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 811-22027
FundVantage Trust
(Exact name of registrant as specified in charter)
301 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)
Joel L. Weiss
JW Fund Management LLC
1636 N. Cedar Crest Blvd.
Suite #161
Allentown, PA 18104
(Name and address of agent for service)
Registrant’s telephone number, including area code: 856-528-3500
Date of fiscal year end: April 30
Date of reporting period: April 30, 2023
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, 100 F Street, NE, 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) | The Report to Shareholders is attached herewith. |
Class A |
Class C |
Institutional Class |
1 | Data Source: S&P Capital IQPRO. December 31, 2019 and March 31, 2022 total deposits on balance sheets of SIVB and SBNY. |
2 | Data Source: Federal Financial Institutions Examination Council. Consolidated Reports of Condition and Income for SIVB and SBNY as of December 31, 2022. Deposit accounts of $250,000 or less as a percentage of total deposit liabilities of the bank. |
3 | Data Source: S&P Capital IQPRO. March 31, 2022 and December 31, 2022 total deposits on balance sheets of SIVB and SBNY. |
4 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market and is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market. |
5 | Price/Projected Earnings (P/E) as of April 30, 2023, 2022 annual and year-to-date 2023 total return of Russell 3000® Index constituents. Constituents that were public for all of 2022 are divided equally into five buckets by annual total return as of December 31, 2022. For each bucket 2023 total return metrics and forward P/E are calculated as of April 30, 2023 on an index-weighted basis using weights at December 31, 2022. |
6 | Data Source: S&P Capital IQPRO. Loss-making companies are Russell 3000® Index constituents that were expected to be unprofitable over the next 12 months from January 1, 2022 and produced an index-weighted -51% total return for 2022. Constituents that were expected to be unprofitable over the next 12 months from January 1, 2023 produced an index-weighted 10.5% total return for year-to-date 2023 as of April 30, 2023. |
7 | Data Source: S&P Capital IQPRO. Annual returns calculated from quarterly price returns of the S&P 500® Index for January 1, 1929 through December 31, 1936 and quarterly total returns for January 1, 1937 through December 31, 2022. |
8 | Russell 3000® Growth Index modified CAPE premium over Russell 3000® Value Index modified CAPE at each month-end January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return difference between the Russell 3000® Growth Index and Russell 3000® Value Index for each month-end January 31, 2000 through April 30, 2023. Modified CAPE (Cyclically Adjusted Price-to-Earnings) is the ratio of index prices to trailing 10-year index-level earnings before taxes (EBT) on a time-weighted basis. Annual index level EBT is imputed by dividing the year-end index price by an aggregated price to EBT multiple of index constituents. A 16.4x valuation premium of growth over value indicates 5–7% per year historical underperformance of growth versus value over the following 10 years. |
9 | Russell 3000® Growth Index modified CAPE (red line), Russell 3000® Value Index modified CAPE (green line), Russell 3000® Growth Index modified CAPE premium over Russell 3000® Value Index modified CAPE (gray area) at each month-end from January 31, 1990 to April 30, 2023. |
10 | (Left Chart) Russell 3000® Value Index modified CAPE at each month-end January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return of the Russell 3000® Value Index for each month-end January 31, 2000 through April 30, 2023. (Right Chart) Russell 3000® Growth Index modified CAPE at each month-end from January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return of the Russell 3000® Growth Index for each month-end January 31, 2000 through April 30, 2023. |
11 | Data Source: S&P Capital IQPRO. Monthly trend of S&P 500 Index Aggregate Bottom Up earnings per share estimates for 2023 from September 6, 2022 through May 3, 2023. |
12 | Russell 3000® Index sector valuation relative to Russell 3000® Index valuation based on constituent price to prior three-year peak earnings for month-end periods from January 31, 1990 to April 30, 2023. Real Estate sector excluded. |
13 | Normalized earnings are EIC’s estimate of a company’s annual earnings per share when adjusting for temporary, unusual, or non-recurring items (e.g., margin pressure from supply chain bottlenecks, pandemic-related revenues, unusually high or low commodity prices, etc.). |
14 | Data Source: S&P Capital IQPRO. All credit-quality ratings discussed in this section represent Standard & Poor’s (S&P) opinion as to the quality of the securities they rate as of April 30, 2023, unless otherwise indicated. The ratings range from AAA (extremely strong capacity to meet its financial commitments) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. |
15 | Buffett, Warren E., Chairman’s Letter, 28 February 2002. Berkshire Hathaway Inc. Annual Report 2001. https://www. berkshirehathaway.com/ 2001ar/2001letter.html. |
16 | Data Source: Morningstar Direct℠ as of April 30, 2023. Weighted average trailing twelve-month Price/Earnings Ratio, trailing twelve-month return on equity, and estimated five-year long-term earnings growth for The EIC Value Fund, as calculated by Morningstar. |
and S&P 500® Index
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class A (with sales charge) | -3.82% | 15.71% | 8.41% | 8.19% | |||
Class A (without sales charge) | 1.80% | 17.90% | 9.64% | 8.80% | |||
Russell 3000® Value Index | 0.67% | 14.46% | 7.48% | 8.98% | |||
S&P 500® Index | 2.66% | 14.52% | 11.45% | 12.20% |
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class C (with CDSC charge) | 0.12% | 17.03% | 8.80% | 7.99% | |||
Class C (without CDSC charge) | 1.07% | 17.03% | 8.80% | 7.99% | |||
Russell 3000® Value Index | 0.67% | 14.46% | 7.48% | 8.98% | |||
S&P 500® Index | 2.66% | 14.52% | 11.45% | 12.20% |
and S&P 500® Index
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Institutional Class | 2.06% | 18.18% | 9.90% | 9.07% | |||
Russell 3000® Value Index | 0.67% | 14.46% | 7.48% | 8.98% | |||
S&P 500® Index | 2.66% | 14.52% | 11.45% | 12.20% |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
EIC Value Fund | |||||||
Class A | |||||||
Actual | $1,000.00 | $1,046.70 | 1.20% | $6.09 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20% | 6.01 | |||
Class C | |||||||
Actual | $1,000.00 | $1,043.20 | 1.95% | $9.88 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.12 | 1.95% | 9.74 | |||
Institutional Class | |||||||
Actual | $1,000.00 | $1,048.00 | 0.95% | $4.82 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.08 | 0.95% | 4.76 |
* | Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended April 30, 2023 of 1.20%, 1.95%, and 0.95% for Class A, Class C, and Institutional Class shares, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in each table are based on the actual six-month total returns for the Fund of 4.67%, 4.32%, and 4.80% for Class A, Class C, and Institutional Class shares, respectively. |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Financial | 25.3% | $ 64,694,922 | |
Consumer, Non-cyclical | 23.3 | 59,640,970 | |
Communications | 13.8 | 35,354,532 | |
Energy | 11.5 | 29,498,571 | |
Industrial | 7.3 | 18,580,635 | |
Basic Materials | 4.0 | 10,240,399 | |
Utilities | 3.7 | 9,527,516 | |
Consumer, Cyclical | 3.7 | 9,488,943 | |
Technology | 2.0 | 5,221,676 | |
Exchange Traded Funds | 1.0 | 2,544,168 | |
Short-Term Investment | 2.7 | 6,778,453 | |
Other Assets in Excess of Liabilities | 1.7 | 4,420,728 | |
NET ASSETS | 100.0% | $255,991,513 |
Number of Shares | Value | ||
COMMON STOCKS — 94.6% | |||
Basic Materials — 4.0% | |||
Barrick Gold Corp. | 247,850 | $ 4,719,064 | |
PPG Industries, Inc. | 39,365 | 5,521,335 | |
10,240,399 | |||
Communications — 13.8% | |||
AT&T, Inc. | 538,325 | 9,512,203 | |
Cisco Systems, Inc. | 83,625 | 3,951,281 | |
Expedia Group, Inc.* | 53,900 | 5,064,444 | |
Meta Platforms, Inc., Class A* | 25,950 | 6,236,304 | |
Verizon Communications, Inc. | 272,735 | 10,590,300 | |
35,354,532 | |||
Consumer, Cyclical — 3.7% | |||
Dollar Tree, Inc.* | 32,750 | 5,034,002 | |
Honda Motor Co. Ltd., SP ADR | 167,605 | 4,454,941 | |
9,488,943 | |||
Consumer, Non-cyclical — 23.3% | |||
AmerisourceBergen Corp. | 42,275 | 7,053,584 | |
Global Payments, Inc. | 51,650 | 5,821,471 | |
GSK PLC, SP ADR | 260,611 | 9,389,814 | |
Haleon PLC, SP ADR | 316,155 | 2,804,295 | |
Ingredion, Inc. | 89,160 | 9,466,117 | |
Johnson & Johnson | 21,835 | 3,574,390 | |
Medtronic PLC | 82,425 | 7,496,554 | |
Sanofi, SP ADR | 138,480 | 7,429,452 | |
Unilever PLC, SP ADR | 118,950 | 6,605,293 | |
59,640,970 | |||
Energy — 11.5% | |||
Coterra Energy, Inc. | 290,913 | 7,447,373 | |
Shell PLC, SP ADR | 75,875 | 4,702,732 | |
TotalEnergies SE, SP ADR | 158,075 | 10,105,735 | |
Williams Cos., Inc. (The) | 239,350 | 7,242,731 | |
29,498,571 | |||
Financial — 25.3% | |||
AGNC Investment Corp., REIT | 449,065 | 4,450,235 | |
American Express Co. | 37,215 | 6,004,268 | |
Charles Schwab Corp. (The) | 110,690 | 5,782,446 | |
Empire State Realty Trust, Inc., Class A, REIT | 320,250 | 1,956,728 | |
Globe Life, Inc. | 56,037 | 6,081,135 | |
Hartford Financial Services Group, Inc. (The) | 101,450 | 7,201,936 | |
Jones Lang LaSalle, Inc.* | 32,060 | 4,457,622 | |
PNC Financial Services Group, Inc. (The) | 33,845 | 4,408,311 | |
Travelers Cos., Inc. (The) | 30,295 | 5,487,636 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Financial — (Continued) | |||
Truist Financial Corp. | 137,892 | $ 4,492,521 | |
US Bancorp | 214,215 | 7,343,290 | |
Wells Fargo & Co. | 176,825 | 7,028,794 | |
64,694,922 | |||
Industrial — 7.3% | |||
FedEx Corp. | 23,375 | 5,324,358 | |
General Dynamics Corp. | 27,280 | 5,956,315 | |
Oshkosh Corp. | 41,400 | 3,167,928 | |
United Parcel Service, Inc., Class B | 22,980 | 4,132,034 | |
18,580,635 | |||
Technology — 2.0% | |||
Fidelity National Information Services, Inc. | 88,925 | 5,221,676 | |
Utilities — 3.7% | |||
Constellation Energy Corp. | 21,728 | 1,681,747 | |
National Fuel Gas Co. | 67,475 | 3,771,853 | |
OGE Energy Corp. | 14,000 | 525,560 | |
PPL Corp. | 123,550 | 3,548,356 | |
9,527,516 | |||
TOTAL COMMON STOCKS (Cost $192,264,660) | 242,248,164 | ||
EXCHANGE TRADED FUNDS — 1.0% | |||
iShares 0-3 Month Treasury Bond ETF | 25,300 | 2,544,168 | |
Total Exchange Traded Funds (Cost $2,538,855) | 2,544,168 | ||
SHORT-TERM INVESTMENT — 2.7% | |||
Money Market Fund — 2.7% | |||
Dreyfus Institutional Preferred Treasury Securities Money Market Fund, Hamilton Shares 4.28%(a) | 6,778,453 | 6,778,453 | |
TOTAL SHORT-TERM INVESTMENT (Cost $6,778,453) | 6,778,453 | ||
TOTAL INVESTMENTS - 98.3% (Cost $201,581,968) | 251,570,785 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7% | 4,420,728 | ||
NET ASSETS - 100.0% | $255,991,513 |
* | Non-income producing. |
(a) | Rate disclosed is the 7-day yield at April 30, 2023. |
ETF | Exchange-Traded Fund |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
SP ADR | Sponsored American Depository Receipt |
Assets | |
Investments, at value (Cost $201,581,968) | $251,570,785 |
Receivables: | |
Investments sold | 3,734,108 |
Capital shares sold | 437,056 |
Dividends and interest | 694,248 |
Prepaid expenses and other assets | 13,405 |
Total Assets | 256,449,602 |
Liabilities | |
Payables: | |
Capital shares redeemed | 165,774 |
Investment adviser | 126,622 |
Transfer agent fees | 47,967 |
Administration and accounting fees | 36,286 |
Audit fees | 33,755 |
Shareholder reporting fees | 25,522 |
Distribution fees (Class A and C Shares) | 8,429 |
Shareholder servicing fees | 1,327 |
Accrued expenses | 12,407 |
Total Liabilities | 458,089 |
Net Assets | $255,991,513 |
Net Assets Consisted of: | |
Capital stock, $0.01 par value | $ 165,809 |
Paid-in capital | 204,769,945 |
Total distributable earnings | 51,055,759 |
Net Assets | $255,991,513 |
Class A Shares: | |
Net assets | $ 21,775,861 |
Shares outstanding | 1,411,313 |
Net asset value, redemption price per share | $ 15.43 |
Maximum offering price per share (100/94.50 of $15.43) | $ 16.33 |
Class C Shares: | |
Net assets | $ 6,371,446 |
Shares outstanding | 426,219 |
Net asset value, offering and redemption price per share | $ 14.95 |
Institutional Class Shares: | |
Net assets | $227,844,206 |
Shares outstanding | 14,743,320 |
Net asset value, offering and redemption price per share | $ 15.45 |
Investment income | |
Dividends | $ 8,178,109 |
Less: foreign taxes withheld | (221,637) |
Total investment income | 7,956,472 |
Expenses | |
Advisory fees (Note 2) | 1,871,193 |
Transfer agent fees (Note 2) | 171,097 |
Administration and accounting fees (Note 2) | 141,265 |
Registration and filing fees | 79,951 |
Shareholder reporting fees | 63,261 |
Distribution fees (Class C)(Note 2) | 56,765 |
Trustees’ and officers’ fees(Note 2) | 51,139 |
Distribution fees (Class A)(Note 2) | 50,174 |
Custodian fees(Note 2) | 45,606 |
Legal fees | 43,400 |
Audit fees | 33,755 |
Shareholder servicing fees (Class C) | 18,922 |
Other expenses | 21,148 |
Total expenses before waivers and reimbursements | 2,647,676 |
Less: waivers and reimbursements(Note 2) | (151,677) |
Net expenses after waivers and reimbursements | 2,495,999 |
Net investment income | 5,460,473 |
Net realized and unrealized gain/(loss) from investments: | |
Net realized loss from investments | (4,190,123) |
Net change in unrealized appreciation on investments | 3,506,318 |
Net realized and unrealized loss on investments | (683,805) |
Net increase in net assets resulting from operations | $ 4,776,668 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income | $ 5,460,473 | $ 3,226,519 | |
Net realized gains/(losses) from investments | (4,190,123) | 23,688,598 | |
Net change in unrealized appreciation/(depreciation) on investments | 3,506,318 | (13,539,396) | |
Net increase in net assets resulting from operations | 4,776,668 | 13,375,721 | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Class A | (1,180,466) | (1,699,293) | |
Class C | (425,777) | (993,191) | |
Institutional Class | (12,910,018) | (16,626,160) | |
Net decrease in net assets from dividends and distributions to shareholders | (14,516,261) | (19,318,644) | |
Increase in net assets derived from capital share transactions (Note 4) | 29,838,380 | 64,164,853 | |
Total increase in net assets | 20,098,787 | 58,221,930 | |
Net assets | |||
Beginning of year | 235,892,726 | 177,670,796 | |
End of year | $255,991,513 | $235,892,726 |
Class A | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 16.08 | $ 16.48 | $ 11.75 | $13.98 | $ 14.33 | ||||
Net investment income(1) | 0.31 | 0.24 | 0.20 | 0.23 | 0.21 | ||||
Net realized and unrealized gain/(loss) on investments | (0.04) | 1.10 | 5.33 | (1.42) | 0.68 | ||||
Total from investment operations | 0.27 | 1.34 | 5.53 | (1.19) | 0.89 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | — | (0.23) | (0.23) | (0.21) | (0.16) | ||||
Net realized capital gains | (0.92) | (1.51) | (0.57) | (0.83) | (1.08) | ||||
Total dividends and distributions to shareholders | (0.92) | (1.74) | (0.80) | (1.04) | (1.24) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 15.43 | $ 16.08 | $ 16.48 | $11.75 | $ 13.98 | ||||
Total investment return(3) | 1.80% | 8.39% | 48.52% | (9.54)% | 6.86% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $21,776 | $19,522 | $11,784 | $8,347 | $15,019 | ||||
Ratio of expenses to average net assets | 1.20% | 1.20% | 1.18% | 1.15% | 1.18% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements | 1.26% (4) | 1.25% (4) | 1.32% (4) | 1.24% (4) | 1.23% (4) | ||||
Ratio of net investment income to average net assets | 1.99% | 1.44% | 1.45% | 1.67% | 1.47% | ||||
Portfolio turnover rate | 39% | 33% | 41% | 36% | 42% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total investment return does not reflect the impact of the maximum front-end sales load of 5.50% or any applicable sales charge. If reflected, the return would be lower. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Class C | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $15.72 | $16.10 | $ 11.52 | $ 13.73 | $ 14.12 | ||||
Net investment income(1) | 0.19 | 0.11 | 0.09 | 0.12 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments | (0.04) | 1.07 | 5.22 | (1.41) | 0.67 | ||||
Total from investment operations | 0.15 | 1.18 | 5.31 | (1.29) | 0.77 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | — | (0.05) | (0.16) | (0.09) | (0.08) | ||||
Net realized capital gains | (0.92) | (1.51) | (0.57) | (0.83) | (1.08) | ||||
Total dividends and distributions to shareholders | (0.92) | (1.56) | (0.73) | (0.92) | (1.16) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $14.95 | $15.72 | $ 16.10 | $ 11.52 | $ 13.73 | ||||
Total investment return(3) | 1.07% | 7.56% | 47.46% | (10.30)% | 6.05% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $6,371 | $8,933 | $16,926 | $17,926 | $27,407 | ||||
Ratio of expenses to average net assets | 1.95% | 1.95% | 1.93% | 1.90% | 1.93% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements | 2.01% (4) | 2.00% (4) | 2.07% (4) | 1.99% (4) | 1.98% (4) | ||||
Ratio of net investment income to average net assets | 1.24% | 0.69% | 0.70% | 0.92% | 0.71% | ||||
Portfolio turnover rate | 39% | 33% | 41% | 36% | 42% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 16.06 | $ 16.46 | $ 11.73 | $ 13.97 | $ 14.37 | ||||
Net investment income(1) | 0.35 | 0.28 | 0.23 | 0.26 | 0.24 | ||||
Net realized and unrealized gain/(loss) on investments | (0.04) | 1.10 | 5.32 | (1.42) | 0.69 | ||||
Total from investment operations | 0.31 | 1.38 | 5.55 | (1.16) | 0.93 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | — | (0.27) | (0.25) | (0.25) | (0.25) | ||||
Net realized capital gains | (0.92) | (1.51) | (0.57) | (0.83) | (1.08) | ||||
Total dividends and distributions to shareholders | (0.92) | (1.78) | (0.82) | (1.08) | (1.33) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 15.45 | $ 16.06 | $ 16.46 | $ 11.73 | $ 13.97 | ||||
Total investment return(3) | 2.06% | 8.64% | 48.85% | (9.36)% | 7.16% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $227,844 | $207,437 | $148,961 | $113,292 | $173,468 | ||||
Ratio of expenses to average net assets | 0.95% | 0.95% | 0.93% | 0.90% | 0.93% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements | 1.01% (4) | 1.00% (4) | 1.07% (4) | 0.99% (4) | 0.99% (4) | ||||
Ratio of net investment income to average net assets | 2.24% | 1.69% | 1.70% | 1.91% | 1.72% | ||||
Portfolio turnover rate | 39% | 33% | 41% | 36% | 42% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Total Value at 04/30/23 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets | |||||||
Common Stocks* | $ 242,248,164 | $ 242,248,164 | $ — | $ — | |||
Exchange Traded Funds* | 2,544,168 | 2,544,168 | — | — | |||
Short-Term Investments* | 6,778,453 | 6,778,453 | — | — | |||
Total Assets | $ 251,570,785 | $ 251,570,785 | $ — | $ — |
* | Please refer to Portfolio of Investments for further details on portfolio holdings. |
Expiration | |||||||
04/30/2024 | 04/30/2025 | 04/30/2026 | Total | ||||
$189,225 | $104,148 | $151,677 | $445,050 |
Purchases | Sales | ||
Investment Securities | $113,095,838 | $91,022,099 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class A | |||||||
Sales | 326,841 | $ 5,075,997 | 552,866 | $ 9,249,204 | |||
Reinvestments | 71,941 | 1,089,899 | 99,610 | 1,565,872 | |||
Redemption Fees* | — | 411 | — | 444 | |||
Redemptions | (201,732) | (3,117,450) | (153,445) | (2,582,919) | |||
Net increase | 197,050 | $ 3,048,857 | 499,031 | $ 8,232,601 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class C | |||||||
Sales | 108,951 | $ 1,656,613 | 53,779 | $ 879,446 | |||
Reinvestments | 27,557 | 405,649 | 62,070 | 956,505 | |||
Redemption Fees* | — | 144 | — | 260 | |||
Redemptions | (278,587) | (4,186,873) | (599,087) | (9,784,506) | |||
Net decrease | (142,079) | $ (2,124,467) | (483,238) | $ (7,948,295) | |||
Institutional Class | |||||||
Sales | 4,735,378 | $ 73,679,118 | 4,706,008 | $ 78,828,319 | |||
Reinvestments | 788,658 | 11,956,048 | 1,038,153 | 16,288,620 | |||
Redemption Fees* | — | 4,516 | — | 4,766 | |||
Redemptions | (3,695,740) | (56,725,692) | (1,880,784) | (31,241,158) | |||
Net increase | 1,828,296 | $ 28,913,990 | 3,863,377 | $ 63,880,547 | |||
Total net increase | 1,883,267 | $ 29,838,380 | 3,879,170 | $ 64,164,853 |
* | There is a 2.00% redemption fee that may be charged on shares redeemed which have been held 30 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. |
Capital Loss Carryforward | Undistributed Ordinary Income | Unrealized Appreciation/ (Depreciation) | |||
$(4,201,943) | $5,383,631 | $49,874,071 | |||
Federal Tax Cost | $201,696,714 |
Unrealized Appreciation | 52,825,799 |
Unrealized Depreciation | (2,951,728) |
Net Unrealized Appreciation | $ 49,874,071 |
Shareholders of EIC Value Fund
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES | |||||
ROBERT J. CHRISTIAN Date of Birth: 2/49 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019. | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | 36 | Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
IQBAL MANSUR Date of Birth: 6/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | 36 | Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
NICHOLAS M. MARSINI, JR. Date of Birth: 8/55 | Trustee and Chairman of the Board | Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019. | Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | 36 | Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
NANCY B. WOLCOTT Date of Birth: 11/54 | Trustee | Shall serve until death, resignation or removal. Trustee since 2011. | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. | 36 | Lincoln Variable Trust Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
STEPHEN M. WYNNE Date of Birth: 1/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2009. | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008. | 36 | Copeland Trust (registered investment company with 3 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years |
EXECUTIVE OFFICERS | |||
JOEL L. WEISS Date of Birth: 1/63 | President and Chief Executive Officer | Shall serve until death, resignation or removal. Officer since 2007. | President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016. |
CHRISTINE S. CATANZARO Date of Birth: 8/84 | Treasurer and Chief Financial Officer | Shall serve until death, resignation or removal. Officer since 2022. | Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020. |
T. RICHARD KEYES Date of Birth: 1/57 | Vice President | Shall serve until death, resignation or removal. Officer since 2016. | President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016. |
GABRIELLA MERCINCAVAGE Date of Birth: 6/68 | Assistant Treasurer | Shall serve until death, resignation or removal. Officer since 2019. | Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018. |
VINCENZO A. SCARDUZIO Date of Birth: 4/72 | Secretary | Shall serve until death, resignation or removal. Officer since 2012. | Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001. |
JOHN CANNING Date of Birth: 11/70 | Chief Compliance Officer and Anti-Money Laundering Officer | Shall serve until death, resignation or removal. Officer since 2022. | Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively. |
301 Bellevue Parkway
Wilmington, DE 19809
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Three Canal Plaza, Suite 100
Portland, ME 04101
240 Greenwich Street
New York, NY 10286
3000 Two Logan Square
18th and Arch Streets
Pacific Capital Tax-Free Securities Fund |
Pacific Capital Tax-Free Short Intermediate Securities Fund |
Class Y |
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class Y | 2.49% | 0.36% | 1.88% | 1.84% | |||
Bloomberg Hawaii Municipal Bond Index | 3.11% | 0.54% | 2.05% | 2.15% |
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class Y | 2.16% | 0.49% | 1.29% | 0.92% | |||
Bloomberg Hawaii 3-Year Municipal Bond Index | 1.90% | -0.15% | 1.12% | 0.95% |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Pacific Capital Tax-Free Securities Fund | |||||||
Class Y | |||||||
Actual | $1,000.00 | $1,059.00 | 0.14% | $0.71 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.10 | 0.14% | 0.70 | |||
Pacific Capital Tax-Free Short Intermediate Securities Fund | |||||||
Class Y | |||||||
Actual | $1,000.00 | $1,032.40 | 0.36% | $1.81 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.01 | 0.36% | 1.81 |
* | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.14% for the Pacific Capital Tax-Free Securities Fund and 0.36% for the Pacific Capital Tax-Free Short Intermediate Securities Fund, multiplied by average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Funds’ ending account values on the first line in each table are based on the actual six-month total returns of 5.90% for the Pacific Capital Tax-Free Securities Fund and 3.24% for the Pacific Capital Tax-Free Short Intermediate Securities Fund. |
Credit Quality: | % of Total Investments |
Pre-refunded/Escrowed to Maturity | 0.99% |
Aaa | 8.28 |
Aa | 77.37 |
A | 8.02 |
Baa | 4.94 |
Cash | 0.40 |
Total | 100.00% |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — 98.7% | |||
Arizona — 2.6% | |||
State of Arizona Distribution Revenue, Civic Plaza, Convertible CAB, OID, Series B, 5.50%, 07/01/31, (NATL-RE Insured) | 5,000,000 | 6,098,223 | |
California — 1.8% | |||
Norwalk-La Mirada Unified School District GO, CAB, OID, Series B 0.00%, 08/01/27, (AGM-CR, FGIC Insured)(a) | 5,000,000 | 4,410,851 | |
Hawaii — 93.6% | |||
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100, 5.00%, 09/01/31 | 5,045,000 | 5,484,223 | |
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100, 5.00%, 09/01/34 | 4,775,000 | 5,156,298 | |
Hawaii County GO, Series A, Refunding, Callable 09/01/30 at 100, 4.00%, 09/01/40 | 1,000,000 | 1,003,617 | |
Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 02/21/2023 at 100, 3.75%, 01/01/31 | 3,120,000 | 3,121,366 | |
Hawaii State Airports System Revenue, AMT, OID, COP, Callable 08/01/23 at 100, 5.00%, 08/01/28 | 400,000 | 401,028 | |
Hawaii State Airports System Revenue, OID, Series B, Callable 07/01/25 at 100, 4.00%, 07/01/45 | 50,000 | 49,074 | |
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100, 5.00%, 07/01/41 | 4,000,000 | 4,052,258 | |
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/31 | 1,000,000 | 1,075,268 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/33 | 500,000 | 536,724 | |
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100, 5.00%, 07/01/48 | 1,500,000 | 1,541,288 | |
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/30 at 100, 4.00%, 07/01/35 | 2,000,000 | 2,039,732 | |
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100, 5.00%, 07/01/51 | 2,000,000 | 2,087,570 | |
Hawaii State Airports System Revenue, Series C, Callable 07/01/30 at 100, 5.00%, 07/01/50 | 130,000 | 138,986 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series A, Refunding, 5.00%, 07/01/23 | 100,000 | 100,244 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding, 4.00%, 07/01/23 | 500,000 | 500,415 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/29 | 225,000 | 225,198 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/26 | 1,330,000 | 1,332,165 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 10/01/24 at 100, 3.50%, 10/01/49 | 2,750,000 | 2,195,206 | |
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.10%, 05/01/26 | 3,800,000 | 3,692,435 | |
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, Callable 03/01/27 at 100, 4.00%, 03/01/37 | 1,650,000 | 1,585,242 | |
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100, 3.20%, 07/01/39 | 4,200,000 | 3,555,728 | |
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, 4.00%, 01/01/30 | 225,000 | 226,769 | |
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, Callable 01/01/30 at 100, 4.00%, 01/01/31 | 525,000 | 528,193 | |
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/35 | 10,000,000 | 10,381,222 | |
Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/23 at 100, 6.00%, 07/01/33 | 3,165,000 | 3,178,405 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100, 5.00%, 11/01/28 | 1,170,000 | 1,285,018 | |
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100, 5.00%, 11/01/30 | 800,000 | 875,448 | |
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100, 5.00%, 11/01/31 | 815,000 | 890,419 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, 5.00%, 04/01/24 | 500,000 | 507,886 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100, 5.00%, 04/01/28 | 945,000 | 1,020,597 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100, 5.00%, 04/01/32 | 335,000 | 357,696 | |
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100, 5.00%, 08/01/24 | 305,000 | 306,255 | |
Hawaii State GO, Series EH, Prerefunded, ETM, 5.00%, 08/01/23 | 445,000 | 446,832 | |
Hawaii State GO, Series EH, Prerefunded, ETM, 5.00%, 08/01/23 | 120,000 | 120,494 | |
Hawaii State GO, Series EH, Unrefunded portion, 5.00%, 08/01/23 | 345,000 | 346,506 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State GO, Series EL, Refunding, 5.00%, 08/01/23 | 1,000,000 | 1,004,365 | |
Hawaii State GO, Series EO, Callable 08/01/24 at 100, 5.00%, 08/01/32 | 1,285,000 | 1,315,448 | |
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/26 | 140,000 | 143,248 | |
Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100, 5.00%, 08/01/26 | 2,660,000 | 2,723,028 | |
Hawaii State GO, Series EP, Refunding, 5.00%, 08/01/24 | 1,000,000 | 1,024,313 | |
Hawaii State GO, Series EY, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/27 | 3,040,000 | 3,201,556 | |
Hawaii State GO, Series FB, 5.00%, 04/01/25 | 5,000,000 | 5,203,931 | |
Hawaii State GO, Series FB, Callable 04/01/26 at 100, 4.00%, 04/01/29 | 2,000,000 | 2,077,267 | |
Hawaii State GO, Series FG, Callable 10/01/26 at 100, 5.00%, 10/01/30 | 10,000,000 | 10,761,985 | |
Hawaii State GO, Series FG, Callable 10/01/26 at 100, 4.00%, 10/01/35 | 1,000,000 | 1,021,336 | |
Hawaii State GO, Series FK, Callable 05/01/27 at 100, 5.00%, 05/01/33 | 2,500,000 | 2,712,971 | |
Hawaii State GO, Series FK, Callable 05/01/27 at 100, 4.00%, 05/01/37 | 2,000,000 | 2,033,449 | |
Hawaii State GO, Series FN, Refunding, 5.00%, 10/01/26 | 2,500,000 | 2,693,040 | |
Hawaii State GO, Series FT, Callable 01/01/28 at 100, 5.00%, 01/01/36 | 4,000,000 | 4,369,908 | |
Hawaii State GO, Series FT, Callable 01/01/28 at 100, 5.00%, 01/01/38 | 2,845,000 | 3,071,089 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State GO, Series FW, Callable 01/01/29 at 100, 4.00%, 01/01/34 | 2,000,000 | 2,103,164 | |
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100, 4.00%, 07/01/33 | 1,500,000 | 1,537,742 | |
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100, 4.00%, 07/01/37 | 5,000,000 | 4,982,172 | |
Hawaii State Harbor System Revenue, Series C, Refunding, Callable 07/01/30 at 100, 4.00%, 07/01/39 | 3,065,000 | 3,091,710 | |
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100, 5.00%, 01/01/37 | 5,000,000 | 5,665,283 | |
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100, 5.00%, 01/01/40 | 1,295,000 | 1,442,952 | |
