Cromwell Marketfield L/S Fund | ||||||||
Schedule of Investments | ||||||||
March 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 63.30% | ||||||||
Automobiles - 1.95% | ||||||||
Mitsubishi Motors Corp. (a)(c) | 797,700 | $ | 3,136,128 | |||||
Building Products - 2.47% | ||||||||
Mohawk Industries, Inc. (c) | 28,513 | 2,857,573 | ||||||
TOTO Ltd. (a)(c) | 33,886 | 1,128,045 | ||||||
3,985,618 | ||||||||
Chemicals - 3.52% | ||||||||
Sherwin-Williams Co. (b) | 11,489 | 2,582,383 | ||||||
The Mosaic Co. (b) | 67,558 | 3,099,561 | ||||||
2,582,383 | ||||||||
Electrical Equipment - 1.81% | ||||||||
Rockwell Automation, Inc. | 9,975 | 2,927,164 | ||||||
Electronic Equipment, Instruments & Components - 2.20% | ||||||||
Keyence Corp. (a)(c) | 7,324 | 3,555,126 | ||||||
Health Care Equipment & Supplies - 2.07% | ||||||||
Intuitive Surgical, Inc. (c) | 13,034 | 3,329,796 | ||||||
Hotels, Restaurants & Leisure - 0.59% | ||||||||
Dalata Hotel Group PLC (a) | 207,835 | 944,418 | ||||||
Household Durables - 5.12% | ||||||||
DR Horton, Inc. (b) | 52,675 | 5,145,821 | ||||||
Lennar Corp. | 29,641 | 3,115,565 | ||||||
8,261,386 | ||||||||
Industrial Conglomerates - 0.62% | ||||||||
Siemens AG (a) | 6,132 | 992,606 | ||||||
Machinery - 7.32% | ||||||||
Caterpillar, Inc. (b) | 15,834 | 3,623,453 | ||||||
Cummins, Inc. (b) | 14,785 | 3,531,841 | ||||||
Deere & Co. (b) | 11,265 | 4,651,093 | ||||||
11,806,387 | ||||||||
Marine Transportation - 2.74% | ||||||||
Genco Shipping & Trading Ltd. - ADR | 137,005 | 2,145,498 | ||||||
Star Bulk Carriers Corp. - ADR | 107,415 | 2,268,605 | ||||||
4,414,103 | ||||||||
Metals & Mining - 13.30% | ||||||||
Barrick Gold Corp. - ADR (b) | 136,014 | 2,525,780 | ||||||
Cleveland-Cliffs, Inc. (b)(c) | 194,737 | 3,569,529 | ||||||
Compania de Minas Buenaventura SA - ADR | 97,865 | 800,536 | ||||||
Franco-Nevada Corp. - ADR (b) | 29,070 | 4,238,406 | ||||||
Freeport-McMoRan Copper & Gold, Inc. (b) | 70,949 | 2,902,523 | ||||||
MMC Norilsk Nickel PJSC - ADR (c)(d)(e) | 105,916 | – | ||||||
Newmont Mining Corp. (b) | 51,994 | 2,548,746 | ||||||
Rio Tinto PLC - ADR | 36,239 | 2,485,995 | ||||||
Wheaton Precious Metals Corp. - ADR | 49,029 | 2,361,237 | ||||||
21,432,752 | ||||||||
Oil, Gas & Consumable Fuels - 12.65% | ||||||||
Chevron Corp. (b) | 23,665 | 3,861,182 | ||||||
ConocoPhillips (b) | 45,389 | 4,503,043 | ||||||
Devon Energy Corp. (b) | 66,451 | 3,363,085 | ||||||
EOG Resources, Inc. (b) | 19,299 | 2,212,244 | ||||||
Golar LNG Ltd. - ADR (c) | 88,634 | 1,914,494 | ||||||
Schlumberger Ltd. - ADR (b) | 92,203 | 4,527,167 | ||||||
20,381,215 | ||||||||
Other General Merchandise Stores - 1.96% | ||||||||
Costco Wholesale Corp. (b) | 6,358 | 3,159,099 | ||||||
Rail Transportation - 3.87% | ||||||||
Norfolk Southern Corp. (b) | 15,963 | 3,384,156 | ||||||
Union Pacific Corp. (b) | 14,173 | 2,852,458 | ||||||
6,236,614 | ||||||||
Real Estate Management & Development - 1.11% | ||||||||
The St Joe Co. | 42,951 | 1,787,191 | ||||||
TOTAL COMMON STOCKS (Cost $69,064,868) | 98,931,986 | |||||||
EXCHANGE TRADED FUNDS - 10.12% | ||||||||
iShares MSCI United Kingdom ETF (b) | 136,163 | 4,392,619 | ||||||
iShares MSCI South Korea Index Fund | 79,983 | 4,896,559 | ||||||
SPDR S&P Oil & Gas Exploration & Production ETF (b) | 22,753 | 2,903,055 | ||||||
VanEck Gold Miners ETF (b) | 127,143 | 4,113,076 | ||||||
VanEck Russia ETF (d)(e) | 81,903 | – | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $16,165,819) | 16,305,309 | |||||||
SHORT-TERM INVESTMENTS - 26.60% | ||||||||
U.S. Bank Money Market Deposit Account, 4.480% (f) | 42,870,890 | 42,870,890 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $42,870,890) | 42,870,890 | |||||||
Total Investments (Cost $128,101,577) - 100.02% | 158,108,185 | |||||||
Liabilities in Excess of Other Assets - (0.02)% | 3,071,421 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 161,179,606 |
(a) | Foreign issued security. | ||||||||
(b) | All or a portion of this security is pledged as collateral for securities sold short with an aggregate fair value of $51,833,685 as of March 31, 2023. | ||||||||
(c) | Non-income producing security. | ||||||||
(d) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. See Note 3 in the Notes to the Financial Statements. | ||||||||
(e) | As of March 31, 2023, the Valuation Committee has fair valued these securities. The value of these securities were $0, which represents 0.00% of total net assets. | ||||||||
(f) | The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of March 31, 2023. | ||||||||
Abbreviations: | |||||||||
ADR | American Depositary Receipt | ||||||||
AG | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders. | ||||||||
Ltd. | Limited is a term indicating a company is incorporated and shareholders have limited liabiity. | ||||||||
PJSC | An abbreviation used by many countries to signify an open joint-stick company. | ||||||||
PLC | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. | ||||||||
SAA | An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability. |
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.
CROMWELL MARKETFIELD L/S FUND | ||||||||
Schedule of Securities Sold Short | ||||||||
March 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
SECURITIES SOLD SHORT - 32.14% | ||||||||
COMMON STOCKS - 14.78% | ||||||||
Banks - 1.99% | ||||||||
Goldman Sachs Group, Inc. | (4,988 | ) | $ | (1,631,625 | ) | |||
JPMorgan Chase & Co. | (12,114 | ) | (1,578,575 | ) | ||||
(3,210,200 | ) | |||||||
Capital Markets - 8.40% | ||||||||
Blackrock, Inc. | (6,847 | ) | (4,581,465 | ) | ||||
Blackstone, Inc. | (25,742 | ) | (2,261,177 | ) | ||||
Brookfield Corp. | (70,325 | ) | (2,291,892 | ) | ||||
Coinbase Global, Inc. (a) | (9,388 | ) | (634,347 | ) | ||||
Invesco Ltd. | (85,493 | ) | (1,402,085 | ) | ||||
The Carlyle Group, Inc. | (76,436 | ) | (2,374,102 | ) | ||||
(13,545,068 | ) | |||||||
Consumer Finance - 1.47% | ||||||||
Synchrony Financial | (81,550 | ) | (2,371,474 | ) | ||||
Health Care Equipment & Supplies - 0.57% | ||||||||
GE HealthCare Technologies, Inc. (a) | (11,080 | ) | (908,892 | ) | ||||
Industrial Conglomerates - 2.35% | ||||||||
General Electric Co. | (39,673 | ) | (3,792,739 | ) | ||||
TOTAL COMMON STOCKS (Proceeds $23,646,148) | (23,828,373 | ) | ||||||
EXCHANGE TRADED FUNDS - 17.12% | ||||||||
Invesco QQQ Trust Series 1 | (53,429 | ) | (17,146,969 | ) | ||||
SPDR S&P 500 ETF Trust | (25,500 | ) | (10,439,445 | ) | ||||
TOTAL EXCHANGE TRADED FUNDS (Proceeds $24,509,370) | (27,586,414 | ) | ||||||
REITS - 0.24% | ||||||||
Vornado Realty Trust | (24,854 | ) | (382,006 | ) | ||||
TOTAL REITS (Proceeds $1,828,341) | (382,006 | ) | ||||||
Total Securities Sold Short (Proceeds $49,983,859) | $ | (51,796,793 | ) |
(a) | Non-income producing security. | ||||||||
Ltd. | Limited is a term indicating a company is incorporated and shareholders have limited liabiity. | ||||||||
REITs | Real estate investment trusts. |
Summary of Fair Value Exposure at March 31, 2023 |
FASB Accounting Standards Codification, “Fair Value Measurements” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily 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 investments carried at fair value as of March 31, 2023:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks (1) | $ | 98,931,986 | $ | - | $ | - (2 | ) | $ | 98,931,986 | |||||||
Exchange-Traded Funds | 16,305,309 | - | - (2 | ) | 16,305,309 | |||||||||||
Short-Term Investments | 42,870,890 | - | - | 42,870,890 | ||||||||||||
Total Assets | $ | 158,108,185 | $ | - | $ | - | $ | 158,108,185 | ||||||||
Liabilities: | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks (1) | $ | (23,828,373 | ) | $ | - | $ | - | $ | (23,828,373 | ) | ||||||
Exchange-Traded Funds | (27,586,414 | ) | - | - | (27,586,414 | ) | ||||||||||
REITs | (382,006 | ) | - | - | (382,006 | ) | ||||||||||
Total Liabilities | $ | (51,796,793 | ) | $ | - | $ | - | $ | (51,796,793 | ) | ||||||
(1) See the Schedule of Investments for industry/geographic classifications. | ||||||||||||||||
(2) The Fund measures Level 3 activity as of the end of each financial reporting period. For the period ended March 31, 2023, all level 3 securities held by the Fund were value at $0 at March 31, 2023. | ||||||||||||||||
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | ||||||||||||||||
Investments | ||||||||||||||||
in | ||||||||||||||||
Securities | ||||||||||||||||
Balance as of December 31, 2022 | $ | - | ||||||||||||||
Purchases | - | |||||||||||||||
Sales proceeds | - | |||||||||||||||
Realized gain (loss) | - | |||||||||||||||
Change in net unrealized appreciation/depreciation | - | |||||||||||||||
Net sales | - | |||||||||||||||
Transfers into and/or out of Level 3 | - | |||||||||||||||
Balance as of March 31, 2023 | $ | - | ||||||||||||||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at as of March 31, 2023 | $ | - | ||||||||||||||
The Level 3 investments as of March 31, 2023, represented 0.00% of the Fund’s net assets. Refer to the Schedule of Investments for further information on the classification of investments. |