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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 |
www.atacfunds.com
|
February 29, 2020
|
1 Year
|
3 Year
|
5 Year
|
Since Inception(1)
|
|
Investor Class
|
15.59%
|
8.27%
|
7.53%
|
6.86%
|
Institutional Class
|
15.92%
|
8.56%
|
7.81%
|
7.14%
|
S&P 500® Index(2)
|
8.19%
|
9.87%
|
9.23%
|
12.52%
|
Lipper Flexible Portfolio Fund Index(3)
|
5.50%
|
5.83%
|
4.69%
|
6.42%
|
(1)
|
Period from Fund inception through February 29, 2020. The Investor Class commenced operations on September 10, 2012 and the Institutional Class commenced operations on March 26, 2018.
Performance shown for the Institutional Class prior to the inception of the Institutional Class is based on the performance of the Investor Class, adjusted for the lower expenses applicable to the Institutional Class.
|
(2)
|
The S&P 500® Index is a broad based unmanaged index of 500 stocks, which is widely recognized as
representative of the equity market in general. One cannot invest directly in an index.
|
(3)
|
The Lipper Flexible Portfolio Fund Index is an equal dollar weighted index of the largest mutual funds within the Flexible Portfolio fund classification, as defined by Lipper. One cannot invest
directly in an index.
|
Schwab Intermediate Term U.S. Treasury Fund
|
26.4%
|
SPDR Portfolio Long Term Treasury Fund
|
25.1%
|
Vanguard Extended Duration Treasury Fund
|
22.5%
|
Vanguard Long Term Treasury Fund
|
25.2%
|
(1)
|
Fund holdings and asset allocation are subject to change and are not recommendations to buy or sell any security.
|
Expenses Paid
|
|||
Beginning Account
|
Ending Account
|
During Period(1)
|
|
Value (9/1/19)
|
Value (2/29/20)
|
(9/1/19 – 2/29/20)
|
|
Investor Class Actual(2)
|
$1,000.00
|
$1,114.00
|
$9.15
|
Investor Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,016.21
|
$8.72
|
Institutional Class Actual(2)
|
$1,000.00
|
$1,115.90
|
$7.84
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,017.45
|
$7.47
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.74% and 1.49% for the Investor Class and Institutional Class, respectively, multiplied by the
average account value over the period, multiplied by 182/366 to reflect the one-half year period.
|
(2)
|
Based on the actual returns for the six-month period ended February 29, 2020 of 11.40% and 11.59% for the Investor Class and Institutional Class, respectively.
|
Description
|
Shares
|
Value
|
||||||
EXCHANGE-TRADED FUNDS – 99.2%
|
||||||||
Schwab Intermediate Term U.S. Treasury Fund *
|
296,355
|
$
|
16,954,470
|
|||||
SPDR Portfolio Long Term Treasury Fund *
|
362,317
|
16,090,498
|
||||||
Vanguard Extended Duration Treasury Fund
|
92,815
|
14,404,888
|
||||||
Vanguard Long Term Treasury Fund *
|
169,641
|
16,126,073
|
||||||
Total Exchange-Traded Funds
|
||||||||
(Cost $57,418,725)
|
63,575,929
|
|||||||
SHORT-TERM INVESTMENT – 0.4%
|
||||||||
Invesco Treasury Portfolio, Institutional Class, 1.48%^
|
||||||||
(Cost $286,638)
|
286,638
|
286,638
|
||||||
Total Investments – 99.6%
|
||||||||
(Cost $57,705,363)
|
63,862,567
|
|||||||
Other Assets and Liabilities, Net – 0.4%
|
228,308
|
|||||||
Total Net Assets – 100.0%
|
$
|
64,090,875
|
*
|
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at
www.sec.gov.
|
^
|
The rate shown is the annualized seven day effective yield as of February 29, 2020.
