NPORT-EX 1 fp0044571_nportex.htm

 

Portfolio of Investments (unaudited)

COVERED CALL FUND

June 30, 2019

 

 

 

Shares     Security      Value 
       COMMON STOCKS—101.0%          
       Communication Services—3.9%          
 195,200     AT&T, Inc.       $6,541,152 
 117,100     CBS Corp. - Class "B"        5,843,290 
                12,384,442 
       Consumer Discretionary—9.7%          
 53,500     Carnival Corp.        2,490,425 
 52,900     Home Depot, Inc.        11,001,613 
 75,000     Ross Stores, Inc.        7,434,000 
 68,000     Whirlpool Corp.        9,680,480 
                30,606,518 
       Consumer Staples—7.9%          
 23,000     Constellation Brands, Inc.        4,529,620 
 53,200     Costco Wholesale Corp.        14,058,632 
 61,400     Mondelez International, Inc. - Class "A"        3,309,460 
 37,200     Philip Morris International, Inc.        2,921,316 
                24,819,028 
       Energy—5.9%          
 112,400     Chevron Corp.        13,987,056 
 88,000     Occidental Petroleum Corp.        4,424,640 
                18,411,696 
       Financials—16.7%          
 69,200     Allstate Corp.        7,036,948 
 78,100     American Express Co.        9,640,664 
 282,100     Bank of America Corp.        8,180,900 
 62,600     BB&T Corp.        3,075,538 
 21,200     BlackRock, Inc.        9,949,160 
 131,300     JPMorgan Chase & Co.        14,679,340 
                52,562,550 
       Health Care—10.1%          
 56,200 *   Celgene Corp.        5,195,128 
 149,500     Medtronic, PLC        14,559,805 
 80,300     Merck & Co., Inc.        6,733,155 
 25,800     Stryker Corp.        5,303,964 
                31,792,052 
       Industrials—17.1%          
 128,900     Delta Air Lines, Inc.        7,315,075 
 87,300     Honeywell International, Inc.        15,241,707 
 24,200     Lockheed Martin Corp.        8,797,668 
 41,000     Parker Hannifin Corp.        6,970,410 
 35,800     Raytheon Co.        6,224,904 
 22,300     Union Pacific Corp.        3,771,153 
 42,900     United Technologies Corp.        5,585,580 
                53,906,497 
       Information Technology—25.7%          
 85,600     Apple, Inc.        16,941,952 
 37,600     Broadcom, Inc.        10,823,536 
 273,200     Cisco Systems, Inc.        14,952,236 
 55,200     Intel Corp.        2,642,424 
 51,700     Mastercard, Inc. - Class "A"        13,676,201 
 130,400     Microsoft Corp.        17,468,384 
 37,700     Texas Instruments, Inc.        4,326,452 
                80,831,185 
       Materials—4.0%          
 62,400     Dow, Inc.        3,076,944 
 128,700     DuPont de Nemours, Inc.        9,661,509 
                12,738,453 
Total Value of Common Stocks (cost $263,176,487)    101.0%   318,052,421 
Excess of Liabilities Over Other Assets   (1.0)   (3,174,576)
Net Assets   100.0%  $314,877,845 

 

*Non-income producing

 

At June 30, 2019, the cost of investments for federal income tax purposes was $263,703,800. Accumulated net unrealized appreciation on investments was $54,348,621, consisting of $62,553,788 gross unrealized appreciation and $8,205,167 gross unrealized depreciation.

 

 

 

Portfolio of Investments (unaudited)

COVERED CALL STRATEGY FUND

June 30, 2019

 

 

 

CALL OPTIONS WRITTEN—(1.9)%  Expiration
Date
  Exercise
Price
   Contracts   Value 
Allstate Corp.  8/16/19  $105.00    (692)  $(98,610)
American Express Co.  7/19/19   120.00    (781)   (382,690)
Apple, Inc.  7/26/19   207.50    (856)   (184,896)
AT&T, Inc.  9/20/19   33.00    (1,952)   (240,096)
Bank of America Corp.  7/19/19   29.00    (2,821)   (212,985)
BB&T, Inc.  7/19/19   50.00    (626)   (48,828)
BlackRock, Inc.  7/19/19   490.00    (212)   (51,940)
Broadcom, Inc.  7/19/19   295.00    (376)   (201,160)
Carnival Corp.  8/16/19   47.50    (535)   (61,525)
CBS Corp. - Class "B"  7/5/19   50.00    (1,171)   (58,550)
Celgene Corp.  7/19/19   90.00    (562)   (200,353)
Chevron Corp.  7/26/19   128.00    (1,124)   (126,450)
Cisco Systems, Inc.  7/19/19   55.00    (2,732)   (230,854)
Constellation Brands, Inc.  7/19/19   210.00    (230)   (14,950)
Costco Wholesale Corp.  7/19/19   265.00    (532)   (208,810)
Delta Air Lines, Inc.  9/20/19   57.50    (1,289)   (290,025)
Dow, Inc.  9/20/19   52.50    (624)   (63,960)
DuPont de Nemours, Inc.  7/19/19   77.50    (624)   (47,424)
DuPont de Nemours, Inc.  9/20/19   80.00    (663)   (118,677)
Home Depot, Inc.  9/20/19   215.00    (529)   (244,662)
Honeywell International, Inc.  9/20/19   175.00    (873)   (491,062)
Intel Corp.  8/16/19   48.00    (552)   (110,400)
JPMorgan Chase & Co.  7/19/19   115.00    (1,313)   (91,910)
Lockheed Martin Corp.  8/2/19   370.00    (242)   (148,830)
Mastercard, Inc. - Class "A"  7/19/19   275.00    (517)   (63,850)
Medtronic, PLC  8/2/19   101.00    (1,495)   (82,225)
Merck & Co., Inc.  7/19/19   82.50    (803)   (182,281)
Microsoft Corp.  7/19/19   140.00    (1,078)   (90,013)
Microsoft Corp.  7/19/19   135.00    (226)   (55,935)
Mondelez International, Inc. - Class "A"  9/20/19   55.00    (614)   (86,574)
Occidental Petroleum Corp.  7/19/19   50.00    (880)   (132,880)
Parker Hannifin Corp.  7/19/19   175.00    (410)   (76,875)
Philip Morris International, Inc.  7/19/19   80.00    (372)   (57,102)
Raytheon Co.  1/17/20   185.00    (358)   (221,960)
Ross Stores, Inc.  11/15/19   105.00    (750)   (277,500)
Stryker Corp.  9/20/19   210.00    (129)   (76,755)
Stryker Corp.  9/20/19   200.00    (129)   (149,640)
Texas Instruments, Inc.  7/26/19   115.00    (377)   (155,513)
Union Pacific Corp.  8/16/19   175.00    (223)   (68,350)
United Technologies Corp.  8/16/19   130.00    (429)   (176,963)
Whirlpool Corp.  7/19/19   145.00    (680)   (164,900)
Total Value of Call Options Written (premium received $6,277,309)   $(6,048,963)

 

 

 

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

 

Level 1 – Unadjusted quoted prices in active markets for identical securities 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 on 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 assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

 

   Level 1   Level 2   Level 3   Total 
Assets                    
Common Stocks*  $318,052,421   $-   $-   $318,052,421 
                     
Liabilities                    
Call Options Written  $-   $(6,048,963)  $-   $(6,048,963)

 

*The Portfolio of Investments provides information on the industry categorization for common stocks.

 

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

 

 

 

Portfolio of Investments (unaudited)

EQUITY INCOME FUND

June 30, 2019

 

 

 

Shares or

Principal

Amount

     Security      Value 
       COMMON STOCKS—94.6%          
       Communication Services—6.2%          
 238,230     AT&T, Inc.       $7,983,087 
 236,400     Comcast Corp. - Special Shares "A"        9,994,992 
 183,200     Verizon Communications, Inc.        10,466,216 
 20,000     Walt Disney Co.        2,792,800 
                31,237,095 
       Consumer Discretionary—3.7%          
 53,100     Acushnet Holdings Corp.        1,394,406 
 51,350     American Eagle Outfitters, Inc.        867,815 
 51,250     Designer Brands, Inc. - Class "A"        982,462 
 28,350     Lowe's Cos., Inc.        2,860,799 
 21,900     McDonald's Corp.        4,547,754 
 23,750     Oxford Industries, Inc.        1,800,250 
 65,000     Penske Automotive Group, Inc.        3,074,500 
 25,850     Tractor Supply Co.        2,812,480 
                18,340,466 
       Consumer Staples—7.9%          
 161,050     Coca-Cola Co.        8,200,666 
 34,250     Kimberly-Clark Corp.        4,564,840 
 57,150     PepsiCo, Inc.        7,494,080 
 44,750     Philip Morris International, Inc.        3,514,218 
 69,200     Procter & Gamble Co.        7,587,780 
 73,550     Walmart, Inc.        8,126,540 
                39,488,124 
       Energy—9.1%          
 138,707     BP, PLC (ADR)        5,784,082 
 66,250     Chevron Corp.        8,244,150 
 71,500     ConocoPhillips        4,361,500 
 252,200     EnCana Corp.        1,293,786 
 94,050     ExxonMobil Corp.        7,207,051 
 153,800     Kinder Morgan, Inc.        3,211,344 
 75,993     Marathon Petroleum Corp.        4,246,489 
 130,900     PBF Energy, Inc. - Class "A"        4,097,170 
 32,900     Royal Dutch Shell, PLC - Class "A" (ADR)        2,140,803 
 156,000     Suncor Energy, Inc.        4,860,960 
                45,447,335 
       Financials—21.7%          
 125,300*   AllianceBernstein Holding, LP (MLP)        3,723,916 
 29,200     American Express Co.        3,604,448 
 303,400     Bank of America Corp.        8,798,600 
 56,500     Bank of New York Mellon Corp.        2,494,475 
 40,650*   Berkshire Hathaway, Inc. - Class "B"        8,665,360 
 6,300     BlackRock, Inc.        2,956,590 
 48,460     Chubb, Ltd.        7,137,673 
 92,800     Citigroup, Inc.        6,498,784 
 21,800     Goldman Sachs Group, Inc.        4,460,280 
 120,445     Hamilton Lane, Inc. - Class "A"        6,872,592 
 253,250     Investors Bancorp, Inc.        2,823,738 
 119,200     iShares S&P U.S. Preferred Stock Index Fund (ETF)        4,392,520 
 112,950     JPMorgan Chase & Co.        12,627,810 
 64,100     MetLife, Inc.        3,183,847 
 156,700     Old National Bancorp of Indiana        2,599,653 
 24,700     PNC Financial Services Group, Inc.        3,390,816 
 52,100     Popular, Inc.        2,825,904 
 208,450     Regions Financial Corp.        3,114,243 
 122,900     Sterling Bancorp        2,615,312 
 45,700     Travelers Cos., Inc.        6,833,064 
 97,900     Wells Fargo & Co.        4,632,628 
 24,700     Willis Towers Watson, PLC        4,731,038 
                108,983,291 
       Health Care—12.9%          
 62,850     Abbott Laboratories        5,285,685 
 15,450     Anthem, Inc.        4,360,144 
 89,200     Bristol-Myers Squibb Co.        4,045,220 
 12,550     Eli Lilly & Co.        1,390,414 
 108,450     GlaxoSmithKline, PLC (ADR)        4,340,169 
 54,400     Johnson & Johnson        7,576,832 
 88,694     Medtronic, PLC        8,637,909 
 117,961     Merck & Co., Inc.        9,891,030 
 202,474     Pfizer, Inc.        8,771,174 
 80,100     Phibro Animal Health Corp. - Class "A"        2,544,777 
 119,000     Smith & Nephew, PLC (ADR)        5,181,260 
 10,900     UnitedHealth Group, Inc.        2,659,709 
                64,684,323 
       Industrials—9.3%          
 64,250     Eaton Corp., PLC        5,350,740 
 23,700     General Dynamics Corp.        4,309,134 
 36,200     Honeywell International, Inc.        6,320,158 
 45,900     Ingersoll-Rand, PLC        5,814,153 
 38,150     Kansas City Southern, Inc.        4,647,433 
 15,850     Lockheed Martin Corp.        5,762,109 
 15,700     Northrop Grumman Corp.        5,072,827 
 46,250     Republic Services, Inc.        4,007,100 
 42,200     United Technologies Corp.        5,494,440 
                46,778,094 
       Information Technology—10.2%          
 178,950     Cisco Systems, Inc.        9,793,933 
 83,700     Corning, Inc.        2,781,351 
 140,750     HP Enterprise Co.        2,104,212 
 148,050     HP, Inc.        3,077,959 
 153,700     Intel Corp.        7,357,619 
 68,950     Maxim Integrated Products, Inc.        4,124,589 
 80,750     Microsoft Corp.        10,817,270 
 68,300     QUALCOMM, Inc.        5,195,581 
 78,600     Teradyne, Inc.        3,765,726 
 17,250     Texas Instruments, Inc.        1,979,610 
                50,997,850 
       Materials—4.6%          
 35,000     Avery Dennison Corp.        4,048,800 
 57,807     Dow, Inc.        2,850,463 
 30,941     DuPont de Nemours, Inc.        2,322,741 
 37,300     Eastman Chemical Co.        2,903,059 
 38,300     FMC Corp.        3,176,985 
 18,300     Linde, PLC        3,674,640 
 48,200     LyondellBasell Industries NV - Class "A"        4,151,466 
                23,128,154 
       Real Estate—3.3%          
 111,950     Americold Realty Trust (REIT)        3,629,419 
 158,720     Brookfield Property Partners (REIT) (MLP)        3,004,570 
 49,500     CyrusOne, Inc. (REIT)        2,857,140 
 85,600     Douglas Emmett, Inc. (REIT)        3,410,304 
 27,800     Federal Realty Investment Trust (REIT)        3,579,528 
                16,480,961 
       Utilities—5.7%          
 39,900     American Electric Power Co., Inc.        3,511,599 
 113,100     CenterPoint Energy, Inc.        3,238,053 
 50,000     Dominion Energy, Inc.        3,866,000 
 35,000     Duke Energy Corp.        3,088,400 
 65,450     Exelon Corp.        3,137,673 
 72,250     FirstEnergy Corp.        3,093,022 
 19,900     NextEra Energy, Inc.        4,076,714 
 58,150     PPL Corp.        1,803,232 
 46,150     Utilities Select Sector SPDR Fund (ETF)        2,751,925 
                28,566,618 
Total Value of Common Stocks (cost $337,261,116)        474,132,311 
       SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—4.8%          
       U.S. Treasury Bills:          
$9,000M    2.05%, 7/2/2019        8,999,514 
 15,000M    1.989%, 7/16/2019        14,987,220 
Total Value of Short-Term U.S. Government Obligations (cost $23,984,371)        23,986,734 
Total Value of Investments (cost $361,260,487)    99.4%   498,119,045 
Other Assets, Less Liabilities   .6    3,031,435 
Net Assets   100.0%  $501,150,480 

 

*Non-income producing

 

Summary of Abbreviations: 

ADR American Depositary Receipts 

ETF Exchange Traded Fund 

MLP Master Limited Partnership 

REIT Real Estate Investment Trust

 

At June 30, 2019, the cost of investments for federal income tax purposes was $361,271,936. Accumulated net unrealized appreciation on investments was $136,847,109, consisting of $144,228,280 gross unrealized appreciation and $7,381,171 gross unrealized depreciation. 

 

 

 

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

 

Level 1 – Unadjusted quoted prices in active markets for identical securities 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 on 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 assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

 

   Level 1   Level 2   Level 3   Total 
Common Stocks  $474,132,311   $-   $-   $474,132,311 
Short-Term U.S. Government Obligations   -    23,986,734    -    23,986,734 
Total Investments in Securities*  $474,132,311   $23,986,734   $-   $498,119,045 

 

*The Portfolio of Investments provides information on the industry categorization for common stocks.

 

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

 

 

 

Portfolio of Investments (unaudited)

GLOBAL FUND

June 30, 2019

 

 

 

Shares or
Principal
Amount
   Security        Value  
       COMMON STOCKS—98.5%             
       United States—57.9%             
 37,721     Abbott Laboratories       $ 3,172,336  
 30,194  *  Adobe, Inc.         8,896,662  
 19,724     Air Products & Chemicals, Inc.         4,464,922  
 16,150  *  Alphabet, Inc. - Class "A"         17,487,220  
 8,915  *  Alphabet, Inc. - Class "C"         9,636,313  
 4,700  *  Amazon.com, Inc.         8,900,061  
 55,000     American Eagle Outfitters, Inc.         929,500  
 35,500     Apple, Inc.         7,026,160  
 26,745  *  Autodesk, Inc.         4,356,761  
 57,946     Ball Corp.         4,055,641  
 206,167     Bank of America Corp.         5,978,843  
 28,973  *  Berkshire Hathaway, Inc. - Class "B"         6,176,174  
 77,113     Chevron Corp.         9,595,942  
 20,000     Chubb, Ltd.         2,945,800  
 129,263     CMS Energy Corp.         7,485,620  
 100,291     Coca-Cola Co.         5,106,818  
 16,158     Concho Resources, Inc.         1,667,182  
 37,888     ConocoPhillips         2,311,168  
 135,000  *  Cree, Inc.         7,584,300  
 80,232     Duke Energy Corp.         7,079,672  
 20,058     Eli Lilly & Co.         2,222,226  
 52,374     Entergy Corp.         5,390,856  
 29,820     EOG Resources, Inc.         2,778,031  
 49,031     Eversource Energy         3,714,589  
 78,004  *  Facebook, Inc.         15,054,772  
 111,434     FirstEnergy Corp.         4,770,490  
 5,572     Goldman Sachs Group, Inc.         1,140,031  
 8,915  *  IAC/InterActiveCorp         1,939,280  
 3,900  *  Illumina Inc.         1,435,785  
 145,979     Intel Corp.         6,988,015  
 74,661     Jacobs Engineering Group, Inc.         6,300,642  
 20,058     Johnson & Johnson         2,793,678  
 57,946     JPMorgan Chase & Co.         6,478,363  
 26,745     Kimberly-Clark Corp.         3,564,574  
 27,286     KLA-Tencor Corp.         3,225,205  
 114,778     Kroger Co.         2,491,830  
 16,500     Lockheed Martin Corp.         5,998,410  
 20,000     Lowe's Cos., Inc.         2,018,200  
 25,000     McDonald's Corp.         5,191,500  
 24,515     Medtronic, PLC         2,387,516  
 196,459     Merck & Co., Inc.         16,473,087  
 90,265     Microsoft Corp.         12,091,899  
 78,800     Morgan Stanley         3,452,228  
 67,717     Noble Energy, Inc.         1,516,861  
 27,177     Northrop Grumman Corp.         8,781,160  
 38,062     NVIDIA Corp.         6,250,922  
 62,000     PepsiCo, Inc.         8,130,060  
 147,094     Pfizer, Inc.         6,372,112  
 21,500     Philip Morris International, Inc.         1,688,395  
 9,471     Pioneer Natural Resources Co.         1,457,208  
 99,734     Procter & Gamble Co.         10,935,833  
 16,715  *  Proofpoint, Inc.         2,009,979  
 44,859     QUALCOMM, Inc.         3,412,424  
 23,795  *  salesforce.com, inc.         3,610,415  
 10,029  *  ServiceNow, Inc.         2,753,663  
 47,471  *  Synopsys, Inc.         6,109,043  
 63,974  *  Take-Two Interactive Software, Inc.         7,262,968  
 23,711     Tapestry, Inc.         752,350  
 28,973     Texas Instruments, Inc.         3,324,941  
 7,801     Thermo Fisher Scientific, Inc.         2,290,998  
 34,767     Union Pacific Corp.         5,879,447  
 48,792     United Technologies Corp.         6,352,718  
 33,397     UnitedHealth Group, Inc.         8,149,202  
 31,202     Valero Energy Corp.         2,671,203  
 256,299     Verizon Communications, Inc.         14,642,362  
 38,938     Visa, Inc. - Class "A"         6,757,690  
 32,093     Vulcan Materials Co.         4,406,690  
 84,691     WEC Energy Group, Inc.         7,060,689  
 57,278     Wells Fargo & Co.         2,710,395  
                 378,048,030  
       Germany—7.4%             
 16,994     Adidas AG         5,246,433  
 600,000  *  Aixtron SE         5,726,891  
 36,105     Allianz AG         8,703,660  
 80,470     Fresenius Medical Care AG & Co         6,317,329  
 25,000     Fuchs Petrolub SE         983,023  
 27,970     Muenchener Rueckver AG         7,019,295  
 51,260     Puma SE         3,418,577  
 90,000  *  PVA TePla AG         1,381,577  
 27,859     Siemens AG         3,313,568  
 40,228     Stroeer SE & Co. KGaA         3,021,343  
 18,944     Volkswagen AG Preferred Shares         3,192,840  
                 48,324,536  
       United Kingdom—6.1%             
 187,815     Anglo American, PLC         5,353,502  
 340,000     Arrow Global Group, PLC         980,151  
 77,669     Ashtead Group, PLC         2,223,257  
 237,922     Babcock International Group, PLC         1,384,451  
 889,574     BP, PLC         6,197,634  
 144,865     Burford Capital, Ltd.         2,851,565  
 61,289     Diageo, PLC         2,633,910  
 345,446     Glaxosmithkline, PLC         6,916,553  
 14,275  *  GW Pharmaceuticals, PLC         2,460,867  
 196,237     Keywords Studios, PLC         4,548,119  
 3,677,334     Lloyds Banking Group PLC         2,642,779  
 110,000  *  Ocado Group PLC         1,630,240  
                 39,823,028  
       Japan—5.9%             
 80,000     en-japan, inc.         3,112,739  
 6,700     Keyence Corp.         4,109,549  
 720,000     Mitsubishi UFJ Financial Group, Inc.         3,419,190  
 36,000     Murata Manufacturing Co., Ltd.         1,616,102  
 20,100     Nidec Corp.         2,745,189  
 27,700     Nintendo Co., Ltd.         10,145,833  
 50,100     Pan Pacific Holdings Corp.         3,178,445  
 111,871     Sony Corp.         5,860,478  
 70,000     THK Co., Ltd.         1,671,845  
 48,000     TIS, Inc.         2,444,187  
                 38,303,557  
       Switzerland—4.9%             
 947     Barry Callebaut AG         1,899,433  
 850     Interroll Holding AG         2,137,626  
 7,912  *  Lonza Group AG         2,669,753  
 117,142     Nestle SA         12,126,993  
 95,834     Novartis AG         8,756,805  
 44,574     Swiss Re AG         4,531,370  
                 32,121,980  
       China—4.0%             
 37,583  *  Alibaba Group Holding, Ltd. (ADR)         6,368,439  
 836,000     Citic Securities Co., Ltd.         1,742,269  
 334,000     Ping An Insurance (Group) Co. of China, Ltd.         4,010,548  
 957,600     Sands China, Ltd.         4,578,563  
 213,591     Tencent Holdings, Ltd.         9,640,947  
                 26,340,766  
       France—2.1%             
 92,490     AXA SA         2,429,436  
 14,800     LVMH Moet Hennessy Louis Vuitton SE         6,299,126  
 26,000     Safran SA         3,809,399  
 39,002     Valeo SA         1,268,387  
                 13,806,348  
       Italy—1.1%             
 501,454     Enel SpA         3,501,049  
 310,011     UniCredit SpA         3,816,312  
                 7,317,361  
       India—1.0%             
 80,000     HDFC Bank, Ltd.         2,832,205  
 211,000     Reliance Industries, Ltd.         3,830,417  
                 6,662,622  
       Netherlands—1.0%             
 31,000     ASML Holding NV         6,476,854  
       Hong Kong—.9%             
 334,400     AIA Group, Ltd.         3,606,539  
 614,000  *  China Mengniu Dairy Co., Ltd.         2,377,651  
                 5,984,190  
       Thailand—.8%             
 400,000     Kasikornbank Public Co., Ltd.         2,471,672  
 4,500,000     Thai Beverage, PCL         2,760,532  
                 5,232,204  
       South Korea—.7%             
 119,564     Samsung Electronics Co., Ltd.         4,866,850  
       Spain—.7%             
 453,144     Iberdrola SA         4,516,858  
       Luxembourg—.7%             
 523,742     Aroundtown SA         4,315,334  
       Canada—.6%             
 290,000     EnCana Corp.         1,487,700  
 84,244     Suncor Energy, Inc.         2,625,043  
                 4,112,743  
       Poland—.6%             
 64,000  *  CD Projekt SA         3,690,544  
       Australia—.6%             
 50,000     Rio Tinto, Ltd.         3,642,235  
       Indonesia—.5%             
 10,000,000     PT Bank Rakyat Indonesia         3,086,179  
       Taiwan—.4%             
 75,176     Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)         2,944,644  
       Philippines—.4%             
 2,600,000     Ayala Land, Inc.         2,577,925  
       Sweden—.2%             
 53,000     HMS Networks AB         1,017,063  
Total Value of Common Stocks (cost $565,456,176)         643,211,851  
       SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—.8%             
       United States             
$5,000 M   U.S. Treasury Bills, 1.989%, 7/16/2019 (cost $4,995,303)         4,995,740  
Total Value of Investments (cost $570,451,479)   99.3%    648,207,591  
Other Assets, Less Liabilities   .7     4,399,727  
Net Assets   100.0%  $ 652,607,318  

 

*Non-income producing

 

Summary of Abbreviations:

ADR American Depositary Receipts

 

At June 30, 2019, the cost of investments for federal income tax purposes was $571,034,045. Accumulated net unrealized appreciation on investments was $77,173,546, consisting of $86,070,357 gross unrealized appreciation and $8,896,811 gross unrealized depreciation.

 

 

 

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

 

Level 1 – Unadjusted quoted prices in active markets for identical securities 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 on 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 assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

 

   Level 1   Level 2   Level 3   Total 
Common Stocks                    
United States  $378,048,030   $-   $-   $378,048,030 
Germany   48,324,536    -    -    48,324,536 
United Kingdom   39,823,028    -    -    39,823,028 
Japan   38,303,557    -    -    38,303,557 
Switzerland   32,121,980    -    -    32,121,980 
China   26,340,766    -    -    26,340,766 
France   13,806,348    -    -    13,806,348 
Italy   7,317,361    -    -    7,317,361 
India   6,662,622    -    -    6,662,622 
Netherlands   6,476,854    -    -    6,476,854 
Hong Kong   5,984,190    -    -    5,984,190 
Thailand   5,232,204    -    -    5,232,204 
South Korea   4,866,850    -    -    4,866,850 
Spain   4,516,858    -    -    4,516,858 
Luxembourg   4,315,334    -    -    4,315,334 
Canada   4,112,743    -    -    4,112,743 
Poland   3,690,544    -    -    3,690,544 
Australia   3,642,235    -    -    3,642,235 
Indonesia   3,086,179    -    -    3,086,179 
Taiwan   2,944,644    -    -    2,944,644 
Philippines   2,577,925    -    -    2,577,925 
Sweden   1,017,063    -    -    1,017,063 
Short-Term U.S Government Obligations   -    4,995,740    -    4,995,740 
Total Investments in Securities  $643,211,851   $4,995,740   $-   $648,207,591 

 

During the period ended June 30, 2019, there were no transfers between Level 1 investments and Level 2 investments that had a material inpact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period (see Note 1A). Transfers, if any, between Levels are recognized at the end of the reporting period.

 

 

 

Portfolio of Investments (unaudited)

GROWTH & INCOME FUND 

June 30, 2019 

 

 

  Shares or Principal Amount       Security             Value  
          COMMON STOCKS—93.6%                
          Communication Services—8.8%                
  16,750   *   Alphabet, Inc. - Class "A"           $ 18,136,900  
  773,800       AT&T, Inc.             25,930,038  
  174,700       CBS Corp. - Class "B"             8,717,530  
  740,750       Comcast Corp. - Special Shares "A"             31,318,910  
  295,066       Fox Corp. - Class "B"             10,778,761  
  124,000   *   Take-Two Interactive Software, Inc.             14,077,720  
  554,550       Verizon Communications, Inc.             31,681,442  
  67,210       Walt Disney Co.             9,385,204  
                        150,026,505  
          Consumer Discretionary—4.2%                
  122,350       Aptiv, PLC             9,889,551  
  5,650   *   Booking Holdings, Inc.             10,592,111  
  33,850   *   Burlington Stores, Inc.             5,759,577  
  82,650       Home Depot, Inc.             17,188,720  
  87,000       Lowe's Cos., Inc.             8,779,170  
  64,900       McDonald's Corp.             13,477,134  
  53,600       Ross Stores, Inc.             5,312,832  
                        70,999,095  
          Consumer Staples—6.9%                
  363,800       Coca-Cola Co.             18,524,696  
  221,204       Koninklijke Ahold Delhaize NV (ADR)             4,968,242  
  248,400       Mondelez International, Inc. - Class "A"             13,388,760  
  148,300       PepsiCo, Inc.             19,446,579  
  172,400       Philip Morris International, Inc.             13,538,572  
  213,150       Procter & Gamble Co.             23,371,898  
  213,000       Walmart, Inc.             23,534,370  
                        116,773,117  
          Energy—8.5%                
  449,786       BP, PLC (ADR)             18,756,076  
  224,350       Chevron Corp.             27,918,114  
  220,950       ConocoPhillips             13,477,950  
  77,900       EOG Resources, Inc.             7,257,164  
  346,250       ExxonMobil Corp.             26,533,137  
  158,000       Hess Corp.             10,044,060  
  261,480       Marathon Petroleum Corp.             14,611,502  
  381,950       Suncor Energy, Inc.             11,901,562  
  154,950       Valero Energy Corp.             13,265,270  
                        143,764,835  
          Financials—18.7%                
  151,300       American Express Co.             18,676,472  
  158,100       American International Group, Inc.             8,423,568  
  1,018,250       Bank of America Corp.             29,529,250  
  281,850       Bank of New York Mellon Corp.             12,443,677  
  124,900   *   Berkshire Hathaway, Inc. - Class "B"             26,624,933  
  189,600       Chubb, Ltd.             27,926,184  
  317,950       Citigroup, Inc.             22,266,038  
  355,500       Citizens Financial Group, Inc.             12,570,480  
  99,450       Discover Financial Services             7,716,325  
  61,950       Goldman Sachs Group, Inc.             12,674,970  
  376,330       JPMorgan Chase & Co.             42,073,694  
  173,750       MetLife, Inc.             8,630,163  
  189,400       Morgan Stanley             8,297,614  
  117,400       PNC Financial Services Group, Inc.             16,116,672  
  94,200       Travelers Cos., Inc.             14,084,784  
  410,000       U.S. Bancorp             21,484,000  
  590,200       Wells Fargo & Co.             27,928,264  
                        317,467,088  
          Health Care—14.6%                
  180,050       Abbott Laboratories             15,142,205  
  29,416       Anthem, Inc.             8,301,489  
  227,350   *   Centene Corp.             11,922,234  
  118,350       Eli Lilly & Co.             13,111,997  
  188,300       Gilead Sciences, Inc.             12,721,548  
  131,250       Hill-Rom Holdings, Inc.             13,731,375  
  153,875       Johnson & Johnson             21,431,710  
  185,500       Koninklijke Philips NV (ADR)             8,084,090  
  243,150       Medtronic, PLC             23,680,379  
  366,750       Merck & Co., Inc.             30,751,988  
  681,801       Pfizer, Inc.             29,535,619  
  207,250       Smith & Nephew, PLC (ADR)             9,023,665  
  71,200       Thermo Fisher Scientific, Inc.             20,910,016  
  22,801       UnitedHealth Group, Inc.             5,563,672  
  145,250       Zimmer Biomet Holdings, Inc.             17,101,735  
  53,450       Zoetis, Inc.             6,066,041  
                        247,079,763  
          Industrials—10.4%                
  14,150       Boeing Co.             5,150,741  
  154,700       Eaton Corp., PLC             12,883,416  
  201,000   *   Gardner Denver Holdings, Inc.             6,954,600  
  132,500       Honeywell International, Inc.             23,133,175  
  122,250       Ingersoll-Rand, PLC             15,485,408  
  219,750       Jacobs Engineering Group, Inc.             18,544,703  
  46,107       Lockheed Martin Corp.             16,761,739  
  333,400       Masco Corp.             13,082,616  
  55,050       Northrop Grumman Corp.             17,787,206  
  43,563       Stanley Black & Decker, Inc.             6,299,645  
  114,100       Union Pacific Corp.             19,295,451  
  168,450       United Technologies Corp.             21,932,190  
                        177,310,890  
          Information Technology—11.7%                
  180,850   *   Advanced Micro Devices, Inc.             5,492,414  
  249,013       Applied Materials, Inc.             11,183,174  
  30,063       ASML Holdings NV             6,251,000  
  622,700       Cisco Systems, Inc.             34,080,371  
  444,650       Corning, Inc.             14,775,719  
  309,450       eBay, Inc.             12,223,275  
  18,900   *   FleetCor Technologies, Inc.             5,308,065  
  301,932       HP, Inc.             6,277,166  
  424,875       Intel Corp.             20,338,766  
  203,300       Microsoft Corp.             27,234,068  
  154,300       Oracle Corp.             8,790,471  
  238,250       QUALCOMM, Inc.             18,123,678  
  76,500   *   Synopsys, Inc.             9,844,785  
  102,050       TE Connectivity, Ltd.             9,774,349  
  86,100       Texas Instruments, Inc.             9,880,836  
                        199,578,137  
          Materials—2.7%                
  87,200       Celanese Corp.             9,400,160  
  98,850       Dow, Inc.             4,874,293  
  98,850       DuPont de Nemours, Inc.             7,420,669  
  89,830       FMC Corp.             7,451,398  
  44,800       Linde, PLC             8,995,840  
  98,200       LyondellBasell Industries NV - Class "A"             8,457,966  
                        46,600,326  
          Real Estate—2.0%                
  27,650       American Tower Corp. (REIT)             5,653,043  
  74,550       Crown Castle International Corp. (REIT)             9,717,593  
  43,950       Federal Realty Investment Trust (REIT)             5,659,002  
  147,086       iShares U.S. Real Estate (ETF)             12,842,079  
                        33,871,717  
          Utilities—5.1%                
  95,550       American Electric Power Co., Inc.             8,409,355  
  157,050       CMS Energy Corp.             9,094,765  
  92,150       Entergy Corp.             9,484,999  
  171,500       Exelon Corp.             8,221,710  
  218,400       FirstEnergy Corp.             9,349,704  
  53,150       NextEra Energy, Inc.             10,888,309  
  61,443       Pinnacle West Capital Corp.             5,781,172  
  160,450       Utilities Select Sector SPDR Fund (ETF)             9,567,634  
  82,350       WEC Energy Group, Inc.             6,865,520  
  143,750       Xcel Energy, Inc.             8,551,688  
                        86,214,856  
Total Value of Common Stocks (cost $1,114,840,741)             1,589,686,329  
          SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—5.9%                
          U.S. Treasury Bills:                
$ 40,000 M         2.05%, 7/2/2019             39,997,840  
  60,000 M         1.989%, 7/16/2019             59,948,880  
Total Value of Short-Term U.S. Government Obligations (cost $99,936,802)        99,946,720 
Total Value of Investments (cost $1,214,777,543)   99.5%   1,689,633,049 
Other Assets, Less Liabilities   .5    7,851,148 
Net Assets   100.0%  $1,697,484,197 

 

* Non-income producing

 

Summary of Abbreviations:

ADR  American Depositary Receipts

ETF  Exchange Traded Fund

REIT Real Estate Investment Trust

SPDR  Standard & Poor's Depository Receipts

 

At June 30, 2019, the cost of investments for federal income tax purposes was $1,218,471,986.  Accumulated net unrealized appreciation on investments was $471,161,063, consisting of $480,440,915 gross unrealized appreciation and $9,279,852 gross unrealized depreciation.

