Roumell Opportunistic Value Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 40.7 0.31 40.4
Stocks 25.29 0.0 25.29
Bonds 9.57 0.0 9.57
Other 0.13 0.0 0.13
Foreign Bonds 4.26 0.79 3.47
Foreign Stocks 11.81 0.0 11.81
Convertible 1.83 0.0 1.83
Preferred 7.5 0.0 7.5

Updated 01.31.2014

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 01.31.2014

Ticker YTD Return % % Net Assets
Apple Inc AAPL -5.38 4.93
Ultra Petroleum Corporation UPL 13.26 4.1
Digital Generation Inc DGIT -5.26 3.94
Sandstorm Metals & Energy Ltd. STTYF -4.5 3.52
Oxford Lane Cap Pfd --- --- 2.9
Goodrich Pete 8.875% --- --- 2.85
Lai Sun Development Co. Ltd. --- --- 2.77
DSP Group DSPG -11.12 2.47
American Select Portfolio Common --- --- 2.44
Athabasca Oil 7.5% --- --- 2.41