|
ASSET MANAGEMENT FUND
|
|
LARGE CAP EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS
|
|
|
95.6
|
%
|
|
|
|
|
|
|
|
Aerospace & Defense
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
United Technologies Corp.
|
|
|
|
|
|
|
40,000
|
|
|
$
|
4,222,800
|
|
|
Air Freight & Logistics
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
United Parcel Service, Inc.
|
|
|
|
|
|
|
40,000
|
|
|
|
3,472,000
|
|
|
Beverages
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
Coca-Cola Co.
|
|
|
|
|
|
|
100,000
|
|
|
|
4,008,000
|
|
|
PepsiCo, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
4,177,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,185,000
|
|
|
Chemicals
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
Du Pont (E.I.) De Nemours
|
|
|
|
|
|
|
40,000
|
|
|
|
2,307,600
|
|
|
Praxair, Inc.
|
|
|
|
|
|
|
12,000
|
|
|
|
1,442,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,749,640
|
|
|
Commercial Banks
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
|
|
|
|
100,000
|
|
|
|
4,350,000
|
|
|
Diversified Financial Services
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
|
|
|
|
45,000
|
|
|
|
3,319,650
|
|
|
Electrical Equipment
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
Emerson Electric Co.
|
|
|
|
|
|
|
40,000
|
|
|
|
2,454,800
|
|
|
Food & Staples Retailing
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
Sysco Corp.
|
|
|
|
|
|
|
50,000
|
|
|
|
1,725,500
|
|
|
Wal-Mart Stores, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
3,897,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,622,500
|
|
|
Food Products
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
General Mills, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
2,600,000
|
|
|
Health Care Equipment & Supplies
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
Becton, Dickinson & Co.
|
|
|
|
|
|
|
25,000
|
|
|
|
2,593,000
|
|
|
Medtronic, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
2,762,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,355,000
|
|
|
Hotels, Restaurants & Leisure
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
McDonald’s Corp.
|
|
|
|
|
|
|
36,000
|
|
|
|
3,530,880
|
|
|
Household Products
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
Procter & Gamble
|
|
|
|
|
|
|
40,000
|
|
|
|
3,212,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to Schedule of Investments
|
ASSET MANAGEMENT FUND
|
|
LARGE CAP EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
Industrial Conglomerates
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
3M Company
|
|
|
|
|
|
|
35,000
|
|
|
$
|
4,110,050
|
|
|
General Electric Co.
|
|
|
|
|
|
|
150,000
|
|
|
|
3,655,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,765,550
|
|
|
Insurance
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
Berkshire Hathaway, Inc.(a)
|
|
|
|
|
|
|
25
|
|
|
|
4,347,500
|
|
|
IT Services
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
Automatic Data Processing
|
|
|
|
|
|
|
25,000
|
|
|
|
1,802,250
|
|
|
International Business Machines Corp.
|
|
|
|
|
|
|
19,000
|
|
|
|
3,705,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,508,010
|
|
|
Media
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
The Walt Disney Company
|
|
|
|
|
|
|
55,000
|
|
|
|
3,555,750
|
|
|
Oil & Gas Consumable Fuels
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
|
|
|
|
32,000
|
|
|
|
4,028,480
|
|
|
Exxon Mobil Corp.
|
|
|
|
|
|
|
40,000
|
|
|
|
3,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,778,480
|
|
|
Pharmaceuticals
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
|
|
|
|
50,000
|
|
|
|
1,831,500
|
|
|
Johnson & Johnson
|
|
|
|
|
|
|
45,000
|
|
|
|
4,207,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,039,000
|
|
|
Software
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
Microsoft Corp.
|
|
|
|
|
|
|
110,000
|
|
|
|
3,501,300
|
|
|
Specialty Retail
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
TJX Companies
|
|
|
|
|
|
|
40,000
|
|
|
|
2,081,600
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
|
|
|
|
|
90,651,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to Schedule of Investments
|
ASSET MANAGEMENT FUND
|
|
LARGE CAP EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
INVESTMENT COMPANIES
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
4,275,790
|
|
|
$
|
4,275,790
|
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
4,275,790
|
|
TOTAL INVESTMENTS
(Cost $54,209,596) (b)
|
|
|
100.1
|
%
|
|
|
|
|
|
|
94,927,250
|
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
(0.1
|
)%
|
|
|
|
|
|
|
(58,777
|
)
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
$
|
94,868,473
|
|
(a)
Non-income producing security.
(b)
Represents cost for financial reporting purposes.
