0001752724-22-095519.txt : 20220427 0001752724-22-095519.hdr.sgml : 20220427 20220427152404 ACCESSION NUMBER: 0001752724-22-095519 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220427 PERIOD START: 20220531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRAGG CAPITAL TRUST CENTRAL INDEX KEY: 0001170611 IRS NUMBER: 566592123 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21073 FILM NUMBER: 22859163 BUSINESS ADDRESS: STREET 1: 11601 WILSHIRE BOULEVARD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: 3104730225 MAIL ADDRESS: STREET 1: 11601 WILSHIRE BOULEVARD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90025 0001170611 S000004902 FPA Queens Road Value Fund C000013256 Queens Road Value Fund QRVLX NPORT-P 1 primary_doc.xml NPORT-P false 0001170611 XXXXXXXX S000004902 C000013256 BRAGG CAPITAL TRUST 811-21073 0001170611 549300T063I10LVSE698 11601 WILSHIRE BOULEVARD SUITE 1200 LOS ANGELES 90025 310-473-0225 FPA Queens Road Value Fund S000004902 549300WY9Y96471JHG14 2022-05-31 2022-02-28 N 36723610.69 91086.71 36632523.98 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Cisco Systems Inc/Delaware 549300LKFJ962MZ46593 Cisco Systems Inc/Delaware 17275R102 30700.00000000 NS USD 1712139.00000000 4.673822095727 Long EC CORP US N 1 N N N Mondelez International Inc 549300DV9GIB88LZ5P30 Mondelez International Inc 609207105 9000.00000000 NS USD 589320.00000000 1.608734359449 Long EC CORP US N 1 N N N Union Pacific Corp 549300LMMRSZZCZ8CL11 Union Pacific Corp 907818108 3000.00000000 NS USD 737850.00000000 2.014193726871 Long EC CORP US N 1 N N N McDonald's Corp UE2136O97NLB5BYP9H04 McDonald's Corp 580135101 4225.00000000 NS USD 1034153.25000000 2.823046674492 Long EC CORP US N 1 N N N Clorox Co/The 54930044KVSC06Z79I06 Clorox Co/The 189054109 1200.00000000 NS USD 174948.00000000 0.477575610393 Long EC CORP US N 1 N N N Berkshire Hathaway Inc 5493000C01ZX7D35SD85 Berkshire Hathaway Inc 084670108 3.00000000 NS USD 1428615.00000000 3.899854131754 Long EC CORP US N 1 N N N State Street Global Advisors 549300PNASLVKQG64331 State Street Institutional Treasury Plus Money Market Fund 857492854 2543075.40000000 NS USD 2543075.40000000 6.942124439441 Long STIV RF US N 2 N N N 3M Co LUZQVYP4VS22CLWDAR65 3M Co 88579Y101 3600.00000000 NS USD 535140.00000000 1.460833002640 Long EC CORP US N 1 N N N General Dynamics Corp 9C1X8XOOTYY2FNYTVH06 General Dynamics Corp 369550108 8000.00000000 NS USD 1875600.00000000 5.120040325433 Long EC CORP US N 1 N N N Allegion plc 984500560CAC2E6FB757 Allegion plc 000000000 3400.00000000 NS USD 389368.00000000 1.062902463975 Long EC CORP IE N 1 N N N State Street Global Advisors 549300PNASLVKQG64331 State Street Institutional Treasury Plus Money Market Fund 857492854 5421.11000000 NS USD 5421.11000000 0.014798625404 Long STIV RF US N 2 N N N Anthem Inc 8MYN82XMYQH89CTMTH67 Anthem Inc 036752103 4500.00000000 NS USD 2033325.00000000 5.550600338404 Long EC CORP US N 1 N N N Fiserv Inc GI7UBEJLXYLGR2C7GV83 Fiserv Inc 337738108 12000.00000000 NS USD 1172040.00000000 3.199451942322 Long EC CORP US N 1 N N N Trane Technologies PLC 549300BURLR9SLYY2705 Trane Technologies PLC 000000000 10200.00000000 NS USD 1570086.00000000 4.286043737682 Long EC CORP IE N 1 N N N Walt Disney Co/The 549300GZKULIZ0WOW665 Walt Disney Co/The 254687106 5151.00000000 NS USD 764717.46000000 2.087536912328 Long EC CORP US N 1 N N N Intel Corp KNX4USFCNGPY45LOCE31 Intel Corp 458140100 26000.00000000 NS USD 1240200.00000000 3.385516107700 Long EC CORP US N 1 N N N Pfizer Inc 765LHXWGK1KXCLTFYQ30 Pfizer Inc 717081103 31000.00000000 NS USD 1455140.00000000 3.972262464891 Long EC CORP US N 1 N N N Verizon Communications Inc 2S72QS2UO2OESLG6Y829 Verizon Communications Inc 92343V104 10000.00000000 NS USD 536700.00000000 1.465091513467 Long EC CORP US N 1 N N N Oracle Corp 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389X105 23395.00000000 NS USD 1777318.15000000 4.851749093156 Long EC CORP US N 1 N N N Raytheon Technologies Corp I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp 75513E101 6600.00000000 NS USD 677820.00000000 1.850322954459 Long EC CORP US N 1 N N N Bank of New York Mellon Corp/The WFLLPEPC7FZXENRZV188 Bank of New York Mellon Corp/The 064058100 14500.00000000 NS USD 770675.00000000 2.103799892196 Long EC CORP US N 1 N N N Ingersoll Rand Inc 5299004C02FMZCUOIR50 Ingersoll Rand Inc 45687V106 9000.00000000 NS USD 454680.00000000 1.241192117278 Long EC CORP US N 1 N N N Ameriprise Financial Inc 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial Inc 03076C106 7000.00000000 NS USD 2098530.00000000 5.728597901541 Long EC CORP US N 1 N N N Danaher Corp S4BKK9OTCEWQ3YHPFM11 Danaher Corp 235851102 6300.00000000 NS USD 1728783.00000000 4.719257130477 Long EC CORP US N 1 N N N Prudential Financial Inc 5PRBRS5FEH7NREC8OR45 Prudential Financial Inc 744320102 10000.00000000 NS USD 1116600.00000000 3.048111019075 Long EC CORP US N 1 N N N T Rowe Price Group Inc 549300SIV6FPS9Y7IH33 T Rowe Price Group Inc 74144T108 7900.00000000 NS USD 1142024.00000000 3.117513826302 Long EC CORP US N 1 N N N Merck & Co Inc 4YV9Y5M8S0BRK1RP0397 Merck & Co Inc 58933Y105 13820.00000000 NS USD 1058335.60000000 2.889060007379 Long EC CORP US N 1 N N N VF Corp CWAJJ9DJ5Z7P057HV541 VF Corp 918204108 8500.00000000 NS USD 493170.00000000 1.346262682498 Long EC CORP US N 1 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co 46625H100 9000.00000000 NS USD 1276200.00000000 3.483789434483 Long EC CORP US N 1 N N N American Express Co R4PP93JZOLY261QX3811 American Express Co 025816109 11000.00000000 NS USD 2139940.00000000 5.841639525489 Long EC CORP US N 1 N N N Eaton Corp PLC 549300VDIGTMXUNT7H71 Eaton Corp PLC 000000000 13000.00000000 NS USD 2005770.00000000 5.475380296195 Long EC CORP IE N 1 N N N 2022-03-28 BRAGG CAPITAL TRUST Lake Setzler Lake Setzler Treasurer XXXX NPORT-EX 2 NPORT_0524_11161986_0222.htm

 

FPA QUEENS ROAD VALUE FUND

Portfolio of investments

February 28, 2022

(Unaudited)

 

COMMON STOCKS  Shares   Fair Value 
WEALTH MANAGEMENT — 8.9%          
Ameriprise Financial, Inc.   7,000   $2,098,530 
T Rowe Price Group, Inc.   7,900    1,142,024 
        $3,240,554 
INDUSTRIALS — 7.8%          
3M Co.   3,600   $535,140 
General Dynamics Corp.   8,000    1,875,600 
Ingersoll Rand, Inc.   9,000    454,680 
        $2,865,420 
P&C INSURANCE — 7.0%          
Berkshire Hathaway, Inc. Class A(a)   3   $1,428,615 
Prudential Financial, Inc.   10,000    1,116,600 
        $2,545,215 
COMMUNICATIONS EQUIPMENT — 6.1%          
Cisco Systems, Inc.   30,700   $1,712,139 
Verizon Communications, Inc.   10,000    536,700 
        $2,248,839 
CONSUMER FINANCE — 5.8%          
American Express Co.   11,000   $2,139,940 
        $2,139,940 
MANAGED CARE — 5.6%          
Anthem, Inc.   4,500   $2,033,325 
        $2,033,325 
ELECTRICAL COMPONENTS — 5.5%          
Eaton Corp. PLC   13,000   $2,005,770 
        $2,005,770 
HOMEBUILDERS — 5.4%          
Allegion PLC (Ireland)   3,400   $389,368 
Trane Technologies PLC (Ireland)   10,200    1,570,086 
        $1,959,454 
INFRASTRUCTURE SOFTWARE — 4.9%          
Oracle Corp.   23,395   $1,777,318 
        $1,777,318 
LIFE SCIENCE EQUIPMENT — 4.7%          
Danaher Corp.   6,300   $1,728,783 
        $1,728,783 
LARGE PHARMACEUTICALS — 4.0%          
Pfizer, Inc.   31,000   $1,455,140 
        $1,455,140 

 

 

 

 

FPA QUEENS ROAD VALUE FUND

Portfolio of investments (Continued)

February 28, 2022

(Unaudited)

 

COMMON STOCKS - Continued  Shares   Fair Value 
DIVERSIFIED BANKS — 3.5%          
JPMorgan Chase & Co.   9,000   $1,276,200 
        $1,276,200 
SEMICONDUCTOR DEVICES — 3.4%          
Intel Corp.   26,000   $1,240,200 
        $1,240,200 
APPLICATION SOFTWARE — 3.2%          
Fiserv, Inc.(a)   12,000   $1,172,040 
        $1,172,040 
SPECIALTY PHARMACEUTICALS — 2.9%          
Merck & Co., Inc.   13,820   $1,058,336 
        $1,058,336 
RESTAURANTS — 2.8%          
McDonald's Corp.   4,225   $1,034,153 
        $1,034,153 
INSTITUTIONAL TRUST FIDUCIARY & CUSTODY — 2.1%          
Bank of New York Mellon Corp.   14,500   $770,675 
        $770,675 
ENTERTAINMENT CONTENT — 2.1%          
Walt Disney Co.(a)   5,151   $764,717 
        $764,717 
RAIL FREIGHT — 2.0%          
Union Pacific Corp.   3,000   $737,850 
        $737,850 
INDUSTRIAL DISTRIBUTION & RENTAL — 1.8%          
Raytheon Technologies Corp.   6,600   $677,820 
        $677,820 
PACKAGED FOOD — 1.6%          
Mondelez International, Inc. Class A   9,000   $589,320 
        $589,320 
APPAREL, FOOTWEAR & ACCESSORY DESIGN — 1.3%          
VF Corp.   8,500   $493,170 
        $493,170 

 

 

 

 

FPA QUEENS ROAD VALUE FUND

Portfolio of investments (Continued)

February 28, 2022

(Unaudited)

 

COMMON STOCKS - Continued  Shares or
Principal
Amount		   Fair Value 
HOUSEHOLD PRODUCTS — 0.5%          
Clorox Co.   1,200   $174,948 
        $174,948 
TOTAL COMMON STOCKS — 92.9% (Cost $11,683,957)       $33,989,187 
           
