united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
Investment Company Act file number 811-21237
Unified Series Trust
(Exact name of registrant as specified in charter)
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Address of principal executive offices)
(Zip code)
Zachary P. Richmond
Ultimus Fund Solutions, LLC
225 Pictoria Drive. Suite 450
Cincinnati, OH 45246
(Name and address of agent for service)
Registrant's telephone number, including area code: 513-587-3400
Date of fiscal year end: 12/31
Date of reporting period: 06/30/21
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) |
Semi-Annual Report June 30, 2021 |
CDGCX | Crawford Large Cap Dividend Fund Class C |
CDGIX | Crawford Large Cap Dividend Fund Class I |
CDOFX | Crawford Small Cap Dividend Fund Class I |
CMALX | Crawford Multi-Asset Income Fund |
For a prospectus and more information, including charges and expenses call (800) 431-1716. The prospectus should be read carefully before investing. Past performance does not guarantee future results. Shares when redeemed may be worth more or less than their original cost.
Distributed by Ultimus Fund Distributors, LLC | Fund Investment Adviser:
www.CrawfordInvestmentFunds.com
|
Management Discussion of Fund Performance – (Unaudited)
At Crawford Investment Counsel, we believe that within an uncertain investment landscape, many market participants continuously underestimate the potential range of investment outcomes. In the first half of 2021, we were reminded that there is much inherent uncertainty in investing. As a result of this, we focus our investment approach on high-quality companies with the belief that quality characteristics enhance the visibility and predictability of the portfolio, which improves the likelihood of success and reduces the potential range of investment outcomes.
Dividends are an important part of our investment philosophy and process. Dividends represent a key component of total return over time, and a consistent and growing dividend often demonstrates a company’s ability to generate a sustainable and growing cash flow stream. We believe quality and dividends are inexorably linked and look to a company’s dividend history as an initial indicator of quality.
In our view, the success or failure of any investment is primarily determined by two attributes:
1. | Fundamental growth in the intrinsic value of a business: Our focus on high-quality companies increases the likelihood that fundamental progress of the company will be achieved year after year, continually enhancing intrinsic value in the process. |
2. | Valuation at time of investment: Our value orientation and price sensitivity reflect the belief that valuation is an important component of both the return and risk of any investment. |
Investment Process Goals:
● | Identify high-quality companies with a positively skewed risk/reward trade-off. |
● | Invest when the short-term business or market considerations impair valuation. |
● | Allow the company’s fundamental progress, valuation improvement, and dividend stream to contribute to the total investment return over a longer-term time horizon. |
To our knowledge, the recession of 2020 was the briefest economic contraction on record. The ability to recover so rapidly can be attributed to the scientific community and its development of effective vaccines, aggressive fiscal and monetary measures, and the inherent resilience of the economy itself. We take solace from the fact that the government and its agencies were able to react so quickly and forcefully in dispensing aid and support. No doubt, we have learned lessons that will stand us in good stead when the next crisis hits. It also helped that the economy was reasonably well balanced pre-pandemic; thus, we were able to escape with limited structural damage.
Management Discussion of Fund Performance – (Unaudited) (continued)
If little or no structural damage was done to the economy, it should return at some point to its “normal” state. We expect that the normal phase will arrive in 2023 or 2024 after having gone through a transition phase of frictions and dislocations that will be resolved over time. This should put us back in what we have labeled the “2% world”, with GDP growth, inflation, and interest rates all coalescing around 2%. If this transition is successful, there is a good chance that we could enjoy an extended recovery/expansion cycle similar to the last one. While the economy was not perfect, it provided a good world for investors, and we expect it to be a good world again.
Within the market and since late last year, value stocks have outperformed growth stocks, reversing a decade-long trend as investors have anticipated a full reopening of the U.S. economy. In the second quarter, larger stocks did better than smaller companies, but smaller companies were still ahead for the year.
Dividend Growth Fund:
For the last six months ending June 30, 2021, the Crawford Dividend Growth Fund’s (the “Dividend Growth Fund”) Class I Shares and Class C Shares produced total returns of 14.68% and 14.16%, respectively. This compares to total returns for the same period of 17.05% for the Fund’s primary benchmark, the Russell 1000 Value Index, and 15.25% for the Dividend Growth Fund’s secondary benchmark, the S&P 500 Index. The highest contributing sectors in the portfolio compared to the primary benchmark were Industrials, Communication Services, and Utilities. The Dividend Growth Fund’s underperformance relative to the primary benchmark is a reflection of detractors from the Energy, Information Technology, and Financial sectors. Other factors that affected performance were returns on equity as the top quintile underperformed and accounts for a major portion of the Dividend Growth Fund’s portfolio.
The strategy continues to maintain a high-quality orientation, so the Dividend Growth Fund is over-weighted in higher quality stocks with more predictable earnings and dividends, stronger balance sheets, and high levels of profitability. The adviser believes the portfolio is well positioned to obtain attractive, long-term, risk-adjusted returns.
Small Cap Dividend Fund:
For the last six months ending June 30, 2021, the Crawford Small Cap Dividend Fund (the “Small Cap Fund”) produced a total return of 16.09%. For the same period, this compares to a total return of 17.54% for the Small Cap Fund’s primary benchmark, the Russell 2000 Index, and 26.69% for the Small Cap Fund’s secondary benchmark, the Russell 2000 Value Index.
Management Discussion of Fund Performance – (Unaudited) (continued)
During the first six months of the year, the Small Cap Fund’s quality bias did not help as lower-quality companies performed better. Outperformance by Energy, Materials, and Consumer Discretionary stocks was indicative of pro-cyclical and low-quality investor bias during the first half of the year. Positive stock selection within Financials, Health Care, and Information Technology helped offset some of the Small Cap Fund’s underperformance.
The adviser believes the Small Cap Fund’s quality-focused, bottom-up investment process aligns well with the objectives of the Small Cap Fund, which is positioned to continue to benefit from an information advantage in smaller-company stocks and a behavioral bias among investors against more consistent, predictable, dividend-paying companies with smaller market capitalizations.
Multi-Asset Income Fund:
For the last six months ending June 30, 2021, the Crawford Multi-Asset Income Fund (the “Multi-Asset Fund”) produced a total return of 12.94%. For the same period, this compares to a total return of 15.38% for the Fund’s benchmark, the NASDAQ U.S. Multi-Asset Diversified Income Index.
The Multi-Asset Fund’s portfolio management process is oriented toward generating a high level of current income. On a relative basis, the portfolio underperformed in the first half of 2021, but the equity portion of the portfolio continued to experience strength driven in part by Energy shares. Financials pulled back and were among the weakest performers for the portfolio. Within the fixed income portion of the portfolio, preferred shares delivered strong returns and variable rate corporate bonds were up slightly. We are actively positioning the portfolio to both rotate to new holdings that benefit from secular trends and recover value in overly discounted assets, which we feel have sustainable income and dividends.
In order to achieve the desired yield, the Multi-Asset Fund accepts and manages four sources of risk. These four risks are 1) Stock market risk, 2) Interest rate risk, 3) Energy price risk, and 4) Credit risk. Allocations to various asset categories will vary over time as changes occur in individual security pricing and based on the overall income opportunity set. The adviser believes that the income-producing ability of the portfolio is intact and will continue to serve shareholders well going forward.
Conclusion:
Investing in quality over the long term has proven to be an effective means of achieving investment objectives. Our longer-term optimism does not ignore the risks we face over the short term, but the economic backdrop is conducive to continued growth in the economy and forward progress on corporate profits. We believe this is favorable for common stock investors, and we look forward to a continuation of managing these funds.
Investment Results (Unaudited)
Average Annual Total Returns(a) as of June 30, 2021
Six Months | One Year | Five Year | Ten Year | |
Crawford Large Cap Dividend Fund | ||||
Class I | 14.68% | 34.68% | 13.04% | 10.60% |
Class C (b) | 14.16% | 33.35% | 11.93% | 9.50% |
Russell 1000® Value Index(c) | 17.05% | 43.68% | 11.87% | 11.61% |
S&P 500® Index(c) | 15.25% | 40.79% | 17.65% | 14.84% |
Expense Ratios(d) | ||||
Class I | Class C | |||
Gross | 0.98% | 1.98% | ||
With Applicable Waivers(e) | 0.98% | 1.98% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Crawford Large Cap Dividend Fund (the “Large Cap Dividend Fund”) distributions or the redemption of Large Cap Dividend Fund shares. Current performance of the Large Cap Dividend Fund may be lower or higher than the performance quoted. The Large Cap Dividend Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 431-1716.
(a) The average annual total returns set forth above include all waivers of fees for various periods since inception. Without such fee waivers, the total returns would have been lower. Total returns shown assume reinvestment of all capital gains and dividend distributions and reflect any changes in price per share. Total returns for less than one year are not annualized.
(b) Class C shares are sold with no initial sales charge, but are subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% if redeemed within one year of purchase and an annual 12b-1 fee of 1.00%.
(c) The Russell 1000® Value Index and the S&P 500® Index are widely recognized unmanaged indices of equity prices and are representative of a broader market and range of securities than are found in the Large Cap Dividend Fund’s portfolio. Index returns do not reflect the deduction of expenses, which have been deducted from the Large Cap Dividend Fund’s returns. Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in an Index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
(d) The expense ratios reflect information from the Large Cap Dividend Fund’s prospectus dated April 30, 2021. Crawford Investment Counsel, Inc. (the “Adviser”) contractually has agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment
Investment Results (Unaudited) (continued)
vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of the Large Cap Dividend Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Large Cap Dividend Fund’s business, do not exceed 0.98% through April 30, 2022. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Large Cap Dividend Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Additional information pertaining to the Large Cap Dividend Fund’s expense ratios as of June 30, 2021 can be found in the financial highlights.
(e) The expense ratios, as of the Large Cap Dividend Fund’s prospectus dated April 30, 2021, include recoupment by the Adviser of previously waived management fees in the amount of 0.03%.
The Large Cap Dividend Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The Large Cap Dividend Fund’s prospectus contains this and other important information about the Large Cap Dividend Fund and may be obtained by calling (800) 431-1716. Please read it carefully before investing.
The Large Cap Dividend Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns(a) as of June 30, 2021
Since | ||||
Inception | ||||
Six Months | One Year | Five Year | (9/26/12) | |
Crawford Small Cap Dividend Fund | ||||
Class I | 16.09% | 45.45% | 12.52% | 12.60% |
Russell 2000® Index(b) | 17.54% | 62.03% | 16.47% | 13.87% |
Russell 2000® Value Index(b) | 26.69% | 73.28% | 13.62% | 11.96% |
Expense Ratios(c) | ||||
Class I | ||||
Gross | 1.17% | |||
With Applicable Waivers | 0.99% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Crawford Small Cap Dividend Fund (the “Small Cap Dividend Fund”) distributions or the redemption of Small Cap Dividend Fund shares. Current performance of the Small Cap Dividend Fund may be lower or higher than the performance quoted. The Small Cap Dividend Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 431-1716.
(a) The average annual total returns set forth above include all waivers of fees for various periods since inception. Without such fee waivers, the total returns would have been lower. Total returns shown assume reinvestment of all capital gains and dividend distributions and reflect any changes in price per share. Total returns for less than one year are not annualized.
(b) The Russell 2000® Index and the Russell 2000® Value Index are widely recognized unmanaged indices of equity prices and are representative of a broader market and range of securities than are found in the Small Cap Dividend Fund’s portfolio. Index returns do not reflect the deduction of expenses, which have been deducted from the Small Cap Dividend Fund’s returns. Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in an index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
(c) The expense ratios reflect information from the Small Cap Dividend Fund’s prospectus dated April 30, 2021. Crawford Investment Counsel, Inc. (the “Adviser”) contractually has agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees
Investment Results (Unaudited) (continued)
payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Small Cap Dividend Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Small Cap Dividend Fund’s business, do not exceed 0.99% through April 30, 2022. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each waiver/ expense payment by the Adviser is subject to recoupment by the Adviser from the Small Cap Dividend Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Additional information pertaining to the Small Cap Dividend Fund’s expense ratios as of June 30, 2021 can be found in the financial highlights.
The Small Cap Dividend Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Small Cap Dividend Fund and may be obtained by calling (800) 431-1716. Please read it carefully before investing.
The Small Cap Dividend Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns(a) as of June 30, 2021
Since | |||
Inception | |||
Six Months | One Year | (9/12/17) | |
Crawford Multi-Asset Income Fund | 12.94% | 28.42% | 5.00% |
NASDAQ US Multi-Asset Diversified | |||
Income IndexSM (b) | 15.38% | 31.53% | 3.45% |
Expense Ratios(c) | |||
Gross | 1.27% | ||
With Applicable Waivers | 1.01% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Crawford Multi-Asset Income Fund (the “Multi-Asset Income Fund”) distributions or the redemption of Multi-Asset Income Fund shares. Current performance of the Multi-Asset Income Fund may be lower or higher than the performance quoted. The Multi-Asset Income Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 431-1716.
(a) The average annual total returns set forth above include all waivers of fees for various periods since inception. Without such fee waivers, the total returns would have been lower. Total returns shown assume reinvestment of all capital gains and dividend distributions and reflect any changes in price per share. Total returns for less than one year are not annualized.
(b) The NASDAQ US Multi-Asset Diversified Income Index SM is designed to provide exposure to multiple asset segments, each selected to result in a consistent and high yield. The index is comprised of securities classified as U.S. equities, U.S. Real Estate Investment Trusts, U.S. preferred securities, U.S. Master Limited Partnerships, and a high-yield corporate debt Exchange Traded Fund and is representative of a broader market and range of securities than are found in the Multi-Asset Income Fund’s portfolio. Index returns do not reflect the deduction of expenses, which have been deducted from the Multi-Asset Income Fund’s returns. Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in an index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
(c) The expense ratios, which include acquired fund fees and expenses of 0.01%, reflect information from the Multi-Asset Income Fund’s prospectus dated April 30, 2021. Crawford Investment Counsel, Inc. (the “Adviser”) contractually has agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company
Investment Results (Unaudited) (continued)
Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Multi-Asset Income Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Multi-Asset Income Fund’s business, do not exceed 1.00% through April 30, 2022. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Multi-Asset Income Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Additional information pertaining to the Multi-Asset Income Fund’s expense ratios (not including acquired fund fees and expenses) as of June 30, 2021 can be found in the financial highlights.
The Multi-Asset Income Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Multi-Asset Income Fund and may be obtained by calling (800) 431-1716. Please read it carefully before investing.
The Multi-Asset Income Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.
Fund Holdings (Unaudited)
Crawford Large Cap Dividend Fund Holdings as of June 30, 2021.*
The investment objective of the Crawford Large Cap Dividend Fund is total return. Total return is comprised of both capital appreciation and income.
Crawford Small Cap Dividend Fund Holdings as of June 30, 2021.*
The investment objective of the Crawford Small Cap Dividend Fund is to provide attractive long-term total return with below market risk as measured by standard deviation in comparison with the Russell 2000® Index. Total return is comprised of both capital appreciation and income.
* | As a percentage of net assets. |
Fund Holdings (Unaudited)
Crawford Multi-Asset Income Fund Holdings as of June 30, 2021.*
* | As a percentage of net assets. |
The investment objective of the Crawford Multi-Asset Fund is to provide current income.
Availability of Portfolio Schedule – (Unaudited)
The Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http:// www.sec.gov.
Crawford Large Cap Dividend Fund
Schedule of Investments
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 99.29% | ||||||||
Communications — 4.07% | ||||||||
Comcast Corp., Class A | 21,500 | $ | 1,225,930 | |||||
Omnicom Group, Inc. | 14,850 | 1,187,852 | ||||||
2,413,782 | ||||||||
Consumer Discretionary — 8.67% | ||||||||
Genuine Parts Co. | 14,940 | 1,889,462 | ||||||
Home Depot, Inc. (The) | 6,710 | 2,139,752 | ||||||
Starbucks Corp. | 10,000 | 1,118,100 | ||||||
5,147,314 | ||||||||
Consumer Staples — 12.04% | ||||||||
Coca-Cola Co. (The) | 30,000 | 1,623,300 | ||||||
Colgate-Palmolive Co. | 6,500 | 528,775 | ||||||
Mondelez International, Inc., Class A | 25,850 | 1,614,074 | ||||||
Philip Morris International, Inc. | 19,250 | 1,907,868 | ||||||
Procter & Gamble Co. (The) | 10,900 | 1,470,737 | ||||||
7,144,754 | ||||||||
Financials — 17.70% | ||||||||
American Express Co. | 11,900 | 1,966,237 | ||||||
BlackRock, Inc. | 2,100 | 1,837,437 | ||||||
Chubb Ltd. | 10,500 | 1,668,870 | ||||||
JPMorgan Chase & Co. | 6,700 | 1,042,118 | ||||||
Marsh & McLennan Cos., Inc. | 7,000 | 984,760 | ||||||
Northern Trust Corp. | 11,120 | 1,285,694 | ||||||
Willis Towers Watson PLC | 7,478 | 1,720,089 | ||||||
10,505,205 | ||||||||
Health Care — 17.01% | ||||||||
AbbVie, Inc. | 10,500 | 1,182,720 | ||||||
AstraZeneca PLC - ADR | 31,000 | 1,856,900 | ||||||
Cardinal Health, Inc. | 18,000 | 1,027,620 | ||||||
Johnson & Johnson | 13,140 | 2,164,684 | ||||||
Medtronic PLC | 15,000 | 1,861,950 | ||||||
Merck & Co., Inc. | 20,770 | 1,615,283 | ||||||
Stryker Corp. | 1,500 | 389,595 | ||||||
10,098,752 | ||||||||
Industrials — 16.56% | ||||||||
3M Co. | 4,000 | 794,520 | ||||||
Honeywell International, Inc. | 8,000 | 1,754,800 | ||||||
Hubbell, Inc. | 7,140 | 1,334,038 | ||||||
Johnson Controls International PLC | 28,100 | 1,928,502 | ||||||
Raytheon Technologies Corp. | 12,500 | 1,066,375 | ||||||
United Parcel Service, Inc., Class B | 12,930 | 2,689,052 | ||||||
W.W. Grainger, Inc. | 600 | 262,800 | ||||||
9,830,087 | ||||||||
Technology — 21.39% | ||||||||
Accenture PLC, Class A | 5,840 | 1,721,573 | ||||||
Fidelity National Information Services, Inc. | 8,000 | 1,133,360 | ||||||
See accompanying notes which are an integral part of these financial statements.
