The Olstein All Cap Value Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 90.8% | Shares | Value | ||||||
Advertising Agencies - 1.5% | ||||||||
Omnicom Group, Inc. | 90,000 | $ | 8,708,400 | |||||
Aerospace & Defense - 3.5% | ||||||||
General Dynamics Corporation | 11,000 | 3,107,390 | ||||||
L3Harris Technologies, Inc. | 40,000 | 8,524,000 | ||||||
RTX Corporation (a) | 90,000 | 8,777,700 | ||||||
20,409,090 | ||||||||
Air Delivery & Freight Services - 2.8% | ||||||||
FedEx Corporation | 27,000 | 7,822,980 | ||||||
United Parcel Service, Inc. - Class B | 58,000 | 8,620,540 | ||||||
16,443,520 | ||||||||
Airlines - 2.8% | ||||||||
Delta Air Lines, Inc. | 168,000 | 8,042,160 | ||||||
Southwest Airlines Company | 270,000 | 7,881,300 | ||||||
15,923,460 | ||||||||
Auto Components - 0.6% | ||||||||
Aptiv PLC (b) | 42,000 | 3,345,300 | ||||||
Auto Manufacturers - 1.4% | ||||||||
General Motors Company | 180,607 | 8,190,527 | ||||||
Automobiles - 0.5% | ||||||||
Winnebago Industries, Inc.(a) | 39,500 | 2,923,000 | ||||||
Building Products - 0.7% | ||||||||
Carrier Global Corporation (a) | 73,000 | 4,243,490 | ||||||
Capital Markets - 1.2% | ||||||||
Goldman Sachs Group, Inc. | 16,000 | 6,683,040 | ||||||
Chemicals - 4.1% | ||||||||
Corteva, Inc. | 157,000 | 9,054,190 | ||||||
Eastman Chemical Company | 54,000 | 5,411,880 | ||||||
International Flavors & Fragrances, Inc.(a) | 108,000 | 9,286,920 | ||||||
23,752,990 | ||||||||
Commercial Banks - 6.1% | ||||||||
Citizens Financial Group, Inc. | 245,217 | 8,898,925 | ||||||
Fifth Third Bancorp (a) | 242,000 | 9,004,820 | ||||||
U.S. Bancorp | 215,660 | 9,640,002 | ||||||
Wells Fargo & Company | 130,000 | 7,534,800 | ||||||
35,078,547 | ||||||||
Commercial Services - 0.9% | ||||||||
Moody's Corporation | 6,500 | 2,554,695 | ||||||
S&P Global, Inc. | 6,500 | 2,765,425 | ||||||
5,320,120 | ||||||||
Commercial Services & Supplies - 2.8% | ||||||||
ABM Industries, Inc. | 225,953 | 10,082,023 | ||||||
Korn Ferry | 90,414 | 5,945,624 | ||||||
16,027,647 | ||||||||
Communications Equipment - 1.5% | ||||||||
Cisco Systems, Inc. | 176,000 | 8,784,160 | ||||||
Computers - 0.4% | ||||||||
Apple, Inc. | 14,500 | 2,486,460 | ||||||
Consumer Finance - 2.1% | ||||||||
American Express Company | 18,500 | 4,212,265 | ||||||
Equifax, Inc. (a) | 10,000 | 2,675,200 | ||||||
MasterCard, Inc. - Class A | 5,093 | 2,452,636 | ||||||
Visa, Inc. - Class A (a) | 10,500 | 2,930,340 | ||||||
12,270,441 | ||||||||
Consumer Staples Distribution & Retail - 1.3% | ||||||||
Target Corporation | 41,000 | 7,265,610 | ||||||
Distributors - 1.4% | ||||||||
LKQ Corporation | 147,619 | 7,884,331 | ||||||
Diversified Financial Services - 2.0% | ||||||||
Berkshire Hathaway, Inc. - Class B (b) | 13,500 | 5,677,020 | ||||||
Invesco Ltd. | 358,996 | 5,955,744 | ||||||
11,632,764 | ||||||||
E-Commerce - 1.0% | ||||||||
eBay, Inc. | 111,784 | 5,899,960 | ||||||
Electronic Equipment, Instruments & Components - 0.9% | ||||||||
Vontier Corporation | 111,600 | 5,062,176 | ||||||
Electronics - 1.8% | ||||||||
Sensata Technologies Holding PLC | 282,500 | 10,379,050 | ||||||
Energy Equipment & Services - 1.4% | ||||||||
Schlumberger Ltd. | 149,000 | 8,166,690 | ||||||
Entertainment - 1.3% | ||||||||
Warner Bros Discovery, Inc. (a)(b) | 849,000 | 7,411,770 | ||||||
Food & Drug Retailers - 1.8% | ||||||||
CVS Health Corporation | 129,000 | 10,289,040 | ||||||
Food Products - 0.5% | ||||||||
Hormel Foods Corporation | 84,000 | 2,930,760 | ||||||
Health Care Equipment & Supplies - 6.7% | ||||||||
Baxter International, Inc. | 222,000 | 9,488,280 | ||||||
Becton, Dickinson and Company | 27,000 | 6,681,150 | ||||||
Hologic, Inc. (b) | 92,000 | 7,172,320 | ||||||
Medtronic PLC | 102,000 | 8,889,300 | ||||||
Zimmer Biomet Holdings, Inc. (a) | 50,600 | 6,678,188 | ||||||
38,909,238 | ||||||||
Health Care Providers & Services - 3.2% | ||||||||
Quest Diagnostics Inc. | 67,000 | 8,918,370 | ||||||
UnitedHealth Group, Inc. | 14,500 | 7,173,150 | ||||||
Universal Health Services, Inc. - Class B | 12,000 | 2,189,520 | ||||||
18,281,040 | ||||||||
Hotels, Restaurants & Leisure - 0.9% | ||||||||
Denny's Corporation(b) | 563,400 | 5,048,064 | ||||||
Household Durables - 1.3% | ||||||||
Mohawk Industries, Inc.(b) | 59,250 | 7,755,232 | ||||||
Household Products - 2.2% | ||||||||
Kimberly-Clark Corporation | 48,000 | 6,208,800 | ||||||
Reynolds Consumer Products, Inc. | 227,950 | 6,510,252 | ||||||
12,719,052 | ||||||||
Industrial Equipment Wholesale - 1.4% | ||||||||
WESCO International, Inc. | 47,550 | 8,144,364 | ||||||
Insurance - 2.5% | ||||||||
Travelers Companies, Inc. | 31,000 | 7,134,340 | ||||||
Willis Towers Watson PLC | 26,500 | 7,287,500 | ||||||
14,421,840 | ||||||||
Interactive Media & Services - 0.5% | ||||||||
Meta Platforms, Inc. - Class A | 6,500 | 3,156,270 | ||||||
Internet Software & Services - 1.0% | ||||||||
Alphabet, Inc. - Class C (b) | 38,000 | 5,785,880 | ||||||
IT Services - 3.0% | ||||||||
Fidelity National Information Services, Inc. | 99,000 | 7,343,820 | ||||||
SS&C Technologies Holdings, Inc. | 155,483 | 10,008,441 | ||||||
17,352,261 | ||||||||
Machinery - 6.4% | ||||||||
Cummins, Inc. | 23,500 | 6,924,275 | ||||||
Deere & Company | 20,500 | 8,420,170 | ||||||
Dover Corporation | 31,000 | 5,492,890 | ||||||
Fortive Corporation | 49,059 | 4,220,055 | ||||||
Middleby Corporation (b) | 29,000 | 4,662,910 | ||||||
Stanley Black & Decker, Inc. | 72,000 | 7,050,960 | ||||||
36,771,260 | ||||||||
Materials - 0.6% | ||||||||
Axalta Coating Systems Ltd.(b) | 98,905 | 3,401,343 | ||||||
Media - 3.2% | ||||||||
Comcast Corporation - Class A | 90,000 | 3,901,500 | ||||||
Walt Disney Company | 119,000 | 14,560,840 | ||||||
18,462,340 | ||||||||
Pharmaceuticals - 2.9% | ||||||||
Avantor, Inc. (b) | 294,184 | 7,522,285 | ||||||
Johnson & Johnson | 60,000 | 9,491,400 | ||||||
17,013,685 | ||||||||
Real Estate Management & Development - 2.5% | ||||||||
CBRE Group, Inc. - Class A (b) | 80,000 | 7,779,200 | ||||||
Jones Lang LaSalle, Inc. | 35,956 | 7,014,656 | ||||||
14,793,856 | ||||||||
Restaurants - 2.1% | ||||||||
Cracker Barrel Old Country Store, Inc. (a) | 64,996 | 4,727,159 | ||||||
Dine Brands Global, Inc. | 159,600 | 7,418,208 | ||||||
12,145,367 | ||||||||
Semiconductors & Semiconductor Equipment - 2.1% | ||||||||
Kulicke and Soffa Industries, Inc. (a) | 154,000 | 7,747,740 | ||||||
Texas Instruments, Inc. | 26,500 | 4,616,565 | ||||||
12,364,305 | ||||||||
Software - 0.5% | ||||||||
Microsoft Corporation | 7,000 | 2,945,040 | ||||||
Telecommunications - 1.5% | ||||||||
Corning, Inc. | 257,000 | 8,470,720 | ||||||
TOTAL COMMON STOCKS (Cost $436,328,512) | 525,453,500 | |||||||
SHORT-TERM INVESTMENTS - 8.8% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 8.8% | Shares | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (c) | 50,852,502 | 50,852,502 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $50,852,502) | 50,852,502 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $487,181,014) | $ | 576,306,002 | ||||||
Money Market Deposit Account - 8.4% (d) | 48,514,827 | |||||||
Liabilities in Excess of Other Assets - (8.0)% | (46,137,755 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 578,683,074 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $49,997,749 which represented 8.6% of net assets. |
(b) | Non-income producing security. |
(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 All Cap Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 525,453,500 | – | – | $ | 525,453,500 | ||||||||||
Investments Purchased with Proceeds from Securities Lending (a) | 50,852,502 | – | – | 50,852,502 | ||||||||||||
Total Assets | $ | 576,306,002 | – | – | $ | 576,306,002 |
(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.