WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
November 30, 2021 (Unaudited) | ||||
COMMON STOCKS - 88.7% | Shares | Value | ||
Communications - 8.8% | ||||
Entertainment Content - 1.2% | ||||
Walt Disney Company (The) (a) | 8,725 | $ 1,264,253 | ||
Internet Media & Services - 7.6% | ||||
Airbnb, Inc. - Class A (a) | 7,540 | 1,300,952 | ||
Alphabet, Inc. - Class A (a)(b) | 1,330 | 3,774,473 | ||
Meta Platforms, Inc. - Class A (a)(b) | 5,550 | 1,800,753 | ||
Netflix, Inc. (a) | 1,176 | 754,874 | ||
Twitter, Inc. (a) | 6,000 | 263,640 | ||
7,894,692 | ||||
Consumer Discretionary - 12.6% | ||||
Automotive - 1.0% | ||||
General Motors Company (a)(b) | 17,800 | 1,030,086 | ||
E-Commerce Discretionary - 3.2% | ||||
Amazon.com, Inc. (a)(b) | 600 | 2,104,242 | ||
MercadoLibre, Inc. (a) | 636 | 755,829 | ||
Wayfair, Inc. - Class A (a) | 1,859 | 460,734 | ||
3,320,805 | ||||
Leisure Facilities & Services - 3.6% | ||||
MGM Resorts International | 15,786 | 624,810 | ||
Starbucks Corporation | 24,369 | 2,671,817 | ||
Texas Roadhouse, Inc. | 4,968 | 412,046 | ||
3,708,673 | ||||
Leisure Products - 0.4% | ||||
Peloton Interactive, Inc. - Class A (a) | 10,632 | 467,808 | ||
Retail - Discretionary - 4.4% | ||||
lululemon athletica, inc. (a) | 3,211 | 1,459,111 | ||
Ross Stores, Inc. | 11,100 | 1,210,899 | ||
Ulta Beauty, Inc. (a) | 5,075 | 1,948,546 | ||
4,618,556 | ||||
Consumer Staples - 4.0% | ||||
Household Products - 1.8% | ||||
Procter & Gamble Company (The) | 12,625 | 1,825,323 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.7% (Continued) | Shares | Value | ||
Consumer Staples - 4.0% (Continued) | ||||
Retail - Consumer Staples - 1.2% | ||||
Costco Wholesale Corporation | 2,367 | $ 1,276,712 | ||
Wholesale - Consumer Staples - 1.0% | ||||
Sysco Corporation (b) | 14,470 | 1,013,479 | ||
Energy - 3.5% | ||||
Oil & Gas Producers - 1.4% | ||||
Diamondback Energy, Inc. | 13,440 | 1,434,451 | ||
Oil & Gas Services & Equipment - 2.1% | ||||
Halliburton Company | 54,600 | 1,178,814 | ||
Schlumberger Ltd. | 37,300 | 1,069,764 | ||
2,248,578 | ||||
Financials - 7.8% | ||||
Banking - 4.9% | ||||
Citigroup, Inc. (b) | 31,250 | 1,990,625 | ||
PNC Financial Services Group, Inc. (The) (b) | 8,160 | 1,607,520 | ||
U.S. Bancorp | 27,900 | 1,543,986 | ||
5,142,131 | ||||
Institutional Financial Services - 2.9% | ||||
Goldman Sachs Group, Inc. (The) (b) | 7,850 | 2,990,772 | ||
Health Care - 15.0% | ||||
Biotech & Pharma - 9.3% | ||||
AbbVie, Inc. (b) | 18,500 | 2,132,680 | ||
BioMarin Pharmaceutical, Inc. (a) | 6,400 | 552,256 | ||
Elanco Animal Health, Inc. (a)(b) | 90,900 | 2,612,466 | ||
Eli Lilly & Company (b) | 12,800 | 3,174,912 | ||
Guardant Health, Inc. (a) | 2,800 | 294,336 | ||
Viatris, Inc. | 73,700 | 907,247 | ||
9,673,897 | ||||
Health Care Facilities & Services - 2.4% | ||||
AmerisourceBergen Corporation | 8,000 | 926,000 | ||
CVS Health Corporation | 12,400 | 1,104,344 | ||
Humana, Inc. | 1,000 | 419,710 | ||
2,450,054 | ||||
Medical Equipment & Devices - 3.3% | ||||
Align Technology, Inc. (a) | 500 | 305,765 | ||
