13D ACTIVIST FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.6% | |||||||
AEROSPACE & DEFENSE - 3.4% | |||||||
157,766 | Mercury Systems, Inc.(a) | $ 5,769,502 | |||||
ASSET MANAGEMENT - 2.8% | |||||||
157,798 | Janus Henderson Group plc | 4,757,610 | |||||
AUTOMOTIVE - 5.8% | |||||||
52,567 | Autoliv, Inc. | 5,792,358 | |||||
283,381 | Dana, Inc. | 4,140,196 | |||||
9,932,554 | |||||||
BIOTECH & PHARMA - 7.1% | |||||||
891,976 | Amarin Corp plc - ADR(a) | 776,019 | |||||
303,468 | Exelixis, Inc.(a) | 7,280,197 | |||||
360,299 | Ironwood Pharmaceuticals, Inc.(a) | 4,121,821 | |||||
12,178,037 | |||||||
CONSTRUCTION MATERIALS - 5.4% | |||||||
62,929 | Knife River Corporation(a) | 4,164,641 | |||||
256,578 | MDU Resources Group, Inc. | 5,080,245 | |||||
9,244,886 | |||||||
ELECTRIC UTILITIES - 3.0% | |||||||
828,806 | Algonquin Power & Utilities Corporation | 5,238,054 | |||||
FOOD - 4.0% | |||||||
165,106 | TreeHouse Foods, Inc.(a) | 6,843,644 | |||||
GAS & WATER UTILITIES - 4.1% | |||||||
110,954 | Southwest Gas Holdings, Inc. | 7,028,936 | |||||
HEALTH CARE FACILITIES & SERVICES - 6.1% | |||||||
133,000 | Catalent, Inc.(a) | 5,975,690 | |||||
128,294 | Fortrea Holdings, Inc.(a) | 4,477,461 | |||||
10,453,151 |
13D ACTIVIST FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.6% (Continued) | |||||||
INTERNET MEDIA & SERVICES - 4.5% | |||||||
72,839 | GoDaddy, Inc., Class A(a) | $ 7,732,588 | |||||
LEISURE FACILITIES & SERVICES - 2.5% | |||||||
150,381 | Bloomin' Brands, Inc. | 4,233,225 | |||||
MEDICAL EQUIPMENT & DEVICES - 2.9% | |||||||
43,207 | Masimo Corporation(a) | 5,064,292 | |||||
PUBLISHING & BROADCASTING - 3.0% | |||||||
431,484 | Pearson plc - ADR | 5,302,938 | |||||
RETAIL - CONSUMER STAPLES - 2.8% | |||||||
34,146 | Dollar Tree, Inc.(a) | 4,850,439 | |||||
RETAIL - DISCRETIONARY - 12.5% | |||||||
25,500 | Asbury Automotive Group, Inc.(a) | 5,736,735 | |||||
125,906 | Bath & Body Works, Inc. | 5,434,103 | |||||
122,377 | Freshpet, Inc.(a) | 10,617,429 | |||||
21,788,267 | |||||||
SEMICONDUCTORS - 4.1% | |||||||
107,871 | Azenta, Inc.(a) | 7,026,717 | |||||
SOFTWARE - 6.6% | |||||||
87,843 | Envestnet, Inc.(a) | 4,349,985 | |||||
57,428 | Wix.com Ltd.(a) | 7,064,793 | |||||
11,414,778 | |||||||
TECHNOLOGY SERVICES - 4.6% | |||||||
44,918 | Insight Enterprises, Inc.(a) | 7,959,020 | |||||
TELECOMMUNICATIONS - 4.9% | |||||||
335,694 | Frontier Communications Parent, Inc.(a) | 8,506,486 | |||||
13D ACTIVIST FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.6% (Continued) | |||||||
TRANSPORTATION & LOGISTICS - 3.3% | |||||||
45,698 | Canadian National Railway Company | $ 5,741,040 | |||||
WHOLESALE - CONSUMER STAPLES - 3.2% | |||||||
120,241 | US Foods Holding Corporation(a) | 5,460,144 | |||||
TOTAL COMMON STOCKS (Cost $129,917,634) | 166,526,308 | ||||||
ESCROW SHARES — 0.0%(b) | |||||||
327,017 | Pershing Square Sparc Holdings Ltd. (a)(c)(d) | – | |||||
81,753 | Pershing Square Tontine Holdings Ltd.(a)(c)(d) | – | |||||
(Cost $0) | – | ||||||
SHORT-TERM INVESTMENTS — 3.3% | |||||||
MONEY MARKET FUNDS - 3.3% | |||||||
5,768,739 | First American Government Obligations Fund, Class X, 5.28% (Cost $5,768,739)(e) | 5,768,739 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $135,686,373) | $ 172,295,047 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% | 86,240 | ||||||
NET ASSETS - 100.0% | $ 172,381,287 |
ADR | - American Depositary Receipt |
LTD | - Limited Company |
PLC | - Public Limited Company |
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
(c) | Illiquid security. The total fair value of the security as of December 31, 2023 was $0, representing 0% of net assets. |
(d) | Valued using unobservable inputs and fair valued by the adviser. Security is Level 3. |
(e) | Rate disclosed is the seven day effective yield as of December 31, 2023. |