| Union Street Partners Value Fund |
| |
Schedule of Investments | June 30, 2023 (unaudited) | ||
|
| Shares | Fair Value |
94.52% | COMMON STOCKS |
|
|
15.57% | BANKS |
|
|
| Bank of America Corp. . . . . . . . . . | 52,350 | $ 1,501,921 |
| Burke & Herbert Bank & Trust Co. . . . . | 33,920 | 2,177,664 |
| The Goldman Sachs Group, Inc. . . . . . . . . . . | 5,300 | 1,709,462 |
| JPMorgan Chase & Co. . . . . . . . . . | 25,000 | 3,636,000 |
| Wells Fargo & Co. . . . . . . . . . . . | 43,500 | 1,856,580 |
|
|
| 10,881,627 |
2.11% | BEVERAGES |
|
|
| Diageo PLC ADR (Sponsored) . . . . . . | 8,500 | 1,474,580 |
7.62% | COMMUNICATION SERVICES |
|
|
| AT&T, Inc. . . . . . . . . . . . . . . . | 68,500 | 1,092,575 |
| META Platforms, Inc..(A) . . . . . . . . . | 14,750 | 4,232,955 |
|
|
| 5,325,530 |
20.73% | COMPUTERS |
|
|
| Apple, Inc. . . . . . . . . . . . . . . . | 29,250 | 5,673,622 |
| Intel Corp. . . . . . . . . . . . . . . . | 63,900 | 2,136,816 |
| Microsoft Corp. . . . . . . . . . . . . | 19,620 | 6,681,395 |
|
|
| 14,491,833 |
8.58% | INDUSTRIAL |
|
|
| The Boeing Co.(A) . . . . . . . . . . . . | 14,200 | 2,998,472 |
| FedEx Corp. . . . . . . . . . . . . . . | 12,100 | 2,999,590 |
|
|
| 5,998,062 |
9.83% | MEDICAL |
|
|
| Bayer AG ADR (Sponsored) . . . . . . . | 183,000 | 2,529,060 |
| CVS Health Corp. . . . . . . . . . . . | 22,000 | 1,520,860 |
| Johnson & Johnson . . . . . . . . . . | 7,680 | 1,271,194 |
| Merck & Co., Inc. . . . . . . . . . . . . | 13,420 | 1,548,534 |
|
|
| 6,869,648 |
1
QUARTERLY REPORT
| Union Street Partners Value Fund |
|
|
| |
Schedule of Investments - continued | June 30, 2023 (unaudited) |
| |||
|
| Shares |
| Fair Value | |
10.42% | OIL |
|
|
|
|
| Chevron Corp. . . . . . . . . . . . . . | 14,000 | $ | 2,202,900 | |
| Exxon Mobil Corp. . . . . . . . . . . . | 24,700 |
| 2,649,075 | |
| Schlumberger Ltd. . . . . . . . . . . . | 49,500 |
| 2,431,440 | |
|
|
|
| 7,283,415 | |
2.79% | REAL ESTATE |
|
|
|
|
| Simon Property Group, Inc. . . . . . . . | 16,900 |
| 1,951,612 | |
13.08% | RETAIL |
|
|
|
|
| Dollar Tree, Inc.(A) . . . . . . . . . . . . | 24,650 |
| 3,537,275 | |
| The Home Depot . . . . . . . . . . . | 5,750 |
| 1,786,180 | |
| LVMH Moet Hennessy Jouis Vuitton SE . . | 12,150 |
| 2,294,406 | |
| Target Corp. . . . . . . . . . . . . . . | 11,600 |
| 1,530,040 | |
|
|
|
| 9,147,901 | |
3.79% | UTILITIES |
|
|
|
|
| PG&E Corp.(A) . . . . . . . . . . . . . | 153,500 |
| 2,652,480 | |
94.52% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . |
| 66,076,688 | ||
5.41% | MONEY MARKET FUNDS |
|
|
|
|
| Fidelity® Investments Money Market |
|
|
|
|
| Government Portfolio Institutional |
|
|
|
|
| Class 4.99%(B) . . . . . . . . . . . . | 3,781,818 |
| 3,781,818 | |
99.93% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . |
| 69,858,506 | ||
0.07% | Other assets, net of liablities . . . . . . . . . . . . . . |
| 46,653 | ||
100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $ | 69,905,159 |
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2023
ADR - Security represented is held by the custodian bank in the form of American Depositary Receipts.
2
QUARTERLY REPORT
Union Street Partners Value Fund
Schedule of Investments - continued | June 30, 2023 (unaudited) |
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 June 30, 2023:
| Level 1 |
| Level 2 |
|
| Level 3 |
|
|
|
| Other |
|
|
|
|
|
|
| Significant |
|
| Significant |
|
| Quoted |
| Observable |
| Unobservable |
| |
| Prices |
| Inputs |
|
| Inputs | Total |
Common Stocks . . . . . . | $63,899,024 | $2,177,664 | $ | — | $66,076,688 | ||
Short-Term Investments . . . | 3,781,818 |
| — |
|
| — | 3,781,818 |
Total Investments . . . . . | $67,680,842 | $2,177,664 | $ | — | $69,858,506 | ||
|
|
|
|
|
|
|
|
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 June 30, 2023.
At June 30, 2023, 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 $36,468,025 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . | $33,659,729 |
|
Gross unrealized depreciation . . | (269,248) | |
Net unrealized appreciation . . . | $33,390,481 |
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3
QUARTERLY REPORT