1919 Financial Services Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2021 (Unaudited) | ||||||||
Security | Shares | Value | ||||||
Common Stocks ― 96.4% | ||||||||
Capital Markets ― 4.5% | ||||||||
Ameriprise Financial Inc. | 18,425 | $ | 4,866,411 | |||||
CME Group Inc. | 25,500 | 4,931,190 | ||||||
Total Capital Markets | 9,797,601 | |||||||
Commercial Banks ― 56.2% | ||||||||
Altabancorp | 68,200 | 3,011,712 | ||||||
Bank of America Corp. | 271,000 | 11,503,950 | ||||||
Banner Corp. | 80,142 | 4,424,640 | ||||||
BOK Financial Corp. | 8,314 | 744,518 | ||||||
Coastal Financial Corp/WA* | 75,000 | 2,389,500 | ||||||
Columbia Banking System Inc. | 68,805 | 2,613,902 | ||||||
Comerica Inc. | 12,000 | 966,000 | ||||||
Farmers & Merchants Bank of Long Beach | 200 | 1,625,000 | ||||||
Fifth Third Bancorp | 88,400 | 3,751,696 | ||||||
First Financial Bancorp | 57,000 | 1,334,370 | ||||||
First Foundation Inc. | 133,000 | 3,497,900 | ||||||
First Republic Bank/CA | 22,000 | 4,243,360 | ||||||
First Western Financial Inc.* | 77,000 | 2,232,230 | ||||||
HBT Financial Inc. | 60,000 | 933,000 | ||||||
Heritage Financial Corp. | 128,000 | 3,264,000 | ||||||
Huntington Bancshares Inc/OH | 86,024 | 1,329,931 | ||||||
JPMorgan Chase & Co. | 89,600 | 14,666,624 | ||||||
Level One Bancorp Inc. | 37,000 | 1,088,540 | ||||||
Pacific Premier Bancorp Inc. | 96,263 | 3,989,139 | ||||||
PayPal Holdings Inc. | 7,000 | 1,821,470 | ||||||
PNC Financial Services Group Inc. | 18,000 | 3,521,520 | ||||||
QCR Holdings Inc. | 80,300 | 4,130,632 | ||||||
Silvergate Capital Corp., Class A* | 14,300 | 1,651,650 | ||||||
SmartFinancial Inc. | 61,000 | 1,576,850 | ||||||
South State Corp. | 47,309 | 3,532,563 | ||||||
Sterling Bancorp | 180,200 | 4,497,792 | ||||||
Stock Yards Bancorp Inc. | 70,000 | 4,105,500 | ||||||
SVB Financial Group* | 12,900 | 8,344,752 | ||||||
Truist Financial Corp. | 96,905 | 5,683,478 | ||||||
U.S. Bancorp | 94,000 | 5,587,360 | ||||||
Univest Corp. of Pennsylvania | 55,126 | 1,509,901 | ||||||
Webster Financial Corp. | 49,695 | 2,706,390 | ||||||
Western Alliance Bancorp | 52,000 | 5,658,640 | ||||||
Total Commercial Banks | 121,938,510 | |||||||
Diversified Financial Services ― 8.7% | ||||||||
Alerus Financial Corp. | 65,000 | 1,942,200 | ||||||
Charles Schwab Corp. | 116,000 | 8,449,440 | ||||||
Intercontinental Exchange Inc. | 41,000 | 4,707,620 | ||||||
Voya Financial Inc. | 60,000 | 3,683,400 | ||||||
Total Diversified Financial Services | 18,782,660 | |||||||
Insurance ― 11.3% | ||||||||
American Financial Group Inc. | 22,650 | 2,850,050 | ||||||
Brown & Brown Inc. | 64,000 | 3,548,800 | ||||||
Chubb Limited | 46,800 | 8,118,864 | ||||||
Hanover Insurance Group Inc. | 32,000 | 4,147,840 | ||||||
Marsh & McLennan Cos Inc. | 27,500 | 4,164,325 | ||||||
RenaissanceRe Holdings Ltd | 12,000 | 1,672,800 | ||||||
Total Insurance | 24,502,679 | |||||||
IT Services ― 10.6% | ||||||||
Black Knight Inc.* | 32,000 | 2,304,000 | ||||||
Fidelity National Information Services Inc. | 24,787 | 3,016,082 |
1919 Financial Services Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2021 (Unaudited)(Continued) | ||||||||
Security | Shares | Value | ||||||
IT Services ― 10.6% (Continued) | ||||||||
Fiserv Inc.* | 34,680 | $ | 3,762,780 | |||||
Global Payments Inc. | 24,199 | 3,813,278 | ||||||
I3 Verticals Inc., Class A Shares* | 82,480 | 1,996,841 | ||||||
Visa Inc., Class A Shares | 36,000 | 8,019,000 | ||||||
Total IT Services | 22,911,981 | |||||||
Professional Services ― 0.5% | ||||||||
Verisk Analytics Inc. Class A Shares | 5,500 | 1,101,485 | ||||||
Total Professional Services | 1,101,485 | |||||||
Real Estate Investment Trusts (REITs) ― 1.3% | ||||||||
Crown Castle International Corp. | 8,000 | 1,386,560 | ||||||
Prologis Inc. | 12,000 | 1,505,160 | ||||||
Total Real Estate Investment Trusts (REITs) | 2,891,720 | |||||||
Thrifts & Mortgage Finance ― 4.0% | ||||||||
Bridgewater Bancshares Inc.* | 143,000 | 2,503,930 | ||||||
FS Bancorp Inc. | 34,000 | 1,176,740 | ||||||
Riverview Bancorp Inc. | 90,000 | 654,300 | ||||||
Territorial Bancorp Inc. | 53,000 | 1,345,140 | ||||||
WSFS Financial Corp. | 56,803 | 2,914,562 | ||||||
Total Thrifts & Mortgage Finance | 8,594,672 | |||||||
Total Common Stocks (Cost ― $108,210,652) | 210,521,308 | |||||||
Short-Term Investment ― 2.9% | ||||||||
Fidelity Investments Money Market - Government Portfolio - Class I - 0.01% (a) | 6,240,835 | $ | 6,240,835 | |||||
Total Short-Term Investment (Cost ― $6,240,835) | 6,240,835 | |||||||
Total Investments ― 100.0% (Cost ― $114,451,487) | 216,762,143 | |||||||
Other Assets in Excess of Liabilities ― 0.0% | 85,363 | |||||||
Total Net Assets ― 100.0% | $ | 216,847,506 |
Notes: | |||||
* | Non-income producing security | ||||
(a) | The rate reported is the annualized seven-day yield at period end. | ||||
1919 Financial Services Fund
Schedule of Investments (Continued)
September 30, 2021 (Unaudited)
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 NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices quoted. Unlisted securities held by the Funds 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.
Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by 1919 Investment Counsel, LLC (the "Adviser" or “1919”) under procedures established by and under the general supervision and responsibility of the Board.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad levels and described below:
Level 1 - | quoted prices in active markets for identical investments |
Level 2 - | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
Level 3 - | significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments. |
The inputs or methodologies 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 in valuing the Fund’s assets carried at fair value:
1919 FINANCIAL SERVICES FUND | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-term investments* | ||||||||||||||||
Common Stocks | $ | 210,521,308 | $ | - | $ | - | $ | 210,521,308 | ||||||||
Total long-term investments | 210,521,308 | - | - | 210,521,308 | ||||||||||||
Short-term investments | 6,240,835 | - | - | 6,240,835 | ||||||||||||
Total investments | $ | 216,762,143 | $ | - | $ | - | $ | 216,762,143 |
* See Schedule of Investments for additional detailed categorizations.