AC Alternatives Market Neutral Value - Schedule of Investments | |||||
JUNE 30, 2020 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | |||||||
COMMON STOCKS — 67.8% | ||||||||
Aerospace and Defense — 5.2% | ||||||||
HEICO Corp., Class A(1) | 32,960 | 2,677,671 | ||||||
Raytheon Technologies Corp. | 7,594 | 467,942 | ||||||
3,145,613 | ||||||||
Air Freight and Logistics — 0.4% | ||||||||
United Parcel Service, Inc., Class B | 2,248 | 249,932 | ||||||
Automobiles — 0.6% | ||||||||
General Motors Co. | 15,689 | 396,932 | ||||||
Banks — 1.7% | ||||||||
Comerica, Inc.(1) | 4,460 | 169,926 | ||||||
First Hawaiian, Inc.(1) | 16,657 | 287,167 | ||||||
Toronto-Dominion Bank (The) | 3,431 | 153,126 | ||||||
Truist Financial Corp. | 11,391 | 427,732 | ||||||
1,037,951 | ||||||||
Beverages — 0.9% | ||||||||
Heineken Holding NV | 3,612 | 295,303 | ||||||
PepsiCo, Inc.(1) | 2,122 | 280,656 | ||||||
575,959 | ||||||||
Building Products — 1.6% | ||||||||
Johnson Controls International plc | 19,244 | 656,990 | ||||||
Masco Corp. | 5,969 | 299,704 | ||||||
956,694 | ||||||||
Capital Markets — 1.4% | ||||||||
Bank of New York Mellon Corp. (The) | 14,863 | 574,455 | ||||||
BlackRock, Inc. | 549 | 298,705 | ||||||
873,160 | ||||||||
Chemicals — 0.3% | ||||||||
Akzo Nobel NV | 866 | 77,476 | ||||||
DuPont de Nemours, Inc. | 2,044 | 108,598 | ||||||
186,074 | ||||||||
Commercial Services and Supplies — 0.8% | ||||||||
Republic Services, Inc.(1) | 5,633 | 462,188 | ||||||
Communications Equipment — 0.3% | ||||||||
Cisco Systems, Inc. | 3,499 | 163,193 | ||||||
Construction Materials — 0.7% | ||||||||
Martin Marietta Materials, Inc. | 1,971 | 407,150 | ||||||
Consumer Finance — 1.2% | ||||||||
American Express Co. | 7,684 | 731,517 | ||||||
Containers and Packaging — 0.7% | ||||||||
Packaging Corp. of America | 3,279 | 327,244 | ||||||
WestRock Co. | 3,583 | 101,256 | ||||||
428,500 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
Verizon Communications, Inc.(1) | 9,943 | 548,158 | ||||||
Electric Utilities — 3.9% | ||||||||
Duke Energy Corp. | 3,692 | 294,954 | ||||||
Edison International | 4,075 | 221,313 | ||||||
Evergy, Inc. | 9,791 | 580,508 |
Eversource Energy | 6,799 | 566,153 | ||||||
Pinnacle West Capital Corp.(1) | 3,925 | 287,663 | ||||||
Xcel Energy, Inc.(1) | 7,011 | 438,188 | ||||||
2,388,779 | ||||||||
Electrical Equipment — 1.6% | ||||||||
Emerson Electric Co. | 15,699 | 973,809 | ||||||
Energy Equipment and Services — 0.9% | ||||||||
Schlumberger Ltd. | 29,255 | 537,999 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.3% | ||||||||
American Tower Corp. | 876 | 226,481 | ||||||
Camden Property Trust | 1,932 | 176,237 | ||||||
MGM Growth Properties LLC, Class A | 7,264 | 197,653 | ||||||
Welltower, Inc. | 4,018 | 207,932 | ||||||
808,303 | ||||||||
Food and Staples Retailing — 1.8% | ||||||||
Koninklijke Ahold Delhaize NV | 5,564 | 151,515 | ||||||
Sysco Corp.(1) | 10,279 | 561,850 | ||||||
Walmart, Inc.(1) | 3,208 | 384,254 | ||||||
1,097,619 | ||||||||
Food Products — 0.6% | ||||||||
Nestle SA, ADR | 3,105 | 342,916 | ||||||
Gas Utilities — 2.7% | ||||||||
Atmos Energy Corp.(1) | 6,391 | 636,416 | ||||||
ONE Gas, Inc. | 5,231 | 403,048 | ||||||
