|
|
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited)
|
|
December 31, 2013
|
|
Shares
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK - 96.3 % ^
|
|
|
|
|
|
|
|
|
AEROSPACE/DEFENSE - 2.6 %
|
|
|
|
|
|
|
1,800
|
|
Boeing Co.
|
|
|
|
|
$ 245,682
|
|
1,200
|
|
Raytheon Co.
|
|
|
|
|
108,840
|
|
|
|
|
|
|
|
|
354,522
|
|
|
|
AGRICULTURE - 1.9 %
|
|
|
|
|
|
|
2,000
|
|
Lorillard, Inc.
|
|
|
|
|
101,360
|
|
1,800
|
|
Philip Morris International, Inc.
|
|
|
|
|
156,834
|
|
|
|
|
|
|
|
|
258,194
|
|
|
|
AUTO PARTS & EQUIPMENT - 2.2 %
|
|
|
|
|
|
|
3,200
|
|
Autoliv, Inc.
|
|
|
|
|
293,760
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - 4.7 %
|
|
|
|
|
|
|
7,800
|
|
BB&T Corp.
|
|
|
|
|
291,096
|
|
5,000
|
|
JPMorgan Chase & Co.
|
|
|
|
|
292,400
|
|
1,200
|
|
US Bancorp
|
|
|
|
|
48,480
|
|
|
|
|
|
|
|
|
631,976
|
|
|
|
BEVERAGES - 2.9 %
|
|
|
|
|
|
|
6,400
|
|
Coca-Cola Co.
|
|
|
|
|
264,384
|
|
1,500
|
|
PepsiC,o Inc.
|
|
|
|
|
124,410
|
|
|
|
|
|
|
|
|
388,794
|
|
|
|
CHEMICALS - 3.0 %
|
|
|
|
|
|
|
3,400
|
|
EI du Pont de Nemours & Co.
|
|
|
|
|
220,898
|
|
5,600
|
|
Potash Corp. of Saskatchewan, Inc.
|
|
|
|
|
184,576
|
|
|
|
|
|
|
|
|
405,474
|
|
|
|
COMMERCIAL SERVICES - 1.0 %
|
|
|
|
|
|
|
4,400
|
|
Iron Mountain, Inc.
|
|
|
|
|
133,540
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTERS - 7.8 %
|
|
|
|
|
|
|
1,400
|
|
Apple Inc.
|
|
|
|
|
785,554
|
|
1,400
|
|
International Business Machines Corp.
|
|
|
|
|
262,598
|
|
|
|
|
|
|
|
|
1,048,152
|
|
|
|
COSMETICS/PERSONAL CARE - 1.6 %
|
|
|
|
|
|
|
2,600
|
|
Procter & Gamble Co./The
|
|
|
|
|
211,666
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRIC - 5.5 %
|
|
|
|
|
|
|
3,000
|
|
Duke Energy Corp.
|
|
|
|
|
207,030
|
|
12,000
|
|
Exelon Corp.
|
|
|
|
|
328,680
|
|
2,400
|
|
NextEra Energy, Inc.
|
|
|
|
|
205,488
|
|
|
|
|
|
|
|
|
741,198
|
|
|
|
ELECTRONICS - 1.8 %
|
|
|
|
|
|
|
2,600
|
|
Honeywell Internationa,l Inc.
|
|
|
|
|
237,562
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGINEERING & CONSTRUCTION - 0.7 %
|
|
|
|
|
|
|
3,600
|
|
ABB Ltd.
|
|
|
|
|
95,616
|
|
|
|
|
|
|
|
|
|
|
|
|
ENVIRONMENTAL CONTROL - 0.9 %
|
|
|
|
|
|
|
2,800
|
|
Waste Managemen,t Inc.
|
|
|
|
|
125,636
|
|
|
|
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
Shares
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD - 4.7 %
|
|
|
|
|
|
|
2,100
|
|
Campbell Soup Co.
|
|
|
|
|
$ 90,888
|
|
4,100
|
|
ConAgra Foods, Inc.
|
|
|
|
|
138,170
|
|
1,400
|
|
Kraft Foods Group, Inc.
|
|
|
|
|
75,488
|
|
4,000
|
|
Mondelez International, Inc. - Cl. A
|
|
|
|
|
141,200
|
|
5,200
|
|
Sysco Corp.
|
|
|
|
|
187,720
|
|
|
|
|
|
|
|
|
633,466
|
|
|
|
INSURANCE - 4.0 %
|
|
|
|
|
|
|
4,000
|
|
Aflac, Inc.
|
|
|
|
|
267,200
|
|
3,000
|
|
Travelers Co., Inc.
|
|
|
|
|
271,620
|
|
|
|
|
|
|
|
|
538,820
|
|
|
|
MACHINERY-CONSTRUCTION &MINING - 1.8 %
|
|
|
|
|
|
2,600
|
|
Caterpillar, Inc.
|
|
|
|
|
236,106
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA - 0.6 %
|
|
|
|
|
|
|
4,400
|
|
Cablevision Systems Corp.
|
|
|
|
|
78,892
|
|
|
|
|
|
|
|
|
|
|
|
|
MINING - 6.1 %
|
|
|
|
|
|
|
24,000
|
|
Alcoa, Inc.
|
|
|
|
|
255,120
|
|
4,000
|
|
BHP Billiton Ltd. - ADR
|
|
|
|
|
272,800
|
|
7,600
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
|
|
|
286,824
|
|
|
|
|
|
|
|
|
814,744
|
|
|
|
MISCELLANEOUS MANUFACTURING - 2.4 %
|
|
|
|
|
|
|
10,000
|
|
General Electric Co.
|
|
|
|
|
280,300
|
|
300
|
|
Siemens AG
|
|
|
|
|
41,553
|
|
|
|
|
|
|
|
|
321,853
|
|
|
|
OFFICE/BUSINESS EQUIPMENT - 1.1 %
|
|
|
|
|
|
|
6,500
|
|
Pitney Bowes, Inc.
|
|
|
|
|
151,450
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL &GAS - 8.5 %
|
|
|
|
|
|
|
5,000
|
|
BP PLC - ADR
|
|
|
|
|
243,050
|
|
100
|
|
Chevron Corp.
|
|
|
|
|
12,491
|
|
3,000
|
|
ConocoPhillips
|
|
|
|
|
211,950
|
|
2,000
|
|
Exxon Mobil Corp.
|
|
|
|
|
202,400
|
|
2,700
|
|
Occidental Petroleum Corp.
|
|
|
|
|
256,770
|
|
4,400
|
|
Transocean Ltd.
|
|
|
|
|
217,448
|
|
|
|
|
|
|
|
|
1,144,109
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS - 7.8 %
|
|
|
|
|
|
|
5,200
|
|
Abbott Laboratories
|
|
|
|
|
199,316
|
|
6,200
|
|
AbbVie, Inc.
|
|
|
|
|
327,422
|
|
5,800
|
|
Bristol-Myers Squibb Co.
|
|
|
|
|
308,270
|
|
2,300
|
|
Johnson & Johnson
|
|
|
|
|
210,657
|
|
|
|
|
|
|
|
|
1,045,665
|
|
|
|
PIPELINES - 1.2 %
|
|
|
|
|
|
|
4,400
|
|
Spectra Energy Corp.
|
|
|
|
|
156,728
|
|
|
|
|
|
|
|
|
|
|
|
|
REITS - 0.5 %
|
|
|
|
|
|
|
2,300
|
|
Weyerhaeuser Co.
|
|
|
|
|
72,611
|
|
|
|
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
Shares
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL - 7.7 %
|
|
|
|
|
|
|
2,000
|
|
Coach, Inc.
|
|
|
|
|
$ 112,260
|
|
4,600
|
|
Darden Restaurants, Inc.
|
|
|
|
|
250,102
|
|
4,000
|
|
Home Depot, Inc.
|
|
|
|
|
329,360
|
|
1,600
|
|
McDonald's Corp.
|
|
|
|
|
155,248
|
|
3,000
|
|
Nordstrom, Inc.
