THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2020 (Unaudited)
| COMMON STOCKS - 96.3% | Shares | Value | ||||||
| Communication Services - 7.5% | ||||||||
| Alphabet, Inc. - Class A (a) | 850 | $ | 1,205,342 | |||||
| Alphabet, Inc. - Class C (a) | 1,067 | 1,508,322 | ||||||
| Comcast Corporation - Class A | 41,000 | 1,598,180 | ||||||
| Twitter, Inc. (a) | 4,000 | 119,160 | ||||||
| 4,431,004 | ||||||||
| Consumer Discretionary - 10.7% | ||||||||
| Amazon.com, Inc. (a) | 850 | 2,344,997 | ||||||
| Home Depot, Inc. (The) | 5,000 | 1,252,550 | ||||||
| Lowe's Companies, Inc. | 6,000 | 810,720 | ||||||
| McDonald's Corporation | 5,000 | 922,350 | ||||||
| NIKE, Inc. - Class B | 10,000 | 980,500 | ||||||
| 6,311,117 | ||||||||
| Consumer Staples - 5.8% | ||||||||
| Clorox Company (The) | 1,000 | 219,370 | ||||||
| Coca-Cola Company (The) | 12,000 | 536,160 | ||||||
| Costco Wholesale Corporation | 1,000 | 303,210 | ||||||
| McCormick & Company, Inc. | 3,000 | 538,230 | ||||||
| Procter & Gamble Company (The) | 2,000 | 239,140 | ||||||
| Walmart, Inc. | 13,500 | 1,617,030 | ||||||
| 3,453,140 | ||||||||
| Energy - 0.8% | ||||||||
| Phillips 66 | 6,500 | 467,350 | ||||||
| Financials - 13.1% | ||||||||
| Aflac, Inc. | 16,000 | 576,480 | ||||||
| Ares Management Corporation - Class A | 5,000 | 198,500 | ||||||
| Blackstone Group, Inc. (The) - Class A | 13,000 | 736,580 | ||||||
| Brookfield Asset Management, Inc. - Class A | 36,000 | 1,184,400 | ||||||
| CME Group, Inc. | 6,000 | 975,240 | ||||||
| Intercontinental Exchange, Inc. | 16,000 | 1,465,600 | ||||||
| JPMorgan Chase & Company | 24,000 | 2,257,440 | ||||||
| S&P Global, Inc. | 1,000 | 329,480 | ||||||
| 7,723,720 | ||||||||
| Health Care - 11.3% | ||||||||
| Abbott Laboratories | 9,500 | 868,585 | ||||||
| AbbVie, Inc. | 11,500 | 1,129,070 | ||||||
| AstraZeneca plc - ADR | 4,000 | 211,560 | ||||||
| Bio-Techne Corporation | 8,500 | 2,244,595 | ||||||
| Bristol-Myers Squibb Company | 12,000 | 705,600 | ||||||
| Edwards Lifesciences Corporation (a) | 4,800 | 331,728 | ||||||
| Johnson & Johnson | 1,750 | 246,102 | ||||||
| Merck & Company, Inc. | 3,000 | 231,990 | ||||||
| Pfizer, Inc. | 6,000 | 196,200 | ||||||
| Roche Holding AG - ADR | 5,000 | 216,900 | ||||||
THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 96.3% (Continued) | Shares | Value | ||||||
| Health Care - 11.3% (Continued) | ||||||||
| Thermo Fisher Scientific, Inc. | 900 | $ | 326,106 | |||||
| 6,708,436 | ||||||||
| Industrials - 11.1% | ||||||||
| Emerson Electric Company | 13,000 | 806,390 | ||||||
| General Dynamics Corporation | 5,200 | 777,192 | ||||||
| Honeywell International, Inc. | 11,000 | 1,590,490 | ||||||
| Lockheed Martin Corporation | 7,000 | 2,554,440 | ||||||
| Raytheon Technologies Corporation | 13,500 | 831,870 | ||||||
| 6,560,382 | ||||||||
| Information Technology - 27.7% | ||||||||
| Accenture plc - Class A | 6,150 | 1,320,528 | ||||||
| Apple, Inc. | 10,000 | 3,648,000 | ||||||
| Mastercard, Inc. - Class A | 2,000 | 591,400 | ||||||
| Microsoft Corporation | 11,000 | 2,238,610 | ||||||
| NVIDIA Corporation | 8,000 | 3,039,280 | ||||||
| QUALCOMM, Inc. | 6,000 | 547,260 | ||||||
| Skyworks Solutions, Inc. | 10,000 | 1,278,600 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 5,000 | 283,850 | ||||||
| TE Connectivity Ltd. | 9,000 | 733,950 | ||||||
| Texas Instruments, Inc. | 6,200 | 787,214 | ||||||
| Visa, Inc. - Class A | 9,800 | 1,893,066 | ||||||
| 16,361,758 | ||||||||
| Materials - 1.9% | ||||||||
| Corteva, Inc. | 3,666 | 98,212 | ||||||
| Linde plc | 2,300 | 487,853 | ||||||
