FRC Founders Index FundSM
Schedule of Investments (Unaudited)
June 30, 2021
Security | Shares | Value | ||||
Common Stocks — 99.7% | ||||||
Communication Services — 5.8% | ||||||
Alphabet, Inc. - Class A* | 117 | $ 285,689 | ||||
Alphabet, Inc. - Class C* | 117 | 293,239 | ||||
Bandwidth, Inc. - Class A* | 2,014 | 277,771 | ||||
Cardlytics, Inc.* | 2,213 | 280,896 | ||||
Cargurus, Inc.* | 10,656 | 279,507 | ||||
Cars.com, Inc.* | 18,905 | 270,909 | ||||
Cinemark Holdings, Inc. | 12,317 | 270,358 | ||||
Cogent Communications Holdings, Inc. | 3,884 | 298,641 | ||||
DISH Network Corp. - Class A* | 7,106 | 297,031 | ||||
EverQuote, Inc. - Class A* | 7,287 | 238,139 | ||||
Facebook, Inc. - Class A* | 870 | 302,508 | ||||
Netflix, Inc.* | 488 | 257,766 | ||||
Nexstar Media Group, Inc. - Class A | 1,770 | 261,748 | ||||
Pinterest, Inc. - Class A* | 3,173 | 250,508 | ||||
Roku, Inc.* | 689 | 316,423 | ||||
Spotify Technology SA* | 894 | 246,377 | ||||
TechTarget, Inc.* | 3,538 | 274,160 | ||||
TripAdvisor, Inc.* | 5,116 | 206,175 | ||||
Twitter, Inc.* | 3,736 | 257,074 | ||||
United States Cellular Corp.* | 7,327 | 266,043 | ||||
World Wrestling Entertainment, Inc. - Class A | 4,721 | 273,299 | ||||
Yelp, Inc.* | 6,634 | 265,095 | ||||
Zillow Group, Inc. - Class A* | 1,870 | 229,131 | ||||
Zillow Group, Inc. - Class C* | 1,895 | 231,607 | ||||
Zynga, Inc. - Class A* | 24,966 | 265,389 | ||||
Total Communication Services | 6,695,483 | |||||
Consumer Discretionary — 7.5% | ||||||
1-800-Flowers.com, Inc. - Class A* | 10,407 | 331,671 | ||||
2U, Inc.* | 6,748 | 281,189 | ||||
Accel Entertainment, Inc.* | 22,916 | 272,013 | ||||
Amazon.com, Inc.* | 79 | 271,772 | ||||
Boyd Gaming Corp. * | 4,112 | 252,847 | ||||
CarMax, Inc.* | 2,074 | 267,857 | ||||
Carvana Co.* | 951 | 287,031 | ||||
Century Communities, Inc.* | 4,092 | 272,282 | ||||
Cheesecake Factory Inc/The | 4,644 | 251,612 | ||||
Dorman Products, Inc.* | 2,513 | 260,523 | ||||
DR Horton, Inc. | 2,879 | 260,175 | ||||
Five Below, Inc.* | 1,363 | 263,427 | ||||
iRobot Corp.* | 2,351 | 219,560 | ||||
Just Eat Takeaway.com - ADR * | 0 | 5 | ||||
LGI Homes, Inc.* | 1,621 | 262,505 | ||||
Lithia Motors, Inc. - Class A | 681 | 234,019 | ||||
MDC Holdings, Inc. | 4,446 | 224,967 | ||||
Meritage Homes Corp. * | 2,809 | 264,271 | ||||
Peloton Interactive, Inc. - Class A* | 2,234 | 277,061 | ||||
Quotient Technology, Inc.* | 15,984 | 172,787 | ||||
Ralph Lauren Corp. | 2,126 | 250,464 | ||||
RealReal Inc/The* | 11,322 | 223,723 | ||||
Shake Shack, Inc. - Class A* | 2,251 | 240,902 | ||||
Shutterstock, Inc. | 2,640 | 259,169 | ||||
Skechers USA, Inc. - Class A* | 6,053 | 301,621 | ||||
Sonic Automotive, Inc. - Class A | 5,315 | 237,793 | ||||
Stitch Fix, Inc. - Class A* | 5,984 | 360,835 | ||||
Tempur Sealy International, Inc. | 6,857 | 268,726 | ||||
Tesla, Inc.* | 363 | 246,731 | ||||
Under Armour, Inc. - Class A* | 12,171 | 257,417 | ||||
Under Armour, Inc. - Class C* | 14,631 | 271,698 | ||||
Urban Outfitters, Inc.* | 7,225 | 297,814 | ||||
Wayfair, Inc. - Class A* | 834 | 263,302 | ||||
Zumiez, Inc.* | 5,791 | 283,701 | ||||
Total Consumer Discretionary | 8,691,470 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Consumer Staples — 2.8% | ||||||
Beyond Meat, Inc.* | 1,953 | $ 307,578 | ||||
Boston Beer Co Inc/The - Class A* | 208 | 212,326 | ||||
Central Garden & Pet Co.* | 4,674 | 247,395 | ||||
Central Garden & Pet Co. - Class A* | 5,179 | 250,146 | ||||
Freshpet, Inc.* | 1,567 | 255,358 | ||||
Inter Parfums, Inc. | 3,728 | 268,416 | ||||
J & J Snack Foods Corp. | 1,698 | 296,148 | ||||
National Beverage Corp.* | 5,267 | 248,760 | ||||
Nu Skin Enterprises, Inc. - Class A | 5,050 | 286,082 | ||||
PriceSmart, Inc. | 2,984 | 271,574 | ||||
United Natural Foods, Inc.* | 7,572 | 280,013 | ||||
USANA Health Sciences, Inc.* | 2,641 | 270,518 | ||||
Total Consumer Staples | 3,194,314 | |||||
Energy — 1.5% | ||||||
Continental Resources, Inc./OK | 9,759 | 371,135 | ||||
Kinder Morgan, Inc. | 16,022 | 292,081 | ||||
Matador Resources Co. | 10,811 | 389,304 | ||||
Scorpio Tankers, Inc. | 14,883 | 328,170 | ||||
Talos Energy, Inc.* | 22,342 | 349,429 | ||||
Total Energy | 1,730,119 | |||||
Financials — 11.1% | ||||||
Aflac, Inc. | 5,071 | 272,110 | ||||
American Financial Group, Inc./OH | 2,255 | 281,244 | ||||
AMERISAFE, Inc. | 4,156 | 248,072 | ||||
Apollo Global Management, Inc. | 5,332 | 331,650 | ||||
Ares Management Corp. - Class A | 4,796 | 304,978 | ||||
Athene Holding Ltd. - Class A* | 4,948 | 333,990 | ||||
BankUnited, Inc. | 6,140 | 262,117 | ||||
BlackRock, Inc. | 328 | 286,990 | ||||
Capital One Financial Corp. | 1,986 | 307,214 | ||||
Carlyle Group Inc/The | 6,863 | 318,992 | ||||
Charles Schwab Corp/The | 4,090 | 297,793 | ||||
Cohen & Steers, Inc. | 3,962 | 325,241 | ||||
Enstar Group Ltd.* | 1,047 | 250,149 | ||||
Essent Group Ltd. | 5,489 | 246,731 | ||||
Evercore, Inc. - Class A | 1,996 | 280,977 | ||||
Fidelity National Financial, Inc. | 5,996 | 260,586 | ||||
First Foundation, Inc. | 11,385 | 256,276 | ||||
Focus Financial Partners, Inc. - Class A* | 6,086 | 295,171 | ||||
Goosehead Insurance, Inc. - Class A* | 2,535 | 322,705 | ||||
Home BancShares, Inc./AR | 9,955 | 245,689 | ||||
Independent Bank Group, Inc. | 3,616 | 267,512 | ||||
Interactive Brokers Group, Inc. - Class A | 3,494 | 229,661 | ||||
Intercontinental Exchange, Inc. | 2,235 | 265,294 | ||||
Kinsale Capital Group, Inc. | 1,573 | 259,183 | ||||
KKR & Co, Inc. | 5,062 | 299,873 | ||||
Ladder Capital Corp. | 23,074 | 266,274 | ||||
LendingTree, Inc.* | 1,143 | 242,179 | ||||
MarketAxess Holdings, Inc. | 497 | 230,404 | ||||
Mercury General Corp. | 4,114 | 267,204 | ||||
Moelis & Co. - Class A | 5,138 | 292,301 | ||||
Morningstar, Inc. | 1,141 | 293,363 | ||||
Nelnet, Inc. - Class A | 3,580 | 269,323 | ||||
Palomar Holdings, Inc.* | 3,623 | 273,392 | ||||
Pinnacle Financial Partners, Inc. | 2,950 | 260,455 | ||||
PRA Group, Inc.* | 7,309 | 281,177 | ||||
Preferred Bank/Los Angeles CA | 3,966 | 250,929 | ||||
Redwood Trust, Inc. | 26,034 | 314,230 | ||||
SEI Investments Co. | 4,266 | 264,364 | ||||
ServisFirst Bancshares, Inc. | 4,421 | 300,540 | ||||
Signature Bank/New York NY | 1,155 | 283,726 | ||||
Tradeweb Markets, Inc. - Class A | 3,353 | 283,530 | ||||
Trupanion, Inc.* | 3,391 | 390,304 | ||||
Veritex Holdings, Inc. | 7,968 | 282,147 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Financials — 11.1% (Continued) | ||||||
Virtu Financial, Inc. - Class A | 8,589 | $ 237,314 | ||||
W R Berkley Corp. | 3,373 | 251,052 | ||||
Wintrust Financial Corp. | 3,508 | 265,310 | ||||
Total Financials | 12,849,716 | |||||
Health Care — 26.7% | ||||||
10X Genomics, Inc. - Class A* | 1,366 | 267,490 | ||||
Adaptive Biotechnologies Corp.* | 6,226 | 254,394 | ||||
Aerie Pharmaceuticals, Inc.* | 14,949 | 239,334 | ||||
Akero Therapeutics, Inc.* | 9,706 | 240,806 | ||||
Alector, Inc.* | 14,496 | 301,952 | ||||
Allogene Therapeutics, Inc.* | 8,152 | 212,604 | ||||
Alnylam Pharmaceuticals, Inc.* | 1,927 | 326,665 | ||||
Amicus Therapeutics, Inc.* | 25,933 | 249,994 | ||||
Amphastar Pharmaceuticals, Inc.* | 15,440 | 311,270 | ||||
Apellis Pharmaceuticals, Inc.* | 5,985 | 378,252 | ||||
Applied Therapeutics, Inc.* | 15,955 | 331,545 | ||||
Arcus Biosciences, Inc.* | 7,656 | 210,234 | ||||
Arcutis Biotherapeutics, Inc.* | 9,340 | 254,889 | ||||
Axonics Modulation Technologies, Inc.* | 4,475 | 283,760 | ||||
Axsome Therapeutics, Inc.* | 5,093 | 343,574 | ||||
Bioxcel Therapeutics, Inc.* | 7,654 | 222,425 | ||||
Black Diamond Therapeutics, Inc.* | 10,622 | 129,482 | ||||
Blueprint Medicines Corp.* | 2,792 | 245,584 | ||||
Bridgebio Pharma, Inc.* | 4,875 | 297,180 | ||||
Cara Therapeutics, Inc.* | 9,463 | 135,037 | ||||
Castle Biosciences, Inc.* | 3,930 | 288,187 | ||||
Cerus Corp.* | 42,187 | 249,325 | ||||
ChemoCentryx, Inc.* | 5,682 | 76,082 | ||||
Coherus Biosciences, Inc.* | 18,812 | 260,170 | ||||
Corcept Therapeutics, Inc.* | 11,678 | 256,916 | ||||
Cortexyme, Inc.* | 6,929 | 367,237 | ||||
CorVel Corp.* | 2,397 | 321,917 | ||||
Cue Biopharma, Inc.* | 20,686 | 240,992 | ||||
Danaher Corp. | 1,104 | 296,269 | ||||
Deciphera Pharmaceuticals, Inc.* | 5,672 | 207,652 | ||||
Denali Therapeutics, Inc.* | 4,780 | 374,943 | ||||
Dicerna Pharmaceuticals, Inc.* | 9,390 | 350,435 | ||||
Eagle Pharmaceuticals, Inc./DE* | 6,046 | 258,769 | ||||
Emergent BioSolutions, Inc.* | 3,597 | 226,575 | ||||
Ensign Group, Inc./The | 2,871 | 248,830 | ||||
Exelixis, Inc.* | 11,185 | 203,791 | ||||
Fate Therapeutics, Inc.* | 3,174 | 275,471 | ||||
Frequency Therapeutics, Inc.* | 27,335 | 272,257 | ||||
Globus Medical, Inc. - Class A* | 3,846 | 298,180 | ||||
Gossamer Bio, Inc.* | 30,269 | 245,784 | ||||
Guardant Health, Inc.* | 1,683 | 209,012 | ||||
HealthStream, Inc.* | 11,906 | 332,654 | ||||
Hologic, Inc.* | 3,525 | 235,188 | ||||
ImmunityBio, Inc.* | 15,521 | 221,640 | ||||
Inogen, Inc.* | 4,093 | 266,741 | ||||
Inspire Medical Systems, Inc.* | 1,148 | 221,863 | ||||
Intra-Cellular Therapies, Inc.* | 8,281 | 338,030 | ||||