|
|
|
|
|
185,400
|
|
|
|
|
|
|
|
|
1,032,370
|
|
|
|
SEMICONDUCTORS - 3.7 %
|
|
|
|
|
|
|
10,000
|
|
Intel Corp.
|
|
|
|
|
259,600
|
|
4,200
|
|
Microchip Technology, Inc.
|
|
|
|
|
187,950
|
|
700
|
|
QUALCOMM, Inc.
|
|
|
|
|
51,975
|
|
|
|
|
|
|
|
|
499,525
|
|
|
|
SOFTWARE - 2.5 %
|
|
|
|
|
|
|
7,000
|
|
Microsoft Corp.
|
|
|
|
|
262,010
|
|
1,700
|
|
Paychex, Inc.
|
|
|
|
|
77,401
|
|
|
|
|
|
|
|
|
339,411
|
|
|
|
TELECOMMUNICATIONS - 5.0 %
|
|
|
|
|
|
|
5,000
|
|
AT&T, Inc.
|
|
|
|
|
175,800
|
|
10,000
|
|
Cisco Systems, Inc.
|
|
|
|
|
224,500
|
|
3,800
|
|
Verizon Communications, Inc.
|
|
|
|
|
186,732
|
|
11,000
|
|
Windstream Holdings, Inc.
|
|
|
|
|
87,780
|
|
|
|
|
|
|
|
|
674,812
|
|
|
|
TOYS/GAMES/HOBBIES - 2.0 %
|
|
|
|
|
|
|
4,800
|
|
Hasbro, Inc.
|
|
|
|
|
264,048
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK
|
|
|
|
|
12,930,700
|
|
|
|
(Cost - $12,668,211)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 12.1 %
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND - 12.1 %
|
|
|
|
|
|
|
1,625,332
|
|
Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, 0.00% +
|
|
|
|
1,625,332
|
|
|
|
TOTAL SHORT-TERM INVESTMENT
|
|
|
|
|
|
|
|
|
(Cost - $1,625,332)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 108.4 % (Cost - $14,293,543)(a)
|
|
|
|
$14,556,032
|
|
|
|
OTHER LIABILITIES LESS ASSETS - (8.4) %
|
|
|
|
|
(1,127,636)
|
|
|
|
NET ASSETS - 100.0%
|
|
|
|
|
$13,428,396
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
Contracts **
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF CALL OPTIONS WRITTEN - (1.3) %
|
|
|
|
|
|
12
|
|
ABB Ltd.
|
|
|
|
|
$ 1,800
|
|
|
|
Expiration January 2014, Exercise Price $25.00
|
|
|
|
|
|
|
6
|
|
ABB Ltd.
|
|
|
|
|
390
|
|
|
|
Expiration January 2014, Exercise Price $26.00
|
|
|
|
|
|
|
26
|
|
Abbott Labs
|
|
|
|
|
1,638
|
|
|
|
Expiration January 2014, Exercise Price $38.00
|
|
|
|
|
|
|
31
|
|
AbbVie Inc.
|
|
|
|
|
2,914
|
|
|
|
Expiration January 2014, Exercise Price $52.50
|
|
|
|
|
|
|
20
|
|
Aflac, Inc.
|
|
|
|
|
1,060
|
|
|
|
Expiration January 2014, Exercise Price $67.50
|
|
|
|
|
|
|
180
|
|
Alcoa, Inc.
|
|
|
|
|
13,140
|
|
|
|
Expiration January 2014, Exercise Price $10.00
|
|
|
|
|
|
|
7
|
|
Apple, Inc.
|
|
|
|
|
6,650
|
|
|
|
Expiration January 2014, Exercise Price $565.00
|
|
|
|
|
|
|
25
|
|
AT&T Inc.
|
|
|
|
|
875
|
|
|
|
Expiration January 2014, Exercise Price $35.00
|
|
|
|
|
|
|
16
|
|
Autoliv, Inc.
|
|
|
|
|
4,120
|
|
|
|
Expiration January 2014, Exercise Price $90.00
|
|
|
|
|
|
|
12
|
|
BB&T Corp.
