HICKORY FUND | |
Schedule of Investments | |
June 30, 2020 |
Common Stocks - 95.1% | ||||
% of Net | ||||
Communication Services | Assets | Shares | $ Value | |
Cable & Satellite | 11.6 | |||
Liberty Broadband Corp.* | ||||
Series A | 23,750 | 2,902,013 | ||
Series C | 77,500 | 9,606,900 | ||
Liberty SiriusXM Group* | ||||
Series A | 50,000 | 1,726,000 | ||
Series C | 180,000 | 6,201,000 | ||
Alternative Carriers | 9.8 | |||
Liberty Global plc - Class C* (c) | 300,000 | 6,453,000 | ||
GCI Liberty, Inc. - Class A* | 89,000 | 6,329,680 | ||
Liberty Latin America Ltd. - Class C* (c) | 475,000 | 4,484,000 | ||
Integrated Telecommunication Services | 6.1 | |||
LICT Corp.* | 638 | 10,782,200 | ||
Movies & Entertainment | 1.3 | |||
Liberty Braves Group* | ||||
Series A | 11,000 | 220,880 | ||
Series C | 105,000 | 2,072,700 | ||
28.8 | 50,778,373 | |||
Information Technology | ||||
Application Software | 11.7 | |||
Guidewire Software, Inc.* | 77,500 | 8,590,875 | ||
ACI Worldwide, Inc.* | 266,985 | 7,205,925 | ||
Box, Inc. - Class A* | 230,000 | 4,774,800 | ||
Data Processing & Outsourced Services | 3.1 | |||
Black Knight, Inc.* | 75,000 | 5,442,000 | ||
Electronic Components | 1.9 | |||
Dolby Laboratories, Inc. | 50,000 | 3,293,500 | ||
16.7 | 29,307,100 | |||
Industrials | ||||
Industrial Machinery | 4.8 | |||
Ingersoll Rand Inc.* | 200,000 | 5,624,000 | ||
IDEX Corp. | 17,500 | 2,765,700 | ||
Research & Consulting Services | 3.3 | |||
CoStar Group, Inc.* | 8,250 | 5,863,027 | ||
Aerospace & Defense | 2.4 | |||
HEICO Corp. - Class A | 52,000 | 4,224,480 | ||
10.5 | 18,477,207 | |||
Materials | ||||
Construction Materials | 7.1 | |||
Summit Materials, Inc. - Class A* | 325,000 | 5,226,000 | ||
Martin Marietta Materials, Inc. | 18,500 | 3,821,545 | ||
Vulcan Materials Co. | 30,000 | 3,475,500 | ||
Specialty Chemicals | 3.3 | |||
Axalta Coating Systems Ltd.* (c) | 255,000 | 5,750,250 | ||
10.4 | 18,273,295 | |||
Consumer Discretionary | ||||
Automotive Retail | 5.1 | |||
CarMax, Inc.* | 100,000 | 8,955,000 | ||
Distributors | 2.6 | |||
LKQ Corp.* | 175,000 | 4,585,000 |
$ Principal | ||||
% of Net | Amount | |||
Assets | or Shares | $ Value | ||
Internet & Direct Marketing Retail | 2.2 | |||
Qurate Retail, Inc. - Series A* | 400,000 | 3,800,000 | ||
9.9 | 17,340,000 | |||
Financials | ||||
Regional Banks | 2.9 | |||
First Hawaiian, Inc. | 300,000 | 5,172,000 | ||
Property & Casualty Insurance | 2.9 | |||
Markel Corp.* | 5,500 | 5,077,435 | ||
Mortgage REITs | 2.2 | |||
Redwood Trust, Inc. | 560,000 | 3,920,000 | ||
8.0 | 14,169,435 | |||
Health Care | ||||
Health Care Services | 4.5 | |||
Laboratory Corp. of America Holdings* | 47,500 | 7,890,225 | ||
Real Estate | ||||
Office REITs | 2.6 | |||
Equity Commonwealth | 145,000 | 4,669,000 | ||
Other | ||||
Other | 3.7 | |||
EverArc Holdings Ltd.* (c) (d) | 500,000 | 6,500,000 | ||
Total Common Stocks (Cost $116,710,102) | 167,404,635 | |||
Warrants - 0.1% | ||||
EverArc Holdings Ltd.* (c) (d) (e) (Cost $5,000) | 500,000 | 127,500 | ||
Cash Equivalents - 5.1% | ||||
U.S. Treasury Bills, 0.11% to 0.12%, 7/21/20 to 8/18/20(a) | 7,000,000 | 6,999,050 | ||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(b) | 1,966,568 | 1,966,568 | ||
Total Cash Equivalents (Cost $8,965,646) | 8,965,618 | |||
Total Investments in Securities (Cost $125,680,748) | 176,497,753 | |||
Other Liabilities in Excess of Other Assets - (0.3%) | (519,117) | |||
Net Assets - 100% | 175,978,636 | |||
Net Asset Value Per Share | 44.85 |
* Non-income producing | ||||
(a) Interest rates presented represent the yield to maturity at the date of purchase. | ||||
(b) Rate presented represents the annualized 7-day yield at June 30, 2020. | ||||
(c) Foreign domiciled entity | ||||
(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This | ||||
security may be resold in transactions that are exempt from registration, normally to | ||||
qualified institutional buyers. | ||||
(e) The expiration date has yet to be determined but will be set based on the terms outlined | ||||
in the prospectus. | ||||
This schedule of portfolio holdings is unaudited and is presented for informational | ||||
purposes only. Portfolio holdings are subject to change at any time and references to | ||||
specific securities are not recommendations to purchase or sell any particular security. | ||||
Current and future portfolio holdings are subject to risk. |
PARTNERS III OPPORTUNITY FUND | |
Schedule of Investments | |
June 30, 2020 |
Common Stocks - 91.4% | ||||
% of Net | ||||
Communication Services | Assets | Shares | $ Value | |
Interactive Media & Services | 11.1 | |||
Alphabet, Inc. - Class C* (c) | 24,000 | 33,926,640 | ||
Facebook, Inc. - Class A* (c) | 110,000 | 24,977,700 | ||
Cable & Satellite | 9.8 | |||
Liberty Broadband Corp.* (c) | ||||
Series A | 90,000 | 10,997,100 | ||
Series C | 150,000 | 18,594,000 | ||
Liberty SiriusXM Group* (c) | ||||
Series A | 200,000 | 6,904,000 | ||
Series C | 450,000 | 15,502,500 | ||
Alternative Carriers | 4.2 | |||
Liberty Global plc - Class C* (c) (d) | 1,040,000 | 22,370,400 | ||
25.1 | 133,272,340 | |||
Information Technology | ||||
Data Processing & Outsourced Services | 12.9 | |||
Mastercard Inc. - Class A(c) | 95,000 | 28,091,500 | ||
Visa Inc. - Class A | 140,000 | 27,043,800 | ||
Black Knight, Inc.* | 180,000 | 13,060,800 | ||
Application Software | 7.8 | |||
Intelligent Systems Corp.* † | 998,497 | 34,028,778 | ||
Box, Inc. - Class A* | 350,000 | 7,266,000 | ||
Semiconductors | 3.4 | |||
Texas Instruments, Inc.(c) | 140,000 | 17,775,800 | ||
24.1 | 127,266,678 | |||
Financials | ||||
Multi-Sector Holdings | 11.5 | |||
Berkshire Hathaway Inc. - Class B* (c) | 340,000 | 60,693,400 | ||
Property & Casualty Insurance | 5.6 | |||
Markel Corp.* (c) | 32,000 | 29,541,440 | ||
Investment Banking & Brokerage | 2.5 | |||
The Charles Schwab Corp. | 400,000 | 13,496,000 | ||
Insurance Brokers | 1.3 | |||
Aon plc - Class A(d) | 35,000 | 6,741,000 | ||
Mortgage REITs | 1.2 | |||
Redwood Trust, Inc.(c) | 900,000 | 6,300,000 | ||
22.1 | 116,771,840 | |||
Consumer Discretionary | ||||
Internet & Direct Marketing Retail | 4.9 | |||
Amazon.com, Inc.* (c) | 7,000 | 19,311,740 | ||
Qurate Retail, Inc. - Series A* (c) | 700,000 | 6,650,000 | ||
Automotive Retail | 2.4 | |||
CarMax, Inc.* (c) | 140,000 | 12,537,000 | ||
7.3 | 38,498,740 | |||
Health Care | ||||
Health Care Services | 3.8 | |||
Laboratory Corp. of America Holdings* (c) | 120,000 | 19,933,200 |
$ Principal | ||||
% of Net | Amount | |||
Materials | Assets | or Shares | $ Value | |
Construction Materials | 3.4 | |||
Summit Materials, Inc. - Class A* (c) | 780,000 | 12,542,400 | ||
Vulcan Meterials Co. | 45,000 | 5,213,250 | ||
3.4 | 17,755,650 | |||
Industrials | ||||
Research & Consulting Services | 1.9 | |||
CoStar Group, Inc.* | 14,000 | 9,949,380 | ||
Other | ||||
Other | 3.7 | |||
EverArc Holdings Ltd.* (d) (e) | 1,500,000 | 19,500,000 | ||
Total Common Stocks (Cost $246,311,966) | 482,947,828 | |||
Warrants - 0.1% | ||||
EverArc Holdings Ltd.* (d) (e) (f) (Cost $15,000) | 1,500,000 | 382,500 | ||
Cash Equivalents - 7.5% | ||||
U.S. Treasury Bills, 0.11% to 0.12%, 7/21/20 to 8/18/20(a) | 20,000,000 | 19,997,750 | ||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(b) | 19,693,594 | 19,693,594 | ||
Total Cash Equivalents (Cost $39,691,395) | 39,691,344 | |||
Total Investments in Securities (Cost $286,018,361) | 523,021,672 | |||
Due From Broker(c) - 15.8% | 83,549,606 | |||
Securities Sold Short - (16.1%) | (84,874,000) | |||
Options Written - (0.0%) | (91,000) | |||
Other Assets Less Other Liabilities - 1.3% | 6,980,164 | |||
Net Assets - 100% | 528,586,442 | |||
Net Asset Value Per Share - Investor Class | 13.55 | |||
Net Asset Value Per Share - Institutional Class | 14.23 | |||
Securities Sold Short - (16.1%) | ||||
Invesco QQQ Trust, Series 1 | 70,000 | (17,332,000) | ||
Sirius XM Holdings Inc. | 1,000,000 | (5,870,000) | ||
SPDR S&P 500 ETF Trust | 200,000 | (61,672,000) | ||
Total Securities Sold Short (proceeds $62,898,375) | (84,874,000) | |||
Shares | ||||
Options Written* - (0.0%) | subject | |||
$ Notional | to option | |||
Covered Call Options | ||||
CarMax Inc., Oct 2020 / $100 | 2,000,000 | 20,000 | (91,000) | |
Total Options Written (premiums received $156,008) | (91,000) | |||
* Non-income producing | |||
† Non-controlled affiliate | |||
(a) Interest rates presented represent the yield to maturity at the date of purchase. | |||
(b) Rate presented represents the annualized 7-day yield at June 30, 2020. | |||
(c) Fully or partially pledged as collateral on securities sold short and outstanding written options. | |||
(d) Foreign domiciled entity | |||
(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This | |||
security may be resold in transactions that are exempt from registration, normally to | |||
qualified institutional buyers. | |||
(f) The expiration date has yet to be determined but will be set based on the terms outlined | |||
in the prospectus. |
This schedule of portfolio holdings is unaudited and is presented for informational | ||
purposes only. Portfolio holdings are subject to change at any time and references to | ||
specific securities are not recommendations to purchase or sell any particular security. | ||
Current and future portfolio holdings are subject to risk. |
PARTNERS VALUE FUND | |
Schedule of Investments | |
June 30, 2020 |
Common Stocks - 96.5% | ||||
% of Net | ||||
Information Technology | Assets | Shares | $ Value | |
Data Processing & Outsourced Services | 11.1 | |||
Visa Inc. - Class A | 100,000 | 19,317,000 | ||
Mastercard Inc. - Class A | 55,000 | 16,263,500 | ||
Black Knight, Inc.* | 180,000 | 13,060,800 | ||
Application Software | 8.8 | |||
ACI Worldwide, Inc.* | 550,000 | 14,844,500 | ||
Guidewire Software, Inc.* | 125,000 | 13,856,250 | ||
Box, Inc. - Class A* | 450,000 | 9,342,000 | ||
Semiconductors | 2.9 | |||
Texas Instruments, Inc. | 100,000 | 12,697,000 | ||
Systems Software | 2.9 | |||
Oracle Corp. | 225,000 | 12,435,750 | ||
25.7 | 111,816,800 | |||
Communication Services | ||||
Cable & Satellite | 10.2 | |||
Liberty Broadband Corp.* | ||||
Series A | 65,000 | 7,942,350 | ||
Series C | 140,000 | 17,354,400 | ||
Liberty SiriusXM Group* | ||||
Series A | 120,000 | 4,142,400 | ||
Series C | 435,000 | 14,985,750 | ||
Interactive Media & Services | 9.4 | |||
Alphabet, Inc. - Class C* | 18,400 | 26,010,424 | ||
Facebook, Inc. - Class A* | 65,000 | 14,759,550 | ||
Alternative Carriers | 5.6 | |||
Liberty Global plc - Class C* (c) | 725,000 | 15,594,750 | ||
Liberty Latin America Ltd. - Class C* (c) | 950,000 | 8,968,000 | ||
25.2 | 109,757,624 | |||
Financials | ||||
Multi-Sector Holdings | 6.4 | |||
Berkshire Hathaway Inc. - Class B* | 155,000 | 27,669,050 | ||
Insurance Brokers | 3.3 | |||
Aon plc - Class A(c) | 75,000 | 14,445,000 | ||
Investment Banking & Brokerage | 3.1 | |||
The Charles Schwab Corp. | 400,000 | 13,496,000 | ||
Property & Casualty Insurance | 3.1 | |||
Markel Corp.* | 14,500 | 13,385,965 | ||
Mortgage REITs | 1.9 | |||
Redwood Trust, Inc. | 1,200,000 | 8,400,000 | ||
17.8 | 77,396,015 | |||
Materials | ||||
Construction Materials | 7.7 | |||
Vulcan Materials Co. | 130,000 | 15,060,500 | ||
Summit Materials, Inc. - Class A* | 600,000 | 9,648,000 | ||
Martin Marietta Materials, Inc. | 42,500 | 8,779,225 | ||
Specialty Chemicals | 2.4 | |||
Axalta Coating Systems Ltd.* (c) | 465,000 | 10,485,750 | ||
10.1 | 43,973,475 |
$ Principal | ||||
% of Net | Amount | |||
Industrials | Assets | or Shares | $ Value | |
Research & Consulting Services | 3.6 | |||
CoStar Group, Inc.* | 22,000 | 15,634,740 | ||
Aerospace & Defense | 2.2 | |||
HEICO Corp. - Class A | 120,000 | 9,748,800 | ||
Industrial Machinery | 1.5 | |||
IDEX Corp. | 40,000 | 6,321,600 | ||
7.3 | 31,705,140 | |||
Consumer Discretionary | ||||
Automotive Retail | 3.5 | |||
CarMax, Inc.* | 170,000 | 15,223,500 | ||
Distributors | 2.5 | |||
LKQ Corp.* | 425,000 | 11,135,000 | ||
6.0 | 26,358,500 | |||
Health Care | ||||
Health Care Services | 4.4 | |||
Laboratory Corp. of America Holdings* | 115,000 | 19,102,650 | ||
Total Common Stocks (Cost $277,626,645) | 420,110,204 | |||
Cash Equivalents - 3.3% | ||||
U.S. Treasury Bills, 0.11% to 0.12%, 7/21/20 to 8/18/20(a) | 8,000,000 | 7,998,991 | ||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(b) | 6,523,958 | 6,523,958 | ||
Total Cash Equivalents (Cost $14,522,977) | 14,522,949 | |||
Total Investments in Securities (Cost $292,149,622) | 434,633,153 | |||
Other Assets Less Other Liabilities - 0.2% | 711,029 | |||
Net Assets - 100% | 435,344,182 | |||
Net Asset Value Per Share - Investor Class | 26.56 | |||
Net Asset Value Per Share - Institutional Class | 27.02 |
* Non-income producing |
(a) Interest rates presented represent the yield to maturity at the date of purchase. |
(b) Rate presented represents the annualized 7-day yield at June 30, 2020. |
(c) Foreign domiciled entity |
This schedule of portfolio holdings is unaudited and is presented for informational |
purposes only. Portfolio holdings are subject to change at any time and references to |
specific securities are not recommendations to purchase or sell any particular security. |
Current and future portfolio holdings are subject to risk. |
VALUE FUND | ||||
Schedule of Investments | ||||
June 30, 2020 | ||||
Common Stocks - 95.5% | ||||
% of Net | ||||
Communication Services | Assets | Shares | $ Value | |
Interactive Media & Services | 12.2 | |||
Alphabet, Inc. - Class C* | 40,000 | 56,544,400 | ||
Facebook, Inc. - Class A* | 160,000 | 36,331,200 | ||
Cable & Satellite | 11.4 | |||
Liberty Broadband Corp. - Series C* | 365,000 | 45,245,400 | ||
Comcast Corp. - Class A | 560,000 | 21,828,800 | ||
Liberty SiriusXM Group - Series C* | 575,000 | 19,808,750 | ||
23.6 | 179,758,550 | |||
Information Technology | ||||
Data Processing & Outsourced Services | 8.4 | |||
Visa Inc. - Class A | 170,000 | 32,838,900 | ||
Mastercard Inc. - Class A | 105,000 | 31,048,500 | ||
Semiconductors | 4.0 | |||
Analog Devices, Inc. | 250,000 | 30,660,000 | ||
Systems Software | 3.8 | |||
Oracle Corp. | 525,000 | 29,016,750 | ||
Application Software | 3.4 | |||
salesforce.com, inc.* | 140,000 | 26,226,200 | ||
IT Consulting & Other Services | �� 2.7 | |||
Accenture plc - Class A(c) | 95,000 | 20,398,400 | ||
22.3 | 170,188,750 | |||
Financials | ||||
Multi-Sector Holdings | 6.2 | |||
Berkshire Hathaway Inc. - Class B* | 265,000 | 47,305,150 | ||
Insurance Brokers | 4.0 | |||
Aon plc - Class A(c) | 160,000 | 30,816,000 | ||
Investment Banking & Brokerage | 3.5 | |||
The Charles Schwab Corp. | 800,000 | 26,992,000 | ||
Diversified Banks | 3.0 | |||
JPMorgan Chase & Co. | 240,000 | 22,574,400 | ||
Financial Exchanges & Data | 2.7 | |||
S&P Global Inc. | 62,500 | 20,592,500 | ||
19.4 | 148,280,050 | |||
Health Care | ||||
Life Sciences Tools & Services | 4.7 | |||
Thermo Fisher Scientific Inc. | 100,000 | 36,234,000 | ||
Health Care Equipment | 4.3 | |||
Danaher Corp. | 185,000 | 32,713,550 | ||
Health Care Services | 3.3 | |||
Laboratory Corp. of America Holdings* | 150,000 | 24,916,500 | ||
12.3 | 93,864,050 | |||
$ Principal | ||||
% of Net | Amount | |||
Materials | Assets | or Shares | $ Value | |
Construction Materials | 3.6 | |||
Vulcan Materials Co. | 240,000 | 27,804,000 | ||
Industrial Gases | 2.8 | |||
Linde plc(c) | 100,000 | 21,211,000 | ||
6.4 | 49,015,000 | |||
Consumer Discretionary | ||||
Internet & Direct Marketing Retail | 3.2 | |||
Amazon.com, Inc.* | 9,000 | 24,829,380 | ||
Automotive Retail | 2.8 | |||
CarMax, Inc.* | 235,000 | 21,044,250 | ||
6.0 | 45,873,630 | |||
Industrials | ||||
Research & Consulting Services | 3.3 | |||
CoStar Group, Inc.* | 35,000 | 24,873,450 | ||
Consumer Staples | ||||
Distillers & Vintners | 2.2 | |||
Diageo plc - Sponsored ADR(c) | 125,000 | 16,798,750 | ||
Total Common Stocks (Cost $413,114,526) | 728,652,230 | |||
Cash Equivalents - 4.6% | ||||
U.S. Treasury Bills, 0.10% to 0.12%, 7/07/20 to 8/18/20(a) | 27,000,000 | 26,996,337 | ||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(b) | 8,403,288 | 8,403,288 | ||
Total Cash Equivalents (Cost $35,399,744) | 35,399,625 | |||
Total Investments in Securities (Cost $448,514,270) | 764,051,855 | |||
Other Liabilities in Excess of Other Assets - (0.1%) | (743,355) | |||
Net Assets - 100% | 763,308,500 | |||
Net Asset Value Per Share - Investor Class | 43.99 | |||
Net Asset Value Per Share - Institutional Class | 44.69 |
* Non-income producing | |
(a) Interest rates presented represent the yield to maturity at the date of purchase. | |
(b) Rate presented represents the annualized 7-day yield at June 30, 2020. | |
(c) Foreign domiciled entity | |
This schedule of portfolio holdings is unaudited and is presented for informational | |
purposes only. Portfolio holdings are subject to change at any time and references to | |
specific securities are not recommendations to purchase or sell any particular security. | |
Current and future portfolio holdings are subject to risk. |
BALANCED FUND | |
Schedule of Investments | |
June 30, 2020 |
Common Stocks - 40.7% | ||||
% of Net | ||||
Information Technology | Assets | Shares | $ Value | |
Systems Software | 3.8 | |||
Microsoft Corp. | 17,500 | 3,561,425 | ||
Oracle Corp. | 42,500 | 2,348,975 | ||
Data Processing & Outsourced Services | 3.5 | |||
Visa Inc. - Class A | 15,000 | 2,897,550 | ||
Mastercard Inc. - Class A | 9,250 | 2,735,225 | ||
Semiconductors | 2.4 | |||
Analog Devices, Inc. | 17,500 | 2,146,200 | ||
Texas Instruments, Inc. | 12,500 | 1,587,125 | ||
Application Software | 1.4 | |||
Guidewire Software, Inc.* | 20,000 | 2,217,000 | ||
IT Consulting & Other Services | 1.1 | |||
Accenture plc - Class A(d) | 8,000 | 1,717,760 | ||
12.2 | 19,211,260 | |||
Financials | ||||
Multi-Sector Holdings | 2.0 | |||
Berkshire Hathaway Inc. - Class B* | 18,000 | 3,213,180 | ||
Insurance Brokers | 1.8 | |||
Aon plc - Class A(d) | 15,000 | 2,889,000 | ||
Investment Banking & Brokerage | 1.6 | |||
The Charles Schwab Corp. | 75,000 | 2,530,500 | ||
Diversified Banks | 1.3 | |||
JPMorgan Chase & Co. | 22,000 | 2,069,320 | ||
Financial Exchanges & Data | 1.3 | |||
S&P Global Inc. | 6,000 | 1,976,880 | ||
Property & Casualty Insurance | 1.2 | |||
Markel Corp.* | 2,000 | 1,846,340 | ||
Mortgage REITs | 0.6 | |||
Redwood Trust, Inc. | 125,000 | 875,000 | ||
9.8 | 15,400,220 | |||
Health Care | ||||
Life Sciences Tools & Services | 2.3 | |||
Thermo Fisher Scientific Inc. | 10,000 | 3,623,400 | ||
Health Care Equipment | 1.7 | |||
Danaher Corp. | 15,000 | 2,652,450 | ||
Health Care Services | 1.6 | |||
Laboratory Corp. of America Holdings* | 15,000 | 2,491,650 | ||
5.6 | 8,767,500 | |||
Communication Services | ||||
Cable & Satellite | 2.7 | |||
Charter Communications, Inc. - Class A* | 5,000 | 2,550,200 | ||
Comcast Corp. - Class A | 45,000 | 1,754,100 | ||
Interactive Media & Services | 2.0 | |||
Alphabet, Inc. - Class C* | 2,200 | 3,109,942 | ||
4.7 | 7,414,242 |
$ Principal | ||||
% of Net | Amount | |||
Materials | Assets | or Shares | $ Value | |
Construction Materials | 2.7 | |||
Vulcan Materials Co. | 22,500 | 2,606,625 | ||
Martin Marietta Materials, Inc. | 8,000 | 1,652,560 | ||
Industrial Gases | 1.3 | |||
Linde plc(d) | 10,000 | 2,121,100 | ||
4.0 | 6,380,285 | |||
Industrials | ||||
Industrial Machinery | 2.2 | |||
IDEX Corp. | 11,000 | 1,738,440 | ||
Fortive Corp. | 25,000 | 1,691,500 | ||
Industrial Conglomerates | 1.0 | |||
Honeywell International Inc. | 11,000 | 1,590,490 | ||
3.2 | 5,020,430 | |||
Consumer Staples | ||||
Distillers & Vintners | 1.2 | |||
Diageo plc - Sponsored ADR(d) | 14,000 | 1,881,460 | ||
Total Common Stocks (Cost $40,999,926) | 64,075,397 | |||
Corporate Bonds - 7.6% | ||||
AutoZone, Inc. 3.625% 4/15/25 | 500,000 | 559,321 | ||
Bank of America Corp. 2.738% 1/23/22 | 1,331,000 | 1,346,005 | ||
Berkshire Hathaway Inc. | ||||
2.2% 3/15/21 | 500,000 | 506,027 | ||
Finance Corp. | ||||
4.25% 1/15/21 | 300,000 | 306,291 | ||
Broadcom Corp. 2.2% 1/15/21 | 1,000,000 | 1,007,650 | ||
First Republic Bank 2.5% 6/06/22 | 1,000,000 | 1,029,781 | ||
FLIR Systems, Inc. 3.125% 6/15/21 | 825,000 | 839,608 | ||
Goldman Sachs Group, Inc. 2.6% 12/27/20 | 500,000 | 504,981 | ||
JPMorgan Chase & Co. 3.375% 5/01/23 | 500,000 | 535,139 | ||
Manufacturers & Traders Trust Co. 2.625% 1/25/21 | 425,000 | 429,394 | ||
Markel Corp. | ||||
4.9% 7/01/22 | 410,000 | 439,602 | ||
3.625% 3/30/23 | 500,000 | 533,278 | ||
U.S. Bancorp | ||||
2.35% 1/29/21 | 1,000,000 | 1,009,667 | ||
2.4% 7/30/24 | 500,000 | 532,521 | ||
Wells Fargo & Co. | ||||
4.6% 4/01/21 | 1,250,000 | 1,288,770 | ||
3.5% 3/08/22 | 1,000,000 | 1,047,702 | ||
Total Corporate Bonds (Cost $11,660,385) | 11,915,737 | |||
Asset-Backed Securities - 5.3% | $ Principal | |||
Amount | $ Value | |||
ARI Fleet Lease Trust (ARIFL)(c) | ||||
2020-A CL A2 — 1.77% 8/15/28 | 250,000 | 252,011 | ||
Ascentium Equipment Receivables Trust (ACER)(c) | ||||
2017-1A CL B — 2.85% 10/10/21 | 400,000 | 404,881 | ||
Commercial Credit Group Receivables Trust (CCG)(c) | ||||
2019-2 CL A2 — 2.11% 3/15/27 | 500,000 | 505,892 | ||
Dell Equipment Finance Trust (DEFT)(c) | ||||
2017-2 CL C — 2.73% 10/24/22 | 500,000 | 500,866 | ||
Drive Auto Receivables Trust (DRIVE) | ||||
2018-2 CL C — 3.63% 8/15/24 | 161,094 | 161,984 | ||
DT Auto Owner Trust (DTAOT)(c) | ||||
2016-4A CL D — 3.77% 10/17/22 | 69,165 | 69,350 | ||
2018-3A CL C — 3.79% 7/15/24 | 500,000 | 509,416 | ||
Enterprise Fleet Financing LLC (EFF)(c) | ||||
2017-2 CL A3 — 2.22% 1/20/23 | 479,519 | 482,369 | ||
2019-2 CL A2 — 2.29% 2/20/25 | 378,634 | 385,293 | ||
2020-1 CL A2 — 1.78% 12/22/25 | 500,000 | 506,320 | ||
Exeter Automobile Receivables Trust (EART)(c) | ||||
2019-3A CL A — 2.59% 9/15/22 | 69,169 | 69,456 | ||
2019-2A CL B — 3.06% 5/15/23 | 180,000 | 181,522 | ||
2020-1A CL A — 2.05% 6/15/23 | 173,434 | 174,507 | ||
2020-2A CL A — 1.13% 8/15/23 | 250,000 | 250,392 | ||
GLS Auto Receivables Trust (GCAR)(c) | ||||
2020-1A CL A — 2.17% 2/15/24 | 210,806 | 213,243 | ||
2020-2A CL A — 1.58% 8/15/24 | 230,000 | 230,454 | ||
Great America Leasing Receivables Trust (GALC)(c) | ||||
2020-1 CL A2 — 1.76% 6/15/22 | 500,000 | 504,515 | ||
Hewlett-Packard Financial Services Equipment Trust (HPEFS)(c) | ||||
2019-1A CL A2 — 2.19% 9/20/29 | 221,023 | 222,823 | ||
2020-1A CL A2 — 1.73% 2/20/30 | 250,000 | 252,616 | ||
Marlette Funding Trust (MFT)(c) | ||||
2019-2A CL A — 3.13% 7/16/29 | 228,916 | 231,005 | ||
2019-3A CL A — 2.69% 9/17/29 | 247,369 | 248,981 | ||
OneMain Direct Auto Receivables Trust (ODART)(c) | ||||
2017-2A CL D — 3.42% 10/15/24 | 380,000 | 381,993 | ||
OneMain Financial Issuance Trust (OMFIT)(c) | ||||
2016-1A CL B — 4.57% 2/20/29 | 110,857 | 111,002 | ||
Prosper Marketplace Issuance Trust (PMIT)(c) | ||||
2019-3A CL A — 3.19% 7/15/25 | 183,917 | 184,674 | ||
Securitized Term Auto Receivables Trust (SSTRT)(c) (d) | ||||
2019-CRTA CL B — 2.453% 3/25/26 | 187,331 | 189,818 | ||
Social Professional Loan Program LLC (SOFI)(c) | ||||
2018-A CL A2A — 2.39% 2/25/42 | 203,366 | 203,821 | ||
SoFi Consumer Loan Program LLC (SCLP)(c) | ||||
2019-2 CL A — 3.01% 4/25/28 | 218,988 | 222,135 | ||
2019-3 CL A — 2.9% 5/25/28 | 245,561 | 249,054 | ||
Upstart Securitization Trust (UPST)(c) | ||||
2018-1 CL C — 4.997% 8/20/25 | 121,507 | 121,237 |
$ Principal | ||||
Amount | $ Value | |||
Westlake Automobile Receivables Trust (WLAKE)(c) | ||||
2018-3A CL B — 3.32% 10/16/23 | 300,000 | 301,941 | ||
Total Asset-Backed Securities (Cost $8,269,102) | 8,323,571 | |||
Commercial Mortgage-Backed Securities - 0.3% | ||||
GPMT Ltd. (GPMT)(c) (d) | ||||
2018-FL1 CL A — 1.09388% 11/21/35 | ||||
Floating Rate (Mthly LIBOR + 90) (Cost $489,121) | 503,801 | 482,914 | ||
Mortgage-Backed Securities - 5.3% | ||||
Federal Home Loan Mortgage Corporation | ||||
Collateralized Mortgage Obligations | ||||
3649 CL BW — 4.0% 3/15/25 | 33,432 | 35,040 | ||
Pass-Through Securities | ||||
J14649 — 3.5% 4/01/26 | 60,944 | 64,074 | ||
E02948 — 3.5% 7/01/26 | 95,884 | 100,900 | ||
J16663 — 3.5% 9/01/26 | 59,972 | 63,131 | ||
ZS8692 — 2.5% 4/01/33 | 359,406 | 377,309 | ||
640,454 | ||||
Federal National Mortgage Association | ||||
Pass-Through Securities | ||||
AR8198 — 2.5% 3/01/23 | 56,286 | 58,990 | ||
MA1502 — 2.5% 7/01/23 | 50,559 | 52,987 | ||
995755 — 4.5% 5/01/24 | 7,034 | 7,497 | ||
AB1769 — 3.0% 11/01/25 | 50,866 | 53,860 | ||
AB3902 — 3.0% 11/01/26 | 102,197 | 107,623 | ||
AK3264 — 3.0% 2/01/27 | 81,479 | 85,813 | ||
AB 6291 — 3.0% 9/01/27 | 455,924 | 479,586 | ||
MA3189 — 2.5% 11/01/27 | 396,262 | 415,298 | ||
MA3791 — 2.5% 9/01/29 | 807,341 | 847,916 | ||
BM5708 — 3.0% 12/01/29 | 365,912 | 384,779 | ||
AS7698 — 2.5% 8/01/31 | 934,626 | 983,607 | ||
AS7701 — 2.5% 8/01/31 | 530,591 | 565,557 | ||
MA3540 — 3.5% 12/01/33 | 319,893 | 336,317 | ||
4,379,830 | ||||
Government National Mortgage Association | ||||
Pass-Through Securities | ||||
G2 5255 — 3.0% 12/20/26 | 102,185 | 107,344 | ||
Non-Government Agency | ||||
Collateralized Mortgage Obligations | ||||
J.P. Morgan Mortgage Trust (JPMMT)(c) (e) | ||||
2014-5 CL A1 — 2.959663% 10/25/29 | 153,635 | 160,359 | ||
2016-3 CL 2A1 — 3.0% 10/25/46 | 486,136 | 505,780 | ||
2017-3 CL 2A2 — 2.5% 8/25/47 | 591,245 | 606,750 | ||
Sequoia Mortgage Trust (SEMT)(c) (e) | ||||
2017-CH1 CL A11 — 3.5% 8/25/47 | 133,186 | 134,484 | ||
2018-CH2 CL A12 — 4.0% 6/25/48 | 245,568 | 248,506 | ||
2018-CH4 CL A10 — 4.5% 10/25/48 | 208,328 | 210,855 | ||
2019-CH2 CL A1 — 4.5% 8/25/49 | 264,234 | 272,784 | ||
2019-CH3 CL A10 — 4.0% 9/25/49 | 300,662 | 308,347 | ||
2019-4 CL A4 — 3.5% 11/25/49 | 241,479 | 247,549 | ||
2020-2 CL A4 — 3.5% 3/25/50 | 278,566 | 287,444 | ||
2020-3 CL A4 — 3.0% 4/25/50 | 286,613 | 297,066 | ||
3,279,924 | ||||
Total Mortgage-Backed Securities (Cost $8,176,262) | 8,407,552 |
$ Principal | ||||
U.S. Treasury - 31.4% | Amount | |||
or Shares | $ Value | |||
U.S. Treasury Notes | ||||
1.375% 8/31/20 | 1,000,000 | 1,001,996 | ||
2.0% 9/30/20 | 1,000,000 | 1,004,546 | ||
1.625% 10/15/20 | 2,000,000 | 2,008,362 | ||
1.75% 10/31/20 | 2,000,000 | 2,010,400 | ||
2.0% 11/30/20 | 2,000,000 | 2,015,156 | ||
1.125% 2/28/21 | 2,000,000 | 2,012,539 | ||
2.0% 2/28/21 | 1,000,000 | 1,012,070 | ||
2.375% 4/15/21 | 1,000,000 | 1,017,500 | ||
1.375% 5/31/21 | 2,000,000 | 2,021,875 | ||
2.625% 6/15/21 | 1,000,000 | 1,023,613 | ||
1.75% 7/31/21 | 3,000,000 | 3,051,211 | ||
1.125% 8/31/21 | 2,000,000 | 2,022,187 | ||
1.5% 9/30/21 | 2,000,000 | 2,033,281 | ||
1.875% 11/30/21 | 2,000,000 | 2,048,477 | ||
1.75% 2/28/22 | 2,000,000 | 2,052,656 | ||
1.75% 4/30/22 | 2,000,000 | 2,058,320 | ||
1.875% 4/30/22 | 1,000,000 | 1,031,309 | ||
2.125% 6/30/22 | 2,000,000 | 2,078,594 | ||
1.875% 7/31/22 | 1,000,000 | 1,035,703 | ||
2.0% 7/31/22 | 1,000,000 | 1,038,340 | ||
1.875% 8/31/22 | 2,000,000 | 2,074,101 | ||
2.0% 11/30/22 | 1,000,000 | 1,044,180 | ||
2.0% 2/15/23 | 1,000,000 | 1,047,891 | ||
2.5% 3/31/23 | 2,000,000 | 2,127,656 | ||
1.625% 5/31/23 | 2,000,000 | 2,084,570 | ||
2.5% 8/15/23 | 2,000,000 | 2,144,805 | ||
2.125% 11/30/23 | 2,000,000 | 2,131,641 | ||
2.125% 2/29/24 | 2,000,000 | 2,140,547 | ||
2.0% 4/30/24 | 1,000,000 | 1,068,301 | ||
Total U.S. Treasury (Cost $48,019,715) | 49,441,827 | |||
Cash Equivalents - 9.8% | ||||
U.S. Treasury Bills, 0.10% to 0.12%, 7/07/20 to 8/18/20(a) | 13,000,000 | 12,998,819 | ||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(b) | 2,470,924 | 2,470,924 | ||
Total Cash Equivalents (Cost $15,469,775) | 15,469,743 | |||
Total Investments in Securities (Cost $133,084,286) | 158,116,741 | |||
Other Liabilities in Excess of Other Assets - (0.4%) | (569,975) | |||
Net Assets - 100% | 157,546,766 | |||
Net Asset Value Per Share - Investor Class | 14.53 | |||
Net Asset Value Per Share - Institutional Class | 14.53 | |||
* Non-income producing | ||||
(a) Interest rates presented represent the yield to maturity at the date of purchase. | ||||
(b) Rate presented represents the annualized 7-day yield at June 30, 2020. | ||||
(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This | ||||
security may be resold in transactions that are exempt from registration, normally to | ||||
qualified institutional buyers. | ||||
(d) Foreign domiciled entity | ||||
(e) The interest rate resets periodically based on the weighted average coupons of the underlying | ||||
mortgage-related or asset-backed obligations. | ||||
This schedule of portfolio holdings is unaudited and is presented for informational | ||||
purposes only. Portfolio holdings are subject to change at any time and references to | ||||
specific securities are not recommendations to purchase or sell any particular security. | ||||
Current and future portfolio holdings are subject to risk. |
CORE PLUS INCOME FUND | |
Schedule of Investments | |
June 30, 2020 |
Corporate Bonds - 37.8% | $ Principal | |||
Amount | $ Value | |||
Air Canada 7.75% 4/15/21(b) (c) | 250,000 | 250,906 | ||
Alexandria Real Estate Equities, Inc. 3.95% 1/15/28 | 366,000 | 417,985 | ||
American Airlines Group Inc. 3.75% 3/01/25(b) | 1,000,000 | 466,610 | ||
Ashtead U.S. Holdings, Inc. 4.0% 5/01/28(b) (c) | 670,000 | 668,325 | ||
Beacon Roofing Supply, Inc. 4.875% 11/01/25(b) | 323,000 | 289,140 | ||
Berkshire Hathaway Inc. Finance Corp. 4.25% 1/15/49 | 500,000 | 641,708 | ||
Booking Holdings Inc. | ||||
3.65% 3/15/25 | 100,000 | 109,878 | ||
4.1% 4/13/25 | 500,000 | 562,398 | ||
3.55% 3/15/28 | 464,000 | 507,105 | ||
Boston Properties LP 3.125% 9/01/23 | 555,000 | 588,704 | ||
Broadcom Corp. 3.125% 1/15/25 | 350,000 | 374,098 | ||
Broadcom Inc. 3.459% 9/15/26(b) | 1,014,000 | 1,089,896 | ||
Calumet Specialty Products Partners LP 7.625% 1/15/22 | 357,000 | 342,190 | ||
Carlisle Companies Inc. | ||||
3.5% 12/01/24 | 532,000 | 576,356 | ||
3.75% 12/01/27 | 500,000 | 548,985 | ||
CenturyLink, Inc. 6.75% 12/01/21 (Qwest Corp.) | 1,250,000 | 1,321,366 | ||
Charter Communications Operating, LLC 4.2% 3/15/28 | 650,000 | 729,128 | ||
Colfax Corp. 6.0% 2/15/24(b) | 1,000,000 | 1,033,855 | ||
CommScope Holding Company, Inc. 5.0% 6/15/21 | 38,000 | 38,000 | ||
Computer Sciences Corp. 4.45% 9/15/22 | 500,000 | 518,590 | ||
Concho Resources Inc. 4.375% 1/15/25 | 500,000 | 516,127 | ||
Cox Communications, Inc. 3.5% 8/15/27(b) | 842,000 | 930,794 | ||
Diamondback Energy, Inc. | ||||
2.875% 12/01/24 | 600,000 | 601,599 | ||
5.375% 5/31/25 | 289,000 | 297,688 | ||
3.25% 12/01/26 | 75,000 | 75,514 | ||
3.5% 12/01/29 | 100,000 | 96,798 | ||
Dollar Tree, Inc. 3.7% 5/15/23 | 75,000 | 80,317 | ||
Donnelley Financial Solutions Inc. 8.25% 10/15/24 | 660,000 | 652,565 | ||
Element Fleet Management Corp. 3.85% 6/15/25(b) (c) | 1,000,000 | 1,027,400 | ||
Energy Transfer Operating, LP | ||||
2.9% 5/15/25 | 500,000 | 512,557 | ||
4.75% 1/15/26 | 200,000 | 218,578 | ||
Enterprise Products Partners LP 4.45% 2/15/43 | 990,000 | 1,095,383 | ||
EPR Properties 4.75% 12/15/26 | 250,000 | 239,066 | ||
EQT Corp. 3.0% 10/01/22 | 801,000 | 747,433 |
$ Principal | ||||
Amount | $ Value | |||
Expedia Group, Inc. | ||||
3.8% 2/15/28 | 484,000 | 465,398 | ||
3.25% 2/15/30 | 90,000 | 84,048 | ||
frontdoor, inc. 6.75% 8/15/26(b) | 144,000 | 153,513 | ||
L Brands, Inc. 6.694% 1/15/27 | 1,080,000 | 916,445 | ||
Lennar Corp. 4.75% 5/30/25 | 622,000 | 665,605 | ||
Level 3 Parent LLC 5.25% 3/15/26 | 750,000 | 774,499 | ||
Lexington Realty Trust 4.4% 6/15/24 | 1,000,000 | 1,022,473 | ||
Markel Corp. | ||||
4.9% 7/01/22 | 250,000 | 268,050 | ||
3.625% 3/30/23 | 200,000 | 213,311 | ||
3.5% 11/01/27 | 550,000 | 591,840 | ||
Marvell Technology Group Ltd. 4.2% 6/22/23(c) | 300,000 | 322,719 | ||
Matador Resources Co. 5.875% 9/15/26 | 650,000 | 482,541 | ||
Micron Technology, Inc. 4.185% 2/15/27 | 500,000 | 554,403 | ||
Molex Electronics Technologies, LLC 3.9% 4/15/25(b) | 300,000 | 312,982 | ||
MPLX LP | ||||
6.25% 10/15/22 | 1,000,000 | 1,012,291 | ||
4.875% 6/01/25 | 190,000 | 212,211 | ||
4.0% 3/15/28 | 85,000 | 89,613 | ||
4.7% 4/15/48 | 551,000 | 566,637 | ||
MSCI Inc. 4.75% 8/01/26(b) | 150,000 | 155,609 | ||
NGL Energy Partners LP | ||||
7.5% 11/01/23 | 1,518,000 | 1,264,669 | ||
6.125% 3/01/25 | 1,333,000 | 1,011,274 | ||
7.5% 4/15/26 | 400,000 | 304,936 | ||
NXP BV 4.625% 6/01/23(b) (c) | 100,000 | 109,773 | ||
Occidental Petroleum Corp. | ||||
3.4% 4/15/26 | 715,000 | 588,088 | ||
4.3% 8/15/39 | 100,000 | 69,409 | ||
Parsley Energy LLC | ||||
5.25% 8/15/25(b) | 1,000,000 | 963,995 | ||
5.875% 5/1/26 (Jagged Peak Energy LLC) | 400,000 | 389,186 | ||
PDC Energy, Inc. | ||||
6.125% 9/15/24 | 500,000 | 466,823 | ||
5.75% 5/15/26 | 777,000 | 709,521 | ||
Physicians Realty Trust 4.3% 3/15/27 | 1,271,000 | 1,325,537 | ||
Plains All American Pipeline, LP | ||||
3.55% 12/15/29 | 798,000 | 777,387 | ||
4.3% 1/31/43 | 75,000 | 65,374 | ||
QVC, Inc. 4.375% 3/15/23 | 500,000 | 502,450 | ||
RELX plc | ||||
3.5% 3/16/23 | 170,000 | 181,353 | ||
4.0% 3/18/29 | 500,000 | 581,398 |
$ Principal | ||||
Amount | $ Value | |||
Silversea Cruise Holding Ltd. 7.25% 2/01/25(b) (c) | 875,000 | 827,877 | ||
Sirius XM Radio Inc. 3.875% 8/01/22(b) | 500,000 | 503,657 | ||
Springleaf Finance Corp. 5.375% 11/15/29 (OneMain Holdings Inc.) | 900,000 | 851,580 | ||
Sprint Spectrum Co. LLC 3.36% 3/20/23(b) (d) | 218,125 | 221,123 | ||
STORE Capital Corp. | ||||
4.5% 3/15/28 | 503,000 | 512,986 | ||
4.625% 3/15/29 | 500,000 | 511,517 | ||
TC PipeLines LP 4.65% 6/15/21 | 160,000 | 163,771 | ||
Tempur Sealy International, Inc. 5.625% 10/15/23 | 1,008,000 | 1,021,754 | ||
United Airlines Holdings, Inc. 4.875% 1/15/25 | 200,000 | 160,328 | ||
VEREIT, Inc. 3.95% 8/15/27 | 575,000 | 598,652 | ||
WPX Energy, Inc. | ||||
5.75% 6/01/26 | 75,000 | 72,968 | ||
5.25% 10/15/27 | 500,000 | 467,939 | ||
4.5% 1/15/30 | 276,000 | 244,413 | ||
Total Corporate Bonds (Cost $40,242,392) | 42,500,968 | |||
Corporate Convertible Bonds - 1.6% | ||||
Redwood Trust, Inc. | ||||
4.75% 8/15/23 | 850,000 | 768,013 | ||
5.625% 7/15/24 | 700,000 | 606,650 | ||
5.75% 10/01/25(b) | 500,000 | 412,283 | ||
Total Corporate Convertible Bonds (Cost $1,801,628) | 1,786,946 | |||
Asset-Backed Securities - 29.1% | ||||
American Credit Acceptance Receivables Trust (ACAR)(b) | ||||
2019-4 CL B — 2.43% 10/12/23 | 500,000 | 506,706 | ||
AmeriCredit Automobile Receivables Trust (AMCAR) | ||||
2017-1 CL D — 3.13% 1/18/23 | 69,000 | 70,092 | ||
Arivo Acceptance Auto Loan Receivables Trust (ARIVO)(b) | ||||
2019-1 CL A — 2.99% 7/15/24 | 812,562 | 822,929 | ||
Ascentium Equipment Receivables Trust (ACER)(b) | ||||
2017-1A CL D — 3.8% 1/10/24 | 216,000 | 219,492 | ||
Avant Loans Funding Trust (AVNT)(b) | ||||
2019-B CL A — 2.72% 10/15/26 | 212,751 | 213,193 | ||
BCC Funding XVI LLC (BCCFC)(b) | ||||
2019-1A CL A2 — 2.46% 8/20/24 | 500,000 | 504,495 | ||
CarMax Auto Owner Trust (CARMX) | ||||
2017-2 CL B — 2.41% 12/15/22 | 90,000 | 91,220 | ||
2017-2 CL C — 2.6% 2/15/23 | 53,000 | 53,300 | ||
2017-4 CL C — 2.7% 10/16/23 | 51,000 | 51,656 | ||
Carvana Auto Receivables Trust (CRVNA)(b) | ||||
2019-1A CL C — 3.5% 2/15/24 | 700,000 | 713,885 | ||
Chesapeake Funding II LLC (CFII)(b) | ||||
2017-3A CL D — 3.38% 8/15/29 | 550,000 | 556,582 |
$ Principal | ||||
Amount | $ Value | |||
Commercial Credit Group Receivables Trust (CCG)(b) | ||||
2018-1 CL B — 3.09% 6/16/25 | 620,000 | 624,899 | ||
2019-1 CL B — 3.22% 9/14/26 | 750,000 | 768,695 | ||
2019-2 CL B — 2.55% 3/15/27 | 300,000 | 302,581 | ||
Conn Funding II, LP (CONN)(b) | ||||
2019-A CL A — 3.4% 10/16/23 | 116,589 | 115,281 | ||
2019-B CL A — 2.66% 6/17/24 | 220,501 | 217,521 | ||
Dell Equipment Finance Trust (DEFT)(b) | ||||
2017-2 CL B — 2.47% 10/24/22 | 108,060 | 108,239 | ||
2018-1 CL B — 3.34% 6/22/23 | 590,000 | 600,909 | ||
2018-2 CL C — 3.72% 10/22/23 | 225,000 | 228,964 | ||
2019-1 CL C — 3.14% 3/22/24 | 750,000 | 757,971 | ||
Driven Brands Funding, LLC (HONK)(b) | ||||
2019-2A CL A2 — 3.981% 10/20/49 | 497,500 | 510,504 | ||
DT Auto Owner Trust (DTAOT)(b) | ||||
2016-4A CL D — 3.77% 10/17/22 | 16,797 | 16,842 | ||
2019-3A CL D — 2.96% 4/15/25 | 1,000,000 | 1,005,596 | ||
Enterprise Fleet Financing LLC (EFF)(b) | ||||
2019-2 CL A2 — 2.29% 2/20/25 | 473,292 | 481,616 | ||
Exeter Automobile Receivables Trust (EART)(b) | ||||
2017-2A CL B — 2.82% 5/16/22 | 6,760 | 6,766 | ||
2019-3A CL A — 2.59% 9/15/22 | 69,169 | 69,456 | ||
2017-1A CL C — 3.95% 12/15/22 | 427,617 | 431,041 | ||
2018-2A CL C — 3.69% 3/15/23 | 122,967 | 123,934 | ||
2017-3A CL C — 3.68% 7/17/23 | 88,000 | 89,621 | ||
First Investors Auto Owners Trust (FIAOT)(b) | ||||
2015-2A CL D — 4.22% 12/15/21 | 155,853 | 156,071 | ||
2016-2A CL C — 2.53% 7/15/22 | 95,036 | 95,439 | ||
2017-1A CL B — 2.67% 4/17/23 | 89,997 | 90,129 | ||
2017-1A CL C — 2.95% 4/17/23 | 505,000 | 509,606 | ||
2017-1A CL D — 3.6% 4/17/23 | 300,000 | 305,047 | ||
2017-3A CL C — 3.0% 1/16/24 | 521,000 | 528,107 | ||
2017-3A CL D — 3.44% 3/15/24 | 571,000 | 581,447 | ||
2018-1A CL C — 3.69% 6/17/24 | 1,021,000 | 1,041,947 | ||
Foundation Finance Trust (FFIN)(b) | ||||
2019-1A CL A — 3.86% 11/15/34 | 434,884 | 439,449 | ||
Freedom Financial (FREED)(b) | ||||
2020-FP1 CL A — 2.52% 3/18/27 | 386,862 | 386,321 | ||