See notes to Schedule of Investments
|
ASSET MANAGEMENT FUND
|
|
NOTES TO SCHEDULES OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
Asset Management Fund (the “Trust”) was reorganized as a Delaware statutory trust on September 30, 1999, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management company. As of July 31, 2013, the Trust is authorized to issue an unlimited number of shares in six separate series: the Ultra Short Mortgage Fund, the Ultra Short Fund, the Short U.S. Government Fund, the Intermediate Mortgage Fund, the U.S. Government Mortgage Fund and the Large Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds”). Each of the Funds, except the Large Cap Equity Fund, offer a single class of shares. The Large Cap Equity Fund is authorized to issue two classes of shares: Class AMF Shares and Class H Shares. Class AMF and Class H Shares of the Large Cap Equity Fund have the same rights and obligations except: (i) Class AMF Shares bear a distribution fee, while Class H Shares do not have any distribution fee, which will cause Class AMF Shares to have a higher expense ratio and to pay lower dividends than those related to Class H Shares; (ii) other expenses, which are determined to properly apply to one class of shares upon approval by the Board of Trustees, will be borne solely by the class to which such expenses are attributable; and (iii) each class will have exclusive voting rights with respect to the matters relating to its own distribution arrangements.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund. The Trust maintains an insurance policy that insures its officers and trustees against certain liabilities.
A.
Significant
accounting policies are as follows:
SECURITY VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
• Level 1 — quoted prices in active markets for identical assets
• Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk,etc.)
• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short term debt securities are valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
The Funds’ prices for equity securities are generally provided by an independent third party pricing service approved by the Board of Trustees of the Trust (“Board”) as of the close of the regular trading session of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of each Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest bid quotations as of the close of
|
ASSET MANAGEMENT FUND
|
|
NOTES TO SCHEDULES OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
The Funds’ debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term debt securities of sufficient credit quality that mature within sixty days are valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy. If a pricing service is unable to provide valuations for a particular security or securities, or the Adviser has determined that such valuations are unreliable, the Funds will fair value the security or securities pursuant to the fair valuation methodology of the Adviser approved by the Board.
Within the fair value pricing methodology used by the Adviser, among the more specific factors that are considered in determining the fair value of investments in debt instruments are: (1) information obtained with respect to market transactions in such securities or comparable securities; (2) the price and extent of public trading in similar securities of the issuer or comparable securities; (3) the fundamental analytical data relating to the investment; (4) quotations from broker/dealers, yields, maturities, ratings and various relationships between securities; and (5) evaluation of the forces which influence the market in which these securities are purchased and sold. The fair valuation process also takes into consideration factors such as interest rate changes, movements in credit spreads, default rate assumptions, repayment assumptions, type and quality of collateral, and security seasoning. Imprecision in estimating fair value can impact the amount of unrealized appreciation or depreciation recorded for a particular security, and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
Fair value pricing, including evaluated prices obtained from pricing services, is inherently a process of estimates and judgments. Fair value prices may fluctuate less than market prices due to technical issues which may impact the prices at which the Funds can purchase or sell securities. Market prices can be impacted by technical factors such as short term changes in market liquidity and volatility which may not directly impact fair value prices. There can be no assurance that a Fund could purchase or sell a portfolio of investments at the fair value price used to calculate the Fund’s NAV. In addition, changes in the value of portfolio investments priced at fair value may be less frequent and of greater magnitude than changes in the price of securities that trade frequently in the marketplace, resulting in potentially greater NAV volatility.
While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values at the time of pricing, the Trust cannot ensure that fair value prices would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security, particularly in a forced or distressed sale.
