PHILOTIMO FOCUSED GROWTH & INCOME FUND
Schedule of Investments
December 31, 2024 (unaudited)
SharesValue
83.71% COMMON STOCK
51.31% CONSUMER DISCRETIONARY
Ainsworth Game Technology Ltd.(A)
Barnes & Noble Education, Inc.(A)
Bowlero Corp.
Caesars Entertainment, Inc.(A)
CDON AB(A)
Duff & Phelps Utility and Infrastructure Fund, Inc.
Eaton Vance Limited Duration Income Fund
European Wax Center, Inc.(A)
Haverty Furniture Cos., Inc.
Inspired Entertainment, Inc.(A)
Lazydays Holdings, Inc.(A)
Natuzzi S.p.A(A)
The One Group Hospitality, Inc(A)
The RealReal, Inc(A)
6.52% FINANCIALS
EZCorp, Inc. Class A(A)
U.S. Global Investors, Inc.
4.14% HEALTH CARE
biote Corp.(A)
Quipt Home Medical Corp.(A)
15.44% INFORMATION TECHNOLOGY
Allot Ltd.(A)
Data I/O Corp.(A)
eGain Corp.(A)
Immersion Corporation
2,500,409 | $ | 1,338,698 |
600,428 | | 6,028,297 |
446,508 | | 4,469,545 |
120,000 | | 4,010,400 |
463,543 | | 3,686,943 |
273,122 | | 3,192,796 |
229,225 | | 2,239,528 |
95,435 | | 636,551 |
213,477 | | 4,751,998 |
305,616 | | 2,765,825 |
3 | | 3 |
350,947 | | 1,684,546 |
393,975 | | 1,142,528 |
1,941,860 | | 21,224,530 |
| | 57,172,188 |
503,545 | | 6,153,320 |
456,885 | | 1,114,799 |
| | 7,268,119 |
289,803 | | 1,790,983 |
925,011 | | 2,821,284 |
| | 4,612,267 |
1,087,642 | | 6,471,470 |
327,401 | | 906,901 |
737,135 | | 4,592,351 |
600,000 | | 5,238,000 |
| | 17,208,722 |
PHILOTIMO FOCUSED GROWTH & INCOME FUND
Schedule of Investments
December 31, 2024 (unaudited)
| | Shares | | | Value |
6.30% | REAL ESTATE | | | | | |
| | | | |
| Compass, Inc.(A) | 1,200,351 | $ | 7,022,053 | |
83.71% | TOTAL COMMON STOCK | | | | 93,283,349 | |
0.45% | PREFERRED STOCK | | | | | |
0.45% | ENERGY | | | | | |
| Ramaco Resources, Inc. 8.375% | 20,000 | | | 505,800 | |
0.45% | TOTAL PREFERRED STOCK | | | | 505,800 | |
15.80% | DEBT SECURITIES | | | | | |
15.80% | CORPORATE BONDS | | | | | |
14.39% | Financials | | | | | |
| Allstate Corp. 05/15/2057 6.500% | 1,000,000 | | | 1,025,345 | |
| Bank of Montreal 11/26/2084 7.300%^ | 1,000,000 | | | 1,033,000 | |
| (CME Term SOFR 3 Month +2.619110%) | | | | | |
| Bank of Nova Scotia 01/27/2084 8.000%^ | 2,000,000 | | | 2,108,800 | |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.404%) | | | | |
| Citigroup Global Markets 01/22/2035 0.000% | 300,000 | | | 214,980 | |
| Citigroup Global Markets 10/01/2040 7.250% | 84,000 | | | 60,522 | |
| Citigroup Global Markets 03/19/2041 10.500% | 120,000 | | | 78,192 | |
| Citigroup, Inc. Series DD Perpetual 7.000%^ | 1,350,000 | | | 1,424,520 | |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.767%) | | | | |
| EZCorp, Inc. 05/01/2025 2.375% | 1,000,000 | | | 990,000 | |
| HSBC USA, Inc. 01/30/2030 0.000% | 145,000 | | | 145,362 | |
| Lincoln National Corp. 05/17/2066 7.105%^ | 450,000 | | | 384,525 | |
(US Treasury Yield Curve Rate Constant Maturity 10 Year +2.757%)
PHILOTIMO FOCUSED GROWTH & INCOME FUND
Schedule of Investments
December 31, 2024 (unaudited)
| CORPORATE BONDS Continued | Shares | | | Value |
| | | | | | | |
| Lloyds Banking Group plc Perpetual 6.750% | 3,000,000 | $ | 2,868,900 | |
| Morgan Stanley 03/31/2035 0.000% | 95,000 | | | 57,000 | |
| Nationwide Financial Services 05/15/2037 6.750% | 2,975,000 | | | 3,060,623 | |
| Prudential Financial, Inc. 03/15/2054 6.500% | 1,000,000 | | | 1,028,465 | |
| Wells Fargo & Co. 11/14/2027 6.000% | 5,000 | | | 5,003 | |
| Wells Fargo & Co. Series FF Perpetual 6.850% | 1,500,000 | | | 1,548,225 | |
| | | | | | 16,033,462 | |
1.41% | Government | | | |
| Farm Credit Bank of Texas Perpetual 7.750% | 1,500,000 | | 1,575,000 |
15.80% | TOTAL CORPORATE BONDS | | | |
| | 17,608,462 |
| | | | |
15.80% | TOTAL DEBT SECURITIES | | | 17,608,462 |
1.65% | MONEY MARKET FUND | | | |
| Federated Government Obligations Fund 4.330%(B) | 1,836,014 | | 1,836,014 |
101.61% | TOTAL INVESTMENTS | | | 113,233,625 |
(1.61%) | Liabilities in excess of other assets | | | (1,794,523) |
100.00% | NET ASSETS | $ | 111,439,102 |
| | | | |
^Rate is determined periodically. Rate shown is the rate as of December 31, 2024
(A)Non-income producing
(B)Effective 7 day yield as of December 31,2024
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 measurementsfor 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 summarizes the inputs used to value the Fund’s investments as of December 31, 2024:
| Level 1 | | | Level 2 | Level 3 | |
| | | | Other | Significant | |
| | | | Significant | Unobservable | |
| Quoted Prices | | Observable Inputs | Inputs | Total |
COMMON STOCK | $ | 93,283,349 | | | $ | 93,283,349 |
PREFERRED STOCK | | 505,800 | | | $ | 505,800 |
DEBT SECURITIES | | | $ | 17,608,462 | $ | 17,608,462 |
MONEY MARKET FUND | | 1,836,014 | | | $ | 1,836,014 |
TOTAL INVESTMENTS | $ | 95,625,163 | $ | 17,608,462 | $ | 113,233,625 |
| | | | | | |
The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $97,249,061, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 25,848,777 |
Gross unrealized depreciation | | (9,864,213) |
Net unrealized appreciation | $ | 15,984,564 |
| | |
