1

Terra

Firma

US

Concentrated

Realty

Equity

Fund

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Value

COMMON

STOCKS

—

11.35%

Traveler

Accommodation

—

11.35%

Hilton

Worldwide

Holdings,

Inc.

8,357

$

1,255,054‌

Marriott

International,

Inc.

-

Class

A

5,520

1,085,011‌

2,340,065‌

TOTAL

COMMON

STOCKS

(Cost

$2,123,201)

2,340,065‌

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

—

84.94%

Lessors

of

Real

Estate

—

69.66%

American

Homes

4

Rent

37,111

1,250,270‌

American

Tower

Corp.

9,721

1,598,618‌

AvalonBay

Communities,

Inc.

9,116

1,565,582‌

Equinix,

Inc.

2,510

1,822,913‌

Equity

LifeStyle

Properties,

Inc.

10,957

698,070‌

Essex

Property

Trust,

Inc.

7,949

1,685,903‌

Mid-America

Apartment

Communities,

Inc.

6,400

823,360‌

Prologis,

Inc.

19,064

2,139,171‌

Public

Storage

6,992

1,842,533‌

VICI

Properties,

Inc.

32,246

938,359‌

14,364,779‌

Offices

of

Real

Estate

Agents

and

Brokers

—

4.92%

Alexandria

Real

Estate

Equities,

Inc.

10,130

1,014,013‌

Warehousing

and

Storage

—

10.36%

Extra

Space

Storage,

Inc.

17,576

2,136,890‌

TOTAL

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(Cost

$17,892,161)

17,515,682‌

Total

Investments

(Cost

$19,287,488)

—

96.29%

$19,855,747

Other

Assets

in

Excess

of

Liabilities

—

0.18%

765,585‌

TOTAL

NET

ASSETS

—

100.00%

$

20,621,332‌

Percentages

are

stated

as

a

percent

of

net

assets.

2

Notes

to

Schedule

of

Investments

September

30,

2023

(Unaudited)

Investment

Valuation 

Each

equity

security

owned

by the

Fund

that

is

listed

on

a

securities

exchange,

except

for

securities

listed

on

the

NASDAQ

Stock

Market

LLC

(“NASDAQ”),

is

valued

at

its

last

sale

price

at

the

close

of

that

exchange

on

the

date

as

of

which

assets

are

valued.

If

a

security

is

listed

on

more

than

one

exchange,

the

Fund

will

use

the

price

on

the

exchange

that

the

Fund

generally

considers

to

be

the

principal

exchange

on

which

the

security

is

traded.

Fund

securities

listed

on

NASDAQ

will

be

valued

at

the

NASDAQ

Official

Closing

Price

(“NOCP”),

which

may

not

necessarily

represent

the

last

sale

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

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

exchange

on

such

day

or

(ii)

the

latest

sales

price

on

the

Composite

Market

for

the

day

such

security

is

being

valued.

“Composite

Market”

means

a

consolidation

of

the

trade

information

provided

by

national

securities

and

foreign

exchanges

and

over-the

counter

markets

as

published

by

a

pricing

service.

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

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

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

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.

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. 

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. 

Redeemable

securities

issued

by

open-end,

registered

investment

companies,

including

money

market

mutual

funds,

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. 

3

Notes

to

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

The

Trust has

adopted

Statement

of

Financial

Accounting

Standards,

“Fair

Value

Measurements

and

Disclosures,”

which

requires the

Fund

to

classify

its

securities

based

on

a

valuation

method.

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

a

Fund's

own

assumptions

in

determining

the

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

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

carried

at

fair

value

as

of

September

30,

2023: 

Terra

Firma

US

Concentrated

Realty

Equity

Fund

Level

1

Level

2

Level

3

Total

Assets

(1)

:

Equities:

Common

Stocks

$

2,340,065‌

$

–‌

$

–‌

$

2,340,065‌

Real

Estate

Investment

Trusts

(REITs)

17,515,682‌

–‌

–‌

17,515,682‌

Total

Equity

Securities

19,855,747‌

–‌

–‌

19,855,747‌

Total

Investments

in

Securities

$

19,855,747‌

$

–‌

$

–‌

$

19,855,747‌

(1)

See

the

Schedule

of

Investments

for

industry

classifications.