1919 Variable Socially Responsive Balanced Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2021 (Unaudited) | ||||||||
Security | Shares | Value | ||||||
Common Stocks ― 70.1% | ||||||||
Communication Services ― 7.8% | ||||||||
Alphabet Inc. * | 541 | 1,446,374 | ||||||
Facebook Inc. * | 2,048 | 695,071 | ||||||
Netflix Inc. * | 996 | 607,899 | ||||||
Walt Disney Co/The * | 3,827 | 647,413 | ||||||
Total Communication Services | 3,396,757 | |||||||
Consumer Discretionary ― 8.1% | ||||||||
Amazon.com Inc. * | 383 | 1,258,170 | ||||||
Aptiv PLC* | 2,561 | 381,512 | ||||||
Chipotle Mexican Grill Inc. * | 185 | 336,241 | ||||||
Home Depot Inc/The | 2,034 | 667,681 | ||||||
National Vision Holdings Inc. * | 5,932 | 336,760 | ||||||
TJX Cos Inc. | 7,980 | 526,520 | ||||||
Total Consumer Discretionary | 3,506,884 | |||||||
Consumer Staples ― 4.9% | ||||||||
Beyond Meat Inc. * | 2,281 | 240,098 | ||||||
Costco Wholesale Corp. | 1,224 | 550,005 | ||||||
Darling International Inc. * | 4,310 | 309,889 | ||||||
Estee Lauder Cos. Inc. | 1,683 | 504,782 | ||||||
PepsiCo Inc. | 3,371 | 507,032 | ||||||
Total Consumer Staples | 2,111,806 | |||||||
Financials ― 9.2% | ||||||||
Bank of America Corp. | 24,638 | 1,045,883 | ||||||
Charles Schwab Corp/The | 10,171 | 740,856 | ||||||
Chubb Limited | 3,087 | 535,533 | ||||||
CME Group Inc. | 2,347 | 453,863 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 6,985 | 373,558 | ||||||
Truist Financial Corp. | 14,424 | 845,967 | ||||||
Total Financials | 3,995,660 | |||||||
Health Care ― 10.4% | ||||||||
Boston Scientific Corp. * | 14,624 | 634,535 | ||||||
Danaher Corp. | 2,592 | 789,109 | ||||||
Genmab A/S * | 9,374 | 409,644 | ||||||
IQVIA Holdings Inc. * | 2,632 | 630,469 | ||||||
Teleflex Inc. | 1,565 | 589,301 | ||||||
Thermo Fisher Scientific Inc. | 1,380 | 788,435 | ||||||
UnitedHealth Group Inc. | 1,721 | 672,464 | ||||||
Total Health Care | 4,513,957 | |||||||
Industrials ― 5.0% | ||||||||
Cintas Corp. | 1,636 | 622,760 | ||||||
Eaton Corp. PLC | 3,983 | 594,702 | ||||||
Illinois Tool Works Inc. | 1,081 | 223,367 | ||||||
Union Pacific Corp. | 2,233 | 437,690 | ||||||
Verisk Analytics Inc. | 1,423 | 284,984 | ||||||
Total Industrials | 2,163,503 | |||||||
Information Technology ― 21.1% | ||||||||
Adobe Systems Inc. * | 896 | 515,845 | ||||||
Apple Inc. | 10,370 | 1,467,355 | ||||||
Autodesk Inc. * | 1,650 | 470,531 |
1919 Variable Socially Responsive Balanced Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited)(Continued) | |||||||||||||
Security | Shares | Value | |||||||||||
Information Technology ― 21.1% (Continued) | |||||||||||||
Broadcom Inc. | 854 | $ | 414,130 | ||||||||||
Clarivate PLC * | 10,143 | 222,132 | |||||||||||
Intuit Inc. | 1,010 | 544,905 | |||||||||||
Microsoft Corp. | 5,960 | 1,680,243 | |||||||||||
NVIDIA Corp. | 3,726 | 771,878 | |||||||||||
Palo Alto Networks Inc. * | 1,053 | 504,387 | |||||||||||
PayPal Holdings Inc. * | 2,532 | 658,852 | |||||||||||
