ABSOLUTE CREDIT OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Rate
|
Value
|
|||||||
Long Positions - 90.4%
|
||||||||||
Equity Securities - 0.4%
|
||||||||||
Preferred Stock - 0.4%
|
||||||||||
Telecommunication Services - 0.4%
|
||||||||||
1,700
|
Frontier Communications Corp., Class A (a)
|
11.13
|
%
|
$
|
169,830
|
|||||
Total Preferred Stock
|
169,830
|
|||||||||
(Cost $170,000)
|
Total Equity Securities
|
169,830
|
|||||||||
(Cost $170,000)
|
||||||||||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
||||||
Fixed Income Securities - 86.5%
|
||||||||||
Corporate Convertible Bonds - 44.5%
|
||||||||||
Consumer Discretionary - 2.8%
|
||||||||||
$ |
250,000
|
Ctrip.com International, Ltd. (a)(b)
|
1.00
|
%
|
07/01/20
|
244,844
|
||||
100,000
|
Ctrip.com International, Ltd. (a)(b)
|
1.99
|
07/01/25
|
97,562
|
||||||
500,000
|
JAKKS Pacific, Inc. (a)(b)
|
4.88
|
06/01/20
|
568,125
|
||||||
230,000
|
M/I Homes, Inc. (a)
|
3.25
|
09/15/17
|
272,104
|
||||||
1,182,635
|
Consumer Staples - 13.5%
|
|||||||||
500,000
|
Acorda Therapeutics, Inc. (a)
|
1.75
|
06/15/21
|
508,750
|
|||||
375,000
|
Albany Molecular Research, Inc. (a)
|
2.25
|
11/15/18
|
526,172
|
|||||
500,000
|
Ascent Capital Group, Inc. (a)
|
4.00
|
07/15/20
|
387,813
|
|||||
750,000
|
Carriage Services, Inc. (a)
|
2.75
|
03/15/21
|
899,062
|
|||||
750,000
|
Depomed, Inc. (a)
|
2.50
|
09/01/21
|
962,812
|
|||||
650,000
|
Endologix, Inc. (a)
|
2.25
|
12/15/18
|
628,469
|
|||||
500,000
|
Healthways, Inc. (a)
|
1.50
|
07/01/18
|
468,438
|
|||||
125,000
|
Ironwood Pharmaceuticals, Inc. (a)(b)
|
2.25
|
06/15/22
|
123,047
|
|||||
750,000
|
Monster Worldwide, Inc. (a)(b)
|
3.50
|
10/15/19
|
1,040,156
|
|||||
300,000
|
Protalix BioTherapeutics, Inc. (a)
|
4.50
|
09/15/18
|
228,000
|
|||||
5,772,719
|
|||||||||
Energy - 3.4%
|
|||||||||
570,000
|
Clean Energy Fuels Corp. (a)(b)
|
5.25
|
10/01/18
|
415,031
|
|||||
125,000
|
Energy XXI, Ltd. (a)
|
3.00
|
12/15/18
|
30,625
|
|||||
300,000
|
Helix Energy Solutions Group, Inc. (a)
|
3.25
|
03/15/32
|
285,375
|
|||||
325,000
|
InterOil Corp.
|
2.75
|
11/18/15
|
335,359
|
|||||
Principal |
Security Description
|
Rate | Maturity | Value | ||||||
$ |
350,000
|
Renewable Energy Group, Inc. (a)
|
2.75
|
%
|
06/15/19
|
$ |
373,188
|
|||
1,439,578
|
||||||||||
Financial - 3.0% | ||||||||||
570,000
|
Encore Capital Group Inc (a)
|
3.00
|
07/01/20
|
609,544
|
||||||
400,000
|
Forestar Group, Inc. (a)
|
3.75
|
03/01/20
|
354,500
|
||||||
400,000
|
FXCM, Inc. (a)
|
2.25
|
06/15/18
|
340,250
|
||||||
1,304,294
|
||||||||||
Healthcare - 4.3%
|
||||||||||
500,000
|
Emergent BioSolutions, Inc. (a)
|
2.88
|
01/15/21
|
620,625
|
||||||
500,000
|
Insulet Corp. (a)
|
2.00
|
06/15/19
|
485,000
|
||||||
750,000
|
Quidel Corp. (a)
|
3.25
|
12/15/20
|
752,344
|
||||||
1,857,969
|
||||||||||
Industrial - 4.7%
|
||||||||||
300,000
|
Altra Industrial Motion Corp. (a)
|
2.75
|
03/01/31
|
346,125
|
||||||
550,000
|
Fluidigm Corp. (a)
|
2.75
|
02/01/34
|
485,031
|
||||||
1,000,000
|
TTM Technologies, Inc. (a)
|
1.75
|
12/15/20
|
1,169,375
|
||||||
2,000,531
|
||||||||||
Information Technology - 4.8%
|
||||||||||
500,000
|
Avid Technology, Inc. (a)(b)
|
2.00
|
06/15/20
|
457,813
|
||||||
500,000
|
inContact, Inc. (a)(b)
|
2.50
|
04/01/22
|
495,937
|
||||||
500,000
|
Interactive Intelligence Group, Inc. (a)(b)
|
1.25
|
06/01/20
|
482,812
|
||||||
500,000
|
Quantum Corp. (a)
|
4.50
|
11/15/17
|
597,500
|
||||||
2,034,062
|
||||||||||
Materials - 1.7%
|
||||||||||
400,000
|
Horsehead Holding Corp. (a)
|
3.80
|
07/01/17
|
409,250
|
||||||
400,000
|
Silver Standard Resources, Inc. (a)(b)
|
2.88
|
02/01/33
|
308,000
|
||||||
717,250
|
||||||||||
Telecommunication Services - 4.6%
|
||||||||||
500,000
|
Blucora, Inc. (a)
|
4.25
|
04/01/19
|
497,500
|
||||||
500,000
|
j2 Global, Inc. (a)
|
3.25
|
06/15/29
|
582,188
|
||||||
500,000
|
Vipshop Holdings, Ltd. (a)
|
1.50
|
03/15/19
|
637,500
|
||||||
250,000
|
Web.com Group, Inc. (a)
|
1.00
|
08/15/18
|
248,750
|
||||||
1,965,938
|
||||||||||
Utilities - 1.7%
|
||||||||||
1,000,000
|
EnerNOC, Inc. (a)(b)
|
2.25
|
08/15/19
|
724,375
|
||||||
Total Corporate Convertible Bonds |
18,999,351
|
|||||||||
(Cost $18,306,839) |
ABSOLUTE CREDIT OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal |
Security Description
|
Rate | Maturity | Value | ||||||
Corporate Non-Convertible Bonds - 42.0% | ||||||||||
Consumer Discretionary - 9.2% | ||||||||||
$ |
225,000
|
Caleres, Inc.
|
7.13
|
%
|
05/15/19
|
$
|
234,337
|
|||
600,000
|
HD Supply, Inc.
|
11.00
|
04/15/20
|
670,740
|
||||||
567,000
|
K Hovnanian Enterprises, Inc.
|
11.88
|
10/15/15
|
581,884
|
||||||
495,000
|
K Hovnanian Enterprises, Inc.
|
7.50
|
05/15/16
|
502,425
|
||||||
850,000
|
MGM Resorts International
|
6.63
|
07/15/15
|
850,935
|
||||||
578,000
|
Star Gas Partners LP / Star Gas Finance Co.
|
8.88
|
12/01/17
|
604,371
|
||||||
480,000
|
The Goodyear Tire & Rubber Co.
|
8.25
|
08/15/20
|
503,640
|
||||||
3,948,332
|
||||||||||
Consumer Staples - 4.7% | ||||||||||
1,000,000
|
Bumble Bee Holdings, Inc. (b)
|
9.00
|
12/15/17
|
1,051,250
|
||||||
1,000,000
|
Cenveo Corp. (b)
|
6.00
|
08/01/19
|
945,000
|
||||||
1,996,250
|
||||||||||
Energy - 3.3% | ||||||||||
1,000,000
|
Gastar Exploration, Inc.
|
8.63
|
05/15/18
|
942,500
|
||||||
821,000
|
Walter Energy, Inc. (b)
|
9.50
|
10/15/19
|
447,445
|
||||||
1,389,945
|
||||||||||
Financial - 4.2% | ||||||||||
467,000
|
iStar Financial, Inc.
|
9.00
|
06/01/17
|
509,614
|
||||||
750,000
|
Realogy Group, LLC (b)
|
7.63
|
01/15/20
|
798,000
|
||||||
500,000
|
Realogy Group, LLC / The Sunshine Group Florida, Ltd. (a)(b)
|
3.38
|
05/01/16
|
501,250
|
||||||
1,808,864
|
||||||||||
Industrial - 3.6% | ||||||||||
1,000,000
|
International Wire Group Holdings, Inc. (b)
|
8.50
|
10/15/17
|
1,037,500
|
||||||
452,000
|
Quality Distribution, LLC / QD Capital Corp.
|
9.88
|
11/01/18
|
476,295
|
||||||
1,513,795
|
||||||||||
Information Technology - 3.5% | ||||||||||
1,000,000
|
EarthLink Holdings Corp.
|
7.38
|
06/01/20
|
1,045,000
|
||||||
431,000
|
First Data Corp. (b)
|
8.88
|
08/15/20
|
454,166
|
||||||
1,499,166
|
||||||||||
Materials - 2.3% | ||||||||||
1,000,000
|
ArcelorMittal
|
4.50
|
08/05/15
|
1,000,935
|
||||||
Telecommunication Services - 11.2%
|
||||||||||
1,500,000
|
Crown Media Holdings, Inc.
|
10.50
|
07/15/19
|
1,586,250
|
||||||
|
|
|
|
|
||||||
Principal |
Security Description
|
Rate | Maturity | Value | ||||||
$ |
750,000
|
FairPoint Communications, Inc. (b)
|
8.75
|
%
|
08/15/19
|
$
|
782,813
|
|||
500,000
|
iHeartCommunications, Inc.
|
9.00
|
12/15/19
|
478,375
|
||||||
442,000
|
Level 3 Financing, Inc.
|
8.63
|
07/15/20
|
473,470
|
||||||
250,000
|
Nielsen Finance LLC / Nielsen Finance Co.
|
4.50
|
10/01/20
|
249,688
|
||||||
155,000
|
Videotron, Ltd.
|
9.13
|
04/15/18
|
157,906
|
||||||
1,000,000
|
Windstream Services, LLC
|
7.88
|
11/01/17
|
1,066,250
|
||||||
4,794,752
|
Total Corporate Non-Convertible Bonds
|
17,952,039
|
|||||||||
(Cost $18,323,582)
|
||||||||||
Total Fixed Income Securities
|
36,951,390
|
|||||||||
(Cost $36,630,421)
|
|
|
|
|
|
|||||
Principal |
Security Description
|
Rate | Maturity | Value | |||||
Short-Term Investments - 3.4% | |||||||||
Commercial Paper - 3.4% | |||||||||
625,000
|
Arrow Electronics, Inc. (c)
|
0.80
|
07/09/15
|
624,889
|
|||||
850,000
|
Wyndham Worldwide Corp. (c)
|
0.85
|
07/13/15
|
849,759
|
|||||
Total Commercial Paper |
1,474,648
|
||||||||
(Cost $1,474,648) | |||||||||
Total Short-Term Investments |
1,474,648
|
||||||||
Cost $1,474,648) | |||||||||
Contracts |
Security Description
|
Strike Price
|
Exp. Date
|
Value | ||||||
Purchased Options - 0.1% | ||||||||||
Put Options Purchased - 0.1% | ||||||||||
90
|
SPDR S&P 500 ETF
|
$
|
199.00
|
10/15
|
45,135
|
|||||
Total Put Options Purchased |
45,135
|
|||||||||
(Premiums Paid $29,631 |
Total Purchased Options
|
45,135
|
||||||||||
(Premiums Paid $29,631)
|
|||||||||||
Total Long Positions - 90.4%
|
$
|
38,641,003
|
|||||||||
(Cost $38,304,700)*
|
|||||||||||
Total Short Positions - (20.4)%
|
(8,701,923)
|
||||||||||
(Proceeds $(8,781,336))*
|
|||||||||||
Total Written Options - (0.1)%
|
(28,523)
|
||||||||||
(Premiums Received $(20,488))*
|
|||||||||||
Other Assets & Liabilities, Net – 30.0%
|
12,827,107
|
||||||||||
Net Assets – 100.0%
|
$
|
42,737,664
|
|||||||||
ABSOLUTE CREDIT OPPORTUNITIES FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
|
|
|
|||
Shares |
Security Description
|
Value | |||
Short Positions - (20.4)% | |||||
Common Stock - (20.4)% | |||||
Consumer Discretionary - (1.3)% | |||||
(1,179)
|
Ctrip.com International, Ltd., ADR
|
$
|
(85,619)
|
||
(34,232)
|
JAKKS Pacific, Inc.
|
(338,554)
|
|||
(6,200)
|
M/I Homes, Inc.
|
(152,954)
|
|||
(577,127)
|
|||||
Consumer Staples - (7.2)% | |||||
(7,328)
|
Acorda Therapeutics, Inc.
|
(244,242)
|
|||
(18,800)
|
Albany Molecular Research, Inc.
|
(380,136)
|
|||
(2,000)
|
Ascent Capital Group, Inc., Class A
|
(85,480)
|
|||
(23,400)
|
Carriage Services, Inc.
|
(558,792)
|
|||
(17,102)
|
Cenveo, Inc.
|
(36,256)
|
|||
(30,169)
|
Depomed, Inc.
|
(647,427)
|
|||
(11,159)
|
Endologix, Inc.
|
(171,179)
|
|||
(12,926)
|
Healthways, Inc.
|
(154,853)
|
|||
(3,700)
|
Ironwood Pharmaceuticals, Inc.
|
(44,622)
|
|||
(110,764)
|
Monster Worldwide, Inc.
|
(724,397)
|
|||
(16,068)
|
Protalix BioTherapeutics, Inc.
|
(31,333)
|
|||
(3,078,717)
|
|||||
Energy - (0.8)%
|
|||||
(9,300)
|
Clean Energy Fuels Corp.
|
(52,266)
|
|||
(9,000)
|
Gastar Exploration, Inc.
|
(27,810)
|
|||
(3,420)
|
Helix Energy Solutions Group, Inc.
|
(43,194)
|
|||
(17,737)
|
Renewable Energy Group, Inc.
|
(205,040)
|
|||
(328,310)
|
|||||
Financial - (1.2)%
|
|||||
(8,802)
|
Encore Capital Group, Inc.
|
(376,198)
|
|||
(8,971)
|
Forestar Group, Inc.
|
(118,058)
|
|||
(5,300)
|
FXCM, Inc., Class A
|
(7,685)
|
|||
(501,941)
|
|||||
Healthcare - (1.9)%
|
|||||
(10,172)
|
Emergent BioSolutions, Inc.
|
(335,167)
|
|||
(5,193)
|
Insulet Corp.
|
(160,905)
|
|||
(14,712)
|
Quidel Corp.
|
(337,641)
|
|||
(833,713)
|
|||||
Industrial - (2.4)%
|
|||||
(7,193)
|
Altra Industrial Motion Corp.
|
(195,506)
|
|||
(3,898)
|
Fluidigm Corp.
|
(94,331)
|
|||
(73,606)
|
TTM Technologies, Inc.
|
(735,324)
|
|||
(1,025,161)
|
|||||
Information Technology - (2.1)% | |||||
(10,595)
|
Avid Technology, Inc.
|
(141,337)
|
|||
(22,908)
|
inContact, Inc.
|
(226,102)
|
|||
(4,501)
|
Interactive Intelligence Group, Inc.
|
(200,160)
|
|||
(205,613)
|
Quantum Corp.
|
(345,430)
|
|||
(913,029)
|
|||||
Materials - (0.6)% | |||||
(15,791)
|
Horsehead Holding Corp.
|
(185,071)
|
|||
(8,182)
|
Silver Standard Resources, Inc.
|
(51,383)
|
|||
(236,454)
|
|||||
Shares
|
Security
|
||||
Description
|
|||||
Telecommunication Services - (2.5)% | |||||
(8,500)
|
Blucora, Inc.
|
(137,275)
|
|||
(30,500)
|
Frontier Communications Corp.
|
(150,975)
|
|||
(4,445)
|
j2 Global, Inc.
|
(301,993)
|
|||
(18,000)
|
Vipshop Holdings, Ltd., ADR
|
(400,500)
|
|||
(2,572)
|
Web.com Group, Inc.
|
(62,294)
|
|||
(1,053,037)
|
|||||
Utilities - (0.4)% | |||||
(15,921)
|
EnerNOC, Inc.
|
(154,434)
|
Total Common Stock |
|
||||
(Proceeds $(8,781,336)) | (8,701,923) | ||||
Total Short Positions - (20.4)% |
|
|
|||
(Proceeds $(8,781,336)) | $ | (8,701,923) |
ABSOLUTE CREDIT OPPORTUNITIES FUND
SCHEDULE OF CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Contracts |
Security Description
|
Strike Price
|
Exp. Date
|
Value | ||||||
Written Options - (0.1)%
|
||||||||||
Call Options Written - (0.0)%
|
||||||||||
(100)
|
Gastar Exploration, Inc.
|
$
|
2.50
|
09/15
|
$
|
(7,250)
|
||||
(50)
|
Gastar Exploration, Inc.
|
2.50
|
12/15
|
(4,375)
|
||||||
(90)
|
Walter Energy, Inc.
|
1.00
|
09/15
|
(270)
|
||||||
(75)
|
Walter Energy, Inc.
|
1.00
|
01/16
|
(338)
|
||||||
Total Call Options Written
|
(12,233)
|
|||||||||
(Premiums Received $(11,183))
|
|
|||||||||
Put Options Written - (0.1)%
|
||||||||||
(90)
|
SPDR S&P 500 ETF
|
180.00
|
10/15
|
(16,290)
|
||||||
Total Put Options Written
|
|
|||||||||
(Premiums Received $(9,305))
|
(16,290)
|
|||||||||
Total Written Options - (0.1)%
|
|
|||||||||
(Premiums Received $(20,488))
|
$ |
(28,523)
|
||||||||
|
ABSOLUTE CREDIT OPPORTUNITIES FUND
NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
ADR
|
American Depositary Receipt
|
||||||||||||||||
LLC
|
Limited Liability Company
|
||||||||||||||||
LP
|
Limited Partnership
|
||||||||||||||||
(a)
|
All or a portion of this security is held as collateral for securities sold short.
|
||||||||||||||||
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $10,975,126 or 25.7% of net assets.
|
||||||||||||||||
(c)
|
Rate presented is yield to maturity.
|
||||||||||||||||
At June 30, 2015, the Fund held the following credit default swap agreements:
|
||||||||||||||||||
Credit Default Swaps – Buy Protection
|
||||||||||||||||||
Counterparty
|
Reference Entity / Obligation
|
Pay Rate
|
Termination Date
|
Credit Spread as of 06/30/15(1)
|
Notional Amount
|
Net Unrealized Depreciation
|
||||||||||||
Goldman Sachs & Co.
|
Carnival Corp, 6.65%, 01/15/28
|
1.00%
|
03/20/20
|
0.45 |
|
$ |
5,000,000
|
$
|
(40,210
|
)
|
||||||||
Goldman Sachs & Co.
|
Dow Chemical Co., 7.38%, 11/01/29
|
1.00%
|
03/20/20
|
0.63 |
5,000,000
|
(80,931
|
)
|
|||||||||||
Goldman Sachs & Co.
|
Eastman Chemical Co., 7.60%, 02/01/27
|
1.00%
|
06/20/20
|
0.67 |
5,000,000
|
(47,561
|
)
|
|||||||||||
BNP Paribas
|
Host Hotels & Resorts, Inc., 4.75%, 03/01/23
|
1.00%
|
09/20/20
|
0.85 |
5,000,000
|
(55,767
|
)
|
|||||||||||
BNP Paribas
|
Ryder System, Inc., 6.95%, 12/01/25
|
1.00%
|
09/20/20
|
0.62 |
5,000,000
|
15,898
|
||||||||||||
$
|
(208,571
|
)
|
(1) Credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract.
|
|||||||||||
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
|
|||||||||||
Gross Unrealized Appreciation
|
$
|
2,097,546
|
|||||||||
Gross Unrealized Depreciation
|
(1,689,865
|
)
|
|||||||||
Net Unrealized Appreciation
|
$
|
407,681
|
|||||||||
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
||||
Level 1 – quoted prices in active markets for identical assets
|
||||
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 and other financial instruments and liabilities as of June 30, 2015
|
||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
|||||||||||||||||
Investments At Value
|
|||||||||||||||||
Preferred Stock
|
|||||||||||||||||
Telecommunication Services
|
$
|
169,830
|
$
|
-
|
$
|
-
|
$
|
169,830
|
|||||||||
Corporate Convertible Bonds
|
-
|
18,999,351
|
-
|
18,999,351
|
|||||||||||||
Corporate Non-Convertible Bonds
|
-
|
17,952,039
|
-
|
17,952,039
|
|||||||||||||
Commercial Paper
|
-
|
1,474,648
|
-
|
1,474,648
|
|||||||||||||
Purchased Options
|
-
|
45,135
|
-
|
45,135
|
|||||||||||||
Total Investments At Value
|
$
|
169,830
|
$
|
38,471,173
|
$
|
-
|
$
|
38,641,003
|
|||||||||
Other Financial Instruments**
|
|||||||||||||||||
Credit Default Swaps
|
-
|
15,898
|
-
|
15,898
|
|||||||||||||
Total Assets
|
$
|
169,830
|
$
|
38,487,071
|
$
|
-
|
$
|
38,656,901
|
|||||||||
ABSOLUTE CREDIT OPPORTUNITIES FUND
NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Liabilities
|
|
||||||||||||||||
Securities Sold Short
|
|||||||||||||||||
Common Stock
|
$
|
(8,701,923
|
)
|
$
|
-
|
$
|
-
|
$
|
(8,701,923
|
)
|
|||||||
Total Securities Sold Short
|
$
|
(8,701,923
|
)
|
$
|
-
|
$
|
-
|
$
|
(8,701,923
|
)
|
|||||||
Other Financial Instruments**
|
|||||||||||||||||
Written Options
|
(28,523
|
)
|
-
|
-
|
(28,523
|
)
|
|||||||||||
Credit Default Swaps
|
-
|
(224,469
|
)
|
-
|
(224,469
|
)
|
|||||||||||
Total Other Financial Instruments**
|
$
|
(28,523
|
)
|
$
|
(224,469
|
)
|
$
|
-
|
$
|
(252,992
|
)
|
||||||
Total Liabilities
|
$
|
(8,730,446
|
)
|
$
|
(224,469
|
)
|
$
|
-
|
$
|
(8,954,915
|
)
|
||||||
** Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as credit default swaps, which are valued at the unrealized appreciation (depreciation) of the instrument. Written options are reported at their market value at period end.
|
|||||||||||||||||
The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2015.
|
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
|||
Long Positions – 76.0%
|
|||||
Equity Securities – 33.8%
|
|||||
Common Stock – 33.3%
|
|||||
Consumer Discretionary - 3.8%
|
|||||
51,100
|
American Airlines Group, Inc. (a)(b)
|
$ |
2,040,679
|
||
70,560
|
American Eagle Outfitters, Inc.
|
1,215,043
|
|||
3,251
|
Beacon Roofing Supply, Inc. (c)
|
107,998
|
|||
56,885
|
Bed Bath & Beyond, Inc. (b)(c)(d)
|
3,923,927
|
|||
24,860
|
CVS Health Corp. (b)(d)
|
2,607,317
|
|||
22,000
|
eBay, Inc. (c)
|
1,325,280
|
|||
107,635
|
GameStop Corp., Class A (d)
|
4,624,000
|
|||
139,205
|
General Motors Co. (a)(d)
|
4,639,703
|
|||
3,325
|
Google, Inc., Class A (c)(d)
|
1,795,633
|
|||
3,355
|
Google, Inc., Class C (a)(b)(c)(d)
|
1,746,311
|
|||
70,930
|
Green Plains Partners LP (c)
|
1,100,124
|
|||
37,080
|
Harley-Davidson, Inc. (b)
|
2,089,458
|
|||
23,989
|
Jack in the Box, Inc. (d)
|
2,114,870
|
|||
54,870
|
Kohl's Corp. (a)(b)(d)
|
3,435,411
|
|||
17,107
|
La Quinta Holdings, Inc. (c)
|
390,895
|
|||
16,934
|
Lithia Motors, Inc., Class A (d)
|
1,916,252
|
|||
184,392
|
Luby's, Inc. (c)
|
894,301
|
|||
18,346
|
Red Robin Gourmet Burgers, Inc. (c)
|
1,574,454
|
|||
48,785
|
SeaWorld Entertainment, Inc.
|
899,595
|
|||
12,371
|
Starwood Hotels & Resorts Worldwide, Inc.
|
1,003,164
|
|||
21,620
|
The Walt Disney Co. (b)(d)
|
2,467,707
|
|||
24,116
|
Tractor Supply Co. (d)
|
2,168,993
|
|||
65,065
|
Viacom, Inc., Class B (a)(b)(d)
|
4,205,802
|
|||
25,401
|
Vitamin Shoppe, Inc. (c)
|
946,695
|
|||
23,785
|
Wal-Mart Stores, Inc. (b)(d)
|
1,687,070
|
|||
50,920,682
|
|||||
Consumer Staples – 9.7%
|
|||||
28,000
|
Aggreko PLC
|
624,680
|
|||
147,000
|
Avon Products, Inc.
|
920,220
|
|||
29,635
|
Calavo Growers, Inc.
|
1,538,945
|
|||
504,161
|
Cott Corp. (d)
|
4,930,695
|
|||
20,000
|
Diageo PLC, ADR
|
2,320,800
|
|||
58,164
|
Diamond Foods, Inc. (c)(d)
|
1,825,186
|
|||
145,000
|
Express Scripts Holding Co. (b)(c)
|
12,896,300
|
|||
69,831
|
Great Lakes Dredge & Dock Corp. (c)(d)
|
416,193
|
|||
90,000
|
Hengan International Group Co., Ltd.
|
1,066,950
|
|||
27,992
|
Kraft Foods Group, Inc.
|
2,383,239
|
|||
125,000
|
McCormick & Co., Inc., Non-Voting Shares
|
10,118,750
|
|||
189,000
|
Nestle SA, ADR
|
13,638,240
|
|||
80,000
|
PepsiCo, Inc.
|
7,467,200
|
|||
90,783
|
Pernix Therapeutics Holdings, Inc. (c)(d)
|
537,435
|
|||
39,715
|
Phibro Animal Health Corp., Class A (d)
|
1,546,502
|
|||
150,000
|
Philip Morris International, Inc.
|
12,025,500
|
|||
Shares
|
Security Description
|
Value
|
|||
39,915
|
Post Holdings, Inc. (c)(d)
|
$ |
2,152,616
|
||
74,489
|
RPX Corp. (c)(d)
|
1,258,864
|
|||
239,000
|
Sanofi, ADR
|
11,837,670
|
|||
399,000
|
Sysco Corp.
|
14,403,900
|
|||
140,000
|
The Coca-Cola Co. (b)
|
5,492,200
|
|||
104,000
|
The Procter & Gamble Co.
|
8,136,960
|
|||
842,401
|
TherapeuticsMD, Inc. (c)(d)
|
6,621,272
|
|||
113,839
|
Tyson Foods, Inc., Class A (d)
|
4,852,957
|
|||
39,722
|
Zoetis, Inc. (d)
|
1,915,395
|
|||
130,928,669
|
|||||
Energy – 3.2%
|
|||||
35,690
|
Baker Hughes, Inc. (d)
|
2,202,073
|
|||
13,674
|
Cheniere Energy Partners LP (d)
|
421,843
|
|||
36,867
|
Columbia Pipeline Partners LP
|
929,048
|
|||
44,305
|
Cone Midstream Partners LP (d)
|
784,198
|
|||
17,500
|
ConocoPhillips
|
1,074,675
|
|||
11,849
|
Diamond Offshore Drilling, Inc. (d)
|
305,823
|
|||
21,500
|
Exxon Mobil Corp.
