db-X Exchange-Traded Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22001

TDX Independence Funds, Inc.

(Exact name of Registrant as specified in charter)

420 Lexington Avenue,
Suite 2550
New York, New York 10170

(Address of principal executive offices) (Zip code)

James McCluskey
TDX Independence Funds, Inc.
420 Lexington Avenue
Suite 2550
New York, New York 10170

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 667-7400

Date of fiscal year end: May 31, 2010

Date of reporting period: November 30, 2009

Item 1. Report to Stockholders.

The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

SEMI-ANNUAL REPORT

November 30, 2009
Unaudited

TDX Independence Funds, Inc.

TDX Independence 2010 Exchange-Traded Fund

TDX Independence 2020 Exchange-Traded Fund

TDX Independence 2030 Exchange-Traded Fund

TDX Independence 2040 Exchange-Traded Fund

TDX Independence In-Target Exchange-Traded Fund

TDX Independence Funds, Inc.

TABLE OF CONTENTS


	Page
Shareholder Letter	1
Fund Performance Overview
TDX Independence 2010 Exchange-Traded Fund	2
TDX Independence 2020 Exchange-Traded Fund	4
TDX Independence 2030 Exchange-Traded Fund	6
TDX Independence 2040 Exchange-Traded Fund	8
TDX Independence In-Target Exchange-Traded Fund	10
Fees and Expenses	12
Schedule of Investments
TDX Independence 2010 Exchange-Traded Fund	13
TDX Independence 2020 Exchange-Traded Fund	19
TDX Independence 2030 Exchange-Traded Fund	26
TDX Independence 2040 Exchange-Traded Fund	32
TDX Independence In-Target Exchange-Traded Fund	38
Statements of Assets and Liabilities	44
Statements of Operations	46
Statements of Changes in Net Assets	48
Financial Highlights	50
Notes to Financial Statements	53
Board Considerations in Approval of Investment Advisory Contracts	61
Additional Information (Unaudited)	65

This Page is Intentionally Left Blank

TO OUR SHAREHOLDERS:

We are pleased to present this Semi-Annual Report for TDX Independence Funds, Inc., which covers the six month period from June 1, 2009 through November 30, 2009.

During those six months, the five series of TDX Independence Exchange-Traded Funds (each, a “Fund,” and together, the “Funds”) have recouped some of their declines as the market has rebounded from the lows experienced in the first half of 2009.

While all of the Funds showed increases, those with the greatest equity percentages in their holdings – the TDX Independence 2030 and 2040 Exchange-Traded Funds – showed the greatest increases, at 19% and 17%, respectively.

As of November 30, 2009, assets under management for the Funds totaled $170 million, representing a 25% increase from the $136 million reported on May 31, 2009. The increase in assets is due primarily to the rally in the markets which began in March of 2009.

As previously disclosed, TDAM USA Inc. (“TDAM”) has replaced Mellon Capital Management Corporation (“MCM”) as an investment sub-advisor to the Funds. So far the transition has been smooth, and we are pleased to have an organization of TDAM’s capabilities and breadth of experience to serve as a sub-advisor to the Funds.

As you know, each Fund tracks an underlying index (designed by Zacks Investment Research) of approximately 500 securities comprised of equities (domestic and international) and fixed income securities. As each Fund approaches its target date, portfolio weightings automatically shift from a greater proportion of assets in equities to a greater proportion in fixed income securities. Upon reaching the target date, each Fund will have a conservative allocation (i.e., almost entirely in fixed income securities). Over the next five years, allocations shift from conservative to more moderately-conservative allocations and thereafter remain static.

We take great pride in these products and thank you for your continued support.

Very truly yours,


Jeffrey L. Feldman Chairman	David M. Kelley President & Chief Executive Officer

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2010 Exchange-Traded Fund (TDD)

The TDX Independence 2010 Exchange-Traded Fund commenced investment operations and its shares began trading on NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2010 Lifecycle Index.

The Zacks 2010 Lifecycle Index is an index consisting of securities from three broad asset classes: international equities, domestic equities, and fixed income that is designed to represent a diversified portfolio of securities. The Underlying Index automatically rebalances annually, or quarterly when necessary, along a “glidepath” designed to prudently maximize capital appreciation at its target date. “Glidepath” refers to the Underlying Index’s asset allocation strategy over time. Gradually, the Underlying Index’s allocation among the different classes of securities will adjust from a more aggressive allocation (emphasizing greater equity exposure) to a more conservative allocation (emphasizing greater fixed income exposure) as the target date approaches. After the target date, allocations shift from conservative to more moderately conservative allocations, allowing for a larger exposure to equities than at the target date.

Performance as of 11/30/09


Cumulative Total Return

	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index

Six Month	7.47%	5.61%	6.39%	11.08%

1 Year	12.46%	14.75%	9.51%	20.10%

Since Inception¹	-1.96%	-1.38%	-5.60%	3.77%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2009, as disclosed in the most recent prospectus dated September 28, 2009, was 1.70%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until at least 9/30/10.

The preceding performance chart is provided for comparative purposes and represents the period noted. The Fund’s net asset value per share (“NAV”) is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on NYSE Arca of a share of the Fund from Inception through November 30, 2009. The price used to calculate market price returns is the mid-point of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The Dow Jones Target Date Indexes are indexes whose allocations are automatically adjusted to reduce potential risk over time. Each index in the series allocates among U.S. and global stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions. Total returns for a period less than one year have not been annualized.

“Target Date” refers to a time in the future, generally a specified year, in which the investor expects to retire or otherwise require the use of the invested funds. Target date funds are generally more aggressive the further the target date is from the present, with an objective of capital appreciation. As the target date approaches, the fund’s objective will generally become more conservative, aiming to achieve a higher level of capital preservation.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

Asset Class Breakdown* as of 11/30/09

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Global Industry Classification Standards (GICS).

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY (Continued)

TDX Independence 2010 Exchange-Traded Fund (TDD)(Continued)

Top Ten Holdings²as of 11/30/09



Top Ten Equity Holdings

Description	Shares	Value	% of Net Assets

Exxon Mobil Corp.	2,363	$177,391	0.7%

Microsoft Corp.	4,100	120,580	0.5%

Wal-Mart Stores, Inc.	1,795	97,916	0.4%

Google, Inc., Class A	142	82,786	0.3%

Apple, Inc.	408	81,563	0.3%

Procter & Gamble (The) Co.	1,238	77,188	0.3%

Johnson & Johnson	1,227	77,104	0.3%

AT&T, Inc.	2,827	76,160	0.3%

Chevron Corp.	967	75,466	0.3%

General Electric Co.	4,650	74,492	0.3%



Top Ten Fixed Income Holdings

Description	Principal Amount	Value	% of Net Assets

U.S. Treasury Note/Bond, 2.00%, 09/30/10	$1,890,000	$1,918,277	8.1%

U.S. Treasury Note/Bond, 1.38%, 04/15/12	1,750,000	1,772,971	7.5%

U.S. Treasury Note/Bond, 4.75%, 05/15/14	1,557,400	1,759,619	7.4%

U.S. Treasury Note/Bond, 3.38%, 07/31/13	1,015,000	1,088,271	4.6%

U.S. Treasury Note/Bond, 2.75%, 07/31/10	1,000,000	1,017,305	4.3%

Fed. Home Loan Mort. Corp., 4.50%, 01/15/13	909,000	994,466	4.2%

Fed. Home Loan Mort. Corp., 3.25%, 02/25/11	902,000	931,742	3.9%

Fed. Natl. Mort. Assoc., 5.00%, 05/11/17	686,000	772,342	3.3%

Goldman Sachs Group, LP, 5.00%, 10/01/14	382,000	406,646	1.7%

Fed. Natl. Mort. Assoc., 5.00%, 04/15/15	349,000	395,106	1.7%

²Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to www.tdxindependencefunds.com.

Sector Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2020 Exchange-Traded Fund (TDH)

The TDX Independence 2020 Exchange-Traded Fund commenced investment operations and its shares began trading on NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2020 Lifecycle Index.

The Zacks 2020 Lifecycle Index is an index consisting of securities from three broad asset classes: international equities, domestic equities, and fixed income that is designed to represent a diversified portfolio of securities. The Underlying Index automatically rebalances annually, or quarterly when necessary, along a “glidepath” designed to prudently maximize capital appreciation at its target date. “Glidepath” refers to the Underlying Index’s asset allocation strategy over time. Gradually, the Underlying Index’s allocation among the different classes of securities will adjust from a more aggressive allocation (emphasizing greater equity exposure) to a more conservative allocation (emphasizing greater fixed income exposure) as the target date approaches. After the target date, allocations shift from conservative to more moderately conservative allocations, allowing for a larger exposure to equities than at the target date.

Performance as of 11/30/09



Cumulative Total Return

	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index

Six Month	15.46%	14.62%	14.74%	13.70%

1 Year	22.54%	21.95%	19.48%	25.40%

Since Inception¹	-12.89%	-14.90%	-16.50%	-7.48%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2009, as disclosed in the most recent prospectus dated September 28, 2009, was 1.60%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until at least 9/30/10.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

Asset Class Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY (Continued)

TDX Independence 2020 Exchange-Traded Fund (TDH)(Continued)

Top Ten Holdings²as of 11/30/09



Top Ten Equity Holdings

Description	Shares	Value	% of Net Assets

Exxon Mobil Corp.	13,564	$1,018,250	2.2%

Microsoft Corp.	23,804	700,075	1.5%

Wal-Mart Stores, Inc.	10,584	577,357	1.2%

Google, Inc, Class A	840	489,719	1.0%

Apple, Inc.	2,298	459,392	1.0%

Procter & Gamble (The) Co.	7,342	457,774	1.0%

AT&T, Inc.	16,976	457,333	1.0%

General Electric Co.	28,353	454,214	1.0%

Johnson & Johnson	7,204	452,700	1.0%

Chevron Corp.	5,565	434,293	0.9%



Top Ten Fixed Income Holdings

Description	Principal Amount	Value	% of Net Assets

U.S. Treasury Note/Bond, 5.00%, 08/15/11	$1,045,300	$1,126,597	2.4%

U.S. Treasury Note/Bond, 3.38%, 07/31/13	852,800	914,362	1.9%

Fed. Home Loan Mort. Corp., 4.50%, 01/15/13	826,000	903,662	1.9%

U.S. Treasury Note/Bond, 8.13%, 08/15/19	613,100	862,412	1.8%

U.S. Treasury Note/Bond, 4.75%, 05/15/14	756,200	854,388	1.8%

U.S. Treasury Note/Bond, 6.25%, 05/15/30	483,500	629,154	1.3%

U.S. Treasury Note/Bond, 7.63%, 02/15/25	409,700	588,240	1.2%

Fed. Natl. Mort. Assoc., 5.00%, 05/11/17	494,000	556,177	1.2%

Wachovia Corp., 5.25%, 08/01/14	411,000	432,828	0.9%

Fed. Natl. Mort. Assoc., 5.00%, 04/15/15	369,000	417,748	0.9%

Sector Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2030 Exchange-Traded Fund (TDN)

The TDX Independence 2030 Exchange-Traded Fund commenced investment operations and its shares began trading on NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2030 Lifecycle Index.

The Zacks 2030 Lifecycle Index is an index consisting of securities from three broad asset classes: international equities, domestic equities, and fixed income that is designed to represent a diversified portfolio of securities. The Underlying Index automatically rebalances annually, or quarterly when necessary, along a “glidepath” designed to prudently maximize capital appreciation at its target date. “Glidepath” refers to the Underlying Index’s asset allocation strategy over time. Gradually, the Underlying Index’s allocation among the different classes of securities will adjust from a more aggressive allocation (emphasizing greater equity exposure) to a more conservative allocation (emphasizing greater fixed income exposure) as the target date approaches. After the target date, allocations shift from conservative to more moderately conservative allocations, allowing for a larger exposure to equities than at the target date.

Performance as of 11/30/09



Cumulative Total Return

	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index

Six Month	17.67%	21.94%	17.80%	16.85%

1 Year	23.68%	24.57%	22.39%	31.92%

Since Inception¹	-23.96%	-24.26%	-25.05%	-16.13%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2009, as disclosed in the most recent prospectus dated September 28, 2009, was 1.62%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until at least 9/30/10.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

Asset Class Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY (Continued)

TDX Independence 2030 Exchange-Traded Fund (TDN)(Continued)

Top Ten Holdings²as of 11/30/09



Top Ten Equity Holdings

Description	Shares	Value	% of Net Assets

Exxon Mobil Corp.	14,645	$1,099,400	2.9%

Microsoft Corp.	25,428	747,836	2.0%

Wal-Mart Stores, Inc.	11,467	625,525	1.7%

Google, Inc., Class A	887	517,120	1.4%

Apple, Inc.	2,529	505,572	1.3%

Procter & Gamble (The) Co.	7,975	497,241	1.3%

Johnson & Johnson	7,783	489,084	1.3%

AT&T, Inc.	18,096	487,506	1.3%

Chevron Corp.	6,078	474,327	1.3%

General Electric Co.	29,263	468,792	1.2%



Top Ten Fixed Income Holdings

Description	Principal Amount	Value	% of Net Assets

U.S. Treasury Note/Bond, 4.38%, 02/15/38	$445,000	$457,793	1.2%

U.S. Treasury Note/Bond, 4.75%, 05/15/14	327,500	370,024	1.0%

U.S. Treasury Note/Bond, 7.50%, 11/15/16	240,600	313,852	0.8%

Cellco Partnership / Verizon Wireless
Capital LLC, 5.55%, 02/01/14	270,000	297,834	0.8%

American Express Co., 4.88%, 07/15/13	248,000	262,260	0.7%

Fed. Natl. Mort. Assoc., 5.00%, 04/15/15	228,000	258,121	0.7%

Fed. Natl. Mort. Assoc., 5.00%, 05/11/17	169,000	190,271	0.5%

U.S. Treasury Note/Bond, 1.75%, 11/15/11	182,400	186,383	0.5%

Exelon Generation Co. LLC, 5.35%, 01/15/14	150,000	161,554	0.4%

Wyeth, 5.50%, 02/01/14	140,000	155,704	0.4%

Sector Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2040 Exchange-Traded Fund (TDV)

The TDX Independence 2040 Exchange-Traded Fund commenced investment operations and its shares began trading on NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2040 Lifecycle Index.

The Zacks 2040 Lifecycle Index is an index consisting of securities from three broad asset classes: international equities, domestic equities, and fixed income that is designed to represent a diversified portfolio of securities. The Underlying Index automatically rebalances annually, or quarterly when necessary, along a “glidepath” designed to prudently maximize capital appreciation at its target date. “Glidepath” refers to the Underlying Index’s asset allocation strategy over time. Gradually, the Underlying Index’s allocation among the different classes of securities will adjust from a more aggressive allocation (emphasizing greater equity exposure) to a more conservative allocation (emphasizing greater fixed income exposure) as the target date approaches. After the target date, allocations shift from conservative to more moderately conservative allocations, allowing for a larger exposure to equities than at the target date.

Performance as of 11/30/09



Cumulative Total Return

	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index

Six Month	18.83%	17.58%	19.25%	18.69%

1 Year	25.29%	27.97%	24.17%	35.75%

Since Inception¹	-26.90%	-26.82%	-29.24%	-20.36%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2009, as disclosed in the most recent prospectus dated September 28, 2009, was 1.65%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until at least 9/30/10.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

Asset Class Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY (Continued)

TDX Independence 2040 Exchange-Traded Fund (TDV)(Continued)

Top Ten Holdings²as of 11/30/09



Top Ten Equity Holdings

Description	Shares	Value	% of Net Assets

Exxon Mobil Corp.	15,999	$1,201,045	3.3%

Microsoft Corp.	27,792	817,363	2.2%

Wal-Mart Stores, Inc.	12,549	684,547	1.9%

Google, Inc., Class A	962	560,846	1.5%

Apple, Inc.	2,788	557,349	1.5%

Procter & Gamble (The) Co.	8,658	539,826	1.5%

AT&T, Inc.	19,805	533,548	1.5%

Johnson & Johnson	8,436	530,118	1.5%

Chevron Corp.	6,576	513,191	1.4%

General Electric Co.	31,925	511,439	1.4%



Top Ten Fixed Income Holdings

Description	Principal Amount	Value	% of Net Assets

U.S. Treasury Note/Bond, 8.13%, 08/15/19	$122,900	$172,877	0.5%

U.S. Treasury Note/Bond, 3.25% 07/31/16	100,100	104,417	0.3%

Goldman Sachs Group (The), Inc., 6.75%, 10/01/37	77,000	79,502	0.2%

U.S. Treasury Note/Bond, 7.63%, 02/15/25	49,600	71,215	0.2%

U.S. Treasury Note/Bond, 5.00%, 05/15/37	54,700	62,050	0.2%

American Express Co., 4.88%, 07/15/13	54,000	57,104	0.2%

Fed. Natl. Mort. Assoc., 5.00%, 04/15/15	48,000	54,341	0.1%

U.S. Treasury Note/Bond, 4.38%, 02/15/38	51,200	52,672	0.1%

Cellco Partnership / Verizon Wireless
Capital LLC, 5.55%, 02/01/14	45,000	49,640	0.1%

U.S. Treasury Note/Bond, 6.25%, 05/15/30	31,800	41,380	0.1%

Sector Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence In-Target Exchange-Traded Fund (TDX)

The TDX Independence In-Target Exchange-Traded Fund commenced investment operations and its shares began trading on NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks In-Target Lifecycle Index.

The Zacks In-Target Lifecycle Index is an index consisting of securities from three broad asset classes: international equities, domestic equities, and fixed income that is designed to represent a diversified portfolio of securities. The Zacks In-Target Lifecycle Index is designed for persons who are at or near their target date and therefore has a conservative allocation (emphasis on greater fixed income exposure). Following inception, allocations began to shift from conservative to more moderately conservative allocations, allowing for a larger exposure to equities than at inception.

Performance as of 11/30/09



Cumulative Total Return

	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index

Six Month	4.72%	3.01%	3.23%	9.75%

1 Year	7.13%	7.01%	3.63%	17.02%

Since Inception¹	4.93%	2.45%	-0.60%	10.28%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2009, as disclosed in the most recent prospectus dated September 28, 2009, was 1.66%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until at least 9/30/10.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

Asset Class Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY (Continued)

TDX Independence In-Target Exchange-Traded Fund (TDX)(Continued)

Top Ten Holdings²as of 11/30/09



Top Ten Equity Holdings

Description	Shares	Value	% of Net Assets

Exxon Mobil Corp.	2,431	$182,495	0.7%

Microsoft Corp.	4,246	124,876	0.5%

Wal-Mart Stores, Inc.	1,919	104,680	0.4%

Google, Inc., Class A	147	85,701	0.3%

Apple, Inc.	421	84,162	0.3%

AT&T, Inc.	2,999	80,792	0.3%

Procter & Gamble (The) Co.	1,285	80,120	0.3%

Johnson & Johnson	1,270	79,806	0.3%

General Electric Co.	4,954	79,362	0.3%

Chevron Corp.	995	77,650	0.3%



Top Ten Fixed Income Holdings

Description	Principal Amount	Value	% of Net Assets

U.S. Treasury Note/Bond, 3.50%, 02/15/10	$4,337,400	$4,369,253	17.1%

U.S. Treasury Note/Bond, 5.13%, 06/30/11	2,050,000	2,201,028	8.6%

U.S. Treasury Note/Bond, 3.88%, 07/15/10	1,866,400	1,909,708	7.5%

U.S. Treasury Note/Bond, 4.75%, 05/15/14	1,332,600	1,505,630	5.9%

U.S. Treasury Note/Bond, 4.50%, 05/15/10	1,398,400	1,426,533	5.6%

U.S. Treasury Note/Bond, 5.00%, 02/15/11	1,305,000	1,379,171	5.4%

U.S. Treasury Note/Bond, 4.88%, 04/30/11	1,114,800	1,185,564	4.6%

U.S. Treasury Note/Bond, 3.50%, 12/15/09	1,050,000	1,051,600	4.1%

U.S. Treasury Note/Bond, 4.88%, 05/31/11	750,000	800,508	3.1%

U.S. Treasury Note/Bond, 2.00%, 02/28/10	590,000	592,951	2.3%

Sector Breakdown* as of 11/30/09

TDX Independence Funds, Inc.

FEES AND EXPENSES

As a shareholder of one or more of the various TDX Independence Exchange-Traded Funds (each, a “Fund,” and collectively, the “Funds,” or “TDX Independence Exchange-Traded Funds”), you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six month period ended November 30, 2009.

ACTUAL EXPENSES

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. 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 in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value June 1, 2009	Ending Account Value November 30, 2009	Annualized Expense Ratio¹ based on the number of days in the period	Expenses Paid During the Period² June 1, 2009 to November 30, 2009

TDX Independence 2010 Exchange-Traded Fund
Actual	$1,000.00	$1,074.69	0.65%	$3.38
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

TDX Independence 2020 Exchange-Traded Fund
Actual	$1,000.00	$1,154.63	0.65%	$3.51
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

TDX Independence 2030 Exchange-Traded Fund
Actual	$1,000.00	$1,176.73	0.65%	$3.55
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

TDX Independence 2040 Exchange-Traded Fund
Actual	$1,000.00	$1,188.27	0.65%	$3.57
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

TDX Independence In-Target Exchange-Traded Fund
Actual	$1,000.00	$1,047.17	0.65%	$3.34
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

¹Amerivest Investment Management, LLC (“Amerivest”), a sub-advisor to the Funds, has contractually agreed to pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes, brokerage commissions and extraordinary expenses) in order to limit the Net Annual Operating Expenses for shares of each Fund to 0.65% of the Fund’s average net assets (the “Expense Cap”). The Expense Cap will remain in effect until at least September 30, 2010. Amerivest is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be requested by Amerivest if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap. Ratios would have been higher if fees were not reduced by Amerivest.

²Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 1, 2009 to November 30, 2009. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND
November 30, 2009 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 21.4%

CONSUMER DISCRETIONARY — 1.9%
Amazon.com, Inc.*	207	$	28,133
Ameristar Casinos, Inc.	215		3,737
AutoZone, Inc.*	27		3,992
Bally Technologies, Inc.*	190		7,891
Brown Shoe Co., Inc.	648		6,648
Buckle (The), Inc.	179		4,894
Carter’s, Inc.*	199		4,328
Cinemark Holdings, Inc.	418		5,288
Collective Brands, Inc.*	300		5,802
Columbia Sportswear Co.	126		4,841
Comcast Corp., Class A	1,393		20,435
Cooper Tire & Rubber Co.	100		1,792
Corinthian Colleges, Inc.*	372		5,513
Daimler AG (Germany)	210		10,631
DIRECTV, Class A*	464		14,676
Eastman Kodak Co.*	700		2,835
Ethan Allen Interiors, Inc.	403		4,679
Ford Motor Co.*	1,371		12,188
Fossil, Inc.*	257		7,928
Hennes & Mauritz AB, B Shares (Sweden)	128		7,551
Home Depot (The), Inc.	802		21,943
HONDA MOTOR Co. Ltd. (Japan)	502		15,734
Iconix Brand Group, Inc.*	257		2,894
J. Crew Group, Inc.*	236		10,098
Jack in the Box, Inc.*	209		3,902
Knology, Inc.*	589		5,808
Las Vegas Sands Corp.*	200		3,064
LVMH Moet Hennessy Louis
Vuitton SA (France)	67		6,977
Marcus Corp.	410		5,080
McDonald’s Corp.	525		33,207
Men’s Wearhouse (The), Inc.	202		4,121
News Corp., Class A	912		10,452
Nissan Motor Co. Ltd. (Japan)	645		4,687
Omnicom Group, Inc.	151		5,545
Panasonic Corp. (Japan)	555		7,158
Rent-A-Center, Inc.*	247		4,369
Sony Corp. (Japan)	303		8,178
Talbots (The), Inc.*	1,124		7,430
Target Corp.	372		17,320
Time Warner, Inc.	558		17,142
Toyota Motor Corp. (Japan)	707		28,232
Tractor Supply Co.*	120		5,603
Tupperware Brands Corp.	225		10,474
Vail Resorts, Inc.*	137		5,314
Vivendi (France)	321		9,248
Volcom, Inc.*	375		5,888
Volkswagen AG (Germany)	19		2,339
Walt Disney (The) Co.	837		25,294
Warnaco Group (The), Inc.*	168		6,839

			458,122


CONSUMER STAPLES — 2.1%
Anheuser-Busch Inbev NV (Belgium)	168		8,384
B&G Foods, Inc., Class A	585		5,008
Boston Beer (The) Co., Inc., Class A*	153		6,440


	Number of Shares		Value



CONSUMER STAPLES (Continued)
British American Tobacco PLC
(United Kingdom)	447	$	13,549
Campbell Soup Co	167		5,840
Carrefour SA (France)	156		7,569
Casey’s General Stores, Inc.	175		5,353
Coca-Cola (The) Co.	995		56,914
CVS Caremark Corp.	692		21,459
Diageo PLC (United Kingdom)	595		10,009
Fresh Del Monte Produce, Inc.
(Cayman Islands)*	183		3,977
Imperial Tobacco Group PLC
(United Kingdom)	255		7,399
Kraft Foods, Inc., Class A	631		16,772
Lancaster Colony Corp.	90		4,295
Molson Coors Brewing Co., Class B	92		4,159
Nestle SA (Switzerland)	872		41,227
Philip Morris International, Inc.	895		43,041
Prestige Brands Holdings, Inc.*	760		5,297
Procter & Gamble (The) Co.	1,238		77,188
Reckitt Benckiser Group PLC
(United Kingdom)	129		6,563
Ruddick Corp.	187		4,978
Safeway, Inc.	229		5,153
Tesco PLC (United Kingdom)	1,947		13,516
Tootsie Roll Industries, Inc.	196		4,982
Unilever NV (Netherlands)	396		12,131
Unilever PLC (United Kingdom)	312		9,135
Wal-Mart Stores, Inc.	1,795		97,916

			498,254


ENERGY — 2.7%
Arena Resources, Inc.*	162		6,624
ATP Oil & Gas Corp.*	715		11,404
Berry Petroleum Co., Class A	200		5,466
BG Group PLC (United Kingdom)	914		16,545
Bill Barrett Corp.*	180		5,139
BP PLC (United Kingdom)	4,822		45,470
Chevron Corp.	967		75,466
ConocoPhillips	689		35,670
Dril-Quip, Inc.*	147		7,939
ENI S.p.A (Italy)	687		17,019
Exxon Mobil Corp.	2,363		177,391
General Maritime Corp. (Marshall Islands)	561		3,966
ION Geophysical Corp.*	2,045		11,125
Matrix Service Co.*	463		3,963
Murphy Oil Corp.	106		5,977
Nordic American Tanker Shipping Ltd.
(Bermuda)	161		5,147
Occidental Petroleum Corp.	386		31,185
Peabody Energy Corp.	151		6,713
Repsol YPF SA (Spain)	203		5,577
Royal Dutch Shell PLC, Class A
(United Kingdom)	965		28,514
Royal Dutch Shell PLC, Class B
(United Kingdom)	744		21,208
Schlumberger Ltd. (Netherlands Antilles)	562		35,906
Southwestern Energy Co.*	372		16,353

