GFGY Granite Falls Energy LLC (CE)

Marathon Value Portfolio

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2014

Shares

Value

COMMON STOCK - 84.3%

AUTO PARTS & EQUIPMENT - 2.2%

6,200

Advance Auto Parts, Inc.

 $                             711,822

8,500

Genuine Parts Co.

                                699,125

                             1,410,947

BANKS - 5.4%

7,100

Bank of Nova Scotia

                                389,364

97,000

BofI Holding, Inc.  *  

                                802,675

8,707

Credit Suisse Group AG - ADR

                                262,516

50,900

Northeast Bancorp

                                481,005

13,833

Seacoast Banking Corp.  *  

                                154,236

15,500

SunTrust Banks, Inc.

                                573,810

19,530

US Bancorp

                                775,927

                             3,439,533

CHEMICALS - 5.6%

20,210

Koninklijke DSM NV

                                336,274

9,000

PPG Industries, Inc.

                             1,641,240

22,200

Valspar Corp.

                             1,560,216

                             3,537,730

COMMUNICATIONS, BROADCASTING & CABLE - 0.3%

8,300

SK Telecom Co. Ltd.

                                182,102

COMPUTERS - 7.7%

1,000

Apple, Inc.

                                500,600

26,800

Cisco Systems, Inc.

                                587,188

13,950

EMC Corp.

                                338,148

1,100

Google, Inc. *  

                             1,299,067

17,600

Intel Corp.

                                431,904

6,200

International Business Machines Corp.

                             1,095,416

12,600

Microsoft Corp.

                                476,910

4,000

Teradata Corp.

                                164,480

                             4,893,713

DATA SERVICES - 3.9%

6,700

Automatic Data Processing, Inc.

                                513,220

9,800

Equifax, Inc.

                                686,588

9,500

Global Payments, Inc.

                                627,855

31,600

Net 1 UEPS Technologies, Inc.  *  

                                252,800

6,000

Verisk Analytics, Inc. *  

                                383,160

                             2,463,623

DELIVERY & FREIGHT SERVICES - 1.7%

5,000

Atlas Air Worldwide Holdings, Inc. *

                                176,650

9,800

United Parcel Service, Inc.

                                933,254

                     1,109,904

ELECTRONIC COMPONENTS, PARTS & EQUIPMENT - 6.4%

21,600

Avnet, Inc.

                                887,112

22,500

Corning, Inc.

                                387,225

21,500

Linear Technology Corp.

                                957,610

21,639

Secom Co. *

                                302,730

9,000

TE Connectivity Ltd.

                                508,590

12,200

Texas Instruments, Inc.

                                517,280

8,780

Zebra Technologies Corp.  *  

                                482,549

                             4,043,096

ENERGY - 6.3%

4,500

Anadarko Petroleum Corp.

                                363,105

6,600

ConocoPhillips

                                428,670

5,700

Devon Energy Corp.

                                337,554

22,800

Encana Corp.

                                409,716

6,000

Ensco PLC

                                302,220

5,323

Exxon Mobil Corp.

                                490,568

15,600

Noble Corp.

                                484,068

8,000

Phillips 66

                                584,720

10,200

RPC, Inc.

                                173,706

9,500

Sasol Ltd.

                                457,805

                             4,032,132

FINANCE - 0.3%

26,300

Reading International, Inc.  *  

                                195,672

GOLD & SILVER ORES - 0.7%

34,200

Allied Nevada Gold Corp.  *  

                                167,922

11,500

Silver Wheaton Corp.

                                249,665

                                417,587

HEALTHCARE - 5.9%

4,700

Becton Dickinson and Co.

                                508,164

4,500

Cardinal Health, Inc.

                                306,090

7,300

Edwards Lifesciences Corp.  *  

                                475,376

7,808

Life Technologies Corp.  *  

                                593,954

8,000

QIAGEN NV  *  

                                176,960

15,500

St Jude Medical, Inc.

                                941,315

9,700

Stryker Corp.

