PHILOTIMO FOCUSED GROWTH AND INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
| Shares |
| Value |
54.71% BONDS |
|
|
|
|
|
| |
18.29% BANKS |
|
|
|
Trust Financial Corp. 12/6/2023 3.750% | 1,512,000 | $ 1,497,362 | |
Bank of America Corp 11/2/2029 6.000%(C) | 500,000 | 494,686 | |
Bank of America Corp. 9/15/14 Variable | 1,000,000 | 987,500 | |
BAC 6.1 PERP Corp. | 500,000 | 495,750 | |
Barclays PLC 8/09/2026 5.304%^ (US Treasury Note 7/15/2025 3.000% +2.300%) | 500,000 | 487,745 | |
Barclays PLC 11/22/2028 0.000% (C) | 115,000 | 101,603 | |
Citigroup, Inc. 10/29/12 Variable 1/30/2023 OPT | 1,000,000 | 1,003,500 | |
Citigroup, Inc. 4/30/2014 Var 6.3 | 353,000 | 343,292 | |
Credit Agricole CIB SA 12/07/2023 5.000% | 1,000,000 | 998,595 | |
Fifth Third Bancorp 1/16/2024 4.300% | 500,000 | 493,241 | |
Goldman Sachs Group Inc. 7/17/2019 Variable | 1,200,000 | 1,168,416 | |
HSBC Holdings PLC 11/22/2024 1.162%^ (US Treasury Note 10/31/2023 0.375% + 0.650%) | 500,000 | 489,370 | |
HSBC USA, Inc. 1/30/2030 0.000% (C) | 145,000 | 138,620 | |
JPMorgan Float PERP Corp. | 1,000,000 | 1,003,750 | |
Schwab 5 3/8 | 1,000,000 | 955,720 | |
Truist Financial Corp. 12/16/2019 Variable | 1,750,000 | 1,715,070 | |
Wells Fargo & Co. 5.9% PERP Corp. | 1,000,000 | 986,250 | |
Wells Fargo & Co. 11/14/2027 6.000%(C) | 1,000,000 |
| 977,562 |
|
| 14,338,032 | |
14.55% FINANCIALS |
|
|
|
Ally 7.200% 6/15/2026 | 1,000,000 | 993,094 | |
Blackstone Private CRE 01/15/2025 2.700% | 500,000 | 466,386 | |
Capital One Financial 12/06/2024 1.343%^ (US Treasury 0.500% 11/30/2023 + 0.720%) | 500,000 | 486,943 | |
Capital One Financial 12/06/2023 | 1,000,000 | 983,837 | |
Citigroup Inc. 10/30/2024 0.776%^ (US Treasury 10/15/2023 0.125% + 0.580%) | 1,000,000 | 982,342 | |
Citigroup Global Markets 1/22/2035 0.000% (C) | 300,000 | 172,560 | |
Citigroup Global Markets 10/1/2040 7.250% (C) | 84,000 | 55,784 | |
Citigroup Global Markets 3/19/2041 10.500% (C) | 120,000 | 64,716 | |
EPR Properties 4/1/2025 4.500% | 1,000,000 | 947,254 | |
EZ Corp. Inc. 5/1/2025 2.375% | 1,000,000 | 919,686 | |
EZ Corp. Inc 7/1/2024 2.875% | 1,424,000 | 1,471,704 | |
Ford Motor Credit Co. LLC 11/20/2024 6.950% | 1,000,000 | 993,688 | |
Goldman Sachs Group Inc. 11/4/2032 7.000% | 1,000,000 | 1,000,812 | |
GS Finance 9/25/2023 3.750% (C) | 500,000 | 478,750 | |
Kilroy Realty lP Note 8/13/2029 4.250% | 1,000,000 | 850,951 | |
Morgan Stanley 3/31/2035 0.000% (C) | 95,000 | 54,150 | |
Morgan Stanley 8/28/2025 6.000% (Quarterly US Libor +1.500%) (C) | 500,000 |
| 488,375 |
|
| 11,411,032 | |
17.40% GOVERNMENT |
|
|
|
Federal Home Loan Bank 3/30/2026 5.350% | 1,000,000 | 990,740 | |
Federal Home Loan Bank 3/13/2026 5.375% (C) | 2,000,000 | 1,988,038 | |
Federal Home Loan Bank 3/16/2028 6.000% | 333,839 | 333,105 | |
Federal Home Loan Bank 3/30/2028 6.000% (C) | 1,000,000 | 1,000,000 | |
Federal Home Loan Bank 3/30/2028 6.000% | 1,000,000 | 994,677 | |
Federal Home Loan Bank 2/10/2025 5.050% | 1,000,000 | 989,922 | |
Federal Home Loan Bank 3/13/2028 6.000% | 500,000 | 497,197 | |
Federal Home Loan Mortgage Corp. 12/23/2025 5.450% | 1,000,000 | 992,890 | |
Federal Home Loan Federal Farm Credit Bank 4/03/2036 6.320% | 2,000,000 | 1,988,838 | |
Federal Home Loan Federal Farm Credit Bank 4/12/2032 6.32% | 1,000,000 | 985,795 | |
Federal Home Loan Federal Farm Credit Bank 4/26/2038 6.05% | 900,000 | 891,859 | |
Federal Home Loan Federal Farm Credit Bank 5/10/2038 6.10% | 1,000,000 | 992,642 | |
Federal Home Loan Federal Farm Credit Bank 6/21/2038% | 1,000,000 |
| 996,042 |
|
|
| 13,641,745 |
