NPORT-EX 2 QCI.htm
QCI Balanced Fund
              
                     
Schedule of Investments
              
                     
As of September 30, 2021
              
           

Principal
Coupon
Rate

Maturity Date
  
 Value
(Note 1)
                     
CORPORATE BONDS - 16.39%
            
                     
 
Communication Services - 1.71%
          
   
Verizon Communications, Inc.
 $   985,000
4.125%
3/16/2027
 $
   1,115,480
                   
   1,115,480
 
Consumer Discretionary - 1.68%
          
   
Anheuser-Busch Cos. LLC
  
      505,000
3.650%
2/1/2026
  
      554,508
   
Lowe's Cos., Inc.
    
      500,000
3.375%
9/15/2025
  
      540,613
                   
   1,095,121
 
Energy - 0.87%
                
   
Chevron Corp.
    
      535,000
2.895%
3/3/2024
  
      564,074
                   
      564,074
 
Financials - 4.78%
              
   
Bank of America Corp.
    
   1,115,000
0.891%
2/5/2026
  
   1,129,875
   
JP Morgan Chase & Co.
    
   1,030,000
3.900%
7/15/2025
  
   1,127,922
   
US Bancorp
      
      785,000
3.600%
9/11/2024
  
      848,921
                   
   3,106,718
 
Industrials - 2.58%
              
   
Deere & Co.
      
   1,045,000
2.750%
4/15/2025
  
   1,104,879
   
Norfolk Southern Corp.
    
      565,000
2.300%
5/15/2031
  
      570,113
                   
   1,674,992
 
Information Technology - 3.46%
          
   
Apple, Inc.
      
   1,065,000
2.450%
8/4/2026
  
   1,127,626
   
Microsoft Corp.
    
   1,015,000
3.300%
2/6/2027
  
   1,121,619
                   
   2,249,245
 
Utilities - 1.31%
                
   
Duke Energy Corp.
    
      805,000
2.650%
9/1/2026
  
      849,293
                   
      849,293
                     
   
Total Corporate Bonds (Cost $10,683,518)
        
 10,654,923
                     
FEDERAL AGENCY OBLIGATIONS - 11.86%
          
   
Federal Home Loan Mortgage Corp.
   2,080,000
0.250%
6/26/2023
  
   2,079,189
   
Federal National Mortgage Association
   1,315,000
2.000%
1/5/2022
  
   1,321,496
   
Federal National Mortgage Association
   2,145,000
2.625%
9/6/2024
  
   2,277,733
   
Federal National Mortgage Association
   1,950,000
1.875%
9/24/2026
  
   2,032,700
                     
   
Total Federal Agency Obligations (Cost $7,513,905)
        
   7,711,117
                     
UNITED STATES TREASURY NOTES - 8.41%
          
   
United States Treasury Note
  
   1,705,000
1.625%
11/15/2022
  
   1,733,905
 
† 
United States Treasury Note
  
      300,000
0.125%
11/30/2022
  
      299,977
 
† 
United States Treasury Note
  
      250,000
0.125%
12/31/2022
  
      249,961
   
United States Treasury Note
  
   3,020,000
2.375%
8/15/2024
  
   3,182,797
                     
   
Total United States Treasury Notes (Cost $5,403,418)
      
   5,466,639
                     
                     
                   
 (Continued)
QCI Balanced Fund
              
                     
Schedule of Investments - Continued
          
                     
As of September 30, 2021
              
           

Principal
Interest
Rate

Maturity Date
  
 Value
(Note 1)
                     
MUNICIPAL BONDS - 1.72%
              
   
New York State Urban Development Corp.
 $   750,000
3.270%
3/15/2028
 $
      815,355
   
New York State Urban Development Corp.
      285,000
3.320%
3/15/2029
  
      305,215
                     
   
Total Municipal Bonds (Cost $1,040,230)
        
   1,120,570
                     
CALL OPTIONS PURCHASED - 0.38%
          
         
Exercise
Strike
Notional
    
 
Call Options - 0.38%
   Contracts Date Price Value    
 
* 
CBOE Market Volatility
              
   
    Call Option
    
                          700
1/19/2022
 $     30.00
 $  1,619,800
  
      248,500
                     
   
Total Call Options Purchased (Premiums Received $224,110)
      
      248,500
                     
REAL ESTATE INVESTMENT TRUST - 0.67%
          
                     
 
Real Estate - 0.67%
        
Shares
    
   
Americold Realty Trust
        
          15,000
  
      435,750
                     
   
Total Real Estate Investment Trust (Cost $499,506)
        
      435,750
                     
PREFERRED STOCK - 0.74%
              
           
Interest
Maturity
      
 
Utilities - 0.74%
       Rate Date
Shares
    
   
NextEra Energy, Inc.
    
