fp0003051_ncsrs.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number ___811-21531________________________

TFS Capital Investment Trust

(Exact name of registrant as specified in charter)

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

Wade R. Bridge, Esq.

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

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2011

Date of reporting period: April 30, 2011

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

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

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT

April 30, 2011

(Unaudited)

For more information or assistance in opening an account,

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

LETTER TO SHAREHOLDERS

June 15, 2011

Dear Shareholder,

Enclosed is the Semi-Annual Report to shareholders of the TFS Market Neutral Fund (ticker: TFSMX) and the TFS Small Cap Fund (ticker: TFSSX) for the period ended April 30, 2011. As investment manager of the Funds, we would like to thank you for your investment.

Recently, the TFS Market Neutral Fund created a new policy for accepting additional investments (the “Subscription Policy”). Given its significant asset growth and the limited capacity of the Fund’s investment strategies, the TFS Market Neutral Fund filed a prospectus supplement dated May 17, 2011 that describes the new Subscription Policy. The intent of the new Subscription Policy is to manage the growth of the Fund. TFS Capital believes that this action may assist the portfolio management team in its effort to maintain the Fund’s high standard of performance.

We would like to emphasize that, although TFSMX is further restricting purchase activity, this action does not mean that TFS Capital intends to reduce its investment in research and development. Rather, we continue to invest heavily in ongoing research as evidenced by our 2010 expenditures in this area which exceeded any prior year. This trend is also continuing as we are presently recruiting a quantitative analyst and developer to strengthen the trading and research teams.

The TFS Small Cap Fund will remain open, without restriction, to existing and new investors and provides investors with an additional opportunity to gain exposure to the portfolio management team at TFS Capital.

Below are performance highlights for the Funds.

TFS Market Neutral Fund (ticker: TFSMX)

	1 year return	3 year return	5 year return	Since Inception (9/7/2004)
TFS Market Neutral Fund	10.26%	6.20%	8.84%	9.63%
S&P 500 Index	17.22%	1.73%	2.95%	5.11%

Average annual total returns for periods ended 4/30/2011 and since inception.

TFSMX’s long-term performance compares favorably to the overall U.S. equity market as measured by the S&P 500 Index. From inception through April 30, 2011, TFSMX generated a 9.63% average annual return and had an annualized standard deviation of 8.38%, whereas the S&P 500 Index generated a 5.11% average annual return and had an annualized standard deviation of 22.28%. Therefore, from inception through April 30, 2011, TFSMX produced an average annual return that was 4.52 percentage points above that of the S&P 500 Index while subjecting investors to only 37.6% of the volatility. Based on its trailing 5-year return through April 30, 2011, TFSMX was the #1 ranked fund among 41 funds in Morningstar’s Market Neutral category and, for the same period, was ranked #1 among 36 funds in the Lipper Equity Market Neutral category.1

The strategies used in managing TFSMX have resulted in the Fund having a low correlation to other asset classes. According to Modern Portfolio Theory, investors may benefit by combining non-correlated investments. For your reference, below are the Fund’s correlations to several other asset classes as of April 30, 2011.

Index	Correlation Since Inception
S&P 500 Index	0.55
Russell 2000® Index	0.53
MSCI EAFE Index	0.48
Barclays Capital U.S. Agg. Bond Index	-0.11
Wilshire REIT ETF Index	0.39
Dow Jones Commodity Futures	0.44

TFS Small Cap Fund (ticker: TFSSX)

	1 year return	3 year return	5 year return	Since Inception (3/7/2006)
TFS Small Cap Fund	24.17%	16.88%	10.61%	11.81%
Russell 2000® Index	22.20%	8.03%	3.89%	5.00%

Average annual total returns for periods ended 4/30/2011 and since inception.

As evidenced by the return figures above, TFSSX has continued to achieve its objective of outperforming the Russell 2000® Index. In fact, the Fund now has over a 5-year track record and has achieved an average annual return, since inception, that is 6.81 percentage points higher than that of the Russell 2000® Index. At the end of April 2011, the trailing 5-year return placed TFSSX in the top 1% of both the Lipper “Small Cap Core” category and the Morningstar “Small Cap Blend” category.2

As of April 30, 2011, both of the Funds achieved an overall “5-Star Rating” from Morningstar. For the period, TFSMX was rated among 48 Market Neutral funds and TFSSX was rated among 572 Small Blend funds, respectively, by Morningstar. Despite the Funds’ excellent performance, we do not recommend allocating a high percentage of your assets to either Fund given the risks inherent in the Funds. Rather, we believe that they are best used as a component of a diversified portfolio of investments.

Please note that the Funds continue to be tax-inefficient as evidenced by the high capital-gain distributions that occurred in December 2010. Future distributions are expected to remain high relative to other mutual funds. Moreover, future distributions will be impacted by the asset level of the Funds and are more likely to grow, as a percentage of the overall gain, if the assets in either Fund stop increasing.

If you have any questions about the Funds or TFS Capital, please contact us.

Best regards,

Larry S. Eiben

Chief Operating Officer & Co-Portfolio Manager

On behalf of TFS Capital LLC, Investment Adviser

The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Funds charge a 2% redemption fee on shares invested for less than 90 days. If shares are redeemed within the 90 day period, investment returns would be reduced from those shown above. Fee waivers and/or expense reimbursements by the Adviser have positively impacted the Funds’ performance. Without such waivers and/or reimbursements, performance would have been lower. An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. To obtain a summary prospectus and/or prospectus, which each contain this and other important information, go to www.TFSCapital.com or call (888) 534-2001. Please read the summary prospectus and/or prospectus carefully before investing. The Funds may not be suitable for all investors.

TFSMX was ranked #1 out of 36 in the Lipper “Equity Market Neutral” category and #1 out of 41 in the Morningstar “Market Neutral” category using its 5-year return. TFSMX was ranked #2 out of 53 in the Lipper “Equity Market Neutral” category and #1 out of 48 in the Morningstar “Market Neutral” category using its 3-year return. TFSMX was ranked #12 out of 82 in the Lipper “Equity Market Neutral” category and #1 out of 72 in the Morningstar “Market Neutral” category using its 1-year return.

TFSSX was ranked #3 out of 547 in the Lipper “Small Cap Core” category and #3 out of 484 in the Morningstar “Small Blend” category using its 5-year return. TFSSX was ranked #11 out of 696 in the Lipper “Small Cap Core” category and #14 out of 572 in the Morningstar “Small Blend” category using its 3-year return. TFSSX was ranked #233 out of 783 in the Lipper “Small Cap Core” category and #156 out of 647 in the Morningstar “Small Cap Blend” category using its 1-year return.

Ranking information provided by Lipper and Morningstar for the periods ended April 30, 2011. TFSSX was assigned by Lipper to the Small-Cap Core category and by Morningstar to the Small Blend category. TFSMX was assigned by Lipper to the Equity Market Neutral category and by Morningstar to the Market Neutral category. The Funds are ranked based on total return and are ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund’s sales load, if applicable. Fund rankings are calculated monthly by Lipper Analytical Services of New York and Morningstar, Inc. of Chicago. Lipper Inc. and Morningstar Inc. are nationally recognized organizations that rank the performance of mutual funds.

TFS MARKET NEUTRAL FUND

PORTFOLIO INFORMATION

April 30, 2011 (Unaudited)

TFS Market Neutral Fund vs S&P 500 Index

Net Sector Exposure*

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

Top 10 Long Equity Positions		Top 10 Short Equity Positions
Security Description	% of Net Assets	Security Description	% of Net Assets
First Niagara Financial Group, Inc.	0.71%	Rubicon Technology, Inc.	1.01%
American Medical Systems Holdings, Inc.	0.61%	NV Energy, Inc.	0.77%
Beckman Coulter, Inc.	0.57%	Sears Holdings Corporation	0.69%
American Capital Agency Corporation	0.42%	Lexington Realty Trust	0.56%
Merit Medical Systems, Inc.	0.40%	St. Joe Company (The)	0.54%
Cubist Pharmaceuticals, Inc.	0.37%	ZAGG, Inc.	0.48%
Celera Corporation	0.36%	Douglas Emmett, Inc.	0.45%
Unisource Energy Corporation	0.36%	China-Biotics, Inc.	0.42%
National Semiconductor Corporation	0.34%	VirnetX Holding Corporation	0.42%
Sirius XM Radio, Inc.	0.33%	Colonial Properties Trust	0.41%

TFS SMALL CAP FUND

PORTFOLIO INFORMATION

April 30, 2011 (Unaudited)

TFS Small Cap Fund

Sector Allocation (% of Net Assets)

Top 10 Equity Holdings
Security Description	% of Net Assets
Hercules Offshore, Inc.	0.50%
US Airways Group, Inc.	0.49%
Centene Corporation	0.47%
Sanmina-SCI Corporation	0.47%
SEACOR Holdings, Inc.	0.47%
Texas Capital Bancshares, Inc.	0.47%
Hill-Rom Holdings, Inc.	0.47%
Compass Minerals International, Inc.	0.46%
Acacia Research Corporation	0.46%
Buffalo Wild Wings, Inc.	0.46%

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2011 (Unaudited)
COMMON STOCKS — 91.4%	Shares		Value
Consumer Discretionary — 13.6%
Auto Components — 1.3%
Modine Manufacturing Company (a) (b)		218,547	$	3,892,322
Other Auto Components (c)				17,522,678
				21,415,000
Automobiles — 0.0%
Other Automobiles (c)				144,265

Distributors — 0.1%
Other Distributors (c)				2,049,525

Diversified Consumer Services — 0.4%
Other Diversified Consumer Services (c)				7,484,817

Hotels, Restaurants & Leisure — 2.3%
Buffalo Wild Wings, Inc. (a) (b)		61,900		3,782,090
Wendy's/Arby's Group, Inc. - Class A (b)		755,167		3,639,905
Other Hotels, Restaurants & Leisure (c)				29,740,526
				37,162,521
Household Durables — 0.8%
NIVS IntelliMedia Technology Group, Inc. (a) (b) (d)		245,517		270,069
Other Household Durables (c)				12,093,000
				12,363,069
Internet & Catalog Retail — 0.6%
Vitacost.com, Inc. (d)		20,359		58,023
Other Internet & Catalog Retail (c)				9,739,825
				9,797,848
Leisure Equipment & Products — 0.3%
Other Leisure Equipment & Products (c)				4,389,643

Media — 2.4%
Sirius XM Radio, Inc. (a)		2,722,864		5,418,499
Other Media (c)				32,895,522
				38,314,021
Multiline Retail — 0.6%
Dillard's, Inc. (b)		82,405		3,957,088
Retail Ventures, Inc. (a) (b)		233,089		4,785,317
Other Multiline Retail (c)				1,895,733
				10,638,138
Specialty Retail — 3.4%
Pier 1 Imports, Inc. (a) (b)		306,828		3,737,165
Other Specialty Retail (c)				51,316,858
				55,054,023
Textiles, Apparel & Luxury Goods — 1.4%
Steven Madden Ltd. (a) (b)		78,137		4,152,982
Timberland Company (The) (a) (b)		93,382		4,219,933
Other Textiles, Apparel & Luxury Goods (c)				13,726,107
				22,099,022

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Consumer Staples — 2.1%
Beverages — 0.4%
Other Beverages (c)			$	7,059,719

Food & Staples Retailing — 0.3%
Other Food & Staples Retailing (c)				3,896,964

Food Products — 0.8%
HQ Sustainable Maritime Industries, Inc. (a) (d)		1,421		1,975
Other Food Products (c)				12,884,599
				12,886,574
Household Products — 0.1%
Other Household Products (c)				1,080,619

Personal Products — 0.5%
Other Personal Products (c)				8,675,816

Tobacco — 0.0%
Other Tobacco (c)				27,633

Energy — 7.7%
Energy Equipment & Services — 2.4%
Pioneer Drilling Company (a) (b)		258,239		4,002,705
Other Energy Equipment & Services (c)				35,321,194
				39,323,899
Oil, Gas & Consumable Fuels — 5.3%
CVR Energy, Inc. (a) (b)		195,900		4,354,857
Frontier Oil Corporation (b)		157,700		4,406,138
Global Partners, L.P. (b)		140,607		3,945,432
Ivanhoe Energy, Inc. (a) (b)		1,280,542		3,611,128
TransAtlantic Petroleum Ltd. (a) (b)		1,499,173		3,942,825
Venoco, Inc. (a) (b)		226,564		4,211,825
Other Oil, Gas & Consumable Fuels (c)				60,427,563
				84,899,768
Financials — 15.2%
Capital Markets — 1.8%
Och-Ziff Capital Management Group, LLC		308,086		4,950,942
Other Capital Markets (c)				24,490,304
				29,441,246
Commercial Banks — 2.6%
Commerce Bancshares, Inc. (b)		94,896		4,038,774
Synovus Financial Corporation (b)		1,637,188		4,092,970
Other Commercial Banks (c)				33,854,686
				41,986,430
Consumer Finance — 0.3%
Other Consumer Finance (c)				5,417,803

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Financials — 15.2% (Continued)
Diversified Financial Services — 0.8%
Encore Capital Group, Inc. (a) (b)		119,084	$	3,565,375
Interactive Brokers Group, Inc. - Class A (a) (b)		246,150		4,317,471
Other Diversified Financial Services (c)				4,591,277
				12,474,123
Insurance — 3.2%
Unitrin, Inc. (b)		143,618		4,343,008
Other Insurance (c)				48,384,272
				52,727,280
Real Estate Investment Trusts (REIT) — 4.4%
American Capital Agency Corporation		231,300		6,733,143
DCT Industrial Trust, Inc. (b)		847,034		4,921,268
Walter Investment Management Corporation		206,308		3,676,409
Other Real Estate Investment Trusts (REIT) (c)				55,404,653
				70,735,473
Real Estate Management & Development — 0.3%
Other Real Estate Management & Development (c)				4,598,241

Thrifts & Mortgage Finance — 1.8%
First Niagara Financial Group, Inc. (b)		799,404		11,511,418
Other Thrifts & Mortgage Finance (c)				16,971,914
				28,483,332
Health Care — 15.1%
Biotechnology — 4.0%
Celera Corporation (a) (b)		747,004		5,908,802
Cubist Pharmaceuticals, Inc. (a) (b)		177,770		6,017,515
Other Biotechnology (c)				52,472,172
				64,398,489
Health Care Equipment & Supplies — 4.4%
American Medical Systems Holdings, Inc. (a)		337,400		9,953,300
Beckman Coulter, Inc.		111,645		9,249,788
Hill-Rom Holdings, Inc. (b)		82,533		3,714,810
Merit Medical Systems, Inc. (a) (b)		275,075		6,414,749
Other Health Care Equipment & Supplies (c)				41,068,679
				70,401,326
Health Care Providers & Services — 3.9%
Other Health Care Providers & Services (c)				63,879,850

Health Care Technology — 0.7%
Other Health Care Technology (c)				11,669,936

Life Sciences Tools & Services — 0.7%
Other Life Sciences Tools & Services (c)				10,899,762

Pharmaceuticals — 1.4%
Hi-Tech Pharmacal Company, Inc. (a) (b)		128,121		3,543,827
Other Pharmaceuticals (c)				19,345,277
				22,889,104

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Industrials — 12.9%
Aerospace & Defense — 0.8%
Other Aerospace & Defense (c)			$	13,193,732

Air Freight & Logistics — 0.3%
Other Air Freight & Logistics (c)				5,021,811

Airlines — 0.7%
Other Airlines (c)				11,169,227

Building Products — 0.2%
Other Building Products (c)				3,095,343

Commercial Services & Supplies — 1.4%
IESI-BFC Ltd.		181,661		4,603,290
Other Commercial Services & Supplies (c)				18,509,532
				23,112,822
Construction & Engineering — 0.7%
Other Construction & Engineering (c)				10,466,466

Electrical Equipment — 0.8%
China Electric Motor, Inc. (a) (d)		1,771		2,568
Other Electrical Equipment (c)				13,324,207
				13,326,775
Industrial Conglomerates — 0.2%
Other Industrial Conglomerates (c)				3,909,577

Machinery — 3.2%
Other Machinery (c)				51,702,170

Marine — 0.7%
Other Marine (c)				11,221,763

Professional Services — 1.0%
Other Professional Services (c)				15,813,944

Road & Rail — 1.4%
Avis Budget Group, Inc. (a) (b)		213,499		4,047,941
Ryder System, Inc. (b)		66,160		3,539,560
Other Road & Rail (c)				14,535,233
				22,122,734
Trading Companies & Distributors — 1.3%
Other Trading Companies & Distributors (c)				21,445,503

Transportation Infrastructure — 0.2%
Other Transportation Infrastructure (c)				3,054,052

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Information Technology — 15.8%
Communications Equipment — 2.6%
EchoStar Corporation - Class A (a) (b)		130,860	$	4,852,289
Opnext, Inc. (a) (b)		1,619,165		3,821,229
Sonus Networks, Inc. (a) (b)		986,531		3,886,932
Other Communications Equipment (c)				29,115,697
				41,676,147
Computers & Peripherals — 0.9%
Quantum Corporation (a) (b)		1,321,792		4,203,298
Other Computers & Peripherals (c)				10,146,173
				14,349,471
Electronic Equipment, Instruments & Components — 2.8%
Ingram Micro, Inc. - Class A (a) (b)		225,380		4,221,367
Other Electronic Equipment, Instruments & Components (c)				41,284,298
				45,505,665
Internet Software & Services — 1.8%
GSI Commerce, Inc. (a) (b)		160,099		4,686,098
Subaye, Inc. (a) (d)		37,723		40,552
Other Internet Software & Services (c)				25,124,101
				29,850,751
IT Services — 2.1%
CIBER, Inc. (a) (b)		659,552		3,772,637
DST Systems, Inc. (b)		87,200		4,299,832
Other IT Services (c)				25,917,045
				33,989,514
Office Electronics — 0.1%
Other Office Electronics (c)				1,873,976

Semiconductors & Semiconductor Equipment — 3.1%
National Semiconductor Corporation		228,000		5,499,360
Other Semiconductors & Semiconductor Equipment (c)				43,894,711
				49,394,071
Software — 2.4%
Epicor Software Corporation (a) (b)		388,764		4,859,550
Other Software (c)				34,682,191
				39,541,741
Materials — 5.3%
Chemicals — 1.8%
Georgia Gulf Corporation (a) (b)		112,631		4,435,409
Other Chemicals (c)				24,374,311
				28,809,720
Construction Materials — 0.0%
Other Construction Materials (c)				1,036,974

Containers & Packaging — 0.7%
Packaging Corporation of America (b)		126,666		3,613,781
Other Containers & Packaging (c)				7,241,939
				10,855,720

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 91.4% (Continued)	Shares		Value
Materials — 5.3% (Continued)
Metals & Mining — 2.6%
Other Metals & Mining (c)			$	42,058,292

Paper & Forest Products — 0.2%
Other Paper & Forest Products (c)				4,144,878

Telecommunication Services — 1.1%
Diversified Telecommunication Services — 0.8%
Other Diversified Telecommunication Services (c)				13,754,826

Wireless Telecommunication Services — 0.3%
Other Wireless Telecommunication Services (c)				4,560,661

Utilities — 2.6%
Electric Utilities — 1.0%
Unisource Energy Corporation (b)		156,022		5,793,097
Other Electric Utilities (c)				10,053,729
				15,846,826
Gas Utilities — 0.4%
Other Gas Utilities (c)				6,253,665

Independent Power Producers & Energy Traders — 0.2%
Other Independent Power Producers & Energy Traders (c)				4,229,427

Multi-Utilities — 0.8%
MDU Resources Group, Inc.		186,747		4,461,386
Other Multi-Utilities (c)				7,890,038
				12,351,424
Water Utilities — 0.2%
Other Water Utilities (c)				3,387,337

Total Common Stocks (Cost $1,414,844,202)			$	1,480,892,284


CLOSED-END FUNDS — 2.4%	Shares	Value
Other Closed-End Funds (Cost $37,497,003) (c)		$	38,573,865


EXCHANGE-TRADED FUNDS — 0.1%	Shares	Value
Other Exchange-Traded Funds (Cost $691,750) (c)		$	624,466

TFS MARKET NEUTRAL FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
CORPORATE BONDS — 0.0%	Par Value	Value
Financials — 0.0%
Other Financials (Cost $0) (c)		$	2,064


RIGHTS — 0.0%	Shares		Value
KHD Humboldt Wedag International AG (d) (Cost $10,675)		10,216	$	19,369


MONEY MARKET FUNDS — 7.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (e) (Cost $115,434,162)		115,434,162	$	115,434,162

Total Investments at Value — 101.0% (Cost $1,568,477,792)			$	1,635,546,210

Liabilities in Excess of Other Assets — (1.0%)				(15,591,341	)

Net Assets — 100.0%			$	1,619,954,869

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Represents securities which were not fair-valued as of April 30, 2011 and 1) issuers not identified as either a top 50 holding in terms of market value and 2) issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of April 30, 2011.
(d)	Fair value priced (Note 2). Fair valued securities totaled $392,556 at April 30, 2011, representing 0.0% of net assets.
(e)	Variable rate security. The rate shown is the effective interest rate as of April 30, 2011.
See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT April 30, 2011 (Unaudited)
COMMON STOCKS — 64.8%	Shares		Value
Consumer Discretionary — 9.3%
Auto Components — 0.3%
Fuel Systems Solutions, Inc.		166,061	$	4,936,163
Quantum Fuel Systems Technologies Worldwide, Inc.		120,247		310,237
Wonder Auto Technology, Inc.		2,489		14,735
				5,261,135
Automobiles — 0.2%
Kandi Technologies Corporation		57,825		167,693
Thor Industries, Inc.		800		24,808
Winnebago Industries, Inc.		185,446		2,295,821
				2,488,322
Distributors — 0.1%
Core-Mark Holding Company, Inc.		29,618		992,499
Pool Corporation		69		2,088
Weyco Group, Inc.		849		20,588
				1,015,175
Diversified Consumer Services — 1.0%
American Public Education, Inc.		4,916		207,701
Bridgepoint Education, Inc.		29,976		526,079
Capella Education Company		24,500		1,215,200
Career Education Corporation		8,569		186,890
ChinaCast Education Corporation		350,037		2,138,726
Coinstar, Inc.		36,500		1,970,270
Corinthian Colleges, Inc.		55,778		248,212
CPI Corporation		26,659		479,062
DeVry, Inc.		21		1,111
Education Management Corporation		270,187		5,009,267
Hillenbrand, Inc.		2,500		57,300
ITT Educational Services, Inc.		1,400		100,422
Jackson Hewitt Tax Service, Inc.		34,400		17,892
Matthews International Corporation - Class A		8,100		325,134
Pre-Paid Legal Services, Inc.		4,404		290,444
Regis Corporation		45,400		771,800
Stewart Enterprises, Inc. - Class A		338,949		2,748,876
				16,294,386
Hotels, Restaurants & Leisure — 0.6%
Bob Evans Farms, Inc.		5,800		181,888
Boyd Gaming Corporation		120,645		1,078,566
Cracker Barrel Old Country Store, Inc.		7,500		384,225
Denny's Corporation		299,112		1,223,368
Gaylord Entertainment Company		4,600		165,002
Hyatt Hotels Corporation - Class A		900		39,879
O'Charley's, Inc.		69,996		457,774
P.F. Chang's China Bistro, Inc.		53,149		2,131,275
Peet's Coffee & Tea, Inc.		59,738		2,776,622
Pinnacle Entertainment, Inc.		25,900		359,492
PokerTek, Inc.		520		762
Ruth's Hospitality Group, Inc.		51,800		254,338

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Consumer Discretionary — 9.3% (Continued)
Hotels, Restaurants & Leisure — 0.6% (Continued)
Shuffle Master, Inc.		4	$	44
Speedway Motorsports, Inc.		16,644		259,313
Star Buffet, Inc.		600		456
Town Sports International Holdings, Inc.		100		716
Universal Travel Group (a)		238,516		472,262
				9,785,982
Household Durables — 1.8%
American Greetings Corporation - Class A		146,086		3,593,716
Beazer Homes USA, Inc.		201,606		939,484
Cavco Industries, Inc.		4,112		191,126
Comstock Homebuilding Companies, Inc. - Class A		35,701		43,912
Deer Consumer Products, Inc.		253,695		2,572,467
Ethan Allen Interiors, Inc.		43,968		1,059,189
Flexsteel Industries, Inc.		100		1,429
Furniture Brands International, Inc.		48,178		233,182
Garmin Ltd.		177,541		6,077,228
Hooker Furniture Corporation		3,532		43,938
Hovnanian Enterprises, Inc. - Class A		238,967		767,084
Jarden Corporation		21,800		793,302
KB Home		159,200		1,880,152
La-Z-Boy, Inc.		223,634		2,629,936
Libbey, Inc.		4,106		70,007
MDC Holdings, Inc.		14,600		426,174
Meritage Homes Corporation		6,338		151,542
PulteGroup, Inc.		481,048		3,910,920
Ryland Group, Inc. (The)		84,100		1,455,771
Sealy Corporation		449,401		1,186,419
Skyline Corporation		4,610		90,402
Standard Pacific Corporation		139,355		537,910
Toll Brothers, Inc.		2,000		42,020
				28,697,310
Internet & Catalog Retail — 0.7%
Blue Nile, Inc.		59,246		3,377,022
E-Commerce China Dangdang, Inc. - ADR		26,600		612,066
Gaiam, Inc. - Class A		6,100		36,295
NutriSystem, Inc.		145,807		2,192,937
Overstock.com, Inc.		107,808		1,498,531
PetMed Express, Inc.		162,098		2,446,059
Shutterfly, Inc.		28,097		1,729,652
U.S. Auto Parts Network, Inc.		5,662		43,937
				11,936,499
Leisure Equipment & Products — 0.5%
Brunswick Corporation		40,900		955,833
Callaway Golf Company		120,317		851,844
Eastman Kodak Company		200,371		557,031
JAKKS Pacific, Inc.		170,790		3,593,422
Johnson Outdoors, Inc.		1,236		20,505

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Consumer Discretionary — 9.3% (Continued)
Leisure Equipment & Products — 0.5% (Continued)
LeapFrog Enterprises, Inc.		4,053	$	17,306
Nautilus, Inc.		1,102		3,571
Polaris Industries, Inc.		5,200		548,236
Steinway Musical Instruments, Inc.		100		2,500
Sturm Ruger & Company, Inc.		56,796		1,350,609
Summer Infant, Inc.		300		2,652
				7,903,509
Media — 0.8%
Atrinsic, Inc.		11,051		28,733
Carmike Cinemas, Inc.		4,657		33,810
China MediaExpress Holdings, Inc. (a)		215,809		1,281,884
China Yida Holding Company		5,003		35,021
Cumulus Media, Inc. - Class A		52,165		242,567
E.W. Scripps Company - Class A		17,076		162,222
Entercom Communications Corporation - Class A		32,255		340,935
Lee Enterprises, Inc.		38,199		54,625
Liberty Media, LLC - Starz Entertainment - Series A		600		46,110
LodgeNet Interactive Corporation		46,100		161,811
Martha Stewart Living Omnimedia, Inc. - Class A		415,145		1,548,491
McClatchy Company (The) - Class A		522,224		1,493,561
Media General, Inc.		280,685		1,512,892
Meredith Corporation		26,588		888,571
New York Times Company (The)		145,773		1,185,134
Radio One, Inc. - Class D		20,000		58,200
ReachLocal, Inc.		7		163
Regal Entertainment Group - Class A		17,902		246,690
Rentrak Corporation		2,768		63,498
Scholastic Corporation		25,709		675,632
SearchMedia Holdings Ltd.		1,000		2,150
Spanish Broadcasting System, Inc.		20		15
SPAR Group, Inc.		500		862
SuperMedia, Inc.		17,125		88,022
Valassis Communications, Inc.		39,100		1,127,253
Viacom, Inc. - Class A		20,276		1,178,847
Westwood One, Inc.		1,196		8,336
				12,466,035
Multiline Retail — 0.8%
Bon-Ton Stores, Inc. (The)		81,314		1,128,638
Fred's, Inc. - Class A		55,317		772,226
Sears Holdings Corporation		129,734		11,153,232
				13,054,096
Specialty Retail — 1.4%
Aaron's, Inc.		10,800		310,932
Aéropostale, Inc.		4,600		117,438
Asbury Automotive Group, Inc.		21,240		367,452
AutoChina International Ltd.		5,581		148,231
Barnes & Noble, Inc.		220,731		2,425,834

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Consumer Discretionary — 9.3% (Continued)
Specialty Retail — 1.4% (Continued)
Blockbuster, Inc. - Class A		294,200	$	18,535
Borders Group, Inc.		9,600		2,947
Brown Shoe Company, Inc.		63,185		799,290
Build-A-Bear Workshop, Inc.		600		3,678
Cabela's, Inc. - Class A		12,344		315,266
Cache, Inc.		167		959
Children's Place Retail Stores, Inc. (The)		6,100		324,337
China Auto Logistics, Inc.		2,600		5,330
Citi Trends, Inc.		29,650		660,009
Collective Brands, Inc.		14,400		302,400
Conn's, Inc.		402,014		2,633,192
Genesco, Inc.		70		2,827
Group 1 Automotive, Inc.		13		559
hhgregg, Inc.		158,400		1,957,824
Hibbett Sports, Inc.		1,600		60,448
Lumber Liquidators Holdings, Inc.		85,469		2,217,920
MarineMax, Inc.		17,553		167,807
Midas, Inc.		3,472		25,241
Monro Muffler Brake, Inc.		69		2,096
Office Depot, Inc.		250,147		1,078,133
Pacific Sunwear of California, Inc.		7,000		22,330
Pep Boys - Manny Moe & Jack (The)		490		6,713
RadioShack Corporation		148,490		2,347,627
Rue21, Inc.		19,913		599,779
Sonic Automotive, Inc. - Class A		101,686		1,433,773
Syms Corporation		1,221		9,695
Talbots, Inc. (The)		631		3,395
West Marine, Inc.		9,402		102,294
Wet Seal, Inc. (The)		757,777		3,334,219
Zumiez, Inc.		54,750		1,539,022
				23,347,532
Textiles, Apparel & Luxury Goods — 1.1%
Carter's, Inc.		63,300		1,957,236
Cherokee, Inc.		15,692		304,425
Culp, Inc.		86		867
Delta Apparel, Inc.		688		12,171
DGSE Companies, Inc.		740		4,240
Forward Industries, Inc.		100		446
Hanesbrands, Inc.		12,500		406,375
Heelys, Inc.		200		438
Iconix Brand Group, Inc.		31,781		778,317
Joe's Jeans, Inc.		100		98
Jones Group, Inc. (The)		364,414		4,966,963
Kingold Jewelry, Inc.		57,458		113,767
K-Swiss, Inc. - Class A		71,470		879,796
Lacrosse Footwear, Inc.		500		8,310
Liz Claiborne, Inc.		133,191		837,771

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Consumer Discretionary — 9.3% (Continued)
Textiles, Apparel & Luxury Goods — 1.1% (Continued)
R.G. Barry Corporation		24	$	294
Skechers U.S.A., Inc. - Class A		84,096		1,602,029
True Religion Apparel, Inc.		83,883		2,534,944
Under Armour, Inc. - Class A		700		47,922
Volcom, Inc.		142,216		2,805,921
Wolverine World Wide, Inc.		25,800		1,023,744
				18,286,074
Consumer Staples — 2.9%
Beverages — 0.1%
Central European Distribution Corporation		145,850		1,723,947
China New Borun Corporation		44,020		410,707
MGP Ingredients, Inc.		56		489
				2,135,143
Food & Staples Retailing — 0.6%
Anderson's, Inc. (The)		34,357		1,705,825
Great Atlantic & Pacific Tea Company, Inc. (The)		868,266		161,063
Nash Finch Company		5,442		202,551
Pizza Inn, Inc.		968		2,004
Ruddick Corporation		7,300		303,096
Spartan Stores, Inc.		25,452		397,306
SUPERVALU, Inc.		503,522		5,669,658
United Natural Foods, Inc.		1,100		46,959
Weis Markets, Inc.		1,810		74,698
Winn-Dixie Stores, Inc.		34,543		244,910
				8,808,070
Food Products — 1.3%
Calavo Growers, Inc.		40,697		854,637
Cal-Maine Foods, Inc.		121,779		3,518,195
Chiquita Brands International, Inc.		26,700		425,064
Dean Foods Company		4		45
Diamond Foods, Inc.		37,211		2,441,042
Dole Food Company, Inc.		89,040		1,229,642
Feihe International, Inc.		245,588		2,622,880
Fresh Del Monte Produce, Inc.		55,800		1,512,738
Imperial Sugar Company		32,928		450,455
John B. Sanfilippo & Son, Inc.		359		3,949
Lancaster Colony Corporation		6,500		397,215
Lifeway Foods, Inc.		4,205		40,326
Limoneira Company		78		1,717
Sanderson Farms, Inc.		78,795		3,750,642
Seneca Foods Corporation - Class A		2,094		58,548
Smart Balance, Inc.		92,669		442,958
Snyder's-Lance, Inc.		53,866		1,063,854
Tootsie Roll Industries, Inc.		38,005		1,126,468
TreeHouse Foods, Inc.		17,600		1,067,792
Yuhe International, Inc.		30,837		170,837
Zhongpin, Inc.		33,542		560,151
				21,739,155

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Consumer Staples — 2.9% (Continued)
Household Products — 0.1%
Central Garden & Pet Company		12,900	$	126,033
Central Garden & Pet Company - Class A		85,759		859,305
Spectrum Brands Holdings, Inc.		25,947		843,278
				1,828,616
Personal Products — 0.6%
China Sky One Medical, Inc.		196,014		558,640
China-Biotics, Inc.		700,276		6,834,694
Medifast, Inc.		45,742		903,404
Synutra International, Inc.		60,282		626,933
				8,923,671
Tobacco — 0.2%
Alliance One International, Inc.		176,873		705,723
Star Scientific, Inc.		185,811		745,102
Universal Corporation		4,048		175,602
Vector Group Ltd.		51,188		939,812
				2,566,239
Energy — 6.4%
Energy Equipment & Services — 0.9%
Cal Dive International, Inc.		108		849
Complete Production Services, Inc.		14,800		502,312
Dawson Geophysical Company		1,856		82,778
Dril-Quip, Inc.		25,700		1,967,592
ENGlobal Corporation		100		408
Exterran Holdings, Inc.		59,950		1,301,514
Geokinetics, Inc.		34,847		332,789
Hornbeck Offshore Services, Inc.		9,917		289,874
Key Energy Services, Inc.		73,200		1,332,240
Natural Gas Services Group, Inc.		2,185		39,396
Newpark Resources, Inc.		466,176		4,209,569
PHI, Inc.		1,322		29,586
Recon Technology Ltd.		200		630
RPC, Inc.		21,600		584,280
Seahawk Drilling, Inc.		226,206		1,662,614
Seawell Ltd.		72,539		481,087
SulphCo, Inc.		517,569		47,616
TETRA Technologies, Inc.		102,021		1,506,850
TGC Industries, Inc.		600		4,938
Tidewater, Inc.		2,700		160,677
Willbros Group, Inc.		246		2,645
				14,540,244
Oil, Gas & Consumable Fuels — 5.5%
Abraxas Petroleum Corporation		36		183
ATP Oil & Gas Corporation		364,301		6,477,272
Bill Barrett Corporation		1,000		41,730
BioFuel Energy Corporation		332,796		242,941
Blue Dolphin Energy Company		25,031		176,218
BPZ Resources, Inc.		271,988		1,294,663

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Energy — 6.4% (Continued)
Oil, Gas & Consumable Fuels — 5.5% (Continued)
Buckeye Partners, L.P.		76	$	4,945
Capital Product Partners, L.P.		212		2,396
Carrizo Oil & Gas, Inc.		56,700		2,258,928
Cheniere Energy Partners, L.P.		14,208		261,711
Cheniere Energy, Inc.		415,503		3,772,767
China Integrated Energy, Inc. (a)		464,950		855,508
China North East Petroleum Holdings Ltd.		117,647		502,353
Clean Energy Fuels Corporation		390,951		6,661,805
Comstock Resources, Inc.		42,000		1,346,520
Contango Oil & Gas Company		3,300		204,336
Delta Petroleum Corporation		13,927		11,658
DHT Holdings, Inc.		691,052		2,992,255
Double Eagle Petroleum Company		32,936		335,288
Duncan Energy Partners, L.P.		100		4,314
El Paso Pipeline Partners, L.P.		100		3,704
Evergreen Energy, Inc.		135,100		349,909
Frontline Ltd.		7,500		165,825
FX Energy, Inc.		54,595		448,225
Gastar Exploration Ltd.		36,914		166,113
General Maritime Corporation		295,494		632,357
Genesis Energy, L.P.		2,900		80,968
GeoGlobal Resources, Inc.		254,060		130,841
GMX Resources, Inc.		553,170		3,252,640
Goodrich Petroleum Corporation		45,000		1,011,150
Green Plains Renewable Energy, Inc.		97,177		1,216,656
GreenHunter Energy, Inc.		2,800		2,604
Gulfport Energy Corporation		7,000		238,280
Harvest Natural Resources, Inc.		83,110		1,148,580
Houston American Energy Corporation		157,952		2,904,737
Hyperdynamics Corporation		301,039		1,270,385
International Coal Group, Inc.		12,600		138,978
Isramco, Inc.		1,113		74,348
James River Coal Company		15,200		354,464
Kinder Morgan Management, LLC		28,356		1,933,312
Knightsbridge Tankers Ltd.		22,227		497,663
Kodiak Oil & Gas Corporation		269,268		1,890,261
L & L Energy, Inc.		372,651		2,589,924
Lucas Energy, Inc.		94,048		302,835
Magnum Hunter Resources Corporation		411,769		3,360,035
McMoRan Exploration Company		8,200		150,142
Mesa Royalty Trust		243		12,053
Miller Energy Resources, Inc.		10,856		62,639
Natural Resource Partners, L.P.		100		3,441
New Concept Energy, Inc.		11,200		33,600
Nordic American Tanker Shipping Ltd.		32,356		743,541
Overseas Shipholding Group, Inc.		115,100		3,206,686
Pacific Ethanol, Inc.		125,889		59,168

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Energy — 6.4% (Continued)
Oil, Gas & Consumable Fuels — 5.5% (Continued)
Patriot Coal Corporation		82,600	$	2,079,868
Penn Virginia Corporation		296,400		4,582,344
Petroleum Development Corporation		31,367		1,249,034
Provident Energy Ltd.		19,800		186,516
Pyramid Oil Company		3,200		19,296
Quicksilver Resources, Inc.		138,900		2,062,665
Rentech, Inc.		153,419		170,295
Resolute Energy Corporation		84,871		1,501,368
Rex Energy Corporation		280,688		3,601,227
Royale Energy, Inc.		490,670		2,217,828
San Juan Basin Royalty Trust		15,138		377,844
Scorpio Tankers, Inc.		12,471		146,784
Syntroleum Corporation		254,637		522,006
Tesoro Corporation		4,000		108,480
Tri-Valley Corporation		524,122		414,109
Uranium Energy Corporation		773,143		2,690,538
USEC, Inc.		923,541		4,229,818
Verenium Corporation		68,678		201,227
Voyager Oil & Gas, Inc.		9,050		38,553
W&T Offshore, Inc.		95,500		2,560,355
Warren Resources, Inc.		33,014		149,553
Western Refining, Inc.		77,900		1,321,184
Whiting USA Trust I		33,229		577,520
World Fuel Services Corporation		40,800		1,614,864
Zion Oil & Gas, Inc.		88,235		474,704
				88,981,835
Financials — 10.8%
Capital Markets — 1.0%
AllianceBernstein Holding, L.P.		4,900		108,780
Apollo Investment Corporation		4,400		52,140
Arlington Asset Investment Corporation		10,782		328,851
BGC Partners, Inc. - Class A		47,276		456,213
BlackRock Kelso Capital Corporation		139,103		1,463,364
Cohen & Steers, Inc.		16,880		531,045
Cowen Group, Inc.		243,842		1,014,383
Evercore Partners, Inc. - Class A		10,102		352,459
FBR Capital Markets Corporation		3,014		10,850
Federated Investors, Inc. - Class B		92,575		2,386,583
GAMCO Investors, Inc. - Class A		508		26,137
Gladstone Investment Corporation		443		3,429
Greenhill & Company, Inc.		20,200		1,191,800
INTL FCStone, Inc.		19,949		528,250
Investors Capital Holdings Ltd.		600		3,594
JMP Group, Inc.		6,400		55,040
KBW, Inc.		9,900		224,928
Knight Capital Group, Inc.		142,835		1,959,696
LaBranche & Company, Inc.		270,372		1,089,599

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Capital Markets — 1.0% (Continued)
Main Street Capital Corporation		10,858	$	204,239
MCG Capital Corporation		30,200		199,320
MF Global Holdings Ltd.		21,731		182,758
MVC Capital, Inc.		14,400		199,152
NGP Capital Resources Company		27,000		254,880
Oppenheimer Holdings, Inc.		8,200		251,822
optionsXpress Holdings, Inc.		19,686		363,010
Penson Worldwide, Inc.		110,687		671,870
Piper Jaffray Companies, Inc.		18,117		649,494
Prospect Capital Corporation		190		2,301
SWS Group, Inc.		145,383		886,836
Tortoise Capital Resources Corporation		48		408
TradeStation Group, Inc.		36,800		355,120
Triangle Capital Corporation		13,200		235,752
				16,244,103
Commercial Banks — 4.0%
Alliance Financial Corporation		1,300		41,912
American National Bankshares, Inc.		1,100		25,454
Ameris Bancorp		39,050		388,157
Arrow Financial Corporation		6,000		149,100
BancorpSouth, Inc.		47,770		647,284
BancTrust Financial Group, Inc.		5,150		12,875
Bank of the Ozarks, Inc.		70,650		3,146,045
Boston Private Financial Holdings, Inc.		123,233		861,399
Bridge Bancorp, Inc.		8,031		171,863
Britton & Koontz Capital Corporation		50		638
Capital City Bank Group, Inc.		19,927		223,182
Capitol Bancorp Ltd.		40,199		6,834
Cascade Bancorp		713		6,652
Cascade Financial Corporation		8,266		3,472
CenterState Banks, Inc.		4,914		30,565
Central Pacific Financial Corporation		11,476		173,058
Citizens Holding Company		1,201		24,440
Citizens Republic Bancorp, Inc.		100		92
City Bank		13,668		4,032
City Holding Company		83,583		2,850,180
CoBiz Financial, Inc.		151,239		1,026,913
Columbia Banking Systems, Inc.		4,063		76,628
Community Bank System, Inc.		101,962		2,551,089
Community Trust Bancorp, Inc.		29		821
CVB Financial Corporation		286,288		2,788,445
First BanCorp (North Carolina)		4		56
First BanCorp (Puerto Rico)		344,087		1,716,994
First Bancorp, Inc.		679		10,083
First Busey Corporation		38,025		199,631
First Community Bancshares, Inc.		2,526		37,536
First Financial Bancorporation		2,000		32,960

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Commercial Banks — 4.0% (Continued)
First Financial Bankshares, Inc.		53,797	$	2,981,430
First Midwest Bancorp, Inc.		40,100		525,310
FirstMerit Corporation		79,423		1,387,520
FNB Corporation		209,511		2,294,145
Frontier Financial Corporation		10,459		1,464
German American Bancorp, Inc.		200		3,490
Glacier Bancorp, Inc.		19,200		288,576
Great Southern Bancorp, Inc.		16,639		344,427
Green Bankshares, Inc.		34,766		70,575
Hampton Roads Bankshares, Inc.		10,744		158,044
IBERIABANK Corporation		54,300		3,258,543
Independent Bank Corporation (Massachusetts)		94,084		2,757,602
Independent Bank Corporation (Michigan)		20,400		61,200
International Bancshares Corporation		75,608		1,332,213
Investors Bancorp, Inc.		129,086		1,941,453
Lakeland Bancorp, Inc.		26,535		283,659
Macatawa Bank Corporation		50,928		131,904
MainSource Financial Group, Inc.		24,257		233,595
Mercantile Bancorp, Inc.		900		765
Mercantile Bank Corporation		19,216		175,634
Merchants Bancshares, Inc.		2,000		53,800
Metro Bancorp, Inc.		3,500		43,750
Nara Bancorp, Inc.		72,587		713,530
National Bankshares, Inc.		8,820		250,753
National Penn Bancshares, Inc.		126,521		1,038,737
Old Second Bancorp, Inc.		50,984		63,220
Oriental Financial Group, Inc.		36,374		471,407
PAB Bankshares, Inc.		4,809		721
Pacific Mercantile Bancorp		700		3,010
PacWest Bancorp		24,303		558,726
Park National Corporation		35,903		2,480,179
Patriot National Bancorp		994		1,948
Pinnacle Financial Partners, Inc.		3,465		55,683
PremierWest Bancorp, Inc.		14,874		31,087
Princeton National Bancorp, Inc.		600		3,066
Prosperity Bancshares, Inc.		6,400		293,440
Renasant Corporation		65,111		1,092,563
Republic Bancorp, Inc. - Class A		17,323		377,295
S&T Bancorp, Inc.		104,767		2,138,294
S.Y. Bancorp, Inc.		11,684		291,749
Salisbury Bancorp, Inc.		300		7,950
Sandy Spring Bancorp, Inc.		4,758		85,025
SCBT Financial Corporation		9,123		294,126
Security Bank Corporation		32,973		—
Sierra Bancorp		900		10,035
Simmons First National Corporation - Class A		8,662		228,590
Southern Connecticut Bancorp, Inc.		200		890

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Commercial Banks — 4.0% (Continued)
Southside Bancshares, Inc.		40,427	$	879,287
Southwest Bancorp, Inc.		11,870		168,317
StellarOne Corporation		189		2,646
Sterling Financial Corporation		122,276		2,156,949
Suffolk Bancorp		23,414		384,224
Superior Bancorp		400		8
SVB Financial Group		37,195		2,248,066
Taylor Capital Group, Inc.		65,817		654,221
TCF Financial Corporation		1,300		20,267
Texas Capital Bancshares, Inc.		53,391		1,377,488
Tompkins Financial Corporation		124		5,052
TowneBank		97,068		1,438,548
Trico Bancshares		10,833		176,686
UMB Financial Corporation		9,587		403,709
United Bankshares, Inc.		81,796		2,139,783
United Security Bancshares		2,963		9,778
United Security Bancshares, Inc.		18		129
Valley National Bancorp		22,500		322,200
VIST Financial Corporation		200		1,528
Washington Banking Company		13,434		187,942
Washington Trust Bancorp, Inc.		4,853		113,706
Webster Financial Corporation		3,428		73,771
Westamerica Bancorporation		13,836		702,730
Western Alliance Bancorporation		332,045		2,746,012
Wilshire Bancorp, Inc.		154,009		616,036
Wintrust Financial Corporation		45,113		1,519,857
Zions Bancorporation		100		2,445
				64,380,898
Consumer Finance — 0.4%
Cash America International, Inc.		35,410		1,680,205
CompuCredit Holdings Corporation		112,296		478,381
First Marblehead Corporation (The)		40,882		87,896
Green Dot Corporation - Class A		19,117		825,090
World Acceptance Corporation		58,357		3,965,358
				7,036,930
Diversified Financial Services — 0.5%
CBOE Holdings, Inc.		2,200		59,004
Life Partners Holdings, Inc.		601,633		4,217,447
PHH Corporation		149,300		3,203,978
				7,480,429
Insurance — 1.1%
Allied World Assurance Company Holdings Ltd.		13,992		909,060
Ambac Financial Group, Inc.		89,956		12,432
American Equity Investment Life Holding Company		28,816		370,574
American International Group, Inc.		1,800		56,070
AmTrust Financial Services, Inc.		7,071		136,470
Argo Group International Holdings Ltd.		3,158		99,193

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Insurance — 1.1% (Continued)
Arthur J. Gallagher & Company		9,500	$	282,910
eHealth, Inc.		323,332		4,397,315
Gerova Financial Group Ltd. (a)		9,506		25,096
Hilltop Holdings, Inc.		154,307		1,496,778
MBIA, Inc.		194,540		2,007,653
National Financial Partners Corporation		109,824		1,767,068
Old Republic International Corporation		169,340		2,145,538
Phoenix Companies, Inc. (The)		73,139		196,744
Primerica, Inc.		6,800		157,216
RLI Corporation		12,830		760,049
Stewart Information Services Corporation		136,875		1,387,912
Tower Group, Inc.		76,070		1,739,721
				17,947,799
Real Estate Investment Trusts (REIT) — 2.9%
Agree Realty Corporation		44,619		1,043,639
Apollo Commercial Real Estate Finance, Inc.		18,089		295,574
Arbor Realty Trust, Inc.		1,300		6,838
ARMOUR Residential REIT, Inc.		459,663		3,415,296
Ashford Hospitality Trust, Inc.		64,014		798,255
BRE Properties, Inc.		300		15,216
Capital Trust, Inc. - Class A		56,167		283,082
Chimera Investment Corporation		200		810
Colonial Properties Trust		315,100		6,667,516
Cousins Properties, Inc.		96		864
Douglas Emmett, Inc.		347,957		7,240,985
Duke Realty Corporation		81,100		1,236,775
DuPont Fabros Technology, Inc.		47,000		1,149,620
Entertainment Properties Trust		6,000		285,660
Extra Space Storage, Inc.		112,359		2,432,572
First Potomac Realty Trust		1,200		19,476
Franklin Street Properties Corporation		56,400		797,496
Glimcher Realty Trust		20,856		199,175
Inland Real Estate Corporation		80		782
Investors Real Estate Trust		79,090		744,237
iStar Financial, Inc.		281,183		2,704,981
Lexington Realty Trust		905,794		9,039,824
Liberty Property Trust		98,901		3,478,348
National Health Investors, Inc.		600		29,178
National Retail Properties, Inc.		26,400		695,376
Parkway Properties, Inc.		40,239		721,485
Pennsylvania Real Estate Investment Trust		39,903		630,068
Ramco-Gershenson Properties Trust		118,758		1,530,791
Sun Communities, Inc.		18,905		727,464
Sunstone Hotel Investors, Inc.		149,692		1,565,778
Transcontinental Realty Investors, Inc.		67		213
Whitestone REIT		1,000		13,900
				47,771,274

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Financials — 10.8% (Continued)
Real Estate Management & Development — 0.6%
China Housing & Land Development, Inc.		152,438	$	336,888
Consolidated-Tomoka Land Company		1,757		54,344
Maui Land & Pineapple Company, Inc.		800		4,208
MI Developments, Inc. - Class A		400		12,260
St. Joe Company (The)		335,577		8,765,271
				9,172,971
Thrifts & Mortgage Finance — 0.3%
Anchor BanCorp Wisconsin, Inc.		35,400		29,378
BankAtlantic Bancorp, Inc.		383,933		349,110
Berkshire Hills Bancorporation, Inc.		45,544		1,015,631
BofI Holding, Inc.		20,609		346,231
Brooklyn Federal Bancorp, Inc.		4,015		2,208
Clifton Savings Bancorp, Inc.		4,857		55,661
Dime Community Bancshares, Inc.		8,475		131,024
ESB Financial Corporation		212		3,598
ESSA Bancorp, Inc.		7		88
Federal Agricultural Mortgage Corporation - Class C		80,516		1,525,778
First Federal Bancshares of Arkansas, Inc.		5,100		14,790
First Financial Holdings, Inc.		753		8,268
FirstFed Financial Corporation		23,697		356
Guaranty Financial Group, Inc.		62,759		345
Home Federal Bancorp, Inc.		10		122
Impac Mortgage Holdings, Inc.		148		520
NASB Financial, Inc.		2,838		43,790
PMI Group, Inc. (The)		7		15
Provident Financial Services, Inc.		19,172		278,377
Radian Group, Inc.		24,200		143,506
Territorial Bancorp, Inc.		300		6,021
TFS Financial Corporation		5,311		57,784
Tree.com, Inc.		1,400		7,448
Triad Guaranty, Inc.		9,250		3,145
TrustCo Bank Corporation		249,099		1,494,594
Westfield Financial, Inc.		100		908
				5,518,696
Health Care — 10.2%
Biotechnology — 4.5%
Aastrom Biosciences, Inc.		314,649		852,699
Accentia Biopharmaceuticals, Inc.		1,600		864
Acorda Therapeutics, Inc.		122,609		3,437,956
ADVENTRX Pharmaceuticals, Inc.		64,378		166,739
AEterna Zentaris, Inc.		39,589		93,826
Alkermes, Inc.		12		173
Alnylam Pharmaceuticals, Inc.		49,479		507,655
AMAG Pharmaceuticals, Inc.		19,700		374,300
Amicus Therapeutics, Inc.		7		50
Amylin Pharmaceuticals, Inc.		446,066		5,932,678
Anadys Pharmaceuticals, Inc.		4,000		4,880

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Health Care — 10.2% (Continued)
Biotechnology — 4.5% (Continued)
ARCA biopharma, Inc.		725	$	1,370
Ardea Biosciences, Inc.		73,557		2,085,341
Arena Pharmaceuticals, Inc.		887,860		1,243,004
AspenBio Pharma, Inc.		1,716		1,174
AVI BioPharma, Inc.		81		146
BioCryst Pharmaceuticals, Inc.		237,613		923,126
BioMarin Pharmaceutical, Inc.		41,564		1,117,656
BioMimetic Therapeutics, Inc.		116,803		1,573,336
BioSante Pharmaceuticals, Inc.		641,186		1,493,963
BioSpecifics Technologies Corporation		584		14,162
BioTime, Inc.		390,839		2,778,865
Cardium Therapeutics, Inc.		100		34
Cell Therapeutics, Inc.		1,133,061		380,708
CEL-SCI Corporation		547,321		376,010
Celsion Corporation		93,612		293,006
Cepheid		5,694		183,973
China Biologic Products, Inc.		60,170		842,982
Cleveland BioLabs, Inc.		258,829		2,026,631
Cyclacel Pharmaceuticals, Inc.		2,747		3,956
Cytori Therapeutics, Inc.		196,703		1,477,240
CytRx Corporation		1,179		1,063
DARA BioSciences, Inc.		47,854		138,298
EntreMed, Inc.		54		261
Enzon Pharmaceuticals, Inc.		86,627		994,478
EpiCept Corporation		103,015		67,990
Exact Sciences Corporation		394,637		3,161,042
Exelixis, Inc.		7,806		95,702
Genomic Health, Inc.		25,914		707,452
Geron Corporation		120,311		577,493
GTx, Inc.		131,559		560,441
Hemispherx Biopharma, Inc.		192,180		96,090
Human Genome Sciences, Inc.		37,686		1,110,606
iBio, Inc.		67,589		192,629
Idenix Pharmaceuticals, Inc.		62		315
Incyte Corporation		43,339		800,905
Infinity Pharmaceuticals, Inc.		700		4,186
Inovio Pharmaceuticals, Inc.		5,700		5,424
Insmed, Inc.		488		4,255
Introgen Therapeutics, Inc.		45,612		68
Isis Pharmaceuticals, Inc.		25,700		241,066
Keryx Biopharmaceuticals, Inc.		508,725		2,691,155
MannKind Corporation		969,630		4,227,587
Marina Biotech, Inc.		513,222		302,904
MediciNova, Inc.		53,422		138,363
Metabolix, Inc.		416,834		3,368,019
Momenta Pharmaceuticals, Inc.		188,444		3,555,938
Nanosphere, Inc.		117		347

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Health Care — 10.2% (Continued)
Biotechnology — 4.5% (Continued)
Neuralstem, Inc.		162,437	$	290,762
Neurocrine Biosciences, Inc.		193,188		1,485,616
NeurogesX, Inc.		52,780		178,924
Nymox Pharmaceutical Corporation		43,473		329,960
Oncolytics Biotech, Inc.		88,705		541,100
Oncothyreon, Inc.		103,909		470,708
Opexa Therapeutics, Inc.		125,663		226,193
Orexigen Therapeutics, Inc.		503,821		1,576,960
Osiris Therapeutics, Inc.		48,725		345,460
PDL BioPharma, Inc.		199,806		1,282,755
Pharmacyclics, Inc.		72,093		477,977
Pharmasset, Inc.		16,116		1,635,290
PharmAthene, Inc.		137,771		515,264
Pluristem Therapeutics, Inc.		14,300		38,467
Poniard Pharmaceuticals, Inc.		1,300		468
PROLOR Biotech, Inc.		75,304		390,075
Rexahn Pharmaceuticals, Inc.		7,128		8,696
Rosetta Genomics Ltd.		4,400		1,760
RXi Pharmaceuticals Corporation		166,678		155,011
Sangamo Biosciences, Inc.		279,637		2,007,794
Savient Pharmaceuticals, Inc.		226,384		2,628,318
SciClone Pharmaceuticals, Inc.		334,681		1,475,943
Seattle Genetics, Inc.		89,400		1,484,934
SIGA Technologies, Inc.		214,941		2,951,140
StemCells, Inc.		659		554
Theravance, Inc.		24,273		673,576
Threshold Pharmaceuticals, Inc.		149,667		309,811
Transcept Pharmaceuticals, Inc.		700		7,035
Vanda Pharmaceuticals, Inc.		11,696		94,153
XOMA Ltd.		1,100		3,278
ZIOPHARM Oncology, Inc.		51		386
				72,820,948
Health Care Equipment & Supplies — 2.9%
Abaxis, Inc.		16,480		478,744
Analogic Corporation		3,100		178,777
Angiotech Pharmaceuticals, Inc.		1,331		25
Antares Pharma, Inc.		13,625		25,342
BSD Medical Corporation		1,244,032		5,112,972
Conceptus, Inc.		118,411		1,827,082
CONMED Corporation		25,051		703,432
Cooper Companies, Inc. (The)		4,900		367,010
Cutera, Inc.		2,100		18,564
Delcath Systems, Inc.		560,838		3,965,125
Exactech, Inc.		8		143
Gen-Probe, Inc.		2,800		232,176
Greatbatch, Inc.		110,705		2,996,784
HeartWare International, Inc.		17,234		1,285,829

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Health Care — 10.2% (Continued)
Health Care Equipment & Supplies — 2.9% (Continued)
ICU Medical, Inc.		67,936	$	3,064,593
Insulet Corporation		116,218		2,497,525
Invacare Corporation		18,437		606,577
Kensey Nash Corporation		72,644		1,796,486
Kinetic Concepts, Inc.		510		30,105
Masimo Corporation		5,700		198,303
MELA Sciences, Inc.		1,148,750		4,261,863
Meridian Bioscience, Inc.		47,762		1,180,199
Neogen Corporation		1,500		62,850
Neoprobe Corporation		283,215		1,373,593
NuVasive, Inc.		58,100		1,794,709
NxStage Medical, Inc.		52,733		1,299,341
Quidel Corporation		282,982		3,755,171
Rockwell Medical Technologies, Inc.		32,488		333,652
Shamir Optical Industry Ltd.		200		2,760
Stereotaxis, Inc.		534,592		2,079,563
STERIS Corporation		12,753		459,618
Thoratec Corporation		120,037		3,685,136
Unilife Corporation		102,665		571,844
Uroplasty, Inc.		17,600		120,736
Vascular Solutions, Inc.		1,418		18,122
West Pharmaceutical Services, Inc.		5,700		269,268
Winner Medical Group, Inc.		7,553		38,143
World Heart Corporation		1,600		1,888
				46,694,050
Health Care Providers & Services — 0.5%
Air Methods Corporation		7,247		490,042
Allied Healthcare International, Inc.		99		258
Amedisys, Inc.		66,246		2,207,317
AMN Healthcare Services, Inc.		64,653		557,955
Bio-Reference Laboratories, Inc.		86,503		2,180,741
BioScrip, Inc.		86,390		398,258
Chemed Corporation		24,030		1,673,209
Emeritus Corporation		4,925		120,712
ExamWorks Group, Inc.		10,781		239,338
Healthways, Inc.		13,631		230,637
IPC The Hospitalist Company, Inc.		200		10,372
LCA-Vision, Inc.		800		5,392
MWI Veterinary Supply, Inc.		51		4,242
PSS World Medical, Inc.		9,600		276,096
VCA Antech, Inc.		49		1,205
				8,395,774
Health Care Technology — 0.0%
athenahealth, Inc.		10,580		489,113
iCad, Inc.		400		488
Medidata Solutions, Inc.		6,921		177,662
Quality Systems, Inc.		3,057		274,274
				941,537

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Health Care — 10.2% (Continued)
Life Sciences Tools & Services — 0.4%
Albany Molecular Research, Inc.		459	$	2,244
Apricus Biosciences, Inc.		80,397		451,027
Arrowhead Research Corporation		119,992		74,395
Bioanalytical Systems, Inc.		100		259
Compugen Ltd.		4,075		19,438
eResearchTechnology, Inc.		53,384		339,522
Furiex Pharmaceuticals, Inc.		834		12,368
Pacific Biosciences of California, Inc.		53,350		653,004
Parexel International Corporation		8,100		224,856
PURE Bioscience		184,651		241,893
QIAGEN N.V.		178,772		3,820,358
Radient Pharmaceuticals Corporation		204,395		85,846
				5,925,210
Pharmaceuticals — 1.9%
Acura Pharmaceuticals, Inc.		77,944		365,557
Adeona Pharmaceuticals, Inc.		41,403		42,231
Akorn, Inc.		313,987		2,078,594
Aoxing Pharmaceutical Company, Inc.		10,556		20,584
Auxilium Pharmaceuticals, Inc.		107,518		2,619,138
AVANIR Pharmaceuticals, Inc. - Class A		1,493,151		6,525,070
Biodel, Inc.		292,188		645,735
Biostar Pharmaceuticals, Inc.		7,886		13,091
Cadence Pharmaceuticals, Inc.		667,624		5,661,452
Cumberland Pharmaceuticals, Inc.		1,300		6,552
DepoMed, Inc.		70,195		619,822
Generex Biotechnology Corporation		162,100		36,310
Intellipharmaceutics International, Inc.		99		430
K-V Pharmaceutical Company - Class A		212,698		835,903
Lannett Company, Inc.		22,649		130,685
MAP Pharmaceuticals, Inc.		197		3,038
NeoStem, Inc.		236,787		468,838
Obagi Medical Products, Inc.		4,500		57,735
Oculus Innovative Sciences, Inc.		72,761		141,884
POZEN, Inc.		75,076		468,474
Raptor Pharmaceutical Corporation		150,968		496,685
Repros Therapeutics, Inc.		33,629		191,349
Salix Pharmaceuticals Ltd.		87,000		3,418,230
Somaxon Pharmaceuticals, Inc.		668,330		1,804,491
VIVUS, Inc.		158,867		1,235,985
XenoPort, Inc.		348,494		2,850,681
				30,738,544
Industrials — 7.1%
Aerospace & Defense — 0.4%
AAR Corporation		4,700		122,388
Arotech Corporation		1,900		2,280
Ascent Solar Technologies, Inc.		169,486		272,873
Astronics Corporation		6,931		180,206

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Industrials — 7.1% (Continued)
Aerospace & Defense — 0.4% (Continued)
GenCorp, Inc.		102,112	$	666,791
HEICO Corporation		55,424		2,669,220
Ladish Company, Inc.		4,106		232,810
National Presto Industries, Inc.		5,307		589,236
Orbital Sciences Corporation		24,085		453,521
Taser International, Inc.		103,778		462,850
Triumph Group, Inc.		3,320		285,918
				5,938,093
Air Freight & Logistics — 0.1%
Pacer International, Inc.		420,787		2,520,514

Airlines — 0.2%
AirTran Holdings, Inc.		63		473
Allegiant Travel Company		43,635		1,957,903
Hawaiian Holdings, Inc.		313		1,831
LAN Airlines, S.A. - ADR		25,180		703,529
US Airways Group, Inc.		58		527
				2,664,263
Building Products — 0.7%
AAON, Inc.		81,043		2,662,263
American Woodmark Corporation		11,398		231,493
Ameron International Corporation		24,381		1,714,959
Apogee Enterprises, Inc.		33,930		484,520
Builders FirstSource, Inc.		89,254		236,523
Griffon Corporation		43,414		553,094
Insteel Industries, Inc.		14,905		222,532
Lennox International, Inc.		31,172		1,515,271
Trex Company, Inc.		90,932		2,917,099
Universal Forest Products, Inc.		11,300		364,877
USG Corporation		50,300		775,626
				11,678,257
Commercial Services & Supplies — 0.8%
Consolidated Graphics, Inc.		1,600		89,840
Courier Corporation		400		5,480
EnergySolutions, Inc.		68,260		385,669
Fuel Tech, Inc.		3,100		25,141
G&K Services, Inc.		742		24,560
Geo Group, Inc. (The)		80,300		2,142,404
Herman Miller, Inc.		6,400		166,528
HNI Corporation		37,100		1,020,992
Industrial Services of America, Inc.		32,437		386,000
InnerWorkings, Inc.		186,314		1,671,237
Interface, Inc.		213,779		3,984,841
Kimball International, Inc.		88		658
Mine Safety Appliances Company		18		714
Mobile Mini, Inc.		150,834		3,757,275
RINO International Corporation		81,543		71,758

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Industrials — 7.1% (Continued)
Commercial Services & Supplies — 0.8% (Continued)
Swisher Hygiene, Inc.		18,801	$	164,885
Team, Inc.		2,175		54,266
				13,952,248
Construction & Engineering — 0.4%
AECOM Technology Corporation		43		1,172
Comfort Systems USA, Inc.		57		696
Dycom Industries, Inc.		74,123		1,101,468
Granite Construction, Inc.		109,724		2,982,298
India Globalization Capital, Inc.		19,850		11,867
Insituform Technologies, Inc. - Class A		58,619		1,483,647
Northwest Pipe Company		6,880		165,533
Orion Marine Group, Inc.		41,804		431,835
Shaw Group, Inc. (The)		1,400		54,460
Sterling Construction Company, Inc.		5		75
				6,233,051
Electrical Equipment — 1.1%
Acuity Brands, Inc.		2,900		170,520
Advanced Battery Technologies, Inc.		2,200		3,784
Altair Nanotechnologies, Inc.		216,802		307,859
American Superconductor Corporation		64,200		760,770
Beacon Power Corporation		49,194		83,138
Capstone Turbine Corporation		508,558		991,688
China BAK Battery, Inc.		351,516		551,880
China Electric Motor, Inc. (a)		1,771		2,568
China Technology Development Group Corporation		2,500		5,000
Digital Power Corporation		1,677		2,851
Encore Wire Corporation		90,223		2,518,124
Ener1, Inc.		750,372		1,898,441
Fushi Copperweld, Inc.		285,903		2,301,519
Global Power Equipment Group, Inc.		20		565
Harbin Electric, Inc.		166,426		3,115,495
Hoku Corporation		182,692		372,692
Hydrogenics Corporation		3,215		17,490
Lihua International, Inc.		133,750		1,076,687
Medis Technologies Ltd.		22,419		417
Ocean Power Technologies, Inc.		52,621		256,264
Polypore International, Inc.		4,300		265,611
PowerSecure International, Inc.		11,997		94,176
Satcon Technology Corporation		41,703		133,867
Valence Technology, Inc.		407,982		554,856
Valpey-Fisher Corporation		100		312
Vicor Corporation		58,305		974,277
Westinghouse Solar, Inc.		13,775		29,065
Woodward, Inc.		27,521		1,019,653
				17,509,569

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Industrials — 7.1% (Continued)
Machinery — 1.7%
Actuant Corporation - Class A		10,492	$	291,258
Albany International Corporation - Class A		39,115		990,001
Art's-Way Manufacturing Company, Inc.		3,374		29,050
Badger Meter, Inc.		62,723		2,377,829
Blount International, Inc.		15,320		254,312
Briggs & Stratton Corporation		153,253		3,615,238
China Fire & Security Group, Inc.		86,668		602,343
China Valves Technology, Inc.		346,430		1,392,649
China Wind Systems, Inc.		78,698		188,875
CLARCOR, Inc.		43,800		1,979,322
Commercial Vehicle Group, Inc.		11,520		198,835
Energy Recovery, Inc.		2,060		6,365
EnPro Industries, Inc.		27,330		1,095,386
Federal Signal Corporation		10		67
Flow International Corporation		65,658		282,986
FreightCar America, Inc.		50,370		1,510,093
Greenbrier Companies, Inc.		70,800		1,916,556
IDEX Corporation		26		1,220
Lindsay Corporation		32,483		2,381,653
Manitex International, Inc.		1,800		10,638
Meritor, Inc.		2,098		36,107
Middleby Corporation (The)		23,105		2,071,825
PMFG, Inc.		11,400		261,288
Robbins & Myers, Inc.		36,900		1,604,043
Shengkai Innovations, Inc.		4,579		15,111
Tecumseh Products Company - Class A		11,600		118,784
Tennant Company		10,687		438,381
Titan International, Inc.		56,610		1,748,683
Toro Company (The)		15,727		1,068,021
Wabash National Corporation		47,800		527,234
Watts Water Technologies, Inc. - Class A		2,794		108,128
Xerium Technologies, Inc.		17,037		392,873
				27,515,154
Marine — 0.2%
Eagle Bulk Shipping, Inc.		12,100		41,503
Horizon Lines, Inc.		220,592		390,448
Kirby Corporation		49,955		2,836,445
Star Bulk Carriers Corporation		108,837		255,767
				3,524,163
Professional Services — 0.8%
CBIZ, Inc.		683,206		5,007,900
Corporate Executive Board Company (The)		531		21,161
CoStar Group, Inc.		56,563		3,847,415
Franklin Covey Company		500		4,610
FTI Consulting, Inc.		30,738		1,226,446
Hill International, Inc.		14,072		71,345
Hudson Highland Group, Inc.		23,577		142,169
Innovaro, Inc.		8,192		23,347

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Industrials — 7.1% (Continued)
Professional Services — 0.8% (Continued)
Korn/Ferry International		73	$	1,512
Lightbridge Corporation		34,547		174,463
School Specialty, Inc.		127,030		1,881,314
Thomas Group, Inc.		900		936
Towers Watson & Company - Class A		1,200		68,832
Verisk Analytics, Inc. - Class A		100		3,290
Volt Information Sciences, Inc.		100		1,075
				12,475,815
Road & Rail — 0.3%
Arkansas Best Corporation		26,626		612,664
Con-Way, Inc.		5,100		198,492
Genesee & Wyoming, Inc.		4,609		285,666
Heartland Express, Inc.		103,239		1,780,873
Werner Enterprises, Inc.		100		2,617
YRC Worldwide, Inc.		818,966		1,621,552
				4,501,864
Trading Companies & Distributors — 0.4%
BlueLinx Holdings, Inc.		155		561
China Armco Metals, Inc.		125,701		302,939
GATX Corporation		61,207		2,587,220
Houston Wire & Cable Company		82,744		1,389,272
MSC Industrial Direct Company, Inc.		2,600		186,134
Watsco, Inc.		1,800		127,602
WESCO International, Inc.		40,796		2,527,312
				7,121,040
Information Technology — 11.4%
Communications Equipment — 1.5%
ADTRAN, Inc.		800		33,016
Arris Group, Inc.		37,900		454,800
Aruba Networks, Inc.		4,000		143,720
AudioCodes Ltd.		16,753		103,366
Bel Fuse, Inc. - Class B		13		262
BigBand Networks, Inc.		5,826		14,914
CIENA Corporation		89,700		2,533,128
Comtech Telecommunications Corporation		7,800		220,740
DG FastChannel, Inc.		48,681		1,781,238
Digi International, Inc.		39,609		467,782
Emulex Corporation		6,616		64,109
Finisar Corporation		227,700		6,396,093
InterDigital, Inc.		52,027		2,408,330
KVH Industries, Inc.		38,120		499,372
Meru Networks, Inc.		88,060		1,533,125
Network Equipment Technologies, Inc.		6,653		22,421
Oclaro, Inc.		33,100		371,216
Plantronics, Inc.		100		3,707
Powerwave Technologies, Inc.		610,210		2,788,660
Qiao Xing Mobile Communication Company Ltd.		2,900		7,975

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Information Technology — 11.4% (Continued)
Communications Equipment — 1.5% (Continued)
RIT Technologies Ltd.		1,000	$	5,400
SeaChange International, Inc.		4,923		52,725
Sycamore Networks, Inc.		16,040		392,980
Symmetricom, Inc.		308		1,879
Telestone Technologies Corporation		623,167		3,957,110
ViaSat, Inc.		8,290		330,937
Zoom Technologies, Inc.		70,638		259,241
ZST Digital Networks, Inc.		96,440		283,534
				25,131,780
Computers & Peripherals — 1.1%
Avid Technology, Inc.		172,067		3,197,005
Cray, Inc.		119,491		802,979
Hauppauge Digital, Inc.		73,138		155,052
iGo, Inc.		54,147		159,734
Imation Corporation		139,306		1,430,673
Immersion Corporation		21,838		158,107
Intevac, Inc.		37,403		457,439
Lexmark International, Inc. - Class A		1,600		51,600
Novatel Wireless, Inc.		188,452		1,168,402
OCZ Technology Group, Inc.		83,600		686,356
SMART Technologies, Inc. - Class A		106,389		1,059,634
STEC, Inc.		99,800		2,087,816
Stratasys, Inc.		35,912		1,933,861
Synaptics, Inc.		137,380		3,904,340
USA Technologies, Inc.		21,000		63,840
				17,316,838
Electronic Equipment, Instruments & Components — 1.0%
Anixter International, Inc.		3,700		278,018
Checkpoint Systems, Inc.		34,046		717,009
China Security & Surveillance Technology, Inc.		71,702		385,757
Clearfield, Inc.		100		589
Comverge, Inc.		18,740		72,336
CTS Corporation		72,883		800,984
Daktronics, Inc.		103,461		1,110,137
Digital Ally, Inc.		4,700		6,580
Document Security Systems, Inc.		700		2,261
DTS, Inc.		15,457		681,035
Echelon Corporation		97,222		924,581
Electro Rent Corporation		6		94
Funtalk China Holdings Ltd.		7,764		49,690
Gerber Scientific, Inc.		17,000		162,520
Hollysys Automation Technologies Ltd.		29,318		352,109
L-1 Identity Solutions, Inc.		149,164		1,749,694
Maxwell Technologies, Inc.		56,084		999,978
Microvision, Inc.		738,389		1,151,887
MTS Systems Corporation		13,230		585,692
Nam Tai Electronics, Inc.		60,983		374,436
OSI Systems, Inc.		1,396		53,592

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Information Technology — 11.4% (Continued)
Electronic Equipment, Instruments & Components — 1.0% (Continued)
Pinnacle Data Systems, Inc.		100	$	127
Plexus Corporation		19,948		727,902
Power-One, Inc.		20		165
Pulse Electronics Corporation		96,855		579,193
RadiSys Corporation		70,459		620,744
Research Frontiers, Inc.		80,063		469,970
ScanSource, Inc.		52		1,860
SMTC Corporation		187		490
Superconductor Technologies, Inc.		104,200		298,012
SYNNEX Corporation		2,100		70,413
Universal Display Corporation		43,373		2,382,913
				15,610,768
Internet Software & Services — 1.9%
Ancestry.com, Inc.		500		22,850
AOL, Inc.		15,400		313,852
Autobytel, Inc.		4,400		6,380
comScore, Inc.		65,742		1,959,769
Constant Contact, Inc.		131,441		3,642,230
DealerTrack Holdings, Inc.		27		606
Demand Media, Inc.		30,400		503,728
Digital River, Inc.		3,800		123,652
HSW International, Inc.		1,100		4,829
j2 Global Communications, Inc.		63,037		1,857,070
KIT digital, Inc.		281,656		3,241,861
Limelight Networks, Inc.		112,100		714,077
Local.com Corporation		192,689		936,469
LogMeIn, Inc.		28,467		1,226,074
ModusLink Global Solutions, Inc.		99,476		521,254
Monster Worldwide, Inc.		166,336		2,729,574
OpenTable, Inc.		2,651		295,030
Openwave Systems, Inc.		9,856		20,698
Perficient, Inc.		16,269		203,200
Quepasa Corporation		20,082		171,299
QuinStreet, Inc.		87,790		1,587,243
RealNetworks, Inc.		44,314		163,962
RightNow Technologies, Inc.		30,864		1,116,659
SAVVIS, Inc.		2,748		108,161
Stamps.com, Inc.		21,038		284,434
Support.com, Inc.		80,808		463,030
TechTarget, Inc.		110		950
Travelzoo, Inc.		68,700		5,626,530
ValueClick, Inc.		20,200		338,350
Vistaprint N.V.		40,968		2,228,659
Vocus, Inc.		100		2,963
Youku.com, Inc. - ADR		7,800		461,136
Zix Corporation		166		548
				30,877,127

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Information Technology — 11.4% (Continued)
IT Services — 0.3%
CACI International, Inc.		20,400	$	1,246,644
Cass Information Systems, Inc.		2,138		85,349
China Information Technology, Inc.		10		26
Computer Task Group, Inc.		4,700		69,795
CSG Systems International, Inc.		18,640		395,914
DJSP Enterprises, Inc.		15,586		1,091
eLoyalty Corporation		1,825		12,629
Euronet Worldwide, Inc.		98,420		1,845,375
ExlService Holdings, Inc.		13,597		281,730
Integral Systems, Inc.		54,757		683,915
Stream Global Services, Inc.		1,009		3,289
VeriFone Systems, Inc.		500		27,410
Virtusa Corporation		3,197		59,656
Wright Express Corporation		43		2,422
Zanett, Inc.		12,650		13,409
				4,728,654
Semiconductors & Semiconductor Equipment — 3.3%
Advanced Analogic Technologies, Inc.		53,138		226,368
Aixtron SE - ADR		9,500		403,275
Amtech Systems, Inc.		60,217		1,377,765
Applied Micro Circuits Corporation		125,009		1,310,094
Atheros Communications, Inc.		73		3,275
AXT, Inc.		36,084		252,227
Cabot Microelectronics Corporation		69,646		3,402,207
Camtek Ltd.		38,160		143,673
Canadian Solar, Inc.		500		5,395
CEVA, Inc.		49,302		1,507,655
ChipMOS TECHNOLOGIES (Bermuda) LTD.		400		3,208
DayStar Technologies, Inc.		62,667		50,134
Energy Conversion Devices, Inc.		352,024		704,048
Entropic Communications, Inc.		176,209		1,543,591
Evergreen Solar, Inc.		64,891		94,092
Exar Corporation		103		629
FormFactor, Inc.		113,564		1,177,659
FSI International, Inc.		477,961		2,198,621
GT Solar International, Inc.		14,800		165,316
Ikanos Communications, Inc.		1,300		1,638
Integrated Silicon Solution, Inc.		15,399		148,754
Kopin Corporation		897,820		4,318,514
Lattice Semiconductor Corporation		50,500		342,895
MEMC Electronic Materials, Inc.		16,200		191,646
Microsemi Corporation		16,157		381,305
Mindspeed Technologies, Inc.		48,765		439,860
Monolithic Power Systems, Inc.		26,200		444,876
MoSys, Inc.		64,593		399,831
Pericom Semiconductor Corporation		4,311		39,187
PLX Technology, Inc.		246,740		846,318

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Information Technology — 11.4% (Continued)
Semiconductors & Semiconductor Equipment — 3.3% (Continued)
Power Integrations, Inc.		109,795	$	4,429,130
QuickLogic Corporation		152,485		568,769
RF Micro Devices, Inc.		121,697		810,502
Rubicon Technology, Inc.		571,574		16,295,575
Sigma Designs, Inc.		40,656		518,771
Silicon Image, Inc.		186,635		1,552,803
Silicon Laboratories, Inc.		27,011		1,177,139
Standard Microsystems Corporation		15,826		429,676
SunPower Corporation - Class A		25,400		552,958
Supertex, Inc.		67		1,447
Tower Semiconductor Ltd.		13,000		17,680
Ultra Clean Holdings, Inc.		19,900		228,651
UltraTech, Inc.		6,375		199,601
Veeco Instruments, Inc.		46,692		2,387,362
Zoran Corporation		152,790		1,599,711
				52,893,831
Software — 2.3%
Advent Software, Inc.		65,405		1,780,978
Ariba, Inc.		6,235		216,791
Astea International, Inc.		100		531
Blackbaud, Inc.		14,775		408,676
Blackboard, Inc.		11,670		561,444
China CGame, Inc.		12,695		19,677
China TransInfo Technology Corporation		66,496		321,841
CommVault Systems, Inc.		200		7,878
Concur Technologies, Inc.		43,906		2,540,840
CyberDefender Corporation		1,800		3,240
Digimarc Corporation		543		14,656
Ebix, Inc.		31,310		715,433
EPIQ Systems, Inc.		48,044		683,666
ePlus, Inc.		400		11,060
Fair Isaac Corporation		91,617		2,737,516
FalconStor Software, Inc.		3,902		16,622
Fortinet, Inc.		2,700		131,490
Fundtech Ltd.		100		1,768
Glu Mobile, Inc.		38,500		152,845
Magic Software Enterprises Ltd.		416,536		2,707,484
MIND C.T.I. Ltd.		2,900		10,034
NetSuite, Inc.		58,476		2,023,854
Pegasystems, Inc.		59,335		2,203,109
RealD, Inc.		20,129		585,351
Rosetta Stone, Inc.		108,325		1,525,216
S1 Corporation		800		5,496
Shanda Interactive Entertainment Ltd.		10,500		507,990
SolarWinds, Inc.		1,100		26,653
Sourcefire, Inc.		43,658		1,162,176
SRS Labs, Inc.		11,472		93,497

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Information Technology — 11.4% (Continued)
Software — 2.3% (Continued)
Taleo Corporation - Class A		10	$	363
TeleCommunication Systems, Inc.		36,281		167,255
THQ, Inc.		24,086		97,307
TIBCO Software, Inc.		1,100		32,989
TigerLogic Corporation		500		2,260
TiVo, Inc.		30,108		288,134
Tyler Technologies, Inc.		152,859		3,789,375
Ultimate Software Group, Inc. (The)		27,300		1,528,800
VirnetX Holding Corporation		265,808		6,738,233
Wave Systems Corporation - Class A		707,342		2,256,421
Websense, Inc.		64,311		1,658,581
				37,737,530
Materials — 4.3%
Chemicals — 2.3%
ADA-ES, Inc.		29,451		349,289
American Vanguard Corporation		88,300		787,636
Ampal-American Israel Corporation - Class A		2,099		2,897
Balchem Corporation		19,963		792,331
Calgon Carbon Corporation		123,700		2,122,692
Cereplast, Inc.		81,450		390,145
China Agritech, Inc. (a)		178,314		557,231
China Green Agriculture, Inc.		458,590		3,228,474
Converted Organics, Inc.		21,976		4,661
Ferro Corporation		43,000		645,000
Flotek Industries, Inc.		275,423		2,638,552
Hawkins, Inc.		51,251		2,410,847
Intrepid Potash, Inc.		4,896		167,737
Kraton Performance Polymers, Inc.		2,000		92,320
OM Group, Inc.		44,999		1,630,764
Senomyx, Inc.		216,199		1,314,490
ShengdaTech, Inc. (a)		32,215		57,343
Stepan Company		38,458		2,767,822
STR Holdings, Inc.		183,920		3,029,162
W.R. Grace & Company		26,400		1,197,504
Yongye International, Inc.		117,995		618,294
ZAGG, Inc.		874,085		7,761,875
Zep, Inc.		14,772		280,668
Zoltek Companies, Inc.		291,042		3,739,890
				36,587,624
Construction Materials — 0.3%
Eagle Materials, Inc.		73,381		2,134,653
Texas Industries, Inc.		83,328		3,513,942
				5,648,595
Containers & Packaging — 0.1%
AEP Industries, Inc.		1,691		51,288
Boise, Inc.		141,250		1,387,075
Rock-Tenn Company - Class A		3,916		270,478
				1,708,841

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Materials — 4.3% (Continued)
Metals & Mining — 1.4%
AK Steel Holding Corporation		123,050	$	1,999,563
AMCOL International Corporation		55,538		2,067,124
Anooraq Resources Corporation		4,500		4,275
China Direct Industries, Inc.		34,005		44,207
China Natural Resources, Inc.		4,312		58,557
China Precision Steel, Inc.		291,275		460,215
China Shen Zhou Mining & Resources, Inc.		305,352		1,456,529
Crosshair Exploration & Mining Corporation		177,926		151,237
Endeavour Silver Corporation		25,000		287,250
General Steel Holdings, Inc.		891		2,014
Gold Reserve, Inc.		9,700		17,169
Gold Resource Corporation		88		2,653
Great Basin Gold Ltd.		83,385		221,804
Great Northern Iron Ore Properties		6,110		630,552
Great Panther Silver Ltd.		510		1,846
Hecla Mining Company		41,500		390,515
Ivanhoe Mines Ltd.		105		2,759
Jaguar Mining, Inc.		73,885		413,017
Kaiser Aluminum Corporation		42		2,105
Mesabi Trust		784		27,785
Minefinders Corporation Ltd.		400		6,704
Olympic Steel, Inc.		62,316		1,830,221
Paramount Gold and Silver Corporation		20,537		66,745
Polymet Mining Corporation		100,220		202,444
Puda Coal, Inc. (a)		95,300		285,900
Qiao Xing Universal Resources Telephone, Inc.		138,380		294,749
Rare Element Resources Ltd.		224,315		3,241,352
RTI International Metals, Inc.		31,091		993,047
Schnitzer Steel Industries, Inc. - Class A		400		24,828
Silver Bull Resources, Inc.		90,240		87,235
SinoCoking Coal and Coke Chemical Industries, Inc.		3,024		19,354
Solitario Exploration & Royalty Corporation		9,367		25,197
Tanzanian Royalty Exploration Corporation		271,901		1,974,001
Titanium Metals Corporation		115,879		2,321,056
US Gold Corporation		242,764		2,281,982
				21,895,991
Paper & Forest Products — 0.2%
Clearwater Paper Corporation		19,700		1,546,056
Deltic Timber Corporation		8,722		591,351
Louisiana-Pacific Corporation		52,700		490,110
Neenah Paper, Inc.		9		210
Orient Paper, Inc.		153,969		582,003
P.H. Glatfelter Company		34,420		468,112
Wausau Paper Corporation		10,076		68,013
				3,745,855

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.5%
8x8, Inc.		10,598	$	33,066
Alaska Communications Systems Group, Inc.		124,180		1,200,821
Atlantic Tele-Network, Inc.		35,020		1,286,285
Cbeyond, Inc.		161,276		2,057,882
CenturyLink, Inc.		16		652
Consolidated Communications Holdings, Inc.		43,786		805,224
Iridium Communications, Inc.		144,204		1,129,117
Level 3 Communications, Inc.		2,000		3,120
Neutral Tandem, Inc.		56,402		862,387
Premiere Global Services, Inc.		15,944		126,117
Radcom Ltd.		30,596		209,889
Telecom Italia S.p.A.		72		1,082
VocalTec Communications Ltd.		20,460		431,706
				8,147,348
Wireless Telecommunication Services — 0.2%
Clearwire Corporation - Class A		35,400		172,044
ICO Global Communications (Holdings) Ltd.		87,616		253,210
Leap Wireless International, Inc.		206,775		3,068,541
USA Mobility, Inc.		16,127		249,162
				3,742,957
Utilities — 1.7%
Electric Utilities — 1.1%
El Paso Electric Company		11,100		343,878
Empire District Electric Company (The)		94,048		2,110,437
NV Energy, Inc.		816,002		12,395,070
Otter Tail Corporation		72,785		1,701,713
PNM Resources, Inc.		27,000		413,910
Unitil Corporation		9,391		237,217
Westar Energy, Inc.		48,600		1,322,406
				18,524,631
Gas Utilities — 0.3%
China Natural Gas, Inc.		208,992		1,109,748
New Jersey Resources Corporation		57		2,495
Northwest Natural Gas Company		15,400		712,096
Piedmont Natural Gas Company, Inc.		300		9,525
South Jersey Industries, Inc.		40,110		2,304,319
Star Gas Partners, L.P.		1,300		7,735
WGL Holdings, Inc.		7,900		312,208
				4,458,126
Independent Power Producers & Energy Traders — 0.1%
American DG Energy, Inc.		2,701		5,699
Dynegy, Inc.		142,207		901,592
Raser Technologies, Inc.		351,511		24,606
U.S. Geothermal, Inc.		156,650		156,650
				1,088,547

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
COMMON STOCKS — 64.8% (Continued)	Shares		Value
Utilities — 1.7% (Continued)
Multi-Utilities — 0.2%
Black Hills Corporation		47,292	$	1,643,397
CH Energy Group, Inc.		12,393		664,513
Wisconsin Energy Corporation		7,947		248,026
				2,555,936
Water Utilities — 0.0%
Cadiz, Inc.		14,293		177,948
Middlesex Water Company		52		982
				178,930

Total Common Stocks (Proceeds $1,038,736,316)			$	1,049,342,131


CLOSED-END FUNDS — 0.0%	Shares		Value
Aberdeen Global Income Fund, Inc.		414	$	5,560
Advent/Claymore Convertible Securities and Income Fund		3,800		72,846
American Income Fund, Inc.		450		3,641
BlackRock Enhanced Dividend Achievers Trust		426		3,766
BlackRock Floating Rate Income Trust		9,139		143,025
BlackRock International Growth & Income Trust		5		52
BlackRock MuniVest Fund, Inc.		200		1,836
Calamos Convertible and High Income Fund		97		1,332
ClearBridge Energy MLP Fund, Inc.		6,716		160,311
Cohen & Steers Closed-End Opportunity Fund, Inc.		44		605
Cohen & Steers Total Return Realty Fund, Inc.		1,760		24,534
Cornerstone Progressive Return Fund		3,100		23,002
Credit Suisse Asset Management Income Fund		21,336		79,157
Delaware Enhanced Global Dividend and Income Fund		200		2,668
Federated Premier Intermediate Municipal Income Fund		100		1,273
Gabelli Convertible and Income Securities Fund, Inc. (The)		3,807		24,936
Guggenheim Build America Bonds Managed Duration Trust		475		8,882
Helios Advantage Income Fund, Inc.		600		4,722
ING Global Advantage and Premium Opportunity Fund		102		1,378
Nuveen California Dividend Advantage Municipal Fund 2		100		1,323
Nuveen Floating Rate Income Opportunity Fund		44		553
Nuveen Real Estate Income Fund		53		633
PIMCO Global StocksPLUS & Income Fund		6,434		159,370
Strategic Global Income Fund		8,300		92,545
Tortoise Energy Infrastructure Corporation		4,507		180,550
Western Asset/Claymore Inflation-Linked Securities & Income Fund		1,210		15,899
Total Closed-End Funds (Proceeds $987,024)			$	1,014,399

TFS MARKET NEUTRAL FUND SCHEDULE OF SECURITIES SOLD SHORT (Continued)
RIGHTS — 0.0%	Shares		Value
First Federal Bancshares of Arkansas, Inc. (a) (Proceeds $0)		1,466	$	3,372


WARRANTS — 0.0%	Shares		Value
American International Group, Inc. (Proceeds $14,295)		854	$	7,669

Total Securities Sold Short — 64.8% (Proceeds $1,039,737,635)			$	1,050,367,571

ADR - American Depositary Receipt.
(a)	Fair Value priced (Note 2). Fair valued securities totaled $3,541,164 at April 30, 2011, representing (0.2%) of net assets.
See accompanying notes to financial statements.