Crawford Large Cap Dividend Fund
Schedule of Investments (continued)
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 99.29% - (continued) | ||||||||
Technology — 21.39% - (continued) | ||||||||
International Business Machines Corp. | 8,000 | $ | 1,172,720 | |||||
Microsoft Corp. | 10,370 | 2,809,233 | ||||||
S&P Global, Inc. | 3,600 | 1,477,620 | ||||||
SAP SE - ADR | 7,500 | 1,053,450 | ||||||
Texas Instruments, Inc. | 13,350 | 2,567,205 | ||||||
Visa, Inc., Class A | 3,200 | 748,224 | ||||||
12,683,385 | ||||||||
Utilities — 1.85% | ||||||||
American Electric Power Co., Inc. | 13,000 | 1,099,670 | ||||||
Total Common Stocks (Cost $31,020,012) | 58,922,949 | |||||||
MONEY MARKET FUNDS - 0.73% | ||||||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(a) | 434,178 | 434,178 | ||||||
Total Money Market Funds (Cost $434,178) | 434,178 | |||||||
Total Investments — 100.02% (Cost $31,454,190) | 59,357,127 | |||||||
Liabilities in Excess of Other Assets — (0.02)% | (11,801 | ) | ||||||
NET ASSETS — 100.00% | $ | 59,345,326 |
(a) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
ADR - American Depositary Receipt.
See accompanying notes which are an integral part of these financial statements.
Crawford Small Cap Dividend Fund
Schedule of Investments
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 98.91% | ||||||||
Communications — 1.07% | ||||||||
Switch, Inc., Class A | 162,118 | $ | 3,422,311 | |||||
Consumer Discretionary — 11.73% | ||||||||
Carter’s, Inc. | 40,874 | 4,216,971 | ||||||
Columbia Sportswear Co. | 39,700 | 3,904,892 | ||||||
Hanesbrands, Inc. | 255,000 | 4,760,850 | ||||||
HNI Corp. | 74,244 | 3,264,509 | ||||||
Jack in the Box, Inc. | 37,138 | 4,138,659 | ||||||
Johnson Outdoors, Inc., Class A | 11,328 | 1,370,688 | ||||||
Leggett & Platt, Inc. | 75,570 | 3,915,281 | ||||||
Monro, Inc. | 86,148 | 5,471,259 | ||||||
Wolverine World Wide, Inc. | 197,199 | 6,633,775 | ||||||
37,676,884 | ||||||||
Consumer Staples — 8.26% | ||||||||
Casey’s General Stores, Inc. | 29,795 | 5,799,299 | ||||||
Core-Mark Holding Co., Inc. | 89,708 | 4,037,757 | ||||||
Flowers Foods, Inc. | 131,961 | 3,193,456 | ||||||
J&J Snack Foods Corp. | 21,578 | 3,763,419 | ||||||
MGP Ingredients, Inc. | 52,061 | 3,521,406 | ||||||
PriceSmart, Inc. | 68,484 | 6,232,729 | ||||||
26,548,066 | ||||||||
Financials — 21.34% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 64,808 | 3,293,543 | ||||||
BancFirst Corp. | 53,660 | 3,349,994 | ||||||
Bryn Mawr Bank Corp. | 84,055 | 3,546,280 | ||||||
First Hawaiian, Inc. | 133,400 | 3,780,556 | ||||||
First of Long Island Corp. (The) | 152,622 | 3,240,165 | ||||||
Glacier Bancorp, Inc. | 60,462 | 3,330,247 | ||||||
Hanover Insurance Group, Inc. | 41,872 | 5,679,518 | ||||||
Houlihan Lokey, Inc. | 68,326 | 5,588,384 | ||||||
Lazard Ltd., Class A | 74,239 | 3,359,315 | ||||||
Old Republic International Corp. | 248,718 | 6,195,565 | ||||||
South State Corp. | 58,640 | 4,794,406 | ||||||
Sterling Bancorp | 219,820 | 5,449,338 | ||||||
Trico Bancshares | 142,504 | 6,067,820 | ||||||
Valley National Bancorp | 453,456 | 6,089,914 | ||||||
Walker & Dunlop, Inc. | 45,600 | 4,759,728 | ||||||
68,524,773 | ||||||||
Health Care — 6.60% | ||||||||
Atrion Corp. | 6,839 | 4,246,540 | ||||||
CONMED Corp. | 50,785 | 6,979,383 | ||||||
Luminex Corp. | 110,101 | 4,051,717 | ||||||
Psychemedics Corp. | 235,151 | 1,636,651 | ||||||
U.S. Physical Therapy, Inc. | 36,913 | 4,277,109 | ||||||
21,191,400 |
See accompanying notes which are an integral part of these financial statements.
Crawford Small Cap Dividend Fund
Schedule of Investments (continued)
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 98.91% - (continued) | ||||||||
Industrials — 23.90% | ||||||||
ESCO Technologies, Inc. | 61,711 | $ | 5,789,109 | |||||
Franklin Electric Co., Inc. | 63,318 | 5,104,697 | ||||||
Hackett Group, Inc. (The) | 377,013 | 6,793,774 | ||||||
Healthcare Services Group, Inc. | 100,884 | 3,184,908 | ||||||
Hubbell, Inc. | 15,400 | 2,877,336 | ||||||
Kaman Corp. | 64,393 | 3,245,407 | ||||||
Landstar System, Inc. | 10,218 | 1,614,648 | ||||||
Littelfuse, Inc. | 17,902 | 4,561,251 | ||||||
Moog, Inc., Class A | 54,875 | 4,612,793 | ||||||
MSC Industrial Direct Co., Inc., Class A | 54,857 | 4,922,319 | ||||||
Mueller Water Products, Inc., Series A | 394,851 | 5,693,751 | ||||||
National Instruments Corp. | 126,679 | 5,355,988 | ||||||
nVent Electric PLC | 187,622 | 5,861,311 | ||||||
Standex International, Inc. | 39,000 | 3,701,490 | ||||||
Tennant Co. | 42,790 | 3,416,782 | ||||||
Valmont Industries, Inc. | 24,141 | 5,698,483 | ||||||
Woodward, Inc. | 35,690 | 4,385,587 | ||||||
76,819,634 | ||||||||
Materials — 3.54% | ||||||||
Cameco Corp. | 204,331 | 3,919,069 | ||||||
Compass Minerals International, Inc. | 39,958 | 2,367,911 | ||||||
HB Fuller Co. | 79,804 | 5,076,332 | ||||||
11,363,312 | ||||||||
Real Estate — 5.17% | ||||||||
Armada Hoffler Properties, Inc. | 178,506 | 2,372,345 | ||||||
CoreSite Realty Corp. | 27,909 | 3,756,551 | ||||||
Four Corners Property Trust, Inc. | 91,401 | 2,523,582 | ||||||
Independence Realty Trust, Inc. | 198,151 | 3,612,293 | ||||||
PS Business Parks, Inc. | 10,678 | 1,581,198 | ||||||
STAG Industrial, Inc. | 73,817 | 2,762,970 | ||||||
16,608,939 | ||||||||
Technology ��� 14.67% | ||||||||
American Software, Inc., Class A | 314,797 | 6,912,943 | ||||||
AudioCodes, Ltd. | 116,968 | 3,870,471 | ||||||
Avnet, Inc. | 75,304 | 3,018,184 | ||||||
Brooks Automation, Inc. | 49,627 | 4,728,461 | ||||||
Cass Information Systems, Inc. | 120,067 | 4,892,730 | ||||||
Computer Programs & Systems, Inc. | 119,730 | 3,978,628 | ||||||
Power Integrations, Inc. | 71,741 | 5,887,066 | ||||||
Sapiens International Corp. NV | 140,334 | 3,686,574 | ||||||
Simulations Plus, Inc. | 76,598 | 4,205,996 | ||||||
TTEC Holdings, Inc. | 57,521 | 5,929,840 | ||||||
47,110,893 | ||||||||
Utilities — 2.63% | ||||||||
Black Hills Corp. | 86,552 | 5,680,408 | ||||||
See accompanying notes which are an integral part of these financial statements.
Crawford Small Cap Dividend Fund
Schedule of Investments (continued)
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 98.91% - (continued) | ||||||||
Utilities — 2.63% - (continued) | ||||||||
IDACORP, Inc. | 28,500 | $ | 2,778,750 | |||||
8,459,158 | ||||||||
Total Common Stocks (Cost $239,763,470) | 317,725,370 | |||||||
MONEY MARKET FUNDS - 1.28% | ||||||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(a) | 4,121,334 | 4,121,334 | ||||||
Total Money Market Funds (Cost $4,121,334) | 4,121,334 | |||||||
Total Investments — 100.19% (Cost $243,884,804) | 321,846,704 | |||||||
Liabilities in Excess of Other Assets — (0.19)% | (611,822 | ) | ||||||
NET ASSETS — 100.00% | $ | 321,234,882 |
(a) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
See accompanying notes which are an integral part of these financial statements.
