Schedule of Investments - March 31, 2023 | |||||||||
HW Opportunities MP Fund (Unaudited) | |||||||||
Shares | |||||||||
COMMON STOCKS - 94.98% | Held | Value | |||||||
COMMUNICATION SERVICES - 18.55% | |||||||||
Interactive Media & Services - 4.18% | |||||||||
Alphabet, Inc., Class A (a) | 17,680 | $ | 1,833,946 | ||||||
Media - 14.37% | |||||||||
Comcast Corp., Class A | 42,100 | 1,596,011 | |||||||
News Corp., Class A | 22,889 | 395,293 | |||||||
Paramount Global, Class B | 10,100 | 225,331 | |||||||
Stagwell, Inc. (a) | 550,280 | 4,083,079 | |||||||
6,299,714 | |||||||||
TOTAL COMMUNICATION SERVICES | 8,133,660 | ||||||||
CONSUMER DISCRETIONARY - 5.16% | |||||||||
Automobiles - 1.10% | |||||||||
General Motors Co. | 13,110 | 480,875 | |||||||
Broadline Retail - 0.61% | |||||||||
Redbubble Ltd. (a)(b) | 884,900 | 268,751 | |||||||
Hotels, Restaurants & Leisure - 3.45% | |||||||||
Accor SA (a)(b) | 46,500 | 1,511,771 | |||||||
TOTAL CONSUMER DISCRETIONARY | 2,261,397 | ||||||||
CONSUMER STAPLES - 0.58% | |||||||||
Tobacco - 0.58% | |||||||||
Philip Morris International, Inc. | 2,600 | 252,850 | |||||||
TOTAL CONSUMER STAPLES | 252,850 | ||||||||
ENERGY - 14.85% | |||||||||
Energy Equipment & Services - 2.53% | |||||||||
Expro Group Holdings NV (a)(b) | 60,521 | 1,111,166 | |||||||
Oil, Gas & Consumable Fuels - 12.32% | |||||||||
APA Corp. | 6,100 | 219,966 | |||||||
Berry Corp. | 247,200 | 1,940,519 | |||||||
Kosmos Energy Ltd. (a) | 219,100 | 1,630,104 | |||||||
Murphy Oil Corp. | 12,300 | 454,854 | |||||||
Range Resources Corp. | 14,970 | 396,256 | |||||||
Shell plc - ADR | 13,248 | 762,290 | |||||||
5,403,989 | |||||||||
TOTAL ENERGY | 6,515,155 | ||||||||
FINANCIALS - 18.38% | |||||||||
Banks - 7.74% | |||||||||
Citizens Financial Group, Inc. | 3,700 | 112,369 | |||||||
First Citizens BancShares, Inc., Class A | 840 | 817,404 | |||||||
First Horizon Corp. | 10,100 | 179,578 | |||||||
Popular, Inc. (b) | 31,020 | 1,780,859 | |||||||
Wells Fargo & Co. | 13,480 | 503,882 | |||||||
3,394,092 | |||||||||
Capital Markets - 3.79% | |||||||||
The Bank of New York Mellon Corp. | 7,400 | 336,256 | |||||||
The Goldman Sachs Group, Inc. | 1,075 | 351,643 | |||||||
Rothschild & Co. (b) | 19,300 | 974,335 | |||||||
1,662,234 | |||||||||
Consumer Finance - 3.76% | |||||||||
SLM Corp. | 133,108 | 1,649,208 | |||||||
Financial Services - 0.40% | |||||||||
Euronet Worldwide, Inc. (a) | 1,550 | 173,445 | |||||||
Insurance - 2.69% | |||||||||
American International Group, Inc. | 13,700 | 689,932 | |||||||
Global Indemnity Group LLC, Class A | 17,354 | 488,515 | |||||||
1,178,447 | |||||||||
TOTAL FINANCIALS | 8,057,426 | ||||||||
HEALTH CARE - 6.46% | |||||||||
Health Care Equipment & Supplies - 3.66% | |||||||||
Medtronic plc (b) | 19,900 | 1,604,338 | |||||||
Health Care Providers & Services - 2.80% | |||||||||
CVS Health Corp. | 4,800 | 356,688 | |||||||
Elevance Health, Inc. | 1,900 | 873,639 | |||||||
1,230,327 | |||||||||
TOTAL HEALTH CARE | 2,834,665 | ||||||||
INDUSTRIALS - 18.06% | |||||||||
Aerospace & Defense - 1.10% | |||||||||
Babcock International Group plc (a)(b) | 130,770 | 483,086 | |||||||
Air Freight & Logistics - 3.99% | |||||||||
International Distribution Services plc (b) | 631,450 | 1,748,567 | |||||||
Ground Transportation - 6.32% | |||||||||
U-Haul Holding Co. | 53,450 | 2,771,382 | |||||||
Industrial Conglomerates - 1.23% | |||||||||
General Electric Co. | 5,635 | 538,706 | |||||||
Professional Services - 5.42% | |||||||||
Hudson Global, Inc. (a) | 2,250 | 50,198 | |||||||
ManpowerGroup, Inc. | 28,200 | 2,327,346 | |||||||
2,377,544 | |||||||||
TOTAL INDUSTRIALS | 7,919,285 | ||||||||
INFORMATION TECHNOLOGY - 11.89% | |||||||||
Communications Equipment - 9.26% | |||||||||
F5, Inc. (a) | 14,257 | 2,077,102 | |||||||
Telefonaktiebolaget LM Ericsson - ADR (b) | 338,800 | 1,981,980 | |||||||
4,059,082 | |||||||||
Electronic Equipment, Instruments & Components - 1.87% | |||||||||
Arrow Electronics, Inc. (a) | 6,550 | 817,899 | |||||||
