THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 89.3%      
    APPAREL & TEXTILE PRODUCTS - 2.0%      
30,000   NIKE, Inc., Class B       $ 2,131,200
             
    BANKING - 6.4%      
25,000   Bank of America Corporation^         1,183,000
4,000   JPMorgan Chase & Company         1,159,640
40,500   Truist Financial Corporation(d)         1,741,095
42,000   US Bancorp         1,900,500
10,000   Wells Fargo & Company^         801,200
             

6,785,435

    BIOTECH & PHARMA - 7.3%      
40,000   Bristol-Myers Squibb Company(d)         1,851,600
10,000   Gilead Sciences, Inc.         1,108,700
15,000   Johnson & Johnson(d)         2,291,250
100,000   Pfizer, Inc.(d)         2,424,000
             

7,675,550

    CABLE & SATELLITE - 1.1%      
31,000   Comcast Corporation, Class A^         1,106,390
             
    CHEMICALS - 5.4%      
13,000   Avery Dennison Corporation(d)^         2,281,110
95,000   Chemours Company(d)^         1,087,750
40,000   Nutrien Ltd.(d)         2,329,600
             

5,698,460

    DIVERSIFIED INDUSTRIALS - 2.7%      
4,000   Eaton Corp plc^         1,427,960
6,000   Honeywell International, Inc.         1,397,280
             

2,825,240

    ELECTRIC UTILITIES - 6.0%      
31,100   Dominion Energy, Inc.^         1,757,772
19,000   Duke Energy Corporation^         2,242,000
30,000   SEMPRA         2,273,100
             

6,272,872

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 89.3% (Continued)      
    ENTERTAINMENT CONTENT - 1.2%      
10,000   Walt Disney Company^       $ 1,240,100
             
    FOOD - 6.0%      
28,000   General Mills, Inc.         1,450,680
15,000   Hershey Company(d)         2,489,250
37,500   Hormel Foods Corporation         1,134,375
47,000   Kraft Heinz Company         1,213,540
             

6,287,845

    HEALTH CARE FACILITIES & SERVICES - 0.6%      
2,100   UnitedHealth Group, Inc.^         655,137
             
    HOUSEHOLD PRODUCTS - 1.4%      
9,000   Procter & Gamble Company         1,433,880
             
    LEISURE FACILITIES & SERVICES - 1.3%      
15,000   Starbucks Corporation         1,374,450
             
    LEISURE PRODUCTS - 0.7%      
10,000   Hasbro, Inc.         738,200
             
    MEDICAL EQUIPMENT & DEVICES - 2.5%      
30,000   Medtronic PLC(d)         2,615,100
             
    METALS & MINING - 0.4%      
20,000   Barrick Mining Corporation^         416,400
             
    OIL & GAS PRODUCERS - 6.2%      
16,500   Chevron Corporation(d)^         2,362,635
10,000   EOG Resources, Inc.^         1,196,100
5,000   Expand Energy Corporation^         584,700
22,000   Exxon Mobil Corporation(d)^         2,371,600
             

6,515,035

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 89.3% (Continued)      
    OIL & GAS SERVICES & EQUIPMENT - 1.4%      
45,000   Schlumberger N.V.       $ 1,521,000
             
    REAL ESTATE INVESTMENT TRUSTS - 1.1%      
45,000   Weyerhaeuser Company         1,156,050
             
    RETAIL - CONSUMER STAPLES - 3.6%      
6,000   Dollar General Corporation^         686,280
17,500   Target Corporation^         1,726,375
120,000   Walgreens Boots Alliance, Inc.(d)         1,377,600
             

3,790,255

    RETAIL - DISCRETIONARY - 3.2%      
8,000   Home Depot, Inc.         2,933,120
56,000   Kohl's Corporation         474,880
             

3,408,000

    SEMICONDUCTORS - 6.2%      
70,000   Intel Corporation(d)         1,568,000
26,000   Microchip Technology, Inc.         1,829,620
20,000   QUALCOMM, Inc.(d)         3,185,200
             

6,582,820

    SOFTWARE - 5.0%      
5,500   Microsoft Corporation(d)         2,735,755
6,500   Oracle Corporation(d)         1,421,095
4,000   Salesforce, Inc.         1,090,760
             

5,247,610

    TECHNOLOGY HARDWARE - 5.9%      
12,000   Apple, Inc.^         2,462,040
4,500   Cisco Systems, Inc.^         312,210
20,000   Corning, Inc.^         1,051,800
115,000   Hewlett Packard Enterprise Company         2,351,750
             

6,177,800

    TECHNOLOGY SERVICES - 2.3%      
8,000   Accenture plc, Class A^         2,391,120
             
 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 89.3% (Continued)      
    TELECOMMUNICATIONS - 4.1%      
60,000   AT&T, Inc.^ (d)       $ 1,736,400
61,000   Verizon Communications, Inc. (d)         2,639,470
             

4,375,870

    TOBACCO & CANNABIS - 1.0%      
18,000   Altria Group, Inc.^         1,055,340
             
    TRANSPORTATION & LOGISTICS - 2.2%      
23,000   United Parcel Service, Inc., Class B(d)         2,321,620
             
    WHOLESALE - CONSUMER STAPLES - 2.1%      
30,000   Sysco Corporation(d)         2,272,200
             