Crawford Multi-Asset Income Fund
Schedule of Investments
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS — 55.29% | ||||||||
Communications — 4.66% | ||||||||
AT&T, Inc. | 70,000 | $ | 2,014,600 | |||||
BCE, Inc. | 51,080 | 2,519,265 | ||||||
Verizon Communications, Inc. | 22,120 | 1,239,384 | ||||||
5,773,249 | ||||||||
Consumer Staples — 2.73% | ||||||||
Philip Morris International, Inc. | 34,050 | 3,374,696 | ||||||
Energy — 11.05% | ||||||||
Kinder Morgan, Inc. | 169,880 | 3,096,912 | ||||||
ONEOK, Inc. | 56,440 | 3,140,322 | ||||||
Valero Energy Corp. | 38,360 | 2,995,149 | ||||||
Williams Cos., Inc. (The) | 167,490 | 4,446,859 | ||||||
13,679,242 | ||||||||
Financials — 11.84% | ||||||||
AGNC Investment Corp. | 204,490 | 3,453,836 | ||||||
Huntington Bancshares, Inc. | 169,000 | 2,411,630 | ||||||
New Residential Investment Corp. | 339,470 | 3,594,986 | ||||||
Old Republic International Corp. | 97,730 | 2,434,454 | ||||||
People’s United Financial, Inc. | 161,540 | 2,768,796 | ||||||
14,663,702 | ||||||||
Health Care — 6.65% | ||||||||
AbbVie, Inc. | 33,730 | 3,799,347 | ||||||
Cardinal Health, Inc. | 38,650 | 2,206,529 | ||||||
Pfizer, Inc. | 56,930 | 2,229,379 | ||||||
8,235,255 | ||||||||
Industrials — 1.45% | ||||||||
BAE Systems PLC - ADR | 61,180 | 1,790,739 | ||||||
Real Estate — 10.99% | �� | |||||||
Alexander’s, Inc. | 6,790 | 1,819,381 | ||||||
Brandywine Realty Trust | 173,630 | 2,380,467 | ||||||
Four Corners Property Trust, Inc. | 72,350 | 1,997,584 | ||||||
Physicians Realty Trust | 123,840 | 2,287,325 | ||||||
STAG Industrial, Inc. | 64,240 | 2,404,502 | ||||||
WP Carey, Inc. | 36,430 | 2,718,407 | ||||||
13,607,666 | ||||||||
Technology — 2.74% | ||||||||
International Business Machines Corp. | 23,110 | 3,387,695 | ||||||
Utilities — 3.18% | ||||||||
Duke Energy Corp. | 18,090 | 1,785,845 | ||||||
NorthWestern Corp. | 35,720 | 2,151,058 | ||||||
3,936,903 | ||||||||
Total Common Stocks (Cost $60,125,833) | 68,449,147 |
See accompanying notes which are an integral part of these financial statements.
Crawford Multi-Asset Income Fund
Schedule of Investments (continued)
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
PREFERRED STOCKS — 30.24% | ||||||||
Energy— 1.18% | ||||||||
Energy Transfer LP, Series D, 7.63% | 57,530 | $ | 1,462,413 | |||||
Financials— 14.74% | ||||||||
Allstate Corp., Series G, 5.63% | 64,550 | 1,768,025 | ||||||
Annaly Capital Management, Inc., Series F, 6.95% | 139,530 | 3,640,337 | ||||||
Bank of America Corp., Series KK, 5.38% | 51,050 | 1,426,337 | ||||||
Charles Schwab Corp. (The), Series D, 5.95% | 51,250 | 1,300,213 | ||||||
Invesco Mortgage Capital, Inc., Series C, 7.50% | 122,310 | 3,066,312 | ||||||
Two Harbors Investment Corp., Series B, 7.63% | 161,400 | 4,233,521 | ||||||
Wells Fargo & Co., Series L, 7.50% | 1,850 | 2,823,489 | ||||||
18,258,234 | ||||||||
Real Estate— 10.59% | ||||||||
Armada Hoffler Properties Inc., Series A, 6.75% | 106,930 | 2,861,447 | ||||||
Digital Realty Trust, Inc., Series L, 5.20% | 102,150 | 2,878,586 | ||||||
Hersha Hospitality Trust, Series D, 6.50% | 66,910 | 1,575,731 | ||||||
Monmouth Real Estate Investment Corp., Series C, 6.13% | 79,840 | 2,017,557 | ||||||
UMH Properties, Inc., Series D, 6.38% | 37,100 | 977,214 | ||||||
Vornado Realty Trust, Series M, 5.25% | 104,150 | 2,794,345 | ||||||
13,104,880 | ||||||||
Utilities— 3.73% | ||||||||
Nisource, Inc., Series B, 6.50% | 63,250 | 1,812,745 | ||||||
Sempra Energy, 5.75% | 33,400 | 918,834 | ||||||
Spire, Inc., Series A, 5.90% | 66,580 | 1,882,882 | ||||||
4,614,461 | ||||||||
Total Preferred Stocks (Cost $34,722,619) | 37,439,988 | |||||||
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS — 11.50% | ||||||||
Energy— 2.48% | ||||||||
Transcanada Trust, 5.63%, 5/20/2075 | $ | 2,830,000 | 3,070,550 | |||||
Financials— 4.91% | ||||||||
Ally Financial, Inc., Series B, 4.70%, Perpetual | 2,989,000 | 3,094,212 | ||||||
American Express Co., 3.58%, Perpetual (3MO LIBOR + 342.8bps)(a) | 2,975,000 | 2,978,719 | ||||||
6,072,931 | ||||||||
Utilities— 4.11% | ||||||||
Centerpoint Energy, Inc., Series A, 6.13%, Perpetual | 1,920,000 | 2,041,200 | ||||||
Southern Co. (The), Series B, 5.50%, 3/15/2057 | 2,975,000 | 3,047,205 | ||||||
5,088,405 | ||||||||
Total Corporate Bonds (Cost $13,165,309) | 14,231,886 | |||||||
Shares | Fair Value | |||||||
MONEY MARKET FUNDS - 2.80% | ||||||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(b) | 3,464,964 | 3,464,964 | ||||||
Total Money Market Funds (Cost $3,464,964) | 3,464,964 | |||||||
Total Investments — 99.83% (Cost $111,478,725) | 123,585,985 |
See accompanying notes which are an integral part of these financial statements.
Crawford Multi-Asset Income Fund
Schedule of Investments (continued)
June 30, 2021 (Unaudited)
Shares | Fair Value | |||||||
MONEY MARKET FUNDS - 2.80% - continued | ||||||||
Other Assets in Excess of Liabilities — 0.17% | 215,730 | |||||||
NET ASSETS — 100.00% | $ | 123,801,715 |
(a) | Variable rate security. The rate shown is the effective interest rate as June 30, 2021. The benchmark on which the rate is calculated is shown parenthetically. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
ADR - American Depositary Receipt.
See accompanying notes which are an integral part of these financial statements.
Crawford Funds
Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
Crawford | Crawford | Crawford | ||||||||||
Large Cap | Small Cap | Multi-Asset | ||||||||||
Dividend Fund | Dividend Fund | Income Fund | ||||||||||
Assets | ||||||||||||
Investments in securities at value (cost $31,454,190, $243,884,804 and $111,478,725) | $ | 59,357,127 | $ | 321,846,704 | $ | 123,585,985 | ||||||
Receivable for fund shares sold | 116,511 | 520,890 | 274,924 | |||||||||
Receivable for investments sold | — | 88,828 | — | |||||||||
Dividends and interest receivable | 122,917 | 325,923 | 495,870 | |||||||||
Prepaid expenses | 22,290 | 23,846 | 7,311 | |||||||||
Total Assets | 59,618,845 | 322,806,191 | 124,364,090 | |||||||||
Liabilities | ||||||||||||
Payable for fund shares redeemed | 34,296 | 67,131 | 107,077 | |||||||||
Payable for distributions to shareholders | 177,383 | 580,683 | 343,621 | |||||||||
Payable for investments purchased | — | 645,448 | — | |||||||||
Payable to Adviser | 28,819 | 228,592 | 82,293 | |||||||||
12b-1 fees accrued - Class C | 7,537 | — | — | |||||||||
Payable to affiliates | 8,274 | 21,394 | 10,082 | |||||||||
Payable to trustees | 1,695 | 1,695 | 1,695 | |||||||||
Other accrued expenses | 15,515 | 26,366 | 17,607 | |||||||||
Total Liabilities | 273,519 | 1,571,309 | 562,375 | |||||||||
Net Assets | $ | 59,345,326 | $ | 321,234,882 | $ | 123,801,715 | ||||||
Net Assets consist of: | ||||||||||||
Paid-in capital | $ | 29,928,167 | $ | 232,463,371 | $ | 117,582,650 | ||||||
Accumulated earnings | 29,417,159 | 88,771,511 | 6,219,065 | |||||||||
Net Assets | $ | 59,345,326 | $ | 321,234,882 | $ | 123,801,715 | ||||||
Class I | ||||||||||||
Net Assets | $ | 56,375,045 | $ | 321,234,882 | ||||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 3,978,237 | 6,548,468 | ||||||||||
Net asset value (“NAV”) and offering price per share | $ | 14.17 | $ | 49.05 | ||||||||
Class C | ||||||||||||
Net Assets | $ | 2,970,281 | ||||||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 211,396 | |||||||||||
Net asset value (“NAV”) and offering price per share | $ | 14.05 | ||||||||||
Net Assets | $ | 123,801,715 | ||||||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 4,846,299 | |||||||||||
Net asset value (“NAV”) and offering price per share | $ | 25.55 |
See accompanying notes which are an integral part of these financial statements.
