| FBP EQUITY & DIVIDEND PLUS FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| December 31, 2020 (Unaudited) | ||
| COMMON STOCKS - 97.8% | Shares | Value |
| Communications - 4.6% | ||
| AT&T, Inc. | 16,000 | $ 460,160 |
| ViacomCBS, Inc. - Class B (a) | 19,500 | 726,570 |
| 1,186,730 | ||
| Consumer Discretionary - 6.5% | ||
| Genuine Parts Company | 5,500 | 552,365 |
| Kohl's Corporation (a) | 8,500 | 345,865 |
| Tapestry, Inc. (a) | 25,000 | 777,000 |
| 1,675,230 | ||
| Consumer Staples - 9.6% | ||
| Archer-Daniels-Midland Company (a) | 12,500 | 630,125 |
| J.M. Smucker Company (The) (a) | 5,200 | 601,120 |
| Kellogg Company (a) | 9,500 | 591,185 |
| Philip Morris International, Inc. | 5,300 | 438,787 |
| Tyson Foods, Inc. - Class A | 3,600 | 231,984 |
| 2,493,201 | ||
| Energy - 7.0% | ||
| Chevron Corporation | 4,800 | 405,360 |
| ConocoPhillips | 8,500 | 339,915 |
| Devon Energy Corporation | 26,000 | 411,060 |
| Exxon Mobil Corporation | 8,000 | 329,760 |
| Royal Dutch Shell plc - Class B - ADR | 10,000 | 336,100 |
| 1,822,195 | ||
| Financials - 18.9% | ||
| JPMorgan Chase & Company (a) | 6,500 | 825,955 |
| KeyCorp | 30,200 | 495,582 |
| Lincoln National Corporation | 9,500 | 477,945 |
| MetLife, Inc. | 10,200 | 478,890 |
| People's United Financial, Inc. | 25,000 | 323,250 |
| Prudential Financial, Inc. | 6,000 | 468,420 |
| Truist Financial Corporation | 15,500 | 742,915 |
| U.S. Bancorp | 14,200 | 661,578 |
| Wells Fargo & Company | 13,500 | 407,430 |
| 4,881,965 | ||
| Health Care - 13.0% | ||
| Bristol-Myers Squibb Company | 7,800 | 483,834 |
| CVS Health Corporation | 9,000 | 614,700 |
| Johnson & Johnson | 4,100 | 645,258 |
| Medtronic plc | 2,000 | 234,280 |
| Merck & Company, Inc. (a) | 9,400 | 768,920 |
| Pfizer, Inc. | 17,000 | 625,770 |
| 3,372,762 | ||
| FBP EQUITY & DIVIDEND PLUS FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 97.8% (Continued) | Shares | Value |
| Industrials - 9.2% | ||
| Eaton Corporation plc (a) | 4,800 | $ 576,672 |
| Emerson Electric Company (a) | 7,000 | 562,590 |
| Raytheon Technologies Corporation | 9,200 | 657,892 |
| United Parcel Service, Inc. - Class B (a) | 3,500 | 589,400 |
| 2,386,554 | ||
| Materials - 5.6% | ||
| Compass Minerals International, Inc. (a) | 4,000 | 246,880 |
| Dow, Inc. (a) | 10,600 | 588,300 |
| Nucor Corporation | 11,500 | 611,685 |
| 1,446,865 | ||
| Real Estate - 3.9% | ||
| Public Storage (a) | 1,500 | 346,395 |
| Simon Property Group, Inc. | 3,800 | 324,064 |
| Ventas, Inc. (a) | 6,900 | 338,376 |
| 1,008,835 | ||
| Technology - 15.2% | ||
| Amdocs Ltd. | 4,000 | 283,720 |
| Broadcom, Inc. (a) | 2,800 | 1,225,980 |
| Cisco Systems, Inc. | 15,000 | 671,250 |
| HP, Inc. (a) | 29,500 | 725,405 |
| Intel Corporation | 7,000 | 348,740 |
| International Business Machines Corporation | 5,500 | 692,340 |
| 3,947,435 | ||
| Utilities - 4.3% | ||
| Duke Energy Corporation (a) | 7,000 | 640,920 |
| National Fuel Gas Company | 5,500 | 226,215 |
| PPL Corporation | 8,500 | 239,700 |
| 1,106,835 | ||
| Total Common Stocks (Cost $20,517,194) | $ 25,328,607 | |
