THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 91.2%      
    APPAREL & TEXTILE PRODUCTS - 1.8%      
32,000   NIKE, Inc., Class B(c)       $ 2,038,720
             
    BANKING - 6.2%      
22,000   Bank of America Corporation^         1,210,000
6,000   JPMorgan Chase & Company^         1,933,320
40,500   Truist Financial Corporation^(c)         1,993,005
20,000   US Bancorp         1,067,200
7,500   Wells Fargo & Company^         699,000
             

6,902,525

    BEVERAGES - 1.3%      
20,000   Coca-Cola Company^         1,398,200
             
    BIOTECH & PHARMA - 7.3%      
18,000   Bristol-Myers Squibb Company^         970,920
1,500   Eli Lilly & Company^         1,612,020
6,500   Johnson & Johnson^         1,345,175
12,000   Merck & Company, Inc. ^         1,263,120
115,000   Pfizer, Inc.^(c)         2,863,500
             

8,054,735

    CHEMICALS - 6.1%      
13,000   Avery Dennison Corporation^(c)         2,364,440
10,000   CF Industries Holdings, Inc.^         773,400
95,000   Chemours Company^(c)         1,120,050
40,000   Nutrien Ltd. ^(c)         2,468,800
             

6,726,690

    DIVERSIFIED INDUSTRIALS - 1.8%      
10,000   Honeywell International, Inc.^         1,950,900
             
    ELECTRIC UTILITIES - 5.5%      
33,000   Dominion Energy, Inc.^         1,933,470
20,000   Duke Energy Corporation^(c)         2,344,200
20,000   SEMPRA^(c)         1,765,800
             

6,043,470

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 91.2% (Continued)      
    ENTERTAINMENT CONTENT - 1.5%      
15,000   Walt Disney Company^       $ 1,706,550
             
    FOOD - 5.5%      
48,000   General Mills, Inc. ^(c)         2,232,000
15,000   Hershey Company^(c)         2,729,700
47,000   Kraft Heinz Company(c)         1,139,750
             

6,101,450

    HEALTH CARE FACILITIES & SERVICES - 1.4%      
4,800   UnitedHealth Group, Inc. ^         1,584,528
             
    HOME CONSTRUCTION - 1.3%      
14,000   Lennar Corporation, Class A         1,439,200
             
    HOUSEHOLD PRODUCTS - 1.9%      
15,000   Procter & Gamble Company^         2,149,650
             
    INSURANCE - 1.0%      
4,000   Travelers Companies, Inc. ^         1,160,240
             
    LEISURE FACILITIES & SERVICES - 3.4%      
6,000   McDonald's Corporation^         1,833,780
22,500   Starbucks Corporation^(c)         1,894,725
             

3,728,505

    MEDICAL EQUIPMENT & DEVICES - 1.7%      
20,000   Medtronic PLC^(c)         1,921,200
             
    OIL & GAS PRODUCERS - 7.0%      
16,500   Chevron Corporation^(c)         2,514,765
16,000   EOG Resources, Inc.         1,680,160
10,000   Expand Energy Corporation^         1,103,600
20,000   Exxon Mobil Corporation^(c)         2,406,800
             

7,705,325

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 91.2% (Continued)      
    OIL & GAS SERVICES & EQUIPMENT - 1.6%      
45,000   Schlumberger N.V.       $ 1,727,100
             
    REAL ESTATE INVESTMENT TRUSTS - 1.0%      
45,000   Weyerhaeuser Company         1,066,050
             
    RETAIL - CONSUMER STAPLES - 2.1%      
9,000   Dollar General Corporation^         1,194,930
12,000   Target Corporation^         1,173,000
             

2,367,930

    RETAIL - DISCRETIONARY - 2.8%      
7,500   Home Depot, Inc. ^(c)         2,580,750
23,000   Kohl's Corporation^         469,430
             

3,050,180

    SEMICONDUCTORS - 7.4%      
3,400   Broadcom, Inc. ^         1,176,740
66,000   Intel Corporation*(c)         2,435,400
30,000   Microchip Technology, Inc. ^         1,911,600
16,000   QUALCOMM, Inc. ^(c)         2,736,800
             

8,260,540

    SOFTWARE - 5.9%      
6,000   Microsoft Corporation^         2,901,720
6,000   Oracle Corporation^         1,169,460
9,400   Salesforce, Inc. ^         2,490,154
             

6,561,334

    TECHNOLOGY HARDWARE - 3.7%      
4,500   Apple, Inc. ^         1,223,370
12,000   Cisco Systems, Inc. ^         924,360
80,000   Hewlett Packard Enterprise Company^         1,921,600
             

4,069,330

    TECHNOLOGY SERVICES - 3.4%      
7,000   Accenture plc, Class A^         1,878,100
2,500   International Business Machines Corporation^         740,525
3,200   Visa, Inc., Class A^         1,122,272
             

3,740,897

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 91.2% (Continued)      
    TELECOMMUNICATIONS - 4.4%      
95,000   AT&T, Inc. ^(c)       $ 2,359,800
61,000   Verizon Communications, Inc.(c)         2,484,530
             

4,844,330

    TOBACCO & CANNABIS - 0.8%      
15,200   Altria Group, Inc.^         876,432
             
    TRANSPORTATION & LOGISTICS - 2.5%      
28,000   United Parcel Service, Inc., Class B^(c)         2,777,320
             
    WHOLESALE - CONSUMER STAPLES - 0.9%      
14,000   Sysco Corporation(c)         1,031,660
             
    TOTAL COMMON STOCKS (Cost $114,977,564)    