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
ENERGY (Continued)
StatoilHydro ASA (Norway)	338	$	8,273
Total SA (France)	578		35,761
Woodside Petroleum Ltd. (Australia)	136		6,069
World Fuel Services Corp.	116		6,169

			636,039


FINANCIALS — 4.0%
Aflac, Inc.	478		22,002
Alexander’s, Inc. REIT*	19		5,292
Allianz SE (Germany)	117		14,372
American Campus Communities, Inc. REIT	185		4,986
Annaly Capital Management, Inc. REIT	527		9,702
Assicurazioni Generali S.p.A (Italy)	291		7,519
Australia & New Zealand Banking
Group Ltd. (Australia)	464		9,408
AXA (France)	384		9,149
Banco Bilbao Vizcaya Argentaria SA
(Spain)	792		14,917
Banco Santander SA (Spain)	1,705		29,207
Bank of America Corp.	3,649		57,837
Bank of New York Mellon (The) Corp.	1,224		32,607
Barclays PLC (United Kingdom)	1,890		9,068
BB&T Corp.	644		16,036
BNP Paribas (France)	206		17,010
Boston Private Financial Holdings, Inc.	842		3,949
Capital One Financial Corp.	407		15,613
Charles Schwab (The) Corp.	1,156		21,189
Commonwealth Bank of Australia
(Australia)	323		15,611
Credit Suisse Group AG (Switzerland)	247		12,790
Delphi Financial Group, Inc., Class A	185		4,044
Deutsche Bank AG (Germany)	135		9,740
Dime Community Bancshares, Inc.	467		5,249
Encore Capital Group, Inc.*	343		5,845
Equity One, Inc. REIT	307		4,958
First Financial Bankshares, Inc.	65		3,366
FirstMerit Corp.	261		5,468
Franklin Resources, Inc.	239		25,819
GAMCO Investors, Inc., Class A	106		4,869
Goldman Sachs Group (The), Inc.	223		37,834
Highwoods Properties, Inc. REIT	260		7,959
HSBC Holdings PLC (United Kingdom)	4,385		50,877
Intesa Sanpaolo S.p.A (Italy)*	2,003		8,676
JPMorgan Chase & Co.	1,704		72,402
Kansas City Life Insurance Co.	170		4,573
KBW, Inc.*	136		3,344
Knight Capital Group, Inc., Class A*	316		4,626
MarketAxess Holdings, Inc.	417		5,192
MFA Financial, Inc. REIT	773		5,852
Mid-America Apartment Communities, Inc.
REIT	108		5,023
Mitsubishi UFJ Financial Group, Inc.
(Japan)	2,992		16,741
Montpelier Re Holdings Ltd. (Bermuda)	286		4,788
Moody’s Corp.	232		5,389
Morgan Stanley	632		19,959
Muenchener Rueckversicherungs-
Gesellschaft AG (Germany)	52		8,153
National Australia Bank Ltd. (Australia)	438		11,474


	Number of Shares		Value
FINANCIALS (Continued)
National Bank of Greece SA ADR (Greece)	974	$	5,883
National Financial Partners Corp.*	672		5,873
National Retail Properties, Inc. REIT	289		5,792
NewAlliance Bancshares, Inc.	353		4,158
Nordea Bank AB (Sweden)	751		7,769
Northern Trust Corp.	227		11,237
Omega Healthcare Investors, Inc. REIT	288		5,210
optionsXpress Holdings, Inc.	200		3,060
Platinum Underwriters Holdings Ltd.
(Bermuda)	148		5,223
Potlatch Corp. REIT	145		4,269
ProAssurance Corp.*	109		5,804
Progressive (The) Corp.*	716		12,007
Prosperity Bancshares, Inc.	151		6,014
Riskmetrics Group, Inc.*	223		3,329
SCBT Financial Corp.	187		4,862
Simon Property Group, Inc. REIT	279		20,272
Societe Generale (France)	119		8,377
Standared Chartered PLC
(United Kingdom)	480		11,690
Stifel Financial Corp.*	93		4,996
Sumitomo Mitsui Financial Group, Inc.
(Japan)	203		6,716
Tanger Factory Outlet Centers, Inc. REIT	114		4,475
Tower Group, Inc.	136		3,356
UBS AG (Switzerland)*	843		13,078
UMB Financial Corp.	129		5,070
UniCredito Italiano S.p.A (Italy)	3,773		12,887
Washington Real Estate Investment
Trust REIT	207		5,403
Wells Fargo & Co.	2,098		58,828
Westamerica Bancorp.	98		5,214
Westpac Banking Corp. (Australia)	652		14,407
Westwood Holdings Group, Inc.	111		3,859
Zurich Financial Services AG (Switzerland)	38		8,188

			947,790


HEALTH CARE — 2.0%
Abbott Laboratories	750		40,868
AMERIGROUP Corp.*	195		4,623
AstraZeneca PLC (United Kingdom)	338		15,071
Bayer AG (Germany)	216		16,536
Boston Scientific Corp.*	780		6,529
Bruker Corp.*	672		7,614
Catalyst Health Solutions, Inc.*	178		6,054
Emergency Medical Services Corp.,
Class A*	143		6,900
eResearch Technology, Inc.*	823		4,856
Forest Laboratories, Inc.*	164		5,028
Genzyme Corp.*	137		6,946
GlaxoSmithKline PLC (United Kingdom)	1,204		24,837
Haemonetics Corp.*	98		5,231
Isis Pharmaceuticals, Inc.*	378		4,048
Johnson & Johnson	1,227		77,104
Magellan Health Services, Inc.*	143		5,258
Medicis Pharmaceutical Corp., Class A	237		5,591
Novartis AG (Switzerland)	591		32,809
Novo Nordisk A/S, B Shares (Denmark)	113		7,580

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
HEALTH CARE (Continued)
NuVasive, Inc.*	154	$	4,997
Onyx Pharmaceuticals, Inc.*	218		6,237
Owens & Minor, Inc.	159		6,168
Pfizer, Inc.	3,142		57,090
Psychiatric Solutions, Inc.*	214		4,742
Quality Systems, Inc.	110		6,544
Regeneron Pharmaceuticals, Inc.*	309		5,670
Roche Holding AG (Switzerland)	176		28,794
Sanofi-Aventis SA (France)	276		20,851
SIGA Technologies, Inc.*	613		5,548
Sirona Dental Systems, Inc.*	207		6,024
STERIS Corp.	223		7,205
Takeda Pharmaceutical Co. Ltd. (Japan)	226		9,445
Thoratec Corp.*	219		6,524
UnitedHealth Group, Inc.	585		16,772
Zimmer Holdings, Inc.*	126		7,455

			483,549


INDUSTRIALS — 2.2%
A.O. Smith Corp.	102		4,276
ABB Ltd. (Switzerland)	548		10,041
BAE Systems PLC (United Kingdom)	870		4,684
Baldor Electric Co.	173		4,455
Burlington Northern Santa Fe Corp.	346		34,012
C.H. Robinson Worldwide, Inc.	176		9,810
Caterpillar, Inc.	290		16,933
CLARCOR, Inc.	176		5,609
CRA International, Inc.*	183		4,551
Curtiss-Wright Corp.	162		4,611
Dollar Thrifty Automotive Group, Inc.*	280		5,169
East Japan Railway Co. (Japan)	55		3,895
Eaton Corp.	86		5,495
EMCOR Group, Inc.*	251		5,974
Emerson Electric Co.	343		14,204
First Solar, Inc.*	48		5,717
General Dynamics Corp.	187		12,323
General Electric Co.	4,650		74,492
Geo Group (The), Inc.*	200		3,976
GrafTech International Ltd.*	441		6,487
Granite Construction, Inc.	138		4,136
Hawaiian Holdings, Inc.*	712		4,450
Heartland Express, Inc.	319		4,705
Heico Corp.	93		3,483
Heidrick & Struggles International, Inc.	276		7,797
Hutchison Whampoa Ltd. (Hong Kong)	1,000		6,761
JetBlue Airways Corp.*	962		5,301
Knight Transportation, Inc.	298		5,069
Koninklijke (Royal) Philips Electronics NV
(Netherlands)	259		7,083
L.B. Foster Co., Class A*	142		3,888
Lockheed Martin Corp.	175		13,515
Mitsubishi Corp. (Japan)	402		9,100
Mitsui & Co. Ltd. (Japan)	500		6,640
PACCAR, Inc.	185		6,860
Regal-Beloit Corp.	111		5,268
Republic Services, Inc.	188		5,302
Rollins, Inc.	328		5,829
Schneider Electric SA (France)	55		6,019
Seaboard Corp.	4		5,816


	Number of Shares		Value
INDUSTRIALS (Continued)
Siemens AG (Germany)	224	$	21,947
Tetra Tech, Inc.*	210		5,531
Union Pacific Corp.	486		30,744
United Parcel Service, Inc., Class B	995		57,182
United Technologies Corp.	390		26,224
Vestas Wind Systems A/S (Denmark)*	54		3,791
Vicor Corp.*	662		5,428
Vinci SA (France)	104		5,750
Waste Management, Inc.	235		7,717
Watsco, Inc.	110		5,518
Watson Wyatt Worldwide, Inc., Class A	161		6,656

			530,224


INFORMATION TECHNOLOGY — 3.9%
3Com Corp.*	1,594		11,748
Accenture PLC, Class A (Ireland)	615		25,240
Anixter International, Inc.*	137		5,921
Apple, Inc.*	408		81,563
Arris Group, Inc.*	449		4,486
CACI International, Inc., Class A*	108		5,013
CANON, Inc. (Japan)	303		11,713
Cass Information Systems, Inc.	131		3,689
Cisco Systems, Inc.*	2,516		58,874
Concur Technologies, Inc.*	178		6,597
Corning, Inc.	764		12,744
Daktronics, Inc.	656		5,556
Digital River, Inc.*	136		3,431
Electro Scientific Industries, Inc.*	391		3,804
EMC Corp.*	947		15,938
Entegris, Inc.*	1,602		6,680
Exar Corp.*	626		4,395
Gartner, Inc.*	341		6,452
Google, Inc., Class A*	142		82,786
Hewlett-Packard Co.	1,106		54,260
Informatica Corp.*	299		6,713
International Business Machines Corp.	582		73,536
IXYS Corp.*	517		3,329
Jack Henry & Associates, Inc.	298		6,809
ManTech International Corp., Class A*	134		5,800
MasterCard, Inc., Class A	125		30,108
Microsemi Corp.*	292		4,447
Microsoft Corp.	4,100		120,580
Moduslink Global Solutions, Inc.*	664		5,365
Nintendo Co. Ltd. (Japan)	25		6,155
Nokia Oyj (Finland)	916		12,061
Oracle Corp.	2,232		49,283
Palm, Inc.*	550		6,001
Parametric Technology Corp.*	433		6,521
Paychex, Inc.	174		5,455
Polycom, Inc.*	290		6,252
Quest Software, Inc.*	339		5,705
Rackspace Hosting, Inc.*	458		8,478
Riverbed Technology, Inc.*	244		4,968
SAP AG (Germany)	231		11,036
Skyworks Solutions, Inc.*	528		6,500
Solera Holdings, Inc.	245		8,565
SRA International, Inc., Class A*	203		3,664
Starent Networks Corp.*	239		8,243

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
INFORMATION TECHNOLOGY (Continued)
Telefonaktiebolaget LM Ericsson, B Shares
(Sweden)	713	$	6,835
TIBCO Software, Inc.*	615		5,289
Visa, Inc., Class A	845		68,445
VistaPrint NV (Netherlands)*	146		8,326
Yahoo!, Inc.*	596		8,922

			914,281


MATERIALS — 0.9%
Air Liquide SA (France)	65		7,553
American Vanguard Corp.	482		3,543
Anglo American PLC (United Kingdom)	347		14,823
ArcelorMittal (Luxembourg)	220		8,571
BASF AG (Germany)	226		13,627
BHP Billiton Ltd. (Australia)	856		32,360
BHP Billiton PLC (United Kingdom)	562		17,132
Dow Chemical (The) Co.	541		15,029
E.I. du Pont de Nemours & Co.	425		14,697
NewMarket Corp.	52		5,445
Newmont Mining Corp.	242		12,981
Praxair, Inc.	149		12,222
Rio Tinto PLC (United Kingdom)	331		16,774
Rock-Tenn Co., Class A	135		6,098
Rockwood Holdings, Inc.*	261		5,875
Sensient Technologies Corp.	176		4,460
Shin-Etsu Chemical Co. Ltd. (Japan)	100		5,444
Silgan Holdings, Inc.	135		7,232
Syngenta AG (Switzerland)	27		7,160
Westlake Chemical Corp.	235		6,145

			217,171


TELECOMMUNICATION SERVICES — 0.9%
AT&T, Inc.	2,827		76,160
Deutsche Telekom AG (Germany)	724		10,674
France Telecom SA (France)	493		12,823
Koninklijke (Royal) KPN NV
(Netherlands)	432		7,666
NTT DoCoMo, Inc. (Japan)	4		6,083
Telefonica SA (Spain)	996		28,591
Verizon Communications, Inc.	1,365		42,943
Vodafone Group PLC (United Kingdom)	13,066		29,398

			214,338


UTILITIES — 0.8%
Consolidated Edison, Inc.	272		11,672
E.ON AG (Germany)	495		19,575
Enel S.p.A (Italy)	1,336		7,993
EQT Corp.	161		6,625
Exelon Corp.	679		32,713
FPL Group, Inc.	408		21,204
GDF Suez (France)	301		12,568
Iberdrola SA (Spain)	992		9,413
New Jersey Resources Corp.	138		4,862
Nicor, Inc.	165		6,461
Piedmont Natural Gas Co., Inc.	266		6,304
RWE AG (Germany)	119		10,922
Southern Co.	764		24,517


		Number of Shares		Value
UTILITIES (Continued)
Tokyo Electric Power (The) Co., Inc.
(Japan)		300	$	8,114
WGL Holdings, Inc.		180		5,666

				188,609


Total Common Stocks
(Cost $5,236,258)				5,088,377


RIGHTS — 0.0% (a)
FINANCIALS — 0.0% (a)
Fortis Rights, expiring 12/31/14 (Belgium)*
(Cost $0)		654		0



		Principal Amount		Value
CORPORATE BONDS — 28.4%
CONSUMER DISCRETIONARY — 2.1%
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13	$	105,000		123,014
Daimler Finance North America LLC
7.30%, 1/15/12		102,000		112,246
Home Depot (The), Inc.
5.40%, 3/01/16		178,000		190,014
Viacom, Inc.
6.25%, 4/30/16		70,000		77,382

				502,656


CONSUMER STAPLES — 0.7%
Diageo Finance BV (Netherlands)
5.30%, 10/28/15		52,000		57,781
Kroger (The) Co.
5.50%, 2/01/13		27,000		29,382
Wal-Mart Stores, Inc.
4.55%, 5/01/13		60,000		65,227

				152,390


ENERGY — 2.6%
Anadarko Petroleum Corp.
5.95%, 9/15/16		135,000		147,509
Apache Corp.
5.25%, 4/15/13		55,000		60,143
Enterprise Products Operating LP, Series B
5.60%, 10/15/14		109,000		118,724
Hess Corp.
6.65%, 8/15/11		135,000		146,332
Kinder Morgan Energy Partners LP
6.75%, 3/15/11		60,000		63,896
Spectra Energy Capital LLC
6.25%, 2/15/13		62,000		67,684
	��
				604,288


FINANCIALS — 17.0%
Ameriprise Financial, Inc.
5.35%, 11/15/10		137,000		141,995
Bank of America Corp.
4.50%, 8/01/10		160,000		163,640
4.875%, 1/15/13		27,000		28,187

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


		Principal Amount		Value
FINANCIALS (Continued)
Boeing Capital Corp. Ltd.
5.80%, 1/15/13	$	102,000	$	113,209
Boston Properties LP
6.25%, 1/15/13		65,000		70,070
Capital One Financial Corp.
6.15%, 9/01/16		153,000		155,175
Citigroup, Inc.
6.00%, 2/21/12		308,000		325,802
European Investment Bank (Supranational)
4.625%, 5/15/14		205,000		226,411
General Electric Capital Corp., Series A MTN
5.875%, 2/15/12		188,000		203,229
Genworth Financial, Inc.
5.75%, 6/15/14		102,000		95,581
Goldman Sachs Group, LP
5.00%, 10/01/14		382,000		406,646
HSBC Finance Corp.
6.375%, 11/27/12		107,000		117,050
5.50%, 1/19/16		275,000		292,823
International Lease Finance Corp. Series Q MTN
5.75%, 6/15/11		107,000		99,468
John Deere Capital Corp.
7.00%, 3/15/12		102,000		114,777
JPMorgan Chase & Co.
5.75%, 1/02/13		277,000		300,534
Kreditanstalt fuer Wiederaufbau (Germany)
4.25%, 6/15/10		188,000		192,141
Marsh & McLennan Cos., Inc.
5.75%, 9/15/15		38,000		40,748
Merrill Lynch & Co, Inc., Series C MTN
5.00%, 1/15/15		132,000		135,503
MetLife, Inc.
5.00%, 6/15/15		102,000		109,677
Morgan Stanley
5.05%, 1/21/11		100,000		103,593
5.30%, 3/01/13		124,000		132,610
National Rural Utilities Cooperative Finance
Corp., Series C MTN
7.25%, 3/01/12		62,000		69,284
Wachovia Corp.
5.25%, 8/01/14		158,000		166,391
Wells Fargo & Co.
5.00%, 11/15/14		232,000		243,139

				4,047,683

HEALTH CARE — 1.6%
AmerisourceBergen Corp.
5.875%, 9/15/15		102,000		113,887
UnitedHealth Group, Inc.
4.875%, 3/15/15		67,000		70,313
WellPoint, Inc.
5.25%, 1/15/16		95,000		99,117
Wyeth
5.50%, 2/01/14		90,000		100,096

				383,413

INFORMATION TECHNOLOGY — 0.5%
Oracle Corp.
5.25%, 1/15/16		112,000		123,727


		Principal Amount		Value
MATERIALS — 0.9%
Alcoa, Inc.
6.00%, 1/15/12	$	60,000	$	63,495
BHP Billiton Finance USA Ltd. (Australia)
5.50%, 4/01/14		80,000		89,128
E.I. du Pont de Nemours & Co.
5.25%, 12/15/16		65,000		70,751

				223,374


TELECOMMUNICATION SERVICES — 1.8%
AT&T, Inc.
5.875%, 2/01/12		145,000		157,492
Cellco Partnership / Verizon Wireless
Capital LLC
5.55%, 2/01/14		105,000		115,824
Embarq Corp.
7.082%, 6/01/16		42,000		46,734
New Cingular Wireless Services, Inc.
7.875%, 3/01/11		94,000		101,697

				421,747


UTILITIES — 1.2%
Constellation Energy Group
4.55%, 6/15/15		44,000		45,122
Dominion Resources, Inc., Series C
5.15%, 7/15/15		157,000		169,841
Exelon Generation Co. LLC
5.35%, 1/15/14		60,000		64,622

				279,585


Total Corporate Bonds
(Amortized Cost $6,395,626)				6,738,863


UNITED STATES GOVERNMENT & AGENCIES
OBLIGATIONS — 47.9%
FEDERAL HOME LOAN MORTGAGE CORP. — 8.9%
3.25%, 2/25/11		902,000		931,742
4.875%, 11/18/11		180,000		194,416
4.50%, 1/15/13		909,000		994,466

				2,120,624


FEDERAL NATIONAL MORTGAGE ASSOCIATION — 4.9%
5.00%, 4/15/15		349,000		395,106
5.00%, 5/11/17		686,000		772,342

				1,167,448


UNITED STATES TREASURY BONDS/NOTES — 34.1%
2.75%, 7/31/10		1,000,000		1,017,305
2.00%, 9/30/10		1,890,000		1,918,277
1.75%, 11/15/11		150,000		153,275
1.375%, 4/15/12		1,750,000		1,772,971
3.375%, 7/31/13		1,015,000		1,088,271
4.75%, 5/15/14		1,557,400		1,759,619
7.50%, 11/15/16		291,300		379,987

				8,089,705


Total United States Government &
Agencies Obligations
(Amortized Cost $10,961,229)				11,377,777

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


		Principal Amount		Value
SOVEREIGN BONDS — 1.4%
Italy Government International Bond (Italy)
6.00%, 2/22/11	$	220,000	$	234,293
United Mexican States, Series A MTN (Mexico)
6.375%, 1/16/13		99,000		109,890

Total Sovereign Bonds
(Amortized Cost $330,256)				344,183

Total Investments — 99.1%
(Amortized Cost $22,923,369)			$	23,549,200
Other assets less liabilities — 0.9%				214,749

Net Assets — 100.0%			$	23,763,949

ADR – American Depositary Receipt
MTN – Medium Term Note.
REIT – Real Estate Investment Trust
* Non-income producing security
(a) Less than 0.1%.

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund’s investments:


Investments	Level 1		Level 2		Level 3

Common Stocks	$	5,088,377	$	—	$	—
Corporate Bonds		—		6,738,863		—
United States Government
& Agencies Obligations		—		11,377,777		—
Sovereign Bonds		—		344,183		—

Total Investments	$	5,088,377	$	18,460,823	$	—

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2009 (Unaudited)


	Value		% of Net Assets
United States	$	21,221,925	89.3	%
United Kingdom		366,262	1.5
Germany		341,693	1.4
Italy		288,387	1.2
Supranational		226,411	1.0
Australia		178,457	0.8
France		159,655	0.7
Switzerland		154,087	0.7
Japan		154,035	0.6
Mexico		109,890	0.5
Netherlands		92,987	0.4
Spain		87,705	0.4
Netherlands Antilles		35,906	0.2
Ireland		25,240	0.1
Sweden		22,155	0.1
Bermuda		15,158	0.1
Finland		12,061	0.1
Denmark		11,371	0.0
Luxembourg		8,571	0.0
Belgium		8,384	0.0
Norway		8,273	0.0
Hong Kong		6,761	0.0
Greece		5,883	0.0
Cayman Islands		3,977	0.0
Marshall Islands		3,966	0.0

Total Investments		23,549,200	99.1
Other assets less liabilities		214,749	0.9

Net Assets	$	23,763,949	100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND
November 30, 2009 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 62.6%

CONSUMER DISCRETIONARY — 5.5%
Amazon.com, Inc.*	1,130	$	153,578
Ameristar Casinos, Inc.	1,082		18,805
AutoZone, Inc.*	139		20,554
Bally Technologies, Inc.*	972		40,367
Bob Evans Farms, Inc.*	574		14,499
Brown Shoe Co., Inc.	3,322		34,084
Buckle (The), Inc.	893		24,415
California Pizza Kitchen, Inc.*	399		5,011
Carter’s, Inc.*	1,099		23,903
Cinemark Holdings, Inc.	2,196		27,779
Collective Brands, Inc.*	1,218		23,556
Columbia Sportswear Co.	614		23,590
Comcast Corp., Class A	8,057		118,196
Cooper Tire & Rubber Co.	893		16,003
Corinthian Colleges, Inc.*	1,891		28,025
Daimler AG (Germany)	1,199		60,700
DIRECTV, Class A*	2,676		84,642
Dress Barn (The), Inc.*	1,152		24,733
Eastman Kodak Co.*	4,793		19,412
Ethan Allen Interiors, Inc.	1,998		23,197
Ford Motor Co.*	7,660		68,097
Fossil, Inc.*	1,302		40,167
Hennes & Mauritz AB, B Shares (Sweden)	663		39,111
Home Depot (The), Inc.	4,423		121,013
HONDA MOTOR Co. Ltd. (Japan)	2,612		81,867
Iconix Brand Group, Inc.*	1,291		14,537
J. Crew Group, Inc.*	1,192		51,006
Jack in the Box, Inc.*	1,066		19,902
Knology, Inc.*	3,051		30,083
Las Vegas Sands Corp.*	1,698		26,013
Life Time Fitness, Inc.*	734		16,588
LVMH Moet Hennessy Louis Vuitton SA
(France)	359		37,384
Marcus Corp.	2,078		25,746
McDonald’s Corp.	2,952		186,714
Men’s Wearhouse (The), Inc.	989		20,176
News Corp., Class A	4,960		56,842
Nissan Motor Co. Ltd. (Japan)	3,470		25,216
Omnicom Group, Inc.	810		29,743
Panasonic Corp. (Japan)	2,855		36,821
Rent-A-Center, Inc.*	1,196		21,157
Sherwin-Williams (The) Co.	306		18,617
Sony Corp. (Japan)	1,553		41,915
Spartan Motors, Inc.	810		4,196
Talbots (The), Inc.*	5,614		37,109
Target Corp.	2,084		97,031
Time Warner, Inc.	3,115		95,693
Toyota Motor Corp. (Japan)	4,838		193,193
Tractor Supply Co.*	618		28,854
Tupperware Brands Corp.	1,120		52,136
Vail Resorts, Inc.*	658		25,524
Vivendi (France)	1,823		52,522
Volcom, Inc.*	1,864		29,265
Volkswagen AG (Germany)	109		13,419
Walt Disney (The) Co.	4,780		144,452
Warnaco Group (The), Inc.*	840		34,196

			2,601,354


	Number of Shares		Value
CONSUMER STAPLES — 6.2%
Anheuser-Busch Inbev NV (Belgium)	917	$	45,763
B&G Foods, Inc. Class A	3,032		25,954
Boston Beer (The) Co., Inc., Class A*	783		32,956
British American Tobacco PLC
(United Kingdom)	2,575		78,051
Campbell Soup Co.	929		32,487
Carrefour SA (France)	887		43,034
Casey’s General Stores, Inc.	915		27,990
Coca-Cola (The) Co.	6,043		345,660
CVS Caremark Corp.	3,883		120,412
Diageo PLC (United Kingdom)	3,400		57,192
Fresh Del Monte Produce, Inc.
(Cayman Islands)*	1,206		26,206
Imperial Tobacco Group PLC
(United Kingdom)	1,430		41,491
Kraft Foods, Inc., Class A	3,602		95,741
Lancaster Colony Corp.	524		25,005
Molson Coors Brewing Co., Class B	471		21,294
Nestle SA (Switzerland)	5,070		239,705
Philip Morris International, Inc.	5,364		257,955
Prestige Brands Holdings, Inc.*	3,904		27,211
Procter & Gamble (The) Co.	7,342		457,774
Reckitt Benckiser Group PLC
(United Kingdom)	813		41,361
Ruddick Corp.	944		25,129
Safeway, Inc.	1,151		25,898
Tesco PLC (United Kingdom)	10,999		76,353
Tootsie Roll Industries, Inc.	1,050		26,691
Unilever NV (Netherlands)	2,268		69,480
Unilever PLC (United Kingdom)	1,788		52,348
Wal-Mart Stores, Inc.	10,584		577,357
Weis Markets, Inc.	470		16,347