Danaher Corporation | 3,250 | 1,045,330 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.7% (Continued) | Shares | Value | ||
Health Care - 15.0% (Continued) | ||||
Medical Equipment & Devices - 3.3% (Continued) | ||||
DexCom, Inc. (a) | 1,100 | $ 618,849 | ||
Medtronic plc | 13,675 | 1,459,122 | ||
3,429,066 | ||||
Industrials - 9.6% | ||||
Aerospace & Defense - 0.9% | ||||
Raytheon Technologies Corporation | 11,700 | 946,764 | ||
Electrical Equipment - 1.3% | ||||
Johnson Controls International plc | 18,000 | 1,345,680 | ||
Engineering & Construction - 0.9% | ||||
Fluor Corporation (a) | 40,300 | 891,033 | ||
Machinery - 1.4% | ||||
Caterpillar, Inc. | 7,750 | 1,498,462 | ||
Transportation & Logistics - 5.1% | ||||
Delta Air Lines, Inc. (a) | 39,420 | 1,427,004 | ||
FedEx Corporation | 5,000 | 1,151,850 | ||
Norfolk Southern Corporation | 6,325 | 1,677,833 | ||
Southwest Airlines Company (a) | 22,300 | 990,120 | ||
5,246,807 | ||||
Materials - 1.3% | ||||
Chemicals - 1.3% | ||||
Nutrien Ltd. | 20,000 | 1,322,400 | ||
Technology - 26.1% | ||||
Semiconductors - 7.2% | ||||
Analog Devices, Inc. (b) | 11,325 | 2,041,331 | ||
Broadcom, Inc. | 2,700 | 1,494,936 | ||
NVIDIA Corporation | 9,625 | 3,145,065 | ||
Xilinx, Inc. (b) | 3,350 | 765,308 | ||
7,446,640 | ||||
Software - 11.1% | ||||
Adobe, Inc. (a)(b) | 5,405 | 3,620,539 | ||
Autodesk, Inc. (a) | 2,100 | 533,799 | ||
Intuit, Inc. | 2,450 | 1,598,135 | ||
Microsoft Corporation (b) | 12,995 | 4,296,017 | ||
Palantir Technologies, Inc. - Class A (a) | 16,300 | 336,595 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.7% (Continued) | Shares | Value | ||
Technology - 26.1% (Continued) | ||||
Software - 11.1% (Continued) | ||||
salesforce.com, inc. (a) | 4,046 | $ 1,152,948 | ||
11,538,033 | ||||
Technology Hardware - 4.8% | ||||
Apple, Inc. (b) | 22,650 | 3,744,045 | ||
NetApp, Inc. | 8,100 | 719,928 | ||
Seagate Technology Holdings plc | 5,500 | 564,685 | ||
5,028,658 | ||||
Technology Services - 3.0% | ||||
Mastercard, Inc. - Class A (b) | 4,900 | 1,543,108 | ||
PayPal Holdings, Inc. (a)(b) | 8,750 | 1,617,788 | ||
3,160,896 | ||||
Total Common Stocks (Cost $65,650,500) | $ 92,214,709 | |||
MONEY MARKET FUNDS - 9.0% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c) (Cost $9,368,121) | 9,368,121 | $ 9,368,121 | ||
Investments at Value - 97.7% (Cost $75,018,621) | $ 101,582,830 | |||
Other Assets in Excess of Liabilities - 2.3% | 2,388,317 | |||
Net Assets - 100.0% | $ 103,971,147 | |||
(a) | Non-income producing security. |
(b) | All or a portion of this security is pledged as collateral for open short positions. The total value of such securities as of November 30, 2021 was $28,373,961. |
(c) | The rate shown is the 7-day effective yield as of November 30, 2021. |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT | ||||
November 30, 2021 (Unaudited) | ||||
COMMON STOCKS - 38.4% | Shares | Value | ||
Communications - 0.4% | ||||
Internet Media & Services - 0.4% | ||||
Uber Technologies, Inc. | 11,282 | $ 428,716 | ||
Consumer Discretionary - 6.3% | ||||
Automotive - 1.5% | ||||
Harley-Davidson, Inc. | 40,883 | 1,497,544 | ||
E-Commerce Discretionary - 0.5% | ||||
