UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-03541
Asset Management Fund
(Exact name of registrant as specified in charter)
1000 Brickell Avenue, Suite 500 Miami, FL 33131
(Address of principal executive offices) (Zip
code)
Beacon Hill Fund Services, Inc. 4041 N. High
Street Columbus, OH 43214
(Name and address of agent for service)
Registrant's telephone number, including area code: (800)-527-3713
Date of fiscal year end: 10/31
Date of reporting period: 1/31/2014
Form N-Q is to be used by management investment
companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter),
to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to
rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form
N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information
specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection
of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.
The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
ASSET MANAGEMENT FUND
ULTRA SHORT MORTGAGE FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES*
|
|
|
90.7
|
%
|
|
|
|
|
|
|
|
|
|
1 Yr. Constant Maturity Treasury Based ARMS
|
|
|
27.8
|
%
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.49%
|
|
|
|
|
|
7/1/28
|
|
|
$
|
1,519,530
|
|
|
$
|
1,589,258
|
|
2.06%
|
|
|
|
|
|
8/1/29
|
|
|
|
1,096,765
|
|
|
|
1,131,466
|
|
2.30%
|
|
|
|
|
|
3/1/30
|
|
|
|
187,230
|
|
|
|
195,452
|
|
2.34%
|
|
|
|
|
|
5/1/33
|
|
|
|
597,422
|
|
|
|
628,548
|
|
2.47%
|
|
|
|
|
|
9/1/33
|
|
|
|
2,015,602
|
|
|
|
2,106,340
|
|
2.30%
|
|
|
|
|
|
1/1/35
|
|
|
|
4,967,539
|
|
|
|
5,240,093
|
|
2.37%
|
|
|
|
|
|
1/1/35
|
|
|
|
3,859,788
|
|
|
|
4,082,887
|
|
2.28%
|
|
|
|
|
|
9/1/38
|
|
|
|
6,914,592
|
|
|
|
7,367,774
|
|
Fannie Mae Grantor Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.53%
|
|
|
|
|
|
5/25/42
|
|
|
|
6,848,751
|
|
|
|
7,266,045
|
|
2.84%
|
|
|
|
|
|
8/25/43
|
|
|
|
8,067,818
|
|
|
|
8,348,256
|
|
Fannie Mae Whole Loan
|
|
|
|
|
|
|
|
|
|
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3.04%
|
|
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|
|
8/25/42
|
|
|
|
7,352,831
|
|
|
|
7,667,658
|
|
3.66%
|
|
|
|
|
|
8/25/42
|
|
|
|
3,117,376
|
|
|
|
3,345,447
|
|
2.69%
|
|
|
|
|
|
4/25/45
|
|
|
|
12,732,967
|
|
|
|
13,574,921
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.26%
|
|
|
|
|
|
10/1/22
|
|
|
|
376,991
|
|
|
|
386,553
|
|
2.27%
|
|
|
|
|
|
9/1/27
|
|
|
|
727,151
|
|
|
|
749,785
|
|
2.23%
|
|
|
|
|
|
9/1/28
|
|
|
|
5,416,194
|
|
|
|
5,615,157
|
|
2.25%
|
|
|
|
|
|
9/1/30
|
|
|
|
391,482
|
|
|
|
401,006
|
|
2.38%
|
|
|
|
|
|
7/1/31
|
|
|
|
2,611,017
|
|
|
|
2,693,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,389,840
|
|
12 Mo. London Interbank Offering Rate (LIBOR)
|
|
|
45.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.44%
|
|
|
|
|
|
9/1/36
|
|
|
|
10,200,022
|
|
|
|
10,849,121
|
|
2.56%
|
|
|
|
|
|
6/1/37
|
|
|
|
16,037,687
|
|
|
|
17,178,432
|
|
2.47%
|
|
|
|
|
|
8/1/37
|
|
|
|
24,371,102
|
|
|
|
26,048,882
|
|
2.23%
|
|
|
|
|
|
9/1/37
|
|
|
|
6,429,461
|
|
|
|
6,831,302
|
|
2.43%
|
|
|
|
|
|
10/1/37
|
|
|
|
3,570,037
|
|
|
|
3,793,164
|
|
2.44%
|
|
|
|
|
|
7/1/38
|
|
|
|
7,667,125
|
|
|
|
8,146,320
|
|
2.35%
|
|
|
|
|
|
9/1/38
|
|
|
|
20,610,241
|
|
|
|
22,048,423
|
|
4.36%
|
|
|
|
|
|
5/1/39
|
|
|
|
10,669,400
|
|
|
|
11,416,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
ULTRA SHORT MORTGAGE FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
2.52%
|
|
|
|
|
5/1/39
|
|
|
$
|
12,340,357
|
|
|
$
|
13,111,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119,423,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Mo. Certificate of Deposit Based ARMS