6.219%
8/31/2025
            9,419
  
      481,405
                     
   
Total Preferred Stock (Cost $467,838)
        
      481,405
                     
COMMON STOCKS - 51.75%
              
                     
 
Communication Services - 4.83%
    
Shares
    
 
* 
Alphabet, Inc. - Class C
        
              400
  
   1,066,124
 
* 
Facebook, Inc. - Class A
        
            1,771
  
      601,060
 
* 
The Walt Disney Co.
        
            4,170
  
      705,439
   
Verizon Communications, Inc.
    
          14,225
  
      768,292
                   
   3,140,915
 
Consumer Discretionary - 7.92%
          
 
* 
Amazon.com, Inc.
        
              552
  
   1,813,342
 
* 
Booking Holdings, Inc.
        
              438
  
   1,039,755
   
McDonald's Corp.
        
            2,733
  
      658,954
   
Starbucks Corp.
        
            4,942
  
      545,152
   
The Home Depot, Inc.
        
            1,815
  
      595,792
   
The TJX Cos., Inc.
        
            7,538
  
      497,357
                   
   5,150,352
 
Consumer Staples - 3.98%
              
   
Constellation Brands, Inc.
        
            3,585
  
      755,324
   
PepsiCo, Inc.
          
            4,905
  
      737,761
   
The Procter & Gamble Co.
        
            5,285
  
      738,843
   
Walmart, Inc.
          
            2,539
  
      353,886
                   
   2,585,814
                     
                     
                   
 (Continued)
QCI Balanced Fund
              
                     
Schedule of Investments - Continued
          
                     
As of September 30, 2021
              
               

Shares
  
 Value
(Note 1)
                     
COMMON STOCKS - Continued
            
                     
 
Energy - 2.99%
                
   
Chevron Corp.
        
            7,625
 $
      773,556
   
Enbridge, Inc.
          
          14,658
  
      583,388
   
Exxon Mobil Corp.
        
          10,000
  
      588,200
                   
   1,945,144
 
Financials - 10.78%
              
   
Bank of America Corp.
        
          20,886
  
      886,611
 
* 
Berkshire Hathaway, Inc. - Class B
    
            5,000
  
   1,364,700
   
Chubb Ltd.
          
            3,075
  
      533,451
   
JP Morgan Chase & Co.
        
            5,046
  
      825,980
   
Manning & Napier, Inc.
        
        175,000
  
   1,597,750
   
Mastercard, Inc.
        
            2,000
  
      695,360
   
Regions Financial Corp.
        
          30,630
  
      652,725
   
The PNC Financial Services Group, Inc.
    
            2,326
  
      455,059
                   
   7,011,636
 
Health Care - 6.87%
              
   
Abbott Laboratories
        
            6,064
  
      716,340
 
* 
Exact Sciences Corp.
        
            1,838
  
      175,437
   
Humana, Inc.
          
            1,227
  
      477,487
 
* 
Illumina, Inc.
          
              798
  
      323,677
 
* 
Incyte Corp.
          
            7,000
  
      481,460
   
Johnson & Johnson
        
            6,022
  
      972,553
   
Roche Holding AG
        
          17,000
  
      772,990
   
Zoetis, Inc.
          
            2,816
  
      546,698
                   
   4,466,642
 
Industrials - 4.49%
              
   
General Dynamics Corp.
        
            3,000
  
      588,090
 
*
Southwest Airlines Co.
        
          11,539
  
      593,451
 
*
The Boeing Co.
        
            5,000
  
   1,099,700
 
*
The LS Starrett Co.
        
          10,878
  
      135,866
   
United Parcel Service, Inc.
      
            2,742
  
      499,318
                   
   2,916,425
 
Information Technology - 8.80%
          
   
Apple, Inc.
          
          10,500
  
   1,485,750
 
* 
Check Point Software Technologies Ltd.
    
            6,000
  
      678,240
   
Microsoft Corp.
        
            5,000
  
   1,409,600
   
NVIDIA Corp.
          
            2,212
  
      458,238
   
QUALCOMM, Inc.
        
