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Name | Symbol | Market | Type |
---|---|---|---|
Ecofin Digital Payments Infrastructure Fund | AMEX:TPAY | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.32 | 0 | 01:00:00 |
1 Year
|
3 Year
|
5 Year
|
Since Inception(1)
|
|
Coho Relative Value Equity Fund(2)
|
11.91%
|
9.41%
|
8.28%
|
9.55%
|
S&P 500® Index(3)
|
21.68%
|
14.54%
|
12.37%
|
12.84%
|
S&P 500® Value Index(4)
|
18.31%
|
10.25%
|
9.93%
|
10.20%
|
(1)
|
Period from Fund inception through January 31, 2020. The Fund commenced operations on August 14, 2013.
|
(2)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
(3)
|
The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large
capitalization stocks. One cannot invest directly in an Index.
|
(4)
|
The S&P 500® Value Index consists of those stocks within the S&P 500® Index that exhibit strong value characteristics such as ratios of book value, earnings, and sales to price. One cannot invest directly in an Index.
|
Since Inception(1)
|
|
Coho Relative Value ESG Fund
|
-0.30%
|
S&P 500® Index(2)
|
2.59%
|
S&P 500® Value Index(3)
|
0.01%
|
(1)
|
Period from Fund inception through January 31, 2020. The Fund commenced operations on November 27, 2019.
|
(2)
|
The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large
capitalization stocks. One cannot invest directly in an Index.
|
(3)
|
The S&P 500® Value Index consists of those stocks within the S&P 500® Index that exhibit strong value characteristics such as ratios of book value, earnings, and sales to price. One cannot invest directly in an Index.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(8/1/2019)
|
(1/31/2020)
|
(8/1/2019 to 1/31/2020)
|
|
Actual(2)
|
$1,000.00
|
$1,069.50
|
$4.37
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.91
|
$4.27
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.84%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half
year period.
|
(2)
|
Based on the actual return for the six-month period ended January 31, 2020 of 6.95%.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(3)
|
|
(11/27/2019)
|
(1/31/2020)
|
(11/27/2019 to 1/31/2020)
|
|
Actual(4)
|
$1,000.00
|
$ 997.00
|
$1.40
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,007.48
|
$1.41
|
(3)
|
Inception date for the Fund was November 27, 2019. Expenses are equal to the Fund’s annualized expense ratio for the period from inception through January 31, 2020 of 0.79%, multiplied by the average account
value over the period, multiplied by 65/366 to reflect the period since inception.
|
(4)
|
Based on the actual return for the period from inception through January 31, 2020 of -0.30%.
|
Amgen
|
5.0%
|
UnitedHealth Group
|
4.9%
|
Marsh & McLennan Companies
|
4.6%
|
CVS Health
|
4.4%
|
State Street
|
4.3%
|
Lowe’s Companies
|
4.2%
|
Ross Stores
|
4.2%
|
Johnson & Johnson
|
4.1%
|
Dollar General
|
4.0%
|
Merck & Co.
|
3.8%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
UnitedHealth Group
|
4.7%
|
Amgen
|
4.7%
|
Coca-Cola Co.
|
4.6%
|
Ross Stores
|
4.5%
|
Marsh & McLennan Companies
|
4.5%
|
State Street
|
4.4%
|
Johnson & Johnson
|
4.4%
|
Merck & Co.
|
4.4%
|
Omnicom Group
|
4.2%
|
CVS Health
|
4.2%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Shares
|
Value
|
|||||||
COMMON STOCKS — 96.4%
|
||||||||
Consumer Discretionary — 16.2%
|
||||||||
Dollar General
|
154,164
|
$
|
23,650,299
|
|||||
Lowe’s Companies
|
213,415
|
24,807,360
|
||||||
Omnicom Group
|
285,526
|
21,502,963
|
||||||
Ross Stores
|
218,002
|
24,457,644
|
||||||
94,418,266
|
||||||||
Consumer Staples — 18.6%
|
||||||||
Altria Group
|
372,358
|
17,698,176
|
||||||
Conagra Brands
|
520,208
|
17,125,247
|
||||||
JM Smucker
|
176,160
|
18,251,938
|
||||||
Kroger
|
791,838
|
21,268,769
|
||||||
Philip Morris International
|
224,989
|
18,606,590
|
||||||
Unilever N.V.