Spire, Inc.(1) | 9,507 | 624,705 | ||||||
1,664,169 | ||||||||
Health Care Equipment and Supplies — 2.0% | ||||||||
Becton Dickinson and Co. | 2,473 | 591,715 | ||||||
Medtronic plc | 7,003 | 642,175 | ||||||
1,233,890 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Cigna Corp. | 795 | 149,182 | ||||||
McKesson Corp.(1) | 2,921 | 448,140 | ||||||
Quest Diagnostics, Inc. | 3,214 | 366,267 | ||||||
Universal Health Services, Inc., Class B | 3,036 | 282,014 | ||||||
1,245,603 | ||||||||
Household Durables — 0.4% | ||||||||
Electrolux AB, Series B | 5,413 | 90,364 | ||||||
Toll Brothers, Inc. | 4,153 | 135,346 | ||||||
225,710 | ||||||||
Household Products — 0.8% | ||||||||
Kimberly-Clark Corp.(1) | 3,254 | 459,953 | ||||||
Industrial Conglomerates — 0.7% | ||||||||
Siemens AG, ADR | 7,400 | 436,526 | ||||||
Insurance — 4.2% | ||||||||
Chubb Ltd. | 9,420 | 1,192,760 | ||||||
Marsh & McLennan Cos., Inc.(1) | 6,719 | 721,419 | ||||||
MetLife, Inc.(1) | 7,513 | 274,375 | ||||||
Reinsurance Group of America, Inc. | 4,316 | 338,547 | ||||||
2,527,101 | ||||||||
IT Services — 2.3% | ||||||||
Automatic Data Processing, Inc. | 3,736 | 556,253 | ||||||
Visa, Inc., Class A(1) | 4,515 | 872,163 | ||||||
1,428,416 | ||||||||
Machinery — 6.7% | ||||||||
Atlas Copco AB, B Shares(1) | 79,367 | 2,930,808 | ||||||
Deere & Co. | 2,725 | 428,234 | ||||||
Ingersoll Rand, Inc.(2) | 3,617 | 101,710 | ||||||
PACCAR, Inc. | 3,970 | 297,154 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 1,460 | 343,259 | ||||||
4,101,165 | ||||||||
Media — 4.2% | ||||||||
Fox Corp., Class B | 94,234 | 2,529,241 | ||||||
Multi-Utilities — 1.5% | ||||||||
CMS Energy Corp. | 7,108 | 415,249 | ||||||
WEC Energy Group, Inc. | 5,957 | 522,131 | ||||||
937,380 | ||||||||
Oil, Gas and Consumable Fuels — 6.8% | ||||||||
Chevron Corp. | 2,394 | 213,616 | ||||||
ConocoPhillips | 6,732 | 282,879 | ||||||
Enterprise Products Partners LP | 16,394 | 297,879 | ||||||
Royal Dutch Shell plc, Class B ADR | 87,626 | 2,668,212 | ||||||
TOTAL SA, ADR | 17,279 | 664,550 | ||||||
4,127,136 | ||||||||
Paper and Forest Products — 0.5% | ||||||||
Mondi plc | 16,264 | 303,906 | ||||||
Personal Products — 0.6% | ||||||||
Unilever NV (New York) | 6,587 | 350,890 | ||||||
Pharmaceuticals — 2.0% | ||||||||
GlaxoSmithKline plc, ADR | 3,786 | 154,431 | ||||||
Johnson & Johnson(1) | 2,898 | 407,546 | ||||||
Pfizer, Inc.(1) | 12,481 | 408,129 | ||||||
Roche Holding AG, ADR | 5,245 | 227,528 | ||||||
1,197,634 | ||||||||
Road and Rail — 1.2% | ||||||||
Norfolk Southern Corp. | 1,732 | 304,087 | ||||||
Union Pacific Corp. | 2,503 | 423,182 | ||||||
727,269 | ||||||||
Semiconductors and Semiconductor Equipment — 0.5% | ||||||||
Texas Instruments, Inc. | 2,353 | 298,760 | ||||||
Software — 0.7% | ||||||||
Microsoft Corp.(1) | 1,961 | 399,083 | ||||||
Specialty Retail — 0.3% | ||||||||
TJX Cos., Inc. (The) | 3,815 | 192,886 | ||||||
Thrifts and Mortgage Finance — 0.9% | ||||||||
Capitol Federal Financial, Inc.(1) | 49,595 | 546,041 | ||||||
TOTAL COMMON STOCKS (Cost $34,488,672) | 41,245,205 | |||||||
CONVERTIBLE BONDS — 13.9% | ||||||||
Automobiles — 4.9% | ||||||||