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100, 5.00%, 01/01/37 | 3,500,000 | 3,858,147 | |
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 01/01/31 | 800,000 | 817,021 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/29 | 1,170,000 | 1,342,890 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/30 | 200,000 | 233,691 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100, 4.00%, 07/01/35 | 1,770,000 | 1,880,856 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100, 3.00%, 07/01/34 | 650,000 | 640,347 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100, 4.00%, 07/01/35 | 730,000 | 783,509 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100, 4.00%, 07/01/36 | 1,010,000 | 1,065,574 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100, 5.00%, 07/01/50 | 3,515,000 | 3,861,691 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/32 at 100, 5.00%, 07/01/48 | 4,290,000 | 4,770,283 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/33 at 100, 5.00%, 07/01/48 | 4,645,000 | 5,191,263 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/25 | 1,500,000 | 1,532,779 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/26 | 65,000 | 66,465 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/27 | 850,000 | 869,164 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County GO, OID, Series E, Refunding, Callable 09/01/27 at 100, 3.00%, 09/01/31 | 250,000 | 251,923 | |
Honolulu City & County GO, Series A, Callable 03/03/2023 at 100, 4.00%, 11/01/37 | 1,000,000 | 1,000,316 | |
Honolulu City & County GO, Series A, Callable 09/01/27 at 100, 5.00%, 09/01/41 | 1,390,000 | 1,481,150 | |
Honolulu City & County GO, Series A, Callable 09/01/28 at 100, 5.00%, 09/01/34 | 200,000 | 223,445 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/27 | 500,000 | 526,452 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/31 | 2,175,000 | 2,281,222 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/35 | 3,075,000 | 3,195,995 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/37 | 1,000,000 | 1,033,471 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/38 | 1,040,000 | 1,073,592 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/39 | 1,000,000 | 1,030,665 | |
Honolulu City & County GO, Series B, Callable 07/01/32 at 100, 5.00%, 07/01/43 | 3,960,000 | 4,438,653 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/26 | 500,000 | 527,292 | |
Honolulu City & County GO, Series C, Callable 07/01/30 at 100, 4.00%, 07/01/39 | 1,050,000 | 1,071,588 | |
Honolulu City & County GO, Series C, Callable 07/01/30 at 100, 5.00%, 07/01/42 | 345,000 | 379,321 | |
Honolulu City & County GO, Series C, Callable 07/01/30 at 100, 5.00%, 07/01/45 | 1,000,000 | 1,092,421 | |
Honolulu City & County GO, Series C, Callable 08/01/29 at 100, 4.00%, 08/01/36 | 1,400,000 | 1,451,825 | |
Honolulu City & County GO, Series C, Callable 08/01/29 at 100, 4.00%, 08/01/43 | 2,000,000 | 2,005,425 | |
Honolulu City & County GO, Series C, Callable 08/01/29 at 100, 5.00%, 08/01/44 | 1,830,000 | 1,983,919 | |
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/27 | 2,000,000 | 2,105,808 | |
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/29 | 4,115,000 | 4,327,770 | |
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 4.00%, 10/01/33 | 500,000 | 512,044 | |
Honolulu City & County GO, Series E, Refunding, Callable 09/01/27 at 100, 5.00%, 09/01/30 | 1,500,000 | 1,650,424 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100, 4.00%, 07/01/34 | 2,130,000 | 2,219,902 | |
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/30 | 4,000,000 | 4,172,504 | |
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/26 | 1,000,000 | 1,045,483 | |
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/27 | 325,000 | 339,712 | |
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 01/01/28 at 100, 5.00%, 07/01/36 | 2,000,000 | 2,188,537 | |
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 07/01/25 at 100, 5.00%, 07/01/29 | 395,000 | 412,458 | |
Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100, 5.00%, 07/01/35 | 125,000 | 131,937 | |
Honolulu City & County Wastewater System Revenue, Series A, 1st Bond Resolution, Callable 07/01/29 at 100, 4.00%, 07/01/38 | 800,000 | 814,041 | |
Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 07/01/32 at 100, 5.25%, 07/01/51 | 5,000,000 | 5,620,963 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Kauai County GO, 5.00%, 08/01/23 | 395,000 | 396,724 | |
Kauai County GO, 5.00%, 08/01/27 | 250,000 | 274,754 | |
Kauai County GO, Callable 08/01/27 at 100, 5.00%, 08/01/31 | 250,000 | 272,437 | |
Kauai County GO, Callable 08/01/27 at 100, 4.00%, 08/01/33 | 295,000 | 310,320 | |
Kauai County GO, Callable 08/01/27 at 100, 5.00%, 08/01/37 | 40,000 | 43,008 | |
Kauai County GO, Refunding, Callable 08/01/27 at 100, 5.00%, 08/01/42 | 775,000 | 823,750 | |
Kauai County GO, Series A, Refunding, 5.00%, 08/01/24 | 930,000 | 952,381 | |
Maui County GO, Callable 03/01/31 at 100, 4.00%, 03/01/36 | 750,000 | 786,909 | |
Maui County GO, Callable 03/01/31 at 100, 4.00%, 03/01/38 | 1,020,000 | 1,050,865 | |
Maui County GO, Refunding, 5.00%, 06/01/23 | 300,000 | 300,429 | |
Maui County GO, Refunding, 5.00%, 03/01/28 | 1,175,000 | 1,310,144 | |
Maui County GO, Refunding, 5.00%, 09/01/28 | 1,070,000 | 1,206,901 | |
Maui County GO, Refunding, Callable 03/01/30 at 100, 3.00%, 03/01/31 | 500,000 | 506,007 | |
Maui County GO, Refunding, Callable 03/01/30 at 100, 5.00%, 03/01/32 | 415,000 | 480,737 | |
Maui County GO, Refunding, Callable 09/01/25 at 100, 3.00%, 09/01/32 | 195,000 | 195,329 | |
Maui County GO, Refunding, Callable 09/01/28 at 100, 4.00%, 09/01/31 | 5,305,000 | 5,710,810 | |
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/24 | 165,000 | 166,886 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/35 | 1,000,000 | 1,036,757 | |
University of Hawaii Revenue, Series E, Refunding, 5.00%, 10/01/24 | 3,000,000 | 3,079,205 | |
University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100, 5.00%, 10/01/31 | 1,000,000 | 1,062,074 | |
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100, 5.00%, 10/01/36 | 3,000,000 | 3,245,118 | |
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100, 5.00%, 10/01/37 | 2,000,000 | 2,154,589 | |
225,395,834 | |||
Texas — 0.7% | |||
Houston City Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding 0.00%, 12/01/27, (AGM Insured)(a) | 2,000,000 | 1,731,721 | |
TOTAL MUNICIPAL BONDS (Cost $243,993,096) | 237,636,629 |
Shares | ||
REGISTERED INVESTMENT COMPANY — 0.4% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b) | 1,035,110 | 1,035,110 |
TOTAL REGISTERED INVESTMENT COMPANY (Cost $1,035,110) | 1,035,110 | |
TOTAL INVESTMENTS - 99.1% (Cost $245,028,206) | 238,671,739 | |
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 2,134,983 | |
NET ASSETS - 100.0% | $240,806,722 |
(a) | Zero coupon bond. |
(b) | Rate disclosed is the 7-day yield at April 30, 2023. |
AGM | Assured Guaranty Municipal Corp. |
AGM-CR | Assured Guaranty Municipal Corp. Custodial Receipts |
AMT | Alternative Minimum Tax |
CAB | Capital Appreciation Bond |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FGIC | Financial Guaranty Insurance Co. |
GO | General Obligation |
MWC | Make Whole Callable |
NATL-RE | National Reinsurance Corp. |
OID | Original Issue Discount |
Credit Quality: | % of Total Investments |
Pre-refunded/Escrowed to Maturity | 8.57% |
Aaa | 9.96 |
Aa | 61.19 |
A | 10.71 |
Baa | 8.67 |
Cash | 0.90 |
Total | 100.00% |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — 91.3% | |||
Colorado — 3.0% | |||
Regional Transportation District, Series A, Refunding, COP, Callable 06/01/23 at 100, 5.00%, 06/01/24 | 1,305,000 | 1,306,854 | |
Florida — 0.3% | |||
Florida Housing Finance Corp. Revenue, Series 1, Callable 07/01/29 at 100, 2.00%, 07/01/32, (GNMA/FNMA/FHLMC Collateralized) | 175,000 | 147,387 | |
Hawaii — 81.5% | |||
Hawaii County GO, Series A, Refunding, 5.00%, 09/01/24 | 320,000 | 328,187 | |
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100, 5.00%, 09/01/26 | 200,000 | 212,458 | |
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100, 5.00%, 09/01/29 | 450,000 | 477,779 | |
Hawaii County GO, Series B, Refunding, Callable 03/01/26 at 100, 5.00%, 09/01/27 | 525,000 | 557,999 | |
Hawaii County GO, Series D, Refunding, 4.00%, 09/01/26 | 500,000 | 521,791 | |
Hawaii State Airports System Revenue, AMT, COP, 5.00%, 08/01/23 | 915,000 | 917,172 | |
Hawaii State Airports System Revenue, AMT, COP, Callable 08/01/23 at 100, 5.00%, 08/01/27 | 300,000 | 300,790 | |
Hawaii State Airports System Revenue, Series B, 5.00%, 07/01/27 | 910,000 | 992,536 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding, 4.00%, 07/01/23 | 505,000 | 505,419 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/24 | 290,000 | 290,792 | |
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100, 5.00%, 07/01/26 | 200,000 | 200,326 | |
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.25%, 01/01/25 | 500,000 | 493,052 | |
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, 3.10%, 05/01/26 | 3,110,000 | 3,021,966 | |
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, 4.00%, 01/01/25 | 20,000 | 19,951 | |
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, 4.00%, 01/01/26 | 25,000 | 24,978 | |
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, 4.00%, 01/01/30 | 250,000 | 251,966 | |
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, 5.00%, 07/01/24 | 100,000 | 101,955 | |
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, 5.00%, 07/01/25 | 400,000 | 416,225 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/27 | 550,000 | 574,596 | |
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/35 | 1,000,000 | 1,038,122 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, 5.00%, 04/01/24 | 25,000 | 25,394 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, 5.00%, 04/01/27 | 100,000 | 108,657 | |
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100, 5.00%, 04/01/29 | 55,000 | 59,167 | |
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100, 5.00%, 08/01/24 | 295,000 | 296,214 | |
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100, 5.00%, 08/01/25 | 1,155,000 | 1,159,898 | |
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100, 5.00%, 08/01/30 | 80,000 | 80,329 | |
Hawaii State GO, Series EH, Unrefunded portion, Prerefunded, Callable 08/01/23 at 100, 5.00%, 08/01/24 | 895,000 | 898,795 | |
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/27 | 10,000 | 10,232 | |
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/28 | 20,000 | 20,464 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/29 | 30,000 | 30,696 | |
Hawaii State GO, Series ET, OID, Prerefunded 10/01/25 at 100, 3.25%, 10/01/32 | 25,000 | 25,307 | |
Hawaii State GO, Series FN, Refunding, 5.00%, 10/01/23 | 100,000 | 100,749 | |
Hawaii State GO, Series FT, Callable 01/01/28 at 100, 5.00%, 01/01/30 | 30,000 | 33,345 | |
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, 5.00%, 07/01/26 | 500,000 | 525,284 | |
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, 5.00%, 07/01/28 | 120,000 | 130,164 | |
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100, 4.00%, 07/01/31 | 1,000,000 | 1,037,056 | |
Hawaii State Harbor System Revenue, Series C, Refunding, 5.00%, 07/01/29 | 400,000 | 456,400 | |
Hawaii State Highway Fund Revenue, Series A, 4.00%, 01/01/24 | 500,000 | 502,899 | |
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 01/01/25 | 555,000 | 568,413 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/27 | 1,000,000 | 1,096,902 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/28 | 880,000 | 987,916 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100, 5.00%, 07/01/31 | 50,000 | 58,410 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/26 | 150,000 | 153,382 | |
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100, 5.00%, 07/01/27 | 305,000 | 311,876 | |
Honolulu City & County GO, Honolulu Rail Transit Project, Series A, 5.00%, 09/01/24 | 615,000 | 631,140 | |
Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding, 5.00%, 03/01/25 | 1,000,000 | 1,038,585 | |
Honolulu City & County GO, Series A, Refunding, 5.00%, 11/01/25 | 1,380,000 | 1,456,241 | |
Honolulu City & County GO, Series B, 5.00%, 09/01/23 | 125,000 | 125,739 | |
Honolulu City & County GO, Series B, Callable 07/01/32 at 100, 5.00%, 07/01/33 | 500,000 | 599,769 | |
Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/26 | 765,000 | 806,757 | |
Honolulu City & County GO, Series C, 4.00%, 07/01/23 | 500,000 | 500,622 | |
Honolulu City & County GO, Series C, 4.00%, 08/01/23 | 1,250,000 | 1,252,415 | |
Honolulu City & County GO, Series D, Refunding, 5.00%, 09/01/23 | 580,000 | 583,428 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
Honolulu City & County GO, Series E, Refunding, 5.00%, 03/01/29 | 200,000 | 227,597 | |
Honolulu City & County GO, Series F, Refunding, 5.00%, 07/01/30 | 325,000 | 379,516 | |
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, 5.00%, 07/01/23 | 1,000,000 | 1,002,856 | |
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, 5.00%, 07/01/24 | 695,000 | 710,589 | |
Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, 5.00%, 07/01/31 | 2,000,000 | 2,365,885 | |
Kauai County GO, Series A, Refunding, 5.00%, 08/01/24 | 535,000 | 547,875 | |
Maui County GO, 5.00%, 03/01/24 | 245,000 | 248,906 | |
Maui County GO, 5.00%, 03/01/29 | 275,000 | 313,426 | |
Maui County GO, Refunding, 5.00%, 09/01/23 | 1,010,000 | 1,016,137 | |
Maui County GO, Refunding, 5.00%, 03/01/25 | 100,000 | 103,859 | |
Maui County GO, Refunding, 5.00%, 03/01/26 | 270,000 | 286,971 | |
Maui County GO, Refunding, 5.00%, 03/01/28 | 80,000 | 89,201 | |
University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/01/26 at 100, 5.00%, 10/01/30 | 620,000 | 660,558 | |
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/23 | 565,000 | 566,629 |
Principal Amount($) | Value ($) | ||
MUNICIPAL BONDS — (Continued) | |||
Hawaii — (Continued) | |||
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/24 | 300,000 | 303,428 | |
University of Hawaii Revenue, Series D, Refunding, Callable 10/01/30 at 100, 4.00%, 10/01/32 | 450,000 | 483,585 | |
36,227,723 | |||
Iowa — 0.9% | |||
The University of Iowa Revenue, Utility System, Series S, Refunding, Callable 11/01/23 at 100, 2.50%, 11/01/24 | 375,000 | 373,431 | |
North Carolina — 4.7% | |||
Mecklenburg County GO, Series A, Callable 04/01/25 at 100, 5.00%, 04/01/29 | 2,000,000 | 2,088,604 | |
Texas — 0.9% | |||
Pflugerville Independent School District GO, Refunding, Callable 02/15/24 at 100, 5.00%, 02/15/26, (PSF-GTD Insured) | 400,000 | 405,287 | |
TOTAL MUNICIPAL BONDS (Cost $41,089,151) | 40,549,286 | ||
MUNICIPAL COMMERCIAL PAPER — 6.7% | |||
Hawaii County GO, Series C, Bond Anticipation Notes, 4.03%, 07/19/23 | 3,000,000 | 2,996,434 |
Principal Amount($) | Value ($) | ||
MUNICIPAL COMMERCIAL PAPER — (Continued) | |||
TOTAL MUNICIPAL COMMERCIAL PAPER (Cost $3,000,000) | 2,996,434 |
Shares | ||
REGISTERED INVESTMENT COMPANY — 0.9% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(a) | 405,548 | 405,548 |
TOTAL REGISTERED INVESTMENT COMPANY (Cost $405,548) | 405,548 | |
TOTAL INVESTMENTS - 98.9% (Cost $44,494,699) | 43,951,268 | |
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% | 487,879 | |
NET ASSETS - 100.0% | $44,439,147 |
(a) | Rate disclosed is the 7-day yield at April 30, 2023. |
AMT | Alternative Minimum Tax |
COP | Certificate of Participation |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
MWC | Make Whole Callable |
OID | Original Issue Discount |
PSF-GTD | Permanent School Fund Guaranteed |
Pacific Capital Tax-Free Securities Fund | Pacific Capital Tax-Free Short Intermediate Securities Fund | ||
Assets | |||
Investments, at value* | $238,671,739 | $43,951,268 | |
Receivables: | |||
Capital shares sold | 116,189 | 45,209 | |
Interest | 2,639,290 | 585,840 | |
Prepaid expenses and other assets | 513 | 36 | |
Total Assets | 241,427,731 | 44,582,353 | |
Liabilities | |||
Payables: | |||
Distributions to shareholders | 513,800 | 68,432 | |
Audit fees | 33,249 | 33,212 | |
Administration and accounting fees | 23,202 | 14,208 | |
Shareholder reporting fees | 16,543 | 11,593 | |
Capital shares redeemed | 12,835 | 355 | |
Transfer agent fees | 7,931 | 7,659 | |
Custodian fees | 6,523 | 1,736 | |
Accrued expenses | 6,926 | 6,011 | |
Total Liabilities | 621,009 | 143,206 | |
Net Assets | $240,806,722 | $44,439,147 | |
Net Assets Consisted of: | |||
Capital stock, $0.01 par value | $ 248,794 | $ 45,214 | |
Paid-in capital | 249,305,445 | 45,190,816 | |
Total distributable loss | (8,747,517) | (796,883) | |
Net Assets | $240,806,722 | $44,439,147 | |
Class Y Shares: | |||
Net assets | $240,806,722 | $44,439,147 | |
Shares outstanding | 24,879,353 | 4,521,362 | |
Net asset value, offering and redemption price per share | $ 9.68 | $ 9.83 | |
* Investments, at cost | $245,028,206 | $44,494,699 |
Pacific Capital Tax-Free Securities Fund | Pacific Capital Tax-Free Short Intermediate Securities Fund | ||
Investment income | |||
Interest | $6,484,796 | $ 910,910 | |
Dividends | 146,313 | 31,317 | |
Total investment income | 6,631,109 | 942,227 | |
Expenses | |||
Advisory fees (Note 2) | 490,755 | 94,359 | |
Administration and accounting fees (Note 2) | 74,943 | 45,380 | |
Trustees’ and officers’ fees(Note 2) | 69,175 | 13,158 | |
Legal fees | 57,000 | 15,343 | |
Audit fees | 33,626 | 33,606 | |
Shareholder reporting fees | 29,852 | 22,325 | |
Custodian fees(Note 2) | 26,604 | 8,752 | |
Transfer agent fees (Note 2) | 24,168 | 23,148 | |
Registration and filing fees | 4,935 | 4,775 | |
Other expenses | 20,436 | 10,330 | |
Total expenses before waivers | 831,494 | 271,176 | |
Less: waivers(Note 2) | (490,755) | (94,359) | |
Net expenses after waivers | 340,739 | 176,817 | |
Net investment income | 6,290,370 | 765,410 | |
Net realized and unrealized gain/(loss) from investments: | |||
Net realized loss from investments | (339,602) | (121,751) | |
Net change in unrealized appreciation/(depreciation) on investments | (311,185) | 364,544 | |
Net realized and unrealized gain/(loss) on investments | (650,787) | 242,793 | |
Net increase in net assets resulting from operations | $5,639,583 | $1,008,203 |
Pacific Capital Tax-Free Securities Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income | $ 6,290,370 | $ 6,273,377 | |
Net realized losses from investments | (339,602) | (899,722) | |
Net change in unrealized depreciation on investments | (311,185) | (23,896,219) | |
Net increase/(decrease) in net assets resulting from operations | 5,639,583 | (18,522,564) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Class Y | (6,290,370) | (6,273,383) | |
Net decrease in net assets from dividends and distributions to shareholders | (6,290,370) | (6,273,383) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (17,896,541) | 8,502,189 | |
Total decrease in net assets | (18,547,328) | (16,293,758) | |
Net assets | |||
Beginning of year | 259,354,050 | 275,647,808 | |
End of year | $240,806,722 | $259,354,050 |
Pacific Capital Tax-Free Short Intermediate Securities Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income | $ 765,410 | $ 577,276 | |
Net realized losses from investments | (121,751) | (48,853) | |
Net change in unrealized appreciation/(depreciation) on investments | 364,544 | (2,223,998) | |
Net increase/(decrease) in net assets resulting from operations | 1,008,203 | (1,695,575) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Class Y | (765,405) | (636,658) | |
Net decrease in net assets from dividends and distributions to shareholders | (765,405) | (636,658) | |
Decrease in net assets derived from capital share transactions (Note 4) | (3,132,412) | (362,334) | |
Total decrease in net assets | (2,889,614) | (2,694,567) | |
Net assets | |||
Beginning of year | 47,328,761 | 50,023,328 | |
End of year | $44,439,147 | $47,328,761 |
Class Y shares | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 9.69 | $ 10.61 | $ 10.30 | $ 10.24 | $ 9.97 | ||||
Net investment income | 0.25 | 0.24 | 0.26 | 0.26 | 0.25 | ||||
Net realized and unrealized gain/(loss) on investments | (0.01) | (0.92) | 0.31 | 0.06 | 0.27 | ||||
Total from investment operations | 0.24 | (0.68) | 0.57 | 0.32 | 0.52 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.25) | (0.24) | (0.26) | (0.26) | (0.25) | ||||
Net asset value, end of year | $ 9.68 | $ 9.69 | $ 10.61 | $ 10.30 | $ 10.24 | ||||
Total investment return(1) | 2.49% | (6.56)% | 5.54% | 3.14% | 5.30% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $240,807 | $259,354 | $275,648 | $265,993 | $281,615 | ||||
Ratio of expenses to average net assets | 0.14% | 0.12% | 0.11% | 0.09% | 0.11% | ||||
Ratio of expenses to average net assets without waivers(2) | 0.34% | 0.32% | 0.31% | 0.29% | 0.31% | ||||
Ratio of net investment income to average net assets | 2.54% | 2.27% | 2.43% | 2.51% | 2.50% | ||||
Portfolio turnover rate | 9% | 14% | 9% | 10% | 11% |
(1) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(2) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
Class Y shares | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 9.78 | $ 10.28 | $ 10.12 | $ 10.09 | $ 9.95 | ||||
Net investment income | 0.16 | 0.12 | 0.15 | 0.17 | 0.16 | ||||
Net realized and unrealized gain/(loss) on investments | 0.05 | (0.49) | 0.16 | 0.03 | 0.14 | ||||
Total from investment operations | 0.21 | (0.37) | 0.31 | 0.20 | 0.30 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.16) | (0.12) | (0.15) | (0.17) | (0.16) | ||||
Net realized capital gains | — | (0.01) | — | — | — | ||||
Total dividends and distributions to shareholders | (0.16) | (0.13) | (0.15) | (0.17) | (0.16) | ||||
Net asset value, end of year | $ 9.83 | $ 9.78 | $ 10.28 | $ 10.12 | $ 10.09 | ||||
Total investment return(1) | 2.16% | (3.61)% | 3.04% | 1.98% | 3.01% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $44,439 | $47,329 | $50,023 | $53,599 | $53,479 | ||||
Ratio of expenses to average net assets | 0.37% | 0.38% | 0.28% | 0.24% | 0.34% | ||||
Ratio of expenses to average net assets without waivers(2) | 0.57% | 0.58% | 0.48% | 0.44% | 0.54% | ||||
Ratio of net investment income to average net assets | 1.61% | 1.18% | 1.43% | 1.66% | 1.57% | ||||
Portfolio turnover rate | 31% | 27% | 22% | 30% | 34% |
(1) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(2) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
Funds | Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Pacific Capital Tax-Free Securities Fund | ||||||||
Assets | ||||||||
Municipal Bonds | $ 237,636,629 | $ — | $ 237,636,629 | $ — | ||||
Registered Investment Company | 1,035,110 | 1,035,110 | — | — | ||||
Total Assets | $ 238,671,739 | $ 1,035,110 | $ 237,636,629 | $ — | ||||
Pacific Capital Tax-Free Short Intermediate Securities Fund | ||||||||
Assets | ||||||||
Municipal Bonds | $ 40,549,286 | $ — | $ 40,549,286 | $ — | ||||
Municipal Commercial Paper | 2,996,434 | — | 2,996,434 | — | ||||
Registered Investment Company | 405,548 | 405,548 | — | — | ||||
Total Assets | $ 43,951,268 | $ 405,548 | $ 43,545,720 | $ — |
Maximum Annual Advisory Fee | Net Annual Fees Paid After Contractual Waivers | ||
Pacific Capital Tax-Free Securities Fund | 0.20% | 0.00% | |
Pacific Capital Tax-Free Short Intermediate Securities Fund | 0.20% | 0.00% |
Purchases | Sales | ||
Pacific Capital Tax-Free Securities Fund | $22,619,068 | $35,076,649 | |
Pacific Capital Tax-Free Short Intermediate Securities Fund | 13,367,845 | 18,835,389 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Pacific Capital Tax-Free Securities Fund: | |||||||
Class Y | |||||||
Sales | 2,316,387 | $ 22,357,524 | 3,941,358 | $ 41,130,908 | |||
Reinvestments | 3,654 | 35,117 | 3,401 | 35,378 | |||
Redemptions | (4,195,090) | (40,289,182) | (3,169,894) | (32,664,097) | |||
Net increase/(decrease) | (1,875,049) | $(17,896,541) | 774,865 | $ 8,502,189 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Pacific Capital Tax-Free Short Intermediate Securities Fund: | |||||||
Class Y | |||||||
Sales | 522,746 | $ 5,126,766 | 562,263 | $ 5,638,001 | |||
Reinvestments | 502 | 4,919 | 391 | 3,961 | |||
Redemptions | (840,637) | (8,264,097) | (591,817) | (6,004,296) | |||
Net decrease | (317,389) | $ (3,132,412) | (29,163) | $ (362,334) |
Ordinary Income Distributions | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | ||||
Pacific Capital Tax-Free Securities Fund | $145,429 | $145,429 | $6,141,549 | $6,286,978 | |||
Pacific Capital Tax-Free Short Intermediate Securities Fund | 31,879 | 31,879 | 703,940 | 735,819 |
* | Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. |
Ordinary Income Distributions | Long-Term Capital Gain Distributions | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | |||||
Pacific Capital Tax-Free Securities Fund | $331,448 | $ — | $331,448 | $5,953,539 | $6,284,987 | ||||
Pacific Capital Tax-Free Short Intermediate Securities Fund | 32,313 | 2,063 | 34,376 | 613,565 | 647,941 |
* | Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. |
Capital Loss Carryforward | Undistributed Tax Exempt Income | Distributions Payable | Unrealized Appreciation/ (Depreciation) | ||||
Pacific Capital Tax-Free Securities Fund | $(2,391,044) | $513,794 | $(513,800) | $(6,356,467) | |||
Pacific Capital Tax-Free Short Intermediate Securities Fund | (214,611) | 29,591 | (68,432) | (543,431) |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized (Depreciation) | |||||
Pacific Capital Tax-Free Securities Fund | $245,028,206 | $1,820,479 | $(8,176,946) | $(6,356,467) | ||||
Pacific Capital Tax-Free Short Intermediate Securities Fund | 44,494,699 | 207,056 | (750,487) | (543,431) |
Capital Loss Carryforward | |||
Short-Term | Long-Term | ||
Pacific Capital Tax-Free Securities Fund | $2,081,545 | $309,499 | |
Pacific Capital Tax-Free Short Intermediate Securities Fund | 80,910 | 133,701 |
Ordinary Income Distributions | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | ||||
Pacific Capital Tax-Free Securities Fund | $145,429 | $145,429 | $6,141,549 | $6,286,978 | |||
Pacific Capital Tax-Free Short Intermediate Securities Fund | 31,879 | 31,879 | 703,940 | 735,819 |
* | Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES | |||||
ROBERT J. CHRISTIAN Date of Birth: 2/49 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019. | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | 36 | Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
IQBAL MANSUR Date of Birth: 6/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | 36 | Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
NICHOLAS M. MARSINI, JR. Date of Birth: 8/55 | Trustee and Chairman of the Board | Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019. | Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | 36 | Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
NANCY B. WOLCOTT Date of Birth: 11/54 | Trustee | Shall serve until death, resignation or removal. Trustee since 2011. | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. | 36 | Lincoln Variable Trust Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
STEPHEN M. WYNNE Date of Birth: 1/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2009. | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008. | 36 | Copeland Trust (registered investment company with 3 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years |
EXECUTIVE OFFICERS | |||
JOEL L. WEISS Date of Birth: 1/63 | President and Chief Executive Officer | Shall serve until death, resignation or removal. Officer since 2007. | President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016. |
CHRISTINE S. CATANZARO Date of Birth: 8/84 | Treasurer and Chief Financial Officer | Shall serve until death, resignation or removal. Officer since 2022. | Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020. |
T. RICHARD KEYES Date of Birth: 1/57 | Vice President | Shall serve until death, resignation or removal. Officer since 2016. | President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016. |
GABRIELLA MERCINCAVAGE Date of Birth: 6/68 | Assistant Treasurer | Shall serve until death, resignation or removal. Officer since 2019. | Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018. |
VINCENZO A. SCARDUZIO Date of Birth: 4/72 | Secretary | Shall serve until death, resignation or removal. Officer since 2012. | Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001. |
JOHN CANNING Date of Birth: 11/70 | Chief Compliance Officer and Anti-Money Laundering Officer | Shall serve until death, resignation or removal. Officer since 2022. | Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively. |
111 South King Street, 4th Floor,
Honolulu, HI 96813
301 Bellevue Parkway
Wilmington, DE 19809
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Three Canal Plaza, Suite 100
Portland, ME 04101
240 Greenwich Street
New York, NY 10286
2001 Market Street
3000 Two Logan Square
18th and Arch Streets
Polen Growth Fund |
Polen Global Growth Fund |
Polen International Growth Fund |
Polen U.S. Small Company Growth Fund |
Polen International Small Company Growth Fund |
Polen Emerging Markets Growth Fund (formerly, Polen Global Emerging Markets Growth Fund) |
Polen U.S. SMID Company Growth Fund |
Polen Global SMID Company Growth Fund |
Polen Emerging Markets ex China Growth Fund |
Polen Bank Loan Fund |
Polen Upper Tier High Yield Fund |
Institutional Class |
Investor Class |
Class Y |
1 | In March 2023, three small- to mid-size U.S. banks failed, triggering a sharp decline in global bank stock prices and a contagion effect around the worldwide. |
The Large Company Growth Team Polen Growth Fund: | The Small Company Growth Team Polen U.S. Small Company Growth Fund & Polen U.S. SMID Company Growth Fund: | ||
Dan Davidowitz | Brandon Ladoff | Rayna Lesser Hannaway | Whitney Young Crawford |
Polen Global Growth Fund: | Polen International Small Company Growth Fund & Polen Global SMID Company Growth Fund: | ||
Damon Ficklin | Jeff Mueller | Rob Forker |
Polen International Growth Fund: | |||
Todd Morris | Daniel Fields |
The Emerging Markets Growth Team Polen Emerging Markets Growth Fund (formerly, Polen Global Emerging Markets Growth Fund) & Polen Emerging Markets ex China Growth Fund: | |||
Damian Bird | Dafydd Lewis | Rishikesh Patel |
High Yield Team: Polen Bank Loan Fund | Polen Upper Tier High Yield Fund | ||
John Sherman | Ben Santonelli | Dave Breazzano | Roman Rjanikov |
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Institutional Class | -5.67% | 5.33% | 10.36% | 12.94% | |||
S&P 500® Index | 2.64% | 14.50% | 11.42% | 12.18% | |||
Russell 1000® Growth Index | 2.33% | 13.61% | 13.79% | 14.45% |
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Investor Class | -5.92% | 5.06% | 10.08% | 12.65% | |||
S&P 500® Index | 2.64% | 14.50% | 11.42% | 12.18% | |||
Russell 1000® Growth Index | 2.33% | 13.61% | 13.79% | 14.45% |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | Since Inception* | ||||
Institutional Class | 1.80% | 6.01% | 8.76% | 10.20% | |||
MSCI All Country World® Index (“ACWI”) (Net Dividend) | 2.06% | 12.04% | 7.03% | 7.47% ** |
* | The Polen Global Growth Fund (the “Fund” ) Institutional Class commenced operations on December 30, 2014. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | Since Inception* | ||||
Investor Class | 1.59% | 5.76% | 8.51% | 10.17% | |||
MSCI All Country World® Index (“ACWI”) (Net Dividend) | 2.06% | 12.04% | 7.03% | 7.78% ** |
* | The Polen Global Growth Fund (the “Fund”) Investor Class commenced operations on July 6, 2015. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | Since Inception* | ||||
Institutional Class | 3.78% | 2.06% | 2.24% | 6.53% | |||
MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) | 3.05% | 9.74% | 2.50% | 5.98% ** |
* | The Polen International Growth Fund (the "Fund") Institutional Class commenced operations on December 30, 2016. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | Since Inception* | ||||
Investor Class | 3.55% | 1.80% | 1.99% | 4.98% | |||
MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) | 3.05% | 9.74% | 2.50% | 5.17% ** |
* | The Polen International Growth Fund (the “Fund”) Investor Class commenced operations on March 15, 2017. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | Since Inception* | ||||
Institutional Class | -5.04% | 5.91% | 5.52% | 5.41% | |||
Russell 2000® Growth Index | 0.69% | 7.79% | 3.97% | 4.77% ** |
* | The Polen U.S. Small Company Growth Fund (the “Fund”) Institutional Class commenced operations on November 1, 2017. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||
1 Year | 3 Years | Since Inception* | |||
Investor Class | -5.31% | 5.63% | 3.22% | ||
Russell 2000® Growth Index | 0.69% | 7.79% | 4.87% ** |
* | The Polen U.S. Small Company Growth Fund (the "Fund") Investor Class commenced operations on February 8, 2019. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||
1 Year | Since Inception* | ||
Class Y | -4.96% | -17.55% | |
Russell 2000® Growth Index | 0.69% | -13.36% ** |
* | The Polen U.S. Small Company Growth Fund (the “Fund”) Class Y commenced operations on June 1, 2021. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||
1 Year | 3 Years | Since Inception* | |||
Institutional Class | -13.94% | -4.30% | 1.38% | ||
MSCI All Country World® Index (“ACWI”) (ex-USA Small Cap) (Net Dividend) | -2.78% | 11.27% | 5.75% ** |
* | The Polen International Small Company Growth Fund (the “Fund” ) Institutional Class commenced operations on December 31, 2018. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||||
1 Year | 3 Years | Since Inception* | |||
Investor Class | -14.14% | -4.53% | -0.69% | ||
MSCI All Country World® Index (“ACWI”) (ex-USA Small Cap) (Net Dividend) | -2.78% | 11.27% | 7.11% ** |
* | The Polen International Small Company Growth Fund (the “Fund”) Investor Class commenced operations on February 8, 2019. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||
1 Year | Since Inception* | ||
Institutional Class | 2.57% | -9.02% | |
MSCI Emerging Markets Index (Net Dividend) | -6.15% | -2.85% ** |
* | The Polen Emerging Markets Growth Fund (the “Fund” ) Institutional Class commenced operations on October 16, 2020. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||
1 Year | Since Inception* | ||
Institutional Class | -6.25% | -15.96% | |
Russell 2500® Growth Index | -0.09% | -10.44% ** |
* | The Polen U.S. SMID Company Growth Fund (the "Fund") Institutional Class commenced operations on April 1, 2021. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Average Annual Total Returns for the Periods Ended April 30, 2023 | |||
1 Year | Since Inception* | ||
Institutional Class | -5.74% | -28.44% | |
MSCI All Country World® Index (“ACWI”) SMID Cap Index (Net Dividend) | -1.84% | -11.61% ** |
* | The Polen Global SMID Company Growth Fund (the "Fund") Institutional Class commenced operations on January 3, 2022. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Total Returns for the Period Ended April 30, 2023 | |
Since Inception† | |
Institutional Class | 3.50% * |
MSCI Emerging Markets ex China Index (Net Dividend) | 2.29% ** |
† | Not Annualized. |
* | The Polen Emerging Markets ex China Growth Fund (the "Fund") Institutional Class commenced operations on March 1, 2023. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Total Returns for the Period Ended April 30, 2023 | |
Since Inception†* | |
Institutional Class | 7.12% |
Morningstar LSTA US Leveraged Loan Index | 8.40% ** |
† | Not Annualized. |
* | The Polen Bank Loan Fund (the "Fund") Institutional Class commenced operations on June 30, 2022. |
** | Benchmark performance is from inception date of the Fund Class only and is not the inception date of the benchmark itself. |
Total Returns for the Period Ended April 30, 2023 | |
Since Inception†* | |
Institutional Class | 7.22% |
ICE BofA BB/B U.S. Non-Financial High Yield Constrained Index | 8.14% ** |
† | Not Annualized. |
* | The Polen Upper Tier High Yield Fund (the "Fund") Institutional Class commenced operations on June 30, 2022. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period | ||||
Polen Growth Fund | |||||||
Institutional Class1 | |||||||
Actual | $1,000.00 | $1,088.00 | 0.96% | $4.97 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.03 | 0.96% | 4.81 | |||
Investor Class1 | |||||||
Actual | $1,000.00 | $1,086.50 | 1.21% | $6.26 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.79 | 1.21% | 6.06 | |||
Polen Global Growth Fund | |||||||
Institutional Class2 | |||||||
Actual | $1,000.00 | $1,156.80 | 0.99% | $5.29 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.89 | 0.99% | 4.96 | |||
Investor Class2 | |||||||
Actual | $1,000.00 | $1,155.40 | 1.24% | $6.63 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.65 | 1.24% | 6.21 |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period | ||||
Polen International Growth Fund | |||||||
Institutional Class3 | |||||||
Actual | $1,000.00 | $1,210.00 | 1.05% | $5.75 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.59 | 1.05% | 5.26 | |||
Investor Class3 | |||||||
Actual | $1,000.00 | $1,208.60 | 1.30% | $7.12 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.35 | 1.30% | 6.51 | |||
Polen U.S. Small Company Growth Fund | |||||||
Institutional Class4 | |||||||
Actual | $1,000.00 | $1,031.40 | 1.10% | $5.54 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.34 | 1.10% | 5.51 | |||
Investor Class4 | |||||||
Actual | $1,000.00 | $1,030.10 | 1.35% | $6.80 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.10 | 1.35% | 6.76 | |||
Class Y4 | |||||||
Actual | $1,000.00 | $1,032.20 | 1.00% | $5.04 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.84 | 1.00% | 5.01 | |||
Polen International Small Company Growth Fund | |||||||
Institutional Class5 | |||||||
Actual | $1,000.00 | $1,104.90 | 1.25% | $6.52 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.60 | 1.25% | 6.26 | |||
Investor Class5 | |||||||
Actual | $1,000.00 | $1,103.70 | 1.50% | $7.82 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.36 | 1.50% | 7.50 | |||
Polen Emerging Markets Growth Fund | |||||||
Institutional Class6 | |||||||
Actual | $1,000.00 | $1,281.30 | 1.25% | $7.07 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.60 | 1.25% | 6.26 | |||
Polen U.S. SMID Company Growth Fund | |||||||
Institutional Class7 | |||||||
Actual | $1,000.00 | $1,045.50 | 1.05% | $5.33 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.59 | 1.05% | 5.26 | |||
Polen Global SMID Company Growth Fund | |||||||
Institutional Class8 | |||||||
Actual | $1,000.00 | $1,176.20 | 1.25% | $6.74 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.60 | 1.25% | 6.26 | |||
Polen Emerging Markets ex China Growth Fund | |||||||
Institutional Class9 | |||||||
Actual | $1,000.00 | $1,035.00 | 1.25% | $2.13 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.60 | 1.25% | 6.26 |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period | ||||
Polen Bank Loan Fund | |||||||
Institutional Class10 | |||||||
Actual | $1,000.00 | $1,069.30 | 0.75% | $3.85 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75% | 3.76 | |||
Polen Upper Tier High Yield Fund | |||||||
Institutional Class11 | |||||||
Actual | $1,000.00 | $1,051.60 | 0.65% | $3.31 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.57 | 0.65% | 3.26 |
1 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.96% for Institutional Class and 1.21% for Investor Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six-month total returns for the Fund of 8.80% and 8.65% for Institutional Class and Investor Class, respectively. |
2 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.99% for Institutional Class and 1.24% for Investor Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six-month total returns for the Fund of 15.68% and 15.54% for Institutional Class and Investor Class, respectively. |
3 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.05% for Institutional Class and 1.30% for Investor Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six-month total returns for the Fund of 21.00% and 20.86% for Institutional Class and Investor Class, respectively. |
4 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.10% for Institutional Class, 1.35% for Investor Class and 1.00% for Class Y, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six-month total returns for the Fund of 3.14%, 3.01% and3.22% for Institutional Class, Investor Class and Class Y, respectively. |
5 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.25% for Institutional Class and 1.50% for the Investor Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six-month total returns for the Fund of 10.49% and10.37% for Institutional Class and Investor Class, respectively. |
6 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.25% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual six-month total return for the Fund of 28.13%. |
7 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.05% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual six-month total return for the Fund of 4.55%. |
8 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.25% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual six-month total return for the Fund of 17.62%. |
9 | Expenses are equal to an annualized expense ratio for the period beginning March 1, 2023, commencement of operations, to April 30, 2023 of 1.25% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (61), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual total return for the Fund of 3.50%. For comparative purposes, the Hypothetical expenses are as if the Institutional Class had been in existence from May 1, 2022, and are equal to the Institutional Class annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by 365 to reflect the period. |
10 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.75% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual six-month total return for the Fund of 6.93%. |
11 | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.65% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Institutional Class ending account values on the first line of the table is based on the actual six-month total return for the Fund of 5.16%. |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Software Application | 16.7% | $1,172,080,569 | |
Internet Retail | 14.2 | 1,000,795,791 | |
Credit Services | 12.4 | 875,314,930 | |
Software Infrastructure | 11.9 | 838,922,782 | |
Entertainment | 6.6 | 460,799,374 | |
Internet Content & Information | 6.5 | 456,061,157 | |
Diagnostics & Research | 6.3 | 440,052,457 | |
Information Technology Services | 6.2 | 439,306,374 | |
Medical Devices | 5.3 | 374,298,067 | |
Travel Services | 4.0 | 281,749,732 | |
Healthcare Plans | 3.7 | 262,086,642 | |
Drug Manufacturers - Specialty & Generic | 2.8 | 193,673,877 | |
Footwear & Accessories | 2.4 | 166,700,540 | |
Total Common Stocks | 99.0 | 6,961,842,292 | |
Other Assets in Excess of Liabilities | 1.0 | 69,951,148 | |
NET ASSETS | 100.0% | $7,031,793,440 |
(“MGECS”).
Number of Shares | Value | ||
COMMON STOCKS† — 99.0% | |||
Credit Services — 12.4% | |||
Mastercard, Inc., Class A | 913,548 | $ 347,175,646 | |
PayPal Holdings, Inc.* | 2,409,977 | 183,158,252 | |
Visa, Inc., Class A | 1,482,323 | 344,981,032 | |
875,314,930 | |||
Diagnostics & Research — 6.3% | |||
Illumina, Inc.* | 1,022,789 | 210,244,507 | |
Thermo Fisher Scientific, Inc. | 414,143 | 229,807,950 | |
440,052,457 | |||
Drug Manufacturers - Specialty & Generic — 2.8% | |||
Zoetis, Inc. | 1,101,797 | 193,673,877 | |
Entertainment — 6.6% | |||
Netflix, Inc.* | 1,396,658 | 460,799,374 | |
Footwear & Accessories — 2.4% | |||
NIKE, Inc., Class B | 1,315,503 | 166,700,540 | |
Healthcare Plans — 3.7% | |||
UnitedHealth Group, Inc. | 532,599 | 262,086,642 | |
Information Technology Services — 6.2% | |||
Accenture PLC, Class A | 946,773 | 265,371,004 | |
Gartner, Inc.* | 575,069 | 173,935,370 | |
439,306,374 | |||
Internet Content & Information — 6.5% | |||
Alphabet, Inc., Class C* | 4,214,204 | 456,061,157 | |
Internet Retail — 14.2% | |||
Amazon.com, Inc.* | 9,490,714 | 1,000,795,791 | |
Medical Devices — 5.3% | |||
Abbott Laboratories | 2,573,849 | 284,333,099 | |
Align Technology, Inc.* | 276,560 | 89,964,968 | |
374,298,067 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Software Application — 16.7% | |||
Autodesk, Inc.* | 1,426,650 | $ 277,897,153 | |
DocuSign, Inc.* | 1,714,911 | 84,785,200 | |
Salesforce, Inc.* | 2,145,132 | 425,529,835 | |
ServiceNow, Inc.* | 835,550 | 383,868,381 | |
1,172,080,569 | |||
Software Infrastructure — 11.9% | |||
Adobe, Inc.* | 869,175 | 328,165,713 | |
Microsoft Corp. | 1,662,296 | 510,757,069 | |
838,922,782 | |||
Travel Services — 4.0% | |||
Airbnb, Inc., Class A* | 2,354,389 | 281,749,732 | |
TOTAL COMMON STOCKS (Cost $5,272,866,367) | 6,961,842,292 | ||
TOTAL INVESTMENTS - 99.0% (Cost $5,272,866,367) | 6,961,842,292 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% | 69,951,148 | ||
NET ASSETS - 100.0% | $ 7,031,793,440 |
† | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). |
* | Non-income producing. |
PLC | Public Limited Company |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Software | 27.7% | $122,872,972 | |
Health Care Equipment & Supplies | 10.9 | 48,736,986 | |
Financial Services | 9.1 | 40,372,609 | |
Life Sciences Tools & Services | 8.6 | 37,947,439 | |
Interactive Media & Services | 6.4 | 28,401,257 | |
Broadline Retail | 5.9 | 26,152,760 | |
Insurance | 4.9 | 21,549,028 | |
Personal Care Products | 4.7 | 20,832,576 | |
Food Products | 4.0 | 17,760,537 | |
Textiles, Apparel & Luxury Goods | 3.8 | 17,029,147 | |
Professional Services | 3.4 | 15,010,160 | |
Information Technology Services | 3.3 | 14,711,581 | |
Biotechnology | 2.5 | 11,013,362 | |
Total Common Stocks | 95.2 | 422,390,414 | |
Other Assets in Excess of Liabilities | 4.8 | 21,330,542 | |
NET ASSETS | 100.0% | $443,720,956 |
Number of Shares | Value | ||
COMMON STOCKS† — 95.2% | |||
Australia — 2.5% | |||
CSL Ltd. | 55,167 | $ 11,013,362 | |
France — 7.6% | |||
L'Oreal SA | 34,774 | 16,619,092 | |
LVMH Moet Hennessy Louis Vuitton SE | 17,704 | 17,029,147 | |
33,648,239 | |||
Germany — 10.1% | |||
SAP SE | 180,443 | 24,416,861 | |
Siemens Healthineers AG(a) | 331,922 | 20,687,253 | |
45,104,114 | |||
Ireland — 8.6% | |||
Accenture PLC, Class A | 52,487 | 14,711,581 | |
ICON PLC* | 121,356 | 23,384,088 | |
38,095,669 | |||
Switzerland — 4.0% | |||
Nestle SA, Registered Shares | 138,441 | 17,760,537 | |
United States — 62.4% | |||
Abbott Laboratories | 147,627 | 16,308,355 | |
Adobe, Inc.* | 66,886 | 25,253,478 | |
Align Technology, Inc.* | 36,094 | 11,741,378 | |
Alphabet, Inc., Class C* | 262,440 | 28,401,257 | |
Amazon.com, Inc.* | 248,011 | 26,152,760 | |
Aon PLC, Class A | 66,268 | 21,549,028 | |
Autodesk, Inc.* | 44,617 | 8,690,945 | |
Automatic Data Processing, Inc. | 68,228 | 15,010,160 | |
Estee Lauder Cos., Inc. (The), Class A | 17,078 | 4,213,484 | |
Mastercard, Inc., Class A | 53,144 | 20,196,314 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
United States — (Continued) | |||
Microsoft Corp. | 136,438 | $ 41,921,940 | |
ServiceNow, Inc.* | 30,843 | 14,169,891 | |
Thermo Fisher Scientific, Inc. | 26,245 | 14,563,351 | |
Visa, Inc., Class A | 86,694 | 20,176,295 | |
Workday, Inc., Class A* | 45,234 | 8,419,857 | |
276,768,493 | |||
TOTAL COMMON STOCKS (Cost $332,766,068) | 422,390,414 | ||
TOTAL INVESTMENTS - 95.2% (Cost $332,766,068) | 422,390,414 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8% | 21,330,542 | ||
NET ASSETS - 100.0% | $443,720,956 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, this security amounted to $20,687,253 or 4.66% of net assets. This security has been determined by the Adviser to be a liquid security. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
PLC | Public Limited Company |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Software | 16.8% | $ 38,791,894 | |
Health Care Equipment & Supplies | 11.5 | 26,603,206 | |
Hotels, Restaurants & Leisure | 9.7 | 22,272,101 | |
Life Sciences Tools & Services | 7.9 | 18,220,574 | |
Textiles, Apparel & Luxury Goods | 7.4 | 16,980,159 | |
Insurance | 7.2 | 16,473,619 | |
Professional Services | 6.3 | 14,311,444 | |
Information Technology Services | 6.1 | 14,023,884 | |
Trading Companies & Distributors | 4.1 | 9,362,784 | |
Personal Care Products | 3.9 | 9,088,995 | |
Semiconductors & Semiconductor Equipment | 3.7 | 8,573,617 | |
Broadline Retail | 3.1 | 7,188,436 | |
Banks | 3.1 | 7,058,414 | |
Biotechnology | 2.7 | 6,092,515 | |
Total Common Stocks | 93.5 | 215,041,642 | |
Other Assets in Excess of Liabilities | 6.5 | 14,939,672 | |
NET ASSETS | 100.0% | $229,981,314 |
Number of Shares | Value | ||
COMMON STOCKS† — 93.5% | |||
Australia — 2.7% | |||
CSL Ltd. | 30,518 | $ 6,092,515 | |
Canada — 2.7% | |||
Shopify, Inc., Class A* | 127,202 | 6,162,937 | |
France — 8.0% | |||
Dassault Systemes SE | 49,533 | 2,010,823 | |
Kering SA | 7,214 | 4,619,608 | |
LVMH Moet Hennessy Louis Vuitton SE | 4,503 | 4,331,352 | |
Teleperformance | 37,708 | 7,536,153 | |
18,497,936 | |||
Germany — 16.6% | |||
adidas AG | 45,593 | 8,029,199 | |
SAP SE | 106,937 | 14,470,308 | |
Siemens Healthineers AG(a) | 252,716 | 15,750,688 | |
38,250,195 | |||
India — 3.1% | |||
HDFC Bank Ltd. | 341,395 | 7,058,414 | |
Ireland — 17.5% | |||
Accenture PLC, Class A | 15,761 | 4,417,650 | |
Experian PLC | 191,366 | 6,775,291 | |
ICON PLC* | 94,559 | 18,220,574 | |
Medtronic PLC | 119,324 | 10,852,518 | |
40,266,033 | |||
Netherlands — 3.7% | |||
ASML Holding NV | 13,510 | 8,573,617 | |
Spain — 3.1% | |||
Amadeus IT Group SA* | 100,752 | 7,081,357 | |
Sweden — 6.6% | |||
Evolution AB(a) | 113,696 | 15,190,744 | |
Switzerland — 2.5% | |||
Temenos AG, Registered Shares | 69,231 | 5,831,581 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
United Kingdom — 15.2% | |||
Bunzl PLC | 235,204 | $ 9,362,784 | |
Sage Group PLC (The) | 1,597,914 | 16,479,182 | |
Unilever PLC | 163,230 | 9,088,995 | |
34,930,961 | |||
United States — 7.2% | |||
Aon PLC, Class A | 50,660 | 16,473,619 | |
Uruguay — 4.6% | |||
Globant SA* | 21,950 | 3,443,297 | |
MercadoLibre, Inc.* | 5,627 | 7,188,436 | |
10,631,733 | |||
TOTAL COMMON STOCKS (Cost $183,921,622) | 215,041,642 | ||
TOTAL INVESTMENTS - 93.5% (Cost $183,921,622) | 215,041,642 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 6.5% | 14,939,672 | ||
NET ASSETS - 100.0% | $229,981,314 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $30,941,432 or 13.45% of net assets. These securities have been determined by the Adviser to be liquid securities. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
PLC | Public Limited Company |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Software Application | 19.7% | $16,024,870 | |
Software Infrastructure | 14.5 | 11,773,989 | |
Health Information Services | 7.2 | 5,874,598 | |
Specialty Retail | 6.5 | 5,323,901 | |
Capital Markets | 5.2 | 4,233,635 | |
Insurance - Diversified | 5.0 | 4,027,587 | |
Auto Parts | 4.5 | 3,630,106 | |
Restaurants | 4.4 | 3,565,360 | |
Internet Retail | 3.8 | 3,074,145 | |
Information Technology Services | 3.8 | 3,051,749 | |
Asset Management | 3.7 | 3,021,985 | |
Medical Care Facilities | 3.6 | 2,941,434 | |
Real Estate Services | 3.3 | 2,718,897 | |
Leisure | 3.2 | 2,575,257 | |
Industrial Distribution | 2.4 | 1,970,408 | |
Medical Instruments & Supplies | 1.5 | 1,225,966 | |
Household & Personal Products | 1.2 | 996,176 | |
Semiconductors | 1.2 | 978,942 | |
Total Common Stocks | 94.7 | 77,009,005 | |
Other Assets in Excess of Liabilities | 5.3 | 4,295,359 | |
NET ASSETS | 100.0% | $81,304,364 |
Number of Shares | Value | ||
COMMON STOCKS† — 94.7% | |||
Asset Management — 3.7% | |||
Hamilton Lane, Inc., Class A | 41,015 | $ 3,021,985 | |
Auto Parts — 4.5% | |||
Fox Factory Holding Corp.* | 32,742 | 3,630,106 | |
Capital Markets — 5.2% | |||
Houlihan Lokey, Inc. | 46,330 | 4,233,635 | |
Health Information Services — 7.2% | |||
Doximity, Inc., Class A* | 67,245 | 2,471,254 | |
Progyny, Inc.* | 102,387 | 3,403,344 | |
5,874,598 | |||
Household & Personal Products — 1.2% | |||
Helen of Troy Ltd.* | 9,928 | 996,176 | |
Industrial Distribution — 2.4% | |||
SiteOne Landscape Supply, Inc.* | 13,337 | 1,970,408 | |
Information Technology Services — 3.8% | |||
Globant SA* | 19,454 | 3,051,749 | |
Insurance - Diversified — 5.0% | |||
Goosehead Insurance, Inc., Class A* | 70,045 | 4,027,587 | |
Internet Retail — 3.8% | |||
Farfetch Ltd., Class A* | 159,046 | 640,955 | |
Revolve Group, Inc.* | 117,830 | 2,433,190 | |
3,074,145 | |||
Leisure — 3.2% | |||
YETI Holdings, Inc.* | 65,279 | 2,575,257 | |
Medical Care Facilities — 3.6% | |||
AMN Healthcare Services, Inc.* | 14,551 | 1,256,479 | |
DocGo, Inc.* | 198,230 | 1,684,955 | |
2,941,434 | |||
Medical Instruments & Supplies — 1.5% | |||
Warby Parker, Inc., Class A* | 116,426 | 1,225,966 | |
Real Estate Services — 3.3% | |||
FirstService Corp. | 18,037 | 2,718,897 | |
Restaurants — 4.4% | |||
Wingstop, Inc. | 17,817 | 3,565,360 | |
Semiconductors — 1.2% | |||
SiTime Corp.* | 9,025 | 978,942 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Software Application — 19.7% | |||
Alarm.com Holdings, Inc.* | 51,946 | $ 2,477,305 | |
Alight, Inc., Class A* | 318,046 | 2,941,925 | |
Appfolio, Inc., Class A* | 24,469 | 3,416,362 | |
Blackline, Inc.* | 51,946 | 2,893,911 | |
Bumble, Inc., Class A* | 141,008 | 2,567,756 | |
Olo, Inc., Class A* | 252,206 | 1,727,611 | |
16,024,870 | |||
Software Infrastructure — 14.5% | |||
Altair Engineering, Inc., Class A* | 29,583 | 2,042,706 | |
CCC Intelligent Solutions Holdings, Inc.* | 282,905 | 2,455,615 | |
Endava PLC, SP ADR* | 19,956 | 1,148,867 | |
Euronet Worldwide, Inc.* | 28,580 | 3,164,949 | |
Qualys, Inc.* | 26,225 | 2,961,852 | |
11,773,989 | |||
Specialty Retail — 6.5% | |||
Five Below, Inc.* | 18,953 | 3,740,564 | |
RH * | 6,206 | 1,583,337 | |
5,323,901 | |||
TOTAL COMMON STOCKS (Cost $76,850,609) | 77,009,005 | ||
TOTAL INVESTMENTS - 94.7% (Cost $76,850,609) | 77,009,005 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3% | 4,295,359 | ||
NET ASSETS - 100.0% | $ 81,304,364 |
† | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). |
* | Non-income producing. |
PLC | Public Limited Company |
SP ADR | Sponsored American Depository Receipt |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Information Technology Services | 15.3% | $ 2,641,996 | |
Software | 13.3 | 2,319,332 | |
Real Estate Management & Development | 7.6 | 1,319,555 | |
Capital Markets | 6.7 | 1,146,120 | |
Life Sciences Tools & Services | 6.4 | 1,114,810 | |
Pharmaceuticals | 6.4 | 1,112,034 | |
Beverages | 6.3 | 1,086,892 | |
Entertainment | 5.6 | 963,316 | |
Specialty Retail | 5.1 | 890,253 | |
Health Care Technology | 4.3 | 731,746 | |
Leisure Products | 3.9 | 681,902 | |
Machinery | 3.8 | 667,402 | |
Health Care Providers & Services | 3.5 | 610,566 | |
Semiconductors & Semiconductor Equipment | 2.6 | 440,520 | |
Electronic Equipment, Instruments & Components | 2.1 | 363,164 | |
Professional Services | 1.2 | 206,464 | |
Total Common Stocks | 94.1 | 16,296,072 | |
Other Assets in Excess of Liabilities | 5.9 | 1,029,415 | |
NET ASSETS | 100.0% | $17,325,487 |
Number of Shares | Value | ||
COMMON STOCKS† — 94.1% | |||
Australia — 3.9% | |||
Pro Medicus Ltd. | 9,072 | $ 372,377 | |
Technology One Ltd. | 29,755 | 299,985 | |
672,362 | |||
Canada — 14.0% | |||
Altus Group Ltd. | 20,385 | 809,472 | |
FirstService Corp. | 3,391 | 510,083 | |
Kinaxis, Inc.* | 5,610 | 770,415 | |
TMX Group Ltd. | 3,332 | 337,467 | |
2,427,437 | |||
Finland — 2.2% | |||
Musti Group Oyj | 18,431 | 381,906 | |
Germany — 8.2% | |||
CompuGroup Medical SE & Co. KgaA | 6,536 | 359,369 | |
CTS Eventim AG & Co. KGaA* | 8,322 | 548,297 | |
MYT Netherlands Parent BV, ADR* | 103,533 | 508,347 | |
1,416,013 | |||
Ireland — 5.0% | |||
Keywords Studios PLC | 25,605 | 871,052 | |
Italy — 4.2% | |||
Amplifon SpA | 9,708 | 356,379 | |
Interpump Group SpA | 6,638 | 370,465 | |
726,844 | |||
Japan — 5.3% | |||
As One Corp. | 6,000 | 254,187 | |
Benefit One, Inc. | 15,000 | 206,464 | |
SHIFT, Inc.* | 2,500 | 465,406 | |
926,057 | |||
Luxembourg — 2.9% | |||
Eurofins Scientific SE | 7,176 | 501,242 | |
Netherlands — 6.3% | |||
Euronext NV(a) | 10,168 | 808,653 | |
Topicus.com, Inc., Sub-Voting Shares* | 4,296 | 286,168 | |
1,094,821 | |||
South Korea — 4.1% | |||
Douzone Bizon Co. Ltd. | 11,460 | 261,709 | |
Koh Young Technology, Inc. | 44,321 | 440,520 | |
702,229 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Sweden — 3.9% | |||
Thule Group AB(a) | 23,576 | $ 681,902 | |
Switzerland — 5.8% | |||
Tecan Group AG, Registered Shares | 1,408 | 613,568 | |
Temenos AG, Registered Shares | 4,614 | 388,654 | |
1,002,222 | |||
United Kingdom — 26.5% | |||
Auto Trader Group PLC(a) | 51,897 | 415,019 | |
Dechra Pharmaceuticals PLC | 23,690 | 1,112,034 | |
Endava PLC, SP ADR* | 12,441 | 716,228 | |
Fevertree Drinks PLC | 63,779 | 1,086,892 | |
GB Group PLC | 76,410 | 312,401 | |
Halma PLC | 12,487 | 363,164 | |
Judges Scientific PLC | 2,377 | 296,937 | |
Kin & Carta PLC* | 279,550 | 281,060 | |
4,583,735 | |||
Uruguay — 1.8% | |||
Globant SA* | 1,965 | 308,250 | |
TOTAL COMMON STOCKS (Cost $17,721,537) | 16,296,072 | ||
TOTAL INVESTMENTS - 94.1% (Cost $17,721,537) | 16,296,072 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.9% | 1,029,415 | ||
NET ASSETS - 100.0% | $17,325,487 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $1,905,574 or 11.00% of net assets. These securities have been determined by the Adviser to be liquid securities. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depository Receipt |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Broadline Retail | 12.9% | $ 2,483,456 | |
Banks | 10.3 | 1,983,725 | |
Consumer Staples Distribution & Retail | 9.6 | 1,859,687 | |
Entertainment | 9.6 | 1,844,481 | |
Hotels, Restaurants & Leisure | 7.5 | 1,449,753 | |
Information Technology Services | 6.8 | 1,310,251 | |
Food Products | 5.1 | 985,442 | |
Semiconductors & Semiconductor Equipment | 4.7 | 917,033 | |
Passenger Airlines | 4.5 | 858,111 | |
Insurance | 4.3 | 821,016 | |
Oil, Gas & Consumable Fuels | 3.1 | 606,951 | |
Textiles, Apparel & Luxury Goods | 3.1 | 596,459 | |
Interactive Media & Services | 2.9 | 558,437 | |
Specialty Retail | 2.4 | 460,715 | |
Beverages | 2.4 | 457,152 | |
Automobiles | 2.2 | 433,177 | |
Software | 2.0 | 380,854 | |
Financial Services | 1.9 | 376,600 | |
Household Durables | 1.6 | 317,000 | |
Total Common Stocks | 96.9 | 18,700,300 | |
Other Assets in Excess of Liabilities | 3.1 | 602,681 | |
NET ASSETS | 100.0% | $19,302,981 |
Number of Shares | Value | ||
COMMON STOCKS† — 96.9% | |||
Brazil — 2.1% | |||
Raia Drogasil SA | 76,500 | $ 403,068 | |
Cambodia — 2.6% | |||
NagaCorp Ltd.* | 614,165 | 497,936 | |
China — 24.1% | |||
Alibaba Group Holding Ltd.* | 47,400 | 501,190 | |
ANTA Sports Products Ltd. | 48,000 | 596,459 | |
Autohome, Inc., Class A | 75,380 | 557,826 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 128,274 | 547,749 | |
Meituan, Class B(a)* | 17,100 | 292,247 | |
NetEase, Inc. | 62,961 | 1,120,857 | |
Tencent Music Entertainment Group, ADR* | 97,655 | 723,624 | |
Zhejiang Supor Co. Ltd., Class A | 42,605 | 317,000 | |
4,656,952 | |||
Hong Kong — 2.6% | |||
AIA Group Ltd. | 45,200 | 492,096 | |
India — 16.7% | |||
Bajaj Auto Ltd. | 7,981 | 433,177 | |
HDFC Bank Ltd. | 39,087 | 808,132 | |
Infosys Ltd. | 32,401 | 499,920 | |
Kotak Mahindra Bank Ltd. | 18,231 | 433,899 | |
Nestle India Ltd. | 1,643 | 437,693 | |
Reliance Industries Ltd. | 20,438 | 606,951 | |
3,219,772 | |||
Indonesia — 3.8% | |||
Bank Central Asia Tbk PT | 1,198,500 | 741,694 | |
Mexico — 6.3% | |||
Fomento Economico Mexicano SAB de CV | 47,000 | 457,152 | |
Wal-Mart de Mexico SAB de CV | 186,800 | 752,935 | |
1,210,087 | |||
Netherlands — 4.6% | |||
Prosus NV | 11,972 | 895,907 | |
Poland — 3.6% | |||
Dino Polska SA(a)* | 6,900 | 703,684 | |
Russia — 0.0% | |||
VK Co. Ltd., GDR(b)(c)* | 34,180 | 342 | |
Yandex NV, Class A(b)(c)* | 26,923 | 269 | |
611 | |||
Singapore — 2.0% | |||
Karooooo Ltd. | 17,010 | 380,854 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
South Africa — 1.7% | |||
Discovery Ltd.* | 41,850 | $ 328,920 | |
Switzerland — 4.5% | |||
Wizz Air Holdings PLC(a)* | 22,530 | 858,111 | |
Taiwan — 7.8% | |||
momo.com, Inc. | 21,800 | 590,693 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 56,000 | 917,033 | |
1,507,726 | |||
United States — 5.2% | |||
EPAM Systems, Inc.* | 1,215 | 343,165 | |
Las Vegas Sands Corp.* | 10,330 | 659,570 | |
1,002,735 | |||
Uruguay — 4.5% | |||
Dlocal Ltd.* | 26,900 | 376,600 | |
MercadoLibre, Inc.* | 388 | 495,666 | |
872,266 | |||
Vietnam — 4.8% | |||
FPT Corp. | 141,100 | 467,166 | |
Mobile World Investment Corp. | 274,500 | 460,715 | |
927,881 | |||
TOTAL COMMON STOCKS (Cost $22,252,053) | 18,700,300 | ||
TOTAL INVESTMENTS - 96.9% (Cost $22,252,053) | 18,700,300 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.1% | 602,681 | ||
NET ASSETS - 100.0% | $19,302,981 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $1,854,042 or 9.60% of net assets. These securities have been determined by the Adviser to be liquid securities. |
(b) | Security is deemed illiquid at April 30, 2023. |
(c) | Security is fair valued by the Adviser in accordance with the policies established by the Board of Trustees. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
ADR | American Depositary Receipt |
GDR | Global Depository Receipt |
PLC | Public Limited Company |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Software Application | 26.0% | $ 5,201,061 | |
Specialty Retail | 7.3 | 1,454,833 | |
Internet Retail | 6.6 | 1,320,658 | |
Health Information Services | 5.7 | 1,146,014 | |
Auto & Truck Dealerships | 5.1 | 1,025,990 | |
Insurance - Diversified | 4.7 | 944,783 | |
Capital Markets | 4.5 | 893,696 | |
Software Infrastructure | 4.2 | 834,563 | |
Information Technology Services | 4.1 | 816,352 | |
Auto Parts | 3.6 | 730,412 | |
Restaurants | 3.6 | 710,991 | |
Home Improvement Retail | 3.5 | 700,943 | |
Asset Management | 3.3 | 660,099 | |
Building Products & Equipment | 3.1 | 627,497 | |
Leisure | 2.8 | 564,727 | |
Diagnostics & Research | 1.9 | 371,494 | |
Medical Instruments & Supplies | 1.3 | 267,894 | |
Medical Devices | 1.2 | 250,156 | |
Semiconductors | 1.1 | 215,278 | |
Total Common Stocks | 93.6 | 18,737,441 | |
Other Assets in Excess of Liabilities | 6.4 | 1,285,866 | |
NET ASSETS | 100.0% | $20,023,307 |
(“MGECS”).
