Cromwell Greenspring Mid Cap Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 93.5% | Shares | Value | ||||||
Air Freight & Logistics - 0.7% | ||||||||
United Parcel Service, Inc. - Class B | 6,445 | $ | 957,920 | |||||
Banks - 5.1% | ||||||||
OceanFirst Financial Corp. | 30,012 | 492,497 | ||||||
Primis Financial Corp. | 258,169 | 3,141,917 | ||||||
Shore Bancshares, Inc. | 124,014 | 1,426,161 | ||||||
WSFS Financial Corp. | 32,805 | 1,480,817 | ||||||
6,541,392 | ||||||||
Beverages - 2.8% | ||||||||
Keurig Dr Pepper, Inc. | 3,050 | 93,544 | ||||||
Primo Water Corp. | 189,582 | 3,452,288 | ||||||
3,545,832 | ||||||||
Broadline Retail - 0.6% | ||||||||
Amazon.com, Inc.(a) | 4,020 | 725,128 | ||||||
Building Products - 4.6% | ||||||||
Advanced Drainage Systems, Inc. | 7,316 | 1,260,108 | ||||||
Johnson Controls International PLC | 71,685 | 4,682,464 | ||||||
5,942,572 | ||||||||
Chemicals - 5.0% | ||||||||
DuPont de Nemours, Inc. | 49,206 | 3,772,624 | ||||||
Minerals Technologies, Inc. | 27,728 | 2,087,364 | ||||||
The Sherwin-Williams Co. | 1,629 | 565,800 | ||||||
6,425,788 | ||||||||
Commercial Services & Supplies - 9.3% | ||||||||
Republic Services, Inc. | 62,789 | 12,020,326 | ||||||
Construction & Engineering - 13.9% | ||||||||
EMCOR Group, Inc. | 28,665 | 10,038,483 | ||||||
MYR Group, Inc.(a) | 44,574 | 7,878,454 | ||||||
17,916,937 | ||||||||
Consumer Staples Distribution & Retail - 1.0% | ||||||||
US Foods Holding Corp.(a) | 24,486 | 1,321,509 | ||||||
Electric Utilities - 1.2% | ||||||||
NextEra Energy, Inc. | 24,244 | 1,549,434 | ||||||
Electrical Equipment - 4.3% | ||||||||
Emerson Electric Co. | 14,405 | 1,633,815 | ||||||
NEXTracker, Inc. - Class A(a) | 33,094 | 1,862,199 | ||||||
nVent Electric PLC | 20,000 | 1,508,000 | ||||||
Shoals Technologies Group, Inc. - Class A(a) | 43,815 | 489,852 | ||||||
5,493,866 | ||||||||
Electronic Equipment, Instruments & Components - 1.4% | ||||||||
Flex Ltd.(a) | 61,989 | 1,773,505 | ||||||
Financial Services - 1.1% | ||||||||
Cannae Holdings, Inc.(a) | 30,599 | 680,522 | ||||||
Visa, Inc. - Class A | 2,422 | 675,932 | ||||||
1,356,454 | ||||||||
Food Products - 1.1% | ||||||||
Darling Ingredients, Inc.(a) | 29,221 | 1,359,069 | ||||||
Health Care Equipment & Supplies - 3.2% | ||||||||
Abbott Laboratories | 9,105 | 1,034,874 | ||||||
Hologic, Inc.(a) | 3,460 | 269,742 | ||||||
Medtronic PLC | 28,597 | 2,492,229 | ||||||
STERIS PLC | 598 | 134,442 | ||||||
Zimmer Biomet Holdings, Inc. | 955 | 126,041 | ||||||
4,057,328 | ||||||||
Hotels, Restaurants & Leisure - 2.1% | ||||||||
Wyndham Hotels & Resorts, Inc. | 34,688 | 2,662,304 | ||||||
Insurance - 4.3% | ||||||||
Chubb Ltd. | 4,938 | 1,279,584 | ||||||
W.R. Berkley Corp. | 47,610 | 4,210,628 | ||||||
5,490,212 | ||||||||
Interactive Media & Services - 4.8% | ||||||||
Alphabet, Inc. - Class C(a) | 17,680 | 2,691,957 | ||||||
Ziff Davis, Inc.(a) | 55,020 | 3,468,461 | ||||||
6,160,418 | ||||||||
IT Services - 2.1% | ||||||||
Akamai Technologies, Inc.(a) | 10,874 | 1,182,656 | ||||||
Amdocs Ltd. | 17,675 | 1,597,290 | ||||||
2,779,946 | ||||||||
Oil, Gas & Consumable Fuels - 2.9% | ||||||||
EOG Resources, Inc. | 25,226 | 3,224,892 | ||||||
