NPORT-EX 2 sustaniable.htm

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
  
                 
Capital Markets - 1.8%
          
The Charles Schwab Corp.
    
2,693
      
194,812
  
                 
Chemicals - 2.4%
          
The Sherwin-Williams Co.
    
742
      
257,719
  
                 
Construction Materials - 2.4%
          
Martin Marietta Materials, Inc.
    
421
      
258,469
  
                 
Containers & Packaging - 2.9%
          
Ball Corp.
    
4,682
      
315,380
  
                 
Energy Equipment & Services - 1.2%
          
Baker Hughes Co.
    
3,800
      
127,300
  
                 
Financial Services - 1.9%
          
PayPal Holdings, Inc.(a)
    
3,134
      
209,947
  
                 
Health Care Providers & Services - 0.9%
          
UnitedHealth Group, Inc.
    
198
      
97,951
  
                 
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
  
                 
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
  
                 
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
  

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.

ADR - American Depositary Receipt
NV - Naamloze Vennootschap
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The rate shown is the effective yield as of March 31, 2024.

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 Sustainable Balanced Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
5,881,127
    
$
–
    
$
–
    
$
5,881,127
  
  U.S. Treasury Obligations
    
–
      
3,303,104
      
–
      
3,303,104
  
  Real Estate Investment Trusts
    
236,870
      
–
      
–
      
236,870
  
  U.S. Treasury Bills
    
–
      
593,051
      
–
      
593,051
  
Total Assets
  
$
6,117,997
    
$
3,896,155
    
$
–
    
$
10,014,152
  
                                 
   
Refer to the Schedule of Investments for industry classifications.