Tesla, Inc., 2.00%, 5/15/24 | 855,000 | 3,002,047 | ||||||
Semiconductors and Semiconductor Equipment — 9.0% | ||||||||
Microchip Technology, Inc., 1.625%, 2/15/27 | 1,625,000 | 2,401,014 | ||||||
Teradyne, Inc., 1.25%, 12/15/23 | 1,130,000 | 3,034,560 | ||||||
5,435,574 | ||||||||
TOTAL CONVERTIBLE BONDS (Cost $4,899,684) | 8,437,621 | |||||||
EXCHANGE-TRADED FUNDS — 7.3% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 8,038 | 1,026,533 | ||||||
iShares Russell 1000 Value ETF | 27,072 | 3,048,848 | ||||||
iShares U.S. Real Estate ETF | 2,189 | 172,515 | ||||||
SPDR S&P Insurance ETF | 7,854 | 214,807 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $4,086,719) | 4,462,703 | |||||||
CONVERTIBLE PREFERRED STOCKS — 2.0% | ||||||||
Auto Components — 0.5% | ||||||||
Aptiv plc, 5.50%, 6/15/23 | 2,990 | 307,312 | ||||||
Electric Utilities — 1.5% | ||||||||
PG&E Corp., 5.50%, 8/16/23 | 9,486 | 910,656 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,247,600) | 1,217,968 | |||||||
TEMPORARY CASH INVESTMENTS — 10.2% | ||||||||
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 3.125%, 12/31/22 - 2/15/43, valued at $2,716,735), in a joint trading account at 0.02%, dated 6/30/20, due 7/1/20 (Delivery value $2,664,558) | 2,664,557 | |||||||
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.375%, 11/15/48, valued at $3,537,377), at 0.05%, dated 6/30/20, due 7/1/20 (Delivery value $3,468,005) | 3,468,000 | |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 44,889 | 44,889 | ||||||
TOTAL TEMPORARY CASH INVESTMENTS (Cost $6,177,446) | 6,177,446 | |||||||
TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 101.2% (Cost $50,900,121) | 61,540,943 | |||||||
SECURITIES SOLD SHORT — (89.5)% | ||||||||
COMMON STOCKS SOLD SHORT — (79.3)% | ||||||||
Aerospace and Defense — (5.1)% | ||||||||
HEICO Corp. | (26,567) | (2,647,402) | ||||||
Raytheon Technologies Corp. | (7,594) | (467,942) | ||||||
(3,115,344) | ||||||||
Air Freight and Logistics — (0.4)% | ||||||||
FedEx Corp. | (1,791) | (251,134) | ||||||
Auto Components — (0.5)% | ||||||||
BorgWarner, Inc. | (8,981) | (317,029) | ||||||
Automobiles — (6.0)% | ||||||||
Ford Motor Co. | (65,609) | (398,903) | ||||||
Harley-Davidson, Inc. | (9,558) | (227,194) | ||||||
Tesla, Inc. | (2,781) | (3,002,951) | ||||||
(3,629,048) | ||||||||
Banks — (2.6)% | ||||||||
Bank of Hawaii Corp. | (4,515) | (277,266) | ||||||
Bank OZK | (23,610) | (554,127) | ||||||
M&T Bank Corp. | (4,112) | (427,524) | ||||||
National Bank of Canada | (3,384) | (153,347) | ||||||
Regions Financial Corp. | (14,977) | (166,544) | ||||||
(1,578,808) | ||||||||
Beverages — (1.0)% | ||||||||
Coca-Cola Co. (The) | (6,390) | (285,505) | ||||||
Heineken NV | (3,187) | (293,497) | ||||||
(579,002) | ||||||||
Building Products — (1.6)% | ||||||||
Carrier Global Corp. | (14,295) | (317,635) | ||||||
Daikin Industries Ltd. | (2,200) | (353,774) |
Fortune Brands Home & Security, Inc. | (4,697) | (300,279) | ||||||
(971,688) | ||||||||
Capital Markets — (1.7)% | ||||||||
FactSet Research Systems, Inc. | (496) | (162,921) | ||||||
Franklin Resources, Inc. | (14,699) | (308,238) | ||||||
State Street Corp. | (8,996) | (571,696) | ||||||
(1,042,855) | ||||||||
