The Olstein Strategic Opportunities Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 95.2% | Shares | Value | ||||||
Auto Components - 2.2% | ||||||||
Miller Industries, Inc. | 39,000 | $ | 1,953,900 | |||||
Auto Manufacturers - 3.9% | ||||||||
Blue Bird Corporation (a) | 92,000 | 3,527,280 | ||||||
Automobiles - 1.5% | ||||||||
Winnebago Industries, Inc. (b) | 17,500 | 1,295,000 | ||||||
Banks - 2.4% | ||||||||
First Hawaiian, Inc. | 98,000 | 2,152,080 | ||||||
Commercial Banks - 7.7% | ||||||||
Citizens Financial Group, Inc. | 80,783 | 2,931,615 | ||||||
Home BancShares, Inc. (b) | 87,000 | 2,137,590 | ||||||
Prosperity Bancshares, Inc. | 28,000 | 1,841,840 | ||||||
6,911,045 | ||||||||
Commercial Services & Supplies - 7.9% | ||||||||
ABM Industries, Inc. | 64,000 | 2,855,680 | ||||||
Brady Corporation - Class A | 37,000 | 2,193,360 | ||||||
Korn Ferry | 30,586 | 2,011,335 | ||||||
7,060,375 | ||||||||
Diversified Financial Services - 2.9% | ||||||||
Invesco Ltd. | 155,950 | 2,587,211 | ||||||
Electronic Equipment, Instruments & Components - 4.4% | ||||||||
Vishay Intertechnology, Inc.(b) | 104,000 | 2,358,720 | ||||||
Vontier Corp. | 34,900 | 1,583,064 | ||||||
3,941,784 | ||||||||
Electronics - 3.8% | ||||||||
Sensata Technologies Holding PLC | 94,500 | 3,471,930 | ||||||
Entertainment - 1.7% | ||||||||
Warner Bros Discovery, Inc.(a)(b) | 175,200 | 1,529,496 | ||||||
Health Care Equipment & Supplies - 2.1% | ||||||||
Zimmer Biomet Holdings, Inc.(b) | 14,400 | 1,900,512 | ||||||
Health Care Products - 3.9% | ||||||||
Integra LifeSciences Holdings Corporation(a)(b) | 100,000 | 3,545,000 | ||||||
Hotels, Restaurants & Leisure - 2.5% | ||||||||
Denny's Corporation(a) | 252,413 | 2,261,621 | ||||||
Household Durables - 6.7% | ||||||||
Central Garden & Pet Company - Class A(a) | 83,000 | 3,064,360 | ||||||
Mohawk Industries, Inc.(a) | 22,750 | 2,977,747 | ||||||
6,042,107 | ||||||||
Household Products - 2.2% | ||||||||
Reynolds Consumer Products, Inc. | 71,050 | 2,029,188 | ||||||
Industrial Equipment Wholesale - 3.3% | ||||||||
WESCO International, Inc. | 17,450 | 2,988,836 | ||||||
Leisure Products - 2.6% | ||||||||
Johnson Outdoors, Inc. - Class A(b) | 51,000 | 2,351,610 | ||||||
Machinery - 13.8% | ||||||||
Douglas Dynamics, Inc. | 44,000 | 1,061,280 | ||||||
Gates Industrial Corporation PLC(a) | 204,000 | 3,612,840 | ||||||
Graham Corporation(a) | 48,000 | 1,309,440 | ||||||
Middleby Corporation(a) | 9,000 | 1,447,110 | ||||||
Shyft Group, Inc. | 285,000 | 3,539,700 | ||||||
Timken Company | 17,000 | 1,486,310 | ||||||
12,456,680 | ||||||||
Materials - 1.5% | ||||||||
Axalta Coating Systems Ltd.(a) | 40,200 | 1,382,478 | ||||||
Pharmaceuticals - 3.1% | ||||||||
Prestige Consumer Healthcare, Inc.(a)(b) | 39,000 | 2,829,840 | ||||||
Professional Services - 1.0% | ||||||||
First Advantage Corp.(b) | 57,000 | 924,540 | ||||||
Real Estate Management & Development - 5.2% | ||||||||
Cushman & Wakefield PLC(a) | 233,000 | 2,437,180 | ||||||
Jones Lang LaSalle, Inc.(a) | 11,680 | 2,278,651 | ||||||
4,715,831 | ||||||||
Restaurants - 5.0% | ||||||||
Cracker Barrel Old Country Store, Inc.(b) | 20,004 | 1,454,891 | ||||||
Dine Brands Global, Inc. | 66,400 | 3,086,272 | ||||||
4,541,163 | ||||||||
Semiconductors & Semiconductor Equipment - 2.6% | ||||||||
Kulicke and Soffa Industries, Inc. | 47,000 | 2,364,570 | ||||||
Transportation Equipment - 1.3% | ||||||||
Wabash National Corporation(b) | 38,000 | 1,137,720 | ||||||
TOTAL COMMON STOCKS (Cost $76,524,836) | 85,901,796 | |||||||
SHORT-TERM INVESTMENTS - 13.0% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 13.0% | Shares | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c) | 11,722,642 | 11,722,642 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,722,642) | 11,722,642 | |||||||
TOTAL INVESTMENTS - 108.2% (Cost $88,247,478) | $ | 97,624,438 | ||||||
Money Market Deposit Account - 4.2%(d) | 3,798,020 | |||||||
Liabilities in Excess of Other Assets - (12.4)% | (11,222,257 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 90,200,201 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $11,498,702 which represented 12.7% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
(d) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.17%. |
Summary of Fair Value Exposure
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 is a summary of the inputs used to value the Fund's securities as of March 31, 2024:
The Olstein Strategic Opportunities Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 85,901,796 | – | – | $ | 85,901,796 | ||||||||||
Investments Purchased with Proceeds from Securities Lending (a) | 11,722,642 | – | – | 11,722,642 | ||||||||||||
Total Assets | $ | 97,624,438 | – | – | $ | 97,624,438 | ||||||||||
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
Refer to the Schedule of Investments for industry classifications.