|
|
|
|
|
2,940
|
|
|
|
Expiration January 2014, Exercise Price $35.00
|
|
|
|
|
|
|
27
|
|
BB&T Corp.
|
|
|
|
|
1,998
|
|
|
|
Expiration January 2014, Exercise Price $37.00
|
|
|
|
|
|
|
20
|
|
BHP Billiton Ltd. - ADR
|
|
|
|
|
3,100
|
|
|
|
Expiration January 2014, Exercise Price $67.50
|
|
|
|
|
|
|
8
|
|
Boeing Co.
|
|
|
|
|
2,480
|
|
|
|
Expiration January 2014, Exercise Price $135.00
|
|
|
|
|
|
|
2
|
|
Boeing Co.
|
|
|
|
|
180
|
|
|
|
Expiration January 2014, Exercise Price $140.00
|
|
|
|
|
|
|
8
|
|
BP PLC - ADR
|
|
|
|
|
2,112
|
|
|
|
Expiration January 2014, Exercise Price $46.00
|
|
|
|
|
|
|
17
|
|
BP PLC - ADR
|
|
|
|
|
2,941
|
|
|
|
Expiration January 2014, Exercise Price $47.00
|
|
|
|
|
|
|
19
|
|
Bristol-Myers Squibb Co.
|
|
|
|
|
2,660
|
|
|
|
Expiration January 2014, Exercise Price $52.50
|
|
|
|
|
|
|
10
|
|
Bristol-Myers Squibb Co.
|
|
|
|
|
390
|
|
|
|
Expiration January 2014, Exercise Price $55.00
|
|
|
|
|
|
|
10
|
|
Cablevision Systems Corp.
|
|
|
|
|
2,100
|
|
|
|
Expiration January 2014, Exercise Price $16.00
|
|
|
|
|
|
|
12
|
|
Cablevision Systems Corp.
|
|
|
|
|
1,440
|
|
|
|
Expiration January 2014, Exercise Price $17.00
|
|
|
|
|
|
|
15
|
|
Campbell Soup Co.
|
|
|
|
|
1,350
|
|
|
|
Expiration January 2014, Exercise Price $43.00
|
|
|
|
|
|
|
5
|
|
Caterpillar, Inc.
|
|
|
|
|
3,000
|
|
|
|
Expiration January 2014, Exercise Price $85.00
|
|
|
|
|
|
|
8
|
|
Caterpillar, Inc.
|
|
|
|
|
1,288
|
|
|
|
Expiration January 2014, Exercise Price $90.00
|
|
|
|
|
|
|
50
|
|
Cisco Systems, Inc.
|
|
|
|
|
7,250
|
|
|
|
Expiration January 2014, Exercise Price $21.00
|
|
|
|
|
|
|
10
|
|
Coac, Inc.
|
|
|
|
|
390
|
|
|
|
Expiration January 2014, Exercise Price $57.50
|
|
|
|
|
|
|
20
|
|
Coca-Cola Co.
|
|
|
|
|
2,920
|
|
|
|
Expiration January 2014, Exercise Price $40.00
|
|
|
|
|
|
|
12
|
|
Coca-Cola Co.
|
|
|
|
|
648
|
|
|
|
Expiration January 2014, Exercise Price $41.25
|
|
|
|
|
|
|
7
|
|
Conagra Foods, Inc.
|
|
|
|
|
553
|
|
|
|
Expiration January 2014, Exercise Price $33.00
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
Contracts **
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF CALL OPTIONS WRITTEN - (1.3) % (Continued)
|
|
|
|
|
12
|
|
Conagra Foods, Inc.
|
|
|
|
|
$ 324
|
|
|
|
Expiration January 2014, Exercise Price $34.00
|
|
|
|
|
|
|
5
|
|
ConocoPhillips
|
|
|
|
|
120
|
|
|
|
Expiration January 2014, Exercise Price $72.50
|
|
|
|
|
|
|
15
|
|
Darden Resturant,s Inc.
|
|
|
|
|
7,005
|
|
|
|
Expiration January 2014, Exercise Price $50.00
|
|
|
|
|
|
|
10
|
|
Darden Resturants, Inc.