QUALCOMM Inc. | 2,489 | 321,031 | |||||||||||
Salesforce.com Inc. * | 2,319 | 628,959 | |||||||||||
SolarEdge Technologies Inc. * | 1,593 | 422,495 | |||||||||||
Visa Inc. | 2,461 | 548,188 | |||||||||||
Total Information Technology | 9,170,931 | ||||||||||||
Materials ― 1.2% | |||||||||||||
Steel Dynamics Inc. | 1,878 | 109,826 | |||||||||||
Trex Co Inc. * | 4,111 | 419,034 | |||||||||||
Total Materials | 528,860 | ||||||||||||
Real Estate Investment Trusts (REITS) ― 1.1% | |||||||||||||
Prologis Inc. | 3,912 | 490,682 | |||||||||||
Total Real Estate Investment Trusts (REITS) | 490,682 | ||||||||||||
Utilities ― 1.3% | |||||||||||||
American Water Works Co. Inc. | 3,258 | 550,732 | |||||||||||
Total Utilities | 550,732 | ||||||||||||
Total Common Stocks (Cost ― $12,337,668) | 30,429,772 | ||||||||||||
Maturity | Face | ||||||||||||
Rate | Date | Amount | |||||||||||
Collateralized Mortgage Obligations ― 0.0% | |||||||||||||
Federal National Mortgage Association (FNMA), 2011-53 CY | 4.000 | % | 6/25/2041 | $ | 4,548 | 4,983 | |||||||
Total Collateralized Mortgage Obligations (Cost ― $4,599) | 4,983 | ||||||||||||
Corporate Bonds ― 20.8% | |||||||||||||
Communication Services ― 3.1% | |||||||||||||
Alphabet Inc. | 0.450 | % | 8/15/2025 | 130,000 | 128,304 | ||||||||
AT&T Inc. | 4.450 | % | 4/1/2024 | 150,000 | 162,548 | ||||||||
AT&T Inc. | 4.350 | % | 3/1/2029 | 115,000 | 131,833 | ||||||||
Comcast Corp. | 3.375 | % | 2/15/2025 | 70,000 | 75,348 | ||||||||
Comcast Corp. | 5.650 | % | 6/15/2035 | 200,000 | 267,423 | ||||||||
Verizon Communications Inc. | 4.329 | % | 9/21/2028 | 104,000 | 119,551 | ||||||||
Verizon Communications Inc. | 3.875 | % | 2/8/2029 | 100,000 | 112,135 | ||||||||
Verizon Communications Inc. | 4.500 | % | 8/10/2033 | 110,000 | 130,918 | ||||||||
Verizon Communications Inc. | 5.250 | % | 3/16/2037 | 105,000 | 135,630 | ||||||||
Walt Disney Co/The | 2.200 | % | 1/13/2028 | 90,000 | 93,000 | ||||||||
Total Communication Services | 1,356,690 | ||||||||||||
Consumer Discretionary ― 1.3% | |||||||||||||
Amazon.com Inc. | 0.250 | % | 5/12/2023 | 115,000 | 115,215 | ||||||||
Ford Foundation/The | 2.415 | % | 6/1/2050 | 60,000 | 57,125 | ||||||||
Home Depot Inc/The | 1.500 | % | 9/15/2028 | 60,000 | 59,318 | ||||||||
Lowe's Cos Inc. | 1.300 | % | 4/15/2028 | 115,000 | 111,854 | ||||||||
Toyota Motor Credit Corp. | 0.450 | % | 7/22/2022 | 200,000 | 200,423 | ||||||||
Total Consumer Discretionary | 543,935 |
1919 Variable Socially Responsive Balanced Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited)(Continued) | |||||||||||||
Maturity | Face | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Consumer Staples ― 0.7% | |||||||||||||
PepsiCo Inc. | 3.100 | % | 7/17/2022 | $ | 135,000 | $ | 137,454 | ||||||
PepsiCo Inc. | 3.500 | % | 3/19/2040 | 65,000 | 72,366 | ||||||||
Walmart Inc. | 1.800 | % | 9/22/2031 | 115,000 | 113,806 | ||||||||
Total Consumer Staples | 323,626 | ||||||||||||