Number of Shares | Value | ||
COMMON STOCKS† — 93.6% | |||
Asset Management — 3.3% | |||
Hamilton Lane, Inc., Class A | 8,959 | $ 660,099 | |
Auto & Truck Dealerships — 5.1% | |||
Copart, Inc.* | 12,979 | 1,025,990 | |
Auto Parts — 3.6% | |||
Fox Factory Holding Corp.* | 6,588 | 730,412 | |
Building Products & Equipment — 3.1% | |||
Trex Co., Inc.* | 11,480 | 627,497 | |
Capital Markets — 4.5% | |||
Houlihan Lokey, Inc. | 9,780 | 893,696 | |
Diagnostics & Research — 1.9% | |||
Charles River Laboratories International, Inc.* | 1,954 | 371,494 | |
Health Information Services — 5.7% | |||
Doximity, Inc., Class A* | 15,398 | 565,876 | |
Progyny, Inc.* | 17,453 | 580,138 | |
1,146,014 | |||
Home Improvement Retail — 3.5% | |||
Floor & Decor Holdings, Inc., Class A* | 7,056 | 700,943 | |
Information Technology Services — 4.1% | |||
Globant SA* | 5,204 | 816,352 | |
Insurance - Diversified — 4.7% | |||
Goosehead Insurance, Inc., Class A* | 16,431 | 944,783 | |
Internet Retail — 6.6% | |||
Etsy, Inc.* | 6,179 | 624,264 | |
Farfetch Ltd., Class A* | 48,513 | 195,507 | |
Revolve Group, Inc.* | 24,256 | 500,887 | |
1,320,658 | |||
Leisure — 2.8% | |||
YETI Holdings, Inc.* | 14,315 | 564,727 | |
Medical Devices — 1.2% | |||
Align Technology, Inc.* | 769 | 250,156 | |
Medical Instruments & Supplies — 1.3% | |||
Warby Parker, Inc., Class A* | 25,441 | 267,894 | |
Restaurants — 3.6% | |||
Wingstop, Inc. | 3,553 | 710,991 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Semiconductors — 1.1% | |||
Monolithic Power Systems, Inc. | 466 | $ 215,278 | |
Software Application — 26.0% | |||
Alarm.com Holdings, Inc.* | 9,992 | 476,518 | |
Aspen Technology, Inc.* | 2,936 | 519,672 | |
Bumble, Inc., Class A* | 15,084 | 274,680 | |
Dynatrace, Inc.* | 26,828 | 1,134,288 | |
Olo, Inc., Class A* | 46,812 | 320,662 | |
Paycom Software, Inc.* | 3,037 | 881,854 | |
Trade Desk, Inc. (The), Class A* | 13,849 | 891,045 | |
Tyler Technologies, Inc.* | 1,853 | 702,342 | |
5,201,061 | |||
Software Infrastructure — 4.2% | |||
Endava PLC, SP ADR* | 6,279 | 361,482 | |
Euronet Worldwide, Inc.* | 4,272 | 473,081 | |
834,563 | |||
Specialty Retail — 7.3% | |||
Five Below, Inc.* | 5,042 | 995,089 | |
RH * | 1,802 | 459,744 | |
1,454,833 | |||
TOTAL COMMON STOCKS (Cost $20,692,522) | 18,737,441 | ||
TOTAL INVESTMENTS - 93.6% (Cost $20,692,522) | 18,737,441 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 6.4% | 1,285,866 | ||
NET ASSETS - 100.0% | $ 20,023,307 |
† | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). |
* | Non-income producing. |
PLC | Public Limited Company |
SP ADR | Sponsored American Depository Receipt |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Specialty Retail | 15.3% | $1,434,448 | |
Software | 14.7 | 1,394,543 | |
Information Technology Services | 10.6 | 993,470 | |
Life Sciences Tools & Services | 7.2 | 674,769 | |
Real Estate Management & Development | 6.6 | 617,696 | |
Capital Markets | 6.5 | 605,319 | |
Pharmaceuticals | 5.7 | 538,930 | |
Insurance | 5.5 | 515,890 | |
Professional Services | 4.7 | 445,969 | |
Health Care Technology | 4.6 | 434,184 | |
Health Care Equipment & Supplies | 3.4 | 318,794 | |
Entertainment | 2.9 | 272,831 | |
Beverages | 2.8 | 266,649 | |
Semiconductors & Semiconductor Equipment | 2.5 | 232,978 | |
Leisure Products | 2.2 | 210,071 | |
Total Common Stocks | 95.2 | 8,956,541 | |
Other Assets in Excess of Liabilities | 4.8 | 454,236 | |
NET ASSETS | 100.0% | $9,410,777 |
Number of Shares | Value | ||
COMMON STOCKS† — 95.2% | |||
Australia — 1.5% | |||
Pro Medicus Ltd. | 3,410 | $ 139,970 | |
Canada — 10.6% | |||
Altus Group Ltd. | 9,021 | 358,217 | |
FirstService Corp. | 1,725 | 259,479 | |
Kinaxis, Inc.* | 1,504 | 206,542 | |
TMX Group Ltd. | 1,650 | 167,113 | |
991,351 | |||
Finland — 2.5% | |||
Musti Group Oyj | 11,366 | 235,513 | |
Germany — 6.0% | |||
CompuGroup Medical SE & Co. KgaA | 5,351 | 294,214 | |
CTS Eventim AG & Co. KGaA* | 4,141 | 272,831 | |
567,045 | |||
Ireland — 3.7% | |||
Keywords Studios PLC | 10,292 | 350,122 | |
Japan — 4.2% | |||
Benefit One, Inc. | 9,870 | 135,854 | |
SHIFT, Inc.* | 1,400 | 260,627 | |
396,481 | |||
Luxembourg — 3.2% | |||
Eurofins Scientific SE | 4,295 | 300,005 | |
Netherlands — 6.2% | |||
Euronext NV(a) | 5,510 | 438,206 | |
Topicus.com, Inc., Sub-Voting Shares* | 2,127 | 141,685 | |
579,891 | |||
South Korea — 2.5% | |||
Koh Young Technology, Inc. | 23,440 | 232,978 | |
Switzerland — 5.7% | |||
Tecan Group AG, Registered Shares | 860 | 374,764 | |
Temenos AG, Registered Shares | 1,946 | 163,919 | |
538,683 | |||
United Kingdom — 11.2% | |||
Dechra Pharmaceuticals PLC | 11,481 | 538,930 | |
Endava PLC, SP ADR* | 4,310 | 248,127 | |
Fevertree Drinks PLC | 15,647 | 266,649 | |
1,053,706 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
United States — 36.5% | |||
Align Technology, Inc.* | 980 | $ 318,794 | |
Dynatrace, Inc.* | 7,155 | 302,513 | |
Fair Isaac Corp.* | 278 | 202,370 | |
Five Below, Inc.* | 2,186 | 431,429 | |
Floor & Decor Holdings, Inc., Class A* | 5,100 | 506,634 | |
Goosehead Insurance, Inc., Class A* | 8,972 | 515,890 | |
Paycom Software, Inc.* | 1,068 | 310,115 | |
Revolve Group, Inc.* | 12,633 | 260,872 | |
Tyler Technologies, Inc.* | 996 | 377,514 | |
YETI Holdings, Inc.* | 5,325 | 210,071 | |
3,436,202 | |||
Uruguay — 1.4% | |||
Globant SA* | 858 | 134,594 | |
TOTAL COMMON STOCKS (Cost $9,532,995) | 8,956,541 | ||
TOTAL INVESTMENTS - 95.2% (Cost $9,532,995) | 8,956,541 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8% | 454,236 | ||
NET ASSETS - 100.0% | $9,410,777 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, this security amounted to $438,206 or 4.66% of net assets. This security has been determined by the Adviser to be a liquid security. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
PLC | Public Limited Company |
SP ADR | Sponsored American Depository Receipt |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Banks | 11.3% | $ 174,514 | |
Broadline Retail | 10.8 | 166,685 | |
Specialty Retail | 10.6 | 164,203 | |
Consumer Staples Distribution & Retail | 10.3 | 159,071 | |
Textiles, Apparel & Luxury Goods | 7.2 | 112,512 | |
Passenger Airlines | 6.4 | 100,170 | |
Hotels, Restaurants & Leisure | 5.9 | 92,426 | |
Beverages | 5.9 | 91,803 | |
Semiconductors & Semiconductor Equipment | 4.3 | 67,140 | |
Food Products | 4.1 | 63,593 | |
Software | 3.7 | 58,214 | |
Automobiles | 3.7 | 56,990 | |
Financial Services | 3.4 | 53,340 | |
Insurance | 3.2 | 49,515 | |
Electrical Equipment | 3.1 | 48,463 | |
Information Technology Services | 2.7 | 41,884 | |
Total Common Stocks | 96.6 | 1,500,523 | |
Other Assets in Excess of Liabilities | 3.4 | 52,215 | |
NET ASSETS | 100.0% | $1,552,738 |
Number of Shares | Value | ||
COMMON STOCKS† — 96.6% | |||
Brazil — 5.9% | |||
Raia Drogasil SA | 8,200 | $ 43,204 | |
WEG SA | 5,900 | 48,463 | |
91,667 | |||
Cambodia — 5.9% | |||
NagaCorp Ltd.* | 114,000 | 92,426 | |
India — 15.5% | |||
Bajaj Auto Ltd. | 1,050 | 56,990 | |
HDFC Bank Ltd. | 6,130 | 126,739 | |
Titan Co. Ltd. | 830 | 26,892 | |
United Spirits Ltd.* | 3,100 | 29,553 | |
240,174 | |||
Indonesia — 3.1% | |||
Bank Central Asia Tbk PT | 77,200 | 47,775 | |
Mexico — 7.2% | |||
Fomento Economico Mexicano SAB de CV | 6,400 | 62,250 | |
Wal-Mart de Mexico SAB de CV | 12,300 | 49,578 | |
111,828 | |||
Philippines — 2.2% | |||
Universal Robina Corp. | 13,000 | 34,595 | |
Poland — 4.3% | |||
Dino Polska SA(a)* | 650 | 66,289 | |
Singapore — 3.7% | |||
Karooooo Ltd. | 2,600 | 58,214 | |
South Africa — 6.0% | |||
Discovery Ltd.* | 6,300 | 49,515 | |
Mr Price Group Ltd. | 5,300 | 43,582 | |
93,097 | |||
Switzerland — 6.4% | |||
Wizz Air Holdings PLC(a)* | 2,630 | 100,170 | |
Taiwan — 10.8% | |||
momo.com, Inc. | 3,700 | 100,255 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,100 | 67,140 | |
167,395 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Thailand — 2.4% | |||
Home Product Center PCL | 89,200 | $ 36,702 | |
Uruguay — 10.4% | |||
Dlocal Ltd.* | 3,810 | 53,340 | |
Globant SA* | 267 | 41,884 | |
MercadoLibre, Inc.* | 52 | 66,430 | |
161,654 | |||
Vietnam — 12.8% | |||
Mobile World Investment Corp. | 50,000 | 83,919 | |
Phu Nhuan Jewelry JSC | 26,000 | 85,620 | |
Vietnam Dairy Products JSC | 9,700 | 28,998 | |
198,537 | |||
TOTAL COMMON STOCKS (Cost $1,442,583) | 1,500,523 | ||
TOTAL INVESTMENTS - 96.6% (Cost $1,442,583) | 1,500,523 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.4% | 52,215 | ||
NET ASSETS - 100.0% | $1,552,738 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $166,459 or 10.72% of net assets. These securities have been determined by the Adviser to be liquid securities. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
* | Non-income producing. |
JSC | Joint Stock Company |
PCL | Public Company Limited |
PLC | Public Limited Company |
% of Net Assets | Value | ||
SENIOR LOANS: | |||
Health Care | 16.7% | $1,291,960 | |
Media | 13.0 | 1,002,676 | |
Industrial Services | 11.7 | 902,437 | |
Materials | 8.5 | 655,567 | |
Retail & Wholesale - Discretionary | 7.5 | 577,437 | |
Consumer Discretionary Services | 7.1 | 552,007 | |
Software & Technology Services | 6.5 | 505,590 | |
Consumer Discretionary Products | 4.4 | 336,398 | |
Insurance | 3.6 | 279,588 | |
Industrial Products | 2.7 | 211,405 | |
Consumer Staple Products | 2.1 | 162,175 | |
Technology Hardware & Semiconductors | 2.0 | 150,690 | |
Financial Services | 0.3 | 22,744 | |
CORPORATE BONDS: | |||
Materials | 7.6 | 587,798 | |
Insurance | 2.6 | 201,826 | |
Financial Services | 2.0 | 157,208 | |
Consumer Discretionary Products | 1.2 | 93,432 | |
Industrial Products | 0.9 | 66,849 | |
Technology Hardware & Semiconductors | 0.8 | 59,589 | |
Liabilities in Excess of Other Assets | (1.2) | (92,355) | |
NET ASSETS | 100.0% | $7,725,021 |
Par Value | Value | ||
SENIOR LOANS†(a) — 86.1% | |||
Consumer Discretionary Products — 4.4% | |||
DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.909% (LIBOR +375 bps), 10/4/28 | $ 119,160 | $ 113,664 | |
Truck Hero, Inc., Initial Term Loan, 8.775% (LIBOR +375 bps), 1/31/28 | 124,164 | 113,083 | |
Wheel Pros, Inc., First Lien Initial Term Loan, 9.773% (LIBOR +450 bps), 5/11/28 | 153,916 | 109,651 | |
336,398 | |||
Consumer Discretionary Services — 7.1% | |||
KUEHG Corp., First Lien Term B-3 Loan, 8.909% (LIBOR +375 bps), 2/21/25 | 193,749 | 192,677 | |
KUEHG Corp., Second Lien Initial Term Loan, 13.409% (LIBOR +825 bps), 8/22/25 | 65,000 | 63,104 | |
Learning Care Group U.S. No.2, Inc., First Lien Initial Term Loan, 8.275% (LIBOR +325 bps), 3/13/25 | 198,694 | 197,141 | |
Learning Care Group U.S. No.2, Inc., 2020 Incremental Term Loan, 13.451% (LIBOR +850 bps), 3/13/25 | 99,488 | 99,085 | |
552,007 | |||
Consumer Staple Products — 2.1% | |||
Kronos Acquisition Holdings, Inc., Tranche B-1 Term Loan, 8.703% (LIBOR +375 bps), 12/22/26 | 64,530 | 63,102 | |
Naked Juice, LLC, Second Lien Initial Term Loan, 10.898% (SOFR +600 bps), 1/24/30 | 55,000 | 42,478 | |
VC GB Holdings I Corp., Second Lien Initial Term Loan, 11.775% (LIBOR +675 bps), 7/23/29(b) | 70,000 | 56,595 | |
162,175 | |||
Financial Services — 0.3% | |||
Nexus Buyer, LLC, Second Lien Term Loan, 11.332% (SOFR +635 bps), 11/5/29(b) | 25,000 | 22,744 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Health Care — 16.7% | |||
Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.703% (LIBOR +375 bps), 7/17/28 | $ 126,366 | $ 109,524 | |
Aveanna Healthcare, LLC, Initial Term Loan, 11.953% (LIBOR +700 bps), 12/10/29 | 85,000 | 53,125 | |
Cano Health, LLC, Converted 2022 Replacement Term Loan, 9.082% (SOFR +400 bps), 11/23/27 | 164,019 | 130,805 | |
CVET Midco 2 LP, Initial Term Loan, 9.898% (SOFR +500 bps), 10/13/29 | 110,000 | 103,813 | |
EyeCare Partners, LLC, Amendment No. 1 Term Loan, 8.775% (LIBOR +375 bps), 11/15/28 | 69,511 | 56,923 | |
EyeCare Partners, LLC, Amendment No. 2 First Lien Term Loans, 9.582% (SOFR +450 bps), 11/15/28 | 34,913 | 28,861 | |
EyeCare Partners, LLC, Second Lien Initial Term Loan, 11.775% (LIBOR +675 bps), 11/15/29(b) | 110,000 | 85,443 | |
Packaging Coordinators Midco, Inc., First Lien Term B Loan, 8.659% (LIBOR +350 bps), 11/30/27(b) | 233,872 | 227,532 | |
RXB Holdings, Inc., First Lien Initial Term Loan, 12/20/27 | 139,078 | 136,296 | |
Sharp Midco, LLC, First Lien Initial Term Loan, 9.159% (LIBOR +400 bps), 12/29/28 | 139,097 | 138,054 | |
Summit Behavioral Healthcare, LLC, Initial Term Loan, 9.885% (SOFR +475 bps), 11/24/28(b) | 149,173 | 146,656 | |
Surgery Center Holdings, Inc., 2021 New Term Loan, 8/31/26(b) | 75,000 | 74,928 | |
1,291,960 | |||
Industrial Products — 2.7% | |||
Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No 2 Term Loan, 11.659% (LIBOR +650 bps), 5/21/29 | 65,000 | 59,962 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Industrial Products — (Continued) | |||
SPX Flow, Inc., Term Loan, 9.482% (SOFR +450 bps), 4/5/29 | $ 57,928 | $ 56,031 | |
Titan Acquisition Ltd., Initial Term Loan, 8.151% (LIBOR +300 bps), 3/28/25 | 99,399 | 95,412 | |
211,405 | |||
Industrial Services — 11.7% | |||
Ankura Consulting Group, LLC, First Lien Closing Date Term Loan, 9.597% (SOFR +450 bps), 3/17/28 | 69,558 | 67,711 | |
Brand Industrial Services, Inc., Initial Term Loan, 9.14% (LIBOR +425 bps), 6/21/24(b) | 184,222 | 173,745 | |
Infinite Bidco, LLC, First Lien Term Loan, 8.409% (LIBOR +325 bps), 3/2/28 | 64,560 | 62,089 | |
Infinite Bidco, LLC, Second Lien Initial Term Loan, 12.159% (LIBOR +700 bps), 3/2/29 | 85,000 | 73,312 | |
KKR Apple Bidco, LLC, First Lien Amendment No. 1 Term Loan, 8.982% (SOFR +400 bps), 9/22/28 | 44,888 | 44,878 | |
KKR Apple Bidco, LLC, Second Lien Term Loan, 10.775% (LIBOR +575 bps), 9/21/29 | 175,000 | 172,419 | |
LaserShip, Inc., First Lien Initial Term Loan, 9.659% (LIBOR +450 bps), 5/7/28 | 144,105 | 124,741 | |
PECF USS Intermediate Holding III Corp., Initial Term Loan, 9.275% (LIBOR +425 bps), 12/15/28 | 159,044 | 131,800 | |
RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 9.025% (LIBOR +400 bps), 7/7/28 | 54,585 | 51,742 | |
902,437 | |||
Insurance — 3.6% | |||
Asurion, LLC, New B-8 Term Loan, 8.275% (LIBOR +325 bps), 12/23/26 | 19,873 | 18,618 | |
Asurion, LLC, New B-9 Term Loan, 8.275% (LIBOR +325 bps), 7/31/27 | 19,873 | 18,416 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Insurance — (Continued) | |||
Asurion, LLC, New B-11 Term Loan, 9.332% (SOFR +435 bps), 8/21/28(b) | $ 59,987 | $ 55,968 | |
Asurion, LLC, New B-4 Term Loan, 10.275% (LIBOR +525 bps), 1/20/29 | 200,000 | 166,646 | |
HUB International Ltd., B-3 Incremental term Loan, 4/25/25(b) | 19,949 | 19,940 | |
279,588 | |||
Materials — 8.5% | |||
Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.775% (LIBOR +375 bps), 11/24/27 | 79,320 | 78,923 | |
Clydesdale Acquisition Holdings, Inc., Term B Loan, 9.257% (SOFR +428 bps), 4/13/29 | 99,537 | 97,422 | |
CP Iris Holdco I, Inc., Delayed Draw Term Loan, 8.402% (SOFR +350 bps), 10/2/28(c) | 18,145 | 17,196 | |
CP Iris Holdco I, Inc., First Lien Initial Term Loan, 8.582% (SOFR +350 bps), 10/2/28 | 101,177 | 95,881 | |
Mauser Packaging Solutions Holding Co., Initial Term Loan, 8.993% (SOFR +400 bps), 8/14/26 | 60,000 | 59,902 | |
Oscar AcquisitionCo., LLC, Term B Loan, 9.498% (SOFR +460 bps), 4/29/29 | 104,562 | 101,266 | |
SCIH Salt Holdings, Inc., First Lien Incremental Term B-1 Loan, 9.025% (LIBOR +400 bps), 3/16/27 | 14,862 | 14,580 | |
Trident TPI Holdings, Inc., Tranche B-5 Initial Term Loan, 9/17/28(b) | 65,000 | 63,477 | |
Trident TPI Holdings, Inc., Tranche B-4 Initial Term Loans, 10.148% (SOFR +525 bps), 9/15/28 | 129,675 | 126,920 | |
655,567 | |||
Media — 13.0% | |||
ABG Intermediate Holdings 2, LLC, Initial Term Loan, 10.98% (SOFR +600 bps), 12/20/29 | 100,000 | 93,000 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Media — (Continued) | |||
Arches Buyer, Inc., Refinancing Term Loan, 8.332% (SOFR +833 bps), 12/6/27 | $ 99,745 | $ 92,846 | |
Clear Channel Outdoor Holdings, Inc., Term B Loan, 8.807% (SOFR +350 bps), 8/21/26(b) | 159,203 | 150,264 | |
MH Sub I, LLC, 2020 June New Term Loan, 8.775% (LIBOR +375 bps), 9/13/24 | 94,642 | 94,334 | |
MH Sub I, LLC, Second Lien Term Loan, 11.232% (SOFR +625 bps), 2/23/29(b) | 205,000 | 190,991 | |
Radiate Holdco, LLC, Amendment No. 6 Term Loan, 8.275% (LIBOR +325 bps), 9/25/26 | 89,647 | 74,464 | |
Ten-X, LLC, First Lien Term Loan, 9.025% (LIBOR +400 bps), 9/27/24 | 318,179 | 306,777 | |
1,002,676 | |||
Retail & Wholesale - Discretionary — 7.5% | |||
CNT Holdings I Corp., Second Lien Initial Term Loan, 11.709% (SOFR + 675 bps), 11/6/28(b) | 260,000 | 247,650 | |
Mavis Tire Express Services Topco Corp., First Lien Initial Term Loan, 9.097% (SOFR +400 bps), 5/4/28 | 59,722 | 58,842 | |
Medical Solutions Holdings, Inc., Initial Term Loan, 8.24% (SOFR +335 bps), 11/1/28 | 119,333 | 115,186 | |
SRS Distribution, Inc., 2021 Refinancing Term Loan, 8.525% (LIBOR +350 bps), 6/2/28 | 49,659 | 47,499 | |
White Cap Buyer, LLC, Initial Closing Date Term Loan, 8.732% (SOFR +375 bps), 10/19/27(b) | 109,010 | 108,260 | |
577,437 | |||
Software & Technology Services — 6.5% | |||
AthenaHealth Group, Inc., Initial Delayed Draw Term Loan, 2/15/29(c) | 3,820 | 3,592 | |
AthenaHealth Group, Inc., Initial Term Loan, 8.464% (SOFR +350 bps), 2/15/29(b) | 31,098 | 29,243 | |
Cloudera, Inc., Term Loan, 8.832% (SOFR +385 bps), 10/8/28 | 79,511 | 76,977 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Software & Technology Services — (Continued) | |||
Cloudera, Inc., Second Lien Term Loan, 11.082% (SOFR +610 bps), 10/8/29 | $ 85,000 | $ 75,791 | |
Dun & Bradstreet Corp. (The), Term Loan B, 8.268% (LIBOR +325 bps), 2/6/26 | 23,170 | 23,167 | |
GI Consilio Parent, LLC, First Lien Initial Term Loan, 9.025% (LIBOR +400 bps), 5/12/28 | 99,131 | 93,803 | |
Mitchell International, Inc., Initial Term Loan-Second Lien, 11.525% (LIBOR +650 bps), 10/15/29 | 55,000 | 47,103 | |
Presidio Holdings, Inc., Term Loan, 8.582% (SOFR +360 bps), 1/22/27 | 14,707 | 14,661 | |
UKG, Inc., Second Lien 2021 Incremental Term Loan, 10.473% (LIBOR +525 bps), 5/3/27 | 50,000 | 48,292 | |
Ultimate Software Group, Inc. (The), First Lien Initial Term Loan, 8.895% (SOFR +375 bps), 5/4/26 | 94,344 | 92,961 | |
505,590 | |||
Technology Hardware & Semiconductors — 2.0% | |||
Altar Bidco, Inc., Second Lien Initial Term Loan, 2/1/30 | 110,000 | 97,556 | |
Viasat, Inc., Initial Term Loan, 9.597% (SOFR +461 bps), 3/2/29 | 54,588 | 53,134 | |
150,690 | |||
TOTAL SENIOR LOANS (Cost $6,663,119) | 6,650,674 | ||
CORPORATE BONDS† — 15.1% | |||
Consumer Discretionary Products — 1.2% | |||
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(d) | 50,000 | 37,104 | |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(d) | 75,000 | 56,328 | |
93,432 | |||
Financial Services — 2.0% | |||
NFP Corp., 6.875%, 8/15/28(d) | 180,000 | 157,208 | |
Industrial Products — 0.9% | |||
Titan Acquisition Ltd., 7.75%, 4/15/26(d) | 75,000 | 66,849 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Insurance — 2.6% | |||
GTCR AP Finance, Inc., 8.00%, 5/15/27(d) | $ 140,000 | $ 137,027 | |
HUB International Ltd., 7.00%, 5/1/26(d) | 65,000 | 64,799 | |
201,826 | |||
Materials — 7.6% | |||
Baffinland Iron Mines Corp., 8.75%, 7/15/26(d) | 200,000 | 193,308 | |
Century Aluminum Co., 7.50%, 4/1/28(d) | 285,000 | 269,412 | |
Trident TPI Holdings, Inc., 6.625%, 11/1/25(d) | 125,000 | 125,078 | |
587,798 | |||
Technology Hardware & Semiconductors — 0.8% | |||
Viasat, Inc., 6.50%, 7/15/28(d) | 75,000 | 59,589 | |
TOTAL CORPORATE BONDS (Cost $1,136,191) | 1,166,702 | ||
TOTAL INVESTMENTS - 101.2% (Cost $7,799,310) | 7,817,376 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)% | (92,355) | ||
NET ASSETS - 100.0% | $ 7,725,021 |
(a) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2023. |
(b) | All or a portion of this Senior Loan will settle after April 30, 2023, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
(c) | All or a portion of this senior loan position is unfunded as of April 30, 2023. The Fund had approximately $19,984 in unfunded commitments pursuant to Delayed Draw Term Loan facilities. The Portfolio of Investments records each of these investments as fully funded and accordingly, a corresponding payable for investments purchased has also been recorded, which represents the actual unfunded amount on the balance sheet date. |
(d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $1,166,702 or 15.10% of net assets. These securities have been determined by the Adviser to be liquid securities. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
SOFR | Secured Overnight Funding Rate |
% of Net Assets | Value | ||
CORPORATE BONDS: | |||
Oil & Gas | 13.1% | $ 280,726 | |
Industrial Services | 11.3 | 242,550 | |
Media | 11.1 | 237,885 | |
Real Estate | 8.1 | 174,088 | |
Consumer Discretionary Services | 7.1 | 153,133 | |
Materials | 6.7 | 143,118 | |
Retail & Wholesale - Discretionary | 4.5 | 97,144 | |
Health Care | 4.0 | 85,853 | |
Software & Technology Services | 4.0 | 84,861 | |
Consumer Discretionary Products | 3.8 | 80,678 | |
Industrial Products | 3.7 | 79,231 | |
Consumer Staple Products | 3.4 | 72,522 | |
Technology Hardware & Semiconductors | 3.1 | 66,732 | |
Telecommunications | 2.5 | 52,685 | |
SENIOR LOANS: | |||
Media | 2.5 | 52,680 | |
Insurance | 1.8 | 37,495 | |
Industrial Services | 1.3 | 28,721 | |
Software & Technology Services | 1.1 | 23,879 | |
Health Care | 0.9 | 18,875 | |
Consumer Discretionary Products | 0.9 | 18,506 | |
Industrial Products | 0.8 | 17,953 | |
Materials | 0.4 | 9,636 | |
Retail & Wholesale - Discretionary | 0.4 | 9,492 | |
Other Assets in Excess of Liabilities | 3.5 | 74,060 | |
NET ASSETS | 100.0% | $2,142,503 |
Par Value | Value | ||
CORPORATE BONDS† — 86.4% | |||
Consumer Discretionary Products — 3.8% | |||
Griffon Corp., 5.75%, 3/1/28 | $ 20,000 | $ 18,484 | |
PGT Innovations, Inc., 4.375%, 10/1/29(a) | 20,000 | 18,078 | |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(a) | 15,000 | 11,266 | |
Thor Industries, Inc., 4.00%, 10/15/29(a) | 40,000 | 32,850 | |
80,678 | |||
Consumer Discretionary Services — 7.1% | |||
1011778 BC ULC, 4.00%, 10/15/30(a) | 25,000 | 21,850 | |
Boyd Gaming Corp., 4.75%, 12/1/27 | 20,000 | 19,319 | |
Boyd Gaming Corp., 4.75%, 6/15/31(a) | 10,000 | 9,166 | |
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(a) | 20,000 | 17,707 | |
Penn Entertainment, Inc., 4.125%, 7/1/29(a) | 40,000 | 33,670 | |
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 | 25,000 | 20,336 | |
Scientific Games Holdings LP, 6.625%, 3/1/30(a) | 35,000 | 31,085 | |
153,133 | |||
Consumer Staple Products — 3.4% | |||
Energizer Holdings, Inc., 4.75%, 6/15/28(a) | 15,000 | 13,506 | |
Pilgrim's Pride Corp., 5.875%, 9/30/27(a) | 10,000 | 9,962 | |
Pilgrim's Pride Corp., 4.25%, 4/15/31 | 10,000 | 8,707 | |
Post Holdings, Inc., 5.50%, 12/15/29(a) | 25,000 | 23,802 | |
Simmons Foods Inc, 4.625%, 3/1/29(a) | 20,000 | 16,545 | |
72,522 | |||
Health Care — 4.0% | |||
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(a) | 30,000 | 24,225 | |
Molina Healthcare, Inc., 4.375%, 6/15/28(a) | 15,000 | 14,082 | |
Pediatrix Medical Group, Inc., 5.375%, 2/15/30(a) | 20,000 | 18,288 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Health Care — (Continued) | |||
Select Medical Corp., 6.25%, 8/15/26(a) | $ 10,000 | $ 9,815 | |
Tenet Healthcare Corp., 5.125%, 11/1/27 | 20,000 | 19,443 | |
85,853 | |||
Industrial Products — 3.7% | |||
ATS Corp., 4.125%, 12/15/28(a) | 25,000 | 22,386 | |
Madison IAQ, LLC, 5.875%, 6/30/29(a) | 15,000 | 11,756 | |
Titan Acquisition Ltd., 7.75%, 4/15/26(a) | 15,000 | 13,370 | |
TransDigm, Inc., 4.625%, 1/15/29 | 35,000 | 31,719 | |
79,231 | |||
Industrial Services — 11.3% | |||
American Airlines, Inc., 11.75%, 7/15/25(a) | 20,000 | 21,976 | |
AMN Healthcare, Inc., 4.625%, 10/1/27(a) | 10,000 | 9,345 | |
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(a) | 65,000 | 61,187 | |
Delta Air Lines, Inc., 3.75%, 10/28/29 | 20,000 | 17,916 | |
Dycom Industries, Inc., 4.50%, 4/15/29(a) | 15,000 | 13,708 | |
H&E Equipment Services, Inc., 3.875%, 12/15/28(a) | 30,000 | 25,992 | |
IEA Energy Services, LLC, 6.625%, 8/15/29(a) | 60,000 | 56,876 | |
Korn Ferry, 4.625%, 12/15/27(a) | 10,000 | 9,511 | |
TopBuild Corp., 3.625%, 3/15/29(a) | 20,000 | 17,284 | |
TriNet Group, Inc., 3.50%, 3/1/29(a) | 10,000 | 8,755 | |
242,550 | |||
Materials — 6.7% | |||
Arconic Corp., 6.125%, 2/15/28(a) | 25,000 | 24,701 | |
ATI, Inc., 5.125%, 10/1/31 | 20,000 | 18,020 | |
Baffinland Iron Mines Corp., 8.75%, 7/15/26(a) | 10,000 | 9,665 | |
Century Aluminum Co., 7.50%, 4/1/28(a) | 45,000 | 42,539 | |
Cleveland-Cliffs, Inc., 5.875%, 6/1/27 | 15,000 | 14,746 | |
Ingevity Corp., 3.875%, 11/1/28(a) | 20,000 | 17,572 | |
Kaiser Aluminum Corp., 4.50%, 6/1/31(a) | 20,000 | 15,875 | |
143,118 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Media — 11.1% | |||
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a) | $ 40,000 | $ 31,161 | |
Arches Buyer, Inc., 6.125%, 12/1/28(a) | 10,000 | 8,685 | |
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26(a) | 20,000 | 14,676 | |
DISH DBS Corp., 7.375%, 7/1/28 | 15,000 | 7,481 | |
GrubHub Holdings, Inc., 5.50%, 7/1/27(a) | 30,000 | 21,939 | |
Outfront Media Capital, LLC, 4.625%, 3/15/30(a) | 25,000 | 21,129 | |
Playtika Holding Corp., 4.25%, 3/15/29(a) | 10,000 | 8,509 | |
Scripps Escrow, Inc., 5.875%, 7/15/27(a) | 30,000 | 21,554 | |
TripAdvisor, Inc., 7.00%, 7/15/25(a) | 30,000 | 30,222 | |
Uber Technologies, Inc., 7.50%, 9/15/27(a) | 35,000 | 36,160 | |
Urban One, Inc., 7.375%, 2/1/28(a) | 40,000 | 36,369 | |
237,885 | |||
Oil & Gas — 13.1% | |||
Antero Midstream Partners LP, 5.75%, 1/15/28(a) | 35,000 | 33,935 | |
Archrock Partners LP, 6.25%, 4/1/28(a) | 20,000 | 19,224 | |
Cheniere Energy Partners LP, 4.00%, 3/1/31 | 20,000 | 17,911 | |
DT Midstream, Inc., 4.375%, 6/15/31(a) | 25,000 | 21,780 | |
Harvest Midstream I LP, 7.50%, 9/1/28(a) | 45,000 | 44,080 | |
Hilcorp Energy I LP, 6.25%, 11/1/28(a) | 15,000 | 14,383 | |
Parkland Corp., 4.625%, 5/1/30(a) | 25,000 | 21,782 | |
Southwestern Energy Co., 4.75%, 2/1/32 | 25,000 | 22,098 | |
Teine Energy Ltd., 6.875%, 4/15/29(a) | 60,000 | 54,799 | |
Transocean, Inc., 11.50%, 1/30/27(a) | 30,000 | 30,734 | |
280,726 | |||
Real Estate — 8.1% | |||
Five Point Operating Co. LP, 7.875%, 11/15/25(a) | 70,000 | 63,793 | |
Howard Hughes Corp. (The), 4.375%, 2/1/31(a) | 25,000 | 20,289 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Real Estate — (Continued) | |||
Kennedy-Wilson, Inc., 5.00%, 3/1/31 | $ 50,000 | $ 37,954 | |
Realogy Group, LLC, 5.75%, 1/15/29(a) | 70,000 | 52,052 | |
174,088 | |||
Retail & Wholesale - Discretionary — 4.5% | |||
Builders FirstSource, Inc., 4.25%, 2/1/32(a) | 15,000 | 13,150 | |
GYP Holdings III Corp., 4.625%, 5/1/29(a) | 30,000 | 26,435 | |
Patrick Industries, Inc., 4.75%, 5/1/29(a) | 40,000 | 34,842 | |
Specialty Building Products Holdings, LLC, 6.375%, 9/30/26(a) | 25,000 | 22,717 | |
97,144 | |||
Software & Technology Services — 4.0% | |||
Black Knight InfoServ, LLC, 3.625%, 9/1/28(a) | 35,000 | 31,645 | |
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29(a) | 25,000 | 21,969 | |
Presidio Holdings, Inc., 8.25%, 2/1/28(a) | 15,000 | 14,148 | |
Twilio, Inc., 3.625%, 3/15/29 | 20,000 | 17,099 | |
84,861 | |||
Technology Hardware & Semiconductors — 3.1% | |||
CommScope, Inc., 4.75%, 9/1/29(a) | 20,000 | 16,172 | |
TTM Technologies, Inc., 4.00%, 3/1/29(a) | 25,000 | 21,137 | |
Viasat, Inc., 5.625%, 9/15/25(a) | 10,000 | 9,560 | |
Viasat, Inc., 6.50%, 7/15/28(a) | 25,000 | 19,863 | |
66,732 | |||
Telecommunications — 2.5% | |||
Level 3 Financing, Inc., 4.625%, 9/15/27(a) | 25,000 | 15,464 | |
Level 3 Financing, Inc., 4.25%, 7/1/28(a) | 10,000 | 5,840 | |
Lumen Technologies, Inc., 5.125%, 12/15/26(a) | 10,000 | 6,607 | |
Lumen Technologies, Inc., 4.50%, 1/15/29(a) | 30,000 | 12,778 | |
Telesat Canada, 5.625%, 12/6/26(a) | 15,000 | 8,392 | |
Telesat Canada, 6.50%, 10/15/27(a) | 10,000 | 3,604 | |
52,685 | |||
TOTAL CORPORATE BONDS (Cost $1,839,909) | 1,851,206 |
Par Value | Value | ||
SENIOR LOANS†(b) — 10.1% | |||
Consumer Discretionary Products — 0.9% | |||
DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.909% (LIBOR +375 bps), 10/4/28 | $ 9,925 | $ 9,467 | |
Truck Hero, Inc., Initial Term Loan, 8.775% (LIBOR +375 bps), 1/31/28 | 9,924 | 9,039 | |
18,506 | |||
Health Care — 0.9% | |||
CVET Midco 2 LP, Initial Term Loan, 9.898% (SOFR +500 bps), 10/13/29 | 20,000 | 18,875 | |
Industrial Products — 0.8% | |||
SPX Flow, Inc., Term Loan, 9.482% (SOFR +450 bps), 4/5/29 | 8,714 | 8,429 | |
Titan Acquisition Ltd., Initial Term Loan, 8.151% (LIBOR +300 bps), 3/28/25 | 9,922 | 9,524 | |
17,953 | |||
Industrial Services — 1.3% | |||
Cimpress PLC, Tranche B-1 Term Loan, 8.525% (LIBOR +350 bps), 5/17/28 | 29,798 | 28,721 | |
Insurance — 1.8% | |||
Asurion, LLC, New B-4 Term Loan, 10.275% (LIBOR +525 bps), 1/20/29 | 45,000 | 37,495 | |
Materials — 0.4% | |||
Oscar AcquisitionCo., LLC, Term B Loan, 9.498% (SOFR +460 bps), 4/29/29 | 9,950 | 9,636 | |
Media — 2.5% | |||
Arches Buyer, Inc., Refinancing Term Loan, 8.332% (SOFR +833 bps), 12/6/27 | 9,974 | 9,285 | |
Clear Channel Outdoor Holdings, Inc., Term B Loan, 8.807% (SOFR +350 bps), 8/21/26 | 14,884 | 14,049 | |
MH Sub I, LLC, 2020 June New Term Loan, 8.775% (LIBOR +375 bps), 9/13/24 | 9,923 | 9,891 |
Par Value | Value | ||
SENIOR LOANS — (Continued) | |||
Media — (Continued) | |||
Ten-X, LLC, First Lien Term Loan, 9.025% (LIBOR +400 bps), 9/27/24 | $ 9,921 | $ 9,566 | |
UPC Financing Partnership, Facility AX, 7.873% (LIBOR +293 bps), 1/31/29 | 10,000 | 9,889 | |
52,680 | |||
Retail & Wholesale - Discretionary — 0.4% | |||
SRS Distribution, Inc., 2021 Refinancing Term Loan, 8.525% (LIBOR +350 bps), 6/2/28 | 9,924 | 9,492 | |
Software & Technology Services — 1.1% | |||
GI Consilio Parent, LLC, First Lien Initial Term Loan, 9.025% (LIBOR +400 bps), 5/12/28 | 9,924 | 9,391 | |
UKG, Inc., Second Lien 2021 Incremental Term Loan, 10.473% (LIBOR +525 bps), 5/3/27 | 15,000 | 14,488 | |
23,879 | |||
TOTAL SENIOR LOANS (Cost $213,306) | 217,237 | ||
TOTAL INVESTMENTS - 96.5% (Cost $2,053,215) | 2,068,443 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.5% | 74,060 | ||
NET ASSETS - 100.0% | $ 2,142,503 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2023, these securities amounted to $1,579,973 or 73.74% of net assets. These securities have been determined by the Adviser to be liquid securities. |
(b) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2023. |
† | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PLC | Public Limited Company |
SOFR | Secured Overnight Funding Rate |
Polen Growth Fund | Polen Global Growth Fund | Polen International Growth Fund | |||
Assets | |||||
Investments, at value* | $6,961,842,292 | $422,390,414 | $215,041,642 | ||
Cash and cash equivalents | 62,343,009 | 21,227,590 | 11,542,943 | ||
Foreign currency, at value (Cost $—, $172,281 and $7, respectively) | — | 172,414 | 7 | ||
Receivables: | |||||
Investments sold | 14,494,359 | — | 3,182,883 | ||
Capital shares sold | 13,446,787 | 927,219 | 1,857,213 | ||
Dividends | 3,347,457 | 947,902 | 539,793 | ||
Prepaid expenses and other assets | 82,082 | 1,026 | 2,080 | ||
Total Assets | 7,055,555,986 | 445,666,565 | 232,166,561 | ||
Liabilities | |||||
Payables: | |||||
Capital shares redeemed | 16,503,726 | 1,384,024 | 1,746,878 | ||
Investment adviser | 4,916,645 | 311,991 | 160,644 | ||
Transfer agent fees | 1,584,174 | 104,277 | 56,051 | ||
Administration and accounting fees | 199,366 | 15,632 | 7,745 | ||
Shareholder reporting fees | 160,177 | 70,426 | 47,595 | ||
Audit fees | 133,372 | 27,094 | 23,622 | ||
Custodian fees | 56,675 | 7,868 | 7,991 | ||
Distribution fees (Investor Class Shares) | 48,122 | 4,261 | 573 | ||
Legal fees | 27,000 | 2,031 | 956 | ||
Deferred foreign capital gains tax | — | — | 114,742 | ||
Accrued expenses | 133,289 | 18,005 | 18,450 | ||
Total Liabilities | 23,762,546 | 1,945,609 | 2,185,247 | ||
Net Assets | $7,031,793,440 | $443,720,956 | $229,981,314 | ||
Net Assets Consisted of: | |||||
Capital stock, $0.01 par value | $ 2,025,240 | $ 209,182 | $ 155,294 | ||
Paid-in capital | 5,951,372,576 | 403,424,825 | 235,322,165 | ||
Total distributable earnings/(loss) | 1,078,395,624 | 40,086,949 | (5,496,145) | ||
Net Assets | $7,031,793,440 | $443,720,956 | $229,981,314 | ||
Institutional Class Shares: | |||||
Net assets | $6,798,041,068 | $422,798,348 | $227,176,481 | ||
Shares outstanding | 195,563,899 | 19,912,061 | 15,337,377 | ||
Net asset value, offering and redemption price per share | $ 34.76 | $ 21.23 | $ 14.81 | ||
Investor Class Shares: | |||||
Net assets | $ 233,752,372 | $ 20,922,608 | $ 2,804,833 | ||
Shares outstanding | 6,960,073 | 1,006,115 | 192,064 | ||
Net asset value, offering and redemption price per share | $ 33.58 | $ 20.80 | $ 14.60 | ||
* Investments, at cost | $5,272,866,367 | $332,766,068 | $183,921,622 |
Polen U.S. Small Company Growth Fund | Polen International Small Company Growth Fund | Polen Emerging Markets Growth Fund | |||
Assets | |||||
Investments, at value* | $ 77,009,005 | $16,296,072 | $18,700,300 | ||
Cash and cash equivalents | 4,560,318 | 1,077,368 | 698,184 | ||
Foreign currency, at value (Cost $—, $9 and $—, respectively) | — | 9 | — | ||
Receivables: | |||||
Capital shares sold | 244,441 | 27,980 | 392 | ||
Dividends and interest | — | 31,678 | 10,687 | ||
Prepaid expenses and other assets | 1,180 | 289 | 1,384 | ||
Total Assets | 81,814,944 | 17,433,396 | 19,410,947 | ||
Liabilities | |||||
Payables: | |||||
Capital shares redeemed | 345,306 | 27,723 | — | ||
Investment adviser | 55,450 | 17,069 | 13,306 | ||
Transfer agent fees | 44,393 | 16,864 | 11,771 | ||
Audit fees | 21,372 | 20,269 | 20,314 | ||
Shareholder reporting fees | 21,056 | 7,101 | 6,723 | ||
Legal fees | 7,157 | 917 | 883 | ||
Administration and accounting fees | 3,549 | 2,807 | 5,769 | ||
Custodian fees | 3,248 | 9,958 | 11,506 | ||
Distribution fees (Investor Class Shares) | 1,149 | 69 | — | ||
Due to custodian | — | — | 818 | ||
Deferred foreign capital gains tax | — | — | 31,787 | ||
Accrued expenses | 7,900 | 5,132 | 5,089 | ||
Total Liabilities | 510,580 | 107,909 | 107,966 | ||
Net Assets | $ 81,304,364 | $17,325,487 | $19,302,981 | ||
Net Assets Consisted of: | |||||
Capital stock, $0.01 par value | $ 63,512 | $ 16,613 | $ 24,562 | ||
Paid-in capital | 131,772,311 | 25,979,203 | 26,578,843 | ||
Total distributable loss | (50,531,459) | (8,670,329) | (7,300,424) | ||
Net Assets | $ 81,304,364 | $17,325,487 | $19,302,981 | ||
Institutional Class Shares: | |||||
Net assets | $ 71,304,142 | $17,021,757 | $19,302,981 | ||
Shares outstanding | 5,566,671 | 1,631,835 | 2,456,192 | ||
Net asset value, offering and redemption price per share | $ 12.81 | $ 10.43 | $ 7.86 | ||
Investor Class Shares: | |||||
Net assets | $ 5,388,572 | $ 303,730 | N/A | ||
Shares outstanding | 425,173 | 29,433 | N/A | ||
Net asset value, offering and redemption price per share | $ 12.67 | $ 10.32 | N/A | ||
Class Y Shares: | |||||
Net assets | $ 4,611,650 | N/A | N/A | ||
Shares outstanding | 359,343 | N/A | N/A | ||
Net asset value, offering and redemption price per share | $ 12.83 | N/A | N/A | ||
* Investments, at cost | $ 76,850,609 | $17,721,537 | $22,252,053 |
Polen U.S. SMID Company Growth Fund | Polen Global SMID Company Growth Fund | Polen Emerging Markets ex China Growth Fund | |||
Assets | |||||
Investments, at value* | $18,737,441 | $ 8,956,541 | $1,500,523 | ||
Cash and cash equivalents | 1,336,933 | 363,568 | 38,561 | ||
Foreign currency, at value (Cost $—, $137,315 and $—, respectively) | — | 135,407 | — | ||
Receivables: | |||||
Capital shares sold | 439 | — | — | ||
Dividends | — | 5,792 | 1,811 | ||
Investment adviser | — | — | 18,122 | ||
Prepaid expenses and other assets | 3,589 | 729 | 23,371 | ||
Total Assets | 20,078,402 | 9,462,037 | 1,582,388 | ||
Liabilities | |||||
Payables: | |||||
Audit fees | 20,147 | 20,314 | 15,000 | ||
Investment adviser | 11,122 | 3,447 | — | ||
Transfer agent fees | 9,404 | 8,012 | 4,846 | ||
Shareholder reporting fees | 6,869 | 6,870 | 3,163 | ||
Administration and accounting fees | 1,858 | 1,911 | 412 | ||
Legal fees | 891 | 884 | 1,000 | ||
Custodian fees | 813 | 6,163 | 825 | ||
Deferred foreign capital gains tax | — | — | 3,468 | ||
Accrued expenses | 3,991 | 3,659 | 936 | ||
Total Liabilities | 55,095 | 51,260 | 29,650 | ||
Net Assets | $20,023,307 | $ 9,410,777 | $1,552,738 | ||
Net Assets Consisted of: | |||||
Capital stock, $0.01 par value | $ 29,030 | $ 14,670 | $ 1,500 | ||
Paid-in capital | 29,117,733 | 11,375,170 | 1,496,764 | ||
Total distributable earnings/(loss) | (9,123,456) | (1,979,063) | 54,474 | ||
Net Assets | $20,023,307 | $ 9,410,777 | $1,552,738 | ||
Institutional Class Shares: | |||||
Net assets | $20,023,307 | $ 9,410,777 | $1,552,738 | ||
Shares outstanding | 2,902,990 | 1,467,014 | 150,000 | ||
Net asset value, offering and redemption price per share | $ 6.90 | $ 6.41 | $ 10.35 | ||
* Investments, at cost | $20,692,522 | $ 9,532,995 | $1,442,583 |
Polen Bank Loan Fund | Polen Upper Tier High Yield Fund | ||
Assets | |||
Investments, at value* | $7,817,376 | $2,068,443 | |
Cash and cash equivalents | 418,707 | 89,167 | |
Receivables: | |||
Interest | 52,160 | 30,765 | |
Prepaid expenses and other assets | 651 | 561 | |
Total Assets | 8,288,894 | 2,188,936 | |
Liabilities | |||
Payables: | |||
Investments purchased | 487,853 | — | |
Distributions to shareholders | 22,083 | 951 | |
Audit fees | 20,125 | 20,034 | |
Investment adviser | 9,366 | 3,422 | |
Shareholder reporting fees | 7,358 | 7,577 | |
Transfer agent fees | 7,012 | 7,007 | |
Administration and accounting fees | 2,638 | 2,508 | |
Custodian fees | 1,753 | 460 | |
Legal fees | 1,590 | 1,200 | |
Accrued expenses | 4,095 | 3,274 | |
Total Liabilities | 563,873 | 46,433 | |
Contingencies and Commitments (Note 1) | — | N/A | |
Net Assets | $7,725,021 | $2,142,503 | |
Net Assets Consisted of: | |||
Capital stock, $0.01 par value | $ 7,702 | $ 2,131 | |
Paid-in capital | 7,684,229 | 2,129,262 | |
Total distributable earnings | 33,090 | 11,110 | |
Net Assets | $7,725,021 | $2,142,503 | |
Institutional Class Shares: | |||
Net assets | $7,725,021 | $2,142,503 | |
Shares outstanding | 770,200 | 213,062 | |
Net asset value, offering and redemption price per share | $ 10.03 | $ 10.06 | |
* Investments, at cost | $7,799,310 | $2,053,215 |
Polen Growth Fund | Polen Global Growth Fund | Polen International Growth Fund | |||
Investment income | |||||
Dividends | $ 30,808,465 | $ 4,705,547 | $ 3,464,283 | ||
Less: foreign taxes withheld | — | (374,648) | (335,237) | ||
Total investment income | 30,808,465 | 4,330,899 | 3,129,046 | ||
Expenses | |||||
Advisory fees (Note 2) | 66,746,655 | 4,049,391 | 1,985,263 | ||
Transfer agent fees (Note 2) | 6,669,306 | 394,100 | 223,093 | ||
Administration and accounting fees (Note 2) | 811,978 | 71,515 | 40,242 | ||
Distribution fees (Investor Class)(Note 2) | 659,893 | 55,962 | 7,029 | ||
Trustees’ and officers’ fees(Note 2) | 626,581 | 37,129 | 18,571 | ||
Shareholder reporting fees | 408,900 | 57,211 | 49,177 | ||
Legal fees | 339,876 | 23,812 | 17,269 | ||
Registration and filing fees | 330,120 | 96,465 | 77,986 | ||
Custodian fees(Note 2) | 191,389 | 39,164 | 46,799 | ||
Audit fees | 133,372 | 27,439 | 23,622 | ||
Other expenses | 347,196 | 31,119 | 29,286 | ||
Total expenses | 77,265,266 | 4,883,307 | 2,518,337 | ||
Net investment income/(loss) | (46,456,801) | (552,408) | 610,709 | ||
Net realized and unrealized gain/(loss) from investments: | |||||
Net realized loss from investments(a) | (535,127,076) | (44,335,358) | (11,246,381) | ||
Net realized loss from foreign currency transactions | — | (6,699) | (113,251) | ||
Net change in unrealized appreciation/(depreciation) on investments(b) | (159,568,465) | 44,783,807 | 14,163,582 | ||
Net change in unrealized appreciation on foreign currency translations | — | 37,190 | 17,897 | ||
Net realized and unrealized gain/(loss) on investments | (694,695,541) | 478,940 | 2,821,847 | ||
Net increase/(decrease) in net assets resulting from operations | $ (741,152,342) | $ (73,468) | $ 3,432,556 |
(a) | Net realized gain (loss) on investments for the Polen International Growth Fund was net of foreign capital gains tax withheld of $5,502. |
(b) | Change in net unrealized appreciation/(depreciation) on investments for the Polen International Growth Fund was net of an increase in deferred foreign capital gains tax of $114,742. |
Polen U.S. Small Company Growth Fund | Polen International Small Company Growth Fund | Polen Emerging Markets Growth Fund | |||
Investment income | |||||
Dividends | $ 268,876 | $ 182,298 | $ 299,648 | ||
Less: foreign taxes withheld | (1,370) | (26,985) | (26,660) | ||
Total investment income | 267,506 | 155,313 | 272,988 | ||
Expenses | |||||
Advisory fees (Note 2) | 996,276 | 183,812 | 178,068 | ||
Transfer agent fees (Note 2) | 165,347 | 55,086 | 35,638 | ||
Registration and filing fees | 112,378 | 61,112 | 33,931 | ||
Shareholder reporting fees | 39,306 | 18,037 | 17,005 | ||
Audit fees | 21,446 | 20,269 | 20,313 | ||
Distribution fees (Investor Class)(Note 2) | 16,464 | 1,111 | — | ||
Administration and accounting fees (Note 2) | 11,364 | 6,428 | 15,199 | ||
Legal fees | 10,991 | 7,438 | 7,358 | ||
Custodian fees(Note 2) | 10,434 | 18,668 | 25,575 | ||
Trustees’ and officers’ fees(Note 2) | 8,414 | 1,498 | 1,335 | ||
Other expenses | 13,421 | 9,902 | 13,856 | ||
Total expenses before waivers and/or reimbursements | 1,405,841 | 383,361 | 348,278 | ||
Less: waivers and/or reimbursements(Note 2) | (297,730) | (152,366) | (125,725) | ||
Net expenses after waivers and/or reimbursements | 1,108,111 | 230,995 | 222,553 | ||
Net investment income/(loss) | (840,605) | (75,682) | 50,435 | ||
Net realized and unrealized gain/(loss) from investments: | |||||
Net realized loss from investments(a) | (31,220,285) | (4,190,245) | (1,707,382) | ||
Net realized loss from foreign currency transactions | — | (4,668) | (19,988) | ||
Net change in unrealized appreciation on investments(b) | 22,933,636 | 955,545 | 2,129,331 | ||
Net change in unrealized appreciation on foreign currency translations | — | 2,583 | 301 | ||
Net realized and unrealized gain/(loss) on investments | (8,286,649) | (3,236,785) | 402,262 | ||
Net increase/(decrease) in net assets resulting from operations | $ (9,127,254) | $ (3,312,467) | $ 452,697 |
(a) | Net realized gain (loss) on investments for the Polen Emerging Markets Growth Fund was net of foreign capital gains tax withheld of $53,698. |
(b) | Change in net unrealized appreciation/(depreciation) on investments for the Polen Emerging Markets Growth Fund was net of an decrease in deferred foreign capital gains tax of $18,676. |
Polen U.S. SMID Company Growth Fund | Polen Global SMID Company Growth Fund | Polen Emerging Markets ex China Growth Fund* | |||
Investment income | |||||
Dividends | $ 37,116 | $ 46,845 | $ 3,896 | ||
Less: foreign taxes withheld | — | (8,301) | (468) | ||
Total investment income | 37,116 | 38,544 | 3,428 | ||
Expenses | |||||
Advisory fees (Note 2) | 197,431 | 83,160 | 2,522 | ||
Registration and filing fees | 42,796 | 42,228 | 4,178 | ||
Transfer agent fees (Note 2) | 37,579 | 29,261 | 4,846 | ||
Audit fees | 19,537 | 20,313 | 15,000 | ||
Shareholder reporting fees | 16,441 | 18,947 | 7,451 | ||
Legal fees | 6,318 | 6,604 | 1,000 | ||
Administration and accounting fees (Note 2) | 3,682 | 5,921 | 412 | ||
Custodian fees(Note 2) | 3,299 | 8,785 | 836 | ||
Trustees’ and officers’ fees(Note 2) | 1,502 | 596 | 107 | ||
Other expenses | 9,179 | 8,246 | 837 | ||
Total expenses before waivers and/or reimbursements | 337,764 | 224,061 | 37,189 | ||
Less: waivers and/or reimbursements(Note 2) | (130,457) | (120,053) | (34,036) | ||
Net expenses after waivers and/or reimbursements | 207,307 | 104,008 | 3,153 | ||
Net investment income/(loss) | (170,191) | (65,464) | 275 | ||
Net realized and unrealized gain/(loss) from investments: | |||||
Net realized loss from investments | (6,978,814) | (1,305,393) | — | ||
Net realized loss from foreign currency transactions | — | (9,177) | (2,011) | ||
Net change in unrealized appreciation on investments(a) | 6,427,108 | 1,016,839 | 54,472 | ||
Net change in unrealized appreciation/(depreciation) on foreign currency translations | — | (1,898) | 2 | ||
Net realized and unrealized gain/(loss) on investments | (551,706) | (299,629) | 52,463 | ||
Net increase/(decrease) in net assets resulting from operations | $ (721,897) | $ (365,093) | $ 52,738 |
* | The Polen Emerging Markets ex China Growth Fund commenced operations on March 1, 2023. |
(a) | Change in net unrealized appreciation/(depreciation) on investments for the Polen Emerging Markets ex China Growth Fund was net of an increase in deferred foreign capital gains tax of $3,468. |
Polen Bank Loan Fund* | Polen Upper Tier High Yield Fund** | ||
Investment income | |||
Interest | $ 439,531 | $ 143,566 | |
Total investment income | 439,531 | 143,566 | |
Expenses | |||
Advisory fees (Note 2) | 32,255 | 9,463 | |
Registration and filing fees | 29,451 | 29,451 | |
Audit fees | 20,125 | 20,034 | |
Transfer agent fees (Note 2) | 17,530 | 17,519 | |
Shareholder reporting fees | 17,452 | 18,298 | |
Legal fees | 15,000 | 11,050 | |
Administration and accounting fees (Note 2) | 8,008 | 10,022 | |
Trustees’ and officers’ fees(Note 2) | 6,947 | 2,410 | |
Custodian fees(Note 2) | 4,120 | 1,214 | |
Other expenses | 7,304 | 4,783 | |
Total expenses before waivers and reimbursements | 158,192 | 124,244 | |
Less: waivers and reimbursements(Note 2) | (120,962) | (113,023) | |
Net expenses after waivers and reimbursements | 37,230 | 11,221 | |
Net investment income | 402,301 | 132,345 | |
Net realized and unrealized gain/(loss) from investments: | |||
Net realized gain/(loss) from investments | 24,361 | (4,118) | |
Net change in unrealized appreciation on investments | 18,066 | 15,228 | |
Net realized and unrealized gain on investments | 42,427 | 11,110 | |
Net increase in net assets resulting from operations | $ 444,728 | $ 143,455 |
* | The Polen Bank Loan Fund commenced operations on June 30, 2022. |
** | The Polen Upper Tier High Yield Fund commenced operations on June 30, 2022. |
Polen Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (46,456,801) | $ (75,114,924) | |
Net realized gains/(losses) from investments | (535,127,076) | 847,143,505 | |
Net change in unrealized depreciation on investments | (159,568,465) | (2,698,093,475) | |
Net decrease in net assets resulting from operations | (741,152,342) | (1,926,064,894) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | (623,075,966) | (497,184,088) | |
Investor Class | (23,137,465) | (19,759,476) | |
Net decrease in net assets from dividends and distributions to shareholders | (646,213,431) | (516,943,564) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (1,379,028,368) | 1,122,803,072 | |
Total decrease in net assets | (2,766,394,141) | (1,320,205,386) | |
Net assets | |||
Beginning of year | 9,798,187,581 | 11,118,392,967 | |
End of year | $ 7,031,793,440 | $ 9,798,187,581 |
Polen Global Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (552,408) | $ (2,535,712) | |
Net realized gains/(losses) from investments and foreign currency transactions | (44,342,057) | 15,783,077 | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 44,820,997 | (132,997,612) | |
Net decrease in net assets resulting from operations | (73,468) | (119,750,247) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | (4,702,557) | (16,949,613) | |
Investor Class | (236,471) | (1,173,954) | |
Net decrease in net assets from dividends and distributions to shareholders | (4,939,028) | (18,123,567) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (110,304,295) | 64,575,603 | |
Total decrease in net assets | (115,316,791) | (73,298,211) | |
Net assets | |||
Beginning of year | 559,037,747 | 632,335,958 | |
End of year | $ 443,720,956 | $ 559,037,747 |
Polen International Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income | $ 610,709 | $ 87,806 | |
Net realized losses from investments and foreign currency transactions | (11,359,632) | (20,935,694) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 14,181,479 | (72,969,872) | |
Net increase/(decrease) in net assets resulting from operations | 3,432,556 | (93,817,760) | |
Decrease in net assets derived from capital share transactions (Note 4) | (56,227,871) | (89,858,764) | |
Total decrease in net assets | (52,795,315) | (183,676,524) | |
Net assets | |||
Beginning of year | 282,776,629 | 466,453,153 | |
End of year | $229,981,314 | $ 282,776,629 |
Polen U.S. Small Company Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (840,605) | $ (1,432,485) | |
Net realized losses from investments | (31,220,285) | (14,980,742) | |
Net change in unrealized appreciation/(depreciation) on investments | 22,933,636 | (56,261,715) | |
Net decrease in net assets resulting from operations | (9,127,254) | (72,674,942) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | — | (7,036,017) | |
Investor Class | — | (496,964) | |
Class Y | — | (232,884) | |
Net decrease in net assets from dividends and distributions to shareholders | — | (7,765,865) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (45,114,778) | 86,233,843 | |
Total increase/(decrease) in net assets | (54,242,032) | 5,793,036 | |
Net assets | |||
Beginning of year | 135,546,396 | 129,753,360 | |
End of year | $ 81,304,364 | $135,546,396 |
Polen International Small Company Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (75,682) | $ (174,042) | |
Net realized losses from investments and foreign currency transactions | (4,194,913) | (2,320,756) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 958,128 | (8,419,665) | |
Net decrease in net assets resulting from operations | (3,312,467) | (10,914,463) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | — | (357,979) | |
Investor Class | — | (8,801) | |
Net decrease in net assets from dividends and distributions to shareholders | — | (366,780) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (3,916,203) | 5,182,215 | |
Total decrease in net assets | (7,228,670) | (6,099,028) | |
Net assets | |||
Beginning of year | 24,554,157 | 30,653,185 | |
End of year | $17,325,487 | $ 24,554,157 |
Polen Emerging Markets Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income/(loss) | $ 50,435 | $ (4,880) | |
Net realized losses from investments and foreign currency transactions | (1,727,370) | (1,844,712) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 2,129,632 | (5,443,430) | |
Net increase/(decrease) in net assets resulting from operations | 452,697 | (7,293,022) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | (15,994) | — | |
Net decrease in net assets from dividends and distributions to shareholders | (15,994) | — | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | 200,700 | (22,002) | |
Total increase/(decrease) in net assets | 637,403 | (7,315,024) | |
Net assets | |||
Beginning of year | 18,665,578 | 25,980,602 | |
End of year | $19,302,981 | $18,665,578 |
Polen U.S. SMID Company Growth Fund | |||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (170,191) | $ (174,379) | |
Net realized gains/(losses) from investments | (6,978,814) | 206,505 | |
Net change in unrealized appreciation/(depreciation) on investments | 6,427,108 | (8,974,078) | |
Net decrease in net assets resulting from operations | (721,897) | (8,941,952) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Institutional Class | — | (222,248) | |
Net decrease in net assets from dividends and distributions to shareholders | — | (222,248) | |
Increase in net assets derived from capital share transactions (Note 4) | 455,537 | 17,871,189 | |
Total increase/(decrease) in net assets | (266,360) | 8,706,989 | |
Net assets | |||
Beginning of year | 20,289,667 | 11,582,678 | |
End of year | $20,023,307 | $20,289,667 |
Polen Global SMID Company Growth Fund | |||
For the Year Ended April 30, 2023 | For the Period January 3, 2022* to April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment loss | $ (65,464) | $ (2,036) | |
Net realized losses from investments and foreign currency transactions | (1,314,570) | (68,719) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 1,014,941 | (1,593,285) | |
Net decrease in net assets resulting from operations | (365,093) | (1,664,040) | |
Increase in net assets derived from capital share transactions (Note 4) | 1,907,770 | 9,532,140 | |
Total increase in net assets | 1,542,677 | 7,868,100 | |
Net assets | |||
Beginning of year | 7,868,100 | — | |
End of year | $ 9,410,777 | $ 7,868,100 |
* | The Polen Global SMID Company Growth Fund commenced operations on January 3, 2022. |
Polen Emerging Markets ex China Growth Fund | |
For the Period from March 1, 2023* to April 30, 2023 | |
Net increase/(decrease) in net assets from operations: | |
Net investment income | $ 275 |
Net realized losses from foreign currency transactions | (2,011) |
Net change in unrealized appreciation on investments and foreign currency translations | 54,474 |
Net increase in net assets resulting from operations | 52,738 |
Increase in net assets derived from capital share transactions (Note 4) | 1,500,000 |
Total increase in net assets | 1,552,738 |
Net assets | |
Beginning of period | — |
End of period | $1,552,738 |
* | The Polen Emerging Markets ex China Growth Fund commenced operations on March 1, 2023. |
Polen Bank Loan Fund | |
For the Period June 30, 2022* to April 30, 2023 | |
Net increase in net assets from operations: | |
Net investment income | $ 402,301 |
Net realized gains from investments | 24,361 |
Net change in unrealized appreciation on investments | 18,066 |
Net increase in net assets resulting from operations | 444,728 |
Less dividends and distributions to shareholders from: | |
Total distributable earnings: | |
Institutional Class | (411,638) |