|
ASSET MANAGEMENT FUND
|
|
NOTES TO SCHEDULES OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2013:
|
|
|
|
|
|
|
Level 2 - Other
|
|
|
Level 3 -
|
|
|
|
|
|
|
|
|
|
|
|
Significant
|
|
|
Significant
|
|
|
|
|
|
|
|
|
Level 1 - Quoted
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
Portfolio
|
|
|
Prices
|
|
|
Inputs
|
|
|
Inputs
|
|
|
Total
|
|
|
Ultra Short Mortgage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
|
$
|
‐
|
|
|
$
|
273,556,410
|
|
|
$
|
‐
|
|
|
$
|
273,556,410
|
|
|
Repurchase Agreements
|
|
|
|
‐
|
|
|
|
4,270,000
|
|
|
|
‐
|
|
|
|
4,270,000
|
|
|
Investment Companies
|
|
|
|
751
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
751
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,827,161
|
|
|
Ultra Short Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
|
|
‐
|
|
|
|
6,368,791
|
|
|
|
‐
|
|
|
|
6,368,791
|
|
|
Investment Companies
|
|
|
|
505,488
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
505,488
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,874,279
|
|
|
Short U.S. Government Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
|
|
‐
|
|
|
|
18,817,450
|
|
|
|
‐
|
|
|
|
18,817,450
|
|
|
Repurchase Agreements
|
|
|
|
‐
|
|
|
|
1,598,000
|
|
|
|
‐
|
|
|
|
1,598,000
|
|
|
Investment Companies
|
|
|
|
285
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
285
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,415,735
|
|
|
Intermediate Mortgage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
|
|
‐
|
|
|
|
17,706,346
|
|
|
|
‐
|
|
|
|
17,706,346
|
|
|
Repurchase Agreements
|
|
|
|
‐
|
|
|
|
6,167,000
|
|
|
|
‐
|
|
|
|
6,167,000
|
|
|
Investment Companies
|
|
|
|
918
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
918
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,874,264
|
|
|
U.S. Government Mortgage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
|
|
‐
|
|
|
|
15,001,764
|
|
|
|
‐
|
|
|
|
15,001,764
|
|
|
Repurchase Agreements
|
|
|
|
‐
|
|
|
|
2,350,000
|
|
|
|
‐
|
|
|
|
2,350,000
|
|
|
Investment Companies
|
|
|
|
788
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
788
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,352,552
|
|
|
Large Cap Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
90,651,460
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
90,651,460
|
|
|
Investment Companies
|
|
|
|
4,275,790
|
|
|
|
‐
|
|
|
|
‐
|
|
|
|
4,275,790
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
94,927,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of July 31, 2013, there were no level 3 securities held by the Funds. The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Level 1, 2 or 3 as of July 31, 2013, based on levels assigned to securities on October 31, 2012.
REPURCHASE AGREEMENTS
With the exception of the Ultra Short Fund and Large Cap Equity fund, obligations of the U.S.
Government or other obligations that are not subject to any investment limitation on the part of national banks may be purchased from government securities dealers or the custodian bank, subject to the seller’s agreement to repurchase them at an agreed upon date and price. The value of collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral by Funds may be delayed or limited.
|
ASSET MANAGEMENT FUND
|
|
NOTES TO SCHEDULES OF INVESTMENTS
|
|
July 31, 2013 (Unaudited)
|
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED-DELIVERY BASIS
Each Fund may purchase securities on a when-issued or delayed delivery basis. In when-issued transactions, securities are bought or sold during the period between the announcement of an offering and the issuance and payment date of the securities. When securities are purchased on a delayed-delivery basis, the price of the securities is fixed at the time the commitment to purchase is made, but settlement may take place at a future date. By the time of delivery, securities purchased on a when-issued or delayed-delivery basis may be valued at less than the purchase price. At the time when-issued or delayed-delivery securities are purchased, the Fund must set aside funds in a segregated account to pay for the purchase, and until acquisition, the Fund will not earn any income on the securities that it purchased. There were no when-issued securities held in the funds as of July 31, 2013
FEDERAL INCOME TAX INFORMATION
As of July 31, 2013, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
|
|
|
|
|
|
Tax
|
|
|
Tax
|
|
|
Net
Unrealized
|
|
|
|
|
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Appreciation
|
|
|
|
|
Tax Cost
|
|
|
Appreciation
|
|
|
(Depreciation)
|
|
|
(Depreciation)
|
|
|
AMF Ultra Short Mortgage Fund
|
|
$
|
273,239,506
|
|
|
$
|
5,824,112
|
|
|
$
|
(1,236,457
|
)
|
|
$
|
4,587,655
|
|
|
AMF Ultra Short Fund
|
|
|
6,860,609
|
|
|
|
94,342
|
|
|
|
(80,672
|
)
|
|
|
13,670
|
|
|
AMF Short U.S. Government Fund
|
|
|
20,500,259
|
|
|
|
187,062
|
|
|
|
(271,586
|
)
|
|
|
(84,524
|
)
|
|
AMF Intermediate Mortgage Fund
|
|
|
24,153,381
|
|
|
|
109,302
|
|
|
|
(388,419
|
)
|
|
|
(279,117
|
)
|
|
AMF U.S. Government Mortgage Fund
|
|
|
17,524,424
|
|
|
|
140,080
|
|
|
|
(311,952
|
)
|
|
|
(171,872
|
)
|
|
AMF Large Cap Equity Fund
|
|
|
54,209,596
|
|
|
|
41,843,832
|
|
|
|
(1,126,178
|
)
|
|
|
40,717,654
|
|