Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Stefanski Marc A
   2. Issuer Name and Ticker or Trading Symbol
TFS Financial CORP [TFSL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman, President and CEO
(Last)
(First)
(Middle)
7007 BROADWAY AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
05/17/2016
(Street)

CLEVELAND, OH 44105		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/17/2016   M   300,000 A $ 11.74 300,000 D  
Common Stock 05/17/2016   F   244,043 (1) D $ 18.2 55,957 D  
Common Stock 05/17/2016   S   55,957 D $ 17.86 0 D  
Common Stock               86,669 I By 401(k) (2)
Common Stock               6,851 I BY ESOP (2)
Common Stock               17,800 I By Child 4
Common Stock               20,800 I By Child 5
Common Stock               115,738 I Trustee for sibling trust
Common Stock               7,200 I POA on siblings IRA

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 11.74 05/17/2016   M     300,000   (3) 08/10/2018 Common Stock 300,000 $ 0 790,700 D  
Restricted Stock Units (4)               (5)   (5) Common Stock 22,067   22,067 D  
Employee Stock Option (right to buy) $ 11.96               (6) 05/11/2019 Common Stock 299,600   299,600 D  
Restricted Stock Units (4)               (7)   (7) Common Stock 13,867   13,867 D  
Employee Stock Option (right to buy) $ 8.61               (8) 12/15/2021 Common Stock 369,000   369,000 D  
Employee Stock Option (right to buy) $ 14.85               (9) 12/18/2024 Common Stock 383,600   383,600 D  
Restricted Stock Units (4)               (10)   (10) Common Stock 17,800   17,800 D  
Employee Stock Option (right to buy) $ 19.06               (11) 12/17/2025 Common Stock 196,700   196,700 D  
Restricted Stock Units (4)               (12)   (12) Common Stock 33,400   33,400 D  
Restricted Stock Units (4)               (13)   (13) Common Stock 693,048   693,048 D  
Restricted Stock Units (4)               (14)   (14) Common Stock 35,700   35,700 D  
Employee Stock Option (right to buy) $ 14               (15) 05/14/2020 Common Stock 315,500   315,500 D  
Employee Stock Option (right to buy) $ 11.64               (16) 12/03/2023 Common Stock 286,500   286,500 D  
Employee Stock Option (right to buy) $ 9.43               (17) 12/15/2022 Common Stock 416,700   416,700 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Stefanski Marc A
7007 BROADWAY AVENUE
CLEVELAND, OH 44105		   X     Chairman, President and CEO  

Signatures

 /s/ Beth A. Novotny, Pursuant to Power of Attorney   05/19/2016
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents shares of common stock delivered to the issuer in payment by the reporting person of the options exercise price and withholding tax. This transaction is exempt under Rule 16b-3(e).
(2) Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.
(3) As reported on a Form 4 dated August 13, 2008, the reporting person received a grant of 2,530,700 stock options that vest in four equal annual installments beginning on August 11, 2012. The reporting person previously exercised 1,440,000 of these stock options.
(4) Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.
(5) As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 33,100 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2015.
(6) As reported on a Form 4 dated May 14, 2009, the reporting person received a grant for 299,600 stock options that vest in three equal annual installments beginning on May 12, 2010.
(7) As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 41,600 Restricted Stock Units ("RSU's") on December 3, 2013. These RSU's vest in three equal installments beginning December 3, 2014.
(8) As reported on a Form 4 dated December 20, 2011, the reporting person received a grant of 369,000 stock options that vest in three equal annual installments beginning on December 15, 2012.
(9) As reported on a Form 4 dated December 19, 2014, the reporting person received a grants of 383,600 stock options. These options vest in three equal annual installments beginning December 10, 2015.
(10) As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 17,800 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2016.
(11) As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 196,700 stock options. These stock options vest in three equal annual installments beginning December 10, 2016.
(12) As reported on a Form 4 dated May 14, 2009, the reporting person received a grant of 33,400 stock units that vest in four equal annual installments beginning on May 12, 2010. Vested shares may be distributed to the reporting person only after the person's termination of employment with TFS Financial Corporation.
(13) As reported on a Form 4 dated August 13, 2008, the Reporting Person received a grant of 701,800 Restricted Stock Units ("RSUs") on August 11, 2008. These RSUs vest 10% on each of the third through the ninth anniversaries of the date of the grant and 30% on the tenth anniversary of the date of the grant. Vested shares may be distributed to the Reporting Person only after the person's termination of employment from TFS Financial Corporation. A total of 8,752 shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting.
(14) As reported on a Form 4 dated May 18, 2010, the Reporting Person received a grant of 35,700 restricted stock units that vest in four equal installments beginning on May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.
(15) As reported on a Form 4 dated May 18, 2010, the reporting person received a grant of 315,500 stock options which vest in three equal annual installments beginning May 14, 2011.
(16) As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 286,500 stock options. These stock options vest in three equal installments beginning December 3, 2014.
(17) As reported on a Form 4 dated January 2, 2013, the reporting person received a grant of 416,700 stock options on December 28, 2012. These stock options vest in three equal installments beginning December 15, 2013.

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