Schedule of Portfolio Investments | ||||
AAMA Equity Fund | ||||
September 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 64.7% | Shares | Fair Value | ||
AEROSPACE & DEFENSE - 0.9% | ||||
RTX Corporation | 46,696 | $ 3,360,711 | ||
BANKING - 1.4% | ||||
JPMorgan Chase & Company | 37,400 | 5,423,748 | ||
BEVERAGES - 1.1% | ||||
PepsiCo, Inc. | 26,400 | 4,473,216 | ||
BIOTECH & PHARMA - 5.6% | ||||
Amgen, Inc. | 15,000 | 4,031,400 | ||
Bristol-Myers Squibb Company | 94,000 | 5,455,760 | ||
Johnson & Johnson | 48,000 | 7,476,000 | ||
Pfizer, Inc. | 141,500 | 4,693,555 | ||
21,656,715 | ||||
CONTAINERS & PACKAGING - 0.5% | ||||
Ball Corporation | 37,000 | 1,841,860 | ||
DIVERSIFIED INDUSTRIALS - 1.9% | ||||
Emerson Electric Company | 78,400 | 7,571,088 | ||
E-COMMERCE DISCRETIONARY - 1.8% | ||||
Amazon.com, Inc. (a) | 54,000 | 6,864,480 | ||
ELECTRIC UTILITIES - 0.9% | ||||
Constellation Energy Corporation | 10,000 | 1,090,800 | ||
Exelon Corporation | 30,000 | 1,133,700 | ||
Public Service Enterprise Group, Inc. | 25,000 | 1,422,750 | ||
3,647,250 | ||||
ENGINEERING & CONSTRUCTION - 0.8% | ||||
Quanta Services, Inc. | 16,100 | 3,011,827 | ||
FOOD - 0.7% | ||||
Conagra Brands, Inc. | 106,000 | 2,906,520 | ||
HEALTH CARE FACILITIES & SERVICES - 2.5% | ||||
UnitedHealth Group, Inc. | 19,400 | 9,781,286 | ||
Schedule of Portfolio Investments (Continued) | ||||
AAMA Equity Fund | ||||
COMMON STOCKS - 64.7% (Continued) | Shares | Fair Value | ||
HOUSEHOLD PRODUCTS - 1.1% | ||||
Procter & Gamble Company (The) | 29,400 | $ 4,288,284 | ||
INDUSTRIAL SUPPORT SERVICES - 2.2% | ||||
Fastenal Company | 30,000 | 1,639,200 | ||
Grainger (W.W.), Inc. | 10,100 | 6,987,584 | ||
8,626,784 | ||||
INTERNET MEDIA & SERVICES - 2.3% | ||||
Alphabet, Inc. - Class A (a) | 68,000 | 8,898,480 | ||
LEISURE FACILITIES & SERVICES - 1.6% | ||||
Starbucks Corporation | 70,000 | 6,388,900 | ||
MEDICAL EQUIPMENT & DEVICES - 1.2% | ||||
Medtronic plc | 59,100 | 4,631,076 | ||
METALS & MINING - 2.4% | ||||
Freeport-McMoRan, Inc. | 250,000 | 9,322,500 | ||
OIL & GAS PRODUCERS - 4.8% | ||||
Chevron Corporation | 46,500 | 7,840,830 | ||
Exxon Mobil Corporation | 92,000 | 10,817,360 | ||
18,658,190 | ||||
RETAIL - CONSUMER STAPLES - 2.7% | ||||
Kroger Company (The) | 102,500 | 4,586,875 | ||
Walmart, Inc. | 36,600 | 5,853,438 | ||
10,440,313 | ||||
RETAIL - DISCRETIONARY - 1.3% | ||||
Home Depot, Inc. (The) | 17,000 | 5,136,720 | ||
SEMICONDUCTORS - 7.6% | ||||
Applied Materials, Inc. | 93,800 | 12,986,610 | ||
Intel Corporation | 168,300 | 5,983,065 | ||
QUALCOMM, Inc. | 50,900 | 5,652,954 | ||
Texas Instruments, Inc. | 31,700 | 5,040,617 | ||
29,663,246 |
Schedule of Portfolio Investments (Continued) | ||||
AAMA Equity Fund | ||||
COMMON STOCKS - 64.7% (Continued) | Shares | Fair Value | ||
SOFTWARE - 4.4% | ||||
Adobe, Inc. (a) | 13,200 | $ 6,730,680 | ||
Microsoft Corporation | 32,500 | 10,261,875 | ||
16,992,555 | ||||
TECHNOLOGY HARDWARE - 5.0% | ||||
Apple, Inc. | 47,200 | 8,081,112 | ||
Cisco Systems, Inc. | 131,600 | 7,074,816 | ||
Corning, Inc. | 134,800 | 4,107,356 | ||
19,263,284 | ||||
TECHNOLOGY SERVICES - 3.3% | ||||
Mastercard, Inc. - Class A | 11,100 | 4,394,601 | ||
Visa, Inc. - Class A | 37,400 | 8,602,374 | ||
12,996,975 | ||||
TELECOMMUNICATIONS - 4.1% | ||||
T-Mobile US, Inc. (a) | 73,815 | 10,337,791 | ||
Verizon Communications, Inc. | 168,100 | 5,448,121 | ||
15,785,912 | ||||
TRANSPORTATION & LOGISTICS - 2.6% | ||||
Norfolk Southern Corporation | 14,200 | 2,796,406 | ||
Union Pacific Corporation | 19,800 | 4,031,874 | ||
United Parcel Service, Inc. - Class B | 20,000 | 3,117,400 | ||
9,945,680 | ||||
TOTAL COMMON STOCKS (Cost $153,912,503) | $ 251,577,600 | |||