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* April 30, 2011 (Unaudited)
COMMON STOCKS — 98.4%	Shares		Value
Consumer Discretionary — 13.7%
Auto Components — 0.4%
Other Auto Components (a)			$	244,300

Diversified Consumer Services — 0.5%
Other Diversified Consumer Services (a)				310,372

Hotels, Restaurants & Leisure — 2.6%
Ameristar Casinos, Inc.		10,600		211,470
Buffalo Wild Wings, Inc. (b)		4,400		268,840
Other Hotels, Restaurants & Leisure (a)				1,044,738
				1,525,048
Household Durables — 0.9%
Harman International Industries, Inc.		4,800		232,944
Other Household Durables (a)				287,392
				520,336
Internet & Catalog Retail — 1.5%
drugstore.com, inc. (b)		61,100		230,958
ValueVision Media, Inc. (b)		34,000		216,920
Other Internet & Catalog Retail (a)				402,242
				850,120
Media — 2.4%
Other Media (a)				1,392,796

Multiline Retail — 1.0%
Dillard's, Inc.		4,700		225,694
Retail Ventures, Inc. (b)		11,000		225,830
Other Multiline Retail (a)				147,996
				599,520
Specialty Retail — 3.5%
Stein Mart, Inc. (b)		19,500		212,160
Other Specialty Retail (a)				1,873,148
				2,085,308
Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd. (b)		5,554		249,152
Other Textiles, Apparel & Luxury Goods (a)				278,535
				527,687
Consumer Staples — 2.5%
Beverages — 0.4%
Other Beverages (a)				238,980

Food & Staples Retailing — 0.3%
Other Food & Staples Retailing (a)				186,340

Food Products — 0.9%
Other Food Products (a)				516,540

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.4% (Continued)	Shares		Value
Consumer Staples — 2.5% (Continued)
Personal Products — 0.8%
Revlon, Inc. (b)		14,774	$	254,408
Other Personal Products (a)				246,183
				500,591
Tobacco — 0.1%
Other Tobacco (a)				43,890

Energy — 6.1%
Energy Equipment & Services — 2.8%
Hercules Offshore, Inc. (b)		46,800		293,670
SEACOR Holdings, Inc. (b)		2,800		276,724
Other Energy Equipment & Services (a)				1,095,307
				1,665,701
Oil, Gas & Consumable Fuels — 3.3%
CVR Energy, Inc. (b)		10,000		222,300
Other Oil, Gas & Consumable Fuels (a)				1,679,676
				1,901,976
Financials — 17.1%
Capital Markets — 1.7%
Other Capital Markets (a)				1,012,213

Commercial Banks — 4.8%
Texas Capital Bancshares, Inc. (b)		10,700		276,060
Other Commercial Banks (a)				2,540,340
				2,816,400
Consumer Finance — 0.2%
Other Consumer Finance (a)				140,483

Diversified Financial Services — 0.7%
Other Diversified Financial Services (a)				423,688

Insurance — 3.8%
Other Insurance (a)				2,211,037

Real Estate Investment Trusts (REIT) — 4.5%
Other Real Estate Investment Trusts (REIT) (a)				2,649,184

Thrifts & Mortgage Finance — 1.4%
Capitol Federal Financial, Inc.		19,671		222,676
Other Thrifts & Mortgage Finance (a)				591,800
				814,476
Health Care — 17.8%
Biotechnology — 2.7%
AVEO Pharmaceuticals, Inc. (b)		14,080		219,085
Other Biotechnology (a)				1,365,836
				1,584,921

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.4% (Continued)	Shares		Value
Health Care — 17.8% (Continued)
Health Care Equipment & Supplies — 2.9%
Hill-Rom Holdings, Inc.		6,110	$	275,011
Other Health Care Equipment & Supplies (a)				1,464,733
				1,739,744
Health Care Providers & Services — 8.4%
AMERIGROUP Corporation (b)		3,500		239,050
Centene Corporation (b)		7,700		278,971
Corvel Corporation (b)		4,100		212,380
Five Star Quality Care, Inc. (b)		27,023		226,453
Health Management Associates, Inc. - Class A (b)		23,500		265,080
Health Net, Inc. (b)		6,700		223,110
Kindred Healthcare, Inc. (b)		10,000		252,200
Molina Healthcare, Inc. (b)		5,400		232,200
Other Health Care Providers & Services (a)				3,014,044
				4,943,488
Health Care Technology — 1.4%
Computer Programs & Systems, Inc.		3,600		211,644
Other Health Care Technology (a)				638,639
				850,283
Life Sciences Tools & Services — 0.7%
Other Life Sciences Tools & Services (a)				390,274

Pharmaceuticals — 1.7%
ISTA Pharmaceuticals, Inc. (b)		22,100		226,525
Jazz Pharmaceuticals, Inc. (b)		7,100		226,561
Other Pharmaceuticals (a)				552,652
				1,005,738
Industrials — 15.2%
Aerospace & Defense — 1.3%
Other Aerospace & Defense (a)				761,314

Air Freight & Logistics — 0.4%
Other Air Freight & Logistics (a)				233,404

Airlines — 1.9%
AMR Corporation (b)		39,200		230,104
Hawaiian Holdings, Inc. (b)		38,800		226,980
US Airways Group, Inc. (b)		31,600		287,244
Other Airlines (a)				367,255
				1,111,583
Building Products — 0.2%
Other Building Products (a)				116,350

Commercial Services & Supplies — 0.6%
Other Commercial Services & Supplies (a)				356,880

Construction & Engineering — 0.6%
Other Construction & Engineering (a)				385,604

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.4% (Continued)	Shares		Value
Industrials — 15.2% (Continued)
Electrical Equipment — 0.8%
Other Electrical Equipment (a)			$	455,589

Industrial Conglomerates — 0.2%
Other Industrial Conglomerates (a)				108,988

Machinery — 3.6%
NN, Inc. (b)		12,200		213,866
Sauer-Danfoss, Inc. (b)		4,100		242,023
Other Machinery (a)				1,664,531
				2,120,420
Marine — 0.1%
Other Marine (a)				61,948

Professional Services — 1.1%
Acacia Research Corporation (b)		6,600		271,326
Other Professional Services (a)				364,090
				635,416
Road & Rail — 2.4%
Avis Budget Group, Inc. (b)		12,800		242,688
Ryder System, Inc.		4,100		219,350
Other Road & Rail (a)				960,826
				1,422,864
Trading Companies & Distributors — 2.0%
United Rentals, Inc. (b)		8,600		253,012
Other Trading Companies & Distributors (a)				919,878
				1,172,890
Information Technology — 19.1%
Communications Equipment — 1.9%
Other Communications Equipment (a)				1,145,055

Computers & Peripherals — 1.0%
Other Computers & Peripherals (a)				615,085

Electronic Equipment, Instruments & Components — 4.9%
Newport Corporation (b)		12,271		229,836
Sanmina-SCI Corporation (b)		23,800		278,936
SMART Modular Technologies (WWH), Inc. (b)		26,600		243,124
Tech Data Corporation (b)		4,000		212,520
Other Electronic Equipment, Instruments & Components (a)				1,945,481
				2,909,897
Internet Software & Services — 1.3%
Web.com Group, Inc. (b)		14,400		227,232
Other Internet Software & Services (a)				513,638
				740,870

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.4% (Continued)	Shares		Value
Information Technology — 19.1% (Continued)
IT Services — 2.9%
Genpact Ltd. (b)		13,800	$	222,042
Other IT Services (a)				1,477,885
				1,699,927
Office Electronics — 0.3%
Other Office Electronics (a)				153,231

Semiconductors & Semiconductor Equipment — 3.5%
International Rectifier Corporation (b)		6,150		212,544
SunPower Corporation - Class A (b)		11,000		239,470
Other Semiconductors & Semiconductor Equipment (a)				1,631,411
				2,083,425
Software — 3.3%
JDA Software Group, Inc. (b)		8,200		268,714
Radiant Systems, Inc. (b)		12,500		249,000
Other Software (a)				1,403,026
				1,920,740
Materials — 4.6%
Chemicals — 1.8%
Other Chemicals (a)				1,066,976

Containers & Packaging — 2.0%
Aptargroup, Inc.		4,100		215,045
Graham Packaging Company, Inc. (b)		9,700		223,100
Other Containers & Packaging (a)				770,712
				1,208,857
Metals & Mining — 0.6%
Compass Minerals International, Inc.		2,800		273,308
Other Metals & Mining (a)				85,617
				358,925
Paper & Forest Products — 0.2%
Other Paper & Forest Products (a)				90,884

Telecommunication Services — 0.8%
Diversified Telecommunication Services — 0.7%
Other Diversified Telecommunication Services (a)				385,991

Wireless Telecommunication Services — 0.1%
Other Wireless Telecommunication Services (a)				73,832

Utilities — 1.5%
Electric Utilities — 0.0%
Other Electric Utilities (a)				9,364

Gas Utilities — 0.2%
Other Gas Utilities (a)				128,261

TFS SMALL CAP FUND SUMMARY SCHEDULE OF INVESTMENTS* (Continued)
COMMON STOCKS — 98.4% (Continued)	Shares	Value
Utilities — 1.5% (Continued)
Independent Power Producers & Energy Traders — 0.5%
Other Independent Power Producers & Energy Traders (a)		$	313,741

Multi-Utilities — 0.7%
Other Multi-Utilities (a)			379,078

Water Utilities — 0.1%
Other Water Utilities (a)			41,492

Total Common Stocks (Cost $53,810,620)		$	57,960,315


MONEY MARKET FUNDS — 2.6%	Shares		Value
UMB Money Market Fiduciary, 0.01% (c) (Cost $1,553,364)		1,553,364	$	1,553,364

Total Investments at Value — 101.0% (Cost $55,363,984)			$	59,513,679

Liabilities in Excess of Other Assets — (1.0%)				(610,556	)

Net Assets — 100.0%			$	58,903,123

*	A complete Schedule of Investments is available without charge upon request by calling toll-free 1-888-534-2001 or on the SEC’s website at http://www.sec.gov.
(a)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of April 30, 2011.
(b)	Non-income producing security.
(c)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
See accompanying notes to financial statements.

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF ASSETS AND LIABILITIES April 30, 2011 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund
ASSETS
Investments in securities:
At acquisition cost	$	1,568,477,792		$	55,363,984
At value (Note 2)	$	1,635,546,210		$	59,513,679
Deposits with brokers for securities sold short (Note 2)		1,020,923,186			—
Dividends and interest receivable		543,035			16,626
Receivable for investment securities sold		355,021,100			5,020,370
Receivable for capital shares sold		12,099,790			222,487
Other assets		95,611			20,824
TOTAL ASSETS		3,024,228,932			64,793,986

LIABILITIES
Securities sold short, at value (Note 2) (proceeds $1,039,737,635)		1,050,367,571			—
Payable for investment securities purchased		346,644,001			5,759,845
Payable for capital shares redeemed		455,012			59,248
Dividends payable on securities sold short (Note 2)		243,830			—
Payable to Adviser (Note 4)		2,893,727			47,610
Payable to administrator (Note 4)		154,900			11,370
Accrued brokerage expense on securities sold short (Note 2)		3,350,985			—
Other accrued expenses and liabilities		164,037			12,790
TOTAL LIABILITIES		1,404,274,063			5,890,863

NET ASSETS	$	1,619,954,869		$	58,903,123

Net assets consist of:
Paid-in capital	$	1,534,122,553		$	46,097,371
Accumulated net investment loss		(31,098,719	)		(80,204	)
Accumulated net realized gains from security transactions		60,492,553			8,736,261
Net unrealized appreciation (depreciation) on:
Investments		67,068,418			4,149,695
Short positions		(10,629,936	)		—
Net assets	$	1,619,954,869		$	58,903,123

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		104,130,774			4,131,699

Net asset value, redemption price and offering price per share (a) (Note 2)	$	15.56		$	14.26

(a)	Redemption price may differ from the net asset value per share depending upon the length of time the shares are held (Note 2).
See accompanying notes to financial statements.

TFS CAPITAL INVESTMENT TRUST STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2011 (Unaudited)
	TFS Market Neutral Fund			TFS Small Cap Fund
INVESTMENT INCOME
Dividends	$	9,481,152		$	283,992
Foreign tax withholding		(16,531	)		—
Interest		1,017			31
TOTAL INVESTMENT INCOME		9,465,638			284,023

EXPENSES
Brokerage expense on securities sold short (Note 2)		20,146,446			—
Investment advisory fees (Note 4)		14,411,978			251,081
Dividend expense on securities sold short (Note 2)		4,374,891			—
Administration fees (Note 4)		432,214			33,878
Accounting services fees (Note 4)		329,138			17,258
Custodian fees		304,466			21,166
Transfer agent fees (Note 4)		137,297			9,984
Registration fees		92,161			15,010
Pricing fees		42,073			5,201
Professional fees		24,344			9,964
Postage and supplies		29,086			2,851
Trustees’ fees and expenses		13,681			13,681
Printing of shareholder reports		21,243			4,225
Compliance service fees (Note 4)		12,000			12,000
Insurance expense		19,324			782
Borrowing costs (Note 5)		5,059			270
Other expenses		10,731			6,848
TOTAL EXPENSES		40,406,132			404,199
Investment advisory fee reductions (Note 4)		—			(39,972	)
Plus recovery by the Adviser of investment advisory fee reductions in prior years (Note 4)		128,516			—
NET EXPENSES		40,534,648			364,227

NET INVESTMENT LOSS		(31,069,010	)		(80,204	)

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY
Net realized gains (losses) from:
Investments		258,246,578			8,984,039
Securities sold short		(119,310,139	)		(16	)
Foreign currency transactions		(29,709	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(3,630,050	)		1,250,953
Securities sold short		(2,175,201	)		—

NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		133,101,479			10,234,976

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	102,032,469		$	10,154,772

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2011 (Unaudited)			Year Ended October 31, 2010
FROM OPERATIONS
Net investment loss	$	(31,069,010	)	$	(32,806,131	)
Net realized gains (losses) from:
Investments		258,246,578			206,303,196
Securities sold short		(119,310,139	)		(102,255,118	)
Foreign currency transactions		(29,709	)		2
Net change in unrealized appreciation (depreciation) on:
Investments		(3,630,050	)		37,377,233
Securities sold short		(2,175,201	)		(46,305,711	)
Net increase in net assets from operations		102,032,469			62,313,471

FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(107,375,129	)		(6,035,121	)

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		560,310,473			487,596,827
Net asset value of shares issued in reinvestment of distributions to shareholders		89,339,826			5,396,118
Proceeds from redemption fees collected (Note 2)		52,719			182,763
Payments for shares redeemed		(166,624,919	)		(235,644,085	)
Net increase in net assets from capital share transactions		483,078,099			257,531,623

TOTAL INCREASE IN NET ASSETS		477,735,439			313,809,973

NET ASSETS
Beginning of period		1,142,219,430			828,409,457
End of period	$	1,619,954,869		$	1,142,219,430

ACCUMULATED NET INVESTMENT LOSS	$	(31,098,719	)	$	—

CAPITAL SHARE ACTIVITY
Shares sold		36,659,817			31,680,817
Shares issued in reinvestment of distributions to shareholders		6,085,819			355,008
Shares redeemed		(10,895,270	)		(15,287,390	)
Net increase in shares outstanding		31,850,366			16,748,435
Shares outstanding, beginning of period		72,280,408			55,531,973
Shares outstanding, end of period		104,130,774			72,280,408

See accompanying notes to financial statements.

TFS SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS
	Six Months Ended April 30, 2011 (Unaudited)			Year Ended October 31, 2010
FROM OPERATIONS
Net investment loss	$	(80,204	)	$	(189,625	)
Net realized gains (losses) from:
Investments		8,984,039			2,817,536
Securities sold short		(16	)		(2,732	)
Net change in unrealized appreciation (depreciation) on investments		1,250,953			3,000,769
Net increase in net assets from operations		10,154,772			5,625,948

FROM DISTRIBUTIONS
Distributions from net realized gains from security transactions		(2,235,241	)		—

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		17,821,677			22,983,154
Net asset value of shares issued in reinvestment of distributions to shareholders		2,062,420			—
Proceeds from redemption fees collected (Note 2)		3,878			21,157
Payments for shares redeemed		(4,688,413	)		(9,469,293	)
Net increase in net assets from capital share transactions		15,199,562			13,535,018

TOTAL INCREASE IN NET ASSETS		23,119,093			19,160,966

NET ASSETS
Beginning of period		35,784,030			16,623,064
End of period	$	58,903,123		$	35,784,030

ACCUMULATED NET INVESTMENT LOSS	$	(80,204	)	$	—

CAPITAL SHARE ACTIVITY
Shares sold		1,339,877			2,070,878
Shares issued in reinvestment of distributions to shareholders		164,599			—
Shares redeemed		(360,538	)		(865,629	)
Net increase in shares outstanding		1,143,938			1,205,249
Shares outstanding, beginning of period		2,987,761			1,782,512
Shares outstanding, end of period		4,131,699			2,987,761

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2011 (Unaudited)			Year Ended October 31, 2010			Year Ended October 31, 2009			Four Months Ended October 31, 2008(a)			Year Ended June 30, 2008			Year Ended June 30, 2007			Year Ended June 30, 2006
Net asset value at beginning of period	$	15.80		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44		$	10.37

Income (loss) from investment operations:
Net investment income (loss)		(0.30	)		(0.45	)		(0.24	)		(0.09	)		(0.23	)		0.01			(0.04	)
Net realized and unrealized gains (losses) on investments		1.55			1.43			2.13			(2.27	)		1.56			2.35			2.12
Total from investment operations		1.25			0.98			1.89			(2.36	)		1.33			2.36			2.08

Less distributions:
Distributions from net investment income		—			—			—			—			(0.01	)		—			—
Distributions from net realized gains from security transactions		(1.49	)		(0.10	)		(0.25	)		—			(0.40	)		(0.22	)		(0.01	)
Total distributions		(1.49	)		(0.10	)		(0.25	)		—			(0.41	)		(0.22	)		(0.01	)

Proceeds from redemption fees collected (Note 2)		0.00	(b)		0.00	(b)		0.03			0.02			0.08			0.01			0.00	(b)

Net asset value at end of period	$	15.56		$	15.80		$	14.92		$	13.25		$	15.59		$	14.59		$	12.44

Total return (c)		8.45%	(d)		6.60%			14.86%			(15.01%	)(d)		9.93%			19.18%			20.04%

Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,619,955		$	1,142,219		$	828,409		$	378,564		$	271,239		$	211,386		$	22,478

Ratio of total expenses to average net assets		6.30%	(g)		4.52%			4.70%			4.60%	(g)		4.05%			3.30%			5.10%

Ratio of net expenses to average net assets		6.32%	(g)		4.55%			4.67%	(e)		4.55%	(e) (g)		3.94%	(e)		3.07%	(e)		3.21%	(e)

Ratio of net expenses to average net assets excluding dividend expense (f)		5.63%	(g)		3.81%			3.84%	(e)		3.68%	(e) (g)		2.80%	(e)		2.48%	(e)		2.49%	(e)

Ratio of net expenses to average net assets excluding dividend expense, borrowing costs and brokerage expense on securities sold short (f)		2.50%	(g)		2.50%			2.49%	(e)		2.49%	(e) (g)		2.50%	(e)		2.48%	(e)		2.49%	(e)

Ratio of net investment income (loss) to average net assets		(4.84%	)(g)		(3.16%	)		(2.32%	)		(2.24%	)(g)		(2.15%	)		0.09%			(0.69%	)

Portfolio turnover rate		380%	(d)		703%			429%			204%	(d)		536%			492%			398%

(a)	Fund changed fiscal year end to October 31.
(b)	Amount rounds to less than $0.01 per share.
(c)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(d)	Not annualized.
(e)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).
(f)	Dividend expense, borrowing costs and brokerage expense on securities sold short totaled 3.82%(g), 2.05%, 2.18%, 2.06%(g), 1.44%, 0.59% and 0.72% of average net assets for the periods ended April 30, 2011, October 31, 2010, 2009 and 2008 and June 30, 2008, 2007 and 2006, respectively.
(g)	Annualized.
See accompanying notes to financial statements.

TFS SMALL CAP FUND FINANCIAL HIGHLIGHTS
Per share data for a share outstanding throughout each period:	Six Months Ended April 30, 2011 (Unaudited)			Year Ended October 31, 2010			Year Ended October 31, 2009			Four Months Ended October 31, 2008(b)			Year Ended June 30, 2008			Year Ended June 30, 2007			Period Ended June 30, 2006(a)
Net asset value at beginning of period	$	11.98		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.06	)		(0.02	)		0.01			(0.18	)		(0.07	)		(0.01	)
Net realized and unrealized gains (losses) on investments		3.04			2.70			2.55			(2.52	)		(1.79	)		2.76			0.40
Total from investment operations		3.02			2.64			2.53			(2.51	)		(1.97	)		2.69			0.39

Less distributions:
Distributions from net investment income		—			—			(0.01	)		—			—			—			—
Distributions from net realized gains from security transactions		(0.74	)		—			—			—			(1.80	)		(0.00	)(c)		—
Total distributions		(0.74	)		—			(0.01	)		—			(1.80	)		(0.00	)		—

Proceeds from redemption fees collected (Note 2)		0.00	(c)		0.01			0.01			0.00	(c)		0.00	(c)		0.00	(c)		—

Net asset value at end of period	$	14.26		$	11.98		$	9.33		$	6.80		$	9.31		$	13.08		$	10.39

Total return (d)		26.04%	(e)		28.40%			37.41%			(26.96%	)(e)		(16.40%	)		25.93%			3.90%	(e)

Ratios and supplemental data:
Net assets at end of period (000’s)	$	58,903		$	35,784		$	16,623		$	3,053		$	4,581		$	5,638		$	3,932

Ratio of total expenses to average net assets		1.78%	(g)		2.31%			5.14%			4.44%	(g)		5.57%			5.14%			8.18%	(g)

Ratio of net expenses to average net assets (f)		1.61%	(g)		1.78%			1.88%			0.88%	(g)		2.72%			2.03%			1.72%	(g)

Ratio of net expenses to average net assets excluding borrowing costs (f)		1.60%	(g)		1.78%			1.87%			0.87%	(g)		2.68%			2.03%			1.72%	(g)

Ratio of net investment income (loss) to average net assets		(0.35%	)(g)		(0.70%	)		(0.63%	)		0.28%	(g)		(1.76%	)		(0.69%	)		(0.69%	)(g)

Portfolio turnover rate		270%	(e)		657%			320%			123%	(e)		269%			419%			184%	(g)

(a)	Represents the period from the commencement of operations (March 7, 2006) through June 30, 2006.
(b)	Fund changed fiscal year end to October 31.
(c)	Amount rounds to less than $0.01 per share.
(d)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(e)	Not annualized.
(f)	Ratio was determined after advisory fee reductions and expense reimbursements (Note 4).
(g)	Annualized.
See accompanying notes to financial statements.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2011 (Unaudited)

1. Organization

The TFS Market Neutral Fund and the TFS Small Cap Fund (individually, a “Fund”, and collectively, the “Funds”) are each a diversified series of TFS Capital Investment Trust (the “Trust”), an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated January 30, 2004. As part of the Trust’s organization, the TFS Market Neutral Fund issued in a private placement on June 28, 2004 10,000 shares of the Fund, at $10.00 per share, to TFS Capital LLC (the “Adviser”), the investment adviser to the Fund. The TFS Market Neutral Fund commenced operations on September 7, 2004. The TFS Small Cap Fund commenced operations on March 7, 2006.

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

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

2. Significant Accounting Policies

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

Securities valuation – The Funds’ portfolio securities are valued at their fair values as of the close of the regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time) on each business day the NYSE is open. Securities listed on the NYSE or other exchanges are valued on the basis of their last sale prices on the exchanges on which they are primarily traded. If there are no sales on that day, the securities are valued at the mean of the most recent bid and ask prices on the NYSE or other primary exchange. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the mean between the closing bid and ask prices as reported by NASDAQ. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith under the supervision of the Board of Trustees of the Trust and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, discount from market of a similar freely traded security, or a combination of these and other methods.

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

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:

•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs

•	Level 3 – significant unobservable inputs

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of April 30, 2011:

TFS Market Neutral Fund	Level 1			Level 2			Level 3		Total
Common Stocks	$	1,480,519,097		$	373,187		$	—	$	1,480,892,284
Common Stocks – Sold Short		(1,045,804,339	)		(3,537,792	)		—		(1,049,342,131	)
Closed-End Funds		38,573,865			—			—		38,573,865
Closed-End Funds – Sold Short		(1,014,399	)		—			—		(1,014,399	)
Exchange-Traded Funds		624,466			—			—		624,466
Corporate Bonds		—			2,064			—		2,064
Rights		—			19,369			—		19,369
Rights – Sold Short		—			(3,372	)		—		(3,372	)
Warrants – Sold Short		(7,669	)		—			—		(7,669	)
Money Market Funds		115,434,162			—			—		115,434,162
Total	$	588,325,183		$	(3,146,544	)	$	—	$	585,178,639


TFS Small Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	57,960,315	$	—	$	—	$	57,960,315
Money Market Funds		1,553,364		—		—		1,553,364
Total	$	59,513,679	$	—	$	—	$	59,513,679

Refer to each Fund’s Schedule of Investments and Schedule of Securities Sold Short, as applicable, for a listing of the securities valued using Level 1 and Level 2 inputs by security type and industry type. During the six months ended April 30, 2011, the Funds did not have any significant transfers in and out of Level 1 or Level 2. There were no Level 3 securities or derivative instruments held by the Funds during the six months ended or as of April 30, 2011.

Share valuation – The net asset value per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the net asset value per share, except that shares are subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase. During the periods ended April 30, 2011 and October 31, 2010, proceeds from redemption fees totaled $52,719 and $182,763, respectively, for the TFS Market Neutral Fund and $3,878 and $21,157, respectively, for the TFS Small Cap Fund.

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

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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Distributions to shareholders – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term gains. The tax character of distributions paid by the Funds during the periods ended April 30, 2011 and October 31, 2010 was as follows:

	Period Ended	Ordinary Income		Long-Term Gains		Total Distributions
TFS Market Neutral Fund	4/30/2011	$	87,395,252	$	19,979,877	$	107,375,129
	10/31/2010	$	6,035,121	$	—	$	6,035,121
TFS Small Cap Fund	4/30/2011	$	2,114,058	$	121,183	$	2,235,241
	10/31/2010	$	—	$	—	$	—

Short positions – The Funds may sell securities short. For financial statement purposes, an amount equal to the settlement amount is included in the Statements of Assets and Liabilities as an asset and an equivalent liability is then subsequently marked-to-market daily to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities sold, but not yet purchased, may require purchasing the securities at prices which may differ from the market value reflected on the Statements of Assets and Liabilities. The Funds are liable for any dividends payable on securities while those securities are in a short position and will also bear other costs, such as charges for the prime brokerage accounts, in connection with the short positions. These costs are reported as brokerage expenses on securities sold short in the Statements of Operations. As collateral for its short positions, the Funds are required under the Investment Company Act of 1940 to maintain assets consisting of cash, cash equivalents or liquid securities equal to the market value of the securities sold short. The amount of the collateral is required to be adjusted daily to reflect changes in the value of the securities sold short. The TFS Market Neutral Fund engages in short selling as a principal investment strategy while the TFS Small Cap Fund does not. The TFS Small Cap Fund currently intends to limit its exposure to short positions to 5% of its net assets.

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

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

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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of April 30, 2011:

	TFS Market Neutral Fund			TFS Small Cap Fund
Tax cost of portfolio investments and securities sold short	$	672,521,925		$	55,570,581
Gross unrealized appreciation	$	106,398,223		$	4,916,774
Gross unrealized depreciation		(193,741,509	)		(973,676	)
Net unrealized appreciation (depreciation)		(87,343,286	)		3,943,098
Accumulated net investment loss		(31,098,719	)		(80,204	)
Other gains		204,274,321			8,942,858
Total accumulated earnings	$	85,832,316		$	12,805,752

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

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for all open tax periods (June 30, 2007 through October 31, 2010) of each Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

3. Investment Transactions

During the six months ended April 30, 2011, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, U.S. government securities and short positions, amounted to $4,993,958,444 and $4,788,547,530, respectively, for the TFS Market Neutral Fund and $134,338,827 and $122,079,078, respectively, for the TFS Small Cap Fund.

4. Transactions with Affiliates

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. The TFS Market Neutral Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 2.25% of its average daily net assets. Effective as of March 1, 2010, the Investment Advisory Agreement for the TFS Small Cap Fund was amended to revise the investment advisory fee structure. The amended advisory fee for the TFS Small Cap Fund is a fixed fee that is computed at the annual rate of 1.25% of its average daily net assets and replaced the previous performance fee structure.

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

As part of the amendment to its Investment Advisory Agreement, the TFS Small Cap Fund, for a transition period of 12 months beginning on March 1, 2010, paid the Adviser the lesser of the 1.25% fee (the “Fixed Fee”) or the Fixed Fee adjusted for the Fund’s performance relative to its benchmark, the Russell 2000 Index plus 2.50% (“Benchmark”), for the applicable performance period. The applicable performance period is a rolling twelve month period whereby the most recent calendar month was substituted for the earliest month as time passes. During periods where the TFS Small Cap Fund outperformed the Benchmark for the relevant performance period, the Adviser was paid the Fixed Fee. During periods where the TFS Small Cap Fund underperformed the Benchmark for the relevant performance period, the Fixed Fee was decreased by one basis point (0.01%) for every two basis points (0.02%) of such underperformance, to a minimum fee of 0.00% per annum. As a result, effective March 1, 2010, the maximum fee that the Adviser will receive from the TFS Small Cap Fund is 1.25% per annum of average daily net assets. During the six months ended April 30, 2011, investment advisory fees paid by the TFS Small Cap Fund were decreased $31,744 below the Fixed Fee pursuant to the previous performance fee structure.

The Adviser has contractually agreed to reduce its advisory fees and to absorb each Fund’s operating expenses (for the life of the Funds) to the extent necessary to limit aggregate annual ordinary operating expenses (which do not include brokerage costs, taxes, borrowing costs such as interest and dividend expenses on securities sold short and extraordinary expenses) to 2.50% of the TFS Market Neutral Fund’s average daily net assets and 1.75% of the TFS Small Cap Fund’s average daily net assets. Prior to March 1, 2010, the TFS Small Cap Fund’s expense cap was calculated prior to the performance fee adjustment, if any. During the six months ended April 30, 2011, the Adviser reduced its investment advisory fees by $39,972 with respect to the TFS Small Cap Fund. There were no fee reductions by the Adviser for the TFS Market Neutral Fund.

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the applicable Fund for a period of three years after such fees and expenses were incurred, provided that such repayments do not cause ordinary operating expenses to exceed the expense caps of 2.50% and 1.75%, respectively, for the TFS Market Neutral Fund and the TFS Small Cap Fund. During the six months ended April 30, 2011, the Adviser recouped $128,516 of previous fee reductions from the TFS Market Neutral Fund. As of April 30, 2011, the Adviser may in the future recoup fee reductions and expense reimbursements totaling $146,633 and $440,626, respectively, from the TFS Market Neutral Fund and the TFS Small Cap Fund. The Adviser may recapture these amounts no later than the dates as stated below:

	June 30, 2011		October 31, 2011		October 31, 2012		October 31, 2013		April 30, 2014
TFS Market Neutral Fund	$	—	$	—	$	146,633	$	—	$	—
TFS Small Cap Fund	$	25,839	$	51,491	$	179,857	$	143,467	$	39,972

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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

COMPLIANCE CONSULTING AGREEMENT

Under the terms of the Compliance Consulting Agreement, Drake Compliance, LLC (“Drake”) provides ongoing regulatory compliance consulting, monitoring and reporting services for the Trust. In addition, a principal of Drake serves as the Trust’s Chief Compliance Officer. For these services, Drake receives $2,000 per month from each Fund. In addition, each Fund reimburses certain out-of-pocket expenses incurred by Drake, if any, including, but not limited to, postage and supplies and travel expenses.

ADMINISTRATION AGREEMENT

Under the terms of an Administration Agreement, Ultimus Fund Solutions, LLC (“Ultimus”) supplies executive, administrative and regulatory services for the Funds. Ultimus supervises the preparation of tax returns, reports to shareholders of the Funds, reports to and filings with the Securities and Exchange Commission (the “SEC”) and state securities commissions and materials for meetings of the Board of Trustees. For these services, each Fund pays Ultimus a monthly fee at an annual rate of 0.15% of its average daily net assets up to $50 million, 0.125% of such assets between $50 million and $100 million, 0.10% of such assets between $100 million and $250 million, 0.075% of such assets between $250 million and $500 million, and 0.05% of such assets in excess of $500 million, subject to a minimum monthly fee of $2,000. Certain officers of the Trust are also officers of Ultimus.

ACCOUNTING SERVICES AGREEMENT

Under the terms of an Accounting Services Agreement, Ultimus calculates the daily net asset value per share and maintains the financial books and records of each Fund. For the performance of these services, the TFS Market Neutral Fund pays Ultimus a monthly base fee of $4,000 per month plus an asset based fee of 0.005% of average gross daily assets. In addition, the TFS Market Neutral Fund pays $1 per portfolio trade in excess of 1,000 portfolio trades per month. For the performance of these services, the TFS Small Cap Fund pays Ultimus a base fee of $2,500 per month plus an asset based fee of 0.01% of the first $500 million of average daily net assets and 0.005% of such assets in excess of $500 million. In addition, each Fund reimburses certain out-of-pocket expenses incurred by Ultimus in obtaining valuations of the Funds’ portfolio securities.

TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT

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

DISTRIBUTION AGREEMENT

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

TFS CAPITAL INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

5. Borrowing Costs

During the six months ended April 30, 2011, the TFS Market Neutral Fund and the TFS Small Cap Fund incurred $5,059 and $270 of borrowing costs, respectively. As of April 30, 2011, the Funds had no outstanding borrowings. The average outstanding borrowings for the six months ended April 30, 2011 for the TFS Market Neutral Fund include 161 days of $0 borrowings and 162 days of $0 borrowings for the TFS Small Cap Fund. The average outstanding borrowings and average interest rate on borrowings during the six months ended April 30, 2011 were as follows:

	Average Outstanding Borrowing		Average Interest Rate
TFS Market Neutral Fund	$	969,834		1.59	%
TFS Small Cap Fund	$	34,754		1.60	%

6. Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

7. Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except as reflected in the following paragraph.

Effective as of June 24, 2011, the advisory fee paid to the Adviser by TFS Market Neutral Fund was reduced to the following annual rates: 2.25% of the first $1.75 billion of average daily net assets and 2.15% of such assets over $1.75 billion.

8. New Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards. ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. Management is currently evaluating the impact ASU No. 2011-04 may have on financial statement disclosures.

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

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

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table are based on an investment of $1,000 made at the beginning of the most recent semi-annual period and held until the end of the period (November 1, 2010 through April 30, 2011).

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

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

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

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

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

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

TFS CAPITAL INVESTMENT TRUST

ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

TFS Market Neutral Fund

	Beginning Account Value November 1, 2010		Ending Account Value April 30, 2011		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,084.50	$	32.66
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	993.45	$	31.24

TFS Small Cap Fund

	Beginning Account Value November 1, 2010		Ending Account Value April 30, 2011		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,260.40	$	9.02
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,016.81	$	8.05

*	Expenses are equal to the annualized expense ratio of 6.32% and 1.61%, respectively, for the TFS Market Neutral Fund and the TFS Small Cap Fund for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

OTHER INFORMATION (Unaudited)

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

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

PRIVACY NOTICE
FACTS	WHAT DOES THE TFS CAPITAL INVESTMENT TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: § Social Security number § Assets § Retirement Assets § Transaction History § Checking Account Information § Purchase History § Account Balances § Account Transactions § Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the TFS Capital Investment Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information		Does the TFS Capital Investment Trust share?	Can you limit this sharing?
For our everyday business purposes – Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes – to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences		No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness		No	We don’t share
For nonaffiliates to market to you		No	We don’t share

Questions?	Call 1-888-534-2001

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

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. § TFS Capital LLC, the investment adviser to the TFS Capital Investment Trust, could be deemed to be an affiliate.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies § The TFS Capital Investment Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. § The TFS Capital Investment Trust does not jointly market.

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

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

(b)	Not applicable

Schedule I

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)

COMMON STOCKS - 91.4%	Shares		Value
Consumer Discretionary - 13.6%
Auto Components - 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		23,498	$	300,774
Amerigon, Inc. (a)		52,501		895,142
Autoliv, Inc.		6,000		480,780
Ballard Power Systems, Inc. (a)		415,083		855,071
China Automotive Systems, Inc. (a)		137,831		1,330,069
China XD Plastics Company Ltd. (a)		115,223		508,133
Cooper Tire & Rubber Company		11,590		312,698
Dana Holding Corporation (a) (b)		66,900		1,215,573
Dorman Products, Inc. (a)		3,428		133,692
Drew Industries, Inc. (a) (b)		36,235		872,176
Exide Technologies (a) (b)		145,455		1,460,368
Federal-Mogul Corporation (a) (b)		84,811		2,247,492
Gentex Corporation		2,600		81,510
Goodyear Tire & Rubber Company (The) (a)		6,850		124,328
Magna International, Inc. - Class A		400		20,500
Modine Manufacturing Company (a) (b)		218,547		3,892,322
Motorcar Parts of America, Inc. (a) (b)		64,544		898,453
Shiloh Industries, Inc. (a)		6,255		71,370
SORL Auto Parts, Inc. (a) (b)		95,134		489,940
Spartan Motors, Inc. (b)		129,685		876,671
Standard Motor Products, Inc. (b)		139,727		1,991,110
Stoneridge, Inc. (a) (b)		46,477		711,098
Superior Industries International, Inc.		43,768		1,106,017
Tenneco, Inc. (a)		1,100		50,831
Tongxin International Ltd. (a)		300		354
Tower International, Inc. (a)		21,120		350,803
Visteon Corporation (a)		1,800		121,374
Wonder Auto Technology, Inc. (a)		2,762		16,351
				21,415,000
Automobiles - 0.0%
Tesla Motors, Inc. (a)		5,227		144,265

Distributors - 0.1%
Audiovox Corporation (a) (b)		118,561		874,980
Genuine Parts Company		12,600		676,620
LKQ Corporation (a)		10,934		275,756
Pool Corporation		7,342		222,169
				2,049,525
Diversified Consumer Services - 0.4%
Archipelago Learning, Inc. (a)		206		1,807
Carriage Services, Inc. (a)		1,900		12,160
China Education Alliance, Inc. (a)		103,709		132,748
Collectors Universe, Inc.		9,922		153,196
Corinthian Colleges, Inc. (a)		22		98
DeVry, Inc.		39,166		2,071,881
Grand Canyon Education, Inc. (a) (b)		37,819		546,863
K12, Inc. (a)		8,300		326,771
Lincoln Educational Services Corporation (b)		91,333		1,525,261

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Diversified Consumer Services - 0.4% (Continued)
National American University Holdings, Inc.		2,638	$	20,286
Service Corporation International		26,420		310,963
Sotheby's		900		45,468
Steiner Leisure Ltd. (a) (b)		30,853		1,497,605
Stonemor Partners, L.P. (b)		23,849		670,395
Strayer Education, Inc.		500		61,940
Universal Technical Institute, Inc. (a)		2,500		45,175
Weight Watchers International, Inc.		800		62,200
				7,484,817
Hotels, Restaurants & Leisure - 2.3%
AFC Enterprises, Inc. (a) (b)		33,868		510,052
Ambassadors Group, Inc.		46		464
Ameristar Casinos, Inc. (b)		147,866		2,949,927
Asia Entertainment & Resources Ltd. (a) (b)		98,084		784,672
Bally Technologies, Inc. (a)		100		3,899
Biglari Holdings, Inc. (a)		1,062		464,349
BJ's Restaurants, Inc. (a)		14,252		669,131
Bluegreen Corporation (a)		6,739		26,215
Bravo Brio Restaurant Group, Inc. (a) (b)		40,192		829,563
Brinker International, Inc.		1,900		45,771
Buffalo Wild Wings, Inc. (a) (b)		61,900		3,782,090
California Pizza Kitchen, Inc. (a)		7,975		127,600
Caribou Coffee Company, Inc. (a)		43,864		413,199
Carrols Restaurant Group, Inc. (a)		72,562		708,205
CEC Entertainment, Inc.		15,259		577,248
Cedar Fair, L.P. (b)		57,750		1,097,250
Cheesecake Factory, Inc. (The) (a)		1,500		44,130
Choice Hotels International, Inc.		900		33,642
Churchill Downs, Inc. (b)		27,093		1,130,049
DineEquity, Inc. (a)		4,700		234,859
Domino's Pizza, Inc. (a) (b)		90,682		1,683,965
Einstein Noah Restaurant Group, Inc. (b)		42,463		686,202
Frisch's Restaurants, Inc.		784		17,781
Full House Resorts, Inc. (a)		11,326		45,304
Gaylord Entertainment Company (a)		100		3,587
Hyatt Hotels Corporation - Class A (a)		1,460		64,693
International Speedway Corporation - Class A		5,814		177,908
Interval Leisure Group, Inc. (a) (b)		36,713		589,978
Isle of Capri Casinos, Inc. (a) (b)		91,575		873,625
Jack in the Box, Inc. (a)		36,560		754,964
Jamba, Inc. (a)		175,296		434,734
Krispy Kreme Doughnuts, Inc. (a) (b)		141,918		796,160
Life Time Fitness, Inc. (a)		18,310		716,287
Luby's, Inc. (a)		35,611		178,055
Marcus Corporation (b)		59,570		660,631
McCormick & Schmick's Seafood Restaurants, Inc. (a)		38,259		349,305
Morgans Hotel Group Company (a)		77,578		671,050
Morton's Restaurant Group, Inc. (a)		2,300		17,020
MTR Gaming Group, Inc. (a)		100		265

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Hotels, Restaurants & Leisure - 2.3% (Continued)
Multimedia Games Holding Company, Inc. (a) (b)		37,652	$	221,017
Nevada Gold & Casinos, Inc. (a)		100		169
Orient-Express Hotels Ltd. - Class A (a)		57,200		701,844
Panera Bread Company - Class A (a)		500		60,555
Papa John's International, Inc. (a) (b)		41,437		1,245,596
Penn National Gaming, Inc. (a) (b)		70,189		2,808,262
Red Lion Hotels Corporation (a)		4,500		39,375
Red Robin Gourmet Burgers, Inc. (a)		2,224		60,471
Rick's Cabaret International, Inc. (a) (b)		48,336		506,078
Ruby Tuesday, Inc. (a)		66,900		703,119
Scientific Games Corporation (a) (b)		79,815		839,654
Shuffle Master, Inc. (a) (b)		131,338		1,435,524
Six Flags Entertainment Corporation		487		33,374
Sonic Corporation (a) (b)		46,724		524,243
Summit Hotel Properties, Inc. (a)		1,200		13,596
Texas Roadhouse, Inc.		7,800		126,906
Town Sports International Holdings, Inc. (a)		6,800		48,688
Vail Resorts, Inc. (a)		400		19,596
Wendy's/Arby's Group, Inc. - Class A (b)		755,167		3,639,905
WMS Industries, Inc. (a)		29,900		980,720
				37,162,521
Household Durables - 0.8%
Blyth, Inc. (b)		22,398		1,055,842
CSS Industries, Inc.		2,099		40,469
Harman International Industries, Inc. (b)		54,600		2,649,738
Helen of Troy Ltd. (a) (b)		63,615		1,979,699
iRobot Corporation (a)		39,136		1,386,197
Kid Brands, Inc. (a) (b)		96,572		705,941
Koss Corporation		200		1,316
Leggett & Platt, Inc.		300		7,887
Lennar Corporation - Class A		2,557		48,557
Libbey, Inc. (a)		297		5,064
Lifetime Brands, Inc.		11,400		181,488
M/I Homes, Inc. (a) (b)		21,454		285,124
Mad Catz Interactive, Inc. (a)		35,392		69,722
NIVS IntelliMedia Technology Group, Inc. (a) (b) (c)		245,517		270,069
SodaStream International Ltd. (a)		2,900		132,646
Standard Pacific Corporation (a)		98		378
Tempur-Pedic International, Inc. (a)		44,100		2,768,598
Tupperware Brands Corporation (b)		2,600		165,542
Universal Electronics, Inc. (a) (b)		21,986		608,792
				12,363,069
Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. - Class A (a)		41,102		137,692
drugstore.com, inc. (a) (b)		918,837		3,473,204
Geeknet, Inc. (a)		40,269		1,027,262
HSN, Inc. (a) (b)		60,376		2,003,276
Liberty Media Corporation - Interactive - Series A (a)		7,100		124,108
MakeMyTrip Ltd. (a)		9,171		289,161

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Internet & Catalog Retail - 0.6% (Continued)
Orbitz Worldwide, Inc. (a) (b)		146,480	$	468,736
Shutterfly, Inc. (a) (b)		3		185
ValueVision Media, Inc. (a) (b)		347,367		2,216,201
Vitacost.com, Inc. (a) (c)		20,359		58,023
				9,797,848
Leisure Equipment & Products - 0.3%
Arctic Cat, Inc. (a) (b)		64,352		1,080,470
Hasbro, Inc.		43,800		2,051,592
Smith & Wesson Holding Corporation (a) (b)		327,819		1,183,427
Steinway Musical Instruments, Inc. (a)		1,870		46,750
Summer Infant, Inc. (a)		3,100		27,404
				4,389,643
Media - 2.4%
A.H. Belo Corporation - Class A (a)		6,969		57,982
Arbitron, Inc. (b)		22,914		886,314
Ascent Media Corporation - Class A (a) (b)		24,372		1,170,587
Ballantyne Strong, Inc. (a)		33,740		227,745
Belo Corporation - Class A (a)		76,225		644,101
Central European Media Enterprises Ltd. (a) (b)		69,502		1,592,291
Cinemark Holdings, Inc. (b)		64,932		1,320,068
CKX, Inc. (a) (b)		359,629		1,643,505
Clear Channel Outdoor Holdings, Inc. (a) (b)		143,131		1,969,483
Crown Media Holdings, Inc. - Class A (a)		8,933		19,563
CTC Media, Inc.		19,701		464,353
Dex One Corporation (a) (b)		119,005		499,821
DreamWorks Animation SKG, Inc. - Class A (a)		12,300		325,827
Entravision Communications Corporation - Class A (a)		11,600		27,376
Fisher Communications, Inc. (a)		7,913		239,368
Global Sources Ltd. (a)		21,802		266,856
Global Traffic Network, Inc. (a) (b)		90,892		1,220,680
Gray Television, Inc. (a)		53,700		149,823
Harte-Hanks, Inc. (b)		53,380		495,900
Insignia Systems, Inc. (a)		19,610		143,153
interCLICK, Inc. (a) (b)		244,527		1,714,134
John Wiley & Sons, Inc. - Class A		23,257		1,184,479
Journal Communications, Inc. (a)		62,947		343,061
Knology, Inc. (a) (b)		81,397		1,241,304
Lamar Advertising Company - Class A (a) (b)		94,781		3,082,278
Liberty Media Corporation - Capital - Series A (a)		200		16,454
LIN TV Corporation - Class A (a)		73,819		394,932
Lions Gate Entertainment Corporation (a) (b)		277,347		1,758,380
Live Nation Entertainment, Inc. (a) (b)		144,164		1,598,779
Madison Square Garden, Inc. - Class A (a) (b)		79,944		2,186,468
MDC Partners, Inc. (b)		58,919		979,823
Morningstar, Inc.		2,946		169,690
National CineMedia, Inc. (b)		95,136		1,659,172
Outdoor Channel Holdings, Inc. (a)		1,012		7,236
PRIMEDIA, Inc.		87,895		430,685
ReachLocal, Inc. (a)		3,300		76,692

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Media - 2.4% (Continued)
Scripps Networks Interactive, Inc. - Class A		600	$	30,852
Sinclair Broadcast Group, Inc. - Class A (b)		90,116		1,035,433
Sirius XM Radio, Inc. (a)		2,722,864		5,418,499
Thomson Reuters Corporation		1,100		44,517
Value Line, Inc.		12		168
Warner Music Group Corporation (a) (b)		187,384		1,399,758
World Wrestling Entertainment, Inc.		16,787		176,431
				38,314,021
Multiline Retail - 0.6%
99¢ Only Stores (a)		40,598		818,456
Big Lots, Inc. (a)		2,200		90,442
Dillard's, Inc. (b)		82,405		3,957,088
Dollar General Corporation (a)		1,200		39,108
Fred's, Inc. - Class A		33		461
Gordmans Stores, Inc. (a)		17,288		324,841
Retail Ventures, Inc. (a) (b)		233,089		4,785,317
Saks, Inc. (a)		1,500		17,940
Tuesday Morning Corporation (a) (b)		120,897		604,485
				10,638,138
Specialty Retail - 3.4%
Aéropostale, Inc. (a)		100		2,553
American Eagle Outfitters, Inc.		20,700		322,092
America's Car-Mart, Inc. (a) (b)		29,072		711,683
ANN, Inc. (a)		59,675		1,862,457
Asbury Automotive Group, Inc. (a)		60		1,038
Ascena Retail Group, Inc. (a) (b)		61,333		1,919,110
AutoNation, Inc. (a)		2,900		98,339
bebe stores, inc. (b)		215,420		1,447,622
Big 5 Sporting Goods Corporation (b)		121,493		1,451,841
Body Central Corporation (a) (b)		39,362		951,773
Borders Group, Inc. (a)		2,400		737
Buckle, Inc. (The)		28,908		1,315,025
Build-A-Bear Workshop, Inc. (a)		17,733		108,703
Cabela's, Inc. (a)		79		2,018
Cache, Inc. (a)		200		1,148
Casual Male Retail Group, Inc. (a)		9,700		40,934
Cato Corporation (The) - Class A (b)		19,235		490,685
Charming Shoppes, Inc. (a) (b)		529,135		2,396,982
Chico's FAS, Inc. (b)		150,300		2,198,889
China Auto Logistics, Inc. (a)		300		615
Christopher & Banks Corporation (b)		241,024		1,482,298
Coldwater Creek, Inc. (a) (b)		923,909		2,817,922
Cost Plus, Inc. (a)		13,640		148,540
Destination Maternity Corporation (b)		89,600		2,093,952
Dick's Sporting Goods, Inc. (a)		1,500		61,395
Dreams, Inc. (a)		18,200		42,770
DSW, Inc. - Class A (a) (b)		59,044		2,803,409
Finish Line, Inc. (The) - Class A		130,700		2,808,743
Foot Locker, Inc.		44,596		959,706

