Number
of Shares

Value

COMMON STOCKS — 80.1%

COMMUNICATIONS — 3.1%

375,043

Auto Trader Group PLC1

2,484,398

51,214

Booking Holdings, Inc.*

9,128,383

425,388

Comcast Corp.

10,443,275

244,335

Fox Corp.

12,744,514

3,777,000

HKT Trust and HKT, Ltd.1

5,615,856

460,632

Informa PLC1

5,528,039

897,344

Koninklijke KPN NV1

4,427,929

401,039

Pearson PLC1

6,366,053

254,301

Tele2 AB1

4,431,411

61,169,858

CONSUMER DISCRETIONARY — 6.1%

47,031

Amadeus IT Group SA1

2,746,599

138,896

Aristrocrat Leisure, Ltd.1

5,895,837

127,481

Buckle, Inc.

5,379,698

120,094

Bunzl PLC

4,192,080

678,188

Copart, Inc.*

19,118,120

15,326

Dillard's, Inc.

8,098,565

117,741

Industria de Diseno Textil SA1

7,419,885

29,744

InterContinental Hotels Group PLC1

5,123,404

221,485

Lottomatica Group SPA1

6,153,339

4,605

NVR, Inc.*

31,375,707

122,500

Open House Group Co., Ltd.1

6,389,371

16,530

Pool Corp.

3,552,297

162,425

Signet Jewelers, Ltd.

14,001,035

119,445,937

CONSUMER STAPLES — 2.5%

112,048

British American Tobacco PLC1

6,955,430

34,749

Canadian Tire Corporation, Ltd.1

4,784,647

62,584

Danone1

5,133,162

70,716

Empire Company, Ltd.1

2,475,745

190,386

Glanbia PLC1

5,324,167

320,312

Haleon PLC1

1,478,190

41,687

Kerry Group PLC1

3,829,541

10,987

Philip Morris International, Inc.

1,987,658

60,614

Reckitt Benckiser Group PLC1

3,950,894

28,234

Salmar ASA1

1,321,610

1,238,932

Tesco PLC1

7,542,732

79,400

Toyo Suisan Kaisha, Ltd.1

5,073,490

49,857,266

Number
of Shares

Value

COMMON STOCKS (Continued)

ENERGY — 3.8%

14,760

Gaztransport ET Technigaz SA1

3,137,083

124,650

HF Sinclair Corp.

8,681,873

97,435

Landbridge Company LLC

7,720,749

46,664

Marathon Petroleum Corp.

11,930,585

161,652

Shell PLC1

6,292,825

15,948

Texas Pacific Land Corp.

6,979,483

61,257

TotalEnergies SE1

4,764,490

47,550

Valero Energy Corp.

12,383,922

163,859

Weatherford International PLC

13,354,508

75,245,518

FINANCIALS — 14.7%

312,200

AIA Group, Ltd.1

2,844,497

753,561

AIB Group PLC1

8,852,389

191,159

Arch Capital Group, Ltd.*

18,553,893

165,147

AXA SA1

8,279,432

131,574

Bank Leumi Le-Israel1

2,937,998

39,774

BAWAG Group AG1

7,971,525

656,100

BOC Aviation, Ltd.1

6,797,728

455,731

Brown & Brown, Inc.

29,235,144

36,182

Hingham Institution for Savings

11,113,301

204,995

IG Group Holdings PLC1

4,946,404

64,968

KBC Group NV1

8,861,356

46,148

Kinsale Capital Group, Inc.

15,220,072

39,065

London Stock Exchange Group PLC1

4,231,915

756,306

Medibank Private, Ltd.1

2,604,125

396,900

Mitsubishi UFJ Financial Group, Inc.1

7,831,769

760,512

NatWest Group PLC1

6,732,624

87,986

NN Group N.V.1

7,711,567

321,074

Nordea Bank Abp1

6,092,615

481,700

Oversea-Chinese Banking Corporation, Ltd.1

9,232,164

75,874

Phoenix Financial, Ltd.1

4,191,666

96,489

Primerica, Inc.

27,422,174

335,500

RLI Corp.

19,817,985

19,275

Royal Bank of Canada1

3,989,908

122,008

Scorpio Tankers, Inc.

8,450,274

289,400

Shizuoka Financial Group, Inc.1

5,386,464

200,300

Singapore Exchange, Ltd.1

3,728,961

196,400

Sumitomo Mitsui Financial Group, Inc.1

7,668,693

396,829

Suncorp Group Ltd.

5,303,267

128,711

Teekay Tankers, Ltd.

8,349,483

61,950

Toronto Dominion Bank1

7,529,627

376,445

Tryg A/S1

8,573,365

Number
of Shares

Value

COMMON STOCKS (Continued)

FINANCIALS (Continued)

84,816

UniCredit SPA1

7,588,883

288,051,268

HEALTH CARE — 7.6%

44,615

AstraZeneca PLC1

8,349,347

94,200

Chugai Pharmaceutical Co., Ltd.1

4,366,730

35,445

Elevance Health, Inc.

13,707,645

48,306

Fresenius SE & Co KGaA1

2,207,473

18,594

Galenica AG1

1,943,190

43,464

Humana, Inc.

17,264,770

40,640

IDEXX Laboratories, Inc.*

21,394,521

194,917

Lantheus Holdings, Inc.*

21,624,092

86,771

Molina Healthcare, Inc.*

19,844,528

64,197

Novartis AG1

10,073,831

21,016

Roche Holding AG1

8,670,582

192,000

Takeda Pharmaceutical Co., Ltd.1

6,089,894

25,107

United Therapeutics Corp.*

13,603,726

149,140,329

INDUSTRIALS — 20.5%

83,985

ABB, Ltd.1

9,118,461

162,900

Ametek, Inc.

39,412,026

273,326

Amphenol Corp., Class A

48,192,840

360,937

BAE Systems PLC1

8,833,744

216,197

Canadian Pacific Kansas City

18,733,470

219,855

Compass Group PLC1

7,101,316

415,981

Fastenal Company

19,979,567

111,154

Gentex Corp.

2,808,862

565,447

Graco, Inc.

42,753,448

283,075

HEICO Corp., Class A

73,007,883

205,300

Hitachi, Ltd.1

5,647,724

75,683

Old Dominion Freight Line, Inc.

16,392,938

61,433

Prysmian SPA1

10,258,019

83,611

RBC Bearings, Inc.*

53,850,501

192,194

RELX PLC1

6,035,414

170,457

Ryanair Holdings PLC1

5,330,064

20,066

Safran SA1

7,914,803

33,090

Schneider Electric SE1

10,797,196

67,503

Stantec, Inc.1

4,654,198

39,382

Vinci SA1

5,754,252

158,701

Weir Group PLC1

5,063,684

401,640,410

Number
of Shares

Value

COMMON STOCKS (Continued)

MATERIALS — 6.7%

67,768

Anglo American PLC1

3,325,268

113,976

CF Industries Holdings, Inc.

12,339,042

135,243

Core Natural Resources, Inc.

10,822,145

64,564

Linde PLC1

33,504,842

158,727

LyondellBasell Industries - Class A

8,356,976

42,381

Martin Marietta Materials, Inc.

24,441,123

8,700

Nissan Chemical Corp.1

453,562

28,795

Rio Tinto, Ltd.1

3,441,432

85,000

Simpson Manufacturing Co, Inc.

17,794,750

13,540

Vulcan Materials Co.

3,994,435

149,253

Warrior Met Coal, Inc.

12,113,373

130,586,948

REAL ESTATE — 0.3%

630,300

Mitsui Fudosan Co, Ltd.1

5,813,381

TECHNOLOGY — 14.0%

14,057

Applied Materials, Inc.

10,163,211

9,413

ASML Holding NV1

18,525,507

97,600

BIPROGY, Inc.1

2,563,633

67,963

Cisco Systems, Inc.

7,982,934

49,719

Euronext NV1

7,958,123

75,749

Gartner, Inc.*

9,818,585

569,075

HP, Inc.

12,485,506

65,099

Intel Corp.

9,089,773

32,385

Interdigital, Inc.

9,169,165

34,813

KLA Corp.

10,503,430

23,957

Lam Research Corp.

10,381,287

9,035

Micron Technology, Inc.

10,429,010

45,386

Moody's Corp.

20,556,227

41,636

MSCI, Inc.

23,317,826

23,780

NICE, Ltd.*

2,160,413

151,600

OBIC Co., Ltd.1

3,566,016

26,011

SAP SE1

3,984,943

304,300

Sony Group Corp.1

6,141,234

29,037

Taiwan Semiconductor Manufacturing Co., Ltd. SP ADR

13,867,200

63,651

Teledyne Technologies, Inc.*

42,448,852

53,663

Tyler Technologies, Inc.*

15,694,281

136,771

Veeva Systems, Inc. - Class A*

24,272,749

275,079,905

UTILITIES — 0.8%

691,077

Enel SPA1

7,943,750

Number
of Shares

Value

COMMON STOCKS (Continued)

UTILITIES (Continued)

455,823

National Grid PLC1

7,550,284

15,494,034

TOTAL COMMON STOCKS

(Cost $1,146,826,531)

1,571,524,854

INVESTMENT FUNDS — 14.2%

HWC Long Onshore Fund, LP2,*

278,502,064

TOTAL INVESTMENT FUNDS

(Cost $266,500,000)

278,502,064

TOTAL INVESTMENTS — 94.3%

1,850,026,918

CASH EQUIVALENTS — 9.6%

Fidelity Investments Money Market Treasury Portfolio — Class I, 3.55%3

189,075,647

TOTAL CASH EQUIVALENTS

189,075,647

TOTAL INVESTMENTS AND CASH EQUIVALENTS — 103.9%

(Cost $1,413,326,531)

2,039,102,565

Liabilities in Excess of Other Assets — (3.9)%

(77,046,519

TOTAL NET ASSETS — 100.0%

1,962,056,046

PLC

– Public Limited Company

SA

– Société Anonyme

LLC

– Limited Liability Company

SE

– Societas Europea

ADR

– American Depository Receipt

SP ADR

– Sponsored American Depository Receipt

LP

– Limited Partnership

1

Foreign security denominated in U.S. Dollars.

2

Partnership is not designated in units. The Fund owns approximately 30.91% of HWC Long Master Fund, LP through its investment in HWC Long Onshore Fund, LP, which invests substantially all of its assets in HWC Long Master Fund, LP, and has contractually waived its right to vote its interests.

3

The rate is the annualized seven-day yield at period end.

*

Non-income producing security.

Security

Redemption Permitted

Acquisition Date

Investment Strategy

Redemption Notice Period

    HWC Long Onshore Fund, LP

Quarterly

       5/1/2024

Long-Only Equities^a

45 Days