Semiconductors & Semiconductor Equipment - 0.41% | |||||||||
Micron Technology, Inc. | 3,000 | 181,020 | |||||||
Software - 0.35% | |||||||||
Microsoft Corp. | 180 | 51,894 | |||||||
Workday, Inc., Class A (a) | 500 | 103,270 | |||||||
155,164 | |||||||||
TOTAL INFORMATION TECHNOLOGY | 5,213,165 | ||||||||
MATERIALS - 1.05% | |||||||||
Chemicals - 1.05% | |||||||||
Olin Corp. | 8,300 | 460,650 | |||||||
TOTAL MATERIALS | 460,650 | ||||||||
Total Common Stocks (Cost $41,244,534) | 41,648,253 | ||||||||
PURCHASED OPTIONS - 1.84% | Contracts (c) | Notional Amount | |||||||
Purchased Put Options - 1.84% | |||||||||
First Republic Bank | |||||||||
Expiration: July 2024, Exercise Price: $10.00 | 907 | 1,268,893 | 426,290 | ||||||
Tesla, Inc. | |||||||||
Expiration: June 2024, Exercise Price: $333.33 | 28 | 580,888 | 382,284 | ||||||
Total Purchased Options (Cost $870,567) | 808,574 | ||||||||
Total Long-Term Investments (Cost $42,115,101) | 42,456,827 | ||||||||
Shares | |||||||||
SHORT-TERM INVESTMENTS - 3.57% | Held | ||||||||
Money Market Fund - 3.57% | |||||||||
First American Government Obligations Fund, Class X, 4.64% (c) | 1,564,009 | 1,564,009 | |||||||
Total Short-Term Investments (Cost $1,564,009) | 1,564,009 | ||||||||
Total investments - 100.39% (Cost $43,679,110) | 44,020,836 | ||||||||
Liabilities in Excess of Other Assets - (0.39)% | (171,953 | ) | |||||||
Net assets - 100.00% | $ | 43,848,883 |
(a) | Non-income producing security. | |||||||
(b) | Foreign security. | |||||||
(c) | 100 shares per contract. | |||||||
(d) | The rate quoted is the annualized seven-day effective yield as of December 31, 2022 | |||||||
ADR | American Depositary Receipt |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"). |
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund. Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITs”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. | ||||
Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service (“Pricing Service”). These securities are categorized in Level 2 of the fair value hierarchy. | ||||
Exchange traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. | ||||
All option securities that are traded on a national securities exchange are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded option does not trade, then the mean between and asked prices will be used. In the event such market quotations are not readily available, Fair Value will be determined. the most recent quoted bid | ||||
Futures contracts are valued at the Settlement Price on the exchange on which they are principally traded. For futures where market quotations are not readily available, Fair Value shall be determined. | ||||
Investments in registered open–end investment companies (including money market funds), other than exchange traded funds, are valued at their reported net asset value (“NAV”) per share. To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy. | ||||
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. | ||||
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 table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of March 31, 2023: |
Investments at Fair Value(1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 37,636,078 | $ | 4,012,175 | $ | - | $ | 41,648,253 | ||||||||
Purhased Options | 808,574 | - | - | $ | 808,574 | |||||||||||
Short-Term Investments | 1,564,009 | - | - | $ | 1,564,009 | |||||||||||
$ | 40,008,662 | $ | 4,012,175 | $ | - | $ | 44,020,836 |
(1) Please refer to the Schedule of Investments to view securities segregated by sector and industry type. | ||||||||
During the period ended March 31, 2023, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. |
HW Opportunities MP Fund | ||
March 31, 2023 (Unaudited) | ||
Geographic Breakdown (% of net assets) | ||
United States | 71.47% | |
United Kingdom | 6.83% | |
France | 5.67% | |
Sweden | 4.52% | |
Puerto Rico | 4.06% | |
Ireland | 3.66% | |
Australia | 0.61% | |
Short-Term Securities and Liabilities in Excess of Other Assets | 3.18% |