Regional Exposure

% of Portfolio 3/31/17
Evermore Global Value Fund Morningstar World Stock Category Average MSCI ACWI ex USA Index
Africe/ME 0.00 0.70 2.30
Australasia 0.00 1.30 5.40
Greater Asia 9.10 15.10 42.10
Greater Europe 73.70 27.30 47.00
Latin America 0.0 0.80 3.10
North America 17.20 56.80 7.80

Source: Morningstar Direct

Sector Exposure

% of Portfolio 3/31/17
Energy -3.92
Materials -3.25
Industrials 19.61
Consumer Cyclical 0.20
Consumer Defensive -8.61
Health Care 5.36
Financial Services 0.63
Real Estate -2.48
Technology -3.47
Communication Services -0.88
Utilities -3.19

Source: Morningstar Direct

Market Cap Comparisons

% of Portfolio 3/31/17
Evermore Global Value Fund Morningstar World Stock Category Average MSCI ACWI ex USA Index
Micro 26.00 0.50 0.00
Small 30.30 5.00 0.00
Mid 20.30 17.00 8.10
Large 21.00 15.70 34.20
Giant 2.40 61.80 57.60

Source: Morningstar Direct

Asset Allocation

% of Net Assets 3/31/17
Equity 94.93
Cash or Equivalent 4.72
Other 0.36

Top 10 Holdings

As of 4/30/17
Portfolio % of Net Assets
Enzo Biochem Inc. ENZ 6.43
Scorpio Bulkers, Inc. SALT 5.22
Ainmt AS AINMT NO 4.85
Codere SA CDR SM 4.29
Ambac Financial Group, Inc. * 4.16
Aurelius Equity Opportunities Se & Co. KGaA AR4 GR 4.13
Bollore SA ** 3.67
NN Group NV NN NA 3.64
Compagnie d'Enterprises CFE CFEB BB 3.39
Kraton Corp. KRA 3.37

*Includes common stock ticker AMBC and warrant ticker AMBCW.

**Includes common stock tickers BOL FP & BOLNV FP.

Click here to view a complete holdings list at quarter end.

Portfolio Characteristics

As of 3/31/17
Portfolio MSCI ACWI
Price/Earnings 5.0 16.7
Price/Cash Flow 3.4 9.4
Price/Book 0.8 1.8
Price/Sales 0.8 1.7

The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 23 Emerging Markets (EM) countries*. With 1,855 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

Morningstar World Stock Category Average represents an average of all of the funds in the Morningstar World Stock category.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.