Terra Firma US Concentrated Realty Equity Fund
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Schedule of Investments
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March 31, 2023 (Unaudited)
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Shares
|
Value
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|||||||
COMMON STOCKS - 6.97%
|
||||||||
Land Subdivision - 3.15%
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||||||||
Tricon Residential, Inc. (a)
|
99,500
|
$
|
771,125
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|||||
Traveler Accommodation - 3.82%
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||||||||
Hilton Worldwide Holdings, Inc.
|
6,657
|
937,771
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||||||
TOTAL COMMON STOCKS (Cost $1,857,029)
|
1,708,896
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|||||||
REAL ESTATE INVESTMENT TRUSTS - 91.86%
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||||||||
Lessors of Real Estate - 78.96%
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||||||||
American Homes 4 Rent
|
15,811
|
497,256
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||||||
American Tower Corp.
|
5,271
|
1,077,076
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||||||
AvalonBay Communities, Inc.
|
8,866
|
1,490,020
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||||||
Camden Property Trust
|
3,500
|
366,940
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||||||
Crown Castle, Inc.
|
5,461
|
730,900
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||||||
Equinix, Inc.
|
2,210
|
1,593,498
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||||||
Equity LifeStyle Properties, Inc.
|
12,857
|
863,090
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||||||
Essex Property Trust, Inc.
|
5,749
|
1,202,346
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||||||
Federal Realty Investment Trust
|
3,500
|
345,905
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||||||
Hudson Pacific Properties, Inc.
|
34,630
|
230,290
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||||||
Mid-America Apartment Communities, Inc.
|
5,550
|
838,272
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Prologis, Inc.
|
28,664
|
3,576,407
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Public Storage
|
6,092
|
1,840,637
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||||||
Retail Opportunity Investments Corp.
|
10,200
|
142,392
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||||||
Rexford Industrial Realty, Inc.
|
7,000
|
417,550
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||||||
SBA Communications Corp.
|
2,600
|
678,782
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||||||
Simon Property Group, Inc.
|
10,631
|
1,190,353
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||||||
Sun Communities, Inc.
|
5,113
|
720,320
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||||||
Ventas, Inc.
|
9,500
|
411,825
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||||||
VICI Properties, Inc.
|
17,746
|
578,875
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||||||
Welltower, Inc.
|
8,000
|
573,520
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||||||
19,366,254
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||||||||
Offices of Real Estate Agents and Brokers - 8.66%
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||||||||
Alexandria Real Estate Equities, Inc. (b)
|
10,130
|
1,272,226
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||||||
Invitation Homes, Inc.
|
27,234
|
850,518
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||||||
2,122,744
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||||||||
Warehousing and Storage - 4.24%
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||||||||
Extra Space Storage, Inc.
|
6,386
|
1,040,471
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TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $20,482,771)
|
22,529,469
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SHORT-TERM INVESTMENTS - 0.89%
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U.S. Bank Money Market Deposit Account, 0.500% (c)
|
218,645
|
218,645
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||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $218,645)
|
218,645
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|||||||
Total Investments (Cost $22,558,445) - 99.72%
|
$
|
24,457,010
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||||||
Other Assets in Excess of Liabilities - 0.28%
|
69,123
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|||||||
TOTAL NET ASSETS - 100.00%
|
$
|
24,526,133
|
Percentages are stated as a percent of net assets.
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(a)
|
Foreign issued security.
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(b)
|
All or a portion of this security is pledged as collateral as of March 31, 2023.
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(c)
|
Seven day yield as of March 31, 2023.
|
Significant Accounting Policies
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The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements.
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These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).
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Investment Valuation
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Each security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”),
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is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange
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the Fund will use the price of the exchange, that the Fund generally considers to be the principal exchange on which the stock is traded.
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Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale
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price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on
such
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exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the
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close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite
Market”
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means a consolidation of the trade information provided by national securities and foreign exchanges and over-the counter markets as published by
|
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a pricing service.
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If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the
1940 Act as
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determined under the Adviser's fair value procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used
to
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price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale
price may
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not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately
priced.
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The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific
circumstances of
|
||||||
the Fund and the quality of prices obtained through their application of such procedures.
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In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset
value (“NAV”)
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||||||
is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of
foreign securities
|
||||||
when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into
account such
|
||||||
events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund’s
NAV in
|
||||||
advance of the time the NAV is calculated.
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||||||
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset
value
|
||||||
(“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading
prices of
|
||||||
foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair
value,
|
||||||
taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by
|
||||||
estimating the Fund’s NAV in advance of the time the NAV is calculated.
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||||||
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption
|
||||||
orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be
|
||||||
determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair
value.
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||||||
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition
|
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of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there
|
||||||
has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be
determinative
|
||||||
of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosuresregarding the
inputs
|
||||||
and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of
investments.
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||||||
These inputs are summarized in the three broad levels listed below:
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Level 1 - Quoted prices in active markets for identical securities.
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||||||
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.)
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||||||
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 carried at fair value as of March 31, 2023.
|
Level 1
|
Level 2
|
Level 3
|
Total
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|||||||||||||
Assets
|
||||||||||||||||
Common Stocks
|
$
|
1,708,896
|
$
|
-
|
$
|
-
|
$
|
1,708,896
|
||||||||
Real Estate Investment Trusts
|
22,529,469
|
-
|
-
|
22,529,469
|
||||||||||||
Short-Term Investments
|
218,645
|
-
|
-
|
218,645
|
||||||||||||
Total Investments
|
$
|
24,457,010
|
$
|
-
|
$
|
-
|
$
|
24,457,010
|
For further detail on each asset class, see Schedule of Investments.
|
||||||
The Fund measures Level 3 activity as of the end of the period. For the period ended March 31, 2023, the Fund did not have any significant
unobservable inputs
|
||||||
(Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were
used in determining
|
||||||
fair value is not applicable.
|
||||||
The Fund did not hold financial derivative instruments during the reporting period.
|