Invitae Corp.* | 6,858 | 231,320 | ||||
Ionis Pharmaceuticals, Inc.* | 6,529 | 260,442 | ||||
Jazz Pharmaceuticals Plc* | 1,591 | 282,625 | ||||
Karuna Therapeutics, Inc.* | 2,284 | 260,353 | ||||
Karyopharm Therapeutics, Inc.* | 27,646 | 285,307 | ||||
Kiniksa Pharmaceuticals Ltd. - Class A* | 16,295 | 226,989 | ||||
Kodiak Sciences, Inc.* | 2,315 | 215,295 | ||||
Krystal Biotech, Inc.* | 3,497 | 237,796 | ||||
Kura Oncology, Inc.* | 9,090 | 189,527 | ||||
LHC Group, Inc.* | 1,332 | 266,746 | ||||
MacroGenics, Inc.* | 8,217 | 220,709 | ||||
Madrigal Pharmaceuticals, Inc.* | 2,115 | 206,022 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Health Care — 26.7% (Continued) | ||||||
Masimo Corp.* | 1,097 | $ 265,968 | ||||
Medpace Holdings, Inc.* | 1,448 | 255,760 | ||||
Merit Medical Systems, Inc.* | 4,366 | 282,306 | ||||
Moderna, Inc.* | 1,676 | 393,826 | ||||
Morphic Holding, Inc.* | 4,835 | 277,481 | ||||
Natera, Inc.* | 2,519 | 285,982 | ||||
National Research Corp. | 5,686 | 260,987 | ||||
Neoleukin Therapeutics, Inc.* | 21,958 | 202,672 | ||||
Neurocrine Biosciences, Inc.* | 2,820 | 274,442 | ||||
NextGen Healthcare, Inc. * | 14,264 | 236,640 | ||||
NGM Biopharmaceuticals, Inc.* | 10,276 | 202,643 | ||||
Omeros Corp.* | 14,551 | 215,937 | ||||
Omnicell, Inc.* | 1,957 | 296,388 | ||||
ORIC Pharmaceuticals, Inc.* | 12,227 | 216,296 | ||||
Passage Bio, Inc.* | 15,575 | 206,213 | ||||
Penumbra, Inc.* | 936 | 256,520 | ||||
PetIQ, Inc.* | 7,321 | 282,591 | ||||
Phathom Pharmaceuticals, Inc.* | 7,240 | 245,074 | ||||
Phreesia, Inc.* | 5,210 | 319,373 | ||||
Provention Bio, Inc.* | 33,154 | 279,488 | ||||
PTC Therapeutics, Inc.* | 5,559 | 234,979 | ||||
QIAGEN NV* | 5,084 | 245,964 | ||||
Quanterix Corp.* | 4,211 | 247,017 | ||||
RadNet, Inc.* | 11,991 | 403,977 | ||||
Reata Pharmaceuticals, Inc. - Class A* | 2,905 | 411,145 | ||||
Regeneron Pharmaceuticals, Inc.* | 542 | 302,729 | ||||
REGENXBIO, Inc.* | 7,468 | 290,132 | ||||
Replimune Group, Inc.* | 8,616 | 331,027 | ||||
ResMed, Inc. | 1,312 | 323,434 | ||||
REVOLUTION Medicines, Inc.* | 6,853 | 217,514 | ||||
Rubius Therapeutics, Inc.* | 11,139 | 271,903 | ||||
Sage Therapeutics, Inc.* | 3,548 | 201,562 | ||||
Seagen, Inc.* | 1,790 | 282,605 | ||||
Select Medical Holdings Corp. | 7,606 | 321,430 | ||||
Silk Road Medical, Inc.* | 5,222 | 249,925 | ||||
Simulations Plus, Inc. | 4,207 | 231,006 | ||||
Sorrento Therapeutics, Inc.* | 36,006 | 348,898 | ||||
Stoke Therapeutics, Inc.* | 8,140 | 273,992 | ||||
Supernus Pharmaceuticals, Inc.* | 8,411 | 258,975 | ||||
Tabula Rasa HealthCare, Inc.* | 6,098 | 304,900 | ||||
TG Therapeutics, Inc.* | 5,845 | 226,728 | ||||
Translate Bio, Inc.* | 13,612 | 374,874 | ||||
Tricida, Inc.* | 52,526 | 226,912 | ||||
Twist Bioscience Corp.* | 1,886 | 251,310 | ||||
Ultragenyx Pharmaceutical, Inc.* | 2,445 | 233,131 | ||||
United Therapeutics Corp.* | 1,328 | 238,256 | ||||
UnitedHealth Group, Inc. | 687 | 275,102 | ||||
Universal Health Services, Inc. - Class B | 1,898 | 277,924 | ||||
Vaxart, Inc.* | 49,380 | 369,856 | ||||
Veeva Systems, Inc. - Class A* | 971 | 301,932 | ||||
Veracyte, Inc.* | 4,751 | 189,945 | ||||
Vir Biotechnology, Inc.* | 5,948 | 281,221 | ||||
Xencor, Inc.* | 5,996 | 206,802 | ||||
Y-mAbs Therapeutics, Inc.* | 9,813 | 331,679 | ||||
Zentalis Pharmaceuticals, Inc.* | 5,328 | 283,450 | ||||
Zogenix, Inc.* | 13,626 | 235,457 | ||||
Zynex, Inc.* | 17,475 | 271,387 | ||||
Total Health Care | 30,850,179 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Industrials — 5.1% | ||||||
AAON, Inc. | 3,845 | $ 240,659 | ||||
Air Lease Corp. | 5,427 | 226,523 | ||||
Ameresco, Inc. - Class A* | 5,422 | 340,068 | ||||
API Group Corp.* | 12,100 | 252,769 | ||||
Axon Enterprise, Inc.* | 1,748 | 309,046 | ||||
Bloom Energy Corp. - Class A* | 11,602 | 311,746 | ||||
Cimpress Plc* | 2,679 | 290,430 | ||||
Clean Harbors, Inc.* | 3,041 | 283,239 | ||||
Colfax Corp.* | 6,029 | 276,188 | ||||
Copart, Inc.* | 2,202 | 290,290 | ||||
CoStar Group, Inc.* | 2,933 | 242,911 | ||||
FedEx Corp. | 920 | 274,464 | ||||
Insperity, Inc. | 3,068 | 277,255 | ||||
Lyft, Inc. - Class A* | 4,157 | 251,415 | ||||
MasTec, Inc.* | 2,718 | 288,380 | ||||
PGT Innovations, Inc.* | 10,299 | 239,246 | ||||
Plug Power, Inc.* | 10,268 | 351,063 | ||||
Sunrun, Inc.* | 5,676 | 316,607 | ||||
TransDigm Group, Inc.* | 429 | 277,687 | ||||
TriNet Group, Inc.* | 3,198 | 231,791 | ||||
Vicor Corp. * | 3,104 | 328,217 | ||||
Total Industrials | 5,899,994 | |||||
Information Technology — 28.5% | ||||||
3D Systems Corp.* | 12,738 | 509,138 | ||||
Adobe, Inc. * | 512 | 299,848 | ||||
Akamai Technologies, Inc.* | 2,531 | 295,115 | ||||
Alarm.com Holdings, Inc.* | 2,845 | 240,972 | ||||
Altair Engineering, Inc. - Class A* | 4,349 | 299,951 | ||||
Alteryx, Inc. - Class A* | 3,069 | 263,995 | ||||
Ambarella, Inc.* | 2,572 | 274,252 | ||||
Analog Devices, Inc. | 1,667 | 286,991 | ||||
Appfolio, Inc. - Class A* | 1,826 | 257,831 | ||||
Appian Corp.* | 1,947 | 268,199 | ||||
Arista Networks, Inc.* | 851 | 308,326 | ||||
Atlassian Corp Plc - Class A* | 1,120 | 287,683 | ||||
Avalara, Inc.* | 1,774 | 287,033 | ||||
Bill.com Holdings, Inc.* | 1,632 | 298,950 | ||||
Blackline, Inc.* | 2,257 | 251,136 | ||||
Box, Inc. - Class A* | 12,379 | 316,283 | ||||
Cadence Design Systems, Inc.* | 1,815 | 248,328 | ||||
Calix, Inc.* | 5,994 | 284,715 | ||||
CEVA, Inc.* | 4,586 | 216,918 | ||||
Ciena Corp.* | 4,743 | 269,829 | ||||
Cloudflare, Inc. - Class A* | 3,430 | 363,031 | ||||
CMC Materials, Inc. | 1,400 | 211,036 | ||||
Cognex Corp. | 3,116 | 261,900 | ||||
Cornerstone OnDemand, Inc.* | 5,717 | 294,883 | ||||
Crowdstrike Holdings, Inc. - Class A* | 1,257 | 315,897 | ||||
Datadog, Inc. - Class A* | 2,812 | 292,673 | ||||
Dell Technologies, Inc. - Class C* | 2,708 | 269,906 | ||||
Domo, Inc. - Class B* | 4,367 | 352,985 | ||||
Dropbox, Inc. - Class A* | 10,159 | 307,919 | ||||
Dynatrace, Inc.* | 4,938 | 288,478 | ||||
EchoStar Corp. - Class A* | 10,983 | 266,777 | ||||