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.25%
|
|
|
|
|
|
6/1/21
|
|
|
|
506,916
|
|
|
|
509,446
|
|
1.72%
|
|
|
|
|
|
12/1/24
|
|
|
|
1,081,499
|
|
|
|
1,104,476
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.94%
|
|
|
|
|
|
1/1/26
|
|
|
|
500,923
|
|
|
|
514,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,128,756
|
|
6 Mo. London Interbank Offering Rate (LIBOR)
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.66%
|
|
|
|
|
|
9/1/27
|
|
|
|
2,202,090
|
|
|
|
2,255,011
|
|
1.61%
|
|
|
|
|
|
3/1/28
|
|
|
|
1,830,368
|
|
|
|
1,871,291
|
|
2.13%
|
|
|
|
|
|
6/1/28
|
|
|
|
280,853
|
|
|
|
292,828
|
|
1.53%
|
|
|
|
|
|
9/1/33
|
|
|
|
1,018,373
|
|
|
|
1,035,200
|
|
1.63%
|
|
|
|
|
|
11/1/33
|
|
|
|
1,562,302
|
|
|
|
1,593,554
|
|
1.65%
|
|
|
|
|
|
11/1/33
|
|
|
|
934,977
|
|
|
|
958,701
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.50%
|
|
|
|
|
|
9/1/30
|
|
|
|
1,906,240
|
|
|
|
2,051,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,058,037
|
|
Cost of Funds Index Based ARMS
|
|
|
10.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.13%
|
|
|
|
|
|
2/1/28
|
|
|
|
8,663,261
|
|
|
|
9,085,180
|
|
2.21%
|
|
|
|
|
|
8/1/33
|
|
|
|
5,316,066
|
|
|
|
5,484,197
|
|
2.95%
|
|
|
|
|
|
11/1/36
|
|
|
|
5,932,578
|
|
|
|
6,332,362
|
|
2.04%
|
|
|
|
|
|
6/1/38
|
|
|
|
5,053,841
|
|
|
|
5,214,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,116,262
|
|
SBA Pool Floaters
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Small Business Administration Pool
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.36%
|
|
|
|
|
|
10/25/38
|
|
|
|
4,967,934
|
|
|
|
5,679,128
|
|
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
235,795,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
|
ULTRA SHORT MORTGAGE FUND
|
SCHEDULE OF INVESTMENTS
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
FIXED RATE MORTGAGE-RELATED SECURITIES
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
15 Yr. Securities
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.50%
|
|
|
|
|
|
10/1/27
|
|
|
$
|
2,507,420
|
|
|
$
|
2,503,815
|
|
Collateralized Mortgage Obligations
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
2/25/18
|
|
|
|
1,807,135
|
|
|
|
1,906,521
|
|
4.00%
|
|
|
|
|
|
10/25/23
|
|
|
|
889,552
|
|
|
|
916,438
|
|
5.00%
|
|
|
|
|
|
3/25/24
|
|
|
|
2,520,084
|
|
|
|
2,704,527
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
6/15/36
|
|
|
|
6,361,594
|
|
|
|
6,635,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,162,928
|
|
TOTAL FIXED RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,666,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
INVESTMENT COMPANIES
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
|
|
|
430
|
|
|
$
|
430
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Amount
|
|
|
Value
|
|
REPURCHASE AGREEMENTS
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America, 0.02%, (Agreement dated 1/31/14
to be repurchased at $9,398,016 on 2/3/14 Collateralized by Fixed Rate U.S. Government Mortgage-Backed Securities, 1.63% - 5.00%, with a value of $9,585,961, due at 12/15/24 - 1/20/44)
|
|
|
|
|
|
|
|
|
$
|
9,398,000
|
|
|
$
|
9,398,000
|
|
TOTAL REPURCHASE AGREEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,398,000
|
|
TOTAL INVESTMENTS
(Cost $ 254,637,104)
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
259,861,037
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
125,138
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
$
|
259,986,175
|
|
*
|
The rates presented are the rates in effect at January 31, 2014.
