WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
May 31, 2023 (Unaudited) | ||||
COMMON STOCKS - 87.1% | Shares | Value | ||
Communications - 5.9% | ||||
Internet Media & Services - 5.4% | ||||
Alphabet, Inc. - Class A (a)(b) | 14,941 | $ 1,835,800 | ||
Meta Platforms, Inc. - Class A (a)(b) | 11,533 | 3,053,016 | ||
4,888,816 | ||||
Telecommunications - 0.5% | ||||
T-Mobile US, Inc. (a) | 3,500 | 480,375 | ||
Consumer Discretionary - 14.8% | ||||
Automotive - 0.9% | ||||
Ford Motor Company | 71,000 | 852,000 | ||
E-Commerce Discretionary - 3.7% | ||||
Amazon.com, Inc. (a)(b) | 24,105 | 2,906,581 | ||
MercadoLibre, Inc. (a) | 396 | 490,644 | ||
3,397,225 | ||||
Leisure Facilities & Services - 3.9% | ||||
Las Vegas Sands Corporation (a) | 8,024 | 442,363 | ||
Marriott International, Inc. - Class A | 4,000 | 671,160 | ||
Starbucks Corporation | 24,836 | 2,424,987 | ||
3,538,510 | ||||
Retail - Discretionary - 6.3% | ||||
Lowe's Companies, Inc. | 3,500 | 703,955 | ||
Lululemon Athletica, Inc. (a) | 900 | 298,737 | ||
O'Reilly Automotive, Inc. (a) | 855 | 772,330 | ||
TJX Companies, Inc. (The) | 27,803 | 2,134,993 | ||
Ulta Beauty, Inc. (a) | 4,345 | 1,780,711 | ||
5,690,726 | ||||
Consumer Staples - 2.0% | ||||
Retail - Consumer Staples - 0.7% | ||||
Target Corporation | 4,663 | 610,527 | ||
Wholesale - Consumer Staples - 1.3% | ||||
Sysco Corporation (b) | 17,460 | 1,221,327 | ||
Energy - 1.5% | ||||
Oil & Gas Producers - 0.8% | ||||
Devon Energy Corporation | 16,100 | 742,210 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 87.1% (Continued) | Shares | Value | ||
Energy - 1.5% (Continued) | ||||
Oil & Gas Services & Equipment - 0.7% | ||||
Schlumberger Ltd. | 14,000 | $ 599,620 | ||
Financials - 5.4% | ||||
Banking - 3.8% | ||||
Citigroup, Inc. (b) | 14,726 | 652,656 | ||
JPMorgan Chase & Company (b) | 9,525 | 1,292,638 | ||
U.S. Bancorp | 24,676 | 737,812 | ||
Wells Fargo & Company (b) | 19,590 | 779,878 | ||
3,462,984 | ||||
Institutional Financial Services - 1.6% | ||||
Goldman Sachs Group, Inc. (The) (b) | 4,285 | 1,387,912 | ||
Health Care - 19.3% | ||||
Biotech & Pharma - 7.7% | ||||
AbbVie, Inc. (b) | 18,474 | 2,548,673 | ||
BioMarin Pharmaceutical, Inc. (a) | 7,000 | 608,580 | ||
Eli Lilly & Company | 7,041 | 3,023,828 | ||
Zoetis, Inc. | 4,800 | 782,448 | ||
6,963,529 | ||||
Health Care Facilities & Services - 1.6% | ||||
AmerisourceBergen Corporation | 6,150 | 1,046,422 | ||
Humana, Inc. | 900 | 451,683 | ||
1,498,105 | ||||
Medical Equipment & Devices - 10.0% | ||||
Abbott Laboratories | 8,200 | 836,400 | ||
Boston Scientific Corporation (a) | 19,900 | 1,024,452 | ||
Danaher Corporation (b) | 3,600 | 826,632 | ||
DexCom, Inc. (a) | 5,400 | 633,204 | ||
Edwards Lifesciences Corporation (a) | 16,951 | 1,427,783 | ||
Intuitive Surgical, Inc. (a)(b) | 9,397 | 2,892,773 | ||
Thermo Fisher Scientific, Inc. | 2,853 | 1,450,636 | ||
9,091,880 | ||||
Industrials - 7.9% | ||||
Aerospace & Defense - 1.4% | ||||
Boeing Company (The) (a) | 6,100 | 1,254,770 | ||
