Phaeacian Accent International Value Fund
PORTFOLIO OF INVESTMENTS
December 31, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2021 (Unaudited)
COMMON STOCKS – 84.3% | Shares | Fair Value | ||
IT SERVICES – 16.6% | ||||
Adyen N.V. (Netherlands) (a),(b) | 3,080 | $8,105,460 | ||
Capgemini SE (France) | 30,829 | 7,563,795 | ||
Edenred (France) | 307,545 | 14,205,179 | ||
Fidelity National Information Services Inc. (United States) | 107,307 | 11,712,559 | ||
Nexi SpA (Italy) (a),(b) | 898,202 | 14,233,267 | ||
Worldline S.A. (France) (a),(b) | 213,802 | 11,929,699 | ||
$67,749,959 | ||||
CONSTRUCTION MATERIALS – 5.1% | ||||
CRH PLC (Ireland) | 137,303 | $7,271,982 | ||
Holcim Ltd. (Switzerland) (a) | 269,402 | 13,701,536 | ||
$20,973,518 | ||||
COMMERCIAL SERVICES & SUPPLIES – 4.9% | ||||
Clipper Logistics PLC (United Kingdom) | 972,765 | $9,559,142 | ||
ISS A/S (Denmark) (a) | 548,873 | 10,407,060 | ||
$19,966,202 | ||||
FOOD PRODUCTS – 4.8% | ||||
Danone S.A. (France) | 133,916 | $8,322,975 | ||
JDE Peet's N.V. (Netherlands) | 372,222 | 11,484,296 | ||
$19,807,271 | ||||
PROFESSIONAL SERVICES – 4.6% | ||||
Pagegroup PLC (United Kingdom) | 1,057,695 | $9,069,460 | ||
SaraminHR Co. Ltd. (South Korea) | 274,329 | 9,569,751 | ||
$18,639,211 | ||||
AEROSPACE & DEFENSE – 4.4% | ||||
Babcock International Group PLC (United Kingdom) (a) | 1,739,926 | $7,503,275 | ||
Safran S.A. (France) | 86,323 | 10,580,689 | ||
$18,083,964 | ||||
HEALTH CARE SUPPLIES – 4.3% | ||||
Alcon Inc. (Switzerland) | 60,342 | $5,322,489 | ||
Koninklijke Philips N.V. (Netherlands) | 329,668 | 12,297,590 | ||
$17,620,079 | ||||
MARINE – 3.8% | ||||
Kuehne + Nagel International A.G. (Switzerland) | 48,311 | $15,558,913 |
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Phaeacian Accent International Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
MACHINERY – 3.3% | ||||
SKF AB (Sweden) | 565,003 | $13,362,167 | ||
ENTERTAINMENT – 3.0% | ||||
Ubisoft Entertainment S.A. (France) (a) | 254,692 | $12,488,872 | ||
SPECIALTY RETAIL – 2.7% | ||||
Industria de Diseno Textil S.A. (Spain) | 339,831 | $10,959,566 | ||
COMMUNICATIONS EQUIPMENT – 2.5% | ||||
Telefonaktiebolaget LM Ericsson (Sweden) | 944,682 | $10,394,373 | ||
ELECTRICAL EQUIPMENT – 2.5% | ||||
Sensata Technologies Holding PLC (United States) (a) | 166,495 | $10,271,077 | ||
AUTOMOBILES – 2.5% | ||||
Stellantis N.V. (United States) | 541,805 | $10,228,517 | ||
DIVERSIFIED CONSUMER SERVICES – 2.5% | ||||
MegaStudyEdu Co. Ltd. (South Korea) | 146,074 | $10,119,362 | ||
INTERACTIVE MEDIA & SERVICES – 2.2% | ||||
NAVER Corp. (South Korea) | 27,941 | $8,869,072 | ||
CAPITAL MARKETS – 2.1% | ||||
Care Ratings Ltd. (India) | 1,045,867 | $8,712,551 | ||
FOOD & STAPLES RETAILING – 2.1% | ||||
Empire Co. Ltd. (Canada) | 279,859 | $8,526,634 | ||
APPLICATION SOFTWARE – 1.9% | ||||
Napster Group PLC (United Kingdom) (a) | 33,241,049 | $337,450 | ||
SAP SE (Germany) | 53,512 | 7,531,255 | ||
$7,868,705 | ||||
INSURANCE – 1.9% | ||||
RenaissanceRe Holdings Ltd. (United States) | 46,242 | $7,830,158 |
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Phaeacian Accent International Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
SEMICONDUCTOR MANUFACTURING – 1.8% | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) (c) | 61,738 | $7,427,699 | ||
HOUSEHOLD DURABLES – 1.3% | ||||
Sony Group Corp. (Japan) | 41,583 | $5,251,029 | ||
TRADING COMPANIES & DISTRIBUTORS – 1.3% | ||||
Electrocomponents PLC (United Kingdom) | 315,299 | $5,146,882 | ||
MEDIA – 1.2% | ||||
Stroeer SE & Co. KGaA (Germany) | 60,080 | $4,740,110 | ||
BEVERAGES – 1.0% | ||||
Heineken Holding N.V. (Netherlands) | 43,038 | $3,976,250 | ||
TOTAL COMMON STOCKS–84.3% (Cost $332,186,680) | $344,572,141 | |||
TOTAL INVESTMENTS–84.3% (Cost $332,186,680) | $344,572,141 | |||
Other Assets and Liabilities, net – 15.7% | $64,169,249 | |||
NET ASSETS–100.0% | $408,741,390 |
(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. |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS
December 31, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2021 (Unaudited)
COMMON STOCKS – 99.9% | Shares | Fair Value | ||
IT SERVICES – 16.7% | ||||
Adyen N.V. (Netherlands) (a),(b) | 1,391 | $3,660,615 | ||
Capgemini SE (France) | 12,768 | 3,132,587 | ||
Edenred (France) | 114,814 | 5,303,138 | ||
Euronet Worldwide Inc. (United States) (a) | 10,500 | 1,251,285 | ||
Fidelity National Information Services Inc. (United States) | 45,320 | 4,946,678 | ||
Nexi SpA (Italy) (a),(b) | 335,284 | 5,313,044 | ||
Worldline S.A. (France) (a),(b) | 92,375 | 5,154,330 | ||
$28,761,677 | ||||
APPLICATION SOFTWARE – 7.0% | ||||
Microsoft Corp. (United States) | 15,922 | $5,354,887 | ||
Oracle Corp. (United States) | 43,371 | 3,782,385 | ||
SAP SE (Germany) | 20,765 | 2,922,457 | ||
$12,059,729 | ||||
AEROSPACE & DEFENSE – 5.8% | ||||
Babcock International Group PLC (United Kingdom) (a) | 585,961 | $2,526,904 | ||
General Dynamics Corp. (United States) | 10,591 | 2,207,906 | ||
Safran S.A. (France) | 42,462 | 5,204,606 | ||
$9,939,416 | ||||
INTERACTIVE MEDIA & SERVICES – 5.1% | ||||
Alphabet Inc. (United States) (a) | 1,760 | $5,092,718 | ||
NAVER Corp. (South Korea) | 11,451 | 3,634,793 | ||
$8,727,511 | ||||
PROFESSIONAL SERVICES – 5.0% | ||||
Dun & Bradstreet Holdings Inc. (United States) (a) | 236,714 | $4,850,270 | ||
Pagegroup PLC (United Kingdom) | 435,666 | 3,735,723 | ||
$8,585,993 | ||||
CONSTRUCTION MATERIALS – 4.8% | ||||
CRH PLC (Ireland) | 58,912 | $3,120,158 | ||
Holcim Ltd. (Switzerland) (a) | 102,022 | 5,188,744 | ||
$8,308,902 | ||||
FOOD PRODUCTS – 4.8% | ||||
Danone S.A. (France) | 59,346 | $3,688,396 | ||
JDE Peet's N.V. (Netherlands) | 147,829 | 4,561,020 | ||
$8,249,416 | ||||
COMMERCIAL SERVICES & SUPPLIES – 4.7% | ||||