Chemicals — (0.1)% | ||||||||
PPG Industries, Inc. | (794) | (84,212) | ||||||
Commercial Services and Supplies — (0.8)% | ||||||||
Waste Management, Inc. | (4,466) | (472,994) | ||||||
Communications Equipment — (0.3)% | ||||||||
Juniper Networks, Inc. | (7,118) | (162,717) | ||||||
Construction Materials — (0.7)% | ||||||||
Vulcan Materials Co. | (3,468) | (401,768) | ||||||
Consumer Finance — (1.2)% | ||||||||
Discover Financial Services | (14,796) | (741,132) | ||||||
Containers and Packaging — (0.7)% | ||||||||
International Paper Co. | (12,114) | (426,534) | ||||||
Diversified Telecommunication Services — (0.9)% | ||||||||
AT&T, Inc. | (18,275) | (552,453) | ||||||
Electric Utilities — (1.2)% | ||||||||
American Electric Power Co., Inc. | (5,480) | (436,427) | ||||||
Southern Co. (The) | (5,653) | (293,108) | ||||||
(729,535) | ||||||||
Energy Equipment and Services — (0.9)% | ||||||||
Baker Hughes Co. | (36,408) | (560,319) | ||||||
Entertainment — (0.2)% | ||||||||
Walt Disney Co. (The) | (1,199) | (133,700) | ||||||
Equity Real Estate Investment Trusts (REITs) — (1.6)% | ||||||||
Apartment Investment & Management Co., Class A | (4,587) | (172,655) | ||||||
Brixmor Property Group, Inc. | (14,911) | (191,159) | ||||||
Crown Castle International Corp. | (1,322) | (221,237) | ||||||
SL Green Realty Corp. | (3,498) | (172,416) | ||||||
Ventas, Inc. | (5,537) | (202,765) | ||||||
(960,232) | ||||||||
Food and Staples Retailing — (1.2)% | ||||||||
Kroger Co. (The) | (4,272) | (144,607) | ||||||
US Foods Holding Corp. | (28,398) | (560,009) | ||||||
(704,616) | ||||||||
Food Products — (0.6)% | ||||||||
General Mills, Inc. | (5,739) | (353,809) | ||||||
Health Care Equipment and Supplies — (2.0)% | ||||||||
Abbott Laboratories | (6,442) | (588,992) | ||||||
Boston Scientific Corp. | (9,869) | (346,501) | ||||||
Stryker Corp. | (1,705) | (307,224) | ||||||
(1,242,717) | ||||||||
Health Care Providers and Services — (2.1)% | ||||||||
Cardinal Health, Inc. | (8,698) | (453,949) | ||||||
HCA Healthcare, Inc. | (2,981) | (289,336) | ||||||
Laboratory Corp. of America Holdings | (2,193) | (364,279) | ||||||
UnitedHealth Group, Inc. | (522) | (153,964) | ||||||
(1,261,528) | ||||||||
Household Durables — (0.4)% | ||||||||
KB Home | (4,384) | (134,501) | ||||||
Whirlpool Corp. | (756) | (97,925) | ||||||
(232,426) | ||||||||
Household Products — (1.3)% | ||||||||
Procter & Gamble Co. (The) | (6,819) | (815,348) | ||||||
Industrial Conglomerates — (0.9)% | ||||||||
3M Co. | (687) | (107,165) | ||||||
General Electric Co. | (64,461) | (440,269) | ||||||
(547,434) | ||||||||
Insurance — (4.5)% | ||||||||
Allstate Corp. (The) | (2,203) | (213,669) | ||||||
Aon plc, Class A | (3,731) | (718,590) | ||||||
Cincinnati Financial Corp. | (3,258) | (208,610) | ||||||
Prudential Financial, Inc. | (10,079) | (613,811) | ||||||
Travelers Cos., Inc. (The) | (8,714) | (993,832) | ||||||
(2,748,512) | ||||||||
Internet and Direct Marketing Retail — (0.6)% | ||||||||
Amazon.com, Inc. | (143) | (394,511) | ||||||
IT Services — (2.4)% | ||||||||
MasterCard, Inc., Class A | (2,966) | (877,046) | ||||||
Paychex, Inc. | (7,622) | (577,367) | ||||||
(1,454,413) | ||||||||
Machinery — (8.3)% | ||||||||
AGCO Corp. | (7,794) | (432,255) | ||||||
Atlas Copco AB, A Shares | (69,358) | (2,932,878) | ||||||
Caterpillar, Inc. | (7,678) | (971,267) | ||||||
Ingersoll Rand, Inc. | (3,617) | (101,710) | ||||||
Kone Oyj, B Shares | (4,944) | (339,736) | ||||||
Volvo AB, B Shares | (18,845) | (294,576) | ||||||
(5,072,422) | ||||||||
Media — (4.2)% | ||||||||
Discovery, Inc., Class A | (9,799) | (206,759) | ||||||
Fox Corp., Class A | (86,558) | (2,321,485) | ||||||
(2,528,244) | ||||||||
Multi-Utilities — (1.9)% | ||||||||
Consolidated Edison, Inc. | (7,218) | (519,191) | ||||||
DTE Energy Co. | (3,796) | (408,070) | ||||||
Sempra Energy | (1,932) | (226,488) | ||||||
(1,153,749) | ||||||||
Oil, Gas and Consumable Fuels — (6.4)% | ||||||||
BP plc, ADR | (25,257) | (588,993) | ||||||
Exxon Mobil Corp. | (7,008) | (313,398) | ||||||
Occidental Petroleum Corp. | (15,486) | (283,394) | ||||||
Royal Dutch Shell plc, Class A ADR | (82,064) | (2,682,672) | ||||||
(3,868,457) | ||||||||
Paper and Forest Products — (0.5)% | ||||||||
UPM-Kymmene Oyj | (10,547) | (304,365) | ||||||
Pharmaceuticals — (2.0)% | ||||||||
Bristol-Myers Squibb Co. | (8,827) | (519,028) | ||||||
Merck & Co., Inc. | (7,133) | (551,595) | ||||||
Sanofi | (1,505) | (153,117) | ||||||
(1,223,740) | ||||||||
Road and Rail — (1.5)% | ||||||||
Avis Budget Group, Inc. | (8,291) | (189,781) | ||||||
CSX Corp. | (10,578) | (737,710) | ||||||
(927,491) | ||||||||
Semiconductors and Semiconductor Equipment — (9.3)% | ||||||||
Microchip Technology, Inc. | (21,899) | (2,306,184) | ||||||
Micron Technology, Inc. | (5,803) | (298,970) | ||||||
Teradyne, Inc. | (35,869) | (3,031,289) | ||||||
(5,636,443) | ||||||||
Specialty Retail — (1.7)% | ||||||||
Carvana Co. | (2,248) | (270,210) | ||||||
Signet Jewelers Ltd. | (18,882) | (193,918) | ||||||
Tractor Supply Co. | (2,946) | (388,253) | ||||||
Williams-Sonoma, Inc. | (2,318) | (190,099) | ||||||
(1,042,480) | ||||||||
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $38,630,404) | (48,223,209) | |||||||
EXCHANGE-TRADED FUNDS SOLD SHORT — (10.2)% | ||||||||
Alerian MLP ETF | (11,971) | (295,444) | ||||||
iShares Russell 1000 Growth ETF | (15,103) | (2,899,021) | ||||||
Utilities Select Sector SPDR Fund | (53,924) | (3,042,932) | ||||||
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $5,608,548) | (6,237,397) | |||||||
TOTAL SECURITIES SOLD SHORT — (89.5)% (Proceeds $44,238,952) | (54,460,606) | |||||||
OTHER ASSETS AND LIABILITIES(3) — 88.3% | 53,745,238 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 60,825,575 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
CAD | 3,906 | USD | 2,886 | Morgan Stanley | 9/30/20 | $ | (9) | |||||||||||||
CAD | 733 | USD | 543 | Morgan Stanley | 9/30/20 | (3) | ||||||||||||||
CAD | 1,346 | USD | 992 | Morgan Stanley | 9/30/20 | (1) | ||||||||||||||
CAD | 1,754 | USD | 1,286 | Morgan Stanley | 9/30/20 | 6 | ||||||||||||||
CAD | 24 | USD | 18 | Morgan Stanley | 9/30/20 | — | ||||||||||||||
USD | 3,889 | CAD | 5,285 | Morgan Stanley | 9/30/20 | (5) | ||||||||||||||
USD | 1,301 | CAD | 1,782 | Morgan Stanley | 9/30/20 | (12) | ||||||||||||||
