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As Of Filer Filing For·On·As Docs:Size Issuer Agent 4/13/15 Professionally Managed Portfolios N-CSR/A 9/30/14 4:2.3M Dixon MRD & Co/FA → TCM Small Cap Growth Fund ⇒ Investor Class (TCMSX) → TCM Small-Mid Cap Growth Fund ⇒ Investor Class (TCMMX) |
Document/Exhibit Description Pages Size 1: N-CSR/A Tcm Growth Funds Annual Report 9/30/2014 HTML 809K 4: EX-99.906 CERT Certification 906 HTML 7K 3: EX-99.CERT Certification 302 HTML 20K 2: EX-99.CODE ETH Code of Ethic HTML 11K
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TCM GROWTH FUNDS |
TCM GROWTH FUNDS
|
Letter to Shareholders
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2
|
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TCM Small Cap Growth Fund
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Performance Discussion
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7
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Performance
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9
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Fund Information
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10
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Schedule of Investments
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11
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TCM Small-Mid Cap Growth Fund
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Performance Discussion
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14
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Performance
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16
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Fund Information
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17
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Schedule of Investments
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18
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Fund Expense Examples
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21
|
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Financial Statements
|
||
Statements of Assets and Liabilities
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23
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Statements of Operations
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24
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Statements of Changes in Net Assets
|
25
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Financial Highlights
|
27
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Notes to Financial Statements
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29
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Report of Independent Registered Public Accounting Firm
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37
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Approval of Investment Advisory Agreement
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38
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Trustees and Executive Officers
|
41
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Additional Information
|
44
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Privacy Policy
|
46
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TCM GROWTH FUNDSCM GROWTH FUNDS
|
TCM GROWTH FUNDS
|
TCM GROWTH FUNDSCM GROWTH FUNDS
|
TCM GROWTH FUNDS
|
TCM GROWTH FUNDSCM GROWTH FUNDS
|
Richard J. Johnson
|
Jeff B. Curtis
|
Chief Investment Officer
|
President
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TCM SMALL CAP GROWTH FUND
|
PERFORMANCE DISCUSSION (Unaudited)
|
Small
|
Russell
|
Lipper Small
|
|
Cap Fund
|
2000® Growth
|
Cap Growth
|
|
4th Quarter 2013
|
10.95%
|
8.17%
|
8.22%
|
1st Quarter 2014
|
4.66%
|
0.48%
|
0.17%
|
2nd Quarter 2014
|
0.83%
|
1.72%
|
0.28%
|
3rd Quarter 2014
|
-5.98%
|
-6.13%
|
-5.78%
|
1 Year Ended 9/30/14
|
10.09%
|
3.79%
|
2.39%
|
TCM SMALL CAP GROWTH FUND
|
PERFORMANCE DISCUSSION (Unaudited) (Continued)
|
Average
|
Contribution
|
|
Top Five
|
Weight (%)
|
uuuu
|
Skyworks Solutions (semiconductors)
|
1.24
|
1.00
|
Lannett Company (generic pharmaceuticals)
|
0.46
|
0.90
|
Integrated Device Technology
|
||
(mixed signal semiconductor)
|
1.55
|
0.75
|
Motorcar Parts of America
|
||
(aftermarket automobile parts)
|
0.58
|
0.71
|
Patrick Industries (building products and materials)
|
2.00
|
0.70
|
Average
|
Contribution
|
|
Bottom Five
|
Weight (%)
|
to Returns (%)
|
PDF Solutions
|
||
(integrated circuits infrastructure technology)
|
1.07
|
-0.63
|
Ciena Corporation (network specialist)
|
1.09
|
-0.49
|
Natural Grocers by Vitamin Cottage
|
||
(natural and organic grocery)
|
0.22
|
-0.41
|
Veeva Systems (cloud-based software solutions)
|
0.47
|
-0.39
|
8x8 (IP phone systems)
|
0.78
|
-0.39
|
TCM SMALL CAP GROWTH FUND
|
VALUE OF $100,000 VS. RUSSELL 2000® GROWTH INDEX (Unaudited)
|
One
|
Three
|
Five
|
Ten
|
Since Inception
|
|
Year
|
Year
|
Year
|
Year
|
(10/1/2004)
|
|
TCM Small Cap Growth Fund
|
10.09%
|
24.48%
|
14.51%
|
9.79%
|
9.79%
|
Russell 2000® Growth Index
|
3.79%
|
21.91%
|
15.51%
|
8.80%
|
8.80%
|
Lipper Small Cap Growth Average
|
2.39%
|
20.29%
|
15.18%
|
8.53%
|
8.53%
|
TCM SMALL CAP GROWTH FUND
|
FUND INFORMATION at September 30, 2014 (Unaudited)
|
Basic Fund Facts
|
Ticker Symbol
|
TCMSX
|
Inception Date
|
10/1/04
|
Total Net Assets
|
$274 million
|
Total Operating Expenses*
|
0.93%
|
* Expense Ratio as of most recent prospectus dated January 31, 2014.
|
Top Ten Holdings (% of net assets)
|
Integrated Device Technology, Inc.
|
2.7%
|
Verint Systems, Inc.
|
1.8%
|
|
Amerisafe, Inc.
|
2.3%
|
Genesee & Wyoming, Inc.
|
1.6%
|
|
ExamWorks Group, Inc.
|
1.9%
|
H&E Equipment
|
||
Skyworks Solutions, Inc.
|
1.9%
|
Services, Inc.
|
1.6%
|
|
Patrick Industries, Inc.
|
1.9%
|
CLARCOR, Inc.
|
1.6%
|
|
Eagle Materials, Inc.
|
1.6%
|
Sector Allocation (% of net assets)
|
TCM SMALL CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 95.8%
|
||||||||
Air Freight & Logistics - 0.2%
|
||||||||
64,401 |
UTi Worldwide, Inc.*
|
$ | 684,583 | |||||
Airlines - 1.0%
|
||||||||
207,665 |
Hawaiian Holdings, Inc.*
|
2,793,094 | ||||||
Auto Components - 0.9%
|
||||||||
48,589 |
Drew Industries, Inc.
|
2,049,970 | ||||||
6,964 |
Gentherm, Inc.*
|
294,090 | ||||||
2,344,060 | ||||||||
Beverages - 0.2%
|
||||||||
88,221 |
REEDS, Inc.*
|
520,504 | ||||||
Biotechnology - 1.8%
|
||||||||
41,211 |
Cepheid*
|
1,814,520 | ||||||
32,926 |
Medivation, Inc.*
|
3,255,394 | ||||||
5,069,914 | ||||||||
Building Products - 2.8%
|
||||||||
65,687 |
Apogee Enterprises, Inc.
|
2,614,343 | ||||||
121,903 |
Patrick Industries, Inc.*
|
5,163,811 | ||||||
7,778,154 | ||||||||
Capital Markets - 1.4%
|
||||||||
13,945 |
Affiliated Managers
|
|||||||
Group, Inc.*
|
2,794,020 | |||||||
32,332 |
Financial Engines, Inc.
|
1,106,240 | ||||||
3,900,260 | ||||||||
Commercial Services & Supplies - 2.8%
|
||||||||
71,693 |
Healthcare Services
|
|||||||
Group, Inc.
|
2,051,137 | |||||||
69,861 |
Mobile Mini, Inc.
|
2,443,039 | ||||||
66,781 |
US Ecology, Inc.
|
3,122,679 | ||||||
7,616,855 | ||||||||
Communications Equipment - 1.3%
|
||||||||
216,614 |
Ciena Corp.*
|
3,621,786 | ||||||
Construction & Engineering - 3.0%
|
||||||||
95,466 |
Dycom Industries, Inc.*
|
2,931,761 | ||||||
107,609 |
EMCOR Group, Inc.
|
4,300,055 | ||||||
34,845 |
MasTec, Inc.*
|
1,066,954 | ||||||
8,298,770 | ||||||||
Construction Materials - 1.6%
|
||||||||
43,879 |
Eagle Materials, Inc.
|
4,468,199 | ||||||
Distributors - 1.7%
|
||||||||
125,485 |
LKQ Corp.*
|
3,336,646 | ||||||
25,775 |
Pool Corp.