Financials ― 7.0% | |||||||||||||
Affiliated Managers Group Inc. | 3.300 | % | 6/15/2030 | 65,000 | 69,531 | ||||||||
Ares Capital Corp. | 3.875 | % | 1/15/2026 | 175,000 | 187,165 | ||||||||
Bank of America Corp. (effective 9/25/2024, US SOFR + 0.91) (a) | 0.981 | % | 9/25/2025 | 125,000 | 125,183 | ||||||||
Bank of America Corp. | 4.183 | % | 11/25/2027 | 165,000 | 183,955 | ||||||||
BlackRock Inc. | 3.250 | % | 4/30/2029 | 105,000 | 115,254 | ||||||||
Boston Properties LP | 4.500 | % | 12/1/2028 | 155,000 | 178,460 | ||||||||
Citigroup Inc. (effective 10/30/2023, US SOFR + 0.686%) (a) | 0.776 | % | 10/30/2024 | 175,000 | 175,689 | ||||||||
Citigroup Inc. | 5.500 | % | 9/13/2025 | 110,000 | 126,962 | ||||||||
Goldman Sachs Group Inc. | 0.481 | % | 1/27/2023 | 250,000 | 250,050 | ||||||||
Host Hotels & Resorts LP | 3.375 | % | 12/15/2029 | 225,000 | 231,512 | ||||||||
Intercontinental Exchange Inc. | 3.750 | % | 12/1/2025 | 75,000 | 82,402 | ||||||||
JPMorgan Chase & Co. (effective 9/16/2023, US SOFR + 0.60) (a) | 0.653 | % | 9/16/2024 | 140,000 | 140,365 | ||||||||
MetLife Inc. | 4.550 | % | 3/23/2030 | 55,000 | 65,450 | ||||||||
PNC Financial Services Group Inc. | 2.200 | % | 11/1/2024 | 110,000 | 115,268 | ||||||||
Prudential Financial Inc. | 1.500 | % | 3/10/2026 | 170,000 | 172,568 | ||||||||
Royal Bank of Canada | 1.150 | % | 7/14/2026 | 125,000 | 124,079 | ||||||||
Simon Property Group LP | 3.375 | % | 12/1/2027 | 155,000 | 168,967 | ||||||||
State Street Corp. (effective 11/1/2029, US SOFR + 1.49) (a) | 3.031 | % | 11/1/2034 | 85,000 | 89,724 | ||||||||
TD Ameritrade Holding Corp. | 2.950 | % | 4/1/2022 | 125,000 | 126,125 | ||||||||
Toronto-Dominion Bank | 1.150 | % | 6/12/2025 | 55,000 | 55,125 | ||||||||
Truist Financial Corp. (effective 3/2/2026, US SOFR + 0.609)(a) | 1.267 | % | 3/2/2027 | 115,000 | 114,599 | ||||||||
Wells Fargo & Co. (effective 5/19/2024, US SOFR + 0.51)(a) | 0.805 | % | 5/19/2025 | 145,000 | 145,388 | ||||||||
Total Financials | 3,043,821 | ||||||||||||
Health Care ― 2.3% | |||||||||||||
AbbVie Inc. | 4.400 | % | 11/6/2042 | 150,000 | 179,050 | ||||||||
Bristol-Myers Squibb Co. | 3.900 | % | 2/20/2028 | 105,000 | 118,717 | ||||||||
Bristol-Myers Squibb Co. | 3.400 | % | 7/26/2029 | 125,000 | 138,220 | ||||||||
CVS Health Corp. | 4.780 | % | 3/25/2038 | 105,000 | 128,201 | ||||||||
Evernorth Health Inc. | 3.050 | % | 11/30/2022 | 185,000 | 189,380 | ||||||||
Gilead Sciences Inc. | 4.600 | % | 9/1/2035 | 100,000 | 121,200 | ||||||||
UnitedHealth Group Inc. | 3.500 | % | 8/15/2039 | 95,000 | 105,203 | ||||||||
Total Health Care | 979,971 | ||||||||||||
Industrials ― 0.6% | |||||||||||||
Johnson Controls International PLC | 1.750 | % | 9/15/2030 | 150,000 | 145,621 | ||||||||
Xylem Inc/NY | 1.950 | % | 1/30/2028 | 115,000 | 115,711 | ||||||||
Total Industrials | 261,332 | ||||||||||||
Information Technology ― 2.0% | |||||||||||||
Apple Inc. | 2.850 | % | 2/23/2023 | 185,000 | 190,832 | ||||||||