eBay, Inc | 7,885 | 531,922 | ||
Leisure Facilities & Services - 2.5% | ||||
DraftKings, Inc. - Class A | 12,025 | 415,464 | ||
Penn National Gaming, Inc. | 27,721 | 1,420,147 | ||
Wingstop, Inc. | 4,870 | 782,122 | ||
2,617,733 | ||||
Retail - Discretionary - 1.8% | ||||
Best Buy Company, Inc. | 4,372 | 467,192 | ||
Lowe's Companies, Inc. | 2,589 | 633,243 | ||
Vizio Holdings Corporation - Class A | 26,596 | 511,441 | ||
Williams-Sonoma, Inc. | 1,432 | 279,011 | ||
1,890,887 | ||||
Consumer Staples - 2.1% | ||||
Food - 1.3% | ||||
Beyond Meat, Inc. | 18,968 | 1,332,692 | ||
Retail - Consumer Staples - 0.8% | ||||
Walgreens Boots Alliance, Inc. | 19,000 | 851,200 | ||
Energy - 2.1% | ||||
Oil & Gas Services & Equipment - 2.1% | ||||
Baker Hughes Company | 47,500 | 1,108,650 | ||
NOV, Inc. | 88,100 | 1,050,152 | ||
2,158,802 | ||||
Financials - 1.1% | ||||
Financials - 1.1% | ||||
Fifth Third Bancorp | 27,750 | 1,169,663 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 38.4% (Continued) | Shares | Value | ||
Health Care - 7.1% | ||||
Biotech & Pharma - 3.4% | ||||
Amgen, Inc. | 3,900 | $ 775,632 | ||
Johnson & Johnson | 5,300 | 826,429 | ||
Pfizer, Inc. | 15,600 | 838,188 | ||
Zoetis, Inc. | 4,800 | 1,065,792 | ||
3,506,041 | ||||
Health Care Facilities & Services - 1.6% | ||||
DaVita, Inc. | 4,800 | 453,600 | ||
Patterson Companies, Inc. | 30,000 | 944,100 | ||
Teladoc Health, Inc. | 2,900 | 293,625 | ||
1,691,325 | ||||
Medical Equipment & Devices - 2.1% | ||||
Becton, Dickinson and Company | 2,600 | 616,564 | ||
Boston Scientific Corporation | 20,900 | 795,663 | ||
Stryker Corporation | 3,276 | 775,200 | ||
2,187,427 | ||||
Industrials - 4.3% | ||||
Commercial Support Services - 0.9% | ||||
Stericycle, Inc. | 17,500 | 988,750 | ||
Diversified Industrials - 1.1% | ||||
3M Company | 6,500 | 1,105,260 | ||
Transportation & Logistics - 1.2% | ||||
Knight-Swift Transportation Holdings, Inc. | 22,000 | 1,259,500 | ||
Transportation Equipment - 1.1% | ||||
Cummins, Inc. | 5,250 | 1,101,187 | ||
Materials - 4.0% | ||||
Chemicals - 1.8% | ||||
Dow, Inc. | 20,700 | 1,137,051 | ||
Ecolab, Inc. | 3,600 | 797,292 | ||
1,934,343 | ||||
Containers & Packaging - 2.2% | ||||
Crown Holdings, Inc. | 11,275 | 1,192,895 | ||
WestRock Company | 24,600 | 1,067,394 | ||
2,260,289 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 38.4% (Continued) | Shares | Value | ||
Technology - 11.0% | ||||
Semiconductors - 3.7% | ||||
Applied Materials, Inc. | 2,900 | $ 426,851 | ||
Intel Corporation | 28,500 | 1,402,200 | ||
Texas Instruments, Inc. | 10,500 | 2,019,885 | ||
3,848,936 | ||||
Software - 1.8% | ||||
Check Point Software Technologies Ltd. | 5,900 | 656,729 | ||
Oracle Corporation | 12,800 | 1,161,472 | ||
1,818,201 | ||||
Technology Hardware - 3.0% | ||||
Cisco Systems, Inc. | 10,750 | 589,530 | ||
HP, Inc. | 53,500 | 1,887,480 | ||
Juniper Networks, Inc. | 22,000 | 684,860 | ||
3,161,870 | ||||
Technology Services - 2.5% | ||||
Accenture plc - Class A | 2,863 | 1,023,236 | ||
International Business Machines Corporation | 13,100 | 1,534,010 | ||
2,557,246 | ||||
Total Securities Sold Short - 38.4% (Proceeds $39,275,568) | $ 39,899,534 | |||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
November 30, 2021 (Unaudited) | ||||
COMMON STOCKS - 98.7% | Shares | Value | ||
Communications - 9.9% | ||||
Entertainment Content - 2.3% | ||||
Walt Disney Company (The) (a) | 615 | $ 89,113 | ||
Internet Media & Services - 7.6% | ||||
Alphabet, Inc. - Class A (a) | 62 | 175,953 | ||
Meta Platforms, Inc. - Class A (a) | 389 | 126,215 | ||
302,168 | ||||
Consumer Discretionary - 11.6% | ||||
E-Commerce Discretionary - 3.5% | ||||
Amazon.com, Inc. (a) | 39 | 136,776 | ||
Leisure Facilities & Services - 3.5% | ||||
Starbucks Corporation | 1,281 | 140,449 | ||
Retail - Discretionary - 4.6% | ||||
Ross Stores, Inc. | 739 | 80,617 | ||
Ulta Beauty, Inc. (a) | 268 | 102,899 | ||
183,516 | ||||
Consumer Staples - 5.3% | ||||
Household Products - 3.4% | ||||
Procter & Gamble Company (The) | 940 | 135,905 | ||
Wholesale - Consumer Staples - 1.9% | ||||
Sysco Corporation | 1,083 | 75,853 | ||
Financials - 11.1% | ||||
Banking - 7.6% | ||||
Citigroup, Inc. | 1,197 | 76,249 | ||
PNC Financial Services Group, Inc. (The) | 624 | 122,928 | ||
U.S. Bancorp | 1,822 | 100,830 | ||
300,007 | ||||
Institutional Financial Services - 3.5% | ||||
Goldman Sachs Group, Inc. (The) | 365 | 139,061 | ||
Health Care - 11.9% | ||||
Biotech & Pharma - 9.4% | ||||
AbbVie, Inc. | 999 | 115,165 | ||
Elanco Animal Health, Inc. (a) | 3,569 | 102,573 |
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 98.7% (Continued) | Shares | Value | ||
Health Care - 11.9% (Continued) | ||||
Biotech & Pharma - 9.4% (Continued) | ||||
Eli Lilly & Company | 628 | $ 155,769 | ||
373,507 | ||||
Medical Equipment & Devices - 2.5% | ||||
Medtronic plc | 941 | 100,405 | ||
Industrials - 12.1% | ||||
Engineering & Construction - 1.6% | ||||
Fluor Corporation (a) | 2,884 | 63,765 | ||
Machinery - 2.8% | ||||
Caterpillar, Inc. | 577 | 111,563 | ||
Transportation & Logistics - 7.7% | ||||
Delta Air Lines, Inc. (a) | 2,861 | 103,568 | ||
FedEx Corporation | 338 | 77,865 | ||
Norfolk Southern Corporation | 458 | 121,494 | ||
302,927 | ||||
Technology - 36.8% | ||||
Semiconductors - 14.3% | ||||
Analog Devices, Inc. | 767 | 138,251 | ||
NVIDIA Corporation | 709 | 231,673 | ||
Xilinx, Inc. | 864 | 197,381 | ||
567,305 | ||||
Software - 10.4% | ||||
Adobe, Inc. (a) | 241 | 161,434 | ||
Microsoft Corporation | 758 | 250,587 | ||
412,021 | ||||
Technology Hardware - 6.5% | ||||
Apple, Inc. | 1,552 | 256,546 | ||
Technology Services - 5.6% | ||||
Mastercard, Inc. - Class A | 355 | 111,797 | ||
PayPal Holdings, Inc. (a) | 599 | 110,749 | ||
222,546 | ||||
Total Common Stocks (Cost $3,748,732) | $ 3,913,433 | |||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 1.0% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b) (Cost $41,290) | 41,290 | $ 41,290 | ||
Investments at Value - 99.7% (Cost $3,790,022) | $ 3,954,723 | |||
Other Assets in Excess of Liabilities - 0.3% | 12,411 | |||
Net Assets - 100.0% | $ 3,967,134 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of November 30, 2021. |