trinity Industries, Inc.		28,160		833,536
Valmont Industries, Inc.		450		55,768
WABCO Holdings, Inc. (a) (b)		7,135		449,719

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Machinery - 3.0% (Continued)
Wabtec Corporation		475	$	36,945
Watts Water Technologies, Inc. - Class A (b)		29,692		1,093,259
Westport Innovations, Inc. (a)		1,237		38,718
Woodward, Inc.		822		34,187
Xerium Technologies, Inc. (a)		13,702		64,399
Xylem, Inc.		675		18,819
				51,126,351
Marine - 0.3%
Box Ships, Inc.		4,893		43,058
Costamare, Inc. (b)		48,762		687,544
Danaos Corporation (a)		900		3,546
Diana Containerships, Inc.		112,411		700,321
Diana Shipping, Inc. (a) (b)		105,188		826,778
DryShips, Inc. (a)		122,800		388,048
Global Ship Lease, Inc. (a)		31,997		123,828
International Shipholding Corporation		3,242		68,601
Kirby Corporation (a)		437		29,004
Navios Maritime Holdings, Inc. (b)		265,828		1,015,463
Navios Maritime Partners, L.P.		42,676		693,485
Safe Bulkers, Inc.		121,300		830,905
Seaspan Corporation (b)		27,858		465,507
Star Bulk Carriers Corporation		49,330		49,330
				5,925,418
Professional Services - 1.3%
Acacia Research Corporation (a)		675		27,675
Barrett Business Services, Inc.		39,034		772,873
CDI Corporation (b)		57,472		1,019,553
Corporate Executive Board Company (The)		23,486		971,616
CRA International, Inc. (a)		25,033		511,925
Dun & Bradstreet Corporation (The)		100		7,778
Equifax, Inc. (b)		57,671		2,642,485
Exponent, Inc. (a)		8,021		383,404
Franklin Covey Company (a)		586		5,444
GP Strategies Corporation (a)		29,283		491,369
Heidrick & Struggles International, Inc. (b)		82,673		1,612,124
Hill International, Inc. (a)		400		1,424
Hudson Global, Inc. (a)		790		4,298
Huron Consulting Group, Inc. (a) (b)		29,489		1,039,192
ICF International, Inc. (a) (b)		61,982		1,545,831
IHS, Inc. - Class A (a)		1,760		177,883
Insperity, Inc.		12,569		342,757
Kforce, Inc. (a)		30,325		438,803
Korn/Ferry International (a)		28,187		455,220
Mistras Group, Inc. (a) (b)		91,854		2,155,813
Navigant Consulting, Inc. (a) (b)		90,716		1,262,767
Nielsen Holdings N.V. (a)		29,509		862,253
On Assignment, Inc. (a) (b)		97,863		1,831,017
Pendrell Corporation (a)		165,147		222,948
Resources Connection, Inc.		54,218		703,750
Robert Half International, Inc.		6,676		198,945
RPX Corporation (a)		52,255		902,966

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Professional Services - 1.3% (Continued)
Towers Watson & Company		1,300	$	85,020
TrueBlue, Inc. (a)		36,053		622,275
Verisk Analytics, Inc. - Class A (a)		31,913		1,562,141
Volt Information Sciences, Inc. (a)		14,233		101,054
VSE Corporation		3,998		87,956
				23,050,559
Road & Rail - 1.7%
AMERCO		418		41,984
Arkansas Best Corporation (b)		182,069		2,792,938
Avis Budget Group, Inc. (a) (b)		124,548		1,639,052
Canadian Pacific Railway Ltd.		200		15,496
Celadon Group, Inc. (b)		126,475		1,976,804
Con-way, Inc.		1,869		60,742
Covenant Transportation Group, Inc. (a)		302		1,000
CSX Corporation		200		4,462
Genesee & Wyoming, Inc. - Class A (a)		447		24,098
Heartland Express, Inc. (b)		423,546		5,857,641
Hertz Global Holdings, Inc. (a)		600		9,246
J.B. Hunt Transport Services, Inc.		200		11,066
Kansas City Southern		200		15,404
Landstar System, Inc. (b)		21,455		1,149,344
Marten Transport Ltd. (b)		126,299		2,661,120
Old Dominion Freight Line, Inc. (a) (b)		28,444		1,264,905
Quality Distribution, Inc. (a) (b)		140,936		1,574,255
Roadrunner Transportation Systems, Inc. (a) (b)		136,705		2,371,832
Ryder System, Inc. (b)		54,455		2,653,048
Saia, Inc. (a) (b)		159,152		2,988,875
Swift Transportation Company (a) (b)		215,296		2,258,455
Universal Truckload Services, Inc.		15,417		240,505
USA Truck, Inc. (a)		605		4,162
Vitran Corporation, Inc. (a)		743		6,382
Werner Enterprises, Inc.		76		1,795
				29,624,611
Trading Companies & Distributors - 1.5%
Aceto Corporation (b)		240,038		2,160,342
AerCap Holdings N.V. (a)		1,052		12,172
Air Lease Corporation (a)		478		11,243
Aircastle Ltd. (b)		230,324		2,798,437
Applied Industrial Technologies, Inc. (b)		42,340		1,663,539
BlueLinx Holdings, Inc. (a)		1,120		3,080
CAI International, Inc. (a) (b)		42,691		881,996
DXP Enterprises, Inc. (a) (b)		38,546		1,671,740
Essex Rental Corporation (a)		589		2,315
GATX Corporation		1,637		70,178
H&E Equipment Services, Inc. (a) (b)		166,952		3,222,174
Interline Brands, Inc. (a) (b)		37,661		792,387
Kaman Corporation		29,819		1,025,177
Lawson Products, Inc.		4,240		61,734
MFC Industrial Ltd. (b)		130,086		973,043
MSC Industrial Direct Company, Inc. - Class A		8,330		614,004
RSC Holdings, Inc. (a)		16,292		386,446

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 14.5% (Continued)
Trading Companies & Distributors - 1.5% (Continued)
SeaCube Container Leasing Ltd. (b)		104,780	$	1,943,669
TAL International Group, Inc.		60,446		2,497,024
Textainer Group Holdings Ltd.		31,094		1,090,467
United Rentals, Inc. (a)		91,867		4,288,351
				26,169,518
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.		43,789		313,091
China Infrastructure Investment Corporation (a)		24,710		4,942
Wesco Aircraft Holdings, Inc. (a)		31,483		497,117
				815,150
Information Technology - 16.2%
Communications Equipment - 2.0%
ADTRAN, Inc.		1,125		34,335
Alliance Fiber Optic Products, Inc. (a)		15,217		133,301
Alvarion Ltd. (a)		27,960		20,973
ARRIS Group, Inc. (a)		18,575		240,175
Aruba Networks, Inc. (a) (b)		91,693		1,936,556
AudioCodes Ltd. (a)		2,000		4,700
Aviat Networks, Inc. (a)		188,104		479,665
Bel Fuse, Inc. - Class B		6,791		120,812
Black Box Corporation (b)		70,892		1,602,868
Brocade Communications Systems, Inc. (a) (b)		1,474,208		8,167,112
CalAmp Corporation (a)		30,604		183,012
Calix, Inc. (a)		128,444		1,022,414
Ceragon Networks Ltd. (a) (b)		51,533		476,680
Cogo Group, Inc. (a)		1,079		2,654
Communications Systems, Inc. (b)		10,847		141,119
Comverse Technology, Inc. (a)		63,750		411,187
Digi International, Inc. (a)		46		427
DragonWave, Inc. (a)		40,972		161,020
EchoStar Corporation - Class A (a) (b)		146,177		4,246,442
EMCORE Corporation (a)		1,463		6,613
Emulex Corporation (a) (b)		79,570		690,668
EXFO, Inc. (a)		1,016		7,244
Globecomm Systems, Inc. (a)		238		3,375
Harmonic, Inc. (a) (b)		686,930		3,242,310
Harris Corporation		200		9,108
Infinera Corporation (a)		60		430
InterDigital, Inc.		15		416
Ixia (a)		2,179		27,455
KVH Industries, Inc. (a)		21		210
Loral Space & Communications, Inc.		19,256		1,194,835
Motorola Mobility Holdings, Inc. (a)		1,100		42,702
NETGEAR, Inc. (a)		12,669		487,756
Network Engines, Inc. (a)		50,172		45,155
Oplink Communications, Inc. (a)		28,864		457,206
Opnext, Inc. (a) (b)		763,787		908,907
Optical Cable Corporation		600		1,794
PCTEL, Inc.		279		1,906
Plantronics, Inc.		218		8,354
Polycom, Inc. (a)		52,888		701,824

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Communications Equipment - 2.0% (Continued)
Powerwave Technologies, Inc. (a)		29,003	$	32,773
Radware Ltd. (a) (b)		41,437		1,594,496
ShoreTel, Inc. (a) (b)		491,128		2,352,503
Sierra Wireless, Inc. (a)		6,137		41,793
Sonus Networks, Inc. (a)		328,964		930,968
Symmetricom, Inc. (a)		1,524		8,473
Tellabs, Inc. (b)		406,389		1,532,086
Telular Corporation		6,012		54,228
TESSCO Technologies, Inc.		44,545		890,900
UTStarcom Holdings Corporation (a)		231,607		303,405
Westell Technologies, Inc. - Class A (a) (b)		57,363		130,788
Wi-LAN, Inc.		2,400		13,800
				35,109,933
Computers & Peripherals - 0.8%
3D Systems Corporation (a)		11,900		350,931
Cray, Inc. (a)		13,146		146,578
Datalink Corporation (a) (b)		192,157		1,956,158
Diebold, Inc. (b)		46,013		1,815,213
Dot Hill Systems Corporation (a)		215,047		268,809
Electronics For Imaging, Inc. (a) (b)		143,202		2,556,156
Fusion-io, Inc. (a)		5,439		139,510
Hewlett-Packard Company		200		4,952
Hutchinson Technology, Inc. (a)		34,629		71,336
Immersion Corporation (a)		64,220		349,999
Intermec, Inc. (a)		136,739		727,451
Lexmark International, Inc. - Class A		20,570		619,157
NCR Corporation (a) (b)		150,340		3,532,990
On Track Innovations Ltd. (a)		29,809		49,781
QLogic Corporation (a)		300		5,175
Quantum Corporation (a)		86,405		205,644
SMART Technologies, Inc. - Class A (a)		313,012		791,920
Xyratex Ltd.		64,327		934,028
				14,525,788
Electronic Equipment, Instruments & Components - 2.3%
Advanced Photonix, Inc. - Class A (a)		2,600		2,002
Aeroflex Holding Corporation (a) (b)		216,212		2,421,574
Agilysys, Inc. (a) (b)		127,691		1,118,573
Anixter International, Inc. (a)		6,418		440,147
Arrow Electronics, Inc. (a)		200		8,410
AVX Corporation (b)		163,137		2,071,840
Badger Meter, Inc.		26		961
Benchmark Electronics, Inc. (a) (b)		56,657		899,713
Brightpoint, Inc. (a)		5,591		34,217
Celestica, Inc. (a)		921		8,252
Checkpoint Systems, Inc. (a)		55,434		607,557
Coherent, Inc. (a)		12,896		678,330
Comverge, Inc. (a)		17,725		30,842
Corning, Inc.		26		373
CTS Corporation		6,626		71,097
Daktronics, Inc.		34,112		277,672
DDi Corporation		141,728		1,839,629

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Electronic Equipment, Instruments & Components - 2.3% (Continued)
Electro Rent Corporation		20,535	$	319,935
Electro Scientific Industries, Inc. (b)		41,790		595,925
eMagin Corporation (a) (b)		15,882		49,393
Fabrinet (a) (b)		84,132		1,415,100
FARO Technologies, Inc. (a)		6,718		376,074
FEI Company (a)		2,174		109,070
FLIR Systems, Inc.		294		6,603
Identive Group, Inc. (a) (b)		116,423		239,831
Ingram Micro, Inc. - Class A (a) (b)		144,842		2,818,625
Insight Enterprises, Inc. (a) (b)		145,334		2,951,734
InvenSence, Inc. (a)		8,242		132,531
Itron, Inc. (a) (b)		23,218		947,294
KEMET Corporation (a) (b)		151,847		1,292,218
Key Tronic Corporation (a)		33,091		382,201
LeCroy Corporation (a)		52,160		539,334
LGL Group, Inc. (a)		36		262
Littelfuse, Inc.		31,385		1,966,898
LoJack Corporation (a)		1,108		4,332
LRAD Corporation (a)		2,800		3,808
Mercury Computer Systems, Inc. (a) (b)		105,074		1,386,977
Mesa Laboratories, Inc.		1,239		61,504
Methode Electronics, Inc.		20,392		172,312
Molex, Inc.		600		16,554
Molex, Inc. - Class A		431		9,870
MTS Systems Corporation		41,474		1,989,508
Multi-Fineline Electronix, Inc. (a) (b)		49,760		1,318,142
Nam Tai Electronics, Inc.		4,172		20,777
National Instruments Corporation (b)		20,261		551,099
NeoPhotonics Corporation (a)		22,345		105,692
Netlist, Inc. (a)		48,552		121,866
Newport Corporation (a) (b)		67,048		1,144,509
Orbotech Ltd. (a) (b)		97,512		1,064,831
OSI Systems, Inc. (a)		17,869		1,194,721
Park Electrochemical Corporation		14,645		422,508
PC Connection, Inc.		58,972		472,956
PC Mall, Inc. (a)		2,830		17,489
Plexus Corporation (a)		19,262		623,511
Power-One, Inc. (a)		141,330		604,892
RadiSys Corporation (a)		21,132		134,188
Richardson Electronics Ltd.		737		9,294
Rofin-Sinar Technologies, Inc. (a)		19,798		498,910
Rogers Corporation (a)		1,881		72,024
Sanmina-SCI Corporation (a) (b)		93,504		832,186
SMTC Corporation (a)		100		389
TE Connectivity Ltd.		200		7,292
Tech Data Corporation (a)		343		18,450
Trimble Navigation Ltd. (a)		502		27,178
TTM Technologies, Inc. (a) (b)		69,381		716,706
Viasystems Group, Inc. (a)		3,670		81,804
Vishay Intertechnology, Inc. (a)		100		1,122
Vishay Precision Group, Inc. (a)		600		8,688

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Electronic Equipment, Instruments & Components - 2.3% (Continued)
X-Rite, Inc. (a)		63,104	$	349,596
Zygo Corporation (a)		27,763		549,430
				39,269,332
Internet Software & Services - 1.7%
Active Network, Inc. (The) (a)		19,996		335,933
AOL, Inc. (a) (b)		236,599		5,924,439
Autobytel, Inc. (a)		1,800		1,656
Bazaarvoice, Inc. (a)		39,473		781,960
Brightcove, Inc. (a)		59,843		1,122,056
comScore, Inc. (a)		39,214		781,143
Cornerstone OnDemand, Inc. (a)		13,100		272,218
Digital River, Inc. (a)		61,694		1,160,464
EarthLink, Inc.		25,828		209,723
EasyLink Services International Corporation - Class A (a) (b)		217,196		1,281,456
eGain Communications Corporation (a)		5,061		30,265
Envestnet, Inc. (a)		13,212		165,282
FriendFinder Networks, Inc. (a)		700		763
GigaMedia Ltd. (a)		36,221		45,276
GlobalSCAPE, Inc. (a)		212		396
Google, Inc. - Class A (a)		100		60,523
InfoSpace, Inc. (a) (b)		12,296		136,855
Internap Network Services Corporation (a) (b)		359,435		2,530,422
IntraLinks Holdings, Inc. (a) (b)		536,209		2,498,734
iPass, Inc. (a)		101,785		262,605
Keynote Systems, Inc.		7,940		146,096
Limelight Networks, Inc. (a)		177,206		485,544
LivePerson, Inc. (a)		41,527		659,449
MercadoLibre, Inc.		100		9,674
Millennial Media, Inc. (a)		39,424		747,873
Move, Inc. (a)		131,899		1,147,524
NIC, Inc.		21,204		237,273
Open Text Corporation (a)		200		11,198
Openwave Systems, Inc. (a)		238,512		615,361
Quepasa Corporation (a)		76		289
Rackspace Hosting, Inc. (a)		100		5,809
RealNetworks, Inc.		32,034		306,565
Responsys, Inc. (a) (b)		70,643		902,818
Saba Software, Inc. (a)		11,964		116,290
SciQuest, Inc. (a) (b)		35,545		527,843
SINA Corporation (a)		100		5,851
Sohu.com, Inc. (a)		164		8,458
Subaye, Inc. (a)		37,223		938
Support.com, Inc. (a)		45,441		164,951
Synacor, Inc. (a)		87,475		725,168
TechTarget, Inc. (a)		452		3,363
Tucows, Inc. (a)		6,600		9,438
ValueClick, Inc. (a)		90,442		1,915,562
Velti plc (a)		63,178		754,977
Vocus, Inc. (a)		84,688		1,095,016
WebMD Health Corporation (a)		14,816		337,064

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Internet Software & Services - 1.7% (Continued)
WebMediaBrands, Inc. (a)		592	$	521
XO Group, Inc. (a)		10,271		95,212
Yahoo!, Inc. (a)		600		9,324
Zix Corporation (a)		2,833		8,017
				28,655,635
IT Services - 2.8%
Acxiom Corporation (a) (b)		268,735		3,689,732
Booz Allen Hamilton Holding Corporation		57,521		983,609
Broadridge Financial Solutions, Inc. (b)		72,942		1,692,984
Cardtronics, Inc. (a) (b)		22,911		603,934
Cass Information Systems, Inc.		84		3,440
CGI Group, Inc. (a) (b)		88,176		1,978,669
China Information Technology, Inc. (a)		44,127		56,041
CIBER, Inc. (a)		247		1,028
Computer Sciences Corporation		100		2,806
Convergys Corporation (a)		145,203		1,941,364
CoreLogic, Inc. (a)		9,880		164,996
CSG Systems International, Inc. (a)		39,209		564,610
DST Systems, Inc. (b)		66,443		3,719,479
Euronet Worldwide, Inc. (a)		82,046		1,774,655
ExlService Holdings, Inc. (a) (b)		145,984		4,040,837
FleetCor Technologies, Inc. (a) (b)		61,669		2,439,009
Forrester Research, Inc.		9,737		345,177
Gartner, Inc. - Class A (a)		500		21,900
Genpact Ltd. (a)		9,284		154,857
Global Cash Access Holdings, Inc. (a)		124,184		1,049,355
Global Payments, Inc.		1,800		83,574
Hackett Group, Inc. (The) (a)		154,516		882,286
Heartland Payment Systems, Inc.		67,117		2,045,055
iGATE Corporation (a) (b)		95,766		1,863,606
InterXion Holding N.V. (a) (b)		45,722		917,641
Jack Henry & Associates, Inc.		500		16,980
Lender Processing Services, Inc. (b)		183,116		4,861,730
Lionbridge Technologies, Inc. (a)		1,856		5,104
LML Payment Systems, Inc. (a) (b)		69,130		141,717
Mattersight Corporation (a)		3,970		37,556
MAXIMUS, Inc.		44,403		1,964,833
ModusLink Global Solutions, Inc. (a)		322		1,594
MoneyGram International, Inc. (a) (b)		130,095		2,189,499
NeuStar, Inc. - Class A (a)		4,200		152,670
Online Resources Corporation (a)		119,208		337,359
PFSweb, Inc. (a)		40,308		161,635
PRGX Global, Inc. (a)		295		1,864
SAIC, Inc.		5,900		71,744
Sapient Corporation (b)		71,731		858,620
Startek, Inc. (a)		1,398		2,558
Syntel, Inc.		23,284		1,394,479
TeleTech Holdings, Inc. (a) (b)		50,552		765,863
Teradata Corporation (a)		200		13,956
TNS, Inc. (a) (b)		154,716		3,156,206
Total System Services, Inc.		4,670		109,838

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
IT Services - 2.8% (Continued)
Unisys Corporation (a)		8,729	$	162,883
Wright Express Corporation (a)		15,592		995,081
				48,424,413
Office Electronics - 0.2%
Zebra Technologies Corporation - Class A (a) (b)		67,199		2,606,649
Semiconductors & Semiconductor Equipment - 3.2%
Advanced Energy Industries, Inc. (a)		2,187		26,113
Advanced Micro Devices, Inc. (a)		600		4,416
Alpha & Omega Semiconductor Ltd. (a) (b)		10,791		106,723
Amtech Systems, Inc. (a)		13,435		93,776
ANADIGICS, Inc. (a) (b)		544,902		1,204,233
Applied Micro Circuits Corporation (a)		7,430		41,459
Atmel Corporation (a)		984		8,728
ATMI, Inc. (a)		26,229		551,071
AuthenTec, Inc. (a)		228,540		742,755
Avago Technologies Ltd.		200		6,896
Axcelis Technologies, Inc. (a) (b)		833,475		1,133,526
AXT, Inc. (a)		126,727		645,041
Brooks Automation, Inc. (b)		15,470		181,927
CEVA, Inc. (a)		11,804		260,750
ChipMOS TECHNOLOGIES (Bermuda) LTD. (a)		131,513		1,762,274
Cohu, Inc.		22,531		247,390
CSR plc (a)		1,254		18,208
Cymer, Inc. (a)		227		11,768
DSP Group, Inc. (a)		52,902		345,979
Entegris, Inc. (a) (b)		78,660		696,141
Exar Corporation (a)		70,315		556,895
Fairchild Semiconductor International, Inc. (a) (b)		178,476		2,529,005
FormFactor, Inc. (a)		44,047		246,663
FSI International, Inc. (a)		931		4,720
GSI Technology, Inc. (a)		1,759		7,441
Inphi Corporation (a) (b)		48,322		490,468
Integrated Device Technology, Inc. (a)		123,161		833,800
Intermolecular, Inc. (a)		42,117		280,920
Intersil Corporation - Class A		133,888		1,375,030
IXYS Corporation (a) (b)		152,645		1,901,957
Kulicke & Soffa Industries, Inc. (a) (b)		364,756		4,778,304
Lattice Semiconductor Corporation (a)		151,512		827,256
LSI Corporation (a)		3,800		30,552
LTX-Credence Corporation (a) (b)		19,774		136,441
MagnaChip Semiconductor Corporation - ADR (a) (b)		149,221		1,757,823
Mattson Technology, Inc. (a) (b)		667,886		1,562,853
MaxLinear, Inc. - Class A (a)		1,700		8,245
MEMSIC, Inc. (a)		5,200		22,256
Micrel, Inc.		62,566		681,344
Micron Technology, Inc. (a)		1,300		8,567
Microsemi Corporation (a)		5,500		118,360
Mindspeed Technologies, Inc. (a) (b)		47,645		238,702
MKS Instruments, Inc.		36,888		1,019,953
Monolithic Power Systems, Inc. (a)		53,068		1,099,569

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Semiconductors & Semiconductor Equipment - 3.2% (Continued)
Nanometrics, Inc. (a) (b)		63,494	$	984,792
Nova Measuring Instruments Ltd. (a) (b)		150,470		1,328,650
Novellus Systems, Inc. (a)		1,543		72,135
NXP Semiconductors N.V. (a)		300		7,755
ON Semiconductor Corporation (a)		3,100		25,606
PDF Solutions, Inc. (a)		20,520		180,986
Pericom Semiconductor Corporation (a)		28,659		225,260
Pixelworks, Inc. (a)		1,861		4,653
PLX Technology, Inc. (a)		1,700		6,766
PMC-Sierra, Inc. (a) (b)		481,371		3,403,293
Power Integrations, Inc.		1,158		43,865
QuickLogic Corporation (a)		3,822		11,466
Rambus, Inc. (a)		176,887		900,355
Ramtron International Corporation (a)		2,000		4,640
RF Micro Devices, Inc. (a)		134,700		583,251
Semtech Corporation (a)		8,400		228,984
Sigma Designs, Inc. (a)		79,218		436,491
Silicon Image, Inc. (a) (b)		468,193		2,809,158
Spansion, Inc. - Class A (a)		52,114		628,495
Standard Microsystems Corporation (a) (b)		91,263		2,416,644
SunPower Corporation (a) (b)		330,601		1,854,672
Supertex, Inc. (a)		42,939		878,961
Teradyne, Inc. (a)		2,104		36,210
Tessera Technologies, Inc. (a) (b)		115,349		1,804,058
Tower Semiconductor Ltd. (a)		1,732		1,680
Trident Microsystems, Inc. (a)		27,553		12,261
TriQuint Semiconductor, Inc. (a)		58,679		286,354
Ultra Clean Holdings, Inc. (a)		171,911		1,177,590
Ultratech, Inc. (a)		113,837		3,635,954
Veeco Instruments, Inc. (a)		94,473		2,852,140
Vitesse Semiconductor Corporation (a)		2,760		8,114
Volterra Semiconductor Corporation (a)		11,500		378,235
				55,835,772
Software - 3.2%
Actuate Corporation (a) (b)		376,041		2,669,891
Advent Software, Inc. (a)		9,412		254,030
Allot Communications Ltd. (a) (b)		41,459		1,017,404
ANSYS, Inc. (a)		186		12,475
Ariba, Inc. (a) (b)		128,576		4,911,603
Aspen Technology, Inc. (a)		14,947		295,652
AVG Technologies N.V. (a)		76,403		1,058,182
Blackbaud, Inc.		5,000		154,900
BMC Software, Inc. (a)		200		8,252
Bottomline Technologies, Inc. (a) (b)		21,160		497,895
BSQUARE Corporation (a)		9,363		28,089
CA, Inc.		300		7,926
Cadence Design Systems, Inc. (a)		3,000		35,010
CDC Corporation - Class A (a)		42,312		201,828
ClickSoftware Technologies Ltd. (b)		80,627		873,190
CommVault Systems, Inc. (a) (b)		37,843		1,970,485