Net decrease in net assets from dividends and distributions to shareholders | (411,638) |
Increase in net assets derived from capital share transactions (Note 4) | 7,691,931 |
Total increase in net assets | 7,725,021 |
Net assets | |
Beginning of period | — |
End of period | $7,725,021 |
* | The Polen Bank Loan Fund commenced operations on June 30, 2022. |
Polen Upper Tier High Yield Fund | |
For the Period June 30, 2022* to April 30, 2023 | |
Net increase/(decrease) in net assets from operations: | |
Net investment income | $ 132,345 |
Net realized losses from investments | (4,118) |
Net change in unrealized appreciation on investments | 15,228 |
Net increase in net assets resulting from operations | 143,455 |
Less dividends and distributions to shareholders from: | |
Total distributable earnings: | |
Institutional Class | (132,345) |
Net decrease in net assets from dividends and distributions to shareholders | (132,345) |
Increase in net assets derived from capital share transactions (Note 4) | 2,131,393 |
Total increase in net assets | 2,142,503 |
Net assets | |
Beginning of period | — |
End of period | $2,142,503 |
* | The Polen Upper Tier High Yield Fund commenced operations on June 30, 2022. |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 40.67 | $ 50.14 | $ 34.57 | $ 31.20 | $ 25.34 | ||||
Net investment loss(1) | (0.21) | (0.31) | (0.22) | (0.13) | (0.05) | ||||
Net realized and unrealized gain/(loss) on investments | (2.49) | (6.99) | 16.37 | 3.50 | 6.62 | ||||
Total from investment operations | (2.70) | (7.30) | 16.15 | 3.37 | 6.57 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | (3.21) | (2.17) | (0.58) | (0.00) (2) | (0.71) | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 34.76 | $ 40.67 | $ 50.14 | $ 34.57 | $ 31.20 | ||||
Total investment return(3) | (5.67)% | (15.68)% | 46.91% | 10.80% | 26.44% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $6,798,041 | $9,466,044 | $10,700,658 | $5,771,940 | $3,381,068 | ||||
Ratio of expenses to average net assets | 0.98% | 0.96% | 0.97% | 0.98% | 1.00% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | 0.98% | 0.96% | 0.97% | 0.98% (4) | 1.00% (4) | ||||
Ratio of net investment loss to average net assets | (0.58)% | (0.60)% | (0.50)% | (0.40)% | (0.18)% | ||||
Portfolio turnover rate | 19% | 24% | 19% | 23% | 19% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
Investor Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 39.52 | $ 48.90 | $ 33.81 | $ 30.59 | $ 24.92 | ||||
Net investment loss(1) | (0.29) | (0.43) | (0.31) | (0.21) | (0.12) | ||||
Net realized and unrealized gain/(loss) on investments | (2.44) | (6.78) | 15.98 | 3.43 | 6.50 | ||||
Total from investment operations | (2.73) | (7.21) | 15.67 | 3.22 | 6.38 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | (3.21) | (2.17) | (0.58) | (0.00) (2) | (0.71) | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 33.58 | $ 39.52 | $ 48.90 | $ 33.81 | $ 30.59 | ||||
Total investment return(3) | (5.92)% | (15.90)% | 46.54% | 10.53% | 26.12% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $233,752 | $332,144 | $417,735 | $395,021 | $286,383 | ||||
Ratio of expenses to average net assets | 1.23% | 1.21% | 1.21% | 1.23% | 1.25% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | 1.23% | 1.21% | 1.21% | 1.23% (4) | 1.26% (4) | ||||
Ratio of net investment loss to average net assets | (0.83)% | (0.85)% | (0.74)% | (0.64)% | (0.43)% | ||||
Portfolio turnover rate | 19% | 24% | 19% | 23% | 19% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 21.09 | $ 26.07 | $ 18.47 | $ 17.35 | $ 14.74 | ||||
Net investment loss(1) | (0.02) | (0.09) | (0.08) | (0.04) | (0.02) | ||||
Net realized and unrealized gain/(loss) on investments | 0.37 | (4.21) | 7.68 | 1.16 | 2.90 | ||||
Total from investment operations | 0.35 | (4.30) | 7.60 | 1.12 | 2.88 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | (0.21) | (0.68) | — | (0.01) | (0.28) | ||||
Redemption fees | — | — | 0.00 (2) | 0.01 | 0.01 | ||||
Net asset value, end of year | $ 21.23 | $ 21.09 | $ 26.07 | $ 18.47 | $ 17.35 | ||||
Total investment return(3) | 1.80% | (17.08)% | 41.15% | 6.50% | 19.91% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $422,798 | $531,927 | $587,255 | $255,374 | $68,617 | ||||
Ratio of expenses to average net assets | 1.01% | 0.99% | 1.06% | 1.10% | 1.10% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(4) | 1.01% | 0.99% | 1.01% | 1.12% | 1.31% | ||||
Ratio of net investment loss to average net assets | (0.10)% | (0.36)% | (0.35)% | (0.20)% | (0.13)% | ||||
Portfolio turnover rate | 21% | 36% | 12% | 18% | 20% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Investor Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 20.71 | $ 25.68 | $ 18.24 | $ 17.17 | $ 14.62 | ||||
Net investment loss(1) | (0.07) | (0.16) | (0.13) | (0.08) | (0.06) | ||||
Net realized and unrealized gain/(loss) on investments | 0.37 | (4.13) | 7.57 | 1.15 | 2.88 | ||||
Total from investment operations | 0.30 | (4.29) | 7.44 | 1.07 | 2.82 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | (0.21) | (0.68) | — | (0.01) | (0.28) | ||||
Redemption fees | — | — | 0.00 (2) | 0.01 | 0.01 | ||||
Net asset value, end of year | $ 20.80 | $ 20.71 | $ 25.68 | $ 18.24 | $ 17.17 | ||||
Total investment return(3) | 1.59% | (17.30)% | 40.79% | 6.28% | 19.66% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $20,923 | $27,111 | $45,081 | $17,552 | $11,129 | ||||
Ratio of expenses to average net assets | 1.26% | 1.24% | 1.31% | 1.35% | 1.35% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(4) | 1.26% | 1.24% | 1.26% | 1.37% | 1.56% | ||||
Ratio of net investment loss to average net assets | (0.35)% | (0.61)% | (0.60)% | (0.45)% | (0.38)% | ||||
Portfolio turnover rate | 21% | 36% | 12% | 18% | 20% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 14.27 | $ 18.20 | $ 13.93 | $ 14.35 | $ 13.24 | ||||
Net investment income/(loss)(1) | 0.04 | 0.00 (2) | (0.02) | 0.03 | 0.03 | ||||
Net realized and unrealized gain/(loss) on investments | 0.50 | (3.93) | 4.29 | (0.45) | 1.10 | ||||
Total from investment operations | 0.54 | (3.93) | 4.27 | (0.42) | 1.13 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | — | — | — | (0.00) (2) | (0.01) | ||||
Net realized capital gains | — | — | — | — | (0.01) | ||||
Total dividends and distributions to shareholders | — | — | — | (0.00) (2) | (0.02) | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 14.81 | $ 14.27 | $ 18.20 | $ 13.93 | $ 14.35 | ||||
Total investment return(3) | 3.78% | (21.59)% | 30.65% | (2.92)% | 8.50% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $227,176 | $278,801 | $461,059 | $196,960 | $68,857 | ||||
Ratio of expenses to average net assets | 1.08% | 1.04% | 1.10% | 1.10% | 1.10% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(4) | 1.08% | 1.03% | 1.03% | 1.17% | 1.40% | ||||
Ratio of net investment income/(loss) to average net assets | 0.26% | 0.02% | (0.09)% | 0.18% | 0.22% | ||||
Portfolio turnover rate | 20% | 35% | 33% | 11% | 12% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Investor Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $14.10 | $ 18.04 | $ 13.84 | $ 14.29 | $ 13.21 | ||||
Net investment income/(loss)(1) | 0.01 | (0.04) | (0.06) | (0.01) | (0.00) (2) | ||||
Net realized and unrealized gain/(loss) on investments | 0.49 | (3.90) | 4.26 | (0.44) | 1.09 | ||||
Total from investment operations | 0.50 | (3.94) | 4.20 | (0.45) | 1.09 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | — | — | — | — | (0.01) | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $14.60 | $ 14.10 | $ 18.04 | $ 13.84 | $ 14.29 | ||||
Total investment return(3) | 3.55% | (21.84)% | 30.35% | (3.15)% | 8.25% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $2,805 | $ 3,976 | $ 5,394 | $ 1,551 | $ 1,321 | ||||
Ratio of expenses to average net assets | 1.33% | 1.29% | 1.35% | 1.35% | 1.35% | ||||
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(4) | 1.33% | 1.28% | 1.29% | 1.41% | 1.64% | ||||
Ratio of net investment income/(loss) to average net assets | 0.08% | (0.23)% | (0.34)% | (0.07)% | (0.03)% | ||||
Portfolio turnover rate | 20% | 35% | 33% | 11% | 12% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 13.49 | $ 19.69 | $ 11.17 | $ 12.43 | $ 10.21 | ||||
Net investment loss(1) | (0.11) | (0.16) | (0.18) | (0.11) | (0.10) | ||||
Net realized and unrealized gain/(loss) on investments | (0.57) | (5.29) | 8.72 | (1.09) | 2.34 | ||||
Total from investment operations | (0.68) | (5.45) | 8.54 | (1.20) | 2.24 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | — | (0.75) | (0.02) | (0.06) | (0.02) | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 12.81 | $ 13.49 | $ 19.69 | $ 11.17 | $ 12.43 | ||||
Total investment return(3) | (5.04)% | (29.11)% | 76.49% | (9.70)% | 21.94% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $71,304 | $122,352 | $118,390 | $32,051 | $ 7,940 | ||||
Ratio of expenses to average net assets | 1.10% | 1.10% | 1.25% | 1.25% | 1.25% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.40% | 1.26% | 1.34% | 2.16% | 3.38% | ||||
Ratio of net investment loss to average net assets | (0.83)% | (0.81)% | (1.06)% | (0.92)% | (0.87)% | ||||
Portfolio turnover rate | 45% | 58% | 40% | 68% | 35% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Investor Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Period Ended April 30, 2019* | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year/period | $ 13.38 | $ 19.59 | $ 11.14 | $ 12.42 | $ 11.54 | ||||
Net investment loss(1) | (0.14) | (0.20) | (0.22) | (0.13) | (0.03) | ||||
Net realized and unrealized gain/(loss) on investments | (0.57) | (5.26) | 8.69 | (1.09) | 0.91 | ||||
Total from investment operations | (0.71) | (5.46) | 8.47 | (1.22) | 0.88 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | — | (0.75) | (0.02) | (0.06) | — | ||||
Redemption fees | — | — | 0.00 (2) | 0.00 (2) | — | ||||
Net asset value, end of year/period | $ 12.67 | $ 13.38 | $ 19.59 | $ 11.14 | $ 12.42 | ||||
Total investment return(3) | (5.31)% | (29.31)% | 76.07% | (9.87)% | 7.63% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year/period (in 000s) | $ 5,389 | $ 8,270 | $11,364 | $ 1,272 | $ 13 | ||||
Ratio of expenses to average net assets | 1.35% | 1.35% | 1.50% | 1.50% | 1.50% (4) | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.65% | 1.52% | 1.58% | 2.34% | 2.98% (4) | ||||
Ratio of net investment loss to average net assets | (1.08)% | (1.06)% | (1.31)% | (1.18)% | (1.12)% (4) | ||||
Portfolio turnover rate | 45% | 58% | 40% | 68% | 35% (6) |
* | Commencement of operations on February 8, 2019. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Reflects portfolio turnover of the Fund for the year ended April 30, 2019. |
Class Y shares | |||
For the Year Ended April 30, 2023 | For the Period Ended April 30, 2022* | ||
Per Share Operating Performance | |||
Net asset value, beginning of year/period | $13.50 | $ 19.24 | |
Net investment loss(1) | (0.09) | (0.12) | |
Net realized and unrealized loss on investments | (0.58) | (4.87) | |
Total from investment operations | (0.67) | (4.99) | |
Dividends and distributions to shareholders from: | |||
Net realized gains | — | (0.75) | |
Net asset value, end of year/period | $12.83 | $ 13.50 | |
Total investment return(2) | (4.96)% | (27.40)% | |
Ratios/Supplemental Data | |||
Net assets, end of year/period (in 000s) | $4,612 | $ 4,924 | |
Ratio of expenses to average net assets | 1.00% | 1.00% (3) | |
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.30% | 1.15% (3) | |
Ratio of net investment loss to average net assets | (0.73)% | (0.68)% (3) | |
Portfolio turnover rate | 45% | 58% (5) |
* | Commencement of operations on June 1, 2021. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(5) | Not annualized. |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Period Ended April 30, 2019* | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year/period | $ 12.12 | $ 17.02 | $ 12.02 | $ 11.93 | $10.00 | ||||
Net investment income/(loss)(1) | (0.04) | (0.09) | (0.08) | (0.03) | 0.00 (2) | ||||
Net realized and unrealized gain/(loss) on investments | (1.65) | (4.64) | 5.08 | 0.22 | 1.93 | ||||
Total from investment operations | (1.69) | (4.73) | 5.00 | 0.19 | 1.93 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | — | (0.17) | (0.00) (2) | (0.10) | — | ||||
Redemption fees | — | — | — | 0.00 (2) | — | ||||
Net asset value, end of year/period | $ 10.43 | $ 12.12 | $ 17.02 | $ 12.02 | $11.93 | ||||
Total investment return(3) | (13.94)% | (28.09)% | 41.61% | 1.48% | 19.30% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year/period (in 000s) | $17,022 | $23,990 | $29,799 | $ 7,908 | $3,357 | ||||
Ratio of expenses to average net assets | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% (4) | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 2.08% | 1.60% | 2.00% | 3.95% | 7.51% (4) | ||||
Ratio of net investment income/(loss) to average net assets | (0.41)% | (0.52)% | (0.50)% | (0.21)% | 0.01% (4) | ||||
Portfolio turnover rate | 40% | 51% | 32% | 25% | 9% (6) |
* | Commencement of operations on December 31, 2018. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
Investor Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Period Ended April 30, 2019* | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year/period | $ 12.02 | $ 16.93 | $ 11.98 | $ 11.92 | $10.81 | ||||
Net investment income/(loss)(1) | (0.07) | (0.13) | (0.11) | (0.06) | 0.01 | ||||
Net realized and unrealized gain/(loss) on investments | (1.63) | (4.61) | 5.06 | 0.22 | 1.10 | ||||
Total from investment operations | (1.70) | (4.74) | 4.95 | 0.16 | 1.11 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net realized capital gains | — | (0.17) | (0.00) (2) | (0.10) | — | ||||
Redemption fees | — | — | — | 0.00 (2) | — | ||||
Net asset value, end of year/period | $ 10.32 | $ 12.02 | $ 16.93 | $ 11.98 | $11.92 | ||||
Total investment return(3) | (14.14)% | (28.29)% | 41.33% | 1.23% | 10.27% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year/period (in 000s) | $ 304 | $ 564 | $ 854 | $ 172 | $ 37 | ||||
Ratio of expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% (4) | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 2.34% | 1.86% | 2.24% | 4.26% | 7.17% (4) | ||||
Ratio of net investment income/(loss) to average net assets | (0.66)% | (0.77)% | (0.75)% | (0.46)% | 0.36% (4) | ||||
Portfolio turnover rate | 40% | 51% | 32% | 25% | 9% (6)(7) |
* | Commencement of operations on February 8, 2019. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
(7) | Reflects portfolio turnover of the Fund for the year ended April 30, 2019. |
Institutional Class | |||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Period Ended April 30, 2021* | |||
Per Share Operating Performance | |||||
Net asset value, beginning of year/period | $ 7.67 | $ 10.78 | $ 10.00 | ||
Net investment income/(loss)(1) | 0.02 | (0.00) (2) | (0.04) | ||
Net realized and unrealized gain/(loss) on investments | 0.18 | (3.11) | 0.82 | ||
Total from investment operations | 0.20 | (3.11) | 0.78 | ||
Dividends and distributions to shareholders from: | |||||
Net investment income | (0.01) | — | — | ||
Net asset value, end of year/period | $ 7.86 | $ 7.67 | $ 10.78 | ||
Total investment return(3) | 2.57% | (28.85)% | 7.80% | ||
Ratios/Supplemental Data | |||||
Net assets, end of year/period (in 000s) | $19,303 | $18,666 | $25,981 | ||
Ratio of expenses to average net assets | 1.25% | 1.25% | 1.25% (4) | ||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.96% | 1.74% | 2.51% (4) | ||
Ratio of net investment income/(loss) to average net assets | 0.28% | (0.02)% | (0.65)% (4) | ||
Portfolio turnover rate | 49% | 28% | 16% (6) |
* | Commencement of operations on October 16, 2020. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $(0.005) per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
Institutional Class | |||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Period Ended April 30, 2021* | |||
Per Share Operating Performance | |||||
Net asset value, beginning of year/period | $ 7.36 | $ 10.61 | $ 10.00 | ||
Net investment loss(1) | (0.06) | (0.09) | (0.01) | ||
Net realized and unrealized gain/(loss) on investments | (0.40) | (3.05) | 0.62 | ||
Total from investment operations | (0.46) | (3.14) | 0.61 | ||
Dividends and distributions to shareholders from: | |||||
Net realized capital gains | — | (0.11) | 0.00 | ||
Net asset value, end of year/period | $ 6.90 | $ 7.36 | $ 10.61 | ||
Total investment return(2) | (6.25)% | (30.00)% | 6.10% | ||
Ratios/Supplemental Data | |||||
Net assets, end of year/period (in 000s) | $20,023 | $20,290 | $11,583 | ||
Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% (3) | ||
Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.71% | 1.71% | 4.58% (3) | ||
Ratio of net investment loss to average net assets | (0.86)% | (0.82)% | (1.05)% (3) | ||
Portfolio turnover rate | 61% | 43% | 0% |
* | Commencement of operations on April 1, 2021. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||
For the Year Ended April 30, 2023 | For the Period Ended April 30, 2022* | ||
Per Share Operating Performance | |||
Net asset value, beginning of year/period | $ 6.80 | $ 10.00 | |
Net investment loss(1) | (0.05) | (0.00) (2) | |
Net realized and unrealized loss on investments | (0.34) | (3.20) | |
Total from investment operations | (0.39) | (3.20) | |
Net asset value, end of year/period | $ 6.41 | $ 6.80 | |
Total investment return(3) | (5.74)% | (32.00)% | |
Ratios/Supplemental Data | |||
Net assets, end of year/period (in 000s) | $ 9,411 | $ 7,868 | |
Ratio of expenses to average net assets | 1.25% | 1.25% (4) | |
Ratio of expenses to average net assets without waivers(5) | 2.69% | 4.91% (4) | |
Ratio of net investment loss to average net assets | (0.79)% | (0.12)% (4) | |
Portfolio turnover rate | 41% | 8% (6) |
* | Commencement of operations on January 3, 2022. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $(0.005) per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
Institutional Class | |
For the Period Ended April 30, 2023* | |
Per Share Operating Performance | |
Net asset value, beginning of period | $10.00 |
Net investment income(1) | 0.00 (2) |
Net realized and unrealized gain on investments | 0.35 |
Total from investment operations | 0.35 |
Net asset value, end of period | $10.35 |
Total investment return(3) | 3.50% |
Ratios/Supplemental Data | |
Net assets, end of period (in 000s) | $1,553 |
Ratio of expenses to average net assets | 1.25% (4) |
Ratio of expenses to average net assets without waivers(5) | 14.74% (4) |
Ratio of net investment income to average net assets | 0.11% (4) |
Portfolio turnover rate | 0% (6) |
* | Commencement of operations on March 1, 2023. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
Institutional Class | |
For the Period Ended April 30, 2023* | |
Per Share Operating Performance | |
Net asset value, beginning of period | $ 10.00 |
Net investment income(1) | 0.67 |
Net realized and unrealized gain on investments | 0.01 |
Total from investment operations | 0.68 |
Dividends and distributions to shareholders from: | |
Net investment income | (0.64) |
Net realized capital gains | (0.01) |
Total dividends and distributions to shareholders | (0.65) |
Net asset value, end of period | $ 10.03 |
Total investment return(2) | 7.12% |
Ratios/Supplemental Data | |
Net assets, end of period (in 000s) | $ 7,725 |
Ratio of expenses to average net assets | 0.75% (3) |
Ratio of expenses to average net assets without waivers(4) | 3.19% (3) |
Ratio of net investment income to average net assets | 8.11% (3) |
Portfolio turnover rate | 22% (5) |
* | Commencement of operations on June 30, 2022. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
(5) | Not annualized. |
Institutional Class | |
For the Period Ended April 30, 2023* | |
Per Share Operating Performance | |
Net asset value, beginning of period | $ 10.00 |
Net investment income(1) | 0.65 |
Net realized and unrealized gain on investments | 0.05 |
Total from investment operations | 0.70 |
Dividends and distributions to shareholders from: | |
Net investment income | (0.64) |
Net asset value, end of period | $ 10.06 |
Total investment return(2) | 7.22% |
Ratios/Supplemental Data | |
Net assets, end of period (in 000s) | $ 2,143 |
Ratio of expenses to average net assets | 0.65% (3) |
Ratio of expenses to average net assets without waivers(4) | 7.22% (3) |
Ratio of net investment income to average net assets | 7.69% (3) |
Portfolio turnover rate | 12% (5) |
* | Commencement of operations on June 30, 2022. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
(5) | Not annualized. |
Funds | Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Polen Growth Fund | ||||||||
Assets | ||||||||
Investments in Securities* | $ 6,961,842,292 | $ 6,961,842,292 | $ — | $ — | ||||
Polen Global Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Australia | $ 11,013,362 | $ — | $ 11,013,362 | $ — | ||||
France | 33,648,239 | — | 33,648,239 | — | ||||
Germany | 45,104,114 | — | 45,104,114 | — | ||||
Ireland | 38,095,669 | 38,095,669 | — | — | ||||
Switzerland | 17,760,537 | — | 17,760,537 | — | ||||
United States | 276,768,493 | 276,768,493 | — | — | ||||
Total Assets | $ 422,390,414 | $ 314,864,162 | $ 107,526,252 | $ — | ||||
Polen International Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Australia | $ 6,092,515 | $ — | $ 6,092,515 | $ — | ||||
Canada | 6,162,937 | 6,162,937 | — | — | ||||
France | 18,497,936 | — | 18,497,936 | — | ||||
Germany | 38,250,195 | — | 38,250,195 | — | ||||
India | 7,058,414 | — | 7,058,414 | — | ||||
Ireland | 40,266,033 | 33,490,742 | 6,775,291 | — | ||||
Netherlands | 8,573,617 | — | 8,573,617 | — | ||||
Spain | 7,081,357 | — | 7,081,357 | — | ||||
Sweden | 15,190,744 | — | 15,190,744 | — | ||||
Switzerland | 5,831,581 | — | 5,831,581 | — | ||||
United Kingdom | 34,930,961 | — | 34,930,961 | — | ||||
United States | 16,473,619 | 16,473,619 | — | — | ||||
Uruguay | 10,631,733 | 10,631,733 | — | — | ||||
Total Assets | $ 215,041,642 | $ 66,759,031 | $ 148,282,611 | $ — | ||||
Polen U.S. Small Company Growth Fund | ||||||||
Assets | ||||||||
Investments in Securities* | $ 77,009,005 | $ 77,009,005 | $ — | $ — |
Funds | Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Polen International Small Company Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Australia | $ 672,362 | $ — | $ 672,362 | $ — | ||||
Canada | 2,427,437 | 2,427,437 | — | — | ||||
Finland | 381,906 | — | 381,906 | — | ||||
Germany | 1,416,013 | 508,347 | 907,666 | — | ||||
Ireland | 871,052 | — | 871,052 | — | ||||
Italy | 726,844 | — | 726,844 | — | ||||
Japan | 926,057 | — | 926,057 | — | ||||
Luxembourg | 501,242 | — | 501,242 | — | ||||
Netherlands | 1,094,821 | 286,168 | 808,653 | — | ||||
South Korea | 702,229 | — | 702,229 | — | ||||
Sweden | 681,902 | — | 681,902 | — | ||||
Switzerland | 1,002,222 | — | 1,002,222 | — | ||||
United Kingdom | 4,583,735 | 2,381,117 | 2,202,618 | — | ||||
Uruguay | 308,250 | 308,250 | — | — | ||||
Total Assets | $ 16,296,072 | $ 5,911,319 | $ 10,384,753 | $ — | ||||
Polen Emerging Markets Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Brazil | $ 403,068 | $ 403,068 | $ — | $ — | ||||
Cambodia | 497,936 | — | 497,936 | — | ||||
China | 4,656,952 | 723,624 | 3,933,328 | — | ||||
Hong Kong | 492,096 | — | 492,096 | — | ||||
India | 3,219,772 | — | 3,219,772 | — | ||||
Indonesia | 741,694 | — | 741,694 | — | ||||
Mexico | 1,210,087 | 1,210,087 | — | — | ||||
Netherlands | 895,907 | — | 895,907 | — | ||||
Poland | 703,684 | — | 703,684 | — | ||||
Russia | 611 | — | — | 611 | ||||
Singapore | 380,854 | 380,854 | — | — | ||||
South Africa | 328,920 | 328,920 | — | — | ||||
Switzerland | 858,111 | — | 858,111 | — | ||||
Taiwan | 1,507,726 | — | 1,507,726 | — | ||||
United States | 1,002,735 | 1,002,735 | — | — | ||||
Uruguay | 872,266 | 872,266 | — | — | ||||
Vietnam | 927,881 | — | 927,881 | — | ||||
Total Assets | $ 18,700,300 | $ 4,921,554 | $ 13,778,135 | $ 611 |
Funds | Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Polen U.S. SMID Company Growth Fund | ||||||||
Assets | ||||||||
Investments in Securities* | $ 18,737,441 | $ 18,737,441 | $ — | $ — | ||||
Polen Global SMID Company Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Australia | $ 139,970 | $ — | $ 139,970 | $ — | ||||
Canada | 991,351 | 991,351 | — | — | ||||
Finland | 235,513 | — | 235,513 | — | ||||
Germany | 567,045 | — | 567,045 | — | ||||
Ireland | 350,122 | — | 350,122 | — | ||||
Japan | 396,481 | — | 396,481 | — | ||||
Luxembourg | 300,005 | — | 300,005 | — | ||||
Netherlands | 579,891 | 141,685 | 438,206 | — | ||||
South Korea | 232,978 | — | 232,978 | — | ||||
Switzerland | 538,683 | — | 538,683 | — | ||||
United Kingdom | 1,053,706 | 514,776 | 538,930 | — | ||||
United States | 3,436,202 | 3,436,202 | — | — | ||||
Uruguay | 134,594 | 134,594 | — | — | ||||
Total Assets | $ 8,956,541 | $ 5,218,608 | $ 3,737,933 | $ — | ||||
Polen Emerging Markets ex China Growth Fund | ||||||||
Assets | ||||||||
Common Stocks | ||||||||
Brazil | $ 91,667 | $ 91,667 | $ — | $ — | ||||
Cambodia | 92,426 | — | 92,426 | — | ||||
India | 240,174 | — | 240,174 | — | ||||
Indonesia | 47,775 | — | 47,775 | — | ||||
Mexico | 111,828 | 111,828 | — | — | ||||
Philippines | 34,595 | — | 34,595 | — | ||||
Poland | 66,289 | — | 66,289 | — | ||||
Singapore | 58,214 | 58,214 | — | — | ||||
South Africa | 93,097 | 93,097 | — | — | ||||
Switzerland | 100,170 | — | 100,170 | — | ||||
Taiwan | 167,395 | — | 167,395 | — | ||||
Thailand | 36,702 | — | 36,702 | — | ||||
Uruguay | 161,654 | 161,654 | — | — | ||||
Vietnam | 198,537 | — | 198,537 | — | ||||
Total Assets | $ 1,500,523 | $ 516,460 | $ 984,063 | $ — |
Funds | Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Polen Bank Loan Fund | ||||||||
Assets | ||||||||
Senior Loans* | $ 6,650,674 | $ — | $ 6,650,674 | $ — | ||||
Corporate Bonds* | 1,166,702 | — | 1,166,702 | — | ||||
Total Assets | $ 7,817,376 | $ — | $ 7,817,376 | $ — | ||||
Polen Upper Tier High Yield Fund | ||||||||
Assets | ||||||||
Corporate Bonds* | $ 1,851,206 | $ — | $ 1,851,206 | $ — | ||||
Senior Loans* | 217,237 | — | 217,237 | — | ||||
Total Assets | $ 2,068,443 | $ — | $ 2,068,443 | $ — |
* | Please refer to Portfolio of Investments for further details on portfolio holdings. |
Polen Growth Fund | 0.85% |
Polen Global Growth Fund | 0.85% |
Polen International Growth Fund | 0.85% |
Polen U.S. Small Company Growth Fund | 1.00% |
Polen International Small Company Growth Fund | 1.00% |
Polen Emerging Markets Growth Fund | 1.00% |
Polen U.S. SMID Company Growth Fund | 1.00% |
Polen Global SMID Company Growth Fund | 1.00% |
Polen Emerging Markets ex China Growth Fund | 1.00% |
Polen Bank Loan Fund | 0.65% |
Polen Upper Tier High Yield Fund | 0.55% |
Institutional Class | Investor Class | Class Y | Termination Date | ||||
Polen Growth Fund | 1.00% | 1.00% | N/A | August 31, 2023 | |||
Polen Global Growth Fund | 1.10% | 1.10% | N/A | August 31, 2023 | |||