|
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
ULTRA SHORT FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES*
|
|
|
86.4
|
%
|
|
|
|
|
|
|
|
|
|
1 Yr. Constant Maturity Treasury Based ARMS
|
|
|
33.9
|
%
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.28%
|
|
|
|
|
|
10/1/28
|
|
|
$
|
98,128
|
|
|
$
|
102,523
|
|
2.64%
|
|
|
|
|
|
12/1/30
|
|
|
|
320,609
|
|
|
|
338,480
|
|
2.26%
|
|
|
|
|
|
7/1/33
|
|
|
|
397,183
|
|
|
|
411,519
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.37%
|
|
|
|
|
|
11/1/28
|
|
|
|
85,008
|
|
|
|
88,418
|
|
2.87%
|
|
|
|
|
|
1/1/29
|
|
|
|
434,835
|
|
|
|
461,083
|
|
2.29%
|
|
|
|
|
|
7/1/30
|
|
|
|
271,481
|
|
|
|
281,676
|
|
2.35%
|
|
|
|
|
|
9/1/30
|
|
|
|
54,526
|
|
|
|
57,429
|
|
2.51%
|
|
|
|
|
|
8/1/31
|
|
|
|
639,033
|
|
|
|
667,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,408,201
|
|
12 Mo. London Interbank Offering Rate (LIBOR)
|
|
|
52.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.47%
|
|
|
|
|
|
8/1/37
|
|
|
|
1,254,061
|
|
|
|
1,340,394
|
|
2.23%
|
|
|
|
|
|
9/1/37
|
|
|
|
460,980
|
|
|
|
489,792
|
|
2.43%
|
|
|
|
|
|
10/1/37
|
|
|
|
914,079
|
|
|
|
971,209
|
|
2.35%
|
|
|
|
|
|
9/1/38
|
|
|
|
824,497
|
|
|
|
882,031
|
|
4.36%
|
|
|
|
|
|
5/1/39
|
|
|
|
51,029
|
|
|
|
54,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,738,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,146,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
INVESTMENT COMPANIES
|
|
|
13.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
|
|
|
961,055
|
|
|
$
|
961,055
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
961,055
|
|
TOTAL INVESTMENTS
(Cost $7,019,348)
|
|
|
99.9
|
%
|
|
|
|
|
|
|
|
|
$
|
7,107,284
|
|
OTHER NET ASSETS (LIABILITIES)
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
7,726
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
$
|
7,115,010
|
|
* The rates presented are the rates in effect at January 31, 2014.
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
SHORT U.S. GOVERNMENT FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES*
|
|
|
63.6
|
%
|
|
|
|
|
|
|
|
|
|
1 Yr. Constant Maturity Treasury Based ARMS
|
|
|
23.1
|
%
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.56%
|
|
|
|
|
|
5/1/31
|
|
|
$
|
444,067
|
|
|
$
|
468,331
|
|
2.37%
|
|
|
|
|
|
1/1/35
|
|
|
|
330,120
|
|
|
|
349,201
|
|
Fannie Mae Grantor Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.53%
|
|
|
|
|
|
5/25/42
|
|
|
|
764,028
|
|
|
|
810,580
|
|
2.84%
|
|
|
|
|
|
8/25/43
|
|
|
|
1,575,500
|
|
|
|
1,630,265
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.35%
|
|
|
|
|
|
3/1/27
|
|
|
|
225,971
|
|
|
|
234,784
|
|
2.51%
|
|
|
|
|
|
8/1/31
|
|
|
|
932,032
|
|
|
|
972,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,466,090
|
|
12 Mo. London Interbank Offering Rate (LIBOR)
|
|
|
40.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.44%
|
|
|
|
|
|
9/1/36
|
|
|
|
474,420
|
|
|
|
504,610
|
|
2.23%
|
|
|
|
|
|
9/1/37
|
|
|
|
921,960
|
|
|
|
979,583
|
|
2.43%
|
|
|
|
|
|
10/1/37
|
|
|
|
1,553,935
|
|
|
|
1,651,056
|
|
2.35%
|
|
|
|
|
|
9/1/38
|
|
|
|
1,477,224
|
|
|
|
1,580,305
|
|
4.36%
|
|
|
|
|
|
5/1/39
|
|
|
|
382,716
|
|
|
|
409,517
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.52%
|
|
|
|
|
|
5/1/39
|
|
|
|
2,535,066
|
|
|
|
2,693,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,818,578
|
|
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,284,668
|
|
FIXED RATE MORTGAGE-RELATED SECURITIES
|
|
|
27.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
10 Yr. Securities
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
|
7/1/21
|
|
|
|
1,203,485
|
|
|
|
1,274,671
|
|
15 Yr. Securities
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
1/1/27
|
|
|
|
2,630,707
|
|
|
|
2,718,349
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
12/17/15
|
|
|
|
6,135
|
|
|
|
6,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,724,825
|
|
|
See notes to Schedule of Investments.
|
ASSET MANAGEMENT FUND
SHORT U.S. GOVERNMENT FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
30 Yr. Securities
|
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
|
9/15/42
|
|
|
$
|
1,267,487
|
|
|
$
|
1,305,809
|
|
TOTAL FIXED RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,305,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
|
11/30/15
|
|
|
|
1,500,000
|
|
|
|
1,499,004
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,499,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
INVESTMENT COMPANIES
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
|
|
|
208,773
|
|
|
$
|
208,773
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
208,773
|
|
TOTAL INVESTMENTS
(Cost $ 19,218,905)
|
|
|
99.9
|
%
|
|
|
|
|
|
|
|
|
|
19,297,750
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
16,899
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
$
|
19,314,649
|
|
*
|
The rates presented are the rates in effect at January 31, 2014.
|
|
See notes to Schedule of Investments.
|
ASSET MANAGEMENT FUND
INTERMEDIATE MORTGAGE FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
|
Amount
|
|
|
Value
|
|
ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES*
|
|
|
33.2
|
%
|
|
|
|
|
|
|
|
|
|
1 Yr. Constant Maturity Treasury Based ARMS
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.53%
|
|
|
|
|
|
7/1/37
|
|
|
$
|
1,402,889
|
|
|
$
|
1,501,782
|
|
12 Mo. London Interbank Offering Rate (LIBOR)
|
|
|
27.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.23%
|
|
|
|
|
|
9/1/37
|
|
|
|
4,609,802
|
|
|
|
4,897,915
|
|
2.35%
|
|
|
|
|
|
9/1/38
|
|
|
|
1,133,684
|
|
|
|
1,212,792
|
|
4.36%
|
|
|
|
|
|
5/1/39
|
|
|
|
382,716
|
|
|
|
409,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,520,224
|
|
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,022,006
|
|
FIXED RATE MORTGAGE-RELATED SECURITIES
|
|
|
52.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
10 Yr. Securities
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
|
7/1/21
|
|
|
|
962,788
|
|
|
|
1,019,736
|
|
15 Yr. Securities
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.00%
|
|
|
|
|
|
3/1/15
|
|
|
|
5,589
|
|
|
|
5,700
|
|
7.00%
|
|
|
|
|
|
3/1/15
|
|
|
|
9,046
|
|
|
|
9,207
|
|
7.50%
|
|
|
|
|
|
11/1/15
|
|
|
|
15,587
|
|
|
|
16,094
|
|
6.50%
|
|
|
|
|
|
1/1/16
|
|
|
|
8,745
|
|
|
|
9,019
|
|
6.00%
|
|
|
|
|
|
6/1/16
|
|
|
|
58,676
|
|
|
|
61,189
|
|
6.00%
|
|
|
|
|
|
7/1/17
|
|
|
|
44,246
|
|
|
|
46,903
|
|
6.00%
|
|
|
|
|
|
7/1/17
|
|
|
|
78,019
|
|
|
|
82,517
|
|
2.50%
|
|
|
|
|
|
2/1/26
|
|
|
|
455,520
|
|
|
|
457,401
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
6/1/17
|
|
|
|
96,100
|
|
|
|
101,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
789,714
|
|
30 Yr. Securities
|
|
|
19.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
|
11/1/41
|
|
|
|
2,078,891
|
|
|
|
2,106,201
|
|
3.00%
|
|
|
|
|
|
8/1/42
|
|
|
|
86,260
|
|
|
|
83,788
|
|
|
See notes to Schedules of Investments.
|
ASSET MANAGEMENT FUND
INTERMEDIATE MORTGAGE FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
Maturity
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
Date
|
|
Amount
|
|
|
Value
|
|
Government National Mortgage Association
|
|
|
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
8/15/42
|
|
$
|
2,436,943
|
|
|
$
|
2,510,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,700,611
|
|
Collateralized Mortgage Obligations
|
|
|
25.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
10/25/32
|
|
|
173,156
|
|
|
|
176,589
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
|
|
|
|
9/15/33
|
|
|
5,466,670
|
|
|
|
5,952,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,129,388
|
|
TOTAL FIXED RATE MORTGAGE-RELATED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
12,639,449
|
|
U.S. GOVERNMENT OBLIGATIONS
|
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
|
11/30/15
|
|
|
2,500,000
|
|
|
|
2,498,340
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
2,498,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Shares
|
|
|
Value
|
|
INVESTMENT COMPANIES
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
|
|
630
|
|
|
$
|
630
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
|
630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Amount
|
|
|
|
Value
|
|
REPURCHASE AGREEMENTS
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Bank of America, 0.02%,(Agreement dated 1/31/14 to
be repurchased at $1,033,002 on 2/3/14. Collateralized by Fixed Rate U.S. Government Mortgage-Backed Securities, 4.00%, with a value of $1,053,661, due at 12/15/24 - 1/20/44)
|
|
|
|
|
|
|
|
$
|
1,033,000
|
|
|
$
|
1,033,000
|
|
TOTAL REPURCHASE AGREEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
1,033,000
|
|
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
INTERMEDIATE MORTGAGE FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Amount
|
|
|
Value
|
|
TOTAL INVESTMENTS
(Cost $ 24,264,987)
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
24,193,425
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
5,606
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
$
|
24,199,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The rates presented are the rates in effect at January 31, 2014.
|
See notes to Schedules of Investments.
ASSET MANAGEMENT FUND
LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS
|
|
|
94.5
|
%
|
|
|
|
|
|
|
Aerospace & Defense
|
|
|
4.4
|
%
|
|
|
|
|
|
|
United Technologies Corp.
|
|
|
|
|
|
|
35,000
|
|
|
$
|
3,990,700
|
|
Air Freight & Logistics
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
United Parcel Service, Inc.
|
|
|
|
|
|
|
35,000
|
|
|
|
3,333,050
|
|
Beverages
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
Coca-Cola Co.
|
|
|
|
|
|
|
100,000
|
|
|
|
3,782,000
|
|
PepsiCo, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
4,018,000
|
|
|
|
|
|
|
|
|
|
|
|
|
7,800,000
|
|
Chemicals
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
Du Pont (E.I.) De Nemours
|
|
|
|
|
|
|
40,000
|
|
|
|
2,440,400
|
|
Praxair, Inc.
|
|
|
|
|
|
|
12,000
|
|
|
|
1,496,640
|
|
|
|
|
|
|
|
|
|
|
|
|
3,937,040
|
|
Commercial Banks
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
|
|
|
|
90,000
|
|
|
|
4,080,600
|
|
Diversified Financial Services
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
|
|
|
|
40,000
|
|
|
|
3,400,800
|
|
Electrical Equipment
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
Emerson Electric Co.
