Security Holdings

* Based On Net Assets *

Select Appreciation Fund 4/30/2012

Security Description	Percentage
Security Holdings Through 4/30/2012
SPDR S&P Mid Cap - 400 ETF Trust	14.59 %
Barclays - ETN+Long C Note	11.60 %
Vanguard - Small Cap ETF	8.82 %
Vanguard - Emerging Markets ETF	6.08 %
iShares - Russel Midcap Index	5.91 %
PowerShares - QQQ Trust Series 1	5.57 %
iShares - S&P Midcap 400	4.94 %
iShares - Russell 2000 Index Fd	3.88 %
Vanguard - Mid-Cap ETF	3.86 %
Vanguard - Extended Market ETF	3.50 %

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.