| Wheaton Precious Metals Corporation | 12,000 | 528,600 | ||||||
| 1,114,665 | ||||||||
| Real Estate - 2.4% | ||||||||
| Life Storage, Inc. | 1,000 | 94,950 | ||||||
| Mid-America Apartment Communities, Inc. | 11,394 | 1,306,550 | ||||||
| 1,401,500 | ||||||||
| Utilities - 4.0% | ||||||||
| Dominion Energy, Inc. | 6,000 | 487,080 | ||||||
| Duke Energy Corporation | 8,250 | 659,093 | ||||||
| WEC Energy Group, Inc. | 14,000 | 1,227,100 | ||||||
| 2,373,273 | ||||||||
| Total Common Stocks (Cost $26,093,106) | $ | 56,906,345 | ||||||
THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| EXCHANGE-TRADED FUNDS - 1.0% | Shares | Value | ||||||
| iShares Gold Trust (a) | 29,000 | $ | 492,710 | |||||
| iShares Silver Trust (a) | 6,000 | 102,060 | ||||||
| Total Exchange-Traded Funds (Cost $562,514) | $ | 594,770 | ||||||
| MONEY MARKET FUNDS - 4.2% | Shares | Value | ||||||
| Fidelity Institutional Money Market Government Portfolio - Class I, 0.06% (b) (Cost $2,464,737) | 2,464,737 | $ | 2,464,737 | |||||
| Total Investments at Value - 101.5% (Cost $29,120,357) | $ | 59,965,852 | ||||||
| Liabilities in Excess of Other Assets - (1.5%) | (871,738 | ) | ||||||
| Net Assets - 100.0% | $ | 59,094,114 | ||||||
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2020. |
| See accompanying notes to Schedules of Investments. |
THE GOVERNMENT STREET MID-CAP FUND
SCHEDULE OF INVESTMENTS
June 30, 2020 (Unaudited)
| COMMON STOCKS - 89.7% | Shares | Value | ||||||
| Consumer Discretionary - 6.6% | ||||||||
| Cracker Barrel Old Country Store, Inc. | 1,500 | $ | 166,365 | |||||
| Gildan Activewear, Inc. | 13,400 | 207,566 | ||||||
| Hasbro, Inc. | 5,000 | 374,750 | ||||||
| Kontoor Brands, Inc. | 1,671 | 29,761 | ||||||
| Macy's, Inc. | 5,000 | 34,400 | ||||||
| Melco Resorts & Entertainment Ltd. - ADR | 5,000 | 77,600 | ||||||
| NVR, Inc. (a) | 100 | 325,875 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3,000 | 292,950 | ||||||
| Service Corporation International | 16,200 | 630,018 | ||||||
| Tempur Sealy International, Inc. (a) | 3,000 | 215,850 | ||||||
| Tiffany & Company | 3,475 | 423,741 | ||||||
| VF Corporation | 4,700 | 286,418 | ||||||
| 3,065,294 | ||||||||
| Consumer Staples - 2.4% | ||||||||
| Celsius Holdings, Inc. (a) | 6,000 | 70,620 | ||||||
| Church & Dwight Company, Inc. | 9,000 | 695,700 | ||||||
| Energizer Holdings, Inc. | 5,000 | 237,450 | ||||||
| Hain Celestial Group, Inc. (The) (a) | 3,000 | 94,530 | ||||||
| 1,098,300 | ||||||||
| Energy - 1.0% | ||||||||
| Marathon Petroleum Corporation | 2,830 | 105,785 | ||||||
| ONEOK, Inc. | 11,000 | 365,420 | ||||||
| 471,205 | ||||||||
| Financials - 17.7% | ||||||||
| Alleghany Corporation | 865 | 423,106 | ||||||
| American Financial Group, Inc. | 7,600 | 482,296 | ||||||
| Ares Management Corporation - Class A | 4,000 | 158,800 | ||||||
| Arthur J. Gallagher & Company | 9,250 | 901,782 | ||||||
| Bank of Hawaii Corporation | 4,000 | 245,640 | ||||||
| Brown & Brown, Inc. | 20,000 | 815,200 | ||||||
| CME Group, Inc. | 5,000 | 812,700 | ||||||
| Eaton Vance Corporation | 13,000 | 501,800 | ||||||
| Intercontinental Exchange, Inc. | 11,000 | 1,007,600 | ||||||
| Nasdaq, Inc. | 9,500 | 1,134,965 | ||||||
| Old Republic International Corporation | 24,400 | 397,964 | ||||||
| SEI Investments Company | 10,500 | 577,290 | ||||||
| Voya Financial, Inc. | 2,000 | 93,300 | ||||||
| W.R. Berkley Corporation | 11,175 | 640,216 | ||||||
| 8,192,659 | ||||||||
| Health Care - 17.6% | ||||||||
| Bio-Rad Laboratories, Inc. - Class A (a) | 1,700 | 767,533 | ||||||
