Hundredfold Select Equity Fund

Class S (SFEOX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 7.1 0.04 7.07
Stocks 36.22 0.12 36.11
Bonds 6.78 0.01 6.78
Other 8.94 0.03 8.92
Foreign Bonds 1.42 0.01 1.42
Foreign Stocks 39.63 0.0 39.63
Convertible 0.06 0.0 0.06
Preferred 0.03 0.0 0.03

Updated 02.28.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 02.28.2014

% Net Assets
Energy Select Sector SPDR® 6.74
Spdr 6.63
Guggenheim S&P 500® Pure Growth 6.63
Market Vectors 6.58
Ishares 6.55
Akre Focus Instl 5.71
PRIMECAP Odyssey Aggressive Growth 5.61
Hatteras Alpha Hedged Strategies Instl 5.33
Highland Floating Rate Opportunities Z 5.26
Third Avenue Focused Credit Instl 5.26