JADE LJ International, Inc. (MM)

The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

May 31, 2013

Shares

Security

Market Value

COMMON STOCKS - 12.24 %

AEROSPACE / DEFENSE - 0.34 %

2,000

Lockheed Martin Corp. ^

 $                211,660

AGRICULTURE - 0.28 %

3,600

Reynolds American, Inc.

173,196

AUTO MANUFACTURERS - 0.35 %

3,500

Daimler AG

222,425

BANKS - 0.69 %

4,500

Bank of Hawaii Corp.

226,710

3,500

Bank of Montreal

206,780

433,490

CHEMICALS - 0.38 %

4,300

EI du Pont de Nemours & Co.

239,897

COMPUTERS - 0.39 %

5,700

Seagate Technology PLC ^

245,556

ELECTRIC - 0.31 %

6,500

PPL Corp.

193,050

ENVIRONMENTAL CONTROL - 0.29 %

4,300

Waste Management, Inc. ^

180,299

GAS - 0.90 %

6,200

AGL Resources, Inc.

262,446

11,000

NGL Energy Partners LP

306,240

568,686

OIL & GAS - 0.30 %

2,800

Diamond Offshore Drilling, Inc.

192,668

PHARMACEUTICALS - 0.90 %

4,500

Eli Lilly & Co. ^

239,220

3,500

Merck & Co., Inc.

163,450

2,300

Novartis AG - ADR ^

165,048

567,718

PIPELINES - 3.59 %

3,600

Buckeye Partners LP

238,104

10,000

Crestwood Midstream Partners LP

247,500

4,800

El Paso Pipeline Partners LP

197,232

8,000

Enbridge Energy Partners LP

236,080

2,200

Kinder Morgan Energy Partners LP

183,480

3,500

MarkWest Energy Partners LP ^

230,440

9,000

NuStar GP Holdings LLC

247,680

 The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

Shares

Security

Market Value

PIPELINES - 3.59 % (Continued)

4,900

Targa Resources Partners LP

 $                227,899

4,600

TC Pipelines LP

200,422

5,000

Williams Partners LP

249,450

2,258,287

RETAIL - 0.35 %

9,400

Inergy LP

219,020

SEMICONDUCTORS - 0.62 %

9,300

Intel Corp.

225,804

4,500

Microchip Technology, Inc.

164,160

389,964

SOFTWARE - 0.35 %

8,000

CA, Inc.

218,480

TELECOMMUNICATIONS - 0.25 %

4,500

AT&T, Inc. ^

157,455

TOYS/GAMES/HOBBIES - 0.28 %

4,000

Hasbro, Inc. ^

177,920

TRANSPORTATION - 1.67 %

9,000

Golar LNG Partners LP

299,880

5,700

Martin Midstream Partners LP ^

234,042

6,000

Teekay LNG Partners LP

257,400

8,000

Teekay Offshore Partners LP

259,440

1,050,762

TOTAL COMMON STOCKS

7,700,533

(Cost - $7,169,588)

EXCHANGE TRADED FUND ^ - 0.45 %

EQUITY FUND - 0.45 %

7,000

ProShares UltraShort S&P 500 *

280,560

TOTAL EXCHANGE TRADED FUND

(Cost - $284,373)

REAL ESTATE INVESTMENT TRUSTS - 53.84 %

219,521

American Realty Capital Trust

3,341,110

507,400

American Realty Capital Healthcare Trust #

4,380,688

230,811

American Realty Capital New York Recovery REIT #

2,135,000

165,189

American Realty Capital Trust IV #

3,745,113

199,548

Carey Watermark Investors, Inc #

1,845,822

191,892

CV Mission Critical REIT #

1,775,000

198,378

Hines Global REIT, Inc. #

1,886,380

4,475

Hospitality Properties Trust

130,580

616,778

NorthStar Real Estate Inccome Trust #

5,705,200

252,432

Philip Edison Shopping Center REIT #

2,335,000

 The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

Shares

Security

Market Value

REAL ESTATE INVESTMENT TRUSTS - 53.84 % (Continued)

8,000

Senior Housing Propoperties Trust

 $                206,800

283,357

Steadfast Income REIT #

2,683,388

218,219

United Development Funding IV #

3,706,673

TOTAL REAL ESTATE INVESTMENT TRUSTS

33,876,754

(Cost - $33,243,519)

BUSINESS DEVELOPMENT CORPORATIONS  - 18.73 %

560,456

Business Development Corporation of America #

5,705,442

487,523

Corporate Capital Trust #

5,005,890

113,921

Sierra Income Corp. #

1,074,841

TOTAL BUSINESS DEVELOPMENT CORPORATIONS

11,786,173

(Cost - $11,586,150)

Interest Rate (%)

PREFERRED STOCK - 12.15 %

BANKS - 2.51 %

18,000

BancorpSouth Capital Trust I   

8.150

469,800

16,000

DB Cont Capital Trust V

8.050

457,120

10,000

JPM Chase Capital XXIX

6.700

269,900

15,010

SVB Capital II

7.000

381,554

1,578,374

CLOSED-END FUNDS - 0.59 %

14,502

General American Investors Co., Inc.  

5.950

374,152

DIVERSIFIED FINANCIAL SERVICES - 0.75 %

9,500

SLM Corp. *

6.970

475,000

ELECTRIC - 1.83 %

2,898

Duquesne Light Co.   

6.500

147,131

20,464

Nextera Energy Capital

8.740

533,087

18,000

San Diego Gas & Electric

1.700

469,800

1,150,019

INSURANCE - 2.57 %

15,553

Aegon NV

7.250

391,158

16,100

American International Group

6.450

408,296

17,000

Partnerre Ltd

7.250

467,670

14,000

Renaissancere

6.600

351,120

1,618,244

REITS - 3.90 %

16,198

BRE Properties, Inc.

6.750

412,239

20,500

Commonwealth REIT

7.250

530,950

13,000

Digital Realty Trust Inc

7.000

337,480

16,000

Hospitality Properties Trust

7.000

407,168

15,000

Realty Income Corp

6.750

386,700

14,873

Vornado Realty Trust

6.625

377,476

2,452,013

TOTAL PREFERRED STOCK

7,647,802

(Cost - $7,738,190)

 The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

Shares

Security

Market Value

SHORT-TERM INVESTMENT - 3.78 %

MONEY MARKET FUND - 3.78 %

2,377,279

AIM STIT-Government & Agency Portfolio, 0.02% +

2,377,279

TOTAL SHORT-TERM INVESTMENT

(Cost - $2,377,279)

TOTAL INVESTMENTS - 101.18 %

(Cost - $62,399,099) (a)

 $           63,669,101

CALL OPTIONS WRITTEN - (0.18) %

                 (110,325)

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.00) %

                 (630,896)

NET ASSETS - 100.00 %

 $           62,927,880

* Non-income producing.

# Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees. Total value of such securitites is $41,984,437 or 66.72% of net assets.

+ Money market fund; interest rate reflects the seven-day effective yield on May 31, 2013.

^ Each position is subject to written call options.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes including call options written is $62,341,539 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:  

 $             2,217,571

Unrealized depreciation:  

                 (890,009)

Net unrealized appreciation:  

 $             1,327,562

Contracts (1)

SCHEDULE OF CALL OPTIONS WRITTEN - (3.27) %

Market Value

45

AT&T, Inc.   

 $                    1,530

    Expiration January 2014, Exercise Price $40.00

45

Eli Lilly & Co.

4,905

    Expiration January 2014, Exercise Price $60.00

40

Hasbro, Inc.  

7,000

    Expiration January 2014, Exercise Price $47.50

20

Lockheed Martin Corp.

