N-CSRS 1 a09-3097_1ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-22001

TDX Independence Funds, Inc.
(Exact name of registrant as specified in charter)

420 Lexington Avenue, Suite 2550 New York, New York					10170
(Address of principal executive offices)					(Zip code)

David M. Kelley TDX Independence Funds, Inc. 420 Lexington Avenue Suite 2550 New York, New York 10170
(Name and address of agent for service)

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

Date of fiscal year end:	May 31, 2009

Date of reporting period:		November 30, 2008

Item 1. Report to Stockholders.

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

SEMI-ANNUAL REPORT

TDX Independence Funds, Inc.

November 30, 2008

TDX Independence 2010 Exchange-Traded Fund

TDX Independence 2020 Exchange-Traded Fund

TDX Independence 2030 Exchange-Traded Fund

TDX Independence 2040 Exchange-Traded Fund

TDX Independence In-Target Exchange-Traded Fund

TDX Independence Funds, Inc.

TABLE OF CONTENTS

	Page
Shareholder Letter		1

Fund Performance Overview

TDX Independence 2010 Exchange-Traded Fund		2

TDX Independence 2020 Exchange-Traded Fund		3

TDX Independence 2030 Exchange-Traded Fund		4

TDX Independence 2040 Exchange-Traded Fund		5

TDX Independence In-Target Exchange-Traded Fund		6

Fees and Expenses		7

Schedule of Investments

TDX Independence 2010 Exchange-Traded Fund		8

TDX Independence 2020 Exchange-Traded Fund		14

TDX Independence 2030 Exchange-Traded Fund		21

TDX Independence 2040 Exchange-Traded Fund		27

TDX Independence In-Target Exchange-Traded Fund		33

Statements of Assets and Liabilities		38

Statements of Operations		40

Statements of Changes in Net Assets		42

Financial Highlights		44

Notes to Financial Statements		47

Additional Information		54

This Page is Intentionally Left Blank

TO OUR SHAREHOLDERS:

We are pleased to present this Semi-Annual Report for TDX Independence Funds, Inc., which covers the period from June 1, 2008 through November 30, 2008.

During the past six months since the first Annual Report, the TDX Independence Exchange-Traded Funds have performed as expected in spite of unprecedented market conditions.

As outlined below, the greater the time to target date for a particular fund, the greater its proportion of equity holdings. Therefore, during the six months covered in this report, the TDX Independence 2040 ETF, which has the greatest percentage allocation to equities, suffered the greatest decline, 36.5%. Conversely, the TDX Independence In-Target ETF, which represents the fund family's most conservative allocation, declined by only 4.1%.

As of November 30, 2008, assets under management for the five TDX Independence Exchange-Traded Funds totaled $124 million, representing a 27% decrease from the $170 million reported on May 31, 2008. The decrease in assets is primarily due to market declines.

Each TDX Independence ETF tracks an index (designed by Zacks Investment Research) of approximately 500 securities comprised of equities (domestic and international) and fixed income securities. As each TDX Independence ETF approaches its target date, portfolio weightings automatically shift from a higher proportion of equities to a greater proportion of fixed income securities. At target date, each index will be allocated very conservatively (i.e., almost entirely in fixed income securities). Over the five years after the target date is reached, allocations shift from conservative to more moderately-conservative allocations and thereafter remain static.

The TDX Independence Funds (ETFs) are the only ETFs to hold both stocks and bonds in the same portfolio, and are well positioned to take advantage of the growing interest in target-date funds. Mixing debt and equity securities in a single ETF is a ground breaking innovation, which provides convenience and clarity for investors seeking a sophisticated product in one simple trade. In recognition of this unique design, the TDX Independence ETFs received two awards for innovation during 2008: the Most Innovative ETF Product for the Americas Award from industry group, exchangetradedfunds.com, and the Frost & Sullivan 2008 Product Differentiation Innovation Award.

In the months ahead, we hope to further increase awareness among investors and to have our TDX Independence ETFs recognized as useful tools that can help investors to plan for and reach important life events. We take great pride in these products and we thank you for your continued support.

Very truly yours,



Jeffrey L. Feldman				David M. Kelley

Chairman				President &

				Chief Executive Officer

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2010 Exchange-Traded Fund (TDD)

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

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

Performance as of 11/30/08

Cumulative Total Return
	Net Asset Value			Market Price			Zacks 2010 Lifecycle Index			Dow Jones Target 2010 Index
Six Month		-11.95	%		-13.22	%		-13.04	%		-15.89	%
1 Year		-12.96	%		-14.10	%		-13.84	%		-15.12	%
Since Inception¹		-12.82	%		-14.05	%		-13.80	%		-13.57	%

¹ Total returns are calculated based on the commencement of trading, 10/1/07 ("Inception"). The Fund has limited performance history. The returns shown may not be illustrative of longer-term performance.

The preceding performance chart is provided for comparative purposes and represents the period noted. The Fund's net asset value per share ("NAV") is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on NYSE Arca of a share of the Fund from Inception through November 30, 2008. The price used to calculate market price returns is the mid-point of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The Dow Jones Target Date Indexes are indexes whose allocations are automatically adjusted to reduce potential risk over time. Each index in the series allocates among U.S. and global stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels.

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

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio as disclosed in the most recent prospectus dated September 29, 2008 is estimated at 1.55%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain fund expenses in order to limit Fund net annual operating expenses to 0.65% until at least 9/30/09.

Top Ten Holdings² as of 11/30/08

Top Ten Equity Holdings
Description	Shares		Market Value		% of Net Assets
Exxon Mobil Corp.		2,302	$	184,504		1.0	%
Wal-Mart Stores, Inc.		1,552		86,726		0.5	%
Microsoft Corp.		3,879		78,434		0.4	%
Procter & Gamble (The) Co.		1,194		76,834		0.4	%
Chevron Corp.		962		76,008		0.4	%
AT&T, Inc.		2,555		72,970		0.4	%
General Electric Co.		3,841		65,949		0.4	%
Johnson & Johnson		1,074		62,916		0.4	%
Coca-Cola (The) Co.		993		46,542		0.3	%
Cisco Systems, Inc.		2,719		44,972		0.3	%
Top Ten Fixed Income Holdings
Description	Principal Amount		Market Value		% of Net Assets
U.S. Treasury Note, 6.00%, 8/15/09	$	1,653,000	$	1,713,052		9.7	%
U.S. Treasury Note, 4.75%, 5/15/14		1,471,400		1,686,938		9.6	%
U.S. Treasury Note, 3.50%, 2/15/10		1,433,700		1,483,432		8.4	%
Fed. Natl. Mort. Assoc., 7.25%, 1/15/10		1,036,000		1,096,715		6.2	%
Fed. Natl. Mort. Assoc., 5.00%, 4/15/15		707,000		764,959		4.4	%
Fed. Home Loan Mort. Corp., 4.50%, 1/15/13		723,000		761,759		4.3	%
Fed. Home Loan Mort. Corp., 3.25%, 2/25/11		717,000		727,818		4.1	%
Fed. Natl. Mort. Assoc., 5.00%, 5/11/17		637,000		676,647		3.8	%
U.S. Treasury Note, 7.50%, 11/15/16		180,000		234,956		1.3	%
Citigroup, Inc., 6.00%, 2/21/12		245,000		233,119		1.3	%

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

Asset Class Breakdown*

as of 11/30/08

Sector Breakdown* as of 11/30/08

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

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2020 Exchange-Traded Fund (TDH)

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

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

Performance as of 11/30/08

Cumulative Total Return
	Net Asset Value			Market Price			Zacks 2020 Lifecycle Index			Dow Jones Target 2020 Index
Six Month		-25.31	%		-26.89	%		-26.88	%		-25.77	%
1 Year		-28.10	%		-29.54	%		-29.66	%		-26.05	%
Since Inception¹		-28.91	%		-30.22	%		-30.12	%		-26.07	%

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio as disclosed in the most recent prospectus dated September 29, 2008 is estimated at 1.32%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain fund expenses in order to limit Fund net annual operating expenses to 0.65% until at least 9/30/09.

Top Ten Holdings² as of 11/30/08

Top Ten Equity Holdings
Description	Shares		Market Value		% of Net Assets
Exxon Mobil Corp.		10,622	$	851,353		2.6	%
Wal-Mart Stores, Inc.		7,154		399,766		1.2	%
Microsoft Corp.		17,900		361,939		1.1	%
Procter & Gamble (The) Co.		5,511		354,633		1.1	%
Chevron Corp.		4,441		350,883		1.1	%
AT&T, Inc.		11,808		337,236		1.0	%
General Electric Co.		17,735		304,509		0.9	%
Johnson & Johnson		4,963		290,733		0.9	%
Coca-Cola (The) Co.		4,579		214,618		0.7	%
Cisco Systems, Inc.		12,559		207,727		0.6	%
Top Ten Fixed Income Holdings
Description	Principal Amount		Market Value		% of Net Assets
U.S. Treasury Note, 5.00%, 5/15/37	$	1,280,000	$	1,613,400		5.0	%
Fed. Home Loan Mort. Corp., 6.25%, 7/15/32		686,000		828,351		2.5	%
U.S. Treasury Note, 8.125%, 8/15/19		500,900		702,199		2.2	%
U.S. Treasury Note, 4.50%, 5/15/10		550,000		579,477		1.8	%
U.S. Treasury Note, 6.25%, 5/15/30		395,000		539,978		1.7	%
U.S. Treasury Note, 7.625%, 2/15/25		334,700		503,750		1.5	%
European Investment Bank, 4.625%, 5/15/14		352,000		372,257		1.1	%
Goldman Sachs Group, LP, 5.00%, 10/01/14		409,000		334,893		1.0	%
Bank of America Corp., 4.875%, 1/15/13		338,000		324,060		1.0	%
Wachovia Corp., 5.25%, 8/01/14		364,000		301,192		0.9	%

Asset Class Breakdown*

as of 11/30/08

Sector Breakdown* as of 11/30/08

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2030 Exchange-Traded Fund (TDN)

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

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

Performance as of 11/30/08

Cumulative Total Return
	Net Asset Value			Market Price			Zacks 2030 Lifecycle Index			Dow Jones Target 2030 Index
Six Month		-33.47	%		-34.30	%		-34.32	%		-34.41	%
1 Year		-37.10	%		-37.85	%		-37.74	%		-35.31	%
Since Inception¹		-38.52	%		-39.20	%		-38.76	%		-36.25	%

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio as disclosed in the most recent prospectus dated September 29, 2008 is estimated at 1.38%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain fund expenses in order to limit Fund net annual operating expenses to 0.65% until at least 9/30/09.

Top Ten Holdings² as of 11/30/08

Top Ten Equity Holdings
Description	Shares		Market Value		% of Net Assets
Exxon Mobil Corp.		12,291	$	985,125		3.9	%
Wal-Mart Stores, Inc.		8,278		462,574		1.8	%
Microsoft Corp.		20,966		423,933		1.7	%
Procter & Gamble (The) Co.		6,376		410,295		1.6	%
Chevron Corp.		5,138		405,953		1.6	%
AT&T, Inc.		13,662		390,186		1.6	%
General Electric Co.		20,521		352,347		1.4	%
Johnson & Johnson		5,742		336,367		1.3	%
Coca-Cola (The) Co.		5,299		248,364		1.0	%
Cisco Systems, Inc.		14,531		240,343		1.0	%
Top Ten Fixed Income Holdings
Description	Principal Amount		Market Value		% of Net Assets
U.S. Treasury Note, 4.50%, 5/15/10	$	505,000	$	532,065		2.1	%
U.S. Treasury Note, 4.75%, 5/15/14		290,900		333,512		1.3	%
Procter & Gamble (The) Co., 5.55%, 3/05/37		282,000		277,039		1.1	%
Eli Lilly & Co., 5.55%, 3/15/37		293,000		267,064		1.1	%
U.S. Treasury Note, 4.375%, 2/15/38		230,000		266,531		1.1	%
HSBC Holdings PLC, 6.50%, 9/15/37		300,000		252,063		1.0	%
U.S. Treasury Note, 8.125%, 8/15/19		122,500		171,730		0.7	%
U.S. Treasury Note, 7.50%, 11/15/16		100,000		130,531		0.5	%
Goldman Sachs Group (The), Inc., 6.75%, 10/01/37		200,000		128,515		0.5	%
AstraZeneca PLC, 6.45%, 9/15/37		130,000		124,615		0.5	%

Asset Class Breakdown*

as of 11/30/08

Sector Breakdown* as of 11/30/08

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

TDX Independence 2040 Exchange-Traded Fund (TDV)

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

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

Performance as of 11/30/08

Cumulative Total Return
	Net Asset Value			Market Price			Zacks 2040 Lifecycle Index			Dow Jones Target 2040 Index
Six Month		-36.48	%		-37.89	%		-37.27	%		-38.74	%
1 Year		-40.09	%		-41.39	%		-41.82	%		-39.88	%
Since Inception¹		-41.65	%		-42.82	%		-43.02	%		-41.17	%

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio as disclosed in the most recent prospectus dated September 29, 2008 is estimated at 1.36%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain fund expenses in order to limit Fund net annual operating expenses to 0.65% until at least 9/30/09.

Top Ten Holdings² as of 11/30/08

Top Ten Equity Holdings
Description	Shares		Market Value		% of Net Assets
Exxon Mobil Corp.		13,687	$	1,097,013		4.6	%
Wal-Mart Stores, Inc.		9,218		515,103		2.2	%
Microsoft Corp.		23,065		466,374		2.0	%
Procter & Gamble (The) Co.		7,100		456,885		1.9	%
Chevron Corp.		5,722		452,095		1.9	%
AT&T, Inc.		15,214		434,512		1.8	%
General Electric Co.		22,852		392,370		1.6	%
Johnson & Johnson		6,395		374,620		1.6	%
Coca-Cola (The) Co.		5,900		276,533		1.2	%
Cisco Systems, Inc.		16,182		267,650		1.1	%
Top Ten Fixed Income Holdings
Description	Principal Amount		Market Value		% of Net Assets
U.S. Treasury Note, 4.375%, 2/15/38	$	90,000	$	104,294		0.4	%
U.S. Treasury Note, 4.50%, 5/15/10		55,000		57,948		0.2	%
Wal-Mart Stores, Inc., 6.50%, 8/15/37		48,000		46,926		0.2	%
Bristol-Myers Squibb Co., 5.875%, 11/15/36		46,000		41,632		0.2	%
HSBC Holdings PLC, 6.50%, 9/15/37		48,000		40,330		0.2	%
Procter & Gamble (The) Co., 5.55%, 3/05/37		41,000		40,279		0.2	%
Goldman Sachs Group (The), Inc., 6.75%, 10/01/37		61,000		39,197		0.2	%
U.S. Treasury Note, 4.875%, 4/30/11		35,000		38,227		0.2	%
Eli Lilly & Co., 5.55%, 3/15/37		41,000		37,371		0.2	%
American Express Co., 6.80%, 9/01/66		64,000		35,324		0.1	%

Asset Class Breakdown*

as of 11/30/08

Sector Breakdown* as of 11/30/08

TDX Independence Funds, Inc.

PERFORMANCE SUMMARY

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

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

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

Performance as of 11/30/08

Cumulative Total Return
	Net Asset Value			Market Price			Zacks In-Target Lifecycle Index			Dow Jones Target Today Index
Six Month		-4.08	%		-5.56	%		-6.08	%		-8.11	%
1 Year		-3.10	%		-4.25	%		-5.35	%		-5.79	%
Since Inception¹		-2.05	%		-4.25	%		-4.08	%		-5.79	%

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.tdxindependencefunds.com. Investment in the Fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio as disclosed in the most recent prospectus dated September 29, 2008 is estimated at 1.61%. Amerivest Investment Management, LLC, a sub-advisor to the Fund, has agreed to cap its fees and/or pay certain fund expenses in order to limit Fund net annual operating expenses to 0.65% until at least 9/30/09.

Top Ten Holdings² as of 11/30/08

Top Ten Equity Holdings
Description	Shares		Market Value		% of Net Assets
Exxon Mobil Corp.		1,450	$	116,218		0.5	%
Wal-Mart Stores, Inc.		1,010		56,438		0.2	%
Microsoft Corp.		2,625		53,078		0.2	%
Chevron Corp.		625		49,381		0.2	%
Procter & Gamble (The) Co.		766		49,292		0.2	%
AT&T, Inc.		1,684		48,094		0.2	%
General Electric Co.		2,536		43,542		0.2	%
Johnson & Johnson		679		39,776		0.2	%
Cisco Systems, Inc.		1,804		29,838		0.1	%
Coca-Cola (The) Co.		625		29,294		0.1	%
Top Ten Fixed Income Holdings
Description	Principal Amount		Market Value		% of Net Assets
U.S. Treasury Note, 4.00%, 9/30/09	$	2,900,000	$	2,974,768		12.2	%
U.S. Treasury Note, 3.375%, 12/15/08		2,600,000		2,603,658		10.7	%
U.S. Treasury Note, 4.875%, 8/15/09		2,277,700		2,342,651		9.6	%
U.S. Treasury Note, 3.875%, 7/15/10		2,166,400		2,275,736		9.3	%
U.S. Treasury Note, 3.50%, 2/15/10		1,452,400		1,502,781		6.2	%
U.S. Treasury Note, 4.50%, 5/15/10		1,361,400		1,434,363		5.9	%
U.S. Treasury Note, 4.875%, 4/30/11		1,079,800		1,179,345		4.8	%
Fed. Natl. Mort. Assoc., 7.25%, 1/15/10		899,000		951,686		3.9	%
U.S. Treasury Note, 4.75%, 2/28/09		833,200		842,639		3.4	%
U.S. Treasury Note, 4.50%, 2/15/09		747,800		754,752		3.1	%

Asset Class Breakdown*

as of 11/30/08

Sector Breakdown* as of 11/30/08

TDX Independence Funds, Inc.

FEES AND EXPENSES

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

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended November 30, 2008.

ACTUAL EXPENSES

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value June 1, 2008		Ending Account Value November 30, 2008		Annualized Expense Ratio⁽¹⁾based on the number of days in the period			Expenses Paid During the Period⁽²⁾June 1, 2008 to November 30, 2008
TDX Independence 2010 Exchange Traded-Fund
Actual	$	1,000.00	$	880.47		0.65	%	$	3.06
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
TDX Independence 2020 Exchange Traded-Fund
Actual	$	1,000.00	$	746.90		0.65	%	$	2.85
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
TDX Independence 2030 Exchange Traded-Fund
Actual	$	1,000.00	$	665.25		0.65	%	$	2.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
TDX Independence 2040 Exchange Traded-Fund
Actual	$	1,000.00	$	635.16		0.65	%	$	2.66
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
TDX Independence In-Target Exchange Traded-Fund
Actual	$	1,000.00	$	959.15		0.65	%	$	3.19
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29

(1) Amerivest Investment Management, LLC ("Amerivest"), a sub-advisor to the Funds, has contractually agreed to pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes, brokerage commissions and extraordinary expenses) in order to limit the Net Annual Operating Expenses for shares of each Fund to 0.65% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect until at least September 30, 2009. Amerivest is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be requested by Amerivest if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap. Ratios would have been higher if fees were not reduced by Amerivest.

(2) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 1, 2008 to November 30, 2008. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
COMMON STOCKS—21.2%
CONSUMER DISCRETIONARY—1.7%
Aeropostale, Inc.*		167	$	2,525
American Axle & Manufacturing Holdings, Inc.		770		1,940
Blyth, Inc.		417		3,457
Buffalo Wild Wings, Inc.*		202		4,638
CBS Corp., Class B		1,619		10,783
Champion Enterprises, Inc.*		1,799		1,313
Comcast Corp., Class A		1,179		20,444
Compagnie Financiere Richemont SA, Class A (Switzerland)		116		2,013
Crown Media Holdings, Inc., Class A*		1,585		3,376
Daimler AG (Germany)		231		7,227
DeVry, Inc.		187		10,749
DIRECTV Group (The), Inc.*		463		10,191
Fossil, Inc.*		193		2,934
Fred's, Inc., Class A		464		5,336
Hennes & Mauritz AB, Class B (Sweden)		99		3,643
Home Depot (The), Inc.		763		17,633
HONDA MOTOR Co. Ltd. (Japan)		320		7,005
Hovnanian Enterprises, Inc., Class A*		777		1,702
J. Crew Group, Inc.*		173		1,754
Johnson Controls, Inc.		267		4,715
Las Vegas Sands Corp.*		207		1,070
LKQ Corp.*		329		3,428
LVMH Moet Hennessy Louis Vuitton SA (France)		53		2,998
Marvel Entertainment, Inc.*		209		6,155
McDonald's Corp.		441		25,908
National Presto Industries, Inc.		91		5,971
Netflix, Inc.*		157		3,608
Omnicom Group, Inc.		698		19,746
Panasonic Corp. (Japan)		203		2,438
Priceline.com, Inc.*		102		7,038
Sony Corp. (Japan)		241		4,663
Strayer Education, Inc.		37		8,866
Superior Industries International, Inc.		344		4,207
Target Corp.		341		11,512
Time Warner, Inc.		1,516		13,720
Toyota Motor Corp. (Japan)		642		20,222
Tupperware Brands Corp.		142		2,793
Vail Resorts, Inc.*		132		2,871
Vivendi (France)		248		7,002
Volkswagen AG (Germany)		30		10,671
Walt Disney (The) Co.		802		18,061
				306,326
CONSUMER STAPLES—2.6%
Archer-Daniels-Midland Co.		326		8,926
British American Tobacco PLC (United Kingdom)		382		9,953
Carrefour SA (France)		166		6,258
Central European Distribution Corp.*		95		2,246
Coca-Cola (The) Co.		993		46,542
CVS Caremark Corp.		600		17,358
Diageo PLC (United Kingdom)		556		7,738
Flowers Foods, Inc.		235		6,293
Groupe DANONE (France)		111		6,377

	Number of Shares		Market Value
CONSUMER STAPLES (Continued)
H.J. Heinz Co.		629	$	24,430
Kraft Foods, Inc., Class A		620		16,870
Nash Finch Co.		168		7,536
Nestle SA (Switzerland)		861		31,147
Philip Morris International, Inc.		858		36,173
Procter & Gamble (The) Co.		1,194		76,834
Reynolds American, Inc.		565		23,210
Ruddick Corp.		142		3,885
Safeway, Inc.		991		21,604
Tesco PLC (United Kingdom)		1,686		7,640
Unilever NV (Netherlands)		369		8,583
Unilever PLC (United Kingdom)		291		6,667
Wal-Mart Stores, Inc.		1,552		86,726
				462,996
ENERGY—3.3%
Alpha Natural Resources, Inc.*		159		3,528
BG Group PLC (United Kingdom)		777		10,969
BP PLC (United Kingdom)		4,410		35,645
Chevron Corp.		962		76,008
ConocoPhillips		711		37,342
Crosstex Energy, Inc.		146		606
Dawson Geophysical Co.*		119		2,448
Delta Petroleum Corp.*		303		1,730
Encore Acquisition Co.*		148		3,913
ENI S.p.A (Italy)		629		14,151
Exterran Holdings, Inc.*		185		3,247
Exxon Mobil Corp.		2,302		184,504
Hercules Offshore, Inc.*		262		1,525
IHS, Inc., Class A*		170		6,169
Mariner Energy, Inc.*		247		2,715
Occidental Petroleum Corp.		381		20,627
Petrohawk Energy Corp.*		539		9,416
Pride International, Inc.*		401		6,500
Repsol YPF SA (Spain)		217		4,185
Royal Dutch Shell PLC, Class A (United Kingdom)		848		22,615
Royal Dutch Shell PLC, Class B (United Kingdom)		641		16,859
Schlumberger Ltd. (Netherlands Antilles)		531		26,943
Ship Finance International Ltd. (Bermuda)		210		2,497
Smith International, Inc.		394		11,521
Southwestern Energy Co.*		807		27,737
StatoilHydro ASA (Norway)		319		5,377
Total SA (France)		501		26,096
Union Drilling, Inc.*		324		2,184
Walter Industries, Inc.		135		2,462
Whiting Petroleum Corp.*		114		4,366
Woodside Petroleum Ltd. (Australia)		113		2,653
				576,538
FINANCIALS—3.5%
Aflac, Inc.		180		8,334
Alexander's, Inc. REIT *		16		3,405
Alexandria Real Estate Equities, Inc. REIT		84		3,720
Allianz SE (Germany)		99		8,192
American Equity Investment Life Holding Co.		707		4,398