| FBP EQUITY & DIVIDEND PLUS FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| MONEY MARKET FUNDS - 3.7% | Shares | Value |
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b) (Cost $962,987) |
962,987 | $ 962,987 |
| Total Investments at Value - 101.5% (Cost $21,480,181) | $ 26,291,594 | |
| Liabilities in Excess of Other Assets - (1.5%) | (387,574 ) | |
| Net Assets - 100.0% | $ 25,904,020 | |
| ADR | - American Depositary Receipt. |
| (a) | Security covers a written call option. |
| (b) | The rate shown is the 7-day effective yield as of December 31, 2020. |
| See accompanying notes to Schedules of Investments. |
| FBP EQUITY & DIVIDEND PLUS FUND | |||||
| SCHEDULE OF OPEN OPTION CONTRACTS | |||||
| December 31, 2020 (Unaudited) | |||||
| COVERED WRITTEN CALL OPTIONS | Contracts | Notional Value | Strike Price | Expiration Date | Value of Options |
| Archer-Daniels-Midland Company | 65 | $ 327,665 | $ 55 .00 | 03/19/21 | $ 4,485 |
| Broadcom, Inc. | 14 | 612,990 | 430 .00 | 03/19/21 | 40,782 |
| Compass Minerals International, Inc. | 40 | 246,880 | 70 .00 | 03/19/21 | 4,800 |
| Dow, Inc. | 35 | 194,250 | 60 .00 | 06/18/21 | 10,990 |
| Duke Energy Corporation | 35 | 320,460 | 100 .00 | 04/16/21 | 2,975 |
| Eaton Corporation plc | 48 | 576,672 | 100 .00 | 01/15/21 | 96,000 |
| Emerson Electric Company | 35 | 281,295 | 75 .00 | 03/19/21 | 28,175 |
| HP, Inc. | 90 | 221,310 | 22 .00 | 04/16/21 | 32,400 |
| J.M. Smucker Company (The) | 25 | 289,000 | 130 .00 | 04/16/21 | 4,125 |
| JPMorgan Chase & Company | 10 | 127,070 | 130 .00 | 03/19/21 | 5,300 |
| Kellogg Company | 45 | 280,035 | 75 .00 | 01/15/21 | 225 |
| Kohl's Corporation | 45 | 183,105 | 47 .50 | 07/16/21 | 22,275 |
| Kohl's Corporation | 40 | 162,760 | 37 .50 | 04/16/21 | 29,280 |
| Merck & Company, Inc. | 45 | 368,100 | 90 .00 | 01/15/21 | 360 |
| Public Storage | 15 | 346,395 | 240 .00 | 03/19/21 | 6,945 |
| Tapestry, Inc. | 100 | 310,800 | 25 .00 | 02/19/21 | 68,000 |
| United Parcel Service, Inc. - Class B | 35 | 589,400 | 155 .00 | 01/15/21 | 46,725 |
| Ventas, Inc. | 29 | 142,216 | 60 .00 | 05/21/21 | 3,190 |
| ViacomCBS, Inc. - Class B | 75 | 279,450 | 42 .00 | 06/18/21 | 18,450 |
| Total Covered Written Call Options (Premiums received $231,655) | $ 5,859,853 | $ 425,482 | |||
| The average monthly notional value of written option contracts during the period ended December 31, 2020 was $5,382,412. | |||||
| See accompanying notes to Schedules of Investments. |
| FBP APPRECIATION & INCOME OPPORTUNITIES FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| December 31, 2020 (Unaudited) | ||
| COMMON STOCKS - 75.1% | Shares | Value |
| Communications - 2.7% | ||
| AT&T, Inc. | 5,000 | $ 143,800 |
| CenturyLink, Inc. | 15,000 | 146,250 |
| ViacomCBS, Inc. - Class B | 15,000 | 558,900 |
| 848,950 | ||
| Consumer Discretionary - 5.1% | ||
| Carnival Corporation | 8,500 | 184,110 |
| Ford Motor Company | 26,000 | 228,540 |
| Kohl's Corporation (a) | 10,000 | 406,900 |
| Tapestry, Inc. | 17,000 | 528,360 |
| TJX Companies, Inc. (The) | 4,000 | 273,160 |
| 1,621,070 | ||
| Consumer Staples - 6.2% | ||
| Archer-Daniels-Midland Company (a) | 9,000 | 453,690 |