			2,912,845


ENERGY — 7.7%
Arena Resources, Inc.*	789		32,262
ATP Oil & Gas Corp.*	3,646		58,154
Berry Petroleum Co., Class A	885		24,187
BG Group PLC (United Kingdom)	5,159		93,385
Bill Barrett Corp.*	886		25,295
BP PLC (United Kingdom)	28,469		268,456
Cal Dive International, Inc.*	1,790		12,995
Chevron Corp.	5,565		434,293
ConocoPhillips	3,976		205,838
Dril-Quip, Inc.*	733		39,589
ENI S.p.A (Italy)	3,877		96,042
Exxon Mobil Corp.	13,564		1,018,250
General Maritime Corp.
(Marshall Islands)	2,763		19,534
Goodrich Petroleum Corp.*	738		16,332
ION Geophysical Corp.*	10,570		57,501
Matrix Service Co.*	2,318		19,842
Murphy Oil Corp.	507		28,590
Nordic American Tanker Shipping Ltd.
(Bermuda)	814		26,024
Occidental Petroleum Corp.	2,324		187,756
Peabody Energy Corp.	678		30,144

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
ENERGY (Continued)
Repsol YPF SA (Spain)	1,109	$	30,469
Royal Dutch Shell PLC, Class A
(United Kingdom)	5,459		161,303
Royal Dutch Shell PLC, Class B
(United Kingdom)	4,193		119,525
RPC, Inc.	1,812		17,504
Schlumberger Ltd. (Netherlands Antilles)	3,152		201,381
Southwestern Energy Co.*	2,001		87,964
StatoilHydro ASA (Norway)	1,946		47,632
Total SA (France)	3,296		203,926
Woodside Petroleum Ltd. (Australia)	761		33,958
World Fuel Services Corp.	593		31,536

			3,629,667


FINANCIALS — 11.8%
Aflac, Inc.	2,732		125,754
Alexander’s, Inc. REIT*	99		27,576
Allianz SE (Germany)	674		82,794
American Campus Communities, Inc. REIT	955		25,737
Annaly Capital Management, Inc. REIT	3,056		56,261
Assicurazioni Generali S.p.A (Italy)	1,735		44,829
Australia & New Zealand Banking
Group Ltd. (Australia)	2,705		54,844
AXA (France)	2,629		62,640
Banco Bilbao Vizcaya Argentaria SA
(Spain)	4,556		85,810
Banco Santander SA (Spain)	9,792		167,741
Bank of America Corp.	21,440		339,824
Bank of New York Mellon (The) Corp.	7,196		191,701
Barclays PLC (United Kingdom)	11,203		53,749
BB&T Corp.	3,742		93,176
BNP Paribas (France)	1,431		118,164
Boston Private Financial Holdings, Inc.	4,510		21,152
Capital One Financial Corp.	2,242		86,003
Charles Schwab (The) Corp.	6,922		126,880
Commonwealth Bank of Australia
(Australia)	1,870		90,378
Credit Suisse Group AG (Switzerland)	1,523		78,861
Delphi Financial Group, Inc., Class A	947		20,701
Deutsche Bank AG (Germany)	764		55,121
Dime Community Bancshares, Inc.	2,477		27,841
Encore Capital Group, Inc.*	2,326		39,635
Equity Lifestyle Properties, Inc. REIT	475		22,805
Equity One, Inc. REIT	1,582		25,549
First American Corp.	679		21,544
First Financial Bankshares, Inc.	393		20,350
FirstMerit Corp.	1,511		31,655
Franklin Resources, Inc.	1,461		157,832
GAMCO Investors, Inc., Class A	569		26,134
Goldman Sachs Group (The), Inc.	1,370		232,434
Highwoods Properties, Inc. REIT	1,372		41,997
HSBC Holdings PLC (United Kingdom)	25,196		292,339
Intesa Sanpaolo S.p.A (Italy)*	12,085		52,345
JPMorgan Chase & Co.	9,751		414,319
Kansas City Life Insurance Co.	888		23,887
KBW, Inc.*	718		17,656
Knight Capital Group, Inc., Class A*	1,760		25,766
MarketAxess Holdings, Inc.	2,271		28,274
MFA Financial, Inc. REIT	4,322		32,718


	Number of Shares		Value
FINANCIALS (Continued)
Mid-America Apartment Communities, Inc.
REIT	540	$	25,115
Mitsubishi UFJ Financial Group, Inc.
(Japan)	17,188		96,171
Montpelier Re Holdings Ltd. (Bermuda)	1,554		26,014
Moody’s Corp.	1,268		29,456
Morgan Stanley	3,855		121,741
Muenchener Rueckversicherungs-Gesellschaft
AG (Germany)	308		48,290
National Australia Bank Ltd. (Australia)	2,525		66,148
National Bank of Greece SA ADR (Greece)	6,286		37,967
National Financial Partners Corp.*	3,541		30,948
National Retail Properties, Inc. REIT	1,540		30,862
NewAlliance Bancshares, Inc.	2,016		23,748
Nordea Bank AB (Sweden)	4,375		45,257
Northern Trust Corp.	1,382		68,409
Omega Healthcare Investors, Inc. REIT	1,560		28,220
optionsXpress Holdings, Inc.	1,135		17,366
Platinum Underwriters Holdings Ltd.
(Bermuda)	903		31,867
Potlatch Corp. REIT	734		21,609
ProAssurance Corp.*	622		33,122
Progressive (The) Corp.*	4,052		67,952
Prosperity Bancshares, Inc.	875		34,851
Renasant Corp.	1,047		14,899
Riskmetrics Group, Inc.*	1,178		17,588
SCBT Financial Corp.	1,008		26,208
Simon Property Group, Inc. REIT	1,527		110,952
Societe Generale (France)	967		68,075
Standared Chartered PLC	2,756		67,119
Stifel Financial Corp.*	511		27,451
Sumitomo Mitsui Financial Group, Inc.
(Japan)	908		30,040
Tanger Factory Outlet Centers, Inc. REIT	607		23,825
Teton Advisors, Inc., Class B*	5		90
Tower Group, Inc.	751		18,535
UBS AG (Switzerland)*	4,808		74,592
UMB Financial Corp.	713		28,021
UniCredito Italiano S.p.A (Italy)	20,321		69,408
Washington Real Estate Investment Trust
REIT	1,075		28,058
Wells Fargo & Co.	12,308		345,116
Westamerica Bancorp.	584		31,069
Westpac Banking Corp. (Australia)	3,804		84,055
Westwood Holdings Group, Inc.	593		20,619
Zurich Financial Services AG
(Switzerland)	219		47,191

			5,562,800


HEALTH CARE — 6.0%
Abbott Laboratories	4,376		238,448
Amedisys, Inc.*	509		18,853
AMERIGROUP Corp.*	995		23,591
AmSurg Corp., Class A*	599		12,405
AstraZeneca PLC (United Kingdom)	1,943		86,636
Bayer AG (Germany)	1,224		93,702
Boston Scientific Corp.*	3,987		33,371
Bruker Corp.*	3,486		39,496
Catalyst Health Solutions, Inc.*	852		28,977

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
HEALTH CARE (Continued)
Centene Corp.*	879	$	16,543
Emergency Medical Services Corp.,
Class A*	763		36,815
eResearch Technology, Inc.*	4,197		24,762
Forest Laboratories, Inc.*	815		24,988
Genzyme Corp.*	731		37,062
GlaxoSmithKline PLC (United Kingdom)	7,398		152,611
Haemonetics Corp.*	498		26,583
Inspire Pharmaceuticals, Inc.*	1,111		6,466
Isis Pharmaceuticals, Inc.*	1,992		21,334
Johnson & Johnson	7,204		452,700
Magellan Health Services, Inc.*	700		25,739
Martek Biosciences Corp.*	613		10,666
Medicis Pharmaceutical Corp., Class A	1,197		28,237
Novartis AG (Switzerland)	3,368		186,971
Novo Nordisk A/S, B Shares (Denmark)	627		42,059
NuVasive, Inc.*	775		25,149
Onyx Pharmaceuticals, Inc.*	1,124		32,158
Owens & Minor, Inc.	808		31,342
Pfizer, Inc.	18,506		336,255
Pharmasset Inc.*	439		8,776
Psychiatric Solutions, Inc.*	1,046		23,179
Quality Systems, Inc.	588		34,980
Regeneron Pharmaceuticals, Inc.*	1,608		29,507
Roche Holding AG (Switzerland)	1,006		164,586
Sanofi-Aventis SA (France)	1,588		119,970
SIGA Technologies, Inc.*	3,245		29,367
Sirona Dental Systems, Inc.*	1,003		29,187
STERIS Corp.	1,118		36,123
Takeda Pharmaceutical Co. Ltd. (Japan)	1,214		50,733
Thoratec Corp.*	1,148		34,199
UnitedHealth Group, Inc.	3,170		90,884
Vanda Pharmaceuticals, Inc.*	518		5,470
WellCare Health Plans, Inc.*	838		27,646
Zimmer Holdings, Inc.*	590		34,910
ZymoGenetics, Inc.*	1,299		7,937

			2,821,373


INDUSTRIALS — 6.5%
A.O. Smith Corp.	533		22,343
ABB Ltd. (Switzerland)	3,215		58,906
BAE Systems PLC (United Kingdom)	4,857		26,152
Baldor Electric Co.	880		22,660
Burlington Northern Santa Fe Corp.	1,989		195,519
C.H. Robinson Worldwide, Inc.	1,013		56,465
Caterpillar, Inc.	1,561		91,147
CLARCOR, Inc.	952		30,340
CRA International, Inc.*	937		23,303
Curtiss-Wright Corp.	854		24,305
Dollar Thrifty Automotive Group*	1,497		27,635
East Japan Railway Co. (Japan)	642		45,461
Eaton Corp.	442		28,244
EMCOR Group, Inc.*	1,302		30,988
Emerson Electric Co.	1,949		80,708
Fanuc Ltd. (Japan)	520		43,099
First Solar, Inc.*	245		29,182
General Dynamics Corp.	1,046		68,931


	Number of Shares		Value
INDUSTRIALS (Continued)
General Electric Co.	28,353	$	454,214
Geo Group (The), Inc.*	980		19,482
GrafTech International Ltd.*	2,246		33,039
Granite Construction, Inc.	747		22,388
Griffon Corp.*	1,151		11,970
Hawaiian Holdings, Inc.*	4,095		25,594
Heartland Express, Inc.	1,773		26,152
Heico Corp.	482		18,051
Heidrick & Struggles International, Inc.	1,413		39,917
Hutchison Whampoa Ltd. (Hong Kong)	3,301		22,319
JetBlue Airways Corp.*	5,097		28,084
Kforce, Inc.*	699		9,052
Knight Transportation, Inc.	1,644		27,964
Koninklijke (Royal) Philips Electronics NV
(Netherlands)	1,396		38,177
L.B. Foster Co., Class A*	744		20,371
Lockheed Martin Corp.	1,040		80,319
Mitsubishi Corp. (Japan)	2,160		48,894
Mitsui & Co. Ltd. (Japan)	2,888		38,352
PACCAR, Inc.	991		36,746
Regal-Beloit Corp.	595		28,239
Republic Services, Inc.	957		26,987
Rollins, Inc.	1,895		33,674
Schneider Electric SA (France)	318		34,800
Seaboard Corp.	23		33,442
Siemens AG (Germany)	1,285		125,902
Tetra Tech, Inc.*	1,148		30,238
Union Pacific Corp.	2,765		174,914
United Parcel Service, Inc., Class B	5,773		331,774
United Technologies Corp.	2,520		169,445
Vestas Wind Systems A/S (Denmark)*	295		20,711
Vicor Corp.*	3,410		27,962
Vinci SA (France)	625		34,555
Waste Management, Inc.	1,328		43,612
Watsco, Inc.	611		30,648
Watson Wyatt Worldwide, Inc., Class A	832		34,395

			3,087,771


INFORMATION TECHNOLOGY — 11.2%
3Com Corp.*	9,136		67,332
Accenture PLC, Class A (Ireland)	3,535		145,076
Anixter International, Inc.*	691		29,865
Apple, Inc.*	2,298		459,392
Arris Group, Inc.*	2,388		23,856
Benchmark Electronics, Inc.*	1,206		21,744
CACI International, Inc., Class A*	564		26,181
CANON, Inc. (Japan)	1,557		60,187
Cass Information Systems, Inc.	678		19,092
Cisco Systems, Inc.*	14,628		342,295
Computer Sciences Corp.*	401		22,179
Concur Technologies, Inc.*	925		34,281
Corning, Inc.	4,142		69,089
Daktronics, Inc.	3,299		27,943
Digital River, Inc.*	704		17,762
Ebix, Inc.*	165		8,565
Electro Scientific Industries, Inc.*	2,009		19,548
EMC Corp.*	5,245		88,273
EMS Technologies, Inc.*	288		3,709

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value
INFORMATION TECHNOLOGY (Continued)
Entegris, Inc.*	8,229	$	34,315
Exar Corp.*	3,369		23,650
Fair Isaac Corp.	1,029		18,779
Gartner, Inc.*	1,764		33,375
Google, Inc., Class A*	840		489,719
Hewlett-Packard Co.	6,340		311,040
Informatica Corp.*	1,617		36,302
International Business Machines Corp.	3,265		412,533
IXYS Corp.*	2,663		17,150
Jack Henry & Associates, Inc.	1,603		36,629
ManTech International Corp., Class A*	700		30,296
MasterCard, Inc., Class A	736		177,273
Microsemi Corp.*	1,466		22,327
Microsoft Corp.	23,804		700,075
Moduslink Global Solutions, Inc.*	3,448		27,860
Nintendo Co. Ltd. (Japan)	142		34,962
Nokia Oyj (Finland)	6,317		83,175
Oracle Corp.	13,386		295,563
Palm, Inc.*	2,958		32,272
Parametric Technology Corp.*	2,197		33,087
Paychex, Inc.	955		29,939
Polycom, Inc.*	1,510		32,556
Quest Software, Inc.*	1,760		29,621
Rackspace Hosting, Inc.*	2,354		43,573
Riverbed Technology, Inc.*	1,291		26,285
Rogers Corp.*	275		7,744
SAP AG (Germany)	1,284		61,341
Skyworks Solutions, Inc.*	2,815		34,653
Smith Micro Software, Inc.*	583		3,690
Solera Holdings, Inc.	1,287		44,994
SRA International, Inc., Class A*	1,018		18,375
Starent Networks Corp.*	1,293		44,596
Telefonaktiebolaget LM Ericsson,
B Shares (Sweden)	4,028		38,613
TIBCO Software, Inc.*	3,162		27,193
Visa, Inc., Class A	4,932		399,492
VistaPrint NV (Netherlands)*	799		45,567
Yahoo!, Inc.*	3,697		55,344

			5,280,327


MATERIALS — 2.6%
Air Liquide SA (France)	362		42,066
AMCOL International Corp.	593		16,159
American Vanguard Corp.	2,482		18,243
Anglo American PLC (United Kingdom)	1,862		79,541
ArcelorMittal (Luxembourg)	1,236		48,155
BASF AG (Germany)	1,272		76,694
BHP Billiton Ltd. (Australia)	4,875		184,295
BHP Billiton PLC (United Kingdom)	3,182		96,998
Dow Chemical (The) Co.	2,883		80,090
E.I. du Pont de Nemours & Co.	2,280		78,842
NewMarket Corp.	262		27,437
Newmont Mining Corp.	1,286		68,981
Praxair, Inc.	803		65,870
Rio Tinto PLC (United Kingdom)	1,875		95,020
Rock-Tenn Co., Class A	718		32,432
Rockwood Holdings, Inc.*	1,306		29,398
Sensient Technologies Corp.	896		22,705


		Number of Shares		Value
MATERIALS (Continued)
Shin-Etsu Chemical Co. Ltd. (Japan)		660	$	35,932
Silgan Holdings, Inc.		725		38,838
Syngenta AG (Switzerland)		149		39,511
Vulcan Materials Co.		332		16,095
Westlake Chemical Corp.		1,262		33,001
Weyerhaeuser Co.		562		21,884

				1,248,187


TELECOMMUNICATION SERVICES — 2.7%
AT&T, Inc.		16,976		457,333
Deutsche Telekom AG (Germany)		4,078		60,123
France Telecom SA (France)		2,840		73,871
Koninklijke (Royal) KPN NV (Netherlands)		2,445		43,389
NTT DoCoMo, Inc. (Japan)		23		34,976
Telefonica SA (Spain)		5,788		166,149
Verizon Communications, Inc.		8,106		255,015
Vodafone Group PLC (United Kingdom)		79,256		178,322

				1,269,178


UTILITIES — 2.4%
Consolidated Edison, Inc.		1,592		68,313
E.ON AG (Germany)		3,093		122,314
Enel S.p.A (Italy)		7,901		47,271
EQT Corp.		787		32,385
Exelon Corp.		3,939		189,782
FPL Group, Inc.		2,585		134,342
GDF Suez (France)		1,754		73,234
Iberdrola SA (Spain)		5,698		54,066
New Jersey Resources Corp.		796		28,043
Nicor, Inc.		876		34,304
Piedmont Natural Gas Co., Inc.		1,451		34,389
RWE AG (Germany)		698		64,061
Southern Co.		4,634		148,705
Tokyo Electric Power (The) Co., Inc. (Japan)		1,760		47,603
WGL Holdings, Inc.		980		30,850

				1,109,662


Total Common Stocks
(Cost $30,068,311)				29,523,164


RIGHTS — 0.0% (a)

FINANCIALS — 0.0% (a)
Fortis Rights, expiring 12/31/14 (Belgium)*
(Cost $0)		3,036		0


		Principal Amount		Value
CORPORATE BONDS — 19.4%

CONSUMER DISCRETIONARY — 1.4%
Comcast Cable Communications
Holdings, Inc.
8.375%, 3/15/13	$	65,000		76,151
Home Depot (The), Inc.
5.40%, 3/01/16		243,000		259,402
News America, Inc.
6.20%, 12/15/34		150,000		150,478
Time Warner, Inc.
7.70%, 5/01/32		36,000		42,319

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


		Principal Amount		Value
CONSUMER DISCRETIONARY (Continued)
Viacom, Inc.
6.25%, 4/30/16	$	125,000	$	138,182

				666,532


CONSUMER STAPLES — 1.8%
Coca-Cola Enterprises, Inc.
8.50%, 2/01/22		13,000		17,644
Diageo Finance BV (Netherlands)
5.30%, 10/28/15		101,000		112,228
Kraft Foods
6.50%, 8/11/17		307,000		338,640
Kroger (The) Co.
5.50%, 2/01/13		119,000		129,501
Pepsi Bottling Group, Inc., Series B
7.00%, 3/01/29		48,000		58,590
Reynolds American Inc.
6.75%, 6/15/17		81,000		84,619
Wal-Mart Stores, Inc.
4.55%, 5/01/13		105,000		114,146

				855,368


ENERGY — 1.7%
Anadarko Petroleum Corp.
5.95%, 9/15/16		217,000		237,106
Canadian Natural Resources Ltd. (Canada)
5.70%, 5/15/17		116,000		125,442
ConocoPhillips
5.90%, 10/15/32		97,000		101,942
Enterprise Products Operating LP, Series B
5.60%, 10/15/14		134,000		145,954
Spectra Energy Capital LLC
6.25%, 2/15/13		168,000		183,403

				793,847


FINANCIALS — 8.0%
Allstate (The) Corp.
5.55%, 5/09/35		112,000		111,269
American Express Co.
4.875%, 7/15/13		74,000		78,255
Bear Stearns & Co., Inc.
7.25%, 2/01/18		31,000		35,906
Boeing Capital Corp. Ltd.
5.80%, 1/15/13		155,000		172,034
Capital One Financial Corp.
6.15%, 9/01/16		112,000		113,592
Credit Suisse (USA), Inc.
7.125%, 7/15/32		158,000		190,403
Deutsche Bank AG London (Germany)
6.00%, 9/01/17		184,000		204,384
European Investment Bank (Supranational)
4.625%, 5/15/14		317,000		350,108
General Electric Capital Corp., Series A MTN
6.75%, 3/15/32		190,000		195,412
Genworth Financial, Inc.
5.75%, 6/15/14		184,000		172,420
Goldman Sachs Group, LP
5.00%, 10/01/14		281,000		299,130


		Principal Amount		Value
FINANCIALS (Continued)
HSBC Finance Corp.
5.50%, 1/19/16	$	150,000	$	159,722
JP Morgan Chase Bank
5.875%, 6/13/16		200,000		211,902
Landwirtschaftliche Rentenbank, Series G
MTN (Germany)
5.00%, 11/08/16		279,000		311,716
Marsh & McLennan Cos., Inc.
5.75%, 9/15/15		84,000		90,073
Merrill Lynch & Co, Inc., Series C MTN
5.00%, 1/15/15		214,000		219,679
Merrill Lynch & Co., Inc.
6.875%, 4/25/18		31,000		33,305
MetLife, Inc.
5.00%, 6/15/15		125,000		134,408
Morgan Stanley
5.30%, 3/01/13		206,000		220,304
Unilever Capital Corp.
5.90%, 11/15/32		24,000		26,666
Wachovia Corp.
5.25%, 8/01/14		411,000		432,828

				3,763,516


HEALTH CARE — 1.0%
Abbott Laboratories
5.875%, 5/15/16		188,000		214,413
AmerisourceBergen Corp.
5.875%, 9/15/15		50,000		55,827
UnitedHealth Group, Inc.
4.875%, 3/15/15		81,000		85,005
WellPoint, Inc.
5.25%, 1/15/16		24,000		25,040
Wyeth
5.50%, 2/01/14		68,000		75,628

				455,913


INDUSTRIALS — 0.8%
General Electric Co.
5.25%, 12/06/17		368,000		383,393

INFORMATION TECHNOLOGY — 0.7%
IBM Corp.
5.70%, 9/14/17		150,000		169,701
Oracle Corp.
5.25%, 1/15/16		156,000		172,334

				342,035


MATERIALS — 0.8%
BHP Billiton Finance USA Ltd. (Australia)
4.80%, 4/15/13		79,000		85,117
CRH America, Inc.
6.00%, 9/30/16		68,000		71,637
E.I. du Pont de Nemours & Co.
5.25%, 12/15/16		123,000		133,882
Weyerhaeuser Co.
7.375%, 3/15/32		112,000		102,401

				393,037

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


		Principal Amount		Value
TELECOMMUNICATION SERVICES — 1.6%
BellSouth Corp.
6.00%, 11/15/34	$	70,000	$	69,773
Cellco Partnership / Verizon Wireless
Capital LLC
5.55%, 2/01/14		100,000		110,309
Deutsche Telekom International Finance BV
(Netherlands)
8.75%, 6/15/30		93,000		121,831
Embarq Corp.
7.082%, 6/01/16		126,000		140,203
Verizon Global Funding Corp.
7.75%, 12/01/30		111,000		132,595
Vodafone Group PLC (United Kingdom)
5.625%, 2/27/17		161,000		175,739

				750,450


UTILITIES — 1.6%
Constellation Energy Group
4.55%, 6/15/15		149,000		152,799
Dominion Resources, Inc., Series C
5.15%, 7/15/15		188,000		203,378
Exelon Generation Co. LLC
5.35%, 1/15/14		68,000		73,238
FirstEnergy Corp., Series C
7.375%, 11/15/31		68,000		76,233
Oncor Electric Delivery Co.
7.00%, 9/01/22		68,000		79,810
Pacific Gas & Electric Co.
6.05%, 3/01/34		162,000		175,319

				760,777


Total Corporate Bonds
(Amortized Cost $8,484,386)				9,164,868


UNITED STATES GOVERNMENT & AGENCIES
OBLIGATIONS — 15.8%

FEDERAL HOME LOAN MORTGAGE CORP. — 2.4%
4.50%, 1/15/13		826,000		903,662
6.25%, 7/15/32		181,000		222,963

				1,126,625


FEDERAL NATIONAL MORTGAGE ASSOCIATION — 2.1%
5.00%, 4/15/15		369,000		417,748
5.00%, 5/11/17		494,000		556,177

				973,925


UNITED STATES TREASURY BONDS/NOTES — 11.3%
4.50%, 5/15/10		500		510
4.875%, 4/30/11		306,000		325,424
5.00%, 8/15/11		1,045,300		1,126,597
3.375%, 7/31/13		852,800		914,362
4.75%, 5/15/14		756,200		854,388
7.50%, 11/15/16		24,200		31,568
8.125%, 8/15/19		613,100		862,412
7.625%, 2/15/25		409,700		588,240
6.25%, 5/15/30		483,500		629,154

				5,332,655


		Principal Amount		Value
Total United States Government &
Agencies Obligations
(Amortized Cost $7,163,665)			$	7,433,205

SOVEREIGN BONDS — 1.4%
Province of Quebec Canada (Canada)
7.50%, 9/15/29	$	224,000		295,339
Republic of Italy (Italy)
5.25%, 9/20/16		175,000		194,200
United Mexican States
6.75%, 9/27/34		98,000		109,270
United Mexican States, Series A MTN (Mexico)
6.375%, 1/16/13		74,000		82,140

Total Sovereign Bonds
(Amortized Cost $648,563)				680,949

Total Investments — 99.2%
(Amortized Cost $46,364,925)			$	46,802,186
Other assets in excess of liabilities — 0.8%				351,278

Net Assets — 100.0%			$	47,153,464

ADR – American Depositary Receipt.
MTN – Medium Term Note.
REIT – Real Estate Investment Trust.
* Non-income producing security.
(a) Less than 0.1%.

