COMPLETE FUND HOLDINGS REPORT

* Based On Net Assets *

As Of 12/31/2011

Adaptive Allocation Fund

Security DescriptionPercentage
Nuveen - High Yield Muni Bond Fund20.51 %
Vanguard - Inflation Protected Sec Fund16.54 %
Pimco - Foreign Bond Fund16.50 %
Goldman Sachs - Fin Sq Treasury MM13.48 %
Fidelity - Inst Treasury Only Port MM10.78 %
Goldman Sachs - Financial Sq Govt Fund-Ad10.72 %
iShares - Lehman US Treasury Inflation3.65 %
Roper Industies Inc1.04 %
Apple, Inc.1.02 %
EV Energy Partner LP1.02 %
Kla-Tencor Corp.0.99 %
Helmerich & Payne, Inc.0.99 %
BHP Billiton LTD - Spon ADR0.96 %
Parker Hannifin Corporation0.95 %
Cliffs Natural Resources Inc0.92 %

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.

1150-AFD-11/15/2007

Before investing, please read the Fund’s prospectus and shareholder reports to learn about its investment strategy and potential risks.  Mutual Fund investing involves risk including loss of principal.  An investor should also consider the Fund's investment objective, charges, expenses, and risk carefully before investing.  This and other information about the Fund is contained in the fund's prospectus, which can be obtained by clicking Prospectus or by calling 1-866-263-9260.  Please read the prospectus carefully before investing.  The Adaptive Allocation Fund is distributed by Northern Lights Distributors, LLC, member FINRA www.finra.org.