| Bio-Techne Corporation | 5,000 | 1,320,350 | ||||||
| Centene Corporation (a) | 6,000 | 381,300 | ||||||
| Charles River Laboratories International, Inc. (a) | 4,500 | 784,575 | ||||||
| Chemed Corporation | 3,000 | 1,353,210 | ||||||
THE GOVERNMENT STREET MID-CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 89.7% (Continued) | Shares | Value | ||||||
| Health Care - 17.6% (Continued) | ||||||||
| Globus Medical, Inc. - Class A (a) | 3,000 | $ | 143,130 | |||||
| Laboratory Corporation of America Holdings (a) | 2,574 | 427,567 | ||||||
| Penumbra, Inc. (a) | 2,500 | 447,050 | ||||||
| ResMed, Inc. | 3,700 | 710,400 | ||||||
| Teleflex, Inc. | 3,950 | 1,437,721 | ||||||
| Waters Corporation (a) | 2,000 | 360,800 | ||||||
| 8,133,636 | ||||||||
| Industrials - 15.2% | ||||||||
| AMETEK, Inc. | 2,350 | 210,020 | ||||||
| C.H. Robinson Worldwide, Inc. | 4,000 | 316,240 | ||||||
| Donaldson Company, Inc. | 13,000 | 604,760 | ||||||
| Expeditors International of Washington, Inc. | 8,000 | 608,320 | ||||||
| Fastenal Company | 18,000 | 771,120 | ||||||
| Graco, Inc. | 13,000 | 623,870 | ||||||
| Jacobs Engineering Group, Inc. | 6,475 | 549,080 | ||||||
| L3Harris Technologies, Inc. | 6,400 | 1,085,888 | ||||||
| MasTec, Inc. (a) | 3,000 | 134,610 | ||||||
| MSC Industrial Direct Company, Inc. - Class A | 6,000 | 436,860 | ||||||
| nVent Electric plc | 2,900 | 54,317 | ||||||
| Pentair plc | 2,900 | 110,171 | ||||||
| Snap-on, Inc. | 1,475 | 204,302 | ||||||
| Waste Connections, Inc. | 10,500 | 984,795 | ||||||
| Woodward, Inc. | 4,400 | 341,220 | ||||||
| 7,035,573 | ||||||||
| Information Technology - 18.2% | ||||||||
| Analog Devices, Inc. | 3,671 | 450,212 | ||||||
| ANSYS, Inc. (a) | 3,500 | 1,021,055 | ||||||
| Arrow Electronics, Inc. (a) | 10,100 | 693,769 | ||||||
| Broadridge Financial Solutions, Inc. | 3,500 | 441,665 | ||||||
| FLIR Systems, Inc. | 1,400 | 56,798 | ||||||
| InterDigital, Inc. | 1,200 | 67,956 | ||||||
| Lam Research Corporation | 3,500 | 1,132,110 | ||||||
| Microchip Technology, Inc. | 6,000 | 631,860 | ||||||
| National Instruments Corporation | 12,000 | 464,520 | ||||||
| NVIDIA Corporation | 4,100 | 1,557,631 | ||||||
| Okta, Inc. (a) | 3,500 | 700,805 | ||||||
| Tech Data Corporation (a) | 3,500 | 507,150 | ||||||
| Xilinx, Inc. | 7,000 | 688,730 | ||||||
| 8,414,261 | ||||||||
| Materials - 6.3% | ||||||||
| Albemarle Corporation | 6,700 | 517,307 | ||||||
| Ashland Global Holdings, Inc. | 6,000 | 414,600 | ||||||
| Martin Marietta Materials, Inc. | 3,000 | 619,710 | ||||||
| Packaging Corporation of America | 6,000 | 598,800 | ||||||
| Scotts Miracle-Gro Company (The) | 2,200 | 295,834 | ||||||
| Steel Dynamics, Inc. | 12,000 | 313,080 | ||||||
THE GOVERNMENT STREET MID-CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 89.7% (Continued) | Shares | Value | ||||||
| Materials - 6.3% (Continued) | ||||||||
| Valvoline, Inc. | 9,236 | $ | 178,532 | |||||
| 2,937,863 | ||||||||
| Real Estate - 3.7% | ||||||||
| Mid-America Apartment Communities, Inc. | 15,000 | 1,720,050 | ||||||
| Utilities - 1.0% | ||||||||
| NRG Energy, Inc. | 3,000 | 97,680 | ||||||
| ONE Gas, Inc. | 3,500 | 269,675 | ||||||
| UGI Corporation | 3,038 | 96,609 | ||||||
| 463,964 | ||||||||
| Total Common Stocks (Cost $17,110,505) | $ | 41,532,805 | ||||||
| EXCHANGE-TRADED FUNDS - 2.2% | Shares | Value | ||||||
| iShares Gold Trust (a) | 42,000 | $ | 713,580 | |||||
| iShares Silver Trust (a) | 17,000 | 289,170 | ||||||
| Total Exchange-Traded Funds (Cost $945,632) | $ | 1,002,750 | ||||||
| MONEY MARKET FUNDS - 8.2% | Shares | Value | ||||||
