NPORT-EX 2 palmvalley.htm

Palm Valley Capital Fund
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 13.6%
Shares
  
Value
  
All Other Miscellaneous Manufacturing - 0.5%
        
Helen of Troy Ltd. (a)
    
21,324
    
$
1,318,889
  
                 
Animal Slaughtering and Processing - 1.6%
          
WH Group Ltd. - ADR
    
289,729
      
4,537,156
  
                 
Clothing and Clothing Accessories Retailers - 1.0%
          
Carter's, Inc.
    
46,174
      
3,000,386
  
                 
Computer Systems Design and Related Services - 2.5%
          
Amdocs Ltd.
    
83,093
      
7,268,976
  
                 
Electric Power Generation - 1.0%
          
Avista Corp.
    
75,436
      
2,923,145
  
                 
Fruit and Vegetable Canning, Pickling, and Drying - 1.7%
          
Lassonde Industries, Inc. - Class A
    
38,395
      
5,031,989
  
                 
Household and Institutional Furniture Manufacturing - 0.4%
          
Hooker Furnishings Corp.
    
67,281
      
1,216,440
  
 
Lessors of Other Real Estate Property- 0.7%
                
Farmland Partners, Inc.
    
193,209
      
2,019,034
  
                 
Management Consulting Services - 0.8%
          
Resources Connection, Inc.
    
243,731
      
2,364,191
  
                 
Natural Gas Distribution - 1.5%
          
Northwest Natural Holding Co.
    
105,297
      
4,298,224
  
                 
Other Insurance Related Activities - 0.0%(b)
          
Crawford & Co. - Class A
    
9,637
      
105,718
  
                 
Temporary Help Services - 1.9%
          
ManpowerGroup, Inc.
    
23,662
      
1,739,630
  
TrueBlue, Inc. (a)
    
466,521
      
3,680,851
  
             
5,420,481
  
TOTAL COMMON STOCKS (Cost $36,458,215)
      
39,504,629
  
                 
EXCHANGE TRADED FUNDS - 4.8%
Shares
  
Value
  
Sprott Physical Gold Trust (a)
    
279,666
      
5,699,593
  
Sprott Physical Silver Trust (a)
    
809,478
      
8,459,045
  
TOTAL EXCHANGE TRADED FUNDS (Cost $10,308,344)
      
14,158,638
  
                 
SHORT-TERM INVESTMENTS - 81.7%
                
Money Market Funds - 9.4%
Shares
          
First American Treasury Obligations Fund - Class X, 4.79% (c)
    
27,312,902
      
27,312,902
  
                 
U.S. Treasury Bills - 72.3%
Par
          
5.36%, 10/17/2024 (d)
    
58,526,000
      
58,403,811
  
5.36%, 11/29/2024 (d)
    
46,067,000
      
45,713,572
  
5.20%, 01/09/2025 (d)
    
56,255,000
      
55,561,149
  
4.86%, 02/20/2025 (d)
    
51,934,000
      
51,047,252
  
             
210,725,784
  
TOTAL SHORT-TERM INVESTMENTS (Cost $237,827,698)
      
238,038,686
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $284,594,257)
      
291,701,953
  
Liabilities in Excess of Other Assets - (0.1)%
      
(330,657
)
TOTAL NET ASSETS - 100.0%
          
$
291,371,296
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
(d)
The rate shown is the effective yield as of September 30, 2024.
Investment Valuation
 
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.
 
Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter (“OTC”) market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. 
 
Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service (“Pricing Service”). These securities are categorized in Level 2 of the fair value hierarchy. 
 
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. 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 profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy. 
 
Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. 
 
Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are typically valued at their reported NAV per share. To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy. 
 
The Board of Trustees (the "Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Palm Valley Capital Management as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:
 
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 would be based on the best information available.
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of September 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
39,504,629
    
$
–
    
$
–
    
$
39,504,629
  
  Exchange Traded Funds
    
14,158,638
      
–
      
–
      
14,158,638
  
  Money Market Funds
    
27,312,902
      
–
      
–
      
27,312,902
  
  U.S. Treasury Bills
    
–
      
210,725,784
      
–
      
210,725,784
  
Total Investments
  
$
80,976,169
    
$
210,725,784
    
$
–
    
$
291,701,953
  
   
For the period ended September 30, 2024, there were no transfers into or out of Level 3 securities. Refer to the Schedule of Investments for further information on the classification of investments.