Schedule of Portfolio Investments | |||||||
AAMA Equity Fund | |||||||
March 31, 2023 (Unaudited) | |||||||
COMMON STOCKS - 62.5% | Shares | Fair Value | |||||
AEROSPACE & DEFENSE - 1.1% | |||||||
Raytheon Technologies Corporation | 46,696 | $ 4,572,939 | |||||
BANKING - 1.2% | |||||||
JPMorgan Chase & Company | 37,400 | 4,873,594 | |||||
BEVERAGES - 1.2% | |||||||
PepsiCo, Inc. | 26,400 | 4,812,720 | |||||
BIOTECH & PHARMA - 5.8% | |||||||
Amgen, Inc. | 15,000 | 3,626,250 | |||||
Bristol-Myers Squibb Company | 94,000 | 6,515,140 | |||||
Johnson & Johnson | 48,000 | 7,440,000 | |||||
Pfizer, Inc. | 141,500 | 5,773,200 | |||||
23,354,590 | |||||||
CONTAINERS & PACKAGING - 0.5% | |||||||
Ball Corporation | 37,000 | 2,039,070 | |||||
DIVERSIFIED INDUSTRIALS - 1.7% | |||||||
Emerson Electric Company | 78,400 | 6,831,776 | |||||
E-COMMERCE DISCRETIONARY - 1.4% | |||||||
Amazon.com, Inc. (a) | 54,000 | 5,577,660 | |||||
ELECTRIC UTILITIES - 0.9% | |||||||
Constellation Energy Corporation | 10,000 | 785,000 | |||||
Exelon Corporation | 30,000 | 1,256,700 | |||||
Public Service Enterprise Group, Inc. | 25,000 | 1,561,250 | |||||
3,602,950 | |||||||
ENGINEERING & CONSTRUCTION - 0.7% | |||||||
Quanta Services, Inc. | 16,100 | 2,682,904 | |||||
FOOD - 1.0% | |||||||
Conagra Brands, Inc. | 106,000 | 3,981,360 | |||||
HEALTH CARE FACILITIES & SERVICES - 2.3% | |||||||
UnitedHealth Group, Inc. | 19,400 | 9,168,246 |
Schedule of Portfolio Investments (Continued) | |||||||
AAMA Equity Fund | |||||||
COMMON STOCKS - 62.5% (Continued) | Shares | Fair Value | |||||
HOUSEHOLD PRODUCTS - 1.1% | |||||||
Procter & Gamble Company (The) | 29,400 | $ 4,371,486 | |||||
INDUSTRIAL SUPPORT SERVICES - 2.1% | |||||||
Fastenal Company | 30,000 | 1,618,200 | |||||
Grainger (W.W.), Inc. | 10,100 | 6,956,981 | |||||
8,575,181 | INTERNET MEDIA & SERVICES - 1.8% | ||||||
Alphabet, Inc. - Class A (a) | 68,000 | 7,053,640 | |||||
LEISURE FACILITIES & SERVICES - 1.8% | |||||||
Starbucks Corporation | 70,000 | 7,289,100 | |||||
MEDICAL EQUIPMENT & DEVICES - 1.2% | |||||||
Medtronic plc | 59,100 | 4,764,642 | |||||
METALS & MINING - 2.6% | |||||||
Freeport-McMoRan, Inc. | 250,000 | 10,227,500 | |||||
OIL & GAS PRODUCERS - 4.4% | |||||||
Chevron Corporation | 46,500 | 7,586,940 | |||||
Exxon Mobil Corporation | 92,000 | 10,088,720 | |||||
17,675,660 | |||||||
RETAIL - CONSUMER STAPLES - 2.6% | |||||||
Kroger Company (The) | 102,500 | 5,060,425 | |||||
Walmart, Inc. | 36,600 | 5,396,670 | |||||
10,457,095 | |||||||
RETAIL - DISCRETIONARY - 1.3% | |||||||
Home Depot, Inc. (The) | 17,000 | 5,017,040 | |||||
SEMICONDUCTORS - 7.3% | |||||||
Applied Materials, Inc. | 93,800 | 11,521,454 | |||||
Intel Corporation | 168,300 | 5,498,361 | |||||
QUALCOMM, Inc. | 50,900 | 6,493,822 | |||||
Texas Instruments, Inc. | 31,700 | 5,896,517 | |||||
Texas Instruments, Inc. | 31,700 | 29,410,154 | |||||
SOFTWARE - 3.6% | |||||||
Adobe, Inc. (a) | 13,200 | 5,086,884 | |||||
Schedule of Portfolio Investments (Continued) | |||||||
AAMA Equity Fund | |||||||
COMMON STOCKS - 62.5% (Continued) | Shares | Fair Value | |||||
SOFTWARE - 3.6% (Continued) | |||||||
Microsoft Corporation | 32,500 | $ 9,369,750 | |||||
14,456,634 | |||||||
TECHNOLOGY HARDWARE - 4.8% | |||||||
Apple, Inc. | 47,200 | 7,783,280 | |||||
Cisco Systems, Inc. | 131,600 | 6,879,390 | |||||
Corning, Inc. | 134,800 | 4,755,744 | |||||
19,418,414 | |||||||
TECHNOLOGY SERVICES - 3.1% | |||||||
Mastercard, Inc. - Class A | 11,100 | 4,033,851 | |||||
Visa, Inc. - Class A | 37,400 | 8,432,204 | |||||
12,466,055 | |||||||
TELECOMMUNICATIONS - 4.3% | |||||||
T-Mobile US, Inc. (a) | 73,815 | 10,691,365 | |||||
Verizon Communications, Inc. | 168,100 | 6,537,409 | |||||
17,228,774 | |||||||
TRANSPORTATION & LOGISTICS - 2.7% | |||||||
Norfolk Southern Corporation | 14,200 | 3,010,400 | |||||
Union Pacific Corporation | 19,800 | 3,984,948 | |||||