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Software - 3.2% (Continued)
Compuware Corporation (a) (b)		360,968	$	3,147,641
Datawatch Corporation (a)		370		4,780
Deltek, Inc. (a)		25,324		264,383
Digimarc Corporation (a) (b)		7,678		200,780
Ellie Mae, Inc. (a)		15,511		201,023
EPIQ Systems, Inc.		37,668		427,908
ePlus, inc. (a)		3,908		115,911
FactSet Research Systems, Inc.		100		10,486
Fair Isaac Corporation		15,874		680,995
FalconStor Software, Inc. (a)		2,723		8,959
Fortinet, Inc. (a)		196		5,120
Guidance Software, Inc. (a)		105,950		1,005,466
Guidewire Software, Inc. (a)		33,226		904,412
Imperva, Inc. (a)		13,749		478,053
Informatica Corporation (a)		200		9,204
Interactive Intelligence Group, Inc. (a)		100		2,966
Kenexa Corporation (a) (b)		76,951		2,513,989
Majesco Entertainment Company (a)		27,600		67,620
Manhattan Associates, Inc. (a)		12,521		627,928
Mentor Graphics Corporation (a)		91,734		1,325,556
MicroStrategy, Inc. - Class A (a)		202		28,236
MIND C.T.I. Ltd.		1,027		1,818
Monotype Imaging Holdings, Inc. (a)		30,385		431,163
Net 1 UEPS Technologies, Inc. (a) (b)		93,753		825,026
NetScout Systems, Inc. (a) (b)		62,767		1,298,649
NetSol Technologies, Inc. (a)		36,006		17,463
NetSuite, Inc. (a)		192		8,521
OPNET Technologies, Inc.		18,696		432,999
Parametric Technology Corporation (a)		14,810		319,600
Pegasystems, Inc.		1,555		57,830
Pervasive Software, Inc. (a)		10,407		64,419
Progress Software Corporation (a)		1,568		36,284
PROS Holdings, Inc. (a)		48,302		951,066
Qlik Technologies, Inc. (a)		1,200		34,572
Quest Software, Inc. (a) (b)		352,887		8,211,681
RealPage, Inc. (a)		40,775		740,066
Red Hat, Inc. (a)		100		5,961
Rovi Corporation (a)		100		2,860
salesforce.com, inc. (a)		100		15,573
Sapiens International Corporation N.V. (a)		505		1,692
SeaChange International, Inc. (a)		109,006		896,029
Smith Micro Software, Inc. (a)		412,811		829,750
SolarWinds, Inc. (a) (b)		151,554		7,109,398
Solera Holdings, Inc. (b)		28,534		1,282,318
SS&C Technologies Holdings, Inc. (a)		78,259		1,860,216
Tangoe, Inc. (a)		55,728		1,141,309
TeleCommunication Systems, Inc. (a)		107,547		207,566
TIBCO Software, Inc. (a)		200		6,580
TigerLogic Corporation (a)		100		219
VASCO Data Security International, Inc. (a) (b)		199,043		1,550,545
Verint Systems, Inc. (a) (b)		14,431		436,393

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Information Technology - 16.2% (Continued)
Software - 3.2% (Continued)
VMware, Inc. - Class A (a)		100	$	11,172
Zynga, Inc. - Class A (a)		1,529		12,752
				54,829,718
Materials - 6.5%
Chemicals - 2.2%
A. Schulman, Inc. (b)		26,349		648,449
Agrium, Inc.		100		8,790
Albemarle Corporation		200		13,060
Arabian American Development Company (a)		68,547		598,415
Cabot Corporation (b)		74,051		3,193,820
Calgon Carbon Corporation (a)		20,119		278,447
Chemtura Corporation (a) (b)		115,526		1,966,252
Cytec Industries, Inc.		5,692		361,840
Ecolab, Inc.		22,097		1,407,358
Ferro Corporation (a)		164		851
Flotek Industries, Inc. (a) (b)		275,585		3,758,979
FMC Corporation		100		11,045
FutureFuel Corporation		252		2,480
Georgia Gulf Corporation (a) (b)		88,017		3,120,203
H.B. Fuller Company		37,312		1,227,565
Huntsman Corporation (b)		274,180		3,882,389
Innophos Holdings, Inc.		16,842		828,121
Innospec, Inc. (a)		38,719		1,170,475
International Flavors and Fragrances, Inc.		200		12,042
KMG Chemicals, Inc.		261		4,500
Koppers Holdings, Inc.		46,799		1,819,545
Kraton Performance Polymers, Inc. (a)		6,639		172,614
Landec Corporation (a)		6,499		41,853
LSB Industries, Inc. (a) (b)		39,560		1,341,875
Methanex Corporation		300		10,548
Minerals Technologies, Inc. (b)		8,929		599,136
Mosaic Company (The)		200		10,564
Olin Corporation (b)		90,623		1,899,458
OM Group, Inc. (a)		41,572		1,002,717
OMNOVA Solutions, Inc. (a)		126,914		995,006
PolyOne Corporation		37,158		515,010
PPG Industries, Inc.		100		10,524
Quaker Chemical Corporation		16,574		719,312
Rentech Nitrogen Partners, L.P. (a)		200		5,894
Rockwood Holdings, Inc. (a)		100		5,534
RPM International, Inc.		500		13,285
Solutia, Inc. (b)		81,833		2,319,147
Stepan Company		5,499		499,639
TOR Minerals International, Inc. (a)		77		1,359
TPC Group, Inc. (a) (b)		45,716		1,919,158
Tredegar Corporation (b)		23,771		412,427
Valspar Corporation (The)		97		4,961
W.R. Grace & Company (a)		277		16,512
Westlake Chemical Corporation		485		31,016
Zep, Inc.		29,968		427,044
				37,289,219

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Materials - 6.5% (Continued)
Construction Materials - 0.1%
CaesarStone Sdot-Yam Ltd. (a)		47,200	$	584,336
Eagle Materials, Inc.		108		3,804
Headwaters, Inc. (a)		192,309		834,621
Vulcan Materials Company		300		12,843
				1,435,604
Containers & Packaging - 1.0%
AEP Industries, Inc. (a)		6,216		216,752
Aptargroup, Inc.		700		38,157
Bemis Company, Inc. (b)		145,626		4,716,826
Boise, Inc. (b)		414,976		3,170,417
Crown Holdings, Inc. (a)		200		7,396
Graphic Packaging Holding Company (a)		24,075		128,801
Myers Industries, Inc.		38,783		641,083
Owens-Illinois, Inc. (a)		1,419		32,992
Packaging Corporation of America (b)		75,883		2,215,025
Rock-Tenn Company - Class A		484		30,168
Sealed Air Corporation		69		1,323
Silgan Holdings, Inc. (b)		50,829		2,229,868
Sonoco Products Company		108,300		3,587,979
UFP Technologies, Inc. (a)		22,816		415,023
				17,431,810
Metals & Mining - 2.9%
Agnico-Eagle Mines Ltd.		4,100		163,672
Alexco Resource Corporation (a) (b)		146,978		939,189
Almaden Minerals Ltd. (a) (b)		171,563		404,889
Augusta Resource Corporation (a)		1,550		3,952
AuRico Gold, Inc. (a)		20,847		190,959
Aurizon Mines Ltd. (a)		390,747		2,113,941
Banro Corporation (a) (b)		78,008		333,094
Barrick Gold Corporation		200		8,086
Brigus Gold Corporation (a) (b)		728,927		613,100
Cardero Resource Corporation (a)		2,235		2,011
Carpenter Technology Corporation (b)		36,797		2,048,121
CD International Enterprises, Inc. (a)		653		193
Century Aluminum Company (a)		6,859		63,103
China Gold International Resources Corporation Ltd. (a) (b)		18,551		84,319
Claude Resources, Inc. (a) (b)		214,013		192,612
Cliffs Natural Resources, Inc.		700		43,582
Commercial Metals Company (b)		221,691		3,276,593
Eldorado Gold Corporation		3,700		52,466
Endeavour Silver Corporation (a) (b)		184,156		1,707,126
Entrée Gold, Inc. (a) (b)		47,917		51,750
Exeter Resource Corporation (a) (b)		572,548		1,374,115
Extorre Gold Mines Ltd. (a)		119,469		506,549
First Majestic Silver Corporation (a)		500		7,885
Fortuna Silver Mines, Inc. (a) (b)		353,012		1,475,590
Franco-Nevada Corporation		774		34,722
Globe Specialty Metals, Inc.		49,839		664,852
Gold Reserve, Inc. (a)		14,682		63,133
Goldcorp, Inc.		200		7,652

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Materials - 6.5% (Continued)
Metals & Mining - 2.9% (Continued)
Golden Star Resources Ltd. (a) (b)		945,394	$	1,446,453
Great Panther Silver Ltd. (a) (b)		1,355,605		2,955,219
Handy & Harman Ltd. (a)		587		8,494
Harry Winston Diamond Corporation (a) (b)		84,497		1,204,927
Haynes International, Inc.		6,414		400,041
Hecla Mining Company		4,400		18,832
IAMGOLD Corporation		600		7,440
International Tower Hill Mines Ltd. (a) (b)		224,790		863,194
Ivanhoe Mines Ltd. (a)		11,830		138,529
Keegan Resources, Inc. (a) (b)		395,133		1,280,231
Kinross Gold Corporation		20,600		184,370
MAG Silver Corporation (a) (b)		71,779		719,943
Materion Corporation (a)		27,041		668,183
Metals USA Holdings Corporation (a) (b)		200,941		3,030,190
Minco Gold Corporation (a)		65,093		39,381
Mines Management, Inc. (a)		42,197		74,689
Nevsun Resources Ltd. (b)		516,830		1,882,610
New Gold, Inc. (a)		23,100		210,210
Noranda Aluminum Holding Corporation (b)		180,447		1,916,347
Northern Dynasty Minerals Ltd. (a) (b)		36,298		204,721
NovaGold Resources, Inc. (a)		150,704		1,080,548
Pan American Silver Corporation		56,856		1,109,260
Paramount Gold and Silver Corporation (a)		8		20
Platinum Group Metals Ltd. (a)		121,554		176,253
Pretium Resources, Inc. (a)		200		3,380
Primero Mining Corporation (a)		24,981		69,447
Qiao Xing Universal Resources, Inc. (a) (d)		3,200		1,016
Quest Rare Minerals Ltd. (a)		14,725		29,303
Reliance Steel & Aluminum Company		400		22,356
Revett Minerals, Inc. (a)		600		2,382
Richmont Mines, Inc. (a) (b)		148,670		1,037,717
Royal Gold, Inc.		498		30,856
Rubicon Minerals Corporation (a) (b)		684,937		2,095,907
Schnitzer Steel Industries, Inc. - Class A		109,422		4,362,655
Silver Bull Resources, Inc. (a)		200		108
Silver Standard Resources, Inc. (a)		82,478		1,189,333
Silver Wheaton Corporation		200		6,106
Silvercorp Metals, Inc.		62,213		431,136
Steel Dynamics, Inc. (b)		125,317		1,600,298
Stillwater Mining Company (a) (b)		23,189		248,818
Taseko Mines Ltd. (a) (b)		683,717		2,393,010
Thompson Creek Metals Company, Inc. (a)		106,159		629,523
Titanium Metals Corporation		271		4,003
U.S. Energy Corporation (a)		679		1,779
Universal Stainless & Alloy Products, Inc. (a) (b)		14,211		659,390
Worthington Industries, Inc.		5,889		105,060
Yamana Gold, Inc.		500		7,350
				50,978,274
Paper & Forest Products - 0.3%
Buckeye Technologies, Inc.		28,237		915,161
Clearwater Paper Corporation (a) (b)		19,256		634,870

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Materials - 6.5% (Continued)
Paper & Forest Products - 0.3% (Continued)
Domtar Corporation		300	$	26,244
KapStone Paper and Packaging Corporation (a) (b)		133,130		2,404,328
Mercer International, Inc. (a)		105,293		722,310
Neenah Paper, Inc. (b)		19,590		559,491
Schweitzer-Mauduit International, Inc.		5,830		395,391
Verso Paper Corporation (a)		8,322		13,731
				5,671,526
Telecommunication Services - 1.5%
Diversified Telecommunication Services - 0.7%
8x8, Inc. (a)		1,885		7,785
AboveNet, Inc. (a)		34,851		2,898,558
Atlantic Tele-Network, Inc.		2,378		80,995
BCE, Inc.		1,000		40,530
Boingo Wireless, Inc. (a)		35,818		377,164
Cbeyond, Inc. (a)		6,624		42,592
CenturyLink, Inc.		16		617
Elephant Talk Communications, Inc. (a)		2,671		5,422
Frontier Communications Corporation		1,767		7,139
General Communication, Inc. - Class A (a) (b)		40,223		305,695
Globalstar, Inc. (a)		5,740		3,042
Hawaiian Telcom Holdco, Inc. (a)		5,468		113,680
HickoryTech Corporation		3,168		31,458
IDT Corporation - Class B (b)		196,081		1,651,002
Level 3 Communications, Inc. (a)		431		9,939
Lumos Networks Corporation (b)		138,084		1,248,279
Otelco, Inc.		17,220		102,803
Premiere Global Services, Inc. (a) (b)		133,090		1,191,156
Primus Telecommunications Group, Inc. (a)		6,000		104,400
SureWest Communications (b)		10,646		240,387
TELUS Corporation - Non-Voting Shares		2,500		146,775
Towerstream Corporation (a)		61,500		282,285
tw telecom, inc. (a)		2,531		55,125
Vonage Holdings Corporation (a) (b)		1,498,786		3,057,523
				12,004,351
Wireless Telecommunication Services - 0.8%
Cellcom Israel Ltd.		119,629		1,494,166
Clearwire Corporation - Class A (a)		1,703,724		2,495,956
Leap Wireless International, Inc. (a) (b)		29,930		167,907
MetroPCS Communications, Inc. (a)		169,552		1,237,730
NII Holdings, Inc. (a)		400		5,598
NTELOS Holdings Corporation (b)		164,952		3,335,329
Rogers Communications, Inc. - Class B		200		7,466
Shenandoah Telecommunications Company		6,870		76,601
Sprint Nextel Corporation (a)		853,582		2,116,883
Telephone and Data Systems, Inc.		51,169		1,242,895
United States Cellular Corporation (a)		21,124		828,483
				13,009,014
Utilities - 2.4%
Electric Utilities - 0.9%
ALLETE, Inc. (b)		55,174		2,273,721
Brookfield Infrastructure Partners, L.P.		1,123		35,420

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Utilities - 2.4% (Continued)
Electric Utilities - 0.9% (Continued)
Cleco Corporation		4,699	$	191,719
El Paso Electric Company (b)		49,763		1,524,738
Empire District Electric Company (The)		25,894		531,345
Entergy Corporation		200		13,112
Hawaiian Electric Industries, Inc.		14,000		371,560
IDACORP, Inc. (b)		64,443		2,625,408
ITC Holdings Corporation		11,370		880,720
Northeast Utilities		17,060		627,296
NV Energy, Inc. (b)		144,416		2,404,526
OGE Energy Corporation		23,872		1,288,133
Pepco Holdings, Inc.		501		9,479
Pinnacle West Capital Corporation		3,176		153,560
PNM Resources, Inc.		14,955		280,556
Progress Energy, Inc.		200		10,644
Unisource Energy Corporation (b)		43,877		1,597,123
Unitil Corporation		11,618		307,412
Westar Energy, Inc.		3,290		94,390
				15,220,862
Gas Utilities - 0.6%
AGL Resources, Inc.		20,713		816,714
AmeriGas Partners, L.P.		23,356		946,385
Atmos Energy Corporation (b)		99,545		3,243,176
Chesapeake Utilities Corporation		1,988		83,536
Ferrellgas Partners, L.P.		307		4,565
National Fuel Gas Company		5,300		250,796
New Jersey Resources Corporation		41,469		1,793,120
ONEOK, Inc.		200		17,178
Questar Corporation		1,265		24,984
South Jersey Industries, Inc.		7,007		345,095
Southwest Gas Corporation		9,138		383,979
Star Gas Partners, L.P.		16,227		61,500
Suburban Propane Partners, L.P.		866		36,831
UGI Corporation		56,064		1,635,947
WGL Holdings, Inc.		530		21,258
				9,665,064
Independent Power Producers & Energy Traders - 0.2%
American DG Energy, Inc. (a)		200		464
Genie Energy Ltd. - Class B (b)		116,771		971,535
GenOn Energy, Inc. (a) (b)		1,193,395		2,541,931
Synthesis Energy Systems, Inc. (a) (b)		395,836		554,170
				4,068,100
Multi-Utilities - 0.5%
Alliant Energy Corporation		810		36,644
Ameren Corporation		3,229		105,879
CenterPoint Energy, Inc.		600		12,126
CMS Energy Corporation		426		9,794
Consolidated Edison, Inc.		200		11,890
Integrys Energy Group, Inc.		200		10,928
MDU Resources Group, Inc.		76,541		1,755,851
NorthWestern Corporation (b)		93,889		3,334,937
PG&E Corporation		200		8,836

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.4% (Continued)	Shares		Value
Utilities - 2.4% (Continued)
Multi-Utilities - 0.5% (Continued)
SCANA Corporation		200	$	9,224
TECO Energy, Inc.		547		9,857
Vectren Corporation (b)		77,281		2,275,925
Wisconsin Energy Corporation		13,964		514,434
Xcel Energy, Inc.		4,700		127,182
				8,223,507
Water Utilities - 0.2%
American States Water Company (b)		13,811		503,273
American Water Works Company, Inc.		200		6,848
Aqua America, Inc.		6,856		155,700
Artesian Resources Corporation - Class A		200		3,818
California Water Service Group (b)		182,265		3,300,819
Cascal N.V. (a)		10,545		69,702
Consolidated Water Company Ltd.		17,069		122,385
Middlesex Water Company		105		1,949
SJW Corporation		1,100		26,510
Tri-Tech Holding, Inc. (a) (b)		8,574		51,015
York Water Company		2,262		39,517
				4,281,536
Total Common Stocks (Cost $1,464,243,922)			$	1,575,321,070
CLOSED-END FUNDS - 5.4%	Shares		Value
Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.		5,841	$	113,432
Aberdeen Indonesia Fund, Inc.		5,566		71,801
Aberdeen Israel Fund, Inc.		5,888		80,724
Aberdeen Latin America Equity Fund, Inc.		5,420		185,364
Advent/Claymore Convertible Securities & Income Fund		74,025		1,174,036
Advent/Claymore Enhanced Growth & Income Fund		7,439		73,051
Advent/Claymore Global Convertible Securities & Income Fund		103,154		693,195
AGIC Equity & Convertible Income Fund		51,588		907,433
AGIC Global Equity & Convertible Income Fund		21,914		303,071
AllianceBernstein Income Fund, Inc.		195,004		1,600,983
Alpine Global Premier Properties Fund		182,877		1,185,043
Alpine Total Dynamic Dividend Fund		21,163		98,196
American Select Portfolio, Inc.		23,008		239,053
American Strategic Income Portfolio, Inc.		8,686		100,497
American Strategic Income Portfolio, Inc. II		35,836		303,173
American Strategic Income Portfolio, Inc. III		22,834		160,066
Asia Pacific Fund, Inc. (The) (a)		14,762		154,558
Asia Tigers Fund, Inc. (The) (a)		114		1,532
Bancroft Fund Ltd.		7,400		121,656
BlackRock Build America Bond Trust		57,690		1,272,641
BlackRock California Municipal Income Trust		16,111		247,626
BlackRock Core Bond Trust		38,487		534,969
BlackRock Credit Allocation Income Trust I, Inc.		1,900		19,152
BlackRock Defined Opportunity Credit Trust		2,313		31,364
BlackRock Energy and Resources Trust		62,918		1,603,151

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.4%  (Continued)	Shares		Value
BlackRock Enhanced Capital and Income Fund		49,158	$	658,717
BlackRock Florida Municipal 2020 Term Trust		5,817		90,862
BlackRock International Growth & Income Trust		59,055		455,905
BlackRock Investment Quality Municipal Income Trust		3,586		47,694
BlackRock Muni New York Intermediate Duration Fund, Inc.		6,699		101,356
BlackRock MuniAssets Fund, Inc.		9,347		122,913
BlackRock Municipal 2020 Term Trust		6,787		108,999
BlackRock Municipal Income Investment Quality Trust		2,400		37,152
BlackRock MuniEnhanced Fund, Inc.		30,655		357,437
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		43,126		664,572
BlackRock MuniHoldings New York Insured Fund, Inc.		20,316		309,413
BlackRock MuniYield Arizona Fund, Inc.		3,825		55,883
BlackRock MuniYield California Fund, Inc.		1,200		18,960
BlackRock MuniYield California Quality Fund, Inc.		20,924		322,648
BlackRock MuniYield Michigan Quality Fund II, Inc.		18,195		256,368
BlackRock MuniYield Michigan Quality Fund, Inc.		27,453		415,089
BlackRock MuniYield New Jersey Fund, Inc.		4,889		78,028
BlackRock MuniYield New Jersey Quality Fund, Inc.		9,193		143,043
BlackRock MuniYield New York Quality Fund, Inc.		14,523		205,646
BlackRock MuniYield Pennsylvania Quality Fund		23,854		373,315
BlackRock MuniYield Quality Fund II, Inc.		18,061		251,590
BlackRock New Jersey Investment Quality Municipal Trust		1,592		21,635
BlackRock New York Investment Quality Municipal Trust, Inc.		2,322		34,528
BlackRock New York Municipal Bond Trust		789		12,521
BlackRock Resources & Commodities Strategy Trust		112,439		1,602,256
BlackRock S&P Quality Rankings Global Equity Managed Trust		12,603		160,688
BlackRock Utility and Infrastructure Trust		13,909		261,906
Blackstone/GSO Senior Floating Rate Term Fund		8,837		171,173
Boulder Growth & Income Fund, Inc.		52,233		316,010
Boulder Total Return Fund, Inc. (a)		30,455		517,430
CBRE Clarion Global Real Estate Income Fund		8,319		68,632
Central Europe & Russia Fund, Inc. (The)		13,016		437,468
Central GoldTrust (a)		1,200		75,588
Central Securities Corporation		1		22
China Fund, Inc. (The)		70,161		1,602,477
ClearBridge Energy MLP Opportunity Fund, Inc.		11,300		227,243
Clough Global Allocation Fund		21,503		293,946
Clough Global Equity Fund		53,287		685,271
Clough Global Opportunities Fund		135,022		1,548,702
Cohen & Steers Closed-End Opportunity Fund, Inc.		8,590		109,866
Cohen & Steers Global Income Builder, Inc.		59,394		628,389
Cohen & Steers Infrastructure Fund, Inc.		91,927		1,599,530
Cohen & Steers Quality Income Realty Fund, Inc.		45,531		463,961
Cohen & Steers REIT & Preferred Income Fund, Inc.		35,486		584,454
Cutwater Select Income Fund		302		5,950
Delaware Investments Dividend & Income Fund, Inc.		16,348		129,313
Delaware Investments Minnesota Municipal Income Fund II		18,178		260,673
Delaware Investments National Municipal Income Fund		7,318		99,232
Denali Fund (The)		1,659		24,420
Dividend and Income Fund, Inc.		71,416		259,240
Dow 30 Enhanced Premium & Income Fund, Inc.		2,140		23,797
Dow 30 Premium & Dividend Income Fund, Inc.		700		9,898

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.4%  (Continued)	Shares		Value
Duff & Phelps Global Utility Income Fund, Inc.		19,337	$	360,828
Eagle Capital Growth Fund, Inc.		100		678
Eaton Vance Enhanced Equity Income Fund		142,363		1,563,146
Eaton Vance Enhanced Equity Income Fund II		146,991		1,602,202
Eaton Vance Massachusetts Municipal Income Fund		459		6,825
Eaton Vance Michigan Municipal Income Trust		3,933		52,938
Eaton Vance Municipal Bond Fund		22,347		296,321
Eaton Vance New York Municipal Bond Fund		84		1,165
Eaton Vance Risk-Managed Diversified Equity Income Fund		154,813		1,602,315
Eaton Vance Short Duration Diversified Income Fund		2,252		38,104
Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		28,842		505,889
Eaton Vance Tax-Advantaged Dividend Income Fund		33,956		563,670
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		58,410		1,123,224
Eaton Vance Tax-Managed Buy-Write Income Fund		81,192		1,096,092
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		123,886		1,598,129
Eaton Vance Tax-Managed Diversified Equity Income Fund		166,927		1,600,830
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (b)		135,829		1,504,985
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		170,959		1,530,083
Ellsworth Fund Ltd.		35,502		253,129
Engex, Inc. (a)		583		1,323
European Equity Fund, Inc. (The)		10,592		70,437
Federated Enhanced Treasury Income Fund		15,270		223,095
First Opportunity Fund, Inc. (a)		29,077		213,716
First Trust Active Dividend Income Fund (The)		30,801		257,804
First Trust Energy Infrastructure Fund		24,646		531,861
First Trust Enhanced Equity Income Fund		25,431		305,681
First Trust/Aberdeen Emerging Opportunity Fund		14,763		307,070
Fort Dearborn Income Securities, Inc.		7,847		125,709
Gabelli Convertible and Income Securities Fund, Inc. (The)		5,082		28,612
Gabelli Equity Trust, Inc. (The)		10,563		58,519
Gabelli Healthcare & WellnessRx Trust (The) (a)		12,547		106,524
Gabelli Multimedia Trust, Inc. (The)		73,069		514,406
GDL Fund (The)		62,326		763,494
General American Investors Company, Inc.		28,041		815,993
Global High Income Fund, Inc.		8,027		104,672
Greater China Fund, Inc.		4,712		53,623
Guggenheim Build America Bonds Managed Duration Trust		52,657		1,164,246
Guggenheim Enhanced Equity Strategy Fund		9,334		161,852
Guggenheim Equal Weight Enhanced Equity Income Fund		7,000		133,630
Helios Advantage Income Fund, Inc.		1		2
Helios Multi-Sector High Income Fund, Inc.		1		1
Herzfeld Caribbean Basin Fund, Inc. (a)		871		6,306
India Fund, Inc.		75,330		1,600,762
ING Risk Managed Natural Resources Fund		9,221		107,148
Invesco California Municipal Income Trust		18,784		289,461
Invesco California Municipal Securities		7,243		106,979
Invesco Municipal Income Opportunities Trust II		5,201		39,840
Invesco Municipal Income Opportunities Trust III		1,422		11,945
Invesco New York Quality Municipal Securities		2,390		38,192

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.4%  (Continued)	Shares		Value
Invesco Quality Municipal Income Trust		338	$	4,678
Invesco Quality Municipal Securities		14,662		220,370
Invesco Value Municipal Bond Trust		11,421		174,627
Invesco Van Kampen Massachusetts Value Municipal Income Trust		2,001		26,033
Invesco Van Kampen Pennsylvania Value Municipal Income Trust		2,401		35,367
Japan Equity Fund, Inc. (The)		1		5
Japan Smaller Capitalization Fund, Inc.		88,191		690,536
JF China Region Fund, Inc.		3,498		44,949
John Hancock Bank & Thrift Opportunity Fund		20,874		357,780
John Hancock Hedged Equity & Income Fund		1,821		30,138
John Hancock Tax-Advantaged Dividend Income Fund		24,288		432,084
Kayne Anderson Midstream/Energy Fund, Inc.		2,789		76,921
Korea Equity Fund, Inc. (a)		12,065		115,824
Latin American Discovery Fund, Inc.		5,093		78,432
Lazard Global Total Return & Income Fund, Inc.		8,894		132,343
Lazard World Dividend & Income Fund, Inc.		11,660		138,521
Liberty All-Star Equity Fund		115,549		566,190
Liberty All-Star Growth Fund, Inc.		165		716
LMP Capital and Income Fund, Inc.		34,672		460,097
Macquarie Global Infrastructure Total Return Fund, Inc.		24,909		459,571
Madison Strategic Sector Premium Fund		12,343		143,796
Madison/Claymore Covered Call & Equity Strategy Fund		47,435		384,698
Malaysia Fund, Inc.		1,987		19,671
Mexico Equity and Income Fund, Inc. (The) (a)		6,369		73,180
Mexico Fund, Inc. (The)		34,550		849,239
MFS InterMarket Income Trust I		10,890		91,258
MLP & Strategic Equity Fund		29,124		510,835
Montgomery Street Income Securities, Inc.		10,770		170,920
Morgan Stanley Asia-Pacific Fund, Inc. (a)		17,254		249,320
Morgan Stanley Eastern Europe Fund, Inc. (a)		10,655		171,545
Morgan Stanley Emerging Markets Debt Fund, Inc.		17,748		196,115
Morgan Stanley Emerging Markets Fund, Inc. (a)		23,298		339,918
Morgan Stanley Frontier Emerging Markets Fund		11,100		130,203
Neuberger Berman Real Estate Securities Income Fund, Inc.		77,983		340,786
New Germany Fund, Inc. (The)		21,924		327,545
New Ireland Fund, Inc. (The)		11,600		94,424
NFJ Dividend, Interest & Premium Strategy Fund		24,533		422,949
Nuveen AMT-Free Municipal Income Fund		1,891		27,967
Nuveen Arizona Dividend Advantage Municipal Fund		927		13,404
Nuveen Arizona Dividend Advantage Municipal Fund 2		224		3,293
Nuveen Arizona Dividend Advantage Municipal Fund 3		2,980		42,256
Nuveen Arizona Premium Income Municipal Fund, Inc.		5,960		86,599
Nuveen Build America Bond Opportunity Fund		37,237		795,382
Nuveen Build America Bond Term Fund		78,702		1,599,225
Nuveen California Dividend Advantage Municipal Fund		1,000		14,770
Nuveen California Dividend Advantage Municipal Fund 2		3,200		48,960
Nuveen California Premium Income Municipal Fund		3,200		48,544
Nuveen California Select Tax-Free Income Portfolio		9,360		138,715
Nuveen Connecticut Dividend Advantage Municipal Fund		5,137		76,747
Nuveen Connecticut Dividend Advantage Municipal Fund 2		3,017		44,953
Nuveen Connecticut Dividend Advantage Municipal Fund 3		6,407		89,634

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.4%  (Continued)	Shares		Value
Nuveen Connecticut Premium Income Municipal Fund		9,330	$	133,606
Nuveen Diversified Dividend and Income Fund		18,981		223,596
Nuveen Dividend Advantage Municipal Fund		26,964		401,494
Nuveen Dividend Advantage Municipal Fund 2		34,601		524,205
Nuveen Dividend Advantage Municipal Income Fund		27,624		419,332
Nuveen Equity Premium Advantage Fund		5,547		67,452
Nuveen Equity Premium and Growth Fund		22,955		303,465
Nuveen Equity Premium Income Fund		73,171		878,052
Nuveen Georgia Dividend Advantage Municipal Fund		364		5,777
Nuveen Georgia Dividend Advantage Municipal Fund 2		4,299		61,820
Nuveen Insured California Premium Income Municipal Fund 2, Inc.		896		13,556
Nuveen Maryland Dividend Advantage Municipal Fund		4,311		62,122
Nuveen Maryland Dividend Advantage Municipal Fund 2		832		12,339
Nuveen Maryland Dividend Advantage Municipal Fund 3		5,869		85,277
Nuveen Michigan Dividend Advantage Municipal Fund		1,640		23,304
Nuveen Michigan Premium Income Municipal Fund, Inc.		6,501		96,995
Nuveen Michigan Quality Income Municipal Fund, Inc.		3,192		48,997
Nuveen Multi-Currency Short-Term Government Income Fund		86,381		1,141,093
Nuveen Municipal High Income Opportunity Fund 2		8,259		100,760
Nuveen Municipal Market Opportunity Fund		50,586		717,309
Nuveen Municipal Opportunity Fund, Inc.		107,781		1,601,626
Nuveen Municipal Value Fund 2		12,388		210,472
Nuveen New Jersey Premium Income Municipal Fund, Inc.		5,812		89,970
Nuveen New York AMT-Free Municipal Income Fund		462		6,768
Nuveen New York Dividend Advantage Municipal Fund		18,285		268,241
Nuveen New York Dividend Advantage Municipal Fund 2		13,783		203,575
Nuveen New York Dividend Advantage Municipal Income Fund, Inc.		13,803		207,045
Nuveen New York Investment Quality Municipal Fund		28,803		435,501
Nuveen New York Municipal Value Fund		1,300		13,065
Nuveen New York Premium Income Municipal Fund, Inc.		6,248		96,844
Nuveen New York Quality Income Municipal Fund, Inc.		40,874		612,701
Nuveen New York Select Quality Municipal Fund, Inc.		43,078		655,647
Nuveen New York Select Tax-Free Income Portfolio		3,903		56,398
Nuveen Ohio Dividend Advantage Municipal Fund		300		4,638
Nuveen Ohio Dividend Advantage Municipal Fund 2		1,782		26,730
Nuveen Ohio Dividend Advantage Municipal Fund 3		840		13,012
Nuveen Pennsylvania Dividend Advantage Municipal Fund		5,509		79,440
Nuveen Pennsylvania Investment Quality Municipal Fund		7,687		120,455
Nuveen Pennsylvania Municipal Value Fund		6,198		95,263
Nuveen Pennsylvania Premium Income Municipal Fund 2		601		8,721
Nuveen Performance Plus Municipal Fund		68,367		1,071,311
Nuveen Premier Municipal Opportunity Fund, Inc.		3,767		57,484
Nuveen Premium Income Municipal Fund		32,230		470,236
Nuveen Premium Income Municipal Fund 2		106,382		1,603,179
Nuveen Premium Income Municipal Opportunity Fund		60,180		828,077
Nuveen Quality Municipal Fund, Inc.		13,738		199,201
Nuveen Select Maturities Municipal Fund		5,227		54,518
Nuveen Senior Income Fund		1,257		8,824
Nuveen Tax-Advantaged Dividend Growth Fund		18,739		253,539
Nuveen Tax-Advantaged Floating Rate Fund		8,200		20,172
Nuveen Tax-Advantaged Total Return Strategy Fund		22,438		242,106

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
CLOSED-END FUNDS - 5.4%  (Continued)	Shares		Value
Petroleum & Resources Corporation		38,240	$	982,003
Putnam Managed Municipal Income Trust		22		170
Pyxis Credit Strategies Fund		216,461		1,363,704
RMR Real Estate Income Fund		38,987		632,760
Royce Focus Trust, Inc.		52,012		352,121
Royce Micro-Cap Trust, Inc.		53,218		500,781
Royce Value Trust, Inc.		113,594		1,560,782
Singapore Fund, Inc. (The)		33,176		425,316
Source Capital, Inc.		7,968		422,623
Swiss Helvetia Fund, Inc. (The)		36,893		405,454
Taiwan Fund, Inc. (The) (a)		9,500		152,950
Templeton Emerging Markets Fund		7,500		143,700
Templeton Russia & East European Fund, Inc. (a)		3,554		56,651
Tortoise Pipeline & Energy Fund, Inc.		4,466		110,221
Tortoise Power and Energy Infrastructure Fund, Inc.		4,475		112,546
Tri-Continental Corporation		50,091		791,939
Turkish Investment Fund, Inc. (The)		7,185		96,279
Virtus Total Return Fund		8,846		33,969
Western Asset Inflation Management Fund, Inc.		12,393		221,463
Western Asset Intermediate Muni Fund, Inc.		13,453		136,010
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		124,321		1,597,525
Western Asset/Claymore Inflation-Linked Securities & Income Fund		78,533		1,004,437
Zweig Fund, Inc.		343,823		1,069,290
Zweig Total Return Fund, Inc. (The)		505,530		1,592,420
Total Closed-End Funds (Cost $90,932,951)			$	92,323,489
EXCHANGE-TRADED FUNDS - 0.0% (c)	Shares		Value
SPDR Morgan Stanley Technology ETF		12	$	842
WisdomTree Earnings 500 Fund		35		1,708
Total Exchange-Traded Funds (Cost $2,126)			$	2,550
CORPORATE BONDS - 0.0% (c)	Par Value		Value
Financials - 0.0% (c)
GAMCO Investors, Inc., 0.00%, due 12/31/2015 (Cost $0)	$	3,100	$	2,237

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 1.6%	Shares		Value
UMB Money Market Fiduciary, 0.01% (e) (Cost $27,918,718)		27,918,718	$	27,918,718
Total Investments at Value - 98.4% (Cost $1,580,362,370)			$	1,695,568,064
Other Assets in Excess of Liabilities - 1.6%				27,866,971
Net Assets - 100.0%			$	1,723,435,035

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)	Securities fair valued under supervision of the Board of Trustees totaled $7,213 at April 30, 2012, representing 0.0% (c) of net assets (Note 2).
(e)	Variable rate security.  The rate shown is the 7-day effective yield as of April 30, 2012.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
April 30, 2012 (Unaudited)
COMMON STOCKS - 66.4%	Shares		Value
Consumer Discretionary - 11.9%
Auto Components - 0.3%
China Automotive Systems, Inc.		138,527	$	741,119
China XD Plastics Company Ltd.		107,908		544,935
Dana Holding Corporation		249,027		3,640,775
Quantum Fuel Systems Technologies Worldwide, Inc.		692,635		481,728
SORL Auto Parts, Inc.		21,635		72,910
Visteon Corporation		98		4,917
Wonder Auto Technology, Inc.		17,927		16,134
				5,502,518
Automobiles - 0.3%
Kandi Technologies Corporation		95,558		344,964
Tesla Motors, Inc.		73,226		2,425,978
Winnebago Industries, Inc.		139,524		1,360,359
				4,131,301
Distributors - 0.0% (a)
China Metro-Rural Holdings Ltd.		100		101
Pool Corporation		15,965		589,268
Weyco Group, Inc.		121		2,951
				592,320
Diversified Consumer Services - 1.8%
American Public Education, Inc.		31,721		1,101,353
Bridgepoint Education, Inc.		234,687		5,059,852
Carriage Services, Inc.		400		3,000
ChinaCast Education Corporation (b)		280,803		553,182
Corinthian Colleges, Inc.		402,957		1,547,355
CPI Corporation		4,036		3,289
DeVry, Inc.		61,670		1,982,691
Education Management Corporation		188,658		2,339,359
H&R Block, Inc.		16		235
ITT Educational Services, Inc.		64,265		4,242,775
K12, Inc.		127,025		3,239,138
Matthews International Corporation - Class A		100		3,000
Regis Corporation		114,067		2,093,129
School Specialty, Inc.		64,739		211,697
Stewart Enterprises, Inc. - Class A		556,189		3,515,114
Strayer Education, Inc.		46,690		4,607,369
				30,502,538
Hotels, Restaurants & Leisure - 0.6%
BJ's Restaurants, Inc.		33,121		1,430,496
Caribou Coffee Company, Inc.		118,133		1,938,563
Cedar Fair, L.P.		3,402		105,836
Cheesecake Factory, Inc. (The)		100		3,150
Denny's Corporation		2,211		9,154
DineEquity, Inc.		9,545		463,696
Gaylord Entertainment Company		3,696		116,350
International Speedway Corporation - Class A		58		1,548
Jack in the Box, Inc.		1,700		38,624
Kona Grill, Inc.		324		2,180
Morgans Hotel Group Company		15,417		76,468
O'Charley's, Inc.		54,295		534,806
P.F. Chang's China Bistro, Inc.		12,406		492,394

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Consumer Discretionary - 11.9% (Continued)
Hotels, Restaurants & Leisure - 0.6% (Continued)
Peet's Coffee & Tea, Inc.		41,126	$	3,159,299
PokerTek, Inc.		520		536
Red Lion Hotels Corporation		200		1,668
Red Robin Gourmet Burgers, Inc.		2,800		99,848
Royal Caribbean Cruises Ltd.		100		2,737
Ruby Tuesday, Inc.		2,920		19,856
Ruth's Hospitality Group, Inc.		204,846		1,417,534
Shuffle Master, Inc.		4		71
Star Buffet, Inc.		600		288
Texas Roadhouse, Inc.		500		8,625
Town Sports International Holdings, Inc.		100		1,282
Universal Travel Group (b)		238,516		472,262
WMS Industries, Inc.		7,972		195,394
				10,592,665
Household Durables - 2.3%
American Greetings Corporation - Class A		159,907		2,558,512
Beazer Homes USA, Inc.		327		1,014
Blyth, Inc.		2,649		233,032
Cavco Industries, Inc.		4,002		206,503
Comstock Homebuilding Companies, Inc. - Class A		34,133		48,128
Deer Consumer Products, Inc.		59,364		194,714
Ethan Allen Interiors, Inc.		149,284		3,463,389
Flexsteel Industries, Inc.		100		2,001
Furniture Brands International, Inc.		1,958		3,094
Garmin Ltd.		6		283
Hovnanian Enterprises, Inc. - Class A		2,404,139		4,808,278
KB Home		674,505		5,854,703
Leggett & Platt, Inc.		1,600		34,832
Location Based Technologies, Inc.		100,364		38,138
M/I Homes, Inc.		23,450		311,885
Mad Catz Interactive, Inc.		519,541		280,552
MDC Holdings, Inc.		219		6,156
Meritage Homes Corporation		16,205		460,060
Ryland Group, Inc. (The)		131,950		2,970,194
Sealy Corporation		462,312		952,363
Skullcandy, Inc.		177,253		2,857,318
SodaStream International Ltd.		76,717		2,635,229
Standard Pacific Corporation		995,497		5,037,215
Tempur-Pedic International, Inc.		200		11,768
Universal Electronics, Inc.		16,078		272,040
ZAGG, Inc.		486,754		6,342,405
				39,583,806
Internet & Catalog Retail - 0.8%
Blue Nile, Inc.		101,181		3,063,761
E-Commerce China Dangdang, Inc. - ADR		83,482		667,021
Gaiam, Inc. - Class A		519		2,050
Groupon, Inc.		249,473		2,671,856
HomeAway, Inc.		11,305		294,495
Liberty Interactive Corporation - Series A		26,973		508,171
MakeMyTrip Ltd.		45,797		888,920
NutriSystem, Inc.		165,483		1,916,293

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Consumer Discretionary - 11.9% (Continued)
Internet & Catalog Retail - 0.8% (Continued)
Overstock.com, Inc.		79,220	$	477,697
PetMed Express, Inc.		241,033		3,246,714
Vitacost.com, Inc.		11,531		96,630
				13,833,608
Leisure Equipment & Products - 0.5%
Brunswick Corporation		62,625		1,646,411
Callaway Golf Company		455,212		2,790,450
Eastman Kodak Company		1,596,373		453,370
JAKKS Pacific, Inc.		159,054		3,033,160
Johnson Outdoors, Inc. - Class A		77		1,422
Nautilus, Inc.		2,402		6,221
Polaris Industries, Inc.		200		15,888
Sturm Ruger & Company, Inc.		14,850		847,490
Summer Infant, Inc.		307		1,642
				8,796,054
Media - 1.1%
A.H. Belo Corporation		1,836		8,097
Arbitron, Inc.		2,451		93,261
Atrinsic, Inc.		87,591		6,350
Belo Corporation		201,408		1,357,490
Carmike Cinemas, Inc.		116		1,546
China MediaExpress Holdings, Inc.		146,250		11,700
China Yida Holding Company		5,003		7,504
Cumulus Media, Inc. - Class A		131,277		476,536
Dex One Corporation		541,399		524,074
Dial Global, Inc.		1,286		2,906
Digital Generation, Inc.		194		1,800
DreamWorks Animation SKG, Inc. - Class A		52,441		944,462
Entercom Communications Corporation - Class A		50,272		311,184
Harte-Hanks, Inc.		600		5,040
Lamar Advertising Company - Class A		53,646		1,707,016
Lee Enterprises, Inc.		301,089		340,231
Lions Gate Entertainment Corporation		140,525		1,718,621
Live Nation, Inc.		29,273		265,213
LodgeNet Interactive Corporation		8,900		20,470
Martha Stewart Living Omnimedia, Inc. - Class A		9,331		33,312
McClatchy Company (The) - Class A		1,046,227		2,845,737
Media General, Inc. - Class A		163,472		583,595
Meredith Corporation		77,837		2,244,041
Morningstar, Inc.		4,690		270,707
Pandora Media, Inc.		11,954		102,804
Radio One, Inc. - Class D		4,231		4,739
ReachLocal, Inc.		817		6,177
Regal Entertainment Group - Class A		60,828		827,869
Scholastic Corporation		69,702		2,129,396
SearchMedia Holdings Ltd.		1,000		1,930
Sinclair Broadcast Group, Inc.		11,882		122,147
SPAR Group, Inc.		500		650
SuperMedia, Inc.		61,927		106,514
Valassis Communications, Inc.		68,508		1,370,160

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Consumer Discretionary - 11.9% (Continued)
Media - 1.1% (Continued)
World Wrestling Entertainment, Inc. - Class A		16,285	$	128,326
				18,581,605
Multiline Retail - 0.6%
Bon-Ton Stores, Inc. (The)		78,963		489,571
Fred's, Inc. - Class A		204,243		2,924,760
Saks, Inc.		82,219		901,120
Sears Holdings Corporation		109,211		5,873,368
Tuesday Morning Corporation		40,431		163,341
				10,352,160
Specialty Retail - 2.9%
Aaron's, Inc.		1,700		46,189
Asbury Automotive Group, Inc.		56,423		1,575,330
AutoChina International Ltd.		156		2,980
Barnes & Noble, Inc.		148,471		3,080,773
Books-A-Million, Inc.		8,900		28,391
Brown Shoe Company, Inc.		261,655		2,383,677
Cache, Inc.		167		1,042
Casual Male Retail Group, Inc.		2,281		7,162
Children's Place Retail Stores, Inc. (The)		25,043		1,151,477
China Auto Logistics, Inc.		2,600		1,795
Citi Trends, Inc.		16,954		188,868
Conn's, Inc.		126,384		2,066,378
GameStop Corporation - Class A		63,283		1,440,321
Group 1 Automotive, Inc.		14,463		837,118
Hastings Entertainment, Inc.		700		1,421
hhgregg, Inc.		374,946		3,921,935
Hibbett Sports, Inc.		110,149		6,578,098
Hot Topic, Inc.		133,092		1,304,302
Lithia Motors, Inc.		64,822		1,739,174
Lumber Liquidators Holdings, Inc.		62,098		1,796,495
MarineMax, Inc.		77,419		825,287
Monro Muffler Brake, Inc.		19,871		819,877
OfficeMax, Inc.		233,170		1,084,241
Orchard Supply Hardware Stores Corporation - Class A		6,831		146,662
Pacific Sunwear of California, Inc.		31,401		46,159
Penske Automotive Group, Inc.		4,385		115,939
Pep Boys - Manny Moe & Jack (The)		221,963		3,313,908
Pier 1 Imports, Inc.		1,626		27,935
RadioShack Corporation		208,071		1,077,808
rue21, inc.		83,151		2,523,633
Select Comfort Corporation		6,272		181,135
Sonic Automotive, Inc. - Class A		183,559		3,087,462
Syms Corporation		160		1,664
Systemax, Inc.		7,721		132,570
Talbots, Inc. (The)		1,471,406		4,355,362
Teavana Holdings, Inc.		224,193		4,683,392
West Marine, Inc.		400		4,684
Williams-Sonoma, Inc.		600		23,214
Zale Corporation		100		274
				50,604,132

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Consumer Discretionary - 11.9% (Continued)
Textiles, Apparel & Luxury Goods - 0.7%
American Apparel, Inc.		402,677	$	396,637
Cherokee, Inc.		356		4,621
DGSE Companies, Inc. (b)		1,145		4,254
Hanesbrands, Inc.		158,387		4,469,681
Heelys, Inc.		200		486
Iconix Brand Group, Inc.		34,157		523,968
Joe's Jeans, Inc.		100		136
Jones Group, Inc. (The)		73,216		821,484
Kingold Jewelry, Inc.		649		1,129
K-Swiss, Inc. - Class A		99,233		365,177
Liz Claiborne, Inc.		141,591		1,897,319
Perry Ellis International, Inc.		2,682		50,180
R.G. Barry Corporation		24		306
Under Armour, Inc. - Class A		300		29,379
Vera Bradley, Inc.		72,520		1,884,070
Wolverine World Wide, Inc.		44,939		1,885,191
				12,334,018
Consumer Staples - 2.4%
Beverages - 0.4%
Boston Beer Company, Inc. - Class A		15,124		1,562,612
Central European Distribution Corporation		976,560		4,765,613
MGP Ingredients, Inc.		56		260
				6,328,485
Food & Staples Retailing - 0.1%
Arden Group, Inc. - Class A		39		3,449
Ingles Markets, Inc. - Class A		87		1,513
Pantry, Inc.		24,361		310,846
Pizza Inn Holdings, Inc.		1,222		4,033
Roundy's, Inc.		5,530		68,461
Spartan Stores, Inc.		19,203		350,071
Sysco Corporation		200		5,780
Village Super Market, Inc. - Class A		25		690
Weis Markets, Inc.		156		6,958
				751,801
Food Products - 1.1%
AgFeed Industries, Inc.		178,425		49,959
Calavo Growers, Inc.		85,191		2,443,278
Cal-Maine Foods, Inc.		55,353		1,994,368
China Marine Food Group Ltd.		61,176		66,682
Coffee Holding Company, Inc.		92,318		874,251
Cosan Ltd.		62		858
Diamond Foods, Inc.		262,888		5,494,359
Dole Food Company, Inc.		299,336		2,538,369
Feihe International, Inc.		206,869		1,208,115
Flowers Foods, Inc.		1,468		31,489
John B. Sanfilippo & Son, Inc.		56		810
Lancaster Colony Corporation		19,875		1,296,049
Le Gaga Holdings Ltd.		1,599		8,011
Lifeway Foods, Inc.		11,040		92,074
Limoneira Company		168		2,824
McCormick & Company, Inc.		9,240		516,608

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Consumer Staples - 2.4% (Continued)
Food Products - 1.1% (Continued)
Sanderson Farms, Inc.		29,392	$	1,516,921
Seneca Foods Corporation - Class A		30		699
SkyPeople Fruit Juice, Inc.		14,391		25,040
Smart Balance, Inc.		100		590
Tootsie Roll Industries, Inc.		43,336		1,031,830
Yuhe International, Inc.		109,183		70,969
Zhongpin, Inc.		23,090		217,970
				19,482,123
Household Products - 0.0% (a)
Central Garden & Pet Company		392		4,148
Central Garden & Pet Company - Class A		6,338		67,753
				71,901
Personal Products - 0.4%
China Sky One Medical, Inc.		197,454		67,134
China-Biotics, Inc.		576,501		807,101
Elizabeth Arden, Inc.		25		975
Medifast, Inc.		85,712		1,647,385
Nature's Sunshine Products, Inc.		11,479		177,695
Neptune Technologies & Bioresources, Inc.		16,101		54,099
Synutra International, Inc.		98,434		565,996
USANA Health Sciences, Inc.		85,060		3,547,002
				6,867,387
Tobacco - 0.4%
Alliance One International, Inc.		534,392		1,891,748
Star Scientific, Inc.		1,116,132		3,962,268
Universal Corporation		13,101		600,419
Vector Group Ltd.		52,241		906,381
				7,360,816
Energy - 6.5%
Energy Equipment & Services - 1.1%
Atwood Oceanics, Inc.		86,712		3,843,943
C&J Energy Services, Inc.		74,700		1,408,095
CARBO Ceramics, Inc.		35,294		2,967,872
ENGlobal Corporation		100		200
Exterran Holdings, Inc.		105,169		1,420,833
Geokinetics, Inc.		1,764		3,122
Gulf Island Fabrication, Inc.		55		1,541
Heckmann Corporation		463,610		1,761,718
Hercules Offshore, Inc.		212,575		1,079,881
Key Energy Services, Inc.		1,300		16,458
Lufkin Industries, Inc.		33,484		2,572,911
Natural Gas Services Group, Inc.		130		1,695
Newpark Resources, Inc.		364,608		2,318,907
PHI, Inc.		663		17,656
Recon Technology Ltd.		200		496
RPC, Inc.		60,489		625,456
SulphCo, Inc.		486,090		924
Tesco Corporation		12,949		211,457
				18,253,165
Oil, Gas & Consumable Fuels - 5.4%
Abraxas Petroleum Corporation		524,937		1,564,312

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Energy - 6.5% (Continued)
Oil, Gas & Consumable Fuels - 5.4% (Continued)
Alpha Natural Resources, Inc.		14,735	$	237,676
American Midstream Partners, L.P.		1,026		22,808
Amyris, Inc.		337,665		1,056,891
Apco Oil and Gas International, Inc.		15,504		650,393
ATP Oil & Gas Corporation		752,954		5,692,332
AvenEx Energy Corporation		52,928		206,817
BioFuel Energy Corporation		558,104		258,346
Blue Dolphin Energy Company		41,537		331,050
BMB Munai, Inc.		148		29
BP Prudhoe Bay Royalty Trust		16		1,991
BPZ Resources, Inc.		860,022		3,483,089
CAMAC Energy, Inc.		197,960		154,409
Cano Petroleum, Inc.		65,197		1,076
Capital Product Partners, L.P.		141		1,232
Carrizo Oil & Gas, Inc.		49,502		1,388,036
China Integrated Energy, Inc.		491,150		343,805
China North East Petroleum Holdings Ltd. (b)		223,180		347,045
Clayton Williams Energy, Inc.		2,189		160,979
Clean Energy Fuels Corporation		112,848		2,171,196
Comstock Resources, Inc.		38,898		683,438
Constellation Energy Partners, LLC		1,600		3,504
Contango Oil & Gas Company		9,624		522,198
Crimson Exploration, Inc.		340		1,853
Cross Timbers Royalty Trust		87		3,550
Crosstex Energy, Inc.		35,000		521,500
Cubic Energy, Inc.		1,400		490
CVR Energy, Inc.		109,002		3,309,301
DCP Midstream Partners, L.P.		1,815		83,145
Dominion Resources Black Warrior Trust		1,021		9,158
ECA Marcellus Trust I		5,471		111,718
Enbridge Energy Management, LLC		29,336		954,007
Endeavour International Corporation		313,427		3,911,569
Energy Transfer Equity, L.P.		160		6,714
Enterprise Products Partners, L.P.		101		5,206
Evolution Petroleum Corporation		16,524		146,072
Forest Oil Corporation		7,700		102,564
Frontline Ltd.		225,854		1,479,344
General Maritime Corporation		30,008		381
GeoGlobal Resources, Inc.		299,560		62,908
Gevo, Inc.		63,471		615,034
GMX Resources, Inc.		446,063		611,106
Golar LNG Ltd.		35,045		1,295,964
Goodrich Petroleum Corporation		98,718		1,655,501
Green Plains Renewable Energy, Inc.		27,042		216,066
GreenHunter Energy, Inc.		29,532		64,675
Halcon Resources Corporation		448,856		4,888,042
Harvest Natural Resources, Inc.		475,838		3,273,765
Holly Energy Partners, L.P.		300		18,045
Houston American Energy Corporation		30,840		71,240
Hyperdynamics Corporation		708,609		661,486
Inergy Midstream, L.P.		37,302		790,429

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Energy - 6.5% (Continued)
Oil, Gas & Consumable Fuels - 5.4% (Continued)
Isramco, Inc.		1,113	$	103,275
James River Coal Company		445,899		2,211,659
Kinder Morgan Management, LLC		2,073		157,788
Kinder Morgan, Inc.		88,617		3,181,350
KiOR, Inc. - Class A		75,752		742,370
Knightsbridge Tankers Ltd.		184,540		2,336,276
Kodiak Oil & Gas Corporation		1,922		17,010
L & L Energy, Inc.		266,203		598,957
Legacy Reserves, L.P.		858		24,487
Lone Pine Resources, Inc.		3,600		21,456
Lucas Energy, Inc.		314,438		584,855
Miller Energy Resources, Inc.		630,583		3,424,066
New Concept Energy, Inc.		11,200		17,248
NGL Energy Partners, L.P.		400		8,860
Nordic American Tankers Ltd.		199,623		2,898,526
Northern Oil & Gas, Inc.		117,067		2,274,612
Oiltanking Partners, L.P.		100		2,928
ONEOK Partners, L.P.		23		1,282
Overseas Shipholding Group, Inc.		522,301		6,110,922
Pacific Ethanol, Inc.		272,427		253,357
Panhandle Oil & Gas, Inc.		100		2,755
Patriot Coal Corporation		176,526		1,029,147
Petroleum Development Corporation		52,902		1,819,300
PetroQuest Energy, Inc.		318,272		1,922,363
Pyramid Oil Company		38,646		181,250
Resolute Energy Corporation		11,558		122,630
REX American Resources Corporation		12,775		354,378
Rex Energy Corporation		190,390		2,000,999
Royale Energy, Inc.		253,814		1,203,078
San Juan Basin Royalty Trust		11,601		196,521
Scorpio Tankers, Inc.		21,168		143,519
Ship Finance International Ltd.		84,962		1,176,724
Sino Clean Energy, Inc.		187,474		329,954
Solazyme, Inc.		13,327		146,597
SouthGobi Resources Ltd.		11,200		77,551
Swift Energy Company		800		24,200
Teekay Offshore Partners, L.P.		26,670		784,365
Triangle Petroleum Corporation		98,504		641,261
Tri-Valley Corporation		568,872		79,073
Uranerz Energy Corporation		513,148		898,009
Uranium Energy Corporation		1,443,071		4,257,059
Uranium Resources, Inc.		88,072		76,623
Ur-Energy, Inc.		11,520		12,557
USEC, Inc.		721,826		607,489
Vanguard Natural Resources, LLC		909		26,279
Verenium Corporation		98,812		426,868
Westmoreland Coal Company		962		9,707
Whiting USA Trust I		232,695		4,297,877
Whiting USA Trust II		31,498		724,454
World Fuel Services Corporation		10,013		441,173

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Energy - 6.5% (Continued)
Oil, Gas & Consumable Fuels - 5.4% (Continued)
Zion Oil & Gas, Inc.		249,030	$	617,594
				93,756,123
Financials - 11.7%
Capital Markets - 1.7%
AGF Management Ltd. - Class B		21,142		292,141
AllianceBernstein Holding, L.P.		6,842		96,404
Apollo Investment Corporation		48,600		352,350
Artio Global Investors, Inc.		124,676		451,327
CIFC Corporation		600		3,588
Cohen & Steers, Inc.		53,679		1,891,648
Eaton Vance Corporation		155,294		4,084,232
Edelman Financial Group, Inc.		179		1,581
FBR & Company		776		2,056
Federated Investors, Inc. - Class B		221,614		4,893,237
Fidus Investment Corporation		26,543		359,923
Fifth Street Finance Corporation		1,720		16,890
Financial Engines, Inc.		214,971		4,909,938
FXCM, Inc.		78,575		909,898
Greenhill & Company, Inc.		41,361		1,606,875
GSV Capital Corporation		28,723		491,738
Hercules Technology Growth Capital, Inc.		23,827		271,866
Invesco Ltd.		26		646
Investment Technology Group, Inc.		96,683		986,167
Investors Capital Holdings Ltd.		600		2,532
Janus Capital Group, Inc.		1,819		13,788
Jefferies Group, Inc.		740		11,788
Kohlberg Capital Corporation		32,709		201,814
Main Street Capital Corporation		120,101		3,075,787
MCG Capital Corporation		309,160		1,295,380
Medley Capital Corporation		784		8,851
MF Global Holdings Ltd.		489,733		22,528
MVC Capital, Inc.		141		1,861
Oppenheimer Holdings, Inc.		651		11,106
Penson Worldwide, Inc.		246,340		119,968
Pzena Investment Management, Inc. - Class A		1,392		8,199
Safeguard Scientifics, Inc.		138,726		2,269,557
SEI Investments Company		250		5,047
Solar Senior Capital Ltd.		684		11,088
TICC Capital Corporation		28		258
Tortoise Capital Resources Corporation		48		405
U.S. Global Investors, Inc.		271		1,902
Westwood Holdings Group, Inc.		255		9,379
				28,693,743
Commercial Banks - 4.7%
Alliance Financial Corporation		495		15,102
Ameris Bancorp		95,036		1,178,446
Ames National Corporation		95		2,098
Arrow Financial Corporation		38,063		911,228
BancFirst Corporation		2,828		117,928
BancTrust Financial Group, Inc.		5,150		10,867
Bank of the Ozarks, Inc.		121,858		3,765,412

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Financials - 11.7% (Continued)
Commercial Banks - 4.7% (Continued)
BBCN Bancorp, Inc.		742	$	8,147
Boston Private Financial Holdings, Inc.		10,955		102,101
Bridge Bancorp, Inc.		513		9,993
Bridge Capital Holdings		1,177		17,996
Britton & Koontz Capital Corporation		50		438
Capital City Bank Group, Inc.		51,306		428,405
Capitol Bancorp Ltd.		40,199		10,319
Cardinal Financial Corporation		38,848		468,895
Cascade Bancorp		25,756		146,552
Center Bancorporation, Inc.		4,319		45,652
CenterState Banks, Inc.		117		941
Chemical Financial Corporation		16,852		371,924
Citizens Holding Company		1,201		22,519
Citizens Republic Bancorp, Inc.		10		169
City Bank		13,668		2,187
City Holding Company		111,267		3,710,754
CoBiz Financial, Inc.		12,038		75,238
Columbia Banking Systems, Inc.		46,109		944,773
Community Bank System, Inc.		108,704		3,056,757
Community Trust Bancorp, Inc.		19,171		612,513
Dearborn Bancorp, Inc.		136		8
Eagle Bancorp, Inc.		3,717		66,125
Enterprise Financial Services Corporation		1,156		13,976
First Bancorp (North Carolina)		312		3,126
First Bancorp, Inc. (The)		315		4,571
First Busey Corporation		334,918		1,554,020
First Community Bancshares, Inc.		217		2,906
First Financial Bancorporation		35,449		595,898
First Financial Bankshares, Inc.		135,811		4,595,844
First Niagara Financial Group, Inc.		46,810		418,481
First of Long Island Corporation (The)		111		3,056
FNB Corporation		77,066		874,699
Frontier Financial Corporation		10,459		209
German American Bancorp, Inc.		200		3,808
Glacier Bancorp, Inc.		97,566		1,453,733
Great Southern Bancorp, Inc.		27,557		662,470
Green Bankshares, Inc.		81,194		133,970
Hampton Roads Bankshares, Inc.		41,139		129,999
Heartland Financial USA, Inc.		368		6,815
Heritage Financial Corporation		34,494		451,871
IBERIABANK Corporation		45,238		2,310,305
Independent Bank Corporation (Massachusetts)		127,724		3,585,213
Independent Bank Corporation (Michigan)		110,760		424,211
International Bancshares Corporation		7,014		138,386
Investors Bancorp, Inc.		8,651		133,571
Lakeland Bancorp, Inc.		60,115		549,451
Macatawa Bank Corporation		74,947		254,070
MainSource Financial Group, Inc.		791		9,247
Mercantile Bancorp, Inc.		900		243
Mercantile Bank Corporation		18,908		282,486
Merchants Bancshares, Inc.		4		108

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Financials - 11.7% (Continued)
Commercial Banks - 4.7% (Continued)
National Bankshares, Inc.		17,446	$	518,321
NBT Bancorp, Inc.		66,719		1,371,075
Old National Bancorp		34,207		438,534
Old Second Bancorp, Inc.		45,303		73,844
Oriental Financial Group, Inc.		9,602		113,496
PAB Bankshares, Inc.		4,809		5
Pacific Mercantile Bancorp		1,019		6,083
Park National Corporation		59,588		4,007,293
Patriot National Bancorp		994		1,749
Pinnacle Financial Partners, Inc.		164,069		3,002,463
PremierWest Bancorp, Inc.		15,074		25,475
Princeton National Bancorp, Inc.		600		942
Renasant Corporation		97,462		1,559,392
Republic Bancorp, Inc. - Class A		23,681		557,214
S&T Bancorp, Inc.		112,793		2,111,485
S.Y. Bancorp, Inc.		42,317		981,754
Salisbury Bancorp, Inc.		300		7,200
Sandy Spring Bancorp, Inc.		228		4,106
SCBT Financial Corporation		37,436		1,287,424
Seacoast Banking Corporation of Florida		1,452		2,352
Security Bank Corporation (b)		32,973		3
Sierra Bancorp		99		907
Simmons First National Corporation - Class A		58,867		1,432,823
Southern Connecticut Bancorp, Inc.		200		368
Southside Bancshares, Inc.		58,523		1,193,866
State Bank Financial Corporation		169		2,915
Sterling Bancorp		77,197		734,144
Suffolk Bancorp		1,177		13,983
Superior Bancorp		400		1
Susquehanna Bancshares, Inc.		202,414		2,099,033
Taylor Capital Group, Inc.		14,811		206,169
TCF Financial Corporation		5,957		68,327
Texas Capital Bancshares, Inc.		213,961		8,068,469
Tompkins Financial Corporation		56,411		2,135,156
TowneBank		171,262		2,229,831
TriCo Bancshares		34,662		569,843
UMB Financial Corporation		186		8,937
United Bankshares, Inc.		111,084		2,935,950
United Security Bancshares		3,119		7,766
United Security Bancshares, Inc.		18		103
Valley National Bancorp		140,596		1,771,510
Washington Banking Company		220		3,067
Washington Trust Bancorp, Inc.		247		5,847
Webster Financial Corporation		2,252		51,188
West Bancorporation, Inc.		300		2,880
Westamerica Bancorporation		35,311		1,619,716
Wintrust Financial Corporation		123,075		4,446,700
				80,379,939
Consumer Finance - 0.3%
Cash America International, Inc.		12,250		572,687
CompuCredit Holdings Corporation		75,203		414,369

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Financials - 11.7% (Continued)
Consumer Finance - 0.3% (Continued)
First Marblehead Corporation (The)		200	$	212
Green Dot Corporation - Class A		47,435		1,251,810
NetSpend Holdings, Inc.		21,340		162,824
World Acceptance Corporation		49,410		3,286,259
				5,688,161
Diversified Financial Services - 0.1%
Life Partners Holdings, Inc.		268,734		730,957
MSCI, Inc.		563		20,600
PHH Corporation		119,173		1,847,182
Primus Guaranty Ltd.		1,849		12,388
Sprott Resource Lending Corporation		355		550
				2,611,677
Insurance - 1.7%
Ambac Financial Group, Inc.		89,956		3,121
American Equity Investment Life Holding Company		214,683		2,632,014
AMERISAFE, Inc.		37,403		999,408
AmTrust Financial Services, Inc.		34,010		926,432
Argo Group International Holdings Ltd.		1,798		51,890
Arthur J. Gallagher & Company		395		14,836
Citizens, Inc.		43,149		414,662
Crawford & Company - Class B		3,424		16,332
eHealth, Inc.		184,679		3,272,512
EMC Insurance Group, Inc.		51		1,008
Enstar Group, Inc. (The)		111		10,453
Gerova Financial Group Ltd. (b)		9,506		10
Greenlight Capital Re Ltd. - Class A		29,138		725,536
Harleysville Group, Inc.		34,159		2,047,490
Hilltop Holdings, Inc.		874		6,931
MBIA, Inc.		568,807		5,733,575
Montpelier Re Holdings Ltd.		4,394		90,165
National Financial Partners Corporation		219,091		3,231,592
National Interstate Corporation		161		3,864
Navigators Group, Inc. (The)		31,976		1,518,860
OneBeacon Insurance Group Ltd. - Class A		1,313		18,684
Phoenix Companies, Inc. (The)		101		212
Platinum Underwriters Holdings Ltd.		1,500		54,930
Reinsurance Group of America, Inc.		2,812		163,490
RLI Corporation		31,706		2,183,909
SeaBright Holdings, Inc.		215		1,933
StanCorp Financial Group, Inc.		25,694		986,136
State Auto Financial Corporation		1,005		14,402
Stewart Information Services Corporation		52,375		770,960
Sun Life Financial, Inc.		5,598		137,151
Tower Group, Inc.		145,272		3,134,970
Validus Holdings Ltd.		23,167		752,928
				29,920,396
Real Estate Investment Trusts (REIT) - 1.8%
Acadia Realty Trust		6,000		139,080
Agree Realty Corporation		10,795		246,126
Arbor Realty Trust, Inc.		1,822		10,221
Ashford Hospitality Trust, Inc.		52,811		451,006

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Financials - 11.7% (Continued)
Real Estate Investment Trusts (REIT) - 1.8% (Continued)
Brandywine Realty Trust		16,544	$	196,212
BRE Properties, Inc.		5,007		262,867
Campus Crest Communities, Inc.		144,026		1,677,903
Capital Trust, Inc. - Class A		11,108		34,990
CapLease, Inc.		381,434		1,582,951
Cedar Realty Trust, Inc.		230,589		1,203,675
Chesapeake Lodging Trust		4,471		80,925
CoreSite Realty Corporation		10,326		257,221
Corporate Office Properties Trust		17,812		419,473
Cousins Properties, Inc.		7,291		57,307
CubeSmart		144,491		1,814,807
DCT Industrial Trust, Inc.		366,848		2,175,409
Douglas Emmett, Inc.		9,649		224,243
DuPont Fabros Technology, Inc.		31,630		858,754
Dynex Capital, Inc.		135,972		1,282,216
Entertainment Properties Trust		17,938		860,845
Getty Realty Corporation		17,504		276,913
Glimcher Realty Trust		10,906		107,860
Healthcare Realty Trust, Inc.		1,000		21,480
Highwoods Properties, Inc.		2,729		94,778
Hudson Pacific Properties, Inc.		282		4,464
Investors Real Estate Trust		128,889		930,579
iStar Financial, Inc.		673,510		4,660,689
Lexington Realty Trust		237,536		2,114,070
Liberty Property Trust		10,388		378,643
Mack-Cali Realty Corporation		7,800		224,016
Monmouth Real Estate Investment Corporation - Class A		109,530		1,123,778
MPG Office Trust, Inc.		76,590		161,605
NorthStar Realty Finance Corporation		9,946		56,692
Parkway Properties, Inc.		178,351		1,763,891
Post Properties, Inc.		8		390
RAIT Financial Trust		63,831		308,942
Ramco-Gershenson Properties Trust		19,049		229,350
Redwood Trust, Inc.		140,865		1,645,303
Retail Opportunity Investments Corporation		68,765		835,495
RLJ Lodging Trust		2,700		50,706
Strategic Hotels & Resorts, Inc.		215,402		1,466,888
Terreno Realty Corporation		890		12,727
Two Harbors Investment Corporation		629		6,579
				30,312,069
Real Estate Management & Development - 0.1%
Altisource Portfolio Solutions, S.A.		2,211		132,284
China Housing & Land Development, Inc.		171,004		278,736
Consolidated-Tomoka Land Company		429		12,613
Gazit-Globe Ltd.		2,860		30,516
Howard Hughes Corporation		180		12,080
Maui Land & Pineapple Company, Inc.		800		3,160
Mays (J.W.), Inc.		113		2,068
St. Joe Company (The)		116,566		2,078,372
Transcontinental Realty Investors, Inc.		67		189
				2,550,018

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)		Shares		Value
Financials - 11.7% (Continued)
Thrifts & Mortgage Finance - 1.3%
Anchor BanCorp Wisconsin, Inc.			35,400	$	23,010
Astoria Financial Corporation			237,831		2,304,582
Bank Mutual Corporation			1,343		5,238
BankAtlantic Bancorp, Inc. - Class A			162,882		913,768
BankUnited, Inc.			2,538		62,435
Berkshire Hills Bancorporation, Inc.			85,331		1,936,160
BofI Holding, Inc.			42,313		751,902
Brookline Bancorp, Inc.			698		6,268
Capitol Federal Financial, Inc.			53,792		635,284
Clifton Savings Bancorp, Inc.			82		838
Dime Community Bancshares, Inc.			89,220		1,236,589
ESSA Bancorp, Inc.			7		68
First Federal Bancshares of Arkansas, Inc.			4,628		43,735
First Financial Holdings, Inc.			124		1,431
FirstFed Financial Corporation			23,697		47
Flushing Financial Corporation			27,129		353,491
Fox Chase Bancorp, Inc.			400		5,088
Freddie Mac			94,749		27,003
Home Federal Bancorp, Inc.			10		98
Hudson City Bancorp, Inc.			702		4,956
Impac Mortgage Holdings, Inc.			148		334
MGIC Investment Corporation			1,235,252		4,273,972
NASB Financial, Inc.			4,380		78,840
Northwest Bancshares, Inc.			13,005		160,222
OceanFirst Financial Corporation			57		831
PMI Group, Inc. (The)			7		–
Provident Financial Services, Inc.			204,848		3,011,266
Provident New York Bancorp			200		1,688
Radian Group, Inc.	��		1,795,662		5,602,465
Roma Financial Corporation			100		944
Territorial Bancorp, Inc.			55		1,195
Tree.com, Inc.			186		1,488
Triad Guaranty, Inc.			9,250		879
TrustCo Bank Corporation			54		295
ViewPoint Financial Group, Inc.			10,878		173,069
Westfield Financial, Inc.			295		2,204
					21,621,683
Health Care - 7.9%
Biotechnology - 3.0%
Aastrom Biosciences, Inc.			420,208		1,075,732
Accentia Biopharmaceuticals, Inc.			1,600		448
Achillion Pharmaceuticals, Inc.			198,275		1,318,529
ADVENTRX Pharmaceuticals, Inc.			631,805		371,501
AEterna Zentaris, Inc.			154,950		97,618
Affymax, Inc.			36,574		479,485
Alkermes plc			17,909		309,826
Alnylam Pharmaceuticals, Inc.			66,887		761,843
Amicus Therapeutics, Inc.			7		34
ARCA biopharma, Inc.			5,719		4,003
Arena Pharmaceuticals, Inc.			122,195		298,156
Ariad Pharmaceuticals, Inc.			3,552		57,898

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Health Care - 7.9% (Continued)
Biotechnology - 3.0% (Continued)
Arrowhead Research Corporation		17,299	$	97,739
AspenBio Pharma, Inc.		226		149
BioCryst Pharmaceuticals, Inc.		878		3,178
BioMimetic Therapeutics, Inc.		673		1,797
BioSante Pharmaceuticals, Inc.		835,965		459,781
BioSpecifics Technologies Corporation		184		2,714
BioTime, Inc.		299,269		1,134,229
Cardium Therapeutics, Inc.		70,963		16,187
Cell Therapeutics, Inc.		1,694,163		1,880,521
CEL-SCI Corporation		569,952		293,468
Celsion Corporation		158,837		317,674
Cepheid		25		960
China Biologic Products, Inc.		60,100		556,526
Cleveland BioLabs, Inc.		326,443		633,299
Clovis Oncology, Inc.		8,422		151,006
Cubist Pharmaceuticals, Inc.		22,117		935,107
Cyclacel Pharmaceuticals, Inc.		94,507		54,814
Cytori Therapeutics, Inc.		717,667		1,700,871
CytRx Corporation		14,079		4,576
DARA BioSciences, Inc.		70,543		62,078
EntreMed, Inc.		54		106
Enzon Pharmaceuticals, Inc.		348,742		2,172,663
EpiCept Corporation		103,115		20,623
Exact Sciences Corporation		199,182		2,145,190
Exelixis, Inc.		87		418
Galena Biopharma, Inc.		318,833		385,788
Genomic Health, Inc.		12,166		348,678
Geron Corporation		247		415
Hemispherx Biopharma, Inc.		184,798		57,287
Horizon Pharma, Inc.		25,769		108,230
iBio, Inc.		93,893		139,901
Idenix Pharmaceuticals, Inc.		35,372		310,212
ImmunoGen, Inc.		93,745		1,195,249
Immunomedics, Inc.		311,680		1,118,931
Incyte Corporation		32,340		733,471
Infinity Pharmaceuticals, Inc.		9		121
Inovio Pharmaceuticals, Inc.		5,426		2,876
Insmed, Inc.		1,268		3,665
InterMune, Inc.		122,478		1,278,670
Introgen Therapeutics, Inc.		45,612		160
Ironwood Pharmaceuticals, Inc.		42,941		567,251
IsoRay, Inc.		700		364
Keryx Biopharmaceuticals, Inc.		6,113		9,659
MannKind Corporation		1,809,289		4,070,900
Marina Biotech, Inc.		243,744		138,934
MediciNova, Inc.		63,446		190,338
Medivation, Inc.		2,841		229,780
Metabolix, Inc.		296,799		804,325
Myrexis, Inc.		939		2,836
Nanosphere, Inc.		117		207
NanoViricides, Inc.		100		58

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Health Care - 7.9% (Continued)
Biotechnology - 3.0% (Continued)
NeoStem, Inc.		605,878	$	218,116
Neuralstem, Inc.		231,993		229,673
NeurogesX, Inc.		133,341		57,337
Novavax, Inc.		37,295		50,721
Nymox Pharmaceutical Corporation		92,599		754,682
OncoGenex Pharmaceuticals, Inc.		254		3,302
Oncolytics Biotech, Inc.		13,307		48,038
Oncothyreon, Inc.		725,763		3,113,523
Opexa Therapeutics, Inc.		138,922		86,132
OPKO Health, Inc.		2,200		10,450
Osiris Therapeutics, Inc.		105,939		562,536
OXiGENE, Inc.		224,187		253,331
Oxygen Biotherapeutics, Inc.		2,819		5,018
PDL BioPharma, Inc.		100,217		630,365
PharmAthene, Inc.		923,938		1,496,780
Pluristem Therapeutics, Inc.		7,587		18,512
Poniard Pharmaceuticals, Inc.		32		28
PROLOR Biotech, Inc.		80,609		460,277
Raptor Pharmaceutical Corporation		595,227		3,488,030
Rexahn Pharmaceuticals, Inc.		55,336		24,237
Rigel Pharmaceuticals, Inc.		181		1,399
Rosetta Genomics Ltd.		1,100		187
Sangamo Biosciences, Inc.		108,252		503,372
Savient Pharmaceuticals, Inc.		1,450,883		3,438,593
Seattle Genetics, Inc.		133,613		2,641,529
Spectrum Pharmaceuticals, Inc.		80,353		854,152
StemCells, Inc.		65		61
Sunesis Pharmaceuticals, Inc.		246,389		677,570
Synthetic Biologics, Inc.		34,778		61,557
Tengion, Inc.		9,849		4,566
Theravance, Inc.		36,084		780,858
Threshold Pharmaceuticals, Inc.		21,850		159,068
ZIOPHARM Oncology, Inc.		320,978		1,527,855
				51,280,908
Health Care Equipment & Supplies - 2.4%
Abiomed, Inc.		84,354		2,052,333
Accuray, Inc.		1,077		8,293
Analogic Corporation		27		1,842
AngioDynamics, Inc.		2,958		36,620
AtriCure, Inc.		685		5,617
Bacterin International Holdings, Inc.		50,359		103,236
BIOLASE Technology, Inc.		349,181		907,871
BSD Medical Corporation		1,054,794		2,077,944
Cerus Corporation		415,518		1,637,141
Conceptus, Inc.		14,826		278,284
CONMED Corporation		181		5,175
CryoLife, Inc.		1,375		7,274
CryoPort, Inc.		100		45
D. Medical Industries Ltd.		2,300		822
Delcath Systems, Inc.		601,771		1,690,977
Derma Sciences, Inc.		1,048		10,166

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Health Care - 7.9% (Continued)
Health Care Equipment & Supplies - 2.4% (Continued)
DexCom, Inc.		6,557	$	64,193
Dynatronics Corporation		100		72
DynaVox, Inc.		781		1,921
Endologix, Inc.		35,294		528,704
Exactech, Inc.		109		1,690
Hansen Medical, Inc.		636,734		2,012,079
HeartWare International, Inc.		52,217		4,070,837
ICU Medical, Inc.		45,485		2,387,508
Insulet Corporation		200,070		3,573,250
InVivo Therapeutics Holdings Corporation		8,471		20,076
IRIS International, Inc.		89		1,164
Kensey Nash Corporation		21,849		621,167
MAKO Surgical Corporation		17,587		726,519
Medical Action Industries, Inc.		704		3,886
MELA Sciences, Inc.		571,247		2,559,187
Meridian Bioscience, Inc.		123,018		2,528,020
Navidea Biopharmaceuticals, Inc.		938,304		2,927,508
Neogen Corporation		13,370		521,296
NxStage Medical, Inc.		113,106		1,922,802
Quidel Corporation		115,429		1,906,887
Rockwell Medical Technologies, Inc.		164,628		1,522,809
RTI Biologics, Inc.		99,319		347,616
Stereotaxis, Inc.		185,020		75,710
STERIS Corporation		1,614		50,696
Synergetics USA, Inc.		1,400		9,128
TranS1, Inc.		3,200		11,360
Unilife Corporation		580,840		2,485,995
Uroplasty, Inc.		2,509		7,627
Winner Medical Group, Inc.		9,246		35,135
World Heart Corporation		1,600		452
Wright Medical Group, Inc.		80,941		1,507,931
ZELTIQ Aesthetics, Inc.		303		1,885
				41,258,750
Health Care Providers & Services - 1.0%
Accretive Health, Inc.		66,923		673,245
Air Methods Corporation		25,352		2,132,357
AMERIGROUP Corporation		33,603		2,075,321
AMN Healthcare Services, Inc.		5,926		39,763
Bio-Reference Laboratories, Inc.		76,054		1,621,471
BioScrip, Inc.		84,322		624,826
CardioNet, Inc.		696		1,963
Chemed Corporation		7,028		424,070
China Cord Blood Corporation		4,152		12,124
ExamWorks Group, Inc.		146,432		1,704,469
Gentiva Health Services, Inc.		178,260		1,475,993
Health Net, Inc.		36,794		1,310,234
Healthways, Inc.		27,455		183,125
IPC The Hospitalist Company, Inc.		33,552		1,288,732
Kindred Healthcare, Inc.		144		1,388
National Research Corporation		99		4,786
Patterson Companies, Inc.		800		27,272

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Health Care - 7.9% (Continued)
Health Care Providers & Services - 1.0% (Continued)
PDI, Inc.		62	$	503
PSS World Medical, Inc.		128,954		3,085,869
Sun Healthcare Group, Inc.		44,322		320,448
Sunrise Senior Living, Inc.		211,735		1,329,696
Vanguard Health Systems, Inc.		700		6,216
Wizzard Software Corporation		4,268		10,371
				18,354,242
Health Care Technology - 0.1%
athenahealth, Inc.		12,721		921,637
Authentidate Holding Corporation		1,654		1,257
HealthStream, Inc.		12,425		284,781
iCad, Inc.		400		184
Merge Healthcare, Inc.		761		3,272
Quality Systems, Inc.		400		14,960
				1,226,091
Life Sciences Tools & Services - 0.2%
Accelr8 Technology Corporation		511		1,410
Affymetrix, Inc.		147,187		650,567
Albany Molecular Research, Inc.		497		1,585
Apricus Biosciences, Inc.		300,044		816,120
Bioanalytical Systems, Inc.		2,400		3,168
BioDelivery Sciences International, Inc.		11,400		43,320
Complete Genomics, Inc.		3,500		9,450
Compugen Ltd.		973		5,137
eResearchTechnology, Inc.		857		6,770
Fluidigm Corporation		21,204		330,995
Genetic Technologies Ltd.		29,932		86,204
PURE Bioscience, Inc.		279,240		80,980
QIAGEN N.V.		21,567		360,816
Sequenom, Inc.		305,428		1,563,791
Techne Corporation		4,379		293,130
				4,253,443
Pharmaceuticals - 1.2%
Acura Pharmaceuticals, Inc.		134,506		434,454
Akorn, Inc.		1,103		13,379
Alexza Pharmaceuticals, Inc.		15,700		9,734
Alimera Sciences, Inc.		212		655
Ampio Pharmaceuticals, Inc.		117,384		362,717
Aoxing Pharmaceutical Company, Inc.		10,556		4,011
AVANIR Pharmaceuticals, Inc. - Class A		1,869,395		5,701,655
Biodel, Inc.		352,139		253,540
Biostar Pharmaceuticals, Inc.		462		772
Cadence Pharmaceuticals, Inc.		749,001		2,763,814
Cumberland Pharmaceuticals, Inc.		3,988		29,192
Echo Therapeutics, Inc.		2,485		5,020
Emisphere Technologies, Inc.		8,547		2,137
Hi-Tech Pharmacal Company, Inc.		21,739		708,474
Impax Laboratories, Inc.		720		17,734
IntelliPharmaCeutics International, Inc.		15,839		44,983
K-V Pharmaceutical Company - Class A		450,305		517,851
Lannett Company, Inc.		127,416		502,019

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Health Care - 7.9% (Continued)
Pharmaceuticals - 1.2% (Continued)
MAP Pharmaceuticals, Inc.		29,867	$	382,895
Nektar Therapeutics		430,894		3,283,412
Obagi Medical Products, Inc.		381		4,999
Oculus Innovative Sciences, Inc.		85,412		87,974
Optimer Pharmaceuticals, Inc.		192,259		2,845,433
Pacira Pharmaceuticals, Inc.		15,148		169,809
Pain Therapeutics, Inc.		4,422		17,909
Repros Therapeutics, Inc.		120,378		507,995
Sagent Pharmaceuticals, Inc.		23,864		429,313
Skystar Bio-Pharmaceutical Company Ltd.		3,733		8,959
Somaxon Pharmaceuticals, Inc.		859,632		300,871
Transcept Pharmaceuticals, Inc.		8,728		78,465
Ventrus BioSciences, Inc.		16,550		150,770
ViroPharma, Inc.		558		12,137
VIVUS, Inc.		46,313		1,121,701
XenoPort, Inc.		3,214		14,688
				20,789,471
Industrials - 7.9%
Aerospace & Defense - 0.5%
AeroVironment, Inc.		38,357		932,842
Arotech Corporation		1,900		2,261
Ascent Solar Technologies, Inc.		468,553		305,028
Ducommun, Inc.		393		4,637
GenCorp, Inc.		190,801		1,310,803
KEYW Holding Corporation (The)		105,791		994,435
Kratos Defense & Security Solutions, Inc.		233,589		1,296,419
MOOG, Inc. - Class A		7,298		308,487
National Presto Industries, Inc.		30,152		2,222,806
Orbital Sciences Corporation		86,224		1,082,973
Taser International, Inc.		113,808		523,517
				8,984,208
Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings, Inc.		27,936		1,286,453
Echo Global Logistics, Inc.		145,733		2,481,833
Pacer International, Inc.		291,477		1,751,777
				5,520,063
Airlines - 0.5%
Allegiant Travel Company		51,755		3,041,124
AMR Corporation		788,907		456,777
JetBlue Airways Corporation		198,659		943,630
LAN Airlines, S.A. - ADR		21,177		596,980
Pinnacle Airlines Corporation		7,109		3,228
Republic Airways Holdings, Inc.		523,338		2,663,790
Southwest Airlines Company		20		166
Spirit Airlines, Inc.		14,903		357,970
				8,063,665
Building Products - 0.5%
AAON, Inc.		122,455		2,498,082
Builders FirstSource, Inc.		119,069		496,518
Griffon Corporation		117,607		1,165,485
Insteel Industries, Inc.		87,473		994,568

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Industrials - 7.9% (Continued)
Building Products - 0.5% (Continued)
Masco Corporation		1,650	$	21,747
Simpson Manufacturing Company, Inc.		16,369		507,930
Trex Company, Inc.		76,649		2,452,768
U.S. Home Systems, Inc.		813		7,130
Universal Forest Products, Inc.		15,985		597,839
USG Corporation		24,743		446,611
				9,188,678
Commercial Services & Supplies - 1.2%
A.T. Cross Company - Class A		404		4,638
Asta Funding, Inc.		800		6,784
Avery Dennison Corporation		11,514		368,218
Cenveo, Inc.		147,319		421,332
Consolidated Graphics, Inc.		12,024		480,840
Deluxe Corporation		95,373		2,270,831
EnergySolutions, Inc.		1,233		5,191
EnerNOC, Inc.		43,577		261,898
Ennis, Inc.		46,858		738,482
Heritage-Crystal Clean, Inc.		400		8,460
HNI Corporation		46,020		1,110,002
Industrial Services of America, Inc.		22,413		115,875
InnerWorkings, Inc.		259,256		2,984,037
Intersections, Inc.		795		9,564
Kimball International, Inc. - Class B		324		2,213
Knoll, Inc.		46,303		684,821
Mobile Mini, Inc.		196,948		3,714,439
Pitney Bowes, Inc.		2,300		39,399
Portfolio Recovery Associates, Inc.		36,763		2,530,030
Quad/Graphics, Inc. - Class A		189,767		2,550,468
R.R. Donnelley & Sons Company		16,500		206,415
RINO International Corporation		81,543		4,077
Standard Parking Corporation		384		7,319
Swisher Hygiene, Inc.		328,786		739,769
SYKES Enterprises, Inc.		113		1,791
United Stationers, Inc.		29,020		823,007
				20,089,900
Construction & Engineering - 0.6%
Aegion Corporation		96,290		1,757,293
EMCOR Group, Inc.		35,104		1,029,249
Granite Construction, Inc.		35,451		986,956
India Globalization Capital, Inc.		25,980		8,573
Layne Christensen Company		29,558		607,417
MasTec, Inc.		149,578		2,601,161
Orion Marine Group, Inc.		621		4,297
Shaw Group, Inc. (The)		93,754		2,837,934
Sterling Construction Company, Inc.		5		49
				9,832,929
Electrical Equipment - 1.2%
Active Power, Inc.		4,861		4,302
Acuity Brands, Inc.		73,545		4,086,896
Advanced Battery Technologies, Inc.		592,639		212,757
Altair Nanotechnologies, Inc.		373,176		302,273

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Industrials - 7.9% (Continued)
Electrical Equipment - 1.2% (Continued)
American Superconductor Corporation		947,812	$	3,914,464
AMETEK, Inc.		1,145		57,628
Beacon Power Corporation		57,124		685
Broadwind Energy, Inc.		5,131		1,745
Capstone Turbine Corporation		1,069,140		1,165,363
China BAK Battery, Inc.		415,965		320,293
China Electric Motor, Inc.		1,771		193
China Technology Development Group Corporation		2,500		2,000
Digital Power Corporation		1,677		2,348
ECOtality, Inc.		1,163		765
Encore Wire Corporation		85,800		2,187,042
Fushi Copperweld, Inc.		447,478		3,051,800
General Cable Corporation		168		4,946
Global Power Equipment Group, Inc.		10,053		251,425
GrafTech International Ltd.		62,000		727,880
Hoku Corporation		183,042		71,386
Hydrogenics Corporation		3,215		19,161
II-VI, Inc.		5,142		104,948
Lihua International, Inc.		254,547		1,445,827
Medis Technologies Ltd.		22,419		81
New Energy Systems Group		1,300		650
Ocean Power Technologies, Inc.		134,672		367,655
Plug Power, Inc.		241,879		319,280
Polypore International, Inc.		33,050		1,234,417
Powell Industries, Inc.		3,000		97,830
PowerSecure International, Inc.		1,394		7,235
Satcon Technology Corporation		1,043,676		438,344
Ultralife Corporation		5,704		28,691
Valence Technology, Inc.		684,756		499,872
Westinghouse Solar, Inc.		31,644		17,689
ZBB Energy Corporation		2,467		1,357
				20,949,228
Industrial Conglomerates - 0.1%
Raven Industries, Inc.		11,438		688,682
Machinery - 1.8%
Actuant Corporation - Class A		34,948		953,032
Art's-Way Manufacturing Company, Inc.		3,005		20,554
Briggs & Stratton Corporation		267,139		4,835,216
China Valves Technology, Inc.		253,369		499,137
CLARCOR, Inc.		44,682		2,145,630
Cleantech Solutions International, Inc.		260		1,391
Colfax Corporation		67,415		2,284,694
Douglas Dynamics, Inc.		56,391		796,805
Energy Recovery, Inc.		273,355		574,046
EnPro Industries, Inc.		32,056		1,327,439
ESCO Technologies, Inc.		2,281		78,466
Federal Signal Corporation		201		1,037
FreightCar America, Inc.		12,439		268,682
Gorman-Rupp Company (The)		87		2,506
Harsco Corporation		900		20,070

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Industrials - 7.9% (Continued)
Machinery - 1.8% (Continued)
IDEX Corporation		26	$	1,126
ITT Corporation		124,105		2,787,398
Lindsay Corporation		3,979		265,757
Lydall, Inc.		1,195		12,607
Miller Industries, Inc.		8,808		144,451
Mueller Industries, Inc.		17,323		791,834
PMFG, Inc.		62,337		842,173
Sun Hydraulics Corporation		10,670		267,070
Tecumseh Products Company - Class A		585		2,235
Terex Corporation		193,234		4,374,818
Titan International, Inc.		155,828		4,501,871
Twin Disc, Inc.		162,836		3,570,994
Wabash National Corporation		26,568		222,374
				31,593,413
Marine - 0.3%
Alexander & Baldwin, Inc.		5,966		305,220
Baltic Trading Ltd.		24,524		114,037
Diana Containerships, Inc.		10		62
Eagle Bulk Shipping, Inc.		205,889		337,658
Excel Maritime Carriers Ltd.		763,147		1,427,085
Genco Shipping & Trading Ltd.		548,902		2,936,626
International Shipholding Corporation		407		8,612
Safe Bulkers, Inc.		400		2,740
				5,132,040
Professional Services - 0.3%
Advisory Board Company (The)		4,511		411,223
CBIZ, Inc.		290,223		1,761,654
Dolan Company (The)		38,160		305,661
FTI Consulting, Inc.		310		11,265
Hill International, Inc.		710		2,528
Innovaro, Inc.		8,192		8,110
Insperity, Inc.		300		8,181
Kelly Services, Inc. - Class A		4,431		61,990
Lightbridge Corporation		109,852		276,827
Manpower, Inc.		300		12,780
Nielsen Holdings N.V.		100		2,922
Odyssey Marine Exploration, Inc.		887,141		2,696,909
Pendrell Corporation		4,316		5,826
Spherix, Inc.		2,301		2,071
Thomas Group, Inc.		900		68
Volt Information Sciences, Inc.		100		710
VSE Corporation		256		5,632
				5,574,357
Road & Rail - 0.2%
Avis Budget Group, Inc.		100		1,316
Dollar Thrifty Automotive Group, Inc.		11,649		941,938
Knight Transportation, Inc.		26,605		436,854
RailAmerica, Inc.		1,071		24,826
Student Transportation, Inc.		32,327		219,824
YRC Worldwide, Inc.		153,169		1,115,070

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Industrials - 7.9% (Continued)
Road & Rail - 0.2% (Continued)
Zipcar, Inc.		106,921	$	1,288,398
				4,028,226
Trading Companies & Distributors - 0.4%
Ampal-American Israel Corporation - Class A		2,031		427
Beacon Roofing Supply, Inc.		115,305		3,077,490
BlueLinx Holdings, Inc.		155		426
China Armco Metals, Inc.		140,785		99,465
Houston Wire & Cable Company		132,514		1,628,597
Lawson Products, Inc.		400		5,824
Rush Enterprises, Inc. - Class A		100		1,808
Titan Machinery, Inc.		11,104		395,636
WESCO International, Inc.		12,929		858,356
				6,068,029
Transportation Infrastructure - 0.0% (a)
Macquarie Infrastructure Company, LLC		2,579		89,079
Information Technology - 12.0%
Communications Equipment - 1.5%
Acme Packet, Inc.		10,149		284,882
Anaren, Inc.		15,264		275,363
Aruba Networks, Inc.		194		4,097
AudioCodes Ltd.		2,600		6,110
Bel Fuse, Inc. - Class B		300		5,337
CalAmp Corporation		191		1,142
CIENA Corporation		20,609		305,425
Cogo Group, Inc.		2,321		5,710
Comtech Telecommunications Corporation		53,577		1,656,601
Digi International, Inc.		188,657		1,750,737
EMCORE Corporation		4,182		18,903
Extreme Networks, Inc.		838,994		3,213,347
Finisar Corporation		242,442		4,005,142
Globecomm Systems, Inc.		686		9,727
Infinera Corporation		248,034		1,775,923
InterDigital, Inc.		72,795		2,017,877
JDS Uniphase Corporation		3,312		40,241
KVH Industries, Inc.		25,879		258,272
Loral Space & Communications, Inc.		12		745
Meru Networks, Inc.		119,391		339,070
Network Equipment Technologies, Inc.		246		241
Oclaro, Inc.		315,087		904,300
Polycom, Inc.		200		2,654
Procera Networks, Inc.		12,148		252,193
Qiao Xing Mobile Communication Company Ltd.		1,984		1,329
RIT Technologies Ltd.		10,410		35,186
Riverbed Technology, Inc.		800		15,784
Sycamore Networks, Inc.		1,297		20,220
Telestone Technologies Corporation		480,324		1,517,824
Telular Corporation		300		2,706
Ubiquiti Networks, Inc.		119,895		3,958,933
ViaSat, Inc.		49,090		2,371,047
Zoom Technologies, Inc.		153,117		197,521