Crawford Funds
Statements of Operations
For the six months ended June 30, 2021 (Unaudited)
Crawford Large Cap Dividend Fund | Crawford Small Cap Dividend Fund | Crawford Multi- Asset Income Fund | ||||||||||
Investment Income | ||||||||||||
Dividend income | $ | 667,158 | $ | 3,179,678 | $ | 3,038,801 | ||||||
Interest income | — | — | 288,926 | |||||||||
Foreign dividend taxes withheld | (5,315 | ) | (11,559 | ) | (12,120 | ) | ||||||
Total investment income | 661,843 | 3,168,119 | 3,315,607 | |||||||||
Expenses | ||||||||||||
Adviser | 140,141 | 1,527,018 | 574,381 | |||||||||
Fund accounting | 20,706 | 31,865 | 20,593 | |||||||||
Administration | 15,322 | 83,549 | 30,798 | |||||||||
12b-1 fees- Class C | 14,868 | — | — | |||||||||
Registration | 13,432 | 14,094 | 6,116 | |||||||||
Transfer agent | 13,387 | 12,857 | 8,925 | |||||||||
Legal | 9,534 | 9,533 | 9,534 | |||||||||
Audit and tax preparation | 9,223 | 9,223 | 9,719 | |||||||||
Trustee | 7,082 | 7,082 | 7,082 | |||||||||
Compliance services | 5,950 | 5,950 | 5,950 | |||||||||
Report printing | 3,526 | 7,979 | 3,421 | |||||||||
Custodian | 3,511 | 18,697 | 6,873 | |||||||||
Insurance | 997 | 1,988 | 1,257 | |||||||||
Pricing | 483 | 235 | 442 | |||||||||
Miscellaneous | 10,939 | 14,284 | 10,757 | |||||||||
Total expenses | 269,101 | 1,744,354 | 695,848 | |||||||||
Recoupment of prior expenses waived by Adviser | 21,042 | — | — | |||||||||
Fees contractually waived by Adviser | — | (216,182 | ) | (121,148 | ) | |||||||
Net operating expenses | 290,143 | 1,528,172 | 574,700 | |||||||||
Net investment income | 371,700 | 1,639,947 | 2,740,907 | |||||||||
Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||||||
Net realized gain on investment securities transactions | 1,428,352 | 14,980,767 | 1,187,815 | |||||||||
Net change in unrealized appreciation of investment securities and translation of assets and liabilities in foreign currency | 5,951,306 | 27,348,577 | 9,890,590 | |||||||||
Net realized and change in unrealized gain on investments and foreign currency | 7,379,658 | 42,329,344 | 11,078,405 | |||||||||
Net increase in net assets resulting from operations | $ | 7,751,358 | $ | 43,969,291 | $ | 13,819,312 |
See accompanying notes which are an integral part of these financial statements.
Crawford Funds
Statements of Changes in Net Assets
Crawford Large Cap Dividend Fund | ||||||||
For the | ||||||||
For the Six | Year Ended | |||||||
Months Ended | December 31, | |||||||
June 30, 2021 | 2020 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets due to: | ||||||||
Operations | ||||||||
Net investment income | $ | 371,700 | $ | 865,623 | ||||
Net realized gain on investment securities transactions | 1,428,352 | 2,920,470 | ||||||
Net change in unrealized appreciation (depreciation) of investment securities | 5,951,306 | (323,453 | ) | |||||
Net increase in net assets resulting from operations | 7,751,358 | 3,462,640 | ||||||
Distributions to Shareholders from Earnings | ||||||||
Class I | (370,288 | ) | (3,375,504 | ) | ||||
Class C | (5,332 | ) | (179,279 | ) | ||||
Total distributions | (375,620 | ) | �� | (3,554,783 | ) | |||
Capital Transactions - Class I | ||||||||
Proceeds from shares sold | 2,254,851 | 5,550,415 | ||||||
Reinvestment of distributions | 243,359 | 2,938,581 | ||||||
Amount paid for shares redeemed | (3,855,466 | ) | (5,469,889 | ) | ||||
Total Class I | (1,357,256 | ) | 3,019,107 | |||||
Capital Transactions - Class C(a) | ||||||||
Proceeds from shares sold | 15,120 | 22,169 | ||||||
Reinvestment of distributions | 5,332 | 178,913 | ||||||
Amount paid for shares redeemed | (494,765 | ) | (1,208,235 | ) | ||||
Total Class C | (474,313 | ) | (1,007,153 | ) | ||||
Net increase (decrease) in net assets resulting from capital transactions | (1,831,569 | ) | 2,011,954 | |||||
Total Increase in Net Assets | 5,544,169 | 1,919,811 | ||||||
Net Assets | ||||||||
Beginning of period | 53,801,157 | 51,881,346 | ||||||
End of period | $ | 59,345,326 | $ | 53,801,157 | ||||
Share Transactions - Class I | ||||||||
Shares sold | 171,463 | 464,662 | ||||||
Shares issued in reinvestment of distributions | 17,841 | 243,482 | ||||||
Shares redeemed | (292,020 | ) | (463,874 | ) | ||||
Total Class I | (102,716 | ) | 244,270 | |||||
Share Transactions - Class C(a) | ||||||||
Shares sold | 1,171 | 1,919 | ||||||
Shares issued in reinvestment of distributions | 398 | 14,943 | ||||||
Shares redeemed | (37,538 | ) | (107,478 | ) | ||||
Total Class C | (35,969 | ) | (90,616 | ) | ||||
Net increase (decrease) in shares outstanding | (138,685 | ) | 153,654 |
See accompanying notes which are an integral part of these financial statements.
Crawford Funds
Statements of Changes in Net Assets (continued)
Crawford Small Cap Dividend Fund | ||||||||
For the | ||||||||
For the Six | Year Ended | |||||||
Months Ended | December 31, | |||||||
June 30, 2021 | 2020 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets due to: | ||||||||
Operations | ||||||||
Net investment income | $ | 1,639,947 | $ | 3,212,256 | ||||
Net realized gain (loss) on investment securities transactions | 14,980,767 | (3,819,195 | ) | |||||
Net change in unrealized appreciation of investment securities | 27,348,577 | 12,326,703 | ||||||
Net increase in net assets resulting from operations | 43,969,291 | 11,719,764 | ||||||
Distributions to Shareholders from Earnings | ||||||||
Class I | (1,698,663 | ) | (5,284,700 | ) | ||||
Total distributions | (1,698,663 | ) | (5,284,700 | ) | ||||
Capital Transactions - Class I | ||||||||
Proceeds from shares sold | 22,186,657 | 46,445,371 | ||||||
Reinvestment of distributions | 1,379,732 | 4,505,607 | ||||||
Amount paid for shares redeemed | (13,828,735 | ) | (38,138,275 | ) | ||||
Total Class I | 9,737,654 | 12,812,703 | ||||||
Capital Transactions - Class C(a) | ||||||||
Amount paid for shares redeemed | — | (1,342,811 | ) | |||||
Total Class C | — | (1,342,811 | ) | |||||
Net increase in net assets resulting from capital transactions | 9,737,654 | 11,469,892 | ||||||
Total Increase in Net Assets | 52,008,282 | 17,904,956 | ||||||
Net Assets | ||||||||
Beginning of period | 269,226,600 | 251,321,644 | ||||||
End of period | $ | 321,234,882 | $ | 269,226,600 | ||||
Share Transactions - Class I | ||||||||
Shares sold | 466,521 | 1,326,403 | ||||||
Shares issued in reinvestment of distributions | 28,586 | 119,445 | ||||||
Shares redeemed | (284,734 | ) | (1,059,459 | ) | ||||
Total Class I | 210,373 | 386,389 | ||||||
Share Transactions - Class C(a) | ||||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (34,893 | ) | |||||
Total Class C | — | (34,893 | ) | |||||
Net increase in shares outstanding | 210,373 | 351,496 |
(a) | The Small Cap Dividend Fund Class C shares ceased operations on February 26, 2020. |
See accompanying notes which are an integral part of these financial statements.