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund’s investments:


Investments	Level 1		Level 2		Level 3

Common Stocks	$	29,523,074	$	—	$	90
Corporate Bonds		—		9,164,868		—
United States Government
& Agencies Obligations		—		7,433,205		—
Sovereign Bonds		—		680,949		—

Total Investments	$	29,523,074	$	17,279,022	$	90

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


	Investments in Securities

Balance as of 05/31/09	$	—
Net realized gain		—
Net change in unrealized appreciation		90
Net sales		—
Transfers in and/or out of Level 3		—

Balance as of 11/30/09	$	90

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2009 (Unaudited)


	Value		% of Net Assets

United States	$	36,380,988	77.2	%
United Kingdom		2,293,691	4.9
Germany		1,380,561	2.9
France		964,240	2.0
Japan		945,423	2.0
Switzerland		890,322	1.9
Australia		598,795	1.3
Spain		504,235	1.1
Italy		504,096	1.1
Netherlands		430,672	0.9
Canada		420,781	0.9
Supranational		350,108	0.7
Netherlands Antilles		201,381	0.4
Mexico		191,410	0.4
Ireland		145,076	0.3
Sweden		122,982	0.3
Bermuda		83,904	0.2
Finland		83,175	0.2
Denmark		62,770	0.1
Luxembourg		48,155	0.1
Norway		47,632	0.1
Belgium		45,763	0.1
Greece		37,967	0.1
Cayman Islands		26,206	0.1
Hong Kong		22,319	0.0
Marshall Islands		19,534	0.0

Total Investments		46,802,186	99.3
Other assets less liabilities		351,278	0.7

Net Assets	$	47,153,464	100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
November 30, 2009 (Unaudited)


	Number of Shares	Value

COMMON STOCKS — 84.1%

CONSUMER DISCRETIONARY — 7.4%
Amazon.com, Inc.*	1,214	$	164,996
Ameristar Casinos, Inc.	1,161		20,178
AutoZone, Inc.*	150		22,181
Bally Technologies, Inc.*	1,043		43,316
Bob Evans Farms, Inc.*	617		15,585
Brown Shoe Co., Inc.	3,565		36,577
Buckle (The), Inc.	959		26,219
California Pizza Kitchen, Inc.*	429		5,388
Carter’s, Inc.*	1,184		25,752
Cinemark Holdings, Inc.	2,364		29,905
Collective Brands, Inc.*	1,407		27,211
Columbia Sportswear Co.	660		25,357
Comcast Corp., Class A	8,641		126,763
Cooper Tire & Rubber Co.	1,059		18,977
Corinthian Colleges, Inc.*	2,031		30,099
Daimler AG (Germany)	1,286		65,104
DIRECTV, Class A*	2,882		91,158
Dress Barn, Inc.*	1,236		26,537
Eastman Kodak Co.*	5,140		20,817
Ethan Allen Interiors, Inc.	2,145		24,903
Ford Motor Co.*	8,224		73,111
Fossil, Inc.*	1,397		43,097
Hennes & Mauritz AB, B Shares (Sweden)	748		44,125
Home Depot (The), Inc.	4,745		129,823
HONDA MOTOR Co. Ltd. (Japan)	2,824		88,511
Iconix Brand Group, Inc.*	1,387		15,618
J. Crew Group, Inc.*	1,279		54,728
Jack in the Box, Inc.*	1,146		21,396
Knology, Inc.*	3,280		32,341
Las Vegas Sands Corp.*	1,820		27,882
Life Time Fitness, Inc.*	787		17,786
LVMH Moet Hennessy Louis Vuitton SA
(France)	405		42,174
Marcus Corp.	2,231		27,642
McDonald’s Corp.	3,270		206,829
Men’s Wearhouse (The), Inc.	1,060		21,624
News Corp., Class A	5,326		61,036
Nissan Motor Co. Ltd. (Japan)	3,719		27,025
Omnicom Group, Inc.	873		32,057
Panasonic Corp. (Japan)	3,107		40,071
Rent-A-Center, Inc.*	1,282		22,679
Sherwin-Williams (The) Co.	329		20,016
Sony Corp. (Japan)	1,721		46,449
Spartan Motors, Inc.	869		4,501
Talbots (The), Inc.*	6,225		41,147
Target Corp.	2,229		103,782
Time Warner, Inc.	3,348		102,851
Toyota Motor Corp. (Japan)	4,627		184,769
Tractor Supply Co.*	664		31,002
Tupperware Brands Corp.	1,204		56,046
Vail Resorts, Inc.*	706		27,386
Vivendi (France)	1,986		57,218
Volcom, Inc.*	2,001		31,416
Volkswagen AG (Germany)	118		14,527
Walt Disney (The) Co.	5,136		155,211
Warnaco Group (The), Inc.*	902		36,720

			2,789,619


	Number of Shares	Value



CONSUMER STAPLES — 8.4%
Anheuser-Busch Inbev NV (Belgium)	990	$	49,406
B&G Foods, Inc. Class A	3,253		27,846
Boston Beer (The) Co., Inc., Class A*	939		39,523
British American Tobacco PLC
(United Kingdom)	2,759		83,628
Campbell Soup Co.	993		34,725
Carrefour SA (France)	977		47,400
Casey’s General Stores, Inc.	985		30,131
Coca-Cola (The) Co.	6,477		370,484
CVS Caremark Corp.	4,171		129,343
Diageo PLC (United Kingdom)	4,283		72,046
Fresh Del Monte Produce, Inc.
(Cayman Islands)*	1,291		28,053
Imperial Tobacco Group PLC
(United Kingdom)	1,525		44,247
Kraft Foods, Inc., Class A	3,961		105,283
Lancaster Colony Corp.	562		26,819
Molson Coors Brewing Co., Class B	504		22,786
Nestle SA (Switzerland)	5,680		268,545
Philip Morris International, Inc.	5,760		276,998
Prestige Brands Holdings, Inc.*	4,190		29,204
Procter & Gamble (The) Co.	7,975		497,241
Reckitt Benckiser Group PLC
(United Kingdom)	907		46,143
Ruddick Corp.	1,016		27,046
Safeway, Inc.	1,237		27,833
Tesco PLC (United Kingdom)	11,764		81,664
Tootsie Roll Industries, Inc.	1,125		28,598
Unilever NV (Netherlands)	2,484		76,097
Unilever PLC (United Kingdom)	1,941		56,827
Wal-Mart Stores, Inc.	11,467		625,525
Weis Markets, Inc.	506		17,599

			3,171,040


ENERGY — 10.4%
Arena Resources, Inc.*	847		34,634
ATP Oil & Gas Corp.*	3,913		62,412
Berry Petroleum Co., Class A	948		25,909
BG Group PLC (United Kingdom)	6,095		110,328
Bill Barrett Corp.*	952		27,180
BP PLC (United Kingdom)	30,617		288,711
Cal Dive International, Inc.*	1,921		13,946
Chevron Corp.	6,078		474,327
ConocoPhillips	4,367		226,080
Dril-Quip, Inc.*	787		42,506
ENI S.p.A (Italy)	4,183		103,622
Exxon Mobil Corp.	14,645		1,099,400
General Maritime Corp. (Marshall Islands)	2,967		20,977
Goodrich Petroleum Corp.*	792		17,527
ION Geophysical Corp.*	11,343		61,706
Matrix Service Co.*	2,489		21,306
Murphy Oil Corp.	544		30,676
Nordic American Tanker Shipping Ltd.
(Bermuda)	875		27,974
Occidental Petroleum Corp.	2,381		192,361
Peabody Energy Corp.	727		32,322
Repsol YPF SA (Spain)	1,191		32,722

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

ENERGY (Continued)
Royal Dutch Shell PLC, Class A
(United Kingdom)	6,173	$	182,400
Royal Dutch Shell PLC, Class B
(United Kingdom)	4,498		128,220
RPC, Inc.	1,945		18,789
Schlumberger Ltd. (Netherlands Antilles)	3,485		222,657
Southwestern Energy Co.*	2,152		94,602
StatoilHydro ASA (Norway)	2,328		56,982
Total SA (France)	3,717		229,973
Woodside Petroleum Ltd. (Australia)	817		36,457
World Fuel Services Corp.	637		33,876

			3,950,582


FINANCIALS — 15.8%
Aflac, Inc.	3,049		140,345
Alexander’s, Inc. REIT*	106		29,526
Allianz SE (Germany)	724		88,937
American Campus Communities, Inc. REIT	1,027		27,678
Annaly Capital Management, Inc. REIT	3,282		60,422
Assicurazioni Generali S.p.A (Italy)	1,852		47,852
Australia & New Zealand Banking
Group Ltd. (Australia)	2,917		59,142
AXA (France)	2,802		66,762
Banco Bilbao Vizcaya Argentaria SA (Spain)	4,902		92,326
Banco Santander SA (Spain)	10,521		180,229
Bank of America Corp.	23,194		367,625
Bank of New York Mellon (The) Corp.	7,611		202,757
Barclays PLC (United Kingdom)	12,047		57,799
BB&T Corp.	4,007		99,774
BNP Paribas (France)	1,406		116,099
Boston Private Financial Holdings, Inc.	5,438		25,504
Capital One Financial Corp.	2,407		92,333
Charles Schwab (The) Corp.	7,411		135,844
Commonwealth Bank of Australia
(Australia)	2,014		97,338
Credit Suisse Group AG (Switzerland)	1,634		84,608
Delphi Financial Group, Inc., Class A	1,018		22,253
Deutsche Bank AG (Germany)	823		59,377
Dime Community Bancshares, Inc.	2,656		29,853
Encore Capital Group, Inc.*	2,061		35,119
Equity Lifestyle Properties, Inc. REIT	512		24,581
Equity One, Inc. REIT	1,700		27,455
First American Corp.	731		23,181
First Financial Bankshares, Inc.	422		21,851
FirstMerit Corp.	1,621		33,960
Franklin Resources, Inc.	1,561		168,635
GAMCO Investors, Inc., Class A	611		28,063
Goldman Sachs Group (The), Inc.	1,464		248,382
Highwoods Properties, Inc. REIT	1,475		45,150
HSBC Holdings PLC (United Kingdom)	27,862		323,271
Intesa Sanpaolo S.p.A (Italy)*	14,949		64,750
JPMorgan Chase & Co.	10,792	��	458,553
Kansas City Life Insurance Co.	954		25,663
KBW, Inc.*	772		18,983
Knight Capital Group, Inc., Class A*	1,890		27,670
MarketAxess Holdings, Inc.	2,439		30,366
MFA Financial, Inc. REIT	4,641		35,132
Mid-America Apartment Communities,
Inc. REIT	581		27,022


	Number of Shares	Value

FINANCIALS (Continued)
Mitsubishi UFJ Financial Group, Inc.
�� (Japan)	20,435	$	114,338
Montpelier Re Holdings Ltd. (Bermuda)	1,672		27,989
Moody’s Corp.	1,360		31,593
Morgan Stanley	3,916		123,667
Muenchener Rueckversicherungs-
Gesellschaft AG (Germany)	335		52,523
National Australia Bank Ltd. (Australia)	2,718		71,204
National Bank of Greece SA ADR (Greece)	6,555		39,592
National Financial Partners Corp.*	3,801		33,221
National Retail Properties, Inc. REIT	1,654		33,146
NewAlliance Bancshares, Inc.	2,162		25,468
Nordea Bank AB (Sweden)	4,721		48,837
Northern Trust Corp.	1,477		73,112
Omega Healthcare Investors, Inc. REIT	1,677		30,337
optionsXpress Holdings, Inc.	1,219		18,651
Platinum Underwriters Holdings Ltd.
(Bermuda)	958		33,808
Potlatch Corp. REIT	790		23,258
ProAssurance Corp.*	668		35,571
Progressive (The) Corp.*	4,359		73,100
Prosperity Bancshares, Inc.	938		37,361
Renasant Corp.	478		6,802
Riskmetrics Group, Inc.*	1,266		18,901
SCBT Financial Corp.	1,082		28,132
Simon Property Group, Inc. REIT	1,641		119,235
Societe Generale (France)	881		62,021
Standared Chartered PLC
(United Kingdom)	2,962		72,136
Stifel Financial Corp.*	549		29,492
Sumitomo Mitsui Financial Group, Inc.
(Japan)	976		32,290
Tanger Factory Outlet Centers, Inc. REIT	654		25,670
Tower Group, Inc.	808		19,941
UBS AG (Switzerland)*	5,667		87,918
UMB Financial Corp.	765		30,065
UniCredito Italiano S.p.A (Italy)	21,763		74,333
Washington Real Estate Investment Trust
REIT	1,156		30,172
Wells Fargo & Co.	13,304		373,045
Westamerica Bancorp.	627		33,356
Westpac Banking Corp. (Australia)	4,099		90,574
Westwood Holdings Group, Inc.	636		22,114
Zurich Financial Services AG (Switzerland)	235		50,639

			5,985,782


HEALTH CARE — 8.1%
Abbott Laboratories	4,790		261,007
Amedisys, Inc.*	546		20,224
AMERIGROUP Corp.*	1,068		25,322
AmSurg Corp., Class A*	642		13,296
AstraZeneca PLC (United Kingdom)	2,106		93,904
Bayer AG (Germany)	1,314		100,592
Boston Scientific Corp.*	4,278		35,807
Bruker Corp.*	3,742		42,397
Catalyst Health Solutions, Inc.*	914		31,085
Centene Corp.*	943		17,747
Emergency Medical Services Corp., Class A*	818		39,469
eResearch Technology, Inc.*	4,503		26,568

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

HEALTH CARE (Continued)
Forest Laboratories, Inc.*	874	$	26,797
Genzyme Corp.*	783		39,698
GlaxoSmithKline PLC (United Kingdom)	7,893		162,822
Haemonetics Corp.*	535		28,558
Inspire Pharmaceuticals, Inc.*	1,196		6,961
Isis Pharmaceuticals, Inc.*	2,139		22,909
Johnson & Johnson	7,783		489,084
Magellan Health Services, Inc.*	751		27,614
Martek Biosciences Corp.*	657		11,432
Medicis Pharmaceutical Corp., Class A	1,285		30,313
Novartis AG (Switzerland)	3,603		200,017
Novo Nordisk A/S, B Shares (Denmark)	683		45,815
NuVasive, Inc.*	832		26,998
Onyx Pharmaceuticals, Inc.*	1,207		34,532
Owens & Minor, Inc.	867		33,631
Pfizer, Inc.	19,644		356,931
Pharmasset Inc.*	471		9,415
Psychiatric Solutions, Inc.*	1,123		24,886
Quality Systems, Inc.	632		37,598
Regeneron Pharmaceuticals, Inc.*	1,727		31,690
Roche Holding AG (Switzerland)	1,075		175,875
Sanofi-Aventis SA (France)	1,732		130,849
SIGA Technologies, Inc.*	3,485		31,539
Sirona Dental Systems, Inc.*	1,077		31,341
STERIS Corp.	1,199		38,740
Takeda Pharmaceutical Co. Ltd. (Japan)	1,538		64,273
Thoratec Corp.*	1,234		36,761
UnitedHealth Group, Inc.	3,401		97,507
Vanda Pharmaceuticals, Inc.*	556		5,871
WellCare Health Plans, Inc.*	899		29,658
Zimmer Holdings, Inc.*	631		37,336
ZymoGenetics, Inc.*	1,396		8,530

			3,043,399


INDUSTRIALS — 8.7%
A.O. Smith Corp.	574		24,062
ABB Ltd. (Switzerland)	3,584		65,667
BAE Systems PLC (United Kingdom)	5,596		30,131
Baldor Electric Co.	949		24,437
Burlington Northern Santa Fe Corp.	2,232		219,406
C.H. Robinson Worldwide, Inc.	1,085		60,478
Caterpillar, Inc.	1,686		98,446
CLARCOR, Inc.	1,030		32,826
CRA International, Inc.*	1,009		25,094
Curtiss-Wright Corp.	924		26,297
Dollar Thrifty Automotive Group, Inc.*	1,607		29,665
East Japan Railway Co. (Japan)	540		38,238
Eaton Corp.	480		30,672
EMCOR Group, Inc.*	1,404		33,415
Emerson Electric Co.	2,109		87,334
Fanuc Ltd. (Japan)	333		27,600
First Solar, Inc.*	264		31,445
General Dynamics Corp.	1,131		74,533
General Electric Co.	29,263		468,792
Geo Group (The), Inc.*	1,057		21,013
GrafTech International Ltd.*	2,418		35,569
Granite Construction, Inc.	810		24,276
Griffon Corp.*	1,250		13,000
Hawaiian Holdings, Inc.*	4,258		26,613


	Number of Shares	Value

INDUSTRIALS (Continued)
Heartland Express, Inc.	1,895	$	27,951
Heico Corp.	521		19,511
Heidrick & Struggles International, Inc.	1,520		42,940
Hutchison Whampoa Ltd. (Hong Kong)	3,331		22,521
JetBlue Airways Corp.*	5,961		32,845
Kforce, Inc.*	757		9,803
Knight Transportation, Inc.	1,759		29,921
Koninklijke (Royal) Philips Electronics
NV (Netherlands)	1,591		43,509
L.B. Foster Co., Class A*	803		21,986
Lockheed Martin Corp.	1,127		87,038
Mitsubishi Corp. (Japan)	2,247		50,864
Mitsui & Co. Ltd. (Japan)	3,169		42,084
PACCAR, Inc.	1,075		39,861
Regal-Beloit Corp.	644		30,564
Republic Services, Inc.	1,033		29,131
Rollins, Inc.	2,052		36,464
Schneider Electric SA (France)	400		43,773
Seaboard Corp.	24		34,896
Siemens AG (Germany)	1,415		138,639
Tetra Tech, Inc.*	1,238		32,609
Union Pacific Corp.	3,065		193,892
United Parcel Service, Inc., Class B	6,091		350,050
United Technologies Corp.	2,720		182,893
Vestas Wind Systems A/S (Denmark)*	324		22,747
Vicor Corp.*	3,680		30,176
Vinci SA (France)	674		37,264
Waste Management, Inc.	1,438		47,224
Watsco, Inc.	659		33,055
Watson Wyatt Worldwide, Inc., Class A	896		37,041

			3,300,261


INFORMATION TECHNOLOGY — 15.0%
3Com Corp.*	9,281		68,401
Accenture PLC, Class A (Ireland)	3,898		159,974
Anixter International, Inc.*	742		32,069
Apple, Inc.*	2,529		505,572
Arris Group, Inc.*	2,566		25,634
Benchmark Electronics, Inc.*	1,296		23,367
CACI International, Inc., Class A*	606		28,131
CANON, Inc. (Japan)	1,603		61,965
Cass Information Systems, Inc.	728		20,500
Cisco Systems, Inc.*	15,695		367,263
Computer Sciences Corp.*	429		23,728
Concur Technologies, Inc.*	995		36,875
Corning, Inc.	4,444		74,126
Daktronics, Inc.	3,541		29,992
Digital River, Inc.*	756		19,074
Ebix, Inc.*	178		9,240
Electro Scientific Industries, Inc.*	2,157		20,988
EMC Corp.*	5,633		94,803
EMS Technologies, Inc.*	310		3,993
Entegris, Inc.*	8,831		36,825
Exar Corp.*	3,617		25,391
Fair Isaac Corp.	1,104		20,148
Gartner, Inc.*	1,893		35,816
Google, Inc., Class A*	887		517,120
Hewlett-Packard Co.	6,808		334,000
Informatica Corp.*	1,741		39,085

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

INFORMATION TECHNOLOGY (Continued)
International Business Machines Corp.	3,669	$	463,578
IXYS Corp.*	2,858		18,406
Jack Henry & Associates, Inc.	1,723		39,371
ManTech International Corp., Class A*	752		32,547
MasterCard, Inc., Class A	791		190,520
Microsemi Corp.*	1,571		23,926
Microsoft Corp.	25,428		747,836
ModusLink Global Solutions, Inc.*	3,702		29,912
Nintendo Co. Ltd. (Japan)	153		37,671
Nokia Oyj (Finland)	6,596		86,849
Oracle Corp.	14,566		321,617
Palm, Inc.*	3,178		34,672
Parametric Technology Corp.*	2,361		35,557
Paychex, Inc.	1,028		32,228
Polycom, Inc.*	1,621		34,949
Quest Software, Inc.*	1,891		31,826
Rackspace Hosting, Inc.*	2,527		46,775
Riverbed Technology, Inc.*	1,388		28,260
Rogers Corp.*	295		8,307
SAP AG (Germany)	1,396		66,691
Skyworks Solutions, Inc.*	3,020		37,176
Smith Micro Software, Inc.*	626		3,963
Solera Holdings, Inc.	1,384		48,385
SRA International, Inc., Class A*	1,094		19,747
Starent Networks Corp.*	1,390		47,941
Telefonaktiebolaget LM Ericsson, B Shares
(Sweden)	4,371		41,901
TIBCO Software, Inc.*	3,398		29,223
Visa, Inc., Class A	5,296		428,976
VistaPrint NV (Netherlands)*	859		48,989
Yahoo!, Inc.*	3,969		59,416

			5,691,295


MATERIALS — 3.6%
Air Liquide SA (France)	396		46,017
AMCOL International Corp.	637		17,358
American Vanguard Corp.	2,666		19,595
Anglo American PLC (United Kingdom)	2,037		87,016
ArcelorMittal (Luxembourg)	1,324		51,583
BASF AG (Germany)	1,374		82,844
BHP Billiton Ltd. (Australia)	5,236		197,943
BHP Billiton PLC (United Kingdom)	3,769		114,893
Dow Chemical (The) Co.	3,194		88,729
E.I. du Pont de Nemours & Co.	2,448		84,652
NewMarket Corp.	281		29,426
Newmont Mining Corp.	1,380		74,023
Praxair, Inc.	863		70,792
Rio Tinto PLC (United Kingdom)	2,212		112,098
Rock-Tenn Co., Class A	773		34,916
Rockwood Holdings, Inc.*	1,402		31,559
Sensient Technologies Corp.	962		24,377
Shin-Etsu Chemical Co. Ltd. (Japan)	688		37,457
Silgan Holdings, Inc.	780		41,785
Syngenta AG (Switzerland)	162		42,958
Vulcan Materials Co.	357		17,307
Westlake Chemical Corp.	1,356		35,459
Weyerhaeuser Co.	603		23,481

			1,366,268


	Number of Shares		Value

TELECOMMUNICATION SERVICES — 3.6%
AT&T, Inc.		18,096	$	487,506
Deutsche Telekom AG (Germany)		4,385		64,649
France Telecom SA (France)		3,078		80,062
Koninklijke (Royal) KPN NV (Netherlands)		2,663		47,258
NTT DoCoMo, Inc. (Japan)		24		36,497
Telefonica SA (Spain)		6,248		179,354
Verizon Communications, Inc.		8,696		273,576
Vodafone Group PLC (United Kingdom)		84,611		190,370

				1,359,272


UTILITIES — 3.1%
Consolidated Edison, Inc.		1,808		77,581
E.ON AG (Germany)		3,270		129,314
Enel S.p.A (Italy)		8,616		51,549
EQT Corp.		845		34,772
Exelon Corp.		4,209		202,789
FPL Group, Inc.		2,660		138,240
GDF Suez (France)		1,894		79,079
Iberdrola SA (Spain)		6,137		58,231
New Jersey Resources Corp.		856		30,157
Nicor, Inc.		941		36,850
Piedmont Natural Gas Co., Inc.		1,559		36,948
RWE AG (Germany)		756		69,384
Southern Co.		4,967		159,391
Tokyo Electric Power (The) Co., Inc. (Japan)		1,888		51,066
WGL Holdings, Inc.		1,053		33,148

				1,188,499


Total Common Stocks
(Cost $32,754,550)				31,846,017


RIGHTS — 0.0% (a)

FINANCIALS — 0.0% (a)
Fortis Rights, expiring 12/31/14 (Belgium)*
(Cost $0)		3,513		0


	Principal Amount			Value

CORPORATE BONDS — 9.5%

CONSUMER DISCRETIONARY — 0.9%
CBS Corp.
7.875%, 7/30/30	$	19,000		19,914
Comcast Corp.
6.45%, 3/15/37		26,000		27,217
Home Depot (The), Inc.
5.40%, 3/01/16		31,000		33,092
News America, Inc.
6.20%, 12/15/34		31,000		31,099
Target Corp.
7.00%, 1/15/38		110,000		133,014
Time Warner Cable, Inc.
6.55%, 5/01/37		24,000		24,985
Time Warner, Inc.
7.70%, 5/01/32		25,000		29,388
Viacom, Inc.
6.25%, 4/30/16		19,000		21,004

				319,713

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Principal Amount		Value

CONSUMER STAPLES — 0.6%
Coca-Cola Enterprises, Inc.
8.50%, 2/01/22	$	31,000	$	42,075
Diageo Finance BV (Netherlands)
5.30%, 10/28/15		30,000		33,335
Kraft Foods
6.50%, 8/11/17		68,000		75,007
Procter & Gamble (The) Co.
5.55%, 3/05/37		23,000		24,852
Wal-Mart Stores, Inc.
4.55%, 5/01/13		7,000		7,610
6.50%, 8/15/37		51,000		60,039

				242,918


ENERGY — 0.6%
Anadarko Petroleum Corp.
5.95%, 9/15/16		33,000		36,058
Canadian Natural Resources Ltd. (Canada)
5.70%, 5/15/17		25,000		27,035
ConocoPhillips
5.90%, 10/15/32		47,000		49,395
Kinder Morgan Energy Partners LP
5.80%, 3/15/35		110,000		103,671
XTO Energy Inc.
6.75%, 8/01/37		20,000		22,288

				238,447


FINANCIALS — 3.2%
Allstate (The) Corp.
5.55%, 5/09/35		43,000		42,719
American Express Co.
4.875%, 7/15/13		248,000		262,260
Bear Stearns & Co., Inc.
7.25%, 2/01/18		38,000		44,014
Capital One Financial Corp.
6.15%, 9/01/16		54,000		54,768
Credit Suisse (USA), Inc.
7.125%, 7/15/32		70,000		84,356
Deutsche Bank AG London (Germany)
6.00%, 9/01/17		33,000		36,656
General Electric Capital Corp., Series A MTN
6.75%, 3/15/32		48,000		49,367
Goldman Sachs Group, LP
5.00%, 10/01/14		73,000		77,710
Goldman Sachs Group (The), Inc.
6.75%, 10/01/37		85,000		87,764
HSBC Finance Corp.
5.50%, 1/19/16		55,000		58,565
JP Morgan Chase Bank NA
5.875%, 6/13/16		50,000		52,975
Marsh & McLennan Cos., Inc.
5.75%, 9/15/15		24,000		25,735
Merrill Lynch & Co., Inc., Series C MTN
5.00%, 1/15/15		80,000		82,123
MetLife, Inc.
5.00%, 6/15/15		60,000		64,516
Travelers (The) Cos., Inc.
6.25%, 3/15/37 (b)		35,000		31,759
Unilever Capital Corp.
5.90%, 11/15/32		33,000		36,665


	Principal Amount		Value

FINANCIALS (Continued)
Wachovia Corp.
5.25%, 8/01/14	$	75,000	$	78,983
Wells Fargo & Co.
5.00%, 11/15/14		18,000		18,864

				1,189,799


HEALTH CARE — 0.9%
Abbott Laboratories
5.875%, 5/15/16		18,000		20,529
AmerisourceBergen Corp.
5.875%, 9/15/15		19,000		21,214
AstraZeneca PLC (United Kingdom)
6.45%, 9/15/37		53,000		62,108
Bristol-Myers Squibb Co.
5.875%, 11/15/36		34,000		36,916
Eli Lilly & Co.
5.55%, 3/15/37		38,000		39,765
WellPoint, Inc.
5.25%, 1/15/16		18,000		18,780
Wyeth
5.50%, 2/01/14		140,000		155,704

				355,016


INDUSTRIALS — 0.4%
Burlington Northern Santa Fe Corp.
6.15%, 5/01/37		16,000		17,767
CSX Corp.
6.00%, 10/01/36		27,000		27,635
General Electric Co.
5.25%, 12/06/17		100,000		104,183

				149,585


INFORMATION TECHNOLOGY — 0.2%
IBM Corp.
5.70%, 9/14/17		40,000		45,254
Oracle Corp.
5.25%, 1/15/16		33,000		36,455

				81,709


MATERIALS — 0.3%
CRH America, Inc.
6.00%, 9/30/16		16,000		16,856
Vale Overseas Ltd. (Cayman Islands)
6.875%, 11/21/36		58,000		59,328
Weyerhaeuser Co.
7.375%, 3/15/32		29,000		26,515

				102,699


TELECOMMUNICATION SERVICES — 1.3%
BellSouth Corp.
6.00%, 11/15/34		54,000		53,825
Cellco Partnership / Verizon Wireless Capital LLC
5.55%, 2/01/14		270,000		297,834
Embarq Corp.
7.082%, 6/01/16		14,000		15,578
Verizon Global Funding Corp.
7.75%, 12/01/30		101,000		120,649

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Principal Amount		Value

TELECOMMUNICATION SERVICES (Continued)
Vodafone Group PLC (United Kingdom)
5.625%, 2/27/17	$	13,000	$	14,190

				502,076


UTILITIES — 1.1%
Constellation Energy Group
4.55%, 6/15/15		28,000		28,714
Dominion Resources, Inc., Series C
5.15%, 7/15/15		113,000		122,243
Exelon Generation Co. LLC
5.35%, 1/15/14		150,000		161,554
Pacific Gas & Electric Co.
6.05%, 3/01/34		36,000		38,960
6.25%, 3/01/39		50,000		56,009

				407,480


Total Corporate Bonds
(Amortized Cost $3,400,064)				3,589,442


UNITED STATES GOVERNMENT & AGENCIES
OBLIGATIONS — 5.3%

FEDERAL HOME LOAN MORTGAGE CORP. — 0.2%
6.25%, 7/15/32		55,000		67,751

FEDERAL NATIONAL MORTGAGE ASSOCIATION — 1.2%
5.00%, 4/15/15		228,000		258,121
5.00%, 5/11/17		169,000		190,271

				448,392


UNITED STATES TREASURY BONDS/NOTES — 3.9%
1.75%, 11/15/11		182,400		186,383
4.75%, 5/15/14		327,500		370,024
7.50%, 11/15/16		240,600		313,852
8.125%, 8/15/19		108,400		152,480
4.375%, 2/15/38		445,000		457,793

				1,480,532


Total United States Government &
Agencies Obligations
(Amortized Cost $1,906,249)				1,996,675

SOVEREIGN BONDS — 0.6%
Province of Quebec Canada (Canada)
7.50%, 9/15/29		31,000		40,873
Republic of Brazil (Brazil)
7.125%, 1/20/37		67,000		79,629
Republic of Italy (Italy)
5.25%, 9/20/16		25,000		27,743
United Mexican States (Mexico)
5.625%, 1/15/17		56,000		60,088

Total Sovereign Bonds
(Amortized Cost $198,302)				208,333

Total Investments — 99.5%
(Amortized Cost $38,259,165)			$	37,640,467
Other assets less liabilities — 0.5%				204,271

Net Assets — 100.0%			$	37,844,738

ADR – American Depositary Receipt.
MTN – Medium Term Note.
REIT – Real Estate Investment Trust.
* Non-income producing security.
(a) Less than 0.1%.
(b) Variable Rate Coupon. Stated interest rate was in effect at November 30, 2009.