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Specialty Retail - 3.4% (Continued)
GameStop Corporation - Class A (a) (b)		129,665	$	3,329,797
Genesco, Inc. (a)		6,300		254,394
Group 1 Automotive, Inc.		7,500		322,800
Haverty Furniture Companies, Inc. (a)		1,584		20,750
Hibbett Sports, Inc. (a)		8,700		328,686
Hot Topic, Inc. (b)		177,534		1,191,253
Jos. A. Bank Clothiers, Inc. (a)		500		26,210
Kirkland's, Inc. (a)		11,664		176,010
Lithia Motors, Inc.		21,000		381,990
Men's Wearhouse, Inc. (The)		1,457		40,636
Midas, Inc. (a)		24		174
Monro Muffler Brake, Inc.		4,700		142,786
New York & Company, Inc. (a) (b)		484,764		2,976,451
Office Depot, Inc. (a)		53		228
OfficeMax, Inc. (a)		37,600		374,496
O'Reilly Automotive, Inc. (a)		200		11,812
Pacific Sunwear of California, Inc. (a)		5,100		16,269
Penske Automotive Group, Inc. (a)		20,407		458,749
Pier 1 Imports, Inc. (a) (b)		306,828		3,737,165
Rent-A-Center, Inc.		3,800		115,710
Sally Beauty Holdings, Inc. (a)		13,000		192,270
Select Comfort Corporation (a) (b)		166,567		2,643,418
Shoe Carnival, Inc. (a) (b)		70,015		2,049,339
Signet Jewelers Ltd. (a)		500		21,875
Stage Stores, Inc. (b)		34,272		660,079
Stein Mart, Inc. (a) (b)		239,426		2,604,955
Systemax, Inc. (a)		33,276		430,924
Talbots, Inc. (The) (a)		118,000		634,840
TravelCenters of America, Inc. (a) (b)		88,707		697,237
Ulta Salon, Cosmetics & Fragrance, Inc. (a) (b)		36,100		1,920,159
Vitamin Shoppe, Inc. (a)		11,082		432,420
Williams-Sonoma, Inc.		700		30,387
Winmark Corporation		5,278		220,145
Zale Corporation (a)		18,106		66,630
				55,054,023
Textiles, Apparel & Luxury Goods - 1.4%
American Apparel, Inc. (a)		113,098		163,992
Columbia Sportswear Company		200		13,598
Crocs, Inc. (a)		10,700		215,177
Deckers Outdoor Corporation (a)		800		67,888
Fossil, Inc. (a)		200		19,156
Fuqi International, Inc. (a) (b)		139,748		510,080
G-III Apparel Group Ltd. (a)		45,299		2,032,113
Joe's Jeans, Inc. (a)		150,492		147,332
Kenneth Cole Productions, Inc. (a)		14,671		197,618
LJ International, Inc. (a) (b)		120,888		471,463
Lululemon Athletica, Inc. (a)		756		75,623
Maidenform Brands, Inc. (a)		18,500		585,710
Movado Group, Inc.		60,637		1,012,032

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Discretionary - 13.6% (Continued)
Textiles, Apparel & Luxury Goods - 1.4% (Continued)
Oxford Industries, Inc.		97,235	$	3,340,022
Perry Ellis International, Inc. (a) (b)		29,006		817,389
Quiksilver, Inc. (a) (b)		205,434		893,638
R.G. Barry Corporation		11,800		144,432
Rocky Brands, Inc. (a)		23,415		356,610
Steven Madden Ltd. (a) (b)		78,137		4,152,982
Timberland Company (The) (a) (b)		93,382		4,219,933
Unifi, Inc. (a) (b)		77,445		1,263,902
Vera Bradley, Inc. (a)		300		14,592
Warnaco Group, Inc. (The) (a)		21,500		1,383,740
				22,099,022
Consumer Staples - 2.1%
Beverages - 0.4%
Boston Beer Company, Inc. (The) - Class A (a)		400		37,704
Coca-Cola Bottling Company Consolidated (b)		40,176		2,830,399
Cott Corporation (a) (b)		162,089		1,445,834
Craft Brewers Alliance, Inc. (a)		59,780		550,574
Dr Pepper Snapple Group, Inc.		100		3,920
Heckmann Corporation (a) (b)		290,096		1,827,605
Jones Soda Company (a)		80		94
MGP Ingredients, Inc.		400		3,492
National Beverage Corporation (a)		10,157		141,385
Primo Water Corporation (a)		14,542		218,712
				7,059,719
Food & Staples Retailing - 0.3%
BJ's Wholesale Club, Inc. (a)		1,300		66,716
Casey's General Stores, Inc.		1,088		42,465
Fresh Market, Inc. (The) (a)		1,200		50,184
Ingles Markets, Inc. - Class A (b)		3,145		59,786
Pantry, Inc. (The) (a) (b)		96,044		1,486,761
Pizza Inn, Inc. (a)		300		621
PriceSmart, Inc. (b)		20,771		864,904
Rite Aid Corporation (a) (b)		509,981		566,079
Susser Holdings Corporation (a) (b)		54,288		748,632
Village Super Market, Inc. - Class A		400		10,816
				3,896,964
Food Products - 0.8%
AgFeed Industries, Inc. (a)		21,072		33,926
Alico, Inc.		1,400		36,106
B&G Foods, Inc. (b)		112,589		2,035,609
China Marine Food Group Ltd. (a)		4,246		14,734
Corn Products International, Inc.		300		16,530
Darling International, Inc. (a) (b)		76,768		1,241,338
Dean Foods Company (a)		134,916		1,509,710
Farmer Brothers Company		60		722
Flowers Foods, Inc.		2,791		85,293
Griffin Land & Nurseries, Inc.		100		2,678
Hain Celestial Group, Inc. (The) (a)		13,910		473,079
Harbinger Group, Inc. (a)		36,228		219,904

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Consumer Staples - 2.1% (Continued)
Food Products - 0.8% (Continued)
Hormel Foods Corporation		200	$	5,882
HQ Sustainable Maritime Industries, Inc. (a) (c)		1,421		1,975
J & J Snack Foods Corporation (b)		11,407		579,704
J.M. Smucker Company (The)		500		37,535
McCormick & Company, Inc. - Non-Voting Shares		11,200		550,144
Omega Protein Corporation (a) (b)		175,140		2,255,803
Origin Agritech Ltd. (a) (b)		129,127		1,002,025
Pilgrim's Pride Corporation (a) (b)		253,928		1,493,097
Ralcorp Holdings, Inc. (a)		2,100		163,380
Reddy Ice Holdings, Inc. (a)		2,066		6,694
Sara Lee Corporation		1,900		36,480
SkyPeople Fruit Juice, Inc. (a)		18,739		59,965
Smithfield Foods, Inc. (a)		2,300		54,188
SunOpta, Inc. (a) (b)		136,443		963,288
Westway Group, Inc. (a)		1,317		6,032
Yuhe International, Inc. (a)		136		753
				12,886,574
Household Products - 0.1%
Clorox Co. (The)		300		20,898
Oil-Dri Corporation of America		200		4,418
WD-40 Company (b)		25,429		1,055,303
				1,080,619
Personal Products - 0.5%
Alberto-Culver Company		6,900		257,646
American Oriental Bioengineering, Inc. (a)		227,087		342,901
Elizabeth Arden, Inc. (a) (b)		30,229		908,684
Inter Parfums, Inc. (b)		91,883		1,748,533
Nu Skin Enterprises, Inc. - Class A (b)		66,250		2,125,963
Nutraceutical International Corporation (a)		225		3,569
Prestige Brands Holdings, Inc. (a) (b)		45,938		530,584
Reliv' International, Inc.		1,800		3,474
Revlon, Inc. (a) (b)		126,980		2,186,596
Schiff Nutrition International, Inc. (a)		57,072		567,866
				8,675,816
Tobacco - 0.0%
Universal Corporation		637		27,633

Energy - 7.7%
Energy Equipment & Services - 2.4%
Atwood Oceanics, Inc. (a)		1,600		71,888
Basic Energy Services, Inc. (a)		23,690		728,231
Bolt Technology Corporation (a)		700		10,248
Bristow Group, Inc. (a)		300		13,920
Bronco Drilling Company, Inc. (a) (b)		269,910		2,963,612
Cal Dive International, Inc. (a)		222,847		1,751,577
CARBO Ceramics, Inc.		200		32,188
Core Laboratories N.V.		1,600		153,568
Dawson Geophysical Company (a)		37		1,650

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Energy Equipment & Services - 2.4% (Continued)
Diamond Offshore Drilling, Inc.		300	$	22,761
Dresser-Rand Group, Inc. (a)		1,212		63,678
ENGlobal Corporation (a)		12,699		51,812
Exterran Partners, L.P. (b)		20,137		578,536
FMC Technologies, Inc. (a)		2,900		134,792
Global Geophysical Services, Inc. (a)		47,785		907,437
Global Industries Ltd. (a) (b)		189,483		1,868,302
Gulf Island Fabrication, Inc. (b)		42,371		1,497,391
Gulfmark Offshore, Inc. - Class A (a) (b)		7,500		319,275
Helix Energy Solutions Group, Inc. (a) (b)		180,893		3,424,304
Hercules Offshore, Inc. (a) (b)		294,664		1,849,017
Hornbeck Offshore Services, Inc. (a)		83		2,426
ION Geophysical Corporation (a) (b)		120,950		1,528,808
Lufkin Industries, Inc.		1,900		175,427
Matrix Service Company (a)		22,621		327,100
Mitcham Industries, Inc. (a)		39,515		631,450
Natural Gas Services Group, Inc. (a)		17		307
Newpark Resources, Inc. (a)		200		1,806
Noble Corporation (a)		200		8,602
North American Energy Partners, Inc. (a) (b)		78,976		900,326
Oil States International, Inc. (a)		100		8,301
OYO Geospace Corporation (a) (b)		16,934		1,579,604
Parker Drilling Company (a)		483,181		3,445,081
Patterson-UTI Energy, Inc.		500		15,555
Pioneer Drilling Company (a) (b)		258,239		4,002,705
Precision Drilling Corporation (a)		3,300		49,962
RigNet, Inc. (a)		10,193		197,744
SEACOR Holdings, Inc. (a) (b)		23,780		2,350,177
Superior Energy Services, Inc. (a) (b)		1,400		53,788
Tesco Corporation (a)		5,900		110,979
TGC Industries, Inc. (a)		38,004		312,773
Transocean Ltd. (a)		100		7,275
Union Drilling, Inc. (a) (b)		178,675		2,422,833
Unit Corporation (a) (b)		20,900		1,317,118
Vantage Drilling Company (a) (b)		875,106		1,557,689
Willbros Group, Inc. (a) (b)		174,128		1,871,876
				39,323,899
Oil, Gas & Consumable Fuels - 5.3%
Abraxas Petroleum Corporation (a)		19,730		100,228
Adams Resources & Energy, Inc.		700		20,594
Advantage Oil & Gas Ltd. (a)		7,500		63,900
Alliance Resource Partners, L.P.		3,300		271,788
Alon USA Energy, Inc. (b)		139,575		1,919,156
Amyris, Inc. (a)		10,600		280,158
Andatee China Marine Fuel Services Corporation (a)		213		690
Approach Resources, Inc. (a)		21,800		641,792
Atlas Energy, L.P.		3,313		88,325
Baytex Energy Corporation		300		18,486
Berry Petroleum Company - Class A		1,000		53,130

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.3% (Continued)
BMB Munai, Inc. (a)		7,652	$	7,315
Boardwalk Pipeline Partners, L.P.		18,348		614,108
BP Prudhoe Bay Royalty Trust		492		57,333
BreitBurn Energy Partners, L.P.		48,200		1,070,522
Brigham Exploration Company (a)		1,500		50,295
Buckeye Partners, L.P.		424		27,585
Cabot Oil & Gas Corporation		500		28,140
Callon Petroleum Company (a) (b)		353,337		2,420,358
Calumet Specialty Products Partners, L.P. (b)		35,611		786,291
CAMAC Energy, Inc. (a)		382,460		608,111
Cameco Corporation		75,400		2,222,792
Capital Product Partners, L.P.		13,687		154,663
Clayton Williams Energy, Inc. (a)		2,400		217,368
Cloud Peak Energy, Inc. (a)		8,000		166,560
Cobalt International Energy, Inc. (a)		200		2,800
Concho Resources, Inc. (a)		300		32,055
Crestwood Midstream Partners, L.P. (b)		24,257		726,255
Crimson Exploration, Inc. (a)		200,861		813,487
Cross Timbers Royalty Trust		1,611		73,510
Crosstex Energy, Inc. (b)		79,830		842,206
Crosstex Energy, L.P.		28,784		568,772
Crude Carriers Corporation (b)		30,967		402,571
CVR Energy, Inc. (a) (b)		195,900		4,354,857
DCP Midstream Partners, L.P.		90		4,009
Delek US Holdings, Inc. (b)		74,548		1,001,180
Delta Petroleum Corporation (a)		3,882		3,250
Denbury Resources, Inc. (a)		4,300		97,051
Denison Mines Corporation (a) (b)		635,268		1,486,527
Dorchester Minerals, L.P. (b)		20,139		577,184
Duncan Energy Partners, L.P.		600		25,884
Eagle Rock Energy Partners, L.P.		51,513		644,943
ECA Marcellus Trust I (b)		26,881		770,141
El Paso Pipeline Partners, L.P.		600		22,224
Enbridge Energy Management, LLC		7,346		250,646
Enbridge, Inc.		300		19,449
Encore Energy Partners, L.P. (b)		29,213		734,415
Endeavour International Corporation (a) (b)		218,822		3,172,919
Energy Partners Ltd. (a) (b)		88,274		1,607,470
Energy Transfer Partners, L.P.		400		21,728
Energy XXI (Bermuda) Ltd. (a)		440		15,950
Equal Energy Ltd. (a)		32,714		254,188
Evolution Petroleum Corporation (a)		1,760		13,957
Frontier Oil Corporation (b)		157,700		4,406,138
Genesis Energy, L.P.		70		1,954
GeoMet, Inc. (a)		3,571		5,178
GeoResources, Inc. (a) (b)		15,644		453,989
Gevo, Inc. (a)		1,400		27,090
Global Partners, L.P. (b)		140,607		3,945,432
Golar LNG Ltd. (b)		98,940		3,221,486

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.3% (Continued)
Gran Tierra Energy, Inc. (a)		7,500	$	55,650
Holly Corporation		29,052		1,682,111
Holly Energy Partners, L.P. (b)		14,213		778,730
Hugoton Royalty Trust		7,200		172,512
Imperial Oil Ltd.		4,100		216,726
Ivanhoe Energy, Inc. (a) (b)		1,280,542		3,611,128
K-Sea Transportation Partners, L.P. (a)		73,558		600,969
Legacy Reserves, L.P.		1,146		37,027
Longwei Petroleum Investment Holding Ltd. (a)		251,181		452,126
Magellan Petroleum Corporation (a)		15,474		36,673
Martin Midstream Partners, L.P. (b)		20,125		833,980
Miller Energy Resources, Inc. (a)		39		225
MV Oil Trust (b)		5,468		226,977
Natural Resource Partners, L.P.		600		20,646
Niska Gas Storage Partners, LLC (b)		48,975		1,057,860
Northern Oil and Gas, Inc. (a) (b)		60,800		1,444,608
NuStar Energy, L.P.		1,500		101,715
Oasis Petroleum, Inc. (a)		12,925		397,185
Oxford Resource Partners, L.P. (b)		22,244		575,452
PAA Natural Gas Storage, L.P.		38,886		953,874
Panhandle Oil & Gas, Inc.		329		9,956
Penn Virginia Resource Partners, L.P.		648		18,248
Permian Basin Royalty Trust (b)		33,162		729,564
PetroQuest Energy, Inc. (a) (b)		86,831		760,640
Pioneer Southwest Energy Partners, L.P. (b)		19,430		690,348
PostRock Energy Corporation (a)		28,043		225,185
QEP Resources, Inc.		500		21,365
QR Energy, L.P.		25,299		574,034
RAM Energy Resources, Inc. (a) (b)		787,200		1,621,632
Regency Energy Partners, L.P.		1,100		30,536
REX American Resources Corporation (a)		1,431		24,728
Rhino Resource Partners, L.P.		56		1,429
Rosetta Resources, Inc. (a)		1,500		68,895
Sabine Royalty Trust (b)		12,891		891,413
SandRidge Energy, Inc. (a)		3,775		46,659
SemGroup Corporation - Class A (a)		26,800		751,740
Ship Finance International Ltd.		200		3,998
Sino Clean Energy, Inc. (a)		13,665		39,355
Southern Union Company		7,301		218,300
Spectra Energy Partners, L.P.		2,511		86,403
Stone Energy Corporation (a) (b)		85,650		3,028,584
Swift Energy Company (a)		1,996		78,223
Targa Resources Partners, L.P.		18,674		656,204
Teekay Corporation		21,010		714,130
Teekay LNG Partners, L.P.		2,354		89,264
Teekay Tankers Ltd. - Class A (b)		186,717		1,755,140
Tengasco, Inc. (a)		71,541		70,117
Toreador Resources Corporation (a)		40,219		326,176
TransAtlantic Petroleum Ltd. (a) (b)		1,499,173		3,942,825

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Energy - 7.7% (Continued)
Oil, Gas & Consumable Fuels - 5.3% (Continued)
TransCanada Corporation		4,000	$	171,760
Transglobe Energy Corporation (a) (b)		31,836		464,806
TransMontaigne Partners, L.P. (b)		19,607		707,028
Triangle Petroleum Corporation (a)		83,247		656,819
Tsakos Energy Navigation Ltd. (b)		66,826		694,322
Uranerz Energy Corporation (a)		96,957		269,540
Uranium Resources, Inc. (a)		1,008,536		1,835,535
Ur-Energy, Inc. (a)		34,532		55,596
VAALCO Energy, Inc. (a) (b)		182,147		1,269,565
Vanguard Natural Resources, LLC (b)		22,321		738,602
Venoco, Inc. (a) (b)		226,564		4,211,825
Westmoreland Coal Company (a)		32,186		602,522
				84,899,768
Financials - 15.2%
Capital Markets - 1.8%
American Capital Ltd. (a)		1,585		16,278
Apollo Investment Corporation		4,409		52,247
Ares Capital Corporation		200		3,542
Artio Global Investors, Inc. (b)		24,731		406,330
Blackstone Group, L.P. (The)		63,000		1,193,220
Calamos Asset Management, Inc. - Class A (b)		166,171		2,703,602
Diamond Hill Investment Group, Inc. (a)		700		57,400
Duff & Phelps Corporation		25,948		399,340
Eaton Vance Corporation		1,200		40,524
Ellington Financial, LLC		23,289		529,592
Epoch Holding Corporation		1,636		28,368
Fifth Street Finance Corporation		8,234		109,759
Financial Engines, Inc. (a)		6,408		182,179
Fortress Investment Group, LLC - Class A (a) (b)		285,208		1,759,733
FXCM, Inc.		48,681		647,944
GFI Group, Inc. (b)		219,192		1,120,071
Gleacher & Company, Inc. (a) (b)		183,867		347,509
Golub Capital BDC, Inc.		13,610		218,304
Harris & Harris Group, Inc. (a)		17,029		88,891
Hercules Technology Growth Capital, Inc.		41,293		443,900
HFF, Inc. - Class A (a) (b)		130,873		1,959,169
Horizon Technology Finance Corporation		17,909		286,544
Internet Capital Group, Inc. (a) (b)		37,144		515,930
Investment Technology Group, Inc. (a) (b)		118,141		2,021,393
Janus Capital Group, Inc.		200		2,434
KKR & Company, L.P.		11,200		212,352
Kohlberg Capital Corporation		36,096		269,998
Ladenburg Thalmann Financial Services, Inc. (a)		25,416		29,737
Lazard Ltd. - Class A		500		20,500
Medley Capital Corporation (a)		2,100		24,570
Och-Ziff Capital Management Group, LLC		308,086		4,950,942
PennantPark Investment Corporation		5,337		65,859
Prospect Capital Corporation		19,600		237,356
Safeguard Scientifics, Inc. (a)		9,952		194,562

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Capital Markets - 1.8% (Continued)
Sanders Morris Harris Group, Inc.		179	$	1,545
SEI Investments Company		78,600		1,755,138
Solar Capital Ltd. (b)		82,948		2,105,220
Stifel Financial Corporation (a)		800		36,544
TICC Capital Corporation (b)		130,763		1,482,852
U.S. Global Investors, Inc.		12,557		123,687
Virtus Investment Partners, Inc. (a) (b)		23,073		1,218,485
Waddell & Reed Financial, Inc. - Class A		38,471		1,577,696
				29,441,246
Commercial Banks - 2.6%
1st Source Corporation		2,376		50,419
1st United Bancorp, Inc. (a)		65,943		459,623
ACNB Corporation		200		3,050
AmeriServ Financial, Inc. (a)		100		240
Ames National Corporation		200		3,692
Associated Banc-Corp		1,240		18,104
BancFirst Corporation		3,471		139,777
Banco Latinoamericano de Comercio Exterior, S.A. - Class E - ADR (b)		8,754		151,969
Bancorp Rhode Island, Inc.		2,100		93,156
Bancorp, Inc. (The) (a) (b)		120,505		1,179,744
Bank of Hawaii Corporation		500		24,395
Bank of Kentucky Financial Corporation		200		4,666
Banner Corporation (b)		1,098,865		3,021,879
BOK Financial Corporation		301		16,188
Bryn Mawr Bank Corporation		3,727		75,099
Capital Bank Corporation (a)		800		3,400
CapitalSource, Inc. (b)		338,590		2,261,781
Cardinal Financial Corporation (b)		52,942		595,068
Cathay General Bancorp		2,400		40,920
Center Bancorporation, Inc.		177		1,692
Center Financial Corporation (a) (b)		39,589		288,604
Chemical Financial Corporation		2,500		50,325
Citizens & Northern Corporation		3,590		61,640
Citizens Republic Bancorp, Inc. (a)		300		275
CNB Financial Corporation		54		749
Commerce Bancshares, Inc. (b)		94,896		4,038,774
Community Trust Bancorp, Inc.		11,173		316,196
Credicorp Ltd.		3,600		347,472
Danvers Bancorp, Inc.		13,569		305,981
East West Bancorp, Inc. (b)		2,500		52,825
Eastern Virginia Bankshares, Inc.		200		706
Enterprise Bancorp, Inc.		100		1,774
Enterprise Financial Services Corporation		5,250		78,225
Farmers Capital Bank Corporation (a)		3		21
Financial Institutions, Inc.		31,040		527,680
First BanCorp (North Carolina)		6,080		84,877
First Commonwealth Financial Corporation		24,219		150,158
First Community Bancshares, Inc.		11		163

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Commercial Banks - 2.6% (Continued)
First Financial Corporation		3,865	$	124,298
First Horizon National Corporation (b)		267,854		2,933,002
First Interstate BancSystem, Inc.		16,946		231,821
First of Long Island Corporation (The)		1,900		51,395
First Republic Bank (a)		1,200		37,620
First South Bancorp, Inc.		3,700		16,576
Fulton Financial Corporation (b)		112,900		1,318,672
Hancock Holding Company (b)		91,141		2,976,665
Hanmi Financial Corporation (a) (b)		511,145		674,711
Home BancShares, Inc. (b)		13,079		313,504
Hudson Valley Holding Corporation		8,595		194,333
Lakeland Financial Corporation		9,045		198,176
Marshall & Ilsley Corporation		1,600		13,072
MB Financial, Inc.		26,388		545,968
NBT Bancorp, Inc.		8,401		189,863
NewBridge Bancorp (a)		100		460
Old National Bancorp		34,850		360,698
Old Point Financial Corporation		100		1,166
Orrstown Financial Services, Inc.		1,000		27,240
Pacific Capital Bancorp (a) (b)		16,441		500,464
Pacific Mercantile Bancorp (a)		100		430
Patriot National Bancorp (a)		6		12
Peapack-Gladstone Financial Corporation		100		1,329
Peoples Bancorp, Inc.		3,291		44,856
Popular, Inc. (a) (b)		206,041		649,029
PrivateBancorp, Inc. (b)		77,100		1,213,554
Rurban Financial Corporation (a)		500		1,625
Seacoast Banking Corporation of Florida (a)		278,351		498,248
Signature Bank (a)		300		17,463
StellarOne Corporation		1,100		15,400
Sterling Bancorp (b)		34,369		355,719
Sterling Bancshares, Inc.		48,460		430,809
Summit Financial Group, Inc. (a)		200		736
Sun Bancorp, Inc. (a)		275,475		1,002,729
Susquehanna Bancshares, Inc. (b)		154,255		1,422,231
Synovus Financial Corporation (b)		1,637,188		4,092,970
Tower Bancorp, Inc. (b)		21,912		475,710
Trustmark Corporation		55,990		1,301,208
UMB Financial Corporation		13		547
Umpqua Holdings Corporation		59,195		687,254
Union First Market Bankshares Corporation		19,736		251,239
United Community Banks, Inc. (a)		74,358		178,459
Univest Corporation of Pennsylvania		15		252
Wells Fargo & Company		75,200		2,189,072
WesBanco, Inc.		14,379		291,894
West Coast Bancorp (a)		138,346		495,279
Whitney Holding Corporation		12,039		163,008
Wilmington Trust Corporation (b)		228,312		1,029,687

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Commercial Banks - 2.6% (Continued)
Zions Bancorporation		600	$	14,670
				41,986,430
Consumer Finance - 0.3%
Advance America, Cash Advance Centers, Inc. (b)		90,541		532,381
Credit Acceptance Corporation (a) (b)		9,934		803,661
Dollar Financial Corporation (a)		29,572		679,860
EZCORP, Inc. - Class A (a)		3,400		107,066
First Cash Financial Services, Inc. (a)		8,500		333,540
Imperial Holdings, Inc. (a)		200		1,988
Nelnet, Inc. - Class A (b)		114,029		2,626,088
NetSpend Holdings, Inc. (a)		28,701		333,219
				5,417,803
Diversified Financial Services - 0.8%
Asta Funding, Inc.		266		2,157
Citigroup, Inc. (a)		600		2,754
Compass Diversified Holdings, Inc. (b)		109,860		1,841,254
Encore Capital Group, Inc. (a) (b)		119,084		3,565,375
Interactive Brokers Group, Inc. - Class A (a) (b)		246,150		4,317,471
MarketAxess Holdings, Inc. (b)		60,559		1,474,612
MSCI, Inc. - Class A (a)		1,500		53,205
NewStar Financial, Inc. (a)		762		9,106
PICO Holdings, Inc. (a) (b)		12,536		402,656
Portfolio Recovery Associates, Inc. (a) (b)		8,258		745,367
Resource America, Inc. - Class A		500		3,075
Sprott Resource Lending Corporation (a)		50		91
Texas Pacific Land Trust		1,200		57,000
				12,474,123
Insurance - 3.2%
Alterra Capital Holdings Ltd. (b)		85,824		1,886,412
American National Insurance Company (b)		14,053		1,111,592
American Safety Insurance Holdings Ltd. (a) (b)		7,169		145,961
AMERISAFE, Inc. (a)		12,115		270,528
Aspen Insurance Holdings Ltd.		26,300		751,391
Assured Guaranty Ltd. (b)		144,700		2,459,900
Axis Capital Holdings Ltd.		9,100		321,776
Berkley (W.R.) Corporation		37,726		1,230,245
Brown & Brown, Inc.		400		10,340
Cincinnati Financial Corporation		200		6,336
Citizens, Inc. (a)		1		7
CNA Surety Corporation (a) (b)		69,763		1,848,022
CNO Financial Group, Inc. (a) (b)		324,025		2,611,641
Eastern Insurance Holdings, Inc.		1,790		24,004
EMC Insurance Group, Inc.		1,198		26,128
Employers Holdings, Inc. (b)		65,314		1,316,730
Endurance Specialty Holdings Ltd.		12,700		563,118
Enstar Group Ltd. (a) (b)		7,556		847,405
Erie Indemnity Company - Class A (b)		27,685		2,005,225
FBL Financial Group, Inc. - Class A (b)		17,620		537,410
Fidelity National Financial, Inc. - Class A		2,792		43,108

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Insurance - 3.2% (Continued)
First American Financial Corporation (b)		76,588	$	1,194,773
Flagstone Reinsurance Holdings, S.A.		39,050		328,410
FPIC Insurance Group, Inc. (a) (b)		37,074		1,368,772
Genworth Financial, Inc. - Class A (a)		100		1,219
Global Indemnity plc (a)		8,621		220,180
Greenlight Capital Re Ltd. - Class A (a) (b)		11,236		316,293
Hallmark Financial Services, Inc. (a)		38,609		330,107
Hanover Insurance Group, Inc. (The) (b)		32,700		1,380,594
Harleysville Group, Inc.		10,170		326,254
HCC Insurance Holdings, Inc.		36,078		1,173,978
Horace Mann Educators Corporation (b)		102,195		1,827,247
Infinity Property & Casualty Corporation (b)		31,126		1,839,547
Kansas City Life Insurance Company (b)		18,230		583,907
Maiden Holdings Ltd. (b)		149,273		1,112,084
Manulife Financial Corporation		100		1,797
Meadowbrook Insurance Group, Inc. (b)		8,301		85,002
Mercury General Corporation (b)		23,236		923,399
Montpelier Re Holdings Ltd.		185,428		3,354,393
National Western Life Insurance Company		2		322
Navigators Group, Inc. (The) (a)		3,814		197,680
OneBeacon Insurance Group Ltd. (b)		109,829		1,543,097
Platinum Underwriters Holdings Ltd.		225		8,507
Presidential Life Corporation (b)		98,904		1,101,791
ProAssurance Corporation (a)		1,200		79,680
Protective Life Corporation		500		13,455
RenaissanceRe Holdings Ltd.		300		21,084
Safety Insurance Group, Inc. (b)		27,614		1,292,887
SeaBright Holdings, Inc.		16,135		164,900
Selective Insurance Group, Inc. (b)		70,113		1,236,793
StanCorp Financial Group, Inc.		410		17,671
State Auto Financial Corporation		1,145		19,442
Sun Life Financial, Inc.		500		16,380
Symetra Financial Corporation (b)		83,574		1,160,007
Transatlantic Holdings, Inc. (b)		55,300		2,725,737
United Fire & Casualty Company (b)		26,542		525,532
Unitrin, Inc. (b)		143,618		4,343,008
Universal Insurance Holdings, Inc. (b)		288,290		1,559,649
Validus Holdings Ltd. (b)		51,461		1,674,541
Willis Group Holdings plc		15,486		639,882
				52,727,280
Real Estate Investment Trusts (REIT) - 4.4%
Acadia Realty Trust		5,200		108,420
AMB Property Corporation		1,200		43,680
American Assets Trust, Inc.		22,900		505,632
American Campus Communities, Inc.		11,300		397,195
American Capital Agency Corporation		231,300		6,733,143
Anworth Mortgage Asset Corporation (b)		287,081		2,061,242
Apartment Investment & Management Company - Class A		1,200		32,352

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Real Estate Investment Trusts (REIT) - 4.4% (Continued)
Arbor Realty Trust, Inc. (a)		478	$	2,514
Associated Estates Realty Corporation		18,600		309,504
Brandywine Realty Trust		37,052		470,560
BRE Properties, Inc.		3,248		164,739
Campus Crest Communities, Inc.		19,361		228,847
CapLease, Inc.		1,097		6,143
Capstead Mortgage Corporation		20,633		273,181
Care Investment Trust, Inc. (a)		19,201		120,006
CBL & Associates Properties, Inc.		400		7,428
Cedar Shopping Centers, Inc. (b)		91,240		538,316
Chatham Lodging Trust		20,199		326,214
Chesapeake Lodging Trust (b)		107,109		1,925,820
Chimera Investment Corporation		600		2,430
Cogdell Spencer, Inc. (b)		299,333		1,810,965
Colony Financial, Inc. (b)		97,651		1,824,121
CommonWealth REIT (b)		96,200		2,634,918
CoreSite Realty Corporation		11,204		176,911
Cousins Properties, Inc.		30,104		270,936
CreXus Investment Corporation (b)		212,037		2,472,351
Cypress Sharpridge Investments, Inc.		4,607		56,896
DCT Industrial Trust, Inc. (b)		847,034		4,921,268
Digital Realty Trust, Inc.		300		18,102
Dynex Capital, Inc. (b)		74,127		732,375
EastGroup Properties, Inc.		2,200		101,332
Education Realty Trust, Inc.		174,301		1,483,301
Equity One, Inc.		800		15,856
Excel Trust, Inc.		10,868		129,329
FelCor Lodging Trust, Inc. (a) (b)		152,501		969,906
First Industrial Realty Trust, Inc. (a)		15,100		189,052
First Potomac Realty Trust (b)		16,077		260,930
General Growth Properties, Inc.		4,600		76,820
Getty Realty Corporation		3,252		82,633
Gladstone Commercial Corporation		29		529
Government Properties Income Trust (b)		15,474		424,297
Gramercy Capital Corporation (a) (b)		552,396		1,651,664
Hatteras Financial Corporation		500		14,205
Healthcare Realty Trust, Inc.		500		11,420
Hersha Hospitality Trust (b)		444,618		2,641,031
Highwoods Properties, Inc.		9,100		335,790
Home Properties, Inc.		500		31,700
Hospitality Properties Trust (b)		50,740		1,225,371
Hudson Pacific Properties, Inc.		1,025		15,354
Inland Real Estate Corporation		25,555		249,672
Invesco Mortgage Capital, Inc. (b)		47,606		1,082,560
Kite Realty Group Trust (b)		104,493		543,364
LaSalle Hotel Properties		4,600		129,444
Liberty Property Trust		99		3,482
LTC Properties, Inc. (b)		53,939		1,586,885
Mack-Cali Realty Corporation (b)		62,100		2,193,372

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Real Estate Investment Trusts (REIT) - 4.4% (Continued)
Medical Properties Trust, Inc.		3,206	$	39,562
MFA Financial, Inc. (b)		35,200		280,896
Mid-America Apartment Communities, Inc.		2,700		180,495
Mission West Properties, Inc.		18,841		144,699
Monmouth Real Estate Investment Corporation - Class A		8,463		70,751
MPG Office Trust, Inc. (a)		191,995		639,343
Nationwide Health Properties, Inc.		21,500		941,700
Newcastle Investment Corporation (a) (b)		260,960		1,646,658
NorthStar Realty Finance Corporation		45,233		228,427
One Liberty Properties, Inc. (b)		93,324		1,447,455
Pebblebrook Hotel Trust		36,356		779,836
PennyMac Mortgage Investment Trust (b)		171,036		3,133,380
Piedmont Office Realty Trust, Inc. - Class A		1,900		37,810
Post Properties, Inc.		5,000		203,000
PS Business Parks, Inc.		1,486		89,546
RAIT Financial Trust		230,719		562,954
Redwood Trust, Inc.		18,008		285,067
Regency Centers Corporation		500		23,530
Resource Capital Corporation		118,974		770,952
Retail Opportunity Investments Corporation		25,993		293,461
Sabra Health Care REIT, Inc. (b)		35,848		602,963
Saul Centers, Inc. (b)		52,402		2,294,684
Senior Housing Properties Trust (b)		110,000		2,609,200
Sovran Self Storage, Inc. (b)		14,516		620,994
Starwood Property Trust, Inc.		28,372		646,598
Strategic Hotels & Resorts, Inc. (a) (b)		122,631		836,343
Two Harbors Investment Corporation (b)		152,109		1,591,060
Universal Health Realty Income Trust		4,052		174,682
Urstadt Biddle Properties, Inc. - Class A		11,782		231,870
U-Store-It Trust (b)		44,292		503,157
Vestin Realty Mortgage II, Inc. (a)		200		274
Walter Investment Management Corporation		206,308		3,676,409
Winthrop Realty Trust (b)		43,051		522,209
				70,735,473
Real Estate Management & Development - 0.3%
Altisource Portfolio Solutions, S.A. (a) (b)		31,758		1,031,500
Avatar Holdings, Inc. (a)		11,094		199,692
Brookfield Properties Corporation		26,871		531,508
FirstService Corporation (a)		5,098		194,667
Forest City Enterprises, Inc. - Class A (a)		200		3,842
Forestar Group, Inc. (a)		11,974		235,529
Grubb & Ellis Company (a)		98		72
Howard Hughes Corporation (a)		1		64
Kennedy-Wilson Holdings, Inc. (a)		20,152		230,740
MI Developments, Inc.		1,600		49,040
Preferred Apartment Communities, Inc. - Class A (a)		1,400		13,552
Tejon Ranch Company (a) (b)		59,148		2,108,035
				4,598,241

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Financials - 15.2% (Continued)
Thrifts & Mortgage Finance - 1.8%
Abington Bancorp, Inc. (b)		91,052	$	1,103,550
America First Tax Exempt Investors, L.P.		62		352
Astoria Financial Corporation		16,300		235,861
Bank Mutual Corporation		37,343		152,733
Beneficial Mutual Bancorp, Inc. (a)		20,858		180,005
Brookline Bancorp, Inc.		18,632		171,787
Capitol Federal Financial, Inc. (b)		118,063		1,336,473
Clifton Savings Bancorp, Inc.		61		699
Doral Financial Corporation (a) (b)		304,618		456,927
ESSA Bancorp, Inc.		1,914		24,021
Federal National Mortgage Association (a)		6,927		3,013
First Defiance Financial Corporation (a)		300		4,104
First Financial Holdings, Inc.		981		10,771
First Financial Northwest, Inc. (a)		21		131
First Niagara Financial Group, Inc. (b)		799,404		11,511,418
First PacTrust Bancorp, Inc.		20,301		314,463
Flagstar Bancorp, Inc. (a) (b)		953,289		1,487,131
Flushing Financial Corporation		23,800		350,336
Fox Chase Bancorp, Inc. (a)		44,291		604,572
Freddie Mac (a)		53		23
Hudson City Bancorp, Inc.		102,100		973,013
Kaiser Federal Financial Group, Inc.		2,308		28,989
MGIC Investment Corporation (a)		40,203		348,158
Northwest Bancshares, Inc. (b)		168,885		2,126,262
OceanFirst Financial Corporation		10		145
Ocwen Financial Corporation (a) (b)		117,620		1,407,911
Oritani Financial Corporation (b)		51,401		630,176
Peoples Federal Bancshares, Inc. (a)		119		1,643
PMI Group, Inc. (The) (a)		748,434		1,616,617
Provident New York Bancorp		1,833		17,194
Rockville Financial, Inc.		34,501		342,595
Territorial Bancorp, Inc.		200		4,014
ViewPoint Financial Group (b)		144,418		1,783,562
Walker & Dunlap, Inc. (a)		3,744		44,891
Washington Federal, Inc. (b)		18,310		294,608
WSFS Financial Corporation		20,351		915,184
				28,483,332
Health Care - 15.1%
Biotechnology - 4.0%
Acadia Pharmaceuticals, Inc. (a)		196,484		540,331
Achillion Pharmaceuticals, Inc. (a) (b)		319,679		1,783,809
Affymax, Inc. (a)		60,158		393,433
Agenus, Inc. (a)		5,146		4,883
Alkermes, Inc. (a)		7,688		110,861
Allos Therapeutics, Inc. (a)		238,983		695,441
Amicus Therapeutics, Inc. (a)		18,216		131,155
Anadys Pharmaceuticals, Inc. (a)		1,174		1,432
Ariad Pharmaceuticals, Inc. (a)		103,508		884,993
ArQule, Inc. (a) (b)		75,082		530,079

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Biotechnology - 4.0% (Continued)
Array BioPharma, Inc. (a)		405,665	$	1,253,505
AspenBio Pharma, Inc. (a)		500		342
AVEO Pharmaceuticals, Inc. (a) (b)		108,409		1,686,844
AVI BioPharma, Inc. (a)		2,900		5,220
Celera Corporation (a) (b)		747,004		5,908,802
Celldex Therapeutics, Inc. (a)		201,818		859,745
Chelsea Therapeutics International Ltd. (a)		42,350		199,469
Codexis, Inc. (a) (b)		47,810		501,527
Cubist Pharmaceuticals, Inc. (a) (b)		177,770		6,017,515
Curis, Inc. (a) (b)		71,586		297,440
Cyclacel Pharmaceuticals, Inc. (a)		11,800		16,992
Cytokinetics, Inc. (a) (b)		320,984		478,266
CytRx Corporation (a)		3,109		2,803
DUSA Pharmaceuticals, Inc. (a)		130,214		636,746
Dyax Corporation (a)		63,300		126,600
Dynavax Technologies Corporation (a)		217,150		603,677
Emergent BioSolutions, Inc. (a) (b)		53,016		1,230,501
Halozyme Therapeutics, Inc. (a) (b)		115,048		762,768
Idenix Pharmaceuticals, Inc. (a)		71,467		363,052
ImmunoGen, Inc. (a) (b)		263,403		3,519,064
Immunomedics, Inc. (a)		133,944		566,583
Inhibitex, Inc. (a) (b)		521,172		2,188,922
Inovio Pharmaceuticals, Inc. (a)		4,141		3,940
Insmed, Inc. (a)		1,708		14,894
InterMune, Inc. (a) (b)		57,302		2,557,961
Ironwood Pharmaceuticals, Inc. (a) (b)		101,352		1,481,766
Lexicon Pharmaceuticals, Inc. (a) (b)		104,457		175,488
Ligand Pharmaceuticals, Inc. (a)		31,435		349,243
Maxygen, Inc. (a)		66,247		341,835
Medivation, Inc. (a)		53,807		1,329,033
Micromet, Inc. (a) (b)		186,073		1,257,853
Myrexis, Inc. (a)		20,544		87,107
Myriad Genetics, Inc. (a)		8,400		180,096
Nabi Biopharmaceuticals (a)		158,448		915,829
Novavax, Inc. (a)		358,617		919,853
NPS Pharmaceuticals, Inc. (a) (b)		185,493		1,923,562
Omeros Corporation (a)		10,490		56,017
OncoGenex Pharmaceutical, Inc. (a)		32,702		507,208
Oncothyreon, Inc. (a)		56		254
Onyx Pharmaceuticals, Inc. (a) (b)		1,300		48,841
OPKO Health, Inc. (a) (b)		485,901		1,933,886
Peregrine Pharmaceuticals, Inc. (a) (b)		912,176		2,262,196
PharmAthene, Inc. (a)		281		1,051
Progenics Pharmaceuticals, Inc. (a)		16,832		124,725
Protalix BioTherapeutics, Inc. (a)		44,694		311,517
QLT, Inc. (a) (b)		117,622		958,619
Regeneron Pharmaceuticals, Inc. (a)		5,018		256,470
Repligen Corporation (a)		25,491		102,474
Rexahn Pharmaceuticals, Inc. (a)		4,540		5,539

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Biotechnology - 4.0% (Continued)
Rigel Pharmaceuticals, Inc. (a)		64,525	$	587,823
Rosetta Genomics Ltd. (a)		300		120
Sinovac Biotech Ltd. (a) (b)		84,219		335,192
Spectrum Pharmaceuticals, Inc. (a) (b)		181,256		1,631,304
Sunesis Pharmaceuticals, Inc. (a)		8,480		22,981
SuperGen, Inc. (a)		533,961		1,447,034
Synta Pharmaceuticals Corporation (a)		8,129		49,343
Talecris Biotherapeutics Holdings Corporation (a) (b)		93,807		2,619,091
Targacept, Inc. (a) (b)		35,684		862,839
Transition Therapeutics, Inc. (a)		313		1,265
Vical, Inc. (a) (b)		741,154		2,786,739
XOMA Ltd. (a)		54,296		161,802
YM BioSciences, Inc. (a) (b)		204,850		673,956
Zalicus, Inc. (a) (b)		763,130		2,335,178
ZIOPHARM Oncology, Inc. (a) (b)		61,956		468,387
Zogenix, Inc. (a)		1,082		5,378
				64,398,489
Health Care Equipment & Supplies - 4.4%
Abaxis, Inc. (a)		6		174
ABIOMED, Inc. (a)		96,783		1,682,089
Accuray, Inc. (a) (b)		112,933		1,003,974
Alere, Inc. (a)		19,325		717,730
Align Technology, Inc. (a)		1,700		41,038
Alimera Sciences, Inc. (a)		800		7,120
Alphatec Holdings, Inc. (a) (b)		197,561		628,244
American Medical Systems Holdings, Inc. (a)		337,400		9,953,300
AngioDynamics, Inc. (a)		11,058		180,245
Angiotech Pharmaceuticals, Inc. (a)		1,600		30
Anika Therapeutics, Inc. (a)		66,770		556,862
Antares Pharma, Inc. (a)		34		63
ArthroCare Corporation (a) (b)		39,021		1,378,612
AtriCure, Inc. (a)		34,131		461,451
Atrion Corporation		5		866
Beckman Coulter, Inc.		111,645		9,249,788
BIOLASE Technology, Inc. (a)		87,747		535,257
Cantel Medical Corporation (b)		79,395		2,058,712
Cardica, Inc. (a)		15,173		60,085
Cardiovascular Systems, Inc. (a) (b)		92,392		1,075,443
CAS Medical Systems, Inc. (a)		710		2,173
Cerus Corporation (a)		360,312		1,066,523
CryoLife, Inc. (a) (b)		30,827		180,030
Cutera, Inc. (a)		395		3,492
Cyberonics, Inc. (a)		3,000		106,710
Cynosure, Inc. - Class A (a)		27,217		400,906
Derma Sciences, Inc. (a)		3,952		34,343
DexCom, Inc. (a)		37,045		616,799
DynaVox, Inc. (a)		9,989		58,436
Endologix, Inc. (a) (b)		259,289		2,061,348
EnteroMedics, Inc. (a)		516		1,419

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Health Care Equipment & Supplies - 4.4% (Continued)
GenMark Diagnostics, Inc. (a)		4,329	$	21,818
Given Imaging Ltd. (a) (b)		48,261		1,010,103
Haemonetics Corporation (a) (b)		20,865		1,464,723
Hansen Medical, Inc. (a) (b)		859,414		3,093,890
Hill-Rom Holdings, Inc. (b)		82,533		3,714,810
Immucor, Inc. (a)		15,091		329,437
IMRIS, Inc. (a)		38,052		324,964
Integra LifeSciences Holdings Corporation (a) (b)		24,829		1,298,805
IRIS International, Inc. (a)		8,902		83,679
Mako Surgical Corporation (a)		11,600		318,652
Medical Action Industries, Inc. (a)		13,927		121,165
Merit Medical Systems, Inc. (a) (b)		275,075		6,414,749
MISONIX, INC. (a)		800		1,872
Natus Medical, Inc. (a) (b)		22,099		375,020
OraSure Technologies, Inc. (a) (b)		207,333		1,826,604
Orthofix International N.V. (a) (b)		12,564		428,055
Orthovita, Inc. (a)		311,971		751,850
Palomar Medical Technologies, Inc. (a)		19,013		304,398
ResMed, Inc. (a)		100		3,189
Rochester Medical Corporation (a)		300		3,465
RTI Biologics, Inc. (a)		19,841		57,539
Shamir Optical Industry Ltd.		400		5,520
Sirona Dental Systems, Inc. (a)		19,467		1,110,982
Solta Medical, Inc. (a)		129,957		471,744
SonoSite, Inc. (a)		12,571		436,214
Spectranetics Corporation (The) (a)		17,273		98,283
STAAR Surgical Company (a)		13,814		76,668
Stryker Corporation		5,100		300,900
SurModics, Inc. (a)		5,926		91,023
Symmetry Medical, Inc. (a) (b)		331,818		3,301,589
Synergetics USA, Inc. (a)		4,519		24,629
Syneron Medical Ltd. (a) (b)		32,256		404,813
Synovis Life Technologies, Inc. (a) (b)		55,115		1,123,795
TomoTherapy, Inc. (a)		36,025		164,994
Tornier N.V. (a)		4,400		95,920
TranS1, Inc. (a)		16,452		81,931
Universal American Corporation (b)		119,010		2,749,131
Vermillion, Inc. (a)		74,511		322,633
Volcano Corporation (a) (b)		88,298		2,354,025
Wright Medical Group, Inc. (a)		38,000		628,140
Young Innovations, Inc.		149		4,622
Zimmer Holdings, Inc. (a)		3,300		215,325
Zoll Medical Corporation (a)		4,700		266,396
				70,401,326
Health Care Providers & Services - 3.9%
Accretive Health, Inc. (a)		2,900		81,896
Alliance HealthCare Services, Inc. (a) (b)		105,365		465,713
Almost Family, Inc. (a)		6,940		240,610
America Service Group, Inc. (b)		80,827		2,085,337