USD | 840 | CAD | 1,149 | Morgan Stanley | 9/30/20 | (6) | ||||||||||||||
CHF | 18,881 | USD | 19,966 | UBS AG | 9/30/20 | 16 | ||||||||||||||
USD | 799,396 | CHF | 755,241 | UBS AG | 9/30/20 | 129 | ||||||||||||||
EUR | 48,832 | USD | 54,945 | Credit Suisse AG | 9/30/20 | 27 | ||||||||||||||
USD | 1,018,896 | EUR | 902,812 | Credit Suisse AG | 9/30/20 | 2,566 | ||||||||||||||
GBP | 284,352 | USD | 354,774 | JPMorgan Chase Bank N.A. | 9/30/20 | (2,249) | ||||||||||||||
GBP | 14,501 | USD | 17,947 | JPMorgan Chase Bank N.A. | 9/30/20 | 31 | ||||||||||||||
USD | 15,269 | GBP | 12,422 | JPMorgan Chase Bank N.A. | 9/30/20 | (131) | ||||||||||||||
JPY | 30,985,900 | USD | 291,024 | Bank of America N.A. | 9/30/20 | (3,692) | ||||||||||||||
JPY | 1,131,350 | USD | 10,552 | Bank of America N.A. | 9/30/20 | (61) | ||||||||||||||
SEK | 2,502,165 | USD | 267,342 | Goldman Sachs & Co. | 9/30/20 | 1,479 | ||||||||||||||
SEK | 66,677 | USD | 7,148 | Goldman Sachs & Co. | 9/30/20 | 15 | ||||||||||||||
SEK | 47,890 | USD | 5,138 | Goldman Sachs & Co. | 9/30/20 | 7 | ||||||||||||||
USD | 99,269 | SEK | 921,273 | Goldman Sachs & Co. | 9/30/20 | 292 | ||||||||||||||
USD | 8,258 | SEK | 77,002 | Goldman Sachs & Co. | 9/30/20 | (15) | ||||||||||||||
USD | 6,877 | SEK | 64,093 | Goldman Sachs & Co. | 9/30/20 | (8) | ||||||||||||||
USD | 9,176 | SEK | 85,418 | Goldman Sachs & Co. | 9/30/20 | (1) | ||||||||||||||
$ | (1,625) |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
CAD | - | Canadian Dollar | ||||||
CHF | - | Swiss Franc | ||||||
EUR | - | Euro | ||||||
GBP | - | British Pound | ||||||
JPY | - | Japanese Yen | ||||||
SEK | - | Swedish Krona | ||||||
USD | - | United States Dollar |
Level 1 ($) | Level 2 ($) | Level 3 ($) | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Banks | 884,825 | 153,126 | — | ||||||||
Beverages | 280,656 | 295,303 | — | ||||||||
Chemicals | 108,598 | 77,476 | — | ||||||||
Food and Staples Retailing | 946,104 | 151,515 | — | ||||||||
Household Durables | 135,346 | 90,364 | — | ||||||||
Machinery | 827,098 | 3,274,067 | — | ||||||||
Paper and Forest Products | — | 303,906 | — | ||||||||
Other Industries | 33,716,821 | — | — | ||||||||
Convertible Bonds | — | 8,437,621 | — | ||||||||
Exchange-Traded Funds | 4,462,703 | — | — | ||||||||
Convertible Preferred Stocks | 1,217,968 | — | — | ||||||||
Temporary Cash Investments | 44,889 | 6,132,557 | — | ||||||||
42,625,008 | 18,915,935 | — | |||||||||
Other Financial Instruments | |||||||||||
Forward Foreign Currency Exchange Contracts | — | 4,568 | — | ||||||||
Liabilities | |||||||||||
Securities Sold Short | |||||||||||
Common Stocks | |||||||||||
Banks | 1,425,461 | 153,347 | — | ||||||||
Beverages | 285,505 | 293,497 | — | ||||||||
Building Products | 617,914 | 353,774 | — | ||||||||
Machinery | 1,505,232 | 3,567,190 | — | ||||||||
Paper and Forest Products | — | 304,365 | — | ||||||||
Pharmaceuticals | 1,070,623 | 153,117 | — | ||||||||
Other Industries | 38,493,184 | — | — | ||||||||
Exchange-Traded Funds | 6,237,397 | — | — | ||||||||
49,635,316 | 4,825,290 | — | |||||||||
Other Financial Instruments | |||||||||||
Forward Foreign Currency Exchange Contracts | — | 6,193 | — |