NPORT-EX 2 palmvalley2.htm

Palm Valley Capital Fund
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 21.1%
  
Shares
    
Value
 
Animal Slaughtering and Processing - 1.5%
        
WH Group Ltd. - ADR
    
159,075
    
$
3,450,337
  
                   
Automotive Mechanical and Electrical Repair and Maintenance - 0.9%
          
Monro, Inc.
    
115,058
      
2,067,592
  
                   
Bread and Bakery Product Manufacturing - 0.7%
          
Flowers Foods, Inc.
    
127,255
      
1,660,678
  
                   
Clothing and Clothing Accessories Retailers - 0.7%
          
Carter's, Inc.
    
55,886
      
1,577,103
  
                   
Computer Systems Design and Related Services - 2.4%
          
Amdocs Ltd.
    
68,532
      
5,623,051
  
                   
Crude Petroleum Extraction - 1.2%
          
Chord Energy Corp.
    
28,543
      
2,836,318
  
                   
Electric Power Generation - 0.3%
          
Avista Corp.
    
16,266
      
615,017
  
                   
Fruit and Vegetable Canning, Pickling, and Drying - 0.8%
          
Lassonde Industries, Inc. - Class A
    
11,783
      
1,793,993
  
                   
General Freight Trucking, Long-Distance - 1.8%
          
Heartland Express, Inc.
    
481,995
      
4,039,118
  
                   
Household and Institutional Furniture Manufacturing - 0.3%
          
Hooker Furnishings Corp.
    
77,292
      
784,514
  
                   
Janitorial Services - 0.9%
          
Healthcare Services Group, Inc. (a)
    
124,651
      
2,097,876
  
                   
Management Consulting Services - 0.7%
          
Resources Connection, Inc.
    
308,493
      
1,557,890
  
                   
Marketing Research and Public Opinion Polling - 1.0%
          
Forrester Research, Inc. (a)
    
214,032
      
2,268,739
  
                   
Medical Equipment and Supplies Manufacturing - 0.7%
          
Teleflex, Inc.
    
13,564
      
1,659,691
  
                   
Motor Vehicle Parts (Used) Merchant Wholesalers - 0.5%
          
LKQ Corp.
    
38,343
      
1,170,995
  
                   
Natural Gas Distribution - 1.3%
          
Northwest Natural Holding Co.
    
65,674
      
2,950,733
  
                   
Plastics Packaging Materials and Unlaminated Film and Sheet Manufacturing - 0.8%
          
Reynolds Consumer Products, Inc.
    
73,485
      
1,798,178
  
                   
Support Activities for Mining - 0.4%
          
RPC, Inc.
    
213,522
      
1,016,365
  
                   
Temporary Help Services - 4.2%
          
Kelly Services, Inc. - Class A
    
311,957
      
4,092,876
  
ManpowerGroup, Inc.
    
61,406
      
2,327,287
  
Robert Half, Inc.
    
42,389
      
1,440,378
  
TrueBlue, Inc. (a)
    
277,618
      
1,701,798
  
             
9,562,339
  
TOTAL COMMON STOCKS (Cost $48,223,340)
      
48,530,527
  
                   
EXCHANGE TRADED FUNDS - 3.9%
  
Shares
    
Value
 
Sprott Physical Gold Trust(a)
    
114,347
      
3,386,958
  
Sprott Physical Silver Trust(a)
    
360,087
      
5,653,366
  
TOTAL EXCHANGE TRADED FUNDS (Cost $4,602,762)
      
9,040,324
  
                   
REAL ESTATE INVESTMENT TRUSTS - 1.0%
  
Shares
    
Value
 
Lessors of Other Real Estate Property - 1.0%
          
Farmland Partners, Inc.
    
207,550
      
2,258,144
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,159,770)
      
2,258,144
  
                   
SHORT-TERM INVESTMENTS – 74.0%
                
U.S. TREASURY BILLS - 63.1%
  
Par
    
Value
 
4.13%, 10/16/2025 (b)
    
44,770,000
      
44,694,470
  
4.20%, 12/04/2025 (b)
    
24,100,000
      
23,933,212
  
4.21%, 01/15/2026 (b)
    
45,519,000
      
45,012,507
  
4.03%, 02/19/2026 (b)
    
32,307,000
      
31,835,583
  
       
145,475,772
  
                   
MONEY MARKET FUNDS - 10.9%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 4.02%(c)
    
25,143,690
      
25,143,690
  
       
25,143,690
  
TOTAL SHORT-TERM INVESTMENTS (Cost $170,534,975)
              
170,619,462
  
                   
TOTAL INVESTMENTS - 100.0% (Cost $225,520,847)
      
230,448,457
  
Other Assets in Excess of Liabilities - 0.0% (d)
      
45,787
  
TOTAL NET ASSETS - 100.0%
0.0%
    
0.0
%
  
$
230,494,244
  
two
      
–
%
           
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
The rate shown is the yield to maturity as of September 30, 2025.
(c)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(d)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
 
Palm Valley Capital Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
48,530,527
    
$
–
    
$
–
    
$
48,530,527
  
  Exchange Traded Funds
    
9,040,324
      
–
      
–
      
9,040,324
  
  Real Estate Investment Trusts
    
2,258,144
      
–
      
–
      
2,258,144
  
  U.S. Treasury Bills
    
–
      
145,475,772
      
–
      
145,475,772
  
  Money Market Funds
    
25,143,690
      
–
      
–
      
25,143,690
  
Total Investments
  
$
84,972,685
    
$
145,475,772
    
$
–
    
$
230,448,457
  
   
During the period ended September 30, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classifications of investments.