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
FINANCIALS (Continued)
American Express Co.		468	$	10,909
American International Group, Inc.		1,245		2,502
Apollo Investment Corp.		374		3,175
Aspen Insurance Holdings Ltd. (Bermuda)		263		4,847
Assicurazioni Generali S.p.A (Italy)		233		5,606
Assured Guaranty Ltd. (Bermuda)		246		2,765
AXA (France)		382		7,247
Banco Bilbao Vizcaya Argentaria SA (Spain)		912		9,420
Banco Latinoamericano de Exportaciones SA, Class E (Panama)		354		4,485
Bank of America Corp.		1,740		28,275
Bank of New York Mellon (The), Corp.		542		16,374
Barclays PLC (United Kingdom)		1,689		4,390
BioMed Realty Trust, Inc. REIT		204		1,901
BNP Paribas (France)		189		10,390
Capital One Financial Corp.		690		23,743
Capital Southwest Corp.		47		3,838
Charles Schwab (The) Corp.		458		8,395
Citigroup, Inc.		2,082		17,260
Commonwealth Bank of Australia (Australia)		253		5,616
Corporate Office Properties Trust REIT		135		4,011
Credit Suisse Group (Switzerland)		260		7,633
Deutsche Bank AG (Germany)		128		4,544
Digital Realty Trust, Inc. REIT		167		4,569
eHealth, Inc.*		347		3,807
Equity One, Inc. REIT		230		3,807
Fifth Third Bancorp		959		9,168
First Cash Financial Services, Inc.*		296		4,564
Fortis (Belgium)		654		616
Franklin Resources, Inc.		111		6,743
Goldman Sachs Group (The), Inc.		161		12,717
Highwoods Properties, Inc. REIT		166		3,964
HSBC Holdings PLC (United Kingdom)		2,585		28,360
ING Groep NV (Netherlands)		460		3,852
Intesa Sanpaolo S.p.A (Italy)		1,880		5,630
JPMorgan Chase & Co.		1,265		40,049
Knight Capital Group, Inc., Class A*		345		5,710
LaBranche & Co., Inc.*		703		3,445
Lloyds TSB Group PLC (United Kingdom)		1,420		3,661
Mitsubishi UFJ Financial Group, Inc. (Japan)		2,044		11,181
Mizuho Financial Group, Inc. (Japan)		2		5,208
National Australia Bank Ltd. (Australia)		371		4,832
National Bank of Greece SA ADR (Greece)		1,030		3,966
National Retail Properties, Inc. REIT		229		3,071
Nationwide Health Properties, Inc. REIT		217		4,911
Northern Trust Corp.		395		18,127
Odyssey Re Holdings Corp.		178		8,008
Platinum Underwriters Holdings Ltd. (Bermuda)		165		5,070
Potlatch Corp. REIT		115		3,068
ProAssurance Corp.*		99		5,404
ProLogis REIT		575		2,202
Public Storage REIT		331		23,134
Realty Income Corp. REIT		267		5,391
Royal Bank of Scotland Group PLC (United Kingdom)		2,437		2,068
Senior Housing Properties Trust REIT		296		4,123
Simon Property Group, Inc. REIT		99		4,703

	Number of Shares		Market Value
FINANCIALS (Continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)		2	$	7,244
SVB Financial Group*		97		3,885
T. Rowe Price Group, Inc.		543		18,576
Texas Capital Bancshares, Inc.*		377		6,051
U.S. Bancorp		752		20,289
UBS AG (Switzerland)*		554		6,910
UMB Financial Corp.		99		4,733
UniCredito Italiano S.p.A (Italy)		2,408		5,466
United Community Banks, Inc.		506		6,669
Vornado Realty Trust REIT		307		16,409
Waddell & Reed Financial, Inc., Class A		239		3,212
Wells Fargo & Co.		1,182		34,147
Westamerica Bancorp.		91		4,838
Westpac Banking Corp. (Australia)		417		4,858
Zurich Financial Services AG (Switzerland)		33		6,425
				620,216
HEALTH CARE—2.5%
Abbott Laboratories		580		30,386
Alexion Pharmaceuticals, Inc.*		174		5,857
Alliance Imaging, Inc.*		743		5,810
Amgen, Inc.*		401		22,272
AstraZeneca PLC (United Kingdom)		292		10,955
Bayer AG (Germany)		156		8,053
BioMarin Pharmaceuticals, Inc.*		218		3,713
Bio-Rad Laboratories, Inc., Class A*		74		5,488
Bruker Corp.*		436		2,049
CorVel Corp.*		189		4,177
Cross Country Healthcare, Inc.*		409		3,562
GlaxoSmithKline PLC (United Kingdom)		1,048		18,011
Halozyme Therapeutics, Inc.*		700		2,597
Hologic, Inc.*		586		8,239
Humana, Inc.*		375		11,336
Illumina, Inc.*		258		5,679
Insulet Corp.*		337		1,648
Inverness Medical Innovations, Inc.*		200		3,514
Johnson & Johnson		1,074		62,916
Magellan Health Services, Inc.*		149		4,895
Masimo Corp.*		128		3,493
McKesson Corp.		597		20,859
Merck & Co., Inc.		880		23,514
Myriad Genetics, Inc.*		91		5,394
Novartis AG (Switzerland)		432		20,095
Onyx Pharmaceuticals, Inc.*		115		3,232
OSI Pharmaceuticals, Inc.*		120		4,464
Perrigo Co.		206		7,088
Pfizer, Inc.		2,622		43,079
Psychiatric Solutions, Inc.*		174		4,402
Roche Holding AG (Switzerland)		139		19,454
Sanofi-Aventis SA (France)		590		32,529
Takeda Pharmaceutical Co. Ltd. (Japan)		180		8,712
Thermo Fisher Scientific, Inc.*		174		6,208
United Therapeutics Corp.*		48		2,632
UnitedHealth Group, Inc.		634		13,320
Zimmer Holdings, Inc.*		114		4,254
				443,886

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
INDUSTRIALS—2.0%
3M Co.		296	$	19,811
ABB Ltd. (Switzerland)		503		6,493
Acuity Brands, Inc.		133		3,586
Aecom Technology Corp.*		260		6,887
Alstom SA (France)		45		2,387
Altra Holdings, Inc.*		364		2,803
American Science & Engineering, Inc.		111		8,422
BAE Systems PLC (United Kingdom)		704		3,827
Baldor Electric Co.		127		2,093
Beacon Roofing Supply, Inc.*		539		6,371
Boeing (The), Co.		321		13,684
Brady Corp., Class A		141		2,912
Bucyrus International, Inc.		191		3,730
Burlington Northern Santa Fe Corp.		149		11,415
Caterpillar, Inc.		263		10,780
CLARCOR, Inc.		127		4,078
Cummins, Inc.		401		10,258
Danaher Corp.		123		6,844
Deutsche Post AG (Germany)		210		3,008
East Japan Railway Co. (Japan)		1		7,717
EMCOR Group, Inc.*		189		2,981
Emerson Electric Co.		309		11,090
Foster Wheeler Ltd. (Bermuda)*		344		7,657
FTI Consulting, Inc.*		118		6,471
Fuel Tech, Inc.*		324		2,864
General Dynamics Corp.		170		8,784
General Electric Co.		3,841		65,949
H&E Equipment Services, Inc.*		494		3,325
Illinois Tool Works, Inc.		225		7,677
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		560		8,781
Insituform Technologies, Inc., Class A*		346		5,609
Komatsu Ltd. (Japan)		239		2,871
Koninklijke (Royal) Philips Electronics NV (Netherlands)		271		4,388
Manpower, Inc.		178		5,603
Mitsubishi Corp. (Japan)		320		3,981
Moog, Inc., Class A*		116		3,733
Schneider Electric SA (France)		56		3,512
Seaboard Corp.		3		2,703
Siemens AG (Germany)		170		10,154
Union Pacific Corp.		215		10,759
United Parcel Service, Inc., Class B		424		24,421
Vestas Wind Systems A/S (Denmark)*		40		1,790
Vinci SA (France)		111		4,448
Wabtec Corp.		108		4,168
Woodward Governor Co.		165		3,505
				354,330
INFORMATION TECHNOLOGY—3.0%
Amkor Technology, Inc.*		534		1,175
Anixter International, Inc.*		104		2,850
ANSYS, Inc.*		193		5,570
Apple, Inc.*		354		32,805
Aruba Networks, Inc.*		1,220		2,891
Canon, Inc. (Japan)		241		7,148
Cisco Systems, Inc.*		2,719		44,972
eBay, Inc.*		650		8,535
EMC Corp.*		1,081		11,426

	Number of Shares		Market Value
INFORMATION TECHNOLOGY (Continued)
Equinix, Inc.*		86	$	3,905
FLIR Systems, Inc.*		288		8,934
Foundry Networks, Inc.*		360		5,576
Google, Inc., Class A*		129		37,792
Hewlett-Packard Co.		1,046		36,903
Intel Corp.		2,280		31,464
International Business Machines Corp.		523		42,677
Itron, Inc.*		88		4,169
Ixia*		885		5,434
Jack Henry & Associates, Inc.		264		4,860
Macrovision Solutions Corp.*		299		3,516
MasterCard, Inc., Class A		52		7,556
MEMC Electronic Materials, Inc.*		533		8,006
MICROS Systems, Inc.*		218		3,630
Microsemi Corp.*		211		4,112
Microsoft Corp.		3,879		78,434
Motorola, Inc.		1,018		4,388
Nextwave Wireless, Inc.*		1,600		192
Nintendo Co. Ltd. (Japan)		4		1,244
Nokia Oyj (Finland)		798		11,230
Nuance Communications, Inc.*		516		4,737
ON Semiconductor Corp.*		946		2,762
Parametric Technology Corp.*		293		3,387
Perot Systems Corp., Class A*		337		4,206
Polycom, Inc.*		274		5,159
Quest Software, Inc.*		298		3,978
RightNow Technologies, Inc.*		424		3,417
SAIC, Inc.*		502		8,936
SAP AG (Germany)		171		5,824
Skyworks Solutions, Inc.*		386		2,081
Sohu.com, Inc.*		79		3,835
Sybase, Inc.*		199		4,903
TechTarget, Inc.*		595		2,725
Telefonaktiebolaget LM Ericsson (Sweden)		740		5,263
Toshiba Corp. (Japan)		797		2,912
Tyco Electronics Ltd. (Bermuda)		211		3,477
Universal Display Corp.*		490		3,572
Western Union (The) Co.		345		4,578
Xerox Corp.		1,854		12,959
Yahoo!, Inc.*		565		6,503
				516,608
MATERIALS—0.9%
Air Liquide SA (France)		57		4,835
Anglo American PLC (United Kingdom)		317		7,462
Aptargroup, Inc.		168		5,618
ArcelorMittal (Luxembourg)		225		5,340
BASF AG (Germany)		227		7,230
BHP Billiton Ltd. (Australia)		755		15,241
BHP Billiton PLC (United Kingdom)		549		10,016
CF Industries Holdings, Inc.		129		6,789
Coeur d'Alene Mines Corp.*		1,881		1,279
Dow Chemical (The) Co.		424		7,865
E.I. du Pont de Nemours & Co.		382		9,573
Flotek Industries, Inc.*		335		1,008
Freeport-McMoRan Copper & Gold, Inc.		186		4,462
Greif, Inc., Class A		125		4,144
Mosaic (The) Co.		198		6,009

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
MATERIALS (Continued)
Nippon Steel Corp. (Japan)		1,610	$	5,020
Rio Tinto PLC (United Kingdom)		311		7,674
Rockwood Holdings, Inc.*		185		1,654
Terra Industries, Inc.		226		3,324
Texas Industries, Inc.		88		2,716
Valhi, Inc.		309		4,326
Vulcan Materials Co.		217		13,016
Weyerhaeuser Co.		425		15,990
Xstrata PLC (United Kingdom)		144		2,056
				152,647
TELECOMMUNICATION SERVICES—1.1%
AT&T, Inc.		2,555		72,970
BT Group PLC (United Kingdom)		1,925		3,994
Consolidated Communications Holdings, Inc.		437		4,449
Deutsche Telekom AG (Germany)		563		7,780
France Telecom SA (France)		362		9,288
Koninklijke (Royal) KPN NV (Netherlands)		454		6,244
Telefonica SA (Spain)		865		17,430
tw telecom, Inc.*		416		3,174
Verizon Communications, Inc.		1,127		36,796
Vodafone Group PLC (United Kingdom)		11,286		22,028
				184,153
UTILITIES—0.6%
E.ON AG (Germany)		413		14,427
Enel S.p.A (Italy)		1,140		7,099
Exelon Corp.		190		10,680
Iberdrola SA (Spain)		810		5,982
ITC Holdings Corp.		131		5,502
National Grid PLC (United Kingdom)		617		6,405
Nicor, Inc.		170		6,933
PG&E Corp.		775		29,480
PPL Corp.		183		6,202
RWE AG (Germany)		99		8,301
Suez SA (France)		17		653
Westar Energy, Inc.		340		6,878
				108,542
Total Common Stocks (Cost $5,913,130)				3,726,242
RIGHTS—0.0%
FINANCIALS—0.0%
Fortis Rights* (Belgium), expiring 12/31/14 (Cost $0)		654		0
	Principal Amount		Market Value
CORPORATE BONDS—21.3%
CONSUMER DISCRETIONARY—1.3%
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13	$	54,000		53,985
Daimler Finance North America LLC 7.30%, 1/15/12		81,000		66,342
Home Depot (The), Inc. 5.40%, 3/01/16		141,000		112,720
				233,047

	Principal Amount		Market Value
CONSUMER STAPLES—0.6%
Diageo Finance BV (Netherlands) 5.30%, 10/28/15	$	41,000	$	38,029
Kroger (The) Co. 5.50%, 2/01/13		21,000		19,910
Wal-Mart Stores, Inc. 4.55%, 5/01/13		47,000		47,513
				105,452
ENERGY—1.5%
Apache Corp. 5.25%, 4/15/13		43,000		42,462
Enterprise Products Operating LP, Series B 5.60%, 10/15/14		31,000		26,374
Hess Corp. 6.65%, 8/15/11		107,000		101,827
Kinder Morgan Energy Partners LP 6.75%, 3/15/11		47,000		45,210
Spectra Energy Capital LLC 6.25%, 2/15/13		49,000		46,769
				262,642
FINANCIALS—13.8%
American General Finance Corp., Series H MTN 5.375%, 10/01/12		42,000		17,334
Ameriprise Financial, Inc. 5.35%, 11/15/10		109,000		93,138
Bank of America Corp. 4.50% 8/01/10		125,000		124,171
4.875%, 1/15/13		21,000		20,134
Boeing Capital Corp. Ltd. 5.80%, 1/15/13		81,000		80,894
Boston Properties LP 6.25%, 1/15/13		51,000		40,230
Capital One Financial Corp. 6.15%, 9/01/16		121,000		80,544
Citigroup, Inc. 6.00%, 2/21/12		245,000		233,119
European Investment Bank (Supranational) 4.625%, 5/15/14		163,000		172,382
General Electric Capital Corp., Series A MTN 5.875%, 2/15/12		149,000		148,544
Genworth Financial, Inc. 5.75%, 6/15/14		81,000		26,226
Goldman Sachs Group, LP 5.00%, 10/01/14		164,000		134,285
HSBC Finance Corp. 6.375%, 11/27/12		85,000		80,636
5.50%, 1/19/16		100,000		85,924
International Lease Finance Corp., Series Q MTN 5.75%, 6/15/11		85,000		59,943
iStar Financial, Inc., Series 1 5.875%, 3/15/16		34,000		12,594
John Deere Capital Corp. 7.00%, 3/15/12		81,000		82,379
JPMorgan Chase & Co. 5.75%, 1/02/13		101,000		97,631
Kreditanstalt fuer Wiederaufbau (Germany) 4.25%, 6/15/10		149,000		155,176

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
FINANCIALS (Continued)
Marsh & McLennan Cos., Inc. 5.75%, 9/15/15	$	30,000	$	26,731
Merrill Lynch & Co. Inc., Series C MTN 5.00%, 1/15/15		105,000		94,451
MetLife, Inc. 5.00%, 6/15/15		81,000		66,728
Morgan Stanley 5.05%, 1/21/11		100,000		94,507
5.30%, 3/01/13		98,000		83,807
National Rural Utilities Cooperative Finance Corp., Series C MTN 7.25%, 3/01/12		49,000		48,332
Royal Bank of Scotland Group PLC (United Kingdom) 5.00%, 10/01/14		54,000		44,653
SLM Corp., Series A MTN 5.375%, 5/15/14		54,000		37,985
Wachovia Corp. 5.25%, 8/01/14		125,000		103,431
Wells Fargo & Co. 5.00%, 11/15/14		73,000		71,301
				2,417,210
HEALTH CARE—1.0%
AmerisourceBergen Corp. 5.875%, 9/15/15		81,000		70,651
UnitedHealth Group, Inc. 4.875%, 3/15/15		53,000		44,133
WellPoint, Inc. 5.25%, 1/15/16		75,000		64,374
				179,158
INDUSTRIALS—0.7%
United Technologies Corp. 4.375%, 5/01/10		121,000		121,639
INFORMATION TECHNOLOGY—1.0%
International Business Machines Corp. 4.25%, 9/15/09		89,000		89,788
Oracle Corp. 5.25%, 1/15/16		89,000		84,591
				174,379
MATERIALS—0.2%
Alcoa, Inc. 6.00%, 1/15/12		47,000		43,811
TELECOMMUNICATION SERVICES—0.6%
Embarq Corp. 7.082%, 6/01/16		33,000		23,461
New Cingular Wireless Services, Inc. 7.875%, 3/01/11		74,000		74,964
				98,425
UTILITIES—0.6%
Constellation Energy Group, Inc. 4.55%, 6/15/15		35,000		27,891
Dominion Resources, Inc., Series C 5.15%, 7/15/15		53,000		46,117

	Principal Amount		Market Value
UTILITIES (Continued)
Exelon Generation Co. LLC 5.35%, 1/15/14	$	47,000	$	39,759
				113,767
Total Corporate Bonds (Amortized Cost $4,204,004)				3,749,530
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—54.0%
FEDERAL HOME LOAN MORTGAGE CORP.—9.3%
3.25%, 2/25/11		717,000		727,818
4.875%, 11/18/11		140,000		148,019
4.50%, 1/15/13		723,000		761,759
				1,637,596
FEDERAL NATIONAL MORTGAGE ASSOCIATION—14.5%
7.25%, 1/15/10		1,036,000		1,096,715
5.00%, 4/15/15		707,000		764,959
5.00%, 5/11/17		637,000		676,647
				2,538,321
UNITED STATE TREASURY BONDS/NOTES—30.2%
6.00%, 8/15/09		1,653,000		1,713,053
4.00%, 9/30/09		185,400		190,180
3.50%, 2/15/10		1,433,700		1,483,432
4.75%, 5/15/14		1,471,400		1,686,938
7.50%, 11/15/16		180,000		234,956
				5,308,559
Total United States Government & Agencies Obligations (Amortized Cost $9,165,796)				9,484,476
SOVEREIGN BONDS—1.5%
Italy Government International Bond (Italy) 6.00%, 2/22/11		175,000		187,563
United Mexican States, Series A MTN (Mexico) 6.375%, 1/16/13		78,000		79,170
Total Sovereign Bonds (Amortized Cost $265,142)				266,733
Total Investments—98.0% (Amortized Cost $19,548,072)			$	17,226,981
Cash Equivalents—0.9% (a)				148,752
Other assets less liabilities—1.1%				201,162
Net Assets—100.0%			$	17,576,895

ADR - American Depositary Receipt.

MTN - Medium Term Note.

REIT - Real Estate Investment Trust.

* Non-income producing security.

