Schedule of Investments

Shares

Value

COMMON STOCK - 96.75%

Deep Sea Foreign Transportation of Freight - 1.28%

75,000

DryShips, Inc. *

$             241,500

4,000

Navios Maritime Holdings, Inc.

281,980

Drilling Oil & Gas Wells - 2.40%

4,000

Ocean Rig UDW, Inc.

75,720

Electric Services - 1.65%

3,474,380

McKenzie Bay International Ltd. *

52,116

Industrial Organic Chemicals - 9.33%

25,000

Solazyme, Inc. *

294,500

Metal Mining - 11.56%

10,000

Freeport-McMoRan Copper & Gold, Inc.

365,000

Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.66%

7,000

Energy Fuels, Inc. (Canada) *

52,360

Miscellaneous Electrical Machinery, Equipment & Supplies - 6.08%

80,000

Fuelcell Energy, Inc. *

192,000

Miscellaneous Plastic Products - 0.00%

12

Lightwave Logic, Inc. *

11

Patent Owners & Lessors - 2.25%

236,500

CopyTele, Inc. *

70,950

Petroleum Refining - 0.41%

100

Chevron Corp.

13,055

Pharmaceutical Preparations - 21.10%

100,000

Dendreon Corp. *

230,000

7,000

Ligand Pharmacy, Inc. *

666,030

Printed Circuit Boards - 1.75%

5,000

Flextronics International, Ltd. *

55,350

Retail-Eating Places - 1.38%

1,000

Popeyes Louisiana Kitchen, Inc. *

43,710

Rolling Drawing & Extruding of Nonferrous Metals - 2.36%

5,000

ALCOA, Inc.

74,450

Services-Prepackaged Software - 2.49%

3,000

Imperva, Inc. *

78,540

Services-Sporting Activities - 1.58%

25,000

Central New York Raceway Park, Inc. (a) *

50,000

Surety Insurance - 1.75%

5,000

MBIA, Inc. *

55,200

Surgical & Medical Instruments - 12.69%

84,332

Transluminal Technologies LLC +

               400,577

Steel Works, Blast Furnace, Rolling Mills - 0.63%

2,500

AK Steel Holding Corp. *

                 19,900

Water Transportation - 6.74%

15,000

Knightsbridge Tankers, Ltd.

               212,850

TOTAL FOR COMMON STOCK (Cost $2,680,969) - 96.75%

$           3,054,299

SHORT TERM INVESTMENTS - 1.33%

41,993

Huntington U.S. Treasury Money Market IV 0.03% ** (Cost $41,993)

TOTAL INVESTMENTS (Cost $2,722,962) - 98.08%

OTHER ASSETS LIABILITIES - 1.92%

                 60,766

NET ASSETS - 100.00%

+ Restricted Security

(a) Does not trade publically on the exchange.

* Non-income producing securities during the period.

** Variable rate security; the coupon rate shown represents the yield at June 30, 2014.

 NOTES TO FINANCIAL STATEMENTS

NYSA Fund

1. SECURITY TRANSACTIONS

At June 30, 2014 the net unrealized appreciation on investments, based on cost for federal income tax purposes of $2,722,962 amounted to $373,331, which consisted of aggregate gross unrealized appreciation of $746,318 and aggregate gross unrealized depreciation of $372,987.

2. SECURITY VALUATIONS

Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor believes such prices accurately reflect the fair market value of such securities.  Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price.  When market quotations are not readily available, when the Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Board of Trustees.  The Board has adopted guidelines for good faith pricing, and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.

As required by the fair value topic of the FASB Accounting Standards Codification, fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of 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, 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.

The following table summarizes the valuation of the Funds’ investments by the above fair value hierarchy levels as of June 30, 2014:

Common Stock

$3,054,299

              $0

$0

$3,054,299

Cash Equivalents

$41,993

              $0

              $0

$41,993

Total

$3,096,292

$0

$0

$3,096,292