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Health Care Providers & Services - 3.9% (Continued)
American Dental Partners, Inc. (a)		21,001	$	277,003
AMERIGROUP Corporation (a) (b)		36,400		2,486,120
AmSurg Corporation (a)		33,467		898,924
Assisted Living Concepts, Inc. - Class A (a) (b)		35,266		1,271,692
Brookdale Senior Living, Inc. (a)		7,100		193,404
Capital Senior Living Corporation (a) (b)		189,673		1,758,269
CardioNet, Inc. (a) (b)		113,135		515,896
Catalyst Health Solutions, Inc. (a) (b)		29,300		1,745,108
Centene Corporation (a) (b)		82,693		2,995,967
Chindex International, Inc. (a) (b)		5,594		96,161
Community Health Systems, Inc. (a) (b)		800		24,584
Continucare Corporation (a) (b)		294,891		1,580,616
Corvel Corporation (a) (b)		39,160		2,028,488
Cross Country Healthcare, Inc. (a)		85,161		631,895
DaVita, Inc. (a)		100		8,809
Emergency Medical Services Corporation (a) (b)		22,200		1,416,360
Ensign Group, Inc. (The) (b)		66,988		1,852,888
Five Star Quality Care, Inc. (a) (b)		146,600		1,228,508
Gentiva Health Services, Inc. (a) (b)		65,339		1,829,492
Hanger Orthopedic Group, Inc. (a) (b)		34,173		928,480
Health Management Associates, Inc. - Class A (a) (b)		264,300		2,981,304
Health Net, Inc. (a) (b)		62,900		2,094,570
HealthSouth Corporation (a)		2,100		53,823
HealthSpring, Inc. (a) (b)		31,359		1,301,085
HMS Holdings Corporation (a) (b)		28,064		2,208,917
IPC The Hospitalist Company, Inc. (a)		1,300		67,418
Kindred Healthcare, Inc. (a)		95,500		2,408,510
Landauer, Inc.		6,536		393,271
LHC Group, Inc. (a)		12,801		379,166
LifePoint Hospitals, Inc. (a)		5,900		245,499
Lincare Holdings, Inc.		100		3,142
Magellan Health Services, Inc. (a)		5,500		286,110
MedCath Corporation (a)		6,541		88,369
MEDNAX, Inc. (a)		2,500		177,300
Metropolitan Health Networks, Inc. (a)		86,770		366,169
Molina Healthcare, Inc. (a) (b)		77,523		3,333,489
MWI Veterinary Supply, Inc. (a)		1,100		91,487
National Healthcare Corporation		6,825		317,089
National Research Corporation		1,321		47,041
NovaMed, Inc. (a)		12,407		164,393
Omnicare, Inc.		1,333		41,883
Owens & Minor, Inc.		85,079		2,930,972
PDI, Inc. (a)		62		537
PharMerica Corporation (a) (b)		40,499		532,967
Providence Service Corporation (The) (a)		4,154		61,230
Quest Diagnostics, Inc.		3,200		180,416
RadNet, Inc. (a)		26,652		97,813
RehabCare Group, Inc. (a) (b)		65,279		2,452,532
Rural/Metro Corporation (a) (b)		156,994		2,673,608

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Health Care Providers & Services - 3.9% (Continued)
Select Medical Holdings Corporation (a) (b)		147,289	$	1,313,818
Sharps Compliance Corporation (a)		14,745		68,859
Skilled Healthcare Group, Inc. - Class A (a) (b)		114,324		1,385,607
Sun Healthcare Group, Inc. (a)		69,727		822,081
Sunrise Senior Living, Inc. (a) (b)		82,465		855,987
Team Health Holdings, Inc. (a) (b)		122,686		2,438,998
Tenet Healthcare Corporation (a)		3,436		23,811
Triple-S Management Corporation (a) (b)		18,375		384,772
U.S. Physical Therapy, Inc. (b)		52,486		1,278,034
WellCare Health Plans, Inc. (a) (b)		61,300		2,685,553
				63,879,850
Health Care Technology - 0.7%
Allscripts Healthcare Solutions, Inc. (a)		400		8,616
Computer Programs & Systems, Inc. (b)		57,191		3,362,259
Emdeon, Inc. - Class A (a) (b)		3,566		55,843
Epocrates, Inc. (a)		4,100		95,940
HealthStream, Inc. (a)		56,104		557,113
iCad, Inc. (a)		500		610
MedAssets, Inc. (a) (b)		102,983		1,649,788
MedQuist, Inc. (a)		18,683		192,622
Merge Healthcare, Inc. (a) (b)		116,857		576,105
Omnicell, Inc. (a) (b)		90,156		1,386,599
SXC Health Solutions Corporation (a) (b)		47,400		2,614,584
Transcend Services, Inc. (a)		22,791		549,947
Vital Images, Inc. (a)		33,257		619,910
				11,669,936
Life Sciences Tools & Services - 0.7%
Affymetrix, Inc. (a)		9,800		52,920
Albany Molecular Research, Inc. (a)		100		489
BioDelivery Sciences International, Inc. (a)		15,384		56,767
Bruker Corporation (a) (b)		49,350		974,169
Caliper Life Sciences, Inc. (a)		10,337		69,155
Cambrex Corporation (a)		1,232		6,480
Charles River Laboratories International, Inc. (a)		1,800		75,942
Complete Genomics, Inc. (a)		23,200		382,336
Compugen Ltd. (a)		100		477
Covance, Inc. (a)		5,600		350,560
Enzo Biochem, Inc. (a)		31,723		126,575
Harvard Bioscience, Inc. (a)		81,551		468,103
Kendle International, Inc. (a) (b)		172,574		1,734,369
Luminex Corporation (a)		1,024		19,855
MEDTOX Scientific, Inc. (a)		800		12,784
Nordion, Inc. (b)		101,099		1,184,880
PerkinElmer, Inc. (b)		102,504		2,897,788
Pharmaceutical Product Development, Inc.		15,840		488,664
pSivida Corporation (a)		1,095		4,785
Sequenom, Inc. (a)		93,068		656,130
Techne Corporation (b)		17,199		1,336,534
				10,899,762

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Health Care - 15.1% (Continued)
Pharmaceuticals - 1.4%
Alexza Pharmaceuticals, Inc. (a)		273,468	$	440,283
Caraco Pharmaceutical Laboratories Ltd. (a)		31,444		164,452
Cardiome Pharma Corporation (a) (b)		137,182		735,296
Columbia Laboratories, Inc. (a) (b)		316,062		1,103,056
Corcept Therapeutics, Inc. (a)		49,533		217,945
Cornerstone Therapeutics, Inc. (a)		29,892		208,945
Cumberland Pharmaceuticals, Inc. (a)		499		2,515
DURECT Corporation (a) (b)		662,909		2,472,651
Endo Pharmaceuticals Holdings, Inc. (a)		300		11,748
Endocyte, Inc. (a)		2,557		31,068
Hi-Tech Pharmacal Company, Inc. (a) (b)		128,121		3,543,827
Impax Laboratories, Inc. (a) (b)		32,876		900,145
Inspire Pharmaceuticals, Inc. (a) (b)		252,260		1,258,777
ISTA Pharmaceuticals, Inc. (a) (b)		221,349		2,268,827
Jazz Pharmaceuticals, Inc. (a) (b)		22,138		706,424
MAP Pharmaceuticals, Inc. (a)		14,272		220,074
Medicines Company (The) (a) (b)		21,975		345,007
Medicis Pharmaceutical Corporation - Class A		43,800		1,553,148
Nektar Therapeutics (a)		182,492		1,894,267
Optimer Pharmaceuticals, Inc. (a)		17,900		226,077
Pain Therapeutics, Inc. (a)		49,402		469,813
Par Pharmaceutical Companies, Inc. (a) (b)		30,895		1,064,024
Pernix Therapeutics Holdings, Inc. (a)		29,810		356,229
Questcor Pharmaceuticals, Inc. (a)		2,317		47,501
Santarus, Inc. (a)		444,162		1,381,344
Valeant Pharmaceuticals International, Inc. (b)		12,094		636,507
Ventrus BioSciences, Inc. (a)		6,101		104,022
ViroPharma, Inc. (a)		27,223		525,132
				22,889,104
Industrials - 12.9%
Aerospace & Defense - 0.8%
AeroVironment, Inc. (a)		11,883		340,448
Alliant Techsystems, Inc.		13,000		918,450
American Science & Engineering, Inc.		4,665		410,986
Ceradyne, Inc. (a)		15,869		743,621
Cubic Corporation (b)		26,008		1,406,513
Curtiss-Wright Corporation (b)		46,409		1,543,099
DigitalGlobe, Inc. (a)		20,600		597,400
Ducommun, Inc. (b)		71,184		1,619,436
Elbit Systems Ltd.		314		17,590
Esterline Technologies Corporation (a) (b)		17,722		1,272,440
GeoEye, Inc. (a)		6,375		236,449
Hexcel Corporation (a)		6,400		137,792
Huntington Ingalls Industries, Inc. (a)		10,969		438,760
KEYW Holding Corporation (The) (a)		168,193		1,882,080
Kratos Defense & Security Solutions, Inc. (a)		12,246		167,403
LMI Aerospace, Inc. (a) (b)		14,973		300,209
MOOG, Inc. - Class A (a)		7,167		316,208
Sparton Corporation (a)		139		1,131

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 12.9% (Continued)
Aerospace & Defense - 0.8% (Continued)
Spirit AeroSystems Holdings, Inc. - Class A (a)		33,066	$	813,423
Teledyne Technologies, Inc. (a)		600		30,294
				13,193,732
Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc. (a)		21,700		177,506
Atlas Air Worldwide Holdings, Inc. (a)		7,721		532,054
Express-1 Expedited Solutions, Inc. (a)		13,649		32,211
Forward Air Corporation		32,685		1,098,870
Hub Group, Inc. - Class A (a) (b)		30,711		1,237,039
Park-Ohio Holdings Corporation (a)		27,574		587,878
UTi Worldwide, Inc. (b)		60,520		1,356,253
				5,021,811
Airlines - 0.7%
AirTran Holdings, Inc. (a)		16,200		121,662
Alaska Air Group, Inc. (a)		509		33,528
AMR Corporation (a) (b)		364,700		2,140,789
Copa Holdings, S.A. - Class A (b)		46,317		2,693,333
Hawaiian Holdings, Inc. (a) (b)		272,321		1,593,078
JetBlue Airways Corporation (a)		32,900		186,214
Pinnacle Airlines Corporation (a)		1,180		6,431
Republic Airways Holdings, Inc. (a)		50,043		269,982
SkyWest, Inc. (b)		123,743		2,045,472
US Airways Group, Inc. (a)		228,684		2,078,738
				11,169,227
Building Products - 0.2%
A.O. Smith Corporation		15,433		678,589
Ameresco, Inc. (a)		51,756		833,789
Armstrong World Industries, Inc. (a)		17,100		765,225
Gibraltar Industries, Inc. (a)		20,370		237,922
Insteel Industries, Inc.		21		314
NCI Building Systems, Inc. (a) (b)		15,790		195,480
Patrick Industries, Inc. (a)		1,004		2,389
Quanex Building Products Corporation (b)		18,001		377,301
Simpson Manufacturing Company, Inc.		100		2,792
USG Corporation (a)		100		1,542
				3,095,343
Commercial Services & Supplies - 1.4%
A.T. Cross Company - Class A (a)		1,000		11,190
ABM Industries, Inc.		35,082		853,194
ACCO Brands Corporation (a) (b)		53,391		518,427
Alexco Resource Corporation (a)		46,602		446,913
American Reprographics Company (a)		45,064		403,323
APAC Customer Services, Inc. (a)		41,000		234,110
Brink's Company (The)		5,675		187,332
Casella Waste Systems, Inc. (a) (b)		26,176		176,950
Cenveo, Inc. (a)		9,121		59,104
Clean Harbors, Inc. (a) (b)		22,456		2,211,916
Consolidated Graphics, Inc. (a)		5		281

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 12.9% (Continued)
Commercial Services & Supplies - 1.4% (Continued)
Copart, Inc. (a)		600	$	27,222
Corrections Corporation of America (a) (b)		49,610		1,234,793
Courier Corporation		363		4,973
Covanta Holding Corporation		2,900		49,793
Deluxe Corporation		1,395		37,776
EnerNOC, Inc. (a)		15,460		276,888
Ennis, Inc.		1,435		26,806
Healthcare Services Group, Inc. (b)		25,892		459,842
Heritage-Crystal Clean, Inc. (a)		4,200		71,190
Higher One Holdings, Inc. (a)		13,844		195,062
IESI-BFC Ltd.		181,661		4,603,290
Intersections, Inc.		24,546		369,417
Iron Mountain, Inc.		13,100		417,235
KAR Auction Services, Inc. (a)		146,798		2,862,561
Knoll, Inc.		3,900		76,557
M&F Worldwide Corporation (a) (b)		51,332		1,287,920
McGrath RentCorp		6,108		173,406
Metalico, Inc. (a) (b)		126,059		799,214
Mine Safety Appliances Company		3,182		126,262
Multi-Color Corporation		18,980		392,127
Perma-Fix Environmental Services, Inc. (a)		153		213
Quad/Graphics, Inc. (a)		1,600		64,096
Rollins, Inc.		350		7,339
Schawk, Inc. (b)		48,545		915,559
Standard Parking Corporation (a)		390		6,821
Steelcase, Inc. - Class A		107,700		1,243,935
SYKES Enterprises, Inc. (a)		1,521		30,466
Tetra Tech, Inc. (a)		5,100		120,462
UniFirst Corporation (b)		6,082		314,804
United Stationers, Inc.		700		50,442
US Ecology, Inc.		3,487		64,021
Viad Corp (b)		68,090		1,689,313
Waste Connections, Inc.		334		10,277
				23,112,822
Construction & Engineering - 0.7%
Comfort Systems USA, Inc.		40,654		496,385
EMCOR Group, Inc. (a)		8,000		247,760
Furmanite Corporation (a)		62,740		525,761
Great Lakes Dredge & Dock Corporation		13,500		100,575
Layne Christensen Company (a) (b)		20,764		617,937
MasTec, Inc. (a) (b)		132,810		3,012,131
Michael Baker Corporation (a)		5,091		125,442
MYR Group, Inc. (a) (b)		47,876		1,193,549
Pike Electric Corporation (a)		22,843		232,085
Primoris Services Corporation		132,864		1,565,138
Sterling Construction Company, Inc. (a)		12,118		181,649
Tutor Perini Corporation (a) (b)		78,201		2,084,839
UniTek Global Services, Inc. (a)		6,411		60,840

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 12.9% (Continued)
Construction & Engineering - 0.7% (Continued)
URS Corporation (a)		500	$	22,375
				10,466,466
Electrical Equipment - 0.8%
A123 Systems, Inc. (a)		28,777		173,813
Active Power, Inc. (a) (b)		167,118		406,097
Advanced Battery Technologies, Inc. (a)		149,970		257,948
AMETEK, Inc.		100		4,604
A-Power Energy Generation Systems Ltd. (a)		129,900		526,095
AZZ, Inc.		9,051		396,253
Babcock & Wilcox Company (The) (a)		1,500		47,115
Belden, Inc. (b)		6,109		232,325
Brady Corporation - Class A		1,600		60,336
Broadwind Energy, Inc. (a)		391,643		646,211
China Electric Motor, Inc. (a) (c)		1,771		2,568
Coleman Cable, Inc. (a)		39,109		391,872
EnerSys (a)		3,100		117,459
Franklin Electric Company, Inc. (b)		8,148		367,556
FuelCell Energy, Inc. (a)		726,269		1,241,920
Generac Holdings, Inc. (a) (b)		35,706		743,399
General Cable Corporation (a)		7,800		378,300
Global Power Equipment Group, Inc. (a)		7,100		200,717
GrafTech International Ltd. (a) (b)		35,000		812,000
Hubbell, Inc. - Class B		202		14,138
II-VI, Inc. (a)		15,694		907,898
Jinpan International Ltd. (b)		78,379		959,359
LaBarge, Inc. (a)		46,051		881,416
Lime Energy Company (a)		2,500		11,875
LSI Industries, Inc.		1,900		15,751
New Energy Systems Group (a) (b)		122,144		448,269
Powell Industries, Inc. (a) (b)		10,835		428,199
Preformed Line Products Company (b)		17,828		1,280,942
Regal-Beloit Corporation		500		37,895
Sensata Technologies Holding N.V. (a)		1,132		39,745
Thomas & Betts Corporation (a) (b)		12,080		700,278
Ultralife Corporation (a)		14,296		62,902
UQM Technologies, Inc. (a)		190,509		531,520
				13,326,775
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc. (b)		35,700		1,768,578
Raven Industries, Inc. (b)		8,477		460,810
Standex International Corporation (b)		15,148		553,811
Tredegar Corporation (b)		34,550		755,954
Tyco International Ltd.		7,600		370,424
				3,909,577
Machinery - 3.2%
3D Systems Corporation (a)		4,300		179,396
Accuride Corporation (a) (b)		83,882		1,161,766
Alamo Group, Inc. (b)		49,956		1,429,241
Altra Holdings, Inc. (a) (b)		48,505		1,231,542

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 12.9% (Continued)
Machinery - 3.2% (Continued)
American Railcar Industries, Inc. (a) (b)		123,661	$	3,503,316
Ampco-Pittsburgh Corporation (b)		16,276		437,336
Astec Industries, Inc. (a)		1,800		69,804
Baldwin Technology Company, Inc. - Class A (a)		4,499		7,738
Barnes Group, Inc.		34,000		841,160
Cascade Corporation (b)		40,864		1,871,571
Chart Industries, Inc. (a) (b)		1,911		92,894
China Yuchai International Ltd. (a) (b)		28,349		938,919
CIRCOR International, Inc. (b)		68,687		3,120,450
Colfax Corporation (a) (b)		6,837		149,388
Columbus McKinnon Corporation (a)		17,824		356,480
Crane Company (b)		13,535		675,532
Douglas Dynamics, Inc.		21,446		332,198
Duoyuan Printing, Inc. (a)		106,460		72,393
Dynamic Materials Corporation		34,200		889,884
Energy Recovery, Inc. (a)		4,540		14,029
ESCO Technologies, Inc.		5,100		187,068
Federal Signal Corporation		71,530		482,827
Force Protection, Inc. (a) (b)		492,267		2,210,279
Gorman-Rupp Company (The)		2,517		101,813
Graco, Inc.		8,900		445,267
Graham Corporation		26,346		602,796
Hardinge, Inc. (b)		87,940		1,138,823
Harsco Corporation (b)		36,400		1,295,840
Hurco Companies, Inc. (a) (b)		46,531		1,510,861
IDEX Corporation		200		9,384
John Bean Technologies Corporation (b)		19,490		393,893
Kadant, Inc. (a) (b)		83,849		2,586,742
Kaydon Corporation		18,400		712,080
Kennametal, Inc.		1,400		59,108
L.B. Foster Company - Class A (b)		9,123		388,275
Lincoln Electric Holdings, Inc. (b)		36,638		2,879,014
Lydall, Inc. (a)		6,633		64,672
Manitex International, Inc. (a)		700		4,137
Manitowoc Company, Inc. (The) (b)		12,600		279,594
Met-Pro Corporation		100		1,189
Miller Industries, Inc.		2,029		32,099
Mueller Water Products, Inc. - Class A (b)		56,625		249,150
NACCO Industries, Inc. - Class A (b)		7,043		741,135
NN, Inc. (a) (b)		131,351		2,302,583
Nordson Corporation		480		27,346
Oshkosh Corporation (a)		29,500		933,970
Pall Corporation		3,700		216,228
RBC Bearings, Inc. (a)		13,485		529,421
Sauer-Danfoss, Inc. (a) (b)		56,082		3,310,520
SmartHeat, Inc. (a)		235,584		692,617
Sun Hydraulics Corporation		13,646		634,402
Terex Corporation (a)		1,211		42,119
Trimas Corporation (a) (b)		142,281		3,302,342

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4% (Continued)	Shares		Value
Industrials - 12.9% (Continued)
Machinery - 3.2% (Continued)
Trinity Industries, Inc.		17,078	$	618,224
Twin Disc, Inc. (b)		37,695		1,284,269
Valmont Industries, Inc.		700		73,710
Wabtec Corporation (b)		44,000		3,140,720
Watts Water Technologies, Inc. - Class A		640		24,768
Westport Innovations, Inc. (a) (b)		32,326		817,848
				51,702,170
Marine - 0.7%
Alexander & Baldwin, Inc.		32,369		1,705,846
Baltic Trading Ltd.		28,257		226,339
Costamare, Inc. (b)		60,569		1,045,421
Danaos Corporation (a)		10,400		66,040
Diana Shipping, Inc. (a) (b)		99,355		1,118,737
DryShips, Inc. (a)		600		2,832
Eagle Bulk Shipping, Inc. (a)		9,439		32,376
Excel Maritime Carriers Ltd. (a) (b)		129,634		519,832
Genco Shipping & Trading Ltd. (a) (b)		109,878		921,876
Global Ship Lease, Inc. (a)		51,650		323,846
International Shipholding Corporation (b)		9,984		239,516
Navios Maritime Acquisition Corporation		145		579
Navios Maritime Holdings, Inc. (b)		258,227		1,366,021
Navios Maritime Partners, L.P.		39,500		840,955
Paragon Shipping, Inc. (b)		325,026		962,077
Safe Bulkers, Inc. (b)		104,856		854,576
Seaspan Corporation (b)		52,236		994,051
TBS International plc - Class A (a)		490		843
				11,221,763
Professional Services - 1.0%
Acacia Research Corporation (a)		22,500		924,975
Advisory Board Company (The) (a)		3,112		145,393
Barrett Business Services, Inc.		2,600		41,912
CDI Corporation (b)		68,914		1,021,305
Corporate Executive Board Company (The)		500		19,925
CRA International, Inc. (a)		13,124		373,378
Dolan Company (The) (a)		4,479		52,718
Equifax, Inc.		2,358		88,496
Exponent, Inc. (a)		7,421		318,435
GP Strategies Corporation (a)		7,698		100,767
Heidrick & Struggles International, Inc. (b)		39,185		916,929
Huron Consulting Group, Inc. (a) (b)		12,664		364,723
ICF International, Inc. (a) (b)		54,332		1,323,527
Insperity, Inc.		9,977		302,203
Kelly Services, Inc. - Class A (a) (b)		61,097		1,167,564
Kforce, Inc. (a) (b)		103,152		1,614,329
Korn/Ferry International (a)		17,027		352,629
Mistras Group, Inc. (a) (b)		106,661		1,954,029
Navigant Consulting, Inc. (a) (b)		40,029		466,338
Odyssey Marine Exploration, Inc. (a)		160,512		638,838
On Assignment, Inc. (a) (b)		68,861		755,405

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Industrials - 12.9% (Continued)
Professional Services - 1.0% (Continued)
Resources Connection, Inc.		29,481	$	436,024
Robert Half International, Inc.		1,200		36,396
SFN Group, Inc. (a) (b)		154,360		1,625,411
Towers Watson & Company		1,293		74,166
TrueBlue, Inc. (a)		21,425		301,664
Verisk Analytics, Inc. - Class A (a)		7,400		243,460
Volt Information Sciences, Inc. (a)		14,233		153,005
				15,813,944
Road & Rail - 1.4%
AMERCO (a) (b)		16,958		1,724,968
Arkansas Best Corporation		17		391
Avis Budget Group, Inc. (a) (b)		213,499		4,047,941
Celadon Group, Inc. (a)		66,150		977,035
Covenant Transportation Group, Inc. (a)		2,002		19,099
CSX Corporation		2,700		212,463
Dollar Thrifty Automotive Group, Inc. (a) (b)		38,436		2,649,393
Kansas City Southern (a)		400		23,244
Knight Transportation, Inc. (b)		116,500		2,098,165
Landstar System, Inc. (b)		8,900		421,860
Marten Transport Ltd. (b)		17,862		399,394
Old Dominion Freight Line, Inc. (a)		5,510		206,184
Quality Distribution, Inc. (a) (b)		170,429		2,028,105
RailAmerica, Inc. (a) (b)		74,781		1,272,773
Roadrunner Transportation Systems, Inc. (a) (b)		42,212		594,767
Ryder System, Inc. (b)		66,160		3,539,560
Saia, Inc. (a)		15,168		251,789
Swift Transportation Company (a)		39,000		547,170
Vitran Corporation, Inc. (a)		11,759		183,323
Werner Enterprises, Inc. (b)		35,350		925,110
				22,122,734
Trading Companies & Distributors - 1.3%
Aceto Corporation (b)		27,741		222,206
Aircastle Ltd. (b)		60,833		757,979
Applied Industrial Technologies, Inc.		100		3,526
Beacon Roofing Supply, Inc. (a) (b)		56,666		1,264,785
BlueLinx Holdings, Inc. (a)		5,985		21,666
CAI International, Inc. (a) (b)		85,035		2,139,481
DXP Enterprises, Inc. (a) (b)		107,634		2,825,393
Essex Rental Corporation (a)		3,673		26,482
H&E Equipment Services, Inc. (a) (b)		114,827		2,285,057
Interline Brands, Inc. (a) (b)		45,270		956,102
Kaman Corporation		32,859		1,222,355
Lawson Products, Inc.		16,056		353,714
MSC Industrial Direct Company, Inc. - Class A		300		21,477
RSC Holdings, Inc. (a) (b)		212,130		2,793,752
Rush Enterprises, Inc. (a)		15,900		335,013
SeaCube Container Leasing Ltd.		30,544		495,729
TAL International Group, Inc. (b)		41,628		1,500,689
Textainer Group Holdings Ltd. (b)		23,732		841,537

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Industrials - 12.9% (Continued)
Trading Companies & Distributors - 1.3% (Continued)
Titan Machinery, Inc. (a)		26,015	$	818,432
United Rentals, Inc. (a) (b)		87,020		2,560,128
				21,445,503
Transportation Infrastructure - 0.2%
Aegean Marine Petroleum Network, Inc. (b)		234,872		2,029,294
Macquarie Infrastructure Company, LLC (a) (b)		40,827		1,024,758
				3,054,052
Information Technology - 15.8%
Communications Equipment - 2.6%
Acme Packet, Inc. (a)		3,700		305,657
Alliance Fiber Optic Products, Inc. (a)		9,800		97,804
Alvarion Ltd. (a)		126,951		219,625
Anaren, Inc. (a)		11,796		195,696
Aviat Networks, Inc. (a)		2,641		13,522
Bel Fuse, Inc. - Class B		3,452		69,489
Black Box Corporation (b)		32,525		1,136,424
Blue Coat Systems, Inc. (a) (b)		101,525		2,923,920
Brocade Communications Systems, Inc. (a) (b)		259,100		1,619,375
Calix, Inc. (a)		39,663		867,033
Ceragon Networks Ltd. (a) (b)		62,396		788,061
Cogo Group, Inc. (a) (b)		97,199		798,004
Communications Systems, Inc.		200		3,180
DragonWave, Inc. (a)		11,200		93,184
EchoStar Corporation - Class A (a) (b)		130,860		4,852,289
EMCORE Corporation (a)		624,784		1,630,686
EMS Technologies, Inc. (a)		21,527		543,772
Emulex Corporation (a)		33,900		328,491
EXFO, Inc. (a) (b)		48,657		457,862
Extreme Networks, Inc. (a) (b)		410,625		1,285,256
Globecomm Systems, Inc. (a)		51,165		732,683
Harmonic, Inc. (a) (b)		27,724		229,555
Infinera Corporation (a) (b)		65,682		513,633
Ixia (a)		105,891		1,730,259
JDS Uniphase Corporation (a)		2,300		47,932
KVH Industries, Inc. (a)		21		275
Loral Space & Communications, Inc. (a)		7,889		551,441
NETGEAR, Inc. (a)		23,659		987,763
Network Engines, Inc. (a)		184,917		329,152
Numerex Corporation (a)		8,200		79,868
Oclaro, Inc. (a)		26		292
Oplink Communications, Inc. (a) (b)		101,819		2,016,016
Opnext, Inc. (a) (b)		1,619,165		3,821,229
Optical Cable Corporation		600		2,694
ORBCOMM, Inc. (a)		8,700		26,970
Plantronics, Inc.		3,900		144,573
Polycom, Inc. (a)		600		35,898
Procera Networks, Inc. (a)		15,185		153,824
Radware Ltd. (a) (b)		32,491		1,144,658
SeaChange International, Inc. (a)		70		750

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Communications Equipment - 2.6% (Continued)
ShoreTel, Inc. (a)		163,388	$	1,707,405
Sierra Wireless, Inc. (a)		5,215		61,798
Silicom Ltd. (a)		2,906		62,101
Sonus Networks, Inc. (a) (b)		986,531		3,886,932
Tekelec (a)		166,950		1,394,032
Tellabs, Inc.		294,317		1,448,040
Telular Corporation		1,568		10,960
Tollgrade Communications, Inc. (a)		16,320		164,669
UTStarcom, Inc. (a)		379,059		974,182
Westell Technologies, Inc. - Class A (a) (b)		329,787		1,187,233
				41,676,147
Computers & Peripherals - 0.9%
ADPT Corporation (a)		112,325		321,249
Datalink Corporation (a)		60,278		480,416
Diebold, Inc. (b)		18,200		615,160
Dot Hill Systems Corporation (a) (b)		449,637		1,326,429
Electronics for Imaging, Inc. (a) (b)		104,609		1,878,778
Hewlett-Packard Company		200		8,074
Hutchinson Technology, Inc. (a)		4,200		11,214
Hypercom Corporation (a)		3,472		41,560
Intermec, Inc. (a) (b)		40,897		469,498
Logitech International, S.A. (a)		12,606		174,089
NCR Corporation (a) (b)		58,198		1,152,902
On Track Innovations Ltd. (a)		48,893		128,100
Quantum Corporation (a) (b)		1,321,792		4,203,298
Silicon Graphics International Corporation (a)		77,694		1,428,016
Super Micro Computer, Inc. (a)		19,683		335,792
Xyratex Ltd. (a) (b)		173,839		1,774,896
				14,349,471
Electronic Equipment, Instruments & Components - 2.8%
Advanced Photonix, Inc. - Class A (a)		2,600		4,290
Aeroflex Holding Corporation (a)		38,761		686,070
Agilysys, Inc. (a) (b)		34,032		177,647
AVX Corporation (b)		152,219		2,482,692
Benchmark Electronics, Inc. (a) (b)		33,323		563,159
Brightpoint, Inc. (a) (b)		148,081		1,498,580
Celestica, Inc. (a)		9,240		102,194
Cognex Corporation (b)		90,933		2,844,384
Coherent, Inc. (a)		2,105		131,584
Comverge, Inc. (a)		130		502
DDi Corporation (b)		197,081		1,893,948
Document Security Systems, Inc. (a)		700		2,261
Dolby Laboratories, Inc. - Class A (a)		17,894		895,774
Electro Rent Corporation		193		3,040
Electro Scientific Industries, Inc. (a)		17,446		286,987
eMagin Corporation (a)		112,761		907,726
Fabrinet (a) (b)		28,289		652,061
FARO Technologies, Inc. (a)		43,372		1,872,369
FLIR Systems, Inc.		43,194		1,521,293

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Electronic Equipment, Instruments & Components - 2.8% (Continued)
GSI Group, Inc. (The) (a)		35,031	$	397,602
Identive Group, Inc. (a)		66,725		230,868
Ingram Micro, Inc. - Class A (a) (b)		225,380		4,221,367
Insight Enterprises, Inc. (a) (b)		104,493		1,793,100
IPG Photonics Corporation (a) (b)		28,782		1,999,198
Itron, Inc. (a)		6,000		326,580
Kemet Corporation (a)		43,206		679,630
LeCroy Corporation (a) (b)		92,040		1,202,042
Littelfuse, Inc. (b)		9,265		576,376
LoJack Corporation (a)		13,634		62,444
Measurement Specialties, Inc. (a)		13,687		476,034
Mercury Computer Systems, Inc. (a)		5,546		107,093
Methode Electronics, Inc.		29,920		369,811
Molex, Inc.		1,300		35,100
Multi-Fineline Electronix, Inc. (a) (b)		38,749		1,031,886
National Instruments Corporation		2,201		66,763
NeoPhotonics Corporation (a)		8,599		93,213
Netlist, Inc. (a)		7,285		17,265
Newport Corporation (a) (b)		68,484		1,282,705
Orbotech Ltd. (a) (b)		70,189		899,823
OSI Systems, Inc. (a)		797		30,597
Park Electrochemical Corporation		2,416		77,240
PC Connection, Inc. (a)		1,197		10,629
PC Mall, Inc. (a)		19,063		186,246
Power-One, Inc. (a)		72,900		602,154
Richardson Electronics Ltd.		3,200		43,136
Rofin-Sinar Technologies, Inc. (a) (b)		17,601		762,299
Rogers Corporation (a)		8,081		335,523
Sanmina-SCI Corporation (a)		70,046		820,939
ScanSource, Inc. (a)		1,000		35,770
SMART Modular Technologies (WWH), Inc. (a) (b)		327,340		2,991,888
Spectrum Control, Inc. (a)		50,747		1,009,358
SYNNEX Corporation (a)		23		771
Tech Data Corporation (a) (b)		49,100		2,608,683
TTM Technologies, Inc. (a) (b)		152,606		2,917,827
Viasystems Group, Inc. (a)		14,876		388,412
Vishay Intertechnology, Inc. (a)		686		13,089
Vishay Precision Group, Inc. (a) (b)		15,709		259,198
Zygo Corporation (a)		1,100		16,445
				45,505,665
Internet Software & Services - 1.8%
Autobytel, Inc. (a)		1,800		2,610
DealerTrack Holdings, Inc. (a)		14,645		328,927
Dice Holdings, Inc. (a) (b)		106,419		1,950,660
EarthLink, Inc.		44,283		364,006
EasyLink Services International Corporation - Class A (a)		23,750		99,038
Envestnet, Inc. (a)		19,213		254,572
GigaMedia Ltd. (a)		133,214		207,814

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Internet Software & Services - 1.8% (Continued)
GlobalSCAPE, Inc. (a)		212	$	564
GSI Commerce, Inc. (a) (b)		160,099		4,686,098
IAC/InterActiveCorporation (a)		18,050		651,785
InfoSpace, Inc. (a) (b)		56,736		510,624
Internap Network Services Corporation (a) (b)		259,024		2,095,504
IntraLinks Holdings, Inc. (a)		1,200		38,112
Keynote Systems, Inc. (b)		78,062		1,665,843
Knot, Inc. (The) (a)		32,390		330,702
Liquidity Services, Inc. (a)		39,822		774,538
LivePerson, Inc. (a) (b)		152,000		2,030,720
LoopNet, Inc. (a)		83,468		1,550,835
Marchex, Inc. - Class B		38,729		273,427
MediaMind Technologies, Inc. (a)		5,611		77,881
ModusLink Global Solutions, Inc. (a)		300		1,572
Move, Inc. (a)		212,565		508,030
NIC, Inc. (a) (b)		110,593		1,421,673
Open Text Corporation (a)		31,000		1,897,200
Points International Ltd. (a)		92		998
Quepasa Corporation (a)		2,750		23,458
Rackspace Hosting, Inc. (a)		2,900		133,951
RADVision Ltd. (a)		19,814		180,307
Saba Software, Inc. (a)		101,260		1,027,789
SINA Corporation (a)		300		40,425
Sohu.com, Inc. (a)		4,664		493,265
SPS Commerce, Inc. (a)		109		1,789
Subaye, Inc. (a) (c)		37,723		40,552
TechTarget, Inc. (a)		30,457		263,148
United Online, Inc.		431,715		2,849,319
Velti plc (a)		14,271		262,872
Vocus, Inc. (a)		5,200		154,076
Web.com Group, Inc. (a) (b)		107,278		1,692,847
WebMediaBrands, Inc. (a)		592		1,042
Zix Corporation (a)		291,569		962,178
				29,850,751
IT Services - 2.1%
Acxiom Corporation (a) (b)		148,197		2,157,748
Booz Allen Hamilton Holding Corporation (a)		1,100		21,274
Broadridge Financial Solutions, Inc. (b)		54,300		1,261,932
Cardtronics, Inc. (a) (b)		33,671		715,509
CGI Group, Inc. (a)		18,291		400,573
China Information Technologies, Inc. (a)		107,649		282,040
CIBER, Inc. (a) (b)		659,552		3,772,637
Convergys Corporation (a)		3,100		44,950
CoreLogic, Inc. (a) (b)		69,600		1,281,336
DST Systems, Inc. (b)		87,200		4,299,832
Dynamics Research Corporation (a)		34,955		519,431
Echo Global Logistics, Inc. (a)		18,657		259,519
Forrester Research, Inc. (a)		1,399		55,275
Genpact Ltd. (a) (b)		45,034		724,597

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
IT Services - 2.1% (Continued)
Global Cash Access Holdings, Inc. (a) (b)		705,299	$	2,327,487
Heartland Payment Systems, Inc.		35,472		708,021
iGATE Corporation (a) (b)		132,542		2,247,912
InterXion Holding N.V. (a)		13,953		209,016
Jack Henry & Associates, Inc.		10,800		366,876
Lender Processing Services, Inc.		2,800		82,404
Lionbridge Technologies, Inc. (a) (b)		28,577		96,305
LML Payment Systems, Inc. (a)		226,677		541,758
Mantech International Corporation - Class A (a) (b)		24,092		1,057,398
MoneyGram International, Inc. (a) (b)		291,085		1,152,697
NCI, Inc. - Class A (a)		6,539		160,925
Ness Technologies, Inc. (a)		88,853		579,322
NeuStar, Inc. - Class A (a)		200		5,378
Online Resources Corporation (a)		64,656		246,986
PFSweb, Inc. (a)		44,270		267,834
PRGX Global, Inc. (a)		15,772		123,652
Sapient Corporation (a)		5,834		73,654
SRA International, Inc. - Class A (a) (b)		51,761		1,604,073
Syntel, Inc. (b)		38,386		2,098,947
TeleTech Holdings, Inc. (a) (b)		75,335		1,496,906
Telvent GIT, S.A. (a)		26,601		819,045
Teradata Corporation (a)		300		16,776
Tier Technologies, Inc. (a)		11,272		63,010
TNS, Inc. (a)		42,251		694,184
Total System Services, Inc.		2,700		50,895
Unisys Corporation (a)		36,350		1,078,868
Wright Express Corporation (a)		400		22,532
				33,989,514
Office Electronics - 0.1%
Zebra Technologies Corporation - Class A (a) (b)		47,696		1,873,976

Semiconductors & Semiconductor Equipment - 3.1%
Advanced Energy Industries, Inc. (a) (b)		157,300		2,225,795
Alpha & Omega Semiconductor Ltd. (a) (b)		35,029		496,711
Amkor Technology, Inc. (a)		59,401		397,987
ANADIGICS, Inc. (a) (b)		346,440		1,354,580
Atheros Communications, Inc. (a)		800		35,888
Atmel Corporation (a)		2,084		31,885
ATMI, Inc. (a) (b)		13,076		260,343
AuthenTec, Inc. (a)		8,889		25,867
Avago Technologies Ltd.		500		16,730
Axcelis Technologies, Inc. (a) (b)		855,258		1,599,332
AXT, Inc. (a)		8		56
Brooks Automation, Inc. (a) (b)		59,081		722,561
Canadian Solar, Inc. (a)		80		863
Cavium Networks, Inc. (a)		16,900		798,018
ChipMOS TECHNOLOGIES (Bermuda) LTD. (a)		4		32
Cirrus Logic, Inc. (a)		89,100		1,475,496
Cohu, Inc. (b)		64,963		936,117

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Semiconductors & Semiconductor Equipment - 3.1% (Continued)
Cree, Inc. (a)		8,300	$	338,142
CVD Equipment Corporation (a)		400		4,512
Cymer, Inc. (a)		2,400		115,464
Cypress Semiconductor Corporation (a) (b)		2,200		47,872
Diodes, Inc. (a)		22,871		782,646
DSP Group, Inc. (a)		18,033		145,707
Entegris, Inc. (a) (b)		119,641		1,032,502
Exar Corporation (a)		1,577		9,635
EZchip Semiconductor Ltd. (a) (b)		13,881		444,053
Fairchild Semiconductor International, Inc. (a) (b)		119,301		2,501,742
FEI Company (a) (b)		8,300		269,418
GSI Technology, Inc. (a) (b)		59,855		533,308
GT Solar International, Inc. (a)		70		782
Hittite Microwave Corporation (a)		600		38,634
Inphi Corporation (a) (b)		35,246		760,609
Integrated Device Technology, Inc. (a)		72,500		589,788
International Rectifier Corporation (a) (b)		37,335		1,290,298
Intersil Corporation - Class A		3,546		52,374
IXYS Corporation (a)		17,952		284,719
Kulicke & Soffa Industries, Inc. (a)		96,479		874,100
LTX-Credence Corporation (a) (b)		55,600		482,052
Mattson Technology, Inc. (a)		378,270		877,586
MaxLinear, Inc. - Class A (a)		2,600		24,414
Mellanox Technologies Ltd. (a) (b)		27,150		802,011
Micrel, Inc.		6,700		85,827
Micron Technology, Inc. (a)		37,000		417,730
MIPS Technologies, Inc. (a)		226,940		1,888,141
MKS Instruments, Inc. (b)		124,116		3,522,412
Nanometrics, Inc. (a)		25,000		404,250
National Semiconductor Corporation		228,000		5,499,360
NetLogic Microsystems, Inc. (a)		16,316		703,709
Nova Measuring Instruments Ltd. (a) (b)		97,031		956,726
Novellus Systems, Inc. (a)		1,443		46,320
NVE Corporation (a)		5,502		324,398
NXP Semiconductors N.V. (a)		6,700		223,780
OmniVision Technologies, Inc. (a) (b)		70,100		2,355,360
PDF Solutions, Inc. (a)		132,605		838,064
Photronics, Inc. (a) (b)		82,250		718,043
PMC-Sierra, Inc. (a) (b)		71,773		575,619
Rambus, Inc. (a)		49,900		993,010
Rudolph Technologies, Inc. (a) (b)		67,365		761,898
SemiLEDs Corporation (a)		22,500		255,825
Semtech Corporation (a)		34,700		974,029
Spansion, Inc. - Class A (a) (b)		114,575		2,257,127
Standard Microsystems Corporation (a)		43		1,167
SunPower Corporation - Class A (a)		8		174
SunPower Corporation - Class B (a)		7,000		149,590
Supertex, Inc. (a)		800		17,272
Teradyne, Inc. (a)		2,868		46,175

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Semiconductors & Semiconductor Equipment - 3.1% (Continued)
Tessera Technologies, Inc. (a) (b)		27,062	$	534,745
Tower Semiconductor Ltd. (a) (b)		80,432		109,388
TranSwitch Corporation (a)		43,104		179,313
Trident Microsystems, Inc. (a)		353,448		356,982
TriQuint Semiconductor, Inc. (a)		8,657		119,207
Varian Semiconductor Equipment Associates, Inc. (a)		8,100		339,633
Verigy Ltd. (a)		50,018		723,260
Volterra Semiconductor Corporation (a)		12,739		334,908
				49,394,071
Software - 2.4%
Accelrys, Inc. (a)		28,251		213,860
ACI Worldwide, Inc. (a) (b)		15,476		511,327
Actuate Corporation (a)		85,682		499,526
Allot Communications Ltd. (a) (b)		13,990		228,736
American Software, Inc. - Class A		2,700		21,006
ANSYS, Inc. (a)		18,000		995,220
Aspen Technology, Inc. (a)		17,909		268,456
Authentidate Holding Corporation (a)		18,700		21,131
Bottomline Technologies, Inc. (a)		16,536		459,370
BroadSoft, Inc. (a) (b)		19,900		904,455
BSQUARE Corporation (a)		23,206		164,995
Cadence Design Systems, Inc. (a)		4,200		43,596
Callidus Software, Inc. (a) (b)		168,191		1,162,200
CDC Corporation - Class A (a)		37,020		118,464
ClickSoftware Technologies Ltd. (a) (b)		89,080		868,530
Compuware Corporation (a) (b)		110,720		1,254,458
Convio, Inc. (a)		36,068		441,472
Datawatch Corporation (a)		2,190		11,497
Deltek, Inc. (a)		5,839		43,793
DemandTec, Inc. (a)		3,886		43,018
Digimarc Corporation (a)		110		2,969
Epicor Software Corporation (a) (b)		388,764		4,859,550
Fundtech Ltd. (a)		300		5,304
Interactive Intelligence, Inc. (a) (b)		46,358		1,734,716
JDA Software Group, Inc. (a)		17,118		560,957
Kenexa Corporation (a)		20,442		601,404
Lawson Software, Inc. (a) (b)		180,045		1,993,098
Magma Design Automation, Inc. (a)		41,477		263,794
Majesco Holdings, Inc. (a)		25,051		93,941
Manhattan Associates, Inc. (a)		28,928		1,045,747
Mentor Graphics Corporation (a) (b)		124,068		1,830,003
MICROS Systems, Inc. (a)		4,600		239,292
MicroStrategy, Inc. - Class A (a)		2,200		310,860
MIND C.T.I. Ltd.		1,100		3,806
Monotype Imaging Holdings, Inc. (a) (b)		91,817		1,248,711
Motricity, Inc. (a)		16,900		225,784
Net 1 UEPS Technologies, Inc. (a) (b)		113,700		952,806
NetScout Systems, Inc. (a) (b)		26,118		668,360
NetSol Technologies, Inc. (a)		39,040		67,539

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Information Technology - 15.8% (Continued)
Software - 2.4% (Continued)
OPNET Technologies, Inc. (b)		33,561	$	1,314,249
Parametric Technology Corporation (a)		1,600		38,832
Pervasive Software, Inc. (a)		3,208		21,814
Progress Software Corporation (a)		17,655		523,471
PROS Holdings, Inc. (a)		49,212		771,644
QAD, Inc. - Class A (a)		1,000		10,920
Qlik Technologies, Inc. (a)		400		12,824
Quest Software, Inc. (a) (b)		93,303		2,403,485
Radiant Systems, Inc. (a) (b)		21,577		429,814
RealPage, Inc. (a)		1,200		38,280
Renaissance Learning, Inc.		3,088		37,025
S1 Corporation (a)		24,984		171,640
Salesforce.com, Inc. (a)		2,800		388,080
Smith Micro Software, Inc. (a)		62,515		482,616
SolarWinds, Inc. (a)		2,000		48,460
Solera Holdings, Inc.		29,508		1,622,940
SS&C Technologies Holdings, Inc. (a) (b)		75,448		1,539,139
SuccessFactors, Inc. (a)		24,955		864,441
Synchronoss Technologies, Inc. (a)		4,711		151,977
Take-Two Interactive Software, Inc. (a)		9,400		152,092
Taleo Corporation - Class A (a)		800		29,016
TeleNav, Inc. (a)		42,579		578,223
THQ, Inc. (a)		2,600		10,504
TigerLogic Corporation (a)		100		452
TiVo, Inc. (a)		14,600		139,722
VASCO Data Security International, Inc. (a) (b)		149,704		1,847,347
Verint Systems, Inc. (a)		10,412		356,403
VMware, Inc. - Class A (a)		6,000		572,580
				39,541,741
Materials - 5.3%
Chemicals - 1.8%
A. Schulman, Inc.		15,700		397,524
Albemarle Corporation		12,700		895,985
Arch Chemicals, Inc.		19,602		758,009
Cabot Corporation (b)		56,000		2,511,600
CVR Partners, L.P. (a)		111,800		2,139,852
Cytec Industries, Inc.		200		11,736
Ecolab, Inc.		300		15,828
FMC Corporation		300		26,484
Georgia Gulf Corporation (a) (b)		112,631		4,435,409
H.B. Fuller Company (b)		27,974		611,232
Innophos Holdings, Inc. (b)		26,588		1,232,088
Innospec, Inc. (a) (b)		29,142		1,097,488
International Flavors and Fragrances, Inc.		300		19,056
KMG Chemicals, Inc.		7,843		161,487
Koppers Holdings, Inc. (b)		42,842		1,959,165
Landec Corporation (a)		378		2,449
LSB Industries, Inc. (a) (b)		40,603		1,638,331
Minerals Technologies, Inc.		5,200		353,600

