Form N-Q Starboard Investment For: May 31

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments

(Unaudited)

As of May 31, 2018

 

Shares

 

Cost

 

Value (Note 1)

COMMON STOCKS - 49.80%

Consumer Discretionary - 1.98%

*

Destination XL Group, Inc.

          781,756

    1,628,011

 $

      1,328,985

      1,328,985

Energy - 3.50%

*

SandRidge Energy, Inc.

          161,910

    2,740,978

      2,354,172

      2,354,172

Financials - 7.69%

*

Dundee Corp.

       1,755,000

    3,276,328

      2,456,649

*

Great Elm Capital Group, Inc.

          100,000

       340,016

         370,000

*

Hallmark Financial Services, Inc.

          237,330

    2,442,066

      2,340,074

      5,166,723

Health Care - 3.03%

*

Paratek Pharmaceuticals, Inc.

          194,578

    2,595,454

      2,033,340

      2,033,340

Industrials - 2.02%

*

HC2 Holdings, Inc.

          221,000

    1,204,178

      1,359,150

      1,359,150

Information Technology - 27.80%

*

A10 Networks, Inc.

          322,270

    1,959,355

      2,072,196

*

Edgewater Technology, Inc.

          339,617

    2,329,317

      1,837,328

*

GSI Technology, Inc.

          240,649

    1,315,139

      1,833,745

*

Liquidity Services, Inc.

          736,171

    4,273,235

      4,159,366

Marchex, Inc.

       1,089,050

    3,084,590

      2,940,435

*

Sierra Wireless, Inc.

             94,750

    1,473,222

      1,553,900

*

The Rubicon Project, Inc.

       1,822,580

    5,351,465

      4,283,063

    18,680,033

Materials - 1.01%

*

Colossus Minerals, Inc.

       1,266,157

    1,670,969

              1,267

*

Eldorado Gold Corp.

          607,110

       666,183

         679,963

         681,230

Real Estate - 2.77%

*

Five Point Holdings LLC

          167,000

    2,313,917

      1,863,720

      1,863,720

Total Common Stocks (Cost $38,664,423)

    33,467,353

CLOSED-END FUND - 4.31%

Medley Capital Corp.

          818,070

    4,719,370

      2,895,968

Total Closed-End Fund (Cost $4,719,370)

      2,895,968

(Continued)

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments  - Continued

(Unaudited)

As of May 31, 2018

 

Value (Note 1)

PREFERRED STOCKS - 19.81%

Interest Rate

Maturity Date

Shares

 Cost

B. Riley Financial, Inc.

7.250%

12/31/2027

             62,740

 $

    1,568,448

 $

      1,550,619

Capital Southwest Corp.

5.950%

12/15/2022

             70,000

    1,750,000

      1,836,800

Eagle Point Credit Co., Inc.

6.750%

9/30/2027

             53,420

    1,335,933

      1,362,210

Great Elm Capital Corp.

6.500%

9/18/2022

             67,780

    1,694,943

      1,732,999

MVC Capital, Inc.

6.250%

11/30/2022

             83,260

    2,082,067

      2,135,619

Newtek Business Services Corp.

6.250%

3/1/2023

             74,700

    1,867,873

      1,907,838

Oaktree Specialty Lending Corp.

5.875%

10/30/2024

             27,183

       679,470

         686,099

Oxford Square Capital Corp.

6.500%

3/30/2024

             81,940

    2,051,493

      2,100,122

Total Preferred Stocks (Cost $13,030,227)

    13,312,306

 

 

 

U.S. TREASURY SECURITIES - 14.71%

Par

Interest Rate

Maturity Date

*

United States Treasury Bill

       2,018,000

0.000%

7/19/2018

      2,013,139

United States Treasury Note (a)

       5,500,000

1.000%

3/15/2019

      5,448,438

United States Treasury Note

       2,500,000

1.750%

3/31/2022

      2,422,070

Total U.S. Treasury Securities (Cost $9,996,727)

      9,883,647

Strike

 Exercise

     Shares

Price

 Date

WARRANTS - 0.01%

*

Colossus Minerals, Inc. (b)

          633,881

$

3/17/2019

              6,339

Warrants (Cost $526)

              6,339

SHORT-TERM INVESTMENT - 9.38%

Shares

Federated Treasury Obligations Fund - Institutional

    Class Shares, 1.62% §

    6,301,426

      6,301,426

Total Short-Term Investment (Cost $6,301,426)

      6,301,426

Total Value of Investments (Cost $72,712,700) - 98.02%

 $

    65,867,039

Total Value of Options Written (Premiums Received $142,572) - (0.08)%

          (52,700)

Other Assets Less Liabilities  - 2.06%

      1,384,553

Net Assets - 100%

 $

    67,198,892

*

Non-income producing investment

§

Represents 7 day effective yield

(a)

 All or a portion of this security is held in a margin account at the broker for options written.

