Schedule of Investments - March 31, 2024
|
||||||||||||
HW Opportunities MP Fund (Unaudited)
|
||||||||||||
Shares
|
||||||||||||
COMMON STOCKS - 94.56%
|
Held
|
Value
|
||||||||||
COMMUNICATION SERVICES - 13.69%
|
||||||||||||
Interactive Media & Services - 3.19%
|
||||||||||||
Alphabet, Inc. (a)
|
13,480
|
$
|
2,034,536
|
|||||||||
Media - 10.50%
|
||||||||||||
Comcast Corp.
|
16,300
|
706,605
|
||||||||||
National CineMedia, Inc. (a)
|
177,800
|
915,670
|
||||||||||
Stagwell, Inc. (a)
|
675,480
|
4,201,486
|
||||||||||
WPP PLC - ADR
|
18,500
|
876,900
|
||||||||||
6,700,661
|
||||||||||||
TOTAL COMMUNICATION SERVICES
|
8,735,197
|
|||||||||||
CONSUMER DISCRETIONARY - 5.63%
|
||||||||||||
Automobiles - 0.96%
|
||||||||||||
General Motors Company
|
13,510
|
612,679
|
||||||||||
Broadline Retail - 0.50%
|
||||||||||||
Articore Group Ltd. (a) (v)
|
884,900
|
318,758
|
||||||||||
Hotels, Restaurants & Leisure - 4.17%
|
||||||||||||
Entain PLC (v)
|
56,700
|
568,983
|
||||||||||
Lottomatica Group SpA (a)
|
57,000
|
683,205
|
||||||||||
Marriott Vacations Worldwide Corp.
|
13,100
|
1,411,263
|
||||||||||
2,663,451
|
||||||||||||
TOTAL CONSUMER DISCRETIONARY
|
3,594,888
|
|||||||||||
CONSUMER STAPLES - 0.37%
|
||||||||||||
Tobacco - 0.37%
|
||||||||||||
Philip Morris International, Inc.
|
2,600
|
238,212
|
||||||||||
TOTAL CONSUMER STAPLES
|
238,212
|
|||||||||||
ENERGY - 11.30%
|
||||||||||||
Energy Equipment & Services - 3.74%
|
||||||||||||
Baker Hughes Company
|
22,400
|
750,400
|
||||||||||
NOV, Inc.
|
83,700
|
1,633,824
|
||||||||||
2,384,224
|
||||||||||||
Oil, Gas & Consumable Fuels - 7.56%
|
||||||||||||
APA Corp.
|
40,300
|
1,385,514
|
||||||||||
Berry Corp.
|
173,500
|
1,396,675
|
||||||||||
Kosmos Energy Ltd. (a)
|
342,900
|
2,043,684
|
||||||||||
4,825,873
|
||||||||||||
TOTAL ENERGY
|
7,210,097
|
|||||||||||
FINANCIALS - 15.35%
|
||||||||||||
Banks - 5.29%
|
||||||||||||
Citigroup, Inc.
|
12,200
|
771,528
|
||||||||||
Citizens Financial Group, Inc.
|
13,830
|
501,891
|
||||||||||
Popular, Inc.
|
15,020
|
1,323,111
|
||||||||||
Wells Fargo & Company
|
13,480
|
781,301
|
||||||||||
3,377,831
|
||||||||||||
Capital Markets - 2.83%
|
||||||||||||
The Bank of New York Mellon Corp.
|
7,400
|
426,388
|
||||||||||
Evercore, Inc.
|
3,900
|
751,101
|
||||||||||
The Goldman Sachs Group, Inc.
|
100
|
41,769
|
||||||||||
Morgan Stanley
|
6,200
|
583,792
|
||||||||||
1,803,050
|
||||||||||||
Consumer Finance - 2.45%
|
||||||||||||
Discover Financial Services
|
1,200
|
157,308
|
||||||||||
SLM Corp.
|
64,608
|
1,407,808
|
||||||||||
1,565,116
|
||||||||||||
Financial Services - 1.69%
|
||||||||||||
Fidelity National Information Services, Inc.
|
14,500
|
1,075,610
|
||||||||||
Insurance - 3.09%
|
||||||||||||
Enstar Group Ltd. (a)
|
4,400
|
1,367,344
|
||||||||||
Global Indemnity Group LLC
|
19,754
|
603,090
|
||||||||||
1,970,434
|
||||||||||||
TOTAL FINANCIALS
|
9,792,041
|
|||||||||||
HEALTH CARE - 3.44%
|
||||||||||||
Health Care Equipment & Supplies - 2.53%
|
||||||||||||
GE HealthCare Technologies, Inc.
|
7,600
|
690,916
|
||||||||||
Medtronic PLC
|
10,600
|
923,790
|
||||||||||
1,614,706
|
||||||||||||
Health Care Providers & Services - 0.91%
|
||||||||||||
Elevance Health, Inc.
|
590
|
305,939
|
||||||||||
Humana, Inc.
|
800
|
277,376
|
||||||||||
583,315
|
||||||||||||
TOTAL HEALTH CARE
|
2,198,021
|
|||||||||||
INDUSTRIALS - 33.22%
|
||||||||||||
Aerospace & Defense - 4.72%
|
||||||||||||
Babcock International Group PLC (v)
|
458,970
|
3,012,044
|
||||||||||
Air Freight & Logistics - 1.77%
|
||||||||||||
International Distributions Services PLC (a) (v)
|
390,650
|
1,129,139
|
||||||||||
Construction & Engineering - 1.81%
|
||||||||||||
Fluor Corp. (a)
|
27,400
|
1,158,472
|
||||||||||
Ground Transportation - 3.81%
|
||||||||||||
U-Haul Holding Company
|
36,450
|
2,430,486
|
||||||||||
Industrial Conglomerates - 9.75%
|
||||||||||||
Siemens AG (v)
|
18,600
|
3,551,475
|
||||||||||
Siemens AG - ADR
|
28,000
|
2,672,040
|
||||||||||
6,223,515
|
||||||||||||
Passenger Airlines - 3.61%
|
||||||||||||
Qantas Airways Ltd. (a) (v)
|
648,470
|
2,302,153
|
||||||||||
Professional Services - 7.75%
|
||||||||||||
Hudson Global, Inc. (a)
|
2,250
|
39,713
|
||||||||||
Korn Ferry
|
32,500
|
2,137,200
|
||||||||||
Randstad NV (v)
|
52,400
|
2,767,023
|
||||||||||
4,943,936
|
||||||||||||
TOTAL INDUSTRIALS
|
21,199,745
|
|||||||||||
INFORMATION TECHNOLOGY - 4.54%
|
||||||||||||
Communications Equipment - 0.89%
|
||||||||||||
Telefonaktiebolaget LM Ericsson - ADR
|
102,900
|
566,979
|
||||||||||
Electronic Equipment, Instruments & Components - 2.99%
|
||||||||||||
Arrow Electronics, Inc. (a)
|
14,750
|
1,909,535
|
||||||||||
Semiconductors & Semiconductor Equipment - 0.55%
|
||||||||||||
Micron Technology, Inc.
|
3,000
|
353,670
|
||||||||||
Software - 0.11%
|
||||||||||||
Microsoft Corp.
|
160
|
67,315
|
||||||||||
TOTAL INFORMATION TECHNOLOGY
|
2,897,499
|
|||||||||||
MATERIALS - 7.02%
|
||||||||||||
Chemicals - 7.02%
|
||||||||||||
Ecovyst, Inc. (a)
|
214,400
|
2,390,560
|
||||||||||
Olin Corp.
|
35,500
|
2,087,400
|
||||||||||
TOTAL MATERIALS
|
4,477,960
|
|||||||||||
Total common stocks (Cost $52,446,744)
|
60,343,660
|
|||||||||||
PREFERRED STOCKS - 1.12%
|
||||||||||||
FINANCIALS - 1.12%
|
||||||||||||
Financial Services - 1.12%
|
||||||||||||
Federal Home Loan Mortgage Corp. - Series Z (a)
|
188,800
|
713,664
|
||||||||||
TOTAL FINANCIALS
|
713,664
|
|||||||||||
Total preferred stocks (Cost $443,396)
|
713,664
|
|||||||||||
Contracts
|
||||||||||||
(100 shares
|
Notional
|
|||||||||||
PURCHASED PUT OPTIONS - 1.94%
|
per contract)
|
Amount
|
||||||||||
CONSUMER DISCRETIONARY - 1.06%
|
||||||||||||
Automobiles - 1.06%
|
||||||||||||
Tesla, Inc. (a)
|
||||||||||||
Expiration: June 2024, Exercise Price: $333.33
|
28
|
$
|
492,212
|
437,388
|
||||||||
Expiration: June 2026, Exercise Price: $200.00
|
41
|
720,739
|
236,980
|
|||||||||
TOTAL CONSUMER DISCRETIONARY
|
674,368
|
|||||||||||
FINANCIALS - 0.55%
|
||||||||||||
Investment Companies - 0.55%
|
||||||||||||
iShares China Large-Cap ETF (a)
|
||||||||||||
Expiration: January 2025, Exercise Price: $29.85
|
380
|
914,660
|
227,050
|
|||||||||
iShares U.S. Real Estate ETF (a)
|
||||||||||||
Expiration: January 2026, Exercise Price: $70.00
|
400
|
3,596,000
|
120,800
|
|||||||||
TOTAL FINANCIALS
|
347,850
|
|||||||||||
INFORMATION TECHNOLOGY - 0.33%
|
||||||||||||
Software - 0.33%
|
||||||||||||
Alteryx, Inc. (a)
|
||||||||||||
Expiration: April 2024, Exercise Price: $40.00
|
300
|
0
|
0
|
|||||||||
Expiration: April 2024, Exercise Price: $30.00
|
110
|
0
|
0
|
|||||||||
Asana, Inc. (a)
|
||||||||||||
Expiration: January 2025, Exercise Price: $30.00
|
140
|
216,860
|
213,500
|
|||||||||
TOTAL INFORMATION TECHNOLOGY
|
213,500
|
|||||||||||
Total purchased put options (Cost $1,573,768)
|
1,235,718
|
|||||||||||
Total long-term investments (Cost $54,463,908)
|
62,293,042
|
|||||||||||
Principal
|
||||||||||||
SHORT-TERM INVESTMENTS - 1.00%
|
Amount
|
|||||||||||
Time Deposits - 1.00%
|
||||||||||||
Citigroup, Inc., 2.85%, 04/02/2024*
|
EUR
|
64,450 |
69,532
|
|||||||||
Citigroup, Inc., 4.68%, 04/01/2024*
|
$
|
569,829
|
569,829
|
|||||||||
Royal Bank of Canada, 4.15%, 04/02/2024*
|
GBP
|
51 |
64
|
|||||||||
Total short-term investments (Cost $638,907)
|
639,425
|
|||||||||||
Total investments - 98.62% (Cost $55,102,815)
|
62,932,467
|
|||||||||||
Other assets in excess of liabilities - 1.38%
|
881,909
|
|||||||||||
Net assets - 100.00%
|
$
|
63,814,376
|
(a)
|
- Non-income producing security.
|
(v)
|
- Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $13,649,575, which represented 21.39% of net assets. See Security Valuation below. |
ADR
|
- American Depositary Receipt
|
EUR
|
- Euro
|
GBP
|
- British Pound
|
*
|
- Invested through a cash management account administered by Brown Brothers Harriman & Co.
|
The Global Industry Classification Standard (GICS®) was developed by MSCI, an independent provider of global indices and
benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for
investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these
levels.
|
|
Level 1 --- Quoted prices in an active market:
|
||||
Common Stocks
|
$
|
46,694,085
|
||
Preferred Stocks
|
713,664
|
|||
Purchased Put Options
|
674,368
|
|||
Level 2 --- Other significant observable market inputs:
|
||||
Common Stocks:
|
||||
Consumer Discretionary
|
887,741
|
|||
Industrials
|
12,761,834
|
|||
Purchased Put Options
|
561,350
|
|||
Time Deposits
|
639,425
|
|||
Level 3 --- Significant unobservable inputs
|
-
|
|||
Total Investments
|
$
|
62,932,467
|