21,400

    Expiration January 2014, Exercise Price $97.50

35

MarkWest Energy Partners   

19,950

    Expiration January 2014, Exercise Price $65.00

57

Martin Midstream Partners LP  

1,425

    Expiration January 2014, Exercise Price $50.00

23

Novartis Ag  

5,520

    Expiration January 2014, Exercise Price $75.00

57

Seagate Technology   

35,910

    Expiration January 2014, Exercise Price $40.00

43

Waste Management, Inc.

12,685

    Expiration January 2014, Exercise Price $40.00

TOTAL CALL OPTIONS WRITTEN

110,325

(Proceeds - $53,878)

(1) Each option contract allows the holder of the option to purchase 100 shares of the underlying stock.

The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the mean of the closing bid and asked prices on the day of valuation.  Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value.  

When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by RJL Capital Management, LLC (the "Advisor"), those securities will be valued at “fair value” as determined in good faith by the Advisor’s Valuation Committee using procedures adopted by and under the supervision of the Fund’s Board of Trustees (the “Board”). There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate a Fund’s NAV.

Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. A Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Advisor determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate.

The “fair value” of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality.

The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.

The Fund invests in some securities which are not traded and the Valuation Committee has established a methodology for fair value of each type of security.  All non-traded REITs are currently in the public offering period (or start-up phase) and according to management’s fair valuation methodology are valued at cost unless the REIT issues an updated valuation. The Fund generally purchases REITs at Net Asset Value (NAV) or without a commission.  However, start-up REITs amortize a significant portion of their start-up costs and therefore potentially carry additional risks that may impact valuation should the REIT be unable to raise sufficient capital and execute their business plan.  As such, start-up REITs pose a greater risk than seasoned REITs because, if they encounter going concern issues, they may see significant deviation in value from the fair value, cost basis approach as represented.  Management is not aware of any information which would cause a change in cost basis valuation methodology currently being utilized for non-traded REITs in their offering period.  Once a REIT closes to new investors, the Fund values the security based on the movement of an appropriate market index or a similar security that is publicly traded until the REIT issues an updated market valuation. Other non-traded private investments are monitored for any independent audits of the security or impairments reported on the potential value of the security. The Valuation Committee meets frequently to discuss the valuation methodology and will adjust the value of a security if there is a public update to such valuation.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of May 31, 2013 for the Fund’s assets and liabilities measured at fair value:

Assets

Level 1

Level 2

Level 3

Total

Common Stocks

 $                 7,700,533

 $                               -   

 $                 -   

 $  7,700,533

Exchange Traded Fund

                       280,560

                                  -   

                   -   

        280,560

Real Estate Investment Trusts

                    3,678,490

                     10,222,361

       19,975,903

   33,876,754

Business Development Corporations

                               -   

                     11,786,173

                   -   

   11,786,173

Preferred Stock

                    7,647,802

                                  -   

                   -   

     7,647,802

Short-Term Investment

                    2,377,279

                                  -   

                   -   

     2,377,279

Total

 $                21,684,664

 $                   22,008,534

 $    19,975,903

 $ 63,669,101

Liabilities

Level 1

Level 2

Level 3

Total

Written Options

 $                    110,325

 $                               -   

 $                 -   

 $     110,325

Total

 $                    110,325

 $                               -   

 $                 -   

 $     110,325

There were no transfers into or out of Level 1 and Level 2 during the period.

It is the Fund’s policy to record transfers into or out of Level 1 and 2 at the end of the reporting period.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

May 31, 2013

Option Transactions – The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk.  When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability.  The amount of the liability is subsequently marked-to-market to reflect the current market value of the option.  If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized.  If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received.  As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options.  Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio.  If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit.  The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund.  In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs.  Written and purchased options are non-income producing securities.  With options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

As of May 31, 2013, the amount of unrealized depreciation on option contracts subject to equity price risk amounted to $56,447.

Exchange Traded Funds – The Funds may invest in exchange traded funds (“ETFs”).  ETFs are a type of index fund bought and sold on a securities exchange.  An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index.  A Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities.  The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile.  Additionally, ETFs have fees and expenses that reduce their value.