Polen International Growth Fund | 1.10% | 1.10% | N/A | August 31, 2023 | |||
Polen U.S. Small Company Growth Fund | 1.10% | 1.10% | 1.00% | August 31, 2023 | |||
Polen International Small Company Growth Fund | 1.25% | 1.25% | N/A | August 31, 2023 | |||
Polen Emerging Markets Growth Fund | 1.25% | N/A | N/A | August 31, 2023 | |||
Polen U.S. SMID Company Growth Fund | 1.05% | N/A | N/A | August 31, 2023 | |||
Polen Global SMID Company Growth Fund | 1.25% | N/A | N/A | August 31, 2023 | |||
Polen Emerging Markets ex China Growth Fund | 1.25% | N/A | N/A | August 31, 2024 | |||
Polen Bank Loan Fund | 0.75% | N/A | N/A | August 31, 2023 | |||
Polen Upper Tier High Yield Fund | 0.65% | N/A | N/A | August 31, 2023 |
Gross Advisory Fee | Recoupments, Waivers and/or Reimbursements | Net Advisory Fee/ (Reimbursement) | |||
Polen Growth Fund | $66,746,655 | $ — | $66,746,655 | ||
Polen Global Growth Fund | 4,049,391 | — | 4,049,391 | ||
Polen International Growth Fund | 1,985,263 | — | 1,985,263 | ||
Polen U.S. Small Company Growth Fund | 996,276 | (297,730) | 698,546 | ||
Polen International Small Company Growth Fund | 183,812 | (152,366) | 31,446 | ||
Polen Emerging Markets Growth Fund | 178,068 | (125,725) | 52,343 | ||
Polen U.S. SMID Company Growth Fund | 197,431 | (130,457) | 66,974 | ||
Polen Global SMID Company Growth Fund | 83,160 | (120,053) | (36,893) | ||
Polen Emerging Markets ex China Growth Fund | 2,522 | (34,036) | (31,514) | ||
Polen Bank Loan Fund | 32,255 | (120,962) | (88,707) | ||
Polen Upper Tier High Yield Fund | 9,463 | (113,023) | (103,560) |
04/30/2024 | 04/30/2025 | 04/30/2026 | Total | ||||
Polen U.S. Small Company Growth Fund | $ 71,444 | $284,378 | $297,730 | $653,552 | |||
Polen International Small Company Growth Fund | 152,131 | 116,161 | 152,366 | 420,658 | |||
Polen Emerging Markets Growth Fund | 101,833 | 111,518 | 125,725 | 339,076 | |||
Polen U.S. SMID Company Growth Fund | 30,946 | 140,531 | 130,457 | 301,934 | |||
Polen Global SMID Company Growth Fund | — | 62,315 | 120,053 | 182,368 | |||
Polen Emerging Markets ex China Growth Fund | — | — | 34,036 | 34,036 | |||
Polen Bank Loan Fund | — | — | 120,962 | 120,962 | |||
Polen Upper Tier High Yield Fund | — | — | 113,023 | 113,023 |
Purchases | Sales | ||
Polen Growth Fund | $1,479,869,833 | $3,437,276,828 | |
Polen Global Growth Fund | 96,986,585 | 206,231,851 | |
Polen International Growth Fund | 45,111,698 | 106,268,489 | |
Polen U.S. Small Company Growth Fund | 42,910,293 | 84,634,258 | |
Polen International Small Company Growth Fund | 7,249,657 | 11,812,087 | |
Polen Emerging Markets Growth Fund | 8,967,563 | 8,371,430 | |
Polen U.S. SMID Company Growth Fund | 11,637,787 | 12,324,642 | |
Polen Global SMID Company Growth Fund | 4,974,318 | 3,383,984 | |
Polen Emerging Markets ex China Growth Fund | 1,442,583 | — | |
Polen Bank Loan Fund | 9,073,165 | 1,220,852 | |
Polen Upper Tier High Yield Fund | 2,240,365 | 218,561 |
For the Year/Period Ended April 30, 2023 | For the Year/Period Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Polen Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 61,955,181 | $ 2,217,172,817 | 67,661,874 | $ 3,499,213,656 | |||
Reinvestments | 17,876,152 | 553,445,679 | 8,004,747 | 438,900,312 | |||
Redemptions | (117,022,105) | (4,099,303,155) | (56,311,556) | (2,815,445,044) | |||
Net increase/(decrease) | (37,190,772) | $(1,328,684,659) | 19,355,065 | $ 1,122,668,924 | |||
Investor Class | |||||||
Sales | 1,950,796 | $ 66,857,609 | 3,996,362 | $ 208,243,075 | |||
Reinvestments | 723,073 | 21,648,786 | 346,156 | 18,460,498 | |||
Redemptions | (4,118,645) | (138,850,104) | (4,479,785) | (226,569,425) | |||
Net increase/(decrease) | (1,444,776) | $ (50,343,709) | (137,267) | $ 134,148 | |||
Total net increase/(decrease) | (38,635,548) | $(1,379,028,368) | 19,217,798 | $ 1,122,803,072 | |||
Polen Global Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 7,038,064 | $ 138,913,828 | 9,033,397 | $ 232,242,374 | |||
Reinvestments | 237,447 | 4,516,250 | 592,234 | 16,167,995 | |||
Redemptions | (12,581,663) | (247,810,857) | (6,929,990) | (173,670,375) | |||
Net increase/(decrease) | (5,306,152) | $ (104,380,779) | 2,695,641 | $ 74,739,994 |
For the Year/Period Ended April 30, 2023 | For the Year/Period Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Investor Class | |||||||
Sales | 153,766 | $ 3,010,488 | 388,887 | $ 10,081,357 | |||
Reinvestments | 12,203 | 227,583 | 42,846 | 1,149,568 | |||
Redemptions | (468,616) | (9,161,587) | (878,440) | (21,395,316) | |||
Net decrease | (302,647) | $ (5,923,516) | (446,707) | $ (10,164,391) | |||
Total net increase/(decrease) | (5,608,799) | $ (110,304,295) | 2,248,934 | $ 64,575,603 | |||
Polen International Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 5,912,757 | $ 78,910,959 | 10,204,310 | $ 177,773,237 | |||
Reinvestments | — | — | — | — | |||
Redemptions | (10,112,407) | (134,001,317) | (15,994,170) | (267,292,311) | |||
Net decrease | (4,199,650) | $ (55,090,358) | (5,789,860) | $ (89,519,074) | |||
Investor Class | |||||||
Sales | 76,873 | $ 1,034,740 | 93,421 | $ 1,557,330 | |||
Reinvestments | — | — | — | — | |||
Redemptions | (166,715) | (2,172,253) | (110,597) | (1,897,020) | |||
Net decrease | (89,842) | $ (1,137,513) | (17,176) | $ (339,690) | |||
Total net decrease | (4,289,492) | $ (56,227,871) | (5,807,036) | $ (89,858,764) | |||
Polen U.S. Small Company Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 3,320,204 | $ 42,141,603 | 10,032,225 | $ 194,623,182 | |||
Reinvestments | — | — | 316,607 | 6,800,723 | |||
Redemptions | (6,822,576) | (84,833,559) | (7,291,905) | (123,972,043) | |||
Net increase/(decrease) | (3,502,372) | $ (42,691,956) | 3,056,927 | $ 77,451,862 | |||
Investor Class | |||||||
Sales | 37,186 | $ 471,931 | 253,849 | $ 4,981,930 | |||
Reinvestments | — | — | 23,299 | 496,964 | |||
Redemptions | (229,992) | (2,869,070) | (239,358) | (4,166,667) | |||
Net increase/(decrease) | (192,806) | $ (2,397,139) | 37,790 | $ 1,312,227 |
For the Year/Period Ended April 30, 2023 | For the Year/Period Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class Y* | |||||||
Sales | 52,222 | $ 669,125 | 415,878 | $ 8,429,491 | |||
Reinvestments | — | — | 10,837 | 232,885 | |||
Redemptions | (57,555) | (694,808) | (62,039) | (1,192,622) | |||
Net increase/(decrease) | (5,333) | $ (25,683) | 364,676 | $ 7,469,754 | |||
Total net increase/(decrease) | (3,700,511) | $ (45,114,778) | 3,459,393 | $ 86,233,843 | |||
Polen International Small Company Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 261,535 | $ 2,779,554 | 842,197 | $ 13,711,177 | |||
Reinvestments | — | — | 20,298 | 353,584 | |||
Redemptions | (608,924) | (6,513,001) | (634,091) | (8,871,082) | |||
Net increase/(decrease) | (347,389) | $ (3,733,447) | 228,404 | $ 5,193,679 | |||
Investor Class | |||||||
Sales | 14,681 | $ 153,870 | 29,047 | $ 472,183 | |||
Reinvestments | — | — | 509 | 8,801 | |||
Redemptions | (32,185) | (336,626) | (33,068) | (492,448) | |||
Net decrease | (17,504) | $ (182,756) | (3,512) | $ (11,464) | |||
Total net increase/(decrease) | (364,893) | $ (3,916,203) | 224,892 | $ 5,182,215 | |||
Polen Emerging Markets Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 58,507 | $ 462,427 | 129,140 | $ 1,117,831 | |||
Reinvestments | 2,203 | 15,994 | — | — | |||
Redemptions | (37,391) | (277,721) | (107,445) | (1,139,833) | |||
Net increase/(decrease) | 23,319 | $ 200,700 | 21,695 | $ (22,002) | |||
Polen U.S. SMID Company Growth Fund: | |||||||
Institutional Class | |||||||
Sales | 1,575,108 | $ 10,143,670 | 1,753,382 | $ 18,584,667 | |||
Reinvestments | — | — | 18,536 | 222,248 | |||
Redemptions | (1,428,514) | (9,688,133) | (107,518) | (935,726) | |||
Net increase | 146,594 | $ 455,537 | 1,664,400 | $ 17,871,189 | |||
Polen Global SMID Company Growth Fund**: | |||||||
Institutional Class | |||||||
Sales | 309,429 | $ 1,907,770 | 1,157,585 | $ 9,532,140 | |||
Reinvestments | — | — | — | — | |||
Redemptions | — | — | — | — | |||
Net increase | 309,429 | $ 1,907,770 | 1,157,585 | $ 9,532,140 |
For the Year/Period Ended April 30, 2023 | |||
Shares | Amount | ||
Polen Emerging Markets ex China Growth Fund***: | |||
Institutional Class | |||
Sales | 150,000 | $1,500,000 | |
Reinvestments | — | — | |
Redemptions | — | — | |
Net increase | 150,000 | $1,500,000 | |
Polen Bank Loan Fund****: | |||
Institutional Class | |||
Sales | 736,529 | $7,357,034 | |
Reinvestments | 33,671 | 334,897 | |
Redemptions | — | — | |
Net increase | 770,200 | $7,691,931 | |
Polen Upper Tier High Yield Fund*****: | |||
Institutional Class | |||
Sales | 200,000 | $2,000,000 | |
Reinvestments | 13,062 | 131,393 | |
Redemptions | — | — | |
Net increase | 213,062 | $2,131,393 |
* | The Polen U.S. Small Company Growth Fund’s Class Y commenced operations on June 1, 2021. |
** | The Polen Global SMID Company Growth Fund’s Institutional Class commenced operations on January 3, 2022. |
*** | The Polen Emerging Markets ex China Growth Fund's Institutional Class commenced operations on March 1, 2023. |
**** | The Polen Bank Loan Fund’s Institutional Class commenced operations on June 30, 2022. |
***** | The Polen Upper Tier High Yield Fund’s Institutional Class commenced operations on June 30, 2022. |
Polen Emerging Markets ex China Growth Fund | |
Affiliated Shareholders | 100% |
Polen Bank Loan Fund | |
Affiliated Shareholders | 58% |
Non-affiliated Shareholders | 31% |
Polen Upper Tier High Yield Fund | |
Affiliated Shareholders | 95% |
Total Distributable Earnings | Paid-in-Capital | ||
Polen Growth Fund | $56,015,548 | $(56,015,548) | |
Polen Global Growth Fund | 818,671 | (818,671) | |
Polen International Growth Fund | 2,618 | (2,618) | |
Polen U.S. Small Company Growth Fund | 1,013,044 | (1,013,044) | |
Polen International Small Company Growth Fund | 72,986 | (72,986) | |
Polen Emerging Markets Growth Fund | 251 | (251) | |
Polen U.S. SMID Company Growth Fund | 170,752 | (170,752) | |
Polen Global SMID Company Growth Fund | 48,051 | (48,051) | |
Polen Emerging Markets ex China Growth Fund | 1,736 | (1,736) |
Capital Loss Carryforward | Undistributed Ordinary Income | Unrealized Appreciation/ (Depreciation) | Qualified Late-Year Losses | Temporary Differences | |||||
Polen Growth Fund | $(533,508,582) | $ — | $1,623,253,400 | $(11,349,194) | $ — | ||||
Polen Global Growth Fund | (39,692,653) | — | 86,057,095 | (6,277,493) | — | ||||
Polen International Growth Fund | (29,830,258) | 414,209 | 23,919,904 | — | — | ||||
Polen U.S. Small Company Growth Fund | (39,788,926) | — | (10,498,570) | (243,963) | — | ||||
Polen International Small Company Growth Fund | (4,564,169) | — | (2,210,306) | (1,895,854) | — | ||||
Polen Emerging Markets Growth Fund | (3,623,157) | — | (3,583,714) | (93,553) | — | ||||
Polen U.S. SMID Company Growth Fund | (4,684,106) | — | (4,379,602) | (59,748) | — | ||||
Polen Global SMID Company Growth Fund | (1,309,461) | — | (643,012) | (26,590) | — | ||||
Polen Emerging Markets ex China Growth Fund | — | — | 54,474 | — | — | ||||
Polen Bank Loan Fund | — | 37,107 | 18,066 | — | (22,083) | ||||
Polen Upper Tier High Yield Fund | (4,118) | 951 | 15,228 | — | (951) |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |||||
Polen Growth Fund | $5,338,588,892 | $2,221,950,574 | $(598,697,174) | $1,623,253,400 | ||||
Polen Global Growth Fund | 336,340,342 | 104,198,815 | (18,141,720) | 86,057,095 | ||||
Polen International Growth Fund | 190,996,124 | 40,072,293 | (16,152,389) | 23,919,904 | ||||
Polen U.S. Small Company Growth Fund | 87,507,575 | 12,347,735 | (22,846,305) | (10,498,570) | ||||
Polen International Small Company Growth Fund | 18,506,151 | 2,305,402 | (4,515,708) | (2,210,306) | ||||
Polen Emerging Markets Growth Fund | 22,252,053 | 1,723,466 | (5,307,180) | (3,583,714) | ||||
Polen U.S. SMID Company Growth Fund | 23,117,043 | 1,735,487 | (6,115,089) | (4,379,602) | ||||
Polen Global SMID Company Growth Fund | 9,597,663 | 759,587 | (1,402,599) | (643,012) | ||||
Polen Emerging Markets ex China Growth Fund | 1,442,583 | 83,961 | (29,487) | 54,474 | ||||
Polen Bank Loan Fund | 7,799,310 | 140,176 | (122,110) | 18,066 | ||||
Polen Upper Tier High Yield Fund | 2,053,215 | 69,884 | (54,656) | 15,228 |
Late-Year Ordinary Losses Deferral | Short-Term Capital Loss Deferral | Long-Term Capital Loss Deferral | |||
Polen Growth Fund | $11,349,194 | $ — | $ — | ||
Polen Global Growth Fund | 15,951 | — | 6,261,542 | ||
Polen U.S. Small Company Growth Fund | 243,963 | — | — | ||
Polen International Small Company Growth Fund | 28,625 | 133,688 | 1,733,541 | ||
Polen Emerging Markets Growth Fund | 93,553 | — | — | ||
Polen U.S. SMID Company Growth Fund | 59,748 | — | — | ||
Polen Global SMID Company Growth Fund | 26,590 | — | — |
Capital Loss Carryforward | |||
Short-Term | Long-Term | ||
Polen Growth Fund | $424,120,916 | $109,387,666 | |
Polen Global Growth Fund | 14,718,120 | 24,974,533 | |
Polen International Growth Fund | 28,099,847 | 1,730,411 | |
Polen U.S. Small Company Growth Fund | 27,650,673 | 12,138,253 | |
Polen International Small Company Growth Fund | 2,392,961 | 2,171,208 | |
Polen Emerging Markets Growth Fund | 1,677,660 | 1,945,497 | |
Polen U.S. SMID Company Growth Fund | 2,066,620 | 2,617,486 | |
Polen Global SMID Company Growth Fund | 888,759 | 420,702 | |
Polen Upper Tier High Yield Fund | 4,118 | — |
Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen International Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund | Statements of operations for the year ended April 30, 2023 and the statements of changes in net assets for each of the two years in the period ended April 30, 2023 |
Polen Global SMID Company Growth Fund | Statement of operations for the year ended April 30, 2023 and the statements of changes in net assets for the year ended April 30, 2023 and the period from January 3, 2022 (commencement of operations) through April 30, 2022 |
Polen Emerging Markets ex China Growth Fund | Statement of operations and the statement of changes in net assets for the period from March 1, 2023 (commencement of operations) through April 30, 2023 |
Polen Bank Loan Fund and Polen Upper Tier High Yield Fund | Statements of operations and the statements of changes in net assets for the period from June 30, 2022 (commencement of operations) through April 30, 2023 |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES | |||||
ROBERT J. CHRISTIAN Date of Birth: 2/49 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019. | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | 36 | Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
IQBAL MANSUR Date of Birth: 6/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | 36 | Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
NICHOLAS M. MARSINI, JR. Date of Birth: 8/55 | Trustee and Chairman of the Board | Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019. | Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | 36 | Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
NANCY B. WOLCOTT Date of Birth: 11/54 | Trustee | Shall serve until death, resignation or removal. Trustee since 2011. | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. | 36 | Lincoln Variable Trust Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
STEPHEN M. WYNNE Date of Birth: 1/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2009. | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008. | 36 | Copeland Trust (registered investment company with 3 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years |
EXECUTIVE OFFICERS | |||
JOEL L. WEISS Date of Birth: 1/63 | President and Chief Executive Officer | Shall serve until death, resignation or removal. Officer since 2007. | President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016. |
CHRISTINE S. CATANZARO Date of Birth: 8/84 | Treasurer and Chief Financial Officer | Shall serve until death, resignation or removal. Officer since 2022. | Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020. |
T. RICHARD KEYES Date of Birth: 1/57 | Vice President | Shall serve until death, resignation or removal. Officer since 2016. | President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016. |
GABRIELLA MERCINCAVAGE Date of Birth: 6/68 | Assistant Treasurer | Shall serve until death, resignation or removal. Officer since 2019. | Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018. |
VINCENZO A. SCARDUZIO Date of Birth: 4/72 | Secretary | Shall serve until death, resignation or removal. Officer since 2012. | Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001. |
JOHN CANNING Date of Birth: 11/70 | Chief Compliance Officer and Anti-Money Laundering Officer | Shall serve until death, resignation or removal. Officer since 2022. | Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively. |
301 Bellevue Parkway
Wilmington, DE 19809
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Three Canal Plaza, Suite 100
Portland, ME 04101
240 Greenwich Street
New York, NY 10286
2001 Market Street
3000 Two Logan Square
18th and Arch Streets
Private Capital Management Value Fund |
Class I |
vs. Russell 2000® Index
Average Annual Total Returns for the Years Ended April 30, 2023 | |||||||
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class I | 13.96% | 31.91% | 11.03% | 10.20% | |||
Russell 2000® Index | -3.65% | 11.90% | 4.15% | 7.88% |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Private Capital Management Value Fund | |||||||
Class I | |||||||
Actual | $1,000.00 | $1,047.00 | 1.20% | $6.09 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20% | 6.01 |
* | Expenses are equal to an annualized expenses ratio for the six-month period ended April 30, 2023 of 1.20% for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-months total return for the Fund of 4.70%. |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Financials | 23.0% | $12,400,784 | |
Consumer Discretionary | 17.0 | 9,169,976 | |
Communication Services | 13.1 | 7,072,523 | |
Information Technology | 11.7 | 6,297,823 | |
Industrials | 9.9 | 5,315,078 | |
Health Care | 9.3 | 5,007,701 | |
Energy | 2.1 | 1,125,694 | |
Materials | 1.5 | 825,233 | |
Total Common Stocks | 87.6 | 47,214,812 | |
Other Assets in Excess of Liabilities | 12.4 | 6,673,281 | |
NET ASSETS | 100.0% | $53,888,093 |
Number of Shares | Value | ||
COMMON STOCKS — 87.6% | |||
Communication Services — 13.1% | |||
IMAX Corp. (Canada)* | 80,030 | $ 1,676,628 | |
Perion Network Ltd. (Israel)* | 80,875 | 2,833,051 | |
QuinStreet, Inc.* | 230,679 | 2,562,844 | |
7,072,523 | |||
Consumer Discretionary — 17.0% | |||
Everi Holdings, Inc.* | 76,351 | 1,160,535 | |
Fiesta Restaurant Group, Inc.* | 96,724 | 776,694 | |
Lakeland Industries, Inc. | 89,983 | 1,084,295 | |
Motorcar Parts of America, Inc.* | 82,225 | 400,436 | |
Stoneridge, Inc.* | 29,613 | 557,613 | |
Target Hospitality Corp.* | 313,415 | 3,952,163 | |
Visteon Corp.* | 8,820 | 1,238,240 | |
9,169,976 | |||
Energy — 2.1% | |||
Vitesse Energy, Inc. | 61,179 | 1,125,694 | |
Financials — 23.0% | |||
Capstar Financial Holdings, Inc. | 48,124 | 643,899 | |
Community Financial Corp. | 13,904 | 424,072 | |
Eastern Bankshares, Inc. | 381 | 4,439 | |
ECN Capital Corp. (Canada) | 1,028,805 | 2,376,539 | |
First Busey Corp. | 43,394 | 788,903 | |
First Northwest Bancorp | 55,798 | 688,547 | |
Jefferies Financial Group, Inc. | 60,725 | 1,945,022 | |
KKR & Co., Inc. | 43,730 | 2,320,751 | |
SmartFinancial, Inc. | 36,714 | 790,820 | |
StoneX Group, Inc.* | 19,527 | 1,915,013 | |
Synovus Financial Corp. | 16,324 | 502,779 | |
12,400,784 | |||
Health Care — 9.3% | |||
Harrow Health, Inc.* | 120,500 | 3,040,215 | |
Lantheus Holdings, Inc.* | 23,025 | 1,967,486 | |
5,007,701 | |||
Industrials — 9.9% | |||
AerSale Corp.* | 125,615 | 2,032,451 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Industrials — (Continued) | |||
Air Transport Services Group, Inc.* | 63,138 | $ 1,282,333 | |
Barrett Business Services, Inc. | 18,000 | 1,504,980 | |
CRA International, Inc. | 4,711 | 495,314 | |
5,315,078 | |||
Information Technology — 11.7% | |||
Asure Software, Inc.* | 170,842 | 2,279,032 | |
Information Services Group, Inc. | 304,774 | 1,551,300 | |
Powerfleet, Inc.* | 484,300 | 1,389,941 | |
Verint Systems, Inc.* | 29,530 | 1,077,550 | |
6,297,823 | |||
Materials — 1.5% | |||
Tronox Holdings PLC (United Kingdom) | 60,280 | 825,233 | |
TOTAL COMMON STOCKS (Cost $31,742,036) | 47,214,812 | ||
TOTAL INVESTMENTS - 87.6% (Cost $31,742,036) | 47,214,812 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 12.4% | 6,673,281 | ||
NET ASSETS - 100.0% | $ 53,888,093 |
* | Non-income producing. |
PLC | Public Limited Company |
Assets | |
Investments, at value (Cost $31,742,036) | $47,214,812 |
Cash and cash equivalents | 5,184,174 |
Receivables: | |
Investments sold | 65,070 |
Capital shares sold | 2,244,473 |
Dividends | 755 |
Prepaid expenses and other assets | 8,560 |
Total Assets | 54,717,844 |
Liabilities | |
Payables: | |
Capital shares redeemed | 716,426 |
Audit fees | 30,786 |
Investment adviser | 25,836 |
Shareholder reporting fees | 18,745 |
Transfer agent fees | 14,172 |
Administration and accounting fees | 13,005 |
Custodian fees | 3,645 |
Accrued expenses | 7,136 |
Total Liabilities | 829,751 |
Net Assets | $53,888,093 |
Net Assets Consisted of: | |
Capital stock, $0.01 par value | $ 35,444 |
Paid-in capital | 38,369,730 |
Total distributable earnings | 15,482,919 |
Net Assets | $53,888,093 |
Class I Shares: | |
Net assets | $53,888,093 |
Shares outstanding | 3,544,440 |
Net asset value, offering and redemption price per share | $ 15.20 |
Investment income | |
Dividends | $ 327,025 |
Less: foreign taxes withheld | (3,403) |
Total investment income | 323,622 |
Expenses | |
Advisory fees (Note 2) | 379,480 |
Administration and accounting fees (Note 2) | 49,493 |
Registration and filing fees | 46,452 |
Legal fees | 45,845 |
Transfer agent fees (Note 2) | 43,164 |
Trustees’ and officers’ fees(Note 2) | 40,141 |
Shareholder reporting fees | 37,410 |
Audit fees | 30,960 |
Custodian fees(Note 2) | 18,116 |
Other expenses | 12,926 |
Total expenses before waivers and reimbursements | 703,987 |
Less: waivers and reimbursements(Note 2) | (198,031) |
Net expenses after waivers and reimbursements | 505,956 |
Net investment loss | (182,334) |
Net realized and unrealized gain/(loss) from investments: | |
Net realized gain from investments | 410,953 |
Net realized loss from foreign currency transactions | (120) |
Net change in unrealized appreciation on investments | 4,310,319 |
Net change in unrealized depreciation on foreign currency translations | (14) |
Net realized and unrealized gain on investments | 4,721,138 |
Net increase in net assets resulting from operations | $4,538,804 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income/(loss) | $ (182,334) | $ 1,918,008 | |
Net realized gains from investments and foreign currency transactions | 410,833 | 2,064,061 | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 4,310,305 | (4,054,270) | |
Net increase/(decrease) in net assets resulting from operations | 4,538,804 | (72,201) | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Class I | (1,364,831) | (5,560,897) | |
Net decrease in net assets from dividends and distributions to shareholders | (1,364,831) | (5,560,897) | |
Increase in net assets derived from capital share transactions (Note 4) | 15,279,794 | 7,410,034 | |
Total increase in net assets | 18,453,767 | 1,776,936 | |
Net assets | |||
Beginning of year | 35,434,326 | 33,657,390 | |
End of year | $53,888,093 | $35,434,326 |
Class I | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 13.79 | $ 15.65 | $ 8.80 | $ 15.75 | $ 17.37 | ||||
Net investment income/(loss)(1) | (0.06) | 0.79 (2) | (0.05) | (0.00) (3) | (0.03) | ||||
Net realized and unrealized gain/(loss) on investments | 1.97 | (0.61) | 8.52 | (4.30) | 1.10 | ||||
Total from investment operations | 1.91 | 0.18 | 8.47 | (4.30) | 1.07 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.17) | (0.72) | — | — | — | ||||
Net realized capital gains | (0.33) | (1.34) | (1.62) | (2.65) | (2.69) | ||||
Total dividends and distributions to shareholders | (0.50) | (2.06) | (1.62) | (2.65) | (2.69) | ||||
Redemption fees | 0.00 (3) | 0.02 | 0.00 (3) | — | 0.00 (3) | ||||
Net asset value, end of year | $ 15.20 | $ 13.79 | $ 15.65 | $ 8.80 | $ 15.75 | ||||
Total investment return(4) | 13.96% | (0.16)% | 101.74% | (32.15)% | 8.33% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $53,888 | $35,434 | $33,657 | $20,565 | $42,982 | ||||
Ratio of expenses to average net assets | 1.20% | 1.20% | 1.20% | 1.16% | 1.10% | ||||
Ratio of expenses to average net assets without waivers and reimbursements(5) | 1.67% | 1.73% | 2.06% | 1.83% | 1.48% | ||||
Ratio of net investment income/(loss) to average net assets | (0.43)% | 5.01% (2) | (0.38)% | (0.02)% | (0.16)% | ||||
Portfolio turnover rate | 6% | 26% | 20% | 20% | 20% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Investment income/(loss) per share reflects special dividends received during the year which amounted to $0.42 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.34%. |
(3) | Amount is less than $0.005 per share. |
(4) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Total Value at 04/30/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets | |||||||
Investments in Securities* | $ 47,214,812 | $ 47,214,812 | $ — | $ — |
* | Please refer to Portfolio of Investments for further details on portfolio holdings. |
Expiration | |||||||
04/30/2024 | 04/30/2025 | 04/30/2026 | Total | ||||
$220,991 | $201,181 | $198,031 | $620,203 |
Purchases | Sales | ||
Investment Securities | $11,582,646 | $2,370,607 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class I* | |||||||
Sales | 1,348,146 | $20,865,813 | 770,381 | $ 12,784,613 | |||
Reinvestments | 92,532 | 1,363,918 | 348,754 | 5,557,984 | |||
Redemption Fees | — | 7,385 | — | 56,823 | |||
Redemptions | (466,490) | (6,957,322) | (699,594) | (10,989,386) | |||
Net increase | 974,188 | $15,279,794 | 419,541 | $ 7,410,034 |
* | There is a 2.00% redemption fee that may be charged on shares redeemed which have been held 30 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. |
Undistributed Long-Term Gain | Unrealized Appreciation/ (Depreciation) | Qualified Late-Year Losses | ||
$392,355 | $15,165,912 | $(75,348) | ||
Federal Tax Cost | $32,048,895 |
Unrealized Appreciation | 18,449,131 |
Unrealized Depreciation | (3,283,219) |
Net Unrealized Appreciation | $15,165,912 |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES | |||||
ROBERT J. CHRISTIAN Date of Birth: 2/49 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019. | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | 36 | Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
IQBAL MANSUR Date of Birth: 6/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | 36 | Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