  100,984,991

               
    RIGHT — 0.1%      
    ASSET MANAGEMENT - 0.1%      
120,000   Sycamore Partners, LLC*         63,600
             
    TOTAL RIGHT (Cost $63,600)    

63,600

               
    SHORT-TERM INVESTMENTS — 7.3%      
    MONEY MARKET FUNDS - 7.3%      
480,938   First American Treasury Obligations Fund, Class X, 3.65%(a),(c)         480,938
7,603,593   JPMorgan US Treasury Plus Money Market Fund, Class L, 3.61%(a)         7,603,593
    TOTAL MONEY MARKET FUNDS (Cost $8,084,531)  

8,084,531

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $8,084,531)  

8,084,531

 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
              Fair Value
    TOTAL INVESTMENTS - 98.6% (Cost $123,125,695)     $ 109,133,122
    CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $992,040)     (695,819)
    OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%    

2,166,004

    NET ASSETS - 100.0%        

$ 110,603,307

           
Contracts(b)              
    WRITTEN EQUITY OPTIONS* - (0.6)%   Expiration Date Exercise Price Notional Value  
    CALL OPTIONS WRITTEN- (0.6)%      
35   Accenture plc   01/16/2026 $ 275 $ 939,050 8,820
2   Altria Group, Inc.   01/16/2026   58   11,532   170
25   Apple, Inc.   01/16/2026   270   679,650   13,750
150   AT&T, Inc.   01/16/2026   24   372,600   15,150
36   Avery Dennison Corporation   02/20/2026   185   654,768   19,440
110   Bank of America Corporation   01/16/2026   55   605,000   15,180
90   Bristol-Myers Squibb Company   01/16/2026   53   485,460   14,130
17   Broadcom, Inc.   01/16/2026   343   588,370   25,330
30   CF Industries Holdings, Inc.   01/16/2026   78   232,020   4,050
300   Chemours Company   01/16/2026   12   353,700   14,250
25   Chevron Corporation   01/16/2026   150   381,025   9,625
60   Cisco Systems, Inc.   01/16/2026   78   462,180   4,800
100   Coca-Cola Company   01/16/2026   70   699,100   8,100
45   Dollar General Corporation   01/16/2026   135   597,465   7,605
119   Dominion Energy, Inc.   01/16/2026   60   697,221   4,760
60   Duke Energy Corporation   01/16/2026   115   703,260   17,700
15   Eli Lilly & Company   01/16/2026   1,060   1,612,020   52,725
50   Expand Energy Corporation   01/16/2026   110   551,800   13,350
90   Exxon Mobil Corporation   01/16/2026   115   1,083,060   53,100
150   General Mills, Inc.   01/16/2026   48   697,500   4,050
50   Hershey Company   01/16/2026   190   909,900   4,750
400   Hewlett Packard Enterprise Company   01/16/2026   24   960,800   24,000
25   Home Depot, Inc.   01/16/2026   350   860,250   9,125
50   Honeywell International, Inc.   01/16/2026   200   975,450   6,500
12   International Business Machines Corporation   01/16/2026   300   355,452   4,980
35   Johnson & Johnson   01/16/2026   210   724,325   7,035
20   JPMorgan Chase & Company   01/16/2026   315   644,440   23,800
10   JPMorgan Chase & Company   01/16/2026   320   322,220   7,880
115   Kohl's Corporation   01/16/2026   23   234,715   2,875
30   McDonald's Corporation   01/16/2026   320   916,890   900
100   Medtronic plc   01/16/2026   98   960,600   9,300
60   Merck & Company, Inc.   01/16/2026   103   631,560   19,980
100   Microchip Technology, Inc.   01/16/2026   65   637,200   17,000
30   Microsoft Corporation   01/16/2026   485   1,450,860   21,990
150   Nutrien Ltd.   02/20/2026   63   925,800   36,000
30   Oracle Corporation   01/16/2026   195   584,730   19,890
 
 

 

THE COVERED BRIDGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
Contracts(b) (continued)              
    WRITTEN EQUITY OPTIONS* - (0.6)%   Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS WRITTEN- (0.6)% (Continued)      
150   Pfizer, Inc.   01/16/2026 $ 25 $ 373,500 $ 5,550
40   Procter & Gamble Company   02/20/2026   150   573,240   6,040
60   QUALCOMM, Inc.   01/16/2026   175   1,026,300   12,000
47   Salesforce, Inc.   01/16/2026   260   1,245,077   40,514
75   Sempra   01/16/2026   85   662,175   31,125
75   Starbucks Corporation   01/16/2026   89   631,575   2,850
60   Target Corporation   01/16/2026   97   586,500   19,200
20   Travelers Companies, Inc.   01/16/2026   290   580,120   9,400
100   Truist Financial Corporation   02/20/2026   53   492,100   5,200
50   United Parcel Service, Inc.   01/16/2026   101   495,950   6,050
24   UnitedHealth Group, Inc.   01/16/2026   340   792,264   9,240
16   Visa, Inc.   01/16/2026   353   561,136   6,080
75   Walt Disney Company   01/16/2026   115   853,275   10,050
35   Wells Fargo & Company   01/16/2026   93   326,200   10,430
    TOTAL CALL OPTIONS WRITTEN (Premiums received - $992,040)  

695,819

         
    TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $992,040)    

$ 695,819

           
               
 

 

 

 

LLC  - Limited Liability Company
LTD  - Limited Company
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
   
   
   
   
 

 

 

 

* Non-income producing security.
^ Security is subject written call options.
(a) Rate disclosed is the seven-day effective yield as of December 31, 2025.
(b) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(c) All or portion of the security is pledged as collateral for written options.