|
|
|
|
|
1,950
|
|
|
|
Expiration January 2014, Exercise Price $52.50
|
|
|
|
|
|
|
3
|
|
EI du Pont de Nemours & Co.
|
|
|
|
|
1,530
|
|
|
|
Expiration January 2014, Exercise Price $60.00
|
|
|
|
|
|
|
14
|
|
EI du Pont de Nemours & Co.
|
|
|
|
|
3,822
|
|
|
|
Expiration January 2014, Exercise Price $62.50
|
|
|
|
|
|
|
15
|
|
Duke Energy Corp.
|
|
|
|
|
525
|
|
|
|
Expiration January 2014, Exercise Price $70.00
|
|
|
|
|
|
|
33
|
|
Exelon Corp.
|
|
|
|
|
825
|
|
|
|
Expiration January 2014, Exercise Price $28.00
|
|
|
|
|
|
|
18
|
|
Exelon Corp.
|
|
|
|
|
108
|
|
|
|
Expiration January 2014, Exercise Price $29.00
|
|
|
|
|
|
|
7
|
|
Exxon Mobil Corp.
|
|
|
|
|
1,435
|
|
|
|
Expiration January 2014, Exercise Price $100.00
|
|
|
|
|
|
|
3
|
|
Exxon Mobil Corp.
|
|
|
|
|
1,950
|
|
|
|
Expiration January 2014, Exercise Price $95.00
|
|
|
|
|
|
|
15
|
|
Freeport-McMoran Copper & Gold
|
|
|
|
|
4,155
|
|
|
|
Expiration January 2014, Exercise Price $35.00
|
|
|
|
|
|
|
23
|
|
Freeport-McMoran Copper & Gold
|
|
|
|
|
4,278
|
|
|
|
Expiration January 2014, Exercise Price $36.00
|
|
|
|
|
|
|
35
|
|
General Electric Co.
|
|
|
|
|
4,270
|
|
|
|
Expiration January 2014, Exercise Price $27.00
|
|
|
|
|
|
|
15
|
|
General Electric Co.
|
|
|
|
|
735
|
|
|
|
Expiration January 2014, Exercise Price $28.00
|
|
|
|
|
|
|
24
|
|
Hasbro, Inc.
|
|
|
|
|
6,480
|
|
|
|
Expiration January 2014, Exercise Price $52.50
|
|
|
|
|
|
|
20
|
|
Home Depot, Inc.
|
|
|
|
|
5,460
|
|
|
|
Expiration January 2014, Exercise Price $80.00
|
|
|
|
|
|
|
9
|
|
Honeywell International, Inc.
|
|
|
|
|
3,789
|
|
|
|
Expiration January 2014, Exercise Price $87.50
|
|
|
|
|
|
|
4
|
|
Honeywell International, Inc.
|
|
|
|
|
840
|
|
|
|
Expiration January 2014, Exercise Price $90.00
|
|
|
|
|
|
|
2
|
|
IBM Corp.
|
|
|
|
|
1,580
|
|
|
|
Expiration January 2014, Exercise Price $180.00
|
|
|
|
|
|
|
5
|
|
IBM Corp.
|
|
|
|
|
1,850
|
|
|
|
Expiration January 2014, Exercise Price $185.00
|
|
|
|
|
|
|
50
|
|
Intel Corp.
|
|
|
|
|
5,850
|
|
|
|
Expiration January 2014, Exercise Price $25.00
|
|
|
|
|
|
|
22
|
|
Iron Mountain, Inc.
|
|
|
|
|
3,872
|
|
|
|
Expiration January 2014, Exercise Price $30.00
|
|
|
|
|
|
|
25
|
|
J.P. Morgan Chase & Co.
|
|
|
|
|
3,400
|
|
|
|
Expiration January 2014, Exercise Price $57.50
|
|
|
|
|
|
|
11
|
|
Johnson & Johnson
|
|
|
|
|
572
|
|
|
|
Expiration January 2014, Exercise Price $92.50
|
|
|
|
|
|
|
14
|
|
Lorillard, Inc.