NICHOLAS M. MARSINI, JR. Date of Birth: 8/55 | Trustee and Chairman of the Board | Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019. | Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | 36 | Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
NANCY B. WOLCOTT Date of Birth: 11/54 | Trustee | Shall serve until death, resignation or removal. Trustee since 2011. | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. | 36 | Lincoln Variable Trust Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
STEPHEN M. WYNNE Date of Birth: 1/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2009. | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008. | 36 | Copeland Trust (registered investment company with 3 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years |
EXECUTIVE OFFICERS | |||
JOEL L. WEISS Date of Birth: 1/63 | President and Chief Executive Officer | Shall serve until death, resignation or removal. Officer since 2007. | President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016. |
CHRISTINE S. CATANZARO Date of Birth: 8/84 | Treasurer and Chief Financial Officer | Shall serve until death, resignation or removal. Officer since 2022. | Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020. |
T. RICHARD KEYES Date of Birth: 1/57 | Vice President | Shall serve until death, resignation or removal. Officer since 2016. | President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016. |
GABRIELLA MERCINCAVAGE Date of Birth: 6/68 | Assistant Treasurer | Shall serve until death, resignation or removal. Officer since 2019. | Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018. |
VINCENZO A. SCARDUZIO Date of Birth: 4/72 | Secretary | Shall serve until death, resignation or removal. Officer since 2012. | Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001. |
JOHN CANNING Date of Birth: 11/70 | Chief Compliance Officer and Anti-Money Laundering Officer | Shall serve until death, resignation or removal. Officer since 2022. | Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively. |
301 Bellevue Parkway
Wilmington, DE 19809
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Three Canal Plaza, Suite 100
Portland, ME 04101
240 Greenwich Street
New York, NY 10286
2001 Market Street
3000 Two Logan Square
18th and Arch Streets
Quality Dividend Fund |
Class A |
Class C |
Institutional Class |
Senior Portfolio Manager
Senior Portfolio Manager
Average Annual Total Returns for the Periods Ended April 30, 2023† | |||||||
1 Year | 3 Years | 5 Years | Since Inception | ||||
Class A (with sales charge) | -8.58% | 9.87% | 5.89% | 6.72% | |||
Class A (without sales charge) | -3.00% | 12.07% | 7.16% | 7.38% | |||
S&P 500® Low Volatility High Dividend Index** | -5.27% | 13.48% | 5.98% | 9.25% * | |||
Russell 1000® Value Index | 1.21% | 14.38% | 7.75% | 8.92% * |
Average Annual Total Returns for the Periods Ended April 30, 2023† | |||||||
1 Year | 3 Years | 5 Years | Since Inception | ||||
Class C (with CDSC charge) | -4.50% | 11.24% | 6.35% | 6.59% | |||
Class C (without CDSC charge) | -3.68% | 11.24% | 6.35% | 6.59% | |||
S&P 500® Low Volatility High Dividend Index** | -5.27% | 13.48% | 5.98% | 9.17% * | |||
Russell 1000® Value Index | 1.21% | 14.38% | 7.75% | 8.83% * |
† | The Quality Dividend Fund (“the Fund”) Class A commenced operations on September 30, 2013; Class C commenced operations on October 1, 2013. |
* | Benchmark performance is from each Class respective inception date only and is not the inception date of the benchmark itself. |
** | Effective August 1, 2022, the Fund’s primary benchmark changed from the Russell 1000® Value Index to the S&P 500® Low Volatility High Dividend Index. The Adviser believes that the new primary benchmark more appropriately reflects the types of securities held in the Fund’s portfolio and provides better comparative performance information. |
Average Annual Total Returns for the Periods Ended April 30, 2023† | |||||||
1 Year | 3 Years | 5 Years | Since Inception | ||||
Institutional Class | -2.75% | 12.36% | 7.42% | 7.57% | |||
S&P 500® Low Volatility High Dividend Index** | -5.27% | 13.48% | 5.98% | 6.16% * | |||
Russell 1000® Value Index | 1.21% | 14.38% | 7.75% | 8.73% * |
† | The Quality Dividend Fund (“the Fund”) Institutional Class commenced operations on October 4, 2016. |
* | Benchmark performance is from each Class respective inception date only and is not the inception date of the benchmark itself. |
** | Effective August 1, 2022, the Fund’s primary benchmark changed from the Russell 1000® Value Index to the S&P 500® Low Volatility High Dividend Index. The Adviser believes that the new primary benchmark more appropriately reflects the types of securities held in the Fund’s portfolio and provides better comparative performance information. |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio* | Expenses Paid During Period | ||||
Quality Dividend Fund | |||||||
Class A | |||||||
Actual | $1,000.00 | $1,015.30 | 1.24% | $6.20 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.65 | 1.24% | 6.21 | |||
Class C | |||||||
Actual | $1,000.00 | $1,012.00 | 1.99% | $9.93 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.93 | 1.99% | 9.94 | |||
Institutional Class | |||||||
Actual | $1,000.00 | $1,016.60 | 0.99% | $4.95 | |||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.89 | 0.99% | 4.96 |
* | Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 1.24%, 1.99% and 0.99% for Class A, Class C and Institutional Class shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six-month total returns for the Fund of 1.53%,1.20% and 1.66% for Class A, Class C and Institutional Class shares, respectively. |
% of Net Assets | Value | ||
COMMON STOCKS: | |||
Oil, Gas & Consumable Fuels | 11.7% | $ 6,805,891 | |
Biotechnology | 10.1 | 5,879,113 | |
Banks | 8.9 | 5,170,244 | |
Pharmaceuticals | 8.6 | 5,021,811 | |
Household Products | 8.0 | 4,634,121 | |
Diversified Telecommunication Services | 6.9 | 3,999,474 | |
Tobacco | 4.1 | 2,396,681 | |
Personal Care Products | 4.0 | 2,316,323 | |
Machinery | 3.9 | 2,290,427 | |
Semiconductors & Semiconductor Equipment | 3.7 | 2,180,189 | |
Industrial Conglomerates | 3.7 | 2,148,937 | |
Information Technology Services | 3.6 | 2,111,047 | |
Capital Markets | 3.6 | 2,073,949 | |
Communications Equipment | 3.5 | 2,069,833 | |
Real Estate Investment Trusts | 3.5 | 2,020,030 | |
Containers & Packaging | 3.4 | 1,995,970 | |
Specialty Retail | 3.4 | 1,984,616 | |
Insurance | 3.3 | 1,934,097 | |
Textiles, Apparel & Luxury Goods | 1.8 | 1,034,840 | |
Total Common Stocks | 99.7 | 58,067,593 | |
Other Assets in Excess of Liabilities | 0.3 | 165,921 | |
NET ASSETS | 100.0% | $58,233,514 |
Number of Shares | Value | ||
COMMON STOCKS — 99.7% | |||
Banks — 8.9% | |||
JPMorgan Chase & Co. | 16,039 | $ 2,217,231 | |
Truist Financial Corp. | 46,865 | 1,526,862 | |
US Bancorp | 41,603 | 1,426,151 | |
5,170,244 | |||
Biotechnology — 10.1% | |||
AbbVie, Inc. | 11,895 | 1,797,572 | |
Amgen, Inc. | 7,902 | 1,894,426 | |
Gilead Sciences, Inc. | 26,604 | 2,187,115 | |
5,879,113 | |||
Capital Markets — 3.6% | |||
T Rowe Price Group, Inc. | 18,463 | 2,073,949 | |
Communications Equipment — 3.5% | |||
Cisco Systems, Inc. | 43,806 | 2,069,833 | |
Containers & Packaging — 3.4% | |||
International Paper Co. | 60,283 | 1,995,970 | |
Diversified Telecommunication Services — 6.9% | |||
AT&T, Inc. | 100,678 | 1,778,980 | |
Verizon Communications, Inc. | 57,185 | 2,220,494 | |
3,999,474 | |||
Household Products — 8.0% | |||
Clorox Co. (The) | 13,851 | 2,294,003 | |
Kimberly-Clark Corp. | 16,151 | 2,340,118 | |
4,634,121 | |||
Industrial Conglomerates — 3.7% | |||
3M Co. | 20,231 | 2,148,937 | |
Information Technology Services — 3.6% | |||
International Business Machines Corp. | 16,700 | 2,111,047 | |
Insurance — 3.3% | |||
Prudential Financial, Inc. | 22,231 | 1,934,097 | |
Machinery — 3.9% | |||
Stanley Black & Decker, Inc. | 26,528 | 2,290,427 | |
Oil, Gas & Consumable Fuels — 11.7% | |||
Chevron Corp. | 12,494 | 2,106,238 |
Number of Shares | Value | ||
COMMON STOCKS — (Continued) | |||
Oil, Gas & Consumable Fuels — (Continued) | |||
Enbridge, Inc. (Canada) | 59,096 | $ 2,349,657 | |
Exxon Mobil Corp. | 19,858 | 2,349,996 | |
6,805,891 | |||
Personal Care Products — 4.0% | |||
Unilever PLC, SP ADR (United Kingdom) | 41,713 | 2,316,323 | |
Pharmaceuticals — 8.6% | |||
Merck & Co., Inc. | 17,231 | 1,989,664 | |
Organon & Co. | 40,861 | 1,006,406 | |
Pfizer, Inc. | 52,089 | 2,025,741 | |
5,021,811 | |||
Real Estate Investment Trusts — 3.5% | |||
Crown Castle, Inc. | 16,411 | 2,020,030 | |
Semiconductors & Semiconductor Equipment — 3.7% | |||
QUALCOMM, Inc. | 18,666 | 2,180,189 | |
Specialty Retail — 3.4% | |||
Best Buy Co., Inc. | 26,632 | 1,984,616 | |
Textiles, Apparel & Luxury Goods — 1.8% | |||
VF Corp. | 44,017 | 1,034,840 | |
Tobacco — 4.1% | |||
Philip Morris International, Inc. | 23,974 | 2,396,681 | |
TOTAL COMMON STOCKS (Cost $56,268,306) | 58,067,593 | ||
TOTAL INVESTMENTS - 99.7% (Cost $56,268,306) | 58,067,593 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% | 165,921 | ||
NET ASSETS - 100.0% | $58,233,514 |
PLC | Public Limited Company |
SP ADR | Sponsored American Depository Receipt |
Assets | |
Investments, at value (Cost $56,268,306) | $58,067,593 |
Cash and cash equivalents | 323,551 |
Receivables: | |
Capital shares sold | 3,921 |
Dividends | 115,239 |
Prepaid expenses and other assets | 144 |
Total Assets | 58,510,448 |
Liabilities | |
Payables: | |
Capital shares redeemed | 133,316 |
Audit fees | 33,755 |
Transfer agent fees | 30,113 |
Shareholder reporting fees | 24,095 |
Administration and accounting fees | 14,163 |
Investment adviser | 13,326 |
Distribution fees (Class A and Class C) | 12,956 |
Shareholder servicing fees | 1,858 |
Accrued expenses | 13,352 |
Total Liabilities | 276,934 |
Net Assets | $58,233,514 |
Net Assets Consisted of: | |
Capital stock, $0.01 par value | $ 50,621 |
Paid-in capital | 55,565,671 |
Total distributable earnings | 2,617,222 |
Net Assets | $58,233,514 |
Class A Shares: | |
Net assets | $35,726,735 |
Shares outstanding | 3,111,499 |
Net asset value, redemption price per share | $ 11.48 |
Maximum offering price per share (100/94.25 of $11.48) | $ 12.18 |
Class C Shares: | |
Net assets | $ 8,839,446 |
Shares outstanding | 758,100 |
Net asset value, offering and redemption price per share | $ 11.66 |
Institutional Class Shares: | |
Net assets | $13,667,333 |
Shares outstanding | 1,192,455 |
Net asset value, offering and redemption price per share | $ 11.46 |
Investment income | |
Dividends | $ 2,623,421 |
Less: foreign taxes withheld | (24,815) |
Total investment income | 2,598,606 |
Expenses | |
Advisory fees (Note 2) | 377,281 |
Distribution fees (Class A)(Note 2) | 95,293 |
Transfer agent fees (Note 2) | 90,761 |
Distribution fees (Class C)(Note 2) | 79,655 |
Registration and filing fees | 67,857 |
Shareholder reporting fees | 61,029 |
Administration and accounting fees (Note 2) | 54,748 |
Legal fees | 54,696 |
Trustees’ and officers’ fees(Note 2) | 42,955 |
Audit fees | 33,780 |
Shareholder servicing fees (Class C) | 26,552 |
Custodian fees(Note 2) | 19,138 |
Other expenses | 14,099 |
Total expenses before waivers and reimbursements | 1,017,844 |
Less: waivers and reimbursements(Note 2) | (193,865) |
Net expenses after waivers and reimbursements | 823,979 |
Net investment income | 1,774,627 |
Net realized and unrealized gain/(loss) from investments: | |
Net realized gain from investments | 2,721,838 |
Net realized loss from foreign currency transactions | (1,435) |
Net change in unrealized depreciation on investments | (6,570,580) |
Net realized and unrealized loss on investments | (3,850,177) |
Net decrease in net assets resulting from operations | $(2,075,550) |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Net increase/(decrease) in net assets from operations: | |||
Net investment income | $ 1,774,627 | $ 1,507,623 | |
Net realized gains from investments and foreign currency transactions | 2,720,403 | 7,746,539 | |
Net change in unrealized depreciation on investments | (6,570,580) | (5,972,658) | |
Net increase/(decrease) in net assets resulting from operations | (2,075,550) | 3,281,504 | |
Less dividends and distributions to shareholders from: | |||
Total distributable earnings: | |||
Class A | (6,438,105) | (1,661,062) | |
Class C | (1,658,587) | (431,693) | |
Institutional Class | (2,493,981) | (601,592) | |
Net decrease in net assets from dividends and distributions to shareholders | (10,590,673) | (2,694,347) | |
Increase/(decrease) in net assets derived from capital share transactions (Note 4) | 5,202,545 | (1,098,416) | |
Total decrease in net assets | (7,463,678) | (511,259) | |
Net assets | |||
Beginning of year | 65,697,192 | 66,208,451 | |
End of year | $ 58,233,514 | $65,697,192 |
Class A | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 14.10 | $ 13.99 | $ 10.47 | $ 13.02 | $ 12.29 | ||||
Net investment income(1) | 0.37 | 0.34 | 0.37 | 0.34 | 0.33 | ||||
Net realized and unrealized gain/(loss) on investments | (0.71) | 0.39 | 3.51 | (1.80) | 1.36 | ||||
Total from investment operations | (0.34) | 0.73 | 3.88 | (1.46) | 1.69 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.36) | (0.38) | (0.36) | (0.34) | (0.38) | ||||
Net realized capital gains | (1.92) | (0.24) | — | (0.74) | (0.58) | ||||
Return of capital | — | — | — | (0.01) | — | ||||
Total dividends and distributions to shareholders | (2.28) | (0.62) | (0.36) | (1.09) | (0.96) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 11.48 | $ 14.10 | $ 13.99 | $ 10.47 | $ 13.02 | ||||
Total investment return(3) | (3.00)% | 5.25% | 37.87% | (12.46)% | 14.66% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $35,727 | $40,081 | $37,392 | $28,816 | $40,283 | ||||
Ratio of expenses to average net assets | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements(4) | 1.55% | 1.42% | 1.50% | 1.36% | 1.41% | ||||
Ratio of net investment income to average net assets | 2.89% | 2.38% | 3.20% | 2.74% | 2.62% | ||||
Portfolio turnover rate | 22% | 32% | 28% | 38% | 37% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total investment return does not reflect the impact of the maximum front-end sales load of 5.75% or any applicable sales charge. If reflected, the return would be lower. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Class C | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $14.26 | $ 14.07 | $ 10.52 | $ 13.07 | $ 12.34 | ||||
Net investment income(1) | 0.28 | 0.24 | 0.28 | 0.25 | 0.24 | ||||
Net realized and unrealized gain/(loss) on investments | (0.71) | 0.37 | 3.54 | (1.80) | 1.36 | ||||
Total from investment operations | (0.43) | 0.61 | 3.82 | (1.55) | 1.60 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.25) | (0.18) | (0.27) | (0.25) | (0.29) | ||||
Net realized capital gains | (1.92) | (0.24) | — | (0.74) | (0.58) | ||||
Return of capital | — | — | — | (0.01) | — | ||||
Total dividends and distributions to shareholders | (2.17) | (0.42) | (0.27) | (1.00) | (0.87) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $11.66 | $ 14.26 | $ 14.07 | $ 10.52 | $ 13.07 | ||||
Total investment return(3) | (3.68)% | 4.39% | 36.91% | (13.10)% | 13.73% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $8,839 | $12,527 | $16,740 | $19,255 | $24,326 | ||||
Ratio of expenses to average net assets | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements(4) | 2.30% | 2.17% | 2.25% | 2.11% | 2.16% | ||||
Ratio of net investment income to average net assets | 2.14% | 1.63% | 2.45% | 1.99% | 1.87% | ||||
Portfolio turnover rate | 22% | 32% | 28% | 38% | 37% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Institutional Class | |||||||||
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | For the Year Ended April 30, 2021 | For the Year Ended April 30, 2020 | For the Year Ended April 30, 2019 | |||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of year | $ 14.08 | $ 14.00 | $ 10.47 | $ 13.03 | $ 12.30 | ||||
Net investment income(1) | 0.40 | 0.38 | 0.40 | 0.37 | 0.36 | ||||
Net realized and unrealized gain/(loss) on investments | (0.71) | 0.38 | 3.52 | (1.80) | 1.36 | ||||
Total from investment operations | (0.31) | 0.76 | 3.92 | (1.43) | 1.72 | ||||
Dividends and distributions to shareholders from: | |||||||||
Net investment income | (0.39) | (0.44) | (0.39) | (0.38) | (0.41) | ||||
Net realized capital gains | (1.92) | (0.24) | — | (0.74) | (0.58) | ||||
Return of capital | — | — | — | (0.01) | — | ||||
Total dividends and distributions to shareholders | (2.31) | (0.68) | (0.39) | (1.13) | (0.99) | ||||
Redemption fees | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | 0.00 (2) | ||||
Net asset value, end of year | $ 11.46 | $ 14.08 | $ 14.00 | $ 10.47 | $ 13.03 | ||||
Total investment return(3) | (2.75)% | 5.48% | 38.31% | (12.29)% | 14.94% | ||||
Ratios/Supplemental Data | |||||||||
Net assets, end of year (in 000s) | $13,667 | $13,089 | $12,076 | $10,570 | $10,562 | ||||
Ratio of expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | ||||
Ratio of expenses to average net assets without waivers and/or reimbursements(4) | 1.30% | 1.17% | 1.25% | 1.11% | 1.17% | ||||
Ratio of net investment income to average net assets | 3.14% | 2.63% | 3.45% | 2.99% | 2.87% | ||||
Portfolio turnover rate | 22% | 32% | 28% | 38% | 37% |
(1) | The selected per share data was calculated using the average shares outstanding method for the year. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. |
(4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
Total Value at 04/30/23 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets | |||||||
Investments in Securities* | $ 58,067,593 | $ 58,067,593 | $ — | $ — |
* | Please refer to Portfolio of Investments for further details on portfolio holdings. |
Expiration | |||||||
04/30/2024 | 04/30/2025 | 04/30/2026 | Total | ||||
$153,340 | $117,125 | $193,865 | $464,330 |
Purchases | Sales | ||
Investment Securities | $13,524,536 | $16,799,115 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class A | |||||||
Sales | 333,696 | $ 4,301,074 | 390,273 | $ 5,635,042 | |||
Reinvestments | 429,606 | 5,244,892 | 89,801 | 1,270,500 | |||
Redemption Fees* | — | 3,575 | — | 794 | |||
Redemptions | (494,842) | (6,226,587) | (309,048) | (4,431,755) | |||
Net increase | 268,460 | $ 3,322,954 | 171,026 | $ 2,474,581 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class C | |||||||
Sales | 79,237 | $ 1,062,343 | 92,325 | $ 1,347,872 | |||
Reinvestments | 116,813 | 1,446,920 | 25,852 | 369,207 | |||
Redemption Fees* | — | 999 | — | 327 | |||
Redemptions | (316,345) | (4,139,090) | (429,797) | (6,246,797) | |||
Net decrease | (120,295) | $(1,628,828) | (311,620) | $(4,529,391) | |||
Institutional Class | |||||||
Sales | 317,012 | $ 4,259,775 | 174,185 | $ 2,512,997 | |||
Reinvestments | 152,919 | 1,863,327 | 31,987 | 452,080 | |||
Redemption Fees* | — | 1,320 | — | 267 | |||
Redemptions | (207,265) | (2,616,003) | (139,070) | (2,008,950) | |||
Net increase | 262,666 | $ 3,508,419 | 67,102 | $ 956,394 | |||
Total net increase/(decrease) | 410,831 | $ 5,202,545 | (73,492) | $(1,098,416) |
* | There is a 1.00% redemption fee that may be charged on shares redeemed which have been held 60 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. |
Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Appreciation/ (Depreciation) | Temporary Differences | |||
$271,324 | $709,118 | $1,640,575 | $(3,795) | |||
Federal Tax Cost | $56,427,018 |
Unrealized Appreciation | 8,629,214 |
Unrealized Depreciation | (6,988,639) |
Net Unrealized Appreciation | $ 1,640,575 |
Shareholders of Quality Dividend Fund
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES | |||||
ROBERT J. CHRISTIAN Date of Birth: 2/49 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019. | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | 36 | Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
IQBAL MANSUR Date of Birth: 6/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2007. | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | 36 | Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
NICHOLAS M. MARSINI, JR. Date of Birth: 8/55 | Trustee and Chairman of the Board | Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019. | Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | 36 | Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
NANCY B. WOLCOTT Date of Birth: 11/54 | Trustee | Shall serve until death, resignation or removal. Trustee since 2011. | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. | 36 | Lincoln Variable Trust Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds in Trust Complex Overseen by Trustee | Other Directorships Held by Trustee |
STEPHEN M. WYNNE Date of Birth: 1/55 | Trustee | Shall serve until death, resignation or removal. Trustee since 2009. | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008. | 36 | Copeland Trust (registered investment company with 3 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio). |
Name and Date of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years |
EXECUTIVE OFFICERS | |||
JOEL L. WEISS Date of Birth: 1/63 | President and Chief Executive Officer | Shall serve until death, resignation or removal. Officer since 2007. | President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016. |
CHRISTINE S. CATANZARO Date of Birth: 8/84 | Treasurer and Chief Financial Officer | Shall serve until death, resignation or removal. Officer since 2022. | Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020. |
T. RICHARD KEYES Date of Birth: 1/57 | Vice President | Shall serve until death, resignation or removal. Officer since 2016. | President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016. |
GABRIELLA MERCINCAVAGE Date of Birth: 6/68 | Assistant Treasurer | Shall serve until death, resignation or removal. Officer since 2019. | Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018. |
VINCENZO A. SCARDUZIO Date of Birth: 4/72 | Secretary | Shall serve until death, resignation or removal. Officer since 2012. | Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001. |
JOHN CANNING Date of Birth: 11/70 | Chief Compliance Officer and Anti-Money Laundering Officer | Shall serve until death, resignation or removal. Officer since 2022. | Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively. |
301 Bellevue Parkway
Wilmington, DE 19809
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Three Canal Plaza, Suite 100
Portland, ME 04101
240 Greenwich Street
New York, NY 10286
3000 Two Logan Square
18th and Arch Streets
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Audit Committee of the Board of Trustees currently is comprised of Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne, each of whom is considered “independent” within the meaning set forth under Item 3 of Form N-CSR. The Board of Trustees has determined that Mr. Wynne is an “audit committee financial expert” as such term is defined by Item 3 of Form N-CSR.
The Registrant’s Board of Trustees has determined that Mr. Wynne acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer (and other senior-level accounting and/or financial positions) of several large financial institutions and because he has co-authored a text book on mutual fund accounting.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $523,801 for the fiscal year ending April 30, 2023 and $411,067 for the fiscal year ending April 30, 2022, as follows: |
Fiscal Year Ending April 30, 2023 | Fiscal Year Ending April 30, 2022 | |||
PricewaterhouseCoopers LLP | $456,291 | $346,757 | ||
Ernst & Young LLP | $67,510 | $64,310 | ||
Aggregate Fees | $523,801 | $411,067 |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for the fiscal year ending April 30, 2023 and $0 for the fiscal year ending April 30, 2022. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $7,419 for the fiscal year ending April 30, 2023 and $6,897 for the fiscal year ending April 30, 2022, as follows: |
Fiscal Year Ending April 30, 2023 | Fiscal Year Ending April 30, 2022 | |||
PricewaterhouseCoopers LLP | $7,140 | $6,699 | ||
Ernst & Young LLP | $279 | $198 | ||
Aggregate Fees | $7,419 | $6,897 |
These fees were for (a) Passive Foreign Investment Company (PFIC) database tax services and (b) India tax compliance services.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for the fiscal year ending April 30, 2023 and $0 for the fiscal year ending April 30, 2022. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Registrant’s Audit Committee Charter requires the Audit Committee to (i) (a) approve prior to appointment the engagement of independent registered public accounting firm to annually audit and provide their opinion on the Registrant’s financial statements, (b) recommend to the Independent Trustees the selection, retention or termination of the Registrant’s independent registered public accounting firm and, (c) in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm; and (ii) to approve prior to appointment the engagement of the independent registered public accounting firm to provide other audit services to the Registrant, or to provide non-audit services to the Registrant, its series, an investment adviser to its series or any entity controlling, controlled by, or under common control with an investment adviser to its series (“adviser-affiliate”) that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee will not approve non-audit services that the Audit Committee believes may impair the independence of the Registrant’s independent registered public accountant. The Audit Committee may delegate, to the extent permitted by law, pre-approved responsibilities to one or more members of the Audit Committee who shall report to the full Audit Committee.
(e)(2) | Not applicable. |
(f) | Not applicable. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $4,452 for the fiscal year ending April 30, 2023 and $2,697 for the fiscal year ending April 30, 2022, as follows: |
Fiscal Year Ending April 30, 2023 | Fiscal Year Ending April 30, 2022 | |||
PricewaterhouseCoopers LLP | $4,743 | $2,499 | ||
Ernst & Young LLP | $279 | $198 | ||
Aggregate Fees | $4,452 | $2,697 |
(h) | Not applicable. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) |
(a)(2) |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | Not applicable. |
(b) |
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) FundVantage Trust
By (Signature and Title)* | /s/ Joel L. Weiss | |||
Joel L. Weiss, President and | ||||
Chief Executive Officer | ||||
(principal executive officer) | ||||
Date July 7, 2023 |
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 (Signature and Title)* | /s/ Joel L. Weiss | |||
Joel L. Weiss, President and | ||||
Chief Executive Officer | ||||
(principal executive officer) | ||||
Date July 7, 2023 |
By (Signature and Title)* | /s/ Christine S. Catanzaro | |||
Christine S. Catanzaro, Treasurer and | ||||
Chief Financial Officer | ||||
(principal financial officer) | ||||
Date July 7, 2023 |
* Print the name and title of each signing officer under his or her signature.