Philadelphia Investment Partners New Generation Fund

Class Other (PIPGX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 17.73 0.03 17.7
Stocks 84.0 23.49 60.51
Bonds 0.0 0.0 0.0
Other 6.97 2.89 4.08
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 26.53 8.86 17.67
Convertible 0.0 0.0 0.0
Preferred 0.1 0.06 0.05

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Vanguard European Stock Index ETF --- --- 8.71
iShares Russell 2000 --- --- 7.08
Ship Finance International Ltd SFL 18.38 5.7
Freeport-McMoRan Copper & Gold FCX -0.7 4.96
iShares Core S&P 500 --- --- 4.91
United States Natural Gas --- --- 4.62
Regeneron Pharmaceuticals Inc REGN 10.23 4.57
Fortress Investment Group LLC Class A FIG -10.75 4.57
TD Ameritrade Holding Corp AMTD 4.21 4.43
Alexion Pharmaceuticals Inc ALXN 22.51 4.17