|
1,389,788 | ||||||
4,726,434 | ||||||||
Diversified Consumer Services - 1.9%
|
||||||||
59,799 |
Grand Canyon
|
|||||||
Education, Inc.*
|
2,438,005 | |||||||
83,729 |
Liberty Tax, Inc.*
|
2,704,447 | ||||||
5,142,452 | ||||||||
Diversified Telecommunication Services - 1.7%
|
||||||||
191,571 |
8x8, Inc.*
|
1,279,694 | ||||||
102,227 |
Cogent Communications
|
|||||||
Holdings, Inc.
|
3,435,850 | |||||||
4,715,544 | ||||||||
Electrical Equipment - 0.9%
|
||||||||
34,002 |
Power Solutions
|
|||||||
International, Inc.*
|
2,346,138 | |||||||
Electronic Equipment,
|
||||||||
Instruments & Components - 0.1%
|
||||||||
12,527 |
National Instruments
|
|||||||
Corp.
|
387,460 | |||||||
Energy Equipment & Services - 0.1%
|
||||||||
6,494 |
RigNet, Inc.*
|
262,682 | ||||||
Food & Staples Retailing - 1.6%
|
||||||||
25,127 |
The Andersons, Inc.
|
1,579,986 | ||||||
39,855 |
Casey’s General
|
|||||||
Stores, Inc.
|
2,857,603 | |||||||
4,437,589 | ||||||||
Food Products - 1.9%
|
||||||||
44,000 |
Treehouse Foods, Inc.*
|
3,542,000 | ||||||
46,699 |
Whitewave Foods Co.*
|
1,696,575 | ||||||
5,238,575 | ||||||||
Health Care Equipment & Supplies - 5.2%
|
||||||||
84,401 |
Insulet Corp.*
|
3,110,177 | ||||||
139,152 |
LDR Holding Corp.*
|
4,331,802 | ||||||
129,292 |
Spectranetics Corp.*
|
3,435,288 | ||||||
43,530 |
Trinity Biotech Plc - ADR
|
795,293 |
TCM SMALL CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014 (Continued)
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 95.8% (Continued)
|
||||||||
Health Care Equipment & Supplies - 5.2% (Continued)
|
||||||||
87,227 |
Wright Medical
|
|||||||
Group, Inc.*
|
$ | 2,642,978 | ||||||
14,315,538 | ||||||||
Health Care Providers & Services - 8.9%
|
||||||||
15,298 |
Athenahealth, Inc.*
|
2,014,594 | ||||||
112,100 |
Brookdale Senior
|
|||||||
Living, Inc.*
|
3,611,862 | |||||||
36,003 |
Centene Corp.*
|
2,977,808 | ||||||
160,642 |
ExamWorks Group, Inc.*
|
5,261,025 | ||||||
109,313 |
HealthEquity, Inc.*
|
2,001,521 | ||||||
71,405 |
MEDNAX, Inc.*
|
3,914,422 | ||||||
18,269 |
MWI Veterinary
|
|||||||
Supply, Inc.*
|
2,711,120 | |||||||
35,589 |
Team Health
|
|||||||
Holdings, Inc.*
|
2,063,806 | |||||||
24,556,158 | ||||||||
Health Care Technology - 1.5%
|
||||||||
60,360 |
Medidata Solutions, Inc.*
|
2,673,344 | ||||||
47,523 |
Veeva Systems, Inc.*
|
1,338,723 | ||||||
4,012,067 | ||||||||
Hotels, Restaurants & Leisure - 4.9%
|
||||||||
124,471 |
Chuy’s Holdings, Inc.*
|
3,907,145 | ||||||
78,022 |
Kona Grill, Inc.*
|
1,539,374 | ||||||
54,418 |
Life Time Fitness, Inc.*
|
2,744,844 | ||||||
110,701 |
Noodles & Company*
|
2,124,352 | ||||||
108,162 |
Texas Roadhouse, Inc.
|
3,011,230 | ||||||
13,326,945 | ||||||||
Household Durables - 0.6%
|
||||||||
182,253 |
The Dixie Group, Inc.*
|
1,580,134 | ||||||
Insurance - 2.3%
|
||||||||
161,303 |
Amerisafe, Inc.
|
6,308,560 | ||||||
Internet Software & Services - 3.6%
|
||||||||
256,501 |
Borderfree, Inc.*
|
3,308,863 | ||||||
61,822 |
Dealertrack
|
|||||||
Technologies, Inc.*
|
2,683,693 | |||||||
99,680 |
Global Eagle
|
|||||||
Entertainment, Inc.*
|
1,118,409 | |||||||
308,038 |
Marin Software, Inc.*
|
2,649,127 | ||||||
9,760,092 | ||||||||
IT Services - 1.9%
|
||||||||
81,085 |
iGate Corp.*
|
2,977,441 | ||||||
25,577 |
Syntel, Inc.*
|
2,249,242 | ||||||
5,226,683 | ||||||||
Life Science Tools & Services - 1.1%
|
||||||||
52,054 |
ICON Plc*
|
2,979,050 | ||||||
Machinery - 6.6%
|
||||||||
71,064 |
CLARCOR, Inc.
|
4,482,717 | ||||||
74,947 |
Manitex Intl, Inc.*
|
846,152 | ||||||
33,497 |
Middleby Corp.*
|
2,952,090 | ||||||
256,454 |
Mueller Water
|
|||||||
Products, Inc.
|
2,123,439 | |||||||
105,148 |
Navistar
|
|||||||
International Corp.*
|
3,460,421 | |||||||
86,263 |
Woodward, Inc.
|
4,107,844 | ||||||
17,972,663 | ||||||||
Marine - 0.4%
|
||||||||
234,192 |
Baltic Trading Ltd.
|
969,555 | ||||||
Media - 1.1%
|
||||||||
183,456 |
The E.W.
|
|||||||
Scripps Company*
|
2,992,167 | |||||||
Metals & Mining - 2.4%
|
||||||||
201,737 |
Globe Specialty
|
|||||||
Metals, Inc.
|
3,669,596 | |||||||
12,047 |
Haynes International, Inc.
|
554,041 | ||||||
141,773 |
Horsehead
|
|||||||
Holding Corp.*
|
2,343,508 | |||||||
6,567,145 | ||||||||
Multiline Retail - 1.2%
|
||||||||
163,537 |
Tuesday Morning Corp.*
|
3,173,435 | ||||||
Oil, Gas & Consumable Fuels - 1.5%
|
||||||||
54,869 |
Matador Resources Co.*
|
1,418,364 | ||||||
63,198 |
Rosetta Resources, Inc.*
|
2,816,103 | ||||||
4,234,467 | ||||||||
Personal Products - 0.8%
|
||||||||
79,660 |
Inter Parfums, Inc.
|
2,190,650 | ||||||
Pharmaceuticals - 1.3%
|
||||||||
234,040 |
Horizon Pharma Plc*
|
2,874,011 | ||||||
7,106 |
Pacira
|
|||||||
Pharmaceuticals, Inc.*
|
688,714 | |||||||
3,562,725 |
TCM SMALL CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014 (Continued)
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 95.8% (Continued)
|
||||||||
Professional Services - 0.2%
|
||||||||
20,384 |
On Assignment, Inc.*
|
$ | 547,310 | |||||
Road & Rail - 3.6%
|
||||||||
47,468 |
Genesee &
|
|||||||
Wyoming, Inc.*
|
4,524,175 | |||||||
253,306 |
Quality Distribution, Inc.*
|
3,237,251 | ||||||
99,303 |
Swift
|
|||||||
Transportation Co.*
|
2,083,377 | |||||||
9,844,803 | ||||||||
Semiconductors &
|
||||||||
Semiconductor Equipment - 8.4%
|
||||||||
41,564 |
Cavium, Inc.*
|
2,066,978 | ||||||
101,576 |
Diodes, Inc.*
|
2,429,698 | ||||||
463,586 |
Integrated Device
|
|||||||
Technology, Inc.*
|
7,394,197 | |||||||
75,190 |
Monolithic Power
|
|||||||
Systems, Inc.
|
3,312,119 | |||||||
205,559 |
PDF Solutions, Inc.*
|
2,592,099 | ||||||
89,676 |
Skyworks Solutions, Inc.
|
5,205,692 | ||||||
23,000,783 | ||||||||
Software - 6.4%
|
||||||||
71,683 |
Bottomline
|
|||||||
Technologies, Inc.*
|
1,977,734 | |||||||
59,929 |
FireEye, Inc.*
|
1,831,430 | ||||||
95,010 |
Monotype Imaging
|
|||||||
Holdings, Inc.