SHORT-TERM INVESTMENTS — 7.0%          
State Street Institutional Treasury Plus Money Market Fund, 0.01%(b)  $2,548,497   $2,548,497 
TOTAL SHORT-TERM INVESTMENTS (Cost $2,548,497)       $2,548,497 
           
TOTAL INVESTMENTS — 99.9% (Cost $14,232,454)       $36,537,684 
Other Assets and Liabilities, net — 0.1%        42,196 
NET ASSETS — 100.0%       $36,579,880 

 

(a)Non-income producing security.
(b)Represents the 7-day effective yield as of February 28, 2022.

 

 

 

 

NOTE 1 — Disclosure of Fair Value Measurements

 

The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

 

Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day. If there have been no sales that day, equity securities are generally valued at the last available bid price. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter ("OTC") market more accurately reflects the securities’ value in the judgment of the Fund's officers, are valued at the most recent bid price. Short-term corporate notes with maturities of 60 days or less at the time of purchase are valued at amortized cost.

 

Securities for which representative market quotations are not readily available or are considered unreliable by the Adviser are valued as determined in good faith under procedures adopted by the authority of the Fund’s Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.

 

The Fund classifies its assets based on three valuation methodologies. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs as noted above including spreads, cash flows, financial performance, prepayments, defaults, collateral, credit enhancements, and interest rate volatility. Level 3 values are based on significant unobservable inputs that reflect the Fund’s determination of assumptions that market participants might reasonably use in valuing the assets. The valuation levels are not necessarily an indication of the risk associated with investing in those securities. The following table presents the valuation levels of the Fund's investments as of February 28, 2022:

 

Investments  Level 1   Level 2   Level 3   Total 
                 
Common Stocks
Wealth Management  $3,240,554    —    —   $3,240,554 
Industrials   2,865,420    —    —    2,865,420 
P&C Insurance   2,545,215    —    —    2,545,215 
Communications Equipment   2,248,839    —    —    2,248,839 
Consumer Finance   2,139,940    —    —    2,139,940 
Managed Care   2,033,325    —    —    2,033,325 
Electrical Components   2,005,770    —    —    2,005,770 
Homebuilders   1,959,454    —    —    1,959,454 
Infrastructure Software   1,777,318    —    —    1,777,318 
Life Science Equipment   1,728,783    —    —    1,728,783 
Large Pharmaceuticals   1,455,140    —    —    1,455,140 
Diversified Banks   1,276,200    —    —    1,276,200 
Semiconductor Devices   1,240,200    —    —    1,240,200 
Application Software   1,172,040    —    —    1,172,040 
Specialty Pharmaceuticals   1,058,336    —    —    1,058,336 
Restaurants   1,034,153    —    —    1,034,153 
Institutional Trust Fiduciary & Custody   770,675    —    —    770,675 
Entertainment Content   764,717    —    —    764,717 
Rail Freight   737,850    —    —    737,850 

 

 

 

 

Investments  Level 1   Level 2   Level 3   Total 
Industrial Distribution & Rental  $677,820    —    —   $677,820 
Packaged Food   589,320    —    —    589,320 
Apparel, Footwear & Accessory Design   493,170    —    —    493,170 
Household Products   174,948    —    —    174,948 
Short-Term Investments   —   $2,548,497    —    2,548,497 
   $33,989,187   $2,548,497    —   $36,537,684 

 

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were no significant transfers into or out of Level 3 during the period ended February 28, 2022.

 

The Fund did not hold derivatives during the period ended February 28, 2022.

 

NOTE 2 — Federal Income Tax

 

The cost of investment securities held at February 28, 2022 (excluding short-term investments), was $11,692,191 for federal income tax purposes. Net unrealized appreciation consists of:

 

Gross unrealized appreciation:  $22,431,875 
Gross unrealized depreciation:   (134,879)
Net unrealized appreciation:  $22,296,996