Crawford Funds
Statements of Changes in Net Assets (continued)
Crawford Multi-Asset Income Fund | ||||||||
For the | ||||||||
For the Six | Year Ended | |||||||
Months Ended | December 31, | |||||||
June 30, 2021 | 2020 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets due to: | ||||||||
Operations | ||||||||
Net investment income | $ | 2,740,907 | $ | 3,426,647 | ||||
Net realized gain (loss) on investment securities transactions | 1,187,815 | (7,797,201 | ) | |||||
Net change in unrealized appreciation (depreciation) of investment securities | 9,890,590 | (816,582 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 13,819,312 | (5,187,136 | ) | |||||
Distributions to Shareholders from | ||||||||
Earnings | (1,971,250 | ) | (3,540,919 | ) | ||||
Return of capital | — | (103,691 | ) | |||||
Total distributions | (1,971,250 | ) | (3,644,610 | ) | ||||
Capital Transactions | ||||||||
Proceeds from shares sold | 6,948,035 | 29,078,143 | ||||||
Reinvestment of distributions | 1,571,204 | 2,882,934 | ||||||
Amount paid for shares redeemed | (2,621,881 | ) | (10,399,035 | ) | ||||
Net increase in net assets resulting from capital transactions | 5,897,358 | 21,562,042 | ||||||
Total Increase in Net Assets | 17,745,420 | 12,730,296 | ||||||
Net Assets | ||||||||
Beginning of period | 106,056,295 | 93,325,999 | ||||||
End of period | $ | 123,801,715 | $ | 106,056,295 | ||||
Share Transactions | ||||||||
Shares sold | 281,465 | 1,291,122 | ||||||
Shares issued in reinvestment of distributions | 63,967 | 135,508 | ||||||
Shares redeemed | (108,400 | ) | (442,878 | ) | ||||
Net increase in shares outstanding | 237,032 | 983,752 |
See accompanying notes which are an integral part of these financial statements.
Crawford Large Cap Dividend Fund – Class I
Financial Highlights
(For a share outstanding during each period)
For the Six | For the Years Ended December 31, | |||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Selected Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.44 | $ | 12.44 | $ | 9.83 | $ | 10.63 | $ | 9.99 | $ | 9.84 | ||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income | 0.09 | 0.21 | 0.19 | 0.18 | 0.16 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.73 | 0.65 | 2.61 | (0.59 | ) | 1.24 | 1.39 | |||||||||||||||||
Total from investment operations | 1.82 | 0.86 | 2.80 | (0.41 | ) | 1.40 | 1.55 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.21 | ) | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.16 | ) | ||||||||||||
Net realized gains | — | (0.65 | ) | — | (0.21 | ) | (0.59 | ) | (1.24 | ) | ||||||||||||||
Total distributions | (0.09 | ) | (0.86 | ) | (0.19 | ) | (0.39 | ) | (0.76 | ) | (1.40 | ) | ||||||||||||
Net asset value, end of period | $ | 14.17 | $ | 12.44 | $ | 12.44 | $ | 9.83 | $ | 10.63 | $ | 9.99 | ||||||||||||
Total Return(a) | 14.68 | % (b) | 7.32 | % | 28.61 | % | (3.97 | )% | 14.08 | % | 15.76 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 56,375 | $ | 50,751 | $ | 47,713 | $ | 37,585 | $ | 33,272 | $ | 29,829 | ||||||||||||
Ratio of net expenses to average net assets | 0.98 | % (c) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||||
Ratio of expenses to average net assets before waiver or recoupment | 0.91 | % (c) | 0.95 | % | 0.98 | % | 1.03 | % | 1.07 | % | 1.19 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.38 | % (c) | 1.84 | % | 1.64 | % | 1.70 | % | 1.57 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate(d) | 4 | % (b) | 43 | % | 7 | % | 14 | % | 21 | % | 13 | % |
(a) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Crawford Large Cap Dividend Fund – Class C
Financial Highlights
(For a share outstanding during each period)
For the Six | For the Years Ended December 31, | |||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June30,2021 | ||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Selected Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.33 | $ | 12.33 | $ | 9.76 | $ | 10.54 | $ | 9.91 | $ | 9.77 | ||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income | 0.02 | 0.10 | 0.07 | 0.08 | 0.06 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.72 | 0.64 | 2.57 | (0.59 | ) | 1.22 | 1.37 | |||||||||||||||||
Total from investment operations | 1.74 | 0.74 | 2.64 | (0.51 | ) | 1.28 | 1.43 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.09 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | ||||||||||||
Net realized gains | — | (0.65 | ) | — | (0.21 | ) | (0.59 | ) | (1.24 | ) | ||||||||||||||
Total distributions | (0.02 | ) | (0.74 | ) | (0.07 | ) | (0.27 | ) | (0.65 | ) | (1.29 | ) | ||||||||||||
Net asset value, end of period | $ | 14.05 | $ | 12.33 | $ | 12.33 | $ | 9.76 | $ | 10.54 | $ | 9.91 | ||||||||||||
Total Return(a) | 14.16 | % (b) | 6.26 | % | 27.16 | % | (4.84 | )% | 12.95 | % | 14.61 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,970 | $ | 3,050 | $ | 4,168 | $ | 4,069 | $ | 5,385 | $ | 5,503 | ||||||||||||
Ratio of net expenses to average net assets | 1.98 | % (c) | 1.98 | % | 1.98 | % | 1.98 | % | 1.98 | % | 1.98 | % | ||||||||||||
Ratio of expenses to average net assets before waiver or recoupment | 1.91 | % (c) | 1.95 | % | 1.98 | % | 2.03 | % | 2.07 | % | 2.19 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.37 | % (c) | 0.84 | % | 0.64 | % | 0.68 | % | 0.56 | % | 0.51 | % | ||||||||||||
Portfolio turnover rate(d) | 4 | % (b) | 43 | % | 7 | % | 14 | % | 21 | % | 13 | % |
(a) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Crawford Small Cap Dividend Fund – Class I
Financial Highlights
(For a share outstanding during each period)
For the Six | For the Years Ended December 31, | |||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Selected Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.48 | $ | 41.98 | $ | 36.39 | $ | 42.42 | $ | 39.32 | $ | 31.51 | ||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income | 0.25 | 0.52 | 0.55 | 0.47 | 0.40 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 6.58 | 0.83 | 7.20 | (3.70 | ) | 5.06 | 7.90 | |||||||||||||||||
Total from investment operations | 6.83 | 1.35 | 7.75 | (3.23 | ) | 5.46 | 8.42 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.48 | ) | (0.58 | ) | (0.45 | ) | (0.43 | ) | (0.51 | ) | ||||||||||||
Net realized gains | — | (0.37 | ) | (1.58 | ) | (2.35 | ) | (1.93 | ) | (0.10 | ) | |||||||||||||
Total distributions | (0.26 | ) | (0.85 | ) | (2.16 | ) | (2.80 | ) | (2.36 | ) | (0.61 | ) | ||||||||||||
Net asset value, end of period | $ | 49.05 | $ | 42.48 | $ | 41.98 | $ | 36.39 | $ | 42.42 | $ | 39.32 | ||||||||||||
Total Return(a) | 16.09 | % (b) | 3.50 | % | 21.38 | % | (7.64 | )% | 13.94 | % | 26.95 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 321,235 | $ | 269,227 | $ | 249,865 | $ | 178,416 | $ | 181,709 | $ | 141,098 | ||||||||||||
Ratio of net expenses to average net assets | 0.99 | % (c) | 0.99 | % | 1.03 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||||
Ratio of expenses to average net assets before waiver or recoupment | 1.13 | % (c) | 1.17 | % | 1.18 | % | 1.20 | % | 1.23 | % | 1.33 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.06 | % (c) | 1.44 | % | 1.36 | % | 1.11 | % | 1.00 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 16 | % (b) | 32 | % | 28 | % | 33 | % | 36 | % | 31 | % |
(a) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(b) | Not annualized. |
(c) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
Crawford Multi-Asset Income Fund
Financial Highlights
(For a share outstanding during each period)
For the Six | For the Years Ended December 31, | For the | ||||||||||||||||||
Months | Period | |||||||||||||||||||
Ended | Ended | |||||||||||||||||||
June 30, 2021 | December | |||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 31, 2017(a) | ||||||||||||||||
Selected Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 23.01 | $ | 25.74 | $ | 22.54 | $ | 24.79 | $ | 25.00 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.58 | 0.79 | 0.94 | 1.05 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.38 | (2.68 | ) | 3.56 | (2.20 | ) | (0.21 | ) | ||||||||||||
Total from investment operations | 2.96 | (1.89 | ) | 4.50 | (1.15 | ) | 0.03 | |||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.82 | ) | (1.00 | ) | (1.04 | ) | (0.23 | ) | ||||||||||
Net realized gains | — | — | (0.29 | ) | (0.06 | ) | — | |||||||||||||
Return of capital | — | (0.02 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||
Total distributions | (0.42 | ) | (0.84 | ) | (1.30 | ) | (1.10 | ) | (0.24 | ) | ||||||||||
Net asset value, end of period | $ | 25.55 | $ | 23.01 | $ | 25.74 | $ | 22.54 | $ | 24.79 | ||||||||||
Total Return(b) | 12.94 | % (c) | (7.00 | )% | 20.25 | % | (4.86 | )% | 0.14 | % (c) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 123,802 | $ | 106,056 | $ | 93,326 | $ | 50,923 | $ | 30,488 | ||||||||||
Ratio of net expenses to average net assets | 1.00 | % (d) | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % (d) | ||||||||||
Ratio of expenses to average net assets before waiver or recoupment | 1.21 | % (d) | 1.26 | % | 1.32 | % | 1.39 | % | 2.46 | % (d) | ||||||||||
Ratio of net investment income to average net assets | 4.77 | % (d) | 3.67 | % | 3.89 | % | 4.51 | % | 4.54 | % (d) | ||||||||||
Portfolio turnover rate | 8 | % (c) | 33 | % | 20 | % | 28 | % | 5 | % (c) |
(a) | For the period September 12, 2017 (commencement of operations) to December 31, 2017. |
(b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
Crawford Funds |
Notes to the Financial Statements |
June 30, 2021 (Unaudited) |
NOTE 1. ORGANIZATION
Crawford Large Cap Dividend Fund (the “Large Cap Dividend Fund”, formerly known as Crawford Dividend Growth Fund), Crawford Small Cap Dividend Fund (the “Small Cap Dividend Fund”) and Crawford Multi-Asset Income Fund (the “Multi-Asset Income Fund”) (each a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified series of Unified Series Trust (the “Trust”). The Large Cap Dividend Fund, Small Cap Dividend Fund, and Multi-Asset Income Fund were organized on December 7, 2003, June 21, 2012, and August 7, 2017, respectively. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002 (the “Trust Agreement”). The Trust Agreement permits the Board of Trustees (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Board. The investment adviser to the Funds is Crawford Investment Counsel, Inc. (the “Adviser”). The investment objective of the Large Cap Dividend Fund is to provide total return. The investment objective of the Small Cap Dividend Fund is to provide attractive long-term total return with below market risk as measured by standard deviation in comparison with the Russell 2000® Index. The investment objective of the Multi-Asset Income Fund is to provide current income.