|
|
|
|
|
1,582
|
|
|
|
Expiration January 2014, Exercise Price $50.00
|
|
|
|
|
|
|
5
|
|
McDonalds Corp.
|
|
|
|
|
1,180
|
|
|
|
Expiration January 2014, Exercise Price $95.00
|
|
|
|
|
|
|
3
|
|
McDonalds Corp.
|
|
|
|
|
192
|
|
|
|
Expiration January 2014, Exercise Price $97.50
|
|
|
|
|
|
|
22
|
|
Microchip Technology, Inc.
|
|
|
|
|
2,420
|
|
|
|
Expiration January 2014, Exercise Price $44.00
|
|
|
|
|
|
|
25
|
|
Microsoft Corp.
|
|
|
|
|
2,225
|
|
|
|
Expiration January 2014, Exercise Price $37.00
|
|
|
|
|
|
|
10
|
|
Microsoft Corp.
|
|
|
|
|
400
|
|
|
|
Expiration January 2014, Exercise Price $38.00
|
|
|
|
|
|
|
20
|
|
Mondelez International
|
|
|
|
|
1,460
|
|
|
|
Expiration January 2014, Exercise Price $35.00
|
|
|
|
|
|
|
4
|
|
Nextera Energy
|
|
|
|
|
160
|
|
|
|
Expiration January 2014, Exercise Price $87.50
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
Contracts **
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF CALL OPTIONS WRITTEN - (1.3) % (Continued)
|
|
|
|
|
|
|
8
|
|
Nextera Energy
|
|
|
|
|
$ 1,120
|
|
|
|
Expiration January 2014, Exercise Price $85.00
|
|
|
|
|
|
|
5
|
|
Nordstrom, Inc.
|
|
|
|
|
1,100
|
|
|
|
Expiration January 2014, Exercise Price $60.00
|
|
|
|
|
|
|
10
|
|
Nordstrom, Inc.
|
|
|
|
|
620
|
|
|
|
Expiration January 2014, Exercise Price $62.50
|
|
|
|
|
|
|
13
|
|
Occidental Petroleum Corp.
|
|
|
|
|
2,470
|
|
|
|
Expiration January 2014, Exercise Price $95.00
|
|
|
|
|
|
|
4
|
|
Paychex, Inc.
|
|
|
|
|
1,080
|
|
|
|
Expiration January 2014, Exercise Price $43.00
|
|
|
|
|
|
|
13
|
|
Paychex, Inc.
|
|
|
|
|
1,105
|
|
|
|
Expiration January 2014, Exercise Price $45.00
|
|
|
|
|
|
|
7
|
|
Pepsico, Inc.
|
|
|
|
|
763
|
|
|
|
Expiration January 2014, Exercise Price $82.50
|
|
|
|
|
|
|
23
|
|
Pitney Bowes, Inc.
|
|
|
|
|
3,335
|
|
|
|
Expiration January 2014, Exercise Price $22.00
|
|
|
|
|
|
|
19
|
|
Pitney Bowes, Inc.
|
|
|
|
|
1,444
|
|
|
|
Expiration January 2014, Exercise Price $23.00
|
|
|
|
|
|
|
25
|
|
Potash Corp. Saskatchewan, Inc.
|
|
|
|
|
2,675
|
|
|
|
Expiration January 2014, Exercise Price $32.00
|
|
|
|
|
|
|
10
|
|
Procter & Gamble Co.
|
|
|
|
|
450
|
|
|
|
Expiration January 2014, Exercise Price $82.50
|
|
|
|
|
|
|
3
|
|
Procter & Gamble Co.
|
|
|
|
|
30
|
|
|
|
Expiration January 2014, Exercise Price $85.00
|
|
|
|
|
|
|
3
|
|
Qualcomm, Inc.
|
|
|
|
|
636
|
|
|
|
Expiration January 2014, Exercise Price $72.50
|
|
|
|
|
|
|
3
|
|
Raytheon Co.