 

 

 

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

 

Level 1 – Unadjusted quoted prices in active markets for identical securities 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 on 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 assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

 

   Level 1   Level 2   Level 3   Total 
Common Stocks  $1,589,686,329   $-   $-   $1,589,686,329 
Short-Term U.S Government Obligations   -    99,946,720    -    99,946,720 
Total Investments in Securities*  $1,589,686,329   $99,946,720   $-   $1,689,633,049 

 

*The Portfolio of Investments provides information on the industry categorization for common stocks.

 

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

 

 

 

Portfolio of Investments (unaudited)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

June 30, 2019

 

 

 

Shares   Security  Value 
     COMMON STOCKS—89.1%     
     Communication Services—1.7%     
 69,585   AT&T, Inc.  $2,331,793 
 8,973   CBS Corp. - Class "B"   447,753 
 10,205   Cinemark Holdings, Inc.   368,400 
 31,682   Comcast Corp. - Special Shares "A"   1,339,515 
 3,377 * TripAdvisor, Inc.   156,321 
 16,030   Verizon Communications, Inc.   915,794 
         5,559,576 
     Consumer Discretionary—11.2%     
 1,652 * Amazon.com, Inc.   3,128,277 
 1,349   Autoliv, Inc.   95,118 
 13,313 * CarMax, Inc.   1,155,968 
 8,382   Carter's, Inc.   817,580 
 16,065   Choice Hotels International, Inc.   1,397,816 
 52,692   Compass Group, PLC (United Kingdom)   1,262,713 
 12,327   Expedia, Inc.   1,639,861 
 13,136   General Motors Corp.   506,130 
 8,787   Genuine Parts Co.   910,157 
 14,088   Home Depot, Inc.   2,929,881 
 3,271   Marriott International, Inc. - Class "A"   458,889 
 8,610   Marriott Vacations Worldwide Corp.   830,004 
 15,532   McDonald's Corp.   3,225,375 
 4,619 * Netflix, Inc.   1,696,651 
 30,138   Newell Brands, Inc.   464,728 
 33,298   NIKE, Inc. - Class "B"   2,795,367 
 9,265 * Norwegian Cruise Line Holdings, Inc.   496,882 
 611 * NVR, Inc.   2,059,223 
 5,994 * Ocean Outdoors, Ltd. (Virgin Islands)   46,603 
 73,043 * Pinterest, Inc.   1,988,230 
 16,292   Ross Stores, Inc.   1,614,863 
 7,096   Royal Caribbean Cruises, Ltd.   860,106 
 10,834 * Skechers USA, Inc.   341,163 
 41,957   TJX Cos., Inc.   2,218,686 
 7,939   Tractor Supply Co.   863,763 
 44,546 * Under Armour, Inc. - Class "A"   1,129,241 
 1,267 * Veoneer, Inc.   21,932 
 878   Whirlpool Corp.   124,992 
 3,138   Wyndham Destinations, Inc.   137,758 
 3,138   Wyndham Hotels & Resorts, Inc.   174,912 
         35,392,869 
     Consumer Staples—6.3%     
 36,260   Altria Group, Inc.   1,716,911 
 5,978   Archer-Daniels-Midland Co.   243,902 
 13,408   British American Tobacco, PLC (United Kingdom)   468,087 
 1,366   Bunge, Ltd.   76,100 
 61,543   Coca-Cola Co.   3,133,770 
 34,791   Colgate-Palmolive Co.   2,493,471 
 5,364   Costco Wholesale Corp.   1,417,491 
 62,843   Diageo, PLC (United Kingdom)   2,700,694 
 5,125   Hershey Co.   686,904 
 1,866   J.M. Smucker Co.   214,945 
 4,708   Kellogg Co.   252,208 
 27,868   Kroger Co.   605,014 
 12,280   Lamb Weston Holdings, Inc.   778,061 
 12,558 * Monster Beverage Corp.   801,577 
 20,130   PepsiCo, Inc.   2,639,647 
 9,839   Philip Morris International, Inc.   772,657 
 24,734 * U.S. Foods Holding Corp.   884,488 
         19,885,927 
     Energy—1.9%     
 1,380 * Apergy Corp.   46,285 
 27,823   Canadian Natural Resources, Ltd. (ADR) (Canada)   750,386 
 7,717   Chevron Corp.   960,303 
 6,232   Cimarex Energy Co.   369,745 
 7,714   Concho Resources, Inc.   795,931 
 12,595   Diamondback Energy, Inc.   1,372,477 
 8,943   Enbridge, Inc. (ADR) (Canada)   322,663 
 86,776   EnCana Corp.   445,161 
 14,063   Halliburton Co.   319,793 
 1,951   Marathon Petroleum Corp.   109,022 
 13,800   Tenaris SA (ADR) (Italy)   363,078 
         5,854,844 
     Financials—13.4%     
 35,562   Aflac, Inc.   1,949,153 
 811   Alleghany Corp.   552,380 
 6,545   Allstate Corp.   665,561 
 27,715   American Express Co.   3,421,140 
 5,646   American International Group, Inc.   300,819 
 7,187   Assurant, Inc.   764,553 
 9,909 * Athene Holding, Ltd. - Class "A"   426,682 
 13,147   Bank OZK   395,593 
 5,881 * Berkshire Hathaway, Inc. - Class "B"   1,253,653 
 19,081   Chubb, Ltd.   2,810,440 
 14,040   Citigroup, Inc.   983,221 
 61,462   CNO Financial Group, Inc.   1,025,186 
 9,745   Comerica, Inc.   707,877 
 2,859 * Credit Acceptance Corp.   1,383,270 
 3,088   FactSet Research Systems, Inc.   884,897 
 469   Fairfax Financial Holdings, Ltd. (Canada)   230,197 
 18,603   Fidelity National Financial, Inc.   749,701 
 864   First Citizens BancShares, Inc. - Class "A"   389,033 
 7,635   First Republic Bank   745,558 
 10,263   IBERIABANK Corp.   778,449 
 13,200 * J2 Acquisition, Ltd. (ADR) (Virgin Islands)   117,150 
 47,343   KeyCorp   840,338 
 33,939   Lancashire Holdings, Ltd. (United Kingdom)   296,750 
 19,000   Lincoln National Corp.   1,224,550 
 13,757   M&T Bank Corp.   2,339,653 
 2,161 * Markel Corp.   2,354,626 
 19,620   Marsh & McLennan Cos., Inc.   1,957,095 
 28,960   MetLife, Inc.   1,438,443 
 2,482   Moody's Corp.   484,759 
 34,837   People's United Financial, Inc.   584,565 
 21,428   PNC Financial Services Group, Inc.   2,941,636 
 9,022   Raymond James Financial, Inc.   762,810 
 5,771   Reinsurance Group of America, Inc.   900,449 
 3,119   RenaissanceRe Holdings   555,213 
 47,174   SLM Corp.   458,531 
 7,420   Travelers Cos., Inc.   1,109,438 
 18,332   Unum Group   615,039 
 6,890   Voya Financial, Inc.   381,017 
 18,724   Wells Fargo & Co.   886,020 
 718   White Mountain Insurance Group   733,408 
 20,744   Zions Bancorp   953,809 
         42,352,662 
     Health Care—14.6%     
 12,031 * Acadia Healthcare Co., Inc.   420,483 
 9,532   Agilent Technologies, Inc.   711,754 
 2,849 * Align Technology, Inc.   779,771 
 2,488   Allergan, PLC   416,566 
 7,495 * Alnylam Pharmaceuticals, Inc.   543,837 
 6,324   AstraZeneca, PLC (ADR) (United Kingdom)   261,055 
 31,883   Baxter International, Inc.   2,611,218 
 8,674   Becton, Dickinson & Co.   2,185,935 
 1,470 * Biogen, Inc.   343,789 
 10,484   Bristol-Myers Squibb Co.   475,449 
 22,243   CVS Health Corp.   1,212,021 
 13,244   Danaher Corp.   1,892,832 
 4,236   Dentsply Sirona, Inc.   247,213 
 12,891 * Exact Sciences Corp.   1,521,654 
 2,311 * Five Prime Therapeutics, Inc.   13,935 
 11,910 * Haemonetics Corp.   1,433,249 
 9,347   Hill-Rom Holdings, Inc.   977,883 
 3,299   Humana, Inc.   875,225 
 13,395 * Insulet Corp.   1,599,095 
 1,096 * Intuitive Surgical, Inc.   574,907 
 10,247 * Ionis Pharmaceuticals, Inc.   658,575 