The Large Cap Dividend Fund currently offers two classes of shares: Class C and Class I. Large Cap Dividend Fund Class I shares were first offered to the public on January 5, 2004, and Large Cap Dividend Fund Class C shares were first offered to the public on January 27, 2004. Small Cap Dividend Fund Class I shares were first offered to the public on September 26, 2012, and Small Cap Dividend Fund Class C shares were first offered to the public on April 29, 2015; closed for sale on December 3, 2019, and ceased operation on February 26, 2020. Shares of the Multi-Asset Income Fund were first offered to the public on September 12, 2017. Each class votes separately on matters affecting only that class, or on matters expressly required to be voted on separately by state or federal law. Shares of each class of a series have the same voting and other rights and preferences as the other classes and series of the Trust for matters that affect the Trust as a whole. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Funds and is entitled to such dividends and distributions out of income belonging to the Funds as are declared by the Board.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with the generally accepted accounting principles in the United States of America (“GAAP”).
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations on the Statements of Operations represents currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.
Federal Income Taxes – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.
As of and during the six months ended June 30, 2021, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the period, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.
Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire fund.
Security Transactions and Related Income – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts (“REITs”) that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITs are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Dividends and Distributions – Large Cap Dividend Fund and Small Cap Dividend Fund each typically distribute substantially all of its net investment income quarterly and net realized capital gains, if any, at least annually. Multi-Asset Income Fund typically distributes net investment income monthly and any realized net capital gains annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. Where such differences are permanent in nature; they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values (“NAV”) per share of the Funds.
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS
Each Fund values its portfolio securities at fair value as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below.
● | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
● | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, a Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Debt securities are valued by using the mean between the closing bid and ask prices provided by a pricing service. If the closing bid and ask prices are not readily available, the pricing service may provide a price determined by a matrix pricing method. Matrix pricing is a mathematical technique used to value fixed income securities without relying exclusively on quoted prices. Matrix pricing takes into consideration recent transactions, yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant for the actual security being priced and for other securities with similar characteristics. These securities will generally be categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will generally be categorized as Level 3 securities.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the mutual funds. These securities are categorized as Level 1 securities.
In accordance with the Trust’s Portfolio Valuation Procedures, the Pricing Review Committee, in making its recommendations with the Adviser’s participation, is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued pursuant to the Trust’s Fair Value Guidelines would be the amount which the Funds might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in accordance with the Trust’s Portfolio Valuation Procedures, the validity of market quotations appears
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before each Fund’s NAV calculation that may affect a security’s value, or other data calls into question the reliability of market quotations.
The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2021:
Valuation Inputs | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Large Cap Dividend Fund | ||||||||||||||||
Common Stocks(a) | $ | 58,922,949 | $ | — | $ | — | $ | 58,922,949 | ||||||||
Money Market Funds | 434,178 | — | — | 434,178 | ||||||||||||
Total | $ | 59,357,127 | $ | — | $ | — | $ | 59,357,127 | ||||||||
Small Cap Dividend Fund | ||||||||||||||||
Common Stocks(a) | 317,725,370 | — | — | 317,725,370 | ||||||||||||
Money Market Funds | 4,121,334 | — | — | 4,121,334 | ||||||||||||
Total | $ | 321,846,704 | $ | — | $ | — | $ | 321,846,704 | ||||||||
Multi-Asset Income Fund | ||||||||||||||||
Common Stocks(a) | 68,449,147 | — | — | 68,449,147 | ||||||||||||
Preferred Stocks(a) | 37,439,988 | — | — | 37,439,988 | ||||||||||||
Corporate Bonds(a) | — | 14,231,886 | — | 14,231,886 | ||||||||||||
Money Market Funds | 3,464,964 | — | — | 3,464,964 | ||||||||||||
Total | $ | 109,354,099 | $ | 14,231,886 | $ | — | $ | 123,585,985 |
(a) | Refer to Schedule of Investments for industry classifications. |
The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS
The Adviser, under the terms of the management agreement with the Trust with respect to each Fund (each an “Agreement”), manages the Funds’ investments. As compensation for its management services, each Fund pays the Adviser a fee based on each Fund’s average daily net assets as follows:
Large Cap Dividend | Small Cap Dividend | Multi-Asset Income | ||||
Fund | Fund | Fund | ||||
Management fee rate | 0.50% | 0.99% | 1.00% | |||
Management fees earned | $140,141 | $1,527,018 | $574,381 | |||
Fees recouped (waived) | $21,042 | $(216,182) | $(121,148) |
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
The Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Funds’ business, do not exceed 0.98% of the Fund’s average daily net assets with respect to the Large Cap Dividend Fund, 0.99% of the Fund’s average daily net assets with respect to the Small Cap Dividend Fund and 1.00% of the Fund’s average daily net assets with respect to the Multi-Asset Income Fund. The contractual arrangement for the Funds is in place through April 30, 2022.
Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the applicable Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:
Large Cap | Small Cap | |||||||||||
Dividend | Dividend | Multi-Asset | ||||||||||
Recoverable Through | Fund | Fund | Income Fund | |||||||||
December 31, 2021 | $ | 1,735 | $ | 137,422 | $ | 94,769 | ||||||
December 31, 2022 | 1,841 | 332,606 | 224,679 | |||||||||
December 31, 2023 | — | 386,201 | 238,010 | |||||||||
June 30, 2024 | — | 216,182 | 121,148 |
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services.
Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Funds, which are approved annually by the Board. Prior to
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
April 1, 2021, Ultimus provided certain compliance services and Buttonwood Compliance Partners provided the Chief Compliance Officer to the Trust.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.
Certain officers and a Trustee of the Trust are also employees of Ultimus and such persons are not paid by the Funds for serving in such capacities.
The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chairman of the Board and more than 75% of the Trustees are “Independent Trustees,” which means that they are not “interested persons” as defined in the 1940 Act. Each Independent Trustee of the Trust receives annual compensation of $2,510 per fund from the Trust, except that the Chairman of the Audit Committee, the Chairman of the Governance & Nominating Committee, and the Chairman of the Pricing & Liquidity Committee each receives annual compensation of $2,960 per fund from the Trust, and the Independent Chairman of the Board receives $3,160 per fund from the Trust. Independent Trustees also receive $1,000 for attending each special in-person meeting and $250 for special telephonic meetings. Prior to January 1, 2021, these fees were $2,290 for non-chairmen and $2,740 for all chairmen. In addition, the Trust reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.
The Trust, with respect to the Large Cap Dividend Fund has adopted a Class C Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays a fee to the Distributor, the Adviser or other financial institutions of 1.00% of the Class C’s average daily net assets (0.75% to help defray the cost of distributing Class C shares and 0.25% for servicing the Class C shareholders) attributable to the Fund in connection with the promotion and distribution of the Fund’s Class C shares or the provision of personal services to Class C shareholders. These services include, but are not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts (“12b-1 Expenses”). The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 Expenses actually incurred. Pursuant to the Plan, the Board reviews, at least quarterly, a written report of the distribution expenses incurred on behalf of the Funds under the Plan. For the six months ended June 30, 2021, the Large Cap Dividend Class C shares incurred 12b-1 Expenses of $14,868. At June 30, 2021, $7,537 was owed for 12b-1 Expenses.
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the six months ended June 30, 2021, purchases and sales of investment securities, other than short-term investments were as follows:
Purchases | Sales | |||||||
Large Cap Dividend Fund | $ | 2,496,206 | $ | 3,276,445 | ||||
Small Cap Dividend Fund | 58,094,519 | 49,426,213 | ||||||
Multi-Asset Income Fund | 13,316,760 | 8,420,711 |
There were no purchases or sales of long-term U.S. government obligations during the six months ended June 30, 2021.
NOTE 6. FEDERAL TAX INFORMATION
At June 30, 2021, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:
Large Cap | Small Cap | Multi-Asset | ||||||||||
Dividend Fund | Dividend Fund | Income Fund | ||||||||||
Gross unrealized appreciation | $ | 27,879,213 | $ | 81,129,308 | $ | 13,010,333 | ||||||
Gross unrealized depreciation | — | (4,162,907 | ) | (903,075 | ) | |||||||
Net unrealized appreciation (depreciation) on investments | 27,879,213 | 76,966,401 | 12,107,258 | |||||||||
Tax cost of investments | 31,477,914 | 244,880,303 | 111,478,727 |
The tax character of distributions paid for the fiscal year ended December 31, 2020, the Funds’ most recent fiscal year end, was as follows:
Large Cap | Small Cap | |||||||||||
Dividend | Dividend | Multi-Asset | ||||||||||
Fund | Fund | Income Fund | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary income(a) | $ | 864,312 | $ | 2,965,677 | $ | 3,540,919 | ||||||
Long-term capital gains | 2,690,471 | 2,319,023 | — | |||||||||
Tax return of capital | — | — | 103,691 | |||||||||
Total distributions paid | $ | 3,554,783 | $ | 5,284,700 | $ | 3,644,610 |
(a) | Short-term capital gain distributions are treated as ordinary income for tax purposes. |
At December 31, 2020, the components of accumulated earnings (deficit) on a tax basis were as follows:
Large Cap | Small Cap | Multi-Asset | ||||||||||
Dividend Fund | Dividend Fund | Income Fund | ||||||||||
Undistributed ordinary income | $ | 12,490 | $ | 130,695 | $ | — | ||||||
Undistributed long-term capital gains | 101,024 | — | — |
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
Large Cap | Small Cap | Multi-Asset | ||||||||||
Dividend Fund | Dividend Fund | Income Fund | ||||||||||
Accumulated capital and other losses | — | (3,069,023 | ) | (7,845,024 | ) | |||||||
Unrealized appreciation on investments | 21,927,907 | 49,439,211 | 2,216,027 | |||||||||
Total accumulated earnings (deficit) | $ | 22,041,421 | $ | 46,500,883 | $ | (5,628,997 | ) |
The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, differences related to partnership investments and the return of capital adjustments from underlying investments.
As of December 31, 2020, the Small Cap Dividend Fund had short-term and long-term capital loss carryforwards of $2,857,064 and $211,958, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
As of December 31, 2020, the Multi-Asset Income Fund had short-term and long-term capital loss carryforwards of $2,272,100 and $5,572,924, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
NOTE 7. SECTOR RISK
If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of June 30, 2021, the Multi-Asset Income Fund had 31.49% of the value of its net assets invested in stocks within the Financials sector.
NOTE 8. COMMITMENTS AND CONTINGENCIES
The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
Crawford Funds |
Notes to the Financial Statements (continued) |
June 30, 2021 (Unaudited) |
NOTE 9. SUBSEQUENT EVENTS
At a meeting held on August 17, 2021, the Board approved the appointment of Martin Dean as President of the Trust (replacing David Carson) and Gwen Gosselink as Chief Compliance Officer (replacing Martin Dean). Management of the Funds has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.
Summary of Fund Expenses (Unaudited) |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021.
Actual Expenses
The first line of the table for each class provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table for each class provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Summary of Fund Expenses (Unaudited) (continued) |
Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.
Beginning | Ending | |||||||||
Account | Account | Expenses | ||||||||
Value | Value | Paid | Annualized | |||||||
January 1, | June 30, | During | Expense | |||||||
2021 | 2021 | Period(a) | Ratio | |||||||
Crawford Large Cap Dividend Fund | ||||||||||
Class I | Actual | $1,000.00 | $1,146.80 | $5.22 | 0.98% | |||||
Hypothetical(b) | $1,000.00 | $1,019.93 | $4.92 | 0.98% | ||||||
Class C | Actual | $1,000.00 | $1,141.60 | $10.52 | 1.98% | |||||
Hypothetical(b) | $1,000.00 | $1,014.97 | $9.90 | 1.98% | ||||||
Crawford Small Cap Dividend Fund | ||||||||||
Class I | Actual | $1,000.00 | $1,160.90 | $5.30 | 0.99% | |||||
Hypothetical(b) | $1,000.00 | $1,019.89 | $4.96 | 0.99% | ||||||
Crawford Multi-Asset Income Fund | ||||||||||
Actual | $1,000.00 | $1,129.40 | $5.28 | 1.00% | ||||||
Hypothetical(b) | $1,000.00 | $1,019.84 | $5.01 | 1.00% |
(a) | Expenses are equal to each Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
(b) | Hypothetical assumes 5% annual return before expenses. |
Rev: January 2020
FACTS | WHAT DO THE CRAWFORD FUNDS (the “FUNDS”) DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
■ Social Security number
■ account balances and account transactions
■ transaction or loss history and purchase history
■ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Do the Funds share? |
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes |
For our marketing purposes— to offer our products and services to you | No |
For joint marketing with other financial companies | No |
For our affiliates’ everyday business purposes— information about your transactions and experiences | No |
For our affiliates’ everyday business purposes— information about your creditworthiness | No |
For nonaffiliates to market to you | No |
Questions? | Call (800) 431-1716 |
Who we are | |
Who is providing this notice? | Crawford Funds Ultimus Fund Distributors, LLC (Distributor) Ultimus Fund Solutions, LLC (Administrator) |
What we do | |
How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How do the Funds collect my personal information? | We collect your personal information, for example, when you
■ open an account or deposit money
■ buy securities from us or sell securities to us
■ make deposits or withdrawals from your account
■ give us your account information
■ make a wire transfer
■ tell us who receives the money
■ tell us where to send the money
■ show your government-issued ID
■ show your driver’s license |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
■ sharing for affiliates’ everyday business purposes —information about your creditworthiness
■ affiliates from using your information to market to you
■ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ Crawford Investment Counsel, Inc., the investment adviser to the Funds, could be deemed to be an affiliate. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
■ The Crawford Funds do not share your personal information with nonaffiliates so they can market to you |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
■ The Crawford Funds do not jointly market. |
PROXY VOTING
A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (800) 431-1716 and (2) in Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
TRUSTEES | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
Kenneth G.Y. Grant, Chairman | Cohen & Company, Ltd. |
David R. Carson | 151 N Franklin Street, Suite 575 |
Daniel J. Condon | Chicago, IL 60606 |
Gary E. Hippenstiel | |
Stephen A. Little | |
Ronald C. Tritschler | |
OFFICERS | LEGAL COUNSEL |
Martin R. Dean, President | Thompson Hine LLP |
Gwen Gosselink, Chief Compliance Officer | 312 Walnut Street, 20th Floor |
Zachary P. Richmond, Treasurer and Chief Financial Officer | Cincinnati, OH 45202 |
Lynn E. Wood, Assistant Chief Compliance Officer | |
INVESTMENT ADVISER | CUSTODIAN |
Crawford Investment Counsel, Inc. | Huntington National Bank |
600 Galleria Parkway SE | 41 South High Street |
Suite 1650 | Columbus, OH 43215 |
Atlanta, GA 30339 | |
DISTRIBUTOR | ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTANT |
Ultimus Fund Distributors, LLC | Ultimus Fund Solutions, LLC |
225 Pictoria Drive, Suite 450 | 225 Pictoria Drive, Suite 450 |
Cincinnati, OH 45246 | Cincinnati, OH 45246 |
This report is intended only for the information of shareholders or those who have received the Fund’s prospectus which contains information about the Fund’s management fee and expenses. Please read the prospectus carefully before investing.
Distributed by Ultimus Fund Distributors, LLC
Member FINRA/SIPC
CRAWFORD-SAR-21
(b) Not applicable.
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments. Schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.
Not Applicable.
Item 13. Exhibits.
(a)(1) Not Applicable – filed with annual report
(a)(3) Not Applicable – there were no written solicitations to purchase securities under Rule 23c-1
during the period
(b) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Unified Series Trust
By
/s/ Martin R. Dean
Martin R. Dean, President
Date 8/31/2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By
/s/ Martin R. Dean
Martin R. Dean, President
Date 8/31/2021
By
/s/ Zachary P. Richmond
Zachary P. Richmond, Treasurer
Date 8/31/2021