Report 
 
      
Registrant:   Academy Funds Trust — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  5/31/14
Is this a Transition Report?  Yes

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1415726
SEC File #:   811-22135

Telephone #:  215-979-3754
 
 2.
Address:      123 South Broad Street, Suite1630
              Philadelphia, PA  19109
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  1
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 1:     Innovator Matrix Income Fund [ renamed
              Innovator McKinley Income Fund ] — S#35016 ⇒ IMIIX & IMIFX
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  No
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series
↑List of Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Investment Adviser 
 
 8.1
Name:         Innovator Management LLC
Role:         Adviser
SEC File #:   801-72910
Location:     Philadelphia, PA
 
 8.2
Name:         Trust & Fiduciary Management Services, Inc.
Role:         Sub-Adviser
SEC File #:   801-60043
Location:     Boston, MA
 
 All: 
Administrator 
 
10.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: 
Principal Underwriter 
 
11.1
Name:         Quasar Distributors, LLC
SEC File #:   008-52323
Location:     Milwaukee, WI
 
 All: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: 
Independent Public Accountant 
 
13.1
Name:         Tait, Weller & Baker LLP
Location:     Philadelphia, PA
 
 All: 
Custodian 
 
15.1
Name:         U.S. Bank, N.A.
Role:         Custodian
Location:     Milwaukee, WI

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Wellington & Shields & Co., LLC
Commissions paid ($000s):  25
 
20.2
Broker:       E&J Securities
Commissions paid ($000s):  23
 
20.3
Broker:       Ladenburg Thalman & Co.
Commissions paid ($000s):  17
 
20.4
Broker:       Winslow Evans & Crocker, Inc.
Commissions paid ($000s):  2
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  67
 
 All: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 All: 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 All: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,906
      Reinvestment of dividends and distributions ................
 354
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,845
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 5,778
      Reinvestment of dividends and distributions ................
 372
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,466
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 3,788
      Reinvestment of dividends and distributions ................
 381
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 4,589
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,915
      Reinvestment of dividends and distributions ................
 384
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,529
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,087
      Reinvestment of dividends and distributions ................
 384
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,660
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 16,474
      Reinvestment of dividends and distributions ................
 1,875
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 16,089

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  368
 
 All: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  13

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  2

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  11
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  13
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  Yes
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.
Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  1
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  Yes
 
 All: 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 5
Payments to brokers or dealers .........................................
 44
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 51
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  113
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 All: 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  1.0%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 All: 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 All: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  No
    Growth?                           No
    Growth and income?                Yes
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
 All: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
 All: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  16,516
Sales ($000s):      10,419

Monthly average Value of portfolio ($000s):  110,439

Percent turnover (lesser of Purchases or Sales, divided by Value):  9%
 
 All: 
Financial Info — Income and Expenses 
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.3473
Dividends for a second class of shares:  $0.3684

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 All: 
Financial Info — Condensed Balance Sheet Data 
 
75.
Monthly average net assets during the period ($000s):  114,476
 
 All: 
Fidelity Bond in Effect at Fiscal Year End 
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 1
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 7.
Name:         Innovator Matrix Income Fund [ renamed
              Innovator McKinley Income Fund ] — S#35016 ⇒ IMIIX & IMIFX

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 1: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  5

Income  ($000s)
Net interest income ..............................................
 –
Net dividend income ..............................................
 2,364
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 474
Administrator fees ...............................................
 38
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 16
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 8
Directors’ fees ..................................................
 5
Registration fees ................................................
 16
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 12
Auditing fees ....................................................
 8
Legal fees .......................................................
 21
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 113
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 6
Total expenses ...................................................
 720

Expense reimbursements ($000s):   86

Net investment income ($000s):    1,730

Realized capital gains ($000s):   0
Realized capital losses ($000s):  73

Net unrealized appreciation during the period ($000s):  6,442
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  1,836
Dividends for a second class of shares ($000s):  92

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
 S 1: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Common stock .....................................................
 18,516
Other investments ................................................
 99,637
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 177
All other assets .................................................
 27
Total assets .....................................................
 118,357

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 81
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 747

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 117,529

Number of shares outstanding (000s):   5,244
Number of shares outstanding of a second class of shares (000s):  251

Net Asset Value (NAV) per share (to nearest cent):  $21.39
NAV per share of a second class of shares (to nearest cent):  $21.36

Total number of shareholder accounts:  481

Total value of assets in segregated accounts ($000s):  0
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      David Jacovini      
Name:   David Jacovini
Title:  President