Security Holdings

* Based On Net Assets *

Descartes Fund 4/30/2012

Security Description	Percentage
Security Holdings Through 4/30/2012
iShares - Russell 1000 Growth	11.01 %
iShares - S&P Global Technology Sector	5.98 %
iShares - Russell Midcap Growth	4.69 %
Fifth Third - Institutional MM	3.62 %
iShares - S&P Global Energy Sector Index	3.60 %
iShares - Russell 1000 Value	3.18 %
Vanguard - Mega Cap 300 Growth ETF	3.10 %
iShares - Morningstar Large Growth Index	3.00 %
iShares - Russell 2000 Growth	2.90 %
iShares - MSCI United Kingdom	2.82 %

The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice.