1
QUARTERLY REPORT
CULTIVAR ETF
Schedule of InvestmentsOctober 31, 2022 (unaudited)
|
|
|
|
Shares |
|
Fair Value |
|
|
89.75% |
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.48% |
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
Alphabet, Inc. - Class A* |
|
1,066 |
|
$100,748 |
|
|
|
AT&T, Inc. |
|
33,492 |
|
610,559 |
|
|
|
Baidu, Inc.* |
|
1,227 |
|
93,951 |
|
|
|
Charter Communications* |
|
278 |
|
102,198 |
|
|
|
Comcast Corp New Class A |
|
4,659 |
|
147,877 |
|
|
|
John Wiley & Sons, Inc. |
|
2,993 |
|
126,275 |
|
|
|
Lumen Technologies, Inc. |
|
38,651 |
|
284,471 |
|
|
|
Meta Platforms, Inc.* |
|
1,535 |
|
143,001 |
|
|
|
Paramount Global |
|
5,990 |
|
109,737 |
|
|
|
Warner Brothers Discovery, Inc.* |
|
4,624 |
|
60,112 |
|
|
|
|
|
|
|
1,778,929 |
|
|
|
|
|
|
|
|
|
|
10.51% |
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
Alibaba Group Holding Ltd.* |
|
1,809 |
|
115,016 |
|
|
|
Amazon.Com, Inc.* |
|
1,148 |
|
117,601 |
|
|
|
Big Lots, Inc. |
|
9,628 |
|
181,680 |
|
|
|
Grand Canyon Education, Inc.* |
|
4,094 |
|
411,979 |
|
|
|
Hasbro, Inc. |
|
1,542 |
|
100,615 |
|
|
|
Honda Motor Co. Ltd. |
|
5,036 |
|
114,922 |
|
|
|
Hooker Furnishings Corp. |
|
9,603 |
|
145,005 |
|
|
|
Kohl’s Corp. |
|
4,286 |
|
128,366 |
|
|
|
Monro, Inc. |
|
4,427 |
|
211,389 |
|
|
|
Ollie’s Bargain Outlet Holdings, Inc.* |
|
2,547 |
|
142,632 |
|
|
|
Quotient Technology, Inc.* |
|
53,938 |
|
132,687 |
|
|
|
Qurate Retail, Inc.* |
|
62,814 |
|
146,985 |
|
|
|
Ross Stores, Inc. |
|
1,325 |
|
126,789 |
|
|
|
Sleep Number Corp.* |
|
3,721 |
|
103,221 |
|
|
|
Under Armour, Inc. - Class A |
|
13,725 |
|
102,251 |
|
|
|
Whirlpool Corp. |
|
787 |
|
108,795 |
|
|
|
Wolverine World Wide, Inc. |
|
6,400 |
|
109,632 |
|
|
|
|
|
|
|
2,499,565 |
|
|
|
|
|
|
|
|
|
|
9.68% |
CONSUMER STAPLES |
|
|
|
|
|
|
|
Campbell Soup Co. |
|
4,036 |
|
213,545 |
|
|
|
The Clorox Co. |
|
2,594 |
|
378,828 |
|
|
|
Colgate-Palmolive Co. |
|
2,369 |
|
174,927 |
|
|
|
Ingredion, Inc.* |
|
7,429 |
|
662,072 |
|
|
|
Kimberly-Clark Corp. |
|
2,680 |
|
333,553 |
|
|
|
The Kraft Heinz Co. |
|
5,338 |
|
205,353 |
|
|
|
Walgreens Boots Alliance |
|
9,164 |
|
334,486 |
|
|
|
|
|
|
|
2,302,764 |
|
|
|
|
|
|
|
|
|
2
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
|
Shares |
|
Fair Value |
|
|
8.04% |
ENERGY |
|
|
|
|
|
|
|
BP PLC |
|
11,342 |
|
$377,462 |
|
|
|
Core Laboratories Nv |
|
37,867 |
|
736,892 |
|
|
|
HF Sinclair Corp.* |
|
3,567 |
|
218,193 |
|
|
|
Schlumberger Ltd. |
|
4,137 |
|
215,248 |
