Niemann Tactical Return Fund
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Schedule of Investments
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November 30, 2012 (Unaudited)
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Shares
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COMMON STOCKS - 22.46%
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Value
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Administrative and Support Services - 1.59%
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6,920
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Barrett Business Services, Inc.
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$
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230,090
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6,819
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The Geo Group, Inc.
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192,296
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422,386
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Beverage and Tobacco Product Manufacturing - 0.72%
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5,340
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Constellation Brands, Inc. - Class A (a)
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191,599
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Chemical Manufacturing - 2.80%
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13,000
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Affymax, Inc. (a)
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317,720
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8,000
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Pharmacyclics, Inc. (a)
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424,400
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742,120
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Clothing and Clothing Accessories Stores - 0.65%
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4,950
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The Gap, Inc.
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170,577
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Computer and Electronic Product Manufacturing - 1.53%
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14,500
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Cray, Inc. (a)
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206,190
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6,490
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GeoEye, Inc. (a)
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198,335
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404,525
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Credit Intermediation and Related Activities - 1.49%
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7,714
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BofI Holding, Inc. (a)
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205,655
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5,250
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Ocwen Financial Corp. (a)
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188,265
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393,920
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Data Processing, Hosting, and Related Services - 0.89%
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6,250
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Aol, Inc. (a)
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234,500
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Electrical Equipment, Appliance, and Component Manufacturing - 0.76%
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4,190
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Spectrum Brands Holdings, Inc.
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200,408
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Funds Trusts and Other Financial vehicles - 0.73%
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4,480
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Macquarie Infrastructure Co., LLC
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193,267
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Furniture and Related Product Manufacturing - 0.70%
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6,410
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Ethan Allen Interiors, Inc.
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185,954
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Gasoline Stations - 0.69%
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5,010
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Susser Holdings Corp. (a)
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182,915
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Insurance Carriers and Related Activities - 1.43%
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7,880
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First American Financial Corp.
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187,544
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13,460
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Hilltop Holdings, Inc. (a)
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192,343
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379,887
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Machinery Manufacturing - 1.79%
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4,470
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3D Systems Corp. (a)
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199,854
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18,240
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Nam Tai Electronics, Inc. (b)
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273,600
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473,454
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Motion Picture and Video Industries - 0.83%
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13,400
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Lions Gate Entertainment Corp. (a)(b)
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219,492
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Nursing and Residential Care Facilities - 0.73%
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10,910
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Capital Senior Living Corp. (a)
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194,307
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Pipeline Transportation - 0.75%
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3,890
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Sunoco Logistics Partners L.P.
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197,690
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Plastics and Rubber Products Manufacturing - 0.69%
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3,021
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AEP Industires, Inc. (a)
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182,771
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Publishing Industries (except Internet) - 0.75%
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4,965
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Medidata Solutions, Inc. (a)
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198,600
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Real Estate - 2.15%
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11,320
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Brookfield Residential Properties, Inc. (a)(b)
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182,818
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9,122
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Sabra Health Care REIT, Inc.
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197,947
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4,490
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Walter Investment Management Corp. (a)
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189,837
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570,602
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Support Activities for Air Transportation - 0.79%
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2,056
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Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR
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209,280
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TOTAL COMMON STOCKS (Cost $4,873,678)
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5,948,254
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EXCHANGE-TRADED FUNDS - 65.54%
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68,000
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iShares MSCI Hong Kong Index Fund
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1,299,480
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20,000
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iShares MSCI Mexico Investable Market Index Fund
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1,345,200
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22,000
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iShares MSCI Turkey Investable Market Index Fund
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1,359,380
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21,700
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iShares JP Morgan USD Emerging Markets Bond Fund
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2,663,024
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3,800
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iShares Nasdaq Biotechnology Index Fund
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527,250
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61,000
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iShares Dow Jones US Home Construction Index Fund
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1,250,500
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44,500
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PowerShares Emerging Markets Sovereign Debt Portfolio
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1,398,190
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38,500
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ProShares Short S&P500 (a)
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1,324,400
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51,000
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Short QQQ ProShares (a)
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1,300,500
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38,000
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SPDR Barclays International Corporate Bond ETF
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1,322,020
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17,700
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SPDR Nuveen S&P High Yield Municipal Bond ETF
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1,052,619
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59,700
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United States National Gas Fund L.P. (a)
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1,217,283
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24,000
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Vanguard Global ex-U.S. Real Estate ETF
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1,302,720
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TOTAL EXCHANGE-TRADED FUNDS (Cost $16,856,797)
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17,362,566
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SHORT-TERM INVESTMETS - 14.69%
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3,891,075
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Invesco STIT - Liquid Assets Portfolio - Institutional Class, 0.16% (c)
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3,891,075
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TOTAL SHORT-TERM INVESTMETS (Cost $3,891,075)
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3,891,075
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Total Investments in Securities (Cost $25,621,550) - 102.69%
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27,201,895
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Liabilities in Excess of Other Assets - (2.69)%
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(711,538
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)
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NET ASSETS - 100.00%
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$
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26,490,357
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ADR
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American Depositary Receipt
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ETF
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Exchange-Traded Fund
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(a)
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Non-income producing security.
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(b)
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U.S. traded security of a foreign issuer.
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(c)
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Rate shown is the 7-day yield as of November 30, 2012.
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