Phillips 66 | 2,813 | 459,475 | ||||||
3,684,367 | ||||||||
Personal Care Products - 1.7% | ||||||||
Kenvue, Inc. | 102,927 | 2,208,813 | ||||||
Pharmaceuticals - 0.4% | ||||||||
Johnson & Johnson | 3,289 | 520,287 | ||||||
Professional Services - 13.2% | ||||||||
Alight, Inc. - Class A(a) | 338,317 | 3,332,423 | ||||||
Dun & Bradstreet Holdings, Inc. | 292,732 | 2,939,029 | ||||||
KBR, Inc. | 167,691 | 10,675,209 | ||||||
16,946,661 | ||||||||
Software - 0.9% | ||||||||
Blackbaud, Inc.(a) | 15,390 | 1,141,015 | ||||||
Specialty Retail - 0.3% | ||||||||
Leslie's, Inc.(a) | 61,689 | 400,979 | ||||||
Technology Hardware, Storage & Peripherals - 0.2% | ||||||||
Pure Storage, Inc. - Class A(a) | 6,195 | 322,078 | ||||||
Textiles, Apparel & Luxury Goods - 1.7% | ||||||||
Levi Strauss & Co. - Class A | 110,945 | 2,217,791 | ||||||
Trading Companies & Distributors - 1.5% | ||||||||
Rush Enterprises, Inc. - Class A | 17,839 | 954,743 | ||||||
Rush Enterprises, Inc. - Class B | 17,328 | 923,409 | ||||||
1,878,152 | ||||||||
Wireless Telecommunication Services - 2.1% | ||||||||
T-Mobile US, Inc. | 16,777 | 2,738,342 | ||||||
TOTAL COMMON STOCKS (Cost $57,319,673) | 120,138,425 | |||||||
PREFERRED STOCKS - 1.7% | Shares | Value | ||||||
Oil, Gas & Consumable Fuels - 1.7% | ||||||||
GasLog Partners LP | – | $ | – | |||||
Series A, 8.63% to 06/15/2027 then 3 mo. LIBOR US + 6.31%, Perpetual | 64,370 | 1,593,158 | ||||||
Series B, 11.43% (3 mo. LIBOR US + 5.84%), Perpetual | 21,061 | 535,581 | ||||||
TOTAL PREFERRED STOCKS (Cost $1,596,867) | 2,128,739 | |||||||
EXCHANGE TRADED FUNDS - 1.4% | Shares | Value | ||||||
Invesco Solar ETF | 38,779 | 1,759,403 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,297,805) | 1,759,403 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.2% | Shares | Value | ||||||
Residential Real Estate Investment Trusts - 1.2% | ||||||||
American Homes 4 Rent - Class A | 43,695 | 1,607,102 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,177,639) | 1,607,102 | |||||||
TOTAL INVESTMENTS - 97.8% (Cost $61,391,984) | 125,633,669 | |||||||
Other Assets in Excess of Liabilities - 2.2% | 2,885,347 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 128,519,016 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
LIBOR - London Interbank Offered Rate |
PLC - Public Limited Company |
(a) | Non-income producing security. |
Summary of Fair Value Exposure at March 31, 2024
FASB Accounting Standards Codification, “Fair Value Measurements” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, 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 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 carried at fair value as of March 31, 2024:
Cromwell Greenspring Mid Cap Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 120,138,425 | $ | – | $ | – | $ | 120,138,425 | ||||||||
Preferred Stocks | 2,128,739 | – | – | 2,128,739 | ||||||||||||
Exchange Traded Funds | 1,759,403 | – | – | 1,759,403 | ||||||||||||
Real Estate Investment Trusts | 1,607,102 | – | – | 1,607,102 | ||||||||||||
Total Assets | $ | 125,633,669 | $ | – | $ | – | $ | 125,633,669 | ||||||||
Refer to the Schedule of Investments for industry classifications. |