|
275,814
|
16,074,440
|
||||||
109,025,160
|
||||||||
Energy — 6.2%
|
||||||||
Chevron
|
117,427
|
12,581,129
|
||||||
Occidental Petroleum
|
324,969
|
12,907,768
|
||||||
Royal Dutch Shell — ADR
|
209,212
|
10,910,406
|
||||||
36,399,303
|
||||||||
Financials — 12.2%
|
||||||||
Aflac
|
374,969
|
19,337,152
|
||||||
Marsh & McLennan Companies
|
241,841
|
27,052,334
|
||||||
State Street
|
330,670
|
25,008,572
|
||||||
71,398,058
|
||||||||
Health Care — 28.1%#
|
||||||||
Abbott Laboratories
|
195,104
|
17,001,362
|
||||||
AmerisourceBergen
|
210,459
|
18,006,872
|
||||||
Amgen
|
134,318
|
29,019,404
|
||||||
CVS Health
|
377,771
|
25,620,429
|
||||||
Johnson & Johnson
|
160,364
|
23,873,389
|
||||||
Merck & Co.
|
259,077
|
22,135,539
|
||||||
UnitedHealth Group
|
106,180
|
28,928,741
|
||||||
164,585,736
|
||||||||
Industrials — 9.6%
|
||||||||
3M
|
53,570
|
8,499,416
|
||||||
Illinois Tool Works
|
98,387
|
17,215,757
|
||||||
Stanley Black & Decker
|
81,669
|
13,012,322
|
||||||
W.W. Grainger
|
57,140
|
17,294,564
|
||||||
56,022,059
|
Shares
|
Value
|
|||||||
Information Technology — 5.5%
|
||||||||
Global Payments
|
72,667
|
$
|
14,202,765
|
|||||
Microchip Technology
|
185,853
|
18,116,951
|
||||||
32,319,716
|
||||||||
Total Common Stocks
|
||||||||
(Cost $492,659,663)
|
564,168,298
|
|||||||
SHORT-TERM INVESTMENT — 4.1%
|
||||||||
U.S. Bank N.A., 0.50%^
|
||||||||
(Cost $23,867,776)
|
23,867,776
|
23,867,776
|
||||||
Total Investments — 100.5%
|
||||||||
(Cost $516,527,439)
|
588,036,074
|
|||||||
Liabilities in Excess of Other Assets — (0.5)%
|
(2,753,643
|
)
|
||||||
Total Net Assets — 100.0%
|
$
|
585,282,431
|
#
|
As of January 31, 2020, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 9 in Notes to the Financial Statements.
|
^
|
The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions
and may change daily and by any amount. The rate shown is as of December 31, 2019.
|
Shares
|
Value
|
|||||||
COMMON STOCKS — 93.8%
|
||||||||
Consumer Discretionary — 16.7%
|
||||||||
Dollar General
|
57
|
$
|
8,744
|
|||||
Lowe’s Companies
|
78
|
9,067
|
||||||
Omnicom Group
|
127
|
9,564
|
||||||
Ross Stores
|
91
|
10,209
|
||||||
37,584
|
||||||||
Consumer Staples — 20.8%
|
||||||||
Coca-Cola
|
177
|
10,337
|
||||||
Colgate-Palmolive
|
97
|
7,157
|
||||||
Conagra Brands
|
205
|
6,748
|
||||||
JM Smucker
|
75
|
7,771
|
||||||
Kroger
|
293
|
7,870
|
||||||
Unilever N.V.
|
120
|
6,993
|
||||||
46,876
|
||||||||
Financials — 12.1%
|
||||||||
Aflac
|
137
|
7,065
|
||||||
Marsh & McLennan Companies
|
91
|
10,180
|
||||||
State Street
|
132
|
9,983
|
||||||
27,228
|
||||||||
Health Care — 29.0%#
|
||||||||
Abbott Laboratories
|
73
|
6,361
|
||||||
Amgen
|
49
|
10,587
|
||||||
CVS Health
|
141
|
9,563
|
||||||
Johnson & Johnson
|
67
|
9,974
|
||||||
Merck & Co.
|
116
|
9,911
|
||||||
Quest Diagnostics
|
75
|
8,300
|
||||||
UnitedHealth Group
|
39
|
10,626
|
||||||
65,322
|
||||||||
Industrials — 9.2%
|
||||||||
3M
|
19
|
3,015
|
||||||
Illinois Tool Works
|
38
|
6,649
|
||||||
Stanley Black & Decker
|
30
|
4,780
|
||||||
W.W. Grainger
|
21
|
6,356
|
||||||
20,800
|
Shares
|
Value
|
|||||||
Information Technology — 6.0%
|
||||||||
Global Payments
|
36
|
$
|
7,036
|
|||||
Microchip Technology
|
67
|
6,531
|
||||||
13,567
|
||||||||
Total Common Stocks
|
||||||||
(Cost $213,187)
|
211,377
|
|||||||
SHORT-TERM INVESTMENT — 3.6%
|
||||||||
U.S. Bank N.A., 0.50%^
|
||||||||
(Cost $8,185)
|
8,185
|
8,185
|
||||||
Total Investments — 97.4%
|
||||||||
(Cost $221,372)
|
219,562
|
|||||||
Other Assets and Liabilities, Net — 2.6%
|
5,888
|
|||||||
Total Net Assets — 100.0%
|
$
|
225,450
|
#
|
As of January 31, 2020, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 9 in Notes to the Financial Statements.
|
^
|
The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions
and may change daily and by any amount. The rate shown is as of December 31, 2019.
|
Coho
|
Coho
|
|||||||
Relative Value
|
Relative Value
|
|||||||
Equity Fund
|
ESG Fund
|
|||||||
ASSETS:
|
||||||||
Investments, at value
|
||||||||
(Cost: $516,527,439 & $221,372, respectively)
|
$
|
588,036,074
|
$
|
219,562
|
||||
Dividends and interest receivable
|
615,742
|
279
|
||||||
Receivable for capital shares sold
|
1,306,253
|
—
|
||||||
Receivable from investment adviser
|
—
|
11,831
|
||||||
Prepaid expenses and other assets
|
23,501
|
16,793
|
||||||
Total assets
|
589,981,570
|
248,465
|
||||||
LIABILITIES:
|
||||||||
Payable for investment securities purchased
|
3,793,496
|
—
|
||||||
Payable for capital shares redeemed
|
467,463
|
—
|
||||||
Payable to investment adviser
|
361,163
|
—
|
||||||
Payable for fund administration & accounting fees
|
55,511
|
1,268
|
||||||
Payable for audit fees
|
9,573
|
4,485
|
||||||
Payable for compliance fees
|
2,163
|
2,209
|
||||||
Payable for custody fees
|
6,767
|
1,105
|
||||||
Payable for transfer agent fees & expenses
|
—
|
2,798
|
||||||
Payable for trustee fees
|
3,003
|
1,382
|
||||||
Accrued expenses
|
—
|
9,768
|
||||||
Total liabilities
|
4,699,139
|
23,015
|
||||||
NET ASSETS
|
$
|
585,282,431
|
$
|
225,450
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
$
|
510,578,648
|
$
|
226,861
|
||||
Total distributable earnings
|
74,703,783
|
(1,411
|
)
|
|||||
Net Assets
|
$
|
585,282,431
|
$
|
225,450
|
||||
Net Assets
|
$
|
585,282,431
|
$
|
225,450
|
||||
Shares issued and outstanding(1)
|
41,150,044
|
22,631
|
||||||
Net asset value, redemption price and offering price per share(2)
|
$
|
14.22
|
$
|
9.96
|
(1)
|
Unlimited shares authorized without par value
|
(2)
|
A redemption fee of 2.00% is assessed against shares redeemed within 60 days of purchase.
|
Coho
|
Coho
|
|||||||
Relative Value
|
Relative Value
|
|||||||
Equity Fund
|
ESG Fund(1)
|
|||||||
INVESTMENT INCOME:
|
||||||||
Dividend income
|
$
|
7,492,777
|
$
|
633
|
||||
Less: Foreign taxes withheld
|
(80,589
|
)
|
—
|
|||||
Interest income
|
188,651
|
31
|
||||||
Total investment income
|
7,600,839
|
664
|
||||||
EXPENSES:
|
||||||||
Investment adviser fees (See Note 4)
|
2,133,890
|
236
|
||||||
Fund administration & accounting fees (See Note 4)
|
196,425
|
2,951
|
||||||
Transfer agent fees & expenses (See Note 4)
|
36,343
|
2,798
|
||||||
Shareholder servicing fees (See Note 5)
|
35,579
|
—
|
||||||
Custody fees (See Note 4)
|
28,080
|
1,105
|
||||||
Federal & state registration fees
|
24,677
|
7,343
|
||||||
Audit fees
|
9,568
|
4,485
|
||||||
Postage & printing fees
|
7,555
|
455
|
||||||
Trustee fees
|
7,305
|
1,905
|
||||||
Compliance fees (See Note 4)
|
6,166
|
2,209
|
||||||
Other expenses
|
5,242
|
1,169
|
||||||
Legal fees
|
3,321
|
1,040
|
||||||
Total expenses before interest expense
|
2,494,151
|
25,696
|
||||||
Interest expense (See Note 11)
|
2,050
|
—
|
||||||
Total expenses before waiver/reimbursement
|
2,496,201
|
25,696
|
||||||
Adviser recoupment (See Note 4)
|
2,806
|
—
|
||||||
Less: waiver/reimbursement from investment adviser (See Note 4)
|
(113,678
|
)
|
(25,429
|
)
|
||||
Net expenses
|
2,385,329
|
267
|
||||||
NET INVESTMENT INCOME
|
5,215,510
|
397
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||||||
Net realized gain on investments
|
21,213,299
|
(2)
|
212
|
|||||
Net change in unrealized appreciation/depreciation on investments
|
12,462,374
|
(1,810
|
)
|
|||||
Net realized and unrealized gain (loss) on investments
|
33,675,673
|
(1,598
|
)
|
|||||
NET INCREASE (DECREASE) IN NET
|
||||||||
ASSETS RESULTING FROM OPERATIONS
|
$
|
38,891,183
|
$
|
(1,201
|
)
|
(1)
|
Inception date of the Fund was November 27, 2019.
|
(2)
|
Includes $31,083 gain from in-kind transactions.
|
Six Months Ended
|
||||||||
January 31, 2020
|
Year Ended
|
|||||||
(Unaudited)
|
July 31, 2019
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
5,215,510
|
$
|
10,529,942
|
||||
Net realized gain on investments
|
21,213,299
|
22,146,847
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
12,462,374
|
(15,641,713
|
)
|
|||||
Net increase in net assets resulting from operations
|
38,891,183
|
17,035,076
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Advisor Class(1):
|
||||||||
Proceeds from shares sold
|
44,722,628
|
46,559,156
|
||||||
Cost of shares issued in exchange for Institutional Class shares
|
414,609,967
|
—
|
||||||
Proceeds from reinvestment of distributions
|
7,893,859
|
9,213,707
|
||||||
Payments for shares redeemed
|
(49,092,607
|
)
|
(90,341,746
|
)
|
||||
Payments for transfer-in-kind
|
(100,000
|
)
|
—
|
|||||
Redemptions fees
|
2,769
|
7,470
|
||||||
Increase (decrease) in net assets resulting
|
||||||||
from Advisor Class transactions
|
418,036,616
|
(34,561,413
|
)
|
|||||
Institutional Class(1):
|
||||||||
Proceeds from shares sold
|
27,805,323
|
172,943,752
|
||||||
Proceeds from reinvestment of distributions
|
13,408,787
|
14,195,328
|
||||||
Payments for shares redeemed
|
(34,599,798
|
)
|
(117,232,497
|
)
|
||||
Cost of shares exchanged for Advisor Class shares
|
(414,609,967
|
)
|
—
|
|||||
Redemptions fees
|
778
|
25,950
|
||||||
Increase (Decrease) in net assets
|
||||||||
resulting from Institutional Class transactions
|
(407,994,877
|
)
|
69,932,533
|
|||||
Net increase in net assets
|
||||||||
resulting from capital share transactions
|
10,041,739
|
35,371,120
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
(38,285,202
|
)
|
(39,770,453
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
10,647,720
|
12,635,743
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
574,634,711
|
561,998,968
|
||||||
End of period
|
$
|
585,282,431
|
$
|
574,634,711
|
(1)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
Period Inception(1)
|
||||
Through
|
||||
January 31, 2020
|
||||
OPERATIONS:
|
||||
Net investment income
|
$
|
397
|
||
Net realized gain on investments
|
212
|
|||
Net change in unrealized appreciation/depreciation on investments
|
(1,810
|
)
|
||
Net decrease in net assets resulting from operations
|
(1,201
|
)
|
||
CAPITAL SHARE TRANSACTIONS:
|
||||
Proceeds from shares sold
|
126,651
|
|||
Proceeds from transfer-in-kind
|
100,000
|
|||
Proceeds from reinvestment of distributions
|
210
|
|||
Payments for shares redeemed
|
—
|
|||
Net increase in net assets resulting from capital share transactions
|
226,861
|
|||
DISTRIBUTIONS TO SHAREHOLDERS
|
(210
|
)
|
||
TOTAL INCREASE IN NET ASSETS
|
225,450
|
|||
NET ASSETS:
|
||||
Beginning of period
|
—
|
|||
End of period
|
$
|
225,450
|
(1)
|
Inception date for the Fund was November 27, 2019.
|
Six-Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
January 31, 2020
|
July 31,
|
July 31,
|
July 31,
|
July 31,
|
July 31,
|
|||||||||||||||||||
Advisor Class(1)
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value,
|
||||||||||||||||||||||||
beginning of period
|
$
|
14.20
|
$
|
14.87
|
$
|
13.71
|
$
|
12.86
|
$
|
12.33
|
$
|
11.36
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income
|
0.12
|
(2)
|
0.28
|
0.22
|
0.17
|
0.19
|
0.11
|
|||||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
0.86
|
0.06
|
1.49
|
0.92
|
0.65
|
1.03
|
||||||||||||||||||
Total from investment operations
|
0.98
|
0.34
|
1.71
|
1.09
|
0.84
|
1.14
|
||||||||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||||||
From net investment income
|
(0.26
|
)
|
(0.23
|
)
|
(0.17
|
)
|
(0.19
|
)
|
(0.13
|
)
|
(0.10
|
)
|
||||||||||||
From net realized gains
|
(0.70
|
)
|
(0.78
|
)
|
(0.38
|
)
|
(0.05
|
)
|
(0.19
|
)
|
(0.07
|
)
|
||||||||||||
Total distributions
|
(0.96
|
)
|
(1.01
|
)
|
(0.55
|
)
|
(0.24
|
)
|
(0.32
|
)
|
(0.17
|
)
|
||||||||||||
Paid-in capital from redemption fees
|
—
|
(3)
|
—
|
(3)
|
—
|
(3)
|
—
|
(3)
|
0.01
|
—
|
(3)
|
|||||||||||||
Net asset value, end of period
|
$
|
14.22
|
$
|
14.20
|
$
|
14.87
|
$
|
13.71
|
$
|
12.86
|
$
|
12.33
|
||||||||||||
TOTAL RETURN(4)
|
6.95
|
%
|
2.55
|
%
|
12.63
|
%
|
8.63
|
%
|
7.14
|
%
|
10.01
|
%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end
|
||||||||||||||||||||||||
of period (in 000’s)
|
$
|
585,282
|
$
|
171,070
|
$
|
214,614
|
$
|
225,343
|
$
|
195,536
|
$
|
182,264
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense waiver/recoupment(5)
|
0.84
|
%
|
0.93
|
%
|
0.94
|
%
|
0.96
|
%
|
1.01
|
%
|
1.06
|
%
|
||||||||||||
After expense waiver/recoupment(5)
|
0.84
|
%(6)
|
0.94
|
%
|
0.94
|
%
|
0.94
|
%
|
0.94
|
%
|
0.94
|
%
|
||||||||||||
Ratio of net investment income
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense waiver/recoupment(5)
|
1.57
|
%
|
1.71
|
%
|
1.44
|
%
|
1.39
|
%
|
1.50
|
%
|
1.47
|
%
|
||||||||||||
Portfolio turnover rate(4)
|
12
|
%(7)
|
20
|
%
|
21
|
%
|
23
|
%
|
24
|
%
|
13
|
%
|
(1)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount per share is less than $0.01.
|
(4)
|
Not annualized for period less than one year.
|
(5)
|
Annualized for period less than one year.
|
(6)
|
Prior to November 22, 2019, the annual expense limitation was 0.94% of the average daily net assets for the Advisor Class. Thereafter it was 0.79%.
|
(7)
|
Excludes value of Fund securities delivered as a result of an in-kind transaction of the Fund’s capital shares that occurred on November 27, 2019.
|
(1)
|
Inception date for the Fund was November 27, 2019.
|
(2)
|
Not annualized for period less than one year.
|
(3)
|
Annualized for period less than one year.
|
(4)
|
Excludes value of Fund securities received as a result of an in-kind transaction of the Fund’s capital shares that occurred on November 27, 2019.
|
Level 1 —
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
Level 2 —
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument
on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 —
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in
valuing the asset or liability, and would be based on the best information available.
|
Equity Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
564,168,298
|
$
|
—
|
$
|
—
|
$
|
564,168,298
|
||||||||
Short-Term Investment
|
23,867,776
|
—
|
—
|
23,867,776
|
||||||||||||
Total Investments*
|
$
|
588,036,074
|
$
|
—
|
$
|
—
|
$
|
588,036,074
|
||||||||
ESG Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
211,377
|
$
|
—
|
$
|
—
|
$
|
211,377
|
||||||||
Short-Term Investment
|
8,185
|
—
|
—
|
8,185
|
||||||||||||
Total Investments*
|
$
|
219,562
|
$
|
—
|
$
|
—
|
$
|
219,562
|
*
|
Refer to the Schedule of Investments for further information on the classification of investments.
|
Expiration
|
Equity Fund
|
ESG Fund
|
||||||
February 2020 – July 2020
|
$
|
140,737
|
$
|
—
|
||||
August 2020 – July 2021
|
278,429
|
—
|
||||||
August 2021 – July 2022
|
303,299
|
—
|
||||||
August 2022 – January 2023
|
118,735
|
25,429
|
Six-Months Ended
|
Year Ended
|
|||||||
January 31, 2020
|
July 31, 2019
|
|||||||
Advisor Class(1):
|
||||||||
Shares sold
|
3,069,506
|
3,313,711
|
||||||
Shares issued in exchange for Institutional Class shares
|
28,875,174
|
—
|
||||||
Shares issued to holders in reinvestment of distributions
|
557,174
|
667,845
|
||||||
Shares redeemed
|
(3,397,996
|
)
|
(6,365,725
|
)
|
||||
Net increase (decrease) in Advisor Class shares
|
29,103,858
|
(2,384,169
|
)
|
|||||
Institutional Class:
|
||||||||
Shares sold
|
1,941,416
|
12,433,722
|
||||||
Shares issued to holders in reinvestment of distributions
|
947,617
|
1,024,484
|
||||||
Shares redeemed
|
(2,430,869
|
)
|
(8,429,006
|
)
|
||||
Shares issued in exchange for Advisor Class shares
|
(28,791,559
|
)
|
—
|
|||||
Net increase (decrease) in Institutional Class shares
|
(28,333,395
|
)
|
5,029,200
|
|||||
Net increase in shares outstanding
|
770,463
|
2,645,031
|
(1)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
Period Inception(2)
|
||||
through
|
||||
January 31, 2020
|
||||
Shares sold
|
22,611
|
|||
Shares issued to holders in reinvestment of dividends
|
20
|
|||
Shares redeemed
|
—
|
|||
Net increase in shares outstanding
|
22,631
|
(2)
|
Inception date for the Fund was November 27, 2019.
|
Equity Fund
|
ESG Fund
|
|||||||||||||||
Purchases
|
Sales
|
Purchases
|
Sales
|
|||||||||||||
U.S. Government Securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Other Securities
|
$
|
67,014,303
|
$
|
84,975,862
|
*
|
$
|
134,622
|
*
|
$
|
7,117
|
*
|
Excludes value of Fund securities delivered or received as a result of an in-kind transaction that occurred on November 27, 2019, in the amount of $85,470.
|
Aggregate
|
Aggregate
|
Net
|
Federal
|
|
Gross
|
Gross
|
Unrealized
|
Income
|
|
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
|
Equity Fund
|
$99,265,422
|
$(45,270,622)
|
$53,994,800
|
$519,776,458
|
Undistributed
|
Undistributed
|
Net
|
Total
|
|
Ordinary
|
Long-Term
|
Unrealized
|
Distributable
|
|
Income
|
Capital Gains
|
Appreciation
|
Earnings
|
|
Equity Fund
|
$6,063,626
|
$14,039,376
|
$53,994,800
|
$74,097,802
|
Ordinary
|
Long Term
|
|||||||||||
Income*
|
Capital Gains
|
Total
|
||||||||||
Equity Fund
|
$
|
12,921,008
|
$
|
25,364,194
|
$
|
38,285,202
|
||||||
ESG Fund
|
$
|
210
|
$
|
—
|
$
|
210
|
Ordinary
|
Long Term
|
|||||||||||
Income*
|
Capital Gains
|
Total
|
||||||||||
Equity Fund
|
$
|
10,329,421
|
$
|
29,441,032
|
$
|
39,770,453
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
Amount
|
Date of
|
||||
Average
|
Outstanding as of
|
Interest
|
Maximum
|
Maximum
|
|
LOC Agent
|
Borrowings
|
January 31, 2020
|
Expense
|
Borrowing
|
Borrowing
|
U.S. Bank N.A.
|
$84,457
|
$ —
|
$2,050
|
$4,385,000
|
11/15/19 – 11/17/19
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date
within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the
Registrant’s service provider.
|
(b)
|
There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2
requirements through filing an exhibit. 1) Not applicable for semi-annual reports.
|
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