|
ASSETS:
|
||||
Investments, at value:
|
||||
Unaffiliated issuers (Cost: $57,705,363)
|
$
|
63,862,567
|
||
Interest receivable
|
506
|
|||
Receivables for capital shares sold
|
367,353
|
|||
Prepaid expenses
|
20,532
|
|||
Total assets
|
64,250,958
|
|||
LIABILITIES:
|
||||
Payable to investment adviser
|
47,073
|
|||
Payable for capital shares redeemed
|
56,197
|
|||
Payable for fund administration & accounting fees
|
18,103
|
|||
Payable for compliance fees
|
2,539
|
|||
Payable for transfer agent fees & expenses
|
15,261
|
|||
Payable for custody fees
|
2,415
|
|||
Payable for audit fees
|
9,458
|
|||
Accrued expenses
|
2,229
|
|||
Accrued distribution fees
|
6,808
|
|||
Total liabilities
|
160,083
|
|||
NET ASSETS
|
$
|
64,090,875
|
||
NET ASSETS CONSIST OF:
|
||||
Paid-in capital
|
$
|
67,736,535
|
||
Total accumulated loss
|
(3,645,660
|
)
|
||
Net Assets
|
$
|
64,090,875
|
||
Investor Class
|
||||
Net Assets
|
$
|
28,779,499
|
||
Shares issued and outstanding(1)
|
835,280
|
|||
Net asset value, redemption price and offering price per share
|
$
|
34.45
|
||
Institutional Class
|
||||
Net Assets
|
$
|
35,311,376
|
||
Shares issued and outstanding(1)
|
1,021,592
|
|||
Net asset value, redemption price and offering price per share
|
$
|
34.57
|
(1)
|
Unlimited shares authorized without par value.
|
INVESTMENT INCOME:
|
||||
Dividend income from:
|
||||
Unaffiliated issuers
|
$
|
552,455
|
||
Affiliated issuers
|
6,476
|
|||
Interest income
|
3,096
|
|||
Total investment income
|
562,027
|
|||
EXPENSES:
|
||||
Investment adviser fees (See Note 4)
|
393,701
|
|||
Fund administration & accounting fees (See Note 4)
|
51,145
|
|||
Transfer agent fees & expenses (See Note 4)
|
44,832
|
|||
Distribution fees – Investor Class (See Note 5)
|
35,635
|
|||
Federal & state registration fees
|
19,213
|
|||
Audit fees
|
9,464
|
|||
Compliance fees (See Note 4)
|
7,027
|
|||
Trustee fees
|
6,744
|
|||
Postage & printing fees
|
5,592
|
|||
Legal fees
|
5,346
|
|||
Custody fees (See Note 4)
|
5,329
|
|||
Other expenses
|
5,564
|
|||
Total expenses before interest expense
|
589,592
|
|||
Interest expense (See Note 10)
|
1,389
|
|||
Total expenses before waiver
|
590,981
|
|||
Less: waiver from investment adviser (See Note 4)
|
(84,666
|
)
|
||
Net expenses
|
506,315
|
|||
NET INVESTMENT INCOME
|
55,712
|
|||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
|
||||
Net realized gain on:
|
||||
Unaffiliated issuers
|
3,902,186
|
|||
Affiliated issuers
|
660,648
|
|||
Net realized gain:
|
4,562,834
|
|||
Net change in unrealized appreciation/depreciation:
|
||||
Unaffiliated issuers
|
1,651,996
|
|||
Affiliated issuers
|
—
|
|||
Net change in unrealized appreciation/depreciation on investments
|
1,651,996
|
|||
Net realized and unrealized gain on investments
|
6,214,830
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
6,270,542
|
Period Ended
|
||||||||
February 29, 2020
|
Year Ended
|
|||||||
(Unaudited)
|
August 31, 2019
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
55,712
|
$
|
585,616
|
||||
Net realized gain (loss) on investment transactions
|
4,562,834
|
(11,360,097
|
)
|
|||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments
|
1,651,996
|
3,338,826
|
||||||
Net increase (decrease) in net assets resulting from operations
|
6,270,542
|
(7,435,655
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Investor Class:
|
||||||||
Proceeds from shares sold
|
1,243,332
|
3,214,168
|
||||||
Proceeds from reinvestment of distributions
|
228,564
|
382,420
|
||||||
Payments for shares redeemed
|
(6,383,831
|
)
|
(23,926,210
|
)
|
||||
Decrease in net assets resulting from
|
||||||||
Investor Class transactions
|
(4,911,935
|
)
|
(20,329,622
|
)
|
||||
Institutional Class:
|
||||||||
Proceeds from shares sold
|
1,980,469
|
8,483,571
|
||||||
Proceeds from reinvestment of distributions
|
330,954
|
441,862
|
||||||
Payments for shares redeemed
|
(9,182,641
|
)
|
(25,694,033
|
)
|
||||
Decrease in net assets resulting from
|
||||||||
Institutional Class transactions
|
(6,871,218
|
)
|
(16,768,600
|
)
|
||||
Net decrease in net assets resulting
|
||||||||
from capital share transactions
|
(11,783,153
|
)
|
(37,098,222
|
)
|
||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Investor Class
|
(244,765
|
)
|
(411,958
|
)
|
||||
Institutional Class
|
(340,849
|
)
|
(474,453
|
)
|
||||
Total distributions to shareholders
|
(585,614
|
)
|
(886,411
|
)
|
||||
TOTAL DECREASE IN NET ASSETS
|
(6,098,225
|
)
|
(45,420,288
|
)
|
||||
NET ASSETS:
|
||||||||
Beginning of period
|
70,189,100
|
115,609,388
|
||||||
End of period
|
$
|
64,090,875
|
$
|
70,189,100
|
Investor Class
|
Six Months Ended
|
|||||||||||||||||||||||
February 29,
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
2020
|
August 31,
|
August 31,
|
August 31,
|
August 31,
|
August 31,
|
|||||||||||||||||||
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
|||||||||||||||||||
PER SHARE DATA(1):
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
31.20
|
$
|
33.01
|
$
|
31.45
|
$
|
26.94
|
$
|
26.46
|
$
|
27.43
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(2)
|
0.01
|
0.17
|
0.08
|
(0.23
|
)
|
(0.21
|
)
|
0.05
|
||||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gains (losses) on investments(3)
|
3.51
|
(1.67
|
)
|
4.10
|
4.74
|
0.69
|
(0.94
|
)
|
||||||||||||||||
Total from investment operations
|
3.52
|
(1.50
|
)
|
4.18
|
4.51
|
0.48
|
(0.89
|
)
|
||||||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||||||
From net investment income
|
(0.27
|
)
|
—
|
(0.09
|
)
|
—
|
—
|
(0.09
|
)
|
|||||||||||||||
From net capital gains
|
—
|
(0.31
|
)
|
(2.53
|
)
|
—
|
—
|
—
|
||||||||||||||||
Total distributions
|
(0.27
|
)
|
(0.31
|
)
|
(2.62
|
)
|
—
|
—
|
(0.09
|
)
|
||||||||||||||
Paid-in capital from redemption fees
|
—
|
—
|
—
|
—
|
(4)
|
—
|
(4)
|
0.01
|
||||||||||||||||
Net asset value, end of period
|
$
|
34.45
|
$
|
31.20
|
$
|
33.01
|
$
|
31.45
|
$
|
26.94
|
$
|
26.46
|
||||||||||||
TOTAL RETURN(5)
|
11.40
|
%
|
-4.45
|
%
|
13.81
|
%
|
16.74
|
%
|
1.81
|
%
|
-3.17
|
%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (in millions)
|
$
|
28.8
|
$
|
31.1
|
$
|
55.6
|
$
|
88.0
|
$
|
83.4
|
$
|
84.0
|
||||||||||||
Ratio of expenses to average net assets(6)(7):
|
||||||||||||||||||||||||
Before expense waiver
|
2.01
|
%
|
1.94
|
%
|
2.12
|
%
|
2.31
|
%
|
2.09
|
%
|
2.12
|
%
|
||||||||||||
After expense waiver
|
1.74
|
%
|
1.75
|
%
|
2.08
|
%
|
2.25
|
%
|
2.02
|
%
|
2.04
|
%
|
||||||||||||
Ratio of expenses excluding interest
|
||||||||||||||||||||||||
expenses to average net assets(6)(7):
|
||||||||||||||||||||||||
Before expense waiver
|
2.01
|
%
|
1.93
|
%
|
1.78
|
%
|
1.80
|
%
|
1.81
|
%
|
1.82
|
%
|
||||||||||||
After expense waiver
|
1.74
|
%
|
1.74
|
%
|
1.74
|
%
|
1.74
|
%
|
1.74
|
%
|
1.74
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets(6)(7):
|
||||||||||||||||||||||||
After expense waiver
|
0.04
|
%
|
0.56
|
%
|
0.24
|
%
|
(0.80
|
)%
|
(0.81
|
)%
|
0.20
|
%
|
||||||||||||
Portfolio turnover rate(5)(8)
|
686
|
%
|
2,053
|
%
|
1,856
|
%
|
2,270
|
%
|
2,311
|
%
|
1,876
|
%
|
(1)
|
Per share data calculated using the average shares outstanding method.
|
(2)
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(3)
|
Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the
aggregate gains on the Statement of Operations due to share transactions for the period.
|
(4)
|
Amount rounds to less than $0.01.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Does not include expenses of investment companies in which the Fund invests.
|
(7)
|
Annualized for periods less than one year.
|
(8)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Institutional Class
|
For the Period
|
|||||||||||
Six Months
|
Inception(1)
|
|||||||||||
Ended
|
through
|
|||||||||||
February 29, 2020
|
Year Ended
|
Year Ended
|
||||||||||
(Unaudited)
|
August 31, 2019
|
August 31, 2018
|
||||||||||
PER SHARE DATA(2):
|
||||||||||||
Net asset value, beginning of period
|
$
|
31.32
|
$
|
33.05
|
$
|
31.04
|
||||||
INVESTMENT OPERATIONS:
|
||||||||||||
Net investment income (loss)(3)
|
0.04
|
0.24
|
(0.03
|
)
|
||||||||
Net realized and unrealized gains (losses) on investments(4)
|
3.54
|
(1.66
|
)
|
2.04
|
||||||||
Total from investment operations
|
3.58
|
(1.42
|
)
|
2.01
|
||||||||
LESS DISTRIBUTIONS:
|
||||||||||||
From net investment income
|
(0.33
|
)
|
—
|
—
|
||||||||
From net capital gains
|
—
|
(0.31
|
)
|
—
|
||||||||
Total distributions
|
(0.33
|
)
|
(0.31
|
)
|
—
|
|||||||
Net asset value, end of period
|
$
|
34.57
|
$
|
31.32
|
$
|
33.05
|
||||||
TOTAL RETURN(5)
|
11.59
|
%
|
-4.20
|
%
|
6.48
|
%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||
Net assets, end of period (in millions)
|
$
|
35.3
|
$
|
39.1
|
$
|
60.0
|
||||||
Ratio of expenses to average net assets(6)(7):
|
||||||||||||
Before expense waiver
|
1.76
|
%
|
1.69
|
%
|
1.66
|
%
|
||||||
After expense waiver
|
1.49
|
%
|
1.50
|
%
|
1.50
|
%
|
||||||
Ratio of expenses excluding interest expenses to average net assets(6)(7):
|
||||||||||||
Before expense waiver
|
1.76
|
%
|
1.68
|
%
|
1.65
|
%
|
||||||
After expense waiver
|
1.49
|
%
|
1.49
|
%
|
1.49
|
%
|
||||||
Ratio of net investment income (loss) to average net assets(6)(7):
|
||||||||||||
After expense waiver
|
0.29
|
%
|
0.81
|
%
|
(0.18
|
)%
|
||||||
Portfolio turnover rate(5)(8)
|
686
|
%
|
2,053
|
%
|
1,856
|
%
|
(1)
|
Inception date of the Institutional Class was March 26, 2018.
|
(2)
|
Per share data calculated using the average shares outstanding method.
|
(3)
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the
aggregate gains on the Statement of Operations due to share transactions for the period.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Does not include expenses of investment companies in which the Fund invests.
|
(7)
|
Annualized for periods less than one year.
|
(8)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 each Fund’s 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.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Exchange-Traded Funds
|
$
|
63,575,929
|
$
|
—
|
$
|
—
|
$
|
63,575,929
|
||||||||
Short-Term Investment
|
286,638
|
—
|
—
|
286,638
|
||||||||||||
Total Investments
|
$
|
63,862,567
|
$
|
—
|
$
|
—
|
$
|
63,862,567
|
Expiration
|
Amount
|
|||
March 2020 – August 2020
|
$
|
19,247
|
||
September 2020 – August 2021
|
72,971
|
|||
September 2021 – August 2022
|
162,117
|
|||
September 2022 – February 2023
|
84,666
|
Period Ended
|
Year Ended
|
|||||||
February 29, 2020
|
August 31, 2019
|
|||||||
Transactions in shares of the Fund were as follows:
|
||||||||
Investor Class
|
||||||||
Shares sold
|
38,957
|
109,912
|
||||||
Shares issued to holders in reinvestment of distributions
|
7,566
|
13,447
|
||||||
Shares redeemed
|
(208,199
|
)
|
(812,063
|
)
|
||||
Net decrease
|
(161,676
|
)
|
(688,704
|
)
|
||||
Institutional Class:
|
||||||||
Shares sold
|
63,212
|
284,014
|
||||||
Shares issued in reinvestment of distributions
|
10,926
|
15,498
|
||||||
Shares redeemed
|
(300,390
|
)
|
(865,930
|
)
|
||||
Net decrease
|
(226,252
|
)
|
(566,418
|
)
|
||||
Net decrease in shares outstanding
|
(387,928
|
)
|
(1,255,122
|
)
|
U.S. Government Securities
|
Other
|
|||||
Purchases
|
Sales
|
Purchases
|
Sales
|
|||
$ —
|
$ —
|
$436,976,839
|
$449,159,393
|
Aggregate
|
Aggregate
|
Federal
|
||
Gross
|
Gross
|
Net
|
Income
|
|
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
|
$4,505,208
|
$ —
|
$4,505,208
|
$65,781,343
|
Undistributed
|
Other
|
Total
|
||
Ordinary
|
Unrealized
|
Accumulated
|
Accumulated
|
|
Income
|
Appreciation
|
Loss
|
Loss
|
|
$585,614
|
$4,505,208
|
$(14,421,410)
|
$(9,330,588)
|
Ordinary Income*
|
Long-Term Capital Gains
|
Total
|
|
$585,614
|
$ —
|
$585,614
|
Ordinary Income*
|
Long-Term Capital Gains
|
Total
|
|
$886,411
|
$ —
|
$886,411
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
Beginning shares
|
Additions
|
Reductions
|
Ending Shares
|
|
Direxion Emerging Markets Bull 3x Fund
|
—
|
385,814
|
(385,814)
|
—
|
Change in
|
||||
Unrealized
|
||||
Value
|
Dividend
|
Realized
|
Appreciation/
|
|
February 29, 2020
|
Income
|
Gain
|
Depreciation
|
|
Direxion Emerging Markets Bull 3x Fund
|
$ —
|
$6,476
|
$660,468
|
$ —
|
Credit
|
Average
|
Amount Outstanding as
|
Interest
|
Maximum
|
Maximum
|
Facility Agent
|
Borrowings
|
of February 29, 2020
|
Expense
|
Borrowing
|
Borrowing Date
|
U.S. Bank N.A.
|
$57,720
|
$ —
|
$1,389
|
$1,237,000
|
November 4, 2019
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit.
1) Not applicable for semi-annual reports.
|
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