|
2,690,683 | |||||||
107,492 |
Qlik Technologies, Inc.*
|
2,906,584 | ||||||
47,365 |
Tableau Software, Inc.*
|
3,441,067 | ||||||
86,791 |
Verint Systems, Inc.*
|
4,826,448 | ||||||
17,673,946 | ||||||||
Specialty Retail - 2.0%
|
||||||||
70,367 |
Five Below, Inc.*
|
2,787,237 | ||||||
34,107 |
Restoration Hardware
|
|||||||
Holdings, Inc.*
|
2,713,212 | |||||||
5,500,449 | ||||||||
Textiles, Apparel & Luxury Goods - 1.4%
|
||||||||
66,022 |
Kate Spade & Co.*
|
1,731,757 | ||||||
34,791 |
Oxford Industries, Inc.
|
2,121,903 | ||||||
3,853,660 | ||||||||
Trading Companies & Distributors - 1.6%
|
||||||||
111,327 |
H&E Equipment
|
|||||||
Services, Inc.
|
4,484,252 | |||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $231,244,983)
|
262,986,290 | |||||||
SHORT-TERM INVESTMENTS - 3.7%
|
||||||||
Money Market Funds - 3.7%
|
||||||||
10,224,793 |
SEI Daily Income Trust
|
|||||||
Government Fund -
|
||||||||
Class B, 0.020%(1)
|
10,224,793 | |||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $10,224,793)
|
10,224,793 | |||||||
TOTAL INVESTMENTS
|
||||||||
IN SECURITIES - 99.5%
|
||||||||
(Cost $241,469,776)
|
273,211,083 | |||||||
Other Assets in
|
||||||||
Excess of Liabilities - 0.5%
|
1,227,419 | |||||||
TOTAL NET ASSETS - 100.0%
|
$ | 274,438,502 |
*
|
Non-income producing security.
|
|
ADR
|
American Depositary Receipt
|
|
(1)
|
Seven-day yield as of September 30, 2014.
|
TCM SMALL CAP GROWTH FUND
|
PERFORMANCE DISCUSSION (Unaudited)
|
SMID
|
Russell
|
||
Cap Fund
|
2500™ Growth
|
||
4th Quarter 2013
|
9.56%
|
8.49%
|
|
1st Quarter 2014
|
3.51%
|
1.04%
|
|
2nd Quarter 2014
|
3.22%
|
2.90%
|
|
3rd Quarter 2014
|
-3.69%
|
-4.21%
|
|
1 Year Ended 9/30/14
|
12.73%
|
8.05%
|
TCM SMALL-MID CAP GROWTH FUND
|
PERFORMANCE DISCUSSION (Unaudited) (Continued)
|
Average
|
Contribution
|
|
Top Five
|
Weight (%)
|
to Returns (%)
|
Skyworks Solutions (semiconductors)
|
1.18
|
0.98
|
Lannett Company (generic pharmaceuticals)
|
0.45
|
0.88
|
Trex Company (composite deck products)
|
0.61
|
0.68
|
Lam Research
|
||
(semiconductor processing equipment)
|
1.72
|
0.68
|
Illumina (life science tools)
|
0.65
|
0.67
|
Average
|
Contribution
|
|
Bottom Five
|
Weight (%)
|
to Returns (%)
|
PDF Solutions
|
||
(integrated circuits infrastructure technology)
|
1.01
|
-0.56
|
Veeva Systems (cloud-based software solutions)
|
0.46
|
-0.42
|
8x8 (IP phone systems)
|
0.77
|
-0.39
|
Ciena Corporation (network specialist)
|
0.95
|
-0.37
|
Tangoe (communications management software)
|
0.12
|
-0.36
|
TCM SMALL-MID CAP GROWTH FUND
|
VALUE OF $100,000 VS. RUSSELL 2500™ GROWTH INDEX (Unaudited)
|
Since Inception
|
||||
One Year
|
Three Year
|
Five Year
|
(6/29/2007)
|
|
TCM Small-Mid Cap Growth Fund
|
12.73%
|
21.43%
|
13.87%
|
4.59%
|
Russell 2500™ Growth Index
|
8.05%
|
22.68%
|
16.85%
|
7.46%
|
TCM SMALL-MID CAP GROWTH FUND
|
FUND INFORMATION at September 30, 2014 (Unaudited)
|
Basic Fund Facts
|
Ticker Symbol
|
TCMMX
|
Inception Date
|
6/29/07
|
Total Net Assets
|
$47 million
|
Total Operating Expenses*
|
0.95%
|
* Expense Ratio as of most recent prospectus dated January 31, 2014.
|
Top Ten Holdings (% of net assets)
|
Integrated Device Technology, Inc. | 2.5% | Eagle Materials, Inc. | 1.6% | |
Skyworks Solutions, Inc. | 1.9% | CLARCOR, Inc. | 1.6% | |
ExamWorks Group, Inc. | 1.9% | Jones Lang Lasalle, Inc. | 1.6% | |
Verint Systems, Inc. | 1.8% | LDR Holding Corp. | 1.5% | |
Lam Research Corp. | 1.7% | Genesee & Wyoming, Inc. | 1.5% |
Sector Allocation (% of net assets)
|
TCM SMALL-MID CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 96.2%
|
||||||||
Air Freight & Logistics - 0.3%
|
||||||||
11,171 |
UTi Worldwide, Inc.*
|
$ | 118,748 | |||||
Airlines - 1.0%
|
||||||||
34,179 |
Hawaiian Holdings, Inc.*
|
459,708 | ||||||
Auto Components - 0.8%
|
||||||||
8,218 |
Drew Industries, Inc.
|
346,717 | ||||||
1,168 |
Gentherm, Inc.*
|
49,325 | ||||||
396,042 | ||||||||
Biotechnology - 1.8%
|
||||||||
6,581 |
Cepheid*
|
289,761 | ||||||
5,532 |
Medivation, Inc.*
|
546,949 | ||||||
836,710 | ||||||||
Building Products - 2.3%
|
||||||||
11,168 |
Apogee Enterprises, Inc.
|
444,486 | ||||||
15,372 |
Patrick Industries, Inc.*
|
651,158 | ||||||
1,095,644 | ||||||||
Capital Markets - 0.9%
|
||||||||
2,195 |
Affiliated Managers
|
|||||||
Group, Inc.*
|
439,790 | |||||||
Commercial Services & Supplies - 3.4%
|
||||||||
11,914 |
Healthcare Services
|
|||||||
Group, Inc.
|
340,859 | |||||||
11,869 |
Mobile Mini, Inc.
|
415,059 | ||||||
11,353 |
US Ecology, Inc.
|
530,866 | ||||||
7,257 |
Waste Connections, Inc.
|
352,110 | ||||||
1,638,894 | ||||||||
Communications Equipment - 3.2%
|
||||||||
26,407 |
Ciena Corp.*
|
441,525 | ||||||
4,146 |
F5 Networks, Inc.*
|
492,296 | ||||||
5,693 |
Palo Alto Networks, Inc.*
|
558,483 | ||||||
1,492,304 | ||||||||
Construction & Engineering - 3.3%
|
||||||||
15,646 |
Dycom Industries, Inc.*
|
480,489 | ||||||
16,226 |
EMCOR Group, Inc.
|
648,391 | ||||||
5,735 |
MasTec, Inc.*
|
175,606 | ||||||
6,639 |
Quanta Services, Inc.*
|
240,929 | ||||||
1,545,415 | ||||||||
Construction Materials - 1.6%
|
||||||||
7,421 |
Eagle Materials, Inc.
|
755,680 | ||||||
Containers & Packaging - 1.0%
|
||||||||
7,536 |
AptarGroup, Inc.
|
457,435 | ||||||
Distributors - 1.7%
|
||||||||
22,069 |
LKQ Corp.*
|
586,815 | ||||||
4,433 |
Pool Corp.
|
239,027 | ||||||
825,842 | ||||||||
Diversified Consumer Services - 0.8%
|
||||||||
9,709 |
Grand Canyon
|
|||||||
Education, Inc.*
|
395,836 | |||||||
Diversified Telecommunication Services - 1.7%
|
||||||||
31,662 |
8x8, Inc.*
|
211,502 | ||||||
17,356 |
Cogent Communications
|
|||||||
Holdings, Inc.
|
583,335 | |||||||
794,837 | ||||||||
Electrical Equipment - 0.8%
|
||||||||
5,756 |
Power Solutions
|
|||||||
International, Inc.*
|
397,164 | |||||||
Electronic Equipment,
|
||||||||
Instruments & Components - 1.1%
|
||||||||
6,698 |
IPG Photonics Corp.*
|
460,689 | ||||||
1,839 |
National Instruments Corp.