EXCHANGE-TRADED FUNDS - 32.0% | Shares | Fair Value | ||
iShares Core S&P 500 ETF | 69,200 | $ 29,716,556 | ||
iShares Core S&P U.S. Growth ETF | 239,600 | 22,721,268 | ||
Schwab U.S. Large-Cap ETF | 563,400 | 28,508,040 | ||
Vanguard Growth ETF | 36,000 | 9,803,160 | ||
Vanguard S&P 500 ETF | 85,600 | 33,615,120 | ||
TOTAL EXCHANGE-TRADED FUNDS (Cost $68,203,682) | $ 124,364,144 | |||
Schedule of Portfolio Investments (Continued) | ||||
AAMA Equity Fund | ||||
MONEY MARKET FUNDS - 3.3% | Shares | Fair Value | ||
First American U.S. Treasury Money Market Fund - Class Z, 5.21% (b) (Cost $12,718,242) | 12,718,242 | $ 12,718,242 | ||
TOTAL INVESTMENTS (Cost $234,834,427) - 100.0% | $ 388,659,986 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% (c) | 121,691 | |||
NET ASSETS - 100.0% | $ 388,781,677 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2023. |
(c) | Percentage rounds to less than 0.1%. |
plc - Public Liability Company |
Schedule of Portfolio Investments | ||||
AAMA Income Fund | ||||
September 30, 2023 (Unaudited) | ||||
EXCHANGE-TRADED FUNDS - 16.0% | Shares | Fair Value | ||
Vanguard Mortgage-Backed Securities ETF | 283,000 | $ 12,389,740 | ||
Vanguard Short-Term Treasury ETF | 166,000 | 9,561,600 | ||
TOTAL EXCHANGE-TRADED FUNDS (Cost $25,605,664) | $ 21,951,340 | |||
MUNICIPAL BONDS - 0.9% | Coupon | Maturity | Principal Amount | Fair Value |
City of Powell, Ohio, Various Purpose Ltd., GO Bond, Series 2021 (Cost $1,361,009) | 2.000% | 12/01/26 | $ 1,320,000 | $ 1,203,598 |
U.S. GOVERNMENT AGENCIES - 28.3% | Coupon | Maturity | Principal Amount | Fair Value |
FEDERAL FARM CREDIT BANK - 3.4% | ||||
Federal Farm Credit Bank | 1.750% | 02/25/25 | $ 5,000,000 | $ 4,762,570 |
FEDERAL HOME LOAN BANK - 10.0% | ||||
Federal Home Loan Bank | 2.750% | 12/13/24 | 5,000,000 | 4,844,497 |
Federal Home Loan Bank | 1.750% | 09/12/25 | 5,000,000 | 4,692,356 |
Federal Home Loan Bank | 1.650% | 11/24/28 | 5,000,000 | 4,214,283 |
13,751,136 | ||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 14.9% | ||||
Federal National Mortgage Association | 0.625% | 04/22/25 | 5,000,000 | 4,653,222 |
Federal National Mortgage Association | 2.125% | 04/24/26 | 11,454,000 | 10,683,350 |
Federal National Mortgage Association | 0.750% | 10/08/27 | 5,957,000 | 5,093,988 |
20,430,560 | ||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $42,568,065) | $ 38,944,266 | |||
U.S. TREASURY OBLIGATIONS - 31.2% | Coupon | Maturity | Principal Amount | Fair Value |
U.S. TREASURY NOTES - 31.2% | ||||
U.S. Treasury Notes | 2.750% | 11/15/23 | $ 10,000,000 | $ 9,967,197 |
U.S. Treasury Notes | 2.125% | 02/29/24 | 5,000,000 | 4,933,008 |
U.S. Treasury Notes | 2.500% | 05/15/24 | 6,000,000 | 5,892,422 |
U.S. Treasury Notes | 1.875% | 08/31/24 | 5,000,000 | 4,840,039 |
U.S. Treasury Notes | 0.500% | 04/30/27 | 10,000,000 | 8,621,875 |
Schedule of Portfolio Investments (Continued) | ||||
AAMA Income Fund | ||||
U.S. TREASURY OBLIGATIONS - 31.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value |
U.S. TREASURY NOTES - 31.2% (Continued) | ||||
U.S. Treasury Notes | 1.125% | 02/29/28 | $ 10,000,000 | $ 8,603,906 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $45,809,149) | $ 42,858,447 | |||
MONEY MARKET FUNDS - 23.3% | Shares | Fair Value | ||
First American U.S. Treasury Money Market Fund - Class Z, 5.21% (a) (Cost $31,988,515) | 31,988,515 | $ 31,988,515 | ||
TOTAL INVESTMENTS (Cost $147,332,402) - 99.7% | $ 136,946,166 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% | 443,130 | |||
NET ASSETS - 100.0% | $ 137,389,296 | |||
(a) | The rate shown is the 7-day effective yield as of September 30, 2023. |