|
|
|
World Fuel Services Corp. |
|
14,320 |
|
365,017 |
|
|
|
|
|
|
|
1,912,812 |
|
|
|
|
|
|
|
|
|
|
6.73% |
FINANCIALS |
|
|
|
|
|
|
|
Citigroup, Inc. |
|
7,346 |
|
336,888 |
|
|
|
Greenhill & Co, Inc. |
|
24,040 |
|
170,444 |
|
|
|
Lazard LTD. |
|
9,815 |
|
370,124 |
|
|
|
Markettaxess Holdings, Inc. |
|
480 |
|
117,139 |
|
|
|
Reinsuance Grop of America |
|
2,793 |
|
411,046 |
|
|
|
S&P Globa, Inc. |
|
381 |
|
122,396 |
|
|
|
SVB Financial Group* |
|
313 |
|
72,290 |
|
|
|
|
|
|
|
1,600,327 |
|
|
|
|
|
|
|
|
|
|
12.45% |
HEALTHCARE |
|
|
|
|
|
|
|
Abbott Laboratories |
|
1,100 |
|
108,834 |
|
|
|
Biogen, Inc.* |
|
2,099 |
|
594,941 |
|
|
|
Davita, Inc.* |
|
1,395 |
|
101,849 |
|
|
|
Emergent Biosolutions, Inc.* |
|
7,998 |
|
166,838 |
|
|
|
Fresenius Medical Care |
|
6,928 |
|
96,091 |
|
|
|
Gilead Sciences, Inc. |
|
5,960 |
|
467,622 |
|
|
|
Haemonetics Corp.* |
|
4,670 |
|
396,717 |
|
|
|
Illumina Inc.* |
|
643 |
|
147,131 |
|
|
|
Inogen, Inc.** |
|
6,261 |
|
141,874 |
|
|
|
Ionis Pharmaceuticals, Inc.* |
|
2,601 |
|
114,964 |
|
|
|
Perrigo Co. Plc |
|
8,964 |
|
361,070 |
|
|
|
Styker Corp. |
|
636 |
|
145,797 |
|
|
|
Zoetis, Inc. |
|
781 |
|
117,759 |
|
|
|
|
|
|
|
2,961,487 |
|
|
|
|
|
|
|
|
|
|
10.39% |
INDUSTRIALS |
|
|
|
|
|
|
|
3M Co. |
|
934 |
|
117,488 |
|
|
|
The Boeing Co.* |
|
974 |
|
138,805 |
|
|
|
Fedex Corp. |
|
744 |
|
119,248 |
|
|
|
Healthcare Services Group |
|
34,838 |
|
486,338 |
|
|
|
Miller Industries, Inc. |
|
5,227 |
|
132,923 |
|
|
|
Proto Labs, Inc.* |
|
15,379 |
|
587,324 |
|
|
|
Rockwell Automation, Inc. |
|
608 |
|
155,222 |
|
|
|
Southwest Airlines Co.* |
|
9,160 |
|
332,966 |
|
3
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
|
Shares |
|
Fair Value |
|
|
|
Steelcase, Inc. |
|
33,840 |
|
$262,937 |
|
|
|
Verisk Analytics, Inc. |
|
751 |
|
137,305 |
|
|
|
|
|
|
|
2,470,556 |
|
|
|
|
|
|
|
|
|
|
11.31% |
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
Adobe, Inc.* |
|
973 |
|
309,901 |
|
|
|
Auto Desk* |
|
693 |
|
148,510 |
|
|
|
Global Payments, Inc. |
|
2,909 |
|
332,382 |
|
|
|
Intel Corp.* |
|
6,148 |
|
174,788 |
|
|
|
Internatinal Business Machines Corp. |
|
2,642 |
|
365,362 |
|
|
|
Microchip Technology, Inc. |
|
2,098 |
|
129,531 |
|
|
|
Paypal Holdings, Inc.* |
|
1,288 |
|
107,651 |
|
|
|
Qorvo, Inc.* |
|
2,034 |
|
175,087 |
|
|
|
Sabre Corp.* |
|
32,258 |
|
187,419 |
|
|
|
Salesforce, Inc.* |
|
1,122 |
|
182,426 |
|
|
|
Silicon Laboratories, Inc.* |
|
1,071 |
|
123,079 |
|
|
|
Skyworks Solutions, Inc. |
|
1,987 |
