TKOI Telkonet Inc (PK)

KCM Macro Trends Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

January 31, 2013

Shares

Security

Market Value

COMMON STOCK - 58.3 %

AEROSPACE/DEFENSE - 2.8 %

11,000

Boeing Co.

 $                      812,570

6,200

TransDigm Group, Inc.   

839,728

1,652,298

AUTO MANUFACTURERS - 1.5 %

23,500

Honda Motor Co. Ltd - ADR

885,715

AUTO PARTS & EQUIPMENT - 1.5 %

37,000

Titan International, Inc.

898,730

BANKS - 5.4 %

20,900

Citigroup, Inc.

881,144

19,600

JPMorgan Chase & Co.

922,180

50,000

Regions Financial Corp.

389,000

30,000

Wells Fargo & Co.

1,044,900

3,237,224

BIOTECHNOLOGY - 1.7 %

10,400

Celgene Corp. *

1,029,184

CHEMICALS - 4.5 %

10,400

Ashland, Inc.

816,504

4,200

CF Industries Holdings, Inc.

962,514

12,400

Eastman Chemical Co.

882,260

2,661,278

COMMERCIAL SERVICES - 2.6 %

3,000

Mastercard, Inc. - Cl. A

1,555,200

COMPUTERS - 1.4 %

24,000

Seagate Technology PLC

815,520

DIVERSIFIED FINANCIAL SERVICES - 3.0 %

13,400

Ameriprise Financial, Inc.

888,688

6,700

Franklin Resources, Inc.

917,096

1,805,784

HEALTHCARE - SERVICES - 3.0 %

15,500

Cigna Corp.

904,270

16,300

UnitedHealth Group, Inc.

899,923

1,804,193

INTERNET - 1.6 %

3,500

Amazon.com, Inc. *

929,250

KCM Macro Trends Fund

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

January 31, 2013

Shares

Security

Value

LEISURE TIME - 1.6 %

10,600

Polaris Industries, Inc.

 $                     923,154

MACHINERY-CONSTRUCTION & MINING - 1.6 %

9,400

Caterpillar, Inc.

924,866

MEDIA - 4.5 %

24,800

Comcast Corp.

944,384

33,200

News Corp.

920,968

9,200

Time Warner Cable, Inc.

821,928

2,687,280

OIL & GAS - 7.4 %

11,750

Chevron Corp.

1,353,013

21,800

HollyFrontier Corp.

1,138,396

13,300

Marathon Petroleum Corp.

986,993

28,600

Western Refining, Inc.

961,818

4,440,220

OIL & GAS SERVICES - 1.5 %

21,800

Halliburton Co.

886,824

PHARMACEUTICALS - 2.9 %

8,600

McKesson Corp.

904,978

30,000

Mylan, Inc. *

848,100

1,753,078

PIPELINES - 4.0 %

25,000

El Paso Pipeline Partners LP

1,041,500

25,600

Plains All American Pipeline LP

1,349,120

2,390,620

RETAIL - 3.5 %

17,000

Home Depot, Inc.

1,137,640

22,400

Lithia Motors, Inc.

969,248

2,106,888

TRANSPORTATION - 2.3 %

10,400

Union Pacific Corp.

1,367,184

TOTAL COMMON STOCK ( Cost - $30,027,890)

34,754,490

EXCHANGE TRADED FUNDS - 44.0 %

EQUITY FUND - 44.0 %

76,500

Consumer Staples Select Sector SPDR Fund

2,820,555

7,000

Direxion Daily Emerging Markets Bull 3X Shares

755,650

70,000

Direxion Daily S&P 500 Bull 3X Shares *

7,095,200

280,000

Financial Select Sector SPDR Fund

4,866,400

34,400

Health Care Select Sector SPDR Fund

1,476,104

KCM Macro Trends Fund

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

January 31, 2013

Shares

Security

Value

EQUITY FUND - 44.0 % (Continued)

100,000

Industrial Select Sector SPDR Fund

 $                           4,008,000

26,000

iShares MSCI Emerging Markets Index Fund

1,149,720

32,000

SPDR S&P Homebuilders ETF

922,240

27,600

Vanguard FTSE Emerging Markets ETF

1,229,856

25,200

Vanguard Health Care ETF

1,945,440

26,269,165

TOTAL EXCHANGE TRADED FUNDS ( Cost - $24,612,464)

26,269,165

TOTAL INVESTMENTS - 102.3 % ( Cost - $54,640,354)(a)

 $                         61,023,655

OTHER LIABILITIES LESS ASSETS - (2.3) %

                            (1,364,934)

NET ASSETS - 100.0%

 $                        59,658,721

* Non-income producing security

ADR - American Depositary Receipts

LP - Limited Partnership

PLC - Public Limited Company

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $54,665,828 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:

 $                          6,565,459

Unrealized depreciation:

                              (207,632)

Net unrealized appreciation:

 $                          6,357,827

KCM Macro Trends Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

January 31, 2013

The following is a summary of significant accounting policies followed by the Fund in preparation of the financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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 last bid price on the day of valuation. Exchange traded options, futures and options on futures are valued at the settlement price determined by the exchange.  Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value.  Investments in open-end investment companies are valued at net asset value.

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.  These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board.  The Board has delegated execution of these procedures to a fair value team composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser.  The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.  The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Value Team and Valuation Process - This team is composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser.  The applicable investments are valued collectively via inputs from each of these groups.  For example, fair value determinations are required for the following securities:  (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument.  Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value.  Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.  Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).  If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

KCM Macro Trends Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

January 31, 2013

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 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 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 is a summary of the inputs used as of January 31, 2013 in valuing the Fund's assets carried at fair value:

Assets

Level 1

Level 2

Level 3

Total

Common Stock

 $                34,754,490

                      -  

                 -   

 $               34,754,490

Exchange-Traded Funds

 $                26,269,165

                      -  

                 -   

 $               26,269,165

Total

 $                61,023,655

 $                   -  

$                   -   

 $               61,023,655

The Fund did not hold any Level 3 securities during the period.

There were no transfers between Level 1 and Level 2 during the current period.

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