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund’s investments:


Investments	Level 1		Level 2		Level 3
Common Stocks	$	31,846,017	$	—	$	—
Corporate Bonds		—		3,589,442		—
United States Government
& Agencies Obligations		—		1,996,675		—
Sovereign Bonds		—		208,333		—

Total Investments	$	31,846,017	$	5,794,450	$	—

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2009 (Unaudited)


	Value		% of Net Assets
United States	$	28,246,891	74.6	%
United Kingdom		2,414,952	6.4
France		1,038,692	2.7
Japan		981,166	2.6
Switzerland		976,227	2.6
Germany		969,238	2.6
Australia		552,657	1.5
Spain		542,863	1.4
Italy		369,849	1.0
Netherlands		249,188	0.7
Netherlands Antilles		222,657	0.6
Ireland		159,974	0.4
Sweden		134,863	0.4
Bermuda		89,771	0.2
Cayman Islands		87,382	0.2
Finland		86,849	0.2
Brazil		79,629	0.2
Denmark		68,562	0.2
Canada		67,908	0.2
Mexico		60,088	0.2
Norway		56,982	0.1
Luxembourg		51,583	0.1
Belgium		49,406	0.1
Greece		39,592	0.1
Hong Kong		22,521	0.1
Marshall Islands		20,977	0.1

Total Investments		37,640,467	99.5
Other assets less liabilities		204,271	0.5

Net Assets	$	37,844,738	100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND
November 30, 2009 (Unaudited)


	Number of Shares	Value

COMMON STOCKS — 95.2%

CONSUMER DISCRETIONARY — 8.4%
Amazon.com, Inc.*	1,350	$	183,479
Ameristar Casinos, Inc.	1,270		22,073
AutoZone, Inc.*	222		32,827
Bally Technologies, Inc.*	1,137		47,220
Bob Evans Farms, Inc.*	678		17,126
Brown Shoe Co., Inc.	3,883		39,840
Buckle (The), Inc.	1,068		29,199
California Pizza Kitchen, Inc.*	476		5,979
Carter’s, Inc.*	1,326		28,841
Cinemark Holdings, Inc.	2,565		32,447
Collective Brands, Inc.*	1,445		27,946
Columbia Sportswear Co.	726		27,893
Comcast Corp., Class A	9,444		138,543
Cooper Tire & Rubber Co.	1,038		18,601
Corinthian Colleges, Inc.*	2,216		32,841
Daimler AG (Germany)	1,396		70,673
DIRECTV, Class A*	3,140		99,318
Dress Barn, Inc.*	1,376		29,543
Eastman Kodak Co.*	5,574		22,575
Ethan Allen Interiors, Inc.	2,332		27,075
Ford Motor Co.*	8,905		79,165
Fossil, Inc.*	1,525		47,046
Hennes & Mauritz AB, B Shares (Sweden)	829		48,904
Home Depot (The), Inc.	5,305		145,145
HONDA MOTOR Co. Ltd. (Japan)	3,062		95,971
Iconix Brand Group, Inc.*	1,523		17,149
J. Crew Group, Inc.*	1,403		60,034
Jack in the Box, Inc.*	1,261		23,543
Knology, Inc.*	3,554		35,042
Las Vegas Sands Corp.*	1,967		30,134
Life Time Fitness, Inc.*	854		19,300
LVMH Moet Hennessy Louis Vuitton SA
(France)	437		45,506
Marcus Corp.	2,425		30,046
McDonald’s Corp.	3,573		225,993
Men’s Wearhouse (The), Inc.	1,171		23,888
News Corp., Class A	5,760		66,010
Nissan Motor Co. Ltd. (Japan)	4,008		29,125
Omnicom Group, Inc.	949		34,847
Panasonic Corp. (Japan)	3,420		44,107
Rent-A-Center, Inc.*	1,425		25,208
Sherwin-Williams (The) Co.	399		24,275
Sony Corp. (Japan)	1,864		50,308
Spartan Motors, Inc.	941		4,874
Talbots (The), Inc.*	6,876		45,450
Target Corp.	2,361		109,928
Time Warner, Inc.	3,624		111,329
Toyota Motor Corp. (Japan)	5,081		202,899
Tractor Supply Co.*	750		35,018
Tupperware Brands Corp.	1,314		61,167
Vail Resorts, Inc.*	770		29,868
Vivendi (France)	2,177		62,722
Volcom, Inc.*	2,176		34,163
Volkswagen AG (Germany)	128		15,758
Walt Disney (The) Co.	5,571		168,356
Warnaco Group (The), Inc.*	985		40,099

			3,056,416


	Number of Shares	Value

CONSUMER STAPLES — 9.5%
Anheuser-Busch Inbev NV (Belgium)	1,075	$	53,648
B&G Foods, Inc. Class A	3,527		30,191
Boston Beer (The) Co., Inc., Class A*	911		38,344
British American Tobacco PLC
(United Kingdom)	2,993		90,721
Campbell Soup Co.	1,086		37,977
Carrefour SA (France)	1,075		52,155
Casey’s General Stores, Inc.	1,077		32,945
Coca-Cola (The) Co.	7,024		401,773
CVS Caremark Corp.	4,631		143,607
Diageo PLC (United Kingdom)	4,602		77,412
Fresh Del Monte Produce, Inc.
(Cayman Islands)*	1,396		30,335
Imperial Tobacco Group PLC
(United Kingdom)	1,658		48,106
Kraft Foods, Inc., Class A	4,303		114,374
Lancaster Colony Corp.	617		29,443
Molson Coors Brewing Co., Class B	546		24,685
Nestle SA (Switzerland)	6,169		291,665
Philip Morris International, Inc.	6,340		304,891
Prestige Brands Holdings, Inc.*	4,530		31,574
Procter & Gamble (The) Co.	8,658		539,826
Reckitt Benckiser Group PLC
(United Kingdom)	979		49,806
Ruddick Corp.	1,105		29,415
Safeway, Inc.	1,345		30,263
Tesco PLC (United Kingdom)	12,846		89,175
Tootsie Roll Industries, Inc.	1,224		31,114
Unilever NV (Netherlands)	2,696		82,592
Unilever PLC (United Kingdom)	2,109		61,746
Wal-Mart Stores, Inc.	12,549		684,547
Weis Markets, Inc.	552		19,199

			3,451,529


ENERGY — 11.8%
Arena Resources, Inc.*	918		37,537
ATP Oil & Gas Corp.*	4,230		67,469
Berry Petroleum Co., Class A	1,024		27,986
BG Group PLC (United Kingdom)	6,571		118,944
Bill Barrett Corp.*	1,029		29,378
BP PLC (United Kingdom)	33,351		314,493
Cal Dive International, Inc.*	2,077		15,079
Chevron Corp.	6,576		513,191
ConocoPhillips	4,720		244,354
Dril-Quip, Inc.*	852		46,017
ENI S.p.A (Italy)	4,537		112,392
Exxon Mobil Corp.	15,999		1,201,045
General Maritime Corp. (Marshall Islands)	3,213		22,716
Goodrich Petroleum Corp.*	856		18,943
ION Geophysical Corp.*	12,257		66,678
Matrix Service Co.*	2,695		23,069
Murphy Oil Corp.	588		33,157
Nordic American Tanker Shipping Ltd.
(Bermuda)	950		30,372
Occidental Petroleum Corp.	2,575		208,034
Peabody Energy Corp.	785		34,901
Repsol YPF SA (Spain)	1,298		35,662

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

ENERGY (Continued)
Royal Dutch Shell PLC, Class A
(United Kingdom)	6,688	$	197,617
Royal Dutch Shell PLC, Class B
(United Kingdom)	5,225		148,943
RPC, Inc.	2,103		20,315
Schlumberger Ltd. (Netherlands Antilles)	3,782		241,632
Southwestern Energy Co.*	2,339		102,822
StatoilHydro ASA (Norway)	2,704		66,186
Total SA (France)	4,020		248,720
Woodside Petroleum Ltd. (Australia)	884		39,447
World Fuel Services Corp.	696		37,013

			4,304,112


FINANCIALS — 17.8%
Aflac, Inc.	3,286		151,255
Alexander’s, Inc. REIT*	114		31,755
Allianz SE (Germany)	785		96,430
American Campus Communities, Inc. REIT	1,109		29,888
Annaly Capital Management, Inc. REIT	3,561		65,558
Assicurazioni Generali S.p.A (Italy)	2,014		52,038
Australia & New Zealand Banking Group Ltd.
(Australia)	3,149		63,846
AXA (France)	3,003		71,551
Banco Bilbao Vizcaya Argentaria SA (Spain) .	5,325		100,293
Banco Santander SA (Spain)	11,800		202,139
Bank of America Corp.	25,308		401,131
Bank of New York Mellon (The) Corp.	8,259		220,019
Barclays PLC (United Kingdom)	13,080		62,755
BB&T Corp.	4,461		111,079
BNP Paribas (France)	1,521		125,596
Boston Private Financial Holdings, Inc.	5,570		26,123
Capital One Financial Corp.	2,606		99,966
Charles Schwab (The) Corp.	8,017		146,952
Commonwealth Bank of Australia (Australia)	2,174		105,070
Credit Suisse Group AG (Switzerland)	1,773		91,806
Delphi Financial Group, Inc., Class A	1,104		24,133
Deutsche Bank AG (Germany)	890		64,211
Dime Community Bancshares, Inc.	2,880		32,371
Encore Capital Group, Inc.*	2,238		38,136
Equity Lifestyle Properties, Inc. REIT	558		26,790
Equity One, Inc. REIT	1,836		29,651
First American Corp.	789		25,039
First Financial Bankshares, Inc.	465		24,078
FirstMerit Corp.	1,770		37,082
Franklin Resources, Inc.	1,585		171,228
GAMCO Investors, Inc., Class A	775		35,596
Goldman Sachs Group (The), Inc.	1,479		250,926
Highwoods Properties, Inc. REIT	1,595		48,823
HSBC Holdings PLC (United Kingdom)	30,238		350,839
Intesa Sanpaolo S.p.A (Italy)*	14,102		61,081
JPMorgan Chase & Co.	11,792		501,041
Kansas City Life Insurance Co.	1,031		27,734
KBW, Inc.*	838		20,606
Knight Capital Group, Inc., Class A*	2,164		31,681
MarketAxess Holdings, Inc.	2,652		33,017
MFA Financial, Inc. REIT	5,043		38,176
Mid-America Apartment Communities, Inc.
REIT	629		29,255
Mitsubishi UFJ Financial Group, Inc. (Japan) .	22,120		123,766


	Number of Shares	Value

FINANCIALS (Continued)
Montpelier Re Holdings Ltd. (Bermuda)	1,814	$	30,366
Moody’s Corp.	1,473		34,218
Morgan Stanley	4,358		137,626
Muenchener Rueckversicherungs-Gesellschaft
AG (Germany)	363		56,913
National Australia Bank Ltd. (Australia)	2,954		77,387
National Bank of Greece SA ADR (Greece)	7,839		47,348
National Financial Partners Corp.*	4,109		35,913
National Retail Properties, Inc. REIT	1,788		35,832
NewAlliance Bancshares, Inc.	2,351		27,695
Nordea Bank AB (Sweden)	6,176		63,888
Northern Trust Corp.	1,593		78,854
Omega Healthcare Investors, Inc. REIT	1,820		32,924
optionsXpress Holdings, Inc.	1,321		20,211
Platinum Underwriters Holdings Ltd.
(Bermuda)	1,051		37,090
Potlatch Corp. REIT	856		25,201
ProAssurance Corp.*	727		38,713
Progressive (The) Corp.*	4,736		79,423
Prosperity Bancshares, Inc.	1,022		40,706
Renasant Corp.	517		7,357
Riskmetrics Group, Inc.*	1,376		20,544
SCBT Financial Corp.	1,175		30,550
Simon Property Group, Inc. REIT	1,778		129,189
Societe Generale (France)	955		67,230
Standared Chartered PLC (United Kingdom) .	3,585		87,309
Stifel Financial Corp.*	597		32,071
Sumitomo Mitsui Financial Group, Inc.
(Japan)	1,059		35,036
Tanger Factory Outlet Centers, Inc. REIT	712		27,946
Tower Group, Inc.	884		21,817
UBS AG (Switzerland)*	6,110		94,791
UMB Financial Corp.	944		37,099
UniCredito Italiano S.p.A (Italy)	23,610		80,642
Washington Real Estate Investment Trust
REIT	1,251		32,651
Wells Fargo & Co.	14,512		406,915
Westamerica Bancorp.	687		36,548
Westpac Banking Corp. (Australia)	4,432		97,932
Westwood Holdings Group, Inc.	692		24,061
Zurich Financial Services AG (Switzerland)	257		55,379

			6,505,885


HEALTH CARE — 9.1%
Abbott Laboratories	5,198		283,239
Amedisys, Inc.*	589		21,817
AMERIGROUP Corp.*	1,159		27,480
AmSurg Corp., Class A*	691		14,311
AstraZeneca PLC (United Kingdom)	2,282		101,751
Bayer AG (Germany)	1,427		109,242
Boston Scientific Corp.*	4,621		38,678
Bruker Corp.*	4,057		45,966
Catalyst Health Solutions, Inc.*	988		33,602
Centene Corp.*	1,021		19,215
Emergency Medical Services Corp., Class A* .	987		47,623
eResearch Technology, Inc.*	4,878		28,780
Forest Laboratories, Inc.*	948		29,066
Genzyme Corp.*	850		43,095
GlaxoSmithKline PLC (United Kingdom)	8,509		175,530

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

HEALTH CARE (Continued)
Haemonetics Corp.*	582	$	31,067
Inspire Pharmaceuticals, Inc.*	1,319		7,677
Isis Pharmaceuticals, Inc.*	2,326		24,911
Johnson & Johnson	8,436		530,118
Magellan Health Services, Inc.*	811		29,820
Martek Biosciences Corp.*	711		12,371
Medicis Pharmaceutical Corp., Class A	1,394		32,884
Novartis AG (Switzerland)	3,923		217,782
Novo Nordisk A/S, B Shares (Denmark)	742		49,773
NuVasive, Inc.*	902		29,270
Onyx Pharmaceuticals, Inc.*	1,309		37,450
Owens & Minor, Inc.	940		36,463
Pfizer, Inc.	21,401		388,856
Pharmasset Inc.*	510		10,195
Psychiatric Solutions, Inc.*	1,211		26,836
Quality Systems, Inc.	689		40,989
Regeneron Pharmaceuticals, Inc.*	1,875		34,406
Roche Holding AG (Switzerland)	1,234		201,888
Sanofi-Aventis SA (France)	1,877		141,804
SIGA Technologies, Inc.*	3,799		34,381
Sirona Dental Systems, Inc.*	1,164		33,872
STERIS Corp.	1,299		41,971
Takeda Pharmaceutical Co. Ltd. (Japan)	1,547		64,649
Thoratec Corp.*	1,344		40,038
UnitedHealth Group, Inc.	3,685		105,649
Vanda Pharmaceuticals, Inc.*	610		6,442
WellCare Health Plans, Inc.*	969		31,967
Zimmer Holdings, Inc.*	679		40,176
ZymoGenetics, Inc.*	1,511		9,232

			3,312,332


INDUSTRIALS — 9.9%
A.O. Smith Corp.	619		25,948
ABB Ltd. (Switzerland)	3,903		71,511
BAE Systems PLC (United Kingdom)	6,067		32,667
Baldor Electric Co.	1,028		26,471
Burlington Northern Santa Fe Corp.	2,416		237,493
C.H. Robinson Worldwide, Inc.	1,184		65,996
Caterpillar, Inc.	1,827		106,679
CLARCOR, Inc.	1,122		35,758
CRA International, Inc.*	1,094		27,208
Curtiss-Wright Corp.	1,002		28,517
Dollar Thrifty Automotive Group, Inc.*	1,746		32,231
East Japan Railway Co. (Japan)	667		47,231
Eaton Corp.	519		33,164
EMCOR Group, Inc.*	1,521		36,200
Emerson Electric Co.	2,295		95,036
Fanuc Ltd. (Japan)	333		27,600
First Solar, Inc.*	286		34,065
General Dynamics Corp.	1,229		80,991
General Electric Co.	31,925		511,439
Geo Group (The), Inc.*	1,145		22,763
GrafTech International Ltd.*	2,621		38,555
Granite Construction, Inc.	884		26,493
Griffon Corp.*	1,359		14,134
Hawaiian Holdings, Inc.*	4,697		29,356
Heartland Express, Inc.	2,073		30,577
Heico Corp.	566		21,197


	Number of Shares	Value

INDUSTRIALS (Continued)
Heidrick & Struggles International, Inc.	1,645	$	46,471
Hutchison Whampoa Ltd. (Hong Kong)	4,445		30,053
JetBlue Airways Corp.*	5,931		32,680
Kforce, Inc.*	822		10,645
Knight Transportation, Inc.	1,919		32,642
Koninklijke (Royal) Philips Electronics NV
(Netherlands)	1,720		47,037
L.B. Foster Co., Class A*	871		23,848
Lockheed Martin Corp.	1,232		95,147
Mitsubishi Corp. (Japan)	2,492		56,409
Mitsui & Co. Ltd. (Japan)	3,503		46,520
PACCAR, Inc.	1,169		43,347
Regal-Beloit Corp.	700		33,222
Republic Services, Inc.	1,115		31,443
Rollins, Inc.	2,255		40,071
Schneider Electric SA (France)	430		47,057
Seaboard Corp.	27		39,258
Siemens AG (Germany)	1,530		149,907
Tetra Tech, Inc.*	1,350		35,559
Union Pacific Corp.	3,319		209,960
United Parcel Service, Inc., Class B	6,730		386,773
United Technologies Corp.	2,962		199,165
Vestas Wind Systems A/S (Denmark)*	351		24,643
Vicor Corp.*	3,995		32,759
Vinci SA (France)	736		40,691
Waste Management, Inc.	1,564		51,362
Watsco, Inc.	713		35,764
Watson Wyatt Worldwide, Inc., Class A	971		40,141

			3,601,854


INFORMATION TECHNOLOGY — 17.0%
3Com Corp.*	10,595		78,085
Accenture PLC, Class A (Ireland)	4,240		174,009
Anixter International, Inc.*	801		34,619
Apple, Inc.*	2,788		557,349
Arris Group, Inc.*	2,788		27,852
Benchmark Electronics, Inc.*	1,399		25,224
CACI International, Inc., Class A*	657		30,498
CANON, Inc. (Japan)	1,882		72,751
Cass Information Systems, Inc.	792		22,303
Cisco Systems, Inc.*	17,113		400,444
Computer Sciences Corp.*	463		25,609
Concur Technologies, Inc.*	1,079		39,988
Corning, Inc.	4,811		80,247
Daktronics, Inc.	3,829		32,432
Digital River, Inc.*	820		20,689
Ebix, Inc.*	194		10,071
Electro Scientific Industries, Inc.*	2,333		22,700
EMC Corp.*	6,111		102,848
EMS Technologies, Inc.*	334		4,302
Entegris, Inc.*	9,551		39,828
Exar Corp.*	3,916		27,490
Fair Isaac Corp.	1,191		21,736
Gartner, Inc.*	2,046		38,710
Google, Inc., Class A*	962		560,846
Hewlett-Packard Co.	7,484		367,165
Informatica Corp.*	1,898		42,610
International Business Machines Corp.	3,985		503,505

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

INFORMATION TECHNOLOGY (Continued)
IXYS Corp.*	3,094	$	19,925
Jack Henry & Associates, Inc.	1,873		42,798
ManTech International Corp., Class A*	816		35,316
MasterCard, Inc., Class A	858		206,658
Microsemi Corp.*	1,696		25,830
Microsoft Corp.	27,792		817,363
Moduslink Global Solutions, Inc.*	4,003		32,344
Nintendo Co. Ltd. (Japan)	171		42,102
Nokia Oyj (Finland)	7,196		94,749
Oracle Corp.	15,814		349,173
Palm, Inc.*	3,452		37,661
Parametric Technology Corp.*	2,553		38,448
Paychex, Inc.	1,124		35,237
Polycom, Inc.*	1,757		37,881
Quest Software, Inc.*	2,049		34,485
Rackspace Hosting, Inc.*	2,740		50,717
Riverbed Technology, Inc.*	1,510		30,744
Rogers Corp.*	314		8,842
SAP AG (Germany)	1,517		72,472
Skyworks Solutions, Inc.*	3,275		40,315
Smith Micro Software, Inc.*	681		4,311
Solera Holdings, Inc.	1,501		52,475
SRA International, Inc., Class A*	1,184		21,371
Starent Networks Corp.*	1,516		52,287
Telefonaktiebolaget LM Ericsson, B Shares
(Sweden)	4,724		45,285
TIBCO Software, Inc.*	3,680		31,648
Visa, Inc., Class A	5,847		473,607
VistaPrint NV (Netherlands)*	937		53,437
Yahoo!, Inc.*	4,295		64,296

			6,215,687


MATERIALS — 4.1%
Air Liquide SA (France)	428		49,736
AMCOL International Corp.	692		18,857
American Vanguard Corp.	2,897		21,293
Anglo American PLC (United Kingdom)	2,408		102,865
ArcelorMittal (Luxembourg)	1,434		55,869
BASF AG (Germany)	1,487		89,658
BHP Billiton Ltd. (Australia)	5,946		224,782
BHP Billiton PLC (United Kingdom)	4,043		123,244
Dow Chemical (The) Co.	3,464		96,230
E.I. du Pont de Nemours & Co.	2,658		91,914
NewMarket Corp.	306		32,044
Newmont Mining Corp.	1,500		80,460
Praxair, Inc.	1,039		85,229
Rio Tinto PLC (United Kingdom)	2,383		120,763
Rock-Tenn Co., Class A	842		38,033
Rockwood Holdings, Inc.*	1,518		34,170
Sensient Technologies Corp.	1,045		26,480
Shin-Etsu Chemical Co. Ltd. (Japan)	778		42,357
Silgan Holdings, Inc.	850		45,535
Syngenta AG (Switzerland)	177		46,936
Vulcan Materials Co.	388		18,810
Westlake Chemical Corp.	1,476		38,597
Weyerhaeuser Co.	653		25,428

			1,509,290


	Number of Shares		Value



TELECOMMUNICATION SERVICES — 4.1%
AT&T, Inc.		19,805	$	533,548
Deutsche Telekom AG (Germany)		4,764		70,237
France Telecom SA (France)		3,344		86,980
Koninklijke (Royal) KPN NV (Netherlands)		2,903		51,517
NTT DoCoMo, Inc. (Japan)		28		42,579
Telefonica SA (Spain)		6,782		194,683
Verizon Communications, Inc.		9,429		296,636
Vodafone Group PLC (United Kingdom)		91,356		205,546

				1,481,726


UTILITIES — 3.5%
Consolidated Edison, Inc.		1,952		83,760
E.ON AG (Germany)		3,599		142,324
Enel S.p.A (Italy)		9,331		55,826
EQT Corp.		911		37,488
Exelon Corp.		4,562		219,797
FPL Group, Inc.		2,881		149,726
GDF Suez (France)		2,050		85,593
Iberdrola SA (Spain)		6,662		63,213
New Jersey Resources Corp.		938		33,046
Nicor, Inc.		1,021		39,982
Piedmont Natural Gas Co., Inc.		1,698		40,243
RWE AG (Germany)		819		75,166
Southern Co.		5,483		175,949
Tokyo Electric Power (The) Co., Inc. (Japan) .		2,112		57,124
WGL Holdings, Inc.		1,144		36,013

				1,295,250


Total Common Stocks
(Cost $36,210,631)				34,734,081


RIGHTS — 0.0% (a)

FINANCIALS — 0.0% (a)
Fortis Rights, expiring 12/31/14 (Belgium)*
(Cost $0)		3,912		0


	Principal Amount		Value
CORPORATE BONDS — 2.6%

CONSUMER DISCRETIONARY — 0.2%
CBS Corp.
7.875%, 7/30/30	$	6,000		6,289
Comcast Corp.
6.45%, 3/15/37		9,000		9,421
Home Depot (The), Inc.
5.40%, 3/01/16		19,000		20,283
News America, Inc.
6.20%, 12/15/34		15,000		15,048
Target Corp.
7.00%, 1/15/38		16,000		19,347
Time Warner Cable, Inc.
6.55%, 5/01/37		6,000		6,246
Time Warner, Inc.
7.70%, 5/01/32		6,000		7,053
Viacom, Inc.
6.25%, 4/30/16		7,000		7,738

