Swan Defined Risk Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 5.68 0.0 5.68
Stocks 89.23 0.0 89.23
Bonds 0.0 0.0 0.0
Other 0.04 0.0 0.04
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 6.4 1.34 5.06
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 09.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 09.30.2013

% Net Assets
Consumer Discret Select Sector SPDR 10.88
Industrial Select Sector SPDR 10.64
Health Care Select Sector SPDR 10.64
Financial Select Sector SPDR 10.56
Materials Select Sector SPDR 10.04
Energy Select Sector SPDR 9.9
Consumer Staples Select Sector SPDR 9.62
Technology Select Sector SPDR 9.53
Utilities Select Sector SPDR 9.14
S & P 500 Index 1.76