Engineering & Construction - 1.1% | ||||
Fluor Corporation (a) | 35,643 | 946,678 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 87.1% (Continued) | Shares | Value | ||
Industrials - 7.9% (Continued) | ||||
Machinery - 1.1% | ||||
Ingersoll Rand, Inc. | 17,500 | $ 991,550 | ||
Transportation & Logistics - 3.4% | ||||
CSX Corporation | 63,031 | 1,933,161 | ||
Norfolk Southern Corporation | 5,594 | 1,164,559 | ||
3,097,720 | ||||
Transportation Equipment - 0.9% | ||||
Cummins, Inc. | 4,150 | 848,301 | ||
Materials - 2.9% | ||||
Chemicals - 1.9% | ||||
Celanese Corporation | 8,400 | 873,768 | ||
International Flavors & Fragrances, Inc. | 10,700 | 827,003 | ||
1,700,771 | ||||
Construction Materials - 1.0% | ||||
Carlisle Companies, Inc. | 4,500 | 955,980 | ||
Technology - 27.4% | ||||
Semiconductors - 8.2% | ||||
Advanced Micro Devices, Inc. (a) | 7,600 | 898,396 | ||
Analog Devices, Inc. (b) | 9,145 | 1,624,975 | ||
Marvell Technology, Inc. | 38,439 | 2,248,297 | ||
NVIDIA Corporation | 6,980 | 2,640,813 | ||
7,412,481 | ||||
Software - 8.5% | ||||
Adobe, Inc. (a)(b) | 3,030 | 1,265,904 | ||
Intuit, Inc. | 1,350 | 565,812 | ||
Microsoft Corporation (b) | 12,293 | 4,036,898 | ||
MongoDB, Inc. (a) | 1,725 | 506,788 | ||
Oracle Corporation | 6,500 | 688,610 | ||
Snowflake, Inc. - Class A (a) | 4,100 | 677,976 | ||
7,741,988 | ||||
Technology Hardware - 6.6% | ||||
Apple, Inc. (b) | 18,787 | 3,329,996 | ||
Cisco Systems, Inc. (b) | 41,754 | 2,073,921 | ||
Seagate Technology Holdings plc | 10,300 | 619,030 | ||
6,022,947 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 87.1% (Continued) | Shares | Value | ||
Technology - 27.4% (Continued) | ||||
Technology Services - 4.1% | ||||
Mastercard, Inc. - Class A (b) | 6,404 | $ 2,337,588 | ||
PayPal Holdings, Inc. (a)(b) | 9,030 | 559,770 | ||
Visa, Inc. - Class A | 3,847 | 850,302 | ||
3,747,660 | ||||
Total Common Stocks (Cost $60,016,746) | $ 79,146,592 | |||
MONEY MARKET FUNDS - 10.9% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 4.98% (c) (Cost $9,908,763) | 9,908,763 | $ 9,908,763 | ||
Investments at Value - 98.0% (Cost $69,925,509) | $ 89,055,355 | |||
Other Assets in Excess of Liabilities - 2.0% | 1,818,834 | |||
Net Assets - 100.0% | $ 90,874,189 |
(a) | Non-income producing security. |
(b) | All or a portion this security is pledged as collateral for open short positions. The total value of such securities as of May 31, 2023 was $27,328,426. |
(c) | The rate shown is the 7-day effective yield as of May 31, 2023. |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT | ||||
May 31, 2023 (Unaudited) | ||||
COMMON STOCKS - 35.4% | Shares | Value | ||
Communications - 0.9% | ||||
Cable & Satellite - 0.9% | ||||
Comcast Corporation - Class A | 19,994 | $ 786,764 | ||
Consumer Discretionary - 6.4% | ||||
Apparel & Textile Products - 0.7% | ||||
Nike, Inc. - Class B | 6,455 | 679,453 | ||
Automotive - 0.8% | ||||
General Motors Company | 23,500 | 761,635 | ||
E-Commerce Discretionary - 0.4% | ||||
