N-Q 1 saratoganq.htm N-Q GemCom, LLC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-08542


Saratoga Advantage Trust

(Exact name of registrant as specified in charter)


 1616 N. Litchfield Rd., Suite 165, Goodyear, AZ 85395

(Address of principal executive offices)

(Zip code)


Emile Molineaux

Gemini Fund Services, LLC., 80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)


Registrant's telephone number, including area code:

623-266-4567


Date of fiscal year end:

8/31


Date of reporting period:  5/31/14



Item 1.  Schedule of Investments.  




SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION VALUE PORTFOLIO (Unaudited)

May 31, 2014

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 99.0 %

 

 

 

 

 

 

 

AIRLINES - 9.8 %

 

 

 

 

 

32,525

 

American Airlines Group, Inc.  *

 

 

 

 $        1,306,204

 

33,150

 

Delta Air Lines, Inc.

 

 

 

           1,323,016

 

 

 

 

 

 

 

           2,629,220

 

 

 

APPAREL - 3.1 %

 

 

 

 

 

5,500

 

Ralph Lauren Corp.

 

 

 

              844,140

 

 

 

 

 

 

 

 

 

 

 

BANKS - 4.1 %

 

 

 

 

 

13,850

 

Capital One Financial Corp.

 

 

 

           1,092,626

 

 

 

 

 

 

 

 

 

 

 

BUILDING MATERIALS - 2.2 %

 

 

 

 

 

6,950

 

Eagle Materials, Inc.

 

 

 

              604,442

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS - 6.3 %

 

 

 

 

 

9,000

 

FMC Corp.

 

 

 

              689,040

 

8,200

 

Monsanto Co.

 

 

 

              999,170

 

 

 

 

 

 

 

           1,688,210

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 7.2 %

 

 

 

26,450

 

AerCap Holdings NV  *  

 

 

 

           1,246,853

 

19,900

 

Ocwen Financial Corp.  *  

 

 

 

              697,893

 

 

 

 

 

 

 

           1,944,746

 

 

 

ENGINEERING & CONSTRUCTION - 3.9 %

 

 

 

13,000

 

Chicago Bridge & Iron Co. NV

 

 

 

           1,058,200

 

 

 

 

 

 

 

 

 

 

 

ENTERTAINMENT - 0.3 %

 

 

 

 

 

2,149

 

Gaming and Leisure Properties, Inc.

 

 

 

                72,120

 

 

 

 

 

 

 

 

 

 

 

INSURANCE - 10.5 %

 

 

 

 

 

20,900

 

MetLife, Inc.

 

 

 

           1,064,437

 

14,100

 

Prudential Financial, Inc.

 

 

 

           1,158,456

 

7,825

 

Reinsurance Group of America, Inc.

 

 

 

              611,602

 

 

 

 

 

 

 

           2,834,495

 

 

 

INTERNET - 3.4 %

 

 

 

 

 

17,800

 

eBay, Inc.  *  

 

 

 

              902,994

 

 

 

 

 

 

 

 

 

 

 

MEDIA - 10.9 %

 

 

 

 

 

21,500

 

CBS Corp.

 

 

 

           1,281,615

 

14

 

LIN Media LLC  *  

 

 

 

                      352

 

19,812

 

Media General, Inc.  *+

 

 

 

              351,267

 

43,700

 

Sinclair Broadcast Group, Inc.

 

 

 

           1,292,646

 

 

 

 

 

 

 

           2,925,880

 

 

 

OIL & GAS SERVICES - 10.3 %

 

 

 

 

 

18,000

 

Cameron International Corp.  *  

 

 

 

           1,151,100

 

7,400

 

Halliburton Co.

 

 

 

              478,336

 

10,950

 

Schlumberger Ltd.

 

 

 

           1,139,238

 

 

 

 

 

 

 

           2,768,674

 

 

 

PHARMACEUTICALS - 15.5 %

 

 

 

 

 

5,950

 

Actavis, Inc.  *  

 

 

 

           1,258,663

 

6,925

 

McKesson Corp.

 

 

 

           1,313,257

 

22,250

 

Mylan, Inc. *  

 

 

 

           1,108,940

 

2,700

 

Sanofi - ADR

 

 

 

              143,910

 

1,996

 

Shire PLC - ADR

 

 

 

              346,086

 

 

 

 

 

 

 

           4,170,856

 

 

 

PIPELINES - 4.0 %

 

 

 

 

 

22,750

 

Williams Cos., Inc.

 

 

 

           1,068,340

 

 

 

 

 

 

 

 

 

 

 

REAL ESTATE - 4.5 %

 

 

 

 

 

32,375

 

Realogy Holdings Corp.  *  

 

 

 

           1,203,703

 

 

 

 

 

 

 

 

 

 

 

RETAIL - 0.6 %

 

 

 

 

 

2,068

 

CVS Caremark Corp.

 

 

 

              161,966

 

 

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS - 2.4 %

 

 

 

 

 

22,250

 

Micron Technology, Inc.  *  

 

 

 

              636,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $21,477,527)

 

         26,606,740

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.7 %

 

 

 

449,938

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

 

 

 

 

(Cost - $449,938)

 

 

 

              449,938

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 1.3 %

 

 

 

362,545

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $362,545)

 

 

 

362,545

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 102.0 % (Cost - $22,290,010) (a)

 

 $     27,419,223

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (2.0) %

 

            (535,113)

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     26,884,110

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.    Aggregate cost for federal tax purposes is $22,352,018 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $        5,400,525

 

 

 

 

 

Unrealized depreciation:

            (333,320)

 

 

 

 

 

Net unrealized appreciation:  

 $        5,067,205

 



SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION GROWTH PORTFOLIO (Unaudited)

May 31, 2014

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 99.2 %

 

 

 

 

 

 

 

BEVERAGES - 9.1 %

 

 

 

 

 

31,626

 

Coca-Cola Co. (The)

 

 

 

 $       1,293,820

 

385

 

Diageo PLC - ADR

 

 

 

                49,584

 

13,746

 

Monster Beverage Corp.  *  

 

 

 

              953,697

 

10,854

 

SABMiller PLC - ADR

 

 

 

              603,048

 

 

 

 

 

 

 

           2,900,149

 

 

 

BIOTECHNOLOGY - 2.6 %

 

 

 

 

 

7,095

 

Amgen, Inc.

 

 

 

              822,949

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL SERVICES - 3.4 %

 

 

 

 

 

7,208

 

Automatic Data Processing, Inc.

 

 

 

              574,333

 

16,016

 

SEI Investments Co.

 

 

 

              527,407

 

 

 

 

 

 

 

           1,101,740

 

 

 

COSMETICS/PERSONAL CARE - 4.0 %

 

 

 

15,891

 

Procter & Gamble Co.

 

 

 

           1,283,834

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 8.6 %

 

 

 

12,180

 

American Express Co.

 

 

 

           1,114,470

 

5,268

 

Greenhill & Co., Inc.

 

 

 

              261,925

 

6,449

 

Visa, Inc.

 

 

 

           1,385,439

 

 

 

 

 

 

 

           2,761,834

 

 

 

FOOD - 2.5 %

 

 

 

 

 

54,177

 

Danone SA - ADR +

 

 

 

              809,404

 

 

 

 

 

 

 

 

 

 

 

HEALTHCARE-PRODUCTS - 5.7 %

 

 

 

 

10,841

 

Varian Medical Systems, Inc.  *  

 

 

 

              893,840

 

8,969

 

Zimmer Holdings, Inc.

 

 

 

              935,915

 

 

 

 

 

 

 

           1,829,755

 

 

 

INTERNET - 15.5 %

 

 

 

 

 

4,899

 

Amazon.com, Inc.  *  

 

 

 

           1,531,182

 

24,466

 

Facebook, Inc. *  

 

 

 

           1,548,698

 

1,681

 

Google, Inc.  *  

 

 

 

              943,007

 

1,681

 

Google, Inc. Class A *  

 

 

 

              960,944

 

 

 

 

 

 

 

           4,983,831

 

 

 

MEDIA - 1.1 %

 

 

 

 

 

3,392

 

FactSet Research Systems, Inc.

 

 

 

              363,419

 

 

 

 

 

 

 

 

 

 

 

OIL & GAS SERVICES - 1.1 %

 

 

 

 

 

3,365

 

Schlumberger Ltd.

 

 

 

              350,095

 

 

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS - 6.2 %

 

 

 

 

 

12,514

 

Merck & Co., Inc.

 

 

 

              724,060

 

6,392

 

Novartis AG - ADR

 

 

 

              575,664

 

16,206

 

Novo Nordisk A/S - ADR

 

 

 

              685,190

 

 

 

 

 

 

 

           1,984,914

 

 

 

RETAIL - 6.9 %

 

 

 

 

 

30,259

 

Lowe's Cos., Inc.

 

 

 

           1,424,594

 

9,986

 

Yum! Brands, Inc.

 

 

 

              772,018

 

 

 

 

 

 

 

           2,196,612

 

 

 

SEMICONDUCTORS - 7.1 %

 

 

 

 

 

4,348

 

Altera Corp.