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Information Technology - 12.0% (Continued)
Communications Equipment - 1.5% (Continued)
ZST Digital Networks, Inc.		194,797	$	204,537
				25,459,126
Computers & Peripherals - 0.9%
Hauppauge Digital, Inc.		69,638		102,368
iGo, Inc.		12,921		9,432
Imation Corporation		39,572		229,518
Immersion Corporation		311		1,695
Intermec, Inc.		94		500
Intevac, Inc.		10,667		85,976
Lexmark International, Inc. - Class A		236		7,104
Logitech International S.A.		68,659		696,889
OCZ Technology Group, Inc.		725,022		4,277,630
Rimage Corporation		1,651		15,007
Silicon Graphics International Corporation		348,245		3,287,433
STEC, Inc.		44,799		371,384
Stratasys, Inc.		17,639		903,293
Super Micro Computer, Inc.		20,671		364,843
Synaptics, Inc.		128,338		3,941,260
USA Technologies, Inc.		391,800		662,142
				14,956,474
Electronic Equipment, Instruments & Components - 1.0%
Anixter International, Inc.		38		2,606
Badger Meter, Inc.		14,859		548,891
Clearfield, Inc.		100		425
Cognex Corporation		3,100		124,775
Digital Ally, Inc.		4,700		3,525
Dolby Laboratories, Inc. - Class A		409		16,045
DTS, Inc.		88,736		2,768,563
Echelon Corporation		261,779		1,141,356
Electro Rent Corporation		6		93
GSI Group, Inc.		27,550		332,528
Hollysys Automation Technologies Ltd.		516,797		5,131,794
IPG Photonics Corporation		8		387
Key Tronic Corporation		134		1,548
Maxwell Technologies, Inc.		173,133		1,646,495
Measurement Specialties, Inc.		37,318		1,333,372
Mesa Laboratories, Inc.		131		6,503
Methode Electronics, Inc.		49		414
Microvision, Inc.		144,152		268,123
Pulse Electronics Corporation		209,393		429,256
RealD, Inc.		119,423		1,442,630
Research Frontiers, Inc.		70,199		231,657
Richardson Electronics Ltd.		1,137		14,338
SinoHub, Inc.		43,908		27,904
SMTC Corporation		1,548		6,022
Superconductor Technologies, Inc.		172,881		121,017
SYNNEX Corporation		19,060		725,995
Uni-Pixel, Inc.		2,004		10,842
Universal Display Corporation		29,525		1,327,739
Vishay Intertechnology, Inc.		1,900		21,318

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Information Technology - 12.0% (Continued)
Electronic Equipment, Instruments & Components - 1.0% (Continued)
Vishay Precision Group, Inc.		828	$	11,989
				17,698,150
Internet Software & Services - 3.0%
Active Network, Inc. (The)		553		9,290
Ancestry.com, Inc.		73,413		1,960,127
Angie's List, Inc.		311,852		4,350,335
Autobytel, Inc.		1,600		1,472
Bankrate, Inc.		39,947		935,559
BroadVision, Inc.		33,469		806,603
Carbonite, Inc.		34,719		277,405
Constant Contact, Inc.		92,354		2,232,196
Cornerstone OnDemand, Inc.		200		4,156
CoStar Group, Inc.		20,641		1,504,523
DealerTrack Holdings, Inc.		7,588		226,350
Demand Media, Inc.		74,635		620,217
Dice Holdings, Inc.		77,766		838,318
Envestnet, Inc.		783		9,795
FriendFinder Networks, Inc.		700		763
IAC/InterActiveCorporation		490		23,594
j2 Global, Inc.		96,445		2,491,174
KIT digital, Inc.		501,857		3,402,590
Liquidity Services, Inc.		13,648		727,848
Local.com Corporation		252,036		630,090
LogMeIn, Inc.		35,263		1,269,821
LoopNet, Inc.		114,054		2,186,415
Marchex, Inc. - Class B		121,685		423,464
Monster Worldwide, Inc.		345,475		2,981,449
OpenTable, Inc.		150,295		6,722,695
Openwave Systems, Inc.		2,427		6,262
Perficient, Inc.		27,847		334,442
Phoenix New Media Ltd. - ADR		123		775
Points International Ltd.		600		7,770
Qihoo 360 Technology Company Ltd. - ADR		34,554		846,573
Quepasa Corporation		748,301		2,843,544
QuinStreet, Inc.		111,069		1,167,335
Rediff.com India Ltd. - ADR		80,503		503,144
Remark Media, Inc.		1,367		6,111
Renren, Inc.		138,889		847,223
Sify Technologies Ltd. - ADR		120,999		364,207
SPS Commerce, Inc.		10,496		291,999
Stamps.com, Inc.		23,573		684,324
Support.com, Inc.		302		1,096
TechTarget, Inc.		562		4,181
Travelzoo, Inc.		61,291		1,591,114
United Online, Inc.		57,727		273,626
Vistaprint N.V.		86,890		3,240,128
Web.com Group, Inc.		16,656		215,695
WebMD Health Corporation		300		6,825
Yelp, Inc.		121,800		2,784,348
Zillow, Inc.		20,557		716,823
				51,373,794

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Information Technology - 12.0% (Continued)
IT Services - 0.7%
CACI International, Inc.		14,852	$	907,903
Cass Information Systems, Inc.		701		28,706
China Information Technology, Inc.		5		6
CIBER, Inc.		315,566		1,312,755
Computer Task Group, Inc.		23,705		341,826
CoreLogic, Inc.		300		5,010
DJSP Enterprises, Inc.		15,586		1,901
Hackett Group, Inc. (The)		670		3,826
Heartland Payment Systems, Inc.		65		1,980
Higher One Holdings, Inc.		308,655		4,867,489
Mantech International Corporation - Class A		48,571		1,526,101
Mattersight Corporation		300		2,838
ModusLink Global Solutions, Inc.		4,159		20,587
NCI, Inc. - Class A		1,006		4,990
ServiceSource International, Inc.		143,917		2,386,144
VeriFone Systems, Inc.		231		11,005
Yucheng Technologies Ltd.		200		610
Zanett, Inc.		12,650		1,012
				11,424,689
Semiconductors & Semiconductor Equipment - 2.1%
Aixtron SE - ADR		27,515		503,800
Amkor Technology, Inc.		149,700		773,949
ATMI, Inc.		252		5,295
AuthenTec, Inc.		118		384
Cabot Microelectronics Corporation		48,750		1,676,025
Camtek Ltd.		9,493		22,498
Canadian Solar, Inc.		305,600		1,054,320
Cavium, Inc.		29,051		850,032
CEVA, Inc.		100		2,209
Cirrus Logic, Inc.		48,789		1,335,843
Cree, Inc.		700		21,630
CSR plc		1		19
CVD Equipment Corporation		20,462		284,831
Cypress Semiconductor Corporation		1,100		17,050
DayStar Technologies, Inc.		8,952		13,876
Diodes, Inc.		105,652		2,354,983
Energy Conversion Devices, Inc.		825,037		42,902
Entropic Communications, Inc.		359,973		1,522,686
Evergreen Solar, Inc.		114,139		5,593
First Solar, Inc.		256,076		4,711,798
FormFactor, Inc.		48		269
Freescale Semiconductor Holdings I Ltd.		11		137
FSI International, Inc.		2,269		11,504
GSI Technology, Inc.		624		2,640
GT Advanced Technologies, Inc.		112,730		733,872
Hittite Microwave Corporation		12,474		667,858
Ikanos Communications, Inc.		1,300		1,040
Integrated Silicon Solution, Inc.		13,438		142,712
International Rectifier Corporation		45,229		987,349
JinkoSolar Holding Company Ltd. - ADR		103,541		567,405
Kopin Corporation		335,514		1,197,785

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Information Technology - 12.0% (Continued)
Semiconductors & Semiconductor Equipment - 2.1% (Continued)
LDK Solar Company Ltd.		146,738	$	466,627
Mellanox Technologies Ltd.		901		52,790
MEMC Electronic Materials, Inc.		495,255		1,777,965
Microsemi Corporation		300		6,456
MIPS Technologies, Inc.		262,594		1,717,365
MoSys, Inc.		92,957		334,645
NVE Corporation		16,928		857,911
OmniVision Technologies, Inc.		277,422		5,110,113
Photronics, Inc.		137,439		850,747
PLX Technology, Inc.		281		1,118
QuickLogic Corporation		2,978		8,934
Rambus, Inc.		1,344		6,841
Rubicon Technology, Inc.		312,721		2,955,213
Rudolph Technologies, Inc.		36,649		395,809
Sigma Designs, Inc.		115		634
Silicon Image, Inc.		497		2,982
Silicon Laboratories, Inc.		14,504		514,747
STR Holdings, Inc.		370,164		1,414,026
Suntech Power Holdings Company Ltd. - ADR		203,620		513,122
Tower Semiconductor Ltd.		226,294		219,505
Transwitch Corporation		20,065		45,748
Vitesse Semiconductor Corporation		1,700		4,998
				36,770,590
Software - 2.8%
Accelrys, Inc.		2,792		22,978
American Software, Inc. - Class A		105,410		872,795
AsiaInfo-Linkage, Inc.		520,720		6,561,072
Astea International, Inc.		100		328
Augme Technologies, Inc.		10,081		22,884
BroadSoft, Inc.		44,555		1,907,400
Callidus Software, Inc.		154,411		1,222,935
China CGame, Inc.		12,695		1,523
China TransInfo Technology Corporation		122,320		556,556
Concur Technologies, Inc.		47,396		2,680,718
Convio, Inc.		61,628		986,048
CyberDefender Corporation		11,408		57
Ebix, Inc.		269,521		5,511,704
Evergreen Energy, Inc.		172,973		5,552
FalconStor Software, Inc.		2,760		9,080
Glu Mobile, Inc.		236,510		1,076,121
Interactive Intelligence Group, Inc.		25,447		754,758
JDA Software Group, Inc.		1,659		47,912
Jive Software, Inc.		9,162		218,147
Magic Software Enterprises Ltd.		185,984		1,197,737
MICROS Systems, Inc.		300		17,049
MIND C.T.I. Ltd.		2,400		4,248
Mitek Systems, Inc.		181,150		1,025,309
Motricity, Inc.		647,032		666,443
NetSuite, Inc.		616		27,338
Rosetta Stone, Inc.		154,716		1,618,329
Sky-Mobi Ltd. - ADR		111,039		330,896

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Information Technology - 12.0% (Continued)
Software - 2.8% (Continued)
Sourcefire, Inc.		61,637	$	3,142,871
SRS Labs, Inc.		751		7,157
Synchronoss Technologies, Inc.		76,029		2,379,708
Take-Two Interactive Software, Inc.		280,257		3,951,624
TeleCommunication Systems, Inc.		179		345
TeleNav, Inc.		16,407		111,075
THQ, Inc.		20,000		13,600
TigerLogic Corporation		280		613
TiVo, Inc.		34,087		367,799
Top Image Systems Ltd.		19,170		98,342
Trunkbow International Holdings Ltd.		100		194
Tyler Technologies, Inc.		200		7,990
Ultimate Software Group, Inc. (The)		12,129		935,874
VirnetX Holding Corporation		287,602		7,144,034
Vringo, Inc.		76,084		262,490
Wave Systems Corporation - Class A		1,175,160		1,680,479
Websense, Inc.		66,501		1,379,231
				48,829,343
Materials - 4.1%
Chemicals - 0.9%
ADA-ES, Inc.		80,875		2,173,516
American Vanguard Corporation		4,982		124,550
Balchem Corporation		8,158		235,766
Cereplast, Inc.		99,634		55,795
China Agritech, Inc.		85,645		72,798
China Gengsheng Minerals, Inc.		65,549		48,506
China Green Agriculture, Inc.		238,826		991,128
Clean Diesel Technologies, Inc.		142,078		475,961
Gulf Resources, Inc.		280,156		610,740
Hawkins, Inc.		43,009		1,493,703
Kronos Worldwide, Inc.		700		16,618
Rentech Nitrogen Partners, L.P.		22,067		650,314
Scotts Miracle-Gro Company (The) - Class A		34,311		1,797,896
Senomyx, Inc.		20,603		45,121
Sensient Technologies Corporation		15,700		583,255
ShengdaTech, Inc.		32,215		3,125
Terra Nitrogen Company, L.P.		1,162		311,416
Yongye International, Inc.		730,650		2,345,386
Zoltek Companies, Inc.		325,350		3,588,611
				15,624,205
Construction Materials - 0.3%
Texas Industries, Inc.		163,047		5,480,010
Containers & Packaging - 0.0% (a)
AEP Industries, Inc.		10		349
Graphic Packaging Holding Company		123		658
Greif, Inc. - Class A		3,925		210,537
				211,544
Metals & Mining - 2.6%
A.M. Castle & Company		128,626		1,722,302
AK Steel Holding Corporation		803,051		5,958,638

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Materials - 4.1% (Continued)
Metals & Mining - 2.6% (Continued)
Alderon Iron Ore Corporation		100,000	$	288,508
Allied Nevada Gold Corporation		411		12,038
AMCOL International Corporation		106,672		3,515,909
Anooraq Resources Corporation		204,106		52,251
Augusta Resource Corporation		125		319
Avalon Rare Metals, Inc.		229,881		577,001
CD International Enterprises, Inc.		17,830		5,258
China Gerui Advanced Materials Group Ltd.		11,810		33,659
China Natural Resources, Inc.		4,312		31,779
China Precision Steel, Inc.		299,375		125,767
China Shen Zhou Mining & Resources, Inc.		51,778		64,723
Compass Minerals International, Inc.		3,200		244,864
Crosshair Energy Corporation		271,904		109,713
Eco Oro Minerals Corporation		17,792		41,425
Extorre Gold Mines Ltd.		82,297		349,902
General Moly, Inc.		673,263		2,181,372
General Steel Holdings, Inc.		127,677		141,721
Gold Reserve, Inc.		153		658
Gold Resource Corporation		32,386		878,308
Golden Minerals Company		147,964		1,105,291
Great Northern Iron Ore Properties		5,799		389,171
Hecla Mining Company		64,226		274,887
Horsehead Holding Corporation		197,069		2,213,085
Jaguar Mining, Inc.		237,931		644,793
Kaiser Aluminum Corporation		18,859		991,418
Kimber Resources, Inc.		11,900		11,186
McEwen Mining, Inc.		287,129		1,088,219
Mesabi Trust		6,572		200,380
Midway Gold Corporation		481,062		692,729
Molycorp, Inc.		122,882		3,325,187
North American Palladium Ltd.		191,852		575,556
Olympic Steel, Inc.		101,675		2,148,393
Orezone Gold Corporation		33,145		57,376
Paramount Gold and Silver Corporation		259,092		632,185
Polymet Mining Corporation		238,202		240,584
Pretium Resources, Inc.		150		2,535
Puda Coal, Inc.		61,600		14,722
Qiao Xing Universal Resources, Inc. (b)		20,696		6,571
Quest Rare Minerals Ltd.		21,913		43,700
Rare Element Resources Ltd.		729,636		3,845,182
Revett Minerals, Inc.		662		2,628
RTI International Metals, Inc.		222,803		5,469,814
Seabridge Gold, Inc.		44,681		748,854
Silver Bull Resources, Inc.		106,114		57,280
SinoCoking Coal and Coke Chemical Industries, Inc.		102,390		213,995
Southern Copper Corporation		8,310		273,233
SunCoke Energy, Inc.		24,044		365,950
Tanzanian Royalty Exploration Corporation		379,706		1,697,286
Torex Gold Resources, Inc.		172,414		300,203
Vista Gold Corporation		353,476		1,067,498
				45,036,006

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Materials - 4.1% (Continued)
Paper & Forest Products - 0.3%
AbitibiBowater, Inc.		16,600	$	219,950
Deltic Timber Corporation		4,240		258,979
Louisiana-Pacific Corporation		128,058		1,158,925
Orient Paper, Inc.		143,956		434,747
P.H. Glatfelter Company		112,012		1,745,147
Wausau Paper Corporation		33,745		305,730
				4,123,478
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 1.0%
8x8, Inc.		202,937		838,130
Alaska Communications Systems Group, Inc.		762,857		1,952,914
Boingo Wireless, Inc.		432		4,549
CenturyLink, Inc.		16		617
Cincinnati Bell, Inc.		732,510		2,783,538
Cogent Communications Group, Inc.		10,526		197,152
Consolidated Communications Holdings, Inc.		221,181		4,279,852
Elephant Talk Communications, Inc.		24,529		49,794
Fairpoint Communications, Inc.		247,376		1,145,351
Frontier Communications Corporation		1,655		6,686
Hawaiian Telcom Holdco, Inc.		378		7,859
inContact, Inc.		1,623		8,845
Iridium Communications, Inc.		376,714		3,311,316
magicJack VocalTec Ltd.		100,802		2,515,010
Neutral Tandem, Inc.		12,755		148,213
Radcom Ltd.		52,681		260,771
Telecom Italia S.p.A.		72		815
				17,511,412
Wireless Telecommunication Services - 0.1%
MetroPCS Communications, Inc.		643		4,694
NII Holdings, Inc.		47,194		660,480
Shenandoah Telecommunications Company		596		6,645
USA Mobility, Inc.		10,968		141,707
				813,526
Utilities - 0.9%
Electric Utilities - 0.2%
Central Vermont Public Service Corporation		51,132		1,802,403
Exelon Corporation		172		6,710
Great Plains Energy, Inc.		45,925		937,788
MGE Energy, Inc.		1,409		64,448
Northeast Utilities		200		7,354
Otter Tail Corporation		19,265		423,059
Portland General Electric Company		4,820		124,501
UIL Holdings Corporation		746		25,640
				3,391,903
Gas Utilities - 0.3%
China Natural Gas, Inc.		228,204		365,127
Ferrellgas Partners, L.P.		84,606		1,258,091
Laclede Group, Inc. (The)		25,364		998,834
Northwest Natural Gas Company		67,083		3,065,693
Piedmont Natural Gas Company, Inc.		21,666		660,380
				6,348,125

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS - 66.4%  (Continued)	Shares		Value
Utilities - 0.9% (Continued)
Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc.		12,029	$	27,907
Atlantic Power Corporation		41,890		598,189
Dynegy, Inc.		28,835		11,822
Ormat Technologies, Inc.		29,593		585,054
U.S. Geothermal, Inc.		189,017		77,497
				1,300,469
Multi-Utilities - 0.3%
Avista Corporation		12,675		335,127
Black Hills Corporation		27,769		916,655
CH Energy Group, Inc.		50,830		3,335,465
MDU Resources Group, Inc.		58		1,330
Wisconsin Energy Corporation		10,955		403,582
				4,992,159
Water Utilities - 0.0% (a)
Artesian Resources Corporation - Class A		300		5,727
Cadiz, Inc.		24,589		207,285
Connecticut Water Service, Inc.		5,826		161,671
Consolidated Water Company Ltd.		710		5,091
Middlesex Water Company		843		15,646
				395,420
Total Common Stocks (Proceeds $1,293,154,777)			$	1,144,762,037
PREFERRED STOCKS - 0.0% (a)	Shares		Value
Orchard Supply Hardware Stores Corporation - Series A (Proceeds $1,314)		3,254	$	6,183
CLOSED-END FUNDS - 0.0% (a)	Shares		Value
Firsthand Technology Value Fund, Inc.		7,300	$	191,771
PIMCO Global StocksPLUS & Income Fund		48		1,008
Total Closed-End Funds (Proceeds $189,804)			$	192,779
EXCHANGE-TRADED FUNDS - 8.0%	Shares		Value
SPDR S&P 500 ETF Trust		526,774	$	73,627,202
Vanguard S&P 500 ETF		997,598		63,806,368
WisdomTree Earnings 500 Fund		165		8,054
Total Exchange-Traded Funds (Proceeds $130,158,642)			$	137,441,624
EXCHANGE-TRADED NOTES - 2.1%	Shares		Value
iPath S&P 500 VIX Mid-Term Futures ETN		113,034	$	5,129,483
iPath S&P 500 VIX Short-Term Futures ETN		1,836,549		30,394,886
Total Exchange-Traded Notes (Proceeds $60,917,957)			$	35,524,369

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
WARRANTS - 0.0% (a)	Shares		Value
American International Group, Inc.		854	$	10,974
Magnum Hunter Resources Corporation (b)		15,718		–
Zion Oil & Gas, Inc.		44,348		8,869
Total Warrants (Proceeds $14,295)			$	19,843
Total Securities Sold Short - 76.5% (Proceeds $1,484,436,789)			$	1,317,946,835

ADR - American Depositary Receipt.

(a)	Percentage rounds to less than 0.1%.
(b)	Securities fair valued under supervision of the Board of Trustees totaled $(1,383,327) at April 30, 2012, representing (0.1%) of net assets (Note 2).