| Kellogg Company | 8,500 | 528,955 |
| Philip Morris International, Inc. | 3,300 | 273,207 |
| Target Corporation | 1,500 | 264,795 |
| Walmart, Inc. (a) | 3,100 | 446,865 |
| 1,967,512 | ||
| Energy - 4.8% | ||
| Chevron Corporation | 4,000 | 337,800 |
| ConocoPhillips | 6,000 | 239,940 |
| Devon Energy Corporation | 32,000 | 505,920 |
| Royal Dutch Shell plc - Class B - ADR | 13,000 | 436,930 |
| 1,520,590 | ||
| Financials - 17.7% | ||
| Bank of America Corporation | 38,000 | 1,151,780 |
| Bank of New York Mellon Corporation (The) | 6,000 | 254,640 |
| Capital One Financial Corporation | 6,000 | 593,100 |
| JPMorgan Chase & Company | 10,000 | 1,270,700 |
| KeyCorp | 16,320 | 267,811 |
| Lincoln National Corporation | 12,500 | 628,875 |
| MetLife, Inc. | 12,000 | 563,400 |
| Travelers Companies, Inc. (The) | 3,600 | 505,332 |
| Wells Fargo & Company | 13,000 | 392,340 |
| 5,627,978 | ||
| Health Care - 8.8% | ||
| Bristol-Myers Squibb Company | 8,000 | 496,240 |
| CVS Health Corporation | 7,500 | 512,250 |
| Johnson & Johnson | 4,000 | 629,520 |
| Merck & Company, Inc. (a) | 8,000 | 654,400 |
| FBP APPRECIATION & INCOME OPPORTUNITIES FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 75.1% (Continued) | Shares | Value |
| Health Care - 8.8% (Continued) | ||
| Pfizer, Inc. | 13,500 | $ 496,935 |
| 2,789,345 | ||
| Industrials - 7.4% | ||
| Eaton Corporation plc | 6,500 | 780,910 |
| FedEx Corporation | 2,500 | 649,050 |
| General Electric Company (a) | 25,000 | 270,000 |
| Raytheon Technologies Corporation | 4,000 | 286,040 |
| Trane Technologies plc | 2,400 | 348,384 |
| 2,334,384 | ||
| Materials - 3.8% | ||
| Compass Minerals International, Inc. | 5,000 | 308,600 |
| Freeport-McMoRan, Inc. | 8,000 | 208,160 |
| Mosaic Company (The) | 11,000 | 253,110 |
| Nucor Corporation | 8,500 | 452,115 |
| 1,221,985 | ||
| Real Estate - 0.6% | ||
| Simon Property Group, Inc. | 2,200 | 187,616 |
| Technology - 17.2% | ||
| Apple, Inc. | 6,000 | 796,140 |
| Broadcom, Inc. (a) | 2,400 | 1,050,840 |
| Cisco Systems, Inc. | 17,000 | 760,750 |
| HP, Inc. | 28,000 | 688,520 |
| Intel Corporation | 4,500 | 224,190 |
| International Business Machines Corporation | 5,200 | 654,576 |
| Microsoft Corporation | 3,500 | 778,470 |
| Nokia Corporation - ADR (b) | 87,000 | 340,170 |
| Western Union Company (The) | 7,000 | 153,580 |
| 5,447,236 | ||
| Utilities - 0.8% | ||
| PPL Corporation | 9,000 | 253,800 |
| Total Common Stocks (Cost $14,584,224) | $ 23,820,466 | |
| CORPORATE BONDS - 13.1% | Par Value | Value |
| Consumer Staples - 1.6% | ||
| Kroger Company (The), 2.60%, due 02/01/2021 | $ 500,000 | $ 500,791 |
| FBP APPRECIATION & INCOME OPPORTUNITIES FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| CORPORATE BONDS - 13.1%(Continued) | Par Value | Value |
| Energy - 1.6% | ||
| Pioneer Natural Resources Company, 3.95%, due 07/15/2022 | $ 500,000 | $ 518,631 |
| Financials - 6.6% | ||
|
America Express Company, 3.40%, due 02/27/2023 |
500,000 | 531,780 |
| Citigroup, Inc., 2.90%, due 12/08/2021 | 500,000 | 510,806 |
| UNUM Group, 4.00%, due 03/15/2024 | 500,000 | 544,934 |
|
Wells Fargo & Company, 3.50%, due 03/08/2022 |