2020-FP1 CL B — 3.06% 3/18/27 | 500,000 | 473,233 | ||
GLS Auto Receivables Trust (GCAR)(b) | ||||
2018-2A CL A — 3.25% 4/18/22 | 39,352 | 39,379 | ||
2019-2A CL A — 3.06% 4/17/23 | 141,560 | 143,115 | ||
2019-3A CL A — 2.58% 7/17/23 | 133,654 | 135,266 | ||
2019-4A CL A — 2.47% 11/15/23 | 350,145 | 354,497 | ||
2020-1A CL A — 2.17% 2/15/24 | 421,612 | 426,485 | ||
2020-2A CL B — 3.16% 6/16/25 | 750,000 | 772,119 | ||
GM Financial Automobile Leasing Trust (GMALT) | ||||
2018-3 CL C — 3.7% 7/20/22 | 550,000 | 558,174 | ||
Hertz Fleet Lease Funding LP (HFLF)(b) | ||||
2018-1 CL A2 — 3.23% 5/10/32 | 221,370 | 222,778 | ||
Hilton Grand Vacations Trust (HGVT)(b) | ||||
2020-AA CL B — 4.22% 2/25/39 | 486,788 | 490,241 | ||
Jersey Mike's Funding, LLC (JMIKE)(b) | ||||
2019-1A CL A2 — 4.433% 2/15/50 | 1,000,000 | 985,480 |
$ Principal | ||||
Amount | $ Value | |||
Marlette Funding Trust (MFT)(b) | ||||
2018-3A CL A — 3.2% 9/15/28 | 7,856 | 7,852 | ||
2018-4A CL B — 4.21% 12/15/28 | 250,000 | 251,845 | ||
2019-2A CL B — 3.53% 7/16/29 | 500,000 | 508,949 | ||
2019-3A CL A — 2.69% 9/17/29 | 247,369 | 248,981 | ||
2019-4A CL A — 2.39% 12/17/29 | 336,725 | 338,214 | ||
MMAF Equipment Finance LLC (MMAF)(b) | ||||
2016-AA CL A4 — 1.76% 1/17/23 | 230,080 | 231,146 | ||
2017-AA CL A4 — 2.41% 8/16/24 | 485,000 | 494,260 | ||
Oasis Securitization Funding, LLC (OASIS)(b) | ||||
2020-1A CL A — 3.8196% 1/15/32 | 380,739 | 380,942 | ||
Octane Receivables Trust (OCTL)(b) | ||||
2019-1A CL A — 3.16% 9/20/23 | 697,219 | 695,186 | ||
OneMain Direct Auto Receivables Trust (ODART)(b) | ||||
2017-2A CL C — 2.82% 7/15/24 | 285,000 | 286,043 | ||
2017-2A CL D — 3.42% 10/15/24 | 800,000 | 804,196 | ||
OneMain Financial Issuance Trust (OMFIT)(b) | ||||
2015-3A CL A — 3.63% 11/20/28 | 225,000 | 225,787 | ||
2017-1A CL A1 — 2.37% 9/14/32 | 460,963 | 462,464 | ||
Pawnee Equipment Receivables LLC (PWNE)(b) | ||||
2019-1 CL A2 — 2.29% 10/15/24 | 500,000 | 503,421 | ||
2019-1 CL D — 2.86% 10/15/24 | 500,000 | 474,803 | ||
Prosper Marketplace Issuance Trust (PMIT)(b) | ||||
2019-1A CL A — 3.54% 4/15/25 | 60,041 | 60,045 | ||
2019-1A CL B — 4.03% 4/15/25 | 500,000 | 492,458 | ||
2019-3A CL A — 3.19% 7/15/25 | 183,917 | 184,674 | ||
2019-2A CL A — 3.2% 9/15/25 | 46,142 | 46,236 | ||
Santander Drive Auto Receivables Trust (SDART) | ||||
2017-1 CL C — 2.58% 5/16/22 | 2,598 | 2,601 | ||
Securitized Term Auto Receivables Trust (SSTRT)(b) (c) | ||||
2019-CRTA CL C — 2.849% 3/25/26 | 749,324 | 760,704 | ||
Sierra Timeshare Receivables Funding LLC (SRFC)(b) | ||||
2019-2A CL B — 2.82% 5/20/36 | 465,446 | 455,383 | ||
Small Business Lending Trust (SBIZ)(b) | ||||
2020-A CL A — 2.62% 12/15/26 | 396,629 | 382,825 | ||
SoFi Consumer Loan Program LLC (SCLP)(b) | ||||
2016-2 CL A — 3.09% 10/27/25 | 15,394 | 15,441 | ||
2016-3 CL A — 3.05% 12/26/25 | 2,814 | 2,817 | ||
2017-1 CL A — 3.28% 1/26/26 | 6,000 | 6,022 | ||
2018-4 CL C — 4.17% 11/26/27 | 750,000 | 743,389 | ||
2019-3 CL A — 2.9% 5/25/28 | 245,561 | 249,054 | ||
Stonebriar Commercial Finance Equipment Trust LLC (SCFET)(b) | ||||
2019-2A CL A2 — 2.47% 4/20/26 | 186,000 | 187,126 | ||
Upgrade Receivables Trust (UPGR)(b) | ||||
2018-1A CL C — 5.17% 11/15/24 | 250,000 | 245,083 | ||
2019-1A CL B — 4.09% 3/15/25 | 1,117,000 | 1,101,328 | ||
Upstart Securitization Trust (UPST)(b) | ||||
2017-2 CL C — 5.59% 3/20/25 | 395,671 | 390,633 | ||
2018-1 CL C — 4.997% 8/20/25 | 379,711 | 378,864 | ||
2018-2 CL C — 5.494% 12/22/25 | 500,000 | 492,395 | ||
2019-1 CL B — 4.19% 4/20/26 | 400,883 | 397,827 | ||
2019-2 CL B — 3.734% 9/20/29 | 750,000 | 729,370 | ||
2020-1 CL A — 2.322% 4/22/30 | 339,963 | 340,643 |
$ Principal | ||||
Amount | $ Value | |||
Verizon Owner Trust (VZOT)(b) | ||||
2017-2A CL C — 2.38% 12/20/21 | 100,000 | 100,395 | ||
Westlake Automobile Receivables Trust (WLAKE)(b) | ||||
2018-1A CL C — 2.92% 5/15/23 | 75,833 | 76,057 | ||
Total Asset-Backed Securities (Cost $32,624,134) | 32,753,775 | |||
Commercial Mortgage-Backed Securities - 9.4% | ||||
BXMT Ltd. (BXMT)(b) (c) | ||||
2017-FL1 CL A — 1.06388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 87) | 233,738 | 232,979 | ||
Exantas Capital Corp. Ltd. (XAN)(b) (c) | ||||
2018-RS06 CL C — 2.04388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 185) | 621,000 | 611,528 | ||
2018-RS06 CL D — 2.69388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 250) | 1,500,000 | 1,426,149 | ||
2019-RS07 CL A — 1.19388% 4/15/36 | ||||
Floating Rate (Mthly LIBOR + 100) | 716,748 | 695,245 | ||
GPMT Ltd. (GPMT)(b) (c) | ||||
2018-FL1 CL C — 2.34388% 11/19/35 | ||||
Floating Rate (Mthly LIBOR + 215) | 1,028,000 | 893,503 | ||
2018-FL1 CL D — 3.14388% 11/21/35 | ||||
Floating Rate (Mthly LIBOR + 295) | 1,096,000 | 893,137 | ||
Hilton USA Trust (HILT)(b) | ||||
2016-SFP CL E — 5.519097% 11/05/35 | 840,000 | 806,608 | ||
PFP Ltd. (PFP)(b) (c) | ||||
2019-5 CL C — 2.19513% 4/14/36 | ||||
Floating Rate (Mthly LIBOR + 200) | 500,000 | 470,000 | ||
ReadyCap Commercial Mortgage Trust (RCMT)(b) | ||||
2018-FL2 CL C — 2.0845% 6/25/35 | ||||
Floating Rate (Mthly LIBOR + 190) | 750,000 | 683,403 | ||
2018-FL2 CL D — 2.8845% 6/25/35 | ||||
Floating Rate (Mthly LIBOR + 270) | 2,130,000 | 1,886,436 | ||
RETL (RETL)(b) | ||||
2019-RVP CL C — 2.28475% 3/15/36 | ||||
Floating Rate (Mthly LIBOR + 210) | 1,250,000 | 1,107,864 | ||
VMC Finance LLC (VMC)(b) | ||||
2018-FL2 CL C — 2.14388% 10/15/35 | ||||
Floating Rate (Mthly LIBOR + 195) | 1,000,000 | 928,943 | ||
Total Commercial Mortgage-Backed Securities (Cost $11,515,057) | 10,635,795 | |||
Mortgage-Backed Securities - 3.4% | ||||
Federal Home Loan Mortgage Corporation | ||||
Pass-Through Securities | ||||
C91945 — 3.0% 8/1/37 | 756,001 | 797,216 | ||
Federal National Mortgage Association | ||||
Pass-Through Securities | ||||
932836 — 3.0% 12/01/25 | 45,514 | 45,818 | ||
MA3443 — 4.0% 8/01/48 | 509,825 | 539,988 | ||
585,806 | ||||
Non-Government Agency | ||||
Collateralized Mortgage Obligations | ||||
COLT Funding LLC (COLT)(b) (e) | ||||
2019-4 CL A1 — 2.579% 11/25/49 | 176,049 | 178,223 |
$ Principal | ||||
Amount | ||||
or Shares | $ Value | |||
Deephaven Residential Mortgage Trust (DRMT)(b) (e) | ||||
2019-3A CL A1 — 2.964% 7/25/59 | 331,065 | 337,136 | ||
2019-4A CL A1 — 2.791% 10/25/59 | 394,856 | 400,030 | ||
Flagstar Mortgage Trust (FSMT)(b) (e) | ||||
2017-1 CL 2A2 — 3.0% 3/25/47 | 195,418 | 203,870 | ||
J.P. Morgan Mortgage Trust (JPMMT)(b) (e) | ||||
2016-3 CL 2A1 — 3.0% 10/25/46 | 194,454 | 202,312 | ||
2017-3 CL 2A2 — 2.5% 8/25/47 | 206,936 | 212,363 | ||
2018-6 CL 2A2 — 3.0% 12/25/48 | 178,338 | 186,040 | ||
Sequoia Mortgage Trust (SEMT)(b) (e) | ||||
2017-CH1 CL A11 — 3.5% 8/25/47 | 106,549 | 107,587 | ||
2018-CH2 CL A12 — 4.0% 6/25/48 | 245,568 | 248,506 | ||
2019-CH2 CL A1 — 4.5% 8/25/49 | 396,351 | 409,176 | ||
2,485,243 | ||||
Total Mortgage-Backed Securities (Cost $3,742,677) | 3,868,265 | |||
Taxable Municipal Bonds - 0.4% | ||||
Alderwood Water and Wastewater District, Washington, Water & Sewer | ||||
Revenue, Series B, 5.15% 12/01/25 (Cost $400,000) | 400,000 | 401,092 | ||
U.S. Treasury - 16.6% | ||||
U.S. Treasury Notes/Bonds | ||||
1.5% 8/15/26 | 1,850,000 | 1,971,407 | ||
2.0% 11/15/26 | 1,650,000 | 1,812,293 | ||
2.25% 2/15/27 | 1,000,000 | 1,117,285 | ||
2.375% 5/15/27 | 2,000,000 | 2,257,696 | ||
3.5% 2/15/39 | 2,100,000 | 2,971,951 | ||
2.5% 5/15/46 | 6,900,000 | 8,556,674 | ||
Total U.S. Treasury (Cost $15,262,063) | 18,687,306 | |||
Common Stocks - 0.2% | ||||
Redwood Trust, Inc. (Cost $335,339) | 27,000 | 189,000 | ||
Cash Equivalents - 0.8% | ||||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(a) | 878,004 | 878,004 | ||
Total Cash Equivalents (Cost $878,004) | 878,004 | |||
Total Investments in Securities (Cost $106,801,294) | 111,701,151 | |||
Other Assets Less Other Liabilities - 0.7% | 769,253 | |||
Net Assets - 100% | 112,470,404 | |||
Net Asset Value Per Share - Investor Class | 10.77 | |||
Net Asset Value Per Share - Institutional Class | 10.77 |
(a) Rate presented represents the annualized 7-day yield at June 30, 2020. | ||||
(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This | ||||
security may be resold in transactions that are exempt from registration, normally to | ||||
qualified institutional buyers. | ||||
(c) Foreign domiciled entity | ||||
(d) Annual sinking fund | ||||
(e) The interest rate resets periodically based on the weighted average coupons of the underlying | ||||
mortgage-related or asset-backed obligations. |
This schedule of portfolio holdings is unaudited and is presented for informational |
purposes only. Portfolio holdings are subject to change at any time and references to |
specific securities are not recommendations to purchase or sell any particular security. |
Current and future portfolio holdings are subject to risk. |
NEBRASKA TAX-FREE INCOME FUND | ||
Schedule of Investments | ||
June 30, 2020 |
Municipal Bonds - 95.3% | |||||
% of Net | $ Principal | ||||
Assets | Amount | $ Value | |||
Arizona | 0.4 | ||||
Arizona Industrial Development Authority, Revenue, | |||||
Lincoln South Beltway Project, Series 2020, 5.0%, 2/01/23 | 100,000 | 110,779 | |||
California | 0.7 | ||||
San Diego County Regional Airport Authority, Subordinate Airport | |||||
Revenue, Series 2017B, AMT, 5.0%, 7/01/25 | 200,000 | 236,722 | |||
Colorado | 0.3 | ||||
Colorado Bridge Enterprise, Senior Revenue, Central 70 Project, | |||||
Series 2017, AMT, 4.0%, 12/31/23 | 100,000 | 109,975 | |||
Nebraska | 92.3 | ||||
Bellevue, General Obligation, Refunding, Series 2020A, | |||||
3.0%, 9/15/32 | 500,000 | 526,900 | |||
Blair, Water System Revenue, Series 2016, AMT, | |||||
2.65%, 12/15/24 | 100,000 | 101,093 | |||
2.85%, 12/15/25 | 100,000 | 101,182 | |||
3.0%, 12/15/26 | 100,000 | 101,084 | |||
3.1%, 12/15/27 | 100,000 | 100,974 | |||
3.2%, 12/15/28 | 100,000 | 101,012 | |||
Buffalo County, General Obligation, Kearney Public Schools | |||||
District 0007, Series 2016, 3.0%, 12/15/24 | 250,000 | 276,312 | |||
Cass County, General Obligation, Refunding, Weeping Water Public | |||||
School District 0022, Series 2017 | |||||
2.05%, 12/15/25 | 375,000 | 383,411 | |||
2.2%, 12/15/26 | 250,000 | 255,875 | |||
Chadron, Sales Tax and General Obligation, Aquatic Center, | |||||
Series 2016, 1.6%, 7/15/22 | 400,000 | 400,356 | |||
Columbus, Combined Revenue, Refunding, Series 2016, AGM Insured | |||||
4.0%, 12/15/26 | 100,000 | 120,533 | |||
4.0%, 12/15/27 | 100,000 | 120,074 | |||
Dawson Public Power District, Electric System Revenue, | |||||
Refunding, Series 2016A | |||||
2.0%, 6/15/26 | 170,000 | 171,479 | |||
2.1%, 6/15/27 | 105,000 | 105,822 | |||
Series 2016B | |||||
2.5%, 6/15/28 | 135,000 | 136,639 | |||
3.0%, 6/15/29 | 245,000 | 249,177 | |||
3.0%, 6/15/30 | 355,000 | 360,726 | |||
Dodge County, General Obligation, Refunding, North Bend Central | |||||
Public School District 0595, Series 2020, 1.9%, 6/15/32 | 200,000 | 202,518 | |||
Douglas County, General Obligation, | |||||
Omaha Public School District 0001, Series 2016, | |||||
5.0%, 12/15/29 | 350,000 | 442,757 | |||
Refunding, Bennington Public School District 0059, | |||||
Series 2015, 2.25%, 12/15/26 | 250,000 | 250,987 | |||
Westside Community School District 0066, Series 2015, | |||||
2.5%, 12/01/22 | 250,000 | 262,230 | |||
$ Principal | |||||
Amount | $ Value | ||||
Douglas County, Hospital Authority #2, Revenue, | |||||
Madonna Rehabilitation Hospital Project, Series 2014, | |||||
5.0%, 5/15/26 | 500,000 | 565,275 | |||
Refunding, Nebraska Medicine, Series 2016 | |||||
5.0%, 5/15/30 | 140,000 | 167,219 | |||
4.0%, 5/15/32 | 700,000 | 782,411 | |||
Douglas County, Hospital Authority #3, Revenue, Refunding, | |||||
Nebraska Methodist Health System, Series 2015 | |||||
5.0%, 11/01/20 | 100,000 | 101,325 | |||
5.0%, 11/01/21 | 100,000 | 105,259 | |||
5.0%, 11/01/22 | 250,000 | 272,875 | |||
Fremont, Combined Utility Revenue, Series 2014B, | |||||
3.0%, 7/15/21 | 370,000 | 379,664 | |||
Lincoln-Lancaster County, Public Building Commission, | |||||
Lease Revenue, Series 2016, 3.0%, 12/01/25 | 500,000 | 561,400 | |||
Lincoln, Educational Facilities, Revenue, Refunding, | |||||
Nebraska Wesleyan University Project, Series 2012, | |||||
2.5%, 4/01/21 | 425,000 | 430,240 | |||
Lincoln, Electric System Revenue, Refunding, | |||||
Series 2012, 5.0%, 9/01/28, Pre-Refunded 9/01/22 @ 100 | 1,000,000 | 1,099,010 | |||
Lincoln, General Obligation, Highway Allocation Fund, | |||||
Refunding, Series 2016 | |||||
5.0%, 5/15/22 | 100,000 | 108,794 | |||
5.0%, 5/15/23 | 135,000 | 153,163 | |||
Madison County, Hospital Authority #1, Revenue, Refunding, | |||||
Faith Regional Health Services Project, Series 2017A | |||||
5.0%, 7/01/21 | 475,000 | 492,114 | |||
5.0%, 7/01/23 | 250,000 | 276,297 | |||
Metropolitan Utilities District of Omaha, Gas System Revenue, | |||||
Series 2018, 4.0%, 12/01/27 | 450,000 | 514,224 | |||
Municipal Energy Agency of Nebraska, Power Supply | |||||
System Revenue, Refunding, | |||||
2012 Series A, 5.0%, 4/01/29 | 300,000 | 321,450 | |||
2016 Series A | |||||
5.0%, 4/01/21 | 250,000 | 258,397 | |||
5.0%, 4/01/27 | 350,000 | 437,710 | |||
Nebraska, Certificates of Participation, | |||||
Series 2017B, 1.35%, 7/15/20 | 785,000 | 785,251 | |||
Series 2015C, 1.7%, 9/15/20 | 200,000 | 200,226 | |||
Series 2018A, 2.1%, 7/15/21 | 860,000 | 874,835 | |||
Nebraska Educational, Health, Cultural, and Social Services | |||||
Finance Authority, Revenue, Refunding, Immanuel Retirement | |||||
Communities Obligated Group, Series 2019A, 4.0%, 1/01/34 | 110,000 | 122,484 | |||
Nebraska Investment Finance Authority, Single Family Housing Revenue, | |||||
2016 Series C, 1.85%, 3/01/23 | 100,000 | 102,895 | |||
2019 Series A, 2.05%, 9/01/24 | 120,000 | 125,460 |
$ Principal | |||||
Amount | $ Value | ||||
Nebraska Public Power District, Revenue, | |||||
2012 Series A | |||||
4.0%, 1/01/21 | 500,000 | 509,285 | |||
5.0%, 1/01/21 | 500,000 | 511,770 | |||
2015 Series A-2 | |||||
5.0%, 1/01/24 | 225,000 | 240,588 | |||
5.0%, 1/01/24, Pre-Refunded 1/01/22 @ 100 | 25,000 | 26,731 | |||
2016 Series C, 5.0%, 1/01/35 | 480,000 | 570,202 | |||
Nebraska State Colleges, Facilities Corp., Deferred Maintenance | |||||
Revenue, Refunding, Series 2016, AGM Insured, 4.0%, 7/15/28 | 750,000 | 859,665 | |||
North Platte, Sewer System Revenue, Refunding, Series 2015, | |||||
3.0%, 6/15/24 | 250,000 | 250,458 | |||
Omaha-Douglas County, General Obligation, Public Building | |||||
Commission, | |||||
Series 2014, 5.0%, 5/01/26, Pre-Refunded 5/01/22 @ 100 | 725,000 | 787,437 | |||
Series 2020B Bonds of the Series 2019B, 5.0%, 5/01/32 | 550,000 | 709,786 | |||
Omaha, General Obligation, Refunding, | |||||
Series 2012B, 3.0%, 11/15/24 | 400,000 | 422,520 | |||
Various Purpose and Refunding, Series 2016A | |||||
4.0%, 4/15/22 | 315,000 | 335,862 | |||
4.0%, 4/15/23 | 185,000 | 203,678 | |||
Omaha Public Facilities Corp., Lease Revenue, Refunding, | |||||
Omaha Baseball Stadium Project, Series 2016A, 4.0%, 6/01/28 | 585,000 | 642,277 | |||
Series 2019C | |||||
4.0%, 4/01/33 | 340,000 | 399,493 | |||
4.0%, 4/01/39 | 500,000 | 572,570 | |||
Omaha Public Power District, Electric System Revenue, | |||||
2015 Series A, 2.85%, 2/01/27 | 500,000 | 538,010 | |||
Omaha, Sanitary Sewerage System Revenue, | |||||
Refunding, Series 2016 | |||||
5.0%, 4/01/26 | 250,000 | 310,968 | |||
4.0%, 4/01/31 | 350,000 | 407,099 | |||
Series 2014, 5.0%, 11/15/22 | 200,000 | 222,034 | |||
Omaha, Special Tax Revenue Redevelopment, | |||||
Series 2019A, 4.0%, 1/15/33 | 260,000 | 310,310 | |||
Papillion, General Obligation, Tax Supported Recreational Facilities, | |||||
Series 2017, 3.0%, 9/15/24 | 420,000 | 438,144 | |||
Papillion-La Vista, General Obligation, Sarpy County | |||||
School District #27, Refunding, Series 2017A | |||||
2.05%, 12/01/24 | 150,000 | 153,962 | |||
2.2%, 12/01/25 | 150,000 | 154,013 | |||
2.3%, 12/01/26 | 275,000 | 281,820 | |||
Papio-Missouri River Natural Resources District, General | |||||
Obligation, Flood Protection and Water Quality Enhancement, | |||||
Refunding, | |||||
Series 2015 | |||||
2.0%, 12/15/20 | 100,000 | 100,128 | |||
2.25%, 12/15/21 | 100,000 | 100,130 | |||
Series 2017, 5.0%, 12/15/26, Pre-Refunded 6/15/22 @ 100 | 185,000 | 201,992 | |||
Public Power Generation Agency, Revenue, Refunding, | |||||
Whelan Energy Center Unit 2, 2015 Series A, 5.0%, 1/01/28 | 200,000 | 235,542 | |||
Sarpy County, General Obligation, Bellevue Public School | |||||
District 0001, Series 2017, 5.0%, 12/15/29 | 550,000 | 694,524 |
$ Principal | |||||
% of Net | Amount | ||||
Assets | or Shares | $ Value | |||
Sarpy County, Certificates of Participation, | |||||
Series 2016, 1.75%, 6/15/26 | 500,000 | 505,935 | |||
Seward County, Limited Tax General Obligation, Refunding, | |||||
Series 2019, 3.0%, 12/15/30 | 605,000 | 645,045 | |||
Southeast Community College Area, Certificates of Participation, | |||||
Series 2018, 3.0%, 12/15/22 | 400,000 | 425,444 | |||
Thayer County, General Obligation Hospital, Refunding, | |||||
Series 2017, 1.3%, 9/01/20 | 400,000 | 400,524 | |||
University of Nebraska, Facilities Corp., Revenue, Refunding, | |||||
Health Center and College of Nursing Projects, Series 2016, | |||||
5.0%, 7/15/29 | 380,000 | 468,263 | |||
University of Nebraska, University Revenue, | |||||
Kearney Student Housing Project, Series 2017, | |||||
Escrowed to Maturity | |||||
3.0%, 7/01/25 | 100,000 | 112,640 | |||
2.5%, 7/01/26 | 210,000 | 234,784 | |||
3.0%, 7/01/27 | 100,000 | 116,795 | |||
Refunding, Lincoln Student Fees and Facilities | |||||
Series 2012, 5.0%, 7/01/23, Pre-Refunded 7/01/22 @ 100 | 250,000 | 273,433 | |||
Refunding, Omaha Student Housing Project, | |||||
Series 2017A, 5.0%, 5/15/30, Pre-Refunded 11/15/27 @ 100 | 100,000 | 132,179 | |||
Upper Republican Natural Resources District, Limited Obligation Occupation | |||||
Tax, River Flow Enhancement, Refunding, Series 2017B, AGM Insured | |||||
4.0%, 12/15/25 | 245,000 | 264,524 | |||
4.0%, 12/15/27 | 395,000 | 425,759 | |||
Village of Boys Town, Revenue, Refunding, Boys Town Project, | |||||
Series 2017, 3.0%, 9/01/28 | 700,000 | 795,452 | |||
Washington County, General Obligation, Refunding, Blair Community | |||||
School District 0001, Series 2015, 2.5%, 12/15/24 | 305,000 | 305,967 | |||
30,306,861 | |||||
Texas | 0.9 | ||||
Austin, Airport System Revenue, Series 2017B, AMT, | |||||
5.0%, 11/15/26 | 250,000 | 304,497 | |||
Washington | 0.7 | ||||
Port of Seattle, Intermediate Lien Revenue, | |||||
Series 2017C, AMT, 5.0%, 5/01/26 | 200,000 | 237,976 | |||
Total Municipal Bonds (Cost $30,186,263) | 31,306,810 | ||||
Cash Equivalents - 4.0% | |||||
State Street Institutional U.S. Government Money | |||||
Market Fund - Premier Class 0.12%(a) | 1,299,204 | 1,299,204 | |||
Total Cash Equivalents (Cost $1,299,204) | 1,299,204 | ||||
Total Investments in Securities (Cost $31,485,467) | 32,606,014 | ||||
Other Asset Less Other Liabilities - 0.7% | 241,704 | ||||
Net Assets - 100% | 32,847,718 | ||||
Net Asset Value Per Share | 10.21 | ||||
(a) Rate presented represents the annualized 7-day yield at June 30, 2020. | |||||
This schedule of portfolio holdings is unaudited and is presented for informational | |||||
purposes only. Portfolio holdings are subject to change at any time and references to | |||||
specific securities are not recommendations to purchase or sell any particular security. | |||||
Current and future portfolio holdings are subject to risk. |
SHORT DURATION INCOME FUND | |
Schedule of Investments | |
June 30, 2020 |
Corporate Bonds - 19.3% | $ Principal | |||
Amount | $ Value | |||
Air Canada 7.75% 4/15/21(b) (c) | 250,000 | 250,906 | ||
American Airlines Group Inc. 3.75% 3/01/25(b) | 750,000 | 349,958 | ||
American Tower Corp. 2.25% 1/15/22 | 5,000,000 | 5,125,943 | ||
Anheuser-Busch InBev Finance Inc. 3.3% 2/01/23 | 2,000,000 | 2,115,991 | ||
Boeing Co. 4.508% 5/1/2023 | 1,000,000 | 1,056,593 | ||
Boston Properties LP 3.125% 9/01/23 | 9,560,000 | 10,140,567 | ||
Calumet Specialty Products Partners LP 7.625% 1/15/22 | 900,000 | 862,664 | ||
Carlisle Companies Inc. 3.5% 12/01/24 | 500,000 | 541,688 | ||
CenturyLink, Inc. 6.75% 12/01/21 (Qwest Corp.) | 1,150,000 | 1,215,657 | ||
Colfax Corp. 6.0% 2/15/24(b) | 1,000,000 | 1,033,855 | ||
Computer Sciences Corp. 4.45% 9/15/22 | 325,000 | 337,084 | ||
Cox Communications, Inc. 3.25% 12/15/22(b) | 5,000,000 | 5,272,522 | ||
Diamondback Energy, Inc. 2.875% 12/01/24 | 3,379,000 | 3,388,007 | ||
Discovery, Inc. 2.95% 3/20/23 | 2,277,000 | 2,394,010 | ||
Energy Transfer Operating LP 5.2% 2/01/22 | 3,500,000 | 3,663,939 | ||
EQT Corp. 3.0% 10/01/22 | 1,180,000 | 1,101,088 | ||
Equifax Inc. 2.3% 6/01/21 | 2,900,000 | 2,943,123 | ||
First Republic Bank 2.5% 6/06/22 | 4,200,000 | 4,325,082 | ||
FLIR Systems, Inc. 3.125% 6/15/21 | 4,971,000 | 5,059,021 | ||
General Motors Financial Company, Inc. 3.55% 4/09/21 | 1,250,000 | 1,265,186 | ||
Goldman Sachs Group, Inc. 2.6% 12/27/20 | 1,500,000 | 1,514,944 | ||
JPMorgan Chase & Co. 3.375% 5/01/23 | 3,956,000 | 4,234,021 | ||
Kimco Realty Corp. 3.125% 06/01/2023 | 495,000 | 505,086 | ||
Kinder Morgan, Inc. 3.95% 9/01/22 | 2,000,000 | 2,109,577 | ||
L Brands, Inc. 5.625% 2/15/2022 | 4,000,000 | 3,918,900 | ||
Lennar Corp. 4.75% 4/01/21 | 558,000 | 566,010 | ||
Level 3 Parent LLC 5.25% 3/15/26 | 1,455,000 | 1,502,528 | ||
Lexington Realty Trust 4.4% 6/15/2024 | 379,000 | 387,517 | ||
Markel Corp. 4.9% 7/01/22 | 3,850,000 | 4,127,969 | ||
Matador Resources Co. 5.875% 9/15/26 | 500,000 | 371,185 | ||
MetLife Global Funding I 2.4% 6/17/22(b) | 1,000,000 | 1,037,288 |
$ Principal | ||||
Amount | $ Value | |||
MPLX LP | ||||
6.25% 10/15/22 | 210,000 | 212,581 | ||
3.375% 3/15/23 | 1,000,000 | 1,045,831 | ||
NGL Energy Partners LP | ||||
7.5% 11/01/23 | 4,555,000 | 3,794,839 | ||
6.125% 3/01/25 | 1,490,000 | 1,130,381 | ||
NXP BV 4.625% 06/01/2023(b) (c) | 3,500,000 | 3,842,050 | ||
Occidental Petroleum Corp. 2.6% 8/13/21 | 1,000,000 | 979,975 | ||
Parsley Energy LLC 5.25% 8/15/25(b) | 663,000 | 639,129 | ||
PDC Energy, Inc. 6.125% 9/15/24 | 1,200,000 | 1,120,374 | ||
QVC, Inc. 4.375% 3/15/23 | 3,000,000 | 3,014,700 | ||
RELX plc 3.5% 3/16/23 | 1,800,000 | 1,920,212 | ||
Silversea Cruise Holding Ltd. 7.25% 2/01/25(b) (c) | 3,545,000 | 3,354,084 | ||
Simon Property Group, LP 2.75% 2/01/23 | 1,593,000 | 1,656,437 | ||
Sprint Spectrum Co. LLC 3.36% 3/20/23(b) (d) | 2,218,750 | 2,249,247 | ||
T-Mobile USA, Inc. 3.5% 04/15/2025(b) | 1,000,000 | 1,091,895 | ||
Tempur Sealy International, Inc. 5.625% 10/15/23 | 1,478,000 | 1,498,167 | ||
U.S. Bancorp | ||||
2.35% 1/29/21 | 14,000,000 | 14,135,340 | ||
2.4% 7/30/24 | 500,000 | 532,521 | ||
United Rentals, Inc. 5.5% 07/15/25 | 2,000,000 | 2,054,810 | ||
Wells Fargo & Co. | ||||
4.6% 4/01/21 | 5,745,000 | 5,923,186 | ||
2.1% 7/26/21 | 10,100,000 | 10,282,047 | ||
3.5% 3/08/22 | 7,900,000 | 8,276,849 | ||
WM. Wrigley Jr. Co. 3.375% 10/21/20(b) | 700,000 | 704,683 | ||
WPX Energy, Inc. 5.25% 10/15/27 | 600,000 | 561,526 | ||
Xerox Corp. | ||||
4.5% 5/15/21 | 375,000 | 378,767 | ||
4.125% 03/15/23 | 1,370,000 | 1,372,206 | ||
Total Corporate Bonds (Cost $141,304,889) | 144,489,746 | |||
Corporate Convertible Bonds - 2.6% | ||||
Redwood Trust, Inc. | ||||
4.75% 8/15/23 | 12,500,000 | 11,294,308 | ||
5.625% 7/15/24 | 6,300,000 | 5,459,847 | ||
5.75% 10/01/25(b) | 3,000,000 | 2,473,698 | ||
Total Corporate Convertible Bonds (Cost $20,652,049) | 19,227,853 |
Asset-Backed Securities - 28.0% | $ Principal | |||
Amount | $ Value | |||
American Credit Acceptance Receivables Trust (ACAR)(b) | ||||
2019-2 CL A — 2.85% 7/12/22 | 138,546 | 138,797 | ||
2019-4 CL A — 2.18% 2/13/23 | 1,724,615 | 1,732,858 | ||
2020-1 CL A — 1.89% 4/13/23 | 2,244,946 | 2,257,043 | ||
2019-4 CL B — 2.43% 10/12/23 | 2,500,000 | 2,533,529 | ||
2020-1 CL B — 2.08% 12/13/23 | 2,500,000 | 2,515,781 | ||
2020-2 CL A — 1.65% 12/13/23 | 1,590,195 | 1,598,537 | ||
Amur Equipment Finance Receivables VIII LLC (AXIS)(b) | ||||
2020-1A CL A2 — 1.68% 8/20/25 | 1,400,000 | 1,403,022 | ||
ARI Fleet Lease Trust (ARIFL)(b) | ||||
2018-B CL A2 — 3.22% 8/16/27 | 588,078 | 595,194 | ||
2019-A CL A2A — 2.41% 11/15/27 | 785,814 | 797,635 | ||
2020-A CL A2 — 1.77% 8/15/28 | 1,750,000 | 1,764,080 | ||
Ascentium Equipment Receivables Trust (ACER)(b) | ||||
2017-1A CL D — 3.8% 1/10/24 | 490,000 | 497,922 | ||
Avant Loans Funding Trust (AVNT)(b) | ||||
2019-B CL A — 2.72% 10/15/26 | 638,252 | 639,578 | ||
BCC Funding XVI LLC (BCCFC)(b) | ||||
2019-1A CL A2 — 2.46% 8/20/24 | 4,500,000 | 4,540,457 | ||
CarMax Auto Owner Trust (CARMX) | ||||
2017-2 CL C — 2.6% 2/15/23 | 1,070,000 | 1,076,051 | ||
Carvana Auto Receivables Trust (CRVNA)(b) | ||||
2019-2A CL A2 — 2.6% 1/18/22 | 916,364 | 917,601 | ||
2019-1A CL B — 3.29% 8/15/23 | 5,000,000 | 5,096,151 | ||
2019-1A CL C — 3.5% 2/15/24 | 300,000 | 305,951 | ||
2019-3A CL B — 2.51% 4/15/24 | 400,000 | 405,574 | ||
Chesapeake Funding II LLC (CFII)(b) | ||||
2017-2A CL D - 3.71% 5/15/29 | 1,670,000 | 1,685,626 | ||
2017-3A CL D - 3.38% 8/15/29 | 385,000 | 389,607 | ||
Commercial Credit Group Receivables Trust (CCG)(b) | ||||
2019-1 CL B — 3.22% 9/14/26 | 250,000 | 256,232 | ||
2019-2 CL A2 — 2.11% 3/15/27 | 2,500,000 | 2,529,461 | ||
Conn Funding II, LP (CONN)(b) | ||||
2018-A CL A — 3.25% 1/15/23 | 141,592 | 140,836 | ||
2019-A CL A — 3.4% 10/16/23 | 194,316 | 192,134 | ||
2019-B CL A — 2.66% 6/17/24 | 661,503 | 652,562 | ||
Dell Equipment Finance Trust (DEFT)(b) | ||||
2017-2 CL C — 2.73% 10/24/22 | 2,579,000 | 2,583,466 | ||
2019-1 CL C — 3.14% 3/22/24 | 2,750,000 | 2,779,226 | ||
Drive Auto Receivables Trust (DRIVE) | ||||
2019-4 CL A2A — 2.32% 6/15/22 | 738,205 | 740,320 | ||
2017-1 CL D — 3.84% 3/15/23 | 3,913,254 | 3,972,637 | ||
2018-2 CL C — 3.63% 8/15/24 | 2,215,039 | 2,227,284 | ||
DT Auto Owner Trust (DTAOT)(b) | ||||
2016-4A CL D — 3.77% 10/17/22 | 474,274 | 475,540 | ||
2019-3A CL B — 2.6% 5/15/23 | 2,600,000 | 2,631,376 | ||
2019-4A CL A — 2.17% 5/15/23 | 1,095,159 | 1,101,898 | ||
2018-3A CL C — 3.79% 7/15/24 | 7,000,000 | 7,131,830 | ||
Enterprise Fleet Financing LLC (EFF)(b) | ||||
2017-2 CL A3 — 2.22% 1/20/23 | 767,231 | 771,790 | ||
2019-2 CL A2 — 2.29% 2/20/25 | 2,461,120 | 2,504,402 | ||
2020-1 CL A2 — 1.78% 12/22/25 | 3,500,000 | 3,544,241 |
$ Principal | ||||
Amount | $ Value | |||
Exeter Automobile Receivables Trust (EART)(b) | ||||
2019-3A CL A — 2.59% 9/15/22 | 553,351 | 555,651 | ||
2020-1A CL A — 2.05% 6/15/23 | 2,254,645 | 2,268,588 | ||
2017-3A CL C — 3.68% 7/17/23 | 1,096,000 | 1,116,184 | ||
2020-2A CL A — 1.13% 8/15/23 | 1,750,000 | 1,752,741 | ||
First Investors Auto Owners Trust (FIAOT)(b) | ||||
2019-2A CL A — 2.21% 9/16/24 | 1,758,960 | 1,782,239 | ||
Foundation Finance Trust (FFIN)(b) | ||||
2019-1A CL A — 3.86% 11/15/34 | 2,671,430 | 2,699,470 | ||
Foursight Capital Automobile Receivables Trust (FCRT)(b) | ||||
2017-1 CL B — 3.05% 12/15/22 | 1,090,000 | 1,096,334 | ||
2020-1 CL A2 — 1.97% 9/15/23 | 2,500,000 | 2,523,749 | ||
Freedom Financial (FREED)(b) | ||||
2019-1 CL A — 3.42% 6/18/26 | 771,746 | 774,140 | ||
2020-FP1 CL A — 2.52% 3/18/27 | 1,934,309 | 1,931,603 | ||
GLS Auto Receivables Trust (GCAR)(b) | ||||
2018-1A CL A — 2.82% 7/15/22 | 980,590 | 983,690 | ||
2018-3A CL A — 3.35% 8/15/22 | 216,814 | 217,843 | ||
2019-2A CL A — 3.06% 4/17/23 | 865,092 | 874,594 | ||
2019-3A CL A — 2.58% 7/17/23 | 1,336,538 | 1,352,661 | ||
2019-4A CL A — 2.47% 11/15/23 | 2,451,015 | 2,481,481 | ||
2020-1A CL A — 2.17% 2/15/24 | 3,583,706 | 3,625,126 | ||
2020-2A CL A — 1.58% 8/15/24 | 3,000,000 | 3,005,921 | ||
2020-2A CL B — 3.16% 6/16/25 | 250,000 | 257,373 | ||
Great America Leasing Receivables Trust (GALC)(b) | ||||
2020-1 CL A2 — 1.76% 6/15/22 | 7,500,000 | 7,567,718 | ||
Hertz Fleet Lease Funding LP (HFLF)(b) | ||||
2018-1 CL A1 — 0.67663% 5/10/32 | ||||
Floating Rate (Mthly LIBOR + 50) | 2,393,188 | 2,384,175 | ||
2018-1 CL A2 — 3.23% 5/10/32 | 1,136,764 | 1,143,995 | ||
Hewlett-Packard Financial Services Equipment Trust (HPEFS)(b) | ||||
2019-1A CL A2 — 2.19% 9/20/29 | 884,091 | 891,291 | ||
2019-1A CL D — 2.72% 9/20/29 | 1,000,000 | 984,627 | ||
2020-1A CL A2 — 1.73% 2/20/30 | 1,750,000 | 1,768,314 | ||
2020-1A CL A3 — 1.76% 2/20/30 | 3,500,000 | 3,516,151 | ||
Hilton Grand Vacations Trust (HGVT)(b) | ||||
2020-AA CL A — 2.74% 2/25/39 | 486,788 | 492,220 | ||
Marlette Funding Trust (MFT)(b) | ||||
2018-1A CL C — 3.69% 3/15/28 | 1,791,402 | 1,785,666 | ||
2018-3A CL A — 3.2% 9/15/28 | 178,725 | 178,622 | ||
2018-4A CL A — 3.71% 12/15/28 | 629,196 | 635,353 | ||
2019-1A CL A — 3.44% 4/16/29 | 558,922 | 564,343 | ||
2019-2A CL A — 3.13% 7/16/29 | 1,144,581 | 1,155,025 | ||
2019-3A CL A — 2.69% 9/17/29 | 2,226,325 | 2,240,833 | ||
2019-4A CL A — 2.39% 12/17/29 | 2,357,072 | 2,367,497 | ||
2020-1A CL A — 2.24% 3/15/30 | 1,484,323 | 1,490,605 | ||
MMAF Equipment Finance LLC (MMAF)(b) | ||||
2016-AA CL A4 — 1.76% 1/17/23 | 1,419,921 | 1,426,504 | ||
Octane Receivables Trust (OCTL)(b) | ||||
2019-1A CL A — 3.16% 9/20/23 | 3,486,097 | 3,475,930 | ||
OneMain Direct Auto Receivables Trust (ODART)(b) | ||||
2017-2A CL B — 2.55% 11/14/23 | 1,691,574 | 1,693,062 | ||
2017-2A CL C — 2.82% 7/15/24 | 900,000 | 903,293 | ||
2017-2A CL D — 3.42% 10/15/24 | 500,000 | 502,623 |
$ Principal | ||||
Amount | $ Value | |||
OneMain Financial Issuance Trust (OMFIT)(b) | ||||
2016-1A CL B — 4.57% 2/20/29 | 1,013,230 | 1,014,561 | ||
2018-1A CL B — 3.61% 3/14/29 | 1,500,000 | 1,509,059 | ||
2017-1A CL A1 — 2.37% 9/14/32 | 3,802,948 | 3,815,330 | ||
Pawnee Equipment Receivables LLC (PWNE)(b) | ||||
2019-1 CL A2 — 2.29% 10/15/24 | 9,500,000 | 9,564,990 | ||
Prosper Marketplace Issuance Trust (PMIT)(b) | ||||
2019-1A CL A — 3.54% 4/15/25 | 90,061 | 90,067 | ||
2019-1A CL B — 4.03% 4/15/25 | 4,000,000 | 3,939,664 | ||
2019-3A CL A — 3.19% 7/15/25 | 1,563,297 | 1,569,732 | ||
2019-2A CL A — 3.2% 9/15/25 | 230,708 | 231,180 | ||
Santander Drive Auto Receivables Trust (SDART) | ||||
2020-1 CL A2A — 2.07% 1/17/23 | 2,000,000 | 2,016,619 | ||
Securitized Term Auto Receivables Trust (SSTRT)(b) (c) | ||||
2019-CRTA CL B — 2.453% 3/25/26 | 1,498,649 | 1,518,547 | ||
2019-CRTA CL C — 2.849% 3/25/26 | 1,123,986 | 1,141,056 | ||
Sierra Timeshare Receivables Funding LLC (SRFC)(b) | ||||
2019-2A CL A — 2.59% 5/20/36 | 1,241,190 | 1,243,402 | ||
2019-2A CL B — 2.82% 5/20/36 | 155,149 | 151,794 | ||
Small Business Lending Trust (SBIZ)(b) | ||||
2020-A CL A — 2.62% 12/15/26 | 1,983,144 | 1,914,126 | ||
Social Professional Loan Program LLC (SOFI)(b) | ||||
2018-A CL A2A — 2.39% 2/25/42 | 508,414 | 509,553 | ||
2019-B CL A1FX — 2.78% 8/17/48 | 2,085,696 | 2,101,820 | ||
SoFi Consumer Loan Program LLC (SCLP)(b) | ||||
2016-2 CL A — 3.09% 10/27/25 | 186,487 | 187,054 | ||
2016-3 CL A — 3.05% 12/26/25 | 25,328 | 25,356 | ||
2017-1 CL A — 3.28% 1/26/26 | 84,005 | 84,314 | ||
2018-4 CL C — 4.17% 11/26/27 | 3,450,000 | 3,419,589 | ||
2019-2 CL A — 3.01% 4/25/28 | 1,094,941 | 1,110,674 | ||
2019-3 CL A — 2.9% 5/25/28 | 3,192,289 | 3,237,697 | ||
2019-4 CL A — 2.45% 8/25/28 | 1,511,443 | 1,528,735 | ||
2020-1 CL A — 2.02% 1/25/29 | 1,702,073 | 1,720,889 | ||
United Auto Credit Securitization Trust (UACST)(b) | ||||
2020-1A CL A — 0.85% 5/10/22 | 2,000,000 | 2,002,428 | ||
Upgrade Receivables Trust (UPGR)(b) | ||||
2019-1A CL A — 3.48% 3/15/25 | 119,314 | 119,326 | ||
2019-1A CL B — 4.09% 3/15/25 | 6,800,000 | 6,704,590 | ||
Upstart Securitization Trust (UPST)(b) | ||||
2017-1 CL C — 6.35% 6/20/24 | 1,438,491 | 1,439,006 | ||
2017-2 CL C — 5.59% 3/20/25 | 1,978,355 | 1,953,164 | ||
2018-1 CL C — 4.997% 8/20/25 | 1,549,220 | 1,545,767 | ||
2018-2 CL B — 4.445% 12/22/25 | 1,020,989 | 1,023,153 | ||
2018-2 CL C — 5.494% 12/22/25 | 2,750,000 | 2,708,174 | ||
2019-2 CL B — 3.734% 9/20/29 | 1,250,000 | 1,215,616 | ||
2019-3 CL A — 2.684% 1/21/30 | 3,672,887 | 3,695,087 | ||
2020-1 CL A — 2.322% 4/22/30 | 4,369,710 | 4,378,446 | ||
Westlake Automobile Receivables Trust (WLAKE)(b) | ||||
2018-3A CL A2A — 2.98% 1/18/22 | 151,973 | 152,132 | ||
2020-2A CL A2A — 0.93% 2/15/24 | 4,000,000 | 4,002,914 | ||
World Omni Select Auto Trust (WOSAT) | ||||
2019-A CL A2A — 2.06% 8/15/23 | 2,843,473 | 2,867,306 | ||
Total Asset-Backed Securities (Cost $208,045,452) | 209,046,381 |
Commercial Mortgage-Backed Securities - 6.4% | $ Principal | |||
Amount | $ Value | |||
BXMT Ltd. (BXMT)(b) (c) | ||||
2017-FL1 CL A — 1.06388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 87) | 233,738 | 232,979 | ||
Exantas Capital Corp. Ltd. (XAN)(b) (c) | ||||
2018-RS06 CL A — 1.02388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 83) | 926,750 | 924,637 | ||
2018-RS06 CL D — 2.69388% 6/15/35 | ||||
Floating Rate (Mthly LIBOR + 250) | 6,000,000 | 5,704,596 | ||
2019-RS07 CL A — 1.19388% 4/15/36 | ||||
Floating Rate (Mthly LIBOR + 100) | 3,919,713 | 3,802,122 | ||
GPMT Ltd. (GPMT)(b) (c) | ||||
2018-FL1 CL C — 2.34388% 11/19/35 | ||||
Floating Rate (Mthly LIBOR + 215) | 7,300,000 | 6,344,912 | ||
2018-FL1 CL D — 3.14388% 11/21/35 | ||||
Floating Rate (Mthly LIBOR + 295) | 4,500,000 | 3,667,077 | ||
Hilton USA Trust (HILT)(b) | ||||
2016-SFP CL E — 5.519097% 11/05/35 | 4,300,000 | 4,129,064 | ||
PFP Ltd. (PFP)(b) (c) | ||||
2019-5 CL B — 1.84513% 4/14/36 | ||||
Floating Rate (Mthly LIBOR + 165) | 2,500,000 | 2,393,897 | ||
2019-5 CL C — 2.19513% 4/14/36 | ||||
Floating Rate (Mthly LIBOR + 200) | 500,000 | 470,000 | ||
ReadyCap Commercial Mortgage Trust (RCMT)(b) | ||||
2020-FL4 CL A — 2.35% 2/25/35 | ||||
Floating Rate (Mthly LIBOR + 215) | 4,000,000 | 4,006,000 | ||
2018-FL2 CL C — 2.0845% 6/25/35 | ||||
Floating Rate (Mthly LIBOR + 190) | 750,000 | 683,403 | ||
2018-FL2 CL D — 2.8845% 6/25/35 | ||||
Floating Rate (Mthly LIBOR + 270) | 10,200,000 | 9,033,637 | ||
RETL (RETL)(b) | ||||
2019-RVP CL C — 2.28475% 3/15/36 | ||||
Floating Rate (Mthly LIBOR + 210) | 2,750,000 | 2,437,301 | ||
VMC Finance LLC (VMC)(b) | ||||
2018-FL2 CL C — 2.14388% 10/15/35 | ||||
Floating Rate (Mthly LIBOR + 195) | 4,200,000 | 3,901,562 | ||
Total Commercial Mortgage-Backed Securities (Cost $51,467,315) | 47,731,187 | |||
Mortgage-Backed Securities - 21.4% | ||||
Federal Home Loan Mortgage Corporation | ||||
Collateralized Mortgage Obligations | ||||
3649 CL BW — 4.0% 3/15/25 | 859,215 | 900,526 | ||
4107 CL LW — 1.75% 8/15/27 | 3,920,505 | 3,981,495 | ||
4281 CL AG — 2.5% 12/15/28 | 625,525 | 635,749 | ||
4107 CL LA — 2.5% 5/15/31 | 6,957,616 | 7,196,202 | ||
3003 CL LD — 5.0% 12/15/34 | 785,547 | 910,893 | ||
2952 CL PA — 5.0% 2/15/35 | 369,444 | 406,784 | ||
3620 CL PA — 4.5% 12/15/39 | 768,578 | 840,095 | ||
3842 CL PH — 4.0% 4/15/41 | 872,431 | 954,457 | ||
15,826,201 | ||||
Pass-Through Securities | ||||
G18190 — 5.5% 6/01/22 | 5,819 | 6,019 | ||
G13300 — 4.5% 5/01/23 | 48,444 | 51,373 | ||
G18296 — 4.5% 2/01/24 | 133,329 | 141,092 | ||
G18306 — 4.5% 4/01/24 | 286,579 | 304,641 | ||
G13517 — 4.0% 5/01/24 | 203,992 | 215,787 | ||
G18308 — 4.0% 5/01/24 | 296,710 | 313,971 | ||
E02804 — 3.0% 12/01/25 | 1,392,034 | 1,465,292 | ||
J13949 — 3.5% 12/01/25 | 2,080,708 | 2,190,050 |
$ Principal | ||||
Amount | $ Value | |||
J14649 — 3.5% 4/01/26 | 1,680,305 | 1,766,615 | ||
E02948 — 3.5% 7/01/26 | 3,739,498 | 3,935,124 | ||
J16663 — 3.5% 9/01/26 | 3,601,175 | 3,790,878 | ||
E03033 — 3.0% 2/01/27 | 2,144,988 | 2,259,198 | ||
ZS8692 — 2.5% 4/01/33 | 1,797,032 | 1,886,543 | ||
G01818 — 5.0% 5/01/35 | 998,518 | 1,146,704 | ||
19,473,287 | ||||
35,299,488 | ||||
Federal National Mortgage Association | ||||
Collateralized Mortgage Obligations | ||||
2010-145 CL PA — 4.0% 10/25/24 | 76,611 | 77,142 | ||
2010-54 CL WA — 3.75% 6/25/25 | 324,892 | 333,717 | ||
410,859 | ||||
Pass-Through Securities | ||||
357985 — 4.5% 9/01/20 | 1,024 | 1,080 | ||
888595 — 5.0% 1/01/22 | 16,384 | 17,234 | ||
888439 — 5.5% 6/01/22 | 23,756 | 24,310 | ||
AR8198 — 2.5% 3/01/23 | 1,648,910 | 1,728,122 | ||
MA1502 — 2.5% 7/01/23 | 1,466,202 | 1,536,637 | ||
995960 — 5.0% 12/01/23 | 104,358 | 109,807 | ||
AD0629 — 5.0% 2/01/24 | 112,170 | 117,988 | ||
930667 — 4.5% 3/01/24 | 236,751 | 252,535 | ||
890112 — 4.0% 4/01/24 | 181,532 | 192,060 | ||
995693 — 4.5% 4/01/24 | 238,117 | 251,148 | ||
AA4315 — 4.0% 4/01/24 | 383,681 | 406,060 | ||
AA5510 — 4.0% 4/01/24 | 93,232 | 98,626 | ||
MA0043 — 4.0% 4/01/24 | 141,688 | 149,967 | ||
995692 — 4.5% 5/01/24 | 228,662 | 243,679 | ||
995755 — 4.5% 5/01/24 | 344,671 | 367,366 | ||
931739 — 4.0% 8/01/24 | 108,704 | 115,056 | ||
AD7073 — 4.0% 6/01/25 | 352,677 | 373,020 | ||
AE0031 — 5.0% 6/01/25 | 250,558 | 263,768 | ||
AL0471 — 5.5% 7/01/25 | 582,362 | 614,956 | ||
310139 — 3.5% 11/01/25 | 2,470,531 | 2,598,645 | ||
AB1769 — 3.0% 11/01/25 | 1,169,928 | 1,238,780 | ||
AH3429 — 3.5% 1/01/26 | 6,487,828 | 6,828,276 | ||
AB2251 — 3.0% 2/01/26 | 1,483,443 | 1,577,546 | ||
AB3902 — 3.0% 11/01/26 | 1,043,970 | 1,099,394 | ||
AB4482 — 3.0% 2/01/27 | 2,426,246 | 2,554,588 | ||
AK3264 — 3.0% 2/01/27 | 2,656,212 | 2,797,517 | ||
AL1366 — 2.5% 2/01/27 | 1,927,173 | 2,022,752 | ||
AB6291 — 3.0% 9/01/27 | 1,076,215 | 1,132,070 | ||
MA3189 — 2.5% 11/01/27 | 1,868,093 | 1,957,834 | ||
MA3791 — 2.5% 9/01/29 | 3,985,245 | 4,185,531 | ||
BM5708 — 3.0% 12/01/29 | 2,561,382 | 2,693,451 | ||
MA0587 — 4.0% 12/01/30 | 2,998,746 | 3,230,111 | ||
BA4767 — 2.5% 1/01/31 | 2,116,751 | 2,221,205 | ||
AS7698 — 2.5% 8/01/31 | 1,986,080 | 2,090,165 | ||
AS7701 — 2.5% 8/01/31 | 2,652,957 | 2,827,785 | ||
555531 — 5.5% 6/01/33 | 1,998,969 | 2,282,239 | ||
MA3540 — 3.5% 12/01/33 | 2,879,041 | 3,026,849 | ||
725232 — 5.0% 3/01/34 | 182,700 | 209,706 | ||
995112 — 5.5% 7/01/36 | 875,756 | 1,005,615 | ||
54,443,478 | ||||
54,854,337 | ||||
Government National Mortgage Association | ||||
Pass-Through Securities | ||||
G2 5255 — 3.0% 12/20/26 | 4,627,507 | 4,861,135 | ||
Non-Government Agency | ||||
Collateralized Mortgage Obligations | ||||
Bunker Hill Loan Depositary Trust (BHLD)(b) (f) | ||||
2019-3 CL A1 — 2.724% 11/25/59 | 3,593,753 | 3,671,940 | ||
$ Principal | ||||
Amount | ||||
or Shares | $ Value | |||
Citigroup Mortgage Loan Trust, Inc. (CMLTI)(b) (e) | ||||
2014-A CL A — 4.0% 1/25/35 | 793,704 | 838,947 | ||
COLT Funding LLC (COLT)(b) (e) | ||||
2019-4 CL A1 — 2.579% 11/25/49 | 3,520,979 | 3,564,460 | ||
Deephaven Residential Mortgage Trust (DRMT)(b) (e) | ||||
2018-4A CL A1 — 4.08% 10/25/58 | 2,268,841 | 2,294,072 | ||
2019-3A CL A1 — 2.964% 7/25/59 | 2,979,583 | 3,034,222 | ||
2019-4A CL A1 — 2.791% 10/25/59 | 1,184,569 | 1,200,089 | ||
Flagstar Mortgage Trust (FSMT)(b) (e) | ||||
2017-1 CL 2A2 — 3.0% 3/25/47 | 2,037,928 | 2,126,070 | ||
J.P. Morgan Mortgage Trust (JPMMT)(b) (e) | ||||
2014-2 CL 2A2 — 3.5% 6/25/29 | 1,907,942 | 1,970,980 | ||
2014-5 CL A1 — 2.959663% 10/25/29 | 4,455,424 | 4,650,398 | ||
2016-3 CL 2A1 — 3.0% 10/25/46 | 3,814,220 | 3,968,346 | ||
2017-3 CL 2A2 — 2.5% 8/25/47 | 8,070,495 | 8,282,142 | ||
2018-6 CL 2A2 — 3.0% 12/25/48 | 2,793,964 | 2,914,634 | ||
Sequoia Mortgage Trust (SEMT)(e) | ||||
2012-4 CL A1 — 3.5% 9/25/42 | 1,331,152 | 1,388,400 | ||
2013-4 CL A3 — 1.55% 4/25/43 | 3,970,523 | 3,986,498 | ||
2017-CH1 CL A11 — 3.5% 8/25/47(b) | 1,092,123 | 1,102,768 | ||
2018-CH2 CL A12 — 4.0% 6/25/48(b) | 2,266,781 | 2,293,903 | ||
2018-CH4 CL A10 — 4.5% 10/25/48(b) | 2,618,893 | 2,650,664 | ||
2019-CH2 CL A1 — 4.5% 8/25/49(b) | 924,819 | 954,745 | ||
2019-CH3 CL A10 — 4.0% 9/25/49(b) | 2,405,297 | 2,466,773 | ||
2019-4 CL A4 — 3.5% 11/25/49(b) | 2,173,314 | 2,227,939 | ||
2019-5 CL A4 — 3.5% 12/25/49(b) | 2,955,738 | 3,040,120 | ||
2020-1 CL A4 — 3.5% 2/25/50(b) | 789,654 | 808,796 | ||
2020-2 CL A4 — 3.5% 3/25/50(b) | 2,507,090 | 2,586,996 | ||
2020-3 CL A4 — 3.0% 4/25/50(b) | 2,579,520 | 2,673,598 | ||
64,697,500 | ||||
Total Mortgage-Backed Securities (Cost $153,671,120) | 159,712,460 | |||
Taxable Municipal Bonds - 0.1% | ||||
Kansas Development Finance Authority Revenue, Series 2015H | ||||
2.927% 4/15/21 (Cost $750,000) | 750,000 | 757,965 | ||
U.S. Treasury - 17.9% | ||||
U.S. Treasury Notes | ||||
2.0% 11/30/20 | 4,000,000 | 4,030,312 | ||
1.125% 2/28/21 | 15,000,000 | 15,094,043 | ||
2.25% 3/31/21 | 12,000,000 | 12,189,375 | ||
1.375% 4/30/21 | 10,000,000 | 10,100,391 | ||
2.625% 6/15/21 | 10,000,000 | 10,236,133 | ||
1.125% 7/31/21 | 15,000,000 | 15,154,980 | ||
2.0% 7/31/22 | 17,000,000 | 17,651,777 | ||
2.0% 2/15/23 | 7,000,000 | 7,335,234 | ||
1.5% 2/28/23 | 25,000,000 | 25,885,254 | ||
2.0% 5/31/24 | 15,000,000 | 16,043,848 | ||
Total U.S. Treasury (Cost $129,531,923) | 133,721,347 | |||
Common Stocks - 0.4% | ||||
Redwood Trust, Inc. (Cost $4,158,141) | 410,000 | 2,870,000 |
Cash Equivalents - 3.5% | ||||
Shares | $ Value | |||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(a) | 26,605,636 | 26,605,636 | ||
Total Cash Equivalents (Cost $26,605,636) | 26,605,636 | |||
Total Investments in Securities (Cost $736,186,525) | 744,162,575 | |||
Other Assets Less Other Liabilities - 0.4% | 2,982,401 | |||
Net Assets - 100% | 747,144,976 | |||
Net Asset Value Per Share - Investor Class | 12.30 | |||
Net Asset Value Per Share - Institutional Class | 12.32 |
(a) Rate presented represents the annualized 7-day yield at June 30, 2020. | ||||
(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This | ||||
security may be resold in transactions that are exempt from registration, normally to | ||||
qualified institutional buyers. | ||||
(c) Foreign domiciled entity | ||||
(d) Annual sinking fund | ||||
(e) The interest rate resets periodically based on the weighted average coupons of the underlying | ||||
mortgage-related or asset-backed obligations. | ||||
(f) Security is a "step-up" bond where the coupon rate increases or steps up at a predetermined | ||||
date. Coupon rate presented represents the rate at June 30, 2020. | ||||
This schedule of portfolio holdings is unaudited and is presented for informational | ||||
purposes only. Portfolio holdings are subject to change at any time and references to | ||||
specific securities are not recommendations to purchase or sell any particular security. | ||||
Current and future portfolio holdings are subject to risk. |
ULTRA SHORT GOVERNMENT FUND | |
Schedule of Investments | |
June 30, 2020 |
Corporate Bonds - 2.5% | $ Principal | |||
Amount | $ Value | |||
Berkshire Hathaway Inc. 2.2% 3/15/21 | 500,000 | 506,027 | ||
Enterprise Products Partners LP 2.8% 2/15/21 | 200,000 | 202,778 | ||
UnitedHealth Group Inc. 2.7% 7/15/20 | 700,000 | 700,612 | ||
WM. Wrigley Jr. Co. 3.375% 10/21/20(b) | 700,000 | 704,683 | ||
Total Corporate Bonds (Cost $2,099,008) | 2,114,100 | |||
Asset-Backed Securities - 11.7% | ||||
American Credit Acceptance Receivables Trust (ACAR)(b) | ||||
2019-2 CL A — 2.85% 7/12/22 | 69,273 | 69,399 | ||
2020-1 CL A — 1.89% 4/13/23 | 374,158 | 376,174 | ||
ARI Fleet Lease Trust (ARIFL)(b) | ||||
2018-A CL A2 — 2.55% 10/15/26 | 313,306 | 314,244 | ||
2019-A CL A2A — 2.41% 11/15/27 | 602,458 | 611,521 | ||
Ascentium Equipment Receivables Trust (ACER)(b) | ||||
2017-1A CL B — 2.85% 10/10/21 | 425,000 | 430,186 | ||
Carvana Auto Receivables Trust (CRVNA)(b) | ||||
2019-2A CL B — 2.74% 12/15/23 | 350,000 | 356,234 | ||
Drive Auto Receivables Trust (DRIVE) | ||||
2018-2 CL C — 3.63% 8/15/24 | 362,461 | 364,465 | ||
DT Auto Owner Trust (DTAOT)(b) | ||||
2016-4A CL D — 3.77% 10/17/22 | 278,379 | 279,122 | ||
2019-4A CL A — 2.17% 5/15/23 | 306,644 | 308,531 | ||
Enterprise Fleet Financing LLC (EFF)(b) | ||||
2017-1 CL A3 — 2.6% 7/20/22 | 512,194 | 512,737 | ||
Exeter Automobile Receivables Trust (EART)(b) | ||||
2020-1A CL A — 2.05% 6/15/23 | 346,869 | 349,014 | ||
First Investors Auto Owners Trust (FIAOT)(b) | ||||
2017-1A CL D — 3.6% 4/17/23 | 317,000 | 322,333 | ||
Freedom Financial (FREED)(b) | ||||
2019-1 CL A — 3.42% 6/18/26 | 257,249 | 258,047 | ||
GLS Auto Receivables Trust (GCAR)(b) | ||||
2018-1A CL A — 2.82% 7/15/22 | 578,517 | 580,346 | ||
2019-3A CL A — 2.58% 7/17/23 | 133,654 | 135,266 | ||
Great America Leasing Receivables Trust (GALC)(b) | ||||
2020-1 CL A2 — 1.76% 6/15/22 | 737,000 | 743,655 | ||
Marlette Funding Trust (MFT)(b) | ||||
2018-2A CL B — 3.61% 7/17/28 | 292,649 | 294,055 | ||
2018-3A CL A — 3.2% 9/15/28 | 9,820 | 9,814 | ||
2019-2A CL A — 3.13% 7/16/29 | 228,916 | 231,005 | ||
MMAF Equipment Finance LLC (MMAF)(b) | ||||
2016-AA CL A4 — 1.76% 1/17/23 | 613,327 | 616,170 | ||
OneMain Financial Issuance Trust (OMFIT)(b) | ||||
2017-1A CL A1 — 2.37% 9/14/32 | 345,723 | 346,848 | ||
$ Principal | ||||
Amount | ||||
or Shares | $ Value | |||
Prosper Marketplace Issuance Trust (PMIT)(b) | ||||
2019-3A CL A — 3.19% 7/15/25 | 183,917 | 184,674 | ||
2019-2A CL A — 3.2% 9/15/25 | 92,283 | 92,472 | ||
Santander Drive Auto Receivables Trust (SDART) | ||||
2020-1 CL A2A — 2.07% 1/17/23 | 250,000 | 252,077 | ||
Social Professional Loan Program LLC (SOFI)(b) | ||||
2018-A CL A2A — 2.39% 2/25/42 | 161,676 | 162,038 | ||
United Auto Credit Securitization Trust (UACST)(b) | ||||
2020-1 CL A — 0.85% 5/10/22 | 250,000 | 250,304 | ||
Upgrade Receivables Trust (UPGR)(b) | ||||
2019-1A CL A — 3.48% 3/15/25 | 39,771 | 39,775 | ||
Upstart Securitization Trust (UPST)(b) | ||||
2018-2 CL B — 4.445% 12/22/25 | 340,330 | 341,051 | ||
Verizon Owner Trust (VZOT)(b) | ||||
2018-1A CL A1A — 2.82% 9/20/22 | 455,880 | 459,840 | ||
Westlake Automobile Receivables Trust (WLAKE)(b) | ||||
2020-2A CL A2A — 0.93% 2/15/24 | 750,000 | 750,546 | ||
Total Asset-Backed Securities (Cost $9,989,846) | 10,041,943 | |||
U.S. Treasury - 80.5% | ||||
U.S. Treasury Notes | ||||
1.375% 8/31/20 | 9,000,000 | 9,017,960 | ||
2.0% 9/30/20 | 7,500,000 | 7,534,095 | ||
1.625% 10/15/20 | 17,000,000 | 17,071,077 | ||
1.75% 11/15/20 | 3,000,000 | 3,017,461 | ||
1.625% 11/30/20 | 17,300,000 | 17,402,719 | ||
2.75% 11/30/20 | 9,800,000 | 9,906,039 | ||
2.0% 1/15/21 | 5,000,000 | 5,049,707 | ||
Total U.S. Treasury (Cost $68,895,331) | 68,999,058 | |||
Cash Equivalents - 5.0% | ||||
State Street Institutional U.S. Government Money | ||||
Market Fund - Premier Class 0.12%(a) | 4,298,944 | 4,298,944 | ||
Total Cash Equivalents (Cost $4,298,944) | 4,298,944 | |||
Total Investments in Securities (Cost $85,283,129) | 85,454,045 | |||
Other Assets Less Other Liabilities - 0.3% | 251,259 | |||
Net Assets - 100% | 85,705,304 | |||
Net Asset Value Per Share | 10.02 | |||
(a) Rate presented represents the annualized 7-day yield at June 30, 2020. | ||||
(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. | ||||
This security may be resold in transactions that are exempt from registration, | ||||
normally, to qualified institutional buyers. | ||||
This schedule of portfolio holdings is unaudited and is presented for informational | ||||
purposes only. Portfolio holdings are subject to change at any time and references to | ||||
specific securities are not recommendations to purchase or sell any particular security. | ||||
Current and future portfolio holdings are subject to risk. |
Notes to Schedules of Investments (Unaudited):
(1) | Valuation of Investments |
Investments are carried at value determined using the following valuation methods:
• | Securities traded on a national or regional securities exchange are valued at the last sales price; if there were no sales on that day, securities are valued at the mean between the latest available and representative bid and ask prices; securities listed on the NASDAQ exchange are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sales price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. |
• | Short sales traded on a national or regional securities exchange are valued at the last sales price; if there were no sales on that day, short sales are valued at the mean between the latest available and representative bid and ask prices. |
• | Securities not listed on an exchange are valued at the mean between the latest available and representative bid and ask prices, if available. |
• | The value of certain debt securities for which market quotations are not readily available may be based upon current market prices of securities that are comparable in coupon, rating and maturity or an appropriate matrix utilizing similar factors. |
• | The value of a traded option is the last sales price at which such option is traded or, in the absence of a sale on or about the close of the exchange, the mean of the closing bid and ask prices. |
• | Money market funds are valued at the quoted net asset value. |
• | The value of securities for which market quotations are not readily available or are deemed unreliable, including restricted and not readily marketable securities, is determined in good faith in accordance with procedures approved by the Trust’s Board of Trustees. Such valuation procedures and methods for valuing securities may include, but are not limited to: multiple of earnings, multiple of book value, discount from value of a similar freely-traded security, purchase price, private transaction in the security or related securities, the nature and duration of restrictions on disposition of the security and a combination of these and other factors. |
The Trust has established a Pricing Committee, composed of officers and employees of Weitz Investment Management, Inc. to supervise the daily valuation process. The Board of Trustees has also established a Valuation Committee, composed of the independent Trustees, to oversee the Pricing Committee and the valuation process. The Pricing Committee provides oversight of the approved procedures, evaluates the effectiveness of the pricing policies and reports to the Valuation Committee of the Board of Trustees. When determining the reliability of third-party pricing information, the Pricing Committee, among other things, monitors the daily change in prices and reviews transactions among market participants.
(2) | Significant Accounting Policies Relating to Options and Securities Sold Short |
The Funds, except for the Ultra Short Government Fund, may purchase put or call options. When a Fund purchases an option, an amount equal to the premium paid is recorded as an asset and is subsequently marked-to-market daily. Premiums paid for purchasing options that expire unexercised are recognized on the expiration date as realized losses. If an option is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether a Fund has realized a gain or loss on the related investment transaction. When a Fund enters into a closing transaction, a Fund realizes a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premium paid.
The Funds, except for the Ultra Short Government Fund, may write put or call options. When a Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market daily. Premiums received for writing options that expire unexercised are recognized on the expiration date as realized gains. If an option is exercised, the premium received is subtracted from the cost of purchase or added to the proceeds of the sale to determine whether a Fund has realized a gain or loss on the related investment transaction. When a Fund enters into a closing transaction, a Fund realizes a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premium received.
The Funds attempt to limit market risk and enhance their income by writing (selling) covered call options. The risk in writing a covered call option is that a Fund gives up the opportunity of profit if the market price of the financial instrument increases. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a put option is that a Fund is obligated to purchase the financial instrument underlying the option at prices which may be significantly different than the current market price.
The Funds, except for the Ultra Short Government Fund, may engage in selling securities short, which obligates a Fund to replace a security borrowed by purchasing the same security at the current market value. A Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund realizes a gain if the price of the security declines between those dates.
(3) | Securities Transactions |
Securities transactions are accounted for on the date the securities are purchased or sold (trade date).
At June 30, 2020, the cost of investments and gross unrealized appreciation and depreciation of investments for Federal income tax purposes is summarized as follows (in U.S. dollars):
Hickory | Partners III Opportunity | Partners Value | Value | Balanced | Core Plus Income | Nebraska Tax-Free Income | Short Duration Income | Ultra Short Government | ||||||||||||||||||||||||||||
Tax Cost | 125,680,748 | 286,054,294 | 292,149,622 | 448,514,270 | 133,084,286 | 106,857,651 | 31,485,467 | 736,186,525 | 85,283,129 | |||||||||||||||||||||||||||
Appreciation | 62,292,517 | 245,115,887 | 172,283,889 | 323,675,080 | 26,955,108 | 7,584,368 | 1,121,676 | 16,514,160 | 173,952 | |||||||||||||||||||||||||||
Depreciation | (11,475,512 | ) | (8,148,509 | ) | (29,800,358 | ) | (8,137,495 | ) | (1,922,653 | ) | (2,740,868 | ) | (1,129 | ) | (8,538,110 | ) | (3,036 | ) | ||||||||||||||||||
Net | 50,817,005 | 236,967,378 | 142,483,531 | 315,537,585 | 25,032,455 | 4,843,500 | 1,120,547 | 7,976,050 | 170,916 |
(1) | Option Transactions Derivative positions open at June 30, 2020, are summarized as follows: |
Gross Notional | |||||
Fair Value at June 30, 2020 | Amt Outstanding | ||||
Fund | Type of Derivative | Asset Derivatives | Liability Derivatives | June 30, 2020 | |
Partners III Opportunity | Call options written | $ - | $ 91,000 | $ 2,000,000 | |
Put options written | $ - | $ - | $ - |
(2) | Affiliated Issuers |
Affiliated issuers, as defined under the Investment Company Act of 1940, are those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of each Fund’s holdings in the securities of such issuers is set forth below:
Partners III Opportunity | |||||||
Name of Issuer | Number of Shares Held March 31, 2020 | Gross Additions | Gross Reductions | Number of Shares Held June. 30, 2020 | Value June. 30, 2020 | ||
Intelligent Systems Corp. | 1,539,000 | - | 540,503 | 998,497 | $ 34,028,778 |
(3) | Concentration of Credit Risk |
Approximately 92% of the Nebraska Tax-Free Income Fund’s net assets are in obligations of political subdivisions of the State of Nebraska which are subject to the credit risk associated with the non-performance of such issuers.
(4) | Fair Value Measurements |
Various inputs are used in determining the value of the Funds’ investments. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
• | Level 1 – quoted prices in active markets for identical securities; |
• | Level 2 – other significant observable inputs (including quoted prices for similar securities); |
• | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.
• | Equity securities. Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are categorized in Level 2. |
• | Corporate and Municipal bonds. The fair values of corporate and municipal bonds are estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads and fundamental data relating to the issuer. Although most corporate and municipal bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3. |
• | Asset-backed securities. The fair values of asset-backed securities (including non-government agency mortgage-backed securities and interest-only securities) are generally estimated based on models that consider the estimated cash flows of each tranche of the entity, a benchmark yield and an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. Certain securities are valued principally using dealer quotations. To the extent the inputs are observable and timely, the values are categorized in Level 2 of the fair value hierarchy; otherwise they are categorized as Level 3. |
• | U.S. Government securities. U.S. Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued principally using dealer quotations. U.S. Government securities are categorized in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |
• | U.S. agency securities. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. Government securities. Mortgage-backed securities include collateralized mortgage obligations, to-be-announced (TBA) securities and mortgage pass-through certificates. Mortgage-backed securities are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 2 of the fair value hierarchy. |
• | Restricted and/or illiquid securities. Restricted and/or illiquid securities for which quotations are not readily available are valued in accordance with procedures approved by the Trust’s Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted or illiquid securities issued by nonpublic entities may be valued by reference to comparable public entities or fundamental data relating to the issuer or both. Depending on the relative significance of valuation inputs, these instruments are classified in either Level 2 or Level 3 of the fair value hierarchy. |
• | Derivative instruments. Listed derivatives, such as the Funds’ equity option contracts, that are valued based on closing prices from the exchange or the mean of the closing bid and ask prices are generally categorized in Level 1 of the fair value hierarchy. |
The following is a summary of the inputs used, in U.S. dollars, as of June 30, 2020, in valuing the Funds’ assets and liabilities carried at fair value. The Schedule of Investments for each Fund provides a detailed breakdown of each category.
Hickory | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | 39,996,173 | 10,782,200 | - | 50,778,373 | ||||||||||||
Other | 110,126,262 | 6,500,000 | - | 116,626,262 | ||||||||||||
Warrants | - | 127,500 | - | 127,500 | ||||||||||||
Cash Equivalents | 8,965,618 | - | - | 8,965,618 | ||||||||||||
Total Investments in Securities | 159,088,053 | 17,409,700 | - | 176,497,753 |
Partners III Opportunity | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | 463,447,828 | 19,500,000 | - | 482,947,828 | ||||||||||||
Warrants | - | 382,500 | - | 382,500 | ||||||||||||
Cash Equivalents | 39,691,344 | - | - | 39,691,344 | ||||||||||||
Total Investments in Securities | 503,139,172 | 19,882,500 | - | 523,021,672 | ||||||||||||
Liabilities: | ||||||||||||||||
Securities Sold Short | (84,874,000 | ) | - | - | (84,874,000 | ) | ||||||||||
Options Written | (91,000 | ) | - | - | (91,000 | ) |
Partners Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | 420,110,204 | - | - | 420,110,204 | ||||||||||||
Cash Equivalents | 14,522,949 | - | - | 14,522,949 | ||||||||||||
Total Investments in Securities | 434,633,153 | - | - | 434,633,153 |
Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | 728,652,230 | - | - | 728,652,230 | ||||||||||||
Cash Equivalents | 35,399,625 | - | - | 35,399,625 | ||||||||||||
Total Investments in Securities | 764,051,855 | - | - | 764,051,855 |
Balanced | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Common Stocks | 64,075,397 | - | - | 64,075,397 | ||||||||||||
Corporate Bonds | - | 11,915,737 | - | 11,915,737 | ||||||||||||
Asset-Backed Securities | - | 8,323,571 | - | 8,323,571 | ||||||||||||
Commercial Mortgage-Backed Securities | - | 482,914 | - | 482,914 | ||||||||||||
Mortgage-Backed Securities | - | 8,407,552 | - | 8,407,552 | ||||||||||||
U.S. Treasury | - | 49,441,827 | - | 49,441,827 | ||||||||||||
Cash Equivalents | 15,469,743 | - | - | 15,469,743 | ||||||||||||
Total Investments in Securities | 79,545,140 | 78,571,601 | - | 158,116,741 |
Core Plus Income | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Corporate Bonds | - | 42,500,968 | - | 42,500,968 | ||||||||||||
Corporate Convertible Bonds | - | 1,786,946 | - | 1,786,946 | ||||||||||||
Asset-Backed Securities | - | 32,753,775 | - | 32,753,775 | ||||||||||||
Commercial Mortgage-Backed Securities | - | 10,635,795 | - | 10,635,795 | ||||||||||||
Mortgage-Backed Securities | - | 3,868,265 | - | 3,868,265 | ||||||||||||
Taxable Municipal Bonds | - | 401,092 | - | 401,092 | ||||||||||||
U.S. Treasury | - | 18,687,306 | - | 18,687,306 | ||||||||||||
Common Stocks | 189,000 | - | - | 189,000 | ||||||||||||
Cash Equivalents | 878,004 | - | - | 878,004 | ||||||||||||
Total Investments in Securities | 1,067,004 | 110,634,147 | - | 111,701,151 |
Nebraska Tax-Free Income | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Municipal Bonds | - | 31,306,810 | - | 31,306,810 | ||||||||||||
Cash Equivalents | 1,299,204 | - | - | 1,299,204 | ||||||||||||
Total Investments in Securities | 1,299,204 | 31,306,810 | - | 32,606,014 |
Short Duration Income | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Corporate Bonds | - | 144,489,746 | - | 144,489,746 | ||||||||||||
Corporate Convertible Bonds | - | 19,227,853 | - | 19,227,853 | ||||||||||||
Asset-Backed Securities | - | 209,046,381 | - | 209,046,381 | ||||||||||||
Commercial Mortgage-Backed Securities | - | 47,731,187 | - | 47,731,187 | ||||||||||||
Mortgage-Backed Securities | - | 159,712,460 | - | 159,712,460 | ||||||||||||
Taxable Municipal Bonds | - | 757,965 | - | 757,965 | ||||||||||||
U.S. Treasury | - | 133,721,347 | - | 133,721,347 | ||||||||||||
Common Stocks | 2,870,000 | - | - | 2,870,000 | ||||||||||||
Cash Equivalents | 26,605,636 | - | - | 26,605,636 | ||||||||||||
Total Investments in Securities | 29,475,636 | 714,686,939 | - | 744,162,575 |
Ultra Short Government | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: | ||||||||||||||||
Corporate Bonds | - | 2,114,100 | - | 2,114,100 | ||||||||||||
Asset-Backed Securities | - | 10,041,943 | - | 10,041,943 | ||||||||||||
U.S. Treasury | - | 68,999,058 | - | 68,999,058 | ||||||||||||
Cash Equivalents | 4,298,944 | - | - | 4,298,944 | ||||||||||||
Total Investments in Securities | 4,298,944 | 81,155,101 | - | 85,454,045 |
During the three months ended June 30, 2020, there were no transfers into or out of Level 3.
During the three months ended June 30, 2020, there were no assets in which significant unobservable inputs (Level 3) were used.
For information on the Funds’ other significant accounting policies, please refer to the Funds’ most recent semi-annual or annual shareholder report.