|
1,788,800
|
|||
36,765
|
FMC Technologies, Inc. (c)(d)
|
1,525,380
|
|||
63,836
|
Green Plains, Inc.
|
1,758,682
|
|||
101,645
|
Halliburton Co. (b)(d)
|
4,377,850
|
|||
14,804
|
Kinder Morgan, Inc. (d)
|
568,326
|
|||
96,043
|
Matrix Service Co. (c)(d)
|
1,755,666
|
|||
54,060
|
Noble Corp. PLC (d)
|
831,983
|
|||
14,664
|
Plains GP Holdings LP
|
378,918
|
|||
97,460
|
Schlumberger, Ltd. (a)(b)(d)
|
8,400,077
|
|||
14,242
|
SemGroup Corp., Class A (d)
|
1,131,954
|
|||
34,415
|
Southcross Energy Partners LP
|
382,007
|
|||
390,000
|
Spectra Energy Corp.
|
12,714,000
|
|||
39,909
|
Tallgrass Energy GP LP (c)
|
1,283,074
|
|||
12,384
|
Tallgrass Energy Partners LP (d)
|
595,423
|
|||
43,209,800
|
|||||
Financial – 4.6%
|
|||||
36,765
|
American Express Co. (a)(b)(d)
|
2,857,376
|
|||
153,875
|
American International Group, Inc. (a)(b)(d)
|
9,512,552
|
|||
244,490
|
Bank of America Corp. (a)(b)(d)
|
4,161,220
|
|||
6
|
Berkshire Hathaway, Inc., Class A (c)
|
1,229,100
|
|||
24,125
|
Berkshire Hathaway, Inc., Class B (a)(b)(c)(d)
|
3,283,654
|
|||
64,880
|
Citigroup, Inc. (a)(d)
|
3,583,971
|
|||
297,828
|
Global Cash Access Holdings, Inc. (c)(d)
|
2,305,189
|
|||
57,141
|
Gramercy Property Trust, Inc. REIT (d)
|
1,335,385
|
|||
22,616
|
InfraREIT, Inc. REIT
|
641,390
|
|||
83,680
|
JPMorgan Chase & Co. (a)(b)(d)
|
5,670,157
|
|||
74,285
|
Leucadia National Corp. (d)
|
1,803,640
|
|||
85,108
|
Levy Acquisition Corp. (c)
|
1,295,344
|
|||
48,538
|
NorthStar Asset Management Group, Inc. (d)
|
897,467
|
|||
37,595
|
NorthStar Realty Finance Corp. REIT
|
597,760
|
|||
177,410
|
Ocwen Financial Corp. (c)(d)
|
1,809,582
|
|||
30,000
|
The Bancorp, Inc. (c)
|
278,400
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
228,000
|
The Bank of New York Mellon Corp. (b)
|
$ |
9,569,160
|
|||
220,000
|
WR Berkley Corp.
|
11,424,600
|
||||
62,255,947
|
||||||
Healthcare – 1.1%
|
||||||
24,368
|
Alere, Inc. (c)(d)
|
1,285,412
|
||||
40,000
|
Baxter International, Inc.
|
2,797,200
|
||||
20,000
|
Becton Dickinson and Co.
|
2,833,000
|
||||
9,500
|
CR Bard, Inc.
|
1,621,650
|
||||
23,175
|
Gilead Sciences, Inc. (d)
|
2,713,329
|
||||
25,000
|
Johnson & Johnson (a)
|
2,436,500
|
||||
16,500
|
Stryker Corp.
|
1,576,905
|
||||
15,263,996
|
||||||
Industrial – 3.5%
|
||||||
84,672
|
Briggs & Stratton Corp. (d)
|
1,630,783
|
||||
40,477
|
Builders FirstSource, Inc. (c)(d)
|
519,725
|
||||
81,933
|
Capitol Acquisition Corp. II (c)
|
864,393
|
||||
18,500
|
CH Robinson Worldwide, Inc.
|
1,154,215
|
||||
212,000
|
Expeditors International of Washington, Inc. (b)
|
9,774,260
|
||||
119,380
|
Jacobs Engineering Group, Inc. (b)(c)(d)
|
4,849,216
|
||||
62,411
|
KLX, Inc. (c)(d)
|
2,754,197
|
||||
17,900
|
Precision Castparts Corp.
|
3,577,673
|
||||
171,850
|
Quanta Services, Inc. (b)(c)(d)
|
4,952,717
|
||||
1,623,445
|
Revolution Lighting Technologies, Inc. (c)
|
1,883,196
|
||||
50,835
|
The Boeing Co. (b)(d)
|
7,051,831
|
||||
47,981
|
Trimble Navigation, Ltd. (c)(d)
|
1,125,634
|
||||
180,574
|
Tutor Perini Corp. (c)(d)
|
3,896,787
|
||||
30,060
|
Valmont Industries, Inc. (d)
|
3,573,232
|
||||
47,607,859
|
||||||
Information Technology - 1.7%
|
||||||
27,875
|
Accenture PLC, Class A (a)(b)(d)
|
2,697,742
|
||||
50,498
|
Apple, Inc. (b)(d)
|
6,333,712
|
||||
38,258
|
BroadSoft, Inc. (c)(d)
|
1,322,579
|
||||
158,000
|
Microsoft Corp.
|
6,975,700
|
||||
128,000
|
Oracle Corp.
|
5,158,400
|
||||
22,488,133
|
||||||
Materials – 2.0%
|
||||||
9,932
|
Agrium, Inc.
|
1,052,295
|
||||
24,115
|
CF Industries Holdings, Inc. (d)
|
1,550,112
|
||||
54,503
|
Constellium NV, Class A (c)(d)
|
644,771
|
||||
19,862
|
E.I. du Pont de Nemours & Co. (d)
|
1,270,175
|
||||
160,000
|
Franco-Nevada Corp.
|
7,624,000
|
||||
14,112
|
Monsanto Co. (d)
|
1,504,198
|
||||
45,000
|
Praxair, Inc.
|
5,379,750
|
||||
130,000
|
Royal Gold, Inc.
|
8,006,700
|
||||
15,401
|
Westlake Chemical Partners LP
|
334,972
|
||||
27,366,973
|
||||||
Telecommunication Services – 3.1%
|
||||||
460,028
|
Aerohive Networks, Inc. (c)(d)
|
3,210,995
|
||||
190,292
|
Attunity, Ltd. (c)(d)
|
2,487,116
|
||||
Shares
|
Security Description
|
Value
|
||||
115,846
|
CBS Corp., Class B, Non-Voting Shares (d)
|
$ |
6,429,453
|
|||
152,000
|
Cisco Systems, Inc.
|
4,173,920
|
||||
1,760,385
|
Corindus Vascular Robotics, Inc. (c)(d)
|
6,178,951
|
||||
263,231
|
Rightside Group, Ltd. (c)(d)
|
1,782,074
|
||||
180,063
|
Spark Networks, Inc. (c)(d)
|
552,793
|
||||
34,087
|
Time Warner, Inc. (b)(d)
|
2,979,545
|
||||
260,000
|
Twenty-First Century Fox, Inc., Class B
|
8,377,200
|
||||
10,735
|
Ubiquiti Networks, Inc. (d)
|
342,608
|
||||
218,539
|
Web.com Group, Inc. (c)(d)
|
5,293,015
|
||||
41,807,670
|
||||||
Utilities - 0.6%
|
||||||
230,000
|
ITC Holdings Corp.
|
7,401,400
|
||||
Total Common Stock (Cost $366,408,033)
|
449,251,129
|
|||||
Shares
|
Security Description
|
Rate
|
Value
|
|||
Preferred Stock - 0.5%
|
||||||
Information Technology - 0.5%
|
||||||
8,100
|
Samsung Electronics Co., Ltd.
|
2.00
|
% |
7,210,812
|
||
Telecommunication Services - 0.0%
|
||||||
500
|
Frontier Communications Corp., Class A (d)
|
11.13
|
49,950
|
|||
Total Preferred Stock (Cost $8,395,861)
|
7,260,762
|
|||||
Total Equity Securities (Cost $374,803,894)
|
456,511,891
|
|||||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
Fixed Income Securities – 21.5%
|
|||||||
Asset Backed Obligations – 1.0%
|
|||||||
$ 85,122
|
Adjustable Rate Mortgage Trust, Series 2005-12 2A1 (e)
|
2.78
|
% |
03/25/36
|
$ |
66,313
|
|
58,474
|
Adjustable Rate Mortgage Trust, Series 2006-1 3A3 (e)
|
2.98
|
03/25/36
|
43,971
|
|||
160,265
|
Banc of America Alternative Loan Trust, Series 2005-8 2CB1
|
6.00
|
09/25/35
|
149,138
|
|||
44,982
|
Banc of America Funding Corp., Series 2006-E 2A1 (e)
|
2.89
|
06/20/36
|
37,307
|
|||
196,818
|
Banc of America Funding Corp., Series 2006-F 1A1 (e)
|
2.70
|
07/20/36
|
193,340
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 156,722
|
Banc of America Funding Corp., Series 2006-H 6A1 (e)
|
0.38
|
% |
10/20/36
|
$ |
118,142
|
|
87,953
|
Banc of America Funding Corp., Series 2007-E 4A1 (e)
|
2.61
|
07/20/47
|
69,387
|
|||
173,535
|
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-5 1A1 (e)
|
2.62
|
08/25/47
|
140,532
|
|||
172,021
|
Bear Stearns ALT-A Trust, Series 2005-8 11A1 (e)
|
0.73
|
10/25/35
|
152,885
|
|||
367,781
|
Bear Stearns ALT-A Trust, Series 2006-1 22A1 (e)
|
2.47
|
02/25/36
|
294,373
|
|||
159,135
|
Bear Stearns ALT-A Trust, Series 2006-2 23A1 (e)
|
2.65
|
03/25/36
|
123,174
|
|||
1,138,952
|
Bear Stearns ALT-A Trust, Series 2006-4 11A1 (e)
|
0.51
|
08/25/36
|
870,037
|
|||
267,264
|
ChaseFlex Trust, Series 2007-1 2A9
|
6.00
|
02/25/37
|
230,307
|
|||
285,766
|
Citigroup Mortgage Loan Trust, Series 2006-WF1 A2D (f)
|
5.39
|
03/25/36
|
210,155
|
|||
109,968
|
CitiMortgage Alternative Loan Trust, Series 2006-A7 1A12
|
6.00
|
12/25/36
|
99,851
|
|||
42,158
|
CitiMortgage Alternative Loan Trust, Series 2007-A4 1A6
|
5.75
|
04/25/37
|
36,422
|
|||
54,251
|
Countrywide Alternative Loan Trust, Series 2005-50CB 1A1
|
5.50
|
11/25/35
|
52,610
|
|||
186,095
|
Countrywide Alternative Loan Trust, Series 2005-73CB 1A8
|
5.50
|
01/25/36
|
177,217
|
|||
506,700
|
Countrywide Alternative Loan Trust, Series 2005-J10 1A16
|
5.50
|
10/25/35
|
458,221
|
|||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 450,014
|
Countrywide Alternative Loan Trust, Series 2005-J12 2A1 (e)
|
0.46%
|
08/25/35
|
$ 309,396
|
|||
228,354
|
Countrywide Alternative Loan Trust, Series 2006-36T2 1A1 (e)
|
0.51
|
12/25/36
|
137,014
|
|||
22,179
|
Countrywide Alternative Loan Trust, Series 2006-7CB 3A1
|
5.25
|
05/25/21
|
20,721
|
|||
230,941
|
Countrywide Alternative Loan Trust, Series 2007-16CB 4A7
|
6.00
|
08/25/37
|
224,945
|
|||
192,306
|
Countrywide Alternative Loan Trust, Series 2007-19 1A34
|
6.00
|
08/25/37
|
161,970
|
|||
166,978
|
Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-HY3 4A1 (e)
|
5.06
|
06/25/47
|
156,841
|
|||
73,124
|
Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-HY5 1A1 (e)
|
2.66
|
09/25/47
|
64,761
|
|||
61,243
|
Credit Suisse Mortgage Capital Mortgage-Backed Trust, Series 2006-8 3A1
|
6.00
|
10/25/21
|
59,781
|
|||
809,750
|
CSAB Mortgage-Backed Trust, Series 2007-1 1A1A (e)
|
5.90
|
05/25/37
|
467,974
|
|||
204,416
|
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2 A5B (f)
|
6.09
|
06/25/36
|
173,576
|
|||
334,445
|
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8 1A1
|
6.25
|
02/25/37
|
284,236
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 394,096
|
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8 1A8 (e)
|
0.56
|
% |
02/25/37
|
$ |
234,825
|
|
289,629
|
GSR Mortgage Loan Trust, Series 2004-14 3A2 (e)
|
2.82
|
12/25/34
|
280,658
|
|||
164,579
|
GSR Mortgage Loan Trust, Series 2005-AR5 1A1 (e)
|
2.82
|
10/25/35
|
144,627
|
|||
195,869
|
HomeBanc Mortgage Trust, Series 2004-1 2A (e)
|
1.05
|
08/25/29
|
184,435
|
|||
181,784
|
HSI Asset Loan Obligation Trust, Series 2007-AR2 2A1 (e)
|
2.81
|
09/25/37
|
148,805
|
|||
182,722
|
Indymac INDA Mortgage Loan Trust, Series 2007-AR7 1A1 (e)
|
2.74
|
11/25/37
|
174,359
|
|||
269,417
|
Indymac Index Mortgage Loan Trust, Series 2005-AR5 1A1 (e)
|
2.64
|
05/25/35
|
224,206
|
|||
73,081
|
Indymac Index Mortgage Loan Trust, Series 2006-AR25 3A1 (e)
|
2.75
|
09/25/36
|
54,198
|
|||
136,189
|
Indymac Index Mortgage Loan Trust, Series 2006-AR29 A1 (e)
|
0.36
|
11/25/36
|
106,113
|
|||
182,412
|
Indymac Index Mortgage Loan Trust, Series 2006-AR33 3A1 (e)
|
2.79
|
01/25/37
|
168,212
|
|||
673,372
|
Indymac Index Mortgage Loan Trust, Series 2006-AR7 1A1 (e)
|
2.88
|
05/25/36
|
507,616
|
|||
342,334
|
Indymac Index Mortgage Loan Trust, Series 2006-AR7 4A1 (e)
|
2.81
|
05/25/36
|
247,171
|
|||
440,195
|
Indymac Index Mortgage Loan Trust, Series 2006-R1 A3 (e)
|
4.42
|
12/25/35
|
342,595
|
|||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 39,318
|
JP Morgan Mortgage Trust, Series 2007-A2 4A1M (e)
|
4.68
|
% |
04/25/37
|
$ |
35,665
|
|
165,179
|
Lehman XS Trust, Series 2005-6 1A1 (e)
|
0.45
|
11/25/35
|
117,942
|
|||
267,350
|
MASTR Adjustable Rate Mortgages Trust, Series 2007-R5 A1 (e)(g)
|
2.67
|
11/25/35
|
208,639
|
|||
185,580
|
Morgan Stanley Mortgage Loan Trust, Series 2007-13 6A1
|
6.00
|
10/25/37
|
156,662
|
|||
305,835
|
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2007-1 1A1A (f)
|
6.00
|
03/25/47
|
247,059
|
|||
1,470,873
|
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2005-HE1 M3 (e)
|
0.67
|
09/25/35
|
1,430,738
|
|||
370,061
|
Residential Accredit Loans, Inc., Series 2006-QS10 A1
|
6.00
|
08/25/36
|
313,793
|
|||
188,819
|
Residential Accredit Loans, Inc., Series 2006-QS17 A4
|
6.00
|
12/25/36
|
156,023
|
|||
300,807
|
Residential Accredit Loans, Inc., Series 2007-QS1 1A1
|
6.00
|
01/25/37
|
258,373
|
|||
145,639
|
Residential Accredit Loans, Inc., Series 2007-QS5 A1
|
5.50
|
03/25/37
|
114,735
|
|||
603,342
|
Residential Accredit Loans, Inc., Series 2007-QS8 A6
|
6.00
|
06/25/37
|
511,207
|
|||
366,205
|
Residential Asset Securitization Trust, Series 2006-A10 A5
|
6.50
|
09/25/36
|
276,215
|
|||
1,096,772
|
Residential Asset Securitization Trust, Series 2007-A5 1A2 (e)
|
0.59
|
05/25/37
|
278,866
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 710,856
|
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1 7A4 (e)
|
4.84
|
% |
02/25/36
|
$ |
590,146
|
|
58,598
|
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3 3A1 (e)
|
2.73
|
04/25/47
|
46,574
|
|||
232,129
|
WaMu Mortgage Pass-Through Certificates, Series 2006-AR12 2A3 (e)
|
1.74
|
10/25/36
|
195,311
|
|||
141,080
|
WaMu Mortgage Pass-Through Certificates, Series 2006-AR16 1A1 (e)
|
2.02
|
12/25/36
|
125,286
|
|||
259,837
|
WaMu Mortgage Pass-Through Certificates, Series 2007-HY3 4A1 (e)
|
2.41
|
03/25/37
|
246,794
|
|||
435,936
|
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-7 A1A (f)
|
4.64
|
09/25/36
|
252,078
|
|||
Total Asset Backed Obligations (Cost $10,955,686)
|
13,964,523
|
||||||
Corporate Convertible Bonds – 13.7%
|
|||||||
Consumer Discretionary – 1.0%
|
|||||||
1,000,000
|
Exide Technologies (d)(e)(h)(i)
|
0.00
|
09/18/13
|
30,000
|
|||
4,500,000
|
JAKKS Pacific, Inc. (d)(g)
|
4.25
|
08/01/18
|
5,447,813
|
|||
2,000,000
|
JAKKS Pacific, Inc. (d)(g)
|
4.88
|
06/01/20
|
2,272,500
|
|||
2,850,000
|
M/I Homes, Inc. (d)
|
3.25
|
09/15/17
|
3,371,721
|
|||
2,000,000
|
Navistar International Corp. (d)
|
4.75
|
04/15/19
|
1,721,250
|
|||
12,843,284
|
|||||||
Consumer Staples - 2.9%
|
|||||||
2,500,000
|
Acorda Therapeutics, Inc. (d)
|
1.75
|
06/15/21
|
2,543,750
|
|||
4,250,000
|
Albany Molecular Research, Inc.
|
2.25
|
11/15/18
|
5,963,281
|
|||
720,000
|
Array BioPharma, Inc.
|
3.00
|
06/01/20
|
912,600
|
|||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 2,000,000
|
Ascent Capital Group, Inc.
|
4.00
|
% |
07/15/20
|
$ |
1,551,250
|
|
4,250,000
|
Carriage Services, Inc. (d)
|
2.75
|
03/15/21
|
5,094,687
|
|||
2,250,000
|
Ctrip.com International, Ltd. (d)(g)
|
1.00
|
07/01/20
|
2,203,594
|
|||
900,000
|
Ctrip.com International, Ltd. (d)(g)
|
1.99
|
07/01/25
|
878,063
|
|||
4,000,000
|
Depomed, Inc. (d)
|
2.50
|
09/01/21
|
5,135,000
|
|||
4,693,000
|
Endologix, Inc. (d)
|
2.25
|
12/15/18
|
4,537,544
|
|||
4,500,000
|
Healthways, Inc. (d)
|
1.50
|
07/01/18
|
4,215,938
|
|||
375,000
|
Ironwood Pharmaceuticals, Inc. (d)(g)
|
2.25
|
06/15/22
|
369,141
|
|||
3,750,000
|
Monster Worldwide, Inc. (d)(g)
|
3.50
|
10/15/19
|
5,200,781
|
|||
1,600,000
|
Protalix BioTherapeutics, Inc. (d)
|
4.50
|
09/15/18
|
1,216,000
|
|||
39,821,629
|
|||||||
Energy - 0.9%
|
|||||||
$ 3,000,000
|
Clean Energy Fuels Corp. (g)
|
5.25
|
10/01/18
|
2,184,375
|
|||
2,000,000
|
Energy XXI, Ltd. (d)
|
3.00
|
12/15/18
|
490,000
|
|||
2,000,000
|
Helix Energy Solutions Group, Inc. (d)
|
3.25
|
03/15/32
|
1,902,500
|
|||
1,075,000
|
InterOil Corp.
|
2.75
|
11/15/15
|
1,109,266
|
|||
2,000,000
|
JinkoSolar Holding Co., Ltd. (d)(g)
|
4.00
|
02/01/19
|
1,912,500
|
|||
4,650,000
|
Renewable Energy Group, Inc. (d)
|
2.75
|
06/15/19
|
4,958,062
|
|||
12,556,703
|
|||||||
Financial - 1.6%
|
|||||||
5,000,000
|
CBIZ, Inc. (g)
|
4.88
|
10/01/15
|
6,540,625
|
|||
4,900,000
|
Encore Capital Group Inc (d)
|
3.00
|
07/01/20
|
5,239,937
|
|||
4,500,000
|
Forestar Group, Inc. (d)
|
3.75
|
03/01/20
|
3,988,125
|
|||
2,200,000
|
FXCM, Inc. (d)
|
2.25
|
06/15/18
|
1,871,375
|
|||
4,000,000
|
GAIN Capital Holdings, Inc. (d)
|
4.13
|
12/01/18
|
4,385,000
|
|||
22,025,062
|
|||||||
Healthcare - 0.9%
|
|||||||
4,000,000
|
Emergent BioSolutions, Inc. (d)
|
2.88
|
01/15/21
|
4,965,000
|
|||
2,500,000
|
Insulet Corp. (d)
|
2.00
|
06/15/19
|
2,425,000
|
|||
3,500,000
|
Quidel Corp. (d)
|
3.25
|
12/15/20
|
3,510,938
|
|||
1,000,000
|
VIVUS, Inc. (d)(g)
|
4.50
|
05/01/20
|
670,000
|
|||
11,570,938
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
Industrial - 1.5%
|
|||||||
$ 1,000,000
|
AAR Corp., Series B
|
2.25
|
% |
03/01/16
|
$ |
1,055,000
|
|
3,400,000
|
Altra Industrial Motion Corp.
|
2.75
|
03/01/31
|
3,922,750
|
|||
250,000
|
Echo Global Logistics, Inc. (d)
|
2.50
|
05/01/20
|
269,688
|
|||
2,500,000
|
Fluidigm Corp. (d)
|
2.75
|
02/01/34
|
2,204,687
|
|||
2,500,000
|
Griffon Corp. (d)(g)
|
4.00
|
01/15/17
|
3,053,125
|
|||
3,500,000
|
Kaman Corp. (d)(g)
|
3.25
|
11/15/17
|
4,606,875
|
|||
4,500,000
|
TTM Technologies, Inc. (d)
|
1.75
|
12/15/20
|
5,262,187
|
|||
20,374,312
|
|||||||
Information Technology - 1.9%
|
|||||||
2,500,000
|
Avid Technology, Inc. (d)(g)
|
2.00
|
06/15/20
|
2,289,063
|
|||
2,500,000
|
GT Advanced Technologies, Inc. (d)(h)
|
3.00
|
12/15/20
|
725,000
|
|||
3,785,000
|
inContact, Inc. (d)(g)
|
2.50
|
04/01/22
|
3,754,247
|
|||
4,000,000
|
Interactive Intelligence Group, Inc. (d)(g)
|
1.25
|
06/01/20
|
3,862,500
|
|||
3,500,000
|
Photronics, Inc. (d)
|
3.25
|
04/01/16
|
3,747,187
|
|||
1,116,000
|
PROS Holdings, Inc. (d)(g)
|
2.00
|
12/01/19
|
1,086,705
|
|||
5,600,000
|
Quantum Corp. (d)
|
4.50
|
11/15/17
|
6,692,000
|
|||
3,000,000
|
Rudolph Technologies, Inc. (d)(g)
|
3.75
|
07/15/16
|
3,292,500
|
|||
25,449,202
|
|||||||
Materials - 0.9%
|
|||||||
4,600,000
|
Horsehead Holding Corp. (d)
|
3.80
|
07/01/17
|
4,706,375
|
|||
3,624,000
|
Primero Mining Corp.
|
6.50
|
03/31/16
|
3,640,308
|
|||
5,000,000
|
Silver Standard Resources, Inc. (d)(g)
|
2.88
|
02/01/33
|
3,850,000
|
|||
12,196,683
|
|||||||
Telecommunication Services - 1.8%
|
|||||||
1,750,000
|
Alaska Communications Systems Group, Inc.
|
6.25
|
05/01/18
|
1,753,281
|
|||
4,500,000
|
Blucora, Inc.
|
4.25
|
04/01/19
|
4,477,500
|
|||
2,686,000
|
Infinera Corp. (d)
|
1.75
|
06/01/18
|
4,651,816
|
|||
3,000,000
|
InterDigital, Inc. (d)
|
2.50
|
03/15/16
|
3,305,625
|
|||
1,000,000
|
j2 Global, Inc. (d)
|
3.25
|
06/15/29
|
1,164,375
|
|||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
$ 2,500,000
|
Vipshop Holdings, Ltd. (d)
|
1.50%
|
03/15/19
|
$ 3,187,500
|
|||
4,250,000
|
Web.com Group, Inc. (d)
|
1.00
|
08/15/18
|
4,228,750
|
|||
1,000,000
|
WebMD Health Corp. (d)
|
2.25
|
03/31/16
|
1,008,125
|
|||
23,776,972
|
|||||||
Utilities - 0.3%
|
|||||||
6,000,000
|
EnerNOC, Inc. (d)(g)
|
2.25
|
08/15/19
|
4,346,250
|
|||
Total Corporate Convertible Bonds (Cost $177,910,104)
|
184,961,035
|
||||||
Corporate Non-Convertible Bonds – 4.1%
|
|||||||
Consumer Discretionary – 1.0%
|
|||||||
750,000
|
Caesars Entertainment Resort Properties, LLC
|
8.00
|
10/01/20
|
710,160
|
|||
848,000
|
Caleres, Inc.
|
7.13
|
05/15/19
|
883,192
|
|||
750,000
|
HD Supply, Inc.
|
11.00
|
04/15/20
|
838,425
|
|||
500,000
|
K Hovnanian Enterprises, Inc.
|
11.88
|
10/15/15
|
513,125
|
|||
1,000,000
|
K Hovnanian Enterprises, Inc.
|
6.25
|
01/15/16
|
1,010,000
|
|||
2,250,000
|
K Hovnanian Enterprises, Inc.
|
8.63
|
01/15/17
|
2,295,000
|
|||
2,760,000
|
MGM Resorts International
|
6.63
|
07/15/15
|
2,763,036
|
|||
2,099,000
|
Star Gas Partners LP / Star Gas Finance Co.
|
8.88
|
12/01/17
|
2,194,767
|
|||
1,807,000
|
The Goodyear Tire & Rubber Co.
|
8.25
|
08/15/20
|
1,895,995
|
|||
13,103,700
|
|||||||
Consumer Staples – 1.0%
|
|||||||
3,248,000
|
Bumble Bee Holdings, Inc. (g)
|
9.00
|
12/15/17
|
3,414,460
|
|||
3,500,000
|
Cenveo Corp. (g)
|
6.00
|
08/01/19
|
3,307,500
|
|||
263,000
|
Convatec Healthcare
|
12/15/18
|
277,794
|
||||
4,558,000
|
Fresenius US Finance II, Inc. (g)
|
9.00
|
07/15/15
|
4,568,141
|
|||
1,750,000
|
Monitronics International, Inc. (d)
|
9.13
|
04/01/20
|
1,697,500
|
|||
13,265,395
|
|||||||
Energy - 0.3%
|
|||||||
3,350,000
|
Gastar Exploration, Inc.
|
8.63
|
05/15/18
|
3,157,375
|
|||
1,500,000
|
Walter Energy, Inc. (g)
|
9.50
|
10/15/19
|
817,500
|
|||
3,974,875
|
|||||||
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
Financial - 0.3%
|
|||||||
$ 1,742,000
|
iStar Financial, Inc.
|
9.00
|
% |
06/01/17
|
$ |
1,900,957
|
|
1,250,000
|
Realogy Group, LLC (g)
|
7.63
|
01/15/20
|
1,330,000
|
|||
700,000
|
Realogy Group, LLC / Realogy Co-Issuer Corp. (g)
|
4.50
|
04/15/19
|
710,640
|
|||
1,000,000
|
Realogy Group, LLC / The Sunshine Group Florida, Ltd. (d)(g)
|
3.38
|
05/01/16
|
1,002,500
|
|||
4,944,097
|
|||||||
Industrial - 0.2%
|
|||||||
1,750,000
|
International Wire Group Holdings, Inc. (g)
|
8.50
|
10/15/17
|
1,815,625
|
|||
1,665,000
|
Quality Distribution, LLC / QD Capital Corp.
|
9.88
|
11/01/18
|
1,754,494
|
|||
3,570,119
|
|||||||
Information Technology - 0.3%
|
|||||||
2,040,000
|
EarthLink Holdings Corp.
|
7.38
|
06/01/20
|
2,131,800
|
|||
1,566,000
|
First Data Corp. (g)
|
8.88
|
08/15/20
|
1,650,173
|
|||
3,781,973
|
|||||||
Materials - 0.1%
|
|||||||
950,000
|
ArcelorMittal
|
4.50
|
08/05/15
|
950,888
|
|||
Telecommunication Services - 0.9%
|
|||||||
3,224,000
|
Crown Media Holdings, Inc.
|
10.50
|
07/15/19
|
3,409,380
|
|||
1,290,000
|
FairPoint Communicatio-ns, Inc. (g)
|
8.75
|
08/15/19
|
1,346,437
|
|||
1,250,000
|
iHeartCommun-ications, Inc.
|
9.00
|
12/15/19
|
1,195,937
|
|||
1,630,000
|
Level 3 Financing, Inc.
|
8.63
|
07/15/20
|
1,746,056
|
|||
750,000
|
Nielsen Finance LLC / Nielsen Finance Co. (d)
|
4.50
|
10/01/20
|
749,063
|
|||
425,000
|
Spanish Broadcasting System, Inc. (g)
|
12.50
|
04/15/17
|
443,063
|
|||
541,000
|
Videotron, Ltd.
|
9.13
|
04/15/18
|
551,144
|
|||
2,500,000
|
Windstream Services, LLC
|
7.88
|
11/01/17
|
2,665,625
|
|||
12,106,705
|
|||||||
Total Corporate Non-Convertible Bonds (Cost $57,221,084)
|
55,697,752
|
||||||
Exchange Traded Note - 0.0%
|
|||||||
20,500
|
iPATH S&P 500 VIX Mid-Term Futures ETN (c)(d)
|
229,190
|
|||||
Total Exchange Traded Note (Cost $948,087)
|
229,190
|
||||||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
Syndicated Loans - 0.8%
|
|||||||
$ 2,959,419
|
Arch Coal, Inc. (e)
|
6.25%
|
05/16/18
|
$ 2,046,438
|
|||
1,481,013
|
Atlas Iron, Ltd. (e)
|
8.75
|
12/10/17
|
592,405
|
|||
4,000,000
|
Energy Future Intermediate Holding Co., LLC (e)
|
4.25
|
06/19/16
|
4,010,000
|
|||
2,397,352
|
HD Supply, Inc. (e)
|
4.00
|
06/28/18
|
2,399,599
|
|||
1,374,024
|
WideOpenWest Finance, LLC (e)
|
3.75
|
07/17/17
|
1,373,380
|
|||
Total Syndicated Loans (Cost $12,193,428)
|
10,421,822
|
||||||
U.S. Government & Agency Obligations - 1.9%
|
|||||||
U.S. Treasury Securities - 1.9%
|
|||||||
25,000,000
|
U.S. Treasury Bill (j)
|
0.18
|
01/07/16
|
24,991,100
|
|||
Total U.S. Government & Agency Obligations (Cost $24,976,250)
|
24,991,100
|
||||||
Total Fixed Income Securities (Cost $284,204,639)
|
290,265,422
|
||||||
Shares
|
Security Description
|
Strike Price
|
Exp. Date
|
Value
|
|||
Warrants - 0.0%
|
|||||||
253,311
|
Kinder Morgan, Inc. (c)
|
$ 100.00
|
05/17
|
683,940
|
|||
Total Warrants (Cost $881,162)
|
683,940
|
||||||
Investment Companies – 12.7%
|
|||||||
835,762
|
SPDR S&P 500 ETF Trust (a)(b)(d)
|
172,041,608
|
|||||
Total Investment Companies (Cost $95,793,268)
|
172,041,608
|
||||||
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||
Short-Term Investments - 0.5%
|
|||||||
Commercial Paper (j) - 0.5%
|
|||||||
2,375,000
|
Arrow Electronics, Inc.
|
0.80%
|
07/09/15
|
2,374,578
|
|||
1,500,000
|
Newell Rubbermaid, Inc.
|
0.75
|
07/14/15
|
1,499,594
|
|||
3,200,000
|
Wyndham Worldwide Corp.
|
0.85
|
07/13/15
|
3,199,093
|
|||
Total Commercial Paper (Cost $7,073,265)
|
7,073,265
|
||||||
Total Short-Term Investments (Cost $7,073,265)
|
7,073,265
|
||||||
Shares
|
Security Description
|
Value
|
|||||
Money Market Funds – 6.6%
|
|||||||
71,702,767
|
JP Morgan 100% U.S. Treasury Money Market Fund Cap (e)
|
71,702,767
|
|||||
17,202,029
|
JP Morgan U.S. Treasury Plus Money Market Fund (e)
|
17,202,029
|
|||||
Total Money Market Funds (Cost $88,904,796)
|
88,904,796
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Contracts
|
Security Description
|
Strike Price
|
Exp. Date
|
Value
|
|||
Purchased Options - 0.9%
|
|||||||
Call Options Purchased - 0.3%
|
|||||||
75
|
Baker Hughes, Inc.
|
$ 60.00
|
01/15
|
$ |
47,250
|
||
448
|
CBOE Market Volatility
|
14.00
|
08/15
|
165,760
|
|||
7,415
|
Market Vectors Gold Miners ETF
|
30.00
|
01/15
|
66,735
|
|||
4,775
|
Market Vectors Gold Miners ETF
|
25.00
|
01/15
|
109,825
|
|||
373
|
SanDisk Corp.
|
75.00
|
07/15
|
1,492
|
|||
2,131
|
SPDR S&P 500 ETF
|
200.00
|
01/15
|
2,728,745
|
|||
Total Call Options Purchased (Premiums Paid $4,162,314)
|
3,119,807
|
||||||
Put Options Purchased - 0.6%
|
|||||||
20
|
iShares Russell 2000 ETF
|
$ 122.00
|
07/15
|
20
|
|||
575
|
iShares Russell 2000 ETF
|
127.00
|
07/15
|
154,675
|
|||
1,754
|
iShares Russell 2000 ETF
|
120.00
|
08/15
|
352,554
|
|||
20
|
iShares Russell 2000 ETF
|
128.00
|
11/15
|
15,560
|
|||
1,735
|
OmniVision Technologies, Inc.
|
25.00
|
09/15
|
43,375
|
|||
89
|
OmniVision Technologies, Inc.
|
25.00
|
01/16
|
16,020
|
|||
35
|
SPDR S&P 500 ETF
|
210.00
|
09/15
|
28,595
|
|||
14
|
SPDR S&P 500 ETF
|
211.00
|
10/15
|
12,740
|
|||
15
|
SPDR S&P 500 ETF
|
209.00
|
10/15
|
12,000
|
|||
20
|
SPDR S&P 500 ETF
|
211.00
|
10/15
|
19,130
|
|||
3,244
|
SPDR S&P 500 ETF
|
200.00
|
01/16
|
2,619,530
|
|||
7,571
|
SPDR S&P 500 ETF
|
195.00
|
01/16
|
4,996,860
|
|||
2,161
|
SPDR S&P 500 ETF
|
140.00
|
01/16
|
127,499
|
|||
20
|
SPDR S&P MidCap 400 ETF
|
275.00
|
09/15
|
18,800
|
|||
Total Put Options Purchased (Premiums Paid $14,699,666)
|
8,417,358
|
||||||
Total Purchased Options (Premiums Paid $18,861,980)
|
11,537,165
|
||||||
Total Long Positions – 76.0% (Cost $870,523,004)*
|
1,027,018,087
|
||||||
Total Short Positions - (35.0)% (Cost $(505,477,483))*
|
(473,022,519)
|
||||||
Total Written Options - (0.8)% (Premiums Received $(17,125,047))*
|
(10,460,724)
|
||||||
Other Assets & Liabilities, Net – 59.8%
|
807,054,671
|
||||||
Net Assets – 100.0%
|
$ |
1,350,589,515
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
|
Shares
|
Security Description
|
Value
|
Short Positions - (35.0)%
|
|||||||
Common Stock - (32.1)%
|
|||||||
Consumer Discretionary - (5.5)%
|
|||||||
(19,559)
|
American Airlines Group, Inc.
|
$
|
(781,089)
|
||||
(11,854)
|
Cabela's, Inc.
|
(592,463)
|
|||||
(63,200)
|
CarMax, Inc.
|
(4,184,472)
|
|||||
(62,000)
|
Carnival Corp.
|
(3,062,180)
|
|||||
(2,303)
|
Cedar Fair LP
|
(125,490)
|
|||||
(25,401)
|
Chuy's Holdings, Inc.
|
(680,493)
|
|||||
(47,981)
|
Del Frisco's Restaurant Group, Inc.
|
(893,886)
|
|||||
(10,523)
|
Domino's Pizza, Inc.
|
(1,193,308)
|
|||||
(104,678)
|
Fastenal Co.
|
(4,415,318)
|
|||||
(335,100)
|
Ford Motor Co.
|
(5,029,851)
|
|||||
(16,720)
|
Fossil Group, Inc.
|
(1,159,699)
|
|||||
(52,215)
|
Fox Factory Holding Corp.
|
(839,617)
|
|||||
(39,600)
|
Genuine Parts Co.
|
(3,545,388)
|
|||||
(54,250)
|
Harley-Davidson, Inc.
|
(3,056,987)
|
|||||
(476,737)
|
JAKKS Pacific, Inc.
|
(4,714,929)
|
|||||
(60,000)
|
Johnson Controls, Inc.
|
(2,971,800)
|
|||||
(206,200)
|
Kate Spade & Co.
|
(4,441,548)
|
|||||
(16,612)
|
lululemon athletica, Inc.
|
(1,084,764)
|
|||||
(77,200)
|
M/I Homes, Inc.
|
(1,904,524)
|
|||||
(10,447)
|
Mobileye NV
|
(555,467)
|
|||||
(16,750)
|
Navistar International Corp.
|
(379,053)
|
|||||
(1,754)
|
Netflix, Inc.
|
(1,152,273)
|
|||||
(38,102)
|
Noodles & Co.
|
(556,289)
|
|||||
(15,600)
|
Nordstrom, Inc.
|
(1,162,200)
|
|||||
(6,395)
|
Panera Bread Co., Class A
|
(1,117,654)
|
|||||
(28,875)
|
Polaris Industries, Inc.
|
(4,276,676)
|
|||||
(37,300)
|
Rent-A-Center, Inc.
|
(1,057,455)
|
|||||
(30,206)
|
Sears Holdings Corp.
|
(806,500)
|
|||||
(1,631)
|
Tesla Motors, Inc.
|
(437,532)
|
|||||
(44,480)
|
The Home Depot, Inc.
|
(4,943,062)
|
|||||
(4,770)
|
The Priceline Group, Inc.
|
(5,492,035)
|
|||||
(56,448)
|
Titan International, Inc.
|
(606,252)
|
|||||
(17,350)
|
Ulta Salon Cosmetics & Fragrance, Inc.
|
(2,679,708)
|
|||||
(52,450)
|
Under Armour, Inc., Class A
|
(4,376,428)
|
|||||
(74,276,390) |
Consumer Staples - (3.1)%
|
|||||
(36,600)
|
Acorda Therapeutics, Inc.
|
(1,219,878)
|
|||
(213,100)
|
Albany Molecular Research, Inc.
|
(4,308,882)
|
|||
(46,165)
|
Amira Nature Foods, Ltd.
|
(530,436)
|
|||
(14,184)
|
Archer-Daniels-Midland Co.
|
(683,953)
|
|||
(77,500)
|
Array BioPharma, Inc.
|
(558,775)
|
|||
(8,100)
|
Ascent Capital Group, Inc., Class A
|
(346,194)
|
|||
(22,579)
|
B&G Foods, Inc.
|
(644,179)
|
|||
(132,500)
|
Carriage Services, Inc.
|
(3,164,100)
|
|||
(44,348)
|
Cenveo, Inc.
|
(94,018)
|
|||
(10,880)
|
Ctrip.com International, Ltd., ADR
|
(790,106)
|
|||
(45,796)
|
Darling Ingredients, Inc.
|
(671,369)
|
|||
(11,345)
|
Davidstea, Inc.
|
(243,804)
|
|||
(38,187)
|
Dean Foods Co.
|
(617,484)
|
|||
(161,100)
|
Depomed, Inc.
|
(3,457,206)
|
|||
(80,500)
|
Endologix, Inc.
|
(1,234,870)
|
|||
(1,961)
|
ExamWorks Group, Inc.
|
(76,675)
|
|||
(10,177)
|
General Mills, Inc.
|
(567,062)
|
|||
(27,729)
|
Haemonetics Corp.
|
(1,146,871)
|
|||
(116,100)
|
Healthways, Inc.
|
(1,390,878)
|
|||
(5,645)
|
Ingredion, Inc.
|
(450,527)
|
|||
(11,300)
|
Ironwood Pharmaceuticals, Inc.
|
(136,278)
|
|||
(17,372)
|
Keurig Green Mountain, Inc.
|
(1,331,216)
|
|||
(556,175)
|
Monster Worldwide, Inc.
|
(3,637,385)
|
|||
|
Shares
|
Security
Description
|
Value
|
||
(22,579)
|
Nutrisystem, Inc.
|
$
|
(561,766)
|
||
(507,455)
|
Pacific Biosciences of California, Inc.
|
(2,922,941)
|
|||
(36,700)
|
Pilgrim's Pride Corp.
|
(842,999)
|
|||
(85,000)
|
Protalix BioTherapeutics, Inc.
|
(165,750)
|
|||
(12,669)
|
Sanderson Farms, Inc.
|
(952,202)
|
|||
(7,671)
|
Sirona Dental Systems, Inc.
|
(770,322)
|
|||
(22,050)
|
SodaStream International, Ltd.
|
(465,917)
|
|||
(12,701)
|
The Andersons, Inc.
|
(495,339)
|
|||
(25,401)
|
The Chefs' Warehouse, Inc.
|
(539,517)
|
|||
(43,000)
|
The Estee Lauder Cos., Inc.
|
(3,726,380)
|
|||
(20,015)
|
The Fresh Market, Inc.
|
(643,282)
|
|||
(10,177)
|
TreeHouse Foods, Inc.
|
(824,642)
|
|||
(11,615)
|
United Rentals, Inc.
|
(1,017,706)
|
|||
(41,230,909)
|
Energy - (2.6)%
|
|||||||
(8,764)
|
Bristow Group, Inc.
|
(467,121)
|
|||||
(43,100)
|
Cheniere Energy, Inc.
|
(2,985,106)
|
|||||
(48,900)
|
Clean Energy Fuels Corp.
|
(274,818)
|
|||||
(129,600)
|
DCP Midstream Partners LP
|
(3,977,424)
|
|||||
(95,200)
|
Energy Transfer Equity LP
|
(6,108,984)
|
|||||
(8,000)
|
Energy XXI, Ltd.
|
(21,040)
|
|||||
(104,871)
|
Enphase Energy, Inc.
|
(798,068)
|
|||||
(23,500)
|
Ensco PLC, Class A
|
(523,345)
|
|||||
(25,000)
|
Gastar Exploration, Inc.
|
(77,250)
|
|||||
(22,100)
|
Helix Energy Solutions Group, Inc.
|
(279,123)
|
|||||
(18,750)
|
JinkoSolar Holding Co., Ltd., ADR
|
(553,500)
|
|||||
(136,700)
|
Kinder Morgan, Inc.
|
(5,247,913)
|
|||||
(109,000)
|
MarkWest Energy Partners LP
|
(6,145,420)
|
|||||
(274,512)
|
Renewable Energy Group, Inc.
|
(3,173,359)
|
|||||
(51,700)
|
SunEdison, Inc.
|
(1,546,347)
|
|||||
(296,000)
|
Weatherford International PLC
|
(3,631,920)
|
|||||
(35,810,738) |
Financial - (6.9)%
|
|||||
(4,850,000)
|
Agricultural Bank of China, Ltd., Class H
|
(2,609,091)
|
|||
(1,055)
|
Altisource Residential Corp. REIT
|
(17,777)
|
|||
(150,000)
|
Banco Santander SA, ADR
|
(1,051,500)
|
|||
(394,450)
|
Bank of America Corp.
|
(6,713,539)
|
|||
(4,200,000)
|
Bank of China, Ltd., Class H
|
(2,730,809)
|
|||
(3,320,000)
|
Bank of Communications Co., Ltd., Class H
|
(3,460,676)
|
|||
(614,200)
|
CBIZ, Inc.
|
(5,920,888)
|
|||
(3,900,000)
|
China CITIC Bank Corp., Ltd., Class H
|
(3,109,314)
|
|||
(3,300,000)
|
China Construction Bank Corp., Class H
|
(3,014,107)
|
|||
(900,000)
|
China Merchants Bank Co., Ltd., Class H
|
(2,623,991)
|
|||
(118,100)
|
Citigroup, Inc.
|
(6,523,844)
|
|||
(43,931)
|
Consumer Portfolio Services, Inc.
|
(274,569)
|
|||
(34,600)
|
Deutsche Bank AG
|
(1,043,536)
|
|||
(76,100)
|
Encore Capital Group, Inc.
|
(3,252,514)
|
|||
(155,300)
|
Erste Group Bank AG
|
(4,410,643)
|
|||
(99,300)
|
Forestar Group, Inc.
|
(1,306,788)
|
|||
(31,300)
|
FXCM, Inc., Class A
|
(45,385)
|
|||
(180,572)
|
GAIN Capital Holdings, Inc.
|
(1,726,268)
|
|||
(918,909)
|
Grupo Financiero Banorte SAB de CV, Class O
|
(5,052,465)
|
|||
(52,611)
|
GSV Capital Corp.
|
(542,419)
|
|||
(73,000)
|
HCP, Inc. REIT
|
(2,662,310)
|
|||
(40,500)
|
Health Care REIT, Inc.
|
(2,658,015)
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
|
Shares
|
Security
Description
|
Value
|
(3,700,000)
|
Industrial & Commercial Bank of China, Ltd., Class H
|
$
|
(2,940,315)
|
||||
(1,361,500)
|
Intesa Sanpaolo SpA
|
(4,936,106)
|
|||||
(143,400)
|
Kimco Realty Corp. REIT
|
(3,232,236)
|
|||||
(402,000)
|
Nordea Bank AB
|
(5,014,180)
|
|||||
(270,000)
|
OTP Bank PLC
|
(5,344,153)
|
|||||
(243,500)
|
Swedbank AB, Class A
|
(5,677,853)
|
|||||
(753,764)
|
UniCredit SpA
|
(5,063,009)
|
|||||
(11,396)
|
World Acceptance Corp.
|
(700,968)
|
(93,659,268)
|
Healthcare - (0.4)%
|
|||||||
(81,500)
|
Emergent BioSolutions, Inc.
|
(2,685,425)
|
|||||
(25,800)
|
Insulet Corp.
|
(799,413)
|
|||||
(68,500)
|
Quidel Corp.
|
(1,572,075)
|
|||||
(19,300)
|
VIVUS, Inc.
|
(45,548)
|
|||||
(5,102,461) |
Industrial - (6.0)%
|
|||||||
(8,500)
|
AAR Corp.
|
(270,895)
|
|||||
(15,606)
|
AGCO Corp.
|
(886,109)
|
|||||
(81,600)
|
Altra Industrial Motion Corp.
|
(2,217,888)
|
|||||
(100,900)
|
Atlas Copco AB, Class A
|
(2,823,791)
|
|||||
(28,881)
|
Blount International, Inc.
|
(315,381)
|
|||||
(62,450)
|
Caterpillar, Inc.
|
(5,297,009)
|
|||||
(30,327)
|
Cemex SAB de CV, ADR
|
(277,795)
|
|||||
(78,550)
|
Colfax Corp.
|
(3,625,082)
|
|||||
(7,056)
|
Deere & Co.
|
(684,785)
|
|||||
(19,137)
|
Delta Air Lines, Inc.
|
(786,148)
|
|||||
(106,800)
|
Donaldson Co., Inc.
|
(3,823,440)
|
|||||
(90,207)
|
Eaton Corp. PLC
|
(6,088,070)
|
|||||
(4,200)
|
Echo Global Logistics, Inc.
|
(137,172)
|
|||||
(76,975)
|
Emerson Electric Co.
|
(4,266,724)
|
|||||
(17,300)
|
Fluidigm Corp.
|
(418,660)
|
|||||
(103,425)
|
Fluor Corp.
|
(5,482,559)
|
|||||
(37,102)
|
Garmin, Ltd.
|
(1,629,891)
|
|||||
(230,900)
|
General Electric Co.
|
(6,135,013)
|
|||||
(129,040)
|
Griffon Corp.
|
(2,054,317)
|
|||||
(82,202)
|
Kaman Corp.
|
(3,447,552)
|
|||||
(725)
|
Landstar System, Inc.
|
(48,481)
|
|||||
(10,055)
|
MasTec, Inc.
|
(199,793)
|
|||||
(10,000)
|
Norfolk Southern Corp.
|
(873,600)
|
|||||
(21,469)
|
Oshkosh Corp.
|
(909,856)
|
|||||
(491,700)
|
Sandvik AB
|
(5,436,082)
|
|||||
(21,906)
|
Sensata Technologies Holding NV
|
(1,155,322)
|
|||||
(189,100)
|
SKF AB, Class B
|
(4,313,565)
|
|||||
(7,673)
|
Stoneridge, Inc.
|
(89,851)
|
|||||
(29,081)
|
TAL International Group, Inc.
|
(918,960)
|
|||||
(10,291)
|
Tennant Co.
|
(672,414)
|
|||||
(28,309)
|
Tetra Tech, Inc.
|
(725,843)
|
|||||
(45,900)
|
The Boeing Co.
|
(6,367,248)
|
|||||
(331,500)
|
TTM Technologies, Inc.
|
(3,311,685)
|
|||||
(6,491)
|
Valmont Industries, Inc.
|
(771,585)
|
|||||
(101,100)
|
Wartsila OYJ Abp
|
(4,736,128)
|
|||||
(81,198,694) |
Information Technology - (4.6)%
|
|||||
(127,000)
|
ACI Worldwide, Inc.
|
(3,120,390)
|
|||
(72,750)
|
Akamai Technologies, Inc.
|
(5,079,405)
|
|||
(15,425)
|
Alliance Data Systems Corp.
|
(4,503,175)
|
|||
(35,168)
|
Amber Road, Inc.
|
(246,879)
|
|||
(110,950)
|
Autodesk, Inc.
|
(5,555,821)
|
|||
(151,458)
|
Avid Technology, Inc.
|
(2,020,450)
|
|||
(23,939)
|
Computer Programs & Systems, Inc.
|
(1,278,821)
|
|||
|
Shares
|
Security
Description
|
Value
|
||
(85,300)
|
Cornerstone OnDemand, Inc.
|
$
|
(2,968,440)
|
||
(19,849)
|
Cree, Inc.
|
(516,669)
|
|||
(40,900)
|
Demandware, Inc.
|
(2,907,172)
|
|||
(72,300)
|
Fortinet, Inc.
|
(2,988,159)
|
|||
(173,200)
|
inContact, Inc.
|
(1,709,484)
|
|||
(194,500)
|
Intel Corp.
|
(5,915,718)
|
|||
(58,806)
|
Interactive Intelligence Group, Inc.
|
(2,615,103)
|
|||
(85,500)
|
KLA-Tencor Corp.
|
(4,805,955)
|
|||
(31,548)
|
NetApp, Inc.
|
(995,655)
|
|||
(21,535)
|
Open Text Corp.
|
(872,814)
|
|||
(138,800)
|
Photronics, Inc.
|
(1,319,988)
|
|||
(56,173)
|
PROS Holdings, Inc.
|
(1,185,812)
|
|||
(2,302,200)
|
Quantum Corp.
|
(3,867,696)
|
|||
(99,130)
|
Rudolph Technologies, Inc.
|
(1,190,551)
|
|||
(50,484)
|
SanDisk Corp.
|
(2,939,178)
|
|||
(48,480)
|
Seagate Technology PLC
|
(2,302,800)
|
|||
(21,578)
|
VeriSign, Inc.
|
(1,331,794)
|
|||
(62,237,929) |
Materials - (1.4)%
|
|||||
(55,037)
|
American Vanguard Corp.
|
(759,511)
|
|||
(196,248)
|
Atlas Iron, Ltd. (i)
|
(18,170)
|
|||
(39,720)
|
CVR Partners LP
|
(501,664)
|
|||
(14,112)
|
FMC Corp.
|
(741,586)
|
|||
(180,200)
|
Horsehead Holding Corp.
|
(2,111,944)
|
|||
(1,107,621)
|
Mexichem SAB de CV
|
(3,199,363)
|
|||
(33,869)
|
Platform Specialty Products Corp.
|
(866,369)
|
|||
(23,746)
|
Potash Corp. of Saskatchewan, Inc.
|
(735,414)
|
|||
(98,950)
|
Rio Tinto PLC, ADR
|
(4,077,729)
|
|||
(102,200)
|
Silver Standard Resources, Inc.
|
(641,816)
|
|||
(87,300)
|
The Dow Chemical Co.
|
(4,467,141)
|
|||
(15,944)
|
The Mosaic Co.
|
(746,976)
|
|||
(18,867,683 |
Telecommunication Services - (1.5)%
|
|||||
(6,200)
|
Alaska Communications Systems Group, Inc.
|
(14,880)
|
|||
(76,700)
|
Blucora, Inc.
|
(1,238,705)
|
|||
(3,475)
|
DigitalGlobe, Inc.
|
(96,570)
|
|||
(8,900)
|
Frontier Communications Corp.
|
(44,055)
|
|||
(438,899)
|
Globalstar, Inc.
|
(926,077)
|
|||
(182,600)
|
Infinera Corp.
|
(3,830,948)
|
|||
(28,741)
|
InterDigital, Inc.
|
(1,635,076)
|
|||
(8,900)
|
j2 Global, Inc.
|
(604,666)
|
|||
(45,160)
|
Marketo, Inc.
|
(1,267,190)
|
|||
(108,386)
|
Pandora Media, Inc.
|
(1,684,318)
|
|||
(66,133)
|
RetailMeNot, Inc.
|
(1,179,151)
|
|||
(56,471)
|
TrueCar, Inc.
|
(677,087)
|
|||
(90,000)
|
Vipshop Holdings, Ltd., ADR
|
(2,002,500)
|
|||
(44,200)
|
Web.com Group, Inc.
|
(1,070,524)
|
|||
(600)
|
WebMD Health Corp.
|
(26,568)
|
|||
(37,800)
|
Yahoo!, Inc.
|
(1,485,162)
|
|||
(36,200)
|
YY, Inc., ADR
|
(2,516,624)
|
|||
(20,300,101) |
Utilities - (0.1)%
|
|||||
(95,600)
|
EnerNOC, Inc.
|
(927,320)
|
Total Common Stock
(Proceeds $(466,651,351))
|
(433,611,493)
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
|
Shares
|
Security
Description
|
Value
|
Investment Companies - (2.9)%
|
|||||||
(7,195)
|
iShares 20+ Year Treasury Bond ETF
|
$
|
(845,125)
|
||||
(147,114)
|
iShares Russell 2000 ETF
|
(18,368,654)
|
|||||
(5,584)
|
iShares U.S. Real Estate ETF
|
(398,139)
|
|||||
(8,609)
|
SPDR Barclays High Yield Bond ETF
|
(330,844)
|
|||||
(94,575)
|
SPDR S&P 500 ETF Trust
|
(19,468,264)
|
|||||
(39,411,026) | |||||||
Total Investment Companies
(Proceeds $(38,826,132))
|
Total Short Positions - (35.0)%
(Proceeds $(505,477,483))
|
$
|
(473,022,519)
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Contracts
|
Security
Description
|
Strike
Price
|
Exp.
Date
|
Value
|
Written Options - (0.8)%
|
Call Options Written - (0.2)%
|
|||||||||||
(54)
|
3M Co.
|
$
|
180.00
|
01/16
|
$
|
(4,104)
|
|||||
(278)
|
Accenture PLC, Class A
|
100.00
|
01/16
|
(105,640)
|
|||||||
(511)
|
American Airlines Group, Inc.
|
50.00
|
01/17
|
(219,730)
|
|||||||
(239)
|
American Express Co.
|
100.00
|
01/16
|
(5,258)
|
|||||||
(304)
|
American International Group, Inc.
|
65.00
|
01/16
|
(74,328)
|
|||||||
(629)
|
American International Group, Inc.
|
55.00
|
01/16
|
(542,198)
|
|||||||
(60)
|
Arch Coal, Inc.
|
1.00
|
07/15
|
(60)
|
|||||||
(90)
|
Arch Coal, Inc.
|
0.50
|
08/15
|
(315)
|
|||||||
(60)
|
Arch Coal, Inc.
|
1.00
|
10/15
|
(300)
|
|||||||
(135)
|
Arch Coal, Inc.
|
0.50
|
10/15
|
(810)
|
|||||||
(1,190)
|
Bank of America Corp.
|
22.00
|
01/16
|
(9,520)
|
|||||||
(110)
|
Berkshire Hathaway, Inc., Class B
|
165.00
|
01/16
|
(5,500)
|
|||||||
(433)
|
Citigroup, Inc.
|
65.00
|
01/16
|
(28,145)
|
|||||||
(215)
|
Colgate-Palmolive Co.
|
75.00
|
01/16
|
(8,385)
|
|||||||
(110)
|
Costco Wholesale Corp.
|
155.00
|
01/16
|
(12,650)
|
|||||||
(425)
|
Gastar Exploration, Inc.
|
2.50
|
09/15
|
(30,812)
|
|||||||
(190)
|
Gastar Exploration, Inc.
|
2.50
|
12/15
|
(16,625)
|
|||||||
(908)
|
General Motors Co.
|
42.00
|
01/16
|
(18,160)
|
|||||||
(27)
|
Google, Inc., Class C
|
545.00
|
01/16
|
(65,745)
|
|||||||
(88)
|
Johnson & Johnson
|
115.00
|
01/16
|
(2,640)
|
|||||||
(542)
|
JPMorgan Chase & Co.
|
70.00
|
01/16
|
(135,500)
|
|||||||
(88)
|
Kohl's Corp.
|
65.00
|
01/16
|
(26,400)
|
|||||||
(215)
|
Lowe's Cos., Inc.
|
75.00
|
01/16
|
(27,520)
|
|||||||
(88)
|
McDonald's Corp.
|
105.00
|
01/16
|
(11,264)
|
|||||||
(110)
|
Nike, Inc., Class B
|
105.00
|
01/16
|
(89,320)
|
|||||||
(161)
|
Patterson Cos., Inc.
|
55.00
|
07/15
|
(161)
|
|||||||
(99)
|
Schlumberger, Ltd.
|
92.50
|
01/16
|
(29,007)
|
|||||||
(2,131)
|
SPDR S&P 500 ETF
|
215.00
|
01/16
|
(907,806)
|
|||||||
(172)
|
The Home Depot, Inc.
|
115.00
|
01/16
|
(75,680)
|
|||||||
(32)
|
The Sherwin-Williams Co.
|
300.00
|
01/16
|
(17,280)
|
|||||||
(181)
|
Viacom, Inc., Class B
|
80.00
|
01/16
|
(10,860)
|
|||||||
(150)
|
Walter Energy, Inc.
|
1.00
|
09/15
|
(450)
|
|||||||
(60)
|
Walter Energy, Inc.
|
0.50
|
09/15
|
(240)
|
|||||||
Contracts
|
Security
Description
|
Strike
Price
|
Exp.
Date
|
Value
|
(165) |
Walter Energy, Inc.
|
$
|
1.00
|
01/16
|
$
|
(743)
|
|||||
(110) |
Yum! Brands, Inc.
|
80.00
|
01/16
|
(135,300)
|
Total Call Options Written
(Premiums Received $(2,993,201))
|
(2,618,456)
|
Put Options Written - (0.6)%
|
(366)
|
Abbott Laboratories
|
42.00
|
01/16
|
(38,064)
|
|||||
(185)
|
Accenture PLC, Class A
|
82.50
|
01/16
|
(32,375)
|
|||||
(409)
|
American Airlines Group, Inc.
|
30.00
|
01/17
|
(126,790)
|
|||||
(183)
|
American Express Co.
|
82.50
|
01/16
|
(135,420)
|
|||||
(768)
|
American International Group, Inc.
|
40.00
|
01/17
|
(96,768)
|
|||||
(187)
|
Apple, Inc.
|
135.00
|
01/16
|
(280,500)
|
|||||
(1,447)
|
Bank of America Corp.
|
12.00
|
01/16
|
(17,364)
|
|||||
(228)
|
Bed Bath & Beyond, Inc.
|
70.00
|
01/16
|
(117,420)
|
|||||
(222)
|
Berkshire Hathaway, Inc., Class B
|
135.00
|
01/16
|
(117,660)
|
|||||
(512)
|
CarMax, Inc.
|
57.50
|
01/16
|
(104,960)
|
|||||
(715)
|
Corning, Inc.
|
20.00
|
01/16
|
(119,405)
|
|||||
(172)
|
CVS Health Corp.
|
87.50
|
01/16
|
(18,060)
|
|||||
(256)
|
Ensco PLC
|
35.00
|
01/16
|
(335,360)
|
|||||
(863)
|
Expeditors International of Washington, Inc.
|
38.00
|
01/16
|
(60,410)
|
|||||
(196)
|
Express Scripts Holding Co.
|
72.50
|
01/16
|
(27,244)
|
|||||
(695)
|
General Electric Co.
|
23.00
|
01/16
|
(31,275)
|
|||||
(26)
|
Google, Inc., Class C
|
470.00
|
01/16
|
(34,060)
|
|||||
(377)
|
Halliburton Co.
|
45.00
|
01/16
|
(179,075)
|
|||||
(146)
|
Harley-Davidson, Inc.
|
50.00
|
01/16
|
(26,864)
|
|||||
(108)
|
International Business Machines Corp.
|
140.00
|
01/16
|
(29,376)
|
|||||
(20)
|
iShares Russell 2000 ETF
|
107.00
|
07/15
|
(20)
|
|||||
(20)
|
iShares Russell 2000 ETF
|
113.00
|
11/15
|
(5,470)
|
|||||
(400)
|
Jacobs Engineering Group, Inc.
|
32.50
|
07/15
|
(400)
|
|||||
(215)
|
JPMorgan Chase & Co.
|
50.00
|
01/16
|
(11,180)
|
|||||
(254)
|
Kohl's Corp.
|
57.50
|
01/16
|
(63,500)
|
|||||
(299)
|
Kohl's Corp.
|
50.00
|
01/16
|
(25,415)
|
|||||
(226)
|
Kohl's Corp.
|
45.00
|
01/16
|
(9,040)
|
|||||
(228)
|
National Oilwell Varco, Inc.
|
60.00
|
01/16
|
(299,820)
|
|||||
(226)
|
QUALCOMM, Inc.
|
67.50
|
01/16
|
(167,240)
|
|||||
(648)
|
Quanta Services, Inc.
|
23.00
|
08/15
|
(9,720)
|
|||||
(204)
|
Schlumberger, Ltd.
|
70.00
|
01/16
|
(26,112)
|
ABSOLUTE STRATEGIES FUND
SCHEDULE OF CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Contracts
|
Security
Description
|
Strike
Price
|
Exp.
Date
|
Value
|
(35)
|
SPDR S&P 500 ETF
|
$ |
199.00
|
09/15
|
$
|
(14,420)
|
|||
(14)
|
SPDR S&P 500 ETF
|
201.00
|
10/15
|
(7,056)
|
|||||
(15)
|
SPDR S&P 500 ETF
|
194.00
|
10/15
|
(5,048)
|
|||||
(20)
|
SPDR S&P 500 ETF
|
196.00
|
10/15
|
(8,530)
|
|||||
(10,812)
|
SPDR S&P 500 ETF
|
183.00
|
01/16
|
(4,373,454)
|
|||||
(20)
|
SPDR S&P MidCap 400 ETF
|
255.00
|
09/15
|
(7,400)
|
|||||
(829)
|
Sprint Corp.
|
5.00
|
01/16
|
(66,734)
|
|||||
(435)
|
Target Corp.
|
67.50
|
01/16
|
(44,588)
|
|||||
(534)
|
The Bank of New York Mellon Corp.
|
32.00
|
01/16
|
(19,758)
|
|||||
(263)
|
The Boeing Co.
|
110.00
|
01/16
|
(41,291)
|
|||||
(771)
|
The Coca-Cola Co.
|
40.00
|
01/16
|
(195,834)
|
|||||
(129)
|
The Walt Disney Co.
|
85.00
|
01/16
|
(8,901)
|
|||||
(114)
|
Time Warner, Inc.
|
72.50
|
01/16
|
(13,338)
|
|||||
(151)
|
United Parcel Service, Inc., Class B
|
100.00
|
01/16
|
(107,210)
|
|||||
(536)
|
Verizon Communications, Inc.
|
43.00
|
01/16
|
(70,216)
|
|||||
(114)
|
Viacom, Inc., Class B
|
60.00
|
01/16
|
(31,920)
|
|||||
(437)
|
Walgreens Boots Alliance, Inc.
|
70.00
|
01/16
|
(56,373)
|
|||||
(183)
|
Wal-Mart Stores, Inc.
|
80.00
|
01/16
|
(192,150)
|
|||||
(396)
|
Wells Fargo & Co.
|
47.00
|
01/16
|
(31,680)
|
Total Put Options Written
(Premiums Received $(14,131,846))
|
(7,842,268)
|
Total Written Options - (0.8)%
(Premiums Received $(17,125,047))
|
$
|
(10,460,724)
|
ABSOLUTE STRATEGIES FUND
NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
ADR
|
American Depositary Receipt
|
ETF
|
Exchange Traded Fund
|
ETN
|
Exchange Traded Note
|
LLC
|
Limited Liability Company
|
LP
|
Limited Partnership
|
PLC
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
(a)
|
Subject to call option written by the Fund.
|
(b)
|
Subject to put option written by the Fund.
|
(c)
|
Non-income producing security.
|
(d)
|
All or a portion of this security is held as collateral for securities sold short.
|
(e)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
(f)
|
Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of June 30, 2015.
|
(g)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $78,435,335 or 5.8% of net assets.
|
(h)
|
Security is currently in default and is on scheduled interest or principal payment.
|
(i)
|
Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $11,830 or 0.0% of net assets.
|
(j)
|
Rate presented is yield to maturity.
|
Credit Default Swaps - Buy Protection
Counterparty
|
Reference Entity / Obligation
|
Pays Rate
|
Termination Date
|
Credit Spread
as of 6/30/15(1)
|
Notional Amount
|
Net Unrealized Depreciation
|
||||||||||||
Goldman Sachs & Co.
|
Carnival Corp, 6.65%, 01/15/28
|
1.00%
|
03/20/20
|
0.45%
|
$
|
5,000,000
|
$
|
(40,210
|
)
|
|||||||||
Goldman Sachs & Co.
|
Dow Chemical Co., 7.38%, 11/01/29
|
1.00
|
03/20/20
|
0.63
|
5,000,000
|
(80,931
|
)
|
|||||||||||
BNP Paribas
|
Dow Chemical Co., 7.38%, 11/01/29
|
1.00
|
03/20/20
|
0.63
|
5,000,000
|
(58,567
|
)
|
|||||||||||
Goldman Sachs & Co.
|
Eastman Chemical Co., 7.60%, 02/01/27
|
1.00
|
06/20/20
|
0.67
|
5,000,000
|
(47,561
|
)
|
|||||||||||
Goldman Sachs & Co.
|
GATX CORP, 6.00%, 02/15/18
|
1.00
|
09/20/20
|
1.02
|
5,000,000
|
8,778
|
||||||||||||
BNP Paribas
|
Host Hotels & Resorts, Inc., 4.75%, 03/01/23
|
1.00
|
09/20/20
|
0.85
|
5,000,000
|
(55,767
|
)
|
|||||||||||
BNP Paribas
|
Macy's Retail Holding's, Inc., 7.45%, 07/15/17
|
1.00
|
06/20/20
|
0.67
|
5,000,000
|
16,997
|
||||||||||||
BNP Paribas
|
Ryder System, Inc., 6.95%, 12/01/25
|
1.00
|
09/20/20
|
0.62
|
5,000,000
|
15,898
|
||||||||||||
$
|
(241,363
|
)
|
|
(1) Credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract.
|
|
At June 30, 2015, the Fund held the following futures contracts:
|
Contracts
|
Type
|
Expiration Date
|
Notional Contract Value
|
Net Unrealized Appreciation (Depreciation)
|
75
|
Silver Future
|
09/30/15
|
$
|
5,939,925
|
$
|
(97,050
|
)
|
(2,400
|
)
|
NASDAQ 100 Emini Future
|
09/18/15
|
(215,123,313
|
)
|
4,391,313
|
|||||||
(1,900
|
)
|
Russell 2000 Mini Future
|
09/18/15
|
(240,740,536
|
)
|
3,164,536
|
|||||||
(1,200
|
)
|
S&P 500 Emini Future
|
09/22/15
|
(125,377,563
|
)
|
2,107,563
|
|||||||
(30
|
)
|
U.S. 10-year Note Future
|
09/30/15
|
(3,763,593
|
)
|
(21,563
|
)
|
||||||
(200
|
)
|
U.S. 5-year Note Future
|
10/05/15
|
(23,726,560
|
)
|
(125,003
|
)
|
$
|
(602,791,640
|
)
|
$
|
9,419,796
|
|
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
|
Gross Unrealized Appreciation
|
$
|
247,336,358
|
||
Gross Unrealized Depreciation
|
(51,721,988
|
)
|
||
Net Unrealized Appreciation
|
$
|
195,614,370
|
ABSOLUTE STRATEGIES FUND
NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
||||||||||||||||
Investments At Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Consumer Discretionary
|
$
|
50,920,682
|
$
|
-
|
$
|
-
|
$
|
50,920,682
|
||||||||
Consumer Staples
|
130,928,669
|
-
|
-
|
130,928,669
|
||||||||||||
Energy
|
43,209,800
|
-
|
-
|
43,209,800
|
||||||||||||
Financial
|
62,255,947
|
-
|
-
|
62,255,947
|
||||||||||||
Healthcare
|
15,263,996
|
-
|
-
|
15,263,996
|
||||||||||||
Industrial
|
47,607,859
|
-
|
-
|
47,607,859
|
||||||||||||
Information Technology
|
22,488,133
|
-
|
-
|
22,488,133
|
||||||||||||
Materials
|
27,366,973
|
-
|
-
|
27,366,973
|
||||||||||||
Telecommunication Services
|
41,807,670
|
-
|
-
|
41,807,670
|
||||||||||||
Utilities
|
7,401,400
|
-
|
-
|
7,401,400
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Information Technology
|
7,210,812
|
-
|
-
|
7,210,812
|
||||||||||||
Telecommunication Services
|
49,950
|
-
|
-
|
49,950
|
||||||||||||
Asset Backed Obligations
|
-
|
13,964,523
|
-
|
13,964,523
|
||||||||||||
Corporate Convertible Bonds
|
-
|
184,931,035
|
30,000
|
184,961,035
|
||||||||||||
Corporate Non-Convertible Bonds
|
-
|
55,697,752
|
-
|
55,697,752
|
||||||||||||
Exchange Traded Note
|
229,190
|
-
|
-
|
229,190
|
||||||||||||
Syndicated Loans
|
-
|
10,421,822
|
-
|
10,421,822
|
||||||||||||
U.S. Government & Agency Obligations
|
-
|
24,991,100
|
-
|
24,991,100
|
||||||||||||
Money Market Funds
|
-
|
-
|
-
|
-
|
||||||||||||
Warrants
|
683,940
|
-
|
-
|
683,940
|
||||||||||||
Investment Companies
|
172,041,608
|
-
|
-
|
172,041,608
|
||||||||||||
Commercial Paper
|
-
|
7,073,265
|
-
|
7,073,265
|
||||||||||||
Money Market Funds
|
-
|
88,904,796
|
-
|
88,904,796
|
||||||||||||
Purchased Options
|
1,082,685
|
10,454,480
|
-
|
11,537,165
|
||||||||||||
Total Investments At Value
|
$
|
630,549,314
|
$
|
396,438,773
|
$
|
30,000
|
$
|
1,027,018,087
|
||||||||
Other Financial Instruments**
|
||||||||||||||||
Credit Default Swaps
|
-
|
41,673
|
-
|
41,673
|
||||||||||||
Futures
|
9,663,412
|
-
|
-
|
9,663,412
|
||||||||||||
Total Other Financial Instruments**
|
9,663,412
|
41,673
|
-
|
9,705,085
|
Total Assets
|
$
|
640,212,726
|
$
|
396,480,446
|
$
|
30,000
|
$
|
1,036,723,172
|
Liabilities
|
Securities Sold Short
|
Common Stock
|
$
|
(433,593,323
|
)
|
$
|
-
|
$
|
(18,170
|
)
|
$
|
(433,611,493
|
)
|
|||||
Investment Companies
|
(39,411,026
|
)
|
-
|
-
|
(39,411,026
|
)
|
||||||||||
Total Securities Sold Short
|
$
|
(473,004,349
|
)
|
$
|
-
|
$
|
(18,170
|
)
|
$
|
(473,022,519
|
)
|
|||||
Other Financial Instruments**
|
Written Options
|
(10,460,724
|
)
|
-
|
-
|
(10,460,724
|
)
|
||||||||||
Credit Default Swaps
|
-
|
(283,036
|
)
|
-
|
(283,036
|
)
|
||||||||||
Futures
|
(243,616
|
)
|
-
|
-
|
(243,616
|
)
|
||||||||||
Total Other Financial Instruments**
|
$
|
(10,704,340
|
)
|
$
|
(283,036
|
)
|
$
|
-
|
$
|
(10,987,376
|
)
|
|||||
Total Liabilities
|
$
|
(483,708,689
|
)
|
$
|
(283,036
|
)
|
$
|
(18,170
|
)
|
$
|
(484,009,895
|
)
|
**
|
Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as credit default swaps and futures, which are valued at the unrealized appreciation (depreciation) of the instrument. Written options are reported at their market value at period end.
|
ABSOLUTE STRATEGIES FUND
NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)
JUNE 30, 2015
|
Corporate
Convertible Bonds
|
Common Stock
|
Balance as of 03/31/15
|
$
|
30,000
|
$
|
-
|
|||||
Transfers In / (Out)
|
-
|
(18,170
|
)
|
||||||
Balance as of 06/30/15
|
$
|
30,000
|
$
|
(18,170
|
)
|
||||
Net change in unrealized appreciation / (depreciation) from investments held as of 06/30/15
|
$
|
-
|
$
|
17,643
|
BECK, MACK & OLIVER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares |
Security Description
|
Value
|
||||
Common Stock - 83.2%
|
||||||
Bermuda - 3.7%
|
||||||
14,500
|
Enstar Group, Ltd. (a)
|
$
|
2,246,775
|
|||
Brazil - 4.7%
|
||||||
1,266,000
|
GP Investments, Ltd., BDR (a)
|
2,862,558
|
||||
Canada - 5.1%
|
||||||
4,335
|
Fairfax Financial Holdings, Ltd.
|
2,137,582
|
||||
124,733
|
Lone Pine Resources Canada, Ltd., Class A (a)(b)
|
60,048
|
||||
124,733
|
Lone Pine Resources, Inc., Common Class (a)(b)
|
60,048
|
||||
154,500
|
Slate Office REIT
|
859,708
|
||||
3,117,386
|
||||||
Chile - 1.7%
|
||||||
616,000
|
Coca-Cola Embonor SA, B Shares
|
1,031,139
|
||||
China - 7.3%
|
||||||
7,862,000
|
Greatview Aseptic Packaging Co., Ltd.
|
4,482,980
|
||||
Colombia - 0.7%
|
||||||
4,872,800
|
Petroamerica Oil Corp. (a)
|
409,643
|
||||
Cyprus - 1.5%
|
||||||
2,178,749
|
Secure Property Development & Investment PLC (a)
|
907,190
|
||||
Hong Kong - 11.2%
|
||||||
2,456,000
|
First Pacific Co., Ltd.
|
2,072,133
|
||||
10,050,000
|
Genting Hong Kong, Ltd.
|
3,467,250
|
||||
3,800,000
|
Phoenix Satellite Television Holdings, Ltd.
|
1,279,486
|
||||
6,818,869
|
||||||
India - 10.4%
|
||||||
508,285
|
Dewan Housing Finance Corp., Ltd.
|
3,359,965
|
||||
134,400
|
Fairfax India Holdings Corp. (a)
|
1,530,816
|
||||
2,250,374
|
NIIT, Ltd. (a)
|
1,459,492
|
||||
6,350,273
|
||||||
Indonesia - 8.1%
|
||||||
23,974,400
|
Bank Pan Indonesia Tbk PT (a)
|
1,978,012
|
||||
13,300,000
|
Media Nusantara Citra Tbk PT
|
1,935,271
|
||||
47,881,500
|
Panin Financial Tbk PT (a)
|
1,027,122
|
||||
4,940,405
|
||||||
Japan - 1.4%
|
||||||
4,200
|
Fanuc Corp.
|
860,694
|
||||
Jordan - 2.0%
|
||||||
140,508
|
Arab Bank PLC
|
1,219,051
|
||||
Mexico - 3.1%
|
||||||
18,400
|
Coca-Cola Femsa S.A.B. de C.V., ADR
|
$
|
1,461,880
|
|||
5,000
|
Fomento Economico Mexicano S.A.B. de C.V., ADR
|
445,450
|
||||
1,907,330
|
||||||
Shares |
Security Description
|
Value
|
||||
Norway - 2.6%
|
||||||
134,400
|
Oslo Bors VPS Holding ASA
|
1,559,911
|
||||
Philippines - 1.1%
|
||||||
3,765,000
|
Cosco Capital, Inc.
|
651,297
|
||||
Russian Federation - 4.6%
|
||||||
130,000
|
Tarkett SA
|
2,804,404
|
||||
Spain - 2.3%
|
||||||
45,200
|
Grifols SA
|
1,402,135
|
||||
Switzerland - 9.1%
|
||||||
33,830
|
Dufry AG (a)
|
4,711,125
|
||||
11,720
|
Nestle SA
|
846,141
|
||||
5,557,266
|
||||||
United States - 2.6%
|
||||||
340,000
|
BBA Aviation PLC
|
1,611,757
|
||||
Total Common Stock
|
50,741,063
|
|||||
(Cost $47,013,625)
|
||||||
Preferred Stock - 0.3%
|
||||||
United States - 0.3%
|
||||||
132,573
|
Earlyshares.com, Inc., Class A (a)(b)(c) (Cost $200,000)
|
181,625
|
||||
Shares/Principal |
Description
|
Value
|
||||
Private Equity Fund - 5.0%
|
||||||
Brazil - 0.7%
|
||||||
5,000
|
Nucleo Capital Equity Fund, LLC (a)(d)
|
449,463
|
||||
India - 0.4%
|
||||||
$
|
175,203
|
Bharat Investors, LP (a)(e)
|
260,188
|
|||
United States - 3.9%
|
||||||
275,000
|
Brightwood Capital Fund III-U, LP (a)(b)(f)
|
269,667
|
||||
1,200,000
|
Brightwood Switch SPV, LP (a)(b)(g)(h)
|
2,074,090
|
||||
2,343,757
|
||||||
Total Private Equity Fund
|
3,053,408
|
|||||
(Cost $2,150,203)
|
BECK, MACK & OLIVER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares |
Description
|
Value
|
Investment Companies - 3.4%
|
||||||
46,103
|
Carlyle GMS Finance, Inc. (a)(b)(i)
|
$
|
880,108
|
|||
2,045,000
|
DWS Vietnam Fund, Ltd. (a)
|
1,165,650
|
||||
Total Investment Companies
|
2,045,758
|
|||||
(Cost $2,014,123)
|
||||||
Total Investments - 91.9%
|
$
|
56,021,854
|
||||
(Cost $51,377,951)*
|
||||||
Other Assets & Liabilities, Net – 8.1%
|
4,950,481
|
|||||
$
|
60,972,335
|
ADR
|
American Depositary Receipt
|
LLC
|
Limited Liability Company
|
LP
|
Limited Partnership
|
PLC
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
(a)
|
Non-income producing security.
|
(b)
|
Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $3,525,586 or 5.8% of net assets.
|
(c)
|
Private preferred stock purchased on 06/21/13. The preferred shares have the right to receive dividends when, as and if declared by the Board of Trustees. Preferred shares hold rights to convert to shares of Common Stock. Illiquid investment in which redemptions are not accepted. No unfunded commitments as of June 30, 2015.
|
(d)
|
Private equity fund purchased on 08/01/12 that invests in a master fund which invests primarily in Brazilian companies. Redemptions may be made on the last business day of each month with three months written notice. No unfunded commitments as of June 30, 2015.
|
(e)
|
Private equity fund purchased on 03/08/13 that invests in Unitech Corporate Parks PLC. Redemptions may be made on the last day of each calendar quarter upon 60 days written notice. No unfunded commitments as of June 30, 2015.
|
(f)
|
Private equity fund purchased on 12/16/13 that invests in secured loans of leveraged companies organized and located in the United States. Illiquid investment in which redemptions are not accepted. Cost of investment at June 30, 2015 is $275,000. Unfunded commitments of $225,000 as of June 30, 2015.
|
(g)
|
Private equity fund purchased on 02/21/12 that invests in Switch Communications Group, LLC. Illiquid investment in which redemptions are not accepted. Cost of investment at June 30, 2015 is $1,200,000. No unfunded commitments as of June 30, 2015.
|
(h)
|
Affiliate.
|
(i)
|
Business development company purchased on 06/05/13 that invests in first lien senior secured and unitranche loans to private U.S. middle market companies that are, in many cases, controlled by private investment firms. Illiquid investment in which redemptions are not accepted. Cost of investment at June 30, 2015 is $910,102. Unfunded commitments of $1,477,199 as of June 30, 2015.
|
Gross Unrealized Appreciation
|
$
|
9,090,088
|
||
Gross Unrealized Depreciation
|
(4,446,185
|
)
|
||
Net Unrealized Appreciation
|
$
|
4,643,903
|
Private Equity Fund
|
||
Brightwood Switch SPV, LP
|
||
Balance 03/31/15
|
||
Shares/Principal
|
$
|
1,200,000
|
Cost
|
$
|
1,200,000
|
Value
|
$
|
1,934,524
|
Gross Additions
|
||
Shares/Principal
|
-
|
|
Cost
|
$
|
-
|
Gross Reductions
|
||
Shares/Principal
|
-
|
|
Cost
|
$
|
-
|
Proceeds
|
$
|
-
|
Balance 06/30/15
|
||
Shares/Principal
|
$
|
1,200,000
|
Cost
|
$
|
1,200,000
|
Value
|
$
|
2,074,090
|
Realized gain/(loss)
|
$
|
-
|
Investment Income
|
$
|
-
|
BECK, MACK & OLIVER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation/(Depreciation)
|
|||||||||||
Barclays Capital, Inc.