eBay, Inc. | 7,800 | 331,812 | ||
Leisure Facilities & Services - 0.9% | ||||
Hilton Worldwide Holdings, Inc. | 6,000 | 816,720 | ||
Retail - Discretionary - 3.6% | ||||
AutoZone, Inc. | 407 | 971,444 | ||
Best Buy Company, Inc. | 5,785 | 420,396 | ||
Home Depot, Inc. (The) | 3,000 | 850,350 | ||
Ross Stores, Inc. | 9,800 | 1,015,476 | ||
3,257,666 | ||||
Consumer Staples - 1.1% | ||||
Retail - Consumer Staples - 1.1% | ||||
Walmart, Inc. | 7,100 | 1,042,777 | ||
Energy - 1.6% | ||||
Oil & Gas Producers - 0.8% | ||||
ConocoPhillips | 7,800 | 774,540 | ||
Oil & Gas Services & Equipment - 0.8% | ||||
Halliburton Company | 25,000 | 716,250 | ||
Health Care - 9.8% | ||||
Biotech & Pharma - 2.9% | ||||
Amgen, Inc. | 3,900 | 860,535 | ||
Johnson & Johnson | 6,300 | 976,878 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 35.4% (Continued) | Shares | Value | ||
Health Care - 9.8% (Continued) | ||||
Biotech & Pharma - 2.9% (Continued) | ||||
Pfizer, Inc. | 20,300 | $ 771,806 | ||
2,609,219 | ||||
Health Care Facilities & Services - 2.4% | ||||
DaVita, Inc. | 10,200 | 955,434 | ||
Elevance Health, Inc. | 975 | 436,624 | ||
Patterson Companies, Inc. | 30,000 | 785,700 | ||
2,177,758 | ||||
Medical Equipment & Devices - 4.5% | ||||
Becton, Dickinson and Company | 3,950 | 954,952 | ||
DENTSPLY SIRONA, Inc. | 15,300 | 552,636 | ||
Medtronic plc | 12,200 | 1,009,672 | ||
Revvity, Inc. | 5,600 | 645,792 | ||
Zimmer Biomet Holdings, Inc. | 7,400 | 942,316 | ||
4,105,368 | ||||
Industrials - 4.2% | ||||
Aerospace & Defense - 1.1% | ||||
Raytheon Technologies Corporation | 11,000 | 1,013,540 | ||
Diversified Industrials - 1.0% | ||||
Illinois Tool Works, Inc. | 4,100 | 896,793 | ||
Machinery - 1.1% | ||||
Caterpillar, Inc. | 4,700 | 967,025 | ||
Transportation & Logistics - 1.0% | ||||
Union Pacific Corporation | 4,700 | 904,844 | ||
Materials - 3.0% | ||||
Chemicals - 2.0% | ||||
Ecolab, Inc. | 6,300 | 1,039,815 | ||
Huntsman Corporation | 35,000 | 831,250 | ||
1,871,065 | ||||
Containers & Packaging - 1.0% | ||||
WestRock Company | 31,700 | 887,917 | ||
Technology - 8.4% | ||||
Semiconductors - 3.4% | ||||
Applied Materials, Inc. | 4,500 | 599,850 | ||
Intel Corporation | 11,800 | 370,992 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 35.4% (Continued) | Shares | Value | ||
Technology - 8.4% (Continued) | ||||
Semiconductors - 3.4% (Continued) | ||||
Microchip Technology, Inc. | 13,700 | $ 1,031,062 | ||
Texas Instruments, Inc. | 6,000 | 1,043,280 | ||
3,045,184 | ||||
Software - 2.1% | ||||
Autodesk, Inc. | 3,900 | 777,621 | ||
Workday, Inc. - Class A | 5,500 | 1,165,945 | ||
1,943,566 | ||||
Technology Hardware - 1.3% | ||||
Datadog, Inc. - Class A | 5,400 | 512,514 | ||
HP, Inc. | 21,150 | 614,619 | ||
1,127,133 | ||||
Technology Services - 1.6% | ||||
Accenture plc - Class A | 1,863 | 569,929 | ||
Paychex, Inc. | 8,600 | 902,398 | ||
1,472,327 | ||||
Total Securities Sold Short - 35.4% (Proceeds $33,575,438) | $ 32,189,356 | |||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
