Portfolio Holdings as of 7/31/2015
| Ticker | Cusip | Description | Shares | Market Value |
| AGAZX | 46141Q873 | INVESTMENT MANAGERS SER TR 361 GBL L/S I | 62,799.000 | $678,857.19 |
| AMFZX | 461418337 | 361 Managed Futures Fund | 432,700.608 | $5,335,198.50 |
| ANGIX | 03463K406 | Angel Oak Multi- Strategy Income Fund | 158,880.626 | $1,914,511.54 |
| BTAL | 351680707 | QuantShares US Marke t Neutral Anti-Beta | 3,850.000 | $76,730.50 |
| CACZX | 19763P630 | Columbia Absolute Re turn Currency and In | 117,613.000 | $1,286,686.22 |
| CSAIX | 22540S711 | CREDIT SUISSE OPPORT UNITY FDS MGD FUTR S | 209,216.000 | $2,498,039.04 |
| EBSIX | 29446A819 | Equinox Campbell Str ategy Fund Ltd | 227,549.000 | $2,528,069.39 |
| EQCHX | 29446A603 | Equinox Chesapeake S trategy Fund | 64,039.097 | $819,700.44 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 1,283,236.660 | $1,283,236.66 |
| MAAIX | 34984T493 | Merk Absolute Return Currency Fund | 76,921.041 | $681,520.42 |
| MERFX | 589509108 | Merger Fund/The | 87,242.170 | $1,370,574.49 |
| MHCIX | 34984T501 | Forum Fds Merk Hard Inst | 72,349.258 | $682,253.50 |
| MHFIX | 66537X555 | Equinox MutualHedge Futures Strategy Fun | 314,244.000 | $3,076,448.76 |
| PCARX | 72201W394 | PIMCO Credit Absolut e Return Fund | 82,291.924 | $826,210.92 |
| VCLFP | VCLFP | Velocity Capital Long/Volatility Fund | 40,644.130 | $2,573,674.26 |
| VQT | 06740C337 | Barclays ETN+ ETNs L inked to the S&P 500 | 5,423.000 | $769,523.70 |
| XIV | 22542D795 | VelocityShares Daily Inverse VIX Short- | 6,467.000 | $310,674.68 |
| Totals | 3,245,466.514 | $26,711,910.22 | ||