Security Holdings

* Based On Net Assets *

Clermont Fund 4/30/2012

Security Holdings Through 4/30/2012
Security DescriptionPercentage
iShares - Barclays Credit Bond Fund11.49 %
SPDR - S&P 500 ETF Trust8.22 %
iShares - IBoxx $ High Yield Corp Bond7.53 %
iShares - IBoxx$ Invest Grade Corp. Bond6.14 %
SPDR - Barclays High Yield Bond ETF4.43 %
Vanguard - Total Stock Market ETF2.96 %
iShares - S&P 500 Index Fund2.77 %
SPDR S&P Mid Cap - 400 ETF Trust2.72 %
Vanguard - Mid-Cap ETF2.47 %
SPDR - Dow Jones Industrial Avg2.46 %

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.