Leland Thomson Reuters Venture Capital Index Fund Portfolio Holdings (as of 3/31/2017)

Symbol Name Type Percent of Net Assets CTSH Technology Solutions Corp COMMON STOCK 2.84% EBAY eBay Inc COMMON STOCK 2.77% FB Facebook Inc COMMON STOCK 2.75% ACN Accenture PLC COMMON STOCK 2.70% GOOG Alphabet Inc COMMON STOCK 2.70% AAPL Apple Inc COMMON STOCK 2.67% GOOGL Alphabet Inc COMMON STOCK 2.62% MA Mastercard Inc COMMON STOCK 2.60% UNH UnitedHealth Group Inc COMMON STOCK 2.56% V Visa Inc COMMON STOCK 2.50% MSFT Corp COMMON STOCK 2.48% IBM International Business Machines Corp COMMON STOCK 2.45% ORCL Oracle Corp COMMON STOCK 2.34% YHOO Yahoo! Inc COMMON STOCK 2.32% PYPL PayPal Holdings Inc COMMON STOCK 2.27% ADBE Adobe Systems Inc COMMON STOCK 2.26% INTU Inc COMMON STOCK 2.10% CRM salesforce.com Inc COMMON STOCK 2.07% MDT Medtronic PLC COMMON STOCK 1.83% NFLX Inc COMMON STOCK 1.76% SYMC Symantec Corp COMMON STOCK 1.46% ADSK Inc COMMON STOCK 1.32% NOW ServiceNow Inc COMMON STOCK 1.12% RHT Red Hat Inc COMMON STOCK 1.11% CHKP Software Technologies Ltd COMMON STOCK 1.11% TMO Thermo Fisher Scientific Inc COMMON STOCK 1.06% MBLY Mobileye NV COMMON STOCK 1.05% CTXS Citrix Systems Inc COMMON STOCK 0.99% GE General Electric Co COMMON STOCK 0.99% VRSK Inc COMMON STOCK 0.99% DHR Danaher Corp COMMON STOCK 0.86% TWTR Twitter Inc COMMON STOCK 0.83% AET Aetna Inc COMMON STOCK 0.78% SNPS Inc COMMON STOCK 0.77% ANTM Anthem Inc COMMON STOCK 0.76% TSS Total System Services Inc COMMON STOCK 0.76% PANW Palo Alto Networks Inc COMMON STOCK 0.75% T AT&T Inc COMMON STOCK 0.74% SYK Stryker Corp COMMON STOCK 0.73% FFIV F5 Networks Inc COMMON STOCK 0.72% DOX Amdocs Ltd COMMON STOCK 0.71% CA CA Inc COMMON STOCK 0.71% AKAM Akamai Technologies Inc COMMON STOCK 0.71% CDK CDK Global Inc COMMON STOCK 0.69% CSC Computer Sciences Corp COMMON STOCK 0.69% BDX Becton Dickinson and Co COMMON STOCK 0.68% INTC Corp COMMON STOCK 0.67% CSCO Inc COMMON STOCK 0.67% WDAY Workday Inc COMMON STOCK 0.66% CI Cigna Corp COMMON STOCK 0.66% LDOS Leidos Holdings Inc COMMON STOCK 0.64% IT Gartner Inc COMMON STOCK 0.63% VMW VMware Inc COMMON STOCK 0.62% CDW CDW Corp/DE COMMON STOCK 0.61% VZ Verizon Communications Inc COMMON STOCK 0.58% XOM Exxon Mobil Corp COMMON STOCK 0.57% BAX Baxter International Inc COMMON STOCK 0.49% ISRG Inc COMMON STOCK 0.48% HUM Humana Inc COMMON STOCK 0.48% BSX Boston Scientific Corp COMMON STOCK 0.47% HCA HCA Holdings Inc COMMON STOCK 0.47% ZBH Zimmer Biomet Holdings Inc COMMON STOCK 0.43% MMM 3M Co COMMON STOCK 0.42% PG Procter & Gamble Co/The COMMON STOCK 0.38% BA Boeing Co/The COMMON STOCK 0.37% HON Honeywell International Inc COMMON STOCK 0.35% UTX United Technologies Corp COMMON STOCK 0.35% CVX Chevron Corp COMMON STOCK 0.34% QCOM Inc COMMON STOCK 0.33% EW Edwards Lifesciences Corp COMMON STOCK 0.32% CERN Corp COMMON STOCK 0.31% ILMN Illumina Inc COMMON STOCK 0.31% AMZN .com Inc COMMON STOCK 0.31% DOW Dow Chemical Co/The COMMON STOCK 0.30% UNP Union Pacific Corp COMMON STOCK 0.29% BCR CR Bard Inc COMMON STOCK 0.29% A Agilent Technologies Inc COMMON STOCK 0.28% AVGO Broadcom Ltd COMMON STOCK 0.28% LMT Lockheed Martin Corp COMMON STOCK 0.27% UPS United Parcel Service Inc COMMON STOCK 0.27% TXN Inc COMMON STOCK 0.26% KO Coca-Cola Co/The COMMON STOCK 0.26% PEP PepsiCo Inc COMMON STOCK 0.25% XRAY DENTSPLY SIRONA Inc COMMON STOCK 0.25% PM Philip Morris International Inc COMMON STOCK 0.25% JNJ Johnson & Johnson COMMON STOCK 0.24% LH Laboratory Corp of America Holdings COMMON STOCK 0.23% JPM JPMorgan Chase & Co COMMON STOCK 0.23% BRK/B Inc COMMON STOCK 0.23% MO Altria Group Inc COMMON STOCK 0.22% DD EI du Pont de Nemours & Co COMMON STOCK 0.22% CNC Centene Corp COMMON STOCK 0.21% CHTR Inc COMMON STOCK 0.20% DGX Quest Diagnostics Inc COMMON STOCK 0.20% HSIC Henry Schein Inc COMMON STOCK 0.20% CAT Caterpillar Inc COMMON STOCK 0.20% NVDA Corp COMMON STOCK 0.19% WMT Wal-Mart Stores Inc COMMON STOCK 0.18% WFC Wells Fargo & Co COMMON STOCK 0.18% SLB Schlumberger Ltd COMMON STOCK 0.17% BAC Bank of America Corp COMMON STOCK 0.17% AMAT Inc COMMON STOCK 0.17% HPE Hewlett Packard Enterprise Co COMMON STOCK 0.16% CMCSA Corp COMMON STOCK 0.15% PFE Pfizer Inc COMMON STOCK 0.15% HD Home Depot Inc/The COMMON STOCK 0.15% DIS Walt Disney Co/The COMMON STOCK 0.15% NXPI NXP Semiconductors NV COMMON STOCK 0.14% KHC Co/The COMMON STOCK 0.13% MRK Merck & Co Inc COMMON STOCK 0.13% CVS CVS Health Corp COMMON STOCK 0.12% WBA Inc COMMON STOCK 0.12% C Citigroup Inc COMMON STOCK 0.12% PX Praxair Inc COMMON STOCK 0.12% LYB LyondellBasell Industries NV COMMON STOCK 0.11% APD Air Products & Chemicals Inc COMMON STOCK 0.11% MDLZ Inc COMMON STOCK 0.10% PPG PPG Industries Inc COMMON STOCK 0.10% COP ConocoPhillips COMMON STOCK 0.10% SHW Sherwin-Williams Co/The COMMON STOCK 0.09% EOG EOG Resources Inc COMMON STOCK 0.08% OXY Occidental Petroleum Corp COMMON STOCK 0.08% AMGN Inc COMMON STOCK 0.08% IP International Paper Co COMMON STOCK 0.08% NUE Nucor Corp COMMON STOCK 0.07% HAL Halliburton Co COMMON STOCK 0.07% KMI Kinder Morgan Inc/DE COMMON STOCK 0.06% NEM Newmont Mining Corp COMMON STOCK 0.06% FCX Freeport-McMoRan Inc COMMON STOCK 0.06% USB US Bancorp COMMON STOCK 0.06% GILD Inc COMMON STOCK 0.06% GS Goldman Sachs Group Inc/The COMMON STOCK 0.06% TMUS T-Mobile US Inc COMMON STOCK 0.06% PSX Phillips 66 COMMON STOCK 0.05% APC Anadarko Petroleum Corp COMMON STOCK 0.05% LVLT Level 3 Communications Inc COMMON STOCK 0.05% SBAC SBA Communications Corp REIT 0.04% CTL CenturyLink Inc COMMON STOCK 0.03% S Sprint Corp COMMON STOCK 0.02% ZAYO Zayo Group Holdings Inc COMMON STOCK 0.02% COMM CommScope Holding Co Inc COMMON STOCK 0.01% LOGM LogMeIn Inc COMMON STOCK 0.00% TRPXX STIT Treasury Portfolio Inst Money Market MONEY MARKET FUNDS 4.00%

Holdings data is provided "as of" the date indicated and may not represent current or future holdings. Holdings are subject to change without notice. Holdings are provided for informational purposes only and should not be considered a recommendation to buy or sell the securities listed.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Leland Funds Family of Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained at www.lelandfunds.com or by calling 855-535-2631. The prospectus should be read carefully before investing. The Leland Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. 3284-NLD-4/11/2017.