				91,425

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Principal Amount		Value

CONSUMER STAPLES — 0.2%
CVS Caremark Corp.
6.302%, 6/01/37 (b)	$	20,000	$	17,210
Diageo Finance BV (Netherlands)
5.30%, 10/28/15		10,000		11,112
Kraft Foods
6.50%, 8/11/17		20,000		22,061
Pepsi Bottling Group, Inc., Series B
7.00%, 3/01/29		4,000		4,882
Procter & Gamble (The) Co.
5.55%, 3/05/37		12,000		12,966
Wal-Mart Stores, Inc.
6.50%, 8/15/37		10,000		11,772

				80,003


ENERGY — 0.2%
Anadarko Petroleum Corp.
5.95%, 9/15/16		22,000		24,039
Canadian Natural Resources Ltd. (Canada)
5.70%, 5/15/17		2,000		2,163
ConocoPhillips
5.90%, 10/15/32		16,000		16,815
Enterprise Products Operating LP, Series B
5.60%, 10/15/14		2,000		2,178
Kinder Morgan Energy Partners LP
5.80%, 3/15/35		15,000		14,137

				59,332


FINANCIALS — 1.0%
Allstate (The) Corp.
5.55%, 5/09/35		5,000		4,967
American Express Co.
4.875%, 7/15/13		54,000		57,104
Capital One Financial Corp.
6.15%, 9/01/16		9,000		9,128
Credit Suisse (USA), Inc.
7.125%, 7/15/32		31,000		37,358
General Electric Capital Corp., Series A MTN
6.75%, 3/15/32		8,000		8,228
Goldman Sachs Group, LP
5.00%, 10/01/14		32,000		34,065
Goldman Sachs Group (The), Inc.
6.75%, 10/01/37		77,000		79,502
HSBC Finance Corp.
5.50%, 1/19/16		20,000		21,296
JP Morgan Chase Bank NA
5.875%, 6/13/16		25,000		26,488
Landwirtschaftliche Rentenbank,
Series G MTN (Germany)
5.00%, 11/08/16		10,000		11,173
Merrill Lynch & Co., Inc.
6.875%, 4/25/18		5,000		5,372
Merrill Lynch & Co, Inc., Series C MTN
5.00%, 1/15/15		20,000		20,531
MetLife, Inc.
5.00%, 6/15/15		20,000		21,505
Travelers (The) Cos., Inc.
6.25%, 3/15/37 (b)		11,000		9,982


	Principal Amount		Value

FINANCIALS (Continued)
Unilever Capital Corp.
5.90%, 11/15/32	$	9,000	$	10,000
Wachovia Corp.
5.25%, 8/01/14		15,000		15,797
Wells Fargo & Co.
5.00%, 11/15/14		2,000		2,096

				374,592


HEALTH CARE — 0.2%
Abbott Laboratories
5.875%, 5/15/16		25,000		28,512
AmerisourceBergen Corp.
5.875%, 9/15/15		10,000		11,165
Eli Lilly & Co.
5.55%, 3/15/37		10,000		10,465
WellPoint, Inc.
5.25%, 1/15/16		2,000		2,087
Wyeth
5.50%, 2/01/14		22,000		24,468

				76,697


INDUSTRIALS — 0.1%
CSX Corp.
6.00%, 10/01/36		12,000		12,282
General Electric Co.
5.25%, 12/06/17		30,000		31,255

				43,537


INFORMATION TECHNOLOGY — 0.1%
IBM Corp.
5.70%, 9/14/17		10,000		11,313
Oracle Corp.
5.25%, 1/15/16		10,000		11,047

				22,360


MATERIALS — 0.1%
CRH America, Inc.
6.00%, 9/30/16		7,000		7,374
Vale Overseas Ltd. (Cayman Islands)
6.875%, 11/21/36		11,000		11,252
Weyerhaeuser Co.
7.375%, 3/15/32		7,000		6,400

				25,026


TELECOMMUNICATION SERVICES — 0.3%
BellSouth Corp.
6.00%, 11/15/34		15,000		14,951
Cellco Partnership/Verizon Wireless
Capital LLC
5.55%, 2/01/14		45,000		49,640
Embarq Corp.
7.082%, 6/01/16		7,000		7,789
Verizon Global Funding Corp.
7.75%, 12/01/30		30,000		35,836
Vodafone Group PLC (United Kingdom)
5.625%, 2/27/17		4,000		4,366

				112,582

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Principal Amount		Value

UTILITIES — 0.2%
Constellation Energy Group
4.55%, 6/15/15	$	2,000	$	2,051
Dominion Resources, Inc., Series C
5.15%, 7/15/15		19,000		20,554
Exelon Generation Co. LLC
5.35%, 1/15/14		10,000		10,770
Pacific Gas & Electric Co.
6.05%, 3/01/34		21,000		22,727
6.25%, 3/01/39		22,000		24,645

				80,747


Total Corporate Bonds
(Amortized Cost $924,119)				966,301


UNITED STATES GOVERNMENT & AGENCIES
OBLIGATIONS — 1.6%

FEDERAL HOME LOAN MORTGAGE CORP. — 0.0% (a)
6.25%, 7/15/32		4,000		4,927

FEDERAL NATIONAL MORTGAGE ASSOCIATION — 0.1%
5.00%, 4/15/15		48,000		54,341

UNITED STATES TREASURY BONDS/NOTES — 1.5%
4.75%, 5/15/14		24,800		28,020
3.25%, 7/31/16		100,100		104,417
8.125%, 8/15/19		122,900		172,877
7.625%, 2/15/25		49,600		71,215
6.25%, 5/15/30		31,800		41,380
5.00%, 5/15/37		54,700		62,050
4.375%, 2/15/38		51,200		52,672

				532,631


Total United States Government &
Agencies Obligations
(Amortized Cost $574,448)				591,899

SOVEREIGN BONDS — 0.1%
Province of Quebec Canada (Canada)
7.50%, 9/15/29		8,000		10,548
Republic of Brazil (Brazil)
7.125%, 1/20/37		17,000		20,204

Total Sovereign Bonds
(Amortized Cost $29,427)				30,752

Total Investments — 99.5%
(Amortized Cost $37,738,625)			$	36,323,033
Other assets less liabilities — 0.5%				168,786

Net Assets — 100.0%			$	36,491,819

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund’s investments:


Investments	Level 1		Level 2		Level 3
Common Stocks	$	34,734,081	$	—	$	—
Corporate Bonds		—		966,301		—
United States Government
& Agencies Obligations		—		591,899		—
Sovereign Bonds		—		30,752		—

Total Investments	$	34,734,081	$	1,588,952	$	—

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2009 (Unaudited)


	Value		% of Net Assets
United States	$	26,453,481	72.5	%
United Kingdom		2,564,598	7.0
France		1,125,339	3.1
Japan		1,080,534	2.9
Switzerland		1,071,757	2.9
Germany		1,024,163	2.8
Australia		608,465	1.7
Spain		595,990	1.6
Italy		361,979	1.0
Netherlands		245,694	0.7
Netherlands Antilles		241,632	0.7
Ireland		174,010	0.5
Sweden		158,077	0.4
Bermuda		97,828	0.3
Finland		94,749	0.3
Denmark		74,415	0.2
Norway		66,186	0.2
Luxembourg		55,869	0.1
Belgium		53,648	0.1
Greece		47,348	0.1
Cayman Islands		41,587	0.1
Hong Kong		30,053	0.1
Marshall Islands		22,716	0.1
Brazil		20,204	0.1
Canada		12,711	0.0

Total Investments		36,323,033	99.5
Other assets less liabilities		168,786	0.5

Net Assets	$	36,491,819	100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
November 30, 2009 (Unaudited)


	Number of Shares	Value

COMMON STOCKS — 20.8%

CONSUMER DISCRETIONARY — 1.8%
Amazon.com, Inc.*	220	$	29,900
AutoZone, Inc.*	33		4,880
Bally Technologies, Inc.*	215		8,929
Brown Shoe Co., Inc.	717		7,356
Buckle (The), Inc.	205		5,605
Carter’s, Inc.*	254		5,525
Cinemark Holdings, Inc.	469		5,933
Columbia Sportswear Co.	100		3,842
Comcast Corp., Class A	1,454		21,330
Corinthian Colleges, Inc.*	427		6,328
Daimler AG (Germany)	218		11,036
DIRECTV, Class A*	481		15,214
Ethan Allen Interiors, Inc.	474		5,503
Ford Motor Co.*	1,582		14,064
Fossil, Inc.*	298		9,193
Hennes & Mauritz AB, B Shares (Sweden)	129		7,610
Home Depot (The), Inc.	851		23,283
HONDA MOTOR Co. Ltd. (Japan)	532		16,674
J. Crew Group, Inc.*	262		11,211
Jack in the Box, Inc.*	251		4,686
Knology, Inc.*	653		6,439
Las Vegas Sands Corp.*	300		4,596
LVMH Moet Hennessy Louis
Vuitton SA (France)	76		7,914
Marcus Corp.	468		5,799
McDonald’s Corp.	567		35,863
News Corp., Class A	981		11,242
Omnicom Group, Inc.	167		6,132
Panasonic Corp. (Japan)	600		7,738
Rent-A-Center, Inc.*	287		5,077
Sony Corp. (Japan)	283		7,638
Talbots (The), Inc.*	1,259		8,322
Target Corp.	400		18,624
Time Warner, Inc.	587		18,033
Toyota Motor Corp. (Japan)	800		31,946
Tractor Supply Co.*	138		6,443
Tupperware Brands Corp.	263		12,243
Vail Resorts, Inc.*	100		3,879
Vivendi (France)	335		9,652
Volcom, Inc.*	437		6,861
Volkswagen AG (Germany)	19		2,339
Walt Disney (The) Co.	868		26,231
Warnaco Group (The), Inc.*	199		8,101

			469,214


CONSUMER STAPLES — 2.0%
Anheuser-Busch Inbev NV (Belgium)	186		9,282
B&G Foods, Inc. Class A	661		5,658
Boston Beer (The) Co., Inc., Class A*	176		7,408
British American Tobacco PLC
(United Kingdom)	466		14,125
Campbell Soup Co.	203		7,099
Carrefour SA (France)	170		8,248
Casey’s General Stores, Inc.	198		6,057
Coca-Cola (The) Co.	1,037		59,316
CVS Caremark Corp.	722		22,389
Diageo PLC (United Kingdom)	630		10,597


	Number of Shares	Value

CONSUMER STAPLES (Continued)
Fresh Del Monte Produce, Inc.
(Cayman Islands)*	200	$	4,346
Imperial Tobacco Group PLC
(United Kingdom)	275		7,979
Kraft Foods, Inc., Class A	678		18,021
Lancaster Colony Corp.	108		5,154
Nestle SA (Switzerland)	884		41,795
Philip Morris International, Inc.	939		45,157
Prestige Brands Holdings, Inc.*	864		6,022
Procter & Gamble (The) Co.	1,285		80,120
Reckitt Benckiser Group PLC
(United Kingdom)	125		6,359
Ruddick Corp.	214		5,697
Safeway, Inc.	259		5,828
Tesco PLC (United Kingdom)	2,081		14,447
Tootsie Roll Industries, Inc.	232		5,897
Unilever NV (Netherlands)	412		12,622
Unilever PLC (United Kingdom)	329		9,632
Wal-Mart Stores, Inc.	1,919		104,680

			523,935


ENERGY — 2.6%
Arena Resources, Inc.*	185		7,565
ATP Oil & Gas Corp.*	791		12,616
BG Group PLC (United Kingdom)	935		16,925
Bill Barrett Corp.*	204		5,824
BP PLC (United Kingdom)	4,922		46,413
Chevron Corp.	995		77,650
ConocoPhillips	760		39,345
Dril-Quip, Inc.*	165		8,912
ENI S.p.A (Italy)	690		17,093
Exxon Mobil Corp.	2,431		182,495
General Maritime Corp. (Marshall Islands)	641		4,532
ION Geophysical Corp.*	2,249		12,235
Matrix Service Co.*	519		4,443
Murphy Oil Corp.	121		6,823
Nordic American Tanker Shipping Ltd.
(Bermuda)	185		5,914
Occidental Petroleum Corp.	405		32,720
Peabody Energy Corp.	174		7,736
Repsol YPF SA (Spain)	211		5,797
Royal Dutch Shell PLC,
Class A (United Kingdom)	993		29,341
Royal Dutch Shell PLC,
Class B (United Kingdom)	766		21,836
Schlumberger Ltd. (Netherlands Antilles)	605		38,653
Southwestern Energy Co.*	399		17,540
StatoilHydro ASA (Norway)	408		9,987
Total SA (France)	584		36,132
Woodside Petroleum Ltd. (Australia)	148		6,604
World Fuel Services Corp.	132		7,020

			662,151


FINANCIALS — 3.8%
Aflac, Inc.	511		23,521
Alexander’s, Inc. REIT*	23		6,407
Allianz SE (Germany)	122		14,987

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

FINANCIALS (Continued)
American Campus Communities, Inc. REIT	233	$	6,279
Annaly Capital Management, Inc. REIT	640		11,782
Assicurazioni Generali S.p.A (Italy)	308		7,958
Australia & New Zealand
Banking Group Ltd. (Australia)	477		9,671
AXA (France)	401		9,554
Banco Bilbao Vizcaya Argentaria SA (Spain) .	822		15,482
Banco Santander SA (Spain)	1,762		30,184
Bank of America Corp.	3,781		59,929
Bank of New York Mellon (The) Corp.	1,273		33,913
Barclays PLC (United Kingdom)	2,043		9,802
BB&T Corp.	679		16,907
BNP Paribas (France)	214		17,671
Boston Private Financial Holdings, Inc.	932		4,371
Capital One Financial Corp.	432		16,572
Charles Schwab (The) Corp.	1,211		22,198
Commonwealth Bank of Australia (Australia)	333		16,094
Credit Suisse Group AG (Switzerland)	233		12,065
Delphi Financial Group, Inc., Class A	200		4,372
Deutsche Bank AG (Germany)	142		10,245
Dime Community Bancshares, Inc.	528		5,935
Encore Capital Group, Inc.*	378		6,441
Equity One, Inc. REIT	384		6,202
FirstMerit Corp.	293		6,138
Franklin Resources, Inc.	252		27,224
GAMCO Investors, Inc., Class A	118		5,420
Goldman Sachs Group (The), Inc.	232		39,361
Highwoods Properties, Inc. REIT	312		9,550
HSBC Holdings PLC (United Kingdom)	4,538		52,652
Intesa Sanpaolo S.p.A (Italy)*	2,254		9,763
JPMorgan Chase & Co.	1,763		74,909
Kansas City Life Insurance Co.	192		5,165
Knight Capital Group, Inc., Class A*	354		5,183
MarketAxess Holdings, Inc.	468		5,827
MFA Financial, Inc. REIT	970		7,343
Mitsubishi UFJ Financial Group, Inc. (Japan)	3,233		18,090
Montpelier Re Holdings Ltd. (Bermuda)	337		5,641
Moody’s Corp.	253		5,877
Morgan Stanley	664		20,969
Muenchener Rueckversicherungs-Gesellschaft
AG (Germany)	55		8,623
National Australia Bank Ltd. (Australia)	456		11,946
National Bank of Greece SA ADR (Greece)	1,210		7,308
National Financial Partners Corp.*	741		6,476
National Retail Properties, Inc. REIT	351		7,034
NewAlliance Bancshares, Inc.	399		4,700
Nordea Bank AB (Sweden)	787		8,141
Northern Trust Corp.	241		11,930
Omega Healthcare Investors, Inc. REIT	367		6,639
Platinum Underwriters Holdings Ltd.
(Bermuda)	188		6,635
ProAssurance Corp.*	127		6,763
Progressive (The) Corp.*	786		13,181
Prosperity Bancshares, Inc.	169		6,731
SCBT Financial Corp.	210		5,460
Simon Property Group, Inc. REIT	311		22,597
Societe Generale (France)	125		8,800
Standared Chartered PLC (United Kingdom)	503		12,250
Stifel Financial Corp.*	104		5,587


	Number of Shares	Value

FINANCIALS (Continued)
Sumitomo Mitsui Financial Group, Inc.
(Japan)	220	$	7,278
UBS AG (Switzerland)*	872		13,528
UMB Financial Corp.	143		5,620
UniCredito Italiano S.p.A (Italy)	3,754		12,822
Washington Real Estate Investment Trust REIT	257		6,708
Wells Fargo & Co.	2,169		60,819
Westamerica BanCorp.	109		5,799
Westpac Banking Corp. (Australia)	658		14,540
Westwood Holdings Group, Inc.	126		4,381
Zurich Financial Services AG (Switzerland)	39		8,404

			978,354


HEALTH CARE — 2.0%
Abbott Laboratories	786		42,829
AMERIGROUP Corp.*	227		5,382
AstraZeneca PLC (United Kingdom)	345		15,383
Bayer AG (Germany)	225		17,225
Boston Scientific Corp.*	875		7,324
Bruker Corp.*	742		8,407
Catalyst Health Solutions, Inc.*	200		6,802
Emergency Medical Services Corp., Class A* .	163		7,865
eResearch Technology, Inc.*	930		5,487
Genzyme Corp.*	154		7,808
GlaxoSmithKline PLC (United Kingdom)	1,237		25,518
Haemonetics Corp.*	118		6,299
Isis Pharmaceuticals, Inc.*	425		4,552
Johnson & Johnson	1,270		79,806
Magellan Health Services, Inc.*	172		6,324
Medicis Pharmaceutical Corp., Class A	300		7,077
Novartis AG (Switzerland)	606		33,642
Novo Nordisk A/S, B Shares (Denmark)	131		8,787
NuVasive, Inc.*	177		5,744
Onyx Pharmaceuticals, Inc.*	243		6,952
Owens & Minor, Inc.	184		7,137
Pfizer, Inc.	3,272		59,452
Psychiatric Solutions, Inc.*	249		5,518
Quality Systems, Inc.	127		7,555
Regeneron Pharmaceuticals, Inc.*	346		6,349
Roche Holding AG (Switzerland)	181		29,612
Sanofi-Aventis SA (France)	280		21,153
SIGA Technologies, Inc.*	690		6,245
Sirona Dental Systems, Inc.*	200		5,820
STERIS Corp.	261		8,433
Takeda Pharmaceutical Co. Ltd. (Japan)	266		11,116
Thoratec Corp.*	254		7,567
UnitedHealth Group, Inc.	635		18,205
Zimmer Holdings, Inc.*	150		8,876

			512,251


INDUSTRIALS — 2.2%
ABB Ltd. (Switzerland)	601		11,012
BAE Systems PLC (United Kingdom)	1,020		5,492
Baldor Electric Co.	201		5,176
Burlington Northern Santa Fe Corp.	356		34,995
C.H. Robinson Worldwide, Inc.	184		10,256
Caterpillar, Inc.	322		18,802
CLARCOR, Inc.	207		6,597
CRA International, Inc.*	209		5,198

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares	Value

INDUSTRIALS (Continued)
Curtiss-Wright Corp.	190	$	5,407
Dollar Thrifty Automotive Group, Inc.*	306		5,649
East Japan Railway Co. (Japan)	200		14,162
EMCOR Group, Inc.*	287		6,831
Emerson Electric Co.	379		15,694
Fanuc Ltd. (Japan)	100		8,288
First Solar, Inc.*	53		6,313
General Dynamics Corp.	208		13,707
General Electric Co.	4,954		79,362
GrafTech International Ltd.*	500		7,355
Granite Construction, Inc.	165		4,945
Hawaiian Holdings, Inc.*	786		4,913
Heartland Express, Inc.	352		5,192
Heidrick & Struggles International, Inc.	313		8,842
JetBlue Airways Corp.*	1,061		5,846
Knight Transportation, Inc.	328		5,579
Koninklijke (Royal) Philips Electronics NV
(Netherlands)	307		8,396
L.B. Foster Co., Class A*	165		4,518
Lockheed Martin Corp.	191		14,751
Mitsubishi Corp. (Japan)	416		9,417
Mitsui & Co. Ltd. (Japan)	600		7,968
PACCAR, Inc.	215		7,972
Regal-Beloit Corp.	129		6,122
Republic Services, Inc.	215		6,063
Rollins, Inc.	368		6,539
Schneider Electric SA (France)	63		6,895
Seaboard Corp.	5		7,270
Siemens AG (Germany)	238		23,319
Tetra Tech, Inc.*	234		6,164
Union Pacific Corp.	503		31,820
United Parcel Service, Inc., Class B	1,014		58,274
United Technologies Corp.	414		27,837
Vicor Corp.*	769		6,306
Vinci SA (France)	119		6,579
Waste Management, Inc.	256		8,407
Watsco, Inc.	125		6,270
Watson Wyatt Worldwide, Inc., Class A	182		7,524

			564,024

INFORMATION TECHNOLOGY — 3.8%
3Com Corp.*	1,742		12,839
Accenture PLC, Class A (Ireland)	642		26,348
Anixter International, Inc.*	154		6,656
Apple, Inc.*	421		84,162
Arris Group, Inc.*	495		4,945
CACI International, Inc., Class A*	125		5,803
CANON, Inc. (Japan)	266		10,282
Cass Information Systems, Inc.	151		4,252
Cisco Systems, Inc.*	2,558		59,857
Concur Technologies, Inc.*	200		7,412
Corning, Inc.	810		13,511
Daktronics, Inc.	735		6,225
Digital River, Inc.*	153		3,860
Electro Scientific Industries, Inc.*	435		4,233
EMC Corp.*	997		16,780
Entegris, Inc.*	1,761		7,343
Exar Corp.*	698		4,900
Fair Isaac Corp.	200		3,650


	Number of Shares	Value

INFORMATION TECHNOLOGY (Continued)
Gartner, Inc.*	382	$	7,227
Google, Inc., Class A*	147		85,701
Hewlett-Packard Co.	1,127		55,291
Informatica Corp.*	341		7,655
International Business Machines Corp.	575		72,651
IXYS Corp.*	576		3,709
Jack Henry & Associates, Inc.	336		7,678
ManTech International Corp., Class A*	153		6,622
MasterCard, Inc., Class A	141		33,961
Microsemi Corp.*	328		4,995
Microsoft Corp.	4,246		124,876
ModusLink Global Solutions, Inc.*	731		5,906
Nintendo Co. Ltd. (Japan)	27		6,648
Nokia Oyj (Finland)	945		12,443
Oracle Corp.	2,456		54,228
Palm, Inc.*	594		6,481
Parametric Technology Corp.*	491		7,394
Paychex, Inc.	199		6,239
Polycom, Inc.*	321		6,921
Quest Software, Inc.*	387		6,513
Rackspace Hosting, Inc.*	506		9,366
Riverbed Technology, Inc.*	269		5,477
SAP AG (Germany)	252		12,039
Skyworks Solutions, Inc.*	576		7,091
Solera Holdings, Inc.	275		9,614
Starent Networks Corp.*	262		9,036
Telefonaktiebolaget LM Ericsson,
B Shares (Sweden)	732		7,017
TIBCO Software, Inc.*	704		6,054
Visa, Inc., Class A	901		72,981
VistaPrint NV (Netherlands)*	162		9,239
Yahoo!, Inc.*	752		11,257

			965,368


MATERIALS — 0.9%
Air Liquide SA (France)	70		8,134
American Vanguard Corp.	556		4,087
Anglo American PLC (United Kingdom)	347		14,823
ArcelorMittal (Luxembourg)	233		9,078
BASF AG (Germany)	238		14,350
BHP Billiton Ltd. (Australia)	882		33,343
BHP Billiton PLC (United Kingdom)	589		17,955
Dow Chemical (The) Co.	586		16,278
E.I. du Pont de Nemours & Co.	470		16,253
Newmont Mining Corp.	270		14,483
Praxair, Inc.	167		13,699
Rio Tinto PLC (United Kingdom)	348		17,636
Rock-Tenn Co., Class A	156		7,047
Rockwood Holdings, Inc.*	300		6,753
Sensient Technologies Corp.	212		5,372
Shin-Etsu Chemical Co. Ltd. (Japan)	100		5,444
Silgan Holdings, Inc.	157		8,410
Syngenta AG (Switzerland)	29		7,690
Westlake Chemical Corp.	270		7,061

			227,896


TELECOMMUNICATION SERVICES — 0.9%
AT&T, Inc.	2,999		80,792
Deutsche Telekom AG (Germany)	751		11,072

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Number of Shares		Value

TELECOMMUNICATION SERVICES (Continued)
France Telecom SA (France)		499	$	12,979
Koninklijke (Royal) KPN NV (Netherlands)		450		7,986
NTT DoCoMo, Inc. (Japan)		4		6,083
Telefonica SA (Spain)		1,001		28,735
Verizon Communications, Inc.		1,395		43,887
Vodafone Group PLC (United Kingdom)		13,502		30,379

				221,913


UTILITIES — 0.8%
Consolidated Edison, Inc.		283		12,144
E.ON AG (Germany)		515		20,366
Enel S.p.A (Italy)		1,362		8,149
EQT Corp.		181		7,448
Exelon Corp.		687		33,099
FPL Group, Inc.		410		21,308
GDF Suez (France)		309		12,902
Iberdrola SA (Spain)		1,024		9,716
New Jersey Resources Corp.		154		5,425
Nicor, Inc.		185		7,245
Piedmont Natural Gas Co., Inc.		295		6,992
RWE AG (Germany)		124		11,380
Southern Co.		763		24,484
Tokyo Electric Power (The) Co., Inc. (Japan)		300		8,114
WGL Holdings, Inc.		202		6,359

				195,131


Total Common Stocks
(Cost $4,981,147)				5,320,237


RIGHTS — 0.0% (a)

FINANCIALS — 0.0% (a)
Fortis Rights, expiring 12/31/14 (Belgium)*
(Cost $0)		445		0


	Principal Amount		Value

CONSUMER DISCRETIONARY — 0.1%
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13	$	18,000		21,088

CONSUMER STAPLES — 0.4%
Diageo Finance BV (Netherlands)
5.30%, 10/28/15		29,000		32,224
Kroger (The) Co.
5.50%, 2/01/13		24,000		26,118
Wal-Mart Stores, Inc.
4.55%, 5/01/13		49,000		53,268

				111,610


ENERGY — 0.7%
Apache Corp.
5.25%, 4/15/13		34,000		37,179
Hess Corp.
6.65%, 8/15/11		44,000		47,693
Kinder Morgan Energy Partners LP
6.75%, 3/15/11		34,000		36,208
Spectra Energy Capital LLC
6.25%, 2/15/13		49,000		53,493

				174,573


	Principal Amount		Value

FINANCIALS — 6.2%
American Express Co.
4.875%, 7/15/13	$	39,000	$	41,242
Bank of America Corp.
4.875%, 1/15/13		79,000		82,473
Boeing Capital Corp. Ltd.
5.80%, 1/15/13		49,000		54,385
Boston Properties LP
6.25%, 1/15/13		49,000		52,822
Citigroup, Inc.
6.00%, 2/21/12		99,000		104,722
European Investment Bank
(Supranational)
4.625%, 5/15/14		239,000		263,962
General Electric Capital Corp.,
Series A MTN
7.375%, 1/19/10		24,000		24,207
5.875%, 2/15/12		24,000		25,944
Genworth Financial, Inc.
5.75%, 6/15/14		49,000		45,916
Goldman Sachs Group, LP
5.00%, 10/01/14		99,000		105,388
HSBC Finance Corp.
6.375%, 11/27/12		129,000		141,117
International Lease Finance Corp.
Series Q MTN
5.75%, 6/15/11		129,000		119,920
John Deere Capital Corp.
7.00%, 3/15/12		74,000		83,270
JP Morgan Chase Bank NA
5.875%, 6/13/16		70,000		74,166
5.75%, 1/02/13		24,000		26,039
Merrill Lynch & Co, Inc., Series C MTN
5.00%, 1/15/15		41,000		42,088
Morgan Stanley
5.30%, 3/01/13		108,000		115,499
National Rural Utilities Cooperative
Finance Corp., Series C MTN
7.25%, 3/01/12		29,000		32,407
Prudential Financial, Inc.
5.10%, 9/20/14		12,000		12,362
Wachovia Corp.
5.25%, 8/01/14		74,000		77,930
Wells Fargo & Co.
4.875%, 1/12/11		64,000		66,504

				1,592,363


INFORMATION TECHNOLOGY — 0.1%
Oracle Corp.
5.25%, 1/15/16		29,000		32,036

TELECOMMUNICATION SERVICES — 0.3%
Cellco Partnership / Verizon Wireless
Capital LLC
5.55%, 2/01/14		35,000		38,608
New Cingular Wireless Services, Inc.
7.875%, 3/01/11		24,000		25,965

				64,573

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (Continued)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
November 30, 2009 (Unaudited)


	Principal Amount		Value

UTILITIES — 0.3%
Exelon Generation Co. LLC
5.35%, 1/15/14	$	24,000	$	25,849
Progress Energy, Inc.
7.10%, 3/01/11		54,000		57,544

				83,393


Total Corporate Bonds
(Amortized Cost $1,972,670)				2,079,636


UNITED STATES GOVERNMENT & AGENCIES
OBLIGATIONS — 69.8%

FEDERAL HOME LOAN MORTGAGE CORP. — 3.0%
3.25%, 2/25/11		400,000		413,188
4.875%, 11/18/11		40,000		43,204
4.50%, 1/15/13		275,000		300,856

				757,248


UNITED STATES TREASURY BONDS/NOTES — 66.8%
3.50%, 12/15/09		1,050,000		1,051,600
3.50%, 2/15/10		4,337,400		4,369,253
6.50%, 2/15/10		100		101
2.00%, 2/28/10		590,000		592,951
4.50%, 5/15/10		1,398,400		1,426,533
3.875%, 7/15/10		1,866,400		1,909,708
5.00%, 2/15/11		1,305,000		1,379,171
4.875%, 4/30/11		1,114,800		1,185,564
4.875%, 5/31/11		750,000		800,508
5.125%, 6/30/11		2,050,000		2,201,028
4.625%, 8/31/11		125,000		133,999
1.375%, 5/15/12		240,000		243,019
3.375%, 7/31/13		200,000		214,438
4.75%, 5/15/14		1,332,600		1,505,630
4.375%, 2/15/38		40,000		41,150

				17,054,653


Total United States Government &
Agencies Obligations
(Amortized Cost $17,587,148)				17,811,901

SOVEREIGN BONDS— 0.2%
Italy Government International Bond (Italy)
6.00%, 2/22/11
(Amortized Cost $45,392)		44,000		46,859

Total Investments — 98.9%
(Amortized Cost $24,586,357)			$	25,258,633
Other assets less liabilities — 1.1%				286,982

Net Assets — 100.0%			$	25,545,615

ADR – American Depositary Receipt.
MTN – Medium Term Note.
REIT – Real Estate Investment Trust.
* Non-income producing security.
(a) Less than 0.1%.

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund’s investments:


Investments	Level 1		Level 2		Level 3
Common Stocks	$	5,320,237	$	—	$	—
Corporate Bonds		—		2,079,636		—
United States Government
& Agencies Obligations		—		17,811,901		—
Sovereign Bonds		—		46,859		—

Total Investments	$	5,320,237	$	19,938,396	$	—

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2009 (Unaudited)


	Value		% of Net Assets
United States	$	23,429,957	91.7	%
United Kingdom		379,543	1.5
Supranational		263,962	1.0
Japan		176,887	0.7
France		166,613	0.7
Switzerland		157,747	0.6
Germany		156,981	0.6
Italy		102,643	0.4
Australia		92,198	0.4
Spain		89,914	0.4
Netherlands		70,466	0.3
Netherlands Antilles		38,653	0.2
Ireland		26,348	0.1
Sweden		22,768	0.1
Bermuda		18,190	0.1
Finland		12,443	0.1
Norway		9,987	0.0
Belgium		9,282	0.0
Luxembourg		9,078	0.0
Denmark		8,787	0.0
Greece		7,308	0.0
Marshall Islands		4,532	0.0
Cayman Islands		4,346	0.0

Total Investments		25,258,633	98.9
Other assets less liabilities		286,982	1.1

Net Assets	$	25,545,615	100.0	%

See Notes to Financial Statements.

This Page is Intentionally Left Blank

TDX Independence Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2009 (Unaudited)


	TDX INDEPENDENCE 2010 EXCHANGE- TRADED FUND			TDX INDEPENDENCE 2020 EXCHANGE- TRADED FUND			TDX INDEPENDENCE 2030 EXCHANGE- TRADED FUND			TDX INDEPENDENCE 2040 EXCHANGE- TRADED FUND			TDX INDEPENDENCE IN-TARGET EXCHANGE- TRADED FUND
ASSETS:
Investments at fair value	$	23,549,200		$	46,802,186		$	37,640,467		$	36,323,033		$	25,258,633
Cash		—			—			—			—			21,111
Foreign currency at value		1,060			8,874			5,191			10,636			4,985
Receivables:
Investment securities sold		12,390			66,180			71,070			77,040			13,890
Interest		166,164			219,172			73,320			22,044			207,517
Dividends		13,895			80,026			86,560			94,002			14,522
Foreign tax reclaim		1,594			9,962			11,902			13,436			311
From investment advisor		77,705			117,695			99,208			94,528			79,530

Total Assets		23,822,008			47,304,095			37,987,718			36,634,719			25,600,499


LIABILITIES:
Due to custodian	$	7,641		$	65,387		$	72,474		$	74,981		$	—
Payables:
Investment advisory fees		3,930			7,785			6,257			5,998			4,247
Investment sub-advisory fees		21,615			42,816			34,412			32,989			23,360
Accrued expenses and other liabilities		24,873			34,643			29,837			28,932			27,277

Total Liabilities		58,059			150,631			142,980			142,900			54,884


NET ASSETS	$	23,763,949		$	47,153,464		$	37,844,738		$	36,491,819		$	25,545,615


NET ASSETS CONSIST OF:
Paid-in capital	$	24,732,941		$	52,306,538		$	45,652,016		$	45,965,211		$	25,341,674
Undistributed net investment income		465,840			979,683			628,203			524,491			307,428
Accumulated net realized loss on investments and foreign currency transactions		(2,060,761	)		(6,570,893	)		(7,817,727	)		(8,583,387	)		(776,050	)
Net unrealized appreciation (depreciation) on investments and foreign currency transactions		625,929			438,136			(617,754	)		(1,414,496	)		672,563

Net Assets	$	23,763,949		$	47,153,464		$	37,844,738		$	36,491,819		$	25,545,615


NET ASSETS VALUE, per Common Share (par value $0.0001 per Common Share)	$	23.74		$	21.43		$	18.91		$	18.24		$	25.53


Number of Common Shares outstanding (12.5 billion Common Shares have been authorized)		1,000,800			2,200,800			2,000,800			2,000,800			1,000,800

Investments at cost	$	22,923,369		$	46,364,925		$	38,259,165		$	37,738,625		$	24,586,357

Foreign currency at cost	$	1,039		$	8,703		$	5,120		$	10,526		$	4,739

See Notes to Financial Statements.

44 & 45

TDX Independence Funds, Inc.

STATEMENTS OF OPERATIONS

For the Six Months Ended November 30, 2009 (Unaudited)


	TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND			TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
INVESTMENT INCOME:
Interest	$	368,483		$	425,976		$	139,918		$	39,129		$	427,010
Dividends		54,004			294,769			323,873			349,414			51,551
Amortization		(78,397	)		(52,620	)		(15,106	)		(4,030	)		(219,850	)
Foreign withholding taxes		(1,704	)		(5,850	)		(6,698	)		(7,628	)		(1,376	)

Total investment income		342,386			662,275			441,987			376,885			257,335

EXPENSES:
Professional fees		79,982			122,537			102,202			97,959			84,118
Sub-advisory fees		62,116			116,193			92,910			87,064			68,844
Directors		14,113			26,207			21,310			19,505			16,912
Compliance		13,588			22,745			18,094			17,692			15,621
Advisory fees		11,294			21,126			16,893			15,830			12,517
Listing fees		7,987			7,987			7,987			7,987			7,987
Printing		7,414			14,743			11,641			11,282			9,875
Other expenses		10,556			14,042			12,312			12,174			11,521

Total Expenses		207,050			345,580			283,349			269,493			227,395
Less fees waived:
Sub-advisory fees		(62,116	)		(116,193	)		(92,910	)		(87,064	)		(68,844	)
Other fees assumed by the Sub-Advisor		(71,224	)		(91,768	)		(80,336	)		(79,235	)	��	(76,890	)

Net Expenses		73,710			137,619			110,103			103,194			81,661

NET INVESTMENT INCOME		268,676			524,656			331,884			273,691			175,674

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investment transactions		(658,291	)		(3,151,106	)		(3,907,519	)		(4,784,272	)		(227,822	)
Foreign currency transactions		829			4,050			3,135			4,387			708

Net realized loss		(657,462	)		(3,147,056	)		(3,904,384	)		(4,779,885	)		(227,114	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,038,056			8,618,726			8,978,483			9,888,460			1,196,867
Foreign currency transactions		(282	)		(1,175	)		(1,055	)		(1,301	)		(136	)

Net change in unrealized appreciation		2,037,774			8,617,551			8,977,428			9,887,159			1,196,731

Net realized and unrealized gain		1,380,312			5,470,495			5,073,044			5,107,274			969,617

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,648,988		$	5,995,151		$	5,404,928		$	5,380,965		$	1,145,291

See Notes to Financial Statements.

46 & 47

TDX Independence Funds, Inc.

STATEMENTS OF CHANGES IN NET ASSETS


	TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND						TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND						TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009
OPERATIONS:
Net investment income	$	268,676		$	608,758		$	524,656		$	1,116,174		$	331,884		$	707,407
Net realized loss on investments and
foreign currency transactions		(657,462	)		(1,729,514	)		(3,147,056	)		(3,380,537	)		(3,904,384	)		(3,862,086	)
Net change in appreciation (depreciation)
on investments and foreign currency
transactions		2,037,774			(1,011,757	)		8,617,551			(6,583,359	)		8,977,428			(7,733,884	)

Net increase (decrease) in net assets
resulting from operations		1,648,988			(2,132,513	)		5,995,151			(8,847,722	)		5,404,928			(10,888,563	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(686,307	)		—			(1,063,521	)		—			(639,029	)
Net realized gain on investment and
foreign currency transactions		—			—			—			(6,552	)		—			—

Total distributions to shareholders		—			(686,307	)		—			(1,070,073	)		—			(639,029	)

SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		4,422,360			—			4,016,000			3,520,687			3,502,520			7,443,489
Value of shares repurchased		—			(4,441,920	)		—			—			—			—

Net increase (decrease) in net assets
resulting from shareholder transactions		4,422,360			(4,441,920	)		4,016,000			3,520,687			3,502,520			7,443,489

Net increase (decrease) in net assets		6,071,348			(7,260,740	)		10,011,151			(6,397,108	)		8,907,448			(4,084,103	)
NET ASSETS:
Beginning of period		17,692,601			24,953,341			37,142,313			43,539,421			28,937,290			33,021,393

End of period	$	23,763,949		$	17,692,601		$	47,153,464		$	37,142,313		$	37,844,738		$	28,937,290

Undistributed net investment income at
end of period	$	465,840		$	197,164		$	979,683		$	455,027		$	628,203		$	296,319

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		800,800			1,000,800			2,000,800			1,800,800			1,800,800			1,400,800
Shares sold		200,000			—			200,000			200,000			200,000			400,000
Shares repurchased		—			(200,000	)		—			—			—			—

Shares outstanding, end of period		1,000,800			800,800			2,200,800			2,000,800			2,000,800			1,800,800


	TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND						TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009
OPERATIONS:
Net investment income	$	273,691		$	607,231		$	175,674		$	495,961
Net realized loss on investments and
foreign currency transactions		(4,779,885	)		(3,765,927	)		(227,114	)		(505,119	)
Net change in appreciation (depreciation)
on investments and foreign currency
transactions		9,887,159			(8,955,953	)		1,196,731			(502,623	)

Net increase (decrease) in net assets
resulting from operations		5,380,965			(12,114,649	)		1,145,291			(511,781	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(583,997	)		—			(590,799	)
Net realized gain on investment and
foreign currency transactions		—			—			—			(3,975	)

Total distributions to shareholders		—			(583,997	)		—			(594,774	)

SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		3,459,736			2,744,462			—			—
Value of shares repurchased		—			—			—			(5,069,003	)

Net increase (decrease) in net assets
resulting from shareholder transactions .		3,459,736			2,744,462			—			(5,069,003	)

Net increase (decrease) in net assets		8,840,701			(9,954,184	)		1,145,291			(6,175,558	)
NET ASSETS:
Beginning of period		27,651,118			37,605,302			24,400,324			30,575,882

End of period	$	36,491,819		$	27,651,118		$	25,545,615		$	24,400,324

Undistributed net investment income at
end of period	$	524,491		$	250,800		$	307,428		$	131,754

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		1,800,800			1,600,800			1,000,800			1,200,800
Shares sold		200,000			200,000			—			—
Shares repurchased		—			—			—			(200,000	)

Shares outstanding, end of period		2,000,800			1,800,800			1,000,800			1,000,800

See Notes to Financial Statements.

48 & 49

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS


For a Share outstanding throughout each period TDX Independence 2010 Exchange-Traded Fund	For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Period October 1, 2007* through May 31, 2008

Net Asset Value, beginning of period	$	22.09		$	24.93		$	25.39

Income from Investment Operations:
Net investment income**		0.28			0.69			0.55
Net realized and unrealized gain (loss) on investments and
foreign currency transactions**		1.37			(2.67	)		(0.80	)

Total from investment operations		1.65			(1.98	)		(0.25	)

Distributions paid to shareholders from:
Net investment income		—			(0.86	)		(0.18	)
Net realized capital gains		—			—			(0.03	)

Total distributions		—			(0.86	)		(0.21	)


Net Asset Value, end of period	$	23.74		$	22.09		$	24.93

Total Return***		7.47	%		(7.87	)%		(0.99	)%

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)	$	23,764		$	17,693		$	24,953
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%^†		0.65	%		0.65	%^†
Expenses, prior to expense reimbursements		1.83	%^†		1.70	%		1.55	%^†
Net investment income		2.38	%^†		3.09	%		3.33	%^†
Portfolio turnover rate^††		37	%		54	%		22	%


	For the Six						For the Period
	Months Ended			For the Year			October 1, 2007*
	November 30, 2009			Ended			through
TDX Independence 2020 Exchange-Traded Fund	(Unaudited)			May 31, 2009			May 31, 2008

Net Asset Value, beginning of period	$	18.56		$	24.18		$	25.52

Income from Investment Operations:
Net investment income**		0.25			0.61			0.44
Net realized and unrealized gain (loss) on investments and
foreign currency transactions**		2.62			(5.64	)		(1.67	)

Total from investment operations		2.87			(5.03	)		(1.23	)

Distributions paid to shareholders from:
Net investment income		—			(0.59	)		(0.10	)
Net realized capital gains		—			(0.00	)(a)		(0.01	)

Total distributions		—			(0.59	)		(0.11	)


Net Asset Value, end of period	$	21.43		$	18.56		$	24.18

Total Return***		15.46	%		(20.73	)%		(4.82	)%

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)	$	47,153		$	37,142		$	43,539
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%^†		0.65	%		0.65	%^†
Expenses, prior to expense reimbursements		1.64	%^†		1.60	%		1.32	%^†
Net investment income		2.48	%^†		3.17	%		2.69	%^†
Portfolio turnover rate^††		34	%		64	%		20	%

*	Commencement of Investment Operations.
**	Based on average shares outstanding.
***	Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividends distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. The Total Return would have been lower if certain fees had not been reimbursed by the investment sub-advisor, Amerivest Investment Management, LLC.
†	Annualized.
††	Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
(a)	Amount distributed was $0.004 per share.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS (Continued)


For a Share outstanding throughout each period TDX Independence 2030 Exchange-Traded Fund	For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Period October 1, 2007* through May 31, 2008

Net Asset Value, beginning of period	$	16.07		$	23.57		$	25.60

Income from Investment Operations:
Net investment income**		0.17			0.44			0.35
Net realized and unrealized gain (loss) on investments and
foreign currency transactions**		2.67			(7.54	)		(2.29	)

Total from investment operations		2.84			(7.10	)		(1.94	)

Distributions paid to shareholders from:
Net investment income		—			(0.40	)		(0.08	)
Net realized capital gains		—			—			(0.01	)

Total distributions		—			(0.40	)		(0.09	)


Net Asset Value, end of period	$	18.91		$	16.07		$	23.57

Total Return***		17.67	%		(30.08	)%		(7.59	)%

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)	$	37,845		$	28,937		$	33,021
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%^†		0.65	%		0.65	%^†
Expenses, prior to expense reimbursements		1.68	%^†		1.62	%		1.38	%^†
Net investment income		1.96	%^†		2.52	%		2.13	%^†
Portfolio turnover rate^††		40	%		64	%		13	%


	For the Six						For the Period
	Months Ended			For the Year			October 1, 2007*
	November 30, 2009			Ended			through
TDX Independence 2040 Exchange-Traded Fund	(Unaudited)			May 31, 2009			May 31, 2008

Net Asset Value, beginning of period	$	15.35		$	23.49		$	25.64

Income from Investment Operations:
Net investment income**		0.15			0.37			0.29
Net realized and unrealized gain (loss) on investments and
foreign currency transactions**		2.74			(8.15	)		(2.38	)

Total from investment operations		2.89			(7.78	)		(2.09	)

Distributions paid to shareholders from:
Net investment income		—			(0.36	)		(0.06	)
Net realized capital gains		—			—			(0.00	)(a)

Total distributions		—			(0.36	)		(0.06	)


Net Asset Value, end of period	$	18.24		$	15.35		$	23.49

Total Return***		18.83	%		(33.03	)%		(8.14	)%

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)	$	36,492		$	27,651		$	37,605
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%^†		0.65	%		0.65	%^†
Expenses, prior to expense reimbursements		1.70	%^†		1.65	%		1.36	%^†
Net investment income		1.73	%^†		2.21	%		1.89	%^†
Portfolio turnover rate^††		36	%		56	%		10	%

*	Commencement of Investment Operations.
**	Based on average shares outstanding.
***	Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividends distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. The Total Return would have been lower if certain fees had not been reimbursed by the investment sub-advisor, Amerivest Investment Management, LLC.
†	Annualized.
††	Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
(a)	Amount distributed was $0.004 per share.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS (Continued)


For a Share outstanding throughout each period TDX Independence In-Target Exchange-Traded Fund	For the Six Months Ended November 30, 2009 (Unaudited)			For the Year Ended May 31, 2009			For the Period October 1, 2007* through May 31, 2008

Net Asset Value, beginning of period	$	24.38		$	25.46		$	25.08

Income from Investment Operations:
Net investment income**		0.18			0.47			0.43
Net realized and unrealized gain (loss) on investments and
foreign currency transactions**		0.97			(0.96	)		0.10

Total from investment operations		1.15			(0.49	)		0.53


Distributions paid to shareholders from:
Net investment income		—			(0.59	)		(0.15	)
Net realized capital gains		—			(0.00	)(a)		(0.00	)(b)

Total distributions		—			(0.59	)		(0.15	)


Net Asset Value, end of period	$	25.53		$	24.38		$	25.46


Total Return***		4.72	%		(1.87	)%		2.12	%

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)	$	25,546		$	24,400		$	30,576
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%^†		0.65	%		0.65	%^†
Expenses, prior to expense reimbursements		1.82	%^†		1.57	%		1.61	%^†
Net investment income		1.40	%^†		1.91	%		2.62	%^†
Portfolio turnover rate^††		20	%		75	%		21	%

*	Commencement of Investment Operations.
**	Based on average shares outstanding.
***	Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividends distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. The Total Return would have been lower if certain fees had not been reimbursed by the investment sub-advisor, Amerivest Investment Management, LLC.
†	Annualized.
††	Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
(a)	Amount distributed was $0.004 per share.
(b)	Amount distributed was $0.0005 per share.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

TDX Independence Funds, Inc. (the “Company”) was organized as a Maryland corporation on December 22, 2006 and is registered under the Investment Company Act of 1940, as amended (the “Act”).

As of November 30, 2009, the following five (5) series of exchange-traded funds (“ETF”) (each, a “Fund,” and collectively, the “Funds,” or “TDX Independence Exchange-Traded Funds”) were in operation and trading:


	TDX Independence 2010 Exchange-Traded Fund	“Independence 2010 ETF”
	TDX Independence 2020 Exchange-Traded Fund	“Independence 2020 ETF”
	TDX Independence 2030 Exchange-Traded Fund	“Independence 2030 ETF”
	TDX Independence 2040 Exchange-Traded Fund	“Independence 2040 ETF”
	TDX Independence In-Target Exchange-Traded Fund	“Independence In-Target ETF”

XShares Advisors LLC (the “Advisor”) serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Directors.

Each Fund offers shares, known as TDX Independence Target Date Shares that are listed and traded on NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots, consisting of 200,000 shares, each called a “Creation Unit.” Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). Zacks Investment Research (“Zacks”) is the creator of each Underlying Index. Each Underlying Index is comprised of a mix of securities from three broad asset classes, international equities, domestic equities, and fixed income which includes cash, cash equivalents or short-term money market instruments. The Fund may invest in short-term instruments, which include obligations of the U.S. government and its agencies or instrumentalities; commercial paper, variable amount master demand notes and other debt securities, including high quality U.S. dollar-denominated short-term bonds and notes issued by domestic and foreign corporations; variable and floating rate securities; bank obligations; repurchase agreements collateralized by these securities; and shares of other investment companies that primarily invest in any of the above-referenced securities. These Underlying Indexes are designed to reflect a portfolio of investments that can be used for lifecycle investing. Lifecycle investing is an investment technique that starts by targeting a particular investment horizon. That investment horizon corresponds to the date the investor expects to need his or her invested assets.

The underlying indexes for the TDX Independence Exchange-Traded Funds are:


	Fund	Index

	Independence 2010 ETF	Zacks 2010 Lifecycle Index
	Independence 2020 ETF	Zacks 2020 Lifecycle Index
	Independence 2030 ETF	Zacks 2030 Lifecycle Index
	Independence 2040 ETF	Zacks 2040 Lifecycle Index
	Independence In-Target ETF	Zacks In-Target Lifecycle Index

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Security Valuation The net asset value, or NAV, of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of shares outstanding. Investments are valued at fair value. Any assets or securities for which market quotations are not readily available are valued at fair-value in accordance with procedures adopted by the Board of Directors. The Board of Directors has delegated to the Advisor the responsibility to exercise oversight in the administration of these procedures.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 — quoted prices in active markets for identical securities
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 — significant unobservable inputs (including a Fund’s own assumption in determining the fair value of investments)

The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. However, the determination of what constitutes an “observable” input may require significant judgment by the Funds. The Funds consider observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument.

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1, consist of active listed equities.

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2. These generally include certain U.S. government and sovereign obligations, most government agency securities and investment-grade corporate bonds. As investments whose values are classified as Level 2 may include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments whose values are classified as Level 3 have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange and less liquid corporate debt securities. When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Funds in estimating the value of investments classified as Level 3 may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 securities may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 securities does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

A summary of the inputs used to value each Fund’s net assets as of November 30, 2009 is included with each Fund’s Schedule of Investments.

B. Securities Transactions And Income Recognition Securities transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities.

C. Dividends and Distributions to Shareholders And Federal Income Taxes It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), to qualify as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends, if any, to investors at least annually sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required for the fiscal year ended May 31, 2009 and for the period October 1, 2007 (commencement of investment operations) through May 31, 2008. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Each Fund pays out dividends from its net investment income to investors annually. Each Fund distributes any net capital gains annually.

D. Expenses Expenses that are directly related to a specific Fund are charged to that respective Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between Zacks and Amerivest Investment Management, LLC (“Amerivest”) and a sub-licensing agreement between Amerivest and the Advisor. There is no charge to the Funds in connection with these licensing agreements. Expenses related to the initial organization, registration and offering of the Funds were borne by Amerivest.

E. Foreign Currency Transactions The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars using the applicable exchange rates as of the close of London Exchange. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investments in securities. Certain foreign exchange gains and losses included in realized and unrealized gains or losses are included in or are a reduction of ordinary income in accordance with U.S. Federal income tax regulations.

F. Taxes The Funds are subject to tax provisions that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. These tax provisions require that the financial statement effects of a tax position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the taxing authorities. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. As of November 30, 2009, the Funds have not recorded any unrecognized tax benefits. The Funds’ policy, if it had unrecognized benefits, is to recognize accrued interest and penalties in operating expenses.

The Funds’ have filed separate U.S. federal income tax returns since it was formed in 2007. The U.S. federal statute of limitations remains open for all the years 2007 onward.

G. Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Fund’s Board of Directors. Under an investment advisory agreement between the Company, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. The Advisor is also responsible for employing any sampling strategy for the Funds. The Investment Advisory Agreement, dated as of July 24, 2007, has an initial term of two years and may be continued in effect annually thereafter if such continuance is approved by (i) the Board of Directors, or (ii) a majority (as defined in the Act) of the outstanding voting securities of each applicable Fund provided that in either case the continuance is also approved by a majority of the Board of Directors, who are not parties to the Investment Advisory Agreement or “interested persons” (as defined in the Act) of any such party (the “Disinterested Directors”), by a vote cast in person at a meeting called for the purpose of voting on such a continuance. The Investment Advisory Agreement is terminable without penalty by the Company with respect to one or more of the Funds on 60 days’ written notice when authorized either by majority vote of its outstanding voting shares or by a vote of a majority of the Board of Directors, or by the Advisor on 60 days’ written notice, and will terminate automatically in the event of its assignment.

