Newmark Risk-Managed Opportunistic Fund

Class No Load (NEWRX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 8.91 7.44 1.47
Stocks 74.55 0.0 74.55
Bonds 3.93 0.0 3.93
Other 3.27 2.48 0.78
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 19.25 5.36 13.89
Convertible 0.0 0.0 0.0
Preferred 5.39 0.0 5.39

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Apple Inc AAPL -2.91 19.71
Target Corp TGT -3.59 5.86
Berkley W R Pfd --- --- 4.75
Telekomunikasi Indonesia (Persero) Tbk ADR TLK 12.25 4.64
Arch Coal Inc ACI 9.66 4.35
ProShares UltraPro Dow30 --- --- 4.25
American Eagle Outfitters AEO -13.51 4.2
Digital Realty Trust, Inc. DLR 9.47 4.07
Mfa Finl Pfd --- --- 3.93
Redwood Trust, Inc. RWT 7.23 3.37