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Materials - 5.3% (Continued)
Chemicals - 1.8% (Continued)
Nalco Holding Company		10,900	$	318,389
NL Industries, Inc.		1,800		25,632
Olin Corporation		114,700		2,952,378
OMNOVA Solutions, Inc. (a) (b)		63,655		541,067
PolyOne Corporation		30,928		447,837
Quaker Chemical Corporation (b)		21,156		955,828
Rockwood Holdings, Inc. (a)		1,000		56,740
RPM International, Inc.		26,059		612,386
Sensient Technologies Corporation		28,310		1,072,666
Solutia, Inc. (a)		4,200		110,670
Spartech Corporation (a)		52,291		373,358
TOR Minerals International, Inc. (a)		77		1,425
TPC Group, Inc. (a) (b)		75,115		2,962,536
Valspar Corporation (The)		1,500		58,965
Westlake Chemical Corporation		800		52,520
				28,809,720
Construction Materials - 0.0%
Headwaters, Inc. (a)		189,922		1,036,974

Containers & Packaging - 0.7%
Aptargroup, Inc.		400		20,980
Bemis Company, Inc.		3,200		100,288
Crown Holdings, Inc. (a)		8,900		332,860
Graham Packaging Company, Inc. (a) (b)		120,562		2,772,926
Graphic Packaging Holding Company (a) (b)		250,079		1,372,934
Myers Industries, Inc.		16,130		172,107
Packaging Corporation of America (b)		126,666		3,613,781
Sealed Air Corporation		1,100		28,347
Silgan Holdings, Inc.		21,600		990,576
Smurfit-Stone Container Corporation (a)		1,100		42,328
Temple-Inland, Inc. (b)		53,178		1,251,278
UFP Technologies, Inc. (a)		8,109		157,315
				10,855,720
Metals & Mining - 2.6%
A.M. Castle & Company (a)		4,728		89,265
Agnico-Eagle Mines Ltd.		100		6,958
Allied Nevada Gold Corporation (a)		10,400		447,824
Almaden Minerals Ltd. (a)		138,300		681,819
Augusta Resource Corporation (a) (b)		111,229		508,317
Aurizon Mines Ltd. (a) (b)		154,404		1,046,859
Avalon Rare Metals, Inc. (a)		3,400		30,906
Banro Corporation (a)		235,352		847,267
Brigus Gold Corporation (a) (b)		360,607		591,395
Cardero Resource Corporation (a)		36,265		66,728
Carpenter Technology Corporation		22,600		1,158,476
Century Aluminum Company (a)		76,691		1,532,286
China Direct Industries, Inc. (a)		653		849
China Gerui Advanced Materials Group Ltd. (a)		15,444		74,903
Claude Resources, Inc. (a) (b)		148,106		355,454

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Materials - 5.3% (Continued)
Metals & Mining - 2.6% (Continued)
Coeur d'Alene Mines Corporation (a) (b)		88,700	$	2,812,677
Commercial Metals Company		3,258		54,604
Compass Minerals International, Inc.		8,147		795,229
Endeavour Silver Corporation (a)		28		322
Entrée Gold, Inc. (a) (b)		100,804		280,235
Exeter Resource Corporation (a) (b)		154,794		815,764
First Majestic Silver Corporation (a)		53,100		1,114,038
Gammon Gold, Inc. (a)		32,644		356,146
General Moly, Inc. (a) (b)		271,101		1,388,037
General Steel Holdings, Inc. (a)		5,357		12,107
Globe Specialty Metals, Inc.		500		11,255
Gold Resource Corporation (a)		2,458		74,109
Goldcorp, Inc.		100		5,583
Golden Minerals Company (a) (b)		17,023		340,460
Golden Star Resources Ltd. (a) (b)		449,427		1,460,638
Great Basin Gold Ltd. (a)		215		572
Great Panther Silver Ltd. (a)		345,790		1,251,760
Gulf Resources, Inc. (a)		45,781		143,295
Handy & Harman Ltd. (a)		5,249		64,825
Harry Winston Diamond Corporation (a)		7,420		126,585
Haynes International, Inc.		3,067		165,741
Horsehead Holding Corporation (a)		3,463		54,612
IAMGOLD Corporation		16,300		338,225
International Tower Hill Mines Ltd. (a) (b)		84,520		821,534
Ivanhoe Mines Ltd. (a)		2,000		52,560
Kaiser Aluminum Corporation		58		2,906
Keegan Resources, Inc. (a)		67,524		630,674
MAG Silver Corporation (a)		37,263		449,392
Materion Corporation (a) (b)		5,420		226,339
Mesabi Trust		16		567
Metals USA Holdings Corporation (a) (b)		38,021		646,357
Midway Gold Corporation (a)		4,612		9,639
Minco Gold Corporation (a)		150,883		386,260
Minefinders Corporation Ltd. (a)		73		1,223
Mines Management, Inc. (a)		251,735		732,549
Molycorp, Inc. (a)		5,700		417,810
Nevsun Resources Ltd. (a) (b)		107,881		702,305
New Gold, Inc. (a)		8,400		94,080
Noranda Aluminum Holding Corporation (a) (b)		49,192		835,772
North American Palladium Ltd. (a)		51,990		334,296
Northern Dynasty Minerals Ltd. (a)		62,369		847,595
Northgate Minerals Corporation (a)		1,007,606		3,042,970
NovaGold Resources, Inc. (a)		1,300		16,705
Paramount Gold and Silver Corporation (a)		8,163		26,530
Platinum Group Metals Ltd. (a)		103,000		216,300
Richmont Mines, Inc. (a)		83,208		809,614
Royal Gold, Inc.		9,600		585,408
Rubicon Minerals Corporation (a) (b)		171,701		889,411
Schnitzer Steel Industries, Inc. - Class A		800		49,656

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Materials - 5.3% (Continued)
Metals & Mining - 2.6% (Continued)
Seabridge Gold, Inc. (a)		428	$	14,582
Silver Bull Resources, Inc. (a)		200		193
Silver Wheaton Corporation		8,900		361,518
Silvercorp Metals, Inc.		192,000		2,609,280
SinoCoking Coal and Coke Chemicals Industries, Inc. - Class A (a)		10,180		65,152
Stillwater Mining Company (a)		16,000		364,960
Taseko Mines Ltd. (a) (b)		378,769		1,996,113
Terra Nova Royalty Corporation (b)		72,519		581,602
Thompson Creek Metals Company, Inc. (a)		1,800		22,194
U.S. Energy Corporation (a) (b)		54,943		314,274
Universal Stainless & Alloy Products, Inc. (a)		8,215		297,794
Vista Gold Corporation (a) (b)		1,000,918		3,283,011
Worthington Industries, Inc.		9,700		209,229
Yamana Gold, Inc.		300		3,813
				42,058,292
Paper & Forest Products - 0.2%
Buckeye Technologies, Inc.		42,755		1,203,981
Domtar Corporation		500		46,510
KapStone Paper and Packaging Corporation (a)		25,479		442,825
MeadWestvaco Corporation		1,200		40,428
Mercer International, Inc. (a)		2,200		26,774
Neenah Paper, Inc.		64,692		1,509,265
Schweitzer-Mauduit International, Inc. (b)		10,549		546,860
Verso Paper Corporation (a)		69,689		328,235
				4,144,878
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.8%
8x8, Inc. (a)		3,600		11,232
AboveNet, Inc. (a)		1,813		121,018
BCE, Inc.		7,700		288,211
CenturyLink, Inc.		62		2,528
Cincinnati Bell, Inc. (a) (b)		488,548		1,460,759
Cogent Communications Group, Inc. (a)		63,491		921,254
Fairpoint Communications, Inc. (a)		5,500		92,070
Frontier Communications Corporation		8,574		70,907
General Communication, Inc. - Class A (a)		66,128		760,472
Global Crossing Ltd. (a) (b)		63,536		1,485,472
Globalstar, Inc. (a)		188,374		243,002
Hughes Communications, Inc. (a) (b)		8,140		487,179
IDT Corporation - Class B		6,500		188,435
Level 3 Communications, Inc. (a)		805,200		1,256,112
PAETEC Holding Corporation (a)		163,684		589,262
SureWest Communications (a)		75,332		1,097,587
Towerstream Corporation (a) (b)		256,086		1,065,318
tw telecom, inc. (a)		70,090		1,509,739
Vonage Holdings Corporation (a) (b)		407,804		2,104,269
				13,754,826

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Telecommunication Services - 1.1% (Continued)
Wireless Telecommunication Services - 0.3%
Cellcom Israel Ltd.		5,374	$	172,290
NTELOS Holdings Corporation (b)		110,371		2,177,620
Rogers Communications, Inc. - Class B		1,200		45,396
Shenandoah Telecommunications Company		5,847		110,041
Sprint Nextel Corporation (a)		8,500		44,030
Telephone and Data Systems, Inc. (b)		59,931		2,011,284
				4,560,661
Utilities - 2.6%
Electric Utilities - 1.0%
ALLETE, Inc.		888		35,955
Brookfield Infrastructure Partners, L.P.		5,000		117,500
Central Vermont Public Service Corporation		41,306		966,973
Cleco Corporation		200		7,020
DPL, Inc.		68,198		2,065,717
Great Plains Energy, Inc.		400		8,232
Hawaiian Electric Industries, Inc.		63,606		1,621,317
IDACORP, Inc. (b)		72,091		2,826,688
ITC Holdings Corporation		500		35,465
MGE Energy, Inc.		3,169		133,130
Northeast Utilities		2,900		103,240
Pepco Holdings, Inc.		9,600		184,992
Pinnacle West Capital Corporation		15,600		676,884
Portland General Electric Company		39,560		987,418
UIL Holdings Corporation		8,900		283,198
Unisource Energy Corporation (b)		156,022		5,793,097
				15,846,826
Gas Utilities - 0.4%
AGL Resources, Inc.		5,000		207,550
Atmos Energy Corporation		2,100		73,269
Chesapeake Utilities Corporation		24,180		1,034,662
Energen Corporation (b)		5,110		332,201
Ferrellgas Partners, L.P.		600		15,816
Laclede Group, Inc. (The) (b)		25,930		994,934
Nicor, Inc.		1,040		57,647
Questar Corporation (b)		62,700		1,101,639
Southwest Gas Corporation (b)		61,178		2,433,049
Star Gas Partners, L.P.		487		2,898
				6,253,665
Independent Power Producers & Energy Traders - 0.2%
American DG Energy, Inc. (a)		200		422
Atlantic Power Corporation (b)		68,492		1,039,709
GenOn Energy, Inc. (a) (b)		332,900		1,308,297
Ormat Technologies, Inc.		6,292		156,671
Synthesis Energy Systems, Inc. (a) (b)		430,007		1,724,328
				4,229,427
Multi-Utilities - 0.8%
Alliant Energy Corporation		500		19,770
Ameren Corporation		2,300		67,413

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.4%	Shares		Value
Utilities - 2.6% (Continued)
Multi-Utilities - 0.8% (Continued)
Avista Corporation (b)		103,235	$	2,513,772
CenterPoint Energy, Inc.		3,400		63,240
CMS Energy Corporation		41,926		830,135
MDU Resources Group, Inc.		186,747		4,461,386
NorthWestern Corporation (b)		63,505		2,067,088
NSTAR		500		23,150
OGE Energy Corporation		2,800		148,876
SCANA Corporation		1,900		78,888
TECO Energy, Inc.		37,400		720,698
Vectren Corporation (b)		44,161		1,262,121
Xcel Energy, Inc.		3,900		94,887
				12,351,424
Water Utilities - 0.2%
American States Water Company (b)		15,292		533,844
American Water Works Company, Inc.		4,600		135,148
California Water Service Group (b)		50,169		1,892,375
Cascal N.V. (a)		10,545		67,382
Connecticut Water Service, Inc.		240		6,178
Pennichuck Corporation		90		2,550
SJW Corporation		5,895		137,000
Tri-Tech Holding, Inc. (a) (b)		56,748		609,473
York Water Company		194		3,387
				3,387,337

Total Common Stocks (Cost $1,414,844,202)			$	1,480,892,284


CORPORATE BONDS - 0.0%	Par Value		Value
Financials - 0.0%
GAMCO Investors, Inc., 0.00%, due 12/31/2015 (Cost $0)	$	3,100	$	2,064


CLOSED-END FUNDS - 2.4%	Shares		Value
Aberdeen Asia-Pacific Income Fund, Inc.		100	$	734
Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.		4,692		90,603
Aberdeen Indonesia Fund, Inc.		1,000		13,170
Aberdeen Israel Fund, Inc.		1,800		32,490
Aberdeen Latin America Equity Fund, Inc.		100		3,975
Adams Express Company (The)		91,102		1,043,118
AGIC Equity & Convertible Income Fund		21,223		405,572
Alliance California Municipal Income Fund, Inc.		100		1,282
Alliance New York Municipal Income Fund, Inc.		100		1,369
AllianceBernstein Global High Income Fund, Inc.		100		1,479
AllianceBernstein Income Fund, Inc.		209,309		1,603,307
AllianceBernstein National Municipal Income Fund, Inc.		100		1,323
Alpine Global Premier Properties Fund		22,956		170,563

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Alpine Total Dynamic Dividend Fund		100	$	633
American Municipal Income Portfolio, Inc.		100		1,303
American Select Portfolio, Inc.		34,061		352,531
American Strategic Income Portfolio, Inc.		6,239		70,189
American Strategic Income Portfolio, Inc. II		69,052		623,540
American Strategic Income Portfolio, Inc. III		84,289		648,182
ASA Gold and Precious Metals Ltd.		62,093		2,048,448
Asia Pacific Fund, Inc. (The) (a)		100		1,253
Asia Tigers Fund, Inc. (The)		100		1,991
Bancroft Fund Ltd.		220		3,962
BlackRock Build America Bond Trust		90,938		1,602,328
BlackRock California Municipal Income Trust		100		1,288
BlackRock Core Bond Trust		100		1,236
BlackRock Corporate High Yield Fund V, Inc.		100		1,203
BlackRock Corporate High Yield Fund VI, Inc.		100		1,182
BlackRock Credit Allocation Income Trust I, Inc.		14,963		138,857
BlackRock Credit Allocation Income Trust II, Inc.		100		1,008
BlackRock Credit Allocation Income Trust III		39,665		426,002
BlackRock Credit Allocation Income Trust IV		93,758		1,158,849
BlackRock Debt Strategies Fund, Inc.		100		423
BlackRock Florida Municipal 2020 Term Trust		1,200		16,320
BlackRock High Income Shares		100		220
BlackRock High Yield Trust		100		677
BlackRock Income Opportunity Trust, Inc.		100		957
BlackRock Income Trust, Inc.		58,789		399,177
BlackRock Long-Term Municipal Advantage Trust		100		1,020
BlackRock Muni Intermediate Duration Fund, Inc.		39,779		542,983
BlackRock Muni New York Intermediate Duration Fund, Inc.		2,916		37,412
BlackRock MuniAssets Fund, Inc.		5,319		59,945
BlackRock Municipal Income Investment Quality Trust		100		1,296
BlackRock Municipal Income Investment Trust		100		1,258
BlackRock Municipal Income Quality Trust		500		6,440
BlackRock MuniHoldings California Quality Fund, Inc.		100		1,286
BlackRock MuniHoldings Investment Quality Fund		100		1,300
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		1,600		21,328
BlackRock MuniHoldings Quality Fund II, Inc.		100		1,217
BlackRock MuniYield Arizona Fund, Inc.		100		1,256
BlackRock MuniYield California Fund, Inc.		100		1,335
BlackRock MuniYield California Quality Fund, Inc.		26,358		334,219
BlackRock MuniYield Investment Quality Fund		100		1,242
BlackRock MuniYield Michigan Quality Fund II, Inc.		100		1,229
BlackRock MuniYield Michigan Quality Fund, Inc.		100		1,318
BlackRock MuniYield New Jersey Fund, Inc.		6,563		87,025
BlackRock MuniYield New Jersey Quality Fund, Inc.		300		3,930
BlackRock MuniYield New York Quality Fund, Inc.		1,060		12,943
BlackRock MuniYield Pennsylvania Quality Fund		6,800		91,188
BlackRock MuniYield Quality Fund II, Inc.		100		1,159
BlackRock MuniYield Quality Fund III, Inc.		100		1,206
BlackRock MuniYield Quality Fund, Inc.		10,614		139,574
BlackRock New York Quality Municipal Income Trust		100		1,269
BlackRock Pennsylvania Strategic Municipal Trust		100		1,299

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
BlackRock S&P Quality Rankings Global Equity Managed Trust		100	$	1,427
BlackRock Strategic Bond Trust		100		1,313
BlackRock Strategic Dividend Achievers Trust		100		1,099
BlackRock Strategic Municipal Trust		100		1,188
Boulder Growth & Income Fund, Inc. (a)		28,567		190,542
Boulder Total Return Fund, Inc. (a)		21,763		369,100
Calamos Global Dynamic Income Fund		2,900		26,245
Calamos Strategic Total Return Fund		134,380		1,338,425
Central Europe & Russia Fund, Inc. (The)		100		4,708
Central Securities Corporation		14,118		338,832
China Fund, Inc. (The)		7,168		230,093
Claymore Dividend & Income Fund		4,286		73,805
Clough Global Allocation Fund		300		4,848
Clough Global Equity Fund		9,300		142,104
Clough Global Opportunities Fund		100		1,376
Cohen & Steers Closed-End Opportunity Fund, Inc.		100		1,374
Cohen & Steers Dividend Majors Fund, Inc.		1,400		19,250
Cohen & Steers Infrastructure Fund, Inc.		47,638		875,118
Cohen & Steers Quality Income Realty Fund, Inc.		100		1,017
Cohen & Steers REIT and Preferred Income Fund, Inc.		10,018		159,386
DCA Total Return Fund		100		399
Delaware Investments Arizona Municipal Income Fund, Inc.		900		11,457
Delaware Investments Colorado Municipal Income Fund, Inc.		5,400		66,474
Delaware Investments Minnesota Municipal Income Fund II		13,430		168,547
Delaware Investments National Municipal Income Fund		100		1,210
Denali Fund (The) (a)		100		1,659
Diamond Hill Financial Trends Fund, Inc.		5,100		51,051
Dreyfus Municipal Income, Inc.		100		857
DTF Tax-Free Income, Inc.		162		2,362
DWS Global High Income Fund, Inc.		100		785
DWS High Income Opportunities Fund, Inc.		100		1,470
DWS Strategic Income Trust		100		1,371
Eagle Capital Growth Fund, Inc.		700		4,900
Eaton Vance California Municipal Income Trust		100		1,119
Eaton Vance Enhanced Equity Income Fund		23,039		282,919
Eaton Vance Enhanced Equity Income Fund II		13,297		162,090
Eaton Vance Michigan Municipal Bond Fund		100		1,407
Eaton Vance Michigan Municipal Income Trust		500		5,760
Eaton Vance National Municipal Opportunities Trust		100		1,852
Eaton Vance Ohio Municipal Income Trust		100		1,291
Eaton Vance Pennsylvania Municipal Income Trust		100		1,247
Eaton Vance Risk-Managed Diversified Equity Income Fund		128,816		1,602,471
Eaton Vance Short Duration Diversified Income Fund		100		1,684
Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		26,972		444,229
Eaton Vance Tax-Advantaged Global Dividend Income Fund		100		1,567
Eaton Vance Tax-Managed Buy-Write Income Fund		25,982		354,654
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		77,939		1,012,428
Eaton Vance Tax-Managed Diversified Equity Income Fund		51,882		584,710

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund		128,268	$	1,596,937
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		100		1,101
Ellsworth Fund Ltd.		100		779
Equus Total Return, Inc. (a)		3,775		10,419
European Equity Fund, Inc. (The)		100		878
Federated Premier Intermediate Municipal Income Fund		100		1,273
First Opportunity Fund, Inc. (a)		57,277		422,704
First Trust Enhanced Equity Income Fund		100		1,284
First Trust High Income Long/Short Fund		100		1,914
First Trust Strategic High Income Fund		2,053		7,535
First Trust Strategic High Income Fund II		12,660		65,326
First Trust Strategic High Income Fund III		8,953		41,005
First Trust/Aberdeen Emerging Opportunity Fund		100		2,150
Fort Dearborn Income Securities, Inc.		100		1,480
Foxby Corporation (a)		200		232
Franklin Templeton Limited Duration Income Trust		100		1,318
Franklin Universal Trust		100		655
Gabelli Dividend & Income Trust		13,413		228,692
Gabelli Global Multimedia Trust, Inc.		89,584		720,255
Gabelli Healthcare & WellnessRx Trust (The) (a)		19,278		142,272
GDL Fund (The)		21,185		288,540
General American Investors Company, Inc.		27,721		804,741
Global Income & Currency Fund, Inc.		100		1,499
Greater China Fund, Inc.		66,757		869,176
Guggenheim Build America Bonds Managed Duration Trust		17,266		322,874
H&Q Healthcare Investors		100		1,582
H&Q Life Sciences Investors		100		1,301
Helios Advantage Income Fund, Inc.		100		789
Helios High Income Fund, Inc.		100		762
Helios High Yield Fund		100		956
Helios Multi-Sector High Income Fund, Inc.		100		525
Helios Strategic Income Fund, Inc.		3,900		20,982
Helios Strategic Mortgage Income Fund, Inc.		8,388		54,270
Helios Total Return Fund, Inc.		100		619
Herzfeld Caribbean Basin Fund, Inc. (a)		100		742
India Fund, Inc.		100		3,151
ING Clarion Global Real Estate Income Fund		100		853
Invesco California Insured Municipal Income Trust		5,043		63,643
Invesco California Quality Municipal Securities		100		1,157
Invesco Insured California Municipal Securities		3,600		44,712
Invesco Insured Municipal Bond Trust		100		1,364
Invesco Insured Municipal Income Trust		100		1,373
Invesco Insured Municipal Securities		100		1,311
Invesco Insured Municipal Trust		100		1,292
Invesco Municipal Income Opportunities Trust		9,400		56,682
Invesco Municipal Income Opportunities Trust II		100		668
Invesco Municipal Income Opportunities Trust III		100		723
Invesco Municipal Premium Income Trust		13,749		101,880
Invesco New York Quality Municipal Securities		100		1,325

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Invesco Quality Municipal Investment Trust		100	$	1,218
Invesco Quality Municipal Securities		100		1,302
Invesco Van Kampen Advantage Municipal Income Trust II		100		1,119
Invesco Van Kampen Bond Fund		9,747		177,200
Invesco Van Kampen Pennsylvania Value Municipal Income Trust		3,501		43,728
Invesco Van Kampen Select Sector Municipal Trust		100		1,130
Invesco Van Kampen Trust for Insured Municipals		100		1,197
Japan Equity Fund, Inc. (The)		100		602
Japan Smaller Capitalization Fund, Inc.		100		863
JF China Region Fund, Inc. (a)		2,295		36,536
John Hancock Bank and Thrift Opportunity Fund		6,854		117,340
John Hancock Preferred Income Fund		100		1,917
John Hancock Preferred Income Fund II		100		1,907
John Hancock Preferred Income Fund III		100		1,675
John Hancock Premium Dividend Fund		63,900		743,796
John Hancock Tax-Advantaged Dividend Income Fund		200		3,268
Kayne Anderson Midstream/Energy Fund, Inc.		12,943		328,493
Korea Equity Fund, Inc. (a)		100		1,475
Latin American Discovery Fund, Inc.		100		1,922
Lazard Global Total Return & Income Fund, Inc.		100		1,614
Lazard World Dividend & Income Fund, Inc.		100		1,385
Liberty All-Star Equity Fund		1,680		9,022
Liberty All-Star Growth Fund, Inc.		400		1,844
LMP Capital and Income Fund, Inc.		100		1,373
LMP Real Estate Income Fund, Inc.		4,550		48,367
Macquarie Global Infrastructure Total Return Fund, Inc.		100		1,904
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		100		1,646
Madison Strategic Sector Premium Fund		300		3,813
Madison/Claymore Covered Call & Equity Strategy Fund		100		882
Malaysia Fund, Inc. (a)		800		9,152
Managed Duration Investment Grade Municipal Fund		100		1,345
Mexico Equity and Income Fund, Inc. (The)		700		8,197
Mexico Fund, Inc. (The)		100		2,860
MFS Charter Income Trust		100		929
MFS Government Markets Income Trust		100		648
MFS InterMarket Income Trust I		100		817
MFS Investment Grade Municipal Trust		100		887
MFS Multimarket Income Trust		12,013		80,727
Montgomery Street Income Securities, Inc.		100		1,573
Morgan Stanley Asia-Pacific Fund, Inc.		100		1,748
Morgan Stanley Eastern Europe Fund, Inc. (a)		2,900		56,521
Morgan Stanley Emerging Markets Debt Fund, Inc.		27,674		285,042
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		100		1,740
Morgan Stanley Emerging Markets Fund, Inc.		100		1,639
Morgan Stanley Frontier Emerging Markets Fund		2,389		34,115
Morgan Stanley Income Securities, Inc.		100		1,656
Neuberger Berman California Intermediate Municipal Fund, Inc.		3,500		48,020

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Neuberger Berman New York Intermediate Municipal Fund, Inc.		200	$	2,680
Neuberger Berman Real Estate Securities Income Fund, Inc.		100		440
New Germany Fund, Inc. (The)		100		1,873
New Ireland Fund, Inc. (The)		100		842
NFJ Dividend, Interest & Premium Strategy Fund		100		1,868
Nuveen Arizona Dividend Advantage Municipal Fund		100		1,239
Nuveen Arizona Dividend Advantage Municipal Fund 2		2,400		30,360
Nuveen Arizona Dividend Advantage Municipal Fund 3		2,268		28,101
Nuveen Arizona Premium Income Municipal Fund, Inc.		1,200		14,688
Nuveen Build America Bond Opportunity Fund		14,162		263,696
Nuveen Build America Bond Term Fund		100		1,830
Nuveen California Dividend Advantage Municipal Fund		100		1,219
Nuveen California Dividend Advantage Municipal Fund 2		100		1,323
Nuveen California Dividend Advantage Municipal Fund 3		100		1,172
Nuveen California Investment Quality Municipal Fund, Inc.		100		1,253
Nuveen California Municipal Market Opportunity Fund		100		1,265
Nuveen California Municipal Value Fund		100		860
Nuveen California Municipal Value Fund 2		5,600		77,112
Nuveen California Performance Plus Municipal Fund, Inc.		100		1,259
Nuveen California Premium Income Municipal Fund		715		8,845
Nuveen California Quality Income Municipal Fund		100		1,337
Nuveen California Select Quality Municipal Fund, Inc.		100		1,338
Nuveen California Select Tax-Free Income Portfolio		100		1,290
Nuveen Connecticut Dividend Advantage Municipal Fund		100		1,342
Nuveen Connecticut Dividend Advantage Municipal Fund 2		100		1,373
Nuveen Connecticut Dividend Advantage Municipal Fund 3		4,800		60,960
Nuveen Connecticut Premium Income Municipal Fund		2,000		26,080
Nuveen Diversified Commodity Fund		10,600		311,110
Nuveen Diversified Dividend & Income Fund		100		1,179
Nuveen Dividend Advantage Municipal Fund		100		1,276
Nuveen Dividend Advantage Municipal Fund 2		100		1,294
Nuveen Dividend Advantage Municipal Fund 3		100		1,320
Nuveen Enhanced Municipal Value Fund		4,033		50,574
Nuveen Equity Premium & Growth Fund		800		10,864
Nuveen Equity Premium Advantage Fund		4,201		53,563
Nuveen Equity Premium Opportunity Fund		19,115		239,893
Nuveen Georgia Dividend Advantage Municipal Fund		500		6,640
Nuveen Georgia Dividend Advantage Municipal Fund 2		100		1,340
Nuveen Georgia Premium Income Municipal Fund		100		1,310
Nuveen Insured California Dividend Advantage Municipal Fund		100		1,321
Nuveen Insured California Premium Income Municipal Fund 2, Inc.		100		1,255
Nuveen Insured California Premium Income Municipal Fund, Inc.		100		1,334
Nuveen Insured California Tax-Free Advantage Municipal Fund		3,505		41,534
Nuveen Insured Dividend Advantage Municipal Fund		100		1,353
Nuveen Insured Massachusetts Tax Free Advantage Municipal Fund		100		1,323

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Nuveen Insured Municipal Opportunity Fund, Inc.		25,587	$	337,237
Nuveen Insured New York Dividend Advantage Municipal Fund		3,001		40,153
Nuveen Insured New York Premium Income Municipal Fund		100		1,405
Nuveen Insured New York Tax Free Advantage Municipal Fund		3,300		43,659
Nuveen Insured Premium Income Municipal Fund 2		30,448		358,373
Nuveen Insured Quality Municipal Fund, Inc.		100		1,282
Nuveen Insured Tax-Free Advantage Municipal Fund		100		1,322
Nuveen Investment Quality Municipal Fund, Inc.		100		1,345
Nuveen Maryland Dividend Advantage Municipal Fund		100		1,316
Nuveen Maryland Dividend Advantage Municipal Fund 2		100		1,334
Nuveen Maryland Dividend Advantage Municipal Fund 3		100		1,348
Nuveen Maryland Premium Income Municipal Fund		100		1,368
Nuveen Massachusetts Dividend Advantage Municipal Fund		100		1,320
Nuveen Massachusetts Premium Income Municipal Fund		100		1,312
Nuveen Michigan Dividend Advantage Municipal Fund		800		9,928
Nuveen Michigan Premium Income Municipal Fund, Inc.		8,800		112,376
Nuveen Michigan Quality Income Municipal Fund, Inc.		13,727		177,765
Nuveen Multi-Currency Short-Term Government Income Fund		24,258		356,835
Nuveen Multi-Strategy Income and Growth Fund		100		894
Nuveen Multi-Strategy Income and Growth Fund 2		100		920
Nuveen New Jersey Dividend Advantage Municipal Fund		7,813		98,756
Nuveen New Jersey Dividend Advantage Municipal Fund 2		4,000		50,320
Nuveen New Jersey Investment Quality Municipal Fund, Inc.		10,399		131,859
Nuveen New Jersey Municipal Value Fund		3,901		53,873
Nuveen New Jersey Premium Income Municipal Fund, Inc.		100		1,344
Nuveen New York Dividend Advantage Municipal Fund		9,900		127,314
Nuveen New York Dividend Advantage Municipal Fund 2		6,900		88,458
Nuveen New York Investment Quality Municipal Fund		14,996		199,747
Nuveen New York Municipal Value Fund		100		913
Nuveen New York Municipal Value Fund 2		400		5,516
Nuveen New York Performance Plus Municipal Fund, Inc.		6,922		96,700
Nuveen New York Quality Income Municipal Fund, Inc.		3,441		46,247
Nuveen New York Select Quality Municipal Fund, Inc.		10,701		144,035
Nuveen New York Select Tax-Free Income Portfolio		100		1,330
Nuveen Ohio Dividend Advantage Municipal Fund		100		1,344
Nuveen Ohio Dividend Advantage Municipal Fund 2		2,433		31,191
Nuveen Ohio Dividend Advantage Municipal Fund 3		100		1,370
Nuveen Ohio Quality Income Municipal Fund		4,900		70,952
Nuveen Pennsylvania Dividend Advantage Municipal Fund		5,690		72,604
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2		3,000		39,000
Nuveen Pennsylvania Investment Quality Municipal Fund		6,982		91,185
Nuveen Pennsylvania Municipal Value Fund		1,670		23,514
Nuveen Pennsylvania Premium Income Municipal Fund 2		18,647		228,985
Nuveen Premier Insured Municipal Income Fund, Inc.		100		1,467
Nuveen Premier Municipal Income Fund, Inc.		1,984		25,375
Nuveen Premium Income Municipal Fund		100		1,274
Nuveen Premium Income Municipal Fund 2		28,097		367,230
Nuveen Premium Income Municipal Fund 4		2,334		26,911
Nuveen Quality Preferred Income Fund		100		774

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

CLOSED-END FUNDS - 2.4% (Continued)	Shares		Value
Nuveen Quality Preferred Income Fund 2		100	$	826
Nuveen Quality Preferred Income Fund 3		100		820
Nuveen Select Maturities Municipal Fund		100		998
Nuveen Select Tax-Free Income Portfolio		100		1,349
Nuveen Select Tax-Free Income Portfolio 2		100		1,271
Nuveen Select Tax-Free Income Portfolio 3		100		1,327
Nuveen Tax-Advantaged Dividend Growth Fund		466		6,254
Nuveen Tax-Advantaged Total Return Strategy Fund		100		1,200
Pacholder High Yield Fund, Inc.		100		970
Petroleum & Resources Corporation		12,944		400,228
Putnam Managed Municipal Income Trust		100		688
RENN Global Entrepreneurs Fund (a)		2,523		5,652
Rivus Bond Fund		100		1,839
RMR Asia Pacific Real Estate Fund (a)		6,501		116,696
RMR Real Estate Income Fund		3,100		101,463
Royce Focus Trust, Inc.		9,315		78,712
Royce Micro-Cap Trust, Inc.		43,870		452,300
Royce Value Trust, Inc.		95,631		1,515,751
Singapore Fund, Inc. (The)		100		1,483
Source Capital, Inc.		258		15,016
Stone Harbor Emerging Markets Income Fund		100		2,484
SunAmerica Focused Alpha Growth Fund, Inc.		100		2,079
SunAmerica Focused Alpha Large-Cap Fund, Inc.		100		1,880
Swiss Helvetia Fund, Inc. (The)		100		1,491
Taiwan Fund, Inc.		100		1,973
Taiwan Greater China Fund (The) (a)		100		806
TCW Strategic Income Fund, Inc.		100		544
Templeton Dragon Fund, Inc.		11,761		370,472
Thai Capital Fund, Inc. (The)		7,574		99,825
Thai Fund, Inc. (The)		24,632		344,355
Tortoise Power and Energy Infrastructure Fund, Inc.		100		2,554
Tri-Continental Corporation		7,200		109,224
TS&W/Claymore Tax-Advantaged Balanced Fund		100		1,154
Turkish Investment Fund, Inc. (The)		2,523		44,480
Wells Fargo Advantage Multi-Sector Income Fund		44,533		673,784
Western Asset Emerging Markets Debt Fund, Inc.		12,020		226,216
Western Asset Emerging Markets Income Fund, Inc.		100		1,347
Western Asset High Yield Defined Opportunity Fund, Inc.		100		1,910
Western Asset Income Fund		100		1,303
Western Asset Intermediate Muni Fund, Inc.		100		936
Western Asset Municipal Defined Opportunity Trust, Inc.		100		1,981
Western Asset Municipal High Income Fund, Inc.		100		725
Western Asset Municipal Partners Fund, Inc.		100		1,330
Western Asset Variable Rate Strategic Fund, Inc.		100		1,705
Western Asset Worldwide Income Fund, Inc.		100		1,328
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		100		1,251
Zweig Fund, Inc.		19,170		66,712
Zweig Total Return Fund, Inc. (The)		117,817		406,469
Total Closed-End Funds (Cost $37,497,003)			$	38,573,865

TFS MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Continued)

EXCHANGE-TRADED FUNDS - 0.1%	Shares		Value
SPDR Morgan Stanley Technology ETF		56	$	3,906
Vanguard Extended Duration Treasury ETF (b)		7,609		618,916
WisdomTree Earnings 500 Fund		35		1,644
Total Exchange-Traded Funds (Cost $691,750)			$	624,466


RIGHTS - 0.0%	Shares		Value
KHD Humboldt Wedag International AG (a) (Cost $10,675)		10,216	$	19,369


MONEY MARKET FUNDS - 7.1%	Shares		Value
UMB Money Market Fiduciary, 0.01% (d) (Cost $115,434,162)		115,434,162	$	115,434,162

Total Investments at Value - 101.0% (Cost $1,568,477,792)			$	1,635,546,210

Liabilities in Excess of Other Assets - (1.0%)				(15,591,341	)

Net Assets - 100.0%			$	1,619,954,869

ADR	- American Depositary Receipt.

(a)	Non-income producing security.
(b)	All or a portion of the shares have been committed as collateral for open short positions.
(c)	Fair value priced (Note 1). Fair valued securities totaled $392,556 at April 30, 2011, representing 0.0% of net assets.
(d)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.

See accompanying notes to financial statements.

TFS MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT
April 30, 2011 (Unaudited)

COMMON STOCKS - 64.8%	Shares		Value
Consumer Discretionary - 9.3%
Auto Components - 0.3%
Fuel Systems Solutions, Inc.		166,061	$	4,936,163
Quantum Fuel Systems Technologies Worldwide, Inc.		120,247		310,237
Wonder Auto Technology, Inc.		2,489		14,735
				5,261,135
Automobiles - 0.2%
Kandi Technologies Corporation		57,825		167,693
Thor Industries, Inc.		800		24,808
Winnebago Industries, Inc.		185,446		2,295,821
				2,488,322
Distributors - 0.1%
Core-Mark Holding Company, Inc.		29,618		992,499
Pool Corporation		69		2,088
Weyco Group, Inc.		849		20,588
				1,015,175
Diversified Consumer Services - 1.0%
American Public Education, Inc.		4,916		207,701
Bridgepoint Education, Inc.		29,976		526,079
Capella Education Company		24,500		1,215,200
Career Education Corporation		8,569		186,890
ChinaCast Education Corporation		350,037		2,138,726
Coinstar, Inc.		36,500		1,970,270
Corinthian Colleges, Inc.		55,778		248,212
CPI Corporation		26,659		479,062
DeVry, Inc.		21		1,111
Education Management Corporation		270,187		5,009,267
Hillenbrand, Inc.		2,500		57,300
ITT Educational Services, Inc.		1,400		100,422
Jackson Hewitt Tax Service, Inc.		34,400		17,892
Matthews International Corporation - Class A		8,100		325,134
Pre-Paid Legal Services, Inc.		4,404		290,444
Regis Corporation		45,400		771,800
Stewart Enterprises, Inc. - Class A		338,949		2,748,876
				16,294,386
Hotels, Restaurants & Leisure - 0.6%
Bob Evans Farms, Inc.		5,800		181,888
Boyd Gaming Corporation		120,645		1,078,566
Cracker Barrel Old Country Store, Inc.		7,500		384,225
Denny's Corporation		299,112		1,223,368
Gaylord Entertainment Company		4,600		165,002
Hyatt Hotels Corporation - Class A		900		39,879
O'Charley's, Inc.		69,996		457,774
P.F. Chang's China Bistro, Inc.		53,149		2,131,275
Peet's Coffee & Tea, Inc.		59,738		2,776,622
Pinnacle Entertainment, Inc.		25,900		359,492
PokerTek, Inc.		520		762
Ruth's Hospitality Group, Inc.		51,800		254,338
Shuffle Master, Inc.		4		44

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Consumer Discretionary - 9.3% (Continued)
Hotels, Restaurants & Leisure - 0.6% (Continued)
Speedway Motorsports, Inc.		16,644	$	259,313
Star Buffet, Inc.		600		456
Town Sports International Holdings, Inc.		100		716
Universal Travel Group (a)		238,516		472,262
				9,785,982
Household Durables - 1.8%
American Greetings Corporation - Class A		146,086		3,593,716
Beazer Homes USA, Inc.		201,606		939,484
Cavco Industries, Inc.		4,112		191,126
Comstock Homebuilding Companies, Inc. - Class A		35,701		43,912
Deer Consumer Products, Inc.		253,695		2,572,467
Ethan Allen Interiors, Inc.		43,968		1,059,189
Flexsteel Industries, Inc.		100		1,429
Furniture Brands International, Inc.		48,178		233,182
Garmin Ltd.		177,541		6,077,228
Hooker Furniture Corporation		3,532		43,938
Hovnanian Enterprises, Inc. - Class A		238,967		767,084
Jarden Corporation		21,800		793,302
KB Home		159,200		1,880,152
La-Z-Boy, Inc.		223,634		2,629,936
Libbey, Inc.		4,106		70,007
MDC Holdings, Inc.		14,600		426,174
Meritage Homes Corporation		6,338		151,542
PulteGroup, Inc.		481,048		3,910,920
Ryland Group, Inc. (The)		84,100		1,455,771
Sealy Corporation		449,401		1,186,419
Skyline Corporation		4,610		90,402
Standard Pacific Corporation		139,355		537,910
Toll Brothers, Inc.		2,000		42,020
				28,697,310
Internet & Catalog Retail - 0.7%
Blue Nile, Inc.		59,246		3,377,022
E-Commerce China Dangdang, Inc. - ADR		26,600		612,066
Gaiam, Inc. - Class A		6,100		36,295
NutriSystem, Inc.		145,807		2,192,937
Overstock.com, Inc.		107,808		1,498,531
PetMed Express, Inc.		162,098		2,446,059
Shutterfly, Inc.		28,097		1,729,652
U.S. Auto Parts Network, Inc.		5,662		43,937
				11,936,499
Leisure Equipment & Products - 0.5%
Brunswick Corporation		40,900		955,833
Callaway Golf Company		120,317		851,844
Eastman Kodak Company		200,371		557,031
JAKKS Pacific, Inc.		170,790		3,593,422
Johnson Outdoors, Inc.		1,236		20,505
LeapFrog Enterprises, Inc.		4,053		17,306
Nautilus, Inc.		1,102		3,571
Polaris Industries, Inc.		5,200		548,236

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Consumer Discretionary - 9.3% (Continued)
Leisure Equipment & Products - 0.5% (Continued)
Steinway Musical Instruments, Inc.		100	$	2,500
Sturm Ruger & Company, Inc.		56,796		1,350,609
Summer Infant, Inc.		300		2,652
				7,903,509
Media - 0.8%
Atrinsic, Inc.		11,051		28,733
Carmike Cinemas, Inc.		4,657		33,810
China MediaExpress Holdings, Inc. (a)		215,809		1,281,884
China Yida Holding Company		5,003		35,021
Cumulus Media, Inc. - Class A		52,165		242,567
E.W. Scripps Company - Class A		17,076		162,222
Entercom Communications Corporation - Class A		32,255		340,935
Lee Enterprises, Inc.		38,199		54,625
Liberty Media, LLC - Starz Entertainment - Series A		600		46,110
LodgeNet Interactive Corporation		46,100		161,811
Martha Stewart Living Omnimedia, Inc. - Class A		415,145		1,548,491
McClatchy Company (The) - Class A		522,224		1,493,561
Media General, Inc.		280,685		1,512,892
Meredith Corporation		26,588		888,571
New York Times Company (The)		145,773		1,185,134
Radio One, Inc. - Class D		20,000		58,200
ReachLocal, Inc.		7		163
Regal Entertainment Group - Class A		17,902		246,690
Rentrak Corporation		2,768		63,498
Scholastic Corporation		25,709		675,632
SearchMedia Holdings Ltd.		1,000		2,150
Spanish Broadcasting System, Inc.		20		15
SPAR Group, Inc.		500		862
SuperMedia, Inc.		17,125		88,022
Valassis Communications, Inc.		39,100		1,127,253
Viacom, Inc. - Class A		20,276		1,178,847
Westwood One, Inc.		1,196		8,336
				12,466,035
Multiline Retail - 0.8%
Bon-Ton Stores, Inc. (The)		81,314		1,128,638
Fred's, Inc. - Class A		55,317		772,226
Sears Holdings Corporation		129,734		11,153,232
				13,054,096
Specialty Retail - 1.4%
Aaron's, Inc.		10,800		310,932
Aéropostale, Inc.		4,600		117,438
Asbury Automotive Group, Inc.		21,240		367,452
AutoChina International Ltd.		5,581		148,231
Barnes & Noble, Inc.		220,731		2,425,834
Blockbuster, Inc. - Class A		294,200		18,535
Borders Group, Inc.		9,600		2,947
Brown Shoe Company, Inc.		63,185		799,290
Build-A-Bear Workshop, Inc.		600		3,678
Cabela's, Inc. - Class A		12,344		315,266

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Consumer Discretionary - 9.3% (Continued)
Specialty Retail - 1.4% (Continued)
Cache, Inc.		167	$	959
Children's Place Retail Stores, Inc. (The)		6,100		324,337
China Auto Logistics, Inc.		2,600		5,330
Citi Trends, Inc.		29,650		660,009
Collective Brands, Inc.		14,400		302,400
Conn's, Inc.		402,014		2,633,192
Genesco, Inc.		70		2,827
Group 1 Automotive, Inc.		13		559
hhgregg, Inc.		158,400		1,957,824
Hibbett Sports, Inc.		1,600		60,448
Lumber Liquidators Holdings, Inc.		85,469		2,217,920
MarineMax, Inc.		17,553		167,807
Midas, Inc.		3,472		25,241
Monro Muffler Brake, Inc.		69		2,096
Office Depot, Inc.		250,147		1,078,133
Pacific Sunwear of California, Inc.		7,000		22,330
Pep Boys - Manny Moe & Jack (The)		490		6,713
RadioShack Corporation		148,490		2,347,627
Rue21, Inc.		19,913		599,779
Sonic Automotive, Inc. - Class A		101,686		1,433,773
Syms Corporation		1,221		9,695
Talbots, Inc. (The)		631		3,395
West Marine, Inc.		9,402		102,294
Wet Seal, Inc. (The)		757,777		3,334,219
Zumiez, Inc.		54,750		1,539,022
				23,347,532
Textiles, Apparel & Luxury Goods - 1.1%
Carter's, Inc.		63,300		1,957,236
Cherokee, Inc.		15,692		304,425
Culp, Inc.		86		867
Delta Apparel, Inc.		688		12,171
DGSE Companies, Inc.		740		4,240
Forward Industries, Inc.		100		446
Hanesbrands, Inc.		12,500		406,375
Heelys, Inc.		200		438
Iconix Brand Group, Inc.		31,781		778,317
Joe's Jeans, Inc.		100		98
Jones Group, Inc. (The)		364,414		4,966,963
Kingold Jewelry, Inc.		57,458		113,767
K-Swiss, Inc. - Class A		71,470		879,796
Lacrosse Footwear, Inc.		500		8,310
Liz Claiborne, Inc.		133,191		837,771
R.G. Barry Corporation		24		294
Skechers U.S.A., Inc. - Class A		84,096		1,602,029
True Religion Apparel, Inc.		83,883		2,534,944
Under Armour, Inc. - Class A		700		47,922
Volcom, Inc.		142,216		2,805,921
Wolverine World Wide, Inc.		25,800		1,023,744
				18,286,074