United Parcel Service, Inc. - Class B | 20,000 | 3,879,800 | |||||
10,875,148 | |||||||
TOTAL COMMON STOCKS (Cost $153,912,503) | $ 250,784,332 | ||||||
EXCHANGE-TRADED FUNDS - 29.5% | Shares | Fair Value | |||||
iShares Core S&P 500 ETF | 69,200 | $ 28,446,736 | |||||
iShares Core S&P U.S. Growth ETF | 239,600 | 21,269,292 | |||||
Schwab U.S. Large-Cap ETF | 563,400 | 27,251,658 | |||||
Vanguard Growth ETF | 36,000 | 8,979,840 | |||||
Vanguard S&P 500 ETF | 85,600 | 32,191,592 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $68,203,682) | $ 118,139,118 | ||||||
Schedule of Portfolio Investments (Continued) | |||||||
AAMA Equity Fund | |||||||
MONEY MARKET FUNDS - 8.1% | Shares | Fair Value | |||||
First American U.S. Treasury Money Market Fund - Class Z, 4.36% (b) (Cost $32,293,202) | 32,293,202 | $ 32,293,202 | |||||
TOTAL INVESTMENTS (Cost $254,409,387) - 100.1% | $ 401,216,652 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%) | (211,366 ) | ||||||
NET ASSETS - 100.0% | $ 401,005,286 | ||||||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |
plc - Public Liability Company |
Schedule of Portfolio Investments | ||||
AAMA Income Fund | ||||
March 31, 2023 (Unaudited) | ||||
EXCHANGE-TRADED FUNDS - 15.6% | Shares | Fair Value | ||
Vanguard Mortgage-Backed Securities ETF | 283,000 | $ 13,173,650 | ||
Vanguard Short-Term Treasury ETF | 166,000 | 9,717,640 | ||
TOTAL EXCHANGE-TRADED FUNDS (Cost $25,605,664) | $ 22,891,290 | |||
MUNICIPAL BONDS - 0.8% | Coupon | Maturity | Principal Amount | Fair Value |
City of Powell, Ohio, Various Purpose Ltd., GO Bond, Series 2021 (Cost $1,367,368) | 2.000% | 12/01/26 | $ 1,320,000 | $ 1,220,376 |
U.S. GOVERNMENT AGENCIES - 31.4% | Coupon | Maturity | Principal Amount | Fair Value |
FEDERAL FARM CREDIT BANK - 3.2% | ||||
Federal Farm Credit Bank | 1.750% | 02/25/25 | $ 5,000,000 | $ 4,771,347 |
FEDERAL HOME LOAN BANK - 14.0% | ||||
Federal Home Loan Bank | 2.375% | 09/08/23 | 6,575,000 | 6,508,947 |
Federal Home Loan Bank | 2.750% | 12/13/24 | 5,000,000 | 4,868,886 |
Federal Home Loan Bank | 1.750% | 09/12/25 | 5,000,000 | 4,729,877 |
Federal Home Loan Bank | 1.650% | 11/24/28 | 5,000,000 | 4,405,264 |
20,512,974 | ||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 14.2% | ||||
Federal National Mortgage Association | 0.625% | 04/22/25 | 5,000,000 | 4,648,789 |
Federal National Mortgage Association | 2.125% | 04/24/26 | 11,454,000 | 10,879,929 |
Federal National Mortgage Association | 0.750% | 10/08/27 | 5,957,000 | 5,225,945 |
20,754,663 | ||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $49,205,711) | $ 46,038,984 | |||
U.S. TREASURY OBLIGATIONS - 36.3% | Coupon | Maturity | Principal Amount | Fair Value |
U.S. TREASURY NOTES - 36.3% | ||||
U.S. Treasury Notes | 1.750% | 05/15/23 | $ 10,000,000 | $ 9,965,195 |
U.S. Treasury Notes | 2.750% | 11/15/23 | 10,000,000 | 9,874,609 |
U.S. Treasury Notes | 2.125% | 02/29/24 | 5,000,000 | 4,885,156 |
U.S. Treasury Notes | 2.500% | 05/15/24 | 6,000,000 | 5,867,813 |
Schedule of Portfolio Investments (Continued) | ||||
AAMA Income Fund | ||||
U.S. TREASURY OBLIGATIONS - 36.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value |
U.S. TREASURY NOTES - 36.3% (Continued) | ||||
U.S. Treasury Notes | 1.875% | 08/31/24 | $ 5,000,000 | $ 4,830,274 |
U.S. Treasury Notes | 0.500% | 04/30/27 | 10,000,000 | 8,804,297 |
U.S. Treasury Notes | 1.125% | 02/29/28 | 10,000,000 | 8,880,859 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $55,871,211) | $ 53,108,203 | |||
MONEY MARKET FUNDS - 15.7% | Shares | Fair Value | ||
First American U.S. Treasury Money Market Fund - Class Z, 4.36% (a) (Cost $22,968,993) | 22,968,993 | $ 22,968,993 | ||
TOTAL INVESTMENTS (Cost $155,018,947) - 99.8% | $ 146,227,846 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | 230,257 | |||
NET ASSETS - 100.0% | $ 146,458,103 |
(a) | The rate shown is the 7-day effective yield as of March 31, 2023. |