MSTVIM

Messner & Smith Theme Value Investment Management Portfolio holdings

AUM $60.3M

2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+5.76%

1 Year Return

+16.8%

3 Year Return

+48.68%

5 Year Return

+119.05%

10 Year Return

–

AUM

$61.2M

AUM Growth

+$61.2M (-1.6%)

Cap. Flow

-$3.87M

Cap. Flow % of AUM

-6.31%

Top 10 Holdings % Top 10 Hldgs %

33.26%

Holding

New

Increased

Reduced

Closed

Top Buys

1	ESV Ensco Rowan plc ESV	$2.06M
2	Aptiv APTV	$1.6M
3	Skyworks Solutions SWKS	$1.55M
4	AVID Avid Technology Inc AVID	$1.19M
5	Coeur Mining CDE	$1.07M

Top Sells

1	Illumina ILMN	$2.8M
2	Calavo Growers CVGW	$2.37M
3	ABMD Abiomed Inc ABMD	$1.33M
4	Penske Automotive Group PAG	$1.05M
5	Phibro Animal Health PAHC	$1.01M

Sector Composition

1	Technology	22.28%
2	Consumer Discretionary	13.37%
3	Industrials	9.14%
4	Energy	7.67%
5	Healthcare	7.65%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
51	51 Microsoft MSFT $3.77T	$382K	0.62%	6,140	–	–
52	52 Weyerhaeuser WY $18.7B	$362K	0.59%	12,030 -670	-5%	-$20.2K
53	53 GE Aerospace GE $292B	$345K	0.56%	10,930 -5,450	-33%	-$172K
54	54 Mitek Systems MITK $464M	$310K	0.51%	50,400 -5,735	-10%	-$35.3K
55	55 Bristol-Myers Squibb BMY $96B	$299K	0.49%	5,123	–	–
56	BAS 56 DELISTED Basis Energy Services, Inc. BAS	$274K	0.45%	+7,739	New	+$274K
57	57 Snap-on SNA $17B	$252K	0.41%	1,470	–	–
58	MJN 58 DELISTED Mead Johnson Nutrition Company MJN	$252K	0.41%	3,560	–	–
59	59 Coca-Cola KO $297B	$236K	0.39%	5,700	–	–
60	60 Credit Suisse X-Links Gold Shares Covered Call ETNs due February 2 2033 GLDI $35.7M	$235K	0.38%	26,290	–	–
61	UN 61 DELISTED Unilever NV New York Registry Shares UN	$230K	0.38%	5,600	–	–
62	62 Corning GLW $57.4B	$218K	0.36%	9,000	–	–
63	VIVS 63 VivoSim Labs, Inc. Common Stock VIVS $6.34M	$139K	0.23%	41,095	–	–
64	FNM 64 DELISTED FANNIE MAE FNM	$136K	0.22%	34,900	–	–
65	65 Cardiff Oncology CRDF $140M	$72K	0.12%	34,075 -2,000	-6%	-$4.23K
66	MDR 66 DELISTED McDermott International MDR	$39K	0.06%	5,250	–	–
67	67 Astrotech Corp ASTC $8.72M	$34K	0.06%	22,800	–	–
68	68 Newmont NEM $81.7B	$27K	0.04%	800	–	–
69	69 Tronox TROX $678M	$26K	0.04%	2,484	–	–
70	70 Fluor FLR $6.63B	$21K	0.03%	400	–	–
71	CELGZ 71 DELISTED Celgene Corporation Contingent Value Rights CELGZ	$20K	0.03%	20,000 +5,000	+33%	+$5K
72	MNDT 72 DELISTED Mandiant, Inc. Common Stock MNDT	$14K	0.02%	1,142	–	–
73	73 iShares Gold Trust IAU $50.6B	$7K	0.01%	656	–	–
74	PARN 74 DELISTED Parnell Pharmaceuticals Holdings Ltd PARN	$7K	0.01%	+10,000	New	+$7K
75	75 Intrepid Potash IPI $405M	$5K	0.01%	2,452 -113	-4%	-$230