500,000 | 518,380 |
| 2,105,900 | ||
| Industrials - 1.7% | ||
|
Norfolk Sothern Corporation, 3.85%, due 01/15/2024 |
500,000 | 545,624 |
| Utilities - 1.6% | ||
| PSEG Power, LLC, 3.00%, due 06/15/2021 | 500,000 | 504,738 |
| Total Corporate Bonds (Cost $4,041,626) | $ 4,175,684 | |
| U.S. TREASURY OBLIGATIONS - 1.6% | Par Value | Value |
| U.S. Treasury Notes - 1.6% | ||
| 2.125%, due 05/15/2022 (Cost $505,547) | $ 500,000 | $ 513,672 |
|
FBP APPRECIATION & INCOME OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS (Continued) |
||
| MONEY MARKET FUNDS - 10.3% | Shares | Value |
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c) |
3,085,441 | $ 3,085,441 |
First American Government Obligations Fund - Class Z, 0.03% (c) |
183,299 | 183,299 |
| Total Money Market Funds (Cost $3,268,740) | $ 3,268,740 | |
| Total Investments at Value - 100.1% (Cost $22,400,137) | $ 31,778,562 | |
| Liabilities in Excess of Other Assets - (0.1%) | (46,057 ) | |
| Net Assets - 100.0% | $ 31,732,505 | |
| ADR | - American Depositary Receipt. |
| (a) | Security covers a written call option. |
| (b) | Non-income producing security. |
| (c) | The rate shown is the 7-day effective yield as of December 31, 2020. |
| See accompanying notes to Schedules of Investments. |
| FBP APPRECIATION & INCOME OPPORTUNITIES FUND | |||||
| SCHEDULE OF OPEN OPTION CONTRACTS | |||||
| December 31, 2020 (Unaudited) | |||||
| COVERED WRITTEN CALL OPTIONS | Contracts | Notional Value | Strike Price | Expiration Date | Value of Options |
| Archer-Daniels-Midland Company | 45 | $ 226,845 | $ 55 .00 | 03/19/21 | $ 3,105 |
| Broadcom, Inc. | 10 | 437,850 | 430 .00 | 03/19/21 | 29,130 |
| General Electric Company | 100 | 108,000 | 12 .00 | 03/19/21 | 5,000 |
| Kohl's Corporation | 25 | 101,725 | 47 .50 | 07/16/21 | 12,375 |
| Kohl's Corporation | 50 | 203,450 | 37 .50 | 04/16/21 | 36,600 |
| Merck & Company, Inc. | 18 | 147,240 | 90 .00 | 01/15/21 | 144 |
| Walmart, Inc. | 1 | 14,415 | 125 .00 | 01/15/21 | 1,860 |
| Total Covered Written Call Options (Premiums received $51,399) | $ 1,239,525 | $ 88,214 | |||
| The average monthly notional value of written option contracts during the period ended December 31, 2020 was $1,223,218. | |||||
| See accompanying notes to Schedules of Investments. |
THE FLIPPIN, BRUCE & PORTER FUNDS
NOTES TO SCHEDULES OF INVESTMENTS
December 31, 2020 (Unaudited)
1. Securities Valuation
Portfolio securities of FBP Equity & Dividend Plus Fund and FBP Appreciation & Income Opportunities Fund (individually, a “Fund,” and collectively, the “Funds”) are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities traded on a national stock exchange, including common stocks are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Covered call options written by the Funds are valued at the last quoted sale price or, in the absence of a sale, at the ask price on the principal exchanges on which they are traded. Investments representing shares of money market funds and other open-end investment companies are valued at their net asset value as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).
