Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited) | |||||||||
Shares | Value | ||||||||
COMMON STOCKS ― 99.1% | |||||||||
ACCOUNTING, TAX PREPARTATION, BOOKKEEPING, AND PAYROLL SERVICES ― 0.2% | |||||||||
904 | Paychex, Inc. | $ | 96,999 | ||||||
ADVERTISING AGENCIES ― 0.2% | |||||||||
904 | Omnicom Group, Inc. | 72,311 | |||||||
AEROSPACE PRODUCTS AND PARTS MANUFACTURING ― 1.8% | |||||||||
1,069 | Boeing Co./The * | 256,090 | |||||||
11,682 | General Electric Co. | 157,240 | |||||||
3,661 | Raytheon Technologies Corp. | 312,320 | |||||||
725,650 | |||||||||
AGRICULTURAL IMPLEMENT MANUFACTURING ― 0.2% | |||||||||
253 | Deere & Co. | 89,236 | |||||||
ALL OTHER ELECTRICAL EQUIPMENT AND COMPONENT MANUFACTURING ― 0.8% | |||||||||
3,279 | Emerson Electric Co. | 315,571 | |||||||
AUTOMOBILE AND LIGHT DUTY MOTOR VEHICLE MANUFACTURING ― 1.9% | |||||||||
2,086 | General Motors Co. * | 123,429 | |||||||
977 | Tesla, Inc. * | 664,067 | |||||||
787,496 | |||||||||
AUTOMOTIVE PARTS AND ACCESSORIES STORES ― 0.3% | |||||||||
75 | AutoZone, Inc. * | 111,917 | |||||||
BREAKFAST CEREAL MANUFACTURING ― 0.1% | |||||||||
880 | General Mills, Inc. | 53,618 | |||||||
CASINO HOTELS ― 0.1% | |||||||||
844 | Las Vegas Sands Corp. * | 44,470 | |||||||
COMMERCIAL AND SERVICE INDUSTRY MACHINERY MANUFACTURING ― 0.9% | |||||||||
2,547 | Dover Corp. | 383,578 | |||||||
COMMERCIAL BANKING ― 4.2% | |||||||||
13,185 | Bank of America Corp. | 543,617 | |||||||
4,748 | Citigroup, Inc. | 335,921 | |||||||
2,826 | JPMorgan Chase & Co. | 439,556 | |||||||
194 | SVB Financial Group * | 107,947 | |||||||
1,374 | Truist Financial Corp. | 76,257 | |||||||
1,155 | U.S. Bancorp | 65,800 | |||||||
4,236 | Wells Fargo & Co. | 191,848 | |||||||
1,760,946 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
COMMERCIAL AND PERIPHERAL EQUIPMENT MANUFACTURING ― 5.8% | |||||||||
17,601 | Apple, Inc. | $ | 2,410,633 | ||||||
COMPUTER SYSTEMS DESIGN AND RELATED SERVICES ― 0.7% | |||||||||
452 | Autodesk, Inc. * | 131,939 | |||||||
613 | Cognizant Technology Solutions Corp. | 42,456 | |||||||
451 | Synopsys, Inc. * | 124,381 | |||||||
298,776 | |||||||||
CONSTRUCTION MACHINERY MANUFACTURING ― 0.8% | |||||||||
1,462 | Caterpillar, Inc. | 318,174 | |||||||
CONSUMER LENDING ― 0.1% | |||||||||
959 | Synchrony Financial | 46,531 | |||||||
COPPER, NICKEL, LEAD AND ZINC MINING ― 0.3% | |||||||||
3,712 | Freeport-McMoRan, Inc. * | 137,752 | |||||||
COURIERS AND EXPRESS DELIVERY SERVICES ― 1.0% | |||||||||
919 | United Parcel Service, Inc. | 191,124 | |||||||
678 | FedEx Corp. | 202,267 | |||||||
393,391 | |||||||||
CREDIT BUREAUS ― 0.2% | |||||||||
226 | Moody's Corp. | 81,896 | |||||||
CREDIT CARD ISSUING ― 0.5% | |||||||||
647 | American Express Co. | 106,904 | |||||||
634 | Capital One Financial Corp. | 98,073 | |||||||
204,977 | |||||||||