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Consumer Staples - 2.9%
Beverages - 0.1%
Central European Distribution Corporation		145,850	$	1,723,947
China New Borun Corporation		44,020		410,707
MGP Ingredients, Inc.		56		489
				2,135,143
Food & Staples Retailing - 0.6%
Anderson's, Inc. (The)		34,357		1,705,825
Great Atlantic & Pacific Tea Company, Inc. (The)		868,266		161,063
Nash Finch Company		5,442		202,551
Pizza Inn, Inc.		968		2,004
Ruddick Corporation		7,300		303,096
Spartan Stores, Inc.		25,452		397,306
SUPERVALU, Inc.		503,522		5,669,658
United Natural Foods, Inc.		1,100		46,959
Weis Markets, Inc.		1,810		74,698
Winn-Dixie Stores, Inc.		34,543		244,910
				8,808,070
Food Products - 1.3%
Calavo Growers, Inc.		40,697		854,637
Cal-Maine Foods, Inc.		121,779		3,518,195
Chiquita Brands International, Inc.		26,700		425,064
Dean Foods Company		4		45
Diamond Foods, Inc.		37,211		2,441,042
Dole Food Company, Inc.		89,040		1,229,642
Feihe International, Inc.		245,588		2,622,880
Fresh Del Monte Produce, Inc.		55,800		1,512,738
Imperial Sugar Company		32,928		450,455
John B. Sanfilippo & Son, Inc.		359		3,949
Lancaster Colony Corporation		6,500		397,215
Lifeway Foods, Inc.		4,205		40,326
Limoneira Company		78		1,717
Sanderson Farms, Inc.		78,795		3,750,642
Seneca Foods Corporation - Class A		2,094		58,548
Smart Balance, Inc.		92,669		442,958
Snyder's-Lance, Inc.		53,866		1,063,854
Tootsie Roll Industries, Inc.		38,005		1,126,468
TreeHouse Foods, Inc.		17,600		1,067,792
Yuhe International, Inc.		30,837		170,837
Zhongpin, Inc.		33,542		560,151
				21,739,155
Household Products - 0.1%
Central Garden & Pet Company		12,900		126,033
Central Garden & Pet Company - Class A		85,759		859,305
Spectrum Brands Holdings, Inc.		25,947		843,278
				1,828,616
Personal Products - 0.6%
China Sky One Medical, Inc.		196,014		558,640
China-Biotics, Inc.		700,276		6,834,694
Medifast, Inc.		45,742		903,404

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Consumer Staples - 2.9% (Continued)
Personal Products - 0.6% (Continued)
Synutra International, Inc.		60,282	$	626,933
				8,923,671
Tobacco - 0.2%
Alliance One International, Inc.		176,873		705,723
Star Scientific, Inc.		185,811		745,102
Universal Corporation		4,048		175,602
Vector Group Ltd.		51,188		939,812
				2,566,239
Energy - 6.4%
Energy Equipment & Services - 0.9%
Cal Dive International, Inc.		108		849
Complete Production Services, Inc.		14,800		502,312
Dawson Geophysical Company		1,856		82,778
Dril-Quip, Inc.		25,700		1,967,592
ENGlobal Corporation		100		408
Exterran Holdings, Inc.		59,950		1,301,514
Geokinetics, Inc.		34,847		332,789
Hornbeck Offshore Services, Inc.		9,917		289,874
Key Energy Services, Inc.		73,200		1,332,240
Natural Gas Services Group, Inc.		2,185		39,396
Newpark Resources, Inc.		466,176		4,209,569
PHI, Inc.		1,322		29,586
Recon Technology Ltd.		200		630
RPC, Inc.		21,600		584,280
Seahawk Drilling, Inc.		226,206		1,662,614
Seawell Ltd.		72,539		481,087
SulphCo, Inc.		517,569		47,616
TETRA Technologies, Inc.		102,021		1,506,850
TGC Industries, Inc.		600		4,938
Tidewater, Inc.		2,700		160,677
Willbros Group, Inc.		246		2,645
				14,540,244
Oil, Gas & Consumable Fuels - 5.5%
Abraxas Petroleum Corporation		36		183
ATP Oil & Gas Corporation		364,301		6,477,272
Bill Barrett Corporation		1,000		41,730
BioFuel Energy Corporation		332,796		242,941
Blue Dolphin Energy Company		25,031		176,218
BPZ Resources, Inc.		271,988		1,294,663
Buckeye Partners, L.P.		76		4,945
Capital Product Partners, L.P.		212		2,396
Carrizo Oil & Gas, Inc.		56,700		2,258,928
Cheniere Energy Partners, L.P.		14,208		261,711
Cheniere Energy, Inc.		415,503		3,772,767
China Integrated Energy, Inc. (a)		464,950		855,508
China North East Petroleum Holdings Ltd.		117,647		502,353
Clean Energy Fuels Corporation		390,951		6,661,805
Comstock Resources, Inc.		42,000		1,346,520
Contango Oil & Gas Company		3,300		204,336

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Oil, Gas & Consumable Fuels - 5.5% (Continued)
Delta Petroleum Corporation		13,927	$	11,658
DHT Holdings, Inc.		691,052		2,992,255
Double Eagle Petroleum Company		32,936		335,288
Duncan Energy Partners, L.P.		100		4,314
El Paso Pipeline Partners, L.P.		100		3,704
Evergreen Energy, Inc.		135,100		349,909
Frontline Ltd.		7,500		165,825
FX Energy, Inc.		54,595		448,225
Gastar Exploration Ltd.		36,914		166,113
General Maritime Corporation		295,494		632,357
Genesis Energy, L.P.		2,900		80,968
GeoGlobal Resources, Inc.		254,060		130,841
GMX Resources, Inc.		553,170		3,252,640
Goodrich Petroleum Corporation		45,000		1,011,150
Green Plains Renewable Energy, Inc.		97,177		1,216,656
GreenHunter Energy, Inc.		2,800		2,604
Gulfport Energy Corporation		7,000		238,280
Harvest Natural Resources, Inc.		83,110		1,148,580
Houston American Energy Corporation		157,952		2,904,737
Hyperdynamics Corporation		301,039		1,270,385
International Coal Group, Inc.		12,600		138,978
Isramco, Inc.		1,113		74,348
James River Coal Company		15,200		354,464
Kinder Morgan Management, LLC		28,356		1,933,312
Knightsbridge Tankers Ltd.		22,227		497,663
Kodiak Oil & Gas Corporation		269,268		1,890,261
L & L Energy, Inc.		372,651		2,589,924
Lucas Energy, Inc.		94,048		302,835
Magnum Hunter Resources Corporation		411,769		3,360,035
McMoRan Exploration Company		8,200		150,142
Mesa Royalty Trust		243		12,053
Miller Energy Resources, Inc.		10,856		62,639
Natural Resource Partners, L.P.		100		3,441
New Concept Energy, Inc.		11,200		33,600
Nordic American Tanker Shipping Ltd.		32,356		743,541
Overseas Shipholding Group, Inc.		115,100		3,206,686
Pacific Ethanol, Inc.		125,889		59,168
Patriot Coal Corporation		82,600		2,079,868
Penn Virginia Corporation		296,400		4,582,344
Petroleum Development Corporation		31,367		1,249,034
Provident Energy Ltd.		19,800		186,516
Pyramid Oil Company		3,200		19,296
Quicksilver Resources, Inc.		138,900		2,062,665
Rentech, Inc.		153,419		170,295
Resolute Energy Corporation		84,871		1,501,368
Rex Energy Corporation		280,688		3,601,227
Royale Energy, Inc.		490,670		2,217,828
San Juan Basin Royalty Trust		15,138		377,844
Scorpio Tankers, Inc.		12,471		146,784

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Energy - 6.4% (Continued)
Oil, Gas & Consumable Fuels - 5.5% (Continued)
Syntroleum Corporation		254,637	$	522,006
Tesoro Corporation		4,000		108,480
Tri-Valley Corporation		524,122		414,109
Uranium Energy Corporation		773,143		2,690,538
USEC, Inc.		923,541		4,229,818
Verenium Corporation		68,678		201,227
Voyager Oil & Gas, Inc.		9,050		38,553
W&T Offshore, Inc.		95,500		2,560,355
Warren Resources, Inc.		33,014		149,553
Western Refining, Inc.		77,900		1,321,184
Whiting USA Trust I		33,229		577,520
World Fuel Services Corporation		40,800		1,614,864
Zion Oil & Gas, Inc.		88,235		474,704
				88,981,835
Financials - 10.8%
Capital Markets - 1.0%
AllianceBernstein Holding, L.P.		4,900		108,780
Apollo Investment Corporation		4,400		52,140
Arlington Asset Investment Corporation		10,782		328,851
BGC Partners, Inc. - Class A		47,276		456,213
BlackRock Kelso Capital Corporation		139,103		1,463,364
Cohen & Steers, Inc.		16,880		531,045
Cowen Group, Inc.		243,842		1,014,383
Evercore Partners, Inc. - Class A		10,102		352,459
FBR Capital Markets Corporation		3,014		10,850
Federated Investors, Inc. - Class B		92,575		2,386,583
GAMCO Investors, Inc. - Class A		508		26,137
Gladstone Investment Corporation		443		3,429
Greenhill & Company, Inc.		20,200		1,191,800
INTL FCStone, Inc.		19,949		528,250
Investors Capital Holdings Ltd.		600		3,594
JMP Group, Inc.		6,400		55,040
KBW, Inc.		9,900		224,928
Knight Capital Group, Inc.		142,835		1,959,696
LaBranche & Company, Inc.		270,372		1,089,599
Main Street Capital Corporation		10,858		204,239
MCG Capital Corporation		30,200		199,320
MF Global Holdings Ltd.		21,731		182,758
MVC Capital, Inc.		14,400		199,152
NGP Capital Resources Company		27,000		254,880
Oppenheimer Holdings, Inc.		8,200		251,822
optionsXpress Holdings, Inc.		19,686		363,010
Penson Worldwide, Inc.		110,687		671,870
Piper Jaffray Companies, Inc.		18,117		649,494
Prospect Capital Corporation		190		2,301
SWS Group, Inc.		145,383		886,836
Tortoise Capital Resources Corporation		48		408
TradeStation Group, Inc.		36,800		355,120

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Capital Markets - 1.0% (Continued)
Triangle Capital Corporation		13,200	$	235,752
				16,244,103
Commercial Banks - 4.0%
Alliance Financial Corporation		1,300		41,912
American National Bankshares, Inc.		1,100		25,454
Ameris Bancorp		39,050		388,157
Arrow Financial Corporation		6,000		149,100
BancorpSouth, Inc.		47,770		647,284
BancTrust Financial Group, Inc.		5,150		12,875
Bank of the Ozarks, Inc.		70,650		3,146,045
Boston Private Financial Holdings, Inc.		123,233		861,399
Bridge Bancorp, Inc.		8,031		171,863
Britton & Koontz Capital Corporation		50		638
Capital City Bank Group, Inc.		19,927		223,182
Capitol Bancorp Ltd.		40,199		6,834
Cascade Bancorp		713		6,652
Cascade Financial Corporation		8,266		3,472
CenterState Banks, Inc.		4,914		30,565
Central Pacific Financial Corporation		11,476		173,058
Citizens Holding Company		1,201		24,440
Citizens Republic Bancorp, Inc.		100		92
City Bank		13,668		4,032
City Holding Company		83,583		2,850,180
CoBiz Financial, Inc.		151,239		1,026,913
Columbia Banking Systems, Inc.		4,063		76,628
Community Bank System, Inc.		101,962		2,551,089
Community Trust Bancorp, Inc.		29		821
CVB Financial Corporation		286,288		2,788,445
First BanCorp (North Carolina)		4		56
First BanCorp (Puerto Rico)		344,087		1,716,994
First Bancorp, Inc.		679		10,083
First Busey Corporation		38,025		199,631
First Community Bancshares, Inc.		2,526		37,536
First Financial Bancorporation		2,000		32,960
First Financial Bankshares, Inc.		53,797		2,981,430
First Midwest Bancorp, Inc.		40,100		525,310
FirstMerit Corporation		79,423		1,387,520
FNB Corporation		209,511		2,294,145
Frontier Financial Corporation		10,459		1,464
German American Bancorp, Inc.		200		3,490
Glacier Bancorp, Inc.		19,200		288,576
Great Southern Bancorp, Inc.		16,639		344,427
Green Bankshares, Inc.		34,766		70,575
Hampton Roads Bankshares, Inc.		10,744		158,044
IBERIABANK Corporation		54,300		3,258,543
Independent Bank Corporation (Massachusetts)		94,084		2,757,602
Independent Bank Corporation (Michigan)		20,400		61,200
International Bancshares Corporation		75,608		1,332,213
Investors Bancorp, Inc.		129,086		1,941,453

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Commercial Banks - 4.0% (Continued)
Lakeland Bancorp, Inc.		26,535	$	283,659
Macatawa Bank Corporation		50,928		131,904
MainSource Financial Group, Inc.		24,257		233,595
Mercantile Bancorp, Inc.		900		765
Mercantile Bank Corporation		19,216		175,634
Merchants Bancshares, Inc.		2,000		53,800
Metro Bancorp, Inc.		3,500		43,750
Nara Bancorp, Inc.		72,587		713,530
National Bankshares, Inc.		8,820		250,753
National Penn Bancshares, Inc.		126,521		1,038,737
Old Second Bancorp, Inc.		50,984		63,220
Oriental Financial Group, Inc.		36,374		471,407
PAB Bankshares, Inc.		4,809		721
Pacific Mercantile Bancorp		700		3,010
PacWest Bancorp		24,303		558,726
Park National Corporation		35,903		2,480,179
Patriot National Bancorp		994		1,948
Pinnacle Financial Partners, Inc.		3,465		55,683
PremierWest Bancorp, Inc.		14,874		31,087
Princeton National Bancorp, Inc.		600		3,066
Prosperity Bancshares, Inc.		6,400		293,440
Renasant Corporation		65,111		1,092,563
Republic Bancorp, Inc. - Class A		17,323		377,295
S&T Bancorp, Inc.		104,767		2,138,294
S.Y. Bancorp, Inc.		11,684		291,749
Salisbury Bancorp, Inc.		300		7,950
Sandy Spring Bancorp, Inc.		4,758		85,025
SCBT Financial Corporation		9,123		294,126
Security Bank Corporation		32,973		–
Sierra Bancorp		900		10,035
Simmons First National Corporation - Class A		8,662		228,590
Southern Connecticut Bancorp, Inc.		200		890
Southside Bancshares, Inc.		40,427		879,287
Southwest Bancorp, Inc.		11,870		168,317
StellarOne Corporation		189		2,646
Sterling Financial Corporation		122,276		2,156,949
Suffolk Bancorp		23,414		384,224
Superior Bancorp		400		8
SVB Financial Group		37,195		2,248,066
Taylor Capital Group, Inc.		65,817		654,221
TCF Financial Corporation		1,300		20,267
Texas Capital Bancshares, Inc.		53,391		1,377,488
Tompkins Financial Corporation		124		5,052
TowneBank		97,068		1,438,548
Trico Bancshares		10,833		176,686
UMB Financial Corporation		9,587		403,709
United Bankshares, Inc.		81,796		2,139,783
United Security Bancshares		2,963		9,778
United Security Bancshares, Inc.		18		129

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Commercial Banks - 4.0% (Continued)
Valley National Bancorp		22,500	$	322,200
VIST Financial Corporation		200		1,528
Washington Banking Company		13,434		187,942
Washington Trust Bancorp, Inc.		4,853		113,706
Webster Financial Corporation		3,428		73,771
Westamerica Bancorporation		13,836		702,730
Western Alliance Bancorporation		332,045		2,746,012
Wilshire Bancorp, Inc.		154,009		616,036
Wintrust Financial Corporation		45,113		1,519,857
Zions Bancorporation		100		2,445
				64,380,898
Consumer Finance - 0.4%
Cash America International, Inc.		35,410		1,680,205
CompuCredit Holdings Corporation		112,296		478,381
First Marblehead Corporation (The)		40,882		87,896
Green Dot Corporation - Class A		19,117		825,090
World Acceptance Corporation		58,357		3,965,358
				7,036,930
Diversified Financial Services - 0.5%
CBOE Holdings, Inc.		2,200		59,004
Life Partners Holdings, Inc.		601,633		4,217,447
PHH Corporation		149,300		3,203,978
				7,480,429
Insurance - 1.1%
Allied World Assurance Company Holdings Ltd.		13,992		909,060
Ambac Financial Group, Inc.		89,956		12,432
American Equity Investment Life Holding Company		28,816		370,574
American International Group, Inc.		1,800		56,070
AmTrust Financial Services, Inc.		7,071		136,470
Argo Group International Holdings Ltd.		3,158		99,193
Arthur J. Gallagher & Company		9,500		282,910
eHealth, Inc.		323,332		4,397,315
Gerova Financial Group Ltd. (a)		9,506		25,096
Hilltop Holdings, Inc.		154,307		1,496,778
MBIA, Inc.		194,540		2,007,653
National Financial Partners Corporation		109,824		1,767,068
Old Republic International Corporation		169,340		2,145,538
Phoenix Companies, Inc. (The)		73,139		196,744
Primerica, Inc.		6,800		157,216
RLI Corporation		12,830		760,049
Stewart Information Services Corporation		136,875		1,387,912
Tower Group, Inc.		76,070		1,739,721
				17,947,799
Real Estate Investment Trusts (REIT) - 2.9%
Agree Realty Corporation		44,619		1,043,639
Apollo Commercial Real Estate Finance, Inc.		18,089		295,574
Arbor Realty Trust, Inc.		1,300		6,838
ARMOUR Residential REIT, Inc.		459,663		3,415,296

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Real Estate Investment Trusts (REIT) - 2.9% (Continued)
Ashford Hospitality Trust, Inc.		64,014	$	798,255
BRE Properties, Inc.		300		15,216
Capital Trust, Inc. - Class A		56,167		283,082
Chimera Investment Corporation		200		810
Colonial Properties Trust		315,100		6,667,516
Cousins Properties, Inc.		96		864
Douglas Emmett, Inc.		347,957		7,240,985
Duke Realty Corporation		81,100		1,236,775
DuPont Fabros Technology, Inc.		47,000		1,149,620
Entertainment Properties Trust		6,000		285,660
Extra Space Storage, Inc.		112,359		2,432,572
First Potomac Realty Trust		1,200		19,476
Franklin Street Properties Corporation		56,400		797,496
Glimcher Realty Trust		20,856		199,175
Inland Real Estate Corporation		80		782
Investors Real Estate Trust		79,090		744,237
iStar Financial, Inc.		281,183		2,704,981
Lexington Realty Trust		905,794		9,039,824
Liberty Property Trust		98,901		3,478,348
National Health Investors, Inc.		600		29,178
National Retail Properties, Inc.		26,400		695,376
Parkway Properties, Inc.		40,239		721,485
Pennsylvania Real Estate Investment Trust		39,903		630,068
Ramco-Gershenson Properties Trust		118,758		1,530,791
Sun Communities, Inc.		18,905		727,464
Sunstone Hotel Investors, Inc.		149,692		1,565,778
Transcontinental Realty Investors, Inc.		67		213
Whitestone REIT		1,000		13,900
				47,771,274
Real Estate Management & Development - 0.6%
China Housing & Land Development, Inc.		152,438		336,888
Consolidated-Tomoka Land Company		1,757		54,344
Maui Land & Pineapple Company, Inc.		800		4,208
MI Developments, Inc. - Class A		400		12,260
St. Joe Company (The)		335,577		8,765,271
				9,172,971
Thrifts & Mortgage Finance - 0.3%
Anchor BanCorp Wisconsin, Inc.		35,400		29,378
BankAtlantic Bancorp, Inc.		383,933		349,110
Berkshire Hills Bancorporation, Inc.		45,544		1,015,631
BofI Holding, Inc.		20,609		346,231
Brooklyn Federal Bancorp, Inc.		4,015		2,208
Clifton Savings Bancorp, Inc.		4,857		55,661
Dime Community Bancshares, Inc.		8,475		131,024
ESB Financial Corporation		212		3,598
ESSA Bancorp, Inc.		7		88
Federal Agricultural Mortgage Corporation - Class C		80,516		1,525,778
First Federal Bancshares of Arkansas, Inc.		5,100		14,790
First Financial Holdings, Inc.		753		8,268

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Financials - 10.8% (Continued)
Thrifts & Mortgage Finance - 0.3% (Continued)
FirstFed Financial Corporation		23,697	$	356
Guaranty Financial Group, Inc.		62,759		345
Home Federal Bancorp, Inc.		10		122
Impac Mortgage Holdings, Inc.		148		520
NASB Financial, Inc.		2,838		43,790
PMI Group, Inc. (The)		7		15
Provident Financial Services, Inc.		19,172		278,377
Radian Group, Inc.		24,200		143,506
Territorial Bancorp, Inc.		300		6,021
TFS Financial Corporation		5,311		57,784
Tree.com, Inc.		1,400		7,448
Triad Guaranty, Inc.		9,250		3,145
TrustCo Bank Corporation		249,099		1,494,594
Westfield Financial, Inc.		100		908
				5,518,696
Health Care - 10.2%
Biotechnology - 4.5%
Aastrom Biosciences, Inc.		314,649		852,699
Accentia Biopharmaceuticals, Inc.		1,600		864
Acorda Therapeutics, Inc.		122,609		3,437,956
ADVENTRX Pharmaceuticals, Inc.		64,378		166,739
AEterna Zentaris, Inc.		39,589		93,826
Alkermes, Inc.		12		173
Alnylam Pharmaceuticals, Inc.		49,479		507,655
AMAG Pharmaceuticals, Inc.		19,700		374,300
Amicus Therapeutics, Inc.		7		50
Amylin Pharmaceuticals, Inc.		446,066		5,932,678
Anadys Pharmaceuticals, Inc.		4,000		4,880
ARCA biopharma, Inc.		725		1,370
Ardea Biosciences, Inc.		73,557		2,085,341
Arena Pharmaceuticals, Inc.		887,860		1,243,004
AspenBio Pharma, Inc.		1,716		1,174
AVI BioPharma, Inc.		81		146
BioCryst Pharmaceuticals, Inc.		237,613		923,126
BioMarin Pharmaceutical, Inc.		41,564		1,117,656
BioMimetic Therapeutics, Inc.		116,803		1,573,336
BioSante Pharmaceuticals, Inc.		641,186		1,493,963
BioSpecifics Technologies Corporation		584		14,162
BioTime, Inc.		390,839		2,778,865
Cardium Therapeutics, Inc.		100		34
Cell Therapeutics, Inc.		1,133,061		380,708
CEL-SCI Corporation		547,321		376,010
Celsion Corporation		93,612		293,006
Cepheid		5,694		183,973
China Biologic Products, Inc.		60,170		842,982
Cleveland BioLabs, Inc.		258,829		2,026,631
Cyclacel Pharmaceuticals, Inc.		2,747		3,956
Cytori Therapeutics, Inc.		196,703		1,477,240
CytRx Corporation		1,179		1,063

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Health Care - 10.2% (Continued)
Biotechnology - 4.5% (Continued)
DARA BioSciences, Inc.		47,854	$	138,298
EntreMed, Inc.		54		261
Enzon Pharmaceuticals, Inc.		86,627		994,478
EpiCept Corporation		103,015		67,990
Exact Sciences Corporation		394,637		3,161,042
Exelixis, Inc.		7,806		95,702
Genomic Health, Inc.		25,914		707,452
Geron Corporation		120,311		577,493
GTx, Inc.		131,559		560,441
Hemispherx Biopharma, Inc.		192,180		96,090
Human Genome Sciences, Inc.		37,686		1,110,606
iBio, Inc.		67,589		192,629
Idenix Pharmaceuticals, Inc.		62		315
Incyte Corporation		43,339		800,905
Infinity Pharmaceuticals, Inc.		700		4,186
Inovio Pharmaceuticals, Inc.		5,700		5,424
Insmed, Inc.		488		4,255
Introgen Therapeutics, Inc.		45,612		68
Isis Pharmaceuticals, Inc.		25,700		241,066
Keryx Biopharmaceuticals, Inc.		508,725		2,691,155
MannKind Corporation		969,630		4,227,587
Marina Biotech, Inc.		513,222		302,904
MediciNova, Inc.		53,422		138,363
Metabolix, Inc.		416,834		3,368,019
Momenta Pharmaceuticals, Inc.		188,444		3,555,938
Nanosphere, Inc.		117		347
Neuralstem, Inc.		162,437		290,762
Neurocrine Biosciences, Inc.		193,188		1,485,616
NeurogesX, Inc.		52,780		178,924
Nymox Pharmaceutical Corporation		43,473		329,960
Oncolytics Biotech, Inc.		88,705		541,100
Oncothyreon, Inc.		103,909		470,708
Opexa Therapeutics, Inc.		125,663		226,193
Orexigen Therapeutics, Inc.		503,821		1,576,960
Osiris Therapeutics, Inc.		48,725		345,460
PDL BioPharma, Inc.		199,806		1,282,755
Pharmacyclics, Inc.		72,093		477,977
Pharmasset, Inc.		16,116		1,635,290
PharmAthene, Inc.		137,771		515,264
Pluristem Therapeutics, Inc.		14,300		38,467
Poniard Pharmaceuticals, Inc.		1,300		468
PROLOR Biotech, Inc.		75,304		390,075
Rexahn Pharmaceuticals, Inc.		7,128		8,696
Rosetta Genomics Ltd.		4,400		1,760
RXi Pharmaceuticals Corporation		166,678		155,011
Sangamo Biosciences, Inc.		279,637		2,007,794
Savient Pharmaceuticals, Inc.		226,384		2,628,318
SciClone Pharmaceuticals, Inc.		334,681		1,475,943
Seattle Genetics, Inc.		89,400		1,484,934

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Health Care - 10.2% (Continued)
Biotechnology - 4.5% (Continued)
SIGA Technologies, Inc.		214,941	$	2,951,140
StemCells, Inc.		659		554
Theravance, Inc.		24,273		673,576
Threshold Pharmaceuticals, Inc.		149,667		309,811
Transcept Pharmaceuticals, Inc.		700		7,035
Vanda Pharmaceuticals, Inc.		11,696		94,153
XOMA Ltd.		1,100		3,278
ZIOPHARM Oncology, Inc.		51		386
				72,820,948
Health Care Equipment & Supplies - 2.9%
Abaxis, Inc.		16,480		478,744
Analogic Corporation		3,100		178,777
Angiotech Pharmaceuticals, Inc.		1,331		25
Antares Pharma, Inc.		13,625		25,342
BSD Medical Corporation		1,244,032		5,112,972
Conceptus, Inc.		118,411		1,827,082
CONMED Corporation		25,051		703,432
Cooper Companies, Inc. (The)		4,900		367,010
Cutera, Inc.		2,100		18,564
Delcath Systems, Inc.		560,838		3,965,125
Exactech, Inc.		8		143
Gen-Probe, Inc.		2,800		232,176
Greatbatch, Inc.		110,705		2,996,784
HeartWare International, Inc.		17,234		1,285,829
ICU Medical, Inc.		67,936		3,064,593
Insulet Corporation		116,218		2,497,525
Invacare Corporation		18,437		606,577
Kensey Nash Corporation		72,644		1,796,486
Kinetic Concepts, Inc.		510		30,105
Masimo Corporation		5,700		198,303
MELA Sciences, Inc.		1,148,750		4,261,863
Meridian Bioscience, Inc.		47,762		1,180,199
Neogen Corporation		1,500		62,850
Neoprobe Corporation		283,215		1,373,593
NuVasive, Inc.		58,100		1,794,709
NxStage Medical, Inc.		52,733		1,299,341
Quidel Corporation		282,982		3,755,171
Rockwell Medical Technologies, Inc.		32,488		333,652
Shamir Optical Industry Ltd.		200		2,760
Stereotaxis, Inc.		534,592		2,079,563
STERIS Corporation		12,753		459,618
Thoratec Corporation		120,037		3,685,136
Unilife Corporation		102,665		571,844
Uroplasty, Inc.		17,600		120,736
Vascular Solutions, Inc.		1,418		18,122
West Pharmaceutical Services, Inc.		5,700		269,268
Winner Medical Group, Inc.		7,553		38,143
World Heart Corporation		1,600		1,888
				46,694,050

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Health Care - 10.2% (Continued)
Health Care Providers & Services - 0.5%
Air Methods Corporation		7,247	$	490,042
Allied Healthcare International, Inc.		99		258
Amedisys, Inc.		66,246		2,207,317
AMN Healthcare Services, Inc.		64,653		557,955
Bio-Reference Laboratories, Inc.		86,503		2,180,741
BioScrip, Inc.		86,390		398,258
Chemed Corporation		24,030		1,673,209
Emeritus Corporation		4,925		120,712
ExamWorks Group, Inc.		10,781		239,338
Healthways, Inc.		13,631		230,637
IPC The Hospitalist Company, Inc.		200		10,372
LCA-Vision, Inc.		800		5,392
MWI Veterinary Supply, Inc.		51		4,242
PSS World Medical, Inc.		9,600		276,096
VCA Antech, Inc.		49		1,205
				8,395,774
Health Care Technology - 0.0%
athenahealth, Inc.		10,580		489,113
iCad, Inc.		400		488
Medidata Solutions, Inc.		6,921		177,662
Quality Systems, Inc.		3,057		274,274
				941,537
Life Sciences Tools & Services - 0.4%
Albany Molecular Research, Inc.		459		2,244
Apricus Biosciences, Inc.		80,397		451,027
Arrowhead Research Corporation		119,992		74,395
Bioanalytical Systems, Inc.		100		259
Compugen Ltd.		4,075		19,438
eResearchTechnology, Inc.		53,384		339,522
Furiex Pharmaceuticals, Inc.		834		12,368
Pacific Biosciences of California, Inc.		53,350		653,004
Parexel International Corporation		8,100		224,856
PURE Bioscience		184,651		241,893
QIAGEN N.V.		178,772		3,820,358
Radient Pharmaceuticals Corporation		204,395		85,846
				5,925,210
Pharmaceuticals - 1.9%
Acura Pharmaceuticals, Inc.		77,944		365,557
Adeona Pharmaceuticals, Inc.		41,403		42,231
Akorn, Inc.		313,987		2,078,594
Aoxing Pharmaceutical Company, Inc.		10,556		20,584
Auxilium Pharmaceuticals, Inc.		107,518		2,619,138
AVANIR Pharmaceuticals, Inc. - Class A		1,493,151		6,525,070
Biodel, Inc.		292,188		645,735
Biostar Pharmaceuticals, Inc.		7,886		13,091
Cadence Pharmaceuticals, Inc.		667,624		5,661,452
Cumberland Pharmaceuticals, Inc.		1,300		6,552
DepoMed, Inc.		70,195		619,822
Generex Biotechnology Corporation		162,100		36,310

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Health Care - 10.2% (Continued)
Pharmaceuticals - 1.9% (Continued)
IntelliPharmaCeutics International, Inc.		99	$	430
K-V Pharmaceutical Company - Class A		212,698		835,903
Lannett Company, Inc.		22,649		130,685
MAP Pharmaceuticals, Inc.		197		3,038
NeoStem, Inc.		236,787		468,838
Obagi Medical Products, Inc.		4,500		57,735
Oculus Innovative Sciences, Inc.		72,761		141,884
POZEN, Inc.		75,076		468,474
Raptor Pharmaceutical Corporation		150,968		496,685
Repros Therapeutics, Inc.		33,629		191,349
Salix Pharmaceuticals Ltd.		87,000		3,418,230
Somaxon Pharmaceuticals, Inc.		668,330		1,804,491
VIVUS, Inc.		158,867		1,235,985
XenoPort, Inc.		348,494		2,850,681
				30,738,544
Industrials - 7.1%
Aerospace & Defense - 0.4%
AAR Corporation		4,700		122,388
Arotech Corporation		1,900		2,280
Ascent Solar Technologies, Inc.		169,486		272,873
Astronics Corporation		6,931		180,206
GenCorp, Inc.		102,112		666,791
HEICO Corporation		55,424		2,669,220
Ladish Company, Inc.		4,106		232,810
National Presto Industries, Inc.		5,307		589,236
Orbital Sciences Corporation		24,085		453,521
Taser International, Inc.		103,778		462,850
Triumph Group, Inc.		3,320		285,918
				5,938,093
Air Freight & Logistics - 0.1%
Pacer International, Inc.		420,787		2,520,514

Airlines - 0.2%
AirTran Holdings, Inc.		63		473
Allegiant Travel Company		43,635		1,957,903
Hawaiian Holdings, Inc.		313		1,831
LAN Airlines, S.A. - ADR		25,180		703,529
US Airways Group, Inc.		58		527
				2,664,263
Building Products - 0.7%
AAON, Inc.		81,043		2,662,263
American Woodmark Corporation		11,398		231,493
Ameron International Corporation		24,381		1,714,959
Apogee Enterprises, Inc.		33,930		484,520
Builders FirstSource, Inc.		89,254		236,523
Griffon Corporation		43,414		553,094
Insteel Industries, Inc.		14,905		222,532
Lennox International, Inc.		31,172		1,515,271

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Industrials - 7.1% (Continued)
Building Products - 0.7% (Continued)
Trex Company, Inc.		90,932	$	2,917,099
Universal Forest Products, Inc.		11,300		364,877
USG Corporation		50,300		775,626
				11,678,257
Commercial Services & Supplies - 0.8%
Consolidated Graphics, Inc.		1,600		89,840
Courier Corporation		400		5,480
EnergySolutions, Inc.		68,260		385,669
Fuel Tech, Inc.		3,100		25,141
G&K Services, Inc.		742		24,560
Geo Group, Inc. (The)		80,300		2,142,404
Herman Miller, Inc.		6,400		166,528
HNI Corporation		37,100		1,020,992
Industrial Services of America, Inc.		32,437		386,000
InnerWorkings, Inc.		186,314		1,671,237
Interface, Inc.		213,779		3,984,841
Kimball International, Inc.		88		658
Mine Safety Appliances Company		18		714
Mobile Mini, Inc.		150,834		3,757,275
RINO International Corporation		81,543		71,758
Swisher Hygiene, Inc.		18,801		164,885
Team, Inc.		2,175		54,266
				13,952,248
Construction & Engineering - 0.4%
AECOM Technology Corporation		43		1,172
Comfort Systems USA, Inc.		57		696
Dycom Industries, Inc.		74,123		1,101,468
Granite Construction, Inc.		109,724		2,982,298
India Globalization Capital, Inc.		19,850		11,867
Insituform Technologies, Inc. - Class A		58,619		1,483,647
Northwest Pipe Company		6,880		165,533
Orion Marine Group, Inc.		41,804		431,835
Shaw Group, Inc. (The)		1,400		54,460
Sterling Construction Company, Inc.		5		75
				6,233,051
Electrical Equipment - 1.1%
Acuity Brands, Inc.		2,900		170,520
Advanced Battery Technologies, Inc.		2,200		3,784
Altair Nanotechnologies, Inc.		216,802		307,859
American Superconductor Corporation		64,200		760,770
Beacon Power Corporation		49,194		83,138
Capstone Turbine Corporation		508,558		991,688
China BAK Battery, Inc.		351,516		551,880
China Electric Motor, Inc. (a)		1,771		2,568
China Technology Development Group Corporation		2,500		5,000
Digital Power Corporation		1,677		2,851
Encore Wire Corporation		90,223		2,518,124
Ener1, Inc.		750,372		1,898,441
Fushi Copperweld, Inc.		285,903		2,301,519

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Industrials - 7.1% (Continued)
Electrical Equipment - 1.1% (Continued)
Global Power Equipment Group, Inc.		20	$	565
Harbin Electric, Inc.		166,426		3,115,495
Hoku Corporation		182,692		372,692
Hydrogenics Corporation		3,215		17,490
Lihua International, Inc.		133,750		1,076,687
Medis Technologies Ltd.		22,419		417
Ocean Power Technologies, Inc.		52,621		256,264
Polypore International, Inc.		4,300		265,611
PowerSecure International, Inc.		11,997		94,176
Satcon Technology Corporation		41,703		133,867
Valence Technology, Inc.		407,982		554,856
Valpey-Fisher Corporation		100		312
Vicor Corporation		58,305		974,277
Westinghouse Solar, Inc.		13,775		29,065
Woodward, Inc.		27,521		1,019,653
				17,509,569
Machinery - 1.7%
Actuant Corporation - Class A		10,492		291,258
Albany International Corporation - Class A		39,115		990,001
Art's-Way Manufacturing Company, Inc.		3,374		29,050
Badger Meter, Inc.		62,723		2,377,829
Blount International, Inc.		15,320		254,312
Briggs & Stratton Corporation		153,253		3,615,238
China Fire & Security Group, Inc.		86,668		602,343
China Valves Technology, Inc.		346,430		1,392,649
China Wind Systems, Inc.		78,698		188,875
CLARCOR, Inc.		43,800		1,979,322
Commercial Vehicle Group, Inc.		11,520		198,835
Energy Recovery, Inc.		2,060		6,365
EnPro Industries, Inc.		27,330		1,095,386
Federal Signal Corporation		10		67
Flow International Corporation		65,658		282,986
FreightCar America, Inc.		50,370		1,510,093
Greenbrier Companies, Inc.		70,800		1,916,556
IDEX Corporation		26		1,220
Lindsay Corporation		32,483		2,381,653
Manitex International, Inc.		1,800		10,638
Meritor, Inc.		2,098		36,107
Middleby Corporation (The)		23,105		2,071,825
PMFG, Inc.		11,400		261,288
Robbins & Myers, Inc.		36,900		1,604,043
Shengkai Innovations, Inc.		4,579		15,111
Tecumseh Products Company - Class A		11,600		118,784
Tennant Company		10,687		438,381
Titan International, Inc.		56,610		1,748,683
Toro Company (The)		15,727		1,068,021
Wabash National Corporation		47,800		527,234
Watts Water Technologies, Inc. - Class A		2,794		108,128

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Industrials - 7.1% (Continued)
Machinery - 1.7% (Continued)
Xerium Technologies, Inc.		17,037	$	392,873
				27,515,154
Marine - 0.2%
Eagle Bulk Shipping, Inc.		12,100		41,503
Horizon Lines, Inc.		220,592		390,448
Kirby Corporation		49,955		2,836,445
Star Bulk Carriers Corporation		108,837		255,767
				3,524,163
Professional Services - 0.8%
CBIZ, Inc.		683,206		5,007,900
Corporate Executive Board Company (The)		531		21,161
CoStar Group, Inc.		56,563		3,847,415
Franklin Covey Company		500		4,610
FTI Consulting, Inc.		30,738		1,226,446
Hill International, Inc.		14,072		71,345
Hudson Highland Group, Inc.		23,577		142,169
Innovaro, Inc.		8,192		23,347
Korn/Ferry International		73		1,512
Lightbridge Corporation		34,547		174,463
School Specialty, Inc.		127,030		1,881,314
Thomas Group, Inc.		900		936
Towers Watson & Company - Class A		1,200		68,832
Verisk Analytics, Inc. - Class A		100		3,290
Volt Information Sciences, Inc.		100		1,075
				12,475,815
Road & Rail - 0.3%
Arkansas Best Corporation		26,626		612,664
Con-Way, Inc.		5,100		198,492
Genesee & Wyoming, Inc.		4,609		285,666
Heartland Express, Inc.		103,239		1,780,873
Werner Enterprises, Inc.		100		2,617
YRC Worldwide, Inc.		818,966		1,621,552
				4,501,864
Trading Companies & Distributors - 0.4%
BlueLinx Holdings, Inc.		155		561
China Armco Metals, Inc.		125,701		302,939
GATX Corporation		61,207		2,587,220
Houston Wire & Cable Company		82,744		1,389,272
MSC Industrial Direct Company, Inc.		2,600		186,134
Watsco, Inc.		1,800		127,602
WESCO International, Inc.		40,796		2,527,312
				7,121,040
Information Technology - 11.4%
Communications Equipment - 1.5%
ADTRAN, Inc.		800		33,016
Arris Group, Inc.		37,900		454,800
Aruba Networks, Inc.		4,000		143,720
AudioCodes Ltd.		16,753		103,366

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Information Technology - 11.4% (Continued)
Communications Equipment - 1.5% (Continued)
Bel Fuse, Inc. - Class B		13	$	262
BigBand Networks, Inc.		5,826		14,914
CIENA Corporation		89,700		2,533,128
Comtech Telecommunications Corporation		7,800		220,740
DG FastChannel, Inc.		48,681		1,781,238
Digi International, Inc.		39,609		467,782
Emulex Corporation		6,616		64,109
Finisar Corporation		227,700		6,396,093
InterDigital, Inc.		52,027		2,408,330
KVH Industries, Inc.		38,120		499,372
Meru Networks, Inc.		88,060		1,533,125
Network Equipment Technologies, Inc.		6,653		22,421
Oclaro, Inc.		33,100		371,216
Plantronics, Inc.		100		3,707
Powerwave Technologies, Inc.		610,210		2,788,660
Qiao Xing Mobile Communication Company Ltd.		2,900		7,975
RIT Technologies Ltd.		1,000		5,400
SeaChange International, Inc.		4,923		52,725
Sycamore Networks, Inc.		16,040		392,980
Symmetricom, Inc.		308		1,879
Telestone Technologies Corporation		623,167		3,957,110
ViaSat, Inc.		8,290		330,937
Zoom Technologies, Inc.		70,638		259,241
ZST Digital Networks, Inc.		96,440		283,534
				25,131,780
Computers & Peripherals - 1.1%
Avid Technology, Inc.		172,067		3,197,005
Cray, Inc.		119,491		802,979
Hauppauge Digital, Inc.		73,138		155,052
iGo, Inc.		54,147		159,734
Imation Corporation		139,306		1,430,673
Immersion Corporation		21,838		158,107
Intevac, Inc.		37,403		457,439
Lexmark International, Inc. - Class A		1,600		51,600
Novatel Wireless, Inc.		188,452		1,168,402
OCZ Technology Group, Inc.		83,600		686,356
SMART Technologies, Inc. - Class A		106,389		1,059,634
STEC, Inc.		99,800		2,087,816
Stratasys, Inc.		35,912		1,933,861
Synaptics, Inc.		137,380		3,904,340
USA Technologies, Inc.		21,000		63,840
				17,316,838
Electronic Equipment, Instruments & Components - 1.0%
Anixter International, Inc.		3,700		278,018
Checkpoint Systems, Inc.		34,046		717,009
China Security & Surveillance Technology, Inc.		71,702		385,757
Clearfield, Inc.		100		589
Comverge, Inc.		18,740		72,336
CTS Corporation		72,883		800,984

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Information Technology - 11.4% (Continued)
Electronic Equipment, Instruments & Components - 1.0% (Continued)
Daktronics, Inc.		103,461	$	1,110,137
Digital Ally, Inc.		4,700		6,580
Document Security Systems, Inc.		700		2,261
DTS, Inc.		15,457		681,035
Echelon Corporation		97,222		924,581
Electro Rent Corporation		6		94
Funtalk China Holdings Ltd.		7,764		49,690
Gerber Scientific, Inc.		17,000		162,520
Hollysys Automation Technologies Ltd.		29,318		352,109
L-1 Identity Solutions, Inc.		149,164		1,749,694
Maxwell Technologies, Inc.		56,084		999,978
Microvision, Inc.		738,389		1,151,887
MTS Systems Corporation		13,230		585,692
Nam Tai Electronics, Inc.		60,983		374,436
OSI Systems, Inc.		1,396		53,592
Pinnacle Data Systems, Inc.		100		127
Plexus Corporation		19,948		727,902
Power-One, Inc.		20		165
Pulse Electronics Corporation		96,855		579,193
RadiSys Corporation		70,459		620,744
Research Frontiers, Inc.		80,063		469,970
ScanSource, Inc.		52		1,860
SMTC Corporation		187		490
Superconductor Technologies, Inc.		104,200		298,012
SYNNEX Corporation		2,100		70,413
Universal Display Corporation		43,373		2,382,913
				15,610,768
Internet Software & Services - 1.9%
Ancestry.com, Inc.		500		22,850
AOL, Inc.		15,400		313,852
Autobytel, Inc.		4,400		6,380
comScore, Inc.		65,742		1,959,769
Constant Contact, Inc.		131,441		3,642,230
DealerTrack Holdings, Inc.		27		606
Demand Media, Inc.		30,400		503,728
Digital River, Inc.		3,800		123,652
HSW International, Inc.		1,100		4,829
j2 Global Communications, Inc.		63,037		1,857,070
KIT digital, Inc.		281,656		3,241,861
Limelight Networks, Inc.		112,100		714,077
Local.com Corporation		192,689		936,469
LogMeIn, Inc.		28,467		1,226,074
ModusLink Global Solutions, Inc.		99,476		521,254
Monster Worldwide, Inc.		166,336		2,729,574
OpenTable, Inc.		2,651		295,030
Openwave Systems, Inc.		9,856		20,698
Perficient, Inc.		16,269		203,200
Quepasa Corporation		20,082		171,299
QuinStreet, Inc.		87,790		1,587,243

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Information Technology - 11.4% (Continued)
Internet Software & Services - 1.9% (Continued)
RealNetworks, Inc.		44,314	$	163,962
RightNow Technologies, Inc.		30,864		1,116,659
SAVVIS, Inc.		2,748		108,161
Stamps.com, Inc.		21,038		284,434
Support.com, Inc.		80,808		463,030
TechTarget, Inc.		110		950
Travelzoo, Inc.		68,700		5,626,530
ValueClick, Inc.		20,200		338,350
Vistaprint N.V.		40,968		2,228,659
Vocus, Inc.		100		2,963
Youku.com, Inc. - ADR		7,800		461,136
Zix Corporation		166		548
				30,877,127
IT Services - 0.3%
CACI International, Inc.		20,400		1,246,644
Cass Information Systems, Inc.		2,138		85,349
China Information Technology, Inc.		10		26
Computer Task Group, Inc.		4,700		69,795
CSG Systems International, Inc.		18,640		395,914
DJSP Enterprises, Inc.		15,586		1,091
eLoyalty Corporation		1,825		12,629
Euronet Worldwide, Inc.		98,420		1,845,375
ExlService Holdings, Inc.		13,597		281,730
Integral Systems, Inc.		54,757		683,915
Stream Global Services, Inc.		1,009		3,289
VeriFone Systems, Inc.		500		27,410
Virtusa Corporation		3,197		59,656
Wright Express Corporation		43		2,422
Zanett, Inc.		12,650		13,409
				4,728,654
Semiconductors & Semiconductor Equipment - 3.3%
Advanced Analogic Technologies, Inc.		53,138		226,368
Aixtron SE - ADR		9,500		403,275
Amtech Systems, Inc.		60,217		1,377,765
Applied Micro Circuits Corporation		125,009		1,310,094
Atheros Communications, Inc.		73		3,275
AXT, Inc.		36,084		252,227
Cabot Microelectronics Corporation		69,646		3,402,207
Camtek Ltd.		38,160		143,673
Canadian Solar, Inc.		500		5,395
CEVA, Inc.		49,302		1,507,655
ChipMOS TECHNOLOGIES (Bermuda) LTD.		400		3,208
DayStar Technologies, Inc.		62,667		50,134
Energy Conversion Devices, Inc.		352,024		704,048
Entropic Communications, Inc.		176,209		1,543,591
Evergreen Solar, Inc.		64,891		94,092
Exar Corporation		103		629
FormFactor, Inc.		113,564		1,177,659
FSI International, Inc.		477,961		2,198,621

