UPCO Universal Potash Corp (CE)

WorldCommodity Fund

Schedule of Investments

June 30, 2013 (Unaudited)

% Net

Shares

Country

 Market Value

Assets

COMMON STOCKS

Agricultural Chemicals - Fertilizer

1,500

CF Industries Holdings, Inc.

United States

 $        257,250

2,900

Mosaic Co.

Canada

           156,049

           413,299

23.13%

Agricultural Production

3

JG Boswell Co.

United States

               2,589

7,414

PGG Wrightson Ltd.

New Zealand

               1,665

               4,254

0.24%

Crude Petroleum & Natural Gas

9,900

Cequence Energy Ltd. *

Canada

             15,631

14,077

Chinook Energy, Inc. *

Canada

             14,995

15,500

Insignia Energy Ltd. *

Canada

             19,755

             50,381

2.82%

Crude Petroleum Refining

5,000

Western Refining, Inc.

United States

           140,350

7.85%

Mining - Iron Ore

3,000,000

WPG Resources Ltd. *

Australia

             87,767

4.91%

Mining - Platinum/Palladium

350,000

Starfield Resources, Inc. *

Canada

                      -

0.00%

Miscellaneous - Diversified Conglomerate

100

Berkshire Hathaway, Inc. Class-B *

United States

             11,192

0.63%

Steel - Production

33,000

Arrium, Ltd.

United States

             23,533

1.32%

TOTAL COMMON STOCKS (Cost $965,988)

 $        730,776

40.90%

CORPORATE NOTES

2,000

Swedish Export Credit Corp.- ELEMENTS (SM)

Rogers International Commodity Index® -

Total Return (sm) Linked Securit ies

Medium-Term Notes, 10/24/2022 *

Sweden

             15,940

2,800

Swedish Export Credit Corp.- ELEMENTS (SM)

Rogers International Commodity Index® -

Energy Total Return (sm) Linked Securities

Medium-Term Notes, 10/24/2022 *

Sweden

             18,284

TOTAL CORPORATE NOTES (Cost $32,404)

 $          34,224

1.92%

WARRANTS

3,500

Franco-Nevada Corp., (06/16/2017) *

Canada

             11,318

10,000

New Gold Inc. Class A  (6/28/2017) *

Canada

             12,269

TOTAL WARRANTS (Cost $4,999)

 $          23,587

1.32%

SHORT TERM INVESTMENTS

1,000,515

Huntington Conservative Deposit Account **0.06%

        1,000,515

TOTAL SHORT TERM INVESTMENTS (Cost $1,000,515)

 $     1,000,515

55.99%

TOTAL INVESTMENTS (Cost $2,003,906)

 $     1,789,102

100.12%

LIABILITIES IN EXCESS OF OTHER ASSETS

             (2,150)

-0.12%

NET ASSETS

$       1,786,952

100.00%

* Non-income producing securities during the period

** Variable rate security; the rate shown represents the rate as of June 30, 2013

Notes to Schedule of Investments

   30-Jun-13

Note 1. SECURITY TRANSACTIONS

At June 30, 2013 the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,003,906 amounted to $214,804 which consisted of aggregate gross unrealized appreciation of $144,893 and aggregate gross unrealized depreciation of $359,697.

Note 2. SECURITY VALUATION

The Fund’s portfolio securities for which market quotes are available are valued each day at market value.  For securities which are traded on any national exchange, international exchange, or the NASDAQ over-the-counter market, market value is generally determined on the basis of the last reported sales price on the securities’ principal exchange prior to closing of the NYSE.  Securities for which no sale was reported are valued at the mean between the last bid and ask quotation.
Short-term investments in fixed income securities having a maturity of 60 days or less at the date of purchase are generally valued at amortized cost, which approximates market value.  Exchange traded options, futures and options on futures are valued at the settlement price determined by the exchange.
Fixed income securities generally are valued by using market quotations when readily available, but may be valued on the basis of prices furnished by independent pricing services when no such market quotations exist and when the Adviser believes such prices accurately reflect the fair value of such securities.  Pricing services generally use a system based on such factors as credit rating, maturity, coupon and type of security to determine fair value.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.  As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar.  The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fair Valued Securities

If market quotations are not readily available, securities will be valued at their fair value as determined in good faith by the Adviser, in accordance with procedures approved by the Board.  The following factors are generally considered in determining fair value: nature and duration of restrictions on disposing of the security; the liquidity of the security; the size of reported trades (trading volume); market values of unrestricted shares of the same or similar class; purchase price; size of the Fund’s holdings; price of similar securities of comparable companies; issuer financial data; special reports prepared by analysts; fundamental analytical data such as multiple of earnings, multiple of book value; issuer’s management; and other relevant matters.

If events materially affecting the values of the Fund’s securities, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the securities will be valued at fair value.  For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Fund’s fair value pricing guidelines.

In accordance with guidance in GAAP on Fair Value Measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.  Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the Fund’s own assumption about the factors market participants would use in pricing an asset or liability. The three-tier hierarchy of inputs is summarized below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, quoted prices for similar or identical investments in inactive markets)

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.

The following table summarizes by major security type the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2013: