Ironclad Managed Risk Fund

Class Other (IRONX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 98.86 0.0 98.86
Stocks 0.0 0.0 0.0
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 2.84 1.7 1.14
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

% Net Assets
Spx 01/18/14 C1810 S & P 500 Index 0.74
Spx 01/18/14 C1835 S & P 500 Index 0.64
Spx 01/18/14 C1780 S & P 500 Index 0.58
Spx 01/18/14 C1825 S & P 500 Index 0.55
Spx 01/18/14 C1775 S & P 500 Index 0.5
Spx 01/31/14 C1840 S & P 500 Index 0.47
Spx 01/18/14 C1805 S & P 500 Index 0.32
Spx 01/18/14 C1850 S & P 500 Index 0.28
Spx 01/31/14 C1865 S & P 500 Index 0.26
Spx 01/31/14 P1765 S&P 500 Index 0.09