CRUDE PETROLEUM EXTRACTION ― 0.4% | |||||||||
5,170 | Marathon Oil Corp. | 70,415 | |||||||
476 | Pioneer Natural Resources Co. | 77,360 | |||||||
147,775 | |||||||||
DATA PROCESSING, HOSTING, AND RELATED SERVICES ― 0.8% | |||||||||
452 | Akamai Technologies, Inc. * | 52,703 | |||||||
619 | Automatic Data Processing, Inc. | 122,945 | |||||||
452 | Broadridge Financial Solutions, Inc. | 73,012 | |||||||
903 | Fiserv, Inc. * | 96,522 | |||||||
345,182 | |||||||||
DEPARTMENT STORES ― 0.3% | |||||||||
1,732 | TJX Cos Inc./The | 116,772 | |||||||
DIAGNOSTIC IMAGING CENTERS ― 0.3% | |||||||||
776 | Quest Diagnostics, Inc. | 102,409 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
DIRECT INSURANCE (EXCEPT LIFE, HEALTH, AND MEDICAL) CARRIERS ― 2.3% | |||||||||
2,148 | American International Group, Inc. | $ | 102,245 | ||||||
1,536 | Berkshire Hathaway, Inc. * | 426,885 | |||||||
1,244 | Chubb Ltd. (1) | 197,721 | |||||||
971 | Cincinnati Financial Corp. | 113,238 | |||||||
791 | Travelers Companies, Inc./The | 118,421 | |||||||
958,510 | |||||||||
DIRECT LIFE, HEALTH, AND MEDICAL INSURANCE CARRIERS ― 2.5% | |||||||||
2,007 | Centene Corp. * | 146,371 | |||||||
526 | Cigna Corp. | 124,699 | |||||||
555 | Globe Life, Inc. | 52,864 | |||||||
2,826 | MetLife, Inc. | 169,136 | |||||||
1,362 | UnitedHealth Group, Inc. | 545,398 | |||||||
1,038,468 | |||||||||
DOLL, TOY, AND GAME MANUFACTURING ― 0.1% | |||||||||
592 | Hasbro, Inc. | 55,956 | |||||||
ELECTRONIC SHOPPING AND MAIL-ORDER HOUSES ― 4.1% | |||||||||
483 | Amazon.com, Inc. * | 1,661,597 | |||||||
252 | Etsy, Inc. * | 51,872 | |||||||
1,713,469 | |||||||||
ELEVATOR AND MOVING STAIRWAY MANUFACTURING ― 0.1% | |||||||||
529 | Otis Worldwide Corp. | 43,256 | |||||||
EXTERMINATING AND PEST CONTROL SERVICES ― 0.1% | |||||||||
1,696 | Rollins, Inc. | 58,003 | |||||||
FAMILY CLOTHING STORES ― 0.2% | |||||||||
639 | Ross Stores, Inc. | 79,236 | |||||||
FERTILIZER MANUFACTURING ― 0.1% | |||||||||
1,387 | Mosaic Co./The | 44,259 | |||||||
FINANCIAL TRANSACTIONS PROCESSING, RESERVE, AND CLEARINGHOUSE ACTIVITIES ― 3.7% | |||||||||
1,341 | Fidelity National Information Services, Inc. | 189,979 | |||||||
810 | Global Payments, Inc. | 151,907 | |||||||
1,206 | Mastercard, Inc. | 440,299 | |||||||
1,235 | PayPal Holdings, Inc. * | 359,978 | |||||||
1,696 | Visa, Inc. | 396,559 | |||||||
1,538,722 | |||||||||
FOOTWEAR MANUFACTURING ― 0.8% | |||||||||
2,213 | NIKE, Inc. | 341,886 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
FRUIT AND VEGETABLE CANNING, PICKLING, AND DRYING ― 0.2% | |||||||||
497 | JM Smucker Co./The | $ | 64,396 | ||||||
GENERAL MEDICAL AND SURGICAL HOSPITALS ― 0.5% | |||||||||
595 | HCA Healthcare, Inc. | 123,010 | |||||||
470 | Universal Health Services, Inc. | 68,822 | |||||||
191,832 | |||||||||
GENERAL MERCHANDISE STORES, INCLUDING WAREHOUSE CLUBS AND SUPERCENTERS ― 1.2% | |||||||||
824 | Costco Wholesale Corp. | 326,032 | |||||||
1,244 | Wal-Mart, Inc. | 175,429 | |||||||
501,461 | |||||||||
HOME CENTERS ― 1.7% | |||||||||
1,505 | Home Depot Inc./The | 479,929 | |||||||
1,225 | Lowe's Cos, Inc. | 237,613 | |||||||
717,542 | |||||||||
HOME HEALTH CARE SERVICES ― 0.3% | |||||||||
130 | Intuitive Surgical, Inc. * | 119,553 | |||||||
HOTELS (EXCEPT CASINO HOTELS) AND MOTELS ― 0.7% | |||||||||
1,038 | Hilton Worldwide Holdings, Inc. * | 125,204 | |||||||
1,050 | Marriott International Inc/MD * | 143,346 | |||||||
268,550 | |||||||||
INDUSTRIAL GAS MANUFACTURING ― 0.6% | |||||||||
917 | Linde PLC (1) | 265,105 | |||||||
INDUSTRIAL MACHINERY MANUFACTURING ― 0.5% | |||||||||
750 | Applied Materials, Inc. | 106,800 | |||||||
122 | KLA Corp. | 39,554 | |||||||
120 | Lam Research Corp. | 78,084 | |||||||
224,438 | |||||||||
INSURANCE AGENCIES AND BROKERAGES ― 0.3% | |||||||||
454 | Aon PLC ― (1) | 108,397 | |||||||
INTERNET PUBLISHING AND BROADCASTING AND WEB SEARCH PORTALS ― 6.9% | |||||||||
103 | Alphabet, Inc. * | 258,151 | |||||||
600 | Alphabet, Inc. * | 1,465,074 | |||||||
2,476 | Facebook, Inc. * | 860,930 | |||||||
505 | Netflix, Inc. * | 266,746 | |||||||
2,850,901 | |||||||||
INVESTMENT BANKING AND SECURITIES DEALING ― 2.0% | |||||||||
284 | SBA Communications Corp. | 90,511 | |||||||
2,770 | Morgan Stanley | 253,981 | |||||||
3,569 | Charles Schwab Corp./The | 259,859 | |||||||
647 | Goldman Sachs Group, Inc./The | 245,556 | |||||||
849,907 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
IN-VITRO DIAGNOSTIC SUBSTANCE MANUFACTURING ― 0.4% | |||||||||
362 | Dexcom, Inc. * | $ | 154,574 | ||||||
285 | Organon & Co. * | 8,624 | |||||||
163,198 | |||||||||
JANITORIAL SERVICES ― 0.6% | |||||||||
1,295 | Ecolab, Inc. | 266,731 | |||||||
LESSORS OF MINIWAREHOUSES AND SELF-STORAGE UNITS ― 0.8% | |||||||||
1,964 | Extra Space Storage, Inc. | 321,742 | |||||||
135 | Prologis, Inc. | 16,137 | |||||||
337,879 | |||||||||
LESSORS OF NONRESIDENTIAL BUILDINGS (EXCEPT MINIWAREHOUSES) ― 0.6% | |||||||||
432 | American Tower Corp. | 116,700 | |||||||
4,931 | Host Hotels & Resorts, Inc. * | 84,271 | |||||||
478 | Ventas, Inc. | 27,294 | |||||||
228,265 | |||||||||
LESSORS OF OTHER REAL ESTATE PROPERTY ― 0.9% | |||||||||
1,357 | Crown Castle International Corp. | 264,750 | |||||||
791 | Digital Realty Trust, Inc. | 119,014 | |||||||
383,764 | |||||||||
LINEN AND UNIFORM SERVICES ― 0.2% | |||||||||
245 | Cintas Corp. | 93,590 | |||||||
MANAGEMENT CONSULTING SERVICES ― 0.4% | |||||||||
578 | Accenture PLC (1) | 170,389 | |||||||
MANAGEMENT OF COMPANIES AND ENTERPRISES ― 2.4% | |||||||||
1,329 | American Water Works Co, Inc. | 204,839 | |||||||
2,192 | Dominion Energy, Inc. | 161,265 | |||||||
3,052 | Duke Energy Corp. | 301,293 | |||||||
4,384 | NextEra Energy, Inc. | 321,260 | |||||||
988,657 | |||||||||
MEDICAL, DENTAL, AND HOSPITAL EQUIPMENT AND SUPPLIES MERCHANT WHOLESALERS ― 0.1% | |||||||||
826 | Henry Schein, Inc. * | 61,281 | |||||||
MEDICAL EQUIPMENT AND SUPPLIES MANUFACTURING ― 1.4% | |||||||||
1,864 | Baxter International, Inc. | 150,052 | |||||||
931 | Becton Dickinson and Co. | 226,411 | |||||||
1,497 | Boston Scientific Corp. * | 64,012 | |||||||
190 | ResMed, Inc. | 46,839 | |||||||
343 | Stryker Corp. | 89,087 | |||||||
576,401 | |||||||||
METAL VALVE MANUFACTURING ― 0.4% | |||||||||
2,600 | Masco Corp. | 153,166 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
MINING AND OIL AND GAS FIELD MACHINERY MANUFACTURING ― 0.4% | |||||||||
11,827 | NOV, Inc. * | $ | 181,190 | ||||||
MOTION PICTURE AND VIDEO PRODUCTION ― 0.9% | |||||||||
2,035 | Walt Disney Co./The * | 357,692 | |||||||
MOTOR VEHICLE ELECTRICAL AND ELECTRONIC EQUIPMENT MANUFACTURING ― 0.1% | |||||||||
373 | Aptiv PLC *(1) | 58,684 | |||||||
NATURAL GAS EXTRACTION ― 0.2% | |||||||||
873 | Hess Corp. | 76,230 | |||||||
NAVIGATIONAL, MEASURING, ELECTROMEDICAL, AND CONTROL INSTRUMENTS MANUFACTURING ― 2.4% | |||||||||
1,092 | Danaher Corp. | 293,049 | |||||||
995 | Honeywell International, Inc. | 218,253 | |||||||
307 | Illumina, Inc. * | 145,275 | |||||||
754 | Microchip Technology, Inc. | 112,904 | |||||||
158 | Northrop Grumman Corp. | 57,422 | |||||||
362 | Thermo Fisher Scientific, Inc. | 182,618 | |||||||
1,009,521 | |||||||||
NEW CAR DEALERS ― 0.2% | |||||||||
565 | CarMax, Inc. * | 72,970 | |||||||
NEWSPAPER PUBLISHERS ― 0.3% | |||||||||
259 | S&P Global, Inc. | 106,307 | |||||||
OFFICES OF PHYSICIANS ― 0.2% | |||||||||
755 | Edwards Lifesciences Corp. * | 78,195 | |||||||
OTHER BASIC INORGANIC CHEMICAL MANUFACTURING ― 0.2% | |||||||||
792 | Church & Dwight Co, Inc. | 67,494 | |||||||
OTHER CONVERTED PAPER PRODUCT MANUFACTURING ― 0.1% | |||||||||
452 | Kimberly-Clark Corp. | 60,469 | |||||||
OTHER DIRECT SELLING ESTABLISHMENTS ― 0.2% | |||||||||
565 | CDW Corp. | 98,677 | |||||||
�� | OTHER PLASTIC PRODUCTS MANUFACTURING ― 0.4% | ||||||||
774 | 3M Co. | 153,740 | |||||||
OTHER TRAVEL ARRANGEMENT AND RESERVATIONS SERVICES ― 0.4% | |||||||||
70 | Booking Holdings, Inc. * | 153,166 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
PAPERBOARD MILLS ― 0.3% | |||||||||
798 | Packaging Corp of America | $ | 108,065 | ||||||
PETROLEUM REFINERIES ― 1.8% | |||||||||
1,809 | Chevron Corp. | 189,475 | |||||||
3,345 | ConocoPhillips | 203,711 | |||||||
4,296 | Exxon Mobil Corp. | 270,992 | |||||||
967 | Valero Energy Corporation | 75,503 | |||||||
739,681 | |||||||||
PHARMACEUTICAL MANUFACTURING ― 5.4% | |||||||||
1,428 | Abbott Laboratories | 165,548 | |||||||
1,545 | AbbVie, Inc. | 174,029 | |||||||
508 | Alexion Pharmaceuticals, Inc. * | 93,325 | |||||||
897 | Amgen, Inc. | 218,644 | |||||||
3,900 | Bristol-Myers Squibb Co. | 260,598 | |||||||
1,124 | Gilead Sciences, Inc. | 77,399 | |||||||
3,137 | Johnson & Johnson | 516,788 | |||||||
709 | Eli Lilly & Co. | 162,730 | |||||||
2,857 | Merck & Co, Inc. | 222,189 | |||||||
5,613 | Pfizer Inc. | 219,805 | |||||||
682 | Zoetis, Inc. | 127,098 | |||||||
2,238,153 | |||||||||
PHARMACIES AND DRUG STORES ― 0.5% | |||||||||
2,600 | CVS Health Corp. | 216,944 | |||||||
PLASTICS MATERIAL AND RESIN MANUFACTURING ― 0.3% | |||||||||
1,074 | LyondellBasell Industries N.V. | 110,482 | |||||||
POLISH AND OTHER SANITATION GOOD MANUFACTURING ― 0.1% | |||||||||
324 | Clorox Co/The | 58,291 | |||||||
RADIO AND TELEVISION BROADCASTING AND WIRELESS COMMUNICATION ― 1.0% | |||||||||
678 | L3Harris Technologies, Inc. | 146,550 | |||||||
565 | Motorola Solutions, Inc. | 122,520 | |||||||
1,017 | QUALCOMM, Inc. | 145,360 | |||||||
414,430 | |||||||||
RAIL TRANSPORTATION ― 0.7% | |||||||||
757 | Union Pacific Corp. | 166,487 | |||||||
1,731 | CSX Corp. | 55,530 | |||||||
227 | Norfolk Southern Corp. | 60,249 | |||||||
282,266 | |||||||||
REINSURANCE CARRIERS ― 0.2% | |||||||||
346 | Everest Re Group Ltd. (1) | 87,195 | |||||||
RESEARCH AND DEVELOPMENT IN THE PHYSICAL, ENGINEERING, AND LIFE SCIENCES ― 0.1% | |||||||||
98 | Regeneron Pharmaceuticals, Inc. * | 54,737 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
RESIDENTIAL BUILDING CONSTRUCTION ― 0.3% | |||||||||
1,183 | DR Horton, Inc. | $ | 106,908 | ||||||
RESIN AND SYNTHETIC RUBBER MANUFACTURING ― 0.2% | |||||||||
1,050 | DuPont de Nemours, Inc. | 81,281 | |||||||
RESTAURANTS AND OTHER EATING PLACES ― 1.0% | |||||||||
108 | Domino's Pizza, Inc. | 50,381 | |||||||
492 | McDonald's Corp. | 113,647 | |||||||
2,308 | Starbucks Corp. | 258,057 | |||||||
422,085 | |||||||||
SAVINGS INSTITUTIONS ― 0.3% | |||||||||
6,369 | People's United Financial, Inc. | 109,165 | |||||||
SECURITIES AND COMMODITY EXCHANGES ― 0.4% | |||||||||
767 | CME Group, Inc. | 163,126 | |||||||
SECURITIES BROKERAGE ― 0.1% | |||||||||
84 | MarketAxess Holdings, Inc. | 38,942 | |||||||
SEMICONDUCTOR AND OTHER ELECTRONIC COMPONENT MANUFACTURING ― 5.0% | |||||||||
1,696 | Advanced Micro Devices, Inc. * | 159,305 | |||||||
452 | Allegion PLC (1) | 62,964 | |||||||
678 | Broadcom, Inc. | 323,298 | |||||||
1,799 | Micron Technology, Inc. * | 152,879 | |||||||
713 | NVIDIA Corp. | 570,471 | |||||||
4,673 | Intel Corp. | 262,342 | |||||||
2,901 | Texas Instruments, Inc. | 557,863 | |||||||
2,089,122 | |||||||||
SEMICONDUCTOR AND RELATED DEVICE MANUFACTURING ― 0.2% | |||||||||
456 | NXP Semiconductors NV (1) | 93,808 | |||||||
SNACK FOOD MANUFACTURING ― 0.3% | |||||||||
1,714 | Mondelez International, Inc. | 107,022 | |||||||
SOAP AND CLEANING COMPOUND MANUFACTURING ― 0.9% | |||||||||
647 | Colgate-Palmolive Co. | 52,633 | |||||||
2,261 | Procter & Gamble Co./The | 305,077 | |||||||
357,710 | |||||||||
SOFT DRINK AND ICE MANUFACTURING ― 1.4% | |||||||||
3,281 | Coca-Cola Co./The | 177,535 | |||||||
1,205 | Monster Beverage Corp. * | 110,077 | |||||||
1,922 | PepsiCo, Inc. | 284,783 | |||||||
572,395 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Shares | Value | ||||||||
SOFTWARE PUBLISHERS ― 8.6% | |||||||||
1,357 | Activision Blizzard, Inc. | $ | 129,512 | ||||||
384 | Adobe, Inc. * | 224,886 | |||||||
791 | Citrix Systems, Inc. | 92,761 | |||||||
197 | Electronic Arts, Inc. | 28,335 | |||||||
497 | Intuit, Inc. | 243,614 | |||||||
7,924 | Microsoft Corp. | 2,146,611 | |||||||
2,298 | NortonLifeLock, Inc. | 62,552 | |||||||
2,334 | Oracle Corp. | 181,679 | |||||||
162 | Paycom Software, Inc. * | 58,882 | |||||||
909 | salesforce.com, Inc. * | 222,041 | |||||||
315 | ServiceNow, Inc. * | 173,109 | |||||||
3,563,982 | |||||||||
SOYBEAN AND OTHER OILSEED PROCESSING― 0.1% | |||||||||
736 | Archer-Daniels-Midland Co. | 44,602 | |||||||
TELEPHONE APPARATUS MANUFACTURING ― 0.7% | |||||||||
5,795 | Cisco Systems, Inc. | 307,135 | |||||||
TELEVISION BROADCASTING ― 0.1% | |||||||||
1,044 | Discovery, Inc. * | 32,030 | |||||||
519 | ViacomCBS, Inc. | 23,459 | |||||||
55,489 | |||||||||
TOBACCO MANUFACTURING ― 0.8% | |||||||||
2,998 | Altria Group, Inc. | 142,945 | |||||||
2,074 | Philip Morris International, Inc. | 205,554 | |||||||
348,499 | |||||||||
TOILET PREPARATION MANUFACTURING ― 0.2% | |||||||||
306 | Estee Lauder Cos Inc/The | 97,333 | |||||||
VETERINARY SERVICES ― 0.3% | |||||||||
201 | IDEXX Laboratories, Inc. * | 126,942 | |||||||
WINERIES ― 0.2% | |||||||||
296 | Constellation Brands, Inc. | 69,231 | |||||||
WIRED AND WIRELESS TELECOMMUNICATIONS CARRIERS ― 2.6% | |||||||||
4,821 | AT&T Inc. | 138,748 | |||||||
161 | Charter Communications, Inc. * | 116,153 | |||||||
7,472 | Comcast Corp. | 426,053 | |||||||
6,968 | Verizon Communications, Inc. | 390,417 | |||||||
1,071,371 | |||||||||
TOTAL COMMON STOCKS (COST $34,392,740) | $ | 41,113,955 |
Ziegler FAMCO Hedged Equity Fund | |||||||||
SCHEDULE OF INVESTMENTS | |||||||||
June 30, 2021 (Unaudited)(Continued) | |||||||||
Contracts | Notional ($) | Value | |||||||
PURCHASED OPTION ― 0.6% | |||||||||
Put Option ― 0.9% | |||||||||
96 | S&P 500 Index at $4,170, Expires July 30, 2021 | 41,265,600 | $ | 261,120 | |||||
TOTAL PURCHASED OPTION (Premiums paid $282,092) | $ | 261,120 | |||||||
Shares | |||||||||
SHORT TERM INVESTMENT ― 0.4% | |||||||||
146,022 | Short-Term Investments Trust - Government & Agency Portfolio - Institutional Class, 0.026% (2) | 146,022 | |||||||
TOTAL SHORT TERM INVESTMENT (Cost $146,022) | $ | 146,022 | |||||||
TOTAL INVESTMENTS ― 100.1% (Cost $34,820,854) | 41,521,097 | ||||||||
Liabilities in Excess of Other Assets ― (0.1)% | (34,322 | ) | |||||||
TOTAL NET ASSETS ― 100.0% | $ | 41,486,775 | |||||||
Contracts | Notional ($) | Value | |||||||
WRITTEN OPTIONS ― -0.7% | |||||||||
Call Option ― (0.6)% | |||||||||
(96 | ) | S&P 500 Index at $4,355, Expires July 30, 2021 | (41,256,000) | $ | (239,040 | ) | |||
Total Call Option Written (Premiums received $235,032) | (239,040 | ) | |||||||
Put Option ― (0.1)% | |||||||||
(96 | ) | S&P 500 Index at $3,655, Expires July 30, 2021 | (41,256,000) | (41,280 | ) | ||||
Total Put Option Written (Premiums received $45,789) | (41,280 | ) | |||||||
TOTAL WRITTEN OPTIONS (Premiums received $280,821) | $ | (280,320 | ) |
Percentages are stated as a percent of net assets. | |||||||
* | Non-income producing security. | ||||||
(1) | Foreign issued security. | ||||||
(2) | Rate quoted is seven-day yield at period end. | ||||||
Abbreviations used in this schedule: | |||||||
PLC ― Public Limited Company |
Ziegler FAMCO Hedged Equity Fund
Schedule of Investments (Continued)
June 30, 2021 (Unaudited)
Security Valuation
Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter (“OTC”) market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.
Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board of Trustees. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Short-term investments are valued at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short term securities are reported at fair value. Options and any other financial derivatives not traded on an exchange are valued by an independent pricing service using pricing models. Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Ziegler Capital Management, LLC (the "Adviser" or “Ziegler”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees.
Equity securities that are traded on a national securities exchange 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 as Level 1 of the fair value hierarchy.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:
Level 1 - quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.
Level 2 - observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3 - significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.
Ziegler FAMCO Hedged Equity Fund
Schedule of Investments (Continued)
June 30, 2021 (Unaudited)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments in each category investment type as of June 30, 2021:
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Assets | ||||||||
Common Stock | $ | 41,113,955 | $ | - | $ | - | $ | 41,113,955 |
Purchased Options | - | 261,120 | - | 261,120 | ||||
Short-term Investment | 146,022 | - | - | 146,022 | ||||
Total | $ | 41,259,977 | $ | 261,120 | $ | - | $ | 41,521,097 |
Assets | ||||||||
Written Options | $ | - | $ | (280,320) | $ | - | $ | (280,320) |
Total | $ | - | $ | (280,320) | $ | - | $ | (280,320) |
See the Schedule of Investments for further detail of investment classifications.