Phaeacian Accent International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
SUMMARY PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
COMMON STOCKS – 88.8% | Shares | Fair Value | ||
IT SERVICES – 6.0% | ||||
Accenture PLC (United States) | 19,984 | $5,891,083 | ||
Adyen N.V. (Netherlands) (a),(b) | 3,694 | 9,025,322 | ||
Capgemini SE (France) | 55,104 | 10,585,011 | ||
$25,501,416 | ||||
PROFESSIONAL SERVICES – 5.9% | ||||
Pagegroup PLC (United Kingdom) (a) | 1,377,042 | $10,648,181 | ||
RELX PLC (United Kingdom) | 223,447 | 5,931,519 | ||
SaraminHR Co. Ltd. (South Korea) | 236,301 | 8,802,404 | ||
$25,382,104 | ||||
CONSTRUCTION MATERIALS – 5.2% | ||||
CRH PLC (Ireland) | 177,370 | $8,938,451 | ||
Holcim Ltd. (Switzerland) (a) | 224,790 | 13,483,756 | ||
$22,422,207 | ||||
HEALTH CARE SUPPLIES – 5.1% | ||||
Alcon Inc. (Switzerland) | 148,202 | $10,376,142 | ||
Koninklijke Philips N.V. (Netherlands) | 234,845 | 11,637,156 | ||
$22,013,298 | ||||
MEDIA – 4.9% | ||||
Future PLC (United Kingdom) | 265,791 | $11,515,385 | ||
Stroeer SE & Co. KGaA (Germany) | 115,899 | 9,283,211 | ||
$20,798,596 | ||||
COMMERCIAL SERVICES & SUPPLIES – 4.5% | ||||
Clipper Logistics PLC (United Kingdom) | 506,354 | $5,638,538 | ||
ISS A/S (Denmark) (a) | 580,328 | 13,621,572 | ||
$19,260,110 | ||||
AEROSPACE & DEFENSE – 4.2% | ||||
Babcock International Group PLC (United Kingdom) (a) | 1,739,926 | $6,979,836 | ||
Safran S.A. (France) | 79,164 | 10,975,131 | ||
$17,954,967 | ||||
FOOD PRODUCTS – 4.1% | ||||
Alicorp SAA (Peru) | 4,010,484 | $6,562,440 | ||
Danone S.A. (France) | 158,087 | 11,129,006 | ||
$17,691,446 | ||||
SEMICONDUCTOR MANUFACTURING – 3.9% | ||||
ASML Holding N.V. (Netherlands) | 12,017 | $8,255,963 |
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Phaeacian Accent International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) (c) | 68,710 | $8,256,193 | ||
$16,512,156 | ||||
INTERACTIVE MEDIA & SERVICES – 3.7% | ||||
NAVER Corp. (South Korea) | 23,322 | $8,646,215 | ||
Tencent Holdings Ltd. (China) | 94,721 | 7,124,540 | ||
$15,770,755 | ||||
APPLICATION SOFTWARE – 3.4% | ||||
Dassault Systemes SE (France) | 24,700 | $5,989,402 | ||
Napster Group PLC (United Kingdom) (a),(c) | 58,636,391 | 1,541,123 | ||
SAP SE (Germany) | 50,189 | 7,072,360 | ||
$14,602,885 | ||||
MACHINERY – 3.2% | ||||
SKF AB (Sweden) | 531,257 | $13,526,472 | ||
INSURANCE – 2.9% | ||||
RenaissanceRe Holdings Ltd. (United States) | 82,729 | $12,311,730 | ||
ENTERTAINMENT – 2.9% | ||||
Ubisoft Entertainment S.A. (France) (a) | 173,993 | $12,180,673 | ||
AUTOMOBILES – 2.7% | ||||
Stellantis N.V. (United States) | 595,726 | $11,693,451 | ||
FOOD & STAPLES RETAILING – 2.7% | ||||
Empire Co. Ltd. (Canada) | 370,178 | $11,676,315 | ||
SPECIALTY RETAIL – 2.7% | ||||
Industria de Diseno Textil S.A. (Spain) | 331,190 | $11,667,372 | ||
HOUSEHOLD DURABLES – 2.6% | ||||
Sony Group Corp. (Japan) | 114,683 | $11,164,289 | ||
ELECTRICAL EQUIPMENT – 2.3% | ||||
Sensata Technologies Holding PLC (United States) (a) | 172,412 | $9,994,724 | ||
DIVERSIFIED CONSUMER SERVICES – 2.1% | ||||
MegaStudyEdu Co. Ltd. (South Korea) | 143,964 | $8,820,775 |
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Phaeacian Accent International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
TRADING COMPANIES & DISTRIBUTORS – 1.9% | ||||
Electrocomponents PLC (United Kingdom) | 579,807 | $8,253,065 | ||
BEVERAGES – 1.9% | ||||
Heineken Holding N.V. (Netherlands) | 80,308 | $8,089,382 | ||
CAPITAL MARKETS – 1.9% | ||||
Care Ratings Ltd. (India) | 842,457 | $8,015,979 | ||
CHEMICALS – 1.9% | ||||
Koninklijke DSM N.V. (Netherlands) | 42,374 | $7,908,559 | ||
TEXTILES, APPAREL & LUXURY GOODS – 1.8% | ||||
EssilorLuxottica S.A. (France) | 42,356 | $7,816,806 | ||
LEISURE PRODUCTS – 1.3% | ||||
Shimano Inc. (Japan) | 22,600 | $5,360,367 | ||
OTHER COMMON STOCKS — 3.1%(d) | $13,400,314 | |||
TOTAL COMMON STOCKS–88.8% (Cost $326,954,821) | $379,790,213 | |||
TOTAL INVESTMENTS–88.8% (Cost $326,954,821) | $379,790,213 | |||
Other Assets and Liabilities, net – 11.2% | $48,102,444 | |||
NET ASSETS–100.0% | $427,892,657 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(c) | This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange. |
(d) | As permitted by U.S. Securities and Exchange Commission regulations, “Other” Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
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Phaeacian Global Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
COMMON STOCKS – 99.0% | Shares | Fair Value | ||
IT SERVICES – 10.9% | ||||
Accenture PLC (United States) | 8,559 | $2,523,108 | ||
Adyen N.V. (Netherlands) (a),(b) | 1,695 | 4,141,289 | ||
Capgemini SE (France) | 25,961 | 4,986,888 | ||
Edenred (France) | 48,245 | 2,748,773 | ||
Euronet Worldwide Inc. (United States) (a) | 10,500 | 1,421,175 | ||
Fidelity National Information Services Inc. (United States) | 39,193 | 5,552,472 | ||
$21,373,705 | ||||
APPLICATION SOFTWARE – 8.3% | ||||
Dassault Systemes SE (France) | 11,256 | $2,729,421 | ||
Microsoft Corp. (United States) | 22,841 | 6,187,627 | ||
Oracle Corp. (United States) | 57,866 | 4,504,290 | ||
SAP SE (Germany) | 19,872 | 2,800,254 | ||
$16,221,592 | ||||
INTERACTIVE MEDIA & SERVICES – 6.6% | ||||
Alphabet Inc. (United States) (a) | 2,535 | $6,353,521 | ||
NAVER Corp. (South Korea) | 10,709 | 3,970,170 | ||
Tencent Holdings Ltd. (China) | 35,392 | 2,662,047 | ||
$12,985,738 | ||||
ENTERTAINMENT – 5.7% | ||||
Activision Blizzard Inc. (United States) | 61,409 | $5,860,875 | ||
Ubisoft Entertainment S.A. (France) (a) | 75,052 | 5,254,142 | ||
$11,115,017 | ||||
COMMERCIAL SERVICES & SUPPLIES – 5.2% | ||||
ISS A/S (Denmark) (a) | 265,480 | $6,231,398 | ||
S-1 Corp. (South Korea) | 53,779 | 3,911,113 | ||
$10,142,511 | ||||
PROFESSIONAL SERVICES – 5.0% | ||||
Dun & Bradstreet Holdings Inc. (United States) (a) | 152,508 | $3,259,096 | ||
Pagegroup PLC (United Kingdom) (a) | 488,379 | 3,776,463 | ||
RELX PLC (United Kingdom) | 101,934 | 2,705,892 | ||
$9,741,451 | ||||
CONSTRUCTION MATERIALS – 4.7% | ||||
CRH PLC (Ireland) | 72,677 | $3,662,512 | ||
Holcim Ltd. (Switzerland) (a) | 92,599 | 5,554,439 | ||
$9,216,951 |
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Phaeacian Global Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
AEROSPACE & DEFENSE – 4.6% | ||||
Babcock International Group PLC (United Kingdom) (a) | 747,245 | $2,997,626 | ||
General Dynamics Corp. (United States) | 11,700 | 2,202,642 | ||
Safran S.A. (France) | 27,884 | 3,865,779 | ||
$9,066,047 | ||||
HEALTH CARE SUPPLIES – 4.5% | ||||
Alcon Inc. (Switzerland) | 64,517 | $4,517,062 | ||
Koninklijke Philips N.V. (Netherlands) | 86,727 | 4,297,539 | ||
$8,814,601 | ||||
SEMICONDUCTOR MANUFACTURING – 3.5% | ||||
ASML Holding N.V. (Netherlands) | 5,008 | $3,440,614 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) (c) | 29,463 | 3,540,274 | ||
$6,980,888 | ||||
FOOD PRODUCTS – 3.3% | ||||
Alicorp SAA (Peru) | 1,165,636 | $1,907,355 | ||
Danone S.A. (France) | 64,944 | 4,571,927 | ||
$6,479,282 | ||||
TEXTILES, APPAREL & LUXURY GOODS – 2.7% | ||||
Cie Financiere Richemont S.A. (Switzerland) | 15,832 | $1,915,582 | ||
EssilorLuxottica S.A. (France) | 18,587 | 3,430,234 | ||
$5,345,816 | ||||
SPECIALTY RETAIL – 2.6% | ||||
Industria de Diseno Textil S.A. (Spain) | 72,051 | $2,538,259 | ||
O'Reilly Automotive Inc. (United States) (a) | 4,700 | 2,661,187 | ||
$5,199,446 | ||||
MACHINERY – 2.6% | ||||
SKF AB (Sweden) | 201,657 | $5,134,441 | ||
INSURANCE – 2.6% | ||||
RenaissanceRe Holdings Ltd. (United States) | 34,287 | $5,102,591 | ||
HEALTH CARE PROVIDERS & SERVICES – 2.4% | ||||
Laboratory Corp. of America Holdings (United States) (a) | 17,405 | $4,801,169 | ||
HOUSEHOLD DURABLES – 2.4% | ||||
Sony Group Corp. (Japan) | 48,076 | $4,680,156 |
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Phaeacian Global Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
MEDIA – 2.4% | ||||
Future PLC (United Kingdom) | 22,527 | $975,981 | ||
Stroeer SE & Co. KGaA (Germany) | 45,667 | 3,657,809 | ||
$4,633,790 | ||||
FOOD & STAPLES RETAILING – 2.3% | ||||
Empire Co. Ltd. (Canada) | 146,517 | $4,621,503 | ||
ELECTRICAL EQUIPMENT – 2.3% | ||||
Sensata Technologies Holding PLC (United States) (a) | 78,992 | $4,579,166 | ||
MULTILINE RETAIL – 2.2% | ||||
Dollar General Corp. (United States) | 19,853 | $4,295,991 | ||
CHEMICALS – 1.7% | ||||
Koninklijke DSM N.V. (Netherlands) | 17,782 | $3,318,780 | ||
HOUSEHOLD PRODUCTS – 1.7% | ||||
Reckitt Benckiser Group PLC (United Kingdom) | 36,970 | $3,271,465 | ||
BEVERAGES – 1.6% | ||||
Heineken Holding N.V. (Netherlands) | 31,893 | $3,212,565 | ||
TRADING COMPANIES & DISTRIBUTORS – 1.6% | ||||
Electrocomponents PLC (United Kingdom) | 225,098 | $3,204,081 | ||
PERSONAL PRODUCTS – 1.6% | ||||
Shiseido Co. Ltd. (Japan) | 42,200 | $3,103,796 | ||
AUTOMOBILES – 1.3% | ||||
Stellantis N.V. (United States) | 134,607 | $2,642,188 |
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Phaeacian Global Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Fair Value | |
OTHER COMMON STOCKS — 2.7%(d) | $5,265,037 | |
TOTAL COMMON STOCKS–99.0% (Cost $150,143,638) | $194,549,764 | |
TOTAL INVESTMENTS–99.0% (Cost $150,143,638) | $194,549,764 | |
Other Assets and Liabilities, net – 1.0% | $1,985,401 | |
NET ASSETS–100.0% | $196,535,165 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(c) | This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange. |
(d) | As permitted by U.S. Securities and Exchange Commission regulations, “Other” Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
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