|
56,880 | ||||||
517,569 | ||||||||
Energy Equipment & Services - 1.2%
|
||||||||
1,602 |
Core Laboratories NV
|
234,453 | ||||||
5,235 |
Oceaneering
|
|||||||
International, Inc.
|
341,165 | |||||||
575,618 | ||||||||
Food & Staples Retailing - 1.6%
|
||||||||
4,252 |
The Andersons, Inc.
|
267,366 | ||||||
6,785 |
Casey’s General Stores, Inc.
|
486,484 | ||||||
753,850 | ||||||||
Food Products - 1.9%
|
||||||||
7,610 |
Treehouse Foods, Inc.*
|
612,605 | ||||||
8,020 |
Whitewave Foods Co.*
|
291,367 | ||||||
903,972 |
TCM SMALL-MID CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014 (Continued)
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 96.2% (Continued)
|
||||||||
Health Care Equipment & Supplies - 5.1%
|
||||||||
14,028 |
Insulet Corp.*
|
$ | 516,932 | |||||
23,014 |
LDR Holding Corp.*
|
716,426 | ||||||
21,818 |
Spectranetics Corp.*
|
579,704 | ||||||
7,534 |
Trinity Biotech Plc - ADR
|
137,646 | ||||||
14,760 |
Wright Medical
|
|||||||
Group, Inc.*
|
447,228 | |||||||
2,397,936 | ||||||||
Health Care Providers & Services - 13.2%
|
||||||||
2,596 |
Athenahealth, Inc.*
|
341,867 | ||||||
17,984 |
Brookdale Senior
|
|||||||
Living, Inc.*
|
579,444 | |||||||
12,681 |
Catamaran Corp.*
|
534,504 | ||||||
6,184 |
Centene Corp.*
|
511,479 | ||||||
12,991 |
Envision Healthcare
|
|||||||
Holdings, Inc.*
|
450,528 | |||||||
26,741 |
ExamWorks Group, Inc.*
|
875,768 | ||||||
18,861 |
HealthEquity, Inc.*
|
345,345 | ||||||
3,814 |
Henry Schein, Inc.*
|
444,217 | ||||||
11,704 |
MEDNAX, Inc.*
|
641,613 | ||||||
2,992 |
MWI Veterinary
|
|||||||
Supply, Inc.*
|
444,013 | |||||||
6,112 |
Team Health
|
|||||||
Holdings, Inc.*
|
354,435 | |||||||
6,620 |
Universal Health
|
|||||||
Services, Inc.
|
691,790 | |||||||
6,215,003 | ||||||||
Health Care Technology - 1.4%
|
||||||||
9,899 |
Medidata Solutions, Inc.*
|
438,427 | ||||||
7,973 |
Veeva Systems, Inc.*
|
224,599 | ||||||
663,026 | ||||||||
Hotels, Restaurants & Leisure - 4.2%
|
||||||||
21,375 |
Chuy’s Holdings, Inc.*
|
670,961 | ||||||
9,403 |
Life Time Fitness, Inc.*
|
474,287 | ||||||
18,708 |
Noodles & Company*
|
359,007 | ||||||
17,992 |
Texas Roadhouse, Inc.
|
500,897 | ||||||
2,005,152 | ||||||||
Internet Software & Services - 1.0%
|
||||||||
10,414 |
Dealertrack
|
|||||||
Technologies, Inc.*
|
452,072 | |||||||
IT Services - 1.9%
|
||||||||
14,024 |
iGate Corp.*
|
514,961 | ||||||
4,257 |
Syntel, Inc.*
|
374,361 | ||||||
889,322 | ||||||||
Life Science Tools & Services - 1.1%
|
||||||||
8,939 |
ICON Plc*
|
511,579 | ||||||
Machinery - 6.1%
|
||||||||
11,649 |
CLARCOR, Inc.
|
734,819 | ||||||
5,650 |
Middleby Corp.*
|
497,935 | ||||||
17,254 |
Navistar
|
|||||||
International Corp.*
|
567,829 | |||||||
4,937 |
Westinghouse Air
|
|||||||
Brake Technologies Corp.
|
400,094 | |||||||
14,306 |
Woodward, Inc.
|
681,252 | ||||||
2,881,929 | ||||||||
Marine - 0.3%
|
||||||||
38,208 |
Baltic Trading Ltd.
|
158,181 | ||||||
Media - 1.1%
|
||||||||
30,882 |
The E.W.
|
|||||||
Scripps Company*
|
503,685 | |||||||
Metals & Mining - 2.1%
|
||||||||
33,186 |
Globe Specialty
|
|||||||
Metals, Inc.
|
603,653 | |||||||
23,537 |
Horsehead Holding Corp.*
|
389,067 | ||||||
992,720 | ||||||||
Multiline Retail - 0.8%
|
||||||||
20,306 |
Tuesday Morning Corp.*
|
394,038 | ||||||
Oil, Gas & Consumable Fuels - 1.1%
|
||||||||
3,289 |
Cheniere Energy, Inc.*
|
263,219 | ||||||
9,259 |
Matador Resources Co.*
|
239,345 | ||||||
502,564 | ||||||||
Personal Products - 0.8%
|
||||||||
13,046 |
Inter Parfums, Inc.
|
358,765 | ||||||
Pharmaceuticals - 1.6%
|
||||||||
1,191 |
Pacira
|
|||||||
Pharmaceuticals, Inc.*
|
115,432 | |||||||
4,042 |
Salix
|
|||||||
Pharmaceuticals Ltd.*
|
631,522 | |||||||
746,954 |
TCM SMALL-MID CAP GROWTH FUND
|
SCHEDULE OF INVESTMENTS at September 30, 2014 (Continued)
|
Shares
|
Value
|
|||||||
COMMON STOCKS - 96.2% (Continued)
|
||||||||
Real Estate Management & Development - 1.6%
|
||||||||
5,798 |
Jones Lang Lasalle, Inc.
|
$ | 732,519 | |||||
Road & Rail - 2.3%
|
||||||||
7,473 |
Genesee & Wyoming, Inc.*
|
712,251 | ||||||
17,109 |
Swift Transportation Co.*
|
358,947 | ||||||
1,071,198 | ||||||||
Semiconductors &
|
||||||||
Semiconductor Equipment - 8.7%
|
||||||||
7,160 |
Cavium, Inc.*
|
356,067 | ||||||
73,328 |
Integrated Device
|
|||||||
Technology, Inc.*
|
1,169,582 | |||||||
10,714 |
Lam Research Corp.
|
800,336 | ||||||
11,489 |
Monolithic Power
|
|||||||
Systems, Inc.
|
506,090 | |||||||
30,328 |
PDF Solutions, Inc.*
|
382,436 | ||||||
15,449 |
Skyworks Solutions, Inc.
|
896,814 | ||||||
4,111,325 | ||||||||
Software - 7.1%
|
||||||||
12,043 |
Bottomline
|
|||||||
Technologies, Inc.*
|
332,266 | |||||||
10,292 |
FireEye, Inc.*
|
314,524 | ||||||
16,004 |
Monotype Imaging
|
|||||||
Holdings, Inc.
|
453,233 | |||||||
18,092 |
Qlik Technologies, Inc.*
|
489,208 | ||||||
6,009 |
Solera Holdings, Inc.
|
338,667 | ||||||
7,833 |
Tableau Software, Inc.*
|
569,068 | ||||||
15,223 |
Verint Systems, Inc.*
|
846,551 | ||||||
3,343,517 | ||||||||
Specialty Retail - 2.9%
|
||||||||
11,964 |
Five Below, Inc.*
|
473,894 | ||||||
5,781 |
Restoration Hardware
|
|||||||
Holdings, Inc.*
|
459,879 | |||||||
12,320 |
Urban Outfitters, Inc.*
|
452,144 | ||||||
1,385,917 | ||||||||
Textiles, Apparel & Luxury Goods - 1.4%
|
||||||||
11,242 |
Kate Spade & Co.*
|
294,878 | ||||||
5,975 |
Oxford Industries, Inc.
|
364,415 | ||||||
659,293 | ||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $39,340,192)
|
45,377,753 | |||||||
SHORT-TERM INVESTMENTS - 4.5%
|
||||||||
Money Market Funds - 4.5%
|
||||||||
2,124,109 |
SEI Daily Income Trust
|
|||||||
Government Fund -
|
||||||||
Class B, 0.020%(1)
|
2,124,109 | |||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $2,124,109)
|
2,124,109 | |||||||
TOTAL INVESTMENTS
|
||||||||
IN SECURITIES - 100.7%
|
||||||||
(Cost $41,464,301)
|
||||||||
47,501,862 | ||||||||
Liabilities in Excess of
|
||||||||
Other Assets - (0.7)%
|
(347,470 | ) | ||||||
TOTAL NET ASSETS - 100.0%
|
$ | 47,154,392 |
*
|
Non-income producing security.
|
|
ADR
|
American Depositary Receipt
|
|
(1)
|
Seven-day yield as of September 30, 2014.
|
TCM GROWTH FUNDS
|
EXPENSE EXAMPLES For the Six Months Ended September 30, 2014 (Unaudited)
|
TCM GROWTH FUNDS
|
EXPENSE EXAMPLES For the Six Months Ended September 30, 2014 (Unaudited) (Continued)
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During the Period
|
|
4/01/14
|
9/30/14
|
4/01/14 – 9/30/14*
|
|
Actual
|
$1,000.00
|
$ 948.00
|
$4.59
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,020.36
|
$4.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.94% (reflecting fee waivers in effect) multiplied by the average account value over the period multiplied by 183/365 (to reflect one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During the Period
|
|
4/01/14
|
9/30/14
|
4/01/14 – 9/30/14**
|
|
Actual
|
$1,000.00
|
$ 994.00
|
$4.75
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,020.31
|
$4.81
|
**
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.95% (reflecting fee waivers in effect) multiplied by the average account value over the period multiplied by 183/365 (to reflect one-half year period).
|
TCM GROWTH FUNDS
|
STATEMENTS OF ASSETS AND LIABILITIES at September 30, 2014
|
TCM Small Cap
|
TCM Small-Mid
|
|||||||
Growth Fund
|
Cap Growth
|
|||||||
ASSETS
|
||||||||
Investments in securities, at value (cost $241,469,776
|
||||||||
and $41,464,301) (Note 2)
|
$ | 273,211,083 | $ | 47,501,862 | ||||
Receivables:
|
||||||||
Investment securities sold
|
5,616,602 | 916,617 | ||||||
Fund shares sold
|
809,372 | 80,453 | ||||||
Dividends and interest
|
49,857 | 9,719 | ||||||
Prepaid expenses
|
22,489 | 19,489 | ||||||
Total assets
|
279,709,403 | 48,528,140 | ||||||
LIABILITIES
|
||||||||
Payables:
|
||||||||
Due to custodian
|
7 | 7 | ||||||
Fund shares redeemed
|
27,513 | — | ||||||
Investment securities purchased
|
4,982,680 | 1,300,928 | ||||||
Investment advisory fees, net
|
187,632 | 24,131 | ||||||
Administration fees
|
22,627 | 10,054 | ||||||
Fund accounting fees
|
7,636 | 6,084 | ||||||
Custody fees
|
4,664 | 2,704 | ||||||
Transfer agent fees
|
4,495 | 2,349 | ||||||
Trustee fees
|
2,076 | 1,569 | ||||||
Chief Compliance Officer fees
|
1,710 | 1,239 | ||||||
Other accrued expenses
|
29,861 | 24,683 | ||||||
Total liabilities
|
5,270,901 | 1,373,748 | ||||||
NET ASSETS
|
$ | 274,438,502 | $ | 47,154,392 | ||||
Net Asset Value (unlimited shares authorized):
|
||||||||
Net assets
|
$ | 274,438,502 | $ | 47,154,392 | ||||
Shares of beneficial interest issued and outstanding
|
8,013,621 | 2,825,537 | ||||||
Net asset value, offering and redemption price per share
|
$ | 34.25 | $ | 16.69 | ||||
COMPONENTS OF NET ASSETS
|
||||||||
Paid-in capital
|
$ | 197,517,621 | $ | 32,359,715 | ||||
Undistributed net realized gain on investments
|
45,179,574 | 8,757,116 | ||||||
Net unrealized appreciation of investments
|
31,741,307 | 6,037,561 | ||||||
Net assets
|
$ | 274,438,502 | $ | 47,154,392 |
TCM GROWTH FUNDS
|
STATEMENTS OF OPERATIONS For the Year Ended September 30, 2014
|
TCM Small Cap
|
TCM Small-Mid
|
|||||||
Growth Fund
|
Cap Growth
|
|||||||
INVESTMENT INCOME
|
||||||||
Income
|
||||||||
Dividends (net of $4,606 and $922 of
|
||||||||
foreign withholding tax, respectively)
|
$ | 1,300,248 | $ | 128,393 | ||||
Interest
|
1,668 | 197 | ||||||
Total investment income
|
1,301,916 | 128,590 | ||||||
EXPENSES (Note 3)
|
||||||||
Investment advisory fees
|
2,273,739 | 385,717 | ||||||
Administration fees
|
144,836 | 58,512 | ||||||
Fund accounting fees
|
47,373 | 37,225 | ||||||
Custody fees
|
31,754 | 21,883 | ||||||
Transfer agent fees
|
28,258 | 14,434 | ||||||
Audit fees
|
25,437 | 20,450 | ||||||
Registration fees
|
19,583 | 21,897 | ||||||
Miscellaneous expenses
|
15,012 | 5,877 | ||||||
Chief Compliance Officer fees
|
10,410 | 7,539 | ||||||
Reports to shareholders
|
9,408 | 2,294 | ||||||
Trustees fees
|
8,227 | 6,348 | ||||||
Legal fees
|
4,631 | 5,213 | ||||||
Insurance expenses
|
3,333 | 3,291 | ||||||
Interest expense
|
324 | 2,269 | ||||||
Total expenses
|
2,622,325 | 592,949 | ||||||
Less: fees waived
|
(94 | ) | (134,910 | ) | ||||
Net expenses
|
2,622,231 | 458,039 | ||||||
Net investment loss
|
(1,320,315 | ) | (329,449 | ) | ||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||||||
Net realized gain on investments
|
58,165,811 | 13,255,401 | ||||||
Change in net unrealized
|
||||||||
depreciation on investments
|
(30,537,857 | ) | (7,104,519 | ) | ||||
Net realized and unrealized
|
||||||||
gain on investments
|
27,627,954 | 6,150,882 | ||||||
Net increase in net assets
|
||||||||
resulting from operations
|
$ | 26,307,639 | $ | 5,821,433 |
TCM SMALL CAP GROWTH FUND
|
STATEMENTS OF CHANGES IN NET ASSETS
|
Year Ended
|
Year Ended
|
|||||||
INCREASE (DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment loss
|
$ | (1,320,315 | ) | $ | (870,492 | ) | ||
Net realized gain on investments
|
58,165,811 | 51,767,393 | ||||||
Change in net unrealized
|
||||||||
appreciation (depreciation) on investments
|
(30,537,857 | ) | 19,796,094 | |||||
Net increase in net assets
|
||||||||
resulting from operations
|
26,307,639 | 70,692,995 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net realized gain
|
(59,228,776 | ) | (5,178,391 | ) | ||||
Total distributions to shareholders
|
(59,228,776 | ) | (5,178,391 | ) | ||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase (decrease) in net assets derived
|
||||||||
from net change in outstanding shares(1)
|
49,553,470 | (37,000,823 | ) | |||||
Total increase in net assets
|
16,632,333 | 28,513,781 | ||||||
NET ASSETS
|
||||||||
Beginning of year
|
257,806,169 | 229,292,388 | ||||||
End of year
|
$ | 274,438,502 | $ | 257,806,169 |
(1)
|
Summary of share transactions is as follows:
|
Year Ended
|
Year Ended
|
||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
||||||||||||||
Shares sold
|
1,377,248 | $ | 50,039,840 | 1,174,512 | $ | 38,673,199 | |||||||||||
Shares issued in
|
|||||||||||||||||
reinvested
|
|||||||||||||||||
of distributions
|
1,765,867 | 58,962,302 | 180,691 | 5,156,929 | |||||||||||||
Shares redeemed(2)
|
(1,676,347 | ) | (59,448,672 | ) | (2,523,735 | ) | (80,830,951 | ) | |||||||||
Net increase (decrease)
|
1,466,768 | $ | 49,553,470 | (1,168,532 | ) | $ | (37,000,823 | ) |
(2)
|
Net of redemption fees of $61 and $0, respectively.
