SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Agent 6/04/18 Forum Funds N-CSR 3/31/18 4:10M Atlantic Fd Admi… LLC/FA → Absolute Capital Opportunities Fund ⇒ Institutional Shares (CAPOX) → Absolute Convertible Arbitrage Fund ⇒ Institutional Shares (ARBIX) → Absolute Strategies Fund ⇒ Institutional Shares (ASFIX) — R Shares (ASFAX) → Adalta International Fund ⇒ ADAQX → Beck, Mack & Oliver Partners Fund ⇒ BMPEX → LMCG Global Market Neutral Fund ⇒ Institutional Shares (GMNIX) — Investor Shares (GMNRX) → LMCG Global MultiCap Fund ⇒ Institutional Shares (GMCIX) — Investor Shares (GMCRX) → LMCG International Small Cap Fund ⇒ Institutional Shares (ISMIX) — Investor shares (ISMRX) → Merk Absolute Return Currency Fund ⇒ Institutional Share Class (MAAIX) — Investor (MABFX) → Merk Hard Currency Fund ⇒ Institutional Share Class (MHCIX) — Investor Shares (MERKX) → Payson Total Return Fund ⇒ PBFDX |
Document/Exhibit Description Pages Size 1: N-CSR Certified Annual Shareholder Report by a HTML 2.85M Management Investment Company 4: EX-99.906 CERT Miscellaneous Exhibit HTML 8K 3: EX-99.CERT Miscellaneous Exhibit HTML 17K 2: EX-99.CODE ETH Miscellaneous Exhibit HTML 67K
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Five Year
|
Ten Year
|
||
Absolute Strategies Fund - Institutional Shares
|
-4.45%
|
-1.54%
|
0.60%
|
||
S&P 500 Index
|
13.99%
|
13.31%
|
9.49%
|
||
Bloomberg Barclays U.S. Aggregate Bond Index
|
1.20%
|
1.82%
|
3.63%
|
||
HFRX Global Hedge Fund Index
|
3.20%
|
1.29%
|
-0.24%
|
||
MSCI World Index
|
13.59%
|
9.70%
|
5.90%
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Five Year
|
Ten Year
|
||
Absolute Strategies Fund - R Shares
|
-5.30%
|
-2.12%
|
0.10%
|
||
S&P 500 Index
|
13.99%
|
13.31%
|
9.49%
|
||
Bloomberg Barclays U.S. Aggregate Bond Index
|
1.20%
|
1.82%
|
3.63%
|
||
HFRX Global Hedge Fund Index
|
3.20%
|
1.29%
|
-0.24%
|
||
MSCI World Index
|
13.59%
|
9.70%
|
5.90%
|
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Since Inception
12/30/15
|
Absolute Capital Opportunities Fund
|
14.13%
|
10.49%
|
HFRX Equity Hedge Index
|
8.35%
|
4.82%
|
S&P 500 Index
|
13.99%
|
13.91%
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Five Year
|
Ten Year
|
||
Absolute Convertible Arbitrage Fund - Institutional Shares
|
5.94%
|
4.35%
|
6.41%
|
||
HFRX Fixed Income Convertible Arbitrage Index
|
4.71%
|
1.82%
|
-2.10%
|
||
Bloomberg Barclays U.S. Aggregate Bond Index
|
1.20%
|
1.82%
|
3.63%
|
||
IBoxx High Yield Index
|
2.83%
|
4.07%
|
6.75%
|
||
S&P 500 Index
|
13.99%
|
13.31%
|
9.49%
|
Portfolio Breakdown (% of Net Assets)
|
|
Long Positions
|
|
Common Stock
|
29.7%
|
Asset Backed Obligations
|
0.2%
|
Investment Companies
|
38.0%
|
Money Market Fund
|
24.3%
|
Purchased Options
|
0.4%
|
Short Positions
|
|
Common Stock
|
(17.6)%
|
Investment Company
|
(1.4)%
|
Other Assets & Liabilities, Net *
|
26.4%
|
|
100.0%
|
*
|
Consists of deposits with the custodian and/or brokers for securities sold short, cash, foreign currency, prepaid expenses, receivables, payables and accrued liabilities. Deposits with the custodian and/or brokers for securities sold short represent 24.6% of net assets. See Note 2 of the accompanying Notes to Financial Statements.
|
|
(% of Equity Holdings) | |
Sector Breakdown
|
Long
|
Short
|
Consumer Discretionary
|
11.9%
|
31.5%
|
Consumer Staples
|
10.9%
|
13.8%
|
Energy
|
32.8%
|
0.0%
|
Financial
|
12.9%
|
23.9%
|
Healthcare
|
5.1%
|
0.0%
|
Industrial
|
8.9%
|
19.6%
|
Information Technology
|
1.9%
|
7.4%
|
Materials
|
11.5%
|
0.8%
|
Telecommunication Services
|
2.1%
|
3.0%
|
Utilities
|
2.0%
|
0.0%
|
|
100.0%
|
100.0%
|
Shares |
Security Description
|
Value
|
|||||
Long Positions - 92.6% | |||||||
Common Stock - 29.7%
|
|||||||
Consumer Discretionary - 3.6%
|
|||||||
7,000
|
Anheuser-Busch InBev SA/NV, ADR
|
$
|
769,580
|
||||
20,000
|
CVS Health Corp.
|
1,244,200
|
|||||
39,630
|
Freshpet, Inc. (a)(b)
|
651,914
|
|||||
52,588
|
Green Plains Partners LP (a)
|
915,031
|
|||||
6,859
|
Lithia Motors, Inc., Class A (a)
|
689,467
|
|||||
106,698
|
Luby's, Inc. (b)
|
296,620
|
|||||
12,194
|
PetIQ, Inc. (a)(b)
|
324,360
|
|||||
14,600
|
The TJX Cos., Inc.
|
1,190,776
|
|||||
6,081,948
|
|||||||
Consumer Staples - 3.2%
|
|||||||
8,383
|
Calavo Growers, Inc. (a)
|
772,912
|
|||||
16,767
|
General Mills, Inc.
|
755,521
|
|||||
10,000
|
Nestle SA, ADR
|
790,500
|
|||||
31,247
|
Pilgrim's Pride Corp. (a)(b)
|
768,989
|
|||||
11,432
|
Post Holdings, Inc. (a)(b)
|
866,088
|
|||||
28,961
|
Sprouts Farmers Market, Inc. (a)(b)
|
679,715
|
|||||
12,194
|
Tyson Foods, Inc., Class A (a)
|
892,479
|
|||||
5,526,204
|
|||||||
Energy - 9.7%
|
|||||||
5,221
|
Andeavor
|
525,024
|
|||||
9,833
|
Antero Midstream GP LP
|
157,230
|
|||||
11,791
|
Antero Resources Corp. (b)
|
234,051
|
|||||
33,872
|
Cabot Oil & Gas Corp.
|
812,251
|
|||||
23,434
|
Centennial Resource Development, Inc., Class A (b)
|
430,014
|
|||||
18,270
|
Cheniere Energy, Inc. (b)
|
976,532
|
|||||
2,627
|
Cimarex Energy Co.
|
245,624
|
|||||
2,029
|
Concho Resources, Inc. (b)
|
305,019
|
|||||
10,562
|
Continental Resources, Inc./OK (b)
|
622,630
|
|||||
12,389
|
Devon Energy Corp.
|
393,846
|
|||||
5,070
|
Diamondback Energy, Inc. (b)
|
641,456
|
|||||
60,000
|
Enbridge, Inc.
|
1,888,200
|
|||||
17,991
|
Energy Transfer Partners LP
|
291,814
|
|||||
9,455
|
EOG Resources, Inc.
|
995,328
|
|||||
18,127
|
EQT Corp.
|
861,214
|
|||||
8,082
|
FTS International, Inc. (b)
|
148,628
|
|||||
9,566
|
Halliburton Co.
|
449,028
|
|||||
6,177
|
HollyFrontier Corp.
|
301,808
|
|||||
9,716
|
Keane Group, Inc. (b)
|
143,797
|
|||||
6,424
|
Marathon Petroleum Corp.
|
469,659
|
|||||
12,774
|
MPLX LP
|
422,053
|
|||||
6,347
|
ONEOK, Inc.
|
361,271
|
|||||
1,929
|
Phillips 66
|
185,030
|
|||||
1,750
|
Pioneer Natural Resources Co.
|
300,615
|
|||||
16,965
|
Plains GP Holdings, LP
|
368,989
|
|||||
13,980
|
ProPetro Holding Corp. (b)
|
222,142
|
|||||
11,681
|
RSP Permian, Inc. (b)
|
547,605
|
|||||
15,000
|
Schlumberger, Ltd.
|
971,700
|
|||||
29,190
|
Tallgrass Energy GP LP
|
555,194
|
|||||
13,401
|
Targa Resources Corp.
|
589,644
|
|||||
37,865
|
The Williams Cos., Inc.
|
941,324
|
|||||
20,860
|
WPX Energy, Inc. (b)
|
308,311
|
|||||
16,667,031
|
|||||||
Financial - 3.8%
|
|||||||
6,600
|
Berkshire Hathaway, Inc., Class B (b)
|
1,316,568
|
|||||
35,000
|
Brookfield Asset Management, Inc., Class A
|
1,365,000
|
|||||
20,000
|
Loews Corp.
|
994,600
|
|||||
25,000
|
The Bank of New York Mellon Corp.
|
1,288,250
|
|||||
3,000
|
The Howard Hughes Corp. (b)
|
417,390
|
|||||
16,000
|
WR Berkley Corp.
|
1,163,200
|
|||||
6,545,008
|
Shares
|
Security Description
|
Value
|
|||||
Healthcare - 1.5%
|
|||||||
45,000
|
Sanofi, ADR
|
$
|
1,803,600
|
||||
9,603
|
Zoetis, Inc. (a)
|
801,947
|
|||||
2,605,547
|
|||||||
Industrial - 2.7%
|
|||||||
6,432
|
Alamo Group, Inc.
|
706,877
|
|||||
32,771
|
Briggs & Stratton Corp. (a)
|
701,627
|
|||||
6,097
|
Deere & Co. (a)
|
946,986
|
|||||
10,000
|
Expeditors International of Washington, Inc.
|
633,000
|
|||||
6,402
|
John Bean Technologies Corp. (a)
|
725,987
|
|||||
22,102
|
Trimble, Inc. (a)(b)
|
793,019
|
|||||
4,507,496
|
|||||||
Information Technology - 0.6%
|
|||||||
53,000
|
Conduent, Inc. (b)
|
987,920
|
|||||
Materials - 3.4%
|
|||||||
21,000
|
Axalta Coating Systems, Ltd. (b)
|
633,990
|
|||||
60,000
|
Cameco Corp.
|
545,400
|
|||||
8,383
|
Compass Minerals International, Inc.
|
505,495
|
|||||
8,383
|
Innophos Holdings, Inc.
|
337,080
|
|||||
5,000
|
Monsanto Co.
|
583,450
|
|||||
14,327
|
Nutrien, Ltd. (a)
|
677,094
|
|||||
19,500
|
Royal Gold, Inc.
|
1,674,465
|
|||||
8,534
|
US Silica Holdings, Inc.
|
217,788
|
|||||
5,911
|
Westlake Chemical Corp.
|
657,008
|
|||||
5,831,770
|
|||||||
Telecommunication Services - 0.6%
|
|||||||
25,000
|
Liberty Global PLC, Class C (b)
|
760,750
|
|||||
20,000
|
News Corp., Class A
|
316,000
|
|||||
1,076,750
|
|||||||
Utilities - 0.6%
|
|||||||
14,900
|
Dominion Energy, Inc. |
1,004,707
|
|||||
Total Common Stock (Cost $44,295,545)
|
50,834,381
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||||||
Asset Backed Obligations - 0.2%
|
|||||||||||
$ |
48,385
|
Adjustable Rate Mortgage Trust, Series 2005-12 2A1 (c)
|
3.74
|
%
|
03/25/36
|
44,586
|
|||||
35,424
|
Adjustable Rate Mortgage Trust, Series 2006-1 3A3 (c)
|
3.58
|
03/25/36
|
31,456
|
|||||||
22,655
|
Banc of America Funding Corp., Series 2006-E 2A1 (c)
|
3.70
|
06/20/36
|
22,192
|
|||||||
44,630
|
Banc of America Funding Corp., Series 2007-E 4A1 (c)
|
3.54
|
07/20/47
|
37,523
|
|||||||
65,788
|
CitiMortgage Alternative Loan Trust, Series 2006-A7 1A12
|
6.00
|
12/25/36
|
62,377
|
|||||||
25,202
|
CitiMortgage Alternative Loan Trust, Series 2007-A4 1A6
|
5.75
|
04/25/37
|
23,952
|
|||||||
28,238
|
Countrywide Alternative Loan Trust, Series 2005-50CB 1A1
|
5.50
|
11/25/35
|
26,332
|
|||||||
38,397
|
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY5 1A1 (c)
|
3.80
|
09/25/47
|
37,424
|
|||||||
50,643
|
IndyMac Index Mortgage Loan Trust, Series 2006-AR25 3A1 (c)
|
3.65
|
09/25/36
|
43,875
|
|||||||
22,714
|
JPMorgan Mortgage Trust, Series 2007-A2 4A1M (c)
|
3.61
|
04/25/37
|
21,936
|
|||||||
32,375
|
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3 3A1 (c)
|
3.63
|
04/25/47
|
24,894
|
|||||||
Total Asset Backed Obligations (Cost $249,667)
|
376,547
|
Shares
|
Security Description
|
Value
|
|||||
Investment Companies - 38.0%
|
|||||||
1,529,930
|
Absolute Capital Opportunities Fund (b)(d)
|
19,154,722
|
|||||
2,840,976
|
Absolute Convertible Arbitrage Fund (d)
|
29,233,640
|
|||||
52,835
|
SPDR S&P 500 ETF Trust
|
13,903,530
|
|||||
125,000
|
VanEck Vectors Gold Miners ETF
|
2,747,500
|
|||||
Total Investment Companies (Cost $53,720,351)
|
65,039,392
|
Shares |
Security Description
|
Value | |||||
Money Market Fund - 24.3% | |||||||
41,734,470
|
State Street Institutional Treasury Money Market Fund, Premier Share Class, 1.50% (e)
(Cost $41,734,470) |
41,734,470
|
Security Description
|
Strike Price
|
Exp. Date
|
Notional Contract Value
|
Value
|
|||||||||||||||
Purchased Options - 0.4%
|
|||||||||||||||||||
Call Options Purchased - 0.0%
|
|||||||||||||||||||
3,429
|
PowerShares DB Commodity Index Tracking Fund ETF
(Premiums Paid $97,315) |
$
|
17.00
|
04/18
|
$
|
5,829,300
|
$
|
68,580
|
|||||||||||
Put Options Purchased - 0.4%
|
|||||||||||||||||||
1,860
|
iShares Russell 2000 ETF
(Premiums Paid $574,187)
|
150.00
|
05/18
|
28,240,380
|
619,380
|
||||||||||||||
Total Purchased Options (Premiums Paid $671,502)
|
687,960
|
||||||||||||||||||
Total Long Positions - 92.6% (Cost $140,671,535)
|
158,672,750
|
||||||||||||||||||
Total Short Positions - (19.0)% (Proceeds $(34,589,488))
|
(32,481,023
|
)
|
|||||||||||||||||
Other Assets & Liabilities, Net - 26.4%
|
45,132,462
|
||||||||||||||||||
Net Assets - 100.0%
|
$
|
171,324,189
|
Shares |
Security Description
|
Value
|
|||||
Short Positions - (19.0)%
|
|||||||
Common Stock - (17.6)%
|
|||||||
Consumer Discretionary - (5.5)% | |||||||
|
(365
|
)
|
Amazon.com, Inc.
|
$
|
(528,279
|
)
|
|
(21,035
|
)
|
Bojangles', Inc.
|
(291,335
|
)
|
|||
(6,859
|
)
|
Brinker International, Inc.
|
(247,610
|
)
|
|||
(7,050
|
)
|
Carnival Corp.
|
(462,339
|
)
|
|||
(1,067
|
)
|
Chipotle Mexican Grill, Inc.
|
(344,758
|
)
|
|||
(1,981
|
)
|
Cracker Barrel Old Country Store, Inc.
|
(315,375
|
)
|
|||
(6,402
|
)
|
Dave & Buster's Entertainment, Inc.
|
(267,220
|
)
|
|||
(2,439
|
)
|
Dollarama, Inc.
|
(296,425
|
)
|
|||
(13,250
|
)
|
DR Horton, Inc.
|
(580,880
|
)
|
|||
(18,291
|
)
|
Duluth Holdings, Inc., Class B
|
(342,590
|
)
|
|||
(6,097
|
)
|
Dunkin' Brands Group, Inc.
|
(363,930
|
)
|
|||
(10,200
|
)
|
Fiat Chrysler Automobiles NV
|
(207,110
|
)
|
|||
(8,688
|
)
|
Fiesta Restaurant Group, Inc.
|
(160,728
|
)
|
|||
(4,400
|
)
|
HD Supply Holdings, Inc.
|
(166,936
|
)
|
|||
(2,743
|
)
|
LCI Industries
|
(285,684
|
)
|
|||
(8,470
|
)
|
Leggett & Platt, Inc.
|
(375,729
|
)
|
|||
(5,680
|
)
|
Lowe's Cos., Inc.
|
(498,420
|
)
|
|||
(2,290
|
)
|
Mohawk Industries, Inc.
|
(531,784
|
)
|
|||
(36,582
|
)
|
Noodles & Co.
|
(276,194
|
)
|
|||
(6,097
|
)
|
Red Robin Gourmet Burgers, Inc.
|
(353,626
|
)
|
|||
(6,707
|
)
|
Shake Shack, Inc.
|
(279,212
|
)
|
|||
(21,993
|
)
|
The Habit Restaurants, Inc., Class A
|
(193,538
|
)
|
|||
(2,830
|
)
|
The Home Depot, Inc.
|
(504,419
|
)
|
|||
(9,000
|
)
|
Tractor Supply Co.
|
(567,180
|
)
|
|||
(820
|
)
|
Ulta Beauty, Inc.
|
(167,501
|
)
|
|||
(15,242
|
)
|
Vista Outdoor, Inc.
|
(248,750
|
)
|
|||
(14,700
|
)
|
Volvo AB, Class B
|
(268,039
|
)
|
|||
(1,219
|
)
|
WW Grainger, Inc.
|
(344,087
|
)
|
|||
(9,469,678
|
)
|
||||||
Consumer Staples - (2.4)%
|
|||||||
(8,530
|
)
|
AerCap Holdings NV
|
(432,642
|
)
|
|||
(20,582
|
)
|
Amira Nature Foods, Ltd.
|
(85,827
|
)
|
|||
(8,993
|
)
|
Archer-Daniels-Midland Co.
|
(390,026
|
)
|
|||
(1,829
|
)
|
Dr. Pepper Snapple Group, Inc.
|
(216,517
|
)
|
|||
(2,050
|
)
|
FleetCor Technologies, Inc.
|
(415,125
|
)
|
|||
(15,242
|
)
|
Flowers Foods, Inc.
|
(333,190
|
)
|
|||
(20,882
|
)
|
Hostess Brands, Inc.
|
(308,845
|
)
|
|||
(2,591
|
)
|
Ingredion, Inc.
|
(334,032
|
)
|
|||
(10,670
|
)
|
Macquarie Infrastructure Corp.
|
(394,043
|
)
|
|||
(3,201
|
)
|
McCormick & Co., Inc., Non-Voting Shares
|
(340,554
|
)
|
|||
(3,201
|
)
|
PepsiCo., Inc.
|
(349,389
|
)
|
|||
(2,591
|
)
|
Sanderson Farms, Inc.
|
(308,381
|
)
|
|||
(3,811
|
)
|
The Kraft Heinz Co.
|
(237,387
|
)
|
|||
(4,145,958
|
)
|
||||||
Financial - (4.2)% | |||||||
(330,000
|
)
|
Agricultural Bank of China, Ltd., Class H
|
(187,535
|
)
|
|||
(8,840
|
)
|
Air Lease Corp.
|
(376,761
|
)
|
|||
(2,025
|
)
|
Alliance Data Systems Corp.
|
(431,041
|
)
|
|||
(3,280
|
)
|
Ameriprise Financial, Inc.
|
(485,243
|
)
|
|||
(71,158
|
)
|
Banco Santander SA, ADR
|
(466,085
|
)
|
|||
(18,550
|
)
|
Bank of America Corp.
|
(556,315
|
)
|
|||
(338,000
|
)
|
Bank of China, Ltd., Class H
|
(181,745
|
)
|
|||
(228,000
|
)
|
Bank of Communications Co., Ltd., Class H
|
(178,666
|
)
|
|||
(245,000
|
)
|
China CITIC Bank Corp., Ltd., Class H
|
(167,326
|
)
|
|||
(177,000
|
)
|
China Construction Bank Corp., Class H
|
(181,778
|
)
|
|||
(232,000
|
)
|
China Galaxy Securities Co., Ltd., Class H
|
(154,309
|
)
|
|||
(47,000
|
)
|
China Merchants Bank Co., Ltd., Class H
|
(192,536
|
)
|
|||
(76,000
|
)
|
CITIC Securities Co., Ltd., Class H
|
(173,921
|
)
|
|||
(20,800
|
)
|
Deutsche Bank AG
|
(290,784
|
)
|
|||
(7,100
|
)
|
Fastighets AB Balder
|
(178,227
|
)
|
|||
(237,000
|
)
|
Industrial & Commercial Bank of China, Ltd., Class H
|
(203,234
|
)
|
|||
(61,700
|
)
|
Intesa Sanpaolo SpA
|
(224,226
|
)
|
Shares
|
Security Description
|
|
Value
|
||||
Financial - (4.2)% (continued)
|
|||||||
|
(2,650
|
)
|
M&T Bank Corp.
|
$
|
(488,554
|
)
|
|
(4,775
|
)
|
OTP Bank PLC
|
(214,814
|
)
|
|||
(9,300
|
)
|
Swedbank AB, Class A
|
(208,280
|
)
|
|||
(16,200
|
)
|
Synchrony Financial
|
(543,186
|
)
|
|||
(17,900
|
)
|
The Blackstone Group LP
|
(571,905
|
)
|
|||
(10,250
|
)
|
The Charles Schwab Corp.
|
(535,255
|
)
|
|||
(7,191,726
|
)
|
||||||
Industrial - (3.4)%
|
|||||||
(3,811
|
)
|
AGCO Corp.
|
(247,143
|
)
|
|||
(5,800
|
)
|
Atlas Copco AB, Class A
|
(250,899
|
)
|
|||
(6,530
|
)
|
Eaton Corp. PLC
|
(521,812
|
)
|
|||
(5,200
|
)
|
Emerson Electric Co.
|
(355,160
|
)
|
|||
(3,060
|
)
|
Illinois Tool Works, Inc.
|
(479,380
|
)
|
|||
(7,800
|
)
|
Jacobs Engineering Group, Inc.
|
(461,370
|
)
|
|||
(1,430
|
)
|
Martin Marietta Materials, Inc.
|
(296,439
|
)
|
|||
(16,700
|
)
|
Peab AB
|
(150,204
|
)
|
|||
(11,900
|
)
|
SKF AB, Class B
|
(242,994
|
)
|
|||
(1,905
|
)
|
Snap-on, Inc.
|
(281,064
|
)
|
|||
(6,725
|
)
|
Spirit AeroSystems Holdings, Inc., Class A
|
(562,882
|
)
|
|||
(4,800
|
)
|
Textron, Inc.
|
(283,056
|
)
|
|||
(1,160
|
)
|
The Boeing Co.
|
(380,341
|
)
|
|||
(5,704
|
)
|
The Middleby Corp.
|
(706,098
|
)
|
|||
(2,170
|
)
|
Vulcan Materials Co.
|
(247,749
|
)
|
|||
(5,300
|
)
|
Wartsila OYJ Abp
|
(117,059
|
)
|
|||
(15,395
|
)
|
Welbilt, Inc.
|
(299,433
|
)
|
|||
(5,883,083
|
)
|
||||||
Information Technology - (1.3)%
|
|||||||
(2,170
|
)
|
Autodesk, Inc.
|
(272,508
|
)
|
|||
(9,600
|
)
|
CA, Inc.
|
(325,440
|
)
|
|||
(9,000
|
)
|
Intel Corp.
|
(468,720
|
)
|
|||
(1,440
|
)
|
NVIDIA Corp.
|
(333,490
|
)
|
|||
(6,600
|
)
|
Oracle Corp.
|
(301,950
|
)
|
|||
(4,430
|
)
|
salesforce.com, Inc.
|
(515,209
|
)
|
|||
(2,217,317
|
)
|
||||||
Materials - (0.2)%
|
|||||||
(12,194
|
)
|
American Vanguard Corp.
|
(246,319
|
)
|
|||
Telecommunication Services - (0.6)%
|
|||||||
(175
|
)
|
Booking Holdings, Inc.
|
(364,068
|
)
|
|||
(3,460
|
)
|
Facebook, Inc., Class A
|
(552,874
|
)
|
|||
(916,942
|
)
|
||||||
Total Common Stock (Proceeds $(32,569,391))
|
(30,071,023
|
)
|
Shares |
Security Description
|
Value
|
|||||
Investment Company - (1.4)% | |||||||
(20,000
|
) |
First Trust Dow Jones Internet Index Fund ETF
(Proceeds $(2,020,097)) |
(2,410,000
|
)
|
|||
Total Short Positions - (19.0)% (Proceeds $(34,589,488)) |
$
|
(32,481,023
|
)
|
ADR
|
American Depositary Receipt
|
ETF
|
Exchange Traded Fund
|
LP
|
Limited Partnership
|
PLC
|
Public Limited Company
|
(c) |
Variable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate represented is as of March 31, 2018.
|
(e) |
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Type
|
Expiration Date
|
Notional Contract Value
|
Value
|
Net Unrealized Appreciation (Depreciation)
|
||||||||||||
(150
|
) |
CME E-Mini Russell Future
|
06/15/18
|
$
|
(11,373,647
|
)
|
$
|
(11,484,000
|
)
|
$
|
(110,353
|
)
|
||||
(475
|
) |
S&P 500 E-mini Future
|
06/15/18
|
(64,716,974
|
)
|
(62,771,250
|
)
|
1,945,724
|
||||||||
25
|
Silver Future
|
05/29/18
|
2,075,692
|
2,033,500
|
(42,192
|
)
|
||||||||||
$
|
(74,014,929
|
)
|
$
|
(72,221,750
|
)
|
$
|
1,793,179
|
Investment Companies
|
||||||||||||||||||||||||||||
Absolute Capital Opportunities Fund
|
Balance 3/31/2017
|
Gross Additions
|
Gross Reductions
|
Change in Unrealized Appreciation
|
Balance 3/31/2018
|
Realized Gain/(Loss)
|
Investment Income
|
|||||||||||||||||||||
Shares/Principal
|
1,289,545
|
240,385
|
–
|
–
|
1,529,930
|
|||||||||||||||||||||||
Cost
|
$
|
13,010,000
|
$
|
3,000,000
|
$
|
–
|
$
|
–
|
$
|
16,010,000
|
$
|
–
|
$
|
–
|
||||||||||||||
Value
|
14,146,311
|
–
|
–
|
2,008,411
|
19,154,722
|
Absolute Convertible Arbitrage Fund
|
Balance 3/31/2017
|
Gross Additions
|
Gross Reductions
|
Change in Unrealized Appreciation
|
Balance 3/31/2018
|
Realized Gain/(Loss)
|
Investment Income
|
|||||||||||||||||||||
Shares/Principal
|
–
|
2,840,976
|
–
|
–
|
2,840,976
|
|||||||||||||||||||||||
Cost
|
$
|
–
|
$
|
29,047,189
|
$
|
–
|
$
|
–
|
$
|
29,047,189
|
$
|
–
|
$
|
47,189
|
||||||||||||||
Value
|
–
|
–
|
–
|
186,451
|
29,233,640
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Consumer Discretionary
|
$
|
6,081,948
|
$
|
–
|
$
|
–
|
$
|
6,081,948
|
||||||||
Consumer Staples
|
5,526,204
|
–
|
–
|
5,526,204
|
||||||||||||
Energy
|
16,667,031
|
–
|
–
|
16,667,031
|
||||||||||||
Financial
|
6,545,008
|
–
|
–
|
6,545,008
|
||||||||||||
Healthcare
|
2,605,547
|
–
|
–
|
2,605,547
|
||||||||||||
Industrial
|
4,507,496
|
–
|
–
|
4,507,496
|
||||||||||||
Information Technology
|
987,920
|
–
|
–
|
987,920
|
||||||||||||
Materials
|
5,831,770
|
–
|
–
|
5,831,770
|
||||||||||||
Telecommunication Services
|
1,076,750
|
–
|
–
|
1,076,750
|
||||||||||||
Utilities
|
1,004,707
|
–
|
–
|
1,004,707
|
||||||||||||
Asset Backed Obligations
|
–
|
376,547
|
–
|
376,547
|
||||||||||||
Investment Companies
|
65,039,392
|
–
|
–
|
65,039,392
|
||||||||||||
Money Market Fund
|
–
|
41,734,470
|
–
|
41,734,470
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Purchased Options
|
$
|
687,960
|
$
|
–
|
$
|
–
|
$
|
687,960
|
||||||||
Investments at Value
|
$
|
116,561,733
|
$
|
42,111,017
|
$
|
–
|
$
|
158,672,750
|
||||||||
Other Financial Instruments*
|
||||||||||||||||
Futures
|
1,945,724
|
–
|
–
|
1,945,724
|
||||||||||||
Total Other Financial Instruments*
|
$
|
1,945,724
|
$
|
–
|
$
|
–
|
$
|
1,945,724
|
||||||||
Total Assets
|
$
|
118,507,457
|
$
|
42,111,017
|
$
|
–
|
$
|
160,618,474
|
||||||||
Liabilities
|
||||||||||||||||
Securities Sold Short
|
||||||||||||||||
Common Stock
|
$
|
(30,071,023
|
)
|
$
|
–
|
$
|
–
|
$
|
(30,071,023
|
)
|
||||||
Investment Company
|
(2,410,000
|
)
|
–
|
–
|
(2,410,000
|
)
|
||||||||||
Securities Sold Short
|
$
|
(32,481,023
|
)
|
$
|
–
|
$
|
–
|
$
|
(32,481,023
|
)
|
||||||
Other Financial Instruments*
|
||||||||||||||||
Futures
|
(152,545
|
)
|
–
|
–
|
(152,545
|
)
|
||||||||||
Total Liabilities
|
$
|
(32,633,568
|
)
|
$
|
–
|
$
|
–
|
$
|
(32,633,568
|
)
|
*
|
Other Financial Instruments are derivatives not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as futures, which are valued at the unrealized appreciation/(depreciation) at year end.
|
Written Options
|
||||||
Balance as of 03/31/17
|
$
|
(126
|
)
|
|||
Change in Unrealized Appreciation /(Depreciation)
|
(26,271
|
)
|
||||
Sales/Covers
|
229
|
|||||
Realized Gain (Loss)
|
26,168
|
|||||
Balance as of 03/31/18
|
$
|
-
|
||||
Net change in unrealized appreciation / (depreciation) from investments held as of 03/31/18
|
$
|
-
|
Portfolio Breakdown (% of Net Assets)
|
|
Long Positions
|
|
Common Stock
|
60.1%
|
Money Market Fund
|
29.5%
|
Purchased Options
|
2.1%
|
Short Positions
|
|
Common Stock
|
(1.0)%
|
Investment Company
|
(36.6)%
|
Written Options
|
(0.4)%
|
Other Assets & Liabilities, Net *
|
46.3%
|
100.0%
|
* |
Consists of deposits with the custodian and/or brokers for securities sold short, cash, prepaid expenses, receivables, payables and accrued liabilities. Deposits with the custodian and/or brokers for securities sold short represent 45.0% of net assets. See Note 2 of the accompanying Notes to Financial Statements.
|
See Notes to Financial Statements.
|
20
|
ABSOLUTE FUNDS
|
Shares
|
Security Description
|
Value
|
|||||
Long Positions - 91.7%
|
|||||||
Common Stock - 60.1%
|
|||||||
Consumer Discretionary - 7.9%
|
|||||||
|
9,556
|
American Airlines Group, Inc. (a)
|
$
|
496,530
|
|||
1,838
|
CarMax, Inc. (a)(b)
|
113,846
|
|||||
20,382
|
General Motors Co. (a)(c)
|
740,682
|
|||||
7,328
|
Harley-Davidson, Inc. (a)(c)(d)
|
314,224
|
|||||
7,595
|
Robert Half International, Inc.
|
439,674
|
|||||
4,276
|
The Cheesecake Factory, Inc.
|
206,189
|
|||||
2,529
|
The Walt Disney Co. (a)(c)
|
254,013
|
|||||
2,565,158
|
|||||||
Consumer Staples - 1.6%
|
|||||||
1,473
|
AMERCO (b)
|
508,332
|
|||||
Energy - 2.7%
|
|||||||
14,559
|
Halliburton Co. (a)
|
683,400
|
|||||
2,850
|
Schlumberger, Ltd. (a)
|
184,623
|
|||||
868,023
|
|||||||
Financial - 18.1%
|
|||||||
4,221
|
American Express Co. (a)
|
393,735
|
|||||
3,584
|
Aon PLC (a)
|
502,943
|
|||||
29,019
|
Bank of America Corp. (a)
|
870,280
|
|||||
5,756
|
Berkshire Hathaway, Inc., Class B (a)(b)
|
1,148,207
|
|||||
13,833
|
CBRE Group, Inc., Class A (a)(b)
|
653,194
|
|||||
6,792
|
Citigroup, Inc. (a)
|
458,460
|
|||||
8,238
|
JPMorgan Chase & Co. (a)
|
905,933
|
|||||
13,593
|
The Blackstone Group LP
|
434,296
|
|||||
1,991
|
The Goldman Sachs Group, Inc.
|
501,453
|
|||||
5,868,501
|
|||||||
Healthcare - 3.8%
|
|||||||
2,757
|
Bayer AG
|
311,384
|
|||||
9,449
|
Henry Schein, Inc. (b)
|
635,067
|
|||||
2,044
|
McKesson Corp.
|
287,938
|
|||||
1,234,389
|
|||||||
Industrial - 9.0%
|
|||||||
5,881
|
Delta Air Lines, Inc.
|
322,338
|
|||||
16,995
|
General Electric Co.
|
229,092
|
|||||
12,767
|
Jacobs Engineering Group, Inc. (a)
|
755,168
|
|||||
25,542
|
Quanta Services, Inc. (a)(b)
|
877,368
|
|||||
1,284
|
The Boeing Co. (a)
|
420,998
|
|||||
2,785
|
United Parcel Service, Inc., Class B (a)
|
291,478
|
|||||
2,896,442
|
|||||||
Information Technology - 6.6%
|
|||||||
5,899
|
Analog Devices, Inc.
|
537,576
|
|||||
7,185
|
Apple, Inc. (a)
|
1,205,499
|
|||||
613
|
IBM
|
94,053
|
|||||
2,145
|
Intel Corp.
|
111,712
|
|||||
2,145
|
Micron Technology, Inc. (b)(d)
|
111,840
|
|||||
1,379
|
QUALCOMM, Inc.
|
76,410
|
|||||
2,137,090
|
|||||||
Materials - 1.3%
|
|||||||
3,754
|
PPG Industries, Inc.
|
418,946
|
|||||
Telecommunication Services - 9.1%
|
|||||||
491
|
Alphabet, Inc., Class A (a)(b)
|
509,236
|
|||||
327
|
Alphabet, Inc., Class C (a)(b)
|
337,395
|
|||||
22,715
|
CBS Corp., Class B (a)
|
1,167,324
|
|||||
2,298
|
Comcast Corp., Class A
|
78,523
|
|||||
1,838
|
DISH Network Corp., Class A (b)
|
69,642
|
|||||
4,202
|
Facebook, Inc., Class A (b)(c)
|
671,437
|
|||||
1,225
|
Omnicom Group, Inc.
|
89,021
|
|||||
2,449
|
Spark Networks SE, ADR (b)
|
36,490
|
|||||
2,959,068
|
|||||||
Total Common Stock (Cost $18,794,321)
|
19,455,949
|
See Notes to Financial Statements.
|
21
|
ABSOLUTE FUNDS
|
Shares
|
Security Description
|
Value
|
|||||
Money Market Fund - 29.5%
|
|||||||
|
9,538,969
|
State Street Institutional Treasury Money Market Fund, Premier Share Class, 1.50% (e)
(Cost $9,538,969) |
$
|
9,538,969
|
Security Description
|
Strike Price
|
Exp. Date
|
Notional Contract Value
|
Value
|
||||||||||||||
Purchased Options - 2.1%
|
||||||||||||||||||
Call Options Purchased - 0.4%
|
||||||||||||||||||
|
42
|
Caterpillar, Inc.
|
$
|
200.00
|
01/19
|
$
|
840,000
|
6,762
|
||||||||||
455
|
General Motors Co.
|
65.00
|
01/19
|
2,957,500
|
910
|
|||||||||||||
400
|
General Motors Co.
|
55.00
|
01/19
|
2,200,000
|
4,400
|
|||||||||||||
239
|
Harley-Davidson, Inc.
|
65.00
|
01/19
|
1,553,500
|
5,497
|
|||||||||||||
3,084
|
SPDR S&P 500 ETF Trust
|
285.00
|
04/18
|
87,894,000
|
24,672
|
|||||||||||||
72
|
United Continental Holdings, Inc.
|
65.00
|
01/19
|
468,000
|
82,800
|
|||||||||||||
Total Call Options Purchased (Premiums Paid $345,244)
|
125,041
|
|||||||||||||||||
Put Options Purchased - 1.7%
|
||||||||||||||||||
22
|
Comcast Corp.
|
40.00
|
01/20
|
75,174
|
18,040
|
|||||||||||||
19
|
DISH Network Corp.
|
47.50
|
01/20
|
71,991
|
25,080
|
|||||||||||||
7
|
IBM
|
165.00
|
01/20
|
107,401
|
18,410
|
|||||||||||||
21
|
Intel Corp.
|
42.00
|
01/20
|
109,368
|
6,615
|
|||||||||||||
21
|
Micron Technology, Inc.
|
42.00
|
01/20
|
109,494
|
13,493
|
|||||||||||||
12
|
Omnicom Group, Inc.
|
72.50
|
01/20
|
87,204
|
10,440
|
|||||||||||||
13
|
QUALCOMM, Inc.
|
65.00
|
01/20
|
72,033
|
20,150
|
|||||||||||||
472
|
SPDR S&P 500 ETF Trust
|
271.00
|
04/18
|
12,420,680
|
432,824
|
|||||||||||||
Total Put Options Purchased (Premiums Paid $519,902)
|
545,052
|
|||||||||||||||||
Total Purchased Options (Premiums Paid $865,146)
|
670,093
|
|||||||||||||||||
Total Long Positions - 91.7% (Cost $29,198,436)
|
29,665,011
|
|||||||||||||||||
Total Short Positions - (37.6)% (Proceeds $(12,506,272))
|
(12,139,511
|
)
|
||||||||||||||||
Total Written Options - (0.4)% (Premiums Received $(138,666))
|
(141,259
|
)
|
||||||||||||||||
Other Assets & Liabilities, Net - 46.3%
|
14,953,693
|
|||||||||||||||||
Net Assets - 100.0%
|
$
|
32,337,934
|
See Notes to Financial Statements.
|
22
|
ABSOLUTE FUNDS
|
Shares
|
Security Description
|
Value
|
|||||
Short Positions - (37.6)%
|
|||||||
Common Stock - (1.0)%
|
|||||||
Industrial - (1.0)%
|
|||||||
|
(2,065
|
)
|
Caterpillar, Inc. (Proceeds $(294,377))
|
$
|
(304,340
|
)
|
|
Investment Company - (36.6)%
|
|||||||
(44,975
|
)
|
SPDR S&P 500 ETF Trust (Proceeds $(12,211,895))
|
(11,835,171
|
)
|
|||
Total Short Positions - (37.6)% (Proceeds $(12,506,272))
|
$
|
(12,139,511
|
)
|
See Notes to Financial Statements.
|
23
|
ABSOLUTE FUNDS
|
Security Description
|
Strike Price
|
Exp. Date
|
Notional Contract Value
|
Value
|
||||||||||||||
Written Options - (0.4)%
|
||||||||||||||||||
Call Options Written - (0.1)%
|
||||||||||||||||||
|
(215
|
)
|
Harley-Davidson, Inc.
|
$
|
75.00
|
01/19
|
$
|
921,920
|
$
|
(215
|
)
|
|||||||
(21
|
)
|
Micron Technology, Inc.
|
70.00
|
01/20
|
109,494
|
(17,955
|
)
|
|||||||||||
(72
|
)
|
United Continental Holdings, Inc.
|
100.00
|
01/19
|
500,184
|
(8,280
|
)
|
|||||||||||
Total Call Options Written (Premiums Received $(30,459))
|
(26,450
|
)
|
||||||||||||||||
Put Options Written - (0.3)%
|
||||||||||||||||||
(16
|
)
|
Facebook, Inc., Class A
|
165.00
|
01/19
|
264,000
|
(30,640
|
)
|
|||||||||||
(33
|
)
|
General Motors Co.
|
45.00
|
01/20
|
148,500
|
(36,795
|
)
|
|||||||||||
(14
|
)
|
Harley-Davidson, Inc.
|
55.00
|
01/20
|
77,000
|
(20,685
|
)
|
|||||||||||
(42
|
)
|
NIKE, Inc., Class B
|
45.00
|
01/19
|
189,000
|
(2,940
|
)
|
|||||||||||
(55
|
)
|
The Kroger Co.
|
22.00
|
04/18
|
121,000
|
(935
|
)
|
|||||||||||
(12
|
)
|
The Walt Disney Co.
|
90.00
|
01/19
|
108,000
|
(4,410
|
)
|
|||||||||||
(20
|
)
|
Time Warner, Inc.
|
90.00
|
01/19
|
180,000
|
(10,700
|
)
|
|||||||||||
(72
|
)
|
United Continental Holdings, Inc.
|
45.00
|
01/19
|
324,000
|
(7,704
|
)
|
|||||||||||
Total Put Options Written (Premiums Received $(108,207))
|
(114,809
|
)
|
||||||||||||||||
Total Written Options - (0.4)% (Premiums Received $(138,666))
|
$
|
(141,259
|
)
|
See Notes to Financial Statements.
|
24
|
ABSOLUTE FUNDS
|
(e) |
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Consumer Discretionary
|
$
|
2,565,158
|
$
|
–
|
$
|
–
|
$
|
2,565,158
|
||||||||
Consumer Staples
|
508,332
|
–
|
–
|
508,332
|
||||||||||||
Energy
|
868,023
|
–
|
–
|
868,023
|
||||||||||||
Financial
|
5,868,501
|
–
|
–
|
5,868,501
|
||||||||||||
Healthcare
|
1,234,389
|
–
|
–
|
1,234,389
|
||||||||||||
Industrial
|
2,896,442
|
–
|
–
|
2,896,442
|
||||||||||||
Information Technology
|
2,137,090
|
–
|
–
|
2,137,090
|
||||||||||||
Materials
|
418,946
|
–
|
–
|
418,946
|
||||||||||||
Telecommunication Services
|
2,959,068
|
–
|
–
|
2,959,068
|
||||||||||||
Money Market Fund
|
–
|
9,538,969
|
–
|
9,538,969
|
||||||||||||
Purchased Options
|
140,976
|
529,117
|
–
|
670,093
|
||||||||||||
Investments at Value
|
$
|
19,596,925
|
$
|
10,068,086
|
$
|
–
|
$
|
29,665,011
|
||||||||
Total Assets
|
$
|
19,596,925
|
$
|
10,068,086
|
$
|
–
|
$
|
29,665,011
|
||||||||
Liabilities
|
||||||||||||||||
Securities Sold Short
|
||||||||||||||||
Common Stock
|
$
|
(304,340
|
)
|
$
|
–
|
$
|
–
|
$
|
(304,340
|
)
|
||||||
Investment Company
|
(11,835,171
|
)
|
–
|
–
|
(11,835,171
|
)
|
||||||||||
Securities Sold Short
|
$
|
(12,139,511
|
)
|
$
|
–
|
$
|
–
|
$
|
(12,139,511
|
)
|
||||||
Other Financial Instruments*
|
||||||||||||||||
Written Options
|
(105,249
|
)
|
(36,010
|
)
|
–
|
(141,259
|
)
|
|||||||||
Total Liabilities
|
$
|
(12,244,760
|
)
|
$
|
(36,010
|
)
|
$
|
–
|
$
|
(12,280,770
|
)
|
* |
Other Financial Instruments are derivatives not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as written options, which are reported at their market value at year end.
|
Written Options
|
||||
Balance as of 03/31/17
|
$
|
(14
|
)
|
|
Change in Unrealized Appreciation/(Depreciation)
|
(2,919
|
)
|
||
Sales/Covers
|
-
|
|||
Realized Gain (Loss)
|
2,933
|
|||
Balance as of 03/31/18
|
$
|
-
|
||
Net change in unrealized appreciation/(depreciation) from investments held as of 03/31/18
|
$
|
-
|
See Notes to Financial Statements.
|
25
|
ABSOLUTE FUNDS
|
Portfolio Breakdown (% of Net Assets)
|
|
Long Positions
|
|
Corporate Convertible Bonds
|
78.8%
|
Money Market Fund
|
60.4%
|
Short Positions
|
|
Common Stock
|
(38.5)%
|
Other Assets & Liabilities, Net *
|
(0.7)%
|
100.0%
|
*
|
Consists of prepaid expenses, deferred offering costs, receivables, payables and accrued liabilities. See Note 2 of the accompanying Notes to Financial Statements.
|
See Notes to Financial Statements.
|
26
|
ABSOLUTE FUNDS
|
Principal |
Security Description
|
Rate
|
Maturity
|
Value
|
|||||||
Long Positions - 139.2% (a)
|
|||||||||||
Corporate Convertible Bonds - 78.8%
|
|||||||||||
Consumer Discretionary - 3.0%
|
|||||||||||
$
|
500,000
|
Horizon Global Corp.
|
2.75
|
%
|
07/01/22
|
$
|
412,326
|
||||
1,000,000
|
Live Nation Entertainment, Inc. (b)
|
2.50
|
03/15/23
|
1,011,681
|
|||||||
250,000
|
Marriott Vacations Worldwide Corp. (b)
|
1.50
|
09/15/22
|
274,231
|
|||||||
1,698,238
|
|||||||||||
Consumer Staples - 1.7%
|
|||||||||||
600,000
|
Carriage Services, Inc.
|
2.75
|
03/15/21
|
789,404
|
|||||||
125,000
|
Flexion Therapeutics, Inc. (b)
|
3.38
|
05/01/24
|
142,639
|
|||||||
932,043
|
|||||||||||
Energy - 4.2%
|
|||||||||||
250,000
|
Bristow Group, Inc.
|
4.50
|
06/01/23
|
276,737
|
|||||||
150,000
|
Helix Energy Solutions Group, Inc.
|
4.25
|
05/01/22
|
142,377
|
|||||||
500,000
|
Helix Energy Solutions Group, Inc.
|
4.13
|
09/15/23
|
506,512
|
|||||||
500,000
|
Newpark Resources, Inc. (b)
|
4.00
|
12/01/21
|
581,250
|
|||||||
750,000
|
Renewable Energy Group, Inc.
|
2.75
|
06/15/19
|
843,119
|
|||||||
2,349,995
|
|||||||||||
Financial - 1.7%
|
|||||||||||
300,000
|
Encore Capital Group, Inc.
|
3.00
|
07/01/20
|
344,100
|
|||||||
628,000
|
Encore Capital Group, Inc.
|
2.88
|
03/15/21
|
629,884
|
|||||||
973,984
|
|||||||||||
Healthcare - 21.0%
|
|||||||||||
500,000
|
Accelerate Diagnostics, Inc. (b)
|
2.50
|
03/15/23
|
484,816
|
|||||||
1,000,000
|
Accuray, Inc. (b)
|
3.75
|
07/15/22
|
1,140,000
|
|||||||
1,300,000
|
Alder Biopharmaceuticals, Inc.
|
2.50
|
02/01/25
|
1,201,534
|
|||||||
500,000
|
Avadel Finance Cayman, Ltd. (b)
|
4.50
|
02/01/23
|
505,750
|
|||||||
500,000
|
DexCom, Inc. (b)
|
0.75
|
05/15/22
|
515,681
|
|||||||
1,000,000
|
Exact Sciences Corp.
|
1.00
|
01/15/25
|
893,388
|
|||||||
1,400,000
|
Insmed, Inc.
|
1.75
|
01/15/25
|
1,237,898
|
|||||||
700,000
|
Insulet Corp. (b)
|
1.38
|
11/15/24
|
802,915
|
|||||||
400,000
|
Ironwood Pharmaceuticals, Inc.
|
2.25
|
06/15/22
|
472,848
|
|||||||
750,000
|
Jazz Investments I, Ltd. (b)
|
1.50
|
08/15/24
|
734,147
|
|||||||
650,000
|
Novavax, Inc.
|
3.75
|
02/01/23
|
462,790
|
|||||||
500,000
|
Pacira Pharmaceuticals, Inc.
|
2.38
|
04/01/22
|
458,125
|
|||||||
750,000
|
Quidel Corp.
|
3.25
|
12/15/20
|
1,301,025
|
|||||||
750,000
|
Repligen Corp.
|
2.13
|
06/01/21
|
976,564
|
|||||||
100,000
|
Senseonics Holdings, Inc.
|
5.25
|
02/01/23
|
107,900
|
|||||||
500,000
|
Theravance Biopharma, Inc.
|
3.25
|
11/01/23
|
508,423
|
|||||||
11,803,804
|
|||||||||||
Industrial - 10.6%
|
|||||||||||
750,000
|
Fluidigm Corp.
|
2.75
|
02/01/34
|
688,428
|
|||||||
461,000
|
Fluidigm Corp.
|
2.75
|
02/01/34
|
393,606
|
|||||||
1,150,000
|
II-VI, Inc. (b)
|
0.25
|
09/01/22
|
1,273,050
|
|||||||
1,100,000
|
Kaman Corp. (b)
|
3.25
|
05/01/24
|
1,253,385
|
|||||||
1,000,000
|
Team, Inc. (b)
|
5.00
|
08/01/23
|
992,562
|
|||||||
350,000
|
TimkenSteel Corp.
|
6.00
|
06/01/21
|
514,745
|
|||||||
500,000
|
TTM Technologies, Inc.
|
1.75
|
12/15/20
|
833,438
|
|||||||
5,949,214
|
|||||||||||
Information Technology - 26.1%
|
|||||||||||
1,048,000
|
Advanced Micro Devices, Inc.
|
2.13
|
09/01/26
|
1,536,158
|
|||||||
700,000
|
Apptio, Inc. (b)
|
0.88
|
04/01/23
|
690,900
|
|||||||
500,000
|
Avid Technology, Inc.
|
2.00
|
06/15/20
|
421,750
|
|||||||
1,365,000
|
Carbonite, Inc. (b)
|
2.50
|
04/01/22
|
1,782,266
|
|||||||
1,090,000
|
Coupa Software, Inc. (b)
|
0.38
|
01/15/23
|
1,320,643
|
|||||||
500,000
|
Integrated Device Technology, Inc.
|
0.88
|
11/15/22
|
564,500
|
|||||||
1,000,000
|
Nutanix, Inc. (b)(c)
|
0.00
|
01/15/23
|
1,205,803
|
|||||||
1,000,000
|
Red Hat, Inc.
|
0.25
|
10/01/19
|
2,027,092
|
|||||||
1,500,000
|
ServiceNow, Inc. (b)(c)
|
0.00
|
06/01/22
|
1,994,475
|
|||||||
1,000,000
|
Silicon Laboratories, Inc.
|
1.38
|
03/01/22
|
1,160,000
|
|||||||
500,000
|
Teradyne, Inc.
|
1.25
|
12/15/23
|
763,603
|
|||||||
1,250,000
|
Veeco Instruments, Inc.
|
2.70
|
01/15/23
|
1,140,871
|
|||||||
14,608,061
|
See Notes to Financial Statements.
|
27
|
ABSOLUTE FUNDS
|
Principal
|
Security Description
|
Rate
|
Maturity
|
Value
|
|||||||
Materials - 1.7%
|
|||||||||||
$
|
500,000
|
Aceto Corp.
|
2.00
|
%
|
11/01/20
|
$
|
441,274
|
||||
500,000
|
SSR Mining, Inc.
|
2.88
|
02/01/33
|
497,188
|
|||||||
938,462
|
|||||||||||
Telecommunication Services - 8.8%
|
|||||||||||
569,000
|
CalAmp Corp.
|
1.63
|
05/15/20
|
609,583
|
|||||||
1,000,000
|
Chegg, Inc. (b)
|
0.25
|
05/15/23
|
1,030,302
|
|||||||
500,000
|
Global Eagle Entertainment, Inc.
|
3.25
|
02/15/35
|
316,000
|
|||||||
1,000,000
|
Harmonic, Inc.
|
4.00
|
12/01/20
|
986,250
|
|||||||
550,000
|
Pandora Media, Inc.
|
1.75
|
12/01/20
|
503,597
|
|||||||
500,000
|
Quotient Technology, Inc. (b)
|
1.75
|
12/01/22
|
519,413
|
|||||||
750,000
|
RingCentral, Inc. (b)(c)
|
0.00
|
03/15/23
|
755,550
|
|||||||
250,000
|
Wayfair, Inc. (b)
|
0.38
|
09/01/22
|
238,000
|
|||||||
4,958,695
|
|||||||||||
Total Corporate Convertible Bonds (Cost $42,637,553)
|
44,212,496
|
Shares |
Security Description
|
Value
|
|||||
Money Market Fund - 60.4% | |||||||
33,852,237
|
State Street Institutional Treasury Money Market Fund, Premier Share Class, 1.50%(d)
(Cost $33,852,237)
|
33,852,237
|
|||||
Total Long Positions - 139.2% (Cost $76,489,790) |
78,064,733
|
||||||
Total Short Positions - (38.5)% (Proceeds $(21,171,559)) |
(21,593,223
|
)
|
|||||
Other Assets & Liabilities, Net - (0.7)% |
(406,814
|
)
|
|||||
Net Assets - 100.0% |
$
|
56,064,696
|
See Notes to Financial Statements.
|
28
|
ABSOLUTE FUNDS
|
Shares
|
Security Description
|
Value
|
|||||
Short Positions - (38.5)%
|
|||||||
Common Stock - (38.5)%
|
|||||||
Consumer Discretionary - (0.8)%
|
|||||||
|
(5,380
|
)
|
Horizon Global Corp.
|
$
|
(44,331
|
)
|
|
(6,400
|
)
|
Live Nation Entertainment, Inc.
|
(269,696
|
)
|
|||
(953
|
)
|
Marriott Vacations Worldwide Corp.
|
(126,940
|
)
|
|||
(440,967
|
)
|
||||||
Consumer Staples - (1.2)%
|
|||||||
(21,436
|
)
|
Carriage Services, Inc.
|
(592,920
|
)
|
|||
(2,900
|
)
|
Flexion Therapeutics, Inc.
|
(64,989
|
)
|
|||
(657,909
|
)
|
||||||
Energy - (1.6)%
|
|||||||
(11,100
|
)
|
Bristow Group, Inc.
|
(144,300
|
)
|
|||
(22,683
|
)
|
Helix Energy Solutions Group, Inc.
|
(131,334
|
)
|
|||
(35,600
|
)
|
Newpark Resources, Inc.
|
(288,360
|
)
|
|||
(26,982
|
)
|
Renewable Energy Group, Inc.
|
(345,370
|
)
|
|||
(909,364
|
)
|
||||||
Financial - (0.8)%
|
|||||||
(9,577
|
)
|
Encore Capital Group, Inc.
|
(432,880
|
)
|
|||
Healthcare - (9.4)%
|
|||||||
(1,800
|
)
|
Accelerate Diagnostics, Inc.
|
(41,130
|
)
|
|||
(117,700
|
)
|
Accuray, Inc.
|
(588,500
|
)
|
|||
(41,700
|
)
|
Alder Biopharmaceuticals, Inc.
|
(529,590
|
)
|
|||
(21,800
|
)
|
Avadel Pharmaceuticals PLC, ADR
|
(158,922
|
)
|
|||
(2,320
|
)
|
DexCom, Inc.
|
(172,051
|
)
|
|||
(7,650
|
)
|
Exact Sciences Corp.
|
(308,524
|
)
|
|||
(22,000
|
)
|
Insmed, Inc.
|
(495,440
|
)
|
|||
(4,900
|
)
|
Insulet Corp.
|
(424,732
|
)
|
|||
(17,560
|
)
|
Ironwood Pharmaceuticals, Inc.
|
(270,951
|
)
|
|||
(1,762
|
)
|
Jazz Pharmaceuticals PLC
|
(266,044
|
)
|
|||
(51,200
|
)
|
Novavax, Inc.
|
(107,520
|
)
|
|||
(2,750
|
)
|
Pacira Pharmaceuticals, Inc.
|
(85,663
|
)
|
|||
(19,034
|
)
|
Quidel Corp.
|
(986,152
|
)
|
|||
(16,500
|
)
|
Repligen Corp.
|
(596,970
|
)
|
|||
(1,000
|
)
|
Senseonics Holdings, Inc.
|
(3,000
|
)
|
|||
(9,000
|
)
|
Theravance Biopharma, Inc.
|
(218,250
|
)
|
|||
(5,253,439
|
)
|
||||||
Industrial - (5.2)%
|
|||||||
(34,250
|
)
|
Fluidigm Corp.
|
(200,020
|
)
|
|||
(16,200
|
)
|
II-VI, Inc.
|
(662,580
|
)
|
|||
(10,400
|
)
|
Kaman Corp.
|
(646,048
|
)
|
|||
(26,000
|
)
|
Team, Inc.
|
(357,500
|
)
|
|||
(21,940
|
)
|
TimkenSteel Corp.
|
(333,269
|
)
|
|||
(46,900
|
)
|
TTM Technologies, Inc.
|
(717,101
|
)
|
|||
(2,916,518
|
)
|
||||||
Information Technology - (16.5)%
|
|||||||
(109,580
|
)
|
Advanced Micro Devices, Inc.
|
(1,101,279
|
)
|
|||
(8,422
|
)
|
Apptio, Inc., Class A
|
(238,680
|
)
|
|||
(4,000
|
)
|
Avid Technology, Inc.
|
(18,160
|
)
|
|||
(38,800
|
)
|
Carbonite, Inc.
|
(1,117,440
|
)
|
|||
(17,628
|
)
|
Coupa Software, Inc.
|
(804,189
|
)
|
|||
(10,497
|
)
|
Integrated Device Technology, Inc.
|
(320,788
|
)
|
|||
(14,540
|
)
|
Nutanix, Inc., Class A
|
(714,059
|
)
|
|||
(13,372
|
)
|
Red Hat, Inc.
|
(1,999,248
|
)
|
|||
(8,954
|
)
|
ServiceNow, Inc.
|
(1,481,439
|
)
|
|||
(7,300
|
)
|
Silicon Laboratories, Inc.
|
(656,270
|
)
|
|||
(13,350
|
)
|
Teradyne, Inc.
|
(610,229
|
)
|
|||
(11,000
|
)
|
Veeco Instruments, Inc.
|
(187,000
|
)
|
|||
(9,248,781
|
)
|
||||||
Materials - 0.0%
|
|||||||
(300
|
)
|
Aceto Corp.
|
(2,280
|
)
|
|||
(3,000
|
)
|
SSR Mining, Inc.
|
(28,800
|
)
|
|||
(31,080
|
)
|
See Notes to Financial Statements.
|
29
|
ABSOLUTE FUNDS
|
Shares |
Security Description
|
Value
|
|||||
Telecommunication Services - (3.0)% | |||||||
(10,903
|
) |
CalAmp Corp.
|
$
|
(249,461
|
)
|
||
(22,000
|
) |
Chegg, Inc.
|
(454,520
|
)
|
|||
(4,200
|
) |
Global Eagle Entertainment, Inc.
|
(6,174
|
)
|
|||
(76,400
|
) |
Harmonic, Inc.
|
(290,320
|
)
|
|||
(2,887
|
) |
Pandora Media, Inc.
|
(14,522
|
)
|
|||
(17,600
|
) |
Quotient Technology, Inc.
|
(230,560
|
)
|
|||
(5,725
|
) |
RingCentral, Inc., Class A
|
(363,537
|
)
|
|||
(1,380
|
) |
Wayfair, Inc., Class A
|
(93,191
|
)
|
|||
(1,702,285
|
)
|
||||||
Total Common Stock (Proceeds $(21,171,559)) |
(21,593,223
|
)
|
|||||
Total Short Positions - (38.5)% (Proceeds $(21,171,559)) |
$
|
(21,593,223
|
)
|
See Notes to Financial Statements.
|
30
|
ABSOLUTE FUNDS
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $19,249,459 or 34.3% of net assets.
|
(d)
|
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Value
|
||||||||||||||||
Corporate Convertible Bonds
|
$
|
–
|
$
|
44,212,496
|
$
|
–
|
$
|
44,212,496
|
||||||||
Money Market Fund
|
–
|
33,852,237
|
–
|
33,852,237
|
||||||||||||
Investments at Value
|
$
|
–
|
$
|
78,064,733
|
$
|
–
|
$
|
78,064,733
|
||||||||
Total Assets
|
$
|
–
|
$
|
78,064,733
|
$
|
–
|
$
|
78,064,733
|
||||||||
Liabilities
|
||||||||||||||||
Securities Sold Short
|
||||||||||||||||
Common Stock
|
$
|
(21,593,223
|
)
|
$
|
–
|
$
|
–
|
$
|
(21,593,223
|
)
|
||||||
Securities Sold Short
|
$
|
(21,593,223
|
)
|
$
|
–
|
$
|
–
|
$
|
(21,593,223
|
)
|
||||||
Total Liabilities
|
$
|
(21,593,223
|
)
|
$
|
–
|
$
|
–
|
$
|
(21,593,223
|
)
|
See Notes to Financial Statements.
|
31
|
ABSOLUTE FUNDS
|
|
ABSOLUTE STRATEGIES FUND
|
ABSOLUTE CAPITAL OPPORTUNITIES FUND
|
ABSOLUTE CONVERTIBLE ARBITRAGE FUND
|
|||||||||
ASSETS
|
||||||||||||
Investments, at value (Cost $95,614,346, $29,198,436 and $76,489,790, respectively)
|
$
|
110,284,388
|
$
|
29,665,011
|
$
|
78,064,733
|
||||||
Investments in affiliates, at value (Cost $45,057,189, $0 and $0, respectively)
|
48,388,362
|
–
|
–
|
|||||||||
|
$
|
158,672,750
|
$
|
29,665,011
|
$
|
78,064,733
|
||||||
Cash
|
4,529,451
|
2,614
|
–
|
|||||||||
Deposits with broker
|
42,161,700
|
14,568,191
|
–
|
|||||||||
Foreign currency (Cost $108,878, $0 and $0, respectively)
|
110,970
|
–
|
–
|
|||||||||
Receivables:
|
||||||||||||
Fund shares sold
|
42,803
|
432,006
|
94,926
|
|||||||||
Investment securities sold
|
2,487,952
|
46
|
1,008,207
|
|||||||||
Dividends and interest
|
238,300
|
20,598
|
235,136
|
|||||||||
Prepaid expenses
|
12,500
|
11,724
|
1,904
|
|||||||||
Deferred offering costs
|
–
|
–
|
11,964
|
|||||||||
Total Assets
|
208,256,426
|
44,700,190
|
79,416,870
|
|||||||||
LIABILITIES
|
||||||||||||
Call options written, at value (Premiums received $0, $30,459 and $0, respectively)
|
–
|
26,450
|
–
|
|||||||||
Put options written, at value (Premiums received $0, $108,207 and $0, respectively)
|
–
|
114,809
|
–
|
|||||||||
Securities sold short, at value (Proceeds $34,589,488, $12,506,272 and $21,171,559, respectively)
|
32,481,023
|
12,139,511
|
21,593,223
|
|||||||||
Payables:
|
||||||||||||
Investment securities purchased
|
3,852,363
|
30,639
|
1,542,044
|
|||||||||
Fund shares redeemed
|
377,941
|
–
|
–
|
|||||||||
Due to custodian
|
–
|
–
|
45,341
|
|||||||||
Dividends on securities sold short
|
18,832
|
–
|
2,090
|
|||||||||
Accrued Liabilities:
|
||||||||||||
Investment adviser fees
|
3,627
|
13,418
|
104,217
|
|||||||||
Trustees’ fees and expenses
|
400
|
50
|
50
|
|||||||||
Fund services fees
|
33,638
|
4,747
|
2,424
|
|||||||||
Other expenses
|
164,413
|
32,632
|
62,785
|
|||||||||
Total Liabilities
|
36,932,237
|
12,362,256
|
23,352,174
|
|||||||||
NET ASSETS
|
$
|
171,324,189
|
$
|
32,337,934
|
$
|
56,064,696
|
||||||
COMPONENTS OF NET ASSETS
|
||||||||||||
Paid-in capital
|
$
|
196,537,608
|
$
|
29,145,174
|
$
|
55,294,361
|
||||||
Undistributed net investment income (Accumulated net investment loss)
|
(585,480
|
)
|
–
|
310,066
|
||||||||
Accumulated net realized gain (loss)
|
(46,533,183
|
)
|
2,361,991
|
(693,010
|
)
|
|||||||
Net unrealized appreciation
|
21,905,244
|
830,769
|
1,153,279
|
|||||||||
NET ASSETS
|
$
|
171,324,189
|
$
|
32,337,934
|
$
|
56,064,696
|
||||||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
||||||||||||
Institutional Shares
|
19,869,235
|
2,583,325
|
5,448,972
|
|||||||||
R Shares
|
615,709
|
–
|
–
|
|||||||||
|
||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
||||||||||||
Institutional Shares (based on net assets of $166,373,325, $32,337,934 and $56,064,696, respectively)
|
$
|
8.37
|
$
|
12.52
|
$
|
10.29
|
||||||
R Shares (based on net assets of $4,950,864, $0 and $0)
|
$
|
8.04
|
$
|
–
|
$
|
–
|
See Notes to Financial Statements.
|
32
|
ABSOLUTE FUNDS
|
|
ABSOLUTE STRATEGIES FUND
|
ABSOLUTE CAPITAL OPPORTUNITIES FUND
|
ABSOLUTE CONVERTIBLE ARBITRAGE FUND*
|
|||||||||
INVESTMENT INCOME
|
||||||||||||
Dividend income (Net of foreign withholding taxes of $136,736, $5,713 and $0, respectively)
|
$
|
4,454,873
|
$
|
214,436
|
$
|
139,043
|
||||||
Dividend income from affiliated investment
|
47,189
|
–
|
–
|
|||||||||
Interest income
|
2,150,544
|
–
|
320,109
|
|||||||||
Net amortization expense
|
–
|
–
|
(429,427
|
)
|
||||||||
Total Investment Income
|
6,652,606
|
214,436
|
29,725
|
|||||||||
EXPENSES
|
||||||||||||
Investment adviser fees
|
5,580,081
|
246,156
|
277,313
|
|||||||||
Fund services fees
|
486,104
|
48,409
|
42,503
|
|||||||||
Transfer agent fees:
|
||||||||||||
Institutional Shares
|
100,515
|
–
|
–
|
|||||||||
R Shares
|
54,648
|
–
|
–
|
|||||||||
Distribution fees:
|
||||||||||||
R Shares
|
31,193
|
–
|
–
|
|||||||||
Custodian fees
|
554,466
|
30,308
|
42,091
|
|||||||||
Registration fees:
|
||||||||||||
Institutional Shares
|
22,387
|
19,166
|
116
|
|||||||||
R Shares
|
18,822
|
–
|
–
|
|||||||||
Professional fees
|
150,294
|
47,985
|
64,791
|
|||||||||
Trustees' fees and expenses
|
33,236
|
5,955
|
3,384
|
|||||||||
Offering costs
|
–
|
–
|
59,870
|
|||||||||
Dividend expense on securities sold short
|
2,359,961
|
114,052
|
10,978
|
|||||||||
Interest expense
|
504,093
|
22,643
|
108,147
|
|||||||||
Other expenses
|
446,362
|
22,798
|
15,343
|
|||||||||
Total Expenses
|
10,342,162
|
557,472
|
624,536
|
|||||||||
Fees waived
|
(565,273
|
)
|
(136,243
|
)
|
(179,010
|
)
|
||||||
Net Expenses
|
9,776,889
|
421,229
|
445,526
|
|||||||||
NET INVESTMENT LOSS
|
(3,124,283
|
)
|
(206,793
|
)
|
(415,801
|
)
|
||||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Investments in unaffiliated issuers
|
85,735,917
|
3,960,258
|
820,141
|
|||||||||
Foreign currency transactions
|
343,372
|
(3,395
|
)
|
–
|
||||||||
Securities sold short
|
(21,589,630
|
)
|
(1,007,520
|
)
|
(692,699
|
)
|
||||||
Written options
|
1,567,689
|
75,311
|
–
|
|||||||||
Futures
|
(23,935,334
|
)
|
–
|
–
|
||||||||
Swaps
|
(1,402,368
|
)
|
–
|
–
|
||||||||
Net realized gain
|
40,719,646
|
3,024,654
|
127,442
|
|||||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||||||
Investments in unaffiliated issuers
|
(63,244,578
|
)
|
(1,262,567
|
)
|
1,574,943
|
|||||||
Investments in affiliated issuers
|
2,194,862
|
–
|
–
|
|||||||||
Foreign currency translations
|
(75,514
|
)
|
26
|
–
|
||||||||
Securities sold short
|
(2,939,668
|
)
|
345,964
|
(421,664
|
)
|
|||||||
Written options
|
(708,906
|
)
|
(30,367
|
)
|
–
|
|||||||
Futures
|
4,246,493
|
–
|
–
|
|||||||||
Swaps
|
981,271
|
–
|
–
|
|||||||||
Net change in unrealized appreciation (depreciation)
|
(59,546,040
|
)
|
(946,944
|
)
|
1,153,279
|
|||||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
(18,826,394
|
)
|
2,077,710
|
1,280,721
|
||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(21,950,677
|
)
|
$ | 1,870,917 | $ | 864,920 |
See Notes to Financial Statements.
|
33
|
ABSOLUTE FUNDS
|
ABSOLUTE STRATEGIES FUND
|
ABSOLUTE CAPITAL OPPORTUNITIES FUND
|
ABSOLUTE CONVERTIBLE ARBITRAGE FUND
|
||||||||||||||||||
For the Years Ended March 31,
|
For the Years Ended March 31,
|
August 14, 2017* through March 31, 2018
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||||||
OPERATIONS
|
||||||||||||||||||||
Net investment loss
|
$
|
(3,124,283
|
)
|
$
|
(7,890,519
|
)
|
$
|
(206,793
|
)
|
$
|
(199,094
|
)
|
$
|
(415,801
|
)
|
|||||
Net realized gain (loss)
|
40,719,646
|
3,597,735
|
3,024,654
|
(69,602
|
)
|
127,442
|
||||||||||||||
Net change in unrealized appreciation (depreciation)
|
(59,546,040
|
)
|
(16,429,187
|
)
|
(946,944
|
)
|
1,193,645
|
1,153,279
|
||||||||||||
Increase (Decrease) in Net Assets Resulting from Operations
|
(21,950,677
|
)
|
(20,721,971
|
)
|
1,870,917
|
924,949
|
864,920
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net realized gain:
|
||||||||||||||||||||
Institutional Shares
|
–
|
(85,840,670
|
)
|
–
|
–
|
(94,585
|
)
|
|||||||||||||
R Shares
|
–
|
(3,055,044
|
)
|
–
|
–
|
–
|
||||||||||||||
Total Distributions to Shareholders
|
–
|
(88,895,714
|
)
|
–
|
–
|
(94,585
|
)
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||||||
Sale of shares:
|
||||||||||||||||||||
Institutional Shares
|
40,442,084
|
245,205,577
|
16,426,763
|
1,042,238
|
55,873,359
|
|||||||||||||||
R Shares
|
4,996,291
|
12,641,234
|
–
|
–
|
–
|
|||||||||||||||
Reinvestment of distributions:
|
||||||||||||||||||||
Institutional Shares
|
–
|
78,733,255
|
–
|
–
|
94,585
|
|||||||||||||||
R Shares
|
–
|
2,739,828
|
–
|
–
|
–
|
|||||||||||||||
Redemption of shares:
|
||||||||||||||||||||
Institutional Shares
|
(354,894,965
|
)
|
(633,166,321
|
)
|
(147,450
|
)
|
–
|
(673,583
|
)
|
|||||||||||
R Shares
|
(18,458,224
|
)
|
(18,077,731
|
)
|
–
|
–
|
–
|
|||||||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions
|
(327,914,814
|
)
|
(311,924,158
|
)
|
16,279,313
|
1,042,238
|
55,294,361
|
|||||||||||||
Increase (Decrease) in Net Assets
|
(349,865,491
|
)
|
(421,541,843
|
)
|
18,150,230
|
1,967,187
|
56,064,696
|
|||||||||||||
NET ASSETS
|
||||||||||||||||||||
Beginning of Period
|
521,189,680
|
942,731,523
|
14,187,704
|
12,220,517
|
–
|
|||||||||||||||
End of Period (Including line (a))
|
$
|
171,324,189
|
$
|
521,189,680
|
$
|
32,337,934
|
$
|
14,187,704
|
$
|
56,064,696
|
||||||||||
SHARE TRANSACTIONS
|
||||||||||||||||||||
Sale of shares:
|
||||||||||||||||||||
Institutional Shares
|
4,731,888
|
24,990,146
|
1,302,256
|
96,537
|
5,506,489
|
|||||||||||||||
R Shares
|
599,477
|
1,377,012
|
–
|
–
|
–
|
|||||||||||||||
Reinvestment of distributions:
|
||||||||||||||||||||
Institutional Shares
|
–
|
8,846,433
|
–
|
–
|
9,273
|
|||||||||||||||
R Shares
|
–
|
317,110
|
–
|
–
|
–
|
|||||||||||||||
Redemption of shares:
|
||||||||||||||||||||
Institutional Shares
|
(42,135,763
|
)
|
(64,717,097
|
)
|
(12,164
|
)
|
–
|
(66,790
|
)
|
|||||||||||
R Shares
|
(2,260,126
|
)
|
(1,972,440
|
)
|
–
|
–
|
–
|
|||||||||||||
Increase (Decrease) in Shares
|
(39,064,524
|
)
|
(31,158,836
|
)
|
1,290,092
|
96,537
|
5,448,972
|
|||||||||||||
(a) Undistributed net investment income (Accumulated net investment loss)
|
$
|
(585,480
|
)
|
$
|
(2,836,297
|
)
|
$
|
–
|
$
|
(40,691
|
)
|
$
|
310,066
|
See Notes to Financial Statements.
|
34
|
ABSOLUTE FUNDS
|
Investment Operations
|
Distributions to Shareholders from:
|
|||||||||||||||||||||||||||||||||||
Period Ended
|
Net Asset Value, Beginning of Period
|
Net Investment Income (Loss)(a)
|
Net Realized and Unrealized Gains (Losses) on Investments
|
Total from Investment Operations
|
Net Realized Gains
|
Total Distribution to Shareholders
|
Net Asset Value, End of Period
|
Total Return
|
Net Assets, End of Period (000's)
|
|||||||||||||||||||||||||||
ABSOLUTE STRATEGIES FUND
|
||||||||||||||||||||||||||||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||||||||||||||||||
03/31/18
|
$
|
8.76
|
$
|
(0.07
|
)
|
$
|
(0.32
|
)
|
$
|
(0.39
|
)
|
$
|
—
|
$
|
—
|
$
|
8.37
|
(4.45
|
)%
|
$
|
166,373
|
|||||||||||||||
03/31/17
|
10.40
|
(0.10
|
)
|
(0.23
|
)
|
(0.33
|
)
|
(1.31
|
)
|
(1.31
|
)
|
8.76
|
(3.40
|
)
|
501,866
|
|||||||||||||||||||||
03/31/16
|
11.04
|
(0.11
|
)
|
0.31
|
0.20
|
(0.84
|
)
|
(0.84
|
)
|
10.40
|
2.05
|
916,747
|
||||||||||||||||||||||||
03/31/15
|
11.01
|
(0.08
|
)
|
0.11
|
0.03
|
—
|
—
|
11.04
|
0.27
|
1,592,872
|
||||||||||||||||||||||||||
03/31/14
|
11.24
|
(0.10
|
)
|
(0.13
|
)
|
(0.23
|
)
|
—
|
—
|
11.01
|
(2.05
|
)
|
2,697,675
|
|||||||||||||||||||||||
R SHARES
|
||||||||||||||||||||||||||||||||||||
03/31/18
|
8.49
|
(0.13
|
)
|
(0.32
|
)
|
(0.45
|
)
|
—
|
—
|
8.04
|
(5.30
|
)
|
4,951
|
|||||||||||||||||||||||
03/31/17
|
10.17
|
(0.11
|
)
|
(0.26
|
)
|
(0.37
|
)
|
(1.31
|
)
|
(1.31
|
)
|
8.49
|
(3.89
|
)
|
19,324
|
|||||||||||||||||||||
03/31/16
|
10.88
|
(0.17
|
)
|
0.30
|
0.13
|
(0.84
|
)
|
(0.84
|
)
|
10.17
|
1.41
|
25,985
|
||||||||||||||||||||||||
03/31/15
|
10.90
|
(0.13
|
)
|
0.11
|
(0.02
|
)
|
—
|
—
|
10.88
|
(0.18
|
)
|
48,577
|
||||||||||||||||||||||||
03/31/14
|
11.18
|
(0.14
|
)
|
(0.14
|
)
|
(0.28
|
)
|
—
|
—
|
10.90
|
(2.50
|
)
|
66,589
|
|||||||||||||||||||||||
ABSOLUTE CAPITAL OPPORTUNITIES FUND
|
||||||||||||||||||||||||||||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||||||||||||||||||
03/31/18
|
$
|
10.97
|
$
|
(0.15
|
)
|
$
|
1.70
|
$
|
1.55
|
$
|
—
|
$
|
—
|
$
|
12.52
|
14.13
|
%
|
$
|
32,338
|
|||||||||||||||||
03/31/17
|
10.21
|
(0.16
|
)
|
0.92
|
0.76
|
—
|
—
|
10.97
|
7.44
|
14,188
|
||||||||||||||||||||||||||
03/31/16(c)
|
10.00
|
(0.03
|
)
|
0.24
|
0.21
|
—
|
—
|
10.21
|
2.10
|
(d)
|
12,221
|
|||||||||||||||||||||||||
ABSOLUTE CONVERTIBLE ARBITRAGE FUND
|
||||||||||||||||||||||||||||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||||||||||||||||||
03/31/18(f)
|
$
|
10.00
|
$
|
(0.13
|
)
|
$
|
0.44
|
$
|
0.31
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
$
|
10.29
|
3.14
|
%(d)
|
$
|
56,065
|
See Notes to Financial Statements.
|
35
|
ABSOLUTE FUNDS
|
Ratios/Supplemental Data (Ratios to Average Net Assets)
|
||||||||||||||||||||||
Net Investment Income (Loss)
|
Net Expenses
|
Dividend and Interest Expenses
|
Net Expenses without Dividend and Interest Expenses
|
Gross Expenses
|
Portfolio Turnover
|
|||||||||||||||||
(0.87
|
)%
|
2.78
|
%
|
0.82
|
%
|
1.96
|
%
|
2.94
|
%(b)
|
86
|
%
|
|||||||||||
(0.99
|
)
|
2.86
|
0.95
|
1.91
|
2.89
|
(b)
|
72
|
|||||||||||||||
(1.02
|
)
|
2.65
|
0.81
|
1.84
|
2.66
|
(b)
|
70
|
|||||||||||||||
(0.70
|
)
|
2.58
|
0.79
|
1.79
|
2.58
|
78
|
||||||||||||||||
(0.85
|
)
|
2.45
|
0.72
|
1.73
|
2.47
|
(b)
|
75
|
|||||||||||||||
(1.59
|
)
|
3.50
|
%
|
0.83
|
%
|
2.67
|
%
|
3.76
|
%(b)
|
86
|
%
|
|||||||||||
(1.14
|
)
|
3.50
|
1.01
|
2.49
|
3.52
|
(b)
|
72
|
|||||||||||||||
(1.59
|
)
|
3.23
|
0.83
|
2.40
|
3.24
|
(b)
|
70
|
|||||||||||||||
(1.17
|
)
|
3.09
|
0.79
|
2.30
|
3.09
|
78
|
||||||||||||||||
(1.23
|
)
|
2.92
|
0.73
|
2.19
|
2.93
|
(b)
|
75
|
|||||||||||||||
(1.30
|
)%
|
2.66
|
%
|
0.86
|
%
|
1.79
|
%
|
3.52
|
%(b)
|
66
|
%
|
|||||||||||
(1.53
|
)
|
2.62
|
0.70
|
1.92
|
3.70
|
(b)
|
29
|
|||||||||||||||
(1.13
|
)(e)
|
2.20
|
(e)
|
0.25
|
(e)
|
1.95
|
(e)
|
4.37
|
(b)(e)
|
6
|
(d)
|
|||||||||||
(2.08
|
)%(e)
|
2.23
|
%(e)
|
0.60
|
%(e)
|
1.63
|
%(e)
|
3.13
|
%(b)(e)
|
76
|
%(d)
|
See Notes to Financial Statements.
|
36
|
ABSOLUTE FUNDS
|
Date of Contribution
|
Net Assets
|
Shares
|
Market Value of Investments
|
|||||||||||
$
|
16,686,633
|
1,668,929
|
$
|
10,790,692
|
37
|
ABSOLUTE FUNDS
|
38
|
ABSOLUTE FUNDS
|
39
|
ABSOLUTE FUNDS
|
40
|
ABSOLUTE FUNDS
|
41
|
ABSOLUTE FUNDS
|
42
|
ABSOLUTE FUNDS
|
Non-U.S. Government Obligations
|
||||||||||
Purchases
|
Sales
|
|||||||||
Absolute Strategies Fund
|
$
|
213,981,415
|
$
|
491,683,224
|
||||||
Absolute Capital Opportunities Fund
|
18,227,303
|
6,670,792
|
||||||||
Absolute Convertible Arbitrage Fund
|
51,335,710
|
*
|
18,856,794
|
Absolute Strategies Fund
|
Absolute Capital Opportunities Fund
|
|||||||||
Forward Currency Contracts
|
$
|
40,682,989
|
$
|
–
|
||||||
Futures Contracts
|
4,930,094,295
|
–
|
||||||||
Purchased Options
|
11,609,655
|
2,222,807
|
||||||||
Written Options
|
(1,269,739
|
)
|
(149,038
|
)
|
43
|
ABSOLUTE FUNDS
|
Location:
|
Commodity
|
Credit
|
Currency
|
Equity
|
Interest
|
Total
|
||||||||||||||||||
Net realized gain (loss) on:
|
||||||||||||||||||||||||
Investments
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
(3,088,935
|
)
|
$
|
–
|
$
|
(3,088,935
|
)
|
||||||||||
Foreign currency transactions
|
–
|
–
|
(6,567
|
)
|
–
|
–
|
(6,567
|
)
|
||||||||||||||||
Written options
|
–
|
–
|
–
|
1,567,689
|
–
|
1,567,689
|
||||||||||||||||||
Futures
|
1,324,839
|
–
|
707,068
|
(26,503,735
|
)
|
536,494
|
(23,935,334
|
)
|
||||||||||||||||
Swaps
|
–
|
(1,402,368
|
)
|
–
|
–
|
–
|
(1,402,368
|
)
|
||||||||||||||||
Total net realized gain (loss)
|
$
|
1,324,839
|
$
|
(1,402,368
|
)
|
$
|
700,501
|
$
|
(28,024,981
|
)
|
$
|
536,494
|
$
|
(25,463,147
|
)
|
|||||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||||||||||||||||||
Investments
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
5,908,678
|
$
|
–
|
$
|
5,908,678
|
||||||||||||
Written options
|
–
|
–
|
–
|
(708,906
|
)
|
–
|
(708,906
|
)
|
||||||||||||||||
Futures
|
(298,202
|
)
|
–
|
–
|
4,707,938
|
(163,243
|
)
|
4,246,493
|
||||||||||||||||
Swaps
|
–
|
981,271
|
–
|
–
|
–
|
981,271
|
||||||||||||||||||
Total net change in unrealized appreciation (depreciation)
|
$
|
(298,202
|
)
|
$
|
981,271
|
$
|
–
|
$
|
9,907,710
|
$
|
(163,243
|
)
|
$
|
10,427,536
|
Location:
|
Equity
|
|||
Net realized gain (loss) on:
|
||||
Investments
|
$
|
2,466,037
|
||
Written options
|
75,311
|
|||
Total net realized gain (loss)
|
$
|
2,541,348
|
||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
$
|
(149,346
|
)
|
|
Written options
|
(30,367
|
)
|
||
Total net change in unrealized appreciation (depreciation)
|
$
|
(179,713
|
)
|
Gross Asset (Liability) as Presented in the Statement of Assets and Liabilities
|
Financial Instruments(Received) Pledged*
|
Cash Collateral (Received) Pledged*
|
Net Amount
|
|||||||||||||
Absolute Strategies Fund
|
||||||||||||||||
Assets:
|
||||||||||||||||
Over-the-counter derivatives**
|
$
|
687,960
|
$
|
–
|
$
|
–
|
$
|
687,960
|
||||||||
Absolute Capital Opportunities Fund
|
||||||||||||||||
Assets:
|
||||||||||||||||
Over-the-counter derivatives**
|
670,093
|
–
|
–
|
670,093
|
||||||||||||
Liabilities:
|
||||||||||||||||
Over-the-counter derivatives**
|
(141,259
|
)
|
141,259
|
–
|
–
|
* |
The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.
|
**
|
Over-the-counter derivatives may consist of options contracts. The amounts disclosed above represent the exposure to one or more counterparties. For further detail on individual derivative contracts and the corresponding unrealized appreciation (depreciation), see the Schedule of Call and Put Options Written.
|
Tax Cost of Investments
|
Gross Unrealized Appreciation
|
Gross Unrealized Depreciation
|
Net Unrealized Appreciation (Depreciation)
|
||||||||||||||
Absolute Strategies Fund
|
$
|
111,815,399
|
$
|
17,903,362
|
$
|
(3,527,034
|
)
|
$
|
14,376,328
|
||||||||
Absolute Capital Opportunities Fund
|
17,307,516
|
1,180,952
|
(1,104,227
|
)
|
76,725
|
||||||||||||
Absolute Convertible Arbitrage Fund
|
56,635,814
|
2,070,909
|
(2,235,213
|
)
|
(164,304
|
)
|
Ordinary Income
|
Long-Term Capital Gain
|
Total
|
|||||||||||
Absolute Strategies Fund
|
|||||||||||||
2018
|
$
|
–
|
$
|
–
|
$
|
–
|
|||||||
2017
|
34,763,539
|
54,132,175
|
88,895,714
|
||||||||||
Absolute Capital Opportunities Fund
|
|||||||||||||
2018
|
–
|
–
|
–
|
||||||||||
2017
|
–
|
–
|
–
|
||||||||||
Absolute Convertible Arbitrage Fund
|
|||||||||||||
2018
|
94,585
|
–
|
94,585
|
Undistributed Ordinary Income
|
Undistributed Long-Term Gain
|
Capital and Other Losses
|
Unrealized Appreciation (Depreciation)
|
Total
|
||||||||||||||||
Absolute Strategies Fund
|
$
|
–
|
$
|
–
|
$
|
(39,592,131
|
)
|
$
|
14,378,712
|
$
|
(25,213,419
|
)
|
||||||||
Absolute Capital Opportunities Fund
|
1,812,983
|
1,303,026
|
–
|
76,751
|
3,192,760
|
|||||||||||||||
Absolute Convertible Arbitrage Fund
|
934,639
|
–
|
–
|
(164,304
|
)
|
770,335
|
Undistributed Net Investment Income
|
Accumulated Net Realized Loss
|
Paid-in-Capital
|
|||||||||||
Absolute Strategies Fund
|
$
|
5,375,100
|
$
|
(2,625,514
|
)
|
$
|
(2,749,586
|
)
|
|||||
Absolute Capital Opportunities Fund
|
247,484
|
(247,484
|
)
|
–
|
|||||||||
Absolute Convertible Arbitrage Fund
|
725,867
|
(725,867
|
)
|
–
|
Matter
|
For
|
Against
|
Abstain
|
To elect David Tucker to the Board of Trustees of the Trust
|
108,303,928.779
|
1,542,957.994
|
0
|
To elect Jennifer Brown-Strabley to the Board of Trustees of the Trust
|
108,183,952.495
|
1,662,934.278
|
0
|
To elect Mark D. Moyer to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
To elect Jessica Chase to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
To elect Stacey E. Hong to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning
Account Value
|
Ending
Account Value
|
Expenses Paid
During Period*
|
Annualized
Expense Ratio*
|
|||||||||||||
Absolute Strategies Fund
|
||||||||||||||||
Institutional Shares
|
||||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,000.00
|
$
|
10.37
|
2.08
|
%
|
||||||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,014.56
|
$
|
10.45
|
2.08
|
%
|
||||||||
R Shares
|
||||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,000.00
|
$
|
15.26
|
3.06
|
%
|
||||||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,009.67
|
$
|
15.33
|
3.06
|
%
|
||||||||
Absolute Capital Opportunities Fund
|
||||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,123.88
|
$
|
9.27
|
1.75
|
%
|
||||||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,016.21
|
$
|
8.80
|
1.75
|
%
|
||||||||
Absolute Convertible Arbitrage Fund
|
||||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,021.22
|
$
|
8.26
|
1.64
|
%
|
||||||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,016.75
|
$
|
13.09
|
1.64
|
%
|
Name and Year of Birth
|
Position with
the Trust
|
Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Series in Fund Complex Overseen By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958 |
Trustee; Chairman of the Board
|
Since 2011 and Chairman since 2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Name and Year of Birth
|
Position with
the Trust
|
Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Series in Fund Complex Overseen By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011-2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008- 2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown-Strabley
Born: 1964
|
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966
|
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
3
|
Trustee, Forum Funds II and U.S. Global Investors Funds
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic since 2008.
|
3
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of
Time Served
|
Principal Occupation(s) During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Born: 1972
|
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988
|
Vice President; Secretary and Anti-Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010- 2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969
|
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967
|
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011- 2013; Senior Analyst, Atlantic, 2008-2011
|
Average Annual Total Returns Periods Ended March 31, 2018
|
One Year
|
Three Year
|
Five Year
|
Ten Year
|
Since Inception 12/08/93
|
Adalta International Fund
|
1.85%
|
4.08%
|
2.25%
|
2.43%
|
6.71%
|
MSCI ACWI ex US Index
|
16.53%
|
6.18%
|
5.89%
|
2.70%
|
N/A
|
MSCI EAFE Index
|
14.80%
|
5.55%
|
6.50%
|
2.74%
|
5.64%
|
1
|
The MSCI ACWI ex US is a stock market index that is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net index data is not available prior to its inception on 01/01/01. The MSCI EAFE Index is a stock market index that is designed to measure the equity market performance of developed markets outside of the United States and Canada. The total return of the MSCI EAFE includes the reinvestment of dividends and income. It is not possible to invest directly in any index.
|
Top 10 Common Stock Holdings as of 3/31/2018
|
Country
|
Sector
|
% of Net Assets
|
NIIT Technologies, Ltd.
|
India
|
Technology
|
6.84%
|
TCG BDC, Inc.
|
United States
|
Asset Management
|
6.33%
|
GP Investments, Ltd., BDR
|
Brazil
|
Asset Management
|
6.01%
|
Dewan Housing Finance Corp., Ltd.
|
India
|
Financials
|
5.84%
|
Sony Corp.
|
Japan
|
Consumer Discretionary
|
5.63%
|
Baidu, Inc., ADR
|
China
|
Telecommunication Services
|
5.53%
|
Dufry AG
|
Switzerland
|
Consumer Discretionary
|
4.81%
|
BYD Co., Ltd., Class H
|
China
|
Consumer Discretionary
|
4.48%
|
Cellnex Telecom SA
|
Spain
|
Telecommunication Services
|
4.32%
|
KKR & Co. LP
|
United States
|
Asset Management
|
4.25%
|
Total
|
54.04%
|
New Positions Established as of 03/31/18
|
% of Net
Assets
|
Portfolio Positions Eliminated
|
% of Net
Assets(2)
|
|
Koninklijke Phillips NV, ADR
|
2.28%
|
Rakuten, Inc.
|
2.88%
|
|
Kandi Technologies Group, Inc.
|
2.58%
|
Granite REIT
|
2.12%
|
|
Silvershore Internet Opportunity Fund I LP
|
2.87%
|
Panin Financial TBK PT
|
2.32%
|
|
Silvershore GO I LP
|
2.25%
|
Yoox Net-A-Porter Group SpA
|
1.85%
|
|
Migo
|
1.75%
|
2
|
Percent of net asset value (“NAV”) for exited positions reflect holdings at the previous reporting period ending 9/30/2017.
|
Average Annual Total Returns Periods Ended March 31, 2018
|
One Year
|
Five Years
|
Ten Years
|
Adalta International Fund
|
1.85%
|
2.25%
|
2.43%
|
MSCI ACWI ex US Index
|
16.53%
|
5.89%
|
2.70%
|
MSCI EAFE Index
|
14.80%
|
6.50%
|
2.74%
|
PORTFOLIO HOLDINGS (Unaudited)
|
|||
% of Common Stock
|
|||
Consumer Discretionary
|
30.1%
|
||
Asset Management
|
18.0%
|
||
Telecommunication Services
|
11.3%
|
||
Technology
|
11.2%
|
||
Financials
|
10.4%
|
||
Industrials
|
5.5%
|
||
Conglomerates
|
4.0%
|
||
Consumer Staples
|
3.8%
|
||
Energy
|
3.6%
|
||
Real Estate
|
2.1%
|
||
100.0%
|
Shares |
Security Description
|
Value
|
|||||
Common Stock - 91.8% | |||||||
Belgium - 3.5% | |||||||
5,390
|
Anheuser-Busch InBev SA/NV, ADR
|
$
|
592,577
|
||||
Brazil - 6.0% | |||||||
535,300
|
GP Investments, Ltd., BDR (a)
|
1,029,595
|
|||||
Canada - 3.8% | |||||||
576,750
|
Obsidian Energy, Ltd. (a)
|
564,581
|
|||||
9,300
|
Points International, Ltd. (a)
|
90,861
|
|||||
655,442
|
|||||||
China - 12.6% | |||||||
4,246
|
Baidu, Inc., ADR (a)
|
947,665
|
|||||
98,500
|
BYD Co., Ltd., Class H
|
768,105
|
|||||
91,172
|
Kandi Technologies Group, Inc. (a)
|
442,184
|
|||||
2,157,954
|
|||||||
Cyprus - 1.9% | |||||||
2,021,534
|
Secure Property Development & Investment PLC (a)
|
326,165
|
|||||
Hong Kong - 3.6% | |||||||
3,590,300
|
Genting Hong Kong, Ltd.
|
624,712
|
|||||
India - 12.7% | |||||||
127,950
|
Dewan Housing Finance Corp., Ltd.
|
1,000,797
|
|||||
88,400
|
NIIT Technologies, Ltd.
|
1,172,401
|
|||||
2,173,198
|
|||||||
Indonesia - 0.0% | |||||||
100
|
Panin Financial Tbk PT (a)
|
2
|
|||||
Japan - 5.6% | |||||||
20,100
|
Sony Corp.
|
965,284
|
|||||
Mexico - 6.6% | |||||||
80,506
|
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)
|
656,124
|
|||||
4,779
|
Grupo Aeroportuario del Pacifico SAB de CV, ADR
|
476,179
|
|||||
1,132,303
|
|||||||
Netherlands - 2.3% | |||||||
10,200
|
Koninklijke Philips NV, ADR
|
390,762
|
|||||
Russian Federation - 4.2% | |||||||
21,465
|
Tarkett SA
|
718,924
|
|||||
South Korea - 2.2% | |||||||
2,108
|
GS Home Shopping, Inc.
|
371,604
|
|||||
Spain - 4.3% | |||||||
27,764
|
Cellnex Telecom SA (b)
|
740,978
|
|||||
Switzerland - 8.2% | |||||||
6,293
|
Dufry AG (a)
|
823,817
|
|||||
26,278
|
STMicroelectronics NV, ADR
|
585,736
|
|||||
1,409,553
|
Shares |
Security Description
|
Value
|
|||||
United States - 14.3% | |||||||
35,846
|
KKR & Co. LP
|
$
|
727,674
|
||||
60,604
|
TCG BDC, Inc.
|
1,084,813
|
|||||
20,000
|
The Blackstone Group LP
|
639,000
|
|||||
2,451,487
|
|||||||
Total Common Stock (Cost $15,052,801) |
15,740,540
|
Principal
|
Security Description
|
Value
|
|||||
Private Equity Funds - 5.1%
|
|||||||
Cayman Islands - 2.9%
|
|||||||
$
|
492,966
|
Silvershore Internet Opportunity Fund I LP (a)(c)(d)
|
491,347
|
||||
India - 0.0%
|
|||||||
36,915
|
Bharat Investors LP (a)(e)(f)
|
3,132
|
|||||
South Korea - 2.2%
|
|||||||
400,000
|
Silvershore GO I LP (a)(d)(g)(h)
|
386,023
|
|||||
Total Private Equity Funds (Cost $929,882)
|
880,502
|
Principal |
Security Description
|
Rate
|
Maturity
|
Value
|
|||||||
Fixed Income Securities - 1.8% | |||||||||||
Corporate Convertible Bond - 1.8% | |||||||||||
Philippines - 1.8% | |||||||||||
$ |
300,000
|
Migo (e)(i) (Cost $300,000)
|
7.50
|
%
|
06/14/19
|
300,000
|
|||||
Investments, at value - 98.7% (Cost $16,282,683) |
$
|
16,921,042
|
|||||||||
Other Assets & Liabilities, Net - 1.3% |
218,828
|
||||||||||
Net Assets - 100.0% |
$
|
17,139,870
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $740,978 or 4.3% of net assets.
|
(c)
|
Private equity fund purchased on 03/02/18 that invests in Grab, Inc. Illiquid investment in which redemptions are not accepted. Unfunded commitments of $7,034 as of March 31, 2018.
|
(d)
|
Investment is valued using the practical expedient. For more information on the practical expedient, please refer to the Security Valuation section in Note 2 of the accompanying Notes to Financial Statements.
|
(e)
|
Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $303,132 or 1.8% of net assets.
|
(f)
|
Private equity fund purchased on 03/08/13 that invests in Unitech Corporate Parks PLC. Redemptions may be made on the last day of each calendar quarter upon 60 days written notice. No unfunded commitments as of March 31, 2018.
|
(h)
|
Private equity fund purchased on 02/01/18 that invests in Greenoaks Opportunity Partners I LLC. Illiquid investment in which redemptions are not accepted. No unfunded commitments as of March 31, 2018.
|
(i)
|
Corporate convertible bond purchased on 12/13/17. Security fair valued using private transaction cost.
|
Valuation Inputs
|
Investments in Securities
|
|||
Practical expedient*
|
$
|
877,370
|
||
Level 1 – Quoted Prices
|
15,740,540
|
|||
Level 2 - Other Significant Observable Inputs
|
–
|
|||
Level 3 - Significant Unobservable Inputs
|
303,132
|
|||
Total
|
$
|
16,921,042
|
Private Equity Fund
|
||||
Balance 03/31/17
|
||||
Principal
|
$
|
–
|
||
Cost
|
$
|
–
|
||
Value
|
$
|
–
|
||
Gross Additions
|
||||
Principal
|
$
|
400,000
|
||
Cost
|
$
|
400,000
|
||
Gross Reductions
|
||||
Principal
|
$
|
–
|
||
Cost
|
$
|
–
|
||
Balance 03/31/18
|
||||
Principal
|
$
|
400,000
|
||
Cost
|
$
|
400,000
|
||
Value
|
$
|
386,023
|
||
Realized Gain/(Loss)
|
$
|
–
|
||
Unrealized Depreciation
|
$
|
(13,977
|
)
|
Preferred Stock
|
Private Equity Funds
|
Corporate Convertible Bond
|
||||||||||
Balance as of 03/31/17
|
$
|
-
|
$
|
4,693
|
$
|
-
|
||||||
Purchases
|
-
|
-
|
300,000
|
|||||||||
Realized loss
|
(200,000
|
)
|
-
|
-
|
||||||||
Change in unrealized appreciation/(depreciation)
|
200,000
|
(1,561
|
)
|
-
|
||||||||
Balance as of 03/31/18
|
$
|
-
|
$
|
3,132
|
$
|
300,000
|
||||||
Net change in unrealized appreciation/(depreciation) from investments held as of 03/31/18**
|
$
|
200,000
|
$
|
(1,561
|
)
|
$
|
-
|
**
|
The change in unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) of investments in the accompanying Statement of Operations.
|
ASSETS
|
||||
Investments, at value (Cost $15,882,683)
|
$
|
16,535,019
|
||
Investments in affiliates, at value (Cost $400,000)
|
386,023
|
|||
Investments, at value
|
16,921,042
|
|||
Cash
|
116,344
|
|||
Foreign currency (Cost $56,462)
|
57,151
|
|||
Receivables:
|
||||
Fund shares sold
|
66
|
|||
Dividends and interest
|
72,810
|
|||
From investment adviser
|
775
|
|||
Prepaid expenses
|
12,010
|
|||
Total Assets
|
17,180,198
|
|||
LIABILITIES
|
||||
Accrued Liabilities:
|
||||
Trustees’ fees and expenses
|
50
|
|||
Fund services fees
|
5,416
|
|||
Other expenses
|
34,862
|
|||
Total Liabilities
|
40,328
|
|||
NET ASSETS
|
$
|
17,139,870
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
17,191,042
|
||
Undistributed net investment income
|
77,289
|
|||
Accumulated net realized loss
|
(768,239
|
)
|
||
Net unrealized appreciation
|
639,778
|
|||
NET ASSETS
|
$
|
17,139,870
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
977,395
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE*
|
$
|
17.54
|
INVESTMENT INCOME
|
||||
Dividend income
|
$
|
440,370
|
||
Interest income
|
7,769
|
|||
Total Investment Income
|
448,139
|
|||
EXPENSES
|
||||
Investment adviser fees
|
282,550
|
|||
Fund services fees
|
178,115
|
|||
Custodian fees
|
25,648
|
|||
Registration fees
|
18,929
|
|||
Professional fees
|
45,228
|
|||
Trustees' fees and expenses
|
6,018
|
|||
Other expenses
|
36,103
|
|||
Total Expenses
|
592,591
|
|||
Fees waived
|
(310,041
|
)
|
||
Net Expenses
|
282,550
|
|||
NET INVESTMENT INCOME
|
165,589
|
|||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
Net realized gain (loss) on:
|
||||
Investments (Net of foreign withholding taxes of $2,391)
|
1,795,605
|
|||
Foreign currency transactions
|
(12,733
|
)
|
||
Net realized gain
|
1,782,872
|
|||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments in unaffiliated issuers
|
(1,527,626
|
)
|
||
Investments in affiliated issuers
|
(13,977
|
)
|
||
Deferred foreign capital gains taxes
|
6,456
|
|||
Foreign currency translations
|
2,348
|
|||
Net change in unrealized appreciation (depreciation)
|
(1,532,799
|
)
|
||
NET REALIZED AND UNREALIZED GAIN
|
250,073
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
415,662
|
For the Years Ended March 31,
|
||||||||
2018 | 2017 | |||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
165,589
|
$
|
156,130
|
||||
Net realized gain
|
1,782,872
|
2,316,725
|
||||||
Net change in unrealized appreciation (depreciation)
|
(1,532,799
|
)
|
70,986
|
|||||
Increase in Net Assets Resulting from Operations
|
415,662
|
2,543,841
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income
|
(376,234
|
)
|
(211,892
|
)
|
||||
Total Distributions to Shareholders
|
(376,234
|
)
|
(211,892
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
213,469
|
182,535
|
||||||
Reinvestment of distributions
|
349,137
|
191,469
|
||||||
Redemption of shares
|
(2,247,042
|
)
|
(31,016,736
|
)
|
||||
Redemption fees
|
54
|
5
|
||||||
Decrease in Net Assets from Capital Share Transactions
|
(1,684,382
|
)
|
(30,642,727
|
)
|
||||
Decrease in Net Assets
|
(1,644,954
|
)
|
(28,310,778
|
)
|
||||
NET ASSETS
|
||||||||
Beginning of Year
|
18,784,824
|
47,095,602
|
||||||
End of Year (Including line (a))
|
$
|
17,139,870
|
$
|
18,784,824
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
11,678
|
11,589
|
||||||
Reinvestment of distributions
|
19,131
|
12,329
|
||||||
Redemption of shares
|
(122,216
|
)
|
(1,971,193
|
)
|
||||
Decrease in Shares
|
(91,407
|
)
|
(1,947,275
|
)
|
||||
(a) Undistributed net investment income
|
$
|
77,289
|
$
|
237,417
|
For the Years Ended March 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
|||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
17.58
|
$
|
15.61
|
$
|
17.19
|
$
|
18.50
|
$
|
20.73
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment income (a)
|
0.16
|
0.09
|
0.11
|
0.15
|
0.18
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
0.18
|
2.06
|
(0.61
|
)
|
(0.23
|
)
|
(0.30
|
)
|
||||||||||||
Total from Investment Operations
|
0.34
|
2.15
|
(0.50
|
)
|
(0.08
|
)
|
(0.12
|
)
|
||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.38
|
)
|
(0.18
|
)
|
(1.08
|
)
|
(0.48
|
)
|
(1.46
|
)
|
||||||||||
Net realized gain
|
–
|
–
|
–
|
(0.75
|
)
|
(0.65
|
)
|
|||||||||||||
Total Distributions to Shareholders
|
(0.38
|
)
|
(0.18
|
)
|
(1.08
|
)
|
(1.23
|
)
|
(2.11
|
)
|
||||||||||
REDEMPTION FEES(a)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
||||||||||
NET ASSET VALUE, End of Year
|
$
|
17.54
|
$
|
17.58
|
$
|
15.61
|
$
|
17.19
|
$
|
18.50
|
||||||||||
TOTAL RETURN
|
1.85
|
%
|
13.94
|
%
|
(2.84
|
)%
|
(0.32
|
)%
|
(0.54
|
)%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000s omitted)
|
$
|
17,140
|
$
|
18,785
|
$
|
47,096
|
$
|
68,526
|
$
|
91,898
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment income
|
0.87
|
%
|
0.56
|
%
|
0.66
|
%
|
0.84
|
%
|
0.90
|
%
|
||||||||||
Net expenses
|
1.50
|
%
|
1.50
|
%
|
1.50
|
%
|
1.50
|
%
|
1.41
|
%
|
||||||||||
Gross expenses (c)
|
3.15
|
%
|
3.02
|
%
|
2.14
|
%
|
1.90
|
%
|
1.90
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE
|
44
|
%
|
42
|
%
|
38
|
%
|
52
|
%
|
39
|
%
|
Gross Unrealized Appreciation
|
$
|
3,373,102
|
||||
Gross Unrealized Depreciation
|
(2,866,618
|
)
|
||||
Net Unrealized Appreciation
|
$
|
506,484
|
Undistributed Ordinary Income
|
$
|
98,322
|
||||
Capital and Other Losses
|
(657,397
|
)
|
||||
Net Unrealized Appreciation
|
507,903
|
|||||
Total | $ | (51,172 | ) |
Undistributed Net Investment Income
|
$
|
50,517
|
||||
Accumulated Net Realized Loss
|
(48,705
|
)
|
||||
Paid-in-Capital
|
(1,812
|
)
|
Matter
|
For
|
Against
|
Abstain
|
|||
To elect David Tucker to the Board of Trustees of the Trust
|
108,303,928.779
|
1,542,957.994
|
0
|
|||
To elect Jennifer Brown-Strabley to the Board of Trustees of the Trust
|
108,183,952.495
|
1,662,934.278
|
0
|
|||
To elect Mark D. Moyer to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
|||
To elect Jessica Chase to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
|||
To elect Stacey E. Hong to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning
Account Value
|
Ending
Account Value
|
Expenses Paid
During Period*
|
Annualized
Expense Ratio*
|
|||||||||||||
Actual
|
$
|
1,000.00
|
$
|
956.00
|
$
|
7.31
|
1.50
|
%
|
||||||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,017.45
|
$
|
7.54
|
1.50
|
%
|
*
|
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) divided by 365 to reflect the half-year period.
|
Name and Year
of Birth
|
Position with
the Trust
|
Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Series
in Fund Complex
Overseen
By Trustee
|
Other
Directorships
Held By Trustee
During Past
Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958
|
Trustee; Chairman of the
Board
|
Since 2011 and
Chairman since
2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011-2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown- Strabley
Born: 1964
|
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966
|
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
1
|
Trustee, Forum Funds II and U.S. Global Investors Funds
|
Name and Year
of Birth
|
Position with
the Trust
|
Length of
Time Served
|
Principal Occupation(s)
During Past Five Years
|
Number of Series
in Fund Complex
Overseen
By Trustee
|
Other
Directorships
Held By Trustee
During Past
Five Years
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic since 2008.
|
1
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Born: 1972
|
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988
|
Vice President; Secretary and Anti- Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010-2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969
|
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967
|
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011-2013; Senior Analyst, Atlantic, 2008-2011
|
12/1/09 – 3/31/14
|
3/31/14 – 3/31/16
|
3/31/16 – 3/31/18
|
|
Beck, Mack & Oliver Partners Fund
|
+90.28%
|
-21.46%
|
+30.19%
|
S&P 500 Index
|
+85.01%
|
+14.74%
|
+33.57%
|
●
|
First, the +33.57% cumulative total return for the S&P 500 Index corresponds to an annualized total return of +15.57%, which is well in excess of the S&P 500 Index’s annualized total returns over long periods of time. Over the 10, 20, 30, 40, and 50 years ended March 31, 2018, the annualized total return of the S&P 500 Index was +9.49%, +6.45%, +10.45%, +11.94%, and +10.22%, respectively. The annualized total return of the Partners Fund over the last two years was +14.10%.
|
●
|
Second, over the last two fiscal years, the S&P 500 Growth Index has generated a cumulative total return of +38.09%, while the S&P 500 Value Index has generated a cumulative total return of +27.76%. While any distinction between “growth” and “value” is not absolute, we believe that the investment strategy of the Partners Fund— which emphasizes long-term fundamentals and seeks to purchase securities at prices below their intrinsic value—is generally more comparable to “value”-oriented investment strategies. Furthermore, over long periods of time, the total returns of the S&P 500 Growth Index and the S&P 500 Value Index tend to approximately converge on those of the S&P 500 Index. For instance, over the 20 years ended March 31, 2018, the annualized total return of the S&P 500 Growth Index was +6.63% vs. +5.95% for the S&P 500 Value Index and +6.45% for the
S&P 500 Index. Hence, while “growth”-oriented investment strategies have generally outperformed “value”-oriented investment
|
|
strategies over the last couple of years, periods during which “growth” or “value” significantly outperforms the other tend to be followed by periods during which “growth” or “value” underperforms the other.
|
Largest Positive Contributors
|
Largest Negative Contributors
|
|||||
Position
|
Contribution
|
Total Return
|
Position
|
Contribution
|
Total Return
|
|
Credit Acceptance Corp.
|
+2.50%
|
+65.7%
|
Chicago Bridge & Iron Co. NV
|
-1.43%
|
-52.9%
|
|
Matador Resources Co.
|
+1.55%
|
+25.7%
|
CenturyLink, Inc.
|
-0.45%
|
-21.7%
|
|
Microsoft Corp.
|
+1.48%
|
+41.5%
|
Schlumberger, Ltd.
|
-0.40%
|
-14.5%
|
1
|
Total return refers to the underlying security’s price appreciation plus reinvested dividends during the Fiscal Year. Contribution refers to the total return during the period of the Partners Fund’s ownership within the Fiscal Year multiplied by the percentage of the Partners Fund’s net assets that the security represents.
|
New Positions
|
Exited Positions
|
||
BlackBerry, Ltd.
|
Boulevard Acquisition Corp. II
|
||
CenturyLink, Inc.
|
Colony NorthStar, Inc.
|
||
Discovery Communications, Inc., Class C
|
Devon Energy Corp.
|
||
Enterprise Products Partners LP
|
Dover Corp.
|
||
Kinder Morgan, Inc.
|
Fluor Corp.
|
||
Oaktree Capital Group, LLC
|
Kinder Morgan, Inc.
|
||
RadNet, Inc.
|
Level 3 Communications, Inc.
|
||
Wabtec Corp.
|
Robert C. Beck &
|
Richard C. Fitzgerald
|
Annualized Returns
|
|||||
Returns as of 03/31/18
|
One Year
|
Three Years
|
Five Years
|
Since 12/01/2009 Reorg*
|
Ten Years
|
Beck, Mack & Oliver Partners Fund
|
+12.77%
|
+4.62%
|
+3.22%
|
+8.32%
|
+4.34%
|
S&P 500® Index
|
+13.99%
|
+10.78%
|
+13.31%
|
+13.33%
|
+9.49%
|
*
|
Excludes performance prior to the Partners Fund’s reorganization from a limited partnership. See important risks and disclosures regarding performance at the bottom of page 9.
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Five Year
|
Ten Year
|
|||
Beck, Mack & Oliver Partners Fund
|
12.77%
|
3.22%
|
4.34%
|
|||
S&P 500 Index
|
13.99%
|
13.31%
|
9.49%
|
Shares
|
Security Description
|
Value
|
||||
Common Stock - 99.1%
|
||||||
Consumer Discretionary - 6.0%
|
||||||
40,000
|
Discovery Communications, Inc., Class C (a)
|
$
|
780,800
|
|||
48,000
|
Liberty Global PLC, Class A (a)
|
1,502,880
|
||||
2,283,680
|
||||||
Consumer Staples - 3.8%
|
||||||
7,000
|
Anheuser-Busch InBev SA/NV, ADR
|
769,580
|
||||
70,000
|
Crimson Wine Group, Ltd. (a)
|
692,300
|
||||
1,461,880
|
||||||
Energy - 13.7%
|
||||||
44,000
|
Enterprise Products Partners LP
|
1,077,120
|
||||
90,000
|
Matador Resources Co. (a)
|
2,691,900
|
||||
90,000
|
San Juan Basin Royalty Trust
|
711,000
|
||||
12,000
|
Schlumberger, Ltd.
|
777,360
|
||||
5,257,380
|
||||||
Financials - 26.4%
|
||||||
70,000
|
Apollo Global Management, LLC
|
2,073,400
|
||||
4,500
|
Credit Acceptance Corp. (a)
|
1,486,845
|
||||
11,500
|
Enstar Group, Ltd. (a)
|
2,417,875
|
||||
16,000
|
JPMorgan Chase & Co.
|
1,759,520
|
||||
14,000
|
Oaktree Capital Group, LLC
|
554,400
|
||||
58,000
|
The Blackstone Group LP
|
1,853,100
|
||||
10,145,140
|
||||||
Healthcare - 18.6%
|
||||||
13,000
|
Abbott Laboratories
|
778,960
|
||||
20,000
|
Gilead Sciences, Inc.
|
1,507,800
|
||||
48,000
|
Grifols SA, ADR
|
1,017,600
|
||||
8,500
|
Laboratory Corp. of America Holdings (a)
|
1,374,875
|
||||
18,000
|
Merck & Co., Inc.
|
980,460
|
||||
40,000
|
RadNet, Inc. (a)
|
576,000
|
||||
4,500
|
Waters Corp. (a)
|
893,925
|
||||
7,129,620
|
||||||
Industrials - 8.0%
|
||||||
24,000
|
Armstrong World Industries, Inc. (a)
|
1,351,200
|
||||
40,000
|
Chicago Bridge & Iron Co. NV
|
576,000
|
||||
14,000
|
Wabtec Corp.
|
1,139,600
|
||||
3,066,800
|
||||||
Real Estate - 4.2%
|
||||||
28,080
|
Homefed Corp. (a)
|
1,607,861
|
||||
Technology - 14.4%
|
||||||
2,000
|
Alphabet, Inc., Class C (a)
|
2,063,580
|
||||
75,000
|
BlackBerry, Ltd. (a)
|
862,500
|
||||
21,000
|
Microsoft Corp.
|
1,916,670
|
||||
12,000
|
QUALCOMM, Inc.
|
664,920
|
||||
5,507,670
|
Shares
|
Security Description
|
Value
|
||||
Telecommunication Services - 4.0%
|
||||||
94,000
|
CenturyLink, Inc.
|
$
|
1,544,420
|
|||
Total Common Stock (Cost $31,072,268)
|
38,004,451
|
Security Description
|
Exercise Price
|
Exp. Date
|
Value
|
||||||||
Warrants - 0.1%
|
|||||||||||
75,675
|
AgroFresh Solutions, Inc. (a) | ||||||||||
(Cost $171,744)
|
$
|
11.50
|
02/19/19
|
40,864
|
|||||||
Investments, at value - 99.2% (Cost $31,244,012)
|
$ |
38,045,315
|
|||||||||
Other Assets & Liabilities, Net- 0.8%
|
322,928
|
||||||||||
Net Assets - 100.0%
|
$
|
38,368,243
|
Valuation Inputs
|
Investments in Securities
|
|||
Level 1 - Quoted Prices
|
$
|
38,045,315
|
||
Level 2 - Other Significant Observable Inputs
|
–
|
|||
Level 3 - Significant Unobservable Inputs
|
–
|
|||
Total
|
$
|
38,045,315
|
ASSETS
|
||||
Investments, at value (Cost $31,244,012)
|
$
|
38,045,315
|
||
Cash
|
594,275
|
|||
Receivables:
|
||||
Fund shares sold
|
479
|
|||
Dividends and interest
|
18,669
|
|||
Prepaid expenses
|
9,682
|
|||
Total Assets
|
38,668,420
|
|||
LIABILITIES
|
||||
Payables:
|
||||
Investment securities purchased
|
241,959
|
|||
Fund shares redeemed
|
3,308
|
|||
Accrued Liabilities:
|
||||
Investment adviser fees
|
11,428
|
|||
Trustees’ fees and expenses
|
50
|
|||
Fund services fees
|
15,223
|
|||
Other expenses
|
28,209
|
|||
Total Liabilities
|
300,177
|
|||
NET ASSETS
|
$
|
38,368,243
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
47,195,421
|
||
Distributions in excess of net investment income
|
(45,738
|
)
|
||
Accumulated net realized loss
|
(15,582,743
|
)
|
||
Net unrealized appreciation
|
6,801,303
|
|||
NET ASSETS
|
$
|
38,368,243
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
3,317,620
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE*
|
$
|
11.56
|
INVESTMENT INCOME
|
||||
Dividend income (Net of foreign withholding taxes of $10,128)
|
$
|
844,853
|
||
Interest income
|
1,611
|
|||
Total Investment Income
|
846,464
|
|||
EXPENSES
|
||||
Investment adviser fees
|
390,568
|
|||
Fund services fees
|
182,759
|
|||
Custodian fees
|
10,046
|
|||
Registration fees
|
20,263
|
|||
Professional fees
|
45,418
|
|||
Trustees' fees and expenses
|
7,184
|
|||
Other expenses
|
31,572
|
|||
Total Expenses
|
687,810
|
|||
Fees waived
|
(297,211
|
)
|
||
Net Expenses
|
390,599
|
|||
NET INVESTMENT INCOME
|
455,865
|
|||
NET REALIZED AND UNREALIZED GAIN
|
||||
Net realized gain on investments
|
1,268,937
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
2,970,504
|
|||
NET REALIZED AND UNREALIZED GAIN
|
4,239,441
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
4,695,306
|
OPERATIONS
|
||||||||
Net investment income
|
$
|
455,865
|
$
|
285,527
|
||||
Net realized gain
|
1,268,937
|
885,490
|
||||||
Net change in unrealized appreciation (depreciation)
|
2,970,504
|
4,051,877
|
||||||
Increase in Net Assets Resulting from Operations
|
4,695,306
|
5,222,894
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income
|
(34,294
|
)
|
(361,274
|
)
|
||||
Total Distributions to Shareholders
|
(34,294
|
)
|
(361,274
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
2,901,960
|
10,071,093
|
||||||
Reinvestment of distributions
|
30,422
|
325,372
|
||||||
Redemption of shares
|
(6,994,229
|
)
|
(12,077,450
|
)
|
||||
Redemption fees
|
199
|
1,186
|
||||||
Decrease in Net Assets from Capital Share Transactions
|
(4,061,648
|
)
|
(1,679,799
|
)
|
||||
Increase in Net Assets
|
599,364
|
3,181,821
|
||||||
NET ASSETS
|
||||||||
Beginning of Year
|
37,768,879
|
34,587,058
|
||||||
End of Year (Including line (a))
|
$
|
38,368,243
|
$
|
37,768,879
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
260,983
|
1,058,015
|
||||||
Reinvestment of distributions
|
2,607
|
32,833
|
||||||
Redemption of shares
|
(628,561
|
)
|
(1,261,209
|
)
|
||||
Decrease in Shares
|
(364,971
|
)
|
(170,361
|
)
|
||||
(a) Undistributed (distributions in excess of) net investment income
|
$
|
(45,738
|
)
|
$
|
34,262
|
For the Years Ended March 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
|||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
10.26
|
$
|
8.98
|
$
|
12.42
|
$
|
14.82
|
$
|
13.76
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment income (a)
|
0.13
|
0.08
|
0.10
|
0.11
|
0.04
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
1.18
|
1.30
|
(1.57
|
)
|
(1.70
|
)
|
1.91
|
|||||||||||||
Total from Investment Operations
|
1.31
|
1.38
|
(1.47
|
)
|
(1.59
|
)
|
1.95
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.01
|
)
|
(0.10
|
)
|
(0.07
|
)
|
(0.09
|
)
|
(0.03
|
)
|
||||||||||
Net realized gain
|
–
|
–
|
(1.90
|
)
|
(0.72
|
)
|
(0.86
|
)
|
||||||||||||
Total Distributions to Shareholders
|
(0.01
|
)
|
(0.10
|
)
|
(1.97
|
)
|
(0.81
|
)
|
(0.89
|
)
|
||||||||||
REDEMPTION FEES (a)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
||||||||||
NET ASSET VALUE, End of Year
|
$
|
11.56
|
$
|
10.26
|
$
|
8.98
|
$
|
12.42
|
$
|
14.82
|
||||||||||
TOTAL RETURN
|
12.77
|
%
|
15.45
|
%
|
(12.05
|
)%
|
(10.70
|
)%
|
14.59
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000s omitted)
|
$
|
38,368
|
$
|
37,769
|
$
|
34,587
|
$
|
124,102
|
$
|
186,315
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment income
|
1.17
|
%
|
0.80
|
%
|
0.87
|
%
|
0.75
|
%
|
0.31
|
%
|
||||||||||
Net expenses
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
||||||||||
Gross expenses (c)
|
1.76
|
%
|
1.81
|
%
|
1.44
|
%
|
1.29
|
%
|
1.29
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE
|
19
|
%
|
26
|
%
|
50
|
%
|
41
|
%
|
32
|
%
|
Gross Unrealized Appreciation
|
$
|
9,943,765
|
||||
Gross Unrealized Depreciation
|
(2,710,514
|
)
|
||||
Net Unrealized Appreciation
|
$
|
7,233,251
|
2018
|
2017
|
|||||||||
Ordinary Income
|
$
|
34,294
|
$
|
361,274
|
Capital and Other Losses
|
$
|
(16,060,429
|
)
|
|||
Net Unrealized Appreciation
|
7,233,251
|
|||||
Total
|
$
|
(8,827,178
|
)
|
Distributions in Excess of Net Investment Income
|
$
|
(501,571
|
)
|
|||
Accumulated Net Realized Loss
|
547,457
|
|||||
Paid-in-Capital
|
(45,886
|
)
|
Matter
|
For
|
Against
|
Abstain
|
|||
To elect David Tucker to the Board of Trustees of the Trust
|
108,303,928.779
|
1,542,957.994
|
0
|
|||
To elect Jennifer Brown-Strabley to the Board of Trustees of the Trust
|
108,183,952.495
|
1,662,934.278
|
0
|
|||
To elect Mark D. Moyer to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
|||
To elect Jessica Chase to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
|||
To elect Stacey E. Hong to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning Account Value October 1, 2017
|
Ending Account Value March 31, 2018
|
Expenses Paid During Period*
|
Annualized Expense Ratio*
|
||||||||
Actual
|
$1,000.00
|
$1,041.43
|
$5.09
|
1.00%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.95
|
$5.04
|
1.00%
|
|
*
|
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) divided by 365 to reflect the half-year period.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Series in Fund Complex Overseen
By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958
|
Trustee; Chairman of the
Board
|
Since 2011 and Chairman since 2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Series in Fund Complex Overseen
By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011- 2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown-Strabley
Born: 1964 |
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966 |
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
1
|
Trustee, Forum Funds II and U.S. Global Investors Funds
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic since 2008.
|
1
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Karen Shaw
Born: 1972 |
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988 |
Vice President; Secretary and Anti- Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010-2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969 |
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975 |
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund
Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978 |
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund
Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967 |
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011-2013; Senior Analyst, Atlantic, 2008-2011
|
LMCG Global Market Neutral Fund
|
|
A Message to Our Shareholders (Unaudited)
|
1
|
Performance Chart and Analysis (Unaudited)
|
4
|
Schedule of Investments
|
5
|
Schedule of Securities Sold Short
|
7
|
Notes to Schedules of Investments and Securities Sold Short
|
9
|
Statement of Assets and Liabilities
|
11
|
Statement of Operations
|
12
|
Statements of Changes in Net Assets
|
13
|
Financial Highlights
|
14
|
LMCG Global MultiCap Fund
|
|
A Message to Our Shareholders (Unaudited)
|
16
|
Performance Chart and Analysis (Unaudited)
|
19
|
Schedule of Investments
|
20
|
Statement of Assets and Liabilities
|
23
|
Statement of Operations
|
24
|
Statements of Changes in Net Assets
|
25
|
Financial Highlights
|
26
|
LMCG International Small Cap Fund
|
|
A Message to Our Shareholders (Unaudited)
|
28
|
Performance Chart and Analysis (Unaudited)
|
31
|
Schedule of Investments
|
32
|
Statement of Assets and Liabilities
|
35
|
Statement of Operations
|
36
|
Statements of Changes in Net Assets
|
37
|
Financial Highlights
|
38
|
Notes to Financial Statements
|
40
|
Report of Independent Registered Public Accounting Firm
|
46
|
Additional Information (Unaudited)
|
47
|
Gordon Johnson
Co-Portfolio Manager
LMCG Investments, LLC
|
Shannon Ericson
Co-Portfolio Manager
LMCG Investments, LLC
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Since Inception(1)
|
LMCG Global Market Neutral Fund - Institutional Shares
|
1.03%
|
1.65%
|
LMCG Global Market Neutral Fund - Investor Shares(2)
|
0.75%
|
1.48%
|
Citigroup 3-Month U.S. T-Bill Index
|
1.07%
|
0.32%
|
(1)
|
Institutional Shares commenced operations on May 21, 2013 and Investor Shares commenced operations on December 18, 2014.
|
(2)
|
Performance for the since inception period is a blended average annual return, which include the returns of the Institutional Shares prior to the commencement of the Investor Shares.
|
Shares
|
Security Description
|
Value
|
||||
Long Positions - 95.5%
|
||||||
Equity Securities - 90.5% (a)
|
||||||
Common Stock - 90.0%
|
||||||
Australia - 1.6%
|
||||||
13,466
|
Aristocrat Leisure, Ltd.
|
$
|
251,417
|
|||
9,794
|
Caltex Australia, Ltd.
|
237,907
|
||||
3,293
|
Macquarie Group, Ltd.
|
262,575
|
||||
751,899
|
||||||
Austria - 0.3%
|
||||||
12,279
|
UNIQA Insurance Group AG
|
142,944
|
||||
Belgium - 0.9%
|
||||||
8,431
|
bpost SA
|
190,479
|
||||
2,910
|
UCB SA
|
236,986
|
||||
427,465
|
||||||
Bermuda - 0.5%
|
||||||
10,768
|
Marvell Technology Group, Ltd.
|
226,128
|
||||
Denmark - 0.6%
|
||||||
4,849
|
H Lundbeck A/S
|
272,351
|
||||
Finland - 1.2%
|
||||||
12,308
|
Fortum OYJ
|
264,413
|
||||
16,492
|
Stora Enso OYJ, Class R
|
303,228
|
||||
567,641
|
||||||
France - 3.5%
|
||||||
10,489
|
CNP Assurances
|
264,786
|
||||
2,268
|
Eiffage SA
|
258,305
|
||||
206
|
Hermes International
|
122,107
|
||||
1,842
|
ICADE REIT
|
178,830
|
||||
30,604
|
Natixis SA
|
251,115
|
||||
2,214
|
Renault SA
|
268,664
|
||||
2,556
|
Sanofi
|
205,094
|
||||
10,292
|
Television Francaise 1
|
139,763
|
||||
1,688,664
|
||||||
Germany - 2.7%
|
||||||
2,415
|
BASF SE
|
244,923
|
||||
2,456
|
Bechtle AG
|
199,228
|
||||
2,215
|
Covestro AG (b)
|
218,105
|
||||
7,767
|
Deutsche Lufthansa AG
|
248,292
|
||||
6,672
|
METRO AG
|
118,029
|
||||
2,083
|
Rheinmetall AG
|
295,670
|
||||
1,324,247
|
||||||
Ireland - 0.9%
|
||||||
20,419
|
Grafton Group PLC
|
220,452
|
||||
16,774
|
UDG Healthcare PLC
|
204,337
|
||||
424,789
|
||||||
Italy - 0.5%
|
||||||
11,431
|
Azimut Holding SpA
|
245,714
|
||||
Japan - 7.3%
|
||||||
14,000
|
GMO internet, Inc.
|
302,688
|
||||
33,000
|
Hitachi, Ltd.
|
240,359
|
||||
14,800
|
Itoham Yonekyu Holdings, Inc.
|
128,899
|
||||
7,700
|
Megmilk Snow Brand Co., Ltd.
|
209,139
|
||||
46,400
|
Nippon Suisan Kaisha, Ltd.
|
241,642
|
||||
4,900
|
Nippon Telegraph & Telephone Corp.
|
228,600
|
||||
2,900
|
Nitto Denko Corp.
|
219,179
|
||||
8,200
|
NOK Corp.
|
160,127
|
||||
21,400
|
Sanwa Holdings Corp.
|
275,943
|
||||
16,700
|
Sumitomo Corp.
|
279,767
|
||||
4,400
|
Suzuki Motor Corp.
|
238,891
|
||||
4,700
|
Taiheiyo Cement Corp.
|
168,821
|
||||
4,200
|
Terumo Corp.
|
218,450
|
||||
1,300
|
Tokyo Electron, Ltd.
|
240,488
|
||||
3,500
|
Ulvac, Inc.
|
198,009
|
||||
6,100
|
Yamaha Motor Co., Ltd.
|
181,487
|
||||
3,532,489
|
Shares
|
Security Description
|
Value
|
||||
Netherlands - 2.1%
|
||||||
2,548
|
BE Semiconductor Industries NV
|
$
|
261,375
|
|||
3,261
|
EXOR NV
|
232,131
|
||||
2,852
|
Koninklijke DSM NV
|
283,480
|
||||
4,873
|
Wolters Kluwer NV
|
259,170
|
||||
1,036,156
|
||||||
Norway - 2.1%
|
||||||
24,841
|
Orkla ASA
|
267,711
|
||||
10,728
|
Statoil ASA
|
253,910
|
||||
11,574
|
Telenor ASA
|
263,206
|
||||
9,505
|
TGS NOPEC Geophysical Co. ASA
|
233,183
|
||||
1,018,010
|
||||||
Portugal - 0.4%
|
||||||
11,811
|
Jeronimo Martins SGPS SA
|
214,825
|
||||
Puerto Rico - 0.7%
|
||||||
7,812
|
Popular, Inc.
|
325,135
|
||||
Singapore - 0.6%
|
||||||
27,600
|
Oversea-Chinese Banking Corp., Ltd.
|
271,888
|
||||
Spain - 0.6%
|
||||||
6,489
|
Ebro Foods SA
|
165,088
|
||||
2,157
|
Viscofan SA
|
148,953
|
||||
314,041
|
||||||
Sweden - 2.7%
|
||||||
9,610
|
Axfood AB
|
164,502
|
||||
22,346
|
Dometic Group AB (b)
|
204,711
|
||||
2,173
|
Evolution Gaming Group AB (b)
|
119,422
|
||||
9,246
|
Fabege AB
|
200,731
|
||||
20,619
|
Peab AB
|
186,155
|
||||
15,114
|
Swedish Orphan Biovitrum AB (c)
|
270,632
|
||||
8,458
|
Volvo AB, Class B
|
154,819
|
||||
1,300,972
|
||||||
Switzerland - 3.3%
|
||||||
7,452
|
Coca-Cola HBC AG (c)
|
275,774
|
||||
10,453
|
GAM Holding AG (c)
|
176,011
|
||||
6,579
|
Logitech International SA, Class R
|
241,482
|
||||
980
|
Lonza Group AG
|
231,122
|
||||
3,078
|
Novartis AG
|
248,952
|
||||
98
|
SGS SA
|
241,073
|
||||
616
|
Zurich Insurance Group AG
|
203,195
|
||||
1,617,609
|
||||||
United Kingdom - 4.8%
|
||||||
38,094
|
BP PLC
|
256,948
|
||||
10,806
|
easyJet PLC
|
243,588
|
||||
23,772
|
Inchcape PLC
|
230,478
|
||||
10,330
|
Intermediate Capital Group PLC
|
142,679
|
||||
30,278
|
International Consolidated Airlines Group SA
|
262,143
|
||||
48,703
|
Kingfisher PLC
|
199,794
|
||||
4,305
|
Rightmove PLC
|
262,795
|
||||
4,847
|
Schroders PLC
|
217,477
|
||||
5,440
|
Severn Trent PLC
|
140,834
|
||||
11,862
|
SSE PLC
|
212,797
|
||||
21,069
|
Tate & Lyle PLC
|
160,917
|
||||
2,330,450
|
||||||
United States - 52.7%
|
||||||
3,276
|
1st Source Corp.
|
165,831
|
||||
6,941
|
Allison Transmission Holdings, Inc.
|
271,115
|
||||
3,292
|
Amedisys, Inc. (c)
|
198,639
|
||||
2,569
|
American Financial Group, Inc.
|
288,293
|
||||
3,346
|
Arrow Electronics, Inc. (c)
|
257,709
|
||||
5,235
|
Athene Holding, Ltd., Class A (c)
|
250,285
|
||||
3,231
|
BancFirst Corp.
|
171,566
|
||||
8,793
|
Beazer Homes USA, Inc. (c)
|
140,248
|
||||
1,175
|
Bio-Techne Corp.
|
177,472
|
||||
7,446
|
Boise Cascade Co.
|
287,416
|
Shares
|
Security Description
|
Value
|
||||
United States - 52.7% (continued)
|
||||||
5,088
|
Bruker Corp.
|
$
|
152,233
|
|||
2,315
|
Burlington Stores, Inc. (c)
|
308,242
|
||||
2,189
|
CACI International, Inc., Class A (c)
|
331,305
|
||||
22,385
|
Caesars Entertainment Corp. (c)
|
251,831
|
||||
6,481
|
Catalent, Inc. (c)
|
266,110
|
||||
6,880
|
Cathay General Bancorp
|
275,062
|
||||
3,301
|
Centene Corp. (c)
|
352,778
|
||||
11,135
|
CNO Financial Group, Inc.
|
241,295
|
||||
12,386
|
Cohu, Inc.
|
282,525
|
||||
7,722
|
Concert Pharmaceuticals, Inc. (c)
|
176,834
|
||||
4,887
|
Covenant Transportation Group, Inc. (c)
|
145,779
|
||||
22,385
|
Crocs, Inc. (c)
|
363,756
|
||||
7,385
|
CVR Energy, Inc.
|
223,175
|
||||
8,734
|
Delek U.S. Holdings, Inc.
|
355,474
|
||||
3,352
|
Dillard's, Inc.
|
269,300
|
||||
3,215
|
DXC Technology Co.
|
323,204
|
||||
2,735
|
EMCOR Group, Inc.
|
213,138
|
||||
4,447
|
Emergent BioSolutions, Inc. (c)
|
234,135
|
||||
3,180
|
Enanta Pharmaceuticals, Inc. (c)
|
257,294
|
||||
4,890
|
Exterran Corp. (c)
|
130,563
|
||||
10,826
|
Ferro Corp. (c)
|
251,380
|
||||
5,513
|
First American Financial Corp.
|
323,503
|
||||
569
|
First Citizens BancShares, Inc., Class A
|
235,134
|
||||
6,331
|
Fortinet, Inc. (c)
|
339,215
|
||||
6,502
|
FTI Consulting, Inc. (c)
|
314,762
|
||||
8,671
|
Gaming and Leisure Properties, Inc. REIT
|
290,218
|
||||
3,356
|
Globus Medical, Inc. (c)
|
167,196
|
||||
566
|
Graham Holdings Co., Class B
|
340,873
|
||||
4,226
|
Green Dot Corp., Class A (c)
|
271,140
|
||||
10,901
|
Harsco Corp. (c)
|
225,106
|
||||
5,870
|
HollyFrontier Corp.
|
286,808
|
||||
6,813
|
Insight Enterprises, Inc. (c)
|
237,978
|
||||
5,421
|
Insperity, Inc.
|
377,031
|
||||
10,531
|
International Game Technology PLC
|
281,494
|
||||
4,118
|
INTL. FCStone, Inc. (c)
|
175,756
|
||||
19,172
|
Invesco Mortgage Capital, Inc. REIT
|
314,037
|
||||
11,952
|
Jabil, Inc.
|
343,381
|
||||
10,373
|
K12, Inc. (c)
|
147,089
|
||||
6,332
|
Kennametal, Inc.
|
254,293
|
||||
3,171
|
Lakeland Financial Corp.
|
146,595
|
||||
6,078
|
La-Z-Boy, Inc., Class Z
|
182,036
|
||||
4,252
|
LHC Group, Inc. (c)
|
261,753
|
||||
2,482
|
Lithia Motors, Inc., Class A
|
249,491
|
||||
13,735
|
Louisiana-Pacific Corp.
|
395,156
|
||||
6,351
|
LPL Financial Holdings, Inc.
|
387,856
|
||||
3,476
|
Magellan Health, Inc. (c)
|
372,280
|
||||
2,446
|
ManpowerGroup, Inc.
|
281,535
|
||||
3,974
|
ManTech International Corp., Class A
|
220,438
|
||||
4,493
|
Marcus & Millichap, Inc. (c)
|
162,018
|
||||
10,499
|
MDU Resources Group, Inc.
|
295,652
|
||||
6,235
|
Medpace Holdings, Inc. (c)
|
217,664
|
||||
5,994
|
Merit Medical Systems, Inc. (c)
|
271,828
|
||||
11,919
|
Meritor, Inc. (c)
|
245,055
|
||||
23,815
|
MGIC Investment Corp. (c)
|
309,595
|
||||
4,488
|
Movado Group, Inc.
|
172,339
|
||||
7,553
|
MTGE Investment Corp. REIT
|
135,199
|
||||
12,160
|
OraSure Technologies, Inc. (c)
|
205,382
|
||||
3,865
|
Owens Corning
|
310,746
|
||||
9,825
|
Owens-Illinois, Inc. (c)
|
212,809
|
||||
8,940
|
PBF Energy, Inc.
|
303,066
|
||||
6,707
|
PennyMac Financial Services, Inc., Class A (c)
|
151,914
|
||||
4,535
|
Penske Automotive Group, Inc.
|
201,037
|
||||
3,608
|
Phibro Animal Health Corp.
|
143,238
|
||||
8,035
|
PNM Resources, Inc.
|
307,339
|
Shares
|
Security Description
|
Value
|
||||
United States - 52.7% (continued)
|
||||||
6,561
|
Primoris Services Corp.
|
$
|
163,894
|
|||
4,724
|
Qualys, Inc. (c)
|
343,671
|
||||
15,137
|
QuinStreet, Inc. (c)
|
193,299
|
||||
13,499
|
Radian Group, Inc.
|
257,021
|
||||
3,033
|
Reliance Steel & Aluminum Co.
|
260,049
|
||||
2,806
|
RH (c)
|
267,356
|
||||
3,537
|
Ryder System, Inc.
|
257,458
|
||||
6,696
|
SkyWest, Inc.
|
364,262
|
||||
5,068
|
Sotheby's (c)
|
260,039
|
||||
5,513
|
SpartanNash Co.
|
94,879
|
||||
6,163
|
SPX FLOW, Inc. (c)
|
303,158
|
||||
17,467
|
SUPERVALU, Inc. (c)
|
266,022
|
||||
2,334
|
SYNNEX Corp.
|
276,346
|
||||
16,738
|
Tailored Brands, Inc.
|
419,454
|
||||
3,269
|
Tech Data Corp. (c)
|
278,290
|
||||
1,248
|
Teleflex, Inc.
|
318,215
|
||||
8,134
|
Teradyne, Inc.
|
371,805
|
||||
6,457
|
Textainer Group Holdings, Ltd. (c)
|
109,446
|
||||
13,086
|
The Bancorp, Inc. (c)
|
141,329
|
||||
5,581
|
The Greenbrier Cos., Inc.
|
280,445
|
||||
6,669
|
Titan Machinery, Inc. (c)
|
157,122
|
||||
4,009
|
T-Mobile US, Inc. (c)
|
244,709
|
||||
6,281
|
Ultra Clean Holdings, Inc. (c)
|
120,909
|
||||
14,495
|
Vishay Intertechnology, Inc.
|
269,607
|
||||
5,655
|
Voya Financial, Inc.
|
285,577
|
||||
3,138
|
Wintrust Financial Corp.
|
270,025
|
||||
2,032
|
Zebra Technologies Corp. (c)
|
282,834
|
||||
25,538,243
|
||||||
Total Common Stock (Cost $37,232,479)
|
43,571,660
|
Shares
|
Security Description
|
Rate
|
Value
|
|||||||
Preferred Stock - 0.5%
|
||||||||||
Germany - 0.5%
|
||||||||||
1,292
|
Volkswagen AG
|
|||||||||
(Cost $168,984)
|
2.06
|
%
|
257,514
|
|||||||
Total Equity Securities (Cost $37,401,463)
|
43,829,174
|
Shares
|
Security Description
|
Value
|
||||
Money Market Fund - 5.0%
|
||||||
2,410,991
|
Dreyfus Treasury Prime Cash Management, Institutional Shares, 1.46% (d)
|
|||||
(Cost $2,410,991)
|
2,410,991
|
|||||
Total Long Positions - 95.5% (Cost $39,812,454)
|
$
|
46,240,165
|
||||
Total Short Positions - (90.5)% (Proceeds $(46,381,951))
|
$
|
(43,838,068
|
)
|
|||
Other Assets & Liabilities, Net - 95.0%
|
46,021,822
|
|||||
Net Assets - 100.0%
|
$
|
48,423,919
|
Shares
|
Security Description
|
Value
|
|||||
Short Positions - (90.5)%
|
|||||||
Common Stock - (90.5)%
|
|||||||
Belgium - (0.6)%
|
|||||||
(4,910
|
) |
Ontex Group NV
|
$
|
(131,193
|
)
|
||
(876
|
) |
Sofina SA
|
(148,615
|
)
|
|||
(279,808
|
)
|
||||||
Bermuda - (1.2)%
|
|||||||
(12,791
|
) |
Golar LNG, Ltd.
|
(349,962
|
)
|
|||
(6,263
|
) |
James River Group Holdings, Ltd.
|
(222,148
|
)
|
|||
(572,110
|
)
|
||||||
Denmark - (1.9)%
|
|||||||
(9,817
|
) |
Ambu A/S
|
(222,197
|
)
|
|||
(134
|
) |
AP Moller - Maersk A/S, Class A
|
(197,413
|
)
|
|||
(2,891
|
) |
Chr Hansen Holding A/S
|
(250,208
|
)
|
|||
(3,983
|
) |
FLSmidth & Co. A/S
|
(257,523
|
)
|
|||
(927,341
|
)
|
||||||
Finland - (0.9)%
|
|||||||
(8,221
|
) |
DNA OYJ
|
(178,437
|
)
|
|||
(6,217
|
) |
Huhtamaki OYJ
|
(272,803
|
)
|
|||
(451,240
|
)
|
||||||
France - (3.7)%
|
|||||||
(9,195
|
) |
Bureau Veritas SA
|
(239,015
|
)
|
|||
(23,012
|
) |
Getlink SE
|
(328,516
|
)
|
|||
(206
|
) |
Hermes International
|
(122,107
|
)
|
|||
(3,319
|
) |
Legrand SA
|
(260,411
|
)
|
|||
(2,113
|
) |
Sartorius Stedim Biotech
|
(190,755
|
)
|
|||
(5,743
|
) |
SPIE SA
|
(127,072
|
)
|
|||
(44,327
|
) |
Technicolor SA
|
(74,953
|
)
|
|||
(1,463
|
) |
Teleperformance
|
(226,877
|
)
|
|||
(3,710
|
) |
Valeo SA
|
(245,417
|
)
|
|||
(1,815,123
|
)
|
||||||
Germany - (3.2)%
|
|||||||
(2,531
|
) |
Bayerische Motoren Werke AG
|
(275,296
|
)
|
|||
(3,914
|
) |
Carl Zeiss Meditec AG
|
(249,494
|
)
|
|||
(13,777
|
) |
Deutsche Bank AG
|
(192,195
|
)
|
|||
(9,133
|
) |
K+S AG
|
(263,780
|
)
|
|||
(378
|
) |
KWS Saat SE
|
(146,704
|
)
|
|||
(5,559
|
) |
Rocket Internet SE
|
(170,708
|
)
|
|||
(3,189
|
) |
Symrise AG
|
(256,777
|
)
|
|||
(1,554,954
|
)
|
||||||
Ireland - (0.7)%
|
|||||||
(978
|
) |
COSMO Pharmaceuticals NV
|
(135,227
|
)
|
|||
(10,032
|
) |
Ryanair Holdings PLC
|
(197,831
|
)
|
|||
(333,058
|
)
|
||||||
Italy - (1.1)%
|
|||||||
(4,601
|
) |
Luxottica Group SpA
|
(285,835
|
)
|
|||
(8,166
|
) |
Salvatore Ferragamo SpA
|
(224,971
|
)
|
|||
(510,806
|
)
|
||||||
Japan - (7.5)% | |||||||
(7,100
|
) |
Calbee, Inc.
|
(241,257
|
)
|
|||
(4,400
|
) |
Coca-Cola Bottlers Japan Holdings, Inc.
|
(181,709
|
)
|
|||
(6,200
|
) |
CyberAgent, Inc.
|
(322,143
|
)
|
|||
(5,400
|
) |
Dentsu, Inc.
|
(238,642
|
)
|
|||
(2,800
|
) |
FP Corp.
|
(182,019
|
)
|
|||
(44,000
|
) |
Fujitsu, Ltd.
|
(267,385
|
)
|
|||
(13,600
|
) |
Ibiden Co., Ltd.
|
(201,789
|
)
|
|||
(12,000
|
) |
JGC Corp.
|
(261,271
|
)
|
|||
(6,600
|
) |
Mitsubishi Heavy Industries, Ltd.
|
(254,489
|
)
|
|||
(1,800
|
) |
Murata Manufacturing Co., Ltd.
|
(248,458
|
)
|
|||
(7,100
|
) |
Nippon Paint Holdings Co., Ltd.
|
(261,515
|
)
|
|||
(3,800
|
) |
Nissin Foods Holdings Co., Ltd.
|
(263,646
|
)
|
|||
(1,700
|
) |
Shimano, Inc.
|
(245,321
|
)
|
|||
(2,300
|
) |
Taisho Pharmaceutical Holdings Co., Ltd.
|
(227,394
|
)
|
|||
(13,200
|
) |
Topcon Corp.
|
(258,855
|
)
|
|||
(3,655,893
|
)
|
Shares
|
Security Description
|
Value
|
|||||
Jordan - (0.3)%
|
|||||||
(10,033
|
) |
Hikma Pharmaceuticals PLC
|
$
|
(170,630
|
)
|
||
Luxembourg - (0.6)%
|
|||||||
(6,570
|
) |
Ardagh Group SA
|
(122,728
|
)
|
|||
(2,434
|
) |
Millicom International Cellular SA, SDR
|
(166,570
|
)
|
|||
(289,298
|
)
|
||||||
Netherlands - (1.4)%
|
|||||||
(7,156
|
) |
Altice NV
|
(59,084
|
)
|
|||
(12,275
|
) |
Altice NV, Class A
|
(101,446
|
)
|
|||
(6,110
|
) |
Koninklijke Vopak NV
|
(300,001
|
)
|
|||
(9,686
|
) |
OCI NV
|
(224,121
|
)
|
|||
(684,652
|
)
|
||||||
Norway - (1.5)%
|
|||||||
(10,212
|
) |
Gjensidige Forsikring ASA
|
(187,822
|
)
|
|||
(13,498
|
) |
Marine Harvest ASA
|
(272,841
|
)
|
|||
(5,782
|
) |
Yara International ASA
|
(247,066
|
)
|
|||
(707,729
|
)
|
||||||
Spain - (2.3)%
|
|||||||
(14,228
|
) |
Atresmedia Corp. de Medios de Comunicacion SA
|
(135,736
|
)
|
|||
(56,443
|
) |
Distribuidora Internacional de Alimentacion SA
|
(239,908
|
)
|
|||
(15,742
|
) |
Indra Sistemas SA
|
(217,953
|
)
|
|||
(16,542
|
) |
Merlin Properties Socimi SA REIT
|
(253,399
|
)
|
|||
(12,802
|
) |
Red Electrica Corp. SA
|
(264,264
|
)
|
|||
(1,467
|
) |
Zardoya Otis SA
|
(14,781
|
)
|
|||
(1,126,041
|
)
|
||||||
Sweden - (2.8)%
|
|||||||
(13,260
|
) |
Getinge AB, Class B
|
(151,000
|
)
|
|||
(10,398
|
) |
Hennes & Mauritz AB, Class B
|
(155,337
|
)
|
|||
(9,487
|
) |
Industrivarden AB
|
(221,257
|
)
|
|||
(7,952
|
) |
Kinnevik AB, Class B
|
(287,292
|
)
|
|||
(2,257
|
) |
L E Lundbergforetagen AB, Class B
|
(162,251
|
)
|
|||
(15,654
|
) |
Nibe Industrier AB
|
(148,670
|
)
|
|||
(35,790
|
) |
Telefonaktiebolaget LM Ericsson, Class B
|
(227,909
|
)
|
|||
(1,353,716
|
)
|
||||||
Switzerland - (2.0)%
|
|||||||
(8,914
|
) |
Aryzta AG
|
(198,537
|
)
|
|||
(2,271
|
) |
Basilea Pharmaceutica AG
|
(157,811
|
)
|
|||
(284
|
) |
dormakaba Holding AG
|
(222,400
|
)
|
|||
(9,340
|
) |
Idorsia, Ltd.
|
(224,690
|
)
|
|||
(68,680
|
) |
Weatherford International PLC
|
(157,277
|
)
|
|||
(960,715
|
)
|
||||||
United Kingdom - (7.0)%
|
|||||||
(20,730
|
) |
Aggreko PLC
|
(213,603
|
)
|
|||
(3,832
|
) |
Associated British Foods PLC
|
(133,973
|
)
|
|||
(8,969
|
) |
Burford Capital, Ltd.
|
(169,160
|
)
|
|||
(5,904
|
) |
Derwent London PLC REIT
|
(257,001
|
)
|
|||
(10,945
|
) |
Hargreaves Lansdown PLC
|
(251,227
|
)
|
|||
(26,057
|
) |
Inmarsat PLC
|
(132,490
|
)
|
|||
(3,280
|
) |
Metro Bank PLC
|
(161,588
|
)
|
|||
(14,062
|
) |
Pennon Group PLC
|
(127,129
|
)
|
|||
(2,607
|
) |
Reckitt Benckiser Group PLC
|
(220,051
|
)
|
|||
(23,232
|
) |
Rolls-Royce Holdings PLC
|
(284,037
|
)
|
|||
(31,962
|
) |
RSA Insurance Group PLC
|
(282,975
|
)
|
|||
(4,513
|
) |
Shire PLC
|
(224,611
|
)
|
|||
(33,588
|
) |
Sophos Group PLC
|
(204,599
|
)
|
|||
(21,716
|
) |
Standard Chartered PLC
|
(217,646
|
)
|
|||
(97,694
|
) |
Tullow Oil PLC
|
(269,314
|
)
|
|||
(22,980
|
) |
United Utilities Group PLC
|
(230,782
|
)
|
|||
(3,380,186
|
)
|
||||||
United States - (51.8)%
|
|||||||
(21,989
|
) |
A10 Networks, Inc.
|
(127,976
|
)
|
|||
(5,533
|
) |
Acadia Healthcare Co., Inc.
|
(216,783
|
)
|
|||
(12,656
|
) |
Aceto Corp.
|
(96,186
|
)
|
|||
(8,758
|
) |
Aclaris Therapeutics, Inc.
|
(153,440
|
)
|
|||
(9,571
|
) |
Actua Corp.
|
(11,007
|
)
|
Shares
|
Security Description
|
Value
|
|||||
United States - (51.8)% (continued)
|
|||||||
(8,493
|
) |
Actuant Corp.
|
$
|
(197,462
|
)
|
||
(7,024
|
) |
Advanced Disposal Services, Inc.
|
(156,495
|
)
|
|||
(2,914
|
) |
Aerie Pharmaceuticals, Inc.
|
(158,084
|
)
|
|||
(10,222
|
) |
Aerojet Rocketdyne Holdings, Inc.
|
(285,909
|
)
|
|||
(3,590
|
) |
Almost Family, Inc.
|
(201,040
|
)
|
|||
(4,654
|
) |
Ambarella, Inc.
|
(227,999
|
)
|
|||
(19,691
|
) |
American Outdoor Brands Corp.
|
(203,211
|
)
|
|||
(3,456
|
) |
Appfolio, Inc.
|
(141,178
|
)
|
|||
(8,907
|
) |
Aqua America, Inc.
|
(303,372
|
)
|
|||
(5,726
|
) |
Audentes Therapeutics, Inc.
|
(172,066
|
)
|
|||
(1,272
|
) |
Avexis, Inc.
|
(157,194
|
)
|
|||
(4,742
|
) |
AZZ, Inc.
|
(207,225
|
)
|
|||
(5,663
|
) |
Bank of the Ozarks
|
(273,353
|
)
|
|||
(5,032
|
) |
Benefitfocus, Inc.
|
(122,781
|
)
|
|||
(6,141
|
) |
BioTelemetry, Inc.
|
(190,678
|
)
|
|||
(5,985
|
) |
Black Knight, Inc.
|
(281,894
|
)
|
|||
(8,200
|
) |
Boyd Gaming Corp.
|
(261,252
|
)
|
|||
(6,710
|
) |
Brown & Brown, Inc.
|
(170,702
|
)
|
|||
(57,865
|
) |
Cerus Corp.
|
(317,100
|
)
|
|||
(1,999
|
) |
Chesapeake Utilities Corp.
|
(140,630
|
)
|
|||
(5,365
|
) |
Chuy's Holdings, Inc.
|
(140,563
|
)
|
|||
(2,730
|
) |
CIRCOR International, Inc.
|
(116,462
|
)
|
|||
(5,678
|
) |
Cohen & Steers, Inc.
|
(230,867
|
)
|
|||
(12,261
|
) |
Coherus Biosciences, Inc.
|
(135,484
|
)
|
|||
(4,007
|
) |
Compass Minerals International, Inc.
|
(241,622
|
)
|
|||
(6,917
|
) |
Core-Mark Holding Co., Inc.
|
(147,055
|
)
|
|||
(19,191
|
) |
Covanta Holding Corp.
|
(278,270
|
)
|
|||
(4,120
|
) |
Cree, Inc.
|
(166,077
|
)
|
|||
(12,437
|
) |
Cross Country Healthcare, Inc.
|
(138,175
|
)
|
|||
(2,661
|
) |
Cubic Corp.
|
(169,240
|
)
|
|||
(6,294
|
) |
Dermira, Inc.
|
(50,289
|
)
|
|||
(4,492
|
) |
DexCom, Inc.
|
(333,127
|
)
|
|||
(8,954
|
) |
Electronics For Imaging, Inc.
|
(244,713
|
)
|
|||
(3,164
|
) |
Ellie Mae, Inc.
|
(290,898
|
)
|
|||
(40,101
|
) |
Endologix, Inc.
|
(169,627
|
)
|
|||
(5,542
|
) |
Ethan Allen Interiors, Inc.
|
(127,189
|
)
|
|||
(8,160
|
) |
Federated Investors, Inc., Class B
|
(272,544
|
)
|
|||
(8,006
|
) |
Fiesta Restaurant Group, Inc.
|
(148,111
|
)
|
|||
(5,858
|
) |
Financial Engines, Inc.
|
(205,030
|
)
|
|||
(17,151
|
) |
Finisar Corp.
|
(271,157
|
)
|
|||
(12,129
|
) |
First Midwest Bancorp, Inc.
|
(298,252
|
)
|
|||
(3,970
|
) |
First Republic Bank/CA
|
(367,662
|
)
|
|||
(36,357
|
) |
Flotek Industries, Inc.
|
(221,778
|
)
|
|||
(5,386
|
) |
Franklin Financial Network, Inc.
|
(175,584
|
)
|
|||
(3,772
|
) |
Genesee & Wyoming, Inc., Class A
|
(267,020
|
)
|
|||
(8,389
|
) |
Granite Point Mortgage Trust, Inc. REIT
|
(138,754
|
)
|
|||
(11,335
|
) |
Greenhill & Co., Inc.
|
(209,698
|
)
|
|||
(46,599
|
) |
Hecla Mining Co.
|
(171,018
|
)
|
|||
(2,915
|
) |
Heska Corp.
|
(230,489
|
)
|
|||
(4,927
|
) |
HNI Corp.
|
(177,815
|
)
|
|||
(5,972
|
) |
HomeStreet, Inc.
|
(171,098
|
)
|
|||
(31,416
|
) |
Infinera Corp.
|
(341,178
|
)
|
|||
(7,229
|
) |
Inphi Corp.
|
(217,593
|
)
|
|||
(8,426
|
) |
Invacare Corp.
|
(146,612
|
)
|
|||
(3,172
|
) |
John B Sanfilippo & Son, Inc.
|
(183,564
|
)
|
|||
(10,664
|
) |
K2M Group Holdings, Inc.
|
(202,083
|
)
|
|||
(2,427
|
) |
Kirby Corp.
|
(186,758
|
)
|
|||
(9,710
|
) |
Knowles Corp.
|
(122,249
|
)
|
|||
(10,456
|
) |
Laureate Education, Inc.
|
(143,770
|
)
|
|||
(806
|
) |
LendingTree, Inc.
|
(264,489
|
)
|
|||
(10,814
|
) |
Liberty Interactive Corp. QVC Group
|
(272,188
|
)
|
|||
(1,566
|
) |
Lindsay Corp.
|
(143,195
|
)
|
|||
(7,231
|
) |
Macquarie Infrastructure Corp.
|
(267,041
|
)
|
|||
(1,411
|
) |
Mesa Laboratories, Inc.
|
(209,449
|
)
|
|||
(4,584
|
) |
Monro, Inc.
|
(245,702
|
)
|
|||
(17,509
|
) |
MRC Global, Inc.
|
(287,848
|
)
|
Shares
|
Security Description
|
Value
|
|||||
United States - (51.8)% (continued)
|
|||||||
(44,513
|
) |
Nabors Industries, Ltd.
|
$
|
(311,146
|
)
|
||
(13,562
|
) |
Nautilus, Inc.
|
(182,409
|
)
|
|||
(16,408
|
) |
NCS Multistage Holdings, Inc.
|
(246,120
|
)
|
|||
(631
|
) |
NewMarket Corp.
|
(253,460
|
)
|
|||
(8,287
|
) |
Northfield Bancorp, Inc.
|
(129,360
|
)
|
|||
(18,457
|
) |
NOW, Inc.
|
(188,631
|
)
|
|||
(2,358
|
) |
NuVasive, Inc.
|
(123,111
|
)
|
|||
(46,014
|
) |
Oclaro, Inc.
|
(439,894
|
)
|
|||
(23,081
|
) |
ORBCOMM, Inc.
|
(216,269
|
)
|
|||
(9,818
|
) |
Oritani Financial Corp.
|
(150,706
|
)
|
|||
(3,640
|
) |
OSI Systems, Inc.
|
(237,583
|
)
|
|||
(50,867
|
) |
Pandora Media, Inc.
|
(255,861
|
)
|
|||
(4,525
|
) |
Papa John's International, Inc.
|
(259,283
|
)
|
|||
(8,069
|
) |
PRA Group, Inc.
|
(306,622
|
)
|
|||
(6,405
|
) |
PROS Holdings, Inc.
|
(211,429
|
)
|
|||
(3,815
|
) |
Prosperity Bancshares, Inc.
|
(277,083
|
)
|
|||
(13,425
|
) |
Rambus, Inc.
|
(180,298
|
)
|
|||
(4,478
|
) |
RLI Corp.
|
(283,860
|
)
|
|||
(16,341
|
) |
SeaWorld Entertainment, Inc.
|
(242,337
|
)
|
|||
(6,682
|
) |
Shutterfly, Inc.
|
(542,913
|
)
|
|||
(61,401
|
) |
Southwestern Energy Co.
|
(265,866
|
)
|
|||
(5,796
|
) |
Spirit Airlines, Inc.
|
(218,973
|
)
|
|||
(34,803
|
) |
Sportsman's Warehouse Holdings, Inc.
|
(141,996
|
)
|
|||
(5,095
|
) |
Stewart Information Services Corp.
|
(223,874
|
)
|
|||
(40,596
|
) |
Sunrun, Inc.
|
(362,522
|
)
|
|||
(13,682
|
) |
Surgery Partners, Inc.
|
(234,646
|
)
|
|||
(14,285
|
) |
Switch, Inc.
|
(227,274
|
)
|
|||
(11,018
|
) |
Tanger Factory Outlet Centers, Inc. REIT
|
(242,396
|
)
|
|||
(12,575
|
) |
Team, Inc.
|
(172,906
|
)
|
|||
(3,382
|
) |
Tempur Sealy International, Inc.
|
(153,171
|
)
|
|||
(2,127
|
) |
Tennant Co.
|
(143,998
|
)
|
|||
(18,408
|
) |
TFS Financial Corp.
|
(270,414
|
)
|
|||
(12,086
|
) |
TG Therapeutics, Inc.
|
(171,621
|
)
|
|||
(9,198
|
) |
The GEO Group, Inc. REIT
|
(188,283
|
)
|
|||
(18,608
|
) |
The KeyW Holding Corp.
|
(146,259
|
)
|
|||
(11,620
|
) |
TimkenSteel Corp.
|
(176,508
|
)
|
|||
(3,819
|
) |
TreeHouse Foods, Inc.
|
(146,153
|
)
|
|||
(4,278
|
) |
U.S. Concrete, Inc.
|
(258,391
|
)
|
|||
(2,454
|
) |
Universal Electronics, Inc.
|
(127,731
|
)
|
|||
(13,006
|
) |
Veeco Instruments, Inc.
|
(221,102
|
)
|
|||
(4,674
|
) |
ViaSat, Inc.
|
(307,175
|
)
|
|||
(3,649
|
) |
Wabtec Corp.
|
(297,029
|
)
|
|||
(5,371
|
) |
Williams-Sonoma, Inc.
|
(283,374
|
)
|
|||
(26,740
|
) |
WisdomTree Investments, Inc.
|
(245,206
|
)
|
|||
(4,062
|
) |
WR Berkley Corp.
|
(295,307
|
)
|
|||
(13,145
|
) |
Zoe's Kitchen, Inc.
|
(189,814
|
)
|
|||
(25,064,768
|
)
|
||||||
Total Common Stock (Proceeds $(46,381,951))
|
(43,838,068
|
)
|
|||||
Total Short Positions - (90.5)% (Proceeds $(46,381,951))
|
$
|
(43,838,068
|
)
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $542,238 or 1.1% of net assets.
|
(d)
|
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments at Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Australia
|
$
|
–
|
$
|
751,899
|
$
|
–
|
$
|
751,899
|
||||||||
Austria
|
–
|
142,944
|
–
|
142,944
|
||||||||||||
Belgium
|
–
|
427,465
|
–
|
427,465
|
||||||||||||
Bermuda
|
226,128
|
–
|
–
|
226,128
|
||||||||||||
Denmark
|
–
|
272,351
|
–
|
272,351
|
||||||||||||
Finland
|
–
|
567,641
|
–
|
567,641
|
||||||||||||
France
|
–
|
1,688,664
|
–
|
1,688,664
|
||||||||||||
Germany
|
–
|
1,324,247
|
–
|
1,324,247
|
||||||||||||
Ireland
|
–
|
424,789
|
–
|
424,789
|
||||||||||||
Italy
|
–
|
245,714
|
–
|
245,714
|
||||||||||||
Japan
|
–
|
3,532,489
|
–
|
3,532,489
|
||||||||||||
Netherlands
|
–
|
1,036,156
|
–
|
1,036,156
|
||||||||||||
Norway
|
–
|
1,018,010
|
–
|
1,018,010
|
||||||||||||
Portugal
|
–
|
214,825
|
–
|
214,825
|
||||||||||||
Puerto Rico
|
325,135
|
–
|
–
|
325,135
|
||||||||||||
Singapore
|
–
|
271,888
|
–
|
271,888
|
||||||||||||
Spain
|
–
|
314,041
|
–
|
314,041
|
||||||||||||
Sweden
|
–
|
1,300,972
|
–
|
1,300,972
|
||||||||||||
Switzerland
|
–
|
1,617,609
|
–
|
1,617,609
|
||||||||||||
United Kingdom
|
–
|
2,330,450
|
–
|
2,330,450
|
||||||||||||
United States
|
25,538,243
|
–
|
–
|
25,538,243
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Germany
|
–
|
257,514
|
–
|
257,514
|
||||||||||||
Money Market Fund
|
–
|
2,410,991
|
–
|
2,410,991
|
||||||||||||
Investments at Value
|
$
|
26,089,506
|
$
|
20,150,659
|
$
|
–
|
$
|
46,240,165
|
||||||||
|
||||||||||||||||
Securities Sold Short
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Belgium
|
–
|
(279,808
|
)
|
–
|
(279,808
|
)
|
||||||||||
Bermuda
|
(572,110
|
)
|
–
|
–
|
(572,110
|
)
|
||||||||||
Denmark
|
–
|
(927,341
|
)
|
–
|
(927,341
|
)
|
||||||||||
Finland
|
–
|
(451,240
|
)
|
–
|
(451,240
|
)
|
||||||||||
France
|
–
|
(1,815,123
|
)
|
–
|
(1,815,123
|
)
|
||||||||||
Germany
|
–
|
(1,554,954
|
)
|
–
|
(1,554,954
|
)
|
||||||||||
Ireland
|
–
|
(333,058
|
)
|
–
|
(333,058
|
)
|
||||||||||
Italy
|
–
|
(510,806
|
)
|
–
|
(510,806
|
)
|
||||||||||
Japan
|
–
|
(3,655,893
|
)
|
–
|
(3,655,893
|
)
|
||||||||||
Jordan
|
–
|
(170,630
|
)
|
–
|
(170,630
|
)
|
||||||||||
Luxembourg
|
(122,728
|
)
|
(166,570
|
)
|
–
|
(289,298
|
)
|
|||||||||
Netherlands
|
–
|
(684,652
|
)
|
–
|
(684,652
|
)
|
||||||||||
Norway
|
–
|
(707,729
|
)
|
–
|
(707,729
|
)
|
||||||||||
Spain
|
–
|
(1,126,041
|
)
|
–
|
(1,126,041
|
)
|
||||||||||
Sweden
|
–
|
(1,353,716
|
)
|
–
|
(1,353,716
|
)
|
||||||||||
Switzerland
|
(157,277
|
)
|
(803,438
|
)
|
–
|
(960,715
|
)
|
|||||||||
United Kingdom
|
–
|
(3,380,186
|
)
|
–
|
(3,380,186
|
)
|
||||||||||
United States
|
(25,064,768
|
)
|
–
|
–
|
(25,064,768
|
)
|
||||||||||
Securities Sold Short
|
$
|
(25,916,883
|
)
|
$
|
(17,921,185
|
)
|
$
|
–
|
$
|
(43,838,068
|
)
|
LMCG Global Market Neutral Fund | ||
Long Securities
|
36.63%
|
|
Short Securities
|
(37.01)%
|
PORTFOLIO HOLDINGS (Unaudited)
|
|||
% of Total Investments
|
Long
|
Short
|
|
Australia
|
1.6%
|
0.0%
|
|
Austria
|
0.3%
|
0.0%
|
|
Belgium
|
0.9%
|
0.6%
|
|
Bermuda
|
0.5%
|
1.3%
|
|
Denmark
|
0.6%
|
2.1%
|
|
Finland
|
1.2%
|
1.0%
|
|
France
|
3.7%
|
4.1%
|
|
Germany
|
3.5%
|
3.5%
|
|
Ireland
|
0.9%
|
0.8%
|
|
Italy
|
0.5%
|
1.2%
|
|
Japan
|
7.6%
|
8.3%
|
|
Jordan
|
0.0%
|
0.4%
|
|
Luxembourg
|
0.0%
|
0.7%
|
|
Netherlands
|
2.3%
|
1.6%
|
|
Norway
|
2.2%
|
1.6%
|
|
Portugal
|
0.5%
|
0.0%
|
|
Puerto Rico
|
0.7%
|
0.0%
|
|
Singapore
|
0.6%
|
0.0%
|
|
Spain
|
0.7%
|
2.6%
|
|
Sweden
|
2.8%
|
3.1%
|
|
Switzerland
|
3.5%
|
2.2%
|
|
United Kingdom
|
5.0%
|
7.7%
|
|
United States
|
60.4%*
|
57.2%
|
|
100.0%
|
100.0%
|
ASSETS
|
||||
Investments, at value (Cost $39,812,454)
|
$
|
46,240,165
|
||
Cash
|
678,437
|
|||
Deposits with broker
|
44,995,382
|
|||
Foreign currency (Cost $375,353)
|
376,010
|
|||
Receivables:
|
||||
Fund shares sold
|
8,124
|
|||
Dividends
|
137,885
|
|||
Prepaid expenses
|
20,942
|
|||
Total Assets
|
92,456,945
|
|||
LIABILITIES
|
||||
Securities sold short, at value (Proceeds $46,381,951)
|
43,838,068
|
|||
Payables:
|
||||
Dividends on securities sold short
|
64,741
|
|||
Accrued Liabilities:
|
||||
Investment adviser fees
|
74,259
|
|||
Trustees’ fees and expenses
|
50
|
|||
Fund services fees
|
13,012
|
|||
Professional fees
|
22,183
|
|||
Other expenses
|
20,713
|
|||
Total Liabilities
|
44,033,026
|
|||
NET ASSETS
|
$
|
48,423,919
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
49,076,845
|
||
Accumulated net investment loss
|
(431,693
|
)
|
||
Accumulated net realized loss
|
(9,196,945
|
)
|
||
Net unrealized appreciation
|
8,975,712
|
|||
NET ASSETS
|
$
|
48,423,919
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
||||
Institutional Shares
|
4,062,096
|
|||
Investor Shares
|
412,482
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
||||
Institutional Shares (based on net assets of $43,993,544)
|
$
|
10.83
|
||
Investor Shares (based on net assets of $4,430,375)
|
$
|
10.74
|
INVESTMENT INCOME
|
||||
Dividend income (Net of foreign withholding taxes of $101,403)
|
$
|
1,039,667
|
||
Interest income
|
243,199
|
|||
Total Investment Income
|
1,282,866
|
|||
EXPENSES
|
||||
Investment adviser fees
|
557,533
|
|||
Fund services fees
|
208,558
|
|||
Transfer agent fees:
|
||||
Institutional Shares
|
24,715
|
|||
Investor Shares
|
2,537
|
|||
Distribution fees:
|
||||
Investor Shares
|
11,114
|
|||
Custodian fees
|
172,971
|
|||
Registration fees:
|
||||
Institutional Shares
|
15,242
|
|||
Investor Shares
|
14,808
|
|||
Professional fees
|
44,926
|
|||
Trustees' fees and expenses
|
8,412
|
|||
Dividend expense on securities sold short
|
1,152,364
|
|||
Other expenses
|
97,525
|
|||
Total Expenses
|
2,310,705
|
|||
Fees waived
|
(255,097
|
)
|
||
Net Expenses
|
2,055,608
|
|||
NET INVESTMENT LOSS
|
(772,742
|
)
|
||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
12,060,943
|
|||
Foreign currency transactions
|
13,991
|
|||
Securities sold short
|
(12,822,920
|
)
|
||
Net realized loss
|
(747,986
|
)
|
||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
(3,429,350
|
)
|
||
Foreign currency translations
|
5,335
|
|||
Securities sold short
|
5,472,712
|
|||
Net change in unrealized appreciation (depreciation)
|
2,048,697
|
|||
NET REALIZED AND UNREALIZED GAIN
|
1,300,711
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
527,969
|
For the Years Ended March 31, | ||||||||
2017
|
||||||||
OPERATIONS
|
||||||||
Net investment loss
|
$
|
(772,742
|
)
|
$
|
(943,434
|
)
|
||
Net realized loss
|
(747,986
|
)
|
(6,069,877
|
)
|
||||
Net change in unrealized appreciation (depreciation)
|
2,048,697
|
3,353,315
|
||||||
Increase (Decrease) in Net Assets Resulting from Operations
|
527,969
|
(3,659,996
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares
|
6,853,565
|
27,319,837
|
||||||
Investor Shares
|
1,510,944
|
3,158,386
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(30,780,163
|
)
|
(63,937,598
|
)
|
||||
Investor Shares
|
(2,589,407
|
)
|
(12,675,187
|
)
|
||||
Decrease in Net Assets from Capital Share Transactions
|
(25,005,061
|
)
|
(46,134,562
|
)
|
||||
Decrease in Net Assets
|
(24,477,092
|
)
|
(49,794,558
|
)
|
||||
NET ASSETS
|
||||||||
Beginning of Year
|
72,901,011
|
122,695,569
|
||||||
End of Year (Including line (a))
|
$
|
48,423,919
|
$
|
72,901,011
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares
|
630,431
|
2,533,406
|
||||||
Investor Shares
|
139,835
|
294,651
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(2,855,540
|
)
|
(5,968,588
|
)
|
||||
Investor Shares
|
(241,396
|
)
|
(1,187,375
|
)
|
||||
Decrease in Shares
|
(2,326,670
|
)
|
(4,327,906
|
)
|
||||
(a) Accumulated net investment loss
|
$
|
(431,693
|
)
|
$
|
(170,901
|
)
|
For the Years Ended March 31,
|
Through
|
|||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
|||||||||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.72
|
$
|
11.03
|
$
|
11.07
|
$
|
10.11
|
$
|
10.00
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment loss (b)
|
(0.15
|
)
|
(0.12
|
)
|
(0.17
|
)
|
(0.16
|
)
|
(0.11
|
)
|
||||||||||
Net realized and unrealized gain (loss)
|
0.26
|
(0.19
|
)
|
0.13(c
|
)
|
1.12
|
0.22
|
|||||||||||||
Total from Investment Operations
|
0.11
|
(0.31
|
)
|
(0.04
|
)
|
0.96
|
0.11
|
|||||||||||||
REDEMPTION FEES(b)
|
–
|
–
|
–
|
0.00(d
|
)
|
–
|
||||||||||||||
NET ASSET VALUE, End of Period
|
$
|
10.83
|
$
|
10.72
|
$
|
11.03
|
$
|
11.07
|
$
|
10.11
|
||||||||||
TOTAL RETURN
|
1.03
|
%
|
(2.81
|
)%
|
(0.36
|
)%
|
9.50
|
%
|
1.10
|
%(e)
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Period (000s omitted)
|
$
|
43,994
|
$
|
67,421
|
$
|
107,228
|
$
|
58,320
|
$
|
11,401
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment loss
|
(1.36
|
)%
|
(1.11
|
)%
|
(1.53
|
)%
|
(1.49
|
)%
|
(1.27
|
)%(f)
|
||||||||||
Net expenses including dividend expenses
|
3.67
|
%
|
3.18
|
%
|
3.15
|
%
|
2.91
|
%
|
2.94
|
%(f)
|
||||||||||
Dividend expenses
|
2.07
|
%
|
1.58
|
%
|
1.55
|
%
|
1.31
|
%
|
1.34
|
%(f)
|
||||||||||
Net expenses without dividend expenses
|
1.60
|
%
|
1.60
|
%
|
1.60
|
%
|
1.60
|
%
|
1.60
|
%(f)
|
||||||||||
Gross expenses (g)
|
4.10
|
%
|
3.76
|
%
|
3.74
|
%
|
4.63
|
%
|
8.73
|
%(f)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
81
|
%
|
95
|
%
|
124
|
%
|
104
|
%
|
62
|
%(e)
|
(c)
|
Per share amount does not accord with the amount reported in the statement of operations due to the timing of Fund share sales.
|
For the Years Ended March 31,
|
December 18,
2014 (a) Through
|
|||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||
INVESTOR SHARES
|
||||||||||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.66
|
$
|
11.00
|
$
|
11.07
|
$
|
10.87
|
||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||
Net investment loss (b)
|
(0.18
|
)
|
(0.15
|
)
|
(0.20
|
)
|
(0.05
|
)
|
||||||||
Net realized and unrealized gain (loss)
|
0.26
|
(0.19
|
)
|
0.13(c
|
)
|
0.25
|
||||||||||
Total from Investment Operations
|
0.08
|
(0.34
|
)
|
(0.07
|
)
|
0.20
|
||||||||||
NET ASSET VALUE, End of Period
|
$
|
10.74
|
$
|
10.66
|
$
|
11.00
|
$
|
11.07
|
||||||||
TOTAL RETURN
|
0.75
|
%
|
(3.09
|
)%
|
(0.63
|
)%
|
1.84
|
%(d)
|
||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||
Net Assets at End of Period (000s omitted)
|
$
|
4,430
|
$
|
5,480
|
$
|
15,468
|
$
|
5,683
|
||||||||
Ratios to Average Net Assets:
|
||||||||||||||||
Net investment loss
|
(1.64
|
)%
|
(1.42
|
)%
|
(1.81
|
)%
|
(1.73
|
)%(e)
|
||||||||
Net expenses including dividend expenses
|
3.88
|
%
|
3.56
|
%
|
3.38
|
%
|
3.30
|
%(e)
|
||||||||
Dividend expenses
|
2.03
|
%
|
1.71
|
%
|
1.53
|
%
|
1.45
|
%(e)
|
||||||||
Net expenses without dividend expenses
|
1.85
|
%
|
1.85
|
%
|
1.85
|
%
|
1.85
|
%(e)
|
||||||||
Gross expenses (f)
|
4.71
|
%
|
4.38
|
%
|
4.09
|
%
|
5.73
|
%(e)
|
||||||||
PORTFOLIO TURNOVER RATE
|
81
|
%
|
95
|
%
|
124
|
%
|
104
|
%(d)
|
(c)
|
Per share amount does not accord with the amount reported in the statement of operations due to the timing of Fund share sales.
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Since Inception(1)
|
LMCG Global MultiCap Fund - Institutional Shares
|
12.22%
|
8.42%
|
LMCG Global MultiCap Fund - Investor Shares(2)
|
12.20%
|
8.27%
|
MSCI All Country World IMI Index(3)
|
15.03%
|
8.67%
|
(1)
|
Institutional Shares commenced operations on September 11, 2013 and Investor Shares commenced operations on March 3, 2015.
|
Shares
|
Security Description
|
Value
|
|||||
Equity Securities - 94.7%
|
|||||||
Common Stock - 94.0%
|
|||||||
Australia - 0.2%
|
|||||||
213
|
Ansell, Ltd.
|
$
|
4,170
|
||||
Belgium - 0.4%
|
|||||||
79
|
Anheuser-Busch InBev SA/NV
|
8,686
|
|||||
Canada - 1.7%
|
|||||||
200
|
Canadian National Railway Co.
|
14,617
|
|||||
200
|
Intact Financial Corp.
|
15,029
|
|||||
200
|
Maple Leaf Foods, Inc.
|
4,874
|
|||||
34,520
|
|||||||
China - 3.2%
|
|||||||
4,000
|
Agile Group Holdings, Ltd.
|
8,342
|
|||||
69
|
Alibaba Group Holding, Ltd., ADR (a)
|
12,664
|
|||||
9,000
|
China Construction Bank Corp., Class H
|
9,400
|
|||||
6,000
|
CNOOC, Ltd.
|
8,884
|
|||||
12,000
|
Industrial & Commercial Bank of China, Ltd., Class H
|
10,458
|
|||||
316
|
Tencent Holdings, Ltd.
|
16,963
|
|||||
66,711
|
|||||||
Denmark - 0.6%
|
|||||||
310
|
Danske Bank A/S
|
11,615
|
|||||
France - 3.2%
|
|||||||
424
|
AXA SA
|
11,271
|
|||||
173
|
BNP Paribas SA
|
12,830
|
|||||
100
|
Sanofi
|
8,024
|
|||||
264
|
TOTAL SA
|
15,132
|
|||||
190
|
Vinci SA
|
18,714
|
|||||
65,971
|
|||||||
Georgia - 0.3%
|
|||||||
109
|
BGEO Group PLC
|
5,440
|
|||||
Germany - 4.3%
|
|||||||
78
|
Allianz SE
|
17,632
|
|||||
138
|
BASF SE
|
13,996
|
|||||
104
|
Bayer AG
|
11,724
|
|||||
138
|
Daimler AG
|
11,758
|
|||||
135
|
SAP SE
|
14,172
|
|||||
112
|
Siemens AG
|
14,291
|
|||||
283
|
TAG Immobilien AG
|
5,872
|
|||||
89,445
|
|||||||
Hong Kong - 0.2%
|
|||||||
520
|
China Mobile, Ltd.
|
4,766
|
|||||
India - 0.3%
|
|||||||
377
|
Infosys, Ltd., ADR
|
6,729
|
|||||
Italy - 1.2%
|
|||||||
923
|
Enel SpA
|
5,648
|
|||||
488
|
Eni SpA
|
8,596
|
|||||
2,726
|
Intesa Sanpaolo SpA
|
9,926
|
|||||
24,170
|
|||||||
Japan - 4.3%
|
|||||||
100
|
Azbil Corp.
|
4,710
|
|||||
500
|
Honda Motor Co., Ltd.
|
17,308
|
|||||
203
|
Hoya Corp.
|
10,254
|
|||||
1,800
|
Mitsubishi UFJ Financial Group, Inc.
|
11,962
|
|||||
1,100
|
Penta-Ocean Construction Co., Ltd.
|
8,116
|
|||||
800
|
Sumitomo Electric Industries, Ltd.
|
12,227
|
|||||
1,100
|
Toray Industries, Inc.
|
10,464
|
|||||
200
|
Toyota Motor Corp.
|
12,986
|
|||||
88,027
|
|||||||
Malaysia - 0.5%
|
|||||||
2,400
|
Tenaga Nasional Bhd
|
10,043
|
Shares
|
Security Description
|
Value
|
|||||
Malta - 0.2%
|
|||||||
362
|
Kindred Group PLC, SDR
|
$
|
4,966
|
||||
Mexico - 0.2%
|
|||||||
1,770
|
Wal-Mart de Mexico SAB de CV
|
4,504
|
|||||
Netherlands - 1.9%
|
|||||||
206
|
AerCap Holdings NV (a)
|
10,448
|
|||||
941
|
ING Groep NV
|
15,880
|
|||||
200
|
Royal Dutch Shell PLC, ADR, Class B
|
12,762
|
|||||
39,090
|
|||||||
Russian Federation - 0.2%
|
|||||||
700
|
Evraz PLC
|
4,269
|
|||||
Singapore - 0.3%
|
|||||||
3,300
|
Singapore Press Holdings, Ltd.
|
6,367
|
|||||
South Africa - 0.7%
|
|||||||
33
|
Naspers, Ltd., Class N
|
8,076
|
|||||
1,666
|
Rand Merchant Investment Holdings, Ltd.
|
5,632
|
|||||
13,708
|
|||||||
South Korea - 2.4%
|
|||||||
122
|
LG Electronics, Inc.
|
12,588
|
|||||
27
|
POSCO
|
8,618
|
|||||
7
|
Samsung Electronics Co., Ltd.
|
16,355
|
|||||
145
|
Shinhan Financial Group Co., Ltd.
|
6,186
|
|||||
78
|
SK Hynix, Inc.
|
5,976
|
|||||
49,723
|
|||||||
Spain - 0.9%
|
|||||||
2,825
|
Banco Santander SA
|
18,491
|
|||||
Sweden - 0.8%
|
|||||||
380
|
Investor AB, Class B
|
16,881
|
|||||
Switzerland - 1.7%
|
|||||||
518
|
ABB, Ltd.
|
12,317
|
|||||
17
|
Bucher Industries AG
|
7,104
|
|||||
202
|
Nestle SA
|
15,966
|
|||||
35,387
|
|||||||
Taiwan - 1.5%
|
|||||||
3,000
|
Nan Ya Plastics Corp.
|
8,495
|
|||||
17,000
|
Shin Kong Financial Holding Co., Ltd.
|
6,515
|
|||||
2,000
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
16,940
|
|||||
31,950
|
|||||||
Thailand - 0.5%
|
|||||||
624
|
PTT PCL, NVDR
|
10,990
|
|||||
United Kingdom - 4.9%
|
|||||||
395
|
BHP Billiton PLC
|
7,806
|
|||||
2,057
|
BP PLC
|
13,875
|
|||||
167
|
British American Tobacco PLC
|
9,654
|
|||||
406
|
GlaxoSmithKline PLC
|
7,885
|
|||||
1,984
|
HSBC Holdings PLC
|
18,631
|
|||||
12,240
|
Lloyds Banking Group PLC
|
11,134
|
|||||
503
|
Royal Dutch Shell PLC, Class B
|
16,186
|
|||||
47
|
Spirax-Sarco Engineering PLC
|
3,791
|
|||||
74
|
Willis Towers Watson PLC
|
11,262
|
|||||
100,224
|
|||||||
United States - 57.4%
|
|||||||
273
|
Abbott Laboratories
|
16,358
|
|||||
187
|
AbbVie, Inc.
|
17,700
|
|||||
593
|
AES Corp.
|
6,742
|
|||||
137
|
Agios Pharmaceuticals, Inc. (a)
|
11,204
|
|||||
31
|
Alphabet, Inc., Class A (a)
|
32,151
|
|||||
23
|
Amazon.com, Inc. (a)
|
33,289
|
|||||
283
|
American Campus Communities, Inc. REIT
|
10,930
|
|||||
119
|
Ameriprise Financial, Inc.
|
17,605
|
|||||
107
|
Amgen, Inc.
|
18,241
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
Shares
|
Security Description
|
Value
|
||||||
United States - 57.4% (continued)
|
||||||||
81
|
Anthem, Inc.
|
$
|
17,796
|
|||||
253
|
Apple, Inc.
|
42,448
|
||||||
429
|
Applied Materials, Inc.
|
23,857
|
||||||
285
|
BankUnited, Inc.
|
11,394
|
||||||
223
|
Berry Global Group, Inc. (a)
|
12,223
|
||||||
35
|
Biogen, Inc. (a)
|
9,584
|
||||||
264
|
BorgWarner, Inc.
|
13,261
|
||||||
557
|
Brixmor Property Group, Inc. REIT
|
8,494
|
||||||
268
|
Capital One Financial Corp.
|
25,680
|
||||||
545
|
Carrizo Oil & Gas, Inc. (a)
|
8,720
|
||||||
91
|
Charles River Laboratories International, Inc. (a)
|
9,713
|
||||||
74
|
Chevron Corp.
|
8,439
|
||||||
97
|
Cimarex Energy Co.
|
9,070
|
||||||
335
|
Cisco Systems, Inc.
|
14,368
|
||||||
162
|
Clean Harbors, Inc. (a)
|
7,907
|
||||||
463
|
Comcast Corp., Class A
|
15,821
|
||||||
240
|
CVS Health Corp.
|
14,930
|
||||||
120
|
Danaher Corp.
|
11,749
|
||||||
636
|
Darling Ingredients, Inc. (a)
|
11,003
|
||||||
461
|
Devon Energy Corp.
|
14,655
|
||||||
118
|
Dollar General Corp.
|
11,039
|
||||||
109
|
DTE Energy Co.
|
11,380
|
||||||
105
|
Eagle Materials, Inc.
|
10,820
|
||||||
237
|
Envision Healthcare Corp. (a)
|
9,108
|
||||||
738
|
FNB Corp.
|
9,926
|
||||||
586
|
General Electric Co.
|
7,899
|
||||||
139
|
Gilead Sciences, Inc.
|
10,479
|
||||||
172
|
Hexcel Corp.
|
11,110
|
||||||
253
|
Intel Corp.
|
13,176
|
||||||
282
|
ITT, Inc.
|
13,812
|
||||||
178
|
j2 Global, Inc.
|
14,048
|
||||||
103
|
John Bean Technologies Corp.
|
11,680
|
||||||
253
|
JPMorgan Chase & Co.
|
27,822
|
||||||
236
|
KAR Auction Services, Inc.
|
12,791
|
||||||
243
|
Kennametal, Inc.
|
9,759
|
||||||
68
|
Ligand Pharmaceuticals, Inc. (a)
|
11,231
|
||||||
150
|
Lincoln National Corp.
|
10,959
|
||||||
87
|
LogMeIn, Inc.
|
10,053
|
||||||
176
|
Lowe’s Cos., Inc.
|
15,444
|
||||||
75
|
M&T Bank Corp.
|
13,827
|
||||||
280
|
MACOM Technology Solutions Holdings, Inc. (a)
|
4,648
|
||||||
227
|
Merck & Co., Inc.
|
12,365
|
||||||
364
|
Micron Technology, Inc. (a)
|
18,979
|
||||||
226
|
Microsoft Corp.
|
20,627
|
||||||
137
|
Murphy USA, Inc. (a)
|
9,974
|
||||||
408
|
Newfield Exploration Co. (a)
|
9,963
|
||||||
210
|
Nexstar Media Group, Inc., Class A
|
13,965
|
||||||
243
|
PacWest Bancorp
|
12,036
|
||||||
258
|
Patterson Cos., Inc.
|
5,735
|
||||||
481
|
Pfizer, Inc.
|
17,071
|
||||||
198
|
Portland General Electric Co.
|
8,021
|
||||||
142
|
PPG Industries, Inc.
|
15,847
|
||||||
269
|
Prestige Brands Holdings, Inc. (a)
|
9,071
|
||||||
189
|
PTC, Inc. (a)
|
14,744
|
||||||
291
|
RealPage, Inc. (a)
|
14,987
|
||||||
134
|
Regal Beloit Corp.
|
9,829
|
||||||
70
|
Rockwell Automation, Inc.
|
12,194
|
||||||
437
|
Sinclair Broadcast Group, Inc., Class A
|
13,678
|
||||||
154
|
State Street Corp.
|
15,358
|
||||||
112
|
Stericycle, Inc. (a)
|
6,555
|
||||||
72
|
SVB Financial Group (a)
|
17,281
|
||||||
198
|
Target Corp.
|
13,747
|
||||||
201
|
The Allstate Corp.
|
19,055
|
Shares
|
Security Description
|
Value
|
||||
United States - 57.4% (continued)
|
||||||
178
|
The Brink’s Co.
|
$
|
12,700
|
|||
72
|
The Goldman Sachs Group, Inc.
|
18,134
|
||||
211
|
The Hartford Financial Services Group, Inc.
|
10,871
|
||||
380
|
TransUnion (a)
|
21,576
|
||||
190
|
TreeHouse Foods, Inc. (a)
|
7,271
|
||||
323
|
Unum Group
|
15,378
|
||||
60
|
Vail Resorts, Inc.
|
13,302
|
||||
120
|
Valero Energy Corp.
|
11,132
|
||||
121
|
VMware, Inc., Class A (a)
|
14,674
|
||||
171
|
Walgreens Boots Alliance, Inc.
|
11,195
|
||||
182
|
Walmart, Inc.
|
16,193
|
||||
308
|
Wells Fargo & Co.
|
16,142
|
||||
118
|
WR Grace & Co.
|
7,225
|
||||
321
|
Zayo Group Holdings, Inc. (a)
|
10,965
|
||||
1,184,183
|
||||||
Total Common Stock (Cost $1,592,254)
|
1,941,026
|
Shares
|
Security Description
|
Rate
|
Value
|
|||||||
Preferred Stock - 0.7%
|
||||||||||
Brazil - 0.7%
|
||||||||||
850
|
Itau Unibanco Holding SA | |||||||||
(Cost $4,341)
|
0.02
|
%
|
13,296
|
|||||||
Total Equity Securities (Cost $1,596,595)
|
1,954,322
|
Shares
|
Security Description
|
Value
|
|||||
Investment Companies - 2.7%
|
|||||||
188
|
iShares MSCI ACWI ETF
|
13,479
|
|||||
150
|
iShares MSCI EAFE ETF
|
10,452
|
|||||
104
|
iShares MSCI EAFE Small-Cap ETF
|
6,780
|
|||||
385
|
iShares MSCI India ETF
|
13,140
|
|||||
304
|
iShares MSCI Turkey ETF
|
12,896
|
|||||
Total Investment Companies (Cost $55,042)
|
56,747
|
||||||
Shares
|
Security Description
|
Value
|
|||||
Money Market Fund - 1.9%
|
|||||||
38,581
|
Dreyfus Treasury Prime Cash Management, Institutional Shares, 1.46% (b) | ||||||
(Cost $38,581)
|
38,581
|
||||||
Investments, at value - 99.3% (Cost $1,690,218)
|
$
|
2,049,650
|
|||||
Other Assets & Liabilities, Net - 0.7%
|
14,951
|
||||||
Net Assets - 100.0%
|
$
|
2,064,601
|
(b) |
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments at Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Australia
|
$
|
–
|
$
|
4,170
|
$
|
–
|
$
|
4,170
|
||||||||
Belgium
|
–
|
8,686
|
–
|
8,686
|
||||||||||||
Canada
|
34,520
|
–
|
–
|
34,520
|
||||||||||||
China
|
12,664
|
54,047
|
–
|
66,711
|
||||||||||||
Denmark
|
–
|
11,615
|
–
|
11,615
|
||||||||||||
France
|
–
|
65,971
|
–
|
65,971
|
||||||||||||
Georgia
|
–
|
5,440
|
–
|
5,440
|
||||||||||||
Germany
|
–
|
89,445
|
–
|
89,445
|
||||||||||||
Hong Kong
|
–
|
4,766
|
–
|
4,766
|
||||||||||||
India
|
6,729
|
–
|
–
|
6,729
|
||||||||||||
Italy
|
–
|
24,170
|
–
|
24,170
|
||||||||||||
Japan
|
–
|
88,027
|
–
|
88,027
|
||||||||||||
Malaysia
|
–
|
10,043
|
–
|
10,043
|
||||||||||||
Malta
|
–
|
4,966
|
–
|
4,966
|
||||||||||||
Mexico
|
4,504
|
–
|
–
|
4,504
|
||||||||||||
Netherlands
|
23,210
|
15,880
|
–
|
39,090
|
||||||||||||
Russian Federation
|
–
|
4,269
|
–
|
4,269
|
||||||||||||
Singapore
|
–
|
6,367
|
–
|
6,367
|
||||||||||||
South Africa
|
–
|
13,708
|
–
|
13,708
|
||||||||||||
South Korea
|
–
|
49,723
|
–
|
49,723
|
||||||||||||
Spain
|
–
|
18,491
|
–
|
18,491
|
||||||||||||
Sweden
|
–
|
16,881
|
–
|
16,881
|
||||||||||||
Switzerland
|
–
|
35,387
|
–
|
35,387
|
||||||||||||
Taiwan
|
–
|
31,950
|
–
|
31,950
|
||||||||||||
Thailand
|
–
|
10,990
|
–
|
10,990
|
||||||||||||
United Kingdom
|
11,262
|
88,962
|
–
|
100,224
|
||||||||||||
United States
|
1,184,183
|
–
|
–
|
1,184,183
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
|
13,296
|
–
|
–
|
13,296
|
||||||||||||
Investment Companies
|
56,747
|
–
|
–
|
56,747
|
||||||||||||
Money Market Fund
|
–
|
38,581
|
–
|
38,581
|
||||||||||||
Investments at Value
|
$
|
1,347,115
|
$
|
702,535
|
$
|
–
|
$
|
2,049,650
|
LMCG Global MultiCap Fund
|
|
Long Securities
|
32.16%
|
PORTFOLIO HOLDINGS (Unaudited)
|
|
% of Total Investments
|
|
Australia
|
0.2%
|
Belgium
|
0.4%
|
Brazil
|
0.6%
|
Canada
|
1.7%
|
China
|
3.3%
|
Denmark
|
0.6%
|
France
|
3.2%
|
Georgia
|
0.3%
|
Germany
|
4.4%
|
Hong Kong
|
0.2%
|
India
|
0.3%
|
Italy
|
1.2%
|
Japan
|
4.3%
|
Malaysia
|
0.5%
|
Malta
|
0.2%
|
Mexico
|
0.2%
|
Netherlands
|
1.9%
|
Russian Federation
|
0.2%
|
Singapore
|
0.3%
|
South Africa
|
0.7%
|
South Korea
|
2.4%
|
Spain
|
0.9%
|
Sweden
|
0.8%
|
Switzerland
|
1.7%
|
Taiwan
|
1.6%
|
Thailand
|
0.5%
|
United Kingdom
|
4.9%
|
United States*
|
62.5%
|
100.0%
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
ASSETS
|
||||
Investments, at value (Cost $1,690,218)
|
$
|
2,049,650
|
||
Cash
|
236
|
|||
Foreign currency (Cost $5,206)
|
5,278
|
|||
Receivables:
|
||||
Dividends
|
3,595
|
|||
From investment adviser
|
22,230
|
|||
Prepaid expenses
|
21,065
|
|||
Total Assets
|
2,102,054
|
|||
LIABILITIES
|
||||
Payables:
|
||||
Foreign capital gains tax payable
|
633
|
|||
Accrued Liabilities:
|
||||
Fund services fees
|
9,152
|
|||
Professional fees
|
19,201
|
|||
Other expenses
|
8,467
|
|||
Total Liabilities
|
37,453
|
|||
NET ASSETS
|
$
|
2,064,601
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
1,669,651
|
||
Distributions in excess of net investment income
|
(8,874
|
)
|
||
Accumulated net realized gain
|
44,943
|
|||
Net unrealized appreciation
|
358,881
|
|||
NET ASSETS
|
$
|
2,064,601
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
||||
Institutional Shares
|
157,511
|
|||
Investor Shares
|
4,785
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
||||
Institutional Shares (based on net assets of $2,003,611)
|
$
|
12.72
|
||
Investor Shares (based on net assets of $60,990)
|
$
|
12.75
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
INVESTMENT INCOME
|
||||
Dividend income (Net of foreign withholding taxes of $4,113)
|
$
|
41,674
|
||
Total Investment Income
|
41,674
|
|||
EXPENSES
|
||||
Investment adviser fees
|
15,600
|
|||
Fund services fees
|
185,496
|
|||
Transfer agent fees:
|
||||
Institutional Shares
|
2,586
|
|||
Investor Shares
|
2,507
|
|||
Distribution fees:
|
||||
Investor Shares
|
91
|
|||
Custodian fees
|
16,749
|
|||
Registration fees:
|
||||
Institutional Shares
|
14,752
|
|||
Investor Shares
|
15,199
|
|||
Professional fees
|
25,655
|
|||
Trustees’ fees and expenses
|
4,969
|
|||
Pricing fees
|
16,804
|
|||
Other expenses
|
18,919
|
|||
Total Expenses
|
319,327
|
|||
Fees waived and expenses reimbursed
|
(298,359
|
)
|
||
Net Expenses
|
20,968
|
|||
NET INVESTMENT INCOME
|
20,706
|
|||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
Net realized gain on:
|
||||
Investments (Net of foreign withholding taxes of $28)
|
104,623
|
|||
Foreign currency transactions
|
103
|
|||
Net realized gain
|
104,726
|
|||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
116,467
|
|||
Deferred foreign capital gains taxes
|
(496
|
)
|
||
Foreign currency translations
|
82
|
|||
Net change in unrealized appreciation (depreciation)
|
116,053
|
|||
NET REALIZED AND UNREALIZED GAIN
|
220,779
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
241,485
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
For the Years Ended March 31,
|
||||||||
2017
|
||||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
20,706
|
$
|
16,893
|
||||
Net realized gain
|
104,726
|
72,520
|
||||||
Net change in unrealized appreciation (depreciation)
|
116,053
|
222,140
|
||||||
Increase in Net Assets Resulting from Operations
|
241,485
|
311,553
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income:
|
||||||||
Institutional Shares
|
(36,084
|
)
|
(18,893
|
)
|
||||
Investor Shares
|
(302
|
)
|
(440
|
)
|
||||
Net realized gain:
|
||||||||
Institutional Shares
|
(85,141
|
)
|
(14,248
|
)
|
||||
Investor Shares
|
(1,002
|
)
|
(92
|
)
|
||||
Total Distributions to Shareholders
|
(122,529
|
)
|
(33,673
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares
|
156,797
|
268,003
|
||||||
Investor Shares
|
42,924
|
39,350
|
||||||
Reinvestment of distributions:
|
||||||||
Institutional Shares
|
121,225
|
33,141
|
||||||
Investor Shares
|
1,304
|
532
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(250,431
|
)
|
(532,204
|
)
|
||||
Investor Shares
|
(35,627
|
)
|
(1,498
|
)
|
||||
Increase (Decrease) in Net Assets from Capital Share Transactions
|
36,192
|
(192,676
|
)
|
|||||
Increase in Net Assets
|
155,148
|
85,204
|
||||||
NET ASSETS
|
||||||||
Beginning of Year
|
1,909,453
|
1,824,249
|
||||||
End of Year (Including line (a))
|
$
|
2,064,601
|
$
|
1,909,453
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares
|
12,333
|
25,015
|
||||||
Investor Shares
|
3,246
|
3,470
|
||||||
Reinvestment of distributions:
|
||||||||
Institutional Shares
|
9,289
|
2,936
|
||||||
Investor Shares
|
100
|
48
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(18,892
|
)
|
(48,560
|
)
|
||||
Investor Shares
|
(2,890
|
)
|
(136
|
)
|
||||
Increase (Decrease) in Shares
|
3,186
|
(17,227
|
)
|
|||||
(a) Distributions in excess of net investment income
|
$
|
(8,874
|
)
|
$
|
(4,090
|
)
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
For the Years Ended March 31,
|
September 11,
2013 (a) Through
|
|||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
|||||||||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
12.00
|
$
|
10.35
|
$
|
11.21
|
$
|
10.80
|
$
|
10.00
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment income (b)
|
0.13
|
0.10
|
0.11
|
0.10
|
0.02
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
1.35
|
1.76
|
(0.68
|
)
|
0.49
|
0.86
|
||||||||||||||
Total from Investment Operations
|
1.48
|
1.86
|
(0.57
|
)
|
0.59
|
0.88
|
||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.23
|
)
|
(0.12
|
)
|
(0.16
|
)
|
(0.08
|
)
|
(0.06
|
)
|
||||||||||
Net realized gain
|
(0.53
|
)
|
(0.09
|
)
|
(0.13
|
)
|
(0.10
|
)
|
(0.02
|
)
|
||||||||||
Total Distributions to Shareholders
|
(0.76
|
)
|
(0.21
|
)
|
(0.29
|
)
|
(0.18
|
)
|
(0.08
|
)
|
||||||||||
NET ASSET VALUE, End of Period
|
$
|
12.72
|
$
|
12.00
|
$
|
10.35
|
$
|
11.21
|
$
|
10.80
|
||||||||||
TOTAL RETURN
|
12.22
|
%
|
18.11
|
%
|
(5.11
|
)%
|
5.57
|
%
|
8.79
|
%(c)
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Period (000s omitted)
|
$
|
2,004
|
$
|
1,858
|
$
|
1,814
|
$
|
1,882
|
$
|
1,344
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment income
|
0.99
|
%
|
0.92
|
%
|
1.02
|
%
|
0.95
|
%
|
0.31
|
%(d)
|
||||||||||
Net expenses
|
1.00
|
%
|
1.20
|
%
|
1.20
|
%
|
1.20
|
%
|
1.20
|
%(d)
|
||||||||||
Gross expenses (e)
|
14.39
|
%
|
17.14
|
%
|
16.22
|
%
|
17.65
|
%
|
24.97
|
%(d)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
43
|
%
|
73
|
%
|
44
|
%
|
74
|
%
|
32
|
%(c)
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
For the Years Ended March 31,
|
March 3, 2015 (a)
Through
|
|||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||
INVESTOR SHARES
|
||||||||||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
11.96
|
$
|
10.34
|
$
|
11.21
|
$
|
11.29
|
||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||
Net investment income (b)
|
0.12
|
0.05
|
0.08
|
0.02
|
||||||||||||
Net realized and unrealized gain (loss)
|
1.35
|
1.77
|
(0.69
|
)
|
(0.10
|
)(c)
|
||||||||||
Total from Investment Operations
|
1.47
|
1.82
|
(0.61
|
)
|
(0.08
|
)
|
||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||
Net investment income
|
(0.15
|
)
|
(0.11
|
)
|
(0.13
|
)
|
–
|
|||||||||
Net realized gain
|
(0.53
|
)
|
(0.09
|
)
|
(0.13
|
)
|
–
|
|||||||||
Total Distributions to Shareholders
|
(0.68
|
)
|
(0.20
|
)
|
(0.26
|
)
|
–
|
|||||||||
NET ASSET VALUE, End of Period
|
$
|
12.75
|
$
|
11.96
|
$
|
10.34
|
$
|
11.21
|
||||||||
TOTAL RETURN
|
12.20
|
%
|
17.76
|
%
|
(5.39
|
)%
|
(0.71
|
)%(d)
|
||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||
Net Assets at End of Period (000s omitted)
|
$
|
61
|
$
|
52
|
$
|
10
|
$
|
10
|
||||||||
Ratios to Average Net Assets:
|
||||||||||||||||
Net investment income
|
0.91
|
%
|
0.48
|
%
|
0.77
|
%
|
2.45
|
%(e)
|
||||||||
Net expenses
|
1.25
|
%
|
1.45
|
%
|
1.45
|
%
|
1.45
|
%(e)
|
||||||||
Gross expenses (f)
|
65.97
|
%
|
110.82
|
%
|
149.94
|
%
|
31.89
|
%(e)
|
||||||||
PORTFOLIO TURNOVER RATE
|
43
|
%
|
73
|
%
|
44
|
%
|
74
|
%(d)
|
(c) |
Per share amount does not reflect the actual net realized and unrealized gain/(loss) for the period due to the timing of Fund share sales and the amount of per share realized and unrealized gains and losses at such time.
|
See Notes to Financial Statements.
|
|
LMCG FUNDS
|
Gordon Johnson
Co-Portfolio Manager
LMCG Investments, LLC
|
Shannon Ericson
Co-Portfolio Manager
LMCG Investments, LLC
|
1
|
Inception 8/26/2010. The Fund has adopted the historical performance of LMCG International Small Cap Collective Fund, a separate collective investment fund of LMCG Collective Trust (the “Predecessor Fund”) managed by LMCG Investments, LLC as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund, effective as of the close of business on April 1, 2016. The returns presented for the Fund prior to this date reflect the performance of the Predecessor Fund. The Predecessor Fund commenced operations on August 26, 2010. The Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940, and therefore the Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions
imposed by the Investment Company Act of 1940 and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The Predecessor Fund had an investment objective and strategies that were, in all material respects, equivalent to those of the Fund.
|
Average Annual Total Returns
Periods Ended March 31, 2018
|
One Year
|
Five Years
|
Since Inception (08/26/10)
|
LMCG International Small Cap Fund - Institutional Shares*
|
21.99%
|
12.67%
|
13.52%
|
LMCG International Small Cap Fund - Investor Shares*
|
21.74%
|
12.56%
|
13.45%
|
MSCI EAFE Small Cap Index
|
23.49%
|
11.10%
|
11.74%
|
*
|
Institutional Shares commenced operations on April 1, 2016, and Investor Shares commenced operations on April 18, 2016. Performance for the periods prior to commencement reflects the performance and expenses of a collective investment trust previously managed by the Fund’s Adviser and portfolio management team. This collective investment trust was organized and commenced operations on August 26, 2010.
|
Shares |
Security Description
|
Value
|
|||||
Equity Securities - 95.7% | |||||||
Common Stock - 95.0% | |||||||
Australia - 7.4% | |||||||
17,144
|
Ansell, Ltd.
|
$
|
335,619
|
||||
59,412
|
Charter Hall Group REIT
|
262,988
|
|||||
377,276
|
Cromwell Property Group REIT
|
310,661
|
|||||
92,327
|
Eclipx Group, Ltd.
|
255,693
|
|||||
133,163
|
Metcash, Ltd.
|
322,239
|
|||||
25,305
|
Monadelphous Group, Ltd.
|
298,295
|
|||||
228,909
|
Nine Entertainment Co. Holdings, Ltd.
|
402,027
|
|||||
52,909
|
Sandfire Resources NL
|
301,434
|
|||||
25,665
|
Sims Metal Management, Ltd.
|
288,298
|
|||||
124,000
|
St Barbara, Ltd.
|
382,467
|
|||||
3,159,721
|
|||||||
Austria - 1.6% | |||||||
10,177
|
AT&S Austria Technologie & Systemtechnik AG
|
276,337
|
|||||
33,206
|
UNIQA Insurance Group AG
|
386,562
|
|||||
662,899
|
|||||||
Belgium - 1.4% | |||||||
37,849
|
AGFA-Gevaert NV (a)
|
146,586
|
|||||
9,589
|
bpost SA
|
216,642
|
|||||
5,893
|
D'ieteren SA/NV
|
238,776
|
|||||
602,004
|
|||||||
Canada - 1.2% | |||||||
10,100
|
Canadian Western Bank
|
259,095
|
|||||
9,500
|
Maple Leaf Foods, Inc.
|
231,537
|
|||||
490,632
|
|||||||
China - 1.0% | |||||||
270,000
|
Xinyi Glass Holdings, Ltd.
|
410,982
|
|||||
Denmark - 3.0% | |||||||
1,351
|
Rockwool International A/S, Class B
|
402,447
|
|||||
6,649
|
Royal Unibrew A/S
|
441,420
|
|||||
9,028
|
Topdanmark A/S (a)
|
426,282
|
|||||
1,270,149
|
|||||||
Finland - 0.7% | |||||||
37,511
|
YIT OYJ
|
314,206
|
|||||
France - 2.4% | |||||||
2,412
|
Ipsen SA
|
374,911
|
|||||
10,947
|
Metropole Television SA
|
282,036
|
|||||
5,649
|
Nexity SA (a)
|
361,794
|
|||||
1,018,741
|
|||||||
Georgia - 0.8% | |||||||
6,751
|
BGEO Group PLC
|
336,900
|
|||||
Germany - 4.7% | |||||||
6,555
|
CTS Eventim AG & Co. KGaA
|
307,287
|
|||||
20,083
|
Deutsche Pfandbriefbank AG (b)
|
316,640
|
|||||
19,718
|
Kloeckner & Co. SE
|
247,747
|
|||||
4,974
|
Leoni AG
|
318,191
|
|||||
8,197
|
Salzgitter AG
|
419,325
|
|||||
19,414
|
TAG Immobilien AG
|
402,804
|
|||||
2,011,994
|
|||||||
Ireland - 0.8% | |||||||
29,915
|
Grafton Group PLC
|
322,975
|
|||||
Italy - 1.5% | |||||||
89,868
|
Hera SpA
|
329,289
|
|||||
30,361
|
Societa Cattolica di Assicurazioni SCRL
|
323,287
|
|||||
652,576
|
|||||||
Japan - 28.0% | |||||||
7,400
|
Azbil Corp.
|
348,526
|
|||||
31,800
|
Citizen Watch Co., Ltd.
|
224,347
|
|||||
13,500
|
COMSYS Holdings Corp.
|
358,912
|
|||||
6,100
|
Daiichikosho Co., Ltd.
|
320,837
|
|||||
8,800
|
DTS Corp.
|
306,310
|
Shares |
Security Description
|
Value
|
|||||
Japan - 28.0% (continued) | |||||||
13,500
|
Fancl Corp.
|
$
|
496,883
|
||||
8,100
|
Fuji Soft, Inc.
|
323,059
|
|||||
14,200
|
Geo Holdings Corp.
|
225,598
|
|||||
15,500
|
H2O Retailing Corp.
|
287,620
|
|||||
6,700
|
Hanwa Co., Ltd.
|
278,259
|
|||||
419
|
Japan Hotel REIT Investment Corp.
|
297,889
|
|||||
11,500
|
Japan Petroleum Exploration Co., Ltd.
|
261,703
|
|||||
85,100
|
JVC Kenwood Corp.
|
281,936
|
|||||
24,300
|
Kanematsu Corp.
|
327,770
|
|||||
16,200
|
Kohnan Shoji Co., Ltd.
|
390,498
|
|||||
9,500
|
Matsumotokiyoshi Holdings Co., Ltd.
|
402,510
|
|||||
6,100
|
Meitec Corp.
|
334,150
|
|||||
7,400
|
Mitsui Mining & Smelting Co., Ltd.
|
328,117
|
|||||
31,800
|
NET One Systems Co., Ltd.
|
466,986
|
|||||
11,400
|
Nihon Kohden Corp.
|
324,894
|
|||||
50,700
|
Nippon Suisan Kaisha, Ltd.
|
264,035
|
|||||
9,400
|
Nishio Rent All Co., Ltd.
|
292,607
|
|||||
12,200
|
Nomura Co., Ltd.
|
261,677
|
|||||
31,800
|
Onward Holdings Co., Ltd.
|
277,064
|
|||||
46,600
|
Penta-Ocean Construction Co., Ltd.
|
343,808
|
|||||
9,500
|
Sankyu, Inc.
|
472,700
|
|||||
24,300
|
Shikoku Electric Power Co., Inc.
|
292,826
|
|||||
9,500
|
Ship Healthcare Holdings, Inc.
|
337,456
|
|||||
26,300
|
Sodick Co., Ltd.
|
345,121
|
|||||
16,200
|
Star Micronics Co., Ltd.
|
300,690
|
|||||
6,100
|
Taiyo Holdings Co., Ltd.
|
262,543
|
|||||
37,800
|
The Hiroshima Bank, Ltd.
|
288,333
|
|||||
8,800
|
The Nisshin Oillio Group, Ltd.
|
245,493
|
|||||
8,800
|
Tokyo Seimitsu Co., Ltd.
|
357,068
|
|||||
8,800
|
TS Tech Co., Ltd.
|
350,815
|
|||||
10,800
|
Ube Industries, Ltd.
|
316,467
|
|||||
10,800
|
Unizo Holdings Co., Ltd.
|
265,772
|
|||||
11,861,279
|
|||||||
Malaysia - 1.5% | |||||||
348,000
|
AirAsia Bhd
|
357,724
|
|||||
612,900
|
Felda Global Ventures Holdings Bhd
|
264,348
|
|||||
622,072
|
|||||||
Malta - 0.8% | |||||||
26,395
|
Kindred Group PLC, SDR
|
362,128
|
|||||
Netherlands - 1.6% | |||||||
9,048
|
ASR Nederland NV
|
386,876
|
|||||
7,636
|
Philips Lighting NV (b)
|
287,091
|
|||||
673,967
|
|||||||
New Zealand - 1.2% | |||||||
56,470
|
a2 Milk Co., Ltd. (a)
|
510,640
|
|||||
Norway - 1.6% | |||||||
13,001
|
Aker BP ASA
|
352,455
|
|||||
39,295
|
Storebrand ASA
|
323,144
|
|||||
675,599
|
|||||||
Portugal - 1.6% | |||||||
46,890
|
NOS SGPS SA
|
276,363
|
|||||
65,196
|
The Navigator Co. SA
|
384,106
|
|||||
660,469
|
|||||||
Russian Federation - 0.9% | |||||||
63,047
|
Evraz PLC
|
384,460
|
|||||
Singapore - 2.2% | |||||||
369,600
|
Mapletree Greater China Commercial Trust
|
||||||
REIT |
324,820
|
||||||
28,400
|
Venture Corp., Ltd.
|
614,203
|
|||||
939,023
|
See Notes to Financial Statements.
|
LMCG FUNDS
|
Shares |
Security Description
|
Value
|
|||||
South Korea - 2.0% | |||||||
6,920
|
Hyundai Marine & Fire Insurance Co., Ltd.
|
$
|
256,666
|
||||
14,454
|
Meritz Fire & Marine Insurance Co., Ltd.
|
287,941
|
|||||
9,717
|
WONIK IPS Co., Ltd.
|
302,560
|
|||||
847,167
|
|||||||
Spain - 1.3% | |||||||
70,981
|
Ence Energia y Celulosa SA
|
535,780
|
|||||
Sweden - 3.6% | |||||||
34,274
|
Dometic Group AB (b)
|
313,983
|
|||||
6,534
|
Holmen AB, Class B
|
355,406
|
|||||
20,083
|
Mycronic AB
|
257,823
|
|||||
44,760
|
Resurs Holding AB (b)
|
317,062
|
|||||
52,472
|
SSAB AB, Class A
|
297,021
|
|||||
1,541,295
|
|||||||
Switzerland - 3.6% | |||||||
838
|
Bucher Industries AG
|
350,167
|
|||||
290
|
Georg Fischer AG
|
388,273
|
|||||
12,623
|
Logitech International SA, Class R
|
463,326
|
|||||
3,859
|
Sunrise Communications Group AG (a)(b)
|
323,749
|
|||||
1,525,515
|
|||||||
Taiwan - 1.1% | |||||||
157,181
|
China Life Insurance Co., Ltd.
|
163,957
|
|||||
95,000
|
Powertech Technology, Inc.
|
299,484
|
|||||
463,441
|
|||||||
United Kingdom - 17.5% | |||||||
23,570
|
Abcam PLC
|
409,352
|
|||||
8,724
|
Bellway PLC
|
373,344
|
|||||
21,218
|
Bovis Homes Group PLC
|
339,009
|
|||||
21,847
|
CVS Group PLC
|
298,950
|
|||||
27,691
|
Dart Group PLC
|
323,600
|
|||||
53,972
|
Electrocomponents PLC
|
454,604
|
|||||
18,718
|
Greggs PLC
|
323,055
|
|||||
23,361
|
Halma PLC
|
386,701
|
|||||
161,720
|
Hansteen Holdings PLC REIT
|
289,757
|
|||||
144,968
|
Hays PLC
|
383,502
|
|||||
53,621
|
Howden Joinery Group PLC
|
347,083
|
|||||
37,727
|
IG Group Holdings PLC
|
422,530
|
|||||
59,290
|
JD Sports Fashion PLC
|
279,645
|
|||||
42,390
|
Jupiter Fund Management PLC
|
281,024
|
|||||
54,371
|
National Express Group PLC
|
294,772
|
|||||
6,494
|
Rightmove PLC
|
396,421
|
|||||
5,041
|
Spirax-Sarco Engineering PLC
|
406,650
|
|||||
100,342
|
Spire Healthcare Group PLC (b)
|
295,786
|
|||||
45,971
|
SSP Group PLC
|
394,894
|
|||||
33,855
|
The UNITE Group PLC REIT
|
375,690
|
|||||
10,021
|
Victrex PLC
|
361,307
|
|||||
7,437,676
|
|||||||
Total Common Stock (Cost $36,237,470) |
40,294,290
|
Shares
|
Security Description
|
Rate
|
Value | ||||||
Preferred Stock - 0.7%
|
|||||||||
Germany - 0.7%
|
|||||||||
3,196
|
Draegerwerk AG & Co. KGaA | ||||||||
(Cost $310,056)
|
0.46%
|
303,773
|
|||||||
Total Equity Securities (Cost $36,547,526) |
40,598,063
|
Shares |
Security Description
|
Value | |||||
Investment Company - 1.9% | |||||||
11,258
|
iShares MSCI EAFE ETF
|
||||||
(Cost $735,948)
|
784,457
|
Shares |
Security Description
|
Value
|
|||||
Money Market Fund - 1.9% | |||||||
825,356
|
Dreyfus Treasury Prime Cash Management, Institutional Shares, 1.46% (c) | ||||||
(Cost $825,356)
|
$
|
825,356
|
|||||
Investments, at value - 99.5% (Cost $38,108,830) |
$
|
42,207,876
|
|||||
Other Assets & Liabilities, Net - 0.5% |
196,607
|
||||||
Net Assets - 100.0% |
$
|
42,404,483
|
(b)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $1,854,310 or 4.4% of net assets.
|
(c)
|
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments at Value
|
||||||||||||||||
Common Stock
|
||||||||||||||||
Australia
|
$
|
–
|
$
|
3,159,721
|
$
|
–
|
$
|
3,159,721
|
||||||||
Austria
|
–
|
662,899
|
–
|
662,899
|
||||||||||||
Belgium
|
–
|
602,004
|
–
|
602,004
|
||||||||||||
Canada
|
490,632
|
–
|
–
|
490,632
|
||||||||||||
China
|
–
|
410,982
|
–
|
410,982
|
||||||||||||
Denmark
|
–
|
1,270,149
|
–
|
1,270,149
|
||||||||||||
Finland
|
–
|
314,206
|
–
|
314,206
|
||||||||||||
France
|
–
|
1,018,741
|
–
|
1,018,741
|
||||||||||||
Georgia
|
–
|
336,900
|
–
|
336,900
|
||||||||||||
Germany
|
–
|
2,011,994
|
–
|
2,011,994
|
||||||||||||
Ireland
|
–
|
322,975
|
–
|
322,975
|
||||||||||||
Italy
|
–
|
652,576
|
–
|
652,576
|
||||||||||||
Japan
|
–
|
11,861,279
|
–
|
11,861,279
|
||||||||||||
Malaysia
|
–
|
622,072
|
–
|
622,072
|
||||||||||||
Malta
|
–
|
362,128
|
–
|
362,128
|
||||||||||||
Netherlands
|
–
|
673,967
|
–
|
673,967
|
||||||||||||
New Zealand
|
–
|
510,640
|
–
|
510,640
|
||||||||||||
Norway
|
–
|
675,599
|
–
|
675,599
|
||||||||||||
Portugal
|
–
|
660,469
|
–
|
660,469
|
||||||||||||
Russian Federation
|
–
|
384,460
|
–
|
384,460
|
||||||||||||
Singapore
|
–
|
939,023
|
–
|
939,023
|
||||||||||||
South Korea
|
–
|
847,167
|
–
|
847,167
|
||||||||||||
Spain
|
–
|
535,780
|
–
|
535,780
|
||||||||||||
Sweden
|
–
|
1,541,295
|
–
|
1,541,295
|
||||||||||||
Switzerland
|
–
|
1,525,515
|
–
|
1,525,515
|
||||||||||||
Taiwan
|
–
|
463,441
|
–
|
463,441
|
||||||||||||
United Kingdom
|
–
|
7,437,676
|
–
|
7,437,676
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Germany
|
–
|
303,773
|
–
|
303,773
|
||||||||||||
Investment Company
|
784,457
|
–
|
–
|
784,457
|
||||||||||||
Money Market Fund
|
–
|
825,356
|
–
|
825,356
|
||||||||||||
Investments at Value
|
$
|
1,275,089
|
$
|
40,932,787
|
$
|
–
|
$
|
42,207,876
|
See Notes to Financial Statements.
|
LMCG FUNDS
|
LMCG International Small Cap Fund
|
||||
Long Securities
|
94.58
|
%
|
PORTFOLIO HOLDINGS (Unaudited)
% of Total Investments |
||||
Australia
|
7.5
|
%
|
||
Austria
|
1.6
|
%
|
||
Belgium
|
1.4
|
%
|
||
Canada
|
1.2
|
%
|
||
China
|
1.0
|
%
|
||
Denmark
|
3.0
|
%
|
||
Finland
|
0.7
|
%
|
||
France
|
2.4
|
%
|
||
Georgia
|
0.8
|
%
|
||
Germany
|
5.5
|
%
|
||
Ireland
|
0.8
|
%
|
||
Italy
|
1.5
|
%
|
||
Japan
|
28.1
|
%
|
||
Malaysia
|
1.5
|
%
|
||
Malta
|
0.9
|
%
|
||
Netherlands
|
1.6
|
%
|
||
New Zealand
|
1.2
|
%
|
||
Norway
|
1.6
|
%
|
||
Portugal
|
1.6
|
%
|
||
Russian Federation
|
0.9
|
%
|
||
Singapore
|
2.2
|
%
|
||
South Korea
|
2.0
|
%
|
||
Spain
|
1.3
|
%
|
||
Sweden
|
3.6
|
%
|
||
Switzerland
|
3.6
|
%
|
||
Taiwan
|
1.1
|
%
|
||
United Kingdom
|
17.6
|
%
|
||
United States**
|
3.8
|
%
|
||
100.0
|
%
|
See Notes to Financial Statements.
|
LMCG FUNDS
|
ASSETS
|
||||
Investments, at value (Cost $38,108,830)
|
$
|
42,207,876
|
||
Cash
|
5,343
|
|||
Receivables:
|
||||
Fund shares sold
|
25,946
|
|||
Dividends
|
197,642
|
|||
Prepaid expenses
|
21,573
|
|||
Total Assets
|
42,458,380
|
|||
LIABILITIES
|
||||
Accrued Liabilities:
|
||||
Investment adviser fees
|
3,668
|
|||
Trustees’ fees and expenses
|
10
|
|||
Fund services fees
|
7,846
|
|||
Professional fees
|
25,401
|
|||
Other expenses
|
16,972
|
|||
Total Liabilities
|
53,897
|
|||
NET ASSETS
|
$
|
42,404,483
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
38,363,308
|
||
Distributions in excess of net investment income
|
(122,250
|
)
|
||
Accumulated net realized gain
|
63,088
|
|||
Net unrealized appreciation
|
4,100,337
|
|||
NET ASSETS
|
$
|
42,404,483
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
||||
Institutional Shares
|
3,216,678
|
|||
Investor Shares
|
84,150
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
||||
Institutional Shares (based on net assets of $41,325,132)
|
$
|
12.85
|
||
Investor Shares (based on net assets of $1,079,351)
|
$
|
12.83
|
INVESTMENT INCOME
|
||||
Dividend income (Net of foreign withholding taxes of $72,036)
|
$
|
573,172
|
||
Total Investment Income
|
573,172
|
|||
EXPENSES
|
||||
Investment adviser fees
|
189,478
|
|||
Fund services fees
|
191,148
|
|||
Transfer agent fees:
|
||||
Institutional Shares
|
3,364
|
|||
Investor Shares
|
2,489
|
|||
Distribution fees:
|
||||
Investor Shares
|
1,659
|
|||
Custodian fees
|
60,379
|
|||
Registration fees:
|
||||
Institutional Shares
|
17,574
|
|||
Investor Shares
|
16,116
|
|||
Professional fees
|
39,664
|
|||
Trustees' fees and expenses
|
6,116
|
|||
Pricing fees
|
27,885
|
|||
Other expenses
|
26,397
|
|||
Total Expenses
|
582,269
|
|||
Fees waived and expenses reimbursed
|
(350,530
|
)
|
||
Net Expenses
|
231,739
|
|||
NET INVESTMENT INCOME
|
341,433
|
|||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
361,637
|
|||
Foreign currency transactions
|
(13,492
|
)
|
||
Net realized gain
|
348,145
|
|||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
3,468,557
|
|||
Foreign currency translations
|
1,322
|
|||
Net change in unrealized appreciation (depreciation)
|
3,469,879
|
|||
NET REALIZED AND UNREALIZED GAIN
|
3,818,024
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
4,159,457
|
For the Year
Ended
|
Through
|
|||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
341,433
|
$
|
88,806
|
||||
Net realized gain
|
348,145
|
27,824
|
||||||
Net change in unrealized appreciation (depreciation)
|
3,469,879
|
445,076
|
||||||
Increase in Net Assets Resulting from Operations
|
4,159,457
|
561,706
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income:
|
||||||||
Institutional Shares
|
(691,739
|
)
|
(155,074
|
)
|
||||
Investor Shares
|
(17,439
|
)
|
(1,118
|
)
|
||||
Total Distributions to Shareholders
|
(709,178
|
)
|
(156,192
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares (See Note 1)
|
31,800,489
|
5,985,369
|
||||||
Investor Shares
|
1,294,315
|
62,205
|
||||||
Reinvestment of distributions:
|
||||||||
Institutional Shares
|
681,057
|
155,074
|
||||||
Investor Shares
|
17,439
|
1,118
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(710,168
|
)
|
(370,458
|
)
|
||||
Investor Shares
|
(343,756
|
)
|
(23,994
|
)
|
||||
Increase in Net Assets from Capital Share Transactions
|
32,739,376
|
5,809,314
|
||||||
Increase in Net Assets
|
36,189,655
|
6,214,828
|
||||||
NET ASSETS
|
||||||||
Beginning of Period
|
6,214,828
|
–
|
||||||
End of Period (Including line (a))
|
$
|
42,404,483
|
$
|
6,214,828
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares:
|
||||||||
Institutional Shares (See Note 1)
|
2,644,469
|
595,908
|
||||||
Investor Shares
|
105,505
|
6,066
|
||||||
Reinvestment of distributions:
|
||||||||
Institutional Shares
|
53,166
|
15,776
|
||||||
Investor Shares
|
1,363
|
114
|
||||||
Redemption of shares:
|
||||||||
Institutional Shares
|
(56,450
|
)
|
(36,191
|
)
|
||||
Investor Shares
|
(26,640
|
)
|
(2,258
|
)
|
||||
Increase in Shares
|
2,721,413
|
579,415
|
||||||
(a) Undistributed (distributions in excess of ) net investment income
|
$
|
(122,250
|
)
|
$
|
9,408
|
For the Year
Ended
|
April 1, 2016 (a)
Through
|
|||||||
INSTITUTIONAL SHARES
|
||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.73
|
$
|
10.00
|
||||
INVESTMENT OPERATIONS
|
||||||||
Net investment income (b)
|
0.16
|
0.18
|
||||||
Net realized and unrealized gain
|
2.20
|
0.85
|
||||||
Total from Investment Operations
|
2.36
|
1.03
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income
|
(0.24
|
)
|
(0.30
|
)
|
||||
Total Distributions to Shareholders
|
(0.24
|
)
|
(0.30
|
)
|
||||
NET ASSET VALUE, End of Period
|
$
|
12.85
|
$
|
10.73
|
||||
TOTAL RETURN
|
21.99
|
%
|
10.55
|
%(c)
|
||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||
Net Assets at End of Period (000s omitted)
|
$
|
41,325
|
$
|
6,173
|
||||
Ratios to Average Net Assets:
|
||||||||
Net investment income
|
1.27
|
%
|
1.78
|
%(d)
|
||||
Net expenses
|
0.85
|
%
|
0.85
|
%(d)
|
||||
Gross expenses (e)
|
2.08
|
%
|
8.57
|
%(d)
|
||||
PORTFOLIO TURNOVER RATE
|
83
|
%
|
112
|
%(c)
|
For the Year Ended
|
April 18, 2016 (a)
Through
|
|||||||
INVESTOR SHARES
|
||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.71
|
$
|
10.09
|
||||
INVESTMENT OPERATIONS
|
||||||||
Net investment income (b)
|
0.11
|
0.09
|
||||||
Net realized and unrealized gain
|
2.22
|
0.82
|
||||||
Total from Investment Operations
|
2.33
|
0.91
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income
|
(0.21
|
)
|
(0.29
|
)
|
||||
Total Distributions to Shareholders
|
(0.21
|
)
|
(0.29
|
)
|
||||
NET ASSET VALUE, End of Period
|
$
|
12.83
|
$
|
10.71
|
||||
TOTAL RETURN
|
21.74
|
%
|
9.24
|
%(c)
|
||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||
Net Assets at End of Period (000s omitted)
|
$
|
1,079
|
$
|
42
|
||||
Ratios to Average Net Assets:
|
||||||||
Net investment income
|
0.91
|
%
|
0.96
|
%(d)
|
||||
Net expenses
|
1.10
|
%
|
1.10
|
%(d)
|
||||
Gross expenses (e)
|
5.01
|
%
|
60.04
|
%(d)
|
||||
PORTFOLIO TURNOVER RATE
|
83
|
%
|
112
|
%(c)
|
Date of Contribution
|
Net Assets
|
Shares Issued
|
Cost of Investments Transferred
|
Unrealized Gain on Investments
|
||||||||||||
$
|
4,792,193
|
479,219
|
$
|
4,360,020
|
$
|
185,382
|
Investor Shares
|
Institutional Shares
|
|||
LMCG Global Market Neutral Fund
|
1.85%
|
1.60%
|
||
LMCG Global MultiCap Fund*
|
1.15%
|
0.90%
|
||
LMCG International Small Cap Fund
|
1.10%
|
0.85%
|
*
|
Prior to August 1, 2017, the Adviser had contractually agreed to waive a portion of its fees and reimburse certain expenses of the LMCG Global MultiCap Fund Investor Shares and Institutional Shares to 1.45% and 1.20%, respectively.
|
Investment Adviser
Fees Waived
|
Investment Adviser Expenses Reimbursed
|
Other Waivers
|
Total Fees Waived and
Expenses Reimbursed
|
|||||||||||||
LMCG Global Market Neutral Fund
|
$
|
182,838
|
$
|
–
|
$
|
72,259
|
$
|
255,097
|
||||||||
LMCG Global MultiCap Fund
|
15,600
|
202,002
|
80,757
|
298,359
|
||||||||||||
LMCG International Small Cap Fund
|
189,478
|
54,430
|
106,622
|
350,530
|
Purchases
|
Sales
|
|||||||||
LMCG Global Market Neutral Fund
|
$
|
42,985,530
|
$
|
76,668,368
|
||||||
LMCG Global MultiCap Fund
|
881,707
|
975,205
|
||||||||
LMCG International Small Cap Fund
|
53,767,940
|
22,001,364
|
Tax Cost of Investments
|
Gross Unrealized
Appreciation
|
Gross Unrealized
Depreciation
|
Net Unrealized
Appreciation
|
|||||||||||||
LMCG Global Market Neutral Fund
|
$
|
(6,149,865
|
)
|
$
|
12,637,181
|
$
|
(4,085,219
|
)
|
$
|
8,551,962
|
||||||
LMCG Global MultiCap Fund
|
1,714,862
|
430,183
|
(95,395
|
)
|
334,788
|
|||||||||||
LMCG International Small Cap Fund
|
38,718,786
|
4,490,197
|
(1,001,107
|
)
|
3,489,090
|
Ordinary Income
|
Long-Term Capital Gain
|
Total
|
||||||||||
LMCG Global Market Neutral Fund
|
||||||||||||
2018
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||
2017
|
–
|
–
|
–
|
|||||||||
LMCG Global MultiCap Fund
|
||||||||||||
2018
|
58,948
|
63,581
|
122,529
|
|||||||||
2017
|
19,333
|
14,340
|
33,673
|
|||||||||
LMCG International Small Cap Fund
|
||||||||||||
2018
|
709,178
|
–
|
709,178
|
|||||||||
2017
|
156,192
|
–
|
156,192
|
Undistributed
Ordinary Income
|
Undistributed Long-Term Gain
|
Capital and
Other Losses
|
Unrealized
Appreciation
|
Total
|
||||||||||||||||
LMCG Global Market Neutral Fund
|
$
|
–
|
$
|
–
|
$
|
(9,209,006
|
)
|
$
|
8,556,080
|
$
|
(652,926
|
)
|
||||||||
LMCG Global MultiCap Fund
|
20,919
|
39,794
|
–
|
334,237
|
394,950
|
|||||||||||||||
LMCG International Small Cap Fund
|
483,970
|
66,824
|
–
|
3,490,381
|
4,041,175
|
Undistributed Net Investment Income (Loss)
|
Accumulated Net Realized
Gain (Loss)
|
Paid-in-Capital
|
||||||||||
LMCG Global Market Neutral Fund
|
$
|
511,950
|
$
|
(329,887
|
)
|
$
|
(182,063
|
)
|
||||
LMCG Global MultiCap Fund
|
10,896
|
(10,896
|
)
|
–
|
||||||||
LMCG International Small Cap Fund
|
236,087
|
(236,087
|
)
|
–
|
Matter
|
For
|
Against
|
Abstain
|
To elect David Tucker
to the Board of Trustees of the Trust.
|
108,303,928.779
|
1,542,957.997
|
0
|
To elect Jennifer Brown-Strabley
to the Board of Trustees of the Trust.
|
108,183,952.495
|
1,662,934.278
|
0
|
To elect Mark D. Moyer
to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
To elect Jessica Chase
to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
To elect Stacey E. Hong
to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning Account Value October 1, 2017
|
Ending Account Value March 31, 2018
|
Expenses Paid During Period*
|
Annualized Expense Ratio*
|
||||||||
LMCG Global Market Neutral Fund
|
|||||||||||
Institutional Shares
|
|||||||||||
Actual
|
$1,000.00
|
$987.24
|
$7.93
|
1.60%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,016.95
|
$8.05
|
1.60%
|
|
||||||
Investor Shares
|
|||||||||||
Actual
|
$1,000.00
|
$985.32
|
$9.16
|
1.85%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,015.71
|
$9.30
|
1.85%
|
|
||||||
LMCG Global MultiCap Fund
|
|||||||||||
Institutional Shares
|
|||||||||||
Actual
|
$1,000.00
|
$1,034.29
|
$5.38
|
1.06%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.65
|
$5.34
|
1.06%
|
|
||||||
Investor Shares
|
|||||||||||
Actual
|
$1,000.00
|
$1,033.87
|
$6.39
|
1.26%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.65
|
$6.34
|
1.26%
|
|
||||||
LMCG International Small Cap Fund
|
|||||||||||
Institutional Shares
|
|||||||||||
Actual
|
$1,000.00
|
$1,058.97
|
$4.36
|
0.85%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.69
|
$4.28
|
0.85%
|
|
||||||
Investor Shares
|
|||||||||||
Actual
|
$1,000.00
|
$1,058.33
|
$5.64
|
1.10%
|
|
||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.45
|
$5.54
|
1.10%
|
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Series in Fund Complex Overseen By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958
|
Trustee; Chairman of the
Board
|
Since 2011 and Chairman since 2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011- 2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown-Strabley
Born: 1964
|
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
3
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966
|
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
3
|
Trustee, Forum Funds II and U.S. Global Investors Funds
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic
since 2008.
|
3
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s)
During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Born: 1972
|
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988
|
Vice President; Secretary and Anti- Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010-2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969
|
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967
|
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011-2013; Senior Analyst, Atlantic, 2008-2011
|
•
|
The Merk Hard Currency Fund seeks to profit from a rise in hard currencies relative to the U.S. dollar.
|
•
|
The Adviser will determine currency allocations based on its analysis of monetary policies pursued by central banks and economic environments.
|
As of March 31, 2018
(annualized return) |
||||
1 year
|
5 year
|
10 year
|
Since inception
5/10/05
|
|
Merk Hard Currency Fund Investor Shares (MERKX)
|
+9.54%
|
-2.44%
|
-0.54%
|
+1.88%
|
JPMorgan 3-Month Global Cash Index (“reference basket”)
|
+9.88%
|
-1.81%
|
-1.10%
|
+1.17%
|
•
|
The Merk Absolute Return Currency Fund seeks to generate positive absolute returns by investing in securities and instruments that create exposure to currencies.
|
•
|
In seeking to achieve positive absolute returns, the Adviser makes strategic and tactical currency exposure allocations based on quantitative and qualitative analyses. Systematic trading signals are derived from these analyses and may be integrated using market regime analysis. The Adviser uses a proprietary statistical framework to identify dynamics in market regimes that are defined by risk characteristics. Market regime analysis and statistical analysis are utilized to provide a probabilistic-based system for aggregating trading signals received from quantitative and qualitative analyses.
|
As of March 31, 2018
(annualized return) |
||||
1 year
|
5 year
|
Since updates*
6/30/12 |
Since inception
9/9/09
|
|
Merk Absolute Return Currency Fund Investor Shares (MABFX)
|
+2.35%
|
+1.09%
|
+2.38%
|
-0.06%
|
Citigroup 3-Month U.S. T-Bill Index (“reference basket”)
|
+1.07%
|
+0.31%
|
+0.28%
|
+0.22%(1)
|
*
|
Effective 06/30/2012, risk sentiment & macro models were added to Merk Absolute Return Currency Fund.
|
1
|
Note that data is not available for the reference basket on the inception date of the Merk Absolute Return Currency Fund (September 9, 2009). As such, performance for the reference basket is calculated for the time period August 31, 2009 through March 31, 2018, whereas performance for the Fund is calculated for the period since inception through March 31, 2018.
|
Average Annual Total Returns
Periods Ended March 31, 2018 |
One Year
|
Five Year
|
Ten Year
|
Merk Hard Currency Fund Investor Shares
|
9.54%
|
-2.44%
|
-0.54%
|
Merk Hard Currency Fund Institutional Shares*
|
9.82%
|
-2.16%
|
-0.32%
|
JPMorgan 3-Month Global Cash Index
|
9.88%
|
-1.81%
|
-1.10%
|
*
|
For the Institutional Shares, performance for the above ten year period is a blended average annual return which is based on the return of the Investor Shares prior to April 1, 2010, the commencement of operations of the Institutional Shares.
|
Average Annual Total Returns
Periods Ended March 31, 2018 |
One Year
|
Five Year
|
Since Inception 09/09/09
|
Merk Absolute Return Currency Fund Investor Shares
|
2.35%
|
1.09%
|
-0.06%
|
Merk Absolute Return Currency Fund Institutional Shares*
|
2.74%
|
1.41%
|
0.21%
|
Citigroup 3-Month U.S. T-Bill Index**
|
1.07%
|
0.31%
|
0.22%
|
*
|
For the Institutional Shares, performance for the above since inception period is a blended average annual return which is based on the return of the Investor Shares prior to April 1, 2010, the commencement of operations of the Institutional Shares.
|
**
|
Since inception return for the Citigroup 3-Month U.S. T-Bill Index is for the period beginning August 31, 2009.
|
Principal
|
Security Description
|
Currency
|
Rate
|
Maturity
|
Value in USD
|
||||||||||
Foreign Bonds - 39.9% (a)
|
|||||||||||||||
Aerospace/Defense-Equipment - Netherlands - 3.5%
|
|||||||||||||||
$
|
3,000,000
|
Airbus Finance BV, EMTN
|
EUR
|
5.500
|
%
|
09/25/18
|
$
|
3,793,086
|
|||||||
Automotive - Netherlands - 3.4%
|
|||||||||||||||
3,000,000
|
Daimler International Finance BV, EMTN (b)
|
EUR
|
0.000
|
03/15/19
|
3,697,292
|
||||||||||
Financials - Netherlands - 2.0%
|
|||||||||||||||
17,900,000
|
Bank Nederlandse Gemeenten NV, EMTN
|
SEK
|
2.125
|
02/13/19
|
2,183,126
|
||||||||||
Financials - Norway - 3.9%
|
|||||||||||||||
33,000,000
|
SpareBank 1 Boligkreditt AS, EMTN
|
NOK
|
5.950
|
06/18/18
|
4,250,453
|
||||||||||
Financials - Sweden - 1.7%
|
|||||||||||||||
1,450,000
|
Investor AB, EMTN
|
EUR
|
3.250
|
09/17/18
|
1,811,801
|
||||||||||
Non-U.S. Government - Austria - 2.3%
|
|||||||||||||||
2,000,000
|
Republic of Austria Government Bond (c)
|
EUR
|
1.950
|
06/18/19
|
2,536,934
|
||||||||||
Non-U.S. Government Agency - Sweden - 5.5%
|
|||||||||||||||
22,000,000
|
Kommuninvest I Sverige AB, MTN
|
SEK
|
2.250
|
03/12/19
|
2,698,029
|
||||||||||
26,900,000
|
Kommuninvest I Sverige AB, Series 1806, MTN
|
SEK
|
1.000
|
06/20/18
|
3,231,408
|
||||||||||
|
5,929,437
|
||||||||||||||
Regional Authority - Australia - 1.5%
|
|||||||||||||||
2,150,000
|
Treasury Corp. of Victoria
|
AUD
|
5.500
|
11/15/18
|
1,687,698
|
||||||||||
Regional Authority - Canada - 3.4%
|
|||||||||||||||
4,700,000
|
Province of British Columbia Canada
|
CAD
|
5.600
|
06/01/18
|
3,673,541
|
||||||||||
Supranational Bank - Europe - 12.7%
|
|||||||||||||||
3,000,000
|
European Financial Stability Facility, EMTN
|
EUR
|
1.250
|
01/22/19
|
3,743,017
|
||||||||||
4,100,000
|
European Investment Bank, EMTN
|
EUR
|
1.000
|
07/13/18
|
5,066,476
|
||||||||||
3,500,000
|
European Stability Mechanism, EMTN
|
EUR
|
1.250
|
10/15/18
|
4,348,107
|
||||||||||
5,030,000
|
International Bank for Reconstruction & Development, GDIF
|
SEK
|
1.375
|
06/23/19
|
613,924
|
||||||||||
13,771,524
|
|||||||||||||||
Total Foreign Bonds (Cost $40,717,418)
|
43,334,892
|
||||||||||||||
Foreign Treasury Securities - 22.3% (a)
|
|||||||||||||||
Non-U.S. Government - Belgium - 3.4%
|
|||||||||||||||
3,000,000
|
Kingdom of Belgium Treasury Bill, Series 12M (b)
|
EUR
|
0.000
|
04/12/18
|
3,691,918
|
||||||||||
Non-U.S. Government - Canada - 7.7%
|
|||||||||||||||
10,800,000
|
Canadian Treasury Bill (b)
|
CAD
|
1.305 - 1.311
|
09/20/18
|
8,332,602
|
||||||||||
Non-U.S. Government - Ireland - 5.2%
|
|||||||||||||||
4,600,000
|
Republic of Ireland Treasury Bill (b)
|
EUR
|
0.000
|
09/24/18
|
5,667,449
|
||||||||||
Non-U.S. Government - Norway - 6.0%
|
|||||||||||||||
50,840,000
|
Norway Treasury Bill (b)
|
NOK
|
0.555
|
12/19/18
|
6,462,526
|
||||||||||
Total Foreign Treasury Securities (Cost $23,573,303)
|
24,154,495
|
||||||||||||||
U.S. Government & Agency Obligations - 18.7%
|
|||||||||||||||
U.S. Treasury Securities - 18.7%
|
|||||||||||||||
20,300,000
|
U.S. Treasury Bill (d)
|
||||||||||||||
(Cost $20,259,750)
|
USD
|
1.557 - 1.568
|
05/17/18
|
20,258,470
|
Shares
|
Security Description
|
Currency
|
Value in USD
|
||||||||||||
Exchange Traded Product - 8.1% (a) | |||||||||||||||
677,800 |
VanEck Merk Gold Trust ETF (e)(f)
|
||||||||||||||
(Cost $8,510,046) |
USD
|
8,844,612
|
Shares |
Security Description
|
Currency
|
Rate
|
Value in USD
|
|||||||||||
Money Market Fund - 0.6% | |||||||||||||||
626,935
|
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class (g)
|
||||||||||||||
(Cost $626,935)
|
USD
|
1.457
|
626,935
|
||||||||||||
Investments, at value - 89.6% (Cost $93,687,452) |
$
|
97,219,404
|
|||||||||||||
Foreign Currencies – 10.0% (Cost $10,820,907) |
10,899,471
|
||||||||||||||
Net Unrealized Gain/Loss on Forward Currency Contracts – (0.1)% |
(57,093
|
)
|
|||||||||||||
Other Assets & Liabilities, Net – 0.5% |
436,140
|
||||||||||||||
NET ASSETS – 100.0% |
$
|
108,497,922
|
(a)
|
All or a portion of these securities are segregated to cover outstanding forward currency contract exposure.
|
(c)
|
Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $2,536,934 or 2.3% of net assets.
|
(g)
|
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Exchange Traded Product
|
||||||||||||||||||||||||||||
VanEck Merk Gold Trust ETF
|
Balance 3/31/2017
|
Gross Additions
|
Gross Reductions
|
Change in Unrealized Depreciation
|
Balance 3/31/2018
|
Realized Loss
|
Investment Income
|
|||||||||||||||||||||
Shares/Principal
|
802,800
|
–
|
(125,000
|
)
|
–
|
677,800
|
||||||||||||||||||||||
Cost
|
$
|
10,120,259
|
$
|
–
|
$
|
(1,610,213
|
)
|
$
|
–
|
$
|
8,510,046
|
$
|
(3,372
|
)
|
$
|
–
|
||||||||||||
Value
|
9,898,524
|
–
|
–
|
556,301
|
8,844,612
|
|
Type
|
Expiration Date
|
Notional Contract Value
|
Net Unrealized Depreciation
|
||||||||
11
|
Gold 100 oz. Future
|
06/27/18
|
$
|
1,460,855
|
$
|
(825
|
)
|
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation (Depreciation)
|
|||||||||||
BNY Brokerage, Inc.
|
2,090,000,000
|
Japanese Yen
|
04/25/18
|
$
|
19,730,178
|
$
|
(57,342
|
)
|
|||||||
J.P. Morgan Securities, LLC
|
(243,611
|
)
|
Euro
|
04/04/18
|
(300,000
|
)
|
249
|
||||||||
$
|
(57,093
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Value
|
||||||||||||||||
Foreign Bonds
|
$
|
–
|
$
|
43,334,892
|
$
|
–
|
$
|
43,334,892
|
||||||||
Foreign Treasury Securities
|
–
|
24,154,495
|
–
|
24,154,495
|
||||||||||||
U.S. Government & Agency Obligations
|
–
|
20,258,470
|
–
|
20,258,470
|
||||||||||||
Exchange Traded Product
|
8,844,612
|
–
|
–
|
8,844,612
|
||||||||||||
Money Market Fund
|
–
|
626,935
|
–
|
626,935
|
||||||||||||
Investments, at value
|
$
|
8,844,612
|
$
|
88,374,792
|
$
|
–
|
$
|
97,219,404
|
||||||||
Other Financial Instruments*
|
||||||||||||||||
Forward Currency Contracts
|
–
|
249
|
–
|
249
|
||||||||||||
Total Other Financial Instruments*
|
$
|
–
|
$
|
249
|
$
|
–
|
$
|
249
|
||||||||
Total Assets
|
$
|
8,844,612
|
$
|
88,375,041
|
$
|
–
|
$
|
97,219,653
|
||||||||
Liabilities
|
||||||||||||||||
Other Financial Instruments*
|
||||||||||||||||
Forward Currency Contracts
|
$
|
–
|
$
|
(57,342
|
)
|
$
|
–
|
$
|
(57,342
|
)
|
||||||
Futures
|
$
|
(825
|
)
|
$
|
–
|
$
|
–
|
$
|
(825
|
)
|
||||||
Total Other Financial Instruments*
|
$
|
(825
|
)
|
$
|
(57,342
|
)
|
$
|
–
|
$
|
(58,167
|
)
|
|||||
Total Liabilities
|
$
|
(825
|
)
|
$
|
(57,342
|
)
|
$
|
–
|
$
|
(58,167
|
)
|
*
|
Other Financial Instruments are derivatives not reflected in the Schedule of Investments, such as forward currency contracts and futures, which are valued at the unrealized appreciation (depreciation) at year end.
|
PORTFOLIO HOLDINGS (Unaudited)
% of Net Assets
|
||||
Foreign Bonds
|
39.9
|
%
|
||
Foreign Treasury Securities
|
22.3
|
%
|
||
U.S. Government & Agency Obligations
|
18.7
|
%
|
||
Exchange Traded Product
|
8.1
|
%
|
||
Money Market Fund
|
0.6
|
%
|
||
Foreign Currencies
|
10.0
|
%
|
||
Net Unrealized Gain/Loss on Forward Currency Contracts
|
(0.1
|
)%
|
||
Other Assets and Liabilities, Net
|
0.5
|
%
|
||
100.0
|
%
|
Principal
|
Security Description
|
Currency
|
Rate
|
Maturity
|
Value in USD
|
||||||||||
Foreign Bonds - 62.4% (a) | |||||||||||||||
Financials - Norway - 4.6%
|
|||||||||||||||
$
|
8,000,000
|
SpareBank 1 Boligkreditt AS, EMTN
|
NOK
|
5.950
|
%
|
06/18/18
|
$
|
1,030,413
|
|||||||
Non-U.S. Government - Australia - 4.9%
|
|||||||||||||||
1,400,000
|
Australia Government Bond
|
AUD
|
3.250
|
10/21/18
|
1,083,260
|
||||||||||
Non-U.S. Government - New Zealand - 4.5%
|
|||||||||||||||
1,350,000
|
New Zealand Government Bond
|
NZD
|
5.000
|
03/15/19
|
1,005,754
|
||||||||||
Non-U.S. Government Agency - Sweden - 11.9%
|
|||||||||||||||
22,000,000
|
Kommuninvest I Sverige AB, Series 1806, MTN
|
SEK
|
1.000
|
06/20/18
|
2,642,788
|
||||||||||
Regional Authority - Australia - 17.7%
|
|||||||||||||||
1,300,000
|
New South Wales Treasury Corp.
|
AUD
|
3.500
|
03/20/19
|
1,013,389
|
||||||||||
1,100,000
|
Queensland Treasury Corp. (b)
|
AUD
|
4.000
|
06/21/19
|
865,020
|
||||||||||
1,350,000
|
Treasury Corp. of Victoria
|
AUD
|
5.500
|
11/15/18
|
1,059,717
|
||||||||||
1,300,000
|
Western Australian Treasury Corp., Series 18
|
AUD
|
3.750
|
10/23/18
|
1,008,231
|
||||||||||
3,946,357
|
|||||||||||||||
Regional Authority - Canada - 18.8%
|
|||||||||||||||
1,400,000
|
Province of Alberta Canada
|
CAD
|
1.600
|
06/15/18
|
1,087,248
|
||||||||||
1,400,000
|
Province of British Columbia Canada
|
CAD
|
5.600
|
06/01/18
|
1,094,246
|
||||||||||
1,300,000
|
Province of Manitoba Canada
|
CAD
|
1.850
|
09/05/18
|
1,010,788
|
||||||||||
1,300,000
|
Province of Saskatchewan Canada
|
CAD
|
1.950
|
03/01/19
|
1,011,797
|
||||||||||
4,204,079
|
|||||||||||||||
Total Foreign Bonds (Cost $14,063,680)
|
13,912,651
|
||||||||||||||
Foreign Treasury Securities - 26.1% (a)
|
|||||||||||||||
Non-U.S. Government - Belgium - 4.4%
|
|||||||||||||||
800,000
|
Kingdom of Belgium Treasury Bill, Series 12M (c)
|
EUR
|
0.000
|
04/12/18
|
984,511
|
||||||||||
Non-U.S. Government - Canada - 4.5%
|
|||||||||||||||
1,300,000
|
Canadian Treasury Bill (c)
|
CAD
|
1.305
|
09/20/18
|
1,002,999
|
||||||||||
Non-U.S. Government - France - 3.9%
|
|||||||||||||||
700,000
|
France Treasury Bill BTF (c)
|
EUR
|
0.000
|
05/30/18
|
862,097
|
||||||||||
Non-U.S. Government - Norway - 4.4%
|
|||||||||||||||
7,750,000
|
Norway Treasury Bill (c)
|
NOK
|
0.212
|
12/19/18
|
985,141
|
||||||||||
Non-U.S. Government - Sweden - 4.4%
|
|||||||||||||||
8,250,000
|
Sweden Treasury Bill (c)
|
SEK
|
0.000
|
06/20/18
|
989,821
|
||||||||||
Non-U.S. Government - United Kingdom - 4.5%
|
|||||||||||||||
720,000
|
U.K. Treasury Bill (c)
|
GBP
|
0.450
|
08/28/18
|
1,008,109
|
||||||||||
Total Foreign Treasury Securities (Cost $5,634,115)
|
5,832,678
|
||||||||||||||
U.S. Government & Agency Obligations - 2.9% (a)
|
|||||||||||||||
U.S. Treasury Securities - 2.9%
|
|||||||||||||||
650,000
|
U.S. Treasury Bill (d)
|
||||||||||||||
(Cost $648,713) |
USD
|
1.556
|
05/17/18
|
648,670
|
Shares |
Security Description
|
Currency
|
Rate
|
Value in USD
|
|||||||||||
Money Market Fund - 1.6% | |||||||||||||||
369,213
|
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class (e) | ||||||||||||||
(Cost $369,213)
|
USD
|
1.457
|
369,213
|
||||||||||||
Investments, at value - 93.0% (Cost $20,715,721) |
$
|
20,763,212
|
|||||||||||||
Foreign Currencies – 9.4% (Cost $2,104,946) |
2,107,647
|
||||||||||||||
Net Unrealized Gain/Loss on Forward Currency Contracts – 1.2% |
269,530
|
||||||||||||||
Other Assets & Liabilities, Net – (3.6)% |
(823,937
|
)
|
|||||||||||||
NET ASSETS – 100.0% |
$
|
22,316,452
|
(a)
|
All or a portion of these securities are segregated to cover outstanding forward currency contract exposure.
|
(e)
|
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2018.
|
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation(Depreciation)
|
|||||||||||
Barclays Capital, Inc.
|
7,105,000
|
Australian Dollar
|
04/18/18
|
$
|
5,477,150
|
$
|
(20,123
|
)
|
|||||||
(2,015,000
|
)
|
British Pound Sterling
|
04/18/18
|
(2,853,794
|
)
|
24,584
|
|||||||||
(660,000
|
)
|
British Pound Sterling
|
04/18/18
|
(924,727
|
)
|
(1,962
|
)
|
||||||||
2,020,000
|
British Pound Sterling
|
04/18/18
|
2,847,069
|
(10,839
|
)
|
||||||||||
(12,575,000
|
)
|
Canadian Dollar
|
04/18/18
|
(9,777,351
|
)
|
13,394
|
|||||||||
10,045,000
|
Canadian Dollar
|
04/18/18
|
7,783,157
|
16,363
|
|||||||||||
514,550,000
|
Japanese Yen
|
04/18/18
|
4,871,258
|
(30,011
|
)
|
||||||||||
(28,650,000
|
)
|
Norwegian Krone
|
04/18/18
|
(3,720,273
|
)
|
63,372
|
|||||||||
(31,190,000
|
)
|
Swedish Krona
|
04/18/18
|
(3,791,607
|
)
|
51,351
|
|||||||||
(20,870,000
|
)
|
Swedish Krona
|
04/18/18
|
(2,497,842
|
)
|
(4,855
|
)
|
||||||||
82,955,000
|
Swedish Krona
|
04/18/18
|
10,055,708
|
(107,875
|
)
|
||||||||||
(3,730,000
|
)
|
Swiss Franc
|
04/18/18
|
(3,962,783
|
)
|
55,341
|
|||||||||
970,000
|
Swiss Franc
|
04/18/18
|
1,020,284
|
(4,139
|
)
|
||||||||||
BNY Brokerage, Inc.
|
24,240,000
|
Norwegian Krone
|
04/18/18
|
3,151,791
|
(57,784
|
)
|
|||||||||
J.P. Morgan Securities, LLC
|
(17,595,000
|
)
|
Australian Dollar
|
04/18/18
|
(13,865,823
|
)
|
351,882
|
||||||||
11,300,000
|
Australian Dollar
|
04/18/18
|
8,784,898
|
(105,867
|
)
|
||||||||||
(3,880,000
|
)
|
British Pound Sterling
|
04/18/18
|
(5,430,264
|
)
|
(17,546
|
)
|
||||||||
1,090,000
|
British Pound Sterling
|
04/18/18
|
1,536,424
|
(5,983
|
)
|
||||||||||
(8,365,000
|
)
|
Canadian Dollar
|
04/18/18
|
(6,517,901
|
)
|
22,831
|
|||||||||
(3,100,000
|
)
|
Canadian Dollar
|
04/18/18
|
(2,391,998
|
)
|
(15,022
|
)
|
||||||||
(4,000,000
|
)
|
Euro
|
04/18/18
|
(4,946,599
|
)
|
18,486
|
|||||||||
5,680,000
|
Euro
|
04/18/18
|
7,042,098
|
(44,177
|
)
|
||||||||||
(381,400,000
|
)
|
Japanese Yen
|
04/18/18
|
(3,578,443
|
)
|
(10,035
|
)
|
||||||||
(117,200,000
|
)
|
Japanese Yen
|
04/18/18
|
(1,104,929
|
)
|
2,229
|
|||||||||
405,950,000
|
Japanese Yen
|
04/18/18
|
3,829,980
|
(10,518
|
)
|
||||||||||
(1,225,000
|
)
|
New Zealand Dollar
|
04/18/18
|
(893,476
|
)
|
8,206
|
|||||||||
5,270,000
|
New Zealand Dollar
|
04/18/18
|
3,779,096
|
29,374
|
|||||||||||
(38,685,000
|
)
|
Norwegian Krone
|
04/18/18
|
(5,005,321
|
)
|
67,548
|
|||||||||
32,270,000
|
Norwegian Krone
|
04/18/18
|
4,176,541
|
(57,581
|
)
|
||||||||||
(18,600,000
|
)
|
Swedish Krona
|
04/18/18
|
(2,273,541
|
)
|
43,059
|
|||||||||
(995,000
|
)
|
Swiss Franc
|
04/18/18
|
(1,047,810
|
)
|
5,477
|
|||||||||
3,945,000
|
Swiss Franc
|
04/18/18
|
4,175,275
|
(42,605
|
)
|
||||||||||
RBC Capital Markets, LLC
|
(7,110,000
|
)
|
Australian Dollar
|
04/18/18
|
(5,522,021
|
)
|
61,145
|
||||||||
(1,370,000
|
)
|
Australian Dollar
|
04/18/18
|
(1,051,330
|
)
|
(907
|
)
|
||||||||
(2,205,000
|
)
|
British Pound Sterling
|
04/18/18
|
(3,110,640
|
)
|
14,656
|
|||||||||
(485,000
|
)
|
British Pound Sterling
|
04/18/18
|
(678,498
|
)
|
(2,478
|
)
|
||||||||
(2,770,000
|
)
|
Canadian Dollar
|
04/18/18
|
(2,134,422
|
)
|
(16,366
|
)
|
||||||||
(6,895,000
|
)
|
Euro
|
04/18/18
|
(8,538,263
|
)
|
43,427
|
|||||||||
(2,385,000
|
)
|
Euro
|
04/18/18
|
(2,937,156
|
)
|
(1,231
|
)
|
||||||||
1,810,000
|
Euro
|
04/18/18
|
2,226,461
|
3,510
|
|||||||||||
4,320,000
|
Euro
|
04/18/18
|
5,351,280
|
(28,918
|
)
|
||||||||||
(535,900,000
|
)
|
Japanese Yen
|
04/18/18
|
(5,077,243
|
)
|
35,121
|
|||||||||
321,550,000
|
Japanese Yen
|
04/18/18
|
3,046,066
|
(20,698
|
)
|
||||||||||
(15,195,000
|
)
|
New Zealand Dollar
|
04/18/18
|
(11,081,407
|
)
|
100,438
|
|||||||||
(5,150,000
|
)
|
New Zealand Dollar
|
04/18/18
|
(3,706,779
|
)
|
(14,971
|
)
|
||||||||
10,750,000
|
New Zealand Dollar
|
04/18/18
|
7,804,279
|
(35,578
|
)
|
||||||||||
(13,440,000
|
)
|
Norwegian Krone
|
04/18/18
|
(1,737,101
|
)
|
21,613
|
|||||||||
(5,110,000
|
)
|
Norwegian Krone
|
04/18/18
|
(651,955
|
)
|
(288
|
)
|
||||||||
10,600,000
|
Norwegian Krone
|
04/18/18
|
1,348,498
|
4,491
|
|||||||||||
62,060,000
|
Norwegian Krone
|
04/18/18
|
8,048,154
|
(126,784
|
)
|
||||||||||
(71,340,000
|
)
|
Swedish Krona
|
04/18/18
|
(8,692,227
|
)
|
137,247
|
|||||||||
(3,010,000
|
)
|
Swedish Krona
|
04/18/18
|
(360,895
|
)
|
(59
|
)
|
||||||||
12,400,000
|
Swedish Krona
|
04/18/18
|
1,518,453
|
(31,465
|
)
|
||||||||||
(1,225,000
|
)
|
Swiss Franc
|
04/18/18
|
(1,294,785
|
)
|
11,510
|
|||||||||
5,945,000
|
Swiss Franc
|
04/18/18
|
6,280,696
|
(52,883
|
)
|
||||||||||
Societe Generale Securities
|
(8,505,000
|
)
|
Australian Dollar
|
04/18/18
|
(6,529,338
|
)
|
(2,976
|
)
|
|||||||
(250,000
|
)
|
British Pound Sterling
|
04/18/18
|
(351,136
|
)
|
117
|
|||||||||
3,530,000
|
Euro
|
04/18/18
|
4,349,183
|
(124
|
)
|
||||||||||
60,450,000
|
Japanese Yen
|
04/18/18
|
568,037
|
719
|
|||||||||||
8,510,000
|
Swedish Krona
|
04/18/18
|
1,043,438
|
(22,932
|
)
|
||||||||||
(1,670,000
|
)
|
Swiss Franc
|
04/18/18
|
(1,763,321
|
)
|
13,877
|
|||||||||
(810,000
|
)
|
Swiss Franc
|
04/18/18
|
(847,081
|
)
|
(1,452
|
)
|
||||||||
6,780,000
|
Swiss Franc
|
04/18/18
|
7,186,371
|
(83,836
|
)
|
Counterparty
|
Contracts to Purchase/(Sell)
|
Settlement Date
|
Settlement Value
|
Net Unrealized Appreciation(Depreciation)
|
||||||||||
State Street Brokerage
|
(1,430,000
|
)
|
British Pound Sterling
|
04/18/18
|
$
|
(2,033,184
|
)
|
$
|
25,357
|
|||||
4,985,000
|
British Pound Sterling
|
04/18/18
|
7,046,321
|
(47,010
|
)
|
|||||||||
1,475,000
|
Canadian Dollar
|
04/18/18
|
1,150,008
|
(4,732
|
)
|
|||||||||
3,870,000
|
Canadian Dollar
|
04/18/18
|
2,975,399
|
29,493
|
||||||||||
2,775,000
|
Euro
|
04/18/18
|
3,441,194
|
(22,316
|
)
|
|||||||||
(367,700,000
|
)
|
Japanese Yen
|
04/18/18
|
(3,476,624
|
)
|
17,046
|
||||||||
84,850,000
|
Japanese Yen
|
04/18/18
|
798,696
|
(367
|
)
|
|||||||||
194,000,000
|
Japanese Yen
|
04/18/18
|
1,824,550
|
737
|
||||||||||
5,540,000
|
New Zealand Dollar
|
04/18/18
|
4,026,869
|
(23,277
|
)
|
|||||||||
(57,040,000
|
)
|
Norwegian Krone
|
04/18/18
|
(7,370,884
|
)
|
90,269
|
||||||||
12,190,000
|
Swedish Krona
|
04/18/18
|
1,488,785
|
(26,980
|
)
|
|||||||||
1,160,000
|
Swiss Franc
|
04/18/18
|
1,214,373
|
810
|
||||||||||
$
|
269,530
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Value
|
||||||||||||||||
Foreign Bonds
|
$
|
–
|
$
|
13,912,651
|
$
|
–
|
$
|
13,912,651
|
||||||||
Foreign Treasury Securities
|
–
|
5,832,678
|
–
|
5,832,678
|
||||||||||||
U.S. Government & Agency Obligations
|
–
|
648,670
|
–
|
648,670
|
||||||||||||
Money Market Fund
|
–
|
369,213
|
–
|
369,213
|
||||||||||||
Total Investments at Value
|
$
|
–
|
$
|
20,763,212
|
$
|
–
|
$
|
20,763,212
|
||||||||
Other Financial Instruments*
|
||||||||||||||||
Forward Currency Contracts
|
–
|
1,385,077
|
–
|
1,385,077
|
||||||||||||
Total Assets
|
$
|
–
|
$
|
22,148,289
|
$
|
–
|
$
|
22,148,289
|
||||||||
Liabilities
|
||||||||||||||||
Other Financial Instruments*
|
||||||||||||||||
Forward Currency Contracts
|
$
|
–
|
$
|
(1,115,547
|
)
|
$
|
–
|
$
|
(1,115,547
|
)
|
||||||
Total Liabilities
|
$
|
–
|
$
|
(1,115,547
|
)
|
$
|
–
|
$
|
(1,115,547
|
)
|
*
|
Other Financial Instruments are derivatives not reflected in the Schedule of Investments, such as forward currency contracts, which are valued at the unrealized appreciation (depreciation) at year end.
|
PORTFOLIO HOLDINGS (Unaudited)
% of Net Assets
|
||||
Foreign Bonds
|
62.4
|
%
|
||
Foreign Treasury Securities
|
26.1
|
%
|
||
U.S. Government & Agency Obligations
|
2.9
|
%
|
||
Money Market Fund
|
1.6
|
%
|
||
Foreign Currencies
|
9.4
|
%
|
||
Net Unrealized Gain/Loss on Forward Currency Contracts
|
1.2
|
%
|
||
Other Assets and Liabilities, Net
|
(3.6
|
)%
|
||
100.0
|
%
|
MERK HARD CURRENCY FUND
|
MERK ABSOLUTE RETURN CURRENCY FUND
|
|||||||
ASSETS
|
||||||||
Investments, at value (Cost $85,177,406 and $20,715,721, respectively)
|
$
|
88,374,792
|
$
|
20,763,212
|
||||
Investments in affiliates, at value (Cost $8,510,046 and $0, respectively)
|
8,844,612
|
–
|
||||||
Deposits with brokers
|
34,100
|
–
|
||||||
Foreign currency (Cost $10,820,907 and $2,104,946, respectively)
|
10,899,471
|
2,107,647
|
||||||
Receivables:
|
||||||||
Fund shares sold
|
54,779
|
–
|
||||||
Dividends and interest
|
583,008
|
163,017
|
||||||
Unrealized gain on forward currency contracts
|
249
|
1,385,077
|
||||||
Total Assets
|
108,791,011
|
24,418,953
|
||||||
LIABILITIES
|
||||||||
Unrealized loss on forward currency contracts
|
57,342
|
1,115,547
|
||||||
Payables:
|
||||||||
Investment securities purchased
|
–
|
862,106
|
||||||
Fund shares redeemed
|
124,897
|
106,903
|
||||||
Variation margin
|
2,970
|
–
|
||||||
Accrued Liabilities:
|
||||||||
Investment adviser fees
|
84,792
|
14,963
|
||||||
Distribution fees
|
18,432
|
2,026
|
||||||
Other expenses
|
4,656
|
956
|
||||||
Total Liabilities
|
293,089
|
2,102,501
|
||||||
NET ASSETS
|
$
|
108,497,922
|
$
|
22,316,452
|
||||
COMPONENTS OF NET ASSETS
|
||||||||
Paid-in capital
|
$
|
113,609,095
|
$
|
22,154,800
|
||||
Undistributed (Distributions in excess of) net investment income
|
927,956
|
(155,195
|
)
|
|||||
Accumulated net realized loss
|
(9,599,024
|
)
|
(1,752
|
)
|
||||
Net unrealized appreciation
|
3,559,895
|
318,599
|
||||||
NET ASSETS
|
$
|
108,497,922
|
$
|
22,316,452
|
||||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
||||||||
Investor Shares
|
8,537,078
|
1,066,884
|
||||||
Institutional Shares
|
2,223,002
|
1,431,477
|
||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
||||||||
Investor Shares (based on net assets of $85,874,023 and $9,467,176, respectively)
|
$
|
10.06
|
$
|
8.87
|
||||
Institutional Shares (based on net assets of $22,623,899 and $12,849,276, respectively)
|
$
|
10.18
|
$
|
8.98
|
MERK HARD CURRENCY FUND
|
MERK ABSOLUTE RETURN CURRENCY FUND
|
|||||||
INVESTMENT INCOME
|
||||||||
Dividend income
|
$
|
4,286
|
$
|
3,946
|
||||
Interest income (Net of foreign withholding taxes of $2,193 and $7,442, respectively)
|
1,596,104
|
693,138
|
||||||
Net amortization expense
|
(1,534,663
|
)
|
(542,162
|
)
|
||||
Total Investment Income
|
65,727
|
154,922
|
||||||
EXPENSES
|
||||||||
Investment adviser fees
|
1,116,559
|
267,767
|
||||||
Non 12b-1 shareholder servicing fees:
|
||||||||
Investor Shares
|
45,387
|
5,793
|
||||||
Institutional Shares
|
10,441
|
7,598
|
||||||
Distribution fees:
|
||||||||
Investor Shares
|
226,929
|
28,961
|
||||||
Total Expenses
|
1,399,316
|
310,119
|
||||||
Fees waived
|
(37,752
|
)
|
–
|
|||||
Net Expenses
|
1,361,564
|
310,119
|
||||||
NET INVESTMENT LOSS
|
(1,295,837
|
)
|
(155,197
|
)
|
||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
||||||||
Net realized gain (loss) on:
|
||||||||
Investments in unaffiliated issuers
|
4,074,451
|
697,395
|
||||||
Investments in affiliated issuers
|
(3,372
|
)
|
–
|
|||||
Foreign currency transactions
|
1,311,738
|
(661,727
|
)
|
|||||
Futures
|
54,764
|
–
|
||||||
Net realized gain
|
5,437,581
|
35,668
|
||||||
Net change in unrealized appreciation on:
|
||||||||
Investments in unaffiliated issuers
|
5,246,783
|
762,110
|
||||||
Investments in affiliated issuers
|
556,301
|
–
|
||||||
Foreign currency translations
|
153,067
|
278,763
|
||||||
Futures
|
990
|
–
|
||||||
Net change in unrealized appreciation
|
5,957,141
|
1,040,873
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
11,394,722
|
1,076,541
|
||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
10,098,885
|
$
|
921,344
|
MERK HARD CURRENCY FUND
|
MERK ABSOLUTE RETURN CURRENCY FUND
|
|||||||||||||||
For the Year
Ended
|
For the Year
Ended
|
For the Year
Ended
|
For the Year
Ended
|
|||||||||||||
OPERATIONS
|
||||||||||||||||
Net investment loss
|
$
|
(1,295,837
|
)
|
$
|
(1,474,529
|
)
|
$
|
(155,197
|
)
|
$
|
(234,555
|
)
|
||||
Net realized gain (loss)
|
5,437,581
|
(1,832,420
|
)
|
35,668
|
1,689,455
|
|||||||||||
Net change in unrealized appreciation (depreciation)
|
5,957,141
|
(3,825,160
|
)
|
1,040,873
|
(522,090
|
)
|
||||||||||
Increase (Decrease) in Net Assets Resulting from Operations
|
10,098,885
|
(7,132,109
|
)
|
921,344
|
932,810
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||
Net investment income:
|
||||||||||||||||
Investor Shares
|
(798,276
|
)
|
–
|
(312,354
|
)
|
(407,188
|
)
|
|||||||||
Institutional Shares
|
(268,198
|
)
|
–
|
(561,042
|
)
|
(313,854
|
)
|
|||||||||
Total Distributions to Shareholders
|
(1,066,474
|
)
|
–
|
(873,396
|
)
|
(721,042
|
)
|
|||||||||
CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Sale of shares:
|
||||||||||||||||
Investor Shares
|
9,667,721
|
22,251,875
|
2,405,840
|
9,963,058
|
||||||||||||
Institutional Shares
|
7,075,522
|
17,004,065
|
10,411,059
|
3,475,835
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Investor Shares
|
775,401
|
–
|
304,990
|
400,417
|
||||||||||||
Institutional Shares
|
251,596
|
–
|
542,481
|
304,150
|
||||||||||||
Redemption of shares:
|
||||||||||||||||
Investor Shares
|
(24,380,386
|
)
|
(29,345,801
|
)
|
(13,408,974
|
)
|
(10,870,540
|
)
|
||||||||
Institutional Shares
|
(4,099,844
|
)
|
(16,314,892
|
)
|
(11,690,797
|
)
|
(1,860,402
|
)
|
||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions
|
(10,709,990
|
)
|
(6,404,753
|
)
|
(11,435,401
|
)
|
1,412,518
|
|||||||||
Increase (Decrease) in Net Assets
|
(1,677,579
|
)
|
(13,536,862
|
)
|
(11,387,453
|
)
|
1,624,286
|
|||||||||
NET ASSETS
|
||||||||||||||||
Beginning of Year
|
110,175,501
|
123,712,363
|
33,703,905
|
32,079,619
|
||||||||||||
End of Year (Including line (a))
|
$
|
108,497,922
|
$
|
110,175,501
|
$
|
22,316,452
|
$
|
33,703,905
|
||||||||
SHARE TRANSACTIONS
|
||||||||||||||||
Sale of shares:
|
||||||||||||||||
Investor Shares
|
971,718
|
2,303,794
|
265,775
|
1,092,991
|
||||||||||||
Institutional Shares
|
708,760
|
1,736,272
|
1,147,134
|
375,492
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Investor Shares
|
77,231
|
–
|
34,169
|
44,689
|
||||||||||||
Institutional Shares
|
24,763
|
–
|
60,107
|
33,571
|
||||||||||||
Redemption of shares:
|
||||||||||||||||
Investor Shares
|
(2,471,052
|
)
|
(3,089,052
|
)
|
(1,492,219
|
)
|
(1,189,319
|
)
|
||||||||
Institutional Shares
|
(409,886
|
)
|
(1,684,981
|
)
|
(1,273,398
|
)
|
(202,365
|
)
|
||||||||
Increase (Decrease) in Shares
|
(1,098,466
|
)
|
(733,967
|
)
|
(1,258,432
|
)
|
155,059
|
|||||||||
(a) Undistributed (Distributions in excess of) net investment income
|
$
|
927,956
|
$
|
(2,055,021
|
)
|
$
|
(155,195
|
)
|
$
|
837,409
|
For the Years Ended March 31,
|
||||||||||||||||||||
MERK HARD CURRENCY FUND
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
INVESTOR SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
9.27
|
$
|
9.81
|
$
|
9.49
|
$
|
11.58
|
$
|
11.91
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment loss (a)
|
(0.12
|
)
|
(0.12
|
)
|
(0.10
|
)
|
(0.07
|
)
|
(0.09
|
)
|
||||||||||
Net realized and unrealized gain (loss)
|
1.00
|
(0.42
|
)
|
0.42
|
(1.94
|
)
|
0.09
|
(b)
|
||||||||||||
Total from Investment Operations
|
0.88
|
(0.54
|
)
|
0.32
|
(2.01
|
)
|
–
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.09
|
)
|
–
|
–
|
(0.08
|
)
|
(0.21
|
)
|
||||||||||||
Net realized gain
|
–
|
–
|
–
|
–
|
(0.12
|
)
|
||||||||||||||
Total Distributions to Shareholders
|
(0.09
|
)
|
–
|
–
|
(0.08
|
)
|
(0.33
|
)
|
||||||||||||
NET ASSET VALUE, End of Year
|
$
|
10.06
|
$
|
9.27
|
$
|
9.81
|
$
|
9.49
|
$
|
11.58
|
||||||||||
TOTAL RETURN
|
9.54
|
%
|
(5.50
|
)%
|
3.37
|
%
|
(17.47
|
)%
|
0.08
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000's omitted)
|
$
|
85,874
|
$
|
92,355
|
$
|
105,417
|
$
|
126,449
|
$
|
253,432
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment loss
|
(1.21
|
)%
|
(1.27
|
)%
|
(1.06
|
)%
|
(0.66
|
)%
|
(0.76
|
)%
|
||||||||||
Net expenses
|
1.27
|
%
|
1.24
|
%
|
1.23
|
%
|
1.24
|
%
|
1.30
|
%
|
||||||||||
Gross expenses
|
1.30
|
%(c)
|
1.30
|
%(c)
|
1.30
|
%(c)
|
1.30
|
%(c)
|
1.30
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE (d)
|
35
|
%
|
81
|
%
|
85
|
%
|
116
|
%
|
45
|
%
|
||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
9.38
|
$
|
9.90
|
$
|
9.55
|
$
|
11.62
|
$
|
11.95
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment loss (a)
|
(0.10
|
)
|
(0.10
|
)
|
(0.08
|
)
|
(0.05
|
)
|
(0.06
|
)
|
||||||||||
Net realized and unrealized gain (loss)
|
1.02
|
(0.42
|
)
|
0.43
|
(1.93
|
)
|
0.10
|
(b)
|
||||||||||||
Total from Investment Operations
|
0.92
|
(0.52
|
)
|
0.35
|
(1.98
|
)
|
0.04
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.12
|
)
|
–
|
–
|
(0.09
|
)
|
(0.25
|
)
|
||||||||||||
Net realized gain
|
–
|
–
|
–
|
–
|
(0.12
|
)
|
||||||||||||||
Total Distributions to Shareholders
|
(0.12
|
)
|
–
|
–
|
(0.09
|
)
|
(0.37
|
)
|
||||||||||||
NET ASSET VALUE, End of Year
|
$
|
10.18
|
$
|
9.38
|
$
|
9.90
|
$
|
9.55
|
$
|
11.62
|
||||||||||
TOTAL RETURN
|
9.82
|
%
|
(5.25
|
)%
|
3.66
|
%
|
(17.18
|
)%
|
0.38
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000's omitted)
|
$
|
22,624
|
$
|
17,821
|
$
|
18,296
|
$
|
29,027
|
$
|
56,273
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment loss
|
(0.95
|
)%
|
(1.02
|
)%
|
(0.81
|
)%
|
(0.41
|
)%
|
(0.52
|
)%
|
||||||||||
Net expenses
|
1.02
|
%
|
0.99
|
%
|
0.98
|
%
|
0.99
|
%
|
1.05
|
%
|
||||||||||
Gross expenses
|
1.05
|
%(c)
|
1.05
|
%(c)
|
1.05
|
%(c)
|
1.05
|
%(c)
|
1.05
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE (d)
|
35
|
%
|
81
|
%
|
85
|
%
|
116
|
%
|
45
|
%
|
(b) |
The net realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.
|
(d) |
The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less.
|
For the Years Ended March 31,
|
||||||||||||||||||||
MERK ABSOLUTE RETURN CURRENCY FUND
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
INVESTOR SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
8.93
|
$
|
8.87
|
$
|
8.72
|
$
|
9.53
|
$
|
9.18
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment loss (a)
|
(0.06
|
)
|
(0.07
|
)
|
(0.05
|
)
|
(0.05
|
)
|
(0.05
|
)
|
||||||||||
Net realized and unrealized gain (loss)
|
0.27
|
0.31
|
0.20
|
(0.57
|
)
|
0.57
|
||||||||||||||
Total from Investment Operations
|
0.21
|
0.24
|
0.15
|
(0.62
|
)
|
0.52
|
||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.27
|
)
|
(0.18
|
)
|
–
|
(0.19
|
)
|
(0.17
|
)
|
|||||||||||
Total Distributions to Shareholders
|
(0.27
|
)
|
(0.18
|
)
|
–
|
(0.19
|
)
|
(0.17
|
)
|
|||||||||||
NET ASSET VALUE, End of Year
|
$
|
8.87
|
$
|
8.93
|
$
|
8.87
|
$
|
8.72
|
$
|
9.53
|
||||||||||
TOTAL RETURN
|
2.35
|
%
|
2.74
|
%
|
1.72
|
%
|
(6.59
|
)%
|
5.68
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000's omitted)
|
$
|
9,467
|
$
|
20,178
|
$
|
20,497
|
$
|
24,113
|
$
|
23,016
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment loss
|
(0.70
|
)%
|
(0.73
|
)%
|
(0.59
|
)%
|
(0.53
|
)%
|
(0.53
|
)%
|
||||||||||
Net expenses
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
||||||||||
Gross expenses
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE (b)
|
97
|
%
|
71
|
%
|
59
|
%
|
58
|
%
|
0
|
%
|
||||||||||
INSTITUTIONAL SHARES
|
||||||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
9.03
|
$
|
8.97
|
$
|
8.80
|
$
|
9.58
|
$
|
9.22
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment loss (a)
|
(0.04
|
)
|
(0.04
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.03
|
)
|
||||||||||
Net realized and unrealized gain (loss)
|
0.29
|
0.31
|
0.20
|
(0.56
|
)
|
0.58
|
||||||||||||||
Total from Investment Operations
|
0.25
|
0.27
|
0.17
|
(0.58
|
)
|
0.55
|
||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.30
|
)
|
(0.21
|
)
|
–
|
(0.20
|
)
|
(0.19
|
)
|
|||||||||||
Total Distributions to Shareholders
|
(0.30
|
)
|
(0.21
|
)
|
–
|
(0.20
|
)
|
(0.19
|
)
|
|||||||||||
NET ASSET VALUE, End of Year
|
$
|
8.98
|
$
|
9.03
|
$
|
8.97
|
$
|
8.80
|
$
|
9.58
|
||||||||||
TOTAL RETURN
|
2.74
|
%
|
3.02
|
%
|
1.93
|
%
|
(6.18
|
)%
|
5.94
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000's omitted)
|
$
|
12,849
|
$
|
13,526
|
$
|
11,583
|
$
|
17,829
|
$
|
12,077
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment loss
|
(0.49
|
)%
|
(0.48
|
)%
|
(0.34
|
)%
|
(0.27
|
)%
|
(0.28
|
)%
|
||||||||||
Net expenses
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
||||||||||
Gross expenses
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE (b)
|
97
|
%
|
71
|
%
|
59
|
%
|
58
|
%
|
0
|
%
|
(b) |
The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less.
|
Purchases
|
Sales
|
|||||||||
Merk Hard Currency Fund
|
$
|
17,045,686
|
$
|
28,438,381
|
||||||
Merk Absolute Return Currency Fund
|
6,004,253
|
8,944,965
|
Merk Hard Currency Fund
|
Merk Absolute Return Currency
Fund
|
|||||||||
Forward Currency Contracts
|
$
|
331,778,212
|
$
|
6,632,625,238
|
||||||
Futures
|
14,236,586
|
–
|
Merk Hard Currency Fund
|
||||||||||||||
Location:
|
Commodity
|
Currency
|
Total
|
|||||||||||
Asset derivatives:
|
||||||||||||||
Unrealized gain on forward currency contracts
|
$
|
–
|
$
|
249
|
$
|
249
|
||||||||
Liability derivatives:
|
||||||||||||||
Unrealized loss on forward currency contracts
|
$
|
–
|
$
|
(57,342
|
)
|
$
|
(57,342
|
)
|
||||||
Payable - variation margin
|
$
|
(2,970
|
)
|
$
|
–
|
$
|
(2,970
|
)
|
Merk Absolute Return Currency Fund
|
||||||||||
Location:
|
Currency
|
Total
|
||||||||
Asset derivatives:
|
||||||||||
Unrealized gain on forward currency contracts
|
$
|
1,385,077
|
$
|
1,385,077
|
||||||
Liability derivatives:
|
||||||||||
Unrealized loss on forward currency contracts
|
$
|
(1,115,547
|
)
|
$
|
(1,115,547
|
)
|
Merk Hard Currency Fund
|
||||||||||||||
Location:
|
Commodity
|
Currency
|
Total
|
|||||||||||
Net realized gain on:
|
||||||||||||||
Futures
|
$
|
54,764
|
$
|
–
|
$
|
54,764
|
||||||||
Foreign currency transactions
|
–
|
974,396
|
974,396
|
|||||||||||
Total net realized gain
|
$
|
54,764
|
$
|
974,396
|
1,029,160
|
|||||||||
Net change in unrealized appreciation on:
|
||||||||||||||
Futures
|
990
|
–
|
990
|
|||||||||||
Foreign currency translations
|
–
|
37,601
|
37,601
|
|||||||||||
Total net change in unrealized appreciation
|
$
|
990
|
$
|
37,601
|
$
|
38,591
|
Merk Absolute Return Currency Fund
|
||||||||||
Location:
|
Currency
|
Total
|
||||||||
Net realized loss on:
|
||||||||||
Foreign currency transactions
|
$
|
(851,071
|
)
|
$
|
(851,071
|
)
|
||||
Total net realized loss
|
$
|
(851,071
|
)
|
(851,071
|
)
|
|||||
Net change in unrealized appreciation on:
|
||||||||||
Foreign currency translations
|
309,010
|
309,010
|
||||||||
Total net change in unrealized appreciation
|
$
|
309,010
|
$
|
309,010
|
Gross Asset (Liability) as Presented in the Statements
of Assets and Liabilities
|
Financial Instruments
(Received) Pledged*
|
Cash Collateral
(Received) Pledged*
|
Net Amount
|
||||||||||||||
Merk Hard Currency Fund
|
|||||||||||||||||
Assets:
|
|||||||||||||||||
Over-the-counter derivatives**
|
$
|
249
|
$
|
–
|
$
|
–
|
$
|
249
|
|||||||||
Liabilities:
|
|||||||||||||||||
Over-the-counter derivatives**
|
(60,312
|
)
|
60,312
|
–
|
–
|
||||||||||||
Merk Absolute Return Currency Fund
|
|||||||||||||||||
Assets:
|
|||||||||||||||||
Over-the-counter derivatives**
|
$
|
1,385,077
|
$
|
–
|
$
|
–
|
$
|
1,385,077
|
|||||||||
Liabilities:
|
|||||||||||||||||
Over-the-counter derivatives**
|
(1,115,547
|
)
|
1,115,547
|
–
|
–
|
*
|
The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statements of Assets and Liabilities.
|
**
|
Over-the-counter derivatives may consist of forward currency contracts and futures contracts. The amounts disclosed above represent the exposure to one or more counterparties. For further detail on individual derivative contracts and the corresponding unrealized appreciation (depreciation), see the Schedule of Investments.
|
Tax Cost of Investments
|
Gross Unrealized Appreciation
|
Gross Unrealized Depreciation
|
Net Unrealized Appreciation
|
|||||||||||||||
Merk Hard Currency Fund
|
$
|
94,602,720
|
$
|
2,905,110
|
$
|
(288,426
|
)
|
$
|
2,616,684
|
|||||||||
Merk Absolute Return Currency Fund
|
$
|
20,715,721
|
$
|
321,485
|
$
|
(273,994
|
)
|
$
|
47,491
|
Ordinary Income
|
|||||||
Merk Hard Currency Fund
|
2018
|
$
|
1,066,474
|
||||
|
2017 |
-
|
|||||
Merk Absolute Return Currency Fund
|
2018
|
873,396
|
|||||
|
2017 |
721,042
|
Undistributed Ordinary Income
|
Capital and
Other Losses
|
Unrealized
Appreciation
|
Total
|
|||||||||||||||
Merk Hard Currency Fund
|
$
|
870,863
|
$
|
(8,684,581
|
)
|
$
|
2,702,545
|
$
|
(5,111,173
|
)
|
||||||||
Merk Absolute Return Currency Fund
|
114,335
|
(1,752
|
)
|
49,069
|
161,652
|
Short Term
|
Long Term
|
|||||||||
Merk Hard Currency Fund
|
$
|
489,538
|
$
|
8,119,197
|
||||||
Merk Absolute Return Currency Fund
|
1,667
|
–
|
Undistributed Net
Investment Income
|
Accumulated Net Realized
Loss
|
|||||||||
Merk Hard Currency Fund
|
$
|
5,345,288
|
$
|
(5,345,288
|
)
|
|||||
Merk Absolute Return Currency Fund
|
35,989
|
(35,989
|
)
|
Matter
|
For
|
Against
|
Abstain
|
To elect David Tucker
to the Board of Trustees of the Trust.
|
108,303,928.779
|
1,542,957.994
|
0
|
To elect Jennifer Brown-Strabley
to the Board of Trustees of the Trust. |
108,183,952.495
|
1,662,934.278
|
0
|
To elect Mark D. Moyer
to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
To elect Jessica Chase
to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
To elect Stacey E. Hong
to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning Account Value October 1, 2017
|
Ending Account Value March 31, 2018
|
Expenses Paid During Period*
|
Annualized Expense Ratio*
|
|
Merk Hard Currency Fund
|
||||
Investor Shares
|
||||
Actual
|
$1,000.00
|
$1,011.39
|
$6.52
|
1.30%
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.45
|
$6.54
|
1.30%
|
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,012.93
|
$5.32
|
1.06%
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.65
|
$5.34
|
1.06%
|
Merk Absolute Return Currency Fund
|
||||
Investor Shares
|
||||
Actual
|
$1,000.00
|
$977.98
|
$6.41
|
1.30%
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.45
|
$6.54
|
1.30%
|
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$980.20
|
$5.18
|
1.05%
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.70
|
$5.29
|
1.05%
|
*
|
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) divided by 365 to reflect the half-year period.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Series in Fund Complex Overseen
By Trustee
|
Other Directorships Held By Trustee During Past Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958
|
Trustee; Chairman of the Board
|
Since 2011 and Chairman since 2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
2
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011-2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
2
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown-Strabley
Born: 1964
|
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
2
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966
|
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
2
|
Trustee, Forum Funds II and U.S. Global Investors Funds
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic since 2008.
|
2
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s)
During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Born: 1972
|
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988
|
Vice President; Secretary and Anti-Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010- 2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969
|
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967
|
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011-
2013; Senior Analyst, Atlantic, 2008-2011
|
A Message to Our Shareholders (Unaudited)
|
1
|
Performance Chart and Analysis (Unaudited)
|
3
|
Schedule of Investments
|
4
|
Statement of Assets and Liabilities
|
6
|
Statement of Operations
|
7
|
Statements of Changes in Net Assets
|
8
|
Financial Highlights
|
9
|
Notes to Financial Statements
|
10
|
Report of Independent Registered Public Accounting Firm
|
15
|
Additional Information (Unaudited)
|
17
|
Average Annual Total Returns
Periods Ended March 31, 2018 |
One Year
|
Five Year
|
Ten Year
|
||
Payson Total Return Fund
|
15.39%
|
10.61%
|
8.43%
|
||
S&P 500 Index
|
13.99%
|
13.31%
|
9.49%
|
Shares
|
Security Description
|
Value
|
|||||||
Common Stock - 98.9%
|
|||||||||
Consumer Discretionary - 16.9%
|
|||||||||
2,560
|
Amazon.com, Inc. (a)
|
$
|
3,705,190
|
||||||
26,957
|
Aptiv PLC
|
2,290,536
|
|||||||
1,322
|
Booking Holdings, Inc. (a)
|
2,750,276
|
|||||||
7,837
|
McDonald’s Corp.
|
1,225,550
|
|||||||
200
|
NVR, Inc. (a)
|
560,000
|
|||||||
10,431
|
The Home Depot, Inc.
|
1,859,221
|
|||||||
28,148
|
The TJX Cos., Inc.
|
2,295,751
|
|||||||
12,680
|
Thor Industries, Inc.
|
1,460,356
|
|||||||
16,146,880
|
|||||||||
Consumer Staples - 1.6%
|
|||||||||
27,515
|
Unilever PLC, ADR
|
1,528,733
|
|||||||
Energy - 2.9%
|
|||||||||
34,262
|
Enbridge, Inc.
|
1,078,225
|
|||||||
17,255
|
Phillips 66
|
1,655,100
|
|||||||
2,733,325
|
|||||||||
Financial - 17.4%
|
|||||||||
62,376
|
Aflac, Inc.
|
2,729,574
|
|||||||
24,040
|
American Express Co.
|
2,242,451
|
|||||||
10,616
|
Berkshire Hathaway, Inc., Class B (a)
|
2,117,680
|
|||||||
21,251
|
JPMorgan Chase & Co.
|
2,336,972
|
|||||||
20,995
|
Mastercard, Inc., Class A
|
3,677,484
|
|||||||
29,100
|
Visa, Inc., Class A
|
3,480,942
|
|||||||
16,585,103
|
|||||||||
Health Care - 16.0%
|
|||||||||
15,807
|
Amgen, Inc.
|
2,694,778
|
|||||||
26,621
|
Danaher Corp.
|
2,606,462
|
|||||||
26,530
|
Gilead Sciences, Inc.
|
2,000,097
|
|||||||
30,335
|
Johnson & Johnson
|
3,887,430
|
|||||||
28,845
|
Merck & Co., Inc.
|
1,571,187
|
|||||||
71,337
|
Pfizer, Inc.
|
2,531,750
|
|||||||
15,291,704
|
|||||||||
Industrials - 8.1%
|
|||||||||
17,870
|
CSX Corp.
|
995,538
|
|||||||
38,775
|
Fortive Corp.
|
3,005,838
|
|||||||
4,227
|
General Dynamics Corp.
|
933,744
|
|||||||
72,630
|
General Electric Co.
|
979,053
|
|||||||
14,500
|
United Technologies Corp.
|
1,824,390
|
|||||||
7,738,563
|
|||||||||
Technology - 36.0%
|
|||||||||
17,804
|
Accenture PLC, Class A
|
2,732,914
|
|||||||
4,425
|
Alphabet, Inc., Class A (a)
|
4,589,345
|
|||||||
19,027
|
Apple, Inc.
|
3,192,350
|
Shares
|
Security Description
|
Value
|
|||||||
Technology - 36.0% (continued)
|
|||||||||
52,533
|
Applied Materials, Inc.
|
$
|
2,921,360
|
||||||
67,903
|
Cisco Systems, Inc.
|
2,912,360
|
|||||||
3,270
|
Facebook, Inc., Class A (a)
|
522,513
|
|||||||
14,270
|
IBM
|
2,189,446
|
|||||||
88,808
|
Intel Corp.
|
4,625,121
|
|||||||
29,660
|
Microsoft Corp.
|
2,707,068
|
|||||||
46,035
|
QUALCOMM, Inc.
|
2,550,799
|
|||||||
28,015
|
Skyworks Solutions, Inc.
|
2,808,784
|
|||||||
32,000
|
Worldpay, Inc., Class A (a)
|
2,631,680
|
|||||||
34,383,740
|
|||||||||
Total Common Stock (Cost $65,197,275)
|
94,408,048
|
||||||||
Investments, at value - 98.9% (Cost $65,197,275)
|
$
|
94,408,048
|
|||||||
Other Assets & Liabilities, Net - 1.1%
|
1,081,027
|
||||||||
Net Assets - 100.0%
|
$
|
95,489,075
|
Valuation Inputs
|
Investments in Securities
|
|||
Level 1 - Quoted Prices
|
$
|
94,408,048
|
||
Level 2 - Other Significant Observable Inputs
|
–
|
|||
Level 3 - Significant Unobservable Inputs
|
–
|
|||
Total
|
$
|
94,408,048
|
ASSETS
|
||||
Investments, at value (Cost $65,197,275)
|
$
|
94,408,048
|
||
Cash
|
1,500,597
|
|||
Receivables:
|
||||
Fund shares sold
|
210,201
|
|||
Dividends and interest
|
31,712
|
|||
Prepaid expenses
|
8,826
|
|||
Total Assets
|
96,159,384
|
|||
LIABILITIES
|
||||
Payables:
|
||||
Investment securities purchased
|
523,003
|
|||
Fund shares redeemed
|
259
|
|||
Distributions payable
|
52,561
|
|||
Accrued Liabilities:
|
||||
Investment adviser fees
|
49,326
|
|||
Trustees’ fees and expenses
|
50
|
|||
Fund services fees
|
14,855
|
|||
Other expenses
|
30,255
|
|||
Total Liabilities
|
670,309
|
|||
NET ASSETS
|
$
|
95,489,075
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
67,090,679
|
||
Distributions in excess of net investment income
|
(3,254
|
)
|
||
Accumulated net realized loss
|
(809,123
|
)
|
||
Net unrealized appreciation
|
29,210,773
|
|||
NET ASSETS
|
$
|
95,489,075
|
||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
5,375,471
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
$
|
17.76
|
INVESTMENT INCOME
|
||||
Dividend income (Net of foreign withholding taxes of $7,772)
|
$
|
1,512,760
|
||
Interest income
|
10,098
|
|||
Total Investment Income
|
1,522,858
|
|||
EXPENSES
|
||||
Investment adviser fees
|
520,190
|
|||
Fund services fees
|
178,184
|
|||
Custodian fees
|
9,745
|
|||
Registration fees
|
20,431
|
|||
Professional fees
|
43,345
|
|||
Trustees’ fees and expenses
|
9,851
|
|||
Other expenses
|
34,020
|
|||
Total Expenses
|
815,766
|
|||
NET INVESTMENT INCOME
|
707,092
|
|||
NET REALIZED AND UNREALIZED GAIN
|
||||
Net realized gain on investments
|
2,832,668
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
8,633,351
|
|||
NET REALIZED AND UNREALIZED GAIN
|
11,466,019
|
|||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
12,173,111
|
For the Year
Ended
|
||||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
707,092
|
$
|
841,700
|
||||
Net realized gain
|
2,832,668
|
2,414,460
|
||||||
Net change in unrealized appreciation (depreciation)
|
8,633,351
|
9,078,816
|
||||||
Increase in Net Assets Resulting from Operations
|
12,173,111
|
12,334,976
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||
Net investment income
|
(612,740
|
)
|
(1,076,603
|
)
|
||||
Net realized gain
|
(3,736,941
|
)
|
– |
|
||||
Total Distributions to Shareholders
|
(4,349,681
|
)
|
(1,076,603
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
13,283,006
|
5,194,635
|
||||||
Reinvestment of distributions
|
3,943,748
|
465,432
|
||||||
Redemption of shares
|
(8,449,442
|
)
|
(12,543,894
|
)
|
||||
Increase (Decrease) in Net Assets from Capital Share Transactions
|
8,777,312
|
(6,883,827
|
)
|
|||||
Increase in Net Assets
|
16,600,742
|
4,374,546
|
||||||
NET ASSETS
|
||||||||
Beginning of Year
|
78,888,333
|
74,513,787
|
||||||
End of Year (Including line (a))
|
$
|
95,489,075
|
$
|
78,888,333
|
||||
SHARE TRANSACTIONS
|
||||||||
Sale of shares
|
747,377
|
347,371
|
||||||
Reinvestment of distributions
|
223,983
|
31,121
|
||||||
Redemption of shares
|
(483,769
|
)
|
(835,902
|
)
|
||||
Increase (Decrease) in Shares
|
487,591
|
(457,410
|
)
|
|||||
(a) Distributions in excess of net investment income
|
$
|
(3,254
|
)
|
$
|
(44
|
)
|
For the Years Ended March 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
|||||||||||||||||
NET ASSET VALUE, Beginning of Year
|
$
|
16.14
|
$
|
13.94
|
$
|
15.21
|
$
|
15.22
|
$
|
13.89
|
||||||||||
INVESTMENT OPERATIONS
|
||||||||||||||||||||
Net investment income (a)
|
0.14
|
0.16
|
0.16
|
0.16
|
0.42
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
2.33
|
2.25
|
(0.76
|
)
|
0.77
|
2.23
|
||||||||||||||
Total from Investment Operations
|
2.47
|
2.41
|
(0.60
|
)
|
0.93
|
2.65
|
||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
||||||||||||||||||||
Net investment income
|
(0.12
|
)
|
(0.21
|
)
|
(0.16
|
)
|
(0.16
|
)
|
(0.41
|
)
|
||||||||||
Net realized gain
|
(0.73
|
)
|
–
|
(0.51
|
)
|
(0.78
|
)
|
(0.91
|
)
|
|||||||||||
Total Distributions to Shareholders
|
(0.85
|
)
|
(0.21
|
)
|
(0.67
|
)
|
(0.94
|
)
|
(1.32
|
)
|
||||||||||
NET ASSET VALUE, End of Year
|
$
|
17.76
|
$
|
16.14
|
$
|
13.94
|
$
|
15.21
|
$
|
15.22
|
||||||||||
TOTAL RETURN
|
15.39
|
%
|
17.41
|
%
|
(3.94
|
)%
|
6.32
|
%
|
19.62
|
%
|
||||||||||
RATIOS/SUPPLEMENTARY DATA
|
||||||||||||||||||||
Net Assets at End of Year (000s omitted)
|
$
|
95,489
|
$
|
78,888
|
$
|
74,514
|
$
|
76,875
|
$
|
71,035
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net investment income
|
0.82
|
%
|
1.10
|
%
|
1.11
|
%
|
1.05
|
%
|
2.84
|
%
|
||||||||||
Net expenses
|
0.94
|
%
|
0.98
|
%
|
0.97
|
%
|
0.97
|
%
|
1.01
|
%
|
||||||||||
Gross expenses
|
0.94
|
%
|
0.98
|
%
|
0.97
|
%
|
0.97
|
%
|
1.01
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE
|
38
|
%
|
30
|
%
|
55
|
%
|
41
|
%
|
47
|
%
|
Gross Unrealized Appreciation
|
$
|
30,053,286
|
||||
Gross Unrealized Depreciation
|
(745,025
|
)
|
||||
Net Unrealized Appreciation
|
$
|
29,308,261
|
2018
|
2017
|
|||||||||
Ordinary Income
|
$
|
911,875
|
$
|
1,115,355
|
||||||
Long-Term Capital Gain |
3,487,584
|
– | ||||||||
$
|
4,399,459
|
$
|
1,115,355
|
Undistributed Ordinary Income
|
$
|
49,307
|
||||
Capital and Other Losses
|
(906,611
|
)
|
||||
Net Unrealized Appreciation
|
29,308,261
|
|||||
Other Temporary Differences
|
(52,561
|
)
|
||||
Total
|
$
|
28,398,396
|
Distributions in Excess of Net Investment Income
|
$
|
(97,562
|
)
|
|||
Accumulated Net Realized Gain (Loss)
|
97,562
|
Matter | For | Against | Abstain |
To elect David Tucker to the Board of Trustees of the Trust
|
108,303,928.779
|
1,542,957.994
|
0
|
To elect Jennifer Brown-Strabley to the Board of Trustees of the Trust | 108,183,952.495 |
1,662,934.278
|
0
|
To elect Mark D. Moyer to the Board of Trustees of the Trust.
|
108,142,412.946
|
1,704,473.827
|
0
|
To elect Jessica Chase to the Board of Trustees of the Trust.
|
107,632,924.803
|
2,213,961.970
|
0
|
To elect Stacey E. Hong to the Board of Trustees of the Trust.
|
105,777,266.997
|
4,069,619.776
|
0
|
Beginning Account Value October 1, 2017
|
Ending Account Value March 31, 2018
|
Expenses Paid During
Period*
|
Annualized Expense
Ratio*
|
|||||||||
Actual | $1,000.00 | $1,067.11 |
$4.74
|
0.92% | ||||||||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.34
|
$ 4.63
|
0.92%
|
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time
Served
|
Principal Occupation(s) During
Past Five Years
|
Number of Series in Fund
Complex Overseen
By Trustee
|
Other Directorships
Held By Trustee During Past Five Years
|
Independent Trustees
|
|||||
David Tucker
Born: 1958
|
Trustee; Chairman of the Board
|
Since 2011 and Chairman since 2018
|
Director, Blue Sky Experience (a charitable endeavor) since 2008; Senior Vice President & General Counsel, American Century Companies (an investment management firm) 1998-2008.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Mark D. Moyer
Born: 1959
|
Trustee
|
Since 2018
|
Chief Financial Officer, Freedom House (a NGO advocating political freedom and democracy) since 2017; independent consultant providing interim CFO services, principally to non-profit organizations, 2011-2017; Chief Financial Officer, Institute of International Education (a NGO administering international educational exchange programs), 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. (an integrated media company), 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Jennifer Brown-Strabley
Born: 1964
|
Trustee
|
Since 2018
|
Principal, Portland Global Advisors, 1996-2010.
|
1
|
Trustee, Forum Funds II, Forum ETF Trust and U.S. Global Investors Funds
|
Interested Trustee
|
|||||
Stacey E. Hong(1)
Born: 1966
|
Trustee
|
Since 2018
|
President, Atlantic since 2008.
|
1
|
Trustee, Forum Funds II and U.S. Global Investors
Funds
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During
Past Five Years
|
Number of Series in Fund
Complex Overseen
By Trustee
|
Other Directorships
Held By Trustee During Past Five Years
|
Born: 1970
|
Trustee
|
Since 2018
|
Senior Vice President, Atlantic since 2008.
|
1
|
None
|
(1)
|
Stacey E. Hong is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to his affiliation with Atlantic. Jessica Chase is currently treated as an interested person of the Trust, as defined in the 1940 Act, due to her affiliation with Atlantic and her role as President of the Trust.
|
Name and Year of Birth
|
Position with the Trust
|
Length of Time Served
|
Principal Occupation(s) During Past 5 Years
|
Officers
|
|||
Born: 1970
|
President; Principal Executive Officer
|
Since 2015
|
Senior Vice President, Atlantic since 2008.
|
Born: 1972
|
Treasurer; Principal Financial Officer
|
Since 2008
|
Senior Vice President, Atlantic since 2008.
|
Zachary Tackett
Born: 1988
|
Vice President; Secretary and Anti-Money Laundering Compliance Officer
|
Since 2014
|
Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010-2013.
|
Michael J. McKeen
Born: 1971
|
Vice President
|
Since 2009
|
Senior Vice President, Atlantic since 2008.
|
Timothy Bowden
Born: 1969
|
Vice President
|
Since 2009
|
Manager, Atlantic since 2008.
|
Geoffrey Ney
Born: 1975
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Todd Proulx
Born: 1978
|
Vice President
|
Since 2013
|
Manager, Atlantic since 2013; Senior Fund Accountant, Atlantic, 2008–2013.
|
Carlyn Edgar
Born: 1963
|
Vice President
|
Since 2008
|
Senior Vice President, Atlantic since 2008; Chief Compliance Officer, 2008-2016
|
Dennis Mason
Born: 1967
|
Chief Compliance Officer
|
Since 2016
|
Fund Compliance Officer, Atlantic since 2013; Senior Specialist, Atlantic, 2011-2013; Senior Analyst, Atlantic, 2008-2011
|
(a)
|
As of the end of the period covered by this report, Forum Funds (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics").
|
(c)
|
There have been no amendments to the Registrant's Code of Ethics during the period covered by this report.
|
(d)
|
There have been no waivers to the Registrant's Code of Ethics during the period covered by this report.
|
By:
|
/s/ Jessica Chase
|
|
Jessica Chase, Principal Executive Officer
|
||
Date:
|
By:
|
/s/ Jessica Chase
|
|
Jessica Chase, Principal Executive Officer
|
||
Date:
|
By:
|
/s/ Karen Shaw
|
|
Karen Shaw, Principal Financial Officer
|
||
Date:
|
This ‘N-CSR’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/1/19 | ||||
12/15/18 | ||||
9/30/18 | ||||
7/31/18 | ||||
Filed on / Effective on: | 6/4/18 | |||
5/30/18 | NSAR-B | |||
5/29/18 | N-CSRS | |||
5/24/18 | N-Q, NSAR-A | |||
4/1/18 | ||||
For Period End: | 3/31/18 | N-CSRS, N-Q, NSAR-A, NSAR-B | ||
3/27/18 | ||||
2/2/18 | 497 | |||
1/1/18 | ||||
12/31/17 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
12/8/17 | ||||
11/1/17 | 485BPOS, 497, 497J, N-Q | |||
10/1/17 | ||||
9/30/17 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
9/29/17 | 497, DEF 14A | |||
8/14/17 | 485BPOS | |||
8/1/17 | 485BPOS, 497J | |||
4/1/17 | 485BPOS | |||
3/31/17 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
9/30/16 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
6/30/16 | 24F-2NT, 40-17G, 497, N-CSR, N-CSRS, N-PX, N-Q, NSAR-A, NSAR-B | |||
4/18/16 | ||||
4/1/16 | 485BPOS, 497J | |||
12/30/15 | 485BPOS, 497 | |||
3/31/15 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
3/3/15 | ||||
12/18/14 | 497 | |||
8/1/14 | 485BPOS, 497, 497J | |||
3/31/14 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
9/11/13 | CORRESP, N-Q | |||
5/21/13 | ||||
6/30/12 | 24F-2NT, N-CSR, N-CSRS, N-PX, N-Q, NSAR-A, NSAR-B | |||
8/26/10 | 485APOS, N-Q | |||
4/1/10 | 485BPOS, 497 | |||
12/1/09 | N-CSR | |||
9/9/09 | 485BPOS | |||
8/31/09 | N-PX, N-Q | |||
6/24/09 | 497 | |||
7/11/05 | ||||
5/10/05 | ||||
12/8/93 | ||||
List all Filings |