Cultivar Etf Fund
Schedule of Investments
October 31,2023 (unaudited)
Shares | Value | |||||||||
87.49% | COMMON STOCK | |||||||||
7.61% | COMMUNICATION SERVICES | |||||||||
Alphabet, Inc. Class A(A) | 1,074 | $ | 133,262 | |||||||
AT&T, Inc. | 42,077 | 647,986 | ||||||||
Baidu, Inc. ADR(A) | 1,579 | 165,795 | ||||||||
Charter Communications(A) | 367 | 147,828 | ||||||||
Comcast Corp. Class A | 5,847 | 241,423 | ||||||||
John Wiley & Sons, Inc. | 5,899 | 178,563 | ||||||||
Meta Platforms, Inc.(A) | 441 | 132,860 | ||||||||
Paramount Global | 14,849 | 161,557 | ||||||||
Verizon Communications, Inc. | 4,174 | 146,633 | ||||||||
Warner Bros. Discovery, Inc.(A) | 6,239 | 62,016 | ||||||||
2,017,923 | ||||||||||
8.37% | CONSUMER DISCRETIONARY | |||||||||
Advance Auto Parts | 5,505 | 286,425 | ||||||||
Alibaba Group Holdings ADR(A) | 2,269 | 187,283 | ||||||||
Amazon.com, Inc.(A) | 1,067 | 142,007 | ||||||||
Domino’s Pizza, Inc. | 371 | 125,765 | ||||||||
Grand Canyon Education, Inc.(A) | 1,262 | 149,332 | ||||||||
Hasbro, Inc. | 5,048 | 227,917 | ||||||||
Hooker Furnshings Corp. | 12,063 | 201,693 | ||||||||
Kohl’s Corp. | 5,786 | 130,474 | ||||||||
Monro, Inc. | 6,449 | 160,064 | ||||||||
Ollie’s Bargain Outlet, Inc.(A) | 1,897 | 146,524 | ||||||||
Sabre Corp.(A) | 42,669 | 149,342 | ||||||||
Sleep Number Corp.(A) | 3,993 | 64,966 | ||||||||
Under Armour, Inc. Class A(A) | 20,176 | 138,206 | ||||||||
Whirlpool Corp. | 1,054 | 110,206 | ||||||||
2,220,204 | ||||||||||
7.36% | CONSUMER STAPLES | |||||||||
The Clorox Co. | 1,726 | 203,150 | ||||||||
Dollar General Corp. | 2,364 | 281,411 | ||||||||
Hormel Foods Corp. | 6,407 | 208,548 | ||||||||
Ingredion, Inc. | 5,610 | 524,984 | ||||||||
McCormick & Co. | 2,306 | 147,353 | ||||||||
Tyson Foods, Inc. Class A | 4,200 | 194,670 | ||||||||
Walgreens Boots Alliance, Inc. | 18,644 | 393,016 | ||||||||
1,953,132 | ||||||||||
5.68% | ENERGY | |||||||||
BP plc ADR | 7,465 | 273,070 | ||||||||
Core Laboratories, Inc. ADR | 39,146 | 838,507 | ||||||||
World Kinect Corp. | 21,344 | 394,864 | ||||||||
1,506,441 | ||||||||||
13.46% | FINANCIALS | |||||||||
Bank of America Corp. | 5,006 | 131,858 | ||||||||
Citigroup, Inc. | 12,711 | 501,957 | ||||||||
Citizens Financial Group | 5,375 | 125,936 | ||||||||
Global Payments, Inc. | 3,540 | 376,019 | ||||||||
Greenhill & Co., Inc. | 30,204 | 447,321 | ||||||||
Independent Bank Corp. | 2,755 | 134,444 | ||||||||
Lazard Ltd. ADR | 12,505 | 347,264 | ||||||||
M & T Bank Corp. | 2,548 | 287,287 | ||||||||
MarketAxess Holdings, Inc. | 1,576 | 336,870 | ||||||||
PayPal Holdings, Inc.(A) | 2,334 | 120,901 | ||||||||
S&P 500 Global, Inc. | 362 | 126,450 | ||||||||
Sierra Bancorp | 8,058 | 141,821 | ||||||||
Truist Financial Corp. | 4,462 | 126,542 | ||||||||
Western Union Corp. | 32,365 | 365,401 | ||||||||
3,570,071 | ||||||||||
6.11% | HEALTH CARE | |||||||||
Abbott Laboratories | 2,208 | 208,766 | ||||||||
DaVita, Inc.(A) | 1,877 | 144,961 | ||||||||
Fresenius Medical Care AG ADR | 16,119 | 268,059 | ||||||||
Illumina, Inc.(A) | 860 | 94,101 | ||||||||
Inogen, Inc.(A) | 18,479 | 82,601 | ||||||||
Medtronic plc ADR | 2,847 | 200,884 | ||||||||
Perrigo Co. plc ADR | 9,391 | 259,567 | ||||||||
Veeva Systems, Inc.(A) | 1,022 | 196,950 | ||||||||
Zoetis, Inc. | 1,048 | 164,536 | ||||||||
1,620,425 | ||||||||||
8.46% | INDUSTRIALS | |||||||||
3M Co. | 1,181 | 107,412 | ||||||||
Healthcare Services Group(A) | 61,166 | 581,077 | ||||||||
John Bean Technologies Co. | 1,343 | 139,699 | ||||||||
Proto Labs, Inc.(A) | 30,494 | 719,963 | ||||||||
Southwest Airlines Co. | 16,598 | 368,974 | ||||||||
Steelcase, Inc. | 29,927 | 326,504 | ||||||||
2,243,629 | ||||||||||
7.93% | INFORMATION TECHNOLOGY | |||||||||
Adobe, Inc.(A) | 276 | 146,849 | ||||||||
Advanced Micro Devices(A) | 1,184 | 116,624 | ||||||||
Ansys, Inc.(A) | 967 | 269,077 | ||||||||
Auto Desk(A) | 664 | 131,226 | ||||||||
Cognizant Tech Solutions | 2,035 | 131,196 | ||||||||
Intel Corp. | 11,291 | 412,122 | ||||||||
Microchip Technology, Inc. | 2,627 | 187,279 | ||||||||
Qorvo, Inc.(A) | 2,551 | 223,008 | ||||||||
Salesforce, Inc.(A) | 678 | 136,163 | ||||||||
Skyworks Solutions, Inc. | 2,485 | 215,549 | ||||||||
Tyler Technologies, Inc.(A) | 363 | 135,363 | ||||||||
2,104,456 | ||||||||||
12.47% | MATERIALS | |||||||||
Agnico Eagle Mines Ltd. ADR | 7,793 | 365,570 | ||||||||
Barrick Gold Corp. ADR | 31,693 | 506,454 | ||||||||
Celanese Corp. Series A | 1,124 | 128,709 | ||||||||
Compañia de Minas Buenaventura ADR | 16,807 | 136,137 | ||||||||
Compass Minerals International, Inc. | 4,183 | 103,069 | ||||||||
First Majestic Silver Corp. ADR | 67,854 | 349,448 | ||||||||
Fortuna Silver Mines, Inc. ADR(A) | 41,097 | 115,483 | ||||||||
International Paper | 4,918 | 165,884 | ||||||||
Kinross Gold Corp. ADR | 35,692 | 185,955 | ||||||||
Newmont Goldcorp Corp. | 14,432 | 540,767 | ||||||||
Pan American Silver Corp ADR | 19,935 | 291,250 | ||||||||
Schnitzer Steel Industries, Inc. | 4,645 | 105,488 | ||||||||
Trinseo plc ADR | 10,046 | 62,185 | ||||||||
WestRock Co. | 7,057 | 253,558 | ||||||||
3,309,957 | ||||||||||
4.57% | REAL ESTATE | |||||||||
Crown Castle, Inc. | 1,297 | 120,595 | ||||||||
Douglas Emmett, Inc. | 19,242 | 215,703 | ||||||||
Empire State Realty Trust | 22,805 | 184,492 | ||||||||
Highwoods Properties, Inc. | 5,472 | 97,894 | ||||||||
Kilroy Realty Corp | 5,406 | 154,503 | ||||||||
LTC Properties, Inc. | 4,334 | 136,998 | ||||||||
National Health Investors, Inc. | 3,840 | 192,154 | ||||||||
Piedmont Office Realty Trust, Inc. | 21,351 | 111,239 | ||||||||
1,213,578 | ||||||||||
5.47% | UTILITIES | |||||||||
Duke Energy Corp. | 1,558 | 138,491 | ||||||||
Eversource Energy | 3,417 | 183,800 | ||||||||
IDACORP, Inc. | 1,490 | 141,118 | ||||||||
Nextera Energy, Inc. | 5,349 | 311,847 | ||||||||
Northwest Natural Holding Co. | 12,922 | 474,367 | ||||||||
Portland General Electric | 5,072 | 202,981 | ||||||||
1,452,604 | ||||||||||
87.48% | TOTAL COMMON STOCK | 23,212,420 | ||||||||
5.33% | DEBT SECURITIES | |||||||||
5.33% | TREASURIES | |||||||||
United States Treasury 05/15/50 1.25% | 1,151,000 | 506,091 | ||||||||
United States Treasury 08/15/50 1.375% | 1,071,000 | 487,322 | ||||||||
United States Treasury 8/15/49 2.25% | 722,000 | 421,510 | ||||||||
5.33% | TOTAL TREASURIES | 1,414,923 | ||||||||
5.33% | TOTAL DEBT SECURITIES | 1,414,923 | ||||||||
92.82% | TOTAL INVESTMENTS | 24,627,343 | ||||||||
7.18% | Assets net of liabilities | 1,905,713 | ||||||||
100.00% | NET ASSETS | $ | 26,533,056 |
(A)Non-income producing
See Notes to Schedule of Investments
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 October 31, 2023:
Level 1 | Level 2 | Level 3 | |||||||||||
Other Significant | Significant | ||||||||||||
Observable | Unobservable | ||||||||||||
Quoted Prices | Inputs | Inputs | Total | ||||||||||
Common Stock | $ | 23,212,420 | $ | — | $ | — | $ | 23,212,420 | |||||
US Treasury Bonds | 1,414,923 | 1,414,923 | |||||||||||
Total Investments | $ | 24,627,343 | $ | — | $ | — | $ | 24,627,343 |
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 October 31, 2023.
At October 31, 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 $29,121,938 and the related tax-base net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 886,096 | |||
Gross unrealized depreciation | (5,380,691 | ) | |||
Net unrealized appreciation | $ | (4,494,595 | ) |