Motley Fool Independence Fund

Data as of December 31, 2011

Top 11 Holdings (in Alphabetical Order):

1. Brookfield Infrastructure Partners, LP
2. Denbury Resources
3. Google
4. HCC Insurance Holdings
5. Huron Consulting
6. Loews Corporation
7. Markel Corp.
8. POSCO
9. Telefonica
10. WellPoint
11. Yum! Brands

Percentage of Total Net Assets in Top 11 Holdings 

30.4%

Percentage of Fund in Domestic Assets

56.6%

Holdings by Sector 

Please note that the figures on this page are unaudited. The sector holdings denote percentages of invested assets.

Holdings are subject to change.