ADLER VALUE FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
February 29, 2024 (Unaudited) | ||||
COMMON STOCKS - 77.8% | Shares | Value | ||
Communications - 1.3% | ||||
Cable & Satellite - 1.3% | ||||
Altice USA, Inc. - Class A (a) | 9,000 | $ 26,730 | ||
Comcast Corporation - Class A | 600 | 25,710 | ||
52,440 | ||||
Consumer Discretionary - 8.9% | ||||
E-Commerce Discretionary - 5.3% | ||||
Alibaba Group Holding Ltd. - ADR | 1,500 | 111,045 | ||
Coupang, Inc. (a) | 5,500 | 101,860 | ||
212,905 | ||||
Leisure Facilities & Services - 2.2% | ||||
Domino's Pizza, Inc. | 200 | 89,670 | ||
Retail - Discretionary - 1.4% | ||||
Hertz Global Holdings, Inc. (a) | 7,300 | 57,305 | ||
Consumer Staples - 4.9% | ||||
Retail - Consumer Staples - 2.3% | ||||
Walgreens Boots Alliance, Inc. | 4,400 | 93,544 | ||
Wholesale - Consumer Staples - 2.6% | ||||
Sysco Corporation | 1,300 | 105,261 | ||
Financials - 33.0% | ||||
Banking - 5.5% | ||||
Citigroup, Inc. | 2,200 | 122,078 | ||
Citizens Financial Group, Inc. | 3,200 | 100,448 | ||
222,526 | ||||
Broker-Dealers - 8.5% | ||||
Charles Schwab Corporation (The) | 2,700 | 180,306 | ||
XP, Inc. - Class A | 7,015 | 165,835 | ||
346,141 | ||||
Insurance - 19.0% | ||||
Aflac, Inc. | 2,700 | 217,998 | ||
Equitable Holdings, Inc. | 5,200 | 178,048 |
ADLER VALUE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 77.8% (Continued) | Shares | Value | ||
Financials - 33.0% (Continued) | ||||
Insurance - 19.0% (Continued) | ||||
Jackson Financial, Inc. - Class A | 6,800 | $ 374,340 | ||
770,386 | ||||
Health Care - 12.2% | ||||
Biotech & Pharma - 4.8% | ||||
Bayer AG - ADR | 5,250 | 39,847 | ||
Viatris, Inc. | 12,435 | 153,821 | ||
193,668 | ||||
Health Care Facilities & Services - 5.0% | ||||
Cigna Group (The) | 600 | 201,684 | ||
Medical Equipment & Devices - 2.4% | ||||
Medtronic plc | 1,200 | 100,032 | ||
Materials - 7.9% | ||||
Containers & Packaging - 7.1% | ||||
Berry Global Group, Inc. | 2,300 | 133,883 | ||
O-I Glass, Inc. (a) | 9,200 | 155,664 | ||
289,547 | ||||
Metals & Mining - 0.8% | ||||
Barrick Gold Corporation | 2,100 | 30,786 | ||
Technology - 5.2% | ||||
Technology & Electronics - 1.4% | ||||
Corning, Inc. | 1,800 | 58,032 | ||
Technology Services - 3.8% | ||||
Nuvei Corporation | 5,800 | 153,352 | ||
Utilities - 4.4% | ||||
Electric Utilities - 4.4% | ||||
PG&E Corporation | 10,600 | 176,914 | ||
Total Common Stocks (Cost $2,623,297) | $ 3,154,193 | |||
ADLER VALUE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
PREFERRED STOCKS - 3.1% | Shares | Value | ||
Financials - 3.1% | ||||
Banking - 3.1% | ||||
Itau Unibanco Holding S.A. - ADR (Cost $87,848) | 18,300 | $ 124,806 | ||
PURCHASED OPTION CONTRACTS - 2.5% | Strike Price | Contracts* | Notional Value | Value |
Call Option Contracts - 2.5% | ||||
Altice USA, Inc. - Class A, 01/17/25 | $ 2 .00 | 25 | $ 7,425 | $ 4,250 |
Coupang, Inc., 06/21/24 | 17 .50 | 20 | 37,040 | 4,400 |
Coupang, Inc., 01/17/25 | 15 .00 | 20 | 37,040 | 10,920 |
Hertz Global Holdings, Inc., 06/21/24 | 12 .50 | 10 | 7,850 | 170 |
Hertz Global Holdings, Inc., 06/21/24 | 15 .00 | 5 | 3,925 | 40 |
Hertz Global Holdings, Inc., 06/21/24 | 17 .50 | 20 | 15,700 | 140 |
Nuvei Corporation, 03/15/24 | 17 .50 | 10 | 26,440 | 9,650 |
Nuvei Corporation, 06/21/24 | 15 .00 | 25 | 66,100 | 31,500 |
O-I Glass, Inc., 05/17/24 | 14 .00 | 20 | 33,840 | 6,800 |
O-I Glass, Inc., 05/17/24 | 16 .00 | 20 | 33,840 | 3,900 |
Viatris, Inc., 01/17/25 | 12 .00 | 90 | 111,330 | 14,625 |
Walgreens Boots Alliance, Inc., 07/19/24 | 27 .50 | 10 | 21,260 | 460 |
Walgreens Boots Alliance, Inc., 01/17/25 | 22 .50 | 30 | 63,780 | 8,145 |
Walgreens Boots Alliance, Inc., 01/17/25 | 25 .00 | 10 | 21,260 | 1,870 |
XP, Inc. - Class A, 05/17/24 | 20 .00 | 10 | 23,640 | 4,900 |
Total Purchased Option Contracts (Cost $66,847) | $ 510,470 | $ 101,770 | ||
ADLER VALUE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 16.3% | Shares | Value | ||
Federated Hermes Treasury Obligations Fund - Service Shares, 4.96% (b) (Cost $662,387) | 662,387 | $ 662,387 | ||
Investments at Value - 99.7% (Cost $3,440,379) | $ 4,043,156 | |||
Other Assets in Excess of Liabilities - 0.3% | 11,246 | |||
Net Assets - 100.0% | $ 4,054,402 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of February 29, 2024. |
* | Each option contract has a multiplier of 100 shares. |
ADR - American Depository Receipt
AG - Aktiengesellschaft
plc - Public Limited Company
S.A. - Société anonyme