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2012 (Unaudited)
COMMON STOCKS - 99.2%	Shares		Value
Consumer Discretionary - 15.7%
Auto Components - 1.5%
Amerigon, Inc. (a)		6,935	$	99,171
Cooper Tire & Rubber Company		11,795		176,335
Exide Technologies (a)		12,807		36,884
Federal-Mogul Corporation (a)		8,477		109,608
Goodyear Tire & Rubber Company (The) (a)		250		2,745
Modine Manufacturing Company (a)		9,235		72,956
Spartan Motors, Inc.		611		2,658
Standard Motor Products, Inc.		4,252		64,078
Stoneridge, Inc. (a)		1,873		16,145
Tenneco, Inc. (a)		4,382		135,097
Tower International, Inc. (a)		3,180		33,835
				749,512
Diversified Consumer Services - 0.8%
Archipelago Learning, Inc. (a)		6,376		70,582
Ascent Capital Group, Inc. - Class A (a)		318		16,377
Carriage Services, Inc.		166		1,245
Collectors Universe, Inc.		4,727		76,057
Grand Canyon Education, Inc. (a)		3,838		66,743
Lincoln Educational Services Corporation		276		2,026
Sotheby's		4,196		164,987
Steiner Leisure Ltd. (a)		92		4,320
				402,337
Hotels, Restaurants & Leisure - 3.2%
AFC Enterprises, Inc. (a)		2,271		38,789
Benihana, Inc.		1,688		23,277
Bluegreen Corporation (a)		2,783		14,750
Boyd Gaming Corporation (a)		16,626		127,854
Bravo Brio Restaurant Group, Inc. (a)		124		2,505
Carrols Restaurant Group, Inc. (a)		11,620		175,229
CEC Entertainment, Inc.		1,824		69,713
Churchill Downs, Inc.		1,135		67,374
Cracker Barrel Old Country Store, Inc.		2,527		145,353
Domino's Pizza, Inc.		3,864		146,098
Einstein Noah Restaurant Group, Inc.		3,179		44,983
Great Wolf Resorts, Inc. (a)		9,000		70,560
Interval Leisure Group, Inc.		3,906		67,496
Isle of Capri Casinos, Inc. (a)		43		269
Life Time Fitness, Inc. (a)		3,274		152,437
Luby's, Inc. (a)		1,393		8,525
Marcus Corporation		120		1,501
Papa John's International, Inc. (a)		1,382		55,667
Pinnacle Entertainment, Inc. (a)		1		11
Premier Exhibitions, Inc. (a)		4,670		12,142
Rick's Cabaret International, Inc. (a)		493		4,570
Scientific Games Corporation (a)		6,094		61,915
Shuffle Master, Inc. (a)		8,707		153,853
Speedway Motorsports, Inc.		160		2,730
Texas Roadhouse, Inc.		8,396		144,831

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Consumer Discretionary - 15.7% (Continued)
Hotels, Restaurants & Leisure - 3.2% (Continued)
Town Sports International Holdings, Inc. (a)		4,092	$	52,459
Wendy's Company (The)		1		5
				1,644,896
Household Durables - 0.5%
American Greetings Corporation - Class A		6,006		96,096
Beazer Homes USA, Inc. (a)		653		2,024
CSS Industries, Inc.		1,587		30,391
Harman International Industries, Inc.		2,953		146,410
iRobot Corporation (a)		1		24
Jarden Corporation		2		84
Libbey, Inc. (a)		175		2,497
				277,526
Internet & Catalog Retail - 0.8%
1-800-FLOWERS.COM, Inc. - Class A (a)		209		623
HSN, Inc.		3,962		153,329
Orbitz Worldwide, Inc. (a)		14,217		51,892
Shutterfly, Inc. (a)		5,971		185,818
				391,662
Leisure Equipment & Products - 1.3%
Arctic Cat, Inc. (a)		4,104		181,561
Black Diamond, Inc. (a)		400		3,972
LeapFrog Enterprises, Inc. (a)		26,987		252,059
Smith & Wesson Holding Corporation (a)		20,925		172,631
Steinway Musical Instruments, Inc. (a)		2,235		56,344
				666,567
Media - 2.3%
Cablevision Systems Corporation - Class A		11		163
Carmike Cinemas, Inc. (a)		9,172		122,263
Clear Channel Outdoor Holdings, Inc. (a)		9,308		70,461
Cumulus Media, Inc. - Class A (a)		432		1,568
Digital Generation, Inc. (a)		2,895		26,866
E.W. Scripps Company (The) - Class A (a)		15,178		139,030
Global Sources Ltd. (a)		5,333		32,851
John Wiley & Sons, Inc. - Class A		3,165		143,026
Journal Communications, Inc. (a)		105		440
Knology, Inc. (a)		10,740		208,893
LIN TV Corporation - Class A (a)		19,342		76,401
Live Nation Entertainment, Inc. (a)		9,763		88,453
Madison Square Garden Company (The) - Class A (a)		4,889		175,857
Martha Stewart Living Omnimedia, Inc. - Class A		1		4
MDC Partners, Inc.		287		2,962
National CineMedia, Inc.		4,845		69,235
World Wrestling Entertainment, Inc.		1		8
				1,158,481
Multiline Retail - 0.1%
Gordmans Stores, Inc. (a)		3,247		68,966

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Consumer Discretionary - 15.7% (Continued)
Specialty Retail - 3.3%
Aaron's, Inc.		2,638	$	71,674
bebe stores, inc.		2,607		21,377
Big 5 Sporting Goods Corporation		9,554		79,967
Buckle, Inc. (The)		1,872		86,449
Cabela's, Inc. (a)		1		38
Casual Male Retail Group, Inc. (a)		302		948
Chico's FAS, Inc.		9,446		145,091
Cost Plus, Inc. (a)		6,686		129,508
Dreams, Inc. (a)		6,572		22,476
DSW, Inc. - Class A		860		48,384
Genesco, Inc. (a)		2,095		157,125
Guess?, Inc.		1,601		46,877
Kirkland's, Inc. (a)		5,690		83,302
Midas, Inc. (a)		2,950		33,925
New York & Company, Inc. (a)		14,892		58,823
Office Depot, Inc. (a)		42,453		129,057
Pier 1 Imports, Inc.		1,059		18,194
Shoe Carnival, Inc. (a)		6,987		135,827
Stage Stores, Inc.		7,955		121,473
Stein Mart, Inc. (a)		514		3,300
West Marine, Inc. (a)		183		2,143
Wet Seal, Inc. (The) - Class A (a)		13,903		45,741
Winmark Corporation		1,137		65,196
Zumiez, Inc. (a)		4,338		159,031
				1,665,926
Textiles, Apparel & Luxury Goods - 1.9%
CROCS, Inc. (a)		7,367		148,814
Deckers Outdoor Corporation (a)		2,227		113,599
G-III Apparel Group Ltd. (a)		5,319		142,815
Kenneth Cole Productions, Inc. (a)		228		3,632
Movado Group, Inc.		9,893		280,467
Oxford Industries, Inc.		1,407		67,522
Skechers U.S.A., Inc. - Class A (a)		8,285		154,681
Unifi, Inc. (a)		3,008		33,449
Warnaco Group, Inc. (The) (a)		342		18,112
				963,091
Consumer Staples - 3.7%
Beverages - 0.3%
Coca-Cola Bottling Company Consolidated		1,967		126,183
Food & Staples Retailing - 1.5%
Andersons, Inc. (The)		1,978		99,691
Ingles Markets, Inc. - Class A		8,391		145,920
Nash Finch Company		676		16,968
PriceSmart, Inc.		2,110		174,159
SUPERVALU, Inc.		100		594
Susser Holdings Corporation (a)		6,424		171,457

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Consumer Staples - 3.7% (Continued)
Food & Staples Retailing - 1.5% (Continued)
United Natural Foods, Inc. (a)		3,391	$	167,142
				775,931
Food Products - 1.3%
Darling International, Inc. (a)		12,591		206,240
Dean Foods Company (a)		18,267		224,319
Fresh Del Monte Produce, Inc.		432		10,009
J & J Snack Foods Corporation		1,210		67,833
Omega Protein Corporation (a)		2,129		15,244
Pilgrim's Pride Corporation (a)		20,652		147,455
Westway Group, Inc. (a)		100		590
				671,690
Household Products - 0.0% (b)
Central Garden & Pet Company - Class A (a)		242		2,587
Harbinger Group, Inc. (a)		610		3,147
				5,734
Personal Products - 0.6%
Elizabeth Arden, Inc. (a)		1,376		53,636
Inter Parfums, Inc.		2,687		42,320
Prestige Brands Holdings, Inc. (a)		4,146		70,441
Revlon, Inc. (a)		7,449		127,229
Schiff Nutrition International, Inc. (a)		333		5,478
				299,104
Tobacco - 0.0% (b)
Universal Corporation		320		14,666
Energy - 8.0%
Energy Equipment & Services - 3.2%
Bristow Group, Inc.		2,225		108,691
Cal Dive International, Inc. (a)		7,054		27,299
Dawson Geophysical Company (a)		76		2,041
Global Geophysical Services, Inc. (a)		4,630		44,309
Gulfmark Offshore, Inc. - Class A (a)		1,417		68,257
Key Energy Services, Inc. (a)		11,924		150,958
Matrix Service Company (a)		228		3,112
McDermott International, Inc. (a)		10,247		115,791
Mitcham Industries, Inc. (a)		6,495		154,321
Pioneer Drilling Company (a)		6,699		52,788
RigNet, Inc. (a)		968		16,533
SEACOR Holdings, Inc. (a)		1,513		140,603
Superior Energy Services, Inc. (a)		1,566		42,157
TETRA Technologies, Inc. (a)		4,115		35,842
TGC Industries, Inc. (a)		18,862		215,218
Union Drilling, Inc. (a)		14,509		80,815
Unit Corporation (a)		6,248		263,978
Willbros Group, Inc. (a)		21,073		113,794
				1,636,507
Oil, Gas & Consumable Fuels - 4.8%
Alon USA Energy, Inc.		13,812		124,861

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Energy - 8.0% (Continued)
Oil, Gas & Consumable Fuels - 4.8% (Continued)
Approach Resources, Inc. (a)		4,246	$	152,347
Callon Petroleum Company (a)		12,076		70,162
Comstock Resources, Inc. (a)		1		18
Crimson Exploration, Inc. (a)		13,305		72,512
Delek US Holdings, Inc.		11,017		179,577
Energy Partners Ltd. (a)		8,037		130,842
Energy XXI (Bermuda) Ltd. (a)		4,423		166,659
Evolution Petroleum Corporation (a)		454		4,013
GeoResources, Inc. (a)		4,657		175,615
Gulfport Energy Corporation (a)		1,816		47,597
Hallador Energy Company		143		1,154
Magnum Hunter Resources Corporation (a)		12,695		78,836
Panhandle Oil & Gas, Inc.		80		2,204
Penn Virginia Corporation		13,322		68,209
Quicksilver Resources, Inc. (a)		38,760		182,172
Rentech, Inc. (a)		36,392		84,066
Resolute Energy Corporation (a)		7,653		81,198
REX American Resources Corporation (a)		110		3,051
Rosetta Resources, Inc. (a)		3,033		152,469
SemGroup Corporation - Class A (a)		2,289		72,790
Stone Energy Corporation (a)		4,695		131,695
Targa Resources Corporation		1,746		83,965
Teekay Corporation		4,159		150,140
Teekay Tankers Ltd. - Class A		12,495		64,474
Venoco, Inc. (a)		14,006		155,607
Warren Resources, Inc. (a)		36		111
				2,436,344
Financials - 14.0%
Capital Markets - 3.4%
American Capital Ltd. (a)		18,248		181,203
BGC Partners, Inc. - Class A		10,321		71,937
Calamos Asset Management, Inc. - Class A		15,109		195,208
Cowen Group, Inc. (a)		1,349		3,399
Duff & Phelps Corporation		2,993		47,589
E*TRADE Financial Corporation (a)		17,017		180,891
Edelman Financial Group, Inc.		1,093		9,651
Epoch Holding Corporation		300		8,100
FXCM, Inc.		5,422		62,787
GAMCO Investors, Inc. - Class A		1,391		62,678
Gladstone Capital Corporation		74		593
Gladstone Investment Corporation		13,918		103,272
Golub Capital BDC, Inc.		5,595		83,142
HFF, Inc. - Class A (a)		3,933		64,265
INTL FCStone, Inc. (a)		3,301		70,971
Investment Technology Group, Inc. (a)		205		2,091
Kohlberg Capital Corporation		362		2,233
Ladenburg Thalmann Financial Services, Inc. (a)		28,902		47,688
MCG Capital Corporation		4,000		16,760
Medallion Financial Corporation		10,561		115,432

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Financials - 14.0% (Continued)
Capital Markets - 3.4% (Continued)
Medley Capital Corporation		6,921	$	78,138
NGP Capital Resources Company		107		652
PennantPark Investment Corporation		5,817		60,788
Piper Jaffray Companies, Inc. (a)		1,067		25,875
Prospect Capital Corporation		1		11
SWS Group, Inc.		777		4,382
THL Credit, Inc.		4,553		57,368
TICC Capital Corporation		1,722		15,860
U.S. Global Investors, Inc.		7,100		49,842
Walter Investment Management Corporation		5,144		104,063
				1,726,869
Commercial Banks - 2.6%
1st Source Corporation		119		2,700
American National Bankshares, Inc.		300		7,029
Bancorp, Inc. (The) (a)		186		1,910
CapitalSource, Inc.		10,835		69,886
Cardinal Financial Corporation		186		2,245
Cathay General Bancorp		3,191		54,949
Central Pacific Financial Corporation (a)		2,898		41,210
Community Trust Bancorp, Inc.		1		32
CVB Financial Corporation		8,639		99,953
East West Bancorp, Inc.		6,831		155,542
Encore Bancshares, Inc. (a)		1,979		40,589
Financial Institutions, Inc.		222		3,756
First California Financial Group, Inc. (a)		7,625		41,632
First Financial Corporation		201		6,030
First Horizon National Corporation		1		2
First Interstate BancSystem, Inc.		277		3,903
First Merchants Corporation		5,688		70,133
First Niagara Financial Group, Inc.		1		9
FirstMerit Corporation		5,116		85,949
Fulton Financial Corporation		15,514		162,742
German American Bancorp, Inc.		146		2,780
Heritage Commerce Corporation (a)		1,021		6,881
MainSource Financial Group, Inc.		101		1,181
Old National Bancorp		1		13
OmniAmerican Bancorp, Inc. (a)		1		20
Pacific Continental Corporation		5,411		48,104
PacWest Bancorp		115		2,739
Popular, Inc. (a)		139,937		249,088
SCBT Financial Corporation		16		550
Southside Bancshares, Inc.		64		1,307
State Bank Financial Corporation (a)		234		4,036
Sterling Bancorp		95		903
UMB Financial Corporation		1,296		62,273
Union First Market Bankshares Corporation		1,807		25,226
Univest Corporation of Pennsylvania		17		274
West Bancorporation, Inc.		206		1,978

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Financials - 14.0% (Continued)
Commercial Banks - 2.6% (Continued)
Wilshire Bancorp, Inc. (a)		10,577	$	56,693
				1,314,247
Consumer Finance - 0.2%
Cash America International, Inc.		1,458		68,161
First Cash Financial Services, Inc. (a)		1		41
Nelnet, Inc. - Class A		2,729		70,463
				138,665
Diversified Financial Services - 0.8%
MarketAxess Holdings, Inc.		8,947		306,971
PHH Corporation (a)		4,886		75,733
PICO Holdings, Inc. (a)		1,465		35,175
				417,879
Insurance - 4.1%
Allied World Assurance Company Holdings A.G.		2,273		163,565
American National Insurance Company		2,335		163,917
Argo Group International Holdings Ltd.		136		3,925
Assured Guaranty Ltd.		4,876		69,142
Brown & Brown, Inc.		3,509		94,638
CNO Financial Group, Inc. (a)		5,086		36,975
Delphi Financial Group, Inc. - Class A		6,731		305,722
Donegal Group, Inc. - Class A		331		4,508
Endurance Specialty Holdings Ltd.		1,175		47,211
Flagstone Reinsurance Holdings, S.A.		426		3,195
Global Indemnity plc (a)		131		2,359
Hanover Insurance Group, Inc. (The)		1,173		47,342
HCC Insurance Holdings, Inc.		4,489		143,468
Horace Mann Educators Corporation		1,044		18,322
Infinity Property & Casualty Corporation		259		13,833
Kansas City Life Insurance Company		1,714		55,774
Kemper Corporation		5,267		157,957
Maiden Holdings Ltd.		12,361		102,596
Meadowbrook Insurance Group, Inc.		4,619		40,786
Mercury General Corporation		3,345		151,161
Navigators Group, Inc. (The) (a)		19		903
Phoenix Companies, Inc. (The) (a)		788		1,655
Primerica, Inc.		2,776		72,814
SeaBright Holdings, Inc.		2,517		22,628
State Auto Financial Corporation		4,429		63,468
Stewart Information Services Corporation		2,013		29,631
Symetra Financial Corporation		15,141		184,115
United Fire Group, Inc.		4,041		69,586
Universal Insurance Holdings, Inc.		2,384		9,870
				2,081,066
Real Estate Investment Trusts (REIT) - 1.6%
Chimera Investment Corporation		4,842		13,993
CommonWealth REIT		7,331		137,456
CreXus Investment Corporation		13,489		141,500
Government Properties Income Trust		21		488

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Financials - 14.0% (Continued)
Real Estate Investment Trusts (REIT) - 1.6% (Continued)
Gramercy Capital Corporation (a)		63,004	$	161,920
Mack-Cali Realty Corporation		5,181		148,798
Mission West Properties, Inc.		327		2,871
Rouse Properties, Inc. (a)		220		2,957
Saul Centers, Inc.		3,984		159,400
Terreno Realty Corporation		2,636		37,695
				807,078
Real Estate Management & Development - 0.1%
Kennedy-Wilson Holdings, Inc.		125		1,757
Tejon Ranch Company (a)		1,680		50,165
				51,922
Thrifts & Mortgage Finance - 1.2%
Bank Mutual Corporation		4,872		19,001
Capitol Federal Financial, Inc.		12,879		152,101
Doral Financial Corporation (a)		275		503
Federal Agricultural Mortgage Corporation		638		14,585
First Defiance Financial Corporation		48		825
Home Bancorp, Inc. (a)		200		3,472
Meridian Interstate Bancorp, Inc. (a)		200		2,680
Northwest Bancshares, Inc.		180		2,217
OceanFirst Financial Corporation		58		845
Ocwen Financial Corporation (a)		4,512		67,274
Rockville Financial, Inc.		1,333		15,609
TFS Financial Corporation (a)		15,861		155,914
United Financial Bancorp, Inc.		95		1,524
Washington Federal, Inc.		9,518		166,946
WSFS Financial Corporation		29		1,157
				604,653
Health Care - 14.2%
Biotechnology - 2.6%
Acorda Therapeutics, Inc. (a)		4,683		118,199
Aegerion Pharmaceuticals, Inc. (a)		74		921
Allos Therapeutics, Inc. (a)		2,488		4,528
Amicus Therapeutics, Inc. (a)		11,051		53,929
Anacor Pharmaceuticals, Inc. (a)		3,133		17,388
Anthera Pharmaceuticals, Inc. (a)		353		551
ArQule, Inc. (a)		6,819		48,074
Array BioPharma, Inc. (a)		4,896		17,087
Astex Pharmaceuticals, Inc. (a)		1,634		2,876
Codexis, Inc. (a)		648		2,346
Curis, Inc. (a)		316		1,514
Dendreon Corporation (a)		13,346		155,481
Dynavax Technologies Corporation (a)		19,109		95,736
Emergent BioSolutions, Inc. (a)		5,666		79,664
Maxygen, Inc. (a)		1,021		5,769
Momenta Pharmaceuticals, Inc. (a)		3,229		51,276
Myriad Genetics, Inc. (a)		1,978		51,448
Neurocrine Biosciences, Inc. (a)		1,741		12,936
Pharmacyclics, Inc. (a)		6,937		191,184

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Health Care - 14.2% (Continued)
Biotechnology - 2.6% (Continued)
Progenics Pharmaceuticals, Inc. (a)		2,465	$	27,090
Repligen Corporation (a)		9,242		40,757
SciClone Pharmaceuticals, Inc. (a)		4,645		27,823
Spectrum Pharmaceuticals, Inc. (a)		13,902		147,778
Targacept, Inc. (a)		128		608
Trius Therapeutics, Inc. (a)		24,944		133,949
United Therapeutics Corporation (a)		1		44
Vical, Inc. (a)		1		3
XOMA Corporation (a)		14,047		40,596
				1,329,555
Health Care Equipment & Supplies - 3.6%
Accuray, Inc. (a)		86		662
Alere, Inc. (a)		2,752		65,745
Analogic Corporation		2,244		153,063
AngioDynamics, Inc. (a)		107		1,325
Anika Therapeutics, Inc. (a)		6,217		106,062
Antares Pharma, Inc. (a)		31,773		100,085
AtriCure, Inc. (a)		1,491		12,226
Cantel Medical Corporation		3,024		71,004
CONMED Corporation		1		29
Cyberonics, Inc. (a)		2,158		82,651
Cynosure, Inc. - Class A (a)		4,129		85,347
DynaVox, Inc. (a)		1,800		4,428
Gen-Probe, Inc. (a)		2,251		183,569
Greatbatch, Inc. (a)		1,275		29,695
Hill-Rom Holdings, Inc.		4,377		142,034
Integra LifeSciences Holdings Corporation (a)		4,139		154,095
IRIS International, Inc. (a)		1,486		19,437
Merit Medical Systems, Inc. (a)		5,364		70,912
Orthofix International N.V. (a)		5,092		209,892
Palomar Medical Technologies, Inc. (a)		269		2,340
RTI Biologics, Inc. (a)		868		3,038
Sirona Dental Systems, Inc. (a)		3,279		165,622
Spectranetics Corporation (The) (a)		6,690		70,178
Synergetics USA, Inc. (a)		458		2,986
Teleflex, Inc.		287		17,986
Thoratec Corporation (a)		2,005		69,794
Tornier N.V. (a)		862		20,464
Young Innovations, Inc.		74		2,516
				1,847,185
Health Care Providers & Services - 5.1%
Almost Family, Inc. (a)		50		1,219
Amedisys, Inc. (a)		5,877		86,568
AmSurg Corporation (a)		3,564		102,501
Assisted Living Concepts, Inc. - Class A		3,877		69,437
Bio-Reference Laboratories, Inc. (a)		253		5,394
Capital Senior Living Corporation (a)		7,169		69,468
Catalyst Health Solutions, Inc. (a)		157		13,560
Centene Corporation (a)		3,254		128,826

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Health Care - 14.2% (Continued)
Health Care Providers & Services - 5.1% (Continued)
Chindex International, Inc. (a)		3,278	$	32,026
Community Health Systems, Inc. (a)		7,260		176,708
Cross Country Healthcare, Inc. (a)		24,930		114,927
Emeritus Corporation (a)		1		17
Five Star Quality Care, Inc. (a)		13,288		45,578
Hanger Orthopedic Group, Inc. (a)		812		19,123
Health Management Associates, Inc. - Class A (a)		21,898		157,666
Health Net, Inc. (a)		804		28,630
HealthSouth Corporation (a)		7,396		165,596
Healthways, Inc. (a)		607		4,049
IPC The Hospitalist Company, Inc. (a)		993		38,141
Kindred Healthcare, Inc. (a)		6,312		60,848
Landauer, Inc.		48		2,531
Magellan Health Services, Inc. (a)		363		16,074
Metropolitan Health Networks, Inc. (a)		17,922		134,057
MModal, Inc. (a)		5,515		70,371
National Healthcare Corporation		138		6,293
National Research Corporation		64		3,094
Owens & Minor, Inc.		5,183		151,551
Providence Service Corporation (The) (a)		10,204		143,468
RadNet, Inc. (a)		1,249		3,859
Select Medical Holdings Corporation (a)		2,391		20,491
Skilled Healthcare Group, Inc. - Class A (a)		1,842		14,128
Sun Healthcare Group, Inc. (a)		2,867		20,728
Sunrise Senior Living, Inc. (a)		180		1,130
Team Health Holdings, Inc. (a)		3,124		67,291
Tenet Healthcare Corporation (a)		25,000		129,750
Triple-S Management Corporation (a)		167		3,517
U.S. Physical Therapy, Inc.		3,969		96,764
Universal American Corporation		10,687		98,107
VCA Antech, Inc. (a)		6,427		152,063
WellCare Health Plans, Inc. (a)		2,418		147,933
				2,603,482
Health Care Technology - 0.5%
Allscripts Healthcare Solutions, Inc. (a)		6,860		76,009
MedAssets, Inc. (a)		9,375		118,219
Omnicell, Inc. (a)		4,882		69,666
				263,894
Life Sciences Tools & Services - 1.6%
Bruker Corporation (a)		9,956		149,639
Cambrex Corporation (a)		23,219		150,459
Charles River Laboratories International, Inc. (a)		4,442		157,824
eResearchTechnology, Inc. (a)		10,778		85,146
MEDTOX Scientific, Inc. (a)		3,704		81,858
PerkinElmer, Inc.		5,706		157,486
Sequenom, Inc. (a)		1		5
				782,417
Pharmaceuticals - 0.8%
Endocyte, Inc. (a)		364		2,599

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Health Care - 14.2% (Continued)
Pharmaceuticals - 0.8% (Continued)
ISTA Pharmaceuticals, Inc. (a)		3,479	$	31,485
Jazz Pharmaceuticals plc (a)		974		49,703
Obagi Medical Products, Inc. (a)		766		10,050
Omeros Corporation (a)		1,417		12,541
Par Pharmaceutical Companies, Inc. (a)		1,615		68,379
Pernix Therapeutics Holdings, Inc. (a)		129		1,109
Questcor Pharmaceuticals, Inc. (a)		2,462		110,544
Salix Pharmaceuticals Ltd. (a)		1		49
Santarus, Inc. (a)		7,939		50,571
Sucampo Pharmaceuticals, Inc. (a)		3,080		25,626
Zogenix, Inc. (a)		15,565		28,484
				391,140
Industrials - 15.7%
Aerospace & Defense - 1.5%
Alliant Techsystems, Inc.		2,574		137,194
Astronics Corporation (a)		736		23,368
Cubic Corporation		2,506		115,852
Curtiss-Wright Corporation		1,837		64,828
Esterline Technologies Corporation (a)		967		66,230
Exelis, Inc.		14,894		171,728
GeoEye, Inc. (a)		6,508		149,163
Huntington Ingalls Industries, Inc. (a)		1,439		56,769
				785,132
Air Freight & Logistics - 0.5%
Pacer International, Inc. (a)		626		3,762
Park-Ohio Holdings Corporation (a)		2,241		48,383
UTi Worldwide, Inc.		10,400		173,368
XPO Logistics, Inc. (a)		1,599		26,560
				252,073
Airlines - 0.9%
Alaska Air Group, Inc. (a)		524		17,711
Copa Holdings, S.A. - Class A		2,175		176,850
Hawaiian Holdings, Inc. (a)		13,888		78,606
US Airways Group, Inc. (a)		16,112		165,309
				438,476
Building Products - 0.2%
Ameresco, Inc. - Class A (a)		4,470		54,489
American Woodmark Corporation		123		2,208
Apogee Enterprises, Inc.		3,467		53,253
Armstrong World Industries, Inc.		1		44
Builders FirstSource, Inc. (a)		2,737		11,413
NCI Building Systems, Inc. (a)		268		3,214
Owens Corning, Inc. (a)		58		1,992
				126,613
Commercial Services & Supplies - 2.5%
ACCO Brands Corporation (a)		4,730		49,665
Acorn Energy, Inc.		5,843		72,979
Casella Waste Systems, Inc. (a)		384		2,315

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Industrials - 15.7% (Continued)
Commercial Services & Supplies - 2.5% (Continued)
CompX International, Inc.		96	$	1,289
Copart, Inc. (a)		6,378		168,443
Corrections Corporation of America (a)		6,399		184,867
Courier Corporation		532		5,464
Encore Capital Group, Inc. (a)		2,278		53,989
EnergySolutions, Inc. (a)		20,177		84,945
HNI Corporation		112		2,701
InnerWorkings, Inc. (a)		214		2,463
Interface, Inc. - Class A		10,459		148,099
Intersections, Inc.		53		638
KAR Auction Services, Inc. (a)		3,738		68,779
Multi-Color Corporation		48		1,023
Rollins, Inc.		2,448		52,020
Standard Parking Corporation (a)		581		11,074
Steelcase, Inc. - Class A		15,679		135,467
UniFirst Corporation		3,677		223,415
				1,269,635
Construction & Engineering - 1.5%
AECOM Technology Corporation (a)		6,854		151,268
Aegion Corporation (a)		463		8,450
Argan, Inc.		5,569		81,196
Comfort Systems USA, Inc.		961		10,167
Dycom Industries, Inc. (a)		2,953		69,071
Michael Baker Corporation (a)		2,835		63,873
MYR Group, Inc. (a)		6,075		101,574
Pike Electric Corporation (a)		384		3,156
Shaw Group, Inc. (The) (a)		2,356		71,316
Sterling Construction Company, Inc. (a)		6,232		61,011
Tutor Perini Corporation (a)		1,725		26,237
URS Corporation		2,407		99,433
				746,752
Electrical Equipment - 1.2%
Babcock & Wilcox Company (The) (a)		5,463		134,390
Brady Corporation - Class A		100		3,103
Coleman Cable, Inc. (a)		134		1,139
EnerSys (a)		4,135		144,518
Franklin Electric Company, Inc.		914		45,837
Generac Holdings, Inc. (a)		2,352		56,636
General Cable Corporation (a)		4,867		143,285
Global Power Equipment Group, Inc. (a)		1,111		27,786
Vicor Corporation		8,288		57,767
				614,461
Industrial Conglomerates - 0.3%
Carlisle Companies, Inc.		3,083		169,750
Machinery - 2.1%
Alamo Group, Inc.		1,677		56,481
American Railcar Industries, Inc. (a)		3,899		105,195

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Industrials - 15.7% (Continued)
Machinery - 2.1% (Continued)
Ampco-Pittsburgh Corporation		2,620	$	48,680
Blount International, Inc. (a)		229		3,703
Cascade Corporation		2,368		111,462
Douglas Dynamics, Inc.		79		1,116
Flow International Corporation (a)		911		3,744
FreightCar America, Inc.		626		13,522
ITT Corporation		29		651
Kadant, Inc. (a)		843		21,808
Manitowoc Company, Inc. (The)		11,161		154,580
Middleby Corporation (a)		1		102
Miller Industries, Inc.		352		5,773
Oshkosh Corporation (a)		2,925		66,778
Sauer-Danfoss, Inc.		2,923		126,595
Toro Company (The)		2,314		165,358
Trimas Corporation (a)		577		12,700
Trinity Industries, Inc.		2,327		68,879
Watts Water Technologies, Inc. - Class A		2,178		80,194
Xerium Technologies, Inc. (a)		196		921
				1,048,242
Professional Services - 1.2%
Barrett Business Services, Inc.		5,332		105,574
CDI Corporation		3,154		55,952
Corporate Executive Board Company (The)		1,688		69,833
CRA International, Inc. (a)		62		1,268
Exponent, Inc. (a)		33		1,577
FTI Consulting, Inc. (a)		2,392		86,925
GP Strategies Corporation (a)		1,227		20,589
ICF International, Inc. (a)		2,013		50,204
Mistras Group, Inc. (a)		615		14,434
On Assignment, Inc. (a)		3,593		67,225
Pendrell Corporation (a)		46,690		63,032
TrueBlue, Inc. (a)		5,335		92,082
VSE Corporation		224		4,928
				633,623
Road & Rail - 2.2%
Avis Budget Group, Inc. (a)		7,385		97,186
Celadon Group, Inc.		1,184		18,506
Con-way, Inc.		74		2,405
Landstar System, Inc.		1,304		69,855
Marten Transport Ltd.		3,266		68,815
Old Dominion Freight Line, Inc. (a)		3,345		148,752
Quality Distribution, Inc. (a)		11,771		131,482
Roadrunner Transportation Systems, Inc. (a)		9,494		164,721
Ryder System, Inc.		2,762		134,565
Saia, Inc. (a)		6,754		126,840
Swift Transportation Company (a)		12,581		131,975
				1,095,102
Trading Companies & Distributors - 1.6%
Aceto Corporation		4,084		36,756

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Industrials - 15.7% (Continued)
Trading Companies & Distributors - 1.6% (Continued)
Aircastle Ltd.		10,003	$	121,536
DXP Enterprises, Inc. (a)		934		40,508
H&E Equipment Services, Inc. (a)		3,552		68,554
Interline Brands, Inc. (a)		218		4,587
Kaman Corporation		805		27,676
SeaCube Container Leasing Ltd.		4,304		79,839
TAL International Group, Inc.		4,163		171,973
United Rentals, Inc. (a)		2,363		110,305
Watsco, Inc.		2,086		150,088
				811,822
Information Technology - 19.0%
Communications Equipment - 2.4%
Aruba Networks, Inc. (a)		4,445		93,878
Bel Fuse, Inc. - Class B		1,766		31,417
Black Box Corporation		3,049		68,938
Brocade Communications Systems, Inc. (a)		51,678		286,296
CalAmp Corporation (a)		1,794		10,728
Calix, Inc. (a)		3,487		27,757
EchoStar Corporation - Class A (a)		10,171		295,468
Globecomm Systems, Inc. (a)		109		1,546
Harmonic, Inc. (a)		36,195		170,840
InterDigital, Inc.		1		28
JDS Uniphase Corporation (a)		1,450		17,617
Loral Space & Communications, Inc.		1,066		66,145
PCTEL, Inc.		1,300		8,879
Polycom, Inc. (a)		1,410		18,711
ShoreTel, Inc. (a)		21,339		102,214
Tellabs, Inc.		103		388
TESSCO Technologies, Inc.		2,366		47,320
				1,248,170
Computers & Peripherals - 1.9%
3D Systems Corporation (a)		1,646		48,541
Avid Technology, Inc. (a)		3,990		34,673
Cray, Inc. (a)		4,777		53,264
Datalink Corporation (a)		14,169		144,240
Diebold, Inc.		2,674		105,489
Electronics For Imaging, Inc. (a)		5,712		101,959
Imation Corporation (a)		42		244
Intermec, Inc. (a)		1,580		8,406
Lexmark International, Inc. - Class A		4,069		122,477
NCR Corporation (a)		7,619		179,046
STEC, Inc. (a)		2,953		24,480
Xyratex Ltd.		8,735		126,832
				949,651
Electronic Equipment, Instruments & Components - 2.6%
Aeroflex Holding Corporation (a)		58		650
Agilysys, Inc. (a)		6,773		59,332
Anixter International, Inc. (a)		1,240		85,039
AVX Corporation		11,136		141,427

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Information Technology - 19.0% (Continued)
Electronic Equipment, Instruments & Components - 2.6% (Continued)
Daktronics, Inc.		173	$	1,408
DDi Corporation		5,173		67,146
GSI Group, Inc. (The) (a)		2,502		30,199
Ingram Micro, Inc. - Class A (a)		7,700		149,842
Insight Enterprises, Inc. (a)		2,714		55,121
Itron, Inc. (a)		3,259		132,967
KEMET Corporation (a)		4,658		39,640
LeCroy Corporation (a)		436		4,508
Mercury Computer Systems, Inc. (a)		3,484		45,989
Mesa Laboratories, Inc.		21		1,042
MTS Systems Corporation		1,010		48,450
Multi-Fineline Electronix, Inc. (a)		1,840		48,742
OSI Systems, Inc. (a)		2,381		159,194
PC Connection, Inc.		8,504		68,202
Plexus Corporation (a)		6		194
Sanmina-SCI Corporation (a)		2,006		17,853
SYNNEX Corporation (a)		1,416		53,936
Viasystems Group, Inc. (a)		1,003		22,357
Vishay Precision Group, Inc. (a)		338		4,894
X-Rite, Inc. (a)		11,147		61,754
Zygo Corporation (a)		671		13,279
				1,313,165
Internet Software & Services - 2.0%
Ancestry.com, Inc. (a)		980		26,166
AOL, Inc. (a)		5,587		139,899
Dice Holdings, Inc. (a)		12,326		132,874
Digital River, Inc. (a)		6,305		118,597
EasyLink Services International Corporation - Class A (a)		20,999		123,894
Internap Network Services Corporation (a)		4,743		33,391
IntraLinks Holdings, Inc. (a)		26,052		121,402
iPass, Inc. (a)		10,188		26,285
Marchex, Inc. - Class B		815		2,836
Monster Worldwide, Inc. (a)		103		889
Move, Inc. (a)		521		4,533
Openwave Systems, Inc. (a)		7,298		18,829
Perficient, Inc. (a)		796		9,560
RealNetworks, Inc.		40		383
SciQuest, Inc. (a)		1,361		20,211
TechTarget, Inc. (a)		344		2,559
ValueClick, Inc. (a)		7,346		155,588
Vocus, Inc. (a)		5,368		69,408
				1,007,304
IT Services - 4.1%
Acxiom Corporation (a)		7,587		104,170
Broadridge Financial Solutions, Inc.		6,172		143,252
CIBER, Inc. (a)		2,175		9,048
Convergys Corporation (a)		6,128		81,931
CoreLogic, Inc. (a)		1		17

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Information Technology - 19.0% (Continued)
IT Services - 4.1% (Continued)
DST Systems, Inc.		5,200	$	291,096
ExlService Holdings, Inc. (a)		6,008		166,301
FleetCor Technologies, Inc. (a)		3,014		119,204
Forrester Research, Inc.		511		18,115
Global Cash Access Holdings, Inc. (a)		19,648		166,026
Hackett Group, Inc. (The) (a)		12,828		73,248
Heartland Payment Systems, Inc.		2,289		69,746
iGATE Corporation (a)		4,688		91,228
Lender Processing Services, Inc.		9,256		245,747
MAXIMUS, Inc.		1,583		70,048
ModusLink Global Solutions, Inc. (a)		241		1,193
MoneyGram International, Inc. (a)		9,471		159,397
Sapient Corporation		9,317		111,524
Syntel, Inc.		1,114		66,717
TeleTech Holdings, Inc. (a)		1,235		18,710
Wright Express Corporation (a)		1,745		111,366
				2,118,084
Office Electronics - 0.6%
Zebra Technologies Corporation - Class A (a)		7,691		298,334
Semiconductors & Semiconductor Equipment - 3.1%
Alpha & Omega Semiconductor Ltd. (a)		6,761		66,866
AuthenTec, Inc. (a)		10,869		35,324
Axcelis Technologies, Inc. (a)		51,569		70,134
AXT, Inc. (a)		6,181		31,461
CEVA, Inc. (a)		2,374		52,442
Entegris, Inc. (a)		171		1,513
Exar Corporation (a)		113		895
Fairchild Semiconductor International, Inc. (a)		9,976		141,360
Integrated Device Technology, Inc. (a)		1		7
Integrated Silicon Solution, Inc. (a)		344		3,653
Intersil Corporation - Class A		6,872		70,575
Kopin Corporation (a)		698		2,492
Lattice Semiconductor Corporation (a)		3,260		17,800
LTX-Credence Corporation (a)		400		2,760
Mattson Technology, Inc. (a)		43,963		102,873
MKS Instruments, Inc.		2,530		69,955
Nanometrics, Inc. (a)		2,614		40,543
Pericom Semiconductor Corporation (a)		198		1,556
PMC-Sierra, Inc. (a)		21,512		152,090
Power Integrations, Inc.		1,071		40,570
Rubicon Technology, Inc. (a)		232		2,192
Silicon Image, Inc. (a)		27,829		166,974
Silicon Laboratories, Inc. (a)		1,053		37,371
Standard Microsystems Corporation (a)		2,612		69,166
SunPower Corporation (a)		12,526		70,271
Tessera Technologies, Inc. (a)		180		2,815
Ultra Clean Holdings, Inc. (a)		12,875		88,194
Ultratech, Inc. (a)		2,098		67,010

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Information Technology - 19.0% (Continued)
Semiconductors & Semiconductor Equipment - 3.1% (Continued)
Veeco Instruments, Inc. (a)		5,651	$	170,604
				1,579,466
Software - 2.3%
Actuate Corporation (a)		23,499		166,843
American Software, Inc. - Class A		382		3,163
CommVault Systems, Inc. (a)		2,941		153,138
Compuware Corporation (a)		18,116		157,971
Concur Technologies, Inc. (a)		47		2,658
Digimarc Corporation (a)		624		16,318
Ebix, Inc.		33		675
ePlus, inc. (a)		281		8,334
Guidance Software, Inc. (a)		6,398		60,717
Kenexa Corporation (a)		2,839		92,750
Majesco Entertainment Company (a)		16,808		41,180
Mentor Graphics Corporation (a)		3,424		49,477
Monotype Imaging Holdings, Inc. (a)		147		2,086
NetScout Systems, Inc. (a)		3,775		78,105
Pervasive Software, Inc. (a)		1,800		11,142
Quest Software, Inc. (a)		3,026		70,415
SeaChange International, Inc. (a)		8,420		69,212
SolarWinds, Inc. (a)		1,774		83,218
SS&C Technologies Holdings, Inc. (a)		1,944		46,209
Synchronoss Technologies, Inc. (a)		139		4,351
TeleCommunication Systems, Inc. (a)		1		2
Tyler Technologies, Inc. (a)		2		80
VASCO Data Security International, Inc. (a)		5,027		39,160
Websense, Inc. (a)		1		21
				1,157,225
Materials - 5.5%
Chemicals - 2.7%
American Vanguard Corporation		5,733		143,325
Arabian American Development Company (a)		5,650		49,324
Cabot Corporation		3,796		163,721
Chemtura Corporation (a)		6,988		118,936
Flotek Industries, Inc. (a)		12,228		166,790
Georgia Gulf Corporation (a)		4,355		154,385
H.B. Fuller Company		1,476		48,560
Innospec, Inc. (a)		229		6,923
Koppers Holdings, Inc.		1,789		69,556
Kronos Worldwide, Inc.		62		1,472
LSB Industries, Inc. (a)		2,053		69,638
OM Group, Inc. (a)		3,109		74,989
OMNOVA Solutions, Inc. (a)		5,198		40,752
Solutia, Inc.		5,455		154,595
Spartech Corporation (a)		451		2,201
Stepan Company		218		19,807
Valspar Corporation (The)		37		1,893
W.R. Grace & Company (a)		28		1,669

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Materials - 5.5% (Continued)
Chemicals - 2.7% (Continued)
Zep, Inc.		3,482	$	49,619
				1,338,155
Containers & Packaging - 0.7%
AEP Industries, Inc. (a)		713		24,862
Boise, Inc.		20,335		155,359
Graphic Packaging Holding Company (a)		4,396		23,519
Silgan Holdings, Inc.		3,503		153,677
UFP Technologies, Inc. (a)		600		10,914
				368,331
Metals & Mining - 1.8%
A.M. Castle & Company (a)		288		3,856
Carpenter Technology Corporation		5,621		312,865
Commercial Metals Company		10,616		156,904
Gold Reserve, Inc. (a)		482		2,072
Kaiser Aluminum Corporation		47		2,471
Materion Corporation (a)		1,504		37,164
Metals USA Holdings Corporation (a)		10,100		152,308
Midway Gold Corporation (a)		168		242
Revett Minerals, Inc. (a)		313		1,243
Schnitzer Steel Industries, Inc. - Class A		3,801		151,546
Steel Dynamics, Inc.		7,061		90,169
Thompson Creek Metals Company, Inc. (a)		1		6
Titanium Metals Corporation		27		399
				911,245
Paper & Forest Products - 0.3%
Buckeye Technologies, Inc.		2,184		70,783
KapStone Paper and Packaging Corporation (a)		3,844		69,423
Wausau Paper Corporation		2,028		18,374
				158,580
Telecommunication Services - 1.7%
Diversified Telecommunication Services - 0.9%
AboveNet, Inc. (a)		696		57,886
Atlantic Tele-Network, Inc.		179		6,097
Cogent Communications Group, Inc. (a)		5,779		108,241
Fairpoint Communications, Inc. (a)		119		551
IDT Corporation - Class B		17,047		143,536
Lumos Networks Corporation		10,638		96,167
Premiere Global Services, Inc. (a)		2,815		25,194
				437,672
Wireless Telecommunication Services - 0.8%
Clearwire Corporation - Class A (a)		112,120		164,256
Leap Wireless International, Inc. (a)		3,375		18,934
MetroPCS Communications, Inc. (a)		10,078		73,569
NTELOS Holdings Corporation		5,632		113,879
Telephone and Data Systems, Inc.		2,758		66,992
				437,630

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.2% (Continued)	Shares		Value
Utilities - 1.7%
Electric Utilities - 0.3%
ALLETE, Inc.		335	$	13,805
El Paso Electric Company		2,310		70,778
IDACORP, Inc.		1,729		70,440
				155,023
Gas Utilities - 0.4%
Atmos Energy Corporation		4,632		150,911
Chesapeake Utilities Corporation		103		4,328
South Jersey Industries, Inc.		1		49
UGI Corporation		1,784		52,057
				207,345
Independent Power Producers & Energy Traders - 0.4%
Genie Energy Ltd. - Class B		7,188		59,804
GenOn Energy, Inc. (a)		66,667		142,001
				201,805
Multi-Utilities - 0.4%
NorthWestern Corporation		2,000		71,040
Vectren Corporation		5,189		152,816
				223,856
Water Utilities - 0.2%
California Water Service Group		3,871		70,104
York Water Company		1,468		25,646
				95,750
Total Common Stocks (Cost $47,772,417)			$	50,513,647
MONEY MARKET FUNDS - 3.4%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,700,459)		1,700,459	$	1,700,459
Total Investments at Value - 102.6% (Cost $49,472,876)			$	52,214,106
Liabilities in Excess of Other Assets - (2.6%)				(1,308,349	)
Net Assets - 100.0%			$	50,905,757

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Variable rate security.  The rate shown is the 7-day effective yield as of April 30, 2012.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF INVESTMENTS
April 30, 2012 (Unaudited)
MONEY MARKET FUNDS - 82.3%	Shares		Value
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.14% (a)		6,050,000	$	6,050,000
Fidelity Institutional Money Market Portfolio - Class I, 0.20% (a)		15,583,687		15,583,687
Goldman Sachs Financial Square Money Market Fund - Institutional Class, 0.18% (a)		5,000,503		5,000,503
PIMCO Money Market Fund - Institutional Class, 0.05% (a)		1,866,000		1,866,000
Vanguard Prime Money Market Fund - Investor Shares, 0.05% (a)		5,000,088		5,000,088
Total Investments at Value - 82.3% (Cost $33,816,176)			$	33,500,278
Other Assets in Excess of Liabilities - 17.7%				7,195,441
Net Assets - 100.0%			$	40,695,719

(a) Variable rate security.  The rate shown is the 7-day effective yield as of April 30, 2012.

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS
April 30, 2012 (Unaudited)
FUTURES CONTRACTS	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Brent Crude Oil Future	5/16/2012		6	$	716,400	$	(13,324	)
Class III Milk Future	5/30/2012		33		984,720		(4,251	)
Class III Milk Future	7/3/2012		12		342,000		627
Cocoa Future	7/16/2012		39		865,410		(2,542	)
Coffee Future	7/19/2012		10		673,312		(67	)
Copper Future	7/27/2012		1		95,938		4,786
Corn Future	7/13/2012		57		1,807,612		75,547
Cotton No. 2 Future	7/9/2012		3		134,100		1,701
Frozen Concentrate Orange Juice Future	7/11/2012		32		680,880		(13,809	)
Gas Oil Future	5/10/2012		1		101,175		1,273
Gold Future	6/27/2012		8		1,332,400		5,720
Heating Oil Future	5/31/2012		1		133,657		2,636
Live Cattle Future	6/29/2012		34		1,553,120		(42,204	)
Palladium Future	6/27/2012		13		887,770		19,818
Platinum Future	7/27/2012		15		1,176,825		(48,707	)
Soybean Future	7/13/2012		17		1,279,675		58,079
Soybean Meal Future	7/13/2012		8		348,400		28,859
Soybean Oil Future	7/13/2012		13		429,390		(6,371	)
Sugar #11 Future	6/29/2012		100		2,365,440		(66,020	)
Wheat Future	7/13/2012		12		392,700		16,855
Total Commodity Futures					16,300,924		18,606
CURRENCY FUTURES
Australian Dollar Future	6/18/2012		45		4,665,150		11,133
Mexican Peso Future	6/18/2012		91		3,478,475		(27,021	)
Total Currency Futures					8,143,625		(15,888	)
Total Futures Contracts				$	24,444,549	$	2,718

See accompanying notes to financial statements.

TFS HEDGED FUTURES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
April 30, 2012 (Unaudited)
FUTURES CONTRACTS SOLD SHORT	Expiration Date	Contracts		Aggregate Market Value of Contracts		Unrealized Appreciation (Depreciation)
COMMODITY FUTURES
Class III Milk Future	5/30/2012		12	$	358,080	$	17,427
Class III Milk Future	7/3/2012		6		171,000		(737	)
Coffee Future	7/19/2012		11		740,644		(6,576	)
Copper Future	7/27/2012		6		575,625		(21,714	)
Crude Oil Future	5/22/2012		11		1,153,020		(12,766	)
Feeder Cattle Future	5/24/2012		10		749,875		12,472
Feeder Cattle Future	8/30/2012		13		999,375		1,239
Frozen Concentrate Orange Juice Future	7/11/2012		1		21,278		327
Heating Oil Future	5/31/2012		2		267,313		(3,440	)
Lean Hogs Future	6/14/2012		69		2,379,120		171,000
Live Cattle Future	6/29/2012		27		1,233,360		31,106
Lumber Future	7/13/2012		58		1,792,142		(70,230	)
Natural Gas Future	5/29/2012		115		2,636,950		(284,237	)
Natural Gas Future	6/27/2012		10		240,400		(23,423	)
Rough Rice Future	7/13/2012		35		1,059,100		32,526
Silver Future	7/27/2012		1		155,175		(402	)
Soybean Future	7/13/2012		1		75,275		(3,740	)
Soybean Meal Future	7/13/2012		8		348,400		(19,981	)
Soybean Oil Future	7/13/2012		14		462,420		7,061
Wheat Future	7/13/2012		28		916,300		(28,925	)
Total Commodity Futures					16,334,852		(203,013	)
CURRENCY FUTURES
British Pound Future	6/18/2012		15		1,521,281		(24,354	)
Canadian Dollar Future	6/19/2012		4		404,520		1,310
Euro FX Future	6/18/2012		11		1,820,775		(1,590	)
Japanese Yen Future	6/18/2012		14		2,193,100		(46,722	)
Switzerland Franc Future	6/18/2012		16		2,205,000		(8,658	)
Total Currency Futures					8,144,676		(80,014	)
FINANCIAL FUTURES
CBOE Volatility Index (VIX) Future	5/15/2012		101		1,873,550		287,519
CBOE Volatility Index (VIX) Future	6/19/2012		115		2,351,750		140,073
E-Mini S&P 500 Future	6/18/2012		230		16,022,375		(4,012	)
Total Financial Futures					20,247,675		423,580
Total Futures Contracts Sold Short				$	44,727,203	$	140,553

See accompanying notes to financial statements.

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

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

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

SIGNATURES

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

(Registrant)   TFS Capital Investment Trust                                

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	June 29, 2012

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

By (Signature and Title)*		/s/ Larry S. Eiben
		Larry S. Eiben, President
Date	June 29, 2012

By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	June 29, 2012

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