Elastic NV* | 1,992 | 290,354 | ||||
Enphase Energy, Inc.* | 1,837 | 337,328 | ||||
Envestnet, Inc.* | 3,586 | 272,034 | ||||
EPAM Systems, Inc.* | 597 | 305,043 | ||||
Euronet Worldwide, Inc.* | 1,776 | 240,382 | ||||
Evo Payments, Inc. - Class A* | 9,399 | 260,728 | ||||
ExlService Holdings, Inc.* | 2,834 | 301,141 | ||||
Fabrinet* | 2,979 | 285,597 | ||||
Fastly, Inc. - Class A* | 3,772 | 224,811 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Information Technology — 28.5% (Continued) | ||||||
First Solar, Inc.* | 3,471 | $ 314,160 | ||||
FleetCor Technologies, Inc.* | 920 | 235,575 | ||||
Fortinet, Inc.* | 1,303 | 310,362 | ||||
Globant SA* | 1,181 | 258,852 | ||||
Guidewire Software, Inc.* | 2,527 | 284,843 | ||||
HubSpot, Inc.* | 505 | 294,274 | ||||
Insight Enterprises, Inc.* | 2,626 | 262,626 | ||||
Intuit, Inc. | 642 | 314,689 | ||||
IPG Photonics Corp.* | 1,167 | 245,969 | ||||
Juniper Networks, Inc. | 10,456 | 285,972 | ||||
LivePerson, Inc.* | 4,521 | 285,908 | ||||
Manhattan Associates, Inc.* | 2,190 | 317,200 | ||||
MaxLinear, Inc.* | 7,134 | 303,124 | ||||
Medallia, Inc.* | 8,879 | 299,666 | ||||
MicroStrategy, Inc. - Class A* | 362 | 240,549 | ||||
Mimecast Ltd.* | 6,435 | 341,377 | ||||
Momentive Global, Inc. * | 14,144 | 298,014 | ||||
Monolithic Power Systems, Inc. | 702 | 262,162 | ||||
NETGEAR, Inc.* | 6,860 | 262,875 | ||||
NetScout Systems, Inc.* | 9,225 | 263,282 | ||||
New Relic, Inc.* | 3,948 | 264,398 | ||||
nLight, Inc.* | 8,592 | 311,718 | ||||
NVIDIA Corp. | 415 | 332,042 | ||||
Okta, Inc.* | 977 | 239,052 | ||||
Oracle Corp. | 3,422 | 266,369 | ||||
OSI Systems, Inc.* | 2,711 | 275,546 | ||||
PagerDuty, Inc.* | 6,153 | 261,995 | ||||
Palo Alto Networks, Inc.* | 723 | 268,269 | ||||
Paychex, Inc. | 2,781 | 298,401 | ||||
Paycom Software, Inc.* | 673 | 244,615 | ||||
Paylocity Holding Corp.* | 1,377 | 262,732 | ||||
PC Connection, Inc.* | 5,937 | 274,705 | ||||
PDF Solutions, Inc.* | 15,016 | 272,991 | ||||
Pegasystems, Inc. | 2,034 | 283,112 | ||||
Photronics, Inc.* | 21,127 | 279,088 | ||||
Ping Identity Holding Corp.* | 11,463 | 262,503 | ||||
Power Integrations, Inc. | 3,245 | 266,285 | ||||
PROS Holdings, Inc.* | 5,756 | 262,301 | ||||
Pure Storage, Inc. - Class A* | 12,402 | 242,211 | ||||
Q2 Holdings, Inc.* | 2,545 | 261,066 | ||||
QAD, Inc. - Class A | 3,505 | 305,005 | ||||
Rapid7, Inc.* | 3,171 | 300,072 | ||||
Repay Holdings Corp.* | 11,327 | 272,301 | ||||
RingCentral, Inc. - Class A* | 814 | 236,532 | ||||
Sailpoint Technologies Holdings, Inc.* | 5,332 | 272,305 | ||||
salesforce.com, Inc.* | 1,150 | 280,911 | ||||
Sanmina Corp.* | 6,438 | 250,824 | ||||
ServiceNow, Inc.* | 479 | 263,234 | ||||
Silicon Laboratories, Inc.* | 1,786 | 273,705 | ||||
SiTime Corp.* | 2,658 | 336,476 | ||||
Slack Technologies, Inc. - Class A* | 6,374 | 282,368 | ||||
SolarEdge Technologies, Inc.* | 1,046 | 289,083 | ||||
Sprout Social, Inc. - Class A* | 4,203 | 375,832 | ||||
Square, Inc. - Class A* | 1,018 | 248,188 | ||||