            2,609
  
      336,509
 
* 
ServiceNow, Inc.
        
              800
  
      497,816
   
Taiwan Semiconductor Manufacturing Co. Ltd.
    
            4,909
  
      548,090
   
Universal Display Corp.
        
            1,818
  
      310,805
                   
   5,725,048
 
Utilities - 1.09%
                
   
NextEra Energy, Inc.
        
            9,000
  
      706,680
                   
      706,680
                     
   
Total Common Stocks (Cost $22,992,098)
        
 33,648,656
                   
(Continued)
QCI Balanced Fund
              
                     
Schedule of Investments - Continued
          
                     
As of September 30, 2021
              
               

Shares
  
 Value
(Note 1)
                     
EXCHANGE-TRADED PRODUCTS - 7.20%
          
      
               
 
Commodity - 1.60%
              
 
* 
SPDR Gold Shares
        
            6,340
 $
   1,041,155
                   
   1,041,155
 
Fixed Income - 2.26%
              
   
Schwab US TIPS ETF
        
          23,506
  
   1,471,006
                   
   1,471,006
 
Mortgage-Backed - 3.34%
              
   
Vanguard Mortgage-Backed Securities ETF
    
          40,762
  
   2,172,207
                   
   2,172,207
                     
   
Total Exchange-Traded Products (Cost $4,582,266)
        
   4,684,368
                     
SHORT-TERM INVESTMENT - 1.80%
          
   
Fidelity Institutional Money Market Funds -
          
   
  Government Portfolio, 0.01% §
    
     1,170,596
  
   1,170,596
                     
   
Total Short-Term Investment (Cost $1,170,596)
        
   1,170,596
                     
Total Value of Investments (Cost $54,577,485) - 100.92%
      
 $
 65,622,524
                     
Liabilities in Excess of Other Assets  - (0.92)%
        
     (598,708)
                     
 
Net Assets - 100.00%
          
 $
 65,023,816
                     
* 
Non-income producing investment
          
§ 
Represents 7 day effective yield on September 30, 2021.
        
† 
All or a portion of security is segregated as collateral for derivatives.
        
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                   
(Continued)
QCI Balanced Fund
              
                     
Schedule of Investments - Continued
          
                     
As of September 30, 2021
              
                     
                     
     
Summary of Investments
          
     
by Sector
    
% of Net
        
           
Assets
  
Value
    
     
Corporate Bonds:
          
     
  Communication Services
1.71%
  
 $  1,115,480
    
     
  Consumer Discretionary
1.68%
  
     1,095,121
    
     
  Energy
    
0.87%
  
        564,074
    
     
  Financials
    
4.78%
  
     3,106,718
    
     
  Industrials
    
2.58%
  
     1,674,992
    
     
  Information Technology
3.46%
  
     2,249,245
    
     
  Utilities
    
1.31%
  
        849,293
    
     
Federal Agency Obligations
11.86%
  
     7,711,117
    
     
United States Treasury Notes
8.41%
  
     5,466,639
    
     
Municipal Bonds
1.72%
  
     1,120,570
    
     
Call Options Purchased
0.38%
  
        248,500
    
     
Real Estate Investment Trust:
          
     
  Real Estate
  
0.67%
  
        435,750
    
     
Preferred Stock:
          
     
  Utilities
    
0.74%
  
        481,405
    
     
Common Stocks:
          
     
  Communication Services
4.83%
  
     3,140,915
    
     
  Consumer Discretionary
7.92%
  
     5,150,352
    
     
  Consumer Staples
3.98%
  
     2,585,814
    
     
  Energy
    
2.99%
  
     1,945,144
    
     
  Financials
    
10.78%
  
     7,011,636
    
     
  Health Care
  
6.87%
  
     4,466,642
    
     
  Industrials
    
4.49%
  
     2,916,425
    
     
  Information Technology
8.80%
  
     5,725,048
    
     
  Utilities
    
1.09%
  
        706,680
    
     
Exchange-Traded Products:
          
     
  Commodity
  
1.60%
  
     1,041,155
    
     
  Fixed Income
2.26%
  
     1,471,006
    
     
  Mortgage-Backed
3.34%
  
     2,172,207
    
     
Short-Term Investment
1.80%
  
     1,170,596
    
     
Liabilities in Excess of Other Assets
-0.92%
  
       (598,708)
    
     
Total Net Assets
100.00%
  
 $ 65,023,816