May 31, 2023 (Unaudited) | ||||
COMMON STOCKS - 97.6% | Shares | Value | ||
Communications - 8.7% | ||||
Internet Media & Services - 8.7% | ||||
Alphabet, Inc. - Class A (a) | 3,172 | $ 389,744 | ||
Meta Platforms, Inc. - Class A (a) | 1,764 | 466,966 | ||
856,710 | ||||
Consumer Discretionary - 13.1% | ||||
E-Commerce Discretionary - 3.9% | ||||
Amazon.com, Inc. (a) | 3,136 | 378,139 | ||
Leisure Facilities & Services - 3.2% | ||||
Starbucks Corporation | 3,268 | 319,087 | ||
Retail - Discretionary - 6.0% | ||||
TJX Companies, Inc. (The) | 3,855 | 296,026 | ||
Ulta Beauty, Inc. (a) | 716 | 293,438 | ||
589,464 | ||||
Consumer Staples - 2.7% | ||||
Wholesale - Consumer Staples - 2.7% | ||||
Sysco Corporation | 3,729 | 260,844 | ||
Financials - 10.1% | ||||
Banking - 7.0% | ||||
Citigroup, Inc. | 3,064 | 135,796 | ||
JPMorgan Chase & Company | 1,896 | 257,306 | ||
U.S. Bancorp | 4,662 | 139,394 | ||
Wells Fargo & Company | 4,038 | 160,753 | ||
693,249 | ||||
Institutional Financial Services - 3.1% | ||||
Goldman Sachs Group, Inc. (The) | 932 | 301,875 | ||
Health Care - 18.6% | ||||
Biotech & Pharma - 7.6% | ||||
AbbVie, Inc. | 2,589 | 357,178 | ||
Eli Lilly & Company | 896 | 384,796 | ||
741,974 | ||||
Medical Equipment & Devices - 11.0% | ||||
Edwards Lifesciences Corporation (a) | 3,848 | 324,117 | ||
Intuitive Surgical, Inc. (a) | 1,422 | 437,749 |
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 97.6% (Continued) | Shares | Value | ||
Health Care - 18.6% (Continued) | ||||
Medical Equipment & Devices - 11.0% (Continued) | ||||
Thermo Fisher Scientific, Inc. | 622 | $ 316,262 | ||
1,078,128 | ||||
Industrials - 6.8% | ||||
Engineering & Construction - 2.0% | ||||
Fluor Corporation (a) | 7,414 | 196,916 | ||
Transportation & Logistics - 4.8% | ||||
CSX Corporation | 7,278 | 223,216 | ||
Norfolk Southern Corporation | 1,173 | 244,195 | ||
467,411 | ||||
Technology - 37.6% | ||||
Semiconductors - 11.5% | ||||
Analog Devices, Inc. | 1,961 | 348,450 | ||
Marvell Technology, Inc. | 4,935 | 288,648 | ||
NVIDIA Corporation | 1,297 | 490,707 | ||
1,127,805 | ||||
Software - 9.2% | ||||
Adobe, Inc. (a) | 619 | 258,612 | ||
Microsoft Corporation | 1,942 | 637,733 | ||
896,345 | ||||
Technology Hardware - 10.6% | ||||
Apple, Inc. | 3,990 | 707,228 | ||
Cisco Systems, Inc. | 6,688 | 332,193 | ||
1,039,421 | ||||
Technology Services - 6.3% | ||||
Mastercard, Inc. - Class A | 911 | 332,533 | ||
PayPal Holdings, Inc. (a) | 1,906 | 118,153 | ||
Visa, Inc. - Class A | 773 | 170,856 | ||
621,542 | ||||
Total Common Stocks (Cost $8,807,267) | $ 9,568,910 | |||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 1.3% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 4.98% (b) (Cost $128,790) | 128,790 | $ 128,790 | ||
Investments at Value - 98.9% (Cost $8,936,057) | $ 9,697,700 | |||
Other Assets in Excess of Liabilities - 1.1% | 104,766 | |||
Net Assets - 100.0% | $ 9,802,466 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of May 31, 2023. |