Fixed income securities, including U.S. treasury obligations, U.S. government agency obligations and corporate bonds, if any, are typically valued on the basis of prices provided by an independent pricing service. The prices provided by the pricing service are determined with consideration given to institutional bid and last sale prices and take into account securities prices, yields, maturities, call features, ratings, institutional trading in similar groups of securities, and developments related to specific securities. Given the inputs used by the pricing service, these securities are classified as Level 2 within the fair value hierarchy.
When market quotations are not readily available, if a pricing service cannot provide a price, or the investment adviser believes the price received from the pricing service is not indicative of market value, securities will be valued in good faith at fair value using methods consistent with procedures adopted by the Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.
Accounting principles generally accepted in the United States of America (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements. Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
THE FLIPPIN, BRUCE & PORTER FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following is a summary of each Fund’s investments and other financial instruments and the inputs used to value the investments and other financial instruments as of December 31, 2020 by security type:
| FBP Equity & Dividend Plus Fund: | Level 1 | Level 2 | Level 3 | Total | |||
| Investments in Securities: | |||||||
| Common Stocks | $25,328,607 | $- | $- | $25,328,607 | |||
| Money Market Funds | 962,987 | - | - | 962,987 | |||
| Total | $26,291,594 | $- | $- | $26,291,594 | |||
| Other Financial Instruments: | |||||||
| Covered Written Call Options | $(292,557) | $(132,925) | $- | $(425,482) | |||
| Total | $(292,557) | $(132,925) | $- | $(425,482) | |||
| FBP Appreciation & Income Opportunities Fund: | Level 1 | Level 2 | Level 3 | Total | |||
| Investments in Securities: | |||||||
| Common Stocks | $23,820,466 | $- | $- | $23,820,466 | |||
| Corporate Bonds | - | 4,175,684 | - | 4,175,684 | |||
| U.S. Treasury Obligations | - | 513,672 | - | 513,672 | |||
| Money Market Funds | 3,268,740 | - | - | 3,268,740 | |||
| Total | $27,089,206 | $4,689,356 | $- | $31,778,562 | |||
| Other Financial Instruments: | |||||||
| Covered Written Call Options | $(88,214) | $- | $- | $(88,214) | |||
| Total | $(88,214) | $- | $- | $(88,214) |
Refer to each Fund’s Schedule of Investments for a listing of the common stocks and corporate bonds by sector type. There were no Level 3 investments held by the Funds as of or during the period ended December 31, 2020.
2. Investment Transactions
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
THE FLIPPIN, BRUCE & PORTER FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
3. Federal Income Tax
The following information is computed on a tax basis for each item as of December 31, 2020:
| FBP | ||||
| FBP | Appreciation | |||
| Equity & | & Income | |||
| Dividend Plus | Opportunities | |||
| Fund | Fund | |||
| Tax cost of portfolio investments and written options contracts | $21,248,532 | $22,420,089 | ||
| Gross unrealized appreciation | $6,000,542 | $10,183,152 | ||
| Gross unrealized depreciation | (1,382,962) | (912,893) | ||
| Net unrealized appreciation | $4,617,580 | $9,270,259 |
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost of portfolio investments is due to certain differences in the recognition of capital gains and losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales.