WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
November 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 88.6% | Shares | Value | ||
Communications - 6.5% | ||||
Internet Media & Services - 5.5% | ||||
Alphabet, Inc. - Class A (a)(b) | 14,941 | $ 1,980,131 | ||
Meta Platforms, Inc. - Class A (a)(b) | 10,544 | 3,449,469 | ||
5,429,600 | ||||
Telecommunications - 1.0% | ||||
T-Mobile US, Inc. | 6,500 | 977,925 | ||
Consumer Discretionary - 14.3% | ||||
Automotive - 1.1% | ||||
Ford Motor Company | 100,500 | 1,031,130 | ||
E-Commerce Discretionary - 3.3% | ||||
Amazon.com, Inc. (a)(b) | 21,905 | 3,200,101 | ||
Leisure Facilities & Services - 3.3% | ||||
Marriott International, Inc. - Class A | 4,000 | 810,800 | ||
Starbucks Corporation | 24,836 | 2,466,215 | ||
3,277,015 | ||||
Retail - Discretionary - 6.6% | ||||
Lowe's Companies, Inc. | 3,500 | 695,905 | ||
Lululemon Athletica, Inc. (a) | 1,550 | 692,540 | ||
O'Reilly Automotive, Inc. (a) | 855 | 839,935 | ||
TJX Companies, Inc. (The) | 27,803 | 2,449,722 | ||
Ulta Beauty, Inc. (a) | 4,345 | 1,850,927 | ||
6,529,029 | ||||
Consumer Staples - 3.7% | ||||
Retail - Consumer Staples - 2.4% | ||||
Target Corporation | 17,964 | 2,403,763 | ||
Wholesale - Consumer Staples - 1.3% | ||||
Sysco Corporation (b) | 17,460 | 1,260,088 | ||
Energy - 4.3% | ||||
Oil & Gas Producers - 3.3% | ||||
Diamondback Energy, Inc. | 6,800 | 1,049,988 | ||
EOG Resources, Inc. | 17,828 | 2,194,092 | ||
3,244,080 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.6% (Continued) | Shares | Value | ||
Energy - 4.3% (Continued) | ||||
Oil & Gas Services & Equipment - 1.0% | ||||
Schlumberger Ltd. | 19,300 | $ 1,004,372 | ||
Financials - 6.1% | ||||
Banking - 3.2% | ||||
Citigroup, Inc. (b) | 19,170 | 883,737 | ||
Fifth Third Bancorp | 28,000 | 810,600 | ||
Wells Fargo & Company (b) | 31,988 | 1,426,345 | ||
3,120,682 | ||||
Institutional Financial Services - 1.5% | ||||
Goldman Sachs Group, Inc. (The) (b) | 4,285 | 1,463,499 | ||
Insurance - 1.4% | ||||
Chubb Ltd. (b) | 6,310 | 1,447,703 | ||
Health Care - 19.5% | ||||
Biotech & Pharma - 5.5% | ||||
AbbVie, Inc. (b) | 18,474 | 2,630,513 | ||
BioMarin Pharmaceutical, Inc. (a) | 9,400 | 856,152 | ||
Eli Lilly & Company | 1,900 | 1,122,976 | ||
Zoetis, Inc. | 4,800 | 848,016 | ||
5,457,657 | ||||
Health Care Facilities & Services - 5.0% | ||||
Cencora, Inc. | 6,150 | 1,250,726 | ||
CVS Health Corporation | 23,480 | 1,595,466 | ||
Humana, Inc. | 4,257 | 2,064,049 | ||
4,910,241 | ||||
Medical Equipment & Devices - 9.0% | ||||
Abbott Laboratories | 9,300 | 969,897 | ||
Boston Scientific Corporation (a) | 19,900 | 1,112,211 | ||
Danaher Corporation (b) | 3,600 | 803,916 | ||
DexCom, Inc. (a) | 11,450 | 1,322,704 | ||
Edwards Lifesciences Corporation (a) | 16,951 | 1,147,752 | ||
Intuitive Surgical, Inc. (a) | 6,597 | 2,050,612 | ||
Thermo Fisher Scientific, Inc. (b) | 2,853 | 1,414,403 | ||
8,821,495 | ||||
Industrials - 7.1% | ||||
Aerospace & Defense - 1.4% | ||||
Boeing Company (The) (a) | 6,100 | 1,412,943 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.6% (Continued) | Shares | Value | ||
Industrials - 7.1% (Continued) | ||||
Diversified Industrials - 1.3% | ||||
Emerson Electric Company | 13,880 | $ 1,233,932 | ||
Machinery - 1.3% | ||||
Ingersoll Rand, Inc. | 17,500 | 1,250,025 | ||
Transportation & Logistics - 3.1% | ||||
CSX Corporation | 57,031 | 1,842,101 | ||
Norfolk Southern Corporation | 5,594 | 1,220,387 | ||
3,062,488 | ||||
Materials - 3.4% | ||||
Chemicals - 2.1% | ||||
Celanese Corporation | 8,400 | 1,164,744 | ||
International Flavors & Fragrances, Inc. | 11,300 | 851,794 | ||
2,016,538 | ||||
Construction Materials - 1.3% | ||||
Carlisle Companies, Inc. | 4,500 | 1,261,845 | ||
Technology - 23.7% | ||||
Semiconductors - 7.4% | ||||
Advanced Micro Devices, Inc. (a) | 8,000 | 969,280 | ||
Analog Devices, Inc. (b) | 9,145 | 1,677,010 | ||
Marvell Technology, Inc. | 32,639 | 1,818,971 | ||
NVIDIA Corporation | 6,021 | 2,816,022 | ||
7,281,283 | ||||
Software - 8.7% | ||||
Atlassian Corporation - Class A (a) | 2,600 | 496,470 | ||
Intuit, Inc. | 1,350 | 771,471 | ||
Microsoft Corporation (b) | 12,843 | 4,866,341 | ||
MongoDB, Inc. (a) | 1,625 | 675,578 | ||
Oracle Corporation | 8,100 | 941,301 | ||
Snowflake, Inc. - Class A (a) | 4,100 | 769,488 | ||
8,520,649 | ||||
Technology Hardware - 4.1% | ||||
Apple, Inc. (b) | 16,940 | 3,217,753 | ||
Seagate Technology Holdings plc | 10,300 | 814,730 | ||
4,032,483 | ||||
Technology Services - 3.5% | ||||
Mastercard, Inc. - Class A (b) | 4,329 | 1,791,470 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 88.6% (Continued) | Shares | Value | ||
Technology - 23.7% (Continued) | ||||
Technology Services - 3.5% (Continued) | ||||
PayPal Holdings, Inc. (a)(b) | 9,030 | $ 520,218 | ||
Visa, Inc. - Class A | 4,555 | 1,169,178 | ||
3,480,866 | ||||
Total Common Stocks (Cost $62,795,711) | $ 87,131,432 | |||
MONEY MARKET FUNDS - 10.4% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 5.24% (c) (Cost $10,255,162) | 10,255,162 | $ 10,255,162 | ||
Investments at Value - 99.0% (Cost $73,050,873) | $ 97,386,594 | |||
Other Assets in Excess of Liabilities - 1.0% | 961,254 | |||
Net Assets - 100.0% | $ 98,347,848 | |||
(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, 2023 was $27,075,816. |
(c) | The rate shown is the 7-day effective yield as of November 30, 2023. |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT | ||||
November 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 37.3% | Shares | Value | ||
Communications - 0.9% | ||||
Cable & Satellite - 0.9% | ||||
Charter Communications, Inc. - Class A | 2,200 | $ 880,286 | ||
Consumer Discretionary - 8.9% | ||||
Apparel & Textile Products - 1.1% | ||||
NIKE, Inc. - Class B | 10,355 | 1,141,846 | ||
Automotive - 1.2% | ||||
General Motors Company | 36,500 | 1,153,400 | ||
E-Commerce Discretionary - 1.2% | ||||
eBay, Inc. | 28,300 | 1,160,583 | ||
Leisure Facilities & Services - 1.0% | ||||
Hilton Worldwide Holdings, Inc. | 6,000 | 1,005,120 | ||
Retail - Discretionary - 4.4% | ||||
AutoZone, Inc. | 407 | 1,062,241 | ||
Best Buy Company, Inc. | 11,285 | 800,558 | ||
Home Depot, Inc. (The) | 3,800 | 1,191,262 | ||
Ross Stores, Inc. | 9,800 | 1,277,724 | ||
4,331,785 | ||||
Consumer Staples - 0.8% | ||||
Retail - Consumer Staples - 0.8% | ||||
Walmart, Inc. | 5,200 | 809,588 | ||
Energy - 2.9% | ||||
Oil & Gas Producers - 1.9% | ||||
Devon Energy Corporation | 20,500 | 921,885 | ||
Occidental Petroleum Corporation | 15,700 | 928,655 | ||
1,850,540 | ||||
Oil & Gas Services & Equipment - 1.0% | ||||
Baker Hughes Company | 30,000 | 1,012,500 | ||
Financials - 0.8% | ||||
Insurance - 0.8% | ||||
Hartford Financial Services Group, Inc. (The) | 10,000 | 781,600 | ||
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 37.3% (Continued) | Shares | Value | ||
Health Care - 8.9% | ||||
Biotech & Pharma - 3.0% | ||||
Amgen, Inc. | 3,900 | $ 1,051,596 | ||
Bristol-Myers Squibb Company | 18,300 | 903,654 | ||
Pfizer, Inc. | 33,200 | 1,011,604 | ||
2,966,854 | ||||
Health Care Facilities & Services - 1.3% | ||||
Elevance Health, Inc. | 975 | 467,503 | ||
Patterson Companies, Inc. | 30,000 | 762,300 | ||
1,229,803 | ||||
Medical Equipment & Devices - 4.6% | ||||
DENTSPLY SIRONA, Inc. | 22,700 | 720,725 | ||
Medtronic plc | 12,300 | 975,021 | ||
Mettler-Toledo International, Inc. | 950 | 1,037,333 | ||
Revvity, Inc. | 10,870 | 966,343 | ||
Zimmer Biomet Holdings, Inc. | 7,400 | 860,694 | ||
4,560,116 | ||||
Industrials - 4.3% | ||||
Aerospace & Defense - 1.1% | ||||
Lockheed Martin Corporation | 2,540 | 1,137,336 | ||
Diversified Industrials - 1.0% | ||||
Illinois Tool Works, Inc. | 4,100 | 993,061 | ||
Electrical Equipment - 1.1% | ||||
Johnson Controls International plc | 20,000 | 1,056,000 | ||
Transportation & Logistics - 1.1% | ||||
Union Pacific Corporation | 4,700 | 1,058,769 | ||
Materials - 2.0% | ||||
Chemicals - 2.0% | ||||
Huntsman Corporation | 43,000 | 1,057,800 | ||
Olin Corporation | 18,200 | 857,948 | ||
1,915,748 | ||||
Technology - 7.8% | ||||
Semiconductors - 1.1% | ||||
Microchip Technology, Inc. | 6,900 | 575,736 | ||
Texas Instruments, Inc. | 3,500 | 534,485 | ||
1,110,221 |
WAYCROSS LONG/SHORT EQUITY FUND | ||||
SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
COMMON STOCKS - 37.3% (Continued) | Shares | Value | ||
Technology - 7.8% (Continued) | ||||
Software - 2.0% | ||||
Autodesk, Inc. | 4,600 | $ 1,004,778 | ||
Workday, Inc. - Class A | 3,600 | 974,592 | ||
1,979,370 | ||||
Technology Hardware - 2.3% | ||||
Cisco Systems, Inc. | 20,000 | 967,600 | ||
Hewlett Packard Enterprise Company | 35,000 | 591,850 | ||
Juniper Networks, Inc. | 25,000 | 711,250 | ||
2,270,700 | ||||
Technology Services - 2.4% | ||||
Accenture plc - Class A | 3,663 | 1,220,292 | ||
Paychex, Inc. | 8,800 | 1,073,336 | ||
2,293,628 | ||||
Total Securities Sold Short - 37.3% (Proceeds $37,915,708) | $ 36,698,854 | |||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
November 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 99.6% | Shares | Value | ||
Communications - 8.5% | ||||
Internet Media & Services - 8.5% | ||||
Alphabet, Inc. - Class A (a) | 4,720 | $ 625,542 | ||
Meta Platforms, Inc. - Class A (a) | 2,161 | 706,971 | ||
1,332,513 | ||||
Consumer Discretionary - 13.6% | ||||
E-Commerce Discretionary - 4.4% | ||||
Amazon.com, Inc. (a) | 4,654 | 679,903 | ||
Leisure Facilities & Services - 3.1% | ||||
Starbucks Corporation | 4,875 | 484,087 | ||
Retail - Discretionary - 6.1% | ||||
TJX Companies, Inc. (The) | 5,744 | 506,104 | ||
Ulta Beauty, Inc. (a) | 1,060 | 451,549 | ||
957,653 | ||||
Consumer Staples - 5.7% | ||||
Retail - Consumer Staples - 3.1% | ||||
Target Corporation | 3,623 | 484,794 | ||
Wholesale - Consumer Staples - 2.6% | ||||
Sysco Corporation | 5,526 | 398,811 | ||
Energy - 2.5% | ||||
Oil & Gas Producers - 2.5% | ||||
EOG Resources, Inc. | 3,175 | 390,747 | ||
Financials - 10.4% | ||||
Banking - 4.7% | ||||
Citigroup, Inc. | 6,107 | 281,533 | ||
Wells Fargo & Company | 9,983 | 445,142 | ||
726,675 | ||||
Institutional Financial Services - 3.0% | ||||
Goldman Sachs Group, Inc. (The) | 1,390 | 474,740 | ||
Insurance - 2.7% | ||||
Chubb Ltd. | 1,812 | 415,727 | ||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 99.6% (Continued) | Shares | Value | ||
Health Care - 19.4% | ||||
Biotech & Pharma - 3.5% | ||||
AbbVie, Inc. | 3,871 | $ 551,192 | ||
Health Care Facilities & Services - 6.3% | ||||
CVS Health Corporation | 6,815 | 463,079 | ||
Humana, Inc. | 1,077 | 522,194 | ||
985,273 | ||||
Medical Equipment & Devices - 9.6% | ||||
Edwards Lifesciences Corporation (a) | 5,709 | 386,556 | ||
Intuitive Surgical, Inc. (a) | 2,108 | 655,251 | ||
Thermo Fisher Scientific, Inc. | 901 | 446,680 | ||
1,488,487 | ||||
Industrials - 7.9% | ||||
Diversified Industrials - 3.2% | ||||
Emerson Electric Company | 5,651 | 502,374 | ||
Transportation & Logistics - 4.7% | ||||
CSX Corporation | 10,720 | 346,256 | ||
Norfolk Southern Corporation | 1,749 | 381,562 | ||
727,818 | ||||
Technology - 31.6% | ||||
Semiconductors - 10.6% | ||||
Analog Devices, Inc. | 2,930 | 537,304 | ||
Marvell Technology, Inc. | 7,147 | 398,302 | ||
NVIDIA Corporation | 1,539 | 719,790 | ||
1,655,396 | ||||
Software - 7.0% | ||||
Microsoft Corporation | 2,895 | 1,096,944 | ||
Technology Hardware - 6.9% | ||||
Apple, Inc. | 5,625 | 1,068,469 | ||
WAYCROSS FOCUSED CORE EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 99.6% (Continued) | Shares | Value | ||
Technology - 31.6% (Continued) | ||||
Technology Services - 7.1% | ||||
Mastercard, Inc. - Class A | 1,361 | $ 563,223 | ||
PayPal Holdings, Inc. (a) | 2,834 | 163,267 | ||
Visa, Inc. - Class A | 1,468 | 376,806 | ||
1,103,296 | ||||
Total Common Stocks (Cost $14,186,872) | $ 15,524,899 | |||
MONEY MARKET FUNDS - 0.2% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 5.24% (b) (Cost $27,697) | 27,697 | $ 27,697 | ||
Investments at Value - 99.8% (Cost $14,214,569) | $ 15,552,596 | |||
Other Assets in Excess of Liabilities - 0.2% | 39,799 | |||
Net Assets - 100.0% | $ 15,592,395 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of November 30, 2023. |