ISS A/S (Denmark) (a) | 244,136 | $4,629,009 |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
December 31, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
S-1 Corp. (South Korea) | 57,212 | $3,559,960 | ||
$8,188,969 | ||||
HEALTH CARE SUPPLIES – 4.3% | ||||
Alcon Inc. (Switzerland) | 25,798 | $2,275,522 | ||
Koninklijke Philips N.V. (Netherlands) | 139,985 | 5,221,854 | ||
$7,497,376 | ||||
SPECIALTY RETAIL – 4.3% | ||||
Industria de Diseno Textil S.A. (Spain) | 139,374 | $4,494,818 | ||
O'Reilly Automotive Inc. (United States) (a) | 4,221 | 2,980,997 | ||
$7,475,815 | ||||
MARINE – 3.0% | ||||
Kuehne + Nagel International A.G. (Switzerland) | 16,047 | $5,168,054 | ||
ELECTRICAL EQUIPMENT – 3.0% | ||||
Sensata Technologies Holding PLC (United States) (a) | 83,217 | $5,133,657 | ||
MACHINERY – 3.0% | ||||
SKF AB (Sweden) | 216,607 | $5,122,697 | ||
ENTERTAINMENT – 2.9% | ||||
Ubisoft Entertainment S.A. (France) (a) | 100,622 | $4,934,019 | ||
SEMICONDUCTOR MANUFACTURING – 2.8% | ||||
ASML Holding N.V. (Netherlands) | 2,411 | $1,939,838 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) (c) | 24,700 | 2,971,657 | ||
$4,911,495 | ||||
AUTOMOBILES – 2.8% | ||||
Stellantis N.V. (United States) | 257,329 | $4,858,010 | ||
COMMUNICATIONS EQUIPMENT – 2.5% | ||||
Telefonaktiebolaget LM Ericsson (Sweden) | 391,306 | $4,305,556 | ||
MULTILINE RETAIL – 2.4% | ||||
Dollar General Corp. (United States) | 17,882 | $4,217,112 |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
December 31, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
HEALTH CARE PROVIDERS & SERVICES – 2.3% | ||||
Laboratory Corp. of America Holdings (United States) (a) | 12,792 | $4,019,374 | ||
PERSONAL PRODUCTS – 2.3% | ||||
Shiseido Co. Ltd. (Japan) | 72,000 | $4,016,629 | ||
INSURANCE – 2.1% | ||||
RenaissanceRe Holdings Ltd. (United States) | 21,294 | $3,605,713 | ||
FOOD & STAPLES RETAILING – 2.0% | ||||
Empire Co. Ltd. (Canada) | 115,850 | $3,529,672 | ||
HOUSEHOLD DURABLES – 1.6% | ||||
Sony Group Corp. (Japan) | 22,376 | $2,825,602 | ||
TRADING COMPANIES & DISTRIBUTORS – 1.5% | ||||
Electrocomponents PLC (United Kingdom) | 153,911 | $2,512,415 | ||
MEDIA – 1.1% | ||||
Stroeer SE & Co. KGaA (Germany) | 23,470 | $1,851,704 | ||
BEVERAGES – 1.1% | ||||
Heineken Holding N.V. (Netherlands) | 19,655 | $1,815,911 |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2021 (Unaudited)
December 31, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
TEXTILES, APPAREL & LUXURY GOODS – 1.0% | ||||
EssilorLuxottica S.A. (France) | 8,298 | $1,768,907 | ||
TOTAL COMMON STOCKS–99.9% (Cost $149,549,611) | $172,391,331 | |||
TOTAL INVESTMENTS–99.9% (Cost $149,549,611) | $172,391,331 | |||
Other Assets and Liabilities, net – 0.1% | $213,657 | |||
NET ASSETS–100.0% | $172,604,988 |
(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. |
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