|
(1,602,136
|
)
|
European Union Euro
|
11/9/2015
|
$
|
1,800,000
|
$
|
10,107
|
|||||||
(34,895,250
|
)
|
Hong Kong Dollar
|
7/20/2015
|
4,500,000
|
(1,627
|
)
|
|||||||||
(28,140,000,000
|
)
|
Indonesian Rupiah
|
9/2/2015
|
2,100,000
|
23,662
|
||||||||||
(92,022,000
|
)
|
Indian Rupee
|
11/9/2015
|
1,400,000
|
(15,017
|
)
|
|||||||||
(78,978,000
|
)
|
Indian Rupee
|
11/9/2015
|
1,200,000
|
(14,440
|
)
|
|||||||||
(74,603,125
|
)
|
Japanese Yen
|
7/7/2015
|
625,000
|
15,369
|
||||||||||
(25,030,500
|
)
|
Philippines Peso
|
12/29/2015
|
550,000
|
(482
|
)
|
|||||||||
(1,453,335
|
)
|
Swiss Franc
|
7/7/2015
|
1,450,000
|
(104,883
|
)
|
|||||||||
BNY Brokerage, Inc.
|
(2,273,980
|
)
|
Brazilian Real
|
10/2/2015
|
670,000
|
(36,846
|
)
|
||||||||
(2,802,800
|
)
|
Canadian Dollars
|
9/21/2015
|
2,200,000
|
(41,508
|
)
|
|||||||||
(616,631
|
)
|
European Union Euro
|
8/11/2015
|
700,000
|
12,144
|
||||||||||
(51,736,000
|
)
|
Indian Rupee
|
10/6/2015
|
800,000
|
(757
|
)
|
|||||||||
(7,555,320
|
)
|
Norwegian Krone
|
9/23/2015
|
930,000
|
(31,690
|
)
|
|||||||||
Citigroup Global Markets, Inc.
|
(174,735,000
|
)
|
Chilean Peso
|
10/2/2015
|
275,000
|
4,093
|
|||||||||
(2,561,600
|
)
|
Brazilian Real
|
10/26/2015
|
800,000
|
10,115
|
||||||||||
(2,139,470
|
)
|
Malaysian Ringgit
|
7/7/2015
|
590,000
|
20,485
|
||||||||||
2,139,470
|
Malaysian Ringgit
|
7/7/2015
|
(586,592
|
)
|
(17,077
|
)
|
|||||||||
(1,858,036
|
)
|
Norwegian Krone
|
11/27/2015
|
245,000
|
8,766
|
||||||||||
Mellon Bank, N.A.
|
(627,563
|
)
|
European Union Euro
|
7/8/2015
|
750,000
|
50,285
|
|||||||||
$
|
(109,301
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
||||||||||||||||
Investments At Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Bermuda
|
$
|
2,246,775
|
$
|
-
|
$
|
-
|
$
|
2,246,775
|
||||||||
Brazil
|
2,862,558
|
-
|
-
|
2,862,558
|
||||||||||||
Canada
|
2,997,290
|
-
|
120,096
|
3,117,386
|
||||||||||||
Chile
|
1,031,139
|
-
|
-
|
1,031,139
|
||||||||||||
China
|
4,482,980
|
-
|
-
|
4,482,980
|
||||||||||||
Colombia
|
409,643
|
-
|
-
|
409,643
|
||||||||||||
Cyprus
|
907,190
|
-
|
-
|
907,190
|
||||||||||||
Hong Kong
|
6,818,869
|
-
|
-
|
6,818,869
|
||||||||||||
India
|
6,350,273
|
-
|
-
|
6,350,273
|
||||||||||||
Indonesia
|
4,940,405
|
-
|
-
|
4,940,405
|
BECK, MACK & OLIVER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Japan
|
$
|
860,694
|
$
|
-
|
$
|
-
|
$
|
860,694
|
||||||||
Jordan
|
1,219,051
|
-
|
-
|
1,219,051
|
||||||||||||
Mexico
|
1,907,330
|
-
|
-
|
1,907,330
|
||||||||||||
Norway
|
1,559,911
|
-
|
-
|
1,559,911
|
||||||||||||
Philippines
|
651,297
|
-
|
-
|
651,297
|
||||||||||||
Russian Federation
|
2,804,404
|
-
|
-
|
2,804,404
|
||||||||||||
Spain
|
1,402,135
|
-
|
-
|
1,402,135
|
||||||||||||
Switzerland
|
5,557,266
|
-
|
-
|
5,557,266
|
||||||||||||
United States
|
1,611,757
|
-
|
-
|
1,611,757
|
||||||||||||
Preferred Stock
|
||||||||||||||||
United States
|
-
|
-
|
181,625
|
181,625
|
||||||||||||
Private Equity Fund
|
||||||||||||||||
Brazil
|
-
|
449,463
|
-
|
449,463
|
||||||||||||
India
|
-
|
260,188
|
-
|
260,188
|
||||||||||||
United States
|
-
|
-
|
2,343,757
|
2,343,757
|
||||||||||||
Investment Companies
|
-
|
1,165,650
|
880,108
|
2,045,758
|
||||||||||||
Total Investments At Value
|
$
|
50,620,967
|
$
|
1,875,301
|
$
|
3,525,586
|
$
|
56,021,854
|
||||||||
Other Financial Instruments **
|
||||||||||||||||
Forward Currency Contracts
|
-
|
155,026
|
-
|
155,026
|
Total Assets
|
$
|
50,620,967
|
$
|
2,030,327
|
$
|
3,525,586
|
$
|
56,176,880
|
Liabilities
|
|||||||||||||||||
Other Financial Instruments **
|
|||||||||||||||||
Forward Currency Contracts
|
-
|
(264,327
|
) |
|
-
|
(264,327
|
)
|
Total Liabilities
|
$
|
-
|
$
|
(264,327
|
)
|
$
|
-
|
$
|
(264,327
|
)
|
Common Stock
|
Preferred Stock
|
Private Equity Funds
|
Investment Companies
|
||||||||||||||
Balance as of 03/31/15
|
$
|
118,432
|
$
|
181,625
|
$
|
4,176,936
|
$
|
703,137
|
|||||||||
Purchases
|
-
|
-
|
125,000
|
177,994
|
|||||||||||||
Sales
|
-
|
-
|
(2,077,688
|
)
|
-
|
||||||||||||
Realized gain
|
-
|
-
|
77,688
|
-
|
|||||||||||||
Change in unrealized appreciation/(depreciation)
|
1,664
|
-
|
41,821
|
(1,023
|
)
|
||||||||||||
Balance as of 06/30/15
|
$
|
120,096
|
$
|
181,625
|
$
|
2,343,757
|
$
|
880,108
|
|||||||||
Net change in unrealized appreciation/(depreciation) from investments held as of 06/30/15
|
$
|
1,664
|
$
|
-
|
$
|
41,821
|
$
|
(1,023
|
)
|
BECK, MACK & OLIVER INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Investments in Securities
|
Fair Value at 06/30/15
|
Valuation Technique(s)
|
Unobservable Input
|
Range as of 06/30/15
|
Weighted Average as of 06/30/15
|
Private Equity Funds – United States
|
|||||
Brightwood Switch SPV, LP
|
$2,074,090
|
Market Comparables
|
EV/EBITDA Multiple(1)
|
12.25x – 12.75x NFY EBITDA projection of $106.4mm (or EV of $1,372.5mm - $1,428.5mm and equity value of $1,135.4mm – $1,191.4mm)
|
Not applicable.
|
|
(1) Significant unobservable inputs used in the fair value measurement included enterprise value (EV) to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio. A significant change in the EV/EBITDA Multiple ratio may result in a similar significant change in the fair value measurement.
|
BECK, MACK & OLIVER PARTNERS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security
Description
|
Value
|
Common Stock - 88.4%
|
|||||||
Consumer Staples - 0.6%
|
|||||||
80,000
|
Crimson Wine Group, Ltd. (a)
|
$
|
748,000
|
||||
Energy - 21.8%
|
|||||||
48,000
|
Bristow Group, Inc.
|
2,558,400
|
|||||
89,500
|
Devon Energy Corp.
|
5,324,355
|
|||||
517,500
|
Encana Corp.
|
5,702,850
|
|||||
30,000
|
Matador Resources Co. (a)
|
750,000
|
|||||
47,000
|
National Oilwell Varco, Inc.
|
2,269,160
|
|||||
300,000
|
Noble Corp. PLC
|
4,617,000
|
|||||
112,650
|
San Juan Basin Royalty Trust
|
1,209,861
|
|||||
349,300
|
Subsea 7 SA, ADR (a)
|
3,414,408
|
|||||
25,846,034
|
|||||||
Financials - 34.0%
|
|||||||
25,000
|
American Express Co.
|
1,943,000
|
|||||
180,000
|
Apollo Global Management, LLC
|
3,987,000
|
|||||
151,350
|
Boulevard Acquisition Corp. (a)
|
2,118,900
|
|||||
75,000
|
Brookfield Asset Management, Inc., Class A
|
2,619,750
|
|||||
55,000
|
Enstar Group, Ltd. (a)
|
8,522,250
|
|||||
30,080
|
Homefed Corp. (a)
|
1,443,840
|
|||||
25,000
|
JPMorgan Chase & Co.
|
1,694,000
|
|||||
252,000
|
Leucadia National Corp.
|
6,118,560
|
|||||
315,000
|
PICO Holdings, Inc. (a)
|
4,636,800
|
|||||
40,000
|
RenaissanceRe Holdings, Ltd.
|
4,060,400
|
|||||
75,000
|
U.S. Bancorp
|
3,255,000
|
|||||
40,399,500
|
|||||||
Healthcare - 10.9%
|
|||||||
41,500
|
Abbott Laboratories
|
2,036,820
|
|||||
84,000
|
Baxter International, Inc.
|
5,874,120
|
|||||
90,000
|
Grifols SA, ADR
|
2,787,300
|
|||||
18,000
|
Laboratory Corp. of America Holdings (a)
|
2,181,960
|
|||||
12,880,200
|
|||||||
Industrials - 9.3%
|
|||||||
66,800
|
Chicago Bridge & Iron Co. NV
|
3,342,672
|
|||||
30,000
|
Dover Corp.
|
2,105,400
|
|||||
105,000
|
Fluor Corp.
|
5,566,050
|
|||||
11,014,122
|
|||||||
Technology - 11.8%
|
|||||||
4,200
|
Google, Inc., Class C (a)
|
2,186,142
|
|||||
37,000
|
International Business Machines Corp.
|
6,018,420
|
|||||
93,000
|
QUALCOMM, Inc.
|
5,824,590
|
|||||
14,029,152
|
Total Common Stock
(Cost $103,009,475)
|
104,917,008
|
Value
|
Total Investments - 88.4%
(Cost $103,009,475)*
|
$
|
104,917,008
|
Other Assets & Liabilities, Net – 11.6%
|
13,740,831
|
||
Net Assets – 100.0%
|
$
|
118,657,839
|
ADR
|
American Depositary Receipt
|
LLC
|
Limited Liability Company
|
PLC
|
Public Limited Company
|
(a)
|
Non-income producing security.
|
|
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
|
Gross Unrealized Appreciation
|
$
|
13,318,653
|
||
Gross Unrealized Depreciation
|
(11,411,120
|
)
|
||
Net Unrealized Appreciation
|
$
|
1,907,533
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
104,917,008
|
||
Level 2 - Other Significant Observable Inputs
|
-
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
104,917,008
|
LMCG GLOBAL MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares |
Security Description
|
Value
|
||||
Long Positions - 101.0%
|
||||||
Common Stock (a) - 93.5%
|
||||||
Australia - 1.1%
|
||||||
51,730
|
Coca-Cola Amatil, Ltd.
|
$
|
364,900
|
|||
41,366
|
Newcrest Mining, Ltd. (b)
|
416,520
|
||||
781,420
|
||||||
Austria - 0.4%
|
||||||
10,753
|
OMV AG
|
296,027
|
||||
Belgium - 0.5%
|
||||||
4,713
|
Delhaize Group SA
|
383,343
|
||||
Bermuda - 2.2%
|
||||||
7,528
|
Endurance Specialty Holdings, Ltd.
|
494,589
|
||||
2,567
|
Everest Re Group, Ltd.
|
467,220
|
||||
36,597
|
Maiden Holdings, Ltd.
|
577,501
|
||||
1,539,310
|
||||||
Curacao - 0.7%
|
||||||
14,118
|
Orthofix International NV (b)
|
467,588
|
||||
Denmark - 1.2%
|
||||||
12,031
|
DSV A/S
|
389,575
|
||||
8,528
|
Schouw & Co.
|
445,564
|
||||
835,139
|
||||||
Finland - 0.6%
|
||||||
16,699
|
Neste Oyj
|
425,992
|
||||
France - 2.8%
|
||||||
2,144
|
Christian Dior SE
|
419,729
|
||||
6,314
|
Eiffage SA
|
351,579
|
||||
7,432
|
Groupe Fnac (b)
|
447,253
|
||||
3,890
|
Renault SA
|
407,856
|
||||
22,313
|
Rexel SA
|
360,057
|
||||
1,986,474
|
||||||
Germany - 4.6%
|
||||||
7,449
|
Brenntag AG
|
427,434
|
||||
4,241
|
Daimler AG
|
386,337
|
||||
6,597
|
Fresenius SE & Co. KGaA
|
423,570
|
||||
12,818
|
METRO AG
|
404,845
|
||||
4,277
|
MTU Aero Engines AG
|
402,534
|
||||
7,790
|
Rheinmetall AG
|
395,131
|
||||
24,021
|
Takkt AG
|
439,318
|
||||
8,203
|
United Internet AG
|
364,583
|
||||
3,243,752
|
||||||
Hong Kong - 0.5%
|
||||||
73,000
|
Orient Overseas International, Ltd.
|
372,603
|
||||
Italy - 0.6%
|
||||||
43,825
|
Buzzi Unicem SpA
|
391,456
|
||||
Japan - 11.2%
|
||||||
18,600
|
Alps Electric Co., Ltd.
|
573,615
|
||||
10,200
|
Aoyama Trading Co., Ltd.
|
412,073
|
||||
12,000
|
Electric Power Development Co., Ltd.
|
423,911
|
||||
Shares |
Security Description
|
Value
|
||||
35,500
|
Fuji Machine Manufacturing Co., Ltd.
|
$
|
371,501
|
|||
60,000
|
Fujitsu, Ltd.
|
335,241
|
||||
9,100
|
Kintetsu World Express, Inc.
|
408,387
|
||||
38,700
|
Konica Minolta, Inc.
|
451,055
|
||||
77,000
|
Kyodo Printing Co., Ltd.
|
218,543
|
||||
71,000
|
Mitsubishi Gas Chemical Co, Inc.
|
397,547
|
||||
3,200
|
Murata Manufacturing Co., Ltd.
|
558,449
|
||||
34,600
|
Nikkiso Co., Ltd.
|
362,736
|
||||
31,800
|
Nisshin Steel Co., Ltd. (b)
|
394,003
|
||||
9,800
|
NTT Data Corp.
|
427,973
|
||||
38,000
|
OKUMA Corp.
|
428,803
|
||||
27,700
|
Sumitomo Corp.
|
322,412
|
||||
6,200
|
TDK Corp.
|
474,750
|
||||
22,500
|
Toho Holdings Co., Ltd.
|
517,937
|
||||
71,000
|
Tokyo Gas Co., Ltd.
|
376,916
|
||||
35,600
|
Ushio, Inc.
|
463,392
|
||||
7,919,244
|
||||||
Luxembourg - 0.6%
|
||||||
1,414
|
Eurofins Scientific SE
|
430,499
|
||||
Netherlands - 1.1%
|
||||||
12,681
|
Arcadis NV
|
348,773
|
||||
10,773
|
TKH Group NV, SDR
|
452,551
|
||||
801,324
|
||||||
Norway - 2.1%
|
||||||
34,300
|
Atea ASA
|
306,543
|
||||
59,416
|
Austevoll Seafood ASA
|
310,467
|
||||
59,478
|
Det Norske Oljeselskap ASA (b)
|
420,683
|
||||
9,099
|
Yara International ASA
|
474,132
|
||||
1,511,825
|
||||||
Portugal - 0.6%
|
||||||
29,531
|
Semapa-Sociedade de Investimento e Gestao, SGPS, SA
|
399,117
|
||||
Puerto Rico - 1.2%
|
||||||
83,136
|
First BanCorp. (b)
|
400,716
|
||||
15,575
|
Popular, Inc. (b)
|
449,494
|
||||
850,210
|
||||||
Spain - 1.2%
|
||||||
49,606
|
Distribuidora Internacional de Alimentacion SA
|
380,159
|
||||
19,819
|
Gas Natural SDG SA
|
450,035
|
||||
830,194
|
||||||
Sweden - 1.8%
|
||||||
10,257
|
Indutrade AB
|
471,859
|
||||
29,789
|
Securitas AB, Class B
|
393,421
|
||||
31,696
|
Volvo AB, Class B
|
393,586
|
||||
1,258,866
|
||||||
Switzerland - 1.2%
|
||||||
3,543
|
Lonza Group AG
|
473,576
|
||||
1,788
|
Swiss Life Holding AG (b)
|
409,418
|
||||
882,994
|
LMCG GLOBAL MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
United Kingdom - 5.2%
|
||||||
23,909
|
Ashtead Group PLC
|
$
|
412,067
|
|||
45,793
|
Countrywide PLC
|
408,696
|
||||
26,076
|
Great Portland Estates PLC REIT
|
317,894
|
||||
49,058
|
Halfords Group PLC
|
406,833
|
||||
9,742
|
Imperial Tobacco Group PLC
|
469,196
|
||||
23,036
|
Land Securities Group PLC REIT
|
435,590
|
||||
46,884
|
Marks & Spencer Group PLC
|
395,510
|
||||
71,662
|
Tullett Prebon PLC
|
413,099
|
||||
10,353
|
Unilever NV, SDR
|
432,850
|
||||
3,691,735
|
||||||
United States - 52.1%
|
||||||
36,013
|
Achillion Pharmaceuticals, Inc. (b)
|
319,075
|
||||
7,890
|
Alaska Air Group, Inc.
|
508,353
|
||||
16,601
|
AMN Healthcare Services, Inc. (b)
|
524,426
|
||||
12,826
|
Argan, Inc.
|
517,273
|
||||
8,971
|
Atlas Air Worldwide Holdings, Inc. (b)
|
493,046
|
||||
14,969
|
Atwood Oceanics, Inc.
|
395,780
|
||||
9,037
|
Avnet, Inc.
|
371,511
|
||||
35,935
|
Banc of California, Inc.
|
494,106
|
||||
22,608
|
Black Box Corp.
|
452,160
|
||||
29,576
|
Blount International, Inc. (b)
|
322,970
|
||||
6,244
|
Centene Corp. (b)
|
502,018
|
||||
16,860
|
Chemtura Corp. (b)
|
477,307
|
||||
33,562
|
Commercial Metals Co.
|
539,677
|
||||
22,196
|
Convergys Corp
|
565,776
|
||||
14,115
|
CoreLogic, Inc. (b)
|
560,224
|
||||
4,959
|
DineEquity, Inc.
|
491,387
|
||||
22,793
|
Douglas Dynamics, Inc.
|
489,594
|
||||
4,023
|
DST Systems, Inc.
|
506,818
|
||||
9,395
|
Emergent BioSolutions, Inc. (b)
|
309,565
|
||||
28,049
|
Ennis, Inc.
|
521,431
|
||||
6,767
|
ePlus, Inc. (b)
|
518,691
|
||||
8,382
|
Euronet Worldwide, Inc. (b)
|
517,169
|
||||
27,232
|
Express, Inc. (b)
|
493,172
|
||||
8,330
|
Foot Locker, Inc.
|
558,193
|
||||
37,533
|
FutureFuel Corp.
|
483,050
|
||||
14,377
|
Gigamon, Inc. (b)
|
474,297
|
||||
8,744
|
Greatbatch, Inc. (b)
|
471,476
|
||||
13,271
|
Heartland Financial USA, Inc.
|
493,947
|
||||
21,900
|
Heidrick & Struggles International, Inc.
|
571,152
|
||||
11,953
|
HollyFrontier Corp.
|
510,274
|
||||
16,441
|
Insight Enterprises, Inc. (b)
|
491,750
|
||||
26,247
|
Inteliquent, Inc.
|
482,945
|
||||
15,460
|
INTL. FCStone, Inc. (b)
|
513,890
|
||||
41,486
|
Intrawest Resorts Holdings, Inc. (b)
|
482,067
|
||||
29,168
|
Isle of Capri Casinos, Inc. (b)
|
529,399
|
||||
35,126
|
K12, Inc. (b)
|
444,344
|
||||
24,576
|
KBR, Inc.
|
478,741
|
||||
11,705
|
Leidos Holdings, Inc.
|
472,531
|
||||
17,407
|
Liberty Interactive Corp. QVC Group, Class A (b)
|
483,044
|
||||
Shares
|
Security Description
|
Value
|
||||
13,403
|
Liberty Ventures, Class A (b)
|
$
|
526,336
|
|||
80,911
|
Lionbridge Technologies, Inc. (b)
|
499,221
|
||||
9,640
|
MacroGenics, Inc. (b)
|
366,031
|
||||
5,511
|
ManpowerGroup, Inc.
|
492,573
|
||||
5,994
|
MarketAxess Holdings, Inc.
|
556,063
|
||||
6,057
|
Marriott Vacations Worldwide Corp.
|
555,730
|
||||
23,158
|
Merit Medical Systems, Inc. (b)
|
498,823
|
||||
81,812
|
Monster Worldwide, Inc. (b)
|
535,051
|
||||
18,192
|
MYR Group, Inc. (b)
|
563,224
|
||||
17,476
|
NeuStar, Inc., Class A (b)
|
510,474
|
||||
61,252
|
OraSure Technologies, Inc. (b)
|
330,148
|
||||
6,430
|
PAREXEL International Corp. (b)
|
413,513
|
||||
17,474
|
PBF Energy, Inc., Class A
|
496,611
|
||||
7,794
|
Portola Pharmaceuticals, Inc. (b)
|
355,017
|
||||
13,461
|
Premier, Inc., Class A (b)
|
517,710
|
||||
5,777
|
Reinsurance Group of America, Inc.
|
548,064
|
||||
27,526
|
Resources Connection, Inc.
|
442,893
|
||||
8,104
|
REX American Resources Corp. (b)
|
515,739
|
||||
27,295
|
RR Donnelley & Sons Co.
|
475,752
|
||||
17,927
|
Sagent Pharmaceuticals, Inc. (b)
|
435,805
|
||||
25,027
|
Sanmina Corp. (b)
|
504,544
|
||||
11,208
|
Schweitzer-Mauduit International, Inc.
|
446,975
|
||||
17,676
|
Select Comfort Corp. (b)
|
531,517
|
||||
4,474
|
Skechers U.S.A., Inc., Class A (b)
|
491,200
|
||||
8,944
|
Spirit AeroSystems Holdings, Inc., Class A (b)
|
492,904
|
||||
8,015
|
Tech Data Corp. (b)
|
461,343
|
||||
18,137
|
Telephone & Data Systems, Inc.
|
533,228
|
||||
11,189
|
The Ryland Group, Inc.
|
518,834
|
||||
15,509
|
Trinity Industries, Inc.
|
409,903
|
||||
48,593
|
TTM Technologies, Inc. (b)
|
485,444
|
||||
23,215
|
United Community Banks, Inc.
|
484,497
|
||||
14,667
|
VASCO Data Security International, Inc. (b)
|
442,797
|
||||
10,934
|
Voya Financial, Inc.
|
508,103
|
||||
35,856
|
Wabash National Corp. (b)
|
449,634
|
||||
19,901
|
Walker & Dunlop, Inc. (b)
|
532,153
|
||||
12,644
|
Western Refining, Inc.
|
551,531
|
||||
39,947
|
Wilshire Bancorp, Inc.
|
504,531
|
||||
36,816,545
|
||||||
Total Common Stock
|
66,115,657
|
|||||
(Cost $62,968,312)
|
||||||
Total Equity Securities
|
||||||
(Cost $62,968,312)
|
66,115,657
|
|||||
Money Market Fund - 7.5%
|
||||||
5,295,375
|
Dreyfus Treasury Prime Cash Management, 0.00% (c) (Cost $5,295,375)
|
5,295,375
|
||||
|
LMCG GLOBAL MARKET NEUTRAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Value
|
||||||
Total Long Positions - 101.0%
|
$
|
71,411,032
|
||||
(Cost $68,263,687)*
|
||||||
Total Short Positions - (93.4)%
|
(66,035,200
|
) | ||||
(Proceeds $(66,928,975))*
|
||||||
Other Assets & Liabilities, Net – 92.4%
|
65,330,621
|
|||||
Net Assets – 100.0%
|
$
|
70,706,453
|
LMCG GLOBAL MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
Short Positions - (93.4)%
|
||||||
Common Stock - (93.4)%
|
||||||
Austria - (1.1)%
|
||||||
(9,206)
|
ams AG
|
$
|
(402,631)
|
|||
(32,597)
|
Conwert Immobilien Invest SE
|
(413,439)
|
||||
(816,070)
|
||||||
Belgium - (0.6)%
|
||||||
(14,442)
|
bpost SA
|
(397,156)
|
||||
Bermuda - (1.3)%
|
||||||
(10,090)
|
Golar LNG, Ltd.
|
(472,212)
|
||||
(3,722)
|
Signet Jewelers, Ltd.
|
(477,309)
|
||||
(949,521)
|
||||||
France - (3.3)%
|
||||||
(12,925)
|
Alstom SA
|
(367,125)
|
||||
(4,565)
|
Eramet
|
(354,405)
|
||||
(12,454)
|
Korian-Medica
|
(413,946)
|
||||
(10,764)
|
Nexans SA
|
(404,808)
|
||||
(1,636)
|
Unibail-Rodamco SE REIT
|
(415,552)
|
||||
(17,433)
|
Vallourec SA
|
(356,150)
|
||||
(2,311,986)
|
||||||
Germany - (5.4)%
|
||||||
(55,088)
|
AIXTRON SE
|
(372,235)
|
||||
(9,057)
|
Aurelius AG
|
(387,112)
|
||||
(5,087)
|
Beiersdorf AG
|
(426,241)
|
||||
(2,552)
|
Bertrandt AG
|
(334,884)
|
||||
(9,837)
|
Bilfinger SE
|
(372,335)
|
||||
(16,248)
|
Gerry Weber International AG
|
(372,763)
|
||||
(3,651)
|
HUGO BOSS AG
|
(408,168)
|
||||
(1,211)
|
KWS Saat SE
|
(402,895)
|
||||
(16,789)
|
Nordex SE
|
(402,245)
|
||||
(9,977)
|
Salzgitter AG
|
(356,675)
|
||||
(3,835,553)
|
||||||
Hong Kong - (1.2)%
|
||||||
(50,000)
|
Cheung Kong Infrastructure Holdings, Ltd.
|
(388,120)
|
||||
(51,500)
|
CLP Holdings, Ltd.
|
(437,701)
|
||||
(825,821)
|
||||||
Italy - (1.1)%
|
||||||
(17,255)
|
Atlantia SpA
|
(426,335)
|
||||
(58,357)
|
Cementir Holding SpA
|
(382,139)
|
||||
(808,474)
|
||||||
Japan - (11.6)%
|
||||||
(20,800)
|
Coca-Cola East Japan Co., Ltd.
|
(384,610)
|
||||
(23,200)
|
Daiseki Co., Ltd.
|
(448,779)
|
||||
(33,800)
|
F@N Communications, Inc.
|
(249,994)
|
||||
(33,300)
|
Fancl Corp.
|
(463,376)
|
||||
(45,000)
|
Fuji Kyuko Co., Ltd.
|
(389,871)
|
||||
(21,500)
|
House Foods Group, Inc.
|
(408,598)
|
||||
(26,200)
|
Kakaku.com, Inc.
|
(379,079)
|
||||
(25,000)
|
Kansai Paint Co., Ltd.
|
(387,330)
|
||||
(46,400)
|
Mitsubishi Motors Corp.
|
(394,587)
|
||||
Shares
|
Security Description
|
Value
|
||||
(12,300)
|
MonotaRO Co., Ltd.