 33,425   Johnson & Johnson   4,655,434 
 15,484   Koninklijke Philips NV (ADR) (Netherlands)   674,793 
 5,084 * Laboratory Corp. of America Holdings   879,024 
 4,580   McKesson Corp.   615,506 
 31,923   Medtronic, PLC   3,108,981 
 27,857   Merck & Co., Inc.   2,335,809 
 1,020 * Mettler Toledo International, Inc.   856,800 
 8,656 * Penumbra, Inc.   1,384,960 
 65,193   Pfizer, Inc.   2,824,161 
 9,987 * Seattle Genetic, Inc.   691,200 
 11,475   Stryker Corp.   2,359,031 
 2,633   Teleflex, Inc.   871,918 
 4,103   Thermo Fisher Scientific, Inc.   1,204,969 
 12,778   UnitedHealth Group, Inc.   3,117,960 
 2,267 * WellCare Health Plans, Inc.   646,254 
         45,983,246 
     Industrials—13.4%     
 488   A.O. Smith Corp.   23,014 
 3,244   AMERCO   1,228,016 
 31,742   Canadian National Railway Co. (Canada)   2,937,750 
 3,819 * Cimpress NV   347,109 
 7,902   Cintas Corp.   1,875,066 
 10,633 * Clean Harbors, Inc.   756,006 
 3,386 * CoStar Group, Inc.   1,876,047 
 15,621   CSX Corp.   1,208,597 
 2,256   Cummins, Inc.   386,543 
 9,110   Delta Air Lines, Inc.   516,993 
 5,827   Dover Corp.   583,865 
 6,152   Equifax, Inc.   831,996 
 18,459   Expeditors International of Washington, Inc.   1,400,300 
 22,114   Fastenal Co.   720,695 
 9,843   Fortune Brands Home & Security, Inc.   562,331 
 11,622   General Dynamics Corp.   2,113,112 
 27,229 * Genesee & Wyoming, Inc. - Class "A"   2,722,900 
 13,313   Herman Miller, Inc.   595,091 
 809   Huntington Ingalls Industries, Inc.   181,815 
 10,898   IDEX Corp.   1,875,982 
 11,788   Ingersoll-Rand, PLC   1,493,186 
 10,037 * Itron, Inc.   628,015 
 24,337 * JELD-WEN Holding, Inc.   516,675 
 4,763   L3 Technologies, Inc.   1,167,745 
 7,187   Lennox International, Inc.   1,976,425 
 3,973   Lockheed Martin Corp.   1,444,344 
 47,937 * Milacron Holdings Corp.   661,531 
 16,762   PACCAR, Inc.   1,201,165 
 6,513   Pentair, PLC   242,284 
 21,289   Republic Services, Inc.   1,844,479 
 6,540   Rockwell Automation, Inc.   1,071,448 
 42,243   Sanwa Holdings Corp. (Japan)   453,716 
 13,257   Southwest Airlines Co.   673,190 
 36,669   Steelcase, Inc. - Class "A"   627,040 
 11,720   TransUnion   861,537 
 12,211   Union Pacific Corp.   2,065,002 
 13,672   Wabtec Corp.   981,103 
 7,611   Waste Connections, Inc.   727,459 
 12,609   Xylem, Inc.   1,054,617 
         42,434,189 
     Information Technology—14.3%     
 5,271 * 2U, Inc.   198,400 
 8,549   Accenture, PLC - Class "A"   1,579,599 
 51,883 * Advanced Micro Devices, Inc.   1,575,687 
 3,716 * Alibaba Group Holding, Ltd. (ADR) (China)   629,676 
 48,447 * Allscripts Healthcare Solution, Inc.   563,439 
 15,071   Amdocs, Ltd.   935,758 
 17,780 * Black Knight, Inc.   1,069,467 
 2,317   Broadcom, Inc.   666,972 
 7,417   CDW Corp.   823,287 
 6,679 * Coherent, Inc.   910,815 
 1,618   Constellation Software, Inc. (Canada)   1,524,964 
 12,697 * Delivery Hero AG (Germany)   575,922 
 5,629 * Electronic Arts, Inc.   569,993 
 7,445 * FleetCor Technologies, Inc.   2,090,928 
 42,074   Genpact, Ltd.   1,602,599 
 5,830   Global Payments, Inc.   933,558 
 25,439 * GoDaddy, Inc. - Class "A"   1,784,546 
 12,163 * Guidewire Software, Inc.   1,233,085 
 5,810   Harris Corp.   1,098,845 
 27,365 * Ichor Holdings, Ltd.   646,909 
 19,163   Intel Corp.   917,333 
 5,574   International Business Machines Corp.   768,655 
 57,281 * Just Eat, PLC (United Kingdom)   454,652 
 5,476   KLA-Tencor Corp.   647,263 
 10,497   Leidos Holdings, Inc.   838,185 
 54,031   Marvell Technology Group, Ltd.   1,289,720 
 9,800   Maxim Integrated Products, Inc.   586,236 
 7,939 * Micron Technology, Inc.   306,366 
 18,530   Microsoft Corp.   2,482,279 
 4,114   Motorola Solutions, Inc.   685,927 
 9,049   Samsung Electronics Co., Ltd. (South Korea)   368,339 
 8,562   ServiceNow, Inc.   2,350,868 
 12,539   Silicon Motion Technology Corp. (ADR) (Taiwan)   556,481 
 5,843 * Splunk, Inc.   734,757 
 9,796 * Spotify Technology SA   1,432,371 
 30,431   SS&C Technologies Holdings, Inc.   1,753,130 
 21,527   TE Connectivity, Ltd.   2,061,856 
 4,487 * VeriSign, Inc.   938,501 
 9,146   Visa, Inc. - Class "A"   1,587,288 
 13,820   Western Digital Corp.   657,141 
 2,211 * Wex, Inc.   460,109 
 7,296 * Workday, Inc. - Class "A"   1,499,912 
 20,143 * Yandex NV - Class "A" (ADR) (Russia)   765,434 
         45,157,252 
     Materials—3.7%     
 9,094 * Alcoa Corp.   212,891 
 15,036   Ball Corp.   1,052,370 
 19,843   Cabot Corp.   946,710 
 14,293   Celanese Corp. - Class "A"   1,540,785 
 12,107   CRH, PLC (Ireland)   393,916 
 9,286   Eastman Chemical Co.   722,729 
 18,875   FMC Corp.   1,565,681 
 11,772   Linde, PLC   2,363,818 
 12,694   Nucor Corp.   699,439 
 5,465   Nutrien, Ltd. (Canada)   292,332 
 8,555   Reliance Steel & Aluminum Co.   809,474 
 2,238   Sherwin-Williams Co.   1,025,653 
         11,625,798 
     Real Estate—6.4%     
 13,253   Acadia Realty Trust (REIT)   362,735 
 3,969   Alexandria Real Estate Equities, Inc. (REIT)   559,986 
 16,767   American Tower Corp. (REIT)   3,428,013 
 16,746   Americold Realty Trust (REIT)   542,905 
 6,468   AvalonBay Communities, Inc. (REIT)   1,314,168 
 3,013   Boston Properties, Inc. (REIT)   388,677 
 66,263   Brixmor Property Group, Inc. (REIT)   1,184,782 
 19,417   Columbia Property Trust, Inc. (REIT)   402,709 
 9,303   Crown Castle International Corp. (REIT)   1,212,646 
 3,236   Equinix, Inc. (REIT)   1,631,882 
 1,375   Federal Realty Investment Trust (REIT)   177,045 
 34,794   Host Hotels & Resorts, Inc. (REIT)   633,947 
 22,455   Kimco Realty Corp. (REIT)   414,968 
 12,777   Lennar Corp. (REIT)   619,173 
 1,757   Mid-America Apartment Communities, Inc. (REIT)   206,904 
 4,000   PS Business Park, Inc. (REIT)   674,120 
 15,097   Public Storage (REIT)   3,595,652 
 2,731   Simon Property Group, Inc. (REIT)   436,305 
 1,272   SL Green Realty Corp. (REIT)   102,231 
 19,474   STORE Capital Corp. (REIT)   646,342 
 8,630   UDR, Inc. (REIT)   387,401 
 14,946   Welltower, Inc. (REIT)   1,218,547 
         20,141,138 
     Utilities—2.2%     
 7,927   CMS Energy Corp.   459,053 
 8,046   Dominion Energy, Inc.   622,117 
 6,993   Eversourse Energy   529,790 
 12,353   Iberdrola SA (ADR) (Spain)   490,352 
 17,886   NRG Energy, Inc.   628,156 
 3,214   Pinnacle West Capital Corp.   302,405 
 3,165   Sempra Energy   434,998 
 32,156   Southern Co.   1,777,584 
 33,449   UGI Corp.   1,786,511 
         7,030,966 
Total Value of Common Stocks (cost $248,310,450)   281,418,467 
     WARRANTS—-.0%     
     Financials     
 7,200 * J2 Acquisition, Ltd. (Virgin Islands) (Expires 9/7/2027) (Cost $72)   1,512 

 

PUT OPTIONS PURCHASED—.3%               
Contracts   S&P 500 Index    Exercise Price   Notional Amount   Value 
 43   Expiration 9/20/2019   2,650.00    12,649,568   $72,885 
 60   Expiration 12/20/2019   2,525.00    17,650,560    165,900 
 63   Expiration 3/20/2020   2,625.00    18,533,088    377,055 
 43   Expiration 6/19/2020   2,700.00    12,649,568    413,445 
Total Value of Put Options Purchased (premium paid $1,848,477)            $1,029,285 

 

 

 

Total Value of Investments (cost $250,158,999)   89.4%   282,449,264 
Other Assets, Less Liabilities   10.6    33,353,626 
Net Assets   100.0%  $315,802,890 

 

*Non-income producing

 

At June 30, 2019, the cost of investments for federal income tax purposes was $248,679,547. Accumulated net unrealized appreciation on investments was $32,740,432, consisting of $35,724,017 gross unrealized appreciation and $2,983,585 gross unrealized depreciation.

 

 

 

PUT OPTIONS WRITTEN—(.2)%               
Contracts   S&P 500 Index    Exercise Price   Notional Amount   Value 
 (60)  Expiration 12/20/2019   2,325.00    (17,650,560)  $(82,500)
 (63)  Expiration 3/20/2020   2,350.00    (18,533,088)   (173,880)
 (43)  Expiration 6/19/2020   2,475.00    (12,649,568)   (242,735)
Total Value of Put Options Written (premium received $786,652)            $(499,115)

 

 

 

Futures contracts outstanding at June 30, 2019:

 

Number of Contracts   Type  Expiration  Notional Amounts   Value at
June 30, 2018
   Unrealized Appreciation (Depreciation) 
 (16)  E-mini Russell 2000 Index  Sep. 2019  $(1,206,423)  $(1,240,009)  $(33,586)
 (121)  E-mini S&P 500  Sep. 2019   (29,146,278)   (29,422,702)   (276,424)
 (92)  E-mini S&P MidCap 400  Sep. 2019   (17,374,940)   (17,798,332)   (423,392)
 (40)  FTSE 100 Index  Sep. 2019   (2,926,620)   (2,948,527)   (21,907)
 (30)  MSCI EAFE Index  Sep. 2019   (2,777,755)   (2,856,713)   (78,958)
 (21)  MSCI EM Index  Sep. 2019   (1,065,475)   (1,104,225)   (38,750)
 (36)  S&P/TSE 60 Index  Sep. 2019   (5,616,592)   (5,639,823)   (23,231)
(Premium received $713)               $(896,248)

 

 

 

At June 30, 2019, Hedged U.S. Equity Opportunities Fund has open foreign exchange contracts as described below.

 

The unrealized appreciation (depreciation) on the open contracts were as follows:

 

Counterparty  Settlement Date  Foreign Currency  Receive (Deliver)   Asset   Liability   Unrealized
Appreciation
(Depreciation)
 
BNP  9/18/19  EUR   (89,000)  $101,202   $101,527   $325 
MS  9/19/19  JPY   (16,318,000)   151,351    151,476    125 
BNP  9/18/19  GBP   (4,452,000)   5,653,836    5,642,628    (11,208)
BAM  9/19/19  CAD   (7,610,000)   5,811,157    5,707,848    (103,309)
                           
Net unrealized appreciation (depreciation) on open foreign exchange contracts   $(114,067)

 

A summary of abbreviations for counterparties to foeign exchange contracts are as follows:

 

BAM   Bank of America/Merrill Lynch
BNP   BNP Paribas
MS   Morgan Stanley

 

Summary of Abbreviations:

 

ADR   American Depositary Receipts
CAD   Canadian Dollar
EUR   Euro
GBP   British Pound
JPY   Japanese Yen
REIT   Real Estate Investment Trust

 

 

 

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

 

Level 1 – Unadjusted quoted prices in active markets for identical securities 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 on 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 assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June