Beck
Mack
+
Oliver
Partners
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
December
31,
2023
1
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
December
31,
2023.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
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.
Shares
Security
Description
Value
Common
Stock
-
99.6%
Communication
Services
-
8.4%
26,000
Alphabet,
Inc.,
Class C
(a)
$
3,664,180
140,000
Warner
Bros
Discovery,
Inc.
(a)
1,593,200
5,257,380
Consumer
Discretionary
-
3.5%
12,000
Hilton
Worldwide
Holdings,
Inc.
2,185,080
Energy
-
3.0%
70,000
Enterprise
Products
Partners
LP
1,844,500
Financials
-
43.5%
51,000
Apollo
Global
Management,
Inc.
4,752,690
13,000
Arthur
J
Gallagher
&
Co.
2,923,440
37,000
Blackstone,
Inc.,
Class A
4,844,040
6,000
Credit
Acceptance
Corp.
(a)
3,196,380
12,000
Enstar
Group,
Ltd.
(a)
3,532,200
23,000
Fiserv,
Inc.
(a)
3,055,320
8,000
JPMorgan
Chase
&
Co.
1,360,800
2,700
Mastercard,
Inc.,
Class A
1,151,577
35,000
The
Charles
Schwab
Corp.
2,408,000
27,224,447
Health
Care
-
14.5%
11,000
Abbott
Laboratories
1,210,770
45,000
Fortrea
Holdings,
Inc.
(a)
1,570,500
9,000
Laboratory
Corp.
of
America
Holdings
2,045,610
80,000
RadNet,
Inc.
(a)
2,781,600
4,500
Waters
Corp.
(a)
1,481,535
9,090,015
Industrials
-
14.0%
43,000
Ashtead
Group
PLC
3,031,500
11,000
Ferguson
PLC
2,123,770
30,000
Rush
Enterprises,
Inc.,
Class A
1,509,000
70,000
Zurn
Elkay
Water
Solutions
Corp.
2,058,700
8,722,970
Information
Technology
-
8.6%
16,000
CoStar
Group,
Inc.
(a)
1,398,240
10,500
Microsoft
Corp.
3,948,420
5,346,660
Materials
-
2.2%
4,500
The
Sherwin-Williams
Co.
1,403,550
Real
Estate
-
1.9%
130,000
Tricon
Residential,
Inc.
1,183,000
Total
Common
Stock
(Cost
$33,423,926)
62,257,602
Shares
Security
Description
Value
Money
Market
Fund
-
0.4%
266,732
First
American
Government
Obligations
Fund,
Class X,
5.30%
(b)
(Cost
$266,732)
$
266,732
Investments,
at
value
-
100.0%
(Cost
$33,690,658)
$
62,524,334
Other
Assets
&
Liabilities,
Net
-
0.0%
12,112
Net
Assets
-
100.0%
$
62,536,446
LP
Limited
Partnership
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2023.
Beck
Mack
+
Oliver
Partners
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
December
31,
2023
2
The
Level
1
value
displayed
in
this
table
includes
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
62,524,334
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
62,524,334