               
    TOTAL COMMON STOCKS (Cost $114,803,074)    

  94,070,979

               
               
    SHORT-TERM INVESTMENTS — 9.7%      
    MONEY MARKET FUNDS - 9.7%      
129,217   First American Treasury Obligations Fund, Class X, 4.21%(a)         129,217
10,028,150   JPMorgan US Treasury Plus Money Market Fund, Class L, 4.13%(a)         10,028,150
    TOTAL MONEY MARKET FUNDS (Cost $10,157,367)  

10,157,367

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $10,157,367)  

10,157,367

         
Contracts(b)              
    EQUITY OPTIONS PURCHASED* - 0.0% (c)   Expiration Date Exercise Price Notional Value  
    PUT OPTIONS PURCHASED - 0.0%(c)      
25   SPDR S&P 500 ETF Trust   07/18/2025 $ 580 $ 1,544,625 $ 2,100
    TOTAL PUT OPTIONS PURCHASED (Cost - $28,143)  
         
    TOTAL EQUITY OPTIONS PURCHASED (Cost - $28,143)     2,100    
 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
               
              Fair Value
           
    TOTAL INVESTMENTS - 99.0% (Cost $124,988,584)     $ 104,230,446
    CALL OPTIONS WRITTEN - (1.0)% (Premiums received - $650,999)     (1,015,568)
    OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%    

2,151,589

    NET ASSETS - 100.0%        

$ 105,366,467

           
Contracts(b)              
    WRITTEN EQUITY OPTIONS* - (1.0)%   Expiration Date Exercise Price Notional Value  
    CALL OPTIONS WRITTEN- (1.0)%      
20   Accenture plc   07/18/2025 $ 280 $ 597,780 $ 36,600
90   Altria Group, Inc.   07/18/2025   60   527,670   3,150
60   Apple, Inc.   07/18/2025   200   1,231,020   48,000
100   AT&T, Inc.   07/18/2025   28   289,400   10,800
25   Avery Dennison Corporation   08/15/2025   180   438,675   10,563
125   Bank of America Corporation   07/18/2025   45   591,500   33,875
200   Barrick Mining Corporation   07/18/2025   21   416,400   8,800
200   Chemours Company   07/18/2025   11   229,000   21,200
25   Chevron Corporation   07/18/2025   150   357,975   1,650
45   Cisco Systems, Inc.   07/18/2025   65   312,210   20,025
50   Comcast Corporation   07/18/2025   34   178,450   7,500
100   Corning, Inc.   07/18/2025   50   525,900   31,100
30   Dollar General Corporation   07/18/2025   110   343,140   15,390
100   Dominion Energy, Inc.   07/18/2025   55   565,200   20,200
95   Duke Energy Corporation   07/18/2025   115   1,121,000   36,385
20   Eaton Corp plc   07/18/2025   330   713,980   57,920
50   EOG Resources, Inc.   07/18/2025   130   598,050   900
25   Expand Energy Corporation   07/18/2025   120   292,350   4,075
40   Exxon Mobil Corporation   07/18/2025   115   431,200   1,000
50   Gilead Sciences, Inc.   07/18/2025   105   554,350   34,000
25   Hasbro, Inc.   07/18/2025   68   184,550   16,800
400   Hewlett Packard Enterprise Company   07/18/2025   18   818,000   98,400
20   Home Depot, Inc.   07/18/2025   353   733,280   33,600
30   Honeywell International, Inc.   07/18/2025   220   698,640   41,460
20   Johnson & Johnson   07/18/2025   150   305,500   7,900
20   JPMorgan Chase & Company   07/18/2025   275   579,820   32,700
40   Medtronic plc   07/18/2025   85   348,680   12,800
120   Microchip Technology, Inc.   07/18/2025   68   844,440   50,400
30   Microsoft Corporation   07/18/2025   480   1,492,230   69,000
80   NIKE, Inc.   07/18/2025   63   568,320   69,680
150   Nutrien Ltd.   07/18/2025   60   873,600   8,700
35   Oracle Corporation   07/18/2025   210   765,205   40,355
30   Procter & Gamble Company   07/18/2025   160   477,960   5,460
20   Salesforce, Inc.   07/18/2025   260   545,380   28,900
75   Starbucks Corporation   07/18/2025   95   687,225   8,025
100   Sysco Corporation   07/18/2025   75   757,400   13,500
 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Contracts(b)              
    WRITTEN EQUITY OPTIONS* - (1.0)%   Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS WRITTEN- (1.0)% (Continued)      
25   Target Corporation   07/18/2025 $ 95 $ 246,625 $ 13,000
7   UnitedHealth Group, Inc.   07/18/2025   310   218,379   6,755
50   Walt Disney Company   07/18/2025   120   620,050   25,750
50   Wells Fargo & Company   07/18/2025   75   400,600   29,250
    TOTAL CALL OPTIONS WRITTEN (Premiums received - $650,999)  

1,015,568

         
    TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $650,999)    

$ 1,015,568

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
LTD  - Limited Company
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

* Non-income producing security.
^ Security is subject written call options.
(a) Rate disclosed is the seven-day effective yield as of June 30, 2025.
(b) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(c) Percentage rounds to less than 0.1%.
(d) All or portion of the security is pledged as collateral for written options.