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3. Investment in Pemberwick Fund
9 Months Ended
Dec. 30, 2015
Notes  
3. Investment in Pemberwick Fund

3.      Investment in Pemberwick Fund

 

The Trust carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.01 per share as of December 30, 2015. An unrealized gain of $205 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of December 30, 2015. The Trust has earned $55,805 of interest revenue from the date of its initial investment in Pemberwick through December 30, 2015.