Holdings As Of 9/30/2011
Security DescriptionPercentage *
Dreyfus Institutional Rs - Money10.69 %
Darling International Inc5.23 %
OGE Energy Corporation5.19 %
Centene Corp4.80 %
Tractor Supply Company4.76 %
URS Corporation4.69 %
Chicago Bridge & Iron-NY Shr4.62 %
Broadridge Financial Solutions4.56 %
Trinity Indus., Inc.4.56 %
Smithfield Foods, Inc.4.53 %
Middleby Corporation4.53 %
AGCO Corporation4.46 %
Affiliated Managers Group4.42 %
Brink's Co.4.24 %
Columbia Sportswear Co4.01 %
Koppers Holdings Inc3.91 %
Timken Co3.87 %
Polaris Industries, Inc.3.85 %
Nordson Corp3.76 %
Sanderson Farms Inc3.75 %
Thor Industries3.02 %
Flowserve Corporation2.80 %
Solutia Incorporated2.41 %
Newell Rubbermaid, Inc.2.00 %
James River Coal Co1.48 %
Cascade Corp1.25 %

* Based On Net Assets

The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice.

0914-NLD-9/5/2008