|
TCM SMALL-MID CAP GROWTH FUND
|
STATEMENTS OF CHANGES IN NET ASSETS
|
Year Ended
|
Year Ended
|
|||||||
INCREASE (DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment loss
|
$ | (329,449 | ) | $ | (114,332 | ) | ||
Net realized gain on investments
|
13,255,401 | 26,981,725 | ||||||
Net realized gain on redemptions-in-kind
|
— | 30,264,661 | ||||||
Change in net unrealized
|
||||||||
depreciation on investments
|
(7,104,519 | ) | (28,113,421 | ) | ||||
Net increase in net assets
|
||||||||
resulting from operations
|
5,821,433 | 29,018,633 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
— | (149,098 | ) | |||||
From net realized gain
|
(14,867,825 | ) | (23,400,391 | ) | ||||
Total distributions to shareholders
|
(14,867,825 | ) | (23,549,489 | ) | ||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net decrease in net assets derived from
|
||||||||
net change in outstanding shares(1)
|
(187,133 | ) | (217,170,669 | ) | ||||
Total decrease in net assets
|
(9,233,525 | ) | (211,701,525 | ) | ||||
NET ASSETS
|
||||||||
Beginning of year
|
56,387,917 | 268,089,442 | ||||||
End of year
|
$ | 47,154,392 | $ | 56,387,917 | ||||
Accumulated net investment loss
|
$ | — | $ | (264,037 | ) |
(1)
|
Summary of share transactions is as follows:
|
Year Ended
|
Year Ended
|
||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
||||||||||||||
Shares sold
|
292,101 | $ | 5,079,521 | 577,233 | $ | 10,702,255 | |||||||||||
Shares issued in
|
|||||||||||||||||
reinvested
|
|||||||||||||||||
of distributions
|
948,522 | 14,844,369 | 1,381,669 | 23,543,635 | |||||||||||||
Shares redeemed(2)
|
(1,010,808 | ) | (20,111,023 | ) | (13,446,242 | ) | (251,416,559 | ) | |||||||||
Net increase (decrease)
|
229,815 | $ | (187,133 | ) | (11,487,340 | ) | $ | (217,170,669 | ) |
(2)
|
Net of redemption fees of $0 and $475, respectively.
|
TCM SMALL CAP GROWTH FUND
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year
|
Year Ended September 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||
Net asset value,
|
||||||||||||||||||||
beginning of year
|
$ | 39.38 | $ | 29.72 | $ | 23.03 | $ | 24.71 | $ | 22.56 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||
Net investment loss(1)
|
(0.17 | ) | (0.12 | ) | (0.10 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain (loss) on investments
|
3.91 | 10.48 | 6.79 | (1.51 | ) | 2.30 | ||||||||||||||
Total from
|
||||||||||||||||||||
investment operations
|
3.74 | 10.36 | 6.69 | (1.68 | ) | 2.15 | ||||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||
From net realized gain
|
(8.87 | ) | (0.70 | ) | — | — | — | |||||||||||||
Total distributions
|
(8.87 | ) | (0.70 | ) | — | — | — | |||||||||||||
Paid-in capital from
|
||||||||||||||||||||
redemption fees (Note 2)
|
— | * | — | — | * | — | * | — | * | |||||||||||
Net asset value, end of year
|
$ | 34.25 | $ | 39.38 | $ | 29.72 | $ | 23.03 | $ | 24.71 | ||||||||||
Total return
|
10.09 | % | 35.77 | % | 29.05 | % | (6.80 | )% | 9.53 | % | ||||||||||
SUPPLEMENTAL DATA:
|
||||||||||||||||||||
Net assets, end
|
||||||||||||||||||||
of year (millions)
|
$ | 274.4 | $ | 257.8 | $ | 229.3 | $ | 380.5 | $ | 491.1 | ||||||||||
Portfolio turnover rate
|
149 | % | 137 | % | 102 | % | 91 | % | 110 | % | ||||||||||
RATIOS OF EXPENSES TO AVERAGE NET ASSETS:
|
||||||||||||||||||||
Before fees waived/recouped
|
0.92 | % | 0.93 | % | 0.94 | % | 0.91 | % | 0.92 | % | ||||||||||
After fees waived/recouped
|
0.92 | % | 0.93 | % | 0.94 | % | 0.91 | % | 0.92 | % | ||||||||||
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS:
|
||||||||||||||||||||
Before fees waived/recouped
|
(0.46 | )% | (0.38 | )% | (0.34 | )% | (0.54 | )% | (0.62 | )% | ||||||||||
After fees waived/recouped
|
(0.46 | )% | (0.38 | )% | (0.34 | )% | (0.54 | )% | (0.62 | )% |
(1)
|
Calculated using average shares outstanding method.
|
|
*
|
Less than $0.01 per share.
|
TCM SMALL-MID CAP GROWTH FUND
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year
|
Year Ended September 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||
Net asset value,
|
||||||||||||||||||||
beginning of year
|
$ | 21.72 | $ | 19.04 | $ | 15.42 | $ | 16.05 | $ | 14.42 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||
Net investment loss(1)
|
(0.12 | ) | (0.01 | ) | (0.11 | ) | (0.10 | ) | (0.05 | ) | ||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain (loss) on investments
|
2.40 | 4.51 | 4.05 | (0.53 | ) | 1.68 | ||||||||||||||
Total from
|
||||||||||||||||||||
investment operations
|
2.28 | 4.50 | 3.94 | (0.63 | ) | 1.63 | ||||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||
From net investment income
|
— | (0.01 | ) | — | — | — | ||||||||||||||
From net realized gain
|
(7.31 | ) | (1.81 | ) | (0.32 | ) | — | — | ||||||||||||
Total distributions
|
(7.31 | ) | (1.82 | ) | (0.32 | ) | — | — | ||||||||||||
Paid-in capital from
|
||||||||||||||||||||
redemption fees (Note 2)
|
— | — | * | — | * | — | * | — | * | |||||||||||
Net asset value, end of year
|
$ | 16.69 | $ | 21.72 | $ | 19.04 | $ | 15.42 | $ | 16.05 | ||||||||||
Total return
|
12.73 | % | 26.29 | % | 25.75 | % | (3.93 | )% | 11.30 | % | ||||||||||
SUPPLEMENTAL DATA:
|
||||||||||||||||||||
Net assets, end
|
||||||||||||||||||||
of year (millions)
|
$ | 47.2 | $ | 56.4 | $ | 268.1 | $ | 274.2 | $ | 235.0 | ||||||||||
Portfolio turnover rate
|
149 | % | 108 | % | 94 | % | 114 | % | 121 | % | ||||||||||
RATIOS OF EXPENSES TO AVERAGE NET ASSETS:
|
||||||||||||||||||||
Before fees waived/recouped
|
1.23 | % | 0.97 | % | 0.94 | % | 0.92 | % | 0.97 | % | ||||||||||
After fees waived/recouped
|
0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS:
|
||||||||||||||||||||
Before fees waived/recouped
|
(0.96 | )% | (0.09 | )% | (0.58 | )% | (0.53 | )% | (0.50 | )% | ||||||||||
After fees waived/recouped
|
(0.68 | )% | (0.07 | )% | (0.59 | )% | (0.56 | )% | (0.48 | )% |
(1)
|
Calculated using average shares outstanding method.
|
*
|
Less than $0.01 per share.
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014
|
NOTE 1 – ORGANIZATION
|
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
|
A.
|
Security Valuation. All equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.
|
|
Short-term securities that have maturities of less than 60 days, at time of purchase, are valued at amortized cost, which when combined with accrued interest, approximates market value.
|
||
Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Valuation Committee. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board of Trustees. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
As described above, the Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
|
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2014. See the Schedules of Investments for industry breakouts.
|
TCM Small Cap Growth Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Common Stocks
|
$ | 262,986,290 | $ | — | $ | — | $ | 262,986,290 | |||||||||
Short-Term Investments
|
10,224,793 | — | — | 10,224,793 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 273,211,083 | $ | — | $ | — | $ | 273,211,083 | |||||||||
TCM Small-Mid Cap Growth Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Common Stocks
|
$ | 45,377,753 | $ | — | $ | — | $ | 45,377,753 | |||||||||
Short-Term Investments
|
2,124,109 | — | — | 2,124,109 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 47,501,862 | $ | — | $ | — | $ | 47,501,862 |
It is the Funds’ policy to recognize transfers between levels at the end of each Fund’s reporting period.
|
||
There were no transfers made into or out of Level 1, 2, or 3 as of September 30, 2014.
|
||
B.
|
Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
|
|
In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
|
||
Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. As of September 30, 2014, the Funds did not have any post-October losses or late year losses.
|
||
As of September 30, 2014, there were no Capital Loss Carryovers for the Funds.
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
As of September 30, 2014, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years.
|
||
Each Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Massachusetts; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
|
||
C.
|
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
|
|
D.
|
Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
|
|
E.
|
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
|
|
F.
|
Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price is equal to the Funds’ NAV per share. The Funds charge a 1.00% redemption fee on shares held less than 60 days. This fee is deducted from the redemption proceeds otherwise payable to the shareholder. Both Funds will retain the fee charged as paid-in capital and such fees become part of that Fund’s daily NAV calculation.
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
G.
|
Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
|
|
H.
|
Reclassification of Capital Accounts. Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2014, the following adjustments were made:
|
Undistributed
|
Accumulated
|
||
Net Investment
|
Net Realized
|
||
Income/(Loss)
|
Gain/(Loss)
|
||
TCM Small Cap
|
|||
Growth Fund
|
$1,320,315
|
$(1,320,315)
|
|
TCM Small-Mid Cap
|
|||
Growth Fund
|
$ 593,486
|
$ (593,486)
|
I.
|
Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there are no subsequent events that would need to be disclosed in the Funds’ Financial Statements.
|
|
J.
|
Recent Accounting Pronouncement. In June 2014, the Financial Accounting Standard Board issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings, and requires additional disclosures regarding these types of transactions. The guidance is effective for fiscal years beginning after December 15, 2014, and for interim periods within those fiscal years.
|
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
TCM Small Cap Growth Fund
|
|||
Year of Expiration
|
Amount
|
||
$ 94
|
|||
TCM Small-Mid Cap Growth Fund
|
|||
Year of Expiration
|
Amount
|
||
$ 36,474
|
|||
$134,910
|
|||
$171,384
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
NOTE 4 – PURCHASES AND SALES OF SECURITIES
|
Purchases
|
Sales or Maturity
|
||
at Cost
|
Proceeds
|
||
TCM Small Cap Growth Fund
|
$411,205,417
|
$428,346,659
|
|
TCM Small-Mid Cap Growth Fund
|
70,454,221
|
86,088,232
|
NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS
|
September 30,
|
|||
2013
|
|||
TCM Small Cap Growth Fund
|
|||
From net investment income
|
$19,586,851
|
$ —
|
|
Long-term Capital Gain
|
$39,641,925
|
$ 5,178,391
|
|
TCM Small-Mid Cap Growth Fund
|
|||
From net investment income
|
$ 3,617,639
|
$ 3,324,084
|
|
Long-term Capital Gain
|
$11,250,186
|
$20,225,405
|
TCM GROWTH FUNDS
|
NOTES TO FINANCIAL STATEMENTS – September 30, 2014 (Continued)
|
TCM Small Cap
|
TCM Small-Mid
|
||||||||
Growth Fund
|
Cap Growth Fund
|
||||||||
Cost of investments (a)
|
$ | 242,398,013 | $ | 41,591,756 | |||||
Gross unrealized appreciation
|
44,457,629 | 7,697,886 | |||||||
Gross unrealized depreciation
|
(13,644,559 | ) | (1,787,780 | ) | |||||
Net unrealized appreciation
|
30,813,070 | 5,910,106 | |||||||
Undistributed ordinary income
|
25,968,985 | 4,654,627 | |||||||
Undistributed long-term capital gain
|
20,138,826 | 4,229,944 | |||||||
Total distributable earnings
|
46,107,811 | 8,884,571 | |||||||
Net unrealized appreciation on
|
|||||||||
foreign currency transactions
|
— | — | |||||||
Capital loss carryover
|
— | — | |||||||
Post-October capital loss
|
— | — | |||||||
Post-October currency loss
|
— | — | |||||||
Total accumulated gains
|
$ | 76,920,881 | $ | 14,794,677 |
(a) |
At September 30, 2014, the difference between book basis and tax basis unrealized appreciation was attributable primarily to the treatment of wash sales.
|
NOTE 6 – CREDIT FACILITY
|
TCM GROWTH FUNDS
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
TAIT, WELLER & BAKER LLP
|
TCM GROWTH FUNDS
|
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)
|
1.
|
The nature, extent and quality of the services provided and to be provided by the Advisor under the Advisory Agreements. The Trustees considered the nature, extent and quality of the Advisor’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio manager, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor’s compliance record, and the Advisor’s disaster recovery/business continuity plan. The Board also considered the prior relationship between the Advisor and the Trust, as
well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the prior year they had met with the Advisor in person to discuss fund performance, investment outlook as well as various marketing and compliance topics, including the Advisor’s risk management process. The Board concluded that the Advisor had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that the nature, overall quality and extent of such management services are satisfactory.
|
|
2.
|
The Funds’ historical performance and the overall performance of the Advisor. In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the short-term and long-term performance of each Fund on both an absolute basis, and in comparison to appropriate securities
|
TCM GROWTH FUNDS
|
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)
|
benchmarks and its peer funds utilizing Morningstar classifications. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing each Fund’s performance against its comparative peer group universe, the Board took into account that the investment objective and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. The Trustees also considered each Fund’s marginal underperformance compared to its similarly managed accounts for the one-year, three-year and five-year periods, but found the differences to be reasonable.
|
||
For the TCM Small Cap Growth Fund, the Board noted that the Fund significantly outperformed its peer group median and average for the one-year period, outperformed its peer group median and average for the three-year period, and underperformed its peer group median and average for the five-year period. The Board also considered the performance of the TCM Small Cap Growth Fund against a broad-based securities market benchmark.
|
||
For the TCM Small-Mid Cap Growth Fund, the Board noted that the Fund outperformed its peer group median for the one-year period, marginally outperformed its peer group median and marginally underperformed its peer group average for the three-year period, and underperformed its peer group median for the five-year time period. The Board also considered the performance of the TCM Small-Mid Cap Growth Fund against a broad-based securities market benchmark.
|
||
3.
|
The costs of the services to be provided by the Advisor and the structure of the Advisor’s fees under the Advisory Agreements. In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and similarly managed separate accounts for other types of clients advised by the Advisor, as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts. The Trustees found that the fees charged to each Fund were generally in line with or comparable to the fees charged by the Advisor to its similarly managed separate account clients, and to the extent fees charged to a Fund were higher than for similarly managed separate
accounts of similar size, it was largely a reflection of the greater costs to the Advisor of managing the Fund.
|
|
For the TCM Small Cap Growth Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.95% for the
|
TCM GROWTH FUNDS
|
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)
|
Fund (the “Expense Cap”), but was currently operating below this level. The Board noted that the Fund’s advisory fee and net expense ratio were lower than those of its peer group median and average. The Board concluded that the fees paid to the Advisor were not unreasonable.
|
||
For the TCM Small-Mid Cap Growth Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.95% for the Fund (the “Expense Cap”). The Board noted that the Fund’s advisory fee was in line with its peer group median and average, and the net expense ratio was lower than its peer group median and average. The Board concluded that the fees paid to the Advisor were not unreasonable.
|
||
4.
|
Economies of Scale. The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders. The Board noted that the Advisor has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that each Fund does not exceed its specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels increase.
|
|
5.
|
The profits to be realized by the Advisor and its affiliates from their relationship with the Funds. The Board reviewed the Advisor’s financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Funds. The Board considered the profitability to the Advisor from its relationship with the Funds and considered any additional benefits derived by the Advisor from its relationship with the Funds, particularly benefits received in exchange for “soft dollars” paid to the Advisor. After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreements was not excessive, and that the Advisor had maintained adequate profit levels to support the services it provides to the Funds.
|
TCM GROWTH FUNDS
|
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)
|
Number of
|
|||||
Term
|
Portfolios
|
Other
|
|||
of Office
|
in Fund
|
Directorships
|
|||
Positions
|
and Length
|
Principal
|
Complex(2)
|
Held During
|
|
Name, Address
|
with the
|
of Time
|
Occupation During
|
Overseen
|
Past Five
|
and Age
|
Trust(1)
|
Served
|
Past Five Years
|
by Trustees
|
Years
|
Independent Trustees of the Trust
|
|||||
Dorothy A. Berry
|
Chairman
|
Indefinite
|
Formerly, President,
|
2
|
Director, PNC
|
(born 1943)
|
and
|
Term;
|
Talon Industries, Inc.
|
Funds, Inc.
|
|
c/o U.S. Bancorp
|
Trustee
|
Since
|
(business consulting);
|
||
Fund Services, LLC
|
May
|
formerly, Executive Vice
|
|||
2020 E. Financial Way
|
1991.
|
President and Chief
|
|||
Suite 100
|
Operating Officer,
|
||||
Integrated Asset
|
|||||
Management
|
|||||
(investment advisor
|
|||||
and manager) and
|
|||||
formerly, President,
|
|||||
Value Line, Inc.
|
|||||
(investment advisory
|
|||||
and financial
|
|||||
publishing firm).
|
|||||
Wallace L. Cook
|
Trustee
|
Indefinite
|
Investment Consultant;
|
2
|
The Dana
|
(born 1939)
|
Term;
|
formerly, Chief Executive
|
Foundation;
|
||
c/o U.S. Bancorp
|
Since
|
Officer, Rockefeller
|
The Univ. of
|
||
Fund Services, LLC
|
May
|
Trust Co., (prior thereto
|
Virginia Law
|
||
2020 E. Financial Way
|
1991.
|
Senior Vice President),
|
School Fdn.
|
||
Suite 100
|
and Managing Director,
|
||||
Rockefeller & Co.
|
|||||
(Investment Manager
|
|||||
and Financial Advisor);
|
|||||
formerly, Senior Vice
|
|||||
President, Norton
|
|||||
Simon, Inc.
|
TCM GROWTH FUNDS
|
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)
|
Number of
|
|||||
Term
|
Portfolios
|
Other
|
|||
of Office
|
in Fund
|
Directorships
|
|||
Positions
|
and Length
|
Principal
|
Complex(2)
|
Held During
|
|
Name, Address
|
with the
|
of Time
|
Occupation During
|
Overseen
|
Past Five
|
and Age
|
Trust(1)
|
Served
|
Past Five Years
|
by Trustees
|
Years
|
Eric W. Falkeis
|
Trustee
|
Indefinite
|
Chief Operating Officer,
|
2
|
None.
|
(born 1973)
|
Term;
|
Direxion Funds since
|
|||
c/o U.S. Bancorp
|
Since
|
2013; formerly, Senior
|
|||
Fund Services, LLC
|
September
|
Vice President, and
|
|||
2020 E. Financial Way
|
2011.
|
Chief Financial
|
|||
Suite 100
|
Officer (and other
|
||||
positions), U.S. Bancorp
|
|||||
Fund Services, LLC,
|
|||||
(1997-2013).
|
|||||
Carl A. Froebel
|
Trustee
|
Indefinite
|
Formerly President and
|
2
|
None.
|
(born 1938)
|
Term;
|
Founder, National
|
|||
c/o U.S. Bancorp
|
Since
|
Investor Data Services,
|
|||
Fund Services, LLC
|
May
|
Inc. (investment related
|
|||
2020 E. Financial Way
|
1991.
|
computer software).
|
|||
Suite 100
|
|||||
Steven J. Paggioli
|
Trustee
|
Indefinite
|
Consultant, since
|
2
|
Independent
|
(born 1950)
|
Term;
|
July 2001; formerly,
|
Trustee, The
|
||
c/o U.S. Bancorp
|
Since
|
Executive Vice
|
Managers
|
||
Fund Services, LLC
|
May
|
President, Investment
|
Funds;
|
||
2020 E. Financial Way
|
1991.
|
Company Administration,
|
Trustee,
|
||
Suite 100
|
LLC (mutual fund
|
Managers
|
|||
administrator).
|
AMG Funds,
|
||||
Aston Funds;
|
|||||
Advisory
|
|||||
Board
|
|||||
Member,
|
|||||
Sustainable
|
|||||
Growth
|
|||||
Advisers, LP;
|
|||||
Independent
|
|||||
Director,
|
|||||
Chase
|
|||||
Investment
|
|||||
Counsel.
|
TCM GROWTH FUNDS
|
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)
|
Number of
|
|||||
Term
|
Portfolios
|
Other
|
|||
of Office
|
in Fund
|
Directorships
|
|||
Positions
|
and Length
|
Principal
|
Complex(2)
|
Held During
|
|
Name, Address
|
with the
|
of Time
|
Occupation During
|
Overseen
|
Past Five
|
and Age
|
Trust(1)
|
Served
|
Past Five Years
|
by Trustees
|
Years
|
Officers of the Trust
|
|||||
President
|
Indefinite
|
Vice President and
|
Not
|
Not
|
|
(born 1968)
|
Term;
|
Legal Compliance
|
Applicable.
|
Applicable.
|
|
c/o U.S. Bancorp
|
Since
|
Officer, U.S. Bancorp
|
|||
Fund Services, LLC
|
March
|
Fund Services, LLC,
|
|||
2020 E. Financial Way
|
2013.
|
since July 2007.
|
|||
Suite 100
|
Secretary
|
Indefinite
|
|||
Term;
|
|||||
Since
|
|||||
February
|
|||||
2008.
|
|||||
Treasurer
|
Indefinite
|
Vice President,
|
Not
|
Not
|
|
(born 1975)
|
Term;
|
U.S. Bancorp Fund
|
Applicable.
|
Applicable.
|
|
c/o U.S. Bancorp
|
Since
|
Services, LLC,
|
|||
Fund Services, LLC
|
April
|
since April 2005.
|
|||
615 East Michigan St.
|
2013.
|
||||
Donna Barrette
|
Chief
|
Indefinite
|
Senior Vice
|
Not
|
Not
|
(born 1966)
|
Compliance
|
Term;
|
President and
|
Applicable.
|
Applicable.
|
c/o U.S. Bancorp
|
Officer
|
Since
|
Compliance Officer
|
||
Fund Services, LLC
|
July 2011.
|
(and other positions),
|
|||
615 East Michigan St.
|
Anti-Money
|
Indefinite
|
U.S. Bancorp Fund
|
||
Laundering
|
Term;
|
Services, LLC since
|
|||
Officer
|
Since
|
August 2004.
|
|||
July 2011.
|
|||||
Vice
|
Indefinite
|
||||
President
|
Term;
|
||||
Since
|
|||||
July 2011.
|
(1)
|
The Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor does it share the same investment advisor with any other series.
|
TCM GROWTH FUNDS
|
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited)
|
TCM Small Cap Growth Fund
|
6.81%
|
||
TCM Small-Mid Cap Growth Fund
|
65.66%
|
TCM Small Cap Growth Fund
|
6.22%
|
||
TCM Small-Mid Cap Growth Fund
|
65.94%
|
TCM Small Cap Growth Fund
|
100.00%
|
||
TCM Small-Mid Cap Growth Fund
|
100.00%
|
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)
|
INFORMATION ABOUT PROXY VOTING (Unaudited)
|
TCM GROWTH FUNDS
|
INFORMATION ABOUT HOUSEHOLDING (Unaudited)
|
INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited)
|
TCM GROWTH FUNDS
|
PRIVACY NOTICE
|
●
|
Information we receive about you on applications or other forms;
|
|
●
|
Information you give us orally; and
|
|
●
|
Information about your transactions with us or others.
|
FYE 9/30/2014
|
FYE 9/30/2013
|
|
Audit Fees
|
$22,900
|
$22,400
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$2,600
|
$2,600
|
All Other Fees
|
N/A
|
N/A
|
FYE 9/30/2014
|
FYE 9/30/2013
|
|
Audit Fees
|
$18,500
|
$18,000
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$2,600
|
$2,600
|
All Other Fees
|
N/A
|
N/A
|
Non-Audit Related Fees
|
FYE 9/30/2014
|
FYE 9/30/2013
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
Non-Audit Related Fees
|
FYE 9/30/2014
|
FYE 9/30/2013
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the
Registrant’s service provider.
|
(b)
|
There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of 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.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
|
This ‘N-CSR/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/30/17 | ||||
9/30/16 | ||||
Filed on / Effective on: | 4/13/15 | |||
12/15/14 | 485BPOS | |||
11/25/14 | ||||
11/21/14 | 485BPOS, 497, N-Q | |||
11/10/14 | ||||
For Period End: | 9/30/14 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | ||
1/31/14 | 485BPOS, 497, 497K, N-CSRS, N-Q, NSAR-A | |||
9/30/13 | 24F-2NT, 497, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
6/29/07 | 485BPOS, NSAR-A | |||
10/1/04 | PRE 14A | |||
List all Filings |