PORTFOLIO OF INVESTMENTS – as of February 29, 2020 (Unaudited)
Vaughan Nelson Select Fund
Shares |
Description |
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Value (†) |
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Common Stocks – 98.7% of Net Assets |
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Aerospace & Defense – 4.0% |
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24,540 |
General Dynamics Corp. |
|
$ |
3,918,793 |
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20,740 |
Raytheon Co. |
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3,910,734 |
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7,829,527 |
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Air Freight & Logistics – 3.2% |
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44,650 |
FedEx Corp. |
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6,303,241 |
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Banks – 2.3% |
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71,225 |
Citigroup, Inc. |
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4,519,939 |
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Biotechnology – 5.7% |
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129,975 |
AbbVie, Inc. |
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11,140,157 |
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Capital Markets – 7.8% |
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213,075 |
Charles Schwab Corp. (The) |
|
|
8,682,806 |
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11,340 |
Moody's Corp. |
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|
2,721,940 |
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194,700 |
Virtu Financial, Inc., Class A |
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3,662,307 |
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15,067,053 |
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Chemicals – 4.5% |
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16,740 |
Sherwin-Williams Co. (The) |
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8,650,395 |
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Diversified Financial Services – 3.1% |
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29,025 |
Berkshire Hathaway, Inc., Class B(a) |
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5,989,019 |
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Entertainment – 10.7% |
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111,625 |
Electronic Arts, Inc.(a) |
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11,315,426 |
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80,325 |
Walt Disney Co. (The) |
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9,450,236 |
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20,765,662 |
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Health Care Providers & Services – 4.1% |
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31,015 |
UnitedHealth Group, Inc. |
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7,907,584 |
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Industrial Conglomerates – 2.8% |
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15,455 |
Roper Technologies, Inc. |
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5,435,524 |
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Interactive Media & Services – 5.1% |
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51,780 |
Facebook, Inc., Class A(a) |
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|
9,966,097 |
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IT Services – 3.6% |
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24,045 |
MasterCard, Inc., Class A |
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|
6,979,061 |
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Life Sciences Tools & Services – 3.5% |
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23,255 |
Thermo Fisher Scientific, Inc. |
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6,762,554 |
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Metals & Mining – 2.8% |
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193,400 |
Wheaton Precious Metals Corp. |
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5,511,900 |
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Oil, Gas & Consumable Fuels – 9.3% |
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452,150 |
Cameco Corp. |
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|
3,924,662 |
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241,575 |
Enterprise Products Partners LP |
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|
5,638,360 |
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Shares |
Description |
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Value (†) |
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Common Stocks – continued |
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Oil, Gas & Consumable Fuels – continued |
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1,517,375 |
Kosmos Energy Ltd. |
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$ |
4,627,994 |
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32,200 |
Pioneer Natural Resources Co. |
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3,953,516 |
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18,144,532 |
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Pharmaceuticals – 2.5% |
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36,650 |
Johnson & Johnson |
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4,928,692 |
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Road & Rail – 5.9% |
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171,100 |
Knight-Swift Transportation Holdings, Inc. |
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5,464,934 |
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37,300 |
Union Pacific Corp. |
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5,960,913 |
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11,425,847 |
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Semiconductors & Semiconductor Equipment – 7.8% |
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274,775 |
ON Semiconductor Corp.(a) |
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5,127,301 |
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52,450 |
QUALCOMM, Inc. |
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4,106,835 |
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51,350 |
Texas Instruments, Inc. |
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5,861,089 |
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15,095,225 |
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Software – 5.6% |
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66,625 |
Microsoft Corp. |
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10,793,916 |
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Specialty Retail – 4.4% |
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39,020 |
Home Depot, Inc. (The) |
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|
8,500,117 |
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Total Common Stocks |
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191,716,042 |
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Principal |
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Short-Term Investments – 1.1% |
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$ |
2,121,068 |
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/2020 at 0.900% to be repurchased at $2,121,227 on 3/02/2020 collateralized by $2,110,000 U.S. Treasury Note, 2.500% due 2/15/2022 valued at $2,167,698 including accrued interest(b) |
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2,121,068 |
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Total Investments – 99.8% |
|
193,837,110 |
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Other assets less liabilities – 0.2% |
|
384,948 |
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Net Assets – 100.0% |
$ |
194,222,058 |
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(†) |
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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: |
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(a) |
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Non-income producing security. |
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(b) |
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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 February 29, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
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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 February 29, 2020, at value:
Asset Valuation Inputs |
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Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
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Total |
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|
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Common Stocks* |
$ |
191,716,042 |
$ |
- |
$ |
- |
$ |
191,716,042 |
|
|
Short-Term Investments |
|
- |
|
2,121,068 |
|
- |
|
2,121,068 |
|
|
|
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Total |
$ |
191,716,042 |
$ |
2,121,068 |
$ |
- |
$ |
193,837,110 |
|
|
|
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* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
For the period ended February 29, 2020, there were no transfers among Levels 1, 2 and 3.
Industry Summary at February 29, 2020 (Unaudited) |
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Entertainment |
10.7 |
% |
|
Oil, Gas & Consumable Fuels |
9.3 |
|
|
Semiconductors & Semiconductor Equipment |
7.8 |
|
|
Capital Markets |
7.8 |
|
|
Road & Rail |
5.9 |
|
|
Biotechnology |
5.7 |
|
|
Software |
5.6 |
|
|
Interactive Media & Services |
5.1 |
|
|
Chemicals |
4.5 |
|
|
Specialty Retail |
4.4 |
|
|
Health Care Providers & Services |
4.1 |
|
|
Aerospace & Defense |
4.0 |
|
|
IT Services |
3.6 |
|
|
Life Sciences Tools & Services |
3.5 |
|
|
Air Freight & Logistics |
3.2 |
|
|
Diversified Financial Services |
3.1 |
|
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Metals & Mining |
2.8 |
|
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Industrial Conglomerates |
2.8 |
|
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Pharmaceuticals |
2.5 |
|
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Banks |
2.3 |
|
|
Short-Term Investments |
1.1 |
|
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|
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Total Investments |
99.8 |
|
|
Other assets less liabilities |
0.2 |
|
|
|
|||
Net Assets |
100.0 |
% |
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