| PHILOTIMO FOCUSED GROWTH AND INCOME FUND |
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Schedule of Investments |
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| June 30, 2022 (unaudited) | ||||
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| Shares |
| Fair Value | |
5.58% | CORPORATE BONDS |
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| Barclays Bank PLC, 11/22/2028 . . | . . . . . . . . | 115,000. | $ | 113,275 | |||
| Citigroup Global Markets, 2/28/2038 . | . . . . . |
| 100,000 |
| 60,555 | ||
| Citigroup Global Markets, 3/19/2041 . . | . . . . . | 120,000 |
| 70,152 | |||
| Citigroup Global Markets, 5/14/2041 . . | . . . . . | 380,000 |
| 192,356 | |||
| EZCorp, Inc.., 2..875%, 7/1/2024 . . . . . | . . . .1,424,000. . |
| 1,473,128 | ||||
| HSBC USA, Inc.., 1/30/2030 . | . . | . . . . | . . . . | 145,000. . . |
| 124,076 | |
| Morgan Stanley, 3/31/2035 . . | . . . . | . . | . . . . . 95,000. . |
| 59,555 | ||
| Party City Holdings, Inc.. 6,125%, 8/15/2023 . . | 1,000,000 |
| 841,850 | ||||
5.58% | TOTAL CORPORATE BONDS | . . . | . . . . | . . . . . . . | . . . . . . . . | .2,934,947. . . . | ||
55.58% | COMMON STOCKS |
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4.60% | COMMUNICATION SERVICES |
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| AT&T, Inc.. . . . . . . . . . . . . . . . . . . . | . . . . . | 100,000. . . . . . | 2,096,000 | ||||
| Warner Brothers Discovery, Inc.. * . . . . | . . . . . 24,191 |
| 324,643 | ||||
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| 2,420,643 |
12.38% | CONSUMER DISCRETIONARY |
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| Ainsworth Game Technology Limited* | . . . . . | 2,500,409 |
| 1,656,871 | |||
| Caesars Entertainment, Inc..* | . . . | . . . | . . . . .50,000. . |
| 1,915,000 | ||
| Camping World Holdings, Inc.. - Class A . . . . |
| 54,500 |
| 1,176,655 | |||
| CarParts..Com, Inc..* . . . . . . | . . | . . . | . . . .125,640. . . . |
| . . 871,942 | ||
| One Group Hospitality, Inc.. * | . . . | . . . | . . . . .121,554. . |
| 895,853 | ||
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| 6,516,321 |
14.94% | FINANCIALS |
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| EZCorp, Inc..* . . . . . . . . . . . . . | . . . | . . . . . | 500,328. . . . |
| . 3,757,463. | ||
| SCS Group PLC . . . . . . . . . | . . | . . . | . . . . | . 1,054,860. . . . . |
| 2,105,893 | |
| U..S.. Global Investors, Inc.. - A | . . . . | . . . | . . . . | 456,885. . |
| 2,001,156 | |
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| 7,864,512 |
6.60% | INDUSTRIALS |
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| Radiant Logistics, Inc..* . . . . . . | . . . | . . | . . . . .468,253. . . |
| 3,474,437 | ||
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| 1 |
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QUARTERLY REPORT
| PHILOTIMO FOCUSED GROWTH AND INCOME FUND |
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Schedule of Investments - continued |
| June 30, 2022 (unaudited) |
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| Shares |
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| Fair Value | |
2.40% | INFORMATION TECHNOLOGY |
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| Data I/O Corp..* . . . . . . . . . . . | . . . . | . . . . .117,380. . . | . . $ | 360,357 |
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| eGain Corp..* .. .. .. .. .. .. .. .. .. .. .. .. .. | .. .. .. .. .. .. .. .. .. | .. .. .. .. .. |
| 89,708 |
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| 874,653 |
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| Kyndryl Holdings, Inc..* . . . . . | . . . . . . | . . . . . . . . 3,000 |
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| 29,340 |
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| 1,264,350 |
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2.36% | INTERNET & DIRECT MARKETING |
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| CDON AB* . . . . . . . . . . . . . . | . . . . . . . . . .46,449. . . . | . |
| 1,242,303 |
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9.43% | SPECIALITY RETAIL |
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| Build-A-Bear Workshop, Inc.. . . . . . . | . . . . 92,600. . . |
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| 1,520,492 |
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| Lazydays Holdings, Inc..* . . . | . . . . . . . . . . . . . .107,000 |
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| 1,260,460 |
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| The ODP Corp..* . . . . . . . . . . | . . . . | . . . . . 49,500. . . | . . |
| 1,496,880 |
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| The Tile Shop Holdings, Inc.. . . . . . . | . . . . .222,795. . |
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| 683,981 |
