Terra Firma US Concentrated Realty Equity Fund | ||||||||
Schedule of Investments | ||||||||
March 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 6.97% | ||||||||
Land Subdivision - 3.15% | ||||||||
Tricon Residential, Inc. (a) | 99,500 | $ | 771,125 | |||||
Traveler Accommodation - 3.82% | ||||||||
Hilton Worldwide Holdings, Inc. | 6,657 | 937,771 | ||||||
TOTAL COMMON STOCKS (Cost $1,857,029) | 1,708,896 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 91.86% | ||||||||
Lessors of Real Estate - 78.96% | ||||||||
American Homes 4 Rent | 15,811 | 497,256 | ||||||
American Tower Corp. | 5,271 | 1,077,076 | ||||||
AvalonBay Communities, Inc. | 8,866 | 1,490,020 | ||||||
Camden Property Trust | 3,500 | 366,940 | ||||||
Crown Castle, Inc. | 5,461 | 730,900 | ||||||
Equinix, Inc. | 2,210 | 1,593,498 | ||||||
Equity LifeStyle Properties, Inc. | 12,857 | 863,090 | ||||||
Essex Property Trust, Inc. | 5,749 | 1,202,346 | ||||||
Federal Realty Investment Trust | 3,500 | 345,905 | ||||||
Hudson Pacific Properties, Inc. | 34,630 | 230,290 | ||||||
Mid-America Apartment Communities, Inc. | 5,550 | 838,272 | ||||||
Prologis, Inc. | 28,664 | 3,576,407 | ||||||
Public Storage | 6,092 | 1,840,637 | ||||||
Retail Opportunity Investments Corp. | 10,200 | 142,392 | ||||||
Rexford Industrial Realty, Inc. | 7,000 | 417,550 | ||||||
SBA Communications Corp. | 2,600 | 678,782 | ||||||
Simon Property Group, Inc. | 10,631 | 1,190,353 | ||||||
Sun Communities, Inc. | 5,113 | 720,320 | ||||||
Ventas, Inc. | 9,500 | 411,825 | ||||||
VICI Properties, Inc. | 17,746 | 578,875 | ||||||
Welltower, Inc. | 8,000 | 573,520 | ||||||
19,366,254 | ||||||||
Offices of Real Estate Agents and Brokers - 8.66% | ||||||||
Alexandria Real Estate Equities, Inc. (b) | 10,130 | 1,272,226 | ||||||
Invitation Homes, Inc. | 27,234 | 850,518 | ||||||
2,122,744 | ||||||||
Warehousing and Storage - 4.24% | ||||||||
Extra Space Storage, Inc. | 6,386 | 1,040,471 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $20,482,771) | 22,529,469 | |||||||
SHORT-TERM INVESTMENTS - 0.89% | ||||||||
U.S. Bank Money Market Deposit Account, 0.500% (c) | 218,645 | 218,645 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $218,645) | 218,645 | |||||||
Total Investments (Cost $22,558,445) - 99.72% | $ | 24,457,010 | ||||||
Other Assets in Excess of Liabilities - 0.28% | 69,123 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 24,526,133 |
Percentages are stated as a percent of net assets. | |||||
(a) | Foreign issued security. | ||||
(b) | All or a portion of this security is pledged as collateral as of March 31, 2023. | ||||
(c) | Seven day yield as of March 31, 2023. |
Significant Accounting Policies | ||||||
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. | ||||||
These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). | ||||||
Investment Valuation | ||||||
Each security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), | ||||||
is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange | ||||||
the Fund will use the price of the exchange, that the Fund generally considers to be the principal exchange on which the stock is traded. | ||||||
Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale | ||||||
price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such | ||||||
exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the | ||||||
close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” | ||||||
means a consolidation of the trade information provided by national securities and foreign exchanges and over-the counter markets as published by | ||||||
a pricing service. | ||||||
If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as | ||||||
determined under the Adviser's fair value procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used to | ||||||
price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may | ||||||
not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. | ||||||
The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of | ||||||
the Fund and the quality of prices obtained through their application of such procedures. | ||||||
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) | ||||||
is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities | ||||||
when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into account such | ||||||
events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund’s NAV in | ||||||
advance of the time the NAV is calculated. | ||||||
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value | ||||||
(“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of | ||||||
foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, | ||||||
taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by | ||||||
estimating the Fund’s NAV in advance of the time the NAV is calculated. | ||||||
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption | ||||||
orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be | ||||||
determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value. | ||||||
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” 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 disclosuresregarding the inputs | ||||||
and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of 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 (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, 2023. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,708,896 | $ | - | $ | - | $ | 1,708,896 | ||||||||
Real Estate Investment Trusts | 22,529,469 | - | - | 22,529,469 | ||||||||||||
Short-Term Investments | 218,645 | - | - | 218,645 | ||||||||||||
Total Investments | $ | 24,457,010 | $ | - | $ | - | $ | 24,457,010 |
For further detail on each asset class, see Schedule of Investments. | ||||||
The Fund measures Level 3 activity as of the end of the period. For the period ended March 31, 2023, the Fund did not have any significant unobservable inputs | ||||||
(Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining | ||||||
fair value is not applicable. | ||||||
The Fund did not hold financial derivative instruments during the reporting period. |