|
170,902 |
|
|
|
Western Union Corp. |
|
20,960 |
|
283,170 |
|
|
|
|
|
|
|
2,690,208 |
|
|
|
|
|
|
|
|
|
|
9.83% |
MATERIALS |
|
|
|
|
|
|
|
Agnico Eagle Mines Ltd |
|
2,902 |
|
127,572 |
|
|
|
Barrick Gold Corp. |
|
19,970 |
|
300,149 |
|
|
|
Cia de Minas Buenaventura |
|
22,120 |
|
153,513 |
|
|
|
Compass Minerals International |
|
3,332 |
|
131,747 |
|
|
|
First Majestic Silver Corp. |
|
15,125 |
|
127,504 |
|
|
|
Fortuna Silver Mines, Inc.* |
|
51,313 |
|
142,650 |
|
|
|
Kinross Gold Corp. |
|
37,415 |
|
135,816 |
|
|
|
Newmont Goldcorp Corp. |
|
9,789 |
|
414,270 |
|
|
|
Pan American Silver Corp. |
|
7,843 |
|
125,331 |
|
|
|
Royal Gold, Inc. |
|
4,731 |
|
449,256 |
|
|
|
Trinseo PLC |
|
5,783 |
|
108,836 |
|
|
|
Westrock Co. |
|
3,531 |
|
120,266 |
|
|
|
|
|
|
|
2,336,910 |
|
|
|
|
|
|
|
|
|
|
1.89% |
REAL ESTATE |
|
|
|
|
|
|
|
Douglas Emmett, Inc. |
|
5,498 |
|
96,710 |
|
|
|
Natinal Health Investors, Inc. |
|
3,060 |
|
173,502 |
|
|
|
The RMR Group, Inc. |
|
6,584 |
|
180,204 |
|
|
|
|
|
|
|
450,416 |
|
|
|
|
|
|
|
|
|
|
1.44% |
UTILITIES |
|
|
|
|
|
|
|
Hawaiian Electric Industries, Inc. |
|
4,413 |
|
167,871 |
|
|
|
Northwest Natural Holding |
|
3,637 |
|
174,903 |
|
|
|
|
|
|
|
342,774 |
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
|
Shares |
|
Fair Value |
|
|
89.75% |
TOTAL COMMON STOCKS |
|
$21,346,748 |
|
||
|
|
|
|
|
|
|
|
|
3.25% |
TREASURY NOTES |
|
|
|
|
|
|
|
US Treasury Bond, 2.25% 8/15/49 |
|
417,000 |
|
283,698 |
|
|
|
US Treasury Bond 1.25% 5/15/50 |
|
590,000 |
|
304,230 |
|
|
|
US Treasury Bond, 1.375% 08/15/50 |
|
346,000 |
|
184,583 |
|
|
|
|
|
|
|
772,511 |
|
|
|
|
|
|
|
|
|
|
3.25% |
TOTAL TREASURY NOTES |
|
772,511 |
|
||
|
|
|
|
|
|
|
|
|
93.00% |
TOTAL INVESTMENTS |
|
22,119,259 |
|
||
|
7.00% |
Other assets, net of liabilities |
|
1,665,240 |
|
||
|
100.00% |
NET ASSETS |
|
$23,784,499 |
|
||
*Non-income producing
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
|
|
Common Stock |
|
$21,346,748 |
|
$— |
|
$— |
|
$21,346,748 |
|
|
US Treasury Bonds |
|
772,511 |
|
|
|
|
|
772,511 |
|
|
Total Investments |
|
$22,119,259 |
|
$— |
|
$— |
|
$22,119,259 |
|
5
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended October 31, 2022.
At October 31, 2022, the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $24,276,804 and the related tax-based net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$1,169,342 |
|
|
|
Gross unrealized depreciation |
|
(3,326,887 |
) |
|
|
Net unrealized appreciation |
|
$(2,157,545 |
) |