|
|
|
|
|
|
|
40,000
|
|
|
|
2,637,600
|
|
Energy Equipment & Services
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
Schlumberger Ltd
|
|
|
|
|
|
|
20,000
|
|
|
|
1,751,400
|
|
Food & Staples Retailing
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
Wal-Mart Stores, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
3,734,000
|
|
Food Products
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
General Mills, Inc.
|
|
|
|
|
|
|
50,000
|
|
|
|
2,401,000
|
|
Health Care Equipment & Supplies
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
Becton, Dickinson & Co.
|
|
|
|
|
|
|
25,000
|
|
|
|
2,703,000
|
|
Hotels, Restaurants & Leisure
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
McDonald’s Corp.
|
|
|
|
|
|
|
40,000
|
|
|
|
3,766,800
|
|
Household Products
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
Procter & Gamble
|
|
|
|
|
|
|
40,000
|
|
|
|
3,064,800
|
|
|
See notes to Schedule of Investments.
ASSET MANAGEMENT FUND
LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
Industrial Conglomerates
|
|
|
7.7
|
%
|
|
|
|
|
|
|
3M Company
|
|
|
|
|
|
|
25,000
|
|
|
$
|
3,204,750
|
|
General Electric Co.
|
|
|
|
|
|
|
150,000
|
|
|
|
3,769,500
|
|
|
|
|
|
|
|
|
|
|
|
|
6,974,250
|
|
Insurance
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
Berkshire Hathaway, Inc. (Class A)(a)
|
|
|
|
|
|
|
25
|
|
|
|
4,237,798
|
|
IT Services
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
Automatic Data Processing
|
|
|
|
|
|
|
25,000
|
|
|
|
1,915,000
|
|
International Business Machines Corp.
|
|
|
|
|
|
|
21,000
|
|
|
|
3,710,280
|
|
|
|
|
|
|
|
|
|
|
|
|
5,625,280
|
|
Media
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
The Walt Disney Company
|
|
|
|
|
|
|
50,000
|
|
|
|
3,630,500
|
|
Oil & Gas Consumable Fuels
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
|
|
|
|
30,000
|
|
|
|
3,348,900
|
|
Exxon Mobil Corp.
|
|
|
|
|
|
|
40,000
|
|
|
|
3,686,400
|
|
|
|
|
|
|
|
|
|
|
|
|
7,035,300
|
|
Pharmaceuticals
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
|
|
|
|
50,000
|
|
|
|
1,833,000
|
|
Johnson & Johnson
|
|
|
|
|
|
|
45,000
|
|
|
|
3,981,150
|
|
|
|
|
|
|
|
|
|
|
|
|
5,814,150
|
|
Software
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
Microsoft Corp.
|
|
|
|
|
|
|
100,000
|
|
|
|
3,785,000
|
|
Specialty Retail
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
TJX Companies
|
|
|
|
|
|
|
40,000
|
|
|
|
2,294,400
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
|
|
|
|
|
85,997,468
|
|
|
See notes to Schedule of Investments.
ASSET MANAGEMENT FUND
LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
of Net
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Shares
|
|
|
Value
|
|
INVESTMENT COMPANIES
|
|
|
5.5
|
%
|
|
|
|
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
|
|
|
|
|
|
|
5,047,066
|
|
|
$
|
5,047,066
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
|
|
|
|
|
|
|
5,047,066
|
|
TOTAL INVESTMENTS
(Cost $51,933,053)
|
|
|
100.0
|
%
|
|
|
|
|
|
|
91,044,534
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
0.0
|
%
|
|
|
|
|
|
|
(27,580
|
)
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
$
|
91,016,954
|
|
(a)
|
Non-income producing security.
|
See notes to Schedule of Investments.
