Carne Hedged Equity Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 1.12 0.0 1.12
Stocks 97.45 0.21 97.25
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 1.63 0.0 1.63
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 10.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 10.31.2013

Ticker YTD Return % % Net Assets
Apple Inc AAPL -5.38 7.93
Best Buy Co Inc BBY -34.43 6.7
Pitney Bowes Inc PBI 10.98 2.13
Hewlett-Packard Co HPQ 6.25 2.1
Lorillard, Inc. LO 6.99 2.06
Northrop Grumman Corp NOC 6.13 2.04
Marathon Petroleum Corp MPC -8.66 2.02
Seagate Technology PLC STX -6.13 2.02
Joy Global, Inc. JOY -6.13 2.01
NASDAQ OMX Group, Inc. NDAQ -3.64 2.0