PHILOTIMO FOCUSED GROWTH AND INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
1.72% INDUSTRIALS |
|
|
|
Cimarex Energy Co. 5/15/2027 3.900% | 415,000 | $ | 370,643 |
Microchip Technology Inc. 2/15/2024 0.972% (US Treasury 12/15/2023 0.125% + 0.800%) | 1,000,000 |
| 968,849 |
Party City Holdings Inc. 8/15/2023 6.125% | 1,000,000 |
| 12,290 |
|
|
| 1,351,782 |
2.18% INSURANCE |
|
|
Allstate Corp. 5/15/2057 | 1,000,000 | 970,100 |
Prudential Financial Inc. 5.2 | 750,000 | 741,128 |
|
| 1,711,228 |
0.57% | SPECIAL PURPOSE |
|
|
| Huntington Capital Trust 2/1/2027 5.525% (Quarterly US Libor +0.700%) | 500,000 | 443,866 |
54.71% | TOTAL CORPORATE BONDS |
| 42,897,685 |
37.13% COMMON STOCKS |
|
| |
12.76% | CONSUMER DISCRETIONARY |
|
|
| Ainsworth Game Technology Limited(A) | 2,500,409 | 1,748,934 |
| CarParts.Com, Inc.(A) | 667,932 | 2,838,711 |
| The Container Store Group, Inc. | 11,743 | 36,873 |
| Inspired Entertainment, Inc. (A) | 305,616 | 4,495,611 |
| Lazydays Holdings, Inc. (A) | 3 | 35 |
| One Group Hospitality, Inc. (A) | 121,554 | 889,775 |
|
|
| 10,009,939 |
0.50% | CONSUMER STAPLES |
|
|
| Lifeway Foods, Inc. (A) | 57,702 | 388,334 |
9.74% | FINANCIALS |
|
|
| EZCorp, Inc. - Class A (A) | 500,328 | 4,192,749 |
| SCS Group PLC | 1,054,860 | 2,049,703 |
| U.S. Global Investors, Inc. - Class A | 456,885 | 1,398,068 |
|
|
| 7,640,520 |
1.53% | HEALTHCARE |
|
|
| Biote Corp. A (A) | 14,437 | 97,594 |
| MiMedx Group, Inc. (A) | 166,985 | 1,103,771 |
|
|
| 1,201,365 |
1.44% | INDUSTRIALS |
|
|
| Aqua Metals, Inc. (A) | 117,107 | 137,015 |
| Orion Energy Systems, Inc. (A) | 606,941 | 989,314 |
|
|
| 1,126,329 |
6.09% INFORMATION TECHNOLOGY |
|
| |
| Data I/O Corp.(A) | 327,401 | 1,404,550 |
| eGain Corp.(A) | 449,680 | 3,368,103 |
|
|
| 4,772,653 |
1.08% | INTERNET & DIRECT MARKETING |
|
|
| CDON AB(A) | 75,828 | 843,678 |
3.99% | UTILILTIES |
|
|
| Mammoth Energy Service, Inc. (A) | 647,732 | 3,128,546 |
37.13% TOTAL COMMON STOCKS |
| 29,111,364 | |
3.12% | PREFERRED STOCK |
|
|
| Fossil Group, Inc. 7.000%, 11/30/2026 | 130,000 | 2,449,200 |
PHILOTIMO FOCUSED GROWTH AND INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
3.12% | TOTAL PREFERRED STOCK | $ | 2,449,200 | |
5.91% MONEY MARKET FUND |
|
|
| |
| Federated Government Obligations Fund 4.92% (B) | 4,631,258 |
| 4,631,258 |
100.87% | TOTAL INVESTMENTS | $ | 79,089,507 | |
(0.87%) | Liabilities in excess of other assets |
|
| (678,097) |
100.00% | NET ASSETS | $ | 78,411,410 | |
|
|
|
|
|
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2023
(C)Structured Note
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, 2023:
|
| Level 1 |
| Level 2 |
| Level 3 |
|
|
|
|
|
| Other |
| Significant |
|
|
|
|
|
| Significant |
| Unobservable |
|
|
|
| Quoted Prices | Observable Inputs |
| Inputs |
| Total | |
COMMON STOCKS | $ | 29,111,364 | $ | - | $ | - | $ | 29,111,364 |
CORPORATE BONDS |
| - |
| 42,897,685 |
| - |
| 42,897,685 |
PREFERRED STOCK |
| 2,449,200 |
| - |
| - |
| 2,449,200 |
MONEY MARKET FUNDS |
| 4,631,258 |
| - |
| - |
| 4,631,258 |
TOTAL INVESTMENTS | $ | 36,191,822 | $ | 42,897,685 | $ | - | $ | 79,089,507 |
|
|
|
|
|
|
|
|
|
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, 2023. |
|
|
|
|
|
|
|
|
At June 30, 2023 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 $84,371,789 and the related tax-based net unrealized appreciation (depreciation) consists of: |
|
|
|
|
|
|
|
|
| Gross unrealized appreciation | $ | 3,142,600 |
|
| |||
| Gross unrealized depreciation |
| (8,424,882) |
|
| |||
| Net unrealized appreciation | $ | (5,282,282) |
|
| |||
|
|
|
|
|
|
|
|
|