|
$
|
(539,942)
|
|||
(6,800)
|
Nidec Corp.
|
(508,897)
|
||||
(23,400)
|
Nissan Chemical Industries, Ltd.
|
(516,366)
|
||||
(9,100)
|
Nissin Foods Holdings Co., Ltd.
|
(398,701)
|
||||
(27,300)
|
Nissin Kogyo Co., Ltd.
|
(450,361)
|
||||
(61,000)
|
Obayashi Corp.
|
(444,821)
|
||||
(11,000)
|
OBIC Business Consultants, Ltd.
|
(414,322)
|
||||
(4,500)
|
Ono Pharmaceutical Co., Ltd.
|
(491,152)
|
||||
(58,000)
|
Shimizu Corp.
|
(488,102)
|
||||
(18,300)
|
Unicharm Corp.
|
(434,708)
|
||||
(8,193,596)
|
||||||
Netherlands - (1.3)%
|
||||||
(9,319)
|
ASM International NV
|
(431,110)
|
||||
(4,417)
|
ASML Holding NV
|
(459,445)
|
||||
(890,555)
|
||||||
New Zealand - (0.5)%
|
||||||
(71,432)
|
Ryman Healthcare, Ltd.
|
(383,378)
|
||||
Norway - (0.6)%
|
||||||
(34,739)
|
Marine Harvest ASA
|
(397,851)
|
||||
Spain - (0.6)%
|
||||||
(36,970)
|
Zardoya Otis SA
|
(403,495)
|
||||
Sweden - (1.7)%
|
||||||
(26,358)
|
AF AB
|
(358,285)
|
||||
(25,656)
|
Lundin Petroleum AB
|
(440,168)
|
||||
(16,903)
|
Saab AB, Class B
|
(413,018)
|
||||
(1,211,471)
|
||||||
Switzerland - (2.4)%
|
||||||
(18,588)
|
ABB, Ltd.
|
(389,574)
|
||||
(3,716)
|
Basilea Pharmaceutica
|
(466,638)
|
||||
(524)
|
Flughafen Zuerich AG
|
(405,632)
|
||||
(3,192)
|
Sonova Holding AG
|
(431,637)
|
||||
(1,693,481)
|
||||||
United Kingdom - (6.3)%
|
||||||
(7,398)
|
ASOS PLC
|
(451,035)
|
||||
(14,790)
|
AVEVA Group PLC
|
(420,660)
|
||||
(20,071)
|
BHP Billiton PLC
|
(394,630)
|
||||
(57,438)
|
Dixons Carphone PLC
|
(408,436)
|
||||
(50,123)
|
ICAP PLC
|
(416,922)
|
||||
(31,678)
|
Petrofac, Ltd.
|
(460,938)
|
||||
(114,780)
|
Rotork PLC
|
(419,587)
|
||||
(62,733)
|
RSA Insurance Group PLC
|
(391,190)
|
||||
(20,869)
|
SuperGroup PLC
|
(402,519)
|
||||
(20,935)
|
Telecom Plus PLC
|
(325,903)
|
||||
(69,979)
|
Tullow Oil PLC
|
(373,987)
|
||||
(4,465,807)
|
||||||
United States - (54.4)%
|
||||||
(36,726)
|
Acacia Research Corp.
|
(322,087)
|
||||
(7,299)
|
Air Methods Corp.
|
(301,741)
|
||||
(94,025)
|
AK Steel Holding Corp.
|
(363,877)
|
||||
(9,786)
|
Arthur J. Gallagher & Co.
|
(462,878)
|
LMCG GLOBAL MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
(8,489)
|
Artisan Partners Asset Management, Inc., Class A
|
$
|
(394,399)
|
|||
(6,028)
|
Belden, Inc.
|
(489,654)
|
||||
(33,626)
|
BioCryst Pharmaceuticals, Inc.
|
(502,036)
|
||||
(49,609)
|
BioDelivery Sciences International, Inc.
|
(394,888)
|
||||
(128,393)
|
BioScrip, Inc.
|
(466,067)
|
||||
(15,098)
|
Brown & Brown, Inc.
|
(496,120)
|
||||
(36,750)
|
C&J Energy Services, Ltd.
|
(485,100)
|
||||
(8,731)
|
Cabela's, Inc.
|
(436,375)
|
||||
(9,339)
|
Carpenter Technology Corp.
|
(361,233)
|
||||
(5,313)
|
Cheniere Energy, Inc.
|
(367,978)
|
||||
(9,427)
|
Choice Hotels International, Inc.
|
(511,415)
|
||||
(20,965)
|
Chuy's Holdings, Inc.
|
(561,652)
|
||||
(8,598)
|
CLARCOR, Inc.
|
(535,140)
|
||||
(14,128)
|
Cornerstone OnDemand, Inc.
|
(491,654)
|
||||
(2,792)
|
CoStar Group, Inc.
|
(561,918)
|
||||
(24,854)
|
Covanta Holding Corp.
|
(526,656)
|
||||
(28,218)
|
CVB Financial Corp.
|
(496,919)
|
||||
(24,638)
|
Del Frisco's Restaurant Group, Inc.
|
(459,006)
|
||||
(10,951)
|
Electronics For Imaging, Inc.
|
(476,478)
|
||||
(36,323)
|
Endologix, Inc.
|
(557,195)
|
||||
(7,903)
|
EnPro Industries, Inc.
|
(452,210)
|
||||
(1,985)
|
Equinix, Inc. REIT
|
(504,190)
|
||||
(18,959)
|
Ethan Allen Interiors, Inc.
|
(499,380)
|
||||
(25,564)
|
Finisar Corp.
|
(456,829)
|
||||
(14,714)
|
First Financial Bankshares, Inc.
|
(509,693)
|
||||
(12,978)
|
Generac Holdings, Inc.
|
(515,876)
|
||||
(42,676)
|
GenMark Diagnostics, Inc.
|
(386,645)
|
||||
(14,154)
|
Greenhill & Co., Inc.
|
(584,985)
|
||||
(16,790)
|
Healthcare Services Group, Inc.
|
(554,909)
|
||||
(17,390)
|
Herman Miller, Inc.
|
(503,093)
|
||||
(36,413)
|
Horsehead Holding Corp.
|
(426,760)
|
||||
(8,855)
|
Huron Consulting Group, Inc.
|
(620,647)
|
||||
(10,626)
|
Independent Bank Corp.
|
(498,253)
|
||||
(57,713)
|
Internap Corp.
|
(533,845)
|
||||
(25,399)
|
Krispy Kreme Doughnuts, Inc.
|
(489,185)
|
||||
(9,728)
|
Las Vegas Sands Corp.
|
(511,401)
|
||||
(32,800)
|
Louisiana-Pacific Corp.
|
(558,584)
|
||||
(20,105)
|
Marketo, Inc.
|
(564,146)
|
||||
(8,172)
|
Mattress Firm Holding Corp.
|
(498,083)
|
||||
(8,900)
|
Mercury General Corp.
|
(495,285)
|
||||
(23,406)
|
Meridian Bioscience, Inc.
|
(436,288)
|
||||
(83,707)
|
MobileIron, Inc.
|
(494,708)
|
||||
(69,639)
|
ORBCOMM, Inc.
|
(470,063)
|
||||
(16,274)
|
Owens & Minor, Inc.
|
(553,316)
|
||||
(40,329)
|
Pier 1 Imports, Inc.
|
(509,355)
|
||||
(46,915)
|
Ply Gem Holdings, Inc.
|
(553,128)
|
||||
(10,362)
|
Power Solutions International, Inc.
|
(559,755)
|
||||
(21,182)
|
PROS Holdings, Inc.
|
(447,152)
|
||||
(6,408)
|
Proto Labs, Inc.
|
(432,412)
|
||||
(3,033)
|
Puma Biotechnology, Inc.
|
(354,103)
|
||||
(21,690)
|
Raven Industries, Inc.
|
(440,958)
|
||||
(66,275)
|
RCS Capital Corp.
|
(507,667)
|
||||
(49,596)
|
Ruckus Wireless, Inc.
|
(512,823)
|
||||
Shares
|
Security Description
|
Value
|
||||
(21,388)
|
Sabre Corp.
|
$
|
(509,034)
|
|||
(7,608)
|
Seattle Genetics, Inc.
|
(368,227)
|
||||
(126,385)
|
ServiceSource International, Inc.
|
(691,326)
|
||||
(56,602)
|
Silicon Graphics International Corp.
|
(366,215)
|
||||
(120,950)
|
Sprint Corp.
|
(551,532)
|
||||
(50,123)
|
STAAR Surgical Co.
|
(484,188)
|
||||
(13,459)
|
Stewart Information Services Corp.
|
(535,668)
|
||||
(44,319)
|
Synergy Resources Corp.
|
(506,566)
|
||||
(7,691)
|
Texas Capital Bancshares, Inc.
|
(478,688)
|
||||
(21,256)
|
TG Therapeutics, Inc.
|
(352,637)
|
||||
(54,928)
|
The Bancorp, Inc.
|
(509,732)
|
||||
(21,374)
|
The Spectranetics Corp.
|
(491,816)
|
||||
(36,533)
|
Tuesday Morning Corp.
|
(411,544)
|
||||
(8,774)
|
UMB Financial Corp.
|
(500,293)
|
||||
(57,594)
|
UTi Worldwide, Inc.
|
(575,364)
|
||||
(4,298)
|
Valmont Industries, Inc.
|
(510,903)
|
||||
(22,653)
|
Varonis Systems, Inc.
|
(500,405)
|
||||
(7,402)
|
ViaSat, Inc.
|
(446,045)
|
||||
(26,777)
|
Vince Holding Corp.
|
(320,788)
|
||||
(9,851)
|
Westamerica Bancorporation
|
(498,953)
|
||||
(19,307)
|
Westmoreland Coal Co.
|
(401,199)
|
||||
(11,136)
|
XPO Logistics, Inc.
|
(503,124)
|
||||
(5,517)
|
Zillow Group, Inc., Class A
|
(478,545)
|
||||
(38,450,985)
|
||||||
Total Common Stock
|
||||||
(Proceeds $(66,928,975))
|
(66,035,200)
|
|||||
Total Short Positions - (93.4)%
|
||||||
(Proceeds $(66,928,975))
|
$
|
(66,035,200)
|
LMCG GLOBAL MARKET NEUTRAL FUND
NOTES TO SCHEDULES OF INVESTMENTS AND SECURITIES SOLD SHORT (Unaudited)
JUNE 30, 2015
|
PLC
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
SDR
|
Swedish Depositary Receipt
|
(a)
|
All or a portion of these securities are held as collateral for securities sold short.
|
(b)
|
Non-income producing security.
|
(c)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
Gross Unrealized Appreciation
|
$
|
9,568,868
|
||||
Gross Unrealized Depreciation
|
(5,527,748
|
)
|
||||
Net Unrealized Appreciation
|
$
|
4,041,120
|
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|||||
Level 1 – quoted prices in active markets for identical assets
|
|||||
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 and liabilities as of June 30, 2015.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||
Assets
|
|||||||||||||
Investments At Value
|
|||||||||||||
Common Stock
|
|||||||||||||
Australia
|
$
|
-
|
$
|
781,420
|
$
|
-
|
$
|
781,420
|
|||||
Austria
|
-
|
296,027
|
-
|
296,027
|
|||||||||
Belgium
|
-
|
383,343
|
-
|
383,343
|
|||||||||
Bermuda
|
1,539,310
|
-
|
-
|
1,539,310
|
|||||||||
Curacao
|
467,588
|
-
|
-
|
467,588
|
|||||||||
Denmark
|
-
|
835,139
|
-
|
835,139
|
|||||||||
Finland
|
-
|
425,992
|
-
|
425,992
|
|||||||||
France
|
-
|
1,986,474
|
-
|
1,986,474
|
|||||||||
Germany
|
-
|
3,243,752
|
-
|
3,243,752
|
|||||||||
Hong Kong
|
-
|
372,603
|
-
|
372,603
|
|||||||||
Italy
|
-
|
391,456
|
-
|
391,456
|
|||||||||
Japan
|
-
|
7,919,244
|
-
|
7,919,244
|
|||||||||
Luxembourg
|
-
|
430,499
|
-
|
430,499
|
|||||||||
Netherlands
|
-
|
801,324
|
-
|
801,324
|
|||||||||
Norway
|
-
|
1,511,825
|
-
|
1,511,825
|
|||||||||
Portugal
|
-
|
399,117
|
-
|
399,117
|
|||||||||
Puerto Rico
|
850,210
|
-
|
-
|
850,210
|
|||||||||
Spain
|
-
|
830,194
|
-
|
830,194
|
|||||||||
Sweden
|
-
|
1,258,866
|
-
|
1,258,866
|
|||||||||
Switzerland
|
-
|
882,994
|
-
|
882,994
|
|||||||||
United Kingdom
|
-
|
3,691,735
|
-
|
3,691,735
|
|||||||||
United States
|
36,816,545
|
-
|
-
|
36,816,545
|
|||||||||
Money Market Fund
|
-
|
5,295,375
|
-
|
5,295,375
|
|||||||||
Total Investments At Value
|
$
|
39,673,653
|
$
|
31,737,379
|
$
|
-
|
$
|
71,411,032
|
|||||
Total Assets
|
$
|
39,673,653
|
$
|
31,737,379
|
$
|
$
|
71,411,032
|
||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||
Liabilities
|
|||||||||||||
Securities Sold Short
|
|||||||||||||
Common Stock
|
|||||||||||||
Austria
|
$
|
-
|
$
|
(816,070)
|
$
|
-
|
$
|
(816,070)
|
|||||
Belgium
|
-
|
(397,156)
|
-
|
(397,156)
|
|||||||||
Bermuda
|
(949,521)
|
-
|
-
|
(949,521)
|
|||||||||
France
|
-
|
(2,311,986)
|
-
|
(2,311,986)
|
|||||||||
Germany
|
-
|
(3,835,553)
|
-
|
(3,835,553)
|
|||||||||
Hong Kong
|
-
|
(825,821)
|
-
|
(825,821)
|
|||||||||
Italy
|
-
|
(808,474)
|
-
|
(808,474)
|
|||||||||
Japan
|
-
|
(8,193,596)
|
-
|
(8,193,596)
|
|||||||||
Netherlands
|
-
|
(890,555)
|
-
|
(890,555)
|
|||||||||
New Zealand
|
-
|
(383,378)
|
-
|
(383,378)
|
|||||||||
Norway
|
-
|
(397,851)
|
-
|
(397,851)
|
|||||||||
Spain
|
-
|
(403,495)
|
-
|
(403,495)
|
|||||||||
Sweden
|
-
|
(1,211,471)
|
-
|
(1,211,471)
|
|||||||||
Switzerland
|
-
|
(1,693,481)
|
-
|
(1,693,481)
|
|||||||||
United Kingdom
|
-
|
(4,465,807)
|
-
|
(4,465,807)
|
|||||||||
United States
|
(38,450,985)
|
-
|
-
|
(38,450,985)
|
|||||||||
Total Securities Sold Short
|
$
|
(39,400,506)
|
$
|
(26,634,694)
|
$
|
-
|
$
|
(66,035,200)
|
|||||
Total Liabilities
|
$
|
(39,400,506)
|
$
|
(26,634,694)
|
$
|
-
|
$
|
(66,035,200)
|
|||||
Long Securities
|
37.40%
|
Short Securities
|
(37.67)%
|
LMCG GLOBAL MULTICAP FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
Common Stock - 90.9%
|
||||||
Australia - 1.0%
|
||||||
1,600
|
Independence Group NL
|
$
|
5,147
|
|||
4,456
|
Scentre Group REIT
|
12,872
|
||||
452
|
South32, Ltd. (a)
|
611
|
||||
18,630
|
||||||
Austria - 0.2%
|
||||||
99
|
Oesterreichische Post AG
|
4,557
|
||||
Belgium - 1.1%
|
||||||
54
|
Ackermans & van Haaren NV
|
7,694
|
||||
106
|
Anheuser-Busch InBev NV
|
12,756
|
||||
20,450
|
||||||
Bermuda - 0.4%
|
||||||
179
|
Validus Holdings, Ltd.
|
7,874
|
||||
Brazil - 0.3%
|
||||||
400
|
Fibria Celulose SA
|
5,481
|
||||
Canada - 1.6%
|
||||||
202
|
Canadian National Railway Co.
|
11,654
|
||||
264
|
Goldcorp, Inc.
|
4,277
|
||||
200
|
Intact Financial Corp.
|
13,898
|
||||
29,829
|
||||||
China - 1.5%
|
||||||
18,000
|
Bank of China, Ltd., Class H
|
11,682
|
||||
7,000
|
China Railway Group, Ltd. Class H
|
7,546
|
||||
500
|
Tencent Holdings, Ltd.
|
9,998
|
||||
29,226
|
||||||
Denmark - 1.1%
|
||||||
329
|
DSV A/S
|
10,653
|
||||
77
|
NKT Holding A/S
|
4,417
|
||||
165
|
Royal Unibrew A/S
|
5,640
|
||||
20,710
|
||||||
France - 2.6%
|
||||||
197
|
BNP Paribas SA
|
11,955
|
||||
113
|
Sanofi
|
11,179
|
||||
298
|
TOTAL SA
|
14,617
|
||||
223
|
Vinci SA
|
12,942
|
||||
50,693
|
||||||
Germany - 4.5%
|
||||||
77
|
Allianz SE
|
12,008
|
||||
160
|
BASF SE
|
14,079
|
||||
120
|
Bayer AG
|
16,805
|
||||
154
|
Daimler AG
|
14,029
|
||||
154
|
Freenet AG
|
5,187
|
||||
150
|
SAP SE
|
10,511
|
||||
138
|
Siemens AG
|
13,962
|
||||
86,581
|
||||||
Shares
|
Security Description
|
Value
|
||||
Hong Kong - 0.7%
|
||||||
500
|
China Mobile, Ltd.
|
$
|
6,397
|
|||
1,200
|
Dah Sing Financial Holdings, Ltd.
|
7,865
|
||||
14,262
|
||||||
India - 0.4%
|
||||||
270
|
Reliance Industries, Ltd., GDR (b)
|
8,410
|
||||
Indonesia - 0.2%
|
||||||
11,100
|
Bank Negara Indonesia Persero Tbk PT
|
4,401
|
||||
Ireland - 0.6%
|
||||||
423
|
Fly Leasing, Ltd., ADR
|
6,641
|
||||
139
|
Smurfit Kappa Group PLC
|
3,794
|
||||
10,435
|
||||||
Italy - 1.4%
|
||||||
1,052
|
Enel SpA
|
4,768
|
||||
563
|
ENI SpA
|
10,000
|
||||
3,120
|
Intesa Sanpaolo SpA
|
11,330
|
||||
26,098
|
||||||
Japan - 6.0%
|
||||||
100
|
Aoyama Trading Co., Ltd.
|
4,040
|
||||
400
|
Honda Motor Co., Ltd.
|
12,928
|
||||
300
|
Hoya Corp.
|
12,015
|
||||
2,000
|
Kawasaki Kisen Kaisha, Ltd.
|
4,718
|
||||
400
|
Keihin Corp.
|
5,731
|
||||
300
|
KYORIN Holdings, Inc.
|
6,117
|
||||
2,000
|
Mitsubishi UFJ Financial Group, Inc.
|
14,389
|
||||
3,000
|
Mitsui Engineering & Shipbuilding Co., Ltd.
|
5,190
|
||||
200
|
NS Solutions Corp.
|
6,613
|
||||
100
|
Obic Co., Ltd.
|
4,458
|
||||
800
|
Sumitomo Electric Industries, Ltd.
|
12,382
|
||||
1,000
|
Toray Industries, Inc.
|
8,453
|
||||
200
|
Toyota Motor Corp.
|
13,383
|
||||
200
|
Yamaha Corp.
|
4,031
|
||||
114,448
|
||||||
Malta - 0.3%
|
||||||
99
|
Unibet Group PLC, SDR
|
6,031
|
||||
Mexico - 0.3%
|
||||||
5,500
|
America Movil SAB de CV, Class L
|
5,879
|
||||
Singapore - 0.6%
|
||||||
4,000
|
Singapore Press Holdings, Ltd.
|
12,111
|
||||
South Africa - 0.4%
|
||||||
570
|
Liberty Holdings, Ltd.
|
6,809
|
||||
South Korea - 1.3%
|
||||||
23
|
Hyundai Motor Co.
|
2,800
|
||||
323
|
Industrial Bank of Korea
|
4,179
|
||||
70
|
KT&G Corp.
|
5,949
|
||||
7
|
Samsung Electronics Co., Ltd.
|
7,942
|
||||
111
|
SK Hynix, Inc.
|
4,207
|
||||
25,077
|
||||||
LMCG GLOBAL MULTICAP FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
Spain - 0.6%
|
||||||
1,643
|
Banco Santander SA
|
$
|
11,557
|
|||
Sweden - 1.1%
|
||||||
434
|
Investor AB, Class B
|
16,182
|
||||
330
|
Wihlborgs Fastigheter AB
|
5,378
|
||||
21,560
|
||||||
Switzerland - 2.0%
|
||||||
14
|
Helvetia Holding AG
|
8,002
|
||||
232
|
Nestle SA
|
16,739
|
||||
211
|
Wolseley PLC
|
13,457
|
||||
38,198
|
||||||
Taiwan - 1.2%
|
||||||
8,000
|
China Life Insurance Co., Ltd.
|
8,186
|
||||
1,000
|
Hon Hai Precision Industry Co., Ltd.
|
3,142
|
||||
1,000
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
4,549
|
||||
4,180
|
Uni-President Enterprises Corp.
|
7,412
|
||||
23,289
|
||||||
United Kingdom - 5.5%
|
||||||
185
|
Berkeley Group Holdings PLC
|
9,721
|
||||
452
|
BHP Billiton PLC
|
8,887
|
||||
1,893
|
BP PLC
|
12,563
|
||||
205
|
British American Tobacco PLC
|
11,038
|
||||
234
|
Close Brothers Group PLC
|
5,615
|
||||
463
|
GlaxoSmithKline PLC
|
9,627
|
||||
810
|
Howden Joinery Group PLC
|
6,575
|
||||
1,425
|
HSBC Holdings PLC
|
12,760
|
||||
331
|
Royal Dutch Shell PLC, Class B
|
9,424
|
||||
2,300
|
Taylor Wimpey PLC
|
6,707
|
||||
160
|
Whitbread PLC
|
12,430
|
||||
105,347
|
||||||
United States - 54.0%
|
||||||
293
|
Abbott Laboratories
|
14,380
|
||||
599
|
AES Corp.
|
7,943
|
||||
124
|
Agilent Technologies, Inc.
|
4,784
|
||||
293
|
AGL Resources, Inc.
|
13,642
|
||||
68
|
Akamai Technologies, Inc. (a)
|
4,748
|
||||
121
|
Align Technology, Inc. (a)
|
7,588
|
||||
216
|
Allegheny Technologies, Inc.
|
6,523
|
||||
211
|
Altera Corp.
|
10,803
|
||||
35
|
Amazon.com, Inc. (a)
|
15,193
|
||||
478
|
American Eagle Outfitters, Inc.
|
8,231
|
||||
219
|
AmerisourceBergen Corp.
|
23,288
|
||||
167
|
Amsurg Corp. (a)
|
11,682
|
||||
182
|
Apache Corp.
|
10,489
|
||||
332
|
Apple, Inc.
|
41,641
|
||||
68
|
athenahealth, Inc. (a)
|
7,791
|
||||
46
|
BlackRock, Inc.
|
15,915
|
||||
504
|
Cadence Design Systems, Inc. (a)
|
9,909
|
||||
116
|
Capital One Financial Corp.
|
10,205
|
||||
110
|
Caterpillar, Inc.
|
9,330
|
||||
Shares
|
Security Description
|
Value
|
||||
93
|
Charles River Laboratories International, Inc. (a)
|
$
|
6,542
|
|||
76
|
Chevron Corp.
|
7,332
|
||||
365
|
Cisco Systems, Inc.
|
10,023
|
||||
239
|
Comerica, Inc.
|
12,265
|
||||
219
|
Community Health Systems, Inc. (a)
|
13,790
|
||||
371
|
Corporate Office Properties Trust REIT
|
8,733
|
||||
137
|
Danaher Corp.
|
11,726
|
||||
718
|
Darling Ingredients, Inc. (a)
|
10,526
|
||||
153
|
Dealertrack Technologies, Inc. (a)
|
9,607
|
||||
96
|
Diamondback Energy, Inc. (a)
|
7,236
|
||||
176
|
Dick's Sporting Goods, Inc.
|
9,112
|
||||
236
|
Diebold, Inc.
|
8,260
|
||||
209
|
EMC Corp.
|
5,516
|
||||
113
|
Emerson Electric Co.
|
6,264
|
||||
127
|
Evercore Partners, Inc., Class A
|
6,853
|
||||
776
|
Fifth Third Bancorp
|
16,156
|
||||
230
|
Generac Holdings, Inc. (a)
|
9,142
|
||||
661
|
General Electric Co.
|
17,563
|
||||
182
|
Gilead Sciences, Inc.
|
21,309
|
||||
35
|
Google, Inc., Class A (a)
|
18,901
|
||||
156
|
Heartland Payment Systems, Inc.
|
8,432
|
||||
248
|
Hexcel Corp.
|
12,336
|
||||
22
|
Intercept Pharmaceuticals, Inc. (a)
|
5,310
|
||||
293
|
International Paper Co.
|
13,944
|
||||
1,204
|
Investors Bancorp, Inc.
|
14,809
|
||||
286
|
ITT Corp.
|
11,966
|
||||
471
|
JPMorgan Chase & Co.
|
31,915
|
||||
257
|
Korn/Ferry International
|
8,936
|
||||
230
|
Las Vegas Sands Corp.
|
12,091
|
||||
111
|
Lithia Motors, Inc., Class A
|
12,561
|
||||
276
|
Marsh & McLennan Cos., Inc.
|
15,649
|
||||
50
|
Martin Marietta Materials, Inc.
|
7,075
|
||||
174
|
MasterCard, Inc., Class A
|
16,266
|
||||
174
|
MAXIMUS, Inc.
|
11,437
|
||||
158
|
Merck & Co., Inc.
|
8,995
|
||||
556
|
Micron Technology, Inc. (a)
|
10,475
|
||||
255
|
Microsoft Corp.
|
11,258
|
||||
186
|
Oracle Corp.
|
7,496
|
||||
193
|
PAREXEL International Corp. (a)
|
12,412
|
||||
110
|
PepsiCo, Inc.
|
10,267
|
||||
264
|
Pfizer, Inc.
|
8,852
|
||||
48
|
Pioneer Natural Resources Co.
|
6,657
|
||||
224
|
Portland General Electric Co.
|
7,428
|
||||
170
|
QUALCOMM, Inc.
|
10,647
|
||||
153
|
Regal-Beloit Corp.
|
11,106
|
||||
227
|
Rice Energy, Inc. (a)
|
4,728
|
||||
78
|
Rockwell Automation, Inc.
|
9,722
|
||||
94
|
SanDisk Corp.
|
5,473
|
||||
143
|
Schlumberger, Ltd.
|
12,325
|
||||
124
|
Sensient Technologies Corp.
|
8,474
|
||||
212
|
Shutterfly, Inc. (a)
|
10,136
|
||||
202
|
Sotheby's
|
9,138
|
||||
180
|
Spectra Energy Corp.
|
5,868
|
LMCG GLOBAL MULTICAP FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Shares
|
Security Description
|
Value
|
||||
143
|
State Street Corp.
|
$
|
11,011
|
|||
300
|
SunTrust Banks, Inc.
|
12,906
|
||||
266
|
Synchronoss Technologies, Inc. (a)
|
12,164
|
||||
293
|
Sysco Corp.
|
10,577
|
||||
186
|
Tenet Healthcare Corp. (a)
|
10,766
|
||||
148
|
The Advisory Board Co. (a)
|
8,091
|
||||
281
|
The Dow Chemical Co.
|
14,379
|
||||
45
|
The Goldman Sachs Group, Inc.
|
9,396
|
||||
370
|
The Interpublic Group of Cos., Inc.
|
7,130
|
||||
67
|
The Ultimate Software Group, Inc. (a)
|
11,011
|
||||
46
|
Towers Watson & Co., Class A
|
5,787
|
||||
145
|
United Natural Foods, Inc. (a)
|
9,234
|
||||
124
|
United Technologies Corp.
|
13,755
|
||||
255
|
Unum Group
|
9,116
|
||||
306
|
USG Corp. (a)
|
8,504
|
||||
352
|
Vantiv, Inc., Class A (a)
|
13,443
|
||||
408
|
Wells Fargo & Co.
|
22,946
|
||||
93
|
Williams-Sonoma, Inc.
|
7,651
|
||||
276
|
Xcel Energy, Inc.
|
8,882
|
||||
625
|
Xerox Corp.
|
6,650
|
||||
610
|
Zions Bancorp.
|
19,358
|
||||
1,037,882
|
||||||
Total Common Stock
|
1,745,825
|
|||||
(Cost $1,623,390)
|
||||||
Shares
|
Security Description
|
Rate
|
Value
|
|||
Preferred Stock - 0.3%
|
||||||
Brazil - 0.3%
|
||||||
720
|
Banco Bradesco SA (Cost $8,014)
|
0.19%
|
6,600
|
|||
Total Equity Securities
|
1,752,425
|
|||||
(Cost $1,631,404)
|
||||||
Exchange Traded Note - 0.6%
|
||||||
156
|
iPath MSCI India Index ETN (a) (Cost $8,169)
|
10,971
|
||||
Investment Companies - 5.3%
|
||||||
202
|
iShares MSCI ACWI ETF
|
12,009
|
||||
278
|
iShares MSCI EAFE Small-Cap ETF
|
14,183
|
||||
311
|
iShares MSCI Eurozone ETF
|
11,675
|
||||
135
|
iShares MSCI Turkey ETF
|
6,094
|
||||
489
|
iShares Russell 1000 Growth ETF
|
48,416
|
||||
96
|
iShares Russell 2000 Value ETF
|
9,788
|
||||
Total Investment Companies
|
102,165
|
|||||
(Cost $99,129)
|
||||||
Money Market Fund - 1.3%
|
||||||
23,948
|
Dreyfus Treasury Prime Cash Management, 0.00% (c) (Cost $23,948)
|
23,948
|
||||
Value
|
||||||
Total Investments - 98.4%
|
$
|
1,889,509
|
||||
(Cost $1,762,650)*
|
||||||
Other Assets & Liabilities, Net – 1.6%
|
31,499
|
|||||
Net Assets – 100.0%
|
$
|
1,921,008
|
||||
ADR
|
American Depositary Receipt
|
ETF
|
Exchange Traded Fund
|
ETN
|
Exchange Traded Note
|
GDR
|
Global Depositary Receipt
|
PLC
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
SDR
|
Swedish Depositary Receipt
|
(a)
|
Non-income producing security.
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $8,410 or 0.4% of net assets.
|
(c)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
Gross Unrealized Appreciation
|
$
|
204,078
|
||
Gross Unrealized Depreciation
|
(77,219
|
)
|
||
Net Unrealized Appreciation
|
$
|
126,859
|
LMCG GLOBAL MULTICAP FUND
SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||
Assets
|
||||||||
Investments At Value
|
||||||||
Common Stock
|
||||||||
Australia
|
$
|
611
|
$
|
18,019
|
$
|
-
|
$
|
18,630
|
Austria
|
-
|
4,557
|
-
|
4,557
|
||||
Belgium
|
-
|
20,450
|
-
|
20,450
|
||||
Bermuda
|
7,874
|
-
|
-
|
7,874
|
||||
Brazil
|
5,481
|
-
|
-
|
5,481
|
||||
Canada
|
29,829
|
-
|
-
|
29,829
|
||||
China
|
-
|
29,226
|
-
|
29,226
|
||||
Denmark
|
10,653
|
10,057
|
-
|
20,710
|
||||
France
|
-
|
50,693
|
-
|
50,693
|
||||
Germany
|
10,511
|
76,070
|
-
|
86,581
|
||||
Hong Kong
|
-
|
14,262
|
-
|
14,262
|
||||
India
|
8,410
|
-
|
-
|
8,410
|
||||
Indonesia
|
-
|
4,401
|
-
|
4,401
|
||||
Ireland
|
6,641
|
3,794
|
-
|
10,435
|
||||
Italy
|
-
|
26,098
|
-
|
26,098
|
||||
Japan
|
-
|
114,448
|
-
|
114,448
|
||||
Malta
|
-
|
6,031
|
-
|
6,031
|
||||
Mexico
|
5,879
|
-
|
-
|
5,879
|
||||
Singapore
|
-
|
12,111
|
-
|
12,111
|
||||
South Africa
|
-
|
6,809
|
-
|
6,809
|
||||
South Korea
|
-
|
25,077
|
-
|
25,077
|
||||
Spain
|
-
|
11,557
|
-
|
11,557
|
||||
Sweden
|
-
|
21,560
|
-
|
21,560
|
||||
Switzerland
|
16,739
|
21,459
|
-
|
38,198
|
||||
Taiwan
|
-
|
23,289
|
-
|
23,289
|
||||
United Kingdom
|
-
|
105,347
|
-
|
105,347
|
||||
United States
|
1,037,882
|
-
|
-
|
1,037,882
|
||||
Preferred Stock
|
||||||||
Brazil
|
6,600
|
-
|
-
|
6,600
|
||||
Exchange Traded Note
|
10,971
|
-
|
-
|
10,971
|
||||
Investment Companies
|
102,165
|
-
|
-
|
102,165
|
||||
Money Market Fund
|
-
|
23,948
|
-
|
23,948
|
||||
Total Investments At Value
|
$
|
1,260,246
|
$
|
629,263
|
$
|
1,889,509
|
Long Securities
|
31.51%
|
MERK HARD CURRENCY FUND
SCHEDULE OF INVESTMENTS
|
JUNE 30, 2015
(Unaudited)
|
Principal
|
Security Description
|
Currency
|
Rate
|
Maturity
|
Value in USD
|
Foreign Bonds (a)- 43.6%
|
||||||||||||||
Non-U.S. Government - Singapore - 2.7%
|
||||||||||||||
5,500,000
|
Singapore Government Bond
|
SGD
|
2.875
|
%
|
07/01/15
|
$
|
4,084,011
|
|||||||
Non-U.S. Government - United Kingdom - 4.7%
|
||||||||||||||
4,430,000
|
United Kingdom Gilt (b)
|
GBP
|
4.750
|
09/07/15
|
7,015,376
|
|||||||||
Non-U.S. Government Agency - Germany - 4.5%
|
4,300,000
|
KFW, EMTN
|
GBP
|
2.750
|
09/07/15
|
6,782,697
|
Non-U.S. Government Agency - Norway - 1.0%
|
12,160,000
|
Kommunalbanken AS, EMTN
|
NOK
|
3.500
|
09/11/15
|
1,556,983
|
|||||||||
Non-U.S. Government Agency - Sweden - 4.5%
|
||||||||||||||
35,500,000
|
Kommuninvest I Sverige AB, Series 1508, MTN
|
SEK
|
2.750
|
08/12/15
|
4,293,030
|
|||||||||
21,000,000
|
Kommuninvest I Sverige AB, Series 1610, MTN
|
SEK
|
2.000
|
10/12/16
|
2,608,941
|
|||||||||
6,901,971
|
||||||||||||||
Regional Authority - Australia - 2.6%
|
||||||||||||||
5,000,000
|
New South Wales Treasury Corp., Series 16
|
AUD
|
6.000
|
04/01/16
|
3,971,408
|
|||||||||
Regional Authority - Norway - 3.9%
|
||||||||||||||
44,000,000
|
City of Oslo Norway
|
NOK
|
4.650
|
11/10/16
|
5,861,956
|
|||||||||
Supranational - Europe - 18.1%
|
6,000,000
|
European Financial Stability Facility, Series 2, EMTN (b)
|
EUR
|
0.080
|
07/15/15
|
6,688,562
|
18,300,000
|
European Investment Bank, EMTN
|
EUR
|
3.125
|
10/15/15
|
20,592,402
|
||||||||||
27,280,964
|
|||||||||||||||
Supranational - Finland- 1.6%
|
|||||||||||||||
18,530,000
|
Nordic Investment Bank, EMTN
|
NOK
|
3.000
|
09/01/16
|
2,410,388
|
Total Foreign Bonds
(Cost $69,548,044)
|
65,865,754
|
|||||||||||||
Foreign Treasury Securities (a) - 30.4%
|
||||||||||||||
Non-U.S. Government - Belgium - 4.8%
|
||||||||||||||
6,497,000
|
Belgium Treasury Bill, Series 12M (c)
|
EUR
|
0.000
|
04/14/16
|
7,254,716
|
|||||||||
Non-U.S. Government - Canada - 2.0%
|
||||||||||||||
3,700,000
|
Canadian Treasury Bill (c)
|
CAD
|
0.694
|
12/17/15
|
2,954,312
|
|||||||||
Non-U.S. Government - Ireland - 4.9%
|
||||||||||||||
6,600,000
|
Republic of Ireland Treasury Bill (c)
|
EUR
|
0.000
|
11/23/15
|
7,359,309
|
|||||||||
Non-U.S. Government - Norway - 4.7%
|
||||||||||||||
56,500,000
|
Norway Treasury Bill (c)
|
NOK
|
0.674-0.856
|
12/16/15
|
7,179,967
|
|||||||||
Non-U.S. Government - Sweden - 14.0%
|
||||||||||||||
175,000,000
|
Swedish Treasury Bill (c)
|
SEK
|
0.000
|
12/16/15
|
21,153,471
|
Total Foreign Treasury Securities (Cost $46,032,569)
|
45,901,775
|
Shares
|
Exchange Traded Product - United States - 18.8%
|
|||||||||||||
2,429,800
|
Merk Gold Trust (d)(e) (Cost $31,299,955)
|
USD
|
28,379,821
|
Money Market Fund - 0.5%
|
|||||||||||||
740,206
|
Morgan Stanley Institutional Liquidity Fund (f) (Cost $740,206)
|
USD
|
0.010
|
740,206
|
Total Investments – 93.3% (Cost $147,620,774)*
|
$ |
140,887,556
|
Foreign Currencies – 2.0% (Cost $2,941,647)
|
|
2,976,350
|
|
Net Unrealized Gain/Loss on Forward Currency Contracts – (0.2)%
|
(233,558
|
)
|
|
Other Assets and Liabilities, Net – 4.9%
|
7,342,485
|
||
NET ASSETS – 100.0%
|
$
|
150,972,833
|
EMTN
|
European Medium Term Note
|
MTN
|
Medium Term Note
|
(a)
|
All or a portion of these securities are segregated to cover outstanding forward currency contracts and future contract exposures.
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $13,703,938 or 9.1% of net assets.
|
(c)
|
Zero coupon bond. Interest rate presented is yield to maturity.
|
(d)
|
Non-income producing security.
|
(e)
|
Affiliate.
|
(f)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
|
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized depreciation consists of:
|
Gross Unrealized Appreciation
|
$
|
666,819
|
||
Gross Unrealized Depreciation
|
(7,400,037
|
)
|
||
Net Unrealized Depreciation
|
$
|
(6,733,218
|
)
|
Exchange Traded Product
|
||||||||||||||||||||||
Merk Gold Trust
|
Balance 03/31/15
|
Gross Additions
|
Gross Reductions
|
Balance 06/30/15
|
Realized Loss
|
Investment Income
|
||||||||||||||||
Shares/Principal
|
2,529,800
|
-
|
(100,000)
|
2,429,800
|
||||||||||||||||||
Cost
|
$
|
32,588,125
|
$
|
-
|
$
|
(1,288,170)
|
$
|
31,299,955
|
$
|
(90,192)
|
$
|
-
|
||||||||||
Proceeds
|
-
|
(1,197,978)
|
||||||||||||||||||||
Value
|
29,828,872
|
-
|
-
|
28,379,821
|
|
At June 30, 2015, the Merk Hard Currency Fund held the following futures contracts:
|
Contracts
|
Type
|
Expiration Date
|
Notional Contract Value
|
Net Unrealized Depreciation
|
14
|
Gold 100 oz. Future
|
08/31/15
|
$
|
1,663,620
|
$
|
(23,100
|
)
|
|
As of June 30, 2015, the Merk Hard Currency Fund had the following forward currency contracts outstanding:
|
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||
J.P. Morgan Securities
|
(5,747,922
|
)
|
Australian Dollar
|
07/02/15
|
$
|
(4,400,000
|
)
|
$
|
(34,810
|
)
|
|||||
(1,905,852
|
)
|
New Zealand Dollar
|
07/02/15
|
(1,300,000
|
)
|
8,500
|
|||||||||
1,270,736
|
Pounds Sterling
|
07/02/15
|
2,000,000
|
(3,356
|
)
|
||||||||||
(1,955,000,000
|
)
|
Japanese Yen
|
08/26/15
|
(15,773,912
|
)
|
(211,021
|
)
|
||||||||
Societe Generale Securities
|
896,335
|
Euro
|
07/02/15
|
1,000,000
|
(721
|
)
|
|||||||||
RBC Capital Markets, LLC
|
14,027,166
|
Swedish Krona
|
07/02/15
|
1,700,000
|
(7,911
|
)
|
|||||||||
Banc of America Securities
|
250,000,000
|
Japanese Yen
|
08/26/15
|
2,028,348
|
15,761
|
||||||||||
$
|
(233,558
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
||||||||||||||||
Investments At Value
|
||||||||||||||||
Foreign Bonds
|
$
|
-
|
$
|
65,865,754
|
$
|
-
|
$
|
65,865,754
|
||||||||
Foreign Treasury Securities
|
-
|
45,901,775
|
-
|
45,901,775
|
||||||||||||
Exchange Traded Product
|
28,379,821
|
-
|
-
|
28,379,821
|
||||||||||||
Money Market Fund
|
-
|
740,206
|
-
|
740,206
|
||||||||||||
Total Investments At Value
|
$
|
28,379,821
|
$
|
112,507,735
|
$
|
-
|
$
|
140,887,556
|
Other Financial Instruments**
|
||||||||||||||||
Forward Currency Contracts
|
-
|
24,261
|
-
|
24,261
|
||||||||||||
Total Assets
|
$
|
28,379,821
|
$
|
112,531,996
|
$
|
-
|
$
|
140,911,817
|
||||||||
Liabilities
|
Other Financial Instruments**
|
||||||||||||||||
Forward Currency Contracts
|
$
|
-
|
$
|
(257,819
|
)
|
$
|
-
|
$
|
(257,819
|
)
|
||||||
Futures
|
(23,100
|
)
|
-
|
-
|
(23,100
|
)
|
||||||||||
Total Liabilities
|
$
|
(23,100
|
)
|
$
|
(257,819
|
)
|
$
|
-
|
$
|
(280,919
|
)
|
MERK ASIAN CURRENCY FUND
SCHEDULE OF INVESTMENTS
|
JUNE 30, 2015
(Unaudited)
|
Principal
|
Security Description
|
Currency
|
Rate
|
Maturity
|
Value in USD
|
|||||
Foreign Bonds(a) - 74.1%
|
||||||||||
Automotive - Germany - 4.1%
|
||||||||||
6,000,000
|
Volkswagen International Finance NV, EMTN
|
CNH
|
2.150
|
%
|
5/23/2016
|
$
|
956,673
|
|||
Banks - China - 8.0%
|
||||||||||
5,600,000
|
Agricultural Development Bank of China (b)
|
CNH
|
3.000
|
5/21/2016
|
899,756
|
|||||
6,000,000
|
CCBL Funding PLC (b)
|
CNH
|
3.200
|
11/29/2015
|
965,706
|
|||||
1,865,462
|
||||||||||
Banks - United Kingdom - 1.4%
|
||||||||||
2,000,000
|
Standard Chartered PLC (b)
|
CNH
|
2.625
|
5/31/2016
|
319,858
|
|||||
Industrials - United States - 3.1%
|
||||||||||
4,500,000
|
Caterpillar Financial Services Corp., EMTN (b)
|
CNH
|
2.950
|
3/3/2016
|
723,489
|
|||||
Materials - China - 4.1%
|
||||||||||
6,000,000
|
Sinochem Offshore Capital Co., Ltd. (b)
|
CNH
|
3.550
|
5/13/2017
|
966,489
|
|||||
Materials - France - 4.5%
|
||||||||||
6,500,000
|
Air Liquide Finance SA (b)
|
CNH
|
3.000
|
9/19/2016
|
1,044,281
|
|||||
Non-U.S. Government Agency - China - 4.1%
|
||||||||||
6,000,000
|
The Export-Import Bank of China (b)
|
CNH
|
3.000
|
5/14/2016
|
965,305
|
|||||
Non-U.S. Government Agency - France - 3.5%
|
||||||||||
5,000,000
|
Caisse d'Amortissement de la Dette Sociale (b)
|
CNH
|
3.800
|
2/6/2017
|
813,910
|
|||||
Non-U.S. Government - China - 4.4%
|
||||||||||
6,500,000
|
China Government Bond (b)
|
CNH
|
1.400
|
8/18/2016
|
1,032,683
|
|||||
Non-U.S. Government - Singapore - 4.7%
|
||||||||||
1,500,000
|
Singapore Government Bond
|
SGD
|
2.875
|
7/1/2015
|
1,113,821
|
|||||
Non-U.S. Government - United Kingdom - 2.7%
|
||||||||||
4,000,000
|
United Kingdom Government International Bond (b)
|
CNH
|
2.700
|
10/21/2017
|
640,234
|
|||||
Regional Authority - Canada - 4.1%
|
||||||||||
6,000,000
|
Province of British Columbia Canada
|
CNH
|
2.850
|
11/13/2016
|
965,900
|
|||||
Supranational - Global - 21.3%
|
||||||||||
31,000,000
|
International Bank for Reconstruction & Development, EMTN
|
CNH
|
2.400
|
9/18/2015
|
4,987,909
|
|||||
Utilities - China - 4.1%
|
||||||||||
6,000,000
|
China General Nuclear Power Corp. (b)
|
CNH
|
3.750
|
11/1/2015
|
967,702
|
|||||
Total Foreign Bonds (Cost $17,492,121)
|
17,363,716
|
|||||||||
Foreign Treasury Securities(a)- 4.7%
|
||||||||||
Central Bank - Singapore - 4.7%
|
||||||||||
1,500,000
|
Monetary Authority of Singapore Bill (c) (Cost $1,112,007)
|
SGD
|
0.8870
|
7/3/2015
|
1,113,656
|
|||||
U.S. Government & Agency Obligations(a) - 4.3%
|
||||||||||
U.S. Treasury Bills - United States - 4.3%
|
||||||||||
1,000,000
|
U.S. Treasury Bill (d) (Cost $999,997)
|
USD
|
0.1050
|
7/2/2015
|
1,000,000
|
|||||
Time Deposit(a) - 4.7%
|
||||||||||
6,868,897
|
Deutsche Bank (Cost $1,107,083)
|
CNH
|
2.800
|
8/19/2015
|
1,106,646
|
|||||
Shares
|
||||||||||
Money Market Fund - 1.7%
|
||||||||||
391,748
|
Morgan Stanley Institutional Liquidity Fund (e) (Cost $391,748)
|
USD
|
0.010
|
391,748
|
||||||
Total Investments – 89.5% (Cost $21,102,956)*
|
$
|
20,975,766
|
||||||||
Foreign Currencies – 14.1% (Cost $3,307,721)
|
3,307,213
|
|||||||||
Net Unrealized Gain/Loss on Forward Currency Contracts – 0.0%
|
9,529
|
|||||||||
Other Assets and Liabilities, Net – (3.6)%
|
(851,995
|
|||||||||
NET ASSETS – 100.0%
|
$
|
23,440,513
|
EMTN
|
European Medium Term Note
|
|||||||||
PLC
|
Public Limited Company
|
|||||||||
(a)
|
All or a portion of these securities are segregated to cover outstanding forward currency contract exposure.
|
|||||||||
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $9,339,413 or 39.8% of net assets.
|
|||||||||
(c)
|
Zero coupon bond. Rate presented is yield to maturity.
|
|||||||||
(d)
|
Rate presented is yield to maturity.
|
|||||||||
(e)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
|||||||||
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized depreciation consists of:
|
||||||||||
Gross Unrealized Appreciation
|
$
|
2,871
|
||||||||
Gross Unrealized Depreciation
|
(130,061
|
)
|
||||||||
Net Unrealized Depreciation
|
$
|
(127,190
|
)
|
|||||||
As of June 30, 2015, Merk Asian Currency Fund had the following forward currency contracts outstanding:
|
|||||||||||||||
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||
Barclays Capital, Inc.
|
132,400,000
|
China Renminbi (Yuan)
|
8/26/2015
|
$
|
21,551,233
|
$
|
35,142
|
||||||||
J.P. Morgan Securities LLC
|
(200,000,000
|
)
|
Japanese Yen
|
8/26/2015
|
(1,609,674
|
)
|
(25,613
|
)
|
|||||||
$
|
9,529
|
||||||||||||||
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|||||||
Level 1 – quoted prices in active markets for identical assets
|
|||||||
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 and other financial instruments as of June 30, 2015.
|
|||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
||||||||||||||||
Investments At Value
|
||||||||||||||||
Foreign Bonds
|
$
|
-
|
$
|
17,363,716
|
$
|
-
|
$
|
17,363,716
|
||||||||
Foreign Treasury Securities
|
-
|
1,113,656
|
-
|
1,113,656
|
||||||||||||
U.S. Government & Agency Obligations
|
-
|
1,000,000
|
-
|
1,000,000
|
||||||||||||
Time Deposit
|
-
|
1,106,646
|
-
|
1,106,646
|
||||||||||||
Money Market Fund
|
-
|
391,748
|
-
|
391,748
|
||||||||||||
Total Investments At Value
|
$
|
-
|
$
|
20,975,766
|
$
|
-
|
$
|
20,975,766
|
Other Financial Instruments**
|
||||||||||||||||
Forward Currency Contracts
|
-
|
35,142
|
-
|
35,142
|
||||||||||||
Total Assets
|
$
|
-
|
$
|
21,010,908
|
$
|
-
|
$
|
21,010,908
|
Liabilities
|
||||||||||||||||
Other Financial Instruments**
|
||||||||||||||||
Forward Currency Contracts
|
$
|
-
|
$
|
(25,613
|
)
|
$
|
-
|
$
|
(25,613
|
)
|
Total Liabilities
|
$
|
-
|
$
|
(25,613
|
)
|
$
|
-
|
$
|
(25,613
|
)
|
**Other Financial Instruments are derivatives not reflected in the Schedule of Investments, such as forward currency contracts, which are valued at unrealized appreciation (depreciation) at period end.
|
|||||||
The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2015.
|
|||||||
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
|
MERK ABSOLUTE RETURN CURRENCY FUND
SCHEDULE OF INVESTMENTS
|
JUNE 30, 2015
(Unaudited)
|
Principal
|
Security Description
|
Currency
|
Rate
|
Maturity
|
Value in USD
|
||||||||||||
Foreign Bonds (a) - 52.7%
|
|||||||||||||||||
Non-U.S. Government - Australia - 4.5%
|
|||||||||||||||||
2,050,000
|
Australia Government Bond, Series 134 (b)
|
AUD
|
4.75
|
%
|
10/21/2015
|
$
|
1,594,935
|
||||||||||
Non-U.S. Government - New Zealand - 4.7%
|
|||||||||||||||||
2,300,000
|
New Zealand Government Bond, Series 1217 (b)
|
NZD
|
6
|
12/15/2017
|
1,674,567
|
||||||||||||
Non-U.S. Government - United Kingdom - 4.9%
|
|||||||||||||||||
1,090,000
|
United Kingdom Gilt (b)
|
GBP
|
4.75
|
9/7/2015
|
1,726,131
|
||||||||||||
Non-U.S. Government Agency - Germany - 4.3%
|
|||||||||||||||||
970,000
|
KFW, EMTN
|
GBP
|
2.75
|
9/7/2015
|
1,530,050
|
||||||||||||
Non-U.S. Government Agency - Norway - 4.4%
|
|||||||||||||||||
12,200,000
|
Kommunalbanken AS, EMTN
|
NOK
|
3.5
|
9/11/2015
|
1,562,105
|
||||||||||||
Regional Authority - Australia - 16.6%
|
|||||||||||||||||
1,750,000
|
New South Wales Treasury Corp., Series 16
|
AUD
|
6
|
4/1/2016
|
1,389,993
|
||||||||||||
2,100,000
|
Queensland Treasury Corp., Series 15 (b)
|
AUD
|
6
|
10/21/2015
|
1,639,342
|
||||||||||||
2,200,000
|
Treasury Corp of Victoria
|
AUD
|
2.75
|
11/10/2015
|
1,701,735
|
||||||||||||
1,500,000
|
Western Australian Treasury Corp., Series 16
|
AUD
|
3
|
6/8/2016
|
1,166,626
|
||||||||||||
5,897,696
|
|||||||||||||||||
Regional Authority - Canada - 8.9%
|
|||||||||||||||||
1,950,000
|
Province of Manitoba Canada
|
CAD
|
5.2
|
12/3/2015
|
1,590,523
|
||||||||||||
1,950,000
|
Province of Saskatchewan Canada
|
CAD
|
4.25
|
12/3/2015
|
1,584,402
|
||||||||||||
3,174,925
|
|||||||||||||||||
Supranational - Europe - 4.4%
|
|||||||||||||||||
1,400,000
|
European Investment Bank, EMTN
|
EUR
|
3.125
|
10/15/2015
|
1,575,375
|
||||||||||||
Total Foreign Bonds (Cost $19,798,152)
|
18,735,784
|
||||||||||||||||
Foreign Treasury Securities (a) - 33.8%
|
|||||||||||||||||
Non-U.S. Government - Belgium - 3.1%
|
|||||||||||||||||
993,000
|
Belgium Treasury Bill, Series 12M (c)
|
EUR
|
0
|
4/14/2016
|
1,108,809
|
||||||||||||
Non-U.S. Government - Canada - 4.5%
|
|||||||||||||||||
2,000,000
|
Canadian Treasury Bill (c)
|
CAD
|
0.591
|
12/17/2015
|
1,596,925
|
||||||||||||
Non-U.S. Government - Ireland - 4.4%
|
|||||||||||||||||
1,400,000
|
Republic of Ireland Treasury Bill (c)
|
EUR
|
0
|
11/23/2015
|
1,561,066
|
||||||||||||
Non-U.S. Government - Norway - 4.0%
|
|||||||||||||||||
11,400,000
|
Norwegian Treasury Bill (c)
|
NOK
|
0.674
|
12/16/2015
|
1,448,701
|
||||||||||||
Non-U.S. Government - Sweden - 17.8%
|
|||||||||||||||||
52,300,000
|
Swedish Treasury Bill (c)
|
SEK
|
0
|
12/16/2015
|
6,321,866
|
||||||||||||
Total Foreign Treasury Securities (Cost $12,061,462)
|
12,037,367
|
||||||||||||||||
Money Market Fund - 4.2%
|
|||||||||||||||||
1,477,711
|
Morgan Stanley Institutional Liquidity Fund (d) (Cost $1,477,711)
|
USD
|
0.01
|
1,477,711
|
|||||||||||||
Total Investments – 90.7% (Cost $33,337,325)*
|
$
|
32,250,862
|
|||||||||||||||
Foreign Currencies – 7.3% (Cost $2,607,501)
|
2,584,110
|
||||||||||||||||
Net Unrealized Gain/Loss on Forward Currency Contracts – 1.5%
|
523,270
|
||||||||||||||||
Other Assets and Liabilities, Net – 0.5%
|
211,211
|
||||||||||||||||
NET ASSETS – 100.0%
|
$
|
35,569,453
|
|||||||||||||||
EMTN
|
European Medium Term Note
|
||||||||||||||||
(a)
|
All or a portion of these securities are segregated to cover outstanding forward currency contract exposure.
|
||||||||||||||||
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $6,634,975 or 18.7% of net assets.
