ACR Multi-Strategy Quality Return (MQR) Fund
SCHEDULE OF INVESTMENTS
As of August 31, 2022 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS — 88.0% | ||
COMMUNICATIONS — 12.1% | ||
75,000 | Liberty Global PLC - Class C*1,2 | $1,598,250 |
61,000 | Liberty Latin America Ltd. - Class C*2 | 425,170 |
112,000 | Lumen Technologies, Inc.1 | 1,115,520 |
157,000 | Nerdy, Inc.* | 480,420 |
130,000 | Vodafone Group PLC - ADR1 | 1,744,600 |
5,363,960 | ||
CONSUMER DISCRETIONARY — 20.2% | ||
149,000 | Cie Plastic Omnium S.A. | 2,762,707 |
400,000 | Countryside Partnerships PLC*3 | 1,120,167 |
42,000 | General Motors Co.1 | 1,604,820 |
211,000 | Haier Smart Home Co., Ltd. - Class D | 239,668 |
34,100 | Lennar Corp. | 2,103,288 |
19,500 | Magna International, Inc.2 | 1,125,735 |
8,956,385 | ||
CONSUMER STAPLES — 1.5% | ||
300,000 | Greencore Group PLC* | 296,410 |
244,797 | Naked Wines PLC* | 379,225 |
675,635 | ||
ENERGY — 6.1% | ||
10,609 | Chevron Corp. | 1,676,858 |
17,500 | DCC PLC | 1,007,210 |
2,684,068 | ||
FINANCIALS — 27.3% | ||
18,000 | AerCap Holdings N.V.*2 | 792,900 |
196,000 | Barclays PLC - ADR1 | 1,526,840 |
100,753 | Burford Capital Ltd. | 944,559 |
26,980 | Citigroup, Inc.1 | 1,316,894 |
5,200 | Fairfax Financial Holdings Ltd.1,2 | 2,594,176 |
71,000 | Jefferies Financial Group, Inc.1 | 2,278,390 |
77,766 | Kingstone Cos., Inc. | 305,620 |
40,000 | Power Corp. of Canada | 1,028,476 |
112,500 | Protector Forsikring A.S.A. | 1,347,116 |
12,134,971 | ||
INDUSTRIALS — 12.7% | ||
21,000 | Ashtead Group PLC | 1,031,693 |
7,500 | FedEx Corp. | 1,581,075 |
70,000 | ISS A/S* | 1,225,658 |
30,000 | Sulzer A.G. | 1,790,366 |
5,628,792 |
ACR Multi-Strategy Quality Return (MQR) Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2022 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
MATERIALS — 4.3% | ||
510,000 | Eurocell PLC | $947,955 |
48,000 | Resolute Forest Products, Inc.*1 | 972,480 |
1,920,435 | ||
REAL ESTATE — 2.1% | ||
127,733 | Five Point Holdings LLC - Class A* | 466,226 |
7,000 | Howard Hughes Corp.* | 445,410 |
911,636 | ||
TECHNOLOGY — 1.7% | ||
20,000 | Dell Technologies, Inc. - Class C1 | 765,800 |
TOTAL COMMON STOCKS | ||
(Cost $43,641,850) | 39,041,682 | |
PREFERRED STOCKS — 2.3% | ||
ENERGY — 2.3% | ||
3,357 | Elk Liquidating Trust *4,5,6 | 68,280 |
3,073 | EPI Preferred Holdings, Inc.4,5,6 | 958,905 |
1,027,185 | ||
TOTAL PREFERRED STOCKS | ||
(Cost $356,451) | 1,027,185 |
Principal Amount | ||
SHORT-TERM INVESTMENTS — 9.3% | ||
$4,124,464 | UMB Bank Demand Deposit, 0.01%7 | 4,124,464 |
TOTAL SHORT-TERM INVESTMENTS | ||
(Cost $4,124,464) | 4,124,464 | |
TOTAL INVESTMENTS — 99.6% | ||
(Cost $48,122,765) | 44,193,331 | |
Other Assets in Excess of Liabilities — 0.4% | 198,749 | |
TOTAL NET ASSETS — 100.0% | $44,392,080 |
Number of Shares | ||
SECURITIES SOLD SHORT — (1.0)% | ||
EXCHANGE-TRADED FUNDS — (1.0)% | ||
(2,500) | iShares Russell 2000 ETF | (458,750) |
TOTAL EXCHANGE-TRADED FUNDS | ||
(Proceeds $382,871) | (458,750) | |
TOTAL SECURITIES SOLD SHORT | ||
(Proceeds $382,871) | $(458,750) |
ADR – American Depository Receipt |
ETF – Exchange-Traded Fund |
ACR Multi-Strategy Quality Return (MQR) Fund
SCHEDULE OF INVESTMENTS - Continued
As of August 31, 2022 (Unaudited)
LLC – Limited Liability Company |
PLC – Public Limited Company |
*Non-income producing security. |
1All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $8,691,725, which represents 19.6% of total net assets of the Fund. |
2Foreign security denominated in U.S. Dollars. |
3Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,120,167 which represents 2.5% of Total Net Assets. |
4Level 3 securities fair valued under procedures established by the Board of Trustees, represent 2.3% of Total Net Assets. The aggregate value of these securities is $1,027,185. |
5Post-reorganization assets. |
6Security in a privately owned company. |
7The rate is the annualized seven-day yield at period end. |