Mastercard Inc. | 1.900 | % | 3/15/2031 | 155,000 | 155,571 | ||||||||
Microsoft Corp. | 4.200 | % | 11/3/2035 | 175,000 | 215,035 | ||||||||
QUALCOMM Inc. | 3.450 | % | 5/20/2025 | 175,000 | 189,670 | ||||||||
Salesforce.com Inc. | 1.500 | % | 7/15/2028 | 120,000 | 119,331 | ||||||||
Total Information Technology | 870,439 | ||||||||||||
Materials ― 0.3% | |||||||||||||
Nutrien Ltd. | 4.200 | % | 4/1/2029 | 110,000 | 125,383 | ||||||||
Total Materials | 125,383 |
1919 Variable Socially Responsive Balanced Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited)(Continued) | |||||||||||||
Maturity | Face | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Real Estate Investment Trusts (REITS) ― 0.8% | |||||||||||||
Prologis LP | 2.250 | % | 4/15/2030 | $ | 115,000 | $ | 117,010 | ||||||
Prologis LP | 1.250 | % | 10/15/2030 | 115,000 | 107,658 | ||||||||
Welltower Inc. | 2.700 | % | 2/15/2027 | 125,000 | 132,052 | ||||||||
Total Real Estate Investment Trusts (REITS) | 356,720 | ||||||||||||
Utilities ― 2.7% | |||||||||||||
Avangrid Inc. | 3.800 | % | 6/1/2029 | 125,000 | 139,156 | ||||||||
DTE Electric Co. | 1.900 | % | 4/1/2028 | 125,000 | 126,712 | ||||||||
DTE Electric Co. | 4.050 | % | 5/15/2048 | 120,000 | 142,724 | ||||||||
Duke Energy Carolinas LLC | 3.350 | % | 5/15/2022 | 275,000 | 280,283 | ||||||||
Georgia Power Co. | 3.250 | % | 4/1/2026 | 100,000 | 107,266 | ||||||||
MidAmerican Energy Co. | 3.650 | % | 4/15/2029 | 90,000 | 100,684 | ||||||||
NextEra Energy Capital Holdings Inc. | 1.900 | % | 6/15/2028 | 120,000 | 120,046 | ||||||||
Public Service Co of Colorado | 3.200 | % | 3/1/2050 | 55,000 | 58,293 | ||||||||
Union Electric Co. | 2.625 | % | 3/15/2051 | 115,000 | 108,979 | ||||||||
Total Utilities | 1,184,143 | ||||||||||||
Total Corporate Bonds (Cost ― $8,480,384) | 9,046,060 | ||||||||||||
Foreign Government Agency Issues ― 1.7% | |||||||||||||
International Bank for Reconstruction & Development | 0.625 | % | 4/22/2025 | 175,000 | 174,414 | ||||||||
International Bank for Reconstruction & Development | 3.125 | % | 11/20/2025 | 270,000 | 295,581 | ||||||||
International Finance Corp. | 2.000 | % | 10/24/2022 | 255,000 | 259,970 | ||||||||
Total Foreign Government Agency Issues (Cost ― $698,345) | 729,965 | ||||||||||||
Mortgage Backed Securities ― 0.2% | |||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC) | |||||||||||||
Gold Pool C91417 | 3.500 | % | 1/1/2032 | 21,869 | 23,259 | ||||||||
Gold Pool A35826 | 5.000 | % | 7/1/2035 | 10,869 | 11,967 | ||||||||
Gold Pool A49479 | 5.000 | % | 6/1/2036 | 10,362 | 11,528 | ||||||||
Gold Pool A65694 | 6.000 | % | 9/1/2037 | 13,481 | 15,385 | ||||||||
Federal National Mortgage Association (FNMA) | |||||||||||||
Pool 896885 | 6.000 | % | 6/1/2022 | 60 | 60 | ||||||||
Pool 995262 | 5.500 | % | 1/1/2024 | 2,722 | 2,808 | ||||||||
Pool 891596 | 5.500 | % | 6/1/2036 | 16,033 | 18,638 | ||||||||
Pool 900936 | 6.500 | % | 2/1/2037 | 2,571 | 2,889 | ||||||||
Pool 946594 | 6.000 | % | 9/1/2037 | 12,510 | 14,782 | ||||||||
Total Mortgage Backed Securities (Cost ― $90,328) | 101,316 | ||||||||||||
U.S. Government & Agency Obligations ― 3.1% | |||||||||||||
Federal Home Loan Mortgage Corp (FHLMC) | 6.250 | % | 7/15/2032 | 70,000 | 101,416 | ||||||||
Federal National Mortgage Association (FNMA) | 6.250 | % | 5/15/2029 | 110,000 | 147,866 | ||||||||
Federal National Mortgage Association (FNMA) | 6.625 | % | 11/15/2030 | 365,000 | 520,971 | ||||||||
United States Treasury Bonds | 7.625 | % | 11/15/2022 | 150,000 | 162,563 | ||||||||
United States Treasury Bonds | 3.500 | % | 2/15/2039 | 131,000 | 163,080 | ||||||||
United States Treasury Bonds | 4.375 | % | 11/15/2039 | 177,000 | 244,917 | ||||||||
Total U.S. Government & Agency Obligations (Cost ― $1,066,226) | 1,340,813 | ||||||||||||
Short-Term Investment ― 4.1% | |||||||||||||
Fidelity Investments Money Market - Government Portfolio - Class I (b) | 0.010 | % | 1,799,626 | 1,799,626 | |||||||||
Total Short-Term Investment (Cost ― $1,799,626) | 1,799,626 | ||||||||||||
Total Investments ― 100.0% (Cost ― $24,477,176) | 43,452,535 | ||||||||||||
Other Assets in Excess of Liabilities ― 0.0% | 14,828 | ||||||||||||
Total Net Assets ― 100.0% | $ | 43,467,363 |
1919 Variable Socially Responsive Balanced Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited)(Continued) | |||||||||||||
Notes: | ||||||
* | Non-income producing security. | |||||
(a) | Fixed to floating rate. Effective date of change and formula disclosed. | |||||
(b) | The rate is the annualized seven-day yield at period end. | |||||
Abbreviations used in this schedule: | ||||||
LLC - Limited Liability Corporation | ||||||
PLC - Public Limited Company | ||||||
SOFR - Secured Overnight Financing Rate | ||||||
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 U.S. Bancorp | ||||||
Fund Services, LLC. |
1919 Variable Socially Responsive Balanced 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.
Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board. 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 VARIABLE SOCIALLY RESPONSIVE BALANCED FUND | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-term investments* | ||||||||||||||||
Common Stocks | $ | 30,429,772 | $ | - | $ | - | $ | 30,429,772 | ||||||||
Collateralized Mortgage Obligations | - | 4,983 | - | 4,983 | ||||||||||||
Corporate Bonds | - | 9,046,060 | - | 9,046,060 | ||||||||||||
Foreign Government Agency Issues | - | 729,965 | - | 725,965 | ||||||||||||
Mortgage-Backed Securities | - | 101,316 | - | 101,316 | ||||||||||||
U.S. Government & Agency Obligations | - | 1,340,813 | - | 1,340,812 | ||||||||||||
Total long-term investments | $ | 30,429,772 | $ | 11,223,137 | $ | - | $ | 41,652,909 | ||||||||
Short-term investments | 1,799,626 | - | 1,799,626 | |||||||||||||
Total investments | $ | 32,229,398 | $ | 11,223,137 | $ | - | $ | 43,452,535 |
* See Schedule of Investments for additional detailed categorizations.