| Fidelity Institutional Money Market Government Portfolio - Class I, 0.06% (b) (Cost $3,808,876) | 3,808,876 | $ | 3,808,876 | |||||
| Total Investments at Value - 100.1% (Cost $21,865,013) | $ | 46,344,431 | ||||||
| Liabilities in Excess of Other Assets - (0.1%) | (59,108 | ) | ||||||
| Net Assets - 100.0% | $ | 46,285,323 | ||||||
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2020. |
| See accompanying notes to Schedules of Investments. |
THE GOVERNMENT STREET FUNDS
NOTES TO SCHEDULES OF INVESTMENTS
June 30, 2020 (Unaudited)
1. Securities Valuation
The portfolio securities of The Government Street Equity Fund and The Government Street Mid-Cap Fund (individually, a “Fund” and collectively, the “Funds”) are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities traded on a national stock exchange, including common stocks and exchange-traded funds (“ETFs”), are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).
When market quotations are not readily available, if an independent pricing service cannot provide a price or the investment adviser believes the price received from the pricing service is not indicative of market value, securities will be valued in good faith at fair value using methods consistent with procedures adopted by the Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.
Accounting principles generally accepted in the United States of America establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of each Fund’s investments. 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 |
| • | Level 3 – significant unobservable inputs |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
THE GOVERNMENT STREET FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2020, by security type:
| The Government Street Equity Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 56,906,345 | $ | - | $ | - | $ | 56,906,345 | ||||||||
| Exchange-Traded Funds | 594,770 | - | - | 594,770 | ||||||||||||
| Money Market Funds | 2,464,737 | - | - | 2,464,737 | ||||||||||||
| Total | $ | 59,965,852 | $ | - | $ | - | $ | 59,965,852 | ||||||||
| The Government Street Mid-Cap Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 41,532,805 | $ | - | $ | - | $ | 41,532,805 | ||||||||
| Exchange-Traded Funds | 1,002,750 | - | - | 1,002,750 | ||||||||||||
| Money Market Funds | 3,808,876 | - | - | 3,808,876 | ||||||||||||
| Total | $ | 46,344,431 | $ | - | $ | - | $ | 46,344,431 | ||||||||
Refer to each Fund’s Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the period ended June 30, 2020.
2. Investment Transactions
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investments sold are determined on a specific identification basis.
3. Federal Income Tax
The following information is computed on a tax basis for each item as of June 30, 2020:
| The Government Street Equity Fund | The Government Street Mid-Cap Fund | |||||||
| Cost of portfolio investments | $ | 29,120,357 | $ | 21,865,013 | ||||
| Gross unrealized appreciation | $ | 31,107,120 | $ | 24,842,462 | ||||
| Gross unrealized depreciation | (261,625 | ) | (363,044 | ) | ||||
| Net unrealized appreciation | $ | 30,845,495 | $ | 24,479,418 | ||||
THE GOVERNMENT STREET FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
4. Sector Risk
If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within that sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio would be adversely affected. As of June 30, 2020, The Government Street Equity Fund had 27.7% of the value of its net assets invested in common stocks within the Information Technology sector.