Elessar Small Cap Value Fund

Fund Holdings

Asset Allocation

% Long % Net
Cash 4.33 4.33
Stocks 92.12 92.12
Bonds 0.0 0.0
Other 0.99 0.99
Foreign Bonds 0.0 0.0
Foreign Stocks 2.56 2.56
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Petroquest Energy Inc PQ 75.69 3.38
Orbital Sciences Corp ORB 28.76 3.02
Argo Group International Holdings Ltd AGII 11.62 2.97
Wabash National Corp WNC 16.84 2.71
Domtar Corp UFS -6.59 2.71
Iberiabank Corp IBKC 11.93 2.7
Corporate Office Properties Trust Inc OFC 20.43 2.6
Microsemi Corp MSCC 9.22 2.57
CAI International Inc CAP -5.22 2.57
NICE-Systems Ltd ADR NICE 0.65 2.56