ASSET MANAGEMENT FUND
NOTES TO SCHEDULES OF INVESTMENTS
January 31, 2014 (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 October 31, 2013, the Trust is authorized to issue an unlimited number of shares in five separate series: the Ultra Short Mortgage Fund, the Ultra Short Fund, the Short U.S. Government Fund, the Intermediate 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 of the Trust (“Board”), 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 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 mean of the latest bid and ask
ASSET MANAGEMENT FUND
NOTES TO SCHEDULES OF INVESTMENTS
January 31, 2014 (Unaudited)
|
quotations as of the close of 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
January 31, 2014 (Unaudited)
|
The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
|
|
Level 1 ‐ Quoted
Prices
|
|
|
Inputs
|
|
|
Inputs
|
|
|
Total
|
|
Ultra Short Mortgage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
$
|
|
|
|
$
|
250,462,607
|
|
|
$
|
‐
|
|
|
$
|
250,462,607
|
|
Repurchase Agreements
|
|
‐
|
|
|
|
9,398,000
|
|
|
‐
|
|
|
|
9,398,000
|
|
Investment Companies
|
|
|
430
|
|
|
‐
|
|
|
‐
|
|
|
|
430
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,861,037
|
|
Ultra Short Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
‐
|
|
|
|
6,146,229
|
|
|
‐
|
|
|
|
6,146,229
|
|
Investment Companies
|
|
|
961,055
|
|
|
‐
|
|
|
‐
|
|
|
|
961,055
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,107,284
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|
Short U.S. Government Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
‐
|
|
|
|
19,088,977
|
|
|
‐
|
|
|
|
19,088,977
|
|
Investment Companies
|
|
|
208,773
|
|
|
‐
|
|
|
‐
|
|
|
|
208,773
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,297,750
|
|
Intermediate Mortgage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgages
|
|
‐
|
|
|
|
23,159,795
|
|
|
‐
|
|
|
|
23,159,795
|
|
Repurchase Agreements
|
|
‐
|
|
|
|
1,033,000
|
|
|
‐
|
|
|
|
1,033,000
|
|
Investment Companies
|
|
|
630
|
|
|
‐
|
|
|
‐
|
|
|
|
630
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,193,425
|
|
Large Cap Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
85,997,468
|
|
|
‐
|
|
|
‐
|
|
|
|
85,997,468
|
|
Investment Companies
|
|
|
5,047,066
|
|
|
‐
|
|
|
‐
|
|
|
|
5,047,066
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
91,044,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2014 there were no Level 3 securities held by the Funds. The Trust’s 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 January 31, 2014, based on levels assigned to securities as of October 31, 2013.
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.
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
ASSET MANAGEMENT FUND
NOTES TO SCHEDULES OF INVESTMENTS
January 31, 2014 (Unaudited)
|
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 January 31, 2014.
FEDERAL INCOME TAX INFORMATION
As of January 31, 2014, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Unrealized
|
|
|
Unrealized
|
|
|
Appreciation
|
|
|
|
Tax Cost
|
|
|
Appreciation
|
|
|
(Depreciation)
|
|
|
(Depreciation)
|
|
AMF Ultra Short Mortgage Fund
|
|
$
|
254,638,215
|
|
|
$
|
5,560,525
|
|
|
$
|
(337,703
|
)
|
|
$
|
5,222,822
|
|
AMF Ultra Short Fund
|
|
|
7,019,348
|
|
|
|
96,934
|
|
|
|
(8,998
|
)
|
|
|
87,936
|
|
AMF Short U.S. Government Fund
|
|
|
19,219,869
|
|
|
|
183,925
|
|
|
|
(106,044
|
)
|
|
|
77,881
|
|
AMF Intermediate Mortgage Fund
|
|
|
24,265,758
|
|
|
|
128,515
|
|
|
|
(200,848
|
)
|
|
|
(72,333
|
)
|
AMF Large Cap Equity Fund
|
|
|
51,933,053
|
|
|
|
40,123,659
|
|
|
|
(1,012,178
|
)
|
|
|
39,111,481
|
|
Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and
principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures
as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately
designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated
and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding
required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal
control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected,
or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2 under
the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Asset Management Fund
By (Signature and Title)
/s/ Trent Statczar
|
Trent Statczar, Treasurer
|
Date: March 19, 2014
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Trent Statczar
|
Trent Statczar, Treasurer
|
Date: March 19, 2014
By (Signature and Title)
/s/ Rodger Shay, Jr.
|
Rodger Shay, Jr., President
|
Date: March 19, 2014
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