Cromwell Sustainable Balanced Fund | |
Schedule of Investments | |
as of March 31, 2024 (Unaudited) | |
| |
COMMON STOCKS - 54.6% | | Shares | | | Value | |
Automobile Components - 1.1% | | | | |
Aptiv PLC(a) | | | 1,472 | | | $ | 117,245 | |
| | | | | | | | |
Broadline Retail - 4.0% | | | | | |
Amazon.com, Inc.(a) | | | 2,371 | | | | 427,681 | |
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Capital Markets - 1.8% | | | | | |
The Charles Schwab Corp. | | | 2,693 | | | | 194,812 | |
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Chemicals - 2.4% | | | | | |
The Sherwin-Williams Co. | | | 742 | | | | 257,719 | |
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Construction Materials - 2.4% | | | | | |
Martin Marietta Materials, Inc. | | | 421 | | | | 258,469 | |
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Containers & Packaging - 2.9% | | | | | |
Ball Corp. | | | 4,682 | | | | 315,380 | |
| | | | | | | | |
Energy Equipment & Services - 1.2% | | | | | |
Baker Hughes Co. | | | 3,800 | | | | 127,300 | |
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Financial Services - 1.9% | | | | | |
PayPal Holdings, Inc.(a) | | | 3,134 | | | | 209,947 | |
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Health Care Providers & Services - 0.9% | | | | | |
UnitedHealth Group, Inc. | | | 198 | | | | 97,951 | |
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Hotels, Restaurants & Leisure - 1.4% | | | | | |
Expedia Group, Inc.(a) | | | 396 | | | | 54,549 | |
Planet Fitness, Inc. - Class A(a) | | | 1,580 | | | | 98,955 | |
| | | | | | | 153,504 | |
| | | | | | | | |
Insurance - 2.3% | | | | | |
The Progressive Corp. | | | 1,223 | | | | 252,941 | |
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Interactive Media & Services - 3.1% | | | | | |
Alphabet, Inc. - Class A(a) | | | 484 | | | | 73,050 | |
Meta Platforms, Inc. - Class A | | | 533 | | | | 258,814 | |
| | | | | | | 331,864 | |
| | | | | | | | |
IT Services - 1.0% | | | | | |
Accenture PLC - Class A | | | 324 | | | | 112,302 | |
| | | | | | | | |
Life Sciences Tools & Services - 5.7% | | | | | |
Danaher Corp. | | | 1,495 | | | | 373,331 | |
IQVIA Holdings, Inc.(a) | | | 946 | | | | 239,234 | |
| | | | | | | 612,565 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 3.6% | | | | | |
Entegris, Inc. | | | 1,889 | | | | 265,480 | |
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | | | 906 | | | | 123,261 | |
| | | | | | | 388,741 | |
| | | | | | | | |
Software - 10.3% | | | | | |
Gitlab, Inc. - Class A(a) | | | 1,171 | | | | 68,293 | |
Intuit, Inc. | | | 277 | | | | 180,050 | |
Microsoft Corp. | | | 1,063 | | | | 447,224 | |
Palo Alto Networks, Inc.(a) | | | 790 | | | | 224,463 | |
Salesforce, Inc. | | | 633 | | | | 190,647 | |
| | | | | | | 1,110,677 | |
| | | | | | | | |
Trading Companies & Distributors - 6.2% | | | | | |
AerCap Holdings NV(a) | | | 3,680 | | | | 319,829 | |
Ferguson PLC | | | 1,538 | | | | 335,945 | |
| | | | | | | 655,774 | |
| | | | | | | | |
Wireless Telecommunication Services - 2.4% | | | | | |
T-Mobile US, Inc. | | | 1,570 | | | | 256,255 | |
TOTAL COMMON STOCKS (Cost $5,467,065) | | | | 5,881,127 | |
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U.S. TREASURY OBLIGATIONS - 30.7% | | Par | | | Value | |
United States Treasury Note/Bond | |
4.25%, 03/15/2027 | | | 600,000 | | | | 597,281 | |
4.25%, 02/28/2029 | | | 1,150,000 | | | | 1,151,707 | |
4.00%, 02/15/2034 | | | 1,100,000 | | | | 1,081,953 | |
4.25%, 02/15/2054 | | | 480,000 | | | | 472,163 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,305,629) | | | | 3,303,104 | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS - 2.2% | | Shares | | | Value | |
Specialized Real Estate Investment Trusts - 2.2% | | | | | | | | |
Equinix, Inc. | | | 287 | | | | 236,870 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $240,988) | | | | 236,870 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS - 5.5% | | | | | | | | |
U.S. Treasury Bills - 5.5% | | Par | | | | | |
5.27%, 06/20/2024(b) | | | 600,000 | | | | 593,051 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $593,053) | | | | 593,051 | |
| | | | | | | | |
TOTAL INVESTMENTS - 93.0% (Cost $9,606,735) | | | | 10,014,152 | |
Other Assets in Excess of Liabilities - 7.0% | | | | 758,566 | |
TOTAL NET ASSETS - 100.0% | | | | | | $ | 10,772,718 | |
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: