Schedule of Investments | |||||||
February 28, 2023 (unaudited) | |||||||
Tarkio Fund | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Shares or Principal |
|
|
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
|
|
|
|
|
| ||
Common Stocks - 99.75% | |||||||
|
|
|
|
|
|
|
|
Communications Equipment - 0.71% |
|
|
|
|
| ||
Lumentum Holdings, Inc. (2) |
|
| 18,201 |
| 979,396 | ||
|
|
|
|
|
|
|
|
Construction Machinery & Equipment - 14.32% |
|
|
|
|
| ||
Manitowoc Co., Inc. (2) |
|
|
| 1,051,199 |
| 19,878,173 | |
|
|
|
|
|
|
|
|
Dental Equipment & Supplies - 3.88% |
|
|
|
|
| ||
Envista Holdings Corp. (2) |
|
| 139,525 |
| 5,394,036 | ||
|
|
|
|
|
|
|
|
Drawing & Insulating of Nonferrous Wire - 1.38% |
|
|
|
|
| ||
Belden Inc. (2)2 |
|
|
| 2,875 |
| 242,592 | |
Corning, Inc. |
|
|
|
| 49,250 |
| 1,672,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,914,630 |
|
|
|
|
|
|
|
|
Electronic & Other Electrical Equipment (No Computer Equipment) - 7.13% |
|
|
| ||||
General Electric Co. |
|
|
| 116,925 |
| 9,904,717 | |
|
|
|
|
|
|
|
|
Fire, Marine & Casulty Insurance - 4.41% |
|
|
|
|
| ||
Berkshire Hathaway, Inc. Class B (2) |
|
| 17,375 |
| 5,302,502 | ||
Fairfax Financial Holdings, Ltd. (Canada) |
|
| 1,175 |
| 821,419 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,123,921 |
|
|
|
|
|
|
|
|
General Industrial Machinery & Equipment - 3.32% |
|
|
|
|
| ||
ESAB Corp. |
|
|
|
| 78,583 |
| 4,608,893 |
|
|
|
|
|
|
|
|
Industrial Instruments For Measurement, Display, and Control - 15.34% |
|
|
|
| |||
Cognex Corp. |
|
|
| 274,600 |
| 13,021,532 | |
Danaher Corp. |
|
|
| 33,475 |
| 8,286,067 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21,307,599 |
|
|
|
|
|
|
|
|
Industrial Trucks, Tractors, Trailers & Stackers - 2.71% |
|
|
|
|
| ||
Terex Corp. |
|
|
|
| 63,500 |
| 3,759,835 |
|
|
|
|
|
|
|
|
Land Subdividers & Developers (No Cemeteries) - 7.50% |
|
|
|
|
| ||
The St. Joe Co. |
|
|
| 243,075 |
| 10,410,902 | |
|
|
|
|
|
|
|
|
Miscellaneous Fabricated Metal Products - 2.33% |
|
|
|
|
| ||
Parker Hannifin Corp. |
|
|
| 9,200 |
| 3,237,020 | |
|
|
|
|
|
|
|
|
Motor Vehicle Parts & Accessories - 0.87% |
|
|
|
|
| ||
Modine Manufacturing Co. (2) |
|
| 49,600 |
| 1,210,736 | ||
|
|
|
|
|
|
|
|
National Commerical Banks - 0.10% |
|
|
|
|
| ||
Bank of America Corp. |
|
|
| 4,225 |
| 144,917 | |
|
|
|
|
|
|
|
|
Office Furniture - 4.11% |
|
|
|
|
| ||
MillerKnoll, Inc. |
|
|
| 239,250 |
| 5,710,897 | |
|
|
|
|
|
|
|
|
Optical Instruments & Lenses - 2.05% |
|
|
|
|
| ||
Coherent Corp. (2) |
|
|
| 66,125 |
| 2,851,971 | |
|
|
|
|
|
|
|
|
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 2.86% |
|
|
|
| |||
Enovis Corp. (2) |
|
|
| 68,858 |
| 3,967,598 | |
|
|
|
|
|
|
|
|
Printed Circuit Boards - 2.13% |
|
|
|
|
| ||
Kimball Electronics, Inc. (2) |
|
| 118,100 |
| 2,953,681 | ||
|
|
|
|
|
|
|
|
Retail-Catalog & Mail-Order Houses - 0.02% |
|
|
|
|
| ||
Amazon.com, Inc. (2) |
|
|
| 300 |
| 28,269 | |
|
|
|
|
|
|
|
|
Retail-Eating Places - 2.12% |
|
|
|
|
| ||
Chipotle Mexican Grill, Inc. (2) |
|
| 1,970 |
| 2,937,428 | ||
|
|
|
|
|
|
|
|
Retail- Home Furniture, Furnishings & Equipment Stores - 2.86% |
|
|
|
| |||
The Container Store Group, Inc. (2) |
|
| 913,725 |
| 3,974,704 | ||
|
|
|
|
|
|
|
|
Retail- Variety Stores - 1.45% |
|
|
|
|
| ||
Costco Wholesale Corp. |
|
|
| 4,150 |
| 2,009,347 | |
|
|
|
|
|
|
|
|
Services-Business Services, Nec - 1.46% |
|
|
|
|
| ||
Global Payments, Inc. |
|
|
| 18,075 |
| 2,028,015 | |
|
|
|
|
|
|
|
|
Services - Prepackaged Software - 1.02% |
|
|
|
|
| ||
National Instruments Corp. |
|
| 41,820 |
| 2,112,328 | ||
Twilio, Inc. Class A (2) |
|
|
| 21,000 |
| 1,411,410 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,523,738 |
|
|
|
|
|
|
|
|
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 1.85% |
|
|
|
| |||
Nucor Corp. |
|
|
|
| 15,375 |
| 2,574,390 |
|
|
|
|
|
|
|
|
Telephone & Telegraph Apparatus - 1.55% |
|
|
|
|
| ||
Ciena Corp. (2) |
|
|
| 44,500 |
| 2,145,790 | |
|
|
|
|
|
|
|
|
Telephone Communications (No Radiotelephone) - 3.91% |
|
|
|
|
| ||
Lumen Technologies, Inc. (2) |
|
| 1,596,625 |
| 5,428,525 | ||
|
|
|
|
|
|
|
|
Textile Mills Products - 1.02% |
|
|
|
|
| ||
Interface, Inc. |
|
|
| 160,925 |
| 1,419,359 | |
|
|
|
|
|
|
|
|
Totalizing Fluid Meters & Counting Devices - 3.37% |
|
|
|
|
| ||
Vontier Corp. |
|
|
| 178,650 |
| 4,675,271 | |
|
|
|
|
|
|
|
|
Trucking (No Local) - 0.32% |
|
|
|
|
| ||
Yellow Corp. (2) |
|
|
| 184,775 |
| 447,156 | |
|
|
|
|
|
|
|
|
X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 2.13% |
|
|
|
| |||
GE HealthCare Technologies Inc. (2) |
|
| 38,975 |
| 2,962,100 | ||
|
|
|
|
|
|
|
|
Total Common Stock |
|
|
| (Cost $ 98,440,730) |
| 138,513,014 | |
|
|
|
|
|
|
|
|
Money Market Registered Investment Companies - 0.19% | |||||||
|
|
|
| ||||
Federated Hermes Government Obligation Fund - Institutional Class - 4.40% (3) | 268,045 |
| 268,045 | ||||
|
|
|
| ||||
Total Money Market Registered Investment Companies | (Cost $ 268,045) |
| 268,045 | ||||
|
|
|
| ||||
Total Investments - 99.94% | (Cost $ 98,708,775) |
| 138,781,059 | ||||
|
|
|
| ||||
Other Assets Less Liabilities - 0.06% |
|
| 77,166 | ||||
|
|
|
| ||||
Total Net Assets - 100.00% |
|
| 138,858,225 | ||||
|
|
|
| ||||
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's 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 following is a summary of the inputs used as of February 28, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 138,781,059 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 138,781,059 | $ | - |
|
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | |||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | |||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | |||||||
market, such securities are reflected as Level 2. | |||||||
|
|
|
|
|
|
|
|
(2) Represents non-income producing securities. | |||||||
(3) The rate shown represents the 7-day yield at February 28, 2023. | |||||||
