OUR PORTFOLIO
Thunderstorm Value Fund
Portfolio Holdings as of 12/31/11
| Sector and Stock | Symbol | Dollar Amount | % of Investments |
| Finance & Insurance | |||
| Humana, Inc. | HUM | 262,830.00 | 3.2 |
| Sector Total | 262,830.00 | 3.2 | |
| Health Care & Social Assistance | |||
| Amedisys, Inc. | AMED | 104,736.00 | 1.3 |
| Sector Total | 104,736.00 | 1.3 | |
| Management of Companies and Enterprises | |||
| Jardine Matheson Holdings Ltd. | JM SP | 474,311.05 | 5.8 |
| Sector Total | 474,311.05 | 5.8 | |
| Manufacturing | |||
| Abbott Labs | ABT | 326,134.00 | 4.0 |
| Baldwin Technology, Inc. | BLD | 61,274.80 | 0.7 |
| China Advanced Construction Materials Group, Inc. | CADC | 59,250.00 | 0.7 |
| Coastal Contracts Bhd | COASTAL MK | 140,031.55 | 1.7 |
| Conagra Foods, Inc. | CAG | 332,640.00 | 4.1 |
| Corning, Inc. | GLW | 194,700.00 | 2.4 |
| Exxon Mobil Corp. | XOM | 339,040.00 | 4.2 |
| Garmin Ltd. | GRMN | 224,926.50 | 2.8 |
| GT Advanced Technologies, Inc. | GTAT | 260,640.00 | 3.2 |
| Intel Corp. | INTC | 557,750.00 | 6.9 |
| Johnson & Johnson | JNJ | 327,900.00 | 4.0 |
| Leucadia National Corp. | LUK | 143,262.00 | 1.8 |
| Mattel, Inc. | MAT | 208,200.00 | 2.6 |
| Merck & Co., Inc. | MRK | 301,600.00 | 3.7 |
| Mosaic Co. | MOS | 191,634.00 | 2.4 |
| Texwinca Holdings Limited | 321 HK | 306,327.09 | 3.8 |
| Sector Total | 3,975,309.94 | 49.0 | |
| Mining, Quarrying and Oil and Gas Extraction | |||
| Cliffs Natural Resources Inc. | CLF | 299,280.00 | 3.7 |
| CNOOC Ltd. | 883 HK | 152,120.62 | 1.9 |
| Freeport-McMoRan Copper & Gold, Inc. | FCX | 62,543.00 | 0.8 |
| Highland Gold Mining Ltd. | HGM LN | 234,970.80 | 2.9 |
| Kingsgate Consolidated Ltd. | KCN AU | 239,027.93 | 2.9 |
| Newmont Mining Corp. | NEM | 282,047.00 | 3.5 |
| Oceaneering International | OII | 507,430.00 | 6.2 |
| Total SA | FP FP | 127,806.90 | 1.6 |
| Transocean Ltd. | RIG | 230,340.00 | 2.8 |
| Sector Total | 2,135,566.25 | 26.3 | |
| Retail Trade | |||
| K's Holdings Corp. | 8282 JP | 158,503.31 | 1.9 |
| Sector Total | 158,503.31 | 1.9 | |
| Utilities | |||
| Exelon Corp. | EXC | 403,341.00 | 5.0 |
| Sector Total | 403,341.00 | 5.0 | |
| Wholesale Trade | |||
| Dorman Poducts, Inc. | DORM | 430,234.50 | 5.3 |
| Sector Total | 430,234.50 | 5.3 | |
| CASH & CASH EQUIVALENTS | 177,620.35 | 2.2 | |
| WARRANTS | 4,625.39 | 0.0 | |
| TOTALS | 8,127,077.79 | 100.0 |
Fund holdings are subject to change and are not a recommendation to buy or sell any securities.