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Information Technology - 11.4% (Continued)
Semiconductors & Semiconductor Equipment - 3.3% (Continued)
GT Solar International, Inc.		14,800	$	165,316
Ikanos Communications, Inc.		1,300		1,638
Integrated Silicon Solution, Inc.		15,399		148,754
Kopin Corporation		897,820		4,318,514
Lattice Semiconductor Corporation		50,500		342,895
MEMC Electronic Materials, Inc.		16,200		191,646
Microsemi Corporation		16,157		381,305
Mindspeed Technologies, Inc.		48,765		439,860
Monolithic Power Systems, Inc.		26,200		444,876
MoSys, Inc.		64,593		399,831
Pericom Semiconductor Corporation		4,311		39,187
PLX Technology, Inc.		246,740		846,318
Power Integrations, Inc.		109,795		4,429,130
QuickLogic Corporation		152,485		568,769
RF Micro Devices, Inc.		121,697		810,502
Rubicon Technology, Inc.		571,574		16,295,575
Sigma Designs, Inc.		40,656		518,771
Silicon Image, Inc.		186,635		1,552,803
Silicon Laboratories, Inc.		27,011		1,177,139
Standard Microsystems Corporation		15,826		429,676
SunPower Corporation - Class A		25,400		552,958
Supertex, Inc.		67		1,447
Tower Semiconductor Ltd.		13,000		17,680
Ultra Clean Holdings, Inc.		19,900		228,651
UltraTech, Inc.		6,375		199,601
Veeco Instruments, Inc.		46,692		2,387,362
Zoran Corporation		152,790		1,599,711
				52,893,831
Software - 2.3%
Advent Software, Inc.		65,405		1,780,978
Ariba, Inc.		6,235		216,791
Astea International, Inc.		100		531
Blackbaud, Inc.		14,775		408,676
Blackboard, Inc.		11,670		561,444
China CGame, Inc.		12,695		19,677
China TransInfo Technology Corporation		66,496		321,841
CommVault Systems, Inc.		200		7,878
Concur Technologies, Inc.		43,906		2,540,840
CyberDefender Corporation		1,800		3,240
Digimarc Corporation		543		14,656
Ebix, Inc.		31,310		715,433
EPIQ Systems, Inc.		48,044		683,666
ePlus, Inc.		400		11,060
Fair Isaac Corporation		91,617		2,737,516
FalconStor Software, Inc.		3,902		16,622
Fortinet, Inc.		2,700		131,490
Fundtech Ltd.		100		1,768
Glu Mobile, Inc.		38,500		152,845
Magic Software Enterprises Ltd.		416,536		2,707,484

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Information Technology - 11.4% (Continued)
Software - 2.3% (Continued)
MIND C.T.I. Ltd.		2,900	$	10,034
NetSuite, Inc.		58,476		2,023,854
Pegasystems, Inc.		59,335		2,203,109
RealD, Inc.		20,129		585,351
Rosetta Stone, Inc.		108,325		1,525,216
S1 Corporation		800		5,496
Shanda Interactive Entertainment Ltd.		10,500		507,990
SolarWinds, Inc.		1,100		26,653
Sourcefire, Inc.		43,658		1,162,176
SRS Labs, Inc.		11,472		93,497
Taleo Corporation - Class A		10		363
TeleCommunication Systems, Inc.		36,281		167,255
THQ, Inc.		24,086		97,307
TIBCO Software, Inc.		1,100		32,989
TigerLogic Corporation		500		2,260
TiVo, Inc.		30,108		288,134
Tyler Technologies, Inc.		152,859		3,789,375
Ultimate Software Group, Inc. (The)		27,300		1,528,800
VirnetX Holding Corporation		265,808		6,738,233
Wave Systems Corporation - Class A		707,342		2,256,421
Websense, Inc.		64,311		1,658,581
				37,737,530
Materials - 4.3%
Chemicals - 2.3%
ADA-ES, Inc.		29,451		349,289
American Vanguard Corporation		88,300		787,636
Ampal-American Israel Corporation - Class A		2,099		2,897
Balchem Corporation		19,963		792,331
Calgon Carbon Corporation		123,700		2,122,692
Cereplast, Inc.		81,450		390,145
China Agritech, Inc. (a)		178,314		557,231
China Green Agriculture, Inc.		458,590		3,228,474
Converted Organics, Inc.		21,976		4,661
Ferro Corporation		43,000		645,000
Flotek Industries, Inc.		275,423		2,638,552
Hawkins, Inc.		51,251		2,410,847
Intrepid Potash, Inc.		4,896		167,737
Kraton Performance Polymers, Inc.		2,000		92,320
OM Group, Inc.		44,999		1,630,764
Senomyx, Inc.		216,199		1,314,490
ShengdaTech, Inc. (a)		32,215		57,343
Stepan Company		38,458		2,767,822
STR Holdings, Inc.		183,920		3,029,162
W.R. Grace & Company		26,400		1,197,504
Yongye International, Inc.		117,995		618,294
ZAGG, Inc.		874,085		7,761,875
Zep, Inc.		14,772		280,668
Zoltek Companies, Inc.		291,042		3,739,890
				36,587,624

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Materials - 4.3% (Continued)
Construction Materials - 0.3%
Eagle Materials, Inc.		73,381	$	2,134,653
Texas Industries, Inc.		83,328		3,513,942
				5,648,595
Containers & Packaging - 0.1%
AEP Industries, Inc.		1,691		51,288
Boise, Inc.		141,250		1,387,075
Rock-Tenn Company - Class A		3,916		270,478
				1,708,841
Metals & Mining - 1.4%
AK Steel Holding Corporation		123,050		1,999,563
AMCOL International Corporation		55,538		2,067,124
Anooraq Resources Corporation		4,500		4,275
China Direct Industries, Inc.		34,005		44,207
China Natural Resources, Inc.		4,312		58,557
China Precision Steel, Inc.		291,275		460,215
China Shen Zhou Mining & Resources, Inc.		305,352		1,456,529
Crosshair Exploration & Mining Corporation		177,926		151,237
Endeavour Silver Corporation		25,000		287,250
General Steel Holdings, Inc.		891		2,014
Gold Reserve, Inc.		9,700		17,169
Gold Resource Corporation		88		2,653
Great Basin Gold Ltd.		83,385		221,804
Great Northern Iron Ore Properties		6,110		630,552
Great Panther Silver Ltd.		510		1,846
Hecla Mining Company		41,500		390,515
Ivanhoe Mines Ltd.		105		2,759
Jaguar Mining, Inc.		73,885		413,017
Kaiser Aluminum Corporation		42		2,105
Mesabi Trust		784		27,785
Minefinders Corporation Ltd.		400		6,704
Olympic Steel, Inc.		62,316		1,830,221
Paramount Gold and Silver Corporation		20,537		66,745
Polymet Mining Corporation		100,220		202,444
Puda Coal, Inc. (a)		95,300		285,900
Qiao Xing Universal Resources Telephone, Inc.		138,380		294,749
Rare Element Resources Ltd.		224,315		3,241,352
RTI International Metals, Inc.		31,091		993,047
Schnitzer Steel Industries, Inc. - Class A		400		24,828
Silver Bull Resources, Inc.		90,240		87,235
SinoCoking Coal and Coke Chemical Industries, Inc.		3,024		19,354
Solitario Exploration & Royalty Corporation		9,367		25,197
Tanzanian Royalty Exploration Corporation		271,901		1,974,001
Titanium Metals Corporation		115,879		2,321,056
US Gold Corporation		242,764		2,281,982
				21,895,991
Paper & Forest Products - 0.2%
Clearwater Paper Corporation		19,700		1,546,056
Deltic Timber Corporation		8,722		591,351
Louisiana-Pacific Corporation		52,700		490,110

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Materials - 4.3% (Continued)
Paper & Forest Products - 0.2% (Continued)
Neenah Paper, Inc.		9	$	210
Orient Paper, Inc.		153,969		582,003
P.H. Glatfelter Company		34,420		468,112
Wausau Paper Corporation		10,076		68,013
				3,745,855
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.5%
8x8, Inc.		10,598		33,066
Alaska Communications Systems Group, Inc.		124,180		1,200,821
Atlantic Tele-Network, Inc.		35,020		1,286,285
Cbeyond, Inc.		161,276		2,057,882
CenturyLink, Inc.		16		652
Consolidated Communications Holdings, Inc.		43,786		805,224
Iridium Communications, Inc.		144,204		1,129,117
Level 3 Communications, Inc.		2,000		3,120
Neutral Tandem, Inc.		56,402		862,387
Premiere Global Services, Inc.		15,944		126,117
Radcom Ltd.		30,596		209,889
Telecom Italia S.p.A.		72		1,082
VocalTec Communications Ltd.		20,460		431,706
				8,147,348
Wireless Telecommunication Services - 0.2%
Clearwire Corporation - Class A		35,400		172,044
ICO Global Communications (Holdings) Ltd.		87,616		253,210
Leap Wireless International, Inc.		206,775		3,068,541
USA Mobility, Inc.		16,127		249,162
				3,742,957
Utilities - 1.7%
Electric Utilities - 1.1%
El Paso Electric Company		11,100		343,878
Empire District Electric Company (The)		94,048		2,110,437
NV Energy, Inc.		816,002		12,395,070
Otter Tail Corporation		72,785		1,701,713
PNM Resources, Inc.		27,000		413,910
Unitil Corporation		9,391		237,217
Westar Energy, Inc.		48,600		1,322,406
				18,524,631
Gas Utilities - 0.3%
China Natural Gas, Inc.		208,992		1,109,748
New Jersey Resources Corporation		57		2,495
Northwest Natural Gas Company		15,400		712,096
Piedmont Natural Gas Company, Inc.		300		9,525
South Jersey Industries, Inc.		40,110		2,304,319
Star Gas Partners, L.P.		1,300		7,735
WGL Holdings, Inc.		7,900		312,208
				4,458,126
Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc.		2,701		5,699

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

COMMON STOCKS - 64.8% (Continued)	Shares		Value
Utilities - 1.7% (Continued)
Independent Power Producers & Energy Traders - 0.1% (Continued)
Dynegy, Inc.		142,207	$	901,592
Raser Technologies, Inc.		351,511		24,606
U.S. Geothermal, Inc.		156,650		156,650
				1,088,547
Multi-Utilities - 0.2%
Black Hills Corporation		47,292		1,643,397
CH Energy Group, Inc.		12,393		664,513
Wisconsin Energy Corporation		7,947		248,026
				2,555,936
Water Utilities - 0.0%
Cadiz, Inc.		14,293		177,948
Middlesex Water Company		52		982
				178,930

Total Common Stocks (Proceeds $1,038,736,317)			$	1,049,342,131


CLOSED-END FUNDS - 0.0%	Shares		Value
Aberdeen Global Income Fund, Inc.		414	$	5,560
Advent/Claymore Convertible Securities and Income Fund		3,800		72,846
American Income Fund, Inc.		450		3,641
BlackRock Enhanced Dividend Achievers Trust		426		3,766
BlackRock Floating Rate Income Trust		9,139		143,025
BlackRock International Growth & Income Trust		5		52
BlackRock MuniVest Fund, Inc.		200		1,836
Calamos Convertible and High Income Fund		97		1,332
ClearBridge Energy MLP Fund, Inc.		6,716		160,311
Cohen & Steers Closed-End Opportunity Fund, Inc.		44		605
Cohen & Steers Total Return Realty Fund, Inc.		1,760		24,534
Cornerstone Progressive Return Fund		3,100		23,002
Credit Suisse Asset Management Income Fund		21,336		79,157
Delaware Enhanced Global Dividend and Income Fund		200		2,668
Federated Premier Intermediate Municipal Income Fund		100		1,273
Gabelli Convertible and Income Securities Fund, Inc. (The)		3,807		24,936
Guggenheim Build America Bonds Managed Duration Trust		475		8,882
Helios Advantage Income Fund, Inc.		600		4,722
ING Global Advantage and Premium Opportunity Fund		102		1,378
Nuveen California Dividend Advantage Municipal Fund 2		100		1,323
Nuveen Floating Rate Income Opportunity Fund		44		553
Nuveen Real Estate Income Fund		53		633
PIMCO Global StocksPLUS & Income Fund		6,434		159,370
Strategic Global Income Fund		8,300		92,545
Tortoise Energy Infrastructure Corporation		4,507		180,550
Western Asset/Claymore Inflation-Linked Securities & Income Fund		1,210		15,899
Total Closed-End Funds (Proceeds $987,024)			$	1,014,399

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

RIGHTS - 0.0%	Shares		Value
First Federal Bancshares of Arkansas, Inc. (a) (Proceeds $0)		1,466	$	3,372


WARRANTS - 0.0%	Shares		Value
American International Group, Inc. (Proceeds $14,295)		854	$	7,669

Total Securities Sold Short - 64.8% (Proceeds $1,039,737,636)			$	1,050,367,571

ADR	- American Depositary Receipt.

(a)	Fair value priced (Note 1). Fair valued securities totaled $3,541,164 at April 30, 2011, representing (0.2%) of net assets.

See accompanying notes to financial statements.

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)

COMMON STOCKS - 98.4%	Shares		Value
Consumer Discretionary - 13.7%
Auto Components - 0.4%
Federal-Mogul Corporation (a)		6,200	$	164,300
Standard Motor Products, Inc.		5,614		80,000
				244,300
Diversified Consumer Services - 0.5%
Capella Education Company (a)		1,800		89,280
Collectors Universe, Inc.		2,100		32,424
Lincoln Educational Services Corporation		6,300		105,210
National American University Holdings, Inc.		3,200		24,608
Service Corporation International		5,000		58,850
				310,372
Hotels, Restaurants & Leisure - 2.6%
Ameristar Casinos, Inc.		10,600		211,470
Bluegreen Corporation (a)		1,300		5,057
Buffalo Wild Wings, Inc. (a)		4,400		268,840
Caribou Coffee Company, Inc. (a)		5,348		50,378
Carrols Restaurant Group, Inc. (a)		6,901		67,354
DineEquity, Inc. (a)		1,900		94,943
Einstein Noah Restaurant Group, Inc.		6,049		97,752
Frisch's Restaurants, Inc.		325		7,371
Isle of Capri Casinos, Inc. (a)		4,800		45,792
Jack in the Box, Inc. (a)		3,200		66,080
Luby's, Inc. (a)		4,700		23,500
Morgans Hotel Group Company (a)		10,400		89,960
Morton's Restaurant Group, Inc. (a)		4,400		32,560
Papa John's International, Inc. (a)		1,400		42,084
Penn National Gaming, Inc. (a)		800		32,008
Rick's Cabaret International, Inc. (a)		10,300		107,841
Town Sports International Holdings, Inc. (a)		700		5,012
Wendy's/Arby's Group, Inc. - Class A		32,300		155,686
WMS Industries, Inc. (a)		3,700		121,360
				1,525,048
Household Durables - 0.9%
American Greetings Corporation - Class A		3,100		76,260
Blyth, Inc.		2,500		117,850
Harman International Industries, Inc.		4,800		232,944
Helen of Troy Ltd. (a)		2,500		77,800
Kid Brands, Inc. (a)		224		1,637
Universal Electronics, Inc. (a)		500		13,845
				520,336
Internet & Catalog Retail - 1.5%
1-800-FLOWERS.COM, Inc. - Class A (a)		5,100		17,085
Blue Nile, Inc. (a)		2,100		119,700
drugstore.com, inc. (a)		61,100		230,958
Geeknet, Inc. (a)		5,300		135,203
HSN, Inc. (a)		3,800		126,084
Overstock.com, Inc. (a)		300		4,170

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Consumer Discretionary - 13.7% (Continued)
Internet & Catalog Retail - 1.5% (Continued)
ValueVision Media, Inc. (a)		34,000	$	216,920
				850,120
Media - 2.4%
Ballantyne Strong, Inc. (a)		2,700		18,225
Central European Media Enterprises Ltd. (a)		3,300		75,603
Cinemark Holdings, Inc.		3,600		73,188
CKX, Inc. (a)		37,070		169,410
Clear Channel Outdoor Holdings, Inc. (a)		6,600		90,816
Dex One Corporation (a)		2,400		10,080
Fisher Communications, Inc. (a)		500		15,125
Global Traffic Network, Inc. (a)		10,700		143,701
Insignia Systems, Inc. (a)		7,300		53,290
interCLICK, Inc. (a)		16,300		114,263
John Wiley & Sons, Inc. - Class A		2,800		142,604
Lamar Advertising Company - Class A (a)		2,300		74,796
Lee Enterprises, Inc. (a)		600		858
LIN TV Corporation - Class A (a)		6,270		33,544
Live Nation Entertainment, Inc. (a)		8,400		93,156
Madison Square Garden, Inc. - Class A (a)		6,300		172,305
National CineMedia, Inc.		6,300		109,872
PRIMEDIA, Inc.		400		1,960
				1,392,796
Multiline Retail - 1.0%
Big Lots, Inc. (a)		3,600		147,996
Dillard's, Inc.		4,700		225,694
Retail Ventures, Inc. (a)		11,000		225,830
				599,520
Specialty Retail - 3.5%
American Eagle Outfitters, Inc.		8,900		138,484
bebe stores, inc.		25,400		170,688
Big 5 Sporting Goods Corporation		5,000		59,750
Coldwater Creek, Inc. (a)		15,200		46,360
Cost Plus, Inc. (a)		9,400		102,366
Destination Maternity Corporation		5,700		133,209
Dreams, Inc. (a)		1,700		3,995
DSW, Inc. - Class A (a)		3,400		161,432
Hot Topic, Inc.		21,600		144,936
Jos. A. Bank Clothiers, Inc. (a)		3,000		157,260
New York & Company, Inc. (a)		26,100		160,254
Rent-A-Center, Inc.		2,700		82,215
Shoe Carnival, Inc. (a)		5,000		146,350
Stage Stores, Inc.		6,600		127,116
Stein Mart, Inc. (a)		19,500		212,160
Systemax, Inc. (a)		3,800		49,210
Talbots, Inc. (The) (a)		33,700		181,306
Winmark Corporation		197		8,217
				2,085,308

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Consumer Discretionary - 13.7% (Continued)
Textiles, Apparel & Luxury Goods - 0.9%
G-III Apparel Group Ltd. (a)		5,554	$	249,152
Rocky Brands, Inc. (a)		4,221		64,286
Timberland Company (The) (a)		2,700		122,013
True Religion Apparel, Inc. (a)		1,000		30,220
Unifi, Inc. (a)		3,800		62,016
				527,687
Consumer Staples - 2.5%
Beverages - 0.4%
Coca-Cola Bottling Company Consolidated		3,000		211,350
Craft Brewers Alliance, Inc. (a)		3,000		27,630
				238,980
Food & Staples Retailing - 0.3%
Ingles Markets, Inc. - Class A		1,900		36,119
Susser Holdings Corporation (a)		8,200		113,078
Weis Markets, Inc.		900		37,143
				186,340
Food Products - 0.9%
Darling International, Inc. (a)		5,500		88,935
J & J Snack Foods Corporation		1,200		60,984
Omega Protein Corporation (a)		15,788		203,350
Pilgrim's Pride Corporation (a)		13,800		81,144
Seneca Foods Corporation - Class A (a)		268		7,493
Tootsie Roll Industries, Inc.		2,518		74,634
				516,540
Personal Products - 0.8%
Elizabeth Arden, Inc. (a)		1,300		39,078
Nu Skin Enterprises, Inc. - Class A		3,000		96,270
Nutraceutical International Corporation (a)		300		4,758
Revlon, Inc. (a)		14,774		254,408
Schiff Nutrition International, Inc. (a)		10,661		106,077
				500,591
Tobacco - 0.1%
Alliance One International, Inc. (a)		11,000		43,890

Energy - 6.1%
Energy Equipment & Services - 2.8%
Bolt Technology Corporation (a)		1,000		14,640
Gulf Island Fabrication, Inc.		600		21,204
Helix Energy Solutions Group, Inc. (a)		2,000		37,860
Hercules Offshore, Inc. (a)		46,800		293,670
ION Geophysical Corporation (a)		8,200		103,648
Mitcham Industries, Inc. (a)		8,508		135,958
OYO Geospace Corporation (a)		1,500		139,920
PHI, Inc. (a)		879		19,672
Pioneer Drilling Company (a)		7,700		119,350
SEACOR Holdings, Inc. (a)		2,800		276,724
Union Drilling, Inc. (a)		8,800		119,328
Unit Corporation (a)		2,200		138,644

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Energy - 6.1% (Continued)
Energy Equipment & Services - 2.8% (Continued)
Vantage Drilling Company (a)		83,333	$	148,333
Willbros Group, Inc. (a)		9,000		96,750
				1,665,701
Oil, Gas & Consumable Fuels - 3.3%
Adams Resources & Energy, Inc.		100		2,942
Alon USA Energy, Inc.		9,300		127,875
Callon Petroleum Company (a)		16,800		115,080
Crimson Exploration, Inc. (a)		29,900		121,095
Crosstex Energy, Inc.		1,200		12,660
CVR Energy, Inc. (a)		10,000		222,300
Delek US Holdings, Inc.		6,200		83,266
Energy Partners Ltd. (a)		9,993		181,972
Frontier Oil Corporation		4,700		131,318
Golar LNG Ltd.		2,600		84,656
James River Coal Company (a)		6,900		160,908
Northern Oil and Gas, Inc. (a)		6,300		149,688
RAM Energy Resources, Inc. (a)		34,000		70,040
TransAtlantic Petroleum Ltd. (a)		35,300		92,839
VAALCO Energy, Inc. (a)		19,400		135,218
Venoco, Inc. (a)		10,900		202,631
Westmoreland Coal Company (a)		400		7,488
				1,901,976
Financials - 17.1%
Capital Markets - 1.7%
Calamos Asset Management, Inc. - Class A		11,400		185,478
HFF, Inc. - Class A (a)		11,200		167,664
Investment Technology Group, Inc. (a)		4,700		80,417
Kohlberg Capital Corporation		16,845		126,001
Solar Capital Ltd.		6,269		159,107
SWS Group, Inc.		8,300		50,630
TICC Capital Corporation		9,200		104,328
U.S. Global Investors, Inc.		7,100		69,935
Virtus Investment Partners, Inc. (a)		1,300		68,653
				1,012,213
Commercial Banks - 4.8%
1st Source Corporation		600		12,732
1st United Bancorp, Inc. (a)		6,000		41,820
BancFirst Corporation		1,100		44,297
Bancorp Rhode Island, Inc.		800		35,488
Bancorp, Inc. (The) (a)		4,300		42,097
Banner Corporation		70,013		192,536
CapitalSource, Inc.		21,400		142,952
Cardinal Financial Corporation		3,300		37,092
CoBiz, Inc.		400		2,716
Columbia Banking System, Inc.		4,700		88,642
CVB Financial Corporation		13,300		129,542
East West Bancorp, Inc.		9,200		194,396
Financial Institutions, Inc.		1,800		30,600
First BanCorp (Puerto Rico) (a)		9,200		45,908

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Financials - 17.1% (Continued)
Commercial Banks - 4.8% (Continued)
First Busey Corporation		6,737	$	35,369
First Horizon National Corporation		9,700		106,217
Fulton Financial Corporation		11,300		131,984
Glacier Bancorp, Inc.		5,800		87,174
Hancock Holding Company		2,600		84,916
International Bancshares Corporation		2,700		47,574
Investors Bancorp, Inc. (a)		4,900		73,696
National Penn Bancshares, Inc.		12,889		105,819
Pacific Capital Bancorp (a)		8		243
PacWest Bancorp		3,800		87,362
Park National Corporation		600		41,448
PrivateBancorp, Inc.		6,600		103,884
Republic Bancorp, Inc. - Class A		1,100		23,958
S&T Bancorp, Inc.		4,100		83,681
Suffolk Bancorp		3,036		49,821
Sun Bancorp, Inc. (a)		42,100		153,244
Susquehanna Bancshares, Inc.		9,500		87,590
Synovus Financial Corporation		34,300		85,750
Texas Capital Bancshares, Inc. (a)		10,700		276,060
Tower Bancorp, Inc.		300		6,513
Wilmington Trust Corporation		22,900		103,279
				2,816,400
Consumer Finance - 0.2%
Nelnet, Inc. - Class A		6,100		140,483

Diversified Financial Services - 0.7%
Compass Diversified Holdings, Inc.		7,300		122,348
Encore Capital Group, Inc. (a)		5,500		164,670
Interactive Brokers Group, Inc. - Class A (a)		7,400		129,796
Primus Guaranty Ltd. (a)		1,400		6,874
				423,688
Insurance - 3.8%
American National Insurance Company		2,200		174,020
Arthur J. Gallagher & Company		4,000		119,120
Aspen Insurance Holdings Ltd.		4,400		125,708
Assured Guaranty Ltd.		6,400		108,800
CNA Surety Corporation (a)		3,500		92,715
Employers Holdings, Inc.		1,200		24,192
FBL Financial Group, Inc. - Class A		400		12,200
FPIC Insurance Group, Inc. (a)		1,600		59,072
Global Indemnity plc (a)		800		20,432
Hanover Insurance Group, Inc. (The)		4,583		193,494
Infinity Property & Casualty Corporation		1,000		59,100
Kansas City Life Insurance Company		800		25,624
OneBeacon Insurance Group Ltd.		6,324		88,852
Platinum Underwriters Holdings Ltd.		2,400		90,744
Presidential Life Corporation		12,700		141,478
Protective Life Corporation		1,900		51,129
Safety Insurance Group, Inc.		1,500		70,230

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Financials - 17.1% (Continued)
Insurance - 3.8% (Continued)
Stewart Information Services Corporation		2,100	$	21,294
Symetra Financial Corporation		11,600		161,008
Transatlantic Holdings, Inc.		3,800		187,302
Unitrin, Inc.		4,200		127,008
Universal Insurance Holdings, Inc.		11,511		62,275
Validus Holdings Ltd.		6,000		195,240
				2,211,037
Real Estate Investment Trusts (REIT) - 4.5%
Chesapeake Lodging Trust		9,400		169,012
Cogdell Spencer, Inc.		24,500		148,225
Colony Financial, Inc.		8,300		155,044
CommonWealth REIT		5,625		154,068
CreXus Investment Corporation		14,300		166,738
Dynex Capital, Inc.		14,002		138,340
Gramercy Capital Corporation (a)		61,404		183,598
Hospitality Properties Trust		5,400		130,410
Inland Real Estate Corporation		5,100		49,827
Invesco Mortgage Capital, Inc.		6,200		140,988
LTC Properties, Inc.		6,900		202,998
Mack-Cali Realty Corporation		4,000		141,280
Newcastle Investment Corporation (a)		23,700		149,547
One Liberty Properties, Inc.		8,300		128,733
Saul Centers, Inc.		3,400		148,886
Senior Housing Properties Trust		7,000		166,040
Two Harbors Investment Corporation		14,713		153,898
U-Store-It Trust		10,700		121,552
				2,649,184
Thrifts & Mortgage Finance - 1.4%
Abington Bancorp, Inc.		4,200		50,904
Bank Mutual Corporation		7,300		29,857
Beneficial Mutual Bancorp, Inc. (a)		2,600		22,438
Capitol Federal Financial, Inc.		19,671		222,676
First PacTrust Bancorp, Inc.		100		1,549
Flushing Financial Corporation		4,900		72,128
Fox Chase Bancorp, Inc. (a)		1,337		18,250
Kaiser Federal Financial Group, Inc.		500		6,280
MGIC Investment Corporation (a)		9,200		79,672
Ocwen Financial Corporation (a)		8,600		102,942
Rockville Financial, Inc.		6,000		59,580
ViewPoint Financial Group		12,000		148,200
				814,476
Health Care - 17.8%
Biotechnology - 2.7%
Achillion Pharmaceuticals, Inc. (a)		22,600		126,108
AVEO Pharmaceuticals, Inc. (a)		14,080		219,085
Celera Corporation (a)		2,400		18,984
Cubist Pharmaceuticals, Inc. (a)		3,500		118,475
DUSA Pharmaceuticals, Inc. (a)		31,275		152,935
Emergent BioSolutions, Inc. (a)		4,600		106,766

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Health Care - 17.8% (Continued)
Biotechnology - 2.7% (Continued)
InterMune, Inc. (a)		4,482	$	200,076
Ligand Pharmaceuticals, Inc. (a)		11,600		128,876
OncoGenex Pharmaceutical, Inc. (a)		3,100		48,081
OPKO Health, Inc. (a)		21,200		84,376
Progenics Pharmaceuticals, Inc. (a)		5,400		40,014
Repligen Corporation (a)		9,406		37,812
Talecris Biotherapeutics Holdings Corporation (a)		6,590		183,993
Zalicus, Inc. (a)		39,000		119,340
				1,584,921
Health Care Equipment & Supplies - 2.9%
Anika Therapeutics, Inc. (a)		15,900		132,606
ArthroCare Corporation (a)		3,800		134,254
AtriCure, Inc. (a)		1,000		13,520
BIOLASE Technology, Inc. (a)		8,800		53,680
Cantel Medical Corporation		3,958		102,631
Cardiovascular Systems, Inc. (a)		13,000		151,320
CONMED Corporation (a)		1,300		36,504
Cynosure, Inc. - Class A (a)		2,200		32,406
Hill-Rom Holdings, Inc.		6,110		275,011
Integra LifeSciences Holdings Corporation (a)		2,200		115,082
Merit Medical Systems, Inc. (a)		8,100		188,892
RTI Biologics, Inc. (a)		4,300		12,470
SonoSite, Inc. (a)		100		3,470
Spectranetics Corporation (The) (a)		2,300		13,087
Synergetics USA, Inc. (a)		9,550		52,047
Syneron Medical Ltd. (a)		5,293		66,427
TomoTherapy, Inc. (a)		29,200		133,736
Universal American Corporation		5,597		129,291
Volcano Corporation (a)		3,500		93,310
				1,739,744
Health Care Providers & Services - 8.4%
Air Methods Corporation (a)		1,500		101,430
America Service Group, Inc.		5,400		139,320
American Dental Partners, Inc. (a)		1,300		17,147
AMERIGROUP Corporation (a)		3,500		239,050
AmSurg Corporation (a)		6,400		171,904
Bio-Reference Labs, Inc. (a)		3,935		99,201
Capital Senior Living Corporation (a)		7,200		66,744
CardioNet, Inc. (a)		300		1,368
Catalyst Health Solutions, Inc. (a)		2,100		125,076
Centene Corporation (a)		7,700		278,971
Chemed Corporation		2,700		188,001
Continucare Corporation (a)		22,738		121,876
Corvel Corporation (a)		4,100		212,380
Emergency Medical Services Corporation (a)		2,300		146,740
Ensign Group, Inc. (The)		6,800		188,088
Five Star Quality Care, Inc. (a)		27,023		226,453
Gentiva Health Services, Inc. (a)		3,000		84,000
Hanger Orthopedic Group, Inc. (a)		4,300		116,831

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Health Care - 17.8% (Continued)
Health Care Providers & Services - 8.4% (Continued)
Health Management Associates, Inc. - Class A (a)		23,500	$	265,080
Health Net, Inc. (a)		6,700		223,110
HealthSpring, Inc. (a)		4,000		165,960
HMS Holdings Corporation (a)		1,300		102,323
Kindred Healthcare, Inc. (a)		10,000		252,200
LifePoint Hospitals, Inc. (a)		2,600		108,186
MEDNAX, Inc. (a)		1,300		92,196
Molina Healthcare, Inc. (a)		5,400		232,200
PharMerica Corporation (a)		2,300		30,268
RadNet, Inc. (a)		5,400		19,818
RehabCare Group, Inc. (a)		5,142		193,185
Select Medical Holdings Corporation (a)		22,000		196,240
Skilled Healthcare Group, Inc. - Class A (a)		11,000		133,320
Team Health Holdings, Inc. (a)		8,926		177,449
U.S. Physical Therapy, Inc.		4,300		104,705
WellCare Health Plans, Inc. (a)		2,800		122,668
				4,943,488
Health Care Technology - 1.4%
athenahealth, Inc. (a)		3,100		143,313
Computer Programs & Systems, Inc.		3,600		211,644
Emdeon, Inc. - Class A (a)		12,500		195,750
HealthStream, Inc. (a)		5,599		55,598
MedAssets, Inc. (a)		4,900		78,498
SXC Health Solutions Corporation (a)		3,000		165,480
				850,283
Life Sciences Tools & Services - 0.7%
Affymetrix, Inc. (a)		13,800		74,520
Bruker Corporation (a)		3,500		69,090
eResearchTechnology, Inc. (a)		6,730		42,803
Harvard Bioscience, Inc. (a)		2,500		14,350
Kendle International, Inc. (a)		5,000		50,250
MEDTOX Scientific, Inc. (a)		400		6,392
PerkinElmer, Inc.		4,700		132,869
				390,274
Pharmaceuticals - 1.7%
Columbia Laboratories, Inc. (a)		55,900		195,091
Hi-Tech Pharmacal Company, Inc. (a)		4,300		118,938
Impax Laboratories, Inc. (a)		3,200		87,616
Inspire Pharmaceuticals, Inc. (a)		4,800		23,952
ISTA Pharmaceuticals, Inc. (a)		22,100		226,525
Jazz Pharmaceuticals, Inc. (a)		7,100		226,561
Lannett Company, Inc. (a)		11,873		68,507
Par Pharmaceutical Companies, Inc. (a)		1,700		58,548
				1,005,738
Industrials - 15.2%
Aerospace & Defense - 1.3%
Alliant Techsystems, Inc.		900		63,585
Cubic Corporation		3,300		178,464

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Aerospace & Defense - 1.3% (Continued)
Curtiss-Wright Corporation		2,200	$	73,150
DigitalGlobe, Inc. (a)		2,300		66,700
Ducommun, Inc.		1,300		29,575
Esterline Technologies Corporation (a)		2,200		157,960
Spirit AeroSystems Holdings, Inc. - Class A (a)		7,800		191,880
				761,314
Air Freight & Logistics - 0.4%
Park-Ohio Holdings Corporation (a)		3,800		81,016
UTi Worldwide, Inc.		6,800		152,388
				233,404
Airlines - 1.9%
Allegiant Travel Company (a)		3,100		139,097
AMR Corporation (a)		39,200		230,104
Copa Holdings, S.A. - Class A		2,300		133,745
Hawaiian Holdings, Inc. (a)		38,800		226,980
Republic Airways Holdings, Inc. (a)		17,500		94,413
US Airways Group, Inc. (a)		31,600		287,244
				1,111,583
Building Products - 0.2%
Armstrong World Industries, Inc. (a)		2,600		116,350

Commercial Services & Supplies - 0.6%
Casella Waste Systems, Inc. (a)		2,300		15,548
Clean Harbors, Inc. (a)		1,000		98,500
Corrections Corporation of America (a)		4,900		121,961
Intersections, Inc.		2,400		36,120
M&F Worldwide Corporation (a)		2,100		52,689
Schawk, Inc.		1,700		32,062
				356,880
Construction & Engineering - 0.6%
Comfort Systems USA, Inc.		6,462		78,901
MasTec, Inc. (a)		4,100		92,988
MYR Group, Inc. (a)		6,500		162,045
Pike Electric Corporation (a)		100		1,016
Primoris Services Corporation		4,300		50,654
				385,604
Electrical Equipment - 0.8%
Coleman Cable, Inc. (a)		1,300		13,026
Generac Holdings, Inc. (a)		4,000		83,280
II-VI, Inc. (a)		2,800		161,980
Powell Industries, Inc. (a)		1,200		47,424
Preformed Line Products Company		2,086		149,879
				455,589
Industrial Conglomerates - 0.2%
Carlisle Companies, Inc.		2,200		108,988

Machinery - 3.6%
American Railcar Industries, Inc. (a)		3,300		93,489

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Machinery - 3.6% (Continued)
Ampco-Pittsburgh Corporation		1,000	$	26,870
Cascade Corporation		3,400		155,720
Force Protection, Inc. (a)		40,000		179,600
Hardinge, Inc.		5,700		73,815
Harsco Corporation		4,000		142,400
Hurco Companies, Inc. (a)		4,163		135,173
Kadant, Inc. (a)		2,500		77,125
Kennametal, Inc.		3,300		139,326
Lincoln Electric Holdings, Inc.		1,700		133,586
NN, Inc. (a)		12,200		213,866
Oshkosh Corporation (a)		5,800		183,628
Sauer-Danfoss, Inc. (a)		4,100		242,023
Trimas Corporation (a)		5,156		119,671
Twin Disc, Inc.		1,608		54,784
Wabtec Corporation		800		57,104
Xerium Technologies, Inc. (a)		4,000		92,240
				2,120,420
Marine - 0.1%
Genco Shipping & Trading Ltd. (a)		7,200		60,408
Rand Logistics, Inc. (a)		200		1,540
				61,948
Professional Services - 1.1%
Acacia Research Corporation (a)		6,600		271,326
Barrett Business Services, Inc.		1,000		16,120
CBIZ, Inc. (a)		1,900		13,927
Franklin Covey Company (a)		1,500		13,830
Heidrick & Struggles International, Inc.		100		2,340
Kforce, Inc. (a)		3,800		59,470
Mistras Group, Inc. (a)		8,400		153,888
Navigant Consulting, Inc. (a)		4,000		46,600
SFN Group, Inc. (a)		5,500		57,915
				635,416
Road & Rail - 2.4%
AMERCO (a)		2,000		203,440
Avis Budget Group, Inc. (a)		12,800		242,688
Dollar Thrifty Automotive Group, Inc. (a)		1,600		110,288
Knight Transportation, Inc.		5,000		90,050
Landstar System, Inc.		3,200		151,680
Marten Transport Ltd.		1,400		31,304
Quality Distribution, Inc. (a)		14,700		174,930
RailAmerica, Inc. (a)		11,700		199,134
Ryder System, Inc.		4,100		219,350
				1,422,864
Trading Companies & Distributors - 2.0%
Aircastle Ltd.		14,270		177,804
BlueLinx Holdings, Inc. (a)		100		362
CAI International, Inc. (a)		4,150		104,414
DXP Enterprises, Inc. (a)		7,003		183,829

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Industrials - 15.2% (Continued)
Trading Companies & Distributors - 2.0% (Continued)
H&E Equipment Services, Inc. (a)		3,800	$	75,620
Interline Brands, Inc. (a)		500		10,560
Lawson Products, Inc.		500		11,015
RSC Holdings, Inc. (a)		12,700		167,259
Rush Enterprises, Inc. (a)		5,100		107,457
Textainer Group Holdings Ltd.		2,300		81,558
United Rentals, Inc. (a)		8,600		253,012
				1,172,890
Information Technology - 19.1%
Communications Equipment - 1.9%
Alliance Fiber Optic Products, Inc. (a)		396		3,952
Anaren, Inc. (a)		600		9,954
Bel Fuse, Inc. - Class B		646		13,004
Blue Coat Systems, Inc. (a)		2,700		77,760
Brocade Communications Systems, Inc. (a)		33,300		208,125
Calix, Inc. (a)		4,700		102,742
EchoStar Corporation - Class A (a)		4,789		177,576
Oplink Communications, Inc. (a)		3,400		67,320
Opnext, Inc. (a)		39,800		93,928
Sonus Networks, Inc. (a)		18,700		73,678
Telular Corporation		1,200		8,388
Tollgrade Communications, Inc. (a)		9,751		98,388
Westell Technologies, Inc. - Class A (a)		58,400		210,240
				1,145,055
Computers & Peripherals - 1.0%
Datalink Corporation (a)		13,900		110,783
Dot Hill Systems Corporation (a)		48,200		142,190
NCR Corporation (a)		8,300		164,423
Super Micro Computer, Inc. (a)		300		5,118
TransAct Technologies, Inc. (a)		1,200		13,896
Xyratex Ltd. (a)		17,500		178,675
				615,085
Electronic Equipment, Instruments & Components - 4.9%
Agilysys, Inc. (a)		1,820		9,500
AVX Corporation		11,550		188,381
Brightpoint, Inc. (a)		8,700		88,044
Cognex Corporation		4,700		147,016
DDi Corporation		15,883		152,636
eMagin Corporation (a)		23,402		188,386
Ingram Micro, Inc. - Class A (a)		7,700		144,221
Insight Enterprises, Inc. (a)		6,000		102,960
IPG Photonics Corporation (a)		2,300		159,758
Itron, Inc. (a)		3,500		190,505
LeCroy Corporation (a)		11,189		146,128
Methode Electronics, Inc.		6,200		76,632
Multi-Fineline Electronix, Inc. (a)		2,300		61,249
Newport Corporation (a)		12,271		229,836
PC Mall, Inc. (a)		6,600		64,482
Sanmina-SCI Corporation (a)		23,800		278,936

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Information Technology - 19.1% (Continued)
Electronic Equipment, Instruments & Components - 4.9% (Continued)
SMART Modular Technologies (WWH), Inc. (a)		26,600	$	243,124
Tech Data Corporation (a)		4,000		212,520
TTM Technologies, Inc. (a)		6,500		124,280
Viasystems Group, Inc. (a)		2,300		60,053
Vishay Precision Group, Inc. (a)		2,500		41,250
				2,909,897
Internet Software & Services - 1.3%
Dice Holdings, Inc. (a)		6,400		117,312
EasyLink Services International Corporation - Class A (a)		15,394		64,193
InfoSpace, Inc. (a)		7,400		66,600
Keynote Systems, Inc.		4,900		104,566
Move, Inc. (a)		18,900		45,171
TechTarget, Inc. (a)		3,800		32,832
Vocus, Inc. (a)		2,800		82,964
Web.com Group, Inc. (a)		14,400		227,232
				740,870
IT Services - 2.9%
Acxiom Corporation (a)		6,700		97,552
Broadridge Financial Solutions, Inc.		5,500		127,820
CIBER, Inc. (a)		12,900		73,788
CoreLogic, Inc. (a)		7,000		128,870
DST Systems, Inc.		3,100		152,861
Dynamics Research Corporation (a)		6,891		102,400
Forrester Research, Inc. (a)		600		23,706
Genpact Ltd. (a)		13,800		222,042
Global Cash Access Holdings, Inc. (a)		41,200		135,960
iGATE Corporation (a)		4,824		81,815
Mantech International Corporation - Class A (a)		700		30,723
MoneyGram International, Inc. (a)		23,000		91,080
NCI, Inc. - Class A (a)		200		4,922
Online Resources Corporation (a)		23,200		88,624
PRGX Global, Inc. (a)		2,200		17,248
Syntel, Inc.		2,100		114,828
TeleTech Holdings, Inc. (a)		6,300		125,181
TNS, Inc. (a)		4,900		80,507
				1,699,927
Office Electronics - 0.3%
Zebra Technologies Corporation - Class A (a)		3,900		153,231

Semiconductors & Semiconductor Equipment - 3.5%
Advanced Energy Industries, Inc. (a)		12,800		181,120
Amkor Technology, Inc. (a)		18,000		120,600
Cohu, Inc.		4,200		60,522
Fairchild Semiconductor International, Inc. (a)		9,100		190,827
GSI Technology, Inc. (a)		13,200		117,612
International Rectifier Corporation (a)		6,150		212,544
LTX-Credence Corporation (a)		8,400		72,828

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Information Technology - 19.1% (Continued)
Semiconductors & Semiconductor Equipment - 3.5% (Continued)
MKS Instruments, Inc.		759	$	21,540
NetLogic Microsystems, Inc. (a)		4,900		211,337
OmniVision Technologies, Inc. (a)		4,900		164,640
PDF Solutions, Inc. (a)		9,900		62,568
Photronics, Inc. (a)		13,045		113,883
Spansion, Inc. - Class A (a)		7,980		157,206
SunPower Corporation - Class A (a)		11,000		239,470
Tessera Technologies, Inc. (a)		4,900		96,824
TranSwitch Corporation (a)		14,400		59,904
				2,083,425
Software - 3.3%
ACI Worldwide, Inc. (a)		1,700		56,168
Actuate Corporation (a)		100		583
Callidus Software, Inc. (a)		27,800		192,098
Compuware Corporation (a)		11,300		128,029
Ebix, Inc. (a)		3,700		84,545
Epicor Software Corporation (a)		6,700		83,750
JDA Software Group, Inc. (a)		8,200		268,714
Lawson Software, Inc. (a)		14,900		164,943
Mentor Graphics Corporation (a)		5,700		84,075
Monotype Imaging Holdings, Inc. (a)		5,300		72,080
OPNET Technologies, Inc.		1,500		58,740
Pervasive Software, Inc. (a)		700		4,760
Quest Software, Inc. (a)		8,000		206,080
Radiant Systems, Inc. (a)		12,500		249,000
S1 Corporation (a)		6,200		42,594
SS&C Technologies Holdings, Inc. (a)		8,700		177,480
Tyler Technologies, Inc. (a)		1,900		47,101
				1,920,740
Materials - 4.6%
Chemicals - 1.8%
Cabot Corporation		3,500		156,975
Georgia Gulf Corporation (a)		4,900		192,962
H.B. Fuller Company		7,788		170,168
Koppers Holdings, Inc.		693		31,691
Landec Corporation (a)		3,500		22,680
LSB Industries, Inc. (a)		3,200		129,120
RPM International, Inc.		5,000		117,500
TPC Group, Inc. (a)		4,500		177,480
Zep, Inc.		3,600		68,400
				1,066,976
Containers & Packaging - 2.0%
Aptargroup, Inc.		4,100		215,045
Graham Packaging Company, Inc. (a)		9,700		223,100
Graphic Packaging Holding Company (a)		22,500		123,525
Packaging Corporation of America		6,800		194,004
Silgan Holdings, Inc.		3,700		169,682
Temple-Inland, Inc.		5,700		134,121

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.4% (Continued)	Shares		Value
Materials - 4.6% (Continued)
Containers & Packaging - 2.0% (Continued)
UFP Technologies, Inc. (a)		7,700	$	149,380
				1,208,857
Metals & Mining - 0.6%
Coeur d'Alene Mines Corporation (a)		2,700		85,617
Compass Minerals International, Inc.		2,800		273,308
				358,925
Paper & Forest Products - 0.2%
Verso Paper Corporation (a)		19,296		90,884

Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.7%
Cincinnati Bell, Inc. (a)		13,000		38,870
Cogent Communications Group, Inc. (a)		1,800		26,118
Global Crossing Ltd. (a)		3,800		88,844
Hughes Communications, Inc. (a)		800		47,880
SureWest Communications (a)		7,794		113,559
Towerstream Corporation (a)		17,000		70,720
				385,991
Wireless Telecommunication Services - 0.1%
Telephone and Data Systems, Inc.		2,200		73,832

Utilities - 1.5%
Electric Utilities - 0.0%
Central Vermont Public Service Corporation		400		9,364

Gas Utilities - 0.2%
Questar Corporation		7,300		128,261

Independent Power Producers & Energy Traders - 0.5%
GenOn Energy, Inc. (a)		33,100		130,083
Synthesis Energy Systems, Inc. (a)		45,800		183,658
				313,741
Multi-Utilities - 0.7%
Avista Corporation		5,200		126,620
NorthWestern Corporation		2,400		78,120
Vectren Corporation		6,100		174,338
				379,078
Water Utilities - 0.1%
California Water Service Group		1,100		41,492

Total Common Stocks (Cost $53,810,620)			$	57,960,315

TFS SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 2.6%	Shares		Value
UMB Money Market Fiduciary, 0.01% (b) (Cost $1,553,364)		1,553,364	$	1,553,364

Total Investments at Value - 101.0% (Cost $55,363,984)			$	59,513,679

Liabilities in Excess of Other Assets - (1.0%)				(610,556	)

Net Assets - 100.0%			$	58,903,123

(a)	Non-income producing security.
(b)	Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.

See accompanying notes to financial statements.

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

Not applicable

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

Not applicable

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

Not applicable

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

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

Exhibit 99.CERT

Certifications required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT

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

SIGNATURES

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

(Registrant) TFS Capital Investment Trust

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	June 27, 2011

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

By (Signature and Title)*		/s/ Larry S, Eiben
		Larry S. Eiben, President
Date	June 27, 2011

By (Signature and Title)*		/s/ Mark J. Seger
		Mark J. Seger, Treasurer
Date	June 27, 2011

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