For the services it provides to the Funds, the Advisor receives a unified advisory fee based on a percentage of the daily net assets of each Fund. The advisory fee is calculated daily and paid monthly in arrears. Out of the advisory fee, the Advisor pays, or arranges for the payment of, all fees and expenses of the Sub-Advisors, Transfer Agent, the Administrator and Accounting Agent and the Custodian. Each Fund is responsible for the payment of all other expenses associated with its operation, including but not limited to, brokerage expenses, taxes, interest, fees and expenses of counsel to the Funds, fees and expenses of the Disinterested Directors (including legal counsel fees), certain out-of-pocket expenses of the Advisor or Sub-Advisors, including, but not limited to, cost of obtaining prices for security valuations (including manual broker quotes), Federal Reserve charges related to securities transactions, postage and insurance on physical transfer items, telecommunication charges, and proxy voting execution, advice and reporting etc., fees and expenses of the Chief Compliance Officer and expenses associated with the Funds’ compliance program, litigation expenses, fees and expenses of the Funds’ independent auditors, registration fees, expenses associated with compliance by the Funds with regulatory requirements, including those relating to the development and distribution of its prospectus and shareholder reports, and extraordinary expenses. Pursuant to the Investment Advisory Agreement, the Advisor is authorized to engage one or more sub-advisors to perform any of the services contemplated to be performed by the Advisor under the Investment Advisory Agreement.

Amerivest and TDAM USA Inc. (“TDAM”) act as investment sub-advisors to the Funds (each a “Sub-Advisor” and, together, the “Sub-Advisors”). Amerivest is a wholly-owned subsidiary of TD AMERITRADE Holding Corporation. TDAM is a direct, wholly-owned subsidiary of The Toronto-Dominion Bank and an affiliate of Amerivest. Mellon Capital Management Corporation (“MCM”), successor in interest to BNY Investment Advisors, previously served as an investment sub-advisor to the Funds. The investment sub-advisory agreement between the Advisor and MCM terminated, pursuant to its terms, effective August 3, 2009. To facilitate an uninterrupted investment program for the Funds, on July 23, 2009, the Directors, including a majority of the Disinterested Directors, approved an interim investment sub-advisory agreement (the “Interim Agreement”) between the Advisor and TDAM, replacing MCM as an investment sub-advisor to the Funds effective August 3, 2009. In addition, after careful consideration of possible alternatives to MCM, the Directors, including a majority of the Disinterested Directors, approved, subject to shareholder approval, a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) between the Advisor and TDAM, pursuant to which TDAM would become a new investment sub-advisor to the Funds. The Sub-Advisors are responsible for the day-today management of the Funds, subject to the supervision of the Advisor and the Funds’ Board of Directors. In this regard, the Sub-Advisors are responsible for implementing the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub Advisors from time to time.

For its services provided to the Funds under the Investment Advisory Agreement, each Fund pays the Advisor a fee equal to 0.65% (per annum) of each Fund’s average daily net assets. The fee is accrued daily and paid monthly in arrears.

In accordance with the terms of the investment sub-advisory agreement with Amerivest, the Advisor pays Amerivest, out of its own resources, a fee at the annual rate of 0.55% of each Fund’s average daily net assets for the first $5 billion in assets and 0.60% of each Fund’s average daily net assets in excess of $5 billion. Out of the Sub-Advisory fee, Amerivest

pays all fees and expenses of TDAM, the Transfer Agent, Administrator and Accounting Agent and Custodian. Amerivest has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund’s net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets (the “Expense Cap”). The Expense Cap will remain in effect until at least September 30, 2010. Amerivest is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be requested by Amerivest if the aggregate amount actually paid by a Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap.

Amerivest pays TDAM, out of its own resources, a fee based on a percentage of the average daily net assets of each Fund as set forth below:

10 basis points (0.10%) of the first $100 million in combined daily net assets of all Funds; and
5 basis points (0.05%) of the combined daily net assets of all Funds in excess of $100 million.

There is a minimum annual fee of $35,000 per Fund.

Expenses related to the initial organization, registration and offering of the Funds were borne by Amerivest.

The amounts subject to reimbursement to Amerivest at November 30, 2009 were as follows:


	Reimbursements available through:

	5/31/2010	5/31/2011	5/31/2012
Independence 2010 ETF	$444,380	$338,808	$133,339
Independence 2020 ETF	680,908	542,439	207,962
Independence 2030 ETF	565,784	445,314	173,246
Independence 2040 ETF	566,883	441,823	166,300
Independence In-Target ETF	499,837	384,593	145,735

For the period ended November 30, 2009, the advisory and sub-advisory fee waivers and expenses assumed by Amerivest were as follows:


	Amerivest Fee Waiver		Expenses Assumed by Amerivest
Independence 2010 ETF	$	62,116	$71,224
Independence 2020 ETF		116,193	91,768
Independence 2030 ETF		92,910	80,336
Independence 2040 ETF		87,064	79,235
Independence In-Target ETF		68,844	76,890

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Directors is currently comprised of four Directors, of whom three are Disinterested Directors. The Company pays each Disinterested Director an annual fee of $30,000, plus a fee of $4,000 per meeting attended in-person or $1,000 per meeting attended conducted telephonically. Each Disinterested Director also receives $2,000 per Audit Committee meeting attended in-person or $1,000 per meeting attended conducted telephonically, although the Audit Committee Chairman receives $3,000 per Audit Committee meeting attended in-person. The Company reimburses each Director for their costs and expenses associated with their performance of their duties hereunder, including the cost and expenses associated with attendance of meetings of the Board. Directors’ fees and expenses are allocated among the Funds based on each Fund’s relative average net assets.

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

4. FEDERAL INCOME TAXES

As of November 30, 2009, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation/depreciation on investments was as follows:


	Cost	Unrealized Appreciation (Depreciation)		Gross Unrealized Appreciation	Gross Unrealized (Depreciation)		Net Unrealized Appreciation on Currency

Independence 2010 ETF	$22,933,566	$ 615,634		$1,130,155	$ (514,521	)	$ 98
Independence 2020 ETF	46,389,725	412,461		2,969,720	(2,557,259	)	874
Independence 2030 ETF	38,331,337	(690,870	)	2,395,644	(3,086,514	)	944
Independence 2040 ETF	37,753,772	(1,430,739	)	2,170,818	(3,601,557	)	1,097
Independence In-Target ETF	24,604,861	653,772		831,432	(177,660	)	287

At May 31, 2009, the cost of investments for Federal income tax purposes was as follows:


	Cost

Independence 2010 ETF	$18,466,917
Independence 2020 ETF	44,706,508
Independence 2030 ETF	38,097,932
Independence 2040 ETF	38,706,802
Independence In-Target ETF	24,453,856

At May 31, 2009, the components of accumulated earnings/loss on tax-basis were as follows:


	Accumulated Earnings	Net Accumulated Capital and Other Gains (Losses)		Unrealized Appreciation (Depreciation) on Investments		Gross Unrealized Appreciation	Gross Unrealized (Depreciation)		Unrealized Appreciation (Depreciation) on Currency	Total Accumulated Earnings (Loss)

Independence
2010 ETF	$211,002	$(1,406,922	)	$ (1,422,441	)	$417,143	$ (1,839,584	)	$ 381	$ (2,617,980	)
Independence
2020 ETF	480,383	(3,424,393	)	(8,206,263	)	548,172	(8,754,435	)	2,048	(11,148,225	)
Independence
2030 ETF	329,475	(3,874,317	)	(9,669,363	)	402,323	(10,071,686	)	1,999	(13,212,206	)
Independence
2040 ETF	280,187	(3,817,740	)	(11,319,201	)	338,677	(11,657,878	)	2,397	(14,854,357	)
Independence
In-Target ETF	134,358	(533,030	)	(543,101	)	320,929	(864,030	)	423	(941,350	)

Distributions to Shareholders:

The tax character of distributions paid during the fiscal year ended May 31, 2009 was as follows:


	Distributions paid from Ordinary Income	Distributions paid from Long-Term Capital Gains

Independence 2010 ETF	$ 686,307	$ —
Independence 2020 ETF	1,066,479	3,594
Independence 2030 ETF	639,029	—
Independence 2040 ETF	583,997	—
Independence In-Target ETF	594,413	361

At May 31, 2009, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains through the years indicated. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. The use of some portion of the capital carryforwards by any one Fund may be limited by Federal tax rules. These rules limit the use of the carryforwards when there has been a greater than fifty percent change in ownership of a Fund.


	Year of Expiration 2017	Total Amount
Independence 2010 ETF	$1,004,066	$1,004,066
Independence 2020 ETF	2,884,099	2,884,099
Independence 2030 ETF	3,249,773	3,249,773
Independence 2040 ETF	3,538,689	3,538,689
Independence In-Target ETF	176,636	176,636

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. Capital losses can be carried forward for a period of eight years.

During the fiscal year ended May 31, 2009, the Funds incurred and elected to defer net capital losses as follows:


	Post-October Losses on Capital	Post-October Losses on Currency

Independence 2010 ETF	$389,018	$13,838
Independence 2020 ETF	514,938	25,356
Independence 2030 ETF	591,388	33,156
Independence 2040 ETF	249,664	29,387
Independence In-Target ETF	353,790	2,604

5. INVESTMENT PORTFOLIO TRANSACTIONS

For the six months ended November 30, 2009, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases	Sales

Independence 2010 ETF	$ 7,028,369	$ 8,775,792
Independence 2020 ETF	15,092,068	14,181,472
Independence 2030 ETF	13,869,176	13,159,967
Independence 2040 ETF	11,473,020	11,072,506
Independence In-Target ETF	4,713,674	4,138,725

For the six months ended November 30, 2009, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:


	Purchases	Sales

Independence 2010 ETF	$3,601,501	$ —
Independence 2020 ETF	3,992,538	—
Independence 2030 ETF	3,464,422	—
Independence 2040 ETF	3,449,807	—
Independence In-Target ETF	—	—

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

6. CAPITAL SHARE TRANSACTIONS

As of November 30, 2009, there were 12.5 billion shares of $0.0001 par value capital shares authorized by the Company. Capital shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

7. INDEMNIFICATIONS

In the normal course of business the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these arrangements cannot be known; however, the Company expects any risk of loss to be remote.

8. RECENT ACCOUNTING PRONOUNCEMENTS

In April 2009, the Financial Accounting Standards Board (“FASB”) issued additional guidance for estimating fair value when the volume and level of activity has significantly decreased in relation to normal market activity for an asset or liability. This guidance also provides additional insight on circumstances that may indicate that a transaction is not orderly and requires additional disclosures in annual and interim reporting periods. This guidance is effective for fiscal periods and interim periods ending after June 15, 2009. All changes to the Funds’ accounting policies have been made in accordance with this guidance and incorporated as part of the notes to financial statements.

In June 2009, an accounting standards codification (“Codification”) was established as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under federal securities laws are also sources of authoritative GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. As of the effective date, the Codification has superseded all then-existing non-SEC accounting and reporting standards. Concurrently, all nongrandfathered, non-SEC accounting literature not included in the Codification has been deemed nonauthoritative. This Codification is effective for financial statements issued for interim and annual periods ending after September 15, 2009. Management has evaluated this new statement and has determined that it did not have a significant impact on the determination or reporting of the Funds’ financial statements.

9. SUBSEQUENT EVENTS

On December 18, 2009, the shareholders of the TDX Independence In-Target Exchange-Traded Fund and TDX Independence 2010 Exchange-Traded Fund voted to approve the New Sub-Advisory between the Advisor and TDAM. The Board of Directors of the Company had previously approved the New Sub-Advisory Agreement on November 2, 2009, subject to shareholder approval. The special meetings of shareholders for the TDX Independence 2020 Exchange-Traded Fund, the TDX Independence 2030 Exchange-Traded Fund, and the TDX Independence 2040 Exchange-Traded Fund (collectively, the “2020, 2030 and 2040 Funds”) were adjourned on December 18, 2009 until December 30, 2009 and again on December 30, 2009 until January 29, 2010 because these Funds have not yet obtained sufficient shareholder votes to approve the New Sub-Advisory Agreement. TDAM is currently serving as an investment sub-advisor to the 2020, 2030 and 2040 Funds pursuant to the Interim Agreement between XShares and TDAM dated August 3, 2009. The Interim Agreement, however, was due to expire by its terms on December 31, 2009. As a result, the Board of Directors of the Company approved an amendment to the Interim Agreement to allow TDAM to continue to provide investment advisory and other services to the 2020, 2030, and 2040 Funds until such time as shareholders of the 2020, 2030, and 2040 Funds approve the New Sub-Advisory Agreement.

As previously disclosed to shareholders, at the July 23, 2009 meeting of the Board of Directors, the Directors approved, subject to shareholder approval, (i) a new investment advisory agreement between the Company, on behalf of the Funds, and Amerivest, whereby Amerivest would replace the Advisor as investment advisor and (ii) a new investment sub-advisory agreement between Amerivest and TDAM. At this point, the Directors are uncertain of the timing for final approval of Amerivest as investment advisor to the Funds. Amerivest continues to serve as an investment sub-advisor to the Funds, along with TDAM.

Management has evaluated subsequent events in the preparation of the Funds’ financial statements through January 29, 2010, which is the date the financial statements will be issued.

BOARD CONSIDERATIONS IN APPROVAL OF INVESTMENT ADVISORY CONTRACTS

I. Board Considerations in Approving the Continuance of the Investment Advisory Agreements

At an in-person meeting of the Board of Directors (the “Board”) of TDX Independence Funds, Inc. (the “Company”) held on July 23, 2009, the Board considered the renewal of (i) the investment advisory agreement (the “Advisory Agreement”) between the Company, on behalf of its series of five (5) underlying portfolios (each, a “Fund,” and together, the “Funds”), and the Company’s investment advisor, XShares Advisors LLC (“XShares” or the “Advisor”); (ii) the investment sub-advisory agreement (the “Sub-Advisory Agreement,” and together with the Advisory Agreement, the “Current Agreements”) between the Advisor and Amerivest Investment Management, LLC (“Amerivest”); and (iii) the investment sub-advisory agreement (the “Previous Sub-Advisory Agreement,” and together with the Current Agreements, the “Legacy Agreements”) between the Advisor and Mellon Capital Management Corporation (“MCM”). At the July 23, 2009 meeting, the Board was asked to approve the continuation of the Advisory Agreement and the Sub-Advisory Agreement for successive annual terms, and approve the continuation of the Previous Sub-Advisory Agreement until August 3, 2009 to facilitate the transition of investment sub-advisory services to TDAM USA Inc. (“TDAM”), as discussed in Note 3 to the financial statements.

In its deliberations, the Board considered and reviewed materials distributed in advance of the meeting that provided a range of information on a variety of factors, including, among other things (i) information about the duties and responsibilities of the Board in connection with its review and consideration of the Legacy Agreements; (ii) information relating to the profitability of the Advisor and Amerivest in view of the Funds; (iii) and performance and expense ratio information in comparison to peer registered investment companies (collectively, the “15(c) Materials”). This information formed the primary, but not exclusive, basis for the Board’s determinations.

In determining whether to approve the continuance of the Legacy Agreements, the Board considered the following information and made the conclusions as described below:

(i) The nature, extent and quality of the services to be provided by the Advisor, Amerivest and MCM.

The Board reviewed in detail the nature, extent and quality of services provided by the Advisor, Amerivest and MCM under the Legacy Agreements. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Company. The Board considered that the Advisor provides, or arranges for the provision of, transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, Amerivest and MCM, including those individuals responsible for portfolio management. The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Company’s service providers.

The Board also considered that the Advisor pays for the compensation of officers of the Company who are also officers or employees of the Advisor, except as may otherwise be determined by the Board. The Board evaluated these factors in consultation with representatives of Paul, Hastings, Janofsky & Walker LLP, of counsel to the Company and the Funds. Based on this review, the Board concluded that the nature, extent, and quality of services provided by the Advisor, Amerivest and MCM in view of the Funds under the Legacy Agreements were reasonable and appropriate in relation to the advisory fee, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of this unitary advisory fee will be used to compensate the Funds’ service providers.

The Board also considered MCM’s operational capabilities and resources, and its experience in serving as an investment sub-advisor to the Funds since the Funds commenced investment operations on October 1, 2007, taking special consideration of MCM’s agreement to facilitate the transition of investment sub-advisory services to TDAM.

The Board also considered Amerivest’s role as an investment sub-advisor in providing oversight over MCM, and eventually TDAM, including, reviewing the portfolio of securities of each Fund in accordance with the terms of the Funds’ registration statement, assistance in the resolution of any pricing issues and assistance in the development of trading strategies. The Board also considered Amerivest’s experience in coordinating with MCM to keep the Board fully informed on an ongoing basis of all material facts concerning the investment and reinvestment of the assets of each Fund and the operations of Amerivest and MCM, and its experience in providing reasonable assistance to other service providers in managing the Funds.

BOARD CONSIDERATIONS IN APPROVAL OF INVESTMENT ADVISORY CONTRACTS (Continued)

(ii)

The performance of the Funds and the Advisor, Amerivest and MCM.

The Board considered the performance of the Funds by reviewing the Funds’ annualized index tracking error since the commencement of investment operations, which provides a comparison between the NAV of each Fund’s underlying index as compared to the NAV of each respective Fund. The Board determined that the Funds had tracked their respective indices within acceptable ranges since the Legacy Agreements were first approved by the Board, and the commencement of investment operations of the Funds on October 1, 2007. In connection with the assessment of the ability of the Advisor and Amerivest to perform their duties under the Current Agreements, the Board considered the Advisor’s and Amerivest’s financial condition and whether they have the resources necessary to carry out their functions. The Board concluded that the Advisor and Amerivest had the financial resources necessary to perform its obligations under the Current Agreements.

(iii)

The cost of the advisory services and the profits to the Advisor, Amerivest and MCM and its affiliates from their relationship with the Funds.

The Board considered the proposed level of the advisory fee for each Fund and reviewed comparative advisory fee information of other comparable exchange-traded funds, which was included in the 15(c) Materials. The Board considered that this type of information would be useful in assessing whether the Advisor, Amerivest and MCM would be providing services at a cost that was competitive with other exchange-traded funds. The Board concluded that the contract rate advisory fee and total fund expenses for each of the Funds were reasonable, but noted that the advisory fees charged by the Funds were higher than the advisory fees charged by the other exchange-traded funds listed in the Board Materials. The Board noted, however, that the other exchange-traded funds with lower advisory fees were each structured as a fund of funds, unlike the Funds, thereby reducing management costs. In concluding that the advisory fees and fund expenses were reasonable, the Board considered the Company’s innovative and unique investment process. In assessing this information, the Directors considered both the gross fees as well as the level of fees after waivers and/or reimbursements.

(iv)

The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

The Board considered whether economies of scale would be realized by the Funds at higher asset levels. The Board also assessed whether certain costs would increase if asset levels rise. The Board concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant growth. In the event there were to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fees appropriately took into account any economies of scale that had been realized as a result of that growth.

(v)

Other factors.

The Board also considered whether Amerivest or MCM would benefit in other ways from its relationship with the Funds, noting that neither Amerivest nor MCM presently participate in any soft-dollar arrangements in connection with the Funds’ brokerage transactions. The Board considered that affiliates of MCM provide other services to the Funds.

II. Board Considerations in Approving a New Sub-Advisory Agreement

As indicated in Note 3 to the financial statements, at meetings held in-person on July 23, 2009 and November 2, 2009, the Board, including a majority of the Directors who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended, approved an interim investment sub-advisory agreement (the “Interim Agreement”) between XShares and TDAM, and a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) between XShares and TDAM, respectively. Prior to the meetings, the Board received and reviewed substantial information regarding the services to be provided by TDAM to the Company and the Funds under the Interim Agreement and the New Sub-Advisory Agreement. This information formed the primary, but not exclusive, basis for the Board’s determinations.

Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the Interim Agreement and the New Sub-Advisory Agreement:

(i)

The nature, extent and quality of the services to be provided by TDAM.

In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed presentations from TDAM relating to the staffing, management, organizational structure and investment philosophy and processes of TDAM. The Board specifically considered, among other things, the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of both equity and fixed income securities. More particularly, the Board considered TDAM’s robust operational capabilities and resources, and TDAM’s experience in managing index funds covering such asset classes as Canadian, U.S. and global equities, as well as Canadian and global fixed income. The Board noted that TDAM manages its equity and fixed income portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, TDAM closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted TDAM’s effective trading processes to ensure low-cost trading across all portfolios. In reviewing the Interim Agreement, the Board made a determination that the Interim Agreement generally contains the same terms and conditions as the Previous Sub-Advisory Agreement and determined that the scope and quality of services under the Interim Agreement will be at least equivalent to the scope and quality of services under the Previous Sub-Advisory Agreement. The Board concluded that the nature, extent and quality of services to be provided by TDAM to the Funds under the Interim Agreement and the New Sub-Advisory Agreement were reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM under the Interim Agreement and the New Sub-Advisory Agreement are payable by XShares, not by the Funds.

(ii) The performance of the Funds and TDAM.

The Board determined that, given that TDAM would be a new investment sub-advisor for the Funds, the Funds’ prior performance was not applicable to the Board’s consideration of TDAM. The Board noted that, although TDAM and its affiliates do not currently manage exchange-traded funds with similar objectives to the Company, TDAM and its affiliates serve as investment advisor on over $28.7 billion in indexed equity and fixed income portfolios. In that regard, the Board considered TDAM’s relevant experience as well as its ability to leverage this expertise to manage the Funds’ portfolios. In addition, in connection with its assessment of the ability of TDAM to perform its duties under the Interim Agreement and the New Sub-Advisory Agreement, the Board considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Interim Agreement and the New Sub-Advisory Agreement.

(iii)

The cost of the advisory services and the profits to TDAM and its affiliates from their relationship with the Funds.

In evaluating the costs of the services to be provided by TDAM under the Interim Agreement and the New Sub-Advisory Agreement and the profitability of TDAM, the Board considered, among other things, that the Interim Agreement and the New Sub-Advisory Agreement generally contain the same terms and conditions as the Previous Sub-Advisory Agreement and that the contractual advisory fee rate payable under the Interim Agreement and the New Sub-Advisory Agreement is identical to the contractual advisory fee rate payable under the Previous Sub-Advisory Agreement. The Board noted that the contractual advisory fee rate payable under the Interim Agreement and the New Sub-Advisory Agreement, like the contractual advisory fee rates payable under the Previous Sub-Advisory Agreement, is payable by XShares, not by the Funds. The Board further noted that the unified management fee arrangements would not change as a result of TDAM’s retention.

The Board also considered what, if any, indirect benefits TDAM and its affiliates would receive due to their relationship with the Funds. The Board noted that TDAM represented that, although difficult to quantify, at the existing asset level, TDAM is expected to be marginally profitable for acting as investment sub-advisor to the Funds, and does not expect any material indirect benefits to be received by TDAM or its affiliates.

BOARD CONSIDERATIONS IN APPROVAL OF INVESTMENT ADVISORY CONTRACTS (Continued)

The Board, including all of the Independent Directors, concluded that the fees that would be paid to TDAM under the Interim Agreement and the New Sub-Advisory Agreement out of the unified management fee are reasonable and appropriate in view of the quality of services to be provided and based on a comparison to the Previous Sub-Advisory Agreement. The Board again noted that the fee payable to TDAM is payable by XShares, not by the Funds.

(iv)

The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

In considering whether economies of scale would be realized by the Funds at higher asset levels, the Board noted that the fees to be paid to TDAM under the Interim Agreement and the New Sub-Advisory Agreement are payable by XShares, not by the Funds. As a result, the Board determined that consideration of economies of scale in view of its consideration of TDAM was not applicable. The Board noted that, at the July 23, 2009 meeting, it considered the potential benefits of economies of scale in its determination to approve the continuation of XShares’ engagement to serve as investment advisor to the Funds for a successive annual period.

(v) Other factors.

The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the potential benefits TDAM derives from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.

TDX Independence Funds, Inc.

ADDITIONAL INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Company uses to determine how to vote proxies related to each Fund’s portfolio securities, (and information on how the Funds voted proxies during the period ending June 30, 2009) is available without charge, upon request, (i) by calling 800-925-2870; (ii) on the Company’s website at www.tdxindependencefunds.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Company at 800-925-2870. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

Information about each Fund’s portfolio holdings is available daily at www.tdxindependencefunds.com.

This Page is Intentionally Left Blank

This report is intended for the shareholders of the TDX Independence Exchange-Traded Funds (“TDX Independence ETFs”). It may not be distributed to prospective Investors unless it is preceded or accompanied by the current prospectus.

An Investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing. For this and more complete information about the fund call 800.925.2870 or visit the website www.tdxindependencefunds.com. Please read the prospectus carefully before investing.

There are risks involved with investing in exchange-traded funds including possible loss of money. TDX Independence ETFs are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Losses from short sales may be unlimited, and losses from purchases on margin may exceed original investment.

Investments in small and medium capitalization companies will be subject to higher volatility than larger, more established companies.

Investments in foreign securities will be subject to certain risks not associated with domestic securities, such as currency fluctuations, and changes in political and economic conditions.

Investments in fixed income securities will be subject to certain risks as well. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Generally, fixed income securities will decrease in value if interest rates rise, and the volatility of lower rated securities is even greater than that of higher rated securities.

There is no assurance that the investment process will consistently lead to successful investing. Diversification does not eliminate the risk of experiencing investment losses.

The prospectus is not an offer to buy or sell the portfolio shares, nor is the fund soliciting an offer to buy its shares in any jurisdiction where the offer or sale is not permitted.

TDX Independence ETFs are distributed by ALPS Distributors, Inc., member of FINRA, which is neither affiliated with TDX Independence Funds, Inc. or any other affiliate, nor is it affiliated with The Bank of New York Mellon, Amerivest Investment Management, LLC, or TDAM USA Inc.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there no guarantee that the fund will achieve this objective.

TDX000549

TDX Independence Funds, Inc.

INVESTMENT ADVISOR
XShares Advisors LLC
420 Lexington Avenue
Suite 2550
New York, NY 10170

INVESTMENT SUB-ADVISORS
Amerivest Investment Management, LLC
1005 North Ameritrade Place
Bellevue, NE 68005

TDAM, USA Inc.
161 Bay Street, 35th Floor
TD Canada Trust Tower
Toronto, Ontario Canada M5J 2T2

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT & TRANSFER AGENT
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286

DISTRIBUTOR
ALPS Distributors, Inc.
1290 Broadway
Suite 1100
Denver, CO 80203

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Eisner LLP
750 Third Avenue
New York, NY 10017

LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
75 East 55th Street
New York, NY 10022

Item 2. Code of Ethics.

Not required for a semi-annual period.

Item 3. Audit Committee Financial Expert.

Not required for a semi-annual period.

Item 4. Principal Accountant Fees and Services.

Not required for a semi-annual period.

Items 5. Audit Committee of Listed Registrants.

Not required for a semi-annual period.

Item 6. Schedule of Investments.

The Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form.

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.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors that would require disclosure herein.

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 Chief Executive Officer (principal executive officer) and Chief Financial Officer (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 significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(b) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

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) TDX Independence Funds, Inc.


By:	/s/ David M. Kelley
Name:	David M. Kelley

Title:	President and Chief Executive Officer

Date:	February 5, 2010

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


By:	/s/ David M. Kelley
Name:	David M. Kelley

Title:	President and Chief Executive Officer

Date:	February 5, 2010


By:	/s/ James McCluskey
Name:	James McCluskey

Title:	Secretary, Treasurer, Chief Financial Officer and Controller

Date:	February 5, 2010

db-X Exchange-Traded Funds Inactive N-CSRSCertified semi-annual shareholder report (management investment company)