(a) Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 2.04% at November 30, 2008.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

Various inputs are used in determining the value of the 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 (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments:

Valuation inputs	Investments in Securities
Level 1—Quoted Prices	$	3,726,242
Level 2—Other Significant Observable Inputs		13,500,739
Level 3—Significant Unobservable Inputs		—
Total Fair Value	$	17,226,981

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2008 (Unaudited)

	Market Value		% of Net Assets
United States	$	15,648,869		89.0	%
United Kingdom		293,646		1.7
Germany		250,586		1.4
Italy		225,515		1.3
Supranational		172,382		1.0
France		124,020		0.7
Switzerland		100,170		0.6
Japan		97,566		0.6
Mexico		79,170		0.4
Netherlands		61,095		0.4
Spain		37,017		0.2
Bermuda		35,094		0.2
Australia		33,200		0.2
Netherlands Antilles		26,943		0.2
Finland		11,230		0.1
Sweden		8,905		0.0
Norway		5,377		0.0
Luxembourg		5,340		0.0
Panama		4,485		0.0
Greece		3,966		0.0
Denmark		1,790		0.0
Belgium		616		0.0
Total Investments		17,226,981		98.0
Cash Equivalents		148,752		0.9
Other assets less liabilities		201,162		1.1
Net Assets	$	17,576,895		100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
COMMON STOCKS—53.4%
CONSUMER DISCRETIONARY—4.4%
Aeropostale, Inc.*		769	$	11,627
American Axle & Manufacturing Holdings, Inc.		3,566		8,986
Blyth, Inc.		1,928		15,983
Buffalo Wild Wings, Inc.*		933		21,422
CBS Corp., Class B		7,499		49,943
Champion Enterprises, Inc.*		8,317		6,071
Children's Place Retail Stores (The), Inc.*		49		1,149
Cinemark Holdings, Inc.		335		2,523
Comcast Corp., Class A		5,436		94,260
Compagnie Financiere Richemont SA, Class A (Switzerland)		535		9,285
Crown Media Holdings, Inc., Class A*		7,320		15,592
Daimler AG (Germany)		1,066		33,350
DeVry, Inc.		865		49,720
DIRECTV Group (The), Inc.*		2,128		46,837
Fossil, Inc.*		889		13,513
Fred's, Inc., Class A		2,145		24,668
Hennes & Mauritz AB, Class B (Sweden)		450		16,557
Home Depot (The), Inc.		3,515		81,232
HONDA MOTOR Co. Ltd. (Japan)		1,505		32,946
Hovnanian Enterprises, Inc., Class A*		3,586		7,853
J. Crew Group, Inc.*		764		7,747
Johnson Controls, Inc.		1,240		21,898
Las Vegas Sands Corp.*		955		4,937
Lear Corp. *		705		1,671
Life Time Fitness, Inc.*		144		2,156
LKQ Corp.*		1,522		15,859
LVMH Moet Hennessy Louis Vuitton SA (France)		248		14,029
Marvel Entertainment, Inc.*		960		28,272
McDonald's Corp.		2,037		119,673
National Presto Industries, Inc.		420		27,556
Netflix, Inc.*		722		16,592
Omnicom Group, Inc.		3,223		91,179
Panasonic Corp. (Japan)		1,254		15,062
Priceline.com, Inc.*		468		32,292
Regis Corp.		197		2,165
Sony Corp. (Japan)		1,179		22,814
Strayer Education, Inc.		167		40,015
Superior Industries International, Inc.		1,598		19,544
Target Corp.		1,571		53,037
Time Warner, Inc.		7,006		63,404
Toyota Motor Corp. (Japan)		2,924		92,099
Tupperware Brands Corp.		655		12,884
Vail Resorts, Inc.*		607		13,202
Vivendi (France)		1,136		32,073
Volkswagen AG (Germany)		138		49,088
Walt Disney (The) Co.		3,696		83,234
				1,425,999
CONSUMER STAPLES—6.6%
Archer-Daniels-Midland Co.		1,502		41,125
British American Tobacco PLC (United Kingdom)		1,774		46,222
Carrefour SA (France)		726		27,369
Casey's General Stores, Inc.		154		4,566
Central European Distribution Corp.*		439		10,378
Coca-Cola (The) Co.		4,579		214,618

	Number of Shares		Market Value
CONSUMER STAPLES (Continued)
CVS Caremark Corp.		2,790	$	80,715
Diageo PLC (United Kingdom)		2,507		34,891
Flowers Foods, Inc.		1,086		29,083
Fresh Del Monte Produce, Inc. (Cayman Islands)*		413		10,424
Groupe DANONE (France)		515		29,586
H.J. Heinz Co.		2,904		112,791
Kraft Foods, Inc., Class A		2,858		77,766
Nash Finch Co.		768		34,452
Nestle SA (Switzerland)		3,994		144,483
Philip Morris International, Inc.		3,962		167,038
Procter & Gamble (The) Co.		5,511		354,633
Reynolds American, Inc.		2,609		107,178
Ruddick Corp.		654		17,893
Safeway, Inc.		4,569		99,604
Tesco PLC (United Kingdom)		7,708		34,927
Unilever NV (Netherlands)		1,710		39,773
Unilever PLC (United Kingdom)		1,340		30,699
Wal-Mart Stores, Inc.		7,154		399,766
				2,149,980
ENERGY—8.2%
Alpha Natural Resources, Inc.*		734		16,287
BG Group PLC (United Kingdom)		3,660		51,668
BP PLC (United Kingdom)		20,329		164,314
Bristow Group, Inc.*		157		3,553
Chevron Corp.		4,441		350,883
ConocoPhillips		3,286		172,581
Crosstex Energy, Inc.		670		2,781
Dawson Geophysical Co.*		552		11,355
Delta Petroleum Corp.*		1,403		8,011
Encore Acquisition Co.*		684		18,085
ENI S.p.A (Italy)		2,914		65,558
Exterran Holdings, Inc.*		855		15,005
Exxon Mobil Corp.		10,622		851,353
Hercules Offshore, Inc.*		1,212		7,054
IHS, Inc., Class A*		785		28,488
Mariner Energy, Inc.*		1,141		12,540
Occidental Petroleum Corp.		1,758		95,178
Petrohawk Energy Corp.*		2,490		43,500
Pride International, Inc.*		1,853		30,037
Repsol YPF SA (Spain)		1,007		19,422
Royal Dutch Shell PLC, Class A (United Kingdom)		3,915		104,408
Royal Dutch Shell PLC, Class B (United Kingdom)		2,957		77,771
Schlumberger Ltd. (Netherlands Antilles)		2,453		124,465
Ship Finance International Ltd. (Bermuda)		970		11,533
Smith International, Inc.		1,819		53,188
Southwestern Energy Co.*		3,729		128,166
StatoilHydro ASA (Norway)		1,400		23,596
Total SA (France)		2,309		120,272
Union Drilling, Inc.*		1,499		10,103
Walter Industries, Inc.		622		11,345
Whiting Petroleum Corp.*		528		20,222
Woodside Petroleum Ltd. (Australia)		521		12,231
				2,664,953

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
FINANCIALS—9.0%
Aflac, Inc.		830	$	38,429
Alexander's, Inc. REIT*		74		15,747
Alexandria Real Estate Equities, Inc. REIT		391		17,313
Allianz SE (Germany)		460		38,063
American Equity Investment Life Holding Co.		3,274		20,364
American Express Co.		2,139		49,860
American International Group, Inc.		5,761		11,580
Apollo Investment Corp.		1,725		14,645
Aspen Insurance Holdings Ltd. (Bermuda)		1,167		21,508
Assicurazioni Generali S.p.A (Italy)		1,130		27,186
Assured Guaranty Ltd. (Bermuda)		1,143		12,847
AXA (France)		1,777		33,710
Banco Bilbao Vizcaya Argentaria SA (Spain)		4,216		43,546
Banco Latinoamericano de Exportaciones SA, Class E (Panama)		1,630		20,652
Banco Santander SA (Spain)		6,124		49,966
Bank of America Corp.		8,035		130,569
Bank of New York Mellon (The) Corp.		2,500		75,525
Barclays PLC (United Kingdom)		7,843		20,387
BioMed Realty Trust, Inc. REIT		970		9,040
BNP Paribas (France)		873		47,993
Capital One Financial Corp.		3,185		109,596
Capital Southwest Corp.		218		17,800
Charles Schwab (The) Corp.		2,092		38,346
Citigroup, Inc.		9,613		79,692
Commonwealth Bank of Australia (Australia)		1,174		26,062
Corporate Office Properties Trust REIT		632		18,777
Cousins Properties, Inc. REIT		122		1,315
Credit Suisse Group (Switzerland)		1,212		35,582
Deutsche Bank AG (Germany)		591		20,983
Digital Realty Trust, Inc. REIT		796		21,779
eHealth, Inc.*		1,594		17,486
Entertainment Properties Trust REIT		38		932
Equity One, Inc. REIT		1,084		17,940
Fifth Third Bancorp		4,404		42,102
First Cash Financial Services, Inc.*		1,359		20,956
Fortis (Belgium)		3,036		2,858
Franklin Resources, Inc.		511		31,043
GAMCO Investors, Inc., Class A		178		4,883
Goldman Sachs Group (The), Inc.		741		58,532
Greenhill & Co., Inc.		93		6,333
Highwoods Properties, Inc. REIT		785		18,746
HSBC Holdings PLC (United Kingdom)		11,973		131,360
ING Groep NV (Netherlands)		2,146		17,972
Interactive Brokers Group, Inc., Class A*		61		1,113
International Bancshares Corp.		915		21,503
Intesa Sanpaolo S.p.A (Italy)		8,746		26,191
JPMorgan Chase & Co.		5,840		184,893
Knight Capital Group, Inc., Class A*		1,583		26,199
LaBranche & Co., Inc.*		3,241		15,881
Lloyds TSB Group PLC (United Kingdom)		6,567		16,929
Mitsubishi UFJ Financial Group, Inc. (Japan)		9,300		50,872
Mizuho Financial Group, Inc. (Japan)		10		26,038
National Australia Bank Ltd. (Australia)		1,706		22,219
National Bank of Greece SA ADR (Greece)		4,808		18,511
National Retail Properties, Inc. REIT		327		4,385
Nationwide Health Properties, Inc. REIT		1,028		23,264
Northern Trust Corp.		1,819		83,474

	Number of Shares		Market Value
FINANCIALS (Continued)
Odyssey Re Holdings Corp.		827	$	37,207
optionsXpress Holdings, Inc.		71		1,000
Platinum Underwriters Holdings Ltd. (Bermuda)		709		21,788
Potlatch Corp. REIT		561		14,967
ProAssurance Corp.*		458		25,002
ProLogis REIT		2,686		10,287
Public Storage REIT		1,552		108,469
Realty Income Corp. REIT		1,276		25,762
Royal Bank of Scotland Group PLC (United Kingdom)		11,088		9,409
Senior Housing Properties Trust REIT		1,391		19,377
Simon Property Group, Inc. REIT		471		22,373
Sumitomo Mitsui Financial Group, Inc. (Japan)		7		25,356
SVB Financial Group*		399		15,980
T. Rowe Price Group, Inc.		2,503		85,628
Texas Capital Bancshares, Inc.*		1,718		27,574
U.S. Bancorp		3,414		92,110
UBS AG (Switzerland)*		2,558		31,905
UMB Financial Corp.		446		21,323
UniCredito Italiano S.p.A (Italy)		10,943		24,841
United Community Banks, Inc.		2,329		30,696
Vornado Realty Trust REIT		1,437		76,808
Waddell & Reed Financial, Inc., Class A		1,093		14,690
Wells Fargo & Co.		5,394		155,832
Westamerica Bancorporation		405		21,530
Westpac Banking Corp. (Australia)		1,916		22,321
Zurich Financial Services AG (Switzerland)		152		29,595
				2,933,307
HEALTHCARE—6.3%
Abbott Laboratories		2,671		139,934
Alexion Pharmaceuticals, Inc.*		802		26,995
Alliance Imaging, Inc.*		3,407		26,643
AMERIGROUP Corp.*		52		1,277
Amgen, Inc. *		1,852		102,860
AstraZeneca PLC (United Kingdom)		1,337		50,161
Bayer AG (Germany)		717		37,011
BioMarin Pharmaceuticals, Inc.*		1,010		17,200
Bio-Rad Laboratories, Inc., Class A*		342		25,363
Bruker Corp.*		2,018		9,485
CorVel Corp.*		871		19,249
Cross Country Healthcare, Inc.*		1,895		16,505
ev3, Inc.*		216		1,080
GlaxoSmithKline PLC (United Kingdom)		4,850		83,351
Halozyme Therapeutics, Inc.*		3,223		11,957
Hologic, Inc.*		2,686		37,765
Humana, Inc.*		1,729		52,268
Illumina, Inc.*		1,196		26,324
Insulet Corp.*		1,557		7,614
Inverness Medical Innovations, Inc.*		927		16,287
Johnson & Johnson		4,963		290,733
Magellan Health Services, Inc.*		689		22,634
Masimo Corp.*		593		16,183
McKesson Corp.		2,749		96,050
Merck & Co., Inc.		4,065		108,617
Myriad Genetics, Inc.*		417		24,720

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
HEALTHCARE (Continued)
Novartis AG (Switzerland)		1,999	$	92,984
Onyx Pharmaceuticals, Inc.*		530		14,893
OSI Pharmaceuticals, Inc.*		554		20,609
Perrigo Co.		954		32,827
Pfizer, Inc.		12,115		199,049
Psychiatric Solutions, Inc.*		794		20,088
Roche Holding AG (Switzerland)		644		90,133
Sanofi-Aventis SA (France)		2,721		150,019
Takeda Pharmaceutical Co. Ltd. (Japan)		1,002		48,498
Thermo Fisher Scientific, Inc.*		806		28,758
United Therapeutics Corp.*		227		12,446
UnitedHealth Group, Inc.		2,892		60,761
Zimmer Holdings, Inc.*		522		19,481
				2,058,812
INDUSTRIALS—5.1%
3M Co.		1,364		91,293
ABB Ltd. (Switzerland)		2,325		30,014
Acuity Brands, Inc.		611		16,473
Aecom Technology Corp.*		1,200		31,788
Alstom SA (France)		214		11,351
Altra Holdings, Inc.*		1,669		12,851
American Science & Engineering, Inc.		516		39,149
BAE Systems PLC (United Kingdom)		3,222		17,514
Baldor Electric Co.		584		9,624
Barnes Group, Inc.		202		2,705
Beacon Roofing Supply, Inc.*		2,490		29,432
Belden, Inc.		235		4,094
Boeing (The) Co.		1,479		63,050
Brady Corp., Class A		651		13,443
Bucyrus International, Inc.		884		17,265
Burlington Northern Santa Fe Corp.		688		52,708
Caterpillar, Inc.		1,211		49,639
CLARCOR, Inc.		588		18,881
Cummins, Inc.		1,852		47,374
Danaher Corp.		584		32,494
Deutsche Post AG (Germany)		971		13,910
East Japan Railway Co. (Japan)		3		23,151
EMCOR Group, Inc.*		877		13,830
Emerson Electric Co.		1,424		51,107
Foster Wheeler Ltd. (Bermuda)*		1,587		35,327
FTI Consulting, Inc.*		547		29,997
Fuel Tech, Inc.*		1,501		13,269
General Dynamics Corp.		779		40,251
General Electric Co.		17,735		304,509
H&E Equipment Services, Inc.*		2,283		15,365
Illinois Tool Works, Inc.		1,040		35,485
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		2,591		40,627
Insituform Technologies, Inc., Class A*		1,607		26,049
Komatsu Ltd. (Japan)		1,000		12,011
Koninklijke (Royal) Philips Electronics NV (Netherlands)		1,250		20,239
Manpower, Inc.		818		25,751
Mitsubishi Corp. (Japan)		1,405		17,480
Mitsui & Co. Ltd. (Japan)		2,000		17,765
Moog, Inc., Class A*		538		17,313
Regal-Beloit Corp.		41		1,379
Schneider Electric SA (France)		257		16,119

	Number of Shares		Market Value
INDUSTRIALS (Continued)
Seaboard Corp.		13	$	11,713
Siemens AG (Germany)		785		46,886
Union Pacific Corp.		995		49,790
United Parcel Service, Inc., Class B		1,952		112,434
Vestas Wind Systems A/S (Denmark)*		187		8,369
Vinci SA (France)		501		20,076
Wabtec Corp.		501		19,334
Woodward Governor Co.		760		16,142
				1,646,820
INFORMATION TECHNOLOGY—7.5%
Amkor Technology, Inc.*		2,461		5,414
Anixter International, Inc.*		480		13,152
ANSYS, Inc.*		896		25,859
Apple, Inc.*		1,636		151,608
Aruba Networks, Inc.*		5,627		13,336
Benchmark Electronics, Inc.*		140		1,775
CACI International, Inc., Class A*		141		6,262
Canon, Inc. (Japan)		1,092		32,389
Cisco Systems, Inc.*		12,559		207,727
eBay, Inc.*		3,004		39,443
EMC Corp.*		4,989		52,734
Equinix, Inc.*		398		18,073
FLIR Systems, Inc.*		1,332		41,319
Foundry Networks, Inc.*		1,665		25,791
Google, Inc., Class A*		613		179,584
Hewlett-Packard Co.		4,834		170,544
Intel Corp.		10,518		145,148
International Business Machines Corp.		2,417		197,227
Itron, Inc.*		408		19,331
Ixia*		4,103		25,192
Jack Henry & Associates, Inc.		1,214		22,350
Lawson Software, Inc.*		657		2,575
Macrovision Solutions Corp.*		1,373		16,146
MasterCard, Inc., Class A		244		35,453
MEMC Electronic Materials, Inc.*		2,459		36,934
MICROS Systems, Inc.*		1,013		16,866
Microsemi Corp.*		975		19,003
Microsoft Corp.		17,900		361,939
Motorola, Inc.		4,726		20,369
Nextwave Wireless, Inc.*		7,402		888
Nintendo Co. Ltd. (Japan)		104		32,343
Nokia Oyj (Finland)		3,684		51,842
Nuance Communications, Inc.*		2,382		21,867
ON Semiconductor Corp.*		4,348		12,696
Parametric Technology Corp.*		1,358		15,698
Perot Systems Corp., Class A*		1,550		19,344
Polycom, Inc.*		1,269		23,895
Quest Software, Inc.*		1,376		18,370
RightNow Technologies, Inc.*		1,956		15,765
SAIC, Inc.*		2,323		41,349
SAP AG (Germany)		809		27,552
Skyworks Solutions, Inc.*		1,756		9,465
Sohu.com, Inc.*		365		17,717
SRA International, Inc., Class A*		113		1,697
Sybase, Inc.*		968		23,852
TechTarget*		2,753		12,609
Telefonaktiebolaget LM Ericsson (Sweden)		3,241		23,050

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
INFORMATION TECHNOLOGY (Continued)
THQ, Inc.*		538	$	2,550
TIBCO Software, Inc.*		652		3,156
Toshiba Corp. (Japan)		3,000		10,961
Tyco Electronics Ltd. (Bermuda)		977		16,101
Universal Display Corp.*		2,265		16,512
ValueClick, Inc.*		1,137		7,015
Western Union (The) Co.		1,587		21,059
Xerox Corp.		8,565		59,869
Yahoo!, Inc.*		2,602		29,949
				2,440,714
MATERIALS—2.2%
Air Liquide SA (France)		257		21,800
Anglo American PLC (United Kingdom)		1,460		34,366
Aptargroup, Inc.		774		25,883
ArcelorMittal (Luxembourg)		1,036		24,589
BASF AG (Germany)		1,052		33,506
BHP Billiton Ltd. (Australia)		3,493		70,514
BHP Billiton PLC (United Kingdom)		2,537		46,287
CF Industries Holdings, Inc.		597		31,420
Coeur d'Alene Mines Corp.*		8,677		5,900
Dow Chemical (The) Co.		1,960		36,358
E.I. du Pont de Nemours & Co.		1,765		44,231
Flotek Industries, Inc.*		1,544		4,647
Freeport-McMoRan Copper & Gold, Inc.		862		20,679
Greif, Inc., Class A		576		19,094
H.B. Fuller Co.		175		3,105
Minerals Technologies, Inc.		24		1,127
Mosaic (The) Co.		915		27,770
Nippon Steel Corp. (Japan)		6,016		18,760
Rio Tinto Ltd. (Australia)		150		4,552
Rio Tinto PLC (United Kingdom)		1,434		35,382
Rockwood Holdings, Inc.*		848		7,581
Sensient Technologies Corp.		54		1,298
Terra Industries, Inc.		1,045		15,372
Texas Industries, Inc.		409		12,622
Valhi, Inc.		1,427		19,978
Vulcan Materials Co.		1,000		59,980
Weyerhaeuser Co.		1,963		73,849
Xstrata PLC (United Kingdom)		663		9,466
				710,116
TELECOMMUNICATION SERVICES—2.6%
AT&T, Inc.		11,808		337,236
BT Group PLC (United Kingdom)		8,506		17,646
Consolidated Communications Holdings, Inc.		2,015		20,513
Deutsche Telekom AG (Germany)		2,591		35,803
France Telecom SA (France)		1,660		42,591
Koninklijke (Royal) KPN NV (Netherlands)		1,970		27,092
Telefonica SA (Spain)		4,067		81,951
tw telecom, Inc.*		1,915		14,611
Verizon Communications, Inc.		5,215		170,270
Vodafone Group PLC (United Kingdom)		52,105		101,700
				849,413
UTILITIES—1.5%
E.ON AG (Germany)		1,908		66,652
Enel S.p.A (Italy)		5,287		32,923

	Number of Shares		Market Value
UTILITIES (Continued)
Exelon Corp.		884	$	49,690
Iberdrola SA (Spain)		3,751		27,701
ITC Holdings Corp.		601		25,242
National Grid PLC (United Kingdom)		2,867		29,761
Nicor, Inc.		748		30,503
PG&E Corp.		3,597		136,830
PPL Corp.		861		29,179
RWE AG (Germany)		446		37,397
Suez SA (France)		5		192
Westar Energy, Inc.		1,592		32,206
				498,276
Total Common Stocks (Cost $26,938,563)				17,378,390
RIGHTS—0.0%
FINANCIALS—0.0%
Fortis Rights* (Belgium), expiring 12/31/14 (Cost $0)		3,036		0
	Principal Amount		Market Value
CORPORATE BONDS—26.9%
CONSUMER DISCRETIONARY—2.5%
CBS Corp. 7.875%, 7/30/30	$	80,000		51,717
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13		237,000		236,932
6.45%, 3/15/37		25,000		19,697
Home Depot (The), Inc. 5.40%, 3/01/16		197,000		157,489
News America, Inc. 6.20%, 12/15/34		122,000		92,712
Time Warner Cable, Inc. 7.70%, 5/01/32		78,000		102,315
6.55%, 5/01/37		118,000		60,181
Viacom, Inc. 6.25%, 4/30/16		101,000		83,861
				804,904
CONSUMER STAPLES—2.6%
Coca-Cola Enterprises, Inc. 8.50%, 2/01/22		99,000		111,302
Diageo Finance BV (Netherlands) 5.30%, 10/28/15		81,000		75,131
Kraft Foods 6.50%, 8/11/17		250,000		238,264
Kroger (The) Co. 5.50%, 2/01/13		97,000		91,966
Pepsi Bottling Group (The), Inc., Series B 7.00%, 3/01/29		48,000		48,382
Procter & Gamble (The) Co. 5.55%, 3/05/37		50,000		49,120
Reynolds American Inc 6.75%, 6/15/17		65,000		48,331
Wal-Mart Stores, Inc. 4.55%, 5/01/13		175,000		176,910
				839,406

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
ENERGY—2.2%
Anadarko Petroleum Corp. 5.95%, 9/15/16	$	177,000	$	155,267
Apache Corp. 5.25%, 4/15/13		99,000		97,761
Canadian Natural Resources Ltd. (Canada) 5.70%, 5/15/17		94,000		80,079
ConocoPhillips 5.90%, 10/15/32		169,000		145,736
Enterprise Products Operating LP, Series B 5.60%, 10/15/14		108,000		91,885
Spectra Energy Capital LLC 6.25%, 2/15/13		136,000		129,807
				700,535
FINANCIALS—12.7%
Allstate (The) Corp. 5.55%, 5/09/35		90,000		63,476
American Express Co. 4.875%, 7/15/13		150,000		126,227
American International Group, Inc. 6.25%, 3/15/37		45,000		12,330
Bank of America Corp. 4.875%, 1/15/13		338,000		324,060
Bear Stearns & Co. 7.25%, 2/01/18		25,000		25,352
Boeing Capital Corp. Ltd. 5.80%, 1/15/13		146,000		145,809
Boston Properties LP 6.25%, 1/15/13		178,000		140,409
Capital One Financial Corp. 6.15%, 9/01/16		180,000		119,818
Credit Suisse (USA), Inc. 7.125%, 7/15/32		173,000		163,460
Deutsche Bank AG (Germany) 6.00%, 9/01/17		150,000		144,215
European Investment Bank (Supranational) 4.625%, 5/15/14		352,000		372,257
General Electric Capital Corp., Series A MTN 6.75%, 3/15/32		154,000		140,174
Genworth Financial, Inc. 5.75%, 6/15/14		150,000		48,567
Goldman Sachs Group, LP 5.00%, 10/01/14		409,000		334,893
HSBC Finance Corp. 5.50%, 1/19/16		150,000		128,887
JP Morgan Chase Co. 5.875%, 6/13/16		200,000		192,365
Landwirtschaftliche Rentenbank, Series G MTN (Germany) 5.00%, 11/08/16		227,000		251,906
Marsh & McLennan Cos., Inc. 5.75%, 9/15/15		158,000		140,786
Merrill Lynch & Co, Inc., MTN 6.875%, 4/25/18		25,000		23,581
Merrill Lynch & Co., Inc. Class C MTN 5.00%, 1/15/15		264,000		237,477
MetLife, Inc. 5.00%, 6/15/15		101,000		83,204

