NPORT-EX 1 NPORT_14127086655405601.htm HTML

PORTFOLIO OF INVESTMENTS – as of August 31, 2019 (Unaudited)

Vaughan Nelson Select Fund

 

Shares     

Description

   Value (†)  
 

Common Stocks – 97.6% of Net Assets

 
  

Aerospace & Defense – 7.6%

 

  52,040     

General Dynamics Corp.

   $ 9,953,691  
  34,650     

Raytheon Co.

     6,421,338  
     

 

 

 
        16,375,029  
     

 

 

 
  

Banks – 2.0%

 

  67,950     

Citigroup, Inc.

     4,372,583  
     

 

 

 
  

Biotechnology – 3.9%

 

  126,500     

AbbVie, Inc.

     8,316,110  
     

 

 

 
  

Capital Markets – 7.2%

 

  185,150     

Charles Schwab Corp. (The)

     7,085,691  
  12,280     

Moody’s Corp.

     2,647,322  
  298,375     

Virtu Financial, Inc., Class A

     5,609,450  
     

 

 

 
        15,342,463  
     

 

 

 
  

Chemicals – 5.6%

 

  22,940     

Sherwin-Williams Co. (The)

     12,083,645  
     

 

 

 
  

Diversified Financial Services – 4.7%

 

  49,055     

Berkshire Hathaway, Inc., Class B(a)

     9,978,278  
     

 

 

 
  

Diversified Telecommunication Services – 4.3%

 

  261,164     

AT&T, Inc.

     9,208,643  
     

 

 

 
  

Entertainment – 10.2%

 

  120,825     

Electronic Arts, Inc.(a)

     11,318,886  
  76,825     

Walt Disney Co. (The)

     10,544,999  
     

 

 

 
        21,863,885  
     

 

 

 
  

Health Care Providers & Services – 3.5%

 

  31,565     

UnitedHealth Group, Inc.

     7,386,210  
     

 

 

 
  

Industrial Conglomerates – 2.0%

 

  11,845     

Roper Technologies, Inc.

     4,344,272  
     

 

 

 
  

Interactive Media & Services – 2.5%

 

  28,600     

Facebook, Inc., Class A(a)

     5,310,162  
     

 

 

 
  

IT Services – 3.2%

 

  24,375     

MasterCard, Inc., Class A

     6,858,394  
     

 

 

 
  

Life Sciences Tools & Services – 3.4%

 

  25,175     

Thermo Fisher Scientific, Inc.

     7,226,736  
     

 

 

 
  

Metals & Mining – 2.2%

 

  161,150     

Wheaton Precious Metals Corp.

     4,739,422  
     

 

 

 
  

Multiline Retail – 4.8%

 

  102,150     

Dollar Tree, Inc.(a)

     10,371,289  
     

 

 

 


Shares     

Description

   Value (†)  
 

Common Stocks – continued

 
  

Oil, Gas & Consumable Fuels – 10.4%

 

  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  
     

 

 

 
        22,239,141  
     

 

 

 
  

Personal Products – 2.2%

 

  23,355     

Estee Lauder Cos., Inc. (The), Class A

     4,624,056  
     

 

 

 
  

Road & Rail – 3.0%

 

  185,225     

Knight-Swift Transportation Holdings, Inc.

     6,323,582  
     

 

 

 
  

Semiconductors & Semiconductor Equipment – 4.7%

 

  56,800     

QUALCOMM, Inc.

     4,417,336  
  45,575     

Texas Instruments, Inc.

     5,639,906  
     

 

 

 
        10,057,242  
     

 

 

 
  

Software – 4.6%

 

  72,125     

Microsoft Corp.

     9,943,152  
     

 

 

 
  

Specialty Retail – 5.6%

 

  52,610     

Home Depot, Inc. (The)

     11,990,345  
     

 

 

 
  

Total Common Stocks
(Identified Cost $185,777,821)

     208,954,639  
     

 

 

 
Principal
Amount
             
 

Short-Term Investments – 2.9%

 
  $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)
(Identified Cost $6,114,963)

     6,114,963  
     

 

 

 
  

Total Investments – 100.5%
(Identified Cost $191,892,784)

     215,069,602  
  

Other assets less liabilities – (0.5)%

     (975,599
     

 

 

 
  

Net Assets – 100.0%

   $ 214,094,003  
     

 

 

 


(†)

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 issuer’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 208,954,639      $ 6,114,963      $ —        $ 215,069,602  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Details of the major categories of the Fund’s 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  
  

 

 

 

Total Investments

     100.5  

Other assets less liabilities

     (0.5
  

 

 

 

Net Assets

     100.0