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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brookfield High Income Fund Inc. | NYSE:HHY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.04 | 0 | 01:00:00 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Ronald H. Muhlenkamp
|
|
President
|
February 2014
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
One | Three | Five | Ten | Fifteen |
Since
|
|||||||||
Muhlenkamp Fund
|
Year | Year | Year | Year | Year | Inception* | ||||||||
Return Before Taxes
|
34.43% | 12.95% | 14.99% | 4.23% | 6.95% |
10.27%
|
||||||||
Return After Taxes on Distributions** | 33.44% | 12.13% | 14.49% | 3.70% | 6.48% |
9.81%
|
||||||||
Return After Taxes on Distributions and
Sale of Fund Shares**
|
20.29% | 10.26% | 12.18% | 3.52% | 5.86% |
9.10%
|
||||||||
S&P 500*** |
32.39%
|
16.18% | 17.94% | 7.41% | 4.68% |
10.20%
|
*
|
Operations commenced on November 1, 1988. | |
**
|
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and its return after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Remember, the Fund’s past performance, before and after taxes, is not necessarily how the Fund will perform in the future.
|
|
The calculation for the One Year “Return After Taxes on Distributions and Sale of Fund Shares” assumes the following:
|
||
1.
|
You bought shares of the Fund at the price on December 31, 2012.
|
|
2.
|
You received dividends (and income distributions) at year end, and paid a 20% tax on these dividends on the payable date.
|
|
3.
|
You reinvested the rest of the dividends when received, increasing your cost basis for tax purposes.
|
|
4.
|
You sold the entire position on December 31, 2013 and paid tax on ordinary income at a tax rate of 39.6%.
|
|
*** |
The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. One cannot invest directly in an index.
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
Total Return %
|
Cumulative Return %
|
|||||||||||||
Year
|
Muhlenkamp
|
S&P 500
|
Muhlenkamp
|
S&P 500
|
||||||||||
Ending
|
Fund
|
Index
|
Fund
|
Index
|
||||||||||
12/31/04
|
24.5
|
10.9
|
24.5
|
10.9
|
||||||||||
12/31/05
|
7.9
|
4.9
|
34.3
|
16.3
|
||||||||||
12/31/06
|
4.1
|
15.8
|
39.8
|
34.7
|
||||||||||
12/31/07
|
–9.7
|
5.5
|
26.3
|
42.1
|
||||||||||
12/31/08
|
–40.4
|
–37.0
|
–24.7
|
–10.5
|
||||||||||
12/31/09
|
31.5
|
26.5
|
–1.0
|
13.2
|
||||||||||
12/31/10
|
6.1
|
15.1
|
5.1
|
30.3
|
||||||||||
12/31/11
|
–4.7
|
2.1
|
0.1
|
33.0
|
||||||||||
12/31/12
|
12.5
|
16.0
|
12.6
|
54.3
|
||||||||||
12/31/13
|
34.4
|
32.4
|
51.4
|
104.3
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
Beginning
|
Ending
|
Expenses Paid
|
|||
Account Value
|
Account Value
|
During Period
|
|||
7/1/13
|
12/31/13
|
7/1/13 – 12/31/13*
|
|||
Actual
|
$1,000.00
|
$1,149.30
|
$6.83
|
||
Hypothetical
|
|||||
(5% return before expenses)
|
1,000.00
|
1,018.85
|
6.41
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
ASSETS
|
||||
INVESTMENTS, AT VALUE (Cost $306,988,348)
|
$ | 490,489,827 | ||
CASH
|
2,720 | |||
RECEIVABLE FOR FUND SHARES SOLD
|
87,663 | |||
DIVIDENDS AND INTEREST RECEIVABLE
|
666,609 | |||
OTHER ASSETS
|
82,138 | |||
Total assets
|
491,328,957 | |||
LIABILITIES
|
||||
WRITTEN OPTION CONTRACTS, AT VALUE
|
||||
(Premiums received $1,549,036)
|
1,664,750 | |||
PAYABLE FOR FUND SHARES REDEEMED
|
223,109 | |||
PAYABLE TO ADVISER
|
407,061 | |||
LINE OF CREDIT
|
493,000 | |||
ACCRUED EXPENSES AND OTHER LIABILITIES
|
167,153 | |||
Total liabilities
|
2,955,073 | |||
NET ASSETS
|
$ | 488,373,884 | ||
NET ASSETS
|
||||
PAID IN CAPITAL
|
$ | 305,702,532 | ||
ACCUMULATED UNDISTRIBUTED NET INVESTMENT
INCOME
|
— | |||
ACCUMULATED UNDISTRIBUTED NET REALIZED LOSS ON
INVESTMENTS SOLD AND WRITTEN OPTION CONTRACTS
EXPIRED OR CLOSED |
(714,413 | ) | ||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
|
||||
Investments
|
183,501,479 | |||
Written option contracts
|
(115,714 | ) | ||
NET ASSETS
|
$ | 488,373,884 | ||
SHARES OF BENEFICIAL INTEREST OUTSTANDING
|
||||
(unlimited number of shares authorized, $0.01 par value)
|
7,178,413 | |||
NET ASSET VALUE, OFFERING AND
|
||||
REDEMPTION PRICE PER SHARE
|
$ | 68.03 |
INVESTMENT INCOME:
|
||||||||
Dividends (Net of foreign taxes withheld of $34,651)
|
$ | 4,868,053 | ||||||
Interest
|
2,160 | |||||||
Total investment income
|
4,870,213 | |||||||
EXPENSES:
|
||||||||
Investment advisory fees
|
$ | 4,623,855 | ||||||
Shareholder servicing and accounting costs
|
417,795 | |||||||
Administration fees
|
310,485 | |||||||
Trustees’ fees and expenses
|
127,809 | |||||||
Legal fees
|
114,859 | |||||||
Insurance fees
|
99,493 | |||||||
Reports to shareholders
|
67,410 | |||||||
Federal & state registration fees
|
31,572 | |||||||
Custody fees
|
28,317 | |||||||
Auditor fees
|
22,001 | |||||||
Other
|
14,570 | |||||||
Total operating expenses before expense reductions
|
5,858,166 | |||||||
Expense reductions (see Note 9)
|
(21,915 | ) | ||||||
Total expenses
|
5,836,251 | |||||||
NET INVESTMENT LOSS
|
(966,038 | ) | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
|
||||||||
Net realized gain (loss) on:
|
||||||||
Investments sold
|
23,223,652 | |||||||
Written option contracts expired or closed
|
(5,055,430 | ) | ||||||
18,168,222 | ||||||||
Change in unrealized appreciation on:
|
||||||||
Investments
|
114,680,903 | |||||||
Written option contracts
|
3,805,171 | |||||||
118,486,074 | ||||||||
Net realized and unrealized gain on investments
|
136,654,296 | |||||||
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS
|
$ | 135,688,258 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
Year Ended
|
Year Ended
|
|||||||
December 31, 2013
|
December 31, 2012
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | (966,038 | ) | $ | 2,633,643 | |||
Net realized gains on investments sold and
written option contracts expired or closed
|
18,168,222 | 37,180,554 | ||||||
Change in unrealized appreciation on
investments and written option contracts
|
118,486,074 | 17,015,507 | ||||||
Net increase in net assets resulting from
operations
|
135,688,258 | 56,829,704 | ||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
14,643,204 | 20,113,081 | ||||||
Dividends reinvested
|
14,368,331 | 37,987,220 | ||||||
Cost of shares redeemed
|
(88,566,213 | ) | (134,823,772 | ) | ||||
Net decrease in net assets resulting from
capital share transactions
|
(59,554,678 | ) | (76,723,471 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
From net investment income
|
— | (2,645,281 | ) | |||||
From realized gains
|
(15,058,451 | ) | (37,412,601 | ) | ||||
Net decrease in net assets resulting from
distributions to shareholders
|
(15,058,451 | ) | (40,057,882 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET
ASSETS
|
61,075,129 | (59,951,649 | ) | |||||
NET ASSETS:
|
||||||||
Beginning of year
|
427,298,755 | 487,250,404 | ||||||
End of year
|
$ | 488,373,884 | $ | 427,298,755 | ||||
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME
|
$ | — | $ | — |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
MUHLENKAMP FUND |
(A Portfolio of the Wexford Trust) |
Name of Issuer or Title of Issue
|
Shares
|
Value
|
||||||
COMMON STOCKS — 98.5%
|
||||||||
Aerospace & Defense — 0.6%
|
||||||||
Innovative Solutions & Support, Inc. (a)
|
393,229 | $ | 2,866,639 | |||||
Airlines — 5.6%
|
||||||||
Allegiant Travel Company
|
91,200 | 9,616,128 | ||||||
Delta Air Lines, Inc.
|
650,000 | 17,855,500 | ||||||
27,471,628 | ||||||||
Auto Components — 2.1%
|
||||||||
American Axle & Manufacturing Holdings, Inc. (a)
|
450,000 | 9,202,500 | ||||||
Fuel Systems Solutions, Inc. (a)
|
79,988 | 1,109,434 | ||||||
10,311,934 | ||||||||
Automobiles — 3.3%
|
||||||||
General Motors Company (a)
|
400,000 | 16,348,000 | ||||||
Biotechnology — 6.8%
|
||||||||
Celgene Corporation (a)(c)
|
125,000 | 21,120,000 | ||||||
Gilead Sciences, Inc. (a)
|
163,000 | 12,249,450 | ||||||
33,369,450 | ||||||||
Capital Markets — 4.4%
|
||||||||
State Street Corporation
|
290,568 | 21,324,786 | ||||||
Communications Equipment — 0.5%
|
||||||||
Cisco Systems, Inc.
|
100,000 | 2,245,000 | ||||||
Computers & Peripherals — 1.4%
|
||||||||
Apple, Inc.
|
12,390 | 6,952,153 | ||||||
Construction & Engineering — 2.0%
|
||||||||
Chicago Bridge & Iron Company N.V. (b)
|
64,000 | 5,320,960 | ||||||
KBR, Inc.
|
133,000 | 4,241,370 | ||||||
9,562,330 | ||||||||
Consumer Finance — 0.8%
|
||||||||
Capital One Financial Corporation
|
50,000 | 3,830,500 | ||||||
Diversified Financial Services — 10.6%
|
||||||||
Berkshire Hathaway, Inc. — Class B (a)
|
103,500 | 12,270,960 | ||||||
Citigroup, Inc.
|
300,000 | 15,633,000 | ||||||
JPMorgan Chase & Company
|
407,000 | 23,801,360 | ||||||
51,705,320 | ||||||||
Electronic Equipment, Instruments & Components — 1.4%
|
||||||||
eMagin Corporation (a)
|
50,000 | 141,500 | ||||||
Universal Display Corporation (a)(c)
|
198,400 | 6,817,024 | ||||||
6,958,524 |
MUHLENKAMP FUND |
(A Portfolio of the Wexford Trust)
|
Name of Issuer or Title of Issue
|
Shares
|
Value
|
||||||
Energy Equipment & Services — 2.1%
|
||||||||
Halliburton Company
|
207,000 | $ | 10,505,250 | |||||
Health Care Equipment & Supplies — 2.0%
|
||||||||
Covidien plc (b)
|
145,000 | 9,874,500 | ||||||
Household Durables — 1.2%
|
||||||||
PulteGroup, Inc.
|
163,800 | 3,336,606 | ||||||
WCI Communities, Inc. (a)
|
127,700 | 2,437,793 | ||||||
5,774,399 | ||||||||
Industrial Conglomerates — 3.1%
|
||||||||
General Electric Company
|
535,000 | 14,996,050 | ||||||
Insurance — 6.6%
|
||||||||
American International Group, Inc.
|
325,000 | 16,591,250 | ||||||
Lincoln National Corporation
|
300,000 | 15,486,000 | ||||||
32,077,250 | ||||||||
IT Services — 8.6%
|
||||||||
Alliance Data Systems Corporation (a)(c)
|
160,000 | 42,068,800 | ||||||
Machinery — 2.0%
|
||||||||
Westport Innovations, Inc. (a)(b)
|
500,000 | 9,805,000 | ||||||
Media — 1.4%
|
||||||||
DIRECTV (a)
|
100,000 | 6,909,000 | ||||||
Oil, Gas & Consumable Fuels — 5.5%
|
||||||||
Bellatrix Exploration Ltd. (a)(b)
|
350,100 | 2,566,233 | ||||||
Clean Energy Fuels Corporation (a)
|
735,000 | 9,466,800 | ||||||
Rex Energy Corporation (a)
|
748,925 | 14,761,312 | ||||||
26,794,345 | ||||||||
Pharmaceuticals — 1.2%
|
||||||||
Teva Pharmaceutical Industries Ltd. — ADR
|
150,000 | 6,012,000 | ||||||
Semiconductors & Semiconductor Equipment — 3.8%
|
||||||||
Cirrus Logic, Inc. (a)(c)
|
110,000 | 2,247,300 | ||||||
Cypress Semiconductor Corporation
|
275,000 | 2,887,500 | ||||||
EZchip Semiconductor Ltd. (a)(b)
|
275,000 | 6,767,750 | ||||||
Lattice Semiconductor Corporation (a)
|
567,300 | 3,125,823 | ||||||
LSI Corporation
|
310,000 | 3,416,200 | ||||||
18,444,573 | ||||||||
Software — 7.7%
|
||||||||
Microsoft Corporation
|
490,000 | 18,340,700 | ||||||
Oracle Corporation
|
500,000 | 19,130,000 | ||||||
37,470,700 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
ADR
|
American Depository Receipt
|
plc
|
Public Limited Company
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign company.
|
(c)
|
Shares are held as collateral for all or a portion of a corresponding written option contract. The value of the collateral on December 31, 2013 was $82,952,758.
|
(d)
|
The rate quoted is the annualized seven-day yield as of December 31, 2013.
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
Contracts
|
|||||||||
Name of Issuer or Title of Issue
|
(100 Shares Per Contract)
|
Value
|
|||||||
WRITTEN CALL OPTIONS — (0.3)%
|
|||||||||
Alliance Data Systems Corporation
|
|||||||||
Expiration March 2014, Exercise Price $250.00
|
100 | $ | 184,900 | ||||||
Asbury Automotive Group, Inc.
|
|||||||||
Expiration January 2014, Exercise Price $40.00
|
600 | 786,000 | |||||||
Celgene Corporation
|
|||||||||
Expiration January 2014, Exercise Price $155.00
|
400 | 570,800 | |||||||
Cirrus Logic, Inc.
|
|||||||||
Expiration January 2014, Exercise Price $22.00
|
1,050 | 22,050 | |||||||
Universal Display Corporation
|
|||||||||
Expiration January 2014, Exercise Price $35.00
|
1,000 | 101,000 | |||||||
Total Written Call Options
|
|||||||||
(Premiums received $1,549,036)
|
$ | 1,664,750 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
a.
|
Investment Valuations —
Stocks, exchange-traded funds, options and warrants are valued at the latest sales price on the last business day of the fiscal period as reported by the securities exchange on which the issue is traded. If no sale is reported, the security is valued at the last quoted bid price. Long-term debt securities are valued by using the mean between the closing bid and asked prices provided by an independent pricing service. If the closing bid and asked prices are not readily available, the Fund may use a price provided by an independent pricing service, which takes into account appropriate factors such as trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short-term debt instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates fair value. Restricted securities, private placements, other illiquid securities and other securities for which market value quotations are not readily available are valued at fair value as determined by a designated Valuation Committee, comprising personnel of the Adviser, under the supervision of the Board of Trustees, in accordance with pricing procedures approved by the Board. For each applicable investment that is fair valued, the Valuation Committee considers, to the extent applicable, various factors including, but not limited to, the financial condition of the company or limited partnership, operating results, prices paid in follow-on rounds, comparable companies in the public market, the nature and duration of the restrictions for holding the securities, and other relevant factors.
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust) |
Additionally, the Fund’s investments will be valued at fair value by the Valuation Committee if the Adviser determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Valuation Committee would determine the fair value of affected securities considering factors including, but not limited to: index options and futures traded subsequent to the close; ADRs, GDRs or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as WEBs and SPDRs; and alternative market quotes on the affected securities.
The Fund performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for 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).
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks*
|
$ | 481,232,841 | $ | — | $ | — | $ | 481,232,841 | ||||||||
Purchased Call Option
Contracts
|
7,676,000 | 1,580,000 | — | 9,256,000 | ||||||||||||
Short-Term Investments
|
986 | — | — | 986 | ||||||||||||
Total Investments in
Securities
|
$ | 488,909,827 | $ | 1,580,000 | $ | — | $ | 490,489,827 | ||||||||
Written Call Option
Contracts
|
$ | 878,750 | $ | 786,000 | $ | — | $ | 1,664,750 |
*
|
Please refer to the Schedule of Investments to view Common Stocks segregated by industry type.
|
The Fund did not have any Level 3 investments at the beginning or end of the year. There were no transfers into or out of Level 1 or Level 2 during the year. It is the Fund’s policy to record transfers at the end of the reporting period.
|
|
b.
|
Foreign Securities —
Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.
|
c.
|
Foreign Currency Translations —
The books and records of the Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) fair value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Fund does not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market price of such securities. However, for federal income tax purposes the Fund does isolate and treat the effect of changes in foreign exchange rates on realized gain or loss from the sale of equity securities and payables/receivables arising from trade date and settlement date differences as ordinary income.
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
d.
|
Investment Transactions and Related Investment Income —
Investment transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the yield to maturity basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations.
|
e.
|
Federal Taxes —
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is recorded. In addition, the Fund plans to make sufficient distributions of its income and realized gains, if any, to avoid the payment of any federal excise taxes. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
|
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end December 31, 2013, or for any other tax years which are open for exam. As of December 31, 2013, open tax years include the tax years ended December 31, 2010 through 2013. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next year (or twelve months). The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties. The Fund has no examination in progress. | |
f.
|
Dividends and Distributions to Shareholders of Beneficial Interest —
Dividends from net investment income, if any, are declared and paid at least annually. Distributions of net realized capital gains, if any, will be declared and paid at least annually. Income dividends and capital gain distributions are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. Accordingly, reclassifications are made within the net asset accounts for such amounts, as well as amounts related to permanent differences in the character of certain income and expense items for income tax and financial reporting purposes.
|
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
g.
|
Use of Estimates —
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
|
h.
|
Options Transactions —
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use purchased option contracts and written option contracts to hedge against the changes in the value of equities or to meet its investment objectives. The Fund may write put and call options only if it (i) owns an offsetting position in the underlying security or (ii) maintains cash or other liquid assets in an amount equal to or greater than its obligation under the option.
|
When the Fund writes a call or put option, an amount equal to the premium received is included in the Statement of Assets & Liabilities as a liability. The amount of the liability is subsequently adjusted to reflect the current fair value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As the writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option. | |
The Fund may purchase call and put options. When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Statement of Assets & Liabilities as an investment, and is subsequently adjusted to reflect the fair value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. Written and purchased options expose the Fund to minimal counterparty risk since they are exchange traded and the exchange’s clearinghouse guarantees the options against default. |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||
Statement of
|
Statement of
|
||||||||||||||||
Assets and
|
Assets and
|
||||||||||||||||
Liabilities
|
Liabilities
|
||||||||||||||||
Derivatives
|
Location
|
Fair Value
|
Location
|
Fair Value
|
|||||||||||||
Equity Contracts:
|
|||||||||||||||||
Purchased Call Option
Contracts
|
Investments
|
$ | 9,256,000 | N/A | $ | — | |||||||||||
Written Call Option
Contracts
|
N/A | — |
Written
Call Option Contracts |
1,664,750 | |||||||||||||
Total
|
$ | 9,256,000 | $ | 1,664,750 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Amount of Realized Loss on Derivatives
|
|||||||||||||
Purchased
|
Written Call
|
||||||||||||
Call Option
|
Option
|
||||||||||||
Derivatives
|
|
Contracts
|
Contracts
|
Total
|
|||||||||
Equity Contracts
|
$ | — | $ | (5,055,430 | ) | $ | (5,055,430 | ) | |||||
Total
|
$ | — | $ | (5,055,430 | ) | $ | (5,055,430 | ) | |||||
Change in Unrealized Appreciation on Derivatives
|
|||||||||||||
Purchased
|
Written Call
|
||||||||||||
Call Option
|
Option
|
||||||||||||
Derivatives
|
|
Contracts
|
Contracts
|
Total
|
|||||||||
Equity Contracts
|
$ | 5,896,680 | $ | 3,805,171 | $ | 9,701,851 | |||||||
Total
|
$ | 5,896,680 | $ | 3,805,171 | $ | 9,701,851 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Year Ended
|
Year Ended
|
|||||||
December 31, 2013
|
December 31, 2012
|
|||||||
Shares outstanding, beginning of year
|
8,182,953 | 9,517,969 | ||||||
Shares sold
|
238,869 | 360,105 | ||||||
Dividends reinvested
|
212,361 | 734,052 | ||||||
Shares redeemed
|
(1,455,770 | ) | (2,429,173 | ) | ||||
Shares outstanding, end of year
|
7,178,413 | 8,182,953 |
|
Number of Contracts
|
Premium Amount | |||||||
Options outstanding, beginning of year
|
8,106 | $ | 1,679,387 | ||||||
Options written
|
32,498 | 7,313,625 | |||||||
Options closed
|
(21,110 | ) | (5,412,098 | ) | |||||
Options exercised
|
(10,844 | ) | (1,364,991 | ) | |||||
Options expired
|
(5,500 | ) | (666,887 | ) | |||||
Options outstanding, end of year
|
3,150 | $ | 1,549,036 |
Purchases | Sales | |||||||||||
|
U.S. Government |
Other
|
U.S. Government
|
Other
|
||||||||
$ | — | $ | 116,625,724 | $ | — | $ | 188,123,791 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Tax cost of investments
|
$ | 307,272,745 | ||
Gross tax unrealized appreciation
|
$ | 196,777,598 | ||
Gross tax unrealized depreciation
|
(13,560,516 | ) | ||
Net unrealized appreciation
|
$ | 183,217,082 | ||
Undistributed ordinary income
|
$ | — | ||
Undistributed long term capital gains
|
— | |||
Total distributable earnings
|
$ | — | ||
Other accumulated losses
|
(545,730 | ) | ||
Total accumulated gains
|
$ | 182,671,352 |
Year Ended
|
Year Ended
|
|||||||
December 31, 2013
|
December 31, 2012
|
|||||||
Ordinary income
|
$ | — | $ | 6,341,907 | ||||
Long-term capital gain
|
$ | 15,058,451 | $ | 33,715,975 |
MUHLENKAMP FUND
(A Portfolio of the Wexford Trust)
|
Undistributed
|
||||||
Net
|
Accumulated
|
|||||
Investment
|
Net Realized
|
Paid In
|
||||
Income
|
Loss
|
Capital
|
||||
$966,038
|
$(3,547,560 | ) | $2,581,522 |
MUHLENKAMP FUND
|
(A Portfolio of the Wexford Trust)
|
MUHLENKAMP FUND
|
(A Portfolio of the Wexford Trust)
|
Number of
|
|||||||||||||
Portfolios
|
Other
|
||||||||||||
Position(s)
|
Term of Office
|
Principal
|
in Complex
|
Directorships
|
|||||||||
Name, Address,
|
Held
|
and Length of
|
Occupation(s)
|
Overseen
|
Held
|
||||||||
and Age
|
with Fund
|
Time Served
|
During Past 5 Years
|
by Trustee
|
by Trustee
|
||||||||
Independent Trustees:
|
|||||||||||||
Alfred E. Kraft
411 Saddle Ridge Drive
Silverthorne, CO 80498
Age: 76
|
Trustee
|
Indefinite Term; Served as Trustee from 1998 to present
|
An independent management consultant from 1986 to present.
|
1
|
None
|
||||||||
Terrence McElligott
4103 Penn Avenue
Pittsburgh, PA 15224
Age: 66
|
Trustee
|
Indefinite Term; Served as Trustee from 1998 to present
|
President of West Penn Brush & Supply, Inc., a wholesale industrial brush sales company, from 1979 to present.
|
1
|
None
|
||||||||
Interested Trustees and Officers:
|
|||||||||||||
Ronald H. Muhlenkamp
Muhlenkamp &
Company, Inc.
5000 Stonewood Drive,
Suite 300
Wexford, PA 15090
Age: 70
|
President, Trustee
|
Indefinite Term; Served as President and Trustee from 1987 to present
|
President and Director of Muhlenkamp & Company, Inc., investment adviser to the Fund, from 1987 to present.
|
1
|
None
|
||||||||
Anthony Muhlenkamp
Muhlenkamp &
Company, Inc.
5000 Stonewood Drive,
Suite 300
Wexford, PA 15090
Age: 49
|
Vice President, Treasurer and Chief Compliance Officer
|
Indefinite Term; Served as Vice President and Treasurer from 1/1/2013 to present
|
Executive Vice President of Muhlenkamp & Company, Inc., investment adviser to the Fund, from 1992 to present.
|
N/A
|
None
|
||||||||
Jeffrey Muhlenkamp
Muhlenkamp &
Company Inc.
5000 Stonewood Drive,
Suite 300
Wexford, PA 15090
Age: 47
|
Vice President
|
Indefinite Term; Served as Vice President from 2/28/14 to present
|
Portfolio analyst with Muhlenkamp & Company, Inc. Since 2008.
|
N/A
|
None
|
||||||||
John H. Kunkle, III
Muhlenkamp &
Company, Inc.
5000 Stonewood Drive,
Suite 300
Wexford, PA 15090
Age: 51
|
Vice President
|
Indefinite Term; Served as Vice President from 2000 to present
|
Portfolio analyst with Muhlenkamp & Company, Inc., investment adviser to the Fund, from 1992 to present.
|
N/A
|
None
|
||||||||
Adrienne Caracciolo
Muhlenkamp &
Company, Inc.
5000 Stonewood Drive,
Suite 300
Wexford, PA 15090
Age: 36
|
Secretary
|
Indefinite Term; Served as Secretary from 1/1/2013 to present
|
Senior Operations Specialist with Muhlenkamp & Company, Inc., investment adviser to the Fund, from 2000 to present.
|
N/A
|
None
|
MUHLENKAMP FUND
|
(A Portfolio of the Wexford Trust)
|
MUHLENKAMP FUND
|
(A Portfolio of the Wexford Trust)
|
ADDITIONAL INFORMATION (Unaudited) (Continued)
Year Ended December 31, 2013
|
●
|
Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and date of birth; and
|
●
|
Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information, and other financial information.
|
FYE 12/31/2013
|
FYE 12/31/2012
|
|
Audit Fees
|
$19,000
|
$19,000
|
Audit-Related Fees
|
$ -
|
$ -
|
Tax Fees
|
$ 3,000
|
$ 3,000
|
All Other Fees
|
$ -
|
$ -
|
Non-Audit Related Fees
|
FYE 12/31/2013
|
FYE 12/31/2012
|
Registrant
|
-
|
-
|
Registrant’s Investment Adviser
|
-
|
-
|
(a)
|
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Filed herewith
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
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1 Month Brookfield High Income Fund Inc. Chart |
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