 

 

 

              144,049

 

3,378

 

Analog Devices, Inc.

 

 

 

              176,940

 

10,377

 

ARM Holdings PLC - ADR

 

 

 

              479,417

 

18,512

 

QUALCOMM, Inc.

 

 

 

           1,489,290

 

 

 

 

 

 

 

           2,289,696

 

 

 

SOFTWARE - 11.9 %

 

 

 

 

 

21,849

 

Autodesk, Inc.  *  

 

 

 

           1,144,232

 

25,125

 

Microsoft Corp.

 

 

 

           1,028,618

 

39,144

 

Oracle Corp.

 

 

 

           1,644,831

 

 

 

 

 

 

 

           3,817,681

 

 

 

TELECOMMUNICATIONS - 5.5 %

 

 

 

 

 

71,035

 

Cisco Systems, Inc.

 

 

 

           1,748,882

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 8.0 %

 

 

 

 

 

28,192

 

Expeditors International of Washington, Inc.

 

           1,283,018

 

12,506

 

United Parcel Service, Inc.

 

 

 

           1,299,123

 

 

 

 

 

 

 

           2,582,141

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $23,242,434)

 

        31,826,936

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 0.7 %

 

 

 

 

231,233

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

              231,233

 

 

 

(Cost - $231,233)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 2.1 %

 

 

 

686,631

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $686,631)

 

 

 

686,631

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 102.0 % (Cost - $24,160,298) (a)

 

 $     32,744,800

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (2.0) %

 

            (647,273)

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     32,097,527

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $24,343,179 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:  

 $       8,663,152

 

 

 

 

 

Unrealized depreciation:  

            (261,531)

 

 

 

 

 

Net unrealized appreciation:  

           8,401,621

 




SCHEDULES OF INVESTMENTS

 

 

 

 

MID CAPITALIZATION PORTFOLIO (Unaudited)

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

COMMON STOCK - 98.9 %

 

 

 

 

 

 

AUTO PARTS & EQUIPMENT - 3.2 %

 

 

 

3,750

 

Delphi Automotive PLC

 

 

 

 $           258,975

2,225

 

Tenneco, Inc.  *  

 

 

 

              141,844

1,675

 

WABCO Holdings, Inc.  *  

 

 

 

              178,840

 

 

 

 

 

 

              579,659

 

 

BANKS - 5.7 %

 

 

 

 

5,825

 

CIT Group, Inc.

 

 

 

              259,096

11,125

 

Fifth Third Bancorp

 

 

 

              230,176

7,675

 

PacWest Bancorp

 

 

 

              310,223

22,025

 

Regions Financial Corp.

 

 

 

              224,435

 

 

 

 

 

 

           1,023,930

 

 

CHEMICALS - 1.5 %

 

 

 

 

3,550

 

FMC Corp.

 

 

 

              271,788

 

 

 

 

 

 

 

 

 

COMMERCIAL SERVICES - 10.5 %

 

 

 

4,425

 

Global Payments, Inc.

 

 

 

              303,378

11,350

 

Hertz Global Holdings, Inc.  *  

 

 

 

              335,052

5,050

 

KAR Auction Services, Inc.

 

 

 

              154,227

7,200

 

Quanta Services, Inc.  *  

 

 

 

              244,440

8,700

 

SEI Investments Co.

 

 

 

              286,491

10,650

 

Total System Services, Inc.

 

 

 

              322,269

2,475

 

United Rentals, Inc.  *  

 

 

 

              250,099

 

 

 

 

 

 

           1,895,956

 

 

COMPUTERS - 4.1 %

 

 

 

 

4,425

 

CACI International, Inc.   *  

 

 

 

              315,945

13,025

 

NCR Corp.  *  

 

 

 

              425,396

 

 

 

 

 

 

              741,341

 

 

DISTRIBUTION/WHOLESALE - 1.4 %

 

 

 

9,750

 

HD Supply Holdings, Inc.  *  

 

 

 

              256,132

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.3 %

 

 

5,575

 

LPL Financial Holdings, Inc.

 

 

 

              261,467

6,050

 

Portfolio Recovery Associates, Inc.  *  

 

 

              337,529

 

 

 

 

 

 

              598,996

 

 

ENERGY EQUIPMENT - 1.4 %

 

 

 

 

7,725

 

Superior Energy Services, Inc.

 

 

 

              256,393

 

 

 

 

 

 

 

 

 

HAND/MACHINE TOOLS - 1.0 %

 

 

 

 

1,575

 

Snap-on, Inc.

 

 

 

              184,700

 

 

 

 

 

 

 

 

 

HEALTHCARE - PRODUCTS - 1.6 %

 

 

 

8,100

 

Alere, Inc.  *  

 

 

 

              289,737

 

 

 

 

 

 

 

 

 

HEALTHCARE - SERVICES - 4.0 %

 

 

 

7,700

 

Community Health Systems, Inc.  *  

 

 

 

              321,629

7,475

 

HCA Holdings, Inc.  *  

 

 

 

              396,100

 

 

 

 

 

 

              717,729

 

 

HOME BUILDERS - 1.3 %

 

 

 

 

5,525

 

Lennar Corp.

 

 

 

              225,972

 

 

 

 

 

 

 

 

 

HOME FURNISHINGS - 1.3 %

 

 

 

 

2,175

 

Harman International Industries, Inc.

 

 

 

              228,440

 

 

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS/WARES - 3.0 %

 

 

5,625

 

Jarden Corp.  *  

 

 

 

              318,262

2,950

 

Spectrum Brands Holdings, Inc.

 

 

 

              229,716

 

 

 

 

 

 

              547,978

 

 

INSURANCE - 4.1 %

 

 

 

 

9,325

 

First American Financial Corp.

 

 

 

              261,286

3,275

 

Reinsurance Group of America, Inc.

 

 

 

              255,974

5,900

 

Validus Holdings Ltd.

 

 

 

              220,247

 

 

 

 

 

 

              737,507

 

 

INTERNET - 1.4 %

 

 

 

 

3,750

 

IAC InterActive Corp

 

 

 

              248,287

 

 

 

 

 

 

 

 

 

INTERNET SOFTWARE AND SERVICES - 1.4 %

 

 

4,050

 

Check Point Software Technologies Ltd.  *  

 

              261,144

 

 

 

 

 

 

 

 

 

INVESTMENT COMPANIES - 1.4 %

 

 

 

15,075

 

Ares Capital Corp.

 

 

 

              259,893

 

 

 

 

 

 

 

 

 

IRON/STEEL - 3.0 %

 

 

 

 

4,850

 

Carpenter Technology Corp.

 

 

 

              303,077

3,275

 

Reliance Steel & Aluminum Co.

 

 

 

              235,636

 

 

 

 

 

 

              538,713

 

 

MACHINERY-DIVERSIFIED - 0.9 %

 

 

 

2,275

 

Flowserve Corp.

 

 

 

              167,759

 

 

 

 

 

 

 

 

 

MEDIA - 1.5 %

 

 

 

 

4,475

 

AMC Networks, Inc.  *  

 

 

 

              276,913

 

 

 

 

 

 

 

 

 

MINING - 1.9 %

 

 

 

 

11,725

 

Constellium NV  *  

 

 

 

              341,667

 

 

 

 

 

 

 

 

 

OIL & GAS - 4.5 %

 

 

 

 

5,750

 

Atwood Oceanics, Inc.  *  

 

 

 

              283,763

4,650

 

Gulfport Energy Corp.  *  

 

 

 

              286,115

3,475

 

Noble Energy, Inc.

 

 

 

              250,443

 

 

 

 

 

 

              820,321

 

 

OIL & GAS SERVICES - 1.5 %

 

 

 

 

9,175

 

MRC Global, Inc.  *  

 

 

 

              264,148

 

 

 

 

 

 

 

 

 

PACKAGING & CONTAINERS - 8.3 %

 

 

 

7,425

 

Crown Holdings, Inc.  *  

 

 

 

              362,711

32,725

 

Graphic Packaging Holding Co.  *  

 

 

 

              359,648

8,725

 

Owens-Illinois, Inc.  *  

 

 

 

              289,932

3,575

 

Packaging Corp. of America

 

 

 

              247,247

3,350

 

Pentair PLC  

 

 

 

              250,044

 

 

 

 

 

 

           1,509,582

 

 

PHARMACEUTICALS - 3.3 %

 

 

 

 

1,389

 

Actavis  *  

 

 

 

              293,829

2,352

 

Valeant Pharmaceuticals International, Inc.  * +

 

              308,606

 

 

 

 

 

 

              602,435

 

 

RETAIL - 7.8 %

 

 

 

 

4,150

 

Cabela's, Inc.  *  

 

 

 

              254,105

6,600

 

GNC Holdings, Inc.

 

 

 

              243,672

4,975

 

HSN, Inc.

 

 

 

              276,710

2,425

 

PVH Corp.

 

 

 

              319,203

3,075

 

Signet Jewelers Ltd.

 

 

 

              326,227

 

 

 

 

 

 

           1,419,917

 

 

SAVINGS & LOANS - 1.4 %

 

 

 

 

23,900

 

Investors Bancorp, Inc.

 

 

 

              258,120

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS - 5.4 %

 

 

 

 

4,425

 

Avago Technologies Ltd.

 

 

 

              312,715

9,900

 

Micron Technology, Inc.  *  

 

 

 

              283,041

8,800

 

Skyworks Solutions, Inc.

 

 

 

              381,128

 

 

 

 

 

 

              976,884

 

 

SOFTWARE - 4.3 %

 

 

 

 

4,950

 

Fiserv, Inc.  *  

 

 

 

              297,545

12,425

 

MedAssets, Inc.  *  

 

 

 

              290,994

11,400

 

Nuance Communications, Inc.  *  

 

 

 

              184,509

 

 

 

 

 

 

              773,048

 

 

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 1.8 %

 

 

 

 

12,100

 

CommScope Holding Co., Inc.  *  

 

 

 

              319,924

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 1.7 %

 

 

 

 

6,800

 

Con-way, Inc.

 

 

 

              314,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $13,186,345)

 

        17,909,241

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.1 %

 

 

 

200,567

 

Milestone Treasury Obligations Portfolio, Institutional Class

              200,567

 

 

(Cost - $200,567)

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 1.7 %

 

 

307,296

 

BNY Mellon Overnight Government Fund

 

 

 

(Cost - $307,296)

 

 

 

307,296

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 101.7 % (Cost - $13,694,208) (a)

 $     18,417,104

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (1.7) %

 

            (315,484)

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     18,101,620

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,780,229 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $       4,819,387

 

 

 

 

 

Unrealized depreciation:

            (182,512)

 

 

 

 

 

Net unrealized appreciation:

 $       4,636,875




SCHEDULES OF INVESTMENTS

SMALL CAPITALIZATION PORTFOLIO (Unaudited)

 

 

 

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 95.1 %

 

 

 

 

 

 

 

AIRLINES - 0.8 %

 

 

 

 

 

1,720

 

Spirit Airlines, Inc.  *  

 

 

 

 $           101,600

 

 

 

 

 

 

 

 

 

 

 

APPAREL - 2.2 %

 

 

 

 

 

6,900

 

Iconix Brand Group, Inc.  *  

 

 

 

              289,386

 

 

 

 

 

 

 

 

 

 

 

AUTO PARTS & EQUIPMENT - 1.9 %

 

 

 

 

11,252

 

Dana Holding Corp.

 

 

 

              249,119

 

 

 

 

 

 

 

 

 

 

 

BANKS - 19.2 %

 

 

 

 

 

4,480

 

1st Source Corp.

 

 

 

              135,923

 

27,910

 

Bancorp, Inc. *  

 

 

 

              438,187

 

5,080

 

Bridge Capital Holdings  *  

 

 

 

              115,011

 

4,130

 

Center Bancorp, Inc.

 

 

 

                76,653

 

9,700

 

ConnectOne Bancorp, Inc.  *  

 

 

 

              466,182

 

10,648

 

Eagle Bancorp, Inc.  *  

 

 

 

              340,417

 

2,020

 

First Business Financial Services, Inc.

 

 

 

                92,839

 

2,150

 

First Financial Holdings, Inc.

 

 

 

              126,571

 

3,540

 

German American Bancorp, Inc.

 

 

 

                95,403

 

3,430

 

Peoples Bancorp, Inc.

 

 

 

                84,378

 

5,680

 

Prosperity Bancshares, Inc.

 

 

 

              330,178

 

2,330

 

Texas Capital Bancshares, Inc.  *  

 

 

 

              119,296

 

4,359

 

Yadkin Financial Corp.  *  

 

 

 

                82,167

 

 

 

 

 

 

 

           2,503,205

 

 

 

CHEMICALS - 2.8 %

 

 

 

 

 

3,150

 

Innophos Holdings, Inc.

 

 

 

              165,375

 

4,600

 

RPM International, Inc.

 

 

 

              198,122

 

 

 

 

 

 

 

              363,497

 

 

 

COMMERCIAL SERVICES - 1.0 %

 

 

 

 

 

2,970

 

MAXIMUS, Inc.

 

 

 

              132,700

 

 

 

 

 

 

 

 

 

 

 

COMPUTERS - 1.7 %

 

 

 

 

 

3,230

 

Synaptics, Inc.  *+

 

 

 

              219,898

 

 

 

 

 

 

 

 

 

 

 

DISTRIBUTION/WHOLESALE - 2.1 %

 

 

 

 

3,230

 

Core-Mark Holding Co., Inc.

 

 

 

              267,056

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC - 1.5 %

 

 

 

 

 

5,690

 

Portland General Electric Co.

 

 

 

              188,168

 

 

 

 

 

 

 

 

 

 

 

ELECTRONICS - 2.2 %

 

 

 

 

 

2,990

 

Analogic Corp.

 

 

 

              204,277

 

2,111

 

Itron, Inc.  *  

 

 

 

                81,168

 

 

 

 

 

 

 

              285,445

 

 

 

ENGINEERING & CONSTRUCTION - 4.3 %

 

 

 

6,275

 

EMCOR Group, Inc.

 

 

 

              279,363

 

7,930

 

MasTec, Inc.  *+

 

 

 

              285,480

 

 

 

 

 

 

 

              564,843

 

 

 

ENVIRONMENTAL CONTROL - 2.8 %

 

 

 

6,160

 

Calgon Carbon Corp.  *  

 

 

 

              132,132

 

11,470

 

Darling Ingredients, Inc.  *  

 

 

 

              229,285

 

 

 

 

 

 

 

              361,417

 

 

 

FOOD - 1.9 %

 

 

 

 

 

19,880

 

Inventure Foods, Inc.  *  

 

 

 

              244,524

 

 

 

 

 

 

 

 

 

 

 

HEALTHCARE - PRODUCTS - 3.4 %

 

 

 

 

3,280

 

Teleflex, Inc.

 

 

 

              349,779

 

2,260

 

West Pharmaceutical Services, Inc.

 

 

 

                95,123

 

 

 

 

 

 

 

              444,902

 

 

 

INSURANCE - 4.6 %

 

 

 

 

 

9,125

 

Federated National Holding Co.

 

 

 

              213,890

 

6,210

 

Horace Mann Educators Corp.

 

 

 

              181,394

 

3,912

 

Protective Life Corp.

 

 

 

              204,598

 

 

 

 

 

 

 

              599,882

 

 

 

INTERNET - 2.0 %

 

 

 

 

 

8,730

 

FTD Cos., Inc.  *  

 

 

 

              260,940

 

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING - 11.7 %

 

 

 

6,020

 

AO Smith Corp.

 

 

 

              297,268

 

3,970

 

AptarGroup, Inc.

 

 

 

              264,362

 

8,290

 

Barnes Group, Inc.

 

 

 

              309,880

 

3,495

 

Crane Co.

 

 

 

              259,014

 

5,238

 

EnPro Industries, Inc.  *  

 

 

 

              384,417

 

 

 

 

 

 

 

           1,514,941

 

 

 

OIL & GAS - 5.4 %

 

 

 

 

 

11,666

 

Stone Energy Corp.  *  

 

 

 

              517,854

 

29,221

 

VAALCO Energy, Inc.  *  

 

 

 

              189,937

 

 

 

 

 

 

 

              707,791

 

 

 

OIL & GAS SERVICES - 1.9 %

 

 

 

 

 

5,440

 

Hornbeck Offshore Services, Inc.  *  

 

 

 

              246,106

 

 

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS - 2.5 %

 

 

 

 

 

9,620

 

Prestige Brands Holdings, Inc.  *  

 

 

 

              329,004

 

 

 

 

 

 

 

 

 

 

 

REITS - 5.6 %

 

 

 

 

 

5,650

 

Colony Financial, Inc.

 

 

 

              125,204

 

7,340

 

LaSalle Hotel Properties

 

 

 

              242,147

 

4,820

 

Pebblebrook Hotel Trust

 

 

 

              171,303

 

2,292

 

PS Business Parks, Inc.

 

 

 

              192,963

 

 

 

 

 

 

 

              731,617

 

 

 

RETAIL - 2.5 %

 

 

 

 

 

5,320

 

CST Brands, Inc.

 

 

 

              175,932

 

7,980

 

Stage Stores, Inc.

 

 

 

              146,593

 

 

 

 

 

 

 

              322,525

 

 

 

SAVINGS & LOANS - 2.3 %

 

 

 

 

 

11,370

 

Capitol Federal Financial, Inc.

 

 

 

              137,577

 

5,760

 

First Defiance Financial Corp.

 

 

 

              162,605

 

 

 

 

 

 

 

              300,182

 

 

 

SEMICONDUCTORS - 4.4 %

 

 

 

 

 

24,880

 

Entegris, Inc.  *  

 

 

 

              285,374

 

32,550

 

Photronics, Inc.  *  

 

 

 

              286,114

 

 

 

 

 

 

 

              571,488

 

 

 

TELECOMMUNICATIONS - 1.4 %

 

 

 

 

 

4,640

 

NICE Systems Ltd. - ADR

 

 

 

              182,027

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 3.0 %

 

 

 

 

 

1,033

 

Old Dominion Freight Line, Inc.  *  

 

 

 

                66,071

 

7,440

 

Saia, Inc.  *  

 

 

 

              324,235

 

 

 

 

 

 

 

              390,306

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $8,924,470)

 

        12,372,569

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 5.2 %

 

 

 

 

681,237

 

Milestone Treasury Obligations Portfolio, Institutional Class

              681,237

 

 

 

(Cost - $681,237)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 2.8 %

 

 

366,178

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $366,178)

 

 

 

366,178

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 103.1 % (Cost - $9,971,885) (a)

 $     13,419,984

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (3.1) %

 

            (410,444)

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     13,009,540

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $9,974,119 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $       3,597,251

 

 

 

 

 

 

Unrealized depreciation:

            (151,386)

 

 

 

 

 

 

Net unrealized appreciation:

 $       3,445,865

 




SCHEDULES OF INVESTMENTS

INTERNATIONAL EQUITY PORTFOLIO (Unaudited) 

 

 

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 97.3 %

 

 

 

 

 

 

 

AGRICULTURE - 2.0 %

 

 

 

 

 

1,820

 

Philip Morris International, Inc.

 

 

 

 $           161,143

 

 

 

 

 

 

 

 

 

 

 

APPAREL - 1.5 %

 

 

 

 

 

606

 

LVMH Moet Hennessy Louis Vuitton SA

 

 

              120,637

 

 

 

 

 

 

 

 

 

 

 

AUTO MANUFACTURERS - 2.9 %

 

 

 

 

 

4,450

 

Honda Motor Co. Ltd.

 

 

 

              156,294

 

1,410

 

Kia Motors Corp.

 

 

 

                81,429

 

 

 

 

 

 

 

              237,723

 

 

 

AUTO PARTS & EQUIPMENT - 1.3 %

 

 

 

 

4,480

 

Stanley Electric Co. Ltd.

 

 

 

              107,024

 

 

 

 

 

 

 

 

 

 

 

BANKS - 15.8 %

 

 

 

 

 

1,523

 

BNP Paribas SA

 

 

 

              106,708

 

42,380

 

China Merchants Bank Co. Ltd.

 

 

 

                78,242

 

540

 

Credicorp Ltd.

 

 

 

                84,375

 

5,408

 

Credit Suisse Group AG

 

 

 

              160,843

 

8,610

 

DBS Group Holdings Ltd.

 

 

 

              116,130

 

3,440

 

Deutsche Bank AG

 

 

 

              139,423

 

2,550

 

National Australia Bank Ltd. - ADR

 

 

 

                79,635

 

7,540

 

Powszechna Kasa Oszczednosci Bank Polski SA

 

              101,038

 

23,200

 

Resona Holdings, Inc.

 

 

 

              121,947

 

7,145

 

Standard Chartered PLC

 

 

 

              160,916

 

34,500

 

Sumitomo Mitsui Trust Holdings Inc.

 

 

 

              140,121

 

 

 

 

 

 

 

           1,289,378

 

 

 

CHEMICALS - 8.0 %

 

 

 

 

 

830

 

Air Liquide SA

 

 

 

              120,961

 

2,050

 

Evonik Industries AG

 

 

 

                80,942

 

10,840

 

Israel Chemicals Ltd.

 

 

 

                95,711

 

5,160

 

Lintec Corp.

 

 

 

                95,642

 

305

 

Syngenta AG

 

 

 

              117,566

 

15,590

 

Taiyo Nippon Sanso Corp.

 

 

 

              137,333

 

 

 

 

 

 

 

              648,155

 

 

 

COMMERCIAL SERVICES - 1.1 %

 

 

 

 

 

14,032

 

Serco Group PLC

 

 

 

                87,667

 

 

 

 

 

 

 

 

 

 

 

COMPUTERS - 2.0 %

 

 

 

 

 

1,150

 

Cap Gemini SA

 

 

 

                83,726

 

1,520

 

Infosys Ltd. - ADR

 

 

 

                78,174

 

 

 

 

 

 

 

              161,900

 

 

 

DISTRIBUTION/WHOLESALE - 1.9 %

 

 

 

 

3,460

 

GS Retail Co. Ltd.

 

 

 

                78,108

 

1,400

 

Wolseley PLC

 

 

 

                78,154

 

 

 

 

 

 

 

              156,262

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 2.0 %

 

 

 

22,410

 

Arrow Global Group PLC  *  

 

 

 

                89,191

 

10,950

 

Intermediate Capital Group PLC

 

 

 

                76,872

 

 

 

 

 

 

 

              166,063

 

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 1.3 %

 

 

 

37,270

 

Zhuzhou CSR Times Electric Co. Ltd.

 

 

 

              109,908

 

 

 

 

 

 

 

 

 

 

 

ELECTRONICS - 2.1 %

 

 

 

 

 

19,180

 

Toshiba Corp.

 

 

 

                79,090

 

11,000

 

TPK Holding Co. Ltd.

 

 

 

                89,097

 

 

 

 

 

 

 

              168,187

 

 

 

ENGINEERING & CONSTRUCTION - 1.0 %

 

 

 

25,920

 

Singapore Technologies Engineering Ltd.

 

 

                80,062

 

 

 

 

 

 

 

 

 

 

 

ENTERTAINMENT - 0.9 %

 

 

 

 

 

37,750

 

Bwin.Party Digital Entertainment PLC

 

 

                75,773

 

 

 

 

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 1.3 %

 

 

 

18,000

 

Cleanaway Co. Ltd.

 

 

 

              106,833

 

 

 

 

 

 

 

 

 

 

 

FOOD - 4.7 %

 

 

 

 

 

70,764

 

First Pacific Co. Ltd/Hong Kong

 

 

 

                80,155

 

4,700

 

Jeronimo Martins SGPS SA

 

 

 

                80,371

 

1,530

 

Nestle SA

 

 

 

              120,298

 

2,351

 

Pinar SUT Mamulleri Sanayii AS

 

 

 

                19,268

 

15,470

 

Tesco PLC

 

 

 

                78,800

 

 

 

 

 

 

 

              378,892

 

 

 

HEALTHCARE-PRODUCTS - 2.3 %

 

 

 

 

4,270

 

Getinge AB

 

 

 

              109,987

 

7,620

 

Hengan International Group Co. Ltd.

 

 

 

                81,003

 

 

 

 

 

 

 

              190,990

 

 

 

HOME FURNISHINGS - 2.1 %

 

 

 

 

 

2,910

 

Electrolux AB

 

 

 

                73,469

 

6,080

 

Sony Corp. - ADR

 

 

 

                98,374

 

 

 

 

 

 

 

              171,843

 

 

 

INSURANCE - 3.5 %

 

 

 

 

 

7,420

 

Phoenix Group Holdings

 

 

 

                80,960

 

10,770

 

Ping An Insurance Group Co. of China Ltd.

 

                83,479

 

3,830

 

Tokio Marine Holdings, Inc.

 

 

 

              121,785

 

 

 

 

 

 

 

              286,224

 

 

 

IRON/STEEL - 1.7 %

 

 

 

 

 

10,670

 

Vale SA - ADR

 

 

 

              136,042

 

 

 

 

 

 

 

 

 

 

 

LODGING - 1.0 %

 

 

 

 

 

24,000

 

MGM China Holdings Ltd.

 

 

 

                83,791

 

 

 

 

 

 

 

 

 

 

 

MACHINERY-CONSTRUCTION & MINING - 1.7 %

 

 

 

6,170

 

Komatsu Ltd.

 

 

 

              134,508

 

 

 

 

 

 

 

 

 

 

 

MACHINERY-DIVERSIFIED - 2.9 %

 

 

 

 

1,800

 

Andritz AG

 

 

 

              107,296

 

5,890

 

Nabtesco Corp.

 

 

 

              128,213

 

 

 

 

 

 

 

              235,509

 

 

 

METAL FABRICATE/HARDWARE - 2.2 %

 

 

 

4,200

 

SKF AB

 

 

 

              107,940

 

1,350

 

Vallourec SA

 

 

 

                73,514

 

 

 

 

 

 

 

              181,454

 

 

 

MINING - 3.8 %

 

 

 

 

 

4,910

 

BHP Billiton PLC

 

 

 

              154,003

 

4,010

 

Orica Ltd.

 

 

 

                73,502

 

2,620

 

Southern Copper Corp.

 

 

 

                77,866

 

 

 

 

 

 

 

              305,371

 

 

 

MISCELLANEOUS MANUFACTURING - 2.4 %

 

 

 

32,680

 

Bombardier Inc.

 

 

 

              111,060

 

5,360

 

Nikon Corp.

 

 

 

                85,330

 

 

 

 

 

 

 

              196,390

 

 

 

OFFICE/BUSINESS EQUIPMENT - 1.2 %

 

 

 

1,180

 

Neopost SA

 

 

 

                94,739

 

 

 

 

 

 

 

 

 

 

 

OIL & GAS - 5.3 %

 

 

 

 

 

3,640

 

Encana Corp.

 

 

 

                84,647

 

101,020

 

PetroChina Co. Ltd.

 

 

 

              120,881

 

3,270

 

Royal Dutch Shell PLC

 

 

 

              128,644

 

2,310

 

Transocean Ltd.

 

 

 

                98,152

 

 

 

 

 

 

 

              432,324

 

 

 

OIL & GAS SERVICES - 2.5 %

 

 

 

 

 

5,930

 

AMEC PLC

 

 

 

              120,204

 

138,000

 

SPT Energy Group, Inc.

 

 

 

                84,252

 

 

 

 

 

 

 

              204,456

 

 

 

PACKAGING & CONTAINERS - 1.1 %

 

 

 

 

108,730

 

Greatview Aseptic Packaging Co. Ltd.

 

 

 

                86,194

 

 

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS - 4.6 %

 

 

 

 

 

463

 

Roche Holding AG

 

 

 

              136,669

 

1,320

 

Sanofi

 

 

 

              141,234

 

1,870

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

                94,416

 

 

 

 

 

 

 

              372,319

 

 

 

REAL ESTATE - 1.3 %

 

 

 

 

 

39,180

 

China Overseas Land & Investment Ltd.

 

 

              102,355

 

 

 

 

 

 

 

 

 

 

 

SOFTWARE - 4.5 %

 

 

 

 

 

16,630

 

Playtech Plc

 

 

 

              190,518

 

1,280

 

SAP AG

 

 

 

                98,066

 

95,107

 

Travelsky Technology Ltd.

 

 

 

                81,039

 

 

 

 

 

 

 

              369,623

 

 

 

TELECOMMUNICATIONS - 1.8 %

 

 

 

 

 

50,060

 

China Unicom Hong Kong Ltd.

 

 

 

                74,866

 

6,200

 

Tele2 AB

 

 

 

                73,539

 

1

 

Verizon Communications, Inc.

 

 

 

                        39

 

1

 

Vodafone Group PLC

 

 

 

                          3

 

 

 

 

 

 

 

              148,447

 

 

 

TEXTILES - 1.6 %

 

 

 

 

 

20,730

 

Toray Industries, Inc.

 

 

 

              132,656

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $7,624,058)

 

           7,920,842

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.9 %

 

 

 

 

152,570

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

              152,570

 

 

 

(Cost - $152,570)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.2 % (Cost - $7,776,628)(a)

 

 $       8,073,412

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - 0.8 %

 

                68,822

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $       8,142,234

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $7,856,069 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $           548,697

 

 

 

 

 

 

Unrealized depreciation:

 $         (331,354)

 

 

 

 

 

 

Net unrealized appreciation:

 $           217,343

 




SCHEDULES OF INVESTMENTS

HEALTH & BIOTECHNOLOGY PORTFOLIO (Unaudited)

 

 

 

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 97.6 %

 

 

 

 

 

 

 

BIOTECHNOLOGY - 4.5 %

 

 

 

 

 

8,400

 

Amgen, Inc.

 

 

 

 $           974,316

 

 

 

 

 

 

 

 

 

 

 

DISTRIBUTION/WHOLESALE - 3.2 %

 

 

 

 

19,520

 

Owens & Minor, Inc.

 

 

 

              676,954

 

 

 

 

 

 

 

 

 

 

 

ELECTRONICS - 6.6 %

 

 

 

 

 

12,700

 

Agilent Technologies, Inc.

 

 

 

              723,138

 

7,000

 

Waters Corp.  *  

 

 

 

              701,120

 

 

 

 

 

 

 

           1,424,258

 

 

 

HEALTHCARE-PRODUCTS - 29.9 %

 

 

 

 

7,600

 

Becton Dickinson and Co.

 

 

 

              894,520

 

38,300

 

Boston Scientific Corp.  *  

 

 

 

              491,389

 

9,200

 

CareFusion Corp.  *  

 

 

 

              394,956

 

6,900

 

Covidien PLC

 

 

 

              504,459

 

7,800

 

CR Bard, Inc.

 

 

 

           1,153,698

 

6,100

 

Greatbatch, Inc.  *  

 

 

 

              284,931

 

13,600

 

Medtronic, Inc.

 

 

 

              830,008

 

10,000

 

Patterson Cos., Inc.

 

 

 

              391,600

 

6,600

 

Stryker Corp.

 

 

 

              557,634

 

4,600

 

Techne Corp.

 

 

 

              403,834

 

5,000

 

Zimmer Holdings, Inc.

 

 

 

              521,750

 

 

 

 

 

 

 

           6,428,779

 

 

 

HEALTHCARE-SERVICES - 4.8 %

 

 

 

 

 

3,500

 

UnitedHealth Group, Inc.

 

 

 

              278,705

 

7,000

 

WellPoint, Inc.

 

 

 

              758,520

 

 

 

 

 

 

 

           1,037,225

 

 

 

PHARMACEUTICALS - 48.6 %

 

 

 

 

 

15,000

 

AstraZeneca PLC - ADR

 

 

 

           1,083,000

 

17,300

 

Cardinal Health, Inc.

 

 

 

           1,221,899

 

13,400

 

Eli Lilly & Co.

 

 

 

              802,124

 

11,900

 

GlaxoSmithKline PLC - ADR +

 

 

 

              641,886

 

7,000

 

Johnson & Johnson

 

 

 

              710,220

 

525

 

Mallinckrodt PLC  *+

 

 

 

                40,824

 

5,600

 

McKesson Corp.

 

 

 

           1,061,984

 

15,200

 

Merck & Co., Inc.

 

 

 

              879,472

 

6,900

 

Novartis AG - ADR

 

 

 

              621,414

 

4,000

 

Omnicare, Inc.

 

 

 

              254,200

 

24,277

 

Pfizer, Inc.

 

 

 

              719,328

 

23,726

 

PharMerica Corp.  *  

 

 

 

              643,924

 

10,308

 

Sanofi - ADR

 

 

 

              549,416

 

14,575

 

Targacept, Inc.  *  

 

 

 

                54,656

 

12,000

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

              605,880

 

17,200

 

VCA Antech, Inc.  *  

 

 

 

              578,780

 

 

 

 

 

 

 

        10,469,007

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $13,047,443)

 

        21,010,539

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 2.3 %

 

 

 

 

508,300

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

              508,300

 

 

 

(Cost - $508,300)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 1.8 %

 

 

 

379,847

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $379,847)

 

 

 

379,847

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 101.7 % (Cost - $13,935,590) (a)

 

 $     21,898,686

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (1.7) %

 

            (366,389)

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     21,532,297

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,986,115 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $       8,032,131

 

 

 

 

 

 

Unrealized depreciation:

            (119,560)

 

 

 

 

 

 

Net unrealized appreciation:

 $       7,912,571

 




SCHEDULES OF INVESTMENTS

TECHNOLOGY & COMMUNICATIONS PORTFOLIO (Unaudited)

 

 

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 92.2 %

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 4.0 %

 

 

 

 

 

15,790

 

Northrop Grumman Corp.

 

 

 

 $       1,919,274

 

 

 

 

 

 

 

 

 

 

 

BIOTECHNOLOGY - 0.5 %

 

 

 

 

 

1,590

 

Illumina, Inc.  *  

 

 

 

              251,617

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL SERVICES - 2.0 %

 

 

 

 

 

3,830

 

Alliance Data Systems Corp.  *  

 

 

 

              980,671

 

 

 

 

 

 

 

 

 

 

 

COMPUTERS - 26.3 %

 

 

 

 

 

12,110

 

Accenture PLC

 

 

 

              986,360

 

7,638

 

Apple, Inc.

 

 

 

           4,834,854

 

14,920

 

Cognizant Technology Solutions Corp.  *  

 

 

              725,261

 

50,653

 

EMC Corp.

 

 

 

           1,345,344

 

4,610

 

International Business Machines Corp.

 

 

              849,900

 

18,450

 

Lexmark International, Inc.

 

 

 

              804,236

 

15,400

 

NetApp, Inc.

 

 

 

              569,954

 

42,700

 

Unisys Corp.  *  

 

 

 

           1,002,169

 

16,600

 

Western Digital Corp.

 

 

 

           1,458,310

 

 

 

 

 

 

 

        12,576,388

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 1.8 %

 

 

 

4,027

 

Visa, Inc.

 

 

 

              865,120

 

 

 

 

 

 

 

 

 

 

 

ELECTRONICS - 1.5 %

 

 

 

 

 

10,816

 

InvenSense, Inc.  * +

 

 

 

              208,749

 

13,832

 

Trimble Navigation Ltd.  *  

 

 

 

              498,920

 

 

 

 

 

 

 

              707,669

 

 

 

HEALTHCARE-PRODUCTS - 0.5 %

 

 

 

 

9,170

 

Natus Medical, Inc.  *  

 

 

 

              226,041

 

 

 

 

 

 

 

 

 

 

 

INTERNET - 22.1 %

 

 

 

 

 

3,042

 

Amazon.com, Inc.  *  

 

 

 

              950,777

 

27,957

 

Angie's List, Inc.  * +

 

 

 

              297,742

 

3,615

 

Baidu, Inc. - ADR  *  

 

 

 

              600,090

 

3,659

 

F5 Networks, Inc.  *  

 

 

 

              397,184

 

7,926

 

Facebook, Inc.  *  

 

 

 

              501,716

 

3,969

 

Google, Inc.  *  

 

 

 

           2,226,530

 

3,969

 

Google, Inc.   *  

 

 

 

           2,268,879

 

8,243

 

IAC/InterActiveCorp

 

 

 

              545,769

 

1,456

 

LinkedIn Corp.  *  

 

 

 

              233,091

 

5,440

 

Mail.ru Group Ltd. - GDR  *  

 

 

 

              185,178

 

8,946

 

MercadoLibre, Inc. +

 

 

 

              761,036

 

6,490

 

Shutterfly, Inc.  *  

 

 

 

              266,999

 

5,610

 

Splunk, Inc.  *  

 

 

 

              234,835

 

49,100

 

Symantec Corp.

 

 

 

           1,079,709

 

 

 

 

 

 

 

        10,549,535

 

 

 

MACHINERY-DIVERSIFIED - 0.4 %

 

 

 

 

2,881

 

Zebra Technologies Corp.  *  

 

 

 

              214,058

 

 

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS - 9.3 %

 

 

 

 

 

14,500

 

Intel Corp.

 

 

 

              396,140

 

15,420

 

KLA-Tencor Corp.

 

 

 

           1,010,318

 

5,430

 

Lam Research Corp.  *  

 

 

 

              336,877

 

33,000

 

Marvell Technology Group Ltd.

 

 

 

              513,810

 

19,551

 

QLogic Corp.  *  

 

 

 

              194,337

 

15,255

 

QUALCOMM, Inc.

 

 

 

           1,227,265

 

15,930

 

Xilinx, Inc.

 

 

 

              748,073

 

 

 

 

 

 

 

           4,426,820

 

 

 

 

 

 

 

 

 

 

 

SOFTWARE - 14.1 %

 

 

 

 

 

26,300

 

CA, Inc.

 

 

 

              754,547

 

11,190

 

Check Point Software Technologies Ltd.  *  

 

              721,531

 

13,315

 

Cvent, Inc.  * +

 

 

 

              333,141

 

8,533

 

Guidewire Software, Inc.  *  

 

 

 

              322,291

 

24,900

 

Microsoft Corp.

 

 

 

           1,019,406

 

26,000

 

Oracle Corp.

 

 

 

           1,092,520

 

5,404

 

Proofpoint, Inc.  *  

 

 

 

              172,496

 

8,520

 

Salesforce.com, Inc.  *  

 

 

 

              448,408

 

1,905

 

Tableau Software, Inc.  *  

 

 

 

              110,566

 

2,276

 

Ultimate Software Group, Inc.  *  

 

 

 

              289,348

 

15,154

 

Vmware, Inc.  *  

 

 

 

           1,462,361

 

 

 

 

 

 

 

           6,726,615

 

 

 

TELECOMMUNICATIONS - 9.7 %

 

 

 

 

 

33,470

 

Amdocs Ltd.

 

 

 

           1,610,576

 

58,900

 

Cisco Systems, Inc.

 

 

 

           1,450,118

 

14,241

 

Fortinet, Inc.  *  

 

 

 

              319,995

 

4,456

 

LogMeIn, Inc.  *  

 

 

 

              189,692

 

8,137

 

Palo Alto Networks, Inc.  *  

 

 

 

              609,543

 

35,137

 

Polycom, Inc.  *  

 

 

 

              447,997

 

 

 

 

 

 

 

           4,627,921

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $30,816,710)

 

        44,071,729

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 4.8 %

 

 

 

 

2,276,279

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

           2,276,279

 

 

 

(Cost - $2,276,279)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 3.0 %

 

 

 

1,423,586

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $1,423,586)

 

 

 

1,423,586

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 100.0 % (Cost - $34,516,575) (a)

 

 $     47,771,594

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - 0.0 %

 

                12,786

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $     47,784,380

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 GDR - Global Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $34,678,809 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $     13,715,905

 

 

 

 

Unrealized depreciation:

            (623,120)

 

 

 

 

Net unrealized appreciation:

 $     13,092,785

 



SCHEDULES OF INVESTMENTS

ENERGY & BASIC MATERIALS PORTFOLIO (Unaudited)

 

 

 

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 Value

 

 

 

COMMON STOCK - 96.0 %

 

 

 

 

 

 

 

BUILDING MATERIALS - 3.3 %

 

 

 

 

 

2,715

 

Vulcan Materials Co.

 

 

 

 $           165,534

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS - 9.1 %

 

 

 

 

 

2,390

 

Dow Chemical Co.

 

 

 

              124,567

 

1,327

 

LyondellBasell Industries NV

 

 

 

              132,129

 

1,476

 

Praxair, Inc.

 

 

 

              195,186

 

 

 

 

 

 

 

              451,882

 

 

 

ELECTRIC - 2.8 %

 

 

 

 

 

4,062

 

MDU Resources Group, Inc.

 

 

 

              137,621

 

 

 

 

 

 

 

 

 

 

 

MACHINERY-CONSTRUCTION & MINING - 1.7 %

 

 

 

2,132

 

Terex Corp.

 

 

 

                81,997

 

 

 

 

 

 

 

 

 

 

 

MACHINERY-DIVERSIFIED - 1.6 %

 

 

 

 

1,070

 

Chart Industries, Inc.  *  

 

 

 

                76,922

 

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING - 1.8 %

 

 

 

1,235

 

Eaton Corp. PLC

 

 

 

                91,007

 

 

 

 

 

 

 

 

 

 

 

OIL & GAS - 59.0 %

 

 

 

 

 

3,400

 

Africa Oil Corp.  *  

 

 

 

                24,268

 

14,300

 

Bankers Petroleum Ltd.  *  

 

 

 

                85,737

 

7,082

 

BG Group PLC

 

 

 

              145,038

 

14,400

 

Canacol Energy Ltd.  *  

 

 

 

                95,620

 

3,662

 

Canadian Natural Resources Ltd.

 

 

 

              148,933

 

1,267

 

Cheniere Energy, Inc.  *  

 

 

 

                86,295

 

2,112

 

Energen Corp.

 

 

 

              180,323

 

8,114

 

EP Energy Corp.  *  

 

 

 

              162,767

 

2,401

 

Exxon Mobil Corp.

 

 

 

              241,372

 

4,381

 

Genel Energy PLC  *  

 

 

 

                77,671

 

3,342

 

Gulfport Energy Corp.  *  

 

 

 

              205,633

 

24,629

 

Lekoil Ltd.  *  

 

 

 

                29,950

 

7,872

 

Magnum Hunter Resources Corp.  *  

 

 

 

                60,299

 

2,982

 

Noble Energy, Inc.

 

 

 

              214,913

 

5,893

 

Ophir Energy PLC  *  

 

 

 

                25,403

 

1,919

 

PDC Energy, Inc.  *  

 

 

 

              123,181

 

3,051

 

QEP Resources, Inc.

 

 

 

                97,449

 

1,346

 

Range Resources Corp.

 

 

 

              125,111

 

3,351

 

Rice Energy, Inc.  *  

 

 

 

              106,327

 

1,102

 

Royal Dutch Shell PLC - ADR

 

 

 

                86,617

 

2,600

 

Stone Energy Corp.  *  

 

 

 

              115,414

 

4,923

 

Suncor Energy, Inc.

 

 

 

              189,683

 

4,270

 

Valero Energy Corp.

 

 

 

              239,333

 

1,226

 

Western Refining, Inc.

 

 

 

                50,291

 

 

 

 

 

 

 

           2,917,628

 

 

 

OIL & GAS SERVICES - 9.0 %

 

 

 

 

 

973

 

Dril-Quip, Inc.  *  

 

 

 

                99,460

 

2,956

 

Forum Energy Technologies, Inc.  *  

 

 

 

                97,666

 

1,555

 

Halliburton Co.

 

 

 

              100,515

 

1,445

 

Schlumberger Ltd.

 

 

 

              150,338

 

 

 

 

 

 

 

              447,979

 

 

 

PACKAGING & CONTAINERS - 3.8 %

 

 

 

 

5,726

 

Sealed Air Corp.

 

 

 

              188,557

 

 

 

 

 

 

 

 

 

 

 

PIPELINES - 3.0 %

 

 

 

 

 

3,079

 

Enbridge, Inc.

 

 

 

              146,222

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 0.9 %

 

 

 

 

 

1,863

 

Navigator Holdings Ltd.  *  

 

 

 

                45,718

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $3,913,590)

 

           4,751,067

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 3.0 %

 

 

 

 

147,788

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

              147,788

 

 

 

(Cost - $147,788)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.0 % (Cost - $4,061,378) (a)

 

 $       4,898,855

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - 1.0 %

 

                47,500

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $       4,946,355

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 ADR - American Depository Receipt.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $4,077,532 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $           896,679

 

 

 

 

 

 

Unrealized depreciation:

              (75,356)

 

 

 

 

 

 

Net unrealized appreciation:

 $           821,323

 




SCHEDULES OF INVESTMENTS

FINANCIAL SERVICES PORTFOLIO (Unaudited)

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Value

 

 

 

COMMON STOCK - 97.1 %

 

 

 

 

 

 

 

BANKS - 50.4 %

 

 

 

 

 

4,385

 

Bank of America Corp.

 

 

 

 $             66,389

 

5,440

 

Barclays PLC

 

 

 

                22,537

 

1,842

 

Citigroup, Inc.

 

 

 

                87,624

 

1,429

 

Fifth Third Bancorp

 

 

 

                29,566

 

470

 

Goldman Sachs Group, Inc.

 

 

 

                75,111

 

4,532

 

HSBC Holdings PLC

 

 

 

                47,829

 

1,408

 

JPMorgan Chase & Co.

 

 

 

                78,243

 

440

 

M&T Bank Corp.

 

 

 

                53,403

 

485

 

PacWest Bancorp

 

 

 

                19,604

 

605

 

PNC Financial Services Group, Inc.

 

 

 

                51,588

 

817

 

Standard Chartered PLC

 

 

 

                18,397

 

580

 

State Street Corp.

 

 

 

                37,857

 

1,143

 

SunTrust Banks, Inc.

 

 

 

                43,800

 

405

 

Texas Capital Bancshares, Inc.  *  

 

 

 

                20,736

 

600

 

Toronto-Dominion Bank

 

 

 

                29,707

 

1,193

 

UBS AG

 

 

 

                23,988

 

1,972

 

US Bancorp

 

 

 

                83,199

 

2,230

 

Wells Fargo & Co.

 

 

 

              113,239

 

 

 

 

 

 

 

              902,817

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 19.5 %

 

 

 

761

 

American Express Co.

 

 

 

                69,631

 

378

 

Ameriprise Financial, Inc.

 

 

 

                42,567

 

196

 

BlackRock, Inc.

 

 

 

                59,760

 

840

 

Discover Financial Services

 

 

 

                49,669

 

699

 

Franklin Resources, Inc.

 

 

 

                38,592

 

114

 

IntercontinentalExchange Group, Inc.

 

 

 

                22,390

 

1,067

 

Invesco Ltd.

 

 

 

                39,159

 

1,664

 

Navient Corp.  

 

 

 

                26,291

 

 

 

 

 

 

 

              348,059

 

 

 

INSURANCE - 22.5 %

 

 

 

 

 

528

 

ACE Ltd.

 

 

 

                54,759

 

1,187

 

American International Group, Inc.

 

 

 

                64,181

 

1,002

 

Berkshire Hathaway, Inc.  *  

 

 

 

              128,597

 

4,992

 

Legal & General Group PLC

 

 

 

                19,275

 

1,060

 

MetLife, Inc.

 

 

 

                53,986

 

519

 

Travelers Cos., Inc.

 

 

 

                48,500

 

1,001

 

Unum Group

 

 

 

                33,944

 

 

 

 

 

 

 

              403,242

 

 

 

REAL ESTATE - 1.0 %

 

 

 

 

 

610

 

CBRE Group, Inc.  *  

 

 

 

                18,202

 

 

 

 

 

 

 

 

 

 

 

REITS - 3.7 %

 

 

 

 

 

292

 

Simon Property Group, Inc.

 

 

 

                48,606

 

862

 

Washington Prime Group, Inc.  *  

 

 

 

                17,145

 

 

 

 

 

 

 

                65,751

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $1,140,851)

 

           1,738,071

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 2.2 %

 

 

 

 

39,221

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

                39,221

 

 

 

(Cost - $39,221)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.3 % (Cost - $1,180,072)(a)

 

           1,777,292

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - 0.7 %

 

                12,431

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

           1,789,723

 

 

 

 

 

 

 

 

 

 

 

 *  Non-income producing securities.

 

 

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.    Aggregate cost for federal tax purposes is $1,182,532 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $           611,397

 

 

 

 

 

 

Unrealized depreciation:

              (16,637)

 

 

 

 

 

 

Net unrealized appreciation:

 $           594,760

 



SCHEDULES OF INVESTMENTS

INVESTMENT QUALITY BOND PORTFOLIO (Unaudited)

May 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

Value

 

 

 

U.S. GOVERNMENT AND AGENCIES - 47.5 %

 

 

 

 

 

FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.6 %

 

 

 

 $     250,000

 

4.750%, 11/17/15 +

 

 

 

 $           266,596

 

        500,000

 

5.125%, 10/18/16

 

 

 

              553,827

 

 

 

 

 

 

 

              820,423

 

 

 

FEDERAL NATIONAL MORTGAGE ASSOCIATION - 14.3 %

 

 

 

        375,000

 

5.00%, 4/15/15

 

 

 

              390,963

 

        500,000

 

4.875%, 12/15/16

 

 

 

              553,356

 

        250,000

 

5.375%, 6/12/17

 

 

 

              283,663

 

 

 

 

 

 

 

           1,227,982

 

 

 

U.S. TREASURY NOTES - 23.6 %

 

 

 

 

 

        200,000

 

4.125%, 5/15/15

 

 

 

              207,610

 

        300,000

 

4.25%, 8/15/15

 

 

 

              314,789

 

        375,000

 

4.50%, 2/15/16

 

 

 

              402,026

 

        350,000

 

3.00%, 9/30/16

 

 

 

              370,344

 

        360,000

 

4.625%, 2/15/17

 

 

 

              398,334

 

        300,000

 

3.75%, 11/15/18

 

 

 

              331,430

 

 

 

 

 

 

 

           2,024,533

 

 

 

 

 

 

 

 

 

 

 

TOTAL U.S. GOVERNMENT AND AGENCIES (Cost - $4,002,586)

 

           4,072,938

 

 

 

 

 

 

 

 

 

 

 

CORPORATE BONDS & NOTES - 47.4 %

 

 

 

 

 

 

BANKS - 4.2 %

 

 

 

 

 

        325,000

 

BB&T Corp., 4.90%, 6/30/17

 

 

 

              356,125

 

 

 

 

 

 

 

 

 

 

 

BEVERAGES - 3.3 %

 

 

 

 

 

        166,000

 

Coca-Cola Co., 0.75%, 11/1/16

 

 

 

              166,245

 

        117,000

 

Diageo Capital PLC, 1.50%, 5/11/17

 

 

 

              118,492

 

 

 

 

 

 

 

              284,737

 

 

 

CHEMICALS - 1.9 %

 

 

 

 

 

        155,000

 

Dow Chemical Co., 4.125%, 11/15/21

 

 

 

              165,623

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 5.3 %

 

 

 

        100,000

 

American Express Credit Corp., 2.80%, 9/19/16

 

              104,490

 

        303,000

 

General Electric Capital Corp., 5.50%, 1/8/20

 

              352,111

 

 

 

 

 

 

 

              456,601

 

 

 

HEALTHCARE-PRODUCTS - 5.5 %

 

 

 

 

        325,000

 

CR Bard, Inc., 2.875%, 1/15/16

 

 

 

              337,455

 

        133,000

 

Medtronic, Inc., 3.625%, 3/15/24

 

 

 

              137,861

 

 

 

 

 

 

 

              475,316

 

 

 

INSURANCE - 6.6 %

 

 

 

 

 

        150,000

 

Berkshire Hathaway, Inc., 1.90%, 1/31/17

 

 

              154,056

 

        275,000

 

PartnerRe Finance B LLC, 5.50%, 6/1/20

 

 

              313,947

 

           85,000

 

Prudential Financial, Inc., 6.00%, 12/1/17

 

 

                97,659

 

 

 

 

 

 

 

              565,662

 

 

 

MACHINERY-CONSTRUCTION & MINING - 1.9 %

 

 

 

        158,000

 

Caterpillar Financial Services Corp., 1.00%, 11/25/16

 

              158,819

 

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING - 3.2 %

 

 

 

        240,000

 

Cooper US, Inc., 6.10%, 7/1/17

 

 

 

              271,136

 

 

 

 

 

 

 

 

 

 

 

OIL & GAS SERVICES - 3.4 %

 

 

 

 

 

        220,000

 

Weatherford International Ltd., 9.625%, 3/1/19

 

              290,970

 

 

 

 

 

 

 

 

 

 

 

PIPELINES - 2.2 %

 

 

 

 

 

        181,000

 

Energy Transfer Partners LP, 4.15%, 10/1/20

 

              192,757

 

 

 

 

 

 

 

 

 

 

 

REGIONAL - 2.3 %

 

 

 

 

 

        200,000

 

Province of Ontario Canada, 2.45%, 6/29/22

 

              196,278

 

 

 

 

 

 

 

 

 

 

 

REITS - 4.0 %

 

 

 

 

 

        325,000

 

Health Care REIT, Inc., 5.875%, 5/15/15

 

 

              340,887

 

 

 

 

 

 

 

 

 

 

 

RETAIL - 1.4 %

 

 

 

 

 

        125,000

 

Home Depot, Inc., 2.70%, 4/1/23

 

 

 

              121,566

 

 

 

 

 

 

 

 

 

 

 

SOFTWARE - 1.4 %

 

 

 

 

 

        118,000

 

Oracle Corp., 1.20%, 10/15/17

 

 

 

              117,854

 

 

 

 

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 0.8 %

 

 

 

 

 

           61,000

 

Verizon Communications, Inc., 4.50%, 9/15/20  

 

                67,423

 

 

 

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS & NOTES (Cost - $3,808,509)

 

           4,061,754

 

Shares

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 4.1 %

 

 

 

 

        355,657

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

              355,657

 

 

 

(Cost - $355,657)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 3.2 %

 

 

 

272,500

 

BNY Mellon Overnight Government Fund

 

 

 

 

(Cost - $272,500)

 

 

 

272,500

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 102.2 % (Cost - $8,439,252) (a)

 

 $       8,762,849

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES - (2.2) %

 

            (191,779)

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.0%

 

 

 

 $       8,571,070

 

 

 

 

 

 

 

 

 

 

 

 + All or a portion of the security is on loan.

 

 

 

 

 

 (a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $8,439,252 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation:

 $           327,211

 

 

 

 

 

 

Unrealized depreciation:

                (3,614)

 

 

 

 

 

 

Net unrealized appreciation:

 $           323,597

 



SCHEDULES OF INVESTMENTS

MUNICIPAL BOND PORTFOLIO (Unaudited)

 

May 31, 2014

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

Value

 

 

 

MUNICIPAL BONDS - 93.0 %

 

 

 

 

 

 

 

ALASKA - 3.3 %

 

 

 

 

 

 

 

Education - 3.3 %

 

 

 

 

 

 $       40,000

 

City of Anchorage Schools, Series A, 5.00%, 10/1/20

 

 

 $             44,126

 

 

 

 

 

 

 

 

 

 

 

ARIZONA - 3.5 %

 

 

 

 

 

 

 

General Obligation - 3.5 %

 

 

 

 

 

           40,000

 

Salt River Project Agricultural Improvement & Power District, 5.00%, 12/1/19

 

                47,796

 

 

 

 

 

 

 

 

 

 

 

CALIFORNIA - 4.9 %

 

 

 

 

 

 

 

Education - 4.9 %

 

 

 

 

 

           55,000

 

Alvord Unified School District, Series A, 5.90%, 2/1/20, MBIA

 

 

                66,202

 

 

 

 

 

 

 

 

 

 

 

DELAWARE - 6.4 %

 

 

 

 

 

 

 

General Obligation - 6.4 %

 

 

 

 

 

           40,000

 

County of New Castle DE, 4.00%, 7/15/21  

 

 

                45,650

 

           40,000

 

District of Columbia, Income Tax Secure Revenue, 5.00%, 12/1/14

 

 

                40,957

 

 

 

 

 

 

 

                86,607

 

 

 

FLORIDA - 3.4%

 

 

 

 

 

 

 

Education - 3.4 %

 

 

 

 

 

           40,000

 

Florida State Board of Education, 5.00%, 1/1/18

 

                45,878

 

 

 

 

 

 

 

 

 

 

 

IOWA - 4.0 %

 

 

 

 

 

 

 

Education - 4.0 %

 

 

 

 

 

           50,000

 

University of Iowa Revenue, 3.50%, 7/1/22

 

                54,062

 

 

 

 

 

 

 

 

 

 

 

KENTUCKY - 3.4 %

 

 

 

 

 

 

 

Education - 3.4 %

 

 

 

 

 

           45,000

 

Mercer County School District Finance Corp. School Building Revenue, 4.125%, 5/1/23

                46,399

 

 

 

 

 

 

 

 

 

 

 

LOUISIANA - 3.5 %

 

 

 

 

 

 

 

General Obligation - 3.5 %

 

 

 

 

 

           40,000

 

State of Louisiana Unref Bal- Ser, 5.00%, 9/1/19

 

                47,430

 

 

 

 

 

 

 

 

 

 

 

MASSACHUSETTS - 3.3 %

 

 

 

 

 

 

 

General Obligation - 3.3 %

 

 

 

 

 

           40,000

 

Massachusetts School Building Authority, 4.00%, 8/15/17

 

                44,260

 

 

 

 

 

 

 

 

 

 

 

MAINE - 3.6 %

 

 

 

 

 

 

 

Education - 3.6 %

 

 

 

 

 

           45,000

 

University of Maine System Revenue, 4.50%, 3/1/26

 

                48,235

 

 

 

 

 

 

 

 

 

 

 

MISSOURI - 4.2 %

 

 

 

 

 

 

 

Education - 4.2 %

 

 

 

 

 

           50,000

 

Kirksville R-III School District, 5.00%, 3/1/20

 

                56,754

 

 

 

 

 

 

 

 

 

 

 

NEW JERSEY - 3.4 %

 

 

 

 

 

 

 

General Obligation - 3.4 %

 

 

 

 

 

           40,000

 

Garden State Preservation Trust, 4.00%, 11/1/22

 

                45,400

 

 

 

 

 

 

 

 

 

 

 

NEW YORK -7.1 %

 

 

 

 

 

 

 

Education - 3.8 %

 

 

 

 

 

           50,000

 

Dunkirk City School, 3.50%, 6/15/23

 

 

 

                51,344

 

 

 

General Obligation - 3.3 %

 

 

 

 

 

           40,000

 

New York State Dormitory Authority, 5.00%, 12/15/16

 

                44,628

 

 

 

 

 

 

 

                95,972

 

 

 

NORTH CAROLINA - 3.8 %

 

 

 

 

 

 

 

Water/Sewer - 3.8 %

 

 

 

 

 

           50,000

 

Wilmington, NC Water & Sewer System Revenue, 5.00%, 6/1/23

 

 

                52,060

 

 

 

 

 

 

 

 

 

 

 

NORTH DAKOTA - 3.2 %

 

 

 

 

 

 

 

General Obligation - 3.2 %

 

 

 

 

 

           40,000

 

City of Fargo, 4.25%, 5/1/16

 

 

 

                42,972

 

 

 

 

 

 

 

 

 

 

 

OREGON - 3.4 %

 

 

 

 

 

 

 

General Obligation - 3.4 %

 

 

 

 

 

           40,000

 

City of Eugene OR Electric Utility System Revenue, 4.00%, 8/1/20

 

 

                45,407

 

 

 

 

 

 

 

 

 

 

 

SOUTH CAROLINA - 1.9 %

 

 

 

 

 

 

 

General Obligation - 1.9 %

 

 

 

 

 

           25,000

 

State of South Carolina, Economy Development, 4.50%, 12/1/14

 

                25,538

 

 

 

 

 

 

 

 

 

 

 

SOUTH DAKOTA - 3.0 %

 

 

 

 

 

 

 

General Obligation -  3.0 %

 

 

 

 

 

           40,000

 

Heartland Consumers Power District Electric, Revenue - Escrowed to Maturity, 6.00%, 1/1/17, FSA

                41,205

 

 

 

 

 

 

 

 

 

 

 

TENNESSEE - 3.3 %

 

 

 

 

 

 

 

General Obligation - 3.3 %

 

 

 

 

 

           40,000

 

Metropolitan Government of Nashville & Davidson County TN, 5.00%, 7/1/17

 

                45,223

 

 

 

 

 

 

 

 

 

 

 

TEXAS - 3.7 %

 

 

 

 

 

 

 

Water/Sewer - 3.7 %

 

 

 

 

 

           50,000

 

State Water Assistance, Series A, 4.50%, 8/1/22

 

                50,283

 

 

 

 

 

 

 

 

 

 

 

UTAH - 3.9 %

 

 

 

 

 

 

 

General Obligation - 3.9 %

 

 

 

 

 

           50,000

 

Salt Lake County Utah, 3.00%, 12/15/20

 

 

                52,886

 

 

 

 

 

 

 

 

 

 

 

WASHINGTON - 4.2 %

 

 

 

 

 

 

 

Water/Sewer - 4.2 %

 

 

 

 

 

           50,000

 

County of King WA Sewer Revenue, 4.00%, 1/1/20

 

 

                56,661

 

 

 

 

 

 

 

 

 

 

 

WEST VIRGINIA - 4.7 %

 

 

 

 

 

 

 

Housing - 4.7 %

 

 

 

 

 

           60,000

 

West Virginia Economic Development Authority - Series A, 4.00%, 6/15/26, MBIA

                64,279

 

 

 

 

 

 

 

 

 

 

 

WISCONSIN - 3.9 %

 

 

 

 

 

 

 

General Obligation - 3.9 %

 

 

 

 

 

           45,000

 

State of Wisconsin, 5.00%, 5/1/19

 

 

 

                52,986

 

 

 

 

 

 

 

 

 

 

 

TOTAL MUNICIPAL BONDS (Cost - $1,210,148)

 

           1,258,621

 

Shares

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 5.6 %

 

 

 

 

75,720

 

Milestone Treasury Obligations Portfolio, Institutional Class

 

                75,720

 

 

 

(Cost - $75,720)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 98.6 % (Cost - $1,285,868) (a)<