THE GOVERNMENT STREET EQUITY FUND | ||
SCHEDULE OF INVESTMENTS | ||
June 30, 2025 (Unaudited) | ||
COMMON STOCKS - 91.7% | Shares | Value |
Communications - 7.4% | ||
Alphabet, Inc. - Class A | 5,700 | $ 1,004,511 |
Alphabet, Inc. - Class C | 13,340 | 2,366,383 |
Booking Holdings, Inc. | 250 | 1,447,310 |
Meta Platforms, Inc. - Class A | 3,200 | 2,361,888 |
Uber Technologies, Inc. (a) | 4,000 | 373,200 |
7,553,292 | ||
Consumer Discretionary - 7.0% | ||
Amazon.com, Inc. (a) | 12,000 | 2,632,680 |
Coupang, Inc. (a) | 8,000 | 239,680 |
Home Depot, Inc. (The) | 3,000 | 1,099,920 |
Lowe's Companies, Inc. | 2,500 | 554,675 |
McDonald's Corporation | 5,000 | 1,460,850 |
NVR, Inc. (a) | 40 | 295,426 |
Tesla, Inc. (a) | 1,700 | 540,022 |
Tractor Supply Company | 5,000 | 263,850 |
7,087,103 | ||
Consumer Staples - 3.7% | ||
Coca-Cola Company (The) | 3,500 | 247,625 |
Costco Wholesale Corporation | 200 | 197,988 |
Procter & Gamble Company (The) | 4,000 | 637,280 |
Walmart, Inc. | 27,500 | 2,688,950 |
3,771,843 | ||
Energy - 3.0% | ||
Cheniere Energy, Inc. | 4,000 | 974,080 |
Kinder Morgan, Inc. | 20,000 | 588,000 |
ONEOK, Inc. | 9,250 | 755,077 |
Phillips 66 | 6,400 | 763,520 |
3,080,677 | ||
Financials - 15.0% | ||
Aflac, Inc. | 14,000 | 1,476,440 |
Apollo Global Management, Inc. | 2,000 | 283,740 |
Arch Capital Group Ltd. | 3,000 | 273,150 |
Ares Management Corporation - Class A | 5,500 | 952,600 |
Bank of New York Mellon Corporation (The) | 4,000 | 364,440 |
Berkshire Hathaway, Inc. - Class B (a) | 1,600 | 777,232 |
Blackstone, Inc. | 10,000 | 1,495,800 |
Brookfield Corporation | 27,000 | 1,669,950 |
CME Group, Inc. | 3,500 | 964,670 |
Goldman Sachs Group, Inc. (The) | 700 | 495,425 |
THE GOVERNMENT STREET EQUITY FUND | ||
SCHEDULE OF INVESTMENTS (Continued) | ||
COMMON STOCKS - 91.7% (Continued) | Shares | Value |
Financials - 15.0% (Continued) | ||
Intercontinental Exchange, Inc. | 1,500 | $ 275,205 |
JPMorgan Chase & Company | 19,500 | 5,653,245 |
Marsh & McLennan Companies, Inc. | 2,500 | 546,600 |
15,228,497 | ||
Health Care - 6.7% | ||
Abbott Laboratories | 9,500 | 1,292,095 |
AbbVie, Inc. | 11,500 | 2,134,630 |
Bio-Techne Corporation | 21,000 | 1,080,450 |
CRISPR Therapeutics AG (a) | 4,000 | 194,560 |
Eli Lilly & Company | 800 | 623,624 |
GE HealthCare Technologies, Inc. | 6,500 | 481,455 |
Thermo Fisher Scientific, Inc. | 900 | 364,914 |
Vertex Pharmaceuticals, Inc. (a) | 1,400 | 623,280 |
6,795,008 | ||
Industrials - 12.0% | ||
AeroVironment, Inc. (a) | 600 | 170,970 |
Eaton Corporation plc | 2,100 | 749,679 |
Emerson Electric Company | 4,500 | 599,985 |
General Dynamics Corporation | 3,700 | 1,079,142 |
General Electric Company | 4,000 | 1,029,560 |
Honeywell International, Inc. | 6,000 | 1,397,280 |
Lockheed Martin Corporation | 2,500 | 1,157,850 |
Parker-Hannifin Corporation | 1,300 | 908,011 |
Quanta Services, Inc. | 4,000 | 1,512,320 |
RTX Corporation | 14,000 | 2,044,280 |
TE Connectivity plc | 9,000 | 1,518,030 |
12,167,107 | ||
Materials - 2.1% | ||
Cameco Corporation | 4,000 | 296,920 |
Freeport-McMoRan, Inc. | 25,000 | 1,083,750 |
Linde plc | 1,000 | 469,180 |
Nucor Corporation | 1,000 | 129,540 |
Sherwin-Williams Company (The) | 350 | 120,176 |
2,099,566 | ||
Real Estate - 1.6% | ||
Digital Realty Trust, Inc. | 1,750 | 305,078 |
Mid-America Apartment Communities, Inc. | 9,000 | 1,332,090 |
1,637,168 | ||
Technology - 31.6% | ||
Accenture plc - Class A | 3,500 | 1,046,115 |
Apple, Inc. | 11,700 | 2,400,489 |
THE GOVERNMENT STREET EQUITY FUND | ||
SCHEDULE OF INVESTMENTS (Continued) | ||
COMMON STOCKS - 91.7% (Continued) | Shares | Value |
Technology - 31.6% (Continued) | ||
ARM Holdings plc - ADR (a) | 2,200 | $ 355,828 |
ASML Holding N.V. | 1,000 | 801,390 |
Broadcom, Inc. | 1,000 | 275,650 |
International Business Machines Corporation | 2,100 | 619,038 |
Mastercard, Inc. - Class A | 2,000 | 1,123,880 |
Microsoft Corporation | 8,500 | 4,227,985 |
NVIDIA Corporation | 102,500 | 16,193,975 |
Oracle Corporation | 3,100 | 677,753 |
Palantir Technologies, Inc. - Class A (a) | 5,000 | 681,600 |
Palo Alto Networks, Inc. (a) | 1,500 | 306,960 |
QUALCOMM, Inc. | 3,000 | 477,780 |
Texas Instruments, Inc. | 5,200 | 1,079,624 |
Visa, Inc. - Class A | 5,000 | 1,775,250 |
32,043,317 | ||
Utilities - 1.6% | ||
Constellation Energy Corporation | 1,400 | 451,864 |
WEC Energy Group, Inc. | 11,000 | 1,146,200 |
1,598,064 | ||
Total Common Stocks (Cost $28,840,769) | $ 93,061,642 | |
EXCHANGE-TRADED FUNDS - 5.4% | Shares | Value |
Horizon Kinetics Inflation Beneficiaries ETF | 25,000 | $ 1,054,250 |
Invesco S&P 500® Equal Weight ETF | 12,000 | 2,180,880 |
Roundhill Ball Metaverse ETF (a) | 130,000 | 2,213,900 |
Total Exchange-Traded Funds (Cost $4,935,014) | $ 5,449,030 | |
THE GOVERNMENT STREET EQUITY FUND | ||
SCHEDULE OF INVESTMENTS (Continued) | ||
MONEY MARKET FUNDS - 4.3% | Shares | Value |
Fidelity Institutional Money Market Government Portfolio - Class I, 4.23% (b) (Cost $4,412,337) | 4,412,337 | $ 4,412,337 |
Total Investments at Value - 101.4% (Cost $38,188,120) | $ 102,923,009 | |
Liabilities in Excess of Other Assets - (1.4%) | (1,448,623 ) | |
Net Assets - 100.0% | $ 101,474,386 | |
ADR | - American Depositary Receipt. |
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of June 30, 2025. |
THE GOVERNMENT STREET OPPORTUNITIES FUND | |||
SCHEDULE OF INVESTMENTS | |||
June 30, 2025 (Unaudited) | |||
COMMON STOCKS - 85.6% | Shares | Value | |
Communications - 0.4% | |||
AT&T, Inc. | 10,000 | $ 289,400 | |
Consumer Discretionary - 3.3% | |||
Coupang, Inc. (a) | 10,000 | 299,600 | |
Dick's Sporting Goods, Inc. | 1,700 | 336,277 | |
Gildan Activewear, Inc. | 10,000 | 492,400 | |
NVR, Inc. (a) | 15 | 110,785 | |
Service Corporation International | 13,000 | 1,058,200 | |
Toll Brothers, Inc. | 3,000 | 342,390 | |
2,639,652 | |||
Consumer Staples - 2.1% | |||
Celsius Holdings, Inc. (a) | 8,000 | 371,120 | |
Church & Dwight Company, Inc. | 9,000 | 864,990 | |
Kenvue, Inc. | 5,000 | 104,650 | |
Kroger Company (The) | 5,600 | 401,688 | |
1,742,448 | |||
Energy - 2.9% | |||
Cheniere Energy, Inc. | 250 | 60,880 | |
ConocoPhillips | 6,375 | 572,092 | |
Devon Energy Corporation | 10,000 | 318,100 | |
Kinder Morgan, Inc. | 10,000 | 294,000 | |
ONEOK, Inc. | 5,725 | 467,332 | |
Targa Resources Corporation | 3,700 | 644,096 | |
2,356,500 | |||
Financials - 21.8% | |||
American Financial Group, Inc. | 8,000 | 1,009,680 | |
Ares Management Corporation - Class A | 7,200 | 1,247,040 | |
Arthur J. Gallagher & Company | 8,000 | 2,560,960 | |
Berkley (W.R.) Corporation | 25,143 | 1,847,256 | |
Brown & Brown, Inc. | 20,000 | 2,217,400 | |
CME Group, Inc. | 6,000 | 1,653,720 | |
Dave, Inc. (a) | 2,000 | 536,820 | |
Intercontinental Exchange, Inc. | 9,000 | 1,651,230 | |
Morgan Stanley | 9,565 | 1,347,326 | |
Nasdaq, Inc. | 23,000 | 2,056,660 | |
Old Republic International Corporation | 26,400 | 1,014,816 | |
United Bancorporation of Alabama, Inc. - Class A | 1,000 | 52,770 | |
Voya Financial, Inc. | 6,000 | 426,000 | |
17,621,678 | |||
THE GOVERNMENT STREET OPPORTUNITIES FUND | |||
SCHEDULE OF INVESTMENTS (Continued) | |||
COMMON STOCKS - 85.6% (Continued) | Shares | Value | |
Health Care - 7.4% | |||
Bio-Rad Laboratories, Inc. - Class A (a) | 1,000 | $ 241,320 | |
Bio-Techne Corporation | 15,000 | 771,750 | |
Centene Corporation (a) | 5,000 | 271,400 | |
Charles River Laboratories International, Inc. (a) | 3,000 | 455,190 | |
Chemed Corporation | 2,000 | 973,860 | |
GE HealthCare Technologies, Inc. | 5,000 | 370,350 | |
Illumina, Inc. (a) | 3,000 | 286,230 | |
Labcorp Holdings, Inc. | 3,000 | 787,530 | |
Penumbra, Inc. (a) | 1,500 | 384,945 | |
ResMed, Inc. | 1,200 | 309,600 | |
Teleflex, Inc. | 3,950 | 467,522 | |
Waters Corporation (a) | 2,000 | 698,080 | |
6,017,777 | |||
Industrials - 16.2% | |||
AeroVironment, Inc. (a) | 2,000 | 569,900 | |
Argan, Inc. | 3,750 | 826,800 | |
Donaldson Company, Inc. | 13,000 | 901,550 | |
Expeditors International of Washington, Inc. | 8,000 | 914,000 | |
Fastenal Company | 36,000 | 1,512,000 | |
Generac Holdings, Inc. (a) | 2,800 | 400,988 | |