                                752,720

                             3,754,579

HOUSEHOLD PRODUCTS - 3.3%

13,200

Colgate-Palmolive Co.

                                808,236

5,600

Kimberly-Clark Corp.

                                612,472

8,627

Procter & Gamble Co.

                                661,001

                             2,081,709

INDUSTRIAL CONGLOMERATES - 9.4%

10,700

3M Co.

                             1,371,633

17,300

Eaton Corp. PLC

                             1,264,457

11,400

Emerson Electric Co.

                                751,716

23,300

General Electric Co.

                                585,529

26,684

Raven Industries, Inc.

                                999,316

24,775

Tyco International Ltd.

                             1,003,140

                     5,975,791

INDUSTRIAL MACHINERY - 5.4%

5,300

AGCO Corp.

                                282,649

23,138

Graco, Inc.

                             1,607,860

8,300

Illinois Tool Works, Inc.

                                654,621

13,300

Lincoln Electric Holdings, Inc.

                                920,360

                             3,465,490

INSURANCE - 5.3%

3,013

Alleghany Corp.  *  

                             1,121,830

5,000

Aon PLC

                                402,300

6,500

Berkshire Hathaway, Inc.  *  

                                725,400

11,700

Leucadia National Corp.

                                319,761

1,306

National Western Life Insurance Co.

                                284,904

900

White Mountains Insurance Group Ltd.

                                508,230

                             3,362,425

PACKAGED FOOD - 3.1%

11,000

Archer-Daniels-Midland Co.

                                434,280

12,300

Campbell Soup Co.

                                506,883

2,500

Fomento Economico Mexicano SAB de CV

                                225,600

10,300

PepsiCo, Inc.

                                827,708

                     1,994,471

PHARMACEUTICALS - 3.3%

8,500

Bristol-Myers Squibb Co.

                                424,745

11,500

GlaxoSmithKline PLC

                                592,710

6,845

Novartis AG

                                541,234

6,500

Novo Nordisk A/S

                                257,855

8,723

Pfizer, Inc.

                                265,179

                             2,081,723

PUBLISHING & PRINTING MEDIA - 0.5%

5,668

John Wiley & Sons, Inc.

                                306,865

RESTAURANTS - 1.2%

8,400

McDonald's Corp.

                                791,028

RETAIL STORES - 5.5%

8,600

Bed Bath & Beyond, Inc.  *  

                                549,110

6,300

Costco Wholesale Corp.

                                707,868

16,800

Lowe's Cos., Inc.

                                777,672

20,120

Staples, Inc.

                                264,779

4,000

Tiffany & Co.

                                332,760

8,000

Walgreen Co.

                                458,800

8,600

Weis Markets, Inc.

                                423,292

                             3,514,281

SERVICES - MISCELLANEOUS AMUSEMENT & RECREATION - 0.9%

8,000

Walt Disney Co./The

                                580,880

TOTAL COMMON STOCK (Cost $30,881,679)

                          53,635,281

REITS - 2.5%

11,481

Colony Financial, Inc.

                                254,878

25,000

Dynex Capital, Inc.

                                201,500

3,800

EastGroup Properties, Inc.

                                225,492

20,700

Plum Creek Timber Co., Inc.

                                891,549

TOTAL REITS (Cost $1,184,098)

                            1,573,419

Par Value

CORPORATE BONDS - 7.2%

AEROSPACE - 0.4%

 $        250,000

Boeing Co., 5.00%, 3/15/2014

 $                             251,301

ASSET BACKED - 0.1%

60,364

Countrywide Asset-Backed Certificates, 0.85%, 4/25/2032

                                  40,278

27,904

Countrywide Asset-Backed Certificates, 3.19%, 10/25/2032

                                      792

                                  41,070

BANKS - 1.0%

350,000

Citigroup, Inc., 5.00%, 9/15/2014

                                359,138

300,000

SunTrust Bank, 0.57%, 4/1/2015

                                298,645

                                657,783

CMO - 0.2%

53,960

Impac CMB Trust Series 2003-8, 1.09, 10/25/2033

                                  53,734

95,477

Impac CMB Trust Series 2004-4, 1.03%, 9/25/2034

                                  89,439

                                143,173

DIVERSIFIED FINANCIAL SERVICES - 0.8%

500,000

Ford Motor Credit Co., 8.00%, 6/1/2014

                                511,925

INSURANCE - 0.4%

250,000

Hartford Financial Services Group, Inc., 4.75%, 3/1/2014

                                250,748

MEDIA - 0.8%

500,000

Time Warner Cable Inc., 7.50%, 4/1/2014

                                505,487

MUNICIPAL - 0.4%

225,000

Village of Bensenville, IL, 6.08%, 6/1/2018

                                229,005

OIL & GAS - 0.5%

300,000

Chesapeake Energy Corp., 9.50%, 2/15/2015

                                323,250

PIPELINES - 0.5%

350,000

El Paso LLC, 6.875%, 6/15/2014

                                356,125

SOVEREIGN - 1.6%

1,000,000

United States Treasury Note, 1.00%, 5/31/2018

                                988,125

RETAIL - 0.5%

350,000

L Brands, Inc., 5.25%, 11/1/2014

                                359,187

TOTAL CORPORATE BONDS (Cost $4,681,148)

                            4,617,179

Shares

PREFERRED STOCK - 0.5%

CHEMICALS - 0.5%

4,000

EI du Pont de Nemours & Co., 4.50%, Perpetual (Cost $308,578)

                               354,040

SHORT-TERM INVESTMENTS - 5.4%

3,422,099

Huntington Conservative Deposit Account, 0.00%** (Cost  $3,422,099)

                            3,422,099

TOTAL INVESTMENTS - 99.9% (Cost $40,477,602) (a)

 $                        63,602,018

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%

                                  49,388

TOTAL NET ASSETS - 100.0%

 $                       63,651,406

*  Non-Income producing security.

** Money market Fund; interest rate reflects seven-day effective yield on January 31, 2014.

REIT - Real Estate Investment Trust

CMO - Collateralized Mortgage Obligation

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $40,488,623 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:  

 $                        23,812,055

Unrealized depreciation:  

                              (698,660)

Net unrealized appreciation:  

 $                        23,113,395

Marathon Value Portfolio

SCHEDULE OF INVESTMENTS (Continued)(Unaudited)

January 31, 2014

The following is a summary of significant accounting policies followed by the Fund.  The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  

Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation.  Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, are valued at amortized cost.  Investments in open-end investment companies are valued at net asset value.

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.  These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board.  The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.  The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Value Team and Valuation Process.   This team is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser and/or sub-adviser.  The applicable investments are valued collectively via inputs from each of these groups.  For example, fair value determinations are required for the following securities:  (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser, the prices or values available do not represent the fair value of the instrument.  Factors which may cause the adviser or sub-adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value.  Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.  Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser or sub-adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).  If the adviser or sub-adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Valuation of Fund of Funds - The Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”).  The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.  

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 -  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.   These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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 in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of January 31, 2014, for the Fund’s investments measured at fair value:

 Assets

 Level 1

 Level 2

 Level 3

 Total

Common Stocks

 $      53,635,281

 $               -

 $            -

 $      53,635,281

Bonds & Notes

                        -

     4,617,179

               -

           4,617,179

Preferred Stock

              354,040

                  -

               -

              354,040

REITS

           1,573,419

                  -

               -

           1,573,419

Short-Term Investments

           3,422,099

                  -

               -

           3,422,099

Total

 $      58,984,839

 $  4,617,179

 $            -

 $      63,602,018

* Refer to the Portfolio of Investments for industry classification.

The Fund did not hold any Level 3 securities during the period. There were no transfers between Level 1 and Level 2 during the current period presented. It is the Fund’s policy to recognize transfers into or out of Level 1 and Level 2 at the end of the reporting period.