|
||||||||||||||||
(c)
|
Zero coupon bond. Interest rate presented is yield to maturity.
|
||||||||||||||||
(d)
|
Variable rate security. Rate presented is as of June 30, 2015.
|
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized depreciation consists of:
|
|||||||||||||||||
Gross Unrealized Appreciation
|
$
|
117,941
|
|||||||||||||||
Gross Unrealized Depreciation
|
(1,204,404
|
)
|
|||||||||||||||
Net Unrealized Depreciation
|
$
|
(1,086,463
|
)
|
||||||||||||||
As of June 30, 2015, Merk Absolute Return Currency Fund had the following forward currency contracts outstanding:
|
|||||||||||||||||
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||||
Banc of America Securities
|
(3,550,000
|
)
|
Australian Dollar
|
7/22/2015
|
(2,777,609
|
)
|
$
|
42,224
|
|||||||||
(4,720,000
|
)
|
Australian Dollar
|
7/22/2015
|
(3,611,475
|
)
|
(25,431
|
)
|
||||||||||
(7,819,000
|
)
|
Australian Dollar
|
7/22/2015
|
(6,049,130
|
)
|
24,349
|
|||||||||||
2,500,000
|
Australian Dollar
|
7/22/2015
|
1,933,788
|
(7,460
|
)
|
||||||||||||
3,280,000
|
Australian Dollar
|
7/22/2015
|
2,536,588
|
(9,247
|
)
|
||||||||||||
4,400,000
|
Canadian Dollars
|
7/22/2015
|
3,596,734
|
(75,012
|
)
|
||||||||||||
(1,220,000
|
)
|
Euro
|
7/22/2015
|
(1,374,289
|
)
|
13,761
|
|||||||||||
(730,000
|
)
|
Euro
|
7/22/2015
|
(820,342
|
)
|
6,256
|
|||||||||||
(5,905,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(4,038,158
|
)
|
44,818
|
|||||||||||
(4,570,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(583,923
|
)
|
1,362
|
|||||||||||
(8,550,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(1,091,348
|
)
|
1,437
|
|||||||||||
10,680,000
|
Norwegian Krone
|
7/22/2015
|
1,366,156
|
(4,723
|
)
|
||||||||||||
(790,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(592,251
|
)
|
5,908
|
|||||||||||
(10,490,000
|
)
|
Swedish Krona
|
7/22/2015
|
(1,269,123
|
)
|
3,129
|
|||||||||||
(15,020,000
|
)
|
Swedish Krona
|
7/22/2015
|
(1,823,779
|
)
|
11,078
|
|||||||||||
2,480,000
|
Swedish Krona
|
7/22/2015
|
302,265
|
(2,964
|
)
|
||||||||||||
27,720,000
|
Swedish Krona
|
7/22/2015
|
3,392,508
|
(47,097
|
)
|
||||||||||||
4,030,000
|
Swedish Krona
|
7/22/2015
|
492,231
|
(5,867
|
)
|
||||||||||||
6,770,000
|
Swedish Krona
|
7/22/2015
|
824,234
|
(7,191
|
)
|
||||||||||||
Barclays Capital, Inc.
|
(5,220,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(674,225
|
)
|
8,805
|
||||||||||
(10,100,000
|
)
|
Swedish Krona
|
7/22/2015
|
(1,235,778
|
)
|
16,851
|
|||||||||||
(19,880,000
|
)
|
Swedish Krona
|
7/22/2015
|
(2,420,371
|
)
|
21,137
|
|||||||||||
(52,350,000
|
)
|
Swedish Krona
|
7/22/2015
|
(6,422,031
|
)
|
104,128
|
|||||||||||
(53,690,000
|
)
|
Swedish Krona
|
7/22/2015
|
(6,465,380
|
)
|
(14,242
|
)
|
||||||||||
(6,390,000
|
)
|
Swedish Krona
|
7/22/2015
|
(792,662
|
)
|
21,479
|
|||||||||||
18,030,000
|
Swedish Krona
|
7/22/2015
|
2,180,393
|
(4,428
|
)
|
||||||||||||
29,380,000
|
Swedish Krona
|
7/22/2015
|
3,568,198
|
(22,449
|
)
|
||||||||||||
BNY Brokerage, Inc.
|
1,400,000
|
Canadian Dollars
|
7/22/2015
|
1,126,647
|
(6,099
|
)
|
|||||||||||
118,050,000
|
Japanese Yen
|
7/22/2015
|
962,405
|
2,443
|
|||||||||||||
13,100,000
|
Japanese Yen
|
7/22/2015
|
106,191
|
878
|
|||||||||||||
(3,215,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(2,232,412
|
)
|
58,223
|
|||||||||||
(595,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(936,210
|
)
|
1,465
|
|||||||||||
(90,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(141,512
|
)
|
122
|
|||||||||||
(1,760,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(1,322,245
|
)
|
15,961
|
|||||||||||
J.P. Morgan Securities LLC
|
(4,115,000
|
)
|
Australian Dollar
|
7/22/2015
|
(3,155,121
|
)
|
(15,614
|
)
|
|||||||||
(445,000
|
)
|
Australian Dollar
|
7/22/2015
|
(343,347
|
)
|
460
|
|||||||||||
(7,895,000
|
)
|
Australian Dollar
|
7/22/2015
|
(6,128,541
|
)
|
45,200
|
|||||||||||
1,075,000
|
Australian Dollar
|
7/22/2015
|
822,925
|
5,395
|
|||||||||||||
1,445,000
|
Australian Dollar
|
7/22/2015
|
1,117,178
|
(3,761
|
)
|
||||||||||||
2,035,000
|
Australian Dollar
|
7/22/2015
|
1,563,532
|
4,498
|
|||||||||||||
4,160,000
|
Australian Dollar
|
7/22/2015
|
3,204,270
|
1,138
|
|||||||||||||
495,000
|
Australian Dollar
|
7/22/2015
|
380,552
|
861
|
|||||||||||||
5,040,000
|
Australian Dollar
|
7/22/2015
|
3,900,677
|
(17,201
|
)
|
||||||||||||
690,000
|
Australian Dollar
|
7/22/2015
|
535,034
|
(3,368
|
)
|
||||||||||||
(4,070,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(3,352,826
|
)
|
95,233
|
|||||||||||
(4,349,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(3,557,343
|
)
|
76,440
|
|||||||||||
(4,935,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(3,984,475
|
)
|
34,544
|
|||||||||||
(495,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(401,758
|
)
|
5,564
|
|||||||||||
(5,180,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(4,209,057
|
)
|
63,030
|
|||||||||||
2,070,000
|
Canadian Dollars
|
7/22/2015
|
1,676,330
|
(19,520
|
)
|
||||||||||||
3,735,000
|
Canadian Dollars
|
7/22/2015
|
3,038,966
|
(49,504
|
)
|
||||||||||||
6,390,000
|
Canadian Dollars
|
7/22/2015
|
5,168,224
|
(53,723
|
)
|
||||||||||||
960,000
|
Canadian Dollars
|
7/22/2015
|
777,677
|
(9,301
|
)
|
||||||||||||
(1,220,000
|
)
|
Euro
|
7/22/2015
|
(1,366,957
|
)
|
6,429
|
|||||||||||
(2,345,000
|
)
|
Euro
|
7/22/2015
|
(2,654,171
|
)
|
39,058
|
|||||||||||
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||||
J.P. Morgan Securities LLC
|
(3,930,000
|
)
|
Euro
|
7/22/2015
|
(4,466,833
|
)
|
$
|
84,149
|
|||||||||
(4,495,000
|
)
|
Euro
|
7/22/2015
|
(4,999,998
|
)
|
(12,767
|
)
|
||||||||||
(620,000
|
)
|
Euro
|
7/22/2015
|
(695,479
|
)
|
4,063
|
|||||||||||
(7,970,000
|
)
|
Euro
|
7/22/2015
|
(9,033,361
|
)
|
145,321
|
|||||||||||
1,240,000
|
Euro
|
7/22/2015
|
1,384,756
|
(1,924
|
)
|
||||||||||||
220,000
|
Euro
|
7/22/2015
|
246,517
|
(1,176
|
)
|
||||||||||||
4,415,000
|
Euro
|
7/22/2015
|
4,942,478
|
(18,928
|
)
|
||||||||||||
600,000
|
Euro
|
7/22/2015
|
674,079
|
(4,967
|
)
|
||||||||||||
665,000
|
Euro
|
7/22/2015
|
750,121
|
(8,522
|
)
|
||||||||||||
760,000
|
Euro
|
7/22/2015
|
859,143
|
(11,601
|
)
|
||||||||||||
(1,530,700,000
|
)
|
Japanese Yen
|
7/22/2015
|
(12,471,461
|
)
|
(39,278
|
)
|
||||||||||
(1,531,000,000
|
)
|
Japanese Yen
|
7/22/2015
|
(12,475,125
|
)
|
(38,066
|
)
|
||||||||||
(25,700,000
|
)
|
Japanese Yen
|
7/22/2015
|
(207,958
|
)
|
(2,094
|
)
|
||||||||||
(361,050,000
|
)
|
Japanese Yen
|
7/22/2015
|
(2,919,776
|
)
|
(31,163
|
)
|
||||||||||
(378,500,000
|
)
|
Japanese Yen
|
7/22/2015
|
(3,082,504
|
)
|
(11,057
|
)
|
||||||||||
(50,050,000
|
)
|
Japanese Yen
|
7/22/2015
|
(404,695
|
)
|
(4,375
|
)
|
||||||||||
(75,650,000
|
)
|
Japanese Yen
|
7/22/2015
|
(613,260
|
)
|
(5,044
|
)
|
||||||||||
1,071,600,000
|
Japanese Yen
|
7/22/2015
|
8,640,221
|
118,195
|
|||||||||||||
331,550,000
|
Japanese Yen
|
7/22/2015
|
2,675,346
|
34,483
|
|||||||||||||
333,600,000
|
Japanese Yen
|
7/22/2015
|
2,705,254
|
21,330
|
|||||||||||||
373,650,000
|
Japanese Yen
|
7/22/2015
|
3,054,004
|
(83
|
)
|
||||||||||||
390,450,000
|
Japanese Yen
|
7/22/2015
|
3,175,380
|
15,852
|
|||||||||||||
45,700,000
|
Japanese Yen
|
7/22/2015
|
371,673
|
1,843
|
|||||||||||||
(10,440,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(7,174,521
|
)
|
114,324
|
|||||||||||
(4,410,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(3,162,391
|
)
|
180,067
|
|||||||||||
(5,800,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(4,029,297
|
)
|
106,965
|
|||||||||||
(6,450,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(4,456,651
|
)
|
94,747
|
|||||||||||
1,655,000
|
New Zealand Dollar
|
7/22/2015
|
1,134,700
|
(15,483
|
)
|
||||||||||||
4,345,000
|
New Zealand Dollar
|
7/22/2015
|
3,033,971
|
(95,603
|
)
|
||||||||||||
5,075,000
|
New Zealand Dollar
|
7/22/2015
|
3,464,305
|
(32,264
|
)
|
||||||||||||
8,435,000
|
New Zealand Dollar
|
7/22/2015
|
5,818,020
|
(113,732
|
)
|
||||||||||||
8,620,000
|
New Zealand Dollar
|
7/22/2015
|
5,932,175
|
(102,778
|
)
|
||||||||||||
(12,520,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(1,626,553
|
)
|
30,566
|
|||||||||||
(1,900,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(2,946,236
|
)
|
(38,664
|
)
|
||||||||||
(3,170,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(4,912,192
|
)
|
(67,878
|
)
|
||||||||||
125,000
|
Pounds Sterling
|
7/22/2015
|
196,695
|
(320
|
)
|
||||||||||||
2,415,000
|
Pounds Sterling
|
7/22/2015
|
3,800,452
|
(6,487
|
)
|
||||||||||||
5,285,000
|
Pounds Sterling
|
7/22/2015
|
8,202,076
|
100,660
|
|||||||||||||
6,000,000
|
Pounds Sterling
|
7/22/2015
|
9,311,963
|
114,038
|
|||||||||||||
955,000
|
Pounds Sterling
|
7/22/2015
|
1,478,723
|
21,582
|
|||||||||||||
(11,280,000
|
)
|
Swedish Krona
|
7/22/2015
|
(1,367,569
|
)
|
6,233
|
|||||||||||
(1,495,000
|
)
|
Swiss Franc
|
7/22/2015
|
(1,615,758
|
)
|
15,348
|
|||||||||||
(1,835,000
|
)
|
Swiss Franc
|
7/22/2015
|
(1,962,647
|
)
|
(1,736
|
)
|
||||||||||
(2,280,000
|
)
|
Swiss Franc
|
7/22/2015
|
(2,469,940
|
)
|
29,181
|
|||||||||||
(2,300,000
|
)
|
Swiss Franc
|
7/22/2015
|
(2,466,043
|
)
|
3,874
|
|||||||||||
(5,135,000
|
)
|
Swiss Franc
|
7/22/2015
|
(5,525,070
|
)
|
28,010
|
|||||||||||
(635,000
|
)
|
Swiss Franc
|
7/22/2015
|
(681,915
|
)
|
2,142
|
|||||||||||
(830,000
|
)
|
Swiss Franc
|
7/22/2015
|
(885,002
|
)
|
(3,520
|
)
|
||||||||||
(835,000
|
)
|
Swiss Franc
|
7/22/2015
|
(894,808
|
)
|
933
|
|||||||||||
1,855,000
|
Swiss Franc
|
7/22/2015
|
1,989,405
|
(3,612
|
)
|
||||||||||||
2,290,000
|
Swiss Franc
|
7/22/2015
|
2,445,010
|
6,454
|
|||||||||||||
2,530,000
|
Swiss Franc
|
7/22/2015
|
2,758,667
|
(50,281
|
)
|
||||||||||||
2,715,000
|
Swiss Franc
|
7/22/2015
|
2,967,261
|
(60,831
|
)
|
||||||||||||
2,840,000
|
Swiss Franc
|
7/22/2015
|
3,053,891
|
(13,648
|
)
|
||||||||||||
4,345,000
|
Swiss Franc
|
7/22/2015
|
4,664,723
|
(13,365
|
)
|
||||||||||||
RBC Capital Markets, LLC
|
1,825,000
|
Canadian Dollars
|
7/22/2015
|
1,477,369
|
(16,655
|
)
|
|||||||||||
530,000
|
Canadian Dollars
|
7/22/2015
|
429,721
|
(5,514
|
)
|
||||||||||||
(419,300,000
|
)
|
Japanese Yen
|
7/22/2015
|
(3,383,558
|
)
|
(43,470
|
)
|
||||||||||
(19,505,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(13,270,090
|
)
|
79,559
|
|||||||||||
(2,225,000
|
)
|
New Zealand Dollar
|
7/22/2015
|
(1,594,771
|
)
|
90,083
|
|||||||||||
13,010,000
|
New Zealand Dollar
|
7/22/2015
|
9,110,305
|
(312,108
|
)
|
||||||||||||
2,225,000
|
New Zealand Dollar
|
7/22/2015
|
1,550,574
|
(45,886
|
)
|
||||||||||||
7,715,000
|
New Zealand Dollar
|
7/22/2015
|
5,220,795
|
(3,417
|
)
|
||||||||||||
(1,790,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(230,174
|
)
|
1,994
|
|||||||||||
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||||
RBC Capital Markets, LLC
|
(3,120,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(404,006
|
)
|
$
|
6,284
|
|||||||||
(8,210,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(1,063,569
|
)
|
16,999
|
|||||||||||
17,250,000
|
Norwegian Krone
|
7/22/2015
|
2,179,625
|
19,319
|
|||||||||||||
2,860,000
|
Norwegian Krone
|
7/22/2015
|
367,993
|
(3,414
|
)
|
||||||||||||
7,910,000
|
Norwegian Krone
|
7/22/2015
|
1,014,286
|
(5,958
|
)
|
||||||||||||
(390,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(289,635
|
)
|
175
|
|||||||||||
(490,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(363,629
|
)
|
(52
|
)
|
||||||||||
(960,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(712,873
|
)
|
355
|
|||||||||||
2,890,000
|
Singapore Dollar
|
7/22/2015
|
2,141,656
|
3,321
|
|||||||||||||
360,000
|
Singapore Dollar
|
7/22/2015
|
268,286
|
(1,092
|
)
|
||||||||||||
(5,135,000
|
)
|
Swiss Franc
|
7/22/2015
|
(5,547,487
|
)
|
50,428
|
|||||||||||
Societe Generale Securities
|
4,525,000
|
Australian Dollar
|
7/22/2015
|
3,498,447
|
(11,795
|
)
|
|||||||||||
740,000
|
Australian Dollar
|
7/22/2015
|
572,006
|
(1,813
|
)
|
||||||||||||
(3,915,000
|
)
|
Canadian Dollars
|
7/22/2015
|
(3,171,588
|
)
|
38,055
|
|||||||||||
1,740,000
|
Canadian Dollars
|
7/22/2015
|
1,421,213
|
(28,532
|
)
|
||||||||||||
(1,125,000
|
)
|
Euro
|
7/22/2015
|
(1,284,035
|
)
|
29,449
|
|||||||||||
417,350,000
|
Japanese Yen
|
7/22/2015
|
3,402,983
|
8,108
|
|||||||||||||
(3,230,000
|
)
|
Norwegian Krone
|
7/22/2015
|
(410,956
|
)
|
(788
|
)
|
||||||||||
1,975,000
|
Norwegian Krone
|
7/22/2015
|
256,163
|
(4,400
|
)
|
||||||||||||
5,540,000
|
Norwegian Krone
|
7/22/2015
|
709,160
|
(2,949
|
)
|
||||||||||||
(1,165,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(1,819,543
|
)
|
(10,672
|
)
|
||||||||||
(1,790,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(2,819,335
|
)
|
7,245
|
|||||||||||
(2,480,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(3,848,222
|
)
|
(47,858
|
)
|
||||||||||
(2,880,000
|
)
|
Pounds Sterling
|
7/22/2015
|
(4,567,575
|
)
|
43,095
|
|||||||||||
4,145,000
|
Pounds Sterling
|
7/22/2015
|
6,557,440
|
(45,644
|
)
|
||||||||||||
5,195,000
|
Pounds Sterling
|
7/22/2015
|
8,264,300
|
(102,954
|
)
|
||||||||||||
(2,480,000
|
)
|
Singapore Dollar
|
7/22/2015
|
(1,846,294
|
)
|
5,622
|
|||||||||||
2,005,000
|
Singapore Dollar
|
7/22/2015
|
1,499,378
|
(11,254
|
)
|
||||||||||||
230,000
|
Singapore Dollar
|
7/22/2015
|
171,141
|
(434
|
)
|
||||||||||||
295,000
|
Singapore Dollar
|
7/22/2015
|
218,770
|
181
|
|||||||||||||
5,335,000
|
Swedish Krona
|
7/22/2015
|
647,633
|
(3,774
|
)
|
||||||||||||
5,960,000
|
Swedish Krona
|
7/22/2015
|
734,431
|
(15,144
|
)
|
||||||||||||
$
|
523,270
|
||||||||||||||||
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|||||||||||||||||
Level 1 – quoted prices in active markets for identical assets
|
|||||||||||||||||
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 and other financial instruments as of June 30, 2015.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets
|
|||||||||||||||||
Investments At Value
|
|||||||||||||||||
Foreign Bonds
|
$
|
-
|
$
|
18,735,784
|
$
|
-
|
$
|
18,735,784
|
|||||||||
Foreign Treasury Securities
|
-
|
12,037,367
|
-
|
12,037,367
|
|||||||||||||
Money Market Fund
|
-
|
1,477,711
|
-
|
1,477,711
|
|||||||||||||
Total Investments At Value
|
$
|
-
|
$
|
32,250,862
|
$
|
-
|
$
|
32,250,862
|
|||||||||
Other Financial Instruments**
|
|||||||||||||||||
Forward Currency Contracts
|
-
|
2,464,293
|
-
|
2,464,293
|
|||||||||||||
Total Assets
|
$
|
-
|
$
|
34,715,155
|
$
|
-
|
$
|
34,715,155
|
|||||||||
Liabilities
|
|||||||||||||||||
Other Financial Instruments**
|
|||||||||||||||||
Forward Currency Contracts
|
$
|
-
|
$
|
(1,941,023
|
)
|
$
|
-
|
$
|
(1,941,023
|
)
|
|||||||
Total Assets
|
$
|
-
|
$
|
(1,941,023
|
)
|
$
|
-
|
$
|
(1,941,023
|
)
|
|||||||
**Other Financial Instruments are derivatives not reflected in the Schedule of Investments, such as forward currency contracts, which are valued at the unrealized appreciation (depreciation) at period end.
|
The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2015.
|
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
|
MERK CURRENCY ENHANCED U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
|
JUNE 30, 2015
(Unaudited)
|
Shares
|
Security Description
|
Currency
|
Value in USD
|
|||
Money Market Fund - 98.4%
|
||||||
1,205,624
|
Morgan Stanley Institutional Liquidity Fund 0.01%(a) (Cost $1,205,624)
|
USD
|
$
|
1,205,624
|
Total Investments – 98.4% (Cost $1,205,624)*
|
1,205,624
|
Other Assets and Liabilities, Net – 1.6%
|
19,608
|
|||||
NET ASSETS – 100.0%
|
$
|
1,225,232
|
(a) | Variable rate security. Rate presented is as of June 30, 2015. |
|
|
* Cost for federal income tax purposes is $1,205,624 and net unrealized appreciation consists of:
|
||||||
Gross Unrealized Appreciation
|
$
|
0
|
||||
Gross Unrealized Depreciation
|
0
|
|||||
Net Unrealized Appreciation
|
$
|
0
|
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2015.
|
|
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|
Level 1 – quoted prices in active markets for identical assets
|
|
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.
|
Valuation Inputs
|
|
Investments in Securities
|
||||
Level 1 - Quoted Prices
|
$
|
-
|
||||
Level 2 - Other Significant Observable Inputs
|
1,205,624
|
|||||
Level 3 - Significant Unobservable Inputs
|
-
|
|||||
Total
|
$
|
1,205,624
|
||||
The Level 2 value displayed in this table is a Money Market Fund.
|
||||||
The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2015.
|
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
|
PAYSON TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2015
|
Shares
|
Security
Description
|
Value
|
Common Stock - 97.3%
|
|||||||
Consumer Discretionary - 10.5%
|
|||||||
50,237
|
Discovery Communications, Inc., Class A (a)
|
$
|
1,670,883
|
||||
25,000
|
McDonald's Corp.
|
2,376,750
|
|||||
20,148
|
The TJX Cos., Inc.
|
1,333,193
|
|||||
37,501
|
Twenty-First Century Fox, Inc., Class B
|
1,208,282
|
|||||
27,409
|
Viacom, Inc., Class B
|
1,771,718
|
|||||
8,360,826
|
|||||||
Consumer Staples – 11.9%
|
|||||||
284,945
|
Ambev SA, ADR
|
1,738,164
|
|||||
14,150
|
Diageo PLC, ADR
|
1,641,966
|
|||||
22,420
|
PepsiCo, Inc.
|
2,092,683
|
|||||
8,875
|
Valeant Pharmaceuticals International, Inc. (a)
|
1,971,581
|
|||||
29,205
|
Wal-Mart Stores, Inc.
|
2,071,511
|
|||||
9,515,905
|
|||||||
Energy - 9.8%
|
|||||||
37,380
|
Devon Energy Corp.
|
2,223,736
|
|||||
19,202
|
Exxon Mobil Corp.
|
1,597,606
|
|||||
19,828
|
Occidental Petroleum Corp.
|
1,542,024
|
|||||
42,926
|
The Williams Cos., Inc.
|
2,463,523
|
|||||
7,826,889
|
|||||||
Financial - 20.0%
|
|||||||
37,700
|
Aflac, Inc.
|
2,344,940
|
|||||
43,280
|
American International Group, Inc.
|
2,675,569
|
|||||
133,440
|
Bank of America Corp.
|
2,271,149
|
|||||
15,336
|
Berkshire Hathaway, Inc., Class B (a)
|
2,087,383
|
|||||
42,730
|
JPMorgan Chase & Co.
|
2,895,385
|
|||||
19,350
|
MasterCard, Inc., Class A
|
1,808,838
|
|||||
27,700
|
Visa, Inc., Class A
|
1,860,055
|
|||||
15,943,319
|
|||||||
Health Care - 11.3%
|
|||||||
44,079
|
Abbott Laboratories
|
2,163,397
|
|||||
8,600
|
Express Scripts Holding Co. (a)
|
764,884
|
|||||
20,508
|
Gilead Sciences, Inc.
|
2,401,077
|
|||||
7,755
|
Johnson & Johnson
|
755,802
|
|||||
17,210
|
Mylan NV (a)
|
1,167,871
|
|||||
51,737
|
Pfizer, Inc.
|
1,734,742
|
|||||
8,987,773
|
|||||||
Industrials – 13.2%
|
|||||||
27,587
|
AGCO Corp.
|
1,566,390
|
|||||
17,200
|
Danaher Corp.
|
1,472,148
|
|||||
14,865
|
General Dynamics Corp.
|
2,106,222
|
|||||
61,448
|
General Electric Co.
|
1,632,673
|
|||||
9,025
|
Precision Castparts Corp.
|
1,803,827
|
|||||
17,834
|
United Technologies Corp.
|
1,978,326
|
|||||
10,559,586
|
Technology - 20.6%
|
|||||||
28,332
|
Apple, Inc.
|
|
3,553,541
|
||||
3,825
|
Google, Inc., Class A (a)
|
2,065,653
|
|||||
14,608
|
IBM
|
2,376,137
|
|||||
72,298
|
Intel Corp.
|
2,198,944
|
|||||
56,000
|
Microsoft Corp.
|
2,472,400
|
|||||
35,810
|
Oracle Corp.
|
1,443,143
|
|||||
36,900
|
QUALCOMM, Inc.
|
2,311,047
|
|||||
16,420,865
|
Total Common Stock
(Cost $62,928,967)
|
77,615,163
|
Investment Companies - 1.2%
|
||||||||
23,897
|
Vanguard FTSE Emerging Markets ETF (Cost $929,132)
|
976,909
|
Total Investments - 98.5%
(Cost $63,858,099)*
|
$
|
78,592,072
|
Other Assets & Liabilities, Net – 1.5%
|
1,172,797
|
||
Net Assets – 100.0%
|
$
|
79,764,869
|
ADR
|
American Depositary Receipt
|
ETF
|
Exchange Traded Fund
|
PLC
|
Public Limited Company
|
(a)
|
Non-income producing security.
|
|
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
|
Gross Unrealized Appreciation
|
$
|
16,574,129
|
||
Gross Unrealized Depreciation
|
(1,840,156
|
)
|
||
Net Unrealized Appreciation
|
$
|
14,733,973
|
PAYSON TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2015
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
78,592,072
|
||
Level 2 - Other Significant Observable Inputs
|
-
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
78,592,072
|
1.
|
I have reviewed this report on Form N-Q of Forum Funds (Absolute Credit Opportunities Fund, Absolute Strategies Fund, Beck Mack & Oliver International Fund, Beck Mack & Oliver Partners Fund, LMCG Global Market Neutral Fund, LMCG Global Multicap Fund, Merk Absolute Return Currency Fund, Merk Asian Currency Fund, Merk Currency Enhanced U.S. Equity Fund, Merk Hard Currency Fund, and Payson Total Return Fund);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: | August 20, 2015 | /s/ Jessica Chase | ||
Jessica Chase | ||||
Principal Executive Officer | ||||
1.
|
I have reviewed this report on Form N-Q of Forum Funds (Absolute Credit Opportunities Fund, Absolute Strategies Fund, Beck Mack & Oliver International Fund, Beck Mack & Oliver Partners Fund, LMCG Global Market Neutral Fund, LMCG Global Multicap Fund, Merk Absolute Return Currency Fund , Merk Asian Currency Fund, Merk Currency Enhanced U.S. Equity Fund, Merk Hard Currency Fund, and Payson Total Return Fund);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: | August 20, 2015 | /s/ Karen Shaw | ||
Karen Shaw | ||||
Principal Financial Officer | ||||