Graco, Inc. | 13,000 | 1,117,610 | |
Jacobs Solutions, Inc. | 8,475 | 1,114,039 | |
L3Harris Technologies, Inc. | 5,250 | 1,316,910 | |
MasTec, Inc. (a) | 3,000 | 511,290 | |
MSC Industrial Direct Company, Inc. - Class A | 5,000 | 425,100 | |
Pentair plc | 3,200 | 328,512 | |
Waste Connections, Inc. | 10,500 | 1,960,560 | |
Woodward, Inc. | 5,000 | 1,225,450 | |
13,124,709 | |||
Materials - 6.8% | |||
ATI, Inc. (a) | 2,200 | 189,948 | |
Cameco Corporation | 5,000 | 371,150 | |
Martin Marietta Materials, Inc. | 3,000 | 1,646,880 | |
Packaging Corporation of America | 6,000 | 1,130,700 | |
Ramaco Resources, Inc. - Class B | 99 | 809 | |
Steel Dynamics, Inc. | 14,000 | 1,792,140 | |
Valvoline, Inc. (a) | 10,236 | 387,637 | |
5,519,264 | |||
Real Estate - 2.9% | |||
Digital Realty Trust, Inc. | 2,000 | 348,660 | |
THE GOVERNMENT STREET OPPORTUNITIES FUND |
||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 85.6% (Continued) | Shares | Value | ||
Real Estate - 2.9% (Continued) | ||||
Mid-America Apartment Communities, Inc. | 13,300 | $ 1,968,533 | ||
2,317,193 | ||||
Technology - 20.9% | ||||
Advanced Micro Devices, Inc. (a) | 1,964 | 278,692 | ||
Amentum Holdings, Inc. (a) | 12,991 | 306,708 | ||
Analog Devices, Inc. | 3,671 | 873,771 | ||
ANSYS, Inc. (a) | 3,000 | 1,053,660 | ||
Arrow Electronics, Inc. (a) | 8,500 | 1,083,155 | ||
Broadridge Financial Solutions, Inc. | 3,500 | 850,605 | ||
InterDigital, Inc. | 1,400 | 313,922 | ||
Lam Research Corporation | 11,750 | 1,143,745 | ||
Nebius Group N.V. - Class A (a) | 8,000 | 442,640 | ||
NVIDIA Corporation | 59,500 | 9,400,405 | ||
Palantir Technologies, Inc. - Class A (a) | 8,000 | 1,090,560 | ||
Rigetti Computing, Inc. (a) | 4,000 | 47,440 | ||
16,885,303 | ||||
Utilities - 0.9% | ||||
Constellation Energy Corporation | 1,500 | 484,140 | ||
NextEra Energy, Inc. | 2,000 | 138,840 | ||
NRG Energy, Inc. | 800 | 128,464 | ||
751,444 | ||||
Total Common Stocks (Cost $19,098,314) | $ 69,265,368 | |||
EXCHANGE-TRADED FUNDS - 8.7% | Shares | Value | ||
iShares Core S&P Mid-Cap ETF | 50,000 | $ 3,101,000 | ||
SPDR S&P MidCap 400® ETF Trust | 7,000 | 3,965,360 | ||
Total Exchange-Traded Funds (Cost $6,125,318) | $ 7,066,360 | |||
THE GOVERNMENT STREET OPPORTUNITIES FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 7.7% | Shares | Value | ||
Fidelity Institutional Money Market Government Portfolio - Class I, 4.23% (b) (Cost $6,209,414) |
6,209,414 | $ 6,209,414 | ||
Total Investments at Value - 102.0% (Cost $31,433,046) | $ 82,541,142 | |||
Liabilities in Excess of Other Assets - (2.0%) | (1,647,967 ) | |||
Net Assets - 100.0% | $ 80,893,175 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of June 30, 2025. |