Formula Investing International 400 Fund

Class No Load (FNVAX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 2.14 2.14
Stocks 0.29 0.29
Bonds 0.0 0.0
Other 0.21 0.21
Foreign Bonds 0.0 0.0
Foreign Stocks 96.94 96.94
Convertible 0.0 0.0
Preferred 0.41 0.41

Updated 03.31.2013

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 03.31.2013

Ticker YTD Return % % Net Assets
iShares MSCI EAFE Index --- --- 0.96
Ryohin Keikaku Co., Ltd. 7453 --- 0.55
Otsuka Corporation 4768 --- 0.53
Tokai Rika Co., Ltd. 6995 --- 0.52
Flight Centre Limited FGETF 53.7 0.52
Primary Health Care Limited PRY --- 0.52
Phison Electronics Corp. 8299 --- 0.51
Sundrug Co., Ltd. 9989 --- 0.5
Shionogi & Co., Ltd. 4507 --- 0.5
Alfresa Holdings Corporation 2784 --- 0.49
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