	Principal Amount		Market Value
FINANCIALS (Continued)
Morgan Stanley 5.30%, 3/01/13	$	168,000	$	143,669
Royal Bank of Scotland Group PLC (United Kingdom) 5.00%, 10/01/14		108,000		89,306
SLM Corp., Series A MTN 5.375%, 5/15/14		40,000		28,137
Unilever Capital Corp. 5.90%, 11/15/32		108,000		101,074
Wachovia Corp. 5.25%, 8/01/14		364,000		301,192
Wells Fargo & Co. 5.00%, 11/15/14		255,000		249,066
				4,131,697
HEALTHCARE—1.4%
Abbott Laboratories 5.875%, 5/15/16		54,000		55,488
Bristol-Myers Squibb Co. 5.875%, 11/15/36		60,000		54,304
Eli Lilly & Co. 5.55%, 3/15/37		80,000		72,919
UnitedHealth Group, Inc. 4.875%, 3/15/15		155,000		129,067
WellPoint, Inc. 5.25%, 1/15/16		108,000		92,699
Wyeth 5.50%, 2/01/14		54,000		51,993
				456,470
INDUSTRIALS—0.9%
Burlington Northern Santa Fe Corp. 6.15%, 5/01/37		40,000		33,182
Gen Electric Co. 5.25%, 12/06/17		300,000		275,385
				308,567
INFORMATION TECHNOLOGY—0.4%
Oracle Corp. 5.25%, 1/15/16		126,000		119,758
MATERIALS—0.9%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13		63,000		57,211
CRH America, Inc. 6.00%, 9/30/16		54,000		36,367
E.I. du Pont de Nemours & Co. 5.25%, 12/15/16		99,000		93,506
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36		60,000		49,025
Weyerhaeuser Co. 7.375%, 3/15/32		90,000		60,043
				296,152
TELECOMMUNICATION SERVICES—1.6%
BellSouth Corp. 6.00%, 11/15/34		146,000		110,711
Deutsche Telecom (Netherlands) 8.75%, 6/15/30		75,000		71,133

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
TELECOMMUNICATION SERVICES (Continued)
Embarq Corp. 7.082%, 6/01/16	$	102,000	$	72,515
Verizon Global Funding Corp. 7.75%, 12/01/30		179,000		159,621
Vodafone Group PLC (United Kingdom) 5.625%, 2/27/17		131,000		111,498
				525,478
UTILITIES—1.7%
Constellation Energy Group 4.55%, 6/15/15		121,000		96,424
Dominion Resources, Inc., Series C 5.15%, 7/15/15		152,000		132,262
Exelon Generation Co. LLC 5.35%, 1/15/14		54,000		45,680
FirstEnergy Corp., Series C 7.375%, 11/15/31		54,000		44,520
Midamerican Energy Holdings Co. 6.125%, 4/01/36		100,000		79,499
Oncor Electric Delivery Co. 7.00%, 9/01/22		54,000		46,797
Pacific Gas & Electric Co. 6.05%, 3/01/34		132,000		115,426
				560,608
Total Corporate Bonds (Amortized Cost $9,924,999)				8,743,575
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—15.5%
FEDERAL HOME LOAN MORTGAGE CORP.—2.5%
6.25%, 7/15/32		686,000		828,351
UNITED STATES TREASURY BONDS/NOTES—13.0%
3.50%, 2/15/10		200		207
4.50%, 5/15/10		550,000		579,477
4.875%, 4/30/11		250,000		273,047
4.75%, 5/15/14		300		344
7.50%, 11/15/16		500		653
8.125%, 8/15/19		500,900		702,199
7.625%, 2/15/25		334,700		503,750
6.25%, 5/15/30		395,000		539,978
5.00%, 5/15/37		1,280,000		1,613,400
				4,213,055
Total United States Government & Agencies Obligations (Amortized Cost $4,540,391)				5,041,406

	Principal Amount		Market Value
SOVEREIGN BONDS—2.4%
Province of Quebec Canada (Canada) 7.50%, 9/15/29	$	182,000	$	252,802
Republic of Italy (Italy) 5.25%, 9/20/16		175,000		190,264
United Mexican States, Series A MTN (Mexico) 6.375%, 1/16/13		264,000		267,960
6.75%, 9/27/34		80,000		72,000
Total Sovereign Bonds (Amortized Cost $781,391)				783,026
Total Investments—98.2% (Amortized Cost $42,185,344)			$	31,946,397
Cash Equivalents—0.8% (a)				272,744
Other assets less liabilities—1.0%				309,535
Net Assets—100.0%			$	32,528,676

ADR - American Depositary Receipt.

MTN - Medium Term Note.

REIT - Real Estate Investment Trust.

* Non-income producing security.

(a) Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 2.04% at November 30, 2008.

Various inputs are used in determining the value of the 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 (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments:

Valuation inputs	Investments in Securities
Level 1—Quoted Prices	$	17,378,390
Level 2—Other Significant Observable Inputs		14,568,007
Level 3—Significant Unobservable Inputs		—
Total Fair Value	$	31,946,397

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2008 (Unaudited)

	Market Value		% of Net Assets
United States	$	25,616,180		78.8	%
United Kingdom		1,349,423		4.1
Germany		836,322		2.6
France		567,180		1.7
Japan		478,545		1.5
Switzerland		463,981		1.4
Supranational		372,257		1.1
Italy		366,963		1.1
Mexico		339,960		1.1
Canada		332,881		1.0
Netherlands		251,340		0.8
Spain		222,586		0.7
Australia		215,110		0.6
Bermuda		159,731		0.5
Netherlands Antilles		124,465		0.4
Cayman Islands		59,449		0.2
Finland		51,842		0.2
Sweden		39,607		0.1
Luxembourg		24,589		0.1
Norway		23,596		0.1
Panama		20,652		0.1
Greece		18,511		0.1
Denmark		8,369		0.0
Belgium		2,858		0.0
Total Investments		31,946,397		98.2
Cash Equivalents		272,744		0.8
Other assets less liabilities		309,535		1.0
Net Assets	$	32,528,676		100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
COMMON STOCKS—80.3%
CONSUMER DISCRETIONARY—6.6%
Aeropostale, Inc.*		890	$	13,457
American Axle & Manufacturing Holdings, Inc.		4,126		10,398
Blyth, Inc.		2,231		18,495
Buffalo Wild Wings, Inc.*		1,080		24,797
CBS Corp., Class B		8,677		57,789
Champion Enterprises, Inc.*		9,623		7,025
Children's Place Retail Stores (The), Inc.*		62		1,454
Cinemark Holdings, Inc.		380		2,861
Comcast Corp., Class A		6,291		109,086
Compagnie Financiere Richemont SA, Class A (Switzerland)		619		10,743
Crown Media Holdings, Inc., Class A*		8,470		18,041
Daimler AG (Germany)		1,233		38,574
DeVry, Inc.		1,001		57,537
DIRECTV Group (The), Inc.*		2,463		54,211
Fossil, Inc.*		1,029		15,641
Fred's, Inc., Class A		2,482		28,543
Hennes & Mauritz AB, Class B (Sweden)		525		19,317
Home Depot (The), Inc.		4,067		93,988
HONDA MOTOR Co. Ltd. (Japan)		1,813		39,688
Hovnanian Enterprises, Inc., Class A*		4,150		9,089
J. Crew Group, Inc.*		889		9,014
Johnson Controls, Inc.		1,435		25,342
Las Vegas Sands Corp.*		1,105		5,713
Lear Corp.*		705		1,671
Life Time Fitness, Inc.*		201		3,009
LKQ Corp.*		1,762		18,360
LVMH Moet Hennessy Louis Vuitton SA (France)		287		16,235
Marvel Entertainment, Inc.*		1,111		32,719
McDonald's Corp.		2,357		138,474
National Presto Industries, Inc.		486		31,886
Netflix, Inc.*		836		19,211
Omnicom Group, Inc.		3,730		105,522
Panasonic Corp. (Japan)		2,483		29,824
Priceline.com, Inc.*		542		37,398
Regis Corp.		273		3,000
Sony Corp. (Japan)		1,375		26,606
Strayer Education, Inc.		194		46,484
Superior Industries International, Inc.		1,849		22,613
Target Corp.		1,818		61,376
Time Warner, Inc.		8,107		73,368
Toyota Motor Corp. (Japan)		3,354		105,643
Tupperware Brands Corp.		759		14,930
Vail Resorts, Inc.*		703		15,290
Vivendi (France)		1,315		37,126
Volkswagen AG (Germany)		160		56,914
Walt Disney (The) Co.		4,277		96,318
				1,664,780
CONSUMER STAPLES—9.9%
Archer-Daniels-Midland Co.		1,738		47,586
British American Tobacco PLC (United Kingdom)		2,054		53,517
Carrefour SA (France)		840		31,667
Casey's General Stores, Inc.		250		7,413

	Number of Shares		Market Value
CONSUMER STAPLES (Continued)
Central European Distribution Corp.*		508	$	12,009
Coca-Cola (The) Co.		5,299		248,364
CVS Caremark Corp.		3,228		93,386
Diageo PLC (United Kingdom)		2,901		40,375
Flowers Foods, Inc.		1,257		33,662
Fresh Del Monte Produce, Inc. (Cayman Islands)*		537		13,554
Groupe DANONE (France)		595		34,182
H.J. Heinz Co.		3,360		130,502
Kraft Foods, Inc., Class A		3,308		90,011
Nash Finch Co.		889		39,881
Nestle SA (Switzerland)		4,621		167,165
Philip Morris International, Inc.		4,584		193,261
Procter & Gamble (The) Co.		6,376		410,295
Reynolds American, Inc.		3,019		124,021
Ruddick Corp.		757		20,712
Safeway, Inc.		5,287		115,257
Tesco PLC (United Kingdom)		8,918		40,410
Unilever NV (Netherlands)		1,980		46,053
Unilever PLC (United Kingdom)		1,552		35,555
Wal-Mart Stores, Inc.		8,278		462,574
				2,491,412
ENERGY—12.3%
Alpha Natural Resources, Inc.*		850		18,862
BG Group PLC (United Kingdom)		4,235		59,785
BP PLC (United Kingdom)		23,521		190,114
Bristow Group, Inc.*		197		4,458
Chevron Corp.		5,138		405,953
ConocoPhillips		3,802		199,681
Crosstex Energy, Inc.		776		3,220
Dawson Geophysical Co.*		639		13,144
Delta Petroleum Corp.*		1,623		9,267
Encore Acquisition Co.*		791		20,914
ENI S.p.A (Italy)		3,373		75,884
Exterran Holdings, Inc.*		990		17,375
Exxon Mobil Corp.		12,291		985,125
GulfMark Offshore, Inc.*		36		1,019
Hercules Offshore, Inc.*		1,403		8,165
IHS, Inc., Class A*		908		32,951
Mariner Energy, Inc.*		1,321		14,518
Occidental Petroleum Corp.		2,034		110,121
Petrohawk Energy Corp.*		2,881		50,331
Pride International, Inc.*		2,145		34,770
Repsol YPF SA (Spain)		1,165		22,470
Royal Dutch Shell PLC, Class A (United Kingdom)		4,530		120,809
Royal Dutch Shell PLC, Class B (United Kingdom)		3,422		90,000
Schlumberger Ltd. (Netherlands Antilles)		2,839		144,051
Ship Finance International Ltd. (Bermuda)		1,123		13,352
Smith International, Inc.		2,104		61,521
Southwestern Energy Co.*		4,315		148,307
StatoilHydro ASA (Norway)		1,650		27,810
Total SA (France)		2,670		139,076
Union Drilling, Inc.*		1,734		11,687
Walter Industries, Inc.		720		13,133

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
ENERGY (Continued)
Whiting Petroleum Corp.*		611	$	23,401
Woodside Petroleum Ltd. (Australia)		603		14,156
				3,085,430
FINANCIALS—13.6%
Aflac, Inc.		960		44,448
Alexander's, Inc. REIT*		86		18,301
Alexandria Real Estate Equities, Inc. REIT		452		20,015
Allianz SE (Germany)		535		44,269
American Equity Investment Life Holding Co.		3,788		23,561
American Express Co.		2,475		57,692
American International Group, Inc.		6,665		13,397
Apollo Investment Corp.		1,996		16,946
Aspen Insurance Holdings Ltd. (Bermuda)		1,351		24,899
Assicurazioni Generali S.p.A (Italy)		1,309		31,492
Assured Guaranty Ltd. (Bermuda)		1,322		14,859
AXA (France)		2,057		39,021
Banco Bilbao Vizcaya Argentaria SA (Spain)		4,879		50,394
Banco Latinoamericano de Exportaciones SA, Class E (Panama)		1,885		23,883
Banco Santander SA (Spain)		7,645		62,376
Bank of America Corp.		9,297		151,076
Bank of New York Mellon (The) Corp.		2,893		87,398
Barclays PLC (United Kingdom)		9,077		23,594
BioMed Realty Trust, Inc. REIT		1,122		10,457
BNP Paribas (France)		1,010		55,525
Capital One Financial Corp.		3,685		126,801
Capital Southwest Corp.		253		20,657
Charles Schwab (The) Corp.		2,420		44,359
Citigroup, Inc.		11,123		92,210
Commonwealth Bank of Australia (Australia)		1,358		30,147
Corporate Office Properties Trust REIT		731		21,718
Cousins Properties, Inc. REIT		165		1,779
Credit Suisse Group (Switzerland)		1,402		41,160
Deutsche Bank AG (Germany)		685		24,320
Digital Realty Trust, Inc. REIT		921		25,199
eHealth, Inc.*		1,845		20,240
Entertainment Properties Trust REIT		56		1,374
Equity One, Inc. REIT		1,255		20,770
Fifth Third Bancorp		5,096		48,718
First Cash Financial Services, Inc.*		1,573		24,256
Fortis (Belgium)		3,513		3,308
Franklin Resources, Inc.		592		35,964
GAMCO Investors, Inc., Class A		220		6,035
Goldman Sachs Group (The), Inc.		858		67,773
Greenhill & Co., Inc.		133		9,057
Highwoods Properties, Inc. REIT		909		21,707
Home Properties, Inc. REIT		40		1,560
HSBC Holdings PLC (United Kingdom)		13,855		152,008
ING Groep NV (Netherlands)		2,484		20,803
Interactive Brokers Group, Inc., Class A*		77		1,404
International Bancshares Corp.		1,059		24,887
Intesa Sanpaolo S.p.A (Italy)		10,124		30,317
JPMorgan Chase & Co.		6,757		213,927
Knight Capital Group, Inc., Class A*		1,831		30,303
LaBranche & Co., Inc.*		3,750		18,375
Lloyds TSB Group PLC (United Kingdom)		7,592		19,571
Mitsubishi UFJ Financial Group, Inc. (Japan)		10,820		59,187

	Number of Shares		Market Value
FINANCIALS (Continued)
Mizuho Financial Group, Inc. (Japan)		12	$	31,246
National Australia Bank Ltd. (Australia)		1,973		25,696
National Bank of Greece SA ADR (Greece)		5,563		21,418
National Retail Properties, Inc. REIT		430		5,766
Nationwide Health Properties, Inc. REIT		1,190		26,930
Northern Trust Corp.		2,105		96,598
Odyssey Re Holdings Corp.		958		43,100
optionsXpress Holdings, Inc.		141		1,987
Platinum Underwriters Holdings Ltd. (Bermuda)		821		25,229
Potlatch Corp. REIT		649		17,315
ProAssurance Corp.*		530		28,933
ProLogis REIT		3,108		11,904
Public Storage REIT		1,796		125,522
Realty Income Corp. REIT		1,476		29,800
Royal Bank of Scotland Group PLC (United Kingdom)		12,616		10,705
Senior Housing Properties Trust REIT		1,610		22,427
Simon Property Group, Inc. REIT		545		25,888
Sumitomo Mitsui Financial Group, Inc. (Japan)		8		28,978
SVB Financial Group*		462		18,503
T. Rowe Price Group, Inc.		2,897		99,106
Texas Capital Bancshares, Inc.*		1,988		31,907
U.S. Bancorp		3,950		106,571
UBS AG (Switzerland)*		2,959		36,907
UMB Financial Corp.		516		24,670
UniCredito Italiano S.p.A (Italy)		12,662		28,744
United Community Banks, Inc.		2,695		35,520
Vornado Realty Trust REIT		1,662		88,834
Waddell & Reed Financial, Inc., Class A		1,265		17,002
Washington Real Estate Investment Trust REIT		41		1,085
Wells Fargo & Co.		6,242		180,331
Westamerica Bancorp.		469		24,932
Westpac Banking Corp. (Australia)		2,217		25,828
Zurich Financial Services AG (Switzerland)		176		34,268
				3,407,147
HEALTH CARE—9.5%
Abbott Laboratories		3,091		161,937
Alexion Pharmaceuticals, Inc.*		930		31,304
Alliance Imaging, Inc.*		3,941		30,819
AMERIGROUP Corp.*		86		2,112
Amgen, Inc.*		2,143		119,022
AstraZeneca PLC (United Kingdom)		1,548		58,077
Bayer AG (Germany)		830		42,844
BioMarin Pharmaceuticals, Inc.*		1,168		19,891
Bio-Rad Laboratories, Inc., Class A*		396		29,367
Bruker Corp.*		2,335		10,975
CorVel Corp.*		1,008		22,277
Cross Country Healthcare, Inc.*		2,193		19,101
ev3, Inc.*		267		1,335
GlaxoSmithKline PLC (United Kingdom)		5,613		96,464
Halozyme Therapeutics, Inc.*		3,730		13,838
Hologic, Inc.*		3,108		43,698
Humana, Inc.*		2,001		60,490
Illumina, Inc.*		1,384		30,462

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
HEALTH CARE (Continued)
Insulet Corp.*		1,802	$	8,812
Inverness Medical Innovations, Inc.*		1,073		18,853
Johnson & Johnson		5,742		336,367
Magellan Health Services, Inc.*		797		26,181
Masimo Corp.*		686		18,721
McKesson Corp.		3,181		111,144
Merck & Co., Inc.		4,704		125,691
Myriad Genetics, Inc.*		482		28,573
Novartis AG (Switzerland)		2,313		107,590
Onyx Pharmaceuticals, Inc.*		613		17,225
OSI Pharmaceuticals, Inc.*		642		23,882
Perrigo Co.		1,104		37,989
Pfizer, Inc.		14,018		230,317
Psychiatric Solutions, Inc.*		919		23,251
Roche Holding AG (Switzerland)		746		104,409
Sanofi-Aventis SA (France)		3,148		173,561
Takeda Pharmaceutical Co. Ltd. (Japan)		1,178		57,017
Thermo Fisher Scientific, Inc.*		933		33,289
United Therapeutics Corp.*		262		14,365
UnitedHealth Group, Inc.		3,346		70,299
Zimmer Holdings, Inc.*		604		22,541
				2,384,090
INDUSTRIALS—7.6%
3M Co.		1,579		105,682
ABB Ltd. (Switzerland)		2,691		34,738
Acuity Brands, Inc.		707		19,061
Aecom Technology Corp.*		1,388		36,768
Alstom SA (France)		248		13,154
Altra Holdings, Inc.*		1,932		14,876
American Science & Engineering, Inc.		597		45,294
BAE Systems PLC (United Kingdom)		3,725		20,248
Baldor Electric Co.		676		11,140
Barnes Group, Inc.		249		3,334
Beacon Roofing Supply, Inc.*		2,881		34,053
Belden, Inc.		285		4,965
Boeing (The) Co.		1,712		72,983
Brady Corp., Class A		753		15,549
Bucyrus International, Inc.		1,023		19,979
Burlington Northern Santa Fe Corp.		796		60,982
Caterpillar, Inc.		1,402		57,468
CLARCOR, Inc.		680		21,835
Cummins, Inc.		2,144		54,844
Danaher Corp.		676		37,613
Deutsche Post AG (Germany)		1,124		16,102
East Japan Railway Co. (Japan)		3		23,151
EMCOR Group, Inc.*		1,015		16,007
Emerson Electric Co.		1,648		59,147
First Advantage Corp., Class A*		88		1,106
Foster Wheeler Ltd. (Bermuda)*		1,836		40,869
FTI Consulting, Inc.*		633		34,714
Fuel Tech, Inc.*		1,736		15,346
General Dynamics Corp.		901		46,555
General Electric Co.		20,521		352,347
H&E Equipment Services, Inc.*		2,642		17,781
Illinois Tool Works, Inc.		1,204		41,080
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		2,998		47,009
Insituform Technologies, Inc., Class A*		1,859		30,134

	Number of Shares		Market Value
INDUSTRIALS (Continued)
Komatsu Ltd. (Japan)		1,200	$	14,413
Koninklijke (Royal) Philips Electronics NV (Netherlands)		1,446		23,412
Manpower, Inc.		947		29,812
Mitsubishi Corp. (Japan)		1,707		21,238
Mitsui & Co. Ltd. (Japan)		2,000		17,765
Moog, Inc., Class A*		622		20,016
Regal-Beloit Corp.		75		2,523
Schneider Electric SA (France)		297		18,628
Seaboard Corp.		15		13,515
Siemens AG (Germany)		908		54,232
Union Pacific Corp.		1,151		57,596
United Parcel Service, Inc., Class B		2,259		130,118
Vestas Wind Systems A/S (Denmark)*		216		9,667
Vinci SA (France)		579		23,202
Wabtec Corp.		579		22,344
Woodward Governor Co.		880		18,691
				1,903,086
INFORMATION TECHNOLOGY—11.3%
Amkor Technology, Inc.*		2,848		6,266
Anixter International, Inc.*		556		15,234
ANSYS, Inc.*		1,037		29,928
Apple, Inc.*		1,893		175,424
Aruba Networks, Inc.*		6,511		15,431
Benchmark Electronics, Inc.*		212		2,688
CACI International, Inc., Class A*		182		8,083
Canon, Inc. (Japan)		1,281		37,995
Cisco Systems, Inc.*		14,531		240,343
eBay, Inc.*		3,477		45,653
EMC Corp.*		5,772		61,010
Equinix, Inc.*		460		20,889
FLIR Systems, Inc.*		1,542		47,833
Foundry Networks, Inc.*		1,927		29,849
Google, Inc., Class A*		732		214,447
Hewlett-Packard Co.		5,593		197,321
Intel Corp.		12,171		167,960
International Business Machines Corp.		2,796		228,154
Itron, Inc.*		472		22,363
Ixia*		4,748		29,153
Jack Henry & Associates, Inc.		1,405		25,866
Lawson Software, Inc.*		811		3,179
Macrovision Solutions Corp.*		1,589		18,687
MasterCard, Inc., Class A		282		40,975
MEMC Electronic Materials, Inc.*		2,846		42,747
MICROS Systems, Inc.*		1,172		19,514
Microsemi Corp.*		1,129		22,004
Microsoft Corp.		20,966		423,933
Motorola, Inc.		5,468		23,567
Nextwave Wireless, Inc.*		8,566		1,028
Nintendo Co. Ltd. (Japan)		76		23,635
Nokia Oyj (Finland)		4,262		59,975
Nuance Communications, Inc.*		2,756		25,300
ON Semiconductor Corp.*		5,031		14,691
Parametric Technology Corp.*		1,572		18,172
Perot Systems Corp., Class A*		1,794		22,389
Plantronics, Inc.		88		1,118
Polycom, Inc.*		1,468		27,642