|
|
|
|
|
1,065
|
|
|
|
Expiration January 2014, Exercise Price $87.50
|
|
|
|
|
|
|
3
|
|
Raytheon Co.
|
|
|
|
|
516
|
|
|
|
Expiration January 2014, Exercise Price $90.00
|
|
|
|
|
|
|
3
|
|
Siemens AG
|
|
|
|
|
1,260
|
|
|
|
Expiration January 2014, Exercise Price $135.00
|
|
|
|
|
|
|
22
|
|
Spectra Energy Corp.
|
|
|
|
|
3,685
|
|
|
|
Expiration January 2014, Exercise Price $34.00
|
|
|
|
|
|
|
13
|
|
Sysco Corp.
|
|
|
|
|
260
|
|
|
|
Expiration January 2014, Exercise Price $37.00
|
|
|
|
|
|
|
5
|
|
The Travelers Companies, Inc.
|
|
|
|
|
1,635
|
|
|
|
Expiration January 2014, Exercise Price $87.50
|
|
|
|
|
|
|
10
|
|
The Travelers Companies, Inc.
|
|
|
|
|
1,290
|
|
|
|
Expiration January 2014, Exercise Price $90.00
|
|
|
|
|
|
|
12
|
|
Transocean Ltd.
|
|
|
|
|
852
|
|
|
|
Expiration January 2014, Exercise Price $50.00
|
|
|
|
|
|
|
6
|
|
U.S. Bancorp
|
|
|
|
|
432
|
|
|
|
Expiration January 2014, Exercise Price $40.00
|
|
|
|
|
|
|
4
|
|
Verizon Communications, Inc.
|
|
|
|
|
468
|
|
|
|
Expiration January 2014, Exercise Price $48.00
|
|
|
|
|
|
|
13
|
|
Verizon Communications, Inc.
|
|
|
|
|
221
|
|
|
|
Expiration January 2014, Exercise Price $50.00
|
|
|
|
|
|
|
2
|
|
Waste Management, Inc.
|
|
|
|
|
220
|
|
|
|
Expiration January 2014, Exercise Price $44.00
|
|
|
|
|
|
|
12
|
|
Waste Management, Inc.
|
|
|
|
|
540
|
|
|
|
Expiration January 2014, Exercise Price $45.00
|
|
|
|
|
|
|
7
|
|
Weyerhaeuser Co.
|
|
|
|
|
1,155
|
|
|
|
Expiration January 2014, Exercise Price $30.00
|
|
|
|
|
|
|
16
|
|
Weyerhaeuser Co.
|
|
|
|
|
560
|
|
|
|
Expiration January 2014, Exercise Price $32.00
|
|
|
|
|
|
|
|
|
TOTAL CALL OPTIONS WRITTEN
|
|
|
|
|
179,658
|
|
|
|
(Proceeds - $123,752)
|
|
|
|
|
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR - American Depositary Receipt
|
|
|
|
|
|
|
REITS - Real Estate Investment Trusts
|
|
|
|
|
|
|
+ Variable rate security - interest rate is as of December 31, 2013.
|
|
|
|
^ Each security is subject to written call options.
|
|
|
|
|
|
|
** Each call option contract allows the holder of the option to purchase 100 shares of the underlying stock.
|
|
|
|
|
(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $14,293,543 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation
|
|
|
|
$ 307,197
|
|
|
|
Unrealized depreciation
|
|
|
|
(44,708)
|
|
|
|
Net unrealized depreciation
|
|
|
|
$ 262,489
|
|
|
|
|
|
|
|
|
|
|
Security Valuation
– Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean of the closing bid and asked prices on the day of valuation. Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the exchange.
|
|
Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.
|
|
A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value team composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser. The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.
|
|
Fair Value Team and Valuation Process.
This team is composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser or sub-adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser or sub-adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser or sub-adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
|
|
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
|
|
Level 1
- Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
|
|
Level 2
- Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, price for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3
- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would use in valuing the asset or liability, and would be based on the best information available.
|
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
|
|
The Covered Bridge Fund
|
|
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
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 falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2013 for the Fund's assets and liabilities measured at fair value:
|