(b)

 Security is fair valued using the pricing policies approved by the Fund's Board of Trustees.  In determining the price of the security, the Board of Trustees considered the issuer, terms, and the size of the Fund's investment in the security.  As of November 30, 2017, the security represents 0.01% of net assets and is not considered a material portion of the Fund.

(Continued)

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments  - Schedule of Options Written

(Unaudited)

As of May 31, 2018

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Value

Value (Note 1)

PUT OPTIONS WRITTEN - 0.08%

*

Signet Jewelers Ltd.

620

$

7/20/2018

$

    2,666,000

$

            52,700

Total Put Options Written (Premiums Received $142,572)

            52,700

Total Options Written (Premiums Received $142,572)

$

            52,700

(Continued)

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments  - Continued

(Unaudited)

As of May 31, 2018

 

 

Summary of Investments

by Sector

% of Net

Assets

Value

Consumer Discretionary

1.98%

$

    1,328,985

Energy

3.50%

    2,354,172

Financials

7.69%

    5,166,723

Health Care

3.03%

    2,033,340

Industrials

2.02%

    1,359,150

Information Technology

27.80%

  18,680,033

Materials

1.01%

       681,230

Real Estate

2.77%

    1,863,720

Closed-End Fund

4.31%

    2,895,968

Preferred Stocks

19.81%

  13,312,306

U.S. Treasury Securities

14.71%

    9,883,647

Warrants

0.01%

            6,339

Short-Term Investment

9.38%

    6,301,426

Put Options Written

-0.08%

        (52,700)

Other Assets Less Liabilities

2.06%

    1,384,553

Total

100.00%

$

  67,198,892

Aggregate cost for financial reporting and federal income tax purposes is the same.  Unrealized appreciation (depreciation) of investments for financial reporting and federal income tax purposes is as follows:

Aggregate gross unrealized appreciation

$

      1,306,455

Aggregate gross unrealized depreciation

    (8,062,244)

Net unrealized depreciation

$

    (6,755,789)

(Continued)

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments - Continued

(Unaudited)

As of May 31, 2018

Note 1 - Investment Valuation

The Roumell Opportunistic Value Fund (the "Fund") records its investments in securities at fair value. Under generally accepted accounting principles ("GAAP"), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

 

In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

 

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

 

Level 1:    quoted prices in active markets for identical investments

Level 2:    other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

Level 3:    significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

 

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

 

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

(Continued)

ROUMELL OPPORTUNISTIC VALUE FUND

Schedule of Investments - Continued

(Unaudited)

As of May 31, 2018

Note 1 - Investment Valuation - Continued

Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time.  Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price.  Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.

 

Options are valued at the mean between their bid and ask prices as reported on their primary exchange as of 4:00 p.m. Eastern Time (the "Valuation Time").  An option may be valued using Fair Valuation when (i) the option does not trade on the valuation date; and (ii) reliable last quoted bid and ask prices as of the Valuation Time are not readily available.

Fair value pricing  may be used, for  example,  in situations  where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund's net asset value calculation.  A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

The Fund has adopted ASC Topic 820, Fair Value Measurements.  ASC Topic 820 defines fair value, establishes a frame work for measuring fair value and expands disclosure about fair value measurements.The Fund has adopted FASB guidance updating ASC Topic 820 titled, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly" which provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction that is not orderly, and how that information must be incorporated into fair value measurement.  The guidance emphasizes that even if there has been a significant decrease in volume and level of activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

 

The following table summarizes the classification of the Fund's investments by the above fair value hierarchy levels as of May 31, 2018:

Assets

Total

Level 1

Level 2

 Level 3 (a)

Common Stocks

$

$

$

$

Closed-End Fund

       2,895,968

       2,895,968

                   -

                     -

Preferred Stocks

     13,312,306

     13,312,306

                   -

                     -

U.S. Treasury Securities

       9,883,647

                      -

    9,883,647

                     -

Warrants

               6,339

                      -

                   -

              6,339

Short-Term Investment

       6,301,426

       6,301,426

                   -

                     -

Put Options Written

           (52,700)

                      -

        (52,700)

                     -

Total

$

$

$

$

(a)

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund, and hence, reconciliation is not provided.