SS&C Technologies Holdings, Inc. | 3,635 | 261,938 | ||||
StoneCo Ltd. - Class A* | 3,975 | 266,564 | ||||
Super Micro Computer, Inc.* | 6,811 | 239,611 | ||||
Switch, Inc. - Class A | 15,186 | 320,576 | ||||
Synopsys, Inc.* | 1,022 | 281,857 | ||||
Tenable Holdings, Inc.* | 6,575 | 271,876 | ||||
Trade Desk, Inc./The - Class A* | 3,645 | 281,977 | ||||
TTEC Holdings, Inc. | 2,465 | 254,117 | ||||
Twilio, Inc. - Class A* | 687 | 270,788 | ||||
Ubiquiti, Inc. | 959 | 299,390 | ||||
Universal Display Corp. | 1,198 | 266,351 | ||||
Upland Software, Inc.* | 5,498 | 226,353 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Information Technology — 28.5% (Continued) | ||||||
Varonis Systems, Inc.* | 4,735 | $ 272,831 | ||||
VeriSign, Inc.* | 1,286 | 292,809 | ||||
ViaSat, Inc.* | 5,616 | 279,901 | ||||
Vonage Holdings Corp.* | 19,756 | 284,684 | ||||
Workday, Inc. - Class A* | 1,029 | 245,663 | ||||
Workiva, Inc.* | 2,735 | 304,488 | ||||
Yext, Inc.* | 17,729 | 253,347 | ||||
Zendesk, Inc.* | 1,772 | 255,770 | ||||
Zoom Video Communications, Inc. - Class A* | 806 | 311,946 | ||||
Zscaler, Inc.* | 1,367 | 295,354 | ||||
Zuora, Inc. - Class A* | 15,247 | 263,011 | ||||
Total Information Technology | 32,907,312 | |||||
Materials — 0.6% | ||||||
Element Solutions, Inc. | 13,710 | 320,540 | ||||
Steel Dynamics, Inc. | 5,264 | 313,734 | ||||
Total Materials | 634,274 | |||||
Utilities — 0.2% | ||||||
Sunnova Energy International, Inc.* | 7,372 | 277,629 | ||||
Total Utilities | 277,629 | |||||
Real Estate Investment Trusts (REITs) — 9.9% | ||||||
Acadia Realty Trust | 13,255 | 291,080 | ||||
Agree Realty Corp. | 3,887 | 273,995 | ||||
Alexandria Real Estate Equities, Inc. | 1,538 | 279,824 | ||||
American Campus Communities, Inc. | 6,098 | 284,899 | ||||
American Finance Trust, Inc. | 27,391 | 232,276 | ||||
Apple Hospitality REIT, Inc. | 17,835 | 272,162 | ||||
Brandywine Realty Trust | 20,434 | 280,150 | ||||
Camden Property Trust | 2,327 | 308,723 | ||||
Community Healthcare Trust, Inc. | 5,334 | 253,152 | ||||
Crown Castle International Corp. | 1,493 | 291,284 | ||||
DiamondRock Hospitality Co. * | 26,896 | 260,891 | ||||
EPR Properties | 5,598 | 294,903 | ||||
Equity Residential | 3,709 | 285,593 | ||||
Essex Property Trust, Inc. | 926 | 277,809 | ||||
eXp World Holdings, Inc. * | 7,076 | 274,336 | ||||
Extra Space Storage, Inc. | 1,884 | 308,637 | ||||
First Industrial Realty Trust, Inc. | 5,575 | 291,182 | ||||
GEO Group Inc/The | 46,508 | 331,137 | ||||
Gladstone Commercial Corp. | 12,973 | 292,671 | ||||
Healthcare Trust of America, Inc. - Class A | 9,449 | 252,288 | ||||
Hudson Pacific Properties, Inc. | 9,609 | 267,322 | ||||
Innovative Industrial Properties, Inc. | 1,460 | 278,889 | ||||
Invitation Homes, Inc. | 8,103 | 302,161 | ||||
iStar, Inc. | 14,583 | 302,306 | ||||
Kimco Realty Corp. | 13,441 | 280,245 | ||||
Life Storage, Inc. | 2,942 | 315,824 | ||||
Macerich Co/The | 21,431 | 391,116 | ||||
Marcus & Millichap, Inc. | 7,283 | 283,090 | ||||
Medical Properties Trust, Inc. | 12,232 | 245,863 | ||||
Monmouth Real Estate Investment Corp. | 14,535 | 272,095 | ||||
National Health Investors, Inc. | 3,590 | 240,710 | ||||
National Storage Affiliates Trust | 6,228 | 314,888 | ||||
Pebblebrook Hotel Trust | 11,148 | 262,535 | ||||
RLJ Lodging Trust | 17,019 | 259,199 | ||||
SBA Communications Corp. | 929 | 296,072 | ||||
SL Green Realty Corp. | 3,792 | 303,360 | ||||
STAG Industrial, Inc. | 7,508 | 281,024 | ||||
STORE Capital Corp. | 7,709 | 266,038 | ||||
Terreno Realty Corp. | 4,312 | 278,210 | ||||
Vornado Realty Trust | 5,973 | 278,760 | ||||
Total Real Estate Investment Trusts (REITs) | 11,356,699 | |||||
Total Common Stocks (Cost — $91,715,405) | 115,087,189 |
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Security | Shares | Value | ||||
Exchange Traded Fund — 0.3% | ||||||
Invesco Russell 1000 Equal Weight ETF | 7,600 | $ 347,244 | ||||
| ||||||
Total Exchange Traded Fund (Cost — $347,350) | 347,244 | |||||
| ||||||
Short Term Investment — 0.0% | ||||||
First American Government Obligations Fund - Class X - 0.03% (a) | 28,192 | 28,192 | ||||
| ||||||
Total Short Term Investment (Cost — $28,192) | 28,192 | |||||
| ||||||
Total Investments — 100.0% (Cost — $92,090,947) | 115,462,625 | |||||
Other Assets in Excess of Liabilities — 0.0% | 8,304 | |||||
| ||||||
Total Net Assets — 100.0% | $ 115,470,929 | |||||
|
* Non-income producing security.
(a) The rate reported is the annualized seven-day yield at period end.
ADR - American Depositary Receipt
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI & S&P and has been licensed for use by First Republic Investment Management, Inc.
FRC Founders Index FundSM
Schedule of Investments (Unaudited) (Continued)
June 30, 2021
Valuation
Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Fund are valued at the last sale price in the over-the-counter (“OTC”) market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.
Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Short-term investments classified as money market instruments are valued at net asset value (“NAV”). These investments are categorized as Level 1 of the fair value hierarchy.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:
Level 1 - | quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value. |
Level 2 - | observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
Level 3 - | significant unobservable inputs, including the Fund’s own assumptions in determining the 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 fair value the Fund’s investments in each category investment type as of June 30, 2021:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ 115,087,189 | $ - | $ - | $ 115,087,189 | ||||||||||||
Exchange Traded Fund | 347,244 | - | - | 347,244 | ||||||||||||
Short-Term Investment | 28,192 | - | - | 28,192 | ||||||||||||
|
| |||||||||||||||
Total | $ 115,462,625 | $ - | $ - | $ 115,462,625 | ||||||||||||
|
|
See the Schedule of Investments for further detail of investment classifications.