Philadelphia Investment Partners New Generation Fund

Class Other (PIPGX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 21.78 0.04 21.74
Stocks 84.58 23.19 61.39
Bonds 0.0 0.0 0.0
Other 5.73 2.02 3.71
Foreign Bonds 0.01 0.0 0.01
Foreign Stocks 20.75 7.62 13.12
Convertible 0.0 0.0 0.0
Preferred 0.07 0.05 0.02

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Vanguard European Stock Index ETF --- --- 7.34
iShares Russell 2000 --- --- 6.17
iShares Core S&P 500 --- --- 5.79
Ship Finance International Ltd SFL 14.53 5.33
TD Ameritrade Holding Corporation AMTD 7.54 4.1
Time Warner Cable Inc TWC 3.31 3.62
iPath MSCI India Index ETN --- --- 3.55
Green Mountain Coffee Roasters, Inc. GMCR 45.87 3.37
Freeport-McMoRan Copper & Gold FCX -12.18 3.36
priceline.com Incorporated PCLN 15.13 3.11