NPORT-EX 2 acmusdivsoi063021.htm


 Advisors Capital US Dividend Fund 
       Schedule of Investments
      June 30, 2021 (Unaudited)
 Shares               Fair Value  % of Net Assets
 COMMON STOCKS                
 Aircraft Engines & Engine Parts               
             1,252   Honeywell International Inc.          $      274,626   2.96%
 Auto Controls for Regulating Residential & Commercial Environments         
                610   Trane Technologies plc (Ireland)                  112,325   1.21%
 Ball & Roller Bearings               
             1,239   The Timken Company                     99,851   1.08%
 Biological Products, (No Diagnostic Substances)               
                713   Amgen Inc.                   173,794   1.88%
 Cable & Other Pay Television Services               
             4,000   Comcast Corporation - Class A                  228,080    
             1,086   The Walt Disney Company                   190,886    
                       418,966   4.52%
 Cutlery, Handtools & General Hardware               
                574   Stanley Black & Decker                  117,664   1.27%
 Electromedical & Electrotherapeutic Apparatus               
             2,025   Medtronic plc  (Ireland)                  251,363   2.71%
 Electronic Computers               
             3,082   Apple Inc.                   422,111   4.55%
 Guided Missiles & Space Vehicles & Parts               
                673   Lockheed Martin Corporation                  254,629   2.75%
 Industrial Inorganic Chemicals               
                567   Air Products and Chemicals, Inc.                  163,114   1.76%
 Insurance Agents, Brokers & Service               
                725   Aon plc - Class A **                  173,101   1.87%
 Investment Advice               
             2,064   The Blackstone Group Inc. - Class A                  200,497   2.16%
 Measuring & Controlling Devices, NEC               
                415   Thermo Fisher Scientific Inc.                  209,355   2.26%
 Miscellaneous Industrial & Commercial Machinery & Equipment             
             1,179   Eaton Corporation plc **                   174,704   1.89%
 Miscellaneous Food Preparations & Kindred Products             
             4,273   Utz Brands, Inc. - Class A                    93,109   1.00%
 National Commercial Banks               
             1,300   JPMorgan Chase & Co. *                  202,202    
             3,190   Truist Financial Corporation *                  177,045    
             2,928   Wells Fargo & Company *                  132,609    
                       511,856   5.52%
 Natural Gas Transmission               
             3,427   The Williams Companies, Inc.                    90,987   0.98%
 Perfumes, Cosmetics & Other Toilet Preparations               
                593   The Estée Lauder Companies Inc. - Class A                188,621   2.04%
 Petroleum Refining               
                998   Chevron Corporation +                  104,531   1.13%
 Pharmaceutical Preparations               
             1,594   Abbott Laboratories                   184,792    
             1,564   Johnson & Johnson                   257,653    
             1,150   Zoetis Inc. - Class A                  214,314    
                       656,759   7.09%
 Radio & TV Broadcasting & Communications Equipment             
                972   QUALCOMM Incorporated                   138,928   1.50%
 Retail - Auto Dealers & Gasoline Stations               
                750   Casey's General Stores, Inc.                  145,980   1.58%
 Retail - Eating & Drinking Places               
             1,787   Starbucks Corporation                   199,804   2.16%
 Retail - Lumber & Other Building Materials Dealers               
                756   The Home Depot, Inc.                   241,081   2.60%
 Retail - Variety Stores               
                483   Costco Wholesale Corp.                   191,109    
             1,229   Walmart Inc.                  173,314    
                       364,423   3.93%
 Security & Commodity Brokers, Dealers, Exchanges & Services             
                650   CME Group Inc.                   138,242   1.49%
 Security Brokers, Dealers & Flotation Companies               
                345   BlackRock, Inc.                   301,865   3.26%
 Semiconductors & Related Devices               
                496   Broadcom Inc.                   236,513    
             1,132   Texas Instruments Incorporated                   217,684    
                       454,197   4.90%
 Services - Business Services, NEC               
                947   Accenture plc - Class A (Ireland)                   279,166    
             1,188   Fidelity National Information Services, Inc.                168,304    
                779   MasterCard Incorporated - Class A                  284,405    
                       731,875   7.89%
 Services - Computer Programming, Data Processing, Etc.             
             1,300   Flutter Entertainment plc * **                  117,845    
             1,755   Tencent Holdings Limited **                  132,152    
                       249,997   2.70%
 Services - Prepackaged Software               
             3,706   Bentley Systems, Incorporated - Class B                240,075    
             1,756   Microsoft Corporation                  475,700    
                       715,775   7.72%
 Wholesale - Electronic Parts & Equipment, NEC               
             1,319   TE Connectivity Ltd. (Switzerland)                  178,342   1.92%
 Wholesale - Miscellaneous Durable Goods               
                232   Pool Corporation                  106,409   1.15%
 Total for Common Stocks (Cost - $8,551,259)                8,658,881   93.43%
             1,162   Prologis, Inc.                  138,894    
             1,289   QTS Realty Trust, Inc. - Class A                    99,640    
             2,424   STORE Capital Corporation                    83,652    
 Total for Real Estate Investment Trusts (Cost $308,953)                 322,186   3.48%
 MONEY MARKET FUNDS               
          159,008   Fidelity® Investments Money Market - Government Portfolio -        
       Class I  0.01% **                  159,008   1.72%
                        (Cost - $159,008)               
    Total Investments               9,140,075   98.63%
    (Cost - $9,019,220)              
      Other Assets in Excess of Liabilities                  126,924   1.37%
    Net Assets           $   9,266,999   100.00%
 * Non-Income Producing Security.               
 ** ADR - American Depositary Receipt.               
 *** The Yield shown represents the 7-day yield at June 30, 2021.         
For Federal income tax purposes, the cost of securities owned at June 30, 2021, was $9,019,220. At June 30, 2021, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments (including open positions in options written) was as follows:
      Unrealized Gain    $      260,512    
      Unrealized Loss           (139,657)    
      Unrealized Gain    $      120,855    
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
A description of the valuation techniques applied to the Fund’s major categories of assets measured at fair value on a recurring basis follows.
Equity securities (common stocks including ADRs and REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, subject to review of the Board of Trustees (the “Trustees” or the “Board”) and are categorized in level 2 or level 3, when appropriate.
Money market funds. Money market funds are valued at net asset value provided by the funds and are classified in level 1 of the fair value hierarchy.
In accordance with the Trust’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.
The following table summarizes the inputs used to value the Fund’s assets measured at fair value as of June 30, 2021:
Valuation Inputs of Assets Level 1   Level 2   Level 3   Total
Common Stocks    $   8,658,881    $                 -    $                 -    $   8,658,881
Real Estate Investment Trusts          322,186                      -                      -            322,186
Money Market Funds          159,008                      -                      -            159,008
Total       $   9,140,075    $                 -    $                 -    $   9,140,075
Refer to the Fund's Schedule of investments for a listing of securities by Industry. The Fund did not hold any level 3 assets during the fiscal quarter ended June 30, 2021.