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| 4,961,813 |
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2.87% | UTILILTIES |
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| Star Group LP . . . . . . . . . . . . | . . . . . . . . | . 164,673. . . | . . | 1,510,051 |
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55.58% | TOTAL COMMON STOCKS | . . . . . . . . . | . . . . . . . | . | . . . . | . . 29,254,430. . . . . . |
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4.92% | PREFERRED STOCKS |
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| Fossil Group, Inc.. 7..000%, 11/30/2026 | . . . . . | 98,903 |
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| 1,865,311 |
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| Greenridge General Holdings, 8..500%, |
| . . .727,550. |
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| 10/31/2026 . . . . . . . . . | . . . . . | . . . . |
| . .49,764. . |
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| 2,592,861 |
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0.18% | WARRANTS |
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| Lazydays Holdings, Inc.. Warrant $11..50 | . . . . |
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| exercise price expires 3/15/2023 . . . | . . . . . | 74,491 |
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| 96,838 |
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33.72% | MONEY MARKET FUNDS |
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| Fifth Third Banksafe Trust ** | . . . . . . . . . . . | 17,749,559. . . |
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| 17,749,559 |
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99.98% | TOTAL INVESTMENTS . . . . | . . . . . . . . . | . . . . . . . . . . . . | . . 52,628,635. . . .. . | |||||
0.02% | Other assets, net of liabilities . . . . . . . . | . . . . . . . . . . . . | . . |
| . . .9,700. . . |
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100.00% | .NET ASSETS . . . . . . . . . . . . | . . . . . . . . | . . . . |
| . . . . . .$ 52,638,335. . . . . . . . . . | . | |||
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*Non-income producing
**Effective 7 day yield as of June 30, 2022
2
QUARTERLY REPORT
PHILOTIMO FOCUSED GROWTH AND INCOME FUND
Schedule of Investments - continued | June 30, 2022 (unaudited) |
In accordance with U..S.. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment.. Various inputs are used in determining the value of a Fund’s investments. . U. .S. . GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes.. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc..).. Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining 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 as of June 30, 2022:
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| Level 1 |
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| Level 2 |
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| Level 3 |
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| Other |
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| Quoted |
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| Significant |
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| Significant |
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| Observable |
| Unobservable |
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| Prices |
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| Inputs |
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| Inputs | Total |
COMMON STOCKS . . . . . . $.29,254,430. . | $ | — | $ | — | $29,254,430 | |||||
CORPORATE BONDS . . . . . | . . | — |
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| 2,934,947 |
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| — | 2,934,947 | |
PREFERRED STOCKS . . . . . | .2,592,861. |
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WARRANTS . . . . . . . . . . . . . 96,838. . . |
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MONEY MARKET FUNDS . . . . |
| 17,749,559 |
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| — |
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| — | 17,749,559 | |
TOTAL INVESTMENTS . . . . $.49,693,688. | $ | 2,934,947 | $ | — | $52,628,635 | |||||
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The Fund held no Level 3 securities at any time during the period..
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2022..
At June 30, 2022 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end.. Cost of securities for Federal income tax purpose is $60,534,471 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | . | . $. | 2,018,628 |
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Gross unrealized depreciation | . | . . | (9,924,464) | ||
Net unrealized appreciation . . . |
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| . .$. (7,905,836) | ||||
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3
QUARTERLY REPORT