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
INFORMATION TECHNOLOGY (Continued)
Quest Software, Inc.*		1,592	$	21,253
RightNow Technologies, Inc.*		2,264		18,248
SAIC, Inc.*		2,688		47,846
SAP AG (Germany)		936		31,878
Skyworks Solutions, Inc.*		2,031		10,947
Sohu.com, Inc.*		422		20,484
SRA International, Inc., Class A*		169		2,538
Sybase, Inc.*		1,121		27,621
TechTarget*		3,185		14,587
Telefonaktiebolaget LM Ericsson (Sweden)		3,836		27,281
THQ, Inc.*		585		2,773
TIBCO Software, Inc.*		823		3,983
Toshiba Corp. (Japan)		4,000		14,615
Tyco Electronics Ltd. (Bermuda)		1,131		18,639
Universal Display Corp.*		2,621		19,107
ValueClick, Inc.*		1,289		7,953
Western Union (The) Co.		1,837		24,377
Xerox Corp.		9,910		69,271
Yahoo!, Inc.*		3,011		34,657
				2,828,504
MATERIALS—3.3%
Air Liquide SA (France)		297		25,193
Anglo American PLC (United Kingdom)		1,690		39,780
Aptargroup, Inc.		904		30,230
ArcelorMittal (Luxembourg)		1,199		28,458
BASF AG (Germany)		1,218		38,793
BHP Billiton Ltd. (Australia)		4,041		81,576
BHP Billiton PLC (United Kingdom)		2,935		53,548
CF Industries Holdings, Inc.		691		36,367
Coeur d'Alene Mines Corp.*		10,041		6,828
Dow Chemical (The) Co.		2,268		42,071
E.I. du Pont de Nemours & Co.		2,042		51,173
Flotek Industries, Inc.*		1,787		5,379
Freeport-McMoRan Copper & Gold, Inc.		997		23,918
Greif, Inc., Class A		666		22,078
H.B. Fuller Co.		210		3,725
Minerals Technologies, Inc.		37		1,737
Mosaic (The) Co.		1,059		32,141
Nippon Steel Corp. (Japan)		7,052		21,990
Rio Tinto Ltd. (Australia)		180		5,462
Rio Tinto PLC (United Kingdom)		1,660		40,959
Rockwood Holdings, Inc.*		982		8,779
Sensient Technologies Corp.		89		2,140
Terra Industries, Inc.		1,209		17,784
Texas Industries, Inc.		473		14,597
Valhi, Inc.		1,652		23,128
Vulcan Materials Co.		1,157		69,397
Weyerhaeuser Co.		2,271		85,435
Xstrata PLC (United Kingdom)		767		10,951
				823,617
TELECOMMUNICATION SERVICES—3.9%
AT&T, Inc.		13,662		390,186
BT Group PLC (United Kingdom)		9,842		20,418
Consolidated Communications Holdings, Inc.		2,332		23,740
Deutsche Telekom AG (Germany)		2,998		41,427
France Telecom SA (France)		1,920		49,262

	Number of Shares		Market Value
TELECOMMUNICATION SERVICES (Continued)
Koninklijke (Royal) KPN NV (Netherlands)		2,279	$	31,342
Telefonica SA (Spain)		4,706		94,827
tw telecom, Inc.*		2,216		16,908
Verizon Communications, Inc.		6,034		197,010
Vodafone Group PLC (United Kingdom)		60,288		117,671
				982,791
UTILITIES—2.3%
E.ON AG (Germany)		2,211		77,236
Enel S.p.A (Italy)		6,123		38,129
Exelon Corp.		1,022		57,447
Iberdrola SA (Spain)		4,342		32,066
ITC Holdings Corp.		696		29,232
National Grid PLC (United Kingdom)		3,320		34,463
Nicor, Inc.		866		35,315
PG&E Corp.		4,163		158,361
PPL Corp.		998		33,822
RWE AG (Germany)		517		43,350
Suez SA (France)		21		806
Westar Energy, Inc.		1,843		37,284
				577,511
Total Common Stocks (Cost $31,059,773)				20,148,368
RIGHTS—0.0%
FINANCIALS—0.0%
Fortis Rights* (Belgium), expiring 12/31/14 (Cost $0)		3,513		0
	Principal Amount		Market Value
CORPORATE BONDS—9.7%
CONSUMER DISCRETIONARY—0.4%
CBS Corp. 7.875%, 7/30/30	$	15,000		9,697
Comcast Corp. 6.45%, 3/15/37		20,000		15,757
Home Depot (The), Inc. 5.40%, 3/01/16		24,000		19,186
News America, Inc. 6.20%, 12/15/34		24,000		18,239
Time Warner Cable, Inc. 6.55%, 5/01/37		18,000		13,888
Time Warner, Inc. 7.70%, 5/01/32		19,000		16,474
Viacom, Inc. 6.25%, 4/30/16		15,000		12,455
				105,696
CONSUMER STAPLES—1.5%
Coca-Cola Enterprises, Inc. 8.50%, 2/01/22		24,000		26,982
Kraft Foods 6.50%, 8/11/17		30,000		28,592
Procter & Gamble (The) Co. 5.55%, 3/05/37		282,000		277,039

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
CONSUMER STAPLES (Continued)
Wal-Mart Stores, Inc. 4.55%, 5/01/13	$	5,000	$	5,055
6.50%, 8/15/37		40,000		39,105
				376,773
ENERGY—0.3%
Anadarko Petroleum Corp. 5.95%, 9/15/16		25,000		21,930
Canadian Natural Resources Ltd. (Canada) 5.70%, 5/15/17		19,000		16,186
ConocoPhillips 5.90%, 10/15/32		37,000		31,907
Enterprise Products Operating LP, Series B 5.60%, 10/15/14		14,000		11,911
				81,934
FINANCIALS—4.5%
Allstate (The) Corp. 5.55%, 5/09/35		33,000		23,275
American Express Co. 6.80%, 9/01/66 (a)		110,000		60,712
American International Group, Inc. 6.25%, 3/15/37		250,000		68,498
Bear Stearns & Co., Inc. 7.25%, 2/01/18		30,000		30,423
Capital One Financial Corp. 6.15%, 9/01/16		15,000		9,985
Capmark Financial Group, Inc. 6.30%, 5/10/17		14,000		3,917
Citigroup, Inc. 8.30%, 12/21/57		205,000		123,886
Credit Suisse (USA), Inc. 7.125%, 7/15/32		95,000		89,761
Deutsche Bank AG London (Germany) 6.00%, 9/01/17		25,000		24,036
General Electric Capital Corp., Series A MTN 6.75%, 3/15/32		38,000		34,588
Goldman Sachs Group, Inc. 6.75%, 10/01/37		200,000		128,515
Goldman Sachs Group, LP 5.00%, 10/01/14		14,000		11,463
HSBC Holdings PLC (United Kingdom) 6.50%, 9/15/37		300,000		252,063
iStar Financial, Inc., Series 1 5.875%, 3/15/16		9,000		3,334
Landwirtschaftliche Rentenbank, Series G MTN (Germany) 5.00%, 11/08/16		40,000		44,389
Lincoln National Corp. 7.00%, 5/17/66 (a)		175,000		68,957
Marsh & McLennan Cos., Inc. 5.75%, 9/15/15		16,000		14,257
Royal Bank of Scotland Group PLC (United Kingdom) 5.00%, 10/01/14		9,000		7,442
SLM Corp., Series A MTN 5.375%, 5/15/14		9,000		6,331

	Principal Amount		Market Value
FINANCIALS (Continued)
Travelers (The) Cos., Inc. 6.25%, 3/15/37	$	135,000	$	74,742
Unilever Capital Corp. 5.90%, 11/15/32		25,000		23,397
Wells Fargo & Co. 5.00%, 11/15/14		14,000		13,674
				1,117,645
HEALTH CARE—1.8%
Abbott Laboratories 5.875%, 5/15/16		14,000		14,386
AmerisourceBergen Corp. 5.875%, 9/15/15		15,000		13,084
AstraZeneca PLC (United Kingdom) 6.45%, 9/15/37		130,000		124,615
Bristol-Myers Squibb Co. 5.875%, 11/15/36		26,000		23,532
Eli Lilly & Co. 5.55%, 3/15/37		293,000		267,064
WellPoint, Inc. 5.25%, 1/15/16		14,000		12,017
				454,698
INDUSTRIALS—0.1%
Burlington Northern Santa Fe Corp. 6.15%, 5/01/37		12,000		9,955
CSX Corp. 6.00%, 10/01/36		29,000		21,319
				31,274
INFORMATION TECHNOLOGY—0.1%
Oracle Corp. 5.25%, 1/15/16		25,000		23,762
MATERIALS—0.2%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13		32,000		29,059
CRH America, Inc. 6.00%, 9/30/16		12,000		8,082
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36		11,000		8,988
Weyerhaeuser Co. 7.375%, 3/15/32		23,000		15,344
				61,473
TELECOMMUNICATION SERVICES—0.5%
BellSouth Corp. 6.00%, 11/15/34		42,000		31,848
Embarq Corp. 7.082%, 6/01/16		10,000		7,109
Verizon Global Funding Corp. 7.75%, 12/01/30		80,000		71,340
Vodafone Group PLC (United Kingdom) 5.625%, 2/27/17		9,000		7,660
				117,957

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
UTILITIES—0.3%
Constellation Energy Group 4.55%, 6/15/15	$	22,000	$	17,532
Dominion Resources, Inc., Series C 5.15%, 7/15/15		14,000		12,182
Midamerican Energy Holdings Co. 6.125%, 4/01/36		22,000		17,490
Pacific Gas & Electric Co. 6.05%, 3/01/34		28,000		24,484
				71,688
Total Corporate Bonds (Amortized Cost $3,083,186)				2,442,900
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—7.5%
FEDERAL HOME LOAN MORTGAGE CORP.—0.5%
6.25%, 7/15/32		92,000		111,091
FEDERAL NATIONAL MORTGAGE ASSOCIATION—0.5%
5.00%, 4/15/15		48,000		51,935
5.00%, 5/11/17		70,000		74,357
				126,292
UNITED STATES TREASURY BONDS/NOTES—6.5%
3.50%, 2/15/10		200		207
4.50%, 5/15/10		505,000		532,065
4.75%, 5/15/14		290,900		333,512
7.50%, 11/15/16		100,000		130,531
8.125%, 8/15/19		122,500		171,730
7.625%, 2/15/25		40,400		60,805
6.25%, 5/15/30		44,800		61,243
5.00%, 5/15/37		60,000		75,628
4.375%, 2/15/38		230,000		266,531
				1,632,252
Total United States Government & Agencies Obligations (Amortized Cost $1,722,905)				1,869,635
SOVEREIGN BONDS—0.5%
Province of Quebec Canada (Canada) 7.50%, 9/15/29		69,000		95,842
Republic of Italy (Italy) 5.25%, 9/20/16		25,000		27,181
United Mexican States (Mexico) 5.625%, 1/15/17		6,000		5,370
Total Sovereign Bonds (Amortized Cost $121,764)				128,393
Total Investments—98.0% (Amortized Cost $35,987,628)			$	24,589,296
Cash Equivalents—1.3% (b)				341,741
Other assets less liabilities—0.7%				165,492
Net Assets—100.0%			$	25,096,529

ADR - American Depositary Receipt.

MTN - Medium Term Note.

REIT - Real Estate Investment Trust.

* Non-income producing security.

(a) Variable Rate Coupon. Stated interest rate was in effect at November 30, 2008.

(b) Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 2.04% at November 30, 2008.

Various inputs are used in determining the value of the 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 (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments:

Valuation inputs	Investments in Securities
Level 1—Quoted Prices	$	20,148,368
Level 2—Other Significant Observable Inputs		4,440,928
Level 3—Significant Unobservable Inputs		—
Total Fair Value	$	24,589,296

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2008 (Unaudited)

	Market Value		% of Net Assets
United States	$	19,026,140		75.8	%
United Kingdom		1,720,802		6.9
France		656,638		2.6
Germany		578,365		2.3
Japan		552,991		2.2
Switzerland		536,980		2.1
Spain		262,133		1.0
Italy		231,747		0.9
Australia		211,925		0.9
Bermuda		184,857		0.8
Netherlands Antilles		144,051		0.6
Netherlands		121,610		0.5
Canada		112,028		0.5
Finland		59,975		0.2
Sweden		46,598		0.2
Luxembourg		28,458		0.1
Norway		27,810		0.1
Panama		23,883		0.1
Cayman Islands		22,542		0.1
Greece		21,418		0.1
Denmark		9,667		0.0
Mexico		5,370		0.0
Belgium		3,308		0.0
Total Investments		24,589,296		98.0
Cash Equivalents		341,741		1.3
Other assets less liabilities		165,492		0.7
Net Assets	$	25,096,529		100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
COMMON STOCKS—93.9%
CONSUMER DISCRETIONARY—7.7%
Aeropostale, Inc.*		991	$	14,984
American Axle & Manufacturing Holdings, Inc.		4,595		11,579
Blyth, Inc.		2,485		20,601
Buffalo Wild Wings, Inc.*		1,203		27,621
CBS Corp., Class B		9,662		64,349
Champion Enterprises, Inc.*		10,715		7,822
Children's Place Retail Stores (The), Inc.*		63		1,477
Cinemark Holdings, Inc.		439		3,306
Comcast Corp., Class A		7,005		121,467
Compagnie Financiere Richemont SA, Class A (Switzerland)		690		11,975
Crown Media Holdings, Inc., Class A*		9,433		20,092
Daimler AG (Germany)		1,373		42,954
DeVry, Inc.		1,114		64,033
DIRECTV Group (The), Inc.*		2,742		60,351
Fossil, Inc.*		1,145		17,404
Fred's, Inc., Class A		2,764		31,786
Hennes & Mauritz AB, Class B (Sweden)		575		21,157
Home Depot (The), Inc.		4,529		104,665
HONDA MOTOR Co. Ltd. (Japan)		2,003		43,848
Hovnanian Enterprises, Inc., Class A*		4,621		10,120
J. Crew Group, Inc.*		990		10,039
Johnson Controls, Inc.		1,598		28,221
Las Vegas Sands Corp.*		1,230		6,359
Lear Corp.*		705		1,671
Life Time Fitness, Inc.*		199		2,979
LKQ Corp.*		1,961		20,434
LVMH Moet Hennessy Louis Vuitton SA (France)		319		18,045
Marvel Entertainment, Inc.*		1,238		36,459
McDonald's Corp.		2,625		154,220
National Presto Industries, Inc.		541		35,495
Netflix, Inc.*		931		21,394
Omnicom Group, Inc.		4,153		117,488
Panasonic Corp. (Japan)		2,289		27,493
Priceline.com, Inc.*		604		41,676
Regis Corp.		272		2,989
Sony Corp. (Japan)		1,490		28,832
Strayer Education, Inc.		216		51,756
Superior Industries International, Inc.		2,059		25,182
Target Corp.		2,024		68,330
Time Warner, Inc.		9,028		81,703
Toyota Motor Corp. (Japan)		3,795		119,533
Tupperware Brands Corp.		845		16,621
Vail Resorts, Inc.*		783		17,030
Vivendi (France)		1,464		41,333
Volkswagen AG (Germany)		179		63,672
Walt Disney (The) Co.		4,762		107,240
				1,847,785
CONSUMER STAPLES—11.6%
Archer-Daniels-Midland Co.		1,936		53,008
British American Tobacco PLC (United Kingdom)		2,287		59,589
Carrefour SA (France)		936		35,286
Casey's General Stores, Inc.		238		7,057

	Number of Shares		Market Value
CONSUMER STAPLES (Continued)
Central European Distribution Corp.*		565	$	13,357
Coca-Cola (The) Co.		5,900		276,533
CVS Caremark Corp.		3,595		104,003
Diageo PLC (United Kingdom)		3,230		44,953
Flowers Foods, Inc.		1,399		37,465
Fresh Del Monte Produce, Inc. (Cayman Islands)*		563		14,210
Groupe DANONE (France)		663		38,089
H.J. Heinz Co.		3,742		145,339
Kraft Foods, Inc., Class A		3,683		100,214
Nash Finch Co.		990		44,411
Nestle SA (Switzerland)		5,146		186,157
Philip Morris International, Inc.		5,105		215,227
Procter & Gamble (The) Co.		7,100		456,885
Reynolds American, Inc.		3,362		138,111
Ruddick Corp.		843		23,064
Safeway, Inc.		5,888		128,358
Tesco PLC (United Kingdom)		9,930		44,995
Unilever NV (Netherlands)		2,204		51,263
Unilever PLC (United Kingdom)		1,728		39,587
Wal-Mart Stores, Inc.		9,218		515,103
				2,772,264
ENERGY—14.4%
Alpha Natural Resources, Inc.*		947		21,014
BG Group PLC (United Kingdom)		4,716		66,576
BP PLC (United Kingdom)		26,193		211,710
Bristow Group, Inc.*		207		4,684
Chevron Corp.		5,722		452,095
ConocoPhillips		4,234		222,370
Crosstex Energy, Inc.		864		3,586
Dawson Geophysical Co.*		711		14,625
Delta Petroleum Corp.*		1,807		10,318
Encore Acquisition Co.*		881		23,294
ENI S.p.A (Italy)		3,755		84,478
Exterran Holdings, Inc.*		1,102		19,340
Exxon Mobil Corp.		13,687		1,097,013
GulfMark Offshore, Inc.*		36		1,019
Hercules Offshore, Inc.*		1,562		9,091
IHS, Inc., Class A*		1,011		36,689
Mariner Energy, Inc.*		1,471		16,166
Occidental Petroleum Corp.		2,265		122,627
Petrohawk Energy Corp.*		3,208		56,044
Pride International, Inc.*		2,388		38,709
Repsol YPF SA (Spain)		1,298		25,035
Royal Dutch Shell PLC, Class A (United Kingdom)		5,045		134,544
Royal Dutch Shell PLC, Class B (United Kingdom)		3,810		100,205
Schlumberger Ltd. (Netherlands Antilles)		3,161		160,389
Ship Finance International Ltd. (Bermuda)		1,250		14,863
Smith International, Inc.		2,343		68,509
Southwestern Energy Co.*		4,805		165,148
StatoilHydro ASA (Norway)		1,850		31,181
Total SA (France)		2,974		154,911
Union Drilling, Inc.*		1,931		13,015

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
ENERGY (Continued)
Walter Industries, Inc.		801	$	14,610
Whiting Petroleum Corp.*		681		26,082
Woodside Petroleum Ltd. (Australia)		672		15,776
				3,435,716
FINANCIALS—15.9%
Aflac, Inc.		1,069		49,495
Alexander's, Inc. REIT*		96		20,429
Alexandria Real Estate Equities, Inc. REIT		503		22,273
Allianz SE (Germany)		595		49,233
American Equity Investment Life Holding Co.		4,219		26,242
American Express Co.		2,756		64,242
American International Group, Inc.		7,423		14,920
Apollo Investment Corp.		2,222		18,865
Aspen Insurance Holdings Ltd. (Bermuda)		1,504		27,719
Assicurazioni Generali S.p.A (Italy)		1,456		35,029
Assured Guaranty Ltd. (Bermuda)		1,472		16,545
AXA (France)		2,290		43,441
Banco Bilbao Vizcaya Argentaria SA (Spain)		5,434		56,127
Banco Latinoamericano de Exportaciones SA, Class E (Panama)		2,100		26,607
Banco Santander SA (Spain)		8,139		66,406
Bank of America Corp.		10,352		168,220
Bank of New York Mellon (The) Corp.		3,222		97,337
Barclays PLC (United Kingdom)		10,108		26,274
BioMed Realty Trust, Inc. REIT		1,250		11,650
BNP Paribas (France)		1,125		61,847
Capital One Financial Corp.		4,103		141,184
Capital Southwest Corp.		281		22,944
Charles Schwab (The) Corp.		2,695		49,399
Citigroup, Inc.		12,387		102,688
Commonwealth Bank of Australia (Australia)		1,513		33,587
Corporate Office Properties Trust REIT		814		24,184
Cousins Properties, Inc. REIT		173		1,865
Credit Suisse Group (Switzerland)		1,561		45,828
Deutsche Bank AG (Germany)		762		27,054
Digital Realty Trust, Inc. REIT		1,025		28,044
eHealth, Inc.*		2,054		22,532
Entertainment Properties Trust REIT		53		1,300
Equity One, Inc. REIT		1,397		23,120
Fifth Third Bancorp		5,675		54,253
First Cash Financial Services, Inc.*		1,752		27,016
Fortis (Belgium)		3,912		3,683
Franklin Resources, Inc.		659		40,034
GAMCO Investors, Inc., Class A		234		6,419
Goldman Sachs Group (The), Inc.		955		75,435
Greenhill & Co., Inc.		131		8,921
Highwoods Properties, Inc. REIT		1,012		24,167
Home Properties, Inc. REIT		31		1,209
HSBC Holdings PLC (United Kingdom)		15,429		169,277
ING Groep NV (Netherlands)		2,765		23,156
Interactive Brokers Group, Inc., Class A*		61		1,113
International Bancshares Corp.		1,180		27,730
Intesa Sanpaolo S.p.A (Italy)		11,271		33,752
JPMorgan Chase & Co.		7,525		238,242
Knight Capital Group, Inc., Class A*		2,039		33,745
LaBranche & Co., Inc.*		4,176		20,462
Lloyds TSB Group PLC (United Kingdom)		8,464		21,819

	Number of Shares		Market Value
FINANCIALS (Continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)		12,075	$	66,051
Mizuho Financial Group, Inc. (Japan)		13		33,850
National Australia Bank Ltd. (Australia)		2,198		28,627
National Bank of Greece SA ADR (Greece)		6,196		23,855
National Retail Properties, Inc. REIT		454		6,088
Nationwide Health Properties, Inc. REIT		1,325		29,985
Northern Trust Corp.		2,344		107,566
Odyssey Re Holdings Corp.		1,066		47,959
optionsXpress Holdings, Inc.		121		1,705
Platinum Underwriters Holdings Ltd. (Bermuda)		914		28,087
Potlatch Corp. REIT		722		19,263
ProAssurance Corp.*		590		32,208
ProLogis REIT		3,461		13,256
Public Storage REIT		2,000		139,780
Realty Income Corp. REIT		1,644		33,192
Royal Bank of Scotland Group PLC (United Kingdom)		14,275		12,113
Senior Housing Properties Trust REIT		1,793		24,976
Simon Property Group, Inc. REIT		607		28,833
Sumitomo Mitsui Financial Group, Inc. (Japan)		9		32,600
SVB Financial Group *		515		20,626
T. Rowe Price Group, Inc.		3,226		110,361
Texas Capital Bancshares, Inc.*		2,214		35,535
U.S. Bancorp		4,399		118,685
UBS AG (Switzerland)*		3,295		41,098
UMB Financial Corp.		574		27,443
UniCredito Italiano S.p.A (Italy)		14,099		32,006
United Community Banks, Inc.		3,001		39,553
Vornado Realty Trust REIT		1,850		98,883
Waddell & Reed Financial, Inc., Class A		1,408		18,924
Wells Fargo & Co.		6,951		200,814
Westamerica Bancorp.		522		27,750
Westpac Banking Corp. (Australia)		2,469		28,764
Zurich Financial Services AG (Switzerland)		195		37,968
				3,785,467
HEALTH CARE—11.1%
Abbott Laboratories		3,442		180,327
Alexion Pharmaceuticals, Inc.*		1,034		34,804
Alliance Imaging, Inc.*		4,389		34,322
AMERIGROUP Corp.*		83		2,038
Amgen, Inc.*		2,386		132,518
AstraZeneca PLC (United Kingdom)		1,723		64,642
Bayer AG (Germany)		924		47,696
BioMarin Pharmaceuticals, Inc.*		1,301		22,156
Bio-Rad Laboratories, Inc., Class A*		441		32,705
Bruker Corp.*		2,600		12,220
CorVel Corp.*		1,122		24,796
Cross Country Healthcare, Inc.*		2,441		21,261
ev3, Inc.*		287		1,435
GlaxoSmithKline PLC (United Kingdom)		6,244		107,309
Halozyme Therapeutics, Inc.*		4,154		15,411
Hologic, Inc.*		3,461		48,662
Humana, Inc.*		2,229		67,383
Illumina, Inc.*		1,540		33,895
Insulet Corp.*		2,007		9,814
Inverness Medical Innovations, Inc.*		1,195		20,996
Johnson & Johnson		6,395		374,620
Magellan Health Services, Inc.*		888		29,171

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
HEALTH CARE (Continued)
Masimo Corp.*		764	$	20,850
McKesson Corp.		3,543		123,792
Merck & Co., Inc.		5,238		139,959
Myriad Genetics, Inc.*		537		31,833
Novartis AG (Switzerland)		2,576		119,824
Onyx Pharmaceuticals, Inc.*		682		19,164
OSI Pharmaceuticals, Inc.*		715		26,598
Perrigo Co.		1,230		42,324
Pfizer, Inc.		15,611		256,490
Psychiatric Solutions, Inc.*		1,023		25,882
Roche Holding AG (Switzerland)		831		116,305
Sanofi-Aventis SA (France)		3,506		193,299
Takeda Pharmaceutical Co. Ltd. (Japan)		1,259		60,937
Thermo Fisher Scientific, Inc.*		1,039		37,072
United Therapeutics Corp.*		292		16,010
UnitedHealth Group, Inc.		3,726		78,283
Zimmer Holdings, Inc.*		673		25,116
				2,651,919
INDUSTRIALS—8.9%
3M Co.		1,758		117,663
ABB Ltd. (Switzerland)		2,996		38,676
Acuity Brands, Inc.		788		21,244
Aecom Technology Corp.*		1,546		40,954
Alstom SA (France)		276		14,639
Altra Holdings, Inc.*		2,151		16,563
American Science & Engineering, Inc.		665		50,454
BAE Systems PLC (United Kingdom)		4,149		22,553
Baldor Electric Co.		753		12,409
Barnes Group, Inc.		267		3,575
Beacon Roofing Supply, Inc.*		3,209		37,930
Belden, Inc.		309		5,383
Boeing (The) Co.		1,906		81,253
Brady Corp., Class A		854		17,635
Bucyrus International, Inc.		1,140		22,264
Burlington Northern Santa Fe Corp.		886		67,876
Caterpillar, Inc.		1,561		63,985
CLARCOR, Inc.		758		24,339
Cummins, Inc.		2,387		61,059
Danaher Corp.		753		41,897
Deutsche Post AG (Germany)		1,252		17,936
East Japan Railway Co. (Japan)		4		30,868
EMCOR Group, Inc.*		1,130		17,820
Emerson Electric Co.		1,836		65,894
First Advantage Corp., Class A*		88		1,106
Foster Wheeler Ltd. (Bermuda)*		2,045		45,522
FTI Consulting, Inc.*		705		38,662
Fuel Tech, Inc.*		1,934		17,097
General Dynamics Corp.		1,004		51,877
General Electric Co.		22,852		392,370
H&E Equipment Services, Inc.*		2,943		19,806
Illinois Tool Works, Inc.		1,341		45,755
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		3,339		52,355
Insituform Technologies, Inc., Class A*		2,071		33,571
Komatsu Ltd. (Japan)		1,300		15,614
Koninklijke (Royal) Philips Electronics NV (Netherlands)		1,611		26,084
Manpower, Inc.		1,055		33,211
Mitsubishi Corp. (Japan)		1,903		23,676

	Number of Shares		Market Value
INDUSTRIALS (Continued)
Mitsui & Co. Ltd. (Japan)		2,000	$	17,765
Moog, Inc., Class A*		693		22,301
Regal-Beloit Corp.		67		2,254
Schneider Electric SA (France)		331		20,761
Seaboard Corp.		17		15,317
Siemens AG (Germany)		1,011		60,384
Union Pacific Corp.		1,282		64,151
United Parcel Service, Inc., Class B		2,512		144,692
Vestas Wind Systems A/S (Denmark)*		241		10,786
Vinci SA (France)		646		25,886
Wabtec Corp.		645		24,891
Woodward Governor Co.		979		20,794
				2,121,557
INFORMATION TECHNOLOGY—13.2%
Amkor Technology, Inc.*		3,171		6,976
Anixter International, Inc.*		619		16,961
ANSYS, Inc.*		1,155		33,333
Apple, Inc.*		2,108		195,348
Aruba Networks, Inc.*		7,250		17,183
Benchmark Electronics, Inc.*		194		2,460
CACI International, Inc., Class A*		196		8,704
Canon, Inc. (Japan)		1,504		44,609
Cisco Systems, Inc.*		16,182		267,650
eBay, Inc.*		3,871		50,826
EMC Corp.*		6,427		67,933
Equinix, Inc.*		513		23,295
FLIR Systems, Inc.*		1,730		53,665
Foundry Networks, Inc.*		2,146		33,242
Google, Inc., Class A*		805		235,833
Hewlett-Packard Co.		6,228		219,724
Intel Corp.		13,552		187,018
International Business Machines Corp.		3,114		254,102
Itron, Inc.*		525		24,875
Ixia*		5,287		32,462
Jack Henry & Associates, Inc.		1,564		28,793
Lawson Software, Inc.*		907		3,555
Macrovision Solutions Corp.*		1,770		20,815
MasterCard, Inc., Class A		314		45,624
MEMC Electronic Materials, Inc.*		3,169		47,598
MICROS Systems, Inc.*		1,305		21,728
Microsemi Corp.*		1,257		24,499
Microsoft Corp.		23,065		466,374
Motorola, Inc.		6,090		26,248
Nextwave Wireless, Inc.*		9,539		1,145
Nintendo Co. Ltd. (Japan)		97		30,166
Nokia Oyj (Finland)		4,746		66,786
Nuance Communications, Inc.*		3,068		28,164
ON Semiconductor Corp.*		5,603		16,361
Parametric Technology Corp.*		1,750		20,230
Perot Systems Corp., Class A*		1,997		24,923
Plantronics, Inc.		88		1,118
Polycom, Inc.*		1,635		30,787
Quest Software, Inc.*		1,773		23,670
RightNow Technologies, Inc.*		2,521		20,319
SAIC, Inc.*		2,994		53,293
SAP AG (Germany)		1,043		35,522
Skyworks Solutions, Inc.*		2,263		12,198
Sohu.com, Inc.*		470		22,814

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
INFORMATION TECHNOLOGY (Continued)
SRA International, Inc., Class A*		181	$	2,719
Sybase, Inc.*		1,248		30,751
TechTarget*		3,547		16,245
Telefonaktiebolaget LM Ericsson (Sweden)		4,242		30,169
THQ, Inc.*		683		3,237
TIBCO Software, Inc.*		905		4,380
Toshiba Corp. (Japan)		5,000		18,269
Tyco Electronics Ltd. (Bermuda)		1,260		20,765
Universal Display Corp.*		2,919		21,280
ValueClick, Inc.*		1,461		9,014
Western Union (The) Co.		2,045		27,137
Xerox Corp.		11,036		77,142
Yahoo!, Inc.*		3,353		38,593
				3,148,630
MATERIALS—3.8%
Air Liquide SA (France)		331		28,077
Anglo American PLC (United Kingdom)		1,882		44,299
Aptargroup, Inc.		998		33,373
ArcelorMittal (Luxembourg)		1,336		31,710
BASF AG (Germany)		1,356		43,188
BHP Billiton Ltd. (Australia)		4,500		90,842
BHP Billiton PLC (United Kingdom)		3,269		59,643
CF Industries Holdings, Inc.		769		40,472
Coeur d'Alene Mines Corp.*		11,182		7,604
Dow Chemical (The) Co.		2,526		46,857
E.I. du Pont de Nemours & Co.		2,274		56,986
Flotek Industries, Inc.*		1,989		5,987
Freeport-McMoRan Copper & Gold, Inc.		1,111		26,653
Greif, Inc., Class A		742		24,597
H.B. Fuller Co.		232		4,116
Minerals Technologies, Inc.		36		1,690
Mosaic (The) Co.		1,180		35,813
Nippon Steel Corp. (Japan)		8,020		25,009
Rio Tinto Ltd. (Australia)		194		5,887
Rio Tinto PLC (United Kingdom)		1,848		45,597
Rockwood Holdings, Inc.*		1,093		9,771
Sensient Technologies Corp.		84		2,019
Terra Industries, Inc.		1,346		19,800
Texas Industries, Inc.		527		16,263
Valhi, Inc.		1,839		25,746
Vulcan Materials Co.		1,288		77,255
Weyerhaeuser Co.		2,529		95,142
Xstrata PLC (United Kingdom)		854		12,193
				916,589
TELECOMMUNICATION SERVICES—4.6%
AT&T, Inc.		15,214		434,512
BT Group PLC (United Kingdom)		10,959		22,735
Consolidated Communications Holdings, Inc.		2,597		26,437
Deutsche Telekom AG (Germany)		3,340		46,153
France Telecom SA (France)		2,138		54,855
Koninklijke (Royal) KPN NV (Netherlands)		2,539		34,917
Telefonica SA (Spain)		5,240		105,587
tw telecom, Inc.*		2,444		18,648
Verizon Communications, Inc.		6,719		219,375
Vodafone Group PLC (United Kingdom)		67,136		131,038
				1,094,257

	Number of Shares		Market Value
UTILITIES—2.7%
E.ON AG (Germany)		2,460	$	85,935
Enel S.p.A (Italy)		6,813		42,425
Exelon Corp.		1,139		64,023
Iberdrola SA (Spain)		4,834		35,699
ITC Holdings Corp.		774		32,508
National Grid PLC (United Kingdom)		3,695		38,356
Nicor, Inc.		965		39,353
PG&E Corp.		4,636		176,354
PPL Corp.		1,110		37,618
RWE AG (Germany)		575		48,213
Suez SA (France)		10		384
Westar Energy, Inc.		2,052		41,512
				642,380
Total Common Stocks (Cost $34,987,415)				22,416,564
RIGHTS—0.0%
FINANCIALS—0.0%
Fortis Rights* (Belgium), expiring 12/31/14 (Cost $0)		3,912		0
	Principal Amount		Market Value
CORPORATE BONDS—3.4%
CONSUMER DISCRETIONARY—0.4%
CBS Corp. 7.875%, 7/30/30	$	4,000		2,586
Comcast Corp. 6.45%, 3/15/37		39,000		30,728
Home Depot (The), Inc. 5.40%, 3/01/16		3,000		2,398
News America, Inc. 6.20%, 12/15/34		29,000		22,038
Time Warner Cable, Inc. 6.55%, 5/01/37		26,000		20,060
Time Warner Cable, Inc. 144A 6.55%, 5/01/37		10,000		7,715
Time Warner, Inc. 7.70%, 5/01/32		4,000		3,468
Viacom, Inc. 6.25%, 4/30/16		5,000		4,152
				93,145
CONSUMER STAPLES—0.4%
CVS Caremark Corp. 6.302%, 6/01/37 (a)		16,000		8,806
Pepsi Bottling Group, Inc., Series B 7.00%, 3/01/29		4,000		4,032
Procter & Gamble (The) Co. 5.55%, 3/05/37		41,000		40,279
Wal-Mart Stores, Inc. 6.50%, 8/15/37		48,000		46,926
				100,043

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
ENERGY—0.1%
Anadarko Petroleum Corp. 5.95%, 9/15/16	$	2,000	$	1,754
Canadian Natural Resources Ltd. (Canada) 5.70%, 5/15/17		2,000		1,704
ConocoPhillips 5.90%, 10/15/32		25,000		21,558
Enterprise Products Operating LP, Series B 5.60%, 10/15/14		2,000		1,702
				26,718
FINANCIALS—1.3%
Allstate (The) Corp. 5.55%, 5/09/35		31,000		21,864
American Express Co. 6.80%, 9/01/66 (a)		64,000		35,324
American International Group, Inc. 6.25%, 3/15/37		22,000		6,028
Capital One Financial Corp. 6.15%, 9/01/16		7,000		4,660
Capmark Financial Group, Inc. 6.30%, 5/10/17		10,000		2,798
Citigroup Capital XXI 8.30%, 12/21/57 (a)		58,000		35,051
Credit Suisse (USA), Inc. 7.125%, 7/15/32		25,000		23,621
General Electric Capital Corp., Series A MTN 6.75%, 3/15/32		6,000		5,461
Goldman Sachs Group, LP 5.00%, 10/01/14		2,000		1,638
Goldman Sachs Group (The), Inc. 6.75%, 10/01/37		61,000		39,197
HSBC Holdings PLC (United Kingdom) 6.50%, 9/15/37		48,000		40,330
iStar Financial, Inc., Series 1 5.875%, 3/15/16		3,000		1,111
Landwirtschaftliche Rentenbank, Series G MTN (Germany) 5.00%, 11/08/16		8,000		8,878
Lincoln National Corp. 7.00%, 5/17/66 (a)		55,000		21,672
Merrill Lynch & Co., Inc. 6.875%, 4/25/18		3,000		2,830
Royal Bank of Scotland Group PLC (United Kingdom) 5.00%, 10/01/14		2,000		1,654
SLM Corp., Series A MTN 5.375%, 5/15/14		2,000		1,407
Travelers (The) Cos., Inc. 6.25%, 3/15/37 (a)		41,000		22,699
Unilever Capital Corp. 5.90%, 11/15/32		31,000		29,012
Wells Fargo & Co. 5.00%, 11/15/14		2,000		1,953
				307,188
HEALTH CARE—0.4%
Abbott Laboratories 5.875%, 5/15/16		2,000		2,055
Bristol-Myers Squibb Co. 5.875%, 11/15/36		46,000		41,632

	Principal Amount		Market Value
HEALTH CARE (Continued)
Eli Lilly & Co. 5.55%, 3/15/37	$	41,000	$	37,371
WellPoint, Inc. 5.25%, 1/15/16		2,000		1,717
				82,775
INDUSTRIALS—0.2%
Burlington Northern Santa Fe Corp. 6.15%, 5/01/37		40,000		33,182
CSX Corp. 6.00%, 10/01/36		29,000		21,320
				54,502
MATERIALS—0.2%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13		8,000		7,265
CRH America, Inc. 6.00%, 9/30/16		5,000		3,367
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36		38,000		31,049
Weyerhaeuser Co. 7.375%, 3/15/32		5,000		3,336
				45,017
TELECOMMUNICATION SERVICES—0.2%
BellSouth Corp. 6.00%, 11/15/34		32,000		24,265
Embarq Corp. 7.082%, 6/01/16		5,000		3,555
Verizon Global Funding Corp. 7.75%, 12/01/30		24,000		21,402
Vodafone Group PLC (United Kingdom) 5.625%, 2/27/17		2,000		1,702
				50,924
UTILITIES—0.2%
Constellation Energy Group 4.55%, 6/15/15		2,000		1,594
Dominion Resources, Inc., Series C 5.15%, 7/15/15		2,000		1,740
Midamerican Energy Holdings Co. 6.125%, 4/01/36		29,000		23,055
Pacific Gas & Electric Co. 6.05%, 3/01/34		25,000		21,861
				48,250
Total Corporate Bonds (Amortized Cost $1,048,233)				808,562
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—0.9%
FEDERAL HOME LOAN MORTGAGE CORP.—0.0%
6.25%, 7/15/32		2,000		2,415
FEDERAL NATIONAL MORTGAGE ASSOCIATION—0.0%
5.00%, 4/15/15		4,000		4,328

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
UNITED STATE TREASURY BONDS/NOTES—0.9%
3.50%, 2/15/10	$	100	$	103
4.50%, 5/15/10		55,000		57,948
4.875%, 4/30/11		35,000		38,227
4.75%, 5/15/14		200		229
7.625%, 2/15/25		4,100		6,171
6.25%, 5/15/30		3,200		4,375
5.00%, 5/15/37		2,000		2,521
4.375%, 2/15/38		90,000		104,293
				213,867
Total United States Government & Agencies Obligations (Amortized Cost $197,702)				220,610
SOVEREIGN BONDS—0.0%
Province of Quebec Canada (Canada) 7.50%, 9/15/29 (Amortized Cost $7,783)		6,000		8,334
Total Investments—98.2% (Amortized Cost $36,241,133)			$	23,454,070
Cash Equivalents—1.2% (b)				282,474
Other assets less liabilities—0.6%				139,994
Net Assets—100.0%			$	23,876,538

ADR - American Depositary Receipt.

MTN - Medium Term Note.

REIT - Real Estate Investment Trust.

* Non-income producing security.

144A - Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate market value of these securities amounted to $7,715 or 0.0% of net assets.

(a) Variable rate coupon. Stated investment rate was in effect at November 30, 2008.

(b) Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 2.04% at November 30, 2008.

Various inputs are used in determining the value of the 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 (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments:

Valuation inputs	Investments in Securities
Level 1—Quoted Prices	$	22,416,564
Level 2—Other Significant Observable Inputs		1,037,506
Level 3—Significant Unobservable Inputs		—
Total Fair Value	$	23,454,070

COUNTRY BREAKDOWN AS OF NOVEMBER 30, 2008 (Unaudited)

	Market Value		% of Net Assets
United States	$	17,875,567		74.9	%
United Kingdom		1,547,548		6.5
France		730,853		3.1
Japan		619,120		2.6
Switzerland		597,831		2.5
Germany		576,818		2.4
Spain		288,854		1.2
Italy		227,690		1.0
Australia		210,748		0.9
Bermuda		205,856		0.8
Netherlands Antillies		160,389		0.7
Netherlands		135,420		0.6
Finland		66,786		0.3
Cayman Islands		45,259		0.2
Sweden		51,326		0.2
Luxembourg		31,710		0.1
Norway		31,181		0.1
Panama		26,607		0.1
Denmark		10,786		0.0
Canada		10,038		0.0
Belgium		3,683		0.0
Total Investments		23,454,070		98.2
Cash Equivalents		282,474		1.2
Other assets less liabilities		139,994		0.6
Net Assets	$	23,876,538		100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
COMMON STOCKS—10.1%
CONSUMER DISCRETIONARY—0.9%
American Axle & Manufacturing Holdings, Inc.		587	$	1,479
Blyth, Inc.		352		2,918
Buffalo Wild Wings, Inc.*		161		3,697
CBS Corp., Class B		1,180		7,859
Champion Enterprises, Inc.*		1,425		1,040
Comcast Corp., Class A		801		13,889
Compagnie Financiere Richemont SA, Class A (Switzerland)		81		1,406
Crown Media Holdings, Inc., Class A*		1,238		2,637
Daimler AG (Germany)		156		4,880
DeVry, Inc.		136		7,817
DIRECTV Group (The), Inc.*		308		6,779
Fred's, Inc., Class A		419		4,819
Hennes & Mauritz AB, Class B (Sweden)		83		3,054
Home Depot (The), Inc.		583		13,473
HONDA MOTOR Co. Ltd. (Japan)		232		5,079
Hovnanian Enterprises, Inc., Class A*		628		1,375
Johnson Controls, Inc.		198		3,497
Las Vegas Sands Corp.*		150		776
LKQ Corp.*		291		3,032
LVMH Moet Hennessy Louis Vuitton SA (France)		41		2,319
Marvel Entertainment, Inc.*		168		4,948
McDonald's Corp.		293		17,214
National Presto Industries, Inc.		86		5,642
Omnicom Group, Inc.		495		14,004
Priceline.com, Inc.*		76		5,244
Sony Corp. (Japan)		183		3,541
Strayer Education, Inc.		30		7,188
Superior Industries International, Inc.		280		3,424
Target Corp.		260		8,778
Time Warner, Inc.		1,066		9,647
Toyota Motor Corp. (Japan)		400		12,599
Tupperware Brands Corp.		141		2,773
Vivendi (France)		167		4,715
Volkswagen AG (Germany)		20		7,114
Walt Disney (The) Co.		532		11,981
				210,637
CONSUMER STAPLES—1.2%
Archer-Daniels-Midland Co.		235		6,434
British American Tobacco PLC (United Kingdom)		256		6,670
Carrefour SA (France)		102		3,845
Central European Distribution Corp.*		66		1,560
Coca-Cola (The) Co.		625		29,294
CVS Caremark Corp.		434		12,556
Diageo PLC (United Kingdom)		365		5,080
Flowers Foods, Inc.		202		5,410
Groupe DANONE (France)		75		4,309
H.J. Heinz Co.		435		16,895
Kraft Foods, Inc., Class A		431		11,728
Nash Finch Co.		142		6,370
Nestle SA (Switzerland)		578		20,909
Philip Morris International, Inc.		572		24,116
Procter & Gamble (The) Co.		766		49,292
Reynolds American, Inc.		404		16,596

	Number of Shares		Market Value
CONSUMER STAPLES (Continued)
Safeway, Inc.		736	$	16,045
Tesco PLC (United Kingdom)		1,093		4,953
Unilever NV (Netherlands)		245		5,698
Unilever PLC (United Kingdom)		196		4,490
Wal-Mart Stores, Inc.		1,010		56,438
				308,688
CONSUMER STAPLES—1.6%
Alpha Natural Resources, Inc.*		109		2,419
BG Group PLC (United Kingdom)		522		7,369
BP PLC (United Kingdom)		2,928		23,666
Chevron Corp.		625		49,381
ConocoPhillips		475		24,947
Dawson Geophysical Co.*		99		2,036
Delta Petroleum Corp.*		225		1,285
Encore Acquisition Co.*		106		2,803
ENI S.p.A (Italy)		418		9,404
Exterran Holdings, Inc.*		141		2,475
Exxon Mobil Corp.		1,450		116,218
Hercules Offshore, Inc.*		206		1,199
IHS, Inc., Class A*		132		4,790
Mariner Energy, Inc.*		202		2,220
Occidental Petroleum Corp.		254		13,752
Petrohawk Energy Corp.*		367		6,411
Pride International, Inc.*		296		4,798
Repsol YPF SA (Spain)		146		2,816
Royal Dutch Shell PLC, Class A (United Kingdom)		565		15,068
Royal Dutch Shell PLC, Class B (United Kingdom)		427		11,230
Schlumberger Ltd. (Netherlands Antilles)		345		17,505
Ship Finance International Ltd. (Bermuda)		201		2,390
Smith International, Inc.		270		7,895
Southwestern Energy Co.*		544		18,697
StatoilHydro ASA (Norway)		208		3,506
Total SA (France)		331		17,241
Union Drilling, Inc.*		268		1,806
Walter Industries, Inc.		95		1,733
Whiting Petroleum Corp.*		83		3,179
Woodside Petroleum Ltd. (Australia)		86		2,019
				380,258
FINANCIALS—1.6%
Aflac, Inc.		145		6,714
Alexandria Real Estate Equities, Inc. REIT		81		3,587
Allianz SE (Germany)		67		5,544
American Equity Investment Life Holding Co.		702		4,366
American Express Co.		322		7,506
American International Group, Inc.		866		1,741
Apollo Investment Corp.		319		2,708
Assicurazioni Generali S.p.A (Italy)		178		4,282
AXA (France)		265		5,027
Banco Bilbao Vizcaya Argentaria SA (Spain)		613		6,332
Banco Latinoamericano de Exportaciones SA, Class E (Panama)		240		3,041
Banco Santander SA (Spain)		155		1,265
Bank of America Corp.		1,131		18,378

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
FINANCIALS (Continued)
Bank of New York Mellon (The) Corp.		384	$	11,601
Barclays PLC (United Kingdom)		1,156		3,005
BNP Paribas (France)		126		6,927
Capital One Financial Corp.		473		16,275
Charles Schwab (The) Corp.		317		5,811
Citigroup, Inc.		1,306		10,827
Commonwealth Bank of Australia (Australia)		160		3,552
Credit Suisse Group (Switzerland)		171		5,020
Deutsche Bank AG (Germany)		85		3,018
Digital Realty Trust, Inc. REIT		163		4,460
eHealth, Inc.*		290		3,181
Fifth Third Bancorp		674		6,443
First Cash Financial Services, Inc.*		233		3,593
Fortis (Belgium)		445		419
Franklin Resources, Inc.		86		5,225
Goldman Sachs Group (The), Inc.		110		8,689
HSBC Holdings PLC (United Kingdom)		1,715		18,815
ING Groep NV (Netherlands)		300		2,512
Intesa Sanpaolo S.p.A (Italy)		1,267		3,794
JPMorgan Chase & Co.		853		27,005
LaBranche & Co., Inc.*		545		2,671
Lloyds TSB Group PLC (United Kingdom)		970		2,501
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,433		7,839
Mizuho Financial Group, Inc. (Japan)		2		5,208
National Australia Bank Ltd. (Australia)		230		2,996
National Bank of Greece SA ADR (Greece)		658		2,533
Nationwide Health Properties, Inc. REIT		211		4,775
Northern Trust Corp.		273		12,528
Odyssey Re Holdings Corp.		196		8,818
ProLogis REIT		437		1,674
Public Storage REIT		254		17,751
Realty Income Corp. REIT		290		5,855
Reinet Investments SCA (Luxembourg)*		10		82
Royal Bank of Scotland Group PLC (United Kingdom)		1,666		1,414
Senior Housing Properties Trust REIT		299		4,165
Simon Property Group, Inc. REIT		86		4,085
Sumitomo Mitsui Financial Group, Inc. (Japan)		1		3,622
T. Rowe Price Group, Inc.		374		12,795
Texas Capital Bancshares, Inc.*		320		5,136
U.S. Bancorp		550		14,838
UBS AG (Switzerland)*		360		4,490
UMB Financial Corp.		91		4,351
UniCredito Italiano S.p.A (Italy)		1,576		3,578
Vornado Realty Trust REIT		235		12,561
Waddell & Reed Financial, Inc., Class A		193		2,594
Wells Fargo & Co.		828		23,920
Westpac Banking Corp. (Australia)		263		3,064
Zurich Financial Services AG (Switzerland)		23		4,478
				400,985
HEALTH CARE—1.2%
Abbott Laboratories		375		19,646
Alexion Pharmaceuticals, Inc.*		133		4,477
Alliance Imaging, Inc.*		630		4,927
Amgen, Inc.*		277		15,385
AstraZeneca PLC (United Kingdom)		194		7,278
Bayer AG (Germany)		102		5,265

	Number of Shares		Market Value
HEALTH CARE (Continued)
BioMarin Pharmaceuticals, Inc.*		164	$	2,793
Bio-Rad Laboratories, Inc., Class A*		54		4,005
CorVel Corp.*		147		3,249
Cross Country Healthcare, Inc.*		345		3,005
GlaxoSmithKline PLC (United Kingdom)		699		12,013
Halozyme Therapeutics, Inc.*		537		1,992
Hologic, Inc.*		414		5,821
Humana, Inc.*		248		7,497
Illumina, Inc.*		120		2,641
Insulet Corp.*		260		1,271
Inverness Medical Innovations, Inc.*		151		2,653
Johnson & Johnson		679		39,776
McKesson Corp.		415		14,500
Merck & Co., Inc.		574		15,337
Myriad Genetics, Inc.*		67		3,972
Novartis AG (Switzerland)		290		13,489
OSI Pharmaceuticals, Inc.*		103		3,832
Perrigo Co.		162		5,574
Pfizer, Inc.		1,717		28,210
Psychiatric Solutions, Inc.*		150		3,795
Roche Holding AG (Switzerland)		95		13,296
Sanofi-Aventis SA (France)		176		9,704
Takeda Pharmaceutical Co. Ltd. (Japan)		166		8,035
Thermo Fisher Scientific, Inc.*		131		4,674
United Therapeutics Corp.*		40		2,193
UnitedHealth Group, Inc.		416		8,740
Zimmer Holdings, Inc.*		86		3,210
				282,255
INDUSTRIALS—1.0%
3M Co.		213		14,256
ABB Ltd. (Switzerland)		340		4,389
Aecom Technology Corp.*		201		5,324
Alstom SA (France)		33		1,750
Altra Holdings, Inc.*		324		2,495
American Science & Engineering, Inc.		96		7,284
BAE Systems PLC (United Kingdom)		500		2,718
Beacon Roofing Supply, Inc.*		414		4,893
Boeing (The) Co.		228		9,720
Bucyrus International, Inc.		138		2,695
Burlington Northern Santa Fe Corp.		106		8,121
Caterpillar, Inc.		189		7,747
Cummins, Inc.		278		7,111
Danaher Corp.		100		5,564
Deutsche Post AG (Germany)		144		2,063
East Japan Railway Co. (Japan)		1		7,717
Emerson Electric Co.		221		7,932
Foster Wheeler Ltd. (Bermuda)*		239		5,320
FTI Consulting, Inc.*		93		5,100
General Dynamics Corp.		127		6,562
General Electric Co.		2,536		43,542
H&E Equipment Services, Inc.*		453		3,049
Illinois Tool Works, Inc.		181		6,176
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		410		6,429
Insituform Technologies, Inc., Class A*		300		4,863
Komatsu Ltd. (Japan)		166		1,994
Koninklijke (Royal) Philips Electronics NV (Netherlands)		188		3,044

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Number of Shares		Market Value
INDUSTRIALS (Continued)
Manpower, Inc.		146	$	4,596
Mitsubishi Corp. (Japan)		216		2,687
Schneider Electric SA (France)		40		2,509
Siemens AG (Germany)		115		6,869
Union Pacific Corp.		151		7,556
United Parcel Service, Inc., Class B		280		16,128
Vestas Wind Systems A/S (Denmark)*		30		1,343
Vinci SA (France)		78		3,126
Wabtec Corp.		95		3,666
Woodward Governor Co.		137		2,910
				239,248
INFORMATION TECHNOLOGY—1.4%
Anixter International, Inc.*		101		2,767
ANSYS, Inc.*		158		4,560
Apple, Inc.*		235		21,777
Aruba Networks, Inc.*		983		2,330
Canon, Inc. (Japan)		166		4,924
Cisco Systems, Inc.*		1,804		29,838
eBay, Inc.*		487		6,394
EMC Corp.*		785		8,297
Equinix, Inc.*		68		3,088
FLIR Systems, Inc.*		211		6,545
Google, Inc., Class A*		87		25,488
Hewlett-Packard Co.		695		24,520
Intel Corp.		1,605		22,149
International Business Machines Corp.		324		26,438
Itron, Inc.*		67		3,174
Ixia*		708		4,347
MasterCard, Inc., Class A		37		5,376
MEMC Electronic Materials, Inc.*		375		5,633
MICROS Systems, Inc.*		211		3,513
Microsoft Corp.		2,625		53,078
Motorola, Inc.		805		3,470
Nextwave Wireless, Inc.*		1,287		154
Nokia Oyj (Finland)		511		7,191
Nuance Communications, Inc.*		399		3,663
ON Semiconductor Corp.*		752		2,196
Polycom, Inc.*		252		4,745
RightNow Technologies, Inc.*		340		2,740
SAIC, Inc.*		448		7,974
SAP AG (Germany)		156		5,313
Sohu.com, Inc.*		54		2,621
Sybase, Inc.*		201		4,953
TechTarget*		505		2,313
Telefonaktiebolaget LM Ericsson (Sweden)		437		3,108
Toshiba Corp. (Japan)		833		3,044
Tyco Electronics Ltd. (Bermuda)		174		2,868
Universal Display Corp.*		403		2,938
Western Union (The) Co.		320		4,246
Xerox Corp.		1,383		9,667
Yahoo!, Inc.*		410		4,719
				342,159
MATERIALS—0.4%
Air Liquide SA (France)		36		3,054
Anglo American PLC (United Kingdom)		210		4,943
AptarGroup, Inc.		137		4,581

	Number of Shares		Market Value
MATERIALS (Continued)
ArcelorMittal (Luxembourg)		148	$	3,513
BASF AG (Germany)		151		4,809
BHP Billiton Ltd. (Australia)		515		10,396
BHP Billiton PLC (United Kingdom)		364		6,641
CF Industries Holdings, Inc.		88		4,631
Dow Chemical (The) Co.		309		5,732
E.I. du Pont de Nemours & Co.		264		6,616
Flotek Industries, Inc.*		259		780
Freeport-McMoRan Copper & Gold, Inc.		127		3,047
Greif, Inc., Class A		102		3,381
Mosaic (The) Co.		129		3,915
Nippon Steel Corp. (Japan)		833		2,598
Rio Tinto PLC (United Kingdom)		186		4,589
Rockwood Holdings, Inc.*		148		1,323
Terra Industries, Inc.		162		2,383
Valhi, Inc.		221		3,094
Vulcan Materials Co.		157		9,417
Weyerhaeuser Co.		297		11,174
Xstrata PLC (United Kingdom)		94		1,342
				101,959
TELECOMMUNICATION SERVICES—0.5%
AT&T, Inc.		1,684		48,094
BT Group PLC (United Kingdom)		1,249		2,591
Consolidated Communications Holdings, Inc.		381		3,879
Deutsche Telekom AG (Germany)		369		5,099
France Telecom SA (France)		239		6,132
Koninklijke (Royal) KPN NV (Netherlands)		285		3,919
Telefonica SA (Spain)		585		11,788
tw telecom, Inc.*		341		2,602
Verizon Communications, Inc.		747		24,390
Vodafone Group PLC (United Kingdom)		7,492		14,623
				123,117
UTILITIES—0.3%
E.ON AG (Germany)		277		9,677
Enel S.p.A (Italy)		775		4,826
Exelon Corp.		35		1,967
GDF Suez (France)		147		5,867
Iberdrola SA (Spain)		546		4,032
ITC Holdings Corp.		125		5,250
National Grid PLC (United Kingdom)		429		4,453
PG&E Corp.		615		23,396
PPL Corp.		181		6,134
RWE AG (Germany)		65		5,450
Suez SA (France)		3		115
Westar Energy, Inc.		379		7,667
				78,834
Total Common Stocks (Cost $3,750,561)				2,468,140
RIGHTS—0.0%
FINANCIALS—0.0%
Fortis Rights* (Belgium), expiring 12/31/14 (Cost $0)		445		0

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
COPORATE BONDS—11.2%
CONSUMER DISCRETIONARY—0.3%
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13	$	49,000	$	48,986
Home Depot (The), Inc. 5.40%, 3/01/16		41,000		32,777
				81,763
CONSUMER STAPLES—0.4%
Diageo Finance BV (Netherlands) 5.30%, 10/28/15		29,000		26,899
Kroger (The) Co. 5.50%, 2/01/13		24,000		22,754
Wal-Mart Stores, Inc. 4.55%, 5/01/13		49,000		49,535
				99,188
ENERGY—0.6%
Apache Corp. 5.25%, 4/15/13		34,000		33,575
Hess Corp. 6.65%, 8/15/11		44,000		41,873
Kinder Morgan Energy Partners LP 6.75%, 3/15/11		34,000		32,705
Spectra Energy Capital LLC 6.25%, 2/15/13		49,000		46,768
				154,921
FINANCIALS—7.9%
American Express Co. 4.875%, 7/15/13		69,000		58,064
Ameriprise Financial, Inc. 5.35%, 11/15/10		24,000		20,508
Bank of America Corp. 4.875%, 1/15/13		79,000		75,742
Boeing Capital Corp. Ltd. 5.80%, 1/15/13		49,000		48,936
Boston Properties LP 6.25%, 1/15/13		49,000		38,652
Capital One Financial Corp. 6.15%, 9/01/16		41,000		27,292
Citigroup, Inc. 6.00%, 2/21/12		129,000		122,744
European Investment Bank (Supranational) 4.625%, 5/15/14		239,000		252,755
General Electric Capital Corp. Series A MTN 7.375%, 1/19/10		24,000		24,512
5.875%, 2/15/12		24,000		23,927
Genworth Financial, Inc. 5.75%, 6/15/14		49,000		15,865
Goldman Sachs Group, LP 5.00%, 10/01/14		99,000		81,062
HSBC Finance Corp. 6.375%, 11/27/12		129,000		122,377
International Bank for Reconstruction & Development (Supranational) 4.125%, 8/12/09		194,000		197,383

	Principal Amount		Market Value
FINANCIALS (Continued)
International Lease Finance Corp. Series Q MTN 5.75%, 6/15/11	$	129,000	$	90,972
John Deere Capital Corp. 7.00%, 3/15/12		74,000		75,260
JP Morgan Chase & Co. 5.75%, 1/02/13		24,000		23,199
5.875%, 6/13/16		70,000		67,328
Kreditanstalt fuer Wiederaufbau (Germany) 4.25%, 6/15/10		79,000		82,274
Marsh & McLennan Cos., Inc. 5.75%, 9/15/15		24,000		21,385
Merrill Lynch & Co, Inc., Series C MTN 5.00%, 1/15/15		41,000		36,881
MetLife, Inc. 5.00%, 6/15/15		41,000		33,776
Morgan Stanley 5.30%, 3/01/13		108,000		92,358
National Rural Utilities Cooperative Finance Corp., Series C MTN 7.25%, 3/01/12		29,000		28,605
Prudential Financial, Inc. 5.10%, 9/20/14		12,000		9,382
US Bank Series 4.95%, 10/30/14		50,000		46,972
Wachovia Corp. 5.25%, 8/01/14		74,000		61,231
Wells Fargo & Co. 4.875%, 1/12/11		139,000		137,559
				1,917,001
HEALTH CARE—0.1%
UnitedHealth Group, Inc. 4.875%, 3/15/15		29,000		24,148
INDUSTRIALS—0.5%
United Technologies Corp. 4.375%, 5/01/10		129,000		129,681
INFORMATION TECHNOLOGY—0.6%
International Business Machines Corp. 4.25%, 9/15/09		119,000		120,054
Oracle Corp. 5.25%, 1/15/16		29,000		27,563
				147,617
TELECOMMUNICATION SERVICES—0.2%
Embarq Corp. 7.082%, 6/01/16		24,000		17,062
New Cingular Wireless Services, Inc. 7.875%, 3/01/11		24,000		24,313
				41,375
UTILITIES—0.6%
Constellation Energy Group, Inc. 4.55%, 6/15/15		33,000		26,297
Dominion Resources, Inc., Series C 5.15%, 7/15/15		41,000		35,676
Exelon Generation Co. LLC 5.35%, 1/15/14		24,000		20,302

See Notes to Financial Statements.

TDX Independence Funds, Inc.

SCHEDULE OF INVESTMENTS (CONTINUED)

TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)

November 30, 2008 (Unaudited)

	Principal Amount		Market Value
UTILITIES (Continued)
Progress Energy, Inc. 7.10%, 3/01/11	$	54,000	$	53,742
				136,017
Total Corporate Bonds (Amortized Cost $2,968,090)				2,731,711
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—77.4%
FEDERAL HOME LOAN MORTGAGE CORP.—4.7%
3.25%, 2/25/11		400,000		406,035
4.875%, 11/18/11		40,000		42,291
4.50%, 1/15/13		675,000		711,186
				1,159,512
FEDERAL NATIONAL MORTGAGE ASSOCIATION—4.9%
7.25%, 1/15/10		899,000		951,686
5.00%, 4/15/15		216,000		233,707
				1,185,393
UNITED STATES TREASURY BONDS/NOTES—67.8%
3.375%, 12/15/08		2,600,000		2,603,658
4.50%, 2/15/09		747,800		754,752
4.75%, 2/28/09		833,200		842,639
4.875%, 8/15/09		2,277,700		2,342,651
4.00%, 9/30/09		2,900,000		2,974,768
4.625%, 11/15/09		200		207
3.50%, 2/15/10		1,452,400		1,502,781
4.75%, 2/15/10		300		315
6.50%, 2/15/10		100		107
4.50%, 5/15/10		1,361,400		1,434,363
3.875%, 7/15/10		2,166,400		2,275,736
4.875%, 4/30/11		1,079,800		1,179,345
4.75%, 5/15/14		576,600		661,063
				16,572,385
Total United States Government & Agencies Obligations (Amortized Cost $18,615,740)				18,917,290
SOVEREIGN BONDS—0.2%
Italy Government International Bond (Italy) 6.00%, 2/22/11 (Amortized Cost $46,488)		44,000		47,159
Total Investments—98.9% (Amortized Cost $25,380,879)			$	24,164,300
Cash Equivalents—0.2% (a)				50,082
Other assets less liabilities—0.9%				220,246
Net Assets—100.0%			$	24,434,628

ADR - American Depositary Receipt.

MTN - Medium Term Note.

REIT - Real Estate Investment Trust.

* Non-income producing security.

(a) Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 2.04% at November 30, 2008.

Various inputs are used in determining the value of the 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 (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments:

Valuation inputs	Investments in Securities
Level 1—Quoted Prices	$	2,468,140
Level 2—Other Significant Observable Inputs		21,696,160
Level 3—Significant Unobservable Inputs		—
Total Fair Value	$	24,164,300

COUNTRY BREAKDOWN AS OF NOVEMBER 31, 2008 (Unaudited)

	Market Value		% of Net Assets
United States	$	22,962,654		94.0	%
Supranational		450,138		1.8
United Kingdom		165,452		0.7
Germany		147,375		0.6
Italy		73,043		0.3
Japan		68,887		0.3
Switzerland		67,477		0.3
France		76,640		0.3
Netherlands		42,072		0.2
Spain		26,233		0.1
Australia		22,027		0.1
Netherlands Antilles		17,505		0.1
Bermuda		17,007		0.1
Finland		7,191		0.0
Sweden		6,162		0.0
Luxembourg		3,595		0.0
Norway		3,506		0.0
Panama		3,041		0.0
Greece		2,533		0.0
Denmark		1,343		0.0
Belgium		419		0.0
Total Investments		24,164,300		98.9
Cash Equivalents		50,082		0.2
Other assets less liabilities		220,246		0.9
Net Assets	$	24,434,628		100.0	%

See Notes to Financial Statements.

TDX Independence Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2008 (Unaudited)

	TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
ASSETS:
Investments at value	$	17,226,981		$	31,946,397		$	24,589,296
Foreign currency at value		2,829			12,316			14,367
Cash equivalents		148,752			272,744			341,741
Receivables:
Interest		170,402			205,006			61,377
Dividends		11,539			53,489			61,585
Foreign tax reclaim		1,014			4,218			4,883
From investment advisor .		63,705			97,501			81,177
Total Assets		17,625,222			32,591,671			25,154,426
LIABILITIES:
Due to custodian		2,838			4,627			3,854
Payables:
Investment securities purchased		—			—			—
Investment advisory fees		3,041			5,476			4,317
Investment sub-advisory fees		16,726			30,122			23,744
Accrued expenses and other liabilities		25,722			22,770			25,982
Total Liabilities		48,327			62,995			57,897
NET ASSETS	$	17,576,895		$	32,528,676		$	25,096,529
NET ASSETS CONSIST OF:
Paid-in capital	$	20,664,446		$	44,769,851		$	39,298,623
Undistributed net investment income		627,751			961,690			602,829
Accumulated net realized loss on investments and foreign currency transactions		(1,394,311	)		(2,963,126	)		(3,405,691	)
Net unrealized depreciation on investments and foreign currency transactions		(2,320,991	)		(10,239,739	)		(11,399,232	)
Net Assets	$	17,576,895		$	32,528,676		$	25,096,529
NET ASSET VALUE, per Common Share (par value $0.0001 per Common Share)	$	21.95		$	18.06		$	15.68
Number of Common Shares outstanding (12.5 billion Common Shares have been authorized)		800,800			1,800,800			1,600,800
Investments at cost	$	19,548,072		$	42,185,344		$	35,987,628
Foreign currency at cost	$	2,566		$	12,450		$	14,472

See Notes to Financial Statements.

	TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND			TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
ASSETS:
Investments at value	$	23,454,070		$	24,164,300
Foreign currency at value		74,156			2,445
Cash equivalents		282,474			50,082
Receivables:
Interest		16,334			252,162
Dividends		68,614			7,583
Foreign tax reclaim		5,708			11
From investment advisor .		86,946			65,516
Total Assets		23,988,302			24,542,099
LIABILITIES:
Due to custodian		5,678			48,953
Payables:
Investment securities purchased		57,657			—
Investment advisory fees		4,151			4,076
Investment sub-advisory fees		22,832			22,423
Accrued expenses and other liabilities		21,446			32,019
Total Liabilities		111,764			107,471
NET ASSETS	$	23,876,538		$	24,434,628
NET ASSETS CONSIST OF:
Paid-in capital	$	39,761,013		$	25,313,897
Undistributed net investment income		537,654			516,160
Accumulated net realized loss on investments and foreign currency transactions		(3,632,994	)		(178,872	)
Net unrealized depreciation on investments and foreign currency transactions		(12,789,135	)		(1,216,557	)
Net Assets	$	23,876,538		$	24,434,628
NET ASSET VALUE, per Common Share (par value $0.0001 per Common Share)	$	14.92		$	24.42
Number of Common Shares outstanding (12.5 billion Common Shares have been authorized)		1,600,800			1,000,800
Investments at cost	$	36,241,133		$	25,380,879
Foreign currency at cost	$	75,125		$	2,433

See Notes to Financial Statements.

TDX Independence Funds, Inc.

STATEMENTS OF OPERATIONS

	TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND			TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Six Months Ended November 30, 2008 (Unaudited)			For the Six Months Ended November 30, 2008 (Unaudited)
INVESTMENT INCOME:
Interest	$	413,044		$	423,458		$	141,402
Dividends		68,727			269,740			307,222
Amortization		(68,475	)		(24,412	)		(7,952	)
Foreign withholding taxes		(2,133	)		(7,136	)		(7,827	)
Total investment income		411,163			661,650			432,845
EXPENSES:
Professional fees		62,546			88,835			76,069
Sub-advisory fees		61,273			105,482			86,857
Compliance		14,261			22,023			18,737
Directors		12,047			21,295			17,578
Advisory fees		11,141			19,179			15,792
Listing fees		6,750			6,750			6,750
Printing		3,303			7,327			5,086
Other expenses		9,151			11,130			10,236
Total Expenses		180,472			282,021			237,105
Less fees waived:
Sub-advisory fees		(61,273	)		(105,482	)		(86,857	)
Other fees assumed by the Sub-Advisor		(46,517	)		(51,610	)		(47,332	)
Net Expenses		72,682			124,929			102,916
NET INVESTMENT INCOME		338,481			536,721			329,929
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss from:
Investment transactions		(993,706	)		(2,878,804	)		(3,261,091	)
In-kind redemptions		(342,674	)		—			—
Foreign currency transactions		(15,725	)		(24,979	)		(48,384	)
Net realized loss		(1,352,105	)		(2,903,783	)		(3,309,475	)
Net change in unrealized depreciation on:
Investments		(1,920,741	)		(8,643,801	)		(9,538,218	)
Foreign currency transactions		(162	)		118			284
Net change in unrealized depreciation		(1,920,903	)		(8,643,683	)		(9,537,934	)
Net realized and unrealized loss		(3,273,008	)		(11,547,466	)		(12,847,409	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,934,527	)	$	(11,010,745	)	$	(12,517,480	)

See Notes to Financial Statements.

	TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND			TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Six Months Ended November 30, 2008 (Unaudited)
INVESTMENT INCOME:
Interest	$	40,675		$	540,639
Dividends		345,614			37,462
Amortization		(964	)		(197,744	)
Foreign withholding taxes		(7,527	)		(1,207	)
Total investment income		377,798			379,150
EXPENSES:
Professional fees		79,830			63,554
Sub-advisory fees		85,992			76,920
Compliance		18,615			17,462
Directors		17,486			15,849
Advisory fees		15,635			13,986
Listing fees		6,750			6,750
Printing		6,652			2,993
Other expenses		10,600			9,619
Total Expenses		241,560			207,133
Less fees waived:
Sub-advisory fees		(85,992	)		(76,920	)
Other fees assumed by the Sub-Advisor		(53,673	)		(39,039	)
Net Expenses		101,895			91,174
NET INVESTMENT INCOME		275,903			287,976
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss from:
Investment transactions		(3,523,987	)		(198,228	)
In-kind redemptions		—			35,325
Foreign currency transactions		(37,247	)		(2,312	)
Net realized loss		(3,561,234	)		(165,215	)
Net change in unrealized depreciation on:
Investments		(10,442,410	)		(1,194,881	)
Foreign currency transactions		(1,023	)		(131	)
Net change in unrealized depreciation		(10,443,433	)		(1,195,012	)
Net realized and unrealized loss		(14,004,667	)		(1,360,227	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,728,764	)	$	(1,072,251	)

TDX Independence Funds, Inc.

STATEMENTS OF CHANGES IN NET ASSETS

	TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND						TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND						TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
OPERATIONS:
Net investment income	$	338,481		$	394,541		$	536,721		$	560,290		$	329,929		$	352,322
Net realized loss on investments and foreign currency transactions		(1,352,105	)		(21,735	)		(2,903,783	)		(39,644	)		(3,309,475	)		(86,196	)
Net change in depreciation on investments and foreign currency transactions		(1,920,903	)		(400,088	)		(8,643,683	)		(1,596,056	)		(9,537,934	)		(1,861,298	)
Net decrease in net assets resulting from operations		(2,934,527	)		(27,282	)		(11,010,745	)		(1,075,410	)		(12,517,480	)		(1,595,172	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(107,322	)		—			(136,867	)		—			(82,356	)
Net realized gain on investment and foreign currency transactions		—			(18,420	)		—			(18,140	)		—			(7,086	)
Total distributions to shareholders		—			(125,742	)		—			(155,007	)		—			(89,442	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		—			25,106,365			—			44,769,838			4,592,616			34,706,007
Value of shares repurchased		(4,441,919	)		—			—			—			—			—
Net increase/(decrease) in net assets resulting from shareholder transactions		(4,441,919	)		25,106,365			—			44,769,838			4,592,616			34,706,007
Net increase/(decrease) in net assets		(7,376,446	)		24,953,341			(11,010,745	)		43,539,421			(7,924,864	)		33,021,393
NET ASSETS:
Beginning of period		24,953,341			—			43,539,421			—			33,021,393			—
End of period	$	17,576,895		$	24,953,341		$	32,528,676		$	43,539,421		$	25,096,529		$	33,021,393
Undistributed net investment income at end of period	$	627,751		$	289,270		$	961,690		$	424,969		$	602,829		$	272,900
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		1,000,800			—			1,800,800			—			1,400,800			—
Shares sold		—			1,000,800			—			1,800,800			200,000			1,400,800
Shares repurchased		(200,000	)		—			—			—			—			—
Shares outstanding, end of period		800,800			1,000,800			1,800,800			1,800,800			1,600,800			1,400,800

* Commencement of Investment Operations.

See Notes to Financial Statements.

	TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND						TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
OPERATIONS:
Net investment income	$	275,903		$	332,287		$	287,976		$	316,666
Net realized loss on investments and foreign currency transactions		(3,561,234	)		(64,760	)		(165,215	)		(12,427	)
Net change in depreciation on investments and foreign currency transactions		(10,443,433	)		(2,345,702	)		(1,195,012	)		(21,545	)
Net decrease in net assets resulting from operations		(13,728,764	)		(2,078,175	)		(1,072,251	)		282,694
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(72,901	)		—			(89,429	)
Net realized gain on investment and foreign currency transactions		—			(4,635	)		—			(283	)
Total distributions to shareholders		—			(77,536	)		—			(89,712	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		—			39,761,013			—			30,382,900
Value of shares repurchased		—			—			(5,069,003	)		—
Net increase/(decrease) in net assets resulting from shareholder transactions		—			39,761,013			(5,069,003	)		30,382,900
Net increase/(decrease) in net assets		(13,728,764	)		37,605,302			(6,141,254	)		30,575,882
NET ASSETS:
Beginning of period		37,605,302			—			30,575,882			—
End of period	$	23,876,538		$	37,605,302		$	24,434,628		$	30,575,882
Undistributed net investment income at end of period	$	537,654		$	261,751		$	516,160		$	228,184
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		1,600,800			—			1,200,800			—
Shares sold		—			1,600,800			—			1,200,800
Shares repurchased		—			—			(200,000	)		—
Shares outstanding, end of period		1,600,800			1,600,800			1,000,800			1,200,800

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout each period TDX Independence 2010 Exchange-Traded Fund	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	24.93		$	25.39
Income from Investment Operations:
Net investment income**		0.36			0.55
Net realized and unrealized loss on investments and foreign currency transactions**		(3.34	)		(0.80	)
Total from investment operations		(2.98	)		(0.25	)
Distributions paid to shareholders from:
Net investment income		—			(0.18	)
Net realized capital gains		—			(0.03	)
Total distributions		—			(0.21	)
Net Asset Value, end of period	$	21.95		$	24.93
Total Return***		(11.95	)%		(0.99	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	17,577		$	24,953
Ratios to average net assets:
Expenses, net of expense reimbursements⁺		0.65	%		0.65	%
Expenses, prior to expense reimbursements⁺		1.62	%		1.55	%
Net investment income⁺		3.04	%		3.33	%
Portfolio turnover rate⁺⁺		45	%		22	%
TDX Independence 2020 Exchange-Traded Fund	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	24.18		$	25.52
Income from Investment Operations:
Net investment income**		0.30			0.44
Net realized and unrealized loss on investments and foreign currency transactions**		(6.42	)		(1.67	)
Total from investment operations		(6.12	)		(1.23	)
Distributions paid to shareholders from:
Net investment income		—			(0.10	)
Net realized capital gains		—			(0.01	)
Total distributions		—			(0.11	)
Net Asset Value, end of period	$	18.06		$	24.18
Total Return***		(25.31	)%		(4.82	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	32,529		$	43,539
Ratios to average net assets:
Expenses, net of expense reimbursements⁺		0.65	%		0.65	%
Expenses, prior to expense reimbursements⁺		1.47	%		1.32	%
Net investment income⁺		2.80	%		2.69	%
Portfolio turnover rate⁺⁺		56	%		20	%

* Commencement of Investment Operations.

** Based on average shares outstanding.

*** Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividends distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. The Total Return would have been lower if certain fees had not been reimbursed by the investment sub-advisor, Amerivest Investment Management, LLC.

⁺ Annualized.

⁺⁺ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

For a Share outstanding throughout each period TDX Independence 2030 Exchange-Traded Fund	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	23.57		$	25.60
Income from Investment Operations:
Net investment income**		0.21			0.35
Net realized and unrealized loss on investments and foreign currency transactions**		(8.10	)		(2.29	)
Total from investment operations		(7.89	)		(1.94	)
Distributions paid to shareholders from:
Net investment income		—			(0.08	)
Net realized capital gains		—			(0.01	)
Total distributions		—			(0.09	)
Net Asset Value, end of period	$	15.68		$	23.57
Total Return***		(33.47	)%		(7.59	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	25,097		$	33,021
Ratios to average net assets:
Expenses, net of expense reimbursements⁺		0.65	%		0.65	%
Expenses, prior to expense reimbursements⁺		1.50	%		1.38	%
Net investment income⁺		2.09	%		2.13	%
Portfolio turnover rate⁺⁺		55	%		13	%
TDX Independence 2040 Exchange-Traded Fund	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	23.49		$	25.64
Income from Investment Operations:
Net investment income**		0.17			0.29
Net realized and unrealized loss on investments and foreign currency transactions**		(8.74	)		(2.38	)
Total from investment operations		(8.57	)		(2.09	)
Distributions paid to shareholders from:
Net investment income		—			(0.06	)
Net realized capital gains		—			(0.00	)(a)
Total distributions		—			(0.06	)
Net Asset Value, end of period	$	14.92		$	23.49
Total Return***		(36.48	)%		(8.14	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	23,877		$	37,605
Ratios to average net assets:
Expenses, net of expense reimbursements⁺		0.65	%		0.65	%
Expenses, prior to expense reimbursements⁺		1.55	%		1.36	%
Net investment income⁺		1.76	%		1.89	%
Portfolio turnover rate⁺⁺		49	%		10	%

* Commencement of Investment Operations.

** Based on average shares outstanding.

⁺ Annualized.

⁺⁺ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a) Amount distributed was $0.004 per share.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

For a Share outstanding throughout each period TDX Independence In-Target Exchange-Traded Fund	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	25.46		$	25.08
Income from Investment Operations:
Net investment income**		0.26			0.43
Net realized and unrealized gain/(loss) on investments**		(1.30	)		0.10
Total from investment operations		(1.04	)		0.53
Distributions paid to shareholders from:
Net investment income		—			(0.15	)
Net realized capital gains		—			(0.00	)(a)
Total distributions		—			(0.15	)
Net Asset Value, end of period	$	24.42		$	25.46
Total Return***		(4.08	)%		2.12	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	24,435		$	30,576
Ratios to average net assets:
Expenses, net of expense reimbursements⁺		0.65	%		0.65	%
Expenses, prior to expense reimbursements⁺		1.48	%		1.61	%
Net investment income⁺		2.06	%		2.62	%
Portfolio turnover rate⁺⁺		64	%		21	%

* Commencement of Investment Operations.

** Based on average shares outstanding.

⁺ Annualized.

⁺⁺ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a) Amount distributed was $0.0005 per share.

See Notes to Financial Statements.

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

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

As of November 30, 2008, the following five (5) series of exchange-traded funds ("ETF") (each a "Fund" and collectively the "Funds" or "TDX Independence Exchange-Traded Funds") were in operation and trading:

TDX Independence 2010 Exchange-Traded Fund				"Independence 2010 ETF"

TDX Independence 2020 Exchange-Traded Fund				"Independence 2020 ETF"

TDX Independence 2030 Exchange-Traded Fund				"Independence 2030 ETF"

TDX Independence 2040 Exchange-Traded Fund				"Independence 2040 ETF"

TDX Independence In-Target Exchange-Traded Fund				"Independence In-Target ETF"

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

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

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the "Underlying Index"). Zacks Investment Research ("Zacks") is the creator of each Underlying Index. Each Underlying Index is comprised of a mix of securities from three broad asset classes: international equities, domestic equities, and fixed income, which includes cash, cash equivalents or short-term money market instruments. These Underlying Indexes are designed to reflect a portfolio of investments that can be used for lifecycle investing. Lifecycle investing is an investment technique that starts by targeting a particular investment horizon. That investment horizon corresponds to the date the investor expects to need his or her invested assets.

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

Fund				Index

Independence 2010 ETF				Zacks 2010 Lifecycle Index

Independence 2020 ETF				Zacks 2020 Lifecycle Index

Independence 2030 ETF				Zacks 2030 Lifecycle Index

Independence 2040 ETF				Zacks 2040 Lifecycle Index

Independence In-Target ETF				Zacks In-Target Lifecycle Index

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation The net asset value, or NAV, of each Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of shares outstanding. When calculating the NAV of the Funds' shares, stocks held by a Fund are valued at their market value when reliable market quotations are readily available. Certain short-term debt instruments used to manage a Fund's cash are valued on the basis of amortized cost. The values of any foreign securities held by a Fund are converted into U.S. dollars using an exchange rate obtained from an independent third party.

B. Fair Value When reliable market quotations are not readily available, securities are priced at their fair value. A Fund also may use fair-value pricing if the value of a security it holds has been materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which the security is traded. Fair-value prices are determined by a committee (the "Pricing Committee") according to procedures adopted by Mellon Capital Management Corporation ("Mellon Capital"), formerly BNY Investment Advisors. Mellon Capital was delegated by the Board of Directors to perform this function. When fair-value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

On September 15, 2006, the Financial Accounting Standards Board ("FASB") released Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157") which provides enhanced guidance for measuring fair value. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity's financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. Adoption of FAS 157 became effective for the Funds as of June 1, 2008, the beginning of each Fund's current fiscal year. The three levels of the fair value hierarchy under FAS 157 are described below:

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

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including a Fund's own assumption in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value each Fund's net assets as of November 30, 2008 is included with each Fund's Schedule of Investments.

C. Securities Transactions Securities transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Corporate actions (including cash dividends) are recorded on the ex-date.

D. Investment Income Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis.

E. Dividends and Distributions to Shareholders It is each Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the policy of each Fund to pay out dividends, if any, to investors at least annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax-free return of capital. Each Fund pays out dividends from its net investment income to investors annually. Each Fund distributes any net capital gains annually.

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

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

H. Taxes On July 13, 2006, FASB released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management has evaluated the implications of FIN 48 and there is no impact in the financial statements for the period ended November 30, 2008.

I. Short Term Investments The Fund may invest in short-term instruments, which include obligations of the U.S. government and its agencies or instrumentalities; commercial paper, variable amount master demand notes and other debt securities, including high quality U.S. dollar-denominated short-term bonds and notes issued by domestic and foreign corporations; variable and floating rate securities; bank obligations; repurchase agreements collateralized by these securities; and shares of other investment companies that primarily invest in any of the above-referenced securities.

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

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

Amerivest and Mellon Capital act as investment sub-advisors to the Funds (each a "Sub-Advisor" and, together, the "Sub-Advisors"). Amerivest is a wholly owned subsidiary of TD AMERITRADE Holding Corporation. Mellon Capital is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. Pursuant to separate Sub-Advisory Agreements between the Advisor and each Sub-Advisor, the Sub-Advisors will be responsible for the day-to-day management of the Funds, subject to the supervision of the Advisor and the Funds' Board of Directors. In this regard, the Sub-Advisors will be responsible for implementing the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub-Advisors from time to time.

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

In accordance with the terms of the Sub-Advisory Agreement with Amerivest, the Advisor will pay Amerivest, out of its own resources, a fee at the annual rate of 0.55% of each Fund's average daily net assets for the first $5 billion in assets and

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

0.60% of each Fund's average daily net assets in excess of $5 billion. Out of the Sub-Advisory fee, Amerivest pays all fees and expenses of Mellon Capital, the Transfer Agent, Administrator and Accounting Agent and Custodian. Amerivest has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund's net annual operating expenses for shares of the Fund to 0.65% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect until at least September 30, 2009. Amerivest is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be requested by Amerivest if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap.

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

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

• 5 basis points (0.05%) of the combined daily net assets of all Funds in excess of $100 million.

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

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

The amounts subject to reimbursement to Amerivest at November 30, 2008 were as follows:

	Reimbursements available through:
	5/31/2009		5/31/2010		5/31/2011
Independence 2010 ETF	$	213,365	$	213,365	$	107,791
Independence 2020 ETF		295,560		295,560		157,091
Independence 2030 ETF		254,658		254,658		134,188
Independence 2040 ETF		264,725		264,725		139,666
Independence In-Target ETF		231,204		231,204		115,960

For the period ended November 30, 2008, the advisory and sub-advisory fee waivers and expenses assumed by Amerivest were as follows:

	Amerivest Fee Waiver		Expenses Assumed by Amerivest
Independence 2010 ETF	$	61,273	$	46,517
Independence 2020 ETF		105,482		51,610
Independence 2030 ETF		86,857		47,332
Independence 2040 ETF		85,992		53,673
Independence In-Target ETF		76,920		39,039

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

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

The Board of Directors is currently comprised of four Directors, of whom three Directors are not "interested" persons of the Company or the Advisor, as defined under the Act ("Disinterested Directors"). The Company pays each Disinterested Director an annual fee of $30,000, plus a fee of $4,000 for the attendance of each meeting ($1,000 per meeting, if attended telephonically). Each Disinterested Director will also receive $2,000 per Audit Committee meeting attended, although the Audit Committee Chairman will receive $3,000 per Audit Committee meeting attended. The Company reimburses each Director for their costs and expenses associated with their performance of their duties hereunder, including the cost and expenses associated with attendance of meetings of the Board. Directors' fees and expenses are allocated among the Funds based on each Fund's relative average net assets.

4. FEDERAL INCOME TAXES

As of November 30, 2008, the cost of investments for federal income tax purposes and the aggregated gross unrealized appreciation/ depreciation on investments and foreign currency were as follows:

Cost	Net Unrealized Depreciation			Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation) on Currency
Independence 2010 ETF $19,578,507	$	(2,351,526	)	$	370,077	$	(2,721,603	)	$	100
Independence 2020 ETF 42,251,240		(10,304,843	)		725,474		(11,030,317	)		(792	)
Independence 2030 ETF 36,029,802		(11,440,506	)		344,759		(11,785,265	)		(900	)
Independence 2040 ETF 36,308,621		(12,854,551	)		230,994		(13,085,545	)		(2,072	)
Independence In-Target ETF 25,398,511		(1,234,211	)		323,561		(1,557,772	)		22

At May 31, 2008, the components of accumulated earnings/loss on tax-basis were as follows:

	Accumulated Earnings		Net Accumulated Capital and other Gains/Losses		Unrealized Appreciation/ Depreciation on Investments			Gross Unrealized Appreciation		Gross Unrealized Depreciation			Unrealized Appreciation/ Depreciation on Currency			Total Accumulated Earnings/Loss
Independence 2010 ETF	$	289,270	$	—	$	(430,786	)	$	419,819	$	(850,605	)	$	263		$	(141,252	)
Independence 2020 ETF		427,928		3,594		(1,661,042	)		1,259,727		(2,920,769	)		(910	)		(1,230,430	)
Independence 2030 ETF		272,900		—		(1,902,288	)		1,246,592		(3,148,880	)		(1,184	)		(1,630,572	)
Independence 2040 ETF		261,751		—		(2,412,141	)		1,384,489		(3,796,630	)		(1,049	)		(2,151,439	)
Independence In-Target ETF		231,798		361		(39,330	)		154,039		(193,369	)		153			192,982

At May 31, 2008, the cost of investments for Federal income tax purposes was as follows:

	Cost
Independence 2010 ETF	$	24,710,671
Independence 2020 ETF		44,464,183
Independence 2030 ETF		34,510,601
Independence 2040 ETF		39,729,684
Independence In-Target ETF		30,220,686

Distributions to Shareholders

The tax character of distributions paid during the period ended May 31, 2008 was as follows:

	Distributions paid from Ordinary Income
Independence 2010 ETF	$	125,742
Independence 2020 ETF		155,007
Independence 2030 ETF		89,442
Independence 2040 ETF		77,536
Independence In-Target ETF		89,712

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

TDX Independence Funds, Inc.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

During the period ended May 31, 2008, the following funds incurred and elected to defer net capital losses as follows:

	Post-October Losses on Capital		Post-October Losses on Currency
Independence 2010 ETF	$	11,772		—
Independence 2020 ETF		—		—
Independence 2030 ETF		54,042		—
Independence 2040 ETF		4,272		—
Independence In-Target ETF		—		—

In order to present paid-in capital and accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income and accumulated net realized gains or losses on investments. For the period ended May 31, 2008, the adjustments were as follows:

	Undistributed Net Investment Income (Loss)		Undistributed Capital Gains/ (Accumulated Losses)			Paid in Capital
Independence 2010 ETF	$	2,051	$	(2,051	)	$	—
Independence 2020 ETF		1,546		(1,559	)		13
Independence 2030 ETF		2,934		(2,934	)		—
Independence 2040 ETF		2,365		(2,365	)		—
Independence In-Target ETF		947		(947	)		—

5. INVESTMENT PORTFOLIO TRANSACTIONS

For the period ended November 30, 2008, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Independence 2010 ETF	$	11,553,695	$	9,603,059
Independence 2020 ETF		21,890,159		21,186,126
Independence 2030 ETF		17,365,279		17,148,029
Independence 2040 ETF		15,345,284		15,225,092
Independence In-Target ETF		14,648,277		12,418,215

For the period ended November 30, 2008, the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

	Purchases		Sales
Independence 2010 ETF	$	—	$	4,337,863
Independence 2020 ETF		—		—
Independence 2030 ETF		4,586,007		—
Independence 2040 ETF		—		—
Independence In-Target ETF		—		3,044,707

6. CAPITAL SHARE TRANSACTIONS

As of November 30, 2008, there were 12.5 billion shares of $0.0001 par value capital shares authorized by the Company. Capital shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the relevant Fund's underlying index and an amount of cash. Investors purchasing

and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

7. INDEMNIFICATIONS

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

TDX Independence Funds, Inc.

ADDITIONAL INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Company uses to determine how to vote proxies related to each Fund's portfolio securities, (and information on how the Funds voted proxies during the period ending June 30, 2008) is available without charge, upon request, (i) by calling 800-925-2870; (ii) on the Company's website at www.tdxindependencefunds.com; and (iii) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

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

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

This material must be accompanied or preceded by a prospectus.

An Investor should consider the fund's investment objective, risks, charges and expenses carefully before investing.

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

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

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

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

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

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

For this and more complete information about the fund call 800.925.2870 or visit the website www.tdxindependencefunds.com for a prospectus. Please read the prospectus carefully before investing.

TDX Independence ETFs are distributed by ALPS Distributors, Inc., member of FINRA, which is not affiliated with TDX Independence Funds, Inc. or any other affiliate.

TDX Independence Funds, Inc.

INVESTMENT ADVISOR

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

INVESTMENT SUB-ADVISORS

Amerivest Investment Management, LLC
1005 North Ameritrade Place
Bellevue, NE 68005

Mellon Capital Management Corporation
50 Fremont Street
Suite 3900
San Francisco, CA 94105

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT & TRANSFER AGENT

The Bank of New York Mellon
101 Barclay Street
New York, NY 10286

DISTRIBUTOR

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

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Eisner LLP
750 Third Avenue
New York, NY 10017

LEGAL COUNSEL

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

Item 2. Code of Ethics.

Not required for a semi-annual period.

Item 3. Audit Committee Financial Expert.

Not required for a semi-annual period.

Item 4. Principal Accountant Fees and Services.

Not required for a semi-annual period.

Items 5. Audit Committee of Listed Registrants.

Not required for a semi-annual period.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

SIGNATURES

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

(Registrant) TDX Independence Funds, Inc.

By:	/s/ David M. Kelley

Name:		David M. Kelley

Title:		President and Chief Executive Officer

Date:		January 28, 2009

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

By:	/s/ David M. Kelley

Name:		David M. Kelley

Title:		President and Chief Executive Officer

Date:		January 28, 2009

By:	/s/ James McCluskey

Name:		James McCluskey

Title:		Secretary, Treasurer, Chief Financial Officer and Controller

Date:		January 28, 2009