PORTFOLIO OF INVESTMENTS as of August 31, 2019 (Unaudited)
Vaughan Nelson Select Fund
Shares | Description |
Value () | ||||||
Common Stocks 97.6% of Net Assets |
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Aerospace & Defense 7.6% |
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52,040 | General Dynamics Corp. |
$ | 9,953,691 | |||||
34,650 | Raytheon Co. |
6,421,338 | ||||||
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16,375,029 | ||||||||
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Banks 2.0% |
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67,950 | Citigroup, Inc. |
4,372,583 | ||||||
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Biotechnology 3.9% |
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126,500 | AbbVie, Inc. |
8,316,110 | ||||||
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Capital Markets 7.2% |
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185,150 | Charles Schwab Corp. (The) |
7,085,691 | ||||||
12,280 | Moodys Corp. |
2,647,322 | ||||||
298,375 | Virtu Financial, Inc., Class A |
5,609,450 | ||||||
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15,342,463 | ||||||||
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Chemicals 5.6% |
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22,940 | Sherwin-Williams Co. (The) |
12,083,645 | ||||||
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Diversified Financial Services 4.7% |
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49,055 | Berkshire Hathaway, Inc., Class B(a) |
9,978,278 | ||||||
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Diversified Telecommunication Services 4.3% |
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261,164 | AT&T, Inc. |
9,208,643 | ||||||
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Entertainment 10.2% |
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120,825 | Electronic Arts, Inc.(a) |
11,318,886 | ||||||
76,825 | Walt Disney Co. (The) |
10,544,999 | ||||||
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21,863,885 | ||||||||
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Health Care Providers & Services 3.5% |
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31,565 | UnitedHealth Group, Inc. |
7,386,210 | ||||||
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Industrial Conglomerates 2.0% |
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11,845 | Roper Technologies, Inc. |
4,344,272 | ||||||
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Interactive Media & Services 2.5% |
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28,600 | Facebook, Inc., Class A(a) |
5,310,162 | ||||||
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IT Services 3.2% |
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24,375 | MasterCard, Inc., Class A |
6,858,394 | ||||||
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Life Sciences Tools & Services 3.4% |
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25,175 | Thermo Fisher Scientific, Inc. |
7,226,736 | ||||||
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Metals & Mining 2.2% |
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161,150 | Wheaton Precious Metals Corp. |
4,739,422 | ||||||
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Multiline Retail 4.8% |
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102,150 | Dollar Tree, Inc.(a) |
10,371,289 | ||||||
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Shares | Description |
Value () | ||||||
Common Stocks continued |
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Oil, Gas & Consumable Fuels 10.4% |
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682,300 | Cameco Corp. |
$ | 5,983,771 | |||||
236,075 | Enterprise Products Partners LP |
6,730,498 | ||||||
1,507,100 | Kosmos Energy Ltd. |
9,524,872 | ||||||
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22,239,141 | ||||||||
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Personal Products 2.2% |
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23,355 | Estee Lauder Cos., Inc. (The), Class A |
4,624,056 | ||||||
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Road & Rail 3.0% |
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185,225 | Knight-Swift Transportation Holdings, Inc. |
6,323,582 | ||||||
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Semiconductors & Semiconductor Equipment 4.7% |
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56,800 | QUALCOMM, Inc. |
4,417,336 | ||||||
45,575 | Texas Instruments, Inc. |
5,639,906 | ||||||
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10,057,242 | ||||||||
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Software 4.6% |
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72,125 | Microsoft Corp. |
9,943,152 | ||||||
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Specialty Retail 5.6% |
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52,610 | Home Depot, Inc. (The) |
11,990,345 | ||||||
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Total Common Stocks |
208,954,639 | |||||||
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Principal Amount |
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Short-Term Investments 2.9% |
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$6,114,963 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 8/30/2019 at 1.300% to be repurchased at $6,115,846 on 9/03/2019 collateralized by $6,150,000 U.S. Treasury Note, 2.000% due 12/31/2021 valued at $6,237,564 including accrued interest(b) |
6,114,963 | ||||||
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Total Investments 100.5% |
215,069,602 | |||||||
Other assets less liabilities (0.5)% |
(975,599 | ) | ||||||
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Net Assets 100.0% |
$ | 214,094,003 | ||||||
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() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Domestic exchange-traded single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations.
Option contracts on domestic indices are valued at the average of the closing bid and ask quotations as of the close of trading on the Chicago Board Options Exchange (Cboe®).
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. On the last business day of the month, the Funds will fair value S&P 500® Index options using the closing rotation values published by the Cboe®. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of August 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
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 Funds investments as of August 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* |
$ | 208,954,639 | $ | | $ | | $ | 208,954,639 | ||||||||
Short-Term Investments |
| 6,114,963 | | 6,114,963 | ||||||||||||
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Total |
$ | 208,954,639 | $ | 6,114,963 | $ | | $ | 215,069,602 | ||||||||
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* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended August 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at August 31, 2019 (Unaudited)
Oil, Gas & Consumable Fuels |
10.4 | % | ||
Entertainment |
10.2 | |||
Aerospace & Defense |
7.6 | |||
Capital Markets |
7.2 | |||
Chemicals |
5.6 | |||
Specialty Retail |
5.6 | |||
Multiline Retail |
4.8 | |||
Semiconductors & Semiconductor Equipment |
4.7 | |||
Diversified Financial Services |
4.7 | |||
Software |
4.6 | |||
Diversified Telecommunication Services |
4.3 | |||
Biotechnology |
3.9 | |||
Health Care Providers & Services |
3.5 | |||
Life Sciences Tools & Services |
3.4 | |||
IT Services |
3.2 | |||
Road & Rail |
3.0 | |||
Interactive Media & Services |
2.5 | |||
Metals & Mining |
2.2 | |||
Personal Products |
2.2 | |||
Banks |
2.0 | |||
Industrial Conglomerates |
2.0 | |||
Short-Term Investments |
2.9 | |||
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Total Investments |
100.5 | |||
Other assets less liabilities |
(0.5 | ) | ||
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Net Assets |
100.0 | % | ||
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